id	sid	tid	token	lemma	pos
ajfa-9610	1	1	microsoft	microsoft	PROPN
ajfa-9610	1	2	word	word	NOUN
ajfa-9610	1	3	9610	9610	NUM
ajfa-9610	1	4	-	-	SYM
ajfa-9610	1	5	35285	35285	NUM
ajfa-9610	1	6	-	-	PUNCT
ajfa-9610	1	7	1	1	NUM
ajfa-9610	1	8	-	-	PUNCT
ajfa-9610	1	9	sm	sm	NOUN
ajfa-9610	1	10	-	-	PUNCT
ajfa-9610	1	11	writer2	writer2	VERB
ajfa-9610	1	12	-	-	ADJ
ajfa-9610	1	13	new	new	ADJ
ajfa-9610	1	14	asian	asian	ADJ
ajfa-9610	1	15	journal	journal	NOUN
ajfa-9610	1	16	of	of	ADP
ajfa-9610	1	17	finance	finance	PROPN
ajfa-9610	1	18	&	&	CCONJ
ajfa-9610	1	19	accounting	accounting	PROPN
ajfa-9610	1	20	issn	issn	PROPN
ajfa-9610	1	21	1946	1946	NUM
ajfa-9610	1	22	-	-	PUNCT
ajfa-9610	1	23	052x	052x	PROPN
ajfa-9610	1	24	2016	2016	NUM
ajfa-9610	1	25	,	,	PUNCT
ajfa-9610	1	26	vol	vol	NOUN
ajfa-9610	1	27	.	.	PROPN
ajfa-9610	1	28	8	8	NUM
ajfa-9610	1	29	,	,	PUNCT
ajfa-9610	1	30	no	no	INTJ
ajfa-9610	1	31	.	.	NOUN
ajfa-9610	1	32	1	1	NUM
ajfa-9610	1	33	ajfa.macrothink.org	ajfa.macrothink.org	PROPN
ajfa-9610	1	34	230	230	NUM
ajfa-9610	1	35	the	the	DET
ajfa-9610	1	36	relationship	relationship	NOUN
ajfa-9610	1	37	between	between	ADP
ajfa-9610	1	38	financing	finance	VERB
ajfa-9610	1	39	policy	policy	NOUN
ajfa-9610	1	40	,	,	PUNCT
ajfa-9610	1	41	earnings	earning	NOUN
ajfa-9610	1	42	management	management	NOUN
ajfa-9610	1	43	and	and	CCONJ
ajfa-9610	1	44	governance	governance	NOUN
ajfa-9610	1	45	practices	practice	NOUN
ajfa-9610	1	46	yi	yi	NOUN
ajfa-9610	1	47	-	-	PUNCT
ajfa-9610	1	48	mien	mien	NOUN
ajfa-9610	1	49	lin	lin	PROPN
ajfa-9610	1	50	department	department	PROPN
ajfa-9610	1	51	of	of	ADP
ajfa-9610	1	52	accounting	accounting	PROPN
ajfa-9610	1	53	,	,	PUNCT
ajfa-9610	1	54	national	national	PROPN
ajfa-9610	1	55	chung	chung	PROPN
ajfa-9610	1	56	hsing	hsing	PROPN
ajfa-9610	1	57	university	university	PROPN
ajfa-9610	1	58	,	,	PUNCT
ajfa-9610	1	59	taiwan	taiwan	PROPN
ajfa-9610	1	60	hsiu	hsiu	PROPN
ajfa-9610	1	61	-	-	PUNCT
ajfa-9610	1	62	fang	fang	PROPN
ajfa-9610	1	63	chien	chien	PROPN
ajfa-9610	1	64	(	(	PUNCT
ajfa-9610	1	65	corresponding	correspond	VERB
ajfa-9610	1	66	author	author	NOUN
ajfa-9610	1	67	)	)	PUNCT
ajfa-9610	1	68	department	department	NOUN
ajfa-9610	1	69	of	of	ADP
ajfa-9610	1	70	finance	finance	PROPN
ajfa-9610	1	71	,	,	PUNCT
ajfa-9610	1	72	st	st	PROPN
ajfa-9610	1	73	.	.	PROPN
ajfa-9610	1	74	john	john	PROPN
ajfa-9610	1	75	’s	’s	PROPN
ajfa-9610	1	76	university	university	PROPN
ajfa-9610	1	77	,	,	PUNCT
ajfa-9610	1	78	taiwan	taiwan	PROPN
ajfa-9610	1	79	2f	2f	NOUN
ajfa-9610	1	80	,	,	PUNCT
ajfa-9610	1	81	no	no	INTJ
ajfa-9610	1	82	.	.	NOUN
ajfa-9610	1	83	136	136	NUM
ajfa-9610	1	84	ming	ming	PROPN
ajfa-9610	1	85	ang	ang	PROPN
ajfa-9610	1	86	east	east	PROPN
ajfa-9610	1	87	road	road	PROPN
ajfa-9610	1	88	,	,	PUNCT
ajfa-9610	1	89	xinzhuang	xinzhuang	PROPN
ajfa-9610	1	90	district	district	PROPN
ajfa-9610	1	91	,	,	PUNCT
ajfa-9610	1	92	24247	24247	NUM
ajfa-9610	1	93	new	new	ADJ
ajfa-9610	1	94	taipei	taipei	PROPN
ajfa-9610	1	95	city	city	PROPN
ajfa-9610	1	96	,	,	PUNCT
ajfa-9610	1	97	taiwan	taiwan	PROPN
ajfa-9610	1	98	.	.	PUNCT
ajfa-9610	2	1	tel	tel	ADP
ajfa-9610	2	2	:	:	PUNCT
ajfa-9610	2	3	88	88	NUM
ajfa-9610	2	4	-	-	SYM
ajfa-9610	2	5	69	69	NUM
ajfa-9610	2	6	-	-	PUNCT
ajfa-9610	2	7	3305	3305	NUM
ajfa-9610	2	8	-	-	SYM
ajfa-9610	2	9	1417	1417	NUM
ajfa-9610	2	10	e	e	NOUN
ajfa-9610	2	11	-	-	NOUN
ajfa-9610	2	12	mail	mail	NOUN
ajfa-9610	2	13	:	:	PUNCT
ajfa-9610	2	14	queenie@mail.sju.edu.tw	queenie@mail.sju.edu.tw	PROPN
ajfa-9610	2	15	received	receive	VERB
ajfa-9610	2	16	:	:	PUNCT
ajfa-9610	2	17	june	june	PROPN
ajfa-9610	2	18	1	1	NUM
ajfa-9610	2	19	,	,	PUNCT
ajfa-9610	2	20	2016	2016	NUM
ajfa-9610	2	21	accepted	accept	VERB
ajfa-9610	2	22	:	:	PUNCT
ajfa-9610	2	23	june	june	PROPN
ajfa-9610	2	24	30	30	NUM
ajfa-9610	2	25	,	,	PUNCT
ajfa-9610	2	26	2016	2016	NUM
ajfa-9610	2	27	published	publish	VERB
ajfa-9610	2	28	:	:	PUNCT
ajfa-9610	2	29	june	june	PROPN
ajfa-9610	2	30	30	30	NUM
ajfa-9610	2	31	,	,	PUNCT
ajfa-9610	2	32	2016	2016	NUM
ajfa-9610	2	33	doi:10.5296	doi:10.5296	NOUN
ajfa-9610	2	34	/	/	SYM
ajfa-9610	2	35	ajfa.v8i1.9610	ajfa.v8i1.9610	PUNCT
ajfa-9610	2	36	url	url	NOUN
ajfa-9610	2	37	:	:	PUNCT
ajfa-9610	2	38	http://dx.doi.org/10.5296/ajfa.v8i1.9610	http://dx.doi.org/10.5296/ajfa.v8i1.9610	X
ajfa-9610	2	39	abstract	abstract	ADV
ajfa-9610	2	40	this	this	DET
ajfa-9610	2	41	paper	paper	NOUN
ajfa-9610	2	42	examines	examine	VERB
ajfa-9610	2	43	the	the	DET
ajfa-9610	2	44	effect	effect	NOUN
ajfa-9610	2	45	of	of	ADP
ajfa-9610	2	46	managers	manager	NOUN
ajfa-9610	2	47	manipulated	manipulate	VERB
ajfa-9610	2	48	earnings	earning	NOUN
ajfa-9610	2	49	management	management	NOUN
ajfa-9610	2	50	methods	method	NOUN
ajfa-9610	2	51	on	on	ADP
ajfa-9610	2	52	the	the	DET
ajfa-9610	2	53	firm	firm	NOUN
ajfa-9610	2	54	’s	’s	PART
ajfa-9610	2	55	financing	financing	NOUN
ajfa-9610	2	56	policies	policy	NOUN
ajfa-9610	2	57	and	and	CCONJ
ajfa-9610	2	58	investigates	investigate	VERB
ajfa-9610	2	59	the	the	DET
ajfa-9610	2	60	relationship	relationship	NOUN
ajfa-9610	2	61	between	between	ADP
ajfa-9610	2	62	internal	internal	ADJ
ajfa-9610	2	63	control	control	NOUN
ajfa-9610	2	64	,	,	PUNCT
ajfa-9610	2	65	audit	audit	NOUN
ajfa-9610	2	66	quality	quality	NOUN
ajfa-9610	2	67	,	,	PUNCT
ajfa-9610	2	68	and	and	CCONJ
ajfa-9610	2	69	earnings	earning	NOUN
ajfa-9610	2	70	management	management	NOUN
ajfa-9610	2	71	.	.	PUNCT
ajfa-9610	3	1	we	we	PRON
ajfa-9610	3	2	adopt	adopt	VERB
ajfa-9610	3	3	the	the	DET
ajfa-9610	3	4	two	two	NUM
ajfa-9610	3	5	-	-	PUNCT
ajfa-9610	3	6	stage	stage	NOUN
ajfa-9610	3	7	model	model	NOUN
ajfa-9610	3	8	to	to	PART
ajfa-9610	3	9	control	control	VERB
ajfa-9610	3	10	self	self	NOUN
ajfa-9610	3	11	-	-	PUNCT
ajfa-9610	3	12	selection	selection	NOUN
ajfa-9610	3	13	of	of	ADP
ajfa-9610	3	14	earnings	earning	NOUN
ajfa-9610	3	15	management	management	NOUN
ajfa-9610	3	16	and	and	CCONJ
ajfa-9610	3	17	the	the	DET
ajfa-9610	3	18	principal	principal	ADJ
ajfa-9610	3	19	component	component	NOUN
ajfa-9610	3	20	analysis	analysis	NOUN
ajfa-9610	3	21	to	to	PART
ajfa-9610	3	22	extract	extract	VERB
ajfa-9610	3	23	the	the	DET
ajfa-9610	3	24	first	first	ADJ
ajfa-9610	3	25	principal	principal	ADJ
ajfa-9610	3	26	component	component	NOUN
ajfa-9610	3	27	as	as	ADP
ajfa-9610	3	28	the	the	DET
ajfa-9610	3	29	corporate	corporate	ADJ
ajfa-9610	3	30	governance	governance	NOUN
ajfa-9610	3	31	.	.	PUNCT
ajfa-9610	4	1	the	the	DET
ajfa-9610	4	2	findings	finding	NOUN
ajfa-9610	4	3	show	show	VERB
ajfa-9610	4	4	that	that	SCONJ
ajfa-9610	4	5	firms	firm	NOUN
ajfa-9610	4	6	choose	choose	VERB
ajfa-9610	4	7	the	the	DET
ajfa-9610	4	8	earning	earn	VERB
ajfa-9610	4	9	management	management	NOUN
ajfa-9610	4	10	tools	tool	NOUN
ajfa-9610	4	11	in	in	ADP
ajfa-9610	4	12	advance	advance	NOUN
ajfa-9610	4	13	in	in	ADP
ajfa-9610	4	14	year	year	NOUN
ajfa-9610	4	15	-1	-1	PUNCT
ajfa-9610	4	16	.	.	PUNCT
ajfa-9610	5	1	corporate	corporate	ADJ
ajfa-9610	5	2	governance	governance	NOUN
ajfa-9610	5	3	can	can	AUX
ajfa-9610	5	4	restrain	restrain	VERB
ajfa-9610	5	5	real	real	ADJ
ajfa-9610	5	6	earnings	earning	NOUN
ajfa-9610	5	7	management	management	NOUN
ajfa-9610	5	8	,	,	PUNCT
ajfa-9610	5	9	but	but	CCONJ
ajfa-9610	5	10	the	the	DET
ajfa-9610	5	11	effect	effect	NOUN
ajfa-9610	5	12	decline	decline	VERB
ajfa-9610	5	13	when	when	SCONJ
ajfa-9610	5	14	firms	firm	NOUN
ajfa-9610	5	15	engaged	engage	VERB
ajfa-9610	5	16	in	in	ADP
ajfa-9610	5	17	financing	financing	NOUN
ajfa-9610	5	18	activities	activity	NOUN
ajfa-9610	5	19	.	.	PUNCT
ajfa-9610	6	1	only	only	ADV
ajfa-9610	6	2	the	the	DET
ajfa-9610	6	3	larger	large	ADJ
ajfa-9610	6	4	shareholdings	shareholding	NOUN
ajfa-9610	6	5	of	of	ADP
ajfa-9610	6	6	institutional	institutional	ADJ
ajfa-9610	6	7	investors	investor	NOUN
ajfa-9610	6	8	and	and	CCONJ
ajfa-9610	6	9	firms	firm	NOUN
ajfa-9610	6	10	audited	audit	VERB
ajfa-9610	6	11	by	by	ADP
ajfa-9610	6	12	industry	industry	NOUN
ajfa-9610	6	13	specialist	specialist	NOUN
ajfa-9610	6	14	can	can	AUX
ajfa-9610	6	15	restrain	restrain	VERB
ajfa-9610	6	16	real	real	ADJ
ajfa-9610	6	17	earnings	earning	NOUN
ajfa-9610	6	18	management	management	NOUN
ajfa-9610	6	19	when	when	SCONJ
ajfa-9610	6	20	firms	firm	NOUN
ajfa-9610	6	21	undertake	undertake	VERB
ajfa-9610	6	22	financing	financing	NOUN
ajfa-9610	6	23	policies	policy	NOUN
ajfa-9610	6	24	.	.	PUNCT
ajfa-9610	7	1	the	the	DET
ajfa-9610	7	2	firms	firm	NOUN
ajfa-9610	7	3	of	of	ADP
ajfa-9610	7	4	issuing	issue	VERB
ajfa-9610	7	5	bonds	bond	NOUN
ajfa-9610	7	6	choose	choose	VERB
ajfa-9610	7	7	real	real	ADJ
ajfa-9610	7	8	earnings	earning	NOUN
ajfa-9610	7	9	management	management	NOUN
ajfa-9610	7	10	to	to	PART
ajfa-9610	7	11	avoid	avoid	VERB
ajfa-9610	7	12	frequent	frequent	ADJ
ajfa-9610	7	13	outsider	outsider	NOUN
ajfa-9610	7	14	monitoring	monitoring	NOUN
ajfa-9610	7	15	.	.	PUNCT
ajfa-9610	8	1	and	and	CCONJ
ajfa-9610	8	2	then	then	ADV
ajfa-9610	8	3	,	,	PUNCT
ajfa-9610	8	4	it	it	PRON
ajfa-9610	8	5	causes	cause	VERB
ajfa-9610	8	6	operating	operating	NOUN
ajfa-9610	8	7	performance	performance	NOUN
ajfa-9610	8	8	to	to	PART
ajfa-9610	8	9	decline	decline	VERB
ajfa-9610	8	10	continuously	continuously	ADV
ajfa-9610	8	11	two	two	NUM
ajfa-9610	8	12	years	year	NOUN
ajfa-9610	8	13	after	after	ADP
ajfa-9610	8	14	bond	bond	NOUN
ajfa-9610	8	15	financing	financing	NOUN
ajfa-9610	8	16	.	.	PUNCT
ajfa-9610	9	1	moreover	moreover	ADV
ajfa-9610	9	2	,	,	PUNCT
ajfa-9610	9	3	investors	investor	NOUN
ajfa-9610	9	4	do	do	AUX
ajfa-9610	9	5	n’t	not	PART
ajfa-9610	9	6	correct	correct	VERB
ajfa-9610	9	7	the	the	DET
ajfa-9610	9	8	price	price	NOUN
ajfa-9610	9	9	impact	impact	NOUN
ajfa-9610	9	10	of	of	ADP
ajfa-9610	9	11	earlier	early	ADJ
ajfa-9610	9	12	earnings	earning	NOUN
ajfa-9610	9	13	overstates	overstate	NOUN
ajfa-9610	9	14	for	for	ADP
ajfa-9610	9	15	seos	seo	NOUN
ajfa-9610	9	16	and	and	CCONJ
ajfa-9610	9	17	bonds	bond	NOUN
ajfa-9610	9	18	sample	sample	NOUN
ajfa-9610	9	19	.	.	PUNCT
ajfa-9610	10	1	keywords	keyword	NOUN
ajfa-9610	10	2	:	:	PUNCT
ajfa-9610	10	3	accrual	accrual	ADJ
ajfa-9610	10	4	-	-	PUNCT
ajfa-9610	10	5	based	base	VERB
ajfa-9610	10	6	earnings	earning	NOUN
ajfa-9610	10	7	management	management	NOUN
ajfa-9610	10	8	,	,	PUNCT
ajfa-9610	10	9	real	real	ADJ
ajfa-9610	10	10	activities	activity	NOUN
ajfa-9610	10	11	,	,	PUNCT
ajfa-9610	10	12	seasoned	seasoned	ADJ
ajfa-9610	10	13	equity	equity	NOUN
ajfa-9610	10	14	offering	offering	NOUN
ajfa-9610	10	15	,	,	PUNCT
ajfa-9610	10	16	corporate	corporate	ADJ
ajfa-9610	10	17	bond	bond	NOUN
ajfa-9610	10	18	,	,	PUNCT
ajfa-9610	10	19	corporate	corporate	ADJ
ajfa-9610	10	20	governance	governance	NOUN
ajfa-9610	10	21	jel	jel	PROPN
ajfa-9610	10	22	codes	code	NOUN
ajfa-9610	10	23	:	:	PUNCT
ajfa-9610	10	24	g32	g32	NOUN
ajfa-9610	10	25	,	,	PUNCT
ajfa-9610	10	26	m20	m20	PROPN
ajfa-9610	10	27	,	,	PUNCT
ajfa-9610	10	28	m42	m42	PROPN
ajfa-9610	10	29	,	,	PUNCT
ajfa-9610	10	30	m48	m48	PROPN
ajfa-9610	10	31	asian	asian	PROPN
ajfa-9610	10	32	journal	journal	PROPN
ajfa-9610	10	33	of	of	ADP
ajfa-9610	10	34	finance	finance	PROPN
ajfa-9610	10	35	&	&	CCONJ
ajfa-9610	10	36	accounting	accounting	PROPN
ajfa-9610	10	37	issn	issn	PROPN
ajfa-9610	10	38	1946	1946	NUM
ajfa-9610	10	39	-	-	PUNCT
ajfa-9610	10	40	052x	052x	PROPN
ajfa-9610	10	41	2016	2016	NUM
ajfa-9610	10	42	,	,	PUNCT
ajfa-9610	10	43	vol	vol	NOUN
ajfa-9610	10	44	.	.	PROPN
ajfa-9610	10	45	8	8	NUM
ajfa-9610	10	46	,	,	PUNCT
ajfa-9610	10	47	no	no	INTJ
ajfa-9610	10	48	.	.	NOUN
ajfa-9610	10	49	1	1	NUM
ajfa-9610	10	50	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9610	10	51	231	231	NUM
ajfa-9610	10	52	1	1	NUM
ajfa-9610	10	53	.	.	PUNCT
ajfa-9610	11	1	introduction	introduction	NOUN
ajfa-9610	11	2	trade	trade	NOUN
ajfa-9610	11	3	liberalization	liberalization	NOUN
ajfa-9610	11	4	and	and	CCONJ
ajfa-9610	11	5	investment	investment	NOUN
ajfa-9610	11	6	have	have	AUX
ajfa-9610	11	7	developed	develop	VERB
ajfa-9610	11	8	rapidly	rapidly	ADV
ajfa-9610	11	9	,	,	PUNCT
ajfa-9610	11	10	and	and	CCONJ
ajfa-9610	11	11	the	the	DET
ajfa-9610	11	12	need	need	NOUN
ajfa-9610	11	13	for	for	ADP
ajfa-9610	11	14	capital	capital	NOUN
ajfa-9610	11	15	has	have	AUX
ajfa-9610	11	16	grown	grow	VERB
ajfa-9610	11	17	.	.	PUNCT
ajfa-9610	12	1	in	in	ADP
ajfa-9610	12	2	addition	addition	NOUN
ajfa-9610	12	3	,	,	PUNCT
ajfa-9610	12	4	the	the	DET
ajfa-9610	12	5	recent	recent	ADJ
ajfa-9610	12	6	trend	trend	NOUN
ajfa-9610	12	7	towards	towards	ADP
ajfa-9610	12	8	lower	low	ADJ
ajfa-9610	12	9	profits	profit	NOUN
ajfa-9610	12	10	has	have	AUX
ajfa-9610	12	11	made	make	VERB
ajfa-9610	12	12	managers	manager	NOUN
ajfa-9610	12	13	take	take	VERB
ajfa-9610	12	14	financing	financing	NOUN
ajfa-9610	12	15	decisions	decision	NOUN
ajfa-9610	12	16	very	very	ADV
ajfa-9610	12	17	seriously	seriously	ADV
ajfa-9610	12	18	.	.	PUNCT
ajfa-9610	13	1	there	there	PRON
ajfa-9610	13	2	are	be	VERB
ajfa-9610	13	3	three	three	NUM
ajfa-9610	13	4	sources	source	NOUN
ajfa-9610	13	5	of	of	ADP
ajfa-9610	13	6	corporate	corporate	ADJ
ajfa-9610	13	7	financing	financing	NOUN
ajfa-9610	13	8	,	,	PUNCT
ajfa-9610	13	9	internal	internal	ADJ
ajfa-9610	13	10	funds	fund	NOUN
ajfa-9610	13	11	,	,	PUNCT
ajfa-9610	13	12	debt	debt	NOUN
ajfa-9610	13	13	and	and	CCONJ
ajfa-9610	13	14	new	new	ADJ
ajfa-9610	13	15	equity	equity	NOUN
ajfa-9610	13	16	issues	issue	NOUN
ajfa-9610	13	17	.	.	PUNCT
ajfa-9610	14	1	myers	myer	NOUN
ajfa-9610	14	2	and	and	CCONJ
ajfa-9610	14	3	majluf	majluf	PROPN
ajfa-9610	14	4	(	(	PUNCT
ajfa-9610	14	5	1984	1984	NUM
ajfa-9610	14	6	)	)	PUNCT
ajfa-9610	14	7	propose	propose	VERB
ajfa-9610	14	8	the	the	DET
ajfa-9610	14	9	pecking	pecking	NOUN
ajfa-9610	14	10	order	order	NOUN
ajfa-9610	14	11	theory	theory	NOUN
ajfa-9610	14	12	in	in	ADP
ajfa-9610	14	13	the	the	DET
ajfa-9610	14	14	context	context	NOUN
ajfa-9610	14	15	of	of	ADP
ajfa-9610	14	16	information	information	NOUN
ajfa-9610	14	17	asymmetry	asymmetry	NOUN
ajfa-9610	14	18	;	;	PUNCT
ajfa-9610	14	19	financing	finance	VERB
ajfa-9610	14	20	new	new	ADJ
ajfa-9610	14	21	projects	project	NOUN
ajfa-9610	14	22	has	have	VERB
ajfa-9610	14	23	an	an	DET
ajfa-9610	14	24	effect	effect	NOUN
ajfa-9610	14	25	on	on	ADP
ajfa-9610	14	26	a	a	DET
ajfa-9610	14	27	firm	firm	NOUN
ajfa-9610	14	28	’s	’s	PART
ajfa-9610	14	29	capital	capital	NOUN
ajfa-9610	14	30	structures	structure	NOUN
ajfa-9610	14	31	.	.	PUNCT
ajfa-9610	15	1	internal	internal	ADJ
ajfa-9610	15	2	financing	financing	NOUN
ajfa-9610	15	3	is	be	AUX
ajfa-9610	15	4	the	the	DET
ajfa-9610	15	5	most	most	ADV
ajfa-9610	15	6	-	-	PUNCT
ajfa-9610	15	7	preferred	prefer	VERB
ajfa-9610	15	8	source	source	NOUN
ajfa-9610	15	9	,	,	PUNCT
ajfa-9610	15	10	of	of	ADP
ajfa-9610	15	11	course	course	NOUN
ajfa-9610	15	12	,	,	PUNCT
ajfa-9610	15	13	followed	follow	VERB
ajfa-9610	15	14	by	by	ADP
ajfa-9610	15	15	low	low	ADJ
ajfa-9610	15	16	-	-	PUNCT
ajfa-9610	15	17	risk	risk	NOUN
ajfa-9610	15	18	debt	debt	NOUN
ajfa-9610	15	19	,	,	PUNCT
ajfa-9610	15	20	and	and	CCONJ
ajfa-9610	15	21	equity	equity	NOUN
ajfa-9610	15	22	issuance	issuance	NOUN
ajfa-9610	15	23	is	be	AUX
ajfa-9610	15	24	the	the	DET
ajfa-9610	15	25	least	least	ADV
ajfa-9610	15	26	-	-	PUNCT
ajfa-9610	15	27	preferred	prefer	VERB
ajfa-9610	15	28	source	source	NOUN
ajfa-9610	15	29	.	.	PUNCT
ajfa-9610	16	1	the	the	DET
ajfa-9610	16	2	trade	trade	NOUN
ajfa-9610	16	3	-	-	PUNCT
ajfa-9610	16	4	off	off	ADP
ajfa-9610	16	5	theory	theory	NOUN
ajfa-9610	16	6	of	of	ADP
ajfa-9610	16	7	capital	capital	NOUN
ajfa-9610	16	8	structure	structure	NOUN
ajfa-9610	16	9	posits	posit	NOUN
ajfa-9610	16	10	that	that	SCONJ
ajfa-9610	16	11	a	a	DET
ajfa-9610	16	12	company	company	NOUN
ajfa-9610	16	13	balances	balance	VERB
ajfa-9610	16	14	costs	cost	NOUN
ajfa-9610	16	15	and	and	CCONJ
ajfa-9610	16	16	benefits	benefit	NOUN
ajfa-9610	16	17	to	to	PART
ajfa-9610	16	18	choose	choose	VERB
ajfa-9610	16	19	how	how	SCONJ
ajfa-9610	16	20	much	much	ADJ
ajfa-9610	16	21	debt	debt	NOUN
ajfa-9610	16	22	and	and	CCONJ
ajfa-9610	16	23	equity	equity	NOUN
ajfa-9610	16	24	to	to	PART
ajfa-9610	16	25	use	use	VERB
ajfa-9610	16	26	in	in	ADP
ajfa-9610	16	27	its	its	PRON
ajfa-9610	16	28	financing	financing	NOUN
ajfa-9610	16	29	.	.	PUNCT
ajfa-9610	17	1	once	once	ADV
ajfa-9610	17	2	a	a	DET
ajfa-9610	17	3	firm	firm	NOUN
ajfa-9610	17	4	has	have	VERB
ajfa-9610	17	5	financed	finance	VERB
ajfa-9610	17	6	projects	project	NOUN
ajfa-9610	17	7	,	,	PUNCT
ajfa-9610	17	8	managers	manager	NOUN
ajfa-9610	17	9	might	might	AUX
ajfa-9610	17	10	manipulate	manipulate	VERB
ajfa-9610	17	11	earnings1	earnings1	NOUN
ajfa-9610	17	12	to	to	PART
ajfa-9610	17	13	achieve	achieve	VERB
ajfa-9610	17	14	their	their	PRON
ajfa-9610	17	15	desired	desire	VERB
ajfa-9610	17	16	objectives	objective	NOUN
ajfa-9610	17	17	or	or	CCONJ
ajfa-9610	17	18	to	to	PART
ajfa-9610	17	19	satisfy	satisfy	VERB
ajfa-9610	17	20	the	the	DET
ajfa-9610	17	21	projections	projection	NOUN
ajfa-9610	17	22	made	make	VERB
ajfa-9610	17	23	by	by	ADP
ajfa-9610	17	24	financial	financial	ADJ
ajfa-9610	17	25	analysts	analyst	NOUN
ajfa-9610	17	26	.	.	PUNCT
ajfa-9610	18	1	the	the	DET
ajfa-9610	18	2	aim	aim	NOUN
ajfa-9610	18	3	of	of	ADP
ajfa-9610	18	4	earnings	earning	NOUN
ajfa-9610	18	5	management	management	NOUN
ajfa-9610	18	6	is	be	AUX
ajfa-9610	18	7	to	to	PART
ajfa-9610	18	8	influence	influence	VERB
ajfa-9610	18	9	share	share	NOUN
ajfa-9610	18	10	prices	price	NOUN
ajfa-9610	18	11	so	so	SCONJ
ajfa-9610	18	12	that	that	SCONJ
ajfa-9610	18	13	new	new	ADJ
ajfa-9610	18	14	shares	share	NOUN
ajfa-9610	18	15	are	be	AUX
ajfa-9610	18	16	issued	issue	VERB
ajfa-9610	18	17	at	at	ADP
ajfa-9610	18	18	higher	high	ADJ
ajfa-9610	18	19	prices	price	NOUN
ajfa-9610	18	20	,	,	PUNCT
ajfa-9610	18	21	to	to	PART
ajfa-9610	18	22	issue	issue	VERB
ajfa-9610	18	23	debt	debt	NOUN
ajfa-9610	18	24	financing	financing	NOUN
ajfa-9610	18	25	at	at	ADP
ajfa-9610	18	26	lower	low	ADJ
ajfa-9610	18	27	costs	cost	NOUN
ajfa-9610	18	28	or	or	CCONJ
ajfa-9610	18	29	to	to	PART
ajfa-9610	18	30	avoid	avoid	VERB
ajfa-9610	18	31	violating	violate	VERB
ajfa-9610	18	32	debt	debt	NOUN
ajfa-9610	18	33	covenants	covenant	NOUN
ajfa-9610	18	34	.	.	PUNCT
ajfa-9610	19	1	the	the	DET
ajfa-9610	19	2	prior	prior	ADJ
ajfa-9610	19	3	literature	literature	NOUN
ajfa-9610	19	4	suggests	suggest	VERB
ajfa-9610	19	5	that	that	SCONJ
ajfa-9610	19	6	ipos	ipos	PROPN
ajfa-9610	19	7	(	(	PUNCT
ajfa-9610	19	8	ducharme	ducharme	PROPN
ajfa-9610	19	9	,	,	PUNCT
ajfa-9610	19	10	malatesta	malatesta	NOUN
ajfa-9610	19	11	,	,	PUNCT
ajfa-9610	19	12	and	and	CCONJ
ajfa-9610	19	13	sefcik	sefcik	PROPN
ajfa-9610	19	14	,	,	PUNCT
ajfa-9610	19	15	2001	2001	NUM
ajfa-9610	19	16	;	;	PUNCT
ajfa-9610	19	17	cotten	cotten	PROPN
ajfa-9610	19	18	,	,	PUNCT
ajfa-9610	19	19	2008	2008	NUM
ajfa-9610	19	20	)	)	PUNCT
ajfa-9610	19	21	,	,	PUNCT
ajfa-9610	19	22	seasoned	season	VERB
ajfa-9610	19	23	equity	equity	NOUN
ajfa-9610	19	24	offerings	offering	NOUN
ajfa-9610	19	25	(	(	PUNCT
ajfa-9610	19	26	thereafter	thereafter	ADV
ajfa-9610	19	27	seos	seo	NOUN
ajfa-9610	19	28	)	)	PUNCT
ajfa-9610	19	29	(	(	PUNCT
ajfa-9610	19	30	teoh	teoh	PROPN
ajfa-9610	19	31	,	,	PUNCT
ajfa-9610	19	32	welch	welch	PROPN
ajfa-9610	19	33	,	,	PUNCT
ajfa-9610	19	34	and	and	CCONJ
ajfa-9610	19	35	wong	wong	PROPN
ajfa-9610	19	36	,	,	PUNCT
ajfa-9610	19	37	1998	1998	NUM
ajfa-9610	19	38	;	;	PUNCT
ajfa-9610	19	39	zhou	zhou	PROPN
ajfa-9610	19	40	and	and	CCONJ
ajfa-9610	19	41	elder	elder	NOUN
ajfa-9610	19	42	,	,	PUNCT
ajfa-9610	19	43	2004	2004	NUM
ajfa-9610	19	44	;	;	PUNCT
ajfa-9610	19	45	kim	kim	PROPN
ajfa-9610	19	46	and	and	CCONJ
ajfa-9610	19	47	park	park	PROPN
ajfa-9610	19	48	,	,	PUNCT
ajfa-9610	19	49	2005	2005	NUM
ajfa-9610	19	50	;	;	PUNCT
ajfa-9610	19	51	cohen	cohen	PROPN
ajfa-9610	19	52	and	and	CCONJ
ajfa-9610	19	53	zarowin	zarowin	PROPN
ajfa-9610	19	54	,	,	PUNCT
ajfa-9610	19	55	2010	2010	NUM
ajfa-9610	19	56	)	)	PUNCT
ajfa-9610	19	57	,	,	PUNCT
ajfa-9610	19	58	convertible	convertible	ADJ
ajfa-9610	19	59	bonds	bond	NOUN
ajfa-9610	19	60	issuance	issuance	NOUN
ajfa-9610	19	61	(	(	PUNCT
ajfa-9610	19	62	chou	chou	PROPN
ajfa-9610	19	63	et	et	PROPN
ajfa-9610	19	64	al	al	PROPN
ajfa-9610	19	65	.	.	PROPN
ajfa-9610	19	66	,	,	PUNCT
ajfa-9610	19	67	2009	2009	NUM
ajfa-9610	19	68	)	)	PUNCT
ajfa-9610	19	69	,	,	PUNCT
ajfa-9610	19	70	debt	debt	NOUN
ajfa-9610	19	71	financing	financing	NOUN
ajfa-9610	19	72	(	(	PUNCT
ajfa-9610	19	73	jelinek	jelinek	NOUN
ajfa-9610	19	74	,	,	PUNCT
ajfa-9610	19	75	2007	2007	NUM
ajfa-9610	19	76	;	;	PUNCT
ajfa-9610	19	77	liu	liu	PROPN
ajfa-9610	19	78	,	,	PUNCT
ajfa-9610	19	79	ning	ning	NOUN
ajfa-9610	19	80	,	,	PUNCT
ajfa-9610	19	81	and	and	CCONJ
ajfa-9610	19	82	davidson	davidson	NOUN
ajfa-9610	19	83	,	,	PUNCT
ajfa-9610	19	84	2010	2010	NUM
ajfa-9610	19	85	)	)	PUNCT
ajfa-9610	19	86	,	,	PUNCT
ajfa-9610	19	87	and	and	CCONJ
ajfa-9610	19	88	financial	financial	ADJ
ajfa-9610	19	89	crises	crisis	NOUN
ajfa-9610	19	90	(	(	PUNCT
ajfa-9610	19	91	jaggi	jaggi	NOUN
ajfa-9610	19	92	and	and	CCONJ
ajfa-9610	19	93	lee	lee	PROPN
ajfa-9610	19	94	,	,	PUNCT
ajfa-9610	19	95	2002	2002	NUM
ajfa-9610	19	96	)	)	PUNCT
ajfa-9610	19	97	offer	offer	VERB
ajfa-9610	19	98	incentives	incentive	NOUN
ajfa-9610	19	99	for	for	ADP
ajfa-9610	19	100	earnings	earning	NOUN
ajfa-9610	19	101	management	management	NOUN
ajfa-9610	19	102	.	.	PUNCT
ajfa-9610	20	1	healy	healy	PROPN
ajfa-9610	20	2	and	and	CCONJ
ajfa-9610	20	3	wahlen	wahlen	PROPN
ajfa-9610	20	4	(	(	PUNCT
ajfa-9610	20	5	1999	1999	NUM
ajfa-9610	20	6	)	)	PUNCT
ajfa-9610	20	7	and	and	CCONJ
ajfa-9610	20	8	kim	kim	PROPN
ajfa-9610	20	9	and	and	CCONJ
ajfa-9610	20	10	park	park	NOUN
ajfa-9610	20	11	(	(	PUNCT
ajfa-9610	20	12	2005	2005	NUM
ajfa-9610	20	13	)	)	PUNCT
ajfa-9610	20	14	show	show	VERB
ajfa-9610	20	15	that	that	SCONJ
ajfa-9610	20	16	managers	manager	NOUN
ajfa-9610	20	17	manipulate	manipulate	VERB
ajfa-9610	20	18	earnings	earning	NOUN
ajfa-9610	20	19	to	to	PART
ajfa-9610	20	20	acquire	acquire	VERB
ajfa-9610	20	21	more	more	ADJ
ajfa-9610	20	22	capital	capital	NOUN
ajfa-9610	20	23	by	by	ADP
ajfa-9610	20	24	means	mean	NOUN
ajfa-9610	20	25	of	of	ADP
ajfa-9610	20	26	a	a	DET
ajfa-9610	20	27	higher	high	ADJ
ajfa-9610	20	28	issuing	issuing	NOUN
ajfa-9610	20	29	price	price	NOUN
ajfa-9610	20	30	in	in	ADP
ajfa-9610	20	31	an	an	DET
ajfa-9610	20	32	ipo	ipo	NOUN
ajfa-9610	20	33	.	.	PUNCT
ajfa-9610	21	1	jelinek	jelinek	PROPN
ajfa-9610	21	2	(	(	PUNCT
ajfa-9610	21	3	2007	2007	NUM
ajfa-9610	21	4	)	)	PUNCT
ajfa-9610	21	5	notes	note	VERB
ajfa-9610	21	6	that	that	SCONJ
ajfa-9610	21	7	firms	firm	NOUN
ajfa-9610	21	8	with	with	ADP
ajfa-9610	21	9	debt	debt	NOUN
ajfa-9610	21	10	contracts	contract	NOUN
ajfa-9610	21	11	may	may	AUX
ajfa-9610	21	12	have	have	VERB
ajfa-9610	21	13	incentives	incentive	NOUN
ajfa-9610	21	14	to	to	PART
ajfa-9610	21	15	manage	manage	VERB
ajfa-9610	21	16	earnings	earning	NOUN
ajfa-9610	21	17	to	to	PART
ajfa-9610	21	18	avoid	avoid	VERB
ajfa-9610	21	19	debt	debt	NOUN
ajfa-9610	21	20	covenant	covenant	ADJ
ajfa-9610	21	21	violations	violation	NOUN
ajfa-9610	21	22	.	.	PUNCT
ajfa-9610	22	1	liu	liu	PROPN
ajfa-9610	22	2	,	,	PUNCT
ajfa-9610	22	3	ning	ning	PROPN
ajfa-9610	22	4	,	,	PUNCT
ajfa-9610	22	5	and	and	CCONJ
ajfa-9610	22	6	davidson	davidson	NOUN
ajfa-9610	22	7	(	(	PUNCT
ajfa-9610	22	8	2010	2010	NUM
ajfa-9610	22	9	)	)	PUNCT
ajfa-9610	22	10	find	find	VERB
ajfa-9610	22	11	significant	significant	ADJ
ajfa-9610	22	12	income	income	NOUN
ajfa-9610	22	13	-	-	PUNCT
ajfa-9610	22	14	increasing	increase	VERB
ajfa-9610	22	15	earnings	earning	NOUN
ajfa-9610	22	16	management	management	NOUN
ajfa-9610	22	17	prior	prior	ADV
ajfa-9610	22	18	to	to	ADP
ajfa-9610	22	19	bond	bond	NOUN
ajfa-9610	22	20	offerings	offering	NOUN
ajfa-9610	22	21	.	.	PUNCT
ajfa-9610	23	1	they	they	PRON
ajfa-9610	23	2	also	also	ADV
ajfa-9610	23	3	find	find	VERB
ajfa-9610	23	4	that	that	SCONJ
ajfa-9610	23	5	firms	firm	NOUN
ajfa-9610	23	6	that	that	PRON
ajfa-9610	23	7	managed	manage	VERB
ajfa-9610	23	8	earnings	earning	NOUN
ajfa-9610	23	9	upward	upward	ADJ
ajfa-9610	23	10	issue	issue	NOUN
ajfa-9610	23	11	debt	debt	NOUN
ajfa-9610	23	12	at	at	ADP
ajfa-9610	23	13	lower	low	ADJ
ajfa-9610	23	14	costs	cost	NOUN
ajfa-9610	23	15	after	after	ADP
ajfa-9610	23	16	controlling	control	VERB
ajfa-9610	23	17	for	for	ADP
ajfa-9610	23	18	various	various	ADJ
ajfa-9610	23	19	bond	bond	NOUN
ajfa-9610	23	20	issuer	issuer	NOUN
ajfa-9610	23	21	and	and	CCONJ
ajfa-9610	23	22	bond	bond	NOUN
ajfa-9610	23	23	issue	issue	NOUN
ajfa-9610	23	24	characteristics	characteristic	NOUN
ajfa-9610	23	25	.	.	PUNCT
ajfa-9610	24	1	most	most	ADJ
ajfa-9610	24	2	papers	paper	NOUN
ajfa-9610	24	3	measure	measure	VERB
ajfa-9610	24	4	earnings	earning	NOUN
ajfa-9610	24	5	management	management	NOUN
ajfa-9610	24	6	with	with	ADP
ajfa-9610	24	7	discretionary	discretionary	ADJ
ajfa-9610	24	8	or	or	CCONJ
ajfa-9610	24	9	abnormal	abnormal	ADJ
ajfa-9610	24	10	accruals	accrual	NOUN
ajfa-9610	24	11	and	and	CCONJ
ajfa-9610	24	12	few	few	ADJ
ajfa-9610	24	13	discuss	discuss	VERB
ajfa-9610	24	14	real	real	ADJ
ajfa-9610	24	15	earnings	earning	NOUN
ajfa-9610	24	16	management	management	NOUN
ajfa-9610	24	17	.	.	PUNCT
ajfa-9610	25	1	dechow	dechow	ADJ
ajfa-9610	25	2	,	,	PUNCT
ajfa-9610	25	3	kothari	kothari	PROPN
ajfa-9610	25	4	,	,	PUNCT
ajfa-9610	25	5	watts	watts	PROPN
ajfa-9610	25	6	(	(	PUNCT
ajfa-9610	25	7	1998	1998	NUM
ajfa-9610	25	8	)	)	PUNCT
ajfa-9610	25	9	are	be	AUX
ajfa-9610	25	10	the	the	DET
ajfa-9610	25	11	first	first	ADJ
ajfa-9610	25	12	to	to	PART
ajfa-9610	25	13	have	have	AUX
ajfa-9610	25	14	established	establish	VERB
ajfa-9610	25	15	an	an	DET
ajfa-9610	25	16	empirical	empirical	ADJ
ajfa-9610	25	17	model	model	NOUN
ajfa-9610	25	18	for	for	ADP
ajfa-9610	25	19	real	real	ADJ
ajfa-9610	25	20	earnings	earning	NOUN
ajfa-9610	25	21	management	management	NOUN
ajfa-9610	25	22	.	.	PUNCT
ajfa-9610	26	1	roychowdhury	roychowdhury	NOUN
ajfa-9610	26	2	(	(	PUNCT
ajfa-9610	26	3	2006	2006	NUM
ajfa-9610	26	4	)	)	PUNCT
ajfa-9610	26	5	finds	find	VERB
ajfa-9610	26	6	that	that	SCONJ
ajfa-9610	26	7	managers	manager	NOUN
ajfa-9610	26	8	manipulate	manipulate	VERB
ajfa-9610	26	9	business	business	NOUN
ajfa-9610	26	10	activities	activity	NOUN
ajfa-9610	26	11	to	to	PART
ajfa-9610	26	12	avoid	avoid	VERB
ajfa-9610	26	13	reporting	reporting	NOUN
ajfa-9610	26	14	losses	loss	NOUN
ajfa-9610	26	15	,	,	PUNCT
ajfa-9610	26	16	such	such	ADJ
ajfa-9610	26	17	as	as	ADP
ajfa-9610	26	18	price	price	NOUN
ajfa-9610	26	19	discounts	discount	NOUN
ajfa-9610	26	20	to	to	PART
ajfa-9610	26	21	temporarily	temporarily	ADV
ajfa-9610	26	22	increase	increase	VERB
ajfa-9610	26	23	sales	sale	NOUN
ajfa-9610	26	24	,	,	PUNCT
ajfa-9610	26	25	overproducing	overproduce	VERB
ajfa-9610	26	26	to	to	PART
ajfa-9610	26	27	report	report	VERB
ajfa-9610	26	28	lower	low	ADJ
ajfa-9610	26	29	costs	cost	NOUN
ajfa-9610	26	30	of	of	ADP
ajfa-9610	26	31	goods	good	NOUN
ajfa-9610	26	32	sold	sell	VERB
ajfa-9610	26	33	,	,	PUNCT
ajfa-9610	26	34	and	and	CCONJ
ajfa-9610	26	35	reducing	reduce	VERB
ajfa-9610	26	36	discretionary	discretionary	ADJ
ajfa-9610	26	37	expenditures	expenditure	NOUN
ajfa-9610	26	38	to	to	PART
ajfa-9610	26	39	improve	improve	VERB
ajfa-9610	26	40	reported	report	VERB
ajfa-9610	26	41	margins	margin	NOUN
ajfa-9610	26	42	.	.	PUNCT
ajfa-9610	27	1	in	in	ADP
ajfa-9610	27	2	practice	practice	NOUN
ajfa-9610	27	3	,	,	PUNCT
ajfa-9610	27	4	different	different	ADJ
ajfa-9610	27	5	earnings	earning	NOUN
ajfa-9610	27	6	management	management	NOUN
ajfa-9610	27	7	devices	device	NOUN
ajfa-9610	27	8	have	have	VERB
ajfa-9610	27	9	different	different	ADJ
ajfa-9610	27	10	costs	cost	NOUN
ajfa-9610	27	11	and	and	CCONJ
ajfa-9610	27	12	benefits	benefit	NOUN
ajfa-9610	27	13	,	,	PUNCT
ajfa-9610	27	14	and	and	CCONJ
ajfa-9610	27	15	managers	manager	NOUN
ajfa-9610	27	16	may	may	AUX
ajfa-9610	27	17	consider	consider	VERB
ajfa-9610	27	18	their	their	PRON
ajfa-9610	27	19	characteristics	characteristic	NOUN
ajfa-9610	27	20	in	in	ADP
ajfa-9610	27	21	choosing	choose	VERB
ajfa-9610	27	22	the	the	DET
ajfa-9610	27	23	appropriate	appropriate	ADJ
ajfa-9610	27	24	devices	device	NOUN
ajfa-9610	27	25	to	to	PART
ajfa-9610	27	26	engage	engage	VERB
ajfa-9610	27	27	in	in	ADP
ajfa-9610	27	28	earnings	earning	NOUN
ajfa-9610	27	29	management	management	NOUN
ajfa-9610	27	30	;	;	PUNCT
ajfa-9610	27	31	moreover	moreover	ADV
ajfa-9610	27	32	,	,	PUNCT
ajfa-9610	27	33	certain	certain	ADJ
ajfa-9610	27	34	devices	device	NOUN
ajfa-9610	27	35	may	may	AUX
ajfa-9610	27	36	be	be	AUX
ajfa-9610	27	37	applied	apply	VERB
ajfa-9610	27	38	concurrently	concurrently	ADV
ajfa-9610	27	39	.	.	PUNCT
ajfa-9610	28	1	in	in	ADP
ajfa-9610	28	2	response	response	NOUN
ajfa-9610	28	3	to	to	ADP
ajfa-9610	28	4	the	the	DET
ajfa-9610	28	5	sarbanes	sarbane	NOUN
ajfa-9610	28	6	-	-	PUNCT
ajfa-9610	28	7	oxley	oxley	ADJ
ajfa-9610	28	8	act	act	NOUN
ajfa-9610	28	9	in	in	ADP
ajfa-9610	28	10	the	the	DET
ajfa-9610	28	11	united	united	PROPN
ajfa-9610	28	12	states	states	PROPN
ajfa-9610	28	13	that	that	PRON
ajfa-9610	28	14	aimed	aim	VERB
ajfa-9610	28	15	at	at	ADP
ajfa-9610	28	16	improving	improve	VERB
ajfa-9610	28	17	corporate	corporate	ADJ
ajfa-9610	28	18	governance	governance	NOUN
ajfa-9610	28	19	,	,	PUNCT
ajfa-9610	28	20	certain	certain	ADJ
ajfa-9610	28	21	companies	company	NOUN
ajfa-9610	28	22	switched	switch	VERB
ajfa-9610	28	23	from	from	ADP
ajfa-9610	28	24	accrual	accrual	ADJ
ajfa-9610	28	25	-	-	PUNCT
ajfa-9610	28	26	based	base	VERB
ajfa-9610	28	27	earnings	earning	NOUN
ajfa-9610	28	28	management	management	NOUN
ajfa-9610	28	29	to	to	ADP
ajfa-9610	28	30	real	real	ADJ
ajfa-9610	28	31	earnings	earning	NOUN
ajfa-9610	28	32	management,2	management,2	NOUN
ajfa-9610	28	33	which	which	PRON
ajfa-9610	28	34	is	be	AUX
ajfa-9610	28	35	difficult	difficult	ADJ
ajfa-9610	28	36	to	to	PART
ajfa-9610	28	37	monitor	monitor	VERB
ajfa-9610	28	38	.	.	PUNCT
ajfa-9610	29	1	therefore	therefore	ADV
ajfa-9610	29	2	,	,	PUNCT
ajfa-9610	29	3	this	this	DET
ajfa-9610	29	4	paper	paper	NOUN
ajfa-9610	29	5	explores	explore	VERB
ajfa-9610	29	6	whether	whether	SCONJ
ajfa-9610	29	7	management	management	NOUN
ajfa-9610	29	8	chooses	choose	VERB
ajfa-9610	29	9	different	different	ADJ
ajfa-9610	29	10	earnings	earning	NOUN
ajfa-9610	29	11	management	management	NOUN
ajfa-9610	29	12	methods	method	NOUN
ajfa-9610	29	13	with	with	ADP
ajfa-9610	29	14	different	different	ADJ
ajfa-9610	29	15	financing	financing	NOUN
ajfa-9610	29	16	types	type	NOUN
ajfa-9610	29	17	,	,	PUNCT
ajfa-9610	29	18	whether	whether	SCONJ
ajfa-9610	29	19	by	by	ADP
ajfa-9610	29	20	issuing	issue	VERB
ajfa-9610	29	21	bonds	bond	NOUN
ajfa-9610	29	22	or	or	CCONJ
ajfa-9610	29	23	1	1	NUM
ajfa-9610	29	24	healy	healy	NOUN
ajfa-9610	29	25	and	and	CCONJ
ajfa-9610	29	26	wahlen	wahlen	PROPN
ajfa-9610	29	27	(	(	PUNCT
ajfa-9610	29	28	1999	1999	NUM
ajfa-9610	29	29	)	)	PUNCT
ajfa-9610	29	30	define	define	VERB
ajfa-9610	29	31	earnings	earning	NOUN
ajfa-9610	29	32	management	management	NOUN
ajfa-9610	29	33	as	as	SCONJ
ajfa-9610	29	34	managers	manager	NOUN
ajfa-9610	29	35	using	use	VERB
ajfa-9610	29	36	their	their	PRON
ajfa-9610	29	37	influence	influence	NOUN
ajfa-9610	29	38	in	in	ADP
ajfa-9610	29	39	reporting	reporting	NOUN
ajfa-9610	29	40	and	and	CCONJ
ajfa-9610	29	41	in	in	ADP
ajfa-9610	29	42	structuring	structure	VERB
ajfa-9610	29	43	transactions	transaction	NOUN
ajfa-9610	29	44	to	to	PART
ajfa-9610	29	45	alter	alter	VERB
ajfa-9610	29	46	financial	financial	ADJ
ajfa-9610	29	47	reports	report	NOUN
ajfa-9610	29	48	to	to	ADP
ajfa-9610	29	49	either	either	CCONJ
ajfa-9610	29	50	mislead	mislead	VERB
ajfa-9610	29	51	certain	certain	ADJ
ajfa-9610	29	52	stakeholders	stakeholder	NOUN
ajfa-9610	29	53	about	about	ADP
ajfa-9610	29	54	the	the	DET
ajfa-9610	29	55	underlying	underlie	VERB
ajfa-9610	29	56	economic	economic	ADJ
ajfa-9610	29	57	performance	performance	NOUN
ajfa-9610	29	58	of	of	ADP
ajfa-9610	29	59	the	the	DET
ajfa-9610	29	60	company	company	NOUN
ajfa-9610	29	61	or	or	CCONJ
ajfa-9610	29	62	to	to	PART
ajfa-9610	29	63	influence	influence	VERB
ajfa-9610	29	64	contractual	contractual	ADJ
ajfa-9610	29	65	outcomes	outcome	NOUN
ajfa-9610	29	66	that	that	PRON
ajfa-9610	29	67	depend	depend	VERB
ajfa-9610	29	68	on	on	ADP
ajfa-9610	29	69	reported	report	VERB
ajfa-9610	29	70	accounting	accounting	NOUN
ajfa-9610	29	71	numbers	number	NOUN
ajfa-9610	29	72	.	.	PUNCT
ajfa-9610	30	1	2	2	NUM
ajfa-9610	30	2	most	most	ADV
ajfa-9610	30	3	prior	prior	ADJ
ajfa-9610	30	4	studies	study	NOUN
ajfa-9610	30	5	on	on	ADP
ajfa-9610	30	6	earnings	earning	NOUN
ajfa-9610	30	7	management	management	NOUN
ajfa-9610	30	8	use	use	NOUN
ajfa-9610	30	9	accruals	accrual	NOUN
ajfa-9610	30	10	as	as	ADP
ajfa-9610	30	11	a	a	DET
ajfa-9610	30	12	proxy	proxy	NOUN
ajfa-9610	30	13	.	.	PUNCT
ajfa-9610	31	1	in	in	ADP
ajfa-9610	31	2	fact	fact	NOUN
ajfa-9610	31	3	,	,	PUNCT
ajfa-9610	31	4	management	management	NOUN
ajfa-9610	31	5	may	may	AUX
ajfa-9610	31	6	simultaneously	simultaneously	ADV
ajfa-9610	31	7	adopt	adopt	VERB
ajfa-9610	31	8	accrual	accrual	ADJ
ajfa-9610	31	9	-	-	PUNCT
ajfa-9610	31	10	based	base	VERB
ajfa-9610	31	11	and	and	CCONJ
ajfa-9610	31	12	real	real	ADJ
ajfa-9610	31	13	earnings	earning	NOUN
ajfa-9610	31	14	management	management	NOUN
ajfa-9610	31	15	to	to	PART
ajfa-9610	31	16	achieve	achieve	VERB
ajfa-9610	31	17	earnings	earning	NOUN
ajfa-9610	31	18	targets	target	NOUN
ajfa-9610	31	19	.	.	PUNCT
ajfa-9610	32	1	asian	asian	ADJ
ajfa-9610	32	2	journal	journal	PROPN
ajfa-9610	32	3	of	of	ADP
ajfa-9610	32	4	finance	finance	PROPN
ajfa-9610	32	5	&	&	CCONJ
ajfa-9610	32	6	accounting	accounting	PROPN
ajfa-9610	32	7	issn	issn	PROPN
ajfa-9610	32	8	1946	1946	NUM
ajfa-9610	32	9	-	-	PUNCT
ajfa-9610	32	10	052x	052x	PROPN
ajfa-9610	32	11	2016	2016	NUM
ajfa-9610	32	12	,	,	PUNCT
ajfa-9610	32	13	vol	vol	NOUN
ajfa-9610	32	14	.	.	PROPN
ajfa-9610	32	15	8	8	NUM
ajfa-9610	32	16	,	,	PUNCT
ajfa-9610	32	17	no	no	INTJ
ajfa-9610	32	18	.	.	NOUN
ajfa-9610	32	19	1	1	NUM
ajfa-9610	32	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9610	32	21	232	232	NUM
ajfa-9610	32	22	seos	seo	NOUN
ajfa-9610	32	23	.	.	PUNCT
ajfa-9610	33	1	additionally	additionally	ADV
ajfa-9610	33	2	,	,	PUNCT
ajfa-9610	33	3	the	the	DET
ajfa-9610	33	4	government	government	NOUN
ajfa-9610	33	5	try	try	VERB
ajfa-9610	33	6	to	to	PART
ajfa-9610	33	7	improve	improve	VERB
ajfa-9610	33	8	investment	investment	NOUN
ajfa-9610	33	9	environment	environment	NOUN
ajfa-9610	33	10	to	to	PART
ajfa-9610	33	11	attract	attract	VERB
ajfa-9610	33	12	foreign	foreign	ADJ
ajfa-9610	33	13	investment	investment	NOUN
ajfa-9610	33	14	in	in	ADP
ajfa-9610	33	15	taiwan	taiwan	PROPN
ajfa-9610	33	16	,	,	PUNCT
ajfa-9610	33	17	corporate	corporate	ADJ
ajfa-9610	33	18	governance	governance	NOUN
ajfa-9610	33	19	become	become	VERB
ajfa-9610	33	20	an	an	DET
ajfa-9610	33	21	important	important	ADJ
ajfa-9610	33	22	critical	critical	ADJ
ajfa-9610	33	23	factor	factor	NOUN
ajfa-9610	33	24	.	.	PUNCT
ajfa-9610	34	1	the	the	DET
ajfa-9610	34	2	business	business	NOUN
ajfa-9610	34	3	economic	economic	ADJ
ajfa-9610	34	4	scales	scale	NOUN
ajfa-9610	34	5	are	be	AUX
ajfa-9610	34	6	small	small	ADJ
ajfa-9610	34	7	in	in	ADP
ajfa-9610	34	8	taiwan	taiwan	PROPN
ajfa-9610	34	9	.	.	PUNCT
ajfa-9610	35	1	most	most	ADJ
ajfa-9610	35	2	of	of	ADP
ajfa-9610	35	3	taiwanese	taiwanese	ADJ
ajfa-9610	35	4	businesses	business	NOUN
ajfa-9610	35	5	are	be	AUX
ajfa-9610	35	6	family	family	NOUN
ajfa-9610	35	7	owned	own	VERB
ajfa-9610	35	8	companies	company	NOUN
ajfa-9610	35	9	.	.	PUNCT
ajfa-9610	36	1	they	they	PRON
ajfa-9610	36	2	may	may	AUX
ajfa-9610	36	3	use	use	VERB
ajfa-9610	36	4	cross	cross	ADJ
ajfa-9610	36	5	-	-	NOUN
ajfa-9610	36	6	shareholding	shareholding	NOUN
ajfa-9610	36	7	of	of	ADP
ajfa-9610	36	8	affiliated	affiliated	ADJ
ajfa-9610	36	9	companies	company	NOUN
ajfa-9610	36	10	or	or	CCONJ
ajfa-9610	36	11	pyramidal	pyramidal	ADJ
ajfa-9610	36	12	ownership	ownership	NOUN
ajfa-9610	36	13	structures	structure	NOUN
ajfa-9610	36	14	to	to	PART
ajfa-9610	36	15	ensure	ensure	VERB
ajfa-9610	36	16	a	a	DET
ajfa-9610	36	17	disproportionately	disproportionately	ADV
ajfa-9610	36	18	high	high	ADJ
ajfa-9610	36	19	level	level	NOUN
ajfa-9610	36	20	(	(	PUNCT
ajfa-9610	36	21	almost	almost	ADV
ajfa-9610	36	22	50	50	NUM
ajfa-9610	36	23	%	%	NOUN
ajfa-9610	36	24	)	)	PUNCT
ajfa-9610	36	25	of	of	ADP
ajfa-9610	36	26	controlling	control	VERB
ajfa-9610	36	27	rights	right	NOUN
ajfa-9610	36	28	to	to	PART
ajfa-9610	36	29	strengthen	strengthen	VERB
ajfa-9610	36	30	their	their	PRON
ajfa-9610	36	31	control	control	NOUN
ajfa-9610	36	32	of	of	ADP
ajfa-9610	36	33	listed	list	VERB
ajfa-9610	36	34	companies	company	NOUN
ajfa-9610	36	35	.	.	PUNCT
ajfa-9610	37	1	moreover	moreover	ADV
ajfa-9610	37	2	,	,	PUNCT
ajfa-9610	37	3	the	the	DET
ajfa-9610	37	4	management	management	NOUN
ajfa-9610	37	5	and	and	CCONJ
ajfa-9610	37	6	monitor	monitor	VERB
ajfa-9610	37	7	in	in	ADP
ajfa-9610	37	8	family	family	NOUN
ajfa-9610	37	9	owned	own	VERB
ajfa-9610	37	10	firms	firm	NOUN
ajfa-9610	37	11	are	be	AUX
ajfa-9610	37	12	under	under	ADP
ajfa-9610	37	13	the	the	DET
ajfa-9610	37	14	table	table	NOUN
ajfa-9610	37	15	because	because	SCONJ
ajfa-9610	37	16	board	board	NOUN
ajfa-9610	37	17	of	of	ADP
ajfa-9610	37	18	directors	director	NOUN
ajfa-9610	37	19	and	and	CCONJ
ajfa-9610	37	20	supervisors	supervisor	NOUN
ajfa-9610	37	21	are	be	AUX
ajfa-9610	37	22	linear	linear	ADJ
ajfa-9610	37	23	,	,	PUNCT
ajfa-9610	37	24	collateral	collateral	ADJ
ajfa-9610	37	25	relatives	relative	NOUN
ajfa-9610	37	26	or	or	CCONJ
ajfa-9610	37	27	relatives	relative	NOUN
ajfa-9610	37	28	by	by	ADP
ajfa-9610	37	29	marriage	marriage	NOUN
ajfa-9610	37	30	and	and	CCONJ
ajfa-9610	37	31	hence	hence	ADV
ajfa-9610	37	32	the	the	DET
ajfa-9610	37	33	information	information	NOUN
ajfa-9610	37	34	is	be	AUX
ajfa-9610	37	35	asymmetric	asymmetric	ADJ
ajfa-9610	37	36	.	.	PUNCT
ajfa-9610	38	1	high	high	ADJ
ajfa-9610	38	2	percentage	percentage	NOUN
ajfa-9610	38	3	of	of	ADP
ajfa-9610	38	4	individual	individual	ADJ
ajfa-9610	38	5	investor	investor	NOUN
ajfa-9610	38	6	and	and	CCONJ
ajfa-9610	38	7	“	"	PUNCT
ajfa-9610	38	8	head	head	NOUN
ajfa-9610	38	9	account	account	NOUN
ajfa-9610	38	10	”	"	PUNCT
ajfa-9610	38	11	3	3	NUM
ajfa-9610	38	12	culture	culture	NOUN
ajfa-9610	38	13	make	make	VERB
ajfa-9610	38	14	controlling	control	VERB
ajfa-9610	38	15	shareholders	shareholder	NOUN
ajfa-9610	38	16	in	in	ADP
ajfa-9610	38	17	high	high	ADJ
ajfa-9610	38	18	position	position	NOUN
ajfa-9610	38	19	management	management	NOUN
ajfa-9610	38	20	.	.	PUNCT
ajfa-9610	39	1	the	the	DET
ajfa-9610	39	2	controlling	control	VERB
ajfa-9610	39	3	shareholders	shareholder	NOUN
ajfa-9610	39	4	ignore	ignore	VERB
ajfa-9610	39	5	minority	minority	NOUN
ajfa-9610	39	6	shareholders	shareholder	NOUN
ajfa-9610	39	7	and	and	CCONJ
ajfa-9610	39	8	business	business	NOUN
ajfa-9610	39	9	risk	risk	NOUN
ajfa-9610	39	10	.	.	PUNCT
ajfa-9610	40	1	hence	hence	ADV
ajfa-9610	40	2	minority	minority	NOUN
ajfa-9610	40	3	shareholders	shareholder	NOUN
ajfa-9610	40	4	become	become	VERB
ajfa-9610	40	5	disadvantaged	disadvantaged	ADJ
ajfa-9610	40	6	,	,	PUNCT
ajfa-9610	40	7	and	and	CCONJ
ajfa-9610	40	8	the	the	DET
ajfa-9610	40	9	board	board	NOUN
ajfa-9610	40	10	of	of	ADP
ajfa-9610	40	11	directors	director	NOUN
ajfa-9610	40	12	that	that	PRON
ajfa-9610	40	13	control	control	NOUN
ajfa-9610	40	14	companies	company	NOUN
ajfa-9610	40	15	become	become	VERB
ajfa-9610	40	16	advantaged	advantaged	ADJ
ajfa-9610	40	17	(	(	PUNCT
ajfa-9610	40	18	wei	wei	PROPN
ajfa-9610	40	19	,	,	PUNCT
ajfa-9610	40	20	lee	lee	PROPN
ajfa-9610	40	21	,	,	PUNCT
ajfa-9610	40	22	and	and	CCONJ
ajfa-9610	40	23	deng	deng	PROPN
ajfa-9610	40	24	,	,	PUNCT
ajfa-9610	40	25	2007	2007	NUM
ajfa-9610	40	26	)	)	PUNCT
ajfa-9610	40	27	.	.	PUNCT
ajfa-9610	41	1	recently	recently	ADV
ajfa-9610	41	2	,	,	PUNCT
ajfa-9610	41	3	the	the	DET
ajfa-9610	41	4	capital	capital	NOUN
ajfa-9610	41	5	market	market	NOUN
ajfa-9610	41	6	of	of	ADP
ajfa-9610	41	7	taiwan	taiwan	PROPN
ajfa-9610	41	8	faces	face	VERB
ajfa-9610	41	9	competition	competition	NOUN
ajfa-9610	41	10	from	from	ADP
ajfa-9610	41	11	hong	hong	PROPN
ajfa-9610	41	12	kong	kong	PROPN
ajfa-9610	41	13	,	,	PUNCT
ajfa-9610	41	14	china	china	PROPN
ajfa-9610	41	15	,	,	PUNCT
ajfa-9610	41	16	and	and	CCONJ
ajfa-9610	41	17	singapore	singapore	PROPN
ajfa-9610	41	18	.	.	PUNCT
ajfa-9610	42	1	taiwan	taiwan	PROPN
ajfa-9610	42	2	faces	face	VERB
ajfa-9610	42	3	serious	serious	ADJ
ajfa-9610	42	4	crisis	crisis	NOUN
ajfa-9610	42	5	to	to	PART
ajfa-9610	42	6	be	be	AUX
ajfa-9610	42	7	on	on	ADP
ajfa-9610	42	8	the	the	DET
ajfa-9610	42	9	edge	edge	NOUN
ajfa-9610	42	10	of	of	ADP
ajfa-9610	42	11	the	the	DET
ajfa-9610	42	12	global	global	ADJ
ajfa-9610	42	13	capital	capital	NOUN
ajfa-9610	42	14	market	market	NOUN
ajfa-9610	42	15	.	.	PUNCT
ajfa-9610	43	1	on	on	ADP
ajfa-9610	43	2	the	the	DET
ajfa-9610	43	3	other	other	ADJ
ajfa-9610	43	4	hand	hand	NOUN
ajfa-9610	43	5	,	,	PUNCT
ajfa-9610	43	6	foreign	foreign	ADJ
ajfa-9610	43	7	institutional	institutional	ADJ
ajfa-9610	43	8	investors	investor	NOUN
ajfa-9610	43	9	are	be	AUX
ajfa-9610	43	10	more	more	ADV
ajfa-9610	43	11	likely	likely	ADJ
ajfa-9610	43	12	to	to	PART
ajfa-9610	43	13	request	request	VERB
ajfa-9610	43	14	high	high	ADJ
ajfa-9610	43	15	quality	quality	NOUN
ajfa-9610	43	16	corporate	corporate	ADJ
ajfa-9610	43	17	governance	governance	NOUN
ajfa-9610	43	18	.	.	PUNCT
ajfa-9610	44	1	if	if	SCONJ
ajfa-9610	44	2	the	the	DET
ajfa-9610	44	3	whole	whole	ADJ
ajfa-9610	44	4	performance	performance	NOUN
ajfa-9610	44	5	of	of	ADP
ajfa-9610	44	6	the	the	DET
ajfa-9610	44	7	taiwan	taiwan	PROPN
ajfa-9610	44	8	corporate	corporate	ADJ
ajfa-9610	44	9	governance	governance	NOUN
ajfa-9610	44	10	does	do	AUX
ajfa-9610	44	11	n’t	not	PART
ajfa-9610	44	12	make	make	VERB
ajfa-9610	44	13	progress	progress	NOUN
ajfa-9610	44	14	,	,	PUNCT
ajfa-9610	44	15	we	we	PRON
ajfa-9610	44	16	might	might	AUX
ajfa-9610	44	17	be	be	AUX
ajfa-9610	44	18	caught	catch	VERB
ajfa-9610	44	19	up	up	ADP
ajfa-9610	44	20	by	by	ADP
ajfa-9610	44	21	the	the	DET
ajfa-9610	44	22	other	other	ADJ
ajfa-9610	44	23	asian	asian	ADJ
ajfa-9610	44	24	country	country	NOUN
ajfa-9610	44	25	.	.	PUNCT
ajfa-9610	45	1	hence	hence	ADV
ajfa-9610	45	2	,	,	PUNCT
ajfa-9610	45	3	we	we	PRON
ajfa-9610	45	4	try	try	VERB
ajfa-9610	45	5	to	to	PART
ajfa-9610	45	6	find	find	VERB
ajfa-9610	45	7	out	out	ADP
ajfa-9610	45	8	effective	effective	ADJ
ajfa-9610	45	9	taiwan	taiwan	PROPN
ajfa-9610	45	10	’s	’s	PART
ajfa-9610	45	11	corporate	corporate	ADJ
ajfa-9610	45	12	governance	governance	NOUN
ajfa-9610	45	13	variables	variable	NOUN
ajfa-9610	45	14	as	as	ADP
ajfa-9610	45	15	a	a	DET
ajfa-9610	45	16	reference	reference	NOUN
ajfa-9610	45	17	for	for	ADP
ajfa-9610	45	18	taiwan	taiwan	PROPN
ajfa-9610	45	19	government	government	NOUN
ajfa-9610	45	20	.	.	PUNCT
ajfa-9610	46	1	since	since	SCONJ
ajfa-9610	46	2	the	the	DET
ajfa-9610	46	3	united	united	PROPN
ajfa-9610	46	4	states	states	PROPN
ajfa-9610	46	5	congress	congress	PROPN
ajfa-9610	46	6	passed	pass	VERB
ajfa-9610	46	7	the	the	DET
ajfa-9610	46	8	sarbanes	sarbanes	PROPN
ajfa-9610	46	9	-	-	PUNCT
ajfa-9610	46	10	oxley	oxley	ADJ
ajfa-9610	46	11	act	act	NOUN
ajfa-9610	46	12	in	in	ADP
ajfa-9610	46	13	july	july	PROPN
ajfa-9610	46	14	2002	2002	NUM
ajfa-9610	46	15	,	,	PUNCT
ajfa-9610	46	16	substantial	substantial	ADJ
ajfa-9610	46	17	research	research	NOUN
ajfa-9610	46	18	has	have	AUX
ajfa-9610	46	19	focused	focus	VERB
ajfa-9610	46	20	on	on	ADP
ajfa-9610	46	21	the	the	DET
ajfa-9610	46	22	effects	effect	NOUN
ajfa-9610	46	23	of	of	ADP
ajfa-9610	46	24	corporate	corporate	ADJ
ajfa-9610	46	25	governance	governance	NOUN
ajfa-9610	46	26	.	.	PUNCT
ajfa-9610	47	1	xie	xie	PROPN
ajfa-9610	47	2	,	,	PUNCT
ajfa-9610	47	3	davidson	davidson	NOUN
ajfa-9610	47	4	,	,	PUNCT
ajfa-9610	47	5	and	and	CCONJ
ajfa-9610	47	6	dadalt	dadalt	NOUN
ajfa-9610	47	7	(	(	PUNCT
ajfa-9610	47	8	2003	2003	NUM
ajfa-9610	47	9	)	)	PUNCT
ajfa-9610	47	10	suggest	suggest	VERB
ajfa-9610	47	11	that	that	SCONJ
ajfa-9610	47	12	earnings	earning	NOUN
ajfa-9610	47	13	management	management	NOUN
ajfa-9610	47	14	is	be	AUX
ajfa-9610	47	15	less	less	ADV
ajfa-9610	47	16	likely	likely	ADJ
ajfa-9610	47	17	when	when	SCONJ
ajfa-9610	47	18	there	there	PRON
ajfa-9610	47	19	are	be	VERB
ajfa-9610	47	20	outside	outside	ADJ
ajfa-9610	47	21	directors	director	NOUN
ajfa-9610	47	22	on	on	ADP
ajfa-9610	47	23	the	the	DET
ajfa-9610	47	24	board	board	NOUN
ajfa-9610	47	25	and	and	CCONJ
ajfa-9610	47	26	when	when	SCONJ
ajfa-9610	47	27	those	those	DET
ajfa-9610	47	28	directors	director	NOUN
ajfa-9610	47	29	have	have	VERB
ajfa-9610	47	30	backgrounds	background	NOUN
ajfa-9610	47	31	in	in	ADP
ajfa-9610	47	32	corporate	corporate	ADJ
ajfa-9610	47	33	governance	governance	NOUN
ajfa-9610	47	34	or	or	CCONJ
ajfa-9610	47	35	finance	finance	NOUN
ajfa-9610	47	36	.	.	PUNCT
ajfa-9610	48	1	krishnan	krishnan	PROPN
ajfa-9610	48	2	(	(	PUNCT
ajfa-9610	48	3	2003	2003	NUM
ajfa-9610	48	4	)	)	PUNCT
ajfa-9610	48	5	indicates	indicate	VERB
ajfa-9610	48	6	that	that	SCONJ
ajfa-9610	48	7	the	the	DET
ajfa-9610	48	8	absolute	absolute	ADJ
ajfa-9610	48	9	discretionary	discretionary	ADJ
ajfa-9610	48	10	accruals	accrual	NOUN
ajfa-9610	48	11	of	of	ADP
ajfa-9610	48	12	companies	company	NOUN
ajfa-9610	48	13	audited	audit	VERB
ajfa-9610	48	14	by	by	ADP
ajfa-9610	48	15	non	non	ADJ
ajfa-9610	48	16	-	-	ADJ
ajfa-9610	48	17	specialist	specialist	ADJ
ajfa-9610	48	18	auditors	auditor	NOUN
ajfa-9610	48	19	report	report	VERB
ajfa-9610	48	20	1.2	1.2	NUM
ajfa-9610	48	21	percent	percent	NOUN
ajfa-9610	48	22	of	of	ADP
ajfa-9610	48	23	total	total	ADJ
ajfa-9610	48	24	assets	asset	NOUN
ajfa-9610	48	25	,	,	PUNCT
ajfa-9610	48	26	which	which	PRON
ajfa-9610	48	27	is	be	AUX
ajfa-9610	48	28	higher	high	ADJ
ajfa-9610	48	29	than	than	ADP
ajfa-9610	48	30	companies	company	NOUN
ajfa-9610	48	31	audited	audit	VERB
ajfa-9610	48	32	by	by	ADP
ajfa-9610	48	33	specialist	specialist	NOUN
ajfa-9610	48	34	auditors	auditor	NOUN
ajfa-9610	48	35	.	.	PUNCT
ajfa-9610	49	1	balsam	balsam	NOUN
ajfa-9610	49	2	,	,	PUNCT
ajfa-9610	49	3	krishnan	krishnan	PROPN
ajfa-9610	49	4	,	,	PUNCT
ajfa-9610	49	5	and	and	CCONJ
ajfa-9610	49	6	yang	yang	PROPN
ajfa-9610	49	7	(	(	PUNCT
ajfa-9610	49	8	2003	2003	NUM
ajfa-9610	49	9	)	)	PUNCT
ajfa-9610	49	10	also	also	ADV
ajfa-9610	49	11	note	note	VERB
ajfa-9610	49	12	that	that	SCONJ
ajfa-9610	49	13	firms	firm	NOUN
ajfa-9610	49	14	audited	audit	VERB
ajfa-9610	49	15	by	by	ADP
ajfa-9610	49	16	industry	industry	NOUN
ajfa-9610	49	17	specialists	specialist	NOUN
ajfa-9610	49	18	exhibit	exhibit	VERB
ajfa-9610	49	19	higher	high	ADJ
ajfa-9610	49	20	earnings	earning	NOUN
ajfa-9610	49	21	quality	quality	NOUN
ajfa-9610	49	22	than	than	ADP
ajfa-9610	49	23	firms	firm	NOUN
ajfa-9610	49	24	audited	audit	VERB
ajfa-9610	49	25	by	by	ADP
ajfa-9610	49	26	non	non	NOUN
ajfa-9610	49	27	-	-	NOUN
ajfa-9610	49	28	specialists	specialist	NOUN
ajfa-9610	49	29	.	.	PUNCT
ajfa-9610	50	1	myers	myers	PROPN
ajfa-9610	50	2	,	,	PUNCT
ajfa-9610	50	3	myers	myer	NOUN
ajfa-9610	50	4	,	,	PUNCT
ajfa-9610	50	5	and	and	CCONJ
ajfa-9610	50	6	omer	omer	PROPN
ajfa-9610	50	7	(	(	PUNCT
ajfa-9610	50	8	2003	2003	NUM
ajfa-9610	50	9	)	)	PUNCT
ajfa-9610	50	10	and	and	CCONJ
ajfa-9610	50	11	ghosh	ghosh	PROPN
ajfa-9610	50	12	and	and	CCONJ
ajfa-9610	50	13	moon	moon	PROPN
ajfa-9610	50	14	(	(	PUNCT
ajfa-9610	50	15	2005	2005	NUM
ajfa-9610	50	16	)	)	PUNCT
ajfa-9610	50	17	suggest	suggest	VERB
ajfa-9610	50	18	that	that	SCONJ
ajfa-9610	50	19	audit	audit	NOUN
ajfa-9610	50	20	quality	quality	NOUN
ajfa-9610	50	21	is	be	AUX
ajfa-9610	50	22	higher	high	ADJ
ajfa-9610	50	23	when	when	SCONJ
ajfa-9610	50	24	auditor	auditor	NOUN
ajfa-9610	50	25	tenure	tenure	NOUN
ajfa-9610	50	26	is	be	AUX
ajfa-9610	50	27	longer	long	ADJ
ajfa-9610	50	28	;	;	PUNCT
ajfa-9610	50	29	thus	thus	ADV
ajfa-9610	50	30	,	,	PUNCT
ajfa-9610	50	31	earnings	earning	NOUN
ajfa-9610	50	32	quality	quality	NOUN
ajfa-9610	50	33	improves	improve	VERB
ajfa-9610	50	34	with	with	ADP
ajfa-9610	50	35	auditors	auditor	NOUN
ajfa-9610	50	36	who	who	PRON
ajfa-9610	50	37	have	have	VERB
ajfa-9610	50	38	longer	long	ADJ
ajfa-9610	50	39	tenure	tenure	NOUN
ajfa-9610	50	40	.	.	PUNCT
ajfa-9610	51	1	zhou	zhou	PROPN
ajfa-9610	51	2	and	and	CCONJ
ajfa-9610	51	3	elder	elder	NOUN
ajfa-9610	51	4	(	(	PUNCT
ajfa-9610	51	5	2004	2004	NUM
ajfa-9610	51	6	)	)	PUNCT
ajfa-9610	51	7	indicate	indicate	VERB
ajfa-9610	51	8	that	that	SCONJ
ajfa-9610	51	9	companies	company	NOUN
ajfa-9610	51	10	audited	audit	VERB
ajfa-9610	51	11	by	by	ADP
ajfa-9610	51	12	big	big	ADJ
ajfa-9610	51	13	5	5	NUM
ajfa-9610	51	14	report	report	NOUN
ajfa-9610	51	15	lower	low	ADJ
ajfa-9610	51	16	levels	level	NOUN
ajfa-9610	51	17	of	of	ADP
ajfa-9610	51	18	earnings	earning	NOUN
ajfa-9610	51	19	management	management	NOUN
ajfa-9610	51	20	than	than	ADP
ajfa-9610	51	21	the	the	DET
ajfa-9610	51	22	previous	previous	ADJ
ajfa-9610	51	23	year	year	NOUN
ajfa-9610	51	24	,	,	PUNCT
ajfa-9610	51	25	during	during	ADP
ajfa-9610	51	26	the	the	DET
ajfa-9610	51	27	year	year	NOUN
ajfa-9610	51	28	of	of	ADP
ajfa-9610	51	29	the	the	DET
ajfa-9610	51	30	audit	audit	NOUN
ajfa-9610	51	31	,	,	PUNCT
ajfa-9610	51	32	and	and	CCONJ
ajfa-9610	51	33	in	in	ADP
ajfa-9610	51	34	the	the	DET
ajfa-9610	51	35	years	year	NOUN
ajfa-9610	51	36	following	follow	VERB
ajfa-9610	51	37	seos	seo	NOUN
ajfa-9610	51	38	.	.	PUNCT
ajfa-9610	52	1	davidson	davidson	PROPN
ajfa-9610	52	2	,	,	PUNCT
ajfa-9610	52	3	goodwin	goodwin	PROPN
ajfa-9610	52	4	-	-	PUNCT
ajfa-9610	52	5	stewart	stewart	PROPN
ajfa-9610	52	6	,	,	PUNCT
ajfa-9610	52	7	and	and	CCONJ
ajfa-9610	52	8	kent	kent	PROPN
ajfa-9610	52	9	(	(	PUNCT
ajfa-9610	52	10	2005	2005	NUM
ajfa-9610	52	11	)	)	PUNCT
ajfa-9610	52	12	find	find	VERB
ajfa-9610	52	13	a	a	DET
ajfa-9610	52	14	majority	majority	NOUN
ajfa-9610	52	15	of	of	ADP
ajfa-9610	52	16	non	non	ADJ
ajfa-9610	52	17	-	-	ADJ
ajfa-9610	52	18	executive	executive	ADJ
ajfa-9610	52	19	directors	director	NOUN
ajfa-9610	52	20	on	on	ADP
ajfa-9610	52	21	the	the	DET
ajfa-9610	52	22	board	board	NOUN
ajfa-9610	52	23	and	and	CCONJ
ajfa-9610	52	24	on	on	ADP
ajfa-9610	52	25	the	the	DET
ajfa-9610	52	26	audit	audit	NOUN
ajfa-9610	52	27	committee	committee	NOUN
ajfa-9610	52	28	are	be	AUX
ajfa-9610	52	29	found	find	VERB
ajfa-9610	52	30	to	to	PART
ajfa-9610	52	31	be	be	AUX
ajfa-9610	52	32	significantly	significantly	ADV
ajfa-9610	52	33	associated	associate	VERB
ajfa-9610	52	34	with	with	ADP
ajfa-9610	52	35	a	a	DET
ajfa-9610	52	36	lower	low	ADJ
ajfa-9610	52	37	likelihood	likelihood	NOUN
ajfa-9610	52	38	of	of	ADP
ajfa-9610	52	39	earnings	earning	NOUN
ajfa-9610	52	40	management	management	NOUN
ajfa-9610	52	41	.	.	PUNCT
ajfa-9610	53	1	basiruddin	basiruddin	NOUN
ajfa-9610	53	2	(	(	PUNCT
ajfa-9610	53	3	2011	2011	NUM
ajfa-9610	53	4	)	)	PUNCT
ajfa-9610	53	5	suggests	suggest	VERB
ajfa-9610	53	6	that	that	SCONJ
ajfa-9610	53	7	higher	high	ADJ
ajfa-9610	53	8	quality	quality	NOUN
ajfa-9610	53	9	auditors	auditor	NOUN
ajfa-9610	53	10	(	(	PUNCT
ajfa-9610	53	11	who	who	PRON
ajfa-9610	53	12	either	either	CCONJ
ajfa-9610	53	13	charge	charge	VERB
ajfa-9610	53	14	higher	high	ADJ
ajfa-9610	53	15	audit	audit	NOUN
ajfa-9610	53	16	fees	fee	NOUN
ajfa-9610	53	17	or	or	CCONJ
ajfa-9610	53	18	are	be	AUX
ajfa-9610	53	19	industry	industry	NOUN
ajfa-9610	53	20	specialist	specialist	NOUN
ajfa-9610	53	21	auditors	auditor	NOUN
ajfa-9610	53	22	)	)	PUNCT
ajfa-9610	53	23	are	be	AUX
ajfa-9610	53	24	likely	likely	ADJ
ajfa-9610	53	25	to	to	PART
ajfa-9610	53	26	reduce	reduce	VERB
ajfa-9610	53	27	earnings	earning	NOUN
ajfa-9610	53	28	manipulation	manipulation	NOUN
ajfa-9610	53	29	.	.	PUNCT
ajfa-9610	54	1	robust	robust	ADJ
ajfa-9610	54	2	corporate	corporate	ADJ
ajfa-9610	54	3	governance	governance	NOUN
ajfa-9610	54	4	(	(	PUNCT
ajfa-9610	54	5	cg	cg	NOUN
ajfa-9610	54	6	)	)	PUNCT
ajfa-9610	54	7	can	can	AUX
ajfa-9610	54	8	suppress	suppress	VERB
ajfa-9610	54	9	earnings	earning	NOUN
ajfa-9610	54	10	management	management	NOUN
ajfa-9610	54	11	.	.	PUNCT
ajfa-9610	55	1	brown	brown	PROPN
ajfa-9610	55	2	,	,	PUNCT
ajfa-9610	55	3	beekes	beeke	NOUN
ajfa-9610	55	4	and	and	CCONJ
ajfa-9610	55	5	verhoeven	verhoeven	PROPN
ajfa-9610	55	6	(	(	PUNCT
ajfa-9610	55	7	2011	2011	NUM
ajfa-9610	55	8	)	)	PUNCT
ajfa-9610	55	9	stress	stress	VERB
ajfa-9610	55	10	the	the	DET
ajfa-9610	55	11	importance	importance	NOUN
ajfa-9610	55	12	of	of	ADP
ajfa-9610	55	13	how	how	SCONJ
ajfa-9610	55	14	cg	cg	NOUN
ajfa-9610	55	15	is	be	AUX
ajfa-9610	55	16	measured	measure	VERB
ajfa-9610	55	17	and	and	CCONJ
ajfa-9610	55	18	in	in	ADP
ajfa-9610	55	19	particular	particular	ADJ
ajfa-9610	55	20	,	,	PUNCT
ajfa-9610	55	21	the	the	DET
ajfa-9610	55	22	construction	construction	NOUN
ajfa-9610	55	23	of	of	ADP
ajfa-9610	55	24	cg	cg	NOUN
ajfa-9610	55	25	indices	index	NOUN
ajfa-9610	55	26	,	,	PUNCT
ajfa-9610	55	27	which	which	PRON
ajfa-9610	55	28	should	should	AUX
ajfa-9610	55	29	be	be	AUX
ajfa-9610	55	30	sensitive	sensitive	ADJ
ajfa-9610	55	31	to	to	ADP
ajfa-9610	55	32	local	local	ADJ
ajfa-9610	55	33	institutional	institutional	ADJ
ajfa-9610	55	34	arrangements	arrangement	NOUN
ajfa-9610	55	35	,	,	PUNCT
ajfa-9610	55	36	and	and	CCONJ
ajfa-9610	55	37	the	the	DET
ajfa-9610	55	38	need	need	NOUN
ajfa-9610	55	39	to	to	PART
ajfa-9610	55	40	capture	capture	VERB
ajfa-9610	55	41	both	both	CCONJ
ajfa-9610	55	42	internal	internal	ADJ
ajfa-9610	55	43	and	and	CCONJ
ajfa-9610	55	44	external	external	ADJ
ajfa-9610	55	45	aspects	aspect	NOUN
ajfa-9610	55	46	of	of	ADP
ajfa-9610	55	47	governance	governance	NOUN
ajfa-9610	55	48	.	.	PUNCT
ajfa-9610	56	1	therefore	therefore	ADV
ajfa-9610	56	2	,	,	PUNCT
ajfa-9610	56	3	we	we	PRON
ajfa-9610	56	4	choose	choose	VERB
ajfa-9610	56	5	several	several	ADJ
ajfa-9610	56	6	special	special	ADJ
ajfa-9610	56	7	corporate	corporate	ADJ
ajfa-9610	56	8	governance	governance	NOUN
ajfa-9610	56	9	variables	variable	NOUN
ajfa-9610	56	10	in	in	ADP
ajfa-9610	56	11	taiwan	taiwan	PROPN
ajfa-9610	56	12	to	to	PART
ajfa-9610	56	13	explore	explore	VERB
ajfa-9610	56	14	whether	whether	SCONJ
ajfa-9610	56	15	these	these	DET
ajfa-9610	56	16	variables	variable	NOUN
ajfa-9610	56	17	can	can	AUX
ajfa-9610	56	18	restrain	restrain	VERB
ajfa-9610	56	19	taiwanese	taiwanese	ADJ
ajfa-9610	56	20	company	company	NOUN
ajfa-9610	56	21	from	from	ADP
ajfa-9610	56	22	3	3	NUM
ajfa-9610	56	23	“	"	PUNCT
ajfa-9610	56	24	head	head	NOUN
ajfa-9610	56	25	account	account	NOUN
ajfa-9610	56	26	”	"	PUNCT
ajfa-9610	56	27	means	mean	VERB
ajfa-9610	56	28	people	people	NOUN
ajfa-9610	56	29	open	open	VERB
ajfa-9610	56	30	dummy	dummy	NOUN
ajfa-9610	56	31	or	or	CCONJ
ajfa-9610	56	32	fraud	fraud	NOUN
ajfa-9610	56	33	bank	bank	NOUN
ajfa-9610	56	34	accounts	account	NOUN
ajfa-9610	56	35	,	,	PUNCT
ajfa-9610	56	36	but	but	CCONJ
ajfa-9610	56	37	they	they	PRON
ajfa-9610	56	38	does	do	AUX
ajfa-9610	56	39	n’t	not	PART
ajfa-9610	56	40	have	have	VERB
ajfa-9610	56	41	the	the	DET
ajfa-9610	56	42	ownership	ownership	NOUN
ajfa-9610	56	43	of	of	ADP
ajfa-9610	56	44	accounts	account	NOUN
ajfa-9610	56	45	.	.	PUNCT
ajfa-9610	57	1	asian	asian	ADJ
ajfa-9610	57	2	journal	journal	PROPN
ajfa-9610	57	3	of	of	ADP
ajfa-9610	57	4	finance	finance	PROPN
ajfa-9610	57	5	&	&	CCONJ
ajfa-9610	57	6	accounting	accounting	PROPN
ajfa-9610	57	7	issn	issn	PROPN
ajfa-9610	57	8	1946	1946	NUM
ajfa-9610	57	9	-	-	PUNCT
ajfa-9610	57	10	052x	052x	PROPN
ajfa-9610	57	11	2016	2016	NUM
ajfa-9610	57	12	,	,	PUNCT
ajfa-9610	57	13	vol	vol	NOUN
ajfa-9610	57	14	.	.	PROPN
ajfa-9610	57	15	8	8	NUM
ajfa-9610	57	16	,	,	PUNCT
ajfa-9610	57	17	no	no	INTJ
ajfa-9610	57	18	.	.	NOUN
ajfa-9610	57	19	1	1	NUM
ajfa-9610	57	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9610	57	21	233	233	NUM
ajfa-9610	57	22	manipulating	manipulate	VERB
ajfa-9610	57	23	real	real	ADJ
ajfa-9610	57	24	earnings	earning	NOUN
ajfa-9610	57	25	management	management	NOUN
ajfa-9610	57	26	or	or	CCONJ
ajfa-9610	57	27	not	not	PART
ajfa-9610	57	28	.	.	PUNCT
ajfa-9610	58	1	because	because	SCONJ
ajfa-9610	58	2	real	real	ADJ
ajfa-9610	58	3	earnings	earning	NOUN
ajfa-9610	58	4	management	management	NOUN
ajfa-9610	58	5	can	can	AUX
ajfa-9610	58	6	harm	harm	VERB
ajfa-9610	58	7	enterprise	enterprise	NOUN
ajfa-9610	58	8	value	value	NOUN
ajfa-9610	58	9	,	,	PUNCT
ajfa-9610	58	10	this	this	DET
ajfa-9610	58	11	paper	paper	NOUN
ajfa-9610	58	12	finally	finally	ADV
ajfa-9610	58	13	examines	examine	VERB
ajfa-9610	58	14	whether	whether	SCONJ
ajfa-9610	58	15	the	the	DET
ajfa-9610	58	16	operational	operational	ADJ
ajfa-9610	58	17	performances	performance	NOUN
ajfa-9610	58	18	of	of	ADP
ajfa-9610	58	19	firms	firm	NOUN
ajfa-9610	58	20	engaging	engage	VERB
ajfa-9610	58	21	in	in	ADP
ajfa-9610	58	22	real	real	ADJ
ajfa-9610	58	23	earnings	earning	NOUN
ajfa-9610	58	24	management	management	NOUN
ajfa-9610	58	25	that	that	PRON
ajfa-9610	58	26	issue	issue	VERB
ajfa-9610	58	27	bonds	bond	NOUN
ajfa-9610	58	28	or	or	CCONJ
ajfa-9610	58	29	seos	seo	NOUN
ajfa-9610	58	30	deteriorate	deteriorate	VERB
ajfa-9610	58	31	after	after	ADP
ajfa-9610	58	32	financing	financing	NOUN
ajfa-9610	58	33	compared	compare	VERB
ajfa-9610	58	34	to	to	ADP
ajfa-9610	58	35	firms	firm	NOUN
ajfa-9610	58	36	financing	finance	VERB
ajfa-9610	58	37	through	through	ADP
ajfa-9610	58	38	bond	bond	NOUN
ajfa-9610	58	39	issuance	issuance	NOUN
ajfa-9610	58	40	or	or	CCONJ
ajfa-9610	58	41	seos	seo	NOUN
ajfa-9610	58	42	who	who	PRON
ajfa-9610	58	43	have	have	AUX
ajfa-9610	58	44	adopted	adopt	VERB
ajfa-9610	58	45	accrual	accrual	ADJ
ajfa-9610	58	46	based	base	VERB
ajfa-9610	58	47	earnings	earning	NOUN
ajfa-9610	58	48	management	management	NOUN
ajfa-9610	58	49	.	.	PUNCT
ajfa-9610	59	1	this	this	DET
ajfa-9610	59	2	paper	paper	NOUN
ajfa-9610	59	3	extends	extend	VERB
ajfa-9610	59	4	past	past	ADP
ajfa-9610	59	5	studies	study	NOUN
ajfa-9610	59	6	by	by	ADP
ajfa-9610	59	7	considering	consider	VERB
ajfa-9610	59	8	real	real	ADJ
ajfa-9610	59	9	earnings	earning	NOUN
ajfa-9610	59	10	management	management	NOUN
ajfa-9610	59	11	to	to	PART
ajfa-9610	59	12	explore	explore	VERB
ajfa-9610	59	13	whether	whether	SCONJ
ajfa-9610	59	14	stronger	strong	ADJ
ajfa-9610	59	15	corporate	corporate	ADJ
ajfa-9610	59	16	governance	governance	NOUN
ajfa-9610	59	17	can	can	AUX
ajfa-9610	59	18	restrain	restrain	VERB
ajfa-9610	59	19	real	real	ADJ
ajfa-9610	59	20	earnings	earning	NOUN
ajfa-9610	59	21	management	management	NOUN
ajfa-9610	59	22	.	.	PUNCT
ajfa-9610	60	1	two	two	NUM
ajfa-9610	60	2	related	relate	VERB
ajfa-9610	60	3	studies	study	NOUN
ajfa-9610	60	4	by	by	ADP
ajfa-9610	60	5	liu	liu	PROPN
ajfa-9610	60	6	,	,	PUNCT
ajfa-9610	60	7	ning	ning	PROPN
ajfa-9610	60	8	,	,	PUNCT
ajfa-9610	60	9	and	and	CCONJ
ajfa-9610	60	10	davidson	davidson	NOUN
ajfa-9610	60	11	(	(	PUNCT
ajfa-9610	60	12	2010	2010	NUM
ajfa-9610	60	13	)	)	PUNCT
ajfa-9610	60	14	and	and	CCONJ
ajfa-9610	60	15	cohen	cohen	PROPN
ajfa-9610	60	16	and	and	CCONJ
ajfa-9610	60	17	zarowin	zarowin	PROPN
ajfa-9610	60	18	(	(	PUNCT
ajfa-9610	60	19	2010	2010	NUM
ajfa-9610	60	20	)	)	PUNCT
ajfa-9610	60	21	examine	examine	VERB
ajfa-9610	60	22	earnings	earning	NOUN
ajfa-9610	60	23	management	management	NOUN
ajfa-9610	60	24	for	for	ADP
ajfa-9610	60	25	firms	firm	NOUN
ajfa-9610	60	26	issuing	issue	VERB
ajfa-9610	60	27	bonds	bond	NOUN
ajfa-9610	60	28	and	and	CCONJ
ajfa-9610	60	29	offering	offer	VERB
ajfa-9610	60	30	seos	seo	NOUN
ajfa-9610	60	31	,	,	PUNCT
ajfa-9610	60	32	respectively	respectively	ADV
ajfa-9610	60	33	.	.	PUNCT
ajfa-9610	61	1	liu	liu	PROPN
ajfa-9610	61	2	et	et	PROPN
ajfa-9610	61	3	al	al	PROPN
ajfa-9610	61	4	.	.	PROPN
ajfa-9610	61	5	(	(	PUNCT
ajfa-9610	61	6	2010	2010	NUM
ajfa-9610	61	7	)	)	PUNCT
ajfa-9610	61	8	find	find	VERB
ajfa-9610	61	9	significant	significant	ADJ
ajfa-9610	61	10	income	income	NOUN
ajfa-9610	61	11	-	-	PUNCT
ajfa-9610	61	12	increasing	increase	VERB
ajfa-9610	61	13	earnings	earning	NOUN
ajfa-9610	61	14	management	management	NOUN
ajfa-9610	61	15	prior	prior	ADV
ajfa-9610	61	16	to	to	ADP
ajfa-9610	61	17	bond	bond	NOUN
ajfa-9610	61	18	offerings	offering	NOUN
ajfa-9610	61	19	by	by	ADP
ajfa-9610	61	20	using	use	VERB
ajfa-9610	61	21	accrual	accrual	ADJ
ajfa-9610	61	22	-	-	PUNCT
ajfa-9610	61	23	based	base	VERB
ajfa-9610	61	24	accounting	accounting	NOUN
ajfa-9610	61	25	as	as	ADP
ajfa-9610	61	26	a	a	DET
ajfa-9610	61	27	proxy	proxy	ADJ
ajfa-9610	61	28	variable	variable	NOUN
ajfa-9610	61	29	of	of	ADP
ajfa-9610	61	30	earnings	earning	NOUN
ajfa-9610	61	31	management	management	NOUN
ajfa-9610	61	32	.	.	PUNCT
ajfa-9610	62	1	cohen	cohen	PROPN
ajfa-9610	62	2	and	and	CCONJ
ajfa-9610	62	3	zarowin	zarowin	PROPN
ajfa-9610	62	4	(	(	PUNCT
ajfa-9610	62	5	2010	2010	NUM
ajfa-9610	62	6	)	)	PUNCT
ajfa-9610	62	7	examine	examine	VERB
ajfa-9610	62	8	both	both	DET
ajfa-9610	62	9	accrual	accrual	ADJ
ajfa-9610	62	10	-	-	PUNCT
ajfa-9610	62	11	based	base	VERB
ajfa-9610	62	12	and	and	CCONJ
ajfa-9610	62	13	real	real	ADJ
ajfa-9610	62	14	earnings	earning	NOUN
ajfa-9610	62	15	management	management	NOUN
ajfa-9610	62	16	from	from	ADP
ajfa-9610	62	17	seos	seo	NOUN
ajfa-9610	62	18	and	and	CCONJ
ajfa-9610	62	19	find	find	VERB
ajfa-9610	62	20	that	that	SCONJ
ajfa-9610	62	21	real	real	ADJ
ajfa-9610	62	22	activities	activity	NOUN
ajfa-9610	62	23	-	-	PUNCT
ajfa-9610	62	24	based	base	VERB
ajfa-9610	62	25	earnings	earning	NOUN
ajfa-9610	62	26	management	management	NOUN
ajfa-9610	62	27	at	at	ADP
ajfa-9610	62	28	the	the	DET
ajfa-9610	62	29	time	time	NOUN
ajfa-9610	62	30	of	of	ADP
ajfa-9610	62	31	the	the	DET
ajfa-9610	62	32	seo	seo	NOUN
ajfa-9610	62	33	is	be	AUX
ajfa-9610	62	34	strongly	strongly	ADV
ajfa-9610	62	35	associated	associate	VERB
ajfa-9610	62	36	with	with	ADP
ajfa-9610	62	37	the	the	DET
ajfa-9610	62	38	deterioration	deterioration	NOUN
ajfa-9610	62	39	of	of	ADP
ajfa-9610	62	40	the	the	DET
ajfa-9610	62	41	post	post	ADJ
ajfa-9610	62	42	-	-	ADJ
ajfa-9610	62	43	seo	seo	ADJ
ajfa-9610	62	44	operating	operating	NOUN
ajfa-9610	62	45	performance	performance	NOUN
ajfa-9610	62	46	.	.	PUNCT
ajfa-9610	63	1	according	accord	VERB
ajfa-9610	63	2	to	to	ADP
ajfa-9610	63	3	the	the	DET
ajfa-9610	63	4	pecking	pecking	NOUN
ajfa-9610	63	5	order	order	NOUN
ajfa-9610	63	6	theory	theory	NOUN
ajfa-9610	63	7	,	,	PUNCT
ajfa-9610	63	8	internal	internal	ADJ
ajfa-9610	63	9	financing	financing	NOUN
ajfa-9610	63	10	is	be	AUX
ajfa-9610	63	11	the	the	DET
ajfa-9610	63	12	most	most	ADV
ajfa-9610	63	13	preferred	preferred	ADJ
ajfa-9610	63	14	,	,	PUNCT
ajfa-9610	63	15	followed	follow	VERB
ajfa-9610	63	16	by	by	ADP
ajfa-9610	63	17	low	low	ADJ
ajfa-9610	63	18	-	-	PUNCT
ajfa-9610	63	19	risk	risk	NOUN
ajfa-9610	63	20	debt	debt	NOUN
ajfa-9610	63	21	,	,	PUNCT
ajfa-9610	63	22	and	and	CCONJ
ajfa-9610	63	23	equity	equity	NOUN
ajfa-9610	63	24	is	be	AUX
ajfa-9610	63	25	the	the	DET
ajfa-9610	63	26	least	least	ADV
ajfa-9610	63	27	preferred	preferred	ADJ
ajfa-9610	63	28	.	.	PUNCT
ajfa-9610	64	1	this	this	DET
ajfa-9610	64	2	paper	paper	NOUN
ajfa-9610	64	3	is	be	AUX
ajfa-9610	64	4	the	the	DET
ajfa-9610	64	5	first	first	ADJ
ajfa-9610	64	6	to	to	PART
ajfa-9610	64	7	examine	examine	VERB
ajfa-9610	64	8	two	two	NUM
ajfa-9610	64	9	methods	method	NOUN
ajfa-9610	64	10	of	of	ADP
ajfa-9610	64	11	earnings	earning	NOUN
ajfa-9610	64	12	management	management	NOUN
ajfa-9610	64	13	from	from	ADP
ajfa-9610	64	14	two	two	NUM
ajfa-9610	64	15	types	type	NOUN
ajfa-9610	64	16	of	of	ADP
ajfa-9610	64	17	firm	firm	ADJ
ajfa-9610	64	18	financing	financing	NOUN
ajfa-9610	64	19	,	,	PUNCT
ajfa-9610	64	20	i.e.	i.e.	X
ajfa-9610	64	21	,	,	PUNCT
ajfa-9610	64	22	bond	bond	NOUN
ajfa-9610	64	23	issuances	issuance	NOUN
ajfa-9610	64	24	and	and	CCONJ
ajfa-9610	64	25	seos	seo	NOUN
ajfa-9610	64	26	.	.	PUNCT
ajfa-9610	65	1	the	the	DET
ajfa-9610	65	2	contribution	contribution	NOUN
ajfa-9610	65	3	of	of	ADP
ajfa-9610	65	4	the	the	DET
ajfa-9610	65	5	paper	paper	NOUN
ajfa-9610	65	6	is	be	AUX
ajfa-9610	65	7	that	that	SCONJ
ajfa-9610	65	8	the	the	DET
ajfa-9610	65	9	paper	paper	NOUN
ajfa-9610	65	10	expands	expand	VERB
ajfa-9610	65	11	the	the	DET
ajfa-9610	65	12	two	two	NUM
ajfa-9610	65	13	previously	previously	ADV
ajfa-9610	65	14	mentioned	mention	VERB
ajfa-9610	65	15	studies	study	NOUN
ajfa-9610	65	16	by	by	ADP
ajfa-9610	65	17	exploring	explore	VERB
ajfa-9610	65	18	the	the	DET
ajfa-9610	65	19	correlation	correlation	NOUN
ajfa-9610	65	20	between	between	ADP
ajfa-9610	65	21	financing	financing	NOUN
ajfa-9610	65	22	vehicles	vehicle	NOUN
ajfa-9610	65	23	(	(	PUNCT
ajfa-9610	65	24	debt	debt	NOUN
ajfa-9610	65	25	or	or	CCONJ
ajfa-9610	65	26	equity	equity	NOUN
ajfa-9610	65	27	)	)	PUNCT
ajfa-9610	65	28	and	and	CCONJ
ajfa-9610	65	29	earnings	earning	NOUN
ajfa-9610	65	30	management	management	NOUN
ajfa-9610	65	31	methods	method	NOUN
ajfa-9610	65	32	.	.	PUNCT
ajfa-9610	66	1	moreover	moreover	ADV
ajfa-9610	66	2	,	,	PUNCT
ajfa-9610	66	3	we	we	PRON
ajfa-9610	66	4	also	also	ADV
ajfa-9610	66	5	use	use	VERB
ajfa-9610	66	6	the	the	DET
ajfa-9610	66	7	principal	principal	ADJ
ajfa-9610	66	8	components	component	NOUN
ajfa-9610	66	9	analysis	analysis	NOUN
ajfa-9610	66	10	to	to	PART
ajfa-9610	66	11	extract	extract	VERB
ajfa-9610	66	12	the	the	DET
ajfa-9610	66	13	first	first	ADJ
ajfa-9610	66	14	principal	principal	ADJ
ajfa-9610	66	15	component	component	NOUN
ajfa-9610	66	16	as	as	ADP
ajfa-9610	66	17	the	the	DET
ajfa-9610	66	18	corporate	corporate	ADJ
ajfa-9610	66	19	governance	governance	NOUN
ajfa-9610	66	20	index	index	NOUN
ajfa-9610	66	21	.	.	PUNCT
ajfa-9610	67	1	we	we	PRON
ajfa-9610	67	2	also	also	ADV
ajfa-9610	67	3	choose	choose	VERB
ajfa-9610	67	4	several	several	ADJ
ajfa-9610	67	5	special	special	ADJ
ajfa-9610	67	6	corporate	corporate	ADJ
ajfa-9610	67	7	governance	governance	NOUN
ajfa-9610	67	8	variables	variable	NOUN
ajfa-9610	67	9	in	in	ADP
ajfa-9610	67	10	taiwan	taiwan	PROPN
ajfa-9610	67	11	to	to	PART
ajfa-9610	67	12	explore	explore	VERB
ajfa-9610	67	13	whether	whether	SCONJ
ajfa-9610	67	14	these	these	DET
ajfa-9610	67	15	variables	variable	NOUN
ajfa-9610	67	16	can	can	AUX
ajfa-9610	67	17	restrain	restrain	VERB
ajfa-9610	67	18	taiwanese	taiwanese	ADJ
ajfa-9610	67	19	company	company	NOUN
ajfa-9610	67	20	from	from	ADP
ajfa-9610	67	21	manipulating	manipulate	VERB
ajfa-9610	67	22	real	real	ADJ
ajfa-9610	67	23	earnings	earning	NOUN
ajfa-9610	67	24	management	management	NOUN
ajfa-9610	67	25	or	or	CCONJ
ajfa-9610	67	26	not	not	PART
ajfa-9610	67	27	.	.	PUNCT
ajfa-9610	68	1	in	in	ADP
ajfa-9610	68	2	addition	addition	NOUN
ajfa-9610	68	3	,	,	PUNCT
ajfa-9610	68	4	we	we	PRON
ajfa-9610	68	5	consider	consider	VERB
ajfa-9610	68	6	market	market	NOUN
ajfa-9610	68	7	reaction	reaction	NOUN
ajfa-9610	68	8	to	to	PART
ajfa-9610	68	9	examine	examine	VERB
ajfa-9610	68	10	whether	whether	SCONJ
ajfa-9610	68	11	the	the	DET
ajfa-9610	68	12	rational	rational	ADJ
ajfa-9610	68	13	expectations	expectation	NOUN
ajfa-9610	68	14	models	model	NOUN
ajfa-9610	68	15	differs	differ	VERB
ajfa-9610	68	16	with	with	ADP
ajfa-9610	68	17	respect	respect	NOUN
ajfa-9610	68	18	to	to	ADP
ajfa-9610	68	19	equity	equity	NOUN
ajfa-9610	68	20	compared	compare	VERB
ajfa-9610	68	21	with	with	ADP
ajfa-9610	68	22	debt	debt	NOUN
ajfa-9610	68	23	rising	rising	NOUN
ajfa-9610	68	24	.	.	PUNCT
ajfa-9610	69	1	the	the	DET
ajfa-9610	69	2	remainder	remainder	NOUN
ajfa-9610	69	3	of	of	ADP
ajfa-9610	69	4	this	this	DET
ajfa-9610	69	5	paper	paper	NOUN
ajfa-9610	69	6	is	be	AUX
ajfa-9610	69	7	organized	organize	VERB
ajfa-9610	69	8	as	as	SCONJ
ajfa-9610	69	9	follows	follow	VERB
ajfa-9610	69	10	.	.	PUNCT
ajfa-9610	70	1	section	section	NOUN
ajfa-9610	70	2	2	2	NUM
ajfa-9610	70	3	presents	present	VERB
ajfa-9610	70	4	a	a	DET
ajfa-9610	70	5	review	review	NOUN
ajfa-9610	70	6	of	of	ADP
ajfa-9610	70	7	the	the	DET
ajfa-9610	70	8	literature	literature	NOUN
ajfa-9610	70	9	and	and	CCONJ
ajfa-9610	70	10	develops	develop	VERB
ajfa-9610	70	11	the	the	DET
ajfa-9610	70	12	hypotheses	hypothesis	NOUN
ajfa-9610	70	13	.	.	PUNCT
ajfa-9610	71	1	section	section	NOUN
ajfa-9610	71	2	3	3	NUM
ajfa-9610	71	3	explains	explain	VERB
ajfa-9610	71	4	the	the	DET
ajfa-9610	71	5	research	research	NOUN
ajfa-9610	71	6	design	design	NOUN
ajfa-9610	71	7	,	,	PUNCT
ajfa-9610	71	8	research	research	NOUN
ajfa-9610	71	9	periods	period	NOUN
ajfa-9610	71	10	,	,	PUNCT
ajfa-9610	71	11	sampling	sample	VERB
ajfa-9610	71	12	criteria	criterion	NOUN
ajfa-9610	71	13	,	,	PUNCT
ajfa-9610	71	14	and	and	CCONJ
ajfa-9610	71	15	variable	variable	ADJ
ajfa-9610	71	16	definitions	definition	NOUN
ajfa-9610	71	17	;	;	PUNCT
ajfa-9610	71	18	it	it	PRON
ajfa-9610	71	19	also	also	ADV
ajfa-9610	71	20	proposes	propose	VERB
ajfa-9610	71	21	the	the	DET
ajfa-9610	71	22	empirical	empirical	ADJ
ajfa-9610	71	23	model	model	NOUN
ajfa-9610	71	24	.	.	PUNCT
ajfa-9610	72	1	section	section	NOUN
ajfa-9610	72	2	4	4	NUM
ajfa-9610	72	3	summarizes	summarize	VERB
ajfa-9610	72	4	the	the	DET
ajfa-9610	72	5	empirical	empirical	ADJ
ajfa-9610	72	6	findings	finding	NOUN
ajfa-9610	72	7	and	and	CCONJ
ajfa-9610	72	8	analyses	analysis	NOUN
ajfa-9610	72	9	.	.	PUNCT
ajfa-9610	73	1	section	section	NOUN
ajfa-9610	73	2	5	5	NUM
ajfa-9610	73	3	offers	offer	VERB
ajfa-9610	73	4	conclusions	conclusion	NOUN
ajfa-9610	73	5	and	and	CCONJ
ajfa-9610	73	6	suggestions	suggestion	NOUN
ajfa-9610	73	7	.	.	PUNCT
ajfa-9610	74	1	2	2	X
ajfa-9610	74	2	.	.	X
ajfa-9610	74	3	literature	literature	NOUN
ajfa-9610	74	4	review	review	PROPN
ajfa-9610	74	5	and	and	CCONJ
ajfa-9610	74	6	hypotheses	hypothese	VERB
ajfa-9610	74	7	development	development	NOUN
ajfa-9610	74	8	myers	myer	NOUN
ajfa-9610	74	9	and	and	CCONJ
ajfa-9610	74	10	majluf	majluf	PROPN
ajfa-9610	74	11	(	(	PUNCT
ajfa-9610	74	12	1984	1984	NUM
ajfa-9610	74	13	)	)	PUNCT
ajfa-9610	74	14	suggest	suggest	VERB
ajfa-9610	74	15	the	the	DET
ajfa-9610	74	16	pecking	pecking	NOUN
ajfa-9610	74	17	order	order	NOUN
ajfa-9610	74	18	theory	theory	NOUN
ajfa-9610	74	19	based	base	VERB
ajfa-9610	74	20	on	on	ADP
ajfa-9610	74	21	the	the	DET
ajfa-9610	74	22	concept	concept	NOUN
ajfa-9610	74	23	of	of	ADP
ajfa-9610	74	24	information	information	NOUN
ajfa-9610	74	25	asymmetry.4	asymmetry.4	ADP
ajfa-9610	74	26	dye	dye	NOUN
ajfa-9610	74	27	(	(	PUNCT
ajfa-9610	74	28	1988	1988	NUM
ajfa-9610	74	29	)	)	PUNCT
ajfa-9610	74	30	and	and	CCONJ
ajfa-9610	74	31	trueman	trueman	NOUN
ajfa-9610	74	32	and	and	CCONJ
ajfa-9610	74	33	titman	titman	NOUN
ajfa-9610	74	34	(	(	PUNCT
ajfa-9610	74	35	1988	1988	NUM
ajfa-9610	74	36	)	)	PUNCT
ajfa-9610	74	37	posit	posit	VERB
ajfa-9610	74	38	that	that	SCONJ
ajfa-9610	74	39	information	information	NOUN
ajfa-9610	74	40	asymmetry	asymmetry	NOUN
ajfa-9610	74	41	between	between	ADP
ajfa-9610	74	42	managers	manager	NOUN
ajfa-9610	74	43	and	and	CCONJ
ajfa-9610	74	44	shareholders	shareholder	NOUN
ajfa-9610	74	45	results	result	NOUN
ajfa-9610	74	46	in	in	ADP
ajfa-9610	74	47	earnings	earning	NOUN
ajfa-9610	74	48	management	management	NOUN
ajfa-9610	74	49	because	because	SCONJ
ajfa-9610	74	50	it	it	PRON
ajfa-9610	74	51	is	be	AUX
ajfa-9610	74	52	difficult	difficult	ADJ
ajfa-9610	74	53	for	for	SCONJ
ajfa-9610	74	54	shareholders	shareholder	NOUN
ajfa-9610	74	55	to	to	PART
ajfa-9610	74	56	monitor	monitor	VERB
ajfa-9610	74	57	corporate	corporate	ADJ
ajfa-9610	74	58	performance	performance	NOUN
ajfa-9610	74	59	and	and	CCONJ
ajfa-9610	74	60	prospects	prospect	NOUN
ajfa-9610	74	61	,	,	PUNCT
ajfa-9610	74	62	and	and	CCONJ
ajfa-9610	74	63	managers	manager	NOUN
ajfa-9610	74	64	can	can	AUX
ajfa-9610	74	65	use	use	VERB
ajfa-9610	74	66	accounting	accounting	NOUN
ajfa-9610	74	67	flexibility	flexibility	NOUN
ajfa-9610	74	68	to	to	PART
ajfa-9610	74	69	manage	manage	VERB
ajfa-9610	74	70	earnings.5	earnings.5	PROPN
ajfa-9610	74	71	healy	healy	PROPN
ajfa-9610	74	72	and	and	CCONJ
ajfa-9610	74	73	wahlen	wahlen	PROPN
ajfa-9610	74	74	(	(	PUNCT
ajfa-9610	74	75	1999	1999	NUM
ajfa-9610	74	76	)	)	PUNCT
ajfa-9610	74	77	indicate	indicate	VERB
ajfa-9610	74	78	that	that	SCONJ
ajfa-9610	74	79	the	the	DET
ajfa-9610	74	80	4	4	NUM
ajfa-9610	74	81	pecking	pecking	NOUN
ajfa-9610	74	82	order	order	NOUN
ajfa-9610	74	83	theory	theory	NOUN
ajfa-9610	74	84	explains	explain	VERB
ajfa-9610	74	85	that	that	SCONJ
ajfa-9610	74	86	firms	firm	NOUN
ajfa-9610	74	87	with	with	ADP
ajfa-9610	74	88	high	high	ADJ
ajfa-9610	74	89	profitability	profitability	NOUN
ajfa-9610	74	90	have	have	VERB
ajfa-9610	74	91	fewer	few	ADJ
ajfa-9610	74	92	debts	debt	NOUN
ajfa-9610	74	93	because	because	SCONJ
ajfa-9610	74	94	they	they	PRON
ajfa-9610	74	95	are	be	AUX
ajfa-9610	74	96	able	able	ADJ
ajfa-9610	74	97	to	to	PART
ajfa-9610	74	98	apply	apply	VERB
ajfa-9610	74	99	internal	internal	ADJ
ajfa-9610	74	100	funds	fund	NOUN
ajfa-9610	74	101	and	and	CCONJ
ajfa-9610	74	102	do	do	AUX
ajfa-9610	74	103	not	not	PART
ajfa-9610	74	104	depend	depend	VERB
ajfa-9610	74	105	on	on	ADP
ajfa-9610	74	106	external	external	ADJ
ajfa-9610	74	107	financing	financing	NOUN
ajfa-9610	74	108	.	.	PUNCT
ajfa-9610	75	1	thus	thus	ADV
ajfa-9610	75	2	,	,	PUNCT
ajfa-9610	75	3	the	the	DET
ajfa-9610	75	4	debt	debt	NOUN
ajfa-9610	75	5	ratio	ratio	NOUN
ajfa-9610	75	6	is	be	AUX
ajfa-9610	75	7	lower	low	ADJ
ajfa-9610	75	8	;	;	PUNCT
ajfa-9610	75	9	firms	firm	NOUN
ajfa-9610	75	10	with	with	ADP
ajfa-9610	75	11	lower	low	ADJ
ajfa-9610	75	12	profitability	profitability	NOUN
ajfa-9610	75	13	do	do	AUX
ajfa-9610	75	14	not	not	PART
ajfa-9610	75	15	have	have	VERB
ajfa-9610	75	16	sufficient	sufficient	ADJ
ajfa-9610	75	17	internal	internal	ADJ
ajfa-9610	75	18	funds	fund	NOUN
ajfa-9610	75	19	and	and	CCONJ
ajfa-9610	75	20	must	must	AUX
ajfa-9610	75	21	depend	depend	VERB
ajfa-9610	75	22	on	on	ADP
ajfa-9610	75	23	external	external	ADJ
ajfa-9610	75	24	financing	financing	NOUN
ajfa-9610	75	25	.	.	PUNCT
ajfa-9610	76	1	based	base	VERB
ajfa-9610	76	2	on	on	ADP
ajfa-9610	76	3	pecking	pecking	NOUN
ajfa-9610	76	4	order	order	NOUN
ajfa-9610	76	5	theory	theory	NOUN
ajfa-9610	76	6	,	,	PUNCT
ajfa-9610	76	7	external	external	ADJ
ajfa-9610	76	8	financing	financing	NOUN
ajfa-9610	76	9	by	by	ADP
ajfa-9610	76	10	debt	debt	NOUN
ajfa-9610	76	11	is	be	AUX
ajfa-9610	76	12	preferred	prefer	VERB
ajfa-9610	76	13	over	over	ADP
ajfa-9610	76	14	equity	equity	NOUN
ajfa-9610	76	15	financing	financing	NOUN
ajfa-9610	76	16	.	.	PUNCT
ajfa-9610	77	1	5	5	NUM
ajfa-9610	77	2	schipper	schipper	NOUN
ajfa-9610	77	3	(	(	PUNCT
ajfa-9610	77	4	1989	1989	NUM
ajfa-9610	77	5	)	)	PUNCT
ajfa-9610	77	6	focuses	focus	VERB
ajfa-9610	77	7	on	on	ADP
ajfa-9610	77	8	the	the	DET
ajfa-9610	77	9	following	follow	VERB
ajfa-9610	77	10	three	three	NUM
ajfa-9610	77	11	issues	issue	NOUN
ajfa-9610	77	12	:	:	PUNCT
ajfa-9610	77	13	defining	define	VERB
ajfa-9610	77	14	the	the	DET
ajfa-9610	77	15	object	object	NOUN
ajfa-9610	77	16	of	of	ADP
ajfa-9610	77	17	earnings	earning	NOUN
ajfa-9610	77	18	management	management	NOUN
ajfa-9610	77	19	,	,	PUNCT
ajfa-9610	77	20	exploring	explore	VERB
ajfa-9610	77	21	conditions	condition	NOUN
ajfa-9610	77	22	that	that	PRON
ajfa-9610	77	23	give	give	VERB
ajfa-9610	77	24	rise	rise	NOUN
ajfa-9610	77	25	to	to	ADP
ajfa-9610	77	26	earnings	earning	NOUN
ajfa-9610	77	27	management	management	NOUN
ajfa-9610	77	28	,	,	PUNCT
ajfa-9610	77	29	and	and	CCONJ
ajfa-9610	77	30	designing	design	VERB
ajfa-9610	77	31	empirical	empirical	ADJ
ajfa-9610	77	32	tests	test	NOUN
ajfa-9610	77	33	of	of	ADP
ajfa-9610	77	34	earnings	earning	NOUN
ajfa-9610	77	35	management	management	NOUN
ajfa-9610	77	36	.	.	PUNCT
ajfa-9610	78	1	under	under	ADP
ajfa-9610	78	2	an	an	DET
ajfa-9610	78	3	informational	informational	ADJ
ajfa-9610	78	4	perspective	perspective	NOUN
ajfa-9610	78	5	,	,	PUNCT
ajfa-9610	78	6	earnings	earning	NOUN
ajfa-9610	78	7	are	be	AUX
ajfa-9610	78	8	one	one	NUM
ajfa-9610	78	9	of	of	ADP
ajfa-9610	78	10	the	the	DET
ajfa-9610	78	11	signals	signal	NOUN
ajfa-9610	78	12	that	that	PRON
ajfa-9610	78	13	may	may	AUX
ajfa-9610	78	14	be	be	AUX
ajfa-9610	78	15	used	use	VERB
ajfa-9610	78	16	to	to	PART
ajfa-9610	78	17	make	make	VERB
ajfa-9610	78	18	certain	certain	ADJ
ajfa-9610	78	19	decisions	decision	NOUN
ajfa-9610	78	20	and	and	CCONJ
ajfa-9610	78	21	asian	asian	ADJ
ajfa-9610	78	22	journal	journal	NOUN
ajfa-9610	78	23	of	of	ADP
ajfa-9610	78	24	finance	finance	PROPN
ajfa-9610	78	25	&	&	CCONJ
ajfa-9610	78	26	accounting	accounting	PROPN
ajfa-9610	78	27	issn	issn	PROPN
ajfa-9610	78	28	1946	1946	NUM
ajfa-9610	78	29	-	-	PUNCT
ajfa-9610	78	30	052x	052x	PROPN
ajfa-9610	78	31	2016	2016	NUM
ajfa-9610	78	32	,	,	PUNCT
ajfa-9610	78	33	vol	vol	NOUN
ajfa-9610	78	34	.	.	PROPN
ajfa-9610	78	35	8	8	NUM
ajfa-9610	78	36	,	,	PUNCT
ajfa-9610	78	37	no	no	INTJ
ajfa-9610	78	38	.	.	NOUN
ajfa-9610	78	39	1	1	NUM
ajfa-9610	78	40	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9610	78	41	234	234	NUM
ajfa-9610	78	42	motivation	motivation	NOUN
ajfa-9610	78	43	of	of	ADP
ajfa-9610	78	44	managing	manage	VERB
ajfa-9610	78	45	earnings	earning	NOUN
ajfa-9610	78	46	is	be	AUX
ajfa-9610	78	47	to	to	PART
ajfa-9610	78	48	affect	affect	VERB
ajfa-9610	78	49	the	the	DET
ajfa-9610	78	50	stock	stock	NOUN
ajfa-9610	78	51	price	price	NOUN
ajfa-9610	78	52	for	for	ADP
ajfa-9610	78	53	specific	specific	ADJ
ajfa-9610	78	54	purposes	purpose	NOUN
ajfa-9610	78	55	,	,	PUNCT
ajfa-9610	78	56	particularly	particularly	ADV
ajfa-9610	78	57	for	for	ADP
ajfa-9610	78	58	initial	initial	ADJ
ajfa-9610	78	59	public	public	ADJ
ajfa-9610	78	60	offerings	offering	NOUN
ajfa-9610	78	61	and	and	CCONJ
ajfa-9610	78	62	seasoned	seasoned	ADJ
ajfa-9610	78	63	equity	equity	NOUN
ajfa-9610	78	64	offerings	offering	NOUN
ajfa-9610	78	65	.	.	PUNCT
ajfa-9610	79	1	richardson	richardson	PROPN
ajfa-9610	79	2	(	(	PUNCT
ajfa-9610	79	3	2000	2000	NUM
ajfa-9610	79	4	)	)	PUNCT
ajfa-9610	79	5	finds	find	VERB
ajfa-9610	79	6	that	that	SCONJ
ajfa-9610	79	7	information	information	NOUN
ajfa-9610	79	8	asymmetry	asymmetry	NOUN
ajfa-9610	79	9	(	(	PUNCT
ajfa-9610	79	10	measured	measure	VERB
ajfa-9610	79	11	by	by	ADP
ajfa-9610	79	12	bid	bid	NOUN
ajfa-9610	79	13	-	-	PUNCT
ajfa-9610	79	14	ask	ask	VERB
ajfa-9610	79	15	spreads	spread	NOUN
ajfa-9610	79	16	and	and	CCONJ
ajfa-9610	79	17	analyst	analyst	NOUN
ajfa-9610	79	18	forecast	forecast	NOUN
ajfa-9610	79	19	dispersion	dispersion	NOUN
ajfa-9610	79	20	)	)	PUNCT
ajfa-9610	79	21	is	be	AUX
ajfa-9610	79	22	positively	positively	ADV
ajfa-9610	79	23	related	relate	VERB
ajfa-9610	79	24	to	to	ADP
ajfa-9610	79	25	earnings	earning	NOUN
ajfa-9610	79	26	management	management	NOUN
ajfa-9610	79	27	.	.	PUNCT
ajfa-9610	80	1	the	the	DET
ajfa-9610	80	2	methods	method	NOUN
ajfa-9610	80	3	of	of	ADP
ajfa-9610	80	4	earnings	earning	NOUN
ajfa-9610	80	5	management	management	NOUN
ajfa-9610	80	6	are	be	AUX
ajfa-9610	80	7	typically	typically	ADV
ajfa-9610	80	8	either	either	CCONJ
ajfa-9610	80	9	actual	actual	ADJ
ajfa-9610	80	10	earnings	earning	NOUN
ajfa-9610	80	11	management	management	NOUN
ajfa-9610	80	12	(	(	PUNCT
ajfa-9610	80	13	real	real	ADJ
ajfa-9610	80	14	)	)	PUNCT
ajfa-9610	80	15	or	or	CCONJ
ajfa-9610	80	16	artificial	artificial	ADJ
ajfa-9610	80	17	earnings	earning	NOUN
ajfa-9610	80	18	management	management	NOUN
ajfa-9610	80	19	(	(	PUNCT
ajfa-9610	80	20	accrual	accrual	ADJ
ajfa-9610	80	21	-	-	PUNCT
ajfa-9610	80	22	based).6	based).6	ADJ
ajfa-9610	80	23	real	real	ADJ
ajfa-9610	80	24	earnings	earning	NOUN
ajfa-9610	80	25	management	management	NOUN
ajfa-9610	80	26	is	be	AUX
ajfa-9610	80	27	typically	typically	ADV
ajfa-9610	80	28	defined	define	VERB
ajfa-9610	80	29	as	as	ADP
ajfa-9610	80	30	management	management	NOUN
ajfa-9610	80	31	actions	action	NOUN
ajfa-9610	80	32	that	that	PRON
ajfa-9610	80	33	deviate	deviate	VERB
ajfa-9610	80	34	from	from	ADP
ajfa-9610	80	35	actual	actual	ADJ
ajfa-9610	80	36	operating	operating	NOUN
ajfa-9610	80	37	activities	activity	NOUN
ajfa-9610	80	38	with	with	ADP
ajfa-9610	80	39	the	the	DET
ajfa-9610	80	40	purpose	purpose	NOUN
ajfa-9610	80	41	of	of	ADP
ajfa-9610	80	42	meeting	meet	VERB
ajfa-9610	80	43	earnings	earning	NOUN
ajfa-9610	80	44	thresholds	threshold	NOUN
ajfa-9610	80	45	.	.	PUNCT
ajfa-9610	81	1	compared	compare	VERB
ajfa-9610	81	2	to	to	ADP
ajfa-9610	81	3	accrual	accrual	ADJ
ajfa-9610	81	4	-	-	PUNCT
ajfa-9610	81	5	based	base	VERB
ajfa-9610	81	6	earnings	earning	NOUN
ajfa-9610	81	7	management	management	NOUN
ajfa-9610	81	8	,	,	PUNCT
ajfa-9610	81	9	real	real	ADJ
ajfa-9610	81	10	earnings	earning	NOUN
ajfa-9610	81	11	management	management	NOUN
ajfa-9610	81	12	does	do	AUX
ajfa-9610	81	13	affect	affect	VERB
ajfa-9610	81	14	cash	cash	NOUN
ajfa-9610	81	15	flow	flow	NOUN
ajfa-9610	81	16	.	.	PUNCT
ajfa-9610	82	1	roychowdhury	roychowdhury	NOUN
ajfa-9610	82	2	(	(	PUNCT
ajfa-9610	82	3	2006	2006	NUM
ajfa-9610	82	4	)	)	PUNCT
ajfa-9610	82	5	suggests	suggest	VERB
ajfa-9610	82	6	that	that	SCONJ
ajfa-9610	82	7	real	real	ADJ
ajfa-9610	82	8	earnings	earning	NOUN
ajfa-9610	82	9	management	management	NOUN
ajfa-9610	82	10	impairs	impair	VERB
ajfa-9610	82	11	corporate	corporate	ADJ
ajfa-9610	82	12	value	value	NOUN
ajfa-9610	82	13	.	.	PUNCT
ajfa-9610	83	1	the	the	DET
ajfa-9610	83	2	activity	activity	NOUN
ajfa-9610	83	3	in	in	ADP
ajfa-9610	83	4	the	the	DET
ajfa-9610	83	5	current	current	ADJ
ajfa-9610	83	6	period	period	NOUN
ajfa-9610	83	7	may	may	AUX
ajfa-9610	83	8	increase	increase	VERB
ajfa-9610	83	9	current	current	ADJ
ajfa-9610	83	10	earnings	earning	NOUN
ajfa-9610	83	11	but	but	CCONJ
ajfa-9610	83	12	will	will	AUX
ajfa-9610	83	13	reduce	reduce	VERB
ajfa-9610	83	14	cash	cash	NOUN
ajfa-9610	83	15	flow	flow	NOUN
ajfa-9610	83	16	in	in	ADP
ajfa-9610	83	17	the	the	DET
ajfa-9610	83	18	future	future	ADJ
ajfa-9610	83	19	period	period	NOUN
ajfa-9610	83	20	.	.	PUNCT
ajfa-9610	84	1	for	for	ADP
ajfa-9610	84	2	example	example	NOUN
ajfa-9610	84	3	,	,	PUNCT
ajfa-9610	84	4	increasing	increase	VERB
ajfa-9610	84	5	a	a	DET
ajfa-9610	84	6	price	price	NOUN
ajfa-9610	84	7	discount	discount	NOUN
ajfa-9610	84	8	can	can	AUX
ajfa-9610	84	9	increase	increase	VERB
ajfa-9610	84	10	sales	sale	NOUN
ajfa-9610	84	11	volume	volume	NOUN
ajfa-9610	84	12	to	to	PART
ajfa-9610	84	13	meet	meet	VERB
ajfa-9610	84	14	short	short	ADJ
ajfa-9610	84	15	-	-	PUNCT
ajfa-9610	84	16	term	term	NOUN
ajfa-9610	84	17	earnings	earning	NOUN
ajfa-9610	84	18	targets	target	NOUN
ajfa-9610	84	19	;	;	PUNCT
ajfa-9610	84	20	however	however	ADV
ajfa-9610	84	21	,	,	PUNCT
ajfa-9610	84	22	customers	customer	NOUN
ajfa-9610	84	23	may	may	AUX
ajfa-9610	84	24	anticipate	anticipate	VERB
ajfa-9610	84	25	the	the	DET
ajfa-9610	84	26	same	same	ADJ
ajfa-9610	84	27	discount	discount	NOUN
ajfa-9610	84	28	in	in	ADP
ajfa-9610	84	29	the	the	DET
ajfa-9610	84	30	future	future	NOUN
ajfa-9610	84	31	and	and	CCONJ
ajfa-9610	84	32	the	the	DET
ajfa-9610	84	33	future	future	ADJ
ajfa-9610	84	34	gross	gross	ADJ
ajfa-9610	84	35	profit	profit	NOUN
ajfa-9610	84	36	of	of	ADP
ajfa-9610	84	37	the	the	DET
ajfa-9610	84	38	company	company	NOUN
ajfa-9610	84	39	will	will	AUX
ajfa-9610	84	40	most	most	ADV
ajfa-9610	84	41	likely	likely	ADJ
ajfa-9610	84	42	decrease	decrease	NOUN
ajfa-9610	84	43	.	.	PUNCT
ajfa-9610	85	1	therefore	therefore	ADV
ajfa-9610	85	2	,	,	PUNCT
ajfa-9610	85	3	real	real	ADJ
ajfa-9610	85	4	earnings	earning	NOUN
ajfa-9610	85	5	management	management	NOUN
ajfa-9610	85	6	affects	affect	VERB
ajfa-9610	85	7	earnings	earning	NOUN
ajfa-9610	85	8	through	through	ADP
ajfa-9610	85	9	real	real	ADJ
ajfa-9610	85	10	economic	economic	ADJ
ajfa-9610	85	11	action	action	NOUN
ajfa-9610	85	12	,	,	PUNCT
ajfa-9610	85	13	the	the	DET
ajfa-9610	85	14	timing	timing	NOUN
ajfa-9610	85	15	of	of	ADP
ajfa-9610	85	16	expenditures	expenditure	NOUN
ajfa-9610	85	17	that	that	PRON
ajfa-9610	85	18	are	be	AUX
ajfa-9610	85	19	subject	subject	ADJ
ajfa-9610	85	20	to	to	ADP
ajfa-9610	85	21	managerial	managerial	ADJ
ajfa-9610	85	22	discretion	discretion	NOUN
ajfa-9610	85	23	,	,	PUNCT
ajfa-9610	85	24	and	and	CCONJ
ajfa-9610	85	25	the	the	DET
ajfa-9610	85	26	use	use	NOUN
ajfa-9610	85	27	of	of	ADP
ajfa-9610	85	28	working	work	VERB
ajfa-9610	85	29	capital	capital	NOUN
ajfa-9610	85	30	management	management	NOUN
ajfa-9610	85	31	to	to	PART
ajfa-9610	85	32	affect	affect	VERB
ajfa-9610	85	33	earnings	earning	NOUN
ajfa-9610	85	34	.	.	PUNCT
ajfa-9610	86	1	this	this	DET
ajfa-9610	86	2	method	method	NOUN
ajfa-9610	86	3	will	will	AUX
ajfa-9610	86	4	affect	affect	VERB
ajfa-9610	86	5	real	real	ADJ
ajfa-9610	86	6	performance	performance	NOUN
ajfa-9610	86	7	and	and	CCONJ
ajfa-9610	86	8	will	will	AUX
ajfa-9610	86	9	have	have	VERB
ajfa-9610	86	10	economic	economic	ADJ
ajfa-9610	86	11	consequences.7	consequences.7	NOUN
ajfa-9610	86	12	accrual	accrual	ADJ
ajfa-9610	86	13	-	-	PUNCT
ajfa-9610	86	14	based	base	VERB
ajfa-9610	86	15	earnings	earning	NOUN
ajfa-9610	86	16	management	management	NOUN
ajfa-9610	86	17	refers	refer	VERB
ajfa-9610	86	18	to	to	ADP
ajfa-9610	86	19	earnings	earning	NOUN
ajfa-9610	86	20	that	that	PRON
ajfa-9610	86	21	are	be	AUX
ajfa-9610	86	22	manipulated	manipulate	VERB
ajfa-9610	86	23	through	through	ADP
ajfa-9610	86	24	accounting	accounting	NOUN
ajfa-9610	86	25	flexibility	flexibility	NOUN
ajfa-9610	86	26	during	during	ADP
ajfa-9610	86	27	the	the	DET
ajfa-9610	86	28	financial	financial	ADJ
ajfa-9610	86	29	reporting	reporting	NOUN
ajfa-9610	86	30	process	process	NOUN
ajfa-9610	86	31	,	,	PUNCT
ajfa-9610	86	32	such	such	ADJ
ajfa-9610	86	33	as	as	ADP
ajfa-9610	86	34	accounting	accounting	NOUN
ajfa-9610	86	35	estimates	estimate	NOUN
ajfa-9610	86	36	or	or	CCONJ
ajfa-9610	86	37	the	the	DET
ajfa-9610	86	38	choice	choice	NOUN
ajfa-9610	86	39	of	of	ADP
ajfa-9610	86	40	accounting	accounting	NOUN
ajfa-9610	86	41	methods	method	NOUN
ajfa-9610	86	42	.	.	PUNCT
ajfa-9610	87	1	this	this	DET
ajfa-9610	87	2	method	method	NOUN
ajfa-9610	87	3	will	will	AUX
ajfa-9610	87	4	affect	affect	VERB
ajfa-9610	87	5	accounting	accounting	NOUN
ajfa-9610	87	6	earnings	earning	NOUN
ajfa-9610	87	7	but	but	CCONJ
ajfa-9610	87	8	will	will	AUX
ajfa-9610	87	9	not	not	PART
ajfa-9610	87	10	affect	affect	VERB
ajfa-9610	87	11	economic	economic	ADJ
ajfa-9610	87	12	consequences	consequence	NOUN
ajfa-9610	87	13	.	.	PUNCT
ajfa-9610	88	1	graham	graham	PROPN
ajfa-9610	88	2	,	,	PUNCT
ajfa-9610	88	3	harvey	harvey	PROPN
ajfa-9610	88	4	,	,	PUNCT
ajfa-9610	88	5	and	and	CCONJ
ajfa-9610	88	6	rajgopal	rajgopal	NOUN
ajfa-9610	88	7	(	(	PUNCT
ajfa-9610	88	8	2005	2005	NUM
ajfa-9610	88	9	)	)	PUNCT
ajfa-9610	88	10	suggest	suggest	VERB
ajfa-9610	88	11	that	that	SCONJ
ajfa-9610	88	12	real	real	ADJ
ajfa-9610	88	13	and	and	CCONJ
ajfa-9610	88	14	accrual	accrual	ADJ
ajfa-9610	88	15	-	-	PUNCT
ajfa-9610	88	16	based	base	VERB
ajfa-9610	88	17	earnings	earning	NOUN
ajfa-9610	88	18	management	management	NOUN
ajfa-9610	88	19	are	be	AUX
ajfa-9610	88	20	different	different	ADJ
ajfa-9610	88	21	because	because	SCONJ
ajfa-9610	88	22	real	real	ADJ
ajfa-9610	88	23	earnings	earning	NOUN
ajfa-9610	88	24	management	management	NOUN
ajfa-9610	88	25	directly	directly	ADV
ajfa-9610	88	26	affects	affect	VERB
ajfa-9610	88	27	cash	cash	NOUN
ajfa-9610	88	28	flow	flow	NOUN
ajfa-9610	88	29	and	and	CCONJ
ajfa-9610	88	30	is	be	AUX
ajfa-9610	88	31	not	not	PART
ajfa-9610	88	32	easily	easily	ADV
ajfa-9610	88	33	detected	detect	VERB
ajfa-9610	88	34	by	by	ADP
ajfa-9610	88	35	auditors	auditor	NOUN
ajfa-9610	88	36	and	and	CCONJ
ajfa-9610	88	37	regulators	regulator	NOUN
ajfa-9610	88	38	.	.	PUNCT
ajfa-9610	89	1	managers	manager	NOUN
ajfa-9610	89	2	can	can	AUX
ajfa-9610	89	3	achieve	achieve	VERB
ajfa-9610	89	4	earnings	earning	NOUN
ajfa-9610	89	5	target	target	NOUN
ajfa-9610	89	6	through	through	ADP
ajfa-9610	89	7	different	different	ADJ
ajfa-9610	89	8	earnings	earning	NOUN
ajfa-9610	89	9	management	management	NOUN
ajfa-9610	89	10	methods	method	NOUN
ajfa-9610	89	11	.	.	PUNCT
ajfa-9610	90	1	do	do	VERB
ajfa-9610	90	2	different	different	ADJ
ajfa-9610	90	3	earnings	earning	NOUN
ajfa-9610	90	4	management	management	NOUN
ajfa-9610	90	5	methods	method	NOUN
ajfa-9610	90	6	act	act	VERB
ajfa-9610	90	7	as	as	ADP
ajfa-9610	90	8	substitutes	substitute	NOUN
ajfa-9610	90	9	or	or	CCONJ
ajfa-9610	90	10	complements	complement	NOUN
ajfa-9610	90	11	?	?	PUNCT
ajfa-9610	91	1	zang	zang	PROPN
ajfa-9610	91	2	(	(	PUNCT
ajfa-9610	91	3	2012	2012	NUM
ajfa-9610	91	4	)	)	PUNCT
ajfa-9610	91	5	conducts	conduct	VERB
ajfa-9610	91	6	a	a	DET
ajfa-9610	91	7	cost	cost	NOUN
ajfa-9610	91	8	analysis	analysis	NOUN
ajfa-9610	91	9	to	to	PART
ajfa-9610	91	10	test	test	VERB
ajfa-9610	91	11	the	the	DET
ajfa-9610	91	12	trade	trade	NOUN
ajfa-9610	91	13	-	-	PUNCT
ajfa-9610	91	14	off	off	NOUN
ajfa-9610	91	15	between	between	ADP
ajfa-9610	91	16	accrual	accrual	ADJ
ajfa-9610	91	17	-	-	PUNCT
ajfa-9610	91	18	based	base	VERB
ajfa-9610	91	19	and	and	CCONJ
ajfa-9610	91	20	real	real	ADJ
ajfa-9610	91	21	earnings	earning	NOUN
ajfa-9610	91	22	management	management	NOUN
ajfa-9610	91	23	and	and	CCONJ
ajfa-9610	91	24	finds	find	VERB
ajfa-9610	91	25	that	that	SCONJ
ajfa-9610	91	26	real	real	ADJ
ajfa-9610	91	27	earnings	earning	NOUN
ajfa-9610	91	28	management	management	NOUN
ajfa-9610	91	29	is	be	AUX
ajfa-9610	91	30	positively	positively	ADV
ajfa-9610	91	31	correlated	correlate	VERB
ajfa-9610	91	32	with	with	ADP
ajfa-9610	91	33	the	the	DET
ajfa-9610	91	34	cost	cost	NOUN
ajfa-9610	91	35	of	of	ADP
ajfa-9610	91	36	accrual	accrual	ADJ
ajfa-9610	91	37	-	-	PUNCT
ajfa-9610	91	38	based	base	VERB
ajfa-9610	91	39	earnings	earning	NOUN
ajfa-9610	91	40	management	management	NOUN
ajfa-9610	91	41	–	–	PUNCT
ajfa-9610	91	42	managers	manager	NOUN
ajfa-9610	91	43	treat	treat	VERB
ajfa-9610	91	44	the	the	DET
ajfa-9610	91	45	two	two	NUM
ajfa-9610	91	46	as	as	ADP
ajfa-9610	91	47	substitutes	substitute	NOUN
ajfa-9610	91	48	.	.	PUNCT
ajfa-9610	92	1	myers	myer	NOUN
ajfa-9610	92	2	and	and	CCONJ
ajfa-9610	92	3	majluf	majluf	PROPN
ajfa-9610	92	4	(	(	PUNCT
ajfa-9610	92	5	1984	1984	NUM
ajfa-9610	92	6	)	)	PUNCT
ajfa-9610	92	7	propose	propose	VERB
ajfa-9610	92	8	the	the	DET
ajfa-9610	92	9	pecking	pecking	NOUN
ajfa-9610	92	10	order	order	NOUN
ajfa-9610	92	11	theory	theory	NOUN
ajfa-9610	92	12	,	,	PUNCT
ajfa-9610	92	13	which	which	PRON
ajfa-9610	92	14	creates	create	VERB
ajfa-9610	92	15	a	a	DET
ajfa-9610	92	16	preference	preference	NOUN
ajfa-9610	92	17	ranking	rank	VERB
ajfa-9610	92	18	over	over	ADP
ajfa-9610	92	19	financing	financing	NOUN
ajfa-9610	92	20	sources	source	NOUN
ajfa-9610	92	21	,	,	PUNCT
ajfa-9610	92	22	beginning	begin	VERB
ajfa-9610	92	23	with	with	ADP
ajfa-9610	92	24	internal	internal	ADJ
ajfa-9610	92	25	funds	fund	NOUN
ajfa-9610	92	26	,	,	PUNCT
ajfa-9610	92	27	followed	follow	VERB
ajfa-9610	92	28	by	by	ADP
ajfa-9610	92	29	debt	debt	NOUN
ajfa-9610	92	30	,	,	PUNCT
ajfa-9610	92	31	and	and	CCONJ
ajfa-9610	92	32	then	then	ADV
ajfa-9610	92	33	equity	equity	PROPN
ajfa-9610	92	34	.	.	PUNCT
ajfa-9610	93	1	myers	myers	PROPN
ajfa-9610	93	2	(	(	PUNCT
ajfa-9610	93	3	1984	1984	NUM
ajfa-9610	93	4	)	)	PUNCT
ajfa-9610	93	5	argues	argue	VERB
ajfa-9610	93	6	that	that	SCONJ
ajfa-9610	93	7	a	a	DET
ajfa-9610	93	8	firm	firm	NOUN
ajfa-9610	93	9	follows	follow	VERB
ajfa-9610	93	10	the	the	DET
ajfa-9610	93	11	trade	trade	NOUN
ajfa-9610	93	12	-	-	PUNCT
ajfa-9610	93	13	off	off	ADP
ajfa-9610	93	14	theory	theory	NOUN
ajfa-9610	93	15	to	to	PART
ajfa-9610	93	16	set	set	VERB
ajfa-9610	93	17	a	a	DET
ajfa-9610	93	18	target	target	NOUN
ajfa-9610	93	19	debt	debt	NOUN
ajfa-9610	93	20	-	-	PUNCT
ajfa-9610	93	21	to	to	ADP
ajfa-9610	93	22	-	-	PUNCT
ajfa-9610	93	23	value	value	NOUN
ajfa-9610	93	24	ratio	ratio	NOUN
ajfa-9610	93	25	and	and	CCONJ
ajfa-9610	93	26	then	then	ADV
ajfa-9610	93	27	gradually	gradually	ADV
ajfa-9610	93	28	moves	move	VERB
ajfa-9610	93	29	towards	towards	ADP
ajfa-9610	93	30	the	the	DET
ajfa-9610	93	31	target	target	NOUN
ajfa-9610	93	32	.	.	PUNCT
ajfa-9610	94	1	the	the	DET
ajfa-9610	94	2	target	target	NOUN
ajfa-9610	94	3	is	be	AUX
ajfa-9610	94	4	determined	determine	VERB
ajfa-9610	94	5	by	by	ADP
ajfa-9610	94	6	balancing	balance	VERB
ajfa-9610	94	7	debt	debt	NOUN
ajfa-9610	94	8	tax	tax	NOUN
ajfa-9610	94	9	shields	shield	NOUN
ajfa-9610	94	10	against	against	ADP
ajfa-9610	94	11	the	the	DET
ajfa-9610	94	12	costs	cost	NOUN
ajfa-9610	94	13	of	of	ADP
ajfa-9610	94	14	bankruptcy	bankruptcy	NOUN
ajfa-9610	94	15	.	.	PUNCT
ajfa-9610	95	1	market	market	NOUN
ajfa-9610	95	2	timing	timing	NOUN
ajfa-9610	95	3	also	also	ADV
ajfa-9610	95	4	influences	influence	VERB
ajfa-9610	95	5	the	the	DET
ajfa-9610	95	6	financing	financing	NOUN
ajfa-9610	95	7	policy	policy	NOUN
ajfa-9610	95	8	.	.	PUNCT
ajfa-9610	96	1	managers	manager	NOUN
ajfa-9610	96	2	attempt	attempt	VERB
ajfa-9610	96	3	to	to	PART
ajfa-9610	96	4	sell	sell	VERB
ajfa-9610	96	5	highly	highly	ADV
ajfa-9610	96	6	priced	price	VERB
ajfa-9610	96	7	shares	share	NOUN
ajfa-9610	96	8	when	when	SCONJ
ajfa-9610	96	9	stock	stock	NOUN
ajfa-9610	96	10	market	market	NOUN
ajfa-9610	96	11	conditions	condition	NOUN
ajfa-9610	96	12	are	be	AUX
ajfa-9610	96	13	favorable	favorable	ADJ
ajfa-9610	96	14	.	.	PUNCT
ajfa-9610	97	1	different	different	ADJ
ajfa-9610	97	2	incentives	incentive	NOUN
ajfa-9610	97	3	and	and	CCONJ
ajfa-9610	97	4	characteristics	characteristic	NOUN
ajfa-9610	97	5	cause	cause	VERB
ajfa-9610	97	6	various	various	ADJ
ajfa-9610	97	7	financing	financing	NOUN
ajfa-9610	97	8	decisions	decision	NOUN
ajfa-9610	97	9	.	.	PUNCT
ajfa-9610	98	1	judgments	judgment	NOUN
ajfa-9610	98	2	,	,	PUNCT
ajfa-9610	98	3	such	such	ADJ
ajfa-9610	98	4	as	as	ADP
ajfa-9610	98	5	valuing	value	VERB
ajfa-9610	98	6	securities	security	NOUN
ajfa-9610	98	7	.	.	PUNCT
ajfa-9610	99	1	the	the	DET
ajfa-9610	99	2	informational	informational	ADJ
ajfa-9610	99	3	perspective	perspective	NOUN
ajfa-9610	99	4	on	on	ADP
ajfa-9610	99	5	earnings	earning	NOUN
ajfa-9610	99	6	management	management	NOUN
ajfa-9610	99	7	assumes	assume	VERB
ajfa-9610	99	8	that	that	SCONJ
ajfa-9610	99	9	managers	manager	NOUN
ajfa-9610	99	10	have	have	VERB
ajfa-9610	99	11	private	private	ADJ
ajfa-9610	99	12	information	information	NOUN
ajfa-9610	99	13	that	that	SCONJ
ajfa-9610	99	14	they	they	PRON
ajfa-9610	99	15	can	can	AUX
ajfa-9610	99	16	use	use	VERB
ajfa-9610	99	17	in	in	ADP
ajfa-9610	99	18	making	make	VERB
ajfa-9610	99	19	decisions	decision	NOUN
ajfa-9610	99	20	.	.	PUNCT
ajfa-9610	100	1	6	6	NUM
ajfa-9610	100	2	mcvay	mcvay	NOUN
ajfa-9610	100	3	(	(	PUNCT
ajfa-9610	100	4	2006	2006	NUM
ajfa-9610	100	5	)	)	PUNCT
ajfa-9610	100	6	suggests	suggest	VERB
ajfa-9610	100	7	another	another	DET
ajfa-9610	100	8	method	method	NOUN
ajfa-9610	100	9	of	of	ADP
ajfa-9610	100	10	earnings	earning	NOUN
ajfa-9610	100	11	management	management	NOUN
ajfa-9610	100	12	in	in	ADP
ajfa-9610	100	13	which	which	PRON
ajfa-9610	100	14	current	current	ADJ
ajfa-9610	100	15	-	-	PUNCT
ajfa-9610	100	16	period	period	NOUN
ajfa-9610	100	17	operating	operating	NOUN
ajfa-9610	100	18	expenses	expense	NOUN
ajfa-9610	100	19	in	in	ADP
ajfa-9610	100	20	the	the	DET
ajfa-9610	100	21	income	income	NOUN
ajfa-9610	100	22	statement	statement	NOUN
ajfa-9610	100	23	are	be	AUX
ajfa-9610	100	24	misclassified	misclassifie	VERB
ajfa-9610	100	25	as	as	ADP
ajfa-9610	100	26	special	special	ADJ
ajfa-9610	100	27	items	item	NOUN
ajfa-9610	100	28	.	.	PUNCT
ajfa-9610	101	1	the	the	DET
ajfa-9610	101	2	findings	finding	NOUN
ajfa-9610	101	3	show	show	VERB
ajfa-9610	101	4	that	that	SCONJ
ajfa-9610	101	5	this	this	DET
ajfa-9610	101	6	method	method	NOUN
ajfa-9610	101	7	will	will	AUX
ajfa-9610	101	8	not	not	PART
ajfa-9610	101	9	affect	affect	VERB
ajfa-9610	101	10	net	net	ADJ
ajfa-9610	101	11	income	income	NOUN
ajfa-9610	101	12	;	;	PUNCT
ajfa-9610	101	13	thus	thus	ADV
ajfa-9610	101	14	,	,	PUNCT
ajfa-9610	101	15	it	it	PRON
ajfa-9610	101	16	is	be	AUX
ajfa-9610	101	17	not	not	PART
ajfa-9610	101	18	detected	detect	VERB
ajfa-9610	101	19	by	by	ADP
ajfa-9610	101	20	auditors	auditor	NOUN
ajfa-9610	101	21	or	or	CCONJ
ajfa-9610	101	22	regulatory	regulatory	ADJ
ajfa-9610	101	23	agencies	agency	NOUN
ajfa-9610	101	24	.	.	PUNCT
ajfa-9610	102	1	barua	barua	PROPN
ajfa-9610	102	2	,	,	PUNCT
ajfa-9610	102	3	lin	lin	PROPN
ajfa-9610	102	4	,	,	PUNCT
ajfa-9610	102	5	and	and	CCONJ
ajfa-9610	102	6	sbaraglia	sbaraglia	PROPN
ajfa-9610	102	7	(	(	PUNCT
ajfa-9610	102	8	2010	2010	NUM
ajfa-9610	102	9	)	)	PUNCT
ajfa-9610	102	10	study	study	VERB
ajfa-9610	102	11	whether	whether	SCONJ
ajfa-9610	102	12	management	management	NOUN
ajfa-9610	102	13	uses	use	VERB
ajfa-9610	102	14	classification	classification	NOUN
ajfa-9610	102	15	shifting	shift	VERB
ajfa-9610	102	16	to	to	ADP
ajfa-9610	102	17	manipulating	manipulate	VERB
ajfa-9610	102	18	earnings	earning	NOUN
ajfa-9610	102	19	when	when	SCONJ
ajfa-9610	102	20	reporting	report	VERB
ajfa-9610	102	21	discontinued	discontinue	VERB
ajfa-9610	102	22	operations	operation	NOUN
ajfa-9610	102	23	and	and	CCONJ
ajfa-9610	102	24	find	find	VERB
ajfa-9610	102	25	that	that	SCONJ
ajfa-9610	102	26	companies	company	NOUN
ajfa-9610	102	27	will	will	AUX
ajfa-9610	102	28	shift	shift	VERB
ajfa-9610	102	29	operating	operating	NOUN
ajfa-9610	102	30	expenses	expense	NOUN
ajfa-9610	102	31	to	to	ADP
ajfa-9610	102	32	discontinued	discontinue	VERB
ajfa-9610	102	33	departments	department	NOUN
ajfa-9610	102	34	to	to	PART
ajfa-9610	102	35	reduce	reduce	VERB
ajfa-9610	102	36	the	the	DET
ajfa-9610	102	37	net	net	ADJ
ajfa-9610	102	38	income	income	NOUN
ajfa-9610	102	39	of	of	ADP
ajfa-9610	102	40	discontinued	discontinue	VERB
ajfa-9610	102	41	departments	department	NOUN
ajfa-9610	102	42	and	and	CCONJ
ajfa-9610	102	43	to	to	PART
ajfa-9610	102	44	increase	increase	VERB
ajfa-9610	102	45	the	the	DET
ajfa-9610	102	46	core	core	ADJ
ajfa-9610	102	47	earnings	earning	NOUN
ajfa-9610	102	48	of	of	ADP
ajfa-9610	102	49	operating	operating	NOUN
ajfa-9610	102	50	departments	department	NOUN
ajfa-9610	102	51	.	.	PUNCT
ajfa-9610	103	1	above	above	ADP
ajfa-9610	103	2	earnings	earning	NOUN
ajfa-9610	103	3	management	management	NOUN
ajfa-9610	103	4	methods	method	NOUN
ajfa-9610	103	5	are	be	AUX
ajfa-9610	103	6	not	not	PART
ajfa-9610	103	7	discussed	discuss	VERB
ajfa-9610	103	8	in	in	ADP
ajfa-9610	103	9	this	this	DET
ajfa-9610	103	10	paper	paper	NOUN
ajfa-9610	103	11	.	.	PUNCT
ajfa-9610	104	1	7	7	NUM
ajfa-9610	104	2	previous	previous	ADJ
ajfa-9610	104	3	studies	study	NOUN
ajfa-9610	104	4	indicate	indicate	VERB
ajfa-9610	104	5	most	most	ADJ
ajfa-9610	104	6	real	real	ADJ
ajfa-9610	104	7	earnings	earning	NOUN
ajfa-9610	104	8	management	management	NOUN
ajfa-9610	104	9	through	through	ADP
ajfa-9610	104	10	real	real	ADJ
ajfa-9610	104	11	activities	activity	NOUN
ajfa-9610	104	12	occurs	occur	VERB
ajfa-9610	104	13	in	in	ADP
ajfa-9610	104	14	investment	investment	NOUN
ajfa-9610	104	15	,	,	PUNCT
ajfa-9610	104	16	such	such	ADJ
ajfa-9610	104	17	as	as	ADP
ajfa-9610	104	18	reduction	reduction	NOUN
ajfa-9610	104	19	of	of	ADP
ajfa-9610	104	20	research	research	NOUN
ajfa-9610	104	21	and	and	CCONJ
ajfa-9610	104	22	development	development	NOUN
ajfa-9610	104	23	cost	cost	NOUN
ajfa-9610	104	24	.	.	PUNCT
ajfa-9610	105	1	asian	asian	ADJ
ajfa-9610	105	2	journal	journal	PROPN
ajfa-9610	105	3	of	of	ADP
ajfa-9610	105	4	finance	finance	PROPN
ajfa-9610	105	5	&	&	CCONJ
ajfa-9610	105	6	accounting	accounting	PROPN
ajfa-9610	105	7	issn	issn	PROPN
ajfa-9610	105	8	1946	1946	NUM
ajfa-9610	105	9	-	-	PUNCT
ajfa-9610	105	10	052x	052x	PROPN
ajfa-9610	105	11	2016	2016	NUM
ajfa-9610	105	12	,	,	PUNCT
ajfa-9610	105	13	vol	vol	NOUN
ajfa-9610	105	14	.	.	PROPN
ajfa-9610	105	15	8	8	NUM
ajfa-9610	105	16	,	,	PUNCT
ajfa-9610	105	17	no	no	INTJ
ajfa-9610	105	18	.	.	NOUN
ajfa-9610	105	19	1	1	NUM
ajfa-9610	106	1	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9610	106	2	235	235	NUM
ajfa-9610	106	3	frank	frank	ADJ
ajfa-9610	106	4	and	and	CCONJ
ajfa-9610	106	5	goyal	goyal	PROPN
ajfa-9610	106	6	(	(	PUNCT
ajfa-9610	106	7	2008	2008	NUM
ajfa-9610	106	8	)	)	PUNCT
ajfa-9610	106	9	find	find	VERB
ajfa-9610	106	10	that	that	SCONJ
ajfa-9610	106	11	private	private	ADJ
ajfa-9610	106	12	firms	firm	NOUN
ajfa-9610	106	13	appear	appear	VERB
ajfa-9610	106	14	to	to	PART
ajfa-9610	106	15	favor	favor	VERB
ajfa-9610	106	16	retained	retain	VERB
ajfa-9610	106	17	earnings	earning	NOUN
ajfa-9610	106	18	and	and	CCONJ
ajfa-9610	106	19	bank	bank	NOUN
ajfa-9610	106	20	debt	debt	NOUN
ajfa-9610	106	21	,	,	PUNCT
ajfa-9610	106	22	small	small	ADJ
ajfa-9610	106	23	public	public	ADJ
ajfa-9610	106	24	firms	firm	NOUN
ajfa-9610	106	25	make	make	VERB
ajfa-9610	106	26	active	active	ADJ
ajfa-9610	106	27	use	use	NOUN
ajfa-9610	106	28	of	of	ADP
ajfa-9610	106	29	equity	equity	NOUN
ajfa-9610	106	30	financing	financing	NOUN
ajfa-9610	106	31	,	,	PUNCT
ajfa-9610	106	32	and	and	CCONJ
ajfa-9610	106	33	large	large	ADJ
ajfa-9610	106	34	public	public	ADJ
ajfa-9610	106	35	firms	firm	NOUN
ajfa-9610	106	36	primarily	primarily	ADV
ajfa-9610	106	37	use	use	VERB
ajfa-9610	106	38	retained	retain	VERB
ajfa-9610	106	39	earnings	earning	NOUN
ajfa-9610	106	40	and	and	CCONJ
ajfa-9610	106	41	corporate	corporate	ADJ
ajfa-9610	106	42	bonds	bond	NOUN
ajfa-9610	106	43	.	.	PUNCT
ajfa-9610	107	1	teoh	teoh	PROPN
ajfa-9610	107	2	et	et	PROPN
ajfa-9610	107	3	al	al	PROPN
ajfa-9610	107	4	.	.	PROPN
ajfa-9610	108	1	(	(	PUNCT
ajfa-9610	108	2	1998	1998	NUM
ajfa-9610	108	3	)	)	PUNCT
ajfa-9610	108	4	find	find	VERB
ajfa-9610	108	5	that	that	SCONJ
ajfa-9610	108	6	earnings	earning	NOUN
ajfa-9610	108	7	growth	growth	NOUN
ajfa-9610	108	8	in	in	ADP
ajfa-9610	108	9	the	the	DET
ajfa-9610	108	10	year	year	NOUN
ajfa-9610	108	11	of	of	ADP
ajfa-9610	108	12	issuance	issuance	NOUN
ajfa-9610	108	13	of	of	ADP
ajfa-9610	108	14	seos	seo	NOUN
ajfa-9610	108	15	is	be	AUX
ajfa-9610	108	16	higher	high	ADJ
ajfa-9610	108	17	than	than	ADP
ajfa-9610	108	18	matched	match	VERB
ajfa-9610	108	19	non	non	ADJ
ajfa-9610	108	20	-	-	ADJ
ajfa-9610	108	21	issuance	issuance	ADJ
ajfa-9610	108	22	industry	industry	NOUN
ajfa-9610	108	23	peers	peer	NOUN
ajfa-9610	108	24	and	and	CCONJ
ajfa-9610	108	25	underperform	underperform	VERB
ajfa-9610	108	26	those	those	DET
ajfa-9610	108	27	matches	match	NOUN
ajfa-9610	108	28	after	after	SCONJ
ajfa-9610	108	29	the	the	DET
ajfa-9610	108	30	issuance	issuance	NOUN
ajfa-9610	108	31	of	of	ADP
ajfa-9610	108	32	the	the	DET
ajfa-9610	108	33	seos.8	seos.8	NOUN
ajfa-9610	108	34	decomposing	decompose	VERB
ajfa-9610	108	35	net	net	ADJ
ajfa-9610	108	36	income	income	NOUN
ajfa-9610	108	37	into	into	ADP
ajfa-9610	108	38	cash	cash	NOUN
ajfa-9610	108	39	flow	flow	NOUN
ajfa-9610	108	40	from	from	ADP
ajfa-9610	108	41	operations	operation	NOUN
ajfa-9610	108	42	and	and	CCONJ
ajfa-9610	108	43	accruals	accrual	NOUN
ajfa-9610	108	44	,	,	PUNCT
ajfa-9610	108	45	the	the	DET
ajfa-9610	108	46	key	key	ADJ
ajfa-9610	108	47	factor	factor	NOUN
ajfa-9610	108	48	in	in	ADP
ajfa-9610	108	49	the	the	DET
ajfa-9610	108	50	performance	performance	NOUN
ajfa-9610	108	51	difference	difference	NOUN
ajfa-9610	108	52	for	for	ADP
ajfa-9610	108	53	the	the	DET
ajfa-9610	108	54	year	year	NOUN
ajfa-9610	108	55	of	of	ADP
ajfa-9610	108	56	the	the	DET
ajfa-9610	108	57	seos	seo	NOUN
ajfa-9610	108	58	and	and	CCONJ
ajfa-9610	108	59	post	post	NOUN
ajfa-9610	108	60	-	-	NOUN
ajfa-9610	108	61	seos	seo	NOUN
ajfa-9610	108	62	is	be	AUX
ajfa-9610	108	63	accruals	accrual	NOUN
ajfa-9610	108	64	.	.	PUNCT
ajfa-9610	109	1	similarly	similarly	ADV
ajfa-9610	109	2	,	,	PUNCT
ajfa-9610	109	3	barton	barton	PROPN
ajfa-9610	109	4	(	(	PUNCT
ajfa-9610	109	5	2001	2001	NUM
ajfa-9610	109	6	)	)	PUNCT
ajfa-9610	109	7	indicates	indicate	VERB
ajfa-9610	109	8	that	that	SCONJ
ajfa-9610	109	9	companies	company	NOUN
ajfa-9610	109	10	may	may	AUX
ajfa-9610	109	11	use	use	VERB
ajfa-9610	109	12	derivatives	derivative	NOUN
ajfa-9610	109	13	and	and	CCONJ
ajfa-9610	109	14	accruals	accrual	NOUN
ajfa-9610	109	15	to	to	PART
ajfa-9610	109	16	reduce	reduce	VERB
ajfa-9610	109	17	earnings	earning	NOUN
ajfa-9610	109	18	volatility	volatility	NOUN
ajfa-9610	109	19	.	.	PUNCT
ajfa-9610	110	1	zhou	zhou	NOUN
ajfa-9610	110	2	and	and	CCONJ
ajfa-9610	110	3	elder	elder	NOUN
ajfa-9610	110	4	(	(	PUNCT
ajfa-9610	110	5	2004	2004	NUM
ajfa-9610	110	6	)	)	PUNCT
ajfa-9610	110	7	indicate	indicate	VERB
ajfa-9610	110	8	that	that	SCONJ
ajfa-9610	110	9	companies	company	NOUN
ajfa-9610	110	10	issuing	issue	VERB
ajfa-9610	110	11	a	a	DET
ajfa-9610	110	12	seo	seo	NOUN
ajfa-9610	110	13	are	be	AUX
ajfa-9610	110	14	motivated	motivated	ADJ
ajfa-9610	110	15	to	to	PART
ajfa-9610	110	16	conduct	conduct	VERB
ajfa-9610	110	17	earnings	earning	NOUN
ajfa-9610	110	18	management	management	NOUN
ajfa-9610	110	19	to	to	PART
ajfa-9610	110	20	increase	increase	VERB
ajfa-9610	110	21	reported	report	VERB
ajfa-9610	110	22	net	net	ADJ
ajfa-9610	110	23	income	income	NOUN
ajfa-9610	110	24	and	and	CCONJ
ajfa-9610	110	25	ensure	ensure	VERB
ajfa-9610	110	26	the	the	DET
ajfa-9610	110	27	success	success	NOUN
ajfa-9610	110	28	of	of	ADP
ajfa-9610	110	29	the	the	DET
ajfa-9610	110	30	seo	seo	NOUN
ajfa-9610	110	31	.	.	PUNCT
ajfa-9610	111	1	kim	kim	PROPN
ajfa-9610	111	2	and	and	CCONJ
ajfa-9610	111	3	park	park	PROPN
ajfa-9610	111	4	(	(	PUNCT
ajfa-9610	111	5	2006	2006	NUM
ajfa-9610	111	6	)	)	PUNCT
ajfa-9610	111	7	find	find	VERB
ajfa-9610	111	8	that	that	SCONJ
ajfa-9610	111	9	the	the	DET
ajfa-9610	111	10	discount	discount	NOUN
ajfa-9610	111	11	of	of	ADP
ajfa-9610	111	12	the	the	DET
ajfa-9610	111	13	seo	seo	NOUN
ajfa-9610	111	14	’s	’s	PART
ajfa-9610	111	15	offer	offer	NOUN
ajfa-9610	111	16	price	price	NOUN
ajfa-9610	111	17	is	be	AUX
ajfa-9610	111	18	negatively	negatively	ADV
ajfa-9610	111	19	correlated	correlate	VERB
ajfa-9610	111	20	to	to	ADP
ajfa-9610	111	21	discretionary	discretionary	ADJ
ajfa-9610	111	22	accruals	accrual	NOUN
ajfa-9610	111	23	.	.	PUNCT
ajfa-9610	112	1	thus	thus	ADV
ajfa-9610	112	2	,	,	PUNCT
ajfa-9610	112	3	seo	seo	NOUN
ajfa-9610	112	4	companies	company	NOUN
ajfa-9610	112	5	may	may	AUX
ajfa-9610	112	6	conduct	conduct	VERB
ajfa-9610	112	7	aggressive	aggressive	ADJ
ajfa-9610	112	8	earnings	earning	NOUN
ajfa-9610	112	9	management	management	NOUN
ajfa-9610	112	10	to	to	PART
ajfa-9610	112	11	increase	increase	VERB
ajfa-9610	112	12	the	the	DET
ajfa-9610	112	13	offering	offering	NOUN
ajfa-9610	112	14	price	price	NOUN
ajfa-9610	112	15	and	and	CCONJ
ajfa-9610	112	16	obtain	obtain	VERB
ajfa-9610	112	17	more	more	ADJ
ajfa-9610	112	18	capital	capital	NOUN
ajfa-9610	112	19	.	.	PUNCT
ajfa-9610	113	1	cohen	cohen	PROPN
ajfa-9610	113	2	and	and	CCONJ
ajfa-9610	113	3	zarowin	zarowin	PROPN
ajfa-9610	113	4	(	(	PUNCT
ajfa-9610	113	5	2010	2010	NUM
ajfa-9610	113	6	)	)	PUNCT
ajfa-9610	113	7	consider	consider	VERB
ajfa-9610	113	8	two	two	NUM
ajfa-9610	113	9	types	type	NOUN
ajfa-9610	113	10	of	of	ADP
ajfa-9610	113	11	measurement	measurement	NOUN
ajfa-9610	113	12	methods	method	NOUN
ajfa-9610	113	13	for	for	ADP
ajfa-9610	113	14	earnings	earning	NOUN
ajfa-9610	113	15	management	management	NOUN
ajfa-9610	113	16	,	,	PUNCT
ajfa-9610	113	17	indicating	indicate	VERB
ajfa-9610	113	18	that	that	SCONJ
ajfa-9610	113	19	downward	downward	ADJ
ajfa-9610	113	20	performance	performance	NOUN
ajfa-9610	113	21	of	of	ADP
ajfa-9610	113	22	post	post	ADJ
ajfa-9610	113	23	-	-	ADJ
ajfa-9610	113	24	seo	seo	ADJ
ajfa-9610	113	25	is	be	AUX
ajfa-9610	113	26	greater	great	ADJ
ajfa-9610	113	27	than	than	ADP
ajfa-9610	113	28	accrual	accrual	ADJ
ajfa-9610	113	29	-	-	PUNCT
ajfa-9610	113	30	based	base	VERB
ajfa-9610	113	31	earnings	earning	NOUN
ajfa-9610	113	32	management	management	NOUN
ajfa-9610	113	33	when	when	SCONJ
ajfa-9610	113	34	companies	company	NOUN
ajfa-9610	113	35	conduct	conduct	VERB
ajfa-9610	113	36	real	real	ADJ
ajfa-9610	113	37	earnings	earning	NOUN
ajfa-9610	113	38	management	management	NOUN
ajfa-9610	113	39	activities	activity	NOUN
ajfa-9610	113	40	during	during	ADP
ajfa-9610	113	41	the	the	DET
ajfa-9610	113	42	seos	seo	NOUN
ajfa-9610	113	43	.	.	PUNCT
ajfa-9610	114	1	after	after	ADP
ajfa-9610	114	2	seos	seo	NOUN
ajfa-9610	114	3	,	,	PUNCT
ajfa-9610	114	4	performance	performance	NOUN
ajfa-9610	114	5	declines	decline	NOUN
ajfa-9610	114	6	are	be	AUX
ajfa-9610	114	7	attributed	attribute	VERB
ajfa-9610	114	8	to	to	ADP
ajfa-9610	114	9	the	the	DET
ajfa-9610	114	10	reversal	reversal	NOUN
ajfa-9610	114	11	of	of	ADP
ajfa-9610	114	12	accruals	accrual	NOUN
ajfa-9610	114	13	and	and	CCONJ
ajfa-9610	114	14	to	to	ADP
ajfa-9610	114	15	the	the	DET
ajfa-9610	114	16	decision	decision	NOUN
ajfa-9610	114	17	to	to	PART
ajfa-9610	114	18	engage	engage	VERB
ajfa-9610	114	19	in	in	ADP
ajfa-9610	114	20	real	real	ADJ
ajfa-9610	114	21	earnings	earning	NOUN
ajfa-9610	114	22	management	management	NOUN
ajfa-9610	114	23	.	.	PUNCT
ajfa-9610	115	1	because	because	SCONJ
ajfa-9610	115	2	differential	differential	ADJ
ajfa-9610	115	3	characteristics	characteristic	NOUN
ajfa-9610	115	4	and	and	CCONJ
ajfa-9610	115	5	incentives	incentive	VERB
ajfa-9610	115	6	lead	lead	VERB
ajfa-9610	115	7	managers	manager	NOUN
ajfa-9610	115	8	to	to	PART
ajfa-9610	115	9	finance	finance	VERB
ajfa-9610	115	10	differently	differently	ADV
ajfa-9610	115	11	and	and	CCONJ
ajfa-9610	115	12	to	to	PART
ajfa-9610	115	13	utilize	utilize	VERB
ajfa-9610	115	14	different	different	ADJ
ajfa-9610	115	15	earnings	earning	NOUN
ajfa-9610	115	16	management	management	NOUN
ajfa-9610	115	17	tools	tool	NOUN
ajfa-9610	115	18	,	,	PUNCT
ajfa-9610	115	19	this	this	DET
ajfa-9610	115	20	study	study	NOUN
ajfa-9610	115	21	focuses	focus	VERB
ajfa-9610	115	22	on	on	ADP
ajfa-9610	115	23	companies	company	NOUN
ajfa-9610	115	24	conducting	conduct	VERB
ajfa-9610	115	25	financing	financing	NOUN
ajfa-9610	115	26	and	and	CCONJ
ajfa-9610	115	27	to	to	PART
ajfa-9610	115	28	discuss	discuss	VERB
ajfa-9610	115	29	whether	whether	SCONJ
ajfa-9610	115	30	they	they	PRON
ajfa-9610	115	31	show	show	VERB
ajfa-9610	115	32	differences	difference	NOUN
ajfa-9610	115	33	in	in	ADP
ajfa-9610	115	34	earnings	earning	NOUN
ajfa-9610	115	35	management	management	NOUN
ajfa-9610	115	36	methods	method	NOUN
ajfa-9610	115	37	when	when	SCONJ
ajfa-9610	115	38	companies	company	NOUN
ajfa-9610	115	39	engage	engage	VERB
ajfa-9610	115	40	in	in	ADP
ajfa-9610	115	41	equity	equity	NOUN
ajfa-9610	115	42	financing	financing	NOUN
ajfa-9610	115	43	and	and	CCONJ
ajfa-9610	115	44	debt	debt	NOUN
ajfa-9610	115	45	financing	financing	NOUN
ajfa-9610	115	46	,	,	PUNCT
ajfa-9610	115	47	which	which	PRON
ajfa-9610	115	48	leads	lead	VERB
ajfa-9610	115	49	to	to	ADP
ajfa-9610	115	50	the	the	DET
ajfa-9610	115	51	following	follow	VERB
ajfa-9610	115	52	hypothesis	hypothesis	NOUN
ajfa-9610	115	53	:	:	PUNCT
ajfa-9610	115	54	h1	h1	PROPN
ajfa-9610	115	55	:	:	PUNCT
ajfa-9610	115	56	companies	company	NOUN
ajfa-9610	115	57	engage	engage	VERB
ajfa-9610	115	58	in	in	ADP
ajfa-9610	115	59	equity	equity	NOUN
ajfa-9610	115	60	and	and	CCONJ
ajfa-9610	115	61	debt	debt	NOUN
ajfa-9610	115	62	financing	financing	NOUN
ajfa-9610	115	63	policies	policy	NOUN
ajfa-9610	115	64	which	which	PRON
ajfa-9610	115	65	lead	lead	VERB
ajfa-9610	115	66	the	the	DET
ajfa-9610	115	67	differences	difference	NOUN
ajfa-9610	115	68	in	in	ADP
ajfa-9610	115	69	the	the	DET
ajfa-9610	115	70	use	use	NOUN
ajfa-9610	115	71	of	of	ADP
ajfa-9610	115	72	earnings	earning	NOUN
ajfa-9610	115	73	management	management	NOUN
ajfa-9610	115	74	methods	method	NOUN
ajfa-9610	115	75	.	.	PUNCT
ajfa-9610	116	1	there	there	PRON
ajfa-9610	116	2	have	have	AUX
ajfa-9610	116	3	been	be	AUX
ajfa-9610	116	4	many	many	ADJ
ajfa-9610	116	5	studies	study	NOUN
ajfa-9610	116	6	on	on	ADP
ajfa-9610	116	7	the	the	DET
ajfa-9610	116	8	effects	effect	NOUN
ajfa-9610	116	9	of	of	ADP
ajfa-9610	116	10	corporate	corporate	ADJ
ajfa-9610	116	11	governance	governance	NOUN
ajfa-9610	116	12	on	on	ADP
ajfa-9610	116	13	earnings	earning	NOUN
ajfa-9610	116	14	management	management	NOUN
ajfa-9610	116	15	.	.	PUNCT
ajfa-9610	117	1	dechow	dechow	ADJ
ajfa-9610	117	2	et	et	PROPN
ajfa-9610	117	3	al	al	PROPN
ajfa-9610	117	4	.	.	PUNCT
ajfa-9610	118	1	(	(	PUNCT
ajfa-9610	118	2	1998	1998	NUM
ajfa-9610	118	3	)	)	PUNCT
ajfa-9610	118	4	find	find	VERB
ajfa-9610	118	5	that	that	SCONJ
ajfa-9610	118	6	the	the	DET
ajfa-9610	118	7	problem	problem	NOUN
ajfa-9610	118	8	of	of	ADP
ajfa-9610	118	9	earnings	earning	NOUN
ajfa-9610	118	10	management	management	NOUN
ajfa-9610	118	11	is	be	AUX
ajfa-9610	118	12	more	more	ADV
ajfa-9610	118	13	serious	serious	ADJ
ajfa-9610	118	14	in	in	ADP
ajfa-9610	118	15	companies	company	NOUN
ajfa-9610	118	16	whose	whose	DET
ajfa-9610	118	17	ceo	ceo	NOUN
ajfa-9610	118	18	is	be	AUX
ajfa-9610	118	19	also	also	ADV
ajfa-9610	118	20	the	the	DET
ajfa-9610	118	21	chairman	chairman	NOUN
ajfa-9610	118	22	of	of	ADP
ajfa-9610	118	23	its	its	PRON
ajfa-9610	118	24	board	board	NOUN
ajfa-9610	118	25	,	,	PUNCT
ajfa-9610	118	26	and	and	CCONJ
ajfa-9610	118	27	the	the	DET
ajfa-9610	118	28	company	company	NOUN
ajfa-9610	118	29	has	have	VERB
ajfa-9610	118	30	large	large	ADJ
ajfa-9610	118	31	number	number	NOUN
ajfa-9610	118	32	of	of	ADP
ajfa-9610	118	33	inside	inside	ADJ
ajfa-9610	118	34	directors	director	NOUN
ajfa-9610	118	35	and	and	CCONJ
ajfa-9610	118	36	a	a	DET
ajfa-9610	118	37	higher	high	ADJ
ajfa-9610	118	38	percentage	percentage	NOUN
ajfa-9610	118	39	of	of	ADP
ajfa-9610	118	40	outstanding	outstanding	ADJ
ajfa-9610	118	41	shares	share	NOUN
ajfa-9610	118	42	owned	own	VERB
ajfa-9610	118	43	by	by	ADP
ajfa-9610	118	44	inside	inside	ADJ
ajfa-9610	118	45	directors	director	NOUN
ajfa-9610	118	46	,	,	PUNCT
ajfa-9610	118	47	and	and	CCONJ
ajfa-9610	118	48	when	when	SCONJ
ajfa-9610	118	49	the	the	DET
ajfa-9610	118	50	audit	audit	NOUN
ajfa-9610	118	51	committee	committee	NOUN
ajfa-9610	118	52	is	be	AUX
ajfa-9610	118	53	not	not	PART
ajfa-9610	118	54	established	establish	VERB
ajfa-9610	118	55	.	.	PUNCT
ajfa-9610	119	1	xie	xie	PROPN
ajfa-9610	119	2	et	et	PROPN
ajfa-9610	119	3	al	al	PROPN
ajfa-9610	119	4	.	.	PROPN
ajfa-9610	119	5	(	(	PUNCT
ajfa-9610	119	6	2003	2003	NUM
ajfa-9610	119	7	)	)	PUNCT
ajfa-9610	119	8	indicate	indicate	VERB
ajfa-9610	119	9	that	that	SCONJ
ajfa-9610	119	10	the	the	DET
ajfa-9610	119	11	possibility	possibility	NOUN
ajfa-9610	119	12	of	of	ADP
ajfa-9610	119	13	earnings	earning	NOUN
ajfa-9610	119	14	management	management	NOUN
ajfa-9610	119	15	is	be	AUX
ajfa-9610	119	16	small	small	ADJ
ajfa-9610	119	17	when	when	SCONJ
ajfa-9610	119	18	the	the	DET
ajfa-9610	119	19	board	board	NOUN
ajfa-9610	119	20	of	of	ADP
ajfa-9610	119	21	directors	director	NOUN
ajfa-9610	119	22	has	have	VERB
ajfa-9610	119	23	more	more	ADJ
ajfa-9610	119	24	outside	outside	ADJ
ajfa-9610	119	25	independent	independent	ADJ
ajfa-9610	119	26	directors	director	NOUN
ajfa-9610	119	27	with	with	ADP
ajfa-9610	119	28	richer	rich	ADJ
ajfa-9610	119	29	corporate	corporate	ADJ
ajfa-9610	119	30	and	and	CCONJ
ajfa-9610	119	31	financial	financial	ADJ
ajfa-9610	119	32	experience	experience	NOUN
ajfa-9610	119	33	.	.	PUNCT
ajfa-9610	120	1	rajgopal	rajgopal	NOUN
ajfa-9610	120	2	and	and	CCONJ
ajfa-9610	120	3	venkatachalam	venkatachalam	PROPN
ajfa-9610	120	4	(	(	PUNCT
ajfa-9610	120	5	1997	1997	NUM
ajfa-9610	120	6	)	)	PUNCT
ajfa-9610	120	7	indicate	indicate	VERB
ajfa-9610	120	8	the	the	DET
ajfa-9610	120	9	absolute	absolute	ADJ
ajfa-9610	120	10	value	value	NOUN
ajfa-9610	120	11	of	of	ADP
ajfa-9610	120	12	earnings	earning	NOUN
ajfa-9610	120	13	management	management	NOUN
ajfa-9610	120	14	and	and	CCONJ
ajfa-9610	120	15	positive	positive	ADJ
ajfa-9610	120	16	earnings	earning	NOUN
ajfa-9610	120	17	management	management	NOUN
ajfa-9610	120	18	will	will	AUX
ajfa-9610	120	19	be	be	AUX
ajfa-9610	120	20	reduced	reduce	VERB
ajfa-9610	120	21	with	with	ADP
ajfa-9610	120	22	an	an	DET
ajfa-9610	120	23	increase	increase	NOUN
ajfa-9610	120	24	in	in	ADP
ajfa-9610	120	25	the	the	DET
ajfa-9610	120	26	percentage	percentage	NOUN
ajfa-9610	120	27	of	of	ADP
ajfa-9610	120	28	shares	share	NOUN
ajfa-9610	120	29	owned	own	VERB
ajfa-9610	120	30	by	by	ADP
ajfa-9610	120	31	institutional	institutional	ADJ
ajfa-9610	120	32	investors	investor	NOUN
ajfa-9610	120	33	,	,	PUNCT
ajfa-9610	120	34	i.e.	i.e.	X
ajfa-9610	120	35	,	,	PUNCT
ajfa-9610	120	36	a	a	DET
ajfa-9610	120	37	high	high	ADJ
ajfa-9610	120	38	proportion	proportion	NOUN
ajfa-9610	120	39	of	of	ADP
ajfa-9610	120	40	institutional	institutional	ADJ
ajfa-9610	120	41	shareholders	shareholder	NOUN
ajfa-9610	120	42	can	can	AUX
ajfa-9610	120	43	restrain	restrain	VERB
ajfa-9610	120	44	earnings	earning	NOUN
ajfa-9610	120	45	management	management	NOUN
ajfa-9610	120	46	.	.	PUNCT
ajfa-9610	121	1	zhou	zhou	NOUN
ajfa-9610	121	2	and	and	CCONJ
ajfa-9610	121	3	elder	elder	NOUN
ajfa-9610	121	4	(	(	PUNCT
ajfa-9610	121	5	2004	2004	NUM
ajfa-9610	121	6	)	)	PUNCT
ajfa-9610	121	7	indicate	indicate	VERB
ajfa-9610	121	8	that	that	SCONJ
ajfa-9610	121	9	companies	company	NOUN
ajfa-9610	121	10	with	with	ADP
ajfa-9610	121	11	financial	financial	ADJ
ajfa-9610	121	12	statements	statement	NOUN
ajfa-9610	121	13	audited	audit	VERB
ajfa-9610	121	14	by	by	ADP
ajfa-9610	121	15	the	the	DET
ajfa-9610	121	16	big	big	ADJ
ajfa-9610	121	17	five	five	NUM
ajfa-9610	121	18	auditing	auditing	NOUN
ajfa-9610	121	19	firms	firm	NOUN
ajfa-9610	121	20	have	have	VERB
ajfa-9610	121	21	lower	low	ADJ
ajfa-9610	121	22	earnings	earning	NOUN
ajfa-9610	121	23	management	management	NOUN
ajfa-9610	121	24	before	before	ADV
ajfa-9610	121	25	,	,	PUNCT
ajfa-9610	121	26	during	during	ADP
ajfa-9610	121	27	and	and	CCONJ
ajfa-9610	121	28	after	after	ADP
ajfa-9610	121	29	seos	seo	NOUN
ajfa-9610	121	30	;	;	PUNCT
ajfa-9610	121	31	8	8	NUM
ajfa-9610	121	32	teoh	teoh	NOUN
ajfa-9610	121	33	et	et	PROPN
ajfa-9610	121	34	al	al	PROPN
ajfa-9610	121	35	.	.	PROPN
ajfa-9610	121	36	(	(	PUNCT
ajfa-9610	121	37	1998	1998	NUM
ajfa-9610	121	38	)	)	PUNCT
ajfa-9610	121	39	decompose	decompose	NOUN
ajfa-9610	121	40	accruals	accrual	NOUN
ajfa-9610	121	41	into	into	ADP
ajfa-9610	121	42	long	long	ADJ
ajfa-9610	121	43	-	-	PUNCT
ajfa-9610	121	44	term	term	NOUN
ajfa-9610	121	45	discretionary	discretionary	ADJ
ajfa-9610	121	46	accruals	accrual	NOUN
ajfa-9610	121	47	,	,	PUNCT
ajfa-9610	121	48	short	short	ADJ
ajfa-9610	121	49	-	-	PUNCT
ajfa-9610	121	50	term	term	NOUN
ajfa-9610	121	51	discretionary	discretionary	ADJ
ajfa-9610	121	52	accruals	accrual	NOUN
ajfa-9610	121	53	,	,	PUNCT
ajfa-9610	121	54	long	long	ADJ
ajfa-9610	121	55	-	-	PUNCT
ajfa-9610	121	56	term	term	NOUN
ajfa-9610	121	57	nondiscretionary	nondiscretionary	ADJ
ajfa-9610	121	58	accruals	accrual	NOUN
ajfa-9610	121	59	,	,	PUNCT
ajfa-9610	121	60	and	and	CCONJ
ajfa-9610	121	61	short	short	ADJ
ajfa-9610	121	62	-	-	PUNCT
ajfa-9610	121	63	term	term	NOUN
ajfa-9610	121	64	nondiscretionary	nondiscretionary	ADJ
ajfa-9610	121	65	accruals	accrual	NOUN
ajfa-9610	121	66	,	,	PUNCT
ajfa-9610	121	67	according	accord	VERB
ajfa-9610	121	68	to	to	ADP
ajfa-9610	121	69	time	time	NOUN
ajfa-9610	121	70	period	period	NOUN
ajfa-9610	121	71	and	and	CCONJ
ajfa-9610	121	72	manager	manager	NOUN
ajfa-9610	121	73	control	control	NOUN
ajfa-9610	121	74	.	.	PUNCT
ajfa-9610	122	1	the	the	DET
ajfa-9610	122	2	empirical	empirical	ADJ
ajfa-9610	122	3	results	result	NOUN
ajfa-9610	122	4	indicate	indicate	VERB
ajfa-9610	122	5	short	short	ADJ
ajfa-9610	122	6	-	-	PUNCT
ajfa-9610	122	7	term	term	NOUN
ajfa-9610	122	8	discretionary	discretionary	ADJ
ajfa-9610	122	9	accruals	accrual	NOUN
ajfa-9610	122	10	have	have	VERB
ajfa-9610	122	11	better	well	ADJ
ajfa-9610	122	12	predictability	predictability	NOUN
ajfa-9610	122	13	for	for	ADP
ajfa-9610	122	14	underperformance	underperformance	NOUN
ajfa-9610	122	15	after	after	ADP
ajfa-9610	122	16	seos	seo	NOUN
ajfa-9610	122	17	.	.	PUNCT
ajfa-9610	123	1	asian	asian	ADJ
ajfa-9610	123	2	journal	journal	PROPN
ajfa-9610	123	3	of	of	ADP
ajfa-9610	123	4	finance	finance	PROPN
ajfa-9610	123	5	&	&	CCONJ
ajfa-9610	123	6	accounting	accounting	PROPN
ajfa-9610	123	7	issn	issn	PROPN
ajfa-9610	123	8	1946	1946	NUM
ajfa-9610	123	9	-	-	PUNCT
ajfa-9610	123	10	052x	052x	PROPN
ajfa-9610	123	11	2016	2016	NUM
ajfa-9610	123	12	,	,	PUNCT
ajfa-9610	123	13	vol	vol	NOUN
ajfa-9610	123	14	.	.	PROPN
ajfa-9610	123	15	8	8	NUM
ajfa-9610	123	16	,	,	PUNCT
ajfa-9610	123	17	no	no	INTJ
ajfa-9610	123	18	.	.	NOUN
ajfa-9610	123	19	1	1	NUM
ajfa-9610	123	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9610	123	21	236	236	NUM
ajfa-9610	123	22	therefore	therefore	ADV
ajfa-9610	123	23	,	,	PUNCT
ajfa-9610	123	24	they	they	PRON
ajfa-9610	123	25	suggest	suggest	VERB
ajfa-9610	123	26	that	that	SCONJ
ajfa-9610	123	27	larger	large	ADJ
ajfa-9610	123	28	audit	audit	NOUN
ajfa-9610	123	29	firms	firm	NOUN
ajfa-9610	123	30	can	can	AUX
ajfa-9610	123	31	restrain	restrain	VERB
ajfa-9610	123	32	earnings	earning	NOUN
ajfa-9610	123	33	management	management	NOUN
ajfa-9610	123	34	.	.	PUNCT
ajfa-9610	124	1	johnson	johnson	PROPN
ajfa-9610	124	2	,	,	PUNCT
ajfa-9610	124	3	khurana	khurana	PROPN
ajfa-9610	124	4	,	,	PUNCT
ajfa-9610	124	5	and	and	CCONJ
ajfa-9610	124	6	reynolds	reynolds	PROPN
ajfa-9610	124	7	(	(	PUNCT
ajfa-9610	124	8	2002	2002	NUM
ajfa-9610	124	9	)	)	PUNCT
ajfa-9610	124	10	suggest	suggest	VERB
ajfa-9610	124	11	that	that	SCONJ
ajfa-9610	124	12	the	the	DET
ajfa-9610	124	13	financial	financial	ADJ
ajfa-9610	124	14	report	report	NOUN
ajfa-9610	124	15	quality	quality	NOUN
ajfa-9610	124	16	from	from	ADP
ajfa-9610	124	17	a	a	DET
ajfa-9610	124	18	new	new	ADJ
ajfa-9610	124	19	auditor	auditor	NOUN
ajfa-9610	124	20	is	be	AUX
ajfa-9610	124	21	lower	low	ADJ
ajfa-9610	124	22	,	,	PUNCT
ajfa-9610	124	23	and	and	CCONJ
ajfa-9610	124	24	the	the	DET
ajfa-9610	124	25	audit	audit	NOUN
ajfa-9610	124	26	quality	quality	NOUN
ajfa-9610	124	27	is	be	AUX
ajfa-9610	124	28	better	well	ADJ
ajfa-9610	124	29	if	if	SCONJ
ajfa-9610	124	30	the	the	DET
ajfa-9610	124	31	tenures	tenure	NOUN
ajfa-9610	124	32	of	of	ADP
ajfa-9610	124	33	auditors	auditor	NOUN
ajfa-9610	124	34	exceed	exceed	VERB
ajfa-9610	124	35	four	four	NUM
ajfa-9610	124	36	years	year	NOUN
ajfa-9610	124	37	.	.	PUNCT
ajfa-9610	125	1	myers	myers	PROPN
ajfa-9610	125	2	et	et	PROPN
ajfa-9610	125	3	al	al	PROPN
ajfa-9610	125	4	.	.	PROPN
ajfa-9610	125	5	(	(	PUNCT
ajfa-9610	125	6	2003	2003	NUM
ajfa-9610	125	7	)	)	PUNCT
ajfa-9610	125	8	and	and	CCONJ
ajfa-9610	125	9	ghosh	ghosh	PROPN
ajfa-9610	125	10	and	and	CCONJ
ajfa-9610	125	11	moon	moon	PROPN
ajfa-9610	125	12	(	(	PUNCT
ajfa-9610	125	13	2005	2005	NUM
ajfa-9610	125	14	)	)	PUNCT
ajfa-9610	125	15	indicate	indicate	VERB
ajfa-9610	125	16	that	that	SCONJ
ajfa-9610	125	17	the	the	PRON
ajfa-9610	125	18	longer	long	ADJ
ajfa-9610	125	19	the	the	DET
ajfa-9610	125	20	tenure	tenure	NOUN
ajfa-9610	125	21	of	of	ADP
ajfa-9610	125	22	the	the	DET
ajfa-9610	125	23	cpa	cpa	NOUN
ajfa-9610	125	24	,	,	PUNCT
ajfa-9610	125	25	the	the	PRON
ajfa-9610	125	26	better	well	ADJ
ajfa-9610	125	27	the	the	DET
ajfa-9610	125	28	quality	quality	NOUN
ajfa-9610	125	29	of	of	ADP
ajfa-9610	125	30	corporate	corporate	ADJ
ajfa-9610	125	31	earnings	earning	NOUN
ajfa-9610	125	32	.	.	PUNCT
ajfa-9610	126	1	krishnan	krishnan	PROPN
ajfa-9610	126	2	(	(	PUNCT
ajfa-9610	126	3	2003	2003	NUM
ajfa-9610	126	4	)	)	PUNCT
ajfa-9610	126	5	indicates	indicate	VERB
ajfa-9610	126	6	that	that	SCONJ
ajfa-9610	126	7	the	the	DET
ajfa-9610	126	8	absolute	absolute	ADJ
ajfa-9610	126	9	values	value	NOUN
ajfa-9610	126	10	of	of	ADP
ajfa-9610	126	11	discretionary	discretionary	ADJ
ajfa-9610	126	12	accruals	accrual	NOUN
ajfa-9610	126	13	for	for	ADP
ajfa-9610	126	14	companies	company	NOUN
ajfa-9610	126	15	audited	audit	VERB
ajfa-9610	126	16	by	by	ADP
ajfa-9610	126	17	non	non	ADJ
ajfa-9610	126	18	-	-	ADJ
ajfa-9610	126	19	specialist	specialist	ADJ
ajfa-9610	126	20	auditors	auditor	NOUN
ajfa-9610	126	21	are	be	AUX
ajfa-9610	126	22	higher	high	ADJ
ajfa-9610	126	23	than	than	ADP
ajfa-9610	126	24	that	that	PRON
ajfa-9610	126	25	of	of	ADP
ajfa-9610	126	26	companies	company	NOUN
ajfa-9610	126	27	audited	audit	VERB
ajfa-9610	126	28	by	by	ADP
ajfa-9610	126	29	industry	industry	NOUN
ajfa-9610	126	30	experts	expert	NOUN
ajfa-9610	126	31	.	.	PUNCT
ajfa-9610	127	1	balsam	balsam	PROPN
ajfa-9610	127	2	et	et	PROPN
ajfa-9610	127	3	al	al	PROPN
ajfa-9610	127	4	.	.	PROPN
ajfa-9610	128	1	(	(	PUNCT
ajfa-9610	128	2	2003	2003	NUM
ajfa-9610	128	3	)	)	PUNCT
ajfa-9610	128	4	also	also	ADV
ajfa-9610	128	5	indicate	indicate	VERB
ajfa-9610	128	6	that	that	SCONJ
ajfa-9610	128	7	the	the	DET
ajfa-9610	128	8	quality	quality	NOUN
ajfa-9610	128	9	of	of	ADP
ajfa-9610	128	10	audits	audits	NOUN
ajfa-9610	128	11	by	by	ADP
ajfa-9610	128	12	industry	industry	NOUN
ajfa-9610	128	13	specialist	specialist	NOUN
ajfa-9610	128	14	auditors	auditor	NOUN
ajfa-9610	128	15	is	be	AUX
ajfa-9610	128	16	better	well	ADJ
ajfa-9610	128	17	.	.	PUNCT
ajfa-9610	129	1	based	base	VERB
ajfa-9610	129	2	on	on	ADP
ajfa-9610	129	3	the	the	DET
ajfa-9610	129	4	above	above	ADJ
ajfa-9610	129	5	literature	literature	NOUN
ajfa-9610	129	6	,	,	PUNCT
ajfa-9610	129	7	earnings	earning	NOUN
ajfa-9610	129	8	management	management	NOUN
ajfa-9610	129	9	conducted	conduct	VERB
ajfa-9610	129	10	by	by	ADP
ajfa-9610	129	11	management	management	NOUN
ajfa-9610	129	12	may	may	AUX
ajfa-9610	129	13	be	be	AUX
ajfa-9610	129	14	constrained	constrain	VERB
ajfa-9610	129	15	when	when	SCONJ
ajfa-9610	129	16	corporate	corporate	ADJ
ajfa-9610	129	17	governance	governance	NOUN
ajfa-9610	129	18	is	be	AUX
ajfa-9610	129	19	stronger	strong	ADJ
ajfa-9610	129	20	,	,	PUNCT
ajfa-9610	129	21	which	which	PRON
ajfa-9610	129	22	leads	lead	VERB
ajfa-9610	129	23	to	to	ADP
ajfa-9610	129	24	the	the	DET
ajfa-9610	129	25	following	follow	VERB
ajfa-9610	129	26	hypothesis	hypothesis	NOUN
ajfa-9610	129	27	:	:	PUNCT
ajfa-9610	129	28	h2	h2	NOUN
ajfa-9610	129	29	:	:	PUNCT
ajfa-9610	129	30	companies	company	NOUN
ajfa-9610	129	31	with	with	ADP
ajfa-9610	129	32	stronger	strong	ADJ
ajfa-9610	129	33	internal	internal	ADJ
ajfa-9610	129	34	control	control	NOUN
ajfa-9610	129	35	and	and	CCONJ
ajfa-9610	129	36	audit	audit	NOUN
ajfa-9610	129	37	quality	quality	NOUN
ajfa-9610	129	38	may	may	AUX
ajfa-9610	129	39	conduct	conduct	VERB
ajfa-9610	129	40	less	less	ADJ
ajfa-9610	129	41	real	real	ADJ
ajfa-9610	129	42	earnings	earning	NOUN
ajfa-9610	129	43	management	management	NOUN
ajfa-9610	129	44	.	.	PUNCT
ajfa-9610	130	1	accruals	accrual	NOUN
ajfa-9610	130	2	often	often	ADV
ajfa-9610	130	3	may	may	AUX
ajfa-9610	130	4	be	be	AUX
ajfa-9610	130	5	reversed	reverse	VERB
ajfa-9610	130	6	.	.	PUNCT
ajfa-9610	131	1	for	for	ADP
ajfa-9610	131	2	example	example	NOUN
ajfa-9610	131	3	,	,	PUNCT
ajfa-9610	131	4	an	an	DET
ajfa-9610	131	5	allowance	allowance	NOUN
ajfa-9610	131	6	for	for	ADP
ajfa-9610	131	7	doubtful	doubtful	ADJ
ajfa-9610	131	8	accounts	account	NOUN
ajfa-9610	131	9	,	,	PUNCT
ajfa-9610	131	10	which	which	PRON
ajfa-9610	131	11	can	can	AUX
ajfa-9610	131	12	be	be	AUX
ajfa-9610	131	13	manipulated	manipulate	VERB
ajfa-9610	131	14	by	by	ADP
ajfa-9610	131	15	companies	company	NOUN
ajfa-9610	131	16	,	,	PUNCT
ajfa-9610	131	17	makes	make	VERB
ajfa-9610	131	18	future	future	ADJ
ajfa-9610	131	19	earnings	earning	NOUN
ajfa-9610	131	20	look	look	VERB
ajfa-9610	131	21	better	well	ADJ
ajfa-9610	131	22	at	at	ADP
ajfa-9610	131	23	the	the	DET
ajfa-9610	131	24	expense	expense	NOUN
ajfa-9610	131	25	of	of	ADP
ajfa-9610	131	26	current	current	ADJ
ajfa-9610	131	27	earnings	earning	NOUN
ajfa-9610	131	28	.	.	PUNCT
ajfa-9610	132	1	a	a	DET
ajfa-9610	132	2	higher	high	ADJ
ajfa-9610	132	3	recognition	recognition	NOUN
ajfa-9610	132	4	for	for	ADP
ajfa-9610	132	5	bad	bad	ADJ
ajfa-9610	132	6	debts	debt	NOUN
ajfa-9610	132	7	expense	expense	NOUN
ajfa-9610	132	8	in	in	ADP
ajfa-9610	132	9	the	the	DET
ajfa-9610	132	10	current	current	ADJ
ajfa-9610	132	11	period	period	NOUN
ajfa-9610	132	12	but	but	CCONJ
ajfa-9610	132	13	it	it	PRON
ajfa-9610	132	14	will	will	AUX
ajfa-9610	132	15	be	be	AUX
ajfa-9610	132	16	decreased	decrease	VERB
ajfa-9610	132	17	recognized	recognize	VERB
ajfa-9610	132	18	in	in	ADP
ajfa-9610	132	19	the	the	DET
ajfa-9610	132	20	next	next	ADJ
ajfa-9610	132	21	period	period	NOUN
ajfa-9610	132	22	.	.	PUNCT
ajfa-9610	133	1	similarly	similarly	ADV
ajfa-9610	133	2	,	,	PUNCT
ajfa-9610	133	3	underestimates	underestimate	VERB
ajfa-9610	133	4	of	of	ADP
ajfa-9610	133	5	bad	bad	ADJ
ajfa-9610	133	6	debt	debt	NOUN
ajfa-9610	133	7	losses	loss	NOUN
ajfa-9610	133	8	in	in	ADP
ajfa-9610	133	9	the	the	DET
ajfa-9610	133	10	last	last	ADJ
ajfa-9610	133	11	period	period	NOUN
ajfa-9610	133	12	should	should	AUX
ajfa-9610	133	13	be	be	AUX
ajfa-9610	133	14	corrected	correct	VERB
ajfa-9610	133	15	by	by	ADP
ajfa-9610	133	16	increased	increase	VERB
ajfa-9610	133	17	provisions	provision	NOUN
ajfa-9610	133	18	for	for	ADP
ajfa-9610	133	19	bad	bad	ADJ
ajfa-9610	133	20	debts	debt	NOUN
ajfa-9610	133	21	in	in	ADP
ajfa-9610	133	22	the	the	DET
ajfa-9610	133	23	current	current	ADJ
ajfa-9610	133	24	period	period	NOUN
ajfa-9610	133	25	.	.	PUNCT
ajfa-9610	134	1	thus	thus	ADV
ajfa-9610	134	2	,	,	PUNCT
ajfa-9610	134	3	to	to	ADP
ajfa-9610	134	4	the	the	DET
ajfa-9610	134	5	extent	extent	NOUN
ajfa-9610	134	6	that	that	PRON
ajfa-9610	134	7	companies	company	NOUN
ajfa-9610	134	8	conduct	conduct	VERB
ajfa-9610	134	9	accrual	accrual	ADJ
ajfa-9610	134	10	-	-	PUNCT
ajfa-9610	134	11	based	base	VERB
ajfa-9610	134	12	earnings	earning	NOUN
ajfa-9610	134	13	management	management	NOUN
ajfa-9610	134	14	,	,	PUNCT
ajfa-9610	134	15	the	the	DET
ajfa-9610	134	16	earnings	earning	NOUN
ajfa-9610	134	17	management	management	NOUN
ajfa-9610	134	18	will	will	AUX
ajfa-9610	134	19	be	be	AUX
ajfa-9610	134	20	reversed	reverse	VERB
ajfa-9610	134	21	in	in	ADP
ajfa-9610	134	22	the	the	DET
ajfa-9610	134	23	following	follow	VERB
ajfa-9610	134	24	period	period	NOUN
ajfa-9610	134	25	.	.	PUNCT
ajfa-9610	135	1	ducharme	ducharme	NOUN
ajfa-9610	135	2	et	et	PROPN
ajfa-9610	135	3	al	al	PROPN
ajfa-9610	135	4	.	.	PROPN
ajfa-9610	136	1	(	(	PUNCT
ajfa-9610	136	2	2001	2001	NUM
ajfa-9610	136	3	)	)	PUNCT
ajfa-9610	136	4	show	show	VERB
ajfa-9610	136	5	that	that	SCONJ
ajfa-9610	136	6	the	the	DET
ajfa-9610	136	7	abnormal	abnormal	ADJ
ajfa-9610	136	8	accruals	accrual	NOUN
ajfa-9610	136	9	of	of	ADP
ajfa-9610	136	10	companies	company	NOUN
ajfa-9610	136	11	prior	prior	ADV
ajfa-9610	136	12	to	to	ADP
ajfa-9610	136	13	initial	initial	ADJ
ajfa-9610	136	14	public	public	ADJ
ajfa-9610	136	15	offerings	offering	NOUN
ajfa-9610	136	16	are	be	AUX
ajfa-9610	136	17	positively	positively	ADV
ajfa-9610	136	18	correlated	correlate	VERB
ajfa-9610	136	19	to	to	ADP
ajfa-9610	136	20	the	the	DET
ajfa-9610	136	21	value	value	NOUN
ajfa-9610	136	22	of	of	ADP
ajfa-9610	136	23	the	the	DET
ajfa-9610	136	24	companies	company	NOUN
ajfa-9610	136	25	engaging	engage	VERB
ajfa-9610	136	26	in	in	ADP
ajfa-9610	136	27	the	the	DET
ajfa-9610	136	28	ipo	ipo	NOUN
ajfa-9610	136	29	.	.	PUNCT
ajfa-9610	137	1	this	this	PRON
ajfa-9610	137	2	indicates	indicate	VERB
ajfa-9610	137	3	that	that	SCONJ
ajfa-9610	137	4	,	,	PUNCT
ajfa-9610	137	5	prior	prior	ADV
ajfa-9610	137	6	to	to	ADP
ajfa-9610	137	7	the	the	DET
ajfa-9610	137	8	ipo	ipo	NOUN
ajfa-9610	137	9	,	,	PUNCT
ajfa-9610	137	10	companies	company	NOUN
ajfa-9610	137	11	can	can	AUX
ajfa-9610	137	12	manipulate	manipulate	VERB
ajfa-9610	137	13	earnings	earning	NOUN
ajfa-9610	137	14	through	through	ADP
ajfa-9610	137	15	accruals	accrual	NOUN
ajfa-9610	137	16	to	to	PART
ajfa-9610	137	17	increase	increase	VERB
ajfa-9610	137	18	the	the	DET
ajfa-9610	137	19	offering	offering	NOUN
ajfa-9610	137	20	price	price	NOUN
ajfa-9610	137	21	.	.	PUNCT
ajfa-9610	138	1	the	the	DET
ajfa-9610	138	2	abnormal	abnormal	ADJ
ajfa-9610	138	3	accruals	accrual	NOUN
ajfa-9610	138	4	during	during	ADP
ajfa-9610	138	5	the	the	DET
ajfa-9610	138	6	offer	offer	NOUN
ajfa-9610	138	7	year	year	NOUN
ajfa-9610	138	8	are	be	AUX
ajfa-9610	138	9	negatively	negatively	ADV
ajfa-9610	138	10	correlated	correlate	VERB
ajfa-9610	138	11	to	to	ADP
ajfa-9610	138	12	the	the	DET
ajfa-9610	138	13	performance	performance	NOUN
ajfa-9610	138	14	of	of	ADP
ajfa-9610	138	15	the	the	DET
ajfa-9610	138	16	companies	company	NOUN
ajfa-9610	138	17	,	,	PUNCT
ajfa-9610	138	18	which	which	PRON
ajfa-9610	138	19	indicates	indicate	VERB
ajfa-9610	138	20	that	that	SCONJ
ajfa-9610	138	21	companies	company	NOUN
ajfa-9610	138	22	conduct	conduct	VERB
ajfa-9610	138	23	income	income	NOUN
ajfa-9610	138	24	-	-	PUNCT
ajfa-9610	138	25	increasing	increase	VERB
ajfa-9610	138	26	earnings	earning	NOUN
ajfa-9610	138	27	management	management	NOUN
ajfa-9610	138	28	to	to	PART
ajfa-9610	138	29	raise	raise	VERB
ajfa-9610	138	30	more	more	ADJ
ajfa-9610	138	31	capital	capital	NOUN
ajfa-9610	138	32	during	during	ADP
ajfa-9610	138	33	the	the	DET
ajfa-9610	138	34	ipo	ipo	NOUN
ajfa-9610	138	35	.	.	PUNCT
ajfa-9610	139	1	after	after	ADP
ajfa-9610	139	2	the	the	DET
ajfa-9610	139	3	ipo	ipo	NOUN
ajfa-9610	139	4	,	,	PUNCT
ajfa-9610	139	5	the	the	DET
ajfa-9610	139	6	performance	performance	NOUN
ajfa-9610	139	7	and	and	CCONJ
ajfa-9610	139	8	stock	stock	NOUN
ajfa-9610	139	9	returns	return	NOUN
ajfa-9610	139	10	of	of	ADP
ajfa-9610	139	11	companies	company	NOUN
ajfa-9610	139	12	decrease	decrease	VERB
ajfa-9610	139	13	because	because	SCONJ
ajfa-9610	139	14	of	of	ADP
ajfa-9610	139	15	the	the	DET
ajfa-9610	139	16	reversal	reversal	NOUN
ajfa-9610	139	17	of	of	ADP
ajfa-9610	139	18	the	the	DET
ajfa-9610	139	19	pre	pre	ADJ
ajfa-9610	139	20	-	-	ADJ
ajfa-9610	139	21	ipo	ipo	ADJ
ajfa-9610	139	22	accrual	accrual	ADJ
ajfa-9610	139	23	-	-	PUNCT
ajfa-9610	139	24	based	base	VERB
ajfa-9610	139	25	earnings	earning	NOUN
ajfa-9610	139	26	management	management	NOUN
ajfa-9610	139	27	.	.	PUNCT
ajfa-9610	140	1	ducharme	ducharme	PROPN
ajfa-9610	140	2	,	,	PUNCT
ajfa-9610	140	3	malatesta	malatesta	NOUN
ajfa-9610	140	4	,	,	PUNCT
ajfa-9610	140	5	and	and	CCONJ
ajfa-9610	140	6	sefcik	sefcik	PROPN
ajfa-9610	140	7	(	(	PUNCT
ajfa-9610	140	8	2004	2004	NUM
ajfa-9610	140	9	)	)	PUNCT
ajfa-9610	140	10	find	find	VERB
ajfa-9610	140	11	that	that	SCONJ
ajfa-9610	140	12	the	the	DET
ajfa-9610	140	13	abnormal	abnormal	ADJ
ajfa-9610	140	14	accruals	accrual	NOUN
ajfa-9610	140	15	of	of	ADP
ajfa-9610	140	16	companies	company	NOUN
ajfa-9610	140	17	around	around	ADP
ajfa-9610	140	18	stock	stock	NOUN
ajfa-9610	140	19	offers	offer	NOUN
ajfa-9610	140	20	are	be	AUX
ajfa-9610	140	21	higher	high	ADJ
ajfa-9610	140	22	on	on	ADP
ajfa-9610	140	23	average	average	ADJ
ajfa-9610	140	24	than	than	ADP
ajfa-9610	140	25	those	those	PRON
ajfa-9610	140	26	without	without	ADP
ajfa-9610	140	27	stock	stock	NOUN
ajfa-9610	140	28	offers	offer	NOUN
ajfa-9610	140	29	.	.	PUNCT
ajfa-9610	141	1	after	after	ADP
ajfa-9610	141	2	the	the	DET
ajfa-9610	141	3	stock	stock	NOUN
ajfa-9610	141	4	offers	offer	VERB
ajfa-9610	141	5	,	,	PUNCT
ajfa-9610	141	6	the	the	DET
ajfa-9610	141	7	accruals	accrual	NOUN
ajfa-9610	141	8	are	be	AUX
ajfa-9610	141	9	negative	negative	ADJ
ajfa-9610	141	10	because	because	SCONJ
ajfa-9610	141	11	of	of	ADP
ajfa-9610	141	12	the	the	DET
ajfa-9610	141	13	reversal	reversal	NOUN
ajfa-9610	141	14	of	of	ADP
ajfa-9610	141	15	the	the	DET
ajfa-9610	141	16	positive	positive	ADJ
ajfa-9610	141	17	abnormal	abnormal	ADJ
ajfa-9610	141	18	accruals	accrual	NOUN
ajfa-9610	141	19	around	around	ADP
ajfa-9610	141	20	stock	stock	NOUN
ajfa-9610	141	21	offers.9	offers.9	PROPN
ajfa-9610	141	22	gunny	gunny	NOUN
ajfa-9610	141	23	(	(	PUNCT
ajfa-9610	141	24	2005	2005	NUM
ajfa-9610	141	25	)	)	PUNCT
ajfa-9610	141	26	indicates	indicate	VERB
ajfa-9610	141	27	that	that	SCONJ
ajfa-9610	141	28	firms	firm	NOUN
ajfa-9610	141	29	that	that	PRON
ajfa-9610	141	30	engage	engage	VERB
ajfa-9610	141	31	in	in	ADP
ajfa-9610	141	32	real	real	ADJ
ajfa-9610	141	33	earnings	earning	NOUN
ajfa-9610	141	34	management	management	NOUN
ajfa-9610	141	35	from	from	ADP
ajfa-9610	141	36	real	real	ADJ
ajfa-9610	141	37	activities	activity	NOUN
ajfa-9610	141	38	increase	increase	VERB
ajfa-9610	141	39	income	income	NOUN
ajfa-9610	141	40	by	by	ADP
ajfa-9610	141	41	reducing	reduce	VERB
ajfa-9610	141	42	research	research	NOUN
ajfa-9610	141	43	and	and	CCONJ
ajfa-9610	141	44	development	development	NOUN
ajfa-9610	141	45	expenses	expense	NOUN
ajfa-9610	141	46	,	,	PUNCT
ajfa-9610	141	47	cut	cut	VERB
ajfa-9610	141	48	prices	price	NOUN
ajfa-9610	141	49	to	to	PART
ajfa-9610	141	50	boost	boost	VERB
ajfa-9610	141	51	sales	sale	NOUN
ajfa-9610	141	52	in	in	ADP
ajfa-9610	141	53	current	current	ADJ
ajfa-9610	141	54	period	period	NOUN
ajfa-9610	141	55	,	,	PUNCT
ajfa-9610	141	56	overproduce	overproduce	VERB
ajfa-9610	141	57	to	to	PART
ajfa-9610	141	58	deduct	deduct	VERB
ajfa-9610	141	59	cogs	cog	NOUN
ajfa-9610	141	60	expenses	expense	NOUN
ajfa-9610	141	61	,	,	PUNCT
ajfa-9610	141	62	and	and	CCONJ
ajfa-9610	141	63	time	time	NOUN
ajfa-9610	141	64	income	income	NOUN
ajfa-9610	141	65	recognition	recognition	NOUN
ajfa-9610	141	66	by	by	ADP
ajfa-9610	141	67	selling	sell	VERB
ajfa-9610	141	68	long	long	ADJ
ajfa-9610	141	69	-	-	PUNCT
ajfa-9610	141	70	term	term	NOUN
ajfa-9610	141	71	assets	asset	NOUN
ajfa-9610	141	72	.	.	PUNCT
ajfa-9610	142	1	the	the	DET
ajfa-9610	142	2	findings	finding	NOUN
ajfa-9610	142	3	indicate	indicate	VERB
ajfa-9610	142	4	real	real	ADJ
ajfa-9610	142	5	earnings	earning	NOUN
ajfa-9610	142	6	management	management	NOUN
ajfa-9610	142	7	is	be	AUX
ajfa-9610	142	8	significantly	significantly	ADV
ajfa-9610	142	9	and	and	CCONJ
ajfa-9610	142	10	negatively	negatively	ADV
ajfa-9610	142	11	correlated	correlate	VERB
ajfa-9610	142	12	with	with	ADP
ajfa-9610	142	13	subsequent	subsequent	ADJ
ajfa-9610	142	14	earnings	earning	NOUN
ajfa-9610	142	15	and	and	CCONJ
ajfa-9610	142	16	operating	operate	VERB
ajfa-9610	142	17	cash	cash	NOUN
ajfa-9610	142	18	flow	flow	NOUN
ajfa-9610	142	19	.	.	PUNCT
ajfa-9610	143	1	cotten	cotten	PROPN
ajfa-9610	143	2	(	(	PUNCT
ajfa-9610	143	3	2008	2008	NUM
ajfa-9610	143	4	)	)	PUNCT
ajfa-9610	143	5	indicates	indicate	VERB
ajfa-9610	143	6	that	that	SCONJ
ajfa-9610	143	7	firm	firm	NOUN
ajfa-9610	143	8	issuing	issue	VERB
ajfa-9610	143	9	only	only	ADV
ajfa-9610	143	10	primary	primary	ADJ
ajfa-9610	143	11	shares	share	NOUN
ajfa-9610	143	12	will	will	AUX
ajfa-9610	143	13	manipulate	manipulate	VERB
ajfa-9610	143	14	earnings	earning	NOUN
ajfa-9610	143	15	management	management	NOUN
ajfa-9610	143	16	upward	upward	ADV
ajfa-9610	143	17	in	in	ADP
ajfa-9610	143	18	the	the	DET
ajfa-9610	143	19	ipo	ipo	NOUN
ajfa-9610	143	20	;	;	PUNCT
ajfa-9610	143	21	firms	firm	NOUN
ajfa-9610	143	22	issuing	issue	VERB
ajfa-9610	143	23	both	both	DET
ajfa-9610	143	24	primary	primary	ADJ
ajfa-9610	143	25	shares	share	NOUN
ajfa-9610	143	26	and	and	CCONJ
ajfa-9610	143	27	secondary	secondary	ADJ
ajfa-9610	143	28	shares10	shares10	NOUN
ajfa-9610	143	29	will	will	AUX
ajfa-9610	143	30	not	not	PART
ajfa-9610	143	31	manipulate	manipulate	VERB
ajfa-9610	143	32	earnings	earning	NOUN
ajfa-9610	143	33	management	management	NOUN
ajfa-9610	143	34	upward	upward	ADV
ajfa-9610	143	35	or	or	CCONJ
ajfa-9610	143	36	downward	downward	ADJ
ajfa-9610	143	37	.	.	PUNCT
ajfa-9610	144	1	however	however	ADV
ajfa-9610	144	2	,	,	PUNCT
ajfa-9610	144	3	firms	firm	NOUN
ajfa-9610	144	4	issuing	issue	VERB
ajfa-9610	144	5	only	only	ADV
ajfa-9610	144	6	secondary	secondary	ADJ
ajfa-9610	144	7	shares	share	NOUN
ajfa-9610	144	8	will	will	AUX
ajfa-9610	144	9	manipulate	manipulate	VERB
ajfa-9610	144	10	earnings	earning	NOUN
ajfa-9610	144	11	management	management	NOUN
ajfa-9610	144	12	downward	downward	ADV
ajfa-9610	144	13	during	during	ADP
ajfa-9610	144	14	the	the	DET
ajfa-9610	144	15	ipo	ipo	NOUN
ajfa-9610	144	16	.	.	PUNCT
ajfa-9610	145	1	in	in	ADP
ajfa-9610	145	2	9	9	NUM
ajfa-9610	145	3	lewis	lewis	PROPN
ajfa-9610	145	4	,	,	PUNCT
ajfa-9610	145	5	rogalski	rogalski	NOUN
ajfa-9610	145	6	,	,	PUNCT
ajfa-9610	145	7	and	and	CCONJ
ajfa-9610	145	8	seward	seward	NOUN
ajfa-9610	145	9	(	(	PUNCT
ajfa-9610	145	10	2001	2001	NUM
ajfa-9610	145	11	)	)	PUNCT
ajfa-9610	145	12	indicate	indicate	VERB
ajfa-9610	145	13	that	that	SCONJ
ajfa-9610	145	14	operating	operating	NOUN
ajfa-9610	145	15	performance	performance	NOUN
ajfa-9610	145	16	and	and	CCONJ
ajfa-9610	145	17	stock	stock	NOUN
ajfa-9610	145	18	price	price	NOUN
ajfa-9610	145	19	are	be	AUX
ajfa-9610	145	20	reduced	reduce	VERB
ajfa-9610	145	21	by	by	ADP
ajfa-9610	145	22	4%-8	4%-8	NUM
ajfa-9610	145	23	%	%	NOUN
ajfa-9610	145	24	up	up	ADP
ajfa-9610	145	25	to	to	PART
ajfa-9610	145	26	five	five	NUM
ajfa-9610	145	27	years	year	NOUN
ajfa-9610	145	28	following	follow	VERB
ajfa-9610	145	29	the	the	DET
ajfa-9610	145	30	issue	issue	NOUN
ajfa-9610	145	31	date	date	NOUN
ajfa-9610	145	32	compared	compare	VERB
ajfa-9610	145	33	to	to	ADP
ajfa-9610	145	34	corporations	corporation	NOUN
ajfa-9610	145	35	that	that	PRON
ajfa-9610	145	36	have	have	VERB
ajfa-9610	145	37	no	no	DET
ajfa-9610	145	38	issuance	issuance	NOUN
ajfa-9610	145	39	of	of	ADP
ajfa-9610	145	40	convertible	convertible	ADJ
ajfa-9610	145	41	debts	debt	NOUN
ajfa-9610	145	42	.	.	PUNCT
ajfa-9610	146	1	10	10	NUM
ajfa-9610	146	2	the	the	DET
ajfa-9610	146	3	author	author	NOUN
ajfa-9610	146	4	defined	define	VERB
ajfa-9610	146	5	primary	primary	ADJ
ajfa-9610	146	6	shares	share	NOUN
ajfa-9610	146	7	as	as	ADP
ajfa-9610	146	8	the	the	DET
ajfa-9610	146	9	shares	share	NOUN
ajfa-9610	146	10	issued	issue	VERB
ajfa-9610	146	11	by	by	ADP
ajfa-9610	146	12	a	a	DET
ajfa-9610	146	13	company	company	NOUN
ajfa-9610	146	14	,	,	PUNCT
ajfa-9610	146	15	and	and	CCONJ
ajfa-9610	146	16	secondary	secondary	ADJ
ajfa-9610	146	17	shares	share	NOUN
ajfa-9610	146	18	as	as	ADP
ajfa-9610	146	19	those	those	PRON
ajfa-9610	146	20	sold	sell	VERB
ajfa-9610	146	21	by	by	ADP
ajfa-9610	146	22	insiders	insider	NOUN
ajfa-9610	146	23	.	.	PUNCT
ajfa-9610	147	1	asian	asian	ADJ
ajfa-9610	147	2	journal	journal	PROPN
ajfa-9610	147	3	of	of	ADP
ajfa-9610	147	4	finance	finance	PROPN
ajfa-9610	147	5	&	&	CCONJ
ajfa-9610	147	6	accounting	accounting	PROPN
ajfa-9610	147	7	issn	issn	PROPN
ajfa-9610	147	8	1946	1946	NUM
ajfa-9610	147	9	-	-	PUNCT
ajfa-9610	147	10	052x	052x	PROPN
ajfa-9610	147	11	2016	2016	NUM
ajfa-9610	147	12	,	,	PUNCT
ajfa-9610	147	13	vol	vol	NOUN
ajfa-9610	147	14	.	.	PROPN
ajfa-9610	147	15	8	8	NUM
ajfa-9610	147	16	,	,	PUNCT
ajfa-9610	147	17	no	no	INTJ
ajfa-9610	147	18	.	.	NOUN
ajfa-9610	147	19	1	1	NUM
ajfa-9610	147	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9610	147	21	237	237	NUM
ajfa-9610	147	22	addition	addition	NOUN
ajfa-9610	147	23	,	,	PUNCT
ajfa-9610	147	24	earnings	earning	NOUN
ajfa-9610	147	25	management	management	NOUN
ajfa-9610	147	26	is	be	AUX
ajfa-9610	147	27	the	the	DET
ajfa-9610	147	28	reason	reason	NOUN
ajfa-9610	147	29	for	for	ADP
ajfa-9610	147	30	corporate	corporate	ADJ
ajfa-9610	147	31	underperformance	underperformance	NOUN
ajfa-9610	147	32	in	in	ADP
ajfa-9610	147	33	the	the	DET
ajfa-9610	147	34	five	five	NUM
ajfa-9610	147	35	years	year	NOUN
ajfa-9610	147	36	following	follow	VERB
ajfa-9610	147	37	the	the	DET
ajfa-9610	147	38	ipo	ipo	NOUN
ajfa-9610	147	39	.	.	PUNCT
ajfa-9610	148	1	chou	chou	PROPN
ajfa-9610	148	2	et	et	PROPN
ajfa-9610	148	3	al	al	PROPN
ajfa-9610	148	4	.	.	PROPN
ajfa-9610	148	5	(	(	PUNCT
ajfa-9610	148	6	2009	2009	NUM
ajfa-9610	148	7	)	)	PUNCT
ajfa-9610	148	8	indicate	indicate	VERB
ajfa-9610	148	9	that	that	SCONJ
ajfa-9610	148	10	companies	company	NOUN
ajfa-9610	148	11	will	will	AUX
ajfa-9610	148	12	have	have	VERB
ajfa-9610	148	13	inferior	inferior	ADJ
ajfa-9610	148	14	operation	operation	NOUN
ajfa-9610	148	15	performance	performance	NOUN
ajfa-9610	148	16	and	and	CCONJ
ajfa-9610	148	17	stock	stock	NOUN
ajfa-9610	148	18	returns	return	NOUN
ajfa-9610	148	19	over	over	ADP
ajfa-9610	148	20	the	the	DET
ajfa-9610	148	21	five	five	NUM
ajfa-9610	148	22	-	-	PUNCT
ajfa-9610	148	23	year	year	NOUN
ajfa-9610	148	24	period	period	NOUN
ajfa-9610	148	25	after	after	ADP
ajfa-9610	148	26	the	the	DET
ajfa-9610	148	27	issuance	issuance	NOUN
ajfa-9610	148	28	of	of	ADP
ajfa-9610	148	29	convertible	convertible	ADJ
ajfa-9610	148	30	bonds	bond	NOUN
ajfa-9610	148	31	because	because	SCONJ
ajfa-9610	148	32	these	these	DET
ajfa-9610	148	33	companies	company	NOUN
ajfa-9610	148	34	may	may	AUX
ajfa-9610	148	35	increase	increase	VERB
ajfa-9610	148	36	their	their	PRON
ajfa-9610	148	37	reported	report	VERB
ajfa-9610	148	38	earnings	earning	NOUN
ajfa-9610	148	39	through	through	ADP
ajfa-9610	148	40	discretionary	discretionary	ADJ
ajfa-9610	148	41	accruals	accrual	NOUN
ajfa-9610	148	42	prior	prior	ADV
ajfa-9610	148	43	to	to	ADP
ajfa-9610	148	44	the	the	DET
ajfa-9610	148	45	issuance	issuance	NOUN
ajfa-9610	148	46	of	of	ADP
ajfa-9610	148	47	convertible	convertible	ADJ
ajfa-9610	148	48	corporate	corporate	ADJ
ajfa-9610	148	49	bonds	bond	NOUN
ajfa-9610	148	50	.	.	PUNCT
ajfa-9610	149	1	after	after	ADP
ajfa-9610	149	2	the	the	DET
ajfa-9610	149	3	passage	passage	NOUN
ajfa-9610	149	4	of	of	ADP
ajfa-9610	149	5	the	the	DET
ajfa-9610	149	6	sarbanes	sarbanes	PROPN
ajfa-9610	149	7	-	-	PUNCT
ajfa-9610	149	8	oxley	oxley	ADJ
ajfa-9610	149	9	act	act	NOUN
ajfa-9610	149	10	(	(	PUNCT
ajfa-9610	149	11	sox	sox	PROPN
ajfa-9610	149	12	)	)	PUNCT
ajfa-9610	149	13	in	in	ADP
ajfa-9610	149	14	the	the	DET
ajfa-9610	149	15	united	united	PROPN
ajfa-9610	149	16	states	states	PROPN
ajfa-9610	149	17	,	,	PUNCT
ajfa-9610	149	18	taiwan	taiwan	PROPN
ajfa-9610	149	19	also	also	ADV
ajfa-9610	149	20	reviewed	review	VERB
ajfa-9610	149	21	and	and	CCONJ
ajfa-9610	149	22	standardized	standardize	VERB
ajfa-9610	149	23	its	its	PRON
ajfa-9610	149	24	corporate	corporate	ADJ
ajfa-9610	149	25	governance	governance	NOUN
ajfa-9610	149	26	system	system	NOUN
ajfa-9610	149	27	.	.	PUNCT
ajfa-9610	150	1	this	this	DET
ajfa-9610	150	2	study	study	NOUN
ajfa-9610	150	3	expects	expect	VERB
ajfa-9610	150	4	that	that	SCONJ
ajfa-9610	150	5	the	the	DET
ajfa-9610	150	6	effect	effect	NOUN
ajfa-9610	150	7	of	of	ADP
ajfa-9610	150	8	accrual	accrual	ADJ
ajfa-9610	150	9	-	-	PUNCT
ajfa-9610	150	10	based	base	VERB
ajfa-9610	150	11	earnings	earning	NOUN
ajfa-9610	150	12	management	management	NOUN
ajfa-9610	150	13	has	have	VERB
ajfa-9610	150	14	limitations	limitation	NOUN
ajfa-9610	150	15	.	.	PUNCT
ajfa-9610	151	1	if	if	SCONJ
ajfa-9610	151	2	financing	financing	NOUN
ajfa-9610	151	3	companies	company	NOUN
ajfa-9610	151	4	must	must	AUX
ajfa-9610	151	5	manage	manage	VERB
ajfa-9610	151	6	higher	high	ADJ
ajfa-9610	151	7	earnings	earning	NOUN
ajfa-9610	151	8	,	,	PUNCT
ajfa-9610	151	9	they	they	PRON
ajfa-9610	151	10	will	will	AUX
ajfa-9610	151	11	tend	tend	VERB
ajfa-9610	151	12	to	to	PART
ajfa-9610	151	13	conduct	conduct	VERB
ajfa-9610	151	14	real	real	ADJ
ajfa-9610	151	15	earnings	earning	NOUN
ajfa-9610	151	16	management	management	NOUN
ajfa-9610	151	17	,	,	PUNCT
ajfa-9610	151	18	which	which	PRON
ajfa-9610	151	19	affects	affect	VERB
ajfa-9610	151	20	economic	economic	ADJ
ajfa-9610	151	21	essence	essence	NOUN
ajfa-9610	151	22	.	.	PUNCT
ajfa-9610	152	1	after	after	ADP
ajfa-9610	152	2	financing	financing	NOUN
ajfa-9610	152	3	,	,	PUNCT
ajfa-9610	152	4	the	the	DET
ajfa-9610	152	5	operating	operating	NOUN
ajfa-9610	152	6	performance	performance	NOUN
ajfa-9610	152	7	of	of	ADP
ajfa-9610	152	8	the	the	DET
ajfa-9610	152	9	companies	company	NOUN
ajfa-9610	152	10	will	will	AUX
ajfa-9610	152	11	be	be	AUX
ajfa-9610	152	12	worse	bad	ADJ
ajfa-9610	152	13	than	than	ADP
ajfa-9610	152	14	those	those	PRON
ajfa-9610	152	15	conducting	conduct	VERB
ajfa-9610	152	16	accrual	accrual	ADJ
ajfa-9610	152	17	-	-	PUNCT
ajfa-9610	152	18	based	base	VERB
ajfa-9610	152	19	earnings	earning	NOUN
ajfa-9610	152	20	management	management	NOUN
ajfa-9610	152	21	,	,	PUNCT
ajfa-9610	152	22	which	which	PRON
ajfa-9610	152	23	leads	lead	VERB
ajfa-9610	152	24	to	to	ADP
ajfa-9610	152	25	the	the	DET
ajfa-9610	152	26	following	follow	VERB
ajfa-9610	152	27	hypothesis	hypothesis	NOUN
ajfa-9610	152	28	:	:	PUNCT
ajfa-9610	152	29	h3	h3	NOUN
ajfa-9610	152	30	:	:	PUNCT
ajfa-9610	152	31	after	after	ADP
ajfa-9610	152	32	financing	financing	NOUN
ajfa-9610	152	33	,	,	PUNCT
ajfa-9610	152	34	companies	company	NOUN
ajfa-9610	152	35	have	have	VERB
ajfa-9610	152	36	different	different	ADJ
ajfa-9610	152	37	financial	financial	ADJ
ajfa-9610	152	38	performances	performance	NOUN
ajfa-9610	152	39	under	under	ADP
ajfa-9610	152	40	conducting	conduct	VERB
ajfa-9610	152	41	real	real	ADJ
ajfa-9610	152	42	activities	activity	NOUN
ajfa-9610	152	43	and	and	CCONJ
ajfa-9610	152	44	accrual	accrual	ADJ
ajfa-9610	152	45	-	-	PUNCT
ajfa-9610	152	46	based	base	VERB
ajfa-9610	152	47	earnings	earning	NOUN
ajfa-9610	152	48	management	management	NOUN
ajfa-9610	152	49	.	.	PUNCT
ajfa-9610	153	1	3	3	X
ajfa-9610	153	2	.	.	X
ajfa-9610	153	3	data	datum	NOUN
ajfa-9610	153	4	and	and	CCONJ
ajfa-9610	153	5	method	method	VERB
ajfa-9610	153	6	3.1	3.1	NUM
ajfa-9610	153	7	sample	sample	NOUN
ajfa-9610	153	8	selection	selection	NOUN
ajfa-9610	153	9	this	this	DET
ajfa-9610	153	10	study	study	NOUN
ajfa-9610	153	11	retrieves	retrieve	VERB
ajfa-9610	153	12	data	datum	NOUN
ajfa-9610	153	13	for	for	ADP
ajfa-9610	153	14	taiwan	taiwan	PROPN
ajfa-9610	153	15	stock	stock	PROPN
ajfa-9610	153	16	exchange	exchange	PROPN
ajfa-9610	153	17	(	(	PUNCT
ajfa-9610	153	18	tse	tse	PROPN
ajfa-9610	153	19	)	)	PUNCT
ajfa-9610	153	20	or	or	CCONJ
ajfa-9610	153	21	over	over	ADP
ajfa-9610	153	22	-	-	PUNCT
ajfa-9610	153	23	the	the	DET
ajfa-9610	153	24	-	-	PUNCT
ajfa-9610	153	25	counter	counter	NOUN
ajfa-9610	153	26	securities	security	NOUN
ajfa-9610	153	27	exchange	exchange	PROPN
ajfa-9610	153	28	(	(	PUNCT
ajfa-9610	153	29	otc	otc	PROPN
ajfa-9610	153	30	)	)	PUNCT
ajfa-9610	153	31	stocks	stock	NOUN
ajfa-9610	153	32	from	from	ADP
ajfa-9610	153	33	the	the	DET
ajfa-9610	153	34	database	database	NOUN
ajfa-9610	153	35	of	of	ADP
ajfa-9610	153	36	economic	economic	ADJ
ajfa-9610	153	37	journal	journal	NOUN
ajfa-9610	153	38	database	database	NOUN
ajfa-9610	153	39	(	(	PUNCT
ajfa-9610	153	40	tej	tej	PROPN
ajfa-9610	153	41	)	)	PUNCT
ajfa-9610	153	42	for	for	ADP
ajfa-9610	153	43	the	the	DET
ajfa-9610	153	44	period	period	NOUN
ajfa-9610	153	45	of	of	ADP
ajfa-9610	153	46	2004	2004	NUM
ajfa-9610	153	47	-	-	SYM
ajfa-9610	153	48	2009	2009	NUM
ajfa-9610	153	49	.	.	PUNCT
ajfa-9610	154	1	to	to	PART
ajfa-9610	154	2	be	be	AUX
ajfa-9610	154	3	included	include	VERB
ajfa-9610	154	4	in	in	ADP
ajfa-9610	154	5	the	the	DET
ajfa-9610	154	6	sample	sample	NOUN
ajfa-9610	154	7	,	,	PUNCT
ajfa-9610	154	8	this	this	DET
ajfa-9610	154	9	study	study	NOUN
ajfa-9610	154	10	requires	require	VERB
ajfa-9610	154	11	that	that	SCONJ
ajfa-9610	154	12	a	a	DET
ajfa-9610	154	13	stock	stock	NOUN
ajfa-9610	154	14	be	be	AUX
ajfa-9610	154	15	continually	continually	ADV
ajfa-9610	154	16	listed	list	VERB
ajfa-9610	154	17	on	on	ADP
ajfa-9610	154	18	the	the	DET
ajfa-9610	154	19	tse	tse	PROPN
ajfa-9610	154	20	and	and	CCONJ
ajfa-9610	154	21	otc	otc	NOUN
ajfa-9610	154	22	throughout	throughout	ADP
ajfa-9610	154	23	the	the	DET
ajfa-9610	154	24	research	research	NOUN
ajfa-9610	154	25	period	period	NOUN
ajfa-9610	154	26	and	and	CCONJ
ajfa-9610	154	27	have	have	VERB
ajfa-9610	154	28	all	all	DET
ajfa-9610	154	29	the	the	DET
ajfa-9610	154	30	data	datum	NOUN
ajfa-9610	154	31	required	require	VERB
ajfa-9610	154	32	for	for	ADP
ajfa-9610	154	33	estimating	estimate	VERB
ajfa-9610	154	34	the	the	DET
ajfa-9610	154	35	variables	variable	NOUN
ajfa-9610	154	36	involved	involve	VERB
ajfa-9610	154	37	.	.	PUNCT
ajfa-9610	155	1	this	this	DET
ajfa-9610	155	2	paper	paper	NOUN
ajfa-9610	155	3	excludes	exclude	VERB
ajfa-9610	155	4	firms	firm	NOUN
ajfa-9610	155	5	in	in	ADP
ajfa-9610	155	6	financial	financial	ADJ
ajfa-9610	155	7	distress	distress	NOUN
ajfa-9610	155	8	and	and	CCONJ
ajfa-9610	155	9	newly	newly	ADV
ajfa-9610	155	10	listed	list	VERB
ajfa-9610	155	11	firms	firm	NOUN
ajfa-9610	155	12	during	during	ADP
ajfa-9610	155	13	the	the	DET
ajfa-9610	155	14	research	research	NOUN
ajfa-9610	155	15	period	period	NOUN
ajfa-9610	155	16	.	.	PUNCT
ajfa-9610	156	1	we	we	PRON
ajfa-9610	156	2	also	also	ADV
ajfa-9610	156	3	exclude	exclude	VERB
ajfa-9610	156	4	financial	financial	ADJ
ajfa-9610	156	5	and	and	CCONJ
ajfa-9610	156	6	insurance	insurance	NOUN
ajfa-9610	156	7	firms	firm	NOUN
ajfa-9610	156	8	due	due	ADJ
ajfa-9610	156	9	to	to	ADP
ajfa-9610	156	10	their	their	PRON
ajfa-9610	156	11	characteristics	characteristic	NOUN
ajfa-9610	156	12	of	of	ADP
ajfa-9610	156	13	operations	operation	NOUN
ajfa-9610	156	14	and	and	CCONJ
ajfa-9610	156	15	financial	financial	ADJ
ajfa-9610	156	16	structures	structure	NOUN
ajfa-9610	156	17	,	,	PUNCT
ajfa-9610	156	18	which	which	PRON
ajfa-9610	156	19	are	be	AUX
ajfa-9610	156	20	different	different	ADJ
ajfa-9610	156	21	from	from	ADP
ajfa-9610	156	22	firms	firm	NOUN
ajfa-9610	156	23	in	in	ADP
ajfa-9610	156	24	other	other	ADJ
ajfa-9610	156	25	industries	industry	NOUN
ajfa-9610	156	26	.	.	PUNCT
ajfa-9610	157	1	observations	observation	NOUN
ajfa-9610	157	2	with	with	ADP
ajfa-9610	157	3	missing	miss	VERB
ajfa-9610	157	4	information	information	NOUN
ajfa-9610	157	5	are	be	AUX
ajfa-9610	157	6	also	also	ADV
ajfa-9610	157	7	excluded	exclude	VERB
ajfa-9610	157	8	.	.	PUNCT
ajfa-9610	158	1	moreover	moreover	ADV
ajfa-9610	158	2	,	,	PUNCT
ajfa-9610	158	3	audit	audit	NOUN
ajfa-9610	158	4	fees	fee	NOUN
ajfa-9610	158	5	and	and	CCONJ
ajfa-9610	158	6	non	non	ADJ
ajfa-9610	158	7	-	-	ADJ
ajfa-9610	158	8	audit	audit	ADJ
ajfa-9610	158	9	fees	fee	NOUN
ajfa-9610	158	10	are	be	AUX
ajfa-9610	158	11	disclosed	disclose	VERB
ajfa-9610	158	12	by	by	ADP
ajfa-9610	158	13	the	the	DET
ajfa-9610	158	14	companies	company	NOUN
ajfa-9610	158	15	only	only	ADV
ajfa-9610	158	16	when	when	SCONJ
ajfa-9610	158	17	certain	certain	ADJ
ajfa-9610	158	18	requirements	requirement	NOUN
ajfa-9610	158	19	are	be	AUX
ajfa-9610	158	20	met	meet	VERB
ajfa-9610	158	21	in	in	ADP
ajfa-9610	158	22	taiwan	taiwan	PROPN
ajfa-9610	158	23	.	.	PUNCT
ajfa-9610	159	1	thus	thus	ADV
ajfa-9610	159	2	,	,	PUNCT
ajfa-9610	159	3	we	we	PRON
ajfa-9610	159	4	delete	delete	VERB
ajfa-9610	159	5	observations	observation	NOUN
ajfa-9610	159	6	which	which	PRON
ajfa-9610	159	7	missing	miss	VERB
ajfa-9610	159	8	these	these	DET
ajfa-9610	159	9	two	two	NUM
ajfa-9610	159	10	variables	variable	NOUN
ajfa-9610	159	11	once	once	SCONJ
ajfa-9610	159	12	we	we	PRON
ajfa-9610	159	13	discuss	discuss	VERB
ajfa-9610	159	14	audit	audit	NOUN
ajfa-9610	159	15	fees	fee	NOUN
ajfa-9610	159	16	and	and	CCONJ
ajfa-9610	159	17	non	non	ADJ
ajfa-9610	159	18	-	-	ADJ
ajfa-9610	159	19	audit	audit	ADJ
ajfa-9610	159	20	fees	fee	NOUN
ajfa-9610	159	21	.	.	PUNCT
ajfa-9610	160	1	because	because	SCONJ
ajfa-9610	160	2	the	the	DET
ajfa-9610	160	3	number	number	NOUN
ajfa-9610	160	4	of	of	ADP
ajfa-9610	160	5	our	our	PRON
ajfa-9610	160	6	samples	sample	NOUN
ajfa-9610	160	7	is	be	AUX
ajfa-9610	160	8	not	not	PART
ajfa-9610	160	9	many	many	ADJ
ajfa-9610	160	10	,	,	PUNCT
ajfa-9610	160	11	we	we	PRON
ajfa-9610	160	12	analyze	analyze	VERB
ajfa-9610	160	13	our	our	PRON
ajfa-9610	160	14	data	datum	NOUN
ajfa-9610	160	15	by	by	ADP
ajfa-9610	160	16	winsorized	winsorized	ADJ
ajfa-9610	160	17	method11	method11	NOUN
ajfa-9610	160	18	to	to	PART
ajfa-9610	160	19	avoid	avoid	VERB
ajfa-9610	160	20	biased	biased	ADJ
ajfa-9610	160	21	estimators	estimator	NOUN
ajfa-9610	160	22	because	because	SCONJ
ajfa-9610	160	23	of	of	ADP
ajfa-9610	160	24	the	the	DET
ajfa-9610	160	25	deleted	delete	VERB
ajfa-9610	160	26	observations	observation	NOUN
ajfa-9610	160	27	.	.	PUNCT
ajfa-9610	161	1	our	our	PRON
ajfa-9610	161	2	data	datum	NOUN
ajfa-9610	161	3	are	be	AUX
ajfa-9610	161	4	based	base	VERB
ajfa-9610	161	5	on	on	ADP
ajfa-9610	161	6	the	the	DET
ajfa-9610	161	7	taiwan	taiwan	PROPN
ajfa-9610	161	8	economic	economic	PROPN
ajfa-9610	161	9	journal	journal	PROPN
ajfa-9610	161	10	database	database	NOUN
ajfa-9610	161	11	(	(	PUNCT
ajfa-9610	161	12	tej	tej	PROPN
ajfa-9610	161	13	)	)	PUNCT
ajfa-9610	161	14	.	.	PUNCT
ajfa-9610	162	1	table	table	NOUN
ajfa-9610	162	2	1	1	NUM
ajfa-9610	162	3	summarized	summarize	VERB
ajfa-9610	162	4	the	the	DET
ajfa-9610	162	5	sample	sample	NOUN
ajfa-9610	162	6	selection	selection	NOUN
ajfa-9610	162	7	process	process	NOUN
ajfa-9610	162	8	.	.	PUNCT
ajfa-9610	163	1	it	it	PRON
ajfa-9610	163	2	presents	present	VERB
ajfa-9610	163	3	a	a	DET
ajfa-9610	163	4	final	final	ADJ
ajfa-9610	163	5	sample	sample	NOUN
ajfa-9610	163	6	contains	contain	VERB
ajfa-9610	163	7	5,916	5,916	NUM
ajfa-9610	163	8	observations	observation	NOUN
ajfa-9610	163	9	from	from	ADP
ajfa-9610	163	10	2004	2004	NUM
ajfa-9610	163	11	to	to	ADP
ajfa-9610	163	12	2009	2009	NUM
ajfa-9610	163	13	,	,	PUNCT
ajfa-9610	163	14	after	after	ADP
ajfa-9610	163	15	deleting	delete	VERB
ajfa-9610	163	16	the	the	DET
ajfa-9610	163	17	sample	sample	NOUN
ajfa-9610	163	18	that	that	PRON
ajfa-9610	163	19	had	have	VERB
ajfa-9610	163	20	missing	miss	VERB
ajfa-9610	163	21	variables	variable	NOUN
ajfa-9610	163	22	.	.	PUNCT
ajfa-9610	164	1	table	table	NOUN
ajfa-9610	164	2	2	2	NUM
ajfa-9610	164	3	reports	report	VERB
ajfa-9610	164	4	the	the	DET
ajfa-9610	164	5	industries	industry	NOUN
ajfa-9610	164	6	distribution	distribution	NOUN
ajfa-9610	164	7	of	of	ADP
ajfa-9610	164	8	the	the	DET
ajfa-9610	164	9	test	test	NOUN
ajfa-9610	164	10	sample	sample	NOUN
ajfa-9610	164	11	.	.	PUNCT
ajfa-9610	165	1	the	the	DET
ajfa-9610	165	2	3,512	3,512	NUM
ajfa-9610	165	3	observations	observation	NOUN
ajfa-9610	165	4	are	be	AUX
ajfa-9610	165	5	concentrated	concentrate	VERB
ajfa-9610	165	6	in	in	ADP
ajfa-9610	165	7	the	the	DET
ajfa-9610	165	8	electronics	electronic	NOUN
ajfa-9610	165	9	industry	industry	NOUN
ajfa-9610	165	10	,	,	PUNCT
ajfa-9610	165	11	59.36	59.36	NUM
ajfa-9610	165	12	%	%	NOUN
ajfa-9610	165	13	of	of	ADP
ajfa-9610	165	14	the	the	DET
ajfa-9610	165	15	sample	sample	NOUN
ajfa-9610	165	16	,	,	PUNCT
ajfa-9610	165	17	comprised	comprise	VERB
ajfa-9610	165	18	the	the	DET
ajfa-9610	165	19	highest	high	ADJ
ajfa-9610	165	20	percentage	percentage	NOUN
ajfa-9610	165	21	.	.	PUNCT
ajfa-9610	165	22	11	11	NUM
ajfa-9610	165	23	to	to	PART
ajfa-9610	165	24	reduce	reduce	VERB
ajfa-9610	165	25	the	the	DET
ajfa-9610	165	26	effect	effect	NOUN
ajfa-9610	165	27	of	of	ADP
ajfa-9610	165	28	outliers	outlier	NOUN
ajfa-9610	165	29	,	,	PUNCT
ajfa-9610	165	30	variables	variable	NOUN
ajfa-9610	165	31	have	have	AUX
ajfa-9610	165	32	been	be	AUX
ajfa-9610	165	33	winsorized	winsorize	VERB
ajfa-9610	165	34	at	at	ADP
ajfa-9610	165	35	the	the	DET
ajfa-9610	165	36	1	1	NUM
ajfa-9610	165	37	%	%	NOUN
ajfa-9610	165	38	and	and	CCONJ
ajfa-9610	165	39	the	the	DET
ajfa-9610	165	40	99	99	NUM
ajfa-9610	165	41	%	%	NOUN
ajfa-9610	165	42	of	of	ADP
ajfa-9610	165	43	their	their	PRON
ajfa-9610	165	44	empirical	empirical	ADJ
ajfa-9610	165	45	distribution	distribution	NOUN
ajfa-9610	165	46	.	.	PUNCT
ajfa-9610	166	1	moreover	moreover	ADV
ajfa-9610	166	2	,	,	PUNCT
ajfa-9610	166	3	our	our	PRON
ajfa-9610	166	4	samples	sample	NOUN
ajfa-9610	166	5	are	be	AUX
ajfa-9610	166	6	not	not	PART
ajfa-9610	166	7	many	many	ADJ
ajfa-9610	166	8	,	,	PUNCT
ajfa-9610	166	9	for	for	ADP
ajfa-9610	166	10	example	example	NOUN
ajfa-9610	166	11	,	,	PUNCT
ajfa-9610	166	12	the	the	DET
ajfa-9610	166	13	financing	financing	NOUN
ajfa-9610	166	14	subsample	subsample	NOUN
ajfa-9610	166	15	or	or	CCONJ
ajfa-9610	166	16	companies	company	NOUN
ajfa-9610	166	17	disclosure	disclosure	VERB
ajfa-9610	166	18	auditing	auditing	NOUN
ajfa-9610	166	19	fees	fee	NOUN
ajfa-9610	166	20	.	.	PUNCT
ajfa-9610	167	1	we	we	PRON
ajfa-9610	167	2	also	also	ADV
ajfa-9610	167	3	analyze	analyze	VERB
ajfa-9610	167	4	our	our	PRON
ajfa-9610	167	5	data	datum	NOUN
ajfa-9610	167	6	by	by	ADP
ajfa-9610	167	7	winsorized	winsorized	ADJ
ajfa-9610	167	8	method	method	NOUN
ajfa-9610	167	9	to	to	PART
ajfa-9610	167	10	avoid	avoid	VERB
ajfa-9610	167	11	biased	biased	ADJ
ajfa-9610	167	12	estimators	estimator	NOUN
ajfa-9610	167	13	because	because	SCONJ
ajfa-9610	167	14	of	of	ADP
ajfa-9610	167	15	the	the	DET
ajfa-9610	167	16	deleted	delete	VERB
ajfa-9610	167	17	observations	observation	NOUN
ajfa-9610	167	18	.	.	PUNCT
ajfa-9610	168	1	asian	asian	ADJ
ajfa-9610	168	2	journal	journal	PROPN
ajfa-9610	168	3	of	of	ADP
ajfa-9610	168	4	finance	finance	PROPN
ajfa-9610	168	5	&	&	CCONJ
ajfa-9610	168	6	accounting	accounting	PROPN
ajfa-9610	168	7	issn	issn	PROPN
ajfa-9610	168	8	1946	1946	NUM
ajfa-9610	168	9	-	-	PUNCT
ajfa-9610	168	10	052x	052x	PROPN
ajfa-9610	168	11	2016	2016	NUM
ajfa-9610	168	12	,	,	PUNCT
ajfa-9610	168	13	vol	vol	NOUN
ajfa-9610	168	14	.	.	PROPN
ajfa-9610	168	15	8	8	NUM
ajfa-9610	168	16	,	,	PUNCT
ajfa-9610	168	17	no	no	INTJ
ajfa-9610	168	18	.	.	NOUN
ajfa-9610	168	19	1	1	NUM
ajfa-9610	168	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9610	168	21	238	238	NUM
ajfa-9610	168	22	table	table	NOUN
ajfa-9610	168	23	1	1	NUM
ajfa-9610	168	24	.	.	PUNCT
ajfa-9610	169	1	sample	sample	NOUN
ajfa-9610	169	2	analysis	analysis	NOUN
ajfa-9610	169	3	initial	initial	ADJ
ajfa-9610	169	4	number	number	NOUN
ajfa-9610	169	5	of	of	ADP
ajfa-9610	169	6	samples	sample	NOUN
ajfa-9610	169	7	obtained	obtain	VERB
ajfa-9610	169	8	from	from	ADP
ajfa-9610	169	9	taiwan	taiwan	PROPN
ajfa-9610	169	10	7,013	7,013	NUM
ajfa-9610	169	11	(	(	PUNCT
ajfa-9610	169	12	1	1	NUM
ajfa-9610	169	13	)	)	PUNCT
ajfa-9610	169	14	exclude	exclude	VERB
ajfa-9610	169	15	missing	miss	VERB
ajfa-9610	169	16	value	value	NOUN
ajfa-9610	169	17	of	of	ADP
ajfa-9610	169	18	calculating	calculate	VERB
ajfa-9610	169	19	earnings	earning	NOUN
ajfa-9610	169	20	management	management	NOUN
ajfa-9610	169	21	variable	variable	NOUN
ajfa-9610	169	22	888	888	NUM
ajfa-9610	169	23	(	(	PUNCT
ajfa-9610	169	24	2	2	NUM
ajfa-9610	169	25	)	)	PUNCT
ajfa-9610	169	26	exclude	exclude	VERB
ajfa-9610	169	27	missing	miss	VERB
ajfa-9610	169	28	value	value	NOUN
ajfa-9610	169	29	of	of	ADP
ajfa-9610	169	30	beta	beta	ADJ
ajfa-9610	169	31	variable	variable	NOUN
ajfa-9610	169	32	209	209	NUM
ajfa-9610	169	33	available	available	ADJ
ajfa-9610	169	34	samples	sample	NOUN
ajfa-9610	169	35	(	(	PUNCT
ajfa-9610	169	36	firm	firm	ADJ
ajfa-9610	169	37	year	year	NOUN
ajfa-9610	169	38	)	)	PUNCT
ajfa-9610	169	39	(	(	PUNCT
ajfa-9610	169	40	2004~2009	2004~2009	NUM
ajfa-9610	169	41	)	)	PUNCT
ajfa-9610	169	42	5,916	5,916	NUM
ajfa-9610	169	43	table	table	NOUN
ajfa-9610	169	44	2	2	NUM
ajfa-9610	169	45	.	.	PUNCT
ajfa-9610	169	46	industry	industry	NOUN
ajfa-9610	169	47	distribution	distribution	NOUN
ajfa-9610	169	48	of	of	ADP
ajfa-9610	169	49	sample	sample	NOUN
ajfa-9610	169	50	tej	tej	NOUN
ajfa-9610	169	51	industry	industry	NOUN
ajfa-9610	169	52	number	number	NOUN
ajfa-9610	169	53	of	of	ADP
ajfa-9610	169	54	observations(2004~2009	observations(2004~2009	PROPN
ajfa-9610	169	55	)	)	PUNCT
ajfa-9610	169	56	%	%	NOUN
ajfa-9610	169	57	of	of	ADP
ajfa-9610	169	58	obs	obs	PROPN
ajfa-9610	169	59	.	.	PUNCT
ajfa-9610	170	1	cement	cement	NOUN
ajfa-9610	170	2	(	(	PUNCT
ajfa-9610	170	3	11	11	NUM
ajfa-9610	170	4	)	)	PUNCT
ajfa-9610	170	5	41	41	NUM
ajfa-9610	170	6	0.69	0.69	NUM
ajfa-9610	170	7	food	food	NOUN
ajfa-9610	170	8	products	product	NOUN
ajfa-9610	170	9	(	(	PUNCT
ajfa-9610	170	10	12	12	NUM
ajfa-9610	170	11	)	)	PUNCT
ajfa-9610	170	12	114	114	NUM
ajfa-9610	170	13	1.93	1.93	NUM
ajfa-9610	170	14	petroleum	petroleum	NOUN
ajfa-9610	170	15	refining(13	refining(13	NOUN
ajfa-9610	170	16	)	)	PUNCT
ajfa-9610	170	17	157	157	NUM
ajfa-9610	170	18	2.65	2.65	NUM
ajfa-9610	170	19	textile(14	textile(14	NOUN
ajfa-9610	170	20	)	)	PUNCT
ajfa-9610	170	21	267	267	NUM
ajfa-9610	170	22	4.51	4.51	NUM
ajfa-9610	170	23	electric	electric	ADJ
ajfa-9610	170	24	machinery(15	machinery(15	NOUN
ajfa-9610	170	25	)	)	PUNCT
ajfa-9610	170	26	205	205	NUM
ajfa-9610	170	27	3.47	3.47	NUM
ajfa-9610	170	28	electrical	electrical	ADJ
ajfa-9610	170	29	equipment	equipment	NOUN
ajfa-9610	170	30	&	&	CCONJ
ajfa-9610	170	31	cable(16	cable(16	NOUN
ajfa-9610	170	32	)	)	PUNCT
ajfa-9610	170	33	65	65	NUM
ajfa-9610	170	34	1.10	1.10	NUM
ajfa-9610	170	35	chemical	chemical	NOUN
ajfa-9610	170	36	&	&	CCONJ
ajfa-9610	170	37	medical	medical	ADJ
ajfa-9610	170	38	products(17	products(17	PROPN
ajfa-9610	170	39	)	)	PUNCT
ajfa-9610	170	40	207	207	NUM
ajfa-9610	170	41	3.50	3.50	NUM
ajfa-9610	170	42	glass	glass	NOUN
ajfa-9610	170	43	&	&	CCONJ
ajfa-9610	170	44	ceramics(18	ceramics(18	NOUN
ajfa-9610	170	45	)	)	PUNCT
ajfa-9610	170	46	37	37	NUM
ajfa-9610	170	47	0.63	0.63	NUM
ajfa-9610	170	48	paper	paper	NOUN
ajfa-9610	170	49	and	and	CCONJ
ajfa-9610	170	50	paper	paper	NOUN
ajfa-9610	170	51	products	product	NOUN
ajfa-9610	170	52	(	(	PUNCT
ajfa-9610	170	53	19	19	NUM
ajfa-9610	170	54	)	)	PUNCT
ajfa-9610	170	55	41	41	NUM
ajfa-9610	170	56	0.69	0.69	NUM
ajfa-9610	170	57	iron	iron	NOUN
ajfa-9610	170	58	&	&	CCONJ
ajfa-9610	170	59	steel(20	steel(20	NOUN
ajfa-9610	170	60	)	)	PUNCT
ajfa-9610	170	61	153	153	NUM
ajfa-9610	170	62	2.59	2.59	NUM
ajfa-9610	170	63	rubber(21	rubber(21	NOUN
ajfa-9610	170	64	)	)	PUNCT
ajfa-9610	170	65	51	51	NUM
ajfa-9610	170	66	0.86	0.86	NUM
ajfa-9610	170	67	automobile(22	automobile(22	NOUN
ajfa-9610	170	68	)	)	PUNCT
ajfa-9610	170	69	27	27	NUM
ajfa-9610	170	70	0.46	0.46	NUM
ajfa-9610	170	71	electronics(23	electronics(23	NOUN
ajfa-9610	170	72	)	)	PUNCT
ajfa-9610	170	73	3,512	3,512	NUM
ajfa-9610	170	74	59.36	59.36	NUM
ajfa-9610	170	75	construction(25	construction(25	NOUN
ajfa-9610	170	76	)	)	PUNCT
ajfa-9610	170	77	370	370	NUM
ajfa-9610	170	78	6.25	6.25	NUM
ajfa-9610	170	79	air	air	NOUN
ajfa-9610	170	80	transportation(26	transportation(26	NOUN
ajfa-9610	170	81	)	)	PUNCT
ajfa-9610	170	82	124	124	NUM
ajfa-9610	170	83	2.10	2.10	NUM
ajfa-9610	170	84	entertainment(27	entertainment(27	NOUN
ajfa-9610	170	85	)	)	PUNCT
ajfa-9610	170	86	61	61	NUM
ajfa-9610	170	87	1.03	1.03	NUM
ajfa-9610	170	88	misc	misc	NOUN
ajfa-9610	170	89	.	.	PUNCT
ajfa-9610	171	1	retail(29	retail(29	PROPN
ajfa-9610	171	2	)	)	PUNCT
ajfa-9610	171	3	94	94	NUM
ajfa-9610	171	4	1.59	1.59	NUM
ajfa-9610	171	5	other(97、99	other(97、99	PROPN
ajfa-9610	171	6	)	)	PUNCT
ajfa-9610	171	7	390	390	NUM
ajfa-9610	171	8	6.59	6.59	NUM
ajfa-9610	171	9	total	total	NOUN
ajfa-9610	171	10	5,916	5,916	NUM
ajfa-9610	171	11	100	100	NUM
ajfa-9610	171	12	3.2	3.2	NUM
ajfa-9610	171	13	empirical	empirical	ADJ
ajfa-9610	171	14	models	model	NOUN
ajfa-9610	171	15	in	in	ADP
ajfa-9610	171	16	order	order	NOUN
ajfa-9610	171	17	to	to	PART
ajfa-9610	171	18	test	test	VERB
ajfa-9610	171	19	hypothesis	hypothesis	NOUN
ajfa-9610	171	20	1	1	NUM
ajfa-9610	171	21	,	,	PUNCT
ajfa-9610	171	22	the	the	DET
ajfa-9610	171	23	financing	financing	NOUN
ajfa-9610	171	24	companies	company	NOUN
ajfa-9610	171	25	may	may	AUX
ajfa-9610	171	26	have	have	VERB
ajfa-9610	171	27	differences	difference	NOUN
ajfa-9610	171	28	in	in	ADP
ajfa-9610	171	29	the	the	DET
ajfa-9610	171	30	use	use	NOUN
ajfa-9610	171	31	of	of	ADP
ajfa-9610	171	32	earnings	earning	NOUN
ajfa-9610	171	33	management	management	NOUN
ajfa-9610	171	34	methods	method	NOUN
ajfa-9610	171	35	due	due	ADJ
ajfa-9610	171	36	to	to	ADP
ajfa-9610	171	37	different	different	ADJ
ajfa-9610	171	38	financing	financing	NOUN
ajfa-9610	171	39	policies	policy	NOUN
ajfa-9610	171	40	,	,	PUNCT
ajfa-9610	171	41	this	this	DET
ajfa-9610	171	42	study	study	NOUN
ajfa-9610	171	43	conducts	conduct	NOUN
ajfa-9610	171	44	mean	mean	VERB
ajfa-9610	171	45	difference	difference	NOUN
ajfa-9610	171	46	analysis	analysis	NOUN
ajfa-9610	171	47	on	on	ADP
ajfa-9610	171	48	the	the	DET
ajfa-9610	171	49	earnings	earning	NOUN
ajfa-9610	171	50	management	management	NOUN
ajfa-9610	171	51	of	of	ADP
ajfa-9610	171	52	corporations	corporation	NOUN
ajfa-9610	171	53	in	in	ADP
ajfa-9610	171	54	the	the	DET
ajfa-9610	171	55	four	four	NUM
ajfa-9610	171	56	years	year	NOUN
ajfa-9610	171	57	prior	prior	ADV
ajfa-9610	171	58	to	to	ADP
ajfa-9610	171	59	and	and	CCONJ
ajfa-9610	171	60	in	in	ADP
ajfa-9610	171	61	the	the	DET
ajfa-9610	171	62	three	three	NUM
ajfa-9610	171	63	years	year	NOUN
ajfa-9610	171	64	after	after	ADP
ajfa-9610	171	65	the	the	DET
ajfa-9610	171	66	announcement	announcement	NOUN
ajfa-9610	171	67	date	date	NOUN
ajfa-9610	171	68	of	of	ADP
ajfa-9610	171	69	issuing	issue	VERB
ajfa-9610	171	70	corporate	corporate	ADJ
ajfa-9610	171	71	bonds	bond	NOUN
ajfa-9610	171	72	and	and	CCONJ
ajfa-9610	171	73	seos	seo	NOUN
ajfa-9610	171	74	,	,	PUNCT
ajfa-9610	171	75	to	to	PART
ajfa-9610	171	76	examine	examine	VERB
ajfa-9610	171	77	whether	whether	SCONJ
ajfa-9610	171	78	the	the	DET
ajfa-9610	171	79	companies	company	NOUN
ajfa-9610	171	80	with	with	ADP
ajfa-9610	171	81	different	different	ADJ
ajfa-9610	171	82	financing	financing	NOUN
ajfa-9610	171	83	policies	policy	NOUN
ajfa-9610	171	84	have	have	VERB
ajfa-9610	171	85	differences	difference	NOUN
ajfa-9610	171	86	in	in	ADP
ajfa-9610	171	87	using	use	VERB
ajfa-9610	171	88	earnings	earning	NOUN
ajfa-9610	171	89	management	management	NOUN
ajfa-9610	171	90	methods	method	NOUN
ajfa-9610	171	91	.	.	PUNCT
ajfa-9610	172	1	on	on	ADP
ajfa-9610	172	2	the	the	DET
ajfa-9610	172	3	other	other	ADJ
ajfa-9610	172	4	hand	hand	NOUN
ajfa-9610	172	5	,	,	PUNCT
ajfa-9610	172	6	we	we	PRON
ajfa-9610	172	7	expect	expect	VERB
ajfa-9610	172	8	that	that	SCONJ
ajfa-9610	172	9	companies	company	NOUN
ajfa-9610	172	10	with	with	ADP
ajfa-9610	172	11	stronger	strong	ADJ
ajfa-9610	172	12	corporate	corporate	ADJ
ajfa-9610	172	13	governance	governance	NOUN
ajfa-9610	172	14	may	may	AUX
ajfa-9610	172	15	conduct	conduct	VERB
ajfa-9610	172	16	less	less	ADJ
ajfa-9610	172	17	real	real	ADJ
ajfa-9610	172	18	earnings	earning	NOUN
ajfa-9610	172	19	management	management	NOUN
ajfa-9610	172	20	.	.	PUNCT
ajfa-9610	173	1	in	in	ADP
ajfa-9610	173	2	order	order	NOUN
ajfa-9610	173	3	to	to	PART
ajfa-9610	173	4	test	test	VERB
ajfa-9610	173	5	hypothesis	hypothesis	NOUN
ajfa-9610	173	6	2	2	NUM
ajfa-9610	173	7	,	,	PUNCT
ajfa-9610	173	8	this	this	DET
ajfa-9610	173	9	study	study	NOUN
ajfa-9610	173	10	uses	use	VERB
ajfa-9610	173	11	the	the	DET
ajfa-9610	173	12	two	two	NUM
ajfa-9610	173	13	-	-	PUNCT
ajfa-9610	173	14	stage	stage	NOUN
ajfa-9610	173	15	model	model	NOUN
ajfa-9610	173	16	followed	follow	VERB
ajfa-9610	173	17	by	by	ADP
ajfa-9610	173	18	heckman	heckman	PROPN
ajfa-9610	173	19	(	(	PUNCT
ajfa-9610	173	20	1979	1979	NUM
ajfa-9610	173	21	)	)	PUNCT
ajfa-9610	173	22	to	to	PART
ajfa-9610	173	23	control	control	VERB
ajfa-9610	173	24	the	the	DET
ajfa-9610	173	25	self	self	NOUN
ajfa-9610	173	26	-	-	PUNCT
ajfa-9610	173	27	section	section	NOUN
ajfa-9610	173	28	of	of	ADP
ajfa-9610	173	29	earnings	earning	NOUN
ajfa-9610	173	30	management	management	NOUN
ajfa-9610	173	31	.	.	PUNCT
ajfa-9610	174	1	the	the	DET
ajfa-9610	174	2	first	first	ADJ
ajfa-9610	174	3	stage	stage	NOUN
ajfa-9610	174	4	explains	explain	VERB
ajfa-9610	174	5	whether	whether	SCONJ
ajfa-9610	174	6	financing	financing	NOUN
ajfa-9610	174	7	firms	firm	NOUN
ajfa-9610	174	8	will	will	AUX
ajfa-9610	174	9	adopt	adopt	VERB
ajfa-9610	174	10	earnings	earning	NOUN
ajfa-9610	174	11	management	management	NOUN
ajfa-9610	174	12	,	,	PUNCT
ajfa-9610	174	13	including	include	VERB
ajfa-9610	174	14	accrual	accrual	ADJ
ajfa-9610	174	15	-	-	PUNCT
ajfa-9610	174	16	based	base	VERB
ajfa-9610	174	17	and	and	CCONJ
ajfa-9610	174	18	real	real	ADJ
ajfa-9610	174	19	activities	activity	NOUN
ajfa-9610	174	20	two	two	NUM
ajfa-9610	174	21	tools	tool	NOUN
ajfa-9610	174	22	.	.	PUNCT
ajfa-9610	175	1	we	we	PRON
ajfa-9610	175	2	use	use	VERB
ajfa-9610	175	3	tem_tit	tem_tit	NOUN
ajfa-9610	175	4	to	to	PART
ajfa-9610	175	5	judge	judge	VERB
ajfa-9610	175	6	whether	whether	SCONJ
ajfa-9610	175	7	the	the	DET
ajfa-9610	175	8	financing	financing	NOUN
ajfa-9610	175	9	firm	firm	NOUN
ajfa-9610	175	10	engage	engage	VERB
ajfa-9610	175	11	in	in	ADP
ajfa-9610	175	12	earnings	earning	NOUN
ajfa-9610	175	13	management	management	NOUN
ajfa-9610	175	14	based	base	VERB
ajfa-9610	175	15	on	on	ADP
ajfa-9610	175	16	asian	asian	ADJ
ajfa-9610	175	17	journal	journal	PROPN
ajfa-9610	175	18	of	of	ADP
ajfa-9610	175	19	finance	finance	PROPN
ajfa-9610	175	20	&	&	CCONJ
ajfa-9610	175	21	accounting	accounting	PROPN
ajfa-9610	175	22	issn	issn	PROPN
ajfa-9610	175	23	1946	1946	NUM
ajfa-9610	175	24	-	-	PUNCT
ajfa-9610	175	25	052x	052x	PROPN
ajfa-9610	175	26	2016	2016	NUM
ajfa-9610	175	27	,	,	PUNCT
ajfa-9610	175	28	vol	vol	NOUN
ajfa-9610	175	29	.	.	PROPN
ajfa-9610	175	30	8	8	NUM
ajfa-9610	175	31	,	,	PUNCT
ajfa-9610	175	32	no	no	INTJ
ajfa-9610	175	33	.	.	NOUN
ajfa-9610	175	34	1	1	NUM
ajfa-9610	175	35	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9610	175	36	239	239	NUM
ajfa-9610	175	37	discretionary	discretionary	ADJ
ajfa-9610	175	38	accruals	accrual	NOUN
ajfa-9610	175	39	of	of	ADP
ajfa-9610	175	40	ball	ball	NOUN
ajfa-9610	175	41	and	and	CCONJ
ajfa-9610	175	42	shivakumar	shivakumar	PROPN
ajfa-9610	175	43	(	(	PUNCT
ajfa-9610	175	44	2006	2006	NUM
ajfa-9610	175	45	,	,	PUNCT
ajfa-9610	175	46	2008	2008	NUM
ajfa-9610	175	47	)	)	PUNCT
ajfa-9610	175	48	or	or	CCONJ
ajfa-9610	175	49	on	on	ADP
ajfa-9610	175	50	real	real	ADJ
ajfa-9610	175	51	activities	activity	NOUN
ajfa-9610	175	52	earnings	earning	NOUN
ajfa-9610	175	53	management	management	NOUN
ajfa-9610	175	54	.	.	PUNCT
ajfa-9610	176	1	the	the	DET
ajfa-9610	176	2	second	second	ADJ
ajfa-9610	176	3	stage	stage	NOUN
ajfa-9610	176	4	examines	examine	VERB
ajfa-9610	176	5	the	the	DET
ajfa-9610	176	6	effects	effect	NOUN
ajfa-9610	176	7	of	of	ADP
ajfa-9610	176	8	internal	internal	ADJ
ajfa-9610	176	9	control	control	NOUN
ajfa-9610	176	10	and	and	CCONJ
ajfa-9610	176	11	audit	audit	NOUN
ajfa-9610	176	12	quality	quality	NOUN
ajfa-9610	176	13	on	on	ADP
ajfa-9610	176	14	real	real	ADJ
ajfa-9610	176	15	earnings	earning	NOUN
ajfa-9610	176	16	management	management	NOUN
ajfa-9610	176	17	.	.	PUNCT
ajfa-9610	177	1	following	follow	VERB
ajfa-9610	177	2	lin	lin	PROPN
ajfa-9610	177	3	and	and	CCONJ
ajfa-9610	177	4	hsu	hsu	PROPN
ajfa-9610	177	5	(	(	PUNCT
ajfa-9610	177	6	2011	2011	NUM
ajfa-9610	177	7	)	)	PUNCT
ajfa-9610	177	8	,	,	PUNCT
ajfa-9610	177	9	we	we	PRON
ajfa-9610	177	10	adopt	adopt	VERB
ajfa-9610	177	11	the	the	DET
ajfa-9610	177	12	following	follow	VERB
ajfa-9610	177	13	two	two	NUM
ajfa-9610	177	14	-	-	PUNCT
ajfa-9610	177	15	stage	stage	NOUN
ajfa-9610	177	16	models	model	NOUN
ajfa-9610	177	17	.	.	PUNCT
ajfa-9610	178	1	ititititititit	ititititititit	PROPN
ajfa-9610	178	2	eindusmbasizearoaabetaafinanaattem	eindusmbasizearoaabetaafinanaattem	NOUN
ajfa-9610	179	1	+	+	PROPN
ajfa-9610	179	2	+	+	PROPN
ajfa-9610	179	3	+	+	ADJ
ajfa-9610	179	4	+	+	ADJ
ajfa-9610	179	5	+	+	ADJ
ajfa-9610	179	6	+	+	ADJ
ajfa-9610	179	7	+	+	NOUN
ajfa-9610	179	8	=	=	NOUN
ajfa-9610	179	9	543210	543210	NUM
ajfa-9610	179	10	3	3	NUM
ajfa-9610	179	11	_	_	PRON
ajfa-9610	179	12	(	(	PUNCT
ajfa-9610	179	13	1a	1a	NUM
ajfa-9610	179	14	)	)	PUNCT
ajfa-9610	179	15	itititit	itititit	NOUN
ajfa-9610	179	16	itititititit	itititititit	NOUN
ajfa-9610	179	17	einvsmillbspeaudbcpachgb	einvsmillbspeaudbcpachgb	NOUN
ajfa-9610	179	18	bigbinstbmshahdbindedrbbrdsizebbrem	bigbinstbmshahdbindedrbbrdsizebbrem	ADJ
ajfa-9610	179	19	+	+	PROPN
ajfa-9610	179	20	+	+	ADJ
ajfa-9610	179	21	+	+	ADJ
ajfa-9610	179	22	+	+	ADJ
ajfa-9610	179	23	+	+	ADJ
ajfa-9610	179	24	+	+	ADJ
ajfa-9610	179	25	+	+	ADJ
ajfa-9610	179	26	+	+	ADJ
ajfa-9610	179	27	+	+	ADJ
ajfa-9610	179	28	=	=	ADJ
ajfa-9610	179	29	876	876	NUM
ajfa-9610	179	30	543210	543210	NUM
ajfa-9610	179	31	4	4	NUM
ajfa-9610	179	32	(	(	PUNCT
ajfa-9610	179	33	1b	1b	NUM
ajfa-9610	179	34	)	)	PUNCT
ajfa-9610	179	35	where	where	SCONJ
ajfa-9610	179	36	tem_t=	tem_t=	VERB
ajfa-9610	179	37	a	a	DET
ajfa-9610	179	38	dummy	dummy	ADJ
ajfa-9610	179	39	variable	variable	NOUN
ajfa-9610	179	40	and	and	CCONJ
ajfa-9610	179	41	takes	take	VERB
ajfa-9610	179	42	the	the	DET
ajfa-9610	179	43	value	value	NOUN
ajfa-9610	179	44	of	of	ADP
ajfa-9610	179	45	1	1	NUM
ajfa-9610	179	46	if	if	SCONJ
ajfa-9610	179	47	the	the	DET
ajfa-9610	179	48	company	company	NOUN
ajfa-9610	179	49	performs	perform	VERB
ajfa-9610	179	50	accruals	accrual	NOUN
ajfa-9610	179	51	or	or	CCONJ
ajfa-9610	179	52	real	real	ADJ
ajfa-9610	179	53	earnings	earning	NOUN
ajfa-9610	179	54	management	management	NOUN
ajfa-9610	179	55	,	,	PUNCT
ajfa-9610	179	56	and	and	CCONJ
ajfa-9610	179	57	0	0	NUM
ajfa-9610	179	58	otherwise	otherwise	ADV
ajfa-9610	179	59	;	;	PUNCT
ajfa-9610	179	60	finan3=	finan3=	VERB
ajfa-9610	179	61	a	a	DET
ajfa-9610	179	62	dummy	dummy	ADJ
ajfa-9610	179	63	variable	variable	NOUN
ajfa-9610	179	64	and	and	CCONJ
ajfa-9610	179	65	sets	set	VERB
ajfa-9610	179	66	to	to	ADP
ajfa-9610	179	67	1	1	NUM
ajfa-9610	179	68	if	if	SCONJ
ajfa-9610	179	69	the	the	DET
ajfa-9610	179	70	company	company	NOUN
ajfa-9610	179	71	issues	issue	VERB
ajfa-9610	179	72	bonds	bond	NOUN
ajfa-9610	179	73	or	or	CCONJ
ajfa-9610	179	74	seasoned	season	VERB
ajfa-9610	179	75	equity	equity	NOUN
ajfa-9610	179	76	offerings	offering	NOUN
ajfa-9610	179	77	and	and	CCONJ
ajfa-9610	179	78	0	0	NUM
ajfa-9610	179	79	otherwise	otherwise	ADV
ajfa-9610	180	1	;	;	PUNCT
ajfa-9610	180	2	beta=	beta=	NUM
ajfa-9610	180	3	systematic	systematic	ADJ
ajfa-9610	180	4	risk	risk	NOUN
ajfa-9610	180	5	;	;	PUNCT
ajfa-9610	180	6	roa=	roa=	NOUN
ajfa-9610	180	7	return	return	NOUN
ajfa-9610	180	8	on	on	ADP
ajfa-9610	180	9	assets	asset	NOUN
ajfa-9610	180	10	;	;	PUNCT
ajfa-9610	180	11	size=	size=	NUM
ajfa-9610	180	12	company	company	NOUN
ajfa-9610	180	13	size	size	NOUN
ajfa-9610	180	14	;	;	PUNCT
ajfa-9610	180	15	mb=	mb=	PROPN
ajfa-9610	180	16	market	market	NOUN
ajfa-9610	180	17	-	-	PUNCT
ajfa-9610	180	18	to	to	ADP
ajfa-9610	180	19	-	-	PUNCT
ajfa-9610	180	20	book	book	NOUN
ajfa-9610	180	21	ratio	ratio	NOUN
ajfa-9610	180	22	;	;	PUNCT
ajfa-9610	180	23	indus	indus	NOUN
ajfa-9610	180	24	=	=	NOUN
ajfa-9610	180	25	industry	industry	NOUN
ajfa-9610	180	26	type	type	NOUN
ajfa-9610	180	27	;	;	PUNCT
ajfa-9610	180	28	rem=	rem=	VERB
ajfa-9610	180	29	real	real	ADJ
ajfa-9610	180	30	earnings	earning	NOUN
ajfa-9610	180	31	management	management	NOUN
ajfa-9610	180	32	;	;	PUNCT
ajfa-9610	180	33	brdsize=	brdsize=	NUM
ajfa-9610	180	34	board	board	NOUN
ajfa-9610	180	35	size	size	NOUN
ajfa-9610	180	36	;	;	PUNCT
ajfa-9610	180	37	indedr	indedr	NOUN
ajfa-9610	180	38	=	=	SYM
ajfa-9610	180	39	ratio	ratio	NOUN
ajfa-9610	180	40	of	of	ADP
ajfa-9610	180	41	independent	independent	ADJ
ajfa-9610	180	42	directors	director	NOUN
ajfa-9610	180	43	;	;	PUNCT
ajfa-9610	180	44	mshahd=	mshahd=	NUM
ajfa-9610	180	45	shareholdings	shareholding	NOUN
ajfa-9610	180	46	of	of	ADP
ajfa-9610	180	47	directors	director	NOUN
ajfa-9610	180	48	supervisors	supervisor	NOUN
ajfa-9610	180	49	and	and	CCONJ
ajfa-9610	180	50	managers	manager	NOUN
ajfa-9610	180	51	;	;	PUNCT
ajfa-9610	180	52	inst=	inst=	NUM
ajfa-9610	180	53	shareholdings	shareholding	NOUN
ajfa-9610	180	54	of	of	ADP
ajfa-9610	180	55	institutional	institutional	ADJ
ajfa-9610	180	56	investors	investor	NOUN
ajfa-9610	180	57	;	;	PUNCT
ajfa-9610	180	58	big4=	big4=	VERB
ajfa-9610	180	59	big	big	ADJ
ajfa-9610	180	60	4	4	NUM
ajfa-9610	180	61	/	/	SYM
ajfa-9610	180	62	non	non	ADJ
ajfa-9610	180	63	-	-	ADJ
ajfa-9610	180	64	big	big	ADJ
ajfa-9610	180	65	4	4	NUM
ajfa-9610	180	66	indicator	indicator	NOUN
ajfa-9610	180	67	variable	variable	NOUN
ajfa-9610	180	68	;	;	PUNCT
ajfa-9610	180	69	cpachg=	cpachg=	NUM
ajfa-9610	180	70	auditor	auditor	NOUN
ajfa-9610	180	71	change	change	NOUN
ajfa-9610	180	72	indicator	indicator	NOUN
ajfa-9610	180	73	variable	variable	NOUN
ajfa-9610	180	74	in	in	ADP
ajfa-9610	180	75	current	current	ADJ
ajfa-9610	180	76	or	or	CCONJ
ajfa-9610	180	77	previous	previous	ADJ
ajfa-9610	180	78	period	period	NOUN
ajfa-9610	180	79	;	;	PUNCT
ajfa-9610	180	80	speaud=	speaud=	NUM
ajfa-9610	180	81	industry	industry	NOUN
ajfa-9610	180	82	specialist	specialist	NOUN
ajfa-9610	180	83	/	/	SYM
ajfa-9610	180	84	non	non	ADJ
ajfa-9610	180	85	-	-	ADJ
ajfa-9610	180	86	specialist	specialist	ADJ
ajfa-9610	180	87	indicator	indicator	NOUN
ajfa-9610	180	88	variable	variable	NOUN
ajfa-9610	180	89	;	;	PUNCT
ajfa-9610	180	90	invsmill=	invsmill=	NUM
ajfa-9610	180	91	the	the	DET
ajfa-9610	180	92	inverse	inverse	NOUN
ajfa-9610	180	93	mills	mill	NOUN
ajfa-9610	180	94	’	'	PUNCT
ajfa-9610	180	95	ratio	ratio	NOUN
ajfa-9610	180	96	that	that	PRON
ajfa-9610	180	97	is	be	AUX
ajfa-9610	180	98	generated	generate	VERB
ajfa-9610	180	99	from	from	ADP
ajfa-9610	180	100	the	the	DET
ajfa-9610	180	101	first	first	ADJ
ajfa-9610	180	102	stage	stage	NOUN
ajfa-9610	180	103	regression	regression	NOUN
ajfa-9610	180	104	based	base	VERB
ajfa-9610	180	105	on	on	ADP
ajfa-9610	180	106	heckman	heckman	PROPN
ajfa-9610	180	107	’s	’s	PART
ajfa-9610	180	108	two	two	NUM
ajfa-9610	180	109	-	-	PUNCT
ajfa-9610	180	110	step	step	NOUN
ajfa-9610	180	111	estimation	estimation	NOUN
ajfa-9610	180	112	procedure	procedure	NOUN
ajfa-9610	180	113	(	(	PUNCT
ajfa-9610	180	114	heckman	heckman	NOUN
ajfa-9610	180	115	,	,	PUNCT
ajfa-9610	180	116	1979	1979	NUM
ajfa-9610	180	117	)	)	PUNCT
ajfa-9610	180	118	.	.	PUNCT
ajfa-9610	181	1	moreover	moreover	ADV
ajfa-9610	181	2	,	,	PUNCT
ajfa-9610	181	3	in	in	ADP
ajfa-9610	181	4	order	order	NOUN
ajfa-9610	181	5	to	to	PART
ajfa-9610	181	6	drive	drive	VERB
ajfa-9610	181	7	a	a	DET
ajfa-9610	181	8	comprehensive	comprehensive	ADJ
ajfa-9610	181	9	measure	measure	NOUN
ajfa-9610	181	10	for	for	ADP
ajfa-9610	181	11	corporate	corporate	ADJ
ajfa-9610	181	12	governance	governance	NOUN
ajfa-9610	181	13	,	,	PUNCT
ajfa-9610	181	14	we	we	PRON
ajfa-9610	181	15	use	use	VERB
ajfa-9610	181	16	the	the	DET
ajfa-9610	181	17	principal	principal	ADJ
ajfa-9610	181	18	components	component	NOUN
ajfa-9610	181	19	analysis	analysis	NOUN
ajfa-9610	181	20	(	(	PUNCT
ajfa-9610	181	21	pca	pca	NOUN
ajfa-9610	181	22	)	)	PUNCT
ajfa-9610	181	23	to	to	PART
ajfa-9610	181	24	extract	extract	VERB
ajfa-9610	181	25	the	the	DET
ajfa-9610	181	26	first	first	ADJ
ajfa-9610	181	27	principal	principal	ADJ
ajfa-9610	181	28	component	component	NOUN
ajfa-9610	181	29	as	as	ADP
ajfa-9610	181	30	the	the	DET
ajfa-9610	181	31	corporate	corporate	ADJ
ajfa-9610	181	32	governance	governance	NOUN
ajfa-9610	181	33	.	.	PUNCT
ajfa-9610	182	1	the	the	DET
ajfa-9610	182	2	empirical	empirical	ADJ
ajfa-9610	182	3	model	model	NOUN
ajfa-9610	182	4	is	be	AUX
ajfa-9610	182	5	as	as	SCONJ
ajfa-9610	182	6	follows	follow	VERB
ajfa-9610	182	7	:	:	PUNCT
ajfa-9610	182	8	ititit	ititit	PROPN
ajfa-9610	182	9	invsmillgirem	invsmillgirem	VERB
ajfa-9610	182	10	εβββ	εβββ	ADJ
ajfa-9610	183	1	+	+	PROPN
ajfa-9610	183	2	+	+	ADJ
ajfa-9610	183	3	+	+	NOUN
ajfa-9610	183	4	=	=	ADJ
ajfa-9610	183	5	210	210	NUM
ajfa-9610	183	6	(	(	PUNCT
ajfa-9610	183	7	1c	1c	NOUN
ajfa-9610	183	8	)	)	PUNCT
ajfa-9610	183	9	where	where	SCONJ
ajfa-9610	183	10	gi=	gi=	VERB
ajfa-9610	183	11	corporate	corporate	ADJ
ajfa-9610	183	12	governance	governance	NOUN
ajfa-9610	183	13	composite	composite	ADJ
ajfa-9610	183	14	index	index	NOUN
ajfa-9610	183	15	and	and	CCONJ
ajfa-9610	183	16	the	the	DET
ajfa-9610	183	17	definitions	definition	NOUN
ajfa-9610	183	18	of	of	ADP
ajfa-9610	183	19	other	other	ADJ
ajfa-9610	183	20	variables	variable	NOUN
ajfa-9610	183	21	are	be	AUX
ajfa-9610	183	22	the	the	DET
ajfa-9610	183	23	same	same	ADJ
ajfa-9610	183	24	as	as	ADP
ajfa-9610	183	25	the	the	DET
ajfa-9610	183	26	above	above	ADJ
ajfa-9610	183	27	model	model	NOUN
ajfa-9610	183	28	.	.	PUNCT
ajfa-9610	184	1	to	to	PART
ajfa-9610	184	2	test	test	VERB
ajfa-9610	184	3	hypothesis	hypothesis	NOUN
ajfa-9610	184	4	3	3	NUM
ajfa-9610	184	5	,	,	PUNCT
ajfa-9610	184	6	this	this	DET
ajfa-9610	184	7	study	study	NOUN
ajfa-9610	184	8	examines	examine	VERB
ajfa-9610	184	9	whether	whether	SCONJ
ajfa-9610	184	10	the	the	DET
ajfa-9610	184	11	post	post	ADJ
ajfa-9610	184	12	-	-	ADJ
ajfa-9610	184	13	financing	financing	ADJ
ajfa-9610	184	14	operating	operating	NOUN
ajfa-9610	184	15	performance	performance	NOUN
ajfa-9610	184	16	of	of	ADP
ajfa-9610	184	17	the	the	DET
ajfa-9610	184	18	financing	financing	NOUN
ajfa-9610	184	19	companies	company	NOUN
ajfa-9610	184	20	which	which	PRON
ajfa-9610	184	21	engage	engage	VERB
ajfa-9610	184	22	in	in	ADP
ajfa-9610	184	23	real	real	ADJ
ajfa-9610	184	24	earnings	earning	NOUN
ajfa-9610	184	25	management	management	NOUN
ajfa-9610	184	26	is	be	AUX
ajfa-9610	184	27	worse	bad	ADJ
ajfa-9610	184	28	than	than	ADP
ajfa-9610	184	29	accruals	accrual	NOUN
ajfa-9610	184	30	-	-	PUNCT
ajfa-9610	184	31	based	base	VERB
ajfa-9610	184	32	earnings	earning	NOUN
ajfa-9610	184	33	management	management	NOUN
ajfa-9610	184	34	.	.	PUNCT
ajfa-9610	185	1	referring	refer	VERB
ajfa-9610	185	2	to	to	ADP
ajfa-9610	185	3	lin	lin	PROPN
ajfa-9610	185	4	and	and	CCONJ
ajfa-9610	185	5	hsu	hsu	PROPN
ajfa-9610	185	6	(	(	PUNCT
ajfa-9610	185	7	2011	2011	NUM
ajfa-9610	185	8	)	)	PUNCT
ajfa-9610	185	9	,	,	PUNCT
ajfa-9610	185	10	this	this	DET
ajfa-9610	185	11	paper	paper	NOUN
ajfa-9610	185	12	builds	build	VERB
ajfa-9610	185	13	the	the	DET
ajfa-9610	185	14	following	follow	VERB
ajfa-9610	185	15	model	model	NOUN
ajfa-9610	185	16	.	.	PUNCT
ajfa-9610	186	1	itkitkit	itkitkit	PROPN
ajfa-9610	186	2	kitkitkitkitk(itkit	kitkitkitkitk(itkit	PROPN
ajfa-9610	186	3	stanretdretund	stanretdretund	NOUN
ajfa-9610	186	4	mbd	mbd	X
ajfa-9610	186	5	sizedbetadrtemddtemddroa	sizedbetadrtemddtemddroa	ADJ
ajfa-9610	186	6	ε+++	ε+++	NOUN
ajfa-9610	186	7	+	+	PROPN
ajfa-9610	187	1	+	+	ADJ
ajfa-9610	187	2	+	+	ADJ
ajfa-9610	187	3	+	+	ADJ
ajfa-9610	188	1	+	+	NOUN
ajfa-9610	188	2	=	=	ADJ
ajfa-9610	188	3	−+−+	−+−+	X
ajfa-9610	188	4	−+−+−+−+−++	−+−+−+−+−++	X
ajfa-9610	188	5	)	)	PUNCT
ajfa-9610	188	6	1(7)1(6	1(7)1(6	NUM
ajfa-9610	188	7	)	)	PUNCT
ajfa-9610	189	1	1(5)1(4)1(3)1(2)110	1(5)1(4)1(3)1(2)110	NUM
ajfa-9610	189	2	_	_	PUNCT
ajfa-9610	190	1	_	_	PUNCT
ajfa-9610	190	2	(	(	PUNCT
ajfa-9610	190	3	2	2	X
ajfa-9610	190	4	)	)	PUNCT
ajfa-9610	190	5	where	where	SCONJ
ajfa-9610	190	6	roait+k	roait+k	ADJ
ajfa-9610	190	7	is	be	AUX
ajfa-9610	190	8	return	return	NOUN
ajfa-9610	190	9	of	of	ADP
ajfa-9610	190	10	assets	asset	NOUN
ajfa-9610	190	11	,	,	PUNCT
ajfa-9610	190	12	k	k	PROPN
ajfa-9610	190	13	denotes	denote	VERB
ajfa-9610	190	14	the	the	DET
ajfa-9610	190	15	period	period	NOUN
ajfa-9610	190	16	and	and	CCONJ
ajfa-9610	190	17	k=1,2,3	k=1,2,3	PROPN
ajfa-9610	190	18	.	.	PUNCT
ajfa-9610	191	1	return	return	NOUN
ajfa-9610	191	2	is	be	AUX
ajfa-9610	191	3	stock	stock	NOUN
ajfa-9610	191	4	returns	return	NOUN
ajfa-9610	191	5	,	,	PUNCT
ajfa-9610	191	6	stanret	stanret	NOUN
ajfa-9610	191	7	is	be	AUX
ajfa-9610	191	8	volatility	volatility	NOUN
ajfa-9610	191	9	of	of	ADP
ajfa-9610	191	10	stock	stock	NOUN
ajfa-9610	191	11	returns	return	NOUN
ajfa-9610	191	12	,	,	PUNCT
ajfa-9610	191	13	and	and	CCONJ
ajfa-9610	191	14	the	the	DET
ajfa-9610	191	15	definitions	definition	NOUN
ajfa-9610	191	16	of	of	ADP
ajfa-9610	191	17	other	other	ADJ
ajfa-9610	191	18	variables	variable	NOUN
ajfa-9610	191	19	are	be	AUX
ajfa-9610	191	20	the	the	DET
ajfa-9610	191	21	same	same	ADJ
ajfa-9610	191	22	as	as	ADP
ajfa-9610	191	23	those	those	PRON
ajfa-9610	191	24	in	in	ADP
ajfa-9610	191	25	the	the	DET
ajfa-9610	191	26	above	above	ADJ
ajfa-9610	191	27	model	model	NOUN
ajfa-9610	191	28	.	.	PUNCT
ajfa-9610	192	1	3.3	3.3	NUM
ajfa-9610	192	2	measurement	measurement	NOUN
ajfa-9610	192	3	of	of	ADP
ajfa-9610	192	4	variables	variable	NOUN
ajfa-9610	192	5	real	real	ADJ
ajfa-9610	192	6	earnings	earning	NOUN
ajfa-9610	192	7	management	management	NOUN
ajfa-9610	192	8	(	(	PUNCT
ajfa-9610	192	9	rem	rem	PROPN
ajfa-9610	192	10	):	):	PUNCT
ajfa-9610	192	11	given	give	VERB
ajfa-9610	192	12	sales	sale	NOUN
ajfa-9610	192	13	levels	level	NOUN
ajfa-9610	192	14	,	,	PUNCT
ajfa-9610	192	15	companies	company	NOUN
ajfa-9610	192	16	that	that	PRON
ajfa-9610	192	17	manage	manage	VERB
ajfa-9610	192	18	earnings	earning	NOUN
ajfa-9610	192	19	upwards	upwards	ADV
ajfa-9610	192	20	are	be	AUX
ajfa-9610	192	21	likely	likely	ADJ
ajfa-9610	192	22	to	to	PART
ajfa-9610	192	23	have	have	VERB
ajfa-9610	192	24	one	one	NUM
ajfa-9610	192	25	or	or	CCONJ
ajfa-9610	192	26	all	all	PRON
ajfa-9610	192	27	of	of	ADP
ajfa-9610	192	28	these	these	DET
ajfa-9610	192	29	properties	property	NOUN
ajfa-9610	192	30	:	:	PUNCT
ajfa-9610	192	31	abnormal	abnormal	ADJ
ajfa-9610	192	32	low	low	ADJ
ajfa-9610	192	33	cash	cash	NOUN
ajfa-9610	192	34	flow	flow	NOUN
ajfa-9610	192	35	from	from	ADP
ajfa-9610	192	36	asian	asian	ADJ
ajfa-9610	192	37	journal	journal	NOUN
ajfa-9610	192	38	of	of	ADP
ajfa-9610	192	39	finance	finance	PROPN
ajfa-9610	192	40	&	&	CCONJ
ajfa-9610	192	41	accounting	accounting	PROPN
ajfa-9610	192	42	issn	issn	PROPN
ajfa-9610	192	43	1946	1946	NUM
ajfa-9610	192	44	-	-	PUNCT
ajfa-9610	192	45	052x	052x	PROPN
ajfa-9610	192	46	2016	2016	NUM
ajfa-9610	192	47	,	,	PUNCT
ajfa-9610	192	48	vol	vol	NOUN
ajfa-9610	192	49	.	.	PROPN
ajfa-9610	192	50	8	8	NUM
ajfa-9610	192	51	,	,	PUNCT
ajfa-9610	192	52	no	no	INTJ
ajfa-9610	192	53	.	.	NOUN
ajfa-9610	192	54	1	1	NUM
ajfa-9610	192	55	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9610	192	56	240	240	NUM
ajfa-9610	192	57	operations	operation	NOUN
ajfa-9610	192	58	,	,	PUNCT
ajfa-9610	192	59	and/or	and/or	CCONJ
ajfa-9610	192	60	abnormal	abnormal	ADJ
ajfa-9610	192	61	low	low	ADJ
ajfa-9610	192	62	discretionary	discretionary	ADJ
ajfa-9610	192	63	expenses	expense	NOUN
ajfa-9610	192	64	,	,	PUNCT
ajfa-9610	192	65	and/or	and/or	CCONJ
ajfa-9610	192	66	abnormal	abnormal	ADJ
ajfa-9610	192	67	high	high	ADJ
ajfa-9610	192	68	production	production	NOUN
ajfa-9610	192	69	costs	cost	NOUN
ajfa-9610	192	70	,	,	PUNCT
ajfa-9610	192	71	we	we	PRON
ajfa-9610	192	72	follow	follow	VERB
ajfa-9610	192	73	the	the	DET
ajfa-9610	192	74	measure	measure	NOUN
ajfa-9610	192	75	of	of	ADP
ajfa-9610	192	76	cohen	cohen	PROPN
ajfa-9610	192	77	and	and	CCONJ
ajfa-9610	192	78	zarowin	zarowin	PROPN
ajfa-9610	192	79	(	(	PUNCT
ajfa-9610	192	80	2010).12	2010).12	NUM
ajfa-9610	192	81	rem	rem	NOUN
ajfa-9610	192	82	is	be	AUX
ajfa-9610	192	83	an	an	DET
ajfa-9610	192	84	aggregate	aggregate	ADJ
ajfa-9610	192	85	measure	measure	NOUN
ajfa-9610	192	86	of	of	ADP
ajfa-9610	192	87	real	real	ADJ
ajfa-9610	192	88	earning	earn	VERB
ajfa-9610	192	89	management	management	NOUN
ajfa-9610	192	90	activities	activity	NOUN
ajfa-9610	192	91	and	and	CCONJ
ajfa-9610	192	92	is	be	AUX
ajfa-9610	192	93	calculated	calculate	VERB
ajfa-9610	192	94	as	as	ADP
ajfa-9610	192	95	the	the	DET
ajfa-9610	192	96	sum	sum	NOUN
ajfa-9610	192	97	of	of	ADP
ajfa-9610	192	98	abnormal	abnormal	ADJ
ajfa-9610	192	99	cash	cash	NOUN
ajfa-9610	192	100	flows	flow	NOUN
ajfa-9610	192	101	multiplied	multiply	VERB
ajfa-9610	192	102	by	by	ADP
ajfa-9610	192	103	-1	-1	ADV
ajfa-9610	192	104	,	,	PUNCT
ajfa-9610	192	105	abnormal	abnormal	ADJ
ajfa-9610	192	106	discretionary	discretionary	ADJ
ajfa-9610	192	107	expenses	expense	NOUN
ajfa-9610	192	108	multiplied	multiply	VERB
ajfa-9610	192	109	by	by	ADP
ajfa-9610	192	110	-1	-1	PUNCT
ajfa-9610	192	111	and	and	CCONJ
ajfa-9610	192	112	abnormal	abnormal	ADJ
ajfa-9610	192	113	production	production	NOUN
ajfa-9610	192	114	costs	cost	NOUN
ajfa-9610	192	115	.	.	PUNCT
ajfa-9610	193	1	three	three	NUM
ajfa-9610	193	2	estimates	estimate	NOUN
ajfa-9610	193	3	are	be	AUX
ajfa-9610	193	4	as	as	SCONJ
ajfa-9610	193	5	follows	follow	VERB
ajfa-9610	193	6	:	:	PUNCT
ajfa-9610	193	7	(	(	PUNCT
ajfa-9610	193	8	1)acfoit	1)acfoit	NUM
ajfa-9610	193	9	:	:	PUNCT
ajfa-9610	193	10	abnormal	abnormal	ADJ
ajfa-9610	193	11	operating	operate	VERB
ajfa-9610	193	12	cash	cash	NOUN
ajfa-9610	193	13	flows	flow	NOUN
ajfa-9610	193	14	,	,	PUNCT
ajfa-9610	193	15	which	which	PRON
ajfa-9610	193	16	are	be	AUX
ajfa-9610	193	17	estimated	estimate	VERB
ajfa-9610	193	18	as	as	ADP
ajfa-9610	193	19	the	the	DET
ajfa-9610	193	20	deviations	deviation	NOUN
ajfa-9610	193	21	from	from	ADP
ajfa-9610	193	22	the	the	DET
ajfa-9610	193	23	predicted	predict	VERB
ajfa-9610	193	24	values	value	NOUN
ajfa-9610	193	25	from	from	ADP
ajfa-9610	193	26	the	the	DET
ajfa-9610	193	27	following	follow	VERB
ajfa-9610	193	28	industry	industry	NOUN
ajfa-9610	193	29	-	-	PUNCT
ajfa-9610	193	30	year	year	NOUN
ajfa-9610	193	31	regression	regression	NOUN
ajfa-9610	193	32	(	(	PUNCT
ajfa-9610	193	33	residualε	residualε	ADJ
ajfa-9610	193	34	)	)	PUNCT
ajfa-9610	193	35	.	.	PUNCT
ajfa-9610	194	1	it	it	PRON
ajfa-9610	194	2	ti	ti	VERB
ajfa-9610	194	3	it	it	PRON
ajfa-9610	194	4	ti	ti	VERB
ajfa-9610	195	1	it	it	PRON
ajfa-9610	195	2	titi	titi	INTJ
ajfa-9610	195	3	it	it	PRON
ajfa-9610	195	4	assets	asset	VERB
ajfa-9610	195	5	salesh	salesh	ADJ
ajfa-9610	195	6	assets	asset	NOUN
ajfa-9610	195	7	salesh	salesh	ADJ
ajfa-9610	195	8	assets	asset	NOUN
ajfa-9610	195	9	h	h	NOUN
ajfa-9610	195	10	assets	asset	NOUN
ajfa-9610	195	11	cfo	cfo	VERB
ajfa-9610	195	12	ε+δ++=	ε+δ++=	NOUN
ajfa-9610	195	13	−−−−	−−−−	NOUN
ajfa-9610	195	14	1	1	NUM
ajfa-9610	195	15	,	,	PUNCT
ajfa-9610	195	16	3	3	NUM
ajfa-9610	195	17	1	1	NUM
ajfa-9610	195	18	,	,	PUNCT
ajfa-9610	195	19	2	2	NUM
ajfa-9610	195	20	1	1	NUM
ajfa-9610	195	21	,	,	PUNCT
ajfa-9610	195	22	1	1	NUM
ajfa-9610	195	23	1	1	NUM
ajfa-9610	195	24	,	,	PUNCT
ajfa-9610	195	25	1	1	NUM
ajfa-9610	195	26	(	(	PUNCT
ajfa-9610	195	27	3a	3a	NUM
ajfa-9610	195	28	)	)	PUNCT
ajfa-9610	195	29	where	where	SCONJ
ajfa-9610	195	30	cfo	cfo	NOUN
ajfa-9610	195	31	=	=	NOUN
ajfa-9610	195	32	operating	operate	VERB
ajfa-9610	195	33	cash	cash	NOUN
ajfa-9610	195	34	flows	flow	NOUN
ajfa-9610	195	35	,	,	PUNCT
ajfa-9610	195	36	assets	asset	NOUN
ajfa-9610	195	37	=	=	SYM
ajfa-9610	195	38	total	total	ADJ
ajfa-9610	195	39	assets	asset	NOUN
ajfa-9610	195	40	,	,	PUNCT
ajfa-9610	195	41	sales	sale	NOUN
ajfa-9610	195	42	=	=	SYM
ajfa-9610	195	43	annual	annual	ADJ
ajfa-9610	195	44	net	net	ADJ
ajfa-9610	195	45	sales	sale	NOUN
ajfa-9610	195	46	,	,	PUNCT
ajfa-9610	195	47	δsales	δsale	NOUN
ajfa-9610	195	48	=	=	SYM
ajfa-9610	195	49	change	change	NOUN
ajfa-9610	195	50	in	in	ADP
ajfa-9610	195	51	net	net	ADJ
ajfa-9610	195	52	sales	sale	NOUN
ajfa-9610	195	53	.	.	PUNCT
ajfa-9610	196	1	(	(	PUNCT
ajfa-9610	196	2	2)aprodit	2)aprodit	NUM
ajfa-9610	196	3	:	:	PUNCT
ajfa-9610	196	4	abnormal	abnormal	ADJ
ajfa-9610	196	5	production	production	NOUN
ajfa-9610	196	6	costs	cost	NOUN
ajfa-9610	196	7	,	,	PUNCT
ajfa-9610	196	8	which	which	PRON
ajfa-9610	196	9	are	be	AUX
ajfa-9610	196	10	estimated	estimate	VERB
ajfa-9610	196	11	as	as	ADP
ajfa-9610	196	12	the	the	DET
ajfa-9610	196	13	deviations	deviation	NOUN
ajfa-9610	196	14	from	from	ADP
ajfa-9610	196	15	the	the	DET
ajfa-9610	196	16	predicted	predict	VERB
ajfa-9610	196	17	values	value	NOUN
ajfa-9610	196	18	from	from	ADP
ajfa-9610	196	19	the	the	DET
ajfa-9610	196	20	following	follow	VERB
ajfa-9610	196	21	industry	industry	NOUN
ajfa-9610	196	22	-	-	PUNCT
ajfa-9610	196	23	year	year	NOUN
ajfa-9610	196	24	regressions	regression	NOUN
ajfa-9610	196	25	(	(	PUNCT
ajfa-9610	196	26	the	the	DET
ajfa-9610	196	27	sum	sum	NOUN
ajfa-9610	196	28	of	of	ADP
ajfa-9610	196	29	residuals	residual	NOUN
ajfa-9610	196	30	in	in	ADP
ajfa-9610	196	31	(	(	PUNCT
ajfa-9610	196	32	3b	3b	NUM
ajfa-9610	196	33	)	)	PUNCT
ajfa-9610	196	34	and	and	CCONJ
ajfa-9610	196	35	(	(	PUNCT
ajfa-9610	196	36	3c	3c	NUM
ajfa-9610	196	37	)	)	PUNCT
ajfa-9610	196	38	)	)	PUNCT
ajfa-9610	196	39	.	.	PUNCT
ajfa-9610	197	1	it	it	PRON
ajfa-9610	197	2	ti	ti	VERB
ajfa-9610	197	3	it	it	PRON
ajfa-9610	197	4	titi	titi	INTJ
ajfa-9610	197	5	it	it	PRON
ajfa-9610	197	6	asset	asset	VERB
ajfa-9610	197	7	salesh	salesh	ADJ
ajfa-9610	197	8	assets	asset	NOUN
ajfa-9610	197	9	h	h	NOUN
ajfa-9610	197	10	assets	asset	NOUN
ajfa-9610	197	11	cogs	cog	NOUN
ajfa-9610	197	12	ε++=	ε++=	VERB
ajfa-9610	197	13	−−−	−−−	NOUN
ajfa-9610	197	14	1	1	NUM
ajfa-9610	197	15	,	,	PUNCT
ajfa-9610	197	16	2	2	NUM
ajfa-9610	197	17	1	1	NUM
ajfa-9610	197	18	,	,	PUNCT
ajfa-9610	197	19	1	1	NUM
ajfa-9610	197	20	1	1	NUM
ajfa-9610	197	21	,	,	PUNCT
ajfa-9610	197	22	1	1	NUM
ajfa-9610	197	23	(	(	PUNCT
ajfa-9610	197	24	3b	3b	NUM
ajfa-9610	197	25	)	)	PUNCT
ajfa-9610	198	1	it	it	PRON
ajfa-9610	198	2	ti	ti	NOUN
ajfa-9610	198	3	ti	ti	NOUN
ajfa-9610	198	4	ti	ti	NOUN
ajfa-9610	198	5	it	it	PRON
ajfa-9610	198	6	titi	titi	INTJ
ajfa-9610	198	7	it	it	PRON
ajfa-9610	198	8	assets	asset	NOUN
ajfa-9610	198	9	sales	sale	NOUN
ajfa-9610	198	10	h	h	NOUN
ajfa-9610	198	11	assets	asset	NOUN
ajfa-9610	198	12	salesh	salesh	ADJ
ajfa-9610	198	13	assets	asset	NOUN
ajfa-9610	198	14	h	h	NOUN
ajfa-9610	198	15	assets	asset	NOUN
ajfa-9610	198	16	inv	inv	VERB
ajfa-9610	198	17	ε+	ε+	NUM
ajfa-9610	198	18	δ	δ	PROPN
ajfa-9610	198	19	+	+	PROPN
ajfa-9610	198	20	δ+=δ	δ+=δ	NOUN
ajfa-9610	198	21	−	−	ADP
ajfa-9610	198	22	−	−	NOUN
ajfa-9610	198	23	−−−	−−−	NOUN
ajfa-9610	198	24	1	1	NUM
ajfa-9610	198	25	,	,	PUNCT
ajfa-9610	198	26	1	1	NUM
ajfa-9610	198	27	,	,	PUNCT
ajfa-9610	198	28	3	3	NUM
ajfa-9610	198	29	1	1	NUM
ajfa-9610	198	30	,	,	PUNCT
ajfa-9610	198	31	2	2	NUM
ajfa-9610	198	32	1	1	NUM
ajfa-9610	198	33	,	,	PUNCT
ajfa-9610	198	34	1	1	NUM
ajfa-9610	198	35	1	1	NUM
ajfa-9610	198	36	,	,	PUNCT
ajfa-9610	198	37	1	1	NUM
ajfa-9610	198	38	(	(	PUNCT
ajfa-9610	198	39	3c	3c	NUM
ajfa-9610	198	40	)	)	PUNCT
ajfa-9610	198	41	where	where	SCONJ
ajfa-9610	198	42	cogs=	cogs=	NUM
ajfa-9610	198	43	costs	cost	NOUN
ajfa-9610	198	44	of	of	ADP
ajfa-9610	198	45	goods	good	NOUN
ajfa-9610	198	46	sold	sell	VERB
ajfa-9610	198	47	,	,	PUNCT
ajfa-9610	198	48	δinv=	δinv=	VERB
ajfa-9610	198	49	the	the	DET
ajfa-9610	198	50	change	change	NOUN
ajfa-9610	198	51	in	in	ADP
ajfa-9610	198	52	inventories	inventory	NOUN
ajfa-9610	198	53	during	during	ADP
ajfa-9610	198	54	the	the	DET
ajfa-9610	198	55	year	year	NOUN
ajfa-9610	198	56	.	.	PUNCT
ajfa-9610	199	1	(	(	PUNCT
ajfa-9610	199	2	3)adisxit	3)adisxit	NUM
ajfa-9610	199	3	:	:	PUNCT
ajfa-9610	199	4	abnormal	abnormal	ADJ
ajfa-9610	199	5	discretionary	discretionary	ADJ
ajfa-9610	199	6	expenses	expense	NOUN
ajfa-9610	199	7	(	(	PUNCT
ajfa-9610	199	8	residualε	residualε	ADJ
ajfa-9610	199	9	)	)	PUNCT
ajfa-9610	199	10	.	.	PUNCT
ajfa-9610	200	1	we	we	PRON
ajfa-9610	200	2	first	first	ADV
ajfa-9610	200	3	model	model	VERB
ajfa-9610	200	4	discretionary	discretionary	ADJ
ajfa-9610	200	5	expenses	expense	NOUN
ajfa-9610	200	6	as	as	ADP
ajfa-9610	200	7	a	a	DET
ajfa-9610	200	8	function	function	NOUN
ajfa-9610	200	9	of	of	ADP
ajfa-9610	200	10	lagged	lag	VERB
ajfa-9610	200	11	sales	sale	NOUN
ajfa-9610	200	12	and	and	CCONJ
ajfa-9610	200	13	estimate	estimate	VERB
ajfa-9610	200	14	the	the	DET
ajfa-9610	200	15	following	follow	VERB
ajfa-9610	200	16	model	model	NOUN
ajfa-9610	200	17	to	to	PART
ajfa-9610	200	18	derive	derive	VERB
ajfa-9610	200	19	normal	normal	ADJ
ajfa-9610	200	20	levels	level	NOUN
ajfa-9610	200	21	of	of	ADP
ajfa-9610	200	22	discretionary	discretionary	ADJ
ajfa-9610	200	23	expenses	expense	NOUN
ajfa-9610	200	24	,	,	PUNCT
ajfa-9610	200	25	and	and	CCONJ
ajfa-9610	200	26	then	then	ADV
ajfa-9610	200	27	obtain	obtain	VERB
ajfa-9610	200	28	residuals	residual	NOUN
ajfa-9610	200	29	in	in	ADP
ajfa-9610	200	30	the	the	DET
ajfa-9610	200	31	following	follow	VERB
ajfa-9610	200	32	industry	industry	NOUN
ajfa-9610	200	33	-	-	PUNCT
ajfa-9610	200	34	year	year	NOUN
ajfa-9610	200	35	regression	regression	NOUN
ajfa-9610	200	36	.	.	PUNCT
ajfa-9610	201	1	it	it	PRON
ajfa-9610	201	2	ti	ti	NOUN
ajfa-9610	201	3	ti	ti	PROPN
ajfa-9610	201	4	titi	titi	PROPN
ajfa-9610	201	5	it	it	PRON
ajfa-9610	201	6	assets	asset	NOUN
ajfa-9610	201	7	sales	sale	NOUN
ajfa-9610	201	8	h	h	NOUN
ajfa-9610	201	9	assets	asset	NOUN
ajfa-9610	201	10	h	h	NOUN
ajfa-9610	201	11	assets	asset	NOUN
ajfa-9610	201	12	disx	disx	ADV
ajfa-9610	201	13	ε++=	ε++=	VERB
ajfa-9610	201	14	−	−	NOUN
ajfa-9610	201	15	−	−	PROPN
ajfa-9610	201	16	−−	−−	NOUN
ajfa-9610	201	17	1	1	NUM
ajfa-9610	201	18	,	,	PUNCT
ajfa-9610	201	19	1	1	NUM
ajfa-9610	201	20	,	,	PUNCT
ajfa-9610	201	21	2	2	NUM
ajfa-9610	201	22	1	1	NUM
ajfa-9610	201	23	,	,	PUNCT
ajfa-9610	201	24	1	1	NUM
ajfa-9610	201	25	1	1	NUM
ajfa-9610	201	26	,	,	PUNCT
ajfa-9610	201	27	1	1	NUM
ajfa-9610	201	28	(	(	PUNCT
ajfa-9610	201	29	3d	3d	NOUN
ajfa-9610	201	30	)	)	PUNCT
ajfa-9610	201	31	where	where	SCONJ
ajfa-9610	201	32	disxit=	disxit=	NUM
ajfa-9610	201	33	discretionary	discretionary	ADJ
ajfa-9610	201	34	expenses	expense	NOUN
ajfa-9610	201	35	during	during	ADP
ajfa-9610	201	36	the	the	DET
ajfa-9610	201	37	year	year	NOUN
ajfa-9610	201	38	,	,	PUNCT
ajfa-9610	201	39	and	and	CCONJ
ajfa-9610	201	40	are	be	AUX
ajfa-9610	201	41	defined	define	VERB
ajfa-9610	201	42	as	as	ADP
ajfa-9610	201	43	the	the	DET
ajfa-9610	201	44	sum	sum	NOUN
ajfa-9610	201	45	of	of	ADP
ajfa-9610	201	46	advertising	advertising	NOUN
ajfa-9610	201	47	expenses	expense	NOUN
ajfa-9610	201	48	,	,	PUNCT
ajfa-9610	201	49	r&d	r&d	NOUN
ajfa-9610	201	50	expenses	expense	NOUN
ajfa-9610	201	51	and	and	CCONJ
ajfa-9610	201	52	sg&a	sg&a	NOUN
ajfa-9610	201	53	expense	expense	NOUN
ajfa-9610	201	54	.	.	PUNCT
ajfa-9610	202	1	discretionary	discretionary	ADJ
ajfa-9610	202	2	accruals	accrual	NOUN
ajfa-9610	202	3	(	(	PUNCT
ajfa-9610	202	4	pdem)：pdem	pdem)：pdem	PROPN
ajfa-9610	202	5	is	be	AUX
ajfa-9610	202	6	accrual	accrual	ADJ
ajfa-9610	202	7	-	-	PUNCT
ajfa-9610	202	8	based	base	VERB
ajfa-9610	202	9	earnings	earning	NOUN
ajfa-9610	202	10	management	management	NOUN
ajfa-9610	202	11	.	.	PUNCT
ajfa-9610	203	1	hribar	hribar	NOUN
ajfa-9610	203	2	and	and	CCONJ
ajfa-9610	203	3	12	12	NUM
ajfa-9610	203	4	roychowdhury	roychowdhury	NOUN
ajfa-9610	203	5	(	(	PUNCT
ajfa-9610	203	6	2006	2006	NUM
ajfa-9610	203	7	)	)	PUNCT
ajfa-9610	203	8	and	and	CCONJ
ajfa-9610	203	9	cohen	cohen	PROPN
ajfa-9610	203	10	and	and	CCONJ
ajfa-9610	203	11	zarowin	zarowin	PROPN
ajfa-9610	203	12	(	(	PUNCT
ajfa-9610	203	13	2010	2010	NUM
ajfa-9610	203	14	)	)	PUNCT
ajfa-9610	203	15	use	use	VERB
ajfa-9610	203	16	the	the	DET
ajfa-9610	203	17	real	real	ADJ
ajfa-9610	203	18	earnings	earning	NOUN
ajfa-9610	203	19	management	management	NOUN
ajfa-9610	203	20	model	model	NOUN
ajfa-9610	203	21	followed	follow	VERB
ajfa-9610	203	22	by	by	ADP
ajfa-9610	203	23	dechow	dechow	ADP
ajfa-9610	203	24	et	et	PROPN
ajfa-9610	203	25	al	al	PROPN
ajfa-9610	203	26	.	.	PUNCT
ajfa-9610	204	1	(	(	PUNCT
ajfa-9610	204	2	1998	1998	NUM
ajfa-9610	204	3	)	)	PUNCT
ajfa-9610	204	4	.	.	PUNCT
ajfa-9610	205	1	asian	asian	ADJ
ajfa-9610	205	2	journal	journal	PROPN
ajfa-9610	205	3	of	of	ADP
ajfa-9610	205	4	finance	finance	PROPN
ajfa-9610	205	5	&	&	CCONJ
ajfa-9610	205	6	accounting	accounting	PROPN
ajfa-9610	205	7	issn	issn	PROPN
ajfa-9610	205	8	1946	1946	NUM
ajfa-9610	205	9	-	-	PUNCT
ajfa-9610	205	10	052x	052x	PROPN
ajfa-9610	205	11	2016	2016	NUM
ajfa-9610	205	12	,	,	PUNCT
ajfa-9610	205	13	vol	vol	NOUN
ajfa-9610	205	14	.	.	PROPN
ajfa-9610	205	15	8	8	NUM
ajfa-9610	205	16	,	,	PUNCT
ajfa-9610	205	17	no	no	INTJ
ajfa-9610	205	18	.	.	NOUN
ajfa-9610	205	19	1	1	NUM
ajfa-9610	205	20	ajfa.macrothink.org	ajfa.macrothink.org	PROPN
ajfa-9610	205	21	241	241	NUM
ajfa-9610	205	22	collins	collins	PROPN
ajfa-9610	205	23	(	(	PUNCT
ajfa-9610	205	24	2002	2002	NUM
ajfa-9610	205	25	)	)	PUNCT
ajfa-9610	205	26	find	find	VERB
ajfa-9610	205	27	that	that	SCONJ
ajfa-9610	205	28	studies	study	NOUN
ajfa-9610	205	29	using	use	VERB
ajfa-9610	205	30	a	a	DET
ajfa-9610	205	31	balance	balance	NOUN
ajfa-9610	205	32	sheet	sheet	NOUN
ajfa-9610	205	33	approach	approach	NOUN
ajfa-9610	205	34	to	to	PART
ajfa-9610	205	35	test	test	VERB
ajfa-9610	205	36	for	for	ADP
ajfa-9610	205	37	earnings	earning	NOUN
ajfa-9610	205	38	management	management	NOUN
ajfa-9610	205	39	are	be	AUX
ajfa-9610	205	40	potentially	potentially	ADV
ajfa-9610	205	41	contaminated	contaminate	VERB
ajfa-9610	205	42	by	by	ADP
ajfa-9610	205	43	measurement	measurement	NOUN
ajfa-9610	205	44	error	error	NOUN
ajfa-9610	205	45	in	in	ADP
ajfa-9610	205	46	accruals	accrual	NOUN
ajfa-9610	205	47	estimates	estimate	NOUN
ajfa-9610	205	48	.	.	PUNCT
ajfa-9610	206	1	therefore	therefore	ADV
ajfa-9610	206	2	,	,	PUNCT
ajfa-9610	206	3	they	they	PRON
ajfa-9610	206	4	measure	measure	VERB
ajfa-9610	206	5	accruals	accrual	NOUN
ajfa-9610	206	6	directly	directly	ADV
ajfa-9610	206	7	from	from	ADP
ajfa-9610	206	8	cash	cash	NOUN
ajfa-9610	206	9	flows	flow	NOUN
ajfa-9610	206	10	statement	statement	NOUN
ajfa-9610	206	11	.	.	PUNCT
ajfa-9610	207	1	we	we	PRON
ajfa-9610	207	2	calculate	calculate	VERB
ajfa-9610	207	3	the	the	DET
ajfa-9610	207	4	accrual	accrual	ADJ
ajfa-9610	207	5	-	-	PUNCT
ajfa-9610	207	6	based	base	VERB
ajfa-9610	207	7	earnings	earning	NOUN
ajfa-9610	207	8	management	management	NOUN
ajfa-9610	207	9	(	(	PUNCT
ajfa-9610	207	10	pdem	pdem	NOUN
ajfa-9610	207	11	)	)	PUNCT
ajfa-9610	207	12	based	base	VERB
ajfa-9610	207	13	on	on	ADP
ajfa-9610	207	14	the	the	DET
ajfa-9610	207	15	model	model	NOUN
ajfa-9610	207	16	adapted	adapt	VERB
ajfa-9610	207	17	from	from	ADP
ajfa-9610	207	18	ball	ball	NOUN
ajfa-9610	207	19	and	and	CCONJ
ajfa-9610	207	20	shivakumar	shivakumar	PROPN
ajfa-9610	207	21	(	(	PUNCT
ajfa-9610	207	22	2006	2006	NUM
ajfa-9610	207	23	,	,	PUNCT
ajfa-9610	207	24	2008	2008	NUM
ajfa-9610	207	25	)	)	PUNCT
ajfa-9610	207	26	.	.	PUNCT
ajfa-9610	208	1	the	the	DET
ajfa-9610	208	2	measures	measure	NOUN
ajfa-9610	208	3	are	be	AUX
ajfa-9610	208	4	as	as	ADP
ajfa-9610	208	5	follows:13	follows:13	X
ajfa-9610	208	6	(	(	PUNCT
ajfa-9610	208	7	4a	4a	NUM
ajfa-9610	208	8	)	)	PUNCT
ajfa-9610	208	9	jtjtjtjtjtjtjt	jtjtjtjtjtjtjt	PROPN
ajfa-9610	208	10	cfodcfogdcfogcfogfassetgsalesggndac	cfodcfogdcfogcfogfassetgsalesggndac	ADJ
ajfa-9610	208	11	∗++++δ+=	∗++++δ+=	X
ajfa-9610	208	12	543210	543210	NUM
ajfa-9610	208	13			PUNCT
ajfa-9610	208	14	(	(	PUNCT
ajfa-9610	208	15	4b	4b	X
ajfa-9610	208	16	)	)	PUNCT
ajfa-9610	208	17	jtjtjt	jtjtjt	PROPN
ajfa-9610	208	18	ndactacdac	ndactacdac	PROPN
ajfa-9610	208	19	−=	−=	PROPN
ajfa-9610	208	20	(	(	PUNCT
ajfa-9610	208	21	4c	4c	NOUN
ajfa-9610	208	22	)	)	PUNCT
ajfa-9610	208	23	where	where	SCONJ
ajfa-9610	208	24	tacit	tacit	NOUN
ajfa-9610	208	25	is	be	AUX
ajfa-9610	208	26	total	total	ADJ
ajfa-9610	208	27	accruals	accrual	NOUN
ajfa-9610	208	28	(	(	PUNCT
ajfa-9610	208	29	actual	actual	ADJ
ajfa-9610	208	30	accruals	accrual	NOUN
ajfa-9610	208	31	)	)	PUNCT
ajfa-9610	208	32	for	for	ADP
ajfa-9610	208	33	firm	firm	ADJ
ajfa-9610	208	34	i	i	PRON
ajfa-9610	208	35	in	in	ADP
ajfa-9610	208	36	year	year	NOUN
ajfa-9610	208	37	t	t	PROPN
ajfa-9610	208	38	,	,	PUNCT
ajfa-9610	208	39	cfoit	cfoit	PROPN
ajfa-9610	208	40	is	be	AUX
ajfa-9610	208	41	operating	operate	VERB
ajfa-9610	208	42	cash	cash	NOUN
ajfa-9610	208	43	flow	flow	NOUN
ajfa-9610	208	44	,	,	PUNCT
ajfa-9610	208	45	△	△	X
ajfa-9610	208	46	salesit	salesit	NOUN
ajfa-9610	208	47	is	be	AUX
ajfa-9610	208	48	the	the	DET
ajfa-9610	208	49	change	change	NOUN
ajfa-9610	208	50	in	in	ADP
ajfa-9610	208	51	sales	sale	NOUN
ajfa-9610	208	52	,	,	PUNCT
ajfa-9610	208	53	and	and	CCONJ
ajfa-9610	208	54	fassetit	fassetit	NOUN
ajfa-9610	208	55	is	be	AUX
ajfa-9610	208	56	book	book	NOUN
ajfa-9610	208	57	value	value	NOUN
ajfa-9610	208	58	of	of	ADP
ajfa-9610	208	59	fixed	fix	VERB
ajfa-9610	208	60	assets	asset	NOUN
ajfa-9610	208	61	(	(	PUNCT
ajfa-9610	208	62	all	all	PRON
ajfa-9610	208	63	above	above	ADP
ajfa-9610	208	64	variables	variable	NOUN
ajfa-9610	208	65	are	be	AUX
ajfa-9610	208	66	scaled	scale	VERB
ajfa-9610	208	67	by	by	ADP
ajfa-9610	208	68	beginning	begin	VERB
ajfa-9610	208	69	total	total	ADJ
ajfa-9610	208	70	assets	asset	NOUN
ajfa-9610	208	71	)	)	PUNCT
ajfa-9610	208	72	.	.	PUNCT
ajfa-9610	209	1	dcfoit	dcfoit	PROPN
ajfa-9610	209	2	takes	take	VERB
ajfa-9610	209	3	the	the	DET
ajfa-9610	209	4	value	value	NOUN
ajfa-9610	209	5	1	1	NUM
ajfa-9610	209	6	if	if	SCONJ
ajfa-9610	209	7	cfoit	cfoit	PROPN
ajfa-9610	209	8	<	<	X
ajfa-9610	209	9	0	0	NUM
ajfa-9610	209	10	and	and	CCONJ
ajfa-9610	209	11	0	0	NUM
ajfa-9610	209	12	otherwise	otherwise	ADV
ajfa-9610	209	13	.	.	PUNCT
ajfa-9610	210	1	ndacjt	ndacjt	PROPN
ajfa-9610	210	2	is	be	AUX
ajfa-9610	210	3	nondiscretionary	nondiscretionary	ADJ
ajfa-9610	210	4	accruals	accrual	NOUN
ajfa-9610	210	5	(	(	PUNCT
ajfa-9610	210	6	normal	normal	ADJ
ajfa-9610	210	7	accruals	accrual	NOUN
ajfa-9610	210	8	)	)	PUNCT
ajfa-9610	210	9	.	.	PUNCT
ajfa-9610	211	1	dacjt	dacjt	NOUN
ajfa-9610	211	2	is	be	AUX
ajfa-9610	211	3	discretionary	discretionary	ADJ
ajfa-9610	211	4	accruals	accrual	NOUN
ajfa-9610	211	5	(	(	PUNCT
ajfa-9610	211	6	abnormal	abnormal	ADJ
ajfa-9610	211	7	accruals	accrual	NOUN
ajfa-9610	211	8	)	)	PUNCT
ajfa-9610	211	9	for	for	ADP
ajfa-9610	211	10	firm	firm	ADJ
ajfa-9610	211	11	j	j	PROPN
ajfa-9610	211	12	in	in	ADP
ajfa-9610	211	13	year	year	PROPN
ajfa-9610	211	14	t	t	PROPN
ajfa-9610	211	15	,	,	PUNCT
ajfa-9610	211	16	which	which	PRON
ajfa-9610	211	17	is	be	AUX
ajfa-9610	211	18	computed	compute	VERB
ajfa-9610	211	19	as	as	ADP
ajfa-9610	211	20	the	the	DET
ajfa-9610	211	21	difference	difference	NOUN
ajfa-9610	211	22	between	between	ADP
ajfa-9610	211	23	the	the	DET
ajfa-9610	211	24	actual	actual	ADJ
ajfa-9610	211	25	accruals	accrual	NOUN
ajfa-9610	211	26	and	and	CCONJ
ajfa-9610	211	27	estimated	estimate	VERB
ajfa-9610	211	28	normal	normal	ADJ
ajfa-9610	211	29	accruals	accrual	NOUN
ajfa-9610	211	30	.	.	PUNCT
ajfa-9610	212	1	pdem	pdem	PROPN
ajfa-9610	212	2	is	be	AUX
ajfa-9610	212	3	the	the	DET
ajfa-9610	212	4	absolute	absolute	ADJ
ajfa-9610	212	5	value	value	NOUN
ajfa-9610	212	6	of	of	ADP
ajfa-9610	212	7	dacit	dacit	NOUN
ajfa-9610	212	8	.	.	PUNCT
ajfa-9610	213	1	financing	financing	NOUN
ajfa-9610	213	2	type	type	NOUN
ajfa-9610	213	3	(	(	PUNCT
ajfa-9610	213	4	finanj	finanj	NOUN
ajfa-9610	213	5	,	,	PUNCT
ajfa-9610	213	6	j	j	PROPN
ajfa-9610	213	7	=	=	PROPN
ajfa-9610	213	8	1	1	NUM
ajfa-9610	213	9	,	,	PUNCT
ajfa-9610	213	10	2	2	NUM
ajfa-9610	213	11	,	,	PUNCT
ajfa-9610	213	12	3	3	NUM
ajfa-9610	213	13	):	):	PUNCT
ajfa-9610	213	14	j=1	j=1	PROPN
ajfa-9610	213	15	represents	represent	VERB
ajfa-9610	213	16	a	a	DET
ajfa-9610	213	17	dummy	dummy	ADJ
ajfa-9610	213	18	variable	variable	NOUN
ajfa-9610	213	19	and	and	CCONJ
ajfa-9610	213	20	takes	take	VERB
ajfa-9610	213	21	the	the	DET
ajfa-9610	213	22	value	value	NOUN
ajfa-9610	213	23	of	of	ADP
ajfa-9610	213	24	1	1	NUM
ajfa-9610	213	25	if	if	SCONJ
ajfa-9610	213	26	the	the	DET
ajfa-9610	213	27	firm	firm	ADJ
ajfa-9610	213	28	issues	issue	VERB
ajfa-9610	213	29	bonds	bond	NOUN
ajfa-9610	213	30	and	and	CCONJ
ajfa-9610	213	31	0	0	NUM
ajfa-9610	213	32	otherwise	otherwise	ADV
ajfa-9610	213	33	;	;	PUNCT
ajfa-9610	213	34	j=2	j=2	PROPN
ajfa-9610	213	35	is	be	AUX
ajfa-9610	213	36	a	a	DET
ajfa-9610	213	37	dummy	dummy	ADJ
ajfa-9610	213	38	variable	variable	NOUN
ajfa-9610	213	39	and	and	CCONJ
ajfa-9610	213	40	sets	set	VERB
ajfa-9610	213	41	1	1	NUM
ajfa-9610	213	42	if	if	SCONJ
ajfa-9610	213	43	the	the	DET
ajfa-9610	213	44	firm	firm	NOUN
ajfa-9610	213	45	issues	issue	VERB
ajfa-9610	213	46	seos	seo	NOUN
ajfa-9610	213	47	and	and	CCONJ
ajfa-9610	213	48	0	0	NUM
ajfa-9610	213	49	otherwise	otherwise	ADV
ajfa-9610	213	50	;	;	PUNCT
ajfa-9610	213	51	j=3	j=3	PROPN
ajfa-9610	213	52	is	be	AUX
ajfa-9610	213	53	a	a	DET
ajfa-9610	213	54	dummy	dummy	ADJ
ajfa-9610	213	55	variable	variable	NOUN
ajfa-9610	213	56	and	and	CCONJ
ajfa-9610	213	57	sets	set	VERB
ajfa-9610	213	58	1	1	NUM
ajfa-9610	213	59	if	if	SCONJ
ajfa-9610	213	60	the	the	DET
ajfa-9610	213	61	firm	firm	ADJ
ajfa-9610	213	62	issues	issue	VERB
ajfa-9610	213	63	bonds	bond	NOUN
ajfa-9610	213	64	or	or	CCONJ
ajfa-9610	213	65	seos	seo	NOUN
ajfa-9610	213	66	and	and	CCONJ
ajfa-9610	213	67	0	0	NUM
ajfa-9610	213	68	otherwise	otherwise	ADV
ajfa-9610	213	69	.	.	PUNCT
ajfa-9610	214	1	dummy	dummy	ADJ
ajfa-9610	214	2	variable	variable	NOUN
ajfa-9610	214	3	of	of	ADP
ajfa-9610	214	4	earnings	earning	NOUN
ajfa-9610	214	5	management	management	NOUN
ajfa-9610	214	6	(	(	PUNCT
ajfa-9610	214	7	temj	temj	PROPN
ajfa-9610	214	8	,	,	PUNCT
ajfa-9610	214	9	j	j	PROPN
ajfa-9610	214	10	=	=	SYM
ajfa-9610	214	11	d	d	PROPN
ajfa-9610	214	12	,	,	PUNCT
ajfa-9610	214	13	r	r	NOUN
ajfa-9610	214	14	,	,	PUNCT
ajfa-9610	214	15	t	t	PROPN
ajfa-9610	214	16	):	):	PUNCT
ajfa-9610	214	17	tem_d=	tem_d=	PROPN
ajfa-9610	214	18	1	1	NUM
ajfa-9610	214	19	if	if	SCONJ
ajfa-9610	214	20	the	the	DET
ajfa-9610	214	21	firm	firm	NOUN
ajfa-9610	214	22	’s	’s	PART
ajfa-9610	214	23	accrual	accrual	ADJ
ajfa-9610	214	24	-	-	PUNCT
ajfa-9610	214	25	based	base	VERB
ajfa-9610	214	26	earnings	earning	NOUN
ajfa-9610	214	27	management	management	NOUN
ajfa-9610	214	28	is	be	AUX
ajfa-9610	214	29	higher	high	ADJ
ajfa-9610	214	30	than	than	ADP
ajfa-9610	214	31	the	the	DET
ajfa-9610	214	32	industry	industry	NOUN
ajfa-9610	214	33	-	-	PUNCT
ajfa-9610	214	34	year	year	NOUN
ajfa-9610	214	35	median	median	NOUN
ajfa-9610	214	36	and	and	CCONJ
ajfa-9610	214	37	0	0	NUM
ajfa-9610	214	38	otherwise	otherwise	ADV
ajfa-9610	214	39	.	.	PUNCT
ajfa-9610	215	1	tem_r=	tem_r=	NOUN
ajfa-9610	215	2	1	1	NUM
ajfa-9610	215	3	if	if	SCONJ
ajfa-9610	215	4	the	the	DET
ajfa-9610	215	5	firm	firm	NOUN
ajfa-9610	215	6	’s	’s	PART
ajfa-9610	215	7	real	real	ADJ
ajfa-9610	215	8	earnings	earning	NOUN
ajfa-9610	215	9	management	management	NOUN
ajfa-9610	215	10	is	be	AUX
ajfa-9610	215	11	higher	high	ADJ
ajfa-9610	215	12	than	than	ADP
ajfa-9610	215	13	the	the	DET
ajfa-9610	215	14	industry	industry	NOUN
ajfa-9610	215	15	-	-	PUNCT
ajfa-9610	215	16	year	year	NOUN
ajfa-9610	215	17	median	median	NOUN
ajfa-9610	215	18	and	and	CCONJ
ajfa-9610	215	19	0	0	NUM
ajfa-9610	215	20	otherwise	otherwise	ADV
ajfa-9610	215	21	.	.	PUNCT
ajfa-9610	216	1	tem_t=	tem_t=	NOUN
ajfa-9610	216	2	1	1	NUM
ajfa-9610	216	3	if	if	SCONJ
ajfa-9610	216	4	the	the	DET
ajfa-9610	216	5	firm	firm	NOUN
ajfa-9610	216	6	performs	perform	VERB
ajfa-9610	216	7	accruals	accrual	NOUN
ajfa-9610	216	8	or	or	CCONJ
ajfa-9610	216	9	real	real	ADJ
ajfa-9610	216	10	earnings	earning	NOUN
ajfa-9610	216	11	management	management	NOUN
ajfa-9610	216	12	and	and	CCONJ
ajfa-9610	216	13	0	0	NUM
ajfa-9610	216	14	otherwise	otherwise	ADV
ajfa-9610	216	15	.	.	PUNCT
ajfa-9610	217	1	corporate	corporate	ADJ
ajfa-9610	217	2	governance	governance	NOUN
ajfa-9610	217	3	variables	variable	NOUN
ajfa-9610	217	4	board	board	NOUN
ajfa-9610	217	5	size	size	NOUN
ajfa-9610	217	6	(	(	PUNCT
ajfa-9610	217	7	brdsiz	brdsiz	PROPN
ajfa-9610	217	8	):	):	PUNCT
ajfa-9610	217	9	there	there	PRON
ajfa-9610	217	10	are	be	VERB
ajfa-9610	217	11	more	more	ADV
ajfa-9610	217	12	independent	independent	ADJ
ajfa-9610	217	13	directors	director	NOUN
ajfa-9610	217	14	with	with	ADP
ajfa-9610	217	15	business	business	NOUN
ajfa-9610	217	16	knowledge	knowledge	NOUN
ajfa-9610	217	17	or	or	CCONJ
ajfa-9610	217	18	financial	financial	ADJ
ajfa-9610	217	19	experience	experience	NOUN
ajfa-9610	217	20	when	when	SCONJ
ajfa-9610	217	21	the	the	DET
ajfa-9610	217	22	board	board	NOUN
ajfa-9610	217	23	size	size	NOUN
ajfa-9610	217	24	is	be	AUX
ajfa-9610	217	25	larger	large	ADJ
ajfa-9610	217	26	,	,	PUNCT
ajfa-9610	217	27	thus	thus	ADV
ajfa-9610	217	28	they	they	PRON
ajfa-9610	217	29	can	can	AUX
ajfa-9610	217	30	restrain	restrain	VERB
ajfa-9610	217	31	earnings	earning	NOUN
ajfa-9610	217	32	management	management	NOUN
ajfa-9610	217	33	behavior	behavior	NOUN
ajfa-9610	217	34	(	(	PUNCT
ajfa-9610	217	35	xie	xie	PROPN
ajfa-9610	217	36	et	et	PROPN
ajfa-9610	217	37	al	al	PROPN
ajfa-9610	217	38	.	.	PROPN
ajfa-9610	217	39	2003	2003	NUM
ajfa-9610	217	40	)	)	PUNCT
ajfa-9610	217	41	.	.	PUNCT
ajfa-9610	218	1	brdsiz	brdsiz	PROPN
ajfa-9610	218	2	is	be	AUX
ajfa-9610	218	3	measured	measure	VERB
ajfa-9610	218	4	by	by	ADP
ajfa-9610	218	5	the	the	DET
ajfa-9610	218	6	natural	natural	ADJ
ajfa-9610	218	7	logarithm	logarithm	NOUN
ajfa-9610	218	8	of	of	ADP
ajfa-9610	218	9	the	the	DET
ajfa-9610	218	10	number	number	NOUN
ajfa-9610	218	11	of	of	ADP
ajfa-9610	218	12	directors	director	NOUN
ajfa-9610	218	13	on	on	ADP
ajfa-9610	218	14	the	the	DET
ajfa-9610	218	15	board	board	NOUN
ajfa-9610	218	16	.	.	PUNCT
ajfa-9610	219	1	ratio	ratio	NOUN
ajfa-9610	219	2	of	of	ADP
ajfa-9610	219	3	independent	independent	ADJ
ajfa-9610	219	4	directors	director	NOUN
ajfa-9610	219	5	(	(	PUNCT
ajfa-9610	219	6	indedr)14	indedr)14	PROPN
ajfa-9610	219	7	:	:	PUNCT
ajfa-9610	219	8	independent	independent	ADJ
ajfa-9610	219	9	directors	director	NOUN
ajfa-9610	219	10	can	can	AUX
ajfa-9610	219	11	facilitate	facilitate	VERB
ajfa-9610	219	12	to	to	PART
ajfa-9610	219	13	effectively	effectively	ADV
ajfa-9610	219	14	restrain	restrain	VERB
ajfa-9610	219	15	earnings	earning	NOUN
ajfa-9610	219	16	management	management	NOUN
ajfa-9610	219	17	(	(	PUNCT
ajfa-9610	219	18	xie	xie	PROPN
ajfa-9610	219	19	et	et	PROPN
ajfa-9610	219	20	al	al	PROPN
ajfa-9610	219	21	.	.	PROPN
ajfa-9610	219	22	2003	2003	NUM
ajfa-9610	219	23	)	)	PUNCT
ajfa-9610	219	24	.	.	PUNCT
ajfa-9610	220	1	indedr	indedr	PROPN
ajfa-9610	220	2	is	be	AUX
ajfa-9610	220	3	measured	measure	VERB
ajfa-9610	220	4	by	by	ADP
ajfa-9610	220	5	the	the	DET
ajfa-9610	220	6	percentage	percentage	NOUN
ajfa-9610	220	7	of	of	ADP
ajfa-9610	220	8	independent	independent	ADJ
ajfa-9610	220	9	directors	director	NOUN
ajfa-9610	220	10	to	to	ADP
ajfa-9610	220	11	the	the	DET
ajfa-9610	220	12	total	total	ADJ
ajfa-9610	220	13	number	number	NOUN
ajfa-9610	220	14	of	of	ADP
ajfa-9610	220	15	directors	director	NOUN
ajfa-9610	220	16	.	.	PUNCT
ajfa-9610	221	1	shareholdings	shareholding	NOUN
ajfa-9610	221	2	of	of	ADP
ajfa-9610	221	3	managers	manager	NOUN
ajfa-9610	221	4	(	(	PUNCT
ajfa-9610	221	5	mshahd	mshahd	ADJ
ajfa-9610	221	6	):	):	PUNCT
ajfa-9610	221	7	managers	manager	NOUN
ajfa-9610	221	8	have	have	VERB
ajfa-9610	221	9	the	the	DET
ajfa-9610	221	10	incentives	incentive	NOUN
ajfa-9610	221	11	to	to	PART
ajfa-9610	221	12	engage	engage	VERB
ajfa-9610	221	13	in	in	ADP
ajfa-9610	221	14	earnings	earning	NOUN
ajfa-9610	221	15	management	management	NOUN
ajfa-9610	221	16	because	because	SCONJ
ajfa-9610	221	17	their	their	PRON
ajfa-9610	221	18	wealth	wealth	NOUN
ajfa-9610	221	19	is	be	AUX
ajfa-9610	221	20	closely	closely	ADV
ajfa-9610	221	21	linked	link	VERB
ajfa-9610	221	22	to	to	ADP
ajfa-9610	221	23	the	the	DET
ajfa-9610	221	24	firm	firm	NOUN
ajfa-9610	221	25	’s	’s	PART
ajfa-9610	221	26	stock	stock	NOUN
ajfa-9610	221	27	price	price	NOUN
ajfa-9610	221	28	(	(	PUNCT
ajfa-9610	221	29	bartov	bartov	PROPN
ajfa-9610	221	30	and	and	CCONJ
ajfa-9610	221	31	mohanram	mohanram	PROPN
ajfa-9610	221	32	,	,	PUNCT
ajfa-9610	221	33	2004	2004	NUM
ajfa-9610	221	34	;	;	PUNCT
ajfa-9610	221	35	ronen	ronen	NOUN
ajfa-9610	221	36	,	,	PUNCT
ajfa-9610	221	37	tzur	tzur	VERB
ajfa-9610	221	38	,	,	PUNCT
ajfa-9610	221	39	and	and	CCONJ
ajfa-9610	221	40	yaari	yaari	PROPN
ajfa-9610	221	41	,	,	PUNCT
ajfa-9610	221	42	2006	2006	NUM
ajfa-9610	221	43	)	)	PUNCT
ajfa-9610	221	44	.	.	PUNCT
ajfa-9610	222	1	mshahd	mshahd	PROPN
ajfa-9610	222	2	is	be	AUX
ajfa-9610	222	3	measured	measure	VERB
ajfa-9610	222	4	by	by	ADP
ajfa-9610	222	5	the	the	DET
ajfa-9610	222	6	shareholdings	shareholding	NOUN
ajfa-9610	222	7	of	of	ADP
ajfa-9610	222	8	directors	director	NOUN
ajfa-9610	222	9	,	,	PUNCT
ajfa-9610	222	10	supervisors	supervisor	NOUN
ajfa-9610	222	11	and	and	CCONJ
ajfa-9610	222	12	managers	manager	NOUN
ajfa-9610	222	13	divided	divide	VERB
ajfa-9610	222	14	by	by	ADP
ajfa-9610	222	15	total	total	ADJ
ajfa-9610	222	16	shareholding	shareholding	NOUN
ajfa-9610	222	17	at	at	ADP
ajfa-9610	222	18	13	13	NUM
ajfa-9610	222	19	this	this	DET
ajfa-9610	222	20	paper	paper	NOUN
ajfa-9610	222	21	firsts	first	NOUN
ajfa-9610	222	22	estimate	estimate	VERB
ajfa-9610	222	23	the	the	DET
ajfa-9610	222	24	parameters	parameter	NOUN
ajfa-9610	222	25	1	1	NUM
ajfa-9610	222	26	g	g	NOUN
ajfa-9610	222	27	,	,	PUNCT
ajfa-9610	222	28	2	2	NUM
ajfa-9610	222	29	g	g	NOUN
ajfa-9610	222	30	,	,	PUNCT
ajfa-9610	222	31	3	3	NUM
ajfa-9610	222	32	g	g	NOUN
ajfa-9610	222	33	,	,	PUNCT
ajfa-9610	222	34	4	4	NUM
ajfa-9610	222	35	g	g	NOUN
ajfa-9610	222	36	and	and	CCONJ
ajfa-9610	222	37	5	5	NUM
ajfa-9610	222	38	g	g	NOUN
ajfa-9610	222	39	in	in	ADP
ajfa-9610	222	40	equation	equation	NOUN
ajfa-9610	222	41	(	(	PUNCT
ajfa-9610	222	42	4a	4a	NUM
ajfa-9610	222	43	)	)	PUNCT
ajfa-9610	222	44	using	use	VERB
ajfa-9610	222	45	the	the	DET
ajfa-9610	222	46	industry	industry	NOUN
ajfa-9610	222	47	-	-	PUNCT
ajfa-9610	222	48	specific	specific	ADJ
ajfa-9610	222	49	regression	regression	NOUN
ajfa-9610	222	50	.	.	PUNCT
ajfa-9610	223	1	in	in	ADP
ajfa-9610	223	2	robustness	robustness	NOUN
ajfa-9610	223	3	check	check	NOUN
ajfa-9610	223	4	,	,	PUNCT
ajfa-9610	223	5	section	section	NOUN
ajfa-9610	223	6	4.5.3	4.5.3	NUM
ajfa-9610	223	7	,	,	PUNCT
ajfa-9610	223	8	the	the	DET
ajfa-9610	223	9	model	model	NOUN
ajfa-9610	223	10	parameters	parameter	VERB
ajfa-9610	223	11	1	1	NUM
ajfa-9610	223	12	g	g	NOUN
ajfa-9610	223	13	,	,	PUNCT
ajfa-9610	223	14	2	2	NUM
ajfa-9610	223	15	g	g	NOUN
ajfa-9610	223	16	,	,	PUNCT
ajfa-9610	223	17	3	3	NUM
ajfa-9610	223	18	g	g	NOUN
ajfa-9610	223	19	,	,	PUNCT
ajfa-9610	223	20	4	4	NUM
ajfa-9610	223	21	g	g	NOUN
ajfa-9610	223	22	and	and	CCONJ
ajfa-9610	223	23	5	5	NUM
ajfa-9610	223	24	g	g	NOUN
ajfa-9610	223	25	are	be	AUX
ajfa-9610	223	26	estimated	estimate	VERB
ajfa-9610	223	27	using	use	VERB
ajfa-9610	223	28	contemporaneous	contemporaneous	ADJ
ajfa-9610	223	29	data	datum	NOUN
ajfa-9610	223	30	of	of	ADP
ajfa-9610	223	31	non	non	ADJ
ajfa-9610	223	32	-	-	ADJ
ajfa-9610	223	33	offering	offering	ADJ
ajfa-9610	223	34	firms	firm	NOUN
ajfa-9610	223	35	in	in	ADP
ajfa-9610	223	36	the	the	DET
ajfa-9610	223	37	same	same	ADJ
ajfa-9610	223	38	industry	industry	NOUN
ajfa-9610	223	39	.	.	PUNCT
ajfa-9610	224	1	14	14	NUM
ajfa-9610	224	2	we	we	PRON
ajfa-9610	224	3	measure	measure	VERB
ajfa-9610	224	4	the	the	DET
ajfa-9610	224	5	indedr	indedr	ADJ
ajfa-9610	224	6	variable	variable	NOUN
ajfa-9610	224	7	by	by	ADP
ajfa-9610	224	8	calculating	calculate	VERB
ajfa-9610	224	9	the	the	DET
ajfa-9610	224	10	number	number	NOUN
ajfa-9610	224	11	of	of	ADP
ajfa-9610	224	12	independent	independent	ADJ
ajfa-9610	224	13	directors	director	NOUN
ajfa-9610	224	14	on	on	ADP
ajfa-9610	224	15	market	market	NOUN
ajfa-9610	224	16	observation	observation	NOUN
ajfa-9610	224	17	post	post	NOUN
ajfa-9610	224	18	system	system	NOUN
ajfa-9610	224	19	(	(	PUNCT
ajfa-9610	224	20	m.o.p.s	m.o.p.s	PROPN
ajfa-9610	224	21	)	)	PUNCT
ajfa-9610	224	22	which	which	PRON
ajfa-9610	224	23	was	be	AUX
ajfa-9610	224	24	set	set	VERB
ajfa-9610	224	25	up	up	ADP
ajfa-9610	224	26	by	by	ADP
ajfa-9610	224	27	the	the	DET
ajfa-9610	224	28	taiwan	taiwan	PROPN
ajfa-9610	224	29	stock	stock	PROPN
ajfa-9610	224	30	exchange	exchange	PROPN
ajfa-9610	224	31	inc	inc	PROPN
ajfa-9610	224	32	.	.	PROPN
ajfa-9610	224	33	&	&	CCONJ
ajfa-9610	224	34	gre	gre	PROPN
ajfa-9610	224	35	tai	tai	PROPN
ajfa-9610	224	36	securities	securities	PROPN
ajfa-9610	224	37	market	market	NOUN
ajfa-9610	224	38	,	,	PUNCT
ajfa-9610	224	39	2002	2002	NUM
ajfa-9610	224	40	.	.	PUNCT
ajfa-9610	225	1	independent	independent	ADJ
ajfa-9610	225	2	directors	director	NOUN
ajfa-9610	225	3	in	in	ADP
ajfa-9610	225	4	taiwan	taiwan	PROPN
ajfa-9610	225	5	require	require	VERB
ajfa-9610	225	6	fitting	fitting	ADJ
ajfa-9610	225	7	independent	independent	ADJ
ajfa-9610	225	8	director	director	NOUN
ajfa-9610	225	9	criteria	criterion	NOUN
ajfa-9610	225	10	to	to	PART
ajfa-9610	225	11	follow	follow	VERB
ajfa-9610	225	12	company	company	NOUN
ajfa-9610	225	13	law	law	NOUN
ajfa-9610	225	14	and	and	CCONJ
ajfa-9610	225	15	securities	security	NOUN
ajfa-9610	225	16	law	law	NOUN
ajfa-9610	225	17	.	.	PUNCT
ajfa-9610	226	1	itititititititit	itititititititit	PROPN
ajfa-9610	226	2	cfodcfogdcfogcfogfassetgsalesggtac	cfodcfogdcfogcfogfassetgsalesggtac	PROPN
ajfa-9610	226	3	ε+∗++++δ+=	ε+∗++++δ+=	PROPN
ajfa-9610	226	4	543210	543210	NUM
ajfa-9610	226	5	asian	asian	ADJ
ajfa-9610	226	6	journal	journal	NOUN
ajfa-9610	226	7	of	of	ADP
ajfa-9610	226	8	finance	finance	PROPN
ajfa-9610	226	9	&	&	CCONJ
ajfa-9610	226	10	accounting	accounting	PROPN
ajfa-9610	226	11	issn	issn	PROPN
ajfa-9610	226	12	1946	1946	NUM
ajfa-9610	226	13	-	-	PUNCT
ajfa-9610	226	14	052x	052x	PROPN
ajfa-9610	226	15	2016	2016	NUM
ajfa-9610	226	16	,	,	PUNCT
ajfa-9610	226	17	vol	vol	NOUN
ajfa-9610	226	18	.	.	PROPN
ajfa-9610	226	19	8	8	NUM
ajfa-9610	226	20	,	,	PUNCT
ajfa-9610	226	21	no	no	INTJ
ajfa-9610	226	22	.	.	NOUN
ajfa-9610	226	23	1	1	NUM
ajfa-9610	226	24	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9610	226	25	242	242	NUM
ajfa-9610	226	26	year	year	NOUN
ajfa-9610	226	27	-	-	PUNCT
ajfa-9610	226	28	ending	end	VERB
ajfa-9610	226	29	.	.	PUNCT
ajfa-9610	227	1	shareholdings	shareholding	NOUN
ajfa-9610	227	2	of	of	ADP
ajfa-9610	227	3	institutional	institutional	ADJ
ajfa-9610	227	4	investors	investor	NOUN
ajfa-9610	227	5	(	(	PUNCT
ajfa-9610	227	6	inst	inst	NOUN
ajfa-9610	227	7	):	):	PUNCT
ajfa-9610	227	8	there	there	PRON
ajfa-9610	227	9	are	be	VERB
ajfa-9610	227	10	increased	increase	VERB
ajfa-9610	227	11	incentives	incentive	NOUN
ajfa-9610	227	12	to	to	PART
ajfa-9610	227	13	conduct	conduct	VERB
ajfa-9610	227	14	earnings	earning	NOUN
ajfa-9610	227	15	management	management	NOUN
ajfa-9610	227	16	when	when	SCONJ
ajfa-9610	227	17	the	the	DET
ajfa-9610	227	18	shareholding	shareholding	NOUN
ajfa-9610	227	19	of	of	ADP
ajfa-9610	227	20	institutional	institutional	ADJ
ajfa-9610	227	21	investors	investor	NOUN
ajfa-9610	227	22	is	be	AUX
ajfa-9610	227	23	increasing	increase	VERB
ajfa-9610	227	24	(	(	PUNCT
ajfa-9610	227	25	rajgopal	rajgopal	NOUN
ajfa-9610	227	26	and	and	CCONJ
ajfa-9610	227	27	venkatachalam	venkatachalam	ADJ
ajfa-9610	227	28	,	,	PUNCT
ajfa-9610	227	29	1997	1997	NUM
ajfa-9610	227	30	)	)	PUNCT
ajfa-9610	227	31	.	.	PUNCT
ajfa-9610	228	1	big	big	ADJ
ajfa-9610	228	2	4	4	NUM
ajfa-9610	228	3	/	/	SYM
ajfa-9610	228	4	non	non	ADJ
ajfa-9610	228	5	-	-	ADJ
ajfa-9610	228	6	big	big	ADJ
ajfa-9610	228	7	4	4	NUM
ajfa-9610	228	8	indicator	indicator	NOUN
ajfa-9610	228	9	variable	variable	NOUN
ajfa-9610	228	10	(	(	PUNCT
ajfa-9610	228	11	big4	big4	PROPN
ajfa-9610	228	12	):	):	PUNCT
ajfa-9610	228	13	francis	francis	PROPN
ajfa-9610	228	14	,	,	PUNCT
ajfa-9610	228	15	maydew	maydew	NOUN
ajfa-9610	228	16	,	,	PUNCT
ajfa-9610	228	17	and	and	CCONJ
ajfa-9610	228	18	sparks	spark	VERB
ajfa-9610	228	19	(	(	PUNCT
ajfa-9610	228	20	1999	1999	NUM
ajfa-9610	228	21	)	)	PUNCT
ajfa-9610	228	22	find	find	VERB
ajfa-9610	228	23	that	that	SCONJ
ajfa-9610	228	24	large	large	ADJ
ajfa-9610	228	25	audit	audit	NOUN
ajfa-9610	228	26	firms	firm	NOUN
ajfa-9610	228	27	are	be	AUX
ajfa-9610	228	28	more	more	ADV
ajfa-9610	228	29	independent	independent	ADJ
ajfa-9610	228	30	than	than	ADP
ajfa-9610	228	31	small	small	ADJ
ajfa-9610	228	32	audit	audit	NOUN
ajfa-9610	228	33	firms	firm	NOUN
ajfa-9610	228	34	,	,	PUNCT
ajfa-9610	228	35	and	and	CCONJ
ajfa-9610	228	36	they	they	PRON
ajfa-9610	228	37	can	can	AUX
ajfa-9610	228	38	restrain	restrain	VERB
ajfa-9610	228	39	the	the	DET
ajfa-9610	228	40	manipulation	manipulation	NOUN
ajfa-9610	228	41	of	of	ADP
ajfa-9610	228	42	discretionary	discretionary	ADJ
ajfa-9610	228	43	accruals	accrual	NOUN
ajfa-9610	228	44	.	.	PUNCT
ajfa-9610	229	1	big4	big4	PROPN
ajfa-9610	229	2	is	be	AUX
ajfa-9610	229	3	a	a	DET
ajfa-9610	229	4	dummy	dummy	ADJ
ajfa-9610	229	5	variable	variable	NOUN
ajfa-9610	229	6	and	and	CCONJ
ajfa-9610	229	7	sets	set	VERB
ajfa-9610	229	8	to	to	ADP
ajfa-9610	229	9	1	1	NUM
ajfa-9610	229	10	if	if	SCONJ
ajfa-9610	229	11	financial	financial	ADJ
ajfa-9610	229	12	statements	statement	NOUN
ajfa-9610	229	13	of	of	ADP
ajfa-9610	229	14	company	company	NOUN
ajfa-9610	229	15	are	be	AUX
ajfa-9610	229	16	audited	audit	VERB
ajfa-9610	229	17	by	by	ADP
ajfa-9610	229	18	big4	big4	NOUN
ajfa-9610	229	19	firms	firm	NOUN
ajfa-9610	229	20	and	and	CCONJ
ajfa-9610	229	21	0	0	NUM
ajfa-9610	229	22	otherwise	otherwise	ADV
ajfa-9610	229	23	.	.	PUNCT
ajfa-9610	230	1	auditor	auditor	NOUN
ajfa-9610	230	2	change	change	PROPN
ajfa-9610	230	3	indicator	indicator	NOUN
ajfa-9610	230	4	variable	variable	NOUN
ajfa-9610	230	5	(	(	PUNCT
ajfa-9610	230	6	cpachg	cpachg	NOUN
ajfa-9610	230	7	):	):	PUNCT
ajfa-9610	230	8	johnson	johnson	PROPN
ajfa-9610	230	9	et	et	PROPN
ajfa-9610	230	10	al	al	PROPN
ajfa-9610	230	11	.	.	PROPN
ajfa-9610	230	12	(	(	PUNCT
ajfa-9610	230	13	2002	2002	NUM
ajfa-9610	230	14	)	)	PUNCT
ajfa-9610	230	15	indicate	indicate	VERB
ajfa-9610	230	16	that	that	SCONJ
ajfa-9610	230	17	the	the	DET
ajfa-9610	230	18	audit	audit	NOUN
ajfa-9610	230	19	quality	quality	NOUN
ajfa-9610	230	20	is	be	AUX
ajfa-9610	230	21	low	low	ADJ
ajfa-9610	230	22	as	as	SCONJ
ajfa-9610	230	23	the	the	DET
ajfa-9610	230	24	company	company	NOUN
ajfa-9610	230	25	changes	change	VERB
ajfa-9610	230	26	auditor	auditor	NOUN
ajfa-9610	230	27	.	.	PUNCT
ajfa-9610	231	1	cpachg	cpachg	NOUN
ajfa-9610	231	2	is	be	AUX
ajfa-9610	231	3	a	a	DET
ajfa-9610	231	4	dummy	dummy	ADJ
ajfa-9610	231	5	variable	variable	NOUN
ajfa-9610	231	6	and	and	CCONJ
ajfa-9610	231	7	sets	set	VERB
ajfa-9610	231	8	to	to	ADP
ajfa-9610	231	9	1	1	NUM
ajfa-9610	231	10	if	if	SCONJ
ajfa-9610	231	11	the	the	DET
ajfa-9610	231	12	company	company	NOUN
ajfa-9610	231	13	has	have	AUX
ajfa-9610	231	14	changed	change	VERB
ajfa-9610	231	15	independent	independent	ADJ
ajfa-9610	231	16	auditor	auditor	NOUN
ajfa-9610	231	17	in	in	ADP
ajfa-9610	231	18	current	current	ADJ
ajfa-9610	231	19	or	or	CCONJ
ajfa-9610	231	20	prior	prior	ADJ
ajfa-9610	231	21	period	period	NOUN
ajfa-9610	231	22	and	and	CCONJ
ajfa-9610	231	23	0	0	NUM
ajfa-9610	231	24	otherwise	otherwise	ADV
ajfa-9610	231	25	.	.	PUNCT
ajfa-9610	232	1	industry	industry	NOUN
ajfa-9610	232	2	specialist	specialist	NOUN
ajfa-9610	232	3	/	/	SYM
ajfa-9610	232	4	non	non	ADJ
ajfa-9610	232	5	-	-	ADJ
ajfa-9610	232	6	specialist	specialist	ADJ
ajfa-9610	232	7	indicator	indicator	NOUN
ajfa-9610	232	8	variable	variable	NOUN
ajfa-9610	232	9	(	(	PUNCT
ajfa-9610	232	10	speaud	speaud	ADV
ajfa-9610	232	11	):	):	PUNCT
ajfa-9610	232	12	the	the	DET
ajfa-9610	232	13	industry	industry	NOUN
ajfa-9610	232	14	market	market	NOUN
ajfa-9610	232	15	shares	share	NOUN
ajfa-9610	232	16	are	be	AUX
ajfa-9610	232	17	used	use	VERB
ajfa-9610	232	18	to	to	PART
ajfa-9610	232	19	classify	classify	VERB
ajfa-9610	232	20	auditors	auditor	NOUN
ajfa-9610	232	21	as	as	ADP
ajfa-9610	232	22	industry	industry	NOUN
ajfa-9610	232	23	specialists	specialist	NOUN
ajfa-9610	232	24	/	/	SYM
ajfa-9610	232	25	non	non	NOUN
ajfa-9610	232	26	-	-	NOUN
ajfa-9610	232	27	specialists	specialist	NOUN
ajfa-9610	232	28	.	.	PUNCT
ajfa-9610	233	1	chen	chen	PROPN
ajfa-9610	233	2	,	,	PUNCT
ajfa-9610	233	3	moroney	moroney	PROPN
ajfa-9610	233	4	and	and	CCONJ
ajfa-9610	233	5	houghton	houghton	PROPN
ajfa-9610	233	6	(	(	PUNCT
ajfa-9610	233	7	2005	2005	NUM
ajfa-9610	233	8	)	)	PUNCT
ajfa-9610	233	9	find	find	VERB
ajfa-9610	233	10	a	a	DET
ajfa-9610	233	11	higher	high	ADJ
ajfa-9610	233	12	proportion	proportion	NOUN
ajfa-9610	233	13	of	of	ADP
ajfa-9610	233	14	non	non	ADJ
ajfa-9610	233	15	-	-	ADJ
ajfa-9610	233	16	executive	executive	ADJ
ajfa-9610	233	17	directors	director	NOUN
ajfa-9610	233	18	on	on	ADP
ajfa-9610	233	19	an	an	DET
ajfa-9610	233	20	audit	audit	NOUN
ajfa-9610	233	21	committee	committee	NOUN
ajfa-9610	233	22	have	have	VERB
ajfa-9610	233	23	a	a	DET
ajfa-9610	233	24	positive	positive	ADJ
ajfa-9610	233	25	association	association	NOUN
ajfa-9610	233	26	with	with	ADP
ajfa-9610	233	27	the	the	DET
ajfa-9610	233	28	quality	quality	NOUN
ajfa-9610	233	29	of	of	ADP
ajfa-9610	233	30	the	the	DET
ajfa-9610	233	31	audit	audit	NOUN
ajfa-9610	233	32	firm	firm	NOUN
ajfa-9610	233	33	used	use	VERB
ajfa-9610	233	34	.	.	PUNCT
ajfa-9610	234	1	audit	audit	NOUN
ajfa-9610	234	2	quality	quality	NOUN
ajfa-9610	234	3	is	be	AUX
ajfa-9610	234	4	proxied	proxie	VERB
ajfa-9610	234	5	by	by	ADP
ajfa-9610	234	6	industry	industry	NOUN
ajfa-9610	234	7	specialization	specialization	NOUN
ajfa-9610	234	8	.	.	PUNCT
ajfa-9610	235	1	a	a	DET
ajfa-9610	235	2	market	market	NOUN
ajfa-9610	235	3	share	share	NOUN
ajfa-9610	235	4	based	base	VERB
ajfa-9610	235	5	measure	measure	NOUN
ajfa-9610	235	6	of	of	ADP
ajfa-9610	235	7	auditor	auditor	NOUN
ajfa-9610	235	8	industry	industry	NOUN
ajfa-9610	235	9	specialization	specialization	NOUN
ajfa-9610	235	10	is	be	AUX
ajfa-9610	235	11	from	from	ADP
ajfa-9610	235	12	hogan	hogan	PROPN
ajfa-9610	235	13	and	and	CCONJ
ajfa-9610	235	14	jeter	jeter	PROPN
ajfa-9610	235	15	(	(	PUNCT
ajfa-9610	235	16	1999	1999	NUM
ajfa-9610	235	17	)	)	PUNCT
ajfa-9610	235	18	and	and	CCONJ
ajfa-9610	235	19	based	base	VERB
ajfa-9610	235	20	on	on	ADP
ajfa-9610	235	21	total	total	ADJ
ajfa-9610	235	22	assets	asset	NOUN
ajfa-9610	235	23	for	for	ADP
ajfa-9610	235	24	audited	audited	ADJ
ajfa-9610	235	25	company	company	NOUN
ajfa-9610	235	26	.	.	PUNCT
ajfa-9610	236	1	the	the	DET
ajfa-9610	236	2	market	market	NOUN
ajfa-9610	236	3	share	share	NOUN
ajfa-9610	236	4	(	(	PUNCT
ajfa-9610	236	5	ms	ms	NOUN
ajfa-9610	236	6	)	)	PUNCT
ajfa-9610	236	7	of	of	ADP
ajfa-9610	236	8	industry	industry	NOUN
ajfa-9610	236	9	i	i	PRON
ajfa-9610	236	10	which	which	PRON
ajfa-9610	236	11	is	be	AUX
ajfa-9610	236	12	audited	audit	VERB
ajfa-9610	236	13	by	by	ADP
ajfa-9610	236	14	auditor	auditor	NOUN
ajfa-9610	236	15	k	k	PROPN
ajfa-9610	236	16	can	can	AUX
ajfa-9610	236	17	be	be	AUX
ajfa-9610	236	18	calculated	calculate	VERB
ajfa-9610	236	19	as	as	SCONJ
ajfa-9610	236	20	follows	follow	VERB
ajfa-9610	236	21	:	:	PUNCT
ajfa-9610	236	22			PRON
ajfa-9610	236	23			X
ajfa-9610	237	1	=	=	PUNCT
ajfa-9610	238	1	=	=	PUNCT
ajfa-9610	239	1	=	=	SYM
ajfa-9610	239	2	=	=	NOUN
ajfa-9610	239	3	i	i	PROPN
ajfa-9610	239	4	ik	ik	PROPN
ajfa-9610	239	5	ijk	ijk	PROPN
ajfa-9610	239	6	ik	ik	PROPN
ajfa-9610	239	7	ijk	ijk	PROPN
ajfa-9610	239	8	ki	ki	PROPN
ajfa-9610	239	9	k	k	PROPN
ajfa-9610	240	1	i	i	PRON
ajfa-9610	240	2	j	j	PROPN
ajfa-9610	241	1	j	j	PROPN
ajfa-9610	241	2	j	j	PROPN
ajfa-9610	241	3	j	j	PROPN
ajfa-9610	241	4	a	a	PRON
ajfa-9610	241	5	a	a	DET
ajfa-9610	241	6	ms	ms	NOUN
ajfa-9610	241	7	1	1	NUM
ajfa-9610	241	8	1	1	NUM
ajfa-9610	241	9	1	1	NUM
ajfa-9610	241	10	(	(	PUNCT
ajfa-9610	241	11	5	5	NUM
ajfa-9610	241	12	)	)	PUNCT
ajfa-9610	241	13	where	where	SCONJ
ajfa-9610	241	14	msik	msik	NOUN
ajfa-9610	241	15	=	=	NOUN
ajfa-9610	241	16	market	market	NOUN
ajfa-9610	241	17	share	share	NOUN
ajfa-9610	241	18	of	of	ADP
ajfa-9610	241	19	audit	audit	NOUN
ajfa-9610	241	20	firm	firm	NOUN
ajfa-9610	241	21	k	k	PROPN
ajfa-9610	241	22	in	in	ADP
ajfa-9610	241	23	industry	industry	NOUN
ajfa-9610	242	1	i	i	PRON
ajfa-9610	242	2	;	;	PUNCT
ajfa-9610	242	3	i	i	NOUN
ajfa-9610	242	4	=	=	NOUN
ajfa-9610	242	5	1	1	NUM
ajfa-9610	242	6	,	,	PUNCT
ajfa-9610	242	7	2,	2,	NUM
ajfa-9610	242	8	…	…	SYM
ajfa-9610	242	9	,i	,i	NUM
ajfa-9610	242	10	,	,	PUNCT
ajfa-9610	242	11	industry	industry	NOUN
ajfa-9610	242	12	code	code	NOUN
ajfa-9610	242	13	of	of	ADP
ajfa-9610	242	14	listed	list	VERB
ajfa-9610	242	15	company	company	NOUN
ajfa-9610	242	16	(	(	PUNCT
ajfa-9610	242	17	client	client	NOUN
ajfa-9610	242	18	)	)	PUNCT
ajfa-9610	242	19	;	;	PUNCT
ajfa-9610	242	20	j=1,2,	j=1,2,	PROPN
ajfa-9610	242	21	…	…	SYM
ajfa-9610	242	22	,j	,j	NOUN
ajfa-9610	242	23	,	,	PUNCT
ajfa-9610	242	24	code	code	NOUN
ajfa-9610	242	25	of	of	ADP
ajfa-9610	242	26	listed	list	VERB
ajfa-9610	242	27	company(client	company(client	NOUN
ajfa-9610	242	28	)	)	PUNCT
ajfa-9610	242	29	;	;	PUNCT
ajfa-9610	242	30	k=1,2,	k=1,2,	PROPN
ajfa-9610	242	31	…	…	SYM
ajfa-9610	242	32	,k	,k	PUNCT
ajfa-9610	242	33	,	,	PUNCT
ajfa-9610	242	34	code	code	NOUN
ajfa-9610	242	35	of	of	ADP
ajfa-9610	242	36	accounting	accounting	NOUN
ajfa-9610	242	37	(	(	PUNCT
ajfa-9610	242	38	audit	audit	NOUN
ajfa-9610	242	39	)	)	PUNCT
ajfa-9610	242	40	firm	firm	NOUN
ajfa-9610	242	41	;	;	PUNCT
ajfa-9610	242	42	ki	ki	PROPN
ajfa-9610	242	43	=	=	PUNCT
ajfa-9610	242	44	number	number	NOUN
ajfa-9610	242	45	of	of	ADP
ajfa-9610	242	46	accounting	accounting	NOUN
ajfa-9610	242	47	firms	firm	NOUN
ajfa-9610	242	48	in	in	ADP
ajfa-9610	242	49	industry	industry	NOUN
ajfa-9610	242	50	i	i	PRON
ajfa-9610	242	51	;	;	PUNCT
ajfa-9610	242	52	aijk	aijk	NOUN
ajfa-9610	242	53	=	=	NOUN
ajfa-9610	242	54	total	total	ADJ
ajfa-9610	242	55	assets	asset	NOUN
ajfa-9610	242	56	for	for	ADP
ajfa-9610	242	57	client	client	NOUN
ajfa-9610	242	58	j	j	PROPN
ajfa-9610	242	59	of	of	ADP
ajfa-9610	242	60	audit	audit	NOUN
ajfa-9610	242	61	firm	firm	NOUN
ajfa-9610	242	62	k	k	PROPN
ajfa-9610	242	63	in	in	ADP
ajfa-9610	242	64	industry	industry	NOUN
ajfa-9610	242	65	i.	i.	NOUN
ajfa-9610	242	66	how	how	SCONJ
ajfa-9610	242	67	to	to	PART
ajfa-9610	242	68	decide	decide	VERB
ajfa-9610	242	69	the	the	DET
ajfa-9610	242	70	auditor	auditor	NOUN
ajfa-9610	242	71	is	be	AUX
ajfa-9610	242	72	classified	classify	VERB
ajfa-9610	242	73	as	as	ADP
ajfa-9610	242	74	an	an	DET
ajfa-9610	242	75	industry	industry	NOUN
ajfa-9610	242	76	specialist	specialist	NOUN
ajfa-9610	242	77	,	,	PUNCT
ajfa-9610	242	78	many	many	ADJ
ajfa-9610	242	79	researchers	researcher	NOUN
ajfa-9610	242	80	have	have	AUX
ajfa-9610	242	81	examined	examine	VERB
ajfa-9610	242	82	the	the	DET
ajfa-9610	242	83	issue	issue	NOUN
ajfa-9610	242	84	of	of	ADP
ajfa-9610	242	85	auditor	auditor	NOUN
ajfa-9610	242	86	specialization	specialization	NOUN
ajfa-9610	242	87	or	or	CCONJ
ajfa-9610	242	88	concentration	concentration	NOUN
ajfa-9610	242	89	in	in	ADP
ajfa-9610	242	90	a	a	DET
ajfa-9610	242	91	variety	variety	NOUN
ajfa-9610	242	92	of	of	ADP
ajfa-9610	242	93	contexts	contexts	NOUN
ajfa-9610	242	94	.	.	PUNCT
ajfa-9610	243	1	craswell	craswell	ADJ
ajfa-9610	243	2	,	,	PUNCT
ajfa-9610	243	3	francis	francis	PROPN
ajfa-9610	243	4	,	,	PUNCT
ajfa-9610	243	5	and	and	CCONJ
ajfa-9610	243	6	taylor	taylor	PROPN
ajfa-9610	243	7	(	(	PUNCT
ajfa-9610	243	8	1995	1995	NUM
ajfa-9610	243	9	)	)	PUNCT
ajfa-9610	243	10	and	and	CCONJ
ajfa-9610	243	11	ferguson	ferguson	PROPN
ajfa-9610	243	12	and	and	CCONJ
ajfa-9610	243	13	stokes	stokes	PROPN
ajfa-9610	243	14	(	(	PUNCT
ajfa-9610	243	15	2002	2002	NUM
ajfa-9610	243	16	)	)	PUNCT
ajfa-9610	243	17	define	define	VERB
ajfa-9610	243	18	an	an	DET
ajfa-9610	243	19	industry	industry	NOUN
ajfa-9610	243	20	specialist	specialist	NOUN
ajfa-9610	243	21	as	as	ADP
ajfa-9610	243	22	the	the	DET
ajfa-9610	243	23	market	market	NOUN
ajfa-9610	243	24	share	share	NOUN
ajfa-9610	243	25	of	of	ADP
ajfa-9610	243	26	audit	audit	NOUN
ajfa-9610	243	27	firms	firm	NOUN
ajfa-9610	243	28	is	be	AUX
ajfa-9610	243	29	at	at	ADV
ajfa-9610	243	30	least	least	ADV
ajfa-9610	243	31	10	10	NUM
ajfa-9610	243	32	%	%	NOUN
ajfa-9610	243	33	(	(	PUNCT
ajfa-9610	243	34	or	or	CCONJ
ajfa-9610	243	35	20	20	NUM
ajfa-9610	243	36	%	%	NOUN
ajfa-9610	243	37	)	)	PUNCT
ajfa-9610	243	38	,	,	PUNCT
ajfa-9610	243	39	and	and	CCONJ
ajfa-9610	243	40	there	there	PRON
ajfa-9610	243	41	is	be	VERB
ajfa-9610	243	42	more	more	ADJ
ajfa-9610	243	43	than	than	ADP
ajfa-9610	243	44	30	30	NUM
ajfa-9610	243	45	firms	firm	NOUN
ajfa-9610	243	46	in	in	ADP
ajfa-9610	243	47	this	this	DET
ajfa-9610	243	48	industry	industry	NOUN
ajfa-9610	243	49	.	.	PUNCT
ajfa-9610	244	1	but	but	CCONJ
ajfa-9610	244	2	casterella	casterella	NOUN
ajfa-9610	244	3	et	et	PROPN
ajfa-9610	244	4	al	al	PROPN
ajfa-9610	244	5	.	.	PROPN
ajfa-9610	245	1	(	(	PUNCT
ajfa-9610	245	2	2004	2004	NUM
ajfa-9610	245	3	)	)	PUNCT
ajfa-9610	245	4	adopt	adopt	VERB
ajfa-9610	245	5	20	20	NUM
ajfa-9610	245	6	%	%	NOUN
ajfa-9610	245	7	cutoff	cutoff	NOUN
ajfa-9610	245	8	.	.	PUNCT
ajfa-9610	246	1	another	another	DET
ajfa-9610	246	2	threshold	threshold	NOUN
ajfa-9610	246	3	of	of	ADP
ajfa-9610	246	4	measuring	measure	VERB
ajfa-9610	246	5	an	an	DET
ajfa-9610	246	6	industry	industry	NOUN
ajfa-9610	246	7	specialist	specialist	NOUN
ajfa-9610	246	8	is	be	AUX
ajfa-9610	246	9	to	to	PART
ajfa-9610	246	10	use	use	VERB
ajfa-9610	246	11	the	the	DET
ajfa-9610	246	12	industry	industry	NOUN
ajfa-9610	246	13	ranking	ranking	NOUN
ajfa-9610	246	14	.	.	PUNCT
ajfa-9610	247	1	palmrose	palmrose	ADJ
ajfa-9610	247	2	(	(	PUNCT
ajfa-9610	247	3	1986	1986	NUM
ajfa-9610	247	4	)	)	PUNCT
ajfa-9610	247	5	,	,	PUNCT
ajfa-9610	247	6	and	and	CCONJ
ajfa-9610	247	7	ferguson	ferguson	PROPN
ajfa-9610	247	8	and	and	CCONJ
ajfa-9610	247	9	stokes	stokes	PROPN
ajfa-9610	247	10	(	(	PUNCT
ajfa-9610	247	11	2002	2002	NUM
ajfa-9610	247	12	)	)	PUNCT
ajfa-9610	247	13	suggest	suggest	VERB
ajfa-9610	247	14	the	the	DET
ajfa-9610	247	15	auditor	auditor	NOUN
ajfa-9610	247	16	has	have	VERB
ajfa-9610	247	17	the	the	DET
ajfa-9610	247	18	largest	large	ADJ
ajfa-9610	247	19	market	market	NOUN
ajfa-9610	247	20	share	share	NOUN
ajfa-9610	247	21	is	be	AUX
ajfa-9610	247	22	an	an	DET
ajfa-9610	247	23	industry	industry	NOUN
ajfa-9610	247	24	specialist	specialist	NOUN
ajfa-9610	247	25	,	,	PUNCT
ajfa-9610	247	26	and	and	CCONJ
ajfa-9610	247	27	ferguson	ferguson	PROPN
ajfa-9610	247	28	,	,	PUNCT
ajfa-9610	247	29	francis	francis	PROPN
ajfa-9610	247	30	and	and	CCONJ
ajfa-9610	247	31	stokes	stokes	PROPN
ajfa-9610	247	32	(	(	PUNCT
ajfa-9610	247	33	2003	2003	NUM
ajfa-9610	247	34	)	)	PUNCT
ajfa-9610	247	35	suggest	suggest	VERB
ajfa-9610	247	36	the	the	DET
ajfa-9610	247	37	largest	large	ADJ
ajfa-9610	247	38	and	and	CCONJ
ajfa-9610	247	39	the	the	DET
ajfa-9610	247	40	second	second	ADV
ajfa-9610	247	41	largest	large	ADJ
ajfa-9610	247	42	market	market	NOUN
ajfa-9610	247	43	share	share	NOUN
ajfa-9610	247	44	are	be	AUX
ajfa-9610	247	45	the	the	DET
ajfa-9610	247	46	industry	industry	NOUN
ajfa-9610	247	47	specialists	specialist	NOUN
ajfa-9610	247	48	.	.	PUNCT
ajfa-9610	248	1	hogan	hogan	PROPN
ajfa-9610	248	2	and	and	CCONJ
ajfa-9610	248	3	jeter	jeter	PROPN
ajfa-9610	248	4	(	(	PUNCT
ajfa-9610	248	5	1999	1999	NUM
ajfa-9610	248	6	)	)	PUNCT
ajfa-9610	248	7	,	,	PUNCT
ajfa-9610	248	8	and	and	CCONJ
ajfa-9610	248	9	defond	defond	NOUN
ajfa-9610	248	10	,	,	PUNCT
ajfa-9610	248	11	francis	francis	PROPN
ajfa-9610	248	12	,	,	PUNCT
ajfa-9610	248	13	and	and	CCONJ
ajfa-9610	248	14	wong	wong	PROPN
ajfa-9610	248	15	(	(	PUNCT
ajfa-9610	248	16	2000	2000	NUM
ajfa-9610	248	17	)	)	PUNCT
ajfa-9610	248	18	suggest	suggest	VERB
ajfa-9610	248	19	the	the	DET
ajfa-9610	248	20	top	top	ADJ
ajfa-9610	248	21	three	three	NUM
ajfa-9610	248	22	firms	firm	NOUN
ajfa-9610	248	23	in	in	ADP
ajfa-9610	248	24	the	the	DET
ajfa-9610	248	25	market	market	NOUN
ajfa-9610	248	26	share	share	NOUN
ajfa-9610	248	27	ranking	ranking	NOUN
ajfa-9610	248	28	list	list	NOUN
ajfa-9610	248	29	are	be	AUX
ajfa-9610	248	30	the	the	DET
ajfa-9610	248	31	industry	industry	NOUN
ajfa-9610	248	32	specialists	specialist	NOUN
ajfa-9610	248	33	.	.	PUNCT
ajfa-9610	249	1	this	this	DET
ajfa-9610	249	2	study	study	NOUN
ajfa-9610	249	3	employs	employ	VERB
ajfa-9610	249	4	the	the	DET
ajfa-9610	249	5	two	two	NUM
ajfa-9610	249	6	thresholds	threshold	NOUN
ajfa-9610	249	7	for	for	ADP
ajfa-9610	249	8	measuring	measure	VERB
ajfa-9610	249	9	whether	whether	SCONJ
ajfa-9610	249	10	an	an	DET
ajfa-9610	249	11	audit	audit	NOUN
ajfa-9610	249	12	firm	firm	NOUN
ajfa-9610	249	13	is	be	AUX
ajfa-9610	249	14	an	an	DET
ajfa-9610	249	15	industry	industry	NOUN
ajfa-9610	249	16	specialist	specialist	NOUN
ajfa-9610	249	17	.	.	PUNCT
ajfa-9610	250	1	one	one	NUM
ajfa-9610	250	2	threshold	threshold	NOUN
ajfa-9610	250	3	is	be	AUX
ajfa-9610	250	4	the	the	DET
ajfa-9610	250	5	market	market	NOUN
ajfa-9610	250	6	share	share	NOUN
ajfa-9610	250	7	of	of	ADP
ajfa-9610	250	8	the	the	DET
ajfa-9610	250	9	audit	audit	NOUN
ajfa-9610	250	10	firm	firm	NOUN
ajfa-9610	250	11	is	be	AUX
ajfa-9610	250	12	more	more	ADJ
ajfa-9610	250	13	than	than	ADP
ajfa-9610	250	14	20	20	NUM
ajfa-9610	250	15	%	%	NOUN
ajfa-9610	250	16	and	and	CCONJ
ajfa-9610	250	17	more	more	ADJ
ajfa-9610	250	18	than	than	ADP
ajfa-9610	250	19	30	30	NUM
ajfa-9610	250	20	firms	firm	NOUN
ajfa-9610	250	21	in	in	ADP
ajfa-9610	250	22	an	an	DET
ajfa-9610	250	23	industry	industry	NOUN
ajfa-9610	250	24	.	.	PUNCT
ajfa-9610	251	1	if	if	SCONJ
ajfa-9610	251	2	less	less	ADJ
ajfa-9610	251	3	than	than	ADP
ajfa-9610	251	4	30	30	NUM
ajfa-9610	251	5	firms	firm	NOUN
ajfa-9610	251	6	in	in	ADP
ajfa-9610	251	7	an	an	DET
ajfa-9610	251	8	industry	industry	NOUN
ajfa-9610	251	9	,	,	PUNCT
ajfa-9610	251	10	then	then	ADV
ajfa-9610	251	11	we	we	PRON
ajfa-9610	251	12	choose	choose	VERB
ajfa-9610	251	13	the	the	DET
ajfa-9610	251	14	auditor	auditor	NOUN
ajfa-9610	251	15	who	who	PRON
ajfa-9610	251	16	has	have	AUX
ajfa-9610	251	17	largest	large	ADJ
ajfa-9610	251	18	and	and	CCONJ
ajfa-9610	251	19	the	the	DET
ajfa-9610	251	20	second	second	ADV
ajfa-9610	251	21	largest	large	ADJ
ajfa-9610	251	22	market	market	NOUN
ajfa-9610	251	23	share	share	NOUN
ajfa-9610	251	24	to	to	PART
ajfa-9610	251	25	be	be	AUX
ajfa-9610	251	26	industry	industry	NOUN
ajfa-9610	251	27	specialists	specialist	NOUN
ajfa-9610	251	28	,	,	PUNCT
ajfa-9610	251	29	total	total	ADJ
ajfa-9610	251	30	market	market	NOUN
ajfa-9610	251	31	asian	asian	ADJ
ajfa-9610	251	32	journal	journal	NOUN
ajfa-9610	251	33	of	of	ADP
ajfa-9610	251	34	finance	finance	PROPN
ajfa-9610	251	35	&	&	CCONJ
ajfa-9610	251	36	accounting	accounting	PROPN
ajfa-9610	251	37	issn	issn	PROPN
ajfa-9610	251	38	1946	1946	NUM
ajfa-9610	251	39	-	-	PUNCT
ajfa-9610	251	40	052x	052x	PROPN
ajfa-9610	251	41	2016	2016	NUM
ajfa-9610	251	42	,	,	PUNCT
ajfa-9610	251	43	vol	vol	NOUN
ajfa-9610	251	44	.	.	PROPN
ajfa-9610	251	45	8	8	NUM
ajfa-9610	251	46	,	,	PUNCT
ajfa-9610	251	47	no	no	INTJ
ajfa-9610	251	48	.	.	NOUN
ajfa-9610	251	49	1	1	NUM
ajfa-9610	251	50	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9610	251	51	243	243	NUM
ajfa-9610	251	52	share	share	NOUN
ajfa-9610	251	53	is	be	AUX
ajfa-9610	251	54	over	over	ADP
ajfa-9610	251	55	20	20	NUM
ajfa-9610	251	56	%	%	NOUN
ajfa-9610	251	57	.	.	PUNCT
ajfa-9610	252	1	the	the	DET
ajfa-9610	252	2	specialist	specialist	ADJ
ajfa-9610	252	3	auditor	auditor	NOUN
ajfa-9610	252	4	(	(	PUNCT
ajfa-9610	252	5	speaud	speaud	ADV
ajfa-9610	252	6	)	)	PUNCT
ajfa-9610	252	7	is	be	AUX
ajfa-9610	252	8	a	a	DET
ajfa-9610	252	9	dummy	dummy	ADJ
ajfa-9610	252	10	variable	variable	NOUN
ajfa-9610	252	11	,	,	PUNCT
ajfa-9610	252	12	and	and	CCONJ
ajfa-9610	252	13	takes	take	VERB
ajfa-9610	252	14	the	the	DET
ajfa-9610	252	15	value	value	NOUN
ajfa-9610	252	16	of	of	ADP
ajfa-9610	252	17	1	1	NUM
ajfa-9610	252	18	if	if	SCONJ
ajfa-9610	252	19	financial	financial	ADJ
ajfa-9610	252	20	statements	statement	NOUN
ajfa-9610	252	21	of	of	ADP
ajfa-9610	252	22	company	company	NOUN
ajfa-9610	252	23	are	be	AUX
ajfa-9610	252	24	audited	audit	VERB
ajfa-9610	252	25	by	by	ADP
ajfa-9610	252	26	industry	industry	NOUN
ajfa-9610	252	27	specialist	specialist	NOUN
ajfa-9610	252	28	auditor	auditor	NOUN
ajfa-9610	252	29	and	and	CCONJ
ajfa-9610	252	30	0	0	NUM
ajfa-9610	252	31	otherwise	otherwise	ADV
ajfa-9610	252	32	.	.	PUNCT
ajfa-9610	253	1	corporate	corporate	ADJ
ajfa-9610	253	2	governance	governance	NOUN
ajfa-9610	253	3	composite	composite	ADJ
ajfa-9610	253	4	index	index	NOUN
ajfa-9610	253	5	(	(	PUNCT
ajfa-9610	253	6	gi	gi	NOUN
ajfa-9610	253	7	):	):	PUNCT
ajfa-9610	253	8	gi	gi	NOUN
ajfa-9610	253	9	that	that	PRON
ajfa-9610	253	10	comes	come	VERB
ajfa-9610	253	11	from	from	ADP
ajfa-9610	253	12	principal	principal	ADJ
ajfa-9610	253	13	component	component	NOUN
ajfa-9610	253	14	analysis.15	analysis.15	NOUN
ajfa-9610	253	15	in	in	ADP
ajfa-9610	253	16	order	order	NOUN
ajfa-9610	253	17	to	to	PART
ajfa-9610	253	18	drive	drive	VERB
ajfa-9610	253	19	a	a	DET
ajfa-9610	253	20	comprehensive	comprehensive	ADJ
ajfa-9610	253	21	measure	measure	NOUN
ajfa-9610	253	22	for	for	ADP
ajfa-9610	253	23	corporate	corporate	ADJ
ajfa-9610	253	24	governance	governance	NOUN
ajfa-9610	253	25	,	,	PUNCT
ajfa-9610	253	26	we	we	PRON
ajfa-9610	253	27	use	use	VERB
ajfa-9610	253	28	the	the	DET
ajfa-9610	253	29	principal	principal	ADJ
ajfa-9610	253	30	components	component	NOUN
ajfa-9610	253	31	analysis	analysis	NOUN
ajfa-9610	253	32	(	(	PUNCT
ajfa-9610	253	33	pca	pca	NOUN
ajfa-9610	253	34	)	)	PUNCT
ajfa-9610	253	35	to	to	PART
ajfa-9610	253	36	extract	extract	VERB
ajfa-9610	253	37	the	the	DET
ajfa-9610	253	38	first	first	ADJ
ajfa-9610	253	39	principal	principal	ADJ
ajfa-9610	253	40	component	component	NOUN
ajfa-9610	253	41	as	as	ADP
ajfa-9610	253	42	the	the	DET
ajfa-9610	253	43	corporate	corporate	ADJ
ajfa-9610	253	44	governance	governance	NOUN
ajfa-9610	253	45	index	index	NOUN
ajfa-9610	253	46	.	.	PUNCT
ajfa-9610	254	1	we	we	PRON
ajfa-9610	254	2	construct	construct	VERB
ajfa-9610	254	3	a	a	DET
ajfa-9610	254	4	comprehensive	comprehensive	ADJ
ajfa-9610	254	5	corporate	corporate	ADJ
ajfa-9610	254	6	governance	governance	NOUN
ajfa-9610	254	7	metric	metric	NOUN
ajfa-9610	254	8	gi	gi	INTJ
ajfa-9610	254	9	that	that	PRON
ajfa-9610	254	10	first	first	ADV
ajfa-9610	254	11	incorporates	incorporate	VERB
ajfa-9610	254	12	ceo	ceo	NOUN
ajfa-9610	254	13	duality	duality	NOUN
ajfa-9610	254	14	,	,	PUNCT
ajfa-9610	254	15	shareholdings	shareholding	NOUN
ajfa-9610	254	16	of	of	ADP
ajfa-9610	254	17	directors	director	NOUN
ajfa-9610	254	18	and	and	CCONJ
ajfa-9610	254	19	supervisors	supervisor	NOUN
ajfa-9610	254	20	,	,	PUNCT
ajfa-9610	254	21	shareholdings	shareholding	NOUN
ajfa-9610	254	22	of	of	ADP
ajfa-9610	254	23	blockholders	blockholder	NOUN
ajfa-9610	254	24	,	,	PUNCT
ajfa-9610	254	25	shareholdings	shareholding	NOUN
ajfa-9610	254	26	of	of	ADP
ajfa-9610	254	27	managers	manager	NOUN
ajfa-9610	254	28	,	,	PUNCT
ajfa-9610	254	29	shareholdings	shareholding	NOUN
ajfa-9610	254	30	of	of	ADP
ajfa-9610	254	31	outside	outside	ADJ
ajfa-9610	254	32	investors	investor	NOUN
ajfa-9610	254	33	(=	(=	ADP
ajfa-9610	254	34	shareholdings	shareholding	NOUN
ajfa-9610	254	35	of	of	ADP
ajfa-9610	254	36	individual	individual	ADJ
ajfa-9610	254	37	investor	investor	NOUN
ajfa-9610	254	38	+	+	CCONJ
ajfa-9610	254	39	shareholdings	shareholding	NOUN
ajfa-9610	254	40	of	of	ADP
ajfa-9610	254	41	unlisted	unlisted	ADJ
ajfa-9610	254	42	firm	firm	NOUN
ajfa-9610	254	43	+	+	NUM
ajfa-9610	254	44	shareholdings	shareholding	NOUN
ajfa-9610	254	45	of	of	ADP
ajfa-9610	254	46	foundation	foundation	NOUN
ajfa-9610	254	47	+	+	NUM
ajfa-9610	254	48	shareholdings	shareholding	NOUN
ajfa-9610	254	49	of	of	ADP
ajfa-9610	254	50	listed	list	VERB
ajfa-9610	254	51	firm	firm	NOUN
ajfa-9610	254	52	)	)	PUNCT
ajfa-9610	254	53	,	,	PUNCT
ajfa-9610	254	54	shareholdings	shareholding	NOUN
ajfa-9610	254	55	of	of	ADP
ajfa-9610	254	56	ultimate	ultimate	ADJ
ajfa-9610	254	57	controller	controller	NOUN
ajfa-9610	254	58	,	,	PUNCT
ajfa-9610	254	59	shareholdings	shareholding	NOUN
ajfa-9610	254	60	of	of	ADP
ajfa-9610	254	61	natural	natural	ADJ
ajfa-9610	254	62	persons	person	NOUN
ajfa-9610	254	63	,	,	PUNCT
ajfa-9610	254	64	shareholdings	shareholding	NOUN
ajfa-9610	254	65	of	of	ADP
ajfa-9610	254	66	institutional	institutional	ADJ
ajfa-9610	254	67	investors	investor	NOUN
ajfa-9610	254	68	,	,	PUNCT
ajfa-9610	254	69	equity	equity	NOUN
ajfa-9610	254	70	pledge	pledge	NOUN
ajfa-9610	254	71	ratio	ratio	NOUN
ajfa-9610	254	72	of	of	ADP
ajfa-9610	254	73	directors	director	NOUN
ajfa-9610	254	74	and	and	CCONJ
ajfa-9610	254	75	supervisors	supervisor	NOUN
ajfa-9610	254	76	,	,	PUNCT
ajfa-9610	254	77	the	the	DET
ajfa-9610	254	78	seats	seat	NOUN
ajfa-9610	254	79	of	of	ADP
ajfa-9610	254	80	directors	director	NOUN
ajfa-9610	254	81	and	and	CCONJ
ajfa-9610	254	82	supervisor	supervisor	NOUN
ajfa-9610	254	83	,	,	PUNCT
ajfa-9610	254	84	the	the	DET
ajfa-9610	254	85	ratio	ratio	NOUN
ajfa-9610	254	86	of	of	ADP
ajfa-9610	254	87	the	the	DET
ajfa-9610	254	88	seats	seat	NOUN
ajfa-9610	254	89	of	of	ADP
ajfa-9610	254	90	managers	manager	NOUN
ajfa-9610	254	91	to	to	ADP
ajfa-9610	254	92	the	the	DET
ajfa-9610	254	93	seats	seat	NOUN
ajfa-9610	254	94	of	of	ADP
ajfa-9610	254	95	directors	director	NOUN
ajfa-9610	254	96	and	and	CCONJ
ajfa-9610	254	97	supervisors	supervisor	NOUN
ajfa-9610	254	98	,	,	PUNCT
ajfa-9610	254	99	the	the	DET
ajfa-9610	254	100	ratio	ratio	NOUN
ajfa-9610	254	101	of	of	ADP
ajfa-9610	254	102	the	the	DET
ajfa-9610	254	103	seats	seat	NOUN
ajfa-9610	254	104	of	of	ADP
ajfa-9610	254	105	outsiders	outsider	NOUN
ajfa-9610	254	106	to	to	ADP
ajfa-9610	254	107	the	the	DET
ajfa-9610	254	108	seats	seat	NOUN
ajfa-9610	254	109	of	of	ADP
ajfa-9610	254	110	directors	director	NOUN
ajfa-9610	254	111	and	and	CCONJ
ajfa-9610	254	112	supervisors	supervisor	NOUN
ajfa-9610	254	113	,	,	PUNCT
ajfa-9610	254	114	the	the	DET
ajfa-9610	254	115	seats	seat	NOUN
ajfa-9610	254	116	of	of	ADP
ajfa-9610	254	117	independent	independent	ADJ
ajfa-9610	254	118	directors	director	NOUN
ajfa-9610	254	119	,	,	PUNCT
ajfa-9610	254	120	the	the	DET
ajfa-9610	254	121	change	change	NOUN
ajfa-9610	254	122	times	time	NOUN
ajfa-9610	254	123	of	of	ADP
ajfa-9610	254	124	cpa	cpa	NOUN
ajfa-9610	254	125	during	during	ADP
ajfa-9610	254	126	three	three	NUM
ajfa-9610	254	127	years	year	NOUN
ajfa-9610	254	128	,	,	PUNCT
ajfa-9610	254	129	big	big	ADJ
ajfa-9610	254	130	4	4	NUM
ajfa-9610	254	131	auditor	auditor	NOUN
ajfa-9610	254	132	,	,	PUNCT
ajfa-9610	254	133	and	and	CCONJ
ajfa-9610	254	134	industry	industry	NOUN
ajfa-9610	254	135	expert	expert	NOUN
ajfa-9610	254	136	.	.	PUNCT
ajfa-9610	255	1	next	next	ADV
ajfa-9610	255	2	,	,	PUNCT
ajfa-9610	255	3	we	we	PRON
ajfa-9610	255	4	use	use	VERB
ajfa-9610	255	5	the	the	DET
ajfa-9610	255	6	pca	pca	NOUN
ajfa-9610	255	7	to	to	PART
ajfa-9610	255	8	extract	extract	VERB
ajfa-9610	255	9	the	the	DET
ajfa-9610	255	10	first	first	ADJ
ajfa-9610	255	11	principal	principal	ADJ
ajfa-9610	255	12	component	component	NOUN
ajfa-9610	255	13	as	as	ADP
ajfa-9610	255	14	a	a	DET
ajfa-9610	255	15	comprehensive	comprehensive	ADJ
ajfa-9610	255	16	corporate	corporate	ADJ
ajfa-9610	255	17	governance	governance	NOUN
ajfa-9610	255	18	variable	variable	NOUN
ajfa-9610	255	19	.	.	PUNCT
ajfa-9610	256	1	the	the	DET
ajfa-9610	256	2	extraction	extraction	NOUN
ajfa-9610	256	3	of	of	ADP
ajfa-9610	256	4	the	the	DET
ajfa-9610	256	5	common	common	ADJ
ajfa-9610	256	6	component	component	NOUN
ajfa-9610	256	7	using	use	VERB
ajfa-9610	256	8	pca	pca	NOUN
ajfa-9610	256	9	and	and	CCONJ
ajfa-9610	256	10	construction	construction	NOUN
ajfa-9610	256	11	of	of	ADP
ajfa-9610	256	12	the	the	DET
ajfa-9610	256	13	index	index	NOUN
ajfa-9610	256	14	is	be	AUX
ajfa-9610	256	15	a	a	DET
ajfa-9610	256	16	parsimonious	parsimonious	ADJ
ajfa-9610	256	17	way	way	NOUN
ajfa-9610	256	18	to	to	PART
ajfa-9610	256	19	capture	capture	VERB
ajfa-9610	256	20	corporate	corporate	ADJ
ajfa-9610	256	21	governance	governance	NOUN
ajfa-9610	256	22	,	,	PUNCT
ajfa-9610	256	23	and	and	CCONJ
ajfa-9610	256	24	it	it	PRON
ajfa-9610	256	25	reduces	reduce	VERB
ajfa-9610	256	26	the	the	DET
ajfa-9610	256	27	measurement	measurement	NOUN
ajfa-9610	256	28	error	error	NOUN
ajfa-9610	256	29	associated	associate	VERB
ajfa-9610	256	30	with	with	ADP
ajfa-9610	256	31	using	use	VERB
ajfa-9610	256	32	the	the	DET
ajfa-9610	256	33	individual	individual	ADJ
ajfa-9610	256	34	measure	measure	NOUN
ajfa-9610	256	35	.	.	PUNCT
ajfa-9610	257	1	control	control	NOUN
ajfa-9610	257	2	variable	variable	NOUN
ajfa-9610	257	3	in	in	ADP
ajfa-9610	257	4	general	general	ADJ
ajfa-9610	257	5	,	,	PUNCT
ajfa-9610	257	6	the	the	PRON
ajfa-9610	257	7	higher	high	ADJ
ajfa-9610	257	8	the	the	DET
ajfa-9610	257	9	profitability	profitability	NOUN
ajfa-9610	257	10	of	of	ADP
ajfa-9610	257	11	a	a	DET
ajfa-9610	257	12	corporation	corporation	NOUN
ajfa-9610	257	13	is	be	AUX
ajfa-9610	257	14	or	or	CCONJ
ajfa-9610	257	15	the	the	PRON
ajfa-9610	257	16	better	well	ADJ
ajfa-9610	257	17	the	the	DET
ajfa-9610	257	18	operating	operating	NOUN
ajfa-9610	257	19	performance	performance	NOUN
ajfa-9610	257	20	is	be	AUX
ajfa-9610	257	21	,	,	PUNCT
ajfa-9610	257	22	the	the	PRON
ajfa-9610	257	23	higher	high	ADJ
ajfa-9610	257	24	the	the	DET
ajfa-9610	257	25	return	return	NOUN
ajfa-9610	257	26	on	on	ADP
ajfa-9610	257	27	assets	asset	NOUN
ajfa-9610	257	28	will	will	AUX
ajfa-9610	257	29	be	be	AUX
ajfa-9610	257	30	.	.	PUNCT
ajfa-9610	258	1	thus	thus	ADV
ajfa-9610	258	2	,	,	PUNCT
ajfa-9610	258	3	managers	manager	NOUN
ajfa-9610	258	4	will	will	AUX
ajfa-9610	258	5	not	not	PART
ajfa-9610	258	6	conduct	conduct	VERB
ajfa-9610	258	7	upward	upward	ADJ
ajfa-9610	258	8	earnings	earning	NOUN
ajfa-9610	258	9	management	management	NOUN
ajfa-9610	258	10	.	.	PUNCT
ajfa-9610	259	1	bowen	bowen	PROPN
ajfa-9610	259	2	,	,	PUNCT
ajfa-9610	259	3	ducharme	ducharme	NOUN
ajfa-9610	259	4	,	,	PUNCT
ajfa-9610	259	5	and	and	CCONJ
ajfa-9610	259	6	shores	shore	NOUN
ajfa-9610	259	7	(	(	PUNCT
ajfa-9610	259	8	1995	1995	NUM
ajfa-9610	259	9	)	)	PUNCT
ajfa-9610	259	10	found	find	VERB
ajfa-9610	259	11	that	that	SCONJ
ajfa-9610	259	12	managers	manager	NOUN
ajfa-9610	259	13	will	will	AUX
ajfa-9610	259	14	not	not	PART
ajfa-9610	259	15	conduct	conduct	VERB
ajfa-9610	259	16	upward	upward	ADV
ajfa-9610	259	17	earning	earn	VERB
ajfa-9610	259	18	management	management	NOUN
ajfa-9610	259	19	when	when	SCONJ
ajfa-9610	259	20	the	the	DET
ajfa-9610	259	21	return	return	NOUN
ajfa-9610	259	22	on	on	ADP
ajfa-9610	259	23	assets	asset	NOUN
ajfa-9610	259	24	is	be	AUX
ajfa-9610	259	25	higher	high	ADJ
ajfa-9610	259	26	.	.	PUNCT
ajfa-9610	260	1	the	the	PRON
ajfa-9610	260	2	larger	large	ADJ
ajfa-9610	260	3	the	the	DET
ajfa-9610	260	4	corporate	corporate	ADJ
ajfa-9610	260	5	size	size	NOUN
ajfa-9610	260	6	is	be	AUX
ajfa-9610	260	7	,	,	PUNCT
ajfa-9610	260	8	the	the	PRON
ajfa-9610	260	9	higher	high	ADJ
ajfa-9610	260	10	the	the	DET
ajfa-9610	260	11	possibility	possibility	NOUN
ajfa-9610	260	12	of	of	ADP
ajfa-9610	260	13	accounting	accounting	NOUN
ajfa-9610	260	14	manipulation	manipulation	NOUN
ajfa-9610	260	15	will	will	AUX
ajfa-9610	260	16	be	be	AUX
ajfa-9610	260	17	(	(	PUNCT
ajfa-9610	260	18	jeong	jeong	PROPN
ajfa-9610	260	19	and	and	CCONJ
ajfa-9610	260	20	rho	rho	ADJ
ajfa-9610	260	21	,	,	PUNCT
ajfa-9610	260	22	2004	2004	NUM
ajfa-9610	260	23	)	)	PUNCT
ajfa-9610	260	24	.	.	PUNCT
ajfa-9610	261	1	the	the	DET
ajfa-9610	261	2	market	market	NOUN
ajfa-9610	261	3	-	-	PUNCT
ajfa-9610	261	4	to	to	ADP
ajfa-9610	261	5	-	-	PUNCT
ajfa-9610	261	6	book	book	NOUN
ajfa-9610	261	7	ratio	ratio	NOUN
ajfa-9610	261	8	can	can	AUX
ajfa-9610	261	9	show	show	VERB
ajfa-9610	261	10	corporate	corporate	ADJ
ajfa-9610	261	11	growth	growth	NOUN
ajfa-9610	261	12	.	.	PUNCT
ajfa-9610	262	1	the	the	DET
ajfa-9610	262	2	company	company	NOUN
ajfa-9610	262	3	with	with	ADP
ajfa-9610	262	4	higher	high	ADJ
ajfa-9610	262	5	growth	growth	NOUN
ajfa-9610	262	6	opportunities	opportunity	NOUN
ajfa-9610	262	7	has	have	VERB
ajfa-9610	262	8	more	more	ADJ
ajfa-9610	262	9	discretionary	discretionary	ADJ
ajfa-9610	262	10	accruals	accrual	NOUN
ajfa-9610	262	11	than	than	SCONJ
ajfa-9610	262	12	do	do	VERB
ajfa-9610	262	13	corporations	corporation	NOUN
ajfa-9610	262	14	with	with	ADP
ajfa-9610	262	15	fewer	few	ADJ
ajfa-9610	262	16	growth	growth	NOUN
ajfa-9610	262	17	opportunities	opportunity	NOUN
ajfa-9610	262	18	.	.	PUNCT
ajfa-9610	263	1	in	in	ADP
ajfa-9610	263	2	addition	addition	NOUN
ajfa-9610	263	3	,	,	PUNCT
ajfa-9610	263	4	fields	field	NOUN
ajfa-9610	263	5	,	,	PUNCT
ajfa-9610	263	6	lys	lys	PROPN
ajfa-9610	263	7	,	,	PUNCT
ajfa-9610	263	8	and	and	CCONJ
ajfa-9610	263	9	vincent	vincent	PROPN
ajfa-9610	263	10	(	(	PUNCT
ajfa-9610	263	11	2001	2001	NUM
ajfa-9610	263	12	)	)	PUNCT
ajfa-9610	263	13	and	and	CCONJ
ajfa-9610	263	14	cohen	cohen	PROPN
ajfa-9610	263	15	and	and	CCONJ
ajfa-9610	263	16	zarowin	zarowin	PROPN
ajfa-9610	263	17	(	(	PUNCT
ajfa-9610	263	18	2010	2010	NUM
ajfa-9610	263	19	)	)	PUNCT
ajfa-9610	263	20	use	use	VERB
ajfa-9610	263	21	return	return	NOUN
ajfa-9610	263	22	on	on	ADP
ajfa-9610	263	23	assets	asset	NOUN
ajfa-9610	263	24	(	(	PUNCT
ajfa-9610	263	25	roa	roa	NOUN
ajfa-9610	263	26	)	)	PUNCT
ajfa-9610	263	27	,	,	PUNCT
ajfa-9610	263	28	company	company	NOUN
ajfa-9610	263	29	size	size	NOUN
ajfa-9610	263	30	(	(	PUNCT
ajfa-9610	263	31	size	size	NOUN
ajfa-9610	263	32	)	)	PUNCT
ajfa-9610	263	33	and	and	CCONJ
ajfa-9610	263	34	market	market	NOUN
ajfa-9610	263	35	-	-	PUNCT
ajfa-9610	263	36	to	to	ADP
ajfa-9610	263	37	-	-	PUNCT
ajfa-9610	263	38	book	book	NOUN
ajfa-9610	263	39	ratio	ratio	NOUN
ajfa-9610	263	40	(	(	PUNCT
ajfa-9610	263	41	mb	mb	NOUN
ajfa-9610	263	42	)	)	PUNCT
ajfa-9610	263	43	as	as	ADP
ajfa-9610	263	44	control	control	NOUN
ajfa-9610	263	45	variables	variable	NOUN
ajfa-9610	263	46	to	to	PART
ajfa-9610	263	47	control	control	VERB
ajfa-9610	263	48	profitability	profitability	NOUN
ajfa-9610	263	49	,	,	PUNCT
ajfa-9610	263	50	scale	scale	NOUN
ajfa-9610	263	51	,	,	PUNCT
ajfa-9610	263	52	and	and	CCONJ
ajfa-9610	263	53	growth	growth	NOUN
ajfa-9610	263	54	because	because	SCONJ
ajfa-9610	263	55	these	these	DET
ajfa-9610	263	56	factors	factor	NOUN
ajfa-9610	263	57	affect	affect	VERB
ajfa-9610	263	58	earnings	earning	NOUN
ajfa-9610	263	59	management	management	NOUN
ajfa-9610	263	60	.	.	PUNCT
ajfa-9610	264	1	hence	hence	ADV
ajfa-9610	264	2	,	,	PUNCT
ajfa-9610	264	3	our	our	PRON
ajfa-9610	264	4	control	control	NOUN
ajfa-9610	264	5	variables	variable	NOUN
ajfa-9610	264	6	include	include	VERB
ajfa-9610	264	7	systematic	systematic	ADJ
ajfa-9610	264	8	risk	risk	NOUN
ajfa-9610	264	9	,	,	PUNCT
ajfa-9610	264	10	company	company	NOUN
ajfa-9610	264	11	size	size	NOUN
ajfa-9610	264	12	,	,	PUNCT
ajfa-9610	264	13	market	market	NOUN
ajfa-9610	264	14	-	-	PUNCT
ajfa-9610	264	15	to	to	ADP
ajfa-9610	264	16	-	-	PUNCT
ajfa-9610	264	17	book	book	NOUN
ajfa-9610	264	18	ratio	ratio	NOUN
ajfa-9610	264	19	,	,	PUNCT
ajfa-9610	264	20	15	15	NUM
ajfa-9610	264	21	the	the	DET
ajfa-9610	264	22	estimation	estimation	NOUN
ajfa-9610	264	23	of	of	ADP
ajfa-9610	264	24	pca	pca	PROPN
ajfa-9610	264	25	coefficients	coefficient	NOUN
ajfa-9610	264	26	and	and	CCONJ
ajfa-9610	264	27	the	the	DET
ajfa-9610	264	28	computation	computation	NOUN
ajfa-9610	264	29	of	of	ADP
ajfa-9610	264	30	a	a	DET
ajfa-9610	264	31	composite	composite	ADJ
ajfa-9610	264	32	corporate	corporate	ADJ
ajfa-9610	264	33	governance	governance	NOUN
ajfa-9610	264	34	index	index	NOUN
ajfa-9610	264	35	are	be	AUX
ajfa-9610	264	36	conducted	conduct	VERB
ajfa-9610	264	37	as	as	SCONJ
ajfa-9610	264	38	follows	follow	VERB
ajfa-9610	264	39	:	:	PUNCT
ajfa-9610	264	40	gi=	gi=	PROPN
ajfa-9610	264	41	ceo	ceo	PROPN
ajfa-9610	264	42	duality×0.058	duality×0.058	PROPN
ajfa-9610	264	43	+	+	CCONJ
ajfa-9610	264	44	shareholdings	shareholding	NOUN
ajfa-9610	264	45	of	of	ADP
ajfa-9610	264	46	directors	director	NOUN
ajfa-9610	264	47	and	and	CCONJ
ajfa-9610	264	48	supervisors×(-0.119	supervisors×(-0.119	NOUN
ajfa-9610	264	49	)	)	PUNCT
ajfa-9610	265	1	+	+	NUM
ajfa-9610	265	2	shareholdings	shareholding	NOUN
ajfa-9610	265	3	of	of	ADP
ajfa-9610	265	4	blockholders×0.474	blockholders×0.474	PROPN
ajfa-9610	265	5	+	+	NUM
ajfa-9610	265	6	shareholdings	shareholding	NOUN
ajfa-9610	265	7	of	of	ADP
ajfa-9610	265	8	manager×0.055	manager×0.055	NOUN
ajfa-9610	265	9	+	+	CCONJ
ajfa-9610	265	10	shareholding	shareholding	NOUN
ajfa-9610	265	11	of	of	ADP
ajfa-9610	265	12	outside	outside	ADJ
ajfa-9610	265	13	investors	investor	NOUN
ajfa-9610	265	14	(=	(=	ADV
ajfa-9610	265	15	shareholdings	shareholding	NOUN
ajfa-9610	265	16	of	of	ADP
ajfa-9610	265	17	individual	individual	ADJ
ajfa-9610	265	18	+	+	CCONJ
ajfa-9610	265	19	shareholdings	shareholding	NOUN
ajfa-9610	265	20	of	of	ADP
ajfa-9610	265	21	unlisted	unlisted	ADJ
ajfa-9610	265	22	firm	firm	NOUN
ajfa-9610	265	23	+	+	NUM
ajfa-9610	265	24	shareholdings	shareholding	NOUN
ajfa-9610	265	25	of	of	ADP
ajfa-9610	265	26	foundation	foundation	NOUN
ajfa-9610	265	27	+	+	CCONJ
ajfa-9610	265	28	shareholding	shareholding	NOUN
ajfa-9610	265	29	of	of	ADP
ajfa-9610	265	30	listed	list	VERB
ajfa-9610	265	31	firm)×0.372	firm)×0.372	VERB
ajfa-9610	265	32	+	+	NUM
ajfa-9610	265	33	shareholdings	shareholding	NOUN
ajfa-9610	265	34	of	of	ADP
ajfa-9610	265	35	ultimate	ultimate	ADJ
ajfa-9610	265	36	controller×(-0.179	controller×(-0.179	NOUN
ajfa-9610	265	37	)	)	PUNCT
ajfa-9610	266	1	+	+	CCONJ
ajfa-9610	266	2	shareholding	shareholding	NOUN
ajfa-9610	266	3	of	of	ADP
ajfa-9610	266	4	natural	natural	ADJ
ajfa-9610	266	5	persons×(-0.270	persons×(-0.270	NOUN
ajfa-9610	266	6	)	)	PUNCT
ajfa-9610	267	1	+	+	CCONJ
ajfa-9610	267	2	shareholding	shareholding	NOUN
ajfa-9610	267	3	of	of	ADP
ajfa-9610	267	4	institutional	institutional	ADJ
ajfa-9610	267	5	investors×0.270	investors×0.270	NOUN
ajfa-9610	267	6	+	+	CCONJ
ajfa-9610	267	7	equity	equity	NOUN
ajfa-9610	267	8	pledge	pledge	NOUN
ajfa-9610	267	9	ratio	ratio	NOUN
ajfa-9610	267	10	of	of	ADP
ajfa-9610	267	11	directors	director	NOUN
ajfa-9610	267	12	and	and	CCONJ
ajfa-9610	267	13	supervisors×(-0.032	supervisors×(-0.032	NUM
ajfa-9610	267	14	)	)	PUNCT
ajfa-9610	268	1	+	+	CCONJ
ajfa-9610	268	2	seats	seat	NOUN
ajfa-9610	268	3	of	of	ADP
ajfa-9610	268	4	directors	director	NOUN
ajfa-9610	268	5	and	and	CCONJ
ajfa-9610	268	6	supervisors×(-0.126	supervisors×(-0.126	NOUN
ajfa-9610	268	7	)	)	PUNCT
ajfa-9610	269	1	+	+	CCONJ
ajfa-9610	269	2	ratio	ratio	NOUN
ajfa-9610	269	3	of	of	ADP
ajfa-9610	269	4	the	the	DET
ajfa-9610	269	5	seats	seat	NOUN
ajfa-9610	269	6	of	of	ADP
ajfa-9610	269	7	managers	manager	NOUN
ajfa-9610	269	8	to	to	ADP
ajfa-9610	269	9	the	the	DET
ajfa-9610	269	10	seats	seat	NOUN
ajfa-9610	269	11	of	of	ADP
ajfa-9610	269	12	directors	director	NOUN
ajfa-9610	269	13	and	and	CCONJ
ajfa-9610	269	14	supervisors	supervisor	NOUN
ajfa-9610	269	15	×0.039	×0.039	NOUN
ajfa-9610	269	16	+	+	CCONJ
ajfa-9610	269	17	ratio	ratio	NOUN
ajfa-9610	269	18	of	of	ADP
ajfa-9610	269	19	the	the	DET
ajfa-9610	269	20	seats	seat	NOUN
ajfa-9610	269	21	of	of	ADP
ajfa-9610	269	22	outsiders	outsider	NOUN
ajfa-9610	269	23	to	to	ADP
ajfa-9610	269	24	the	the	DET
ajfa-9610	269	25	seats	seat	NOUN
ajfa-9610	269	26	of	of	ADP
ajfa-9610	269	27	directors	director	NOUN
ajfa-9610	269	28	and	and	CCONJ
ajfa-9610	269	29	supervisors×0.018	supervisors×0.018	NOUN
ajfa-9610	269	30	+	+	CCONJ
ajfa-9610	269	31	seats	seat	NOUN
ajfa-9610	269	32	of	of	ADP
ajfa-9610	269	33	independent	independent	ADJ
ajfa-9610	269	34	directors×0.028	directors×0.028	ADJ
ajfa-9610	269	35	+	+	CCONJ
ajfa-9610	269	36	change	change	NOUN
ajfa-9610	269	37	times	time	NOUN
ajfa-9610	269	38	of	of	ADP
ajfa-9610	269	39	cpa	cpa	NOUN
ajfa-9610	269	40	during	during	ADP
ajfa-9610	269	41	three	three	NUM
ajfa-9610	269	42	years×0.060	years×0.060	NOUN
ajfa-9610	269	43	+	+	CCONJ
ajfa-9610	269	44	big	big	ADJ
ajfa-9610	269	45	4	4	NUM
ajfa-9610	269	46	auditor×0.016	auditor×0.016	PROPN
ajfa-9610	269	47	+	+	CCONJ
ajfa-9610	269	48	industry	industry	NOUN
ajfa-9610	269	49	expert×(-0.024	expert×(-0.024	NOUN
ajfa-9610	269	50	)	)	PUNCT
ajfa-9610	269	51	.	.	PUNCT
ajfa-9610	270	1	asian	asian	ADJ
ajfa-9610	270	2	journal	journal	PROPN
ajfa-9610	270	3	of	of	ADP
ajfa-9610	270	4	finance	finance	PROPN
ajfa-9610	270	5	&	&	CCONJ
ajfa-9610	270	6	accounting	accounting	PROPN
ajfa-9610	270	7	issn	issn	PROPN
ajfa-9610	270	8	1946	1946	NUM
ajfa-9610	270	9	-	-	PUNCT
ajfa-9610	270	10	052x	052x	PROPN
ajfa-9610	270	11	2016	2016	NUM
ajfa-9610	270	12	,	,	PUNCT
ajfa-9610	270	13	vol	vol	NOUN
ajfa-9610	270	14	.	.	PROPN
ajfa-9610	270	15	8	8	NUM
ajfa-9610	270	16	,	,	PUNCT
ajfa-9610	270	17	no	no	INTJ
ajfa-9610	270	18	.	.	NOUN
ajfa-9610	270	19	1	1	NUM
ajfa-9610	270	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9610	270	21	244	244	NUM
ajfa-9610	270	22	stock	stock	NOUN
ajfa-9610	270	23	returns	return	NOUN
ajfa-9610	270	24	,	,	PUNCT
ajfa-9610	270	25	and	and	CCONJ
ajfa-9610	270	26	volatility	volatility	NOUN
ajfa-9610	270	27	of	of	ADP
ajfa-9610	270	28	stock	stock	NOUN
ajfa-9610	270	29	returns	return	NOUN
ajfa-9610	270	30	.	.	PUNCT
ajfa-9610	271	1	the	the	DET
ajfa-9610	271	2	measurements	measurement	NOUN
ajfa-9610	271	3	are	be	AUX
ajfa-9610	271	4	as	as	SCONJ
ajfa-9610	271	5	follows	follow	NOUN
ajfa-9610	271	6	.	.	PUNCT
ajfa-9610	272	1	market	market	NOUN
ajfa-9610	272	2	systematic	systematic	ADJ
ajfa-9610	272	3	risk	risk	NOUN
ajfa-9610	272	4	(	(	PUNCT
ajfa-9610	272	5	beta	beta	NOUN
ajfa-9610	272	6	)	)	PUNCT
ajfa-9610	272	7	is	be	AUX
ajfa-9610	272	8	measured	measure	VERB
ajfa-9610	272	9	by	by	ADP
ajfa-9610	272	10	capm	capm	PROPN
ajfa-9610	272	11	model	model	PROPN
ajfa-9610	272	12	.	.	PUNCT
ajfa-9610	273	1	return	return	VERB
ajfa-9610	273	2	on	on	ADP
ajfa-9610	273	3	assets	asset	NOUN
ajfa-9610	273	4	(	(	PUNCT
ajfa-9610	273	5	roa	roa	NOUN
ajfa-9610	273	6	)	)	PUNCT
ajfa-9610	273	7	is	be	AUX
ajfa-9610	273	8	earnings	earning	NOUN
ajfa-9610	273	9	before	before	ADP
ajfa-9610	273	10	interest	interest	NOUN
ajfa-9610	273	11	but	but	CCONJ
ajfa-9610	273	12	after	after	ADP
ajfa-9610	273	13	taxes	taxis	NOUN
ajfa-9610	273	14	divided	divide	VERB
ajfa-9610	273	15	by	by	ADP
ajfa-9610	273	16	average	average	ADJ
ajfa-9610	273	17	assets	asset	NOUN
ajfa-9610	273	18	.	.	PUNCT
ajfa-9610	274	1	company	company	NOUN
ajfa-9610	274	2	size	size	NOUN
ajfa-9610	274	3	(	(	PUNCT
ajfa-9610	274	4	size	size	NOUN
ajfa-9610	274	5	)	)	PUNCT
ajfa-9610	274	6	is	be	AUX
ajfa-9610	274	7	the	the	DET
ajfa-9610	274	8	natural	natural	ADJ
ajfa-9610	274	9	log	log	NOUN
ajfa-9610	274	10	of	of	ADP
ajfa-9610	274	11	year	year	NOUN
ajfa-9610	274	12	-	-	PUNCT
ajfa-9610	274	13	end	end	NOUN
ajfa-9610	274	14	total	total	ADJ
ajfa-9610	274	15	assets	asset	NOUN
ajfa-9610	274	16	.	.	PUNCT
ajfa-9610	275	1	(	(	PUNCT
ajfa-9610	275	2	mb	mb	NOUN
ajfa-9610	275	3	)	)	PUNCT
ajfa-9610	275	4	is	be	AUX
ajfa-9610	275	5	measured	measure	VERB
ajfa-9610	275	6	by	by	ADP
ajfa-9610	275	7	market	market	NOUN
ajfa-9610	275	8	value	value	NOUN
ajfa-9610	275	9	of	of	ADP
ajfa-9610	275	10	net	net	ADJ
ajfa-9610	275	11	assets	asset	NOUN
ajfa-9610	275	12	divided	divide	VERB
ajfa-9610	275	13	by	by	ADP
ajfa-9610	275	14	book	book	NOUN
ajfa-9610	275	15	value	value	NOUN
ajfa-9610	275	16	of	of	ADP
ajfa-9610	275	17	equity	equity	NOUN
ajfa-9610	275	18	.	.	PUNCT
ajfa-9610	276	1	stock	stock	NOUN
ajfa-9610	276	2	return	return	PROPN
ajfa-9610	276	3	(	(	PUNCT
ajfa-9610	276	4	return	return	NOUN
ajfa-9610	276	5	)	)	PUNCT
ajfa-9610	276	6	is	be	AUX
ajfa-9610	276	7	return	return	NOUN
ajfa-9610	276	8	on	on	ADP
ajfa-9610	276	9	current	current	ADJ
ajfa-9610	276	10	annul	annul	ADJ
ajfa-9610	276	11	stock	stock	NOUN
ajfa-9610	276	12	price	price	NOUN
ajfa-9610	276	13	.	.	PUNCT
ajfa-9610	277	1	volatility	volatility	NOUN
ajfa-9610	277	2	or	or	CCONJ
ajfa-9610	277	3	stock	stock	NOUN
ajfa-9610	277	4	returns	return	NOUN
ajfa-9610	277	5	(	(	PUNCT
ajfa-9610	277	6	stanret	stanret	NOUN
ajfa-9610	277	7	)	)	PUNCT
ajfa-9610	277	8	is	be	AUX
ajfa-9610	277	9	standard	standard	ADJ
ajfa-9610	277	10	deviation	deviation	NOUN
ajfa-9610	277	11	of	of	ADP
ajfa-9610	277	12	current	current	ADJ
ajfa-9610	277	13	,	,	PUNCT
ajfa-9610	277	14	lagged	lag	VERB
ajfa-9610	277	15	1	1	NUM
ajfa-9610	277	16	and	and	CCONJ
ajfa-9610	277	17	lagged	lag	VERB
ajfa-9610	277	18	2	2	NUM
ajfa-9610	277	19	stock	stock	NOUN
ajfa-9610	277	20	returns	return	NOUN
ajfa-9610	277	21	.	.	PUNCT
ajfa-9610	278	1	4	4	X
ajfa-9610	278	2	.	.	X
ajfa-9610	278	3	empirical	empirical	ADJ
ajfa-9610	278	4	results	result	NOUN
ajfa-9610	278	5	4.1	4.1	NUM
ajfa-9610	278	6	descriptive	descriptive	ADJ
ajfa-9610	278	7	statistics	statistic	NOUN
ajfa-9610	278	8	table	table	NOUN
ajfa-9610	278	9	3	3	NUM
ajfa-9610	278	10	summarizes	summarize	NOUN
ajfa-9610	278	11	the	the	DET
ajfa-9610	278	12	descriptive	descriptive	ADJ
ajfa-9610	278	13	statistics	statistic	NOUN
ajfa-9610	278	14	of	of	ADP
ajfa-9610	278	15	all	all	DET
ajfa-9610	278	16	variables	variable	NOUN
ajfa-9610	278	17	.	.	PUNCT
ajfa-9610	279	1	in	in	ADP
ajfa-9610	279	2	panel	panel	NOUN
ajfa-9610	279	3	a	a	PRON
ajfa-9610	279	4	,	,	PUNCT
ajfa-9610	279	5	the	the	DET
ajfa-9610	279	6	number	number	NOUN
ajfa-9610	279	7	of	of	ADP
ajfa-9610	279	8	samples	sample	NOUN
ajfa-9610	279	9	is	be	AUX
ajfa-9610	279	10	5,916	5,916	NUM
ajfa-9610	279	11	for	for	ADP
ajfa-9610	279	12	h1	h1	NOUN
ajfa-9610	279	13	and	and	CCONJ
ajfa-9610	279	14	h2	h2	NOUN
ajfa-9610	279	15	.	.	PUNCT
ajfa-9610	280	1	the	the	DET
ajfa-9610	280	2	means	mean	NOUN
ajfa-9610	280	3	of	of	ADP
ajfa-9610	280	4	accrual	accrual	ADJ
ajfa-9610	280	5	-	-	PUNCT
ajfa-9610	280	6	based	base	VERB
ajfa-9610	280	7	earnings	earning	NOUN
ajfa-9610	280	8	management	management	NOUN
ajfa-9610	280	9	(	(	PUNCT
ajfa-9610	280	10	pdem	pdem	NOUN
ajfa-9610	280	11	)	)	PUNCT
ajfa-9610	280	12	and	and	CCONJ
ajfa-9610	280	13	real	real	ADJ
ajfa-9610	280	14	earnings	earning	NOUN
ajfa-9610	280	15	management	management	NOUN
ajfa-9610	280	16	(	(	PUNCT
ajfa-9610	280	17	rem	rem	NOUN
ajfa-9610	280	18	)	)	PUNCT
ajfa-9610	280	19	are	be	AUX
ajfa-9610	280	20	both	both	ADV
ajfa-9610	280	21	positive	positive	ADJ
ajfa-9610	280	22	during	during	ADP
ajfa-9610	280	23	the	the	DET
ajfa-9610	280	24	current	current	ADJ
ajfa-9610	280	25	and	and	CCONJ
ajfa-9610	280	26	previous	previous	ADJ
ajfa-9610	280	27	periods	period	NOUN
ajfa-9610	280	28	.	.	PUNCT
ajfa-9610	281	1	on	on	ADP
ajfa-9610	281	2	average	average	ADJ
ajfa-9610	281	3	,	,	PUNCT
ajfa-9610	281	4	sample	sample	NOUN
ajfa-9610	281	5	companies	company	NOUN
ajfa-9610	281	6	manage	manage	VERB
ajfa-9610	281	7	earnings	earning	NOUN
ajfa-9610	281	8	upward	upward	ADJ
ajfa-9610	281	9	.	.	PUNCT
ajfa-9610	282	1	tem_r	tem_r	NOUN
ajfa-9610	282	2	and	and	CCONJ
ajfa-9610	282	3	tem_d	tem_d	NOUN
ajfa-9610	282	4	represent	represent	VERB
ajfa-9610	282	5	the	the	DET
ajfa-9610	282	6	dummy	dummy	ADJ
ajfa-9610	282	7	variables	variable	NOUN
ajfa-9610	282	8	of	of	ADP
ajfa-9610	282	9	real	real	ADJ
ajfa-9610	282	10	and	and	CCONJ
ajfa-9610	282	11	accrual	accrual	ADJ
ajfa-9610	282	12	-	-	PUNCT
ajfa-9610	282	13	based	base	VERB
ajfa-9610	282	14	earnings	earning	NOUN
ajfa-9610	282	15	managements	management	NOUN
ajfa-9610	282	16	,	,	PUNCT
ajfa-9610	282	17	respectively	respectively	ADV
ajfa-9610	282	18	.	.	PUNCT
ajfa-9610	283	1	the	the	DET
ajfa-9610	283	2	value	value	NOUN
ajfa-9610	283	3	is	be	AUX
ajfa-9610	283	4	1	1	NUM
ajfa-9610	283	5	when	when	SCONJ
ajfa-9610	283	6	each	each	DET
ajfa-9610	283	7	type	type	NOUN
ajfa-9610	283	8	’s	’s	PART
ajfa-9610	283	9	earnings	earning	NOUN
ajfa-9610	283	10	management	management	NOUN
ajfa-9610	283	11	value	value	NOUN
ajfa-9610	283	12	of	of	ADP
ajfa-9610	283	13	the	the	DET
ajfa-9610	283	14	sample	sample	NOUN
ajfa-9610	283	15	companies	company	NOUN
ajfa-9610	283	16	is	be	AUX
ajfa-9610	283	17	greater	great	ADJ
ajfa-9610	283	18	than	than	ADP
ajfa-9610	283	19	the	the	DET
ajfa-9610	283	20	median	median	ADJ
ajfa-9610	283	21	value	value	NOUN
ajfa-9610	283	22	in	in	ADP
ajfa-9610	283	23	the	the	DET
ajfa-9610	283	24	industry	industry	NOUN
ajfa-9610	283	25	;	;	PUNCT
ajfa-9610	283	26	otherwise	otherwise	ADV
ajfa-9610	283	27	,	,	PUNCT
ajfa-9610	283	28	the	the	DET
ajfa-9610	283	29	value	value	NOUN
ajfa-9610	283	30	is	be	AUX
ajfa-9610	283	31	0	0	NUM
ajfa-9610	283	32	.	.	PUNCT
ajfa-9610	284	1	this	this	DET
ajfa-9610	284	2	paper	paper	NOUN
ajfa-9610	284	3	chooses	choose	VERB
ajfa-9610	284	4	to	to	PART
ajfa-9610	284	5	use	use	VERB
ajfa-9610	284	6	medians	median	NOUN
ajfa-9610	284	7	instead	instead	ADV
ajfa-9610	284	8	of	of	ADP
ajfa-9610	284	9	means	mean	NOUN
ajfa-9610	284	10	,	,	PUNCT
ajfa-9610	284	11	to	to	PART
ajfa-9610	284	12	avoid	avoid	VERB
ajfa-9610	284	13	the	the	DET
ajfa-9610	284	14	influence	influence	NOUN
ajfa-9610	284	15	of	of	ADP
ajfa-9610	284	16	extreme	extreme	ADJ
ajfa-9610	284	17	values	value	NOUN
ajfa-9610	284	18	.	.	PUNCT
ajfa-9610	285	1	according	accord	VERB
ajfa-9610	285	2	to	to	ADP
ajfa-9610	285	3	the	the	DET
ajfa-9610	285	4	means	mean	NOUN
ajfa-9610	285	5	in	in	ADP
ajfa-9610	285	6	table	table	NOUN
ajfa-9610	285	7	3	3	NUM
ajfa-9610	285	8	,	,	PUNCT
ajfa-9610	285	9	81.35	81.35	NUM
ajfa-9610	285	10	%	%	NOUN
ajfa-9610	285	11	of	of	ADP
ajfa-9610	285	12	the	the	DET
ajfa-9610	285	13	sample	sample	NOUN
ajfa-9610	285	14	company	company	NOUN
ajfa-9610	285	15	-	-	PUNCT
ajfa-9610	285	16	years	year	NOUN
ajfa-9610	285	17	are	be	AUX
ajfa-9610	285	18	engaged	engage	VERB
ajfa-9610	285	19	in	in	ADP
ajfa-9610	285	20	earnings	earning	NOUN
ajfa-9610	285	21	management	management	NOUN
ajfa-9610	285	22	,	,	PUNCT
ajfa-9610	285	23	50.08	50.08	NUM
ajfa-9610	285	24	%	%	NOUN
ajfa-9610	285	25	of	of	ADP
ajfa-9610	285	26	the	the	DET
ajfa-9610	285	27	samples	sample	NOUN
ajfa-9610	285	28	are	be	AUX
ajfa-9610	285	29	engaged	engage	VERB
ajfa-9610	285	30	in	in	ADP
ajfa-9610	285	31	real	real	ADJ
ajfa-9610	285	32	earnings	earning	NOUN
ajfa-9610	285	33	management	management	NOUN
ajfa-9610	285	34	,	,	PUNCT
ajfa-9610	285	35	49.13	49.13	NUM
ajfa-9610	285	36	%	%	NOUN
ajfa-9610	285	37	are	be	AUX
ajfa-9610	285	38	engaged	engage	VERB
ajfa-9610	285	39	in	in	ADP
ajfa-9610	285	40	accrual	accrual	ADJ
ajfa-9610	285	41	-	-	PUNCT
ajfa-9610	285	42	based	base	VERB
ajfa-9610	285	43	earnings	earning	NOUN
ajfa-9610	285	44	management	management	NOUN
ajfa-9610	285	45	.	.	PUNCT
ajfa-9610	286	1	this	this	PRON
ajfa-9610	286	2	means	mean	VERB
ajfa-9610	286	3	some	some	DET
ajfa-9610	286	4	sample	sample	NOUN
ajfa-9610	286	5	companies	company	NOUN
ajfa-9610	286	6	are	be	AUX
ajfa-9610	286	7	engaged	engage	VERB
ajfa-9610	286	8	in	in	ADP
ajfa-9610	286	9	both	both	CCONJ
ajfa-9610	286	10	real	real	ADJ
ajfa-9610	286	11	and	and	CCONJ
ajfa-9610	286	12	accrual	accrual	ADJ
ajfa-9610	286	13	-	-	PUNCT
ajfa-9610	286	14	based	base	VERB
ajfa-9610	286	15	earnings	earning	NOUN
ajfa-9610	286	16	managements	management	NOUN
ajfa-9610	286	17	.	.	PUNCT
ajfa-9610	287	1	meanwhile	meanwhile	ADV
ajfa-9610	287	2	,	,	PUNCT
ajfa-9610	287	3	variables	variables	PROPN
ajfa-9610	287	4	big4	big4	PROPN
ajfa-9610	287	5	,	,	PUNCT
ajfa-9610	287	6	cpachg	cpachg	NOUN
ajfa-9610	287	7	,	,	PUNCT
ajfa-9610	287	8	and	and	CCONJ
ajfa-9610	287	9	speaud	speaud	ADJ
ajfa-9610	287	10	denote	denote	VERB
ajfa-9610	287	11	whether	whether	SCONJ
ajfa-9610	287	12	auditors	auditor	NOUN
ajfa-9610	287	13	are	be	AUX
ajfa-9610	287	14	big	big	ADJ
ajfa-9610	287	15	4	4	NUM
ajfa-9610	287	16	,	,	PUNCT
ajfa-9610	287	17	whether	whether	SCONJ
ajfa-9610	287	18	auditors	auditor	NOUN
ajfa-9610	287	19	have	have	AUX
ajfa-9610	287	20	been	be	AUX
ajfa-9610	287	21	changed	change	VERB
ajfa-9610	287	22	,	,	PUNCT
ajfa-9610	287	23	and	and	CCONJ
ajfa-9610	287	24	whether	whether	SCONJ
ajfa-9610	287	25	auditors	auditor	NOUN
ajfa-9610	287	26	are	be	AUX
ajfa-9610	287	27	industry	industry	NOUN
ajfa-9610	287	28	specialist	specialist	NOUN
ajfa-9610	287	29	.	.	PUNCT
ajfa-9610	288	1	the	the	DET
ajfa-9610	288	2	table	table	NOUN
ajfa-9610	288	3	shows	show	VERB
ajfa-9610	288	4	that	that	SCONJ
ajfa-9610	288	5	81.48	81.48	NUM
ajfa-9610	288	6	%	%	NOUN
ajfa-9610	288	7	of	of	ADP
ajfa-9610	288	8	the	the	DET
ajfa-9610	288	9	sample	sample	NOUN
ajfa-9610	288	10	companies	company	NOUN
ajfa-9610	288	11	are	be	AUX
ajfa-9610	288	12	audited	audit	VERB
ajfa-9610	288	13	by	by	ADP
ajfa-9610	288	14	big	big	ADJ
ajfa-9610	288	15	4	4	NUM
ajfa-9610	288	16	,	,	PUNCT
ajfa-9610	288	17	and	and	CCONJ
ajfa-9610	288	18	28.28	28.28	NUM
ajfa-9610	288	19	%	%	NOUN
ajfa-9610	288	20	has	have	AUX
ajfa-9610	288	21	ever	ever	ADV
ajfa-9610	288	22	changed	change	VERB
ajfa-9610	288	23	the	the	DET
ajfa-9610	288	24	auditors	auditor	NOUN
ajfa-9610	288	25	,	,	PUNCT
ajfa-9610	288	26	which	which	DET
ajfa-9610	288	27	sample	sample	NOUN
ajfa-9610	288	28	size	size	NOUN
ajfa-9610	288	29	is	be	AUX
ajfa-9610	288	30	small	small	ADJ
ajfa-9610	288	31	that	that	SCONJ
ajfa-9610	288	32	there	there	PRON
ajfa-9610	288	33	may	may	AUX
ajfa-9610	288	34	be	be	AUX
ajfa-9610	288	35	bias	bias	NOUN
ajfa-9610	288	36	in	in	ADP
ajfa-9610	288	37	measurements	measurement	NOUN
ajfa-9610	288	38	.	.	PUNCT
ajfa-9610	289	1	about	about	ADP
ajfa-9610	289	2	36.66	36.66	NUM
ajfa-9610	289	3	%	%	NOUN
ajfa-9610	289	4	of	of	ADP
ajfa-9610	289	5	the	the	DET
ajfa-9610	289	6	samples	sample	NOUN
ajfa-9610	289	7	are	be	AUX
ajfa-9610	289	8	audited	audit	VERB
ajfa-9610	289	9	by	by	ADP
ajfa-9610	289	10	industry	industry	NOUN
ajfa-9610	289	11	specialist	specialist	NOUN
ajfa-9610	289	12	auditors	auditor	NOUN
ajfa-9610	289	13	.	.	PUNCT
ajfa-9610	290	1	panel	panel	NOUN
ajfa-9610	290	2	b	b	PROPN
ajfa-9610	290	3	shows	show	VERB
ajfa-9610	290	4	the	the	DET
ajfa-9610	290	5	samples	sample	NOUN
ajfa-9610	290	6	for	for	ADP
ajfa-9610	290	7	h3	h3	NOUN
ajfa-9610	290	8	,	,	PUNCT
ajfa-9610	290	9	and	and	CCONJ
ajfa-9610	290	10	focuses	focus	VERB
ajfa-9610	290	11	on	on	ADP
ajfa-9610	290	12	only	only	ADJ
ajfa-9610	290	13	financing	financing	NOUN
ajfa-9610	290	14	firms	firm	NOUN
ajfa-9610	290	15	.	.	PUNCT
ajfa-9610	291	1	there	there	PRON
ajfa-9610	291	2	are	be	VERB
ajfa-9610	291	3	521	521	NUM
ajfa-9610	291	4	and	and	CCONJ
ajfa-9610	291	5	222	222	NUM
ajfa-9610	291	6	sample	sample	NOUN
ajfa-9610	291	7	company	company	NOUN
ajfa-9610	291	8	-	-	PUNCT
ajfa-9610	291	9	years	year	NOUN
ajfa-9610	291	10	from	from	ADP
ajfa-9610	291	11	the	the	DET
ajfa-9610	291	12	issue	issue	NOUN
ajfa-9610	291	13	of	of	ADP
ajfa-9610	291	14	bonds	bond	NOUN
ajfa-9610	291	15	and	and	CCONJ
ajfa-9610	291	16	seos	seo	NOUN
ajfa-9610	291	17	,	,	PUNCT
ajfa-9610	291	18	respectively	respectively	ADV
ajfa-9610	291	19	.	.	PUNCT
ajfa-9610	292	1	there	there	PRON
ajfa-9610	292	2	are	be	VERB
ajfa-9610	292	3	56	56	NUM
ajfa-9610	292	4	samples	sample	NOUN
ajfa-9610	292	5	issuing	issue	VERB
ajfa-9610	292	6	bonds	bond	NOUN
ajfa-9610	292	7	and	and	CCONJ
ajfa-9610	292	8	seos	seo	NOUN
ajfa-9610	292	9	during	during	ADP
ajfa-9610	292	10	the	the	DET
ajfa-9610	292	11	same	same	ADJ
ajfa-9610	292	12	year	year	NOUN
ajfa-9610	292	13	.	.	PUNCT
ajfa-9610	293	1	the	the	DET
ajfa-9610	293	2	study	study	NOUN
ajfa-9610	293	3	does	do	AUX
ajfa-9610	293	4	not	not	PART
ajfa-9610	293	5	eliminate	eliminate	VERB
ajfa-9610	293	6	these	these	DET
ajfa-9610	293	7	samples	sample	NOUN
ajfa-9610	293	8	,	,	PUNCT
ajfa-9610	293	9	as	as	SCONJ
ajfa-9610	293	10	the	the	DET
ajfa-9610	293	11	purpose	purpose	NOUN
ajfa-9610	293	12	is	be	AUX
ajfa-9610	293	13	to	to	PART
ajfa-9610	293	14	explore	explore	VERB
ajfa-9610	293	15	the	the	DET
ajfa-9610	293	16	relationship	relationship	NOUN
ajfa-9610	293	17	between	between	ADP
ajfa-9610	293	18	financing	finance	VERB
ajfa-9610	293	19	companies	company	NOUN
ajfa-9610	293	20	and	and	CCONJ
ajfa-9610	293	21	real	real	ADJ
ajfa-9610	293	22	earnings	earning	NOUN
ajfa-9610	293	23	management.16	management.16	NOUN
ajfa-9610	293	24	the	the	DET
ajfa-9610	293	25	means	mean	NOUN
ajfa-9610	293	26	of	of	ADP
ajfa-9610	293	27	variables	variable	NOUN
ajfa-9610	293	28	tem_d	tem_d	NUM
ajfa-9610	293	29	(	(	PUNCT
ajfa-9610	293	30	accrual	accrual	ADJ
ajfa-9610	293	31	-	-	PUNCT
ajfa-9610	293	32	based	base	VERB
ajfa-9610	293	33	)	)	PUNCT
ajfa-9610	293	34	and	and	CCONJ
ajfa-9610	293	35	tem_r	tem_r	NOUN
ajfa-9610	293	36	(	(	PUNCT
ajfa-9610	293	37	real	real	ADJ
ajfa-9610	293	38	activities	activity	NOUN
ajfa-9610	293	39	)	)	PUNCT
ajfa-9610	293	40	are	be	AUX
ajfa-9610	293	41	0.5514	0.5514	NUM
ajfa-9610	293	42	and	and	CCONJ
ajfa-9610	293	43	0.5014	0.5014	NUM
ajfa-9610	293	44	,	,	PUNCT
ajfa-9610	293	45	indicating	indicate	VERB
ajfa-9610	293	46	55.14	55.14	NUM
ajfa-9610	293	47	%	%	NOUN
ajfa-9610	293	48	and	and	CCONJ
ajfa-9610	293	49	50.14	50.14	NUM
ajfa-9610	293	50	%	%	NOUN
ajfa-9610	293	51	of	of	ADP
ajfa-9610	293	52	the	the	DET
ajfa-9610	293	53	financing	financing	NOUN
ajfa-9610	293	54	companies	company	NOUN
ajfa-9610	293	55	are	be	AUX
ajfa-9610	293	56	engaged	engage	VERB
ajfa-9610	293	57	in	in	ADP
ajfa-9610	293	58	accrual	accrual	ADJ
ajfa-9610	293	59	-	-	PUNCT
ajfa-9610	293	60	based	base	VERB
ajfa-9610	293	61	and	and	CCONJ
ajfa-9610	293	62	real	real	ADJ
ajfa-9610	293	63	earnings	earning	NOUN
ajfa-9610	293	64	managements	management	NOUN
ajfa-9610	293	65	,	,	PUNCT
ajfa-9610	293	66	respectively	respectively	ADV
ajfa-9610	293	67	.	.	PUNCT
ajfa-9610	294	1	these	these	DET
ajfa-9610	294	2	figures	figure	NOUN
ajfa-9610	294	3	are	be	AUX
ajfa-9610	294	4	higher	high	ADJ
ajfa-9610	294	5	than	than	ADP
ajfa-9610	294	6	the	the	DET
ajfa-9610	294	7	means	mean	NOUN
ajfa-9610	294	8	of	of	ADP
ajfa-9610	294	9	tem_d	tem_d	NUM
ajfa-9610	294	10	and	and	CCONJ
ajfa-9610	294	11	tem_r	tem_r	NOUN
ajfa-9610	294	12	(	(	PUNCT
ajfa-9610	294	13	50.08	50.08	NUM
ajfa-9610	294	14	%	%	NOUN
ajfa-9610	294	15	and	and	CCONJ
ajfa-9610	294	16	49.13	49.13	NUM
ajfa-9610	294	17	%	%	NOUN
ajfa-9610	294	18	)	)	PUNCT
ajfa-9610	294	19	in	in	ADP
ajfa-9610	294	20	panel	panel	NOUN
ajfa-9610	294	21	a	a	NOUN
ajfa-9610	294	22	,	,	PUNCT
ajfa-9610	294	23	and	and	CCONJ
ajfa-9610	294	24	suggest	suggest	VERB
ajfa-9610	294	25	that	that	SCONJ
ajfa-9610	294	26	the	the	DET
ajfa-9610	294	27	sample	sample	NOUN
ajfa-9610	294	28	companies	company	NOUN
ajfa-9610	294	29	are	be	AUX
ajfa-9610	294	30	motivated	motivate	VERB
ajfa-9610	294	31	for	for	ADP
ajfa-9610	294	32	earnings	earning	NOUN
ajfa-9610	294	33	management	management	NOUN
ajfa-9610	294	34	as	as	ADP
ajfa-9610	294	35	performing	perform	VERB
ajfa-9610	294	36	financing	financing	NOUN
ajfa-9610	294	37	.	.	PUNCT
ajfa-9610	295	1	16	16	NUM
ajfa-9610	295	2	however	however	ADV
ajfa-9610	295	3	,	,	PUNCT
ajfa-9610	295	4	if	if	SCONJ
ajfa-9610	295	5	the	the	DET
ajfa-9610	295	6	purpose	purpose	NOUN
ajfa-9610	295	7	is	be	AUX
ajfa-9610	295	8	to	to	PART
ajfa-9610	295	9	examine	examine	VERB
ajfa-9610	295	10	the	the	DET
ajfa-9610	295	11	relationship	relationship	NOUN
ajfa-9610	295	12	between	between	ADP
ajfa-9610	295	13	financing	financing	NOUN
ajfa-9610	295	14	policies	policy	NOUN
ajfa-9610	295	15	and	and	CCONJ
ajfa-9610	295	16	real	real	ADJ
ajfa-9610	295	17	earnings	earning	NOUN
ajfa-9610	295	18	management	management	NOUN
ajfa-9610	295	19	,	,	PUNCT
ajfa-9610	295	20	these	these	DET
ajfa-9610	295	21	samples	sample	NOUN
ajfa-9610	295	22	should	should	AUX
ajfa-9610	295	23	be	be	AUX
ajfa-9610	295	24	eliminated	eliminate	VERB
ajfa-9610	295	25	.	.	PUNCT
ajfa-9610	296	1	asian	asian	ADJ
ajfa-9610	296	2	journal	journal	PROPN
ajfa-9610	296	3	of	of	ADP
ajfa-9610	296	4	finance	finance	PROPN
ajfa-9610	296	5	&	&	CCONJ
ajfa-9610	296	6	accounting	accounting	PROPN
ajfa-9610	296	7	issn	issn	PROPN
ajfa-9610	296	8	1946	1946	NUM
ajfa-9610	296	9	-	-	PUNCT
ajfa-9610	296	10	052x	052x	PROPN
ajfa-9610	296	11	2016	2016	NUM
ajfa-9610	296	12	,	,	PUNCT
ajfa-9610	296	13	vol	vol	NOUN
ajfa-9610	296	14	.	.	PROPN
ajfa-9610	296	15	8	8	NUM
ajfa-9610	296	16	,	,	PUNCT
ajfa-9610	296	17	no	no	INTJ
ajfa-9610	296	18	.	.	NOUN
ajfa-9610	296	19	1	1	NUM
ajfa-9610	296	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9610	296	21	245	245	NUM
ajfa-9610	296	22	table	table	NOUN
ajfa-9610	296	23	3	3	NUM
ajfa-9610	296	24	.	.	PUNCT
ajfa-9610	296	25	descriptive	descriptive	ADJ
ajfa-9610	296	26	statistics	statistic	NOUN
ajfa-9610	296	27	variable	variable	ADJ
ajfa-9610	296	28	mean	mean	VERB
ajfa-9610	296	29	median	median	ADJ
ajfa-9610	296	30	minimum	minimum	ADJ
ajfa-9610	296	31	maximum	maximum	ADJ
ajfa-9610	296	32	sta	sta	NOUN
ajfa-9610	296	33	.	.	PUNCT
ajfa-9610	297	1	dev	dev	PROPN
ajfa-9610	297	2	.	.	PROPN
ajfa-9610	297	3	panel	panel	PROPN
ajfa-9610	297	4	a	a	PRON
ajfa-9610	297	5	:	:	PUNCT
ajfa-9610	297	6	h1	h1	PROPN
ajfa-9610	297	7	and	and	CCONJ
ajfa-9610	297	8	h2	h2	PROPN
ajfa-9610	297	9	(	(	PUNCT
ajfa-9610	297	10	n=5,916	n=5,916	NOUN
ajfa-9610	297	11	)	)	PUNCT
ajfa-9610	297	12	finan3	finan3	NOUN
ajfa-9610	297	13	0.1250	0.1250	NUM
ajfa-9610	297	14	0.0000	0.0000	NUM
ajfa-9610	297	15	0.0000	0.0000	NUM
ajfa-9610	297	16	1.0000	1.0000	NUM
ajfa-9610	297	17	0.3308	0.3308	NUM
ajfa-9610	297	18	pdem	pdem	NOUN
ajfa-9610	297	19	0.0574	0.0574	NUM
ajfa-9610	297	20	0.0425	0.0425	NUM
ajfa-9610	297	21	0.0000	0.0000	NUM
ajfa-9610	297	22	0.2204	0.2204	NUM
ajfa-9610	297	23	0.0512	0.0512	NUM
ajfa-9610	297	24	rem	rem	VERB
ajfa-9610	297	25	0.0017	0.0017	NUM
ajfa-9610	297	26	0.0152	0.0152	NUM
ajfa-9610	297	27	-3.0414	-3.0414	NOUN
ajfa-9610	297	28	1.5327	1.5327	NUM
ajfa-9610	297	29	0.2050	0.2050	NUM
ajfa-9610	297	30	tem_t	tem_t	ADJ
ajfa-9610	297	31	0.8135	0.8135	NUM
ajfa-9610	297	32	1.0000	1.0000	NUM
ajfa-9610	297	33	0.0000	0.0000	NUM
ajfa-9610	297	34	1.0000	1.0000	NUM
ajfa-9610	297	35	0.3896	0.3896	NUM
ajfa-9610	297	36	tem_r	tem_r	NOUN
ajfa-9610	297	37	0.5008	0.5008	NUM
ajfa-9610	297	38	1.0000	1.0000	NUM
ajfa-9610	297	39	0.0000	0.0000	NUM
ajfa-9610	297	40	1.0000	1.0000	NUM
ajfa-9610	297	41	0.5000	0.5000	NUM
ajfa-9610	297	42	tem_d	tem_d	NOUN
ajfa-9610	297	43	0.4913	0.4913	NUM
ajfa-9610	297	44	0.0000	0.0000	NUM
ajfa-9610	297	45	0.0000	0.0000	NUM
ajfa-9610	297	46	1.0000	1.0000	NUM
ajfa-9610	297	47	0.5000	0.5000	NUM
ajfa-9610	297	48	beta	beta	NOUN
ajfa-9610	297	49	0.8335	0.8335	NUM
ajfa-9610	297	50	0.8531	0.8531	NUM
ajfa-9610	297	51	-2.7545	-2.7545	NOUN
ajfa-9610	297	52	3.2931	3.2931	NUM
ajfa-9610	297	53	0.3613	0.3613	NUM
ajfa-9610	297	54	roa	roa	NOUN
ajfa-9610	297	55	0.0468	0.0468	NUM
ajfa-9610	297	56	0.0514	0.0514	NUM
ajfa-9610	297	57	-1.0577	-1.0577	VERB
ajfa-9610	297	58	0.5310	0.5310	NUM
ajfa-9610	297	59	0.1124	0.1124	NUM
ajfa-9610	297	60	size	size	NOUN
ajfa-9610	297	61	15.1191	15.1191	NUM
ajfa-9610	297	62	14.9476	14.9476	NUM
ajfa-9610	297	63	11.5533	11.5533	NUM
ajfa-9610	297	64	20.5411	20.5411	NUM
ajfa-9610	297	65	1.3269	1.3269	NUM
ajfa-9610	297	66	mb	mb	ADP
ajfa-9610	297	67	0.6259	0.6259	NUM
ajfa-9610	297	68	0.6319	0.6319	NUM
ajfa-9610	297	69	-0.1696	-0.1696	NOUN
ajfa-9610	297	70	0.9873	0.9873	NUM
ajfa-9610	297	71	0.1697	0.1697	NUM
ajfa-9610	297	72	brdsize	brdsize	VERB
ajfa-9610	297	73	9.4567	9.4567	NUM
ajfa-9610	297	74	9.0000	9.0000	NUM
ajfa-9610	297	75	1.0000	1.0000	NUM
ajfa-9610	297	76	26.0000	26.0000	NUM
ajfa-9610	297	77	2.3430	2.3430	NUM
ajfa-9610	297	78	indedr	indedr	NOUN
ajfa-9610	297	79	0.1466	0.1466	NUM
ajfa-9610	297	80	0.1000	0.1000	NUM
ajfa-9610	297	81	0.0000	0.0000	NUM
ajfa-9610	297	82	0.7500	0.7500	NUM
ajfa-9610	297	83	0.1592	0.1592	NUM
ajfa-9610	297	84	mshahd	mshahd	NOUN
ajfa-9610	297	85	0.2212	0.2212	NUM
ajfa-9610	297	86	0.0285	0.0285	NUM
ajfa-9610	297	87	0.0123	0.0123	NUM
ajfa-9610	297	88	1.0000	1.0000	NUM
ajfa-9610	297	89	0.1394	0.1394	NUM
ajfa-9610	297	90	inst	inst	NOUN
ajfa-9610	297	91	0.3459	0.3459	NUM
ajfa-9610	297	92	0.3067	0.3067	NUM
ajfa-9610	297	93	0.0001	0.0001	NUM
ajfa-9610	297	94	1.0000	1.0000	NUM
ajfa-9610	297	95	0.2192	0.2192	NUM
ajfa-9610	297	96	big4	big4	NOUN
ajfa-9610	297	97	0.8148	0.8148	NUM
ajfa-9610	297	98	1.0000	1.0000	NUM
ajfa-9610	297	99	0.0000	0.0000	NUM
ajfa-9610	297	100	1.0000	1.0000	NUM
ajfa-9610	297	101	0.3885	0.3885	NUM
ajfa-9610	297	102	cpachg	cpachg	NOUN
ajfa-9610	297	103	0.2828	0.2828	NUM
ajfa-9610	297	104	0.0000	0.0000	NUM
ajfa-9610	297	105	0.0000	0.0000	NUM
ajfa-9610	297	106	1.0000	1.0000	NUM
ajfa-9610	297	107	0.4504	0.4504	NUM
ajfa-9610	297	108	speaud	speaud	ADV
ajfa-9610	297	109	0.3666	0.3666	NUM
ajfa-9610	297	110	1.0000	1.0000	NUM
ajfa-9610	297	111	0.0000	0.0000	NUM
ajfa-9610	297	112	1.0000	1.0000	NUM
ajfa-9610	297	113	0.4819	0.4819	NUM
ajfa-9610	297	114	invsmill	invsmill	NOUN
ajfa-9610	297	115	0.0097	0.0097	NUM
ajfa-9610	297	116	0.3190	0.3190	NUM
ajfa-9610	297	117	-1.8658	-1.8658	NOUN
ajfa-9610	297	118	0.6243	0.6243	NUM
ajfa-9610	297	119	0.6816	0.6816	NUM
ajfa-9610	297	120	gi	gi	NOUN
ajfa-9610	297	121	-0.6000	-0.6000	PROPN
ajfa-9610	298	1	-2.6017	-2.6017	PROPN
ajfa-9610	298	2	-42.0724	-42.0724	PUNCT
ajfa-9610	299	1	61.9745	61.9745	NUM
ajfa-9610	299	2	15.8036	15.8036	NUM
ajfa-9610	299	3	panel	panel	NOUN
ajfa-9610	299	4	b	b	NOUN
ajfa-9610	299	5	:	:	PUNCT
ajfa-9610	299	6	h3	h3	NOUN
ajfa-9610	299	7	(	(	PUNCT
ajfa-9610	299	8	n=687	n=687	NOUN
ajfa-9610	299	9	)	)	PUNCT
ajfa-9610	299	10	roat+1	roat+1	VERB
ajfa-9610	299	11	0.0468	0.0468	NUM
ajfa-9610	299	12	0.0531	0.0531	NUM
ajfa-9610	299	13	-0.7741	-0.7741	NOUN
ajfa-9610	299	14	0.5310	0.5310	NUM
ajfa-9610	299	15	0.1072	0.1072	NUM
ajfa-9610	299	16	tem_d	tem_d	NOUN
ajfa-9610	299	17	0.5514	0.5514	NUM
ajfa-9610	299	18	1.0000	1.0000	NUM
ajfa-9610	299	19	0.0000	0.0000	NUM
ajfa-9610	299	20	1.0000	1.0000	NUM
ajfa-9610	299	21	0.4977	0.4977	NUM
ajfa-9610	299	22	tem_r	tem_r	NOUN
ajfa-9610	299	23	0.5014	0.5014	NUM
ajfa-9610	299	24	1.0000	1.0000	NUM
ajfa-9610	299	25	0.0000	0.0000	NUM
ajfa-9610	299	26	1.0000	1.0000	NUM
ajfa-9610	299	27	0.5003	0.5003	NUM
ajfa-9610	299	28	beta	beta	NOUN
ajfa-9610	299	29	0.9206	0.9206	NUM
ajfa-9610	299	30	0.9467	0.9467	NUM
ajfa-9610	299	31	-1.1083	-1.1083	NOUN
ajfa-9610	299	32	1.8471	1.8471	NUM
ajfa-9610	299	33	0.3471	0.3471	NUM
ajfa-9610	299	34	size	size	NOUN
ajfa-9610	299	35	15.5484	15.5484	NUM
ajfa-9610	299	36	15.2064	15.2064	NUM
ajfa-9610	299	37	12.5916	12.5916	NUM
ajfa-9610	299	38	20.5411	20.5411	NUM
ajfa-9610	299	39	1.5488	1.5488	NUM
ajfa-9610	299	40	mb	mb	ADP
ajfa-9610	299	41	0.5673	0.5673	NUM
ajfa-9610	299	42	0.5713	0.5713	NUM
ajfa-9610	299	43	0.1237	0.1237	NUM
ajfa-9610	299	44	0.9804	0.9804	NUM
ajfa-9610	299	45	0.1374	0.1374	NUM
ajfa-9610	299	46	return	return	VERB
ajfa-9610	299	47	0.2752	0.2752	NUM
ajfa-9610	299	48	0.0039	0.0039	NUM
ajfa-9610	299	49	-0.8524	-0.8524	NOUN
ajfa-9610	299	50	10.2532	10.2532	NUM
ajfa-9610	299	51	1.0595	1.0595	NUM
ajfa-9610	299	52	stanret	stanret	VERB
ajfa-9610	299	53	0.5192	0.5192	NUM
ajfa-9610	299	54	0.4049	0.4049	NUM
ajfa-9610	299	55	0.0028	0.0028	NUM
ajfa-9610	299	56	3.4323	3.4323	NUM
ajfa-9610	299	57	0.4732	0.4732	NUM
ajfa-9610	299	58	note	note	NOUN
ajfa-9610	299	59	:	:	PUNCT
ajfa-9610	299	60	the	the	DET
ajfa-9610	299	61	definitions	definition	NOUN
ajfa-9610	299	62	of	of	ADP
ajfa-9610	299	63	variables	variable	NOUN
ajfa-9610	299	64	are	be	AUX
ajfa-9610	299	65	:	:	PUNCT
ajfa-9610	299	66	finan3=	finan3=	VERB
ajfa-9610	299	67	a	a	DET
ajfa-9610	299	68	dummy	dummy	ADJ
ajfa-9610	299	69	variable	variable	NOUN
ajfa-9610	299	70	and	and	CCONJ
ajfa-9610	299	71	takes	take	VERB
ajfa-9610	299	72	the	the	DET
ajfa-9610	299	73	value	value	NOUN
ajfa-9610	299	74	of	of	ADP
ajfa-9610	299	75	1	1	NUM
ajfa-9610	299	76	if	if	SCONJ
ajfa-9610	299	77	the	the	DET
ajfa-9610	299	78	company	company	NOUN
ajfa-9610	299	79	issues	issue	VERB
ajfa-9610	299	80	bonds	bond	NOUN
ajfa-9610	299	81	or	or	CCONJ
ajfa-9610	299	82	seasoned	season	VERB
ajfa-9610	299	83	equity	equity	NOUN
ajfa-9610	299	84	offerings	offering	NOUN
ajfa-9610	299	85	,	,	PUNCT
ajfa-9610	299	86	and	and	CCONJ
ajfa-9610	299	87	0	0	NUM
ajfa-9610	299	88	otherwise	otherwise	ADV
ajfa-9610	299	89	;	;	PUNCT
ajfa-9610	299	90	pdem	pdem	NOUN
ajfa-9610	299	91	=	=	NOUN
ajfa-9610	299	92	accruals	accrual	NOUN
ajfa-9610	299	93	-	-	PUNCT
ajfa-9610	299	94	based	base	VERB
ajfa-9610	299	95	earnings	earning	NOUN
ajfa-9610	299	96	management	management	NOUN
ajfa-9610	299	97	;	;	PUNCT
ajfa-9610	299	98	rem	rem	NOUN
ajfa-9610	299	99	=	=	NOUN
ajfa-9610	299	100	real	real	ADJ
ajfa-9610	299	101	earnings	earning	NOUN
ajfa-9610	299	102	management	management	NOUN
ajfa-9610	299	103	;	;	PUNCT
ajfa-9610	299	104	tem_t=	tem_t=	VERB
ajfa-9610	299	105	a	a	DET
ajfa-9610	299	106	dummy	dummy	ADJ
ajfa-9610	299	107	variable	variable	NOUN
ajfa-9610	299	108	and	and	CCONJ
ajfa-9610	299	109	takes	take	VERB
ajfa-9610	299	110	the	the	DET
ajfa-9610	299	111	value	value	NOUN
ajfa-9610	299	112	of	of	ADP
ajfa-9610	299	113	1	1	NUM
ajfa-9610	299	114	if	if	SCONJ
ajfa-9610	299	115	the	the	DET
ajfa-9610	299	116	company	company	NOUN
ajfa-9610	299	117	performs	perform	VERB
ajfa-9610	299	118	accruals	accrual	NOUN
ajfa-9610	299	119	or	or	CCONJ
ajfa-9610	299	120	real	real	ADJ
ajfa-9610	299	121	earnings	earning	NOUN
ajfa-9610	299	122	management	management	NOUN
ajfa-9610	299	123	,	,	PUNCT
ajfa-9610	299	124	and	and	CCONJ
ajfa-9610	299	125	0	0	NUM
ajfa-9610	299	126	otherwise	otherwise	ADV
ajfa-9610	299	127	;	;	PUNCT
ajfa-9610	299	128	tem_r=	tem_r=	PROPN
ajfa-9610	299	129	a	a	DET
ajfa-9610	299	130	dummy	dummy	ADJ
ajfa-9610	299	131	variable	variable	NOUN
ajfa-9610	299	132	and	and	CCONJ
ajfa-9610	299	133	takes	take	VERB
ajfa-9610	299	134	the	the	DET
ajfa-9610	299	135	value	value	NOUN
ajfa-9610	299	136	of	of	ADP
ajfa-9610	299	137	1	1	NUM
ajfa-9610	299	138	if	if	SCONJ
ajfa-9610	299	139	the	the	DET
ajfa-9610	299	140	company	company	NOUN
ajfa-9610	299	141	’s	’s	PART
ajfa-9610	299	142	real	real	ADJ
ajfa-9610	299	143	earnings	earning	NOUN
ajfa-9610	299	144	management	management	NOUN
ajfa-9610	299	145	is	be	AUX
ajfa-9610	299	146	higher	high	ADJ
ajfa-9610	299	147	than	than	ADP
ajfa-9610	299	148	median	median	NOUN
ajfa-9610	299	149	of	of	ADP
ajfa-9610	299	150	its	its	PRON
ajfa-9610	299	151	industry	industry	NOUN
ajfa-9610	299	152	,	,	PUNCT
ajfa-9610	299	153	and	and	CCONJ
ajfa-9610	299	154	0	0	NUM
ajfa-9610	299	155	otherwise	otherwise	ADV
ajfa-9610	299	156	;	;	PUNCT
ajfa-9610	299	157	tem_d=	tem_d=	PROPN
ajfa-9610	299	158	a	a	DET
ajfa-9610	299	159	dummy	dummy	ADJ
ajfa-9610	299	160	variable	variable	NOUN
ajfa-9610	299	161	and	and	CCONJ
ajfa-9610	299	162	takes	take	VERB
ajfa-9610	299	163	the	the	DET
ajfa-9610	299	164	value	value	NOUN
ajfa-9610	299	165	of	of	ADP
ajfa-9610	299	166	1	1	NUM
ajfa-9610	299	167	if	if	SCONJ
ajfa-9610	299	168	the	the	DET
ajfa-9610	299	169	company	company	NOUN
ajfa-9610	299	170	’s	’s	PART
ajfa-9610	299	171	accruals	accrual	NOUN
ajfa-9610	299	172	-	-	PUNCT
ajfa-9610	299	173	based	base	VERB
ajfa-9610	299	174	earnings	earning	NOUN
ajfa-9610	299	175	management	management	NOUN
ajfa-9610	299	176	is	be	AUX
ajfa-9610	299	177	higher	high	ADJ
ajfa-9610	299	178	than	than	ADP
ajfa-9610	299	179	median	median	NOUN
ajfa-9610	299	180	of	of	ADP
ajfa-9610	299	181	its	its	PRON
ajfa-9610	299	182	industry	industry	NOUN
ajfa-9610	299	183	,	,	PUNCT
ajfa-9610	299	184	and	and	CCONJ
ajfa-9610	299	185	0	0	NUM
ajfa-9610	299	186	otherwise	otherwise	ADV
ajfa-9610	299	187	;	;	PUNCT
ajfa-9610	299	188	beta	beta	NOUN
ajfa-9610	299	189	=	=	NOUN
ajfa-9610	299	190	market	market	NOUN
ajfa-9610	299	191	systematic	systematic	ADJ
ajfa-9610	299	192	risk	risk	NOUN
ajfa-9610	299	193	;	;	PUNCT
ajfa-9610	299	194	roa	roa	PROPN
ajfa-9610	299	195	=	=	PRON
ajfa-9610	299	196	return	return	VERB
ajfa-9610	299	197	on	on	ADP
ajfa-9610	299	198	assets	asset	NOUN
ajfa-9610	299	199	;	;	PUNCT
ajfa-9610	299	200	size	size	NOUN
ajfa-9610	299	201	=	=	NOUN
ajfa-9610	299	202	company	company	NOUN
ajfa-9610	299	203	size	size	NOUN
ajfa-9610	299	204	;	;	PUNCT
ajfa-9610	299	205	mb	mb	NOUN
ajfa-9610	299	206	=	=	NOUN
ajfa-9610	299	207	market	market	NOUN
ajfa-9610	299	208	-	-	PUNCT
ajfa-9610	299	209	to	to	ADP
ajfa-9610	299	210	-	-	PUNCT
ajfa-9610	299	211	book	book	NOUN
ajfa-9610	299	212	ratio	ratio	NOUN
ajfa-9610	299	213	;	;	PUNCT
ajfa-9610	299	214	brdsize	brdsize	NOUN
ajfa-9610	299	215	=	=	SYM
ajfa-9610	299	216	board	board	NOUN
ajfa-9610	299	217	size	size	NOUN
ajfa-9610	299	218	measured	measure	VERB
ajfa-9610	299	219	by	by	ADP
ajfa-9610	299	220	the	the	DET
ajfa-9610	299	221	natural	natural	ADJ
ajfa-9610	299	222	logarithm	logarithm	NOUN
ajfa-9610	299	223	of	of	ADP
ajfa-9610	299	224	the	the	DET
ajfa-9610	299	225	number	number	NOUN
ajfa-9610	299	226	of	of	ADP
ajfa-9610	299	227	directors	director	NOUN
ajfa-9610	299	228	on	on	ADP
ajfa-9610	299	229	the	the	DET
ajfa-9610	299	230	board	board	NOUN
ajfa-9610	299	231	;	;	PUNCT
ajfa-9610	300	1	inderdr	inderdr	ADV
ajfa-9610	300	2	=	=	SYM
ajfa-9610	300	3	ratio	ratio	NOUN
ajfa-9610	300	4	of	of	ADP
ajfa-9610	300	5	independent	independent	ADJ
ajfa-9610	300	6	directors	director	NOUN
ajfa-9610	300	7	;	;	PUNCT
ajfa-9610	300	8	mshahd	mshahd	NOUN
ajfa-9610	300	9	=	=	NOUN
ajfa-9610	300	10	percentage	percentage	NOUN
ajfa-9610	300	11	of	of	ADP
ajfa-9610	300	12	shareholdings	shareholding	NOUN
ajfa-9610	300	13	of	of	ADP
ajfa-9610	300	14	managers	manager	NOUN
ajfa-9610	300	15	;	;	PUNCT
ajfa-9610	300	16	inst	inst	NOUN
ajfa-9610	300	17	=	=	NOUN
ajfa-9610	300	18	percentage	percentage	NOUN
ajfa-9610	300	19	of	of	ADP
ajfa-9610	300	20	shareholdings	shareholding	NOUN
ajfa-9610	300	21	of	of	ADP
ajfa-9610	300	22	institutional	institutional	ADJ
ajfa-9610	300	23	investors	investor	NOUN
ajfa-9610	300	24	;	;	PUNCT
ajfa-9610	300	25	big4＝a	big4＝a	PROPN
ajfa-9610	300	26	dummy	dummy	ADJ
ajfa-9610	300	27	variable	variable	NOUN
ajfa-9610	300	28	and	and	CCONJ
ajfa-9610	300	29	takes	take	VERB
ajfa-9610	300	30	the	the	DET
ajfa-9610	300	31	value	value	NOUN
ajfa-9610	300	32	of	of	ADP
ajfa-9610	300	33	1	1	NUM
ajfa-9610	300	34	if	if	SCONJ
ajfa-9610	300	35	financial	financial	ADJ
ajfa-9610	300	36	statements	statement	NOUN
ajfa-9610	300	37	of	of	ADP
ajfa-9610	300	38	company	company	NOUN
ajfa-9610	300	39	are	be	AUX
ajfa-9610	300	40	audited	audit	VERB
ajfa-9610	300	41	by	by	ADP
ajfa-9610	300	42	big	big	ADJ
ajfa-9610	300	43	4	4	NUM
ajfa-9610	300	44	accounting	accounting	NOUN
ajfa-9610	300	45	firms	firm	NOUN
ajfa-9610	300	46	,	,	PUNCT
ajfa-9610	300	47	and	and	CCONJ
ajfa-9610	300	48	0	0	NUM
ajfa-9610	300	49	otherwise	otherwise	ADV
ajfa-9610	300	50	;	;	PUNCT
ajfa-9610	300	51	cpachg=	cpachg=	X
ajfa-9610	300	52	a	a	DET
ajfa-9610	300	53	dummy	dummy	ADJ
ajfa-9610	300	54	variable	variable	NOUN
ajfa-9610	300	55	and	and	CCONJ
ajfa-9610	300	56	takes	take	VERB
ajfa-9610	300	57	the	the	DET
ajfa-9610	300	58	value	value	NOUN
ajfa-9610	300	59	of	of	ADP
ajfa-9610	300	60	1	1	NUM
ajfa-9610	300	61	if	if	SCONJ
ajfa-9610	300	62	the	the	DET
ajfa-9610	300	63	company	company	NOUN
ajfa-9610	300	64	has	have	AUX
ajfa-9610	300	65	changed	change	VERB
ajfa-9610	300	66	its	its	PRON
ajfa-9610	300	67	independent	independent	ADJ
ajfa-9610	300	68	auditor	auditor	NOUN
ajfa-9610	300	69	,	,	PUNCT
ajfa-9610	300	70	and	and	CCONJ
ajfa-9610	300	71	0	0	NUM
ajfa-9610	300	72	otherwise	otherwise	ADV
ajfa-9610	300	73	;	;	PUNCT
ajfa-9610	300	74	speaud=	speaud=	NUM
ajfa-9610	300	75	a	a	DET
ajfa-9610	300	76	dummy	dummy	ADJ
ajfa-9610	300	77	variable	variable	NOUN
ajfa-9610	300	78	and	and	CCONJ
ajfa-9610	300	79	takes	take	VERB
ajfa-9610	300	80	the	the	DET
ajfa-9610	300	81	value	value	NOUN
ajfa-9610	300	82	of	of	ADP
ajfa-9610	300	83	1	1	NUM
ajfa-9610	300	84	if	if	SCONJ
ajfa-9610	300	85	financial	financial	ADJ
ajfa-9610	300	86	statements	statement	NOUN
ajfa-9610	300	87	of	of	ADP
ajfa-9610	300	88	company	company	NOUN
ajfa-9610	300	89	are	be	AUX
ajfa-9610	300	90	audited	audit	VERB
ajfa-9610	300	91	by	by	ADP
ajfa-9610	300	92	industry	industry	NOUN
ajfa-9610	300	93	specialist	specialist	NOUN
ajfa-9610	300	94	auditor	auditor	NOUN
ajfa-9610	300	95	,	,	PUNCT
ajfa-9610	300	96	and	and	CCONJ
ajfa-9610	300	97	0	0	NUM
ajfa-9610	300	98	otherwise	otherwise	ADV
ajfa-9610	300	99	;	;	PUNCT
ajfa-9610	300	100	invsmill	invsmill	NOUN
ajfa-9610	300	101	=	=	VERB
ajfa-9610	300	102	the	the	DET
ajfa-9610	300	103	inverse	inverse	NOUN
ajfa-9610	300	104	mills	mill	NOUN
ajfa-9610	300	105	’	'	PUNCT
ajfa-9610	300	106	ratio	ratio	NOUN
ajfa-9610	300	107	that	that	PRON
ajfa-9610	300	108	is	be	AUX
ajfa-9610	300	109	generated	generate	VERB
ajfa-9610	300	110	from	from	ADP
ajfa-9610	300	111	the	the	DET
ajfa-9610	300	112	first	first	ADJ
ajfa-9610	300	113	stage	stage	NOUN
ajfa-9610	300	114	based	base	VERB
ajfa-9610	300	115	on	on	ADP
ajfa-9610	300	116	heckman	heckman	PROPN
ajfa-9610	300	117	’s	’s	PART
ajfa-9610	300	118	two	two	NUM
ajfa-9610	300	119	-	-	PUNCT
ajfa-9610	300	120	step	step	NOUN
ajfa-9610	300	121	estimation	estimation	NOUN
ajfa-9610	300	122	procedure	procedure	NOUN
ajfa-9610	300	123	(	(	PUNCT
ajfa-9610	300	124	heckman,1978	heckman,1978	NOUN
ajfa-9610	300	125	)	)	PUNCT
ajfa-9610	300	126	;	;	PUNCT
ajfa-9610	300	127	return	return	NOUN
ajfa-9610	300	128	=	=	SYM
ajfa-9610	300	129	return	return	NOUN
ajfa-9610	300	130	on	on	ADP
ajfa-9610	300	131	current	current	ADJ
ajfa-9610	300	132	stock	stock	NOUN
ajfa-9610	300	133	price	price	NOUN
ajfa-9610	300	134	;	;	PUNCT
ajfa-9610	300	135	stanret	stanret	NOUN
ajfa-9610	300	136	=	=	NOUN
ajfa-9610	300	137	standard	standard	ADJ
ajfa-9610	300	138	deviation	deviation	NOUN
ajfa-9610	300	139	of	of	ADP
ajfa-9610	300	140	current	current	ADJ
ajfa-9610	300	141	,	,	PUNCT
ajfa-9610	300	142	lagged	lag	VERB
ajfa-9610	300	143	1	1	NUM
ajfa-9610	300	144	and	and	CCONJ
ajfa-9610	300	145	lagged	lag	VERB
ajfa-9610	300	146	2	2	NUM
ajfa-9610	300	147	stock	stock	NOUN
ajfa-9610	300	148	returns	return	NOUN
ajfa-9610	300	149	.	.	PUNCT
ajfa-9610	301	1	4.2	4.2	NUM
ajfa-9610	301	2	financing	financing	NOUN
ajfa-9610	301	3	policy	policy	NOUN
ajfa-9610	301	4	and	and	CCONJ
ajfa-9610	301	5	earnings	earning	NOUN
ajfa-9610	301	6	management	management	NOUN
ajfa-9610	301	7	tools	tool	NOUN
ajfa-9610	301	8	table	table	NOUN
ajfa-9610	301	9	4	4	NUM
ajfa-9610	301	10	shows	show	VERB
ajfa-9610	301	11	the	the	DET
ajfa-9610	301	12	results	result	NOUN
ajfa-9610	301	13	of	of	ADP
ajfa-9610	301	14	a	a	DET
ajfa-9610	301	15	mean	mean	ADJ
ajfa-9610	301	16	difference	difference	NOUN
ajfa-9610	301	17	test	test	NOUN
ajfa-9610	301	18	of	of	ADP
ajfa-9610	301	19	earnings	earning	NOUN
ajfa-9610	301	20	management	management	NOUN
ajfa-9610	301	21	tools	tool	NOUN
ajfa-9610	301	22	used	use	VERB
ajfa-9610	301	23	for	for	ADP
ajfa-9610	301	24	the	the	DET
ajfa-9610	301	25	issuance	issuance	NOUN
ajfa-9610	301	26	of	of	ADP
ajfa-9610	301	27	corporate	corporate	ADJ
ajfa-9610	301	28	bonds	bond	NOUN
ajfa-9610	301	29	and	and	CCONJ
ajfa-9610	301	30	seos	seo	NOUN
ajfa-9610	301	31	.	.	PUNCT
ajfa-9610	302	1	this	this	DET
ajfa-9610	302	2	paper	paper	NOUN
ajfa-9610	302	3	divides	divide	VERB
ajfa-9610	302	4	real	real	ADJ
ajfa-9610	302	5	earnings	earning	NOUN
ajfa-9610	302	6	management	management	NOUN
ajfa-9610	302	7	tools	tool	NOUN
ajfa-9610	302	8	asian	asian	ADJ
ajfa-9610	302	9	journal	journal	NOUN
ajfa-9610	302	10	of	of	ADP
ajfa-9610	302	11	finance	finance	PROPN
ajfa-9610	302	12	&	&	CCONJ
ajfa-9610	302	13	accounting	accounting	PROPN
ajfa-9610	302	14	issn	issn	PROPN
ajfa-9610	302	15	1946	1946	NUM
ajfa-9610	302	16	-	-	PUNCT
ajfa-9610	302	17	052x	052x	PROPN
ajfa-9610	302	18	2016	2016	NUM
ajfa-9610	302	19	,	,	PUNCT
ajfa-9610	302	20	vol	vol	NOUN
ajfa-9610	302	21	.	.	PROPN
ajfa-9610	302	22	8	8	NUM
ajfa-9610	302	23	,	,	PUNCT
ajfa-9610	302	24	no	no	INTJ
ajfa-9610	302	25	.	.	NOUN
ajfa-9610	302	26	1	1	NUM
ajfa-9610	302	27	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9610	302	28	246	246	NUM
ajfa-9610	302	29	into	into	ADP
ajfa-9610	302	30	abnormal	abnormal	ADJ
ajfa-9610	302	31	cash	cash	NOUN
ajfa-9610	302	32	flows	flow	NOUN
ajfa-9610	302	33	(	(	PUNCT
ajfa-9610	302	34	acfo	acfo	ADJ
ajfa-9610	302	35	)	)	PUNCT
ajfa-9610	302	36	,	,	PUNCT
ajfa-9610	302	37	abnormal	abnormal	ADJ
ajfa-9610	302	38	production	production	NOUN
ajfa-9610	302	39	costs	cost	NOUN
ajfa-9610	302	40	(	(	PUNCT
ajfa-9610	302	41	aprod	aprod	NOUN
ajfa-9610	302	42	)	)	PUNCT
ajfa-9610	302	43	,	,	PUNCT
ajfa-9610	302	44	and	and	CCONJ
ajfa-9610	302	45	abnormal	abnormal	ADJ
ajfa-9610	302	46	discretionary	discretionary	ADJ
ajfa-9610	302	47	expenses	expense	NOUN
ajfa-9610	302	48	(	(	PUNCT
ajfa-9610	302	49	adisx	adisx	NOUN
ajfa-9610	302	50	)	)	PUNCT
ajfa-9610	302	51	.	.	PUNCT
ajfa-9610	303	1	according	accord	VERB
ajfa-9610	303	2	to	to	ADP
ajfa-9610	303	3	table	table	NOUN
ajfa-9610	303	4	4	4	NUM
ajfa-9610	303	5	,	,	PUNCT
ajfa-9610	303	6	acfo	acfo	ADJ
ajfa-9610	303	7	values	value	NOUN
ajfa-9610	303	8	are	be	AUX
ajfa-9610	303	9	all	all	ADV
ajfa-9610	303	10	negative	negative	ADJ
ajfa-9610	303	11	;	;	PUNCT
ajfa-9610	303	12	when	when	SCONJ
ajfa-9610	303	13	a	a	DET
ajfa-9610	303	14	company	company	NOUN
ajfa-9610	303	15	intends	intend	VERB
ajfa-9610	303	16	to	to	PART
ajfa-9610	303	17	use	use	VERB
ajfa-9610	303	18	real	real	ADJ
ajfa-9610	303	19	earnings	earning	NOUN
ajfa-9610	303	20	management	management	NOUN
ajfa-9610	303	21	,	,	PUNCT
ajfa-9610	303	22	firms	firm	NOUN
ajfa-9610	303	23	may	may	AUX
ajfa-9610	303	24	relax	relax	VERB
ajfa-9610	303	25	credit	credit	NOUN
ajfa-9610	303	26	terms	term	NOUN
ajfa-9610	303	27	for	for	ADP
ajfa-9610	303	28	customers	customer	NOUN
ajfa-9610	303	29	or	or	CCONJ
ajfa-9610	303	30	provide	provide	VERB
ajfa-9610	303	31	discounts	discount	NOUN
ajfa-9610	303	32	to	to	PART
ajfa-9610	303	33	boost	boost	VERB
ajfa-9610	303	34	revenues	revenue	NOUN
ajfa-9610	303	35	;	;	PUNCT
ajfa-9610	303	36	this	this	PRON
ajfa-9610	303	37	explains	explain	VERB
ajfa-9610	303	38	why	why	SCONJ
ajfa-9610	303	39	abnormal	abnormal	ADJ
ajfa-9610	303	40	cash	cash	NOUN
ajfa-9610	303	41	flows	flow	NOUN
ajfa-9610	303	42	will	will	AUX
ajfa-9610	303	43	be	be	AUX
ajfa-9610	303	44	lower	low	ADJ
ajfa-9610	303	45	.	.	PUNCT
ajfa-9610	304	1	abnormal	abnormal	ADJ
ajfa-9610	304	2	production	production	NOUN
ajfa-9610	304	3	costs	cost	NOUN
ajfa-9610	304	4	result	result	VERB
ajfa-9610	304	5	from	from	ADP
ajfa-9610	304	6	a	a	DET
ajfa-9610	304	7	change	change	NOUN
ajfa-9610	304	8	in	in	ADP
ajfa-9610	304	9	inventory	inventory	NOUN
ajfa-9610	304	10	and	and	CCONJ
ajfa-9610	304	11	cost	cost	NOUN
ajfa-9610	304	12	of	of	ADP
ajfa-9610	304	13	goods	good	NOUN
ajfa-9610	304	14	sold	sell	VERB
ajfa-9610	304	15	.	.	PUNCT
ajfa-9610	305	1	most	most	ADJ
ajfa-9610	305	2	of	of	ADP
ajfa-9610	305	3	aprod	aprod	NOUN
ajfa-9610	305	4	values	value	NOUN
ajfa-9610	305	5	are	be	AUX
ajfa-9610	305	6	positive	positive	ADJ
ajfa-9610	305	7	because	because	SCONJ
ajfa-9610	305	8	manufacturers	manufacturer	NOUN
ajfa-9610	305	9	can	can	AUX
ajfa-9610	305	10	lower	lower	VERB
ajfa-9610	305	11	the	the	DET
ajfa-9610	305	12	allocated	allocate	VERB
ajfa-9610	305	13	fixed	fix	VERB
ajfa-9610	305	14	costs	cost	NOUN
ajfa-9610	305	15	per	per	ADP
ajfa-9610	305	16	unit	unit	NOUN
ajfa-9610	305	17	and	and	CCONJ
ajfa-9610	305	18	therefore	therefore	ADV
ajfa-9610	305	19	the	the	DET
ajfa-9610	305	20	cost	cost	NOUN
ajfa-9610	305	21	of	of	ADP
ajfa-9610	305	22	goods	good	NOUN
ajfa-9610	305	23	sold	sell	VERB
ajfa-9610	305	24	by	by	ADP
ajfa-9610	305	25	overproducing	overproduce	VERB
ajfa-9610	305	26	.	.	PUNCT
ajfa-9610	306	1	according	accord	VERB
ajfa-9610	306	2	to	to	ADP
ajfa-9610	306	3	gaap	gaap	PROPN
ajfa-9610	306	4	,	,	PUNCT
ajfa-9610	306	5	if	if	SCONJ
ajfa-9610	306	6	the	the	DET
ajfa-9610	306	7	production	production	NOUN
ajfa-9610	306	8	quantities	quantity	NOUN
ajfa-9610	306	9	are	be	AUX
ajfa-9610	306	10	larger	large	ADJ
ajfa-9610	306	11	than	than	ADP
ajfa-9610	306	12	the	the	DET
ajfa-9610	306	13	quantities	quantity	NOUN
ajfa-9610	306	14	sold	sell	VERB
ajfa-9610	306	15	,	,	PUNCT
ajfa-9610	306	16	the	the	DET
ajfa-9610	306	17	net	net	ADJ
ajfa-9610	306	18	profit	profit	NOUN
ajfa-9610	306	19	will	will	AUX
ajfa-9610	306	20	be	be	AUX
ajfa-9610	306	21	higher	high	ADJ
ajfa-9610	306	22	under	under	ADP
ajfa-9610	306	23	absorption	absorption	NOUN
ajfa-9610	306	24	costing	costing	NOUN
ajfa-9610	306	25	.	.	PUNCT
ajfa-9610	307	1	real	real	ADJ
ajfa-9610	307	2	earnings	earning	NOUN
ajfa-9610	307	3	management	management	NOUN
ajfa-9610	307	4	in	in	ADP
ajfa-9610	307	5	the	the	DET
ajfa-9610	307	6	form	form	NOUN
ajfa-9610	307	7	of	of	ADP
ajfa-9610	307	8	production	production	NOUN
ajfa-9610	307	9	cost	cost	NOUN
ajfa-9610	307	10	manipulation	manipulation	NOUN
ajfa-9610	307	11	leads	lead	VERB
ajfa-9610	307	12	to	to	ADP
ajfa-9610	307	13	abnormally	abnormally	ADV
ajfa-9610	307	14	high	high	ADJ
ajfa-9610	307	15	production	production	NOUN
ajfa-9610	307	16	costs	cost	NOUN
ajfa-9610	307	17	.	.	PUNCT
ajfa-9610	308	1	finally	finally	ADV
ajfa-9610	308	2	,	,	PUNCT
ajfa-9610	308	3	all	all	PRON
ajfa-9610	308	4	adisx	adisx	ADJ
ajfa-9610	308	5	values	value	NOUN
ajfa-9610	308	6	are	be	AUX
ajfa-9610	308	7	negative	negative	ADJ
ajfa-9610	308	8	because	because	SCONJ
ajfa-9610	308	9	companies	company	NOUN
ajfa-9610	308	10	can	can	AUX
ajfa-9610	308	11	increase	increase	VERB
ajfa-9610	308	12	recognized	recognize	VERB
ajfa-9610	308	13	earnings	earning	NOUN
ajfa-9610	308	14	by	by	ADP
ajfa-9610	308	15	lowering	lower	VERB
ajfa-9610	308	16	discretionary	discretionary	ADJ
ajfa-9610	308	17	expenses	expense	NOUN
ajfa-9610	308	18	.	.	PUNCT
ajfa-9610	309	1	because	because	SCONJ
ajfa-9610	309	2	abnormal	abnormal	ADJ
ajfa-9610	309	3	cash	cash	NOUN
ajfa-9610	309	4	flows	flow	NOUN
ajfa-9610	309	5	,	,	PUNCT
ajfa-9610	309	6	abnormal	abnormal	ADJ
ajfa-9610	309	7	production	production	NOUN
ajfa-9610	309	8	costs	cost	NOUN
ajfa-9610	309	9	,	,	PUNCT
ajfa-9610	309	10	and	and	CCONJ
ajfa-9610	309	11	abnormal	abnormal	ADJ
ajfa-9610	309	12	discretionary	discretionary	ADJ
ajfa-9610	309	13	expenses	expense	NOUN
ajfa-9610	309	14	have	have	VERB
ajfa-9610	309	15	different	different	ADJ
ajfa-9610	309	16	signs	sign	NOUN
ajfa-9610	309	17	,	,	PUNCT
ajfa-9610	309	18	this	this	DET
ajfa-9610	309	19	paper	paper	NOUN
ajfa-9610	309	20	first	first	ADV
ajfa-9610	309	21	multiplies	multiplie	NOUN
ajfa-9610	309	22	both	both	PRON
ajfa-9610	309	23	acfo	acfo	ADJ
ajfa-9610	309	24	and	and	CCONJ
ajfa-9610	309	25	adisx	adisx	ADV
ajfa-9610	309	26	by	by	ADP
ajfa-9610	309	27	minus	minus	ADV
ajfa-9610	309	28	1	1	NUM
ajfa-9610	309	29	,	,	PUNCT
ajfa-9610	309	30	and	and	CCONJ
ajfa-9610	309	31	then	then	ADV
ajfa-9610	309	32	sums	sum	VERB
ajfa-9610	309	33	acfo	acfo	NOUN
ajfa-9610	309	34	,	,	PUNCT
ajfa-9610	309	35	adisx	adisx	NOUN
ajfa-9610	309	36	and	and	CCONJ
ajfa-9610	309	37	aprod	aprod	NOUN
ajfa-9610	309	38	to	to	PART
ajfa-9610	309	39	measure	measure	VERB
ajfa-9610	309	40	real	real	ADJ
ajfa-9610	309	41	earnings	earning	NOUN
ajfa-9610	309	42	management	management	NOUN
ajfa-9610	309	43	(	(	PUNCT
ajfa-9610	309	44	rem	rem	NOUN
ajfa-9610	309	45	)	)	PUNCT
ajfa-9610	309	46	.	.	PUNCT
ajfa-9610	310	1	the	the	PRON
ajfa-9610	310	2	higher	high	ADJ
ajfa-9610	310	3	the	the	DET
ajfa-9610	310	4	rem	rem	VERB
ajfa-9610	310	5	values	value	NOUN
ajfa-9610	310	6	,	,	PUNCT
ajfa-9610	310	7	the	the	PRON
ajfa-9610	310	8	higher	high	ADJ
ajfa-9610	310	9	the	the	DET
ajfa-9610	310	10	degree	degree	NOUN
ajfa-9610	310	11	of	of	ADP
ajfa-9610	310	12	involvement	involvement	NOUN
ajfa-9610	310	13	in	in	ADP
ajfa-9610	310	14	real	real	ADJ
ajfa-9610	310	15	earnings	earning	NOUN
ajfa-9610	310	16	management	management	NOUN
ajfa-9610	310	17	.	.	PUNCT
ajfa-9610	311	1	the	the	DET
ajfa-9610	311	2	results	result	NOUN
ajfa-9610	311	3	show	show	VERB
ajfa-9610	311	4	that	that	SCONJ
ajfa-9610	311	5	once	once	SCONJ
ajfa-9610	311	6	the	the	DET
ajfa-9610	311	7	financing	financing	NOUN
ajfa-9610	311	8	firms	firm	NOUN
ajfa-9610	311	9	adopt	adopt	VERB
ajfa-9610	311	10	accrual	accrual	ADJ
ajfa-9610	311	11	-	-	PUNCT
ajfa-9610	311	12	based	base	VERB
ajfa-9610	311	13	earnings	earning	NOUN
ajfa-9610	311	14	management	management	NOUN
ajfa-9610	311	15	(	(	PUNCT
ajfa-9610	311	16	pdem	pdem	PROPN
ajfa-9610	311	17	)	)	PUNCT
ajfa-9610	311	18	,	,	PUNCT
ajfa-9610	311	19	the	the	DET
ajfa-9610	311	20	means	mean	NOUN
ajfa-9610	311	21	of	of	ADP
ajfa-9610	311	22	discretionary	discretionary	ADJ
ajfa-9610	311	23	accruals	accrual	NOUN
ajfa-9610	311	24	between	between	ADP
ajfa-9610	311	25	bonds	bond	NOUN
ajfa-9610	311	26	issues	issue	NOUN
ajfa-9610	311	27	and	and	CCONJ
ajfa-9610	311	28	seos	seo	NOUN
ajfa-9610	311	29	are	be	AUX
ajfa-9610	311	30	significantly	significantly	ADV
ajfa-9610	311	31	different	different	ADJ
ajfa-9610	311	32	during	during	ADP
ajfa-9610	311	33	the	the	DET
ajfa-9610	311	34	pre	pre	ADJ
ajfa-9610	311	35	-	-	ADJ
ajfa-9610	311	36	financing	financing	ADJ
ajfa-9610	311	37	years	year	NOUN
ajfa-9610	311	38	(	(	PUNCT
ajfa-9610	311	39	year	year	NOUN
ajfa-9610	311	40	-1	-1	ADP
ajfa-9610	311	41	,	,	PUNCT
ajfa-9610	311	42	-2	-2	INTJ
ajfa-9610	311	43	,	,	PUNCT
ajfa-9610	311	44	-3	-3	PUNCT
ajfa-9610	311	45	,	,	PUNCT
ajfa-9610	311	46	and	and	CCONJ
ajfa-9610	311	47	-4	-4	NUM
ajfa-9610	311	48	)	)	PUNCT
ajfa-9610	311	49	and	and	CCONJ
ajfa-9610	311	50	post	post	ADJ
ajfa-9610	311	51	-	-	ADJ
ajfa-9610	311	52	financing	financing	ADJ
ajfa-9610	311	53	years	year	NOUN
ajfa-9610	311	54	(	(	PUNCT
ajfa-9610	311	55	year	year	NOUN
ajfa-9610	311	56	+1	+1	PROPN
ajfa-9610	311	57	and	and	CCONJ
ajfa-9610	311	58	+2	+2	NUM
ajfa-9610	311	59	)	)	PUNCT
ajfa-9610	311	60	.	.	PUNCT
ajfa-9610	312	1	there	there	PRON
ajfa-9610	312	2	is	be	VERB
ajfa-9610	312	3	no	no	DET
ajfa-9610	312	4	significant	significant	ADJ
ajfa-9610	312	5	difference	difference	NOUN
ajfa-9610	312	6	in	in	ADP
ajfa-9610	312	7	the	the	DET
ajfa-9610	312	8	issuing	issue	VERB
ajfa-9610	312	9	year	year	NOUN
ajfa-9610	312	10	of	of	ADP
ajfa-9610	312	11	the	the	DET
ajfa-9610	312	12	financing	financing	NOUN
ajfa-9610	312	13	and	and	CCONJ
ajfa-9610	312	14	year	year	NOUN
ajfa-9610	312	15	+3	+3	PROPN
ajfa-9610	312	16	.	.	PUNCT
ajfa-9610	313	1	it	it	PRON
ajfa-9610	313	2	reveals	reveal	VERB
ajfa-9610	313	3	that	that	SCONJ
ajfa-9610	313	4	firms	firm	NOUN
ajfa-9610	313	5	’	'	PUNCT
ajfa-9610	313	6	choose	choose	VERB
ajfa-9610	313	7	accrual	accrual	ADJ
ajfa-9610	313	8	earnings	earning	NOUN
ajfa-9610	313	9	management	management	NOUN
ajfa-9610	313	10	based	base	VERB
ajfa-9610	313	11	on	on	ADP
ajfa-9610	313	12	different	different	ADJ
ajfa-9610	313	13	financing	financing	NOUN
ajfa-9610	313	14	policy	policy	NOUN
ajfa-9610	313	15	except	except	SCONJ
ajfa-9610	313	16	the	the	DET
ajfa-9610	313	17	financing	financing	NOUN
ajfa-9610	313	18	year	year	NOUN
ajfa-9610	313	19	and	and	CCONJ
ajfa-9610	313	20	year	year	NOUN
ajfa-9610	313	21	+3	+3	PROPN
ajfa-9610	313	22	.	.	PUNCT
ajfa-9610	314	1	on	on	ADP
ajfa-9610	314	2	the	the	DET
ajfa-9610	314	3	other	other	ADJ
ajfa-9610	314	4	hand	hand	NOUN
ajfa-9610	314	5	,	,	PUNCT
ajfa-9610	314	6	once	once	SCONJ
ajfa-9610	314	7	the	the	DET
ajfa-9610	314	8	financing	financing	NOUN
ajfa-9610	314	9	firms	firm	NOUN
ajfa-9610	314	10	adopt	adopt	VERB
ajfa-9610	314	11	real	real	ADJ
ajfa-9610	314	12	earnings	earning	NOUN
ajfa-9610	314	13	management	management	NOUN
ajfa-9610	314	14	(	(	PUNCT
ajfa-9610	314	15	rem	rem	NOUN
ajfa-9610	314	16	)	)	PUNCT
ajfa-9610	314	17	,	,	PUNCT
ajfa-9610	314	18	the	the	DET
ajfa-9610	314	19	means	mean	NOUN
ajfa-9610	314	20	of	of	ADP
ajfa-9610	314	21	real	real	ADJ
ajfa-9610	314	22	earnings	earning	NOUN
ajfa-9610	314	23	management	management	NOUN
ajfa-9610	314	24	between	between	ADP
ajfa-9610	314	25	bonds	bond	NOUN
ajfa-9610	314	26	issues	issue	NOUN
ajfa-9610	314	27	and	and	CCONJ
ajfa-9610	314	28	seos	seo	NOUN
ajfa-9610	314	29	are	be	AUX
ajfa-9610	314	30	significantly	significantly	ADV
ajfa-9610	314	31	different	different	ADJ
ajfa-9610	314	32	in	in	ADP
ajfa-9610	314	33	the	the	DET
ajfa-9610	314	34	financing	financing	NOUN
ajfa-9610	314	35	year	year	NOUN
ajfa-9610	314	36	,	,	PUNCT
ajfa-9610	314	37	year	year	NOUN
ajfa-9610	314	38	-1	-1	NOUN
ajfa-9610	314	39	and	and	CCONJ
ajfa-9610	314	40	-3	-3	PUNCT
ajfa-9610	314	41	.	.	PUNCT
ajfa-9610	315	1	it	it	PRON
ajfa-9610	315	2	reveals	reveal	VERB
ajfa-9610	315	3	that	that	SCONJ
ajfa-9610	315	4	firms	firm	NOUN
ajfa-9610	315	5	will	will	AUX
ajfa-9610	315	6	choose	choose	VERB
ajfa-9610	315	7	real	real	ADJ
ajfa-9610	315	8	earnings	earning	NOUN
ajfa-9610	315	9	management	management	NOUN
ajfa-9610	315	10	depending	depend	VERB
ajfa-9610	315	11	on	on	ADP
ajfa-9610	315	12	different	different	ADJ
ajfa-9610	315	13	financing	financing	NOUN
ajfa-9610	315	14	policy	policy	NOUN
ajfa-9610	315	15	during	during	ADP
ajfa-9610	315	16	the	the	DET
ajfa-9610	315	17	financing	financing	NOUN
ajfa-9610	315	18	year	year	NOUN
ajfa-9610	315	19	,	,	PUNCT
ajfa-9610	315	20	year	year	NOUN
ajfa-9610	315	21	-1	-1	NOUN
ajfa-9610	315	22	and	and	CCONJ
ajfa-9610	315	23	year	year	NOUN
ajfa-9610	315	24	-3	-3	INTJ
ajfa-9610	315	25	.	.	PUNCT
ajfa-9610	316	1	overall	overall	ADV
ajfa-9610	316	2	,	,	PUNCT
ajfa-9610	316	3	firms	firm	NOUN
ajfa-9610	316	4	choose	choose	VERB
ajfa-9610	316	5	different	different	ADJ
ajfa-9610	316	6	earnings	earning	NOUN
ajfa-9610	316	7	management	management	NOUN
ajfa-9610	316	8	tools	tool	NOUN
ajfa-9610	316	9	depending	depend	VERB
ajfa-9610	316	10	on	on	ADP
ajfa-9610	316	11	whether	whether	SCONJ
ajfa-9610	316	12	they	they	PRON
ajfa-9610	316	13	issue	issue	VERB
ajfa-9610	316	14	corporate	corporate	ADJ
ajfa-9610	316	15	bonds	bond	NOUN
ajfa-9610	316	16	or	or	CCONJ
ajfa-9610	316	17	seos	seo	NOUN
ajfa-9610	316	18	on	on	ADP
ajfa-9610	316	19	the	the	DET
ajfa-9610	316	20	first	first	ADJ
ajfa-9610	316	21	year	year	NOUN
ajfa-9610	316	22	before	before	ADP
ajfa-9610	316	23	financing	financing	NOUN
ajfa-9610	316	24	.	.	PUNCT
ajfa-9610	317	1	that	that	PRON
ajfa-9610	317	2	is	be	AUX
ajfa-9610	317	3	,	,	PUNCT
ajfa-9610	317	4	firms	firm	NOUN
ajfa-9610	317	5	choose	choose	VERB
ajfa-9610	317	6	the	the	DET
ajfa-9610	317	7	earning	earn	VERB
ajfa-9610	317	8	management	management	NOUN
ajfa-9610	317	9	tools	tool	NOUN
ajfa-9610	317	10	in	in	ADP
ajfa-9610	317	11	advance	advance	NOUN
ajfa-9610	317	12	in	in	ADP
ajfa-9610	317	13	year	year	NOUN
ajfa-9610	317	14	-1	-1	PUNCT
ajfa-9610	317	15	.	.	PUNCT
ajfa-9610	318	1	the	the	DET
ajfa-9610	318	2	magnitudes	magnitude	NOUN
ajfa-9610	318	3	of	of	ADP
ajfa-9610	318	4	accrual	accrual	ADJ
ajfa-9610	318	5	-	-	PUNCT
ajfa-9610	318	6	based	base	VERB
ajfa-9610	318	7	earnings	earning	NOUN
ajfa-9610	318	8	management	management	NOUN
ajfa-9610	318	9	(	(	PUNCT
ajfa-9610	318	10	bonds	bond	NOUN
ajfa-9610	318	11	issues	issue	NOUN
ajfa-9610	318	12	is	be	AUX
ajfa-9610	318	13	0.0664	0.0664	NUM
ajfa-9610	318	14	and	and	CCONJ
ajfa-9610	318	15	seos	seo	NOUN
ajfa-9610	318	16	is	be	AUX
ajfa-9610	318	17	0.0730	0.0730	NUM
ajfa-9610	318	18	)	)	PUNCT
ajfa-9610	318	19	in	in	ADP
ajfa-9610	318	20	the	the	DET
ajfa-9610	318	21	issuing	issuing	NOUN
ajfa-9610	318	22	year	year	NOUN
ajfa-9610	318	23	for	for	ADP
ajfa-9610	318	24	financing	financing	NOUN
ajfa-9610	318	25	firms	firm	NOUN
ajfa-9610	318	26	are	be	AUX
ajfa-9610	318	27	higher	high	ADJ
ajfa-9610	318	28	than	than	ADP
ajfa-9610	318	29	the	the	DET
ajfa-9610	318	30	magnitudes	magnitude	NOUN
ajfa-9610	318	31	in	in	ADP
ajfa-9610	318	32	the	the	DET
ajfa-9610	318	33	pre	pre	ADJ
ajfa-9610	318	34	-	-	ADJ
ajfa-9610	318	35	financing	financing	ADJ
ajfa-9610	318	36	periods	period	NOUN
ajfa-9610	318	37	,	,	PUNCT
ajfa-9610	318	38	indicating	indicate	VERB
ajfa-9610	318	39	that	that	SCONJ
ajfa-9610	318	40	upward	upward	ADJ
ajfa-9610	318	41	earnings	earning	NOUN
ajfa-9610	318	42	management	management	NOUN
ajfa-9610	318	43	might	might	AUX
ajfa-9610	318	44	be	be	AUX
ajfa-9610	318	45	one	one	NUM
ajfa-9610	318	46	of	of	ADP
ajfa-9610	318	47	the	the	DET
ajfa-9610	318	48	motives	motive	NOUN
ajfa-9610	318	49	for	for	SCONJ
ajfa-9610	318	50	firms	firm	NOUN
ajfa-9610	318	51	to	to	PART
ajfa-9610	318	52	finance	finance	VERB
ajfa-9610	318	53	successfully	successfully	ADV
ajfa-9610	318	54	.	.	PUNCT
ajfa-9610	319	1	asian	asian	ADJ
ajfa-9610	319	2	journal	journal	PROPN
ajfa-9610	319	3	of	of	ADP
ajfa-9610	319	4	finance	finance	PROPN
ajfa-9610	319	5	&	&	CCONJ
ajfa-9610	319	6	accounting	accounting	PROPN
ajfa-9610	319	7	issn	issn	PROPN
ajfa-9610	319	8	1946	1946	NUM
ajfa-9610	319	9	-	-	PUNCT
ajfa-9610	319	10	052x	052x	PROPN
ajfa-9610	319	11	2016	2016	NUM
ajfa-9610	319	12	,	,	PUNCT
ajfa-9610	319	13	vol	vol	NOUN
ajfa-9610	319	14	.	.	PROPN
ajfa-9610	319	15	8	8	NUM
ajfa-9610	319	16	,	,	PUNCT
ajfa-9610	319	17	no	no	INTJ
ajfa-9610	319	18	.	.	NOUN
ajfa-9610	319	19	1	1	NUM
ajfa-9610	319	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9610	319	21	247	247	NUM
ajfa-9610	319	22	table	table	NOUN
ajfa-9610	319	23	4	4	NUM
ajfa-9610	319	24	.	.	PUNCT
ajfa-9610	319	25	mean	mean	ADJ
ajfa-9610	319	26	difference	difference	NOUN
ajfa-9610	319	27	test	test	NOUN
ajfa-9610	319	28	for	for	ADP
ajfa-9610	319	29	earnings	earning	NOUN
ajfa-9610	319	30	management	management	NOUN
ajfa-9610	319	31	of	of	ADP
ajfa-9610	319	32	bonds	bond	NOUN
ajfa-9610	319	33	and	and	CCONJ
ajfa-9610	319	34	seos	seo	NOUN
ajfa-9610	319	35	variable	variable	ADJ
ajfa-9610	319	36	year	year	NOUN
ajfa-9610	319	37	mean	mean	NOUN
ajfa-9610	319	38	of	of	ADP
ajfa-9610	319	39	bonds	bond	NOUN
ajfa-9610	319	40	issues	issue	NOUN
ajfa-9610	319	41	means	mean	VERB
ajfa-9610	319	42	of	of	ADP
ajfa-9610	319	43	seos	seo	NOUN
ajfa-9610	319	44	difference	difference	NOUN
ajfa-9610	319	45	of	of	ADP
ajfa-9610	319	46	earnings	earning	NOUN
ajfa-9610	319	47	management	management	NOUN
ajfa-9610	319	48	tools	tool	NOUN
ajfa-9610	319	49	mean	mean	VERB
ajfa-9610	319	50	t	t	PROPN
ajfa-9610	319	51	test	test	NOUN
ajfa-9610	319	52	p	p	NOUN
ajfa-9610	319	53	value	value	NOUN
ajfa-9610	319	54	pdem	pdem	NOUN
ajfa-9610	319	55	-4	-4	INTJ
ajfa-9610	319	56	0.0593	0.0593	NUM
ajfa-9610	319	57	0.0715	0.0715	NUM
ajfa-9610	319	58	-2.3174	-2.3174	PUNCT
ajfa-9610	319	59	0.0211	0.0211	NUM
ajfa-9610	319	60	*	*	PUNCT
ajfa-9610	320	1	*	*	PUNCT
ajfa-9610	320	2	-3	-3	INTJ
ajfa-9610	320	3	0.0618	0.0618	NUM
ajfa-9610	320	4	0.0727	0.0727	NUM
ajfa-9610	320	5	-2.0763	-2.0763	NOUN
ajfa-9610	321	1	0.0387	0.0387	NUM
ajfa-9610	321	2	*	*	PUNCT
ajfa-9610	322	1	*	*	PUNCT
ajfa-9610	322	2	-2	-2	INTJ
ajfa-9610	322	3	0.0634	0.0634	NUM
ajfa-9610	322	4	0.0762	0.0762	NUM
ajfa-9610	322	5	-2.4852	-2.4852	NOUN
ajfa-9610	322	6	0.0134	0.0134	NUM
ajfa-9610	323	1	*	*	PUNCT
ajfa-9610	323	2	*	*	PUNCT
ajfa-9610	323	3	-1	-1	ADP
ajfa-9610	323	4	0.0657	0.0657	NUM
ajfa-9610	323	5	0.0717	0.0717	NUM
ajfa-9610	323	6	-1.8942	-1.8942	NOUN
ajfa-9610	324	1	0.0585	0.0585	NUM
ajfa-9610	324	2	*	*	PUNCT
ajfa-9610	324	3	0	0	NUM
ajfa-9610	324	4	0.0664	0.0664	NUM
ajfa-9610	324	5	0.0730	0.0730	NUM
ajfa-9610	324	6	-1.2636	-1.2636	NOUN
ajfa-9610	324	7	0.2067	0.2067	NUM
ajfa-9610	324	8	1	1	NUM
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ajfa-9610	324	10	0.0758	0.0758	NUM
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ajfa-9610	324	13	*	*	PUNCT
ajfa-9610	324	14	2	2	NUM
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ajfa-9610	324	16	0.0744	0.0744	NUM
ajfa-9610	324	17	-2.0817	-2.0817	NOUN
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ajfa-9610	325	1	*	*	PUNCT
ajfa-9610	325	2	*	*	PUNCT
ajfa-9610	325	3	3	3	NUM
ajfa-9610	325	4	0.0629	0.0629	NUM
ajfa-9610	325	5	0.0687	0.0687	NUM
ajfa-9610	325	6	-1.1963	-1.1963	NOUN
ajfa-9610	325	7	0.2319	0.2319	NUM
ajfa-9610	325	8	rem	rem	NOUN
ajfa-9610	325	9	-4	-4	PUNCT
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ajfa-9610	325	11	0.0536	0.0536	NUM
ajfa-9610	325	12	0.9300	0.9300	NUM
ajfa-9610	325	13	0.3554	0.3554	NUM
ajfa-9610	325	14	-3	-3	SYM
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ajfa-9610	326	1	0.0312	0.0312	NUM
ajfa-9610	327	1	*	*	PUNCT
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ajfa-9610	327	3	-2	-2	INTJ
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ajfa-9610	327	5	-01020	-01020	PROPN
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ajfa-9610	327	8	-1	-1	PROPN
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ajfa-9610	327	13	*	*	SYM
ajfa-9610	327	14	0	0	NUM
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ajfa-9610	327	17	-2.2612	-2.2612	PROPN
ajfa-9610	328	1	0.0240	0.0240	NUM
ajfa-9610	328	2	*	*	PUNCT
ajfa-9610	328	3	*	*	PUNCT
ajfa-9610	328	4	1	1	NUM
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ajfa-9610	328	7	-0.3215	-0.3215	NOUN
ajfa-9610	328	8	0.7479	0.7479	NUM
ajfa-9610	328	9	2	2	NUM
ajfa-9610	328	10	0.0333	0.0333	NUM
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ajfa-9610	328	14	3	3	NUM
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ajfa-9610	329	4	-3	-3	PUNCT
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ajfa-9610	330	2	*	*	PUNCT
ajfa-9610	331	1	-2	-2	INTJ
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ajfa-9610	332	1	1.1251	1.1251	NUM
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ajfa-9610	332	3	-1	-1	ADP
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ajfa-9610	332	6	-0.2267	-0.2267	PUNCT
ajfa-9610	333	1	0.8208	0.8208	NUM
ajfa-9610	333	2	0	0	NUM
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ajfa-9610	333	4	-0.0285	-0.0285	NOUN
ajfa-9610	333	5	-0.7819	-0.7819	NOUN
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ajfa-9610	333	7	1	1	NUM
ajfa-9610	333	8	-0.0175	-0.0175	NOUN
ajfa-9610	333	9	-0.0253	-0.0253	NOUN
ajfa-9610	333	10	-0.0078	-0.0078	NOUN
ajfa-9610	334	1	0.5046	0.5046	NUM
ajfa-9610	334	2	2	2	NUM
ajfa-9610	334	3	-0.0082	-0.0082	NOUN
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ajfa-9610	334	5	1.0347	1.0347	NUM
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ajfa-9610	334	7	3	3	NUM
ajfa-9610	334	8	-0.0069	-0.0069	NOUN
ajfa-9610	334	9	-0.0061	-0.0061	PROPN
ajfa-9610	335	1	0.1161	0.1161	NUM
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ajfa-9610	335	3	aprod	aprod	NOUN
ajfa-9610	335	4	-4	-4	PUNCT
ajfa-9610	335	5	0.0274	0.0274	NUM
ajfa-9610	335	6	0.0353	0.0353	NUM
ajfa-9610	335	7	0.4315	0.4315	NUM
ajfa-9610	335	8	0.6664	0.6664	NUM
ajfa-9610	335	9	-3	-3	PUNCT
ajfa-9610	335	10	0.0168	0.0168	NUM
ajfa-9610	335	11	0.0025	0.0025	NUM
ajfa-9610	335	12	-1.2166	-1.2166	NOUN
ajfa-9610	335	13	0.2245	0.2245	NUM
ajfa-9610	335	14	-2	-2	NOUN
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ajfa-9610	335	17	0.0862	0.0862	NUM
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ajfa-9610	335	19	-1	-1	PUNCT
ajfa-9610	335	20	0.0090	0.0090	NUM
ajfa-9610	335	21	-0.0059	-0.0059	NOUN
ajfa-9610	335	22	-1.4365	-1.4365	VERB
ajfa-9610	335	23	0.1522	0.1522	NUM
ajfa-9610	336	1	*	*	PUNCT
ajfa-9610	336	2	*	*	PUNCT
ajfa-9610	336	3	*	*	PUNCT
ajfa-9610	336	4	0	0	NUM
ajfa-9610	337	1	0.0112	0.0112	NUM
ajfa-9610	337	2	-0.0036	-0.0036	NOUN
ajfa-9610	337	3	-1.2764	-1.2764	NOUN
ajfa-9610	337	4	0.2025	0.2025	NUM
ajfa-9610	338	1	1	1	NUM
ajfa-9610	338	2	0.0360	0.0360	NUM
ajfa-9610	338	3	0.0242	0.0242	NUM
ajfa-9610	338	4	-1.1266	-1.1266	NOUN
ajfa-9610	338	5	0.2603	0.2603	NUM
ajfa-9610	338	6	2	2	NUM
ajfa-9610	338	7	0.0290	0.0290	NUM
ajfa-9610	338	8	0.0224	0.0224	NUM
ajfa-9610	338	9	-0.6906	-0.6906	NOUN
ajfa-9610	338	10	0.4902	0.4902	NUM
ajfa-9610	339	1	3	3	NUM
ajfa-9610	339	2	0.0254	0.0254	NUM
ajfa-9610	339	3	0.0115	0.0115	NUM
ajfa-9610	339	4	-1.6347	-1.6347	NOUN
ajfa-9610	339	5	0.1029	0.1029	PROPN
ajfa-9610	339	6	adisx	adisx	NUM
ajfa-9610	339	7	-4	-4	PROPN
ajfa-9610	339	8	-0.0097	-0.0097	PROPN
ajfa-9610	339	9	-0.0111	-0.0111	PROPN
ajfa-9610	339	10	-0.3626	-0.3626	PUNCT
ajfa-9610	340	1	0.7171	0.7171	NUM
ajfa-9610	340	2	-3	-3	PUNCT
ajfa-9610	340	3	-0.0078	-0.0078	PROPN
ajfa-9610	340	4	-0.0056	-0.0056	X
ajfa-9610	341	1	0.5869	0.5869	NUM
ajfa-9610	341	2	0.5576	0.5576	NUM
ajfa-9610	341	3	-2	-2	NUM
ajfa-9610	341	4	-0.0101	-0.0101	NOUN
ajfa-9610	341	5	-0.0073	-0.0073	PROPN
ajfa-9610	341	6	0.9233	0.9233	NUM
ajfa-9610	341	7	0.3563	0.3563	NUM
ajfa-9610	341	8	-1	-1	X
ajfa-9610	341	9	-0.0077	-0.0077	PUNCT
ajfa-9610	342	1	-0.0050	-0.0050	PROPN
ajfa-9610	343	1	0.9535	0.9535	NUM
ajfa-9610	343	2	0.3407	0.3407	NUM
ajfa-9610	343	3	0	0	NUM
ajfa-9610	343	4	-0.0066	-0.0066	PROPN
ajfa-9610	343	5	0.0023	0.0023	NUM
ajfa-9610	343	6	3.3363	3.3363	NUM
ajfa-9610	343	7	0.0009	0.0009	NUM
ajfa-9610	343	8	*	*	PUNCT
ajfa-9610	343	9	*	*	PUNCT
ajfa-9610	343	10	*	*	SYM
ajfa-9610	343	11	1	1	NUM
ajfa-9610	343	12	-0.0108	-0.0108	NOUN
ajfa-9610	343	13	-0.0053	-0.0053	VERB
ajfa-9610	344	1	2.1155	2.1155	NUM
ajfa-9610	344	2	0.0347	0.0347	PUNCT
ajfa-9610	344	3	*	*	PUNCT
ajfa-9610	344	4	*	*	SYM
ajfa-9610	344	5	2	2	NUM
ajfa-9610	344	6	-0.0119	-0.0119	NOUN
ajfa-9610	344	7	-0.0047	-0.0047	VERB
ajfa-9610	345	1	2.9055	2.9055	NUM
ajfa-9610	345	2	0.0038	0.0038	NUM
ajfa-9610	345	3	*	*	PUNCT
ajfa-9610	345	4	*	*	PUNCT
ajfa-9610	345	5	*	*	SYM
ajfa-9610	345	6	3	3	NUM
ajfa-9610	345	7	-0.0083	-0.0083	NOUN
ajfa-9610	345	8	-0.0066	-0.0066	PROPN
ajfa-9610	345	9	0.6973	0.6973	NUM
ajfa-9610	345	10	0.4858	0.4858	NUM
ajfa-9610	345	11	note	note	NOUN
ajfa-9610	345	12	:	:	PUNCT
ajfa-9610	345	13	1	1	X
ajfa-9610	345	14	.	.	X
ajfa-9610	345	15	total	total	ADJ
ajfa-9610	345	16	sample	sample	NOUN
ajfa-9610	345	17	of	of	ADP
ajfa-9610	345	18	issuing	issue	VERB
ajfa-9610	345	19	corporate	corporate	ADJ
ajfa-9610	345	20	bonds	bond	NOUN
ajfa-9610	345	21	is	be	AUX
ajfa-9610	345	22	562	562	NUM
ajfa-9610	345	23	and	and	CCONJ
ajfa-9610	345	24	total	total	ADJ
ajfa-9610	345	25	sample	sample	NOUN
ajfa-9610	345	26	of	of	ADP
ajfa-9610	345	27	issuing	issue	VERB
ajfa-9610	345	28	seasoned	season	VERB
ajfa-9610	345	29	equity	equity	NOUN
ajfa-9610	345	30	offerings	offering	NOUN
ajfa-9610	345	31	is	be	AUX
ajfa-9610	345	32	238	238	NUM
ajfa-9610	345	33	.	.	NOUN
ajfa-9610	345	34	2	2	NUM
ajfa-9610	345	35	.	.	X
ajfa-9610	345	36	pdem	pdem	NOUN
ajfa-9610	345	37	=	=	NOUN
ajfa-9610	345	38	accruals	accrual	NOUN
ajfa-9610	345	39	-	-	PUNCT
ajfa-9610	345	40	based	base	VERB
ajfa-9610	345	41	earnings	earning	NOUN
ajfa-9610	345	42	management	management	NOUN
ajfa-9610	345	43	,	,	PUNCT
ajfa-9610	345	44	rem	rem	NOUN
ajfa-9610	345	45	=	=	ADJ
ajfa-9610	345	46	real	real	ADJ
ajfa-9610	345	47	earnings	earning	NOUN
ajfa-9610	345	48	management	management	NOUN
ajfa-9610	345	49	;	;	PUNCT
ajfa-9610	345	50	acfo	acfo	ADJ
ajfa-9610	345	51	=	=	SYM
ajfa-9610	345	52	abnormal	abnormal	ADJ
ajfa-9610	345	53	cash	cash	NOUN
ajfa-9610	345	54	flows	flow	NOUN
ajfa-9610	345	55	,	,	PUNCT
ajfa-9610	345	56	aprod	aprod	NOUN
ajfa-9610	345	57	=	=	SYM
ajfa-9610	345	58	abnormal	abnormal	ADJ
ajfa-9610	345	59	production	production	NOUN
ajfa-9610	345	60	costs	cost	NOUN
ajfa-9610	345	61	,	,	PUNCT
ajfa-9610	345	62	adisx	adisx	NOUN
ajfa-9610	345	63	=	=	SYM
ajfa-9610	345	64	abnormal	abnormal	ADJ
ajfa-9610	345	65	discretionary	discretionary	ADJ
ajfa-9610	345	66	expenses	expense	NOUN
ajfa-9610	345	67	.	.	PUNCT
ajfa-9610	346	1	3	3	X
ajfa-9610	346	2	.	.	X
ajfa-9610	346	3	*	*	PUNCT
ajfa-9610	346	4	,	,	PUNCT
ajfa-9610	346	5	*	*	PUNCT
ajfa-9610	346	6	*	*	PUNCT
ajfa-9610	346	7	,	,	PUNCT
ajfa-9610	346	8	*	*	PUNCT
ajfa-9610	346	9	*	*	PUNCT
ajfa-9610	346	10	*	*	PUNCT
ajfa-9610	346	11	are	be	AUX
ajfa-9610	346	12	significant	significant	ADJ
ajfa-9610	346	13	at	at	ADP
ajfa-9610	346	14	the	the	DET
ajfa-9610	346	15	10	10	NUM
ajfa-9610	346	16	,	,	PUNCT
ajfa-9610	346	17	5	5	NUM
ajfa-9610	346	18	,	,	PUNCT
ajfa-9610	346	19	and	and	CCONJ
ajfa-9610	346	20	1	1	NUM
ajfa-9610	346	21	percent	percent	NOUN
ajfa-9610	346	22	levels	level	NOUN
ajfa-9610	346	23	,	,	PUNCT
ajfa-9610	346	24	respectively	respectively	ADV
ajfa-9610	346	25	.	.	PUNCT
ajfa-9610	347	1	asian	asian	ADJ
ajfa-9610	347	2	journal	journal	PROPN
ajfa-9610	347	3	of	of	ADP
ajfa-9610	347	4	finance	finance	PROPN
ajfa-9610	347	5	&	&	CCONJ
ajfa-9610	347	6	accounting	accounting	PROPN
ajfa-9610	347	7	issn	issn	PROPN
ajfa-9610	347	8	1946	1946	NUM
ajfa-9610	347	9	-	-	PUNCT
ajfa-9610	347	10	052x	052x	PROPN
ajfa-9610	347	11	2016	2016	NUM
ajfa-9610	347	12	,	,	PUNCT
ajfa-9610	347	13	vol	vol	NOUN
ajfa-9610	347	14	.	.	PROPN
ajfa-9610	347	15	8	8	NUM
ajfa-9610	347	16	,	,	PUNCT
ajfa-9610	347	17	no	no	INTJ
ajfa-9610	347	18	.	.	NOUN
ajfa-9610	347	19	1	1	NUM
ajfa-9610	347	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9610	347	21	248	248	NUM
ajfa-9610	347	22	4.3	4.3	NUM
ajfa-9610	347	23	internal	internal	ADJ
ajfa-9610	347	24	control	control	NOUN
ajfa-9610	347	25	,	,	PUNCT
ajfa-9610	347	26	audit	audit	NOUN
ajfa-9610	347	27	quality	quality	NOUN
ajfa-9610	347	28	and	and	CCONJ
ajfa-9610	347	29	real	real	ADJ
ajfa-9610	347	30	earnings	earning	NOUN
ajfa-9610	347	31	management	management	NOUN
ajfa-9610	347	32	this	this	DET
ajfa-9610	347	33	paper	paper	NOUN
ajfa-9610	347	34	runs	run	VERB
ajfa-9610	347	35	the	the	DET
ajfa-9610	347	36	two	two	NUM
ajfa-9610	347	37	-	-	PUNCT
ajfa-9610	347	38	stage	stage	NOUN
ajfa-9610	347	39	model	model	NOUN
ajfa-9610	347	40	to	to	PART
ajfa-9610	347	41	control	control	VERB
ajfa-9610	347	42	for	for	ADP
ajfa-9610	347	43	the	the	DET
ajfa-9610	347	44	self	self	NOUN
ajfa-9610	347	45	-	-	PUNCT
ajfa-9610	347	46	selection	selection	NOUN
ajfa-9610	347	47	of	of	ADP
ajfa-9610	347	48	earnings	earning	NOUN
ajfa-9610	347	49	management	management	NOUN
ajfa-9610	347	50	.	.	PUNCT
ajfa-9610	348	1	the	the	DET
ajfa-9610	348	2	first	first	ADJ
ajfa-9610	348	3	stage	stage	NOUN
ajfa-9610	348	4	explains	explain	VERB
ajfa-9610	348	5	whether	whether	SCONJ
ajfa-9610	348	6	financing	financing	NOUN
ajfa-9610	348	7	firms	firm	NOUN
ajfa-9610	348	8	will	will	AUX
ajfa-9610	348	9	adopt	adopt	VERB
ajfa-9610	348	10	earnings	earning	NOUN
ajfa-9610	348	11	management	management	NOUN
ajfa-9610	348	12	,	,	PUNCT
ajfa-9610	348	13	whereas	whereas	SCONJ
ajfa-9610	348	14	the	the	DET
ajfa-9610	348	15	second	second	ADJ
ajfa-9610	348	16	stage	stage	NOUN
ajfa-9610	348	17	examines	examine	VERB
ajfa-9610	348	18	the	the	DET
ajfa-9610	348	19	correlation	correlation	NOUN
ajfa-9610	348	20	between	between	ADP
ajfa-9610	348	21	corporate	corporate	ADJ
ajfa-9610	348	22	governance	governance	NOUN
ajfa-9610	348	23	and	and	CCONJ
ajfa-9610	348	24	real	real	ADJ
ajfa-9610	348	25	earnings	earning	NOUN
ajfa-9610	348	26	management	management	NOUN
ajfa-9610	348	27	.	.	PUNCT
ajfa-9610	349	1	according	accord	VERB
ajfa-9610	349	2	to	to	ADP
ajfa-9610	349	3	the	the	DET
ajfa-9610	349	4	empirical	empirical	ADJ
ajfa-9610	349	5	results	result	NOUN
ajfa-9610	349	6	shown	show	VERB
ajfa-9610	349	7	in	in	ADP
ajfa-9610	349	8	table	table	NOUN
ajfa-9610	349	9	5	5	NUM
ajfa-9610	349	10	,	,	PUNCT
ajfa-9610	349	11	the	the	DET
ajfa-9610	349	12	coefficient	coefficient	NOUN
ajfa-9610	349	13	of	of	ADP
ajfa-9610	349	14	invsmill	invsmill	NOUN
ajfa-9610	349	15	is	be	AUX
ajfa-9610	349	16	significantly	significantly	ADV
ajfa-9610	349	17	positive	positive	ADJ
ajfa-9610	349	18	,	,	PUNCT
ajfa-9610	349	19	which	which	PRON
ajfa-9610	349	20	indicates	indicate	VERB
ajfa-9610	349	21	that	that	SCONJ
ajfa-9610	349	22	financing	financing	NOUN
ajfa-9610	349	23	firms	firm	NOUN
ajfa-9610	349	24	are	be	AUX
ajfa-9610	349	25	engaged	engage	VERB
ajfa-9610	349	26	in	in	ADP
ajfa-9610	349	27	earnings	earning	NOUN
ajfa-9610	349	28	management	management	NOUN
ajfa-9610	349	29	.	.	PUNCT
ajfa-9610	350	1	h2	h2	PROPN
ajfa-9610	350	2	examines	examine	VERB
ajfa-9610	350	3	the	the	DET
ajfa-9610	350	4	effects	effect	NOUN
ajfa-9610	350	5	of	of	ADP
ajfa-9610	350	6	corporate	corporate	ADJ
ajfa-9610	350	7	governance	governance	NOUN
ajfa-9610	350	8	and	and	CCONJ
ajfa-9610	350	9	external	external	ADJ
ajfa-9610	350	10	monitoring	monitoring	NOUN
ajfa-9610	350	11	on	on	ADP
ajfa-9610	350	12	real	real	ADJ
ajfa-9610	350	13	earnings	earning	NOUN
ajfa-9610	350	14	management	management	NOUN
ajfa-9610	350	15	.	.	PUNCT
ajfa-9610	351	1	corporate	corporate	ADJ
ajfa-9610	351	2	governance	governance	NOUN
ajfa-9610	351	3	is	be	AUX
ajfa-9610	351	4	measured	measure	VERB
ajfa-9610	351	5	with	with	ADP
ajfa-9610	351	6	proxy	proxy	ADJ
ajfa-9610	351	7	variables	variable	NOUN
ajfa-9610	351	8	,	,	PUNCT
ajfa-9610	351	9	such	such	ADJ
ajfa-9610	351	10	as	as	ADP
ajfa-9610	351	11	board	board	NOUN
ajfa-9610	351	12	sizes	size	NOUN
ajfa-9610	351	13	(	(	PUNCT
ajfa-9610	351	14	brdsiz	brdsiz	NOUN
ajfa-9610	351	15	)	)	PUNCT
ajfa-9610	351	16	,	,	PUNCT
ajfa-9610	351	17	percentage	percentage	NOUN
ajfa-9610	351	18	of	of	ADP
ajfa-9610	351	19	independent	independent	ADJ
ajfa-9610	351	20	directors	director	NOUN
ajfa-9610	351	21	(	(	PUNCT
ajfa-9610	351	22	indedr	indedr	PROPN
ajfa-9610	351	23	)	)	PUNCT
ajfa-9610	351	24	,	,	PUNCT
ajfa-9610	351	25	shareholdings	shareholding	NOUN
ajfa-9610	351	26	of	of	ADP
ajfa-9610	351	27	managers	manager	NOUN
ajfa-9610	351	28	(	(	PUNCT
ajfa-9610	351	29	mshahd	mshahd	ADJ
ajfa-9610	351	30	)	)	PUNCT
ajfa-9610	351	31	,	,	PUNCT
ajfa-9610	351	32	and	and	CCONJ
ajfa-9610	351	33	shareholdings	shareholding	NOUN
ajfa-9610	351	34	of	of	ADP
ajfa-9610	351	35	institutional	institutional	ADJ
ajfa-9610	351	36	investors	investor	NOUN
ajfa-9610	351	37	(	(	PUNCT
ajfa-9610	351	38	inst	inst	NOUN
ajfa-9610	351	39	)	)	PUNCT
ajfa-9610	351	40	.	.	PUNCT
ajfa-9610	352	1	external	external	ADJ
ajfa-9610	352	2	monitoring	monitoring	NOUN
ajfa-9610	352	3	(	(	PUNCT
ajfa-9610	352	4	that	that	PRON
ajfa-9610	352	5	is	is	ADV
ajfa-9610	352	6	,	,	PUNCT
ajfa-9610	352	7	audit	audit	NOUN
ajfa-9610	352	8	quality	quality	NOUN
ajfa-9610	352	9	)	)	PUNCT
ajfa-9610	352	10	is	be	AUX
ajfa-9610	352	11	measured	measure	VERB
ajfa-9610	352	12	with	with	ADP
ajfa-9610	352	13	proxy	proxy	ADJ
ajfa-9610	352	14	variables	variable	NOUN
ajfa-9610	352	15	,	,	PUNCT
ajfa-9610	352	16	such	such	ADJ
ajfa-9610	352	17	as	as	ADP
ajfa-9610	352	18	big	big	ADJ
ajfa-9610	352	19	4	4	NUM
ajfa-9610	352	20	accounting	accounting	NOUN
ajfa-9610	352	21	firms	firm	NOUN
ajfa-9610	352	22	(	(	PUNCT
ajfa-9610	352	23	big4	big4	PROPN
ajfa-9610	352	24	)	)	PUNCT
ajfa-9610	352	25	,	,	PUNCT
ajfa-9610	352	26	changes	change	NOUN
ajfa-9610	352	27	of	of	ADP
ajfa-9610	352	28	auditors	auditor	NOUN
ajfa-9610	352	29	(	(	PUNCT
ajfa-9610	352	30	cpachg	cpachg	NOUN
ajfa-9610	352	31	)	)	PUNCT
ajfa-9610	352	32	,	,	PUNCT
ajfa-9610	352	33	and	and	CCONJ
ajfa-9610	352	34	auditing	auditing	NOUN
ajfa-9610	352	35	by	by	ADP
ajfa-9610	352	36	industry	industry	NOUN
ajfa-9610	352	37	experts	expert	NOUN
ajfa-9610	352	38	(	(	PUNCT
ajfa-9610	352	39	speaud	speaud	ADV
ajfa-9610	352	40	)	)	PUNCT
ajfa-9610	352	41	.	.	PUNCT
ajfa-9610	353	1	in	in	ADP
ajfa-9610	353	2	addition	addition	NOUN
ajfa-9610	353	3	,	,	PUNCT
ajfa-9610	353	4	we	we	PRON
ajfa-9610	353	5	use	use	VERB
ajfa-9610	353	6	the	the	DET
ajfa-9610	353	7	principal	principal	ADJ
ajfa-9610	353	8	components	component	NOUN
ajfa-9610	353	9	analysis	analysis	NOUN
ajfa-9610	353	10	(	(	PUNCT
ajfa-9610	353	11	pca	pca	NOUN
ajfa-9610	353	12	)	)	PUNCT
ajfa-9610	353	13	to	to	PART
ajfa-9610	353	14	extract	extract	VERB
ajfa-9610	353	15	the	the	DET
ajfa-9610	353	16	first	first	ADJ
ajfa-9610	353	17	principal	principal	ADJ
ajfa-9610	353	18	component	component	NOUN
ajfa-9610	353	19	as	as	ADP
ajfa-9610	353	20	the	the	DET
ajfa-9610	353	21	corporate	corporate	ADJ
ajfa-9610	353	22	governance	governance	NOUN
ajfa-9610	353	23	proxy	proxy	NOUN
ajfa-9610	353	24	variable	variable	NOUN
ajfa-9610	353	25	.	.	PUNCT
ajfa-9610	354	1	this	this	DET
ajfa-9610	354	2	paper	paper	NOUN
ajfa-9610	354	3	explores	explore	VERB
ajfa-9610	354	4	the	the	DET
ajfa-9610	354	5	effects	effect	NOUN
ajfa-9610	354	6	of	of	ADP
ajfa-9610	354	7	corporate	corporate	ADJ
ajfa-9610	354	8	governance	governance	NOUN
ajfa-9610	354	9	and	and	CCONJ
ajfa-9610	354	10	external	external	ADJ
ajfa-9610	354	11	monitoring	monitoring	NOUN
ajfa-9610	354	12	on	on	ADP
ajfa-9610	354	13	real	real	ADJ
ajfa-9610	354	14	earnings	earning	NOUN
ajfa-9610	354	15	management	management	NOUN
ajfa-9610	354	16	of	of	ADP
ajfa-9610	354	17	firms	firm	NOUN
ajfa-9610	354	18	conducting	conduct	VERB
ajfa-9610	354	19	financing	financing	NOUN
ajfa-9610	354	20	activities	activity	NOUN
ajfa-9610	354	21	.	.	PUNCT
ajfa-9610	355	1	all	all	DET
ajfa-9610	355	2	the	the	DET
ajfa-9610	355	3	samples	sample	NOUN
ajfa-9610	355	4	total	total	VERB
ajfa-9610	355	5	5,916	5,916	NUM
ajfa-9610	355	6	firm	firm	ADJ
ajfa-9610	355	7	-	-	PUNCT
ajfa-9610	355	8	years	year	NOUN
ajfa-9610	355	9	,	,	PUNCT
ajfa-9610	355	10	but	but	CCONJ
ajfa-9610	355	11	the	the	DET
ajfa-9610	355	12	number	number	NOUN
ajfa-9610	355	13	of	of	ADP
ajfa-9610	355	14	the	the	DET
ajfa-9610	355	15	samples	sample	NOUN
ajfa-9610	355	16	for	for	ADP
ajfa-9610	355	17	financing	financing	NOUN
ajfa-9610	355	18	firms	firm	NOUN
ajfa-9610	355	19	is	be	AUX
ajfa-9610	355	20	only	only	ADV
ajfa-9610	355	21	739	739	NUM
ajfa-9610	355	22	.	.	PUNCT
ajfa-9610	356	1	panel	panel	NOUN
ajfa-9610	356	2	a	a	DET
ajfa-9610	356	3	of	of	ADP
ajfa-9610	356	4	table	table	NOUN
ajfa-9610	356	5	5	5	NUM
ajfa-9610	356	6	shows	show	VERB
ajfa-9610	356	7	that	that	SCONJ
ajfa-9610	356	8	effective	effective	ADJ
ajfa-9610	356	9	corporate	corporate	ADJ
ajfa-9610	356	10	governance	governance	NOUN
ajfa-9610	356	11	(	(	PUNCT
ajfa-9610	356	12	as	as	SCONJ
ajfa-9610	356	13	presented	present	VERB
ajfa-9610	356	14	by	by	ADP
ajfa-9610	356	15	“	"	PUNCT
ajfa-9610	356	16	indedr	indedr	PROPN
ajfa-9610	356	17	”	"	PUNCT
ajfa-9610	356	18	and	and	CCONJ
ajfa-9610	356	19	“	"	PUNCT
ajfa-9610	356	20	inst	inst	NOUN
ajfa-9610	356	21	”	"	PUNCT
ajfa-9610	356	22	)	)	PUNCT
ajfa-9610	356	23	can	can	AUX
ajfa-9610	356	24	effectively	effectively	ADV
ajfa-9610	356	25	control	control	VERB
ajfa-9610	356	26	the	the	DET
ajfa-9610	356	27	engagement	engagement	NOUN
ajfa-9610	356	28	in	in	ADP
ajfa-9610	356	29	real	real	ADJ
ajfa-9610	356	30	earnings	earning	NOUN
ajfa-9610	356	31	management	management	NOUN
ajfa-9610	356	32	.	.	PUNCT
ajfa-9610	357	1	all	all	DET
ajfa-9610	357	2	the	the	DET
ajfa-9610	357	3	variables	variable	NOUN
ajfa-9610	357	4	concerning	concern	VERB
ajfa-9610	357	5	external	external	ADJ
ajfa-9610	357	6	monitoring	monitoring	NOUN
ajfa-9610	357	7	show	show	VERB
ajfa-9610	357	8	a	a	DET
ajfa-9610	357	9	negative	negative	ADJ
ajfa-9610	357	10	relationship	relationship	NOUN
ajfa-9610	357	11	when	when	SCONJ
ajfa-9610	357	12	financial	financial	ADJ
ajfa-9610	357	13	statements	statement	NOUN
ajfa-9610	357	14	are	be	AUX
ajfa-9610	357	15	audited	audit	VERB
ajfa-9610	357	16	by	by	ADP
ajfa-9610	357	17	big	big	ADJ
ajfa-9610	357	18	4	4	NUM
ajfa-9610	357	19	(	(	PUNCT
ajfa-9610	357	20	big4	big4	PROPN
ajfa-9610	357	21	)	)	PUNCT
ajfa-9610	357	22	and	and	CCONJ
ajfa-9610	357	23	when	when	SCONJ
ajfa-9610	357	24	the	the	DET
ajfa-9610	357	25	companies	company	NOUN
ajfa-9610	357	26	are	be	AUX
ajfa-9610	357	27	audited	audit	VERB
ajfa-9610	357	28	by	by	ADP
ajfa-9610	357	29	industry	industry	NOUN
ajfa-9610	357	30	experts	expert	NOUN
ajfa-9610	357	31	(	(	PUNCT
ajfa-9610	357	32	speaud	speaud	ADV
ajfa-9610	357	33	)	)	PUNCT
ajfa-9610	357	34	.	.	PUNCT
ajfa-9610	358	1	this	this	PRON
ajfa-9610	358	2	suggests	suggest	VERB
ajfa-9610	358	3	that	that	SCONJ
ajfa-9610	358	4	auditing	auditing	NOUN
ajfa-9610	358	5	by	by	ADP
ajfa-9610	358	6	the	the	DET
ajfa-9610	358	7	big	big	ADJ
ajfa-9610	358	8	4	4	NUM
ajfa-9610	358	9	and	and	CCONJ
ajfa-9610	358	10	industry	industry	NOUN
ajfa-9610	358	11	experts	expert	NOUN
ajfa-9610	358	12	may	may	AUX
ajfa-9610	358	13	control	control	VERB
ajfa-9610	358	14	engagement	engagement	NOUN
ajfa-9610	358	15	in	in	ADP
ajfa-9610	358	16	real	real	ADJ
ajfa-9610	358	17	earnings	earning	NOUN
ajfa-9610	358	18	management	management	NOUN
ajfa-9610	358	19	.	.	PUNCT
ajfa-9610	359	1	conversely	conversely	ADV
ajfa-9610	359	2	,	,	PUNCT
ajfa-9610	359	3	the	the	DET
ajfa-9610	359	4	results	result	NOUN
ajfa-9610	359	5	of	of	ADP
ajfa-9610	359	6	whether	whether	SCONJ
ajfa-9610	359	7	accountants	accountant	NOUN
ajfa-9610	359	8	have	have	AUX
ajfa-9610	359	9	been	be	AUX
ajfa-9610	359	10	changed	change	VERB
ajfa-9610	359	11	(	(	PUNCT
ajfa-9610	359	12	cpachg	cpachg	NOUN
ajfa-9610	359	13	)	)	PUNCT
ajfa-9610	359	14	is	be	AUX
ajfa-9610	359	15	not	not	PART
ajfa-9610	359	16	statistically	statistically	ADV
ajfa-9610	359	17	significant	significant	ADJ
ajfa-9610	359	18	.	.	PUNCT
ajfa-9610	360	1	if	if	SCONJ
ajfa-9610	360	2	we	we	PRON
ajfa-9610	360	3	compare	compare	VERB
ajfa-9610	360	4	full	full	ADJ
ajfa-9610	360	5	sample	sample	NOUN
ajfa-9610	360	6	to	to	ADP
ajfa-9610	360	7	subsample	subsample	NOUN
ajfa-9610	360	8	with	with	ADP
ajfa-9610	360	9	financing	financing	NOUN
ajfa-9610	360	10	,	,	PUNCT
ajfa-9610	360	11	we	we	PRON
ajfa-9610	360	12	find	find	VERB
ajfa-9610	360	13	the	the	DET
ajfa-9610	360	14	effect	effect	NOUN
ajfa-9610	360	15	that	that	SCONJ
ajfa-9610	360	16	corporate	corporate	ADJ
ajfa-9610	360	17	governance	governance	NOUN
ajfa-9610	360	18	restrain	restrain	VERB
ajfa-9610	360	19	real	real	ADJ
ajfa-9610	360	20	earnings	earning	NOUN
ajfa-9610	360	21	management	management	NOUN
ajfa-9610	360	22	declines	decline	VERB
ajfa-9610	360	23	only	only	ADV
ajfa-9610	360	24	when	when	SCONJ
ajfa-9610	360	25	firms	firm	NOUN
ajfa-9610	360	26	’	'	PUNCT
ajfa-9610	360	27	share	share	NOUN
ajfa-9610	360	28	hold	hold	NOUN
ajfa-9610	360	29	by	by	ADP
ajfa-9610	360	30	institutional	institutional	ADJ
ajfa-9610	360	31	investors	investor	NOUN
ajfa-9610	360	32	(	(	PUNCT
ajfa-9610	360	33	inst	inst	NOUN
ajfa-9610	360	34	)	)	PUNCT
ajfa-9610	360	35	and	and	CCONJ
ajfa-9610	360	36	when	when	SCONJ
ajfa-9610	360	37	the	the	DET
ajfa-9610	360	38	companies	company	NOUN
ajfa-9610	360	39	are	be	AUX
ajfa-9610	360	40	audited	audit	VERB
ajfa-9610	360	41	by	by	ADP
ajfa-9610	360	42	industry	industry	NOUN
ajfa-9610	360	43	experts	expert	NOUN
ajfa-9610	360	44	(	(	PUNCT
ajfa-9610	360	45	speaud	speaud	ADV
ajfa-9610	360	46	)	)	PUNCT
ajfa-9610	360	47	with	with	ADP
ajfa-9610	360	48	both	both	CCONJ
ajfa-9610	360	49	seos	seo	NOUN
ajfa-9610	360	50	and	and	CCONJ
ajfa-9610	360	51	bond	bond	NOUN
ajfa-9610	360	52	issuing	issue	VERB
ajfa-9610	360	53	firms	firm	NOUN
ajfa-9610	360	54	taken	take	VERB
ajfa-9610	360	55	into	into	ADP
ajfa-9610	360	56	consideration	consideration	NOUN
ajfa-9610	360	57	.	.	PUNCT
ajfa-9610	361	1	these	these	DET
ajfa-9610	361	2	findings	finding	NOUN
ajfa-9610	361	3	reveal	reveal	VERB
ajfa-9610	361	4	that	that	SCONJ
ajfa-9610	361	5	when	when	SCONJ
ajfa-9610	361	6	managers	manager	NOUN
ajfa-9610	361	7	suffer	suffer	VERB
ajfa-9610	361	8	capital	capital	NOUN
ajfa-9610	361	9	needs	need	NOUN
ajfa-9610	361	10	,	,	PUNCT
ajfa-9610	361	11	they	they	PRON
ajfa-9610	361	12	are	be	AUX
ajfa-9610	361	13	more	more	ADV
ajfa-9610	361	14	likely	likely	ADJ
ajfa-9610	361	15	to	to	PART
ajfa-9610	361	16	manipulate	manipulate	VERB
ajfa-9610	361	17	real	real	ADJ
ajfa-9610	361	18	earnings	earning	NOUN
ajfa-9610	361	19	management	management	NOUN
ajfa-9610	361	20	,	,	PUNCT
ajfa-9610	361	21	although	although	SCONJ
ajfa-9610	361	22	it	it	PRON
ajfa-9610	361	23	might	might	AUX
ajfa-9610	361	24	cause	cause	VERB
ajfa-9610	361	25	severe	severe	ADJ
ajfa-9610	361	26	economic	economic	ADJ
ajfa-9610	361	27	consequences	consequence	NOUN
ajfa-9610	361	28	in	in	ADP
ajfa-9610	361	29	later	later	ADJ
ajfa-9610	361	30	periods	period	NOUN
ajfa-9610	361	31	.	.	PUNCT
ajfa-9610	362	1	also	also	ADV
ajfa-9610	362	2	,	,	PUNCT
ajfa-9610	362	3	they	they	PRON
ajfa-9610	362	4	are	be	AUX
ajfa-9610	362	5	less	less	ADV
ajfa-9610	362	6	likely	likely	ADJ
ajfa-9610	362	7	to	to	PART
ajfa-9610	362	8	restrain	restrain	VERB
ajfa-9610	362	9	real	real	ADJ
ajfa-9610	362	10	earnings	earning	NOUN
ajfa-9610	362	11	management	management	NOUN
ajfa-9610	362	12	from	from	ADP
ajfa-9610	362	13	corporate	corporate	ADJ
ajfa-9610	362	14	governance	governance	NOUN
ajfa-9610	362	15	at	at	ADP
ajfa-9610	362	16	the	the	DET
ajfa-9610	362	17	same	same	ADJ
ajfa-9610	362	18	time	time	NOUN
ajfa-9610	362	19	.	.	PUNCT
ajfa-9610	363	1	however	however	ADV
ajfa-9610	363	2	,	,	PUNCT
ajfa-9610	363	3	regardless	regardless	ADV
ajfa-9610	363	4	of	of	ADP
ajfa-9610	363	5	full	full	ADJ
ajfa-9610	363	6	sample	sample	NOUN
ajfa-9610	363	7	or	or	CCONJ
ajfa-9610	363	8	financing	financing	NOUN
ajfa-9610	363	9	subsample	subsample	NOUN
ajfa-9610	363	10	,	,	PUNCT
ajfa-9610	363	11	the	the	DET
ajfa-9610	363	12	composite	composite	ADJ
ajfa-9610	363	13	corporate	corporate	ADJ
ajfa-9610	363	14	governance	governance	NOUN
ajfa-9610	363	15	index	index	NOUN
ajfa-9610	363	16	gi	gi	NOUN
ajfa-9610	363	17	is	be	AUX
ajfa-9610	363	18	negatively	negatively	ADV
ajfa-9610	363	19	related	relate	VERB
ajfa-9610	363	20	to	to	ADP
ajfa-9610	363	21	rem	rem	VERB
ajfa-9610	363	22	,	,	PUNCT
ajfa-9610	363	23	implying	imply	VERB
ajfa-9610	363	24	that	that	SCONJ
ajfa-9610	363	25	firms	firm	NOUN
ajfa-9610	363	26	with	with	ADP
ajfa-9610	363	27	poor	poor	ADJ
ajfa-9610	363	28	corporate	corporate	ADJ
ajfa-9610	363	29	governance	governance	NOUN
ajfa-9610	363	30	are	be	AUX
ajfa-9610	363	31	more	more	ADV
ajfa-9610	363	32	likely	likely	ADV
ajfa-9610	363	33	engaged	engage	VERB
ajfa-9610	363	34	in	in	ADP
ajfa-9610	363	35	real	real	ADJ
ajfa-9610	363	36	earnings	earning	NOUN
ajfa-9610	363	37	management	management	NOUN
ajfa-9610	363	38	.	.	PUNCT
ajfa-9610	364	1	this	this	DET
ajfa-9610	364	2	paper	paper	NOUN
ajfa-9610	364	3	further	far	ADV
ajfa-9610	364	4	reclassifies	reclassify	VERB
ajfa-9610	364	5	real	real	ADJ
ajfa-9610	364	6	earnings	earning	NOUN
ajfa-9610	364	7	management	management	NOUN
ajfa-9610	364	8	into	into	ADP
ajfa-9610	364	9	three	three	NUM
ajfa-9610	364	10	components	component	NOUN
ajfa-9610	364	11	,	,	PUNCT
ajfa-9610	364	12	namely	namely	ADV
ajfa-9610	364	13	,	,	PUNCT
ajfa-9610	364	14	abnormal	abnormal	ADJ
ajfa-9610	364	15	operating	operate	VERB
ajfa-9610	364	16	cash	cash	NOUN
ajfa-9610	364	17	flows	flow	NOUN
ajfa-9610	364	18	(	(	PUNCT
ajfa-9610	364	19	acfo	acfo	ADJ
ajfa-9610	364	20	)	)	PUNCT
ajfa-9610	364	21	,	,	PUNCT
ajfa-9610	364	22	abnormal	abnormal	ADJ
ajfa-9610	364	23	production	production	NOUN
ajfa-9610	364	24	costs	cost	NOUN
ajfa-9610	364	25	(	(	PUNCT
ajfa-9610	364	26	aprod	aprod	NOUN
ajfa-9610	364	27	)	)	PUNCT
ajfa-9610	364	28	,	,	PUNCT
ajfa-9610	364	29	and	and	CCONJ
ajfa-9610	364	30	abnormal	abnormal	ADJ
ajfa-9610	364	31	discretionary	discretionary	ADJ
ajfa-9610	364	32	expenses	expense	NOUN
ajfa-9610	364	33	(	(	PUNCT
ajfa-9610	364	34	adisx	adisx	NOUN
ajfa-9610	364	35	)	)	PUNCT
ajfa-9610	364	36	(	(	PUNCT
ajfa-9610	364	37	the	the	DET
ajfa-9610	364	38	sign	sign	NOUN
ajfa-9610	364	39	direction	direction	NOUN
ajfa-9610	364	40	of	of	ADP
ajfa-9610	364	41	acfo	acfo	NOUN
ajfa-9610	364	42	and	and	CCONJ
ajfa-9610	364	43	adisx	adisx	NOUN
ajfa-9610	364	44	are	be	AUX
ajfa-9610	364	45	different	different	ADJ
ajfa-9610	364	46	from	from	ADP
ajfa-9610	364	47	aprod	aprod	NOUN
ajfa-9610	364	48	)	)	PUNCT
ajfa-9610	364	49	,	,	PUNCT
ajfa-9610	364	50	to	to	PART
ajfa-9610	364	51	investigate	investigate	VERB
ajfa-9610	364	52	the	the	DET
ajfa-9610	364	53	relationships	relationship	NOUN
ajfa-9610	364	54	among	among	ADP
ajfa-9610	364	55	these	these	DET
ajfa-9610	364	56	components	component	NOUN
ajfa-9610	364	57	and	and	CCONJ
ajfa-9610	364	58	corporate	corporate	ADJ
ajfa-9610	364	59	governance	governance	NOUN
ajfa-9610	364	60	factors	factor	NOUN
ajfa-9610	364	61	.	.	PUNCT
ajfa-9610	365	1	the	the	DET
ajfa-9610	365	2	findings	finding	NOUN
ajfa-9610	365	3	show	show	VERB
ajfa-9610	365	4	that	that	SCONJ
ajfa-9610	365	5	ratio	ratio	NOUN
ajfa-9610	365	6	of	of	ADP
ajfa-9610	365	7	independent	independent	ADJ
ajfa-9610	365	8	directors	director	NOUN
ajfa-9610	365	9	(	(	PUNCT
ajfa-9610	365	10	indedr	indedr	PROPN
ajfa-9610	365	11	)	)	PUNCT
ajfa-9610	365	12	,	,	PUNCT
ajfa-9610	365	13	shareholdings	shareholding	NOUN
ajfa-9610	365	14	of	of	ADP
ajfa-9610	365	15	institutional	institutional	ADJ
ajfa-9610	365	16	investors	investor	NOUN
ajfa-9610	365	17	(	(	PUNCT
ajfa-9610	365	18	inst	inst	NOUN
ajfa-9610	365	19	)	)	PUNCT
ajfa-9610	365	20	,	,	PUNCT
ajfa-9610	365	21	and	and	CCONJ
ajfa-9610	365	22	big4	big4	PROPN
ajfa-9610	365	23	can	can	AUX
ajfa-9610	365	24	restrain	restrain	VERB
ajfa-9610	365	25	three	three	NUM
ajfa-9610	365	26	components	component	NOUN
ajfa-9610	365	27	of	of	ADP
ajfa-9610	365	28	real	real	ADJ
ajfa-9610	365	29	earnings	earning	NOUN
ajfa-9610	365	30	asian	asian	ADJ
ajfa-9610	365	31	journal	journal	NOUN
ajfa-9610	365	32	of	of	ADP
ajfa-9610	365	33	finance	finance	PROPN
ajfa-9610	365	34	&	&	CCONJ
ajfa-9610	365	35	accounting	accounting	PROPN
ajfa-9610	365	36	issn	issn	PROPN
ajfa-9610	365	37	1946	1946	NUM
ajfa-9610	365	38	-	-	PUNCT
ajfa-9610	365	39	052x	052x	PROPN
ajfa-9610	365	40	2016	2016	NUM
ajfa-9610	365	41	,	,	PUNCT
ajfa-9610	365	42	vol	vol	NOUN
ajfa-9610	365	43	.	.	PROPN
ajfa-9610	365	44	8	8	NUM
ajfa-9610	365	45	,	,	PUNCT
ajfa-9610	365	46	no	no	INTJ
ajfa-9610	365	47	.	.	NOUN
ajfa-9610	365	48	1	1	NUM
ajfa-9610	365	49	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9610	365	50	249	249	NUM
ajfa-9610	365	51	management	management	NOUN
ajfa-9610	365	52	in	in	ADP
ajfa-9610	365	53	the	the	DET
ajfa-9610	365	54	full	full	ADJ
ajfa-9610	365	55	sample	sample	NOUN
ajfa-9610	365	56	.	.	PUNCT
ajfa-9610	366	1	we	we	PRON
ajfa-9610	366	2	also	also	ADV
ajfa-9610	366	3	find	find	VERB
ajfa-9610	366	4	that	that	SCONJ
ajfa-9610	366	5	the	the	DET
ajfa-9610	366	6	variables	variable	NOUN
ajfa-9610	366	7	of	of	ADP
ajfa-9610	366	8	suppressing	suppress	VERB
ajfa-9610	366	9	real	real	ADJ
ajfa-9610	366	10	earnings	earning	NOUN
ajfa-9610	366	11	management	management	NOUN
ajfa-9610	366	12	decline	decline	NOUN
ajfa-9610	366	13	in	in	ADP
ajfa-9610	366	14	financing	financing	NOUN
ajfa-9610	366	15	sample	sample	NOUN
ajfa-9610	366	16	.	.	PUNCT
ajfa-9610	367	1	results	result	NOUN
ajfa-9610	367	2	on	on	ADP
ajfa-9610	367	3	panel	panel	NOUN
ajfa-9610	367	4	b	b	PROPN
ajfa-9610	367	5	in	in	ADP
ajfa-9610	367	6	the	the	DET
ajfa-9610	367	7	subsample	subsample	NOUN
ajfa-9610	367	8	of	of	ADP
ajfa-9610	367	9	financing	financing	NOUN
ajfa-9610	367	10	,	,	PUNCT
ajfa-9610	367	11	board	board	NOUN
ajfa-9610	367	12	size	size	NOUN
ajfa-9610	367	13	(	(	PUNCT
ajfa-9610	367	14	brdsiz	brdsiz	PROPN
ajfa-9610	367	15	)	)	PUNCT
ajfa-9610	367	16	,	,	PUNCT
ajfa-9610	367	17	shareholdings	shareholding	NOUN
ajfa-9610	367	18	of	of	ADP
ajfa-9610	367	19	institutional	institutional	ADJ
ajfa-9610	367	20	investors	investor	NOUN
ajfa-9610	367	21	(	(	PUNCT
ajfa-9610	367	22	inst	inst	NOUN
ajfa-9610	367	23	)	)	PUNCT
ajfa-9610	367	24	,	,	PUNCT
ajfa-9610	367	25	and	and	CCONJ
ajfa-9610	367	26	big4	big4	PROPN
ajfa-9610	367	27	can	can	AUX
ajfa-9610	367	28	suppress	suppress	VERB
ajfa-9610	367	29	abnormal	abnormal	ADJ
ajfa-9610	367	30	operating	operate	VERB
ajfa-9610	367	31	cash	cash	NOUN
ajfa-9610	367	32	flows	flow	NOUN
ajfa-9610	367	33	(	(	PUNCT
ajfa-9610	367	34	acfo	acfo	ADJ
ajfa-9610	367	35	)	)	PUNCT
ajfa-9610	367	36	,	,	PUNCT
ajfa-9610	367	37	but	but	CCONJ
ajfa-9610	367	38	the	the	DET
ajfa-9610	367	39	ratio	ratio	NOUN
ajfa-9610	367	40	of	of	ADP
ajfa-9610	367	41	independent	independent	ADJ
ajfa-9610	367	42	directors	director	NOUN
ajfa-9610	367	43	(	(	PUNCT
ajfa-9610	367	44	indedr	indedr	PROPN
ajfa-9610	367	45	)	)	PUNCT
ajfa-9610	367	46	ca	can	AUX
ajfa-9610	367	47	n’t	not	PART
ajfa-9610	367	48	,	,	PUNCT
ajfa-9610	367	49	compared	compare	VERB
ajfa-9610	367	50	to	to	ADP
ajfa-9610	367	51	full	full	ADJ
ajfa-9610	367	52	sample	sample	NOUN
ajfa-9610	367	53	.	.	PUNCT
ajfa-9610	368	1	results	result	NOUN
ajfa-9610	368	2	on	on	ADP
ajfa-9610	368	3	panel	panel	NOUN
ajfa-9610	368	4	c	c	NOUN
ajfa-9610	368	5	,	,	PUNCT
ajfa-9610	368	6	shareholdings	shareholding	NOUN
ajfa-9610	368	7	of	of	ADP
ajfa-9610	368	8	institutional	institutional	ADJ
ajfa-9610	368	9	investors	investor	NOUN
ajfa-9610	368	10	(	(	PUNCT
ajfa-9610	368	11	inst	inst	NOUN
ajfa-9610	368	12	)	)	PUNCT
ajfa-9610	368	13	and	and	CCONJ
ajfa-9610	368	14	audit	audit	NOUN
ajfa-9610	368	15	by	by	ADP
ajfa-9610	368	16	industry	industry	NOUN
ajfa-9610	368	17	specialist	specialist	NOUN
ajfa-9610	368	18	(	(	PUNCT
ajfa-9610	368	19	speaud	speaud	ADV
ajfa-9610	368	20	)	)	PUNCT
ajfa-9610	368	21	can	can	AUX
ajfa-9610	368	22	suppress	suppress	VERB
ajfa-9610	368	23	abnormal	abnormal	ADJ
ajfa-9610	368	24	production	production	NOUN
ajfa-9610	368	25	costs	cost	NOUN
ajfa-9610	368	26	(	(	PUNCT
ajfa-9610	368	27	aprod	aprod	NOUN
ajfa-9610	368	28	)	)	PUNCT
ajfa-9610	368	29	in	in	ADP
ajfa-9610	368	30	the	the	DET
ajfa-9610	368	31	financing	financing	NOUN
ajfa-9610	368	32	sample	sample	NOUN
ajfa-9610	368	33	,	,	PUNCT
ajfa-9610	368	34	but	but	CCONJ
ajfa-9610	368	35	the	the	DET
ajfa-9610	368	36	ratio	ratio	NOUN
ajfa-9610	368	37	of	of	ADP
ajfa-9610	368	38	independent	independent	ADJ
ajfa-9610	368	39	directors	director	NOUN
ajfa-9610	368	40	(	(	PUNCT
ajfa-9610	368	41	indedr	indedr	PROPN
ajfa-9610	368	42	)	)	PUNCT
ajfa-9610	368	43	ca	can	AUX
ajfa-9610	368	44	n’t	not	PART
ajfa-9610	368	45	,	,	PUNCT
ajfa-9610	368	46	compared	compare	VERB
ajfa-9610	368	47	to	to	ADP
ajfa-9610	368	48	full	full	ADJ
ajfa-9610	368	49	sample	sample	NOUN
ajfa-9610	368	50	.	.	PUNCT
ajfa-9610	369	1	results	result	NOUN
ajfa-9610	369	2	on	on	ADP
ajfa-9610	369	3	panel	panel	NOUN
ajfa-9610	369	4	d	d	PROPN
ajfa-9610	369	5	in	in	ADP
ajfa-9610	369	6	the	the	DET
ajfa-9610	369	7	subsample	subsample	NOUN
ajfa-9610	369	8	of	of	ADP
ajfa-9610	369	9	financing	financing	NOUN
ajfa-9610	369	10	,	,	PUNCT
ajfa-9610	369	11	all	all	DET
ajfa-9610	369	12	variables	variable	NOUN
ajfa-9610	369	13	of	of	ADP
ajfa-9610	369	14	corporate	corporate	ADJ
ajfa-9610	369	15	governance	governance	NOUN
ajfa-9610	369	16	factor	factor	NOUN
ajfa-9610	369	17	and	and	CCONJ
ajfa-9610	369	18	audit	audit	NOUN
ajfa-9610	369	19	quality	quality	NOUN
ajfa-9610	369	20	are	be	AUX
ajfa-9610	369	21	unrelated	unrelated	ADJ
ajfa-9610	369	22	to	to	ADP
ajfa-9610	369	23	abnormal	abnormal	ADJ
ajfa-9610	369	24	discretionary	discretionary	ADJ
ajfa-9610	369	25	expenses	expense	NOUN
ajfa-9610	369	26	(	(	PUNCT
ajfa-9610	369	27	adisx	adisx	NOUN
ajfa-9610	369	28	)	)	PUNCT
ajfa-9610	369	29	.	.	PUNCT
ajfa-9610	370	1	on	on	ADP
ajfa-9610	370	2	the	the	DET
ajfa-9610	370	3	other	other	ADJ
ajfa-9610	370	4	hand	hand	NOUN
ajfa-9610	370	5	,	,	PUNCT
ajfa-9610	370	6	the	the	DET
ajfa-9610	370	7	composite	composite	ADJ
ajfa-9610	370	8	corporate	corporate	ADJ
ajfa-9610	370	9	governance	governance	NOUN
ajfa-9610	370	10	index	index	NOUN
ajfa-9610	370	11	gi	gi	NOUN
ajfa-9610	370	12	is	be	AUX
ajfa-9610	370	13	significantly	significantly	ADV
ajfa-9610	370	14	negatively	negatively	ADV
ajfa-9610	370	15	related	relate	VERB
ajfa-9610	370	16	to	to	ADP
ajfa-9610	370	17	aprod	aprod	VERB
ajfa-9610	370	18	,	,	PUNCT
ajfa-9610	370	19	but	but	CCONJ
ajfa-9610	370	20	is	be	AUX
ajfa-9610	370	21	unrelated	unrelated	ADJ
ajfa-9610	370	22	to	to	PART
ajfa-9610	370	23	acfo	acfo	VERB
ajfa-9610	370	24	and	and	CCONJ
ajfa-9610	370	25	adisx	adisx	NOUN
ajfa-9610	370	26	in	in	ADP
ajfa-9610	370	27	financing	finance	VERB
ajfa-9610	370	28	subsample	subsample	NOUN
ajfa-9610	370	29	.	.	PUNCT
ajfa-9610	371	1	however	however	ADV
ajfa-9610	371	2	,	,	PUNCT
ajfa-9610	371	3	gi	gi	X
ajfa-9610	371	4	is	be	AUX
ajfa-9610	371	5	significantly	significantly	ADV
ajfa-9610	371	6	related	relate	VERB
ajfa-9610	371	7	to	to	ADP
ajfa-9610	371	8	all	all	DET
ajfa-9610	371	9	three	three	NUM
ajfa-9610	371	10	components	component	NOUN
ajfa-9610	371	11	of	of	ADP
ajfa-9610	371	12	real	real	ADJ
ajfa-9610	371	13	earnings	earning	NOUN
ajfa-9610	371	14	management	management	NOUN
ajfa-9610	371	15	in	in	ADP
ajfa-9610	371	16	full	full	ADJ
ajfa-9610	371	17	sample	sample	NOUN
ajfa-9610	371	18	.	.	PUNCT
ajfa-9610	372	1	it	it	PRON
ajfa-9610	372	2	reveals	reveal	VERB
ajfa-9610	372	3	that	that	SCONJ
ajfa-9610	372	4	corporate	corporate	ADJ
ajfa-9610	372	5	governance	governance	NOUN
ajfa-9610	372	6	of	of	ADP
ajfa-9610	372	7	firms	firm	NOUN
ajfa-9610	372	8	can	can	AUX
ajfa-9610	372	9	restrain	restrain	VERB
ajfa-9610	372	10	real	real	ADJ
ajfa-9610	372	11	earnings	earning	NOUN
ajfa-9610	372	12	management	management	NOUN
ajfa-9610	372	13	,	,	PUNCT
ajfa-9610	372	14	but	but	CCONJ
ajfa-9610	372	15	the	the	DET
ajfa-9610	372	16	effect	effect	NOUN
ajfa-9610	372	17	decline	decline	VERB
ajfa-9610	372	18	when	when	SCONJ
ajfa-9610	372	19	firms	firm	NOUN
ajfa-9610	372	20	engaged	engage	VERB
ajfa-9610	372	21	in	in	ADP
ajfa-9610	372	22	financing	financing	NOUN
ajfa-9610	372	23	activities	activity	NOUN
ajfa-9610	372	24	.	.	PUNCT
ajfa-9610	373	1	meanwhile	meanwhile	ADV
ajfa-9610	373	2	,	,	PUNCT
ajfa-9610	373	3	corporate	corporate	ADJ
ajfa-9610	373	4	governance	governance	NOUN
ajfa-9610	373	5	can	can	AUX
ajfa-9610	373	6	not	not	PART
ajfa-9610	373	7	effectively	effectively	ADV
ajfa-9610	373	8	control	control	VERB
ajfa-9610	373	9	financing	financing	NOUN
ajfa-9610	373	10	firms	firm	NOUN
ajfa-9610	373	11	to	to	PART
ajfa-9610	373	12	manipulate	manipulate	VERB
ajfa-9610	373	13	real	real	ADJ
ajfa-9610	373	14	earnings	earning	NOUN
ajfa-9610	373	15	through	through	ADP
ajfa-9610	373	16	abnormal	abnormal	ADJ
ajfa-9610	373	17	discretionary	discretionary	ADJ
ajfa-9610	373	18	expenses	expense	NOUN
ajfa-9610	373	19	.	.	PUNCT
ajfa-9610	374	1	table	table	NOUN
ajfa-9610	374	2	5	5	NUM
ajfa-9610	374	3	.	.	PUNCT
ajfa-9610	374	4	internal	internal	ADJ
ajfa-9610	374	5	control	control	NOUN
ajfa-9610	374	6	,	,	PUNCT
ajfa-9610	374	7	audit	audit	NOUN
ajfa-9610	374	8	quality	quality	NOUN
ajfa-9610	374	9	and	and	CCONJ
ajfa-9610	374	10	real	real	ADJ
ajfa-9610	374	11	earnings	earning	NOUN
ajfa-9610	374	12	management	management	NOUN
ajfa-9610	374	13	ititititititit	ititititititit	NOUN
ajfa-9610	374	14	indusmbsizeroabetafinanttem	indusmbsizeroabetafinanttem	VERB
ajfa-9610	374	15	εαααααα	εαααααα	NOUN
ajfa-9610	374	16	+	+	PROPN
ajfa-9610	375	1	+	+	ADJ
ajfa-9610	375	2	+	+	ADJ
ajfa-9610	375	3	+	+	ADJ
ajfa-9610	375	4	+	+	ADJ
ajfa-9610	375	5	+	+	ADJ
ajfa-9610	375	6	+	+	NOUN
ajfa-9610	375	7	=	=	NOUN
ajfa-9610	375	8	543210	543210	NUM
ajfa-9610	375	9	3	3	NUM
ajfa-9610	375	10	_	_	NOUN
ajfa-9610	375	11	itititit	itititit	NOUN
ajfa-9610	375	12	itititititit	itititititit	NOUN
ajfa-9610	375	13	invsmillspeaudcpachg	invsmillspeaudcpachg	PROPN
ajfa-9610	375	14	biginstmshahdindedrbrdsizerem	biginstmshahdindedrbrdsizerem	VERB
ajfa-9610	375	15	εβββ	εβββ	PROPN
ajfa-9610	375	16	ββββββ	ββββββ	VERB
ajfa-9610	376	1	+	+	PROPN
ajfa-9610	377	1	+	+	ADJ
ajfa-9610	377	2	+	+	ADJ
ajfa-9610	377	3	+	+	ADJ
ajfa-9610	377	4	+	+	ADJ
ajfa-9610	377	5	+	+	ADJ
ajfa-9610	377	6	+	+	ADJ
ajfa-9610	377	7	+	+	NOUN
ajfa-9610	377	8	=	=	X
ajfa-9610	377	9	+	+	NUM
ajfa-9610	377	10	876	876	NUM
ajfa-9610	377	11	543210	543210	NUM
ajfa-9610	377	12	4	4	NUM
ajfa-9610	377	13	ititit	ititit	NOUN
ajfa-9610	377	14	invsmillgirem	invsmillgirem	VERB
ajfa-9610	377	15	εβββ	εβββ	ADJ
ajfa-9610	377	16	+	+	PROPN
ajfa-9610	377	17	+	+	ADJ
ajfa-9610	377	18	+	+	ADJ
ajfa-9610	377	19	=	=	SYM
ajfa-9610	377	20	210	210	NUM
ajfa-9610	377	21	panel	panel	NOUN
ajfa-9610	377	22	a	a	DET
ajfa-9610	377	23	dependent	dependent	ADJ
ajfa-9610	377	24	variable	variable	NOUN
ajfa-9610	377	25	=	=	SYM
ajfa-9610	377	26	rem	rem	VERB
ajfa-9610	377	27	variable	variable	ADJ
ajfa-9610	377	28	expected	expect	VERB
ajfa-9610	377	29	sign	sign	NOUN
ajfa-9610	377	30	all	all	DET
ajfa-9610	377	31	sample	sample	NOUN
ajfa-9610	377	32	financing	financing	NOUN
ajfa-9610	377	33	sample	sample	NOUN
ajfa-9610	377	34	coef	coef	PROPN
ajfa-9610	377	35	.	.	PUNCT
ajfa-9610	378	1	t	t	PROPN
ajfa-9610	378	2	value	value	PROPN
ajfa-9610	378	3	coef	coef	PROPN
ajfa-9610	378	4	.	.	PUNCT
ajfa-9610	379	1	t	t	PROPN
ajfa-9610	379	2	value	value	PROPN
ajfa-9610	379	3	coef	coef	PROPN
ajfa-9610	379	4	.	.	PUNCT
ajfa-9610	380	1	t	t	PROPN
ajfa-9610	380	2	value	value	PROPN
ajfa-9610	380	3	coef	coef	PROPN
ajfa-9610	380	4	.	.	PUNCT
ajfa-9610	381	1	t	t	PROPN
ajfa-9610	381	2	value	value	NOUN
ajfa-9610	381	3	intercept	intercept	NOUN
ajfa-9610	381	4	?	?	PUNCT
ajfa-9610	382	1	0.0019	0.0019	NUM
ajfa-9610	382	2	0.6856	0.6856	NUM
ajfa-9610	382	3	0.1115	0.1115	NUM
ajfa-9610	382	4	*	*	PUNCT
ajfa-9610	382	5	*	*	PUNCT
ajfa-9610	382	6	*	*	X
ajfa-9610	383	1	8.2300	8.2300	NUM
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ajfa-9610	383	3	*	*	PUNCT
ajfa-9610	383	4	*	*	PUNCT
ajfa-9610	383	5	*	*	PUNCT
ajfa-9610	383	6	3.9601	3.9601	NUM
ajfa-9610	383	7	0.1241	0.1241	NUM
ajfa-9610	383	8	*	*	PUNCT
ajfa-9610	383	9	*	*	PUNCT
ajfa-9610	383	10	*	*	X
ajfa-9610	383	11	2.8067	2.8067	NUM
ajfa-9610	383	12	gi	gi	NOUN
ajfa-9610	383	13	-0.0014	-0.0014	NOUN
ajfa-9610	383	14	*	*	PUNCT
ajfa-9610	383	15	*	*	PUNCT
ajfa-9610	383	16	*	*	VERB
ajfa-9610	383	17	-7.9351	-7.9351	NOUN
ajfa-9610	383	18	-0.0016	-0.0016	PUNCT
ajfa-9610	383	19	*	*	PUNCT
ajfa-9610	384	1	*	*	PUNCT
ajfa-9610	384	2	*	*	PUNCT
ajfa-9610	384	3	-2.7222	-2.7222	NOUN
ajfa-9610	384	4	brdsize	brdsize	PROPN
ajfa-9610	384	5	-0.0006	-0.0006	PROPN
ajfa-9610	384	6	-0.4991	-0.4991	PROPN
ajfa-9610	384	7	-0.0040	-0.0040	VERB
ajfa-9610	384	8	0.9927	0.9927	NUM
ajfa-9610	384	9	indedr	indedr	ADJ
ajfa-9610	384	10	-0.1623	-0.1623	NOUN
ajfa-9610	384	11	*	*	PUNCT
ajfa-9610	385	1	*	*	PUNCT
ajfa-9610	385	2	*	*	PUNCT
ajfa-9610	385	3	-9.1953	-9.1953	NOUN
ajfa-9610	385	4	0.0381	0.0381	NUM
ajfa-9610	385	5	0.6984	0.6984	NUM
ajfa-9610	385	6	mshahd	mshahd	NOUN
ajfa-9610	385	7	0.0009	0.0009	NUM
ajfa-9610	385	8	0.0438	0.0438	NUM
ajfa-9610	385	9	0.0261	0.0261	NUM
ajfa-9610	385	10	0.3415	0.3415	NUM
ajfa-9610	385	11	inst	inst	NOUN
ajfa-9610	385	12	-0.1197	-0.1197	NOUN
ajfa-9610	385	13	*	*	PUNCT
ajfa-9610	386	1	*	*	PUNCT
ajfa-9610	386	2	*	*	PUNCT
ajfa-9610	386	3	-8.5842	-8.5842	NOUN
ajfa-9610	386	4	-0.1279	-0.1279	NOUN
ajfa-9610	387	1	*	*	PUNCT
ajfa-9610	387	2	*	*	PUNCT
ajfa-9610	387	3	*	*	PUNCT
ajfa-9610	387	4	-2.8845	-2.8845	NOUN
ajfa-9610	387	5	big4	big4	NOUN
ajfa-9610	387	6	-0.0396	-0.0396	PROPN
ajfa-9610	388	1	*	*	PUNCT
ajfa-9610	388	2	*	*	PUNCT
ajfa-9610	388	3	*	*	PUNCT
ajfa-9610	388	4	-5.1028	-5.1028	NOUN
ajfa-9610	388	5	0.0007	0.0007	NUM
ajfa-9610	388	6	0.0286	0.0286	NUM
ajfa-9610	388	7	cpachg	cpachg	NOUN
ajfa-9610	388	8	+	+	CCONJ
ajfa-9610	388	9	0.0050	0.0050	NUM
ajfa-9610	388	10	0.8002	0.8002	NUM
ajfa-9610	388	11	-0.0023	-0.0023	NOUN
ajfa-9610	388	12	-0.1180	-0.1180	PROPN
ajfa-9610	388	13	speaud	speaud	PROPN
ajfa-9610	388	14	-0.0195	-0.0195	PROPN
ajfa-9610	388	15	*	*	PROPN
ajfa-9610	388	16	*	*	PUNCT
ajfa-9610	388	17	*	*	PUNCT
ajfa-9610	388	18	-3.1785	-3.1785	ADJ
ajfa-9610	388	19	-0.0437	-0.0437	NOUN
ajfa-9610	388	20	*	*	PUNCT
ajfa-9610	388	21	*	*	NOUN
ajfa-9610	388	22	-2.3389	-2.3389	NOUN
ajfa-9610	388	23	invsmill	invsmill	NOUN
ajfa-9610	388	24	?	?	PUNCT
ajfa-9610	389	1	0.0178	0.0178	NUM
ajfa-9610	389	2	*	*	PUNCT
ajfa-9610	389	3	*	*	PUNCT
ajfa-9610	389	4	*	*	PUNCT
ajfa-9610	389	5	4.2987	4.2987	NUM
ajfa-9610	389	6	0.0202	0.0202	NUM
ajfa-9610	389	7	*	*	PUNCT
ajfa-9610	389	8	*	*	PUNCT
ajfa-9610	389	9	*	*	PUNCT
ajfa-9610	389	10	4.9452	4.9452	NUM
ajfa-9610	389	11	0.0034	0.0034	NUM
ajfa-9610	389	12	-0.2537	-0.2537	NOUN
ajfa-9610	389	13	-0.0036	-0.0036	NOUN
ajfa-9610	389	14	-0.2718	-0.2718	PUNCT
ajfa-9610	389	15	samples	sample	VERB
ajfa-9610	389	16	5,916	5,916	NUM
ajfa-9610	389	17	5,916	5,916	NUM
ajfa-9610	389	18	739	739	NUM
ajfa-9610	389	19	739	739	NUM
ajfa-9610	389	20	adjusted	adjust	VERB
ajfa-9610	389	21	r2	r2	NOUN
ajfa-9610	389	22	0.013	0.013	NUM
ajfa-9610	389	23	0.03945	0.03945	NUM
ajfa-9610	389	24	0.008	0.008	NUM
ajfa-9610	389	25	0.017	0.017	NUM
ajfa-9610	389	26	f	f	NOUN
ajfa-9610	389	27	value	value	NOUN
ajfa-9610	389	28	(	(	PUNCT
ajfa-9610	389	29	p	p	NOUN
ajfa-9610	389	30	value	value	NOUN
ajfa-9610	389	31	)	)	PUNCT
ajfa-9610	389	32	38.949	38.949	NUM
ajfa-9610	389	33	(	(	PUNCT
ajfa-9610	389	34	<	<	NOUN
ajfa-9610	389	35	.0001	.0001	X
ajfa-9610	389	36	)	)	PUNCT
ajfa-9610	389	37	35.814	35.814	NUM
ajfa-9610	389	38	(	(	PUNCT
ajfa-9610	389	39	<	<	NOUN
ajfa-9610	389	40	.0001	.0001	X
ajfa-9610	389	41	)	)	PUNCT
ajfa-9610	389	42	3.805	3.805	NUM
ajfa-9610	389	43	(	(	PUNCT
ajfa-9610	389	44	<	<	NOUN
ajfa-9610	389	45	.05	.05	NUM
ajfa-9610	389	46	)	)	PUNCT
ajfa-9610	389	47	2.630	2.630	NUM
ajfa-9610	389	48	(	(	PUNCT
ajfa-9610	389	49	<	<	NOUN
ajfa-9610	389	50	.01	.01	NUM
ajfa-9610	389	51	)	)	PUNCT
ajfa-9610	389	52	panel	panel	NOUN
ajfa-9610	389	53	b	b	PROPN
ajfa-9610	389	54	dependent	dependent	ADJ
ajfa-9610	389	55	variable	variable	ADJ
ajfa-9610	389	56	=	=	SYM
ajfa-9610	389	57	acfo	acfo	ADJ
ajfa-9610	389	58	variable	variable	NOUN
ajfa-9610	389	59	expected	expect	VERB
ajfa-9610	389	60	sign	sign	VERB
ajfa-9610	389	61	all	all	DET
ajfa-9610	389	62	sample	sample	NOUN
ajfa-9610	389	63	financing	financing	NOUN
ajfa-9610	389	64	sample	sample	NOUN
ajfa-9610	389	65	coef	coef	PROPN
ajfa-9610	389	66	.	.	PUNCT
ajfa-9610	390	1	t	t	PROPN
ajfa-9610	390	2	value	value	PROPN
ajfa-9610	390	3	coef	coef	PROPN
ajfa-9610	390	4	.	.	PUNCT
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ajfa-9610	401	1	+	+	CCONJ
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ajfa-9610	403	21	,	,	PUNCT
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ajfa-9610	403	28	+	+	X
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ajfa-9610	403	30	*	*	PUNCT
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ajfa-9610	403	32	*	*	PUNCT
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ajfa-9610	405	3	*	*	SYM
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ajfa-9610	405	11	+	+	CCONJ
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ajfa-9610	405	17	?	?	PUNCT
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ajfa-9610	406	2	*	*	PUNCT
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ajfa-9610	406	4	*	*	PUNCT
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ajfa-9610	406	9	*	*	X
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ajfa-9610	406	17	*	*	PUNCT
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ajfa-9610	406	40	<	<	NOUN
ajfa-9610	406	41	.0001	.0001	X
ajfa-9610	406	42	)	)	PUNCT
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ajfa-9610	406	44	(	(	PUNCT
ajfa-9610	406	45	<	<	NOUN
ajfa-9610	406	46	.0001	.0001	X
ajfa-9610	406	47	)	)	PUNCT
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ajfa-9610	406	50	<	<	NOUN
ajfa-9610	406	51	.0001	.0001	X
ajfa-9610	406	52	)	)	PUNCT
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ajfa-9610	407	4	.	.	PUNCT
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ajfa-9610	408	3	coef	coef	PROPN
ajfa-9610	408	4	.	.	PUNCT
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ajfa-9610	409	3	coef	coef	PROPN
ajfa-9610	409	4	.	.	PUNCT
ajfa-9610	410	1	t	t	PROPN
ajfa-9610	410	2	value	value	NOUN
ajfa-9610	410	3	intercept	intercept	NOUN
ajfa-9610	410	4	?	?	PUNCT
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ajfa-9610	412	4	brdsize	brdsize	PROPN
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ajfa-9610	415	2	*	*	PROPN
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ajfa-9610	417	1	*	*	PUNCT
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ajfa-9610	419	5	?	?	PUNCT
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ajfa-9610	420	4	*	*	PUNCT
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ajfa-9610	420	9	*	*	PUNCT
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ajfa-9610	420	30	(	(	PUNCT
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ajfa-9610	420	43	)	)	PUNCT
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ajfa-9610	420	46	<	<	NOUN
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ajfa-9610	420	48	)	)	PUNCT
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ajfa-9610	420	51	<	<	NOUN
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ajfa-9610	424	1	t	t	PROPN
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ajfa-9610	424	3	intercept	intercept	NOUN
ajfa-9610	424	4	?	?	PUNCT
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ajfa-9610	427	2	*	*	PUNCT
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ajfa-9610	428	4	*	*	PUNCT
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ajfa-9610	428	9	+	+	CCONJ
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ajfa-9610	428	25	-0.0106	-0.0106	NOUN
ajfa-9610	428	26	*	*	PUNCT
ajfa-9610	428	27	*	*	PUNCT
ajfa-9610	428	28	*	*	PUNCT
ajfa-9610	428	29	2.7037	2.7037	NUM
ajfa-9610	428	30	0.0132	0.0132	NUM
ajfa-9610	428	31	-1.1603	-1.1603	NOUN
ajfa-9610	428	32	inst	inst	NOUN
ajfa-9610	428	33	+	+	CCONJ
ajfa-9610	429	1	0.0066	0.0066	NUM
ajfa-9610	429	2	*	*	PROPN
ajfa-9610	429	3	*	*	PUNCT
ajfa-9610	429	4	*	*	PUNCT
ajfa-9610	429	5	2.6041	2.6041	NUM
ajfa-9610	429	6	0.0050	0.0050	NUM
ajfa-9610	429	7	0.7631	0.7631	NUM
ajfa-9610	429	8	big4	big4	NOUN
ajfa-9610	429	9	+	+	CCONJ
ajfa-9610	429	10	0.0064	0.0064	NUM
ajfa-9610	429	11	*	*	NOUN
ajfa-9610	429	12	*	*	PUNCT
ajfa-9610	429	13	*	*	PUNCT
ajfa-9610	429	14	4.5341	4.5341	NUM
ajfa-9610	429	15	0.0018	0.0018	NUM
ajfa-9610	429	16	0.4600	0.4600	NUM
ajfa-9610	429	17	cpachg	cpachg	NOUN
ajfa-9610	429	18	0.0004	0.0004	NUM
ajfa-9610	429	19	0.3819	0.3819	NUM
ajfa-9610	429	20	0.0017	0.0017	NUM
ajfa-9610	429	21	0.5730	0.5730	NUM
ajfa-9610	429	22	speaud	speaud	ADV
ajfa-9610	429	23	+	+	CCONJ
ajfa-9610	429	24	0.0003	0.0003	NUM
ajfa-9610	429	25	0.2766	0.2766	NUM
ajfa-9610	429	26	0.0025	0.0025	NUM
ajfa-9610	429	27	0.8806	0.8806	NUM
ajfa-9610	429	28	invsmill	invsmill	NOUN
ajfa-9610	429	29	?	?	PUNCT
ajfa-9610	430	1	-0.0167	-0.0167	ADJ
ajfa-9610	431	1	*	*	PUNCT
ajfa-9610	431	2	*	*	PUNCT
ajfa-9610	431	3	*	*	PUNCT
ajfa-9610	431	4	-22.5423	-22.5423	X
ajfa-9610	431	5	-0.0169	-0.0169	VERB
ajfa-9610	431	6	*	*	PUNCT
ajfa-9610	431	7	*	*	PUNCT
ajfa-9610	431	8	*	*	PUNCT
ajfa-9610	431	9	-22.9783	-22.9783	INTJ
ajfa-9610	431	10	-0.0153	-0.0153	VERB
ajfa-9610	431	11	*	*	ADJ
ajfa-9610	431	12	*	*	PUNCT
ajfa-9610	431	13	*	*	PUNCT
ajfa-9610	431	14	-7.7726	-7.7726	NOUN
ajfa-9610	431	15	-0.0154	-0.0154	NOUN
ajfa-9610	431	16	*	*	PUNCT
ajfa-9610	431	17	*	*	PUNCT
ajfa-9610	431	18	*	*	PUNCT
ajfa-9610	431	19	-7.7420	-7.7420	NOUN
ajfa-9610	431	20	samples	sample	VERB
ajfa-9610	431	21	5,916	5,916	NUM
ajfa-9610	431	22	5,916	5,916	NUM
ajfa-9610	431	23	739	739	NUM
ajfa-9610	431	24	739	739	NUM
ajfa-9610	431	25	adjusted	adjust	VERB
ajfa-9610	431	26	r2	r2	NOUN
ajfa-9610	431	27	0.079	0.079	NUM
ajfa-9610	431	28	0.092	0.092	NUM
ajfa-9610	431	29	0.074	0.074	NUM
ajfa-9610	431	30	0.069	0.069	NUM
ajfa-9610	431	31	f	f	PROPN
ajfa-9610	431	32	value	value	NOUN
ajfa-9610	431	33	(	(	PUNCT
ajfa-9610	431	34	p	p	NOUN
ajfa-9610	431	35	value	value	NOUN
ajfa-9610	431	36	)	)	PUNCT
ajfa-9610	431	37	254.914	254.914	NUM
ajfa-9610	431	38	(	(	PUNCT
ajfa-9610	431	39	<	<	NOUN
ajfa-9610	431	40	.0001	.0001	X
ajfa-9610	431	41	)	)	PUNCT
ajfa-9610	431	42	76.053	76.053	NUM
ajfa-9610	431	43	(	(	PUNCT
ajfa-9610	431	44	<	<	NOUN
ajfa-9610	431	45	.0001	.0001	X
ajfa-9610	431	46	)	)	PUNCT
ajfa-9610	431	47	30.291	30.291	NUM
ajfa-9610	431	48	(	(	PUNCT
ajfa-9610	431	49	<	<	NOUN
ajfa-9610	431	50	.0001	.0001	X
ajfa-9610	431	51	)	)	PUNCT
ajfa-9610	431	52	7.814	7.814	NUM
ajfa-9610	431	53	(	(	PUNCT
ajfa-9610	431	54	<	<	NOUN
ajfa-9610	431	55	.0001	.0001	NOUN
ajfa-9610	431	56	)	)	PUNCT
ajfa-9610	431	57	note	note	NOUN
ajfa-9610	431	58	:	:	PUNCT
ajfa-9610	432	1	1	1	X
ajfa-9610	432	2	.	.	PUNCT
ajfa-9610	432	3	the	the	DET
ajfa-9610	432	4	definitions	definition	NOUN
ajfa-9610	432	5	of	of	ADP
ajfa-9610	432	6	all	all	DET
ajfa-9610	432	7	variables	variable	NOUN
ajfa-9610	432	8	are	be	AUX
ajfa-9610	432	9	the	the	DET
ajfa-9610	432	10	same	same	ADJ
ajfa-9610	432	11	as	as	ADP
ajfa-9610	432	12	those	those	PRON
ajfa-9610	432	13	in	in	ADP
ajfa-9610	432	14	table	table	NOUN
ajfa-9610	432	15	3	3	NUM
ajfa-9610	432	16	.	.	NOUN
ajfa-9610	432	17	2	2	NUM
ajfa-9610	432	18	.	.	X
ajfa-9610	433	1	*	*	PUNCT
ajfa-9610	433	2	,	,	PUNCT
ajfa-9610	433	3	*	*	PUNCT
ajfa-9610	433	4	*	*	PUNCT
ajfa-9610	433	5	,	,	PUNCT
ajfa-9610	433	6	*	*	PUNCT
ajfa-9610	433	7	*	*	PUNCT
ajfa-9610	433	8	*	*	PUNCT
ajfa-9610	433	9	are	be	AUX
ajfa-9610	433	10	significant	significant	ADJ
ajfa-9610	433	11	at	at	ADP
ajfa-9610	433	12	the	the	DET
ajfa-9610	433	13	10	10	NUM
ajfa-9610	433	14	,	,	PUNCT
ajfa-9610	433	15	5	5	NUM
ajfa-9610	433	16	,	,	PUNCT
ajfa-9610	433	17	and	and	CCONJ
ajfa-9610	433	18	1	1	NUM
ajfa-9610	433	19	percent	percent	NOUN
ajfa-9610	433	20	levels	level	NOUN
ajfa-9610	433	21	,	,	PUNCT
ajfa-9610	433	22	respectively	respectively	ADV
ajfa-9610	433	23	.	.	PUNCT
ajfa-9610	434	1	to	to	PART
ajfa-9610	434	2	compare	compare	VERB
ajfa-9610	434	3	the	the	DET
ajfa-9610	434	4	effects	effect	NOUN
ajfa-9610	434	5	of	of	ADP
ajfa-9610	434	6	corporate	corporate	ADJ
ajfa-9610	434	7	governance	governance	NOUN
ajfa-9610	434	8	on	on	ADP
ajfa-9610	434	9	the	the	DET
ajfa-9610	434	10	two	two	NUM
ajfa-9610	434	11	different	different	ADJ
ajfa-9610	434	12	earnings	earning	NOUN
ajfa-9610	434	13	management	management	NOUN
ajfa-9610	434	14	methods	method	NOUN
ajfa-9610	434	15	,	,	PUNCT
ajfa-9610	434	16	this	this	DET
ajfa-9610	434	17	paper	paper	NOUN
ajfa-9610	434	18	adopts	adopt	VERB
ajfa-9610	434	19	discretionary	discretionary	ADJ
ajfa-9610	434	20	accruals	accrual	NOUN
ajfa-9610	434	21	(	(	PUNCT
ajfa-9610	434	22	pdem	pdem	NOUN
ajfa-9610	434	23	)	)	PUNCT
ajfa-9610	434	24	as	as	ADP
ajfa-9610	434	25	the	the	DET
ajfa-9610	434	26	dependent	dependent	ADJ
ajfa-9610	434	27	variable	variable	NOUN
ajfa-9610	434	28	to	to	PART
ajfa-9610	434	29	examine	examine	VERB
ajfa-9610	434	30	the	the	DET
ajfa-9610	434	31	relationship	relationship	NOUN
ajfa-9610	434	32	between	between	ADP
ajfa-9610	434	33	accrual	accrual	ADJ
ajfa-9610	434	34	-	-	PUNCT
ajfa-9610	434	35	based	base	VERB
ajfa-9610	434	36	earnings	earning	NOUN
ajfa-9610	434	37	management	management	NOUN
ajfa-9610	434	38	and	and	CCONJ
ajfa-9610	434	39	corporate	corporate	ADJ
ajfa-9610	434	40	governance	governance	NOUN
ajfa-9610	434	41	factors	factor	NOUN
ajfa-9610	434	42	.	.	PUNCT
ajfa-9610	435	1	table	table	NOUN
ajfa-9610	435	2	6	6	NUM
ajfa-9610	435	3	shows	show	VERB
ajfa-9610	435	4	that	that	SCONJ
ajfa-9610	435	5	percentage	percentage	NOUN
ajfa-9610	435	6	of	of	ADP
ajfa-9610	435	7	independent	independent	ADJ
ajfa-9610	435	8	directors	director	NOUN
ajfa-9610	435	9	(	(	PUNCT
ajfa-9610	435	10	indedr	indedr	PROPN
ajfa-9610	435	11	)	)	PUNCT
ajfa-9610	435	12	,	,	PUNCT
ajfa-9610	435	13	shareholdings	shareholding	NOUN
ajfa-9610	435	14	of	of	ADP
ajfa-9610	435	15	institutional	institutional	ADJ
ajfa-9610	435	16	investors	investor	NOUN
ajfa-9610	435	17	(	(	PUNCT
ajfa-9610	435	18	inst	inst	NOUN
ajfa-9610	435	19	)	)	PUNCT
ajfa-9610	435	20	,	,	PUNCT
ajfa-9610	435	21	changes	change	NOUN
ajfa-9610	435	22	of	of	ADP
ajfa-9610	435	23	auditors	auditor	NOUN
ajfa-9610	435	24	(	(	PUNCT
ajfa-9610	435	25	cpachg	cpachg	NOUN
ajfa-9610	435	26	)	)	PUNCT
ajfa-9610	435	27	,	,	PUNCT
ajfa-9610	435	28	and	and	CCONJ
ajfa-9610	435	29	auditing	auditing	NOUN
ajfa-9610	435	30	by	by	ADP
ajfa-9610	435	31	industry	industry	NOUN
ajfa-9610	435	32	experts	expert	NOUN
ajfa-9610	435	33	(	(	PUNCT
ajfa-9610	435	34	speaud	speaud	ADV
ajfa-9610	435	35	)	)	PUNCT
ajfa-9610	435	36	can	can	AUX
ajfa-9610	435	37	restrain	restrain	VERB
ajfa-9610	435	38	managers	manager	NOUN
ajfa-9610	435	39	from	from	ADP
ajfa-9610	435	40	manipulating	manipulate	VERB
ajfa-9610	435	41	accrual	accrual	ADJ
ajfa-9610	435	42	-	-	PUNCT
ajfa-9610	435	43	based	base	VERB
ajfa-9610	435	44	earnings	earning	NOUN
ajfa-9610	435	45	asian	asian	ADJ
ajfa-9610	435	46	journal	journal	NOUN
ajfa-9610	435	47	of	of	ADP
ajfa-9610	435	48	finance	finance	PROPN
ajfa-9610	435	49	&	&	CCONJ
ajfa-9610	435	50	accounting	accounting	PROPN
ajfa-9610	435	51	issn	issn	PROPN
ajfa-9610	435	52	1946	1946	NUM
ajfa-9610	435	53	-	-	PUNCT
ajfa-9610	435	54	052x	052x	PROPN
ajfa-9610	435	55	2016	2016	NUM
ajfa-9610	435	56	,	,	PUNCT
ajfa-9610	435	57	vol	vol	NOUN
ajfa-9610	435	58	.	.	PROPN
ajfa-9610	435	59	8	8	NUM
ajfa-9610	435	60	,	,	PUNCT
ajfa-9610	435	61	no	no	INTJ
ajfa-9610	435	62	.	.	NOUN
ajfa-9610	435	63	1	1	NUM
ajfa-9610	435	64	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9610	435	65	251	251	NUM
ajfa-9610	435	66	management	management	NOUN
ajfa-9610	435	67	for	for	ADP
ajfa-9610	435	68	the	the	DET
ajfa-9610	435	69	full	full	ADJ
ajfa-9610	435	70	sample	sample	NOUN
ajfa-9610	435	71	.	.	PUNCT
ajfa-9610	436	1	in	in	ADP
ajfa-9610	436	2	the	the	DET
ajfa-9610	436	3	financing	financing	NOUN
ajfa-9610	436	4	subsample	subsample	NOUN
ajfa-9610	436	5	,	,	PUNCT
ajfa-9610	436	6	both	both	DET
ajfa-9610	436	7	percentage	percentage	NOUN
ajfa-9610	436	8	of	of	ADP
ajfa-9610	436	9	independent	independent	ADJ
ajfa-9610	436	10	directors	director	NOUN
ajfa-9610	436	11	(	(	PUNCT
ajfa-9610	436	12	indedr	indedr	PROPN
ajfa-9610	436	13	)	)	PUNCT
ajfa-9610	436	14	and	and	CCONJ
ajfa-9610	436	15	shareholdings	shareholding	NOUN
ajfa-9610	436	16	of	of	ADP
ajfa-9610	436	17	institutional	institutional	ADJ
ajfa-9610	436	18	investors	investor	NOUN
ajfa-9610	436	19	(	(	PUNCT
ajfa-9610	436	20	inst	inst	NOUN
ajfa-9610	436	21	)	)	PUNCT
ajfa-9610	436	22	are	be	AUX
ajfa-9610	436	23	negatively	negatively	ADV
ajfa-9610	436	24	related	relate	VERB
ajfa-9610	436	25	to	to	ADP
ajfa-9610	436	26	pdem	pdem	NOUN
ajfa-9610	436	27	,	,	PUNCT
ajfa-9610	436	28	implying	imply	VERB
ajfa-9610	436	29	that	that	SCONJ
ajfa-9610	436	30	financing	financing	NOUN
ajfa-9610	436	31	firms	firm	NOUN
ajfa-9610	436	32	with	with	ADP
ajfa-9610	436	33	higher	high	ADJ
ajfa-9610	436	34	percentage	percentage	NOUN
ajfa-9610	436	35	of	of	ADP
ajfa-9610	436	36	independent	independent	ADJ
ajfa-9610	436	37	directors	director	NOUN
ajfa-9610	436	38	and	and	CCONJ
ajfa-9610	436	39	higher	high	ADJ
ajfa-9610	436	40	shareholdings	shareholding	NOUN
ajfa-9610	436	41	of	of	ADP
ajfa-9610	436	42	institutional	institutional	ADJ
ajfa-9610	436	43	investors	investor	NOUN
ajfa-9610	436	44	are	be	AUX
ajfa-9610	436	45	less	less	ADV
ajfa-9610	436	46	likely	likely	ADJ
ajfa-9610	436	47	to	to	PART
ajfa-9610	436	48	engage	engage	VERB
ajfa-9610	436	49	in	in	ADP
ajfa-9610	436	50	accrual	accrual	ADJ
ajfa-9610	436	51	-	-	PUNCT
ajfa-9610	436	52	based	base	VERB
ajfa-9610	436	53	earnings	earning	NOUN
ajfa-9610	436	54	management	management	NOUN
ajfa-9610	436	55	.	.	PUNCT
ajfa-9610	437	1	moreover	moreover	ADV
ajfa-9610	437	2	,	,	PUNCT
ajfa-9610	437	3	regardless	regardless	ADV
ajfa-9610	437	4	of	of	ADP
ajfa-9610	437	5	full	full	ADJ
ajfa-9610	437	6	sample	sample	NOUN
ajfa-9610	437	7	or	or	CCONJ
ajfa-9610	437	8	financing	financing	NOUN
ajfa-9610	437	9	subsample	subsample	NOUN
ajfa-9610	437	10	,	,	PUNCT
ajfa-9610	437	11	the	the	DET
ajfa-9610	437	12	composite	composite	ADJ
ajfa-9610	437	13	corporate	corporate	ADJ
ajfa-9610	437	14	governance	governance	NOUN
ajfa-9610	437	15	index	index	NOUN
ajfa-9610	437	16	gi	gi	NOUN
ajfa-9610	437	17	is	be	AUX
ajfa-9610	437	18	negatively	negatively	ADV
ajfa-9610	437	19	related	relate	VERB
ajfa-9610	437	20	to	to	ADP
ajfa-9610	437	21	pdem	pdem	NOUN
ajfa-9610	437	22	,	,	PUNCT
ajfa-9610	437	23	indicating	indicate	VERB
ajfa-9610	437	24	that	that	SCONJ
ajfa-9610	437	25	firms	firm	NOUN
ajfa-9610	437	26	with	with	ADP
ajfa-9610	437	27	poor	poor	ADJ
ajfa-9610	437	28	corporate	corporate	ADJ
ajfa-9610	437	29	governance	governance	NOUN
ajfa-9610	437	30	are	be	AUX
ajfa-9610	437	31	more	more	ADV
ajfa-9610	437	32	likely	likely	ADJ
ajfa-9610	437	33	to	to	PART
ajfa-9610	437	34	engage	engage	VERB
ajfa-9610	437	35	in	in	ADP
ajfa-9610	437	36	accrual	accrual	ADJ
ajfa-9610	437	37	-	-	PUNCT
ajfa-9610	437	38	based	base	VERB
ajfa-9610	437	39	earnings	earning	NOUN
ajfa-9610	437	40	management	management	NOUN
ajfa-9610	437	41	.	.	PUNCT
ajfa-9610	438	1	table	table	NOUN
ajfa-9610	438	2	6	6	NUM
ajfa-9610	438	3	.	.	PUNCT
ajfa-9610	439	1	internal	internal	ADJ
ajfa-9610	439	2	control	control	NOUN
ajfa-9610	439	3	,	,	PUNCT
ajfa-9610	439	4	audit	audit	NOUN
ajfa-9610	439	5	quality	quality	NOUN
ajfa-9610	439	6	and	and	CCONJ
ajfa-9610	439	7	accruals	accrual	NOUN
ajfa-9610	439	8	itititit	itititit	NOUN
ajfa-9610	439	9	itititititit	itititititit	NOUN
ajfa-9610	439	10	invsmillspeaudcpachg	invsmillspeaudcpachg	PROPN
ajfa-9610	439	11	biginstmshahdindedrbrdsizepdem	biginstmshahdindedrbrdsizepdem	PROPN
ajfa-9610	439	12	εβββ	εβββ	PROPN
ajfa-9610	439	13	ββββββ	ββββββ	VERB
ajfa-9610	440	1	+	+	PROPN
ajfa-9610	441	1	+	+	ADJ
ajfa-9610	441	2	+	+	ADJ
ajfa-9610	441	3	+	+	ADJ
ajfa-9610	441	4	+	+	ADJ
ajfa-9610	441	5	+	+	ADJ
ajfa-9610	441	6	+	+	ADJ
ajfa-9610	441	7	+	+	NOUN
ajfa-9610	441	8	=	=	X
ajfa-9610	441	9	+	+	NUM
ajfa-9610	441	10	876	876	NUM
ajfa-9610	441	11	543210	543210	NUM
ajfa-9610	441	12	4	4	NUM
ajfa-9610	441	13	itititit	itititit	NOUN
ajfa-9610	441	14	invsmillgipdem	invsmillgipdem	NOUN
ajfa-9610	441	15	εβββ	εβββ	VERB
ajfa-9610	442	1	+	+	PROPN
ajfa-9610	442	2	+	+	ADJ
ajfa-9610	442	3	+	+	ADJ
ajfa-9610	442	4	=	=	SYM
ajfa-9610	442	5	210	210	NUM
ajfa-9610	442	6	variable	variable	NOUN
ajfa-9610	442	7	expected	expect	VERB
ajfa-9610	442	8	sign	sign	NOUN
ajfa-9610	442	9	all	all	DET
ajfa-9610	442	10	sample	sample	NOUN
ajfa-9610	442	11	financing	financing	NOUN
ajfa-9610	442	12	sample	sample	NOUN
ajfa-9610	442	13	coef	coef	PROPN
ajfa-9610	442	14	.	.	PUNCT
ajfa-9610	443	1	t	t	PROPN
ajfa-9610	443	2	value	value	PROPN
ajfa-9610	443	3	coef	coef	PROPN
ajfa-9610	443	4	.	.	PUNCT
ajfa-9610	444	1	t	t	PROPN
ajfa-9610	444	2	value	value	PROPN
ajfa-9610	444	3	coef	coef	PROPN
ajfa-9610	444	4	.	.	PUNCT
ajfa-9610	445	1	t	t	PROPN
ajfa-9610	445	2	value	value	PROPN
ajfa-9610	445	3	coef	coef	PROPN
ajfa-9610	445	4	.	.	PUNCT
ajfa-9610	446	1	t	t	PROPN
ajfa-9610	446	2	value	value	NOUN
ajfa-9610	446	3	intercept	intercept	VERB
ajfa-9610	446	4	0.0023	0.0023	NUM
ajfa-9610	446	5	*	*	NOUN
ajfa-9610	446	6	*	*	PUNCT
ajfa-9610	446	7	2.3656	2.3656	NUM
ajfa-9610	446	8	0.0251	0.0251	NUM
ajfa-9610	446	9	*	*	PUNCT
ajfa-9610	446	10	*	*	PUNCT
ajfa-9610	446	11	*	*	PUNCT
ajfa-9610	446	12	5.4523	5.4523	NUM
ajfa-9610	446	13	-0.0096	-0.0096	NOUN
ajfa-9610	446	14	*	*	PUNCT
ajfa-9610	446	15	*	*	PUNCT
ajfa-9610	446	16	*	*	PUNCT
ajfa-9610	446	17	-3.2204	-3.2204	NOUN
ajfa-9610	447	1	0.0175	0.0175	NUM
ajfa-9610	447	2	1.1533	1.1533	NUM
ajfa-9610	447	3	gi	gi	NOUN
ajfa-9610	447	4	-0.0004	-0.0004	NOUN
ajfa-9610	448	1	*	*	PUNCT
ajfa-9610	448	2	*	*	PUNCT
ajfa-9610	448	3	*	*	PUNCT
ajfa-9610	448	4	-7.3271	-7.3271	NOUN
ajfa-9610	448	5	-0.0006	-0.0006	NOUN
ajfa-9610	448	6	*	*	PUNCT
ajfa-9610	448	7	*	*	PUNCT
ajfa-9610	448	8	*	*	PUNCT
ajfa-9610	448	9	-3.0400	-3.0400	NOUN
ajfa-9610	448	10	brdsize	brdsize	VERB
ajfa-9610	448	11	0.0000	0.0000	NUM
ajfa-9610	448	12	0.0752	0.0752	NUM
ajfa-9610	448	13	-0.0003	-0.0003	NOUN
ajfa-9610	448	14	0.1978	0.1978	NUM
ajfa-9610	448	15	indedr	indedr	ADJ
ajfa-9610	448	16	-0.0456	-0.0456	NOUN
ajfa-9610	448	17	*	*	PUNCT
ajfa-9610	448	18	*	*	PUNCT
ajfa-9610	448	19	*	*	PUNCT
ajfa-9610	448	20	-7.6166	-7.6166	ADJ
ajfa-9610	448	21	-0.0515	-0.0515	NOUN
ajfa-9610	448	22	*	*	PUNCT
ajfa-9610	449	1	*	*	PUNCT
ajfa-9610	449	2	*	*	PUNCT
ajfa-9610	449	3	2.7547	2.7547	NUM
ajfa-9610	449	4	mshahd	mshahd	NOUN
ajfa-9610	449	5	0.0118	0.0118	NUM
ajfa-9610	449	6	1.6027	1.6027	NUM
ajfa-9610	449	7	0.0385	0.0385	NUM
ajfa-9610	449	8	1.4681	1.4681	NUM
ajfa-9610	449	9	inst	inst	NOUN
ajfa-9610	449	10	-0.0463	-0.0463	NOUN
ajfa-9610	449	11	*	*	PUNCT
ajfa-9610	449	12	*	*	PUNCT
ajfa-9610	449	13	*	*	PUNCT
ajfa-9610	449	14	-9.8045	-9.8045	ADJ
ajfa-9610	449	15	-0.0557	-0.0557	NOUN
ajfa-9610	449	16	*	*	PUNCT
ajfa-9610	450	1	*	*	PUNCT
ajfa-9610	450	2	*	*	PUNCT
ajfa-9610	450	3	3.6640	3.6640	NUM
ajfa-9610	450	4	big4	big4	NOUN
ajfa-9610	450	5	0.0031	0.0031	NUM
ajfa-9610	450	6	-1.1806	-1.1806	NOUN
ajfa-9610	450	7	0.0009	0.0009	NUM
ajfa-9610	450	8	0.1066	0.1066	NUM
ajfa-9610	450	9	cpachg	cpachg	NOUN
ajfa-9610	450	10	+	+	X
ajfa-9610	450	11	0.0063	0.0063	NUM
ajfa-9610	450	12	*	*	NOUN
ajfa-9610	450	13	*	*	PUNCT
ajfa-9610	450	14	*	*	PUNCT
ajfa-9610	450	15	3.0082	3.0082	NUM
ajfa-9610	450	16	0.0025	0.0025	NUM
ajfa-9610	450	17	-0.3756	-0.3756	NOUN
ajfa-9610	450	18	speaud	speaud	ADV
ajfa-9610	450	19	-0.0067	-0.0067	PROPN
ajfa-9610	450	20	*	*	PUNCT
ajfa-9610	450	21	*	*	PUNCT
ajfa-9610	450	22	*	*	PUNCT
ajfa-9610	450	23	-3.1912	-3.1912	PROPN
ajfa-9610	450	24	0.0104	0.0104	PROPN
ajfa-9610	450	25	-1.6174	-1.6174	PROPN
ajfa-9610	450	26	invsmill	invsmill	PROPN
ajfa-9610	450	27	?	?	PUNCT
ajfa-9610	451	1	-0.0324	-0.0324	VERB
ajfa-9610	452	1	*	*	PUNCT
ajfa-9610	452	2	*	*	PUNCT
ajfa-9610	452	3	*	*	PUNCT
ajfa-9610	452	4	-23.1468	-23.1468	PUNCT
ajfa-9610	452	5	-0.0317	-0.0317	NOUN
ajfa-9610	453	1	*	*	PUNCT
ajfa-9610	453	2	*	*	PUNCT
ajfa-9610	453	3	*	*	PUNCT
ajfa-9610	453	4	-22.8938	-22.8938	INTJ
ajfa-9610	453	5	-0.0420	-0.0420	NOUN
ajfa-9610	453	6	*	*	PUNCT
ajfa-9610	453	7	*	*	PUNCT
ajfa-9610	453	8	*	*	PUNCT
ajfa-9610	453	9	-9.1921	-9.1921	X
ajfa-9610	453	10	-0.0405	-0.0405	NOUN
ajfa-9610	453	11	*	*	PUNCT
ajfa-9610	453	12	*	*	PUNCT
ajfa-9610	453	13	*	*	PUNCT
ajfa-9610	453	14	-8.8393	-8.8393	NOUN
ajfa-9610	453	15	samples	sample	VERB
ajfa-9610	453	16	5,916	5,916	NUM
ajfa-9610	453	17	5,916	5,916	NUM
ajfa-9610	453	18	739	739	NUM
ajfa-9610	453	19	739	739	NUM
ajfa-9610	453	20	adjusted	adjust	VERB
ajfa-9610	453	21	r2	r2	NOUN
ajfa-9610	453	22	0.093	0.093	NUM
ajfa-9610	453	23	0.115	0.115	NUM
ajfa-9610	453	24	0.115	0.115	NUM
ajfa-9610	453	25	0.127	0.127	NUM
ajfa-9610	453	26	f	f	NOUN
ajfa-9610	453	27	value	value	NOUN
ajfa-9610	453	28	(	(	PUNCT
ajfa-9610	453	29	p	p	NOUN
ajfa-9610	453	30	value	value	NOUN
ajfa-9610	453	31	)	)	PUNCT
ajfa-9610	453	32	305.082	305.082	NUM
ajfa-9610	453	33	(	(	PUNCT
ajfa-9610	453	34	<	<	NOUN
ajfa-9610	453	35	.0001	.0001	X
ajfa-9610	453	36	)	)	PUNCT
ajfa-9610	453	37	97.133	97.133	NUM
ajfa-9610	453	38	(	(	PUNCT
ajfa-9610	453	39	<	<	NOUN
ajfa-9610	453	40	.0001	.0001	X
ajfa-9610	453	41	)	)	PUNCT
ajfa-9610	453	42	49.095	49.095	NUM
ajfa-9610	453	43	(	(	PUNCT
ajfa-9610	453	44	<	<	NOUN
ajfa-9610	453	45	.0001	.0001	X
ajfa-9610	453	46	)	)	PUNCT
ajfa-9610	453	47	14.369	14.369	NUM
ajfa-9610	453	48	(	(	PUNCT
ajfa-9610	453	49	<	<	NOUN
ajfa-9610	453	50	.0001	.0001	NOUN
ajfa-9610	453	51	)	)	PUNCT
ajfa-9610	453	52	note	note	NOUN
ajfa-9610	453	53	:	:	PUNCT
ajfa-9610	454	1	1	1	X
ajfa-9610	454	2	.	.	PUNCT
ajfa-9610	454	3	the	the	DET
ajfa-9610	454	4	definitions	definition	NOUN
ajfa-9610	454	5	of	of	ADP
ajfa-9610	454	6	all	all	DET
ajfa-9610	454	7	variables	variable	NOUN
ajfa-9610	454	8	are	be	AUX
ajfa-9610	454	9	the	the	DET
ajfa-9610	454	10	same	same	ADJ
ajfa-9610	454	11	as	as	ADP
ajfa-9610	454	12	those	those	PRON
ajfa-9610	454	13	in	in	ADP
ajfa-9610	454	14	table	table	NOUN
ajfa-9610	454	15	3	3	NUM
ajfa-9610	454	16	.	.	NOUN
ajfa-9610	454	17	2	2	NUM
ajfa-9610	454	18	.	.	X
ajfa-9610	455	1	*	*	PUNCT
ajfa-9610	455	2	,	,	PUNCT
ajfa-9610	455	3	*	*	PUNCT
ajfa-9610	455	4	*	*	PUNCT
ajfa-9610	455	5	,	,	PUNCT
ajfa-9610	455	6	*	*	PUNCT
ajfa-9610	455	7	*	*	PUNCT
ajfa-9610	455	8	*	*	PUNCT
ajfa-9610	455	9	are	be	AUX
ajfa-9610	455	10	significant	significant	ADJ
ajfa-9610	455	11	at	at	ADP
ajfa-9610	455	12	the	the	DET
ajfa-9610	455	13	10	10	NUM
ajfa-9610	455	14	,	,	PUNCT
ajfa-9610	455	15	5	5	NUM
ajfa-9610	455	16	,	,	PUNCT
ajfa-9610	455	17	and	and	CCONJ
ajfa-9610	455	18	1	1	NUM
ajfa-9610	455	19	percent	percent	NOUN
ajfa-9610	455	20	levels	level	NOUN
ajfa-9610	455	21	,	,	PUNCT
ajfa-9610	455	22	respectively	respectively	ADV
ajfa-9610	455	23	.	.	PUNCT
ajfa-9610	456	1	we	we	PRON
ajfa-9610	456	2	order	order	VERB
ajfa-9610	456	3	the	the	DET
ajfa-9610	456	4	empirical	empirical	ADJ
ajfa-9610	456	5	result	result	NOUN
ajfa-9610	456	6	in	in	ADP
ajfa-9610	456	7	tables	table	NOUN
ajfa-9610	456	8	5	5	NUM
ajfa-9610	456	9	and	and	CCONJ
ajfa-9610	456	10	6	6	NUM
ajfa-9610	456	11	to	to	AUX
ajfa-9610	456	12	table	table	NOUN
ajfa-9610	456	13	7	7	NUM
ajfa-9610	456	14	,	,	PUNCT
ajfa-9610	456	15	and	and	CCONJ
ajfa-9610	456	16	it	it	PRON
ajfa-9610	456	17	reveals	reveal	VERB
ajfa-9610	456	18	brdsize	brdsize	VERB
ajfa-9610	456	19	and	and	CCONJ
ajfa-9610	456	20	mshahd	mshahd	NOUN
ajfa-9610	456	21	can	can	AUX
ajfa-9610	456	22	not	not	PART
ajfa-9610	456	23	restrain	restrain	VERB
ajfa-9610	456	24	earning	earn	VERB
ajfa-9610	456	25	management	management	NOUN
ajfa-9610	456	26	in	in	ADP
ajfa-9610	456	27	taiwan	taiwan	PROPN
ajfa-9610	456	28	because	because	SCONJ
ajfa-9610	456	29	of	of	ADP
ajfa-9610	456	30	many	many	ADJ
ajfa-9610	456	31	family	family	NOUN
ajfa-9610	456	32	owned	own	VERB
ajfa-9610	456	33	firms	firm	NOUN
ajfa-9610	456	34	.	.	PUNCT
ajfa-9610	457	1	the	the	DET
ajfa-9610	457	2	right	right	NOUN
ajfa-9610	457	3	to	to	PART
ajfa-9610	457	4	operate	operate	VERB
ajfa-9610	457	5	and	and	CCONJ
ajfa-9610	457	6	own	own	VERB
ajfa-9610	457	7	a	a	DET
ajfa-9610	457	8	business	business	NOUN
ajfa-9610	457	9	is	be	AUX
ajfa-9610	457	10	not	not	PART
ajfa-9610	457	11	separate	separate	ADJ
ajfa-9610	457	12	.	.	PUNCT
ajfa-9610	458	1	company	company	NOUN
ajfa-9610	458	2	executive	executive	ADJ
ajfa-9610	458	3	officers	officer	NOUN
ajfa-9610	458	4	are	be	AUX
ajfa-9610	458	5	a	a	DET
ajfa-9610	458	6	part	part	NOUN
ajfa-9610	458	7	of	of	ADP
ajfa-9610	458	8	the	the	DET
ajfa-9610	458	9	family	family	NOUN
ajfa-9610	458	10	or	or	CCONJ
ajfa-9610	458	11	the	the	DET
ajfa-9610	458	12	insider	insider	NOUN
ajfa-9610	458	13	.	.	PUNCT
ajfa-9610	459	1	in	in	ADP
ajfa-9610	459	2	2002	2002	NUM
ajfa-9610	459	3	,	,	PUNCT
ajfa-9610	459	4	the	the	DET
ajfa-9610	459	5	listing	listing	NOUN
ajfa-9610	459	6	rules	rule	NOUN
ajfa-9610	459	7	of	of	ADP
ajfa-9610	459	8	taiwan	taiwan	PROPN
ajfa-9610	459	9	stock	stock	PROPN
ajfa-9610	459	10	exchange	exchange	PROPN
ajfa-9610	459	11	(	(	PUNCT
ajfa-9610	459	12	tse	tse	PROPN
ajfa-9610	459	13	)	)	PUNCT
ajfa-9610	459	14	and	and	CCONJ
ajfa-9610	459	15	taiwan	taiwan	PROPN
ajfa-9610	459	16	’s	’s	PART
ajfa-9610	459	17	computerized	computerize	VERB
ajfa-9610	459	18	over	over	ADP
ajfa-9610	459	19	-	-	PUNCT
ajfa-9610	459	20	the	the	DET
ajfa-9610	459	21	-	-	PUNCT
ajfa-9610	459	22	counter	counter	NOUN
ajfa-9610	459	23	market	market	NOUN
ajfa-9610	459	24	(	(	PUNCT
ajfa-9610	459	25	gtsm	gtsm	NOUN
ajfa-9610	459	26	)	)	PUNCT
ajfa-9610	459	27	have	have	AUX
ajfa-9610	459	28	made	make	VERB
ajfa-9610	459	29	amendment	amendment	NOUN
ajfa-9610	459	30	so	so	SCONJ
ajfa-9610	459	31	that	that	SCONJ
ajfa-9610	459	32	every	every	DET
ajfa-9610	459	33	public	public	ADJ
ajfa-9610	459	34	company	company	NOUN
ajfa-9610	459	35	applying	apply	VERB
ajfa-9610	459	36	for	for	ADP
ajfa-9610	459	37	listing	listing	NOUN
ajfa-9610	459	38	should	should	AUX
ajfa-9610	459	39	have	have	VERB
ajfa-9610	459	40	at	at	ADV
ajfa-9610	459	41	least	least	ADV
ajfa-9610	459	42	two	two	NUM
ajfa-9610	459	43	independent	independent	ADJ
ajfa-9610	459	44	directors	director	NOUN
ajfa-9610	459	45	and	and	CCONJ
ajfa-9610	459	46	one	one	NUM
ajfa-9610	459	47	independent	independent	ADJ
ajfa-9610	459	48	supervisor	supervisor	NOUN
ajfa-9610	459	49	.	.	PUNCT
ajfa-9610	460	1	the	the	DET
ajfa-9610	460	2	january	january	PROPN
ajfa-9610	460	3	2006	2006	NUM
ajfa-9610	460	4	amendment	amendment	NOUN
ajfa-9610	460	5	of	of	ADP
ajfa-9610	460	6	securities	securities	PROPN
ajfa-9610	460	7	&	&	CCONJ
ajfa-9610	460	8	exchange	exchange	PROPN
ajfa-9610	460	9	act	act	NOUN
ajfa-9610	460	10	provides	provide	VERB
ajfa-9610	460	11	an	an	DET
ajfa-9610	460	12	alternative	alternative	ADJ
ajfa-9610	460	13	system	system	NOUN
ajfa-9610	460	14	that	that	PRON
ajfa-9610	460	15	replaces	replace	VERB
ajfa-9610	460	16	supervisors	supervisor	NOUN
ajfa-9610	460	17	with	with	ADP
ajfa-9610	460	18	audit	audit	NOUN
ajfa-9610	460	19	committee	committee	NOUN
ajfa-9610	460	20	system	system	NOUN
ajfa-9610	460	21	.	.	PUNCT
ajfa-9610	461	1	the	the	DET
ajfa-9610	461	2	effects	effect	NOUN
ajfa-9610	461	3	seem	seem	VERB
ajfa-9610	461	4	to	to	PART
ajfa-9610	461	5	work	work	VERB
ajfa-9610	461	6	out	out	ADP
ajfa-9610	461	7	.	.	PUNCT
ajfa-9610	462	1	our	our	PRON
ajfa-9610	462	2	empirical	empirical	ADJ
ajfa-9610	462	3	result	result	NOUN
ajfa-9610	462	4	reveals	reveal	VERB
ajfa-9610	462	5	that	that	SCONJ
ajfa-9610	462	6	indedr	indedr	NOUN
ajfa-9610	462	7	and	and	CCONJ
ajfa-9610	462	8	inst	inst	NOUN
ajfa-9610	462	9	can	can	AUX
ajfa-9610	462	10	control	control	VERB
ajfa-9610	462	11	accrual	accrual	ADJ
ajfa-9610	462	12	and	and	CCONJ
ajfa-9610	462	13	real	real	ADJ
ajfa-9610	462	14	earning	earning	NOUN
ajfa-9610	462	15	management	management	NOUN
ajfa-9610	462	16	effectively	effectively	ADV
ajfa-9610	462	17	in	in	ADP
ajfa-9610	462	18	all	all	DET
ajfa-9610	462	19	sample	sample	NOUN
ajfa-9610	462	20	.	.	PUNCT
ajfa-9610	463	1	both	both	PRON
ajfa-9610	463	2	of	of	ADP
ajfa-9610	463	3	them	they	PRON
ajfa-9610	463	4	can	can	AUX
ajfa-9610	463	5	control	control	VERB
ajfa-9610	463	6	accrual	accrual	ADJ
ajfa-9610	463	7	earnings	earning	NOUN
ajfa-9610	463	8	management	management	NOUN
ajfa-9610	463	9	in	in	ADP
ajfa-9610	463	10	financing	finance	VERB
ajfa-9610	463	11	subsample	subsample	NOUN
ajfa-9610	463	12	.	.	PUNCT
ajfa-9610	464	1	however	however	ADV
ajfa-9610	464	2	,	,	PUNCT
ajfa-9610	464	3	they	they	PRON
ajfa-9610	464	4	can	can	AUX
ajfa-9610	464	5	not	not	PART
ajfa-9610	464	6	control	control	VERB
ajfa-9610	464	7	real	real	ADJ
ajfa-9610	464	8	earnings	earning	NOUN
ajfa-9610	464	9	management	management	NOUN
ajfa-9610	464	10	effectively	effectively	ADV
ajfa-9610	464	11	.	.	PUNCT
ajfa-9610	465	1	asian	asian	ADJ
ajfa-9610	465	2	journal	journal	PROPN
ajfa-9610	465	3	of	of	ADP
ajfa-9610	465	4	finance	finance	PROPN
ajfa-9610	465	5	&	&	CCONJ
ajfa-9610	465	6	accounting	accounting	PROPN
ajfa-9610	465	7	issn	issn	PROPN
ajfa-9610	465	8	1946	1946	NUM
ajfa-9610	465	9	-	-	PUNCT
ajfa-9610	465	10	052x	052x	PROPN
ajfa-9610	465	11	2016	2016	NUM
ajfa-9610	465	12	,	,	PUNCT
ajfa-9610	465	13	vol	vol	NOUN
ajfa-9610	465	14	.	.	PROPN
ajfa-9610	465	15	8	8	NUM
ajfa-9610	465	16	,	,	PUNCT
ajfa-9610	465	17	no	no	INTJ
ajfa-9610	465	18	.	.	NOUN
ajfa-9610	465	19	1	1	NUM
ajfa-9610	465	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9610	465	21	252	252	NUM
ajfa-9610	465	22	table	table	NOUN
ajfa-9610	465	23	7	7	NUM
ajfa-9610	465	24	.	.	PUNCT
ajfa-9610	465	25	corporate	corporate	ADJ
ajfa-9610	465	26	governance	governance	NOUN
ajfa-9610	465	27	variables	variable	NOUN
ajfa-9610	465	28	and	and	CCONJ
ajfa-9610	465	29	manipulating	manipulate	VERB
ajfa-9610	465	30	earnings	earning	NOUN
ajfa-9610	465	31	management	management	NOUN
ajfa-9610	465	32	pdem	pdem	NOUN
ajfa-9610	465	33	rem	rem	VERB
ajfa-9610	465	34	all	all	DET
ajfa-9610	465	35	sample	sample	NOUN
ajfa-9610	465	36	financing	financing	NOUN
ajfa-9610	465	37	sample	sample	NOUN
ajfa-9610	465	38	all	all	DET
ajfa-9610	465	39	sample	sample	NOUN
ajfa-9610	465	40	financing	financing	NOUN
ajfa-9610	465	41	sample	sample	NOUN
ajfa-9610	465	42	variable	variable	ADJ
ajfa-9610	465	43	pdem	pdem	PROPN
ajfa-9610	465	44	pdem	pdem	PROPN
ajfa-9610	465	45	acfo	acfo	PROPN
ajfa-9610	465	46	aprod	aprod	PROPN
ajfa-9610	465	47	adisx	adisx	PROPN
ajfa-9610	465	48	acfo	acfo	PROPN
ajfa-9610	465	49	aprod	aprod	PROPN
ajfa-9610	465	50	adisx	adisx	ADV
ajfa-9610	465	51	brdsize	brdsize	VERB
ajfa-9610	465	52	x	x	PUNCT
ajfa-9610	465	53	x	x	PUNCT
ajfa-9610	465	54	x	x	PUNCT
ajfa-9610	465	55	x	x	PUNCT
ajfa-9610	465	56	x	x	PUNCT
ajfa-9610	465	57	x	x	SYM
ajfa-9610	465	58	x	x	PUNCT
ajfa-9610	465	59	x	x	SYM
ajfa-9610	465	60	indedr	indedr	NOUN
ajfa-9610	465	61	v	v	ADP
ajfa-9610	465	62	v	v	NUM
ajfa-9610	465	63	v	v	NUM
ajfa-9610	465	64	v	v	NOUN
ajfa-9610	465	65	v	v	NOUN
ajfa-9610	465	66	x	x	NOUN
ajfa-9610	465	67	x	x	X
ajfa-9610	465	68	v	v	X
ajfa-9610	465	69	mshahd	mshahd	NOUN
ajfa-9610	465	70	x	x	X
ajfa-9610	465	71	x	x	PUNCT
ajfa-9610	465	72	x	x	PUNCT
ajfa-9610	465	73	x	x	SYM
ajfa-9610	465	74	v	v	X
ajfa-9610	465	75	x	x	SYM
ajfa-9610	465	76	x	x	X
ajfa-9610	465	77	x	x	X
ajfa-9610	465	78	inst	inst	NOUN
ajfa-9610	465	79	v	v	ADP
ajfa-9610	465	80	v	v	NOUN
ajfa-9610	465	81	v	v	NUM
ajfa-9610	465	82	v	v	NUM
ajfa-9610	465	83	v	v	NUM
ajfa-9610	465	84	v	v	NOUN
ajfa-9610	465	85	v	v	NOUN
ajfa-9610	465	86	x	x	NOUN
ajfa-9610	465	87	note	note	NOUN
ajfa-9610	465	88	:	:	PUNCT
ajfa-9610	466	1	1	1	X
ajfa-9610	466	2	.	.	PUNCT
ajfa-9610	466	3	the	the	DET
ajfa-9610	466	4	definitions	definition	NOUN
ajfa-9610	466	5	of	of	ADP
ajfa-9610	466	6	all	all	DET
ajfa-9610	466	7	variables	variable	NOUN
ajfa-9610	466	8	are	be	AUX
ajfa-9610	466	9	the	the	DET
ajfa-9610	466	10	same	same	ADJ
ajfa-9610	466	11	as	as	ADP
ajfa-9610	466	12	those	those	PRON
ajfa-9610	466	13	in	in	ADP
ajfa-9610	466	14	table	table	NOUN
ajfa-9610	466	15	3	3	NUM
ajfa-9610	466	16	.	.	NOUN
ajfa-9610	466	17	2	2	NUM
ajfa-9610	466	18	.	.	PUNCT
ajfa-9610	466	19	“	"	PUNCT
ajfa-9610	466	20	v	v	NOUN
ajfa-9610	466	21	”	"	PUNCT
ajfa-9610	466	22	means	mean	VERB
ajfa-9610	466	23	the	the	DET
ajfa-9610	466	24	variable	variable	NOUN
ajfa-9610	466	25	can	can	AUX
ajfa-9610	466	26	restrain	restrain	VERB
ajfa-9610	466	27	accrual	accrual	ADJ
ajfa-9610	466	28	or	or	CCONJ
ajfa-9610	466	29	real	real	ADJ
ajfa-9610	466	30	earnings	earning	NOUN
ajfa-9610	466	31	management	management	NOUN
ajfa-9610	466	32	.	.	PUNCT
ajfa-9610	467	1	3	3	X
ajfa-9610	467	2	.	.	PUNCT
ajfa-9610	467	3	“	"	PUNCT
ajfa-9610	467	4	x	x	X
ajfa-9610	467	5	”	"	PUNCT
ajfa-9610	467	6	means	mean	VERB
ajfa-9610	467	7	the	the	DET
ajfa-9610	467	8	variable	variable	NOUN
ajfa-9610	467	9	can	can	AUX
ajfa-9610	467	10	not	not	PART
ajfa-9610	467	11	restrain	restrain	VERB
ajfa-9610	467	12	accrual	accrual	ADJ
ajfa-9610	467	13	or	or	CCONJ
ajfa-9610	467	14	real	real	ADJ
ajfa-9610	467	15	earnings	earning	NOUN
ajfa-9610	467	16	management	management	NOUN
ajfa-9610	467	17	.	.	PUNCT
ajfa-9610	468	1	4.4	4.4	NUM
ajfa-9610	468	2	earnings	earning	NOUN
ajfa-9610	468	3	management	management	NOUN
ajfa-9610	468	4	tool	tool	NOUN
ajfa-9610	468	5	and	and	CCONJ
ajfa-9610	468	6	future	future	ADJ
ajfa-9610	468	7	performance	performance	NOUN
ajfa-9610	468	8	h3	h3	NOUN
ajfa-9610	468	9	examines	examine	VERB
ajfa-9610	468	10	whether	whether	SCONJ
ajfa-9610	468	11	the	the	DET
ajfa-9610	468	12	adoption	adoption	NOUN
ajfa-9610	468	13	of	of	ADP
ajfa-9610	468	14	different	different	ADJ
ajfa-9610	468	15	earnings	earning	NOUN
ajfa-9610	468	16	management	management	NOUN
ajfa-9610	468	17	tools	tool	NOUN
ajfa-9610	468	18	by	by	ADP
ajfa-9610	468	19	financing	finance	VERB
ajfa-9610	468	20	firms	firm	NOUN
ajfa-9610	468	21	affects	affect	VERB
ajfa-9610	468	22	their	their	PRON
ajfa-9610	468	23	post	post	ADJ
ajfa-9610	468	24	-	-	ADJ
ajfa-9610	468	25	financing	financing	ADJ
ajfa-9610	468	26	operating	operating	NOUN
ajfa-9610	468	27	performances	performance	NOUN
ajfa-9610	468	28	.	.	PUNCT
ajfa-9610	469	1	the	the	DET
ajfa-9610	469	2	number	number	NOUN
ajfa-9610	469	3	of	of	ADP
ajfa-9610	469	4	financing	financing	NOUN
ajfa-9610	469	5	firms	firm	NOUN
ajfa-9610	469	6	is	be	AUX
ajfa-9610	469	7	687	687	NUM
ajfa-9610	469	8	and	and	CCONJ
ajfa-9610	469	9	includes	include	VERB
ajfa-9610	469	10	521	521	NUM
ajfa-9610	469	11	samples	sample	NOUN
ajfa-9610	469	12	from	from	ADP
ajfa-9610	469	13	the	the	DET
ajfa-9610	469	14	issuance	issuance	NOUN
ajfa-9610	469	15	of	of	ADP
ajfa-9610	469	16	corporate	corporate	ADJ
ajfa-9610	469	17	bonds	bond	NOUN
ajfa-9610	469	18	and	and	CCONJ
ajfa-9610	469	19	222	222	NUM
ajfa-9610	469	20	samples	sample	NOUN
ajfa-9610	469	21	from	from	ADP
ajfa-9610	469	22	the	the	DET
ajfa-9610	469	23	issuance	issuance	NOUN
ajfa-9610	469	24	of	of	ADP
ajfa-9610	469	25	seasoned	seasoned	ADJ
ajfa-9610	469	26	equity	equity	NOUN
ajfa-9610	469	27	offerings	offering	NOUN
ajfa-9610	469	28	;	;	PUNCT
ajfa-9610	469	29	thus	thus	ADV
ajfa-9610	469	30	,	,	PUNCT
ajfa-9610	469	31	the	the	DET
ajfa-9610	469	32	sample	sample	NOUN
ajfa-9610	469	33	number	number	NOUN
ajfa-9610	469	34	of	of	ADP
ajfa-9610	469	35	corporate	corporate	ADJ
ajfa-9610	469	36	bond	bond	NOUN
ajfa-9610	469	37	and	and	CCONJ
ajfa-9610	469	38	seasoned	seasoned	ADJ
ajfa-9610	469	39	equity	equity	NOUN
ajfa-9610	469	40	offering	offering	NOUN
ajfa-9610	469	41	issues	issue	NOUN
ajfa-9610	469	42	concurrent	concurrent	ADJ
ajfa-9610	469	43	in	in	ADP
ajfa-9610	469	44	the	the	DET
ajfa-9610	469	45	same	same	ADJ
ajfa-9610	469	46	year	year	NOUN
ajfa-9610	469	47	during	during	ADP
ajfa-9610	469	48	the	the	DET
ajfa-9610	469	49	research	research	NOUN
ajfa-9610	469	50	period	period	NOUN
ajfa-9610	469	51	is	be	AUX
ajfa-9610	469	52	56	56	NUM
ajfa-9610	469	53	.	.	PUNCT
ajfa-9610	470	1	we	we	PRON
ajfa-9610	470	2	do	do	AUX
ajfa-9610	470	3	not	not	PART
ajfa-9610	470	4	delete	delete	VERB
ajfa-9610	470	5	the	the	DET
ajfa-9610	470	6	samples	sample	NOUN
ajfa-9610	470	7	that	that	PRON
ajfa-9610	470	8	issue	issue	VERB
ajfa-9610	470	9	both	both	DET
ajfa-9610	470	10	corporate	corporate	ADJ
ajfa-9610	470	11	bonds	bond	NOUN
ajfa-9610	470	12	and	and	CCONJ
ajfa-9610	470	13	seasoned	seasoned	ADJ
ajfa-9610	470	14	equity	equity	NOUN
ajfa-9610	470	15	offerings	offering	NOUN
ajfa-9610	470	16	concurrently	concurrently	ADV
ajfa-9610	470	17	in	in	ADP
ajfa-9610	470	18	the	the	DET
ajfa-9610	470	19	same	same	ADJ
ajfa-9610	470	20	year	year	NOUN
ajfa-9610	470	21	because	because	SCONJ
ajfa-9610	470	22	we	we	PRON
ajfa-9610	470	23	want	want	VERB
ajfa-9610	470	24	to	to	PART
ajfa-9610	470	25	investigate	investigate	VERB
ajfa-9610	470	26	the	the	DET
ajfa-9610	470	27	relationship	relationship	NOUN
ajfa-9610	470	28	between	between	ADP
ajfa-9610	470	29	the	the	DET
ajfa-9610	470	30	firms	firm	NOUN
ajfa-9610	470	31	with	with	ADP
ajfa-9610	470	32	financing	financing	NOUN
ajfa-9610	470	33	and	and	CCONJ
ajfa-9610	470	34	real	real	ADJ
ajfa-9610	470	35	earnings	earning	NOUN
ajfa-9610	470	36	management	management	NOUN
ajfa-9610	470	37	.	.	PUNCT
ajfa-9610	471	1	if	if	SCONJ
ajfa-9610	471	2	the	the	DET
ajfa-9610	471	3	purpose	purpose	NOUN
ajfa-9610	471	4	were	be	AUX
ajfa-9610	471	5	to	to	PART
ajfa-9610	471	6	investigate	investigate	VERB
ajfa-9610	471	7	the	the	DET
ajfa-9610	471	8	relationship	relationship	NOUN
ajfa-9610	471	9	between	between	ADP
ajfa-9610	471	10	different	different	ADJ
ajfa-9610	471	11	financing	financing	NOUN
ajfa-9610	471	12	policies	policy	NOUN
ajfa-9610	471	13	and	and	CCONJ
ajfa-9610	471	14	real	real	ADJ
ajfa-9610	471	15	earnings	earning	NOUN
ajfa-9610	471	16	management	management	NOUN
ajfa-9610	471	17	,	,	PUNCT
ajfa-9610	471	18	then	then	ADV
ajfa-9610	471	19	we	we	PRON
ajfa-9610	471	20	would	would	AUX
ajfa-9610	471	21	delete	delete	VERB
ajfa-9610	471	22	56	56	NUM
ajfa-9610	471	23	observations	observation	NOUN
ajfa-9610	471	24	to	to	PART
ajfa-9610	471	25	avoid	avoid	VERB
ajfa-9610	471	26	noise	noise	NOUN
ajfa-9610	471	27	.	.	PUNCT
ajfa-9610	472	1	this	this	DET
ajfa-9610	472	2	paper	paper	NOUN
ajfa-9610	472	3	also	also	ADV
ajfa-9610	472	4	examines	examine	VERB
ajfa-9610	472	5	the	the	DET
ajfa-9610	472	6	effect	effect	NOUN
ajfa-9610	472	7	of	of	ADP
ajfa-9610	472	8	adopting	adopt	VERB
ajfa-9610	472	9	earnings	earning	NOUN
ajfa-9610	472	10	management	management	NOUN
ajfa-9610	472	11	tools	tool	NOUN
ajfa-9610	472	12	on	on	ADP
ajfa-9610	472	13	the	the	DET
ajfa-9610	472	14	post	post	ADJ
ajfa-9610	472	15	-	-	ADJ
ajfa-9610	472	16	financing	financing	ADJ
ajfa-9610	472	17	operating	operating	NOUN
ajfa-9610	472	18	performances	performance	NOUN
ajfa-9610	472	19	(	(	PUNCT
ajfa-9610	472	20	roa	roa	PROPN
ajfa-9610	472	21	)	)	PUNCT
ajfa-9610	472	22	,	,	PUNCT
ajfa-9610	472	23	which	which	PRON
ajfa-9610	472	24	include	include	VERB
ajfa-9610	472	25	5,614	5,614	NUM
ajfa-9610	472	26	total	total	ADJ
ajfa-9610	472	27	samples	sample	NOUN
ajfa-9610	472	28	.	.	PUNCT
ajfa-9610	473	1	according	accord	VERB
ajfa-9610	473	2	to	to	ADP
ajfa-9610	473	3	all	all	DET
ajfa-9610	473	4	the	the	DET
ajfa-9610	473	5	samples	sample	NOUN
ajfa-9610	473	6	in	in	ADP
ajfa-9610	473	7	table	table	NOUN
ajfa-9610	473	8	8	8	NUM
ajfa-9610	473	9	,	,	PUNCT
ajfa-9610	473	10	there	there	PRON
ajfa-9610	473	11	is	be	VERB
ajfa-9610	473	12	a	a	DET
ajfa-9610	473	13	negative	negative	ADJ
ajfa-9610	473	14	relationship	relationship	NOUN
ajfa-9610	473	15	between	between	ADP
ajfa-9610	473	16	both	both	PRON
ajfa-9610	473	17	real	real	ADJ
ajfa-9610	473	18	earnings	earning	NOUN
ajfa-9610	473	19	management	management	NOUN
ajfa-9610	473	20	(	(	PUNCT
ajfa-9610	473	21	tem_r	tem_r	NOUN
ajfa-9610	473	22	)	)	PUNCT
ajfa-9610	473	23	and	and	CCONJ
ajfa-9610	473	24	accrual	accrual	ADJ
ajfa-9610	473	25	-	-	PUNCT
ajfa-9610	473	26	based	base	VERB
ajfa-9610	473	27	earnings	earning	NOUN
ajfa-9610	473	28	management	management	NOUN
ajfa-9610	473	29	(	(	PUNCT
ajfa-9610	473	30	tem_d	tem_d	NUM
ajfa-9610	473	31	)	)	PUNCT
ajfa-9610	473	32	and	and	CCONJ
ajfa-9610	473	33	operating	operating	NOUN
ajfa-9610	473	34	performance	performance	NOUN
ajfa-9610	473	35	(	(	PUNCT
ajfa-9610	473	36	roa	roa	NOUN
ajfa-9610	473	37	)	)	PUNCT
ajfa-9610	473	38	in	in	ADP
ajfa-9610	473	39	financing	financing	NOUN
ajfa-9610	473	40	year	year	NOUN
ajfa-9610	473	41	+1	+1	PROPN
ajfa-9610	473	42	and	and	CCONJ
ajfa-9610	473	43	+2	+2	PROPN
ajfa-9610	473	44	.	.	PUNCT
ajfa-9610	474	1	it	it	PRON
ajfa-9610	474	2	constantly	constantly	ADV
ajfa-9610	474	3	affects	affect	VERB
ajfa-9610	474	4	two	two	NUM
ajfa-9610	474	5	years	year	NOUN
ajfa-9610	474	6	.	.	PUNCT
ajfa-9610	475	1	moreover	moreover	ADV
ajfa-9610	475	2	,	,	PUNCT
ajfa-9610	475	3	it	it	PRON
ajfa-9610	475	4	reports	report	VERB
ajfa-9610	475	5	significant	significant	ADJ
ajfa-9610	475	6	negative	negative	ADJ
ajfa-9610	475	7	relationship	relationship	NOUN
ajfa-9610	475	8	of	of	ADP
ajfa-9610	475	9	tem_r	tem_r	NOUN
ajfa-9610	475	10	in	in	ADP
ajfa-9610	475	11	year	year	NOUN
ajfa-9610	475	12	+3	+3	PROPN
ajfa-9610	475	13	.	.	PUNCT
ajfa-9610	476	1	even	even	ADV
ajfa-9610	476	2	if	if	SCONJ
ajfa-9610	476	3	firms	firm	NOUN
ajfa-9610	476	4	have	have	VERB
ajfa-9610	476	5	no	no	DET
ajfa-9610	476	6	financing	financing	NOUN
ajfa-9610	476	7	activities	activity	NOUN
ajfa-9610	476	8	,	,	PUNCT
ajfa-9610	476	9	the	the	DET
ajfa-9610	476	10	engagement	engagement	NOUN
ajfa-9610	476	11	of	of	ADP
ajfa-9610	476	12	real	real	ADJ
ajfa-9610	476	13	earnings	earning	NOUN
ajfa-9610	476	14	management	management	NOUN
ajfa-9610	476	15	is	be	AUX
ajfa-9610	476	16	detrimental	detrimental	ADJ
ajfa-9610	476	17	to	to	ADP
ajfa-9610	476	18	firm	firm	ADJ
ajfa-9610	476	19	value	value	NOUN
ajfa-9610	476	20	.	.	PUNCT
ajfa-9610	477	1	therefore	therefore	ADV
ajfa-9610	477	2	,	,	PUNCT
ajfa-9610	477	3	h3	h3	NOUN
ajfa-9610	477	4	is	be	AUX
ajfa-9610	477	5	supported	support	VERB
ajfa-9610	477	6	,	,	PUNCT
ajfa-9610	477	7	which	which	PRON
ajfa-9610	477	8	is	be	AUX
ajfa-9610	477	9	consistent	consistent	ADJ
ajfa-9610	477	10	with	with	ADP
ajfa-9610	477	11	graham	graham	PROPN
ajfa-9610	477	12	et	et	PROPN
ajfa-9610	477	13	al	al	PROPN
ajfa-9610	477	14	.	.	PROPN
ajfa-9610	478	1	(	(	PUNCT
ajfa-9610	478	2	2005	2005	NUM
ajfa-9610	478	3	)	)	PUNCT
ajfa-9610	478	4	and	and	CCONJ
ajfa-9610	478	5	roychowdhury	roychowdhury	NOUN
ajfa-9610	478	6	(	(	PUNCT
ajfa-9610	478	7	2006	2006	NUM
ajfa-9610	478	8	)	)	PUNCT
ajfa-9610	478	9	,	,	PUNCT
ajfa-9610	478	10	by	by	ADP
ajfa-9610	478	11	the	the	DET
ajfa-9610	478	12	fact	fact	NOUN
ajfa-9610	478	13	that	that	SCONJ
ajfa-9610	478	14	real	real	ADJ
ajfa-9610	478	15	earnings	earning	NOUN
ajfa-9610	478	16	management	management	NOUN
ajfa-9610	478	17	affects	affect	VERB
ajfa-9610	478	18	cash	cash	NOUN
ajfa-9610	478	19	flows	flow	NOUN
ajfa-9610	478	20	and	and	CCONJ
ajfa-9610	478	21	causes	cause	VERB
ajfa-9610	478	22	severe	severe	ADJ
ajfa-9610	478	23	economic	economic	ADJ
ajfa-9610	478	24	consequences	consequence	NOUN
ajfa-9610	478	25	.	.	PUNCT
ajfa-9610	479	1	in	in	ADP
ajfa-9610	479	2	addition	addition	NOUN
ajfa-9610	479	3	,	,	PUNCT
ajfa-9610	479	4	the	the	DET
ajfa-9610	479	5	results	result	NOUN
ajfa-9610	479	6	on	on	ADP
ajfa-9610	479	7	financing	finance	VERB
ajfa-9610	479	8	subsamples	subsample	NOUN
ajfa-9610	479	9	in	in	ADP
ajfa-9610	479	10	panel	panel	NOUN
ajfa-9610	479	11	a	a	PRON
ajfa-9610	479	12	of	of	ADP
ajfa-9610	479	13	table	table	NOUN
ajfa-9610	479	14	8	8	NUM
ajfa-9610	479	15	show	show	VERB
ajfa-9610	479	16	that	that	SCONJ
ajfa-9610	479	17	operating	operating	NOUN
ajfa-9610	479	18	performance	performance	NOUN
ajfa-9610	479	19	(	(	PUNCT
ajfa-9610	479	20	roa	roa	NOUN
ajfa-9610	479	21	)	)	PUNCT
ajfa-9610	479	22	are	be	AUX
ajfa-9610	479	23	negatively	negatively	ADV
ajfa-9610	479	24	related	relate	VERB
ajfa-9610	479	25	to	to	ADP
ajfa-9610	479	26	real	real	ADJ
ajfa-9610	479	27	earnings	earning	NOUN
ajfa-9610	479	28	management	management	NOUN
ajfa-9610	479	29	(	(	PUNCT
ajfa-9610	479	30	tem_r	tem_r	NOUN
ajfa-9610	479	31	)	)	PUNCT
ajfa-9610	479	32	in	in	ADP
ajfa-9610	479	33	financing	financing	NOUN
ajfa-9610	479	34	year	year	NOUN
ajfa-9610	479	35	+1	+1	PROPN
ajfa-9610	479	36	and	and	CCONJ
ajfa-9610	479	37	+2	+2	PROPN
ajfa-9610	479	38	,	,	PUNCT
ajfa-9610	479	39	but	but	CCONJ
ajfa-9610	479	40	are	be	AUX
ajfa-9610	479	41	unrelated	unrelated	ADJ
ajfa-9610	479	42	to	to	ADP
ajfa-9610	479	43	accrual	accrual	ADJ
ajfa-9610	479	44	-	-	PUNCT
ajfa-9610	479	45	based	base	VERB
ajfa-9610	479	46	earnings	earning	NOUN
ajfa-9610	479	47	management	management	NOUN
ajfa-9610	479	48	(	(	PUNCT
ajfa-9610	479	49	tem_d	tem_d	NUM
ajfa-9610	479	50	)	)	PUNCT
ajfa-9610	479	51	.	.	PUNCT
ajfa-9610	480	1	this	this	PRON
ajfa-9610	480	2	implies	imply	VERB
ajfa-9610	480	3	that	that	SCONJ
ajfa-9610	480	4	managers	manager	NOUN
ajfa-9610	480	5	may	may	AUX
ajfa-9610	480	6	increase	increase	VERB
ajfa-9610	480	7	income	income	NOUN
ajfa-9610	480	8	by	by	ADP
ajfa-9610	480	9	reducing	reduce	VERB
ajfa-9610	480	10	research	research	NOUN
ajfa-9610	480	11	,	,	PUNCT
ajfa-9610	480	12	development	development	NOUN
ajfa-9610	480	13	expenses	expense	NOUN
ajfa-9610	480	14	,	,	PUNCT
ajfa-9610	480	15	cut	cut	VERB
ajfa-9610	480	16	prices	price	NOUN
ajfa-9610	480	17	to	to	PART
ajfa-9610	480	18	boost	boost	VERB
ajfa-9610	480	19	sales	sale	NOUN
ajfa-9610	480	20	,	,	PUNCT
ajfa-9610	480	21	and	and	CCONJ
ajfa-9610	480	22	overproduce	overproduce	VERB
ajfa-9610	480	23	to	to	PART
ajfa-9610	480	24	deduct	deduct	VERB
ajfa-9610	480	25	cogs	cog	NOUN
ajfa-9610	480	26	expenses	expense	NOUN
ajfa-9610	480	27	during	during	ADP
ajfa-9610	480	28	the	the	DET
ajfa-9610	480	29	financing	financing	NOUN
ajfa-9610	480	30	year	year	NOUN
ajfa-9610	480	31	.	.	PUNCT
ajfa-9610	481	1	after	after	ADP
ajfa-9610	481	2	that	that	PRON
ajfa-9610	481	3	,	,	PUNCT
ajfa-9610	481	4	the	the	DET
ajfa-9610	481	5	operating	operating	NOUN
ajfa-9610	481	6	performance	performance	NOUN
ajfa-9610	481	7	of	of	ADP
ajfa-9610	481	8	the	the	DET
ajfa-9610	481	9	company	company	NOUN
ajfa-9610	481	10	will	will	AUX
ajfa-9610	481	11	decrease	decrease	VERB
ajfa-9610	481	12	for	for	ADP
ajfa-9610	481	13	the	the	DET
ajfa-9610	481	14	following	follow	VERB
ajfa-9610	481	15	two	two	NUM
ajfa-9610	481	16	years	year	NOUN
ajfa-9610	481	17	.	.	PUNCT
ajfa-9610	482	1	as	as	SCONJ
ajfa-9610	482	2	shown	show	VERB
ajfa-9610	482	3	on	on	ADP
ajfa-9610	482	4	panel	panel	NOUN
ajfa-9610	482	5	b	b	NOUN
ajfa-9610	482	6	,	,	PUNCT
ajfa-9610	482	7	we	we	PRON
ajfa-9610	482	8	also	also	ADV
ajfa-9610	482	9	distinguish	distinguish	VERB
ajfa-9610	482	10	between	between	ADP
ajfa-9610	482	11	bond	bond	NOUN
ajfa-9610	482	12	issuers	issuer	NOUN
ajfa-9610	482	13	and	and	CCONJ
ajfa-9610	482	14	seo	seo	NOUN
ajfa-9610	482	15	firms	firm	NOUN
ajfa-9610	482	16	in	in	ADP
ajfa-9610	482	17	the	the	DET
ajfa-9610	482	18	multivariate	multivariate	NOUN
ajfa-9610	482	19	test	test	NOUN
ajfa-9610	482	20	.	.	PUNCT
ajfa-9610	483	1	it	it	PRON
ajfa-9610	483	2	reveals	reveal	VERB
ajfa-9610	483	3	that	that	SCONJ
ajfa-9610	483	4	operating	operating	NOUN
ajfa-9610	483	5	performance	performance	NOUN
ajfa-9610	483	6	(	(	PUNCT
ajfa-9610	483	7	roa	roa	NOUN
ajfa-9610	483	8	)	)	PUNCT
ajfa-9610	483	9	will	will	AUX
ajfa-9610	483	10	decrease	decrease	VERB
ajfa-9610	483	11	in	in	ADP
ajfa-9610	483	12	the	the	DET
ajfa-9610	483	13	bonds	bond	NOUN
ajfa-9610	483	14	financing	financing	NOUN
ajfa-9610	483	15	year	year	NOUN
ajfa-9610	483	16	+1	+1	PROPN
ajfa-9610	483	17	to	to	ADP
ajfa-9610	483	18	+2	+2	PROPN
ajfa-9610	483	19	,	,	PUNCT
ajfa-9610	483	20	when	when	SCONJ
ajfa-9610	483	21	firms	firm	NOUN
ajfa-9610	483	22	conduct	conduct	VERB
ajfa-9610	483	23	real	real	ADJ
ajfa-9610	483	24	earnings	earning	NOUN
ajfa-9610	483	25	management	management	NOUN
ajfa-9610	483	26	in	in	ADP
ajfa-9610	483	27	bonds	bond	NOUN
ajfa-9610	483	28	issuing	issue	VERB
ajfa-9610	483	29	year	year	NOUN
ajfa-9610	483	30	.	.	PUNCT
ajfa-9610	484	1	however	however	ADV
ajfa-9610	484	2	,	,	PUNCT
ajfa-9610	484	3	there	there	PRON
ajfa-9610	484	4	is	be	VERB
ajfa-9610	484	5	no	no	DET
ajfa-9610	484	6	significant	significant	ADJ
ajfa-9610	484	7	relationship	relationship	NOUN
ajfa-9610	484	8	between	between	ADP
ajfa-9610	484	9	accrual	accrual	ADJ
ajfa-9610	484	10	-	-	PUNCT
ajfa-9610	484	11	based	base	VERB
ajfa-9610	484	12	earnings	earning	NOUN
ajfa-9610	484	13	management	management	NOUN
ajfa-9610	484	14	asian	asian	ADJ
ajfa-9610	484	15	journal	journal	NOUN
ajfa-9610	484	16	of	of	ADP
ajfa-9610	484	17	finance	finance	PROPN
ajfa-9610	484	18	&	&	CCONJ
ajfa-9610	484	19	accounting	accounting	PROPN
ajfa-9610	484	20	issn	issn	PROPN
ajfa-9610	484	21	1946	1946	NUM
ajfa-9610	484	22	-	-	PUNCT
ajfa-9610	484	23	052x	052x	PROPN
ajfa-9610	484	24	2016	2016	NUM
ajfa-9610	484	25	,	,	PUNCT
ajfa-9610	484	26	vol	vol	NOUN
ajfa-9610	484	27	.	.	PROPN
ajfa-9610	484	28	8	8	NUM
ajfa-9610	484	29	,	,	PUNCT
ajfa-9610	484	30	no	no	INTJ
ajfa-9610	484	31	.	.	NOUN
ajfa-9610	484	32	1	1	NUM
ajfa-9610	484	33	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9610	484	34	253	253	NUM
ajfa-9610	484	35	(	(	PUNCT
ajfa-9610	484	36	tem_d	tem_d	NUM
ajfa-9610	484	37	)	)	PUNCT
ajfa-9610	484	38	and	and	CCONJ
ajfa-9610	484	39	operating	operating	NOUN
ajfa-9610	484	40	performance	performance	NOUN
ajfa-9610	484	41	after	after	ADP
ajfa-9610	484	42	bonds	bond	NOUN
ajfa-9610	484	43	or	or	CCONJ
ajfa-9610	484	44	seo	seo	NOUN
ajfa-9610	484	45	financings	financing	NOUN
ajfa-9610	484	46	.	.	PUNCT
ajfa-9610	485	1	firms	firm	NOUN
ajfa-9610	485	2	issue	issue	VERB
ajfa-9610	485	3	bonds	bond	NOUN
ajfa-9610	485	4	and	and	CCONJ
ajfa-9610	485	5	engage	engage	VERB
ajfa-9610	485	6	in	in	ADP
ajfa-9610	485	7	the	the	DET
ajfa-9610	485	8	real	real	ADJ
ajfa-9610	485	9	earnings	earning	NOUN
ajfa-9610	485	10	management	management	NOUN
ajfa-9610	485	11	to	to	PART
ajfa-9610	485	12	avoid	avoid	VERB
ajfa-9610	485	13	frequent	frequent	ADJ
ajfa-9610	485	14	outside	outside	ADJ
ajfa-9610	485	15	monitoring	monitoring	NOUN
ajfa-9610	485	16	by	by	ADP
ajfa-9610	485	17	investors	investor	NOUN
ajfa-9610	485	18	,	,	PUNCT
ajfa-9610	485	19	cpa	cpa	NOUN
ajfa-9610	485	20	or	or	CCONJ
ajfa-9610	485	21	government	government	NOUN
ajfa-9610	485	22	in	in	ADP
ajfa-9610	485	23	bond	bond	NOUN
ajfa-9610	485	24	issuing	issuing	NOUN
ajfa-9610	485	25	year	year	NOUN
ajfa-9610	485	26	.	.	PUNCT
ajfa-9610	486	1	and	and	CCONJ
ajfa-9610	486	2	then	then	ADV
ajfa-9610	486	3	,	,	PUNCT
ajfa-9610	486	4	it	it	PRON
ajfa-9610	486	5	also	also	ADV
ajfa-9610	486	6	causes	cause	VERB
ajfa-9610	486	7	operating	operating	NOUN
ajfa-9610	486	8	performance	performance	NOUN
ajfa-9610	486	9	to	to	PART
ajfa-9610	486	10	decline	decline	VERB
ajfa-9610	486	11	continuously	continuously	ADV
ajfa-9610	486	12	two	two	NUM
ajfa-9610	486	13	years	year	NOUN
ajfa-9610	486	14	after	after	ADP
ajfa-9610	486	15	bond	bond	NOUN
ajfa-9610	486	16	financing	financing	NOUN
ajfa-9610	486	17	.	.	PUNCT
ajfa-9610	487	1	table	table	NOUN
ajfa-9610	487	2	8	8	NUM
ajfa-9610	487	3	.	.	PUNCT
ajfa-9610	488	1	earnings	earning	NOUN
ajfa-9610	488	2	management	management	NOUN
ajfa-9610	488	3	and	and	CCONJ
ajfa-9610	488	4	future	future	ADJ
ajfa-9610	488	5	performance	performance	NOUN
ajfa-9610	488	6	ititititititititit	ititititititititit	NOUN
ajfa-9610	488	7	returnmbsizebetartemdtemroa	returnmbsizebetartemdtemroa	VERB
ajfa-9610	488	8	εββββββββ	εββββββββ	VERB
ajfa-9610	488	9	+	+	PROPN
ajfa-9610	488	10	+	+	ADJ
ajfa-9610	488	11	+	+	ADJ
ajfa-9610	488	12	+	+	ADJ
ajfa-9610	488	13	+	+	ADJ
ajfa-9610	488	14	+	+	ADJ
ajfa-9610	488	15	+	+	ADJ
ajfa-9610	488	16	+	+	ADJ
ajfa-9610	488	17	=	=	ADJ
ajfa-9610	488	18	+	+	X
ajfa-9610	488	19	stanret	stanret	NOUN
ajfa-9610	488	20	_	_	PUNCT
ajfa-9610	489	1	_	_	PUNCT
ajfa-9610	489	2	765432101	765432101	NUM
ajfa-9610	489	3	panel	panel	NOUN
ajfa-9610	489	4	a	a	DET
ajfa-9610	489	5	variable	variable	ADJ
ajfa-9610	489	6	expected	expect	VERB
ajfa-9610	489	7	sign	sign	NOUN
ajfa-9610	489	8	all	all	DET
ajfa-9610	489	9	sample	sample	NOUN
ajfa-9610	489	10	financing	financing	NOUN
ajfa-9610	489	11	sample	sample	NOUN
ajfa-9610	489	12	coefficient	coefficient	NOUN
ajfa-9610	489	13	t	t	PROPN
ajfa-9610	489	14	value	value	NOUN
ajfa-9610	489	15	coefficient	coefficient	NOUN
ajfa-9610	489	16	t	t	PROPN
ajfa-9610	489	17	value	value	NOUN
ajfa-9610	489	18	intercept	intercept	NOUN
ajfa-9610	489	19	-0.2658	-0.2658	NOUN
ajfa-9610	489	20	*	*	PUNCT
ajfa-9610	490	1	*	*	PUNCT
ajfa-9610	490	2	*	*	PUNCT
ajfa-9610	490	3	-14.2409	-14.2409	X
ajfa-9610	490	4	-0.1944	-0.1944	X
ajfa-9610	491	1	*	*	PUNCT
ajfa-9610	491	2	*	*	PUNCT
ajfa-9610	491	3	*	*	PUNCT
ajfa-9610	491	4	-4.2792	-4.2792	PROPN
ajfa-9610	491	5	tem_d	tem_d	PROPN
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ajfa-9610	491	7	*	*	PUNCT
ajfa-9610	492	1	*	*	NOUN
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ajfa-9610	492	3	-0.0042	-0.0042	PROPN
ajfa-9610	493	1	-0.5228	-0.5228	PROPN
ajfa-9610	493	2	tem_r	tem_r	PROPN
ajfa-9610	493	3	-0.0184	-0.0184	PUNCT
ajfa-9610	494	1	*	*	PUNCT
ajfa-9610	494	2	*	*	PUNCT
ajfa-9610	494	3	*	*	VERB
ajfa-9610	494	4	-6.5220	-6.5220	NOUN
ajfa-9610	494	5	-0.0250	-0.0250	ADJ
ajfa-9610	495	1	*	*	PUNCT
ajfa-9610	495	2	*	*	PUNCT
ajfa-9610	495	3	*	*	PUNCT
ajfa-9610	495	4	-3.1108	-3.1108	X
ajfa-9610	495	5	beta	beta	ADJ
ajfa-9610	495	6	-0.0218	-0.0218	NOUN
ajfa-9610	495	7	*	*	PUNCT
ajfa-9610	495	8	*	*	PUNCT
ajfa-9610	495	9	*	*	PUNCT
ajfa-9610	495	10	-4.6877	-4.6877	PROPN
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ajfa-9610	495	13	size	size	NOUN
ajfa-9610	495	14	+	+	X
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ajfa-9610	495	16	*	*	PUNCT
ajfa-9610	495	17	*	*	PUNCT
ajfa-9610	495	18	*	*	PUNCT
ajfa-9610	495	19	13.6933	13.6933	NUM
ajfa-9610	495	20	0.0100	0.0100	NUM
ajfa-9610	495	21	*	*	PUNCT
ajfa-9610	496	1	*	*	PUNCT
ajfa-9610	496	2	*	*	PUNCT
ajfa-9610	497	1	3.6607	3.6607	NUM
ajfa-9610	497	2	mb	mb	ADP
ajfa-9610	497	3	+	+	CCONJ
ajfa-9610	497	4	0.1340	0.1340	NUM
ajfa-9610	497	5	*	*	PUNCT
ajfa-9610	497	6	*	*	PUNCT
ajfa-9610	497	7	*	*	X
ajfa-9610	497	8	15.8748	15.8748	NUM
ajfa-9610	497	9	0.1831	0.1831	NUM
ajfa-9610	497	10	*	*	PUNCT
ajfa-9610	497	11	*	*	PUNCT
ajfa-9610	497	12	*	*	PUNCT
ajfa-9610	497	13	6.2378	6.2378	NUM
ajfa-9610	497	14	return	return	NOUN
ajfa-9610	497	15	+	+	CCONJ
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ajfa-9610	497	17	*	*	PUNCT
ajfa-9610	497	18	*	*	PUNCT
ajfa-9610	497	19	*	*	PUNCT
ajfa-9610	497	20	2.7669	2.7669	NUM
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ajfa-9610	497	22	-0.9462	-0.9462	NOUN
ajfa-9610	497	23	stanret	stanret	VERB
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ajfa-9610	498	1	*	*	PUNCT
ajfa-9610	498	2	*	*	PUNCT
ajfa-9610	498	3	*	*	PUNCT
ajfa-9610	498	4	3.9257	3.9257	NUM
ajfa-9610	498	5	0.0102	0.0102	NUM
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ajfa-9610	498	7	samples	sample	NOUN
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ajfa-9610	498	9	687	687	NUM
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ajfa-9610	498	13	0.068	0.068	NUM
ajfa-9610	498	14	f	f	PROPN
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ajfa-9610	498	16	(	(	PUNCT
ajfa-9610	498	17	p	p	NOUN
ajfa-9610	498	18	value	value	NOUN
ajfa-9610	498	19	)	)	PUNCT
ajfa-9610	498	20	63.005	63.005	NUM
ajfa-9610	498	21	(	(	PUNCT
ajfa-9610	498	22	<	<	X
ajfa-9610	498	23	.0001	.0001	X
ajfa-9610	498	24	)	)	PUNCT
ajfa-9610	498	25	8.180	8.180	NUM
ajfa-9610	498	26	(	(	PUNCT
ajfa-9610	498	27	<	<	NOUN
ajfa-9610	498	28	.0001	.0001	NOUN
ajfa-9610	498	29	)	)	PUNCT
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ajfa-9610	499	1	b	b	PROPN
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ajfa-9610	499	4	sign	sign	NOUN
ajfa-9610	499	5	seos	seo	NOUN
ajfa-9610	499	6	sample	sample	NOUN
ajfa-9610	499	7	bond	bond	NOUN
ajfa-9610	499	8	sample	sample	NOUN
ajfa-9610	499	9	coefficient	coefficient	NOUN
ajfa-9610	499	10	t	t	PROPN
ajfa-9610	499	11	value	value	NOUN
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ajfa-9610	499	13	t	t	PROPN
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ajfa-9610	499	17	*	*	PUNCT
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ajfa-9610	500	1	*	*	PUNCT
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ajfa-9610	500	3	*	*	PUNCT
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ajfa-9610	500	5	tem_d	tem_d	NUM
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ajfa-9610	502	1	tem_r	tem_r	PROPN
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ajfa-9610	502	4	-0.0317	-0.0317	PUNCT
ajfa-9610	503	1	*	*	PUNCT
ajfa-9610	503	2	*	*	PUNCT
ajfa-9610	503	3	*	*	PUNCT
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ajfa-9610	503	10	size	size	NOUN
ajfa-9610	503	11	+	+	X
ajfa-9610	503	12	0.0193	0.0193	NUM
ajfa-9610	503	13	*	*	PUNCT
ajfa-9610	503	14	*	*	PUNCT
ajfa-9610	503	15	2.3059	2.3059	NUM
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ajfa-9610	503	17	*	*	PUNCT
ajfa-9610	503	18	*	*	PUNCT
ajfa-9610	504	1	*	*	X
ajfa-9610	504	2	3.4701	3.4701	NUM
ajfa-9610	504	3	mb	mb	ADP
ajfa-9610	504	4	+	+	CCONJ
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ajfa-9610	504	6	*	*	PUNCT
ajfa-9610	504	7	*	*	PUNCT
ajfa-9610	504	8	*	*	PUNCT
ajfa-9610	504	9	3.8801	3.8801	NUM
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ajfa-9610	504	11	*	*	PUNCT
ajfa-9610	504	12	*	*	PUNCT
ajfa-9610	504	13	*	*	PUNCT
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ajfa-9610	504	16	+	+	NUM
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ajfa-9610	504	21	stanret	stanret	PROPN
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ajfa-9610	505	5	samples	sample	NOUN
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ajfa-9610	505	9	r2	r2	NOUN
ajfa-9610	505	10	0.051	0.051	NUM
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ajfa-9610	505	12	f	f	PROPN
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ajfa-9610	505	14	(	(	PUNCT
ajfa-9610	505	15	p	p	NOUN
ajfa-9610	505	16	value	value	NOUN
ajfa-9610	505	17	)	)	PUNCT
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ajfa-9610	505	20	<	<	X
ajfa-9610	505	21	.05	.05	NUM
ajfa-9610	505	22	)	)	PUNCT
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ajfa-9610	505	24	(	(	PUNCT
ajfa-9610	505	25	<	<	NOUN
ajfa-9610	505	26	.0001	.0001	X
ajfa-9610	505	27	)	)	PUNCT
ajfa-9610	505	28	ititititititititit	ititititititititit	NOUN
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ajfa-9610	505	30	εββββββββ	εββββββββ	VERB
ajfa-9610	506	1	+	+	PROPN
ajfa-9610	507	1	+	+	ADJ
ajfa-9610	507	2	+	+	ADJ
ajfa-9610	507	3	+	+	ADJ
ajfa-9610	507	4	+	+	ADJ
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ajfa-9610	514	20	(	(	PUNCT
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ajfa-9610	514	31	<	<	NOUN
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ajfa-9610	515	10	-	-	PUNCT
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ajfa-9610	515	20	1	1	NUM
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ajfa-9610	515	31	t	t	PROPN
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ajfa-9610	515	34	t	t	PROPN
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ajfa-9610	536	9	size	size	NOUN
ajfa-9610	536	10	+	+	CCONJ
ajfa-9610	536	11	-0.0018	-0.0018	NOUN
ajfa-9610	536	12	-0.2375	-0.2375	VERB
ajfa-9610	537	1	0.0011	0.0011	NUM
ajfa-9610	537	2	0.3695	0.3695	NUM
ajfa-9610	537	3	mb	mb	ADP
ajfa-9610	537	4	+	+	NUM
ajfa-9610	537	5	0.0944	0.0944	NUM
ajfa-9610	537	6	*	*	PUNCT
ajfa-9610	537	7	*	*	PUNCT
ajfa-9610	537	8	1.9903	1.9903	NUM
ajfa-9610	537	9	0.1179	0.1179	NUM
ajfa-9610	537	10	*	*	PUNCT
ajfa-9610	537	11	*	*	PUNCT
ajfa-9610	537	12	*	*	PUNCT
ajfa-9610	537	13	3.0968	3.0968	NUM
ajfa-9610	537	14	return	return	NOUN
ajfa-9610	537	15	+	+	CCONJ
ajfa-9610	537	16	-0.0364	-0.0364	NOUN
ajfa-9610	537	17	*	*	PUNCT
ajfa-9610	537	18	*	*	PUNCT
ajfa-9610	537	19	*	*	PUNCT
ajfa-9610	537	20	-4.6234	-4.6234	PROPN
ajfa-9610	537	21	-0.0158	-0.0158	NOUN
ajfa-9610	538	1	*	*	PUNCT
ajfa-9610	538	2	*	*	PUNCT
ajfa-9610	538	3	*	*	PROPN
ajfa-9610	538	4	-3.2776	-3.2776	PROPN
ajfa-9610	538	5	stanret	stanret	PROPN
ajfa-9610	538	6	-0.0100	-0.0100	PROPN
ajfa-9610	538	7	-0.6487	-0.6487	VERB
ajfa-9610	538	8	0.0011	0.0011	NUM
ajfa-9610	538	9	0.1038	0.1038	NUM
ajfa-9610	538	10	samples	sample	NOUN
ajfa-9610	538	11	222	222	NUM
ajfa-9610	538	12	521	521	NUM
ajfa-9610	538	13	adjusted	adjust	VERB
ajfa-9610	538	14	r2	r2	NOUN
ajfa-9610	538	15	0.098	0.098	NUM
ajfa-9610	538	16	0.042	0.042	NUM
ajfa-9610	538	17	f	f	PROPN
ajfa-9610	538	18	value	value	NOUN
ajfa-9610	538	19	(	(	PUNCT
ajfa-9610	538	20	p	p	NOUN
ajfa-9610	538	21	value	value	NOUN
ajfa-9610	538	22	)	)	PUNCT
ajfa-9610	539	1	4.433	4.433	NUM
ajfa-9610	539	2	(	(	PUNCT
ajfa-9610	539	3	<	<	X
ajfa-9610	539	4	.0001	.0001	X
ajfa-9610	539	5	)	)	PUNCT
ajfa-9610	539	6	4.278	4.278	NUM
ajfa-9610	539	7	(	(	PUNCT
ajfa-9610	539	8	<	<	NOUN
ajfa-9610	539	9	.0001	.0001	X
ajfa-9610	539	10	)	)	PUNCT
ajfa-9610	539	11	note	note	NOUN
ajfa-9610	539	12	:	:	PUNCT
ajfa-9610	540	1	1	1	X
ajfa-9610	540	2	.	.	PUNCT
ajfa-9610	541	1	the	the	DET
ajfa-9610	541	2	definitions	definition	NOUN
ajfa-9610	541	3	of	of	ADP
ajfa-9610	541	4	all	all	DET
ajfa-9610	541	5	variables	variable	NOUN
ajfa-9610	541	6	are	be	AUX
ajfa-9610	541	7	the	the	DET
ajfa-9610	541	8	same	same	ADJ
ajfa-9610	541	9	as	as	ADP
ajfa-9610	541	10	those	those	PRON
ajfa-9610	541	11	in	in	ADP
ajfa-9610	541	12	table	table	NOUN
ajfa-9610	541	13	3	3	NUM
ajfa-9610	541	14	.	.	NOUN
ajfa-9610	541	15	2	2	NUM
ajfa-9610	541	16	.	.	X
ajfa-9610	542	1	*	*	PUNCT
ajfa-9610	542	2	,	,	PUNCT
ajfa-9610	542	3	*	*	PUNCT
ajfa-9610	542	4	*	*	PUNCT
ajfa-9610	542	5	,	,	PUNCT
ajfa-9610	542	6	*	*	PUNCT
ajfa-9610	542	7	*	*	PUNCT
ajfa-9610	542	8	*	*	PUNCT
ajfa-9610	542	9	are	be	AUX
ajfa-9610	542	10	significant	significant	ADJ
ajfa-9610	542	11	at	at	ADP
ajfa-9610	542	12	the	the	DET
ajfa-9610	542	13	10	10	NUM
ajfa-9610	542	14	,	,	PUNCT
ajfa-9610	542	15	5	5	NUM
ajfa-9610	542	16	,	,	PUNCT
ajfa-9610	542	17	and	and	CCONJ
ajfa-9610	542	18	1	1	NUM
ajfa-9610	542	19	percent	percent	NOUN
ajfa-9610	542	20	levels	level	NOUN
ajfa-9610	542	21	,	,	PUNCT
ajfa-9610	542	22	respectively	respectively	ADV
ajfa-9610	542	23	.	.	PUNCT
ajfa-9610	543	1	4.5	4.5	NUM
ajfa-9610	543	2	robustness	robustness	NOUN
ajfa-9610	543	3	check	check	VERB
ajfa-9610	543	4	4.5.1	4.5.1	NUM
ajfa-9610	543	5	audit	audit	NOUN
ajfa-9610	543	6	fee	fee	NOUN
ajfa-9610	543	7	,	,	PUNCT
ajfa-9610	543	8	non	non	ADJ
ajfa-9610	543	9	-	-	ADJ
ajfa-9610	543	10	audit	audit	ADJ
ajfa-9610	543	11	fee	fee	NOUN
ajfa-9610	543	12	and	and	CCONJ
ajfa-9610	543	13	real	real	ADJ
ajfa-9610	543	14	earnings	earning	NOUN
ajfa-9610	543	15	management	management	NOUN
ajfa-9610	543	16	according	accord	VERB
ajfa-9610	543	17	to	to	ADP
ajfa-9610	543	18	our	our	PRON
ajfa-9610	543	19	empirical	empirical	ADJ
ajfa-9610	543	20	finding	finding	NOUN
ajfa-9610	543	21	from	from	ADP
ajfa-9610	543	22	h2	h2	NOUN
ajfa-9610	543	23	,	,	PUNCT
ajfa-9610	543	24	among	among	ADP
ajfa-9610	543	25	external	external	ADJ
ajfa-9610	543	26	monitoring	monitoring	NOUN
ajfa-9610	543	27	variable	variable	NOUN
ajfa-9610	543	28	,	,	PUNCT
ajfa-9610	543	29	only	only	ADV
ajfa-9610	543	30	firms	firm	NOUN
ajfa-9610	543	31	audited	audit	VERB
ajfa-9610	543	32	by	by	ADP
ajfa-9610	543	33	big	big	ADJ
ajfa-9610	543	34	4	4	NUM
ajfa-9610	543	35	can	can	AUX
ajfa-9610	543	36	restrain	restrain	VERB
ajfa-9610	543	37	real	real	ADJ
ajfa-9610	543	38	earnings	earning	NOUN
ajfa-9610	543	39	management	management	NOUN
ajfa-9610	543	40	by	by	ADP
ajfa-9610	543	41	using	use	VERB
ajfa-9610	543	42	acfo	acfo	NOUN
ajfa-9610	543	43	,	,	PUNCT
ajfa-9610	543	44	aprod	aprod	NOUN
ajfa-9610	543	45	and	and	CCONJ
ajfa-9610	543	46	adisx	adisx	NOUN
ajfa-9610	543	47	in	in	ADP
ajfa-9610	543	48	full	full	ADJ
ajfa-9610	543	49	sample	sample	NOUN
ajfa-9610	543	50	.	.	PUNCT
ajfa-9610	544	1	therefore	therefore	ADV
ajfa-9610	544	2	,	,	PUNCT
ajfa-9610	544	3	we	we	PRON
ajfa-9610	544	4	try	try	VERB
ajfa-9610	544	5	to	to	PART
ajfa-9610	544	6	find	find	VERB
ajfa-9610	544	7	out	out	ADP
ajfa-9610	544	8	another	another	DET
ajfa-9610	544	9	external	external	ADJ
ajfa-9610	544	10	monitoring	monitoring	NOUN
ajfa-9610	544	11	variable	variable	NOUN
ajfa-9610	544	12	to	to	PART
ajfa-9610	544	13	constrain	constrain	VERB
ajfa-9610	544	14	earnings	earning	NOUN
ajfa-9610	544	15	manipulation	manipulation	NOUN
ajfa-9610	544	16	.	.	PUNCT
ajfa-9610	545	1	the	the	DET
ajfa-9610	545	2	audit	audit	NOUN
ajfa-9610	545	3	fee	fee	NOUN
ajfa-9610	545	4	is	be	AUX
ajfa-9610	545	5	generally	generally	ADV
ajfa-9610	545	6	used	use	VERB
ajfa-9610	545	7	as	as	ADP
ajfa-9610	545	8	a	a	DET
ajfa-9610	545	9	proxy	proxy	NOUN
ajfa-9610	545	10	of	of	ADP
ajfa-9610	545	11	audit	audit	NOUN
ajfa-9610	545	12	quality	quality	NOUN
ajfa-9610	545	13	.	.	PUNCT
ajfa-9610	546	1	the	the	DET
ajfa-9610	546	2	u.s	u.s	PROPN
ajfa-9610	546	3	.	.	PROPN
ajfa-9610	546	4	asian	asian	PROPN
ajfa-9610	546	5	journal	journal	PROPN
ajfa-9610	546	6	of	of	ADP
ajfa-9610	546	7	finance	finance	PROPN
ajfa-9610	546	8	&	&	CCONJ
ajfa-9610	546	9	accounting	accounting	PROPN
ajfa-9610	546	10	issn	issn	PROPN
ajfa-9610	546	11	1946	1946	NUM
ajfa-9610	546	12	-	-	PUNCT
ajfa-9610	546	13	052x	052x	PROPN
ajfa-9610	546	14	2016	2016	NUM
ajfa-9610	546	15	,	,	PUNCT
ajfa-9610	546	16	vol	vol	NOUN
ajfa-9610	546	17	.	.	PROPN
ajfa-9610	546	18	8	8	NUM
ajfa-9610	546	19	,	,	PUNCT
ajfa-9610	546	20	no	no	INTJ
ajfa-9610	546	21	.	.	NOUN
ajfa-9610	546	22	1	1	NUM
ajfa-9610	546	23	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9610	546	24	255	255	NUM
ajfa-9610	546	25	securities	security	NOUN
ajfa-9610	546	26	and	and	CCONJ
ajfa-9610	546	27	exchange	exchange	PROPN
ajfa-9610	546	28	commission	commission	PROPN
ajfa-9610	546	29	believes	believe	VERB
ajfa-9610	546	30	that	that	SCONJ
ajfa-9610	546	31	non	non	ADJ
ajfa-9610	546	32	-	-	ADJ
ajfa-9610	546	33	audit	audit	ADJ
ajfa-9610	546	34	fees	fee	NOUN
ajfa-9610	546	35	compromise	compromise	VERB
ajfa-9610	546	36	the	the	DET
ajfa-9610	546	37	independence	independence	NOUN
ajfa-9610	546	38	of	of	ADP
ajfa-9610	546	39	auditors	auditor	NOUN
ajfa-9610	546	40	and	and	CCONJ
ajfa-9610	546	41	the	the	DET
ajfa-9610	546	42	reliability	reliability	NOUN
ajfa-9610	546	43	of	of	ADP
ajfa-9610	546	44	financial	financial	ADJ
ajfa-9610	546	45	reports	report	NOUN
ajfa-9610	546	46	.	.	PUNCT
ajfa-9610	547	1	also	also	ADV
ajfa-9610	547	2	,	,	PUNCT
ajfa-9610	547	3	non	non	ADJ
ajfa-9610	547	4	-	-	ADJ
ajfa-9610	547	5	audit	audit	ADJ
ajfa-9610	547	6	fees	fee	NOUN
ajfa-9610	547	7	increase	increase	VERB
ajfa-9610	547	8	capital	capital	NOUN
ajfa-9610	547	9	costs	cost	NOUN
ajfa-9610	547	10	of	of	ADP
ajfa-9610	547	11	companies	company	NOUN
ajfa-9610	547	12	.	.	PUNCT
ajfa-9610	548	1	larker	larker	ADJ
ajfa-9610	548	2	and	and	CCONJ
ajfa-9610	548	3	richardson	richardson	PROPN
ajfa-9610	548	4	(	(	PUNCT
ajfa-9610	548	5	2004	2004	NUM
ajfa-9610	548	6	)	)	PUNCT
ajfa-9610	548	7	find	find	VERB
ajfa-9610	548	8	that	that	SCONJ
ajfa-9610	548	9	the	the	DET
ajfa-9610	548	10	ratio	ratio	NOUN
ajfa-9610	548	11	of	of	ADP
ajfa-9610	548	12	non	non	ADJ
ajfa-9610	548	13	-	-	ADJ
ajfa-9610	548	14	audit	audit	ADJ
ajfa-9610	548	15	fees	fee	NOUN
ajfa-9610	548	16	to	to	ADP
ajfa-9610	548	17	total	total	ADJ
ajfa-9610	548	18	fees	fee	NOUN
ajfa-9610	548	19	has	have	VERB
ajfa-9610	548	20	a	a	DET
ajfa-9610	548	21	positive	positive	ADJ
ajfa-9610	548	22	relation	relation	NOUN
ajfa-9610	548	23	with	with	ADP
ajfa-9610	548	24	the	the	DET
ajfa-9610	548	25	absolute	absolute	ADJ
ajfa-9610	548	26	value	value	NOUN
ajfa-9610	548	27	of	of	ADP
ajfa-9610	548	28	accruals	accrual	NOUN
ajfa-9610	548	29	similar	similar	ADJ
ajfa-9610	548	30	to	to	ADP
ajfa-9610	548	31	frankel	frankel	PROPN
ajfa-9610	548	32	,	,	PUNCT
ajfa-9610	548	33	johnson	johnson	PROPN
ajfa-9610	548	34	,	,	PUNCT
ajfa-9610	548	35	and	and	CCONJ
ajfa-9610	548	36	nelson	nelson	PROPN
ajfa-9610	548	37	(	(	PUNCT
ajfa-9610	548	38	2002	2002	NUM
ajfa-9610	548	39	)	)	PUNCT
ajfa-9610	548	40	.	.	PUNCT
ajfa-9610	549	1	frankel	frankel	PROPN
ajfa-9610	549	2	et	et	PROPN
ajfa-9610	549	3	al	al	PROPN
ajfa-9610	549	4	.	.	PROPN
ajfa-9610	550	1	(	(	PUNCT
ajfa-9610	550	2	2002	2002	NUM
ajfa-9610	550	3	)	)	PUNCT
ajfa-9610	550	4	find	find	VERB
ajfa-9610	550	5	that	that	SCONJ
ajfa-9610	550	6	non	non	ADJ
ajfa-9610	550	7	-	-	ADJ
ajfa-9610	550	8	audit	audit	ADJ
ajfa-9610	550	9	fees	fee	NOUN
ajfa-9610	550	10	are	be	AUX
ajfa-9610	550	11	positively	positively	ADV
ajfa-9610	550	12	correlated	correlate	VERB
ajfa-9610	550	13	to	to	ADP
ajfa-9610	550	14	earnings	earning	NOUN
ajfa-9610	550	15	management	management	NOUN
ajfa-9610	550	16	,	,	PUNCT
ajfa-9610	550	17	and	and	CCONJ
ajfa-9610	550	18	that	that	PRON
ajfa-9610	550	19	audit	audit	NOUN
ajfa-9610	550	20	fees	fee	NOUN
ajfa-9610	550	21	are	be	AUX
ajfa-9610	550	22	negatively	negatively	ADV
ajfa-9610	550	23	correlated	correlate	VERB
ajfa-9610	550	24	to	to	ADP
ajfa-9610	550	25	earnings	earning	NOUN
ajfa-9610	550	26	management	management	NOUN
ajfa-9610	550	27	.	.	PUNCT
ajfa-9610	551	1	ferguson	ferguson	PROPN
ajfa-9610	551	2	,	,	PUNCT
ajfa-9610	551	3	seow	seow	NOUN
ajfa-9610	551	4	,	,	PUNCT
ajfa-9610	551	5	and	and	CCONJ
ajfa-9610	551	6	young	young	ADJ
ajfa-9610	551	7	(	(	PUNCT
ajfa-9610	551	8	2004	2004	NUM
ajfa-9610	551	9	)	)	PUNCT
ajfa-9610	551	10	indicate	indicate	VERB
ajfa-9610	551	11	that	that	SCONJ
ajfa-9610	551	12	earnings	earning	NOUN
ajfa-9610	551	13	management	management	NOUN
ajfa-9610	551	14	is	be	AUX
ajfa-9610	551	15	positively	positively	ADV
ajfa-9610	551	16	associated	associate	VERB
ajfa-9610	551	17	with	with	ADP
ajfa-9610	551	18	non	non	ADJ
ajfa-9610	551	19	-	-	ADJ
ajfa-9610	551	20	audit	audit	ADJ
ajfa-9610	551	21	services	service	NOUN
ajfa-9610	551	22	purchase	purchase	NOUN
ajfa-9610	551	23	.	.	PUNCT
ajfa-9610	552	1	after	after	ADP
ajfa-9610	552	2	considering	consider	VERB
ajfa-9610	552	3	the	the	DET
ajfa-9610	552	4	endogenity	endogenity	NOUN
ajfa-9610	552	5	,	,	PUNCT
ajfa-9610	552	6	antle	antle	NOUN
ajfa-9610	552	7	et	et	PROPN
ajfa-9610	552	8	al	al	PROPN
ajfa-9610	552	9	.	.	PROPN
ajfa-9610	553	1	(	(	PUNCT
ajfa-9610	553	2	2006	2006	NUM
ajfa-9610	553	3	)	)	PUNCT
ajfa-9610	553	4	find	find	VERB
ajfa-9610	553	5	that	that	SCONJ
ajfa-9610	553	6	there	there	PRON
ajfa-9610	553	7	exist	exist	VERB
ajfa-9610	553	8	an	an	DET
ajfa-9610	553	9	endogenous	endogenous	ADJ
ajfa-9610	553	10	relationship	relationship	NOUN
ajfa-9610	553	11	among	among	ADP
ajfa-9610	553	12	abnormal	abnormal	ADJ
ajfa-9610	553	13	accruals	accrual	NOUN
ajfa-9610	553	14	,	,	PUNCT
ajfa-9610	553	15	audit	audit	NOUN
ajfa-9610	553	16	and	and	CCONJ
ajfa-9610	553	17	non	non	ADJ
ajfa-9610	553	18	-	-	ADJ
ajfa-9610	553	19	audit	audit	ADJ
ajfa-9610	553	20	fees	fee	NOUN
ajfa-9610	553	21	.	.	PUNCT
ajfa-9610	554	1	srinidhi	srinidhi	NOUN
ajfa-9610	554	2	and	and	CCONJ
ajfa-9610	554	3	gul	gul	PROPN
ajfa-9610	554	4	(	(	PUNCT
ajfa-9610	554	5	2007	2007	NUM
ajfa-9610	554	6	)	)	PUNCT
ajfa-9610	554	7	find	find	VERB
ajfa-9610	554	8	that	that	SCONJ
ajfa-9610	554	9	accruals	accrual	NOUN
ajfa-9610	554	10	are	be	AUX
ajfa-9610	554	11	negatively	negatively	ADV
ajfa-9610	554	12	correlated	correlate	VERB
ajfa-9610	554	13	to	to	ADP
ajfa-9610	554	14	non	non	ADJ
ajfa-9610	554	15	-	-	ADJ
ajfa-9610	554	16	audit	audit	ADJ
ajfa-9610	554	17	fees	fee	NOUN
ajfa-9610	554	18	but	but	CCONJ
ajfa-9610	554	19	are	be	AUX
ajfa-9610	554	20	positively	positively	ADV
ajfa-9610	554	21	correlated	correlate	VERB
ajfa-9610	554	22	audit	audit	NOUN
ajfa-9610	554	23	fees	fee	NOUN
ajfa-9610	554	24	.	.	PUNCT
ajfa-9610	555	1	cahan	cahan	PROPN
ajfa-9610	555	2	et	et	PROPN
ajfa-9610	555	3	al	al	PROPN
ajfa-9610	555	4	.	.	PROPN
ajfa-9610	556	1	(	(	PUNCT
ajfa-9610	556	2	2008	2008	NUM
ajfa-9610	556	3	)	)	PUNCT
ajfa-9610	556	4	find	find	VERB
ajfa-9610	556	5	that	that	SCONJ
ajfa-9610	556	6	the	the	DET
ajfa-9610	556	7	growth	growth	NOUN
ajfa-9610	556	8	of	of	ADP
ajfa-9610	556	9	non	non	ADJ
ajfa-9610	556	10	-	-	ADJ
ajfa-9610	556	11	audit	audit	ADJ
ajfa-9610	556	12	fees	fee	NOUN
ajfa-9610	556	13	or	or	CCONJ
ajfa-9610	556	14	the	the	DET
ajfa-9610	556	15	length	length	NOUN
ajfa-9610	556	16	of	of	ADP
ajfa-9610	556	17	non	non	ADJ
ajfa-9610	556	18	-	-	ADJ
ajfa-9610	556	19	audit	audit	ADJ
ajfa-9610	556	20	service	service	NOUN
ajfa-9610	556	21	period	period	NOUN
ajfa-9610	556	22	is	be	AUX
ajfa-9610	556	23	unrelated	unrelated	ADJ
ajfa-9610	556	24	to	to	ADP
ajfa-9610	556	25	discretionary	discretionary	ADJ
ajfa-9610	556	26	accruals	accrual	NOUN
ajfa-9610	556	27	.	.	PUNCT
ajfa-9610	557	1	in	in	ADP
ajfa-9610	557	2	other	other	ADJ
ajfa-9610	557	3	words	word	NOUN
ajfa-9610	557	4	,	,	PUNCT
ajfa-9610	557	5	auditors	auditor	NOUN
ajfa-9610	557	6	and	and	CCONJ
ajfa-9610	557	7	clients	client	NOUN
ajfa-9610	557	8	will	will	AUX
ajfa-9610	557	9	have	have	VERB
ajfa-9610	557	10	economic	economic	ADJ
ajfa-9610	557	11	relations	relation	NOUN
ajfa-9610	557	12	due	due	ADP
ajfa-9610	557	13	to	to	ADP
ajfa-9610	557	14	non	non	ADJ
ajfa-9610	557	15	-	-	ADJ
ajfa-9610	557	16	audit	audit	ADJ
ajfa-9610	557	17	fees	fee	NOUN
ajfa-9610	557	18	,	,	PUNCT
ajfa-9610	557	19	and	and	CCONJ
ajfa-9610	557	20	auditor	auditor	NOUN
ajfa-9610	557	21	independence	independence	NOUN
ajfa-9610	557	22	will	will	AUX
ajfa-9610	557	23	be	be	AUX
ajfa-9610	557	24	impaired	impair	VERB
ajfa-9610	557	25	when	when	SCONJ
ajfa-9610	557	26	the	the	DET
ajfa-9610	557	27	clients	client	NOUN
ajfa-9610	557	28	are	be	AUX
ajfa-9610	557	29	important	important	ADJ
ajfa-9610	557	30	to	to	ADP
ajfa-9610	557	31	the	the	DET
ajfa-9610	557	32	audit	audit	NOUN
ajfa-9610	557	33	firms	firm	NOUN
ajfa-9610	557	34	.	.	PUNCT
ajfa-9610	558	1	due	due	ADP
ajfa-9610	558	2	to	to	ADP
ajfa-9610	558	3	the	the	DET
ajfa-9610	558	4	inconsistent	inconsistent	ADJ
ajfa-9610	558	5	results	result	NOUN
ajfa-9610	558	6	of	of	ADP
ajfa-9610	558	7	prior	prior	ADJ
ajfa-9610	558	8	studies	study	NOUN
ajfa-9610	558	9	,	,	PUNCT
ajfa-9610	558	10	we	we	PRON
ajfa-9610	558	11	use	use	VERB
ajfa-9610	558	12	audit	audit	NOUN
ajfa-9610	558	13	fee	fee	NOUN
ajfa-9610	558	14	and	and	CCONJ
ajfa-9610	558	15	non	non	ADJ
ajfa-9610	558	16	-	-	ADJ
ajfa-9610	558	17	audit	audit	ADJ
ajfa-9610	558	18	fee	fee	NOUN
ajfa-9610	558	19	to	to	PART
ajfa-9610	558	20	measure	measure	VERB
ajfa-9610	558	21	external	external	ADJ
ajfa-9610	558	22	monitoring	monitoring	NOUN
ajfa-9610	558	23	and	and	CCONJ
ajfa-9610	558	24	to	to	PART
ajfa-9610	558	25	further	far	ADV
ajfa-9610	558	26	re	re	VERB
ajfa-9610	558	27	-	-	VERB
ajfa-9610	558	28	check	check	VERB
ajfa-9610	558	29	the	the	DET
ajfa-9610	558	30	correlation	correlation	NOUN
ajfa-9610	558	31	among	among	ADP
ajfa-9610	558	32	audit	audit	NOUN
ajfa-9610	558	33	,	,	PUNCT
ajfa-9610	558	34	non	non	ADJ
ajfa-9610	558	35	-	-	ADJ
ajfa-9610	558	36	audit	audit	ADJ
ajfa-9610	558	37	fees	fee	NOUN
ajfa-9610	558	38	and	and	CCONJ
ajfa-9610	558	39	real	real	ADJ
ajfa-9610	558	40	earnings	earning	NOUN
ajfa-9610	558	41	management	management	NOUN
ajfa-9610	558	42	before	before	ADP
ajfa-9610	558	43	the	the	DET
ajfa-9610	558	44	announcement	announcement	NOUN
ajfa-9610	558	45	of	of	ADP
ajfa-9610	558	46	financing	financing	NOUN
ajfa-9610	558	47	for	for	ADP
ajfa-9610	558	48	financing	financing	NOUN
ajfa-9610	558	49	firms	firm	NOUN
ajfa-9610	558	50	.	.	PUNCT
ajfa-9610	559	1	according	accord	VERB
ajfa-9610	559	2	to	to	ADP
ajfa-9610	559	3	article	article	NOUN
ajfa-9610	559	4	10	10	NUM
ajfa-9610	559	5	-	-	SYM
ajfa-9610	559	6	4	4	NUM
ajfa-9610	559	7	,	,	PUNCT
ajfa-9610	559	8	criteria	criterion	NOUN
ajfa-9610	559	9	governing	govern	VERB
ajfa-9610	559	10	information	information	NOUN
ajfa-9610	559	11	to	to	PART
ajfa-9610	559	12	be	be	AUX
ajfa-9610	559	13	published	publish	VERB
ajfa-9610	559	14	in	in	ADP
ajfa-9610	559	15	annual	annual	ADJ
ajfa-9610	559	16	reports	report	NOUN
ajfa-9610	559	17	of	of	ADP
ajfa-9610	559	18	public	public	ADJ
ajfa-9610	559	19	companies	company	NOUN
ajfa-9610	559	20	,	,	PUNCT
ajfa-9610	559	21	as	as	SCONJ
ajfa-9610	559	22	released	release	VERB
ajfa-9610	559	23	by	by	ADP
ajfa-9610	559	24	the	the	DET
ajfa-9610	559	25	financial	financial	ADJ
ajfa-9610	559	26	supervisory	supervisory	ADJ
ajfa-9610	559	27	commission	commission	NOUN
ajfa-9610	559	28	in	in	ADP
ajfa-9610	559	29	taiwan	taiwan	PROPN
ajfa-9610	559	30	,	,	PUNCT
ajfa-9610	559	31	if	if	SCONJ
ajfa-9610	559	32	the	the	DET
ajfa-9610	559	33	non	non	ADJ
ajfa-9610	559	34	-	-	ADJ
ajfa-9610	559	35	audit	audit	ADJ
ajfa-9610	559	36	fees	fee	NOUN
ajfa-9610	559	37	amount	amount	NOUN
ajfa-9610	559	38	to	to	ADP
ajfa-9610	559	39	more	more	ADJ
ajfa-9610	559	40	than	than	ADP
ajfa-9610	559	41	25	25	NUM
ajfa-9610	559	42	%	%	NOUN
ajfa-9610	559	43	of	of	ADP
ajfa-9610	559	44	audit	audit	NOUN
ajfa-9610	559	45	fees	fee	NOUN
ajfa-9610	559	46	payable	payable	ADJ
ajfa-9610	559	47	to	to	ADP
ajfa-9610	559	48	accounting	accounting	NOUN
ajfa-9610	559	49	firms	firm	NOUN
ajfa-9610	559	50	,	,	PUNCT
ajfa-9610	559	51	listed	list	VERB
ajfa-9610	559	52	companies	company	NOUN
ajfa-9610	559	53	should	should	AUX
ajfa-9610	559	54	disclose	disclose	VERB
ajfa-9610	559	55	the	the	DET
ajfa-9610	559	56	amounts	amount	NOUN
ajfa-9610	559	57	of	of	ADP
ajfa-9610	559	58	audit	audit	NOUN
ajfa-9610	559	59	fees	fee	NOUN
ajfa-9610	559	60	and	and	CCONJ
ajfa-9610	559	61	non	non	ADJ
ajfa-9610	559	62	-	-	ADJ
ajfa-9610	559	63	audit	audit	ADJ
ajfa-9610	559	64	fees	fee	NOUN
ajfa-9610	559	65	,	,	PUNCT
ajfa-9610	559	66	as	as	ADV
ajfa-9610	559	67	well	well	ADV
ajfa-9610	559	68	as	as	ADP
ajfa-9610	559	69	the	the	DET
ajfa-9610	559	70	details	detail	NOUN
ajfa-9610	559	71	of	of	ADP
ajfa-9610	559	72	audit	audit	NOUN
ajfa-9610	559	73	services	service	NOUN
ajfa-9610	559	74	and	and	CCONJ
ajfa-9610	559	75	non	non	ADJ
ajfa-9610	559	76	-	-	ADJ
ajfa-9610	559	77	audit	audit	ADJ
ajfa-9610	559	78	services	service	NOUN
ajfa-9610	559	79	.	.	PUNCT
ajfa-9610	560	1	not	not	PART
ajfa-9610	560	2	all	all	DET
ajfa-9610	560	3	the	the	DET
ajfa-9610	560	4	listed	list	VERB
ajfa-9610	560	5	companies	company	NOUN
ajfa-9610	560	6	disclose	disclose	VERB
ajfa-9610	560	7	audit	audit	NOUN
ajfa-9610	560	8	fees	fee	NOUN
ajfa-9610	560	9	and	and	CCONJ
ajfa-9610	560	10	non	non	ADJ
ajfa-9610	560	11	-	-	ADJ
ajfa-9610	560	12	audit	audit	ADJ
ajfa-9610	560	13	fees	fee	NOUN
ajfa-9610	560	14	in	in	ADP
ajfa-9610	560	15	taiwan	taiwan	PROPN
ajfa-9610	560	16	,	,	PUNCT
ajfa-9610	560	17	the	the	DET
ajfa-9610	560	18	number	number	NOUN
ajfa-9610	560	19	of	of	ADP
ajfa-9610	560	20	financing	financing	NOUN
ajfa-9610	560	21	samples	sample	NOUN
ajfa-9610	560	22	is	be	AUX
ajfa-9610	560	23	down	down	ADV
ajfa-9610	560	24	to	to	ADP
ajfa-9610	560	25	185	185	NUM
ajfa-9610	560	26	for	for	ADP
ajfa-9610	560	27	the	the	DET
ajfa-9610	560	28	validation	validation	NOUN
ajfa-9610	560	29	.	.	PUNCT
ajfa-9610	561	1	it	it	PRON
ajfa-9610	561	2	includes	include	VERB
ajfa-9610	561	3	126	126	NUM
ajfa-9610	561	4	samples	sample	NOUN
ajfa-9610	561	5	for	for	ADP
ajfa-9610	561	6	the	the	DET
ajfa-9610	561	7	issuance	issuance	NOUN
ajfa-9610	561	8	of	of	ADP
ajfa-9610	561	9	corporate	corporate	ADJ
ajfa-9610	561	10	bonds	bond	NOUN
ajfa-9610	561	11	and	and	CCONJ
ajfa-9610	561	12	59	59	NUM
ajfa-9610	561	13	samples	sample	NOUN
ajfa-9610	561	14	for	for	ADP
ajfa-9610	561	15	the	the	DET
ajfa-9610	561	16	issuance	issuance	NOUN
ajfa-9610	561	17	of	of	ADP
ajfa-9610	561	18	seasoned	seasoned	ADJ
ajfa-9610	561	19	equity	equity	NOUN
ajfa-9610	561	20	offerings	offering	NOUN
ajfa-9610	561	21	.	.	PUNCT
ajfa-9610	562	1	from	from	ADP
ajfa-9610	562	2	all	all	DET
ajfa-9610	562	3	sample	sample	NOUN
ajfa-9610	562	4	in	in	ADP
ajfa-9610	562	5	table	table	NOUN
ajfa-9610	562	6	9	9	NUM
ajfa-9610	562	7	,	,	PUNCT
ajfa-9610	562	8	there	there	PRON
ajfa-9610	562	9	is	be	VERB
ajfa-9610	562	10	a	a	DET
ajfa-9610	562	11	negative	negative	ADJ
ajfa-9610	562	12	correlation	correlation	NOUN
ajfa-9610	562	13	between	between	ADP
ajfa-9610	562	14	audit	audit	NOUN
ajfa-9610	562	15	fees	fee	NOUN
ajfa-9610	562	16	(	(	PUNCT
ajfa-9610	562	17	audfee	audfee	NOUN
ajfa-9610	562	18	)	)	PUNCT
ajfa-9610	562	19	and	and	CCONJ
ajfa-9610	562	20	real	real	ADJ
ajfa-9610	562	21	earnings	earning	NOUN
ajfa-9610	562	22	management	management	NOUN
ajfa-9610	562	23	(	(	PUNCT
ajfa-9610	562	24	rem	rem	NOUN
ajfa-9610	562	25	)	)	PUNCT
ajfa-9610	562	26	.	.	PUNCT
ajfa-9610	563	1	this	this	PRON
ajfa-9610	563	2	shows	show	VERB
ajfa-9610	563	3	the	the	DET
ajfa-9610	563	4	higher	high	ADJ
ajfa-9610	563	5	the	the	DET
ajfa-9610	563	6	audit	audit	NOUN
ajfa-9610	563	7	fees	fee	NOUN
ajfa-9610	563	8	are	be	AUX
ajfa-9610	563	9	,	,	PUNCT
ajfa-9610	563	10	the	the	DET
ajfa-9610	563	11	less	less	ADV
ajfa-9610	563	12	likely	likely	ADJ
ajfa-9610	563	13	real	real	ADJ
ajfa-9610	563	14	earnings	earning	NOUN
ajfa-9610	563	15	management	management	NOUN
ajfa-9610	563	16	is	be	AUX
ajfa-9610	563	17	to	to	PART
ajfa-9610	563	18	be	be	AUX
ajfa-9610	563	19	adopted	adopt	VERB
ajfa-9610	563	20	,	,	PUNCT
ajfa-9610	563	21	a	a	DET
ajfa-9610	563	22	result	result	NOUN
ajfa-9610	563	23	consistent	consistent	ADJ
ajfa-9610	563	24	with	with	ADP
ajfa-9610	563	25	expectations	expectation	NOUN
ajfa-9610	563	26	,	,	PUNCT
ajfa-9610	563	27	and	and	CCONJ
ajfa-9610	563	28	therefore	therefore	ADV
ajfa-9610	563	29	h2	h2	PROPN
ajfa-9610	563	30	is	be	AUX
ajfa-9610	563	31	supported	support	VERB
ajfa-9610	563	32	.	.	PUNCT
ajfa-9610	564	1	the	the	DET
ajfa-9610	564	2	result	result	NOUN
ajfa-9610	564	3	is	be	AUX
ajfa-9610	564	4	consistent	consistent	ADJ
ajfa-9610	564	5	with	with	ADP
ajfa-9610	564	6	frankel	frankel	PROPN
ajfa-9610	564	7	et	et	PROPN
ajfa-9610	564	8	al	al	PROPN
ajfa-9610	564	9	.	.	PROPN
ajfa-9610	565	1	(	(	PUNCT
ajfa-9610	565	2	2002	2002	NUM
ajfa-9610	565	3	)	)	PUNCT
ajfa-9610	565	4	,	,	PUNCT
ajfa-9610	565	5	but	but	CCONJ
ajfa-9610	565	6	inconsistent	inconsistent	ADJ
ajfa-9610	565	7	with	with	ADP
ajfa-9610	565	8	srinidhi	srinidhi	NOUN
ajfa-9610	565	9	and	and	CCONJ
ajfa-9610	565	10	gul	gul	PROPN
ajfa-9610	565	11	(	(	PUNCT
ajfa-9610	565	12	2007	2007	NUM
ajfa-9610	565	13	)	)	PUNCT
ajfa-9610	565	14	.	.	PUNCT
ajfa-9610	566	1	there	there	PRON
ajfa-9610	566	2	is	be	VERB
ajfa-9610	566	3	a	a	DET
ajfa-9610	566	4	positive	positive	ADJ
ajfa-9610	566	5	but	but	CCONJ
ajfa-9610	566	6	insignificant	insignificant	ADJ
ajfa-9610	566	7	correlation	correlation	NOUN
ajfa-9610	566	8	between	between	ADP
ajfa-9610	566	9	non	non	ADJ
ajfa-9610	566	10	-	-	ADJ
ajfa-9610	566	11	audit	audit	ADJ
ajfa-9610	566	12	fees	fee	NOUN
ajfa-9610	566	13	(	(	PUNCT
ajfa-9610	566	14	naudfee	naudfee	NOUN
ajfa-9610	566	15	)	)	PUNCT
ajfa-9610	566	16	and	and	CCONJ
ajfa-9610	566	17	real	real	ADJ
ajfa-9610	566	18	earnings	earning	NOUN
ajfa-9610	566	19	management	management	NOUN
ajfa-9610	566	20	.	.	PUNCT
ajfa-9610	567	1	on	on	ADP
ajfa-9610	567	2	the	the	DET
ajfa-9610	567	3	other	other	ADJ
ajfa-9610	567	4	hand	hand	NOUN
ajfa-9610	567	5	,	,	PUNCT
ajfa-9610	567	6	for	for	ADP
ajfa-9610	567	7	financing	financing	NOUN
ajfa-9610	567	8	subsample	subsample	NOUN
ajfa-9610	567	9	,	,	PUNCT
ajfa-9610	567	10	there	there	PRON
ajfa-9610	567	11	is	be	VERB
ajfa-9610	567	12	also	also	ADV
ajfa-9610	567	13	a	a	DET
ajfa-9610	567	14	negative	negative	ADJ
ajfa-9610	567	15	correlation	correlation	NOUN
ajfa-9610	567	16	between	between	ADP
ajfa-9610	567	17	audit	audit	NOUN
ajfa-9610	567	18	fees	fee	NOUN
ajfa-9610	567	19	(	(	PUNCT
ajfa-9610	567	20	audfee	audfee	NOUN
ajfa-9610	567	21	)	)	PUNCT
ajfa-9610	567	22	and	and	CCONJ
ajfa-9610	567	23	rem	rem	VERB
ajfa-9610	567	24	,	,	PUNCT
ajfa-9610	567	25	but	but	CCONJ
ajfa-9610	567	26	not	not	PART
ajfa-9610	567	27	significant	significant	ADJ
ajfa-9610	567	28	.	.	PUNCT
ajfa-9610	568	1	the	the	DET
ajfa-9610	568	2	possible	possible	ADJ
ajfa-9610	568	3	explanation	explanation	NOUN
ajfa-9610	568	4	for	for	ADP
ajfa-9610	568	5	the	the	DET
ajfa-9610	568	6	result	result	NOUN
ajfa-9610	568	7	is	be	AUX
ajfa-9610	568	8	that	that	SCONJ
ajfa-9610	568	9	the	the	DET
ajfa-9610	568	10	number	number	NOUN
ajfa-9610	568	11	of	of	ADP
ajfa-9610	568	12	samples	sample	NOUN
ajfa-9610	568	13	for	for	ADP
ajfa-9610	568	14	the	the	DET
ajfa-9610	568	15	validation	validation	NOUN
ajfa-9610	568	16	is	be	AUX
ajfa-9610	568	17	a	a	DET
ajfa-9610	568	18	few	few	ADJ
ajfa-9610	568	19	.	.	PUNCT
ajfa-9610	569	1	besides	besides	SCONJ
ajfa-9610	569	2	,	,	PUNCT
ajfa-9610	569	3	regardless	regardless	ADV
ajfa-9610	569	4	of	of	ADP
ajfa-9610	569	5	full	full	ADJ
ajfa-9610	569	6	sample	sample	NOUN
ajfa-9610	569	7	or	or	CCONJ
ajfa-9610	569	8	financing	financing	NOUN
ajfa-9610	569	9	subsample	subsample	NOUN
ajfa-9610	569	10	,	,	PUNCT
ajfa-9610	569	11	gi	gi	NOUN
ajfa-9610	569	12	and	and	CCONJ
ajfa-9610	569	13	inst	inst	NOUN
ajfa-9610	569	14	are	be	AUX
ajfa-9610	569	15	significantly	significantly	ADV
ajfa-9610	569	16	and	and	CCONJ
ajfa-9610	569	17	negatively	negatively	ADV
ajfa-9610	569	18	related	relate	VERB
ajfa-9610	569	19	to	to	ADP
ajfa-9610	569	20	rem	rem	VERB
ajfa-9610	569	21	,	,	PUNCT
ajfa-9610	569	22	implying	imply	VERB
ajfa-9610	569	23	that	that	SCONJ
ajfa-9610	569	24	the	the	DET
ajfa-9610	569	25	composite	composite	ADJ
ajfa-9610	569	26	corporate	corporate	ADJ
ajfa-9610	569	27	governance	governance	NOUN
ajfa-9610	569	28	index	index	NOUN
ajfa-9610	569	29	gi	gi	NOUN
ajfa-9610	569	30	and	and	CCONJ
ajfa-9610	569	31	shareholdings	shareholding	NOUN
ajfa-9610	569	32	of	of	ADP
ajfa-9610	569	33	institutional	institutional	ADJ
ajfa-9610	569	34	investors	investor	NOUN
ajfa-9610	569	35	(	(	PUNCT
ajfa-9610	569	36	inst	inst	NOUN
ajfa-9610	569	37	)	)	PUNCT
ajfa-9610	569	38	can	can	AUX
ajfa-9610	569	39	control	control	VERB
ajfa-9610	569	40	real	real	ADJ
ajfa-9610	569	41	earnings	earning	NOUN
ajfa-9610	569	42	management	management	NOUN
ajfa-9610	569	43	effectively	effectively	ADV
ajfa-9610	569	44	.	.	PUNCT
ajfa-9610	570	1	asian	asian	ADJ
ajfa-9610	570	2	journal	journal	PROPN
ajfa-9610	570	3	of	of	ADP
ajfa-9610	570	4	finance	finance	PROPN
ajfa-9610	570	5	&	&	CCONJ
ajfa-9610	570	6	accounting	accounting	PROPN
ajfa-9610	570	7	issn	issn	PROPN
ajfa-9610	570	8	1946	1946	NUM
ajfa-9610	570	9	-	-	PUNCT
ajfa-9610	570	10	052x	052x	PROPN
ajfa-9610	570	11	2016	2016	NUM
ajfa-9610	570	12	,	,	PUNCT
ajfa-9610	570	13	vol	vol	NOUN
ajfa-9610	570	14	.	.	PROPN
ajfa-9610	570	15	8	8	NUM
ajfa-9610	570	16	,	,	PUNCT
ajfa-9610	570	17	no	no	INTJ
ajfa-9610	570	18	.	.	NOUN
ajfa-9610	570	19	1	1	NUM
ajfa-9610	570	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9610	570	21	256	256	NUM
ajfa-9610	570	22	table	table	NOUN
ajfa-9610	570	23	9	9	NUM
ajfa-9610	570	24	.	.	PUNCT
ajfa-9610	570	25	audit	audit	NOUN
ajfa-9610	570	26	fee	fee	NOUN
ajfa-9610	570	27	,	,	PUNCT
ajfa-9610	570	28	non	non	ADJ
ajfa-9610	570	29	-	-	ADJ
ajfa-9610	570	30	audit	audit	ADJ
ajfa-9610	570	31	fee	fee	NOUN
ajfa-9610	570	32	and	and	CCONJ
ajfa-9610	570	33	real	real	ADJ
ajfa-9610	570	34	earnings	earning	NOUN
ajfa-9610	570	35	management	management	NOUN
ajfa-9610	570	36	itititititititit	itititititititit	NOUN
ajfa-9610	570	37	itititititititit	itititititititit	PROPN
ajfa-9610	570	38	speaudcpachgbiginstmshahdindedrbrdsiz	speaudcpachgbiginstmshahdindedrbrdsiz	PROPN
ajfa-9610	570	39	mbsizeroabetapdemnaudfeeaudfeerem	mbsizeroabetapdemnaudfeeaudfeerem	PROPN
ajfa-9610	570	40	εβββββββ	εβββββββ	VERB
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ajfa-9610	571	2	+	+	ADJ
ajfa-9610	571	3	+	+	ADJ
ajfa-9610	571	4	+	+	ADJ
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ajfa-9610	571	6	+	+	ADJ
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ajfa-9610	571	10	+	+	ADJ
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ajfa-9610	571	13	+	+	ADJ
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ajfa-9610	571	15	+	+	ADJ
ajfa-9610	571	16	=	=	ADJ
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ajfa-9610	571	18	141312111098	141312111098	NUM
ajfa-9610	571	19	7654312110	7654312110	NUM
ajfa-9610	571	20	4	4	NUM
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ajfa-9610	571	22	ititititititit	ititititititit	NOUN
ajfa-9610	571	23	mbsize	mbsize	VERB
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ajfa-9610	571	26	βββββββ	βββββββ	ADJ
ajfa-9610	571	27	+	+	PROPN
ajfa-9610	571	28	+	+	PROPN
ajfa-9610	571	29	+	+	ADJ
ajfa-9610	571	30	+	+	ADJ
ajfa-9610	571	31	+	+	ADJ
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ajfa-9610	571	34	+	+	ADJ
ajfa-9610	571	35	+	+	ADJ
ajfa-9610	571	36	=	=	ADJ
ajfa-9610	571	37	−−	−−	NOUN
ajfa-9610	571	38	87	87	NUM
ajfa-9610	571	39	654131210	654131210	NUM
ajfa-9610	571	40	variable	variable	NOUN
ajfa-9610	571	41	expected	expect	VERB
ajfa-9610	571	42	sign	sign	NOUN
ajfa-9610	571	43	all	all	DET
ajfa-9610	571	44	sample	sample	NOUN
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ajfa-9610	574	4	.	.	PUNCT
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ajfa-9610	575	3	intercept	intercept	VERB
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ajfa-9610	576	4	*	*	PUNCT
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ajfa-9610	576	7	*	*	PUNCT
ajfa-9610	576	8	*	*	PUNCT
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ajfa-9610	576	10	audfeet-1	audfeet-1	NUM
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ajfa-9610	577	2	*	*	PUNCT
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ajfa-9610	578	1	*	*	PUNCT
ajfa-9610	578	2	*	*	PUNCT
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ajfa-9610	579	3	naudfeet-1	naudfeet-1	NUM
ajfa-9610	579	4	+	+	CCONJ
ajfa-9610	579	5	0.0038	0.0038	NUM
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ajfa-9610	579	9	0.0110	0.0110	NUM
ajfa-9610	579	10	0.9091	0.9091	NUM
ajfa-9610	579	11	0.0150	0.0150	NUM
ajfa-9610	579	12	1.1480	1.1480	NUM
ajfa-9610	579	13	pdem	pdem	NOUN
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ajfa-9610	579	16	0.0790	0.0790	NUM
ajfa-9610	579	17	0.8825	0.8825	NUM
ajfa-9610	579	18	0.1181	0.1181	NUM
ajfa-9610	579	19	0.5141	0.5141	NUM
ajfa-9610	579	20	0.0878	0.0878	NUM
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ajfa-9610	580	7	*	*	PUNCT
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ajfa-9610	581	2	*	*	PUNCT
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ajfa-9610	581	5	*	*	PUNCT
ajfa-9610	582	1	*	*	PUNCT
ajfa-9610	582	2	*	*	PUNCT
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ajfa-9610	582	5	*	*	PUNCT
ajfa-9610	582	6	*	*	PUNCT
ajfa-9610	582	7	*	*	PUNCT
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ajfa-9610	583	2	*	*	PUNCT
ajfa-9610	583	3	*	*	PUNCT
ajfa-9610	583	4	*	*	PUNCT
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ajfa-9610	583	6	size	size	NOUN
ajfa-9610	583	7	+	+	X
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ajfa-9610	583	9	*	*	PUNCT
ajfa-9610	583	10	*	*	PUNCT
ajfa-9610	583	11	*	*	PUNCT
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ajfa-9610	583	14	*	*	PUNCT
ajfa-9610	583	15	*	*	PUNCT
ajfa-9610	583	16	*	*	PUNCT
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ajfa-9610	584	6	mb	mb	NOUN
ajfa-9610	584	7	?	?	PUNCT
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ajfa-9610	586	1	*	*	PUNCT
ajfa-9610	587	1	*	*	PUNCT
ajfa-9610	587	2	*	*	PUNCT
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ajfa-9610	587	5	*	*	PUNCT
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ajfa-9610	587	7	*	*	PUNCT
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ajfa-9610	587	10	*	*	PUNCT
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ajfa-9610	590	38	.0001	.0001	X
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ajfa-9610	590	42	<	<	NOUN
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ajfa-9610	590	44	)	)	PUNCT
ajfa-9610	590	45	note	note	NOUN
ajfa-9610	590	46	:	:	PUNCT
ajfa-9610	591	1	1	1	X
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ajfa-9610	591	10	same	same	ADJ
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ajfa-9610	591	12	those	those	PRON
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ajfa-9610	591	14	table	table	NOUN
ajfa-9610	591	15	3	3	NUM
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ajfa-9610	591	17	2	2	NUM
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ajfa-9610	592	8	*	*	PUNCT
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ajfa-9610	592	11	at	at	ADP
ajfa-9610	592	12	the	the	DET
ajfa-9610	592	13	10	10	NUM
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ajfa-9610	592	15	5	5	NUM
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ajfa-9610	592	17	and	and	CCONJ
ajfa-9610	592	18	1	1	NUM
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ajfa-9610	592	20	levels	level	NOUN
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ajfa-9610	592	23	.	.	PUNCT
ajfa-9610	593	1	4.5.2	4.5.2	NUM
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ajfa-9610	593	4	accruals	accrual	NOUN
ajfa-9610	593	5	and	and	CCONJ
ajfa-9610	593	6	real	real	ADJ
ajfa-9610	593	7	earnings	earning	NOUN
ajfa-9610	593	8	management	management	NOUN
ajfa-9610	593	9	h3	h3	NOUN
ajfa-9610	593	10	is	be	AUX
ajfa-9610	593	11	to	to	PART
ajfa-9610	593	12	examine	examine	VERB
ajfa-9610	593	13	the	the	DET
ajfa-9610	593	14	post	post	ADJ
ajfa-9610	593	15	-	-	ADJ
ajfa-9610	593	16	financing	financing	ADJ
ajfa-9610	593	17	operating	operating	NOUN
ajfa-9610	593	18	performances	performance	NOUN
ajfa-9610	593	19	after	after	ADP
ajfa-9610	593	20	conducting	conduct	VERB
ajfa-9610	593	21	different	different	ADJ
ajfa-9610	593	22	earnings	earning	NOUN
ajfa-9610	593	23	management	management	NOUN
ajfa-9610	593	24	mechanism	mechanism	NOUN
ajfa-9610	593	25	,	,	PUNCT
ajfa-9610	593	26	in	in	ADP
ajfa-9610	593	27	which	which	PRON
ajfa-9610	593	28	earnings	earning	NOUN
ajfa-9610	593	29	management	management	NOUN
ajfa-9610	593	30	mechanism	mechanism	NOUN
ajfa-9610	593	31	is	be	AUX
ajfa-9610	593	32	a	a	DET
ajfa-9610	593	33	dummy	dummy	ADJ
ajfa-9610	593	34	variable	variable	NOUN
ajfa-9610	593	35	(	(	PUNCT
ajfa-9610	593	36	tem_d	tem_d	NUM
ajfa-9610	593	37	,	,	PUNCT
ajfa-9610	593	38	tem_r	tem_r	NOUN
ajfa-9610	593	39	)	)	PUNCT
ajfa-9610	593	40	.	.	PUNCT
ajfa-9610	594	1	this	this	DET
ajfa-9610	594	2	section	section	NOUN
ajfa-9610	594	3	uses	use	VERB
ajfa-9610	594	4	pdem	pdem	NOUN
ajfa-9610	594	5	and	and	CCONJ
ajfa-9610	594	6	rem	rem	PUNCT
ajfa-9610	594	7	instead	instead	ADV
ajfa-9610	594	8	of	of	ADP
ajfa-9610	594	9	dummy	dummy	ADJ
ajfa-9610	594	10	variables	variable	NOUN
ajfa-9610	594	11	(	(	PUNCT
ajfa-9610	594	12	tem_d	tem_d	NUM
ajfa-9610	594	13	,	,	PUNCT
ajfa-9610	594	14	tem_r	tem_r	NOUN
ajfa-9610	594	15	)	)	PUNCT
ajfa-9610	594	16	.	.	PUNCT
ajfa-9610	595	1	table	table	NOUN
ajfa-9610	595	2	10	10	NUM
ajfa-9610	595	3	finds	find	VERB
ajfa-9610	595	4	a	a	DET
ajfa-9610	595	5	significant	significant	ADJ
ajfa-9610	595	6	negative	negative	ADJ
ajfa-9610	595	7	relationship	relationship	NOUN
ajfa-9610	595	8	between	between	ADP
ajfa-9610	595	9	real	real	ADJ
ajfa-9610	595	10	earnings	earning	NOUN
ajfa-9610	595	11	management	management	NOUN
ajfa-9610	595	12	(	(	PUNCT
ajfa-9610	595	13	rem	rem	NOUN
ajfa-9610	595	14	)	)	PUNCT
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ajfa-9610	595	19	financing	financing	NOUN
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ajfa-9610	595	21	+1	+1	PROPN
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ajfa-9610	595	23	+3	+3	PROPN
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ajfa-9610	595	25	meaning	mean	VERB
ajfa-9610	595	26	that	that	SCONJ
ajfa-9610	595	27	the	the	DET
ajfa-9610	595	28	firm	firm	ADJ
ajfa-9610	595	29	performance	performance	NOUN
ajfa-9610	595	30	will	will	AUX
ajfa-9610	595	31	worse	bad	ADJ
ajfa-9610	595	32	after	after	ADP
ajfa-9610	595	33	financing	financing	NOUN
ajfa-9610	595	34	.	.	PUNCT
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ajfa-9610	596	4	is	be	VERB
ajfa-9610	596	5	no	no	DET
ajfa-9610	596	6	significant	significant	ADJ
ajfa-9610	596	7	relation	relation	NOUN
ajfa-9610	596	8	between	between	ADP
ajfa-9610	596	9	accrual	accrual	ADJ
ajfa-9610	596	10	-	-	PUNCT
ajfa-9610	596	11	based	base	VERB
ajfa-9610	596	12	earnings	earning	NOUN
ajfa-9610	596	13	management	management	NOUN
ajfa-9610	596	14	(	(	PUNCT
ajfa-9610	596	15	pdem	pdem	NOUN
ajfa-9610	596	16	)	)	PUNCT
ajfa-9610	596	17	and	and	CCONJ
ajfa-9610	596	18	post	post	ADJ
ajfa-9610	596	19	-	-	ADJ
ajfa-9610	596	20	financing	financing	ADJ
ajfa-9610	596	21	operating	operating	NOUN
ajfa-9610	596	22	performances	performance	NOUN
ajfa-9610	596	23	.	.	PUNCT
ajfa-9610	597	1	these	these	DET
ajfa-9610	597	2	results	result	NOUN
ajfa-9610	597	3	are	be	AUX
ajfa-9610	597	4	the	the	DET
ajfa-9610	597	5	same	same	ADJ
ajfa-9610	597	6	in	in	ADP
ajfa-9610	597	7	both	both	CCONJ
ajfa-9610	597	8	full	full	ADJ
ajfa-9610	597	9	sample	sample	NOUN
ajfa-9610	597	10	and	and	CCONJ
ajfa-9610	597	11	financing	financing	NOUN
ajfa-9610	597	12	subsample	subsample	NOUN
ajfa-9610	597	13	.	.	PUNCT
ajfa-9610	598	1	we	we	PRON
ajfa-9610	598	2	conclude	conclude	VERB
ajfa-9610	598	3	that	that	SCONJ
ajfa-9610	598	4	the	the	DET
ajfa-9610	598	5	erosion	erosion	NOUN
ajfa-9610	598	6	of	of	ADP
ajfa-9610	598	7	post	post	NOUN
ajfa-9610	598	8	operating	operating	NOUN
ajfa-9610	598	9	performance	performance	NOUN
ajfa-9610	598	10	by	by	ADP
ajfa-9610	598	11	manipulating	manipulate	VERB
ajfa-9610	598	12	real	real	ADJ
ajfa-9610	598	13	earnings	earning	NOUN
ajfa-9610	598	14	management	management	NOUN
ajfa-9610	598	15	is	be	AUX
ajfa-9610	598	16	more	more	ADV
ajfa-9610	598	17	serious	serious	ADJ
ajfa-9610	598	18	than	than	ADP
ajfa-9610	598	19	manipulating	manipulate	VERB
ajfa-9610	598	20	accrual	accrual	ADJ
ajfa-9610	598	21	-	-	PUNCT
ajfa-9610	598	22	based	base	VERB
ajfa-9610	598	23	earnings	earning	NOUN
ajfa-9610	598	24	management	management	NOUN
ajfa-9610	598	25	.	.	PUNCT
ajfa-9610	599	1	these	these	DET
ajfa-9610	599	2	results	result	NOUN
ajfa-9610	599	3	are	be	AUX
ajfa-9610	599	4	consistent	consistent	ADJ
ajfa-9610	599	5	with	with	ADP
ajfa-9610	599	6	h3	h3	NOUN
ajfa-9610	599	7	.	.	PUNCT
ajfa-9610	600	1	asian	asian	ADJ
ajfa-9610	600	2	journal	journal	PROPN
ajfa-9610	600	3	of	of	ADP
ajfa-9610	600	4	finance	finance	PROPN
ajfa-9610	600	5	&	&	CCONJ
ajfa-9610	600	6	accounting	accounting	PROPN
ajfa-9610	600	7	issn	issn	PROPN
ajfa-9610	600	8	1946	1946	NUM
ajfa-9610	600	9	-	-	PUNCT
ajfa-9610	600	10	052x	052x	PROPN
ajfa-9610	600	11	2016	2016	NUM
ajfa-9610	600	12	,	,	PUNCT
ajfa-9610	600	13	vol	vol	NOUN
ajfa-9610	600	14	.	.	PROPN
ajfa-9610	600	15	8	8	NUM
ajfa-9610	600	16	,	,	PUNCT
ajfa-9610	600	17	no	no	INTJ
ajfa-9610	600	18	.	.	NOUN
ajfa-9610	600	19	1	1	NUM
ajfa-9610	600	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9610	600	21	257	257	NUM
ajfa-9610	600	22	table	table	NOUN
ajfa-9610	600	23	10	10	NUM
ajfa-9610	600	24	.	.	PUNCT
ajfa-9610	600	25	degree	degree	NOUN
ajfa-9610	600	26	of	of	ADP
ajfa-9610	600	27	earnings	earning	NOUN
ajfa-9610	600	28	management	management	NOUN
ajfa-9610	600	29	and	and	CCONJ
ajfa-9610	600	30	future	future	ADJ
ajfa-9610	600	31	performance	performance	NOUN
ajfa-9610	600	32	ititititititititit	ititititititititit	NOUN
ajfa-9610	600	33	returnmbsizebetarempdemroa	returnmbsizebetarempdemroa	VERB
ajfa-9610	600	34	εββββββββ	εββββββββ	ADJ
ajfa-9610	600	35	+	+	PROPN
ajfa-9610	600	36	+	+	ADJ
ajfa-9610	600	37	+	+	ADJ
ajfa-9610	600	38	+	+	ADJ
ajfa-9610	600	39	+	+	ADJ
ajfa-9610	600	40	+	+	ADJ
ajfa-9610	600	41	+	+	ADJ
ajfa-9610	600	42	+	+	ADJ
ajfa-9610	600	43	=	=	ADJ
ajfa-9610	600	44	+	+	ADJ
ajfa-9610	600	45	stanret	stanret	NOUN
ajfa-9610	600	46	765432101	765432101	NUM
ajfa-9610	600	47	panel	panel	NOUN
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ajfa-9610	600	49	variable	variable	ADJ
ajfa-9610	600	50	expected	expect	VERB
ajfa-9610	600	51	sign	sign	NOUN
ajfa-9610	600	52	all	all	DET
ajfa-9610	600	53	sample	sample	NOUN
ajfa-9610	600	54	financing	financing	NOUN
ajfa-9610	600	55	sample	sample	NOUN
ajfa-9610	600	56	coefficient	coefficient	NOUN
ajfa-9610	600	57	t	t	PROPN
ajfa-9610	600	58	value	value	NOUN
ajfa-9610	600	59	coefficient	coefficient	NOUN
ajfa-9610	600	60	t	t	PROPN
ajfa-9610	600	61	value	value	NOUN
ajfa-9610	600	62	intercept	intercept	NOUN
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ajfa-9610	600	64	*	*	PUNCT
ajfa-9610	600	65	*	*	PUNCT
ajfa-9610	600	66	*	*	PUNCT
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ajfa-9610	600	68	0.0007	0.0007	NUM
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ajfa-9610	600	70	pdem	pdem	NOUN
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ajfa-9610	601	1	0.0153	0.0153	NUM
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ajfa-9610	601	3	rem	rem	PUNCT
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ajfa-9610	601	5	*	*	PUNCT
ajfa-9610	601	6	*	*	PUNCT
ajfa-9610	601	7	*	*	NOUN
ajfa-9610	601	8	-7.3899	-7.3899	NOUN
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ajfa-9610	602	1	*	*	PUNCT
ajfa-9610	602	2	*	*	PUNCT
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ajfa-9610	603	1	*	*	PUNCT
ajfa-9610	603	2	*	*	PUNCT
ajfa-9610	603	3	*	*	PUNCT
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ajfa-9610	604	2	*	*	PUNCT
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ajfa-9610	604	5	+	+	X
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ajfa-9610	604	7	*	*	PUNCT
ajfa-9610	604	8	*	*	PUNCT
ajfa-9610	604	9	*	*	X
ajfa-9610	604	10	13.3531	13.3531	NUM
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ajfa-9610	604	12	*	*	PUNCT
ajfa-9610	604	13	*	*	PUNCT
ajfa-9610	604	14	0.2261	0.2261	NUM
ajfa-9610	604	15	mb	mb	ADP
ajfa-9610	604	16	+	+	X
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ajfa-9610	605	1	*	*	PUNCT
ajfa-9610	605	2	*	*	PUNCT
ajfa-9610	605	3	*	*	PUNCT
ajfa-9610	605	4	16.0520	16.0520	NUM
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ajfa-9610	605	6	*	*	PUNCT
ajfa-9610	605	7	*	*	PUNCT
ajfa-9610	605	8	*	*	PUNCT
ajfa-9610	605	9	3.3487	3.3487	NUM
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ajfa-9610	605	11	+	+	X
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ajfa-9610	605	13	*	*	PUNCT
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ajfa-9610	605	18	*	*	PUNCT
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ajfa-9610	605	20	*	*	PUNCT
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ajfa-9610	605	22	stanret	stanret	VERB
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ajfa-9610	606	1	*	*	PUNCT
ajfa-9610	606	2	*	*	PUNCT
ajfa-9610	606	3	*	*	PUNCT
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ajfa-9610	606	5	-0.0016	-0.0016	PRON
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ajfa-9610	606	11	r2	r2	NOUN
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ajfa-9610	606	16	(	(	PUNCT
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ajfa-9610	606	19	)	)	PUNCT
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ajfa-9610	606	21	(	(	PUNCT
ajfa-9610	606	22	<	<	NOUN
ajfa-9610	606	23	.0001	.0001	X
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ajfa-9610	606	29	)	)	PUNCT
ajfa-9610	606	30	ittiititititititit	ittiititititititit	NOUN
ajfa-9610	606	31	returnmbsizebetarempdemroa	returnmbsizebetarempdemroa	VERB
ajfa-9610	606	32	εββββββββ	εββββββββ	ADJ
ajfa-9610	607	1	+	+	PROPN
ajfa-9610	607	2	+	+	ADJ
ajfa-9610	607	3	+	+	ADJ
ajfa-9610	607	4	+	+	ADJ
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ajfa-9610	607	7	+	+	ADJ
ajfa-9610	607	8	+	+	ADJ
ajfa-9610	607	9	=	=	ADJ
ajfa-9610	607	10	+	+	ADJ
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ajfa-9610	607	26	t	t	PROPN
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ajfa-9610	608	1	*	*	PUNCT
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ajfa-9610	609	5	*	*	PUNCT
ajfa-9610	610	1	*	*	PUNCT
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ajfa-9610	611	5	*	*	PUNCT
ajfa-9610	612	1	*	*	PUNCT
ajfa-9610	612	2	*	*	PUNCT
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ajfa-9610	612	7	+	+	X
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ajfa-9610	612	11	*	*	X
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ajfa-9610	612	14	*	*	PUNCT
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ajfa-9610	612	16	mb	mb	NOUN
ajfa-9610	612	17	+	+	CCONJ
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ajfa-9610	612	21	*	*	NOUN
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ajfa-9610	613	5	+	+	CCONJ
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ajfa-9610	614	7	*	*	PUNCT
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ajfa-9610	614	11	samples	sample	NOUN
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ajfa-9610	614	15	r2	r2	NOUN
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ajfa-9610	614	20	(	(	PUNCT
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ajfa-9610	614	23	)	)	PUNCT
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ajfa-9610	614	28	)	)	PUNCT
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ajfa-9610	614	36	εββββββββ	εββββββββ	ADJ
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ajfa-9610	615	9	=	=	ADJ
ajfa-9610	615	10	+	+	NUM
ajfa-9610	615	11	stanret	stanret	ADJ
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ajfa-9610	620	3	-6.8779	-6.8779	X
ajfa-9610	620	4	-0.0285	-0.0285	PUNCT
ajfa-9610	621	1	*	*	PUNCT
ajfa-9610	621	2	*	*	PUNCT
ajfa-9610	621	3	-2.1191	-2.1191	NOUN
ajfa-9610	621	4	size	size	NOUN
ajfa-9610	621	5	+	+	X
ajfa-9610	621	6	0.0115	0.0115	NUM
ajfa-9610	621	7	*	*	PUNCT
ajfa-9610	622	1	*	*	PUNCT
ajfa-9610	622	2	*	*	PUNCT
ajfa-9610	622	3	9.6016	9.6016	NUM
ajfa-9610	622	4	0.0006	0.0006	NUM
ajfa-9610	622	5	0.2261	0.2261	NUM
ajfa-9610	622	6	mb	mb	ADP
ajfa-9610	622	7	+	+	CCONJ
ajfa-9610	622	8	0.0919	0.0919	NUM
ajfa-9610	622	9	*	*	PUNCT
ajfa-9610	622	10	*	*	PUNCT
ajfa-9610	622	11	*	*	PUNCT
ajfa-9610	622	12	10.8029	10.8029	NUM
ajfa-9610	622	13	0.1019	0.1019	NUM
ajfa-9610	622	14	*	*	PUNCT
ajfa-9610	622	15	*	*	PUNCT
ajfa-9610	622	16	*	*	PUNCT
ajfa-9610	622	17	3.3487	3.3487	NUM
ajfa-9610	622	18	return	return	NOUN
ajfa-9610	622	19	+	+	CCONJ
ajfa-9610	622	20	-0.0068	-0.0068	X
ajfa-9610	622	21	*	*	PUNCT
ajfa-9610	622	22	*	*	PUNCT
ajfa-9610	622	23	*	*	PROPN
ajfa-9610	622	24	-4.8298	-4.8298	ADJ
ajfa-9610	622	25	-0.0213	-0.0213	NOUN
ajfa-9610	623	1	*	*	PUNCT
ajfa-9610	623	2	*	*	PUNCT
ajfa-9610	623	3	*	*	PUNCT
ajfa-9610	623	4	-4.7879	-4.7879	NOUN
ajfa-9610	623	5	stanret	stanret	VERB
ajfa-9610	623	6	0.0011	0.0011	NUM
ajfa-9610	623	7	0.3328	0.3328	NUM
ajfa-9610	623	8	-0.0016	-0.0016	PRON
ajfa-9610	623	9	-0.1664	-0.1664	VERB
ajfa-9610	623	10	samples	sample	VERB
ajfa-9610	623	11	5,599	5,599	NUM
ajfa-9610	623	12	687	687	NUM
ajfa-9610	623	13	adjusted	adjust	VERB
ajfa-9610	623	14	r2	r2	NOUN
ajfa-9610	623	15	0.038	0.038	NUM
ajfa-9610	623	16	0.050	0.050	NUM
ajfa-9610	623	17	f	f	NOUN
ajfa-9610	623	18	value	value	NOUN
ajfa-9610	623	19	(	(	PUNCT
ajfa-9610	623	20	p	p	NOUN
ajfa-9610	623	21	value	value	NOUN
ajfa-9610	623	22	)	)	PUNCT
ajfa-9610	623	23	32.723	32.723	NUM
ajfa-9610	623	24	(	(	PUNCT
ajfa-9610	623	25	<	<	NOUN
ajfa-9610	623	26	.0001	.0001	X
ajfa-9610	623	27	)	)	PUNCT
ajfa-9610	623	28	6.109	6.109	NUM
ajfa-9610	623	29	(	(	PUNCT
ajfa-9610	623	30	<	<	NOUN
ajfa-9610	623	31	.0001	.0001	NOUN
ajfa-9610	623	32	)	)	PUNCT
ajfa-9610	623	33	note	note	NOUN
ajfa-9610	623	34	:	:	PUNCT
ajfa-9610	623	35	1	1	X
ajfa-9610	623	36	.	.	X
ajfa-9610	623	37	pdem	pdem	PROPN
ajfa-9610	623	38	and	and	CCONJ
ajfa-9610	623	39	rem	rem	VERB
ajfa-9610	623	40	substitute	substitute	NOUN
ajfa-9610	623	41	for	for	ADP
ajfa-9610	623	42	tem_d	tem_d	NUM
ajfa-9610	623	43	and	and	CCONJ
ajfa-9610	623	44	tem_r	tem_r	NOUN
ajfa-9610	623	45	,	,	PUNCT
ajfa-9610	623	46	respectively	respectively	ADV
ajfa-9610	623	47	.	.	PUNCT
ajfa-9610	624	1	2	2	X
ajfa-9610	624	2	.	.	X
ajfa-9610	624	3	the	the	DET
ajfa-9610	624	4	definitions	definition	NOUN
ajfa-9610	624	5	of	of	ADP
ajfa-9610	624	6	all	all	DET
ajfa-9610	624	7	variables	variable	NOUN
ajfa-9610	624	8	are	be	AUX
ajfa-9610	624	9	the	the	DET
ajfa-9610	624	10	same	same	ADJ
ajfa-9610	624	11	as	as	ADP
ajfa-9610	624	12	those	those	PRON
ajfa-9610	624	13	in	in	ADP
ajfa-9610	624	14	table	table	NOUN
ajfa-9610	624	15	3	3	NUM
ajfa-9610	624	16	.	.	NOUN
ajfa-9610	624	17	3	3	NUM
ajfa-9610	624	18	.	.	X
ajfa-9610	625	1	*	*	PUNCT
ajfa-9610	625	2	,	,	PUNCT
ajfa-9610	625	3	*	*	PUNCT
ajfa-9610	625	4	*	*	PUNCT
ajfa-9610	625	5	,	,	PUNCT
ajfa-9610	625	6	*	*	PUNCT
ajfa-9610	625	7	*	*	PUNCT
ajfa-9610	625	8	*	*	PUNCT
ajfa-9610	625	9	are	be	AUX
ajfa-9610	625	10	significant	significant	ADJ
ajfa-9610	625	11	at	at	ADP
ajfa-9610	625	12	the	the	DET
ajfa-9610	625	13	10	10	NUM
ajfa-9610	625	14	,	,	PUNCT
ajfa-9610	625	15	5	5	NUM
ajfa-9610	625	16	,	,	PUNCT
ajfa-9610	625	17	and	and	CCONJ
ajfa-9610	625	18	1	1	NUM
ajfa-9610	625	19	percent	percent	NOUN
ajfa-9610	625	20	levels	level	NOUN
ajfa-9610	625	21	,	,	PUNCT
ajfa-9610	625	22	respectively	respectively	ADV
ajfa-9610	625	23	.	.	PUNCT
ajfa-9610	626	1	asian	asian	ADJ
ajfa-9610	626	2	journal	journal	PROPN
ajfa-9610	626	3	of	of	ADP
ajfa-9610	626	4	finance	finance	PROPN
ajfa-9610	626	5	&	&	CCONJ
ajfa-9610	626	6	accounting	accounting	PROPN
ajfa-9610	626	7	issn	issn	PROPN
ajfa-9610	626	8	1946	1946	NUM
ajfa-9610	626	9	-	-	PUNCT
ajfa-9610	626	10	052x	052x	PROPN
ajfa-9610	626	11	2016	2016	NUM
ajfa-9610	626	12	,	,	PUNCT
ajfa-9610	626	13	vol	vol	NOUN
ajfa-9610	626	14	.	.	PROPN
ajfa-9610	626	15	8	8	NUM
ajfa-9610	626	16	,	,	PUNCT
ajfa-9610	626	17	no	no	INTJ
ajfa-9610	626	18	.	.	NOUN
ajfa-9610	626	19	1	1	NUM
ajfa-9610	626	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9610	626	21	258	258	NUM
ajfa-9610	626	22	4.5.3	4.5.3	NUM
ajfa-9610	626	23	matching	matching	NOUN
ajfa-9610	626	24	method	method	NOUN
ajfa-9610	626	25	we	we	PRON
ajfa-9610	626	26	follow	follow	VERB
ajfa-9610	626	27	the	the	DET
ajfa-9610	626	28	matching	matching	NOUN
ajfa-9610	626	29	method	method	NOUN
ajfa-9610	626	30	of	of	ADP
ajfa-9610	626	31	shivakumar	shivakumar	PROPN
ajfa-9610	626	32	(	(	PUNCT
ajfa-9610	626	33	2000	2000	NUM
ajfa-9610	626	34	)	)	PUNCT
ajfa-9610	626	35	and	and	CCONJ
ajfa-9610	626	36	ball	ball	NOUN
ajfa-9610	626	37	and	and	CCONJ
ajfa-9610	626	38	shivakumar	shivakumar	PROPN
ajfa-9610	626	39	(	(	PUNCT
ajfa-9610	626	40	2006	2006	NUM
ajfa-9610	626	41	,	,	PUNCT
ajfa-9610	626	42	2008	2008	NUM
ajfa-9610	626	43	)	)	PUNCT
ajfa-9610	626	44	to	to	PART
ajfa-9610	626	45	use	use	VERB
ajfa-9610	626	46	non	non	ADJ
ajfa-9610	626	47	-	-	ADJ
ajfa-9610	626	48	offering	offering	ADJ
ajfa-9610	626	49	firms	firm	NOUN
ajfa-9610	626	50	to	to	PART
ajfa-9610	626	51	measure	measure	VERB
ajfa-9610	626	52	accrual	accrual	ADJ
ajfa-9610	626	53	-	-	PUNCT
ajfa-9610	626	54	based	base	VERB
ajfa-9610	626	55	earnings	earning	NOUN
ajfa-9610	626	56	management	management	NOUN
ajfa-9610	626	57	in	in	ADP
ajfa-9610	626	58	equation	equation	NOUN
ajfa-9610	626	59	(	(	PUNCT
ajfa-9610	626	60	4a	4a	NUM
ajfa-9610	626	61	)	)	PUNCT
ajfa-9610	626	62	.	.	PUNCT
ajfa-9610	627	1	the	the	DET
ajfa-9610	627	2	model	model	NOUN
ajfa-9610	627	3	parameters	parameter	VERB
ajfa-9610	627	4	1	1	NUM
ajfa-9610	627	5	g	g	NOUN
ajfa-9610	627	6	,	,	PUNCT
ajfa-9610	627	7	2	2	NUM
ajfa-9610	627	8	g	g	NOUN
ajfa-9610	627	9	,	,	PUNCT
ajfa-9610	627	10	3	3	NUM
ajfa-9610	627	11	g	g	NOUN
ajfa-9610	627	12	,	,	PUNCT
ajfa-9610	627	13	4	4	NUM
ajfa-9610	627	14	g	g	NOUN
ajfa-9610	627	15	and	and	CCONJ
ajfa-9610	627	16	5	5	NUM
ajfa-9610	627	17	g	g	NOUN
ajfa-9610	627	18	are	be	AUX
ajfa-9610	627	19	estimated	estimate	VERB
ajfa-9610	627	20	from	from	ADP
ajfa-9610	627	21	non	non	ADJ
ajfa-9610	627	22	-	-	ADJ
ajfa-9610	627	23	offering	offering	ADJ
ajfa-9610	627	24	firms	firm	NOUN
ajfa-9610	627	25	.	.	PUNCT
ajfa-9610	628	1	we	we	PRON
ajfa-9610	628	2	insert	insert	VERB
ajfa-9610	628	3	the	the	DET
ajfa-9610	628	4	model	model	NOUN
ajfa-9610	628	5	’s	’s	PART
ajfa-9610	628	6	parameters	parameter	NOUN
ajfa-9610	628	7	of	of	ADP
ajfa-9610	628	8	equation	equation	NOUN
ajfa-9610	628	9	(	(	PUNCT
ajfa-9610	628	10	4a	4a	NUM
ajfa-9610	628	11	)	)	PUNCT
ajfa-9610	628	12	into	into	ADP
ajfa-9610	628	13	(	(	PUNCT
ajfa-9610	628	14	4b	4b	PROPN
ajfa-9610	628	15	)	)	PUNCT
ajfa-9610	628	16	to	to	PART
ajfa-9610	628	17	obtain	obtain	VERB
ajfa-9610	628	18	expected	expect	VERB
ajfa-9610	628	19	accrual	accrual	ADJ
ajfa-9610	628	20	-	-	PUNCT
ajfa-9610	628	21	based	base	VERB
ajfa-9610	628	22	earnings	earning	NOUN
ajfa-9610	628	23	management	management	NOUN
ajfa-9610	628	24	for	for	ADP
ajfa-9610	628	25	offering	offer	VERB
ajfa-9610	628	26	firms	firm	NOUN
ajfa-9610	628	27	.	.	PUNCT
ajfa-9610	629	1	next	next	ADJ
ajfa-9610	629	2	,	,	PUNCT
ajfa-9610	629	3	abnormal	abnormal	ADJ
ajfa-9610	629	4	accruals	accrual	NOUN
ajfa-9610	629	5	for	for	ADP
ajfa-9610	629	6	offering	offer	VERB
ajfa-9610	629	7	firm	firm	NOUN
ajfa-9610	629	8	are	be	AUX
ajfa-9610	629	9	computed	compute	VERB
ajfa-9610	629	10	as	as	ADP
ajfa-9610	629	11	the	the	DET
ajfa-9610	629	12	difference	difference	NOUN
ajfa-9610	629	13	between	between	ADP
ajfa-9610	629	14	the	the	DET
ajfa-9610	629	15	actual	actual	ADJ
ajfa-9610	629	16	accruals	accrual	NOUN
ajfa-9610	629	17	and	and	CCONJ
ajfa-9610	629	18	expected	expect	VERB
ajfa-9610	629	19	accrual	accrual	ADJ
ajfa-9610	629	20	-	-	PUNCT
ajfa-9610	629	21	based	base	VERB
ajfa-9610	629	22	earnings	earning	NOUN
ajfa-9610	629	23	management	management	NOUN
ajfa-9610	629	24	.	.	PUNCT
ajfa-9610	630	1	therefore	therefore	ADV
ajfa-9610	630	2	,	,	PUNCT
ajfa-9610	630	3	this	this	DET
ajfa-9610	630	4	paper	paper	NOUN
ajfa-9610	630	5	re	re	NOUN
ajfa-9610	630	6	-	-	NOUN
ajfa-9610	630	7	checks	check	VERB
ajfa-9610	630	8	our	our	PRON
ajfa-9610	630	9	hypothesis	hypothesis	NOUN
ajfa-9610	630	10	by	by	ADP
ajfa-9610	630	11	using	use	VERB
ajfa-9610	630	12	matching	matching	NOUN
ajfa-9610	630	13	method	method	NOUN
ajfa-9610	630	14	.	.	PUNCT
ajfa-9610	631	1	the	the	DET
ajfa-9610	631	2	untabulated	untabulated	ADJ
ajfa-9610	631	3	result	result	NOUN
ajfa-9610	631	4	shows	show	VERB
ajfa-9610	631	5	that	that	SCONJ
ajfa-9610	631	6	once	once	SCONJ
ajfa-9610	631	7	the	the	DET
ajfa-9610	631	8	financing	financing	NOUN
ajfa-9610	631	9	firms	firm	NOUN
ajfa-9610	631	10	adopt	adopt	VERB
ajfa-9610	631	11	accrual	accrual	ADJ
ajfa-9610	631	12	-	-	PUNCT
ajfa-9610	631	13	based	base	VERB
ajfa-9610	631	14	earnings	earning	NOUN
ajfa-9610	631	15	management	management	NOUN
ajfa-9610	631	16	which	which	PRON
ajfa-9610	631	17	calculates	calculate	VERB
ajfa-9610	631	18	by	by	ADP
ajfa-9610	631	19	using	use	VERB
ajfa-9610	631	20	matching	matching	NOUN
ajfa-9610	631	21	method	method	NOUN
ajfa-9610	631	22	,	,	PUNCT
ajfa-9610	631	23	the	the	DET
ajfa-9610	631	24	means	mean	NOUN
ajfa-9610	631	25	of	of	ADP
ajfa-9610	631	26	discretionary	discretionary	ADJ
ajfa-9610	631	27	accruals	accrual	NOUN
ajfa-9610	631	28	between	between	ADP
ajfa-9610	631	29	bonds	bond	NOUN
ajfa-9610	631	30	issues	issue	NOUN
ajfa-9610	631	31	and	and	CCONJ
ajfa-9610	631	32	seos	seo	NOUN
ajfa-9610	631	33	are	be	AUX
ajfa-9610	631	34	significantly	significantly	ADV
ajfa-9610	631	35	different	different	ADJ
ajfa-9610	631	36	during	during	ADP
ajfa-9610	631	37	the	the	DET
ajfa-9610	631	38	financing	financing	NOUN
ajfa-9610	631	39	year	year	NOUN
ajfa-9610	631	40	,	,	PUNCT
ajfa-9610	631	41	pre	pre	ADJ
ajfa-9610	631	42	-	-	ADJ
ajfa-9610	631	43	financing	financing	ADJ
ajfa-9610	631	44	year	year	NOUN
ajfa-9610	631	45	(	(	PUNCT
ajfa-9610	631	46	event	event	NOUN
ajfa-9610	631	47	year	year	NOUN
ajfa-9610	631	48	-1	-1	NOUN
ajfa-9610	631	49	to	to	ADP
ajfa-9610	631	50	-4	-4	VERB
ajfa-9610	631	51	)	)	PUNCT
ajfa-9610	631	52	and	and	CCONJ
ajfa-9610	631	53	post	post	ADJ
ajfa-9610	631	54	-	-	ADJ
ajfa-9610	631	55	financing	financing	ADJ
ajfa-9610	631	56	period	period	NOUN
ajfa-9610	631	57	(	(	PUNCT
ajfa-9610	631	58	event	event	NOUN
ajfa-9610	631	59	year	year	NOUN
ajfa-9610	631	60	+1	+1	PROPN
ajfa-9610	631	61	to	to	ADP
ajfa-9610	631	62	+3	+3	PROPN
ajfa-9610	631	63	)	)	PUNCT
ajfa-9610	631	64	.	.	PUNCT
ajfa-9610	632	1	it	it	PRON
ajfa-9610	632	2	implies	imply	VERB
ajfa-9610	632	3	that	that	SCONJ
ajfa-9610	632	4	firms	firm	NOUN
ajfa-9610	632	5	choose	choose	VERB
ajfa-9610	632	6	accrual	accrual	ADJ
ajfa-9610	632	7	-	-	PUNCT
ajfa-9610	632	8	based	base	VERB
ajfa-9610	632	9	earnings	earning	NOUN
ajfa-9610	632	10	management	management	NOUN
ajfa-9610	632	11	depending	depend	VERB
ajfa-9610	632	12	on	on	ADP
ajfa-9610	632	13	different	different	ADJ
ajfa-9610	632	14	financing	financing	NOUN
ajfa-9610	632	15	policy	policy	NOUN
ajfa-9610	632	16	in	in	ADP
ajfa-9610	632	17	the	the	DET
ajfa-9610	632	18	financing	financing	NOUN
ajfa-9610	632	19	period	period	NOUN
ajfa-9610	632	20	from	from	ADP
ajfa-9610	632	21	year	year	NOUN
ajfa-9610	632	22	-4	-4	INTJ
ajfa-9610	632	23	to	to	ADP
ajfa-9610	632	24	+3	+3	PROPN
ajfa-9610	632	25	.	.	PUNCT
ajfa-9610	633	1	according	accord	VERB
ajfa-9610	633	2	to	to	ADP
ajfa-9610	633	3	the	the	DET
ajfa-9610	633	4	empirical	empirical	ADJ
ajfa-9610	633	5	results	result	NOUN
ajfa-9610	633	6	shown	show	VERB
ajfa-9610	633	7	in	in	ADP
ajfa-9610	633	8	table	table	NOUN
ajfa-9610	633	9	11	11	NUM
ajfa-9610	633	10	,	,	PUNCT
ajfa-9610	633	11	in	in	ADP
ajfa-9610	633	12	full	full	ADJ
ajfa-9610	633	13	sample	sample	NOUN
ajfa-9610	633	14	,	,	PUNCT
ajfa-9610	633	15	ratio	ratio	NOUN
ajfa-9610	633	16	of	of	ADP
ajfa-9610	633	17	independent	independent	ADJ
ajfa-9610	633	18	directors	director	NOUN
ajfa-9610	633	19	(	(	PUNCT
ajfa-9610	633	20	indedr	indedr	PROPN
ajfa-9610	633	21	)	)	PUNCT
ajfa-9610	633	22	,	,	PUNCT
ajfa-9610	633	23	shareholdings	shareholding	NOUN
ajfa-9610	633	24	of	of	ADP
ajfa-9610	633	25	institutional	institutional	ADJ
ajfa-9610	633	26	investors	investor	NOUN
ajfa-9610	633	27	(	(	PUNCT
ajfa-9610	633	28	inst	inst	NOUN
ajfa-9610	633	29	)	)	PUNCT
ajfa-9610	633	30	and	and	CCONJ
ajfa-9610	633	31	composite	composite	ADJ
ajfa-9610	633	32	corporate	corporate	ADJ
ajfa-9610	633	33	governance	governance	NOUN
ajfa-9610	633	34	variable	variable	NOUN
ajfa-9610	633	35	(	(	PUNCT
ajfa-9610	633	36	gi	gi	INTJ
ajfa-9610	633	37	)	)	PUNCT
ajfa-9610	633	38	are	be	AUX
ajfa-9610	633	39	significantly	significantly	ADV
ajfa-9610	633	40	related	relate	VERB
ajfa-9610	633	41	to	to	ADP
ajfa-9610	633	42	three	three	NUM
ajfa-9610	633	43	components	component	NOUN
ajfa-9610	633	44	(	(	PUNCT
ajfa-9610	633	45	acfo	acfo	ADJ
ajfa-9610	633	46	,	,	PUNCT
ajfa-9610	633	47	aprod	aprod	NOUN
ajfa-9610	633	48	and	and	CCONJ
ajfa-9610	633	49	adisx	adisx	NOUN
ajfa-9610	633	50	)	)	PUNCT
ajfa-9610	633	51	of	of	ADP
ajfa-9610	633	52	rem	rem	PROPN
ajfa-9610	633	53	,	,	PUNCT
ajfa-9610	633	54	implying	imply	VERB
ajfa-9610	633	55	those	those	PRON
ajfa-9610	633	56	can	can	AUX
ajfa-9610	633	57	control	control	VERB
ajfa-9610	633	58	real	real	ADJ
ajfa-9610	633	59	earnings	earning	NOUN
ajfa-9610	633	60	management	management	NOUN
ajfa-9610	633	61	effectively	effectively	ADV
ajfa-9610	633	62	.	.	PUNCT
ajfa-9610	634	1	hence	hence	ADV
ajfa-9610	634	2	,	,	PUNCT
ajfa-9610	634	3	h2	h2	PROPN
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ajfa-9610	634	7	full	full	ADJ
ajfa-9610	634	8	sample	sample	NOUN
ajfa-9610	634	9	.	.	PUNCT
ajfa-9610	635	1	in	in	ADP
ajfa-9610	635	2	financing	finance	VERB
ajfa-9610	635	3	subsample	subsample	NOUN
ajfa-9610	635	4	,	,	PUNCT
ajfa-9610	635	5	although	although	SCONJ
ajfa-9610	635	6	only	only	ADV
ajfa-9610	635	7	board	board	NOUN
ajfa-9610	635	8	size	size	NOUN
ajfa-9610	635	9	(	(	PUNCT
ajfa-9610	635	10	brdsiz	brdsiz	PROPN
ajfa-9610	635	11	)	)	PUNCT
ajfa-9610	635	12	among	among	ADP
ajfa-9610	635	13	corporate	corporate	ADJ
ajfa-9610	635	14	governance	governance	NOUN
ajfa-9610	635	15	variables	variable	NOUN
ajfa-9610	635	16	can	can	AUX
ajfa-9610	635	17	restrain	restrain	VERB
ajfa-9610	635	18	real	real	ADJ
ajfa-9610	635	19	earnings	earning	NOUN
ajfa-9610	635	20	management	management	NOUN
ajfa-9610	635	21	,	,	PUNCT
ajfa-9610	635	22	but	but	CCONJ
ajfa-9610	635	23	gi	gi	NOUN
ajfa-9610	635	24	is	be	AUX
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ajfa-9610	635	26	negative	negative	ADJ
ajfa-9610	635	27	to	to	ADP
ajfa-9610	635	28	rem	rem	VERB
ajfa-9610	635	29	,	,	PUNCT
ajfa-9610	635	30	implying	imply	VERB
ajfa-9610	635	31	that	that	SCONJ
ajfa-9610	635	32	h2	h2	NOUN
ajfa-9610	635	33	is	be	AUX
ajfa-9610	635	34	also	also	ADV
ajfa-9610	635	35	supported	support	VERB
ajfa-9610	635	36	in	in	ADP
ajfa-9610	635	37	financing	finance	VERB
ajfa-9610	635	38	subsample	subsample	ADJ
ajfa-9610	635	39	.	.	PUNCT
ajfa-9610	636	1	table	table	NOUN
ajfa-9610	636	2	11	11	NUM
ajfa-9610	636	3	.	.	PUNCT
ajfa-9610	637	1	internal	internal	ADJ
ajfa-9610	637	2	control	control	NOUN
ajfa-9610	637	3	,	,	PUNCT
ajfa-9610	637	4	audit	audit	NOUN
ajfa-9610	637	5	quality	quality	NOUN
ajfa-9610	637	6	and	and	CCONJ
ajfa-9610	637	7	real	real	ADJ
ajfa-9610	637	8	earnings	earning	NOUN
ajfa-9610	637	9	management	management	NOUN
ajfa-9610	637	10	ititititititit	ititititititit	NOUN
ajfa-9610	637	11	indusmbsizeroabetafinanttem	indusmbsizeroabetafinanttem	VERB
ajfa-9610	637	12	εαααααα	εαααααα	NOUN
ajfa-9610	637	13	+	+	PROPN
ajfa-9610	637	14	+	+	ADJ
ajfa-9610	637	15	+	+	ADJ
ajfa-9610	637	16	+	+	ADJ
ajfa-9610	637	17	+	+	ADJ
ajfa-9610	637	18	+	+	ADJ
ajfa-9610	637	19	+	+	NOUN
ajfa-9610	637	20	=	=	NOUN
ajfa-9610	637	21	543210	543210	NUM
ajfa-9610	637	22	3	3	NUM
ajfa-9610	637	23	_	_	NOUN
ajfa-9610	637	24	itititit	itititit	NOUN
ajfa-9610	637	25	itititititit	itititititit	NOUN
ajfa-9610	637	26	invsmillspeaudcpachg	invsmillspeaudcpachg	PROPN
ajfa-9610	637	27	biginstmshahdindedrbrdsizerem	biginstmshahdindedrbrdsizerem	VERB
ajfa-9610	637	28	εβββ	εβββ	PROPN
ajfa-9610	637	29	ββββββ	ββββββ	VERB
ajfa-9610	638	1	+	+	PROPN
ajfa-9610	639	1	+	+	ADJ
ajfa-9610	639	2	+	+	ADJ
ajfa-9610	639	3	+	+	ADJ
ajfa-9610	639	4	+	+	ADJ
ajfa-9610	639	5	+	+	ADJ
ajfa-9610	639	6	+	+	ADJ
ajfa-9610	639	7	+	+	NOUN
ajfa-9610	639	8	=	=	X
ajfa-9610	639	9	+	+	NUM
ajfa-9610	639	10	876	876	NUM
ajfa-9610	639	11	543210	543210	NUM
ajfa-9610	639	12	4	4	NUM
ajfa-9610	639	13	ititit	ititit	NOUN
ajfa-9610	639	14	invsmillgirem	invsmillgirem	VERB
ajfa-9610	639	15	εβββ	εβββ	ADJ
ajfa-9610	639	16	+	+	PROPN
ajfa-9610	639	17	+	+	ADJ
ajfa-9610	639	18	+	+	ADJ
ajfa-9610	639	19	=	=	SYM
ajfa-9610	639	20	210	210	NUM
ajfa-9610	639	21	panel	panel	NOUN
ajfa-9610	639	22	a	a	DET
ajfa-9610	639	23	dependent	dependent	ADJ
ajfa-9610	639	24	variable	variable	NOUN
ajfa-9610	639	25	=	=	SYM
ajfa-9610	639	26	rem	rem	VERB
ajfa-9610	639	27	variable	variable	ADJ
ajfa-9610	639	28	expected	expect	VERB
ajfa-9610	639	29	sign	sign	NOUN
ajfa-9610	639	30	all	all	DET
ajfa-9610	639	31	sample	sample	NOUN
ajfa-9610	639	32	financing	financing	NOUN
ajfa-9610	639	33	sample	sample	NOUN
ajfa-9610	639	34	coef	coef	PROPN
ajfa-9610	639	35	.	.	PUNCT
ajfa-9610	640	1	t	t	PROPN
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ajfa-9610	640	3	coef	coef	PROPN
ajfa-9610	640	4	.	.	PUNCT
ajfa-9610	641	1	t	t	PROPN
ajfa-9610	641	2	value	value	PROPN
ajfa-9610	641	3	coef	coef	PROPN
ajfa-9610	641	4	.	.	PUNCT
ajfa-9610	642	1	t	t	PROPN
ajfa-9610	642	2	value	value	PROPN
ajfa-9610	642	3	coef	coef	PROPN
ajfa-9610	642	4	.	.	PUNCT
ajfa-9610	643	1	t	t	PROPN
ajfa-9610	643	2	value	value	NOUN
ajfa-9610	643	3	intercept	intercept	NOUN
ajfa-9610	643	4	?	?	PUNCT
ajfa-9610	644	1	0.0020	0.0020	NUM
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ajfa-9610	644	4	*	*	PUNCT
ajfa-9610	644	5	*	*	PUNCT
ajfa-9610	644	6	*	*	PUNCT
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ajfa-9610	644	9	*	*	PUNCT
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ajfa-9610	646	1	*	*	PUNCT
ajfa-9610	646	2	*	*	PUNCT
ajfa-9610	646	3	*	*	PUNCT
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ajfa-9610	647	1	*	*	PUNCT
ajfa-9610	647	2	*	*	PUNCT
ajfa-9610	647	3	*	*	PUNCT
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ajfa-9610	647	5	brdsize	brdsize	PROPN
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ajfa-9610	648	1	-0.0002	-0.0002	NOUN
ajfa-9610	649	1	*	*	PUNCT
ajfa-9610	649	2	*	*	PUNCT
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ajfa-9610	650	1	*	*	PUNCT
ajfa-9610	650	2	*	*	PUNCT
ajfa-9610	650	3	*	*	PUNCT
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ajfa-9610	652	5	*	*	PUNCT
ajfa-9610	652	6	*	*	PUNCT
ajfa-9610	652	7	*	*	PUNCT
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ajfa-9610	653	1	*	*	PUNCT
ajfa-9610	654	1	*	*	PUNCT
ajfa-9610	654	2	*	*	NOUN
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ajfa-9610	655	4	+	+	CCONJ
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ajfa-9610	655	11	*	*	PUNCT
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ajfa-9610	655	13	*	*	PUNCT
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ajfa-9610	655	17	invsmill	invsmill	NOUN
ajfa-9610	655	18	?	?	PUNCT
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ajfa-9610	656	1	*	*	PUNCT
ajfa-9610	656	2	*	*	PUNCT
ajfa-9610	656	3	*	*	PUNCT
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ajfa-9610	657	3	*	*	PUNCT
ajfa-9610	657	4	*	*	PUNCT
ajfa-9610	657	5	*	*	PUNCT
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ajfa-9610	657	8	*	*	PUNCT
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ajfa-9610	657	11	*	*	PUNCT
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ajfa-9610	657	13	*	*	PUNCT
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ajfa-9610	657	17	5,916	5,916	NUM
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ajfa-9610	657	19	739	739	NUM
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ajfa-9610	657	21	r2	r2	NOUN
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ajfa-9610	657	26	f	f	NOUN
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ajfa-9610	657	28	(	(	PUNCT
ajfa-9610	657	29	p	p	NOUN
ajfa-9610	657	30	value	value	NOUN
ajfa-9610	657	31	)	)	PUNCT
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ajfa-9610	657	33	(	(	PUNCT
ajfa-9610	657	34	<	<	NOUN
ajfa-9610	657	35	.0001	.0001	X
ajfa-9610	657	36	)	)	PUNCT
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ajfa-9610	657	38	(	(	PUNCT
ajfa-9610	657	39	<	<	NOUN
ajfa-9610	657	40	.0001	.0001	X
ajfa-9610	657	41	)	)	PUNCT
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ajfa-9610	657	43	(	(	PUNCT
ajfa-9610	657	44	<	<	NOUN
ajfa-9610	657	45	.0001	.0001	X
ajfa-9610	657	46	)	)	PUNCT
ajfa-9610	657	47	8.281	8.281	NUM
ajfa-9610	657	48	(	(	PUNCT
ajfa-9610	657	49	<	<	NOUN
ajfa-9610	657	50	.0001	.0001	ADJ
ajfa-9610	657	51	)	)	PUNCT
ajfa-9610	657	52	asian	asian	ADJ
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ajfa-9610	657	55	finance	finance	PROPN
ajfa-9610	657	56	&	&	CCONJ
ajfa-9610	657	57	accounting	accounting	PROPN
ajfa-9610	657	58	issn	issn	PROPN
ajfa-9610	657	59	1946	1946	NUM
ajfa-9610	657	60	-	-	PUNCT
ajfa-9610	657	61	052x	052x	PROPN
ajfa-9610	657	62	2016	2016	NUM
ajfa-9610	657	63	,	,	PUNCT
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ajfa-9610	657	67	,	,	PUNCT
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ajfa-9610	657	69	.	.	NOUN
ajfa-9610	657	70	1	1	NUM
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ajfa-9610	657	75	dependent	dependent	ADJ
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ajfa-9610	657	77	=	=	SYM
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ajfa-9610	657	80	expected	expect	VERB
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ajfa-9610	657	83	sample	sample	NOUN
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ajfa-9610	657	86	coef	coef	PROPN
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ajfa-9610	658	1	t	t	PROPN
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ajfa-9610	658	3	coef	coef	PROPN
ajfa-9610	658	4	.	.	PUNCT
ajfa-9610	659	1	t	t	PROPN
ajfa-9610	659	2	value	value	PROPN
ajfa-9610	659	3	coef	coef	PROPN
ajfa-9610	659	4	.	.	PUNCT
ajfa-9610	660	1	t	t	PROPN
ajfa-9610	660	2	value	value	PROPN
ajfa-9610	660	3	coef	coef	PROPN
ajfa-9610	660	4	.	.	PUNCT
ajfa-9610	661	1	t	t	PROPN
ajfa-9610	661	2	value	value	NOUN
ajfa-9610	661	3	intercept	intercept	NOUN
ajfa-9610	661	4	?	?	PUNCT
ajfa-9610	661	5	0.001	0.001	NUM
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ajfa-9610	661	8	*	*	PUNCT
ajfa-9610	661	9	*	*	PUNCT
ajfa-9610	661	10	*	*	NOUN
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ajfa-9610	662	1	*	*	PUNCT
ajfa-9610	662	2	*	*	PUNCT
ajfa-9610	662	3	*	*	PUNCT
ajfa-9610	662	4	4.2015	4.2015	NUM
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ajfa-9610	663	1	*	*	PUNCT
ajfa-9610	663	2	*	*	PUNCT
ajfa-9610	663	3	*	*	PUNCT
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ajfa-9610	664	1	gi	gi	INTJ
ajfa-9610	665	1	+	+	CCONJ
ajfa-9610	666	1	0.001	0.001	NUM
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ajfa-9610	666	3	*	*	PUNCT
ajfa-9610	666	4	*	*	PUNCT
ajfa-9610	666	5	8.044	8.044	NUM
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ajfa-9610	666	7	*	*	PUNCT
ajfa-9610	666	8	*	*	PUNCT
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ajfa-9610	666	10	brdsize	brdsize	VERB
ajfa-9610	666	11	+	+	CCONJ
ajfa-9610	667	1	0.0011	0.0011	NUM
ajfa-9610	667	2	*	*	NUM
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ajfa-9610	667	6	indedr	indedr	NOUN
ajfa-9610	667	7	+	+	X
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ajfa-9610	667	9	*	*	PUNCT
ajfa-9610	667	10	*	*	PUNCT
ajfa-9610	667	11	*	*	PUNCT
ajfa-9610	667	12	4.2658	4.2658	NUM
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ajfa-9610	668	1	+	+	CCONJ
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ajfa-9610	668	7	+	+	CCONJ
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ajfa-9610	668	9	*	*	PUNCT
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ajfa-9610	668	11	*	*	PUNCT
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ajfa-9610	668	15	*	*	PROPN
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ajfa-9610	668	18	+	+	CCONJ
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ajfa-9610	668	29	+	+	CCONJ
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ajfa-9610	668	35	?	?	PUNCT
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ajfa-9610	669	7	*	*	PUNCT
ajfa-9610	669	8	*	*	PUNCT
ajfa-9610	669	9	*	*	X
ajfa-9610	669	10	11.5329	11.5329	NUM
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ajfa-9610	669	12	*	*	PUNCT
ajfa-9610	669	13	*	*	PUNCT
ajfa-9610	669	14	*	*	PUNCT
ajfa-9610	669	15	4.7976	4.7976	NUM
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ajfa-9610	669	17	*	*	PUNCT
ajfa-9610	669	18	*	*	PUNCT
ajfa-9610	669	19	*	*	PUNCT
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ajfa-9610	669	21	samples	sample	NOUN
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ajfa-9610	669	23	5,916	5,916	NUM
ajfa-9610	669	24	739	739	NUM
ajfa-9610	669	25	739	739	NUM
ajfa-9610	669	26	adjusted	adjust	VERB
ajfa-9610	669	27	r2	r2	NOUN
ajfa-9610	669	28	0.035	0.035	NUM
ajfa-9610	669	29	0.049	0.049	NUM
ajfa-9610	669	30	0.036	0.036	NUM
ajfa-9610	669	31	0.053	0.053	NUM
ajfa-9610	669	32	f	f	NOUN
ajfa-9610	669	33	value	value	NOUN
ajfa-9610	669	34	(	(	PUNCT
ajfa-9610	669	35	p	p	NOUN
ajfa-9610	669	36	value	value	NOUN
ajfa-9610	669	37	)	)	PUNCT
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ajfa-9610	669	39	(	(	PUNCT
ajfa-9610	669	40	<	<	NOUN
ajfa-9610	669	41	.0001	.0001	X
ajfa-9610	669	42	)	)	PUNCT
ajfa-9610	669	43	39.32	39.32	NUM
ajfa-9610	669	44	(	(	PUNCT
ajfa-9610	669	45	<	<	NOUN
ajfa-9610	669	46	.0001	.0001	X
ajfa-9610	669	47	)	)	PUNCT
ajfa-9610	669	48	14.972	14.972	NUM
ajfa-9610	669	49	(	(	PUNCT
ajfa-9610	669	50	<	<	NOUN
ajfa-9610	669	51	.0001	.0001	X
ajfa-9610	669	52	)	)	PUNCT
ajfa-9610	669	53	6.196	6.196	NUM
ajfa-9610	669	54	(	(	PUNCT
ajfa-9610	669	55	<	<	NOUN
ajfa-9610	669	56	.0001	.0001	NOUN
ajfa-9610	669	57	)	)	PUNCT
ajfa-9610	669	58	panel	panel	NOUN
ajfa-9610	669	59	c	c	PROPN
ajfa-9610	669	60	dependent	dependent	ADJ
ajfa-9610	669	61	variable	variable	ADJ
ajfa-9610	669	62	=	=	SYM
ajfa-9610	669	63	aprod	aprod	NOUN
ajfa-9610	669	64	variable	variable	NOUN
ajfa-9610	669	65	expected	expect	VERB
ajfa-9610	669	66	sign	sign	VERB
ajfa-9610	669	67	all	all	DET
ajfa-9610	669	68	sample	sample	NOUN
ajfa-9610	669	69	financing	financing	NOUN
ajfa-9610	669	70	sample	sample	NOUN
ajfa-9610	669	71	coef	coef	PROPN
ajfa-9610	669	72	.	.	PUNCT
ajfa-9610	670	1	t	t	PROPN
ajfa-9610	670	2	value	value	PROPN
ajfa-9610	670	3	coef	coef	PROPN
ajfa-9610	670	4	.	.	PUNCT
ajfa-9610	671	1	t	t	PROPN
ajfa-9610	671	2	value	value	PROPN
ajfa-9610	671	3	coef	coef	PROPN
ajfa-9610	671	4	.	.	PUNCT
ajfa-9610	672	1	t	t	PROPN
ajfa-9610	672	2	value	value	PROPN
ajfa-9610	672	3	coef	coef	PROPN
ajfa-9610	672	4	.	.	PUNCT
ajfa-9610	673	1	t	t	PROPN
ajfa-9610	673	2	value	value	NOUN
ajfa-9610	673	3	intercept	intercept	NOUN
ajfa-9610	673	4	?	?	PUNCT
ajfa-9610	674	1	0.0010	0.0010	NUM
ajfa-9610	674	2	0.5085	0.5085	NUM
ajfa-9610	674	3	0.0508	0.0508	NUM
ajfa-9610	674	4	*	*	PUNCT
ajfa-9610	674	5	*	*	PUNCT
ajfa-9610	674	6	*	*	PUNCT
ajfa-9610	674	7	5.3929	5.3929	NUM
ajfa-9610	674	8	0.0060	0.0060	NUM
ajfa-9610	674	9	0.9857	0.9857	NUM
ajfa-9610	674	10	0.0400	0.0400	NUM
ajfa-9610	674	11	1.2769	1.2769	NUM
ajfa-9610	674	12	gi	gi	NOUN
ajfa-9610	674	13	-0.0007	-0.0007	NOUN
ajfa-9610	674	14	*	*	PROPN
ajfa-9610	674	15	*	*	PUNCT
ajfa-9610	674	16	*	*	PUNCT
ajfa-9610	674	17	-6.0082	-6.0082	NOUN
ajfa-9610	674	18	-0.0011	-0.0011	PUNCT
ajfa-9610	675	1	*	*	PUNCT
ajfa-9610	675	2	*	*	PUNCT
ajfa-9610	675	3	*	*	PUNCT
ajfa-9610	675	4	2.6195	2.6195	NUM
ajfa-9610	675	5	brdsize	brdsize	NOUN
ajfa-9610	675	6	0.0007	0.0007	NUM
ajfa-9610	675	7	0.8765	0.8765	NUM
ajfa-9610	675	8	0.0024	0.0024	NUM
ajfa-9610	675	9	0.8423	0.8423	NUM
ajfa-9610	675	10	indedr	indedr	ADJ
ajfa-9610	675	11	-0.1023	-0.1023	NOUN
ajfa-9610	675	12	*	*	PUNCT
ajfa-9610	675	13	*	*	PUNCT
ajfa-9610	675	14	*	*	PUNCT
ajfa-9610	675	15	8.3647	8.3647	NUM
ajfa-9610	675	16	0.0204	0.0204	NUM
ajfa-9610	675	17	0.5283	0.5283	NUM
ajfa-9610	675	18	mshahd	mshahd	NOUN
ajfa-9610	675	19	0.0132	0.0132	NUM
ajfa-9610	675	20	0.8766	0.8766	NUM
ajfa-9610	675	21	0.0485	0.0485	NUM
ajfa-9610	675	22	0.8969	0.8969	NUM
ajfa-9610	675	23	inst	inst	NOUN
ajfa-9610	675	24	-0.0647	-0.0647	NOUN
ajfa-9610	675	25	*	*	PUNCT
ajfa-9610	675	26	*	*	PUNCT
ajfa-9610	675	27	*	*	PROPN
ajfa-9610	675	28	6.7115	6.7115	NUM
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ajfa-9610	675	30	*	*	PUNCT
ajfa-9610	675	31	*	*	X
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ajfa-9610	675	33	big4	big4	NOUN
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ajfa-9610	675	38	cpachg	cpachg	NOUN
ajfa-9610	675	39	+	+	CCONJ
ajfa-9610	675	40	0.0030	0.0030	NUM
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ajfa-9610	675	42	0.0015	0.0015	NUM
ajfa-9610	675	43	0.1034	0.1034	NUM
ajfa-9610	675	44	speaud	speaud	ADV
ajfa-9610	675	45	-0.0157	-0.0157	NOUN
ajfa-9610	675	46	*	*	PUNCT
ajfa-9610	676	1	*	*	PUNCT
ajfa-9610	676	2	*	*	PUNCT
ajfa-9610	676	3	-3.6816	-3.6816	NOUN
ajfa-9610	677	1	0.0277	0.0277	NUM
ajfa-9610	677	2	*	*	PUNCT
ajfa-9610	678	1	*	*	PUNCT
ajfa-9610	678	2	2.0872	2.0872	NUM
ajfa-9610	678	3	invsmill	invsmill	NOUN
ajfa-9610	678	4	?	?	PUNCT
ajfa-9610	679	1	0.0297	0.0297	NUM
ajfa-9610	679	2	*	*	PUNCT
ajfa-9610	679	3	*	*	PUNCT
ajfa-9610	679	4	*	*	X
ajfa-9610	680	1	10.3231	10.3231	NUM
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ajfa-9610	680	3	*	*	PUNCT
ajfa-9610	680	4	*	*	PUNCT
ajfa-9610	680	5	*	*	PUNCT
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ajfa-9610	680	8	*	*	NOUN
ajfa-9610	680	9	*	*	PUNCT
ajfa-9610	680	10	*	*	PUNCT
ajfa-9610	680	11	3.3865	3.3865	NUM
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ajfa-9610	680	13	*	*	PUNCT
ajfa-9610	680	14	*	*	PUNCT
ajfa-9610	680	15	*	*	PUNCT
ajfa-9610	680	16	3.2668	3.2668	NUM
ajfa-9610	680	17	samples	sample	NOUN
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ajfa-9610	680	19	5,916	5,916	NUM
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ajfa-9610	680	21	739	739	NUM
ajfa-9610	680	22	adjusted	adjust	VERB
ajfa-9610	680	23	r2	r2	NOUN
ajfa-9610	680	24	0.022	0.022	NUM
ajfa-9610	680	25	0.044	0.044	NUM
ajfa-9610	680	26	0.02	0.02	NUM
ajfa-9610	680	27	0.019	0.019	NUM
ajfa-9610	680	28	f	f	NOUN
ajfa-9610	680	29	value	value	NOUN
ajfa-9610	680	30	(	(	PUNCT
ajfa-9610	680	31	p	p	NOUN
ajfa-9610	680	32	value	value	NOUN
ajfa-9610	680	33	)	)	PUNCT
ajfa-9610	680	34	68.286	68.286	NUM
ajfa-9610	680	35	(	(	PUNCT
ajfa-9610	680	36	<	<	NOUN
ajfa-9610	680	37	.0001	.0001	X
ajfa-9610	680	38	)	)	PUNCT
ajfa-9610	680	39	35.244	35.244	NUM
ajfa-9610	680	40	(	(	PUNCT
ajfa-9610	680	41	<	<	NOUN
ajfa-9610	680	42	.0001	.0001	X
ajfa-9610	680	43	)	)	PUNCT
ajfa-9610	680	44	8.397	8.397	NUM
ajfa-9610	680	45	(	(	PUNCT
ajfa-9610	680	46	<	<	NOUN
ajfa-9610	680	47	.0001	.0001	X
ajfa-9610	680	48	)	)	PUNCT
ajfa-9610	680	49	2.793	2.793	NUM
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ajfa-9610	680	51	<	<	NOUN
ajfa-9610	680	52	.005	.005	NUM
ajfa-9610	680	53	)	)	PUNCT
ajfa-9610	680	54	panel	panel	NOUN
ajfa-9610	680	55	d	d	ADP
ajfa-9610	680	56	dependent	dependent	ADJ
ajfa-9610	680	57	variable	variable	ADJ
ajfa-9610	680	58	=	=	SYM
ajfa-9610	680	59	adisx	adisx	NOUN
ajfa-9610	680	60	variable	variable	NOUN
ajfa-9610	680	61	expected	expect	VERB
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ajfa-9610	680	64	sample	sample	NOUN
ajfa-9610	680	65	financing	financing	NOUN
ajfa-9610	680	66	sample	sample	NOUN
ajfa-9610	680	67	coef	coef	PROPN
ajfa-9610	680	68	.	.	PUNCT
ajfa-9610	681	1	t	t	PROPN
ajfa-9610	681	2	value	value	PROPN
ajfa-9610	681	3	coef	coef	PROPN
ajfa-9610	681	4	.	.	PUNCT
ajfa-9610	682	1	t	t	PROPN
ajfa-9610	682	2	value	value	PROPN
ajfa-9610	682	3	coef	coef	PROPN
ajfa-9610	682	4	.	.	PUNCT
ajfa-9610	683	1	t	t	PROPN
ajfa-9610	683	2	value	value	PROPN
ajfa-9610	683	3	coef	coef	PROPN
ajfa-9610	683	4	.	.	PUNCT
ajfa-9610	684	1	t	t	PROPN
ajfa-9610	684	2	value	value	NOUN
ajfa-9610	684	3	intercept	intercept	NOUN
ajfa-9610	684	4	?	?	PUNCT
ajfa-9610	685	1	0.0005	0.0005	NUM
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ajfa-9610	685	4	*	*	PUNCT
ajfa-9610	685	5	*	*	PUNCT
ajfa-9610	685	6	*	*	PUNCT
ajfa-9610	685	7	3.0038	3.0038	NUM
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ajfa-9610	685	9	*	*	PUNCT
ajfa-9610	685	10	*	*	PUNCT
ajfa-9610	685	11	*	*	PUNCT
ajfa-9610	685	12	2.6448	2.6448	NUM
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ajfa-9610	685	15	gi	gi	NOUN
ajfa-9610	686	1	+	+	CCONJ
ajfa-9610	686	2	0.0001	0.0001	NUM
ajfa-9610	686	3	*	*	PUNCT
ajfa-9610	686	4	*	*	NUM
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ajfa-9610	686	8	brdsize	brdsize	NOUN
ajfa-9610	686	9	+	+	CCONJ
ajfa-9610	686	10	0.0001	0.0001	NUM
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ajfa-9610	686	13	0.6776	0.6776	NUM
ajfa-9610	686	14	indedr	indedr	NOUN
ajfa-9610	686	15	+	+	X
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ajfa-9610	686	17	*	*	PUNCT
ajfa-9610	686	18	*	*	PUNCT
ajfa-9610	686	19	*	*	PUNCT
ajfa-9610	686	20	7.6083	7.6083	NUM
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ajfa-9610	686	23	mshahd	mshahd	NOUN
ajfa-9610	686	24	+	+	CCONJ
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ajfa-9610	686	27	*	*	PUNCT
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ajfa-9610	686	31	inst	inst	NOUN
ajfa-9610	686	32	+	+	CCONJ
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ajfa-9610	686	34	*	*	PUNCT
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ajfa-9610	686	36	*	*	PUNCT
ajfa-9610	686	37	2.5973	2.5973	NUM
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ajfa-9610	686	41	+	+	CCONJ
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ajfa-9610	686	43	*	*	NOUN
ajfa-9610	686	44	*	*	PUNCT
ajfa-9610	686	45	*	*	PROPN
ajfa-9610	686	46	4.3555	4.3555	NUM
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ajfa-9610	686	49	cpachg	cpachg	NOUN
ajfa-9610	686	50	0.0005	0.0005	NUM
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ajfa-9610	686	54	speaud	speaud	ADV
ajfa-9610	687	1	+	+	CCONJ
ajfa-9610	687	2	0.0003	0.0003	NUM
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ajfa-9610	687	6	invsmill	invsmill	NOUN
ajfa-9610	687	7	?	?	PUNCT
ajfa-9610	688	1	0.0175	0.0175	NUM
ajfa-9610	688	2	*	*	PUNCT
ajfa-9610	688	3	*	*	PUNCT
ajfa-9610	688	4	*	*	X
ajfa-9610	688	5	23.4632	23.4632	NUM
ajfa-9610	689	1	0.0177	0.0177	NUM
ajfa-9610	689	2	*	*	PUNCT
ajfa-9610	689	3	*	*	PUNCT
ajfa-9610	689	4	*	*	PUNCT
ajfa-9610	689	5	23.9309	23.9309	NUM
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ajfa-9610	689	7	*	*	PUNCT
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ajfa-9610	689	9	*	*	PUNCT
ajfa-9610	689	10	7.9933	7.9933	NUM
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ajfa-9610	689	12	*	*	PUNCT
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ajfa-9610	689	14	*	*	PUNCT
ajfa-9610	689	15	7.8976	7.8976	NUM
ajfa-9610	689	16	samples	sample	NOUN
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ajfa-9610	689	20	739	739	NUM
ajfa-9610	689	21	adjusted	adjust	VERB
ajfa-9610	689	22	r2	r2	NOUN
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ajfa-9610	689	27	f	f	NOUN
ajfa-9610	689	28	value	value	NOUN
ajfa-9610	689	29	(	(	PUNCT
ajfa-9610	689	30	p	p	NOUN
ajfa-9610	689	31	value	value	NOUN
ajfa-9610	689	32	)	)	PUNCT
ajfa-9610	689	33	276.105	276.105	NUM
ajfa-9610	689	34	(	(	PUNCT
ajfa-9610	689	35	<	<	NOUN
ajfa-9610	689	36	.0001	.0001	X
ajfa-9610	689	37	)	)	PUNCT
ajfa-9610	689	38	81.709	81.709	NUM
ajfa-9610	689	39	(	(	PUNCT
ajfa-9610	689	40	<	<	NOUN
ajfa-9610	689	41	.0001	.0001	X
ajfa-9610	689	42	)	)	PUNCT
ajfa-9610	689	43	32.031	32.031	NUM
ajfa-9610	689	44	(	(	PUNCT
ajfa-9610	689	45	<	<	NOUN
ajfa-9610	689	46	.0001	.0001	X
ajfa-9610	689	47	)	)	PUNCT
ajfa-9610	689	48	8.119	8.119	NUM
ajfa-9610	689	49	(	(	PUNCT
ajfa-9610	689	50	<	<	NOUN
ajfa-9610	689	51	.0001	.0001	NOUN
ajfa-9610	689	52	)	)	PUNCT
ajfa-9610	689	53	note	note	NOUN
ajfa-9610	689	54	:	:	PUNCT
ajfa-9610	689	55	1	1	X
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ajfa-9610	689	75	&	&	CCONJ
ajfa-9610	689	76	accounting	accounting	PROPN
ajfa-9610	689	77	issn	issn	PROPN
ajfa-9610	689	78	1946	1946	NUM
ajfa-9610	689	79	-	-	PUNCT
ajfa-9610	689	80	052x	052x	PROPN
ajfa-9610	689	81	2016	2016	NUM
ajfa-9610	689	82	,	,	PUNCT
ajfa-9610	689	83	vol	vol	NOUN
ajfa-9610	689	84	.	.	PROPN
ajfa-9610	689	85	8	8	NUM
ajfa-9610	689	86	,	,	PUNCT
ajfa-9610	689	87	no	no	INTJ
ajfa-9610	689	88	.	.	NOUN
ajfa-9610	689	89	1	1	NUM
ajfa-9610	689	90	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9610	689	91	260	260	NUM
ajfa-9610	689	92	2	2	NUM
ajfa-9610	689	93	.	.	PUNCT
ajfa-9610	690	1	*	*	PUNCT
ajfa-9610	690	2	,	,	PUNCT
ajfa-9610	690	3	*	*	PUNCT
ajfa-9610	690	4	*	*	PUNCT
ajfa-9610	690	5	,	,	PUNCT
ajfa-9610	690	6	*	*	PUNCT
ajfa-9610	690	7	*	*	PUNCT
ajfa-9610	690	8	*	*	PUNCT
ajfa-9610	690	9	are	be	AUX
ajfa-9610	690	10	significant	significant	ADJ
ajfa-9610	690	11	at	at	ADP
ajfa-9610	690	12	the	the	DET
ajfa-9610	690	13	10	10	NUM
ajfa-9610	690	14	,	,	PUNCT
ajfa-9610	690	15	5	5	NUM
ajfa-9610	690	16	,	,	PUNCT
ajfa-9610	690	17	and	and	CCONJ
ajfa-9610	690	18	1	1	NUM
ajfa-9610	690	19	percent	percent	NOUN
ajfa-9610	690	20	levels	level	NOUN
ajfa-9610	690	21	,	,	PUNCT
ajfa-9610	690	22	respectively	respectively	ADV
ajfa-9610	690	23	.	.	PUNCT
ajfa-9610	691	1	from	from	ADP
ajfa-9610	691	2	the	the	DET
ajfa-9610	691	3	empirical	empirical	ADJ
ajfa-9610	691	4	results	result	NOUN
ajfa-9610	691	5	shown	show	VERB
ajfa-9610	691	6	in	in	ADP
ajfa-9610	691	7	table	table	NOUN
ajfa-9610	691	8	12	12	NUM
ajfa-9610	691	9	,	,	PUNCT
ajfa-9610	691	10	the	the	DET
ajfa-9610	691	11	results	result	NOUN
ajfa-9610	691	12	between	between	ADP
ajfa-9610	691	13	matching	matching	NOUN
ajfa-9610	691	14	and	and	CCONJ
ajfa-9610	691	15	non	non	ADJ
ajfa-9610	691	16	-	-	ADJ
ajfa-9610	691	17	matching	matching	ADJ
ajfa-9610	691	18	methods	method	NOUN
ajfa-9610	691	19	are	be	AUX
ajfa-9610	691	20	almost	almost	ADV
ajfa-9610	691	21	consistent	consistent	ADJ
ajfa-9610	691	22	.	.	PUNCT
ajfa-9610	692	1	compared	compare	VERB
ajfa-9610	692	2	with	with	ADP
ajfa-9610	692	3	table	table	NOUN
ajfa-9610	692	4	6	6	NUM
ajfa-9610	692	5	,	,	PUNCT
ajfa-9610	692	6	there	there	PRON
ajfa-9610	692	7	are	be	VERB
ajfa-9610	692	8	more	more	ADJ
ajfa-9610	692	9	variables	variable	NOUN
ajfa-9610	692	10	which	which	PRON
ajfa-9610	692	11	can	can	AUX
ajfa-9610	692	12	restrain	restrain	VERB
ajfa-9610	692	13	accrual	accrual	ADJ
ajfa-9610	692	14	-	-	PUNCT
ajfa-9610	692	15	based	base	VERB
ajfa-9610	692	16	earnings	earning	NOUN
ajfa-9610	692	17	management	management	NOUN
ajfa-9610	692	18	in	in	ADP
ajfa-9610	692	19	both	both	DET
ajfa-9610	692	20	samples	sample	NOUN
ajfa-9610	692	21	.	.	PUNCT
ajfa-9610	693	1	in	in	ADP
ajfa-9610	693	2	the	the	DET
ajfa-9610	693	3	all	all	DET
ajfa-9610	693	4	sample	sample	NOUN
ajfa-9610	693	5	,	,	PUNCT
ajfa-9610	693	6	pdem	pdem	PROPN
ajfa-9610	693	7	is	be	AUX
ajfa-9610	693	8	negatively	negatively	ADV
ajfa-9610	693	9	related	relate	VERB
ajfa-9610	693	10	to	to	ADP
ajfa-9610	693	11	indedr	indedr	PROPN
ajfa-9610	693	12	,	,	PUNCT
ajfa-9610	693	13	inst	inst	PROPN
ajfa-9610	693	14	,	,	PUNCT
ajfa-9610	693	15	speaud	speaud	ADV
ajfa-9610	693	16	,	,	PUNCT
ajfa-9610	693	17	and	and	CCONJ
ajfa-9610	693	18	gi	gi	INTJ
ajfa-9610	693	19	,	,	PUNCT
ajfa-9610	693	20	but	but	CCONJ
ajfa-9610	693	21	positively	positively	ADV
ajfa-9610	693	22	related	relate	VERB
ajfa-9610	693	23	to	to	ADP
ajfa-9610	693	24	cpachg	cpachg	NOUN
ajfa-9610	693	25	.	.	PUNCT
ajfa-9610	694	1	as	as	ADP
ajfa-9610	694	2	for	for	ADP
ajfa-9610	694	3	financing	financing	NOUN
ajfa-9610	694	4	subsample	subsample	NOUN
ajfa-9610	694	5	,	,	PUNCT
ajfa-9610	694	6	indedr	indedr	NOUN
ajfa-9610	694	7	and	and	CCONJ
ajfa-9610	694	8	inst	inst	NOUN
ajfa-9610	694	9	can	can	AUX
ajfa-9610	694	10	restrain	restrain	VERB
ajfa-9610	694	11	accrual	accrual	ADJ
ajfa-9610	694	12	-	-	PUNCT
ajfa-9610	694	13	based	base	VERB
ajfa-9610	694	14	earnings	earning	NOUN
ajfa-9610	694	15	,	,	PUNCT
ajfa-9610	694	16	but	but	CCONJ
ajfa-9610	694	17	external	external	ADJ
ajfa-9610	694	18	monitoring	monitoring	NOUN
ajfa-9610	694	19	variable	variable	NOUN
ajfa-9610	694	20	can	can	AUX
ajfa-9610	694	21	not	not	PART
ajfa-9610	694	22	.	.	PUNCT
ajfa-9610	695	1	moreover	moreover	ADV
ajfa-9610	695	2	,	,	PUNCT
ajfa-9610	695	3	from	from	ADP
ajfa-9610	695	4	table	table	NOUN
ajfa-9610	695	5	13	13	NUM
ajfa-9610	695	6	,	,	PUNCT
ajfa-9610	695	7	the	the	DET
ajfa-9610	695	8	operating	operating	NOUN
ajfa-9610	695	9	performance	performance	NOUN
ajfa-9610	695	10	will	will	AUX
ajfa-9610	695	11	significantly	significantly	ADV
ajfa-9610	695	12	decline	decline	VERB
ajfa-9610	695	13	in	in	ADP
ajfa-9610	695	14	financing	financing	NOUN
ajfa-9610	695	15	year	year	NOUN
ajfa-9610	695	16	+1	+1	PROPN
ajfa-9610	695	17	,	,	PUNCT
ajfa-9610	695	18	when	when	SCONJ
ajfa-9610	695	19	firms	firm	NOUN
ajfa-9610	695	20	conduct	conduct	VERB
ajfa-9610	695	21	real	real	ADJ
ajfa-9610	695	22	earnings	earning	NOUN
ajfa-9610	695	23	management	management	NOUN
ajfa-9610	695	24	in	in	ADP
ajfa-9610	695	25	both	both	PRON
ajfa-9610	695	26	all	all	DET
ajfa-9610	695	27	sample	sample	NOUN
ajfa-9610	695	28	and	and	CCONJ
ajfa-9610	695	29	financing	financing	NOUN
ajfa-9610	695	30	subsample	subsample	NOUN
ajfa-9610	695	31	.	.	PUNCT
ajfa-9610	696	1	the	the	DET
ajfa-9610	696	2	decline	decline	NOUN
ajfa-9610	696	3	is	be	AUX
ajfa-9610	696	4	more	more	ADV
ajfa-9610	696	5	significant	significant	ADJ
ajfa-9610	696	6	on	on	ADP
ajfa-9610	696	7	bond	bond	NOUN
ajfa-9610	696	8	issuers	issuer	NOUN
ajfa-9610	696	9	,	,	PUNCT
ajfa-9610	696	10	continuing	continue	VERB
ajfa-9610	696	11	for	for	ADP
ajfa-9610	696	12	two	two	NUM
ajfa-9610	696	13	years	year	NOUN
ajfa-9610	696	14	when	when	SCONJ
ajfa-9610	696	15	bond	bond	NOUN
ajfa-9610	696	16	issuing	issuing	NOUN
ajfa-9610	696	17	firms	firm	NOUN
ajfa-9610	696	18	conduct	conduct	VERB
ajfa-9610	696	19	real	real	ADJ
ajfa-9610	696	20	earnings	earning	NOUN
ajfa-9610	696	21	management	management	NOUN
ajfa-9610	696	22	.	.	PUNCT
ajfa-9610	697	1	table	table	NOUN
ajfa-9610	697	2	12	12	NUM
ajfa-9610	697	3	.	.	PUNCT
ajfa-9610	698	1	internal	internal	ADJ
ajfa-9610	698	2	control	control	NOUN
ajfa-9610	698	3	,	,	PUNCT
ajfa-9610	698	4	audit	audit	NOUN
ajfa-9610	698	5	quality	quality	NOUN
ajfa-9610	698	6	and	and	CCONJ
ajfa-9610	698	7	accruals	accrual	NOUN
ajfa-9610	698	8	itititititititititit	itititititititititit	PROPN
ajfa-9610	698	9	invsmillspeaudcpachgbiginstmshahdindedrbrdsizepdem	invsmillspeaudcpachgbiginstmshahdindedrbrdsizepdem	PROPN
ajfa-9610	698	10	εβββββββββ	εβββββββββ	VERB
ajfa-9610	699	1	+	+	PROPN
ajfa-9610	699	2	+	+	ADJ
ajfa-9610	699	3	+	+	ADJ
ajfa-9610	699	4	+	+	ADJ
ajfa-9610	699	5	+	+	ADJ
ajfa-9610	699	6	+	+	ADJ
ajfa-9610	699	7	+	+	ADJ
ajfa-9610	699	8	+	+	NOUN
ajfa-9610	699	9	=	=	X
ajfa-9610	699	10	+	+	SYM
ajfa-9610	699	11	876543210	876543210	NUM
ajfa-9610	699	12	4	4	NUM
ajfa-9610	699	13	itititit	itititit	NOUN
ajfa-9610	699	14	invsmillgipdem	invsmillgipdem	NOUN
ajfa-9610	699	15	εβββ	εβββ	VERB
ajfa-9610	700	1	+	+	PROPN
ajfa-9610	700	2	+	+	ADJ
ajfa-9610	700	3	+	+	ADJ
ajfa-9610	700	4	=	=	SYM
ajfa-9610	700	5	210	210	NUM
ajfa-9610	700	6	variable	variable	NOUN
ajfa-9610	700	7	expected	expect	VERB
ajfa-9610	700	8	sign	sign	NOUN
ajfa-9610	700	9	all	all	DET
ajfa-9610	700	10	sample	sample	NOUN
ajfa-9610	700	11	financing	financing	NOUN
ajfa-9610	700	12	sample	sample	NOUN
ajfa-9610	700	13	coef	coef	PROPN
ajfa-9610	700	14	.	.	PUNCT
ajfa-9610	701	1	t	t	PROPN
ajfa-9610	701	2	value	value	PROPN
ajfa-9610	701	3	coef	coef	PROPN
ajfa-9610	701	4	.	.	PUNCT
ajfa-9610	702	1	t	t	PROPN
ajfa-9610	702	2	value	value	PROPN
ajfa-9610	702	3	coef	coef	PROPN
ajfa-9610	702	4	.	.	PUNCT
ajfa-9610	703	1	t	t	PROPN
ajfa-9610	703	2	value	value	PROPN
ajfa-9610	703	3	coef	coef	PROPN
ajfa-9610	703	4	.	.	PUNCT
ajfa-9610	704	1	t	t	PROPN
ajfa-9610	704	2	value	value	NOUN
ajfa-9610	704	3	intercept	intercept	NOUN
ajfa-9610	704	4	?	?	PUNCT
ajfa-9610	705	1	0.0024	0.0024	NUM
ajfa-9610	705	2	*	*	PUNCT
ajfa-9610	705	3	*	*	NOUN
ajfa-9610	705	4	2.4643	2.4643	NUM
ajfa-9610	705	5	0.0183	0.0183	NUM
ajfa-9610	705	6	*	*	PUNCT
ajfa-9610	705	7	*	*	PUNCT
ajfa-9610	705	8	*	*	PUNCT
ajfa-9610	705	9	3.9650	3.9650	NUM
ajfa-9610	705	10	-0.0179	-0.0179	NOUN
ajfa-9610	705	11	*	*	PUNCT
ajfa-9610	705	12	*	*	PUNCT
ajfa-9610	705	13	*	*	PUNCT
ajfa-9610	705	14	-5.4924	-5.4924	NOUN
ajfa-9610	705	15	0.0033	0.0033	NUM
ajfa-9610	705	16	0.1990	0.1990	NUM
ajfa-9610	705	17	gi	gi	NOUN
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ajfa-9610	705	19	*	*	PUNCT
ajfa-9610	705	20	*	*	PUNCT
ajfa-9610	705	21	*	*	X
ajfa-9610	705	22	6.5550	6.5550	NUM
ajfa-9610	705	23	-0.0006	-0.0006	NOUN
ajfa-9610	705	24	*	*	PUNCT
ajfa-9610	705	25	*	*	PUNCT
ajfa-9610	705	26	*	*	PUNCT
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ajfa-9610	705	28	brdsize	brdsize	VERB
ajfa-9610	705	29	0.0000	0.0000	NUM
ajfa-9610	705	30	0.0627	0.0627	NUM
ajfa-9610	705	31	0.0006	0.0006	NUM
ajfa-9610	705	32	0.3801	0.3801	NUM
ajfa-9610	705	33	indedr	indedr	ADJ
ajfa-9610	705	34	-0.0499	-0.0499	NOUN
ajfa-9610	706	1	*	*	PUNCT
ajfa-9610	707	1	*	*	PUNCT
ajfa-9610	707	2	*	*	PUNCT
ajfa-9610	707	3	8.2991	8.2991	NUM
ajfa-9610	707	4	-0.0584	-0.0584	NOUN
ajfa-9610	707	5	*	*	PUNCT
ajfa-9610	707	6	*	*	PUNCT
ajfa-9610	707	7	*	*	PUNCT
ajfa-9610	707	8	2.8463	2.8463	NUM
ajfa-9610	707	9	mshahd	mshahd	NOUN
ajfa-9610	707	10	0.0183	0.0183	NUM
ajfa-9610	707	11	*	*	PUNCT
ajfa-9610	707	12	*	*	PUNCT
ajfa-9610	707	13	2.4720	2.4720	NUM
ajfa-9610	707	14	0.0747	0.0747	NUM
ajfa-9610	707	15	*	*	PUNCT
ajfa-9610	707	16	*	*	PUNCT
ajfa-9610	707	17	*	*	X
ajfa-9610	707	18	2.5966	2.5966	NUM
ajfa-9610	707	19	inst	inst	NOUN
ajfa-9610	707	20	-0.0437	-0.0437	NOUN
ajfa-9610	707	21	*	*	PUNCT
ajfa-9610	707	22	*	*	PUNCT
ajfa-9610	707	23	*	*	X
ajfa-9610	707	24	9.2171	9.2171	NUM
ajfa-9610	707	25	-0.0603	-0.0603	NOUN
ajfa-9610	707	26	*	*	PUNCT
ajfa-9610	707	27	*	*	PUNCT
ajfa-9610	707	28	*	*	X
ajfa-9610	707	29	3.6073	3.6073	NUM
ajfa-9610	707	30	big4	big4	NOUN
ajfa-9610	707	31	-0.0023	-0.0023	NOUN
ajfa-9610	707	32	0.8842	0.8842	NUM
ajfa-9610	707	33	0.0037	0.0037	NUM
ajfa-9610	707	34	0.3751	0.3751	NUM
ajfa-9610	707	35	cpachg	cpachg	NOUN
ajfa-9610	707	36	+	+	CCONJ
ajfa-9610	707	37	0.0066	0.0066	NUM
ajfa-9610	707	38	*	*	PROPN
ajfa-9610	707	39	*	*	PUNCT
ajfa-9610	707	40	*	*	X
ajfa-9610	707	41	3.1059	3.1059	NUM
ajfa-9610	707	42	0.0005	0.0005	NUM
ajfa-9610	707	43	0.0670	0.0670	NUM
ajfa-9610	707	44	speaud	speaud	ADV
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ajfa-9610	707	46	*	*	PUNCT
ajfa-9610	708	1	*	*	PUNCT
ajfa-9610	708	2	*	*	PUNCT
ajfa-9610	708	3	3.0694	3.0694	NUM
ajfa-9610	708	4	0.0096	0.0096	NUM
ajfa-9610	708	5	1.3639	1.3639	NUM
ajfa-9610	708	6	invsmill	invsmill	NOUN
ajfa-9610	708	7	?	?	PUNCT
ajfa-9610	709	1	0.0335	0.0335	NUM
ajfa-9610	709	2	*	*	PUNCT
ajfa-9610	709	3	*	*	PUNCT
ajfa-9610	709	4	*	*	SYM
ajfa-9610	709	5	23.6952	23.6952	NUM
ajfa-9610	709	6	-0.0327	-0.0327	NOUN
ajfa-9610	709	7	*	*	PUNCT
ajfa-9610	709	8	*	*	PUNCT
ajfa-9610	709	9	*	*	PUNCT
ajfa-9610	709	10	-23.3947	-23.3947	INTJ
ajfa-9610	709	11	-0.0542	-0.0542	NOUN
ajfa-9610	709	12	*	*	PUNCT
ajfa-9610	710	1	*	*	PUNCT
ajfa-9610	710	2	*	*	PUNCT
ajfa-9610	710	3	-10.7940	-10.7940	NUM
ajfa-9610	710	4	0.0529	0.0529	NUM
ajfa-9610	710	5	*	*	PUNCT
ajfa-9610	710	6	*	*	PUNCT
ajfa-9610	710	7	*	*	X
ajfa-9610	710	8	10.4898	10.4898	NUM
ajfa-9610	710	9	samples	sample	NOUN
ajfa-9610	710	10	5,916	5,916	NUM
ajfa-9610	710	11	5,916	5,916	NUM
ajfa-9610	710	12	739	739	NUM
ajfa-9610	710	13	739	739	NUM
ajfa-9610	710	14	adjusted	adjust	VERB
ajfa-9610	710	15	r2	r2	PROPN
ajfa-9610	710	16	0.095	0.095	NUM
ajfa-9610	710	17	0.117	0.117	NUM
ajfa-9610	710	18	0.148	0.148	NUM
ajfa-9610	710	19	0.161	0.161	NUM
ajfa-9610	710	20	model	model	NOUN
ajfa-9610	710	21	f	f	PROPN
ajfa-9610	710	22	value	value	VERB
ajfa-9610	710	23	311.153	311.153	NUM
ajfa-9610	710	24	98.823	98.823	NUM
ajfa-9610	710	25	65.862	65.862	NUM
ajfa-9610	710	26	18.748	18.748	NUM
ajfa-9610	710	27	p	p	NOUN
ajfa-9610	710	28	value	value	NOUN
ajfa-9610	710	29	<	<	X
ajfa-9610	710	30	.0001	.0001	X
ajfa-9610	710	31	<	<	X
ajfa-9610	710	32	.0001	.0001	X
ajfa-9610	710	33	<	<	X
ajfa-9610	710	34	.0001	.0001	X
ajfa-9610	710	35	<	<	X
ajfa-9610	710	36	.0001	.0001	X
ajfa-9610	710	37	note	note	NOUN
ajfa-9610	710	38	:	:	PUNCT
ajfa-9610	711	1	1	1	X
ajfa-9610	711	2	.	.	PUNCT
ajfa-9610	711	3	the	the	DET
ajfa-9610	711	4	definitions	definition	NOUN
ajfa-9610	711	5	of	of	ADP
ajfa-9610	711	6	all	all	DET
ajfa-9610	711	7	variables	variable	NOUN
ajfa-9610	711	8	are	be	AUX
ajfa-9610	711	9	the	the	DET
ajfa-9610	711	10	same	same	ADJ
ajfa-9610	711	11	as	as	ADP
ajfa-9610	711	12	those	those	PRON
ajfa-9610	711	13	in	in	ADP
ajfa-9610	711	14	table	table	NOUN
ajfa-9610	711	15	3	3	NUM
ajfa-9610	711	16	.	.	NOUN
ajfa-9610	711	17	2	2	NUM
ajfa-9610	711	18	.	.	X
ajfa-9610	712	1	*	*	PUNCT
ajfa-9610	712	2	,	,	PUNCT
ajfa-9610	712	3	*	*	PUNCT
ajfa-9610	712	4	*	*	PUNCT
ajfa-9610	712	5	,	,	PUNCT
ajfa-9610	712	6	*	*	PUNCT
ajfa-9610	712	7	*	*	PUNCT
ajfa-9610	712	8	*	*	PUNCT
ajfa-9610	712	9	are	be	AUX
ajfa-9610	712	10	significant	significant	ADJ
ajfa-9610	712	11	at	at	ADP
ajfa-9610	712	12	the	the	DET
ajfa-9610	712	13	10	10	NUM
ajfa-9610	712	14	,	,	PUNCT
ajfa-9610	712	15	5	5	NUM
ajfa-9610	712	16	,	,	PUNCT
ajfa-9610	712	17	and	and	CCONJ
ajfa-9610	712	18	1	1	NUM
ajfa-9610	712	19	percent	percent	NOUN
ajfa-9610	712	20	levels	level	NOUN
ajfa-9610	712	21	,	,	PUNCT
ajfa-9610	712	22	respectively	respectively	ADV
ajfa-9610	712	23	.	.	PUNCT
ajfa-9610	712	24	table	table	NOUN
ajfa-9610	712	25	13	13	NUM
ajfa-9610	712	26	.	.	PUNCT
ajfa-9610	713	1	earnings	earning	NOUN
ajfa-9610	713	2	management	management	NOUN
ajfa-9610	713	3	and	and	CCONJ
ajfa-9610	713	4	future	future	ADJ
ajfa-9610	713	5	performance	performance	NOUN
ajfa-9610	713	6	panel	panel	NOUN
ajfa-9610	713	7	a	a	NOUN
ajfa-9610	713	8	:	:	PUNCT
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ajfa-9610	713	10	variable	variable	ADJ
ajfa-9610	713	11	expected	expect	VERB
ajfa-9610	713	12	sign	sign	VERB
ajfa-9610	713	13	all	all	DET
ajfa-9610	713	14	sample	sample	NOUN
ajfa-9610	713	15	financing	financing	NOUN
ajfa-9610	713	16	sample	sample	NOUN
ajfa-9610	713	17	coefficient	coefficient	NOUN
ajfa-9610	713	18	t	t	PROPN
ajfa-9610	713	19	value	value	NOUN
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ajfa-9610	713	21	t	t	PROPN
ajfa-9610	713	22	value	value	NOUN
ajfa-9610	713	23	intercept	intercept	NOUN
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ajfa-9610	714	1	*	*	PUNCT
ajfa-9610	715	1	*	*	PUNCT
ajfa-9610	715	2	*	*	PUNCT
ajfa-9610	715	3	-14.9417	-14.9417	NUM
ajfa-9610	715	4	-0.1639	-0.1639	PUNCT
ajfa-9610	716	1	*	*	PUNCT
ajfa-9610	716	2	*	*	PUNCT
ajfa-9610	716	3	*	*	PUNCT
ajfa-9610	716	4	-3.9876	-3.9876	VERB
ajfa-9610	716	5	tem_d	tem_d	NUM
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ajfa-9610	717	1	tem_r	tem_r	PROPN
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ajfa-9610	718	1	*	*	PUNCT
ajfa-9610	718	2	*	*	PUNCT
ajfa-9610	718	3	*	*	PROPN
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ajfa-9610	719	1	*	*	PUNCT
ajfa-9610	720	1	*	*	PUNCT
ajfa-9610	720	2	*	*	PUNCT
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ajfa-9610	720	4	beta	beta	ADJ
ajfa-9610	720	5	-0.0219	-0.0219	NOUN
ajfa-9610	721	1	*	*	PUNCT
ajfa-9610	721	2	*	*	PUNCT
ajfa-9610	721	3	*	*	PUNCT
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ajfa-9610	721	5	-0.0071	-0.0071	NOUN
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ajfa-9610	721	8	+	+	CCONJ
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ajfa-9610	721	10	*	*	PUNCT
ajfa-9610	721	11	*	*	PUNCT
ajfa-9610	721	12	*	*	PUNCT
ajfa-9610	721	13	14.3440	14.3440	NUM
ajfa-9610	721	14	0.0085	0.0085	NUM
ajfa-9610	721	15	*	*	PUNCT
ajfa-9610	722	1	*	*	PUNCT
ajfa-9610	722	2	*	*	PUNCT
ajfa-9610	722	3	3.4582	3.4582	NUM
ajfa-9610	722	4	mb	mb	ADP
ajfa-9610	722	5	+	+	X
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ajfa-9610	722	7	*	*	PUNCT
ajfa-9610	722	8	*	*	PUNCT
ajfa-9610	722	9	*	*	PUNCT
ajfa-9610	722	10	17.1180	17.1180	NUM
ajfa-9610	722	11	0.1669	0.1669	NUM
ajfa-9610	722	12	*	*	PUNCT
ajfa-9610	722	13	*	*	PUNCT
ajfa-9610	722	14	*	*	PUNCT
ajfa-9610	722	15	6.3263	6.3263	NUM
ajfa-9610	722	16	return	return	NOUN
ajfa-9610	722	17	+	+	CCONJ
ajfa-9610	722	18	0.0045	0.0045	NUM
ajfa-9610	722	19	*	*	PUNCT
ajfa-9610	722	20	*	*	PUNCT
ajfa-9610	723	1	*	*	PUNCT
ajfa-9610	723	2	3.1755	3.1755	NUM
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ajfa-9610	723	4	-0.7100	-0.7100	PROPN
ajfa-9610	723	5	stanret	stanret	VERB
ajfa-9610	723	6	0.0144	0.0144	NUM
ajfa-9610	723	7	*	*	PUNCT
ajfa-9610	724	1	*	*	PUNCT
ajfa-9610	724	2	*	*	PUNCT
ajfa-9610	724	3	4.3642	4.3642	NUM
ajfa-9610	724	4	0.0070	0.0070	NUM
ajfa-9610	724	5	0.7866	0.7866	NUM
ajfa-9610	724	6	samples	sample	NOUN
ajfa-9610	724	7	5,615	5,615	NUM
ajfa-9610	724	8	687	687	NUM
ajfa-9610	724	9	adjusted	adjust	VERB
ajfa-9610	724	10	r2	r2	NOUN
ajfa-9610	724	11	0.081	0.081	NUM
ajfa-9610	724	12	0.069	0.069	NUM
ajfa-9610	724	13	f	f	PROPN
ajfa-9610	724	14	value	value	NOUN
ajfa-9610	724	15	(	(	PUNCT
ajfa-9610	724	16	p	p	NOUN
ajfa-9610	724	17	value	value	NOUN
ajfa-9610	724	18	)	)	PUNCT
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ajfa-9610	724	20	(	(	PUNCT
ajfa-9610	724	21	<	<	NOUN
ajfa-9610	724	22	.0001	.0001	X
ajfa-9610	724	23	)	)	PUNCT
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ajfa-9610	724	25	(	(	PUNCT
ajfa-9610	724	26	<	<	NOUN
ajfa-9610	724	27	.0001	.0001	NOUN
ajfa-9610	724	28	)	)	PUNCT
ajfa-9610	724	29	panel	panel	NOUN
ajfa-9610	725	1	b	b	NOUN
ajfa-9610	725	2	:	:	PUNCT
ajfa-9610	725	3	roat+1	roat+1	PROPN
ajfa-9610	725	4	asian	asian	ADJ
ajfa-9610	725	5	journal	journal	PROPN
ajfa-9610	725	6	of	of	ADP
ajfa-9610	725	7	finance	finance	PROPN
ajfa-9610	725	8	&	&	CCONJ
ajfa-9610	725	9	accounting	accounting	PROPN
ajfa-9610	725	10	issn	issn	PROPN
ajfa-9610	725	11	1946	1946	NUM
ajfa-9610	725	12	-	-	PUNCT
ajfa-9610	725	13	052x	052x	PROPN
ajfa-9610	725	14	2016	2016	NUM
ajfa-9610	725	15	,	,	PUNCT
ajfa-9610	725	16	vol	vol	NOUN
ajfa-9610	725	17	.	.	PROPN
ajfa-9610	725	18	8	8	NUM
ajfa-9610	725	19	,	,	PUNCT
ajfa-9610	725	20	no	no	INTJ
ajfa-9610	725	21	.	.	NOUN
ajfa-9610	725	22	1	1	NUM
ajfa-9610	725	23	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9610	725	24	261	261	NUM
ajfa-9610	725	25	variable	variable	NOUN
ajfa-9610	725	26	expected	expect	VERB
ajfa-9610	725	27	sign	sign	NOUN
ajfa-9610	725	28	seos	seo	NOUN
ajfa-9610	725	29	sample	sample	NOUN
ajfa-9610	725	30	bond	bond	NOUN
ajfa-9610	725	31	sample	sample	NOUN
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ajfa-9610	725	33	t	t	PROPN
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ajfa-9610	725	35	coefficient	coefficient	NOUN
ajfa-9610	725	36	t	t	PROPN
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ajfa-9610	725	40	*	*	PUNCT
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ajfa-9610	726	1	*	*	PUNCT
ajfa-9610	726	2	*	*	PUNCT
ajfa-9610	726	3	*	*	PUNCT
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ajfa-9610	727	1	tem_d	tem_d	NUM
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ajfa-9610	728	1	*	*	PUNCT
ajfa-9610	728	2	*	*	PUNCT
ajfa-9610	728	3	*	*	PUNCT
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ajfa-9610	728	5	beta	beta	ADJ
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ajfa-9610	728	10	size	size	NOUN
ajfa-9610	728	11	+	+	X
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ajfa-9610	728	15	*	*	PUNCT
ajfa-9610	728	16	*	*	PUNCT
ajfa-9610	728	17	*	*	PUNCT
ajfa-9610	729	1	3.3336	3.3336	NUM
ajfa-9610	729	2	mb	mb	ADP
ajfa-9610	730	1	+	+	CCONJ
ajfa-9610	730	2	0.1583	0.1583	NUM
ajfa-9610	731	1	*	*	PUNCT
ajfa-9610	731	2	*	*	PUNCT
ajfa-9610	731	3	*	*	PUNCT
ajfa-9610	731	4	3.6816	3.6816	NUM
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ajfa-9610	731	6	*	*	PUNCT
ajfa-9610	732	1	*	*	PUNCT
ajfa-9610	732	2	*	*	PUNCT
ajfa-9610	732	3	5.2496	5.2496	NUM
ajfa-9610	732	4	return	return	NOUN
ajfa-9610	732	5	+	+	CCONJ
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ajfa-9610	732	8	0.0001	0.0001	NUM
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ajfa-9610	732	10	stanret	stanret	NOUN
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ajfa-9610	732	13	0.0049	0.0049	NUM
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ajfa-9610	732	15	samples	sample	NOUN
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ajfa-9610	732	17	521	521	NUM
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ajfa-9610	732	19	r2	r2	NOUN
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ajfa-9610	732	24	(	(	PUNCT
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ajfa-9610	732	26	value	value	NOUN
ajfa-9610	732	27	)	)	PUNCT
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ajfa-9610	732	30	<	<	NOUN
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ajfa-9610	732	35	<	<	NOUN
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ajfa-9610	732	37	)	)	PUNCT
ajfa-9610	732	38	panel	panel	NOUN
ajfa-9610	732	39	a	a	DET
ajfa-9610	732	40	:	:	PUNCT
ajfa-9610	732	41	roat+2	roat+2	ADJ
ajfa-9610	732	42	variable	variable	NOUN
ajfa-9610	732	43	expected	expect	VERB
ajfa-9610	732	44	sign	sign	VERB
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ajfa-9610	732	46	sample	sample	NOUN
ajfa-9610	732	47	financing	financing	NOUN
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ajfa-9610	732	49	coefficient	coefficient	NOUN
ajfa-9610	732	50	t	t	PROPN
ajfa-9610	732	51	value	value	NOUN
ajfa-9610	732	52	coefficient	coefficient	NOUN
ajfa-9610	732	53	t	t	PROPN
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ajfa-9610	732	57	*	*	PUNCT
ajfa-9610	733	1	*	*	PUNCT
ajfa-9610	733	2	*	*	PUNCT
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ajfa-9610	733	5	*	*	PUNCT
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ajfa-9610	734	2	tem_d	tem_d	PROPN
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ajfa-9610	735	4	tem_r	tem_r	NOUN
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ajfa-9610	739	1	*	*	PUNCT
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ajfa-9610	739	3	*	*	PUNCT
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ajfa-9610	739	7	size	size	NOUN
ajfa-9610	739	8	+	+	X
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ajfa-9610	739	10	*	*	PUNCT
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ajfa-9610	739	12	*	*	PUNCT
ajfa-9610	739	13	11.2240	11.2240	NUM
ajfa-9610	740	1	0.0051	0.0051	NUM
ajfa-9610	740	2	*	*	PUNCT
ajfa-9610	740	3	1.8526	1.8526	NUM
ajfa-9610	740	4	mb	mb	ADP
ajfa-9610	740	5	+	+	PUNCT
ajfa-9610	741	1	0.1000	0.1000	NUM
ajfa-9610	741	2	*	*	PUNCT
ajfa-9610	741	3	*	*	PUNCT
ajfa-9610	741	4	*	*	PUNCT
ajfa-9610	741	5	11.9405	11.9405	NUM
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ajfa-9610	741	7	*	*	PUNCT
ajfa-9610	741	8	*	*	PUNCT
ajfa-9610	741	9	*	*	PUNCT
ajfa-9610	741	10	4.0165	4.0165	NUM
ajfa-9610	741	11	return	return	NOUN
ajfa-9610	741	12	+	+	CCONJ
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ajfa-9610	741	14	*	*	PUNCT
ajfa-9610	742	1	*	*	PUNCT
ajfa-9610	742	2	*	*	PUNCT
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ajfa-9610	743	1	*	*	PUNCT
ajfa-9610	743	2	*	*	PUNCT
ajfa-9610	743	3	*	*	PUNCT
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ajfa-9610	743	5	stanret	stanret	VERB
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ajfa-9610	743	7	*	*	PUNCT
ajfa-9610	744	1	*	*	PUNCT
ajfa-9610	744	2	*	*	PUNCT
ajfa-9610	744	3	2.7657	2.7657	NUM
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ajfa-9610	744	6	samples	sample	NOUN
ajfa-9610	744	7	5,607	5,607	NUM
ajfa-9610	744	8	687	687	NUM
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ajfa-9610	744	10	r2	r2	NOUN
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ajfa-9610	744	13	f	f	NOUN
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ajfa-9610	744	15	(	(	PUNCT
ajfa-9610	744	16	p	p	NOUN
ajfa-9610	744	17	value	value	NOUN
ajfa-9610	744	18	)	)	PUNCT
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ajfa-9610	744	20	(	(	PUNCT
ajfa-9610	744	21	<	<	NOUN
ajfa-9610	744	22	.0001	.0001	X
ajfa-9610	744	23	)	)	PUNCT
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ajfa-9610	744	26	<	<	NOUN
ajfa-9610	744	27	.0001	.0001	NOUN
ajfa-9610	744	28	)	)	PUNCT
ajfa-9610	744	29	panel	panel	NOUN
ajfa-9610	744	30	b	b	NOUN
ajfa-9610	744	31	:	:	PUNCT
ajfa-9610	744	32	roat+2	roat+2	ADJ
ajfa-9610	744	33	variable	variable	NOUN
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ajfa-9610	744	36	seos	seo	NOUN
ajfa-9610	744	37	sample	sample	NOUN
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ajfa-9610	744	41	t	t	PROPN
ajfa-9610	744	42	value	value	NOUN
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ajfa-9610	744	44	t	t	PROPN
ajfa-9610	744	45	value	value	NOUN
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ajfa-9610	745	1	*	*	PUNCT
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ajfa-9610	747	1	tem_d	tem_d	NUM
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ajfa-9610	749	1	*	*	PUNCT
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ajfa-9610	749	3	*	*	PUNCT
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ajfa-9610	749	7	tem_r	tem_r	NOUN
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ajfa-9610	751	1	*	*	PUNCT
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ajfa-9610	751	6	+	+	CCONJ
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ajfa-9610	751	10	*	*	PUNCT
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ajfa-9610	751	12	mb	mb	ADP
ajfa-9610	751	13	+	+	PROPN
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ajfa-9610	751	15	*	*	PUNCT
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ajfa-9610	751	17	0.1435	0.1435	NUM
ajfa-9610	751	18	*	*	PUNCT
ajfa-9610	752	1	*	*	PUNCT
ajfa-9610	752	2	*	*	PUNCT
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ajfa-9610	752	5	+	+	X
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ajfa-9610	752	7	*	*	PUNCT
ajfa-9610	752	8	-1.9384	-1.9384	X
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ajfa-9610	753	1	*	*	PUNCT
ajfa-9610	753	2	*	*	PUNCT
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ajfa-9610	753	4	stanret	stanret	NOUN
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ajfa-9610	753	7	0.0003	0.0003	NUM
ajfa-9610	753	8	0.0297	0.0297	NUM
ajfa-9610	753	9	samples	sample	NOUN
ajfa-9610	753	10	222	222	NUM
ajfa-9610	753	11	521	521	NUM
ajfa-9610	753	12	adjusted	adjust	VERB
ajfa-9610	753	13	r2	r2	PROPN
ajfa-9610	753	14	0.062	0.062	NUM
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ajfa-9610	753	18	(	(	PUNCT
ajfa-9610	753	19	p	p	NOUN
ajfa-9610	753	20	value	value	NOUN
ajfa-9610	753	21	)	)	PUNCT
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ajfa-9610	753	23	(	(	PUNCT
ajfa-9610	753	24	<	<	X
ajfa-9610	753	25	.01	.01	NUM
ajfa-9610	753	26	)	)	PUNCT
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ajfa-9610	753	28	(	(	PUNCT
ajfa-9610	753	29	<	<	X
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ajfa-9610	753	31	)	)	PUNCT
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ajfa-9610	753	42	sample	sample	NOUN
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ajfa-9610	753	44	t	t	PROPN
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ajfa-9610	753	47	t	t	PROPN
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ajfa-9610	753	51	*	*	PUNCT
ajfa-9610	753	52	*	*	PUNCT
ajfa-9610	753	53	*	*	PUNCT
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ajfa-9610	754	3	tem_d	tem_d	NUM
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ajfa-9610	755	1	*	*	PUNCT
ajfa-9610	756	1	*	*	PUNCT
ajfa-9610	756	2	*	*	PUNCT
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ajfa-9610	757	1	*	*	PUNCT
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ajfa-9610	758	1	tem_r	tem_r	NOUN
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ajfa-9610	759	1	*	*	PUNCT
ajfa-9610	759	2	*	*	PUNCT
ajfa-9610	759	3	*	*	PUNCT
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ajfa-9610	759	9	*	*	PUNCT
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ajfa-9610	759	11	*	*	NOUN
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ajfa-9610	760	1	*	*	PUNCT
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ajfa-9610	760	5	+	+	CCONJ
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ajfa-9610	760	7	*	*	PUNCT
ajfa-9610	760	8	*	*	PUNCT
ajfa-9610	760	9	*	*	PUNCT
ajfa-9610	760	10	10.0193	10.0193	NUM
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ajfa-9610	760	13	mb	mb	ADP
ajfa-9610	760	14	+	+	PROPN
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ajfa-9610	760	16	*	*	PUNCT
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ajfa-9610	760	18	*	*	X
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ajfa-9610	760	21	*	*	PUNCT
ajfa-9610	761	1	*	*	PUNCT
ajfa-9610	761	2	*	*	PUNCT
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ajfa-9610	761	5	+	+	CCONJ
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ajfa-9610	762	1	*	*	PUNCT
ajfa-9610	762	2	*	*	PUNCT
ajfa-9610	762	3	*	*	PUNCT
ajfa-9610	762	4	-5.0763	-5.0763	PROPN
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ajfa-9610	763	1	*	*	PUNCT
ajfa-9610	763	2	*	*	PUNCT
ajfa-9610	763	3	*	*	PUNCT
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ajfa-9610	763	18	-	-	PUNCT
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ajfa-9610	763	21	,	,	PUNCT
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ajfa-9610	763	25	,	,	PUNCT
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ajfa-9610	763	27	.	.	NOUN
ajfa-9610	763	28	1	1	NUM
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ajfa-9610	763	31	samples	sample	NOUN
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ajfa-9610	763	35	r2	r2	NOUN
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ajfa-9610	763	40	(	(	PUNCT
ajfa-9610	763	41	p	p	NOUN
ajfa-9610	763	42	value	value	NOUN
ajfa-9610	763	43	)	)	PUNCT
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ajfa-9610	763	45	(	(	PUNCT
ajfa-9610	763	46	<	<	NOUN
ajfa-9610	763	47	.0001	.0001	X
ajfa-9610	763	48	)	)	PUNCT
ajfa-9610	763	49	6.048	6.048	NUM
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ajfa-9610	763	51	<	<	NOUN
ajfa-9610	763	52	.0001	.0001	NOUN
ajfa-9610	763	53	)	)	PUNCT
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ajfa-9610	763	55	b	b	NOUN
ajfa-9610	763	56	:	:	PUNCT
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ajfa-9610	763	61	seos	seo	NOUN
ajfa-9610	763	62	sample	sample	NOUN
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ajfa-9610	763	64	sample	sample	NOUN
ajfa-9610	763	65	coefficient	coefficient	NOUN
ajfa-9610	763	66	t	t	PROPN
ajfa-9610	763	67	value	value	NOUN
ajfa-9610	763	68	coefficient	coefficient	NOUN
ajfa-9610	763	69	t	t	PROPN
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ajfa-9610	763	71	intercept	intercept	VERB
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ajfa-9610	763	76	tem_d	tem_d	NOUN
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ajfa-9610	764	1	*	*	PUNCT
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ajfa-9610	765	1	beta	beta	PROPN
ajfa-9610	765	2	0.0208	0.0208	NUM
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ajfa-9610	765	5	*	*	PUNCT
ajfa-9610	766	1	*	*	PUNCT
ajfa-9610	766	2	*	*	PUNCT
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ajfa-9610	766	5	+	+	CCONJ
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ajfa-9610	767	3	mb	mb	ADP
ajfa-9610	767	4	+	+	NOUN
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ajfa-9610	767	6	*	*	PUNCT
ajfa-9610	767	7	*	*	PUNCT
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ajfa-9610	768	3	*	*	PUNCT
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ajfa-9610	768	5	*	*	PUNCT
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ajfa-9610	768	7	return	return	NOUN
ajfa-9610	768	8	+	+	CCONJ
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ajfa-9610	768	10	*	*	PUNCT
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ajfa-9610	769	1	*	*	PUNCT
ajfa-9610	770	1	*	*	PUNCT
ajfa-9610	770	2	*	*	X
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ajfa-9610	770	4	stanret	stanret	NOUN
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ajfa-9610	770	9	samples	sample	NOUN
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ajfa-9610	770	11	521	521	NUM
ajfa-9610	770	12	adjusted	adjust	VERB
ajfa-9610	770	13	r2	r2	NOUN
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ajfa-9610	770	16	f	f	PROPN
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ajfa-9610	770	18	(	(	PUNCT
ajfa-9610	770	19	p	p	NOUN
ajfa-9610	770	20	value	value	NOUN
ajfa-9610	770	21	)	)	PUNCT
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ajfa-9610	770	24	<	<	NOUN
ajfa-9610	770	25	.0001	.0001	X
ajfa-9610	770	26	)	)	PUNCT
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ajfa-9610	770	28	(	(	PUNCT
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ajfa-9610	770	31	)	)	PUNCT
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ajfa-9610	770	33	:	:	PUNCT
ajfa-9610	771	1	1	1	X
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ajfa-9610	771	9	the	the	DET
ajfa-9610	771	10	same	same	ADJ
ajfa-9610	771	11	as	as	ADP
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ajfa-9610	771	13	in	in	ADP
ajfa-9610	771	14	table	table	NOUN
ajfa-9610	771	15	3	3	NUM
ajfa-9610	771	16	.	.	NOUN
ajfa-9610	771	17	2	2	NUM
ajfa-9610	771	18	.	.	X
ajfa-9610	772	1	*	*	PUNCT
ajfa-9610	772	2	,	,	PUNCT
ajfa-9610	772	3	*	*	PUNCT
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ajfa-9610	772	5	,	,	PUNCT
ajfa-9610	772	6	*	*	PUNCT
ajfa-9610	772	7	*	*	PUNCT
ajfa-9610	772	8	*	*	PUNCT
ajfa-9610	772	9	are	be	AUX
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ajfa-9610	772	11	at	at	ADP
ajfa-9610	772	12	the	the	DET
ajfa-9610	772	13	10	10	NUM
ajfa-9610	772	14	,	,	PUNCT
ajfa-9610	772	15	5	5	NUM
ajfa-9610	772	16	,	,	PUNCT
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ajfa-9610	772	18	1	1	NUM
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ajfa-9610	772	21	,	,	PUNCT
ajfa-9610	772	22	respectively	respectively	ADV
ajfa-9610	772	23	.	.	PUNCT
ajfa-9610	773	1	from	from	ADP
ajfa-9610	773	2	the	the	DET
ajfa-9610	773	3	result	result	NOUN
ajfa-9610	773	4	of	of	ADP
ajfa-9610	773	5	all	all	DET
ajfa-9610	773	6	samples	sample	NOUN
ajfa-9610	773	7	in	in	ADP
ajfa-9610	773	8	table	table	NOUN
ajfa-9610	773	9	14	14	NUM
ajfa-9610	773	10	,	,	PUNCT
ajfa-9610	773	11	there	there	PRON
ajfa-9610	773	12	is	be	VERB
ajfa-9610	773	13	a	a	DET
ajfa-9610	773	14	significant	significant	ADJ
ajfa-9610	773	15	negative	negative	ADJ
ajfa-9610	773	16	correlation	correlation	NOUN
ajfa-9610	773	17	between	between	ADP
ajfa-9610	773	18	audit	audit	NOUN
ajfa-9610	773	19	fees	fee	NOUN
ajfa-9610	773	20	(	(	PUNCT
ajfa-9610	773	21	audfee	audfee	NOUN
ajfa-9610	773	22	)	)	PUNCT
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ajfa-9610	773	25	earnings	earning	NOUN
ajfa-9610	773	26	management	management	NOUN
ajfa-9610	773	27	(	(	PUNCT
ajfa-9610	773	28	rem	rem	NOUN
ajfa-9610	773	29	)	)	PUNCT
ajfa-9610	773	30	,	,	PUNCT
ajfa-9610	773	31	but	but	CCONJ
ajfa-9610	773	32	the	the	DET
ajfa-9610	773	33	correlation	correlation	NOUN
ajfa-9610	773	34	is	be	AUX
ajfa-9610	773	35	insignificant	insignificant	ADJ
ajfa-9610	773	36	in	in	ADP
ajfa-9610	773	37	financing	finance	VERB
ajfa-9610	773	38	subsample	subsample	NOUN
ajfa-9610	773	39	.	.	PUNCT
ajfa-9610	774	1	the	the	DET
ajfa-9610	774	2	result	result	NOUN
ajfa-9610	774	3	is	be	AUX
ajfa-9610	774	4	consistent	consistent	ADJ
ajfa-9610	774	5	with	with	ADP
ajfa-9610	774	6	non	non	ADJ
ajfa-9610	774	7	-	-	ADJ
ajfa-9610	774	8	matching	matching	ADJ
ajfa-9610	774	9	method	method	NOUN
ajfa-9610	774	10	.	.	PUNCT
ajfa-9610	775	1	moreover	moreover	ADV
ajfa-9610	775	2	,	,	PUNCT
ajfa-9610	775	3	there	there	PRON
ajfa-9610	775	4	is	be	VERB
ajfa-9610	775	5	a	a	DET
ajfa-9610	775	6	positive	positive	ADJ
ajfa-9610	775	7	correlation	correlation	NOUN
ajfa-9610	775	8	between	between	ADP
ajfa-9610	775	9	rem	rem	NOUN
ajfa-9610	775	10	and	and	CCONJ
ajfa-9610	775	11	accrual	accrual	ADJ
ajfa-9610	775	12	-	-	PUNCT
ajfa-9610	775	13	based	base	VERB
ajfa-9610	775	14	earnings	earning	NOUN
ajfa-9610	775	15	management	management	NOUN
ajfa-9610	775	16	(	(	PUNCT
ajfa-9610	775	17	pdem	pdem	NOUN
ajfa-9610	775	18	)	)	PUNCT
ajfa-9610	775	19	in	in	ADP
ajfa-9610	775	20	both	both	CCONJ
ajfa-9610	775	21	all	all	DET
ajfa-9610	775	22	sample	sample	NOUN
ajfa-9610	775	23	and	and	CCONJ
ajfa-9610	775	24	financing	financing	NOUN
ajfa-9610	775	25	subsample	subsample	NOUN
ajfa-9610	775	26	,	,	PUNCT
ajfa-9610	775	27	indicating	indicate	VERB
ajfa-9610	775	28	that	that	SCONJ
ajfa-9610	775	29	these	these	DET
ajfa-9610	775	30	two	two	NUM
ajfa-9610	775	31	tools	tool	NOUN
ajfa-9610	775	32	are	be	AUX
ajfa-9610	775	33	complementary	complementary	ADJ
ajfa-9610	775	34	to	to	ADP
ajfa-9610	775	35	each	each	DET
ajfa-9610	775	36	other	other	ADJ
ajfa-9610	775	37	.	.	PUNCT
ajfa-9610	776	1	it	it	PRON
ajfa-9610	776	2	reveals	reveal	VERB
ajfa-9610	776	3	that	that	SCONJ
ajfa-9610	776	4	firms	firm	NOUN
ajfa-9610	776	5	might	might	AUX
ajfa-9610	776	6	conduct	conduct	VERB
ajfa-9610	776	7	both	both	DET
ajfa-9610	776	8	real	real	ADJ
ajfa-9610	776	9	and	and	CCONJ
ajfa-9610	776	10	accrual	accrual	ADJ
ajfa-9610	776	11	-	-	PUNCT
ajfa-9610	776	12	based	base	VERB
ajfa-9610	776	13	earnings	earning	NOUN
ajfa-9610	776	14	management	management	NOUN
ajfa-9610	776	15	at	at	ADP
ajfa-9610	776	16	the	the	DET
ajfa-9610	776	17	same	same	ADJ
ajfa-9610	776	18	time	time	NOUN
ajfa-9610	776	19	.	.	PUNCT
ajfa-9610	777	1	furthermore	furthermore	ADV
ajfa-9610	777	2	,	,	PUNCT
ajfa-9610	777	3	gi	gi	X
ajfa-9610	777	4	is	be	AUX
ajfa-9610	777	5	negatively	negatively	ADV
ajfa-9610	777	6	related	relate	VERB
ajfa-9610	777	7	to	to	AUX
ajfa-9610	777	8	rem	rem	VERB
ajfa-9610	777	9	either	either	CCONJ
ajfa-9610	777	10	in	in	ADP
ajfa-9610	777	11	the	the	DET
ajfa-9610	777	12	all	all	DET
ajfa-9610	777	13	sample	sample	NOUN
ajfa-9610	777	14	or	or	CCONJ
ajfa-9610	777	15	in	in	ADP
ajfa-9610	777	16	the	the	DET
ajfa-9610	777	17	financing	financing	NOUN
ajfa-9610	777	18	subsample	subsample	NOUN
ajfa-9610	777	19	.	.	PUNCT
ajfa-9610	778	1	it	it	PRON
ajfa-9610	778	2	implies	imply	VERB
ajfa-9610	778	3	that	that	SCONJ
ajfa-9610	778	4	corporate	corporate	ADJ
ajfa-9610	778	5	governance	governance	NOUN
ajfa-9610	778	6	can	can	AUX
ajfa-9610	778	7	control	control	VERB
ajfa-9610	778	8	real	real	ADJ
ajfa-9610	778	9	earning	earning	NOUN
ajfa-9610	778	10	management	management	NOUN
ajfa-9610	778	11	effectively	effectively	ADV
ajfa-9610	778	12	whether	whether	SCONJ
ajfa-9610	778	13	the	the	DET
ajfa-9610	778	14	firm	firm	ADJ
ajfa-9610	778	15	finance	finance	NOUN
ajfa-9610	778	16	or	or	CCONJ
ajfa-9610	778	17	not	not	PART
ajfa-9610	778	18	.	.	PUNCT
ajfa-9610	779	1	on	on	ADP
ajfa-9610	779	2	the	the	DET
ajfa-9610	779	3	other	other	ADJ
ajfa-9610	779	4	hand	hand	NOUN
ajfa-9610	779	5	,	,	PUNCT
ajfa-9610	779	6	for	for	ADP
ajfa-9610	779	7	both	both	PRON
ajfa-9610	779	8	all	all	DET
ajfa-9610	779	9	sample	sample	NOUN
ajfa-9610	779	10	and	and	CCONJ
ajfa-9610	779	11	financing	financing	NOUN
ajfa-9610	779	12	subsample	subsample	NOUN
ajfa-9610	779	13	,	,	PUNCT
ajfa-9610	779	14	table	table	NOUN
ajfa-9610	779	15	15	15	NUM
ajfa-9610	779	16	finds	find	VERB
ajfa-9610	779	17	the	the	DET
ajfa-9610	779	18	significant	significant	ADJ
ajfa-9610	779	19	negatively	negatively	ADV
ajfa-9610	779	20	relationship	relationship	NOUN
ajfa-9610	779	21	between	between	ADP
ajfa-9610	779	22	real	real	ADJ
ajfa-9610	779	23	earnings	earning	NOUN
ajfa-9610	779	24	management	management	NOUN
ajfa-9610	779	25	(	(	PUNCT
ajfa-9610	779	26	rem	rem	NOUN
ajfa-9610	779	27	)	)	PUNCT
ajfa-9610	779	28	and	and	CCONJ
ajfa-9610	779	29	operating	operating	NOUN
ajfa-9610	779	30	performance	performance	NOUN
ajfa-9610	779	31	from	from	ADP
ajfa-9610	779	32	financing	financing	NOUN
ajfa-9610	779	33	year	year	NOUN
ajfa-9610	779	34	+1	+1	PROPN
ajfa-9610	779	35	to	to	ADP
ajfa-9610	779	36	+3	+3	PROPN
ajfa-9610	779	37	.	.	PUNCT
ajfa-9610	780	1	the	the	DET
ajfa-9610	780	2	same	same	ADJ
ajfa-9610	780	3	result	result	NOUN
ajfa-9610	780	4	occurs	occur	VERB
ajfa-9610	780	5	as	as	SCONJ
ajfa-9610	780	6	firms	firm	NOUN
ajfa-9610	780	7	conduct	conduct	VERB
ajfa-9610	780	8	accrual	accrual	ADJ
ajfa-9610	780	9	-	-	PUNCT
ajfa-9610	780	10	based	base	VERB
ajfa-9610	780	11	earnings	earning	NOUN
ajfa-9610	780	12	management	management	NOUN
ajfa-9610	780	13	(	(	PUNCT
ajfa-9610	780	14	pdem	pdem	PROPN
ajfa-9610	780	15	)	)	PUNCT
ajfa-9610	780	16	.	.	PUNCT
ajfa-9610	781	1	asian	asian	ADJ
ajfa-9610	781	2	journal	journal	PROPN
ajfa-9610	781	3	of	of	ADP
ajfa-9610	781	4	finance	finance	PROPN
ajfa-9610	781	5	&	&	CCONJ
ajfa-9610	781	6	accounting	accounting	PROPN
ajfa-9610	781	7	issn	issn	PROPN
ajfa-9610	781	8	1946	1946	NUM
ajfa-9610	781	9	-	-	PUNCT
ajfa-9610	781	10	052x	052x	PROPN
ajfa-9610	781	11	2016	2016	NUM
ajfa-9610	781	12	,	,	PUNCT
ajfa-9610	781	13	vol	vol	NOUN
ajfa-9610	781	14	.	.	PROPN
ajfa-9610	781	15	8	8	NUM
ajfa-9610	781	16	,	,	PUNCT
ajfa-9610	781	17	no	no	INTJ
ajfa-9610	781	18	.	.	NOUN
ajfa-9610	781	19	1	1	NUM
ajfa-9610	781	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9610	781	21	263	263	NUM
ajfa-9610	781	22	table	table	NOUN
ajfa-9610	781	23	14	14	NUM
ajfa-9610	781	24	.	.	PUNCT
ajfa-9610	782	1	audit	audit	NOUN
ajfa-9610	782	2	fee	fee	NOUN
ajfa-9610	782	3	,	,	PUNCT
ajfa-9610	782	4	non	non	ADJ
ajfa-9610	782	5	-	-	ADJ
ajfa-9610	782	6	audit	audit	ADJ
ajfa-9610	782	7	fee	fee	NOUN
ajfa-9610	782	8	and	and	CCONJ
ajfa-9610	782	9	real	real	ADJ
ajfa-9610	782	10	earnings	earning	NOUN
ajfa-9610	782	11	management	management	NOUN
ajfa-9610	782	12	variable	variable	NOUN
ajfa-9610	782	13	expected	expect	VERB
ajfa-9610	782	14	sign	sign	VERB
ajfa-9610	782	15	all	all	DET
ajfa-9610	782	16	sample	sample	NOUN
ajfa-9610	782	17	financing	financing	NOUN
ajfa-9610	782	18	sample	sample	NOUN
ajfa-9610	782	19	coef	coef	PROPN
ajfa-9610	782	20	.	.	PUNCT
ajfa-9610	783	1	t	t	PROPN
ajfa-9610	783	2	value	value	PROPN
ajfa-9610	783	3	coef	coef	PROPN
ajfa-9610	783	4	.	.	PUNCT
ajfa-9610	784	1	t	t	PROPN
ajfa-9610	784	2	value	value	PROPN
ajfa-9610	784	3	coef	coef	PROPN
ajfa-9610	784	4	.	.	PUNCT
ajfa-9610	785	1	t	t	PROPN
ajfa-9610	785	2	value	value	PROPN
ajfa-9610	785	3	coef	coef	PROPN
ajfa-9610	785	4	.	.	PUNCT
ajfa-9610	786	1	t	t	PROPN
ajfa-9610	786	2	value	value	NOUN
ajfa-9610	786	3	intercept	intercept	VERB
ajfa-9610	786	4	0.0352	0.0352	NUM
ajfa-9610	786	5	0.4639	0.4639	NUM
ajfa-9610	786	6	0.0316	0.0316	NUM
ajfa-9610	786	7	0.3835	0.3835	NUM
ajfa-9610	786	8	0.2235	0.2235	NUM
ajfa-9610	786	9	1.1292	1.1292	NUM
ajfa-9610	786	10	0.0543	0.0543	NUM
ajfa-9610	786	11	0.2370	0.2370	NUM
ajfa-9610	786	12	gi	gi	NOUN
ajfa-9610	786	13	-0.0007	-0.0007	NOUN
ajfa-9610	786	14	*	*	PROPN
ajfa-9610	786	15	*	*	PUNCT
ajfa-9610	786	16	-2.3026	-2.3026	NOUN
ajfa-9610	786	17	-0.0032	-0.0032	PUNCT
ajfa-9610	787	1	*	*	PUNCT
ajfa-9610	787	2	*	*	PUNCT
ajfa-9610	787	3	-3.2183	-3.2183	PUNCT
ajfa-9610	787	4	audfeet-1	audfeet-1	NUM
ajfa-9610	787	5	-0.0222	-0.0222	NOUN
ajfa-9610	787	6	*	*	SYM
ajfa-9610	787	7	-1.8579	-1.8579	NOUN
ajfa-9610	787	8	-0.0239	-0.0239	PROPN
ajfa-9610	787	9	*	*	PUNCT
ajfa-9610	788	1	-1.9505	-1.9505	PROPN
ajfa-9610	788	2	-0.0334	-0.0334	PROPN
ajfa-9610	788	3	-1.0686	-1.0686	VERB
ajfa-9610	789	1	-0.0252	-0.0252	ADJ
ajfa-9610	789	2	-0.7602	-0.7602	NOUN
ajfa-9610	789	3	naudfeet-1	naudfeet-1	NUM
ajfa-9610	789	4	+	+	CCONJ
ajfa-9610	789	5	0.0037	0.0037	NUM
ajfa-9610	789	6	0.9830	0.9830	NUM
ajfa-9610	789	7	0.0035	0.0035	NUM
ajfa-9610	789	8	0.8720	0.8720	NUM
ajfa-9610	789	9	0.0095	0.0095	NUM
ajfa-9610	789	10	0.8181	0.8181	NUM
ajfa-9610	789	11	0.0137	0.0137	NUM
ajfa-9610	789	12	1.0843	1.0843	NUM
ajfa-9610	789	13	pdem	pdem	NOUN
ajfa-9610	789	14	0.3629	0.3629	NUM
ajfa-9610	789	15	*	*	PUNCT
ajfa-9610	789	16	*	*	PUNCT
ajfa-9610	789	17	*	*	PUNCT
ajfa-9610	790	1	4.9500	4.9500	NUM
ajfa-9610	790	2	0.3610	0.3610	NUM
ajfa-9610	790	3	*	*	PUNCT
ajfa-9610	790	4	*	*	PUNCT
ajfa-9610	790	5	*	*	PUNCT
ajfa-9610	791	1	4.9146	4.9146	NUM
ajfa-9610	791	2	0.4523	0.4523	NUM
ajfa-9610	791	3	*	*	PUNCT
ajfa-9610	791	4	*	*	NOUN
ajfa-9610	791	5	2.5460	2.5460	NUM
ajfa-9610	791	6	0.4128	0.4128	NUM
ajfa-9610	791	7	*	*	PUNCT
ajfa-9610	791	8	*	*	VERB
ajfa-9610	791	9	2.2767	2.2767	NUM
ajfa-9610	791	10	beta	beta	NOUN
ajfa-9610	791	11	-0.0187	-0.0187	NOUN
ajfa-9610	791	12	-1.1704	-1.1704	NOUN
ajfa-9610	791	13	-0.0220	-0.0220	NOUN
ajfa-9610	791	14	-1.3542	-1.3542	PROPN
ajfa-9610	792	1	0.0466	0.0466	NUM
ajfa-9610	792	2	1.1259	1.1259	NUM
ajfa-9610	792	3	0.0521	0.0521	NUM
ajfa-9610	792	4	1.1632	1.1632	NUM
ajfa-9610	792	5	roa	roa	NOUN
ajfa-9610	792	6	-1.2893	-1.2893	NOUN
ajfa-9610	792	7	*	*	PUNCT
ajfa-9610	792	8	*	*	PUNCT
ajfa-9610	792	9	*	*	PUNCT
ajfa-9610	792	10	-19.3230	-19.3230	PUNCT
ajfa-9610	792	11	-1.2876	-1.2876	NOUN
ajfa-9610	792	12	*	*	PUNCT
ajfa-9610	792	13	*	*	PUNCT
ajfa-9610	792	14	*	*	PUNCT
ajfa-9610	792	15	-18.4150	-18.4150	INTJ
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ajfa-9610	792	17	*	*	PUNCT
ajfa-9610	792	18	*	*	PUNCT
ajfa-9610	792	19	*	*	PUNCT
ajfa-9610	792	20	-5.5892	-5.5892	NOUN
ajfa-9610	792	21	-1.1555	-1.1555	ADJ
ajfa-9610	792	22	*	*	PUNCT
ajfa-9610	792	23	*	*	PUNCT
ajfa-9610	792	24	*	*	PUNCT
ajfa-9610	792	25	-5.3894	-5.3894	NOUN
ajfa-9610	792	26	size	size	NOUN
ajfa-9610	792	27	+	+	CCONJ
ajfa-9610	792	28	0.0178	0.0178	NUM
ajfa-9610	792	29	*	*	PUNCT
ajfa-9610	792	30	*	*	PUNCT
ajfa-9610	792	31	*	*	PUNCT
ajfa-9610	792	32	3.4382	3.4382	NUM
ajfa-9610	792	33	0.0212	0.0212	NUM
ajfa-9610	792	34	*	*	PUNCT
ajfa-9610	792	35	*	*	PUNCT
ajfa-9610	792	36	*	*	PUNCT
ajfa-9610	792	37	3.6250	3.6250	NUM
ajfa-9610	792	38	0.0108	0.0108	NUM
ajfa-9610	792	39	0.8354	0.8354	NUM
ajfa-9610	792	40	0.0209	0.0209	NUM
ajfa-9610	792	41	1.2404	1.2404	NUM
ajfa-9610	792	42	mb	mb	ADP
ajfa-9610	792	43	?	?	PUNCT
ajfa-9610	793	1	-0.1133	-0.1133	PUNCT
ajfa-9610	794	1	*	*	PUNCT
ajfa-9610	795	1	*	*	PUNCT
ajfa-9610	795	2	*	*	PUNCT
ajfa-9610	795	3	-3.5350	-3.5350	X
ajfa-9610	795	4	-0.1103	-0.1103	PUNCT
ajfa-9610	796	1	*	*	PUNCT
ajfa-9610	796	2	*	*	PUNCT
ajfa-9610	796	3	*	*	PUNCT
ajfa-9610	796	4	-3.4032	-3.4032	NOUN
ajfa-9610	796	5	-0.1948	-0.1948	PROPN
ajfa-9610	796	6	*	*	PUNCT
ajfa-9610	796	7	-1.9339	-1.9339	PROPN
ajfa-9610	796	8	-0.1519	-0.1519	PROPN
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ajfa-9610	796	10	brdsize	brdsize	PROPN
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ajfa-9610	797	2	-0.0042	-0.0042	PUNCT
ajfa-9610	798	1	-0.5498	-0.5498	PROPN
ajfa-9610	798	2	indedr	indedr	ADJ
ajfa-9610	798	3	0.0682	0.0682	PRON
ajfa-9610	798	4	*	*	PUNCT
ajfa-9610	798	5	*	*	PUNCT
ajfa-9610	799	1	2.0595	2.0595	NUM
ajfa-9610	799	2	0.0948	0.0948	NUM
ajfa-9610	799	3	1.0729	1.0729	NUM
ajfa-9610	799	4	mshahd	mshahd	ADJ
ajfa-9610	799	5	-0.4232	-0.4232	PROPN
ajfa-9610	799	6	*	*	PUNCT
ajfa-9610	799	7	*	*	PUNCT
ajfa-9610	799	8	-2.1195	-2.1195	NOUN
ajfa-9610	799	9	0.4610	0.4610	NUM
ajfa-9610	799	10	0.8320	0.8320	NUM
ajfa-9610	799	11	inst	inst	NOUN
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ajfa-9610	799	13	*	*	PUNCT
ajfa-9610	799	14	*	*	PUNCT
ajfa-9610	799	15	*	*	NOUN
ajfa-9610	799	16	-2.6453	-2.6453	NOUN
ajfa-9610	799	17	-0.1663	-0.1663	PROPN
ajfa-9610	799	18	*	*	PUNCT
ajfa-9610	799	19	*	*	PUNCT
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ajfa-9610	799	21	big4	big4	PROPN
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ajfa-9610	799	30	0.9171	0.9171	NUM
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ajfa-9610	800	3	samples	sample	NOUN
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ajfa-9610	800	5	1,286	1,286	NUM
ajfa-9610	800	6	185	185	NUM
ajfa-9610	800	7	185	185	NUM
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ajfa-9610	800	9	r2	r2	NOUN
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ajfa-9610	800	14	f	f	NOUN
ajfa-9610	800	15	value	value	NOUN
ajfa-9610	800	16	(	(	PUNCT
ajfa-9610	800	17	p	p	NOUN
ajfa-9610	800	18	value	value	NOUN
ajfa-9610	800	19	)	)	PUNCT
ajfa-9610	800	20	72.512	72.512	NUM
ajfa-9610	800	21	(	(	PUNCT
ajfa-9610	800	22	<	<	NOUN
ajfa-9610	800	23	.0001	.0001	X
ajfa-9610	800	24	)	)	PUNCT
ajfa-9610	800	25	42.135	42.135	NUM
ajfa-9610	800	26	(	(	PUNCT
ajfa-9610	800	27	<	<	NOUN
ajfa-9610	800	28	.0001	.0001	NOUN
ajfa-9610	800	29	)	)	PUNCT
ajfa-9610	800	30	8.246	8.246	NUM
ajfa-9610	800	31	(	(	PUNCT
ajfa-9610	800	32	<	<	NOUN
ajfa-9610	800	33	.0001	.0001	X
ajfa-9610	800	34	)	)	PUNCT
ajfa-9610	800	35	4.579	4.579	NUM
ajfa-9610	800	36	(	(	PUNCT
ajfa-9610	800	37	<	<	NOUN
ajfa-9610	800	38	.0001	.0001	NOUN
ajfa-9610	800	39	)	)	PUNCT
ajfa-9610	800	40	note	note	NOUN
ajfa-9610	800	41	:	:	PUNCT
ajfa-9610	801	1	1	1	X
ajfa-9610	801	2	.	.	X
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ajfa-9610	802	2	variable	variable	NOUN
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ajfa-9610	802	4	rem	rem	VERB
ajfa-9610	802	5	.	.	PUNCT
ajfa-9610	803	1	the	the	DET
ajfa-9610	803	2	definitions	definition	NOUN
ajfa-9610	803	3	of	of	ADP
ajfa-9610	803	4	all	all	DET
ajfa-9610	803	5	variables	variable	NOUN
ajfa-9610	803	6	are	be	AUX
ajfa-9610	803	7	the	the	DET
ajfa-9610	803	8	same	same	ADJ
ajfa-9610	803	9	as	as	ADP
ajfa-9610	803	10	those	those	PRON
ajfa-9610	803	11	in	in	ADP
ajfa-9610	803	12	table	table	NOUN
ajfa-9610	803	13	3	3	NUM
ajfa-9610	803	14	.	.	NOUN
ajfa-9610	803	15	2	2	NUM
ajfa-9610	803	16	.	.	X
ajfa-9610	804	1	*	*	PUNCT
ajfa-9610	804	2	,	,	PUNCT
ajfa-9610	804	3	*	*	PUNCT
ajfa-9610	804	4	*	*	PUNCT
ajfa-9610	804	5	,	,	PUNCT
ajfa-9610	804	6	*	*	PUNCT
ajfa-9610	804	7	*	*	PUNCT
ajfa-9610	804	8	*	*	PUNCT
ajfa-9610	804	9	are	be	AUX
ajfa-9610	804	10	significant	significant	ADJ
ajfa-9610	804	11	at	at	ADP
ajfa-9610	804	12	the	the	DET
ajfa-9610	804	13	10	10	NUM
ajfa-9610	804	14	,	,	PUNCT
ajfa-9610	804	15	5	5	NUM
ajfa-9610	804	16	,	,	PUNCT
ajfa-9610	804	17	and	and	CCONJ
ajfa-9610	804	18	1	1	NUM
ajfa-9610	804	19	percent	percent	NOUN
ajfa-9610	804	20	levels	level	NOUN
ajfa-9610	804	21	,	,	PUNCT
ajfa-9610	804	22	respectively	respectively	ADV
ajfa-9610	804	23	.	.	PUNCT
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ajfa-9610	805	2	journal	journal	PROPN
ajfa-9610	805	3	of	of	ADP
ajfa-9610	805	4	finance	finance	PROPN
ajfa-9610	805	5	&	&	CCONJ
ajfa-9610	805	6	accounting	accounting	PROPN
ajfa-9610	805	7	issn	issn	PROPN
ajfa-9610	805	8	1946	1946	NUM
ajfa-9610	805	9	-	-	PUNCT
ajfa-9610	805	10	052x	052x	PROPN
ajfa-9610	805	11	2016	2016	NUM
ajfa-9610	805	12	,	,	PUNCT
ajfa-9610	805	13	vol	vol	NOUN
ajfa-9610	805	14	.	.	PROPN
ajfa-9610	805	15	8	8	NUM
ajfa-9610	805	16	,	,	PUNCT
ajfa-9610	805	17	no	no	INTJ
ajfa-9610	805	18	.	.	NOUN
ajfa-9610	805	19	1	1	NUM
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ajfa-9610	805	21	264	264	NUM
ajfa-9610	805	22	table	table	NOUN
ajfa-9610	805	23	15	15	NUM
ajfa-9610	805	24	.	.	NOUN
ajfa-9610	805	25	degree	degree	NOUN
ajfa-9610	805	26	of	of	ADP
ajfa-9610	805	27	earnings	earning	NOUN
ajfa-9610	805	28	management	management	NOUN
ajfa-9610	805	29	and	and	CCONJ
ajfa-9610	805	30	future	future	ADJ
ajfa-9610	805	31	performance	performance	NOUN
ajfa-9610	805	32	panel	panel	NOUN
ajfa-9610	805	33	a	a	NOUN
ajfa-9610	805	34	:	:	PUNCT
ajfa-9610	805	35	roat+1	roat+1	PROPN
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ajfa-9610	805	37	expected	expect	VERB
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ajfa-9610	805	40	sample	sample	NOUN
ajfa-9610	805	41	financing	financing	NOUN
ajfa-9610	805	42	sample	sample	NOUN
ajfa-9610	805	43	coefficient	coefficient	NOUN
ajfa-9610	805	44	t	t	PROPN
ajfa-9610	805	45	value	value	NOUN
ajfa-9610	805	46	coefficient	coefficient	NOUN
ajfa-9610	805	47	t	t	PROPN
ajfa-9610	805	48	value	value	NOUN
ajfa-9610	805	49	intercept	intercept	NOUN
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ajfa-9610	805	51	*	*	PUNCT
ajfa-9610	805	52	*	*	PUNCT
ajfa-9610	805	53	*	*	PUNCT
ajfa-9610	805	54	-8.3741	-8.3741	ADJ
ajfa-9610	805	55	-0.0857	-0.0857	X
ajfa-9610	805	56	*	*	PUNCT
ajfa-9610	805	57	*	*	PUNCT
ajfa-9610	805	58	-2.3028	-2.3028	ADJ
ajfa-9610	805	59	pdem	pdem	NOUN
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ajfa-9610	805	61	*	*	PUNCT
ajfa-9610	805	62	*	*	PUNCT
ajfa-9610	805	63	*	*	PUNCT
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ajfa-9610	805	66	*	*	PUNCT
ajfa-9610	806	1	*	*	PUNCT
ajfa-9610	806	2	*	*	X
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ajfa-9610	806	4	rem	rem	VERB
ajfa-9610	806	5	-0.1516	-0.1516	NOUN
ajfa-9610	807	1	*	*	PUNCT
ajfa-9610	807	2	*	*	PUNCT
ajfa-9610	807	3	*	*	PUNCT
ajfa-9610	807	4	-26.2368	-26.2368	X
ajfa-9610	807	5	-0.1245	-0.1245	PUNCT
ajfa-9610	808	1	*	*	PUNCT
ajfa-9610	808	2	*	*	PUNCT
ajfa-9610	808	3	*	*	PUNCT
ajfa-9610	808	4	-7.3831	-7.3831	PROPN
ajfa-9610	808	5	beta	beta	ADJ
ajfa-9610	808	6	-0.0163	-0.0163	NOUN
ajfa-9610	809	1	*	*	PUNCT
ajfa-9610	809	2	*	*	PUNCT
ajfa-9610	809	3	*	*	PUNCT
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ajfa-9610	809	8	+	+	CCONJ
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ajfa-9610	809	10	*	*	PUNCT
ajfa-9610	809	11	*	*	PUNCT
ajfa-9610	810	1	*	*	PUNCT
ajfa-9610	810	2	10.4712	10.4712	NUM
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ajfa-9610	811	2	*	*	PUNCT
ajfa-9610	811	3	*	*	PUNCT
ajfa-9610	811	4	*	*	PUNCT
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ajfa-9610	811	7	+	+	CCONJ
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ajfa-9610	811	9	*	*	PUNCT
ajfa-9610	811	10	*	*	PUNCT
ajfa-9610	811	11	*	*	PUNCT
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ajfa-9610	811	14	*	*	PUNCT
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ajfa-9610	811	16	*	*	PUNCT
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ajfa-9610	811	19	+	+	CCONJ
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ajfa-9610	811	21	*	*	PUNCT
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ajfa-9610	812	2	*	*	PUNCT
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ajfa-9610	812	11	samples	sample	NOUN
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ajfa-9610	812	13	687	687	NUM
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ajfa-9610	812	15	r2	r2	NOUN
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ajfa-9610	812	17	0.249	0.249	NUM
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ajfa-9610	812	20	(	(	PUNCT
ajfa-9610	812	21	p	p	NOUN
ajfa-9610	812	22	value	value	NOUN
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ajfa-9610	812	36	:	:	PUNCT
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ajfa-9610	812	39	expected	expect	VERB
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ajfa-9610	812	42	sample	sample	NOUN
ajfa-9610	812	43	financing	financing	NOUN
ajfa-9610	812	44	sample	sample	NOUN
ajfa-9610	812	45	coefficient	coefficient	NOUN
ajfa-9610	812	46	t	t	PROPN
ajfa-9610	812	47	value	value	NOUN
ajfa-9610	812	48	coefficient	coefficient	NOUN
ajfa-9610	812	49	t	t	PROPN
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ajfa-9610	812	51	intercept	intercept	NOUN
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ajfa-9610	813	1	pdem	pdem	PROPN
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ajfa-9610	815	1	*	*	PUNCT
ajfa-9610	815	2	*	*	PUNCT
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ajfa-9610	815	5	*	*	PUNCT
ajfa-9610	816	1	*	*	PUNCT
ajfa-9610	816	2	*	*	PUNCT
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ajfa-9610	817	1	*	*	PUNCT
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ajfa-9610	818	1	*	*	PUNCT
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ajfa-9610	818	5	beta	beta	NOUN
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ajfa-9610	819	1	*	*	PUNCT
ajfa-9610	819	2	*	*	PUNCT
ajfa-9610	819	3	*	*	PUNCT
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ajfa-9610	819	8	+	+	X
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ajfa-9610	819	10	*	*	PUNCT
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ajfa-9610	819	12	*	*	PUNCT
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ajfa-9610	819	14	0.0025	0.0025	NUM
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ajfa-9610	819	16	mb	mb	ADP
ajfa-9610	819	17	+	+	X
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ajfa-9610	819	19	*	*	PUNCT
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ajfa-9610	819	21	*	*	PUNCT
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ajfa-9610	819	23	0.0352	0.0352	NUM
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ajfa-9610	819	25	return	return	NOUN
ajfa-9610	819	26	+	+	CCONJ
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ajfa-9610	819	28	*	*	PUNCT
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ajfa-9610	820	5	*	*	PUNCT
ajfa-9610	821	1	*	*	PUNCT
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ajfa-9610	821	3	stanret	stanret	PROPN
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ajfa-9610	822	1	samples	sample	VERB
ajfa-9610	822	2	5,607	5,607	NUM
ajfa-9610	822	3	687	687	NUM
ajfa-9610	822	4	adjusted	adjust	VERB
ajfa-9610	822	5	r2	r2	NOUN
ajfa-9610	822	6	0.223	0.223	NUM
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ajfa-9610	822	8	f	f	PROPN
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ajfa-9610	822	10	(	(	PUNCT
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ajfa-9610	822	12	value	value	NOUN
ajfa-9610	822	13	)	)	PUNCT
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ajfa-9610	822	15	(	(	PUNCT
ajfa-9610	822	16	<	<	NOUN
ajfa-9610	822	17	.0001	.0001	X
ajfa-9610	822	18	)	)	PUNCT
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ajfa-9610	822	20	(	(	PUNCT
ajfa-9610	822	21	<	<	NOUN
ajfa-9610	822	22	.0001	.0001	NOUN
ajfa-9610	822	23	)	)	PUNCT
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ajfa-9610	822	25	c	c	NOUN
ajfa-9610	822	26	:	:	PUNCT
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ajfa-9610	822	32	sample	sample	NOUN
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ajfa-9610	823	1	*	*	PUNCT
ajfa-9610	824	1	*	*	PUNCT
ajfa-9610	824	2	*	*	PUNCT
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ajfa-9610	826	1	*	*	PUNCT
ajfa-9610	827	1	*	*	PUNCT
ajfa-9610	827	2	*	*	PUNCT
ajfa-9610	827	3	-17.7715	-17.7715	PUNCT
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ajfa-9610	827	5	*	*	PUNCT
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ajfa-9610	827	7	*	*	PUNCT
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ajfa-9610	828	1	*	*	PUNCT
ajfa-9610	828	2	*	*	PUNCT
ajfa-9610	828	3	*	*	PUNCT
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ajfa-9610	829	2	*	*	PUNCT
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ajfa-9610	830	2	*	*	PUNCT
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ajfa-9610	830	6	*	*	PUNCT
ajfa-9610	831	1	*	*	PUNCT
ajfa-9610	831	2	*	*	PUNCT
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ajfa-9610	831	5	*	*	PUNCT
ajfa-9610	831	6	*	*	PUNCT
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ajfa-9610	831	8	size	size	NOUN
ajfa-9610	831	9	+	+	CCONJ
ajfa-9610	831	10	0.0079	0.0079	NUM
ajfa-9610	831	11	*	*	PUNCT
ajfa-9610	832	1	*	*	PUNCT
ajfa-9610	832	2	*	*	PUNCT
ajfa-9610	832	3	6.9559	6.9559	NUM
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ajfa-9610	832	6	mb	mb	ADP
ajfa-9610	833	1	+	+	CCONJ
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ajfa-9610	834	1	*	*	PUNCT
ajfa-9610	834	2	3.4021	3.4021	NUM
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ajfa-9610	834	4	*	*	PUNCT
ajfa-9610	835	1	*	*	PUNCT
ajfa-9610	835	2	*	*	PUNCT
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ajfa-9610	835	4	return	return	NOUN
ajfa-9610	835	5	+	+	CCONJ
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ajfa-9610	835	9	*	*	PUNCT
ajfa-9610	835	10	-4.4305	-4.4305	NOUN
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ajfa-9610	836	1	*	*	PUNCT
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ajfa-9610	836	3	*	*	PUNCT
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ajfa-9610	836	5	stanret	stanret	NOUN
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ajfa-9610	836	10	samples	sample	VERB
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ajfa-9610	836	14	r2	r2	NOUN
ajfa-9610	836	15	0.151	0.151	NUM
ajfa-9610	836	16	0.131	0.131	NUM
ajfa-9610	836	17	f	f	NOUN
ajfa-9610	836	18	value	value	NOUN
ajfa-9610	836	19	(	(	PUNCT
ajfa-9610	836	20	p	p	NOUN
ajfa-9610	836	21	value	value	NOUN
ajfa-9610	836	22	)	)	PUNCT
ajfa-9610	836	23	143.335	143.335	NUM
ajfa-9610	836	24	(	(	PUNCT
ajfa-9610	836	25	<	<	NOUN
ajfa-9610	836	26	.0001	.0001	X
ajfa-9610	836	27	)	)	PUNCT
ajfa-9610	836	28	15.777	15.777	NUM
ajfa-9610	836	29	(	(	PUNCT
ajfa-9610	836	30	<	<	NOUN
ajfa-9610	836	31	.0001	.0001	NOUN
ajfa-9610	836	32	)	)	PUNCT
ajfa-9610	836	33	note	note	NOUN
ajfa-9610	836	34	:	:	PUNCT
ajfa-9610	837	1	1	1	X
ajfa-9610	837	2	.	.	PUNCT
ajfa-9610	837	3	the	the	DET
ajfa-9610	837	4	definitions	definition	NOUN
ajfa-9610	837	5	of	of	ADP
ajfa-9610	837	6	all	all	DET
ajfa-9610	837	7	variables	variable	NOUN
ajfa-9610	837	8	are	be	AUX
ajfa-9610	837	9	the	the	DET
ajfa-9610	837	10	same	same	ADJ
ajfa-9610	837	11	as	as	ADP
ajfa-9610	837	12	those	those	PRON
ajfa-9610	837	13	in	in	ADP
ajfa-9610	837	14	table	table	NOUN
ajfa-9610	837	15	3	3	NUM
ajfa-9610	837	16	.	.	NOUN
ajfa-9610	837	17	2	2	NUM
ajfa-9610	837	18	.	.	X
ajfa-9610	838	1	*	*	PUNCT
ajfa-9610	838	2	,	,	PUNCT
ajfa-9610	838	3	*	*	PUNCT
ajfa-9610	838	4	*	*	PUNCT
ajfa-9610	838	5	,	,	PUNCT
ajfa-9610	838	6	*	*	PUNCT
ajfa-9610	838	7	*	*	PUNCT
ajfa-9610	838	8	*	*	PUNCT
ajfa-9610	838	9	are	be	AUX
ajfa-9610	838	10	significant	significant	ADJ
ajfa-9610	838	11	at	at	ADP
ajfa-9610	838	12	the	the	DET
ajfa-9610	838	13	10	10	NUM
ajfa-9610	838	14	,	,	PUNCT
ajfa-9610	838	15	5	5	NUM
ajfa-9610	838	16	,	,	PUNCT
ajfa-9610	838	17	and	and	CCONJ
ajfa-9610	838	18	1	1	NUM
ajfa-9610	838	19	percent	percent	NOUN
ajfa-9610	838	20	levels	level	NOUN
ajfa-9610	838	21	,	,	PUNCT
ajfa-9610	838	22	respectively	respectively	ADV
ajfa-9610	838	23	.	.	PUNCT
ajfa-9610	839	1	4.5.4	4.5.4	PROPN
ajfa-9610	839	2	shivakumar	shivakumar	PROPN
ajfa-9610	839	3	(	(	PUNCT
ajfa-9610	839	4	2000	2000	NUM
ajfa-9610	839	5	)	)	PUNCT
ajfa-9610	839	6	rational	rational	ADJ
ajfa-9610	839	7	expectations	expectation	NOUN
ajfa-9610	839	8	models	model	NOUN
ajfa-9610	839	9	we	we	PRON
ajfa-9610	839	10	extend	extend	VERB
ajfa-9610	839	11	shivakumar	shivakumar	PROPN
ajfa-9610	839	12	(	(	PUNCT
ajfa-9610	839	13	2000	2000	NUM
ajfa-9610	839	14	)	)	PUNCT
ajfa-9610	839	15	to	to	PART
ajfa-9610	839	16	consider	consider	VERB
ajfa-9610	839	17	whether	whether	SCONJ
ajfa-9610	839	18	the	the	DET
ajfa-9610	839	19	rational	rational	ADJ
ajfa-9610	839	20	expectations	expectation	NOUN
ajfa-9610	839	21	models	model	NOUN
ajfa-9610	839	22	differs	differ	VERB
ajfa-9610	839	23	with	with	ADP
ajfa-9610	839	24	respect	respect	NOUN
ajfa-9610	839	25	to	to	ADP
ajfa-9610	839	26	equity	equity	NOUN
ajfa-9610	839	27	compared	compare	VERB
ajfa-9610	839	28	with	with	ADP
ajfa-9610	839	29	debt	debt	NOUN
ajfa-9610	839	30	raising	raising	NOUN
ajfa-9610	839	31	.	.	PUNCT
ajfa-9610	840	1	to	to	PART
ajfa-9610	840	2	examine	examine	VERB
ajfa-9610	840	3	the	the	DET
ajfa-9610	840	4	relation	relation	NOUN
ajfa-9610	840	5	between	between	ADP
ajfa-9610	840	6	pre	pre	ADJ
ajfa-9610	840	7	-	-	ADJ
ajfa-9610	840	8	announcement	announcement	ADJ
ajfa-9610	840	9	abnormal	abnormal	ADJ
ajfa-9610	840	10	accruals	accrual	NOUN
ajfa-9610	840	11	and	and	CCONJ
ajfa-9610	840	12	asian	asian	ADJ
ajfa-9610	840	13	journal	journal	NOUN
ajfa-9610	840	14	of	of	ADP
ajfa-9610	840	15	finance	finance	PROPN
ajfa-9610	840	16	&	&	CCONJ
ajfa-9610	840	17	accounting	accounting	PROPN
ajfa-9610	840	18	issn	issn	PROPN
ajfa-9610	840	19	1946	1946	NUM
ajfa-9610	840	20	-	-	PUNCT
ajfa-9610	840	21	052x	052x	PROPN
ajfa-9610	840	22	2016	2016	NUM
ajfa-9610	840	23	,	,	PUNCT
ajfa-9610	840	24	vol	vol	NOUN
ajfa-9610	840	25	.	.	PROPN
ajfa-9610	840	26	8	8	NUM
ajfa-9610	840	27	,	,	PUNCT
ajfa-9610	840	28	no	no	INTJ
ajfa-9610	840	29	.	.	NOUN
ajfa-9610	840	30	1	1	NUM
ajfa-9610	840	31	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9610	840	32	265	265	NUM
ajfa-9610	840	33	post	post	ADJ
ajfa-9610	840	34	-	-	ADJ
ajfa-9610	840	35	announcement	announcement	ADJ
ajfa-9610	840	36	changes	change	NOUN
ajfa-9610	840	37	in	in	ADP
ajfa-9610	840	38	net	net	ADJ
ajfa-9610	840	39	income	income	NOUN
ajfa-9610	840	40	.	.	PUNCT
ajfa-9610	841	1	if	if	SCONJ
ajfa-9610	841	2	financing	financing	NOUN
ajfa-9610	841	3	firms	firm	NOUN
ajfa-9610	841	4	use	use	VERB
ajfa-9610	841	5	abnormal	abnormal	ADJ
ajfa-9610	841	6	accruals	accrual	NOUN
ajfa-9610	841	7	to	to	PART
ajfa-9610	841	8	borrow	borrow	VERB
ajfa-9610	841	9	income	income	NOUN
ajfa-9610	841	10	from	from	ADP
ajfa-9610	841	11	the	the	DET
ajfa-9610	841	12	future	future	NOUN
ajfa-9610	841	13	,	,	PUNCT
ajfa-9610	841	14	then	then	ADV
ajfa-9610	841	15	a	a	DET
ajfa-9610	841	16	negative	negative	ADJ
ajfa-9610	841	17	relation	relation	NOUN
ajfa-9610	841	18	is	be	AUX
ajfa-9610	841	19	expected	expect	VERB
ajfa-9610	841	20	between	between	ADP
ajfa-9610	841	21	abnormal	abnormal	ADJ
ajfa-9610	841	22	accruals	accrual	NOUN
ajfa-9610	841	23	around	around	ADP
ajfa-9610	841	24	the	the	DET
ajfa-9610	841	25	issuing	issuing	NOUN
ajfa-9610	841	26	and	and	CCONJ
ajfa-9610	841	27	subsequent	subsequent	ADJ
ajfa-9610	841	28	earnings	earning	NOUN
ajfa-9610	841	29	changes	change	NOUN
ajfa-9610	841	30	.	.	PUNCT
ajfa-9610	842	1	table	table	NOUN
ajfa-9610	842	2	16	16	NUM
ajfa-9610	842	3	presents	present	VERB
ajfa-9610	842	4	the	the	DET
ajfa-9610	842	5	regression	regression	NOUN
ajfa-9610	842	6	results	result	NOUN
ajfa-9610	842	7	.	.	PUNCT
ajfa-9610	843	1	the	the	DET
ajfa-9610	843	2	abnormal	abnormal	ADJ
ajfa-9610	843	3	accruals	accrual	NOUN
ajfa-9610	843	4	in	in	ADP
ajfa-9610	843	5	year	year	NOUN
ajfa-9610	843	6	-1	-1	PUNCT
ajfa-9610	843	7	are	be	AUX
ajfa-9610	843	8	positive	positive	ADJ
ajfa-9610	843	9	and	and	CCONJ
ajfa-9610	843	10	statistically	statistically	ADV
ajfa-9610	843	11	significant	significant	ADJ
ajfa-9610	843	12	to	to	ADP
ajfa-9610	843	13	the	the	DET
ajfa-9610	843	14	change	change	NOUN
ajfa-9610	843	15	in	in	ADP
ajfa-9610	843	16	net	net	ADJ
ajfa-9610	843	17	income	income	NOUN
ajfa-9610	843	18	in	in	ADP
ajfa-9610	843	19	year	year	NOUN
ajfa-9610	843	20	0	0	NUM
ajfa-9610	843	21	,	,	PUNCT
ajfa-9610	843	22	no	no	ADV
ajfa-9610	843	23	matter	matter	ADV
ajfa-9610	843	24	all	all	DET
ajfa-9610	843	25	financing	financing	NOUN
ajfa-9610	843	26	sample	sample	NOUN
ajfa-9610	843	27	,	,	PUNCT
ajfa-9610	843	28	seos	seo	NOUN
ajfa-9610	843	29	sample	sample	NOUN
ajfa-9610	843	30	or	or	CCONJ
ajfa-9610	843	31	bonds	bond	NOUN
ajfa-9610	843	32	sample	sample	NOUN
ajfa-9610	843	33	.	.	PUNCT
ajfa-9610	844	1	it	it	PRON
ajfa-9610	844	2	reveals	reveal	VERB
ajfa-9610	844	3	financing	financing	NOUN
ajfa-9610	844	4	firms	firm	NOUN
ajfa-9610	844	5	prefer	prefer	VERB
ajfa-9610	844	6	to	to	PART
ajfa-9610	844	7	manipulate	manipulate	VERB
ajfa-9610	844	8	upward	upward	ADV
ajfa-9610	844	9	earning	earn	VERB
ajfa-9610	844	10	.	.	PUNCT
ajfa-9610	845	1	when	when	SCONJ
ajfa-9610	845	2	the	the	DET
ajfa-9610	845	3	change	change	NOUN
ajfa-9610	845	4	in	in	ADP
ajfa-9610	845	5	net	net	ADJ
ajfa-9610	845	6	income	income	NOUN
ajfa-9610	845	7	in	in	ADP
ajfa-9610	845	8	year	year	NOUN
ajfa-9610	845	9	+1	+1	PROPN
ajfa-9610	845	10	is	be	AUX
ajfa-9610	845	11	the	the	DET
ajfa-9610	845	12	dependent	dependent	ADJ
ajfa-9610	845	13	variable	variable	NOUN
ajfa-9610	845	14	,	,	PUNCT
ajfa-9610	845	15	the	the	DET
ajfa-9610	845	16	abnormal	abnormal	ADJ
ajfa-9610	845	17	accruals	accrual	NOUN
ajfa-9610	845	18	in	in	ADP
ajfa-9610	845	19	year-1	year-1	NUM
ajfa-9610	845	20	are	be	AUX
ajfa-9610	845	21	negative	negative	ADJ
ajfa-9610	845	22	and	and	CCONJ
ajfa-9610	845	23	statistically	statistically	ADV
ajfa-9610	845	24	significant	significant	ADJ
ajfa-9610	845	25	to	to	ADP
ajfa-9610	845	26	the	the	DET
ajfa-9610	845	27	change	change	NOUN
ajfa-9610	845	28	in	in	ADP
ajfa-9610	845	29	net	net	ADJ
ajfa-9610	845	30	income	income	NOUN
ajfa-9610	845	31	in	in	ADP
ajfa-9610	845	32	year	year	NOUN
ajfa-9610	845	33	+1	+1	PROPN
ajfa-9610	845	34	in	in	ADP
ajfa-9610	845	35	bond	bond	NOUN
ajfa-9610	845	36	sample	sample	NOUN
ajfa-9610	845	37	.	.	PUNCT
ajfa-9610	846	1	it	it	PRON
ajfa-9610	846	2	implies	imply	VERB
ajfa-9610	846	3	issuing	issue	VERB
ajfa-9610	846	4	bonds	bond	NOUN
ajfa-9610	846	5	firms	firm	NOUN
ajfa-9610	846	6	borrow	borrow	VERB
ajfa-9610	846	7	income	income	NOUN
ajfa-9610	846	8	from	from	ADP
ajfa-9610	846	9	the	the	DET
ajfa-9610	846	10	future	future	NOUN
ajfa-9610	846	11	,	,	PUNCT
ajfa-9610	846	12	and	and	CCONJ
ajfa-9610	846	13	reversals	reversal	NOUN
ajfa-9610	846	14	occurring	occur	VERB
ajfa-9610	846	15	in	in	ADP
ajfa-9610	846	16	year	year	NOUN
ajfa-9610	846	17	+1	+1	PROPN
ajfa-9610	846	18	to	to	PART
ajfa-9610	846	19	cause	cause	VERB
ajfa-9610	846	20	income	income	NOUN
ajfa-9610	846	21	decreasing	decreasing	NOUN
ajfa-9610	846	22	.	.	PUNCT
ajfa-9610	847	1	the	the	DET
ajfa-9610	847	2	abnormal	abnormal	ADJ
ajfa-9610	847	3	accruals	accrual	NOUN
ajfa-9610	847	4	in	in	ADP
ajfa-9610	847	5	year-1	year-1	NUM
ajfa-9610	847	6	are	be	AUX
ajfa-9610	847	7	negative	negative	ADJ
ajfa-9610	847	8	but	but	CCONJ
ajfa-9610	847	9	not	not	PART
ajfa-9610	847	10	statistically	statistically	ADV
ajfa-9610	847	11	significant	significant	ADJ
ajfa-9610	847	12	to	to	ADP
ajfa-9610	847	13	the	the	DET
ajfa-9610	847	14	change	change	NOUN
ajfa-9610	847	15	in	in	ADP
ajfa-9610	847	16	net	net	ADJ
ajfa-9610	847	17	income	income	NOUN
ajfa-9610	847	18	in	in	ADP
ajfa-9610	847	19	year	year	NOUN
ajfa-9610	847	20	+1	+1	PROPN
ajfa-9610	847	21	in	in	ADP
ajfa-9610	847	22	seos	seo	NOUN
ajfa-9610	847	23	sample	sample	NOUN
ajfa-9610	847	24	.	.	PUNCT
ajfa-9610	848	1	moreover	moreover	ADV
ajfa-9610	848	2	,	,	PUNCT
ajfa-9610	848	3	the	the	DET
ajfa-9610	848	4	evidence	evidence	NOUN
ajfa-9610	848	5	of	of	ADP
ajfa-9610	848	6	reversals	reversal	NOUN
ajfa-9610	848	7	occurring	occur	VERB
ajfa-9610	848	8	only	only	ADV
ajfa-9610	848	9	in	in	ADP
ajfa-9610	848	10	year	year	NOUN
ajfa-9610	848	11	+1	+1	ADJ
ajfa-9610	848	12	and	and	CCONJ
ajfa-9610	848	13	not	not	PART
ajfa-9610	848	14	in	in	ADP
ajfa-9610	848	15	year	year	NOUN
ajfa-9610	848	16	0	0	NUM
ajfa-9610	848	17	.	.	PUNCT
ajfa-9610	848	18	table	table	NOUN
ajfa-9610	848	19	16	16	NUM
ajfa-9610	848	20	.	.	PUNCT
ajfa-9610	849	1	regression	regression	NOUN
ajfa-9610	849	2	of	of	ADP
ajfa-9610	849	3	change	change	NOUN
ajfa-9610	849	4	in	in	ADP
ajfa-9610	849	5	net	net	ADJ
ajfa-9610	849	6	income	income	NOUN
ajfa-9610	849	7	on	on	ADP
ajfa-9610	849	8	prior	prior	ADJ
ajfa-9610	849	9	abnormal	abnormal	ADJ
ajfa-9610	849	10	accruals	accrual	NOUN
ajfa-9610	849	11	panel	panel	NOUN
ajfa-9610	849	12	a	a	PRON
ajfa-9610	849	13	:	:	PUNCT
ajfa-9610	849	14	all	all	DET
ajfa-9610	849	15	financing	financing	NOUN
ajfa-9610	849	16	sample	sample	NOUN
ajfa-9610	849	17	variable	variable	NOUN
ajfa-9610	849	18	expected	expect	VERB
ajfa-9610	849	19	sign	sign	NOUN
ajfa-9610	849	20	△	△	NOUN
ajfa-9610	849	21	net	net	ADJ
ajfa-9610	849	22	income	income	NOUN
ajfa-9610	849	23	(	(	PUNCT
ajfa-9610	849	24	year	year	NOUN
ajfa-9610	849	25	0	0	NUM
ajfa-9610	849	26	)	)	PUNCT
ajfa-9610	849	27	△	△	NOUN
ajfa-9610	849	28	net	net	ADJ
ajfa-9610	849	29	income	income	NOUN
ajfa-9610	849	30	(	(	PUNCT
ajfa-9610	849	31	year	year	NOUN
ajfa-9610	849	32	+1	+1	PROPN
ajfa-9610	849	33	)	)	PUNCT
ajfa-9610	849	34	coefficient	coefficient	NOUN
ajfa-9610	849	35	t	t	PROPN
ajfa-9610	849	36	value	value	NOUN
ajfa-9610	849	37	coefficient	coefficient	NOUN
ajfa-9610	849	38	t	t	PROPN
ajfa-9610	849	39	value	value	NOUN
ajfa-9610	849	40	intercept	intercept	VERB
ajfa-9610	849	41	0.0208	0.0208	NUM
ajfa-9610	849	42	*	*	PUNCT
ajfa-9610	849	43	*	*	PUNCT
ajfa-9610	849	44	*	*	PUNCT
ajfa-9610	849	45	4.4501	4.4501	NUM
ajfa-9610	849	46	0.0052	0.0052	NUM
ajfa-9610	849	47	1.0920	1.0920	NUM
ajfa-9610	849	48	pdem	pdem	NOUN
ajfa-9610	849	49	(	(	PUNCT
ajfa-9610	849	50	year	year	NOUN
ajfa-9610	849	51	-1	-1	PUNCT
ajfa-9610	849	52	)	)	PUNCT
ajfa-9610	850	1	+	+	NOUN
ajfa-9610	850	2	/0.1820	/0.1820	NOUN
ajfa-9610	850	3	*	*	PUNCT
ajfa-9610	850	4	*	*	PUNCT
ajfa-9610	850	5	*	*	PROPN
ajfa-9610	850	6	3.3065	3.3065	NUM
ajfa-9610	850	7	-0.2323	-0.2323	NOUN
ajfa-9610	850	8	*	*	PUNCT
ajfa-9610	850	9	*	*	PUNCT
ajfa-9610	850	10	*	*	PUNCT
ajfa-9610	850	11	-3.5607	-3.5607	ADJ
ajfa-9610	850	12	pdem	pdem	NOUN
ajfa-9610	850	13	(	(	PUNCT
ajfa-9610	850	14	year	year	NOUN
ajfa-9610	850	15	0	0	NUM
ajfa-9610	850	16	)	)	PUNCT
ajfa-9610	851	1	+	+	CCONJ
ajfa-9610	852	1	0.4116	0.4116	NUM
ajfa-9610	852	2	*	*	PUNCT
ajfa-9610	852	3	*	*	PUNCT
ajfa-9610	852	4	*	*	PUNCT
ajfa-9610	852	5	6.2413	6.2413	NUM
ajfa-9610	852	6	samples	sample	NOUN
ajfa-9610	852	7	664	664	NUM
ajfa-9610	852	8	656	656	NUM
ajfa-9610	852	9	adjusted	adjust	VERB
ajfa-9610	852	10	r2	r2	PROPN
ajfa-9610	852	11	0.015	0.015	NUM
ajfa-9610	852	12	0.054	0.054	NUM
ajfa-9610	852	13	f	f	NOUN
ajfa-9610	852	14	value	value	NOUN
ajfa-9610	852	15	(	(	PUNCT
ajfa-9610	852	16	p	p	NOUN
ajfa-9610	852	17	value	value	NOUN
ajfa-9610	852	18	)	)	PUNCT
ajfa-9610	852	19	10.933	10.933	NUM
ajfa-9610	852	20	(	(	PUNCT
ajfa-9610	852	21	<	<	X
ajfa-9610	852	22	.001	.001	NUM
ajfa-9610	852	23	)	)	PUNCT
ajfa-9610	852	24	19.609	19.609	NUM
ajfa-9610	852	25	(	(	PUNCT
ajfa-9610	852	26	<	<	NOUN
ajfa-9610	852	27	.0001	.0001	NOUN
ajfa-9610	852	28	)	)	PUNCT
ajfa-9610	852	29	panel	panel	NOUN
ajfa-9610	852	30	b	b	NOUN
ajfa-9610	852	31	:	:	PUNCT
ajfa-9610	852	32	seos	seo	NOUN
ajfa-9610	852	33	sample	sample	NOUN
ajfa-9610	852	34	variable	variable	NOUN
ajfa-9610	852	35	expected	expect	VERB
ajfa-9610	852	36	sign	sign	NOUN
ajfa-9610	852	37	△	△	NOUN
ajfa-9610	852	38	net	net	ADJ
ajfa-9610	852	39	income	income	NOUN
ajfa-9610	852	40	(	(	PUNCT
ajfa-9610	852	41	year	year	NOUN
ajfa-9610	852	42	0	0	NUM
ajfa-9610	852	43	)	)	PUNCT
ajfa-9610	852	44	△	△	NOUN
ajfa-9610	852	45	net	net	ADJ
ajfa-9610	852	46	income	income	NOUN
ajfa-9610	852	47	(	(	PUNCT
ajfa-9610	852	48	year	year	NOUN
ajfa-9610	852	49	+1	+1	PROPN
ajfa-9610	852	50	)	)	PUNCT
ajfa-9610	852	51	coefficient	coefficient	NOUN
ajfa-9610	852	52	t	t	PROPN
ajfa-9610	852	53	value	value	NOUN
ajfa-9610	852	54	coefficient	coefficient	NOUN
ajfa-9610	852	55	t	t	PROPN
ajfa-9610	852	56	value	value	NOUN
ajfa-9610	852	57	intercept	intercept	VERB
ajfa-9610	852	58	0.0228	0.0228	NUM
ajfa-9610	852	59	*	*	PUNCT
ajfa-9610	852	60	*	*	PUNCT
ajfa-9610	852	61	*	*	PUNCT
ajfa-9610	852	62	3.0993	3.0993	NUM
ajfa-9610	852	63	0.0180	0.0180	NUM
ajfa-9610	852	64	*	*	PUNCT
ajfa-9610	852	65	*	*	PUNCT
ajfa-9610	852	66	2.1397	2.1397	NUM
ajfa-9610	852	67	pdem	pdem	NOUN
ajfa-9610	852	68	(	(	PUNCT
ajfa-9610	852	69	year	year	NOUN
ajfa-9610	852	70	-1	-1	PUNCT
ajfa-9610	852	71	)	)	PUNCT
ajfa-9610	853	1	+	+	NOUN
ajfa-9610	853	2	/0.4587	/0.4587	X
ajfa-9610	854	1	*	*	PUNCT
ajfa-9610	854	2	*	*	PUNCT
ajfa-9610	854	3	*	*	PUNCT
ajfa-9610	854	4	5.4947	5.4947	NUM
ajfa-9610	854	5	-0.0425	-0.0425	PROPN
ajfa-9610	854	6	-0.3710	-0.3710	ADJ
ajfa-9610	854	7	pdem	pdem	PROPN
ajfa-9610	854	8	(	(	PUNCT
ajfa-9610	854	9	year	year	NOUN
ajfa-9610	854	10	0	0	NUM
ajfa-9610	854	11	)	)	PUNCT
ajfa-9610	854	12	+	+	CCONJ
ajfa-9610	854	13	0.3432	0.3432	NUM
ajfa-9610	854	14	*	*	PUNCT
ajfa-9610	854	15	*	*	PUNCT
ajfa-9610	854	16	*	*	X
ajfa-9610	854	17	3.0367	3.0367	NUM
ajfa-9610	854	18	samples	sample	NOUN
ajfa-9610	854	19	213	213	NUM
ajfa-9610	854	20	211	211	NUM
ajfa-9610	854	21	adjusted	adjust	VERB
ajfa-9610	854	22	r2	r2	NOUN
ajfa-9610	854	23	0.121	0.121	NUM
ajfa-9610	854	24	0.045	0.045	NUM
ajfa-9610	854	25	f	f	NOUN
ajfa-9610	854	26	value	value	NOUN
ajfa-9610	854	27	(	(	PUNCT
ajfa-9610	854	28	p	p	NOUN
ajfa-9610	854	29	value	value	NOUN
ajfa-9610	854	30	)	)	PUNCT
ajfa-9610	854	31	30.192(<.0001	30.192(<.0001	NUM
ajfa-9610	854	32	)	)	PUNCT
ajfa-9610	854	33	5.941	5.941	NUM
ajfa-9610	854	34	(	(	PUNCT
ajfa-9610	854	35	<	<	X
ajfa-9610	854	36	.005	.005	NUM
ajfa-9610	854	37	)	)	PUNCT
ajfa-9610	854	38	panel	panel	NOUN
ajfa-9610	854	39	c	c	NOUN
ajfa-9610	854	40	:	:	PUNCT
ajfa-9610	854	41	bond	bond	NOUN
ajfa-9610	854	42	sample	sample	NOUN
ajfa-9610	854	43	variable	variable	NOUN
ajfa-9610	854	44	expected	expect	VERB
ajfa-9610	854	45	sign	sign	NOUN
ajfa-9610	854	46	△	△	NOUN
ajfa-9610	854	47	net	net	ADJ
ajfa-9610	854	48	income	income	NOUN
ajfa-9610	854	49	(	(	PUNCT
ajfa-9610	854	50	year	year	NOUN
ajfa-9610	854	51	0	0	NUM
ajfa-9610	854	52	)	)	PUNCT
ajfa-9610	854	53	△	△	NOUN
ajfa-9610	854	54	net	net	ADJ
ajfa-9610	854	55	income	income	NOUN
ajfa-9610	854	56	(	(	PUNCT
ajfa-9610	854	57	year	year	NOUN
ajfa-9610	854	58	+1	+1	PROPN
ajfa-9610	854	59	)	)	PUNCT
ajfa-9610	854	60	coefficient	coefficient	NOUN
ajfa-9610	854	61	t	t	PROPN
ajfa-9610	854	62	value	value	NOUN
ajfa-9610	854	63	coefficient	coefficient	NOUN
ajfa-9610	854	64	t	t	PROPN
ajfa-9610	854	65	value	value	NOUN
ajfa-9610	854	66	intercept	intercept	VERB
ajfa-9610	854	67	0.0078	0.0078	NUM
ajfa-9610	854	68	0.9881	0.9881	NUM
ajfa-9610	854	69	0.0000	0.0000	NUM
ajfa-9610	854	70	0.0019	0.0019	NUM
ajfa-9610	854	71	pdem	pdem	NOUN
ajfa-9610	854	72	(	(	PUNCT
ajfa-9610	854	73	year	year	NOUN
ajfa-9610	854	74	-1	-1	PUNCT
ajfa-9610	854	75	)	)	PUNCT
ajfa-9610	855	1	+	+	ADP
ajfa-9610	855	2	/0.2195	/0.2195	X
ajfa-9610	855	3	*	*	PUNCT
ajfa-9610	855	4	*	*	PUNCT
ajfa-9610	855	5	2.2996	2.2996	NUM
ajfa-9610	855	6	-0.2768	-0.2768	NOUN
ajfa-9610	855	7	*	*	PUNCT
ajfa-9610	855	8	*	*	PUNCT
ajfa-9610	855	9	*	*	PUNCT
ajfa-9610	855	10	5.6798	5.6798	NUM
ajfa-9610	855	11	pdem	pdem	NOUN
ajfa-9610	855	12	(	(	PUNCT
ajfa-9610	855	13	year	year	NOUN
ajfa-9610	855	14	0	0	NUM
ajfa-9610	855	15	)	)	PUNCT
ajfa-9610	855	16	+	+	CCONJ
ajfa-9610	855	17	0.4264	0.4264	NUM
ajfa-9610	855	18	*	*	PUNCT
ajfa-9610	855	19	*	*	PUNCT
ajfa-9610	855	20	*	*	PUNCT
ajfa-9610	855	21	-3.7445	-3.7445	NOUN
ajfa-9610	855	22	samples	sample	VERB
ajfa-9610	855	23	504	504	NUM
ajfa-9610	855	24	497	497	NUM
ajfa-9610	855	25	adjusted	adjust	VERB
ajfa-9610	855	26	r2	r2	NOUN
ajfa-9610	855	27	0.008	0.008	NUM
ajfa-9610	855	28	0.06	0.06	NUM
ajfa-9610	855	29	f	f	PROPN
ajfa-9610	855	30	value	value	NOUN
ajfa-9610	855	31	(	(	PUNCT
ajfa-9610	855	32	p	p	NOUN
ajfa-9610	855	33	value	value	NOUN
ajfa-9610	855	34	)	)	PUNCT
ajfa-9610	855	35	5.288	5.288	NUM
ajfa-9610	855	36	(	(	PUNCT
ajfa-9610	855	37	<	<	NOUN
ajfa-9610	855	38	.05	.05	NUM
ajfa-9610	855	39	)	)	PUNCT
ajfa-9610	855	40	16.960	16.960	NUM
ajfa-9610	855	41	(	(	PUNCT
ajfa-9610	855	42	<	<	NOUN
ajfa-9610	855	43	.0001	.0001	NOUN
ajfa-9610	855	44	)	)	PUNCT
ajfa-9610	855	45	note	note	NOUN
ajfa-9610	855	46	:	:	PUNCT
ajfa-9610	856	1	1	1	X
ajfa-9610	856	2	.	.	PUNCT
ajfa-9610	856	3	the	the	DET
ajfa-9610	856	4	definitions	definition	NOUN
ajfa-9610	856	5	of	of	ADP
ajfa-9610	856	6	all	all	DET
ajfa-9610	856	7	variables	variable	NOUN
ajfa-9610	856	8	are	be	AUX
ajfa-9610	856	9	the	the	DET
ajfa-9610	856	10	same	same	ADJ
ajfa-9610	856	11	as	as	ADP
ajfa-9610	856	12	those	those	PRON
ajfa-9610	856	13	in	in	ADP
ajfa-9610	856	14	table	table	NOUN
ajfa-9610	856	15	3	3	NUM
ajfa-9610	856	16	.	.	PUNCT
ajfa-9610	856	17	for	for	ADP
ajfa-9610	856	18	year	year	NOUN
ajfa-9610	856	19	0	0	NUM
ajfa-9610	856	20	and	and	CCONJ
ajfa-9610	856	21	+1	+1	PROPN
ajfa-9610	856	22	,	,	PUNCT
ajfa-9610	856	23	δnet	δnet	NOUN
ajfa-9610	856	24	income	income	NOUN
ajfa-9610	856	25	is	be	AUX
ajfa-9610	856	26	computed	compute	VERB
ajfa-9610	856	27	by	by	ADP
ajfa-9610	856	28	subtracting	subtract	VERB
ajfa-9610	856	29	the	the	DET
ajfa-9610	856	30	net	net	ADJ
ajfa-9610	856	31	income	income	NOUN
ajfa-9610	856	32	in	in	ADP
ajfa-9610	856	33	year	year	NOUN
ajfa-9610	856	34	-2	-2	INTJ
ajfa-9610	856	35	from	from	ADP
ajfa-9610	856	36	that	that	DET
ajfa-9610	856	37	year	year	NOUN
ajfa-9610	856	38	’s	’s	PART
ajfa-9610	856	39	net	net	ADJ
ajfa-9610	856	40	income	income	NOUN
ajfa-9610	856	41	.	.	PUNCT
ajfa-9610	857	1	asian	asian	ADJ
ajfa-9610	857	2	journal	journal	PROPN
ajfa-9610	857	3	of	of	ADP
ajfa-9610	857	4	finance	finance	PROPN
ajfa-9610	857	5	&	&	CCONJ
ajfa-9610	857	6	accounting	accounting	PROPN
ajfa-9610	857	7	issn	issn	PROPN
ajfa-9610	857	8	1946	1946	NUM
ajfa-9610	857	9	-	-	PUNCT
ajfa-9610	857	10	052x	052x	PROPN
ajfa-9610	857	11	2016	2016	NUM
ajfa-9610	857	12	,	,	PUNCT
ajfa-9610	857	13	vol	vol	NOUN
ajfa-9610	857	14	.	.	PROPN
ajfa-9610	857	15	8	8	NUM
ajfa-9610	857	16	,	,	PUNCT
ajfa-9610	857	17	no	no	INTJ
ajfa-9610	857	18	.	.	NOUN
ajfa-9610	857	19	1	1	NUM
ajfa-9610	857	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9610	857	21	266	266	NUM
ajfa-9610	857	22	2	2	NUM
ajfa-9610	857	23	.	.	PUNCT
ajfa-9610	858	1	*	*	PUNCT
ajfa-9610	858	2	,	,	PUNCT
ajfa-9610	858	3	*	*	PUNCT
ajfa-9610	858	4	*	*	PUNCT
ajfa-9610	858	5	,	,	PUNCT
ajfa-9610	858	6	*	*	PUNCT
ajfa-9610	858	7	*	*	PUNCT
ajfa-9610	858	8	*	*	PUNCT
ajfa-9610	858	9	are	be	AUX
ajfa-9610	858	10	significant	significant	ADJ
ajfa-9610	858	11	at	at	ADP
ajfa-9610	858	12	the	the	DET
ajfa-9610	858	13	10	10	NUM
ajfa-9610	858	14	,	,	PUNCT
ajfa-9610	858	15	5	5	NUM
ajfa-9610	858	16	,	,	PUNCT
ajfa-9610	858	17	and	and	CCONJ
ajfa-9610	858	18	1	1	NUM
ajfa-9610	858	19	percent	percent	NOUN
ajfa-9610	858	20	levels	level	NOUN
ajfa-9610	858	21	,	,	PUNCT
ajfa-9610	858	22	respectively	respectively	ADV
ajfa-9610	858	23	.	.	PUNCT
ajfa-9610	859	1	to	to	PART
ajfa-9610	859	2	examine	examine	VERB
ajfa-9610	859	3	market	market	NOUN
ajfa-9610	859	4	reaction	reaction	NOUN
ajfa-9610	859	5	to	to	ADP
ajfa-9610	859	6	earnings	earning	NOUN
ajfa-9610	859	7	announcements	announcement	NOUN
ajfa-9610	859	8	around	around	ADP
ajfa-9610	859	9	financing	financing	NOUN
ajfa-9610	859	10	announcement	announcement	NOUN
ajfa-9610	859	11	.	.	PUNCT
ajfa-9610	860	1	we	we	PRON
ajfa-9610	860	2	also	also	ADV
ajfa-9610	860	3	analyse	analyse	VERB
ajfa-9610	860	4	investors	investor	NOUN
ajfa-9610	860	5	’	’	PART
ajfa-9610	860	6	price	price	NOUN
ajfa-9610	860	7	response	response	NOUN
ajfa-9610	860	8	to	to	ADP
ajfa-9610	860	9	earnings	earning	NOUN
ajfa-9610	860	10	released	release	VERB
ajfa-9610	860	11	around	around	ADP
ajfa-9610	860	12	offering	offer	VERB
ajfa-9610	860	13	announcements	announcement	NOUN
ajfa-9610	860	14	(	(	PUNCT
ajfa-9610	860	15	in	in	ADP
ajfa-9610	860	16	event	event	NOUN
ajfa-9610	860	17	quarters	quarter	NOUN
ajfa-9610	860	18	-8	-8	VERB
ajfa-9610	860	19	through	through	ADP
ajfa-9610	860	20	+7	+7	PROPN
ajfa-9610	860	21	)	)	PUNCT
ajfa-9610	860	22	.	.	PUNCT
ajfa-9610	861	1	an	an	DET
ajfa-9610	861	2	issuing	issue	VERB
ajfa-9610	861	3	announcement	announcement	NOUN
ajfa-9610	861	4	can	can	AUX
ajfa-9610	861	5	signal	signal	VERB
ajfa-9610	861	6	that	that	SCONJ
ajfa-9610	861	7	the	the	DET
ajfa-9610	861	8	increased	increase	VERB
ajfa-9610	861	9	incentives	incentive	NOUN
ajfa-9610	861	10	for	for	SCONJ
ajfa-9610	861	11	managers	manager	NOUN
ajfa-9610	861	12	to	to	PART
ajfa-9610	861	13	overstate	overstate	VERB
ajfa-9610	861	14	earnings	earning	NOUN
ajfa-9610	861	15	.	.	PUNCT
ajfa-9610	862	1	it	it	PRON
ajfa-9610	862	2	will	will	AUX
ajfa-9610	862	3	lead	lead	VERB
ajfa-9610	862	4	to	to	ADP
ajfa-9610	862	5	positive	positive	ADJ
ajfa-9610	862	6	earnings	earning	NOUN
ajfa-9610	862	7	and	and	CCONJ
ajfa-9610	862	8	positive	positive	ADJ
ajfa-9610	862	9	market	market	NOUN
ajfa-9610	862	10	reaction	reaction	NOUN
ajfa-9610	862	11	at	at	ADP
ajfa-9610	862	12	earnings	earning	NOUN
ajfa-9610	862	13	before	before	ADP
ajfa-9610	862	14	issuing	issue	VERB
ajfa-9610	862	15	announcement	announcement	NOUN
ajfa-9610	862	16	.	.	PUNCT
ajfa-9610	863	1	the	the	DET
ajfa-9610	863	2	price	price	NOUN
ajfa-9610	863	3	reaction	reaction	NOUN
ajfa-9610	863	4	to	to	ADP
ajfa-9610	863	5	earnings	earning	NOUN
ajfa-9610	863	6	releases	release	NOUN
ajfa-9610	863	7	will	will	AUX
ajfa-9610	863	8	be	be	AUX
ajfa-9610	863	9	lower	low	ADJ
ajfa-9610	863	10	in	in	ADP
ajfa-9610	863	11	the	the	DET
ajfa-9610	863	12	post	post	ADJ
ajfa-9610	863	13	-	-	ADJ
ajfa-9610	863	14	announcement	announcement	ADJ
ajfa-9610	863	15	quarters	quarter	NOUN
ajfa-9610	863	16	.	.	PUNCT
ajfa-9610	864	1	the	the	DET
ajfa-9610	864	2	result	result	NOUN
ajfa-9610	864	3	presented	present	VERB
ajfa-9610	864	4	in	in	ADP
ajfa-9610	864	5	table	table	NOUN
ajfa-9610	864	6	17	17	NUM
ajfa-9610	864	7	in	in	ADP
ajfa-9610	864	8	seos	seo	NOUN
ajfa-9610	864	9	sample	sample	NOUN
ajfa-9610	864	10	shows	show	VERB
ajfa-9610	864	11	that	that	SCONJ
ajfa-9610	864	12	earnings	earning	NOUN
ajfa-9610	864	13	announcement	announcement	NOUN
ajfa-9610	864	14	returns	return	NOUN
ajfa-9610	864	15	are	be	AUX
ajfa-9610	864	16	positive	positive	ADJ
ajfa-9610	864	17	before	before	ADP
ajfa-9610	864	18	issuing	issue	VERB
ajfa-9610	864	19	announcement	announcement	NOUN
ajfa-9610	864	20	except	except	SCONJ
ajfa-9610	864	21	in	in	ADP
ajfa-9610	864	22	quarter	quarter	NOUN
ajfa-9610	864	23	-1	-1	PUNCT
ajfa-9610	865	1	and	and	CCONJ
ajfa-9610	865	2	-6	-6	CCONJ
ajfa-9610	865	3	and	and	CCONJ
ajfa-9610	865	4	it	it	PRON
ajfa-9610	865	5	is	be	AUX
ajfa-9610	865	6	significant	significant	ADJ
ajfa-9610	865	7	in	in	ADP
ajfa-9610	865	8	quarter	quarter	NOUN
ajfa-9610	865	9	-2	-2	INTJ
ajfa-9610	865	10	.	.	PUNCT
ajfa-9610	866	1	there	there	PRON
ajfa-9610	866	2	are	be	VERB
ajfa-9610	866	3	insignificantly	insignificantly	ADV
ajfa-9610	866	4	negative	negative	ADJ
ajfa-9610	866	5	earnings	earning	NOUN
ajfa-9610	866	6	announcement	announcement	NOUN
ajfa-9610	866	7	returns	return	NOUN
ajfa-9610	866	8	in	in	ADP
ajfa-9610	866	9	quarter	quarter	NOUN
ajfa-9610	866	10	0	0	NUM
ajfa-9610	866	11	and	and	CCONJ
ajfa-9610	866	12	+2	+2	PROPN
ajfa-9610	866	13	.	.	PUNCT
ajfa-9610	867	1	most	most	ADJ
ajfa-9610	867	2	of	of	ADP
ajfa-9610	867	3	the	the	DET
ajfa-9610	867	4	earnings	earning	NOUN
ajfa-9610	867	5	announcement	announcement	NOUN
ajfa-9610	867	6	returns	return	NOUN
ajfa-9610	867	7	are	be	AUX
ajfa-9610	867	8	insignificantly	insignificantly	ADV
ajfa-9610	867	9	negative	negative	ADJ
ajfa-9610	867	10	before	before	ADV
ajfa-9610	867	11	and	and	CCONJ
ajfa-9610	867	12	after	after	ADP
ajfa-9610	867	13	issuing	issue	VERB
ajfa-9610	867	14	announcement	announcement	NOUN
ajfa-9610	867	15	in	in	ADP
ajfa-9610	867	16	bonds	bond	NOUN
ajfa-9610	867	17	sample	sample	NOUN
ajfa-9610	867	18	.	.	PUNCT
ajfa-9610	868	1	the	the	DET
ajfa-9610	868	2	reason	reason	NOUN
ajfa-9610	868	3	of	of	ADP
ajfa-9610	868	4	insignificant	insignificant	ADJ
ajfa-9610	868	5	result	result	NOUN
ajfa-9610	868	6	might	might	AUX
ajfa-9610	868	7	issuing	issue	VERB
ajfa-9610	868	8	information	information	NOUN
ajfa-9610	868	9	is	be	AUX
ajfa-9610	868	10	not	not	PART
ajfa-9610	868	11	conveyed	convey	VERB
ajfa-9610	868	12	to	to	ADP
ajfa-9610	868	13	investors	investor	NOUN
ajfa-9610	868	14	.	.	PUNCT
ajfa-9610	869	1	table	table	NOUN
ajfa-9610	869	2	17	17	NUM
ajfa-9610	869	3	.	.	PUNCT
ajfa-9610	870	1	market	market	NOUN
ajfa-9610	870	2	reaction	reaction	NOUN
ajfa-9610	870	3	to	to	ADP
ajfa-9610	870	4	earnings	earning	NOUN
ajfa-9610	870	5	announcements	announcement	NOUN
ajfa-9610	870	6	around	around	ADP
ajfa-9610	870	7	financing	financing	NOUN
ajfa-9610	870	8	offering	offering	NOUN
ajfa-9610	870	9	announcement	announcement	NOUN
ajfa-9610	870	10	event	event	NOUN
ajfa-9610	870	11	quarter	quarter	NOUN
ajfa-9610	870	12	seos	seo	NOUN
ajfa-9610	870	13	sample	sample	NOUN
ajfa-9610	870	14	bond	bond	NOUN
ajfa-9610	870	15	sample	sample	NOUN
ajfa-9610	870	16	mean	mean	NOUN
ajfa-9610	870	17	(	(	PUNCT
ajfa-9610	870	18	percent	percent	NOUN
ajfa-9610	870	19	)	)	PUNCT
ajfa-9610	870	20	t	t	NOUN
ajfa-9610	870	21	-	-	PUNCT
ajfa-9610	870	22	statistic	statistic	NOUN
ajfa-9610	870	23	mean	mean	NOUN
ajfa-9610	870	24	(	(	PUNCT
ajfa-9610	870	25	percent	percent	NOUN
ajfa-9610	870	26	)	)	PUNCT
ajfa-9610	870	27	t	t	NOUN
ajfa-9610	870	28	-	-	PUNCT
ajfa-9610	870	29	statistic	statistic	NOUN
ajfa-9610	870	30	-8	-8	NOUN
ajfa-9610	870	31	0.1913	0.1913	NUM
ajfa-9610	870	32	0.4260	0.4260	NUM
ajfa-9610	870	33	-0.6117	-0.6117	NOUN
ajfa-9610	870	34	-0.2260	-0.2260	NOUN
ajfa-9610	871	1	-7	-7	VERB
ajfa-9610	871	2	0.2021	0.2021	NUM
ajfa-9610	871	3	-0.4013	-0.4013	NOUN
ajfa-9610	871	4	-0.7804	-0.7804	NOUN
ajfa-9610	871	5	-0.9203	-0.9203	VERB
ajfa-9610	872	1	-6	-6	ADP
ajfa-9610	872	2	-0.0141	-0.0141	X
ajfa-9610	872	3	0.8726	0.8726	NUM
ajfa-9610	872	4	-0.5743	-0.5743	NOUN
ajfa-9610	873	1	0.7530	0.7530	NUM
ajfa-9610	873	2	-5	-5	NOUN
ajfa-9610	874	1	0.5308	0.5308	NUM
ajfa-9610	874	2	0.4694	0.4694	NUM
ajfa-9610	874	3	-0.7853	-0.7853	NOUN
ajfa-9610	874	4	1.2636	1.2636	NUM
ajfa-9610	874	5	-4	-4	SYM
ajfa-9610	874	6	0.9118	0.9118	NUM
ajfa-9610	874	7	0.7115	0.7115	NUM
ajfa-9610	874	8	-0.2775	-0.2775	NOUN
ajfa-9610	874	9	0.1777	0.1777	NUM
ajfa-9610	874	10	-3	-3	PUNCT
ajfa-9610	874	11	0.6495	0.6495	NUM
ajfa-9610	874	12	-0.5822	-0.5822	NOUN
ajfa-9610	874	13	0.7650	0.7650	NUM
ajfa-9610	874	14	1.0617	1.0617	NUM
ajfa-9610	874	15	-2	-2	NOUN
ajfa-9610	874	16	0.2822	0.2822	NUM
ajfa-9610	874	17	*	*	PUNCT
ajfa-9610	874	18	-1.7228	-1.7228	PROPN
ajfa-9610	874	19	*	*	PUNCT
ajfa-9610	874	20	-0.1024	-0.1024	X
ajfa-9610	874	21	1.6007	1.6007	NUM
ajfa-9610	874	22	-1	-1	PROPN
ajfa-9610	874	23	-0.7227	-0.7227	PROPN
ajfa-9610	874	24	-0.8544	-0.8544	PROPN
ajfa-9610	874	25	-0.4123	-0.4123	NOUN
ajfa-9610	874	26	0.5145	0.5145	NUM
ajfa-9610	874	27	0	0	NUM
ajfa-9610	874	28	-0.3411	-0.3411	ADJ
ajfa-9610	874	29	-0.1849	-0.1849	NOUN
ajfa-9610	874	30	-0.1050	-0.1050	VERB
ajfa-9610	875	1	0.6806	0.6806	NUM
ajfa-9610	875	2	1	1	NUM
ajfa-9610	875	3	0.4101	0.4101	NUM
ajfa-9610	875	4	-0.8145	-0.8145	NOUN
ajfa-9610	875	5	-0.0705	-0.0705	NOUN
ajfa-9610	875	6	-1.5124	-1.5124	NOUN
ajfa-9610	875	7	2	2	NUM
ajfa-9610	875	8	-0.8339	-0.8339	X
ajfa-9610	875	9	-0.6446	-0.6446	X
ajfa-9610	875	10	-0.3143	-0.3143	PROPN
ajfa-9610	876	1	-0.9299	-0.9299	PROPN
ajfa-9610	877	1	3	3	NUM
ajfa-9610	877	2	0.0964	0.0964	NUM
ajfa-9610	877	3	-0.4451	-0.4451	DET
ajfa-9610	877	4	-0.0475	-0.0475	VERB
ajfa-9610	877	5	-0.2678	-0.2678	VERB
ajfa-9610	877	6	4	4	NUM
ajfa-9610	877	7	1.0616	1.0616	NUM
ajfa-9610	877	8	-0.4892	-0.4892	NOUN
ajfa-9610	877	9	0.3934	0.3934	NUM
ajfa-9610	877	10	-0.7276	-0.7276	NOUN
ajfa-9610	877	11	5	5	NUM
ajfa-9610	877	12	0.5686	0.5686	NUM
ajfa-9610	877	13	-0.0035	-0.0035	NOUN
ajfa-9610	877	14	1.0924	1.0924	NUM
ajfa-9610	877	15	1.0371	1.0371	NUM
ajfa-9610	877	16	6	6	NUM
ajfa-9610	877	17	0.7218	0.7218	NUM
ajfa-9610	877	18	0.9411	0.9411	NUM
ajfa-9610	877	19	1.2558	1.2558	NUM
ajfa-9610	877	20	1.0994	1.0994	NUM
ajfa-9610	877	21	7	7	NUM
ajfa-9610	877	22	0.0334	0.0334	NUM
ajfa-9610	877	23	0.0681	0.0681	NUM
ajfa-9610	877	24	0.2001	0.2001	NUM
ajfa-9610	877	25	0.4888	0.4888	NUM
ajfa-9610	877	26	samples	sample	NOUN
ajfa-9610	877	27	235	235	NUM
ajfa-9610	877	28	469	469	NUM
ajfa-9610	877	29	note	note	NOUN
ajfa-9610	877	30	:	:	PUNCT
ajfa-9610	877	31	earnings	earning	NOUN
ajfa-9610	877	32	announcement	announcement	NOUN
ajfa-9610	877	33	period	period	NOUN
ajfa-9610	877	34	consists	consist	VERB
ajfa-9610	877	35	of	of	ADP
ajfa-9610	877	36	day-1	day-1	NUM
ajfa-9610	877	37	to	to	ADP
ajfa-9610	877	38	+4	+4	PROPN
ajfa-9610	877	39	around	around	ADP
ajfa-9610	877	40	the	the	DET
ajfa-9610	877	41	earnings	earning	NOUN
ajfa-9610	877	42	announcement	announcement	NOUN
ajfa-9610	877	43	date	date	NOUN
ajfa-9610	877	44	(	(	PUNCT
ajfa-9610	877	45	day	day	NOUN
ajfa-9610	877	46	0).the	0).the	DET
ajfa-9610	877	47	earnings	earning	NOUN
ajfa-9610	877	48	announcement	announcement	NOUN
ajfa-9610	877	49	returns	return	NOUN
ajfa-9610	877	50	are	be	AUX
ajfa-9610	877	51	computed	compute	VERB
ajfa-9610	877	52	by	by	ADP
ajfa-9610	877	53	subtracting	subtract	VERB
ajfa-9610	877	54	from	from	ADP
ajfa-9610	877	55	the	the	DET
ajfa-9610	877	56	returns	return	NOUN
ajfa-9610	877	57	of	of	ADP
ajfa-9610	877	58	a	a	DET
ajfa-9610	877	59	matched	match	VERB
ajfa-9610	877	60	non	non	ADJ
ajfa-9610	877	61	-	-	ADJ
ajfa-9610	877	62	issuing	issue	VERB
ajfa-9610	877	63	firm	firm	NOUN
ajfa-9610	877	64	that	that	PRON
ajfa-9610	877	65	has	have	VERB
ajfa-9610	877	66	the	the	DET
ajfa-9610	877	67	closest	close	ADJ
ajfa-9610	877	68	sales	sale	NOUN
ajfa-9610	877	69	growth	growth	NOUN
ajfa-9610	877	70	in	in	ADP
ajfa-9610	877	71	prior	prior	ADJ
ajfa-9610	877	72	two	two	NUM
ajfa-9610	877	73	years	year	NOUN
ajfa-9610	877	74	to	to	ADP
ajfa-9610	877	75	the	the	DET
ajfa-9610	877	76	sample	sample	NOUN
ajfa-9610	877	77	firm	firm	NOUN
ajfa-9610	877	78	.	.	PUNCT
ajfa-9610	878	1	earnings	earning	NOUN
ajfa-9610	878	2	management	management	NOUN
ajfa-9610	878	3	and	and	CCONJ
ajfa-9610	878	4	the	the	DET
ajfa-9610	878	5	market	market	NOUN
ajfa-9610	878	6	reaction	reaction	NOUN
ajfa-9610	878	7	to	to	ADP
ajfa-9610	878	8	issuing	issue	VERB
ajfa-9610	878	9	announcements	announcement	NOUN
ajfa-9610	878	10	.	.	PUNCT
ajfa-9610	879	1	it	it	PRON
ajfa-9610	879	2	examines	examine	VERB
ajfa-9610	879	3	whether	whether	SCONJ
ajfa-9610	879	4	the	the	DET
ajfa-9610	879	5	issuing	issue	VERB
ajfa-9610	879	6	announcements	announcement	NOUN
ajfa-9610	879	7	cause	cause	VERB
ajfa-9610	879	8	investors	investor	NOUN
ajfa-9610	879	9	to	to	PART
ajfa-9610	879	10	correct	correct	VERB
ajfa-9610	879	11	misevaluations	misevaluation	NOUN
ajfa-9610	879	12	which	which	PRON
ajfa-9610	879	13	caused	cause	VERB
ajfa-9610	879	14	by	by	ADP
ajfa-9610	879	15	earlier	early	ADJ
ajfa-9610	879	16	earnings	earning	NOUN
ajfa-9610	879	17	management	management	NOUN
ajfa-9610	879	18	.	.	PUNCT
ajfa-9610	880	1	there	there	PRON
ajfa-9610	880	2	is	be	VERB
ajfa-9610	880	3	a	a	DET
ajfa-9610	880	4	negative	negative	ADJ
ajfa-9610	880	5	relation	relation	NOUN
ajfa-9610	880	6	between	between	ADP
ajfa-9610	880	7	the	the	DET
ajfa-9610	880	8	market	market	NOUN
ajfa-9610	880	9	’s	’s	PART
ajfa-9610	880	10	price	price	NOUN
ajfa-9610	880	11	reaction	reaction	NOUN
ajfa-9610	880	12	to	to	ADP
ajfa-9610	880	13	issuing	issue	VERB
ajfa-9610	880	14	announcements	announcement	NOUN
ajfa-9610	880	15	and	and	CCONJ
ajfa-9610	880	16	pre	pre	ADJ
ajfa-9610	880	17	-	-	ADJ
ajfa-9610	880	18	announcement	announcement	ADJ
ajfa-9610	880	19	earnings	earning	NOUN
ajfa-9610	880	20	management	management	NOUN
ajfa-9610	880	21	.	.	PUNCT
ajfa-9610	881	1	table	table	NOUN
ajfa-9610	881	2	18	18	NUM
ajfa-9610	881	3	presents	present	VERB
ajfa-9610	881	4	the	the	DET
ajfa-9610	881	5	regression	regression	NOUN
ajfa-9610	881	6	results	result	NOUN
ajfa-9610	881	7	.	.	PUNCT
ajfa-9610	882	1	regression	regression	NOUN
ajfa-9610	882	2	i	i	PRON
ajfa-9610	882	3	and	and	CCONJ
ajfa-9610	882	4	ii	ii	PROPN
ajfa-9610	882	5	in	in	ADP
ajfa-9610	882	6	seos	seo	NOUN
ajfa-9610	882	7	sample	sample	NOUN
ajfa-9610	882	8	,	,	PUNCT
ajfa-9610	882	9	it	it	PRON
ajfa-9610	882	10	asian	asian	ADJ
ajfa-9610	882	11	journal	journal	NOUN
ajfa-9610	882	12	of	of	ADP
ajfa-9610	882	13	finance	finance	PROPN
ajfa-9610	882	14	&	&	CCONJ
ajfa-9610	882	15	accounting	accounting	PROPN
ajfa-9610	882	16	issn	issn	PROPN
ajfa-9610	882	17	1946	1946	NUM
ajfa-9610	882	18	-	-	PUNCT
ajfa-9610	882	19	052x	052x	PROPN
ajfa-9610	882	20	2016	2016	NUM
ajfa-9610	882	21	,	,	PUNCT
ajfa-9610	882	22	vol	vol	NOUN
ajfa-9610	882	23	.	.	PROPN
ajfa-9610	882	24	8	8	NUM
ajfa-9610	882	25	,	,	PUNCT
ajfa-9610	882	26	no	no	INTJ
ajfa-9610	882	27	.	.	NOUN
ajfa-9610	882	28	1	1	NUM
ajfa-9610	883	1	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9610	883	2	267	267	NUM
ajfa-9610	883	3	reveals	reveal	VERB
ajfa-9610	883	4	that	that	SCONJ
ajfa-9610	883	5	sdret(yr-1	sdret(yr-1	VERB
ajfa-9610	883	6	)	)	PUNCT
ajfa-9610	883	7	is	be	AUX
ajfa-9610	883	8	negatively	negatively	ADV
ajfa-9610	883	9	related	relate	VERB
ajfa-9610	883	10	to	to	ADP
ajfa-9610	883	11	the	the	DET
ajfa-9610	883	12	price	price	NOUN
ajfa-9610	883	13	reaction	reaction	NOUN
ajfa-9610	883	14	to	to	ADP
ajfa-9610	883	15	seos	seo	NOUN
ajfa-9610	883	16	issuing	issue	VERB
ajfa-9610	883	17	announcement	announcement	NOUN
ajfa-9610	883	18	(	(	PUNCT
ajfa-9610	883	19	ebret	ebret	PROPN
ajfa-9610	883	20	)	)	PUNCT
ajfa-9610	883	21	,	,	PUNCT
ajfa-9610	883	22	but	but	CCONJ
ajfa-9610	883	23	it	it	PRON
ajfa-9610	883	24	is	be	AUX
ajfa-9610	883	25	not	not	PART
ajfa-9610	883	26	significant	significant	ADJ
ajfa-9610	883	27	.	.	PUNCT
ajfa-9610	884	1	seos	seo	NOUN
ajfa-9610	884	2	investors	investor	NOUN
ajfa-9610	884	3	may	may	AUX
ajfa-9610	884	4	correct	correct	VERB
ajfa-9610	884	5	the	the	DET
ajfa-9610	884	6	price	price	NOUN
ajfa-9610	884	7	impact	impact	NOUN
ajfa-9610	884	8	of	of	ADP
ajfa-9610	884	9	earlier	early	ADJ
ajfa-9610	884	10	earnings	earning	NOUN
ajfa-9610	884	11	overstates	overstate	NOUN
ajfa-9610	884	12	;	;	PUNCT
ajfa-9610	884	13	it	it	PRON
ajfa-9610	884	14	weakly	weakly	ADV
ajfa-9610	884	15	consists	consist	VERB
ajfa-9610	884	16	with	with	ADP
ajfa-9610	884	17	rational	rational	ADJ
ajfa-9610	884	18	expectations	expectation	NOUN
ajfa-9610	884	19	model	model	NOUN
ajfa-9610	884	20	.	.	PUNCT
ajfa-9610	885	1	in	in	ADP
ajfa-9610	885	2	contrast	contrast	NOUN
ajfa-9610	885	3	,	,	PUNCT
ajfa-9610	885	4	bond	bond	NOUN
ajfa-9610	885	5	’s	’s	PART
ajfa-9610	885	6	earnings	earning	NOUN
ajfa-9610	885	7	announcement	announcement	NOUN
ajfa-9610	885	8	return	return	VERB
ajfa-9610	885	9	sdret(yr-1	sdret(yr-1	NOUN
ajfa-9610	885	10	)	)	PUNCT
ajfa-9610	885	11	is	be	AUX
ajfa-9610	885	12	insignificantly	insignificantly	ADV
ajfa-9610	885	13	positively	positively	ADV
ajfa-9610	885	14	related	relate	VERB
ajfa-9610	885	15	to	to	ADP
ajfa-9610	885	16	the	the	DET
ajfa-9610	885	17	price	price	NOUN
ajfa-9610	885	18	reaction	reaction	NOUN
ajfa-9610	885	19	to	to	PART
ajfa-9610	885	20	bond	bond	VERB
ajfa-9610	885	21	issuing	issue	VERB
ajfa-9610	885	22	announcement	announcement	NOUN
ajfa-9610	885	23	(	(	PUNCT
ajfa-9610	885	24	ebret	ebret	PROPN
ajfa-9610	885	25	)	)	PUNCT
ajfa-9610	885	26	and	and	CCONJ
ajfa-9610	885	27	therefore	therefore	ADV
ajfa-9610	885	28	,	,	PUNCT
ajfa-9610	885	29	investors	investor	NOUN
ajfa-9610	885	30	may	may	AUX
ajfa-9610	885	31	not	not	PART
ajfa-9610	885	32	correct	correct	VERB
ajfa-9610	885	33	stock	stock	NOUN
ajfa-9610	885	34	price	price	NOUN
ajfa-9610	885	35	to	to	PART
ajfa-9610	885	36	response	response	VERB
ajfa-9610	885	37	to	to	ADP
ajfa-9610	885	38	earnings	earning	NOUN
ajfa-9610	885	39	overestimation	overestimation	NOUN
ajfa-9610	885	40	around	around	ADP
ajfa-9610	885	41	bond	bond	NOUN
ajfa-9610	885	42	issuing	issue	VERB
ajfa-9610	885	43	announcement	announcement	NOUN
ajfa-9610	885	44	.	.	PUNCT
ajfa-9610	886	1	regression	regression	NOUN
ajfa-9610	886	2	iii	iii	PROPN
ajfa-9610	886	3	and	and	CCONJ
ajfa-9610	886	4	iv	iv	NUM
ajfa-9610	886	5	in	in	ADP
ajfa-9610	886	6	seos	seo	NOUN
ajfa-9610	886	7	sample	sample	NOUN
ajfa-9610	886	8	and	and	CCONJ
ajfa-9610	886	9	bond	bond	NOUN
ajfa-9610	886	10	sample	sample	NOUN
ajfa-9610	886	11	,	,	PUNCT
ajfa-9610	886	12	pdem(yr-1	pdem(yr-1	NUM
ajfa-9610	886	13	)	)	PUNCT
ajfa-9610	886	14	is	be	AUX
ajfa-9610	886	15	significantly	significantly	ADV
ajfa-9610	886	16	positive	positive	ADJ
ajfa-9610	886	17	to	to	ADP
ajfa-9610	886	18	the	the	DET
ajfa-9610	886	19	market	market	NOUN
ajfa-9610	886	20	price	price	NOUN
ajfa-9610	886	21	reaction	reaction	NOUN
ajfa-9610	886	22	to	to	ADP
ajfa-9610	886	23	seos	seo	NOUN
ajfa-9610	886	24	or	or	CCONJ
ajfa-9610	886	25	bond	bond	NOUN
ajfa-9610	886	26	issuing	issue	VERB
ajfa-9610	886	27	announcement	announcement	NOUN
ajfa-9610	886	28	(	(	PUNCT
ajfa-9610	886	29	ebret	ebret	PROPN
ajfa-9610	886	30	)	)	PUNCT
ajfa-9610	886	31	.	.	PUNCT
ajfa-9610	887	1	it	it	PRON
ajfa-9610	887	2	reveals	reveal	VERB
ajfa-9610	887	3	that	that	SCONJ
ajfa-9610	887	4	investors	investor	NOUN
ajfa-9610	887	5	does	do	AUX
ajfa-9610	887	6	n’t	not	PART
ajfa-9610	887	7	correct	correct	VERB
ajfa-9610	887	8	the	the	DET
ajfa-9610	887	9	price	price	NOUN
ajfa-9610	887	10	impact	impact	NOUN
ajfa-9610	887	11	of	of	ADP
ajfa-9610	887	12	earlier	early	ADJ
ajfa-9610	887	13	earnings	earning	NOUN
ajfa-9610	887	14	overstates	overstate	NOUN
ajfa-9610	887	15	in	in	ADP
ajfa-9610	887	16	both	both	CCONJ
ajfa-9610	887	17	seos	seo	NOUN
ajfa-9610	887	18	and	and	CCONJ
ajfa-9610	887	19	bonds	bond	NOUN
ajfa-9610	887	20	sample	sample	NOUN
ajfa-9610	887	21	.	.	PUNCT
ajfa-9610	888	1	these	these	DET
ajfa-9610	888	2	finding	finding	NOUN
ajfa-9610	888	3	supports	support	VERB
ajfa-9610	888	4	managerial	managerial	ADJ
ajfa-9610	888	5	opportunism	opportunism	NOUN
ajfa-9610	888	6	which	which	PRON
ajfa-9610	888	7	is	be	AUX
ajfa-9610	888	8	consistent	consistent	ADJ
ajfa-9610	888	9	with	with	ADP
ajfa-9610	888	10	the	the	DET
ajfa-9610	888	11	arguments	argument	NOUN
ajfa-9610	888	12	of	of	ADP
ajfa-9610	888	13	teoh	teoh	PROPN
ajfa-9610	888	14	et	et	VERB
ajfa-9610	888	15	al.(1998	al.(1998	NOUN
ajfa-9610	888	16	)	)	PUNCT
ajfa-9610	888	17	and	and	CCONJ
ajfa-9610	888	18	rangan(1998	rangan(1998	NUM
ajfa-9610	888	19	)	)	PUNCT
ajfa-9610	888	20	.	.	PUNCT
ajfa-9610	889	1	asian	asian	ADJ
ajfa-9610	889	2	journal	journal	PROPN
ajfa-9610	889	3	of	of	ADP
ajfa-9610	889	4	finance	finance	PROPN
ajfa-9610	889	5	&	&	CCONJ
ajfa-9610	889	6	accounting	accounting	PROPN
ajfa-9610	889	7	issn	issn	PROPN
ajfa-9610	889	8	1946	1946	NUM
ajfa-9610	889	9	-	-	PUNCT
ajfa-9610	889	10	052x	052x	PROPN
ajfa-9610	889	11	2016	2016	NUM
ajfa-9610	889	12	,	,	PUNCT
ajfa-9610	889	13	vol	vol	NOUN
ajfa-9610	889	14	.	.	PROPN
ajfa-9610	889	15	8	8	NUM
ajfa-9610	889	16	,	,	PUNCT
ajfa-9610	889	17	no	no	INTJ
ajfa-9610	889	18	.	.	NOUN
ajfa-9610	889	19	1	1	NUM
ajfa-9610	889	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9610	889	21	268	268	NUM
ajfa-9610	889	22	table	table	NOUN
ajfa-9610	889	23	18	18	NUM
ajfa-9610	889	24	.	.	PUNCT
ajfa-9610	890	1	market	market	NOUN
ajfa-9610	890	2	reaction	reaction	NOUN
ajfa-9610	890	3	to	to	ADP
ajfa-9610	890	4	financing	financing	NOUN
ajfa-9610	890	5	announcements	announcement	NOUN
ajfa-9610	890	6	on	on	ADP
ajfa-9610	890	7	prior	prior	ADJ
ajfa-9610	890	8	earnings	earning	NOUN
ajfa-9610	890	9	announcement	announcement	NOUN
ajfa-9610	890	10	returns	return	NOUN
ajfa-9610	890	11	and	and	CCONJ
ajfa-9610	890	12	on	on	ADP
ajfa-9610	890	13	lagged	lag	VERB
ajfa-9610	890	14	abnormal	abnormal	ADJ
ajfa-9610	890	15	accruals	accrual	NOUN
ajfa-9610	890	16	i	i	NOUN
ajfa-9610	890	17	ii	ii	VERB
ajfa-9610	890	18	iii	iii	NUM
ajfa-9610	890	19	iv	iv	PROPN
ajfa-9610	890	20	panel	panel	NOUN
ajfa-9610	890	21	a	a	PRON
ajfa-9610	890	22	:	:	PUNCT
ajfa-9610	890	23	all	all	DET
ajfa-9610	890	24	financing	financing	NOUN
ajfa-9610	890	25	sample	sample	NOUN
ajfa-9610	890	26	intercept	intercept	NOUN
ajfa-9610	890	27	0.0022	0.0022	X
ajfa-9610	890	28	(	(	PUNCT
ajfa-9610	890	29	1.2593	1.2593	NUM
ajfa-9610	890	30	)	)	PUNCT
ajfa-9610	890	31	-0.0020	-0.0020	NOUN
ajfa-9610	890	32	(	(	PUNCT
ajfa-9610	890	33	-0.2635	-0.2635	NOUN
ajfa-9610	890	34	)	)	PUNCT
ajfa-9610	890	35	0.001	0.001	NUM
ajfa-9610	890	36	(	(	PUNCT
ajfa-9610	890	37	0.614	0.614	NUM
ajfa-9610	890	38	)	)	PUNCT
ajfa-9610	890	39	-0.0024	-0.0024	NOUN
ajfa-9610	890	40	(	(	PUNCT
ajfa-9610	890	41	-0.2969	-0.2969	ADJ
ajfa-9610	890	42	)	)	PUNCT
ajfa-9610	890	43	sdret(yr-1	sdret(yr-1	NUM
ajfa-9610	890	44	)	)	PUNCT
ajfa-9610	890	45	-0.0092	-0.0092	NOUN
ajfa-9610	890	46	(	(	PUNCT
ajfa-9610	890	47	-0.7978	-0.7978	NOUN
ajfa-9610	890	48	)	)	PUNCT
ajfa-9610	890	49	-0.0101	-0.0101	NOUN
ajfa-9610	890	50	(	(	PUNCT
ajfa-9610	890	51	-0.8707	-0.8707	NOUN
ajfa-9610	890	52	)	)	PUNCT
ajfa-9610	890	53	pdem(yr-1	pdem(yr-1	NUM
ajfa-9610	890	54	)	)	PUNCT
ajfa-9610	890	55	0.033	0.033	NUM
ajfa-9610	891	1	*	*	PUNCT
ajfa-9610	891	2	*	*	PUNCT
ajfa-9610	891	3	(	(	PUNCT
ajfa-9610	891	4	2.260	2.260	NUM
ajfa-9610	891	5	)	)	PUNCT
ajfa-9610	891	6	0.0315	0.0315	NOUN
ajfa-9610	891	7	*	*	PUNCT
ajfa-9610	891	8	*	*	PUNCT
ajfa-9610	891	9	(	(	PUNCT
ajfa-9610	891	10	2.1105	2.1105	NUM
ajfa-9610	891	11	)	)	PUNCT
ajfa-9610	891	12	leve	leve	PROPN
ajfa-9610	891	13	0.0007	0.0007	NUM
ajfa-9610	891	14	(	(	PUNCT
ajfa-9610	891	15	0.0494	0.0494	NUM
ajfa-9610	891	16	)	)	PUNCT
ajfa-9610	891	17	0.0048	0.0048	NUM
ajfa-9610	891	18	(	(	PUNCT
ajfa-9610	891	19	0.3386	0.3386	NUM
ajfa-9610	891	20	)	)	PUNCT
ajfa-9610	891	21	mb	mb	ADP
ajfa-9610	891	22	-0.0021	-0.0021	NOUN
ajfa-9610	891	23	(	(	PUNCT
ajfa-9610	891	24	-1.5179	-1.5179	PROPN
ajfa-9610	891	25	)	)	PUNCT
ajfa-9610	891	26	-0.0007	-0.0007	PUNCT
ajfa-9610	891	27	(	(	PUNCT
ajfa-9610	891	28	-0.4513	-0.4513	NOUN
ajfa-9610	891	29	)	)	PUNCT
ajfa-9610	891	30	samples	sample	NOUN
ajfa-9610	891	31	702	702	NUM
ajfa-9610	891	32	699	699	NUM
ajfa-9610	891	33	620	620	NUM
ajfa-9610	891	34	618	618	NUM
ajfa-9610	891	35	panel	panel	NOUN
ajfa-9610	891	36	b	b	NOUN
ajfa-9610	891	37	:	:	PUNCT
ajfa-9610	891	38	seos	seo	NOUN
ajfa-9610	891	39	sample	sample	NOUN
ajfa-9610	891	40	intercept	intercept	VERB
ajfa-9610	891	41	0.0103	0.0103	NUM
ajfa-9610	891	42	*	*	NOUN
ajfa-9610	891	43	*	*	PUNCT
ajfa-9610	891	44	*	*	PUNCT
ajfa-9610	891	45	(	(	PUNCT
ajfa-9610	891	46	3.1891	3.1891	NUM
ajfa-9610	891	47	)	)	PUNCT
ajfa-9610	891	48	-0.0209	-0.0209	NOUN
ajfa-9610	891	49	(	(	PUNCT
ajfa-9610	891	50	-1.4961	-1.4961	PROPN
ajfa-9610	891	51	)	)	PUNCT
ajfa-9610	892	1	0.0093	0.0093	NUM
ajfa-9610	892	2	*	*	PUNCT
ajfa-9610	892	3	*	*	PUNCT
ajfa-9610	892	4	*	*	PUNCT
ajfa-9610	892	5	(	(	PUNCT
ajfa-9610	892	6	2.6345	2.6345	NUM
ajfa-9610	892	7	)	)	PUNCT
ajfa-9610	892	8	-0.0178	-0.0178	NOUN
ajfa-9610	892	9	(	(	PUNCT
ajfa-9610	892	10	-1.2162	-1.2162	NOUN
ajfa-9610	892	11	)	)	PUNCT
ajfa-9610	892	12	sdret(yr-1	sdret(yr-1	NUM
ajfa-9610	892	13	)	)	PUNCT
ajfa-9610	892	14	-0.0254	-0.0254	NOUN
ajfa-9610	892	15	(	(	PUNCT
ajfa-9610	892	16	-1.3508	-1.3508	PROPN
ajfa-9610	892	17	)	)	PUNCT
ajfa-9610	892	18	-0.0206	-0.0206	NOUN
ajfa-9610	892	19	(	(	PUNCT
ajfa-9610	892	20	-1.0951	-1.0951	NOUN
ajfa-9610	892	21	)	)	PUNCT
ajfa-9610	892	22	pdem(yr-1	pdem(yr-1	NUM
ajfa-9610	892	23	)	)	PUNCT
ajfa-9610	892	24	0.0261	0.0261	NUM
ajfa-9610	892	25	(	(	PUNCT
ajfa-9610	892	26	1.3568	1.3568	NUM
ajfa-9610	892	27	)	)	PUNCT
ajfa-9610	892	28	0.0337	0.0337	NUM
ajfa-9610	892	29	*	*	SYM
ajfa-9610	892	30	(	(	PUNCT
ajfa-9610	892	31	1.6801	1.6801	NUM
ajfa-9610	892	32	)	)	PUNCT
ajfa-9610	892	33	leve	leve	PROPN
ajfa-9610	892	34	0.0216	0.0216	NUM
ajfa-9610	892	35	(	(	PUNCT
ajfa-9610	892	36	1.0224	1.0224	NUM
ajfa-9610	892	37	)	)	PUNCT
ajfa-9610	892	38	0.0173	0.0173	NUM
ajfa-9610	892	39	(	(	PUNCT
ajfa-9610	892	40	0.7604	0.7604	NUM
ajfa-9610	892	41	)	)	PUNCT
ajfa-9610	892	42	mb	mb	ADP
ajfa-9610	892	43	-0.0046	-0.0046	NOUN
ajfa-9610	892	44	*	*	PUNCT
ajfa-9610	892	45	(	(	PUNCT
ajfa-9610	892	46	-1.6680	-1.6680	NOUN
ajfa-9610	892	47	)	)	PUNCT
ajfa-9610	892	48	-0.0024	-0.0024	NOUN
ajfa-9610	892	49	(	(	PUNCT
ajfa-9610	892	50	-0.7769	-0.7769	NOUN
ajfa-9610	892	51	)	)	PUNCT
ajfa-9610	892	52	offsize	offsize	VERB
ajfa-9610	892	53	0.0007	0.0007	NUM
ajfa-9610	892	54	*	*	NOUN
ajfa-9610	892	55	*	*	PUNCT
ajfa-9610	892	56	(	(	PUNCT
ajfa-9610	892	57	2.2614	2.2614	NUM
ajfa-9610	892	58	)	)	PUNCT
ajfa-9610	892	59	0.0008	0.0008	NUM
ajfa-9610	892	60	*	*	PUNCT
ajfa-9610	892	61	*	*	PUNCT
ajfa-9610	892	62	(	(	PUNCT
ajfa-9610	892	63	2.4788	2.4788	NUM
ajfa-9610	892	64	)	)	PUNCT
ajfa-9610	892	65	samples	sample	VERB
ajfa-9610	892	66	238	238	NUM
ajfa-9610	892	67	234	234	NUM
ajfa-9610	892	68	211	211	NUM
ajfa-9610	892	69	209	209	NUM
ajfa-9610	892	70	panel	panel	NOUN
ajfa-9610	892	71	c	c	NOUN
ajfa-9610	892	72	:	:	PUNCT
ajfa-9610	892	73	bond	bond	NOUN
ajfa-9610	892	74	sample	sample	NOUN
ajfa-9610	892	75	intercept	intercept	NOUN
ajfa-9610	892	76	-0.0022	-0.0022	NOUN
ajfa-9610	892	77	(	(	PUNCT
ajfa-9610	892	78	-1.0869	-1.0869	PROPN
ajfa-9610	892	79	)	)	PUNCT
ajfa-9610	893	1	0.0010	0.0010	NUM
ajfa-9610	893	2	(	(	PUNCT
ajfa-9610	893	3	0.0971	0.0971	NUM
ajfa-9610	893	4	)	)	PUNCT
ajfa-9610	893	5	-0.0035	-0.0035	NOUN
ajfa-9610	893	6	*	*	PUNCT
ajfa-9610	893	7	(	(	PUNCT
ajfa-9610	893	8	-1.6538	-1.6538	PROPN
ajfa-9610	893	9	)	)	PUNCT
ajfa-9610	893	10	-0.0030	-0.0030	PROPN
ajfa-9610	893	11	(	(	PUNCT
ajfa-9610	893	12	-0.2877	-0.2877	NOUN
ajfa-9610	893	13	)	)	PUNCT
ajfa-9610	893	14	sdret(yr-1	sdret(yr-1	CCONJ
ajfa-9610	893	15	)	)	PUNCT
ajfa-9610	893	16	0.0027	0.0027	NUM
ajfa-9610	893	17	(	(	PUNCT
ajfa-9610	893	18	0.1847	0.1847	NUM
ajfa-9610	893	19	)	)	PUNCT
ajfa-9610	893	20	0.0002	0.0002	NUM
ajfa-9610	893	21	(	(	PUNCT
ajfa-9610	893	22	0.0153	0.0153	NUM
ajfa-9610	893	23	)	)	PUNCT
ajfa-9610	893	24	pdem(yr-1	pdem(yr-1	NUM
ajfa-9610	893	25	)	)	PUNCT
ajfa-9610	893	26	0.0446	0.0446	NUM
ajfa-9610	893	27	*	*	SYM
ajfa-9610	893	28	(	(	PUNCT
ajfa-9610	893	29	1.7652	1.7652	NUM
ajfa-9610	893	30	)	)	PUNCT
ajfa-9610	893	31	0.0464	0.0464	NUM
ajfa-9610	893	32	*	*	SYM
ajfa-9610	893	33	(	(	PUNCT
ajfa-9610	893	34	1.7934	1.7934	NUM
ajfa-9610	893	35	)	)	PUNCT
ajfa-9610	893	36	leve	leve	PROPN
ajfa-9610	893	37	-0.0113	-0.0113	PROPN
ajfa-9610	893	38	(	(	PUNCT
ajfa-9610	893	39	-0.6264	-0.6264	NOUN
ajfa-9610	893	40	)	)	PUNCT
ajfa-9610	893	41	-0.0026	-0.0026	PROPN
ajfa-9610	893	42	(	(	PUNCT
ajfa-9610	893	43	-0.1412	-0.1412	PROPN
ajfa-9610	893	44	)	)	PUNCT
ajfa-9610	894	1	mb	mb	ADP
ajfa-9610	894	2	-0.0015	-0.0015	PROPN
ajfa-9610	894	3	(	(	PUNCT
ajfa-9610	894	4	-0.9298	-0.9298	NOUN
ajfa-9610	894	5	)	)	PUNCT
ajfa-9610	894	6	-0.0005	-0.0005	NOUN
ajfa-9610	894	7	(	(	PUNCT
ajfa-9610	894	8	-0.2959	-0.2959	X
ajfa-9610	894	9	)	)	PUNCT
ajfa-9610	894	10	samples	sample	VERB
ajfa-9610	894	11	469	469	NUM
ajfa-9610	894	12	468	468	NUM
ajfa-9610	894	13	414	414	NUM
ajfa-9610	894	14	413	413	NUM
ajfa-9610	894	15	note	note	NOUN
ajfa-9610	894	16	:	:	PUNCT
ajfa-9610	895	1	1	1	X
ajfa-9610	895	2	.	.	PUNCT
ajfa-9610	895	3	the	the	DET
ajfa-9610	895	4	definitions	definition	NOUN
ajfa-9610	895	5	of	of	ADP
ajfa-9610	895	6	all	all	DET
ajfa-9610	895	7	variables	variable	NOUN
ajfa-9610	895	8	are	be	AUX
ajfa-9610	895	9	the	the	DET
ajfa-9610	895	10	same	same	ADJ
ajfa-9610	895	11	as	as	ADP
ajfa-9610	895	12	those	those	PRON
ajfa-9610	895	13	in	in	ADP
ajfa-9610	895	14	table	table	NOUN
ajfa-9610	895	15	3	3	NUM
ajfa-9610	895	16	.	.	PUNCT
ajfa-9610	896	1	the	the	DET
ajfa-9610	896	2	price	price	NOUN
ajfa-9610	896	3	reaction	reaction	NOUN
ajfa-9610	896	4	to	to	ADP
ajfa-9610	896	5	equity	equity	NOUN
ajfa-9610	896	6	or	or	CCONJ
ajfa-9610	896	7	bond	bond	NOUN
ajfa-9610	896	8	of	of	ADP
ajfa-9610	896	9	issuing	issue	VERB
ajfa-9610	896	10	announcement	announcement	NOUN
ajfa-9610	896	11	(	(	PUNCT
ajfa-9610	896	12	ebret	ebret	PROPN
ajfa-9610	896	13	)	)	PUNCT
ajfa-9610	896	14	is	be	AUX
ajfa-9610	896	15	measured	measure	VERB
ajfa-9610	896	16	as	as	ADP
ajfa-9610	896	17	the	the	DET
ajfa-9610	896	18	cumulative	cumulative	ADJ
ajfa-9610	896	19	returns	return	NOUN
ajfa-9610	896	20	in	in	ADP
ajfa-9610	896	21	the	the	DET
ajfa-9610	896	22	day	day	NOUN
ajfa-9610	896	23	of	of	ADP
ajfa-9610	896	24	the	the	PRON
ajfa-9610	896	25	and	and	CCONJ
ajfa-9610	896	26	the	the	DET
ajfa-9610	896	27	day	day	NOUN
ajfa-9610	896	28	preceding	precede	VERB
ajfa-9610	896	29	the	the	DET
ajfa-9610	896	30	first	first	ADJ
ajfa-9610	896	31	public	public	ADJ
ajfa-9610	896	32	announcement	announcement	NOUN
ajfa-9610	896	33	of	of	ADP
ajfa-9610	896	34	the	the	DET
ajfa-9610	896	35	issuing	issuing	NOUN
ajfa-9610	896	36	.	.	PUNCT
ajfa-9610	897	1	the	the	DET
ajfa-9610	897	2	earnings	earning	NOUN
ajfa-9610	897	3	announcement	announcement	NOUN
ajfa-9610	897	4	return	return	VERB
ajfa-9610	897	5	sdret(yr-1	sdret(yr-1	NUM
ajfa-9610	897	6	)	)	PUNCT
ajfa-9610	897	7	are	be	AUX
ajfa-9610	897	8	computed	compute	VERB
ajfa-9610	897	9	by	by	ADP
ajfa-9610	897	10	summing	sum	VERB
ajfa-9610	897	11	the	the	DET
ajfa-9610	897	12	corresponding	corresponding	ADJ
ajfa-9610	897	13	quarterly	quarterly	ADJ
ajfa-9610	897	14	variables	variable	NOUN
ajfa-9610	897	15	in	in	ADP
ajfa-9610	897	16	quarters	quarter	NOUN
ajfa-9610	897	17	-4	-4	PUNCT
ajfa-9610	897	18	through	through	ADP
ajfa-9610	897	19	-1	-1	INTJ
ajfa-9610	897	20	.	.	PUNCT
ajfa-9610	898	1	the	the	DET
ajfa-9610	898	2	quarterly	quarterly	ADJ
ajfa-9610	898	3	earnings	earning	NOUN
ajfa-9610	898	4	announcement	announcement	NOUN
ajfa-9610	898	5	returns	return	NOUN
ajfa-9610	898	6	are	be	AUX
ajfa-9610	898	7	the	the	DET
ajfa-9610	898	8	six	six	NUM
ajfa-9610	898	9	-	-	PUNCT
ajfa-9610	898	10	day	day	NOUN
ajfa-9610	898	11	cumulative	cumulative	ADJ
ajfa-9610	898	12	returns	return	NOUN
ajfa-9610	898	13	in	in	ADP
ajfa-9610	898	14	days	day	NOUN
ajfa-9610	898	15	-1	-1	CCONJ
ajfa-9610	898	16	through	through	ADP
ajfa-9610	898	17	+4	+4	PROPN
ajfa-9610	898	18	around	around	ADP
ajfa-9610	898	19	the	the	DET
ajfa-9610	898	20	earnings	earning	NOUN
ajfa-9610	898	21	announcement	announcement	NOUN
ajfa-9610	898	22	dates	date	NOUN
ajfa-9610	898	23	.	.	PUNCT
ajfa-9610	899	1	offsize	offsize	NOUN
ajfa-9610	899	2	is	be	AUX
ajfa-9610	899	3	the	the	DET
ajfa-9610	899	4	ratio	ratio	NOUN
ajfa-9610	899	5	of	of	ADP
ajfa-9610	899	6	shares	share	NOUN
ajfa-9610	899	7	offered	offer	VERB
ajfa-9610	899	8	to	to	PART
ajfa-9610	899	9	shares	share	NOUN
ajfa-9610	899	10	outstanding	outstanding	ADJ
ajfa-9610	899	11	before	before	ADP
ajfa-9610	899	12	the	the	DET
ajfa-9610	899	13	issuing	issue	VERB
ajfa-9610	899	14	seos	seo	NOUN
ajfa-9610	899	15	.	.	PUNCT
ajfa-9610	900	1	2	2	NUM
ajfa-9610	900	2	.	.	X
ajfa-9610	900	3	*	*	PUNCT
ajfa-9610	900	4	,	,	PUNCT
ajfa-9610	900	5	*	*	PUNCT
ajfa-9610	900	6	*	*	PUNCT
ajfa-9610	900	7	,	,	PUNCT
ajfa-9610	900	8	*	*	PUNCT
ajfa-9610	900	9	*	*	PUNCT
ajfa-9610	900	10	*	*	PUNCT
ajfa-9610	900	11	are	be	AUX
ajfa-9610	900	12	significant	significant	ADJ
ajfa-9610	900	13	at	at	ADP
ajfa-9610	900	14	the	the	DET
ajfa-9610	900	15	10	10	NUM
ajfa-9610	900	16	,	,	PUNCT
ajfa-9610	900	17	5	5	NUM
ajfa-9610	900	18	,	,	PUNCT
ajfa-9610	900	19	and	and	CCONJ
ajfa-9610	900	20	1	1	NUM
ajfa-9610	900	21	percent	percent	NOUN
ajfa-9610	900	22	levels	level	NOUN
ajfa-9610	900	23	,	,	PUNCT
ajfa-9610	900	24	respectively	respectively	ADV
ajfa-9610	900	25	.	.	PUNCT
ajfa-9610	901	1	4.5.5	4.5.5	NUM
ajfa-9610	901	2	three	three	NUM
ajfa-9610	901	3	cutoffs	cutoff	NOUN
ajfa-9610	901	4	to	to	PART
ajfa-9610	901	5	classify	classify	VERB
ajfa-9610	901	6	earnings	earning	NOUN
ajfa-9610	901	7	management	management	NOUN
ajfa-9610	901	8	we	we	PRON
ajfa-9610	901	9	further	far	ADV
ajfa-9610	901	10	do	do	VERB
ajfa-9610	901	11	robustness	robustness	NOUN
ajfa-9610	901	12	checks	check	NOUN
ajfa-9610	901	13	by	by	ADP
ajfa-9610	901	14	using	use	VERB
ajfa-9610	901	15	three	three	NUM
ajfa-9610	901	16	cutoffs	cutoff	NOUN
ajfa-9610	901	17	(	(	PUNCT
ajfa-9610	901	18	top	top	NOUN
ajfa-9610	901	19	5	5	NUM
ajfa-9610	901	20	%	%	NOUN
ajfa-9610	901	21	,	,	PUNCT
ajfa-9610	901	22	10	10	NUM
ajfa-9610	901	23	%	%	NOUN
ajfa-9610	901	24	or	or	CCONJ
ajfa-9610	901	25	25	25	NUM
ajfa-9610	901	26	%	%	NOUN
ajfa-9610	901	27	by	by	ADP
ajfa-9610	901	28	industry	industry	NOUN
ajfa-9610	901	29	)	)	PUNCT
ajfa-9610	901	30	to	to	PART
ajfa-9610	901	31	classify	classify	VERB
ajfa-9610	901	32	earnings	earning	NOUN
ajfa-9610	901	33	management	management	NOUN
ajfa-9610	901	34	for	for	ADP
ajfa-9610	901	35	both	both	DET
ajfa-9610	901	36	accruals	accrual	NOUN
ajfa-9610	901	37	and	and	CCONJ
ajfa-9610	901	38	real	real	ADJ
ajfa-9610	901	39	earnings	earning	NOUN
ajfa-9610	901	40	management	management	NOUN
ajfa-9610	901	41	.	.	PUNCT
ajfa-9610	902	1	in	in	ADP
ajfa-9610	902	2	tables	table	NOUN
ajfa-9610	902	3	19	19	NUM
ajfa-9610	902	4	asian	asian	ADJ
ajfa-9610	902	5	journal	journal	NOUN
ajfa-9610	902	6	of	of	ADP
ajfa-9610	902	7	finance	finance	PROPN
ajfa-9610	902	8	&	&	CCONJ
ajfa-9610	902	9	accounting	accounting	PROPN
ajfa-9610	902	10	issn	issn	PROPN
ajfa-9610	902	11	1946	1946	NUM
ajfa-9610	902	12	-	-	PUNCT
ajfa-9610	902	13	052x	052x	PROPN
ajfa-9610	902	14	2016	2016	NUM
ajfa-9610	902	15	,	,	PUNCT
ajfa-9610	902	16	vol	vol	NOUN
ajfa-9610	902	17	.	.	PROPN
ajfa-9610	902	18	8	8	NUM
ajfa-9610	902	19	,	,	PUNCT
ajfa-9610	902	20	no	no	INTJ
ajfa-9610	902	21	.	.	NOUN
ajfa-9610	902	22	1	1	NUM
ajfa-9610	902	23	ajfa.macrothink.org	ajfa.macrothink.org	PROPN
ajfa-9610	902	24	269	269	NUM
ajfa-9610	902	25	and	and	CCONJ
ajfa-9610	902	26	20	20	NUM
ajfa-9610	902	27	,	,	PUNCT
ajfa-9610	902	28	tem_t=1	tem_t=1	ADJ
ajfa-9610	902	29	if	if	SCONJ
ajfa-9610	902	30	the	the	DET
ajfa-9610	902	31	firm	firm	NOUN
ajfa-9610	902	32	performs	perform	VERB
ajfa-9610	902	33	accruals	accrual	NOUN
ajfa-9610	902	34	or	or	CCONJ
ajfa-9610	902	35	real	real	ADJ
ajfa-9610	902	36	earnings	earning	NOUN
ajfa-9610	902	37	management	management	NOUN
ajfa-9610	902	38	and	and	CCONJ
ajfa-9610	902	39	0	0	NUM
ajfa-9610	902	40	otherwise	otherwise	ADV
ajfa-9610	902	41	.	.	PUNCT
ajfa-9610	903	1	tem_d=1	tem_d=1	NOUN
ajfa-9610	903	2	if	if	SCONJ
ajfa-9610	903	3	the	the	DET
ajfa-9610	903	4	firm	firm	NOUN
ajfa-9610	903	5	’s	’s	PART
ajfa-9610	903	6	accrual	accrual	ADJ
ajfa-9610	903	7	-	-	PUNCT
ajfa-9610	903	8	based	base	VERB
ajfa-9610	903	9	earnings	earning	NOUN
ajfa-9610	903	10	management	management	NOUN
ajfa-9610	903	11	is	be	AUX
ajfa-9610	903	12	higher	high	ADJ
ajfa-9610	903	13	than	than	ADP
ajfa-9610	903	14	the	the	DET
ajfa-9610	903	15	sample	sample	NOUN
ajfa-9610	903	16	median	median	NOUN
ajfa-9610	903	17	,	,	PUNCT
ajfa-9610	903	18	top	top	ADJ
ajfa-9610	903	19	5	5	NUM
ajfa-9610	903	20	%	%	NOUN
ajfa-9610	903	21	,	,	PUNCT
ajfa-9610	903	22	10	10	NUM
ajfa-9610	903	23	%	%	NOUN
ajfa-9610	903	24	,	,	PUNCT
ajfa-9610	903	25	and	and	CCONJ
ajfa-9610	903	26	15	15	NUM
ajfa-9610	903	27	%	%	NOUN
ajfa-9610	903	28	and	and	CCONJ
ajfa-9610	903	29	0	0	NUM
ajfa-9610	903	30	otherwise	otherwise	ADV
ajfa-9610	903	31	;	;	PUNCT
ajfa-9610	903	32	tem_r=1	tem_r=1	ADJ
ajfa-9610	903	33	if	if	SCONJ
ajfa-9610	903	34	the	the	DET
ajfa-9610	903	35	firm	firm	NOUN
ajfa-9610	903	36	’s	’s	PART
ajfa-9610	903	37	real	real	ADJ
ajfa-9610	903	38	earnings	earning	NOUN
ajfa-9610	903	39	management	management	NOUN
ajfa-9610	903	40	is	be	AUX
ajfa-9610	903	41	higher	high	ADJ
ajfa-9610	903	42	than	than	ADP
ajfa-9610	903	43	the	the	DET
ajfa-9610	903	44	sample	sample	NOUN
ajfa-9610	903	45	median	median	NOUN
ajfa-9610	903	46	,	,	PUNCT
ajfa-9610	903	47	top	top	ADJ
ajfa-9610	903	48	5	5	NUM
ajfa-9610	903	49	%	%	NOUN
ajfa-9610	903	50	,	,	PUNCT
ajfa-9610	903	51	10	10	NUM
ajfa-9610	903	52	%	%	NOUN
ajfa-9610	903	53	,	,	PUNCT
ajfa-9610	903	54	and	and	CCONJ
ajfa-9610	903	55	15	15	NUM
ajfa-9610	903	56	%	%	NOUN
ajfa-9610	903	57	and	and	CCONJ
ajfa-9610	903	58	0	0	NUM
ajfa-9610	903	59	otherwise	otherwise	ADV
ajfa-9610	903	60	.	.	PUNCT
ajfa-9610	904	1	panel	panel	NOUN
ajfa-9610	904	2	a	a	DET
ajfa-9610	904	3	in	in	ADP
ajfa-9610	904	4	table	table	NOUN
ajfa-9610	904	5	19	19	NUM
ajfa-9610	904	6	reports	report	NOUN
ajfa-9610	904	7	there	there	PRON
ajfa-9610	904	8	is	be	VERB
ajfa-9610	904	9	a	a	DET
ajfa-9610	904	10	significant	significant	ADJ
ajfa-9610	904	11	negative	negative	ADJ
ajfa-9610	904	12	relationship	relationship	NOUN
ajfa-9610	904	13	between	between	ADP
ajfa-9610	904	14	rem	rem	PROPN
ajfa-9610	904	15	and	and	CCONJ
ajfa-9610	904	16	indedr	indedr	PROPN
ajfa-9610	904	17	,	,	PUNCT
ajfa-9610	904	18	inst	inst	PROPN
ajfa-9610	904	19	,	,	PUNCT
ajfa-9610	904	20	big4	big4	PROPN
ajfa-9610	904	21	,	,	PUNCT
ajfa-9610	904	22	speaud	speaud	ADV
ajfa-9610	904	23	in	in	ADP
ajfa-9610	904	24	full	full	ADJ
ajfa-9610	904	25	sample	sample	NOUN
ajfa-9610	904	26	,	,	PUNCT
ajfa-9610	904	27	and	and	CCONJ
ajfa-9610	904	28	there	there	PRON
ajfa-9610	904	29	is	be	VERB
ajfa-9610	904	30	also	also	ADV
ajfa-9610	904	31	a	a	DET
ajfa-9610	904	32	significant	significant	ADJ
ajfa-9610	904	33	negative	negative	ADJ
ajfa-9610	904	34	relationship	relationship	NOUN
ajfa-9610	904	35	between	between	ADP
ajfa-9610	904	36	rem	rem	NOUN
ajfa-9610	904	37	and	and	CCONJ
ajfa-9610	904	38	inst	inst	NOUN
ajfa-9610	904	39	,	,	PUNCT
ajfa-9610	904	40	spedaud	spedaud	NOUN
ajfa-9610	904	41	in	in	ADP
ajfa-9610	904	42	financing	finance	VERB
ajfa-9610	904	43	subsample	subsample	NOUN
ajfa-9610	904	44	,	,	PUNCT
ajfa-9610	904	45	whether	whether	SCONJ
ajfa-9610	904	46	the	the	DET
ajfa-9610	904	47	cutoff	cutoff	NOUN
ajfa-9610	904	48	is	be	AUX
ajfa-9610	904	49	median	median	ADJ
ajfa-9610	904	50	,	,	PUNCT
ajfa-9610	904	51	5	5	NUM
ajfa-9610	904	52	%	%	NOUN
ajfa-9610	904	53	,	,	PUNCT
ajfa-9610	904	54	10	10	NUM
ajfa-9610	904	55	%	%	NOUN
ajfa-9610	904	56	or	or	CCONJ
ajfa-9610	904	57	25	25	NUM
ajfa-9610	904	58	%	%	NOUN
ajfa-9610	904	59	.	.	PUNCT
ajfa-9610	905	1	if	if	SCONJ
ajfa-9610	905	2	we	we	PRON
ajfa-9610	905	3	compare	compare	VERB
ajfa-9610	905	4	the	the	DET
ajfa-9610	905	5	three	three	NUM
ajfa-9610	905	6	cutoffs	cutoff	NOUN
ajfa-9610	905	7	with	with	ADP
ajfa-9610	905	8	the	the	DET
ajfa-9610	905	9	median	median	NOUN
ajfa-9610	905	10	,	,	PUNCT
ajfa-9610	905	11	panel	panel	NOUN
ajfa-9610	905	12	b	b	PROPN
ajfa-9610	905	13	,	,	PUNCT
ajfa-9610	905	14	c	c	PROPN
ajfa-9610	905	15	and	and	CCONJ
ajfa-9610	905	16	d	d	PROPN
ajfa-9610	905	17	report	report	NOUN
ajfa-9610	905	18	almost	almost	ADV
ajfa-9610	905	19	equally	equally	ADV
ajfa-9610	905	20	significant	significant	ADJ
ajfa-9610	905	21	variables	variable	NOUN
ajfa-9610	905	22	.	.	PUNCT
ajfa-9610	906	1	on	on	ADP
ajfa-9610	906	2	the	the	DET
ajfa-9610	906	3	other	other	ADJ
ajfa-9610	906	4	hand	hand	NOUN
ajfa-9610	906	5	,	,	PUNCT
ajfa-9610	906	6	table	table	NOUN
ajfa-9610	906	7	20	20	NUM
ajfa-9610	906	8	reveals	reveal	VERB
ajfa-9610	906	9	indedr	indedr	PROPN
ajfa-9610	906	10	,	,	PUNCT
ajfa-9610	906	11	inst	inst	NOUN
ajfa-9610	906	12	,	,	PUNCT
ajfa-9610	906	13	cpachg	cpachg	NOUN
ajfa-9610	906	14	and	and	CCONJ
ajfa-9610	906	15	spedaud	spedaud	NOUN
ajfa-9610	906	16	are	be	AUX
ajfa-9610	906	17	significant	significant	ADJ
ajfa-9610	906	18	to	to	PART
ajfa-9610	906	19	pdem	pdem	VERB
ajfa-9610	906	20	in	in	ADP
ajfa-9610	906	21	full	full	ADJ
ajfa-9610	906	22	sample	sample	NOUN
ajfa-9610	906	23	among	among	ADP
ajfa-9610	906	24	different	different	ADJ
ajfa-9610	906	25	cutoffs	cutoff	NOUN
ajfa-9610	906	26	,	,	PUNCT
ajfa-9610	906	27	and	and	CCONJ
ajfa-9610	906	28	indedr	indedr	NOUN
ajfa-9610	906	29	and	and	CCONJ
ajfa-9610	906	30	inst	inst	NOUN
ajfa-9610	906	31	are	be	AUX
ajfa-9610	906	32	significant	significant	ADJ
ajfa-9610	906	33	to	to	PART
ajfa-9610	906	34	pdem	pdem	VERB
ajfa-9610	906	35	in	in	ADP
ajfa-9610	906	36	financing	finance	VERB
ajfa-9610	906	37	subsample	subsample	ADJ
ajfa-9610	906	38	among	among	ADP
ajfa-9610	906	39	different	different	ADJ
ajfa-9610	906	40	cutoffs	cutoff	NOUN
ajfa-9610	906	41	.	.	PUNCT
ajfa-9610	907	1	the	the	DET
ajfa-9610	907	2	evidences	evidence	NOUN
ajfa-9610	907	3	show	show	VERB
ajfa-9610	907	4	that	that	SCONJ
ajfa-9610	907	5	the	the	DET
ajfa-9610	907	6	significant	significant	ADJ
ajfa-9610	907	7	variables	variable	NOUN
ajfa-9610	907	8	are	be	AUX
ajfa-9610	907	9	almost	almost	ADV
ajfa-9610	907	10	same	same	ADJ
ajfa-9610	907	11	as	as	ADP
ajfa-9610	907	12	our	our	PRON
ajfa-9610	907	13	decision	decision	NOUN
ajfa-9610	907	14	to	to	PART
ajfa-9610	907	15	classify	classify	VERB
ajfa-9610	907	16	firms	firm	NOUN
ajfa-9610	907	17	above	above	ADP
ajfa-9610	907	18	the	the	DET
ajfa-9610	907	19	median	median	NOUN
ajfa-9610	907	20	as	as	ADP
ajfa-9610	907	21	earnings	earning	NOUN
ajfa-9610	907	22	managers	manager	NOUN
ajfa-9610	907	23	.	.	PUNCT
ajfa-9610	908	1	table	table	NOUN
ajfa-9610	908	2	19	19	NUM
ajfa-9610	908	3	.	.	PUNCT
ajfa-9610	909	1	internal	internal	ADJ
ajfa-9610	909	2	control	control	NOUN
ajfa-9610	909	3	,	,	PUNCT
ajfa-9610	909	4	audit	audit	NOUN
ajfa-9610	909	5	quality	quality	NOUN
ajfa-9610	909	6	and	and	CCONJ
ajfa-9610	909	7	real	real	ADJ
ajfa-9610	909	8	earnings	earning	NOUN
ajfa-9610	909	9	management	management	NOUN
ajfa-9610	909	10	ititititititititit	ititititititititit	NOUN
ajfa-9610	909	11	indusmblevesizeroabetafinanttem	indusmblevesizeroabetafinanttem	NOUN
ajfa-9610	909	12	εαααααααα	εαααααααα	VERB
ajfa-9610	909	13	+	+	PROPN
ajfa-9610	910	1	+	+	PROPN
ajfa-9610	910	2	+	+	ADJ
ajfa-9610	910	3	+	+	ADJ
ajfa-9610	910	4	+	+	ADJ
ajfa-9610	910	5	+	+	ADJ
ajfa-9610	910	6	+	+	ADJ
ajfa-9610	910	7	+	+	NOUN
ajfa-9610	910	8	=	=	NOUN
ajfa-9610	910	9	76543210	76543210	NUM
ajfa-9610	911	1	3	3	NUM
ajfa-9610	911	2	_	_	PRON
ajfa-9610	911	3	itititititititititit	itititititititititit	NOUN
ajfa-9610	911	4	invsmillspeaudcpachgbiginstmshahdindedrbrdsizerem	invsmillspeaudcpachgbiginstmshahdindedrbrdsizerem	VERB
ajfa-9610	911	5	εβββββββββ	εβββββββββ	VERB
ajfa-9610	911	6	+	+	PROPN
ajfa-9610	911	7	+	+	ADJ
ajfa-9610	911	8	+	+	ADJ
ajfa-9610	911	9	+	+	ADJ
ajfa-9610	911	10	+	+	ADJ
ajfa-9610	911	11	+	+	ADJ
ajfa-9610	911	12	+	+	ADJ
ajfa-9610	911	13	+	+	NOUN
ajfa-9610	911	14	=	=	X
ajfa-9610	911	15	+	+	SYM
ajfa-9610	911	16	876543210	876543210	NUM
ajfa-9610	911	17	4	4	NUM
ajfa-9610	911	18	panel	panel	NOUN
ajfa-9610	911	19	a	a	DET
ajfa-9610	911	20	dependent	dependent	ADJ
ajfa-9610	911	21	variable	variable	NOUN
ajfa-9610	911	22	=	=	PUNCT
ajfa-9610	911	23	rem	rem	VERB
ajfa-9610	911	24	all	all	DET
ajfa-9610	911	25	sample	sample	NOUN
ajfa-9610	911	26	financing	financing	NOUN
ajfa-9610	911	27	sample	sample	NOUN
ajfa-9610	911	28	coef	coef	PROPN
ajfa-9610	911	29	.	.	PUNCT
ajfa-9610	912	1	variable	variable	ADJ
ajfa-9610	912	2	cutoff	cutoff	NOUN
ajfa-9610	912	3	=	=	SYM
ajfa-9610	912	4	median	median	NOUN
ajfa-9610	912	5	cutoff	cutoff	NOUN
ajfa-9610	912	6	=	=	SYM
ajfa-9610	912	7	5	5	NUM
ajfa-9610	912	8	%	%	NOUN
ajfa-9610	912	9	cutoff	cutoff	NOUN
ajfa-9610	912	10	=	=	SYM
ajfa-9610	912	11	10	10	NUM
ajfa-9610	912	12	%	%	NOUN
ajfa-9610	912	13	cutoff	cutoff	NOUN
ajfa-9610	912	14	=	=	NOUN
ajfa-9610	912	15	25	25	NUM
ajfa-9610	912	16	%	%	NOUN
ajfa-9610	912	17	cutoff	cutoff	NOUN
ajfa-9610	912	18	=	=	SYM
ajfa-9610	912	19	median	median	NOUN
ajfa-9610	912	20	cutoff	cutoff	NOUN
ajfa-9610	912	21	=	=	SYM
ajfa-9610	912	22	5	5	NUM
ajfa-9610	912	23	%	%	NOUN
ajfa-9610	912	24	cutoff	cutoff	NOUN
ajfa-9610	912	25	=	=	SYM
ajfa-9610	912	26	10	10	NUM
ajfa-9610	912	27	%	%	NOUN
ajfa-9610	912	28	cutoff	cutoff	NOUN
ajfa-9610	912	29	=	=	SYM
ajfa-9610	912	30	25	25	NUM
ajfa-9610	912	31	%	%	NOUN
ajfa-9610	912	32	intercept	intercept	NOUN
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ajfa-9610	912	34	*	*	PUNCT
ajfa-9610	912	35	*	*	PUNCT
ajfa-9610	912	36	*	*	PUNCT
ajfa-9610	912	37	0.1101	0.1101	NUM
ajfa-9610	912	38	*	*	PUNCT
ajfa-9610	912	39	*	*	PUNCT
ajfa-9610	912	40	*	*	PUNCT
ajfa-9610	912	41	0.1101	0.1101	NUM
ajfa-9610	912	42	*	*	PUNCT
ajfa-9610	912	43	*	*	PUNCT
ajfa-9610	912	44	*	*	PUNCT
ajfa-9610	912	45	0.1102	0.1102	NUM
ajfa-9610	912	46	*	*	PUNCT
ajfa-9610	912	47	*	*	PUNCT
ajfa-9610	912	48	*	*	PUNCT
ajfa-9610	912	49	0.1241	0.1241	PUNCT
ajfa-9610	912	50	*	*	PUNCT
ajfa-9610	912	51	*	*	PUNCT
ajfa-9610	912	52	*	*	PUNCT
ajfa-9610	912	53	0.1164	0.1164	NUM
ajfa-9610	912	54	*	*	PUNCT
ajfa-9610	912	55	*	*	PUNCT
ajfa-9610	912	56	*	*	PUNCT
ajfa-9610	912	57	0.1195	0.1195	NUM
ajfa-9610	912	58	*	*	PUNCT
ajfa-9610	912	59	*	*	PUNCT
ajfa-9610	912	60	*	*	PUNCT
ajfa-9610	912	61	0.1227	0.1227	NUM
ajfa-9610	912	62	*	*	PUNCT
ajfa-9610	912	63	*	*	PUNCT
ajfa-9610	912	64	*	*	PUNCT
ajfa-9610	912	65	brdsize	brdsize	PROPN
ajfa-9610	912	66	0.0006	0.0006	NUM
ajfa-9610	912	67	-0.0007	-0.0007	NOUN
ajfa-9610	913	1	-0.0007	-0.0007	ADJ
ajfa-9610	913	2	-0.0007	-0.0007	PROPN
ajfa-9610	913	3	-0.0040	-0.0040	PROPN
ajfa-9610	913	4	-0.0030	-0.0030	X
ajfa-9610	913	5	-0.0034	-0.0034	PROPN
ajfa-9610	913	6	-0.0032	-0.0032	PROPN
ajfa-9610	914	1	indedr	indedr	PROPN
ajfa-9610	914	2	-0.1623	-0.1623	PROPN
ajfa-9610	915	1	*	*	PUNCT
ajfa-9610	916	1	*	*	PUNCT
ajfa-9610	916	2	*	*	PUNCT
ajfa-9610	916	3	-0.1572	-0.1572	PUNCT
ajfa-9610	917	1	*	*	PUNCT
ajfa-9610	917	2	*	*	PUNCT
ajfa-9610	918	1	*	*	NOUN
ajfa-9610	918	2	-0.1574	-0.1574	NOUN
ajfa-9610	918	3	*	*	PUNCT
ajfa-9610	918	4	*	*	PUNCT
ajfa-9610	918	5	*	*	PUNCT
ajfa-9610	918	6	-0.1577	-0.1577	X
ajfa-9610	918	7	*	*	PUNCT
ajfa-9610	919	1	*	*	PUNCT
ajfa-9610	919	2	*	*	PUNCT
ajfa-9610	919	3	0.0381	0.0381	NUM
ajfa-9610	919	4	0.0032	0.0032	NUM
ajfa-9610	919	5	0.0025	0.0025	NUM
ajfa-9610	919	6	0.0018	0.0018	NUM
ajfa-9610	919	7	mshahd	mshahd	NOUN
ajfa-9610	919	8	0.0009	0.0009	NUM
ajfa-9610	919	9	-0.0104	-0.0104	NOUN
ajfa-9610	919	10	-0.0097	-0.0097	NOUN
ajfa-9610	919	11	-0.0092	-0.0092	VERB
ajfa-9610	919	12	0.0261	0.0261	NUM
ajfa-9610	919	13	0.0035	0.0035	NUM
ajfa-9610	919	14	0.0035	0.0035	NUM
ajfa-9610	919	15	-0.0060	-0.0060	NOUN
ajfa-9610	919	16	inst	inst	NOUN
ajfa-9610	919	17	-0.1197	-0.1197	NOUN
ajfa-9610	920	1	*	*	PUNCT
ajfa-9610	921	1	*	*	PUNCT
ajfa-9610	921	2	*	*	NOUN
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ajfa-9610	924	9	*	*	PUNCT
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ajfa-9610	926	4	big4	big4	NOUN
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ajfa-9610	929	2	speaud	speaud	ADV
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ajfa-9610	932	48	<	<	X
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ajfa-9610	932	50	<	<	X
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ajfa-9610	932	53	.0001	.0001	X
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ajfa-9610	932	56	<	<	X
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ajfa-9610	933	7	5	5	NUM
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ajfa-9610	933	10	=	=	SYM
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ajfa-9610	933	13	cutoff	cutoff	NOUN
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ajfa-9610	933	21	=	=	SYM
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ajfa-9610	933	24	cutoff	cutoff	NOUN
ajfa-9610	933	25	=	=	SYM
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ajfa-9610	933	28	cutoff	cutoff	NOUN
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ajfa-9610	933	34	*	*	PUNCT
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ajfa-9610	933	38	*	*	PUNCT
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ajfa-9610	933	44	*	*	PUNCT
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ajfa-9610	933	46	*	*	PUNCT
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ajfa-9610	934	1	*	*	PUNCT
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ajfa-9610	934	9	*	*	PUNCT
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ajfa-9610	935	1	*	*	PUNCT
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ajfa-9610	935	4	brdsize	brdsize	PROPN
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ajfa-9610	935	9	*	*	SYM
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ajfa-9610	935	11	*	*	SYM
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ajfa-9610	935	21	*	*	PUNCT
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ajfa-9610	935	23	*	*	PUNCT
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ajfa-9610	935	25	*	*	PUNCT
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ajfa-9610	936	5	*	*	PUNCT
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ajfa-9610	936	9	*	*	PUNCT
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ajfa-9610	936	21	inst	inst	NOUN
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ajfa-9610	936	23	*	*	PUNCT
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ajfa-9610	936	25	*	*	PUNCT
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ajfa-9610	936	27	*	*	PUNCT
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ajfa-9610	937	4	*	*	PUNCT
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ajfa-9610	938	2	*	*	PUNCT
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ajfa-9610	938	4	big4	big4	PROPN
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ajfa-9610	938	6	*	*	PUNCT
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ajfa-9610	939	2	*	*	PUNCT
ajfa-9610	939	3	*	*	PUNCT
ajfa-9610	939	4	*	*	PUNCT
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ajfa-9610	939	6	*	*	PUNCT
ajfa-9610	939	7	*	*	PUNCT
ajfa-9610	939	8	*	*	PUNCT
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ajfa-9610	939	10	*	*	PUNCT
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ajfa-9610	940	4	*	*	PUNCT
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ajfa-9610	941	2	*	*	PUNCT
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ajfa-9610	943	4	speaud	speaud	ADV
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ajfa-9610	944	1	*	*	PUNCT
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ajfa-9610	944	69	.0001	.0001	X
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ajfa-9610	944	71	.0001	.0001	X
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ajfa-9610	945	42	*	*	PUNCT
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ajfa-9610	945	44	*	*	PUNCT
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ajfa-9610	945	46	*	*	PUNCT
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ajfa-9610	945	48	*	*	PUNCT
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ajfa-9610	945	53	brdsize	brdsize	NOUN
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ajfa-9610	947	1	*	*	PUNCT
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ajfa-9610	947	5	-0.0970	-0.0970	ADJ
ajfa-9610	948	1	*	*	PUNCT
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ajfa-9610	954	1	*	*	PUNCT
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ajfa-9610	955	9	*	*	X
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ajfa-9610	957	1	*	*	PUNCT
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ajfa-9610	959	5	cpachg	cpachg	NOUN
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ajfa-9610	966	39	<	<	X
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ajfa-9610	966	46	.0001	.0001	X
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ajfa-9610	967	44	*	*	PUNCT
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ajfa-9610	990	5	*	*	PUNCT
ajfa-9610	990	6	*	*	PUNCT
ajfa-9610	990	7	big4	big4	PROPN
ajfa-9610	990	8	0.0031	0.0031	NUM
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ajfa-9610	990	10	-0.0036	-0.0036	PROPN
ajfa-9610	990	11	-0.0035	-0.0035	PROPN
ajfa-9610	990	12	0.0009	0.0009	NUM
ajfa-9610	990	13	-0.0017	-0.0017	X
ajfa-9610	990	14	-0.0015	-0.0015	PROPN
ajfa-9610	990	15	-0.0008	-0.0008	PROPN
ajfa-9610	990	16	cpachg	cpachg	NOUN
ajfa-9610	990	17	0.0063	0.0063	NUM
ajfa-9610	990	18	*	*	PUNCT
ajfa-9610	990	19	*	*	PUNCT
ajfa-9610	990	20	*	*	PUNCT
ajfa-9610	990	21	0.0060	0.0060	NUM
ajfa-9610	990	22	*	*	PUNCT
ajfa-9610	990	23	*	*	PUNCT
ajfa-9610	990	24	*	*	PUNCT
ajfa-9610	990	25	0.0061	0.0061	NUM
ajfa-9610	990	26	*	*	PUNCT
ajfa-9610	990	27	*	*	PUNCT
ajfa-9610	990	28	*	*	PUNCT
ajfa-9610	990	29	0.0061	0.0061	NUM
ajfa-9610	990	30	*	*	PUNCT
ajfa-9610	990	31	*	*	PUNCT
ajfa-9610	990	32	*	*	PUNCT
ajfa-9610	990	33	0.0025	0.0025	NUM
ajfa-9610	990	34	-0.0061	-0.0061	NOUN
ajfa-9610	990	35	-0.0060	-0.0060	NOUN
ajfa-9610	990	36	-0.0063	-0.0063	PUNCT
ajfa-9610	991	1	speaud	speaud	ADV
ajfa-9610	991	2	-0.0067	-0.0067	PROPN
ajfa-9610	991	3	*	*	PUNCT
ajfa-9610	991	4	*	*	PUNCT
ajfa-9610	991	5	*	*	PUNCT
ajfa-9610	991	6	-0.0076	-0.0076	NOUN
ajfa-9610	992	1	*	*	PUNCT
ajfa-9610	992	2	*	*	PUNCT
ajfa-9610	992	3	*	*	PUNCT
ajfa-9610	992	4	-0.0077	-0.0077	PROPN
ajfa-9610	993	1	*	*	PUNCT
ajfa-9610	993	2	*	*	PUNCT
ajfa-9610	993	3	*	*	PUNCT
ajfa-9610	993	4	-0.0076	-0.0076	NOUN
ajfa-9610	994	1	*	*	PUNCT
ajfa-9610	994	2	*	*	PUNCT
ajfa-9610	994	3	*	*	PUNCT
ajfa-9610	994	4	0.0104	0.0104	NUM
ajfa-9610	994	5	-0.0122	-0.0122	X
ajfa-9610	994	6	*	*	PUNCT
ajfa-9610	994	7	-0.0122	-0.0122	X
ajfa-9610	994	8	*	*	PUNCT
ajfa-9610	994	9	-0.0121	-0.0121	PROPN
ajfa-9610	994	10	*	*	PUNCT
ajfa-9610	994	11	invsmill	invsmill	NOUN
ajfa-9610	994	12	-0.0317	-0.0317	NOUN
ajfa-9610	995	1	*	*	PUNCT
ajfa-9610	995	2	*	*	PUNCT
ajfa-9610	995	3	*	*	NOUN
ajfa-9610	996	1	-0.0032	-0.0032	NOUN
ajfa-9610	996	2	*	*	PUNCT
ajfa-9610	996	3	*	*	PUNCT
ajfa-9610	996	4	-0.0030	-0.0030	X
ajfa-9610	996	5	*	*	PUNCT
ajfa-9610	997	1	*	*	PUNCT
ajfa-9610	997	2	0.0001	0.0001	NUM
ajfa-9610	997	3	-0.0405	-0.0405	NOUN
ajfa-9610	997	4	*	*	PUNCT
ajfa-9610	997	5	*	*	PUNCT
ajfa-9610	997	6	*	*	X
ajfa-9610	997	7	0.0020	0.0020	NUM
ajfa-9610	997	8	0.0034	0.0034	NUM
ajfa-9610	997	9	0.0100	0.0100	NUM
ajfa-9610	997	10	*	*	PUNCT
ajfa-9610	997	11	*	*	NOUN
ajfa-9610	997	12	samples	sample	VERB
ajfa-9610	997	13	5,916	5,916	NUM
ajfa-9610	997	14	5,916	5,916	NUM
ajfa-9610	997	15	5,916	5,916	NUM
ajfa-9610	997	16	5,916	5,916	NUM
ajfa-9610	997	17	739	739	NUM
ajfa-9610	997	18	739	739	NUM
ajfa-9610	997	19	739	739	NUM
ajfa-9610	997	20	739	739	NUM
ajfa-9610	997	21	adj	adj	NOUN
ajfa-9610	997	22	.	.	PROPN
ajfa-9610	997	23	r2	r2	PROPN
ajfa-9610	997	24	0.115	0.115	NUM
ajfa-9610	997	25	0.037	0.037	NUM
ajfa-9610	997	26	0.039	0.039	NUM
ajfa-9610	997	27	0.037	0.037	NUM
ajfa-9610	997	28	0.127	0.127	NUM
ajfa-9610	997	29	0.033	0.033	NUM
ajfa-9610	997	30	0.034	0.034	NUM
ajfa-9610	997	31	0.041	0.041	NUM
ajfa-9610	997	32	f	f	PROPN
ajfa-9610	997	33	value	value	NOUN
ajfa-9610	997	34	97.133	97.133	NUM
ajfa-9610	997	35	29.688	29.688	NUM
ajfa-9610	997	36	29.775	29.775	NUM
ajfa-9610	997	37	29.042	29.042	NUM
ajfa-9610	997	38	14.369	14.369	NUM
ajfa-9610	997	39	4.185	4.185	NUM
ajfa-9610	997	40	4.251	4.251	NUM
ajfa-9610	997	41	4.895	4.895	NUM
ajfa-9610	997	42	p	p	NOUN
ajfa-9610	997	43	value	value	NOUN
ajfa-9610	997	44	<	<	X
ajfa-9610	997	45	.0001	.0001	X
ajfa-9610	997	46	<	<	X
ajfa-9610	997	47	.0001	.0001	X
ajfa-9610	997	48	<	<	X
ajfa-9610	997	49	.0001	.0001	X
ajfa-9610	997	50	<	<	X
ajfa-9610	997	51	.0001	.0001	X
ajfa-9610	997	52	<	<	X
ajfa-9610	997	53	.0001	.0001	X
ajfa-9610	997	54	<	<	X
ajfa-9610	997	55	.0001	.0001	X
ajfa-9610	997	56	<	<	X
ajfa-9610	997	57	.0001	.0001	X
ajfa-9610	997	58	<	<	X
ajfa-9610	997	59	.0001	.0001	X
ajfa-9610	997	60	note	note	NOUN
ajfa-9610	997	61	:	:	PUNCT
ajfa-9610	998	1	1	1	X
ajfa-9610	998	2	.	.	PUNCT
ajfa-9610	998	3	the	the	DET
ajfa-9610	998	4	definitions	definition	NOUN
ajfa-9610	998	5	of	of	ADP
ajfa-9610	998	6	all	all	DET
ajfa-9610	998	7	variables	variable	NOUN
ajfa-9610	998	8	are	be	AUX
ajfa-9610	998	9	the	the	DET
ajfa-9610	998	10	same	same	ADJ
ajfa-9610	998	11	as	as	ADP
ajfa-9610	998	12	those	those	PRON
ajfa-9610	998	13	in	in	ADP
ajfa-9610	998	14	table	table	NOUN
ajfa-9610	998	15	3	3	NUM
ajfa-9610	998	16	.	.	NOUN
ajfa-9610	998	17	2	2	NUM
ajfa-9610	998	18	.	.	X
ajfa-9610	999	1	*	*	PUNCT
ajfa-9610	999	2	,	,	PUNCT
ajfa-9610	999	3	*	*	PUNCT
ajfa-9610	999	4	*	*	PUNCT
ajfa-9610	999	5	,	,	PUNCT
ajfa-9610	999	6	*	*	PUNCT
ajfa-9610	999	7	*	*	PUNCT
ajfa-9610	999	8	*	*	PUNCT
ajfa-9610	999	9	are	be	AUX
ajfa-9610	999	10	significant	significant	ADJ
ajfa-9610	999	11	at	at	ADP
ajfa-9610	999	12	the	the	DET
ajfa-9610	999	13	10	10	NUM
ajfa-9610	999	14	,	,	PUNCT
ajfa-9610	999	15	5	5	NUM
ajfa-9610	999	16	,	,	PUNCT
ajfa-9610	999	17	and	and	CCONJ
ajfa-9610	999	18	1	1	NUM
ajfa-9610	999	19	percent	percent	NOUN
ajfa-9610	999	20	levels	level	NOUN
ajfa-9610	999	21	,	,	PUNCT
ajfa-9610	999	22	respectively	respectively	ADV
ajfa-9610	999	23	.	.	PUNCT
ajfa-9610	1000	1	5	5	X
ajfa-9610	1000	2	.	.	PUNCT
ajfa-9610	1000	3	conclusions	conclusion	NOUN
ajfa-9610	1000	4	when	when	SCONJ
ajfa-9610	1000	5	companies	company	NOUN
ajfa-9610	1000	6	require	require	VERB
ajfa-9610	1000	7	external	external	ADJ
ajfa-9610	1000	8	funding	funding	NOUN
ajfa-9610	1000	9	,	,	PUNCT
ajfa-9610	1000	10	they	they	PRON
ajfa-9610	1000	11	provide	provide	VERB
ajfa-9610	1000	12	financial	financial	ADJ
ajfa-9610	1000	13	statements	statement	NOUN
ajfa-9610	1000	14	to	to	PART
ajfa-9610	1000	15	represent	represent	VERB
ajfa-9610	1000	16	their	their	PRON
ajfa-9610	1000	17	operating	operating	NOUN
ajfa-9610	1000	18	status	status	NOUN
ajfa-9610	1000	19	as	as	ADP
ajfa-9610	1000	20	a	a	DET
ajfa-9610	1000	21	reference	reference	NOUN
ajfa-9610	1000	22	for	for	ADP
ajfa-9610	1000	23	investors	investor	NOUN
ajfa-9610	1000	24	.	.	PUNCT
ajfa-9610	1001	1	to	to	PART
ajfa-9610	1001	2	ensure	ensure	VERB
ajfa-9610	1001	3	access	access	NOUN
ajfa-9610	1001	4	to	to	ADP
ajfa-9610	1001	5	or	or	CCONJ
ajfa-9610	1001	6	to	to	PART
ajfa-9610	1001	7	lower	lower	VERB
ajfa-9610	1001	8	the	the	DET
ajfa-9610	1001	9	cost	cost	NOUN
ajfa-9610	1001	10	of	of	ADP
ajfa-9610	1001	11	capital	capital	NOUN
ajfa-9610	1001	12	,	,	PUNCT
ajfa-9610	1001	13	managers	manager	NOUN
ajfa-9610	1001	14	may	may	AUX
ajfa-9610	1001	15	be	be	AUX
ajfa-9610	1001	16	motivated	motivate	VERB
ajfa-9610	1001	17	to	to	PART
ajfa-9610	1001	18	manipulate	manipulate	VERB
ajfa-9610	1001	19	earnings	earning	NOUN
ajfa-9610	1001	20	.	.	PUNCT
ajfa-9610	1002	1	studies	study	NOUN
ajfa-9610	1002	2	show	show	VERB
ajfa-9610	1002	3	that	that	SCONJ
ajfa-9610	1002	4	better	well	ADJ
ajfa-9610	1002	5	corporate	corporate	ADJ
ajfa-9610	1002	6	governance	governance	NOUN
ajfa-9610	1002	7	for	for	ADP
ajfa-9610	1002	8	a	a	DET
ajfa-9610	1002	9	company	company	NOUN
ajfa-9610	1002	10	can	can	AUX
ajfa-9610	1002	11	restrain	restrain	VERB
ajfa-9610	1002	12	earnings	earning	NOUN
ajfa-9610	1002	13	management	management	NOUN
ajfa-9610	1002	14	.	.	PUNCT
ajfa-9610	1003	1	most	most	ADJ
ajfa-9610	1003	2	studies	study	NOUN
ajfa-9610	1003	3	use	use	VERB
ajfa-9610	1003	4	accrual	accrual	ADJ
ajfa-9610	1003	5	-	-	PUNCT
ajfa-9610	1003	6	based	base	VERB
ajfa-9610	1003	7	earnings	earning	NOUN
ajfa-9610	1003	8	management	management	NOUN
ajfa-9610	1003	9	as	as	ADP
ajfa-9610	1003	10	a	a	DET
ajfa-9610	1003	11	proxy	proxy	NOUN
ajfa-9610	1003	12	variable	variable	NOUN
ajfa-9610	1003	13	,	,	PUNCT
ajfa-9610	1003	14	and	and	CCONJ
ajfa-9610	1003	15	there	there	PRON
ajfa-9610	1003	16	are	be	VERB
ajfa-9610	1003	17	few	few	ADJ
ajfa-9610	1003	18	discussions	discussion	NOUN
ajfa-9610	1003	19	about	about	ADP
ajfa-9610	1003	20	real	real	ADJ
ajfa-9610	1003	21	earnings	earning	NOUN
ajfa-9610	1003	22	management	management	NOUN
ajfa-9610	1003	23	.	.	PUNCT
ajfa-9610	1004	1	in	in	ADP
ajfa-9610	1004	2	fact	fact	NOUN
ajfa-9610	1004	3	,	,	PUNCT
ajfa-9610	1004	4	managers	manager	NOUN
ajfa-9610	1004	5	may	may	AUX
ajfa-9610	1004	6	use	use	VERB
ajfa-9610	1004	7	accrual	accrual	ADJ
ajfa-9610	1004	8	-	-	PUNCT
ajfa-9610	1004	9	based	base	VERB
ajfa-9610	1004	10	and	and	CCONJ
ajfa-9610	1004	11	real	real	ADJ
ajfa-9610	1004	12	earnings	earning	NOUN
ajfa-9610	1004	13	management	management	NOUN
ajfa-9610	1004	14	concurrently	concurrently	ADV
ajfa-9610	1004	15	.	.	PUNCT
ajfa-9610	1005	1	this	this	DET
ajfa-9610	1005	2	paper	paper	NOUN
ajfa-9610	1005	3	examines	examine	VERB
ajfa-9610	1005	4	whether	whether	SCONJ
ajfa-9610	1005	5	the	the	DET
ajfa-9610	1005	6	adoption	adoption	NOUN
ajfa-9610	1005	7	of	of	ADP
ajfa-9610	1005	8	different	different	ADJ
ajfa-9610	1005	9	earnings	earning	NOUN
ajfa-9610	1005	10	management	management	NOUN
ajfa-9610	1005	11	tools	tool	NOUN
ajfa-9610	1005	12	by	by	ADP
ajfa-9610	1005	13	companies	company	NOUN
ajfa-9610	1005	14	undertaking	undertake	VERB
ajfa-9610	1005	15	financing	financing	NOUN
ajfa-9610	1005	16	activities	activity	NOUN
ajfa-9610	1005	17	and	and	CCONJ
ajfa-9610	1005	18	the	the	DET
ajfa-9610	1005	19	degree	degree	NOUN
ajfa-9610	1005	20	of	of	ADP
ajfa-9610	1005	21	earnings	earning	NOUN
ajfa-9610	1005	22	management	management	NOUN
ajfa-9610	1005	23	vary	vary	VERB
ajfa-9610	1005	24	according	accord	VERB
ajfa-9610	1005	25	to	to	ADP
ajfa-9610	1005	26	different	different	ADJ
ajfa-9610	1005	27	financing	financing	NOUN
ajfa-9610	1005	28	choices	choice	NOUN
ajfa-9610	1005	29	.	.	PUNCT
ajfa-9610	1006	1	additionally	additionally	ADV
ajfa-9610	1006	2	,	,	PUNCT
ajfa-9610	1006	3	the	the	DET
ajfa-9610	1006	4	paper	paper	NOUN
ajfa-9610	1006	5	considers	consider	VERB
ajfa-9610	1006	6	taiwan	taiwan	PROPN
ajfa-9610	1006	7	’s	’s	PART
ajfa-9610	1006	8	invest	invest	VERB
ajfa-9610	1006	9	environment	environment	NOUN
ajfa-9610	1006	10	to	to	PART
ajfa-9610	1006	11	investigate	investigate	VERB
ajfa-9610	1006	12	whether	whether	SCONJ
ajfa-9610	1006	13	stronger	strong	ADJ
ajfa-9610	1006	14	corporate	corporate	ADJ
ajfa-9610	1006	15	governance	governance	NOUN
ajfa-9610	1006	16	can	can	AUX
ajfa-9610	1006	17	restrain	restrain	VERB
ajfa-9610	1006	18	real	real	ADJ
ajfa-9610	1006	19	earnings	earning	NOUN
ajfa-9610	1006	20	management	management	NOUN
ajfa-9610	1006	21	and	and	CCONJ
ajfa-9610	1006	22	examines	examine	VERB
ajfa-9610	1006	23	whether	whether	SCONJ
ajfa-9610	1006	24	different	different	ADJ
ajfa-9610	1006	25	earnings	earning	NOUN
ajfa-9610	1006	26	management	management	NOUN
ajfa-9610	1006	27	tools	tool	NOUN
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ajfa-9610	1006	31	on	on	ADP
ajfa-9610	1006	32	post	post	ADJ
ajfa-9610	1006	33	-	-	ADJ
ajfa-9610	1006	34	financing	financing	ADJ
ajfa-9610	1006	35	operating	operating	NOUN
ajfa-9610	1006	36	performances	performance	NOUN
ajfa-9610	1006	37	.	.	PUNCT
ajfa-9610	1007	1	finally	finally	ADV
ajfa-9610	1007	2	,	,	PUNCT
ajfa-9610	1007	3	we	we	PRON
ajfa-9610	1007	4	consider	consider	VERB
ajfa-9610	1007	5	market	market	NOUN
ajfa-9610	1007	6	reaction	reaction	NOUN
ajfa-9610	1007	7	to	to	PART
ajfa-9610	1007	8	examine	examine	VERB
ajfa-9610	1007	9	whether	whether	SCONJ
ajfa-9610	1007	10	the	the	DET
ajfa-9610	1007	11	rational	rational	ADJ
ajfa-9610	1007	12	expectations	expectation	NOUN
ajfa-9610	1007	13	models	model	NOUN
ajfa-9610	1007	14	differs	differ	VERB
ajfa-9610	1007	15	with	with	ADP
ajfa-9610	1007	16	respect	respect	NOUN
ajfa-9610	1007	17	to	to	ADP
ajfa-9610	1007	18	equity	equity	NOUN
ajfa-9610	1007	19	compared	compare	VERB
ajfa-9610	1007	20	with	with	ADP
ajfa-9610	1007	21	debt	debt	NOUN
ajfa-9610	1007	22	raising	raising	NOUN
ajfa-9610	1007	23	.	.	PUNCT
ajfa-9610	1008	1	overall	overall	ADV
ajfa-9610	1008	2	,	,	PUNCT
ajfa-9610	1008	3	firms	firm	NOUN
ajfa-9610	1008	4	choose	choose	VERB
ajfa-9610	1008	5	different	different	ADJ
ajfa-9610	1008	6	earnings	earning	NOUN
ajfa-9610	1008	7	management	management	NOUN
ajfa-9610	1008	8	tools	tool	NOUN
ajfa-9610	1008	9	depending	depend	VERB
ajfa-9610	1008	10	on	on	ADP
ajfa-9610	1008	11	whether	whether	SCONJ
ajfa-9610	1008	12	they	they	PRON
ajfa-9610	1008	13	issue	issue	VERB
ajfa-9610	1008	14	corporate	corporate	ADJ
ajfa-9610	1008	15	bonds	bond	NOUN
ajfa-9610	1008	16	or	or	CCONJ
ajfa-9610	1008	17	seos	seo	NOUN
ajfa-9610	1008	18	on	on	ADP
ajfa-9610	1008	19	the	the	DET
ajfa-9610	1008	20	first	first	ADJ
ajfa-9610	1008	21	year	year	NOUN
ajfa-9610	1008	22	before	before	ADP
ajfa-9610	1008	23	financing	financing	NOUN
ajfa-9610	1008	24	.	.	PUNCT
ajfa-9610	1009	1	that	that	PRON
ajfa-9610	1009	2	is	be	AUX
ajfa-9610	1009	3	,	,	PUNCT
ajfa-9610	1009	4	firms	firm	NOUN
ajfa-9610	1009	5	choose	choose	VERB
ajfa-9610	1009	6	the	the	DET
ajfa-9610	1009	7	earning	earn	VERB
ajfa-9610	1009	8	management	management	NOUN
ajfa-9610	1009	9	tools	tool	NOUN
ajfa-9610	1009	10	in	in	ADP
ajfa-9610	1009	11	advance	advance	NOUN
ajfa-9610	1009	12	in	in	ADP
ajfa-9610	1009	13	year	year	NOUN
ajfa-9610	1009	14	-1	-1	PUNCT
ajfa-9610	1009	15	.	.	PUNCT
ajfa-9610	1010	1	this	this	DET
ajfa-9610	1010	2	paper	paper	NOUN
ajfa-9610	1010	3	adopts	adopt	VERB
ajfa-9610	1010	4	the	the	DET
ajfa-9610	1010	5	two	two	NUM
ajfa-9610	1010	6	-	-	PUNCT
ajfa-9610	1010	7	stage	stage	NOUN
ajfa-9610	1010	8	model	model	NOUN
ajfa-9610	1010	9	to	to	PART
ajfa-9610	1010	10	control	control	VERB
ajfa-9610	1010	11	self	self	NOUN
ajfa-9610	1010	12	-	-	PUNCT
ajfa-9610	1010	13	selection	selection	NOUN
ajfa-9610	1010	14	of	of	ADP
ajfa-9610	1010	15	earnings	earning	NOUN
ajfa-9610	1010	16	management	management	NOUN
ajfa-9610	1010	17	.	.	PUNCT
ajfa-9610	1011	1	and	and	CCONJ
ajfa-9610	1011	2	the	the	DET
ajfa-9610	1011	3	empirical	empirical	ADJ
ajfa-9610	1011	4	results	result	NOUN
ajfa-9610	1011	5	suggest	suggest	VERB
ajfa-9610	1011	6	that	that	SCONJ
ajfa-9610	1011	7	firms	firm	NOUN
ajfa-9610	1011	8	with	with	ADP
ajfa-9610	1011	9	greater	great	ADJ
ajfa-9610	1011	10	percentages	percentage	NOUN
ajfa-9610	1011	11	of	of	ADP
ajfa-9610	1011	12	independent	independent	ADJ
ajfa-9610	1011	13	directors	director	NOUN
ajfa-9610	1011	14	,	,	PUNCT
ajfa-9610	1011	15	larger	large	ADJ
ajfa-9610	1011	16	shareholdings	shareholding	NOUN
ajfa-9610	1011	17	of	of	ADP
ajfa-9610	1011	18	institutional	institutional	ADJ
ajfa-9610	1011	19	investors	investor	NOUN
ajfa-9610	1011	20	and	and	CCONJ
ajfa-9610	1011	21	auditing	auditing	NOUN
ajfa-9610	1011	22	by	by	ADP
ajfa-9610	1011	23	big	big	ADJ
ajfa-9610	1011	24	4	4	NUM
ajfa-9610	1011	25	firms	firm	NOUN
ajfa-9610	1011	26	all	all	PRON
ajfa-9610	1011	27	indicate	indicate	VERB
ajfa-9610	1011	28	lower	low	ADJ
ajfa-9610	1011	29	levels	level	NOUN
ajfa-9610	1011	30	of	of	ADP
ajfa-9610	1011	31	engagement	engagement	NOUN
ajfa-9610	1011	32	in	in	ADP
ajfa-9610	1011	33	real	real	ADJ
ajfa-9610	1011	34	earnings	earning	NOUN
ajfa-9610	1011	35	management	management	NOUN
ajfa-9610	1011	36	in	in	ADP
ajfa-9610	1011	37	the	the	DET
ajfa-9610	1011	38	all	all	DET
ajfa-9610	1011	39	sample	sample	NOUN
ajfa-9610	1011	40	.	.	PUNCT
ajfa-9610	1012	1	this	this	DET
ajfa-9610	1012	2	paper	paper	NOUN
ajfa-9610	1012	3	further	far	ADV
ajfa-9610	1012	4	reclassifies	reclassify	VERB
ajfa-9610	1012	5	real	real	ADJ
ajfa-9610	1012	6	earnings	earning	NOUN
ajfa-9610	1012	7	management	management	NOUN
ajfa-9610	1012	8	into	into	ADP
ajfa-9610	1012	9	asian	asian	ADJ
ajfa-9610	1012	10	journal	journal	NOUN
ajfa-9610	1012	11	of	of	ADP
ajfa-9610	1012	12	finance	finance	PROPN
ajfa-9610	1012	13	&	&	CCONJ
ajfa-9610	1012	14	accounting	accounting	PROPN
ajfa-9610	1012	15	issn	issn	PROPN
ajfa-9610	1012	16	1946	1946	NUM
ajfa-9610	1012	17	-	-	PUNCT
ajfa-9610	1012	18	052x	052x	PROPN
ajfa-9610	1012	19	2016	2016	NUM
ajfa-9610	1012	20	,	,	PUNCT
ajfa-9610	1012	21	vol	vol	NOUN
ajfa-9610	1012	22	.	.	PROPN
ajfa-9610	1012	23	8	8	NUM
ajfa-9610	1012	24	,	,	PUNCT
ajfa-9610	1012	25	no	no	INTJ
ajfa-9610	1012	26	.	.	NOUN
ajfa-9610	1012	27	1	1	NUM
ajfa-9610	1012	28	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9610	1012	29	272	272	NUM
ajfa-9610	1012	30	three	three	NUM
ajfa-9610	1012	31	components	component	NOUN
ajfa-9610	1012	32	,	,	PUNCT
ajfa-9610	1012	33	abnormal	abnormal	ADJ
ajfa-9610	1012	34	operating	operate	VERB
ajfa-9610	1012	35	cash	cash	NOUN
ajfa-9610	1012	36	flows	flow	NOUN
ajfa-9610	1012	37	,	,	PUNCT
ajfa-9610	1012	38	abnormal	abnormal	ADJ
ajfa-9610	1012	39	production	production	NOUN
ajfa-9610	1012	40	cost	cost	NOUN
ajfa-9610	1012	41	and	and	CCONJ
ajfa-9610	1012	42	abnormal	abnormal	ADJ
ajfa-9610	1012	43	discretionary	discretionary	ADJ
ajfa-9610	1012	44	expenses	expense	NOUN
ajfa-9610	1012	45	.	.	PUNCT
ajfa-9610	1013	1	therefore	therefore	ADV
ajfa-9610	1013	2	,	,	PUNCT
ajfa-9610	1013	3	when	when	SCONJ
ajfa-9610	1013	4	the	the	DET
ajfa-9610	1013	5	samples	sample	NOUN
ajfa-9610	1013	6	are	be	AUX
ajfa-9610	1013	7	reduced	reduce	VERB
ajfa-9610	1013	8	to	to	ADP
ajfa-9610	1013	9	firms	firm	NOUN
ajfa-9610	1013	10	undertaking	undertake	VERB
ajfa-9610	1013	11	financing	financing	NOUN
ajfa-9610	1013	12	,	,	PUNCT
ajfa-9610	1013	13	showing	show	VERB
ajfa-9610	1013	14	that	that	SCONJ
ajfa-9610	1013	15	only	only	ADV
ajfa-9610	1013	16	the	the	DET
ajfa-9610	1013	17	larger	large	ADJ
ajfa-9610	1013	18	shareholdings	shareholding	NOUN
ajfa-9610	1013	19	of	of	ADP
ajfa-9610	1013	20	institutional	institutional	ADJ
ajfa-9610	1013	21	investors	investor	NOUN
ajfa-9610	1013	22	can	can	AUX
ajfa-9610	1013	23	restrain	restrain	VERB
ajfa-9610	1013	24	two	two	NUM
ajfa-9610	1013	25	components	component	NOUN
ajfa-9610	1013	26	of	of	ADP
ajfa-9610	1013	27	real	real	ADJ
ajfa-9610	1013	28	earnings	earning	NOUN
ajfa-9610	1013	29	management	management	NOUN
ajfa-9610	1013	30	(	(	PUNCT
ajfa-9610	1013	31	abnormal	abnormal	ADJ
ajfa-9610	1013	32	operating	operate	VERB
ajfa-9610	1013	33	cash	cash	NOUN
ajfa-9610	1013	34	flows	flow	NOUN
ajfa-9610	1013	35	and	and	CCONJ
ajfa-9610	1013	36	abnormal	abnormal	ADJ
ajfa-9610	1013	37	production	production	NOUN
ajfa-9610	1013	38	cost	cost	NOUN
ajfa-9610	1013	39	)	)	PUNCT
ajfa-9610	1013	40	.	.	PUNCT
ajfa-9610	1014	1	firms	firm	NOUN
ajfa-9610	1014	2	audited	audit	VERB
ajfa-9610	1014	3	by	by	ADP
ajfa-9610	1014	4	industry	industry	NOUN
ajfa-9610	1014	5	specialist	specialist	NOUN
ajfa-9610	1014	6	can	can	AUX
ajfa-9610	1014	7	restrain	restrain	VERB
ajfa-9610	1014	8	real	real	ADJ
ajfa-9610	1014	9	earnings	earning	NOUN
ajfa-9610	1014	10	management	management	NOUN
ajfa-9610	1014	11	by	by	ADP
ajfa-9610	1014	12	abnormal	abnormal	ADJ
ajfa-9610	1014	13	production	production	NOUN
ajfa-9610	1014	14	cost	cost	NOUN
ajfa-9610	1014	15	.	.	PUNCT
ajfa-9610	1015	1	corporate	corporate	ADJ
ajfa-9610	1015	2	government	government	NOUN
ajfa-9610	1015	3	can	can	AUX
ajfa-9610	1015	4	not	not	PART
ajfa-9610	1015	5	restrain	restrain	VERB
ajfa-9610	1015	6	real	real	ADJ
ajfa-9610	1015	7	earnings	earning	NOUN
ajfa-9610	1015	8	management	management	NOUN
ajfa-9610	1015	9	by	by	ADP
ajfa-9610	1015	10	abnormal	abnormal	ADJ
ajfa-9610	1015	11	discretionary	discretionary	ADJ
ajfa-9610	1015	12	expenses	expense	NOUN
ajfa-9610	1015	13	.	.	PUNCT
ajfa-9610	1016	1	we	we	PRON
ajfa-9610	1016	2	also	also	ADV
ajfa-9610	1016	3	use	use	VERB
ajfa-9610	1016	4	the	the	DET
ajfa-9610	1016	5	principal	principal	ADJ
ajfa-9610	1016	6	components	component	NOUN
ajfa-9610	1016	7	analysis	analysis	NOUN
ajfa-9610	1016	8	to	to	PART
ajfa-9610	1016	9	extract	extract	VERB
ajfa-9610	1016	10	the	the	DET
ajfa-9610	1016	11	first	first	ADJ
ajfa-9610	1016	12	principal	principal	ADJ
ajfa-9610	1016	13	component	component	NOUN
ajfa-9610	1016	14	as	as	ADP
ajfa-9610	1016	15	the	the	DET
ajfa-9610	1016	16	corporate	corporate	ADJ
ajfa-9610	1016	17	governance	governance	NOUN
ajfa-9610	1016	18	.	.	PUNCT
ajfa-9610	1017	1	it	it	PRON
ajfa-9610	1017	2	reveals	reveal	VERB
ajfa-9610	1017	3	that	that	SCONJ
ajfa-9610	1017	4	corporate	corporate	ADJ
ajfa-9610	1017	5	governance	governance	NOUN
ajfa-9610	1017	6	can	can	AUX
ajfa-9610	1017	7	restrain	restrain	VERB
ajfa-9610	1017	8	real	real	ADJ
ajfa-9610	1017	9	earnings	earning	NOUN
ajfa-9610	1017	10	management	management	NOUN
ajfa-9610	1017	11	,	,	PUNCT
ajfa-9610	1017	12	but	but	CCONJ
ajfa-9610	1017	13	the	the	DET
ajfa-9610	1017	14	effect	effect	NOUN
ajfa-9610	1017	15	decline	decline	VERB
ajfa-9610	1017	16	when	when	SCONJ
ajfa-9610	1017	17	firms	firm	NOUN
ajfa-9610	1017	18	engaged	engage	VERB
ajfa-9610	1017	19	in	in	ADP
ajfa-9610	1017	20	financing	financing	NOUN
ajfa-9610	1017	21	activities	activity	NOUN
ajfa-9610	1017	22	.	.	PUNCT
ajfa-9610	1018	1	compare	compare	VERB
ajfa-9610	1018	2	accrual	accrual	ADJ
ajfa-9610	1018	3	earnings	earning	NOUN
ajfa-9610	1018	4	management	management	NOUN
ajfa-9610	1018	5	to	to	ADP
ajfa-9610	1018	6	real	real	ADJ
ajfa-9610	1018	7	earnings	earning	NOUN
ajfa-9610	1018	8	management	management	NOUN
ajfa-9610	1018	9	,	,	PUNCT
ajfa-9610	1018	10	there	there	PRON
ajfa-9610	1018	11	are	be	VERB
ajfa-9610	1018	12	more	more	ADJ
ajfa-9610	1018	13	variables	variable	NOUN
ajfa-9610	1018	14	can	can	AUX
ajfa-9610	1018	15	restrain	restrain	VERB
ajfa-9610	1018	16	accrual	accrual	ADJ
ajfa-9610	1018	17	earnings	earning	NOUN
ajfa-9610	1018	18	management	management	NOUN
ajfa-9610	1018	19	in	in	ADP
ajfa-9610	1018	20	both	both	CCONJ
ajfa-9610	1018	21	all	all	PRON
ajfa-9610	1018	22	and	and	CCONJ
ajfa-9610	1018	23	financing	financing	NOUN
ajfa-9610	1018	24	subsamples	subsample	NOUN
ajfa-9610	1018	25	.	.	PUNCT
ajfa-9610	1019	1	percentages	percentage	NOUN
ajfa-9610	1019	2	of	of	ADP
ajfa-9610	1019	3	independent	independent	ADJ
ajfa-9610	1019	4	directors	director	NOUN
ajfa-9610	1019	5	and	and	CCONJ
ajfa-9610	1019	6	shareholdings	shareholding	NOUN
ajfa-9610	1019	7	of	of	ADP
ajfa-9610	1019	8	institutional	institutional	ADJ
ajfa-9610	1019	9	investors	investor	NOUN
ajfa-9610	1019	10	can	can	AUX
ajfa-9610	1019	11	control	control	VERB
ajfa-9610	1019	12	accrual	accrual	ADJ
ajfa-9610	1019	13	earnings	earning	NOUN
ajfa-9610	1019	14	management	management	NOUN
ajfa-9610	1019	15	when	when	SCONJ
ajfa-9610	1019	16	firms	firm	NOUN
ajfa-9610	1019	17	undertaking	undertake	VERB
ajfa-9610	1019	18	financing	financing	NOUN
ajfa-9610	1019	19	.	.	PUNCT
ajfa-9610	1020	1	this	this	DET
ajfa-9610	1020	2	paper	paper	NOUN
ajfa-9610	1020	3	infers	infer	NOUN
ajfa-9610	1020	4	that	that	PRON
ajfa-9610	1020	5	real	real	ADJ
ajfa-9610	1020	6	earnings	earning	NOUN
ajfa-9610	1020	7	management	management	NOUN
ajfa-9610	1020	8	is	be	AUX
ajfa-9610	1020	9	more	more	ADV
ajfa-9610	1020	10	likely	likely	ADJ
ajfa-9610	1020	11	to	to	PART
ajfa-9610	1020	12	occur	occur	VERB
ajfa-9610	1020	13	in	in	ADP
ajfa-9610	1020	14	the	the	DET
ajfa-9610	1020	15	event	event	NOUN
ajfa-9610	1020	16	of	of	ADP
ajfa-9610	1020	17	a	a	DET
ajfa-9610	1020	18	capital	capital	NOUN
ajfa-9610	1020	19	shortage	shortage	NOUN
ajfa-9610	1020	20	and	and	CCONJ
ajfa-9610	1020	21	the	the	DET
ajfa-9610	1020	22	requirement	requirement	NOUN
ajfa-9610	1020	23	of	of	ADP
ajfa-9610	1020	24	external	external	ADJ
ajfa-9610	1020	25	funds	fund	NOUN
ajfa-9610	1020	26	,	,	PUNCT
ajfa-9610	1020	27	regardless	regardless	ADV
ajfa-9610	1020	28	of	of	ADP
ajfa-9610	1020	29	the	the	DET
ajfa-9610	1020	30	severe	severe	ADJ
ajfa-9610	1020	31	economic	economic	ADJ
ajfa-9610	1020	32	consequences	consequence	NOUN
ajfa-9610	1020	33	.	.	PUNCT
ajfa-9610	1021	1	since	since	SCONJ
ajfa-9610	1021	2	issuing	issue	VERB
ajfa-9610	1021	3	seo	seo	NOUN
ajfa-9610	1021	4	or	or	CCONJ
ajfa-9610	1021	5	bond	bond	NOUN
ajfa-9610	1021	6	announcement	announcement	NOUN
ajfa-9610	1021	7	can	can	AUX
ajfa-9610	1021	8	signal	signal	VERB
ajfa-9610	1021	9	that	that	SCONJ
ajfa-9610	1021	10	the	the	DET
ajfa-9610	1021	11	increased	increase	VERB
ajfa-9610	1021	12	incentives	incentive	NOUN
ajfa-9610	1021	13	for	for	SCONJ
ajfa-9610	1021	14	managers	manager	NOUN
ajfa-9610	1021	15	to	to	PART
ajfa-9610	1021	16	overstate	overstate	VERB
ajfa-9610	1021	17	earnings	earning	NOUN
ajfa-9610	1021	18	.	.	PUNCT
ajfa-9610	1022	1	this	this	DET
ajfa-9610	1022	2	paper	paper	NOUN
ajfa-9610	1022	3	considers	consider	VERB
ajfa-9610	1022	4	shivakumar	shivakumar	PROPN
ajfa-9610	1022	5	(	(	PUNCT
ajfa-9610	1022	6	2000	2000	NUM
ajfa-9610	1022	7	)	)	PUNCT
ajfa-9610	1022	8	rational	rational	ADJ
ajfa-9610	1022	9	expectations	expectation	NOUN
ajfa-9610	1022	10	model	model	NOUN
ajfa-9610	1022	11	that	that	PRON
ajfa-9610	1022	12	examine	examine	VERB
ajfa-9610	1022	13	whether	whether	SCONJ
ajfa-9610	1022	14	the	the	DET
ajfa-9610	1022	15	issuing	issue	VERB
ajfa-9610	1022	16	announcements	announcement	NOUN
ajfa-9610	1022	17	cause	cause	VERB
ajfa-9610	1022	18	investors	investor	NOUN
ajfa-9610	1022	19	to	to	PART
ajfa-9610	1022	20	correct	correct	VERB
ajfa-9610	1022	21	misevaluations	misevaluation	NOUN
ajfa-9610	1022	22	which	which	PRON
ajfa-9610	1022	23	caused	cause	VERB
ajfa-9610	1022	24	by	by	ADP
ajfa-9610	1022	25	earlier	early	ADJ
ajfa-9610	1022	26	earnings	earning	NOUN
ajfa-9610	1022	27	management	management	NOUN
ajfa-9610	1022	28	.	.	PUNCT
ajfa-9610	1023	1	we	we	PRON
ajfa-9610	1023	2	find	find	VERB
ajfa-9610	1023	3	that	that	SCONJ
ajfa-9610	1023	4	investors	investor	NOUN
ajfa-9610	1023	5	do	do	AUX
ajfa-9610	1023	6	n't	not	PART
ajfa-9610	1023	7	correct	correct	VERB
ajfa-9610	1023	8	the	the	DET
ajfa-9610	1023	9	price	price	NOUN
ajfa-9610	1023	10	impact	impact	NOUN
ajfa-9610	1023	11	of	of	ADP
ajfa-9610	1023	12	earlier	early	ADJ
ajfa-9610	1023	13	earnings	earning	NOUN
ajfa-9610	1023	14	overstates	overstate	NOUN
ajfa-9610	1023	15	in	in	ADP
ajfa-9610	1023	16	both	both	CCONJ
ajfa-9610	1023	17	seos	seo	NOUN
ajfa-9610	1023	18	and	and	CCONJ
ajfa-9610	1023	19	bonds	bond	NOUN
ajfa-9610	1023	20	sample	sample	NOUN
ajfa-9610	1023	21	.	.	PUNCT
ajfa-9610	1024	1	it	it	PRON
ajfa-9610	1024	2	supports	support	VERB
ajfa-9610	1024	3	managerial	managerial	ADJ
ajfa-9610	1024	4	opportunism	opportunism	NOUN
ajfa-9610	1024	5	which	which	PRON
ajfa-9610	1024	6	is	be	AUX
ajfa-9610	1024	7	consistent	consistent	ADJ
ajfa-9610	1024	8	with	with	ADP
ajfa-9610	1024	9	the	the	DET
ajfa-9610	1024	10	arguments	argument	NOUN
ajfa-9610	1024	11	of	of	ADP
ajfa-9610	1024	12	teoh	teoh	PROPN
ajfa-9610	1024	13	et	et	PROPN
ajfa-9610	1024	14	al	al	PROPN
ajfa-9610	1024	15	.	.	PROPN
ajfa-9610	1025	1	(	(	PUNCT
ajfa-9610	1025	2	1998	1998	NUM
ajfa-9610	1025	3	)	)	PUNCT
ajfa-9610	1025	4	and	and	CCONJ
ajfa-9610	1025	5	rangan	rangan	VERB
ajfa-9610	1025	6	(	(	PUNCT
ajfa-9610	1025	7	1998	1998	NUM
ajfa-9610	1025	8	)	)	PUNCT
ajfa-9610	1025	9	.	.	PUNCT
ajfa-9610	1026	1	this	this	DET
ajfa-9610	1026	2	paper	paper	NOUN
ajfa-9610	1026	3	also	also	ADV
ajfa-9610	1026	4	distinguishes	distinguish	VERB
ajfa-9610	1026	5	between	between	ADP
ajfa-9610	1026	6	bond	bond	NOUN
ajfa-9610	1026	7	issuers	issuer	NOUN
ajfa-9610	1026	8	and	and	CCONJ
ajfa-9610	1026	9	seo	seo	NOUN
ajfa-9610	1026	10	firms	firm	NOUN
ajfa-9610	1026	11	in	in	ADP
ajfa-9610	1026	12	the	the	DET
ajfa-9610	1026	13	multivariate	multivariate	NOUN
ajfa-9610	1026	14	test	test	NOUN
ajfa-9610	1026	15	to	to	PART
ajfa-9610	1026	16	examine	examine	VERB
ajfa-9610	1026	17	the	the	DET
ajfa-9610	1026	18	effect	effect	NOUN
ajfa-9610	1026	19	of	of	ADP
ajfa-9610	1026	20	adopting	adopt	VERB
ajfa-9610	1026	21	earnings	earning	NOUN
ajfa-9610	1026	22	management	management	NOUN
ajfa-9610	1026	23	tools	tool	NOUN
ajfa-9610	1026	24	on	on	ADP
ajfa-9610	1026	25	the	the	DET
ajfa-9610	1026	26	post	post	ADJ
ajfa-9610	1026	27	-	-	ADJ
ajfa-9610	1026	28	financing	financing	ADJ
ajfa-9610	1026	29	operating	operating	NOUN
ajfa-9610	1026	30	performances	performance	NOUN
ajfa-9610	1026	31	.	.	PUNCT
ajfa-9610	1027	1	for	for	ADP
ajfa-9610	1027	2	companies	company	NOUN
ajfa-9610	1027	3	issuing	issue	VERB
ajfa-9610	1027	4	bonds	bond	NOUN
ajfa-9610	1027	5	,	,	PUNCT
ajfa-9610	1027	6	there	there	PRON
ajfa-9610	1027	7	is	be	VERB
ajfa-9610	1027	8	a	a	DET
ajfa-9610	1027	9	negative	negative	ADJ
ajfa-9610	1027	10	relationship	relationship	NOUN
ajfa-9610	1027	11	between	between	ADP
ajfa-9610	1027	12	real	real	ADJ
ajfa-9610	1027	13	earnings	earning	NOUN
ajfa-9610	1027	14	management	management	NOUN
ajfa-9610	1027	15	and	and	CCONJ
ajfa-9610	1027	16	post	post	ADJ
ajfa-9610	1027	17	-	-	ADJ
ajfa-9610	1027	18	financing	financing	ADJ
ajfa-9610	1027	19	performances	performance	NOUN
ajfa-9610	1027	20	,	,	PUNCT
ajfa-9610	1027	21	but	but	CCONJ
ajfa-9610	1027	22	no	no	DET
ajfa-9610	1027	23	association	association	NOUN
ajfa-9610	1027	24	between	between	ADP
ajfa-9610	1027	25	accrual	accrual	ADJ
ajfa-9610	1027	26	-	-	PUNCT
ajfa-9610	1027	27	based	base	VERB
ajfa-9610	1027	28	earnings	earning	NOUN
ajfa-9610	1027	29	management	management	NOUN
ajfa-9610	1027	30	and	and	CCONJ
ajfa-9610	1027	31	operating	operating	NOUN
ajfa-9610	1027	32	performances	performance	NOUN
ajfa-9610	1027	33	.	.	PUNCT
ajfa-9610	1028	1	this	this	DET
ajfa-9610	1028	2	paper	paper	NOUN
ajfa-9610	1028	3	argues	argue	VERB
ajfa-9610	1028	4	that	that	SCONJ
ajfa-9610	1028	5	real	real	ADJ
ajfa-9610	1028	6	earnings	earning	NOUN
ajfa-9610	1028	7	management	management	NOUN
ajfa-9610	1028	8	is	be	AUX
ajfa-9610	1028	9	a	a	DET
ajfa-9610	1028	10	set	set	NOUN
ajfa-9610	1028	11	of	of	ADP
ajfa-9610	1028	12	subjective	subjective	ADJ
ajfa-9610	1028	13	decisions	decision	NOUN
ajfa-9610	1028	14	over	over	ADP
ajfa-9610	1028	15	the	the	DET
ajfa-9610	1028	16	timing	timing	NOUN
ajfa-9610	1028	17	of	of	ADP
ajfa-9610	1028	18	expenses	expense	NOUN
ajfa-9610	1028	19	and	and	CCONJ
ajfa-9610	1028	20	utilization	utilization	NOUN
ajfa-9610	1028	21	of	of	ADP
ajfa-9610	1028	22	working	working	NOUN
ajfa-9610	1028	23	capital	capital	NOUN
ajfa-9610	1028	24	,	,	PUNCT
ajfa-9610	1028	25	utilizing	utilize	VERB
ajfa-9610	1028	26	actual	actual	ADJ
ajfa-9610	1028	27	transactions	transaction	NOUN
ajfa-9610	1028	28	;	;	PUNCT
ajfa-9610	1028	29	these	these	DET
ajfa-9610	1028	30	decisions	decision	NOUN
ajfa-9610	1028	31	affect	affect	VERB
ajfa-9610	1028	32	real	real	ADJ
ajfa-9610	1028	33	performance	performance	NOUN
ajfa-9610	1028	34	or	or	CCONJ
ajfa-9610	1028	35	economic	economic	ADJ
ajfa-9610	1028	36	substance	substance	NOUN
ajfa-9610	1028	37	.	.	PUNCT
ajfa-9610	1029	1	firms	firm	NOUN
ajfa-9610	1029	2	choose	choose	VERB
ajfa-9610	1029	3	the	the	DET
ajfa-9610	1029	4	real	real	ADJ
ajfa-9610	1029	5	earnings	earning	NOUN
ajfa-9610	1029	6	management	management	NOUN
ajfa-9610	1029	7	to	to	PART
ajfa-9610	1029	8	avoid	avoid	VERB
ajfa-9610	1029	9	frequent	frequent	ADJ
ajfa-9610	1029	10	outside	outside	ADJ
ajfa-9610	1029	11	monitoring	monitoring	NOUN
ajfa-9610	1029	12	by	by	ADP
ajfa-9610	1029	13	investors	investor	NOUN
ajfa-9610	1029	14	,	,	PUNCT
ajfa-9610	1029	15	cpa	cpa	NOUN
ajfa-9610	1029	16	or	or	CCONJ
ajfa-9610	1029	17	government	government	NOUN
ajfa-9610	1029	18	when	when	SCONJ
ajfa-9610	1029	19	firms	firm	NOUN
ajfa-9610	1029	20	issued	issue	VERB
ajfa-9610	1029	21	bonds	bond	NOUN
ajfa-9610	1029	22	.	.	PUNCT
ajfa-9610	1030	1	and	and	CCONJ
ajfa-9610	1030	2	then	then	ADV
ajfa-9610	1030	3	,	,	PUNCT
ajfa-9610	1030	4	it	it	PRON
ajfa-9610	1030	5	also	also	ADV
ajfa-9610	1030	6	causes	cause	VERB
ajfa-9610	1030	7	operating	operating	NOUN
ajfa-9610	1030	8	performance	performance	NOUN
ajfa-9610	1030	9	to	to	PART
ajfa-9610	1030	10	decline	decline	VERB
ajfa-9610	1030	11	continuously	continuously	ADV
ajfa-9610	1030	12	two	two	NUM
ajfa-9610	1030	13	years	year	NOUN
ajfa-9610	1030	14	after	after	ADP
ajfa-9610	1030	15	bond	bond	NOUN
ajfa-9610	1030	16	financing	financing	NOUN
ajfa-9610	1030	17	.	.	PUNCT
ajfa-9610	1031	1	the	the	DET
ajfa-9610	1031	2	audit	audit	NOUN
ajfa-9610	1031	3	fee	fee	NOUN
ajfa-9610	1031	4	is	be	AUX
ajfa-9610	1031	5	generally	generally	ADV
ajfa-9610	1031	6	used	use	VERB
ajfa-9610	1031	7	as	as	ADP
ajfa-9610	1031	8	a	a	DET
ajfa-9610	1031	9	proxy	proxy	NOUN
ajfa-9610	1031	10	of	of	ADP
ajfa-9610	1031	11	audit	audit	NOUN
ajfa-9610	1031	12	quality	quality	NOUN
ajfa-9610	1031	13	.	.	PUNCT
ajfa-9610	1032	1	and	and	CCONJ
ajfa-9610	1032	2	the	the	DET
ajfa-9610	1032	3	results	result	NOUN
ajfa-9610	1032	4	of	of	ADP
ajfa-9610	1032	5	past	past	ADJ
ajfa-9610	1032	6	studies	study	NOUN
ajfa-9610	1032	7	on	on	ADP
ajfa-9610	1032	8	the	the	DET
ajfa-9610	1032	9	relationship	relationship	NOUN
ajfa-9610	1032	10	between	between	ADP
ajfa-9610	1032	11	audit	audit	NOUN
ajfa-9610	1032	12	and	and	CCONJ
ajfa-9610	1032	13	non	non	ADJ
ajfa-9610	1032	14	-	-	ADJ
ajfa-9610	1032	15	audit	audit	ADJ
ajfa-9610	1032	16	fees	fee	NOUN
ajfa-9610	1032	17	and	and	CCONJ
ajfa-9610	1032	18	earnings	earning	NOUN
ajfa-9610	1032	19	quality	quality	NOUN
ajfa-9610	1032	20	are	be	AUX
ajfa-9610	1032	21	inconsistent	inconsistent	ADJ
ajfa-9610	1032	22	.	.	PUNCT
ajfa-9610	1033	1	this	this	DET
ajfa-9610	1033	2	paper	paper	NOUN
ajfa-9610	1033	3	further	far	ADV
ajfa-9610	1033	4	explores	explore	VERB
ajfa-9610	1033	5	the	the	DET
ajfa-9610	1033	6	effects	effect	NOUN
ajfa-9610	1033	7	of	of	ADP
ajfa-9610	1033	8	audit	audit	NOUN
ajfa-9610	1033	9	and	and	CCONJ
ajfa-9610	1033	10	non	non	ADJ
ajfa-9610	1033	11	-	-	ADJ
ajfa-9610	1033	12	audit	audit	ADJ
ajfa-9610	1033	13	fees	fee	NOUN
ajfa-9610	1033	14	on	on	ADP
ajfa-9610	1033	15	real	real	ADJ
ajfa-9610	1033	16	earnings	earning	NOUN
ajfa-9610	1033	17	management	management	NOUN
ajfa-9610	1033	18	.	.	PUNCT
ajfa-9610	1034	1	the	the	DET
ajfa-9610	1034	2	results	result	NOUN
ajfa-9610	1034	3	show	show	VERB
ajfa-9610	1034	4	that	that	SCONJ
ajfa-9610	1034	5	the	the	PRON
ajfa-9610	1034	6	higher	high	ADJ
ajfa-9610	1034	7	the	the	DET
ajfa-9610	1034	8	audit	audit	NOUN
ajfa-9610	1034	9	fees	fee	NOUN
ajfa-9610	1034	10	,	,	PUNCT
ajfa-9610	1034	11	the	the	DET
ajfa-9610	1034	12	less	less	ADJ
ajfa-9610	1034	13	involvement	involvement	NOUN
ajfa-9610	1034	14	in	in	ADP
ajfa-9610	1034	15	real	real	ADJ
ajfa-9610	1034	16	earnings	earning	NOUN
ajfa-9610	1034	17	management	management	NOUN
ajfa-9610	1034	18	and	and	CCONJ
ajfa-9610	1034	19	the	the	PRON
ajfa-9610	1034	20	better	well	ADJ
ajfa-9610	1034	21	the	the	DET
ajfa-9610	1034	22	earnings	earning	NOUN
ajfa-9610	1034	23	quality	quality	NOUN
ajfa-9610	1034	24	for	for	ADP
ajfa-9610	1034	25	full	full	ADJ
ajfa-9610	1034	26	sample	sample	NOUN
ajfa-9610	1034	27	,	,	PUNCT
ajfa-9610	1034	28	but	but	CCONJ
ajfa-9610	1034	29	not	not	PART
ajfa-9610	1034	30	for	for	ADP
ajfa-9610	1034	31	financing	financing	NOUN
ajfa-9610	1034	32	firms	firm	NOUN
ajfa-9610	1034	33	.	.	PUNCT
ajfa-9610	1035	1	however	however	ADV
ajfa-9610	1035	2	,	,	PUNCT
ajfa-9610	1035	3	there	there	PRON
ajfa-9610	1035	4	is	be	VERB
ajfa-9610	1035	5	a	a	DET
ajfa-9610	1035	6	positive	positive	ADJ
ajfa-9610	1035	7	association	association	NOUN
ajfa-9610	1035	8	between	between	ADP
ajfa-9610	1035	9	non	non	ADJ
ajfa-9610	1035	10	-	-	ADJ
ajfa-9610	1035	11	audit	audit	ADJ
ajfa-9610	1035	12	fees	fee	NOUN
ajfa-9610	1035	13	and	and	CCONJ
ajfa-9610	1035	14	real	real	ADJ
ajfa-9610	1035	15	earnings	earning	NOUN
ajfa-9610	1035	16	management	management	NOUN
ajfa-9610	1035	17	in	in	ADP
ajfa-9610	1035	18	the	the	DET
ajfa-9610	1035	19	full	full	ADJ
ajfa-9610	1035	20	and	and	CCONJ
ajfa-9610	1035	21	financing	financing	NOUN
ajfa-9610	1035	22	subsample	subsample	NOUN
ajfa-9610	1035	23	.	.	PUNCT
ajfa-9610	1036	1	the	the	PRON
ajfa-9610	1036	2	higher	high	ADJ
ajfa-9610	1036	3	the	the	DET
ajfa-9610	1036	4	non	non	ADJ
ajfa-9610	1036	5	-	-	ADJ
ajfa-9610	1036	6	audit	audit	ADJ
ajfa-9610	1036	7	fees	fee	NOUN
ajfa-9610	1036	8	,	,	PUNCT
ajfa-9610	1036	9	the	the	DET
ajfa-9610	1036	10	more	more	ADJ
ajfa-9610	1036	11	involvement	involvement	NOUN
ajfa-9610	1036	12	in	in	ADP
ajfa-9610	1036	13	real	real	ADJ
ajfa-9610	1036	14	earnings	earning	NOUN
ajfa-9610	1036	15	management	management	NOUN
ajfa-9610	1036	16	and	and	CCONJ
ajfa-9610	1036	17	the	the	PRON
ajfa-9610	1036	18	lower	low	ADJ
ajfa-9610	1036	19	the	the	DET
ajfa-9610	1036	20	earnings	earning	NOUN
ajfa-9610	1036	21	quality	quality	NOUN
ajfa-9610	1036	22	.	.	PUNCT
ajfa-9610	1037	1	asian	asian	ADJ
ajfa-9610	1037	2	journal	journal	PROPN
ajfa-9610	1037	3	of	of	ADP
ajfa-9610	1037	4	finance	finance	PROPN
ajfa-9610	1037	5	&	&	CCONJ
ajfa-9610	1037	6	accounting	accounting	PROPN
ajfa-9610	1037	7	issn	issn	PROPN
ajfa-9610	1037	8	1946	1946	NUM
ajfa-9610	1037	9	-	-	PUNCT
ajfa-9610	1037	10	052x	052x	PROPN
ajfa-9610	1037	11	2016	2016	NUM
ajfa-9610	1037	12	,	,	PUNCT
ajfa-9610	1037	13	vol	vol	NOUN
ajfa-9610	1037	14	.	.	PROPN
ajfa-9610	1037	15	8	8	NUM
ajfa-9610	1037	16	,	,	PUNCT
ajfa-9610	1037	17	no	no	INTJ
ajfa-9610	1037	18	.	.	NOUN
ajfa-9610	1037	19	1	1	NUM
ajfa-9610	1037	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9610	1037	21	273	273	NUM
ajfa-9610	1037	22	there	there	PRON
ajfa-9610	1037	23	are	be	VERB
ajfa-9610	1037	24	some	some	DET
ajfa-9610	1037	25	research	research	NOUN
ajfa-9610	1037	26	restrictions	restriction	NOUN
ajfa-9610	1037	27	in	in	ADP
ajfa-9610	1037	28	this	this	DET
ajfa-9610	1037	29	paper	paper	NOUN
ajfa-9610	1037	30	.	.	PUNCT
ajfa-9610	1038	1	first	first	ADV
ajfa-9610	1038	2	,	,	PUNCT
ajfa-9610	1038	3	only	only	ADV
ajfa-9610	1038	4	the	the	DET
ajfa-9610	1038	5	issue	issue	NOUN
ajfa-9610	1038	6	of	of	ADP
ajfa-9610	1038	7	corporate	corporate	ADJ
ajfa-9610	1038	8	bonds	bond	NOUN
ajfa-9610	1038	9	and	and	CCONJ
ajfa-9610	1038	10	seos	seo	NOUN
ajfa-9610	1038	11	are	be	AUX
ajfa-9610	1038	12	included	include	VERB
ajfa-9610	1038	13	in	in	ADP
ajfa-9610	1038	14	the	the	DET
ajfa-9610	1038	15	samples	sample	NOUN
ajfa-9610	1038	16	of	of	ADP
ajfa-9610	1038	17	financing	financing	NOUN
ajfa-9610	1038	18	firms	firm	NOUN
ajfa-9610	1038	19	;	;	PUNCT
ajfa-9610	1038	20	long	long	ADJ
ajfa-9610	1038	21	-	-	PUNCT
ajfa-9610	1038	22	term	term	NOUN
ajfa-9610	1038	23	loans	loan	NOUN
ajfa-9610	1038	24	are	be	AUX
ajfa-9610	1038	25	not	not	PART
ajfa-9610	1038	26	included	include	VERB
ajfa-9610	1038	27	.	.	PUNCT
ajfa-9610	1039	1	second	second	ADV
ajfa-9610	1039	2	,	,	PUNCT
ajfa-9610	1039	3	this	this	DET
ajfa-9610	1039	4	paper	paper	NOUN
ajfa-9610	1039	5	performs	perform	VERB
ajfa-9610	1039	6	variance	variance	NOUN
ajfa-9610	1039	7	analyses	analysis	NOUN
ajfa-9610	1039	8	to	to	PART
ajfa-9610	1039	9	determine	determine	VERB
ajfa-9610	1039	10	whether	whether	SCONJ
ajfa-9610	1039	11	there	there	PRON
ajfa-9610	1039	12	are	be	VERB
ajfa-9610	1039	13	differences	difference	NOUN
ajfa-9610	1039	14	in	in	ADP
ajfa-9610	1039	15	the	the	DET
ajfa-9610	1039	16	relationships	relationship	NOUN
ajfa-9610	1039	17	between	between	ADP
ajfa-9610	1039	18	financing	financing	NOUN
ajfa-9610	1039	19	choices	choice	NOUN
ajfa-9610	1039	20	and	and	CCONJ
ajfa-9610	1039	21	earnings	earning	NOUN
ajfa-9610	1039	22	management	management	NOUN
ajfa-9610	1039	23	tools	tool	NOUN
ajfa-9610	1039	24	.	.	PUNCT
ajfa-9610	1040	1	future	future	ADJ
ajfa-9610	1040	2	studies	study	NOUN
ajfa-9610	1040	3	should	should	AUX
ajfa-9610	1040	4	design	design	VERB
ajfa-9610	1040	5	empirical	empirical	ADJ
ajfa-9610	1040	6	models	model	NOUN
ajfa-9610	1040	7	to	to	PART
ajfa-9610	1040	8	examine	examine	VERB
ajfa-9610	1040	9	whether	whether	SCONJ
ajfa-9610	1040	10	different	different	ADJ
ajfa-9610	1040	11	financing	financing	NOUN
ajfa-9610	1040	12	choices	choice	NOUN
ajfa-9610	1040	13	have	have	VERB
ajfa-9610	1040	14	different	different	ADJ
ajfa-9610	1040	15	influences	influence	NOUN
ajfa-9610	1040	16	on	on	ADP
ajfa-9610	1040	17	earnings	earning	NOUN
ajfa-9610	1040	18	management	management	NOUN
ajfa-9610	1040	19	tools	tool	NOUN
ajfa-9610	1040	20	.	.	PUNCT
ajfa-9610	1041	1	moreover	moreover	ADV
ajfa-9610	1041	2	,	,	PUNCT
ajfa-9610	1041	3	future	future	ADJ
ajfa-9610	1041	4	research	research	NOUN
ajfa-9610	1041	5	should	should	AUX
ajfa-9610	1041	6	explore	explore	VERB
ajfa-9610	1041	7	the	the	DET
ajfa-9610	1041	8	effects	effect	NOUN
ajfa-9610	1041	9	of	of	ADP
ajfa-9610	1041	10	other	other	ADJ
ajfa-9610	1041	11	earnings	earning	NOUN
ajfa-9610	1041	12	management	management	NOUN
ajfa-9610	1041	13	tools	tool	NOUN
ajfa-9610	1041	14	on	on	ADP
ajfa-9610	1041	15	ex	ex	ADJ
ajfa-9610	1041	16	-	-	ADJ
ajfa-9610	1041	17	post	post	ADJ
ajfa-9610	1041	18	performances	performance	NOUN
ajfa-9610	1041	19	to	to	PART
ajfa-9610	1041	20	determine	determine	VERB
ajfa-9610	1041	21	which	which	DET
ajfa-9610	1041	22	tools	tool	NOUN
ajfa-9610	1041	23	are	be	AUX
ajfa-9610	1041	24	the	the	DET
ajfa-9610	1041	25	most	most	ADV
ajfa-9610	1041	26	detrimental	detrimental	ADJ
ajfa-9610	1041	27	to	to	ADP
ajfa-9610	1041	28	company	company	NOUN
ajfa-9610	1041	29	performance	performance	NOUN
ajfa-9610	1041	30	.	.	PUNCT
ajfa-9610	1042	1	references	reference	NOUN
ajfa-9610	1042	2	antle	antle	ADJ
ajfa-9610	1042	3	,	,	PUNCT
ajfa-9610	1042	4	r.	r.	PROPN
ajfa-9610	1042	5	,	,	PUNCT
ajfa-9610	1042	6	gordon	gordon	PROPN
ajfa-9610	1042	7	,	,	PUNCT
ajfa-9610	1042	8	e.	e.	PROPN
ajfa-9610	1042	9	,	,	PUNCT
ajfa-9610	1042	10	narayanamoorthy	narayanamoorthy	ADJ
ajfa-9610	1042	11	,	,	PUNCT
ajfa-9610	1042	12	g.	g.	PROPN
ajfa-9610	1042	13	,	,	PUNCT
ajfa-9610	1042	14	&	&	CCONJ
ajfa-9610	1042	15	zhou	zhou	PROPN
ajfa-9610	1042	16	,	,	PUNCT
ajfa-9610	1042	17	l.	l.	PROPN
ajfa-9610	1042	18	(	(	PUNCT
ajfa-9610	1042	19	2006	2006	NUM
ajfa-9610	1042	20	)	)	PUNCT
ajfa-9610	1042	21	.	.	PUNCT
ajfa-9610	1043	1	the	the	DET
ajfa-9610	1043	2	joint	joint	ADJ
ajfa-9610	1043	3	determination	determination	NOUN
ajfa-9610	1043	4	of	of	ADP
ajfa-9610	1043	5	audit	audit	NOUN
ajfa-9610	1043	6	fees	fee	NOUN
ajfa-9610	1043	7	,	,	PUNCT
ajfa-9610	1043	8	non	non	ADJ
ajfa-9610	1043	9	-	-	ADJ
ajfa-9610	1043	10	audit	audit	ADJ
ajfa-9610	1043	11	fees	fee	NOUN
ajfa-9610	1043	12	,	,	PUNCT
ajfa-9610	1043	13	and	and	CCONJ
ajfa-9610	1043	14	abnormal	abnormal	ADJ
ajfa-9610	1043	15	accruals	accrual	NOUN
ajfa-9610	1043	16	,	,	PUNCT
ajfa-9610	1043	17	review	review	NOUN
ajfa-9610	1043	18	of	of	ADP
ajfa-9610	1043	19	quantitative	quantitative	ADJ
ajfa-9610	1043	20	finance	finance	NOUN
ajfa-9610	1043	21	and	and	CCONJ
ajfa-9610	1043	22	accounting	accounting	NOUN
ajfa-9610	1043	23	,	,	PUNCT
ajfa-9610	1043	24	27(3	27(3	NUM
ajfa-9610	1043	25	)	)	PUNCT
ajfa-9610	1043	26	,	,	PUNCT
ajfa-9610	1043	27	235	235	NUM
ajfa-9610	1043	28	-	-	SYM
ajfa-9610	1043	29	266	266	NUM
ajfa-9610	1043	30	.	.	PUNCT
ajfa-9610	1044	1	http://dx.doi.org/10.1007/s	http://dx.doi.org/10.1007/s	NOUN
ajfa-9610	1044	2	11156	11156	NUM
ajfa-9610	1044	3	-	-	PUNCT
ajfa-9610	1044	4	006	006	NUM
ajfa-9610	1044	5	-	-	PUNCT
ajfa-9610	1044	6	9430	9430	NUM
ajfa-9610	1044	7	-	-	PUNCT
ajfa-9610	1044	8	y	y	NOUN
ajfa-9610	1044	9	ball	ball	NOUN
ajfa-9610	1044	10	,	,	PUNCT
ajfa-9610	1044	11	r.	r.	PROPN
ajfa-9610	1044	12	,	,	PUNCT
ajfa-9610	1044	13	&	&	CCONJ
ajfa-9610	1044	14	shivakumar	shivakumar	PROPN
ajfa-9610	1044	15	,	,	PUNCT
ajfa-9610	1044	16	l.	l.	PROPN
ajfa-9610	1044	17	(	(	PUNCT
ajfa-9610	1044	18	2006	2006	NUM
ajfa-9610	1044	19	)	)	PUNCT
ajfa-9610	1044	20	.	.	PUNCT
ajfa-9610	1045	1	the	the	DET
ajfa-9610	1045	2	role	role	NOUN
ajfa-9610	1045	3	of	of	ADP
ajfa-9610	1045	4	accruals	accrual	NOUN
ajfa-9610	1045	5	in	in	ADP
ajfa-9610	1045	6	asymmetrically	asymmetrically	ADV
ajfa-9610	1045	7	timely	timely	ADJ
ajfa-9610	1045	8	gain	gain	NOUN
ajfa-9610	1045	9	and	and	CCONJ
ajfa-9610	1045	10	loss	loss	NOUN
ajfa-9610	1045	11	recognition	recognition	NOUN
ajfa-9610	1045	12	.	.	PUNCT
ajfa-9610	1046	1	journal	journal	NOUN
ajfa-9610	1046	2	of	of	ADP
ajfa-9610	1046	3	accounting	accounting	NOUN
ajfa-9610	1046	4	research	research	NOUN
ajfa-9610	1046	5	,	,	PUNCT
ajfa-9610	1046	6	44(2	44(2	NOUN
ajfa-9610	1046	7	)	)	PUNCT
ajfa-9610	1046	8	,	,	PUNCT
ajfa-9610	1046	9	207	207	NUM
ajfa-9610	1046	10	-	-	SYM
ajfa-9610	1046	11	242	242	NUM
ajfa-9610	1046	12	.	.	PUNCT
ajfa-9610	1047	1	http://dx.doi.org/10.1111/j.1475-679x.2006.00198.x	http://dx.doi.org/10.1111/j.1475-679x.2006.00198.x	PROPN
ajfa-9610	1047	2	ball	ball	PROPN
ajfa-9610	1047	3	,	,	PUNCT
ajfa-9610	1047	4	r.	r.	PROPN
ajfa-9610	1047	5	,	,	PUNCT
ajfa-9610	1047	6	&	&	CCONJ
ajfa-9610	1047	7	shivakumar	shivakumar	PROPN
ajfa-9610	1047	8	,	,	PUNCT
ajfa-9610	1047	9	l.	l.	PROPN
ajfa-9610	1047	10	(	(	PUNCT
ajfa-9610	1047	11	2008	2008	NUM
ajfa-9610	1047	12	)	)	PUNCT
ajfa-9610	1047	13	.	.	PUNCT
ajfa-9610	1048	1	earnings	earning	NOUN
ajfa-9610	1048	2	quality	quality	NOUN
ajfa-9610	1048	3	at	at	ADP
ajfa-9610	1048	4	initial	initial	ADJ
ajfa-9610	1048	5	public	public	ADJ
ajfa-9610	1048	6	offerings	offering	NOUN
ajfa-9610	1048	7	.	.	PUNCT
ajfa-9610	1049	1	journal	journal	NOUN
ajfa-9610	1049	2	of	of	ADP
ajfa-9610	1049	3	accounting	accounting	NOUN
ajfa-9610	1049	4	and	and	CCONJ
ajfa-9610	1049	5	economics	economic	NOUN
ajfa-9610	1049	6	,	,	PUNCT
ajfa-9610	1049	7	45(2	45(2	NOUN
ajfa-9610	1049	8	)	)	PUNCT
ajfa-9610	1049	9	,	,	PUNCT
ajfa-9610	1049	10	324	324	NUM
ajfa-9610	1049	11	-	-	SYM
ajfa-9610	1049	12	349	349	NUM
ajfa-9610	1049	13	.	.	PUNCT
ajfa-9610	1050	1	http://dx.doi.org/10.1016/j.jacceco.2007.12.001	http://dx.doi.org/10.1016/j.jacceco.2007.12.001	PRON
ajfa-9610	1050	2	balsam	balsam	NOUN
ajfa-9610	1050	3	,	,	PUNCT
ajfa-9610	1050	4	s.	s.	PROPN
ajfa-9610	1050	5	,	,	PUNCT
ajfa-9610	1050	6	krishnan	krishnan	PROPN
ajfa-9610	1050	7	,	,	PUNCT
ajfa-9610	1050	8	j.	j.	PROPN
ajfa-9610	1050	9	,	,	PUNCT
ajfa-9610	1050	10	&	&	CCONJ
ajfa-9610	1050	11	yang	yang	PROPN
ajfa-9610	1050	12	,	,	PUNCT
ajfa-9610	1050	13	j.	j.	PROPN
ajfa-9610	1050	14	s.	s.	PROPN
ajfa-9610	1050	15	(	(	PUNCT
ajfa-9610	1050	16	2003	2003	NUM
ajfa-9610	1050	17	)	)	PUNCT
ajfa-9610	1050	18	.	.	PUNCT
ajfa-9610	1051	1	auditor	auditor	NOUN
ajfa-9610	1051	2	industry	industry	NOUN
ajfa-9610	1051	3	specialization	specialization	NOUN
ajfa-9610	1051	4	and	and	CCONJ
ajfa-9610	1051	5	earnings	earning	NOUN
ajfa-9610	1051	6	quality	quality	NOUN
ajfa-9610	1051	7	.	.	PUNCT
ajfa-9610	1052	1	auditing	auditing	NOUN
ajfa-9610	1052	2	:	:	PUNCT
ajfa-9610	1052	3	a	a	DET
ajfa-9610	1052	4	journal	journal	NOUN
ajfa-9610	1052	5	of	of	ADP
ajfa-9610	1052	6	practice	practice	NOUN
ajfa-9610	1052	7	and	and	CCONJ
ajfa-9610	1052	8	theory	theory	NOUN
ajfa-9610	1052	9	,	,	PUNCT
ajfa-9610	1052	10	22(2	22(2	NUM
ajfa-9610	1052	11	)	)	PUNCT
ajfa-9610	1052	12	,	,	PUNCT
ajfa-9610	1052	13	71	71	NUM
ajfa-9610	1052	14	-	-	SYM
ajfa-9610	1052	15	97	97	NUM
ajfa-9610	1052	16	.	.	PUNCT
ajfa-9610	1053	1	http://dx.doi.org/10.2308/aud.2003.22.2.71	http://dx.doi.org/10.2308/aud.2003.22.2.71	PROPN
ajfa-9610	1053	2	barton	barton	PROPN
ajfa-9610	1053	3	,	,	PUNCT
ajfa-9610	1053	4	j.	j.	PROPN
ajfa-9610	1053	5	(	(	PUNCT
ajfa-9610	1053	6	2001	2001	NUM
ajfa-9610	1053	7	)	)	PUNCT
ajfa-9610	1053	8	.	.	PUNCT
ajfa-9610	1054	1	does	do	AUX
ajfa-9610	1054	2	the	the	DET
ajfa-9610	1054	3	use	use	NOUN
ajfa-9610	1054	4	of	of	ADP
ajfa-9610	1054	5	financial	financial	ADJ
ajfa-9610	1054	6	derivatives	derivative	NOUN
ajfa-9610	1054	7	affect	affect	VERB
ajfa-9610	1054	8	earnings	earning	NOUN
ajfa-9610	1054	9	management	management	NOUN
ajfa-9610	1054	10	decisions	decision	NOUN
ajfa-9610	1054	11	?	?	PUNCT
ajfa-9610	1055	1	the	the	DET
ajfa-9610	1055	2	accounting	accounting	NOUN
ajfa-9610	1055	3	review	review	NOUN
ajfa-9610	1055	4	,	,	PUNCT
ajfa-9610	1055	5	76(1	76(1	PROPN
ajfa-9610	1055	6	)	)	PUNCT
ajfa-9610	1055	7	,	,	PUNCT
ajfa-9610	1055	8	1	1	NUM
ajfa-9610	1055	9	-	-	SYM
ajfa-9610	1055	10	26	26	NUM
ajfa-9610	1055	11	.	.	PUNCT
ajfa-9610	1056	1	http://dx.doi.org/10.2308/accr.2001.76.1.1	http://dx.doi.org/10.2308/accr.2001.76.1.1	PROPN
ajfa-9610	1056	2	bartov	bartov	PROPN
ajfa-9610	1056	3	,	,	PUNCT
ajfa-9610	1056	4	e.	e.	PROPN
ajfa-9610	1056	5	,	,	PUNCT
ajfa-9610	1056	6	&	&	CCONJ
ajfa-9610	1056	7	mohanram	mohanram	PROPN
ajfa-9610	1056	8	,	,	PUNCT
ajfa-9610	1056	9	p.	p.	NOUN
ajfa-9610	1056	10	(	(	PUNCT
ajfa-9610	1056	11	2004	2004	NUM
ajfa-9610	1056	12	)	)	PUNCT
ajfa-9610	1056	13	.	.	PUNCT
ajfa-9610	1057	1	private	private	ADJ
ajfa-9610	1057	2	information	information	NOUN
ajfa-9610	1057	3	,	,	PUNCT
ajfa-9610	1057	4	earnings	earning	NOUN
ajfa-9610	1057	5	manipulations	manipulation	NOUN
ajfa-9610	1057	6	,	,	PUNCT
ajfa-9610	1057	7	and	and	CCONJ
ajfa-9610	1057	8	executive	executive	ADJ
ajfa-9610	1057	9	stock	stock	NOUN
ajfa-9610	1057	10	-	-	PUNCT
ajfa-9610	1057	11	option	option	NOUN
ajfa-9610	1057	12	exercises	exercise	NOUN
ajfa-9610	1057	13	.	.	PUNCT
ajfa-9610	1058	1	the	the	DET
ajfa-9610	1058	2	accounting	accounting	NOUN
ajfa-9610	1058	3	review	review	NOUN
ajfa-9610	1058	4	,	,	PUNCT
ajfa-9610	1058	5	79(4	79(4	NOUN
ajfa-9610	1058	6	)	)	PUNCT
ajfa-9610	1058	7	,	,	PUNCT
ajfa-9610	1058	8	889	889	NUM
ajfa-9610	1058	9	-	-	SYM
ajfa-9610	1058	10	920	920	NUM
ajfa-9610	1058	11	.	.	PUNCT
ajfa-9610	1059	1	http://dx.doi.org/10.2308/accr.2004.79.4.889	http://dx.doi.org/10.2308/accr.2004.79.4.889	PROPN
ajfa-9610	1059	2	barua	barua	PROPN
ajfa-9610	1059	3	,	,	PUNCT
ajfa-9610	1059	4	a.	a.	PROPN
ajfa-9610	1059	5	,	,	PUNCT
ajfa-9610	1059	6	lin	lin	PROPN
ajfa-9610	1059	7	,	,	PUNCT
ajfa-9610	1059	8	s.	s.	PROPN
ajfa-9610	1059	9	w.	w.	PROPN
ajfa-9610	1059	10	,	,	PUNCT
ajfa-9610	1059	11	&	&	CCONJ
ajfa-9610	1059	12	sbaraglia	sbaraglia	PROPN
ajfa-9610	1059	13	,	,	PUNCT
ajfa-9610	1059	14	a.	a.	NOUN
ajfa-9610	1059	15	m.	m.	NOUN
ajfa-9610	1059	16	(	(	PUNCT
ajfa-9610	1059	17	2010	2010	NUM
ajfa-9610	1059	18	)	)	PUNCT
ajfa-9610	1059	19	.	.	PUNCT
ajfa-9610	1060	1	earnings	earning	NOUN
ajfa-9610	1060	2	management	management	NOUN
ajfa-9610	1060	3	using	use	VERB
ajfa-9610	1060	4	discontinued	discontinue	VERB
ajfa-9610	1060	5	operations	operation	NOUN
ajfa-9610	1060	6	.	.	PUNCT
ajfa-9610	1061	1	the	the	DET
ajfa-9610	1061	2	accounting	accounting	NOUN
ajfa-9610	1061	3	review	review	NOUN
ajfa-9610	1061	4	,	,	PUNCT
ajfa-9610	1061	5	85(5	85(5	NUM
ajfa-9610	1061	6	)	)	PUNCT
ajfa-9610	1061	7	,	,	PUNCT
ajfa-9610	1061	8	1485	1485	NUM
ajfa-9610	1061	9	-	-	SYM
ajfa-9610	1061	10	1509	1509	NUM
ajfa-9610	1061	11	.	.	PUNCT
ajfa-9610	1062	1	http://dx.doi.org/10.2308/accr.2010.85.5.1485	http://dx.doi.org/10.2308/accr.2010.85.5.1485	PROPN
ajfa-9610	1062	2	basiruddin	basiruddin	PROPN
ajfa-9610	1062	3	,	,	PUNCT
ajfa-9610	1062	4	r.	r.	PROPN
ajfa-9610	1062	5	(	(	PUNCT
ajfa-9610	1062	6	2011	2011	NUM
ajfa-9610	1062	7	)	)	PUNCT
ajfa-9610	1062	8	.	.	PUNCT
ajfa-9610	1063	1	the	the	DET
ajfa-9610	1063	2	relationship	relationship	NOUN
ajfa-9610	1063	3	between	between	ADP
ajfa-9610	1063	4	governance	governance	NOUN
ajfa-9610	1063	5	practices	practice	NOUN
ajfa-9610	1063	6	,	,	PUNCT
ajfa-9610	1063	7	audit	audit	NOUN
ajfa-9610	1063	8	quality	quality	NOUN
ajfa-9610	1063	9	and	and	CCONJ
ajfa-9610	1063	10	earnings	earning	NOUN
ajfa-9610	1063	11	management	management	NOUN
ajfa-9610	1063	12	:	:	PUNCT
ajfa-9610	1063	13	uk	uk	PROPN
ajfa-9610	1063	14	evidence	evidence	NOUN
ajfa-9610	1063	15	,	,	PUNCT
ajfa-9610	1063	16	doctoral	doctoral	ADJ
ajfa-9610	1063	17	thesis	thesis	NOUN
ajfa-9610	1063	18	,	,	PUNCT
ajfa-9610	1063	19	durham	durham	PROPN
ajfa-9610	1063	20	university	university	PROPN
ajfa-9610	1063	21	.	.	PUNCT
ajfa-9610	1064	1	bowen	bowen	PROPN
ajfa-9610	1064	2	,	,	PUNCT
ajfa-9610	1064	3	r.	r.	PROPN
ajfa-9610	1064	4	m.	m.	PROPN
ajfa-9610	1064	5	,	,	PUNCT
ajfa-9610	1064	6	ducharme	ducharme	PROPN
ajfa-9610	1064	7	,	,	PUNCT
ajfa-9610	1064	8	l.	l.	PROPN
ajfa-9610	1064	9	,	,	PUNCT
ajfa-9610	1064	10	&	&	CCONJ
ajfa-9610	1064	11	shores	shores	PROPN
ajfa-9610	1064	12	,	,	PUNCT
ajfa-9610	1064	13	d.	d.	PROPN
ajfa-9610	1064	14	(	(	PUNCT
ajfa-9610	1064	15	1995	1995	NUM
ajfa-9610	1064	16	)	)	PUNCT
ajfa-9610	1064	17	.	.	PUNCT
ajfa-9610	1065	1	stakeholders	stakeholder	NOUN
ajfa-9610	1065	2	'	'	PART
ajfa-9610	1065	3	implicit	implicit	ADJ
ajfa-9610	1065	4	claims	claim	NOUN
ajfa-9610	1065	5	and	and	CCONJ
ajfa-9610	1065	6	accounting	accounting	NOUN
ajfa-9610	1065	7	method	method	NOUN
ajfa-9610	1065	8	choice	choice	NOUN
ajfa-9610	1065	9	.	.	PUNCT
ajfa-9610	1066	1	journal	journal	NOUN
ajfa-9610	1066	2	of	of	ADP
ajfa-9610	1066	3	accounting	accounting	NOUN
ajfa-9610	1066	4	and	and	CCONJ
ajfa-9610	1066	5	economics	economic	NOUN
ajfa-9610	1066	6	,	,	PUNCT
ajfa-9610	1066	7	20(3	20(3	NOUN
ajfa-9610	1066	8	)	)	PUNCT
ajfa-9610	1066	9	,	,	PUNCT
ajfa-9610	1066	10	255	255	NUM
ajfa-9610	1066	11	-	-	SYM
ajfa-9610	1066	12	295	295	NUM
ajfa-9610	1066	13	.	.	PUNCT
ajfa-9610	1067	1	http://dx.doi.org/10.1016/0165-4101(95)00404-1	http://dx.doi.org/10.1016/0165-4101(95)00404-1	PROPN
ajfa-9610	1067	2	brown	brown	PROPN
ajfa-9610	1067	3	,	,	PUNCT
ajfa-9610	1067	4	p.	p.	PROPN
ajfa-9610	1067	5	,	,	PUNCT
ajfa-9610	1067	6	beekes	beeke	NOUN
ajfa-9610	1067	7	,	,	PUNCT
ajfa-9610	1067	8	w.	w.	PROPN
ajfa-9610	1067	9	a.	a.	PROPN
ajfa-9610	1067	10	,	,	PUNCT
ajfa-9610	1067	11	&	&	CCONJ
ajfa-9610	1067	12	verhoeven	verhoeven	PROPN
ajfa-9610	1067	13	,	,	PUNCT
ajfa-9610	1067	14	p.	p.	NOUN
ajfa-9610	1067	15	(	(	PUNCT
ajfa-9610	1067	16	2011	2011	NUM
ajfa-9610	1067	17	)	)	PUNCT
ajfa-9610	1067	18	.	.	PUNCT
ajfa-9610	1068	1	corporate	corporate	ADJ
ajfa-9610	1068	2	governance	governance	NOUN
ajfa-9610	1068	3	,	,	PUNCT
ajfa-9610	1068	4	accounting	accounting	NOUN
ajfa-9610	1068	5	and	and	CCONJ
ajfa-9610	1068	6	finance	finance	NOUN
ajfa-9610	1068	7	:	:	PUNCT
ajfa-9610	1068	8	a	a	DET
ajfa-9610	1068	9	review	review	NOUN
ajfa-9610	1068	10	.	.	PUNCT
ajfa-9610	1069	1	accounting	accounting	PROPN
ajfa-9610	1069	2	&	&	CCONJ
ajfa-9610	1069	3	finance	finance	PROPN
ajfa-9610	1069	4	,	,	PUNCT
ajfa-9610	1069	5	51(1	51(1	NUM
ajfa-9610	1069	6	)	)	PUNCT
ajfa-9610	1069	7	,	,	PUNCT
ajfa-9610	1069	8	96	96	NUM
ajfa-9610	1069	9	-	-	SYM
ajfa-9610	1069	10	172	172	NUM
ajfa-9610	1069	11	.	.	PUNCT
ajfa-9610	1070	1	http://dx.doi.org/10.1111/j.1467-629x.2010.00385.x	http://dx.doi.org/10.1111/j.1467-629x.2010.00385.x	NOUN
ajfa-9610	1070	2	cahan	cahan	NOUN
ajfa-9610	1070	3	,	,	PUNCT
ajfa-9610	1070	4	s.	s.	PROPN
ajfa-9610	1070	5	,	,	PUNCT
ajfa-9610	1070	6	emanuel	emanuel	PROPN
ajfa-9610	1070	7	,	,	PUNCT
ajfa-9610	1070	8	d.	d.	PROPN
ajfa-9610	1070	9	,	,	PUNCT
ajfa-9610	1070	10	hay	hay	PROPN
ajfa-9610	1070	11	,	,	PUNCT
ajfa-9610	1070	12	d.	d.	PROPN
ajfa-9610	1070	13	,	,	PUNCT
ajfa-9610	1070	14	&	&	CCONJ
ajfa-9610	1070	15	wong	wong	PROPN
ajfa-9610	1070	16	,	,	PUNCT
ajfa-9610	1070	17	n.	n.	PROPN
ajfa-9610	1070	18	(	(	PUNCT
ajfa-9610	1070	19	2008	2008	NUM
ajfa-9610	1070	20	)	)	PUNCT
ajfa-9610	1070	21	.	.	PUNCT
ajfa-9610	1071	1	non	non	ADJ
ajfa-9610	1071	2	-	-	ADJ
ajfa-9610	1071	3	audit	audit	ADJ
ajfa-9610	1071	4	fees	fee	NOUN
ajfa-9610	1071	5	,	,	PUNCT
ajfa-9610	1071	6	long	long	ADJ
ajfa-9610	1071	7	-	-	PUNCT
ajfa-9610	1071	8	term	term	NOUN
ajfa-9610	1071	9	asian	asian	ADJ
ajfa-9610	1071	10	journal	journal	NOUN
ajfa-9610	1071	11	of	of	ADP
ajfa-9610	1071	12	finance	finance	PROPN
ajfa-9610	1071	13	&	&	CCONJ
ajfa-9610	1071	14	accounting	accounting	PROPN
ajfa-9610	1071	15	issn	issn	PROPN
ajfa-9610	1071	16	1946	1946	NUM
ajfa-9610	1071	17	-	-	PUNCT
ajfa-9610	1071	18	052x	052x	PROPN
ajfa-9610	1071	19	2016	2016	NUM
ajfa-9610	1071	20	,	,	PUNCT
ajfa-9610	1071	21	vol	vol	NOUN
ajfa-9610	1071	22	.	.	PROPN
ajfa-9610	1071	23	8	8	NUM
ajfa-9610	1071	24	,	,	PUNCT
ajfa-9610	1071	25	no	no	INTJ
ajfa-9610	1071	26	.	.	NOUN
ajfa-9610	1071	27	1	1	NUM
ajfa-9610	1071	28	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9610	1071	29	274	274	NUM
ajfa-9610	1071	30	auditor	auditor	NOUN
ajfa-9610	1071	31	-	-	PUNCT
ajfa-9610	1071	32	client	client	NOUN
ajfa-9610	1071	33	relationships	relationship	NOUN
ajfa-9610	1071	34	and	and	CCONJ
ajfa-9610	1071	35	earnings	earning	NOUN
ajfa-9610	1071	36	management	management	NOUN
ajfa-9610	1071	37	.	.	PUNCT
ajfa-9610	1072	1	accounting	accounting	PROPN
ajfa-9610	1072	2	&	&	CCONJ
ajfa-9610	1072	3	finance	finance	PROPN
ajfa-9610	1072	4	,	,	PUNCT
ajfa-9610	1072	5	48(2	48(2	NUM
ajfa-9610	1072	6	)	)	PUNCT
ajfa-9610	1072	7	,	,	PUNCT
ajfa-9610	1072	8	181	181	NUM
ajfa-9610	1072	9	-	-	SYM
ajfa-9610	1072	10	207	207	NUM
ajfa-9610	1072	11	.	.	PUNCT
ajfa-9610	1073	1	http://dx.doi.org/10.1111/j.1467-629x.2008.00251.x	http://dx.doi.org/10.1111/j.1467-629x.2008.00251.x	NOUN
ajfa-9610	1073	2	casterella	casterella	NOUN
ajfa-9610	1073	3	,	,	PUNCT
ajfa-9610	1073	4	j.	j.	PROPN
ajfa-9610	1073	5	r.	r.	PROPN
ajfa-9610	1073	6	,	,	PUNCT
ajfa-9610	1073	7	francis	francis	PROPN
ajfa-9610	1073	8	,	,	PUNCT
ajfa-9610	1073	9	j.	j.	PROPN
ajfa-9610	1073	10	r.	r.	PROPN
ajfa-9610	1073	11	,	,	PUNCT
ajfa-9610	1073	12	lewis	lewis	PROPN
ajfa-9610	1073	13	,	,	PUNCT
ajfa-9610	1073	14	b.	b.	PROPN
ajfa-9610	1073	15	l.	l.	PROPN
ajfa-9610	1073	16	,	,	PUNCT
ajfa-9610	1073	17	&	&	CCONJ
ajfa-9610	1073	18	walker	walker	PROPN
ajfa-9610	1073	19	,	,	PUNCT
ajfa-9610	1073	20	p.	p.	PROPN
ajfa-9610	1073	21	l.	l.	PROPN
ajfa-9610	1073	22	(	(	PUNCT
ajfa-9610	1073	23	2004	2004	NUM
ajfa-9610	1073	24	)	)	PUNCT
ajfa-9610	1073	25	.	.	PUNCT
ajfa-9610	1074	1	auditor	auditor	NOUN
ajfa-9610	1074	2	industry	industry	NOUN
ajfa-9610	1074	3	specialization	specialization	NOUN
ajfa-9610	1074	4	,	,	PUNCT
ajfa-9610	1074	5	client	client	NOUN
ajfa-9610	1074	6	bargaining	bargaining	NOUN
ajfa-9610	1074	7	power	power	NOUN
ajfa-9610	1074	8	,	,	PUNCT
ajfa-9610	1074	9	and	and	CCONJ
ajfa-9610	1074	10	audit	audit	NOUN
ajfa-9610	1074	11	pricing	pricing	NOUN
ajfa-9610	1074	12	.	.	PUNCT
ajfa-9610	1075	1	auditing	auditing	NOUN
ajfa-9610	1075	2	:	:	PUNCT
ajfa-9610	1075	3	a	a	DET
ajfa-9610	1075	4	journal	journal	NOUN
ajfa-9610	1075	5	of	of	ADP
ajfa-9610	1075	6	practice	practice	NOUN
ajfa-9610	1075	7	and	and	CCONJ
ajfa-9610	1075	8	theory	theory	NOUN
ajfa-9610	1075	9	,	,	PUNCT
ajfa-9610	1075	10	23(1	23(1	NOUN
ajfa-9610	1075	11	)	)	PUNCT
ajfa-9610	1075	12	,	,	PUNCT
ajfa-9610	1075	13	123	123	NUM
ajfa-9610	1075	14	-	-	SYM
ajfa-9610	1075	15	140	140	NUM
ajfa-9610	1075	16	.	.	PUNCT
ajfa-9610	1076	1	http://dx.doi.org/10.2308/aud.2004.23.1.123	http://dx.doi.org/10.2308/aud.2004.23.1.123	PROPN
ajfa-9610	1076	2	chen	chen	PROPN
ajfa-9610	1076	3	,	,	PUNCT
ajfa-9610	1076	4	y.	y.	PROPN
ajfa-9610	1076	5	m.	m.	PROPN
ajfa-9610	1076	6	,	,	PUNCT
ajfa-9610	1076	7	moroney	moroney	PROPN
ajfa-9610	1076	8	,	,	PUNCT
ajfa-9610	1076	9	r.	r.	PROPN
ajfa-9610	1076	10	,	,	PUNCT
ajfa-9610	1076	11	&	&	CCONJ
ajfa-9610	1076	12	houghton	houghton	PROPN
ajfa-9610	1076	13	,	,	PUNCT
ajfa-9610	1076	14	k.	k.	PROPN
ajfa-9610	1076	15	(	(	PUNCT
ajfa-9610	1076	16	2005	2005	NUM
ajfa-9610	1076	17	)	)	PUNCT
ajfa-9610	1076	18	.	.	PUNCT
ajfa-9610	1077	1	audit	audit	NOUN
ajfa-9610	1077	2	committee	committee	NOUN
ajfa-9610	1077	3	composition	composition	NOUN
ajfa-9610	1077	4	and	and	CCONJ
ajfa-9610	1077	5	the	the	DET
ajfa-9610	1077	6	use	use	NOUN
ajfa-9610	1077	7	of	of	ADP
ajfa-9610	1077	8	an	an	DET
ajfa-9610	1077	9	industry	industry	NOUN
ajfa-9610	1077	10	specialist	specialist	NOUN
ajfa-9610	1077	11	audit	audit	NOUN
ajfa-9610	1077	12	firm	firm	NOUN
ajfa-9610	1077	13	.	.	PUNCT
ajfa-9610	1078	1	accounting	accounting	PROPN
ajfa-9610	1078	2	&	&	CCONJ
ajfa-9610	1078	3	finance	finance	PROPN
ajfa-9610	1078	4	,	,	PUNCT
ajfa-9610	1078	5	45(2	45(2	NOUN
ajfa-9610	1078	6	)	)	PUNCT
ajfa-9610	1078	7	,	,	PUNCT
ajfa-9610	1078	8	217	217	NUM
ajfa-9610	1078	9	-	-	SYM
ajfa-9610	1078	10	239	239	NUM
ajfa-9610	1078	11	.	.	PUNCT
ajfa-9610	1079	1	http://dx.doi.org/10.1111/j.1467-629x.2004.00136.x	http://dx.doi.org/10.1111/j.1467-629x.2004.00136.x	ADJ
ajfa-9610	1079	2	chou	chou	NOUN
ajfa-9610	1079	3	,	,	PUNCT
ajfa-9610	1079	4	d.	d.	PROPN
ajfa-9610	1079	5	w.	w.	PROPN
ajfa-9610	1079	6	,	,	PUNCT
ajfa-9610	1079	7	wang	wang	PROPN
ajfa-9610	1079	8	,	,	PUNCT
ajfa-9610	1079	9	c.	c.	PROPN
ajfa-9610	1079	10	e.	e.	PROPN
ajfa-9610	1079	11	,	,	PUNCT
ajfa-9610	1079	12	chen	chen	PROPN
ajfa-9610	1079	13	,	,	PUNCT
ajfa-9610	1079	14	s.	s.	PROPN
ajfa-9610	1079	15	s.	s.	PROPN
ajfa-9610	1079	16	,	,	PUNCT
ajfa-9610	1079	17	&	&	CCONJ
ajfa-9610	1079	18	tsai	tsai	PROPN
ajfa-9610	1079	19	,	,	PUNCT
ajfa-9610	1079	20	s.	s.	PROPN
ajfa-9610	1079	21	(	(	PUNCT
ajfa-9610	1079	22	2009	2009	NUM
ajfa-9610	1079	23	)	)	PUNCT
ajfa-9610	1079	24	.	.	PUNCT
ajfa-9610	1080	1	earnings	earning	NOUN
ajfa-9610	1080	2	management	management	NOUN
ajfa-9610	1080	3	and	and	CCONJ
ajfa-9610	1080	4	the	the	DET
ajfa-9610	1080	5	long	long	ADV
ajfa-9610	1080	6	-	-	PUNCT
ajfa-9610	1080	7	run	run	NOUN
ajfa-9610	1080	8	underperformance	underperformance	NOUN
ajfa-9610	1080	9	of	of	ADP
ajfa-9610	1080	10	firms	firm	NOUN
ajfa-9610	1080	11	following	follow	VERB
ajfa-9610	1080	12	convertible	convertible	ADJ
ajfa-9610	1080	13	bond	bond	NOUN
ajfa-9610	1080	14	offers	offer	NOUN
ajfa-9610	1080	15	.	.	PUNCT
ajfa-9610	1081	1	journal	journal	NOUN
ajfa-9610	1081	2	of	of	ADP
ajfa-9610	1081	3	business	business	NOUN
ajfa-9610	1081	4	finance	finance	NOUN
ajfa-9610	1081	5	and	and	CCONJ
ajfa-9610	1081	6	accounting	accounting	NOUN
ajfa-9610	1081	7	,	,	PUNCT
ajfa-9610	1081	8	36(1	36(1	NUM
ajfa-9610	1081	9	-	-	SYM
ajfa-9610	1081	10	2	2	NUM
ajfa-9610	1081	11	)	)	PUNCT
ajfa-9610	1081	12	,	,	PUNCT
ajfa-9610	1081	13	73	73	NUM
ajfa-9610	1081	14	-	-	SYM
ajfa-9610	1081	15	98	98	NUM
ajfa-9610	1081	16	.	.	PUNCT
ajfa-9610	1082	1	http://dx.doi.org/10.1111/j.1468-5957.2008.02120.x	http://dx.doi.org/10.1111/j.1468-5957.2008.02120.x	NOUN
ajfa-9610	1082	2	cohen	cohen	PROPN
ajfa-9610	1082	3	,	,	PUNCT
ajfa-9610	1082	4	d.	d.	PROPN
ajfa-9610	1082	5	a.	a.	PROPN
ajfa-9610	1082	6	,	,	PUNCT
ajfa-9610	1082	7	&	&	CCONJ
ajfa-9610	1082	8	zarowin	zarowin	PROPN
ajfa-9610	1082	9	,	,	PUNCT
ajfa-9610	1082	10	p.	p.	NOUN
ajfa-9610	1082	11	(	(	PUNCT
ajfa-9610	1082	12	2010	2010	NUM
ajfa-9610	1082	13	)	)	PUNCT
ajfa-9610	1082	14	.	.	PUNCT
ajfa-9610	1083	1	accrual	accrual	ADJ
ajfa-9610	1083	2	-	-	PUNCT
ajfa-9610	1083	3	based	base	VERB
ajfa-9610	1083	4	and	and	CCONJ
ajfa-9610	1083	5	real	real	ADJ
ajfa-9610	1083	6	earnings	earning	NOUN
ajfa-9610	1083	7	management	management	NOUN
ajfa-9610	1083	8	activities	activity	NOUN
ajfa-9610	1083	9	around	around	ADP
ajfa-9610	1083	10	seasoned	seasoned	ADJ
ajfa-9610	1083	11	equity	equity	NOUN
ajfa-9610	1083	12	offerings	offering	NOUN
ajfa-9610	1083	13	.	.	PUNCT
ajfa-9610	1084	1	journal	journal	NOUN
ajfa-9610	1084	2	of	of	ADP
ajfa-9610	1084	3	accounting	accounting	NOUN
ajfa-9610	1084	4	and	and	CCONJ
ajfa-9610	1084	5	economics	economic	NOUN
ajfa-9610	1084	6	,	,	PUNCT
ajfa-9610	1084	7	50(1	50(1	NUM
ajfa-9610	1084	8	)	)	PUNCT
ajfa-9610	1084	9	,	,	PUNCT
ajfa-9610	1084	10	2	2	NUM
ajfa-9610	1084	11	-	-	SYM
ajfa-9610	1084	12	19	19	NUM
ajfa-9610	1084	13	.	.	PUNCT
ajfa-9610	1085	1	http://dx.doi.org/10.1016/j.jacceco.2010.01.002	http://dx.doi.org/10.1016/j.jacceco.2010.01.002	PROPN
ajfa-9610	1085	2	cotten	cotten	PROPN
ajfa-9610	1085	3	,	,	PUNCT
ajfa-9610	1085	4	b.	b.	PROPN
ajfa-9610	1085	5	d.	d.	PROPN
ajfa-9610	1085	6	(	(	PUNCT
ajfa-9610	1085	7	2008	2008	NUM
ajfa-9610	1085	8	)	)	PUNCT
ajfa-9610	1085	9	.	.	PUNCT
ajfa-9610	1086	1	earnings	earning	NOUN
ajfa-9610	1086	2	management	management	NOUN
ajfa-9610	1086	3	prior	prior	ADV
ajfa-9610	1086	4	to	to	ADP
ajfa-9610	1086	5	initial	initial	ADJ
ajfa-9610	1086	6	public	public	ADJ
ajfa-9610	1086	7	offerings	offering	NOUN
ajfa-9610	1086	8	:	:	PUNCT
ajfa-9610	1086	9	evidence	evidence	NOUN
ajfa-9610	1086	10	from	from	ADP
ajfa-9610	1086	11	secondary	secondary	ADJ
ajfa-9610	1086	12	share	share	NOUN
ajfa-9610	1086	13	data	datum	NOUN
ajfa-9610	1086	14	.	.	PUNCT
ajfa-9610	1087	1	quarterly	quarterly	ADJ
ajfa-9610	1087	2	journal	journal	NOUN
ajfa-9610	1087	3	of	of	ADP
ajfa-9610	1087	4	finance	finance	NOUN
ajfa-9610	1087	5	and	and	CCONJ
ajfa-9610	1087	6	accounting	accounting	NOUN
ajfa-9610	1087	7	,	,	PUNCT
ajfa-9610	1087	8	47(4	47(4	PROPN
ajfa-9610	1087	9	)	)	PUNCT
ajfa-9610	1087	10	,	,	PUNCT
ajfa-9610	1087	11	87	87	NUM
ajfa-9610	1087	12	-	-	SYM
ajfa-9610	1087	13	107	107	NUM
ajfa-9610	1087	14	.	.	PUNCT
ajfa-9610	1088	1	craswell	craswell	ADJ
ajfa-9610	1088	2	,	,	PUNCT
ajfa-9610	1088	3	a.	a.	NOUN
ajfa-9610	1088	4	t.	t.	PROPN
ajfa-9610	1088	5	,	,	PUNCT
ajfa-9610	1088	6	francis	francis	PROPN
ajfa-9610	1088	7	,	,	PUNCT
ajfa-9610	1088	8	j.	j.	PROPN
ajfa-9610	1088	9	r.	r.	PROPN
ajfa-9610	1088	10	,	,	PUNCT
ajfa-9610	1088	11	&	&	CCONJ
ajfa-9610	1088	12	taylor	taylor	PROPN
ajfa-9610	1088	13	,	,	PUNCT
ajfa-9610	1088	14	s.	s.	PROPN
ajfa-9610	1088	15	l.	l.	PROPN
ajfa-9610	1088	16	(	(	PUNCT
ajfa-9610	1088	17	1995	1995	NUM
ajfa-9610	1088	18	)	)	PUNCT
ajfa-9610	1088	19	.	.	PUNCT
ajfa-9610	1089	1	auditor	auditor	PROPN
ajfa-9610	1089	2	brand	brand	PROPN
ajfa-9610	1089	3	name	name	NOUN
ajfa-9610	1089	4	reputations	reputation	NOUN
ajfa-9610	1089	5	and	and	CCONJ
ajfa-9610	1089	6	industry	industry	NOUN
ajfa-9610	1089	7	specializations	specialization	NOUN
ajfa-9610	1089	8	.	.	PUNCT
ajfa-9610	1090	1	journal	journal	NOUN
ajfa-9610	1090	2	of	of	ADP
ajfa-9610	1090	3	accounting	accounting	NOUN
ajfa-9610	1090	4	and	and	CCONJ
ajfa-9610	1090	5	economics	economic	NOUN
ajfa-9610	1090	6	,	,	PUNCT
ajfa-9610	1090	7	20(3	20(3	NOUN
ajfa-9610	1090	8	)	)	PUNCT
ajfa-9610	1090	9	,	,	PUNCT
ajfa-9610	1090	10	297	297	NUM
ajfa-9610	1090	11	-	-	SYM
ajfa-9610	1090	12	322	322	NUM
ajfa-9610	1090	13	.	.	PUNCT
ajfa-9610	1091	1	http://dx.doi.org/10.1016/0165-4101(95)00403-3	http://dx.doi.org/10.1016/0165-4101(95)00403-3	PROPN
ajfa-9610	1091	2	davidson	davidson	PROPN
ajfa-9610	1091	3	,	,	PUNCT
ajfa-9610	1091	4	r.	r.	PROPN
ajfa-9610	1091	5	,	,	PUNCT
ajfa-9610	1091	6	goodwin	goodwin	PROPN
ajfa-9610	1091	7	-	-	PUNCT
ajfa-9610	1091	8	stewart	stewart	PROPN
ajfa-9610	1091	9	,	,	PUNCT
ajfa-9610	1091	10	j.	j.	PROPN
ajfa-9610	1091	11	,	,	PUNCT
ajfa-9610	1091	12	&	&	CCONJ
ajfa-9610	1091	13	kent	kent	PROPN
ajfa-9610	1091	14	,	,	PUNCT
ajfa-9610	1091	15	p.	p.	PROPN
ajfa-9610	1091	16	(	(	PUNCT
ajfa-9610	1091	17	2005	2005	NUM
ajfa-9610	1091	18	)	)	PUNCT
ajfa-9610	1091	19	.	.	PUNCT
ajfa-9610	1092	1	internal	internal	ADJ
ajfa-9610	1092	2	governance	governance	NOUN
ajfa-9610	1092	3	structures	structure	NOUN
ajfa-9610	1092	4	and	and	CCONJ
ajfa-9610	1092	5	earnings	earning	NOUN
ajfa-9610	1092	6	management	management	NOUN
ajfa-9610	1092	7	.	.	PUNCT
ajfa-9610	1093	1	accounting	accounting	PROPN
ajfa-9610	1093	2	&	&	CCONJ
ajfa-9610	1093	3	finance	finance	PROPN
ajfa-9610	1093	4	,	,	PUNCT
ajfa-9610	1093	5	45(2	45(2	NOUN
ajfa-9610	1093	6	)	)	PUNCT
ajfa-9610	1093	7	,	,	PUNCT
ajfa-9610	1093	8	241	241	PROPN
ajfa-9610	1093	9	-	-	SYM
ajfa-9610	1093	10	267	267	NUM
ajfa-9610	1093	11	.	.	PUNCT
ajfa-9610	1094	1	http://dx.doi.org/10.1111/j.1467-629x.2004.00132.x	http://dx.doi.org/10.1111/j.1467-629x.2004.00132.x	ADJ
ajfa-9610	1094	2	dechow	dechow	ADJ
ajfa-9610	1094	3	,	,	PUNCT
ajfa-9610	1094	4	p.	p.	NOUN
ajfa-9610	1094	5	m.	m.	NOUN
ajfa-9610	1094	6	,	,	PUNCT
ajfa-9610	1094	7	kothari	kothari	PROPN
ajfa-9610	1094	8	,	,	PUNCT
ajfa-9610	1094	9	s.	s.	PROPN
ajfa-9610	1094	10	p.	p.	PROPN
ajfa-9610	1094	11	,	,	PUNCT
ajfa-9610	1094	12	&	&	CCONJ
ajfa-9610	1094	13	watts	watts	PROPN
ajfa-9610	1094	14	,	,	PUNCT
ajfa-9610	1094	15	r.	r.	PROPN
ajfa-9610	1094	16	l.	l.	PROPN
ajfa-9610	1094	17	(	(	PUNCT
ajfa-9610	1094	18	1998	1998	NUM
ajfa-9610	1094	19	)	)	PUNCT
ajfa-9610	1094	20	.	.	PUNCT
ajfa-9610	1095	1	the	the	DET
ajfa-9610	1095	2	relation	relation	NOUN
ajfa-9610	1095	3	between	between	ADP
ajfa-9610	1095	4	earnings	earning	NOUN
ajfa-9610	1095	5	and	and	CCONJ
ajfa-9610	1095	6	cash	cash	NOUN
ajfa-9610	1095	7	flows	flow	NOUN
ajfa-9610	1095	8	.	.	PUNCT
ajfa-9610	1096	1	journal	journal	NOUN
ajfa-9610	1096	2	of	of	ADP
ajfa-9610	1096	3	accounting	accounting	NOUN
ajfa-9610	1096	4	and	and	CCONJ
ajfa-9610	1096	5	economics	economic	NOUN
ajfa-9610	1096	6	,	,	PUNCT
ajfa-9610	1096	7	25(2	25(2	NUM
ajfa-9610	1096	8	)	)	PUNCT
ajfa-9610	1096	9	,	,	PUNCT
ajfa-9610	1096	10	133	133	NUM
ajfa-9610	1096	11	-	-	SYM
ajfa-9610	1096	12	168	168	NUM
ajfa-9610	1096	13	.	.	PUNCT
ajfa-9610	1097	1	http://dx.doi.org/10.1016/s0165-4101(98)00020-2	http://dx.doi.org/10.1016/s0165-4101(98)00020-2	ADJ
ajfa-9610	1097	2	defond	defond	NOUN
ajfa-9610	1097	3	,	,	PUNCT
ajfa-9610	1097	4	m.	m.	NOUN
ajfa-9610	1097	5	l.	l.	PROPN
ajfa-9610	1097	6	,	,	PUNCT
ajfa-9610	1097	7	francis	francis	PROPN
ajfa-9610	1097	8	,	,	PUNCT
ajfa-9610	1097	9	j.	j.	PROPN
ajfa-9610	1097	10	r.	r.	PROPN
ajfa-9610	1097	11	,	,	PUNCT
ajfa-9610	1097	12	&	&	CCONJ
ajfa-9610	1097	13	wong	wong	PROPN
ajfa-9610	1097	14	,	,	PUNCT
ajfa-9610	1097	15	t.	t.	PROPN
ajfa-9610	1097	16	j.	j.	PROPN
ajfa-9610	1097	17	(	(	PUNCT
ajfa-9610	1097	18	2000	2000	NUM
ajfa-9610	1097	19	)	)	PUNCT
ajfa-9610	1097	20	.	.	PUNCT
ajfa-9610	1098	1	auditor	auditor	NOUN
ajfa-9610	1098	2	industry	industry	NOUN
ajfa-9610	1098	3	specialization	specialization	NOUN
ajfa-9610	1098	4	and	and	CCONJ
ajfa-9610	1098	5	market	market	NOUN
ajfa-9610	1098	6	segmentation	segmentation	NOUN
ajfa-9610	1098	7	:	:	PUNCT
ajfa-9610	1098	8	evidence	evidence	NOUN
ajfa-9610	1098	9	from	from	ADP
ajfa-9610	1098	10	hong	hong	PROPN
ajfa-9610	1098	11	kong	kong	PROPN
ajfa-9610	1098	12	.	.	PUNCT
ajfa-9610	1099	1	auditing	auditing	NOUN
ajfa-9610	1099	2	:	:	PUNCT
ajfa-9610	1099	3	a	a	DET
ajfa-9610	1099	4	journal	journal	NOUN
ajfa-9610	1099	5	of	of	ADP
ajfa-9610	1099	6	practice	practice	NOUN
ajfa-9610	1099	7	and	and	CCONJ
ajfa-9610	1099	8	theory	theory	NOUN
ajfa-9610	1099	9	,	,	PUNCT
ajfa-9610	1099	10	19(1	19(1	NUM
ajfa-9610	1099	11	)	)	PUNCT
ajfa-9610	1099	12	,	,	PUNCT
ajfa-9610	1099	13	49	49	NUM
ajfa-9610	1099	14	-	-	SYM
ajfa-9610	1099	15	66	66	NUM
ajfa-9610	1099	16	.	.	PUNCT
ajfa-9610	1100	1	http://dx.doi.org/10.2308/aud.2000.19.1.49	http://dx.doi.org/10.2308/aud.2000.19.1.49	NOUN
ajfa-9610	1100	2	ducharme	ducharme	PROPN
ajfa-9610	1100	3	,	,	PUNCT
ajfa-9610	1100	4	l.	l.	PROPN
ajfa-9610	1100	5	l.	l.	PROPN
ajfa-9610	1100	6	,	,	PUNCT
ajfa-9610	1100	7	malatesta	malatesta	PROPN
ajfa-9610	1100	8	,	,	PUNCT
ajfa-9610	1100	9	p.	p.	PROPN
ajfa-9610	1100	10	h.	h.	PROPN
ajfa-9610	1100	11	,	,	PUNCT
ajfa-9610	1100	12	&	&	CCONJ
ajfa-9610	1100	13	sefcik	sefcik	PROPN
ajfa-9610	1100	14	,	,	PUNCT
ajfa-9610	1100	15	s.	s.	PROPN
ajfa-9610	1100	16	e.	e.	PROPN
ajfa-9610	1100	17	(	(	PUNCT
ajfa-9610	1100	18	2001	2001	NUM
ajfa-9610	1100	19	)	)	PUNCT
ajfa-9610	1100	20	.	.	PUNCT
ajfa-9610	1101	1	earnings	earning	NOUN
ajfa-9610	1101	2	management	management	NOUN
ajfa-9610	1101	3	:	:	PUNCT
ajfa-9610	1101	4	ipo	ipo	NOUN
ajfa-9610	1101	5	valuation	valuation	NOUN
ajfa-9610	1101	6	and	and	CCONJ
ajfa-9610	1101	7	subsequent	subsequent	ADJ
ajfa-9610	1101	8	performance	performance	NOUN
ajfa-9610	1101	9	.	.	PUNCT
ajfa-9610	1102	1	journal	journal	NOUN
ajfa-9610	1102	2	of	of	ADP
ajfa-9610	1102	3	accounting	accounting	NOUN
ajfa-9610	1102	4	,	,	PUNCT
ajfa-9610	1102	5	auditing	auditing	NOUN
ajfa-9610	1102	6	and	and	CCONJ
ajfa-9610	1102	7	finance	finance	NOUN
ajfa-9610	1102	8	,	,	PUNCT
ajfa-9610	1102	9	16(4	16(4	NUM
ajfa-9610	1102	10	)	)	PUNCT
ajfa-9610	1102	11	,	,	PUNCT
ajfa-9610	1102	12	369	369	NUM
ajfa-9610	1102	13	-	-	SYM
ajfa-9610	1102	14	396	396	NUM
ajfa-9610	1102	15	.	.	PUNCT
ajfa-9610	1103	1	ducharme	ducharme	PROPN
ajfa-9610	1103	2	,	,	PUNCT
ajfa-9610	1103	3	l.	l.	PROPN
ajfa-9610	1103	4	l.	l.	PROPN
ajfa-9610	1103	5	,	,	PUNCT
ajfa-9610	1103	6	malatesta	malatesta	PROPN
ajfa-9610	1103	7	,	,	PUNCT
ajfa-9610	1103	8	p.	p.	PROPN
ajfa-9610	1103	9	h.	h.	PROPN
ajfa-9610	1103	10	,	,	PUNCT
ajfa-9610	1103	11	&	&	CCONJ
ajfa-9610	1103	12	sefcik	sefcik	PROPN
ajfa-9610	1103	13	,	,	PUNCT
ajfa-9610	1103	14	s.	s.	PROPN
ajfa-9610	1103	15	e.	e.	PROPN
ajfa-9610	1103	16	(	(	PUNCT
ajfa-9610	1103	17	2004	2004	NUM
ajfa-9610	1103	18	)	)	PUNCT
ajfa-9610	1103	19	.	.	PUNCT
ajfa-9610	1104	1	earnings	earning	NOUN
ajfa-9610	1104	2	management	management	NOUN
ajfa-9610	1104	3	,	,	PUNCT
ajfa-9610	1104	4	stock	stock	NOUN
ajfa-9610	1104	5	issues	issue	NOUN
ajfa-9610	1104	6	,	,	PUNCT
ajfa-9610	1104	7	and	and	CCONJ
ajfa-9610	1104	8	shareholder	shareholder	NOUN
ajfa-9610	1104	9	lawsuits	lawsuit	NOUN
ajfa-9610	1104	10	.	.	PUNCT
ajfa-9610	1105	1	journal	journal	PROPN
ajfa-9610	1105	2	of	of	ADP
ajfa-9610	1105	3	financial	financial	ADJ
ajfa-9610	1105	4	economics	economic	NOUN
ajfa-9610	1105	5	,	,	PUNCT
ajfa-9610	1105	6	71(1	71(1	NUM
ajfa-9610	1105	7	)	)	PUNCT
ajfa-9610	1105	8	,	,	PUNCT
ajfa-9610	1105	9	27	27	NUM
ajfa-9610	1105	10	-	-	SYM
ajfa-9610	1105	11	49	49	NUM
ajfa-9610	1105	12	.	.	PUNCT
ajfa-9610	1105	13	http://dx.doi.org/10.1016/s0304-405x(03)00182-x	http://dx.doi.org/10.1016/s0304-405x(03)00182-x	PUNCT
ajfa-9610	1106	1	dye	dye	PROPN
ajfa-9610	1106	2	,	,	PUNCT
ajfa-9610	1106	3	r.	r.	PROPN
ajfa-9610	1106	4	a.	a.	PROPN
ajfa-9610	1106	5	(	(	PUNCT
ajfa-9610	1106	6	1988	1988	NUM
ajfa-9610	1106	7	)	)	PUNCT
ajfa-9610	1106	8	.	.	PUNCT
ajfa-9610	1107	1	earnings	earning	NOUN
ajfa-9610	1107	2	management	management	NOUN
ajfa-9610	1107	3	in	in	ADP
ajfa-9610	1107	4	an	an	DET
ajfa-9610	1107	5	overlapping	overlap	VERB
ajfa-9610	1107	6	generations	generation	NOUN
ajfa-9610	1107	7	model	model	NOUN
ajfa-9610	1107	8	.	.	PUNCT
ajfa-9610	1108	1	journal	journal	PROPN
ajfa-9610	1108	2	of	of	ADP
ajfa-9610	1108	3	accounting	accounting	NOUN
ajfa-9610	1108	4	research	research	NOUN
ajfa-9610	1108	5	,	,	PUNCT
ajfa-9610	1108	6	26(2	26(2	NUM
ajfa-9610	1108	7	)	)	PUNCT
ajfa-9610	1108	8	,	,	PUNCT
ajfa-9610	1108	9	195	195	NUM
ajfa-9610	1108	10	-	-	SYM
ajfa-9610	1108	11	235	235	NUM
ajfa-9610	1108	12	.	.	PUNCT
ajfa-9610	1109	1	http://dx.doi.org/10.2307/2491102	http://dx.doi.org/10.2307/2491102	PROPN
ajfa-9610	1109	2	asian	asian	PROPN
ajfa-9610	1109	3	journal	journal	PROPN
ajfa-9610	1109	4	of	of	ADP
ajfa-9610	1109	5	finance	finance	PROPN
ajfa-9610	1109	6	&	&	CCONJ
ajfa-9610	1109	7	accounting	accounting	PROPN
ajfa-9610	1109	8	issn	issn	PROPN
ajfa-9610	1109	9	1946	1946	NUM
ajfa-9610	1109	10	-	-	PUNCT
ajfa-9610	1109	11	052x	052x	PROPN
ajfa-9610	1109	12	2016	2016	NUM
ajfa-9610	1109	13	,	,	PUNCT
ajfa-9610	1109	14	vol	vol	NOUN
ajfa-9610	1109	15	.	.	PROPN
ajfa-9610	1109	16	8	8	NUM
ajfa-9610	1109	17	,	,	PUNCT
ajfa-9610	1109	18	no	no	INTJ
ajfa-9610	1109	19	.	.	NOUN
ajfa-9610	1109	20	1	1	NUM
ajfa-9610	1109	21	ajfa.macrothink.org	ajfa.macrothink.org	PROPN
ajfa-9610	1109	22	275	275	NUM
ajfa-9610	1109	23	ferguson	ferguson	NOUN
ajfa-9610	1109	24	,	,	PUNCT
ajfa-9610	1109	25	a.	a.	NOUN
ajfa-9610	1109	26	,	,	PUNCT
ajfa-9610	1109	27	&	&	CCONJ
ajfa-9610	1109	28	stokes	stokes	PROPN
ajfa-9610	1109	29	,	,	PUNCT
ajfa-9610	1109	30	d.	d.	PROPN
ajfa-9610	1109	31	(	(	PUNCT
ajfa-9610	1109	32	2002	2002	NUM
ajfa-9610	1109	33	)	)	PUNCT
ajfa-9610	1109	34	.	.	PUNCT
ajfa-9610	1110	1	brand	brand	NOUN
ajfa-9610	1110	2	name	name	NOUN
ajfa-9610	1110	3	audit	audit	NOUN
ajfa-9610	1110	4	pricing	pricing	NOUN
ajfa-9610	1110	5	,	,	PUNCT
ajfa-9610	1110	6	industry	industry	NOUN
ajfa-9610	1110	7	specialization	specialization	NOUN
ajfa-9610	1110	8	,	,	PUNCT
ajfa-9610	1110	9	and	and	CCONJ
ajfa-9610	1110	10	leadership	leadership	NOUN
ajfa-9610	1110	11	premiums	premium	NOUN
ajfa-9610	1110	12	post	post	ADJ
ajfa-9610	1110	13	-	-	ADJ
ajfa-9610	1110	14	big	big	ADJ
ajfa-9610	1110	15	8	8	NUM
ajfa-9610	1110	16	and	and	CCONJ
ajfa-9610	1110	17	big	big	ADJ
ajfa-9610	1110	18	6	6	NUM
ajfa-9610	1110	19	mergers	merger	NOUN
ajfa-9610	1110	20	.	.	PUNCT
ajfa-9610	1111	1	contemporary	contemporary	ADJ
ajfa-9610	1111	2	accounting	accounting	NOUN
ajfa-9610	1111	3	research	research	NOUN
ajfa-9610	1111	4	,	,	PUNCT
ajfa-9610	1111	5	19(1	19(1	NUM
ajfa-9610	1111	6	)	)	PUNCT
ajfa-9610	1111	7	,	,	PUNCT
ajfa-9610	1111	8	77	77	NUM
ajfa-9610	1111	9	-	-	SYM
ajfa-9610	1111	10	110	110	NUM
ajfa-9610	1111	11	.	.	PUNCT
ajfa-9610	1112	1	http://dx.doi.org/10.1506/vf1t-vrt0-5lb3-766	http://dx.doi.org/10.1506/vf1t-vrt0-5lb3-766	PROPN
ajfa-9610	1112	2	m	m	PROPN
ajfa-9610	1112	3	ferguson	ferguson	PROPN
ajfa-9610	1112	4	,	,	PUNCT
ajfa-9610	1112	5	a.	a.	PROPN
ajfa-9610	1112	6	,	,	PUNCT
ajfa-9610	1112	7	francis	francis	PROPN
ajfa-9610	1112	8	,	,	PUNCT
ajfa-9610	1112	9	j.	j.	PROPN
ajfa-9610	1112	10	r.	r.	PROPN
ajfa-9610	1112	11	,	,	PUNCT
ajfa-9610	1112	12	&	&	CCONJ
ajfa-9610	1112	13	stokes	stokes	PROPN
ajfa-9610	1112	14	,	,	PUNCT
ajfa-9610	1112	15	d.	d.	PROPN
ajfa-9610	1112	16	(	(	PUNCT
ajfa-9610	1112	17	2003	2003	NUM
ajfa-9610	1112	18	)	)	PUNCT
ajfa-9610	1112	19	.	.	PUNCT
ajfa-9610	1113	1	the	the	DET
ajfa-9610	1113	2	effects	effect	NOUN
ajfa-9610	1113	3	of	of	ADP
ajfa-9610	1113	4	firm	firm	ADJ
ajfa-9610	1113	5	-	-	PUNCT
ajfa-9610	1113	6	wide	wide	ADJ
ajfa-9610	1113	7	and	and	CCONJ
ajfa-9610	1113	8	office	office	NOUN
ajfa-9610	1113	9	-	-	PUNCT
ajfa-9610	1113	10	level	level	NOUN
ajfa-9610	1113	11	industry	industry	NOUN
ajfa-9610	1113	12	expertise	expertise	NOUN
ajfa-9610	1113	13	on	on	ADP
ajfa-9610	1113	14	audit	audit	NOUN
ajfa-9610	1113	15	pricing	pricing	NOUN
ajfa-9610	1113	16	.	.	PUNCT
ajfa-9610	1114	1	the	the	DET
ajfa-9610	1114	2	accounting	accounting	NOUN
ajfa-9610	1114	3	review	review	NOUN
ajfa-9610	1114	4	,	,	PUNCT
ajfa-9610	1114	5	78(2	78(2	PROPN
ajfa-9610	1114	6	)	)	PUNCT
ajfa-9610	1114	7	,	,	PUNCT
ajfa-9610	1114	8	429	429	NUM
ajfa-9610	1114	9	-	-	SYM
ajfa-9610	1114	10	448	448	NUM
ajfa-9610	1114	11	.	.	PUNCT
ajfa-9610	1115	1	http://dx.doi.org/10.2308/accr.2003.78.2.429	http://dx.doi.org/10.2308/accr.2003.78.2.429	PROPN
ajfa-9610	1115	2	ferguson	ferguson	PROPN
ajfa-9610	1115	3	,	,	PUNCT
ajfa-9610	1115	4	m.	m.	NOUN
ajfa-9610	1115	5	j.	j.	PROPN
ajfa-9610	1115	6	,	,	PUNCT
ajfa-9610	1115	7	seow	seow	PROPN
ajfa-9610	1115	8	,	,	PUNCT
ajfa-9610	1115	9	g.	g.	PROPN
ajfa-9610	1115	10	s.	s.	PROPN
ajfa-9610	1115	11	,	,	PUNCT
ajfa-9610	1115	12	&	&	CCONJ
ajfa-9610	1115	13	young	young	PROPN
ajfa-9610	1115	14	,	,	PUNCT
ajfa-9610	1115	15	d.	d.	PROPN
ajfa-9610	1115	16	(	(	PUNCT
ajfa-9610	1115	17	2004	2004	NUM
ajfa-9610	1115	18	)	)	PUNCT
ajfa-9610	1115	19	.	.	PUNCT
ajfa-9610	1116	1	nonaudit	nonaudit	PROPN
ajfa-9610	1116	2	services	service	NOUN
ajfa-9610	1116	3	and	and	CCONJ
ajfa-9610	1116	4	earnings	earning	NOUN
ajfa-9610	1116	5	management	management	NOUN
ajfa-9610	1116	6	:	:	PUNCT
ajfa-9610	1116	7	uk	uk	PROPN
ajfa-9610	1116	8	evidence	evidence	NOUN
ajfa-9610	1116	9	.	.	PUNCT
ajfa-9610	1117	1	contemporary	contemporary	ADJ
ajfa-9610	1117	2	accounting	accounting	NOUN
ajfa-9610	1117	3	research	research	PROPN
ajfa-9610	1117	4	,	,	PUNCT
ajfa-9610	1117	5	21(4	21(4	NUM
ajfa-9610	1117	6	)	)	PUNCT
ajfa-9610	1117	7	,	,	PUNCT
ajfa-9610	1117	8	813	813	NUM
ajfa-9610	1117	9	-	-	SYM
ajfa-9610	1117	10	841	841	NUM
ajfa-9610	1117	11	.	.	PUNCT
ajfa-9610	1118	1	http://dx.doi.org/10.1506/mfv5-9t3q-h5rk-vc20	http://dx.doi.org/10.1506/mfv5-9t3q-h5rk-vc20	NOUN
ajfa-9610	1118	2	fields	field	NOUN
ajfa-9610	1118	3	,	,	PUNCT
ajfa-9610	1118	4	t.	t.	PROPN
ajfa-9610	1118	5	d.	d.	PROPN
ajfa-9610	1118	6	,	,	PUNCT
ajfa-9610	1118	7	lys	lys	PROPN
ajfa-9610	1118	8	,	,	PUNCT
ajfa-9610	1118	9	t.	t.	PROPN
ajfa-9610	1118	10	z.	z.	PROPN
ajfa-9610	1118	11	,	,	PUNCT
ajfa-9610	1118	12	&	&	CCONJ
ajfa-9610	1118	13	vincent	vincent	PROPN
ajfa-9610	1118	14	,	,	PUNCT
ajfa-9610	1118	15	l.	l.	PROPN
ajfa-9610	1118	16	(	(	PUNCT
ajfa-9610	1118	17	2001	2001	NUM
ajfa-9610	1118	18	)	)	PUNCT
ajfa-9610	1118	19	.	.	PUNCT
ajfa-9610	1119	1	empirical	empirical	ADJ
ajfa-9610	1119	2	research	research	NOUN
ajfa-9610	1119	3	on	on	ADP
ajfa-9610	1119	4	accounting	accounting	NOUN
ajfa-9610	1119	5	choice	choice	NOUN
ajfa-9610	1119	6	.	.	PUNCT
ajfa-9610	1120	1	journal	journal	NOUN
ajfa-9610	1120	2	of	of	ADP
ajfa-9610	1120	3	accounting	accounting	NOUN
ajfa-9610	1120	4	and	and	CCONJ
ajfa-9610	1120	5	economics	economic	NOUN
ajfa-9610	1120	6	,	,	PUNCT
ajfa-9610	1120	7	31(1	31(1	NUM
ajfa-9610	1120	8	-	-	SYM
ajfa-9610	1120	9	3	3	NUM
ajfa-9610	1120	10	)	)	PUNCT
ajfa-9610	1120	11	,	,	PUNCT
ajfa-9610	1120	12	255	255	NUM
ajfa-9610	1120	13	-	-	SYM
ajfa-9610	1120	14	307	307	NUM
ajfa-9610	1120	15	.	.	PUNCT
ajfa-9610	1121	1	http://dx.doi.org/10.1016/s0165-4101(01)00028-3	http://dx.doi.org/10.1016/s0165-4101(01)00028-3	PROPN
ajfa-9610	1121	2	francis	francis	PROPN
ajfa-9610	1121	3	,	,	PUNCT
ajfa-9610	1121	4	j.	j.	PROPN
ajfa-9610	1121	5	r.	r.	PROPN
ajfa-9610	1121	6	,	,	PUNCT
ajfa-9610	1121	7	maydew	maydew	PROPN
ajfa-9610	1121	8	,	,	PUNCT
ajfa-9610	1121	9	e.	e.	PROPN
ajfa-9610	1121	10	l.	l.	PROPN
ajfa-9610	1121	11	,	,	PUNCT
ajfa-9610	1121	12	&	&	CCONJ
ajfa-9610	1121	13	sparks	spark	VERB
ajfa-9610	1121	14	,	,	PUNCT
ajfa-9610	1121	15	h.	h.	PROPN
ajfa-9610	1121	16	c.	c.	PROPN
ajfa-9610	1121	17	(	(	PUNCT
ajfa-9610	1121	18	1999	1999	NUM
ajfa-9610	1121	19	)	)	PUNCT
ajfa-9610	1121	20	.	.	PUNCT
ajfa-9610	1122	1	the	the	DET
ajfa-9610	1122	2	role	role	NOUN
ajfa-9610	1122	3	of	of	ADP
ajfa-9610	1122	4	big	big	ADJ
ajfa-9610	1122	5	6	6	NUM
ajfa-9610	1122	6	auditors	auditor	NOUN
ajfa-9610	1122	7	in	in	ADP
ajfa-9610	1122	8	the	the	DET
ajfa-9610	1122	9	credible	credible	ADJ
ajfa-9610	1122	10	reporting	reporting	NOUN
ajfa-9610	1122	11	of	of	ADP
ajfa-9610	1122	12	accruals	accrual	NOUN
ajfa-9610	1122	13	.	.	PUNCT
ajfa-9610	1123	1	auditing	auditing	NOUN
ajfa-9610	1123	2	:	:	PUNCT
ajfa-9610	1123	3	a	a	DET
ajfa-9610	1123	4	journal	journal	NOUN
ajfa-9610	1123	5	of	of	ADP
ajfa-9610	1123	6	practice	practice	NOUN
ajfa-9610	1123	7	and	and	CCONJ
ajfa-9610	1123	8	theory	theory	NOUN
ajfa-9610	1123	9	,	,	PUNCT
ajfa-9610	1123	10	18(2	18(2	NUM
ajfa-9610	1123	11	)	)	PUNCT
ajfa-9610	1123	12	,	,	PUNCT
ajfa-9610	1123	13	17	17	NUM
ajfa-9610	1123	14	-	-	SYM
ajfa-9610	1123	15	34	34	NUM
ajfa-9610	1123	16	.	.	PUNCT
ajfa-9610	1124	1	http://dx.doi.org/10.2308/aud.1999.18.2.17	http://dx.doi.org/10.2308/aud.1999.18.2.17	PROPN
ajfa-9610	1124	2	frank	frank	PROPN
ajfa-9610	1124	3	,	,	PUNCT
ajfa-9610	1124	4	m.	m.	PROPN
ajfa-9610	1124	5	z.	z.	PROPN
ajfa-9610	1124	6	,	,	PUNCT
ajfa-9610	1124	7	&	&	CCONJ
ajfa-9610	1124	8	goyal	goyal	PROPN
ajfa-9610	1124	9	,	,	PUNCT
ajfa-9610	1124	10	v.	v.	PROPN
ajfa-9610	1124	11	k.	k.	PROPN
ajfa-9610	1124	12	(	(	PUNCT
ajfa-9610	1124	13	2008	2008	NUM
ajfa-9610	1124	14	)	)	PUNCT
ajfa-9610	1124	15	.	.	PUNCT
ajfa-9610	1125	1	trade	trade	NOUN
ajfa-9610	1125	2	-	-	PUNCT
ajfa-9610	1125	3	off	off	NOUN
ajfa-9610	1125	4	and	and	CCONJ
ajfa-9610	1125	5	pecking	pecking	NOUN
ajfa-9610	1125	6	order	order	NOUN
ajfa-9610	1125	7	theories	theory	NOUN
ajfa-9610	1125	8	of	of	ADP
ajfa-9610	1125	9	debt	debt	NOUN
ajfa-9610	1125	10	,	,	PUNCT
ajfa-9610	1125	11	in	in	ADP
ajfa-9610	1125	12	:	:	PUNCT
ajfa-9610	1125	13	eckbo	eckbo	PROPN
ajfa-9610	1125	14	,	,	PUNCT
ajfa-9610	1125	15	e.	e.	PROPN
ajfa-9610	1125	16	:	:	PUNCT
ajfa-9610	1125	17	handbook	handbook	NOUN
ajfa-9610	1125	18	of	of	ADP
ajfa-9610	1125	19	corporate	corporate	ADJ
ajfa-9610	1125	20	finance	finance	NOUN
ajfa-9610	1125	21	:	:	PUNCT
ajfa-9610	1125	22	empirical	empirical	ADJ
ajfa-9610	1125	23	corporate	corporate	ADJ
ajfa-9610	1125	24	finance	finance	NOUN
ajfa-9610	1125	25	,	,	PUNCT
ajfa-9610	1125	26	2	2	NUM
ajfa-9610	1125	27	.	.	X
ajfa-9610	1125	28	frankel	frankel	PROPN
ajfa-9610	1125	29	,	,	PUNCT
ajfa-9610	1125	30	r.	r.	PROPN
ajfa-9610	1125	31	m.	m.	PROPN
ajfa-9610	1125	32	,	,	PUNCT
ajfa-9610	1125	33	johnson	johnson	PROPN
ajfa-9610	1125	34	,	,	PUNCT
ajfa-9610	1125	35	m.	m.	PROPN
ajfa-9610	1125	36	f.	f.	PROPN
ajfa-9610	1125	37	,	,	PUNCT
ajfa-9610	1125	38	&	&	CCONJ
ajfa-9610	1125	39	nelson	nelson	PROPN
ajfa-9610	1125	40	,	,	PUNCT
ajfa-9610	1125	41	k.	k.	PROPN
ajfa-9610	1125	42	k.	k.	PROPN
ajfa-9610	1125	43	(	(	PUNCT
ajfa-9610	1125	44	2002	2002	NUM
ajfa-9610	1125	45	)	)	PUNCT
ajfa-9610	1125	46	.	.	PUNCT
ajfa-9610	1126	1	the	the	DET
ajfa-9610	1126	2	relation	relation	NOUN
ajfa-9610	1126	3	between	between	ADP
ajfa-9610	1126	4	auditors	auditor	NOUN
ajfa-9610	1126	5	'	'	PART
ajfa-9610	1126	6	fees	fee	NOUN
ajfa-9610	1126	7	for	for	ADP
ajfa-9610	1126	8	nonaudit	nonaudit	PROPN
ajfa-9610	1126	9	services	service	NOUN
ajfa-9610	1126	10	and	and	CCONJ
ajfa-9610	1126	11	earnings	earning	NOUN
ajfa-9610	1126	12	management	management	NOUN
ajfa-9610	1126	13	.	.	PUNCT
ajfa-9610	1127	1	the	the	DET
ajfa-9610	1127	2	accounting	accounting	NOUN
ajfa-9610	1127	3	review	review	NOUN
ajfa-9610	1127	4	,	,	PUNCT
ajfa-9610	1127	5	77(4	77(4	NUM
ajfa-9610	1127	6	)	)	PUNCT
ajfa-9610	1127	7	,	,	PUNCT
ajfa-9610	1127	8	71	71	NUM
ajfa-9610	1127	9	-	-	SYM
ajfa-9610	1127	10	105	105	NUM
ajfa-9610	1127	11	.	.	PUNCT
ajfa-9610	1128	1	http://dx.doi.org/10.2308/accr.2002.77.s-1.71	http://dx.doi.org/10.2308/accr.2002.77.s-1.71	PROPN
ajfa-9610	1128	2	ghosh	ghosh	PROPN
ajfa-9610	1128	3	,	,	PUNCT
ajfa-9610	1128	4	a.	a.	PROPN
ajfa-9610	1128	5	,	,	PUNCT
ajfa-9610	1128	6	&	&	CCONJ
ajfa-9610	1128	7	moon	moon	PROPN
ajfa-9610	1128	8	,	,	PUNCT
ajfa-9610	1128	9	d.	d.	PROPN
ajfa-9610	1128	10	(	(	PUNCT
ajfa-9610	1128	11	2005	2005	NUM
ajfa-9610	1128	12	)	)	PUNCT
ajfa-9610	1128	13	.	.	PUNCT
ajfa-9610	1129	1	auditor	auditor	NOUN
ajfa-9610	1129	2	tenure	tenure	NOUN
ajfa-9610	1129	3	and	and	CCONJ
ajfa-9610	1129	4	perceptions	perception	NOUN
ajfa-9610	1129	5	of	of	ADP
ajfa-9610	1129	6	audit	audit	NOUN
ajfa-9610	1129	7	quality	quality	NOUN
ajfa-9610	1129	8	.	.	PUNCT
ajfa-9610	1130	1	the	the	DET
ajfa-9610	1130	2	accounting	accounting	NOUN
ajfa-9610	1130	3	review	review	NOUN
ajfa-9610	1130	4	,	,	PUNCT
ajfa-9610	1130	5	80(2	80(2	NUM
ajfa-9610	1130	6	)	)	PUNCT
ajfa-9610	1130	7	,	,	PUNCT
ajfa-9610	1130	8	585	585	NUM
ajfa-9610	1130	9	-	-	SYM
ajfa-9610	1130	10	612	612	NUM
ajfa-9610	1130	11	.	.	PUNCT
ajfa-9610	1131	1	http://dx.doi.org/10.2308/accr.2005.80.2.585	http://dx.doi.org/10.2308/accr.2005.80.2.585	PROPN
ajfa-9610	1131	2	graham	graham	PROPN
ajfa-9610	1131	3	,	,	PUNCT
ajfa-9610	1131	4	j.	j.	PROPN
ajfa-9610	1131	5	r.	r.	PROPN
ajfa-9610	1131	6	,	,	PUNCT
ajfa-9610	1131	7	harvey	harvey	PROPN
ajfa-9610	1131	8	,	,	PUNCT
ajfa-9610	1131	9	c.	c.	PROPN
ajfa-9610	1131	10	r.	r.	PROPN
ajfa-9610	1131	11	,	,	PUNCT
ajfa-9610	1131	12	&	&	CCONJ
ajfa-9610	1131	13	rajgopal	rajgopal	PROPN
ajfa-9610	1131	14	,	,	PUNCT
ajfa-9610	1131	15	s.	s.	PROPN
ajfa-9610	1131	16	(	(	PUNCT
ajfa-9610	1131	17	2005	2005	NUM
ajfa-9610	1131	18	)	)	PUNCT
ajfa-9610	1131	19	.	.	PUNCT
ajfa-9610	1132	1	the	the	DET
ajfa-9610	1132	2	economic	economic	ADJ
ajfa-9610	1132	3	implications	implication	NOUN
ajfa-9610	1132	4	of	of	ADP
ajfa-9610	1132	5	corporate	corporate	ADJ
ajfa-9610	1132	6	financial	financial	ADJ
ajfa-9610	1132	7	reporting	reporting	NOUN
ajfa-9610	1132	8	.	.	PUNCT
ajfa-9610	1133	1	journal	journal	NOUN
ajfa-9610	1133	2	of	of	ADP
ajfa-9610	1133	3	accounting	accounting	NOUN
ajfa-9610	1133	4	and	and	CCONJ
ajfa-9610	1133	5	economics	economic	NOUN
ajfa-9610	1133	6	,	,	PUNCT
ajfa-9610	1133	7	40(1	40(1	NOUN
ajfa-9610	1133	8	-	-	SYM
ajfa-9610	1133	9	3	3	NUM
ajfa-9610	1133	10	)	)	PUNCT
ajfa-9610	1133	11	,	,	PUNCT
ajfa-9610	1133	12	3	3	NUM
ajfa-9610	1133	13	-	-	SYM
ajfa-9610	1133	14	73	73	NUM
ajfa-9610	1133	15	.	.	PUNCT
ajfa-9610	1134	1	http://dx.doi.org/10.1016/j.jacceco.2005.01.002	http://dx.doi.org/10.1016/j.jacceco.2005.01.002	NOUN
ajfa-9610	1134	2	gunny	gunny	NOUN
ajfa-9610	1134	3	,	,	PUNCT
ajfa-9610	1134	4	k.	k.	PROPN
ajfa-9610	1134	5	(	(	PUNCT
ajfa-9610	1134	6	2005	2005	NUM
ajfa-9610	1134	7	)	)	PUNCT
ajfa-9610	1134	8	.	.	PUNCT
ajfa-9610	1135	1	what	what	PRON
ajfa-9610	1135	2	are	be	AUX
ajfa-9610	1135	3	the	the	DET
ajfa-9610	1135	4	consequences	consequence	NOUN
ajfa-9610	1135	5	of	of	ADP
ajfa-9610	1135	6	real	real	ADJ
ajfa-9610	1135	7	earnings	earning	NOUN
ajfa-9610	1135	8	management	management	NOUN
ajfa-9610	1135	9	?	?	PUNCT
ajfa-9610	1136	1	working	work	VERB
ajfa-9610	1136	2	paper	paper	NOUN
ajfa-9610	1136	3	.	.	PUNCT
ajfa-9610	1137	1	healy	healy	PROPN
ajfa-9610	1137	2	,	,	PUNCT
ajfa-9610	1137	3	p.	p.	NOUN
ajfa-9610	1137	4	m.	m.	NOUN
ajfa-9610	1137	5	,	,	PUNCT
ajfa-9610	1137	6	&	&	CCONJ
ajfa-9610	1137	7	wahlen	wahlen	PROPN
ajfa-9610	1137	8	,	,	PUNCT
ajfa-9610	1137	9	j.	j.	PROPN
ajfa-9610	1137	10	m.	m.	PROPN
ajfa-9610	1137	11	(	(	PUNCT
ajfa-9610	1137	12	1999	1999	NUM
ajfa-9610	1137	13	)	)	PUNCT
ajfa-9610	1137	14	.	.	PUNCT
ajfa-9610	1138	1	a	a	DET
ajfa-9610	1138	2	review	review	NOUN
ajfa-9610	1138	3	of	of	ADP
ajfa-9610	1138	4	the	the	DET
ajfa-9610	1138	5	earnings	earning	NOUN
ajfa-9610	1138	6	management	management	NOUN
ajfa-9610	1138	7	literature	literature	NOUN
ajfa-9610	1138	8	and	and	CCONJ
ajfa-9610	1138	9	its	its	PRON
ajfa-9610	1138	10	implications	implication	NOUN
ajfa-9610	1138	11	for	for	ADP
ajfa-9610	1138	12	standard	standard	ADJ
ajfa-9610	1138	13	setting	setting	NOUN
ajfa-9610	1138	14	.	.	PUNCT
ajfa-9610	1139	1	accounting	accounting	NOUN
ajfa-9610	1139	2	horizons	horizon	NOUN
ajfa-9610	1139	3	,	,	PUNCT
ajfa-9610	1139	4	13(4	13(4	NUM
ajfa-9610	1139	5	)	)	PUNCT
ajfa-9610	1139	6	,	,	PUNCT
ajfa-9610	1139	7	365	365	NUM
ajfa-9610	1139	8	-	-	SYM
ajfa-9610	1139	9	383	383	NUM
ajfa-9610	1139	10	.	.	PUNCT
ajfa-9610	1140	1	http://dx.doi.org/10.2308/acch.1999.13.4.365	http://dx.doi.org/10.2308/acch.1999.13.4.365	PROPN
ajfa-9610	1140	2	heckman	heckman	PROPN
ajfa-9610	1140	3	,	,	PUNCT
ajfa-9610	1140	4	j.	j.	PROPN
ajfa-9610	1140	5	j.	j.	PROPN
ajfa-9610	1140	6	(	(	PUNCT
ajfa-9610	1140	7	1979	1979	NUM
ajfa-9610	1140	8	)	)	PUNCT
ajfa-9610	1140	9	.	.	PUNCT
ajfa-9610	1141	1	sample	sample	NOUN
ajfa-9610	1141	2	selection	selection	NOUN
ajfa-9610	1141	3	bias	bias	NOUN
ajfa-9610	1141	4	as	as	ADP
ajfa-9610	1141	5	a	a	DET
ajfa-9610	1141	6	specification	specification	NOUN
ajfa-9610	1141	7	error	error	NOUN
ajfa-9610	1141	8	.	.	PUNCT
ajfa-9610	1142	1	econometrica	econometrica	PROPN
ajfa-9610	1142	2	,	,	PUNCT
ajfa-9610	1142	3	47(1	47(1	NUM
ajfa-9610	1142	4	)	)	PUNCT
ajfa-9610	1142	5	,	,	PUNCT
ajfa-9610	1142	6	153	153	NUM
ajfa-9610	1142	7	-	-	SYM
ajfa-9610	1142	8	161	161	NUM
ajfa-9610	1142	9	.	.	PUNCT
ajfa-9610	1143	1	http://dx.doi.org/10.2307/1912352	http://dx.doi.org/10.2307/1912352	PROPN
ajfa-9610	1143	2	hogan	hogan	PROPN
ajfa-9610	1143	3	,	,	PUNCT
ajfa-9610	1143	4	c.	c.	PROPN
ajfa-9610	1143	5	e.	e.	PROPN
ajfa-9610	1143	6	,	,	PUNCT
ajfa-9610	1143	7	&	&	CCONJ
ajfa-9610	1143	8	jeter	jeter	PROPN
ajfa-9610	1143	9	,	,	PUNCT
ajfa-9610	1143	10	d.	d.	PROPN
ajfa-9610	1143	11	c.	c.	PROPN
ajfa-9610	1143	12	(	(	PUNCT
ajfa-9610	1143	13	1999	1999	NUM
ajfa-9610	1143	14	)	)	PUNCT
ajfa-9610	1143	15	.	.	PUNCT
ajfa-9610	1144	1	industry	industry	NOUN
ajfa-9610	1144	2	specialization	specialization	NOUN
ajfa-9610	1144	3	by	by	ADP
ajfa-9610	1144	4	auditors	auditor	NOUN
ajfa-9610	1144	5	.	.	PUNCT
ajfa-9610	1145	1	auditing	audit	VERB
ajfa-9610	1145	2	:	:	PUNCT
ajfa-9610	1145	3	a	a	DET
ajfa-9610	1145	4	journal	journal	NOUN
ajfa-9610	1145	5	of	of	ADP
ajfa-9610	1145	6	practice	practice	NOUN
ajfa-9610	1145	7	and	and	CCONJ
ajfa-9610	1145	8	theory	theory	NOUN
ajfa-9610	1145	9	,	,	PUNCT
ajfa-9610	1145	10	18(1	18(1	NUM
ajfa-9610	1145	11	)	)	PUNCT
ajfa-9610	1145	12	,	,	PUNCT
ajfa-9610	1145	13	1-17.http://dx.doi.org/10.2308/aud.1999.18.1.1	1-17.http://dx.doi.org/10.2308/aud.1999.18.1.1	NUM
ajfa-9610	1145	14	hribar	hribar	NOUN
ajfa-9610	1145	15	,	,	PUNCT
ajfa-9610	1145	16	p.	p.	PROPN
ajfa-9610	1145	17	,	,	PUNCT
ajfa-9610	1145	18	&	&	CCONJ
ajfa-9610	1145	19	collins	collins	PROPN
ajfa-9610	1145	20	,	,	PUNCT
ajfa-9610	1145	21	d.	d.	PROPN
ajfa-9610	1145	22	w.	w.	PROPN
ajfa-9610	1145	23	(	(	PUNCT
ajfa-9610	1145	24	2002	2002	NUM
ajfa-9610	1145	25	)	)	PUNCT
ajfa-9610	1145	26	.	.	PUNCT
ajfa-9610	1146	1	errors	error	NOUN
ajfa-9610	1146	2	in	in	ADP
ajfa-9610	1146	3	estimating	estimate	VERB
ajfa-9610	1146	4	accruals	accrual	NOUN
ajfa-9610	1146	5	:	:	PUNCT
ajfa-9610	1146	6	implications	implication	NOUN
ajfa-9610	1146	7	for	for	ADP
ajfa-9610	1146	8	empirical	empirical	ADJ
ajfa-9610	1146	9	research	research	NOUN
ajfa-9610	1146	10	.	.	PUNCT
ajfa-9610	1147	1	journal	journal	NOUN
ajfa-9610	1147	2	of	of	ADP
ajfa-9610	1147	3	accounting	accounting	NOUN
ajfa-9610	1147	4	research	research	NOUN
ajfa-9610	1147	5	,	,	PUNCT
ajfa-9610	1147	6	40(1	40(1	NOUN
ajfa-9610	1147	7	)	)	PUNCT
ajfa-9610	1147	8	,	,	PUNCT
ajfa-9610	1147	9	105	105	NUM
ajfa-9610	1147	10	-	-	SYM
ajfa-9610	1147	11	134	134	NUM
ajfa-9610	1147	12	.	.	PUNCT
ajfa-9610	1148	1	http://dx.doi.org/10.1111/1475-679x.00041	http://dx.doi.org/10.1111/1475-679x.00041	ADJ
ajfa-9610	1148	2	asian	asian	ADJ
ajfa-9610	1148	3	journal	journal	NOUN
ajfa-9610	1148	4	of	of	ADP
ajfa-9610	1148	5	finance	finance	PROPN
ajfa-9610	1148	6	&	&	CCONJ
ajfa-9610	1148	7	accounting	accounting	PROPN
ajfa-9610	1148	8	issn	issn	PROPN
ajfa-9610	1148	9	1946	1946	NUM
ajfa-9610	1148	10	-	-	PUNCT
ajfa-9610	1148	11	052x	052x	PROPN
ajfa-9610	1148	12	2016	2016	NUM
ajfa-9610	1148	13	,	,	PUNCT
ajfa-9610	1148	14	vol	vol	NOUN
ajfa-9610	1148	15	.	.	PROPN
ajfa-9610	1148	16	8	8	NUM
ajfa-9610	1148	17	,	,	PUNCT
ajfa-9610	1148	18	no	no	INTJ
ajfa-9610	1148	19	.	.	NOUN
ajfa-9610	1148	20	1	1	NUM
ajfa-9610	1148	21	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9610	1148	22	276	276	NUM
ajfa-9610	1148	23	jaggi	jaggi	NOUN
ajfa-9610	1148	24	,	,	PUNCT
ajfa-9610	1148	25	b.	b.	PROPN
ajfa-9610	1148	26	,	,	PUNCT
ajfa-9610	1148	27	&	&	CCONJ
ajfa-9610	1148	28	p.	p.	PROPN
ajfa-9610	1148	29	lee	lee	PROPN
ajfa-9610	1148	30	.	.	PUNCT
ajfa-9610	1149	1	(	(	PUNCT
ajfa-9610	1149	2	2002	2002	NUM
ajfa-9610	1149	3	)	)	PUNCT
ajfa-9610	1149	4	.	.	PUNCT
ajfa-9610	1150	1	earnings	earning	NOUN
ajfa-9610	1150	2	management	management	NOUN
ajfa-9610	1150	3	response	response	NOUN
ajfa-9610	1150	4	to	to	ADP
ajfa-9610	1150	5	debt	debt	NOUN
ajfa-9610	1150	6	covenant	covenant	ADJ
ajfa-9610	1150	7	violations	violation	NOUN
ajfa-9610	1150	8	and	and	CCONJ
ajfa-9610	1150	9	debt	debt	NOUN
ajfa-9610	1150	10	restructuring	restructuring	NOUN
ajfa-9610	1150	11	.	.	PUNCT
ajfa-9610	1151	1	journal	journal	NOUN
ajfa-9610	1151	2	of	of	ADP
ajfa-9610	1151	3	accounting	accounting	NOUN
ajfa-9610	1151	4	,	,	PUNCT
ajfa-9610	1151	5	auditing	auditing	NOUN
ajfa-9610	1151	6	and	and	CCONJ
ajfa-9610	1151	7	finance	finance	NOUN
ajfa-9610	1151	8	,	,	PUNCT
ajfa-9610	1151	9	17(4	17(4	NUM
ajfa-9610	1151	10	)	)	PUNCT
ajfa-9610	1151	11	,	,	PUNCT
ajfa-9610	1151	12	295	295	NUM
ajfa-9610	1151	13	-	-	SYM
ajfa-9610	1151	14	324	324	NUM
ajfa-9610	1151	15	.	.	PUNCT
ajfa-9610	1152	1	jelinek	jelinek	PROPN
ajfa-9610	1152	2	,	,	PUNCT
ajfa-9610	1152	3	k.	k.	PROPN
ajfa-9610	1152	4	(	(	PUNCT
ajfa-9610	1152	5	2007	2007	NUM
ajfa-9610	1152	6	)	)	PUNCT
ajfa-9610	1152	7	.	.	PUNCT
ajfa-9610	1153	1	the	the	DET
ajfa-9610	1153	2	effect	effect	NOUN
ajfa-9610	1153	3	of	of	ADP
ajfa-9610	1153	4	leverage	leverage	NOUN
ajfa-9610	1153	5	increases	increase	VERB
ajfa-9610	1153	6	on	on	ADP
ajfa-9610	1153	7	earnings	earning	NOUN
ajfa-9610	1153	8	management	management	NOUN
ajfa-9610	1153	9	.	.	PUNCT
ajfa-9610	1154	1	journal	journal	PROPN
ajfa-9610	1154	2	of	of	ADP
ajfa-9610	1154	3	business	business	PROPN
ajfa-9610	1154	4	&	&	CCONJ
ajfa-9610	1154	5	economic	economic	ADJ
ajfa-9610	1154	6	studies	study	NOUN
ajfa-9610	1154	7	,	,	PUNCT
ajfa-9610	1154	8	13(2	13(2	PROPN
ajfa-9610	1154	9	)	)	PUNCT
ajfa-9610	1154	10	,	,	PUNCT
ajfa-9610	1154	11	24	24	NUM
ajfa-9610	1154	12	-	-	SYM
ajfa-9610	1154	13	46	46	NUM
ajfa-9610	1154	14	.	.	PUNCT
ajfa-9610	1155	1	jeong	jeong	PROPN
ajfa-9610	1155	2	,	,	PUNCT
ajfa-9610	1155	3	s.	s.	PROPN
ajfa-9610	1155	4	w.	w.	PROPN
ajfa-9610	1155	5	,	,	PUNCT
ajfa-9610	1155	6	&	&	CCONJ
ajfa-9610	1155	7	rho	rho	PROPN
ajfa-9610	1155	8	,	,	PUNCT
ajfa-9610	1155	9	j.	j.	PROPN
ajfa-9610	1155	10	(	(	PUNCT
ajfa-9610	1155	11	2004	2004	NUM
ajfa-9610	1155	12	)	)	PUNCT
ajfa-9610	1155	13	.	.	PUNCT
ajfa-9610	1156	1	big	big	ADJ
ajfa-9610	1156	2	six	six	NUM
ajfa-9610	1156	3	auditors	auditor	NOUN
ajfa-9610	1156	4	and	and	CCONJ
ajfa-9610	1156	5	audit	audit	VERB
ajfa-9610	1156	6	quality	quality	NOUN
ajfa-9610	1156	7	:	:	PUNCT
ajfa-9610	1156	8	the	the	DET
ajfa-9610	1156	9	korean	korean	ADJ
ajfa-9610	1156	10	evidence	evidence	NOUN
ajfa-9610	1156	11	.	.	PUNCT
ajfa-9610	1157	1	the	the	DET
ajfa-9610	1157	2	international	international	ADJ
ajfa-9610	1157	3	journal	journal	NOUN
ajfa-9610	1157	4	of	of	ADP
ajfa-9610	1157	5	accounting	accounting	NOUN
ajfa-9610	1157	6	,	,	PUNCT
ajfa-9610	1157	7	39(2	39(2	NUM
ajfa-9610	1157	8	)	)	PUNCT
ajfa-9610	1157	9	,	,	PUNCT
ajfa-9610	1157	10	175	175	NUM
ajfa-9610	1157	11	-	-	SYM
ajfa-9610	1157	12	196	196	NUM
ajfa-9610	1157	13	.	.	PUNCT
ajfa-9610	1158	1	http://dx.doi.org/10.1016/j.intacc.2004.02.001	http://dx.doi.org/10.1016/j.intacc.2004.02.001	PROPN
ajfa-9610	1158	2	johnson	johnson	PROPN
ajfa-9610	1158	3	,	,	PUNCT
ajfa-9610	1158	4	v.	v.	PROPN
ajfa-9610	1158	5	e.	e.	PROPN
ajfa-9610	1158	6	,	,	PUNCT
ajfa-9610	1158	7	khurana	khurana	PROPN
ajfa-9610	1158	8	,	,	PUNCT
ajfa-9610	1158	9	i.	i.	PROPN
ajfa-9610	1158	10	k.	k.	PROPN
ajfa-9610	1158	11	,	,	PUNCT
ajfa-9610	1158	12	&	&	CCONJ
ajfa-9610	1158	13	reynolds	reynolds	PROPN
ajfa-9610	1158	14	,	,	PUNCT
ajfa-9610	1158	15	j.	j.	PROPN
ajfa-9610	1158	16	k.	k.	PROPN
ajfa-9610	1158	17	(	(	PUNCT
ajfa-9610	1158	18	2002	2002	NUM
ajfa-9610	1158	19	)	)	PUNCT
ajfa-9610	1158	20	.	.	PUNCT
ajfa-9610	1159	1	audit	audit	NOUN
ajfa-9610	1159	2	-	-	PUNCT
ajfa-9610	1159	3	firm	firm	NOUN
ajfa-9610	1159	4	tenure	tenure	NOUN
ajfa-9610	1159	5	and	and	CCONJ
ajfa-9610	1159	6	the	the	DET
ajfa-9610	1159	7	quality	quality	NOUN
ajfa-9610	1159	8	of	of	ADP
ajfa-9610	1159	9	financial	financial	ADJ
ajfa-9610	1159	10	reports	report	NOUN
ajfa-9610	1159	11	.	.	PUNCT
ajfa-9610	1160	1	contemporary	contemporary	ADJ
ajfa-9610	1160	2	accounting	accounting	NOUN
ajfa-9610	1160	3	research	research	PROPN
ajfa-9610	1160	4	,	,	PUNCT
ajfa-9610	1160	5	19(4	19(4	PROPN
ajfa-9610	1160	6	)	)	PUNCT
ajfa-9610	1160	7	,	,	PUNCT
ajfa-9610	1160	8	637	637	NUM
ajfa-9610	1160	9	-	-	SYM
ajfa-9610	1160	10	660	660	NUM
ajfa-9610	1160	11	.	.	PUNCT
ajfa-9610	1161	1	http://dx.doi.org/10.1506/llth-jxqv-8cew-8mxd	http://dx.doi.org/10.1506/llth-jxqv-8cew-8mxd	NOUN
ajfa-9610	1161	2	kim	kim	PROPN
ajfa-9610	1161	3	,	,	PUNCT
ajfa-9610	1161	4	y.	y.	PROPN
ajfa-9610	1161	5	,	,	PUNCT
ajfa-9610	1161	6	&	&	CCONJ
ajfa-9610	1161	7	park	park	PROPN
ajfa-9610	1161	8	,	,	PUNCT
ajfa-9610	1161	9	m.	m.	NOUN
ajfa-9610	1161	10	s.	s.	PROPN
ajfa-9610	1161	11	(	(	PUNCT
ajfa-9610	1161	12	2005	2005	NUM
ajfa-9610	1161	13	)	)	PUNCT
ajfa-9610	1161	14	.	.	PUNCT
ajfa-9610	1162	1	pricing	pricing	NOUN
ajfa-9610	1162	2	of	of	ADP
ajfa-9610	1162	3	seasoned	seasoned	ADJ
ajfa-9610	1162	4	equity	equity	NOUN
ajfa-9610	1162	5	offers	offer	NOUN
ajfa-9610	1162	6	and	and	CCONJ
ajfa-9610	1162	7	earnings	earning	NOUN
ajfa-9610	1162	8	management	management	NOUN
ajfa-9610	1162	9	.	.	PUNCT
ajfa-9610	1163	1	journal	journal	NOUN
ajfa-9610	1163	2	of	of	ADP
ajfa-9610	1163	3	financial	financial	ADJ
ajfa-9610	1163	4	and	and	CCONJ
ajfa-9610	1163	5	quantitative	quantitative	ADJ
ajfa-9610	1163	6	analysis	analysis	NOUN
ajfa-9610	1163	7	,	,	PUNCT
ajfa-9610	1163	8	40(2	40(2	NUM
ajfa-9610	1163	9	)	)	PUNCT
ajfa-9610	1163	10	,	,	PUNCT
ajfa-9610	1163	11	435	435	NUM
ajfa-9610	1163	12	-	-	SYM
ajfa-9610	1163	13	463	463	NUM
ajfa-9610	1163	14	.	.	PUNCT
ajfa-9610	1164	1	http://dx.doi.org/10.1017/s0022109000002374	http://dx.doi.org/10.1017/s0022109000002374	PROPN
ajfa-9610	1165	1	kim	kim	PROPN
ajfa-9610	1165	2	,	,	PUNCT
ajfa-9610	1165	3	y.	y.	PROPN
ajfa-9610	1165	4	,	,	PUNCT
ajfa-9610	1165	5	&	&	CCONJ
ajfa-9610	1165	6	park	park	PROPN
ajfa-9610	1165	7	,	,	PUNCT
ajfa-9610	1165	8	m.	m.	NOUN
ajfa-9610	1165	9	s.	s.	PROPN
ajfa-9610	1165	10	(	(	PUNCT
ajfa-9610	1165	11	2006	2006	NUM
ajfa-9610	1165	12	)	)	PUNCT
ajfa-9610	1165	13	.	.	PUNCT
ajfa-9610	1166	1	auditor	auditor	NOUN
ajfa-9610	1166	2	changes	change	NOUN
ajfa-9610	1166	3	and	and	CCONJ
ajfa-9610	1166	4	the	the	DET
ajfa-9610	1166	5	pricing	pricing	NOUN
ajfa-9610	1166	6	of	of	ADP
ajfa-9610	1166	7	seasoned	seasoned	ADJ
ajfa-9610	1166	8	equity	equity	NOUN
ajfa-9610	1166	9	offers	offer	NOUN
ajfa-9610	1166	10	.	.	PUNCT
ajfa-9610	1167	1	accounting	accounting	NOUN
ajfa-9610	1167	2	horizons	horizon	NOUN
ajfa-9610	1167	3	,	,	PUNCT
ajfa-9610	1167	4	20(4	20(4	NOUN
ajfa-9610	1167	5	)	)	PUNCT
ajfa-9610	1167	6	,	,	PUNCT
ajfa-9610	1167	7	333	333	NUM
ajfa-9610	1167	8	-	-	SYM
ajfa-9610	1167	9	349	349	NUM
ajfa-9610	1167	10	.	.	PUNCT
ajfa-9610	1168	1	http://dx.doi.org/10.2308/acch.2006.20.4.333	http://dx.doi.org/10.2308/acch.2006.20.4.333	PROPN
ajfa-9610	1168	2	kothari	kothari	PROPN
ajfa-9610	1168	3	,	,	PUNCT
ajfa-9610	1168	4	s.	s.	PROPN
ajfa-9610	1168	5	p.	p.	PROPN
ajfa-9610	1168	6	,	,	PUNCT
ajfa-9610	1168	7	leone	leone	PROPN
ajfa-9610	1168	8	,	,	PUNCT
ajfa-9610	1168	9	a.	a.	PROPN
ajfa-9610	1168	10	j.	j.	PROPN
ajfa-9610	1168	11	,	,	PUNCT
ajfa-9610	1168	12	&	&	CCONJ
ajfa-9610	1168	13	wasley	wasley	PROPN
ajfa-9610	1168	14	,	,	PUNCT
ajfa-9610	1168	15	c.	c.	PROPN
ajfa-9610	1168	16	e.	e.	PROPN
ajfa-9610	1168	17	(	(	PUNCT
ajfa-9610	1168	18	2005	2005	NUM
ajfa-9610	1168	19	)	)	PUNCT
ajfa-9610	1168	20	.	.	PUNCT
ajfa-9610	1169	1	performance	performance	NOUN
ajfa-9610	1169	2	matched	match	VERB
ajfa-9610	1169	3	discretionary	discretionary	ADJ
ajfa-9610	1169	4	accrual	accrual	ADJ
ajfa-9610	1169	5	measures	measure	NOUN
ajfa-9610	1169	6	.	.	PUNCT
ajfa-9610	1170	1	journal	journal	NOUN
ajfa-9610	1170	2	of	of	ADP
ajfa-9610	1170	3	accounting	accounting	NOUN
ajfa-9610	1170	4	and	and	CCONJ
ajfa-9610	1170	5	economics	economic	NOUN
ajfa-9610	1170	6	,	,	PUNCT
ajfa-9610	1170	7	39(1	39(1	NUM
ajfa-9610	1170	8	)	)	PUNCT
ajfa-9610	1170	9	,	,	PUNCT
ajfa-9610	1170	10	163	163	NUM
ajfa-9610	1170	11	-	-	SYM
ajfa-9610	1170	12	197	197	NUM
ajfa-9610	1170	13	.	.	PUNCT
ajfa-9610	1171	1	http://dx.doi.org/10.1016/j.jacceco.2004.11.002	http://dx.doi.org/10.1016/j.jacceco.2004.11.002	PROPN
ajfa-9610	1171	2	krishnan	krishnan	PROPN
ajfa-9610	1171	3	,	,	PUNCT
ajfa-9610	1171	4	g.	g.	PROPN
ajfa-9610	1171	5	v.	v.	PROPN
ajfa-9610	1171	6	(	(	PUNCT
ajfa-9610	1171	7	2003	2003	NUM
ajfa-9610	1171	8	)	)	PUNCT
ajfa-9610	1171	9	.	.	PUNCT
ajfa-9610	1172	1	does	do	AUX
ajfa-9610	1172	2	big	big	ADJ
ajfa-9610	1172	3	6	6	NUM
ajfa-9610	1172	4	auditor	auditor	NOUN
ajfa-9610	1172	5	industry	industry	NOUN
ajfa-9610	1172	6	expertise	expertise	NOUN
ajfa-9610	1172	7	constrain	constrain	VERB
ajfa-9610	1172	8	earnings	earning	NOUN
ajfa-9610	1172	9	management	management	NOUN
ajfa-9610	1172	10	?	?	PUNCT
ajfa-9610	1173	1	accounting	accounting	NOUN
ajfa-9610	1173	2	horizons	horizon	NOUN
ajfa-9610	1173	3	,	,	PUNCT
ajfa-9610	1173	4	17(supplement	17(supplement	NUM
ajfa-9610	1173	5	)	)	PUNCT
ajfa-9610	1173	6	,	,	PUNCT
ajfa-9610	1173	7	1	1	NUM
ajfa-9610	1173	8	-	-	SYM
ajfa-9610	1173	9	16	16	NUM
ajfa-9610	1173	10	.	.	PUNCT
ajfa-9610	1174	1	http://dx.doi.org/10.2308/acch.2003.17.s-1.1	http://dx.doi.org/10.2308/acch.2003.17.s-1.1	PROPN
ajfa-9610	1174	2	lewis	lewis	PROPN
ajfa-9610	1174	3	,	,	PUNCT
ajfa-9610	1174	4	c.	c.	PROPN
ajfa-9610	1174	5	m.	m.	NOUN
ajfa-9610	1174	6	,	,	PUNCT
ajfa-9610	1174	7	rogalski	rogalski	PROPN
ajfa-9610	1174	8	,	,	PUNCT
ajfa-9610	1174	9	r.	r.	PROPN
ajfa-9610	1174	10	j.	j.	PROPN
ajfa-9610	1174	11	,	,	PUNCT
ajfa-9610	1174	12	&	&	CCONJ
ajfa-9610	1174	13	seward	seward	PROPN
ajfa-9610	1174	14	,	,	PUNCT
ajfa-9610	1174	15	j.	j.	PROPN
ajfa-9610	1174	16	k.	k.	PROPN
ajfa-9610	1174	17	(	(	PUNCT
ajfa-9610	1174	18	2001	2001	NUM
ajfa-9610	1174	19	)	)	PUNCT
ajfa-9610	1174	20	.	.	PUNCT
ajfa-9610	1175	1	the	the	DET
ajfa-9610	1175	2	long	long	ADV
ajfa-9610	1175	3	-	-	PUNCT
ajfa-9610	1175	4	run	run	NOUN
ajfa-9610	1175	5	performance	performance	NOUN
ajfa-9610	1175	6	of	of	ADP
ajfa-9610	1175	7	firms	firm	NOUN
ajfa-9610	1175	8	that	that	PRON
ajfa-9610	1175	9	issue	issue	VERB
ajfa-9610	1175	10	convertible	convertible	ADJ
ajfa-9610	1175	11	debt	debt	NOUN
ajfa-9610	1175	12	:	:	PUNCT
ajfa-9610	1175	13	an	an	DET
ajfa-9610	1175	14	empirical	empirical	ADJ
ajfa-9610	1175	15	analysis	analysis	NOUN
ajfa-9610	1175	16	of	of	ADP
ajfa-9610	1175	17	operating	operating	NOUN
ajfa-9610	1175	18	characteristics	characteristic	NOUN
ajfa-9610	1175	19	and	and	CCONJ
ajfa-9610	1175	20	analyst	analyst	NOUN
ajfa-9610	1175	21	forecasts	forecast	NOUN
ajfa-9610	1175	22	.	.	PUNCT
ajfa-9610	1176	1	journal	journal	NOUN
ajfa-9610	1176	2	of	of	ADP
ajfa-9610	1176	3	corporate	corporate	ADJ
ajfa-9610	1176	4	finance	finance	NOUN
ajfa-9610	1176	5	,	,	PUNCT
ajfa-9610	1176	6	7(4	7(4	NUM
ajfa-9610	1176	7	)	)	PUNCT
ajfa-9610	1176	8	,	,	PUNCT
ajfa-9610	1176	9	447	447	NUM
ajfa-9610	1176	10	-	-	SYM
ajfa-9610	1176	11	474	474	NUM
ajfa-9610	1176	12	.	.	PUNCT
ajfa-9610	1177	1	http://dx.doi.org/10.1016/s0929-1199(01)00035-9	http://dx.doi.org/10.1016/s0929-1199(01)00035-9	PROPN
ajfa-9610	1177	2	lin	lin	PROPN
ajfa-9610	1177	3	,	,	PUNCT
ajfa-9610	1177	4	y.	y.	PROPN
ajfa-9610	1177	5	m.	m.	PROPN
ajfa-9610	1177	6	,	,	PUNCT
ajfa-9610	1177	7	&	&	CCONJ
ajfa-9610	1177	8	hsu	hsu	PROPN
ajfa-9610	1177	9	,	,	PUNCT
ajfa-9610	1177	10	s.	s.	PROPN
ajfa-9610	1177	11	c.	c.	PROPN
ajfa-9610	1177	12	(	(	PUNCT
ajfa-9610	1177	13	2011	2011	NUM
ajfa-9610	1177	14	)	)	PUNCT
ajfa-9610	1177	15	.	.	PUNCT
ajfa-9610	1178	1	financing	finance	VERB
ajfa-9610	1178	2	policy	policy	NOUN
ajfa-9610	1178	3	,	,	PUNCT
ajfa-9610	1178	4	earnings	earning	NOUN
ajfa-9610	1178	5	management	management	NOUN
ajfa-9610	1178	6	,	,	PUNCT
ajfa-9610	1178	7	and	and	CCONJ
ajfa-9610	1178	8	audit	audit	NOUN
ajfa-9610	1178	9	quality	quality	NOUN
ajfa-9610	1178	10	.	.	PUNCT
ajfa-9610	1179	1	2011	2011	NUM
ajfa-9610	1179	2	modern	modern	ADJ
ajfa-9610	1179	3	issues	issue	NOUN
ajfa-9610	1179	4	on	on	ADP
ajfa-9610	1179	5	accounting－academic	accounting－academic	ADJ
ajfa-9610	1179	6	symposium	symposium	NOUN
ajfa-9610	1179	7	,	,	PUNCT
ajfa-9610	1179	8	providence	providence	NOUN
ajfa-9610	1179	9	university	university	NOUN
ajfa-9610	1179	10	,	,	PUNCT
ajfa-9610	1179	11	taiwan	taiwan	PROPN
ajfa-9610	1179	12	.	.	PUNCT
ajfa-9610	1180	1	liu	liu	PROPN
ajfa-9610	1180	2	,	,	PUNCT
ajfa-9610	1180	3	y.	y.	PROPN
ajfa-9610	1180	4	,	,	PUNCT
ajfa-9610	1180	5	ning	ning	PROPN
ajfa-9610	1180	6	,	,	PUNCT
ajfa-9610	1180	7	y.	y.	PROPN
ajfa-9610	1180	8	,	,	PUNCT
ajfa-9610	1180	9	&	&	CCONJ
ajfa-9610	1180	10	davidson	davidson	PROPN
ajfa-9610	1180	11	iii	iii	PROPN
ajfa-9610	1180	12	,	,	PUNCT
ajfa-9610	1180	13	w.	w.	PROPN
ajfa-9610	1180	14	n.	n.	PROPN
ajfa-9610	1180	15	(	(	PUNCT
ajfa-9610	1180	16	2010	2010	NUM
ajfa-9610	1180	17	)	)	PUNCT
ajfa-9610	1180	18	.	.	PUNCT
ajfa-9610	1181	1	earnings	earning	NOUN
ajfa-9610	1181	2	management	management	NOUN
ajfa-9610	1181	3	surrounding	surround	VERB
ajfa-9610	1181	4	new	new	ADJ
ajfa-9610	1181	5	debt	debt	NOUN
ajfa-9610	1181	6	issues	issue	NOUN
ajfa-9610	1181	7	.	.	PUNCT
ajfa-9610	1182	1	the	the	DET
ajfa-9610	1182	2	financial	financial	PROPN
ajfa-9610	1182	3	review	review	NOUN
ajfa-9610	1182	4	,	,	PUNCT
ajfa-9610	1182	5	45(3	45(3	NUM
ajfa-9610	1182	6	)	)	PUNCT
ajfa-9610	1182	7	,	,	PUNCT
ajfa-9610	1182	8	659	659	NUM
ajfa-9610	1182	9	-	-	SYM
ajfa-9610	1182	10	681	681	NUM
ajfa-9610	1182	11	.	.	PUNCT
ajfa-9610	1183	1	http://dx.doi.org/10.1111/j.1540-6288.2010.00265.x	http://dx.doi.org/10.1111/j.1540-6288.2010.00265.x	PROPN
ajfa-9610	1183	2	mcvay	mcvay	PROPN
ajfa-9610	1183	3	,	,	PUNCT
ajfa-9610	1183	4	s.	s.	PROPN
ajfa-9610	1183	5	e.	e.	PROPN
ajfa-9610	1183	6	(	(	PUNCT
ajfa-9610	1183	7	2006	2006	NUM
ajfa-9610	1183	8	)	)	PUNCT
ajfa-9610	1183	9	.	.	PUNCT
ajfa-9610	1184	1	earnings	earning	NOUN
ajfa-9610	1184	2	management	management	NOUN
ajfa-9610	1184	3	using	use	VERB
ajfa-9610	1184	4	classification	classification	NOUN
ajfa-9610	1184	5	shifting	shifting	NOUN
ajfa-9610	1184	6	:	:	PUNCT
ajfa-9610	1184	7	an	an	DET
ajfa-9610	1184	8	examination	examination	NOUN
ajfa-9610	1184	9	of	of	ADP
ajfa-9610	1184	10	core	core	ADJ
ajfa-9610	1184	11	earnings	earning	NOUN
ajfa-9610	1184	12	and	and	CCONJ
ajfa-9610	1184	13	special	special	ADJ
ajfa-9610	1184	14	items	item	NOUN
ajfa-9610	1184	15	.	.	PUNCT
ajfa-9610	1185	1	the	the	DET
ajfa-9610	1185	2	accounting	accounting	NOUN
ajfa-9610	1185	3	review	review	PROPN
ajfa-9610	1185	4	,	,	PUNCT
ajfa-9610	1185	5	81(3	81(3	NUM
ajfa-9610	1185	6	)	)	PUNCT
ajfa-9610	1185	7	,	,	PUNCT
ajfa-9610	1185	8	501	501	NUM
ajfa-9610	1185	9	-	-	SYM
ajfa-9610	1185	10	531	531	NUM
ajfa-9610	1185	11	.	.	PUNCT
ajfa-9610	1186	1	http://dx.doi.org/10.2308/accr.2006.81.3.501	http://dx.doi.org/10.2308/accr.2006.81.3.501	PROPN
ajfa-9610	1186	2	myers	myer	NOUN
ajfa-9610	1186	3	,	,	PUNCT
ajfa-9610	1186	4	j.	j.	PROPN
ajfa-9610	1186	5	n.	n.	PROPN
ajfa-9610	1186	6	,	,	PUNCT
ajfa-9610	1186	7	myers	myers	PROPN
ajfa-9610	1186	8	,	,	PUNCT
ajfa-9610	1186	9	l.	l.	PROPN
ajfa-9610	1186	10	a.	a.	PROPN
ajfa-9610	1186	11	,	,	PUNCT
ajfa-9610	1186	12	&	&	CCONJ
ajfa-9610	1186	13	omer	omer	PROPN
ajfa-9610	1186	14	,	,	PUNCT
ajfa-9610	1186	15	t.	t.	PROPN
ajfa-9610	1186	16	c.	c.	PROPN
ajfa-9610	1186	17	(	(	PUNCT
ajfa-9610	1186	18	2003	2003	NUM
ajfa-9610	1186	19	)	)	PUNCT
ajfa-9610	1186	20	.	.	PUNCT
ajfa-9610	1187	1	exploring	explore	VERB
ajfa-9610	1187	2	the	the	DET
ajfa-9610	1187	3	term	term	NOUN
ajfa-9610	1187	4	of	of	ADP
ajfa-9610	1187	5	the	the	DET
ajfa-9610	1187	6	auditor	auditor	NOUN
ajfa-9610	1187	7	-	-	PUNCT
ajfa-9610	1187	8	client	client	NOUN
ajfa-9610	1187	9	relationship	relationship	NOUN
ajfa-9610	1187	10	and	and	CCONJ
ajfa-9610	1187	11	the	the	DET
ajfa-9610	1187	12	quality	quality	NOUN
ajfa-9610	1187	13	of	of	ADP
ajfa-9610	1187	14	earnings	earning	NOUN
ajfa-9610	1187	15	:	:	PUNCT
ajfa-9610	1187	16	a	a	DET
ajfa-9610	1187	17	case	case	NOUN
ajfa-9610	1187	18	for	for	ADP
ajfa-9610	1187	19	mandatory	mandatory	ADJ
ajfa-9610	1187	20	auditor	auditor	NOUN
ajfa-9610	1187	21	rotation	rotation	NOUN
ajfa-9610	1187	22	?	?	PUNCT
ajfa-9610	1188	1	the	the	DET
ajfa-9610	1188	2	accounting	accounting	NOUN
ajfa-9610	1188	3	review	review	NOUN
ajfa-9610	1188	4	,	,	PUNCT
ajfa-9610	1188	5	78(3	78(3	NOUN
ajfa-9610	1188	6	)	)	PUNCT
ajfa-9610	1188	7	,	,	PUNCT
ajfa-9610	1188	8	779	779	NUM
ajfa-9610	1188	9	-	-	SYM
ajfa-9610	1188	10	799	799	NUM
ajfa-9610	1188	11	.	.	PUNCT
ajfa-9610	1189	1	http://dx.doi.org/10.2308/accr.2003.78.3.779	http://dx.doi.org/10.2308/accr.2003.78.3.779	PROPN
ajfa-9610	1189	2	myers	myers	PROPN
ajfa-9610	1189	3	,	,	PUNCT
ajfa-9610	1189	4	s.	s.	PROPN
ajfa-9610	1189	5	c.	c.	PROPN
ajfa-9610	1189	6	(	(	PUNCT
ajfa-9610	1189	7	1984	1984	NUM
ajfa-9610	1189	8	)	)	PUNCT
ajfa-9610	1189	9	.	.	PUNCT
ajfa-9610	1190	1	the	the	DET
ajfa-9610	1190	2	capital	capital	NOUN
ajfa-9610	1190	3	structure	structure	NOUN
ajfa-9610	1190	4	puzzle	puzzle	NOUN
ajfa-9610	1190	5	.	.	PUNCT
ajfa-9610	1191	1	journal	journal	NOUN
ajfa-9610	1191	2	of	of	ADP
ajfa-9610	1191	3	finance	finance	NOUN
ajfa-9610	1191	4	,	,	PUNCT
ajfa-9610	1191	5	39(3	39(3	NUM
ajfa-9610	1191	6	)	)	PUNCT
ajfa-9610	1191	7	,	,	PUNCT
ajfa-9610	1191	8	575	575	NUM
ajfa-9610	1191	9	-	-	SYM
ajfa-9610	1191	10	592	592	NUM
ajfa-9610	1191	11	.	.	PUNCT
ajfa-9610	1192	1	asian	asian	ADJ
ajfa-9610	1192	2	journal	journal	PROPN
ajfa-9610	1192	3	of	of	ADP
ajfa-9610	1192	4	finance	finance	PROPN
ajfa-9610	1192	5	&	&	CCONJ
ajfa-9610	1192	6	accounting	accounting	PROPN
ajfa-9610	1192	7	issn	issn	PROPN
ajfa-9610	1192	8	1946	1946	NUM
ajfa-9610	1192	9	-	-	PUNCT
ajfa-9610	1192	10	052x	052x	PROPN
ajfa-9610	1192	11	2016	2016	NUM
ajfa-9610	1192	12	,	,	PUNCT
ajfa-9610	1192	13	vol	vol	NOUN
ajfa-9610	1192	14	.	.	PROPN
ajfa-9610	1192	15	8	8	NUM
ajfa-9610	1192	16	,	,	PUNCT
ajfa-9610	1192	17	no	no	INTJ
ajfa-9610	1192	18	.	.	NOUN
ajfa-9610	1192	19	1	1	NUM
ajfa-9610	1192	20	ajfa.macrothink.org	ajfa.macrothink.org	PROPN
ajfa-9610	1192	21	277	277	NUM
ajfa-9610	1192	22	http://dx.doi.org/10.2307/2327916	http://dx.doi.org/10.2307/2327916	NOUN
ajfa-9610	1192	23	myers	myer	NOUN
ajfa-9610	1192	24	,	,	PUNCT
ajfa-9610	1192	25	s.	s.	PROPN
ajfa-9610	1192	26	c.	c.	PROPN
ajfa-9610	1192	27	,	,	PUNCT
ajfa-9610	1192	28	&	&	CCONJ
ajfa-9610	1192	29	majluf	majluf	PROPN
ajfa-9610	1192	30	,	,	PUNCT
ajfa-9610	1192	31	n.	n.	PROPN
ajfa-9610	1192	32	s.	s.	PROPN
ajfa-9610	1192	33	(	(	PUNCT
ajfa-9610	1192	34	1984	1984	NUM
ajfa-9610	1192	35	)	)	PUNCT
ajfa-9610	1192	36	.	.	PUNCT
ajfa-9610	1193	1	corporate	corporate	ADJ
ajfa-9610	1193	2	financing	financing	NOUN
ajfa-9610	1193	3	and	and	CCONJ
ajfa-9610	1193	4	investment	investment	NOUN
ajfa-9610	1193	5	decisions	decision	NOUN
ajfa-9610	1193	6	when	when	SCONJ
ajfa-9610	1193	7	firms	firm	NOUN
ajfa-9610	1193	8	have	have	VERB
ajfa-9610	1193	9	information	information	NOUN
ajfa-9610	1193	10	that	that	SCONJ
ajfa-9610	1193	11	investors	investor	NOUN
ajfa-9610	1193	12	do	do	AUX
ajfa-9610	1193	13	not	not	PART
ajfa-9610	1193	14	have	have	VERB
ajfa-9610	1193	15	.	.	PUNCT
ajfa-9610	1194	1	journal	journal	NOUN
ajfa-9610	1194	2	of	of	ADP
ajfa-9610	1194	3	financial	financial	ADJ
ajfa-9610	1194	4	economics	economic	NOUN
ajfa-9610	1194	5	,	,	PUNCT
ajfa-9610	1194	6	13(2	13(2	PROPN
ajfa-9610	1194	7	)	)	PUNCT
ajfa-9610	1194	8	,	,	PUNCT
ajfa-9610	1194	9	187	187	NUM
ajfa-9610	1194	10	-	-	SYM
ajfa-9610	1194	11	221	221	NUM
ajfa-9610	1194	12	.	.	PUNCT
ajfa-9610	1195	1	http://dx.doi.org/10.1016/0304-405x(84)90023-0	http://dx.doi.org/10.1016/0304-405x(84)90023-0	ADV
ajfa-9610	1195	2	palmrose	palmrose	VERB
ajfa-9610	1195	3	,	,	PUNCT
ajfa-9610	1195	4	z.	z.	PROPN
ajfa-9610	1195	5	(	(	PUNCT
ajfa-9610	1195	6	1986	1986	NUM
ajfa-9610	1195	7	)	)	PUNCT
ajfa-9610	1195	8	.	.	PUNCT
ajfa-9610	1196	1	audit	audit	NOUN
ajfa-9610	1196	2	fees	fee	NOUN
ajfa-9610	1196	3	and	and	CCONJ
ajfa-9610	1196	4	auditor	auditor	NOUN
ajfa-9610	1196	5	size	size	NOUN
ajfa-9610	1196	6	:	:	PUNCT
ajfa-9610	1196	7	further	further	ADJ
ajfa-9610	1196	8	evidence	evidence	NOUN
ajfa-9610	1196	9	.	.	PUNCT
ajfa-9610	1197	1	journal	journal	NOUN
ajfa-9610	1197	2	of	of	ADP
ajfa-9610	1197	3	accounting	accounting	NOUN
ajfa-9610	1197	4	research	research	NOUN
ajfa-9610	1197	5	,	,	PUNCT
ajfa-9610	1197	6	24(1	24(1	NUM
ajfa-9610	1197	7	)	)	PUNCT
ajfa-9610	1197	8	,	,	PUNCT
ajfa-9610	1197	9	97	97	NUM
ajfa-9610	1197	10	-	-	SYM
ajfa-9610	1197	11	110	110	NUM
ajfa-9610	1197	12	.	.	PUNCT
ajfa-9610	1198	1	http://dx.doi.org/10.2307/2490806	http://dx.doi.org/10.2307/2490806	NOUN
ajfa-9610	1198	2	rangan	rangan	PROPN
ajfa-9610	1198	3	,	,	PUNCT
ajfa-9610	1198	4	s.	s.	PROPN
ajfa-9610	1198	5	(	(	PUNCT
ajfa-9610	1198	6	1998	1998	NUM
ajfa-9610	1198	7	)	)	PUNCT
ajfa-9610	1198	8	.	.	PUNCT
ajfa-9610	1199	1	earnings	earning	NOUN
ajfa-9610	1199	2	management	management	NOUN
ajfa-9610	1199	3	and	and	CCONJ
ajfa-9610	1199	4	the	the	DET
ajfa-9610	1199	5	performance	performance	NOUN
ajfa-9610	1199	6	of	of	ADP
ajfa-9610	1199	7	seasoned	seasoned	ADJ
ajfa-9610	1199	8	equity	equity	NOUN
ajfa-9610	1199	9	offerings	offering	NOUN
ajfa-9610	1199	10	.	.	PUNCT
ajfa-9610	1200	1	journal	journal	NOUN
ajfa-9610	1200	2	of	of	ADP
ajfa-9610	1200	3	financial	financial	ADJ
ajfa-9610	1200	4	economics	economic	NOUN
ajfa-9610	1200	5	,	,	PUNCT
ajfa-9610	1200	6	50(1	50(1	PROPN
ajfa-9610	1200	7	)	)	PUNCT
ajfa-9610	1200	8	,	,	PUNCT
ajfa-9610	1200	9	101	101	NUM
ajfa-9610	1200	10	-	-	SYM
ajfa-9610	1200	11	122	122	NUM
ajfa-9610	1200	12	.	.	PUNCT
ajfa-9610	1201	1	http://dx.doi.org/10.1016/s0304-405x(98)00033-6	http://dx.doi.org/10.1016/s0304-405x(98)00033-6	X
ajfa-9610	1201	2	rajgopal	rajgopal	NOUN
ajfa-9610	1201	3	,	,	PUNCT
ajfa-9610	1201	4	s.	s.	PROPN
ajfa-9610	1201	5	,	,	PUNCT
ajfa-9610	1201	6	&	&	CCONJ
ajfa-9610	1201	7	venkatachalam	venkatachalam	PROPN
ajfa-9610	1201	8	,	,	PUNCT
ajfa-9610	1201	9	m.	m.	NOUN
ajfa-9610	1201	10	(	(	PUNCT
ajfa-9610	1201	11	1997	1997	NUM
ajfa-9610	1201	12	)	)	PUNCT
ajfa-9610	1201	13	.	.	PUNCT
ajfa-9610	1202	1	the	the	DET
ajfa-9610	1202	2	role	role	NOUN
ajfa-9610	1202	3	of	of	ADP
ajfa-9610	1202	4	institutional	institutional	ADJ
ajfa-9610	1202	5	investors	investor	NOUN
ajfa-9610	1202	6	in	in	ADP
ajfa-9610	1202	7	corporate	corporate	ADJ
ajfa-9610	1202	8	governance	governance	NOUN
ajfa-9610	1202	9	:	:	PUNCT
ajfa-9610	1202	10	an	an	DET
ajfa-9610	1202	11	empirical	empirical	ADJ
ajfa-9610	1202	12	investigation	investigation	NOUN
ajfa-9610	1202	13	,	,	PUNCT
ajfa-9610	1202	14	working	working	NOUN
ajfa-9610	1202	15	paper	paper	NOUN
ajfa-9610	1202	16	.	.	PUNCT
ajfa-9610	1203	1	richardson	richardson	PROPN
ajfa-9610	1203	2	,	,	PUNCT
ajfa-9610	1203	3	v.	v.	PROPN
ajfa-9610	1203	4	j.	j.	PROPN
ajfa-9610	1203	5	(	(	PUNCT
ajfa-9610	1203	6	2000	2000	NUM
ajfa-9610	1203	7	)	)	PUNCT
ajfa-9610	1203	8	.	.	PUNCT
ajfa-9610	1204	1	information	information	NOUN
ajfa-9610	1204	2	asymmetry	asymmetry	NOUN
ajfa-9610	1204	3	and	and	CCONJ
ajfa-9610	1204	4	earnings	earning	NOUN
ajfa-9610	1204	5	management	management	NOUN
ajfa-9610	1204	6	:	:	PUNCT
ajfa-9610	1204	7	some	some	DET
ajfa-9610	1204	8	evidence	evidence	NOUN
ajfa-9610	1204	9	.	.	PUNCT
ajfa-9610	1205	1	review	review	NOUN
ajfa-9610	1205	2	of	of	ADP
ajfa-9610	1205	3	quantitative	quantitative	ADJ
ajfa-9610	1205	4	finance	finance	NOUN
ajfa-9610	1205	5	and	and	CCONJ
ajfa-9610	1205	6	accounting	accounting	NOUN
ajfa-9610	1205	7	,	,	PUNCT
ajfa-9610	1205	8	15(4	15(4	NUM
ajfa-9610	1205	9	)	)	PUNCT
ajfa-9610	1205	10	,	,	PUNCT
ajfa-9610	1205	11	325	325	NUM
ajfa-9610	1205	12	-	-	SYM
ajfa-9610	1205	13	347	347	NUM
ajfa-9610	1205	14	.	.	PUNCT
ajfa-9610	1206	1	http://dx.doi.org/10.1023/a:1012098407706	http://dx.doi.org/10.1023/a:1012098407706	PROPN
ajfa-9610	1206	2	ronen	ronen	PROPN
ajfa-9610	1206	3	,	,	PUNCT
ajfa-9610	1206	4	j.	j.	PROPN
ajfa-9610	1206	5	,	,	PUNCT
ajfa-9610	1206	6	tzur	tzur	PROPN
ajfa-9610	1206	7	,	,	PUNCT
ajfa-9610	1206	8	j.	j.	PROPN
ajfa-9610	1206	9	,	,	PUNCT
ajfa-9610	1206	10	&	&	CCONJ
ajfa-9610	1206	11	yaari	yaari	PROPN
ajfa-9610	1206	12	,	,	PUNCT
ajfa-9610	1206	13	v.	v.	PROPN
ajfa-9610	1206	14	(	(	PUNCT
ajfa-9610	1206	15	2006	2006	NUM
ajfa-9610	1206	16	)	)	PUNCT
ajfa-9610	1206	17	.	.	PUNCT
ajfa-9610	1207	1	the	the	DET
ajfa-9610	1207	2	effect	effect	NOUN
ajfa-9610	1207	3	of	of	ADP
ajfa-9610	1207	4	directors	director	NOUN
ajfa-9610	1207	5	'	'	PART
ajfa-9610	1207	6	equity	equity	NOUN
ajfa-9610	1207	7	incentives	incentive	NOUN
ajfa-9610	1207	8	on	on	ADP
ajfa-9610	1207	9	earnings	earning	NOUN
ajfa-9610	1207	10	management	management	NOUN
ajfa-9610	1207	11	.	.	PUNCT
ajfa-9610	1208	1	journal	journal	NOUN
ajfa-9610	1208	2	of	of	ADP
ajfa-9610	1208	3	accounting	accounting	NOUN
ajfa-9610	1208	4	and	and	CCONJ
ajfa-9610	1208	5	public	public	ADJ
ajfa-9610	1208	6	policy	policy	NOUN
ajfa-9610	1208	7	,	,	PUNCT
ajfa-9610	1208	8	25(4	25(4	NOUN
ajfa-9610	1208	9	)	)	PUNCT
ajfa-9610	1208	10	,	,	PUNCT
ajfa-9610	1208	11	359	359	NUM
ajfa-9610	1208	12	-	-	SYM
ajfa-9610	1208	13	389	389	NUM
ajfa-9610	1208	14	.	.	PUNCT
ajfa-9610	1209	1	http://dx.doi.org/10.1016/j.jaccpubpol.2006.05.007	http://dx.doi.org/10.1016/j.jaccpubpol.2006.05.007	ADJ
ajfa-9610	1209	2	roychowdhury	roychowdhury	NOUN
ajfa-9610	1209	3	,	,	PUNCT
ajfa-9610	1209	4	s.	s.	PROPN
ajfa-9610	1209	5	(	(	PUNCT
ajfa-9610	1209	6	2006	2006	NUM
ajfa-9610	1209	7	)	)	PUNCT
ajfa-9610	1209	8	.	.	PUNCT
ajfa-9610	1210	1	earnings	earning	NOUN
ajfa-9610	1210	2	management	management	NOUN
ajfa-9610	1210	3	through	through	ADP
ajfa-9610	1210	4	real	real	ADJ
ajfa-9610	1210	5	activities	activity	NOUN
ajfa-9610	1210	6	manipulation	manipulation	NOUN
ajfa-9610	1210	7	.	.	PUNCT
ajfa-9610	1211	1	journal	journal	NOUN
ajfa-9610	1211	2	of	of	ADP
ajfa-9610	1211	3	accounting	accounting	NOUN
ajfa-9610	1211	4	and	and	CCONJ
ajfa-9610	1211	5	economics	economic	NOUN
ajfa-9610	1211	6	,	,	PUNCT
ajfa-9610	1211	7	42(3	42(3	NUM
ajfa-9610	1211	8	)	)	PUNCT
ajfa-9610	1211	9	,	,	PUNCT
ajfa-9610	1211	10	335	335	NUM
ajfa-9610	1211	11	-	-	SYM
ajfa-9610	1211	12	370	370	NUM
ajfa-9610	1211	13	.	.	PUNCT
ajfa-9610	1212	1	http://dx.doi.org/10.1016/j.jacceco.2006.01.002	http://dx.doi.org/10.1016/j.jacceco.2006.01.002	PROPN
ajfa-9610	1212	2	schipper	schipper	PROPN
ajfa-9610	1212	3	k.	k.	PROPN
ajfa-9610	1212	4	(	(	PUNCT
ajfa-9610	1212	5	1989	1989	NUM
ajfa-9610	1212	6	)	)	PUNCT
ajfa-9610	1212	7	.	.	PUNCT
ajfa-9610	1213	1	commentary	commentary	NOUN
ajfa-9610	1213	2	on	on	ADP
ajfa-9610	1213	3	earnings	earning	NOUN
ajfa-9610	1213	4	management	management	NOUN
ajfa-9610	1213	5	.	.	PUNCT
ajfa-9610	1214	1	accounting	accounting	NOUN
ajfa-9610	1214	2	horizons	horizon	NOUN
ajfa-9610	1214	3	,	,	PUNCT
ajfa-9610	1214	4	3(4	3(4	NUM
ajfa-9610	1214	5	)	)	PUNCT
ajfa-9610	1214	6	,	,	PUNCT
ajfa-9610	1214	7	91	91	NUM
ajfa-9610	1214	8	-	-	SYM
ajfa-9610	1214	9	102	102	NUM
ajfa-9610	1214	10	.	.	PUNCT
ajfa-9610	1215	1	shivakumar	shivakumar	PROPN
ajfa-9610	1215	2	,	,	PUNCT
ajfa-9610	1215	3	l.	l.	PROPN
ajfa-9610	1215	4	(	(	PUNCT
ajfa-9610	1215	5	2000	2000	NUM
ajfa-9610	1215	6	)	)	PUNCT
ajfa-9610	1215	7	.	.	PUNCT
ajfa-9610	1216	1	do	do	AUX
ajfa-9610	1216	2	firms	firm	NOUN
ajfa-9610	1216	3	mislead	mislead	VERB
ajfa-9610	1216	4	investors	investor	NOUN
ajfa-9610	1216	5	by	by	ADP
ajfa-9610	1216	6	overstating	overstate	VERB
ajfa-9610	1216	7	earnings	earning	NOUN
ajfa-9610	1216	8	before	before	ADP
ajfa-9610	1216	9	seasoned	seasoned	ADJ
ajfa-9610	1216	10	equity	equity	NOUN
ajfa-9610	1216	11	offerings	offering	NOUN
ajfa-9610	1216	12	?	?	PUNCT
ajfa-9610	1217	1	journal	journal	NOUN
ajfa-9610	1217	2	of	of	ADP
ajfa-9610	1217	3	accounting	accounting	NOUN
ajfa-9610	1217	4	and	and	CCONJ
ajfa-9610	1217	5	economics	economic	NOUN
ajfa-9610	1217	6	,	,	PUNCT
ajfa-9610	1217	7	29(3	29(3	NUM
ajfa-9610	1217	8	)	)	PUNCT
ajfa-9610	1217	9	,	,	PUNCT
ajfa-9610	1217	10	339	339	NUM
ajfa-9610	1217	11	-	-	SYM
ajfa-9610	1217	12	371	371	NUM
ajfa-9610	1217	13	.	.	PUNCT
ajfa-9610	1218	1	http://dx.doi.org/10.1016/s0165-4101(00)00026-4	http://dx.doi.org/10.1016/s0165-4101(00)00026-4	PROPN
ajfa-9610	1218	2	srinidhi	srinidhi	PROPN
ajfa-9610	1218	3	,	,	PUNCT
ajfa-9610	1218	4	b.	b.	PROPN
ajfa-9610	1218	5	n.	n.	PROPN
ajfa-9610	1218	6	,	,	PUNCT
ajfa-9610	1218	7	&	&	CCONJ
ajfa-9610	1218	8	gul	gul	PROPN
ajfa-9610	1218	9	,	,	PUNCT
ajfa-9610	1218	10	f.	f.	PROPN
ajfa-9610	1218	11	a.	a.	PROPN
ajfa-9610	1218	12	(	(	PUNCT
ajfa-9610	1218	13	2007	2007	NUM
ajfa-9610	1218	14	)	)	PUNCT
ajfa-9610	1218	15	.	.	PUNCT
ajfa-9610	1219	1	the	the	DET
ajfa-9610	1219	2	differential	differential	ADJ
ajfa-9610	1219	3	effects	effect	NOUN
ajfa-9610	1219	4	of	of	ADP
ajfa-9610	1219	5	auditors	auditor	NOUN
ajfa-9610	1219	6	'	'	PART
ajfa-9610	1219	7	nonaudit	nonaudit	NOUN
ajfa-9610	1219	8	and	and	CCONJ
ajfa-9610	1219	9	audit	audit	NOUN
ajfa-9610	1219	10	fees	fee	NOUN
ajfa-9610	1219	11	on	on	ADP
ajfa-9610	1219	12	accrual	accrual	ADJ
ajfa-9610	1219	13	quality	quality	NOUN
ajfa-9610	1219	14	.	.	PUNCT
ajfa-9610	1220	1	contemporary	contemporary	ADJ
ajfa-9610	1220	2	accounting	accounting	NOUN
ajfa-9610	1220	3	research	research	NOUN
ajfa-9610	1220	4	,	,	PUNCT
ajfa-9610	1220	5	24(2	24(2	NUM
ajfa-9610	1220	6	)	)	PUNCT
ajfa-9610	1220	7	,	,	PUNCT
ajfa-9610	1220	8	595	595	NUM
ajfa-9610	1220	9	-	-	SYM
ajfa-9610	1220	10	629	629	NUM
ajfa-9610	1220	11	.	.	PUNCT
ajfa-9610	1221	1	http://dx.doi.org/10.1506/arj4-20p3-201k-3752	http://dx.doi.org/10.1506/arj4-20p3-201k-3752	NOUN
ajfa-9610	1221	2	teoh	teoh	PROPN
ajfa-9610	1221	3	,	,	PUNCT
ajfa-9610	1221	4	s.	s.	PROPN
ajfa-9610	1221	5	h.	h.	PROPN
ajfa-9610	1221	6	,	,	PUNCT
ajfa-9610	1221	7	welch	welch	PROPN
ajfa-9610	1221	8	,	,	PUNCT
ajfa-9610	1221	9	i.	i.	PROPN
ajfa-9610	1221	10	,	,	PUNCT
ajfa-9610	1221	11	&	&	CCONJ
ajfa-9610	1221	12	wong	wong	PROPN
ajfa-9610	1221	13	,	,	PUNCT
ajfa-9610	1221	14	t.	t.	PROPN
ajfa-9610	1221	15	j.	j.	PROPN
ajfa-9610	1221	16	(	(	PUNCT
ajfa-9610	1221	17	1998	1998	NUM
ajfa-9610	1221	18	)	)	PUNCT
ajfa-9610	1221	19	.	.	PUNCT
ajfa-9610	1222	1	earnings	earning	NOUN
ajfa-9610	1222	2	management	management	NOUN
ajfa-9610	1222	3	and	and	CCONJ
ajfa-9610	1222	4	the	the	DET
ajfa-9610	1222	5	underperformance	underperformance	NOUN
ajfa-9610	1222	6	of	of	ADP
ajfa-9610	1222	7	seasoned	seasoned	ADJ
ajfa-9610	1222	8	equity	equity	NOUN
ajfa-9610	1222	9	offerings	offering	NOUN
ajfa-9610	1222	10	.	.	PUNCT
ajfa-9610	1223	1	journal	journal	NOUN
ajfa-9610	1223	2	of	of	ADP
ajfa-9610	1223	3	financial	financial	ADJ
ajfa-9610	1223	4	economics	economic	NOUN
ajfa-9610	1223	5	,	,	PUNCT
ajfa-9610	1223	6	50(1	50(1	PROPN
ajfa-9610	1223	7	)	)	PUNCT
ajfa-9610	1223	8	,	,	PUNCT
ajfa-9610	1223	9	63	63	NUM
ajfa-9610	1223	10	-	-	SYM
ajfa-9610	1223	11	99	99	NUM
ajfa-9610	1223	12	.	.	PUNCT
ajfa-9610	1224	1	http://dx.doi.org/10.1016/s0304-405x(98)00032-4	http://dx.doi.org/10.1016/s0304-405x(98)00032-4	PROPN
ajfa-9610	1224	2	trueman	trueman	PROPN
ajfa-9610	1224	3	,	,	PUNCT
ajfa-9610	1224	4	b.	b.	PROPN
ajfa-9610	1224	5	,	,	PUNCT
ajfa-9610	1224	6	&	&	CCONJ
ajfa-9610	1224	7	titman	titman	PROPN
ajfa-9610	1224	8	,	,	PUNCT
ajfa-9610	1224	9	s.	s.	PROPN
ajfa-9610	1224	10	(	(	PUNCT
ajfa-9610	1224	11	1988	1988	NUM
ajfa-9610	1224	12	)	)	PUNCT
ajfa-9610	1224	13	.	.	PUNCT
ajfa-9610	1225	1	an	an	DET
ajfa-9610	1225	2	explanation	explanation	NOUN
ajfa-9610	1225	3	for	for	ADP
ajfa-9610	1225	4	accounting	accounting	NOUN
ajfa-9610	1225	5	income	income	NOUN
ajfa-9610	1225	6	smoothing	smoothing	NOUN
ajfa-9610	1225	7	.	.	PUNCT
ajfa-9610	1226	1	journal	journal	NOUN
ajfa-9610	1226	2	of	of	ADP
ajfa-9610	1226	3	accounting	accounting	NOUN
ajfa-9610	1226	4	research	research	NOUN
ajfa-9610	1226	5	,	,	PUNCT
ajfa-9610	1226	6	26(supplement	26(supplement	NUM
ajfa-9610	1226	7	)	)	PUNCT
ajfa-9610	1226	8	,	,	PUNCT
ajfa-9610	1226	9	127	127	NUM
ajfa-9610	1226	10	-	-	SYM
ajfa-9610	1226	11	139	139	NUM
ajfa-9610	1226	12	.	.	PUNCT
ajfa-9610	1227	1	http://dx.doi.org/10.2307/2491184	http://dx.doi.org/10.2307/2491184	PROPN
ajfa-9610	1227	2	wei	wei	PROPN
ajfa-9610	1227	3	,	,	PUNCT
ajfa-9610	1227	4	d.	d.	PROPN
ajfa-9610	1227	5	,	,	PUNCT
ajfa-9610	1227	6	lee	lee	PROPN
ajfa-9610	1227	7	,	,	PUNCT
ajfa-9610	1227	8	l.	l.	PROPN
ajfa-9610	1227	9	z.	z.	PROPN
ajfa-9610	1227	10	,	,	PUNCT
ajfa-9610	1227	11	&	&	CCONJ
ajfa-9610	1227	12	deng	deng	PROPN
ajfa-9610	1227	13	,	,	PUNCT
ajfa-9610	1227	14	z.	z.	PROPN
ajfa-9610	1227	15	w.	w.	PROPN
ajfa-9610	1227	16	(	(	PUNCT
ajfa-9610	1227	17	2007	2007	NUM
ajfa-9610	1227	18	)	)	PUNCT
ajfa-9610	1227	19	.	.	PUNCT
ajfa-9610	1228	1	the	the	DET
ajfa-9610	1228	2	meaning	meaning	NOUN
ajfa-9610	1228	3	of	of	ADP
ajfa-9610	1228	4	corporate	corporate	ADJ
ajfa-9610	1228	5	governance	governance	NOUN
ajfa-9610	1228	6	to	to	ADP
ajfa-9610	1228	7	taiwanese	taiwanese	ADJ
ajfa-9610	1228	8	firm	firm	NOUN
ajfa-9610	1228	9	,	,	PUNCT
ajfa-9610	1228	10	national	national	ADJ
ajfa-9610	1228	11	policy	policy	NOUN
ajfa-9610	1228	12	foundation	foundation	PROPN
ajfa-9610	1228	13	,	,	PUNCT
ajfa-9610	1228	14	finance	finance	NOUN
ajfa-9610	1228	15	no.092	no.092	PROPN
ajfa-9610	1228	16	-	-	SYM
ajfa-9610	1228	17	002	002	NUM
ajfa-9610	1228	18	,	,	PUNCT
ajfa-9610	1228	19	available	available	ADJ
ajfa-9610	1228	20	from	from	ADP
ajfa-9610	1228	21	:	:	PUNCT
ajfa-9610	1228	22	http://www.npf.org.tw/post/3/3596	http://www.npf.org.tw/post/3/3596	PROPN
ajfa-9610	1228	23	.	.	PUNCT
ajfa-9610	1229	1	asian	asian	ADJ
ajfa-9610	1229	2	journal	journal	PROPN
ajfa-9610	1229	3	of	of	ADP
ajfa-9610	1229	4	finance	finance	PROPN
ajfa-9610	1229	5	&	&	CCONJ
ajfa-9610	1229	6	accounting	accounting	PROPN
ajfa-9610	1229	7	issn	issn	PROPN
ajfa-9610	1229	8	1946	1946	NUM
ajfa-9610	1229	9	-	-	PUNCT
ajfa-9610	1229	10	052x	052x	PROPN
ajfa-9610	1229	11	2016	2016	NUM
ajfa-9610	1229	12	,	,	PUNCT
ajfa-9610	1229	13	vol	vol	NOUN
ajfa-9610	1229	14	.	.	PROPN
ajfa-9610	1229	15	8	8	NUM
ajfa-9610	1229	16	,	,	PUNCT
ajfa-9610	1229	17	no	no	INTJ
ajfa-9610	1229	18	.	.	NOUN
ajfa-9610	1229	19	1	1	NUM
ajfa-9610	1229	20	ajfa.macrothink.org	ajfa.macrothink.org	PROPN
ajfa-9610	1229	21	278	278	NUM
ajfa-9610	1229	22	xie	xie	PROPN
ajfa-9610	1229	23	,	,	PUNCT
ajfa-9610	1229	24	b.	b.	PROPN
ajfa-9610	1229	25	,	,	PUNCT
ajfa-9610	1229	26	davidsonⅲ	davidsonⅲ	PROPN
ajfa-9610	1229	27	,	,	PUNCT
ajfa-9610	1229	28	w.	w.	PROPN
ajfa-9610	1229	29	n.	n.	PROPN
ajfa-9610	1229	30	,	,	PUNCT
ajfa-9610	1229	31	&	&	CCONJ
ajfa-9610	1229	32	dadalt	dadalt	NOUN
ajfa-9610	1229	33	,	,	PUNCT
ajfa-9610	1229	34	p.	p.	NOUN
ajfa-9610	1229	35	j.	j.	PROPN
ajfa-9610	1229	36	(	(	PUNCT
ajfa-9610	1229	37	2003	2003	NUM
ajfa-9610	1229	38	)	)	PUNCT
ajfa-9610	1229	39	.	.	PUNCT
ajfa-9610	1230	1	earnings	earning	NOUN
ajfa-9610	1230	2	management	management	NOUN
ajfa-9610	1230	3	and	and	CCONJ
ajfa-9610	1230	4	corporate	corporate	ADJ
ajfa-9610	1230	5	governance	governance	NOUN
ajfa-9610	1230	6	:	:	PUNCT
ajfa-9610	1230	7	the	the	DET
ajfa-9610	1230	8	role	role	NOUN
ajfa-9610	1230	9	of	of	ADP
ajfa-9610	1230	10	the	the	DET
ajfa-9610	1230	11	board	board	NOUN
ajfa-9610	1230	12	and	and	CCONJ
ajfa-9610	1230	13	the	the	DET
ajfa-9610	1230	14	audit	audit	NOUN
ajfa-9610	1230	15	committee	committee	NOUN
ajfa-9610	1230	16	.	.	PUNCT
ajfa-9610	1231	1	journal	journal	NOUN
ajfa-9610	1231	2	of	of	ADP
ajfa-9610	1231	3	corporate	corporate	ADJ
ajfa-9610	1231	4	finance	finance	NOUN
ajfa-9610	1231	5	,	,	PUNCT
ajfa-9610	1231	6	9(3	9(3	NUM
ajfa-9610	1231	7	)	)	PUNCT
ajfa-9610	1231	8	,	,	PUNCT
ajfa-9610	1231	9	295	295	NUM
ajfa-9610	1231	10	-	-	SYM
ajfa-9610	1231	11	316	316	NUM
ajfa-9610	1231	12	.	.	PUNCT
ajfa-9610	1232	1	zang	zang	PROPN
ajfa-9610	1232	2	,	,	PUNCT
ajfa-9610	1232	3	a.	a.	PROPN
ajfa-9610	1232	4	y.	y.	PROPN
ajfa-9610	1232	5	(	(	PUNCT
ajfa-9610	1232	6	2012	2012	NUM
ajfa-9610	1232	7	)	)	PUNCT
ajfa-9610	1232	8	.	.	PUNCT
ajfa-9610	1233	1	evidence	evidence	NOUN
ajfa-9610	1233	2	on	on	ADP
ajfa-9610	1233	3	the	the	DET
ajfa-9610	1233	4	trade	trade	NOUN
ajfa-9610	1233	5	-	-	PUNCT
ajfa-9610	1233	6	off	off	NOUN
ajfa-9610	1233	7	between	between	ADP
ajfa-9610	1233	8	real	real	ADJ
ajfa-9610	1233	9	activities	activity	NOUN
ajfa-9610	1233	10	manipulation	manipulation	NOUN
ajfa-9610	1233	11	and	and	CCONJ
ajfa-9610	1233	12	accrual	accrual	ADJ
ajfa-9610	1233	13	-	-	PUNCT
ajfa-9610	1233	14	based	base	VERB
ajfa-9610	1233	15	earnings	earning	NOUN
ajfa-9610	1233	16	management	management	NOUN
ajfa-9610	1233	17	.	.	PUNCT
ajfa-9610	1234	1	the	the	DET
ajfa-9610	1234	2	accounting	accounting	PROPN
ajfa-9610	1234	3	review	review	PROPN
ajfa-9610	1234	4	,	,	PUNCT
ajfa-9610	1234	5	87(2	87(2	NUM
ajfa-9610	1234	6	)	)	PUNCT
ajfa-9610	1234	7	,	,	PUNCT
ajfa-9610	1234	8	675	675	NUM
ajfa-9610	1234	9	-	-	SYM
ajfa-9610	1234	10	703	703	NUM
ajfa-9610	1234	11	.	.	PUNCT
ajfa-9610	1235	1	http://dx.doi.org/10.2308/accr-10196	http://dx.doi.org/10.2308/accr-10196	PROPN
ajfa-9610	1236	1	zhou	zhou	PROPN
ajfa-9610	1236	2	,	,	PUNCT
ajfa-9610	1236	3	j.	j.	PROPN
ajfa-9610	1236	4	,	,	PUNCT
ajfa-9610	1236	5	&	&	CCONJ
ajfa-9610	1236	6	elder	elder	PROPN
ajfa-9610	1236	7	,	,	PUNCT
ajfa-9610	1236	8	r.	r.	PROPN
ajfa-9610	1236	9	(	(	PUNCT
ajfa-9610	1236	10	2004	2004	NUM
ajfa-9610	1236	11	)	)	PUNCT
ajfa-9610	1236	12	.	.	PUNCT
ajfa-9610	1237	1	audit	audit	NOUN
ajfa-9610	1237	2	quality	quality	NOUN
ajfa-9610	1237	3	and	and	CCONJ
ajfa-9610	1237	4	earnings	earning	NOUN
ajfa-9610	1237	5	management	management	NOUN
ajfa-9610	1237	6	by	by	ADP
ajfa-9610	1237	7	seasoned	seasoned	ADJ
ajfa-9610	1237	8	equity	equity	NOUN
ajfa-9610	1237	9	offering	offering	NOUN
ajfa-9610	1237	10	firms	firm	NOUN
ajfa-9610	1237	11	.	.	PUNCT
ajfa-9610	1238	1	asia	asia	PROPN
ajfa-9610	1238	2	-	-	PUNCT
ajfa-9610	1238	3	pacific	pacific	PROPN
ajfa-9610	1238	4	journal	journal	NOUN
ajfa-9610	1238	5	of	of	ADP
ajfa-9610	1238	6	accounting	accounting	NOUN
ajfa-9610	1238	7	and	and	CCONJ
ajfa-9610	1238	8	economics	economic	NOUN
ajfa-9610	1238	9	,	,	PUNCT
ajfa-9610	1238	10	11(2	11(2	NOUN
ajfa-9610	1238	11	)	)	PUNCT
ajfa-9610	1238	12	,	,	PUNCT
ajfa-9610	1238	13	95	95	NUM
ajfa-9610	1238	14	-	-	SYM
ajfa-9610	1238	15	120	120	NUM
ajfa-9610	1238	16	.	.	PUNCT
ajfa-9610	1239	1	http://dx.doi.org/10.1080/16081625.2004.10510638	http://dx.doi.org/10.1080/16081625.2004.10510638	NOUN