id	sid	tid	token	lemma	pos
ajfa-9759	1	1	microsoft	microsoft	PROPN
ajfa-9759	1	2	word	word	NOUN
ajfa-9759	1	3	9759	9759	NUM
ajfa-9759	1	4	-	-	PUNCT
ajfa-9759	1	5	35829	35829	NUM
ajfa-9759	1	6	-	-	PUNCT
ajfa-9759	1	7	2	2	NUM
ajfa-9759	1	8	-	-	PUNCT
ajfa-9759	1	9	sm	sm	NOUN
ajfa-9759	1	10	-	-	PUNCT
ajfa-9759	1	11	writer2	writer2	VERB
ajfa-9759	1	12	-	-	ADJ
ajfa-9759	1	13	new	new	ADJ
ajfa-9759	1	14	asian	asian	ADJ
ajfa-9759	1	15	journal	journal	NOUN
ajfa-9759	1	16	of	of	ADP
ajfa-9759	1	17	finance	finance	PROPN
ajfa-9759	1	18	&	&	CCONJ
ajfa-9759	1	19	accounting	accounting	PROPN
ajfa-9759	1	20	issn	issn	PROPN
ajfa-9759	1	21	1946	1946	NUM
ajfa-9759	1	22	-	-	PUNCT
ajfa-9759	1	23	052x	052x	PROPN
ajfa-9759	1	24	2016	2016	NUM
ajfa-9759	1	25	,	,	PUNCT
ajfa-9759	1	26	vol	vol	NOUN
ajfa-9759	1	27	.	.	PROPN
ajfa-9759	1	28	8	8	NUM
ajfa-9759	1	29	,	,	PUNCT
ajfa-9759	1	30	no	no	INTJ
ajfa-9759	1	31	.	.	NOUN
ajfa-9759	1	32	2	2	NUM
ajfa-9759	1	33	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9759	1	34	1	1	NUM
ajfa-9759	1	35	share	share	NOUN
ajfa-9759	1	36	repurchases	repurchase	NOUN
ajfa-9759	1	37	:	:	PUNCT
ajfa-9759	1	38	a	a	DET
ajfa-9759	1	39	literature	literature	NOUN
ajfa-9759	1	40	review	review	NOUN
ajfa-9759	1	41	mr	mr	PROPN
ajfa-9759	1	42	.	.	PROPN
ajfa-9759	1	43	sarthak	sarthak	PROPN
ajfa-9759	1	44	kumar	kumar	PROPN
ajfa-9759	1	45	jena	jena	PROPN
ajfa-9759	1	46	(	(	PUNCT
ajfa-9759	1	47	corresponding	correspond	VERB
ajfa-9759	1	48	author	author	NOUN
ajfa-9759	1	49	)	)	PUNCT
ajfa-9759	1	50	vinod	vinod	PROPN
ajfa-9759	1	51	gupta	gupta	PROPN
ajfa-9759	1	52	school	school	PROPN
ajfa-9759	1	53	of	of	ADP
ajfa-9759	1	54	management	management	NOUN
ajfa-9759	1	55	,	,	PUNCT
ajfa-9759	1	56	indian	indian	PROPN
ajfa-9759	1	57	institute	institute	PROPN
ajfa-9759	1	58	of	of	ADP
ajfa-9759	1	59	technology	technology	PROPN
ajfa-9759	1	60	kharagpur-721302	kharagpur-721302	PROPN
ajfa-9759	1	61	,	,	PUNCT
ajfa-9759	1	62	india	india	PROPN
ajfa-9759	1	63	e	e	PROPN
ajfa-9759	1	64	-	-	NOUN
ajfa-9759	1	65	mail	mail	NOUN
ajfa-9759	1	66	:	:	PUNCT
ajfa-9759	1	67	srkjena@gmail.com	srkjena@gmail.com	X
ajfa-9759	2	1	dr	dr	PROPN
ajfa-9759	2	2	.	.	PROPN
ajfa-9759	2	3	chandra	chandra	PROPN
ajfa-9759	2	4	sekhar	sekhar	PROPN
ajfa-9759	2	5	mishra	mishra	PROPN
ajfa-9759	2	6	associate	associate	PROPN
ajfa-9759	2	7	professor	professor	NOUN
ajfa-9759	2	8	in	in	ADP
ajfa-9759	2	9	accounting	accounting	NOUN
ajfa-9759	2	10	and	and	CCONJ
ajfa-9759	2	11	finance	finance	NOUN
ajfa-9759	2	12	vinod	vinod	PROPN
ajfa-9759	2	13	gupta	gupta	PROPN
ajfa-9759	2	14	school	school	PROPN
ajfa-9759	2	15	of	of	ADP
ajfa-9759	2	16	management	management	NOUN
ajfa-9759	2	17	,	,	PUNCT
ajfa-9759	2	18	indian	indian	PROPN
ajfa-9759	2	19	institute	institute	PROPN
ajfa-9759	2	20	of	of	ADP
ajfa-9759	2	21	technology	technology	PROPN
ajfa-9759	2	22	kharagpur-721302	kharagpur-721302	PROPN
ajfa-9759	2	23	,	,	PUNCT
ajfa-9759	2	24	india	india	PROPN
ajfa-9759	2	25	tel	tel	PROPN
ajfa-9759	2	26	:	:	PUNCT
ajfa-9759	2	27	(	(	PUNCT
ajfa-9759	2	28	office	office	NOUN
ajfa-9759	2	29	):	):	PUNCT
ajfa-9759	2	30	+91	+91	NOUN
ajfa-9759	2	31	-	-	PUNCT
ajfa-9759	2	32	3222	3222	NUM
ajfa-9759	2	33	-	-	SYM
ajfa-9759	2	34	282318	282318	NUM
ajfa-9759	2	35	e	e	NOUN
ajfa-9759	2	36	-	-	NOUN
ajfa-9759	2	37	mail	mail	NOUN
ajfa-9759	2	38	:	:	PUNCT
ajfa-9759	2	39	csmishra@vgsom.iitkgp.ernet.in	csmishra@vgsom.iitkgp.ernet.in	PROPN
ajfa-9759	2	40	dr	dr	PROPN
ajfa-9759	2	41	.	.	PROPN
ajfa-9759	2	42	prabina	prabina	PROPN
ajfa-9759	2	43	rajib	rajib	PROPN
ajfa-9759	2	44	professor	professor	NOUN
ajfa-9759	2	45	in	in	ADP
ajfa-9759	2	46	accounting	accounting	NOUN
ajfa-9759	2	47	and	and	CCONJ
ajfa-9759	2	48	finance	finance	NOUN
ajfa-9759	2	49	vinod	vinod	PROPN
ajfa-9759	2	50	gupta	gupta	PROPN
ajfa-9759	2	51	school	school	PROPN
ajfa-9759	2	52	of	of	ADP
ajfa-9759	2	53	management	management	NOUN
ajfa-9759	2	54	,	,	PUNCT
ajfa-9759	2	55	indian	indian	PROPN
ajfa-9759	2	56	institute	institute	PROPN
ajfa-9759	2	57	of	of	ADP
ajfa-9759	2	58	technology	technology	PROPN
ajfa-9759	2	59	kharagpur-721302	kharagpur-721302	PROPN
ajfa-9759	2	60	,	,	PUNCT
ajfa-9759	2	61	india	india	PROPN
ajfa-9759	2	62	tel	tel	PROPN
ajfa-9759	2	63	:	:	PUNCT
ajfa-9759	2	64	(	(	PUNCT
ajfa-9759	2	65	office	office	NOUN
ajfa-9759	2	66	):	):	PUNCT
ajfa-9759	2	67	+91	+91	NOUN
ajfa-9759	2	68	-	-	PUNCT
ajfa-9759	2	69	3222	3222	NUM
ajfa-9759	2	70	-	-	SYM
ajfa-9759	2	71	283886	283886	NUM
ajfa-9759	2	72	e	e	NOUN
ajfa-9759	2	73	-	-	NOUN
ajfa-9759	2	74	mail	mail	NOUN
ajfa-9759	2	75	:	:	PUNCT
ajfa-9759	3	1	prabina@vgsom.iitkgp.ernet.in	prabina@vgsom.iitkgp.ernet.in	PROPN
ajfa-9759	3	2	received	receive	VERB
ajfa-9759	3	3	:	:	PUNCT
ajfa-9759	3	4	june	june	PROPN
ajfa-9759	3	5	20	20	NUM
ajfa-9759	3	6	,	,	PUNCT
ajfa-9759	3	7	2016	2016	NUM
ajfa-9759	3	8	accepted	accept	VERB
ajfa-9759	3	9	:	:	PUNCT
ajfa-9759	3	10	august	august	PROPN
ajfa-9759	3	11	10	10	NUM
ajfa-9759	3	12	,	,	PUNCT
ajfa-9759	3	13	2016	2016	NUM
ajfa-9759	3	14	published	publish	VERB
ajfa-9759	3	15	:	:	PUNCT
ajfa-9759	3	16	december	december	PROPN
ajfa-9759	3	17	1	1	NUM
ajfa-9759	3	18	,	,	PUNCT
ajfa-9759	3	19	2016	2016	NUM
ajfa-9759	3	20	doi:10.5296	doi:10.5296	NOUN
ajfa-9759	3	21	/	/	SYM
ajfa-9759	3	22	ajfa.v8i2.9759	ajfa.v8i2.9759	PRON
ajfa-9759	3	23	url	url	NOUN
ajfa-9759	3	24	:	:	PUNCT
ajfa-9759	3	25	http://dx.doi.org/10.5296/ajfa.v8i2.9759	http://dx.doi.org/10.5296/ajfa.v8i2.9759	X
ajfa-9759	3	26	abstract	abstract	ADJ
ajfa-9759	3	27	share	share	NOUN
ajfa-9759	3	28	repurchases	repurchase	NOUN
ajfa-9759	3	29	evolved	evolve	VERB
ajfa-9759	3	30	as	as	ADP
ajfa-9759	3	31	an	an	DET
ajfa-9759	3	32	alternative	alternative	ADJ
ajfa-9759	3	33	method	method	NOUN
ajfa-9759	3	34	of	of	ADP
ajfa-9759	3	35	payout	payout	NOUN
ajfa-9759	3	36	and	and	CCONJ
ajfa-9759	3	37	a	a	DET
ajfa-9759	3	38	corporate	corporate	ADJ
ajfa-9759	3	39	finance	finance	NOUN
ajfa-9759	3	40	tool	tool	NOUN
ajfa-9759	3	41	in	in	ADP
ajfa-9759	3	42	1950	1950	NUM
ajfa-9759	3	43	in	in	ADP
ajfa-9759	3	44	the	the	DET
ajfa-9759	3	45	usa	usa	PROPN
ajfa-9759	3	46	.	.	PROPN
ajfa-9759	3	47	from	from	ADP
ajfa-9759	3	48	1980	1980	NUM
ajfa-9759	3	49	to	to	ADP
ajfa-9759	3	50	2000	2000	NUM
ajfa-9759	3	51	it	it	PRON
ajfa-9759	3	52	has	have	AUX
ajfa-9759	3	53	achieved	achieve	VERB
ajfa-9759	3	54	a	a	DET
ajfa-9759	3	55	significant	significant	ADJ
ajfa-9759	3	56	growth	growth	NOUN
ajfa-9759	3	57	as	as	SCONJ
ajfa-9759	3	58	compared	compare	VERB
ajfa-9759	3	59	to	to	PART
ajfa-9759	3	60	dividend	dividend	VERB
ajfa-9759	3	61	payment	payment	NOUN
ajfa-9759	3	62	by	by	ADP
ajfa-9759	3	63	companies	company	NOUN
ajfa-9759	3	64	.	.	PUNCT
ajfa-9759	4	1	then	then	ADV
ajfa-9759	4	2	,	,	PUNCT
ajfa-9759	4	3	share	share	NOUN
ajfa-9759	4	4	repurchase	repurchase	NOUN
ajfa-9759	4	5	is	be	AUX
ajfa-9759	4	6	gradually	gradually	ADV
ajfa-9759	4	7	spread	spread	VERB
ajfa-9759	4	8	to	to	ADP
ajfa-9759	4	9	other	other	ADJ
ajfa-9759	4	10	countries	country	NOUN
ajfa-9759	4	11	like	like	ADP
ajfa-9759	4	12	uk	uk	PROPN
ajfa-9759	4	13	,	,	PUNCT
ajfa-9759	4	14	canada	canada	PROPN
ajfa-9759	4	15	,	,	PUNCT
ajfa-9759	4	16	etc	etc	X
ajfa-9759	4	17	.	.	X
ajfa-9759	4	18	pertinent	pertinent	ADJ
ajfa-9759	4	19	to	to	ADP
ajfa-9759	4	20	its	its	PRON
ajfa-9759	4	21	growing	grow	VERB
ajfa-9759	4	22	importance	importance	NOUN
ajfa-9759	4	23	,	,	PUNCT
ajfa-9759	4	24	over	over	ADP
ajfa-9759	4	25	the	the	DET
ajfa-9759	4	26	years	year	NOUN
ajfa-9759	4	27	an	an	DET
ajfa-9759	4	28	enormous	enormous	ADJ
ajfa-9759	4	29	literature	literature	NOUN
ajfa-9759	4	30	has	have	AUX
ajfa-9759	4	31	emerged	emerge	VERB
ajfa-9759	4	32	that	that	SCONJ
ajfa-9759	4	33	deals	deal	NOUN
ajfa-9759	4	34	with	with	ADP
ajfa-9759	4	35	many	many	ADJ
ajfa-9759	4	36	facets	facet	NOUN
ajfa-9759	4	37	of	of	ADP
ajfa-9759	4	38	share	share	NOUN
ajfa-9759	4	39	repurchase	repurchase	NOUN
ajfa-9759	4	40	.	.	PUNCT
ajfa-9759	5	1	this	this	DET
ajfa-9759	5	2	article	article	NOUN
ajfa-9759	5	3	classifies	classify	VERB
ajfa-9759	5	4	and	and	CCONJ
ajfa-9759	5	5	organizes	organize	VERB
ajfa-9759	5	6	literature	literature	NOUN
ajfa-9759	5	7	in	in	ADP
ajfa-9759	5	8	relations	relation	NOUN
ajfa-9759	5	9	to	to	ADP
ajfa-9759	5	10	the	the	DET
ajfa-9759	5	11	established	establish	VERB
ajfa-9759	5	12	hypotheses	hypothesis	NOUN
ajfa-9759	5	13	,	,	PUNCT
ajfa-9759	5	14	determinants	determinant	NOUN
ajfa-9759	5	15	affecting	affect	VERB
ajfa-9759	5	16	share	share	NOUN
ajfa-9759	5	17	repurchase	repurchase	NOUN
ajfa-9759	5	18	decisions	decision	NOUN
ajfa-9759	5	19	,	,	PUNCT
ajfa-9759	5	20	the	the	DET
ajfa-9759	5	21	effect	effect	NOUN
ajfa-9759	5	22	of	of	ADP
ajfa-9759	5	23	share	share	NOUN
ajfa-9759	5	24	repurchase	repurchase	VERB
ajfa-9759	5	25	on	on	ADP
ajfa-9759	5	26	liquidity	liquidity	NOUN
ajfa-9759	5	27	and	and	CCONJ
ajfa-9759	5	28	earning	earn	VERB
ajfa-9759	5	29	management	management	NOUN
ajfa-9759	5	30	around	around	ADP
ajfa-9759	5	31	share	share	NOUN
ajfa-9759	5	32	repurchase	repurchase	NOUN
ajfa-9759	5	33	.	.	PUNCT
ajfa-9759	6	1	in	in	ADP
ajfa-9759	6	2	additions	addition	NOUN
ajfa-9759	6	3	to	to	ADP
ajfa-9759	6	4	the	the	DET
ajfa-9759	6	5	above	above	NOUN
ajfa-9759	6	6	,	,	PUNCT
ajfa-9759	6	7	this	this	DET
ajfa-9759	6	8	article	article	NOUN
ajfa-9759	6	9	also	also	ADV
ajfa-9759	6	10	analyses	analyse	VERB
ajfa-9759	6	11	the	the	DET
ajfa-9759	6	12	asian	asian	ADJ
ajfa-9759	6	13	journal	journal	NOUN
ajfa-9759	6	14	of	of	ADP
ajfa-9759	6	15	finance	finance	PROPN
ajfa-9759	6	16	&	&	CCONJ
ajfa-9759	6	17	accounting	accounting	PROPN
ajfa-9759	6	18	issn	issn	PROPN
ajfa-9759	6	19	1946	1946	NUM
ajfa-9759	6	20	-	-	PUNCT
ajfa-9759	6	21	052x	052x	PROPN
ajfa-9759	6	22	2016	2016	NUM
ajfa-9759	6	23	,	,	PUNCT
ajfa-9759	6	24	vol	vol	NOUN
ajfa-9759	6	25	.	.	PROPN
ajfa-9759	6	26	8	8	NUM
ajfa-9759	6	27	,	,	PUNCT
ajfa-9759	6	28	no	no	INTJ
ajfa-9759	6	29	.	.	NOUN
ajfa-9759	6	30	2	2	NUM
ajfa-9759	6	31	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9759	6	32	2	2	NUM
ajfa-9759	6	33	regulatory	regulatory	ADJ
ajfa-9759	6	34	framework	framework	NOUN
ajfa-9759	6	35	of	of	ADP
ajfa-9759	6	36	indian	indian	ADJ
ajfa-9759	6	37	buyback	buyback	NOUN
ajfa-9759	6	38	starting	start	VERB
ajfa-9759	6	39	from	from	ADP
ajfa-9759	6	40	1998	1998	NUM
ajfa-9759	6	41	.	.	PUNCT
ajfa-9759	7	1	it	it	PRON
ajfa-9759	7	2	gives	give	VERB
ajfa-9759	7	3	a	a	DET
ajfa-9759	7	4	brief	brief	ADJ
ajfa-9759	7	5	view	view	NOUN
ajfa-9759	7	6	of	of	ADP
ajfa-9759	7	7	sections	section	NOUN
ajfa-9759	7	8	of	of	ADP
ajfa-9759	7	9	old	old	ADJ
ajfa-9759	7	10	companies	company	NOUN
ajfa-9759	7	11	act	act	VERB
ajfa-9759	7	12	(	(	PUNCT
ajfa-9759	7	13	1956	1956	NUM
ajfa-9759	7	14	)	)	PUNCT
ajfa-9759	7	15	and	and	CCONJ
ajfa-9759	7	16	new	new	ADJ
ajfa-9759	7	17	companies	company	NOUN
ajfa-9759	7	18	act	act	VERB
ajfa-9759	7	19	(	(	PUNCT
ajfa-9759	7	20	2013	2013	NUM
ajfa-9759	7	21	)	)	PUNCT
ajfa-9759	7	22	dealing	deal	VERB
ajfa-9759	7	23	with	with	ADP
ajfa-9759	7	24	buyback	buyback	NOUN
ajfa-9759	7	25	.	.	PUNCT
ajfa-9759	8	1	this	this	DET
ajfa-9759	8	2	article	article	NOUN
ajfa-9759	8	3	also	also	ADV
ajfa-9759	8	4	provides	provide	VERB
ajfa-9759	8	5	a	a	DET
ajfa-9759	8	6	snapshot	snapshot	NOUN
ajfa-9759	8	7	of	of	ADP
ajfa-9759	8	8	sebi	sebi	NOUN
ajfa-9759	8	9	buyback	buyback	NOUN
ajfa-9759	8	10	regulations	regulation	NOUN
ajfa-9759	8	11	,	,	PUNCT
ajfa-9759	8	12	1998	1998	NUM
ajfa-9759	8	13	and	and	CCONJ
ajfa-9759	8	14	also	also	ADV
ajfa-9759	8	15	accommodates	accommodate	VERB
ajfa-9759	8	16	all	all	DET
ajfa-9759	8	17	the	the	DET
ajfa-9759	8	18	amendments	amendment	NOUN
ajfa-9759	8	19	.	.	PUNCT
ajfa-9759	9	1	keywords	keyword	NOUN
ajfa-9759	9	2	:	:	PUNCT
ajfa-9759	9	3	share	share	NOUN
ajfa-9759	9	4	buyback	buyback	NOUN
ajfa-9759	9	5	,	,	PUNCT
ajfa-9759	9	6	determinants	determinant	NOUN
ajfa-9759	9	7	,	,	PUNCT
ajfa-9759	9	8	liquidity	liquidity	NOUN
ajfa-9759	9	9	,	,	PUNCT
ajfa-9759	9	10	earnings	earning	NOUN
ajfa-9759	9	11	management	management	NOUN
ajfa-9759	9	12	,	,	PUNCT
ajfa-9759	9	13	sebi	sebi	NOUN
ajfa-9759	9	14	buyback	buyback	NOUN
ajfa-9759	9	15	regulations	regulation	NOUN
ajfa-9759	9	16	(	(	PUNCT
ajfa-9759	9	17	1998	1998	NUM
ajfa-9759	9	18	)	)	PUNCT
ajfa-9759	9	19	,	,	PUNCT
ajfa-9759	9	20	companies	company	NOUN
ajfa-9759	9	21	act	act	VERB
ajfa-9759	9	22	2013	2013	NUM
ajfa-9759	9	23	.	.	PUNCT
ajfa-9759	10	1	asian	asian	ADJ
ajfa-9759	10	2	journal	journal	PROPN
ajfa-9759	10	3	of	of	ADP
ajfa-9759	10	4	finance	finance	PROPN
ajfa-9759	10	5	&	&	CCONJ
ajfa-9759	10	6	accounting	accounting	PROPN
ajfa-9759	10	7	issn	issn	PROPN
ajfa-9759	10	8	1946	1946	NUM
ajfa-9759	10	9	-	-	PUNCT
ajfa-9759	10	10	052x	052x	PROPN
ajfa-9759	10	11	2016	2016	NUM
ajfa-9759	10	12	,	,	PUNCT
ajfa-9759	10	13	vol	vol	NOUN
ajfa-9759	10	14	.	.	PROPN
ajfa-9759	10	15	8	8	NUM
ajfa-9759	10	16	,	,	PUNCT
ajfa-9759	10	17	no	no	INTJ
ajfa-9759	10	18	.	.	NOUN
ajfa-9759	10	19	2	2	NUM
ajfa-9759	10	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9759	10	21	3	3	NUM
ajfa-9759	10	22	1	1	NUM
ajfa-9759	10	23	.	.	PUNCT
ajfa-9759	11	1	introduction	introduction	NOUN
ajfa-9759	11	2	share	share	NOUN
ajfa-9759	11	3	repurchase	repurchase	NOUN
ajfa-9759	11	4	or	or	CCONJ
ajfa-9759	11	5	buyback	buyback	NOUN
ajfa-9759	11	6	of	of	ADP
ajfa-9759	11	7	shares	share	NOUN
ajfa-9759	11	8	means	mean	VERB
ajfa-9759	11	9	companies	company	NOUN
ajfa-9759	11	10	purchase	purchase	VERB
ajfa-9759	11	11	their	their	PRON
ajfa-9759	11	12	shares	share	NOUN
ajfa-9759	11	13	from	from	ADP
ajfa-9759	11	14	the	the	DET
ajfa-9759	11	15	shareholders	shareholder	NOUN
ajfa-9759	11	16	.	.	PUNCT
ajfa-9759	12	1	it	it	PRON
ajfa-9759	12	2	is	be	AUX
ajfa-9759	12	3	an	an	DET
ajfa-9759	12	4	investment	investment	NOUN
ajfa-9759	12	5	technique	technique	NOUN
ajfa-9759	12	6	used	use	VERB
ajfa-9759	12	7	by	by	ADP
ajfa-9759	12	8	the	the	DET
ajfa-9759	12	9	companies	company	NOUN
ajfa-9759	12	10	to	to	PART
ajfa-9759	12	11	invest	invest	VERB
ajfa-9759	12	12	in	in	ADP
ajfa-9759	12	13	their	their	PRON
ajfa-9759	12	14	shares	share	NOUN
ajfa-9759	12	15	.	.	PUNCT
ajfa-9759	13	1	repurchased	repurchase	VERB
ajfa-9759	13	2	shares	share	NOUN
ajfa-9759	13	3	may	may	AUX
ajfa-9759	13	4	be	be	AUX
ajfa-9759	13	5	either	either	CCONJ
ajfa-9759	13	6	cancelled	cancel	VERB
ajfa-9759	13	7	or	or	CCONJ
ajfa-9759	13	8	kept	keep	VERB
ajfa-9759	13	9	in	in	ADP
ajfa-9759	13	10	treasury	treasury	NOUN
ajfa-9759	13	11	for	for	ADP
ajfa-9759	13	12	further	further	ADJ
ajfa-9759	13	13	issue	issue	NOUN
ajfa-9759	13	14	depending	depend	VERB
ajfa-9759	13	15	on	on	ADP
ajfa-9759	13	16	the	the	DET
ajfa-9759	13	17	country	country	NOUN
ajfa-9759	13	18	’s	’s	PART
ajfa-9759	13	19	rules	rule	NOUN
ajfa-9759	13	20	and	and	CCONJ
ajfa-9759	13	21	regulation	regulation	NOUN
ajfa-9759	13	22	.	.	PUNCT
ajfa-9759	14	1	firms	firm	NOUN
ajfa-9759	14	2	have	have	VERB
ajfa-9759	14	3	to	to	PART
ajfa-9759	14	4	extinguish	extinguish	VERB
ajfa-9759	14	5	the	the	DET
ajfa-9759	14	6	repurchased	repurchase	VERB
ajfa-9759	14	7	shares	share	NOUN
ajfa-9759	14	8	in	in	ADP
ajfa-9759	14	9	countries	country	NOUN
ajfa-9759	14	10	like	like	ADP
ajfa-9759	14	11	india	india	PROPN
ajfa-9759	14	12	,	,	PUNCT
ajfa-9759	14	13	australia	australia	PROPN
ajfa-9759	14	14	,	,	PUNCT
ajfa-9759	14	15	sweden	sweden	PROPN
ajfa-9759	14	16	,	,	PUNCT
ajfa-9759	14	17	france	france	PROPN
ajfa-9759	14	18	,	,	PUNCT
ajfa-9759	14	19	canada	canada	PROPN
ajfa-9759	14	20	and	and	CCONJ
ajfa-9759	14	21	uk	uk	PROPN
ajfa-9759	14	22	.	.	PROPN
ajfa-9759	15	1	in	in	ADP
ajfa-9759	15	2	countries	country	NOUN
ajfa-9759	15	3	like	like	ADP
ajfa-9759	15	4	the	the	DET
ajfa-9759	15	5	us	us	PROPN
ajfa-9759	15	6	and	and	CCONJ
ajfa-9759	15	7	spain	spain	PROPN
ajfa-9759	15	8	,	,	PUNCT
ajfa-9759	15	9	the	the	DET
ajfa-9759	15	10	companies	company	NOUN
ajfa-9759	15	11	keep	keep	VERB
ajfa-9759	15	12	the	the	DET
ajfa-9759	15	13	repurchased	repurchase	VERB
ajfa-9759	15	14	shares	share	NOUN
ajfa-9759	15	15	in	in	ADP
ajfa-9759	15	16	treasury	treasury	NOUN
ajfa-9759	15	17	for	for	ADP
ajfa-9759	15	18	reissue	reissue	NOUN
ajfa-9759	15	19	.	.	PUNCT
ajfa-9759	16	1	in	in	ADP
ajfa-9759	16	2	italy	italy	PROPN
ajfa-9759	16	3	,	,	PUNCT
ajfa-9759	16	4	companies	company	NOUN
ajfa-9759	16	5	can	can	AUX
ajfa-9759	16	6	either	either	CCONJ
ajfa-9759	16	7	extinguish	extinguish	VERB
ajfa-9759	16	8	the	the	DET
ajfa-9759	16	9	shares	share	NOUN
ajfa-9759	16	10	or	or	CCONJ
ajfa-9759	16	11	held	hold	VERB
ajfa-9759	16	12	as	as	ADP
ajfa-9759	16	13	treasury	treasury	NOUN
ajfa-9759	16	14	stock	stock	NOUN
ajfa-9759	16	15	for	for	ADP
ajfa-9759	16	16	reselling	resell	VERB
ajfa-9759	16	17	.	.	PUNCT
ajfa-9759	17	1	share	share	PROPN
ajfa-9759	17	2	repurchases1	repurchases1	PROPN
ajfa-9759	17	3	are	be	AUX
ajfa-9759	17	4	similar	similar	ADJ
ajfa-9759	17	5	to	to	ADP
ajfa-9759	17	6	a	a	DET
ajfa-9759	17	7	dividend	dividend	NOUN
ajfa-9759	17	8	on	on	ADP
ajfa-9759	17	9	the	the	DET
ajfa-9759	17	10	distribution	distribution	NOUN
ajfa-9759	17	11	of	of	ADP
ajfa-9759	17	12	cash	cash	NOUN
ajfa-9759	17	13	to	to	ADP
ajfa-9759	17	14	the	the	DET
ajfa-9759	17	15	shareholders	shareholder	NOUN
ajfa-9759	17	16	.	.	PUNCT
ajfa-9759	18	1	however	however	ADV
ajfa-9759	18	2	,	,	PUNCT
ajfa-9759	18	3	the	the	DET
ajfa-9759	18	4	dividend	dividend	NOUN
ajfa-9759	18	5	is	be	AUX
ajfa-9759	18	6	pervasive	pervasive	ADJ
ajfa-9759	18	7	in	in	ADP
ajfa-9759	18	8	the	the	DET
ajfa-9759	18	9	sense	sense	NOUN
ajfa-9759	18	10	;	;	PUNCT
ajfa-9759	18	11	companies	company	NOUN
ajfa-9759	18	12	have	have	AUX
ajfa-9759	18	13	been	be	AUX
ajfa-9759	18	14	paying	pay	VERB
ajfa-9759	18	15	regular	regular	ADJ
ajfa-9759	18	16	cash	cash	NOUN
ajfa-9759	18	17	dividend	dividend	NOUN
ajfa-9759	18	18	since	since	SCONJ
ajfa-9759	18	19	the	the	DET
ajfa-9759	18	20	inception	inception	NOUN
ajfa-9759	18	21	of	of	ADP
ajfa-9759	18	22	joint	joint	ADJ
ajfa-9759	18	23	stock	stock	NOUN
ajfa-9759	18	24	companies	company	NOUN
ajfa-9759	18	25	around	around	ADP
ajfa-9759	18	26	three	three	NUM
ajfa-9759	18	27	hundredyears	hundredyear	NOUN
ajfa-9759	18	28	ago	ago	ADV
ajfa-9759	18	29	.	.	PUNCT
ajfa-9759	19	1	initially	initially	ADV
ajfa-9759	19	2	,	,	PUNCT
ajfa-9759	19	3	it	it	PRON
ajfa-9759	19	4	is	be	AUX
ajfa-9759	19	5	the	the	DET
ajfa-9759	19	6	only	only	ADJ
ajfa-9759	19	7	method	method	NOUN
ajfa-9759	19	8	of	of	ADP
ajfa-9759	19	9	payment	payment	NOUN
ajfa-9759	19	10	of	of	ADP
ajfa-9759	19	11	surplus	surplus	NOUN
ajfa-9759	19	12	to	to	ADP
ajfa-9759	19	13	the	the	DET
ajfa-9759	19	14	stakeholders	stakeholder	NOUN
ajfa-9759	19	15	.	.	PUNCT
ajfa-9759	20	1	miller	miller	PROPN
ajfa-9759	20	2	and	and	CCONJ
ajfa-9759	20	3	modigliani	modigliani	PROPN
ajfa-9759	20	4	,	,	PUNCT
ajfa-9759	20	5	(	(	PUNCT
ajfa-9759	20	6	1961	1961	NUM
ajfa-9759	20	7	)	)	PUNCT
ajfa-9759	20	8	first	first	ADJ
ajfa-9759	20	9	-	-	PUNCT
ajfa-9759	20	10	time	time	NOUN
ajfa-9759	20	11	proposes	propose	VERB
ajfa-9759	20	12	that	that	SCONJ
ajfa-9759	20	13	the	the	DET
ajfa-9759	20	14	value	value	NOUN
ajfa-9759	20	15	of	of	ADP
ajfa-9759	20	16	companies	company	NOUN
ajfa-9759	20	17	remains	remain	VERB
ajfa-9759	20	18	same	same	ADJ
ajfa-9759	20	19	before	before	ADV
ajfa-9759	20	20	and	and	CCONJ
ajfa-9759	20	21	after	after	ADP
ajfa-9759	20	22	dividend	dividend	NOUN
ajfa-9759	20	23	payment	payment	NOUN
ajfa-9759	20	24	.	.	PUNCT
ajfa-9759	21	1	so	so	ADV
ajfa-9759	21	2	dividend	dividend	NOUN
ajfa-9759	21	3	payment	payment	NOUN
ajfa-9759	21	4	is	be	AUX
ajfa-9759	21	5	considered	consider	VERB
ajfa-9759	21	6	as	as	ADP
ajfa-9759	21	7	a	a	DET
ajfa-9759	21	8	puzzle	puzzle	NOUN
ajfa-9759	21	9	in	in	ADP
ajfa-9759	21	10	corporate	corporate	ADJ
ajfa-9759	21	11	finance	finance	NOUN
ajfa-9759	21	12	.	.	PUNCT
ajfa-9759	22	1	before	before	ADP
ajfa-9759	22	2	1980	1980	NUM
ajfa-9759	22	3	,	,	PUNCT
ajfa-9759	22	4	companies	company	NOUN
ajfa-9759	22	5	preferred	prefer	VERB
ajfa-9759	22	6	dividend	dividend	NOUN
ajfa-9759	22	7	as	as	ADP
ajfa-9759	22	8	a	a	DET
ajfa-9759	22	9	favorite	favorite	ADJ
ajfa-9759	22	10	method	method	NOUN
ajfa-9759	22	11	of	of	ADP
ajfa-9759	22	12	payout	payout	NOUN
ajfa-9759	22	13	despite	despite	SCONJ
ajfa-9759	22	14	the	the	DET
ajfa-9759	22	15	relative	relative	ADJ
ajfa-9759	22	16	tax	tax	NOUN
ajfa-9759	22	17	advantage	advantage	NOUN
ajfa-9759	22	18	of	of	ADP
ajfa-9759	22	19	repurchase	repurchase	NOUN
ajfa-9759	22	20	(	(	PUNCT
ajfa-9759	22	21	barclay	barclay	PROPN
ajfa-9759	22	22	and	and	CCONJ
ajfa-9759	22	23	smith	smith	PROPN
ajfa-9759	22	24	,	,	PUNCT
ajfa-9759	22	25	1988	1988	NUM
ajfa-9759	22	26	)	)	PUNCT
ajfa-9759	22	27	.	.	PUNCT
ajfa-9759	23	1	but	but	CCONJ
ajfa-9759	23	2	after	after	ADP
ajfa-9759	23	3	1980	1980	NUM
ajfa-9759	23	4	the	the	DET
ajfa-9759	23	5	growth	growth	NOUN
ajfa-9759	23	6	of	of	ADP
ajfa-9759	23	7	repurchase	repurchase	NOUN
ajfa-9759	23	8	has	have	AUX
ajfa-9759	23	9	been	be	AUX
ajfa-9759	23	10	tremendous	tremendous	ADJ
ajfa-9759	23	11	in	in	ADP
ajfa-9759	23	12	the	the	DET
ajfa-9759	23	13	us	us	PROPN
ajfa-9759	23	14	.	.	PUNCT
ajfa-9759	24	1	repurchase	repurchase	VERB
ajfa-9759	24	2	as	as	SCONJ
ajfa-9759	24	3	expenditure	expenditure	NOUN
ajfa-9759	24	4	increased	increase	VERB
ajfa-9759	24	5	from	from	ADP
ajfa-9759	24	6	4.8	4.8	NUM
ajfa-9759	24	7	%	%	NOUN
ajfa-9759	24	8	in	in	ADP
ajfa-9759	24	9	1980	1980	NUM
ajfa-9759	24	10	to	to	ADP
ajfa-9759	24	11	41.8	41.8	NUM
ajfa-9759	24	12	%	%	NOUN
ajfa-9759	24	13	in	in	ADP
ajfa-9759	24	14	2000.the	2000.the	DET
ajfa-9759	24	15	average	average	ADJ
ajfa-9759	24	16	growth	growth	NOUN
ajfa-9759	24	17	of	of	ADP
ajfa-9759	24	18	repurchase	repurchase	NOUN
ajfa-9759	24	19	is	be	AUX
ajfa-9759	24	20	almost	almost	ADV
ajfa-9759	24	21	four	four	NUM
ajfa-9759	24	22	times	time	NOUN
ajfa-9759	24	23	than	than	ADP
ajfa-9759	24	24	the	the	DET
ajfa-9759	24	25	average	average	ADJ
ajfa-9759	24	26	growth	growth	NOUN
ajfa-9759	24	27	in	in	ADP
ajfa-9759	24	28	dividends	dividend	NOUN
ajfa-9759	24	29	.	.	PUNCT
ajfa-9759	25	1	share	share	NOUN
ajfa-9759	25	2	repurchase	repurchase	VERB
ajfa-9759	25	3	as	as	ADP
ajfa-9759	25	4	a	a	DET
ajfa-9759	25	5	percentage	percentage	NOUN
ajfa-9759	25	6	of	of	ADP
ajfa-9759	25	7	total	total	ADJ
ajfa-9759	25	8	dividend	dividend	NOUN
ajfa-9759	25	9	increased	increase	VERB
ajfa-9759	25	10	from	from	ADP
ajfa-9759	25	11	13.1	13.1	NUM
ajfa-9759	25	12	%	%	NOUN
ajfa-9759	25	13	in	in	ADP
ajfa-9759	25	14	1980	1980	NUM
ajfa-9759	25	15	to	to	ADP
ajfa-9759	25	16	113.1	113.1	NUM
ajfa-9759	25	17	%	%	NOUN
ajfa-9759	25	18	in	in	ADP
ajfa-9759	25	19	2000	2000	NUM
ajfa-9759	25	20	.	.	PUNCT
ajfa-9759	26	1	in	in	ADP
ajfa-9759	26	2	1999	1999	NUM
ajfa-9759	26	3	-	-	SYM
ajfa-9759	26	4	2000	2000	NUM
ajfa-9759	26	5	for	for	ADP
ajfa-9759	26	6	the	the	DET
ajfa-9759	26	7	first	first	ADJ
ajfa-9759	26	8	time	time	NOUN
ajfa-9759	26	9	in	in	ADP
ajfa-9759	26	10	us	us	PROPN
ajfa-9759	26	11	history	history	NOUN
ajfa-9759	26	12	companies	company	NOUN
ajfa-9759	26	13	spent	spend	VERB
ajfa-9759	26	14	more	more	ADJ
ajfa-9759	26	15	on	on	ADP
ajfa-9759	26	16	repurchase	repurchase	NOUN
ajfa-9759	26	17	than	than	ADP
ajfa-9759	26	18	dividends	dividend	NOUN
ajfa-9759	26	19	(	(	PUNCT
ajfa-9759	26	20	grullion	grullion	NOUN
ajfa-9759	26	21	and	and	CCONJ
ajfa-9759	26	22	michaely	michaely	ADV
ajfa-9759	26	23	,	,	PUNCT
ajfa-9759	26	24	2000	2000	NUM
ajfa-9759	26	25	)	)	PUNCT
ajfa-9759	26	26	.	.	PUNCT
ajfa-9759	27	1	after	after	ADP
ajfa-9759	27	2	this	this	DET
ajfa-9759	27	3	growth	growth	NOUN
ajfa-9759	27	4	,	,	PUNCT
ajfa-9759	27	5	many	many	ADJ
ajfa-9759	27	6	countries	country	NOUN
ajfa-9759	27	7	adopted	adopt	VERB
ajfa-9759	27	8	share	share	NOUN
ajfa-9759	27	9	repurchase	repurchase	NOUN
ajfa-9759	27	10	as	as	ADP
ajfa-9759	27	11	an	an	DET
ajfa-9759	27	12	alternative	alternative	ADJ
ajfa-9759	27	13	method	method	NOUN
ajfa-9759	27	14	of	of	ADP
ajfa-9759	27	15	payout	payout	NOUN
ajfa-9759	27	16	.	.	PUNCT
ajfa-9759	28	1	after	after	ADP
ajfa-9759	28	2	the	the	DET
ajfa-9759	28	3	us	us	PROPN
ajfa-9759	28	4	,	,	PUNCT
ajfa-9759	28	5	uk	uk	PROPN
ajfa-9759	28	6	is	be	AUX
ajfa-9759	28	7	the	the	DET
ajfa-9759	28	8	second	second	ADJ
ajfa-9759	28	9	most	most	ADV
ajfa-9759	28	10	developed	develop	VERB
ajfa-9759	28	11	country	country	NOUN
ajfa-9759	28	12	where	where	SCONJ
ajfa-9759	28	13	repurchase	repurchase	NOUN
ajfa-9759	28	14	has	have	AUX
ajfa-9759	28	15	gained	gain	VERB
ajfa-9759	28	16	popularity	popularity	NOUN
ajfa-9759	28	17	and	and	CCONJ
ajfa-9759	28	18	then	then	ADV
ajfa-9759	28	19	spread	spread	VERB
ajfa-9759	28	20	to	to	ADP
ajfa-9759	28	21	countries	country	NOUN
ajfa-9759	28	22	like	like	ADP
ajfa-9759	28	23	canada	canada	PROPN
ajfa-9759	28	24	,	,	PUNCT
ajfa-9759	28	25	australia	australia	PROPN
ajfa-9759	28	26	,	,	PUNCT
ajfa-9759	28	27	japan	japan	PROPN
ajfa-9759	28	28	,	,	PUNCT
ajfa-9759	28	29	france	france	PROPN
ajfa-9759	28	30	,	,	PUNCT
ajfa-9759	28	31	etc	etc	X
ajfa-9759	28	32	.	.	X
ajfa-9759	28	33	the	the	DET
ajfa-9759	28	34	rest	rest	NOUN
ajfa-9759	28	35	of	of	ADP
ajfa-9759	28	36	the	the	DET
ajfa-9759	28	37	paper	paper	NOUN
ajfa-9759	28	38	is	be	AUX
ajfa-9759	28	39	organized	organize	VERB
ajfa-9759	28	40	as	as	SCONJ
ajfa-9759	28	41	follows	follow	VERB
ajfa-9759	28	42	.	.	PUNCT
ajfa-9759	29	1	section	section	NOUN
ajfa-9759	29	2	2	2	NUM
ajfa-9759	29	3	provides	provide	VERB
ajfa-9759	29	4	a	a	DET
ajfa-9759	29	5	brief	brief	ADJ
ajfa-9759	29	6	view	view	NOUN
ajfa-9759	29	7	of	of	ADP
ajfa-9759	29	8	the	the	DET
ajfa-9759	29	9	rules	rule	NOUN
ajfa-9759	29	10	and	and	CCONJ
ajfa-9759	29	11	regulation	regulation	NOUN
ajfa-9759	29	12	relating	relate	VERB
ajfa-9759	29	13	to	to	ADP
ajfa-9759	29	14	buyback	buyback	NOUN
ajfa-9759	29	15	in	in	ADP
ajfa-9759	29	16	india	india	PROPN
ajfa-9759	29	17	.	.	PUNCT
ajfa-9759	30	1	section	section	NOUN
ajfa-9759	30	2	3	3	NUM
ajfa-9759	30	3	discusses	discuss	VERB
ajfa-9759	30	4	the	the	DET
ajfa-9759	30	5	hypotheses	hypothesis	NOUN
ajfa-9759	30	6	responsible	responsible	ADJ
ajfa-9759	30	7	for	for	ADP
ajfa-9759	30	8	share	share	NOUN
ajfa-9759	30	9	buyback	buyback	NOUN
ajfa-9759	30	10	decisions	decision	NOUN
ajfa-9759	30	11	.	.	PUNCT
ajfa-9759	31	1	section	section	NOUN
ajfa-9759	31	2	4	4	NUM
ajfa-9759	31	3	discusses	discuss	VERB
ajfa-9759	31	4	the	the	DET
ajfa-9759	31	5	indian	indian	ADJ
ajfa-9759	31	6	buyback	buyback	NOUN
ajfa-9759	31	7	scenario	scenario	NOUN
ajfa-9759	31	8	.	.	PUNCT
ajfa-9759	32	1	section	section	NOUN
ajfa-9759	32	2	5	5	NUM
ajfa-9759	32	3	discusses	discuss	VERB
ajfa-9759	32	4	the	the	DET
ajfa-9759	32	5	determinants	determinant	NOUN
ajfa-9759	32	6	of	of	ADP
ajfa-9759	32	7	share	share	NOUN
ajfa-9759	32	8	repurchase	repurchase	NOUN
ajfa-9759	32	9	.	.	PUNCT
ajfa-9759	33	1	section	section	NOUN
ajfa-9759	33	2	6	6	NUM
ajfa-9759	33	3	discusses	discuss	VERB
ajfa-9759	33	4	the	the	DET
ajfa-9759	33	5	impact	impact	NOUN
ajfa-9759	33	6	of	of	ADP
ajfa-9759	33	7	share	share	NOUN
ajfa-9759	33	8	repurchase	repurchase	VERB
ajfa-9759	33	9	on	on	ADP
ajfa-9759	33	10	post	post	ADJ
ajfa-9759	33	11	-	-	ADJ
ajfa-9759	33	12	buyback	buyback	ADJ
ajfa-9759	33	13	market	market	NOUN
ajfa-9759	33	14	liquidity	liquidity	NOUN
ajfa-9759	33	15	of	of	ADP
ajfa-9759	33	16	the	the	DET
ajfa-9759	33	17	firm	firm	NOUN
ajfa-9759	33	18	.	.	PUNCT
ajfa-9759	34	1	section	section	NOUN
ajfa-9759	34	2	7	7	NUM
ajfa-9759	34	3	discusses	discuss	VERB
ajfa-9759	34	4	the	the	DET
ajfa-9759	34	5	earnings	earning	NOUN
ajfa-9759	34	6	management	management	NOUN
ajfa-9759	34	7	around	around	ADP
ajfa-9759	34	8	share	share	NOUN
ajfa-9759	34	9	repurchase	repurchase	NOUN
ajfa-9759	34	10	and	and	CCONJ
ajfa-9759	34	11	section	section	NOUN
ajfa-9759	34	12	8	8	NUM
ajfa-9759	34	13	concludes	conclude	VERB
ajfa-9759	34	14	the	the	DET
ajfa-9759	34	15	paper	paper	NOUN
ajfa-9759	34	16	.	.	PUNCT
ajfa-9759	35	1	2	2	X
ajfa-9759	35	2	.	.	X
ajfa-9759	35	3	law	law	NOUN
ajfa-9759	35	4	regulating	regulate	VERB
ajfa-9759	35	5	share	share	NOUN
ajfa-9759	35	6	buyback	buyback	NOUN
ajfa-9759	35	7	in	in	ADP
ajfa-9759	35	8	india	india	PROPN
ajfa-9759	35	9	the	the	DET
ajfa-9759	35	10	principal	principal	ADJ
ajfa-9759	35	11	act	act	NOUN
ajfa-9759	35	12	responsible	responsible	ADJ
ajfa-9759	35	13	for	for	ADP
ajfa-9759	35	14	share	share	NOUN
ajfa-9759	35	15	buyback	buyback	NOUN
ajfa-9759	35	16	in	in	ADP
ajfa-9759	35	17	india	india	PROPN
ajfa-9759	35	18	is	be	AUX
ajfa-9759	35	19	companies	company	NOUN
ajfa-9759	35	20	act	act	VERB
ajfa-9759	35	21	1956.in	1956.in	NUM
ajfa-9759	35	22	1999	1999	NUM
ajfa-9759	35	23	an	an	DET
ajfa-9759	35	24	amendment	amendment	NOUN
ajfa-9759	35	25	to	to	ADP
ajfa-9759	35	26	the	the	DET
ajfa-9759	35	27	companies	company	NOUN
ajfa-9759	35	28	act	act	VERB
ajfa-9759	35	29	allowed	allow	VERB
ajfa-9759	35	30	indian	indian	ADJ
ajfa-9759	35	31	companies	company	NOUN
ajfa-9759	35	32	to	to	PART
ajfa-9759	35	33	repurchase	repurchase	VERB
ajfa-9759	35	34	their	their	PRON
ajfa-9759	35	35	shares	share	NOUN
ajfa-9759	35	36	with	with	ADP
ajfa-9759	35	37	retrospective	retrospective	ADJ
ajfa-9759	35	38	effect	effect	NOUN
ajfa-9759	35	39	from	from	ADP
ajfa-9759	35	40	october	october	PROPN
ajfa-9759	35	41	1998.this	1998.this	NUM
ajfa-9759	35	42	enactment	enactment	NOUN
ajfa-9759	35	43	introduced	introduce	VERB
ajfa-9759	35	44	three	three	NUM
ajfa-9759	35	45	sections(77a,77aa	sections(77a,77aa	PROPN
ajfa-9759	35	46	&	&	CCONJ
ajfa-9759	35	47	77b	77b	NOUN
ajfa-9759	35	48	)	)	PUNCT
ajfa-9759	35	49	to	to	ADP
ajfa-9759	35	50	the	the	DET
ajfa-9759	35	51	existing	exist	VERB
ajfa-9759	35	52	companies	company	NOUN
ajfa-9759	35	53	act	act	VERB
ajfa-9759	35	54	to	to	PART
ajfa-9759	35	55	allow	allow	VERB
ajfa-9759	35	56	repurchase	repurchase	NOUN
ajfa-9759	35	57	of	of	ADP
ajfa-9759	35	58	shares	share	NOUN
ajfa-9759	35	59	.	.	PUNCT
ajfa-9759	36	1	before	before	ADP
ajfa-9759	36	2	this	this	DET
ajfa-9759	36	3	amendment	amendment	NOUN
ajfa-9759	36	4	,	,	PUNCT
ajfa-9759	36	5	the	the	DET
ajfa-9759	36	6	company	company	NOUN
ajfa-9759	36	7	is	be	AUX
ajfa-9759	36	8	restricted	restrict	VERB
ajfa-9759	36	9	to	to	PART
ajfa-9759	36	10	repurchase	repurchase	VERB
ajfa-9759	36	11	their	their	PRON
ajfa-9759	36	12	shares	share	NOUN
ajfa-9759	36	13	under	under	ADP
ajfa-9759	36	14	section	section	NOUN
ajfa-9759	36	15	77	77	NUM
ajfa-9759	36	16	of	of	ADP
ajfa-9759	36	17	companies	company	NOUN
ajfa-9759	36	18	act	act	VERB
ajfa-9759	36	19	1956.companies	1956.companies	NUM
ajfa-9759	36	20	are	be	AUX
ajfa-9759	36	21	only	only	ADV
ajfa-9759	36	22	allowed	allow	VERB
ajfa-9759	36	23	to	to	PART
ajfa-9759	36	24	repurchase	repurchase	VERB
ajfa-9759	36	25	their	their	PRON
ajfa-9759	36	26	shares	share	NOUN
ajfa-9759	36	27	under	under	ADP
ajfa-9759	36	28	section	section	NOUN
ajfa-9759	36	29	100	100	NUM
ajfa-9759	36	30	and	and	CCONJ
ajfa-9759	36	31	402	402	NUM
ajfa-9759	36	32	of	of	ADP
ajfa-9759	36	33	companies	company	NOUN
ajfa-9759	36	34	act	act	VERB
ajfa-9759	36	35	1956.section	1956.section	NUM
ajfa-9759	36	36	100	100	NUM
ajfa-9759	36	37	deals	deal	NOUN
ajfa-9759	36	38	with	with	ADP
ajfa-9759	36	39	capital	capital	NOUN
ajfa-9759	36	40	reduction	reduction	NOUN
ajfa-9759	36	41	with	with	ADP
ajfa-9759	36	42	due	due	ADJ
ajfa-9759	36	43	approval	approval	NOUN
ajfa-9759	36	44	from	from	ADP
ajfa-9759	36	45	a	a	DET
ajfa-9759	36	46	court	court	NOUN
ajfa-9759	36	47	not	not	PART
ajfa-9759	36	48	lower	low	ADJ
ajfa-9759	36	49	than	than	ADP
ajfa-9759	36	50	high	high	ADJ
ajfa-9759	36	51	court	court	NOUN
ajfa-9759	36	52	.	.	PUNCT
ajfa-9759	37	1	section	section	NOUN
ajfa-9759	37	2	402	402	NUM
ajfa-9759	37	3	allows	allow	VERB
ajfa-9759	37	4	companies	company	NOUN
ajfa-9759	37	5	to	to	PART
ajfa-9759	37	6	repurchase	repurchase	VERB
ajfa-9759	37	7	shares	share	NOUN
ajfa-9759	37	8	with	with	ADP
ajfa-9759	37	9	the	the	DET
ajfa-9759	37	10	1	1	NUM
ajfa-9759	37	11	share	share	NOUN
ajfa-9759	37	12	repurchase	repurchase	NOUN
ajfa-9759	37	13	and	and	CCONJ
ajfa-9759	37	14	share	share	NOUN
ajfa-9759	37	15	buyback	buyback	NOUN
ajfa-9759	37	16	are	be	AUX
ajfa-9759	37	17	used	use	VERB
ajfa-9759	37	18	interchangeably	interchangeably	ADV
ajfa-9759	37	19	throughout	throughout	ADP
ajfa-9759	37	20	the	the	DET
ajfa-9759	37	21	paper	paper	NOUN
ajfa-9759	37	22	.	.	PUNCT
ajfa-9759	38	1	asian	asian	ADJ
ajfa-9759	38	2	journal	journal	PROPN
ajfa-9759	38	3	of	of	ADP
ajfa-9759	38	4	finance	finance	PROPN
ajfa-9759	38	5	&	&	CCONJ
ajfa-9759	38	6	accounting	accounting	PROPN
ajfa-9759	38	7	issn	issn	PROPN
ajfa-9759	38	8	1946	1946	NUM
ajfa-9759	38	9	-	-	PUNCT
ajfa-9759	38	10	052x	052x	PROPN
ajfa-9759	38	11	2016	2016	NUM
ajfa-9759	38	12	,	,	PUNCT
ajfa-9759	38	13	vol	vol	NOUN
ajfa-9759	38	14	.	.	PROPN
ajfa-9759	38	15	8	8	NUM
ajfa-9759	38	16	,	,	PUNCT
ajfa-9759	38	17	no	no	INTJ
ajfa-9759	38	18	.	.	NOUN
ajfa-9759	38	19	2	2	NUM
ajfa-9759	38	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9759	38	21	4	4	NUM
ajfa-9759	38	22	permission	permission	NOUN
ajfa-9759	38	23	from	from	ADP
ajfa-9759	38	24	company	company	NOUN
ajfa-9759	38	25	law	law	NOUN
ajfa-9759	38	26	board	board	NOUN
ajfa-9759	38	27	(	(	PUNCT
ajfa-9759	38	28	clb	clb	NOUN
ajfa-9759	38	29	)	)	PUNCT
ajfa-9759	38	30	in	in	ADP
ajfa-9759	38	31	a	a	DET
ajfa-9759	38	32	case	case	NOUN
ajfa-9759	38	33	of	of	ADP
ajfa-9759	38	34	mismanagement	mismanagement	NOUN
ajfa-9759	38	35	or	or	CCONJ
ajfa-9759	38	36	oppression	oppression	NOUN
ajfa-9759	38	37	.	.	PUNCT
ajfa-9759	39	1	the	the	DET
ajfa-9759	39	2	new	new	ADJ
ajfa-9759	39	3	sections	section	NOUN
ajfa-9759	39	4	overrule	overrule	VERB
ajfa-9759	39	5	the	the	DET
ajfa-9759	39	6	previous	previous	ADJ
ajfa-9759	39	7	section	section	NOUN
ajfa-9759	39	8	such	such	ADJ
ajfa-9759	39	9	as	as	ADP
ajfa-9759	39	10	sections	section	NOUN
ajfa-9759	39	11	like	like	ADP
ajfa-9759	39	12	100,402	100,402	NUM
ajfa-9759	39	13	and	and	CCONJ
ajfa-9759	39	14	77	77	NUM
ajfa-9759	39	15	.	.	PUNCT
ajfa-9759	40	1	section	section	NOUN
ajfa-9759	40	2	77a	77a	NOUN
ajfa-9759	40	3	deals	deal	VERB
ajfa-9759	40	4	with	with	ADP
ajfa-9759	40	5	rules	rule	NOUN
ajfa-9759	40	6	and	and	CCONJ
ajfa-9759	40	7	regulations	regulation	NOUN
ajfa-9759	40	8	relating	relate	VERB
ajfa-9759	40	9	to	to	PART
ajfa-9759	40	10	share	share	VERB
ajfa-9759	40	11	buyback	buyback	NOUN
ajfa-9759	40	12	.	.	PUNCT
ajfa-9759	41	1	section	section	NOUN
ajfa-9759	41	2	77aa	77aa	ADJ
ajfa-9759	41	3	deals	deal	NOUN
ajfa-9759	41	4	in	in	ADP
ajfa-9759	41	5	the	the	DET
ajfa-9759	41	6	transfer	transfer	NOUN
ajfa-9759	41	7	of	of	ADP
ajfa-9759	41	8	certain	certain	ADJ
ajfa-9759	41	9	sum	sum	NOUN
ajfa-9759	41	10	to	to	ADP
ajfa-9759	41	11	the	the	DET
ajfa-9759	41	12	capital	capital	NOUN
ajfa-9759	41	13	redemption	redemption	NOUN
ajfa-9759	41	14	reserve	reserve	NOUN
ajfa-9759	41	15	account	account	PROPN
ajfa-9759	41	16	.	.	PUNCT
ajfa-9759	42	1	when	when	SCONJ
ajfa-9759	42	2	companies	company	NOUN
ajfa-9759	42	3	repurchase	repurchase	VERB
ajfa-9759	42	4	shares	share	NOUN
ajfa-9759	42	5	out	out	ADP
ajfa-9759	42	6	of	of	ADP
ajfa-9759	42	7	their	their	PRON
ajfa-9759	42	8	free	free	ADJ
ajfa-9759	42	9	reserve	reserve	NOUN
ajfa-9759	42	10	,	,	PUNCT
ajfa-9759	42	11	then	then	ADV
ajfa-9759	42	12	a	a	DET
ajfa-9759	42	13	sum	sum	NOUN
ajfa-9759	42	14	equal	equal	ADJ
ajfa-9759	42	15	to	to	ADP
ajfa-9759	42	16	the	the	DET
ajfa-9759	42	17	nominal	nominal	ADJ
ajfa-9759	42	18	value	value	NOUN
ajfa-9759	42	19	of	of	ADP
ajfa-9759	42	20	shares	share	NOUN
ajfa-9759	42	21	is	be	AUX
ajfa-9759	42	22	transferred	transfer	VERB
ajfa-9759	42	23	to	to	ADP
ajfa-9759	42	24	the	the	DET
ajfa-9759	42	25	capital	capital	NOUN
ajfa-9759	42	26	redemption	redemption	NOUN
ajfa-9759	42	27	reserve	reserve	PROPN
ajfa-9759	42	28	account	account	PROPN
ajfa-9759	42	29	.	.	PUNCT
ajfa-9759	43	1	section	section	NOUN
ajfa-9759	43	2	77b	77b	PUNCT
ajfa-9759	43	3	prohibits	prohibit	VERB
ajfa-9759	43	4	companies	company	NOUN
ajfa-9759	43	5	to	to	PART
ajfa-9759	43	6	buy	buy	VERB
ajfa-9759	43	7	their	their	PRON
ajfa-9759	43	8	shares	share	NOUN
ajfa-9759	43	9	in	in	ADP
ajfa-9759	43	10	certain	certain	ADJ
ajfa-9759	43	11	circumstances	circumstance	NOUN
ajfa-9759	43	12	.	.	PUNCT
ajfa-9759	44	1	the	the	DET
ajfa-9759	44	2	details	detail	NOUN
ajfa-9759	44	3	of	of	ADP
ajfa-9759	44	4	section	section	NOUN
ajfa-9759	44	5	77a	77a	NOUN
ajfa-9759	44	6	77b	77b	NUM
ajfa-9759	44	7	are	be	AUX
ajfa-9759	44	8	discussed	discuss	VERB
ajfa-9759	44	9	below	below	ADV
ajfa-9759	44	10	.	.	PUNCT
ajfa-9759	45	1	2.1	2.1	NUM
ajfa-9759	45	2	section	section	NOUN
ajfa-9759	45	3	77a	77a	NOUN
ajfa-9759	45	4	a	a	DET
ajfa-9759	45	5	company	company	NOUN
ajfa-9759	45	6	can	can	AUX
ajfa-9759	45	7	not	not	PART
ajfa-9759	45	8	repurchase	repurchase	VERB
ajfa-9759	45	9	its	its	PRON
ajfa-9759	45	10	own	own	ADJ
ajfa-9759	45	11	shares	share	NOUN
ajfa-9759	45	12	unless	unless	SCONJ
ajfa-9759	45	13	it	it	PRON
ajfa-9759	45	14	is	be	AUX
ajfa-9759	45	15	authorized	authorize	VERB
ajfa-9759	45	16	by	by	ADP
ajfa-9759	45	17	the	the	DET
ajfa-9759	45	18	articles	article	NOUN
ajfa-9759	45	19	of	of	ADP
ajfa-9759	45	20	association	association	NOUN
ajfa-9759	45	21	.	.	PUNCT
ajfa-9759	46	1	companies	company	NOUN
ajfa-9759	46	2	have	have	VERB
ajfa-9759	46	3	to	to	PART
ajfa-9759	46	4	pass	pass	VERB
ajfa-9759	46	5	only	only	ADV
ajfa-9759	46	6	a	a	DET
ajfa-9759	46	7	board	board	NOUN
ajfa-9759	46	8	resolution	resolution	NOUN
ajfa-9759	46	9	if	if	SCONJ
ajfa-9759	46	10	the	the	DET
ajfa-9759	46	11	share	share	NOUN
ajfa-9759	46	12	buyback	buyback	NOUN
ajfa-9759	46	13	is	be	AUX
ajfa-9759	46	14	less	less	ADJ
ajfa-9759	46	15	than	than	ADP
ajfa-9759	46	16	10	10	NUM
ajfa-9759	46	17	%	%	NOUN
ajfa-9759	46	18	of	of	ADP
ajfa-9759	46	19	the	the	DET
ajfa-9759	46	20	paid	pay	VERB
ajfa-9759	46	21	up	up	ADP
ajfa-9759	46	22	capital	capital	NOUN
ajfa-9759	46	23	and	and	CCONJ
ajfa-9759	46	24	free	free	ADJ
ajfa-9759	46	25	reserves	reserve	NOUN
ajfa-9759	46	26	but	but	CCONJ
ajfa-9759	46	27	if	if	SCONJ
ajfa-9759	46	28	it	it	PRON
ajfa-9759	46	29	exceeds	exceed	VERB
ajfa-9759	46	30	10	10	NUM
ajfa-9759	46	31	%	%	NOUN
ajfa-9759	46	32	then	then	ADV
ajfa-9759	46	33	a	a	DET
ajfa-9759	46	34	special	special	ADJ
ajfa-9759	46	35	resolution	resolution	NOUN
ajfa-9759	46	36	in	in	ADP
ajfa-9759	46	37	the	the	DET
ajfa-9759	46	38	general	general	ADJ
ajfa-9759	46	39	body	body	NOUN
ajfa-9759	46	40	meeting	meeting	NOUN
ajfa-9759	46	41	has	have	VERB
ajfa-9759	46	42	to	to	PART
ajfa-9759	46	43	be	be	AUX
ajfa-9759	46	44	passed	pass	VERB
ajfa-9759	46	45	by	by	ADP
ajfa-9759	46	46	the	the	DET
ajfa-9759	46	47	shareholders	shareholder	NOUN
ajfa-9759	46	48	.	.	PUNCT
ajfa-9759	47	1	the	the	DET
ajfa-9759	47	2	maximum	maximum	ADJ
ajfa-9759	47	3	ceiling	ceiling	NOUN
ajfa-9759	47	4	of	of	ADP
ajfa-9759	47	5	buyback	buyback	NOUN
ajfa-9759	47	6	of	of	ADP
ajfa-9759	47	7	shares	share	NOUN
ajfa-9759	47	8	is	be	AUX
ajfa-9759	47	9	25	25	NUM
ajfa-9759	47	10	%	%	NOUN
ajfa-9759	47	11	of	of	ADP
ajfa-9759	47	12	the	the	DET
ajfa-9759	47	13	paid	pay	VERB
ajfa-9759	47	14	up	up	ADP
ajfa-9759	47	15	capital	capital	NOUN
ajfa-9759	47	16	and	and	CCONJ
ajfa-9759	47	17	free	free	ADJ
ajfa-9759	47	18	reserves	reserve	NOUN
ajfa-9759	47	19	.	.	PUNCT
ajfa-9759	48	1	a	a	DET
ajfa-9759	48	2	company	company	NOUN
ajfa-9759	48	3	is	be	AUX
ajfa-9759	48	4	not	not	PART
ajfa-9759	48	5	allowed	allow	VERB
ajfa-9759	48	6	to	to	PART
ajfa-9759	48	7	offer	offer	VERB
ajfa-9759	48	8	share	share	NOUN
ajfa-9759	48	9	buyback	buyback	NOUN
ajfa-9759	48	10	within	within	ADP
ajfa-9759	48	11	a	a	DET
ajfa-9759	48	12	period	period	NOUN
ajfa-9759	48	13	of	of	ADP
ajfa-9759	48	14	365	365	NUM
ajfa-9759	48	15	days	day	NOUN
ajfa-9759	48	16	of	of	ADP
ajfa-9759	48	17	the	the	DET
ajfa-9759	48	18	preceding	precede	VERB
ajfa-9759	48	19	offer	offer	NOUN
ajfa-9759	48	20	.	.	PUNCT
ajfa-9759	49	1	a	a	DET
ajfa-9759	49	2	company	company	NOUN
ajfa-9759	49	3	may	may	AUX
ajfa-9759	49	4	purchase	purchase	VERB
ajfa-9759	49	5	their	their	PRON
ajfa-9759	49	6	shares	share	NOUN
ajfa-9759	49	7	out	out	ADP
ajfa-9759	49	8	of	of	ADP
ajfa-9759	49	9	the	the	DET
ajfa-9759	49	10	free	free	PROPN
ajfa-9759	49	11	reserve	reserve	PROPN
ajfa-9759	49	12	,	,	PUNCT
ajfa-9759	49	13	securities	security	NOUN
ajfa-9759	49	14	premium	premium	NOUN
ajfa-9759	49	15	,	,	PUNCT
ajfa-9759	49	16	and	and	CCONJ
ajfa-9759	49	17	proceeds	proceed	NOUN
ajfa-9759	49	18	of	of	ADP
ajfa-9759	49	19	any	any	DET
ajfa-9759	49	20	shares	share	NOUN
ajfa-9759	49	21	and	and	CCONJ
ajfa-9759	49	22	specified	specify	VERB
ajfa-9759	49	23	securities	security	NOUN
ajfa-9759	49	24	.	.	PUNCT
ajfa-9759	50	1	no	no	DET
ajfa-9759	50	2	shares	share	NOUN
ajfa-9759	50	3	will	will	AUX
ajfa-9759	50	4	be	be	AUX
ajfa-9759	50	5	bought	buy	VERB
ajfa-9759	50	6	back	back	ADV
ajfa-9759	50	7	from	from	ADP
ajfa-9759	50	8	the	the	DET
ajfa-9759	50	9	proceeds	proceed	NOUN
ajfa-9759	50	10	of	of	ADP
ajfa-9759	50	11	an	an	DET
ajfa-9759	50	12	earlier	early	ADJ
ajfa-9759	50	13	issue	issue	NOUN
ajfa-9759	50	14	of	of	ADP
ajfa-9759	50	15	the	the	DET
ajfa-9759	50	16	same	same	ADJ
ajfa-9759	50	17	kind	kind	NOUN
ajfa-9759	50	18	of	of	ADP
ajfa-9759	50	19	securities	security	NOUN
ajfa-9759	50	20	.	.	PUNCT
ajfa-9759	51	1	every	every	DET
ajfa-9759	51	2	share	share	NOUN
ajfa-9759	51	3	buyback	buyback	NOUN
ajfa-9759	51	4	shall	shall	AUX
ajfa-9759	51	5	be	be	AUX
ajfa-9759	51	6	completed	complete	VERB
ajfa-9759	51	7	within	within	ADP
ajfa-9759	51	8	12	12	NUM
ajfa-9759	51	9	months	month	NOUN
ajfa-9759	51	10	from	from	ADP
ajfa-9759	51	11	the	the	DET
ajfa-9759	51	12	passing	passing	NOUN
ajfa-9759	51	13	of	of	ADP
ajfa-9759	51	14	the	the	DET
ajfa-9759	51	15	special	special	ADJ
ajfa-9759	51	16	resolution	resolution	NOUN
ajfa-9759	51	17	.	.	PUNCT
ajfa-9759	52	1	the	the	DET
ajfa-9759	52	2	company	company	NOUN
ajfa-9759	52	3	has	have	VERB
ajfa-9759	52	4	to	to	PART
ajfa-9759	52	5	file	file	VERB
ajfa-9759	52	6	a	a	DET
ajfa-9759	52	7	solvency	solvency	NOUN
ajfa-9759	52	8	report	report	NOUN
ajfa-9759	52	9	along	along	ADP
ajfa-9759	52	10	with	with	ADP
ajfa-9759	52	11	the	the	DET
ajfa-9759	52	12	resolution	resolution	NOUN
ajfa-9759	52	13	to	to	ADP
ajfa-9759	52	14	the	the	DET
ajfa-9759	52	15	registrar	registrar	NOUN
ajfa-9759	52	16	of	of	ADP
ajfa-9759	52	17	companies	company	NOUN
ajfa-9759	52	18	and	and	CCONJ
ajfa-9759	52	19	securities	security	NOUN
ajfa-9759	52	20	board	board	PROPN
ajfa-9759	52	21	of	of	ADP
ajfa-9759	52	22	india	india	PROPN
ajfa-9759	52	23	(	(	PUNCT
ajfa-9759	52	24	sebi).the	sebi).the	DET
ajfa-9759	52	25	report	report	NOUN
ajfa-9759	52	26	is	be	AUX
ajfa-9759	52	27	an	an	DET
ajfa-9759	52	28	assurance	assurance	NOUN
ajfa-9759	52	29	from	from	ADP
ajfa-9759	52	30	the	the	DET
ajfa-9759	52	31	board	board	NOUN
ajfa-9759	52	32	of	of	ADP
ajfa-9759	52	33	directors	director	NOUN
ajfa-9759	52	34	that	that	PRON
ajfa-9759	52	35	it	it	PRON
ajfa-9759	52	36	enquired	enquire	VERB
ajfa-9759	52	37	about	about	ADP
ajfa-9759	52	38	the	the	DET
ajfa-9759	52	39	financial	financial	ADJ
ajfa-9759	52	40	condition	condition	NOUN
ajfa-9759	52	41	of	of	ADP
ajfa-9759	52	42	the	the	DET
ajfa-9759	52	43	company	company	NOUN
ajfa-9759	52	44	and	and	CCONJ
ajfa-9759	52	45	found	find	VERB
ajfa-9759	52	46	that	that	SCONJ
ajfa-9759	52	47	the	the	DET
ajfa-9759	52	48	company	company	NOUN
ajfa-9759	52	49	is	be	AUX
ajfa-9759	52	50	capable	capable	ADJ
ajfa-9759	52	51	of	of	ADP
ajfa-9759	52	52	meeting	meet	VERB
ajfa-9759	52	53	all	all	DET
ajfa-9759	52	54	its	its	PRON
ajfa-9759	52	55	obligation	obligation	NOUN
ajfa-9759	52	56	and	and	CCONJ
ajfa-9759	52	57	will	will	AUX
ajfa-9759	52	58	not	not	PART
ajfa-9759	52	59	be	be	AUX
ajfa-9759	52	60	insolvent	insolvent	ADJ
ajfa-9759	52	61	within	within	ADP
ajfa-9759	52	62	one	one	NUM
ajfa-9759	52	63	year	year	NOUN
ajfa-9759	52	64	of	of	ADP
ajfa-9759	52	65	the	the	DET
ajfa-9759	52	66	share	share	NOUN
ajfa-9759	52	67	repurchases	repurchase	NOUN
ajfa-9759	52	68	.	.	PUNCT
ajfa-9759	53	1	the	the	DET
ajfa-9759	53	2	report	report	NOUN
ajfa-9759	53	3	should	should	AUX
ajfa-9759	53	4	be	be	AUX
ajfa-9759	53	5	signed	sign	VERB
ajfa-9759	53	6	by	by	ADP
ajfa-9759	53	7	at	at	ADV
ajfa-9759	53	8	least	least	ADV
ajfa-9759	53	9	two	two	NUM
ajfa-9759	53	10	directors	director	NOUN
ajfa-9759	53	11	including	include	VERB
ajfa-9759	53	12	managing	manage	VERB
ajfa-9759	53	13	director	director	NOUN
ajfa-9759	53	14	.	.	PUNCT
ajfa-9759	54	1	once	once	SCONJ
ajfa-9759	54	2	the	the	DET
ajfa-9759	54	3	company	company	NOUN
ajfa-9759	54	4	repurchases	repurchase	VERB
ajfa-9759	54	5	its	its	PRON
ajfa-9759	54	6	shares	share	NOUN
ajfa-9759	54	7	,	,	PUNCT
ajfa-9759	54	8	then	then	ADV
ajfa-9759	54	9	it	it	PRON
ajfa-9759	54	10	can	can	AUX
ajfa-9759	54	11	not	not	PART
ajfa-9759	54	12	issue	issue	VERB
ajfa-9759	54	13	the	the	DET
ajfa-9759	54	14	same	same	ADJ
ajfa-9759	54	15	kind	kind	NOUN
ajfa-9759	54	16	of	of	ADP
ajfa-9759	54	17	shares	share	NOUN
ajfa-9759	54	18	within	within	ADP
ajfa-9759	54	19	six	six	NUM
ajfa-9759	54	20	months	month	NOUN
ajfa-9759	54	21	.	.	PUNCT
ajfa-9759	55	1	post	post	ADJ
ajfa-9759	55	2	-	-	ADJ
ajfa-9759	55	3	buyback	buyback	ADJ
ajfa-9759	55	4	,	,	PUNCT
ajfa-9759	55	5	the	the	DET
ajfa-9759	55	6	debt	debt	NOUN
ajfa-9759	55	7	of	of	ADP
ajfa-9759	55	8	the	the	DET
ajfa-9759	55	9	company	company	NOUN
ajfa-9759	55	10	should	should	AUX
ajfa-9759	55	11	not	not	PART
ajfa-9759	55	12	be	be	AUX
ajfa-9759	55	13	more	more	ADJ
ajfa-9759	55	14	than	than	ADP
ajfa-9759	55	15	twice	twice	ADV
ajfa-9759	55	16	of	of	ADP
ajfa-9759	55	17	the	the	DET
ajfa-9759	55	18	capital	capital	NOUN
ajfa-9759	55	19	and	and	CCONJ
ajfa-9759	55	20	free	free	ADJ
ajfa-9759	55	21	reserves	reserve	NOUN
ajfa-9759	55	22	.	.	PUNCT
ajfa-9759	56	1	companies	company	NOUN
ajfa-9759	56	2	can	can	AUX
ajfa-9759	56	3	buy	buy	VERB
ajfa-9759	56	4	back	back	ADP
ajfa-9759	56	5	shares	share	NOUN
ajfa-9759	56	6	from	from	ADP
ajfa-9759	56	7	the	the	DET
ajfa-9759	56	8	existing	exist	VERB
ajfa-9759	56	9	security	security	NOUN
ajfa-9759	56	10	-	-	PUNCT
ajfa-9759	56	11	holders	holder	NOUN
ajfa-9759	56	12	on	on	ADP
ajfa-9759	56	13	a	a	DET
ajfa-9759	56	14	proportionate	proportionate	ADJ
ajfa-9759	56	15	basis	basis	NOUN
ajfa-9759	56	16	or	or	CCONJ
ajfa-9759	56	17	from	from	ADP
ajfa-9759	56	18	the	the	DET
ajfa-9759	56	19	open	open	ADJ
ajfa-9759	56	20	market	market	NOUN
ajfa-9759	56	21	operation	operation	NOUN
ajfa-9759	56	22	or	or	CCONJ
ajfa-9759	56	23	from	from	ADP
ajfa-9759	56	24	odd	odd	ADJ
ajfa-9759	56	25	lots	lot	NOUN
ajfa-9759	56	26	or	or	CCONJ
ajfa-9759	56	27	from	from	ADP
ajfa-9759	56	28	the	the	DET
ajfa-9759	56	29	employees	employee	NOUN
ajfa-9759	56	30	to	to	PART
ajfa-9759	56	31	whom	whom	PRON
ajfa-9759	56	32	shares	share	NOUN
ajfa-9759	56	33	are	be	AUX
ajfa-9759	56	34	issued	issue	VERB
ajfa-9759	56	35	under	under	ADP
ajfa-9759	56	36	the	the	DET
ajfa-9759	56	37	stock	stock	NOUN
ajfa-9759	56	38	option	option	NOUN
ajfa-9759	56	39	plan	plan	NOUN
ajfa-9759	56	40	.	.	PUNCT
ajfa-9759	57	1	a	a	DET
ajfa-9759	57	2	company	company	NOUN
ajfa-9759	57	3	has	have	VERB
ajfa-9759	57	4	to	to	PART
ajfa-9759	57	5	extinguish	extinguish	VERB
ajfa-9759	57	6	the	the	DET
ajfa-9759	57	7	securities	security	NOUN
ajfa-9759	57	8	physically	physically	ADV
ajfa-9759	57	9	within	within	ADP
ajfa-9759	57	10	seven	seven	NUM
ajfa-9759	57	11	days	day	NOUN
ajfa-9759	57	12	after	after	ADP
ajfa-9759	57	13	the	the	DET
ajfa-9759	57	14	completion	completion	NOUN
ajfa-9759	57	15	of	of	ADP
ajfa-9759	57	16	the	the	DET
ajfa-9759	57	17	share	share	NOUN
ajfa-9759	57	18	buyback	buyback	NOUN
ajfa-9759	57	19	.	.	PUNCT
ajfa-9759	58	1	a	a	DET
ajfa-9759	58	2	post	post	NOUN
ajfa-9759	58	3	buyback	buyback	NOUN
ajfa-9759	58	4	report	report	NOUN
ajfa-9759	58	5	has	have	VERB
ajfa-9759	58	6	to	to	PART
ajfa-9759	58	7	be	be	AUX
ajfa-9759	58	8	submitted	submit	VERB
ajfa-9759	58	9	to	to	ADP
ajfa-9759	58	10	the	the	DET
ajfa-9759	58	11	registrar	registrar	NOUN
ajfa-9759	58	12	of	of	ADP
ajfa-9759	58	13	companies	company	NOUN
ajfa-9759	58	14	and	and	CCONJ
ajfa-9759	58	15	sebi	sebi	NOUN
ajfa-9759	58	16	within	within	ADP
ajfa-9759	58	17	30	30	NUM
ajfa-9759	58	18	days	day	NOUN
ajfa-9759	58	19	of	of	ADP
ajfa-9759	58	20	the	the	DET
ajfa-9759	58	21	completion	completion	NOUN
ajfa-9759	58	22	of	of	ADP
ajfa-9759	58	23	the	the	DET
ajfa-9759	58	24	offer	offer	NOUN
ajfa-9759	58	25	.	.	PUNCT
ajfa-9759	59	1	if	if	SCONJ
ajfa-9759	59	2	any	any	DET
ajfa-9759	59	3	company	company	NOUN
ajfa-9759	59	4	fails	fail	VERB
ajfa-9759	59	5	to	to	PART
ajfa-9759	59	6	comply	comply	VERB
ajfa-9759	59	7	with	with	ADP
ajfa-9759	59	8	the	the	DET
ajfa-9759	59	9	rule	rule	NOUN
ajfa-9759	59	10	and	and	CCONJ
ajfa-9759	59	11	regulations	regulation	NOUN
ajfa-9759	59	12	of	of	ADP
ajfa-9759	59	13	this	this	DET
ajfa-9759	59	14	section	section	NOUN
ajfa-9759	59	15	,	,	PUNCT
ajfa-9759	59	16	then	then	ADV
ajfa-9759	59	17	the	the	DET
ajfa-9759	59	18	officer	officer	NOUN
ajfa-9759	59	19	-	-	PUNCT
ajfa-9759	59	20	in	in	ADP
ajfa-9759	59	21	-	-	PUNCT
ajfa-9759	59	22	charge	charge	NOUN
ajfa-9759	59	23	who	who	PRON
ajfa-9759	59	24	is	be	AUX
ajfa-9759	59	25	in	in	ADP
ajfa-9759	59	26	default	default	NOUN
ajfa-9759	59	27	shall	shall	AUX
ajfa-9759	59	28	be	be	AUX
ajfa-9759	59	29	punishable	punishable	ADJ
ajfa-9759	59	30	with	with	ADP
ajfa-9759	59	31	imprisonment	imprisonment	NOUN
ajfa-9759	59	32	for	for	ADP
ajfa-9759	59	33	maximum	maximum	NOUN
ajfa-9759	59	34	up	up	ADP
ajfa-9759	59	35	to	to	PART
ajfa-9759	59	36	2	2	NUM
ajfa-9759	59	37	years	year	NOUN
ajfa-9759	59	38	or	or	CCONJ
ajfa-9759	59	39	a	a	DET
ajfa-9759	59	40	fine	fine	NOUN
ajfa-9759	59	41	of	of	ADP
ajfa-9759	59	42	50000	50000	NUM
ajfa-9759	59	43	or	or	CCONJ
ajfa-9759	59	44	both	both	PRON
ajfa-9759	59	45	.	.	PUNCT
ajfa-9759	60	1	2.2	2.2	NUM
ajfa-9759	60	2	section	section	NOUN
ajfa-9759	60	3	77b	77b	PUNCT
ajfa-9759	60	4	a	a	DET
ajfa-9759	60	5	company	company	NOUN
ajfa-9759	60	6	is	be	AUX
ajfa-9759	60	7	prohibited	prohibit	VERB
ajfa-9759	60	8	from	from	ADP
ajfa-9759	60	9	repurchasing	repurchase	VERB
ajfa-9759	60	10	shares	share	NOUN
ajfa-9759	60	11	directly	directly	ADV
ajfa-9759	60	12	or	or	CCONJ
ajfa-9759	60	13	indirectly	indirectly	ADV
ajfa-9759	60	14	through	through	ADP
ajfa-9759	60	15	a	a	DET
ajfa-9759	60	16	subsidiary	subsidiary	NOUN
ajfa-9759	60	17	or	or	CCONJ
ajfa-9759	60	18	an	an	DET
ajfa-9759	60	19	investment	investment	NOUN
ajfa-9759	60	20	company	company	NOUN
ajfa-9759	60	21	.	.	PUNCT
ajfa-9759	61	1	a	a	DET
ajfa-9759	61	2	company	company	NOUN
ajfa-9759	61	3	can	can	AUX
ajfa-9759	61	4	not	not	PART
ajfa-9759	61	5	repurchase	repurchase	VERB
ajfa-9759	61	6	shares	share	NOUN
ajfa-9759	61	7	if	if	SCONJ
ajfa-9759	61	8	it	it	PRON
ajfa-9759	61	9	is	be	AUX
ajfa-9759	61	10	in	in	ADP
ajfa-9759	61	11	default	default	NOUN
ajfa-9759	61	12	of	of	ADP
ajfa-9759	61	13	payment	payment	NOUN
ajfa-9759	61	14	of	of	ADP
ajfa-9759	61	15	interest	interest	NOUN
ajfa-9759	61	16	or	or	CCONJ
ajfa-9759	61	17	dividend	dividend	NOUN
ajfa-9759	61	18	to	to	ADP
ajfa-9759	61	19	debentures	debenture	NOUN
ajfa-9759	61	20	and	and	CCONJ
ajfa-9759	61	21	preference	preference	NOUN
ajfa-9759	61	22	share	share	NOUN
ajfa-9759	61	23	holder	holder	NOUN
ajfa-9759	61	24	respectively	respectively	ADV
ajfa-9759	61	25	.	.	PUNCT
ajfa-9759	62	1	if	if	SCONJ
ajfa-9759	62	2	a	a	DET
ajfa-9759	62	3	company	company	NOUN
ajfa-9759	62	4	is	be	AUX
ajfa-9759	62	5	in	in	ADP
ajfa-9759	62	6	default	default	NOUN
ajfa-9759	62	7	of	of	ADP
ajfa-9759	62	8	interest	interest	NOUN
ajfa-9759	62	9	payment	payment	NOUN
ajfa-9759	62	10	to	to	ADP
ajfa-9759	62	11	financial	financial	ADJ
ajfa-9759	62	12	institutions	institution	NOUN
ajfa-9759	62	13	then	then	ADV
ajfa-9759	62	14	also	also	ADV
ajfa-9759	62	15	it	it	PRON
ajfa-9759	62	16	is	be	AUX
ajfa-9759	62	17	debarred	debar	VERB
ajfa-9759	62	18	from	from	ADP
ajfa-9759	62	19	buying	buy	VERB
ajfa-9759	62	20	its	its	PRON
ajfa-9759	62	21	shares	share	NOUN
ajfa-9759	62	22	.	.	PUNCT
ajfa-9759	63	1	asian	asian	ADJ
ajfa-9759	63	2	journal	journal	PROPN
ajfa-9759	63	3	of	of	ADP
ajfa-9759	63	4	finance	finance	PROPN
ajfa-9759	63	5	&	&	CCONJ
ajfa-9759	63	6	accounting	accounting	PROPN
ajfa-9759	63	7	issn	issn	PROPN
ajfa-9759	63	8	1946	1946	NUM
ajfa-9759	63	9	-	-	PUNCT
ajfa-9759	63	10	052x	052x	PROPN
ajfa-9759	63	11	2016	2016	NUM
ajfa-9759	63	12	,	,	PUNCT
ajfa-9759	63	13	vol	vol	NOUN
ajfa-9759	63	14	.	.	PROPN
ajfa-9759	63	15	8	8	NUM
ajfa-9759	63	16	,	,	PUNCT
ajfa-9759	63	17	no	no	INTJ
ajfa-9759	63	18	.	.	NOUN
ajfa-9759	63	19	2	2	NUM
ajfa-9759	63	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9759	63	21	5	5	NUM
ajfa-9759	63	22	2.3	2.3	NUM
ajfa-9759	63	23	companies	company	NOUN
ajfa-9759	63	24	act	act	VERB
ajfa-9759	63	25	2013	2013	NUM
ajfa-9759	63	26	a	a	DET
ajfa-9759	63	27	new	new	ADJ
ajfa-9759	63	28	companies	company	NOUN
ajfa-9759	63	29	act	act	VERB
ajfa-9759	63	30	came	come	VERB
ajfa-9759	63	31	into	into	ADP
ajfa-9759	63	32	existence	existence	NOUN
ajfa-9759	63	33	in	in	ADP
ajfa-9759	63	34	2013	2013	NUM
ajfa-9759	63	35	by	by	ADP
ajfa-9759	63	36	scraping	scrape	VERB
ajfa-9759	63	37	old	old	ADJ
ajfa-9759	63	38	companies	company	NOUN
ajfa-9759	63	39	act	act	VERB
ajfa-9759	63	40	1956.the	1956.the	DET
ajfa-9759	63	41	rules	rule	NOUN
ajfa-9759	63	42	and	and	CCONJ
ajfa-9759	63	43	regulation	regulation	NOUN
ajfa-9759	63	44	relating	relate	VERB
ajfa-9759	63	45	share	share	NOUN
ajfa-9759	63	46	buyback	buyback	NOUN
ajfa-9759	63	47	are	be	AUX
ajfa-9759	63	48	almost	almost	ADV
ajfa-9759	63	49	same	same	ADJ
ajfa-9759	63	50	in	in	ADP
ajfa-9759	63	51	the	the	DET
ajfa-9759	63	52	new	new	ADJ
ajfa-9759	63	53	act	act	NOUN
ajfa-9759	63	54	except	except	SCONJ
ajfa-9759	63	55	some	some	DET
ajfa-9759	63	56	minor	minor	ADJ
ajfa-9759	63	57	changes	change	NOUN
ajfa-9759	63	58	.	.	PUNCT
ajfa-9759	64	1	the	the	DET
ajfa-9759	64	2	new	new	ADJ
ajfa-9759	64	3	act	act	NOUN
ajfa-9759	64	4	contains	contain	VERB
ajfa-9759	64	5	share	share	NOUN
ajfa-9759	64	6	buyback	buyback	NOUN
ajfa-9759	64	7	provisions	provision	NOUN
ajfa-9759	64	8	under	under	ADP
ajfa-9759	64	9	sections	section	NOUN
ajfa-9759	64	10	68	68	NUM
ajfa-9759	64	11	,	,	PUNCT
ajfa-9759	64	12	69	69	NUM
ajfa-9759	64	13	and	and	CCONJ
ajfa-9759	64	14	70.the	70.the	DET
ajfa-9759	64	15	changes	change	NOUN
ajfa-9759	64	16	are	be	AUX
ajfa-9759	64	17	as	as	SCONJ
ajfa-9759	64	18	follows	follow	VERB
ajfa-9759	64	19	(	(	PUNCT
ajfa-9759	64	20	i	i	NOUN
ajfa-9759	64	21	)	)	PUNCT
ajfa-9759	64	22	the	the	DET
ajfa-9759	64	23	restriction	restriction	NOUN
ajfa-9759	64	24	period	period	NOUN
ajfa-9759	64	25	for	for	ADP
ajfa-9759	64	26	share	share	NOUN
ajfa-9759	64	27	buyback	buyback	NOUN
ajfa-9759	64	28	is	be	AUX
ajfa-9759	64	29	changed	change	VERB
ajfa-9759	64	30	from	from	ADP
ajfa-9759	64	31	365	365	NUM
ajfa-9759	64	32	days	day	NOUN
ajfa-9759	64	33	to	to	ADP
ajfa-9759	64	34	one	one	NUM
ajfa-9759	64	35	year	year	NOUN
ajfa-9759	64	36	from	from	ADP
ajfa-9759	64	37	the	the	DET
ajfa-9759	64	38	date	date	NOUN
ajfa-9759	64	39	of	of	ADP
ajfa-9759	64	40	closure	closure	NOUN
ajfa-9759	64	41	of	of	ADP
ajfa-9759	64	42	the	the	DET
ajfa-9759	64	43	previous	previous	ADJ
ajfa-9759	64	44	offer	offer	NOUN
ajfa-9759	64	45	(	(	PUNCT
ajfa-9759	64	46	ii	ii	NOUN
ajfa-9759	64	47	)	)	PUNCT
ajfa-9759	64	48	the	the	DET
ajfa-9759	64	49	period	period	NOUN
ajfa-9759	64	50	of	of	ADP
ajfa-9759	64	51	share	share	NOUN
ajfa-9759	64	52	buyback	buyback	NOUN
ajfa-9759	64	53	is	be	AUX
ajfa-9759	64	54	altered	alter	VERB
ajfa-9759	64	55	from	from	ADP
ajfa-9759	64	56	12	12	NUM
ajfa-9759	64	57	months	month	NOUN
ajfa-9759	64	58	to	to	ADP
ajfa-9759	64	59	one	one	NUM
ajfa-9759	64	60	year	year	NOUN
ajfa-9759	64	61	from	from	ADP
ajfa-9759	64	62	the	the	DET
ajfa-9759	64	63	date	date	NOUN
ajfa-9759	64	64	of	of	ADP
ajfa-9759	64	65	passing	passing	NOUN
ajfa-9759	64	66	of	of	ADP
ajfa-9759	64	67	the	the	DET
ajfa-9759	64	68	special	special	ADJ
ajfa-9759	64	69	resolution	resolution	NOUN
ajfa-9759	64	70	(	(	PUNCT
ajfa-9759	64	71	iii	iii	NOUN
ajfa-9759	64	72	)	)	PUNCT
ajfa-9759	64	73	the	the	DET
ajfa-9759	64	74	fine	fine	ADJ
ajfa-9759	64	75	amount	amount	NOUN
ajfa-9759	64	76	for	for	ADP
ajfa-9759	64	77	contravention	contravention	NOUN
ajfa-9759	64	78	of	of	ADP
ajfa-9759	64	79	rules	rule	NOUN
ajfa-9759	64	80	and	and	CCONJ
ajfa-9759	64	81	regulations	regulation	NOUN
ajfa-9759	64	82	under	under	ADP
ajfa-9759	64	83	companies	company	NOUN
ajfa-9759	64	84	act	act	VERB
ajfa-9759	64	85	is	be	AUX
ajfa-9759	64	86	increased	increase	VERB
ajfa-9759	64	87	from	from	ADP
ajfa-9759	64	88	fifty	fifty	NUM
ajfa-9759	64	89	thousand	thousand	NUM
ajfa-9759	64	90	to	to	ADP
ajfa-9759	64	91	maximum	maximum	ADJ
ajfa-9759	64	92	3lakh	3lakh	NUM
ajfa-9759	64	93	rupees	rupee	NOUN
ajfa-9759	64	94	and	and	CCONJ
ajfa-9759	64	95	a	a	DET
ajfa-9759	64	96	minimum	minimum	NOUN
ajfa-9759	64	97	of	of	ADP
ajfa-9759	64	98	1lakh	1lakh	NUM
ajfa-9759	64	99	rupees	rupee	NOUN
ajfa-9759	64	100	.	.	PUNCT
ajfa-9759	65	1	the	the	DET
ajfa-9759	65	2	imprisonment	imprisonment	NOUN
ajfa-9759	65	3	period	period	NOUN
ajfa-9759	65	4	is	be	AUX
ajfa-9759	65	5	increased	increase	VERB
ajfa-9759	65	6	from	from	ADP
ajfa-9759	65	7	maximum	maximum	ADJ
ajfa-9759	65	8	2	2	NUM
ajfa-9759	65	9	years	year	NOUN
ajfa-9759	65	10	to	to	ADP
ajfa-9759	65	11	3	3	NUM
ajfa-9759	65	12	years	year	NOUN
ajfa-9759	65	13	.	.	PUNCT
ajfa-9759	66	1	2.4	2.4	NUM
ajfa-9759	66	2	sebi	sebi	NOUN
ajfa-9759	66	3	rules	rule	NOUN
ajfa-9759	66	4	regarding	regard	VERB
ajfa-9759	66	5	share	share	NOUN
ajfa-9759	66	6	buyback	buyback	NOUN
ajfa-9759	66	7	company	company	NOUN
ajfa-9759	66	8	’s	’s	PART
ajfa-9759	66	9	(	(	PUNCT
ajfa-9759	66	10	amendment	amendment	NOUN
ajfa-9759	66	11	)	)	PUNCT
ajfa-9759	66	12	act	act	PROPN
ajfa-9759	66	13	,	,	PUNCT
ajfa-9759	66	14	1999	1999	NUM
ajfa-9759	66	15	contains	contain	VERB
ajfa-9759	66	16	a	a	DET
ajfa-9759	66	17	clause	clause	NOUN
ajfa-9759	66	18	that	that	SCONJ
ajfa-9759	66	19	all	all	DET
ajfa-9759	66	20	companies	company	NOUN
ajfa-9759	66	21	whose	whose	DET
ajfa-9759	66	22	shares	share	NOUN
ajfa-9759	66	23	are	be	AUX
ajfa-9759	66	24	listed	list	VERB
ajfa-9759	66	25	on	on	ADP
ajfa-9759	66	26	any	any	DET
ajfa-9759	66	27	recognized	recognize	VERB
ajfa-9759	66	28	stock	stock	NOUN
ajfa-9759	66	29	exchange	exchange	NOUN
ajfa-9759	66	30	have	have	VERB
ajfa-9759	66	31	to	to	PART
ajfa-9759	66	32	repurchase	repurchase	VERB
ajfa-9759	66	33	shares	share	NOUN
ajfa-9759	66	34	in	in	ADP
ajfa-9759	66	35	accordance	accordance	NOUN
ajfa-9759	66	36	with	with	ADP
ajfa-9759	66	37	the	the	DET
ajfa-9759	66	38	regulations	regulation	NOUN
ajfa-9759	66	39	made	make	VERB
ajfa-9759	66	40	by	by	ADP
ajfa-9759	66	41	security	security	NOUN
ajfa-9759	66	42	exchange	exchange	NOUN
ajfa-9759	66	43	board	board	NOUN
ajfa-9759	66	44	of	of	ADP
ajfa-9759	66	45	india	india	PROPN
ajfa-9759	66	46	(	(	PUNCT
ajfa-9759	66	47	sebi).companies	sebi).companie	NOUN
ajfa-9759	66	48	whose	whose	DET
ajfa-9759	66	49	shares	share	NOUN
ajfa-9759	66	50	are	be	AUX
ajfa-9759	66	51	listed	list	VERB
ajfa-9759	66	52	on	on	ADP
ajfa-9759	66	53	any	any	DET
ajfa-9759	66	54	stock	stock	NOUN
ajfa-9759	66	55	exchange	exchange	NOUN
ajfa-9759	66	56	have	have	VERB
ajfa-9759	66	57	to	to	PART
ajfa-9759	66	58	comply	comply	VERB
ajfa-9759	66	59	with	with	ADP
ajfa-9759	66	60	both	both	DET
ajfa-9759	66	61	companies	company	NOUN
ajfa-9759	66	62	act	act	VERB
ajfa-9759	66	63	and	and	CCONJ
ajfa-9759	66	64	sebi	sebi	NOUN
ajfa-9759	66	65	regulations	regulation	NOUN
ajfa-9759	66	66	.	.	PUNCT
ajfa-9759	67	1	the	the	DET
ajfa-9759	67	2	first	first	ADJ
ajfa-9759	67	3	objective	objective	NOUN
ajfa-9759	67	4	of	of	ADP
ajfa-9759	67	5	sebi	sebi	NOUN
ajfa-9759	67	6	since	since	SCONJ
ajfa-9759	67	7	its	its	PRON
ajfa-9759	67	8	inception	inception	NOUN
ajfa-9759	67	9	in	in	ADP
ajfa-9759	67	10	the	the	DET
ajfa-9759	67	11	year	year	NOUN
ajfa-9759	67	12	1992	1992	NUM
ajfa-9759	67	13	,	,	PUNCT
ajfa-9759	67	14	is	be	AUX
ajfa-9759	67	15	to	to	PART
ajfa-9759	67	16	regulate	regulate	VERB
ajfa-9759	67	17	the	the	DET
ajfa-9759	67	18	capital	capital	NOUN
ajfa-9759	67	19	market	market	NOUN
ajfa-9759	67	20	and	and	CCONJ
ajfa-9759	67	21	to	to	PART
ajfa-9759	67	22	make	make	VERB
ajfa-9759	67	23	it	it	PRON
ajfa-9759	67	24	more	more	ADJ
ajfa-9759	67	25	investor	investor	NOUN
ajfa-9759	67	26	friendly	friendly	ADJ
ajfa-9759	67	27	.	.	PUNCT
ajfa-9759	68	1	another	another	DET
ajfa-9759	68	2	important	important	ADJ
ajfa-9759	68	3	objective	objective	NOUN
ajfa-9759	68	4	of	of	ADP
ajfa-9759	68	5	sebi	sebi	NOUN
ajfa-9759	68	6	is	be	AUX
ajfa-9759	68	7	to	to	PART
ajfa-9759	68	8	make	make	VERB
ajfa-9759	68	9	the	the	DET
ajfa-9759	68	10	capital	capital	NOUN
ajfa-9759	68	11	market	market	NOUN
ajfa-9759	68	12	more	more	ADV
ajfa-9759	68	13	transparent	transparent	ADJ
ajfa-9759	68	14	and	and	CCONJ
ajfa-9759	68	15	to	to	PART
ajfa-9759	68	16	match	match	VERB
ajfa-9759	68	17	with	with	ADP
ajfa-9759	68	18	international	international	ADJ
ajfa-9759	68	19	standard	standard	NOUN
ajfa-9759	68	20	.	.	PUNCT
ajfa-9759	69	1	so	so	ADV
ajfa-9759	69	2	to	to	PART
ajfa-9759	69	3	fulfill	fulfill	VERB
ajfa-9759	69	4	the	the	DET
ajfa-9759	69	5	twin	twin	ADJ
ajfa-9759	69	6	objectives	objective	NOUN
ajfa-9759	69	7	of	of	ADP
ajfa-9759	69	8	market	market	NOUN
ajfa-9759	69	9	development	development	NOUN
ajfa-9759	69	10	and	and	CCONJ
ajfa-9759	69	11	investor	investor	NOUN
ajfa-9759	69	12	protection	protection	NOUN
ajfa-9759	69	13	it	it	PRON
ajfa-9759	69	14	formulates	formulate	VERB
ajfa-9759	69	15	various	various	ADJ
ajfa-9759	69	16	rules	rule	NOUN
ajfa-9759	69	17	in	in	ADP
ajfa-9759	69	18	all	all	DET
ajfa-9759	69	19	the	the	DET
ajfa-9759	69	20	concerned	concerned	ADJ
ajfa-9759	69	21	areas	area	NOUN
ajfa-9759	69	22	.	.	PUNCT
ajfa-9759	70	1	sebi	sebi	NOUN
ajfa-9759	70	2	for	for	ADP
ajfa-9759	70	3	the	the	DET
ajfa-9759	70	4	first	first	ADJ
ajfa-9759	70	5	time	time	NOUN
ajfa-9759	70	6	prescribed	prescribe	VERB
ajfa-9759	70	7	rules	rule	NOUN
ajfa-9759	70	8	regarding	regard	VERB
ajfa-9759	70	9	share	share	NOUN
ajfa-9759	70	10	buyback	buyback	NOUN
ajfa-9759	70	11	in	in	ADP
ajfa-9759	70	12	the	the	DET
ajfa-9759	70	13	year	year	NOUN
ajfa-9759	70	14	1998	1998	NUM
ajfa-9759	70	15	.	.	PUNCT
ajfa-9759	71	1	it	it	PRON
ajfa-9759	71	2	has	have	AUX
ajfa-9759	71	3	been	be	AUX
ajfa-9759	71	4	subsequently	subsequently	ADV
ajfa-9759	71	5	amended	amend	VERB
ajfa-9759	71	6	in	in	ADP
ajfa-9759	71	7	the	the	DET
ajfa-9759	71	8	years	year	NOUN
ajfa-9759	71	9	1999	1999	NUM
ajfa-9759	71	10	,	,	PUNCT
ajfa-9759	71	11	2001	2001	NUM
ajfa-9759	71	12	,	,	PUNCT
ajfa-9759	71	13	2004	2004	NUM
ajfa-9759	71	14	,	,	PUNCT
ajfa-9759	71	15	2006	2006	NUM
ajfa-9759	71	16	,	,	PUNCT
ajfa-9759	71	17	2007	2007	NUM
ajfa-9759	71	18	,	,	PUNCT
ajfa-9759	71	19	2008	2008	NUM
ajfa-9759	71	20	,	,	PUNCT
ajfa-9759	71	21	2012	2012	NUM
ajfa-9759	71	22	,	,	PUNCT
ajfa-9759	71	23	and	and	CCONJ
ajfa-9759	71	24	2013	2013	NUM
ajfa-9759	71	25	.	.	PUNCT
ajfa-9759	72	1	2.5	2.5	NUM
ajfa-9759	72	2	securities	security	NOUN
ajfa-9759	72	3	and	and	CCONJ
ajfa-9759	72	4	exchange	exchange	PROPN
ajfa-9759	72	5	board	board	PROPN
ajfa-9759	72	6	of	of	ADP
ajfa-9759	72	7	india	india	PROPN
ajfa-9759	72	8	(	(	PUNCT
ajfa-9759	72	9	buy	buy	VERB
ajfa-9759	72	10	back	back	ADV
ajfa-9759	72	11	of	of	ADP
ajfa-9759	72	12	securities	security	NOUN
ajfa-9759	72	13	)	)	PUNCT
ajfa-9759	72	14	,	,	PUNCT
ajfa-9759	72	15	regulations	regulation	NOUN
ajfa-9759	72	16	,	,	PUNCT
ajfa-9759	72	17	1998	1998	NUM
ajfa-9759	72	18	sebi	sebi	NOUN
ajfa-9759	72	19	for	for	ADP
ajfa-9759	72	20	the	the	DET
ajfa-9759	72	21	first	first	ADJ
ajfa-9759	72	22	time	time	NOUN
ajfa-9759	72	23	introduced	introduce	VERB
ajfa-9759	72	24	a	a	DET
ajfa-9759	72	25	comprehensive	comprehensive	ADJ
ajfa-9759	72	26	set	set	NOUN
ajfa-9759	72	27	of	of	ADP
ajfa-9759	72	28	rules	rule	NOUN
ajfa-9759	72	29	and	and	CCONJ
ajfa-9759	72	30	regulations	regulation	NOUN
ajfa-9759	72	31	regarding	regard	VERB
ajfa-9759	72	32	share	share	NOUN
ajfa-9759	72	33	buyback	buyback	NOUN
ajfa-9759	72	34	in	in	ADP
ajfa-9759	72	35	1998	1998	NUM
ajfa-9759	72	36	after	after	SCONJ
ajfa-9759	72	37	companies	company	NOUN
ajfa-9759	72	38	act	act	VERB
ajfa-9759	72	39	1956	1956	NUM
ajfa-9759	72	40	amended	amend	VERB
ajfa-9759	72	41	its	its	PRON
ajfa-9759	72	42	provision	provision	NOUN
ajfa-9759	72	43	related	relate	VERB
ajfa-9759	72	44	to	to	ADP
ajfa-9759	72	45	repurchasing	repurchasing	NOUN
ajfa-9759	72	46	of	of	ADP
ajfa-9759	72	47	shares	share	NOUN
ajfa-9759	72	48	by	by	ADP
ajfa-9759	72	49	companies	company	NOUN
ajfa-9759	72	50	.	.	PUNCT
ajfa-9759	73	1	the	the	DET
ajfa-9759	73	2	rules	rule	NOUN
ajfa-9759	73	3	and	and	CCONJ
ajfa-9759	73	4	regulations	regulation	NOUN
ajfa-9759	73	5	under	under	ADP
ajfa-9759	73	6	this	this	DET
ajfa-9759	73	7	act	act	NOUN
ajfa-9759	73	8	are	be	AUX
ajfa-9759	73	9	applicable	applicable	ADJ
ajfa-9759	73	10	to	to	ADP
ajfa-9759	73	11	only	only	ADV
ajfa-9759	73	12	those	those	DET
ajfa-9759	73	13	companies	company	NOUN
ajfa-9759	73	14	whose	whose	DET
ajfa-9759	73	15	shares	share	NOUN
ajfa-9759	73	16	are	be	AUX
ajfa-9759	73	17	listed	list	VERB
ajfa-9759	73	18	on	on	ADP
ajfa-9759	73	19	any	any	DET
ajfa-9759	73	20	stock	stock	NOUN
ajfa-9759	73	21	exchange	exchange	NOUN
ajfa-9759	73	22	in	in	ADP
ajfa-9759	73	23	india	india	PROPN
ajfa-9759	73	24	.	.	PUNCT
ajfa-9759	74	1	a	a	DET
ajfa-9759	74	2	company	company	NOUN
ajfa-9759	74	3	can	can	AUX
ajfa-9759	74	4	not	not	PART
ajfa-9759	74	5	repurchase	repurchase	VERB
ajfa-9759	74	6	its	its	PRON
ajfa-9759	74	7	shares	share	NOUN
ajfa-9759	74	8	for	for	ADP
ajfa-9759	74	9	the	the	DET
ajfa-9759	74	10	purpose	purpose	NOUN
ajfa-9759	74	11	of	of	ADP
ajfa-9759	74	12	delisting	delist	VERB
ajfa-9759	74	13	from	from	ADP
ajfa-9759	74	14	the	the	DET
ajfa-9759	74	15	stock	stock	NOUN
ajfa-9759	74	16	exchange	exchange	NOUN
ajfa-9759	74	17	.	.	PUNCT
ajfa-9759	75	1	share	share	NOUN
ajfa-9759	75	2	repurchases	repurchase	NOUN
ajfa-9759	75	3	through	through	ADP
ajfa-9759	75	4	tender	tender	NOUN
ajfa-9759	75	5	offer	offer	NOUN
ajfa-9759	75	6	,	,	PUNCT
ajfa-9759	75	7	open	open	ADJ
ajfa-9759	75	8	market	market	NOUN
ajfa-9759	75	9	operation	operation	NOUN
ajfa-9759	75	10	and	and	CCONJ
ajfa-9759	75	11	from	from	ADP
ajfa-9759	75	12	odd	odd	ADJ
ajfa-9759	75	13	-	-	PUNCT
ajfa-9759	75	14	lot	lot	NOUN
ajfa-9759	75	15	holders	holder	NOUN
ajfa-9759	75	16	are	be	AUX
ajfa-9759	75	17	the	the	DET
ajfa-9759	75	18	three	three	NUM
ajfa-9759	75	19	methods	method	NOUN
ajfa-9759	75	20	of	of	ADP
ajfa-9759	75	21	share	share	NOUN
ajfa-9759	75	22	buyback	buyback	NOUN
ajfa-9759	75	23	in	in	ADP
ajfa-9759	75	24	india	india	PROPN
ajfa-9759	75	25	.	.	PUNCT
ajfa-9759	76	1	companies	company	NOUN
ajfa-9759	76	2	are	be	AUX
ajfa-9759	76	3	restricted	restrict	VERB
ajfa-9759	76	4	to	to	PART
ajfa-9759	76	5	repurchase	repurchase	VERB
ajfa-9759	76	6	their	their	PRON
ajfa-9759	76	7	shares	share	NOUN
ajfa-9759	76	8	through	through	ADP
ajfa-9759	76	9	negotiated	negotiate	VERB
ajfa-9759	76	10	deals	deal	NOUN
ajfa-9759	76	11	either	either	CCONJ
ajfa-9759	76	12	on	on	ADP
ajfa-9759	76	13	or	or	CCONJ
ajfa-9759	76	14	off	off	ADP
ajfa-9759	76	15	the	the	DET
ajfa-9759	76	16	stock	stock	NOUN
ajfa-9759	76	17	exchange	exchange	NOUN
ajfa-9759	76	18	or	or	CCONJ
ajfa-9759	76	19	through	through	ADP
ajfa-9759	76	20	private	private	ADJ
ajfa-9759	76	21	arrangement	arrangement	NOUN
ajfa-9759	76	22	.	.	PUNCT
ajfa-9759	77	1	a	a	DET
ajfa-9759	77	2	special	special	ADJ
ajfa-9759	77	3	resolution	resolution	NOUN
ajfa-9759	77	4	passed	pass	VERB
ajfa-9759	77	5	in	in	ADP
ajfa-9759	77	6	general	general	ADJ
ajfa-9759	77	7	body	body	NOUN
ajfa-9759	77	8	meeting	meeting	NOUN
ajfa-9759	77	9	and	and	CCONJ
ajfa-9759	77	10	the	the	DET
ajfa-9759	77	11	resolution	resolution	NOUN
ajfa-9759	77	12	passed	pass	VERB
ajfa-9759	77	13	by	by	ADP
ajfa-9759	77	14	the	the	DET
ajfa-9759	77	15	board	board	NOUN
ajfa-9759	77	16	of	of	ADP
ajfa-9759	77	17	directors	director	NOUN
ajfa-9759	77	18	authorizing	authorize	VERB
ajfa-9759	77	19	buyback	buyback	NOUN
ajfa-9759	77	20	should	should	AUX
ajfa-9759	77	21	be	be	AUX
ajfa-9759	77	22	filed	file	VERB
ajfa-9759	77	23	with	with	ADP
ajfa-9759	77	24	the	the	DET
ajfa-9759	77	25	sebi	sebi	NOUN
ajfa-9759	77	26	and	and	CCONJ
ajfa-9759	77	27	stock	stock	NOUN
ajfa-9759	77	28	exchanges	exchange	NOUN
ajfa-9759	77	29	where	where	SCONJ
ajfa-9759	77	30	the	the	DET
ajfa-9759	77	31	shares	share	NOUN
ajfa-9759	77	32	are	be	AUX
ajfa-9759	77	33	listed	list	VERB
ajfa-9759	77	34	within	within	ADP
ajfa-9759	77	35	seven	seven	NUM
ajfa-9759	77	36	and	and	CCONJ
ajfa-9759	77	37	two	two	NUM
ajfa-9759	77	38	days	day	NOUN
ajfa-9759	77	39	of	of	ADP
ajfa-9759	77	40	the	the	DET
ajfa-9759	77	41	passing	passing	NOUN
ajfa-9759	77	42	of	of	ADP
ajfa-9759	77	43	the	the	DET
ajfa-9759	77	44	resolution	resolution	NOUN
ajfa-9759	77	45	respectively	respectively	ADV
ajfa-9759	77	46	.	.	PUNCT
ajfa-9759	78	1	2.6	2.6	NUM
ajfa-9759	78	2	securities	security	NOUN
ajfa-9759	78	3	and	and	CCONJ
ajfa-9759	78	4	exchange	exchange	PROPN
ajfa-9759	78	5	board	board	PROPN
ajfa-9759	78	6	of	of	ADP
ajfa-9759	78	7	india	india	PROPN
ajfa-9759	78	8	(	(	PUNCT
ajfa-9759	78	9	buy	buy	VERB
ajfa-9759	78	10	back	back	ADV
ajfa-9759	78	11	of	of	ADP
ajfa-9759	78	12	securities	security	NOUN
ajfa-9759	78	13	)	)	PUNCT
ajfa-9759	78	14	,	,	PUNCT
ajfa-9759	78	15	regulations	regulation	NOUN
ajfa-9759	78	16	,	,	PUNCT
ajfa-9759	78	17	1998	1998	NUM
ajfa-9759	78	18	the	the	DET
ajfa-9759	78	19	sebi	sebi	NOUN
ajfa-9759	78	20	regulations	regulation	NOUN
ajfa-9759	78	21	1998	1998	NUM
ajfa-9759	78	22	prescribes	prescribe	VERB
ajfa-9759	78	23	the	the	DET
ajfa-9759	78	24	following	follow	VERB
ajfa-9759	78	25	rules	rule	NOUN
ajfa-9759	78	26	to	to	PART
ajfa-9759	78	27	be	be	AUX
ajfa-9759	78	28	followed	follow	VERB
ajfa-9759	78	29	for	for	ADP
ajfa-9759	78	30	share	share	NOUN
ajfa-9759	78	31	buyback	buyback	NOUN
ajfa-9759	78	32	through	through	ADP
ajfa-9759	78	33	tender	tender	NOUN
ajfa-9759	78	34	offer	offer	NOUN
ajfa-9759	78	35	.	.	PUNCT
ajfa-9759	79	1	in	in	ADP
ajfa-9759	79	2	share	share	NOUN
ajfa-9759	79	3	buyback	buyback	NOUN
ajfa-9759	79	4	through	through	ADP
ajfa-9759	79	5	a	a	DET
ajfa-9759	79	6	tender	tender	NOUN
ajfa-9759	79	7	offer	offer	NOUN
ajfa-9759	79	8	,	,	PUNCT
ajfa-9759	79	9	repurchase	repurchase	NOUN
ajfa-9759	79	10	is	be	AUX
ajfa-9759	79	11	made	make	VERB
ajfa-9759	79	12	from	from	ADP
ajfa-9759	79	13	the	the	DET
ajfa-9759	79	14	existing	exist	VERB
ajfa-9759	79	15	shareholders	shareholder	NOUN
ajfa-9759	79	16	on	on	ADP
ajfa-9759	79	17	a	a	DET
ajfa-9759	79	18	proportionate	proportionate	ADJ
ajfa-9759	79	19	basis	basis	NOUN
ajfa-9759	79	20	.	.	PUNCT
ajfa-9759	80	1	this	this	DET
ajfa-9759	80	2	method	method	NOUN
ajfa-9759	80	3	reserves	reserve	NOUN
ajfa-9759	80	4	15	15	NUM
ajfa-9759	80	5	%	%	NOUN
ajfa-9759	80	6	of	of	ADP
ajfa-9759	80	7	targeted	target	VERB
ajfa-9759	80	8	shares	share	NOUN
ajfa-9759	80	9	(	(	PUNCT
ajfa-9759	80	10	the	the	DET
ajfa-9759	80	11	number	number	NOUN
ajfa-9759	80	12	of	of	ADP
ajfa-9759	80	13	shares	share	NOUN
ajfa-9759	80	14	likely	likely	ADJ
ajfa-9759	80	15	to	to	PART
ajfa-9759	80	16	be	be	AUX
ajfa-9759	80	17	bought	buy	VERB
ajfa-9759	80	18	back	back	ADV
ajfa-9759	80	19	)	)	PUNCT
ajfa-9759	80	20	,	,	PUNCT
ajfa-9759	80	21	or	or	CCONJ
ajfa-9759	80	22	a	a	DET
ajfa-9759	80	23	number	number	NOUN
ajfa-9759	80	24	of	of	ADP
ajfa-9759	80	25	securities	security	NOUN
ajfa-9759	80	26	entitled	entitle	VERB
ajfa-9759	80	27	to	to	ADP
ajfa-9759	80	28	small	small	ADJ
ajfa-9759	80	29	shareholders	shareholder	NOUN
ajfa-9759	80	30	should	should	AUX
ajfa-9759	80	31	be	be	AUX
ajfa-9759	80	32	kept	keep	VERB
ajfa-9759	80	33	for	for	ADP
ajfa-9759	80	34	them	they	PRON
ajfa-9759	80	35	.	.	PUNCT
ajfa-9759	81	1	the	the	DET
ajfa-9759	81	2	offer	offer	NOUN
ajfa-9759	81	3	document	document	NOUN
ajfa-9759	81	4	should	should	AUX
ajfa-9759	81	5	disclose	disclose	VERB
ajfa-9759	81	6	the	the	DET
ajfa-9759	81	7	maximum	maximum	ADJ
ajfa-9759	81	8	asian	asian	ADJ
ajfa-9759	81	9	journal	journal	NOUN
ajfa-9759	81	10	of	of	ADP
ajfa-9759	81	11	finance	finance	PROPN
ajfa-9759	81	12	&	&	CCONJ
ajfa-9759	81	13	accounting	accounting	PROPN
ajfa-9759	81	14	issn	issn	PROPN
ajfa-9759	81	15	1946	1946	NUM
ajfa-9759	81	16	-	-	PUNCT
ajfa-9759	81	17	052x	052x	PROPN
ajfa-9759	81	18	2016	2016	NUM
ajfa-9759	81	19	,	,	PUNCT
ajfa-9759	81	20	vol	vol	NOUN
ajfa-9759	81	21	.	.	PROPN
ajfa-9759	81	22	8	8	NUM
ajfa-9759	81	23	,	,	PUNCT
ajfa-9759	81	24	no	no	INTJ
ajfa-9759	81	25	.	.	NOUN
ajfa-9759	81	26	2	2	NUM
ajfa-9759	81	27	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9759	81	28	6	6	NUM
ajfa-9759	81	29	price	price	NOUN
ajfa-9759	81	30	at	at	ADP
ajfa-9759	81	31	which	which	PRON
ajfa-9759	81	32	the	the	DET
ajfa-9759	81	33	shares	share	NOUN
ajfa-9759	81	34	will	will	AUX
ajfa-9759	81	35	be	be	AUX
ajfa-9759	81	36	repurchased	repurchase	VERB
ajfa-9759	81	37	.	.	PUNCT
ajfa-9759	82	1	it	it	PRON
ajfa-9759	82	2	should	should	AUX
ajfa-9759	82	3	publish	publish	VERB
ajfa-9759	82	4	the	the	DET
ajfa-9759	82	5	information	information	NOUN
ajfa-9759	82	6	regarding	regard	VERB
ajfa-9759	82	7	the	the	DET
ajfa-9759	82	8	quantum	quantum	NOUN
ajfa-9759	82	9	of	of	ADP
ajfa-9759	82	10	shares	share	NOUN
ajfa-9759	82	11	tendered	tender	VERB
ajfa-9759	82	12	by	by	ADP
ajfa-9759	82	13	the	the	DET
ajfa-9759	82	14	promoters	promoter	NOUN
ajfa-9759	82	15	and	and	CCONJ
ajfa-9759	82	16	detail	detail	NOUN
ajfa-9759	82	17	of	of	ADP
ajfa-9759	82	18	their	their	PRON
ajfa-9759	82	19	transactions	transaction	NOUN
ajfa-9759	82	20	of	of	ADP
ajfa-9759	82	21	last	last	ADJ
ajfa-9759	82	22	six	six	NUM
ajfa-9759	82	23	months	month	NOUN
ajfa-9759	82	24	before	before	ADP
ajfa-9759	82	25	passing	pass	VERB
ajfa-9759	82	26	the	the	DET
ajfa-9759	82	27	resolution	resolution	NOUN
ajfa-9759	82	28	,	,	PUNCT
ajfa-9759	82	29	such	such	ADJ
ajfa-9759	82	30	as	as	ADP
ajfa-9759	82	31	a	a	DET
ajfa-9759	82	32	number	number	NOUN
ajfa-9759	82	33	of	of	ADP
ajfa-9759	82	34	shares	share	NOUN
ajfa-9759	82	35	acquired	acquire	VERB
ajfa-9759	82	36	,	,	PUNCT
ajfa-9759	82	37	price	price	NOUN
ajfa-9759	82	38	,	,	PUNCT
ajfa-9759	82	39	and	and	CCONJ
ajfa-9759	82	40	date	date	NOUN
ajfa-9759	82	41	of	of	ADP
ajfa-9759	82	42	acquisition	acquisition	NOUN
ajfa-9759	82	43	.	.	PUNCT
ajfa-9759	83	1	the	the	DET
ajfa-9759	83	2	company	company	NOUN
ajfa-9759	83	3	has	have	VERB
ajfa-9759	83	4	to	to	PART
ajfa-9759	83	5	make	make	VERB
ajfa-9759	83	6	an	an	DET
ajfa-9759	83	7	announcement	announcement	NOUN
ajfa-9759	83	8	in	in	ADP
ajfa-9759	83	9	public	public	NOUN
ajfa-9759	83	10	within	within	ADP
ajfa-9759	83	11	two	two	NUM
ajfa-9759	83	12	working	work	VERB
ajfa-9759	83	13	days	day	NOUN
ajfa-9759	83	14	of	of	ADP
ajfa-9759	83	15	passing	passing	NOUN
ajfa-9759	83	16	of	of	ADP
ajfa-9759	83	17	the	the	DET
ajfa-9759	83	18	resolution	resolution	NOUN
ajfa-9759	83	19	in	in	ADP
ajfa-9759	83	20	at	at	ADV
ajfa-9759	83	21	least	least	ADV
ajfa-9759	83	22	one	one	NUM
ajfa-9759	83	23	national	national	ADJ
ajfa-9759	83	24	english	english	PROPN
ajfa-9759	83	25	newspaper	newspaper	NOUN
ajfa-9759	83	26	,	,	PUNCT
ajfa-9759	83	27	one	one	NUM
ajfa-9759	83	28	hindi	hindi	NOUN
ajfa-9759	83	29	newspaper	newspaper	NOUN
ajfa-9759	83	30	and	and	CCONJ
ajfa-9759	83	31	a	a	DET
ajfa-9759	83	32	regional	regional	ADJ
ajfa-9759	83	33	language	language	NOUN
ajfa-9759	83	34	newspaper	newspaper	NOUN
ajfa-9759	83	35	widely	widely	ADV
ajfa-9759	83	36	circulated	circulate	VERB
ajfa-9759	83	37	in	in	ADP
ajfa-9759	83	38	the	the	DET
ajfa-9759	83	39	area	area	NOUN
ajfa-9759	83	40	where	where	SCONJ
ajfa-9759	83	41	the	the	DET
ajfa-9759	83	42	registered	registered	ADJ
ajfa-9759	83	43	office	office	NOUN
ajfa-9759	83	44	of	of	ADP
ajfa-9759	83	45	the	the	DET
ajfa-9759	83	46	company	company	NOUN
ajfa-9759	83	47	is	be	AUX
ajfa-9759	83	48	located	locate	VERB
ajfa-9759	83	49	.	.	PUNCT
ajfa-9759	84	1	a	a	DET
ajfa-9759	84	2	company	company	NOUN
ajfa-9759	84	3	has	have	VERB
ajfa-9759	84	4	to	to	PART
ajfa-9759	84	5	submit	submit	VERB
ajfa-9759	84	6	a	a	DET
ajfa-9759	84	7	draft	draft	NOUN
ajfa-9759	84	8	offer	offer	NOUN
ajfa-9759	84	9	letter	letter	NOUN
ajfa-9759	84	10	to	to	ADP
ajfa-9759	84	11	the	the	DET
ajfa-9759	84	12	sebi	sebi	NOUN
ajfa-9759	84	13	within	within	ADP
ajfa-9759	84	14	five	five	NUM
ajfa-9759	84	15	working	work	VERB
ajfa-9759	84	16	days	day	NOUN
ajfa-9759	84	17	of	of	ADP
ajfa-9759	84	18	the	the	DET
ajfa-9759	84	19	public	public	ADJ
ajfa-9759	84	20	announcement	announcement	NOUN
ajfa-9759	84	21	,	,	PUNCT
ajfa-9759	84	22	and	and	CCONJ
ajfa-9759	84	23	the	the	DET
ajfa-9759	84	24	board	board	NOUN
ajfa-9759	84	25	has	have	VERB
ajfa-9759	84	26	to	to	PART
ajfa-9759	84	27	give	give	VERB
ajfa-9759	84	28	its	its	PRON
ajfa-9759	84	29	comment	comment	NOUN
ajfa-9759	84	30	on	on	ADP
ajfa-9759	84	31	the	the	DET
ajfa-9759	84	32	draft	draft	NOUN
ajfa-9759	84	33	offer	offer	NOUN
ajfa-9759	84	34	within	within	ADP
ajfa-9759	84	35	seven	seven	NUM
ajfa-9759	84	36	working	work	VERB
ajfa-9759	84	37	days	day	NOUN
ajfa-9759	84	38	of	of	ADP
ajfa-9759	84	39	receiving	receive	VERB
ajfa-9759	84	40	the	the	DET
ajfa-9759	84	41	draft	draft	NOUN
ajfa-9759	84	42	letter	letter	NOUN
ajfa-9759	84	43	.	.	PUNCT
ajfa-9759	85	1	before	before	ADP
ajfa-9759	85	2	the	the	DET
ajfa-9759	85	3	opening	opening	NOUN
ajfa-9759	85	4	of	of	ADP
ajfa-9759	85	5	buyback	buyback	NOUN
ajfa-9759	85	6	offer	offer	NOUN
ajfa-9759	85	7	,	,	PUNCT
ajfa-9759	85	8	every	every	DET
ajfa-9759	85	9	company	company	NOUN
ajfa-9759	85	10	shall	shall	AUX
ajfa-9759	85	11	announce	announce	VERB
ajfa-9759	85	12	a	a	DET
ajfa-9759	85	13	record	record	NOUN
ajfa-9759	85	14	date	date	NOUN
ajfa-9759	85	15	for	for	ADP
ajfa-9759	85	16	identifying	identify	VERB
ajfa-9759	85	17	the	the	DET
ajfa-9759	85	18	legal	legal	ADJ
ajfa-9759	85	19	shareholders	shareholder	NOUN
ajfa-9759	85	20	who	who	PRON
ajfa-9759	85	21	are	be	AUX
ajfa-9759	85	22	entitled	entitle	VERB
ajfa-9759	85	23	to	to	PART
ajfa-9759	85	24	participate	participate	VERB
ajfa-9759	85	25	in	in	ADP
ajfa-9759	85	26	the	the	DET
ajfa-9759	85	27	offer	offer	NOUN
ajfa-9759	85	28	.	.	PUNCT
ajfa-9759	86	1	the	the	DET
ajfa-9759	86	2	letter	letter	NOUN
ajfa-9759	86	3	of	of	ADP
ajfa-9759	86	4	offer	offer	NOUN
ajfa-9759	86	5	and	and	CCONJ
ajfa-9759	86	6	a	a	DET
ajfa-9759	86	7	tender	tender	NOUN
ajfa-9759	86	8	form	form	NOUN
ajfa-9759	86	9	shall	shall	AUX
ajfa-9759	86	10	be	be	AUX
ajfa-9759	86	11	sent	send	VERB
ajfa-9759	86	12	to	to	ADP
ajfa-9759	86	13	the	the	DET
ajfa-9759	86	14	eligible	eligible	ADJ
ajfa-9759	86	15	shareholders	shareholder	NOUN
ajfa-9759	86	16	within	within	ADP
ajfa-9759	86	17	five	five	NUM
ajfa-9759	86	18	working	work	VERB
ajfa-9759	86	19	days	day	NOUN
ajfa-9759	86	20	of	of	ADP
ajfa-9759	86	21	approval	approval	NOUN
ajfa-9759	86	22	from	from	ADP
ajfa-9759	86	23	sebi	sebi	NOUN
ajfa-9759	86	24	.	.	PUNCT
ajfa-9759	87	1	the	the	DET
ajfa-9759	87	2	date	date	NOUN
ajfa-9759	87	3	of	of	ADP
ajfa-9759	87	4	opening	opening	NOUN
ajfa-9759	87	5	of	of	ADP
ajfa-9759	87	6	the	the	DET
ajfa-9759	87	7	offer	offer	NOUN
ajfa-9759	87	8	is	be	AUX
ajfa-9759	87	9	within	within	ADP
ajfa-9759	87	10	five	five	NUM
ajfa-9759	87	11	working	work	VERB
ajfa-9759	87	12	days	day	NOUN
ajfa-9759	87	13	from	from	ADP
ajfa-9759	87	14	the	the	DET
ajfa-9759	87	15	dispatch	dispatch	NOUN
ajfa-9759	87	16	of	of	ADP
ajfa-9759	87	17	the	the	DET
ajfa-9759	87	18	offer	offer	NOUN
ajfa-9759	87	19	letter	letter	NOUN
ajfa-9759	87	20	to	to	ADP
ajfa-9759	87	21	the	the	DET
ajfa-9759	87	22	shareholders	shareholder	NOUN
ajfa-9759	87	23	.	.	PUNCT
ajfa-9759	88	1	the	the	DET
ajfa-9759	88	2	duration	duration	NOUN
ajfa-9759	88	3	of	of	ADP
ajfa-9759	88	4	the	the	DET
ajfa-9759	88	5	tender	tender	NOUN
ajfa-9759	88	6	offer	offer	NOUN
ajfa-9759	88	7	was	be	AUX
ajfa-9759	88	8	initially	initially	ADV
ajfa-9759	88	9	not	not	PART
ajfa-9759	88	10	less	less	ADJ
ajfa-9759	88	11	than	than	ADP
ajfa-9759	88	12	fifteen	fifteen	NUM
ajfa-9759	88	13	days	day	NOUN
ajfa-9759	88	14	and	and	CCONJ
ajfa-9759	88	15	maximum	maximum	ADJ
ajfa-9759	88	16	thirty	thirty	NUM
ajfa-9759	88	17	days	day	NOUN
ajfa-9759	88	18	,	,	PUNCT
ajfa-9759	88	19	after	after	ADP
ajfa-9759	88	20	the	the	DET
ajfa-9759	88	21	2012	2012	NUM
ajfa-9759	88	22	amendment	amendment	NOUN
ajfa-9759	88	23	it	it	PRON
ajfa-9759	88	24	is	be	AUX
ajfa-9759	88	25	reduced	reduce	VERB
ajfa-9759	88	26	to	to	ADP
ajfa-9759	88	27	ten	ten	NUM
ajfa-9759	88	28	working	working	ADJ
ajfa-9759	88	29	days	day	NOUN
ajfa-9759	88	30	.	.	PUNCT
ajfa-9759	89	1	every	every	DET
ajfa-9759	89	2	company	company	NOUN
ajfa-9759	89	3	going	go	VERB
ajfa-9759	89	4	for	for	ADP
ajfa-9759	89	5	share	share	NOUN
ajfa-9759	89	6	buyback	buyback	NOUN
ajfa-9759	89	7	has	have	VERB
ajfa-9759	89	8	to	to	PART
ajfa-9759	89	9	open	open	VERB
ajfa-9759	89	10	an	an	DET
ajfa-9759	89	11	escrow	escrow	NOUN
ajfa-9759	89	12	account	account	NOUN
ajfa-9759	89	13	and	and	CCONJ
ajfa-9759	89	14	deposit	deposit	NOUN
ajfa-9759	89	15	25	25	NUM
ajfa-9759	89	16	%	%	NOUN
ajfa-9759	89	17	of	of	ADP
ajfa-9759	89	18	the	the	DET
ajfa-9759	89	19	amount	amount	NOUN
ajfa-9759	89	20	if	if	SCONJ
ajfa-9759	89	21	the	the	DET
ajfa-9759	89	22	total	total	ADJ
ajfa-9759	89	23	consideration	consideration	NOUN
ajfa-9759	89	24	payable	payable	ADJ
ajfa-9759	89	25	is	be	AUX
ajfa-9759	89	26	not	not	PART
ajfa-9759	89	27	exceeding	exceed	VERB
ajfa-9759	89	28	100	100	NUM
ajfa-9759	89	29	cores	core	NOUN
ajfa-9759	89	30	.	.	PUNCT
ajfa-9759	90	1	if	if	SCONJ
ajfa-9759	90	2	the	the	DET
ajfa-9759	90	3	total	total	ADJ
ajfa-9759	90	4	consideration	consideration	NOUN
ajfa-9759	90	5	exceeds	exceed	VERB
ajfa-9759	90	6	100	100	NUM
ajfa-9759	90	7	cores	core	NOUN
ajfa-9759	90	8	,	,	PUNCT
ajfa-9759	90	9	then	then	ADV
ajfa-9759	90	10	25	25	NUM
ajfa-9759	90	11	%	%	NOUN
ajfa-9759	90	12	of	of	ADP
ajfa-9759	90	13	up	up	ADP
ajfa-9759	90	14	to	to	PART
ajfa-9759	90	15	100	100	NUM
ajfa-9759	90	16	cores	core	NOUN
ajfa-9759	90	17	and	and	CCONJ
ajfa-9759	90	18	10	10	NUM
ajfa-9759	90	19	%	%	NOUN
ajfa-9759	90	20	of	of	ADP
ajfa-9759	90	21	the	the	DET
ajfa-9759	90	22	rest	rest	NOUN
ajfa-9759	90	23	amount	amount	NOUN
ajfa-9759	90	24	will	will	AUX
ajfa-9759	90	25	be	be	AUX
ajfa-9759	90	26	deposited	deposit	VERB
ajfa-9759	90	27	.	.	PUNCT
ajfa-9759	91	1	the	the	DET
ajfa-9759	91	2	escrow	escrow	NOUN
ajfa-9759	91	3	account	account	NOUN
ajfa-9759	91	4	consists	consist	VERB
ajfa-9759	91	5	of	of	ADP
ajfa-9759	91	6	cash	cash	NOUN
ajfa-9759	91	7	deposited	deposit	VERB
ajfa-9759	91	8	in	in	ADP
ajfa-9759	91	9	a	a	DET
ajfa-9759	91	10	scheduled	schedule	VERB
ajfa-9759	91	11	commercial	commercial	ADJ
ajfa-9759	91	12	bank	bank	NOUN
ajfa-9759	91	13	or	or	CCONJ
ajfa-9759	91	14	bank	bank	NOUN
ajfa-9759	91	15	guarantee	guarantee	NOUN
ajfa-9759	91	16	in	in	ADP
ajfa-9759	91	17	favor	favor	NOUN
ajfa-9759	91	18	of	of	ADP
ajfa-9759	91	19	merchant	merchant	NOUN
ajfa-9759	91	20	banker	banker	NOUN
ajfa-9759	91	21	or	or	CCONJ
ajfa-9759	91	22	a	a	DET
ajfa-9759	91	23	combination	combination	NOUN
ajfa-9759	91	24	of	of	ADP
ajfa-9759	91	25	both	both	PRON
ajfa-9759	91	26	.	.	PUNCT
ajfa-9759	92	1	on	on	ADP
ajfa-9759	92	2	fulfillment	fulfillment	NOUN
ajfa-9759	92	3	of	of	ADP
ajfa-9759	92	4	the	the	DET
ajfa-9759	92	5	entire	entire	ADJ
ajfa-9759	92	6	obligation	obligation	NOUN
ajfa-9759	92	7	relating	relate	VERB
ajfa-9759	92	8	to	to	PART
ajfa-9759	92	9	share	share	VERB
ajfa-9759	92	10	buyback	buyback	NOUN
ajfa-9759	92	11	offer	offer	VERB
ajfa-9759	92	12	the	the	DET
ajfa-9759	92	13	amount	amount	NOUN
ajfa-9759	92	14	or	or	CCONJ
ajfa-9759	92	15	guarantee	guarantee	NOUN
ajfa-9759	92	16	kept	keep	VERB
ajfa-9759	92	17	in	in	ADP
ajfa-9759	92	18	the	the	DET
ajfa-9759	92	19	escrow	escrow	NOUN
ajfa-9759	92	20	account	account	NOUN
ajfa-9759	92	21	will	will	AUX
ajfa-9759	92	22	be	be	AUX
ajfa-9759	92	23	released	release	VERB
ajfa-9759	92	24	to	to	ADP
ajfa-9759	92	25	the	the	DET
ajfa-9759	92	26	company	company	NOUN
ajfa-9759	92	27	.	.	PUNCT
ajfa-9759	93	1	on	on	ADP
ajfa-9759	93	2	non	non	ADJ
ajfa-9759	93	3	-	-	NOUN
ajfa-9759	93	4	compliance	compliance	ADJ
ajfa-9759	93	5	,	,	PUNCT
ajfa-9759	93	6	sebi	sebi	NOUN
ajfa-9759	93	7	forfeits	forfeit	NOUN
ajfa-9759	93	8	the	the	DET
ajfa-9759	93	9	account	account	NOUN
ajfa-9759	93	10	fully	fully	ADV
ajfa-9759	93	11	or	or	CCONJ
ajfa-9759	93	12	partly	partly	ADV
ajfa-9759	93	13	and	and	CCONJ
ajfa-9759	93	14	distribute	distribute	VERB
ajfa-9759	93	15	the	the	DET
ajfa-9759	93	16	amount	amount	NOUN
ajfa-9759	93	17	to	to	ADP
ajfa-9759	93	18	the	the	DET
ajfa-9759	93	19	tendering	tender	VERB
ajfa-9759	93	20	shareholders	shareholder	NOUN
ajfa-9759	93	21	within	within	ADP
ajfa-9759	93	22	seven	seven	NUM
ajfa-9759	93	23	working	work	VERB
ajfa-9759	93	24	days	day	NOUN
ajfa-9759	93	25	of	of	ADP
ajfa-9759	93	26	closure	closure	NOUN
ajfa-9759	93	27	of	of	ADP
ajfa-9759	93	28	the	the	DET
ajfa-9759	93	29	offer	offer	NOUN
ajfa-9759	93	30	.	.	PUNCT
ajfa-9759	94	1	all	all	DET
ajfa-9759	94	2	securities	security	NOUN
ajfa-9759	94	3	bought	buy	VERB
ajfa-9759	94	4	back	back	ADV
ajfa-9759	94	5	in	in	ADP
ajfa-9759	94	6	the	the	DET
ajfa-9759	94	7	offer	offer	NOUN
ajfa-9759	94	8	shall	shall	AUX
ajfa-9759	94	9	be	be	AUX
ajfa-9759	94	10	extinguished	extinguish	VERB
ajfa-9759	94	11	and	and	CCONJ
ajfa-9759	94	12	physically	physically	ADV
ajfa-9759	94	13	destroyed	destroy	VERB
ajfa-9759	94	14	in	in	ADP
ajfa-9759	94	15	the	the	DET
ajfa-9759	94	16	presence	presence	NOUN
ajfa-9759	94	17	of	of	ADP
ajfa-9759	94	18	merchant	merchant	NOUN
ajfa-9759	94	19	banker	banker	NOUN
ajfa-9759	94	20	,	,	PUNCT
ajfa-9759	94	21	registrar	registrar	VERB
ajfa-9759	94	22	to	to	ADP
ajfa-9759	94	23	the	the	DET
ajfa-9759	94	24	issue	issue	NOUN
ajfa-9759	94	25	and	and	CCONJ
ajfa-9759	94	26	statutory	statutory	ADJ
ajfa-9759	94	27	auditor	auditor	NOUN
ajfa-9759	94	28	within	within	ADP
ajfa-9759	94	29	seven	seven	NUM
ajfa-9759	94	30	days	day	NOUN
ajfa-9759	94	31	of	of	ADP
ajfa-9759	94	32	completion	completion	NOUN
ajfa-9759	94	33	of	of	ADP
ajfa-9759	94	34	the	the	DET
ajfa-9759	94	35	share	share	NOUN
ajfa-9759	94	36	buyback	buyback	NOUN
ajfa-9759	94	37	.	.	PUNCT
ajfa-9759	95	1	the	the	DET
ajfa-9759	95	2	company	company	NOUN
ajfa-9759	95	3	shall	shall	AUX
ajfa-9759	95	4	submit	submit	VERB
ajfa-9759	95	5	a	a	DET
ajfa-9759	95	6	certificate	certificate	NOUN
ajfa-9759	95	7	of	of	ADP
ajfa-9759	95	8	compliance	compliance	NOUN
ajfa-9759	95	9	to	to	ADP
ajfa-9759	95	10	the	the	DET
ajfa-9759	95	11	sebi	sebi	NOUN
ajfa-9759	95	12	duly	duly	ADV
ajfa-9759	95	13	certified	certify	VERB
ajfa-9759	95	14	and	and	CCONJ
ajfa-9759	95	15	authorized	authorize	VERB
ajfa-9759	95	16	by	by	ADP
ajfa-9759	95	17	the	the	DET
ajfa-9759	95	18	registrar	registrar	NOUN
ajfa-9759	95	19	,	,	PUNCT
ajfa-9759	95	20	two	two	NUM
ajfa-9759	95	21	directors	director	NOUN
ajfa-9759	95	22	of	of	ADP
ajfa-9759	95	23	the	the	DET
ajfa-9759	95	24	company	company	NOUN
ajfa-9759	95	25	including	include	VERB
ajfa-9759	95	26	managing	manage	VERB
ajfa-9759	95	27	director	director	NOUN
ajfa-9759	95	28	and	and	CCONJ
ajfa-9759	95	29	statutory	statutory	ADJ
ajfa-9759	95	30	auditor	auditor	NOUN
ajfa-9759	95	31	within	within	ADP
ajfa-9759	95	32	seven	seven	NUM
ajfa-9759	95	33	days	day	NOUN
ajfa-9759	95	34	of	of	ADP
ajfa-9759	95	35	extinguishment	extinguishment	NOUN
ajfa-9759	95	36	of	of	ADP
ajfa-9759	95	37	shares	share	NOUN
ajfa-9759	95	38	.	.	PUNCT
ajfa-9759	96	1	a	a	DET
ajfa-9759	96	2	company	company	NOUN
ajfa-9759	96	3	also	also	ADV
ajfa-9759	96	4	furnishes	furnish	VERB
ajfa-9759	96	5	a	a	DET
ajfa-9759	96	6	report	report	NOUN
ajfa-9759	96	7	containing	contain	VERB
ajfa-9759	96	8	the	the	DET
ajfa-9759	96	9	particulars	particular	NOUN
ajfa-9759	96	10	of	of	ADP
ajfa-9759	96	11	the	the	DET
ajfa-9759	96	12	shares	share	NOUN
ajfa-9759	96	13	destroyed	destroy	VERB
ajfa-9759	96	14	to	to	ADP
ajfa-9759	96	15	the	the	DET
ajfa-9759	96	16	respective	respective	ADJ
ajfa-9759	96	17	stock	stock	NOUN
ajfa-9759	96	18	exchange	exchange	NOUN
ajfa-9759	96	19	where	where	SCONJ
ajfa-9759	96	20	the	the	DET
ajfa-9759	96	21	shares	share	NOUN
ajfa-9759	96	22	were	be	AUX
ajfa-9759	96	23	listed	list	VERB
ajfa-9759	96	24	earlier	early	ADV
ajfa-9759	96	25	.	.	PUNCT
ajfa-9759	97	1	2.7	2.7	NUM
ajfa-9759	97	2	share	share	NOUN
ajfa-9759	97	3	buyback	buyback	NOUN
ajfa-9759	97	4	from	from	ADP
ajfa-9759	97	5	the	the	DET
ajfa-9759	97	6	open	open	ADJ
ajfa-9759	97	7	market	market	NOUN
ajfa-9759	97	8	companies	company	NOUN
ajfa-9759	97	9	can	can	AUX
ajfa-9759	97	10	repurchase	repurchase	VERB
ajfa-9759	97	11	from	from	ADP
ajfa-9759	97	12	the	the	DET
ajfa-9759	97	13	open	open	ADJ
ajfa-9759	97	14	market	market	NOUN
ajfa-9759	97	15	via	via	ADP
ajfa-9759	97	16	two	two	NUM
ajfa-9759	97	17	methods	method	NOUN
ajfa-9759	97	18	such	such	ADJ
ajfa-9759	97	19	as	as	ADP
ajfa-9759	97	20	through	through	ADP
ajfa-9759	97	21	stock	stock	NOUN
ajfa-9759	97	22	exchange	exchange	NOUN
ajfa-9759	97	23	or	or	CCONJ
ajfa-9759	97	24	book	book	NOUN
ajfa-9759	97	25	-	-	PUNCT
ajfa-9759	97	26	building	building	NOUN
ajfa-9759	97	27	process	process	NOUN
ajfa-9759	97	28	.	.	PUNCT
ajfa-9759	98	1	for	for	ADP
ajfa-9759	98	2	any	any	DET
ajfa-9759	98	3	method	method	NOUN
ajfa-9759	98	4	under	under	ADP
ajfa-9759	98	5	open	open	ADJ
ajfa-9759	98	6	market	market	NOUN
ajfa-9759	98	7	method	method	NOUN
ajfa-9759	98	8	,	,	PUNCT
ajfa-9759	98	9	a	a	DET
ajfa-9759	98	10	company	company	NOUN
ajfa-9759	98	11	has	have	VERB
ajfa-9759	98	12	to	to	PART
ajfa-9759	98	13	pass	pass	VERB
ajfa-9759	98	14	a	a	DET
ajfa-9759	98	15	special	special	ADJ
ajfa-9759	98	16	resolution	resolution	NOUN
ajfa-9759	98	17	in	in	ADP
ajfa-9759	98	18	the	the	DET
ajfa-9759	98	19	general	general	ADJ
ajfa-9759	98	20	body	body	NOUN
ajfa-9759	98	21	meeting	meeting	NOUN
ajfa-9759	98	22	or	or	CCONJ
ajfa-9759	98	23	board	board	NOUN
ajfa-9759	98	24	meeting	meeting	NOUN
ajfa-9759	98	25	of	of	ADP
ajfa-9759	98	26	the	the	DET
ajfa-9759	98	27	directors	director	NOUN
ajfa-9759	98	28	.	.	PUNCT
ajfa-9759	99	1	the	the	DET
ajfa-9759	99	2	maximum	maximum	ADJ
ajfa-9759	99	3	price	price	NOUN
ajfa-9759	99	4	per	per	ADP
ajfa-9759	99	5	share	share	NOUN
ajfa-9759	99	6	is	be	AUX
ajfa-9759	99	7	fixed	fix	VERB
ajfa-9759	99	8	in	in	ADP
ajfa-9759	99	9	the	the	DET
ajfa-9759	99	10	special	special	ADJ
ajfa-9759	99	11	resolution	resolution	NOUN
ajfa-9759	99	12	but	but	CCONJ
ajfa-9759	99	13	the	the	DET
ajfa-9759	99	14	price	price	NOUN
ajfa-9759	99	15	at	at	ADP
ajfa-9759	99	16	which	which	PRON
ajfa-9759	99	17	shares	share	NOUN
ajfa-9759	99	18	are	be	AUX
ajfa-9759	99	19	bought	buy	VERB
ajfa-9759	99	20	depends	depend	VERB
ajfa-9759	99	21	on	on	ADP
ajfa-9759	99	22	the	the	DET
ajfa-9759	99	23	market	market	NOUN
ajfa-9759	99	24	forces	force	NOUN
ajfa-9759	99	25	.	.	PUNCT
ajfa-9759	100	1	unlike	unlike	ADP
ajfa-9759	100	2	tender	tender	NOUN
ajfa-9759	100	3	offer	offer	NOUN
ajfa-9759	100	4	,	,	PUNCT
ajfa-9759	100	5	promoters	promoter	NOUN
ajfa-9759	100	6	and	and	CCONJ
ajfa-9759	100	7	persons	person	NOUN
ajfa-9759	100	8	in	in	ADP
ajfa-9759	100	9	control	control	NOUN
ajfa-9759	100	10	of	of	ADP
ajfa-9759	100	11	the	the	DET
ajfa-9759	100	12	company	company	NOUN
ajfa-9759	100	13	are	be	AUX
ajfa-9759	100	14	restricted	restrict	VERB
ajfa-9759	100	15	to	to	PART
ajfa-9759	100	16	offer	offer	VERB
ajfa-9759	100	17	their	their	PRON
ajfa-9759	100	18	share	share	NOUN
ajfa-9759	100	19	for	for	ADP
ajfa-9759	100	20	sale	sale	NOUN
ajfa-9759	100	21	in	in	ADP
ajfa-9759	100	22	the	the	DET
ajfa-9759	100	23	process	process	NOUN
ajfa-9759	100	24	of	of	ADP
ajfa-9759	100	25	open	open	ADJ
ajfa-9759	100	26	market	market	NOUN
ajfa-9759	100	27	share	share	NOUN
ajfa-9759	100	28	repurchase	repurchase	NOUN
ajfa-9759	100	29	.	.	PUNCT
ajfa-9759	101	1	companies	company	NOUN
ajfa-9759	101	2	have	have	VERB
ajfa-9759	101	3	to	to	PART
ajfa-9759	101	4	announce	announce	VERB
ajfa-9759	101	5	the	the	DET
ajfa-9759	101	6	repurchase	repurchase	NOUN
ajfa-9759	101	7	at	at	ADP
ajfa-9759	101	8	least	least	ADV
ajfa-9759	101	9	seven	seven	NUM
ajfa-9759	101	10	days	day	NOUN
ajfa-9759	101	11	before	before	ADP
ajfa-9759	101	12	the	the	DET
ajfa-9759	101	13	opening	opening	NOUN
ajfa-9759	101	14	of	of	ADP
ajfa-9759	101	15	the	the	DET
ajfa-9759	101	16	offer	offer	NOUN
ajfa-9759	101	17	to	to	ADP
ajfa-9759	101	18	the	the	DET
ajfa-9759	101	19	public	public	NOUN
ajfa-9759	101	20	.	.	PUNCT
ajfa-9759	102	1	such	such	ADJ
ajfa-9759	102	2	announcement	announcement	NOUN
ajfa-9759	102	3	has	have	VERB
ajfa-9759	102	4	to	to	PART
ajfa-9759	102	5	be	be	AUX
ajfa-9759	102	6	filed	file	VERB
ajfa-9759	102	7	with	with	ADP
ajfa-9759	102	8	sebi	sebi	NOUN
ajfa-9759	102	9	within	within	ADP
ajfa-9759	102	10	two	two	NUM
ajfa-9759	102	11	days	day	NOUN
ajfa-9759	102	12	of	of	ADP
ajfa-9759	102	13	the	the	DET
ajfa-9759	102	14	announcement	announcement	NOUN
ajfa-9759	102	15	.	.	PUNCT
ajfa-9759	103	1	share	share	NOUN
ajfa-9759	103	2	buyback	buyback	NOUN
ajfa-9759	103	3	under	under	ADP
ajfa-9759	103	4	this	this	DET
ajfa-9759	103	5	method	method	NOUN
ajfa-9759	103	6	is	be	AUX
ajfa-9759	103	7	only	only	ADV
ajfa-9759	103	8	done	do	VERB
ajfa-9759	103	9	through	through	ADP
ajfa-9759	103	10	a	a	DET
ajfa-9759	103	11	stock	stock	NOUN
ajfa-9759	103	12	exchange	exchange	NOUN
ajfa-9759	103	13	having	have	VERB
ajfa-9759	103	14	a	a	DET
ajfa-9759	103	15	nation	nation	NOUN
ajfa-9759	103	16	wide	wide	ADJ
ajfa-9759	103	17	trading	trading	NOUN
ajfa-9759	103	18	terminal	terminal	NOUN
ajfa-9759	103	19	.	.	PUNCT
ajfa-9759	104	1	the	the	DET
ajfa-9759	104	2	company	company	NOUN
ajfa-9759	104	3	and	and	CCONJ
ajfa-9759	104	4	the	the	DET
ajfa-9759	104	5	merchant	merchant	NOUN
ajfa-9759	104	6	asian	asian	ADJ
ajfa-9759	104	7	journal	journal	NOUN
ajfa-9759	104	8	of	of	ADP
ajfa-9759	104	9	finance	finance	PROPN
ajfa-9759	104	10	&	&	CCONJ
ajfa-9759	104	11	accounting	accounting	PROPN
ajfa-9759	104	12	issn	issn	PROPN
ajfa-9759	104	13	1946	1946	NUM
ajfa-9759	104	14	-	-	PUNCT
ajfa-9759	104	15	052x	052x	PROPN
ajfa-9759	104	16	2016	2016	NUM
ajfa-9759	104	17	,	,	PUNCT
ajfa-9759	104	18	vol	vol	NOUN
ajfa-9759	104	19	.	.	PROPN
ajfa-9759	104	20	8	8	NUM
ajfa-9759	104	21	,	,	PUNCT
ajfa-9759	104	22	no	no	INTJ
ajfa-9759	104	23	.	.	NOUN
ajfa-9759	104	24	2	2	NUM
ajfa-9759	104	25	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9759	104	26	7	7	NUM
ajfa-9759	104	27	banker	banker	NOUN
ajfa-9759	104	28	shall	shall	AUX
ajfa-9759	104	29	furnish	furnish	VERB
ajfa-9759	104	30	a	a	DET
ajfa-9759	104	31	daily	daily	ADJ
ajfa-9759	104	32	report	report	NOUN
ajfa-9759	104	33	to	to	ADP
ajfa-9759	104	34	the	the	DET
ajfa-9759	104	35	stock	stock	NOUN
ajfa-9759	104	36	exchange	exchange	NOUN
ajfa-9759	104	37	on	on	ADP
ajfa-9759	104	38	the	the	DET
ajfa-9759	104	39	shares	share	NOUN
ajfa-9759	104	40	bought	buy	VERB
ajfa-9759	104	41	back	back	ADV
ajfa-9759	104	42	and	and	CCONJ
ajfa-9759	104	43	published	publish	VERB
ajfa-9759	104	44	this	this	DET
ajfa-9759	104	45	information	information	NOUN
ajfa-9759	104	46	in	in	ADP
ajfa-9759	104	47	a	a	DET
ajfa-9759	104	48	national	national	ADJ
ajfa-9759	104	49	newspaper	newspaper	NOUN
ajfa-9759	104	50	on	on	ADP
ajfa-9759	104	51	a	a	DET
ajfa-9759	104	52	fortnightly	fortnightly	ADJ
ajfa-9759	104	53	basis	basis	NOUN
ajfa-9759	104	54	.	.	PUNCT
ajfa-9759	105	1	every	every	DET
ajfa-9759	105	2	time	time	NOUN
ajfa-9759	105	3	the	the	DET
ajfa-9759	105	4	company	company	NOUN
ajfa-9759	105	5	purchases	purchase	VERB
ajfa-9759	105	6	additional	additional	ADJ
ajfa-9759	105	7	five	five	NUM
ajfa-9759	105	8	percent	percent	NOUN
ajfa-9759	105	9	shares	share	NOUN
ajfa-9759	105	10	from	from	ADP
ajfa-9759	105	11	the	the	DET
ajfa-9759	105	12	market	market	NOUN
ajfa-9759	105	13	,	,	PUNCT
ajfa-9759	105	14	it	it	PRON
ajfa-9759	105	15	has	have	VERB
ajfa-9759	105	16	to	to	PART
ajfa-9759	105	17	be	be	AUX
ajfa-9759	105	18	published	publish	VERB
ajfa-9759	105	19	in	in	ADP
ajfa-9759	105	20	a	a	DET
ajfa-9759	105	21	national	national	ADJ
ajfa-9759	105	22	newspaper	newspaper	NOUN
ajfa-9759	105	23	.	.	PUNCT
ajfa-9759	106	1	the	the	DET
ajfa-9759	106	2	rule	rule	NOUN
ajfa-9759	106	3	regarding	regard	VERB
ajfa-9759	106	4	cancellation	cancellation	NOUN
ajfa-9759	106	5	or	or	CCONJ
ajfa-9759	106	6	extinguishment	extinguishment	NOUN
ajfa-9759	106	7	of	of	ADP
ajfa-9759	106	8	shares	share	NOUN
ajfa-9759	106	9	bought	buy	VERB
ajfa-9759	106	10	back	back	ADP
ajfa-9759	106	11	is	be	AUX
ajfa-9759	106	12	similar	similar	ADJ
ajfa-9759	106	13	to	to	ADP
ajfa-9759	106	14	tender	tender	NOUN
ajfa-9759	106	15	offer	offer	NOUN
ajfa-9759	106	16	.	.	PUNCT
ajfa-9759	107	1	the	the	DET
ajfa-9759	107	2	rules	rule	NOUN
ajfa-9759	107	3	and	and	CCONJ
ajfa-9759	107	4	regulations	regulation	NOUN
ajfa-9759	107	5	under	under	ADP
ajfa-9759	107	6	share	share	NOUN
ajfa-9759	107	7	buyback	buyback	NOUN
ajfa-9759	107	8	through	through	ADP
ajfa-9759	107	9	book	book	NOUN
ajfa-9759	107	10	-	-	PUNCT
ajfa-9759	107	11	building	building	NOUN
ajfa-9759	107	12	are	be	AUX
ajfa-9759	107	13	quite	quite	ADV
ajfa-9759	107	14	similar	similar	ADJ
ajfa-9759	107	15	to	to	PART
ajfa-9759	107	16	share	share	VERB
ajfa-9759	107	17	buyback	buyback	NOUN
ajfa-9759	107	18	through	through	ADP
ajfa-9759	107	19	the	the	DET
ajfa-9759	107	20	stock	stock	NOUN
ajfa-9759	107	21	exchange	exchange	NOUN
ajfa-9759	107	22	.	.	PUNCT
ajfa-9759	108	1	the	the	DET
ajfa-9759	108	2	book	book	NOUN
ajfa-9759	108	3	-	-	PUNCT
ajfa-9759	108	4	building	building	NOUN
ajfa-9759	108	5	process	process	NOUN
ajfa-9759	108	6	will	will	AUX
ajfa-9759	108	7	be	be	AUX
ajfa-9759	108	8	made	make	VERB
ajfa-9759	108	9	through	through	ADP
ajfa-9759	108	10	an	an	DET
ajfa-9759	108	11	electronically	electronically	ADV
ajfa-9759	108	12	linked	link	VERB
ajfa-9759	108	13	transparent	transparent	ADJ
ajfa-9759	108	14	facility	facility	NOUN
ajfa-9759	108	15	.	.	PUNCT
ajfa-9759	109	1	the	the	DET
ajfa-9759	109	2	number	number	NOUN
ajfa-9759	109	3	of	of	ADP
ajfa-9759	109	4	bidding	bidding	NOUN
ajfa-9759	109	5	center	center	NOUN
ajfa-9759	109	6	should	should	AUX
ajfa-9759	109	7	be	be	AUX
ajfa-9759	109	8	not	not	PART
ajfa-9759	109	9	less	less	ADJ
ajfa-9759	109	10	than	than	ADP
ajfa-9759	109	11	thirty	thirty	NUM
ajfa-9759	109	12	including	include	VERB
ajfa-9759	109	13	at	at	ADV
ajfa-9759	109	14	least	least	ADV
ajfa-9759	109	15	one	one	NUM
ajfa-9759	109	16	electronically	electronically	ADV
ajfa-9759	109	17	linked	link	VERB
ajfa-9759	109	18	computer	computer	NOUN
ajfa-9759	109	19	terminal	terminal	NOUN
ajfa-9759	109	20	at	at	ADP
ajfa-9759	109	21	all	all	DET
ajfa-9759	109	22	the	the	DET
ajfa-9759	109	23	bidding	bidding	NOUN
ajfa-9759	109	24	center	center	NOUN
ajfa-9759	109	25	.	.	PUNCT
ajfa-9759	110	1	the	the	DET
ajfa-9759	110	2	offer	offer	NOUN
ajfa-9759	110	3	will	will	AUX
ajfa-9759	110	4	remain	remain	VERB
ajfa-9759	110	5	open	open	ADJ
ajfa-9759	110	6	for	for	ADP
ajfa-9759	110	7	not	not	PART
ajfa-9759	110	8	less	less	ADJ
ajfa-9759	110	9	than	than	ADP
ajfa-9759	110	10	15	15	NUM
ajfa-9759	110	11	days	day	NOUN
ajfa-9759	110	12	and	and	CCONJ
ajfa-9759	110	13	not	not	PART
ajfa-9759	110	14	exceed	exceed	VERB
ajfa-9759	110	15	30	30	NUM
ajfa-9759	110	16	days	day	NOUN
ajfa-9759	110	17	.	.	PUNCT
ajfa-9759	111	1	the	the	DET
ajfa-9759	111	2	highest	high	ADJ
ajfa-9759	111	3	price	price	NOUN
ajfa-9759	111	4	accepted	accept	VERB
ajfa-9759	111	5	for	for	ADP
ajfa-9759	111	6	share	share	NOUN
ajfa-9759	111	7	buyback	buyback	NOUN
ajfa-9759	111	8	will	will	AUX
ajfa-9759	111	9	be	be	AUX
ajfa-9759	111	10	paid	pay	VERB
ajfa-9759	111	11	to	to	ADP
ajfa-9759	111	12	all	all	DET
ajfa-9759	111	13	the	the	DET
ajfa-9759	111	14	holders	holder	NOUN
ajfa-9759	111	15	whose	whose	DET
ajfa-9759	111	16	shares	share	NOUN
ajfa-9759	111	17	are	be	AUX
ajfa-9759	111	18	accepted	accept	VERB
ajfa-9759	111	19	.	.	PUNCT
ajfa-9759	112	1	the	the	DET
ajfa-9759	112	2	public	public	ADJ
ajfa-9759	112	3	announcement	announcement	NOUN
ajfa-9759	112	4	must	must	AUX
ajfa-9759	112	5	contain	contain	VERB
ajfa-9759	112	6	true	true	ADJ
ajfa-9759	112	7	,	,	PUNCT
ajfa-9759	112	8	factual	factual	ADJ
ajfa-9759	112	9	,	,	PUNCT
ajfa-9759	112	10	and	and	CCONJ
ajfa-9759	112	11	material	material	NOUN
ajfa-9759	112	12	information	information	NOUN
ajfa-9759	112	13	rather	rather	ADV
ajfa-9759	112	14	than	than	ADP
ajfa-9759	112	15	misleading	mislead	VERB
ajfa-9759	112	16	information	information	NOUN
ajfa-9759	112	17	.	.	PUNCT
ajfa-9759	113	1	directors	director	NOUN
ajfa-9759	113	2	must	must	AUX
ajfa-9759	113	3	take	take	VERB
ajfa-9759	113	4	the	the	DET
ajfa-9759	113	5	responsibility	responsibility	NOUN
ajfa-9759	113	6	of	of	ADP
ajfa-9759	113	7	the	the	DET
ajfa-9759	113	8	information	information	NOUN
ajfa-9759	113	9	published	publish	VERB
ajfa-9759	113	10	in	in	ADP
ajfa-9759	113	11	the	the	DET
ajfa-9759	113	12	announcement	announcement	NOUN
ajfa-9759	113	13	.	.	PUNCT
ajfa-9759	114	1	the	the	DET
ajfa-9759	114	2	consideration	consideration	NOUN
ajfa-9759	114	3	for	for	ADP
ajfa-9759	114	4	share	share	NOUN
ajfa-9759	114	5	buyback	buyback	NOUN
ajfa-9759	114	6	must	must	AUX
ajfa-9759	114	7	be	be	AUX
ajfa-9759	114	8	paid	pay	VERB
ajfa-9759	114	9	in	in	ADP
ajfa-9759	114	10	cash	cash	NOUN
ajfa-9759	114	11	.	.	PUNCT
ajfa-9759	115	1	the	the	DET
ajfa-9759	115	2	company	company	NOUN
ajfa-9759	115	3	can	can	AUX
ajfa-9759	115	4	not	not	PART
ajfa-9759	115	5	withdraw	withdraw	VERB
ajfa-9759	115	6	the	the	DET
ajfa-9759	115	7	offer	offer	NOUN
ajfa-9759	115	8	after	after	SCONJ
ajfa-9759	115	9	the	the	DET
ajfa-9759	115	10	draft	draft	NOUN
ajfa-9759	115	11	letter	letter	NOUN
ajfa-9759	115	12	of	of	ADP
ajfa-9759	115	13	offer	offer	NOUN
ajfa-9759	115	14	is	be	AUX
ajfa-9759	115	15	filed	file	VERB
ajfa-9759	115	16	with	with	ADP
ajfa-9759	115	17	the	the	DET
ajfa-9759	115	18	sebi	sebi	NOUN
ajfa-9759	115	19	or	or	CCONJ
ajfa-9759	115	20	public	public	ADJ
ajfa-9759	115	21	announcement	announcement	NOUN
ajfa-9759	115	22	.	.	PUNCT
ajfa-9759	116	1	the	the	DET
ajfa-9759	116	2	company	company	NOUN
ajfa-9759	116	3	will	will	AUX
ajfa-9759	116	4	publish	publish	VERB
ajfa-9759	116	5	a	a	DET
ajfa-9759	116	6	report	report	NOUN
ajfa-9759	116	7	on	on	ADP
ajfa-9759	116	8	share	share	NOUN
ajfa-9759	116	9	buyback	buyback	NOUN
ajfa-9759	116	10	such	such	ADJ
ajfa-9759	116	11	as	as	ADP
ajfa-9759	116	12	a	a	DET
ajfa-9759	116	13	number	number	NOUN
ajfa-9759	116	14	of	of	ADP
ajfa-9759	116	15	shares	share	NOUN
ajfa-9759	116	16	bought	buy	VERB
ajfa-9759	116	17	,	,	PUNCT
ajfa-9759	116	18	the	the	DET
ajfa-9759	116	19	price	price	NOUN
ajfa-9759	116	20	at	at	ADP
ajfa-9759	116	21	which	which	PRON
ajfa-9759	116	22	shares	share	NOUN
ajfa-9759	116	23	are	be	AUX
ajfa-9759	116	24	bought	buy	VERB
ajfa-9759	116	25	,	,	PUNCT
ajfa-9759	116	26	the	the	DET
ajfa-9759	116	27	total	total	ADJ
ajfa-9759	116	28	amount	amount	NOUN
ajfa-9759	116	29	invested	invest	VERB
ajfa-9759	116	30	and	and	CCONJ
ajfa-9759	116	31	changes	change	NOUN
ajfa-9759	116	32	in	in	ADP
ajfa-9759	116	33	the	the	DET
ajfa-9759	116	34	capital	capital	NOUN
ajfa-9759	116	35	structure	structure	NOUN
ajfa-9759	116	36	and	and	CCONJ
ajfa-9759	116	37	shareholding	shareholding	NOUN
ajfa-9759	116	38	pattern	pattern	NOUN
ajfa-9759	116	39	within	within	ADP
ajfa-9759	116	40	two	two	NUM
ajfa-9759	116	41	days	day	NOUN
ajfa-9759	116	42	of	of	ADP
ajfa-9759	116	43	the	the	DET
ajfa-9759	116	44	completion	completion	NOUN
ajfa-9759	116	45	of	of	ADP
ajfa-9759	116	46	the	the	DET
ajfa-9759	116	47	offer	offer	NOUN
ajfa-9759	116	48	in	in	ADP
ajfa-9759	116	49	a	a	DET
ajfa-9759	116	50	national	national	ADJ
ajfa-9759	116	51	daily	daily	ADJ
ajfa-9759	116	52	newspaper	newspaper	NOUN
ajfa-9759	116	53	.	.	PUNCT
ajfa-9759	117	1	all	all	DET
ajfa-9759	117	2	the	the	DET
ajfa-9759	117	3	subsequent	subsequent	ADJ
ajfa-9759	117	4	amendments	amendment	NOUN
ajfa-9759	117	5	in	in	ADP
ajfa-9759	117	6	the	the	DET
ajfa-9759	117	7	year	year	NOUN
ajfa-9759	117	8	1999	1999	NUM
ajfa-9759	117	9	,	,	PUNCT
ajfa-9759	117	10	2001	2001	NUM
ajfa-9759	117	11	,	,	PUNCT
ajfa-9759	117	12	2004,2006,2007,2008	2004,2006,2007,2008	NUM
ajfa-9759	117	13	,	,	PUNCT
ajfa-9759	117	14	and	and	CCONJ
ajfa-9759	117	15	2012	2012	NUM
ajfa-9759	117	16	are	be	AUX
ajfa-9759	117	17	already	already	ADV
ajfa-9759	117	18	inserted	insert	VERB
ajfa-9759	117	19	in	in	ADP
ajfa-9759	117	20	the	the	DET
ajfa-9759	117	21	1998	1998	NUM
ajfa-9759	117	22	sebi	sebi	NOUN
ajfa-9759	117	23	regulations	regulation	NOUN
ajfa-9759	117	24	act	act	VERB
ajfa-9759	117	25	except	except	SCONJ
ajfa-9759	117	26	2013	2013	NUM
ajfa-9759	117	27	amendment	amendment	NOUN
ajfa-9759	117	28	.	.	PUNCT
ajfa-9759	118	1	2.8	2.8	NUM
ajfa-9759	118	2	share	share	NOUN
ajfa-9759	118	3	buyback	buyback	NOUN
ajfa-9759	118	4	of	of	ADP
ajfa-9759	118	5	securities	security	NOUN
ajfa-9759	118	6	(	(	PUNCT
ajfa-9759	118	7	amendment	amendment	NOUN
ajfa-9759	118	8	)	)	PUNCT
ajfa-9759	118	9	regulations	regulation	NOUN
ajfa-9759	118	10	,	,	PUNCT
ajfa-9759	118	11	2013	2013	NUM
ajfa-9759	118	12	to	to	PART
ajfa-9759	118	13	make	make	VERB
ajfa-9759	118	14	share	share	NOUN
ajfa-9759	118	15	buyback	buyback	NOUN
ajfa-9759	118	16	environment	environment	NOUN
ajfa-9759	118	17	more	more	ADV
ajfa-9759	118	18	transparent	transparent	ADJ
ajfa-9759	118	19	sebi	sebi	NOUN
ajfa-9759	118	20	made	make	VERB
ajfa-9759	118	21	certain	certain	ADJ
ajfa-9759	118	22	changes	change	NOUN
ajfa-9759	118	23	in	in	ADP
ajfa-9759	118	24	the	the	DET
ajfa-9759	118	25	rules	rule	NOUN
ajfa-9759	118	26	of	of	ADP
ajfa-9759	118	27	open	open	ADJ
ajfa-9759	118	28	market	market	NOUN
ajfa-9759	118	29	method	method	NOUN
ajfa-9759	118	30	of	of	ADP
ajfa-9759	118	31	share	share	NOUN
ajfa-9759	118	32	buyback	buyback	NOUN
ajfa-9759	118	33	in	in	ADP
ajfa-9759	118	34	the	the	DET
ajfa-9759	118	35	year	year	NOUN
ajfa-9759	118	36	2013	2013	NUM
ajfa-9759	118	37	.	.	PUNCT
ajfa-9759	119	1	these	these	DET
ajfa-9759	119	2	changes	change	NOUN
ajfa-9759	119	3	came	come	VERB
ajfa-9759	119	4	into	into	ADP
ajfa-9759	119	5	force	force	NOUN
ajfa-9759	119	6	on	on	ADP
ajfa-9759	119	7	8th	8th	ADJ
ajfa-9759	119	8	august	august	PROPN
ajfa-9759	119	9	2013	2013	NUM
ajfa-9759	119	10	.	.	PUNCT
ajfa-9759	120	1	companies	company	NOUN
ajfa-9759	120	2	can	can	AUX
ajfa-9759	120	3	share	share	VERB
ajfa-9759	120	4	buyback	buyback	NOUN
ajfa-9759	120	5	maximum	maximum	ADJ
ajfa-9759	120	6	up	up	ADP
ajfa-9759	120	7	to	to	PART
ajfa-9759	120	8	15	15	NUM
ajfa-9759	120	9	%	%	NOUN
ajfa-9759	120	10	of	of	ADP
ajfa-9759	120	11	the	the	DET
ajfa-9759	120	12	capital	capital	NOUN
ajfa-9759	120	13	and	and	CCONJ
ajfa-9759	120	14	free	free	ADJ
ajfa-9759	120	15	reserves	reserve	NOUN
ajfa-9759	120	16	through	through	ADP
ajfa-9759	120	17	the	the	DET
ajfa-9759	120	18	open	open	ADJ
ajfa-9759	120	19	market	market	NOUN
ajfa-9759	120	20	.	.	PUNCT
ajfa-9759	121	1	if	if	SCONJ
ajfa-9759	121	2	the	the	DET
ajfa-9759	121	3	companies	company	NOUN
ajfa-9759	121	4	want	want	VERB
ajfa-9759	121	5	to	to	PART
ajfa-9759	121	6	exceed	exceed	VERB
ajfa-9759	121	7	the	the	DET
ajfa-9759	121	8	limit	limit	NOUN
ajfa-9759	121	9	specified	specify	VERB
ajfa-9759	121	10	in	in	ADP
ajfa-9759	121	11	the	the	DET
ajfa-9759	121	12	amendment	amendment	NOUN
ajfa-9759	121	13	then	then	ADV
ajfa-9759	121	14	,	,	PUNCT
ajfa-9759	121	15	it	it	PRON
ajfa-9759	121	16	should	should	AUX
ajfa-9759	121	17	adopt	adopt	VERB
ajfa-9759	121	18	tender	tender	NOUN
ajfa-9759	121	19	offer	offer	NOUN
ajfa-9759	121	20	route	route	NOUN
ajfa-9759	121	21	.	.	PUNCT
ajfa-9759	122	1	no	no	DET
ajfa-9759	122	2	offer	offer	NOUN
ajfa-9759	122	3	of	of	ADP
ajfa-9759	122	4	share	share	NOUN
ajfa-9759	122	5	buyback	buyback	NOUN
ajfa-9759	122	6	shall	shall	AUX
ajfa-9759	122	7	be	be	AUX
ajfa-9759	122	8	made	make	VERB
ajfa-9759	122	9	within	within	ADP
ajfa-9759	122	10	a	a	DET
ajfa-9759	122	11	year	year	NOUN
ajfa-9759	122	12	of	of	ADP
ajfa-9759	122	13	completion	completion	NOUN
ajfa-9759	122	14	of	of	ADP
ajfa-9759	122	15	the	the	DET
ajfa-9759	122	16	previous	previous	ADJ
ajfa-9759	122	17	share	share	NOUN
ajfa-9759	122	18	buyback	buyback	NOUN
ajfa-9759	122	19	.	.	PUNCT
ajfa-9759	123	1	initially	initially	ADV
ajfa-9759	123	2	,	,	PUNCT
ajfa-9759	123	3	companies	company	NOUN
ajfa-9759	123	4	only	only	ADV
ajfa-9759	123	5	make	make	VERB
ajfa-9759	123	6	the	the	DET
ajfa-9759	123	7	public	public	ADJ
ajfa-9759	123	8	announcement	announcement	NOUN
ajfa-9759	123	9	for	for	ADP
ajfa-9759	123	10	share	share	NOUN
ajfa-9759	123	11	repurchase	repurchase	VERB
ajfa-9759	123	12	without	without	ADP
ajfa-9759	123	13	any	any	DET
ajfa-9759	123	14	intention	intention	NOUN
ajfa-9759	123	15	of	of	ADP
ajfa-9759	123	16	actually	actually	ADV
ajfa-9759	123	17	repurchasing	repurchase	VERB
ajfa-9759	123	18	shares	share	NOUN
ajfa-9759	123	19	.	.	PUNCT
ajfa-9759	124	1	so	so	ADV
ajfa-9759	124	2	in	in	ADP
ajfa-9759	124	3	order	order	NOUN
ajfa-9759	124	4	to	to	PART
ajfa-9759	124	5	prevent	prevent	VERB
ajfa-9759	124	6	such	such	ADJ
ajfa-9759	124	7	unethical	unethical	ADJ
ajfa-9759	124	8	practice	practice	NOUN
ajfa-9759	124	9	,	,	PUNCT
ajfa-9759	124	10	sebi	sebi	NOUN
ajfa-9759	124	11	for	for	ADP
ajfa-9759	124	12	the	the	DET
ajfa-9759	124	13	first	first	ADJ
ajfa-9759	124	14	time	time	NOUN
ajfa-9759	124	15	mandates	mandate	NOUN
ajfa-9759	124	16	at	at	ADP
ajfa-9759	124	17	least	least	ADV
ajfa-9759	124	18	50	50	NUM
ajfa-9759	124	19	%	%	NOUN
ajfa-9759	124	20	of	of	ADP
ajfa-9759	124	21	the	the	DET
ajfa-9759	124	22	amount	amount	NOUN
ajfa-9759	124	23	allotted	allot	VERB
ajfa-9759	124	24	towards	towards	ADP
ajfa-9759	124	25	share	share	NOUN
ajfa-9759	124	26	buyback	buyback	NOUN
ajfa-9759	124	27	in	in	ADP
ajfa-9759	124	28	the	the	DET
ajfa-9759	124	29	special	special	ADJ
ajfa-9759	124	30	resolution	resolution	NOUN
ajfa-9759	124	31	must	must	AUX
ajfa-9759	124	32	be	be	AUX
ajfa-9759	124	33	utilized	utilize	VERB
ajfa-9759	124	34	for	for	ADP
ajfa-9759	124	35	buying	buy	VERB
ajfa-9759	124	36	back	back	ADP
ajfa-9759	124	37	the	the	DET
ajfa-9759	124	38	shares	share	NOUN
ajfa-9759	124	39	.	.	PUNCT
ajfa-9759	125	1	the	the	DET
ajfa-9759	125	2	public	public	ADJ
ajfa-9759	125	3	announcement	announcement	NOUN
ajfa-9759	125	4	shall	shall	AUX
ajfa-9759	125	5	be	be	AUX
ajfa-9759	125	6	made	make	VERB
ajfa-9759	125	7	within	within	ADP
ajfa-9759	125	8	7	7	NUM
ajfa-9759	125	9	working	working	NOUN
ajfa-9759	125	10	days	day	NOUN
ajfa-9759	125	11	after	after	ADP
ajfa-9759	125	12	passing	pass	VERB
ajfa-9759	125	13	the	the	DET
ajfa-9759	125	14	resolution	resolution	NOUN
ajfa-9759	125	15	.	.	PUNCT
ajfa-9759	126	1	the	the	DET
ajfa-9759	126	2	company	company	NOUN
ajfa-9759	126	3	has	have	VERB
ajfa-9759	126	4	to	to	PART
ajfa-9759	126	5	file	file	VERB
ajfa-9759	126	6	a	a	DET
ajfa-9759	126	7	copy	copy	NOUN
ajfa-9759	126	8	of	of	ADP
ajfa-9759	126	9	announcement	announcement	NOUN
ajfa-9759	126	10	to	to	ADP
ajfa-9759	126	11	the	the	DET
ajfa-9759	126	12	sebi	sebi	NOUN
ajfa-9759	126	13	simultaneously	simultaneously	ADV
ajfa-9759	126	14	with	with	ADP
ajfa-9759	126	15	the	the	DET
ajfa-9759	126	16	issue	issue	NOUN
ajfa-9759	126	17	of	of	ADP
ajfa-9759	126	18	the	the	DET
ajfa-9759	126	19	announcement	announcement	NOUN
ajfa-9759	126	20	by	by	ADP
ajfa-9759	126	21	the	the	DET
ajfa-9759	126	22	company	company	NOUN
ajfa-9759	126	23	.	.	PUNCT
ajfa-9759	127	1	earlier	early	ADV
ajfa-9759	127	2	the	the	DET
ajfa-9759	127	3	time	time	NOUN
ajfa-9759	127	4	limit	limit	NOUN
ajfa-9759	127	5	for	for	ADP
ajfa-9759	127	6	filing	file	VERB
ajfa-9759	127	7	the	the	DET
ajfa-9759	127	8	copy	copy	NOUN
ajfa-9759	127	9	with	with	ADP
ajfa-9759	127	10	sebi	sebi	NOUN
ajfa-9759	127	11	is	be	AUX
ajfa-9759	127	12	within	within	ADP
ajfa-9759	127	13	two	two	NUM
ajfa-9759	127	14	days	day	NOUN
ajfa-9759	127	15	of	of	ADP
ajfa-9759	127	16	such	such	ADJ
ajfa-9759	127	17	announcement	announcement	NOUN
ajfa-9759	127	18	.	.	PUNCT
ajfa-9759	128	1	the	the	DET
ajfa-9759	128	2	company	company	NOUN
ajfa-9759	128	3	will	will	AUX
ajfa-9759	128	4	furnish	furnish	VERB
ajfa-9759	128	5	the	the	DET
ajfa-9759	128	6	daily	daily	ADJ
ajfa-9759	128	7	data	datum	NOUN
ajfa-9759	128	8	of	of	ADP
ajfa-9759	128	9	share	share	NOUN
ajfa-9759	128	10	repurchase	repurchase	VERB
ajfa-9759	128	11	to	to	ADP
ajfa-9759	128	12	the	the	DET
ajfa-9759	128	13	exchange	exchange	NOUN
ajfa-9759	128	14	in	in	ADP
ajfa-9759	128	15	a	a	DET
ajfa-9759	128	16	format	format	NOUN
ajfa-9759	128	17	prescribed	prescribe	VERB
ajfa-9759	128	18	by	by	ADP
ajfa-9759	128	19	it	it	PRON
ajfa-9759	128	20	,	,	PUNCT
ajfa-9759	128	21	and	and	CCONJ
ajfa-9759	128	22	the	the	DET
ajfa-9759	128	23	stock	stock	NOUN
ajfa-9759	128	24	exchange	exchange	NOUN
ajfa-9759	128	25	will	will	AUX
ajfa-9759	128	26	upload	upload	VERB
ajfa-9759	128	27	the	the	DET
ajfa-9759	128	28	information	information	NOUN
ajfa-9759	128	29	to	to	ADP
ajfa-9759	128	30	its	its	PRON
ajfa-9759	128	31	official	official	ADJ
ajfa-9759	128	32	website	website	NOUN
ajfa-9759	128	33	immediately	immediately	ADV
ajfa-9759	128	34	on	on	ADP
ajfa-9759	128	35	a	a	DET
ajfa-9759	128	36	daily	daily	ADJ
ajfa-9759	128	37	basis	basis	NOUN
ajfa-9759	128	38	.	.	PUNCT
ajfa-9759	129	1	now	now	ADV
ajfa-9759	129	2	the	the	DET
ajfa-9759	129	3	open	open	ADJ
ajfa-9759	129	4	market	market	NOUN
ajfa-9759	129	5	share	share	NOUN
ajfa-9759	129	6	buybacks	buyback	VERB
ajfa-9759	129	7	commence	commence	NOUN
ajfa-9759	129	8	not	not	PART
ajfa-9759	129	9	later	later	ADV
ajfa-9759	129	10	than	than	ADP
ajfa-9759	129	11	seven	seven	NUM
ajfa-9759	129	12	days	day	NOUN
ajfa-9759	129	13	after	after	ADP
ajfa-9759	129	14	the	the	DET
ajfa-9759	129	15	public	public	ADJ
ajfa-9759	129	16	announcement	announcement	NOUN
ajfa-9759	129	17	and	and	CCONJ
ajfa-9759	129	18	shall	shall	AUX
ajfa-9759	129	19	close	close	VERB
ajfa-9759	129	20	within	within	ADP
ajfa-9759	129	21	six	six	NUM
ajfa-9759	129	22	months	month	NOUN
ajfa-9759	129	23	from	from	ADP
ajfa-9759	129	24	the	the	DET
ajfa-9759	129	25	opening	opening	NOUN
ajfa-9759	129	26	of	of	ADP
ajfa-9759	129	27	the	the	DET
ajfa-9759	129	28	offer	offer	NOUN
ajfa-9759	129	29	.	.	PUNCT
ajfa-9759	130	1	through	through	ADP
ajfa-9759	130	2	this	this	DET
ajfa-9759	130	3	amendment	amendment	NOUN
ajfa-9759	130	4	,	,	PUNCT
ajfa-9759	130	5	a	a	DET
ajfa-9759	130	6	new	new	ADJ
ajfa-9759	130	7	provision	provision	NOUN
ajfa-9759	130	8	of	of	ADP
ajfa-9759	130	9	the	the	DET
ajfa-9759	130	10	separate	separate	ADJ
ajfa-9759	130	11	window	window	NOUN
ajfa-9759	130	12	is	be	AUX
ajfa-9759	130	13	created	create	VERB
ajfa-9759	130	14	by	by	ADP
ajfa-9759	130	15	the	the	DET
ajfa-9759	130	16	stock	stock	NOUN
ajfa-9759	130	17	exchange	exchange	NOUN
ajfa-9759	130	18	for	for	ADP
ajfa-9759	130	19	buying	buying	NOUN
ajfa-9759	130	20	of	of	ADP
ajfa-9759	130	21	the	the	DET
ajfa-9759	130	22	securities	security	NOUN
ajfa-9759	130	23	in	in	ADP
ajfa-9759	130	24	physical	physical	ADJ
ajfa-9759	130	25	form	form	NOUN
ajfa-9759	130	26	.	.	PUNCT
ajfa-9759	131	1	this	this	DET
ajfa-9759	131	2	window	window	NOUN
ajfa-9759	131	3	will	will	AUX
ajfa-9759	131	4	remain	remain	VERB
ajfa-9759	131	5	open	open	ADJ
ajfa-9759	131	6	for	for	ADP
ajfa-9759	131	7	all	all	DET
ajfa-9759	131	8	the	the	DET
ajfa-9759	131	9	share	share	NOUN
ajfa-9759	131	10	buyback	buyback	NOUN
ajfa-9759	131	11	period	period	NOUN
ajfa-9759	131	12	.	.	PUNCT
ajfa-9759	132	1	before	before	ADP
ajfa-9759	132	2	the	the	DET
ajfa-9759	132	3	opening	opening	NOUN
ajfa-9759	132	4	of	of	ADP
ajfa-9759	132	5	the	the	DET
ajfa-9759	132	6	offer	offer	NOUN
ajfa-9759	132	7	,	,	PUNCT
ajfa-9759	132	8	the	the	DET
ajfa-9759	132	9	company	company	NOUN
ajfa-9759	132	10	asian	asian	ADJ
ajfa-9759	132	11	journal	journal	PROPN
ajfa-9759	132	12	of	of	ADP
ajfa-9759	132	13	finance	finance	PROPN
ajfa-9759	132	14	&	&	CCONJ
ajfa-9759	132	15	accounting	accounting	PROPN
ajfa-9759	132	16	issn	issn	PROPN
ajfa-9759	132	17	1946	1946	NUM
ajfa-9759	132	18	-	-	PUNCT
ajfa-9759	132	19	052x	052x	PROPN
ajfa-9759	132	20	2016	2016	NUM
ajfa-9759	132	21	,	,	PUNCT
ajfa-9759	132	22	vol	vol	NOUN
ajfa-9759	132	23	.	.	PROPN
ajfa-9759	132	24	8	8	NUM
ajfa-9759	132	25	,	,	PUNCT
ajfa-9759	132	26	no	no	INTJ
ajfa-9759	132	27	.	.	NOUN
ajfa-9759	132	28	2	2	NUM
ajfa-9759	132	29	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9759	132	30	8	8	NUM
ajfa-9759	132	31	will	will	AUX
ajfa-9759	132	32	deposit	deposit	VERB
ajfa-9759	132	33	25	25	NUM
ajfa-9759	132	34	%	%	NOUN
ajfa-9759	132	35	of	of	ADP
ajfa-9759	132	36	the	the	DET
ajfa-9759	132	37	amount	amount	NOUN
ajfa-9759	132	38	that	that	PRON
ajfa-9759	132	39	likely	likely	ADJ
ajfa-9759	132	40	to	to	PART
ajfa-9759	132	41	be	be	AUX
ajfa-9759	132	42	invested	invest	VERB
ajfa-9759	132	43	in	in	ADP
ajfa-9759	132	44	the	the	DET
ajfa-9759	132	45	share	share	NOUN
ajfa-9759	132	46	buyback	buyback	NOUN
ajfa-9759	132	47	(	(	PUNCT
ajfa-9759	132	48	decided	decide	VERB
ajfa-9759	132	49	at	at	ADP
ajfa-9759	132	50	the	the	DET
ajfa-9759	132	51	time	time	NOUN
ajfa-9759	132	52	of	of	ADP
ajfa-9759	132	53	passing	pass	VERB
ajfa-9759	132	54	the	the	DET
ajfa-9759	132	55	resolution	resolution	NOUN
ajfa-9759	132	56	)	)	PUNCT
ajfa-9759	132	57	in	in	ADP
ajfa-9759	132	58	an	an	DET
ajfa-9759	132	59	escrow	escrow	NOUN
ajfa-9759	132	60	account	account	NOUN
ajfa-9759	132	61	.	.	PUNCT
ajfa-9759	133	1	the	the	DET
ajfa-9759	133	2	minimum	minimum	ADJ
ajfa-9759	133	3	balance	balance	NOUN
ajfa-9759	133	4	of	of	ADP
ajfa-9759	133	5	the	the	DET
ajfa-9759	133	6	escrow	escrow	NOUN
ajfa-9759	133	7	account	account	NOUN
ajfa-9759	133	8	will	will	AUX
ajfa-9759	133	9	be	be	AUX
ajfa-9759	133	10	2.5	2.5	NUM
ajfa-9759	133	11	%	%	NOUN
ajfa-9759	133	12	of	of	ADP
ajfa-9759	133	13	the	the	DET
ajfa-9759	133	14	amount	amount	NOUN
ajfa-9759	133	15	kept	keep	VERB
ajfa-9759	133	16	for	for	ADP
ajfa-9759	133	17	share	share	NOUN
ajfa-9759	133	18	buyback	buyback	NOUN
ajfa-9759	133	19	in	in	ADP
ajfa-9759	133	20	the	the	DET
ajfa-9759	133	21	resolution	resolution	NOUN
ajfa-9759	133	22	.	.	PUNCT
ajfa-9759	134	1	if	if	SCONJ
ajfa-9759	134	2	sebi	sebi	NOUN
ajfa-9759	134	3	found	find	VERB
ajfa-9759	134	4	any	any	DET
ajfa-9759	134	5	irregularities	irregularity	NOUN
ajfa-9759	134	6	in	in	ADP
ajfa-9759	134	7	the	the	DET
ajfa-9759	134	8	process	process	NOUN
ajfa-9759	134	9	of	of	ADP
ajfa-9759	134	10	the	the	DET
ajfa-9759	134	11	share	share	NOUN
ajfa-9759	134	12	buyback	buyback	NOUN
ajfa-9759	134	13	,	,	PUNCT
ajfa-9759	134	14	then	then	ADV
ajfa-9759	134	15	it	it	PRON
ajfa-9759	134	16	forfeit	forfeit	VERB
ajfa-9759	134	17	the	the	DET
ajfa-9759	134	18	amount	amount	NOUN
ajfa-9759	134	19	and	and	CCONJ
ajfa-9759	134	20	then	then	ADV
ajfa-9759	134	21	amount	amount	NOUN
ajfa-9759	134	22	will	will	AUX
ajfa-9759	134	23	be	be	AUX
ajfa-9759	134	24	deposited	deposit	VERB
ajfa-9759	134	25	in	in	ADP
ajfa-9759	134	26	the	the	DET
ajfa-9759	134	27	investor	investor	NOUN
ajfa-9759	134	28	protection	protection	NOUN
ajfa-9759	134	29	and	and	CCONJ
ajfa-9759	134	30	education	education	NOUN
ajfa-9759	134	31	fund	fund	NOUN
ajfa-9759	134	32	of	of	ADP
ajfa-9759	134	33	sebi	sebi	NOUN
ajfa-9759	134	34	.	.	PUNCT
ajfa-9759	135	1	the	the	DET
ajfa-9759	135	2	company	company	NOUN
ajfa-9759	135	3	can	can	AUX
ajfa-9759	135	4	not	not	PART
ajfa-9759	135	5	raise	raise	VERB
ajfa-9759	135	6	further	further	ADJ
ajfa-9759	135	7	capital	capital	NOUN
ajfa-9759	135	8	for	for	ADP
ajfa-9759	135	9	a	a	DET
ajfa-9759	135	10	period	period	NOUN
ajfa-9759	135	11	of	of	ADP
ajfa-9759	135	12	one	one	NUM
ajfa-9759	135	13	year	year	NOUN
ajfa-9759	135	14	from	from	ADP
ajfa-9759	135	15	the	the	DET
ajfa-9759	135	16	closure	closure	NOUN
ajfa-9759	135	17	of	of	ADP
ajfa-9759	135	18	share	share	NOUN
ajfa-9759	135	19	buyback	buyback	NOUN
ajfa-9759	135	20	to	to	PART
ajfa-9759	135	21	expect	expect	VERB
ajfa-9759	135	22	in	in	ADP
ajfa-9759	135	23	the	the	DET
ajfa-9759	135	24	discharge	discharge	NOUN
ajfa-9759	135	25	of	of	ADP
ajfa-9759	135	26	its	its	PRON
ajfa-9759	135	27	subsisting	subsist	VERB
ajfa-9759	135	28	obligations	obligation	NOUN
ajfa-9759	135	29	.	.	PUNCT
ajfa-9759	136	1	3	3	X
ajfa-9759	136	2	.	.	X
ajfa-9759	136	3	indian	indian	ADJ
ajfa-9759	136	4	share	share	NOUN
ajfa-9759	136	5	buyback	buyback	NOUN
ajfa-9759	136	6	environment	environment	NOUN
ajfa-9759	136	7	as	as	ADP
ajfa-9759	136	8	share	share	NOUN
ajfa-9759	136	9	buyback	buyback	NOUN
ajfa-9759	136	10	activity	activity	NOUN
ajfa-9759	136	11	started	start	VERB
ajfa-9759	136	12	lately	lately	ADV
ajfa-9759	136	13	in	in	ADP
ajfa-9759	136	14	india	india	PROPN
ajfa-9759	136	15	,	,	PUNCT
ajfa-9759	136	16	the	the	DET
ajfa-9759	136	17	only	only	ADJ
ajfa-9759	136	18	handful	handful	NOUN
ajfa-9759	136	19	of	of	ADP
ajfa-9759	136	20	research	research	NOUN
ajfa-9759	136	21	studies	study	NOUN
ajfa-9759	136	22	was	be	AUX
ajfa-9759	136	23	carried	carry	VERB
ajfa-9759	136	24	on	on	ADP
ajfa-9759	136	25	since	since	SCONJ
ajfa-9759	136	26	the	the	DET
ajfa-9759	136	27	introduction	introduction	NOUN
ajfa-9759	136	28	of	of	ADP
ajfa-9759	136	29	the	the	DET
ajfa-9759	136	30	share	share	NOUN
ajfa-9759	136	31	buyback	buyback	NOUN
ajfa-9759	136	32	.	.	PUNCT
ajfa-9759	137	1	the	the	DET
ajfa-9759	137	2	previous	previous	ADJ
ajfa-9759	137	3	research	research	NOUN
ajfa-9759	137	4	in	in	ADP
ajfa-9759	137	5	india	india	PROPN
ajfa-9759	137	6	identifies	identify	VERB
ajfa-9759	137	7	many	many	ADJ
ajfa-9759	137	8	incentives	incentive	NOUN
ajfa-9759	137	9	for	for	ADP
ajfa-9759	137	10	share	share	NOUN
ajfa-9759	137	11	repurchase	repurchase	NOUN
ajfa-9759	137	12	such	such	ADJ
ajfa-9759	137	13	as	as	ADP
ajfa-9759	137	14	:	:	PUNCT
ajfa-9759	137	15	signalling	signal	VERB
ajfa-9759	137	16	hypothesis	hypothesis	NOUN
ajfa-9759	137	17	(	(	PUNCT
ajfa-9759	137	18	reddy	reddy	PROPN
ajfa-9759	137	19	et	et	PROPN
ajfa-9759	137	20	al	al	PROPN
ajfa-9759	137	21	.	.	PROPN
ajfa-9759	137	22	,2013	,2013	PUNCT
ajfa-9759	137	23	;	;	PUNCT
ajfa-9759	137	24	rajagopalan	rajagopalan	NOUN
ajfa-9759	137	25	and	and	CCONJ
ajfa-9759	137	26	shankar	shankar	NOUN
ajfa-9759	137	27	,	,	PUNCT
ajfa-9759	137	28	2012	2012	NUM
ajfa-9759	137	29	)	)	PUNCT
ajfa-9759	137	30	,	,	PUNCT
ajfa-9759	137	31	substitutes	substitute	VERB
ajfa-9759	137	32	hypothesis	hypothesis	NOUN
ajfa-9759	137	33	(	(	PUNCT
ajfa-9759	137	34	hyderabad,2013),free	hyderabad,2013),free	NOUN
ajfa-9759	137	35	cash	cash	NOUN
ajfa-9759	137	36	flow	flow	NOUN
ajfa-9759	137	37	hypothesis	hypothesis	NOUN
ajfa-9759	137	38	(	(	PUNCT
ajfa-9759	137	39	hyderabad	hyderabad	PROPN
ajfa-9759	137	40	,	,	PUNCT
ajfa-9759	137	41	2013	2013	NUM
ajfa-9759	137	42	)	)	PUNCT
ajfa-9759	137	43	,	,	PUNCT
ajfa-9759	137	44	liquidity	liquidity	NOUN
ajfa-9759	137	45	hypothesis	hypothesis	NOUN
ajfa-9759	137	46	(	(	PUNCT
ajfa-9759	137	47	arora,2012	arora,2012	NOUN
ajfa-9759	137	48	)	)	PUNCT
ajfa-9759	137	49	,	,	PUNCT
ajfa-9759	137	50	share	share	NOUN
ajfa-9759	137	51	price	price	NOUN
ajfa-9759	137	52	performance	performance	NOUN
ajfa-9759	137	53	(	(	PUNCT
ajfa-9759	137	54	chavali	chavali	ADJ
ajfa-9759	137	55	and	and	CCONJ
ajfa-9759	137	56	shemeem	shemeem	ADJ
ajfa-9759	137	57	,	,	PUNCT
ajfa-9759	137	58	2011	2011	NUM
ajfa-9759	137	59	;	;	PUNCT
ajfa-9759	137	60	dua	dua	PROPN
ajfa-9759	137	61	et	et	PROPN
ajfa-9759	137	62	al	al	PROPN
ajfa-9759	137	63	.	.	PROPN
ajfa-9759	137	64	,	,	PUNCT
ajfa-9759	137	65	2010	2010	NUM
ajfa-9759	137	66	;	;	PUNCT
ajfa-9759	137	67	rajagopalan	rajagopalan	NOUN
ajfa-9759	137	68	and	and	CCONJ
ajfa-9759	137	69	shankar	shankar	PROPN
ajfa-9759	137	70	,	,	PUNCT
ajfa-9759	137	71	2013	2013	NUM
ajfa-9759	137	72	)	)	PUNCT
ajfa-9759	137	73	and	and	CCONJ
ajfa-9759	137	74	on	on	ADP
ajfa-9759	137	75	motivations	motivation	NOUN
ajfa-9759	137	76	of	of	ADP
ajfa-9759	137	77	share	share	NOUN
ajfa-9759	137	78	buyback	buyback	NOUN
ajfa-9759	137	79	(	(	PUNCT
ajfa-9759	137	80	arora	arora	PROPN
ajfa-9759	137	81	and	and	CCONJ
ajfa-9759	137	82	pasricha	pasricha	NOUN
ajfa-9759	137	83	,	,	PUNCT
ajfa-9759	137	84	2012	2012	NUM
ajfa-9759	137	85	.	.	PUNCT
ajfa-9759	138	1	table	table	NOUN
ajfa-9759	138	2	1.year	1.year	NUM
ajfa-9759	138	3	wise	wise	ADJ
ajfa-9759	138	4	number	number	NOUN
ajfa-9759	138	5	of	of	ADP
ajfa-9759	138	6	share	share	NOUN
ajfa-9759	138	7	repurchases	repurchase	NOUN
ajfa-9759	138	8	and	and	CCONJ
ajfa-9759	138	9	values	value	NOUN
ajfa-9759	138	10	from	from	ADP
ajfa-9759	138	11	1998	1998	NUM
ajfa-9759	138	12	-	-	SYM
ajfa-9759	138	13	2015	2015	NUM
ajfa-9759	138	14	year	year	NOUN
ajfa-9759	138	15	no	no	PRON
ajfa-9759	138	16	of	of	ADP
ajfa-9759	138	17	share	share	NOUN
ajfa-9759	138	18	repurchases	repurchase	NOUN
ajfa-9759	138	19	amount	amount	NOUN
ajfa-9759	138	20	of	of	ADP
ajfa-9759	138	21	share	share	NOUN
ajfa-9759	138	22	repurchase	repurchase	NOUN
ajfa-9759	138	23	(	(	PUNCT
ajfa-9759	138	24	rs	rs	ADP
ajfa-9759	138	25	in	in	ADP
ajfa-9759	138	26	millions	million	NOUN
ajfa-9759	138	27	)	)	PUNCT
ajfa-9759	138	28	mean	mean	NOUN
ajfa-9759	138	29	(	(	PUNCT
ajfa-9759	138	30	%	%	INTJ
ajfa-9759	138	31	)	)	PUNCT
ajfa-9759	138	32	share	share	NOUN
ajfa-9759	138	33	repurchases	repurchase	NOUN
ajfa-9759	138	34	1998	1998	NUM
ajfa-9759	138	35	-	-	SYM
ajfa-9759	138	36	99	99	NUM
ajfa-9759	139	1	1	1	NUM
ajfa-9759	139	2	13.73	13.73	NUM
ajfa-9759	139	3	5.60	5.60	NUM
ajfa-9759	139	4	1999	1999	NUM
ajfa-9759	139	5	-	-	SYM
ajfa-9759	139	6	00	00	NUM
ajfa-9759	139	7	12	12	NUM
ajfa-9759	139	8	249.80	249.80	NUM
ajfa-9759	139	9	19.29	19.29	NUM
ajfa-9759	139	10	2000	2000	NUM
ajfa-9759	139	11	-	-	SYM
ajfa-9759	139	12	01	01	NUM
ajfa-9759	139	13	14	14	NUM
ajfa-9759	139	14	926.26	926.26	NUM
ajfa-9759	139	15	16.70	16.70	NUM
ajfa-9759	139	16	2001	2001	NUM
ajfa-9759	139	17	-	-	SYM
ajfa-9759	139	18	02	02	NUM
ajfa-9759	139	19	27	27	NUM
ajfa-9759	139	20	797.82	797.82	NUM
ajfa-9759	139	21	13.01	13.01	NUM
ajfa-9759	139	22	2002	2002	NUM
ajfa-9759	139	23	-	-	SYM
ajfa-9759	139	24	03	03	NUM
ajfa-9759	139	25	31	31	NUM
ajfa-9759	139	26	326.04	326.04	NUM
ajfa-9759	139	27	14.24	14.24	NUM
ajfa-9759	139	28	2003	2003	NUM
ajfa-9759	139	29	-	-	SYM
ajfa-9759	139	30	04	04	NUM
ajfa-9759	139	31	8	8	NUM
ajfa-9759	139	32	64.66	64.66	NUM
ajfa-9759	139	33	17.52	17.52	NUM
ajfa-9759	139	34	2004	2004	NUM
ajfa-9759	139	35	-	-	SYM
ajfa-9759	139	36	05	05	NUM
ajfa-9759	139	37	11	11	NUM
ajfa-9759	139	38	3272.52	3272.52	NUM
ajfa-9759	139	39	29.71	29.71	NUM
ajfa-9759	139	40	2005	2005	NUM
ajfa-9759	139	41	-	-	SYM
ajfa-9759	139	42	06	06	NUM
ajfa-9759	139	43	10	10	NUM
ajfa-9759	139	44	362.60	362.60	NUM
ajfa-9759	139	45	4.48	4.48	NUM
ajfa-9759	139	46	2006	2006	NUM
ajfa-9759	139	47	-	-	SYM
ajfa-9759	139	48	07	07	NUM
ajfa-9759	139	49	7	7	NUM
ajfa-9759	139	50	421.78	421.78	NUM
ajfa-9759	139	51	4.77	4.77	NUM
ajfa-9759	139	52	2007	2007	NUM
ajfa-9759	139	53	-	-	SYM
ajfa-9759	139	54	08	08	NUM
ajfa-9759	139	55	10	10	NUM
ajfa-9759	139	56	2004.44	2004.44	NUM
ajfa-9759	139	57	5.19	5.19	NUM
ajfa-9759	139	58	2008	2008	NUM
ajfa-9759	139	59	-	-	SYM
ajfa-9759	139	60	09	09	NUM
ajfa-9759	139	61	37	37	NUM
ajfa-9759	139	62	916.94	916.94	NUM
ajfa-9759	139	63	5.64	5.64	NUM
ajfa-9759	139	64	2009	2009	NUM
ajfa-9759	139	65	-	-	SYM
ajfa-9759	139	66	10	10	NUM
ajfa-9759	139	67	20	20	NUM
ajfa-9759	139	68	411.99	411.99	NUM
ajfa-9759	139	69	8.80	8.80	NUM
ajfa-9759	139	70	2010	2010	NUM
ajfa-9759	139	71	-	-	SYM
ajfa-9759	139	72	11	11	NUM
ajfa-9759	139	73	20	20	NUM
ajfa-9759	139	74	2147.51	2147.51	NUM
ajfa-9759	139	75	8.99	8.99	NUM
ajfa-9759	139	76	2011	2011	NUM
ajfa-9759	139	77	-	-	SYM
ajfa-9759	139	78	12	12	NUM
ajfa-9759	139	79	35	35	NUM
ajfa-9759	139	80	4440.46	4440.46	NUM
ajfa-9759	139	81	7.16	7.16	NUM
ajfa-9759	139	82	2012	2012	NUM
ajfa-9759	139	83	-	-	SYM
ajfa-9759	139	84	13	13	NUM
ajfa-9759	139	85	21	21	NUM
ajfa-9759	139	86	806.71	806.71	NUM
ajfa-9759	139	87	8.45	8.45	NUM
ajfa-9759	139	88	2013	2013	NUM
ajfa-9759	139	89	-	-	SYM
ajfa-9759	139	90	14	14	NUM
ajfa-9759	139	91	32	32	NUM
ajfa-9759	139	92	3557.22	3557.22	NUM
ajfa-9759	139	93	7.56	7.56	NUM
ajfa-9759	139	94	2014	2014	NUM
ajfa-9759	139	95	-	-	SYM
ajfa-9759	139	96	15	15	NUM
ajfa-9759	139	97	9	9	NUM
ajfa-9759	139	98	605.21	605.21	NUM
ajfa-9759	139	99	14.05	14.05	NUM
ajfa-9759	139	100	total	total	NOUN
ajfa-9759	139	101	305	305	NUM
ajfa-9759	139	102	21325.70	21325.70	NUM
ajfa-9759	139	103	source	source	NOUN
ajfa-9759	139	104	:	:	PUNCT
ajfa-9759	139	105	authors	author	NOUN
ajfa-9759	139	106	own	own	VERB
ajfa-9759	139	107	compilation	compilation	NOUN
ajfa-9759	139	108	.	.	PUNCT
ajfa-9759	140	1	in	in	ADP
ajfa-9759	140	2	india	india	PROPN
ajfa-9759	140	3	,	,	PUNCT
ajfa-9759	140	4	the	the	DET
ajfa-9759	140	5	option	option	NOUN
ajfa-9759	140	6	of	of	ADP
ajfa-9759	140	7	share	share	NOUN
ajfa-9759	140	8	repurchase	repurchase	NOUN
ajfa-9759	140	9	started	start	VERB
ajfa-9759	140	10	on	on	ADP
ajfa-9759	140	11	october	october	PROPN
ajfa-9759	140	12	31	31	NUM
ajfa-9759	140	13	,	,	PUNCT
ajfa-9759	140	14	1998	1998	NUM
ajfa-9759	140	15	,	,	PUNCT
ajfa-9759	140	16	by	by	ADP
ajfa-9759	140	17	amendment	amendment	NOUN
ajfa-9759	140	18	of	of	ADP
ajfa-9759	140	19	companies	company	NOUN
ajfa-9759	140	20	act	act	VERB
ajfa-9759	140	21	1956	1956	NUM
ajfa-9759	140	22	and	and	CCONJ
ajfa-9759	140	23	introduction	introduction	NOUN
ajfa-9759	140	24	of	of	ADP
ajfa-9759	140	25	securities	security	NOUN
ajfa-9759	140	26	and	and	CCONJ
ajfa-9759	140	27	exchange	exchange	PROPN
ajfa-9759	140	28	board	board	PROPN
ajfa-9759	140	29	of	of	ADP
ajfa-9759	140	30	india	india	PROPN
ajfa-9759	140	31	(	(	PUNCT
ajfa-9759	140	32	share	share	PROPN
ajfa-9759	140	33	asian	asian	PROPN
ajfa-9759	140	34	journal	journal	NOUN
ajfa-9759	140	35	of	of	ADP
ajfa-9759	140	36	finance	finance	PROPN
ajfa-9759	140	37	&	&	CCONJ
ajfa-9759	140	38	accounting	accounting	PROPN
ajfa-9759	140	39	issn	issn	PROPN
ajfa-9759	140	40	1946	1946	NUM
ajfa-9759	140	41	-	-	PUNCT
ajfa-9759	140	42	052x	052x	PROPN
ajfa-9759	140	43	2016	2016	NUM
ajfa-9759	140	44	,	,	PUNCT
ajfa-9759	140	45	vol	vol	NOUN
ajfa-9759	140	46	.	.	PROPN
ajfa-9759	140	47	8	8	NUM
ajfa-9759	140	48	,	,	PUNCT
ajfa-9759	140	49	no	no	INTJ
ajfa-9759	140	50	.	.	NOUN
ajfa-9759	140	51	2	2	NUM
ajfa-9759	140	52	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9759	140	53	9	9	NUM
ajfa-9759	140	54	buyback	buyback	NOUN
ajfa-9759	140	55	of	of	ADP
ajfa-9759	140	56	securities	security	NOUN
ajfa-9759	140	57	)	)	PUNCT
ajfa-9759	140	58	regulations	regulation	NOUN
ajfa-9759	140	59	1998	1998	NUM
ajfa-9759	140	60	.	.	PUNCT
ajfa-9759	141	1	since	since	SCONJ
ajfa-9759	141	2	1998	1998	NUM
ajfa-9759	141	3	till	till	SCONJ
ajfa-9759	141	4	2014	2014	NUM
ajfa-9759	141	5	,	,	PUNCT
ajfa-9759	141	6	219	219	NUM
ajfa-9759	141	7	companies	company	NOUN
ajfa-9759	141	8	have	have	AUX
ajfa-9759	141	9	undertaken	undertake	VERB
ajfa-9759	141	10	305	305	NUM
ajfa-9759	141	11	share	share	NOUN
ajfa-9759	141	12	buybacks	buyback	NOUN
ajfa-9759	141	13	.	.	PUNCT
ajfa-9759	142	1	india	india	PROPN
ajfa-9759	142	2	ranked	rank	VERB
ajfa-9759	142	3	fifteenth	fifteenth	NOUN
ajfa-9759	142	4	in	in	ADP
ajfa-9759	142	5	the	the	DET
ajfa-9759	142	6	most	most	ADV
ajfa-9759	142	7	active	active	ADJ
ajfa-9759	142	8	nation	nation	NOUN
ajfa-9759	142	9	in	in	ADP
ajfa-9759	142	10	share	share	NOUN
ajfa-9759	142	11	repurchase	repurchase	VERB
ajfa-9759	142	12	globally	globally	ADV
ajfa-9759	142	13	(	(	PUNCT
ajfa-9759	142	14	reddy	reddy	PROPN
ajfa-9759	142	15	et	et	PROPN
ajfa-9759	142	16	al	al	PROPN
ajfa-9759	142	17	.	.	PROPN
ajfa-9759	142	18	,	,	PUNCT
ajfa-9759	142	19	2013	2013	NUM
ajfa-9759	142	20	)	)	PUNCT
ajfa-9759	142	21	.	.	PUNCT
ajfa-9759	143	1	according	accord	VERB
ajfa-9759	143	2	to	to	ADP
ajfa-9759	143	3	the	the	DET
ajfa-9759	143	4	economic	economic	ADJ
ajfa-9759	143	5	times	time	NOUN
ajfa-9759	143	6	(	(	PUNCT
ajfa-9759	143	7	2008	2008	NUM
ajfa-9759	143	8	)	)	PUNCT
ajfa-9759	143	9	,	,	PUNCT
ajfa-9759	143	10	reliance	reliance	NOUN
ajfa-9759	143	11	energy	energy	NOUN
ajfa-9759	143	12	’s	’s	PART
ajfa-9759	143	13	us$	us$	SYM
ajfa-9759	143	14	885.9	885.9	NUM
ajfa-9759	143	15	million	million	NUM
ajfa-9759	143	16	share	share	NOUN
ajfa-9759	143	17	buyback	buyback	NOUN
ajfa-9759	143	18	offer	offer	NOUN
ajfa-9759	143	19	was	be	AUX
ajfa-9759	143	20	the	the	DET
ajfa-9759	143	21	biggest	big	ADJ
ajfa-9759	143	22	corporate	corporate	ADJ
ajfa-9759	143	23	event	event	NOUN
ajfa-9759	143	24	in	in	ADP
ajfa-9759	143	25	asia	asia	PROPN
ajfa-9759	143	26	during	during	ADP
ajfa-9759	143	27	2008-09.the	2008-09.the	NUM
ajfa-9759	143	28	year	year	NOUN
ajfa-9759	143	29	wise	wise	ADJ
ajfa-9759	143	30	distribution	distribution	NOUN
ajfa-9759	143	31	of	of	ADP
ajfa-9759	143	32	companies	company	NOUN
ajfa-9759	143	33	and	and	CCONJ
ajfa-9759	143	34	the	the	DET
ajfa-9759	143	35	value	value	NOUN
ajfa-9759	143	36	of	of	ADP
ajfa-9759	143	37	their	their	PRON
ajfa-9759	143	38	repurchase	repurchase	NOUN
ajfa-9759	143	39	are	be	AUX
ajfa-9759	143	40	given	give	VERB
ajfa-9759	143	41	in	in	ADP
ajfa-9759	143	42	table	table	NOUN
ajfa-9759	143	43	1	1	NUM
ajfa-9759	143	44	.	.	PUNCT
ajfa-9759	143	45	table	table	NOUN
ajfa-9759	143	46	1	1	NUM
ajfa-9759	143	47	also	also	ADV
ajfa-9759	143	48	shows	show	VERB
ajfa-9759	143	49	the	the	DET
ajfa-9759	143	50	mean	mean	ADJ
ajfa-9759	143	51	percentage	percentage	NOUN
ajfa-9759	143	52	of	of	ADP
ajfa-9759	143	53	share	share	NOUN
ajfa-9759	143	54	buyback	buyback	NOUN
ajfa-9759	143	55	calculated	calculate	VERB
ajfa-9759	143	56	as	as	ADP
ajfa-9759	143	57	the	the	DET
ajfa-9759	143	58	number	number	NOUN
ajfa-9759	143	59	of	of	ADP
ajfa-9759	143	60	shares	share	NOUN
ajfa-9759	143	61	offered	offer	VERB
ajfa-9759	143	62	for	for	ADP
ajfa-9759	143	63	the	the	DET
ajfa-9759	143	64	share	share	NOUN
ajfa-9759	143	65	buyback	buyback	NOUN
ajfa-9759	143	66	to	to	ADP
ajfa-9759	143	67	the	the	DET
ajfa-9759	143	68	number	number	NOUN
ajfa-9759	143	69	of	of	ADP
ajfa-9759	143	70	outstanding	outstanding	ADJ
ajfa-9759	143	71	shares	share	NOUN
ajfa-9759	143	72	in	in	ADP
ajfa-9759	143	73	the	the	DET
ajfa-9759	143	74	previous	previous	ADJ
ajfa-9759	143	75	year	year	NOUN
ajfa-9759	143	76	.	.	PUNCT
ajfa-9759	144	1	it	it	PRON
ajfa-9759	144	2	is	be	AUX
ajfa-9759	144	3	quite	quite	ADV
ajfa-9759	144	4	evident	evident	ADJ
ajfa-9759	144	5	from	from	ADP
ajfa-9759	144	6	table	table	NOUN
ajfa-9759	144	7	1	1	NUM
ajfa-9759	144	8	that	that	DET
ajfa-9759	144	9	number	number	NOUN
ajfa-9759	144	10	of	of	ADP
ajfa-9759	144	11	the	the	DET
ajfa-9759	144	12	share	share	NOUN
ajfa-9759	144	13	buyback	buyback	NOUN
ajfa-9759	144	14	is	be	AUX
ajfa-9759	144	15	maximum	maximum	ADJ
ajfa-9759	144	16	(	(	PUNCT
ajfa-9759	144	17	37	37	NUM
ajfa-9759	144	18	)	)	PUNCT
ajfa-9759	144	19	in	in	ADP
ajfa-9759	144	20	the	the	DET
ajfa-9759	144	21	year	year	NOUN
ajfa-9759	144	22	2008	2008	NUM
ajfa-9759	144	23	-	-	SYM
ajfa-9759	144	24	09	09	NUM
ajfa-9759	144	25	and	and	CCONJ
ajfa-9759	144	26	minimum	minimum	NOUN
ajfa-9759	144	27	(	(	PUNCT
ajfa-9759	144	28	1	1	NUM
ajfa-9759	144	29	)	)	PUNCT
ajfa-9759	144	30	in	in	ADP
ajfa-9759	144	31	the	the	DET
ajfa-9759	144	32	year	year	NOUN
ajfa-9759	144	33	1998	1998	NUM
ajfa-9759	144	34	-	-	SYM
ajfa-9759	144	35	99	99	NUM
ajfa-9759	144	36	,	,	PUNCT
ajfa-9759	144	37	the	the	DET
ajfa-9759	144	38	year	year	NOUN
ajfa-9759	144	39	when	when	SCONJ
ajfa-9759	144	40	share	share	NOUN
ajfa-9759	144	41	buyback	buyback	NOUN
ajfa-9759	144	42	started	start	VERB
ajfa-9759	144	43	in	in	ADP
ajfa-9759	144	44	india	india	PROPN
ajfa-9759	144	45	.	.	PUNCT
ajfa-9759	145	1	the	the	DET
ajfa-9759	145	2	value	value	NOUN
ajfa-9759	145	3	of	of	ADP
ajfa-9759	145	4	share	share	NOUN
ajfa-9759	145	5	repurchase	repurchase	NOUN
ajfa-9759	145	6	is	be	AUX
ajfa-9759	145	7	maximum	maximum	ADJ
ajfa-9759	145	8	in	in	ADP
ajfa-9759	145	9	the	the	DET
ajfa-9759	145	10	year	year	NOUN
ajfa-9759	145	11	2011	2011	NUM
ajfa-9759	145	12	-	-	SYM
ajfa-9759	145	13	12	12	NUM
ajfa-9759	145	14	(	(	PUNCT
ajfa-9759	145	15	4440.46	4440.46	NUM
ajfa-9759	145	16	million	million	NUM
ajfa-9759	145	17	)	)	PUNCT
ajfa-9759	145	18	and	and	CCONJ
ajfa-9759	145	19	the	the	DET
ajfa-9759	145	20	value	value	NOUN
ajfa-9759	145	21	of	of	ADP
ajfa-9759	145	22	share	share	NOUN
ajfa-9759	145	23	repurchase	repurchase	NOUN
ajfa-9759	145	24	is	be	AUX
ajfa-9759	145	25	lowest	low	ADJ
ajfa-9759	145	26	in	in	ADP
ajfa-9759	145	27	the	the	DET
ajfa-9759	145	28	year	year	NOUN
ajfa-9759	145	29	1998	1998	NUM
ajfa-9759	145	30	-	-	SYM
ajfa-9759	145	31	99	99	NUM
ajfa-9759	145	32	(	(	PUNCT
ajfa-9759	145	33	13.73	13.73	NUM
ajfa-9759	145	34	million).the	million).the	DET
ajfa-9759	145	35	mean	mean	ADJ
ajfa-9759	145	36	percent	percent	NOUN
ajfa-9759	145	37	of	of	ADP
ajfa-9759	145	38	the	the	DET
ajfa-9759	145	39	share	share	NOUN
ajfa-9759	145	40	buyback	buyback	NOUN
ajfa-9759	145	41	is	be	AUX
ajfa-9759	145	42	lowest	low	ADJ
ajfa-9759	145	43	in	in	ADP
ajfa-9759	145	44	the	the	DET
ajfa-9759	145	45	year	year	NOUN
ajfa-9759	145	46	2005	2005	NUM
ajfa-9759	145	47	-	-	SYM
ajfa-9759	145	48	06	06	NUM
ajfa-9759	145	49	and	and	CCONJ
ajfa-9759	145	50	highest	high	ADJ
ajfa-9759	145	51	in	in	ADP
ajfa-9759	145	52	the	the	DET
ajfa-9759	145	53	year	year	NOUN
ajfa-9759	145	54	2004	2004	NUM
ajfa-9759	145	55	-	-	SYM
ajfa-9759	145	56	05	05	NUM
ajfa-9759	145	57	.	.	PUNCT
ajfa-9759	146	1	table	table	NOUN
ajfa-9759	146	2	2	2	NUM
ajfa-9759	146	3	shows	show	VERB
ajfa-9759	146	4	the	the	DET
ajfa-9759	146	5	frequency	frequency	NOUN
ajfa-9759	146	6	of	of	ADP
ajfa-9759	146	7	repurchase	repurchase	VERB
ajfa-9759	146	8	by	by	ADP
ajfa-9759	146	9	indian	indian	ADJ
ajfa-9759	146	10	companies	company	NOUN
ajfa-9759	146	11	during	during	ADP
ajfa-9759	146	12	the	the	DET
ajfa-9759	146	13	year	year	NOUN
ajfa-9759	146	14	from	from	ADP
ajfa-9759	146	15	1998	1998	NUM
ajfa-9759	146	16	-	-	SYM
ajfa-9759	146	17	99	99	NUM
ajfa-9759	146	18	to	to	ADP
ajfa-9759	146	19	2014	2014	NUM
ajfa-9759	146	20	-	-	SYM
ajfa-9759	146	21	15	15	NUM
ajfa-9759	146	22	.	.	PUNCT
ajfa-9759	147	1	only	only	ADV
ajfa-9759	147	2	162	162	NUM
ajfa-9759	147	3	companies	company	NOUN
ajfa-9759	147	4	repurchased	repurchase	VERB
ajfa-9759	147	5	once	once	ADV
ajfa-9759	147	6	,	,	PUNCT
ajfa-9759	147	7	39	39	NUM
ajfa-9759	147	8	companies	company	NOUN
ajfa-9759	147	9	purchased	purchase	VERB
ajfa-9759	147	10	twice	twice	ADV
ajfa-9759	147	11	,	,	PUNCT
ajfa-9759	147	12	12	12	NUM
ajfa-9759	147	13	firms	firm	NOUN
ajfa-9759	147	14	purchased	purchase	VERB
ajfa-9759	147	15	thrice;two	thrice;two	NUM
ajfa-9759	147	16	companies	company	NOUN
ajfa-9759	147	17	purchased	purchase	VERB
ajfa-9759	147	18	fourth	fourth	ADJ
ajfa-9759	147	19	times	time	NOUN
ajfa-9759	147	20	;	;	PUNCT
ajfa-9759	147	21	three	three	NUM
ajfa-9759	147	22	companies	company	NOUN
ajfa-9759	147	23	boughtfifth	boughtfifth	NOUN
ajfa-9759	147	24	times	time	NOUN
ajfa-9759	147	25	and	and	CCONJ
ajfa-9759	147	26	selan	selan	PROPN
ajfa-9759	147	27	exploration	exploration	NOUN
ajfa-9759	147	28	topped	top	VERB
ajfa-9759	147	29	the	the	DET
ajfa-9759	147	30	list	list	NOUN
ajfa-9759	147	31	by	by	ADP
ajfa-9759	147	32	doing	do	VERB
ajfa-9759	147	33	share	share	NOUN
ajfa-9759	147	34	buyback	buyback	NOUN
ajfa-9759	147	35	six	six	NUM
ajfa-9759	147	36	times	time	NOUN
ajfa-9759	147	37	during	during	ADP
ajfa-9759	147	38	this	this	DET
ajfa-9759	147	39	period	period	NOUN
ajfa-9759	147	40	.	.	PUNCT
ajfa-9759	148	1	table	table	NOUN
ajfa-9759	148	2	2	2	NUM
ajfa-9759	148	3	.	.	PUNCT
ajfa-9759	148	4	frequency	frequency	NOUN
ajfa-9759	148	5	of	of	ADP
ajfa-9759	148	6	share	share	NOUN
ajfa-9759	148	7	repurchases	repurchase	NOUN
ajfa-9759	148	8	from	from	ADP
ajfa-9759	148	9	1998	1998	NUM
ajfa-9759	148	10	-	-	SYM
ajfa-9759	148	11	2015	2015	NUM
ajfa-9759	148	12	frequency	frequency	NOUN
ajfa-9759	148	13	of	of	ADP
ajfa-9759	148	14	share	share	NOUN
ajfa-9759	148	15	repurchases	repurchase	NOUN
ajfa-9759	148	16	no	no	PROPN
ajfa-9759	148	17	of	of	ADP
ajfa-9759	148	18	companies	company	NOUN
ajfa-9759	149	1	no	no	ADV
ajfa-9759	149	2	of	of	ADP
ajfa-9759	149	3	share	share	NOUN
ajfa-9759	149	4	repurchases	repurchase	NOUN
ajfa-9759	149	5	once	once	ADV
ajfa-9759	149	6	162	162	NUM
ajfa-9759	149	7	162	162	NUM
ajfa-9759	149	8	twice	twice	ADV
ajfa-9759	149	9	39	39	NUM
ajfa-9759	149	10	78	78	NUM
ajfa-9759	149	11	thrice	thrice	NOUN
ajfa-9759	149	12	12	12	NUM
ajfa-9759	149	13	36	36	NUM
ajfa-9759	149	14	fourth	fourth	ADJ
ajfa-9759	149	15	2	2	NUM
ajfa-9759	149	16	8	8	NUM
ajfa-9759	149	17	fifth	fifth	ADJ
ajfa-9759	149	18	3	3	NUM
ajfa-9759	149	19	15	15	NUM
ajfa-9759	149	20	sixth	sixth	ADJ
ajfa-9759	149	21	1	1	NUM
ajfa-9759	149	22	6	6	NUM
ajfa-9759	149	23	total	total	NOUN
ajfa-9759	149	24	219	219	NUM
ajfa-9759	149	25	305	305	NUM
ajfa-9759	149	26	source	source	NOUN
ajfa-9759	149	27	:	:	PUNCT
ajfa-9759	149	28	authors	author	NOUN
ajfa-9759	149	29	own	own	VERB
ajfa-9759	149	30	compilation	compilation	NOUN
ajfa-9759	149	31	.	.	PUNCT
ajfa-9759	150	1	table	table	NOUN
ajfa-9759	150	2	3	3	NUM
ajfa-9759	150	3	shows	show	VERB
ajfa-9759	150	4	the	the	DET
ajfa-9759	150	5	industry	industry	NOUN
ajfa-9759	150	6	wise	wise	ADJ
ajfa-9759	150	7	classification	classification	NOUN
ajfa-9759	150	8	of	of	ADP
ajfa-9759	150	9	total	total	ADJ
ajfa-9759	150	10	number	number	NOUN
ajfa-9759	150	11	share	share	NOUN
ajfa-9759	150	12	buybacks	buyback	NOUN
ajfa-9759	150	13	during	during	ADP
ajfa-9759	150	14	the	the	DET
ajfa-9759	150	15	study	study	NOUN
ajfa-9759	150	16	period	period	NOUN
ajfa-9759	150	17	.	.	PUNCT
ajfa-9759	151	1	the	the	DET
ajfa-9759	151	2	information	information	NOUN
ajfa-9759	151	3	technology	technology	NOUN
ajfa-9759	151	4	industry	industry	NOUN
ajfa-9759	151	5	topped	top	VERB
ajfa-9759	151	6	the	the	DET
ajfa-9759	151	7	list	list	NOUN
ajfa-9759	151	8	by	by	ADP
ajfa-9759	151	9	the	the	DET
ajfa-9759	151	10	maximum	maximum	ADJ
ajfa-9759	151	11	number	number	NOUN
ajfa-9759	151	12	of	of	ADP
ajfa-9759	151	13	share	share	NOUN
ajfa-9759	151	14	buybacks	buyback	NOUN
ajfa-9759	151	15	(	(	PUNCT
ajfa-9759	151	16	29	29	NUM
ajfa-9759	151	17	)	)	PUNCT
ajfa-9759	151	18	followed	follow	VERB
ajfa-9759	151	19	by	by	ADP
ajfa-9759	151	20	pharmaceuticals	pharmaceutical	NOUN
ajfa-9759	151	21	industry	industry	NOUN
ajfa-9759	151	22	(	(	PUNCT
ajfa-9759	151	23	24	24	NUM
ajfa-9759	151	24	)	)	PUNCT
ajfa-9759	151	25	.	.	PUNCT
ajfa-9759	152	1	pie	pie	NOUN
ajfa-9759	152	2	chart	chart	NOUN
ajfa-9759	152	3	1	1	NUM
ajfa-9759	152	4	divides	divide	VERB
ajfa-9759	152	5	the	the	DET
ajfa-9759	152	6	total	total	ADJ
ajfa-9759	152	7	number	number	NOUN
ajfa-9759	152	8	of	of	ADP
ajfa-9759	152	9	share	share	NOUN
ajfa-9759	152	10	buyback	buyback	NOUN
ajfa-9759	152	11	into	into	ADP
ajfa-9759	152	12	three	three	NUM
ajfa-9759	152	13	categories	category	NOUN
ajfa-9759	152	14	i.e.	i.e.	X
ajfa-9759	152	15	open	open	ADJ
ajfa-9759	152	16	market	market	NOUN
ajfa-9759	152	17	repurchase	repurchase	NOUN
ajfa-9759	152	18	,	,	PUNCT
ajfa-9759	152	19	tender	tender	NOUN
ajfa-9759	152	20	offer	offer	NOUN
ajfa-9759	152	21	,	,	PUNCT
ajfa-9759	152	22	and	and	CCONJ
ajfa-9759	152	23	book	book	NOUN
ajfa-9759	152	24	building	building	NOUN
ajfa-9759	152	25	.	.	PUNCT
ajfa-9759	153	1	there	there	PRON
ajfa-9759	153	2	is	be	VERB
ajfa-9759	153	3	only	only	ADV
ajfa-9759	153	4	two	two	NUM
ajfa-9759	153	5	book	book	NOUN
ajfa-9759	153	6	building	building	NOUN
ajfa-9759	153	7	method	method	NOUN
ajfa-9759	153	8	of	of	ADP
ajfa-9759	153	9	share	share	NOUN
ajfa-9759	153	10	repurchase	repurchase	VERB
ajfa-9759	153	11	till	till	SCONJ
ajfa-9759	153	12	date	date	NOUN
ajfa-9759	153	13	from	from	ADP
ajfa-9759	153	14	the	the	DET
ajfa-9759	153	15	starting	starting	NOUN
ajfa-9759	153	16	of	of	ADP
ajfa-9759	153	17	the	the	DET
ajfa-9759	153	18	share	share	NOUN
ajfa-9759	153	19	buyback	buyback	NOUN
ajfa-9759	153	20	.	.	PUNCT
ajfa-9759	154	1	mainly	mainly	ADV
ajfa-9759	154	2	the	the	DET
ajfa-9759	154	3	indian	indian	ADJ
ajfa-9759	154	4	share	share	NOUN
ajfa-9759	154	5	buybacks	buyback	NOUN
ajfa-9759	154	6	are	be	AUX
ajfa-9759	154	7	categorized	categorize	VERB
ajfa-9759	154	8	as	as	ADP
ajfa-9759	154	9	under	under	ADP
ajfa-9759	154	10	two	two	NUM
ajfa-9759	154	11	method	method	NOUN
ajfa-9759	154	12	i.e.	i.e.	X
ajfa-9759	154	13	stock	stock	NOUN
ajfa-9759	154	14	exchange	exchange	NOUN
ajfa-9759	154	15	(	(	PUNCT
ajfa-9759	154	16	220	220	NUM
ajfa-9759	154	17	)	)	PUNCT
ajfa-9759	154	18	and	and	CCONJ
ajfa-9759	154	19	tender	tender	ADJ
ajfa-9759	154	20	offer	offer	NOUN
ajfa-9759	154	21	(	(	PUNCT
ajfa-9759	154	22	83	83	NUM
ajfa-9759	154	23	)	)	PUNCT
ajfa-9759	154	24	.	.	PUNCT
ajfa-9759	155	1	in	in	ADP
ajfa-9759	155	2	india	india	PROPN
ajfa-9759	155	3	companies	company	NOUN
ajfa-9759	155	4	going	go	VERB
ajfa-9759	155	5	for	for	ADP
ajfa-9759	155	6	share	share	NOUN
ajfa-9759	155	7	buyback	buyback	NOUN
ajfa-9759	155	8	are	be	AUX
ajfa-9759	155	9	supposed	suppose	VERB
ajfa-9759	155	10	to	to	PART
ajfa-9759	155	11	state	state	VERB
ajfa-9759	155	12	one	one	NUM
ajfa-9759	155	13	reason	reason	NOUN
ajfa-9759	155	14	for	for	ADP
ajfa-9759	155	15	the	the	DET
ajfa-9759	155	16	share	share	NOUN
ajfa-9759	155	17	buyback	buyback	NOUN
ajfa-9759	155	18	in	in	ADP
ajfa-9759	155	19	the	the	DET
ajfa-9759	155	20	offer	offer	NOUN
ajfa-9759	155	21	document	document	NOUN
ajfa-9759	155	22	.	.	PUNCT
ajfa-9759	156	1	pie	pie	NOUN
ajfa-9759	156	2	chart	chart	NOUN
ajfa-9759	156	3	2	2	NUM
ajfa-9759	156	4	shows	show	VERB
ajfa-9759	156	5	three	three	NUM
ajfa-9759	156	6	different	different	ADJ
ajfa-9759	156	7	reasons	reason	NOUN
ajfa-9759	156	8	i.e.	i.e.	ADV
ajfa-9759	156	9	,	,	PUNCT
ajfa-9759	156	10	returning	return	VERB
ajfa-9759	156	11	of	of	ADP
ajfa-9759	156	12	available	available	ADJ
ajfa-9759	156	13	cash	cash	NOUN
ajfa-9759	156	14	,	,	PUNCT
ajfa-9759	156	15	provide	provide	VERB
ajfa-9759	156	16	liquidity	liquidity	NOUN
ajfa-9759	156	17	and	and	CCONJ
ajfa-9759	156	18	exit	exit	NOUN
ajfa-9759	156	19	option	option	NOUN
ajfa-9759	156	20	,	,	PUNCT
ajfa-9759	156	21	stated	state	VERB
ajfa-9759	156	22	by	by	ADP
ajfa-9759	156	23	the	the	DET
ajfa-9759	156	24	indian	indian	ADJ
ajfa-9759	156	25	companies	company	NOUN
ajfa-9759	156	26	in	in	ADP
ajfa-9759	156	27	the	the	DET
ajfa-9759	156	28	offer	offer	NOUN
ajfa-9759	156	29	document	document	NOUN
ajfa-9759	156	30	.	.	PUNCT
ajfa-9759	157	1	the	the	DET
ajfa-9759	157	2	dominant	dominant	ADJ
ajfa-9759	157	3	reason	reason	NOUN
ajfa-9759	157	4	for	for	ADP
ajfa-9759	157	5	share	share	NOUN
ajfa-9759	157	6	buyback	buyback	NOUN
ajfa-9759	157	7	in	in	ADP
ajfa-9759	157	8	india	india	PROPN
ajfa-9759	157	9	is	be	AUX
ajfa-9759	157	10	to	to	PART
ajfa-9759	157	11	return	return	VERB
ajfa-9759	157	12	the	the	DET
ajfa-9759	157	13	available	available	ADJ
ajfa-9759	157	14	cash	cash	NOUN
ajfa-9759	157	15	with	with	ADP
ajfa-9759	157	16	the	the	DET
ajfa-9759	157	17	company	company	NOUN
ajfa-9759	157	18	to	to	PART
ajfa-9759	157	19	reduce	reduce	VERB
ajfa-9759	157	20	the	the	DET
ajfa-9759	157	21	agency	agency	NOUN
ajfa-9759	157	22	cost	cost	NOUN
ajfa-9759	157	23	.	.	PUNCT
ajfa-9759	158	1	the	the	DET
ajfa-9759	158	2	second	second	ADJ
ajfa-9759	158	3	important	important	ADJ
ajfa-9759	158	4	reason	reason	NOUN
ajfa-9759	158	5	for	for	ADP
ajfa-9759	158	6	the	the	DET
ajfa-9759	158	7	share	share	NOUN
ajfa-9759	158	8	buyback	buyback	NOUN
ajfa-9759	158	9	is	be	AUX
ajfa-9759	158	10	to	to	PART
ajfa-9759	158	11	provide	provide	VERB
ajfa-9759	158	12	liquidity	liquidity	NOUN
ajfa-9759	158	13	,	,	PUNCT
ajfa-9759	158	14	as	as	SCONJ
ajfa-9759	158	15	repurchase	repurchase	NOUN
ajfa-9759	158	16	increases	increase	VERB
ajfa-9759	158	17	the	the	DET
ajfa-9759	158	18	trading	trading	NOUN
ajfa-9759	158	19	of	of	ADP
ajfa-9759	158	20	the	the	DET
ajfa-9759	158	21	shares	share	NOUN
ajfa-9759	158	22	during	during	ADP
ajfa-9759	158	23	the	the	DET
ajfa-9759	158	24	offer	offer	NOUN
ajfa-9759	158	25	period	period	NOUN
ajfa-9759	158	26	.	.	PUNCT
ajfa-9759	159	1	the	the	DET
ajfa-9759	159	2	least	least	ADJ
ajfa-9759	159	3	stated	state	VERB
ajfa-9759	159	4	reason	reason	NOUN
ajfa-9759	159	5	for	for	ADP
ajfa-9759	159	6	the	the	DET
ajfa-9759	159	7	share	share	NOUN
ajfa-9759	159	8	buyback	buyback	NOUN
ajfa-9759	159	9	is	be	AUX
ajfa-9759	159	10	to	to	PART
ajfa-9759	159	11	give	give	VERB
ajfa-9759	159	12	an	an	DET
ajfa-9759	159	13	opportunity	opportunity	NOUN
ajfa-9759	159	14	to	to	ADP
ajfa-9759	159	15	the	the	DET
ajfa-9759	159	16	investors	investor	NOUN
ajfa-9759	159	17	to	to	PART
ajfa-9759	159	18	exit	exit	VERB
ajfa-9759	159	19	from	from	ADP
ajfa-9759	159	20	the	the	DET
ajfa-9759	159	21	company	company	NOUN
ajfa-9759	159	22	.	.	PUNCT
ajfa-9759	160	1	asian	asian	ADJ
ajfa-9759	160	2	journal	journal	PROPN
ajfa-9759	160	3	of	of	ADP
ajfa-9759	160	4	finance	finance	PROPN
ajfa-9759	160	5	&	&	CCONJ
ajfa-9759	160	6	accounting	accounting	PROPN
ajfa-9759	160	7	issn	issn	PROPN
ajfa-9759	160	8	1946	1946	NUM
ajfa-9759	160	9	-	-	PUNCT
ajfa-9759	160	10	052x	052x	PROPN
ajfa-9759	160	11	2016	2016	NUM
ajfa-9759	160	12	,	,	PUNCT
ajfa-9759	160	13	vol	vol	NOUN
ajfa-9759	160	14	.	.	PROPN
ajfa-9759	160	15	8	8	NUM
ajfa-9759	160	16	,	,	PUNCT
ajfa-9759	160	17	no	no	INTJ
ajfa-9759	160	18	.	.	NOUN
ajfa-9759	160	19	2	2	NUM
ajfa-9759	160	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9759	160	21	10	10	NUM
ajfa-9759	160	22	4	4	NUM
ajfa-9759	160	23	.	.	PUNCT
ajfa-9759	161	1	indian	indian	ADJ
ajfa-9759	161	2	share	share	NOUN
ajfa-9759	161	3	buyback	buyback	NOUN
ajfa-9759	161	4	environment	environment	NOUN
ajfa-9759	161	5	share	share	NOUN
ajfa-9759	161	6	repurchase	repurchase	VERB
ajfa-9759	161	7	as	as	ADP
ajfa-9759	161	8	a	a	DET
ajfa-9759	161	9	payout	payout	ADJ
ajfa-9759	161	10	method	method	NOUN
ajfa-9759	161	11	exists	exist	VERB
ajfa-9759	161	12	in	in	ADP
ajfa-9759	161	13	the	the	DET
ajfa-9759	161	14	us	us	PROPN
ajfa-9759	161	15	since	since	SCONJ
ajfa-9759	161	16	1950	1950	NUM
ajfa-9759	161	17	.	.	PUNCT
ajfa-9759	162	1	but	but	CCONJ
ajfa-9759	162	2	share	share	NOUN
ajfa-9759	162	3	repurchase	repurchase	VERB
ajfa-9759	162	4	as	as	ADP
ajfa-9759	162	5	a	a	DET
ajfa-9759	162	6	tool	tool	NOUN
ajfa-9759	162	7	of	of	ADP
ajfa-9759	162	8	corporate	corporate	ADJ
ajfa-9759	162	9	finance	finance	NOUN
ajfa-9759	162	10	gradually	gradually	ADV
ajfa-9759	162	11	spread	spread	VERB
ajfa-9759	162	12	to	to	ADP
ajfa-9759	162	13	the	the	DET
ajfa-9759	162	14	uk	uk	PROPN
ajfa-9759	162	15	in	in	ADP
ajfa-9759	162	16	1980	1980	NUM
ajfa-9759	162	17	and	and	CCONJ
ajfa-9759	162	18	accepted	accept	VERB
ajfa-9759	162	19	worldwide	worldwide	ADV
ajfa-9759	162	20	during	during	ADP
ajfa-9759	162	21	the	the	DET
ajfa-9759	162	22	1990s	1990s	NUM
ajfa-9759	162	23	.	.	PUNCT
ajfa-9759	163	1	in	in	ADP
ajfa-9759	163	2	this	this	DET
ajfa-9759	163	3	period	period	NOUN
ajfa-9759	163	4	,	,	PUNCT
ajfa-9759	163	5	share	share	NOUN
ajfa-9759	163	6	repurchase	repurchase	NOUN
ajfa-9759	163	7	started	start	VERB
ajfa-9759	163	8	in	in	ADP
ajfa-9759	163	9	france	france	PROPN
ajfa-9759	163	10	and	and	CCONJ
ajfa-9759	163	11	germany	germany	PROPN
ajfa-9759	163	12	(	(	PUNCT
ajfa-9759	163	13	1998	1998	NUM
ajfa-9759	163	14	)	)	PUNCT
ajfa-9759	163	15	,	,	PUNCT
ajfa-9759	163	16	japan	japan	PROPN
ajfa-9759	163	17	(	(	PUNCT
ajfa-9759	163	18	1995	1995	NUM
ajfa-9759	163	19	)	)	PUNCT
ajfa-9759	163	20	,	,	PUNCT
ajfa-9759	163	21	malaysia	malaysia	PROPN
ajfa-9759	163	22	(	(	PUNCT
ajfa-9759	163	23	1997	1997	NUM
ajfa-9759	163	24	)	)	PUNCT
ajfa-9759	163	25	,	,	PUNCT
ajfa-9759	163	26	singapore	singapore	PROPN
ajfa-9759	163	27	and	and	CCONJ
ajfa-9759	163	28	hong	hong	PROPN
ajfa-9759	163	29	kong	kong	PROPN
ajfa-9759	163	30	(	(	PUNCT
ajfa-9759	163	31	1998	1998	NUM
ajfa-9759	163	32	)	)	PUNCT
ajfa-9759	163	33	and	and	CCONJ
ajfa-9759	163	34	taiwan	taiwan	PROPN
ajfa-9759	163	35	(	(	PUNCT
ajfa-9759	163	36	2000	2000	NUM
ajfa-9759	163	37	)	)	PUNCT
ajfa-9759	163	38	.	.	PUNCT
ajfa-9759	164	1	but	but	CCONJ
ajfa-9759	164	2	the	the	DET
ajfa-9759	164	3	significant	significant	ADJ
ajfa-9759	164	4	surge	surge	NOUN
ajfa-9759	164	5	in	in	ADP
ajfa-9759	164	6	the	the	DET
ajfa-9759	164	7	repurchase	repurchase	NOUN
ajfa-9759	164	8	activity	activity	NOUN
ajfa-9759	164	9	started	start	VERB
ajfa-9759	164	10	from	from	ADP
ajfa-9759	164	11	1980	1980	NUM
ajfa-9759	164	12	to	to	ADP
ajfa-9759	164	13	2000	2000	NUM
ajfa-9759	164	14	.	.	PUNCT
ajfa-9759	165	1	during	during	ADP
ajfa-9759	165	2	these	these	DET
ajfa-9759	165	3	two	two	NUM
ajfa-9759	165	4	decades	decade	NOUN
ajfa-9759	165	5	,	,	PUNCT
ajfa-9759	165	6	companies	company	NOUN
ajfa-9759	165	7	in	in	ADP
ajfa-9759	165	8	the	the	DET
ajfa-9759	165	9	us	us	PROPN
ajfa-9759	165	10	spent	spend	VERB
ajfa-9759	165	11	more	more	ADJ
ajfa-9759	165	12	on	on	ADP
ajfa-9759	165	13	repurchase	repurchase	NOUN
ajfa-9759	165	14	than	than	ADP
ajfa-9759	165	15	the	the	DET
ajfa-9759	165	16	dividend	dividend	NOUN
ajfa-9759	165	17	.	.	PUNCT
ajfa-9759	166	1	this	this	DET
ajfa-9759	166	2	extraordinary	extraordinary	ADJ
ajfa-9759	166	3	growth	growth	NOUN
ajfa-9759	166	4	of	of	ADP
ajfa-9759	166	5	repurchase	repurchase	NOUN
ajfa-9759	166	6	as	as	ADP
ajfa-9759	166	7	a	a	DET
ajfa-9759	166	8	payout	payout	NOUN
ajfa-9759	166	9	method	method	NOUN
ajfa-9759	166	10	has	have	AUX
ajfa-9759	166	11	caught	catch	VERB
ajfa-9759	166	12	the	the	DET
ajfa-9759	166	13	attention	attention	NOUN
ajfa-9759	166	14	of	of	ADP
ajfa-9759	166	15	many	many	ADJ
ajfa-9759	166	16	researchers	researcher	NOUN
ajfa-9759	166	17	towards	towards	ADP
ajfa-9759	166	18	the	the	DET
ajfa-9759	166	19	cause	cause	NOUN
ajfa-9759	166	20	and	and	CCONJ
ajfa-9759	166	21	factors	factor	NOUN
ajfa-9759	166	22	that	that	PRON
ajfa-9759	166	23	motivate	motivate	VERB
ajfa-9759	166	24	companies	company	NOUN
ajfa-9759	166	25	for	for	ADP
ajfa-9759	166	26	repurchases	repurchase	NOUN
ajfa-9759	166	27	.	.	PUNCT
ajfa-9759	167	1	the	the	DET
ajfa-9759	167	2	extensive	extensive	ADJ
ajfa-9759	167	3	literature	literature	NOUN
ajfa-9759	167	4	on	on	ADP
ajfa-9759	167	5	share	share	NOUN
ajfa-9759	167	6	repurchase	repurchase	PROPN
ajfa-9759	167	7	proposed	propose	VERB
ajfa-9759	167	8	many	many	ADJ
ajfa-9759	167	9	hypotheses	hypothesis	NOUN
ajfa-9759	167	10	,	,	PUNCT
ajfa-9759	167	11	those	those	PRON
ajfa-9759	167	12	drives	drive	VERB
ajfa-9759	167	13	companies	company	NOUN
ajfa-9759	167	14	for	for	ADP
ajfa-9759	167	15	undertaking	undertake	VERB
ajfa-9759	167	16	share	share	NOUN
ajfa-9759	167	17	buyback	buyback	NOUN
ajfa-9759	167	18	.	.	PUNCT
ajfa-9759	168	1	the	the	DET
ajfa-9759	168	2	subsequent	subsequent	ADJ
ajfa-9759	168	3	section	section	NOUN
ajfa-9759	168	4	discusess	discusess	NOUN
ajfa-9759	168	5	the	the	DET
ajfa-9759	168	6	hypotheses	hypothesis	NOUN
ajfa-9759	168	7	.	.	PUNCT
ajfa-9759	169	1	4.1	4.1	NUM
ajfa-9759	169	2	signaling	signal	VERB
ajfa-9759	169	3	hypothesis	hypothesis	NOUN
ajfa-9759	169	4	as	as	SCONJ
ajfa-9759	169	5	the	the	DET
ajfa-9759	169	6	company	company	NOUN
ajfa-9759	169	7	’s	’s	PART
ajfa-9759	169	8	management	management	NOUN
ajfa-9759	169	9	and	and	CCONJ
ajfa-9759	169	10	ownership	ownership	NOUN
ajfa-9759	169	11	are	be	AUX
ajfa-9759	169	12	in	in	ADP
ajfa-9759	169	13	different	different	ADJ
ajfa-9759	169	14	hand	hand	NOUN
ajfa-9759	169	15	,	,	PUNCT
ajfa-9759	169	16	information	information	NOUN
ajfa-9759	169	17	possessed	possess	VERB
ajfa-9759	169	18	by	by	ADP
ajfa-9759	169	19	the	the	DET
ajfa-9759	169	20	insider	insider	NOUN
ajfa-9759	169	21	is	be	AUX
ajfa-9759	169	22	higher	high	ADJ
ajfa-9759	169	23	than	than	ADP
ajfa-9759	169	24	outsiders	outsider	NOUN
ajfa-9759	169	25	.	.	PUNCT
ajfa-9759	170	1	so	so	ADV
ajfa-9759	170	2	to	to	PART
ajfa-9759	170	3	maintain	maintain	VERB
ajfa-9759	170	4	information	information	NOUN
ajfa-9759	170	5	symmetry	symmetry	NOUN
ajfa-9759	170	6	or	or	CCONJ
ajfa-9759	170	7	pass	pass	VERB
ajfa-9759	170	8	private	private	ADJ
ajfa-9759	170	9	information	information	NOUN
ajfa-9759	170	10	to	to	ADP
ajfa-9759	170	11	outsiders	outsider	NOUN
ajfa-9759	170	12	many	many	ADJ
ajfa-9759	170	13	corporate	corporate	ADJ
ajfa-9759	170	14	decisions	decision	NOUN
ajfa-9759	170	15	are	be	AUX
ajfa-9759	170	16	taken	take	VERB
ajfa-9759	170	17	such	such	ADJ
ajfa-9759	170	18	as	as	ADP
ajfa-9759	170	19	dividend	dividend	NOUN
ajfa-9759	170	20	payment	payment	NOUN
ajfa-9759	170	21	and	and	CCONJ
ajfa-9759	170	22	share	share	NOUN
ajfa-9759	170	23	repurchase	repurchase	NOUN
ajfa-9759	170	24	signaling	signal	VERB
ajfa-9759	170	25	power	power	NOUN
ajfa-9759	170	26	of	of	ADP
ajfa-9759	170	27	the	the	DET
ajfa-9759	170	28	dividend	dividend	NOUN
ajfa-9759	170	29	decisions	decision	NOUN
ajfa-9759	170	30	is	be	AUX
ajfa-9759	170	31	first	first	ADV
ajfa-9759	170	32	pronounced	pronounce	VERB
ajfa-9759	170	33	by	by	ADP
ajfa-9759	170	34	ross	ross	PROPN
ajfa-9759	170	35	(	(	PUNCT
ajfa-9759	170	36	1977	1977	NUM
ajfa-9759	170	37	)	)	PUNCT
ajfa-9759	170	38	and	and	CCONJ
ajfa-9759	170	39	bhattacharya	bhattacharya	PROPN
ajfa-9759	170	40	(	(	PUNCT
ajfa-9759	170	41	1979	1979	NUM
ajfa-9759	170	42	)	)	PUNCT
ajfa-9759	170	43	by	by	ADP
ajfa-9759	170	44	adopting	adopt	VERB
ajfa-9759	170	45	spence	spence	NOUN
ajfa-9759	170	46	(	(	PUNCT
ajfa-9759	170	47	1973	1973	NUM
ajfa-9759	170	48	)	)	PUNCT
ajfa-9759	170	49	signaling	signal	VERB
ajfa-9759	170	50	model	model	NOUN
ajfa-9759	170	51	.	.	PUNCT
ajfa-9759	171	1	repurchase	repurchase	NOUN
ajfa-9759	171	2	gives	give	VERB
ajfa-9759	171	3	two	two	NUM
ajfa-9759	171	4	types	type	NOUN
ajfa-9759	171	5	of	of	ADP
ajfa-9759	171	6	signals	signal	NOUN
ajfa-9759	171	7	such	such	ADJ
ajfa-9759	171	8	as	as	ADP
ajfa-9759	171	9	undervaluation	undervaluation	NOUN
ajfa-9759	171	10	of	of	ADP
ajfa-9759	171	11	shares	share	NOUN
ajfa-9759	171	12	of	of	ADP
ajfa-9759	171	13	the	the	DET
ajfa-9759	171	14	company	company	NOUN
ajfa-9759	171	15	or	or	CCONJ
ajfa-9759	171	16	about	about	ADP
ajfa-9759	171	17	the	the	DET
ajfa-9759	171	18	future	future	ADJ
ajfa-9759	171	19	growth	growth	NOUN
ajfa-9759	171	20	prospects	prospect	NOUN
ajfa-9759	171	21	of	of	ADP
ajfa-9759	171	22	the	the	DET
ajfa-9759	171	23	company	company	NOUN
ajfa-9759	171	24	or	or	CCONJ
ajfa-9759	171	25	both	both	PRON
ajfa-9759	171	26	.	.	PUNCT
ajfa-9759	172	1	when	when	SCONJ
ajfa-9759	172	2	a	a	DET
ajfa-9759	172	3	company	company	NOUN
ajfa-9759	172	4	is	be	AUX
ajfa-9759	172	5	announcing	announce	VERB
ajfa-9759	172	6	to	to	PART
ajfa-9759	172	7	buy	buy	VERB
ajfa-9759	172	8	-	-	PUNCT
ajfa-9759	172	9	back	back	NOUN
ajfa-9759	172	10	shares	share	NOUN
ajfa-9759	172	11	at	at	ADP
ajfa-9759	172	12	a	a	DET
ajfa-9759	172	13	huge	huge	ADJ
ajfa-9759	172	14	premium	premium	NOUN
ajfa-9759	172	15	,	,	PUNCT
ajfa-9759	172	16	it	it	PRON
ajfa-9759	172	17	gives	give	VERB
ajfa-9759	172	18	a	a	DET
ajfa-9759	172	19	signal	signal	NOUN
ajfa-9759	172	20	of	of	ADP
ajfa-9759	172	21	undervaluation	undervaluation	NOUN
ajfa-9759	172	22	.	.	PUNCT
ajfa-9759	173	1	varmaelen	varmaelen	PROPN
ajfa-9759	173	2	(	(	PUNCT
ajfa-9759	173	3	1981	1981	NUM
ajfa-9759	173	4	)	)	PUNCT
ajfa-9759	173	5	found	find	VERB
ajfa-9759	173	6	that	that	SCONJ
ajfa-9759	173	7	signalling	signal	VERB
ajfa-9759	173	8	is	be	AUX
ajfa-9759	173	9	the	the	DET
ajfa-9759	173	10	most	most	ADV
ajfa-9759	173	11	prominent	prominent	ADJ
ajfa-9759	173	12	and	and	CCONJ
ajfa-9759	173	13	plausible	plausible	ADJ
ajfa-9759	173	14	explanation	explanation	NOUN
ajfa-9759	173	15	for	for	ADP
ajfa-9759	173	16	abnormal	abnormal	ADJ
ajfa-9759	173	17	return	return	NOUN
ajfa-9759	173	18	after	after	ADP
ajfa-9759	173	19	repurchase	repurchase	NOUN
ajfa-9759	173	20	announcement	announcement	NOUN
ajfa-9759	173	21	.	.	PUNCT
ajfa-9759	174	1	so	so	ADV
ajfa-9759	174	2	it	it	PRON
ajfa-9759	174	3	shows	show	VERB
ajfa-9759	174	4	that	that	DET
ajfa-9759	174	5	repurchase	repurchase	NOUN
ajfa-9759	174	6	conveys	convey	VERB
ajfa-9759	174	7	private	private	ADJ
ajfa-9759	174	8	information	information	NOUN
ajfa-9759	174	9	to	to	ADP
ajfa-9759	174	10	the	the	DET
ajfa-9759	174	11	investors	investor	NOUN
ajfa-9759	174	12	.	.	PUNCT
ajfa-9759	175	1	the	the	DET
ajfa-9759	175	2	abnormal	abnormal	ADJ
ajfa-9759	175	3	return	return	NOUN
ajfa-9759	175	4	after	after	SCONJ
ajfa-9759	175	5	the	the	DET
ajfa-9759	175	6	tender	tender	NOUN
ajfa-9759	175	7	offer	offer	NOUN
ajfa-9759	175	8	is	be	AUX
ajfa-9759	175	9	more	more	ADJ
ajfa-9759	175	10	than	than	ADP
ajfa-9759	175	11	open	open	ADJ
ajfa-9759	175	12	market	market	NOUN
ajfa-9759	175	13	repurchase	repurchase	NOUN
ajfa-9759	175	14	because	because	SCONJ
ajfa-9759	175	15	tender	tender	NOUN
ajfa-9759	175	16	offer	offer	NOUN
ajfa-9759	175	17	provides	provide	VERB
ajfa-9759	175	18	more	more	ADV
ajfa-9759	175	19	credible	credible	ADJ
ajfa-9759	175	20	signal	signal	NOUN
ajfa-9759	175	21	than	than	SCONJ
ajfa-9759	175	22	open	open	ADJ
ajfa-9759	175	23	market	market	NOUN
ajfa-9759	175	24	share	share	NOUN
ajfa-9759	175	25	repurchase	repurchase	NOUN
ajfa-9759	175	26	.	.	PUNCT
ajfa-9759	176	1	in	in	ADP
ajfa-9759	176	2	the	the	DET
ajfa-9759	176	3	case	case	NOUN
ajfa-9759	176	4	of	of	ADP
ajfa-9759	176	5	a	a	DET
ajfa-9759	176	6	tender	tender	NOUN
ajfa-9759	176	7	offer	offer	NOUN
ajfa-9759	176	8	,	,	PUNCT
ajfa-9759	176	9	the	the	DET
ajfa-9759	176	10	firm	firm	NOUN
ajfa-9759	176	11	is	be	AUX
ajfa-9759	176	12	more	more	ADV
ajfa-9759	176	13	committed	committed	ADJ
ajfa-9759	176	14	to	to	ADP
ajfa-9759	176	15	doing	do	VERB
ajfa-9759	176	16	share	share	NOUN
ajfa-9759	176	17	repurchase	repurchase	VERB
ajfa-9759	176	18	than	than	ADP
ajfa-9759	176	19	open	open	ADJ
ajfa-9759	176	20	market	market	NOUN
ajfa-9759	176	21	share	share	NOUN
ajfa-9759	176	22	repurchase	repurchase	NOUN
ajfa-9759	176	23	.	.	PUNCT
ajfa-9759	177	1	small	small	ADJ
ajfa-9759	177	2	firms	firm	NOUN
ajfa-9759	177	3	announcing	announce	VERB
ajfa-9759	177	4	share	share	NOUN
ajfa-9759	177	5	repurchase	repurchase	VERB
ajfa-9759	177	6	through	through	ADP
ajfa-9759	177	7	a	a	DET
ajfa-9759	177	8	tender	tender	NOUN
ajfa-9759	177	9	offer	offer	NOUN
ajfa-9759	177	10	,	,	PUNCT
ajfa-9759	177	11	is	be	AUX
ajfa-9759	177	12	consistent	consistent	ADJ
ajfa-9759	177	13	with	with	ADP
ajfa-9759	177	14	the	the	DET
ajfa-9759	177	15	signalling	signal	VERB
ajfa-9759	177	16	hypothesis	hypothesis	NOUN
ajfa-9759	177	17	.	.	PUNCT
ajfa-9759	178	1	bartov	bartov	PROPN
ajfa-9759	178	2	(	(	PUNCT
ajfa-9759	178	3	1991	1991	NUM
ajfa-9759	178	4	)	)	PUNCT
ajfa-9759	178	5	found	find	VERB
ajfa-9759	178	6	that	that	SCONJ
ajfa-9759	178	7	open	open	ADJ
ajfa-9759	178	8	market	market	NOUN
ajfa-9759	178	9	repurchase	repurchase	NOUN
ajfa-9759	178	10	conveys	convey	VERB
ajfa-9759	178	11	information	information	NOUN
ajfa-9759	178	12	about	about	ADP
ajfa-9759	178	13	both	both	DET
ajfa-9759	178	14	earnings	earning	NOUN
ajfa-9759	178	15	and	and	CCONJ
ajfa-9759	178	16	risk	risk	NOUN
ajfa-9759	178	17	changes	change	NOUN
ajfa-9759	178	18	.	.	PUNCT
ajfa-9759	179	1	so	so	ADV
ajfa-9759	179	2	these	these	DET
ajfa-9759	179	3	firms	firm	NOUN
ajfa-9759	179	4	enjoy	enjoy	VERB
ajfa-9759	179	5	unexpected	unexpected	ADJ
ajfa-9759	179	6	annual	annual	ADJ
ajfa-9759	179	7	earnings	earning	NOUN
ajfa-9759	179	8	in	in	ADP
ajfa-9759	179	9	the	the	DET
ajfa-9759	179	10	year	year	NOUN
ajfa-9759	179	11	of	of	ADP
ajfa-9759	179	12	repurchase	repurchase	VERB
ajfa-9759	179	13	announcement	announcement	NOUN
ajfa-9759	179	14	.	.	PUNCT
ajfa-9759	180	1	the	the	DET
ajfa-9759	180	2	repurchase	repurchase	VERB
ajfa-9759	180	3	announcement	announcement	NOUN
ajfa-9759	180	4	return	return	NOUN
ajfa-9759	180	5	is	be	AUX
ajfa-9759	180	6	positively	positively	ADV
ajfa-9759	180	7	relatedtoearning	relatedtoearne	VERB
ajfa-9759	180	8	and	and	CCONJ
ajfa-9759	180	9	negatively	negatively	ADV
ajfa-9759	180	10	relatedto	relatedto	ADJ
ajfa-9759	180	11	systematic	systematic	ADJ
ajfa-9759	180	12	risk	risk	NOUN
ajfa-9759	180	13	.	.	PUNCT
ajfa-9759	181	1	according	accord	VERB
ajfa-9759	181	2	to	to	ADP
ajfa-9759	181	3	stephens	stephen	NOUN
ajfa-9759	181	4	and	and	CCONJ
ajfa-9759	181	5	weisbach	weisbach	NOUN
ajfa-9759	181	6	(	(	PUNCT
ajfa-9759	181	7	1998	1998	NUM
ajfa-9759	181	8	)	)	PUNCT
ajfa-9759	181	9	,	,	PUNCT
ajfa-9759	181	10	there	there	PRON
ajfa-9759	181	11	is	be	VERB
ajfa-9759	181	12	a	a	DET
ajfa-9759	181	13	negative	negative	ADJ
ajfa-9759	181	14	relationship	relationship	NOUN
ajfa-9759	181	15	between	between	ADP
ajfa-9759	181	16	share	share	NOUN
ajfa-9759	181	17	repurchase	repurchase	NOUN
ajfa-9759	181	18	and	and	CCONJ
ajfa-9759	181	19	prior	prior	ADJ
ajfa-9759	181	20	price	price	NOUN
ajfa-9759	181	21	performance	performance	NOUN
ajfa-9759	181	22	of	of	ADP
ajfa-9759	181	23	the	the	DET
ajfa-9759	181	24	stock	stock	NOUN
ajfa-9759	181	25	.	.	PUNCT
ajfa-9759	182	1	he	he	PRON
ajfa-9759	182	2	found	find	VERB
ajfa-9759	182	3	that	that	SCONJ
ajfa-9759	182	4	firms	firm	NOUN
ajfa-9759	182	5	increase	increase	VERB
ajfa-9759	182	6	their	their	PRON
ajfa-9759	182	7	repurchase	repurchase	NOUN
ajfa-9759	182	8	depending	depend	VERB
ajfa-9759	182	9	on	on	ADP
ajfa-9759	182	10	the	the	DET
ajfa-9759	182	11	perceived	perceive	VERB
ajfa-9759	182	12	undervaluation	undervaluation	NOUN
ajfa-9759	182	13	of	of	ADP
ajfa-9759	182	14	their	their	PRON
ajfa-9759	182	15	stock	stock	NOUN
ajfa-9759	182	16	.	.	PUNCT
ajfa-9759	183	1	comment	comment	NOUN
ajfa-9759	183	2	&	&	CCONJ
ajfa-9759	183	3	jarrell	jarrell	PROPN
ajfa-9759	183	4	(	(	PUNCT
ajfa-9759	183	5	1991	1991	NUM
ajfa-9759	183	6	)	)	PUNCT
ajfa-9759	183	7	examined	examine	VERB
ajfa-9759	183	8	three	three	NUM
ajfa-9759	183	9	types	type	NOUN
ajfa-9759	183	10	of	of	ADP
ajfa-9759	183	11	repurchases	repurchase	NOUN
ajfa-9759	183	12	of	of	ADP
ajfa-9759	183	13	shares	share	NOUN
ajfa-9759	183	14	such	such	ADJ
ajfa-9759	183	15	as	as	ADP
ajfa-9759	183	16	dutch	dutch	ADJ
ajfa-9759	183	17	auction	auction	NOUN
ajfa-9759	183	18	self	self	NOUN
ajfa-9759	183	19	-	-	PUNCT
ajfa-9759	183	20	tender	tender	NOUN
ajfa-9759	183	21	offer	offer	NOUN
ajfa-9759	183	22	,	,	PUNCT
ajfa-9759	183	23	fixed	fix	VERB
ajfa-9759	183	24	price	price	NOUN
ajfa-9759	183	25	self	self	NOUN
ajfa-9759	183	26	-	-	PUNCT
ajfa-9759	183	27	tender	tender	NOUN
ajfa-9759	183	28	,	,	PUNCT
ajfa-9759	183	29	and	and	CCONJ
ajfa-9759	183	30	open	open	ADJ
ajfa-9759	183	31	market	market	NOUN
ajfa-9759	183	32	repurchase	repurchase	NOUN
ajfa-9759	183	33	in	in	ADP
ajfa-9759	183	34	the	the	DET
ajfa-9759	183	35	us	we	PRON
ajfa-9759	183	36	to	to	PART
ajfa-9759	183	37	study	study	VERB
ajfa-9759	183	38	the	the	DET
ajfa-9759	183	39	signalling	signal	VERB
ajfa-9759	183	40	effect	effect	NOUN
ajfa-9759	183	41	of	of	ADP
ajfa-9759	183	42	these	these	DET
ajfa-9759	183	43	methods	method	NOUN
ajfa-9759	183	44	and	and	CCONJ
ajfa-9759	183	45	found	find	VERB
ajfa-9759	183	46	that	that	SCONJ
ajfa-9759	183	47	fixed	fix	VERB
ajfa-9759	183	48	price	price	NOUN
ajfa-9759	183	49	selftender	selftender	NOUN
ajfa-9759	183	50	method	method	NOUN
ajfa-9759	183	51	conveys	convey	VERB
ajfa-9759	183	52	astrong	astrong	NOUN
ajfa-9759	183	53	signal	signal	NOUN
ajfa-9759	183	54	of	of	ADP
ajfa-9759	183	55	undervaluation	undervaluation	NOUN
ajfa-9759	183	56	than	than	SCONJ
ajfa-9759	183	57	others.the	others.the	DET
ajfa-9759	183	58	study	study	NOUN
ajfa-9759	183	59	reported	report	VERB
ajfa-9759	183	60	by	by	ADP
ajfa-9759	183	61	louis	louis	PROPN
ajfa-9759	183	62	and	and	CCONJ
ajfa-9759	183	63	white	white	ADJ
ajfa-9759	183	64	(	(	PUNCT
ajfa-9759	183	65	2007	2007	NUM
ajfa-9759	183	66	)	)	PUNCT
ajfa-9759	183	67	is	be	AUX
ajfa-9759	183	68	consistent	consistent	ADJ
ajfa-9759	183	69	with	with	ADP
ajfa-9759	183	70	comment	comment	NOUN
ajfa-9759	183	71	&	&	CCONJ
ajfa-9759	183	72	jarrell	jarrell	PROPN
ajfa-9759	183	73	(	(	PUNCT
ajfa-9759	183	74	1991	1991	NUM
ajfa-9759	183	75	)	)	PUNCT
ajfa-9759	183	76	.	.	PUNCT
ajfa-9759	184	1	haw	haw	INTJ
ajfa-9759	184	2	et	et	PROPN
ajfa-9759	184	3	al	al	PROPN
ajfa-9759	184	4	.	.	PROPN
ajfa-9759	185	1	(	(	PUNCT
ajfa-9759	185	2	2013	2013	NUM
ajfa-9759	185	3	)	)	PUNCT
ajfa-9759	185	4	examined	examine	VERB
ajfa-9759	185	5	the	the	DET
ajfa-9759	185	6	signalling	signal	VERB
ajfa-9759	185	7	effect	effect	NOUN
ajfa-9759	185	8	of	of	ADP
ajfa-9759	185	9	real	real	ADJ
ajfa-9759	185	10	repurchase	repurchase	NOUN
ajfa-9759	185	11	and	and	CCONJ
ajfa-9759	185	12	mimicking	mimic	VERB
ajfa-9759	185	13	repurchase	repurchase	NOUN
ajfa-9759	185	14	.	.	PUNCT
ajfa-9759	186	1	the	the	DET
ajfa-9759	186	2	study	study	NOUN
ajfa-9759	186	3	found	find	VERB
ajfa-9759	186	4	that	that	SCONJ
ajfa-9759	186	5	long	long	ADJ
ajfa-9759	186	6	-	-	PUNCT
ajfa-9759	186	7	term	term	NOUN
ajfa-9759	186	8	operating	operating	NOUN
ajfa-9759	186	9	and	and	CCONJ
ajfa-9759	186	10	market	market	NOUN
ajfa-9759	186	11	performance	performance	NOUN
ajfa-9759	186	12	followed	follow	VERB
ajfa-9759	186	13	by	by	ADP
ajfa-9759	186	14	the	the	DET
ajfa-9759	186	15	announcement	announcement	NOUN
ajfa-9759	186	16	of	of	ADP
ajfa-9759	186	17	repurchase	repurchase	NOUN
ajfa-9759	186	18	improves	improve	VERB
ajfa-9759	186	19	less	less	ADJ
ajfa-9759	186	20	for	for	ADP
ajfa-9759	186	21	mimicking	mimic	VERB
ajfa-9759	186	22	firms	firm	NOUN
ajfa-9759	186	23	.	.	PUNCT
ajfa-9759	187	1	asian	asian	ADJ
ajfa-9759	187	2	journal	journal	PROPN
ajfa-9759	187	3	of	of	ADP
ajfa-9759	187	4	finance	finance	PROPN
ajfa-9759	187	5	&	&	CCONJ
ajfa-9759	187	6	accounting	accounting	PROPN
ajfa-9759	187	7	issn	issn	PROPN
ajfa-9759	187	8	1946	1946	NUM
ajfa-9759	187	9	-	-	PUNCT
ajfa-9759	187	10	052x	052x	PROPN
ajfa-9759	187	11	2016	2016	NUM
ajfa-9759	187	12	,	,	PUNCT
ajfa-9759	187	13	vol	vol	NOUN
ajfa-9759	187	14	.	.	PROPN
ajfa-9759	187	15	8	8	NUM
ajfa-9759	187	16	,	,	PUNCT
ajfa-9759	187	17	no	no	INTJ
ajfa-9759	187	18	.	.	NOUN
ajfa-9759	187	19	2	2	NUM
ajfa-9759	187	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9759	187	21	11	11	NUM
ajfa-9759	187	22	4.2	4.2	NUM
ajfa-9759	187	23	excess	excess	ADJ
ajfa-9759	187	24	capital	capital	NOUN
ajfa-9759	187	25	or	or	CCONJ
ajfa-9759	187	26	cash	cash	NOUN
ajfa-9759	187	27	flow	flow	NOUN
ajfa-9759	187	28	hypothesis	hypothesis	NOUN
ajfa-9759	187	29	firms	firm	NOUN
ajfa-9759	187	30	are	be	AUX
ajfa-9759	187	31	having	have	VERB
ajfa-9759	187	32	the	the	DET
ajfa-9759	187	33	excess	excess	ADJ
ajfa-9759	187	34	capital	capital	NOUN
ajfa-9759	187	35	or	or	CCONJ
ajfa-9759	187	36	cash	cash	NOUN
ajfa-9759	187	37	flow	flow	NOUN
ajfa-9759	187	38	than	than	ADP
ajfa-9759	187	39	the	the	DET
ajfa-9759	187	40	profitable	profitable	ADJ
ajfa-9759	187	41	investment	investment	NOUN
ajfa-9759	187	42	opportunities	opportunity	NOUN
ajfa-9759	187	43	likely	likely	ADJ
ajfa-9759	187	44	to	to	PART
ajfa-9759	187	45	distribute	distribute	VERB
ajfa-9759	187	46	the	the	DET
ajfa-9759	187	47	surplus	surplus	ADJ
ajfa-9759	187	48	cash	cash	NOUN
ajfa-9759	187	49	to	to	ADP
ajfa-9759	187	50	the	the	DET
ajfa-9759	187	51	shareholders	shareholder	NOUN
ajfa-9759	187	52	to	to	PART
ajfa-9759	187	53	reduce	reduce	VERB
ajfa-9759	187	54	the	the	DET
ajfa-9759	187	55	agency	agency	NOUN
ajfa-9759	187	56	cost	cost	NOUN
ajfa-9759	187	57	jensen	jensen	PROPN
ajfa-9759	187	58	(	(	PUNCT
ajfa-9759	187	59	1986).if	1986).if	NUM
ajfa-9759	187	60	firms	firm	NOUN
ajfa-9759	187	61	are	be	AUX
ajfa-9759	187	62	over	over	ADV
ajfa-9759	187	63	flooded	flood	VERB
ajfa-9759	187	64	with	with	ADP
ajfa-9759	187	65	cash	cash	NOUN
ajfa-9759	187	66	or	or	CCONJ
ajfa-9759	187	67	capital	capital	NOUN
ajfa-9759	187	68	,	,	PUNCT
ajfa-9759	187	69	there	there	PRON
ajfa-9759	187	70	is	be	VERB
ajfa-9759	187	71	a	a	DET
ajfa-9759	187	72	probability	probability	NOUN
ajfa-9759	187	73	that	that	SCONJ
ajfa-9759	187	74	firms	firm	NOUN
ajfa-9759	187	75	may	may	AUX
ajfa-9759	187	76	undertake	undertake	VERB
ajfa-9759	187	77	negative	negative	ADJ
ajfa-9759	187	78	net	net	ADJ
ajfa-9759	187	79	value	value	NOUN
ajfa-9759	187	80	projects	project	NOUN
ajfa-9759	187	81	.	.	PUNCT
ajfa-9759	188	1	so	so	ADV
ajfa-9759	188	2	higher	high	ADJ
ajfa-9759	188	3	payout	payout	NOUN
ajfa-9759	188	4	reduces	reduce	VERB
ajfa-9759	188	5	the	the	DET
ajfa-9759	188	6	free	free	ADJ
ajfa-9759	188	7	cash	cash	NOUN
ajfa-9759	188	8	available	available	ADJ
ajfa-9759	188	9	at	at	ADP
ajfa-9759	188	10	the	the	DET
ajfa-9759	188	11	discretion	discretion	NOUN
ajfa-9759	188	12	of	of	ADP
ajfa-9759	188	13	the	the	DET
ajfa-9759	188	14	managers	manager	NOUN
ajfa-9759	188	15	and	and	CCONJ
ajfa-9759	188	16	also	also	ADV
ajfa-9759	188	17	restricts	restrict	VERB
ajfa-9759	188	18	the	the	DET
ajfa-9759	188	19	empire	empire	NOUN
ajfa-9759	188	20	building	building	NOUN
ajfa-9759	188	21	desire	desire	NOUN
ajfa-9759	188	22	of	of	ADP
ajfa-9759	188	23	the	the	DET
ajfa-9759	188	24	managers	manager	NOUN
ajfa-9759	188	25	.	.	PUNCT
ajfa-9759	189	1	vafeas	vafea	NOUN
ajfa-9759	189	2	and	and	CCONJ
ajfa-9759	189	3	joy	joy	NOUN
ajfa-9759	189	4	(	(	PUNCT
ajfa-9759	189	5	1995	1995	NUM
ajfa-9759	189	6	)	)	PUNCT
ajfa-9759	189	7	reported	report	VERB
ajfa-9759	189	8	empirical	empirical	ADJ
ajfa-9759	189	9	evidence	evidence	NOUN
ajfa-9759	189	10	supporting	support	VERB
ajfa-9759	189	11	jensen	jensen	PROPN
ajfa-9759	189	12	(	(	PUNCT
ajfa-9759	189	13	1986).the	1986).the	DET
ajfa-9759	189	14	study	study	NOUN
ajfa-9759	189	15	found	find	VERB
ajfa-9759	189	16	that	that	SCONJ
ajfa-9759	189	17	the	the	DET
ajfa-9759	189	18	announcement	announcement	NOUN
ajfa-9759	189	19	return	return	VERB
ajfa-9759	189	20	arising	arise	VERB
ajfa-9759	189	21	around	around	ADP
ajfa-9759	189	22	theannouncement	theannouncement	NOUN
ajfa-9759	189	23	of	of	ADP
ajfa-9759	189	24	open	open	ADJ
ajfa-9759	189	25	market	market	NOUN
ajfa-9759	189	26	repurchases	repurchase	NOUN
ajfa-9759	189	27	is	be	AUX
ajfa-9759	189	28	the	the	DET
ajfa-9759	189	29	result	result	NOUN
ajfa-9759	189	30	of	of	ADP
ajfa-9759	189	31	the	the	DET
ajfa-9759	189	32	reduction	reduction	NOUN
ajfa-9759	189	33	of	of	ADP
ajfa-9759	189	34	agency	agency	NOUN
ajfa-9759	189	35	cost	cost	NOUN
ajfa-9759	189	36	.	.	PUNCT
ajfa-9759	190	1	boudry	boudry	ADJ
ajfa-9759	190	2	(	(	PUNCT
ajfa-9759	190	3	2013	2013	NUM
ajfa-9759	190	4	)	)	PUNCT
ajfa-9759	190	5	reported	report	VERB
ajfa-9759	190	6	a	a	DET
ajfa-9759	190	7	positive	positive	ADJ
ajfa-9759	190	8	relationship	relationship	NOUN
ajfa-9759	190	9	between	between	ADP
ajfa-9759	190	10	the	the	DET
ajfa-9759	190	11	availability	availability	NOUN
ajfa-9759	190	12	of	of	ADP
ajfa-9759	190	13	cash	cash	NOUN
ajfa-9759	190	14	and	and	CCONJ
ajfa-9759	190	15	repurchase	repurchase	VERB
ajfa-9759	190	16	keeping	keep	VERB
ajfa-9759	190	17	invest	invest	VERB
ajfa-9759	190	18	opportunities	opportunity	NOUN
ajfa-9759	190	19	constant	constant	ADJ
ajfa-9759	190	20	.	.	PUNCT
ajfa-9759	191	1	asian	asian	ADJ
ajfa-9759	191	2	journal	journal	PROPN
ajfa-9759	191	3	of	of	ADP
ajfa-9759	191	4	finance	finance	PROPN
ajfa-9759	191	5	&	&	CCONJ
ajfa-9759	191	6	accounting	accounting	PROPN
ajfa-9759	191	7	issn	issn	PROPN
ajfa-9759	191	8	1946	1946	NUM
ajfa-9759	191	9	-	-	PUNCT
ajfa-9759	191	10	052x	052x	PROPN
ajfa-9759	191	11	2016	2016	NUM
ajfa-9759	191	12	,	,	PUNCT
ajfa-9759	191	13	vol	vol	NOUN
ajfa-9759	191	14	.	.	PROPN
ajfa-9759	191	15	8	8	NUM
ajfa-9759	191	16	,	,	PUNCT
ajfa-9759	191	17	no	no	INTJ
ajfa-9759	191	18	.	.	NOUN
ajfa-9759	191	19	2	2	NUM
ajfa-9759	191	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9759	191	21	12	12	NUM
ajfa-9759	191	22	table	table	NOUN
ajfa-9759	191	23	3	3	NUM
ajfa-9759	191	24	.	.	PUNCT
ajfa-9759	192	1	industry	industry	NOUN
ajfa-9759	192	2	wise	wise	ADJ
ajfa-9759	192	3	classification	classification	NOUN
ajfa-9759	192	4	of	of	ADP
ajfa-9759	192	5	share	share	NOUN
ajfa-9759	192	6	repurchases	repurchase	NOUN
ajfa-9759	192	7	from	from	ADP
ajfa-9759	192	8	1998	1998	NUM
ajfa-9759	192	9	-	-	SYM
ajfa-9759	192	10	2015	2015	NUM
ajfa-9759	192	11	industry	industry	NOUN
ajfa-9759	192	12	category	category	NOUN
ajfa-9759	192	13	no	no	INTJ
ajfa-9759	192	14	.	.	PUNCT
ajfa-9759	192	15	of	of	ADP
ajfa-9759	192	16	companies	company	NOUN
ajfa-9759	192	17	percentage	percentage	NOUN
ajfa-9759	192	18	(	(	PUNCT
ajfa-9759	192	19	%	%	INTJ
ajfa-9759	192	20	)	)	PUNCT
ajfa-9759	192	21	agro	agro	NOUN
ajfa-9759	192	22	chemical	chemical	NOUN
ajfa-9759	192	23	2	2	NUM
ajfa-9759	192	24	0.64	0.64	NUM
ajfa-9759	192	25	automobile	automobile	NOUN
ajfa-9759	192	26	13	13	NUM
ajfa-9759	192	27	4.18	4.18	NUM
ajfa-9759	192	28	cables	cable	NOUN
ajfa-9759	192	29	3	3	NUM
ajfa-9759	192	30	0.96	0.96	NUM
ajfa-9759	192	31	carbone	carbone	NOUN
ajfa-9759	192	32	black	black	ADJ
ajfa-9759	192	33	3	3	NUM
ajfa-9759	192	34	0.96	0.96	NUM
ajfa-9759	192	35	cement	cement	NOUN
ajfa-9759	192	36	&	&	CCONJ
ajfa-9759	192	37	construction	construction	NOUN
ajfa-9759	192	38	materials	material	NOUN
ajfa-9759	192	39	12	12	NUM
ajfa-9759	192	40	3.86	3.86	NUM
ajfa-9759	192	41	chemicals	chemical	NOUN
ajfa-9759	192	42	12	12	NUM
ajfa-9759	192	43	3.86	3.86	NUM
ajfa-9759	192	44	diamond	diamond	NOUN
ajfa-9759	192	45	cutting	cutting	NOUN
ajfa-9759	192	46	&	&	CCONJ
ajfa-9759	192	47	jewellery	jewellery	NOUN
ajfa-9759	192	48	4	4	NUM
ajfa-9759	192	49	1.29	1.29	NUM
ajfa-9759	192	50	diversified	diversify	VERB
ajfa-9759	192	51	13	13	NUM
ajfa-9759	192	52	4.18	4.18	NUM
ajfa-9759	192	53	electric	electric	ADJ
ajfa-9759	192	54	lamps	lamp	NOUN
ajfa-9759	192	55	&	&	CCONJ
ajfa-9759	192	56	accessories	accessory	NOUN
ajfa-9759	192	57	21	21	NUM
ajfa-9759	192	58	6.75	6.75	NUM
ajfa-9759	192	59	engineering	engineering	NOUN
ajfa-9759	192	60	5	5	NUM
ajfa-9759	192	61	1.61	1.61	NUM
ajfa-9759	192	62	financial	financial	ADJ
ajfa-9759	192	63	services	service	NOUN
ajfa-9759	192	64	20	20	NUM
ajfa-9759	192	65	6.43	6.43	NUM
ajfa-9759	192	66	food	food	NOUN
ajfa-9759	192	67	&	&	CCONJ
ajfa-9759	192	68	food	food	NOUN
ajfa-9759	192	69	processing	process	VERB
ajfa-9759	192	70	7	7	NUM
ajfa-9759	192	71	2.25	2.25	NUM
ajfa-9759	192	72	hotels	hotel	NOUN
ajfa-9759	192	73	&	&	CCONJ
ajfa-9759	192	74	resorts	resort	NOUN
ajfa-9759	192	75	3	3	NUM
ajfa-9759	192	76	0.96	0.96	NUM
ajfa-9759	192	77	housing/	housing/	NUM
ajfa-9759	192	78	civil	civil	ADJ
ajfa-9759	192	79	construction/	construction/	NUM
ajfa-9759	192	80	real	real	ADJ
ajfa-9759	192	81	estate	estate	NOUN
ajfa-9759	192	82	5	5	NUM
ajfa-9759	192	83	1.61	1.61	NUM
ajfa-9759	192	84	information	information	NOUN
ajfa-9759	192	85	technology	technology	NOUN
ajfa-9759	192	86	29	29	NUM
ajfa-9759	192	87	9.32	9.32	NUM
ajfa-9759	192	88	machine	machine	NOUN
ajfa-9759	192	89	tools	tool	NOUN
ajfa-9759	192	90	3	3	NUM
ajfa-9759	192	91	0.96	0.96	NUM
ajfa-9759	192	92	oil	oil	NOUN
ajfa-9759	192	93	exploration	exploration	NOUN
ajfa-9759	192	94	/	/	SYM
ajfa-9759	192	95	drilling	drilling	NOUN
ajfa-9759	192	96	/	/	SYM
ajfa-9759	192	97	refining	refining	NOUN
ajfa-9759	192	98	8	8	NUM
ajfa-9759	192	99	2.57	2.57	NUM
ajfa-9759	192	100	packaging	packaging	NOUN
ajfa-9759	192	101	&	&	CCONJ
ajfa-9759	192	102	plastic	plastic	PROPN
ajfa-9759	192	103	3	3	NUM
ajfa-9759	192	104	0.96	0.96	NUM
ajfa-9759	192	105	paints	paint	NOUN
ajfa-9759	192	106	/	/	SYM
ajfa-9759	192	107	varnishes	varnish	NOUN
ajfa-9759	192	108	5	5	NUM
ajfa-9759	192	109	1.61	1.61	NUM
ajfa-9759	192	110	personal	personal	ADJ
ajfa-9759	192	111	care	care	NOUN
ajfa-9759	192	112	10	10	NUM
ajfa-9759	192	113	3.22	3.22	NUM
ajfa-9759	192	114	petrochemicals	petrochemical	NOUN
ajfa-9759	192	115	2	2	NUM
ajfa-9759	192	116	0.64	0.64	NUM
ajfa-9759	192	117	pharmaceuticals	pharmaceutical	NOUN
ajfa-9759	192	118	&	&	CCONJ
ajfa-9759	192	119	drugs	drug	NOUN
ajfa-9759	192	120	24	24	NUM
ajfa-9759	192	121	7.72	7.72	NUM
ajfa-9759	192	122	plastics	plastic	NOUN
ajfa-9759	192	123	8	8	NUM
ajfa-9759	192	124	2.57	2.57	NUM
ajfa-9759	192	125	power	power	NOUN
ajfa-9759	192	126	generation	generation	NOUN
ajfa-9759	192	127	&	&	CCONJ
ajfa-9759	192	128	supply	supply	VERB
ajfa-9759	192	129	6	6	NUM
ajfa-9759	192	130	1.93	1.93	NUM
ajfa-9759	192	131	project	project	NOUN
ajfa-9759	192	132	contracting/	contracting/	NUM
ajfa-9759	192	133	machinery	machinery	NOUN
ajfa-9759	192	134	manufacture	manufacture	VERB
ajfa-9759	192	135	7	7	NUM
ajfa-9759	192	136	2.25	2.25	NUM
ajfa-9759	192	137	publishing	publish	VERB
ajfa-9759	192	138	6	6	NUM
ajfa-9759	192	139	1.93	1.93	NUM
ajfa-9759	192	140	shipping	shipping	NOUN
ajfa-9759	192	141	(	(	PUNCT
ajfa-9759	192	142	repairing/	repairing/	NUM
ajfa-9759	192	143	breaking	breaking	NOUN
ajfa-9759	192	144	)	)	PUNCT
ajfa-9759	192	145	3	3	NUM
ajfa-9759	192	146	0.96	0.96	NUM
ajfa-9759	192	147	steel	steel	NOUN
ajfa-9759	192	148	tubes	tube	NOUN
ajfa-9759	192	149	/	/	SYM
ajfa-9759	192	150	pipes	pipe	NOUN
ajfa-9759	192	151	/	/	SYM
ajfa-9759	192	152	wires	wire	NOUN
ajfa-9759	192	153	12	12	NUM
ajfa-9759	192	154	3.86	3.86	NUM
ajfa-9759	192	155	sugar	sugar	NOUN
ajfa-9759	192	156	breweries	brewery	NOUN
ajfa-9759	192	157	&	&	CCONJ
ajfa-9759	192	158	distilleries	distilleries	PROPN
ajfa-9759	192	159	3	3	NUM
ajfa-9759	192	160	0.96	0.96	NUM
ajfa-9759	192	161	tea/	tea/	NOUN
ajfa-9759	192	162	coffee	coffee	NOUN
ajfa-9759	192	163	4	4	NUM
ajfa-9759	192	164	1.29	1.29	NUM
ajfa-9759	192	165	telecommunications	telecommunication	NOUN
ajfa-9759	192	166	16	16	NUM
ajfa-9759	192	167	5.14	5.14	NUM
ajfa-9759	192	168	textiles	textile	NOUN
ajfa-9759	192	169	15	15	NUM
ajfa-9759	192	170	4.82	4.82	NUM
ajfa-9759	192	171	trading(exports	trading(export	NOUN
ajfa-9759	192	172	)	)	PUNCT
ajfa-9759	192	173	6	6	NUM
ajfa-9759	192	174	1.93	1.93	NUM
ajfa-9759	192	175	others	other	NOUN
ajfa-9759	192	176	12	12	NUM
ajfa-9759	192	177	5.79	5.79	NUM
ajfa-9759	192	178	total	total	NOUN
ajfa-9759	192	179	305	305	NUM
ajfa-9759	192	180	100	100	NUM
ajfa-9759	192	181	source	source	NOUN
ajfa-9759	192	182	:	:	PUNCT
ajfa-9759	192	183	authors	author	NOUN
ajfa-9759	192	184	own	own	VERB
ajfa-9759	192	185	compilation	compilation	NOUN
ajfa-9759	192	186	.	.	PUNCT
ajfa-9759	193	1	asian	asian	ADJ
ajfa-9759	193	2	journal	journal	PROPN
ajfa-9759	193	3	of	of	ADP
ajfa-9759	193	4	finance	finance	PROPN
ajfa-9759	193	5	&	&	CCONJ
ajfa-9759	193	6	accounting	accounting	PROPN
ajfa-9759	193	7	issn	issn	PROPN
ajfa-9759	193	8	1946	1946	NUM
ajfa-9759	193	9	-	-	PUNCT
ajfa-9759	193	10	052x	052x	PROPN
ajfa-9759	193	11	2016	2016	NUM
ajfa-9759	193	12	,	,	PUNCT
ajfa-9759	193	13	vol	vol	NOUN
ajfa-9759	193	14	.	.	PROPN
ajfa-9759	193	15	8	8	NUM
ajfa-9759	193	16	,	,	PUNCT
ajfa-9759	193	17	no	no	INTJ
ajfa-9759	193	18	.	.	NOUN
ajfa-9759	193	19	2	2	NUM
ajfa-9759	193	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9759	193	21	13	13	NUM
ajfa-9759	193	22	4.3	4.3	NUM
ajfa-9759	193	23	optimum	optimum	ADJ
ajfa-9759	193	24	leverage	leverage	NOUN
ajfa-9759	193	25	hypothesis	hypothesis	NOUN
ajfa-9759	193	26	leverage	leverage	NOUN
ajfa-9759	193	27	hypothesis	hypothesis	NOUN
ajfa-9759	193	28	posits	posit	NOUN
ajfa-9759	193	29	that	that	SCONJ
ajfa-9759	193	30	companies	company	NOUN
ajfa-9759	193	31	are	be	AUX
ajfa-9759	193	32	more	more	ADV
ajfa-9759	193	33	likely	likely	ADJ
ajfa-9759	193	34	to	to	PART
ajfa-9759	193	35	do	do	AUX
ajfa-9759	193	36	repurchase	repurchase	VERB
ajfa-9759	193	37	if	if	SCONJ
ajfa-9759	193	38	their	their	PRON
ajfa-9759	193	39	actual	actual	ADJ
ajfa-9759	193	40	debt	debt	NOUN
ajfa-9759	193	41	equity	equity	NOUN
ajfa-9759	193	42	ratio	ratio	NOUN
ajfa-9759	193	43	is	be	AUX
ajfa-9759	193	44	less	less	ADJ
ajfa-9759	193	45	than	than	ADP
ajfa-9759	193	46	the	the	DET
ajfa-9759	193	47	target	target	NOUN
ajfa-9759	193	48	ratio	ratio	NOUN
ajfa-9759	193	49	(	(	PUNCT
ajfa-9759	193	50	bagwell	bagwell	PROPN
ajfa-9759	193	51	and	and	CCONJ
ajfa-9759	193	52	shoven	shoven	NOUN
ajfa-9759	193	53	,	,	PUNCT
ajfa-9759	193	54	1988	1988	NUM
ajfa-9759	193	55	;	;	PUNCT
ajfa-9759	193	56	dittmar	dittmar	NOUN
ajfa-9759	193	57	,	,	PUNCT
ajfa-9759	193	58	2000	2000	NUM
ajfa-9759	193	59	;	;	PUNCT
ajfa-9759	193	60	and	and	CCONJ
ajfa-9759	193	61	mitchell	mitchell	PROPN
ajfa-9759	193	62	and	and	CCONJ
ajfa-9759	193	63	dharmawan	dharmawan	PROPN
ajfa-9759	193	64	,	,	PUNCT
ajfa-9759	193	65	2007	2007	NUM
ajfa-9759	193	66	)	)	PUNCT
ajfa-9759	193	67	.	.	PUNCT
ajfa-9759	194	1	titman	titman	PROPN
ajfa-9759	194	2	et	et	PROPN
ajfa-9759	194	3	al	al	PROPN
ajfa-9759	194	4	.	.	PROPN
ajfa-9759	195	1	(	(	PUNCT
ajfa-9759	195	2	2001	2001	NUM
ajfa-9759	195	3	)	)	PUNCT
ajfa-9759	195	4	reported	report	VERB
ajfa-9759	195	5	that	that	SCONJ
ajfa-9759	195	6	the	the	DET
ajfa-9759	195	7	difference	difference	NOUN
ajfa-9759	195	8	between	between	ADP
ajfa-9759	195	9	the	the	DET
ajfa-9759	195	10	actual	actual	ADJ
ajfa-9759	195	11	and	and	CCONJ
ajfa-9759	195	12	target	target	NOUN
ajfa-9759	195	13	leverage	leverage	NOUN
ajfa-9759	195	14	ratio	ratio	NOUN
ajfa-9759	195	15	plays	play	VERB
ajfa-9759	195	16	an	an	DET
ajfa-9759	195	17	important	important	ADJ
ajfa-9759	195	18	role	role	NOUN
ajfa-9759	195	19	in	in	ADP
ajfa-9759	195	20	repurchase	repurchase	NOUN
ajfa-9759	195	21	decision	decision	NOUN
ajfa-9759	195	22	.	.	PUNCT
ajfa-9759	196	1	the	the	PRON
ajfa-9759	196	2	higher	high	ADJ
ajfa-9759	196	3	the	the	DET
ajfa-9759	196	4	difference	difference	NOUN
ajfa-9759	196	5	between	between	ADP
ajfa-9759	196	6	actual	actual	ADJ
ajfa-9759	196	7	and	and	CCONJ
ajfa-9759	196	8	optimal	optimal	ADJ
ajfa-9759	196	9	leverage	leverage	NOUN
ajfa-9759	196	10	ratio	ratio	NOUN
ajfa-9759	196	11	,	,	PUNCT
ajfa-9759	196	12	the	the	DET
ajfa-9759	196	13	probability	probability	NOUN
ajfa-9759	196	14	of	of	ADP
ajfa-9759	196	15	repurchase	repurchase	NOUN
ajfa-9759	196	16	is	be	AUX
ajfa-9759	196	17	also	also	ADV
ajfa-9759	196	18	more	more	ADJ
ajfa-9759	196	19	.	.	PUNCT
ajfa-9759	197	1	so	so	ADV
ajfa-9759	197	2	by	by	ADP
ajfa-9759	197	3	undertaking	undertake	VERB
ajfa-9759	197	4	share	share	NOUN
ajfa-9759	197	5	repurchase	repurchase	NOUN
ajfa-9759	197	6	firms	firm	NOUN
ajfa-9759	197	7	increase	increase	VERB
ajfa-9759	197	8	the	the	DET
ajfa-9759	197	9	proportion	proportion	NOUN
ajfa-9759	197	10	of	of	ADP
ajfa-9759	197	11	leverage	leverage	NOUN
ajfa-9759	197	12	in	in	ADP
ajfa-9759	197	13	the	the	DET
ajfa-9759	197	14	capital	capital	NOUN
ajfa-9759	197	15	structure	structure	NOUN
ajfa-9759	197	16	of	of	ADP
ajfa-9759	197	17	the	the	DET
ajfa-9759	197	18	firm	firm	NOUN
ajfa-9759	197	19	,	,	PUNCT
ajfa-9759	197	20	as	as	ADP
ajfa-9759	197	21	a	a	DET
ajfa-9759	197	22	result	result	NOUN
ajfa-9759	197	23	the	the	DET
ajfa-9759	197	24	overall	overall	ADJ
ajfa-9759	197	25	cost	cost	NOUN
ajfa-9759	197	26	of	of	ADP
ajfa-9759	197	27	capital	capital	NOUN
ajfa-9759	197	28	is	be	AUX
ajfa-9759	197	29	reduced.share	reduced.share	NOUN
ajfa-9759	197	30	repurchases	repurchase	NOUN
ajfa-9759	197	31	make	make	VERB
ajfa-9759	197	32	the	the	DET
ajfa-9759	197	33	underlevered	underlevered	ADJ
ajfa-9759	197	34	firm	firm	NOUN
ajfa-9759	197	35	get	get	VERB
ajfa-9759	197	36	more	more	ADJ
ajfa-9759	197	37	tax	tax	NOUN
ajfa-9759	197	38	shield	shield	NOUN
ajfa-9759	197	39	and	and	CCONJ
ajfa-9759	197	40	increase	increase	VERB
ajfa-9759	197	41	the	the	DET
ajfa-9759	197	42	value	value	NOUN
ajfa-9759	197	43	of	of	ADP
ajfa-9759	197	44	the	the	DET
ajfa-9759	197	45	firm	firm	NOUN
ajfa-9759	197	46	.	.	PUNCT
ajfa-9759	198	1	source	source	NOUN
ajfa-9759	198	2	:	:	PUNCT
ajfa-9759	198	3	authors	author	NOUN
ajfa-9759	198	4	own	own	VERB
ajfa-9759	198	5	compilation	compilation	NOUN
ajfa-9759	198	6	figure	figure	NOUN
ajfa-9759	198	7	1	1	NUM
ajfa-9759	198	8	.	.	PUNCT
ajfa-9759	199	1	methods	method	NOUN
ajfa-9759	199	2	of	of	ADP
ajfa-9759	199	3	share	share	NOUN
ajfa-9759	199	4	repurchase	repurchase	NOUN
ajfa-9759	199	5	figure	figure	NOUN
ajfa-9759	199	6	2	2	NUM
ajfa-9759	199	7	.	.	NOUN
ajfa-9759	199	8	reason	reason	NOUN
ajfa-9759	199	9	of	of	ADP
ajfa-9759	199	10	share	share	NOUN
ajfa-9759	199	11	repurchases	repurchase	NOUN
ajfa-9759	199	12	4.4	4.4	NUM
ajfa-9759	199	13	stock	stock	NOUN
ajfa-9759	199	14	option	option	NOUN
ajfa-9759	199	15	hypothesis	hypothesis	NOUN
ajfa-9759	199	16	around	around	ADP
ajfa-9759	199	17	1950s	1950s	NUM
ajfa-9759	199	18	,	,	PUNCT
ajfa-9759	199	19	companies	company	NOUN
ajfa-9759	199	20	in	in	ADP
ajfa-9759	199	21	usa	usa	PROPN
ajfa-9759	199	22	started	start	VERB
ajfa-9759	199	23	giving	give	VERB
ajfa-9759	199	24	stock	stock	NOUN
ajfa-9759	199	25	options	option	NOUN
ajfa-9759	199	26	to	to	ADP
ajfa-9759	199	27	their	their	PRON
ajfa-9759	199	28	senior	senior	ADJ
ajfa-9759	199	29	executive	executive	NOUN
ajfa-9759	199	30	as	as	ADP
ajfa-9759	199	31	a	a	DET
ajfa-9759	199	32	part	part	NOUN
ajfa-9759	199	33	of	of	ADP
ajfa-9759	199	34	compensation	compensation	NOUN
ajfa-9759	199	35	but	but	CCONJ
ajfa-9759	199	36	later	later	ADV
ajfa-9759	199	37	on	on	ADV
ajfa-9759	199	38	,	,	PUNCT
ajfa-9759	199	39	started	start	VERB
ajfa-9759	199	40	giving	give	VERB
ajfa-9759	199	41	these	these	PRON
ajfa-9759	199	42	to	to	ADP
ajfa-9759	199	43	all	all	DET
ajfa-9759	199	44	employees	employee	NOUN
ajfa-9759	199	45	.	.	PUNCT
ajfa-9759	200	1	when	when	SCONJ
ajfa-9759	200	2	stock	stock	NOUN
ajfa-9759	200	3	options	option	NOUN
ajfa-9759	200	4	are	be	AUX
ajfa-9759	200	5	exercised	exercise	VERB
ajfa-9759	200	6	by	by	ADP
ajfa-9759	200	7	employees	employee	NOUN
ajfa-9759	200	8	,	,	PUNCT
ajfa-9759	200	9	outstanding	outstanding	ADJ
ajfa-9759	200	10	shares	share	NOUN
ajfa-9759	200	11	of	of	ADP
ajfa-9759	200	12	the	the	DET
ajfa-9759	200	13	companies	company	NOUN
ajfa-9759	200	14	increases	increase	VERB
ajfa-9759	200	15	resulting	result	VERB
ajfa-9759	200	16	in	in	ADP
ajfa-9759	200	17	eps	eps	NOUN
ajfa-9759	200	18	dilution	dilution	NOUN
ajfa-9759	200	19	.	.	PUNCT
ajfa-9759	201	1	so	so	ADV
ajfa-9759	201	2	to	to	PART
ajfa-9759	201	3	neutralise	neutralise	VERB
ajfa-9759	201	4	the	the	DET
ajfa-9759	201	5	effect	effect	NOUN
ajfa-9759	201	6	of	of	ADP
ajfa-9759	201	7	stock	stock	NOUN
ajfa-9759	201	8	options	option	NOUN
ajfa-9759	201	9	on	on	ADP
ajfa-9759	201	10	eps	eps	PROPN
ajfa-9759	201	11	,	,	PUNCT
ajfa-9759	201	12	companies	company	NOUN
ajfa-9759	201	13	repurchase	repurchase	VERB
ajfa-9759	201	14	shares	share	NOUN
ajfa-9759	201	15	.	.	PUNCT
ajfa-9759	202	1	kahle	kahle	NOUN
ajfa-9759	202	2	(	(	PUNCT
ajfa-9759	202	3	2002	2002	NUM
ajfa-9759	202	4	)	)	PUNCT
ajfa-9759	202	5	reported	report	VERB
ajfa-9759	202	6	that	that	SCONJ
ajfa-9759	202	7	firms	firm	NOUN
ajfa-9759	202	8	announce	announce	VERB
ajfa-9759	202	9	repurchase	repurchase	VERB
ajfa-9759	202	10	when	when	SCONJ
ajfa-9759	202	11	executives	executive	NOUN
ajfa-9759	202	12	have	have	VERB
ajfa-9759	202	13	large	large	ADJ
ajfa-9759	202	14	stock	stock	NOUN
ajfa-9759	202	15	options	option	NOUN
ajfa-9759	202	16	outstanding	outstanding	ADJ
ajfa-9759	202	17	because	because	SCONJ
ajfa-9759	202	18	dividend	dividend	NOUN
ajfa-9759	202	19	declaration	declaration	NOUN
ajfa-9759	202	20	will	will	AUX
ajfa-9759	202	21	decrease	decrease	VERB
ajfa-9759	202	22	the	the	DET
ajfa-9759	202	23	value	value	NOUN
ajfa-9759	202	24	of	of	ADP
ajfa-9759	202	25	stock	stock	NOUN
ajfa-9759	202	26	option	option	NOUN
ajfa-9759	202	27	.	.	PUNCT
ajfa-9759	203	1	but	but	CCONJ
ajfa-9759	203	2	the	the	DET
ajfa-9759	203	3	actual	actual	ADJ
ajfa-9759	203	4	share	share	NOUN
ajfa-9759	203	5	repurchase	repurchase	NOUN
ajfa-9759	203	6	depends	depend	VERB
ajfa-9759	203	7	on	on	ADP
ajfa-9759	203	8	the	the	DET
ajfa-9759	203	9	total	total	ADJ
ajfa-9759	203	10	options	option	NOUN
ajfa-9759	203	11	exercisable	exercisable	ADJ
ajfa-9759	203	12	by	by	ADP
ajfa-9759	203	13	all	all	DET
ajfa-9759	203	14	the	the	DET
ajfa-9759	203	15	employee	employee	NOUN
ajfa-9759	203	16	.	.	PUNCT
ajfa-9759	204	1	skinner	skinner	PROPN
ajfa-9759	204	2	et	et	PROPN
ajfa-9759	204	3	al	al	PROPN
ajfa-9759	204	4	.	.	PROPN
ajfa-9759	205	1	(	(	PUNCT
ajfa-9759	205	2	2003	2003	NUM
ajfa-9759	205	3	)	)	PUNCT
ajfa-9759	205	4	reported	report	VERB
ajfa-9759	205	5	that	that	SCONJ
ajfa-9759	205	6	companies	company	NOUN
ajfa-9759	205	7	increase	increase	VERB
ajfa-9759	205	8	repurchase	repurchase	VERB
ajfa-9759	205	9	to	to	PART
ajfa-9759	205	10	offset	offset	VERB
ajfa-9759	205	11	the	the	DET
ajfa-9759	205	12	dilutive	dilutive	ADJ
ajfa-9759	205	13	effect	effect	NOUN
ajfa-9759	205	14	of	of	ADP
ajfa-9759	205	15	stock	stock	NOUN
ajfa-9759	205	16	option	option	NOUN
ajfa-9759	205	17	.	.	PUNCT
ajfa-9759	206	1	4.5	4.5	NUM
ajfa-9759	206	2	takeover	takeover	NOUN
ajfa-9759	206	3	deterrence	deterrence	NOUN
ajfa-9759	206	4	hypothesis	hypothesis	NOUN
ajfa-9759	206	5	takeover	takeover	NOUN
ajfa-9759	206	6	hypothesis	hypothesis	NOUN
ajfa-9759	206	7	posit	posit	VERB
ajfa-9759	206	8	that	that	SCONJ
ajfa-9759	206	9	companies	company	NOUN
ajfa-9759	206	10	use	use	VERB
ajfa-9759	206	11	share	share	NOUN
ajfa-9759	206	12	repurchase	repurchase	VERB
ajfa-9759	206	13	as	as	ADP
ajfa-9759	206	14	a	a	DET
ajfa-9759	206	15	defensive	defensive	ADJ
ajfa-9759	206	16	strategy	strategy	NOUN
ajfa-9759	206	17	to	to	PART
ajfa-9759	206	18	prevent	prevent	VERB
ajfa-9759	206	19	hostile	hostile	ADJ
ajfa-9759	206	20	takeover	takeover	NOUN
ajfa-9759	206	21	.	.	PUNCT
ajfa-9759	207	1	when	when	SCONJ
ajfa-9759	207	2	there	there	PRON
ajfa-9759	207	3	is	be	VERB
ajfa-9759	207	4	a	a	DET
ajfa-9759	207	5	threat	threat	NOUN
ajfa-9759	207	6	from	from	ADP
ajfa-9759	207	7	the	the	DET
ajfa-9759	207	8	competitor	competitor	NOUN
ajfa-9759	207	9	,	,	PUNCT
ajfa-9759	207	10	firms	firm	NOUN
ajfa-9759	207	11	immediately	immediately	ADV
ajfa-9759	207	12	increase	increase	VERB
ajfa-9759	207	13	their	their	PRON
ajfa-9759	207	14	stake	stake	NOUN
ajfa-9759	207	15	to	to	PART
ajfa-9759	207	16	prevent	prevent	VERB
ajfa-9759	207	17	hostile	hostile	ADJ
ajfa-9759	207	18	takeover	takeover	NOUN
ajfa-9759	207	19	.	.	PUNCT
ajfa-9759	208	1	bagwell	bagwell	PROPN
ajfa-9759	208	2	(	(	PUNCT
ajfa-9759	208	3	1990	1990	NUM
ajfa-9759	208	4	)	)	PUNCT
ajfa-9759	208	5	documented	document	VERB
ajfa-9759	208	6	that	that	DET
ajfa-9759	208	7	company	company	NOUN
ajfa-9759	208	8	’s	’s	PART
ajfa-9759	208	9	face	face	NOUN
ajfa-9759	208	10	upward	upward	ADV
ajfa-9759	208	11	sloping	slope	VERB
ajfa-9759	208	12	supply	supply	NOUN
ajfa-9759	208	13	curve	curve	NOUN
ajfa-9759	208	14	at	at	ADP
ajfa-9759	208	15	the	the	DET
ajfa-9759	208	16	time	time	NOUN
ajfa-9759	208	17	of	of	ADP
ajfa-9759	208	18	repurchase	repurchase	NOUN
ajfa-9759	208	19	in	in	ADP
ajfa-9759	208	20	a	a	DET
ajfa-9759	208	21	dutch	dutch	ADJ
ajfa-9759	208	22	auction	auction	NOUN
ajfa-9759	208	23	tender	tender	NOUN
ajfa-9759	208	24	offer	offer	NOUN
ajfa-9759	208	25	.	.	PUNCT
ajfa-9759	209	1	it	it	PRON
ajfa-9759	209	2	means	mean	VERB
ajfa-9759	209	3	the	the	DET
ajfa-9759	209	4	shareholders	shareholder	NOUN
ajfa-9759	209	5	who	who	PRON
ajfa-9759	209	6	believe	believe	VERB
ajfa-9759	209	7	that	that	SCONJ
ajfa-9759	209	8	the	the	DET
ajfa-9759	209	9	values	value	NOUN
ajfa-9759	209	10	of	of	ADP
ajfa-9759	209	11	their	their	PRON
ajfa-9759	209	12	shares	share	NOUN
ajfa-9759	209	13	are	be	AUX
ajfa-9759	209	14	more	more	ADJ
ajfa-9759	209	15	than	than	ADP
ajfa-9759	209	16	the	the	DET
ajfa-9759	209	17	repurchased	repurchase	VERB
ajfa-9759	209	18	price	price	NOUN
ajfa-9759	209	19	,	,	PUNCT
ajfa-9759	209	20	do	do	AUX
ajfa-9759	209	21	n’t	not	PART
ajfa-9759	209	22	tender	tender	VERB
ajfa-9759	209	23	their	their	PRON
ajfa-9759	209	24	shares	share	NOUN
ajfa-9759	209	25	for	for	ADP
ajfa-9759	209	26	sale	sale	NOUN
ajfa-9759	209	27	.	.	PUNCT
ajfa-9759	210	1	so	so	ADV
ajfa-9759	210	2	the	the	DET
ajfa-9759	210	3	cost	cost	NOUN
ajfa-9759	210	4	of	of	ADP
ajfa-9759	210	5	non	non	ADJ
ajfa-9759	210	6	-	-	ADJ
ajfa-9759	210	7	selling	selling	ADJ
ajfa-9759	210	8	shares	share	NOUN
ajfa-9759	210	9	will	will	AUX
ajfa-9759	210	10	be	be	AUX
ajfa-9759	210	11	more	more	ADJ
ajfa-9759	210	12	than	than	ADP
ajfa-9759	210	13	the	the	DET
ajfa-9759	210	14	repurchased	repurchase	VERB
ajfa-9759	210	15	shares	share	NOUN
ajfa-9759	210	16	.	.	PUNCT
ajfa-9759	211	1	bagwell	bagwell	PROPN
ajfa-9759	211	2	(	(	PUNCT
ajfa-9759	211	3	1991	1991	NUM
ajfa-9759	211	4	)	)	PUNCT
ajfa-9759	211	5	reported	report	VERB
ajfa-9759	211	6	that	that	SCONJ
ajfa-9759	211	7	under	under	ADP
ajfa-9759	211	8	the	the	DET
ajfa-9759	211	9	condition	condition	NOUN
ajfa-9759	211	10	of	of	ADP
ajfa-9759	211	11	upward	upward	ADJ
ajfa-9759	211	12	sloping	slope	VERB
ajfa-9759	211	13	supply	supply	NOUN
ajfa-9759	211	14	curve	curve	NOUN
ajfa-9759	211	15	,	,	PUNCT
ajfa-9759	211	16	the	the	DET
ajfa-9759	211	17	takeover	takeover	NOUN
ajfa-9759	211	18	cost	cost	NOUN
ajfa-9759	211	19	to	to	ADP
ajfa-9759	211	20	the	the	DET
ajfa-9759	211	21	acquirer	acquirer	NOUN
ajfa-9759	211	22	will	will	AUX
ajfa-9759	211	23	be	be	AUX
ajfa-9759	211	24	more	more	ADJ
ajfa-9759	211	25	if	if	SCONJ
ajfa-9759	211	26	the	the	DET
ajfa-9759	211	27	target	target	NOUN
ajfa-9759	211	28	firm	firm	NOUN
ajfa-9759	211	29	distribute	distribute	VERB
ajfa-9759	211	30	asian	asian	ADJ
ajfa-9759	211	31	journal	journal	NOUN
ajfa-9759	211	32	of	of	ADP
ajfa-9759	211	33	finance	finance	PROPN
ajfa-9759	211	34	&	&	CCONJ
ajfa-9759	211	35	accounting	accounting	PROPN
ajfa-9759	211	36	issn	issn	PROPN
ajfa-9759	211	37	1946	1946	NUM
ajfa-9759	211	38	-	-	PUNCT
ajfa-9759	211	39	052x	052x	PROPN
ajfa-9759	211	40	2016	2016	NUM
ajfa-9759	211	41	,	,	PUNCT
ajfa-9759	211	42	vol	vol	NOUN
ajfa-9759	211	43	.	.	PROPN
ajfa-9759	211	44	8	8	NUM
ajfa-9759	211	45	,	,	PUNCT
ajfa-9759	211	46	no	no	INTJ
ajfa-9759	211	47	.	.	NOUN
ajfa-9759	211	48	2	2	NUM
ajfa-9759	211	49	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9759	211	50	14	14	NUM
ajfa-9759	211	51	cash	cash	NOUN
ajfa-9759	211	52	through	through	ADP
ajfa-9759	211	53	repurchase	repurchase	NOUN
ajfa-9759	211	54	than	than	ADP
ajfa-9759	211	55	dividend	dividend	NOUN
ajfa-9759	211	56	.	.	PUNCT
ajfa-9759	212	1	sinha	sinha	NOUN
ajfa-9759	212	2	(	(	PUNCT
ajfa-9759	212	3	1991	1991	NUM
ajfa-9759	212	4	)	)	PUNCT
ajfa-9759	212	5	documented	document	VERB
ajfa-9759	212	6	that	that	SCONJ
ajfa-9759	212	7	a	a	DET
ajfa-9759	212	8	debt	debt	NOUN
ajfa-9759	212	9	-	-	PUNCT
ajfa-9759	212	10	financed	finance	VERB
ajfa-9759	212	11	repurchase	repurchase	NOUN
ajfa-9759	212	12	is	be	AUX
ajfa-9759	212	13	a	a	DET
ajfa-9759	212	14	defence	defence	NOUN
ajfa-9759	212	15	mechanism	mechanism	NOUN
ajfa-9759	212	16	available	available	ADJ
ajfa-9759	212	17	with	with	ADP
ajfa-9759	212	18	the	the	DET
ajfa-9759	212	19	target	target	NOUN
ajfa-9759	212	20	firm	firm	NOUN
ajfa-9759	212	21	from	from	ADP
ajfa-9759	212	22	being	be	AUX
ajfa-9759	212	23	sold	sell	VERB
ajfa-9759	212	24	out	out	ADP
ajfa-9759	212	25	to	to	ADP
ajfa-9759	212	26	the	the	DET
ajfa-9759	212	27	acquirer	acquirer	NOUN
ajfa-9759	212	28	.	.	PUNCT
ajfa-9759	213	1	this	this	DET
ajfa-9759	213	2	transaction	transaction	NOUN
ajfa-9759	213	3	increases	increase	VERB
ajfa-9759	213	4	the	the	DET
ajfa-9759	213	5	value	value	NOUN
ajfa-9759	213	6	of	of	ADP
ajfa-9759	213	7	the	the	DET
ajfa-9759	213	8	firm	firm	NOUN
ajfa-9759	213	9	and	and	CCONJ
ajfa-9759	213	10	makes	make	VERB
ajfa-9759	213	11	it	it	PRON
ajfa-9759	213	12	less	less	ADV
ajfa-9759	213	13	attractive	attractive	ADJ
ajfa-9759	213	14	target	target	NOUN
ajfa-9759	213	15	.	.	PUNCT
ajfa-9759	214	1	debt	debt	NOUN
ajfa-9759	214	2	-	-	PUNCT
ajfa-9759	214	3	financed	finance	VERB
ajfa-9759	214	4	repurchase	repurchase	NOUN
ajfa-9759	214	5	is	be	AUX
ajfa-9759	214	6	a	a	DET
ajfa-9759	214	7	trade	trade	NOUN
ajfa-9759	214	8	-	-	PUNCT
ajfa-9759	214	9	off	off	NOUN
ajfa-9759	214	10	between	between	ADP
ajfa-9759	214	11	the	the	DET
ajfa-9759	214	12	lower	low	ADJ
ajfa-9759	214	13	probability	probability	NOUN
ajfa-9759	214	14	of	of	ADP
ajfa-9759	214	15	takeover	takeover	NOUN
ajfa-9759	214	16	and	and	CCONJ
ajfa-9759	214	17	financial	financial	ADJ
ajfa-9759	214	18	distress	distress	NOUN
ajfa-9759	214	19	cost	cost	NOUN
ajfa-9759	214	20	.	.	PUNCT
ajfa-9759	215	1	4.5	4.5	NUM
ajfa-9759	215	2	substitution	substitution	NOUN
ajfa-9759	215	3	hypothesis	hypothesis	NOUN
ajfa-9759	215	4	substitution	substitution	NOUN
ajfa-9759	215	5	hypothesis	hypothesis	NOUN
ajfa-9759	215	6	means	mean	VERB
ajfa-9759	215	7	the	the	DET
ajfa-9759	215	8	preference	preference	NOUN
ajfa-9759	215	9	for	for	ADP
ajfa-9759	215	10	share	share	NOUN
ajfa-9759	215	11	buyback	buyback	NOUN
ajfa-9759	215	12	of	of	ADP
ajfa-9759	215	13	shares	share	NOUN
ajfa-9759	215	14	as	as	ADP
ajfa-9759	215	15	a	a	DET
ajfa-9759	215	16	payout	payout	NOUN
ajfa-9759	215	17	method	method	NOUN
ajfa-9759	215	18	to	to	ADP
ajfa-9759	215	19	shareholders	shareholder	NOUN
ajfa-9759	215	20	over	over	ADP
ajfa-9759	215	21	the	the	DET
ajfa-9759	215	22	dividend	dividend	NOUN
ajfa-9759	215	23	.	.	PUNCT
ajfa-9759	216	1	in	in	ADP
ajfa-9759	216	2	this	this	DET
ajfa-9759	216	3	case	case	NOUN
ajfa-9759	216	4	,	,	PUNCT
ajfa-9759	216	5	companies	company	NOUN
ajfa-9759	216	6	finance	finance	VERB
ajfa-9759	216	7	their	their	PRON
ajfa-9759	216	8	share	share	NOUN
ajfa-9759	216	9	buyback	buyback	NOUN
ajfa-9759	216	10	with	with	ADP
ajfa-9759	216	11	the	the	DET
ajfa-9759	216	12	funds	fund	NOUN
ajfa-9759	216	13	that	that	PRON
ajfa-9759	216	14	can	can	AUX
ajfa-9759	216	15	be	be	AUX
ajfa-9759	216	16	otherwise	otherwise	ADV
ajfa-9759	216	17	used	use	VERB
ajfa-9759	216	18	to	to	PART
ajfa-9759	216	19	increase	increase	VERB
ajfa-9759	216	20	the	the	DET
ajfa-9759	216	21	dividend	dividend	NOUN
ajfa-9759	216	22	.	.	PUNCT
ajfa-9759	217	1	the	the	DET
ajfa-9759	217	2	main	main	ADJ
ajfa-9759	217	3	cause	cause	NOUN
ajfa-9759	217	4	for	for	ADP
ajfa-9759	217	5	substitution	substitution	NOUN
ajfa-9759	217	6	hypothesis	hypothesis	NOUN
ajfa-9759	217	7	is	be	AUX
ajfa-9759	217	8	the	the	DET
ajfa-9759	217	9	taxable	taxable	ADJ
ajfa-9759	217	10	nature	nature	NOUN
ajfa-9759	217	11	of	of	ADP
ajfa-9759	217	12	income	income	NOUN
ajfa-9759	217	13	from	from	ADP
ajfa-9759	217	14	dividend	dividend	NOUN
ajfa-9759	217	15	paid	pay	VERB
ajfa-9759	217	16	and	and	CCONJ
ajfa-9759	217	17	share	share	VERB
ajfa-9759	217	18	buyback	buyback	NOUN
ajfa-9759	217	19	in	in	ADP
ajfa-9759	217	20	the	the	DET
ajfa-9759	217	21	hands	hand	NOUN
ajfa-9759	217	22	of	of	ADP
ajfa-9759	217	23	shareholders	shareholder	NOUN
ajfa-9759	217	24	.	.	PUNCT
ajfa-9759	218	1	the	the	DET
ajfa-9759	218	2	gain	gain	NOUN
ajfa-9759	218	3	from	from	ADP
ajfa-9759	218	4	share	share	NOUN
ajfa-9759	218	5	repurchase	repurchase	NOUN
ajfa-9759	218	6	is	be	AUX
ajfa-9759	218	7	taxed	tax	VERB
ajfa-9759	218	8	under	under	ADP
ajfa-9759	218	9	either	either	CCONJ
ajfa-9759	218	10	short	short	ADJ
ajfa-9759	218	11	term	term	NOUN
ajfa-9759	218	12	or	or	CCONJ
ajfa-9759	218	13	long	long	ADJ
ajfa-9759	218	14	term	term	NOUN
ajfa-9759	218	15	capital	capital	NOUN
ajfa-9759	218	16	gain	gain	NOUN
ajfa-9759	218	17	at	at	ADP
ajfa-9759	218	18	the	the	DET
ajfa-9759	218	19	hands	hand	NOUN
ajfa-9759	218	20	of	of	ADP
ajfa-9759	218	21	shareholder	shareholder	NOUN
ajfa-9759	218	22	and	and	CCONJ
ajfa-9759	218	23	dividend	dividend	NOUN
ajfa-9759	218	24	paid	pay	VERB
ajfa-9759	218	25	by	by	ADP
ajfa-9759	218	26	the	the	DET
ajfa-9759	218	27	company	company	NOUN
ajfa-9759	218	28	is	be	AUX
ajfa-9759	218	29	taxed	tax	VERB
ajfa-9759	218	30	as	as	ADP
ajfa-9759	218	31	a	a	DET
ajfa-9759	218	32	regular	regular	ADJ
ajfa-9759	218	33	income	income	NOUN
ajfa-9759	218	34	in	in	ADP
ajfa-9759	218	35	the	the	DET
ajfa-9759	218	36	hands	hand	NOUN
ajfa-9759	218	37	of	of	ADP
ajfa-9759	218	38	shareholders	shareholder	NOUN
ajfa-9759	218	39	.	.	PUNCT
ajfa-9759	219	1	as	as	SCONJ
ajfa-9759	219	2	capital	capital	NOUN
ajfa-9759	219	3	gain	gain	NOUN
ajfa-9759	219	4	tax	tax	NOUN
ajfa-9759	219	5	is	be	AUX
ajfa-9759	219	6	much	much	ADV
ajfa-9759	219	7	lower	low	ADJ
ajfa-9759	219	8	than	than	ADP
ajfa-9759	219	9	the	the	DET
ajfa-9759	219	10	dividend	dividend	NOUN
ajfa-9759	219	11	,	,	PUNCT
ajfa-9759	219	12	share	share	NOUN
ajfa-9759	219	13	repurchase	repurchase	NOUN
ajfa-9759	219	14	is	be	AUX
ajfa-9759	219	15	more	more	ADJ
ajfa-9759	219	16	tax	tax	NOUN
ajfa-9759	219	17	efficient	efficient	ADJ
ajfa-9759	219	18	and	and	CCONJ
ajfa-9759	219	19	valuable	valuable	ADJ
ajfa-9759	219	20	to	to	ADP
ajfa-9759	219	21	shareholders	shareholder	NOUN
ajfa-9759	219	22	(	(	PUNCT
ajfa-9759	219	23	grullon	grullon	NOUN
ajfa-9759	219	24	and	and	CCONJ
ajfa-9759	219	25	michaely	michaely	ADV
ajfa-9759	219	26	,	,	PUNCT
ajfa-9759	219	27	2000).the	2000).the	DET
ajfa-9759	219	28	second	second	ADJ
ajfa-9759	219	29	important	important	ADJ
ajfa-9759	219	30	aspect	aspect	NOUN
ajfa-9759	219	31	of	of	ADP
ajfa-9759	219	32	substitution	substitution	NOUN
ajfa-9759	219	33	is	be	AUX
ajfa-9759	219	34	the	the	DET
ajfa-9759	219	35	timing	timing	NOUN
ajfa-9759	219	36	and	and	CCONJ
ajfa-9759	219	37	flexibility	flexibility	NOUN
ajfa-9759	219	38	associated	associate	VERB
ajfa-9759	219	39	with	with	ADP
ajfa-9759	219	40	share	share	NOUN
ajfa-9759	219	41	buyback	buyback	NOUN
ajfa-9759	219	42	.	.	PUNCT
ajfa-9759	220	1	unlike	unlike	ADP
ajfa-9759	220	2	dividends	dividend	NOUN
ajfa-9759	220	3	,	,	PUNCT
ajfa-9759	220	4	share	share	NOUN
ajfa-9759	220	5	repurchase	repurchase	NOUN
ajfa-9759	220	6	does	do	AUX
ajfa-9759	220	7	not	not	PART
ajfa-9759	220	8	promise	promise	VERB
ajfa-9759	220	9	cash	cash	NOUN
ajfa-9759	220	10	flow	flow	NOUN
ajfa-9759	220	11	in	in	ADP
ajfa-9759	220	12	a	a	DET
ajfa-9759	220	13	regular	regular	ADJ
ajfa-9759	220	14	interval	interval	NOUN
ajfa-9759	220	15	(	(	PUNCT
ajfa-9759	220	16	dittmar	dittmar	NOUN
ajfa-9759	220	17	,	,	PUNCT
ajfa-9759	220	18	2000	2000	NUM
ajfa-9759	220	19	)	)	PUNCT
ajfa-9759	220	20	.	.	PUNCT
ajfa-9759	221	1	stephens	stephens	PROPN
ajfa-9759	221	2	et	et	PROPN
ajfa-9759	221	3	al	al	PROPN
ajfa-9759	221	4	.	.	PROPN
ajfa-9759	222	1	(	(	PUNCT
ajfa-9759	222	2	2000	2000	NUM
ajfa-9759	222	3	)	)	PUNCT
ajfa-9759	222	4	documented	document	VERB
ajfa-9759	222	5	that	that	SCONJ
ajfa-9759	222	6	firms	firm	NOUN
ajfa-9759	222	7	having	have	VERB
ajfa-9759	222	8	more	more	ADV
ajfa-9759	222	9	volatile	volatile	ADJ
ajfa-9759	222	10	cash	cash	NOUN
ajfa-9759	222	11	flow	flow	NOUN
ajfa-9759	222	12	are	be	AUX
ajfa-9759	222	13	likely	likely	ADJ
ajfa-9759	222	14	to	to	PART
ajfa-9759	222	15	repurchase	repurchase	VERB
ajfa-9759	222	16	shares	share	NOUN
ajfa-9759	222	17	rather	rather	ADV
ajfa-9759	222	18	than	than	ADP
ajfa-9759	222	19	increasing	increase	VERB
ajfa-9759	222	20	dividend	dividend	NOUN
ajfa-9759	222	21	.	.	PUNCT
ajfa-9759	223	1	firms	firm	NOUN
ajfa-9759	223	2	with	with	ADP
ajfa-9759	223	3	operating	operate	VERB
ajfa-9759	223	4	(	(	PUNCT
ajfa-9759	223	5	permanent	permanent	ADJ
ajfa-9759	223	6	)	)	PUNCT
ajfa-9759	223	7	cash	cash	NOUN
ajfa-9759	223	8	flow	flow	NOUN
ajfa-9759	223	9	are	be	AUX
ajfa-9759	223	10	more	more	ADV
ajfa-9759	223	11	likely	likely	ADJ
ajfa-9759	223	12	to	to	PART
ajfa-9759	223	13	increase	increase	VERB
ajfa-9759	223	14	dividend	dividend	NOUN
ajfa-9759	223	15	and	and	CCONJ
ajfa-9759	223	16	firm	firm	ADJ
ajfa-9759	223	17	with	with	ADP
ajfa-9759	223	18	non	non	ADJ
ajfa-9759	223	19	-	-	ADJ
ajfa-9759	223	20	operating	operating	ADJ
ajfa-9759	223	21	(	(	PUNCT
ajfa-9759	223	22	temporary	temporary	ADJ
ajfa-9759	223	23	)	)	PUNCT
ajfa-9759	223	24	cash	cash	NOUN
ajfa-9759	223	25	flow	flow	NOUN
ajfa-9759	223	26	are	be	AUX
ajfa-9759	223	27	more	more	ADV
ajfa-9759	223	28	likely	likely	ADJ
ajfa-9759	223	29	to	to	PART
ajfa-9759	223	30	repurchase	repurchase	VERB
ajfa-9759	223	31	shares	share	NOUN
ajfa-9759	223	32	.	.	PUNCT
ajfa-9759	224	1	this	this	DET
ajfa-9759	224	2	study	study	NOUN
ajfa-9759	224	3	concludes	conclude	VERB
ajfa-9759	224	4	that	that	SCONJ
ajfa-9759	224	5	repurchase	repurchase	AUX
ajfa-9759	224	6	have	have	AUX
ajfa-9759	224	7	not	not	PART
ajfa-9759	224	8	completely	completely	ADV
ajfa-9759	224	9	replaced	replace	VERB
ajfa-9759	224	10	dividend	dividend	NOUN
ajfa-9759	224	11	,	,	PUNCT
ajfa-9759	224	12	but	but	CCONJ
ajfa-9759	224	13	it	it	PRON
ajfa-9759	224	14	is	be	AUX
ajfa-9759	224	15	growing	grow	VERB
ajfa-9759	224	16	fast	fast	ADV
ajfa-9759	224	17	as	as	ADP
ajfa-9759	224	18	an	an	DET
ajfa-9759	224	19	important	important	ADJ
ajfa-9759	224	20	form	form	NOUN
ajfa-9759	224	21	of	of	ADP
ajfa-9759	224	22	payout	payout	ADJ
ajfa-9759	224	23	method	method	NOUN
ajfa-9759	224	24	.	.	PUNCT
ajfa-9759	225	1	4.6	4.6	NUM
ajfa-9759	225	2	liquidity	liquidity	NOUN
ajfa-9759	225	3	hypothesis	hypothesis	NOUN
ajfa-9759	225	4	the	the	DET
ajfa-9759	225	5	relation	relation	NOUN
ajfa-9759	225	6	of	of	ADP
ajfa-9759	225	7	liquidity	liquidity	NOUN
ajfa-9759	225	8	with	with	ADP
ajfa-9759	225	9	repurchase	repurchase	PROPN
ajfa-9759	225	10	is	be	AUX
ajfa-9759	225	11	first	first	ADV
ajfa-9759	225	12	propounded	propound	VERB
ajfa-9759	225	13	by	by	ADP
ajfa-9759	225	14	barclay	barclay	PROPN
ajfa-9759	225	15	and	and	CCONJ
ajfa-9759	225	16	smith	smith	PROPN
ajfa-9759	225	17	(	(	PUNCT
ajfa-9759	225	18	1988).they	1988).they	PROPN
ajfa-9759	225	19	reported	report	VERB
ajfa-9759	225	20	that	that	SCONJ
ajfa-9759	225	21	repurchasereduces	repurchasereduce	VERB
ajfa-9759	225	22	liquidity	liquidity	NOUN
ajfa-9759	225	23	in	in	ADP
ajfa-9759	225	24	the	the	DET
ajfa-9759	225	25	market	market	NOUN
ajfa-9759	225	26	.	.	PUNCT
ajfa-9759	226	1	brockman	brockman	PROPN
ajfa-9759	226	2	et	et	PROPN
ajfa-9759	226	3	al	al	PROPN
ajfa-9759	226	4	.	.	PROPN
ajfa-9759	226	5	(	(	PUNCT
ajfa-9759	226	6	2008	2008	NUM
ajfa-9759	226	7	)	)	PUNCT
ajfa-9759	226	8	reported	report	VERB
ajfa-9759	226	9	for	for	ADP
ajfa-9759	226	10	the	the	DET
ajfa-9759	226	11	first	first	ADJ
ajfa-9759	226	12	time	time	NOUN
ajfa-9759	226	13	the	the	DET
ajfa-9759	226	14	effect	effect	NOUN
ajfa-9759	226	15	of	of	ADP
ajfa-9759	226	16	liquidity	liquidity	NOUN
ajfa-9759	226	17	on	on	ADP
ajfa-9759	226	18	the	the	DET
ajfa-9759	226	19	repurchase	repurchase	NOUN
ajfa-9759	226	20	.	.	PUNCT
ajfa-9759	227	1	before	before	ADP
ajfa-9759	227	2	this	this	PRON
ajfa-9759	227	3	,	,	PUNCT
ajfa-9759	227	4	many	many	ADJ
ajfa-9759	227	5	studies	study	NOUN
ajfa-9759	227	6	examined	examine	VERB
ajfa-9759	227	7	the	the	DET
ajfa-9759	227	8	effect	effect	NOUN
ajfa-9759	227	9	of	of	ADP
ajfa-9759	227	10	repurchase	repurchase	NOUN
ajfa-9759	227	11	on	on	ADP
ajfa-9759	227	12	post	post	ADJ
ajfa-9759	227	13	-	-	ADJ
ajfa-9759	227	14	buyback	buyback	ADJ
ajfa-9759	227	15	liquidity	liquidity	NOUN
ajfa-9759	227	16	of	of	ADP
ajfa-9759	227	17	the	the	DET
ajfa-9759	227	18	stocks	stock	NOUN
ajfa-9759	227	19	.	.	PUNCT
ajfa-9759	228	1	this	this	DET
ajfa-9759	228	2	paper	paper	NOUN
ajfa-9759	228	3	posited	posit	VERB
ajfa-9759	228	4	that	that	SCONJ
ajfa-9759	228	5	liquidity	liquidity	NOUN
ajfa-9759	228	6	has	have	VERB
ajfa-9759	228	7	a	a	DET
ajfa-9759	228	8	direct	direct	ADJ
ajfa-9759	228	9	impact	impact	NOUN
ajfa-9759	228	10	on	on	ADP
ajfa-9759	228	11	the	the	DET
ajfa-9759	228	12	repurchase	repurchase	NOUN
ajfa-9759	228	13	of	of	ADP
ajfa-9759	228	14	the	the	DET
ajfa-9759	228	15	firm	firm	NOUN
ajfa-9759	228	16	and	and	CCONJ
ajfa-9759	228	17	a	a	DET
ajfa-9759	228	18	residual	residual	ADJ
ajfa-9759	228	19	effect	effect	NOUN
ajfa-9759	228	20	on	on	ADP
ajfa-9759	228	21	the	the	DET
ajfa-9759	228	22	dividend	dividend	NOUN
ajfa-9759	228	23	decisions	decision	NOUN
ajfa-9759	228	24	of	of	ADP
ajfa-9759	228	25	the	the	DET
ajfa-9759	228	26	firm	firm	NOUN
ajfa-9759	228	27	.	.	PUNCT
ajfa-9759	229	1	repurchase	repurchase	VERB
ajfa-9759	229	2	initiating	initiate	VERB
ajfa-9759	229	3	firms	firm	NOUN
ajfa-9759	229	4	are	be	AUX
ajfa-9759	229	5	more	more	ADV
ajfa-9759	229	6	liquid	liquid	ADJ
ajfa-9759	229	7	than	than	ADP
ajfa-9759	229	8	dividend	dividend	NOUN
ajfa-9759	229	9	initiating	initiate	VERB
ajfa-9759	229	10	firms	firm	NOUN
ajfa-9759	229	11	and	and	CCONJ
ajfa-9759	229	12	the	the	DET
ajfa-9759	229	13	size	size	NOUN
ajfa-9759	229	14	of	of	ADP
ajfa-9759	229	15	repurchase	repurchase	NOUN
ajfa-9759	229	16	increases	increase	NOUN
ajfa-9759	229	17	with	with	ADP
ajfa-9759	229	18	liquidity	liquidity	NOUN
ajfa-9759	229	19	.	.	PUNCT
ajfa-9759	230	1	so	so	ADV
ajfa-9759	230	2	liquidity	liquidity	NOUN
ajfa-9759	230	3	may	may	AUX
ajfa-9759	230	4	be	be	AUX
ajfa-9759	230	5	a	a	DET
ajfa-9759	230	6	motivation	motivation	NOUN
ajfa-9759	230	7	for	for	SCONJ
ajfa-9759	230	8	the	the	DET
ajfa-9759	230	9	firm	firm	NOUN
ajfa-9759	230	10	to	to	PART
ajfa-9759	230	11	do	do	AUX
ajfa-9759	230	12	repurchase	repurchase	VERB
ajfa-9759	230	13	.	.	PUNCT
ajfa-9759	231	1	4.7	4.7	NUM
ajfa-9759	231	2	corporate	corporate	ADJ
ajfa-9759	231	3	governance	governance	NOUN
ajfa-9759	231	4	hypothesis	hypothesis	NOUN
ajfa-9759	231	5	lee	lee	PROPN
ajfa-9759	231	6	et	et	PROPN
ajfa-9759	231	7	al	al	PROPN
ajfa-9759	231	8	.	.	PROPN
ajfa-9759	231	9	(	(	PUNCT
ajfa-9759	231	10	2007	2007	NUM
ajfa-9759	231	11	)	)	PUNCT
ajfa-9759	231	12	documented	document	VERB
ajfa-9759	231	13	that	that	SCONJ
ajfa-9759	231	14	managers	manager	NOUN
ajfa-9759	231	15	pose	pose	VERB
ajfa-9759	231	16	timing	timing	NOUN
ajfa-9759	231	17	ability	ability	NOUN
ajfa-9759	231	18	in	in	ADP
ajfa-9759	231	19	the	the	DET
ajfa-9759	231	20	context	context	NOUN
ajfa-9759	231	21	of	of	ADP
ajfa-9759	231	22	repurchase	repurchase	VERB
ajfa-9759	231	23	announcement	announcement	NOUN
ajfa-9759	231	24	.	.	PUNCT
ajfa-9759	232	1	managers	manager	NOUN
ajfa-9759	232	2	have	have	VERB
ajfa-9759	232	3	more	more	ADJ
ajfa-9759	232	4	information	information	NOUN
ajfa-9759	232	5	about	about	ADP
ajfa-9759	232	6	the	the	DET
ajfa-9759	232	7	internal	internal	ADJ
ajfa-9759	232	8	affair	affair	NOUN
ajfa-9759	232	9	of	of	ADP
ajfa-9759	232	10	the	the	DET
ajfa-9759	232	11	company	company	NOUN
ajfa-9759	232	12	than	than	ADP
ajfa-9759	232	13	outsiders	outsider	NOUN
ajfa-9759	232	14	,	,	PUNCT
ajfa-9759	232	15	so	so	SCONJ
ajfa-9759	232	16	they	they	PRON
ajfa-9759	232	17	can	can	AUX
ajfa-9759	232	18	time	time	VERB
ajfa-9759	232	19	the	the	DET
ajfa-9759	232	20	repurchase	repurchase	NOUN
ajfa-9759	232	21	to	to	PART
ajfa-9759	232	22	get	get	VERB
ajfa-9759	232	23	the	the	DET
ajfa-9759	232	24	advantage	advantage	NOUN
ajfa-9759	232	25	of	of	ADP
ajfa-9759	232	26	undervaluation	undervaluation	NOUN
ajfa-9759	232	27	of	of	ADP
ajfa-9759	232	28	shares	share	NOUN
ajfa-9759	232	29	.	.	PUNCT
ajfa-9759	233	1	by	by	ADP
ajfa-9759	233	2	the	the	DET
ajfa-9759	233	3	timing	timing	NOUN
ajfa-9759	233	4	of	of	ADP
ajfa-9759	233	5	repurchase	repurchase	NOUN
ajfa-9759	233	6	,	,	PUNCT
ajfa-9759	233	7	thefirm	thefirm	PROPN
ajfa-9759	233	8	can	can	AUX
ajfa-9759	233	9	repurchase	repurchase	VERB
ajfa-9759	233	10	their	their	PRON
ajfa-9759	233	11	shares	share	NOUN
ajfa-9759	233	12	at	at	ADP
ajfa-9759	233	13	a	a	DET
ajfa-9759	233	14	very	very	ADV
ajfa-9759	233	15	less	less	ADJ
ajfa-9759	233	16	price	price	NOUN
ajfa-9759	233	17	.	.	PUNCT
ajfa-9759	234	1	if	if	SCONJ
ajfa-9759	234	2	the	the	DET
ajfa-9759	234	3	ownership	ownership	NOUN
ajfa-9759	234	4	of	of	ADP
ajfa-9759	234	5	the	the	DET
ajfa-9759	234	6	firmis	firmis	NOUN
ajfa-9759	234	7	concentrated	concentrate	VERB
ajfa-9759	234	8	among	among	ADP
ajfa-9759	234	9	insiders	insider	NOUN
ajfa-9759	234	10	,	,	PUNCT
ajfa-9759	234	11	then	then	ADV
ajfa-9759	234	12	there	there	PRON
ajfa-9759	234	13	is	be	VERB
ajfa-9759	234	14	a	a	DET
ajfa-9759	234	15	probability	probability	NOUN
ajfa-9759	234	16	of	of	ADP
ajfa-9759	234	17	windfall	windfall	NOUN
ajfa-9759	234	18	gain	gain	NOUN
ajfa-9759	234	19	of	of	ADP
ajfa-9759	234	20	the	the	DET
ajfa-9759	234	21	insiders	insider	NOUN
ajfa-9759	234	22	by	by	ADP
ajfa-9759	234	23	timing	time	VERB
ajfa-9759	234	24	the	the	DET
ajfa-9759	234	25	repurchase	repurchase	NOUN
ajfa-9759	234	26	.	.	PUNCT
ajfa-9759	235	1	so	so	ADV
ajfa-9759	235	2	there	there	PRON
ajfa-9759	235	3	should	should	AUX
ajfa-9759	235	4	be	be	AUX
ajfa-9759	235	5	a	a	DET
ajfa-9759	235	6	check	check	NOUN
ajfa-9759	235	7	on	on	ADP
ajfa-9759	235	8	the	the	DET
ajfa-9759	235	9	repurchase	repurchase	NOUN
ajfa-9759	235	10	decision	decision	NOUN
ajfa-9759	235	11	of	of	ADP
ajfa-9759	235	12	the	the	DET
ajfa-9759	235	13	firms	firm	NOUN
ajfa-9759	235	14	.	.	PUNCT
ajfa-9759	236	1	rules	rule	NOUN
ajfa-9759	236	2	regarding	regard	VERB
ajfa-9759	236	3	repurchase	repurchase	NOUN
ajfa-9759	236	4	are	be	AUX
ajfa-9759	236	5	different	different	ADJ
ajfa-9759	236	6	in	in	ADP
ajfa-9759	236	7	the	the	DET
ajfa-9759	236	8	various	various	ADJ
ajfa-9759	236	9	countries	country	NOUN
ajfa-9759	236	10	.	.	PUNCT
ajfa-9759	237	1	in	in	ADP
ajfa-9759	237	2	india	india	PROPN
ajfa-9759	237	3	,	,	PUNCT
ajfa-9759	237	4	if	if	SCONJ
ajfa-9759	237	5	the	the	DET
ajfa-9759	237	6	firm	firm	NOUN
ajfa-9759	237	7	wants	want	VERB
ajfa-9759	237	8	to	to	PART
ajfa-9759	237	9	repurchase	repurchase	VERB
ajfa-9759	237	10	less	less	ADJ
ajfa-9759	237	11	than	than	ADP
ajfa-9759	237	12	10	10	NUM
ajfa-9759	237	13	%	%	NOUN
ajfa-9759	237	14	of	of	ADP
ajfa-9759	237	15	paid	pay	VERB
ajfa-9759	237	16	-	-	PUNCT
ajfa-9759	237	17	up	up	ADP
ajfa-9759	237	18	capital	capital	NOUN
ajfa-9759	237	19	and	and	CCONJ
ajfa-9759	237	20	free	free	ADJ
ajfa-9759	237	21	reserve	reserve	NOUN
ajfa-9759	237	22	then	then	ADV
ajfa-9759	237	23	only	only	ADV
ajfa-9759	237	24	asian	asian	ADJ
ajfa-9759	237	25	journal	journal	NOUN
ajfa-9759	237	26	of	of	ADP
ajfa-9759	237	27	finance	finance	PROPN
ajfa-9759	237	28	&	&	CCONJ
ajfa-9759	237	29	accounting	accounting	PROPN
ajfa-9759	237	30	issn	issn	PROPN
ajfa-9759	237	31	1946	1946	NUM
ajfa-9759	237	32	-	-	PUNCT
ajfa-9759	237	33	052x	052x	PROPN
ajfa-9759	237	34	2016	2016	NUM
ajfa-9759	237	35	,	,	PUNCT
ajfa-9759	237	36	vol	vol	NOUN
ajfa-9759	237	37	.	.	PROPN
ajfa-9759	237	38	8	8	NUM
ajfa-9759	237	39	,	,	PUNCT
ajfa-9759	237	40	no	no	INTJ
ajfa-9759	237	41	.	.	NOUN
ajfa-9759	237	42	2	2	NUM
ajfa-9759	237	43	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9759	237	44	15	15	NUM
ajfa-9759	237	45	board	board	NOUN
ajfa-9759	237	46	approval	approval	NOUN
ajfa-9759	237	47	is	be	AUX
ajfa-9759	237	48	necessary	necessary	ADJ
ajfa-9759	237	49	and	and	CCONJ
ajfa-9759	237	50	above	above	ADP
ajfa-9759	237	51	10	10	NUM
ajfa-9759	237	52	%	%	NOUN
ajfa-9759	237	53	it	it	PRON
ajfa-9759	237	54	requires	require	VERB
ajfa-9759	237	55	shareholders	shareholder	NOUN
ajfa-9759	237	56	’	'	PUNCT
ajfa-9759	237	57	approval	approval	NOUN
ajfa-9759	237	58	.	.	PUNCT
ajfa-9759	238	1	so	so	ADV
ajfa-9759	238	2	the	the	DET
ajfa-9759	238	3	directors	director	NOUN
ajfa-9759	238	4	should	should	AUX
ajfa-9759	238	5	be	be	AUX
ajfa-9759	238	6	fair	fair	ADJ
ajfa-9759	238	7	and	and	CCONJ
ajfa-9759	238	8	justified	justify	VERB
ajfa-9759	238	9	enough	enough	ADV
ajfa-9759	238	10	at	at	ADP
ajfa-9759	238	11	the	the	DET
ajfa-9759	238	12	time	time	NOUN
ajfa-9759	238	13	of	of	ADP
ajfa-9759	238	14	approval	approval	NOUN
ajfa-9759	238	15	of	of	ADP
ajfa-9759	238	16	share	share	NOUN
ajfa-9759	238	17	repurchase	repurchase	NOUN
ajfa-9759	238	18	.	.	PUNCT
ajfa-9759	239	1	yarram	yarram	PROPN
ajfa-9759	239	2	(	(	PUNCT
ajfa-9759	239	3	2014	2014	NUM
ajfa-9759	239	4	)	)	PUNCT
ajfa-9759	239	5	examined	examine	VERB
ajfa-9759	239	6	the	the	DET
ajfa-9759	239	7	relationship	relationship	NOUN
ajfa-9759	239	8	between	between	ADP
ajfa-9759	239	9	the	the	DET
ajfa-9759	239	10	corporate	corporate	ADJ
ajfa-9759	239	11	governance	governance	NOUN
ajfa-9759	239	12	variables	variable	NOUN
ajfa-9759	239	13	and	and	CCONJ
ajfa-9759	239	14	found	find	VERB
ajfa-9759	239	15	a	a	DET
ajfa-9759	239	16	positive	positive	ADJ
ajfa-9759	239	17	relationship	relationship	NOUN
ajfa-9759	239	18	between	between	ADP
ajfa-9759	239	19	board	board	NOUN
ajfa-9759	239	20	independence	independence	NOUN
ajfa-9759	239	21	and	and	CCONJ
ajfa-9759	239	22	share	share	NOUN
ajfa-9759	239	23	repurchase	repurchase	NOUN
ajfa-9759	239	24	decisions	decision	NOUN
ajfa-9759	239	25	.	.	PUNCT
ajfa-9759	240	1	corporate	corporate	ADJ
ajfa-9759	240	2	governance	governance	NOUN
ajfa-9759	240	3	parameters	parameter	NOUN
ajfa-9759	240	4	of	of	ADP
ajfa-9759	240	5	a	a	DET
ajfa-9759	240	6	company	company	NOUN
ajfa-9759	240	7	may	may	AUX
ajfa-9759	240	8	influence	influence	VERB
ajfa-9759	240	9	the	the	DET
ajfa-9759	240	10	share	share	NOUN
ajfa-9759	240	11	repurchase	repurchase	NOUN
ajfa-9759	240	12	decision	decision	NOUN
ajfa-9759	240	13	.	.	PUNCT
ajfa-9759	241	1	table	table	NOUN
ajfa-9759	241	2	4	4	NUM
ajfa-9759	241	3	.	.	X
ajfa-9759	241	4	relationship	relationship	NOUN
ajfa-9759	241	5	of	of	ADP
ajfa-9759	241	6	hypotheses	hypothesis	NOUN
ajfa-9759	241	7	with	with	ADP
ajfa-9759	241	8	share	share	NOUN
ajfa-9759	241	9	buyback	buyback	NOUN
ajfa-9759	241	10	decision	decision	NOUN
ajfa-9759	241	11	hypothesis	hypothesis	NOUN
ajfa-9759	241	12	sign	sign	NOUN
ajfa-9759	241	13	signaling	signal	VERB
ajfa-9759	241	14	+	+	CCONJ
ajfa-9759	241	15	excess	excess	ADJ
ajfa-9759	241	16	capital	capital	NOUN
ajfa-9759	241	17	+	+	CCONJ
ajfa-9759	241	18	leverage	leverage	NOUN
ajfa-9759	241	19	+	+	CCONJ
ajfa-9759	241	20	stock	stock	NOUN
ajfa-9759	241	21	option	option	NOUN
ajfa-9759	241	22	+	+	CCONJ
ajfa-9759	241	23	takeover	takeover	NOUN
ajfa-9759	241	24	deterrence	deterrence	NOUN
ajfa-9759	241	25	+	+	CCONJ
ajfa-9759	241	26	substitution	substitution	NOUN
ajfa-9759	241	27	liquidity	liquidity	NOUN
ajfa-9759	241	28	+	+	CCONJ
ajfa-9759	241	29	corporate	corporate	ADJ
ajfa-9759	241	30	governance	governance	NOUN
ajfa-9759	241	31	+	+	CCONJ
ajfa-9759	241	32	5	5	X
ajfa-9759	241	33	.	.	PUNCT
ajfa-9759	241	34	determinants	determinant	NOUN
ajfa-9759	241	35	of	of	ADP
ajfa-9759	241	36	share	share	NOUN
ajfa-9759	241	37	buyback	buyback	NOUN
ajfa-9759	241	38	vafeas	vafea	NOUN
ajfa-9759	241	39	(	(	PUNCT
ajfa-9759	241	40	1997	1997	NUM
ajfa-9759	241	41	)	)	PUNCT
ajfa-9759	241	42	found	find	VERB
ajfa-9759	241	43	that	that	SCONJ
ajfa-9759	241	44	both	both	DET
ajfa-9759	241	45	agency	agency	NOUN
ajfa-9759	241	46	cost	cost	VERB
ajfa-9759	241	47	and	and	CCONJ
ajfa-9759	241	48	signaling	signal	VERB
ajfa-9759	241	49	play	play	NOUN
ajfa-9759	241	50	an	an	DET
ajfa-9759	241	51	important	important	ADJ
ajfa-9759	241	52	role	role	NOUN
ajfa-9759	241	53	inchoosing	inchoose	VERB
ajfa-9759	241	54	tender	tender	NOUN
ajfa-9759	241	55	method	method	NOUN
ajfa-9759	241	56	over	over	ADP
ajfa-9759	241	57	open	open	ADJ
ajfa-9759	241	58	market	market	NOUN
ajfa-9759	241	59	repurchase	repurchase	NOUN
ajfa-9759	241	60	.	.	PUNCT
ajfa-9759	242	1	an	an	DET
ajfa-9759	242	2	overinvestment	overinvestment	ADJ
ajfa-9759	242	3	firm	firm	NOUN
ajfa-9759	242	4	backed	back	VERB
ajfa-9759	242	5	by	by	ADP
ajfa-9759	242	6	excess	excess	ADJ
ajfa-9759	242	7	cash	cash	NOUN
ajfa-9759	242	8	flow	flow	NOUN
ajfa-9759	242	9	is	be	AUX
ajfa-9759	242	10	more	more	ADV
ajfa-9759	242	11	likely	likely	ADJ
ajfa-9759	242	12	to	to	PART
ajfa-9759	242	13	choose	choose	VERB
ajfa-9759	242	14	tender	tender	NOUN
ajfa-9759	242	15	offer	offer	NOUN
ajfa-9759	242	16	than	than	ADP
ajfa-9759	242	17	open	open	ADJ
ajfa-9759	242	18	market	market	NOUN
ajfa-9759	242	19	repurchase	repurchase	NOUN
ajfa-9759	242	20	.	.	PUNCT
ajfa-9759	243	1	firm	firm	PROPN
ajfa-9759	243	2	’s	’s	PART
ajfa-9759	243	3	choice	choice	NOUN
ajfa-9759	243	4	in	in	ADP
ajfa-9759	243	5	between	between	ADP
ajfa-9759	243	6	tender	tender	NOUN
ajfa-9759	243	7	offer	offer	NOUN
ajfa-9759	243	8	and	and	CCONJ
ajfa-9759	243	9	open	open	ADJ
ajfa-9759	243	10	market	market	NOUN
ajfa-9759	243	11	repurchase	repurchase	NOUN
ajfa-9759	243	12	depends	depend	VERB
ajfa-9759	243	13	on	on	ADP
ajfa-9759	243	14	short	short	ADJ
ajfa-9759	243	15	term	term	NOUN
ajfa-9759	243	16	or	or	CCONJ
ajfa-9759	243	17	long	long	ADJ
ajfa-9759	243	18	term	term	NOUN
ajfa-9759	243	19	undervaluation	undervaluation	NOUN
ajfa-9759	243	20	of	of	ADP
ajfa-9759	243	21	shares	share	NOUN
ajfa-9759	243	22	.	.	PUNCT
ajfa-9759	244	1	dittmar	dittmar	NOUN
ajfa-9759	244	2	(	(	PUNCT
ajfa-9759	244	3	2000	2000	NUM
ajfa-9759	244	4	)	)	PUNCT
ajfa-9759	244	5	examined	examine	VERB
ajfa-9759	244	6	the	the	DET
ajfa-9759	244	7	motivations	motivation	NOUN
ajfa-9759	244	8	behind	behind	ADP
ajfa-9759	244	9	share	share	NOUN
ajfa-9759	244	10	repurchase	repurchase	VERB
ajfa-9759	244	11	in	in	ADP
ajfa-9759	244	12	the	the	DET
ajfa-9759	244	13	us	we	PRON
ajfa-9759	244	14	by	by	ADP
ajfa-9759	244	15	taking	take	VERB
ajfa-9759	244	16	all	all	DET
ajfa-9759	244	17	the	the	DET
ajfa-9759	244	18	hypotheses	hypothesis	NOUN
ajfa-9759	244	19	simultaneously	simultaneously	ADV
ajfa-9759	244	20	together	together	ADV
ajfa-9759	244	21	viz	viz	NUM
ajfa-9759	244	22	.	.	PUNCT
ajfa-9759	244	23	excess	excess	ADJ
ajfa-9759	244	24	capital	capital	NOUN
ajfa-9759	244	25	,	,	PUNCT
ajfa-9759	244	26	undervaluation	undervaluation	ADJ
ajfa-9759	244	27	,	,	PUNCT
ajfa-9759	244	28	optimal	optimal	ADJ
ajfa-9759	244	29	leverage	leverage	NOUN
ajfa-9759	244	30	,	,	PUNCT
ajfa-9759	244	31	management	management	NOUN
ajfa-9759	244	32	incentive	incentive	NOUN
ajfa-9759	244	33	and	and	CCONJ
ajfa-9759	244	34	takeover	takeover	NOUN
ajfa-9759	244	35	deterrence	deterrence	NOUN
ajfa-9759	244	36	.	.	PUNCT
ajfa-9759	245	1	the	the	DET
ajfa-9759	245	2	objective	objective	NOUN
ajfa-9759	245	3	of	of	ADP
ajfa-9759	245	4	the	the	DET
ajfa-9759	245	5	study	study	NOUN
ajfa-9759	245	6	is	be	AUX
ajfa-9759	245	7	to	to	PART
ajfa-9759	245	8	find	find	VERB
ajfa-9759	245	9	out	out	ADP
ajfa-9759	245	10	the	the	DET
ajfa-9759	245	11	effect	effect	NOUN
ajfa-9759	245	12	of	of	ADP
ajfa-9759	245	13	all	all	DET
ajfa-9759	245	14	the	the	DET
ajfa-9759	245	15	hypotheses	hypothesis	NOUN
ajfa-9759	245	16	together	together	ADV
ajfa-9759	245	17	without	without	ADP
ajfa-9759	245	18	ignoring	ignore	VERB
ajfa-9759	245	19	the	the	DET
ajfa-9759	245	20	effect	effect	NOUN
ajfa-9759	245	21	of	of	ADP
ajfa-9759	245	22	any	any	DET
ajfa-9759	245	23	single	single	ADJ
ajfa-9759	245	24	hypothesis	hypothesis	NOUN
ajfa-9759	245	25	.	.	PUNCT
ajfa-9759	246	1	the	the	DET
ajfa-9759	246	2	study	study	NOUN
ajfa-9759	246	3	found	find	VERB
ajfa-9759	246	4	that	that	SCONJ
ajfa-9759	246	5	out	out	ADP
ajfa-9759	246	6	of	of	ADP
ajfa-9759	246	7	the	the	DET
ajfa-9759	246	8	above	above	ADJ
ajfa-9759	246	9	hypotheses	hypothesis	NOUN
ajfa-9759	246	10	undervaluation	undervaluation	NOUN
ajfa-9759	246	11	is	be	AUX
ajfa-9759	246	12	the	the	DET
ajfa-9759	246	13	prime	prime	ADJ
ajfa-9759	246	14	determinants	determinant	NOUN
ajfa-9759	246	15	for	for	ADP
ajfa-9759	246	16	repurchase	repurchase	NOUN
ajfa-9759	246	17	followed	follow	VERB
ajfa-9759	246	18	by	by	ADP
ajfa-9759	246	19	excess	excess	ADJ
ajfa-9759	246	20	capital	capital	NOUN
ajfa-9759	246	21	hypothesis	hypothesis	NOUN
ajfa-9759	246	22	.	.	PUNCT
ajfa-9759	247	1	jagannathan	jagannathan	PROPN
ajfa-9759	247	2	and	and	CCONJ
ajfa-9759	247	3	stephens	stephens	PROPN
ajfa-9759	247	4	(	(	PUNCT
ajfa-9759	247	5	2003	2003	NUM
ajfa-9759	247	6	)	)	PUNCT
ajfa-9759	247	7	examined	examine	VERB
ajfa-9759	247	8	motives	motive	NOUN
ajfa-9759	247	9	of	of	ADP
ajfa-9759	247	10	firms	firm	NOUN
ajfa-9759	247	11	,	,	PUNCT
ajfa-9759	247	12	behind	behind	ADP
ajfa-9759	247	13	infrequent	infrequent	ADJ
ajfa-9759	247	14	,	,	PUNCT
ajfa-9759	247	15	occasional	occasional	ADJ
ajfa-9759	247	16	and	and	CCONJ
ajfa-9759	247	17	frequent	frequent	ADJ
ajfa-9759	247	18	repurchases	repurchase	NOUN
ajfa-9759	247	19	.	.	PUNCT
ajfa-9759	248	1	frequentrepurchasers	frequentrepurchaser	NOUN
ajfa-9759	248	2	are	be	AUX
ajfa-9759	248	3	large	large	ADJ
ajfa-9759	248	4	,	,	PUNCT
ajfa-9759	248	5	less	less	ADJ
ajfa-9759	248	6	variation	variation	NOUN
ajfa-9759	248	7	in	in	ADP
ajfa-9759	248	8	operating	operate	VERB
ajfa-9759	248	9	income	income	NOUN
ajfa-9759	248	10	,	,	PUNCT
ajfa-9759	248	11	more	more	ADV
ajfa-9759	248	12	institutional	institutional	ADJ
ajfa-9759	248	13	ownership	ownership	NOUN
ajfa-9759	248	14	,	,	PUNCT
ajfa-9759	248	15	and	and	CCONJ
ajfa-9759	248	16	higher	high	ADJ
ajfa-9759	248	17	dividend	dividend	NOUN
ajfa-9759	248	18	pay	pay	VERB
ajfa-9759	248	19	-	-	PUNCT
ajfa-9759	248	20	out	out	ADP
ajfa-9759	248	21	ratio	ratio	NOUN
ajfa-9759	248	22	than	than	ADP
ajfa-9759	248	23	infrequent	infrequent	ADJ
ajfa-9759	248	24	repurchasers	repurchaser	NOUN
ajfa-9759	248	25	.	.	PUNCT
ajfa-9759	249	1	in	in	ADP
ajfa-9759	249	2	case	case	NOUN
ajfa-9759	249	3	of	of	ADP
ajfa-9759	249	4	infrequent	infrequent	ADJ
ajfa-9759	249	5	repurchasers	repurchaser	NOUN
ajfa-9759	249	6	,	,	PUNCT
ajfa-9759	249	7	undervaluation	undervaluation	NOUN
ajfa-9759	249	8	is	be	AUX
ajfa-9759	249	9	a	a	DET
ajfa-9759	249	10	primary	primary	ADJ
ajfa-9759	249	11	motive	motive	NOUN
ajfa-9759	249	12	for	for	ADP
ajfa-9759	249	13	share	share	NOUN
ajfa-9759	249	14	buybacks	buyback	NOUN
ajfa-9759	249	15	,	,	PUNCT
ajfa-9759	249	16	unlike	unlike	ADP
ajfa-9759	249	17	frequent	frequent	ADJ
ajfa-9759	249	18	repuchasers	repuchaser	NOUN
ajfa-9759	249	19	.	.	PUNCT
ajfa-9759	250	1	the	the	DET
ajfa-9759	250	2	marketfavors	marketfavor	NOUN
ajfa-9759	250	3	all	all	DET
ajfa-9759	250	4	repurchases	repurchase	NOUN
ajfa-9759	250	5	,	,	PUNCT
ajfa-9759	250	6	but	but	CCONJ
ajfa-9759	250	7	market	market	NOUN
ajfa-9759	250	8	reaction	reaction	NOUN
ajfa-9759	250	9	to	to	ADP
ajfa-9759	250	10	infrequent	infrequent	ADJ
ajfa-9759	250	11	repurchase	repurchase	NOUN
ajfa-9759	250	12	is	be	AUX
ajfa-9759	250	13	stronger	strong	ADJ
ajfa-9759	250	14	than	than	ADP
ajfa-9759	250	15	other	other	ADJ
ajfa-9759	250	16	repurchases	repurchase	NOUN
ajfa-9759	250	17	.	.	PUNCT
ajfa-9759	251	1	backer	backer	NOUN
ajfa-9759	251	2	et	et	PROPN
ajfa-9759	251	3	al	al	PROPN
ajfa-9759	251	4	.	.	PROPN
ajfa-9759	252	1	(	(	PUNCT
ajfa-9759	252	2	2003	2003	NUM
ajfa-9759	252	3	)	)	PUNCT
ajfa-9759	252	4	used	use	VERB
ajfa-9759	252	5	survey	survey	NOUN
ajfa-9759	252	6	method	method	NOUN
ajfa-9759	252	7	to	to	PART
ajfa-9759	252	8	examine	examine	VERB
ajfa-9759	252	9	the	the	DET
ajfa-9759	252	10	reasons	reason	NOUN
ajfa-9759	252	11	of	of	ADP
ajfa-9759	252	12	recent	recent	ADJ
ajfa-9759	252	13	share	share	NOUN
ajfa-9759	252	14	buyback	buyback	NOUN
ajfa-9759	252	15	among	among	ADP
ajfa-9759	252	16	us	us	PROPN
ajfa-9759	252	17	corporations	corporation	NOUN
ajfa-9759	252	18	.	.	PUNCT
ajfa-9759	253	1	they	they	PRON
ajfa-9759	253	2	tested	test	VERB
ajfa-9759	253	3	five	five	NUM
ajfa-9759	253	4	hypotheses	hypothesis	NOUN
ajfa-9759	253	5	i.e.	i.e.	X
ajfa-9759	253	6	signaling	signaling	ADJ
ajfa-9759	253	7	,	,	PUNCT
ajfa-9759	253	8	agency	agency	NOUN
ajfa-9759	253	9	cost	cost	NOUN
ajfa-9759	253	10	of	of	ADP
ajfa-9759	253	11	free	free	ADJ
ajfa-9759	253	12	cash	cash	NOUN
ajfa-9759	253	13	flow	flow	NOUN
ajfa-9759	253	14	,	,	PUNCT
ajfa-9759	253	15	capital	capital	NOUN
ajfa-9759	253	16	market	market	NOUN
ajfa-9759	253	17	allocations	allocation	NOUN
ajfa-9759	253	18	,	,	PUNCT
ajfa-9759	253	19	tax	tax	NOUN
ajfa-9759	253	20	-	-	PUNCT
ajfa-9759	253	21	motivated	motivated	ADJ
ajfa-9759	253	22	substitutions	substitution	NOUN
ajfa-9759	253	23	for	for	ADP
ajfa-9759	253	24	dividend	dividend	NOUN
ajfa-9759	253	25	and	and	CCONJ
ajfa-9759	253	26	capital	capital	NOUN
ajfa-9759	253	27	structure	structure	NOUN
ajfa-9759	253	28	adjustments	adjustment	NOUN
ajfa-9759	253	29	,	,	PUNCT
ajfa-9759	253	30	and	and	CCONJ
ajfa-9759	253	31	found	find	VERB
ajfa-9759	253	32	that	that	DET
ajfa-9759	253	33	undervaluation	undervaluation	NOUN
ajfa-9759	253	34	is	be	AUX
ajfa-9759	253	35	the	the	DET
ajfa-9759	253	36	most	most	ADV
ajfa-9759	253	37	important	important	ADJ
ajfa-9759	253	38	motive	motive	NOUN
ajfa-9759	253	39	behind	behind	ADP
ajfa-9759	253	40	repurchase	repurchase	NOUN
ajfa-9759	253	41	followed	follow	VERB
ajfa-9759	253	42	by	by	ADP
ajfa-9759	253	43	lack	lack	NOUN
ajfa-9759	253	44	of	of	ADP
ajfa-9759	253	45	investment	investment	NOUN
ajfa-9759	253	46	opportunities	opportunity	NOUN
ajfa-9759	253	47	.	.	PUNCT
ajfa-9759	254	1	grullon	grullon	NOUN
ajfa-9759	254	2	and	and	CCONJ
ajfa-9759	254	3	michaely	michaely	ADV
ajfa-9759	254	4	(	(	PUNCT
ajfa-9759	254	5	2004	2004	NUM
ajfa-9759	254	6	)	)	PUNCT
ajfa-9759	254	7	explored	explore	VERB
ajfa-9759	254	8	the	the	DET
ajfa-9759	254	9	economic	economic	ADJ
ajfa-9759	254	10	motivations	motivation	NOUN
ajfa-9759	254	11	behind	behind	ADP
ajfa-9759	254	12	open	open	ADJ
ajfa-9759	254	13	market	market	NOUN
ajfa-9759	254	14	asian	asian	ADJ
ajfa-9759	254	15	journal	journal	NOUN
ajfa-9759	254	16	of	of	ADP
ajfa-9759	254	17	finance	finance	PROPN
ajfa-9759	254	18	&	&	CCONJ
ajfa-9759	254	19	accounting	accounting	PROPN
ajfa-9759	254	20	issn	issn	PROPN
ajfa-9759	254	21	1946	1946	NUM
ajfa-9759	254	22	-	-	PUNCT
ajfa-9759	254	23	052x	052x	PROPN
ajfa-9759	254	24	2016	2016	NUM
ajfa-9759	254	25	,	,	PUNCT
ajfa-9759	254	26	vol	vol	NOUN
ajfa-9759	254	27	.	.	PROPN
ajfa-9759	254	28	8	8	NUM
ajfa-9759	254	29	,	,	PUNCT
ajfa-9759	254	30	no	no	INTJ
ajfa-9759	254	31	.	.	NOUN
ajfa-9759	254	32	2	2	NUM
ajfa-9759	254	33	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9759	254	34	16	16	NUM
ajfa-9759	254	35	repurchase	repurchase	NOUN
ajfa-9759	254	36	in	in	ADP
ajfa-9759	254	37	the	the	DET
ajfa-9759	254	38	us	us	PROPN
ajfa-9759	254	39	.	.	PUNCT
ajfa-9759	255	1	the	the	DET
ajfa-9759	255	2	findings	finding	NOUN
ajfa-9759	255	3	of	of	ADP
ajfa-9759	255	4	this	this	DET
ajfa-9759	255	5	study	study	NOUN
ajfa-9759	255	6	show	show	VERB
ajfa-9759	255	7	that	that	SCONJ
ajfa-9759	255	8	repurchasing	repurchasing	NOUN
ajfa-9759	255	9	firms	firm	NOUN
ajfa-9759	255	10	reduce	reduce	VERB
ajfa-9759	255	11	the	the	DET
ajfa-9759	255	12	current	current	ADJ
ajfa-9759	255	13	level	level	NOUN
ajfa-9759	255	14	of	of	ADP
ajfa-9759	255	15	investment	investment	NOUN
ajfa-9759	255	16	in	in	ADP
ajfa-9759	255	17	capital	capital	NOUN
ajfa-9759	255	18	expenditure	expenditure	NOUN
ajfa-9759	255	19	and	and	CCONJ
ajfa-9759	255	20	r&d	r&d	NOUN
ajfa-9759	255	21	to	to	PART
ajfa-9759	255	22	finance	finance	VERB
ajfa-9759	255	23	the	the	DET
ajfa-9759	255	24	repurchase	repurchase	NOUN
ajfa-9759	255	25	program	program	NOUN
ajfa-9759	255	26	.	.	PUNCT
ajfa-9759	256	1	this	this	DET
ajfa-9759	256	2	study	study	NOUN
ajfa-9759	256	3	found	find	VERB
ajfa-9759	256	4	that	that	SCONJ
ajfa-9759	256	5	that	that	DET
ajfa-9759	256	6	systematic	systematic	ADJ
ajfa-9759	256	7	risk	risk	NOUN
ajfa-9759	256	8	and	and	CCONJ
ajfa-9759	256	9	cost	cost	NOUN
ajfa-9759	256	10	of	of	ADP
ajfa-9759	256	11	capital	capital	NOUN
ajfa-9759	256	12	of	of	ADP
ajfa-9759	256	13	repurchasing	repurchasing	NOUN
ajfa-9759	256	14	firm	firm	NOUN
ajfa-9759	256	15	declines	decline	VERB
ajfa-9759	256	16	after	after	ADP
ajfa-9759	256	17	the	the	DET
ajfa-9759	256	18	announcement	announcement	NOUN
ajfa-9759	256	19	.	.	PUNCT
ajfa-9759	257	1	the	the	DET
ajfa-9759	257	2	positive	positive	ADJ
ajfa-9759	257	3	market	market	NOUN
ajfa-9759	257	4	reaction	reaction	NOUN
ajfa-9759	257	5	to	to	ADP
ajfa-9759	257	6	the	the	DET
ajfa-9759	257	7	announcement	announcement	NOUN
ajfa-9759	257	8	is	be	AUX
ajfa-9759	257	9	due	due	ADJ
ajfa-9759	257	10	to	to	PART
ajfa-9759	257	11	decrease	decrease	VERB
ajfa-9759	257	12	in	in	ADP
ajfa-9759	257	13	the	the	DET
ajfa-9759	257	14	free	free	ADJ
ajfa-9759	257	15	cash	cash	NOUN
ajfa-9759	257	16	flow	flow	NOUN
ajfa-9759	257	17	at	at	ADP
ajfa-9759	257	18	management	management	NOUN
ajfa-9759	257	19	’s	’s	PART
ajfa-9759	257	20	disposal	disposal	NOUN
ajfa-9759	257	21	and	and	CCONJ
ajfa-9759	257	22	systematic	systematic	ADJ
ajfa-9759	257	23	risk	risk	NOUN
ajfa-9759	257	24	of	of	ADP
ajfa-9759	257	25	the	the	DET
ajfa-9759	257	26	firm	firm	NOUN
ajfa-9759	257	27	.	.	PUNCT
ajfa-9759	258	1	mitchell	mitchell	PROPN
ajfa-9759	258	2	and	and	CCONJ
ajfa-9759	258	3	dharmawan	dharmawan	PROPN
ajfa-9759	258	4	(	(	PUNCT
ajfa-9759	258	5	2007	2007	NUM
ajfa-9759	258	6	)	)	PUNCT
ajfa-9759	258	7	examined	examine	VERB
ajfa-9759	258	8	the	the	DET
ajfa-9759	258	9	substitution	substitution	NOUN
ajfa-9759	258	10	,	,	PUNCT
ajfa-9759	258	11	undervaluation	undervaluation	NOUN
ajfa-9759	258	12	signaling	signaling	ADJ
ajfa-9759	258	13	,	,	PUNCT
ajfa-9759	258	14	excess	excess	ADJ
ajfa-9759	258	15	debt	debt	NOUN
ajfa-9759	258	16	capacity	capacity	NOUN
ajfa-9759	258	17	and	and	CCONJ
ajfa-9759	258	18	free	free	ADJ
ajfa-9759	258	19	cash	cash	NOUN
ajfa-9759	258	20	flow	flow	NOUN
ajfa-9759	258	21	hypotheses	hypothesis	NOUN
ajfa-9759	258	22	of	of	ADP
ajfa-9759	258	23	repurchase	repurchase	NOUN
ajfa-9759	258	24	in	in	ADP
ajfa-9759	258	25	a	a	DET
ajfa-9759	258	26	standardized	standardized	ADJ
ajfa-9759	258	27	and	and	CCONJ
ajfa-9759	258	28	transparent	transparent	ADJ
ajfa-9759	258	29	market	market	NOUN
ajfa-9759	258	30	,	,	PUNCT
ajfa-9759	258	31	unlike	unlike	ADP
ajfa-9759	258	32	the	the	DET
ajfa-9759	258	33	us	us	PROPN
ajfa-9759	258	34	.	.	PUNCT
ajfa-9759	259	1	the	the	DET
ajfa-9759	259	2	study	study	NOUN
ajfa-9759	259	3	found	find	VERB
ajfa-9759	259	4	that	that	SCONJ
ajfa-9759	259	5	signaling	signal	VERB
ajfa-9759	259	6	of	of	ADP
ajfa-9759	259	7	undervaluation	undervaluation	NOUN
ajfa-9759	259	8	and	and	CCONJ
ajfa-9759	259	9	reduction	reduction	NOUN
ajfa-9759	259	10	of	of	ADP
ajfa-9759	259	11	agency	agency	NOUN
ajfa-9759	259	12	cost	cost	NOUN
ajfa-9759	259	13	is	be	AUX
ajfa-9759	259	14	the	the	DET
ajfa-9759	259	15	primary	primary	ADJ
ajfa-9759	259	16	determinant	determinant	NOUN
ajfa-9759	259	17	of	of	ADP
ajfa-9759	259	18	share	share	NOUN
ajfa-9759	259	19	buyback	buyback	NOUN
ajfa-9759	259	20	of	of	ADP
ajfa-9759	259	21	share	share	NOUN
ajfa-9759	259	22	followed	follow	VERB
ajfa-9759	259	23	by	by	ADP
ajfa-9759	259	24	excess	excess	ADJ
ajfa-9759	259	25	debt	debt	NOUN
ajfa-9759	259	26	capacity	capacity	NOUN
ajfa-9759	259	27	in	in	ADP
ajfa-9759	259	28	the	the	DET
ajfa-9759	259	29	australian	australian	ADJ
ajfa-9759	259	30	market	market	NOUN
ajfa-9759	259	31	.	.	PUNCT
ajfa-9759	260	1	li	li	PROPN
ajfa-9759	260	2	and	and	CCONJ
ajfa-9759	260	3	mcnally	mcnally	PROPN
ajfa-9759	260	4	(	(	PUNCT
ajfa-9759	260	5	2007	2007	NUM
ajfa-9759	260	6	)	)	PUNCT
ajfa-9759	260	7	examined	examine	VERB
ajfa-9759	260	8	signalling	signalling	NOUN
ajfa-9759	260	9	,	,	PUNCT
ajfa-9759	260	10	agency	agency	NOUN
ajfa-9759	260	11	,	,	PUNCT
ajfa-9759	260	12	undervaluation	undervaluation	ADJ
ajfa-9759	260	13	,	,	PUNCT
ajfa-9759	260	14	optimal	optimal	ADJ
ajfa-9759	260	15	capital	capital	NOUN
ajfa-9759	260	16	structure	structure	NOUN
ajfa-9759	260	17	and	and	CCONJ
ajfa-9759	260	18	dividend	dividend	NOUN
ajfa-9759	260	19	substitution	substitution	NOUN
ajfa-9759	260	20	hypotheses	hypothesis	NOUN
ajfa-9759	260	21	to	to	PART
ajfa-9759	260	22	identify	identify	VERB
ajfa-9759	260	23	the	the	DET
ajfa-9759	260	24	determinants	determinant	NOUN
ajfa-9759	260	25	of	of	ADP
ajfa-9759	260	26	share	share	NOUN
ajfa-9759	260	27	repurchase	repurchase	NOUN
ajfa-9759	260	28	decisions	decision	NOUN
ajfa-9759	260	29	in	in	ADP
ajfa-9759	260	30	canada	canada	PROPN
ajfa-9759	260	31	.	.	PUNCT
ajfa-9759	261	1	the	the	DET
ajfa-9759	261	2	study	study	NOUN
ajfa-9759	261	3	found	find	VERB
ajfa-9759	261	4	that	that	SCONJ
ajfa-9759	261	5	firms	firm	NOUN
ajfa-9759	261	6	with	with	ADP
ajfa-9759	261	7	greater	great	ADJ
ajfa-9759	261	8	free	free	ADJ
ajfa-9759	261	9	cash	cash	NOUN
ajfa-9759	261	10	flow	flow	NOUN
ajfa-9759	261	11	,	,	PUNCT
ajfa-9759	261	12	lower	low	ADJ
ajfa-9759	261	13	market	market	NOUN
ajfa-9759	261	14	to	to	ADP
ajfa-9759	261	15	book	book	NOUN
ajfa-9759	261	16	ratio	ratio	NOUN
ajfa-9759	261	17	,	,	PUNCT
ajfa-9759	261	18	negative	negative	ADJ
ajfa-9759	261	19	return	return	NOUN
ajfa-9759	261	20	prior	prior	ADJ
ajfa-9759	261	21	announcement	announcement	NOUN
ajfa-9759	261	22	and	and	CCONJ
ajfa-9759	261	23	more	more	ADJ
ajfa-9759	261	24	insider	insider	NOUN
ajfa-9759	261	25	holdings	holding	NOUN
ajfa-9759	261	26	are	be	AUX
ajfa-9759	261	27	more	more	ADV
ajfa-9759	261	28	likely	likely	ADJ
ajfa-9759	261	29	to	to	PART
ajfa-9759	261	30	repurchase	repurchase	VERB
ajfa-9759	261	31	.	.	PUNCT
ajfa-9759	262	1	in	in	ADP
ajfa-9759	262	2	canada	canada	PROPN
ajfa-9759	262	3	,	,	PUNCT
ajfa-9759	262	4	firms	firm	NOUN
ajfa-9759	262	5	are	be	AUX
ajfa-9759	262	6	motivated	motivate	VERB
ajfa-9759	262	7	to	to	PART
ajfa-9759	262	8	repurchase	repurchase	VERB
ajfa-9759	262	9	mainly	mainly	ADV
ajfa-9759	262	10	by	by	ADP
ajfa-9759	262	11	the	the	DET
ajfa-9759	262	12	agency	agency	NOUN
ajfa-9759	262	13	hypothesis	hypothesis	NOUN
ajfa-9759	262	14	followed	follow	VERB
ajfa-9759	262	15	by	by	ADP
ajfa-9759	262	16	undervaluation	undervaluation	NOUN
ajfa-9759	262	17	hypothesis	hypothesis	NOUN
ajfa-9759	262	18	.	.	PUNCT
ajfa-9759	263	1	benhamouda	benhamouda	NOUN
ajfa-9759	263	2	and	and	CCONJ
ajfa-9759	263	3	watson	watson	PROPN
ajfa-9759	263	4	(	(	PUNCT
ajfa-9759	263	5	2010	2010	NUM
ajfa-9759	263	6	)	)	PUNCT
ajfa-9759	263	7	examined	examine	VERB
ajfa-9759	263	8	the	the	DET
ajfa-9759	263	9	determinants	determinant	NOUN
ajfa-9759	263	10	influencing	influence	VERB
ajfa-9759	263	11	open	open	ADJ
ajfa-9759	263	12	market	market	NOUN
ajfa-9759	263	13	repurchase	repurchase	NOUN
ajfa-9759	263	14	decisions	decision	NOUN
ajfa-9759	263	15	in	in	ADP
ajfa-9759	263	16	the	the	DET
ajfa-9759	263	17	uk	uk	PROPN
ajfa-9759	263	18	.	.	PUNCT
ajfa-9759	264	1	the	the	DET
ajfa-9759	264	2	study	study	NOUN
ajfa-9759	264	3	found	find	VERB
ajfa-9759	264	4	that	that	SCONJ
ajfa-9759	264	5	excess	excess	ADJ
ajfa-9759	264	6	capital	capital	NOUN
ajfa-9759	264	7	and	and	CCONJ
ajfa-9759	264	8	substitution	substitution	NOUN
ajfa-9759	264	9	hypotheses	hypothesis	NOUN
ajfa-9759	264	10	are	be	AUX
ajfa-9759	264	11	the	the	DET
ajfa-9759	264	12	motivating	motivating	NOUN
ajfa-9759	264	13	factors	factor	NOUN
ajfa-9759	264	14	for	for	ADP
ajfa-9759	264	15	share	share	NOUN
ajfa-9759	264	16	repurchase	repurchase	VERB
ajfa-9759	264	17	.	.	PUNCT
ajfa-9759	265	1	this	this	DET
ajfa-9759	265	2	study	study	NOUN
ajfa-9759	265	3	does	do	AUX
ajfa-9759	265	4	n't	not	PART
ajfa-9759	265	5	support	support	VERB
ajfa-9759	265	6	stock	stock	NOUN
ajfa-9759	265	7	option	option	NOUN
ajfa-9759	265	8	hypothesis	hypothesis	NOUN
ajfa-9759	265	9	.	.	PUNCT
ajfa-9759	266	1	farrugia	farrugia	PROPN
ajfa-9759	266	2	et	et	PROPN
ajfa-9759	266	3	al	al	PROPN
ajfa-9759	266	4	.	.	PROPN
ajfa-9759	267	1	(	(	PUNCT
ajfa-9759	267	2	2011	2011	NUM
ajfa-9759	267	3	)	)	PUNCT
ajfa-9759	267	4	examined	examine	VERB
ajfa-9759	267	5	the	the	DET
ajfa-9759	267	6	relationship	relationship	NOUN
ajfa-9759	267	7	between	between	ADP
ajfa-9759	267	8	the	the	DET
ajfa-9759	267	9	economic	economic	ADJ
ajfa-9759	267	10	states	state	NOUN
ajfa-9759	267	11	and	and	CCONJ
ajfa-9759	267	12	repurchase	repurchase	VERB
ajfa-9759	267	13	of	of	ADP
ajfa-9759	267	14	shares	share	NOUN
ajfa-9759	267	15	by	by	ADP
ajfa-9759	267	16	taking	take	VERB
ajfa-9759	267	17	australian	australian	ADJ
ajfa-9759	267	18	data	datum	NOUN
ajfa-9759	267	19	.	.	PUNCT
ajfa-9759	268	1	this	this	DET
ajfa-9759	268	2	study	study	NOUN
ajfa-9759	268	3	shows	show	VERB
ajfa-9759	268	4	that	that	SCONJ
ajfa-9759	268	5	share	share	NOUN
ajfa-9759	268	6	repurchase	repurchase	NOUN
ajfa-9759	268	7	programs	program	NOUN
ajfa-9759	268	8	are	be	AUX
ajfa-9759	268	9	positive	positive	ADJ
ajfa-9759	268	10	and	and	CCONJ
ajfa-9759	268	11	statistically	statistically	ADV
ajfa-9759	268	12	significant	significant	ADJ
ajfa-9759	268	13	in	in	ADP
ajfa-9759	268	14	high	high	ADJ
ajfa-9759	268	15	economic	economic	ADJ
ajfa-9759	268	16	states	state	NOUN
ajfa-9759	268	17	compared	compare	VERB
ajfa-9759	268	18	to	to	ADP
ajfa-9759	268	19	other	other	ADJ
ajfa-9759	268	20	states	state	NOUN
ajfa-9759	268	21	.	.	PUNCT
ajfa-9759	269	1	they	they	PRON
ajfa-9759	269	2	also	also	ADV
ajfa-9759	269	3	reported	report	VERB
ajfa-9759	269	4	that	that	SCONJ
ajfa-9759	269	5	firms	firm	NOUN
ajfa-9759	269	6	going	go	VERB
ajfa-9759	269	7	for	for	ADP
ajfa-9759	269	8	frequent	frequent	ADJ
ajfa-9759	269	9	repurchase	repurchase	NOUN
ajfa-9759	269	10	enjoyed	enjoy	VERB
ajfa-9759	269	11	a	a	DET
ajfa-9759	269	12	stronger	strong	ADJ
ajfa-9759	269	13	return	return	NOUN
ajfa-9759	269	14	all	all	ADV
ajfa-9759	269	15	across	across	ADP
ajfa-9759	269	16	the	the	DET
ajfa-9759	269	17	business	business	NOUN
ajfa-9759	269	18	cycle	cycle	NOUN
ajfa-9759	269	19	compared	compare	VERB
ajfa-9759	269	20	to	to	ADP
ajfa-9759	269	21	the	the	DET
ajfa-9759	269	22	firms	firm	NOUN
ajfa-9759	269	23	going	go	VERB
ajfa-9759	269	24	for	for	ADP
ajfa-9759	269	25	infrequent	infrequent	ADJ
ajfa-9759	269	26	or	or	CCONJ
ajfa-9759	269	27	occasional	occasional	ADJ
ajfa-9759	269	28	repurchase	repurchase	NOUN
ajfa-9759	269	29	.	.	PUNCT
ajfa-9759	270	1	lee	lee	PROPN
ajfa-9759	270	2	and	and	CCONJ
ajfa-9759	270	3	suh	suh	PROPN
ajfa-9759	270	4	(	(	PUNCT
ajfa-9759	270	5	2011	2011	NUM
ajfa-9759	270	6	)	)	PUNCT
ajfa-9759	270	7	examined	examine	VERB
ajfa-9759	270	8	the	the	DET
ajfa-9759	270	9	relationship	relationship	NOUN
ajfa-9759	270	10	between	between	ADP
ajfa-9759	270	11	excess	excess	ADJ
ajfa-9759	270	12	cash	cash	NOUN
ajfa-9759	270	13	holding	holding	NOUN
ajfa-9759	270	14	and	and	CCONJ
ajfa-9759	270	15	the	the	DET
ajfa-9759	270	16	intention	intention	NOUN
ajfa-9759	270	17	to	to	PART
ajfa-9759	270	18	repurchase	repurchase	VERB
ajfa-9759	270	19	shares	share	NOUN
ajfa-9759	270	20	by	by	ADP
ajfa-9759	270	21	taking	take	VERB
ajfa-9759	270	22	seven	seven	NUM
ajfa-9759	270	23	countries	country	NOUN
ajfa-9759	270	24	such	such	ADJ
ajfa-9759	270	25	as	as	ADP
ajfa-9759	270	26	australia	australia	PROPN
ajfa-9759	270	27	,	,	PUNCT
ajfa-9759	270	28	germany	germany	PROPN
ajfa-9759	270	29	,	,	PUNCT
ajfa-9759	270	30	japan	japan	PROPN
ajfa-9759	270	31	,	,	PUNCT
ajfa-9759	270	32	france	france	PROPN
ajfa-9759	270	33	,	,	PUNCT
ajfa-9759	270	34	canada	canada	PROPN
ajfa-9759	270	35	,	,	PUNCT
ajfa-9759	270	36	uk	uk	PROPN
ajfa-9759	270	37	and	and	CCONJ
ajfa-9759	270	38	the	the	DET
ajfa-9759	270	39	us	us	PROPN
ajfa-9759	270	40	.	.	PUNCT
ajfa-9759	271	1	they	they	PRON
ajfa-9759	271	2	established	establish	VERB
ajfa-9759	271	3	a	a	DET
ajfa-9759	271	4	positive	positive	ADJ
ajfa-9759	271	5	relationship	relationship	NOUN
ajfa-9759	271	6	between	between	ADP
ajfa-9759	271	7	large	large	ADJ
ajfa-9759	271	8	cash	cash	NOUN
ajfa-9759	271	9	holdings	holding	NOUN
ajfa-9759	271	10	and	and	CCONJ
ajfa-9759	271	11	repurchase	repurchase	VERB
ajfa-9759	271	12	of	of	ADP
ajfa-9759	271	13	shares	share	NOUN
ajfa-9759	271	14	and	and	CCONJ
ajfa-9759	271	15	also	also	ADV
ajfa-9759	271	16	found	find	VERB
ajfa-9759	271	17	that	that	SCONJ
ajfa-9759	271	18	excess	excess	ADJ
ajfa-9759	271	19	cash	cash	NOUN
ajfa-9759	271	20	arises	arise	VERB
ajfa-9759	271	21	out	out	ADP
ajfa-9759	271	22	of	of	ADP
ajfa-9759	271	23	reduction	reduction	NOUN
ajfa-9759	271	24	in	in	ADP
ajfa-9759	271	25	capital	capital	NOUN
ajfa-9759	271	26	expenditure	expenditure	NOUN
ajfa-9759	271	27	.	.	PUNCT
ajfa-9759	272	1	the	the	DET
ajfa-9759	272	2	findings	finding	NOUN
ajfa-9759	272	3	of	of	ADP
ajfa-9759	272	4	the	the	DET
ajfa-9759	272	5	paper	paper	NOUN
ajfa-9759	272	6	support	support	NOUN
ajfa-9759	272	7	two	two	NUM
ajfa-9759	272	8	hypotheses	hypothesis	NOUN
ajfa-9759	272	9	such	such	ADJ
ajfa-9759	272	10	as	as	ADP
ajfa-9759	272	11	excess	excess	ADJ
ajfa-9759	272	12	capital	capital	NOUN
ajfa-9759	272	13	hypothesis	hypothesis	NOUN
ajfa-9759	272	14	and	and	CCONJ
ajfa-9759	272	15	temporary	temporary	ADJ
ajfa-9759	272	16	cash	cash	NOUN
ajfa-9759	272	17	flow	flow	NOUN
ajfa-9759	272	18	hypothesis	hypothesis	NOUN
ajfa-9759	272	19	.	.	PUNCT
ajfa-9759	273	1	andriosopoulos	andriosopoulos	PROPN
ajfa-9759	273	2	and	and	CCONJ
ajfa-9759	273	3	hoque	hoque	NOUN
ajfa-9759	273	4	(	(	PUNCT
ajfa-9759	273	5	2013	2013	NUM
ajfa-9759	273	6	)	)	PUNCT
ajfa-9759	273	7	reported	report	VERB
ajfa-9759	273	8	that	that	PRON
ajfa-9759	273	9	firm	firm	ADJ
ajfa-9759	273	10	size	size	NOUN
ajfa-9759	273	11	,	,	PUNCT
ajfa-9759	273	12	cash	cash	NOUN
ajfa-9759	273	13	dividend	dividend	NOUN
ajfa-9759	273	14	,	,	PUNCT
ajfa-9759	273	15	and	and	CCONJ
ajfa-9759	273	16	ownership	ownership	NOUN
ajfa-9759	273	17	concentration	concentration	NOUN
ajfa-9759	273	18	have	have	VERB
ajfa-9759	273	19	a	a	DET
ajfa-9759	273	20	significant	significant	ADJ
ajfa-9759	273	21	impact	impact	NOUN
ajfa-9759	273	22	on	on	ADP
ajfa-9759	273	23	the	the	DET
ajfa-9759	273	24	repurchase	repurchase	NOUN
ajfa-9759	273	25	decision	decision	NOUN
ajfa-9759	273	26	of	of	ADP
ajfa-9759	273	27	the	the	DET
ajfa-9759	273	28	firms	firm	NOUN
ajfa-9759	273	29	in	in	ADP
ajfa-9759	273	30	all	all	DET
ajfa-9759	273	31	these	these	DET
ajfa-9759	273	32	countries	country	NOUN
ajfa-9759	273	33	(	(	PUNCT
ajfa-9759	273	34	uk	uk	PROPN
ajfa-9759	273	35	,	,	PUNCT
ajfa-9759	273	36	germany	germany	PROPN
ajfa-9759	273	37	and	and	CCONJ
ajfa-9759	273	38	france	france	PROPN
ajfa-9759	273	39	)	)	PUNCT
ajfa-9759	273	40	.	.	PUNCT
ajfa-9759	274	1	the	the	DET
ajfa-9759	274	2	results	result	NOUN
ajfa-9759	274	3	show	show	VERB
ajfa-9759	274	4	that	that	SCONJ
ajfa-9759	274	5	large	large	ADJ
ajfa-9759	274	6	and	and	CCONJ
ajfa-9759	274	7	widely	widely	ADV
ajfa-9759	274	8	held	hold	VERB
ajfa-9759	274	9	firms	firm	NOUN
ajfa-9759	274	10	are	be	AUX
ajfa-9759	274	11	more	more	ADV
ajfa-9759	274	12	likely	likely	ADJ
ajfa-9759	274	13	to	to	PART
ajfa-9759	274	14	make	make	VERB
ajfa-9759	274	15	share	share	NOUN
ajfa-9759	274	16	buyback	buyback	NOUN
ajfa-9759	274	17	announcement	announcement	NOUN
ajfa-9759	274	18	and	and	CCONJ
ajfa-9759	274	19	also	also	ADV
ajfa-9759	274	20	found	find	VERB
ajfa-9759	274	21	a	a	DET
ajfa-9759	274	22	complementary	complementary	ADJ
ajfa-9759	274	23	relationship	relationship	NOUN
ajfa-9759	274	24	between	between	ADP
ajfa-9759	274	25	dividend	dividend	NOUN
ajfa-9759	274	26	payment	payment	NOUN
ajfa-9759	274	27	and	and	CCONJ
ajfa-9759	274	28	share	share	NOUN
ajfa-9759	274	29	repurchase	repurchase	VERB
ajfa-9759	274	30	in	in	ADP
ajfa-9759	274	31	uk	uk	PROPN
ajfa-9759	274	32	and	and	CCONJ
ajfa-9759	274	33	germany	germany	PROPN
ajfa-9759	274	34	.	.	PUNCT
ajfa-9759	275	1	chung	chung	PROPN
ajfa-9759	275	2	et	et	PROPN
ajfa-9759	275	3	al	al	PROPN
ajfa-9759	275	4	.	.	PROPN
ajfa-9759	276	1	(	(	PUNCT
ajfa-9759	276	2	2013	2013	NUM
ajfa-9759	276	3	)	)	PUNCT
ajfa-9759	276	4	explored	explore	VERB
ajfa-9759	276	5	signalling	signal	VERB
ajfa-9759	276	6	,	,	PUNCT
ajfa-9759	276	7	free	free	ADJ
ajfa-9759	276	8	cash	cash	NOUN
ajfa-9759	276	9	flow	flow	NOUN
ajfa-9759	276	10	,	,	PUNCT
ajfa-9759	276	11	management	management	NOUN
ajfa-9759	276	12	incentives	incentive	NOUN
ajfa-9759	276	13	,	,	PUNCT
ajfa-9759	276	14	leverage	leverage	NOUN
ajfa-9759	276	15	,	,	PUNCT
ajfa-9759	276	16	substitution	substitution	NOUN
ajfa-9759	276	17	and	and	CCONJ
ajfa-9759	276	18	moral	moral	ADJ
ajfa-9759	276	19	hazard	hazard	NOUN
ajfa-9759	276	20	hypotheses	hypothesis	NOUN
ajfa-9759	276	21	for	for	ADP
ajfa-9759	276	22	determining	determine	VERB
ajfa-9759	276	23	factors	factor	NOUN
ajfa-9759	276	24	influencing	influence	VERB
ajfa-9759	276	25	repurchase	repurchase	NOUN
ajfa-9759	276	26	decision	decision	NOUN
ajfa-9759	276	27	in	in	ADP
ajfa-9759	276	28	taiwan	taiwan	PROPN
ajfa-9759	276	29	.	.	PUNCT
ajfa-9759	277	1	the	the	DET
ajfa-9759	277	2	study	study	NOUN
ajfa-9759	277	3	found	find	VERB
ajfa-9759	277	4	that	that	SCONJ
ajfa-9759	277	5	out	out	ADP
ajfa-9759	277	6	of	of	ADP
ajfa-9759	277	7	the	the	DET
ajfa-9759	277	8	above	above	ADJ
ajfa-9759	277	9	hypotheses	hypothesis	NOUN
ajfa-9759	277	10	only	only	ADV
ajfa-9759	277	11	signalling	signal	VERB
ajfa-9759	277	12	and	and	CCONJ
ajfa-9759	277	13	free	free	ADJ
ajfa-9759	277	14	cash	cash	NOUN
ajfa-9759	277	15	flow	flow	NOUN
ajfa-9759	277	16	hypotheses	hypothesis	NOUN
ajfa-9759	277	17	play	play	VERB
ajfa-9759	277	18	a	a	DET
ajfa-9759	277	19	significant	significant	ADJ
ajfa-9759	277	20	role	role	NOUN
ajfa-9759	277	21	in	in	ADP
ajfa-9759	277	22	influencing	influence	VERB
ajfa-9759	277	23	repurchase	repurchase	NOUN
ajfa-9759	277	24	decisions	decision	NOUN
ajfa-9759	277	25	.	.	PUNCT
ajfa-9759	278	1	asian	asian	ADJ
ajfa-9759	278	2	journal	journal	PROPN
ajfa-9759	278	3	of	of	ADP
ajfa-9759	278	4	finance	finance	PROPN
ajfa-9759	278	5	&	&	CCONJ
ajfa-9759	278	6	accounting	accounting	PROPN
ajfa-9759	278	7	issn	issn	PROPN
ajfa-9759	278	8	1946	1946	NUM
ajfa-9759	278	9	-	-	PUNCT
ajfa-9759	278	10	052x	052x	PROPN
ajfa-9759	278	11	2016	2016	NUM
ajfa-9759	278	12	,	,	PUNCT
ajfa-9759	278	13	vol	vol	NOUN
ajfa-9759	278	14	.	.	PROPN
ajfa-9759	278	15	8	8	NUM
ajfa-9759	278	16	,	,	PUNCT
ajfa-9759	278	17	no	no	INTJ
ajfa-9759	278	18	.	.	NOUN
ajfa-9759	278	19	2	2	NUM
ajfa-9759	278	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9759	278	21	17	17	NUM
ajfa-9759	278	22	bonaime	bonaime	NOUN
ajfa-9759	278	23	et	et	PROPN
ajfa-9759	278	24	al	al	PROPN
ajfa-9759	278	25	.	.	PUNCT
ajfa-9759	279	1	(	(	PUNCT
ajfa-9759	279	2	2014	2014	NUM
ajfa-9759	279	3	)	)	PUNCT
ajfa-9759	279	4	examined	examine	VERB
ajfa-9759	279	5	the	the	DET
ajfa-9759	279	6	determinants	determinant	NOUN
ajfa-9759	279	7	of	of	ADP
ajfa-9759	279	8	share	share	NOUN
ajfa-9759	279	9	buyback	buyback	NOUN
ajfa-9759	279	10	of	of	ADP
ajfa-9759	279	11	shares	share	NOUN
ajfa-9759	279	12	under	under	ADP
ajfa-9759	279	13	the	the	DET
ajfa-9759	279	14	condition	condition	NOUN
ajfa-9759	279	15	of	of	ADP
ajfa-9759	279	16	target	target	NOUN
ajfa-9759	279	17	capital	capital	NOUN
ajfa-9759	279	18	structure	structure	NOUN
ajfa-9759	279	19	and	and	CCONJ
ajfa-9759	279	20	equity	equity	NOUN
ajfa-9759	279	21	that	that	PRON
ajfa-9759	279	22	is	be	AUX
ajfa-9759	279	23	mispriced	misprice	VERB
ajfa-9759	279	24	.	.	PUNCT
ajfa-9759	280	1	the	the	DET
ajfa-9759	280	2	study	study	NOUN
ajfa-9759	280	3	found	find	VERB
ajfa-9759	280	4	that	that	SCONJ
ajfa-9759	280	5	out	out	ADP
ajfa-9759	280	6	of	of	ADP
ajfa-9759	280	7	the	the	DET
ajfa-9759	280	8	four	four	NUM
ajfa-9759	280	9	combinations	combination	NOUN
ajfa-9759	280	10	of	of	ADP
ajfa-9759	280	11	target	target	NOUN
ajfa-9759	280	12	capital	capital	NOUN
ajfa-9759	280	13	structure	structure	NOUN
ajfa-9759	280	14	and	and	CCONJ
ajfa-9759	280	15	mispricing	misprice	VERB
ajfa-9759	280	16	(	(	PUNCT
ajfa-9759	280	17	under	under	ADP
ajfa-9759	280	18	levered	levered	NOUN
ajfa-9759	280	19	/	/	SYM
ajfa-9759	280	20	undervalued	undervalue	VERB
ajfa-9759	280	21	,	,	PUNCT
ajfa-9759	280	22	under	under	ADP
ajfa-9759	280	23	levered	levered	NOUN
ajfa-9759	280	24	/	/	SYM
ajfa-9759	280	25	overvalued	overvalue	VERB
ajfa-9759	280	26	,	,	PUNCT
ajfa-9759	280	27	over	over	ADP
ajfa-9759	280	28	-	-	PUNCT
ajfa-9759	280	29	levered	lever	VERB
ajfa-9759	280	30	/	/	SYM
ajfa-9759	280	31	undervalued	undervalue	VERB
ajfa-9759	280	32	,	,	PUNCT
ajfa-9759	280	33	over	over	ADP
ajfa-9759	280	34	-	-	PUNCT
ajfa-9759	280	35	levered	lever	VERB
ajfa-9759	280	36	/	/	SYM
ajfa-9759	280	37	overvalued	overvalue	VERB
ajfa-9759	280	38	)	)	PUNCT
ajfa-9759	280	39	the	the	DET
ajfa-9759	280	40	firms	firm	NOUN
ajfa-9759	280	41	add	add	VERB
ajfa-9759	280	42	more	more	ADJ
ajfa-9759	280	43	value	value	NOUN
ajfa-9759	280	44	when	when	SCONJ
ajfa-9759	280	45	it	it	PRON
ajfa-9759	280	46	is	be	AUX
ajfa-9759	280	47	under	under	ADP
ajfa-9759	280	48	levered	lever	VERB
ajfa-9759	280	49	and	and	CCONJ
ajfa-9759	280	50	undervalued	undervalue	VERB
ajfa-9759	280	51	both	both	PRON
ajfa-9759	280	52	.	.	PUNCT
ajfa-9759	281	1	so	so	ADV
ajfa-9759	281	2	this	this	DET
ajfa-9759	281	3	paper	paper	NOUN
ajfa-9759	281	4	concluded	conclude	VERB
ajfa-9759	281	5	that	that	SCONJ
ajfa-9759	281	6	under	under	ADP
ajfa-9759	281	7	levered	lever	VERB
ajfa-9759	281	8	and	and	CCONJ
ajfa-9759	281	9	undervalued	undervalue	VERB
ajfa-9759	281	10	firms	firm	NOUN
ajfa-9759	281	11	are	be	AUX
ajfa-9759	281	12	more	more	ADV
ajfa-9759	281	13	likely	likely	ADJ
ajfa-9759	281	14	to	to	PART
ajfa-9759	281	15	announce	announce	VERB
ajfa-9759	281	16	repurchase	repurchase	VERB
ajfa-9759	281	17	than	than	ADP
ajfa-9759	281	18	other	other	ADJ
ajfa-9759	281	19	firms	firm	NOUN
ajfa-9759	281	20	.	.	PUNCT
ajfa-9759	282	1	yarram	yarram	PROPN
ajfa-9759	282	2	(	(	PUNCT
ajfa-9759	282	3	2014	2014	NUM
ajfa-9759	282	4	)	)	PUNCT
ajfa-9759	282	5	examined	examine	VERB
ajfa-9759	282	6	various	various	ADJ
ajfa-9759	282	7	factors	factor	NOUN
ajfa-9759	282	8	influencing	influence	VERB
ajfa-9759	282	9	open	open	ADJ
ajfa-9759	282	10	market	market	NOUN
ajfa-9759	282	11	repurchases	repurchase	NOUN
ajfa-9759	282	12	in	in	ADP
ajfa-9759	282	13	australia	australia	PROPN
ajfa-9759	282	14	.	.	PUNCT
ajfa-9759	283	1	the	the	DET
ajfa-9759	283	2	study	study	NOUN
ajfa-9759	283	3	supports	support	VERB
ajfa-9759	283	4	the	the	DET
ajfa-9759	283	5	agency	agency	NOUN
ajfa-9759	283	6	,	,	PUNCT
ajfa-9759	283	7	signaling	signal	VERB
ajfa-9759	283	8	,	,	PUNCT
ajfa-9759	283	9	and	and	CCONJ
ajfa-9759	283	10	leverage	leverage	NOUN
ajfa-9759	283	11	hypotheses	hypothesis	NOUN
ajfa-9759	283	12	and	and	CCONJ
ajfa-9759	283	13	does	do	AUX
ajfa-9759	283	14	n’t	not	PART
ajfa-9759	283	15	support	support	VERB
ajfa-9759	283	16	excess	excess	ADJ
ajfa-9759	283	17	cash	cash	NOUN
ajfa-9759	283	18	flow	flow	NOUN
ajfa-9759	283	19	and	and	CCONJ
ajfa-9759	283	20	substitution	substitution	NOUN
ajfa-9759	283	21	hypotheses	hypothesis	NOUN
ajfa-9759	283	22	.	.	PUNCT
ajfa-9759	284	1	the	the	DET
ajfa-9759	284	2	unique	unique	ADJ
ajfa-9759	284	3	contribution	contribution	NOUN
ajfa-9759	284	4	of	of	ADP
ajfa-9759	284	5	this	this	DET
ajfa-9759	284	6	study	study	NOUN
ajfa-9759	284	7	is	be	AUX
ajfa-9759	284	8	,	,	PUNCT
ajfa-9759	284	9	it	it	PRON
ajfa-9759	284	10	blends	blend	VERB
ajfa-9759	284	11	corporate	corporate	ADJ
ajfa-9759	284	12	governance	governance	NOUN
ajfa-9759	284	13	variables	variable	NOUN
ajfa-9759	284	14	with	with	ADP
ajfa-9759	284	15	other	other	ADJ
ajfa-9759	284	16	firm	firm	ADJ
ajfa-9759	284	17	-	-	PUNCT
ajfa-9759	284	18	specific	specific	ADJ
ajfa-9759	284	19	parameters	parameter	NOUN
ajfa-9759	284	20	to	to	PART
ajfa-9759	284	21	examine	examine	VERB
ajfa-9759	284	22	the	the	DET
ajfa-9759	284	23	impact	impact	NOUN
ajfa-9759	284	24	of	of	ADP
ajfa-9759	284	25	corporate	corporate	ADJ
ajfa-9759	284	26	governance	governance	NOUN
ajfa-9759	284	27	on	on	ADP
ajfa-9759	284	28	repurchase	repurchase	NOUN
ajfa-9759	284	29	decisions	decision	NOUN
ajfa-9759	284	30	in	in	ADP
ajfa-9759	284	31	australia	australia	PROPN
ajfa-9759	284	32	.	.	PUNCT
ajfa-9759	285	1	the	the	DET
ajfa-9759	285	2	results	result	NOUN
ajfa-9759	285	3	show	show	VERB
ajfa-9759	285	4	that	that	SCONJ
ajfa-9759	285	5	board	board	NOUN
ajfa-9759	285	6	independence	independence	NOUN
ajfa-9759	285	7	has	have	VERB
ajfa-9759	285	8	a	a	DET
ajfa-9759	285	9	positive	positive	ADJ
ajfa-9759	285	10	influence	influence	NOUN
ajfa-9759	285	11	on	on	ADP
ajfa-9759	285	12	repurchase	repurchase	NOUN
ajfa-9759	285	13	decisions	decision	NOUN
ajfa-9759	285	14	.	.	PUNCT
ajfa-9759	286	1	table	table	NOUN
ajfa-9759	286	2	5	5	NUM
ajfa-9759	286	3	.	.	PUNCT
ajfa-9759	287	1	summary	summary	NOUN
ajfa-9759	287	2	of	of	ADP
ajfa-9759	287	3	empirical	empirical	ADJ
ajfa-9759	287	4	studies	study	NOUN
ajfa-9759	287	5	on	on	ADP
ajfa-9759	287	6	determinants	determinant	NOUN
ajfa-9759	287	7	of	of	ADP
ajfa-9759	287	8	share	share	NOUN
ajfa-9759	287	9	repurchase	repurchase	NOUN
ajfa-9759	287	10	author(s	author(s	PROPN
ajfa-9759	287	11	)	)	PUNCT
ajfa-9759	287	12	&	&	CCONJ
ajfa-9759	287	13	year	year	PROPN
ajfa-9759	287	14	country	country	NOUN
ajfa-9759	287	15	&	&	CCONJ
ajfa-9759	287	16	period	period	NOUN
ajfa-9759	287	17	of	of	ADP
ajfa-9759	287	18	study	study	NOUN
ajfa-9759	287	19	method	method	NOUN
ajfa-9759	287	20	findings	finding	NOUN
ajfa-9759	287	21	dittmar(2000	dittmar(2000	NUM
ajfa-9759	287	22	)	)	PUNCT
ajfa-9759	287	23	usa	usa	PROPN
ajfa-9759	287	24	(	(	PUNCT
ajfa-9759	287	25	1977	1977	NUM
ajfa-9759	287	26	-	-	SYM
ajfa-9759	287	27	1996	1996	NUM
ajfa-9759	287	28	)	)	PUNCT
ajfa-9759	287	29	tobit	tobit	NOUN
ajfa-9759	287	30	model	model	NOUN
ajfa-9759	287	31	undervaluation	undervaluation	NOUN
ajfa-9759	287	32	is	be	AUX
ajfa-9759	287	33	the	the	DET
ajfa-9759	287	34	prime	prime	ADJ
ajfa-9759	287	35	motive	motive	NOUN
ajfa-9759	287	36	for	for	ADP
ajfa-9759	287	37	share	share	NOUN
ajfa-9759	287	38	repurchase	repurchase	NOUN
ajfa-9759	287	39	followed	follow	VERB
ajfa-9759	287	40	by	by	ADP
ajfa-9759	287	41	excess	excess	ADJ
ajfa-9759	287	42	capital	capital	NOUN
ajfa-9759	287	43	.	.	PUNCT
ajfa-9759	288	1	jagannathan	jagannathan	PROPN
ajfa-9759	288	2	and	and	CCONJ
ajfa-9759	288	3	stephens	stephens	PROPN
ajfa-9759	288	4	(	(	PUNCT
ajfa-9759	288	5	2003	2003	NUM
ajfa-9759	288	6	)	)	PUNCT
ajfa-9759	288	7	usa	usa	PROPN
ajfa-9759	288	8	(	(	PUNCT
ajfa-9759	288	9	1986	1986	NUM
ajfa-9759	288	10	-	-	SYM
ajfa-9759	288	11	1996	1996	NUM
ajfa-9759	288	12	)	)	PUNCT
ajfa-9759	288	13	logit	logit	PROPN
ajfa-9759	288	14	model	model	NOUN
ajfa-9759	288	15	frequent	frequent	ADJ
ajfa-9759	288	16	repurchasersare	repurchasersare	NOUN
ajfa-9759	288	17	characterized	characterize	VERB
ajfa-9759	288	18	by	by	ADP
ajfa-9759	288	19	larger	large	ADJ
ajfa-9759	288	20	firm	firm	ADJ
ajfa-9759	288	21	size	size	NOUN
ajfa-9759	288	22	,	,	PUNCT
ajfa-9759	288	23	less	less	ADJ
ajfa-9759	288	24	variation	variation	NOUN
ajfa-9759	288	25	in	in	ADP
ajfa-9759	288	26	operating	operate	VERB
ajfa-9759	288	27	income	income	NOUN
ajfa-9759	288	28	than	than	ADP
ajfa-9759	288	29	infrequent	infrequent	ADJ
ajfa-9759	288	30	repurchasers	repurchaser	NOUN
ajfa-9759	288	31	.	.	PUNCT
ajfa-9759	289	1	li	li	PROPN
ajfa-9759	289	2	&	&	CCONJ
ajfa-9759	289	3	mcnally	mcnally	PROPN
ajfa-9759	289	4	(	(	PUNCT
ajfa-9759	289	5	2007	2007	NUM
ajfa-9759	289	6	)	)	PUNCT
ajfa-9759	289	7	canada	canada	PROPN
ajfa-9759	289	8	(	(	PUNCT
ajfa-9759	289	9	1987	1987	NUM
ajfa-9759	289	10	-	-	SYM
ajfa-9759	289	11	2000	2000	NUM
ajfa-9759	289	12	)	)	PUNCT
ajfa-9759	289	13	conditional	conditional	ADJ
ajfa-9759	289	14	even	even	ADV
ajfa-9759	289	15	study	study	VERB
ajfa-9759	289	16	the	the	DET
ajfa-9759	289	17	repurchaseis	repurchaseis	NOUN
ajfa-9759	289	18	motivated	motivate	VERB
ajfa-9759	289	19	by	by	ADP
ajfa-9759	289	20	agency	agency	NOUN
ajfa-9759	289	21	cost	cost	NOUN
ajfa-9759	289	22	followed	follow	VERB
ajfa-9759	289	23	by	by	ADP
ajfa-9759	289	24	undervaluation	undervaluation	NOUN
ajfa-9759	289	25	hypothesis	hypothesis	NOUN
ajfa-9759	289	26	.	.	PUNCT
ajfa-9759	290	1	mitchell	mitchell	PROPN
ajfa-9759	290	2	and	and	CCONJ
ajfa-9759	290	3	dharmawan	dharmawan	PROPN
ajfa-9759	290	4	(	(	PUNCT
ajfa-9759	290	5	2007	2007	NUM
ajfa-9759	290	6	)	)	PUNCT
ajfa-9759	290	7	australia	australia	PROPN
ajfa-9759	290	8	(	(	PUNCT
ajfa-9759	290	9	1996	1996	NUM
ajfa-9759	290	10	-	-	SYM
ajfa-9759	290	11	2001	2001	NUM
ajfa-9759	290	12	)	)	PUNCT
ajfa-9759	290	13	logit	logit	PROPN
ajfa-9759	290	14	model	model	VERB
ajfa-9759	290	15	the	the	DET
ajfa-9759	290	16	repurchaseis	repurchaseis	NOUN
ajfa-9759	290	17	motivated	motivate	VERB
ajfa-9759	290	18	by	by	ADP
ajfa-9759	290	19	signaling	signal	VERB
ajfa-9759	290	20	of	of	ADP
ajfa-9759	290	21	undervaluation	undervaluation	NOUN
ajfa-9759	290	22	followed	follow	VERB
ajfa-9759	290	23	by	by	ADP
ajfa-9759	290	24	leverage	leverage	NOUN
ajfa-9759	290	25	hypothesis	hypothesis	NOUN
ajfa-9759	290	26	.	.	PUNCT
ajfa-9759	291	1	andriosopoulos	andriosopoulos	PROPN
ajfa-9759	291	2	and	and	CCONJ
ajfa-9759	291	3	hoque	hoque	NOUN
ajfa-9759	291	4	(	(	PUNCT
ajfa-9759	291	5	2013	2013	NUM
ajfa-9759	291	6	)	)	PUNCT
ajfa-9759	291	7	uk	uk	PROPN
ajfa-9759	291	8	,	,	PUNCT
ajfa-9759	291	9	germany	germany	PROPN
ajfa-9759	291	10	,	,	PUNCT
ajfa-9759	291	11	and	and	CCONJ
ajfa-9759	291	12	france	france	PROPN
ajfa-9759	291	13	(	(	PUNCT
ajfa-9759	291	14	1997	1997	NUM
ajfa-9759	291	15	-	-	SYM
ajfa-9759	291	16	2006	2006	NUM
ajfa-9759	291	17	)	)	PUNCT
ajfa-9759	291	18	logit	logit	PROPN
ajfa-9759	291	19	model	model	NOUN
ajfa-9759	291	20	excess	excess	ADJ
ajfa-9759	291	21	cash	cash	NOUN
ajfa-9759	291	22	flow	flow	NOUN
ajfa-9759	291	23	hypothesis	hypothesis	NOUN
ajfa-9759	291	24	is	be	AUX
ajfa-9759	291	25	the	the	DET
ajfa-9759	291	26	prime	prime	ADJ
ajfa-9759	291	27	motive	motive	NOUN
ajfa-9759	291	28	for	for	ADP
ajfa-9759	291	29	share	share	NOUN
ajfa-9759	291	30	repurchase	repurchase	VERB
ajfa-9759	291	31	in	in	ADP
ajfa-9759	291	32	all	all	DET
ajfa-9759	291	33	the	the	DET
ajfa-9759	291	34	three	three	NUM
ajfa-9759	291	35	countries	country	NOUN
ajfa-9759	291	36	yarram	yarram	PROPN
ajfa-9759	291	37	(	(	PUNCT
ajfa-9759	291	38	2014	2014	NUM
ajfa-9759	291	39	)	)	PUNCT
ajfa-9759	291	40	australia	australia	PROPN
ajfa-9759	291	41	(	(	PUNCT
ajfa-9759	291	42	2004	2004	NUM
ajfa-9759	291	43	-	-	SYM
ajfa-9759	291	44	2010	2010	NUM
ajfa-9759	291	45	)	)	PUNCT
ajfa-9759	291	46	probit	probit	NOUN
ajfa-9759	291	47	model	model	NOUN
ajfa-9759	291	48	the	the	DET
ajfa-9759	291	49	repurchaseis	repurchaseis	NOUN
ajfa-9759	291	50	motivated	motivate	VERB
ajfa-9759	291	51	by	by	ADP
ajfa-9759	291	52	signaling	signal	VERB
ajfa-9759	291	53	,	,	PUNCT
ajfa-9759	291	54	leverage	leverage	NOUN
ajfa-9759	291	55	and	and	CCONJ
ajfa-9759	291	56	agency	agency	NOUN
ajfa-9759	291	57	cost	cost	NOUN
ajfa-9759	291	58	hypothesis	hypothesis	NOUN
ajfa-9759	291	59	.	.	PUNCT
ajfa-9759	292	1	source	source	NOUN
ajfa-9759	292	2	:	:	PUNCT
ajfa-9759	292	3	compiled	compile	VERB
ajfa-9759	292	4	by	by	ADP
ajfa-9759	292	5	authors	author	NOUN
ajfa-9759	292	6	from	from	ADP
ajfa-9759	292	7	cited	cite	VERB
ajfa-9759	292	8	research	research	NOUN
ajfa-9759	292	9	articles	article	NOUN
ajfa-9759	292	10	.	.	PUNCT
ajfa-9759	293	1	6	6	X
ajfa-9759	293	2	.	.	X
ajfa-9759	293	3	share	share	NOUN
ajfa-9759	293	4	repurchases	repurchase	NOUN
ajfa-9759	293	5	and	and	CCONJ
ajfa-9759	293	6	liquidity	liquidity	NOUN
ajfa-9759	293	7	barclay	barclay	NOUN
ajfa-9759	293	8	and	and	CCONJ
ajfa-9759	293	9	smith	smith	PROPN
ajfa-9759	293	10	(	(	PUNCT
ajfa-9759	293	11	1988	1988	NUM
ajfa-9759	293	12	)	)	PUNCT
ajfa-9759	293	13	reported	report	VERB
ajfa-9759	293	14	for	for	ADP
ajfa-9759	293	15	the	the	DET
ajfa-9759	293	16	first	first	ADJ
ajfa-9759	293	17	time	time	NOUN
ajfa-9759	293	18	that	that	PRON
ajfa-9759	293	19	liquidity	liquidity	NOUN
ajfa-9759	293	20	plays	play	VERB
ajfa-9759	293	21	asignificant	asignificant	ADJ
ajfa-9759	293	22	role	role	NOUN
ajfa-9759	293	23	in	in	ADP
ajfa-9759	293	24	choosing	choose	VERB
ajfa-9759	293	25	between	between	ADP
ajfa-9759	293	26	cash	cash	NOUN
ajfa-9759	293	27	dividend	dividend	NOUN
ajfa-9759	293	28	and	and	CCONJ
ajfa-9759	293	29	open	open	ADJ
ajfa-9759	293	30	market	market	NOUN
ajfa-9759	293	31	repurchase	repurchase	NOUN
ajfa-9759	293	32	as	as	ADP
ajfa-9759	293	33	a	a	DET
ajfa-9759	293	34	payout	payout	NOUN
ajfa-9759	293	35	method	method	NOUN
ajfa-9759	293	36	to	to	ADP
ajfa-9759	293	37	shareholders	shareholder	NOUN
ajfa-9759	293	38	in	in	ADP
ajfa-9759	293	39	the	the	DET
ajfa-9759	293	40	us	us	PROPN
ajfa-9759	293	41	.	.	PUNCT
ajfa-9759	294	1	this	this	DET
ajfa-9759	294	2	study	study	NOUN
ajfa-9759	294	3	coined	coin	VERB
ajfa-9759	294	4	two	two	NUM
ajfa-9759	294	5	new	new	ADJ
ajfa-9759	294	6	terms	term	NOUN
ajfa-9759	294	7	in	in	ADP
ajfa-9759	294	8	the	the	DET
ajfa-9759	294	9	field	field	NOUN
ajfa-9759	294	10	of	of	ADP
ajfa-9759	294	11	liquidity	liquidity	NOUN
ajfa-9759	294	12	viz	viz	PROPN
ajfa-9759	294	13	.	.	PUNCT
ajfa-9759	295	1	competing	compete	VERB
ajfa-9759	295	2	market	market	NOUN
ajfa-9759	295	3	maker	maker	NOUN
ajfa-9759	295	4	hypothesis	hypothesis	NOUN
ajfa-9759	295	5	and	and	CCONJ
ajfa-9759	295	6	information	information	NOUN
ajfa-9759	295	7	asymmetry	asymmetry	NOUN
ajfa-9759	295	8	hypothesis	hypothesis	NOUN
ajfa-9759	295	9	.	.	PUNCT
ajfa-9759	296	1	competing	compete	VERB
ajfa-9759	296	2	market	market	NOUN
ajfa-9759	296	3	maker	maker	NOUN
ajfa-9759	296	4	hypothesis	hypothesis	NOUN
ajfa-9759	296	5	states	state	NOUN
ajfa-9759	296	6	that	that	PRON
ajfa-9759	296	7	repurchase	repurchase	AUX
ajfa-9759	296	8	enhances	enhance	VERB
ajfa-9759	296	9	liquidity	liquidity	NOUN
ajfa-9759	296	10	by	by	ADP
ajfa-9759	296	11	creating	create	VERB
ajfa-9759	296	12	a	a	DET
ajfa-9759	296	13	lower	low	ADJ
ajfa-9759	296	14	bound	bind	VERB
ajfa-9759	296	15	asian	asian	ADJ
ajfa-9759	296	16	journal	journal	NOUN
ajfa-9759	296	17	of	of	ADP
ajfa-9759	296	18	finance	finance	PROPN
ajfa-9759	296	19	&	&	CCONJ
ajfa-9759	296	20	accounting	accounting	PROPN
ajfa-9759	296	21	issn	issn	PROPN
ajfa-9759	296	22	1946	1946	NUM
ajfa-9759	296	23	-	-	PUNCT
ajfa-9759	296	24	052x	052x	PROPN
ajfa-9759	296	25	2016	2016	NUM
ajfa-9759	296	26	,	,	PUNCT
ajfa-9759	296	27	vol	vol	NOUN
ajfa-9759	296	28	.	.	PROPN
ajfa-9759	296	29	8	8	NUM
ajfa-9759	296	30	,	,	PUNCT
ajfa-9759	296	31	no	no	INTJ
ajfa-9759	296	32	.	.	NOUN
ajfa-9759	296	33	2	2	NUM
ajfa-9759	296	34	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9759	296	35	18	18	NUM
ajfa-9759	296	36	in	in	ADP
ajfa-9759	296	37	the	the	DET
ajfa-9759	296	38	buyer	buyer	NOUN
ajfa-9759	296	39	side	side	NOUN
ajfa-9759	296	40	and	and	CCONJ
ajfa-9759	296	41	narrowing	narrow	VERB
ajfa-9759	296	42	bid	bid	NOUN
ajfa-9759	296	43	-	-	PUNCT
ajfa-9759	296	44	ask	ask	NOUN
ajfa-9759	296	45	spread	spread	NOUN
ajfa-9759	296	46	when	when	SCONJ
ajfa-9759	296	47	the	the	DET
ajfa-9759	296	48	market	market	NOUN
ajfa-9759	296	49	is	be	AUX
ajfa-9759	296	50	efficient	efficient	ADJ
ajfa-9759	296	51	.	.	PUNCT
ajfa-9759	297	1	information	information	NOUN
ajfa-9759	297	2	asymmetry	asymmetry	NOUN
ajfa-9759	297	3	hypothesis	hypothesis	NOUN
ajfa-9759	297	4	states	state	VERB
ajfa-9759	297	5	that	that	PRON
ajfa-9759	297	6	repurchasedecreases	repurchasedecrease	VERB
ajfa-9759	297	7	liquidity	liquidity	NOUN
ajfa-9759	297	8	by	by	ADP
ajfa-9759	297	9	increasing	increase	VERB
ajfa-9759	297	10	bid	bid	NOUN
ajfa-9759	297	11	-	-	PUNCT
ajfa-9759	297	12	ask	ask	NOUN
ajfa-9759	297	13	spread	spread	NOUN
ajfa-9759	297	14	if	if	SCONJ
ajfa-9759	297	15	managers	manager	NOUN
ajfa-9759	297	16	pose	pose	VERB
ajfa-9759	297	17	more	more	ADV
ajfa-9759	297	18	inside	inside	ADP
ajfa-9759	297	19	information	information	NOUN
ajfa-9759	297	20	than	than	ADP
ajfa-9759	297	21	outsiders	outsider	NOUN
ajfa-9759	297	22	.	.	PUNCT
ajfa-9759	298	1	this	this	DET
ajfa-9759	298	2	study	study	NOUN
ajfa-9759	298	3	supported	support	VERB
ajfa-9759	298	4	the	the	DET
ajfa-9759	298	5	information	information	NOUN
ajfa-9759	298	6	asymmetry	asymmetry	NOUN
ajfa-9759	298	7	hypothesis	hypothesis	NOUN
ajfa-9759	298	8	and	and	CCONJ
ajfa-9759	298	9	rejected	reject	VERB
ajfa-9759	298	10	the	the	DET
ajfa-9759	298	11	other	other	ADJ
ajfa-9759	298	12	hypothesis	hypothesis	NOUN
ajfa-9759	298	13	.	.	PUNCT
ajfa-9759	299	1	repurchase	repurchase	NOUN
ajfa-9759	299	2	widens	widen	VERB
ajfa-9759	299	3	the	the	DET
ajfa-9759	299	4	bid	bid	NOUN
ajfa-9759	299	5	-	-	PUNCT
ajfa-9759	299	6	ask	ask	NOUN
ajfa-9759	299	7	spread	spread	NOUN
ajfa-9759	299	8	,	,	PUNCT
ajfa-9759	299	9	resulting	result	VERB
ajfa-9759	299	10	a	a	DET
ajfa-9759	299	11	decrease	decrease	NOUN
ajfa-9759	299	12	in	in	ADP
ajfa-9759	299	13	stock	stock	NOUN
ajfa-9759	299	14	liquidity	liquidity	NOUN
ajfa-9759	299	15	and	and	CCONJ
ajfa-9759	299	16	increase	increase	VERB
ajfa-9759	299	17	the	the	DET
ajfa-9759	299	18	cost	cost	NOUN
ajfa-9759	299	19	of	of	ADP
ajfa-9759	299	20	capital	capital	NOUN
ajfa-9759	299	21	to	to	ADP
ajfa-9759	299	22	the	the	DET
ajfa-9759	299	23	firm	firm	NOUN
ajfa-9759	299	24	and	and	CCONJ
ajfa-9759	299	25	a	a	DET
ajfa-9759	299	26	reduction	reduction	NOUN
ajfa-9759	299	27	in	in	ADP
ajfa-9759	299	28	total	total	ADJ
ajfa-9759	299	29	value	value	NOUN
ajfa-9759	299	30	of	of	ADP
ajfa-9759	299	31	the	the	DET
ajfa-9759	299	32	firm	firm	NOUN
ajfa-9759	299	33	.	.	PUNCT
ajfa-9759	300	1	but	but	CCONJ
ajfa-9759	300	2	there	there	PRON
ajfa-9759	300	3	is	be	VERB
ajfa-9759	300	4	no	no	DET
ajfa-9759	300	5	liquidity	liquidity	NOUN
ajfa-9759	300	6	issue	issue	NOUN
ajfa-9759	300	7	associated	associate	VERB
ajfa-9759	300	8	with	with	ADP
ajfa-9759	300	9	the	the	DET
ajfa-9759	300	10	dividend	dividend	NOUN
ajfa-9759	300	11	,	,	PUNCT
ajfa-9759	300	12	so	so	SCONJ
ajfa-9759	300	13	companies	company	NOUN
ajfa-9759	300	14	prefer	prefer	VERB
ajfa-9759	300	15	dividend	dividend	NOUN
ajfa-9759	300	16	over	over	ADP
ajfa-9759	300	17	repurchase	repurchase	VERB
ajfa-9759	300	18	despite	despite	SCONJ
ajfa-9759	300	19	tax	tax	NOUN
ajfa-9759	300	20	benefit	benefit	NOUN
ajfa-9759	300	21	attached	attach	VERB
ajfa-9759	300	22	to	to	PART
ajfa-9759	300	23	repurchase	repurchase	VERB
ajfa-9759	300	24	.	.	PUNCT
ajfa-9759	301	1	singh	singh	PROPN
ajfa-9759	301	2	k.	k.	PROPN
ajfa-9759	301	3	et	et	PROPN
ajfa-9759	301	4	al	al	PROPN
ajfa-9759	301	5	.	.	PROPN
ajfa-9759	301	6	(	(	PUNCT
ajfa-9759	301	7	1994	1994	NUM
ajfa-9759	301	8	)	)	PUNCT
ajfa-9759	301	9	examined	examine	VERB
ajfa-9759	301	10	the	the	DET
ajfa-9759	301	11	proposition	proposition	NOUN
ajfa-9759	301	12	that	that	PRON
ajfa-9759	301	13	bid	bid	NOUN
ajfa-9759	301	14	-	-	PUNCT
ajfa-9759	301	15	ask	ask	NOUN
ajfa-9759	301	16	spread	spread	NOUN
ajfa-9759	301	17	widens	widen	VERB
ajfa-9759	301	18	at	at	ADP
ajfa-9759	301	19	the	the	DET
ajfa-9759	301	20	time	time	NOUN
ajfa-9759	301	21	of	of	ADP
ajfa-9759	301	22	repurchase	repurchase	NOUN
ajfa-9759	301	23	given	give	VERB
ajfa-9759	301	24	by	by	ADP
ajfa-9759	301	25	barclay	barclay	PROPN
ajfa-9759	301	26	and	and	CCONJ
ajfa-9759	301	27	smith	smith	PROPN
ajfa-9759	301	28	.	.	PUNCT
ajfa-9759	302	1	this	this	DET
ajfa-9759	302	2	study	study	NOUN
ajfa-9759	302	3	has	have	AUX
ajfa-9759	302	4	taken	take	VERB
ajfa-9759	302	5	volume	volume	NOUN
ajfa-9759	302	6	,	,	PUNCT
ajfa-9759	302	7	relative	relative	ADJ
ajfa-9759	302	8	volume	volume	NOUN
ajfa-9759	302	9	,	,	PUNCT
ajfa-9759	302	10	spread	spread	NOUN
ajfa-9759	302	11	and	and	CCONJ
ajfa-9759	302	12	percentage	percentage	NOUN
ajfa-9759	302	13	of	of	ADP
ajfa-9759	302	14	spread	spread	NOUN
ajfa-9759	302	15	to	to	AUX
ajfa-9759	302	16	measure	measure	VERB
ajfa-9759	302	17	liquidity	liquidity	NOUN
ajfa-9759	302	18	.	.	PUNCT
ajfa-9759	303	1	this	this	DET
ajfa-9759	303	2	paper	paper	NOUN
ajfa-9759	303	3	compared	compare	VERB
ajfa-9759	303	4	the	the	DET
ajfa-9759	303	5	above	above	ADJ
ajfa-9759	303	6	parameter	parameter	NOUN
ajfa-9759	303	7	between	between	ADP
ajfa-9759	303	8	pre	pre	ADJ
ajfa-9759	303	9	-	-	ADJ
ajfa-9759	303	10	announcement	announcement	ADJ
ajfa-9759	303	11	period	period	NOUN
ajfa-9759	303	12	and	and	CCONJ
ajfa-9759	303	13	post	post	ADJ
ajfa-9759	303	14	-	-	ADJ
ajfa-9759	303	15	announcement	announcement	ADJ
ajfa-9759	303	16	period	period	NOUN
ajfa-9759	303	17	.	.	PUNCT
ajfa-9759	304	1	the	the	DET
ajfa-9759	304	2	result	result	NOUN
ajfa-9759	304	3	of	of	ADP
ajfa-9759	304	4	this	this	DET
ajfa-9759	304	5	study	study	NOUN
ajfa-9759	304	6	is	be	AUX
ajfa-9759	304	7	not	not	PART
ajfa-9759	304	8	consistent	consistent	ADJ
ajfa-9759	304	9	with	with	ADP
ajfa-9759	304	10	the	the	DET
ajfa-9759	304	11	proposition	proposition	NOUN
ajfa-9759	304	12	that	that	SCONJ
ajfa-9759	304	13	liquidity	liquidity	NOUN
ajfa-9759	304	14	decreases	decrease	VERB
ajfa-9759	304	15	during	during	ADP
ajfa-9759	304	16	repurchase	repurchase	NOUN
ajfa-9759	304	17	activity	activity	NOUN
ajfa-9759	304	18	.	.	PUNCT
ajfa-9759	305	1	the	the	DET
ajfa-9759	305	2	finding	finding	NOUN
ajfa-9759	305	3	of	of	ADP
ajfa-9759	305	4	this	this	DET
ajfa-9759	305	5	paper	paper	NOUN
ajfa-9759	305	6	is	be	AUX
ajfa-9759	305	7	that	that	SCONJ
ajfa-9759	305	8	the	the	DET
ajfa-9759	305	9	percentage	percentage	NOUN
ajfa-9759	305	10	increase	increase	NOUN
ajfa-9759	305	11	in	in	ADP
ajfa-9759	305	12	the	the	DET
ajfa-9759	305	13	spread	spread	NOUN
ajfa-9759	305	14	occurred	occur	VERB
ajfa-9759	305	15	in	in	ADP
ajfa-9759	305	16	the	the	DET
ajfa-9759	305	17	period	period	NOUN
ajfa-9759	305	18	preceding	precede	VERB
ajfa-9759	305	19	to	to	ADP
ajfa-9759	305	20	the	the	DET
ajfa-9759	305	21	announcement	announcement	NOUN
ajfa-9759	305	22	and	and	CCONJ
ajfa-9759	305	23	remains	remain	VERB
ajfa-9759	305	24	stable	stable	ADJ
ajfa-9759	305	25	during	during	ADP
ajfa-9759	305	26	repurchase	repurchase	NOUN
ajfa-9759	305	27	period	period	NOUN
ajfa-9759	305	28	.	.	PUNCT
ajfa-9759	306	1	wiggins	wiggins	PROPN
ajfa-9759	306	2	b.	b.	PROPN
ajfa-9759	306	3	(	(	PUNCT
ajfa-9759	306	4	1994	1994	NUM
ajfa-9759	306	5	)	)	PUNCT
ajfa-9759	306	6	extended	extend	VERB
ajfa-9759	306	7	the	the	DET
ajfa-9759	306	8	study	study	NOUN
ajfa-9759	306	9	of	of	ADP
ajfa-9759	306	10	barclay	barclay	PROPN
ajfa-9759	306	11	and	and	CCONJ
ajfa-9759	306	12	smith	smith	PROPN
ajfa-9759	306	13	(	(	PUNCT
ajfa-9759	306	14	1988	1988	NUM
ajfa-9759	306	15	)	)	PUNCT
ajfa-9759	306	16	by	by	ADP
ajfa-9759	306	17	taking	take	VERB
ajfa-9759	306	18	195	195	NUM
ajfa-9759	306	19	announcementsin	announcementsin	NOUN
ajfa-9759	306	20	the	the	DET
ajfa-9759	306	21	us	us	PROPN
ajfa-9759	306	22	.	.	PUNCT
ajfa-9759	307	1	in	in	ADP
ajfa-9759	307	2	this	this	DET
ajfa-9759	307	3	study	study	NOUN
ajfa-9759	307	4	spread	spread	VERB
ajfa-9759	307	5	and	and	CCONJ
ajfa-9759	307	6	depth	depth	NOUN
ajfa-9759	307	7	have	have	AUX
ajfa-9759	307	8	been	be	AUX
ajfa-9759	307	9	taken	take	VERB
ajfa-9759	307	10	as	as	SCONJ
ajfa-9759	307	11	proxies	proxy	NOUN
ajfa-9759	307	12	to	to	PART
ajfa-9759	307	13	measure	measure	VERB
ajfa-9759	307	14	liquidity	liquidity	NOUN
ajfa-9759	307	15	.	.	PUNCT
ajfa-9759	308	1	this	this	DET
ajfa-9759	308	2	study	study	NOUN
ajfa-9759	308	3	has	have	AUX
ajfa-9759	308	4	taken	take	VERB
ajfa-9759	308	5	a	a	DET
ajfa-9759	308	6	control	control	NOUN
ajfa-9759	308	7	group	group	NOUN
ajfa-9759	308	8	for	for	ADP
ajfa-9759	308	9	comparison	comparison	NOUN
ajfa-9759	308	10	of	of	ADP
ajfa-9759	308	11	spread	spread	NOUN
ajfa-9759	308	12	and	and	CCONJ
ajfa-9759	308	13	depth	depth	NOUN
ajfa-9759	308	14	with	with	ADP
ajfa-9759	308	15	the	the	DET
ajfa-9759	308	16	sample	sample	NOUN
ajfa-9759	308	17	.	.	PUNCT
ajfa-9759	309	1	this	this	DET
ajfa-9759	309	2	paper	paper	NOUN
ajfa-9759	309	3	finds	find	VERB
ajfa-9759	309	4	no	no	DET
ajfa-9759	309	5	evidence	evidence	NOUN
ajfa-9759	309	6	to	to	PART
ajfa-9759	309	7	support	support	VERB
ajfa-9759	309	8	the	the	DET
ajfa-9759	309	9	information	information	NOUN
ajfa-9759	309	10	asymmetry	asymmetry	NOUN
ajfa-9759	309	11	hypothesis	hypothesis	NOUN
ajfa-9759	309	12	given	give	VERB
ajfa-9759	309	13	by	by	ADP
ajfa-9759	309	14	barclay	barclay	PROPN
ajfa-9759	309	15	and	and	CCONJ
ajfa-9759	309	16	smith	smith	PROPN
ajfa-9759	309	17	(	(	PUNCT
ajfa-9759	309	18	1988	1988	NUM
ajfa-9759	309	19	)	)	PUNCT
ajfa-9759	309	20	.	.	PUNCT
ajfa-9759	310	1	miller	miller	PROPN
ajfa-9759	310	2	and	and	CCONJ
ajfa-9759	310	3	mcconnell	mcconnell	PROPN
ajfa-9759	310	4	(	(	PUNCT
ajfa-9759	310	5	1995	1995	NUM
ajfa-9759	310	6	)	)	PUNCT
ajfa-9759	310	7	reviewed	review	VERB
ajfa-9759	310	8	the	the	DET
ajfa-9759	310	9	proposition	proposition	NOUN
ajfa-9759	310	10	provided	provide	VERB
ajfa-9759	310	11	by	by	ADP
ajfa-9759	310	12	barclay	barclay	PROPN
ajfa-9759	310	13	and	and	CCONJ
ajfa-9759	310	14	smith	smith	PROPN
ajfa-9759	310	15	(	(	PUNCT
ajfa-9759	310	16	1988	1988	NUM
ajfa-9759	310	17	)	)	PUNCT
ajfa-9759	310	18	by	by	ADP
ajfa-9759	310	19	taking	take	VERB
ajfa-9759	310	20	248(158	248(158	NUM
ajfa-9759	310	21	new	new	ADJ
ajfa-9759	310	22	repurchases	repurchase	NOUN
ajfa-9759	310	23	and	and	CCONJ
ajfa-9759	310	24	90	90	NUM
ajfa-9759	310	25	ongoing	ongoing	ADJ
ajfa-9759	310	26	repurchases	repurchase	NOUN
ajfa-9759	310	27	)	)	PUNCT
ajfa-9759	310	28	announcements	announcement	NOUN
ajfa-9759	310	29	in	in	ADP
ajfa-9759	310	30	nyse	nyse	PROPN
ajfa-9759	310	31	.	.	PUNCT
ajfa-9759	311	1	this	this	DET
ajfa-9759	311	2	study	study	NOUN
ajfa-9759	311	3	found	find	VERB
ajfa-9759	311	4	no	no	DET
ajfa-9759	311	5	evidence	evidence	NOUN
ajfa-9759	311	6	to	to	PART
ajfa-9759	311	7	support	support	VERB
ajfa-9759	311	8	the	the	DET
ajfa-9759	311	9	information	information	NOUN
ajfa-9759	311	10	asymmetry	asymmetry	NOUN
ajfa-9759	311	11	hypothesis	hypothesis	NOUN
ajfa-9759	311	12	proposed	propose	VERB
ajfa-9759	311	13	by	by	ADP
ajfa-9759	311	14	the	the	DET
ajfa-9759	311	15	earlier	early	ADJ
ajfa-9759	311	16	research	research	NOUN
ajfa-9759	311	17	.	.	PUNCT
ajfa-9759	312	1	so	so	ADV
ajfa-9759	312	2	it	it	PRON
ajfa-9759	312	3	concludes	conclude	VERB
ajfa-9759	312	4	that	that	SCONJ
ajfa-9759	312	5	firms	firm	NOUN
ajfa-9759	312	6	should	should	AUX
ajfa-9759	312	7	not	not	PART
ajfa-9759	312	8	deter	deter	VERB
ajfa-9759	312	9	themselves	themselves	PRON
ajfa-9759	312	10	from	from	ADP
ajfa-9759	312	11	buying	buy	VERB
ajfa-9759	312	12	back	back	ADP
ajfa-9759	312	13	shares	share	NOUN
ajfa-9759	312	14	in	in	ADP
ajfa-9759	312	15	the	the	DET
ajfa-9759	312	16	fear	fear	NOUN
ajfa-9759	312	17	that	that	SCONJ
ajfa-9759	312	18	it	it	PRON
ajfa-9759	312	19	widens	widen	VERB
ajfa-9759	312	20	the	the	DET
ajfa-9759	312	21	bid	bid	NOUN
ajfa-9759	312	22	-	-	PUNCT
ajfa-9759	312	23	ask	ask	NOUN
ajfa-9759	312	24	spread	spread	NOUN
ajfa-9759	312	25	and	and	CCONJ
ajfa-9759	312	26	reduces	reduce	VERB
ajfa-9759	312	27	liquidity	liquidity	NOUN
ajfa-9759	312	28	in	in	ADP
ajfa-9759	312	29	the	the	DET
ajfa-9759	312	30	market	market	NOUN
ajfa-9759	312	31	.	.	PUNCT
ajfa-9759	313	1	franz	franz	PROPN
ajfa-9759	313	2	et	et	PROPN
ajfa-9759	313	3	al	al	PROPN
ajfa-9759	313	4	.	.	PROPN
ajfa-9759	314	1	(	(	PUNCT
ajfa-9759	314	2	1995	1995	NUM
ajfa-9759	314	3	)	)	PUNCT
ajfa-9759	314	4	examined	examine	VERB
ajfa-9759	314	5	changes	change	NOUN
ajfa-9759	314	6	in	in	ADP
ajfa-9759	314	7	spread	spread	NOUN
ajfa-9759	314	8	around	around	ADV
ajfa-9759	314	9	repurchase	repurchase	NOUN
ajfa-9759	314	10	to	to	PART
ajfa-9759	314	11	know	know	VERB
ajfa-9759	314	12	the	the	DET
ajfa-9759	314	13	liquidity	liquidity	NOUN
ajfa-9759	314	14	of	of	ADP
ajfa-9759	314	15	the	the	DET
ajfa-9759	314	16	stocks	stock	NOUN
ajfa-9759	314	17	.	.	PUNCT
ajfa-9759	315	1	the	the	DET
ajfa-9759	315	2	result	result	NOUN
ajfa-9759	315	3	shows	show	VERB
ajfa-9759	315	4	that	that	SCONJ
ajfa-9759	315	5	both	both	PRON
ajfa-9759	315	6	spread	spread	VERB
ajfa-9759	315	7	and	and	CCONJ
ajfa-9759	315	8	percentage	percentage	NOUN
ajfa-9759	315	9	of	of	ADP
ajfa-9759	315	10	spread	spread	NOUN
ajfa-9759	315	11	narrow	narrow	ADJ
ajfa-9759	315	12	but	but	CCONJ
ajfa-9759	315	13	only	only	ADV
ajfa-9759	315	14	change	change	NOUN
ajfa-9759	315	15	in	in	ADP
ajfa-9759	315	16	the	the	DET
ajfa-9759	315	17	spread	spread	NOUN
ajfa-9759	315	18	is	be	AUX
ajfa-9759	315	19	significant	significant	ADJ
ajfa-9759	315	20	.	.	PUNCT
ajfa-9759	316	1	the	the	DET
ajfa-9759	316	2	change	change	NOUN
ajfa-9759	316	3	of	of	ADP
ajfa-9759	316	4	spread	spread	NOUN
ajfa-9759	316	5	is	be	AUX
ajfa-9759	316	6	caused	cause	VERB
ajfa-9759	316	7	by	by	ADP
ajfa-9759	316	8	a	a	DET
ajfa-9759	316	9	reduction	reduction	NOUN
ajfa-9759	316	10	in	in	ADP
ajfa-9759	316	11	information	information	NOUN
ajfa-9759	316	12	asymmetry	asymmetry	NOUN
ajfa-9759	316	13	cost	cost	NOUN
ajfa-9759	316	14	after	after	ADP
ajfa-9759	316	15	the	the	DET
ajfa-9759	316	16	announcement	announcement	NOUN
ajfa-9759	316	17	.	.	PUNCT
ajfa-9759	317	1	brockman	brockman	PROPN
ajfa-9759	317	2	&	&	CCONJ
ajfa-9759	317	3	chung	chung	PROPN
ajfa-9759	317	4	(	(	PUNCT
ajfa-9759	317	5	2001	2001	NUM
ajfa-9759	317	6	)	)	PUNCT
ajfa-9759	317	7	examined	examine	VERB
ajfa-9759	317	8	the	the	DET
ajfa-9759	317	9	relationship	relationship	NOUN
ajfa-9759	317	10	between	between	ADP
ajfa-9759	317	11	repurchase	repurchase	NOUN
ajfa-9759	317	12	and	and	CCONJ
ajfa-9759	317	13	liquidity	liquidity	NOUN
ajfa-9759	317	14	by	by	ADP
ajfa-9759	317	15	taking	take	VERB
ajfa-9759	317	16	absolute	absolute	ADJ
ajfa-9759	317	17	spread	spread	NOUN
ajfa-9759	317	18	,	,	PUNCT
ajfa-9759	317	19	relative	relative	ADJ
ajfa-9759	317	20	spread	spread	NOUN
ajfa-9759	317	21	,	,	PUNCT
ajfa-9759	317	22	and	and	CCONJ
ajfa-9759	317	23	total	total	ADJ
ajfa-9759	317	24	depth	depth	NOUN
ajfa-9759	317	25	,	,	PUNCT
ajfa-9759	317	26	bid	bid	NOUN
ajfa-9759	317	27	depth	depth	NOUN
ajfa-9759	317	28	and	and	CCONJ
ajfa-9759	317	29	ask	ask	VERB
ajfa-9759	317	30	depth	depth	NOUN
ajfa-9759	317	31	as	as	ADP
ajfa-9759	317	32	proxy	proxy	ADJ
ajfa-9759	317	33	measures	measure	NOUN
ajfa-9759	317	34	in	in	ADP
ajfa-9759	317	35	hong	hong	PROPN
ajfa-9759	317	36	kong	kong	PROPN
ajfa-9759	317	37	.	.	PUNCT
ajfa-9759	318	1	this	this	DET
ajfa-9759	318	2	study	study	NOUN
ajfa-9759	318	3	found	find	VERB
ajfa-9759	318	4	that	that	SCONJ
ajfa-9759	318	5	when	when	SCONJ
ajfa-9759	318	6	managers	manager	NOUN
ajfa-9759	318	7	enter	enter	VERB
ajfa-9759	318	8	the	the	DET
ajfa-9759	318	9	market	market	NOUN
ajfa-9759	318	10	as	as	ADP
ajfa-9759	318	11	informed	informed	ADJ
ajfa-9759	318	12	trader	trader	NOUN
ajfa-9759	318	13	,	,	PUNCT
ajfa-9759	318	14	then	then	ADV
ajfa-9759	318	15	the	the	DET
ajfa-9759	318	16	bid	bid	NOUN
ajfa-9759	318	17	-	-	PUNCT
ajfa-9759	318	18	ask	ask	NOUN
ajfa-9759	318	19	spread	spread	NOUN
ajfa-9759	318	20	widens	widen	VERB
ajfa-9759	318	21	and	and	CCONJ
ajfa-9759	318	22	depth	depth	NOUN
ajfa-9759	318	23	falls	fall	VERB
ajfa-9759	318	24	significantly	significantly	ADV
ajfa-9759	318	25	.	.	PUNCT
ajfa-9759	319	1	but	but	CCONJ
ajfa-9759	319	2	when	when	SCONJ
ajfa-9759	319	3	managers	manager	NOUN
ajfa-9759	319	4	disclose	disclose	VERB
ajfa-9759	319	5	their	their	PRON
ajfa-9759	319	6	activity	activity	NOUN
ajfa-9759	319	7	on	on	ADP
ajfa-9759	319	8	the	the	DET
ajfa-9759	319	9	following	following	ADJ
ajfa-9759	319	10	day	day	NOUN
ajfa-9759	319	11	of	of	ADP
ajfa-9759	319	12	repurchase	repurchase	NOUN
ajfa-9759	319	13	then	then	ADV
ajfa-9759	319	14	the	the	DET
ajfa-9759	319	15	spread	spread	NOUN
ajfa-9759	319	16	and	and	CCONJ
ajfa-9759	319	17	depth	depth	NOUN
ajfa-9759	319	18	come	come	VERB
ajfa-9759	319	19	back	back	ADV
ajfa-9759	319	20	to	to	ADP
ajfa-9759	319	21	the	the	DET
ajfa-9759	319	22	pre	pre	ADJ
ajfa-9759	319	23	-	-	ADJ
ajfa-9759	319	24	repurchase	repurchase	ADJ
ajfa-9759	319	25	level	level	NOUN
ajfa-9759	319	26	.	.	PUNCT
ajfa-9759	320	1	this	this	DET
ajfa-9759	320	2	study	study	NOUN
ajfa-9759	320	3	documented	document	VERB
ajfa-9759	320	4	that	that	SCONJ
ajfa-9759	320	5	out	out	ADP
ajfa-9759	320	6	of	of	ADP
ajfa-9759	320	7	the	the	DET
ajfa-9759	320	8	three	three	NUM
ajfa-9759	320	9	components	component	NOUN
ajfa-9759	320	10	of	of	ADP
ajfa-9759	320	11	bid	bid	NOUN
ajfa-9759	320	12	-	-	PUNCT
ajfa-9759	320	13	ask	ask	NOUN
ajfa-9759	320	14	spread	spread	NOUN
ajfa-9759	320	15	(	(	PUNCT
ajfa-9759	320	16	order	order	NOUN
ajfa-9759	320	17	processing	processing	NOUN
ajfa-9759	320	18	cost	cost	NOUN
ajfa-9759	320	19	,	,	PUNCT
ajfa-9759	320	20	inventory	inventory	NOUN
ajfa-9759	320	21	cost	cost	NOUN
ajfa-9759	320	22	,	,	PUNCT
ajfa-9759	320	23	and	and	CCONJ
ajfa-9759	320	24	adverse	adverse	ADJ
ajfa-9759	320	25	selection	selection	NOUN
ajfa-9759	320	26	cost	cost	NOUN
ajfa-9759	320	27	)	)	PUNCT
ajfa-9759	320	28	,	,	PUNCT
ajfa-9759	320	29	adverse	adverse	ADJ
ajfa-9759	320	30	selection	selection	NOUN
ajfa-9759	320	31	cost	cost	NOUN
ajfa-9759	320	32	increases	increase	NOUN
ajfa-9759	320	33	due	due	ADJ
ajfa-9759	320	34	to	to	ADP
ajfa-9759	320	35	the	the	DET
ajfa-9759	320	36	presence	presence	NOUN
ajfa-9759	320	37	of	of	ADP
ajfa-9759	320	38	informed	informed	ADJ
ajfa-9759	320	39	traders	trader	NOUN
ajfa-9759	320	40	in	in	ADP
ajfa-9759	320	41	the	the	DET
ajfa-9759	320	42	market	market	NOUN
ajfa-9759	320	43	.	.	PUNCT
ajfa-9759	321	1	so	so	ADV
ajfa-9759	321	2	it	it	PRON
ajfa-9759	321	3	leads	lead	VERB
ajfa-9759	321	4	to	to	ADP
ajfa-9759	321	5	widening	widen	VERB
ajfa-9759	321	6	the	the	DET
ajfa-9759	321	7	bid	bid	NOUN
ajfa-9759	321	8	-	-	PUNCT
ajfa-9759	321	9	ask	ask	NOUN
ajfa-9759	321	10	spread	spread	NOUN
ajfa-9759	321	11	and	and	CCONJ
ajfa-9759	321	12	reduction	reduction	NOUN
ajfa-9759	321	13	in	in	ADP
ajfa-9759	321	14	the	the	DET
ajfa-9759	321	15	depth	depth	NOUN
ajfa-9759	321	16	of	of	ADP
ajfa-9759	321	17	the	the	DET
ajfa-9759	321	18	market	market	NOUN
ajfa-9759	321	19	.	.	PUNCT
ajfa-9759	322	1	ahn	ahn	PROPN
ajfa-9759	322	2	et	et	PROPN
ajfa-9759	322	3	al	al	PROPN
ajfa-9759	322	4	.	.	PROPN
ajfa-9759	323	1	(	(	PUNCT
ajfa-9759	323	2	2001	2001	NUM
ajfa-9759	323	3	)	)	PUNCT
ajfa-9759	323	4	examined	examine	VERB
ajfa-9759	323	5	the	the	DET
ajfa-9759	323	6	market	market	NOUN
ajfa-9759	323	7	maker	maker	NOUN
ajfa-9759	323	8	hypothesis	hypothesis	NOUN
ajfa-9759	323	9	in	in	ADP
ajfa-9759	323	10	the	the	DET
ajfa-9759	323	11	context	context	NOUN
ajfa-9759	323	12	of	of	ADP
ajfa-9759	323	13	tender	tender	NOUN
ajfa-9759	323	14	offers	offer	NOUN
ajfa-9759	323	15	by	by	ADP
ajfa-9759	323	16	taking	take	VERB
ajfa-9759	323	17	65	65	NUM
ajfa-9759	323	18	fixed	fix	VERB
ajfa-9759	323	19	tender	tender	NOUN
ajfa-9759	323	20	offers	offer	NOUN
ajfa-9759	323	21	listed	list	VERB
ajfa-9759	323	22	on	on	ADP
ajfa-9759	323	23	the	the	DET
ajfa-9759	323	24	nyse	nyse	PROPN
ajfa-9759	323	25	or	or	CCONJ
ajfa-9759	323	26	american	american	ADJ
ajfa-9759	323	27	stockexchange	stockexchange	NOUN
ajfa-9759	323	28	(	(	PUNCT
ajfa-9759	323	29	amex	amex	PROPN
ajfa-9759	323	30	)	)	PUNCT
ajfa-9759	323	31	.	.	PUNCT
ajfa-9759	324	1	this	this	DET
ajfa-9759	324	2	asian	asian	ADJ
ajfa-9759	324	3	journal	journal	NOUN
ajfa-9759	324	4	of	of	ADP
ajfa-9759	324	5	finance	finance	PROPN
ajfa-9759	324	6	&	&	CCONJ
ajfa-9759	324	7	accounting	accounting	PROPN
ajfa-9759	324	8	issn	issn	PROPN
ajfa-9759	324	9	1946	1946	NUM
ajfa-9759	324	10	-	-	PUNCT
ajfa-9759	324	11	052x	052x	PROPN
ajfa-9759	324	12	2016	2016	NUM
ajfa-9759	324	13	,	,	PUNCT
ajfa-9759	324	14	vol	vol	NOUN
ajfa-9759	324	15	.	.	PROPN
ajfa-9759	324	16	8	8	NUM
ajfa-9759	324	17	,	,	PUNCT
ajfa-9759	324	18	no	no	INTJ
ajfa-9759	324	19	.	.	NOUN
ajfa-9759	324	20	2	2	NUM
ajfa-9759	324	21	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9759	324	22	19	19	NUM
ajfa-9759	324	23	study	study	NOUN
ajfa-9759	324	24	has	have	AUX
ajfa-9759	324	25	taken	take	VERB
ajfa-9759	324	26	quoted	quote	VERB
ajfa-9759	324	27	spread	spread	NOUN
ajfa-9759	324	28	;	;	PUNCT
ajfa-9759	324	29	percentage	percentage	NOUN
ajfa-9759	324	30	quoted	quote	VERB
ajfa-9759	324	31	spread	spread	NOUN
ajfa-9759	324	32	,	,	PUNCT
ajfa-9759	324	33	effective	effective	ADJ
ajfa-9759	324	34	spread	spread	NOUN
ajfa-9759	324	35	,	,	PUNCT
ajfa-9759	324	36	effectivepercentage	effectivepercentage	NOUN
ajfa-9759	324	37	spread	spread	NOUN
ajfa-9759	324	38	,	,	PUNCT
ajfa-9759	324	39	trading	trading	NOUN
ajfa-9759	324	40	volume	volume	NOUN
ajfa-9759	324	41	,	,	PUNCT
ajfa-9759	324	42	and	and	CCONJ
ajfa-9759	324	43	depth	depth	NOUN
ajfa-9759	324	44	to	to	PART
ajfa-9759	324	45	measure	measure	VERB
ajfa-9759	324	46	liquidity	liquidity	NOUN
ajfa-9759	324	47	.	.	PUNCT
ajfa-9759	325	1	the	the	DET
ajfa-9759	325	2	results	result	NOUN
ajfa-9759	325	3	of	of	ADP
ajfa-9759	325	4	this	this	DET
ajfa-9759	325	5	study	study	NOUN
ajfa-9759	325	6	show	show	VERB
ajfa-9759	325	7	that	that	SCONJ
ajfa-9759	325	8	liquidity	liquidity	NOUN
ajfa-9759	325	9	increases	increase	NOUN
ajfa-9759	325	10	during	during	ADP
ajfa-9759	325	11	the	the	DET
ajfa-9759	325	12	offer	offer	NOUN
ajfa-9759	325	13	period	period	NOUN
ajfa-9759	325	14	and	and	CCONJ
ajfa-9759	325	15	again	again	ADV
ajfa-9759	325	16	reverse	reverse	VERB
ajfa-9759	325	17	back	back	ADV
ajfa-9759	325	18	to	to	ADP
ajfa-9759	325	19	the	the	DET
ajfa-9759	325	20	pre	pre	ADJ
ajfa-9759	325	21	-	-	NOUN
ajfa-9759	325	22	announcement	announcement	ADJ
ajfa-9759	325	23	period	period	NOUN
ajfa-9759	325	24	after	after	ADP
ajfa-9759	325	25	expiration	expiration	NOUN
ajfa-9759	325	26	of	of	ADP
ajfa-9759	325	27	the	the	DET
ajfa-9759	325	28	offer	offer	NOUN
ajfa-9759	325	29	.	.	PUNCT
ajfa-9759	326	1	so	so	ADV
ajfa-9759	326	2	the	the	DET
ajfa-9759	326	3	increase	increase	NOUN
ajfa-9759	326	4	in	in	ADP
ajfa-9759	326	5	liquidity	liquidity	NOUN
ajfa-9759	326	6	in	in	ADP
ajfa-9759	326	7	the	the	DET
ajfa-9759	326	8	market	market	NOUN
ajfa-9759	326	9	is	be	AUX
ajfa-9759	326	10	temporary	temporary	ADJ
ajfa-9759	326	11	in	in	ADP
ajfa-9759	326	12	nature	nature	NOUN
ajfa-9759	326	13	.	.	PUNCT
ajfa-9759	327	1	cook	cook	VERB
ajfa-9759	327	2	et	et	PROPN
ajfa-9759	327	3	al	al	PROPN
ajfa-9759	327	4	.	.	PROPN
ajfa-9759	328	1	(	(	PUNCT
ajfa-9759	328	2	2004	2004	NUM
ajfa-9759	328	3	)	)	PUNCT
ajfa-9759	328	4	explored	explore	VERB
ajfa-9759	328	5	the	the	DET
ajfa-9759	328	6	relationship	relationship	NOUN
ajfa-9759	328	7	between	between	ADP
ajfa-9759	328	8	repurchase	repurchase	NOUN
ajfa-9759	328	9	and	and	CCONJ
ajfa-9759	328	10	liquidity	liquidity	NOUN
ajfa-9759	328	11	by	by	ADP
ajfa-9759	328	12	taking	take	VERB
ajfa-9759	328	13	64	64	NUM
ajfa-9759	328	14	us	us	PROPN
ajfa-9759	328	15	listed	list	VERB
ajfa-9759	328	16	firms	firm	NOUN
ajfa-9759	328	17	those	those	PRON
ajfa-9759	328	18	additionally	additionally	ADV
ajfa-9759	328	19	disclose	disclose	VERB
ajfa-9759	328	20	the	the	DET
ajfa-9759	328	21	repurchase	repurchase	NOUN
ajfa-9759	328	22	data	datum	NOUN
ajfa-9759	328	23	.	.	PUNCT
ajfa-9759	329	1	this	this	DET
ajfa-9759	329	2	study	study	NOUN
ajfa-9759	329	3	found	find	VERB
ajfa-9759	329	4	that	that	SCONJ
ajfa-9759	329	5	repurchase	repurchase	NOUN
ajfa-9759	329	6	contributes	contribute	VERB
ajfa-9759	329	7	to	to	ADP
ajfa-9759	329	8	market	market	NOUN
ajfa-9759	329	9	liquidity	liquidity	NOUN
ajfa-9759	329	10	by	by	ADP
ajfa-9759	329	11	narrowing	narrow	VERB
ajfa-9759	329	12	the	the	DET
ajfa-9759	329	13	bid	bid	NOUN
ajfa-9759	329	14	-	-	PUNCT
ajfa-9759	329	15	ask	ask	NOUN
ajfa-9759	329	16	spread	spread	NOUN
ajfa-9759	329	17	.	.	PUNCT
ajfa-9759	330	1	the	the	DET
ajfa-9759	330	2	bid	bid	NOUN
ajfa-9759	330	3	-	-	PUNCT
ajfa-9759	330	4	ask	ask	NOUN
ajfa-9759	330	5	spread	spread	NOUN
ajfa-9759	330	6	is	be	AUX
ajfa-9759	330	7	comparedwith	comparedwith	NOUN
ajfa-9759	330	8	three	three	NUM
ajfa-9759	330	9	benchmarks	benchmark	NOUN
ajfa-9759	330	10	such	such	ADJ
ajfa-9759	330	11	as	as	ADP
ajfa-9759	330	12	the	the	DET
ajfa-9759	330	13	period	period	NOUN
ajfa-9759	330	14	before	before	ADP
ajfa-9759	330	15	the	the	DET
ajfa-9759	330	16	announcement	announcement	NOUN
ajfa-9759	330	17	,	,	PUNCT
ajfa-9759	330	18	then	then	ADV
ajfa-9759	330	19	the	the	DET
ajfa-9759	330	20	non	non	ADJ
ajfa-9759	330	21	-	-	ADJ
ajfa-9759	330	22	share	share	ADJ
ajfa-9759	330	23	repurchase	repurchase	VERB
ajfa-9759	330	24	day	day	NOUN
ajfa-9759	330	25	before	before	ADP
ajfa-9759	330	26	the	the	DET
ajfa-9759	330	27	repurchase	repurchase	NOUN
ajfa-9759	330	28	day	day	NOUN
ajfa-9759	330	29	(	(	PUNCT
ajfa-9759	330	30	lag	lag	PROPN
ajfa-9759	330	31	day	day	NOUN
ajfa-9759	330	32	)	)	PUNCT
ajfa-9759	330	33	and	and	CCONJ
ajfa-9759	330	34	the	the	DET
ajfa-9759	330	35	non	non	ADJ
ajfa-9759	330	36	-	-	ADJ
ajfa-9759	330	37	repurchase	repurchase	ADJ
ajfa-9759	330	38	day	day	NOUN
ajfa-9759	330	39	after	after	ADP
ajfa-9759	330	40	the	the	DET
ajfa-9759	330	41	repurchase	repurchase	NOUN
ajfa-9759	330	42	transaction	transaction	NOUN
ajfa-9759	330	43	(	(	PUNCT
ajfa-9759	330	44	lead	lead	PROPN
ajfa-9759	330	45	day	day	NOUN
ajfa-9759	330	46	)	)	PUNCT
ajfa-9759	330	47	.	.	PUNCT
ajfa-9759	331	1	ginglinger	ginglinger	NOUN
ajfa-9759	331	2	and	and	CCONJ
ajfa-9759	331	3	hamon	hamon	PROPN
ajfa-9759	331	4	(	(	PUNCT
ajfa-9759	331	5	2007	2007	NUM
ajfa-9759	331	6	)	)	PUNCT
ajfa-9759	331	7	examined	examine	VERB
ajfa-9759	331	8	the	the	DET
ajfa-9759	331	9	relationship	relationship	NOUN
ajfa-9759	331	10	between	between	ADP
ajfa-9759	331	11	actual	actual	ADJ
ajfa-9759	331	12	repurchase	repurchase	NOUN
ajfa-9759	331	13	and	and	CCONJ
ajfa-9759	331	14	their	their	PRON
ajfa-9759	331	15	impact	impact	NOUN
ajfa-9759	331	16	on	on	ADP
ajfa-9759	331	17	liquidity	liquidity	NOUN
ajfa-9759	331	18	in	in	ADP
ajfa-9759	331	19	france	france	PROPN
ajfa-9759	331	20	by	by	ADP
ajfa-9759	331	21	taking	take	VERB
ajfa-9759	331	22	bid	bid	NOUN
ajfa-9759	331	23	-	-	PUNCT
ajfa-9759	331	24	ask	ask	NOUN
ajfa-9759	331	25	spread	spread	NOUN
ajfa-9759	331	26	as	as	ADP
ajfa-9759	331	27	a	a	DET
ajfa-9759	331	28	proxy	proxy	NOUN
ajfa-9759	331	29	for	for	ADP
ajfa-9759	331	30	liquidity	liquidity	NOUN
ajfa-9759	331	31	.	.	PUNCT
ajfa-9759	332	1	the	the	DET
ajfa-9759	332	2	study	study	NOUN
ajfa-9759	332	3	found	find	VERB
ajfa-9759	332	4	that	that	SCONJ
ajfa-9759	332	5	the	the	DET
ajfa-9759	332	6	spread	spread	NOUN
ajfa-9759	332	7	on	on	ADP
ajfa-9759	332	8	repurchase	repurchase	NOUN
ajfa-9759	332	9	days	day	NOUN
ajfa-9759	332	10	are	be	AUX
ajfa-9759	332	11	significantly	significantly	ADV
ajfa-9759	332	12	more	more	ADJ
ajfa-9759	332	13	than	than	ADP
ajfa-9759	332	14	the	the	DET
ajfa-9759	332	15	non	non	ADJ
ajfa-9759	332	16	-	-	ADJ
ajfa-9759	332	17	repurchase	repurchase	ADJ
ajfa-9759	332	18	day	day	NOUN
ajfa-9759	332	19	.	.	PUNCT
ajfa-9759	333	1	so	so	ADV
ajfa-9759	333	2	the	the	DET
ajfa-9759	333	3	study	study	NOUN
ajfa-9759	333	4	lends	lend	VERB
ajfa-9759	333	5	its	its	PRON
ajfa-9759	333	6	support	support	NOUN
ajfa-9759	333	7	to	to	ADP
ajfa-9759	333	8	information	information	NOUN
ajfa-9759	333	9	asymmetry	asymmetry	NOUN
ajfa-9759	333	10	hypothesis	hypothesis	NOUN
ajfa-9759	333	11	.	.	PUNCT
ajfa-9759	334	1	nayar	nayar	PROPN
ajfa-9759	334	2	et	et	PROPN
ajfa-9759	334	3	al	al	PROPN
ajfa-9759	334	4	.	.	PROPN
ajfa-9759	335	1	(	(	PUNCT
ajfa-9759	335	2	2008	2008	NUM
ajfa-9759	335	3	)	)	PUNCT
ajfa-9759	335	4	examined	examine	VERB
ajfa-9759	335	5	the	the	DET
ajfa-9759	335	6	effect	effect	NOUN
ajfa-9759	335	7	of	of	ADP
ajfa-9759	335	8	dutch	dutch	ADJ
ajfa-9759	335	9	auction	auction	NOUN
ajfa-9759	335	10	(	(	PUNCT
ajfa-9759	335	11	da	da	NOUN
ajfa-9759	335	12	)	)	PUNCT
ajfa-9759	335	13	,	,	PUNCT
ajfa-9759	335	14	and	and	CCONJ
ajfa-9759	335	15	fixed	fix	VERB
ajfa-9759	335	16	price	price	NOUN
ajfa-9759	335	17	tender	tender	NOUN
ajfa-9759	335	18	offer	offer	NOUN
ajfa-9759	335	19	(	(	PUNCT
ajfa-9759	335	20	fpto	fpto	NOUN
ajfa-9759	335	21	)	)	PUNCT
ajfa-9759	335	22	repurchase	repurchase	NOUN
ajfa-9759	335	23	on	on	ADP
ajfa-9759	335	24	liquidity	liquidity	NOUN
ajfa-9759	335	25	in	in	ADP
ajfa-9759	335	26	the	the	DET
ajfa-9759	335	27	us	we	PRON
ajfa-9759	335	28	by	by	ADP
ajfa-9759	335	29	taking	take	VERB
ajfa-9759	335	30	spread	spread	NOUN
ajfa-9759	335	31	and	and	CCONJ
ajfa-9759	335	32	depth	depth	NOUN
ajfa-9759	335	33	as	as	ADP
ajfa-9759	335	34	a	a	DET
ajfa-9759	335	35	proxy	proxy	NOUN
ajfa-9759	335	36	for	for	ADP
ajfa-9759	335	37	liquidity	liquidity	NOUN
ajfa-9759	335	38	.	.	PUNCT
ajfa-9759	336	1	the	the	DET
ajfa-9759	336	2	study	study	NOUN
ajfa-9759	336	3	reported	report	VERB
ajfa-9759	336	4	that	that	SCONJ
ajfa-9759	336	5	liquidity	liquidity	NOUN
ajfa-9759	336	6	increases	increase	NOUN
ajfa-9759	336	7	during	during	ADP
ajfa-9759	336	8	the	the	DET
ajfa-9759	336	9	offer	offer	NOUN
ajfa-9759	336	10	period	period	NOUN
ajfa-9759	336	11	and	and	CCONJ
ajfa-9759	336	12	bounce	bounce	VERB
ajfa-9759	336	13	back	back	ADV
ajfa-9759	336	14	to	to	ADP
ajfa-9759	336	15	the	the	DET
ajfa-9759	336	16	original	original	ADJ
ajfa-9759	336	17	pre	pre	ADJ
ajfa-9759	336	18	-	-	NOUN
ajfa-9759	336	19	announcement	announcement	ADJ
ajfa-9759	336	20	period	period	NOUN
ajfa-9759	336	21	after	after	ADP
ajfa-9759	336	22	expiration	expiration	NOUN
ajfa-9759	336	23	of	of	ADP
ajfa-9759	336	24	the	the	DET
ajfa-9759	336	25	offer	offer	NOUN
ajfa-9759	336	26	.	.	PUNCT
ajfa-9759	337	1	the	the	DET
ajfa-9759	337	2	change	change	NOUN
ajfa-9759	337	3	in	in	ADP
ajfa-9759	337	4	the	the	DET
ajfa-9759	337	5	liquidity	liquidity	NOUN
ajfa-9759	337	6	is	be	AUX
ajfa-9759	337	7	transitory	transitory	ADJ
ajfa-9759	337	8	in	in	ADP
ajfa-9759	337	9	nature	nature	NOUN
ajfa-9759	337	10	.	.	PUNCT
ajfa-9759	338	1	ridder	ridder	PROPN
ajfa-9759	338	2	and	and	CCONJ
ajfa-9759	338	3	råsbrant	råsbrant	PROPN
ajfa-9759	338	4	(	(	PUNCT
ajfa-9759	338	5	2009	2009	NUM
ajfa-9759	338	6	)	)	PUNCT
ajfa-9759	338	7	examined	examine	VERB
ajfa-9759	338	8	the	the	DET
ajfa-9759	338	9	effect	effect	NOUN
ajfa-9759	338	10	of	of	ADP
ajfa-9759	338	11	repurchase	repurchase	NOUN
ajfa-9759	338	12	on	on	ADP
ajfa-9759	338	13	liquidity	liquidity	NOUN
ajfa-9759	338	14	in	in	ADP
ajfa-9759	338	15	sweden	sweden	PROPN
ajfa-9759	338	16	.	.	PUNCT
ajfa-9759	339	1	this	this	DET
ajfa-9759	339	2	study	study	NOUN
ajfa-9759	339	3	has	have	AUX
ajfa-9759	339	4	taken	take	VERB
ajfa-9759	339	5	absolute	absolute	ADJ
ajfa-9759	339	6	&	&	CCONJ
ajfa-9759	339	7	relative	relative	ADJ
ajfa-9759	339	8	spread	spread	NOUN
ajfa-9759	339	9	,	,	PUNCT
ajfa-9759	339	10	total	total	ADJ
ajfa-9759	339	11	depth	depth	NOUN
ajfa-9759	339	12	,	,	PUNCT
ajfa-9759	339	13	bid	bid	NOUN
ajfa-9759	339	14	depth	depth	NOUN
ajfa-9759	339	15	and	and	CCONJ
ajfa-9759	339	16	ask	ask	VERB
ajfa-9759	339	17	depth	depth	NOUN
ajfa-9759	339	18	to	to	PART
ajfa-9759	339	19	measure	measure	VERB
ajfa-9759	339	20	liquidity	liquidity	NOUN
ajfa-9759	339	21	.	.	PUNCT
ajfa-9759	340	1	the	the	DET
ajfa-9759	340	2	study	study	NOUN
ajfa-9759	340	3	found	find	VERB
ajfa-9759	340	4	that	that	SCONJ
ajfa-9759	340	5	repurchases	repurchase	NOUN
ajfa-9759	340	6	narrow	narrow	VERB
ajfa-9759	340	7	down	down	ADP
ajfa-9759	340	8	the	the	DET
ajfa-9759	340	9	bid	bid	NOUN
ajfa-9759	340	10	-	-	PUNCT
ajfa-9759	340	11	ask	ask	NOUN
ajfa-9759	340	12	spread	spread	NOUN
ajfa-9759	340	13	resulting	result	VERB
ajfa-9759	340	14	increase	increase	NOUN
ajfa-9759	340	15	in	in	ADP
ajfa-9759	340	16	liquidity	liquidity	NOUN
ajfa-9759	340	17	and	and	CCONJ
ajfa-9759	340	18	also	also	ADV
ajfa-9759	340	19	increase	increase	VERB
ajfa-9759	340	20	the	the	DET
ajfa-9759	340	21	depth	depth	NOUN
ajfa-9759	340	22	of	of	ADP
ajfa-9759	340	23	the	the	DET
ajfa-9759	340	24	market	market	NOUN
ajfa-9759	340	25	.	.	PUNCT
ajfa-9759	341	1	this	this	DET
ajfa-9759	341	2	study	study	NOUN
ajfa-9759	341	3	finds	find	VERB
ajfa-9759	341	4	a	a	DET
ajfa-9759	341	5	significant	significant	ADJ
ajfa-9759	341	6	decrease	decrease	NOUN
ajfa-9759	341	7	in	in	ADP
ajfa-9759	341	8	the	the	DET
ajfa-9759	341	9	bid	bid	NOUN
ajfa-9759	341	10	-	-	PUNCT
ajfa-9759	341	11	ask	ask	NOUN
ajfa-9759	341	12	spread	spread	NOUN
ajfa-9759	341	13	(	(	PUNCT
ajfa-9759	341	14	3	3	NUM
ajfa-9759	341	15	%	%	NOUN
ajfa-9759	341	16	)	)	PUNCT
ajfa-9759	341	17	from	from	ADP
ajfa-9759	341	18	non	non	ADJ
ajfa-9759	341	19	-	-	ADJ
ajfa-9759	341	20	repurchase	repurchase	ADJ
ajfa-9759	341	21	days	day	NOUN
ajfa-9759	341	22	to	to	PART
ajfa-9759	341	23	repurchase	repurchase	VERB
ajfa-9759	341	24	day	day	NOUN
ajfa-9759	341	25	.	.	PUNCT
ajfa-9759	342	1	mcnally	mcnally	PROPN
ajfa-9759	342	2	and	and	CCONJ
ajfa-9759	342	3	smith	smith	PROPN
ajfa-9759	342	4	(	(	PUNCT
ajfa-9759	342	5	2011	2011	NUM
ajfa-9759	342	6	)	)	PUNCT
ajfa-9759	342	7	examined	examine	VERB
ajfa-9759	342	8	both	both	PRON
ajfa-9759	342	9	price	price	NOUN
ajfa-9759	342	10	support	support	NOUN
ajfa-9759	342	11	and	and	CCONJ
ajfa-9759	342	12	information	information	NOUN
ajfa-9759	342	13	asymmetry	asymmetry	NOUN
ajfa-9759	342	14	hypotheses	hypothesis	NOUN
ajfa-9759	342	15	to	to	PART
ajfa-9759	342	16	determine	determine	VERB
ajfa-9759	342	17	the	the	DET
ajfa-9759	342	18	impact	impact	NOUN
ajfa-9759	342	19	of	of	ADP
ajfa-9759	342	20	repurchase	repurchase	NOUN
ajfa-9759	342	21	on	on	ADP
ajfa-9759	342	22	liquidity	liquidity	NOUN
ajfa-9759	342	23	in	in	ADP
ajfa-9759	342	24	canada	canada	PROPN
ajfa-9759	342	25	.	.	PUNCT
ajfa-9759	343	1	the	the	DET
ajfa-9759	343	2	results	result	NOUN
ajfa-9759	343	3	show	show	VERB
ajfa-9759	343	4	that	that	SCONJ
ajfa-9759	343	5	the	the	DET
ajfa-9759	343	6	spreads	spread	NOUN
ajfa-9759	343	7	narrows	narrow	VERB
ajfa-9759	343	8	and	and	CCONJ
ajfa-9759	343	9	depth	depth	NOUN
ajfa-9759	343	10	increase	increase	NOUN
ajfa-9759	343	11	on	on	ADP
ajfa-9759	343	12	repurchase	repurchase	NOUN
ajfa-9759	343	13	days	day	NOUN
ajfa-9759	343	14	than	than	ADP
ajfa-9759	343	15	non	non	ADJ
ajfa-9759	343	16	-	-	ADJ
ajfa-9759	343	17	repurchase	repurchase	ADJ
ajfa-9759	343	18	days	day	NOUN
ajfa-9759	343	19	.	.	PUNCT
ajfa-9759	344	1	the	the	DET
ajfa-9759	344	2	study	study	NOUN
ajfa-9759	344	3	also	also	ADV
ajfa-9759	344	4	segregated	segregate	VERB
ajfa-9759	344	5	the	the	DET
ajfa-9759	344	6	components	component	NOUN
ajfa-9759	344	7	of	of	ADP
ajfa-9759	344	8	spreads	spread	NOUN
ajfa-9759	344	9	and	and	CCONJ
ajfa-9759	344	10	compared	compare	VERB
ajfa-9759	344	11	these	these	DET
ajfa-9759	344	12	cost	cost	NOUN
ajfa-9759	344	13	(	(	PUNCT
ajfa-9759	344	14	adverse	adverse	ADJ
ajfa-9759	344	15	selection	selection	NOUN
ajfa-9759	344	16	and	and	CCONJ
ajfa-9759	344	17	inventory	inventory	NOUN
ajfa-9759	344	18	cost	cost	NOUN
ajfa-9759	344	19	)	)	PUNCT
ajfa-9759	344	20	to	to	ADP
ajfa-9759	344	21	the	the	DET
ajfa-9759	344	22	non	non	ADJ
ajfa-9759	344	23	-	-	ADJ
ajfa-9759	344	24	repurchase	repurchase	ADJ
ajfa-9759	344	25	days	day	NOUN
ajfa-9759	344	26	.	.	PUNCT
ajfa-9759	345	1	this	this	DET
ajfa-9759	345	2	study	study	NOUN
ajfa-9759	345	3	finds	find	VERB
ajfa-9759	345	4	no	no	DET
ajfa-9759	345	5	evidence	evidence	NOUN
ajfa-9759	345	6	that	that	SCONJ
ajfa-9759	345	7	adverse	adverse	ADJ
ajfa-9759	345	8	selection	selection	NOUN
ajfa-9759	345	9	cost	cost	NOUN
ajfa-9759	345	10	increases	increase	NOUN
ajfa-9759	345	11	due	due	ADJ
ajfa-9759	345	12	to	to	ADP
ajfa-9759	345	13	repurchase	repurchase	NOUN
ajfa-9759	345	14	,	,	PUNCT
ajfa-9759	345	15	so	so	SCONJ
ajfa-9759	345	16	it	it	PRON
ajfa-9759	345	17	rejects	reject	VERB
ajfa-9759	345	18	the	the	DET
ajfa-9759	345	19	information	information	NOUN
ajfa-9759	345	20	asymmetry	asymmetry	NOUN
ajfa-9759	345	21	hypothesis	hypothesis	NOUN
ajfa-9759	345	22	.	.	PUNCT
ajfa-9759	346	1	cesaride	cesaride	PROPN
ajfa-9759	346	2	et	et	PROPN
ajfa-9759	346	3	al	al	PROPN
ajfa-9759	346	4	.	.	PROPN
ajfa-9759	347	1	(	(	PUNCT
ajfa-9759	347	2	2011	2011	NUM
ajfa-9759	347	3	)	)	PUNCT
ajfa-9759	347	4	examined	examine	VERB
ajfa-9759	347	5	two	two	NUM
ajfa-9759	347	6	competing	compete	VERB
ajfa-9759	347	7	hypotheses	hypothesis	NOUN
ajfa-9759	347	8	,	,	PUNCT
ajfa-9759	347	9	i.e.	i.e.	X
ajfa-9759	347	10	,	,	PUNCT
ajfa-9759	347	11	information	information	NOUN
ajfa-9759	347	12	asymmetry	asymmetry	NOUN
ajfa-9759	347	13	andcompeting	andcompete	VERB
ajfa-9759	347	14	market	market	NOUN
ajfa-9759	347	15	maker	maker	NOUN
ajfa-9759	347	16	in	in	ADP
ajfa-9759	347	17	italy	italy	PROPN
ajfa-9759	347	18	.	.	PUNCT
ajfa-9759	348	1	the	the	DET
ajfa-9759	348	2	study	study	NOUN
ajfa-9759	348	3	found	find	VERB
ajfa-9759	348	4	evidence	evidence	NOUN
ajfa-9759	348	5	to	to	PART
ajfa-9759	348	6	support	support	VERB
ajfa-9759	348	7	the	the	DET
ajfa-9759	348	8	competing	compete	VERB
ajfa-9759	348	9	market	market	NOUN
ajfa-9759	348	10	maker	maker	NOUN
ajfa-9759	348	11	hypothesis	hypothesis	NOUN
ajfa-9759	348	12	.	.	PUNCT
ajfa-9759	349	1	it	it	PRON
ajfa-9759	349	2	means	mean	VERB
ajfa-9759	349	3	repurchases	repurchase	NOUN
ajfa-9759	349	4	enhance	enhance	VERB
ajfa-9759	349	5	liquidity	liquidity	NOUN
ajfa-9759	349	6	by	by	ADP
ajfa-9759	349	7	a	a	DET
ajfa-9759	349	8	reducing	reducing	NOUN
ajfa-9759	349	9	in	in	ADP
ajfa-9759	349	10	bid	bid	NOUN
ajfa-9759	349	11	-	-	PUNCT
ajfa-9759	349	12	ask	ask	NOUN
ajfa-9759	349	13	spread	spread	NOUN
ajfa-9759	349	14	.	.	PUNCT
ajfa-9759	350	1	7	7	X
ajfa-9759	350	2	.	.	X
ajfa-9759	350	3	share	share	NOUN
ajfa-9759	350	4	repurchases	repurchase	NOUN
ajfa-9759	350	5	and	and	CCONJ
ajfa-9759	350	6	earnings	earning	NOUN
ajfa-9759	350	7	management	management	NOUN
ajfa-9759	350	8	bartov	bartov	PROPN
ajfa-9759	350	9	et	et	PROPN
ajfa-9759	350	10	al	al	PROPN
ajfa-9759	350	11	.	.	PROPN
ajfa-9759	350	12	(	(	PUNCT
ajfa-9759	350	13	2002	2002	NUM
ajfa-9759	350	14	)	)	PUNCT
ajfa-9759	350	15	reported	report	VERB
ajfa-9759	350	16	that	that	SCONJ
ajfa-9759	350	17	after	after	ADP
ajfa-9759	350	18	controlling	control	VERB
ajfa-9759	350	19	the	the	DET
ajfa-9759	350	20	overall	overall	ADJ
ajfa-9759	350	21	earnings	earning	NOUN
ajfa-9759	350	22	performance	performance	NOUN
ajfa-9759	350	23	of	of	ADP
ajfa-9759	350	24	the	the	DET
ajfa-9759	350	25	quarter	quarter	NOUN
ajfa-9759	350	26	,	,	PUNCT
ajfa-9759	350	27	firms	firm	NOUN
ajfa-9759	350	28	those	those	PRON
ajfa-9759	350	29	can	can	AUX
ajfa-9759	350	30	match	match	VERB
ajfa-9759	350	31	the	the	DET
ajfa-9759	350	32	analysts	analyst	NOUN
ajfa-9759	350	33	’	’	PART
ajfa-9759	350	34	expectations	expectation	NOUN
ajfa-9759	350	35	earn	earn	VERB
ajfa-9759	350	36	3	3	NUM
ajfa-9759	350	37	%	%	NOUN
ajfa-9759	350	38	more	more	ADJ
ajfa-9759	350	39	than	than	ADP
ajfa-9759	350	40	their	their	PRON
ajfa-9759	350	41	peer	peer	NOUN
ajfa-9759	350	42	who	who	PRON
ajfa-9759	350	43	asian	asian	ADJ
ajfa-9759	350	44	journal	journal	NOUN
ajfa-9759	350	45	of	of	ADP
ajfa-9759	350	46	finance	finance	PROPN
ajfa-9759	350	47	&	&	CCONJ
ajfa-9759	350	48	accounting	accounting	PROPN
ajfa-9759	350	49	issn	issn	PROPN
ajfa-9759	350	50	1946	1946	NUM
ajfa-9759	350	51	-	-	PUNCT
ajfa-9759	350	52	052x	052x	PROPN
ajfa-9759	350	53	2016	2016	NUM
ajfa-9759	350	54	,	,	PUNCT
ajfa-9759	350	55	vol	vol	NOUN
ajfa-9759	350	56	.	.	PROPN
ajfa-9759	350	57	8	8	NUM
ajfa-9759	350	58	,	,	PUNCT
ajfa-9759	350	59	no	no	INTJ
ajfa-9759	350	60	.	.	NOUN
ajfa-9759	350	61	2	2	NUM
ajfa-9759	350	62	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9759	350	63	20	20	NUM
ajfa-9759	350	64	failed	fail	VERB
ajfa-9759	350	65	to	to	PART
ajfa-9759	350	66	do	do	VERB
ajfa-9759	350	67	so	so	ADV
ajfa-9759	350	68	.	.	PUNCT
ajfa-9759	351	1	to	to	PART
ajfa-9759	351	2	save	save	VERB
ajfa-9759	351	3	the	the	DET
ajfa-9759	351	4	firms	firm	NOUN
ajfa-9759	351	5	from	from	ADP
ajfa-9759	351	6	great	great	ADJ
ajfa-9759	351	7	economic	economic	ADJ
ajfa-9759	351	8	loss	loss	NOUN
ajfa-9759	351	9	,	,	PUNCT
ajfa-9759	351	10	managers	manager	NOUN
ajfa-9759	351	11	always	always	ADV
ajfa-9759	351	12	try	try	VERB
ajfa-9759	351	13	to	to	PART
ajfa-9759	351	14	achieve	achieve	VERB
ajfa-9759	351	15	the	the	DET
ajfa-9759	351	16	earnings	earning	NOUN
ajfa-9759	351	17	expected	expect	VERB
ajfa-9759	351	18	by	by	ADP
ajfa-9759	351	19	analyst	analyst	NOUN
ajfa-9759	351	20	.	.	PUNCT
ajfa-9759	352	1	but	but	CCONJ
ajfa-9759	352	2	when	when	SCONJ
ajfa-9759	352	3	the	the	DET
ajfa-9759	352	4	actual	actual	ADJ
ajfa-9759	352	5	earning	earning	NOUN
ajfa-9759	352	6	is	be	AUX
ajfa-9759	352	7	not	not	PART
ajfa-9759	352	8	enough	enough	ADJ
ajfa-9759	352	9	to	to	PART
ajfa-9759	352	10	meet	meet	VERB
ajfa-9759	352	11	or	or	CCONJ
ajfa-9759	352	12	beat	beat	VERB
ajfa-9759	352	13	analyst	analyst	NOUN
ajfa-9759	352	14	forecast	forecast	NOUN
ajfa-9759	352	15	,	,	PUNCT
ajfa-9759	352	16	then	then	ADV
ajfa-9759	352	17	manager	manager	NOUN
ajfa-9759	352	18	take	take	VERB
ajfa-9759	352	19	help	help	NOUN
ajfa-9759	352	20	of	of	ADP
ajfa-9759	352	21	earnings	earning	NOUN
ajfa-9759	352	22	management	management	NOUN
ajfa-9759	352	23	to	to	PART
ajfa-9759	352	24	achieve	achieve	VERB
ajfa-9759	352	25	the	the	DET
ajfa-9759	352	26	target	target	NOUN
ajfa-9759	352	27	.	.	PUNCT
ajfa-9759	353	1	earning	earn	VERB
ajfa-9759	353	2	management	management	NOUN
ajfa-9759	353	3	is	be	AUX
ajfa-9759	353	4	an	an	DET
ajfa-9759	353	5	accounting	accounting	NOUN
ajfa-9759	353	6	strategy	strategy	NOUN
ajfa-9759	353	7	used	use	VERB
ajfa-9759	353	8	by	by	ADP
ajfa-9759	353	9	the	the	DET
ajfa-9759	353	10	management	management	NOUN
ajfa-9759	353	11	to	to	PART
ajfa-9759	353	12	achieve	achieve	VERB
ajfa-9759	353	13	the	the	DET
ajfa-9759	353	14	twin	twin	ADJ
ajfa-9759	353	15	objectives	objective	NOUN
ajfa-9759	353	16	of	of	ADP
ajfa-9759	353	17	the	the	DET
ajfa-9759	353	18	firm	firm	NOUN
ajfa-9759	353	19	’s	’s	PART
ajfa-9759	353	20	(	(	PUNCT
ajfa-9759	353	21	income	income	NOUN
ajfa-9759	353	22	smoothing	smoothing	NOUN
ajfa-9759	353	23	and	and	CCONJ
ajfa-9759	353	24	meeting	meeting	NOUN
ajfa-9759	353	25	or	or	CCONJ
ajfa-9759	353	26	beating	beat	VERB
ajfa-9759	353	27	analysts).managers	analysts).manager	NOUN
ajfa-9759	353	28	can	can	AUX
ajfa-9759	353	29	manipulate	manipulate	VERB
ajfa-9759	353	30	the	the	DET
ajfa-9759	353	31	reported	report	VERB
ajfa-9759	353	32	financial	financial	ADJ
ajfa-9759	353	33	statement	statement	NOUN
ajfa-9759	353	34	because	because	SCONJ
ajfa-9759	353	35	of	of	ADP
ajfa-9759	353	36	certain	certain	ADJ
ajfa-9759	353	37	assumptions	assumption	NOUN
ajfa-9759	353	38	followed	follow	VERB
ajfa-9759	353	39	in	in	ADP
ajfa-9759	353	40	accounting	accounting	NOUN
ajfa-9759	353	41	practices	practice	NOUN
ajfa-9759	353	42	.	.	PUNCT
ajfa-9759	354	1	due	due	ADP
ajfa-9759	354	2	to	to	ADP
ajfa-9759	354	3	these	these	DET
ajfa-9759	354	4	assumptions	assumption	NOUN
ajfa-9759	354	5	,	,	PUNCT
ajfa-9759	354	6	managers	manager	NOUN
ajfa-9759	354	7	get	get	VERB
ajfa-9759	354	8	a	a	DET
ajfa-9759	354	9	scope	scope	NOUN
ajfa-9759	354	10	for	for	ADP
ajfa-9759	354	11	using	use	VERB
ajfa-9759	354	12	their	their	PRON
ajfa-9759	354	13	discretion	discretion	NOUN
ajfa-9759	354	14	or	or	CCONJ
ajfa-9759	354	15	judgment	judgment	NOUN
ajfa-9759	354	16	while	while	SCONJ
ajfa-9759	354	17	reporting	report	VERB
ajfa-9759	354	18	accounting	accounting	NOUN
ajfa-9759	354	19	figures	figure	NOUN
ajfa-9759	354	20	to	to	ADP
ajfa-9759	354	21	external	external	ADJ
ajfa-9759	354	22	stakeholders	stakeholder	NOUN
ajfa-9759	354	23	.	.	PUNCT
ajfa-9759	355	1	more	more	ADV
ajfa-9759	355	2	specifically	specifically	ADV
ajfa-9759	355	3	,	,	PUNCT
ajfa-9759	355	4	this	this	DET
ajfa-9759	355	5	type	type	NOUN
ajfa-9759	355	6	of	of	ADP
ajfa-9759	355	7	earnings	earning	NOUN
ajfa-9759	355	8	management	management	NOUN
ajfa-9759	355	9	is	be	AUX
ajfa-9759	355	10	an	an	DET
ajfa-9759	355	11	activity	activity	NOUN
ajfa-9759	355	12	where	where	SCONJ
ajfa-9759	355	13	managers	manager	NOUN
ajfa-9759	355	14	use	use	VERB
ajfa-9759	355	15	their	their	PRON
ajfa-9759	355	16	discretion	discretion	NOUN
ajfa-9759	355	17	to	to	PART
ajfa-9759	355	18	mislead	mislead	VERB
ajfa-9759	355	19	stakeholders	stakeholder	NOUN
ajfa-9759	355	20	about	about	ADP
ajfa-9759	355	21	the	the	DET
ajfa-9759	355	22	economic	economic	ADJ
ajfa-9759	355	23	performance	performance	NOUN
ajfa-9759	355	24	of	of	ADP
ajfa-9759	355	25	the	the	DET
ajfa-9759	355	26	company	company	NOUN
ajfa-9759	355	27	to	to	PART
ajfa-9759	355	28	influence	influence	VERB
ajfa-9759	355	29	contractual	contractual	ADJ
ajfa-9759	355	30	outcomes	outcome	NOUN
ajfa-9759	355	31	(	(	PUNCT
ajfa-9759	355	32	healy	healy	PROPN
ajfa-9759	355	33	and	and	CCONJ
ajfa-9759	355	34	walhen	walhen	PROPN
ajfa-9759	355	35	,	,	PUNCT
ajfa-9759	355	36	1999	1999	NUM
ajfa-9759	355	37	)	)	PUNCT
ajfa-9759	355	38	.	.	PUNCT
ajfa-9759	356	1	there	there	PRON
ajfa-9759	356	2	are	be	VERB
ajfa-9759	356	3	two	two	NUM
ajfa-9759	356	4	types	type	NOUN
ajfa-9759	356	5	of	of	ADP
ajfa-9759	356	6	earnings	earning	NOUN
ajfa-9759	356	7	management	management	NOUN
ajfa-9759	356	8	viz	viz	PROPN
ajfa-9759	356	9	.	.	PUNCT
ajfa-9759	357	1	accrual	accrual	ADJ
ajfa-9759	357	2	-	-	PUNCT
ajfa-9759	357	3	based	base	VERB
ajfa-9759	357	4	earnings	earning	NOUN
ajfa-9759	357	5	management	management	NOUN
ajfa-9759	357	6	(	(	PUNCT
ajfa-9759	357	7	am	am	NOUN
ajfa-9759	357	8	)	)	PUNCT
ajfa-9759	357	9	and	and	CCONJ
ajfa-9759	357	10	real	real	ADJ
ajfa-9759	357	11	earnings	earning	NOUN
ajfa-9759	357	12	management	management	NOUN
ajfa-9759	357	13	(	(	PUNCT
ajfa-9759	357	14	rm).changing	rm).change	VERB
ajfa-9759	357	15	methods	method	NOUN
ajfa-9759	357	16	of	of	ADP
ajfa-9759	357	17	depreciation	depreciation	NOUN
ajfa-9759	357	18	of	of	ADP
ajfa-9759	357	19	fixed	fix	VERB
ajfa-9759	357	20	assets	asset	NOUN
ajfa-9759	357	21	and	and	CCONJ
ajfa-9759	357	22	changing	change	VERB
ajfa-9759	357	23	the	the	DET
ajfa-9759	357	24	provisions	provision	NOUN
ajfa-9759	357	25	of	of	ADP
ajfa-9759	357	26	doubtful	doubtful	ADJ
ajfa-9759	357	27	debts	debt	NOUN
ajfa-9759	357	28	are	be	AUX
ajfa-9759	357	29	two	two	NUM
ajfa-9759	357	30	examples	example	NOUN
ajfa-9759	357	31	of	of	ADP
ajfa-9759	357	32	am	am	NOUN
ajfa-9759	357	33	.	.	PUNCT
ajfa-9759	358	1	in	in	ADP
ajfa-9759	358	2	contrast	contrast	NOUN
ajfa-9759	358	3	,	,	PUNCT
ajfa-9759	358	4	rm	rm	PROPN
ajfa-9759	358	5	is	be	AUX
ajfa-9759	358	6	accomplished	accomplish	VERB
ajfa-9759	358	7	by	by	ADP
ajfa-9759	358	8	changing	change	VERB
ajfa-9759	358	9	the	the	DET
ajfa-9759	358	10	firm	firm	NOUN
ajfa-9759	358	11	’s	’s	PART
ajfa-9759	358	12	underlying	underlie	VERB
ajfa-9759	358	13	operations	operation	NOUN
ajfa-9759	358	14	(	(	PUNCT
ajfa-9759	358	15	roychowdhury	roychowdhury	NOUN
ajfa-9759	358	16	,	,	PUNCT
ajfa-9759	358	17	2006	2006	NUM
ajfa-9759	358	18	)	)	PUNCT
ajfa-9759	358	19	.	.	PUNCT
ajfa-9759	359	1	examples	example	NOUN
ajfa-9759	359	2	of	of	ADP
ajfa-9759	359	3	rm	rm	PROPN
ajfa-9759	359	4	include	include	VERB
ajfa-9759	359	5	cutting	cut	VERB
ajfa-9759	359	6	prices	price	NOUN
ajfa-9759	359	7	towards	towards	ADP
ajfa-9759	359	8	the	the	DET
ajfa-9759	359	9	end	end	NOUN
ajfa-9759	359	10	of	of	ADP
ajfa-9759	359	11	the	the	DET
ajfa-9759	359	12	year	year	NOUN
ajfa-9759	359	13	for	for	ADP
ajfa-9759	359	14	increasing	increase	VERB
ajfa-9759	359	15	sales	sale	NOUN
ajfa-9759	359	16	,	,	PUNCT
ajfa-9759	359	17	delaying	delay	VERB
ajfa-9759	359	18	desirable	desirable	ADJ
ajfa-9759	359	19	investment	investment	NOUN
ajfa-9759	359	20	,	,	PUNCT
ajfa-9759	359	21	and	and	CCONJ
ajfa-9759	359	22	selling	sell	VERB
ajfa-9759	359	23	fixed	fix	VERB
ajfa-9759	359	24	assets	asset	NOUN
ajfa-9759	359	25	to	to	PART
ajfa-9759	359	26	affect	affect	VERB
ajfa-9759	359	27	gain	gain	NOUN
ajfa-9759	359	28	and	and	CCONJ
ajfa-9759	359	29	loss	loss	NOUN
ajfa-9759	359	30	so	so	SCONJ
ajfa-9759	359	31	as	as	SCONJ
ajfa-9759	359	32	to	to	PART
ajfa-9759	359	33	influence	influence	VERB
ajfa-9759	359	34	current	current	ADJ
ajfa-9759	359	35	period	period	NOUN
ajfa-9759	359	36	earnings	earning	NOUN
ajfa-9759	359	37	.	.	PUNCT
ajfa-9759	360	1	table	table	NOUN
ajfa-9759	360	2	6	6	NUM
ajfa-9759	360	3	.	.	PUNCT
ajfa-9759	361	1	summary	summary	NOUN
ajfa-9759	361	2	of	of	ADP
ajfa-9759	361	3	empirical	empirical	ADJ
ajfa-9759	361	4	studies	study	NOUN
ajfa-9759	361	5	on	on	ADP
ajfa-9759	361	6	liquidity	liquidity	NOUN
ajfa-9759	361	7	after	after	SCONJ
ajfa-9759	361	8	share	share	NOUN
ajfa-9759	361	9	repurchase	repurchase	PROPN
ajfa-9759	361	10	author(s	author(s	PROPN
ajfa-9759	361	11	)	)	PUNCT
ajfa-9759	361	12	&	&	CCONJ
ajfa-9759	361	13	year	year	PROPN
ajfa-9759	361	14	country	country	NOUN
ajfa-9759	361	15	&	&	CCONJ
ajfa-9759	361	16	period	period	NOUN
ajfa-9759	361	17	of	of	ADP
ajfa-9759	361	18	study	study	NOUN
ajfa-9759	361	19	proxies	proxy	NOUN
ajfa-9759	361	20	findings	finding	VERB
ajfa-9759	361	21	barclay	barclay	NOUN
ajfa-9759	361	22	and	and	CCONJ
ajfa-9759	361	23	smith(1988	smith(1988	VERB
ajfa-9759	361	24	)	)	PUNCT
ajfa-9759	361	25	usa	usa	PROPN
ajfa-9759	361	26	(	(	PUNCT
ajfa-9759	361	27	1970	1970	NUM
ajfa-9759	361	28	-	-	SYM
ajfa-9759	361	29	78	78	NUM
ajfa-9759	361	30	)	)	PUNCT
ajfa-9759	361	31	bid	bid	NOUN
ajfa-9759	361	32	-	-	PUNCT
ajfa-9759	361	33	ask	ask	NOUN
ajfa-9759	361	34	spread	spread	VERB
ajfa-9759	361	35	support	support	NOUN
ajfa-9759	361	36	information	information	NOUN
ajfa-9759	361	37	asymmetry	asymmetry	NOUN
ajfa-9759	361	38	hypothesis	hypothesis	NOUN
ajfa-9759	361	39	,	,	PUNCT
ajfa-9759	361	40	liquidity	liquidity	NOUN
ajfa-9759	361	41	decreases	decrease	VERB
ajfa-9759	361	42	after	after	ADP
ajfa-9759	361	43	share	share	NOUN
ajfa-9759	361	44	buybacks	buyback	VERB
ajfa-9759	361	45	wiggins	wiggins	PROPN
ajfa-9759	361	46	b	b	PROPN
ajfa-9759	361	47	(	(	PUNCT
ajfa-9759	361	48	1994	1994	NUM
ajfa-9759	361	49	)	)	PUNCT
ajfa-9759	361	50	usa	usa	PROPN
ajfa-9759	361	51	(	(	PUNCT
ajfa-9759	361	52	1988	1988	NUM
ajfa-9759	361	53	-	-	SYM
ajfa-9759	361	54	90	90	NUM
ajfa-9759	361	55	)	)	PUNCT
ajfa-9759	361	56	bid	bid	NOUN
ajfa-9759	361	57	-	-	PUNCT
ajfa-9759	361	58	ask	ask	NOUN
ajfa-9759	361	59	spread	spread	NOUN
ajfa-9759	361	60	bid	bid	NOUN
ajfa-9759	361	61	–	–	PUNCT
ajfa-9759	361	62	ask	ask	VERB
ajfa-9759	361	63	spread	spread	VERB
ajfa-9759	361	64	decreases	decrease	NOUN
ajfa-9759	361	65	and	and	CCONJ
ajfa-9759	361	66	no	no	DET
ajfa-9759	361	67	significant	significant	ADJ
ajfa-9759	361	68	change	change	NOUN
ajfa-9759	361	69	in	in	ADP
ajfa-9759	361	70	depth	depth	NOUN
ajfa-9759	361	71	during	during	ADP
ajfa-9759	361	72	repurchase	repurchase	NOUN
ajfa-9759	361	73	.	.	PUNCT
ajfa-9759	362	1	depth	depth	NOUN
ajfa-9759	362	2	cook	cook	NOUN
ajfa-9759	362	3	et	et	PROPN
ajfa-9759	362	4	al	al	PROPN
ajfa-9759	362	5	.	.	PROPN
ajfa-9759	363	1	(	(	PUNCT
ajfa-9759	363	2	2004	2004	NUM
ajfa-9759	363	3	)	)	PUNCT
ajfa-9759	363	4	usa	usa	PROPN
ajfa-9759	363	5	(	(	PUNCT
ajfa-9759	363	6	1993	1993	NUM
ajfa-9759	363	7	-	-	SYM
ajfa-9759	363	8	94	94	NUM
ajfa-9759	363	9	)	)	PUNCT
ajfa-9759	363	10	spread	spread	VERB
ajfa-9759	363	11	liquidity	liquidity	NOUN
ajfa-9759	363	12	increases	increase	NOUN
ajfa-9759	363	13	due	due	ADJ
ajfa-9759	363	14	to	to	PART
ajfa-9759	363	15	share	share	NOUN
ajfa-9759	363	16	repurchase	repurchase	VERB
ajfa-9759	363	17	.	.	PUNCT
ajfa-9759	364	1	price	price	NOUN
ajfa-9759	364	2	impact	impact	NOUN
ajfa-9759	364	3	ginglinger	ginglinger	NOUN
ajfa-9759	364	4	and	and	CCONJ
ajfa-9759	364	5	hamon	hamon	NOUN
ajfa-9759	364	6	(	(	PUNCT
ajfa-9759	364	7	2007	2007	NUM
ajfa-9759	364	8	)	)	PUNCT
ajfa-9759	364	9	france	france	PROPN
ajfa-9759	364	10	(	(	PUNCT
ajfa-9759	364	11	2000	2000	NUM
ajfa-9759	364	12	-	-	SYM
ajfa-9759	364	13	02	02	NUM
ajfa-9759	364	14	)	)	PUNCT
ajfa-9759	364	15	bid	bid	NOUN
ajfa-9759	364	16	-	-	PUNCT
ajfa-9759	364	17	ask	ask	NOUN
ajfa-9759	364	18	spread	spread	VERB
ajfa-9759	364	19	liquidity	liquidity	NOUN
ajfa-9759	364	20	decreases	decrease	NOUN
ajfa-9759	364	21	due	due	ADJ
ajfa-9759	364	22	to	to	PART
ajfa-9759	364	23	share	share	NOUN
ajfa-9759	364	24	repurchase	repurchase	NOUN
ajfa-9759	364	25	.	.	PUNCT
ajfa-9759	365	1	ridder	ridder	PROPN
ajfa-9759	365	2	and	and	CCONJ
ajfa-9759	365	3	råsbrant	råsbrant	PROPN
ajfa-9759	365	4	(	(	PUNCT
ajfa-9759	365	5	2009	2009	NUM
ajfa-9759	365	6	)	)	PUNCT
ajfa-9759	365	7	sweden	sweden	PROPN
ajfa-9759	365	8	(	(	PUNCT
ajfa-9759	365	9	2002	2002	NUM
ajfa-9759	365	10	-	-	SYM
ajfa-9759	365	11	05	05	NUM
ajfa-9759	365	12	)	)	PUNCT
ajfa-9759	365	13	absolute	absolute	ADJ
ajfa-9759	365	14	spread	spread	ADJ
ajfa-9759	365	15	liquidity	liquidity	NOUN
ajfa-9759	365	16	increases	increase	NOUN
ajfa-9759	365	17	due	due	ADJ
ajfa-9759	365	18	to	to	PART
ajfa-9759	365	19	share	share	NOUN
ajfa-9759	365	20	repurchase	repurchase	VERB
ajfa-9759	365	21	.	.	PUNCT
ajfa-9759	366	1	relative	relative	ADJ
ajfa-9759	366	2	spread	spread	VERB
ajfa-9759	366	3	total	total	ADJ
ajfa-9759	366	4	depth	depth	NOUN
ajfa-9759	366	5	bid	bid	NOUN
ajfa-9759	366	6	depth	depth	NOUN
ajfa-9759	366	7	ask	ask	NOUN
ajfa-9759	366	8	depth	depth	NOUN
ajfa-9759	366	9	cesaride	cesaride	ADV
ajfa-9759	366	10	et	et	PROPN
ajfa-9759	366	11	al.(2012	al.(2012	PROPN
ajfa-9759	366	12	)	)	PUNCT
ajfa-9759	367	1	usa	usa	PROPN
ajfa-9759	367	2	(	(	PUNCT
ajfa-9759	367	3	2004	2004	NUM
ajfa-9759	367	4	-	-	SYM
ajfa-9759	367	5	06	06	NUM
ajfa-9759	367	6	)	)	PUNCT
ajfa-9759	367	7	amihud	amihud	VERB
ajfa-9759	367	8	illiquidity	illiquidity	NOUN
ajfa-9759	367	9	ratio	ratio	NOUN
ajfa-9759	367	10	firms	firm	NOUN
ajfa-9759	367	11	are	be	AUX
ajfa-9759	367	12	likely	likely	ADJ
ajfa-9759	367	13	to	to	PART
ajfa-9759	367	14	purchase	purchase	VERB
ajfa-9759	367	15	when	when	SCONJ
ajfa-9759	367	16	liquidity	liquidity	NOUN
ajfa-9759	367	17	is	be	AUX
ajfa-9759	367	18	high	high	ADJ
ajfa-9759	367	19	.	.	PUNCT
ajfa-9759	368	1	source	source	NOUN
ajfa-9759	368	2	:	:	PUNCT
ajfa-9759	368	3	compiled	compile	VERB
ajfa-9759	368	4	by	by	ADP
ajfa-9759	368	5	authors	author	NOUN
ajfa-9759	368	6	from	from	ADP
ajfa-9759	368	7	cited	cite	VERB
ajfa-9759	368	8	research	research	NOUN
ajfa-9759	368	9	articles	article	NOUN
ajfa-9759	368	10	.	.	PUNCT
ajfa-9759	369	1	managers	manager	NOUN
ajfa-9759	369	2	do	do	VERB
ajfa-9759	369	3	earning	earn	VERB
ajfa-9759	369	4	management	management	NOUN
ajfa-9759	369	5	for	for	ADP
ajfa-9759	369	6	three	three	NUM
ajfa-9759	369	7	broad	broad	ADJ
ajfa-9759	369	8	reasons	reason	NOUN
ajfa-9759	369	9	:	:	PUNCT
ajfa-9759	369	10	(	(	PUNCT
ajfa-9759	369	11	1	1	X
ajfa-9759	369	12	)	)	PUNCT
ajfa-9759	369	13	when	when	SCONJ
ajfa-9759	369	14	executive	executive	ADJ
ajfa-9759	369	15	compensation	compensation	NOUN
ajfa-9759	369	16	is	be	AUX
ajfa-9759	369	17	associated	associate	VERB
ajfa-9759	369	18	with	with	ADP
ajfa-9759	369	19	the	the	DET
ajfa-9759	369	20	earnings	earning	NOUN
ajfa-9759	369	21	.	.	PUNCT
ajfa-9759	370	1	(	(	PUNCT
ajfa-9759	370	2	2	2	X
ajfa-9759	370	3	)	)	PUNCT
ajfa-9759	370	4	public	public	ADJ
ajfa-9759	370	5	traded	trade	VERB
ajfa-9759	370	6	companies	company	NOUN
ajfa-9759	370	7	are	be	AUX
ajfa-9759	370	8	under	under	ADP
ajfa-9759	370	9	constant	constant	ADJ
ajfa-9759	370	10	pressure	pressure	NOUN
ajfa-9759	370	11	to	to	PART
ajfa-9759	370	12	meet	meet	VERB
ajfa-9759	370	13	or	or	CCONJ
ajfa-9759	370	14	beat	beat	VERB
ajfa-9759	370	15	the	the	DET
ajfa-9759	370	16	analysts	analyst	NOUN
ajfa-9759	370	17	earning	earn	VERB
ajfa-9759	370	18	forecast	forecast	NOUN
ajfa-9759	370	19	.	.	PUNCT
ajfa-9759	371	1	(	(	PUNCT
ajfa-9759	371	2	3	3	X
ajfa-9759	371	3	)	)	PUNCT
ajfa-9759	371	4	before	before	ADP
ajfa-9759	371	5	any	any	DET
ajfa-9759	371	6	corporate	corporate	ADJ
ajfa-9759	371	7	activities	activity	NOUN
ajfa-9759	371	8	such	such	ADJ
ajfa-9759	371	9	as	as	ADP
ajfa-9759	371	10	initial	initial	ADJ
ajfa-9759	371	11	public	public	ADJ
ajfa-9759	371	12	offering	offering	NOUN
ajfa-9759	371	13	(	(	PUNCT
ajfa-9759	371	14	ipo	ipo	PROPN
ajfa-9759	371	15	)	)	PUNCT
ajfa-9759	371	16	,	,	PUNCT
ajfa-9759	371	17	seasoned	season	VERB
ajfa-9759	371	18	equity	equity	NOUN
ajfa-9759	371	19	offering	offering	NOUN
ajfa-9759	371	20	(	(	PUNCT
ajfa-9759	371	21	seo	seo	NOUN
ajfa-9759	371	22	)	)	PUNCT
ajfa-9759	371	23	,	,	PUNCT
ajfa-9759	371	24	merger	merger	NOUN
ajfa-9759	371	25	and	and	CCONJ
ajfa-9759	371	26	repurchase	repurchase	VERB
ajfa-9759	371	27	.	.	PUNCT
ajfa-9759	372	1	prior	prior	ADJ
ajfa-9759	372	2	research	research	NOUN
ajfa-9759	372	3	on	on	ADP
ajfa-9759	372	4	earnings	earning	NOUN
ajfa-9759	372	5	management	management	NOUN
ajfa-9759	372	6	has	have	AUX
ajfa-9759	372	7	found	find	VERB
ajfa-9759	372	8	evidence	evidence	NOUN
ajfa-9759	372	9	of	of	ADP
ajfa-9759	372	10	earning	earn	VERB
ajfa-9759	372	11	manipulation	manipulation	NOUN
ajfa-9759	372	12	around	around	ADP
ajfa-9759	372	13	different	different	ADJ
ajfa-9759	372	14	corporate	corporate	ADJ
ajfa-9759	372	15	activities	activity	NOUN
ajfa-9759	372	16	.	.	PUNCT
ajfa-9759	373	1	perry	perry	PROPN
ajfa-9759	373	2	and	and	CCONJ
ajfa-9759	373	3	williams	williams	PROPN
ajfa-9759	373	4	(	(	PUNCT
ajfa-9759	373	5	1994	1994	NUM
ajfa-9759	373	6	)	)	PUNCT
ajfa-9759	373	7	reported	report	VERB
ajfa-9759	373	8	earning	earn	VERB
ajfa-9759	373	9	management	management	NOUN
ajfa-9759	373	10	before	before	ADP
ajfa-9759	373	11	asian	asian	ADJ
ajfa-9759	373	12	journal	journal	PROPN
ajfa-9759	373	13	of	of	ADP
ajfa-9759	373	14	finance	finance	PROPN
ajfa-9759	373	15	&	&	CCONJ
ajfa-9759	373	16	accounting	accounting	PROPN
ajfa-9759	373	17	issn	issn	PROPN
ajfa-9759	373	18	1946	1946	NUM
ajfa-9759	373	19	-	-	PUNCT
ajfa-9759	373	20	052x	052x	PROPN
ajfa-9759	373	21	2016	2016	NUM
ajfa-9759	373	22	,	,	PUNCT
ajfa-9759	373	23	vol	vol	NOUN
ajfa-9759	373	24	.	.	PROPN
ajfa-9759	373	25	8	8	NUM
ajfa-9759	373	26	,	,	PUNCT
ajfa-9759	373	27	no	no	INTJ
ajfa-9759	373	28	.	.	NOUN
ajfa-9759	373	29	2	2	NUM
ajfa-9759	373	30	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9759	373	31	21	21	NUM
ajfa-9759	373	32	management	management	NOUN
ajfa-9759	373	33	buyouts	buyout	NOUN
ajfa-9759	373	34	and	and	CCONJ
ajfa-9759	373	35	teoh	teoh	PROPN
ajfa-9759	373	36	,	,	PUNCT
ajfa-9759	373	37	welch	welch	PROPN
ajfa-9759	373	38	,	,	PUNCT
ajfa-9759	373	39	and	and	CCONJ
ajfa-9759	373	40	wong	wong	PROPN
ajfa-9759	373	41	(	(	PUNCT
ajfa-9759	373	42	1998a	1998a	NUM
ajfa-9759	373	43	)	)	PUNCT
ajfa-9759	373	44	reported	report	VERB
ajfa-9759	373	45	that	that	SCONJ
ajfa-9759	373	46	managers	manager	NOUN
ajfa-9759	373	47	inflate	inflate	VERB
ajfa-9759	373	48	earning	earning	NOUN
ajfa-9759	373	49	before	before	SCONJ
ajfa-9759	373	50	ipo	ipo	PROPN
ajfa-9759	373	51	to	to	PART
ajfa-9759	373	52	sell	sell	VERB
ajfa-9759	373	53	their	their	PRON
ajfa-9759	373	54	shares	share	NOUN
ajfa-9759	373	55	at	at	ADP
ajfa-9759	373	56	a	a	DET
ajfa-9759	373	57	higher	high	ADJ
ajfa-9759	373	58	price	price	NOUN
ajfa-9759	373	59	.	.	PUNCT
ajfa-9759	374	1	shivkumar	shivkumar	PROPN
ajfa-9759	374	2	(	(	PUNCT
ajfa-9759	374	3	2000	2000	NUM
ajfa-9759	374	4	)	)	PUNCT
ajfa-9759	374	5	,	,	PUNCT
ajfa-9759	374	6	teoh	teoh	PROPN
ajfa-9759	374	7	,	,	PUNCT
ajfa-9759	374	8	welch	welch	PROPN
ajfa-9759	374	9	,	,	PUNCT
ajfa-9759	374	10	and	and	CCONJ
ajfa-9759	374	11	wong	wong	PROPN
ajfa-9759	374	12	(	(	PUNCT
ajfa-9759	374	13	1998b	1998b	NUM
ajfa-9759	374	14	)	)	PUNCT
ajfa-9759	374	15	reported	report	VERB
ajfa-9759	374	16	that	that	SCONJ
ajfa-9759	374	17	managers	manager	NOUN
ajfa-9759	374	18	inflate	inflate	VERB
ajfa-9759	374	19	earning	earn	VERB
ajfa-9759	374	20	before	before	SCONJ
ajfa-9759	374	21	seo	seo	NOUN
ajfa-9759	374	22	to	to	PART
ajfa-9759	374	23	sell	sell	VERB
ajfa-9759	374	24	their	their	PRON
ajfa-9759	374	25	shares	share	NOUN
ajfa-9759	374	26	at	at	ADP
ajfa-9759	374	27	a	a	DET
ajfa-9759	374	28	higher	high	ADJ
ajfa-9759	374	29	price	price	NOUN
ajfa-9759	374	30	,	,	PUNCT
ajfa-9759	374	31	and	and	CCONJ
ajfa-9759	374	32	erickson	erickson	PROPN
ajfa-9759	374	33	and	and	CCONJ
ajfa-9759	374	34	wang	wang	PROPN
ajfa-9759	374	35	(	(	PUNCT
ajfa-9759	374	36	1999	1999	NUM
ajfa-9759	374	37	)	)	PUNCT
ajfa-9759	374	38	reported	report	VERB
ajfa-9759	374	39	that	that	SCONJ
ajfa-9759	374	40	acquiring	acquire	VERB
ajfa-9759	374	41	firms	firm	NOUN
ajfa-9759	374	42	overstate	overstate	VERB
ajfa-9759	374	43	earnings	earning	NOUN
ajfa-9759	374	44	before	before	ADP
ajfa-9759	374	45	stock	stock	NOUN
ajfa-9759	374	46	for	for	ADP
ajfa-9759	374	47	stock	stock	NOUN
ajfa-9759	374	48	merger	merger	NOUN
ajfa-9759	374	49	.	.	PUNCT
ajfa-9759	375	1	above	above	ADP
ajfa-9759	375	2	studies	study	NOUN
ajfa-9759	375	3	examine	examine	VERB
ajfa-9759	375	4	two	two	NUM
ajfa-9759	375	5	hypotheses	hypothesis	NOUN
ajfa-9759	375	6	around	around	ADP
ajfa-9759	375	7	corporate	corporate	ADJ
ajfa-9759	375	8	events	event	NOUN
ajfa-9759	375	9	such	such	ADJ
ajfa-9759	375	10	as	as	ADP
ajfa-9759	375	11	managerial	managerial	ADJ
ajfa-9759	375	12	opportunism	opportunism	NOUN
ajfa-9759	375	13	and	and	CCONJ
ajfa-9759	375	14	market	market	NOUN
ajfa-9759	375	15	response	response	NOUN
ajfa-9759	375	16	.	.	PUNCT
ajfa-9759	376	1	managerial	managerial	ADJ
ajfa-9759	376	2	opportunism	opportunism	NOUN
ajfa-9759	376	3	states	state	VERB
ajfa-9759	376	4	that	that	SCONJ
ajfa-9759	376	5	managers	manager	NOUN
ajfa-9759	376	6	have	have	VERB
ajfa-9759	376	7	incentives	incentive	NOUN
ajfa-9759	376	8	to	to	PART
ajfa-9759	376	9	deflate	deflate	VERB
ajfa-9759	376	10	(	(	PUNCT
ajfa-9759	376	11	inflate	inflate	VERB
ajfa-9759	376	12	)	)	PUNCT
ajfa-9759	376	13	their	their	PRON
ajfa-9759	376	14	earnings	earning	NOUN
ajfa-9759	376	15	before	before	ADP
ajfa-9759	376	16	the	the	DET
ajfa-9759	376	17	corporate	corporate	ADJ
ajfa-9759	376	18	event	event	NOUN
ajfa-9759	376	19	.	.	PUNCT
ajfa-9759	377	1	market	market	NOUN
ajfa-9759	377	2	response	response	NOUN
ajfa-9759	377	3	hypothesis	hypothesis	NOUN
ajfa-9759	377	4	states	state	VERB
ajfa-9759	377	5	that	that	SCONJ
ajfa-9759	377	6	managers	manager	NOUN
ajfa-9759	377	7	do	do	VERB
ajfa-9759	377	8	earnings	earning	NOUN
ajfa-9759	377	9	management	management	NOUN
ajfa-9759	377	10	because	because	SCONJ
ajfa-9759	377	11	the	the	DET
ajfa-9759	377	12	market	market	NOUN
ajfa-9759	377	13	expects	expect	VERB
ajfa-9759	377	14	them	they	PRON
ajfa-9759	377	15	to	to	PART
ajfa-9759	377	16	do	do	VERB
ajfa-9759	377	17	so	so	ADV
ajfa-9759	377	18	.	.	PUNCT
ajfa-9759	378	1	though	though	SCONJ
ajfa-9759	378	2	there	there	PRON
ajfa-9759	378	3	are	be	VERB
ajfa-9759	378	4	a	a	DET
ajfa-9759	378	5	large	large	ADJ
ajfa-9759	378	6	number	number	NOUN
ajfa-9759	378	7	of	of	ADP
ajfa-9759	378	8	studies	study	NOUN
ajfa-9759	378	9	on	on	ADP
ajfa-9759	378	10	earnings	earning	NOUN
ajfa-9759	378	11	management	management	NOUN
ajfa-9759	378	12	around	around	ADP
ajfa-9759	378	13	different	different	ADJ
ajfa-9759	378	14	corporate	corporate	ADJ
ajfa-9759	378	15	activity	activity	NOUN
ajfa-9759	378	16	,	,	PUNCT
ajfa-9759	378	17	thereare	thereare	VERB
ajfa-9759	378	18	very	very	ADV
ajfa-9759	378	19	few	few	ADJ
ajfa-9759	378	20	studies	study	NOUN
ajfa-9759	378	21	on	on	ADP
ajfa-9759	378	22	earnings	earning	NOUN
ajfa-9759	378	23	management	management	NOUN
ajfa-9759	378	24	around	around	ADP
ajfa-9759	378	25	repurchase	repurchase	PROPN
ajfa-9759	378	26	.	.	PUNCT
ajfa-9759	379	1	vafeaset	vafeaset	PROPN
ajfa-9759	379	2	al	al	PROPN
ajfa-9759	379	3	.	.	PROPN
ajfa-9759	380	1	(	(	PUNCT
ajfa-9759	380	2	2003	2003	NUM
ajfa-9759	380	3	)	)	PUNCT
ajfa-9759	380	4	examined	examine	VERB
ajfa-9759	380	5	the	the	DET
ajfa-9759	380	6	relationship	relationship	NOUN
ajfa-9759	380	7	between	between	ADP
ajfa-9759	380	8	earnings	earning	NOUN
ajfa-9759	380	9	management	management	NOUN
ajfa-9759	380	10	and	and	CCONJ
ajfa-9759	380	11	tender	tender	ADJ
ajfa-9759	380	12	offer	offer	NOUN
ajfa-9759	380	13	of	of	ADP
ajfa-9759	380	14	repurchase	repurchase	VERB
ajfa-9759	380	15	by	by	ADP
ajfa-9759	380	16	considering	consider	VERB
ajfa-9759	380	17	discretionary	discretionary	ADJ
ajfa-9759	380	18	accrual	accrual	ADJ
ajfa-9759	380	19	as	as	ADP
ajfa-9759	380	20	a	a	DET
ajfa-9759	380	21	proxy	proxy	NOUN
ajfa-9759	380	22	.	.	PUNCT
ajfa-9759	381	1	this	this	DET
ajfa-9759	381	2	study	study	NOUN
ajfa-9759	381	3	tested	test	VERB
ajfa-9759	381	4	the	the	DET
ajfa-9759	381	5	managerial	managerial	ADJ
ajfa-9759	381	6	opportunism	opportunism	NOUN
ajfa-9759	381	7	hypothesis	hypothesis	NOUN
ajfa-9759	381	8	around	around	ADV
ajfa-9759	381	9	repurchase	repurchase	NOUN
ajfa-9759	381	10	.	.	PUNCT
ajfa-9759	382	1	according	accord	VERB
ajfa-9759	382	2	to	to	ADP
ajfa-9759	382	3	this	this	DET
ajfa-9759	382	4	hypothesis	hypothesis	NOUN
ajfa-9759	382	5	,	,	PUNCT
ajfa-9759	382	6	companies	company	NOUN
ajfa-9759	382	7	deflate	deflate	VERB
ajfa-9759	382	8	their	their	PRON
ajfa-9759	382	9	earnings	earning	NOUN
ajfa-9759	382	10	before	before	ADP
ajfa-9759	382	11	repurchase	repurchase	NOUN
ajfa-9759	382	12	to	to	PART
ajfa-9759	382	13	attract	attract	VERB
ajfa-9759	382	14	shareholders	shareholder	NOUN
ajfa-9759	382	15	to	to	PART
ajfa-9759	382	16	sell	sell	VERB
ajfa-9759	382	17	their	their	PRON
ajfa-9759	382	18	shares	share	NOUN
ajfa-9759	382	19	at	at	ADP
ajfa-9759	382	20	a	a	DET
ajfa-9759	382	21	low	low	ADJ
ajfa-9759	382	22	price	price	NOUN
ajfa-9759	382	23	.	.	PUNCT
ajfa-9759	383	1	in	in	ADP
ajfa-9759	383	2	this	this	DET
ajfa-9759	383	3	case	case	NOUN
ajfa-9759	383	4	,	,	PUNCT
ajfa-9759	383	5	non	non	ADJ
ajfa-9759	383	6	-	-	ADJ
ajfa-9759	383	7	tendering	tendering	ADJ
ajfa-9759	383	8	shareholders	shareholder	NOUN
ajfa-9759	383	9	gain	gain	NOUN
ajfa-9759	383	10	at	at	ADP
ajfa-9759	383	11	the	the	DET
ajfa-9759	383	12	cost	cost	NOUN
ajfa-9759	383	13	of	of	ADP
ajfa-9759	383	14	tendering	tender	VERB
ajfa-9759	383	15	shareholders	shareholder	NOUN
ajfa-9759	383	16	.	.	PUNCT
ajfa-9759	384	1	but	but	CCONJ
ajfa-9759	384	2	the	the	DET
ajfa-9759	384	3	study	study	NOUN
ajfa-9759	384	4	found	find	VERB
ajfa-9759	384	5	a	a	DET
ajfa-9759	384	6	weak	weak	ADJ
ajfa-9759	384	7	evidence	evidence	NOUN
ajfa-9759	384	8	of	of	ADP
ajfa-9759	384	9	earnings	earning	NOUN
ajfa-9759	384	10	management	management	NOUN
ajfa-9759	384	11	before	before	ADP
ajfa-9759	384	12	tender	tender	NOUN
ajfa-9759	384	13	repurchase	repurchase	NOUN
ajfa-9759	384	14	in	in	ADP
ajfa-9759	384	15	the	the	DET
ajfa-9759	384	16	us	us	PROPN
ajfa-9759	384	17	.	.	PUNCT
ajfa-9759	385	1	rodriguez	rodriguez	NOUN
ajfa-9759	385	2	and	and	CCONJ
ajfa-9759	385	3	yue	yue	PROPN
ajfa-9759	385	4	(	(	PUNCT
ajfa-9759	385	5	2005	2005	NUM
ajfa-9759	385	6	)	)	PUNCT
ajfa-9759	385	7	examined	examine	VERB
ajfa-9759	385	8	earnings	earning	NOUN
ajfa-9759	385	9	management	management	NOUN
ajfa-9759	385	10	around	around	ADP
ajfa-9759	385	11	open	open	ADJ
ajfa-9759	385	12	market	market	NOUN
ajfa-9759	385	13	share	share	NOUN
ajfa-9759	385	14	repurchases	repurchase	NOUN
ajfa-9759	385	15	.	.	PUNCT
ajfa-9759	386	1	this	this	DET
ajfa-9759	386	2	study	study	NOUN
ajfa-9759	386	3	tested	test	VERB
ajfa-9759	386	4	two	two	NUM
ajfa-9759	386	5	hypotheses	hypothesis	NOUN
ajfa-9759	386	6	relating	relate	VERB
ajfa-9759	386	7	to	to	ADP
ajfa-9759	386	8	earnings	earning	NOUN
ajfa-9759	386	9	management	management	NOUN
ajfa-9759	386	10	viz	viz	PROPN
ajfa-9759	386	11	.	.	PUNCT
ajfa-9759	387	1	managerial	managerial	ADJ
ajfa-9759	387	2	opportunism	opportunism	NOUN
ajfa-9759	387	3	and	and	CCONJ
ajfa-9759	387	4	market	market	NOUN
ajfa-9759	387	5	response	response	NOUN
ajfa-9759	387	6	.	.	PUNCT
ajfa-9759	388	1	managerial	managerial	ADJ
ajfa-9759	388	2	opportunism	opportunism	NOUN
ajfa-9759	388	3	hypothesis	hypothesis	NOUN
ajfa-9759	388	4	states	state	VERB
ajfa-9759	388	5	that	that	SCONJ
ajfa-9759	388	6	managers	manager	NOUN
ajfa-9759	388	7	are	be	AUX
ajfa-9759	388	8	motivated	motivated	ADJ
ajfa-9759	388	9	to	to	PART
ajfa-9759	388	10	deflate	deflate	VERB
ajfa-9759	388	11	their	their	PRON
ajfa-9759	388	12	earning	earning	NOUN
ajfa-9759	388	13	before	before	ADP
ajfa-9759	388	14	repurchase	repurchase	NOUN
ajfa-9759	388	15	to	to	PART
ajfa-9759	388	16	buy	buy	VERB
ajfa-9759	388	17	the	the	DET
ajfa-9759	388	18	shares	share	NOUN
ajfa-9759	388	19	at	at	ADP
ajfa-9759	388	20	a	a	DET
ajfa-9759	388	21	low	low	ADJ
ajfa-9759	388	22	price	price	NOUN
ajfa-9759	388	23	.	.	PUNCT
ajfa-9759	389	1	market	market	NOUN
ajfa-9759	389	2	response	response	NOUN
ajfa-9759	389	3	hypothesis	hypothesis	NOUN
ajfa-9759	389	4	assumes	assume	VERB
ajfa-9759	389	5	that	that	SCONJ
ajfa-9759	389	6	market	market	NOUN
ajfa-9759	389	7	is	be	AUX
ajfa-9759	389	8	efficient	efficient	ADJ
ajfa-9759	389	9	,	,	PUNCT
ajfa-9759	389	10	and	and	CCONJ
ajfa-9759	389	11	investors	investor	NOUN
ajfa-9759	389	12	get	get	VERB
ajfa-9759	389	13	to	to	PART
ajfa-9759	389	14	know	know	VERB
ajfa-9759	389	15	about	about	ADP
ajfa-9759	389	16	the	the	DET
ajfa-9759	389	17	earnings	earning	NOUN
ajfa-9759	389	18	management	management	NOUN
ajfa-9759	389	19	by	by	ADP
ajfa-9759	389	20	the	the	DET
ajfa-9759	389	21	firm	firm	NOUN
ajfa-9759	389	22	after	after	ADP
ajfa-9759	389	23	the	the	DET
ajfa-9759	389	24	announcement	announcement	NOUN
ajfa-9759	389	25	.	.	PUNCT
ajfa-9759	390	1	the	the	DET
ajfa-9759	390	2	study	study	NOUN
ajfa-9759	390	3	found	find	VERB
ajfa-9759	390	4	that	that	SCONJ
ajfa-9759	390	5	discretionary	discretionary	ADJ
ajfa-9759	390	6	accruals	accrual	NOUN
ajfa-9759	390	7	are	be	AUX
ajfa-9759	390	8	significantly	significantly	ADV
ajfa-9759	390	9	negative	negative	ADJ
ajfa-9759	390	10	in	in	ADP
ajfa-9759	390	11	the	the	DET
ajfa-9759	390	12	year	year	NOUN
ajfa-9759	390	13	before	before	ADP
ajfa-9759	390	14	repurchase	repurchase	NOUN
ajfa-9759	390	15	,	,	PUNCT
ajfa-9759	390	16	which	which	PRON
ajfa-9759	390	17	is	be	AUX
ajfa-9759	390	18	consistent	consistent	ADJ
ajfa-9759	390	19	with	with	ADP
ajfa-9759	390	20	both	both	CCONJ
ajfa-9759	390	21	the	the	DET
ajfa-9759	390	22	hypotheses	hypothesis	NOUN
ajfa-9759	390	23	.	.	PUNCT
ajfa-9759	391	1	the	the	DET
ajfa-9759	391	2	results	result	NOUN
ajfa-9759	391	3	of	of	ADP
ajfa-9759	391	4	the	the	DET
ajfa-9759	391	5	studyshow	studyshow	NOUN
ajfa-9759	391	6	that	that	SCONJ
ajfa-9759	391	7	firms	firm	NOUN
ajfa-9759	391	8	those	those	PRON
ajfa-9759	391	9	aggressively	aggressively	ADV
ajfa-9759	391	10	deflate	deflate	VERB
ajfa-9759	391	11	their	their	PRON
ajfa-9759	391	12	earnings	earning	NOUN
ajfa-9759	391	13	earn	earn	VERB
ajfa-9759	391	14	28	28	NUM
ajfa-9759	391	15	%	%	NOUN
ajfa-9759	391	16	more	more	ADJ
ajfa-9759	391	17	return	return	NOUN
ajfa-9759	391	18	than	than	ADP
ajfa-9759	391	19	control	control	NOUN
ajfa-9759	391	20	firms	firm	NOUN
ajfa-9759	391	21	.	.	PUNCT
ajfa-9759	392	1	the	the	DET
ajfa-9759	392	2	study	study	NOUN
ajfa-9759	392	3	also	also	ADV
ajfa-9759	392	4	examined	examine	VERB
ajfa-9759	392	5	the	the	DET
ajfa-9759	392	6	relationship	relationship	NOUN
ajfa-9759	392	7	between	between	ADP
ajfa-9759	392	8	manager	manager	NOUN
ajfa-9759	392	9	’s	’s	PART
ajfa-9759	392	10	ownership	ownership	NOUN
ajfa-9759	392	11	and	and	CCONJ
ajfa-9759	392	12	reporting	report	VERB
ajfa-9759	392	13	behavior	behavior	NOUN
ajfa-9759	392	14	of	of	ADP
ajfa-9759	392	15	firms	firm	NOUN
ajfa-9759	392	16	and	and	CCONJ
ajfa-9759	392	17	found	find	VERB
ajfa-9759	392	18	that	that	SCONJ
ajfa-9759	392	19	more	more	ADJ
ajfa-9759	392	20	the	the	DET
ajfa-9759	392	21	stake	stake	NOUN
ajfa-9759	392	22	of	of	ADP
ajfa-9759	392	23	manager	manager	NOUN
ajfa-9759	392	24	in	in	ADP
ajfa-9759	392	25	the	the	DET
ajfa-9759	392	26	firm	firm	NOUN
ajfa-9759	392	27	the	the	DET
ajfa-9759	392	28	higher	high	ADJ
ajfa-9759	392	29	degree	degree	NOUN
ajfa-9759	392	30	of	of	ADP
ajfa-9759	392	31	negative	negative	ADJ
ajfa-9759	392	32	earnings	earning	NOUN
ajfa-9759	392	33	management	management	NOUN
ajfa-9759	392	34	.	.	PUNCT
ajfa-9759	393	1	louis	louis	NOUN
ajfa-9759	393	2	and	and	CCONJ
ajfa-9759	393	3	white	white	ADJ
ajfa-9759	393	4	(	(	PUNCT
ajfa-9759	393	5	2007	2007	NUM
ajfa-9759	393	6	)	)	PUNCT
ajfa-9759	393	7	examined	examine	VERB
ajfa-9759	393	8	the	the	DET
ajfa-9759	393	9	relationship	relationship	NOUN
ajfa-9759	393	10	between	between	ADP
ajfa-9759	393	11	pre	pre	ADJ
ajfa-9759	393	12	-	-	ADJ
ajfa-9759	393	13	repurchase	repurchase	ADJ
ajfa-9759	393	14	reporting	reporting	NOUN
ajfa-9759	393	15	behavior	behavior	NOUN
ajfa-9759	393	16	(	(	PUNCT
ajfa-9759	393	17	fixed	fix	VERB
ajfa-9759	393	18	tender	tender	NOUN
ajfa-9759	393	19	offer	offer	NOUN
ajfa-9759	393	20	and	and	CCONJ
ajfa-9759	393	21	dutch	dutch	ADJ
ajfa-9759	393	22	auction	auction	NOUN
ajfa-9759	393	23	fixed	fix	VERB
ajfa-9759	393	24	tender	tender	NOUN
ajfa-9759	393	25	offer	offer	NOUN
ajfa-9759	393	26	)	)	PUNCT
ajfa-9759	393	27	and	and	CCONJ
ajfa-9759	393	28	the	the	DET
ajfa-9759	393	29	motive	motive	NOUN
ajfa-9759	393	30	behind	behind	ADP
ajfa-9759	393	31	repurchase	repurchase	NOUN
ajfa-9759	393	32	.	.	PUNCT
ajfa-9759	394	1	it	it	PRON
ajfa-9759	394	2	posits	posit	VERB
ajfa-9759	394	3	that	that	SCONJ
ajfa-9759	394	4	firms	firm	NOUN
ajfa-9759	394	5	undertaking	undertake	VERB
ajfa-9759	394	6	share	share	NOUN
ajfa-9759	394	7	buyback	buyback	NOUN
ajfa-9759	394	8	for	for	ADP
ajfa-9759	394	9	signaling	signal	VERB
ajfa-9759	394	10	are	be	AUX
ajfa-9759	394	11	not	not	PART
ajfa-9759	394	12	likely	likely	ADJ
ajfa-9759	394	13	to	to	PART
ajfa-9759	394	14	deflate	deflate	VERB
ajfa-9759	394	15	their	their	PRON
ajfa-9759	394	16	earnings	earning	NOUN
ajfa-9759	394	17	before	before	ADP
ajfa-9759	394	18	repurchase	repurchase	NOUN
ajfa-9759	394	19	.	.	PUNCT
ajfa-9759	395	1	this	this	DET
ajfa-9759	395	2	study	study	NOUN
ajfa-9759	395	3	finds	find	VERB
ajfa-9759	395	4	significant	significant	ADJ
ajfa-9759	395	5	negative	negative	ADJ
ajfa-9759	395	6	discretionary	discretionary	ADJ
ajfa-9759	395	7	accruals	accrual	NOUN
ajfa-9759	395	8	before	before	ADP
ajfa-9759	395	9	dutch	dutch	ADJ
ajfa-9759	395	10	auction	auction	NOUN
ajfa-9759	395	11	tender	tender	NOUN
ajfa-9759	395	12	offer	offer	NOUN
ajfa-9759	395	13	than	than	ADP
ajfa-9759	395	14	the	the	DET
ajfa-9759	395	15	fixed	fix	VERB
ajfa-9759	395	16	tender	tender	NOUN
ajfa-9759	395	17	offer	offer	NOUN
ajfa-9759	395	18	.	.	PUNCT
ajfa-9759	396	1	it	it	PRON
ajfa-9759	396	2	concludes	conclude	VERB
ajfa-9759	396	3	that	that	SCONJ
ajfa-9759	396	4	fixed	fix	VERB
ajfa-9759	396	5	price	price	NOUN
ajfa-9759	396	6	tender	tender	NOUN
ajfa-9759	396	7	offer	offer	NOUN
ajfa-9759	396	8	gives	give	VERB
ajfa-9759	396	9	a	a	DET
ajfa-9759	396	10	strong	strong	ADJ
ajfa-9759	396	11	signal	signal	NOUN
ajfa-9759	396	12	of	of	ADP
ajfa-9759	396	13	undervaluation	undervaluation	NOUN
ajfa-9759	396	14	than	than	ADP
ajfa-9759	396	15	dutch	dutch	ADJ
ajfa-9759	396	16	auction	auction	NOUN
ajfa-9759	396	17	fixed	fix	VERB
ajfa-9759	396	18	tender	tender	NOUN
ajfa-9759	396	19	offer	offer	NOUN
ajfa-9759	396	20	.	.	PUNCT
ajfa-9759	397	1	gong	gong	PROPN
ajfa-9759	397	2	et	et	PROPN
ajfa-9759	397	3	al	al	PROPN
ajfa-9759	397	4	.	.	PROPN
ajfa-9759	397	5	(	(	PUNCT
ajfa-9759	397	6	2008	2008	NUM
ajfa-9759	397	7	)	)	PUNCT
ajfa-9759	397	8	examined	examine	VERB
ajfa-9759	397	9	the	the	DET
ajfa-9759	397	10	relationship	relationship	NOUN
ajfa-9759	397	11	among	among	ADP
ajfa-9759	397	12	post	post	ADJ
ajfa-9759	397	13	-	-	ADJ
ajfa-9759	397	14	repurchase	repurchase	ADJ
ajfa-9759	397	15	operating	operating	NOUN
ajfa-9759	397	16	performance	performance	NOUN
ajfa-9759	397	17	,	,	PUNCT
ajfa-9759	397	18	abnormal	abnormal	ADJ
ajfa-9759	397	19	stock	stock	NOUN
ajfa-9759	397	20	return	return	NOUN
ajfa-9759	397	21	and	and	CCONJ
ajfa-9759	397	22	earnings	earning	NOUN
ajfa-9759	397	23	management	management	NOUN
ajfa-9759	397	24	before	before	ADP
ajfa-9759	397	25	repurchase	repurchase	NOUN
ajfa-9759	397	26	announcement	announcement	NOUN
ajfa-9759	397	27	.	.	PUNCT
ajfa-9759	398	1	this	this	DET
ajfa-9759	398	2	study	study	NOUN
ajfa-9759	398	3	has	have	AUX
ajfa-9759	398	4	taken	take	VERB
ajfa-9759	398	5	abnormal	abnormal	ADJ
ajfa-9759	398	6	accruals	accrual	NOUN
ajfa-9759	398	7	as	as	ADP
ajfa-9759	398	8	a	a	DET
ajfa-9759	398	9	proxy	proxy	NOUN
ajfa-9759	398	10	for	for	ADP
ajfa-9759	398	11	earnings	earning	NOUN
ajfa-9759	398	12	management	management	NOUN
ajfa-9759	398	13	.	.	PUNCT
ajfa-9759	399	1	the	the	DET
ajfa-9759	399	2	study	study	NOUN
ajfa-9759	399	3	found	find	VERB
ajfa-9759	399	4	that	that	SCONJ
ajfa-9759	399	5	firms	firm	NOUN
ajfa-9759	399	6	deflate	deflate	VERB
ajfa-9759	399	7	their	their	PRON
ajfa-9759	399	8	earning	earning	NOUN
ajfa-9759	399	9	if	if	SCONJ
ajfa-9759	399	10	repurchase	repurchase	VERB
ajfa-9759	399	11	announcement	announcement	NOUN
ajfa-9759	399	12	is	be	AUX
ajfa-9759	399	13	followed	follow	VERB
ajfa-9759	399	14	by	by	ADP
ajfa-9759	399	15	actual	actual	ADJ
ajfa-9759	399	16	repurchase	repurchase	NOUN
ajfa-9759	399	17	in	in	ADP
ajfa-9759	399	18	the	the	DET
ajfa-9759	399	19	announcement	announcement	NOUN
ajfa-9759	399	20	quarter	quarter	NOUN
ajfa-9759	399	21	or	or	CCONJ
ajfa-9759	399	22	the	the	DET
ajfa-9759	399	23	next	next	ADJ
ajfa-9759	399	24	quarter	quarter	NOUN
ajfa-9759	399	25	.	.	PUNCT
ajfa-9759	400	1	the	the	DET
ajfa-9759	400	2	study	study	NOUN
ajfa-9759	400	3	finds	find	VERB
ajfa-9759	400	4	no	no	DET
ajfa-9759	400	5	evidence	evidence	NOUN
ajfa-9759	400	6	of	of	ADP
ajfa-9759	400	7	negative	negative	ADJ
ajfa-9759	400	8	abnormal	abnormal	ADJ
ajfa-9759	400	9	asian	asian	ADJ
ajfa-9759	400	10	journal	journal	NOUN
ajfa-9759	400	11	of	of	ADP
ajfa-9759	400	12	finance	finance	PROPN
ajfa-9759	400	13	&	&	CCONJ
ajfa-9759	400	14	accounting	accounting	PROPN
ajfa-9759	400	15	issn	issn	PROPN
ajfa-9759	400	16	1946	1946	NUM
ajfa-9759	400	17	-	-	PUNCT
ajfa-9759	400	18	052x	052x	PROPN
ajfa-9759	400	19	2016	2016	NUM
ajfa-9759	400	20	,	,	PUNCT
ajfa-9759	400	21	vol	vol	NOUN
ajfa-9759	400	22	.	.	PROPN
ajfa-9759	400	23	8	8	NUM
ajfa-9759	400	24	,	,	PUNCT
ajfa-9759	400	25	no	no	INTJ
ajfa-9759	400	26	.	.	NOUN
ajfa-9759	400	27	2	2	NUM
ajfa-9759	400	28	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9759	400	29	22	22	NUM
ajfa-9759	400	30	accruals	accrual	NOUN
ajfa-9759	400	31	for	for	ADP
ajfa-9759	400	32	firms	firm	NOUN
ajfa-9759	400	33	,	,	PUNCT
ajfa-9759	400	34	only	only	ADV
ajfa-9759	400	35	announcing	announce	VERB
ajfa-9759	400	36	repurchase	repurchase	NOUN
ajfa-9759	400	37	without	without	ADP
ajfa-9759	400	38	any	any	DET
ajfa-9759	400	39	intention	intention	NOUN
ajfa-9759	400	40	of	of	ADP
ajfa-9759	400	41	actual	actual	ADJ
ajfa-9759	400	42	repurchase	repurchase	NOUN
ajfa-9759	400	43	.	.	PUNCT
ajfa-9759	401	1	the	the	DET
ajfa-9759	401	2	finding	finding	NOUN
ajfa-9759	401	3	of	of	ADP
ajfa-9759	401	4	the	the	DET
ajfa-9759	401	5	study	study	NOUN
ajfa-9759	401	6	shows	show	VERB
ajfa-9759	401	7	a	a	DET
ajfa-9759	401	8	negative	negative	ADJ
ajfa-9759	401	9	relationship	relationship	NOUN
ajfa-9759	401	10	between	between	ADP
ajfa-9759	401	11	abnormal	abnormal	ADJ
ajfa-9759	401	12	accruals	accrual	NOUN
ajfa-9759	401	13	and	and	CCONJ
ajfa-9759	401	14	improvement	improvement	NOUN
ajfa-9759	401	15	in	in	ADP
ajfa-9759	401	16	post	post	NOUN
ajfa-9759	401	17	operating	operating	NOUN
ajfa-9759	401	18	performance	performance	NOUN
ajfa-9759	401	19	and	and	CCONJ
ajfa-9759	401	20	abnormal	abnormal	ADJ
ajfa-9759	401	21	stock	stock	NOUN
ajfa-9759	401	22	return	return	NOUN
ajfa-9759	401	23	.	.	PUNCT
ajfa-9759	402	1	the	the	DET
ajfa-9759	402	2	study	study	NOUN
ajfa-9759	402	3	also	also	ADV
ajfa-9759	402	4	reported	report	VERB
ajfa-9759	402	5	that	that	SCONJ
ajfa-9759	402	6	if	if	SCONJ
ajfa-9759	402	7	the	the	DET
ajfa-9759	402	8	earnings	earning	NOUN
ajfa-9759	402	9	management	management	NOUN
ajfa-9759	402	10	effects	effect	NOUN
ajfa-9759	402	11	are	be	AUX
ajfa-9759	402	12	wiped	wipe	VERB
ajfa-9759	402	13	out	out	ADP
ajfa-9759	402	14	,	,	PUNCT
ajfa-9759	402	15	then	then	ADV
ajfa-9759	402	16	there	there	PRON
ajfa-9759	402	17	is	be	VERB
ajfa-9759	402	18	no	no	DET
ajfa-9759	402	19	significant	significant	ADJ
ajfa-9759	402	20	increase	increase	NOUN
ajfa-9759	402	21	in	in	ADP
ajfa-9759	402	22	post	post	NOUN
ajfa-9759	402	23	operating	operating	NOUN
ajfa-9759	402	24	performance	performance	NOUN
ajfa-9759	402	25	and	and	CCONJ
ajfa-9759	402	26	abnormal	abnormal	ADJ
ajfa-9759	402	27	stock	stock	NOUN
ajfa-9759	402	28	return	return	NOUN
ajfa-9759	402	29	.	.	PUNCT
ajfa-9759	403	1	so	so	ADV
ajfa-9759	403	2	it	it	PRON
ajfa-9759	403	3	proves	prove	VERB
ajfa-9759	403	4	that	that	DET
ajfa-9759	403	5	increase	increase	NOUN
ajfa-9759	403	6	in	in	ADP
ajfa-9759	403	7	operating	operating	NOUN
ajfa-9759	403	8	performance	performance	NOUN
ajfa-9759	403	9	and	and	CCONJ
ajfa-9759	403	10	abnormal	abnormal	ADJ
ajfa-9759	403	11	stock	stock	NOUN
ajfa-9759	403	12	return	return	NOUN
ajfa-9759	403	13	after	after	ADP
ajfa-9759	403	14	repurchase	repurchase	NOUN
ajfa-9759	403	15	is	be	AUX
ajfa-9759	403	16	partly	partly	ADV
ajfa-9759	403	17	explained	explain	VERB
ajfa-9759	403	18	by	by	ADP
ajfa-9759	403	19	earnings	earning	NOUN
ajfa-9759	403	20	management	management	NOUN
ajfa-9759	403	21	.	.	PUNCT
ajfa-9759	404	1	ikenberry	ikenberry	VERB
ajfa-9759	404	2	et	et	PROPN
ajfa-9759	404	3	al	al	PROPN
ajfa-9759	404	4	.	.	PROPN
ajfa-9759	405	1	(	(	PUNCT
ajfa-9759	405	2	2010	2010	NUM
ajfa-9759	405	3	)	)	PUNCT
ajfa-9759	405	4	examined	examine	VERB
ajfa-9759	405	5	managerial	managerial	ADJ
ajfa-9759	405	6	intention	intention	NOUN
ajfa-9759	405	7	behind	behind	ADP
ajfa-9759	405	8	repurchase	repurchase	NOUN
ajfa-9759	405	9	announcement	announcement	NOUN
ajfa-9759	405	10	by	by	ADP
ajfa-9759	405	11	taking	take	VERB
ajfa-9759	405	12	discretionary	discretionary	ADJ
ajfa-9759	405	13	accruals	accrual	NOUN
ajfa-9759	405	14	as	as	ADP
ajfa-9759	405	15	a	a	DET
ajfa-9759	405	16	proxy	proxy	NOUN
ajfa-9759	405	17	because	because	SCONJ
ajfa-9759	405	18	of	of	ADP
ajfa-9759	405	19	the	the	DET
ajfa-9759	405	20	failure	failure	NOUN
ajfa-9759	405	21	of	of	ADP
ajfa-9759	405	22	traditional	traditional	ADJ
ajfa-9759	405	23	proxies	proxy	NOUN
ajfa-9759	405	24	(	(	PUNCT
ajfa-9759	405	25	program	program	NOUN
ajfa-9759	405	26	size	size	NOUN
ajfa-9759	405	27	and	and	CCONJ
ajfa-9759	405	28	post	post	VERB
ajfa-9759	405	29	completion	completion	NOUN
ajfa-9759	405	30	rate	rate	NOUN
ajfa-9759	405	31	)	)	PUNCT
ajfa-9759	405	32	to	to	PART
ajfa-9759	405	33	explain	explain	VERB
ajfa-9759	405	34	the	the	DET
ajfa-9759	405	35	motives	motive	NOUN
ajfa-9759	405	36	behind	behind	ADP
ajfa-9759	405	37	repurchase	repurchase	NOUN
ajfa-9759	405	38	.	.	PUNCT
ajfa-9759	406	1	the	the	DET
ajfa-9759	406	2	study	study	NOUN
ajfa-9759	406	3	found	find	VERB
ajfa-9759	406	4	that	that	SCONJ
ajfa-9759	406	5	the	the	DET
ajfa-9759	406	6	managers	manager	NOUN
ajfa-9759	406	7	of	of	ADP
ajfa-9759	406	8	firms	firm	NOUN
ajfa-9759	406	9	with	with	ADP
ajfa-9759	406	10	poor	poor	ADJ
ajfa-9759	406	11	earning	earn	VERB
ajfa-9759	406	12	quality	quality	NOUN
ajfa-9759	406	13	reported	report	VERB
ajfa-9759	406	14	high	high	ADJ
ajfa-9759	406	15	positive	positive	ADJ
ajfa-9759	406	16	discretionary	discretionary	ADJ
ajfa-9759	406	17	accrual	accrual	ADJ
ajfa-9759	406	18	before	before	ADP
ajfa-9759	406	19	repurchase	repurchase	NOUN
ajfa-9759	406	20	announcement	announcement	NOUN
ajfa-9759	406	21	to	to	PART
ajfa-9759	406	22	boost	boost	VERB
ajfa-9759	406	23	the	the	DET
ajfa-9759	406	24	stock	stock	NOUN
ajfa-9759	406	25	price	price	NOUN
ajfa-9759	406	26	due	due	ADP
ajfa-9759	406	27	to	to	ADP
ajfa-9759	406	28	either	either	CCONJ
ajfa-9759	406	29	their	their	PRON
ajfa-9759	406	30	incentives	incentive	NOUN
ajfa-9759	406	31	are	be	AUX
ajfa-9759	406	32	linked	link	VERB
ajfa-9759	406	33	to	to	ADP
ajfa-9759	406	34	the	the	DET
ajfa-9759	406	35	value	value	NOUN
ajfa-9759	406	36	of	of	ADP
ajfa-9759	406	37	the	the	DET
ajfa-9759	406	38	firms	firm	NOUN
ajfa-9759	406	39	or	or	CCONJ
ajfa-9759	406	40	stock	stock	NOUN
ajfa-9759	406	41	options	option	NOUN
ajfa-9759	406	42	held	hold	VERB
ajfa-9759	406	43	by	by	ADP
ajfa-9759	406	44	the	the	DET
ajfa-9759	406	45	executives	executive	NOUN
ajfa-9759	406	46	.	.	PUNCT
ajfa-9759	407	1	but	but	CCONJ
ajfa-9759	407	2	in	in	ADP
ajfa-9759	407	3	the	the	DET
ajfa-9759	407	4	long	long	ADJ
ajfa-9759	407	5	run	run	NOUN
ajfa-9759	407	6	,	,	PUNCT
ajfa-9759	407	7	high	high	ADJ
ajfa-9759	407	8	discretionary	discretionary	ADJ
ajfa-9759	407	9	accrual	accrual	ADJ
ajfa-9759	407	10	firms	firm	NOUN
ajfa-9759	407	11	underperform	underperform	VERB
ajfa-9759	407	12	other	other	ADJ
ajfa-9759	407	13	non	non	ADJ
ajfa-9759	407	14	-	-	ADJ
ajfa-9759	407	15	high	high	ADJ
ajfa-9759	407	16	accrual	accrual	ADJ
ajfa-9759	407	17	firms	firm	NOUN
ajfa-9759	407	18	.	.	PUNCT
ajfa-9759	408	1	huang	huang	PROPN
ajfa-9759	408	2	and	and	CCONJ
ajfa-9759	408	3	chen	chen	PROPN
ajfa-9759	408	4	(	(	PUNCT
ajfa-9759	408	5	2013	2013	NUM
ajfa-9759	408	6	)	)	PUNCT
ajfa-9759	408	7	examined	examine	VERB
ajfa-9759	408	8	the	the	DET
ajfa-9759	408	9	effect	effect	NOUN
ajfa-9759	408	10	of	of	ADP
ajfa-9759	408	11	sarbanes	sarbanes	PROPN
ajfa-9759	408	12	-	-	PUNCT
ajfa-9759	408	13	oxley	oxley	ADJ
ajfa-9759	408	14	act	act	NOUN
ajfa-9759	408	15	(	(	PUNCT
ajfa-9759	408	16	sox	sox	PROPN
ajfa-9759	408	17	)	)	PUNCT
ajfa-9759	408	18	on	on	ADP
ajfa-9759	408	19	earnings	earning	NOUN
ajfa-9759	408	20	management	management	NOUN
ajfa-9759	408	21	by	by	ADP
ajfa-9759	408	22	the	the	DET
ajfa-9759	408	23	firms	firm	NOUN
ajfa-9759	408	24	before	before	ADP
ajfa-9759	408	25	the	the	DET
ajfa-9759	408	26	announcement	announcement	NOUN
ajfa-9759	408	27	of	of	ADP
ajfa-9759	408	28	open	open	ADJ
ajfa-9759	408	29	market	market	NOUN
ajfa-9759	408	30	repurchases	repurchase	NOUN
ajfa-9759	408	31	.	.	PUNCT
ajfa-9759	409	1	this	this	DET
ajfa-9759	409	2	piece	piece	NOUN
ajfa-9759	409	3	of	of	ADP
ajfa-9759	409	4	legislation	legislation	NOUN
ajfa-9759	409	5	was	be	AUX
ajfa-9759	409	6	passed	pass	VERB
ajfa-9759	409	7	in	in	ADP
ajfa-9759	409	8	2002	2002	NUM
ajfa-9759	409	9	to	to	PART
ajfa-9759	409	10	improve	improve	VERB
ajfa-9759	409	11	the	the	DET
ajfa-9759	409	12	quality	quality	NOUN
ajfa-9759	409	13	of	of	ADP
ajfa-9759	409	14	the	the	DET
ajfa-9759	409	15	reported	report	VERB
ajfa-9759	409	16	financial	financial	ADJ
ajfa-9759	409	17	information	information	NOUN
ajfa-9759	409	18	after	after	ADP
ajfa-9759	409	19	multiple	multiple	ADJ
ajfa-9759	409	20	scams	scam	NOUN
ajfa-9759	409	21	in	in	ADP
ajfa-9759	409	22	the	the	DET
ajfa-9759	409	23	us	we	PRON
ajfa-9759	409	24	to	to	PART
ajfa-9759	409	25	keep	keep	VERB
ajfa-9759	409	26	the	the	DET
ajfa-9759	409	27	investor	investor	NOUN
ajfa-9759	409	28	’s	’s	PART
ajfa-9759	409	29	confidence	confidence	NOUN
ajfa-9759	409	30	intact	intact	ADJ
ajfa-9759	409	31	.	.	PUNCT
ajfa-9759	410	1	the	the	DET
ajfa-9759	410	2	act	act	NOUN
ajfa-9759	410	3	increased	increase	VERB
ajfa-9759	410	4	the	the	DET
ajfa-9759	410	5	role	role	NOUN
ajfa-9759	410	6	of	of	ADP
ajfa-9759	410	7	independent	independent	ADJ
ajfa-9759	410	8	director	director	NOUN
ajfa-9759	410	9	in	in	ADP
ajfa-9759	410	10	the	the	DET
ajfa-9759	410	11	board	board	NOUN
ajfa-9759	410	12	and	and	CCONJ
ajfa-9759	410	13	required	require	VERB
ajfa-9759	410	14	that	that	SCONJ
ajfa-9759	410	15	all	all	DET
ajfa-9759	410	16	members	member	NOUN
ajfa-9759	410	17	of	of	ADP
ajfa-9759	410	18	an	an	DET
ajfa-9759	410	19	audit	audit	NOUN
ajfa-9759	410	20	committee	committee	NOUN
ajfa-9759	410	21	should	should	AUX
ajfa-9759	410	22	be	be	AUX
ajfa-9759	410	23	independent	independent	ADJ
ajfa-9759	410	24	directors	director	NOUN
ajfa-9759	410	25	in	in	ADP
ajfa-9759	410	26	a	a	DET
ajfa-9759	410	27	public	public	ADJ
ajfa-9759	410	28	company	company	NOUN
ajfa-9759	410	29	.	.	PUNCT
ajfa-9759	411	1	this	this	DET
ajfa-9759	411	2	study	study	NOUN
ajfa-9759	411	3	found	find	VERB
ajfa-9759	411	4	that	that	SCONJ
ajfa-9759	411	5	managers	manager	NOUN
ajfa-9759	411	6	of	of	ADP
ajfa-9759	411	7	open	open	ADJ
ajfa-9759	411	8	market	market	NOUN
ajfa-9759	411	9	repurchases	repurchase	NOUN
ajfa-9759	411	10	are	be	AUX
ajfa-9759	411	11	less	less	ADV
ajfa-9759	411	12	likely	likely	ADJ
ajfa-9759	411	13	to	to	PART
ajfa-9759	411	14	deflate	deflate	VERB
ajfa-9759	411	15	their	their	PRON
ajfa-9759	411	16	earnings	earning	NOUN
ajfa-9759	411	17	before	before	ADP
ajfa-9759	411	18	repurchasing	repurchase	VERB
ajfa-9759	411	19	after	after	ADP
ajfa-9759	411	20	the	the	DET
ajfa-9759	411	21	passage	passage	NOUN
ajfa-9759	411	22	of	of	ADP
ajfa-9759	411	23	sox	sox	PROPN
ajfa-9759	411	24	due	due	ADP
ajfa-9759	411	25	to	to	ADP
ajfa-9759	411	26	the	the	DET
ajfa-9759	411	27	stringent	stringent	ADJ
ajfa-9759	411	28	regulations	regulation	NOUN
ajfa-9759	411	29	.	.	PUNCT
ajfa-9759	412	1	di	di	NOUN
ajfa-9759	412	2	and	and	CCONJ
ajfa-9759	412	3	marciukaityte	marciukaityte	PROPN
ajfa-9759	412	4	(	(	PUNCT
ajfa-9759	412	5	2015	2015	NUM
ajfa-9759	412	6	)	)	PUNCT
ajfa-9759	412	7	examined	examine	VERB
ajfa-9759	412	8	the	the	DET
ajfa-9759	412	9	cause	cause	NOUN
ajfa-9759	412	10	behind	behind	ADP
ajfa-9759	412	11	earning	earn	VERB
ajfa-9759	412	12	management	management	NOUN
ajfa-9759	412	13	around	around	ADP
ajfa-9759	412	14	share	share	NOUN
ajfa-9759	412	15	repurchases	repurchase	NOUN
ajfa-9759	412	16	in	in	ADP
ajfa-9759	412	17	the	the	DET
ajfa-9759	412	18	form	form	NOUN
ajfa-9759	412	19	of	of	ADP
ajfa-9759	412	20	two	two	NUM
ajfa-9759	412	21	hypotheses	hypothesis	NOUN
ajfa-9759	412	22	viz	viz	VERB
ajfa-9759	412	23	.	.	PUNCT
ajfa-9759	413	1	managerial	managerial	ADJ
ajfa-9759	413	2	opportunism	opportunism	NOUN
ajfa-9759	413	3	and	and	CCONJ
ajfa-9759	413	4	income	income	NOUN
ajfa-9759	413	5	smoothing	smoothing	NOUN
ajfa-9759	413	6	.	.	PUNCT
ajfa-9759	414	1	the	the	DET
ajfa-9759	414	2	objective	objective	NOUN
ajfa-9759	414	3	of	of	ADP
ajfa-9759	414	4	managerial	managerial	ADJ
ajfa-9759	414	5	opportunism	opportunism	NOUN
ajfa-9759	414	6	hypothesis	hypothesis	NOUN
ajfa-9759	414	7	is	be	AUX
ajfa-9759	414	8	to	to	PART
ajfa-9759	414	9	mislead	mislead	VERB
ajfa-9759	414	10	the	the	DET
ajfa-9759	414	11	investors	investor	NOUN
ajfa-9759	414	12	by	by	ADP
ajfa-9759	414	13	deflating	deflate	VERB
ajfa-9759	414	14	income	income	NOUN
ajfa-9759	414	15	before	before	ADP
ajfa-9759	414	16	repurchase	repurchase	NOUN
ajfa-9759	414	17	.	.	PUNCT
ajfa-9759	415	1	the	the	DET
ajfa-9759	415	2	purpose	purpose	NOUN
ajfa-9759	415	3	of	of	ADP
ajfa-9759	415	4	income	income	NOUN
ajfa-9759	415	5	smoothing	smooth	VERB
ajfa-9759	415	6	hypothesis	hypothesis	NOUN
ajfa-9759	415	7	is	be	AUX
ajfa-9759	415	8	to	to	PART
ajfa-9759	415	9	reduce	reduce	VERB
ajfa-9759	415	10	volatility	volatility	NOUN
ajfa-9759	415	11	in	in	ADP
ajfa-9759	415	12	the	the	DET
ajfa-9759	415	13	reported	report	VERB
ajfa-9759	415	14	income	income	NOUN
ajfa-9759	415	15	due	due	ADP
ajfa-9759	415	16	to	to	ADP
ajfa-9759	415	17	a	a	DET
ajfa-9759	415	18	sudden	sudden	ADJ
ajfa-9759	415	19	increase	increase	NOUN
ajfa-9759	415	20	or	or	CCONJ
ajfa-9759	415	21	decrease	decrease	NOUN
ajfa-9759	415	22	in	in	ADP
ajfa-9759	415	23	revenue	revenue	NOUN
ajfa-9759	415	24	.	.	PUNCT
ajfa-9759	416	1	it	it	PRON
ajfa-9759	416	2	also	also	ADV
ajfa-9759	416	3	reduces	reduce	VERB
ajfa-9759	416	4	information	information	NOUN
ajfa-9759	416	5	asymmetry	asymmetry	NOUN
ajfa-9759	416	6	and	and	CCONJ
ajfa-9759	416	7	improves	improve	VERB
ajfa-9759	416	8	informativeness	informativeness	NOUN
ajfa-9759	416	9	of	of	ADP
ajfa-9759	416	10	earnings	earning	NOUN
ajfa-9759	416	11	.	.	PUNCT
ajfa-9759	417	1	the	the	DET
ajfa-9759	417	2	study	study	NOUN
ajfa-9759	417	3	found	find	VERB
ajfa-9759	417	4	a	a	DET
ajfa-9759	417	5	negative	negative	ADJ
ajfa-9759	417	6	relationship	relationship	NOUN
ajfa-9759	417	7	between	between	ADP
ajfa-9759	417	8	discretionary	discretionary	ADJ
ajfa-9759	417	9	current	current	ADJ
ajfa-9759	417	10	accruals	accrual	NOUN
ajfa-9759	417	11	and	and	CCONJ
ajfa-9759	417	12	contemporaneous	contemporaneous	ADJ
ajfa-9759	417	13	cash	cash	NOUN
ajfa-9759	417	14	flow	flow	NOUN
ajfa-9759	417	15	and	and	CCONJ
ajfa-9759	417	16	give	give	VERB
ajfa-9759	417	17	its	its	PRON
ajfa-9759	417	18	support	support	NOUN
ajfa-9759	417	19	for	for	ADP
ajfa-9759	417	20	income	income	NOUN
ajfa-9759	417	21	smoothing	smoothing	NOUN
ajfa-9759	417	22	.	.	PUNCT
ajfa-9759	418	1	this	this	DET
ajfa-9759	418	2	study	study	NOUN
ajfa-9759	418	3	provides	provide	VERB
ajfa-9759	418	4	an	an	DET
ajfa-9759	418	5	alternative	alternative	ADJ
ajfa-9759	418	6	explanation	explanation	NOUN
ajfa-9759	418	7	behind	behind	ADP
ajfa-9759	418	8	negative	negative	ADJ
ajfa-9759	418	9	pre	pre	ADJ
ajfa-9759	418	10	-	-	ADJ
ajfa-9759	418	11	repurchase	repurchase	ADJ
ajfa-9759	418	12	discretionary	discretionary	ADJ
ajfa-9759	418	13	accruals	accrual	NOUN
ajfa-9759	418	14	.	.	PUNCT
ajfa-9759	419	1	asian	asian	ADJ
ajfa-9759	419	2	journal	journal	PROPN
ajfa-9759	419	3	of	of	ADP
ajfa-9759	419	4	finance	finance	PROPN
ajfa-9759	419	5	&	&	CCONJ
ajfa-9759	419	6	accounting	accounting	PROPN
ajfa-9759	419	7	issn	issn	PROPN
ajfa-9759	419	8	1946	1946	NUM
ajfa-9759	419	9	-	-	PUNCT
ajfa-9759	419	10	052x	052x	PROPN
ajfa-9759	419	11	2016	2016	NUM
ajfa-9759	419	12	,	,	PUNCT
ajfa-9759	419	13	vol	vol	NOUN
ajfa-9759	419	14	.	.	PROPN
ajfa-9759	419	15	8	8	NUM
ajfa-9759	419	16	,	,	PUNCT
ajfa-9759	419	17	no	no	INTJ
ajfa-9759	419	18	.	.	NOUN
ajfa-9759	419	19	2	2	NUM
ajfa-9759	419	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9759	419	21	23	23	NUM
ajfa-9759	419	22	table	table	NOUN
ajfa-9759	419	23	7	7	NUM
ajfa-9759	419	24	.	.	PUNCT
ajfa-9759	420	1	summary	summary	NOUN
ajfa-9759	420	2	of	of	ADP
ajfa-9759	420	3	empirical	empirical	ADJ
ajfa-9759	420	4	studies	study	NOUN
ajfa-9759	420	5	on	on	ADP
ajfa-9759	420	6	earnings	earning	NOUN
ajfa-9759	420	7	management	management	NOUN
ajfa-9759	420	8	around	around	ADP
ajfa-9759	420	9	share	share	NOUN
ajfa-9759	420	10	repurchase	repurchase	PROPN
ajfa-9759	420	11	author(s	author(s	PROPN
ajfa-9759	420	12	)	)	PUNCT
ajfa-9759	420	13	&	&	CCONJ
ajfa-9759	420	14	year	year	PROPN
ajfa-9759	420	15	country	country	NOUN
ajfa-9759	420	16	&	&	CCONJ
ajfa-9759	420	17	period	period	NOUN
ajfa-9759	420	18	of	of	ADP
ajfa-9759	420	19	study	study	NOUN
ajfa-9759	420	20	proxies	proxy	NOUN
ajfa-9759	420	21	findings	finding	VERB
ajfa-9759	420	22	vafeas	vafea	NOUN
ajfa-9759	420	23	et	et	PROPN
ajfa-9759	420	24	al	al	PROPN
ajfa-9759	420	25	.	.	PROPN
ajfa-9759	421	1	(	(	PUNCT
ajfa-9759	421	2	2003	2003	NUM
ajfa-9759	421	3	)	)	PUNCT
ajfa-9759	421	4	usa	usa	PROPN
ajfa-9759	421	5	(	(	PUNCT
ajfa-9759	421	6	1984	1984	NUM
ajfa-9759	421	7	-	-	SYM
ajfa-9759	421	8	89	89	NUM
ajfa-9759	421	9	)	)	PUNCT
ajfa-9759	421	10	discretionary	discretionary	ADJ
ajfa-9759	421	11	accruals	accrual	NOUN
ajfa-9759	421	12	managers	manager	NOUN
ajfa-9759	421	13	deflate	deflate	VERB
ajfa-9759	421	14	earnings	earning	NOUN
ajfa-9759	421	15	before	before	ADP
ajfa-9759	421	16	repurchase	repurchase	NOUN
ajfa-9759	421	17	.	.	PUNCT
ajfa-9759	422	1	rodriguez	rodriguez	PROPN
ajfa-9759	422	2	and	and	CCONJ
ajfa-9759	422	3	yue	yue	PROPN
ajfa-9759	422	4	(	(	PUNCT
ajfa-9759	422	5	2005	2005	NUM
ajfa-9759	422	6	)	)	PUNCT
ajfa-9759	422	7	usa	usa	PROPN
ajfa-9759	422	8	(	(	PUNCT
ajfa-9759	422	9	1980	1980	NUM
ajfa-9759	422	10	-	-	SYM
ajfa-9759	422	11	98	98	NUM
ajfa-9759	422	12	)	)	PUNCT
ajfa-9759	422	13	discretionary	discretionary	ADJ
ajfa-9759	422	14	accruals	accrual	NOUN
ajfa-9759	422	15	discretionary	discretionary	ADJ
ajfa-9759	422	16	accruals	accrual	NOUN
ajfa-9759	422	17	are	be	AUX
ajfa-9759	422	18	significantly	significantly	ADV
ajfa-9759	422	19	negative	negative	ADJ
ajfa-9759	422	20	before	before	ADP
ajfa-9759	422	21	repurchase	repurchase	NOUN
ajfa-9759	422	22	.	.	PUNCT
ajfa-9759	423	1	louis	louis	PROPN
ajfa-9759	423	2	and	and	CCONJ
ajfa-9759	423	3	white	white	ADJ
ajfa-9759	423	4	(	(	PUNCT
ajfa-9759	423	5	2007	2007	NUM
ajfa-9759	423	6	)	)	PUNCT
ajfa-9759	423	7	usa	usa	PROPN
ajfa-9759	423	8	(	(	PUNCT
ajfa-9759	423	9	1981	1981	NUM
ajfa-9759	423	10	-	-	SYM
ajfa-9759	423	11	01	01	NUM
ajfa-9759	423	12	)	)	PUNCT
ajfa-9759	423	13	discretionary	discretionary	ADJ
ajfa-9759	423	14	accruals	accrual	NOUN
ajfa-9759	423	15	firms	firm	NOUN
ajfa-9759	423	16	never	never	ADV
ajfa-9759	423	17	deflate	deflate	VERB
ajfa-9759	423	18	their	their	PRON
ajfa-9759	423	19	earnings	earning	NOUN
ajfa-9759	423	20	if	if	SCONJ
ajfa-9759	423	21	they	they	PRON
ajfa-9759	423	22	want	want	VERB
ajfa-9759	423	23	to	to	PART
ajfa-9759	423	24	give	give	VERB
ajfa-9759	423	25	signals	signal	NOUN
ajfa-9759	423	26	gong	gong	PROPN
ajfa-9759	423	27	et	et	NOUN
ajfa-9759	423	28	al.(2008	al.(2008	PROPN
ajfa-9759	423	29	)	)	PUNCT
ajfa-9759	423	30	usa	usa	PROPN
ajfa-9759	423	31	(	(	PUNCT
ajfa-9759	423	32	1984	1984	NUM
ajfa-9759	423	33	-	-	SYM
ajfa-9759	423	34	02	02	NUM
ajfa-9759	423	35	)	)	PUNCT
ajfa-9759	423	36	abnormal	abnormal	ADJ
ajfa-9759	423	37	accruals	accrual	NOUN
ajfa-9759	423	38	significant	significant	ADJ
ajfa-9759	423	39	negative	negative	ADJ
ajfa-9759	423	40	abnormal	abnormal	ADJ
ajfa-9759	423	41	accruals	accrual	NOUN
ajfa-9759	423	42	around	around	ADP
ajfa-9759	423	43	share	share	NOUN
ajfa-9759	423	44	repurchase	repurchase	NOUN
ajfa-9759	423	45	.	.	PUNCT
ajfa-9759	424	1	ikenberry	ikenberry	VERB
ajfa-9759	424	2	et	et	PROPN
ajfa-9759	424	3	al	al	PROPN
ajfa-9759	424	4	.	.	PROPN
ajfa-9759	425	1	(	(	PUNCT
ajfa-9759	425	2	2010	2010	NUM
ajfa-9759	425	3	)	)	PUNCT
ajfa-9759	425	4	usa	usa	PROPN
ajfa-9759	425	5	(	(	PUNCT
ajfa-9759	425	6	1980	1980	NUM
ajfa-9759	425	7	-	-	SYM
ajfa-9759	425	8	00	00	NUM
ajfa-9759	425	9	)	)	PUNCT
ajfa-9759	425	10	discretionary	discretionary	ADJ
ajfa-9759	425	11	abnormal	abnormal	ADJ
ajfa-9759	425	12	accruals	accrual	NOUN
ajfa-9759	425	13	managers	manager	NOUN
ajfa-9759	425	14	reported	report	VERB
ajfa-9759	425	15	high	high	ADJ
ajfa-9759	425	16	positive	positive	ADJ
ajfa-9759	425	17	discretionary	discretionary	ADJ
ajfa-9759	425	18	accrual	accrual	ADJ
ajfa-9759	425	19	to	to	PART
ajfa-9759	425	20	boost	boost	VERB
ajfa-9759	425	21	the	the	DET
ajfa-9759	425	22	stock	stock	NOUN
ajfa-9759	425	23	price	price	NOUN
ajfa-9759	425	24	to	to	PART
ajfa-9759	425	25	mislead	mislead	VERB
ajfa-9759	425	26	the	the	DET
ajfa-9759	425	27	investors	investor	NOUN
ajfa-9759	425	28	.	.	PUNCT
ajfa-9759	426	1	source	source	NOUN
ajfa-9759	426	2	:	:	PUNCT
ajfa-9759	426	3	compiled	compile	VERB
ajfa-9759	426	4	by	by	ADP
ajfa-9759	426	5	authors	author	NOUN
ajfa-9759	426	6	from	from	ADP
ajfa-9759	426	7	cited	cite	VERB
ajfa-9759	426	8	research	research	NOUN
ajfa-9759	426	9	articles	article	NOUN
ajfa-9759	426	10	.	.	PUNCT
ajfa-9759	427	1	8	8	X
ajfa-9759	427	2	.	.	X
ajfa-9759	427	3	conclusion	conclusion	NOUN
ajfa-9759	427	4	share	share	NOUN
ajfa-9759	427	5	repurchase	repurchase	VERB
ajfa-9759	427	6	as	as	ADP
ajfa-9759	427	7	a	a	DET
ajfa-9759	427	8	pay	pay	VERB
ajfa-9759	427	9	-	-	PUNCT
ajfa-9759	427	10	out	out	ADP
ajfa-9759	427	11	method	method	NOUN
ajfa-9759	427	12	first	first	ADV
ajfa-9759	427	13	started	start	VERB
ajfa-9759	427	14	in	in	ADP
ajfa-9759	427	15	the	the	DET
ajfa-9759	427	16	usa	usa	NOUN
ajfa-9759	427	17	during	during	ADP
ajfa-9759	427	18	1950.since	1950.since	NOUN
ajfa-9759	427	19	then	then	ADV
ajfa-9759	427	20	,	,	PUNCT
ajfa-9759	427	21	research	research	NOUN
ajfa-9759	427	22	has	have	AUX
ajfa-9759	427	23	been	be	AUX
ajfa-9759	427	24	going	go	VERB
ajfa-9759	427	25	on	on	ADP
ajfa-9759	427	26	this	this	DET
ajfa-9759	427	27	area	area	NOUN
ajfa-9759	427	28	in	in	ADP
ajfa-9759	427	29	determining	determine	VERB
ajfa-9759	427	30	the	the	DET
ajfa-9759	427	31	various	various	ADJ
ajfa-9759	427	32	reason	reason	NOUN
ajfa-9759	427	33	for	for	ADP
ajfa-9759	427	34	share	share	NOUN
ajfa-9759	427	35	repurchase	repurchase	NOUN
ajfa-9759	427	36	,	,	PUNCT
ajfa-9759	427	37	the	the	DET
ajfa-9759	427	38	value	value	NOUN
ajfa-9759	427	39	of	of	ADP
ajfa-9759	427	40	firms	firm	NOUN
ajfa-9759	427	41	after	after	ADP
ajfa-9759	427	42	share	share	NOUN
ajfa-9759	427	43	repurchase	repurchase	VERB
ajfa-9759	427	44	,	,	PUNCT
ajfa-9759	427	45	the	the	DET
ajfa-9759	427	46	timing	timing	NOUN
ajfa-9759	427	47	of	of	ADP
ajfa-9759	427	48	repurchase	repurchase	NOUN
ajfa-9759	427	49	and	and	CCONJ
ajfa-9759	427	50	the	the	DET
ajfa-9759	427	51	impact	impact	NOUN
ajfa-9759	427	52	on	on	ADP
ajfa-9759	427	53	stock	stock	NOUN
ajfa-9759	427	54	price	price	NOUN
ajfa-9759	427	55	and	and	CCONJ
ajfa-9759	427	56	return	return	VERB
ajfa-9759	427	57	after	after	ADP
ajfa-9759	427	58	the	the	DET
ajfa-9759	427	59	announcement	announcement	NOUN
ajfa-9759	427	60	of	of	ADP
ajfa-9759	427	61	repurchase	repurchase	NOUN
ajfa-9759	427	62	.	.	PUNCT
ajfa-9759	428	1	this	this	DET
ajfa-9759	428	2	study	study	NOUN
ajfa-9759	428	3	only	only	ADV
ajfa-9759	428	4	analysed	analyse	VERB
ajfa-9759	428	5	the	the	DET
ajfa-9759	428	6	literature	literature	NOUN
ajfa-9759	428	7	relating	relate	VERB
ajfa-9759	428	8	to	to	ADP
ajfa-9759	428	9	factors	factor	NOUN
ajfa-9759	428	10	influencing	influence	VERB
ajfa-9759	428	11	share	share	NOUN
ajfa-9759	428	12	repurchase	repurchase	NOUN
ajfa-9759	428	13	,	,	PUNCT
ajfa-9759	428	14	the	the	DET
ajfa-9759	428	15	impact	impact	NOUN
ajfa-9759	428	16	of	of	ADP
ajfa-9759	428	17	repurchase	repurchase	NOUN
ajfa-9759	428	18	on	on	ADP
ajfa-9759	428	19	the	the	DET
ajfa-9759	428	20	liquidity	liquidity	NOUN
ajfa-9759	428	21	of	of	ADP
ajfa-9759	428	22	the	the	DET
ajfa-9759	428	23	stock	stock	NOUN
ajfa-9759	428	24	and	and	CCONJ
ajfa-9759	428	25	earnings	earning	NOUN
ajfa-9759	428	26	management	management	NOUN
ajfa-9759	428	27	around	around	ADP
ajfa-9759	428	28	share	share	NOUN
ajfa-9759	428	29	repurchase	repurchase	VERB
ajfa-9759	428	30	.	.	PUNCT
ajfa-9759	429	1	the	the	DET
ajfa-9759	429	2	factors	factor	NOUN
ajfa-9759	429	3	those	those	DET
ajfa-9759	429	4	drive	drive	NOUN
ajfa-9759	429	5	repurchase	repurchase	NOUN
ajfa-9759	429	6	decisions	decision	NOUN
ajfa-9759	429	7	may	may	AUX
ajfa-9759	429	8	differ	differ	VERB
ajfa-9759	429	9	from	from	ADP
ajfa-9759	429	10	country	country	NOUN
ajfa-9759	429	11	to	to	ADP
ajfa-9759	429	12	country	country	NOUN
ajfa-9759	429	13	depending	depend	VERB
ajfa-9759	429	14	on	on	ADP
ajfa-9759	429	15	the	the	DET
ajfa-9759	429	16	institutional	institutional	ADJ
ajfa-9759	429	17	framework	framework	NOUN
ajfa-9759	429	18	of	of	ADP
ajfa-9759	429	19	share	share	NOUN
ajfa-9759	429	20	buyback	buyback	NOUN
ajfa-9759	429	21	in	in	ADP
ajfa-9759	429	22	the	the	DET
ajfa-9759	429	23	particular	particular	ADJ
ajfa-9759	429	24	country	country	NOUN
ajfa-9759	429	25	.	.	PUNCT
ajfa-9759	430	1	for	for	ADP
ajfa-9759	430	2	this	this	DET
ajfa-9759	430	3	reason	reason	NOUN
ajfa-9759	430	4	,	,	PUNCT
ajfa-9759	430	5	in	in	ADP
ajfa-9759	430	6	a	a	DET
ajfa-9759	430	7	differentcountry	differentcountry	NOUN
ajfa-9759	430	8	,	,	PUNCT
ajfa-9759	430	9	different	different	ADJ
ajfa-9759	430	10	hypothesis	hypothesis	NOUN
ajfa-9759	430	11	are	be	AUX
ajfa-9759	430	12	influencing	influence	VERB
ajfa-9759	430	13	share	share	NOUN
ajfa-9759	430	14	buyback	buyback	NOUN
ajfa-9759	430	15	decisions	decision	NOUN
ajfa-9759	430	16	.	.	PUNCT
ajfa-9759	431	1	the	the	DET
ajfa-9759	431	2	impact	impact	NOUN
ajfa-9759	431	3	of	of	ADP
ajfa-9759	431	4	share	share	NOUN
ajfa-9759	431	5	repurchase	repurchase	VERB
ajfa-9759	431	6	on	on	ADP
ajfa-9759	431	7	liquidity	liquidity	NOUN
ajfa-9759	431	8	is	be	AUX
ajfa-9759	431	9	also	also	ADV
ajfa-9759	431	10	distinctin	distinctin	VERB
ajfa-9759	431	11	the	the	DET
ajfa-9759	431	12	various	various	ADJ
ajfa-9759	431	13	countries	country	NOUN
ajfa-9759	431	14	.	.	PUNCT
ajfa-9759	432	1	in	in	ADP
ajfa-9759	432	2	some	some	DET
ajfa-9759	432	3	country	country	NOUN
ajfa-9759	432	4	,	,	PUNCT
ajfa-9759	432	5	liquidity	liquidity	NOUN
ajfa-9759	432	6	increases	increase	NOUN
ajfa-9759	432	7	after	after	ADP
ajfa-9759	432	8	repurchase	repurchase	NOUN
ajfa-9759	432	9	and	and	CCONJ
ajfa-9759	432	10	vice	vice	NOUN
ajfa-9759	432	11	-	-	NOUN
ajfa-9759	432	12	versa	versa	NOUN
ajfa-9759	432	13	in	in	ADP
ajfa-9759	432	14	other	other	ADJ
ajfa-9759	432	15	countries	country	NOUN
ajfa-9759	432	16	.	.	PUNCT
ajfa-9759	433	1	managers	manager	NOUN
ajfa-9759	433	2	deflate	deflate	VERB
ajfa-9759	433	3	earnings	earning	NOUN
ajfa-9759	433	4	in	in	ADP
ajfa-9759	433	5	the	the	DET
ajfa-9759	433	6	previous	previous	ADJ
ajfa-9759	433	7	year	year	NOUN
ajfa-9759	433	8	of	of	ADP
ajfa-9759	433	9	repurchase	repurchase	NOUN
ajfa-9759	433	10	to	to	PART
ajfa-9759	433	11	entice	entice	VERB
ajfa-9759	433	12	shareholder	shareholder	NOUN
ajfa-9759	433	13	to	to	PART
ajfa-9759	433	14	sell	sell	VERB
ajfa-9759	433	15	their	their	PRON
ajfa-9759	433	16	shares	share	NOUN
ajfa-9759	433	17	.	.	PUNCT
ajfa-9759	434	1	in	in	ADP
ajfa-9759	434	2	this	this	DET
ajfa-9759	434	3	process	process	NOUN
ajfa-9759	434	4	,	,	PUNCT
ajfa-9759	434	5	non	non	ADJ
ajfa-9759	434	6	-	-	ADJ
ajfa-9759	434	7	selling	selling	ADJ
ajfa-9759	434	8	shareholders	shareholder	NOUN
ajfa-9759	434	9	or	or	CCONJ
ajfa-9759	434	10	long	long	ADJ
ajfa-9759	434	11	-	-	PUNCT
ajfa-9759	434	12	term	term	NOUN
ajfa-9759	434	13	shareholders	shareholder	NOUN
ajfa-9759	434	14	gain	gain	VERB
ajfa-9759	434	15	at	at	ADP
ajfa-9759	434	16	the	the	DET
ajfa-9759	434	17	cost	cost	NOUN
ajfa-9759	434	18	of	of	ADP
ajfa-9759	434	19	short	short	ADJ
ajfa-9759	434	20	-	-	PUNCT
ajfa-9759	434	21	term	term	NOUN
ajfa-9759	434	22	shareholders	shareholder	NOUN
ajfa-9759	434	23	.	.	PUNCT
ajfa-9759	435	1	the	the	DET
ajfa-9759	435	2	level	level	NOUN
ajfa-9759	435	3	of	of	ADP
ajfa-9759	435	4	earnings	earning	NOUN
ajfa-9759	435	5	management	management	NOUN
ajfa-9759	435	6	depends	depend	VERB
ajfa-9759	435	7	on	on	ADP
ajfa-9759	435	8	upon	upon	SCONJ
ajfa-9759	435	9	the	the	DET
ajfa-9759	435	10	country	country	NOUN
ajfa-9759	435	11	’s	’s	PART
ajfa-9759	435	12	audit	audit	NOUN
ajfa-9759	435	13	quality	quality	NOUN
ajfa-9759	435	14	and	and	CCONJ
ajfa-9759	435	15	corporate	corporate	ADJ
ajfa-9759	435	16	governance	governance	NOUN
ajfa-9759	435	17	.	.	PUNCT
ajfa-9759	436	1	the	the	DET
ajfa-9759	436	2	study	study	NOUN
ajfa-9759	436	3	also	also	ADV
ajfa-9759	436	4	gives	give	VERB
ajfa-9759	436	5	a	a	DET
ajfa-9759	436	6	close	close	ADJ
ajfa-9759	436	7	and	and	CCONJ
ajfa-9759	436	8	brief	brief	ADJ
ajfa-9759	436	9	view	view	NOUN
ajfa-9759	436	10	of	of	ADP
ajfa-9759	436	11	the	the	DET
ajfa-9759	436	12	indian	indian	ADJ
ajfa-9759	436	13	rules	rule	NOUN
ajfa-9759	436	14	and	and	CCONJ
ajfa-9759	436	15	regulations	regulation	NOUN
ajfa-9759	436	16	those	those	DET
ajfa-9759	436	17	monitor	monitor	NOUN
ajfa-9759	436	18	share	share	NOUN
ajfa-9759	436	19	buybacks	buyback	NOUN
ajfa-9759	436	20	by	by	ADP
ajfa-9759	436	21	indian	indian	ADJ
ajfa-9759	436	22	companies	company	NOUN
ajfa-9759	436	23	.	.	PUNCT
ajfa-9759	437	1	all	all	DET
ajfa-9759	437	2	the	the	DET
ajfa-9759	437	3	amendments	amendment	NOUN
ajfa-9759	437	4	in	in	ADP
ajfa-9759	437	5	the	the	DET
ajfa-9759	437	6	sebi	sebi	NOUN
ajfa-9759	437	7	regulations	regulation	NOUN
ajfa-9759	437	8	and	and	CCONJ
ajfa-9759	437	9	the	the	DET
ajfa-9759	437	10	changes	change	NOUN
ajfa-9759	437	11	in	in	ADP
ajfa-9759	437	12	new	new	ADJ
ajfa-9759	437	13	companies	company	NOUN
ajfa-9759	437	14	act	act	VERB
ajfa-9759	437	15	2013	2013	NUM
ajfa-9759	437	16	from	from	ADP
ajfa-9759	437	17	the	the	DET
ajfa-9759	437	18	old	old	ADJ
ajfa-9759	437	19	companies	company	NOUN
ajfa-9759	437	20	act	act	VERB
ajfa-9759	437	21	1956	1956	NUM
ajfa-9759	437	22	,	,	PUNCT
ajfa-9759	437	23	is	be	AUX
ajfa-9759	437	24	also	also	ADV
ajfa-9759	437	25	illustrated	illustrate	VERB
ajfa-9759	437	26	in	in	ADP
ajfa-9759	437	27	the	the	DET
ajfa-9759	437	28	paper	paper	NOUN
ajfa-9759	437	29	.	.	PUNCT
ajfa-9759	438	1	the	the	DET
ajfa-9759	438	2	extensive	extensive	ADJ
ajfa-9759	438	3	review	review	NOUN
ajfa-9759	438	4	of	of	ADP
ajfa-9759	438	5	literature	literature	NOUN
ajfa-9759	438	6	opens	open	VERB
ajfa-9759	438	7	the	the	DET
ajfa-9759	438	8	future	future	ADJ
ajfa-9759	438	9	scope	scope	NOUN
ajfa-9759	438	10	of	of	ADP
ajfa-9759	438	11	study	study	NOUN
ajfa-9759	438	12	in	in	ADP
ajfa-9759	438	13	this	this	DET
ajfa-9759	438	14	area	area	NOUN
ajfa-9759	438	15	.	.	PUNCT
ajfa-9759	439	1	to	to	PART
ajfa-9759	439	2	find	find	VERB
ajfa-9759	439	3	out	out	ADP
ajfa-9759	439	4	the	the	DET
ajfa-9759	439	5	motivation	motivation	NOUN
ajfa-9759	439	6	or	or	CCONJ
ajfa-9759	439	7	determinant	determinant	ADJ
ajfa-9759	439	8	of	of	ADP
ajfa-9759	439	9	share	share	NOUN
ajfa-9759	439	10	repurchase	repurchase	NOUN
ajfa-9759	439	11	,	,	PUNCT
ajfa-9759	439	12	different	different	ADJ
ajfa-9759	439	13	firm	firm	ADJ
ajfa-9759	439	14	-	-	PUNCT
ajfa-9759	439	15	specific	specific	ADJ
ajfa-9759	439	16	parameters	parameter	NOUN
ajfa-9759	439	17	have	have	AUX
ajfa-9759	439	18	been	be	AUX
ajfa-9759	439	19	taken	take	VERB
ajfa-9759	439	20	by	by	ADP
ajfa-9759	439	21	various	various	ADJ
ajfa-9759	439	22	researchers	researcher	NOUN
ajfa-9759	439	23	.	.	PUNCT
ajfa-9759	440	1	in	in	ADP
ajfa-9759	440	2	developing	develop	VERB
ajfa-9759	440	3	countries	country	NOUN
ajfa-9759	440	4	or	or	CCONJ
ajfa-9759	440	5	emerging	emerge	VERB
ajfa-9759	440	6	economy	economy	NOUN
ajfa-9759	440	7	where	where	SCONJ
ajfa-9759	440	8	share	share	NOUN
ajfa-9759	440	9	repurchase	repurchase	NOUN
ajfa-9759	440	10	started	start	VERB
ajfa-9759	440	11	in	in	ADP
ajfa-9759	440	12	the	the	DET
ajfa-9759	440	13	last	last	ADJ
ajfa-9759	440	14	decade	decade	NOUN
ajfa-9759	440	15	of	of	ADP
ajfa-9759	440	16	20th	20th	ADJ
ajfa-9759	440	17	century	century	NOUN
ajfa-9759	440	18	,	,	PUNCT
ajfa-9759	440	19	the	the	DET
ajfa-9759	440	20	only	only	ADJ
ajfa-9759	440	21	handful	handful	NOUN
ajfa-9759	440	22	of	of	ADP
ajfa-9759	440	23	research	research	NOUN
ajfa-9759	440	24	has	have	AUX
ajfa-9759	440	25	been	be	AUX
ajfa-9759	440	26	carried	carry	VERB
ajfa-9759	440	27	out	out	ADP
ajfa-9759	440	28	in	in	ADP
ajfa-9759	440	29	this	this	DET
ajfa-9759	440	30	area	area	NOUN
ajfa-9759	440	31	.	.	PUNCT
ajfa-9759	441	1	due	due	ADP
ajfa-9759	441	2	to	to	ADP
ajfa-9759	441	3	the	the	DET
ajfa-9759	441	4	market	market	NOUN
ajfa-9759	441	5	transparency	transparency	NOUN
ajfa-9759	441	6	and	and	CCONJ
ajfa-9759	441	7	difference	difference	NOUN
ajfa-9759	441	8	in	in	ADP
ajfa-9759	441	9	the	the	DET
ajfa-9759	441	10	regulatory	regulatory	ADJ
ajfa-9759	441	11	framework	framework	NOUN
ajfa-9759	441	12	,	,	PUNCT
ajfa-9759	441	13	the	the	DET
ajfa-9759	441	14	well	well	ADV
ajfa-9759	441	15	documented	document	VERB
ajfa-9759	441	16	common	common	ADJ
ajfa-9759	441	17	determinants	determinant	NOUN
ajfa-9759	441	18	for	for	ADP
ajfa-9759	441	19	share	share	NOUN
ajfa-9759	441	20	buyback	buyback	NOUN
ajfa-9759	441	21	may	may	AUX
ajfa-9759	441	22	not	not	PART
ajfa-9759	441	23	be	be	AUX
ajfa-9759	441	24	valid	valid	ADJ
ajfa-9759	441	25	asian	asian	ADJ
ajfa-9759	441	26	journal	journal	NOUN
ajfa-9759	441	27	of	of	ADP
ajfa-9759	441	28	finance	finance	PROPN
ajfa-9759	441	29	&	&	CCONJ
ajfa-9759	441	30	accounting	accounting	PROPN
ajfa-9759	441	31	issn	issn	PROPN
ajfa-9759	441	32	1946	1946	NUM
ajfa-9759	441	33	-	-	PUNCT
ajfa-9759	441	34	052x	052x	PROPN
ajfa-9759	441	35	2016	2016	NUM
ajfa-9759	441	36	,	,	PUNCT
ajfa-9759	441	37	vol	vol	NOUN
ajfa-9759	441	38	.	.	PROPN
ajfa-9759	441	39	8	8	NUM
ajfa-9759	441	40	,	,	PUNCT
ajfa-9759	441	41	no	no	INTJ
ajfa-9759	441	42	.	.	NOUN
ajfa-9759	441	43	2	2	NUM
ajfa-9759	441	44	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9759	441	45	24	24	NUM
ajfa-9759	441	46	in	in	ADP
ajfa-9759	441	47	emerging	emerge	VERB
ajfa-9759	441	48	market	market	NOUN
ajfa-9759	441	49	economies	economy	NOUN
ajfa-9759	441	50	.	.	PUNCT
ajfa-9759	442	1	so	so	ADV
ajfa-9759	442	2	it	it	PRON
ajfa-9759	442	3	is	be	AUX
ajfa-9759	442	4	examined	examine	VERB
ajfa-9759	442	5	on	on	ADP
ajfa-9759	442	6	country	country	NOUN
ajfa-9759	442	7	wise	wise	ADJ
ajfa-9759	442	8	,	,	PUNCT
ajfa-9759	442	9	and	and	CCONJ
ajfa-9759	442	10	the	the	DET
ajfa-9759	442	11	findings	finding	NOUN
ajfa-9759	442	12	are	be	AUX
ajfa-9759	442	13	different	different	ADJ
ajfa-9759	442	14	than	than	ADP
ajfa-9759	442	15	developed	developed	ADJ
ajfa-9759	442	16	countries	country	NOUN
ajfa-9759	442	17	.	.	PUNCT
ajfa-9759	443	1	in	in	ADP
ajfa-9759	443	2	emerging	emerge	VERB
ajfa-9759	443	3	markets	market	NOUN
ajfa-9759	443	4	,	,	PUNCT
ajfa-9759	443	5	the	the	DET
ajfa-9759	443	6	complex	complex	ADJ
ajfa-9759	443	7	relationship	relationship	NOUN
ajfa-9759	443	8	among	among	ADP
ajfa-9759	443	9	share	share	NOUN
ajfa-9759	443	10	buyback	buyback	NOUN
ajfa-9759	443	11	announcement	announcement	NOUN
ajfa-9759	443	12	,	,	PUNCT
ajfa-9759	443	13	stock	stock	NOUN
ajfa-9759	443	14	return	return	NOUN
ajfa-9759	443	15	,	,	PUNCT
ajfa-9759	443	16	and	and	CCONJ
ajfa-9759	443	17	the	the	DET
ajfa-9759	443	18	premium	premium	NOUN
ajfa-9759	443	19	paid	pay	VERB
ajfa-9759	443	20	on	on	ADP
ajfa-9759	443	21	share	share	NOUN
ajfa-9759	443	22	buyback	buyback	NOUN
ajfa-9759	443	23	and	and	CCONJ
ajfa-9759	443	24	value	value	NOUN
ajfa-9759	443	25	of	of	ADP
ajfa-9759	443	26	the	the	DET
ajfa-9759	443	27	firm	firm	NOUN
ajfa-9759	443	28	has	have	AUX
ajfa-9759	443	29	not	not	PART
ajfa-9759	443	30	been	be	AUX
ajfa-9759	443	31	tested	test	VERB
ajfa-9759	443	32	in	in	ADP
ajfa-9759	443	33	a	a	DET
ajfa-9759	443	34	wider	wide	ADJ
ajfa-9759	443	35	way	way	NOUN
ajfa-9759	443	36	.	.	PUNCT
ajfa-9759	444	1	similarly	similarly	ADV
ajfa-9759	444	2	,	,	PUNCT
ajfa-9759	444	3	ownership	ownership	NOUN
ajfa-9759	444	4	structure	structure	NOUN
ajfa-9759	444	5	and	and	CCONJ
ajfa-9759	444	6	its	its	PRON
ajfa-9759	444	7	impact	impact	NOUN
ajfa-9759	444	8	on	on	ADP
ajfa-9759	444	9	repurchase	repurchase	NOUN
ajfa-9759	444	10	decision	decision	NOUN
ajfa-9759	444	11	and	and	CCONJ
ajfa-9759	444	12	implication	implication	NOUN
ajfa-9759	444	13	of	of	ADP
ajfa-9759	444	14	liquidity	liquidity	NOUN
ajfa-9759	444	15	on	on	ADP
ajfa-9759	444	16	share	share	NOUN
ajfa-9759	444	17	repurchase	repurchase	NOUN
ajfa-9759	444	18	or	or	CCONJ
ajfa-9759	444	19	impact	impact	NOUN
ajfa-9759	444	20	of	of	ADP
ajfa-9759	444	21	repurchase	repurchase	NOUN
ajfa-9759	444	22	on	on	ADP
ajfa-9759	444	23	stock	stock	NOUN
ajfa-9759	444	24	market	market	NOUN
ajfa-9759	444	25	liquidity	liquidity	NOUN
ajfa-9759	444	26	and	and	CCONJ
ajfa-9759	444	27	the	the	DET
ajfa-9759	444	28	relationship	relationship	NOUN
ajfa-9759	444	29	between	between	ADP
ajfa-9759	444	30	dividend	dividend	NOUN
ajfa-9759	444	31	payment	payment	NOUN
ajfa-9759	444	32	and	and	CCONJ
ajfa-9759	444	33	share	share	NOUN
ajfa-9759	444	34	buybacks	buyback	NOUN
ajfa-9759	444	35	need	need	VERB
ajfa-9759	444	36	to	to	PART
ajfa-9759	444	37	be	be	AUX
ajfa-9759	444	38	explored	explore	VERB
ajfa-9759	444	39	in	in	ADP
ajfa-9759	444	40	emerging	emerge	VERB
ajfa-9759	444	41	market	market	NOUN
ajfa-9759	444	42	economies	economy	NOUN
ajfa-9759	444	43	.	.	PUNCT
ajfa-9759	445	1	acknowledgement	acknowledgement	NOUN
ajfa-9759	445	2	the	the	DET
ajfa-9759	445	3	research	research	NOUN
ajfa-9759	445	4	is	be	AUX
ajfa-9759	445	5	financed	finance	VERB
ajfa-9759	445	6	by	by	ADP
ajfa-9759	445	7	university	university	PROPN
ajfa-9759	445	8	grant	grant	PROPN
ajfa-9759	445	9	commission	commission	PROPN
ajfa-9759	445	10	,	,	PUNCT
ajfa-9759	445	11	government	government	NOUN
ajfa-9759	445	12	of	of	ADP
ajfa-9759	445	13	india	india	PROPN
ajfa-9759	445	14	.	.	PUNCT
ajfa-9759	446	1	references	reference	NOUN
ajfa-9759	446	2	ahn	ahn	PROPN
ajfa-9759	446	3	,	,	PUNCT
ajfa-9759	446	4	h.	h.	PROPN
ajfa-9759	446	5	j.	j.	PROPN
ajfa-9759	446	6	,	,	PUNCT
ajfa-9759	446	7	cao	cao	PROPN
ajfa-9759	446	8	,	,	PUNCT
ajfa-9759	446	9	c.	c.	PROPN
ajfa-9759	446	10	,	,	PUNCT
ajfa-9759	446	11	&	&	CCONJ
ajfa-9759	446	12	choe	choe	PROPN
ajfa-9759	446	13	,	,	PUNCT
ajfa-9759	446	14	h.	h.	PROPN
ajfa-9759	446	15	(	(	PUNCT
ajfa-9759	446	16	2001	2001	NUM
ajfa-9759	446	17	)	)	PUNCT
ajfa-9759	446	18	.	.	PUNCT
ajfa-9759	447	1	share	share	NOUN
ajfa-9759	447	2	repurchase	repurchase	VERB
ajfa-9759	447	3	tender	tender	NOUN
ajfa-9759	447	4	offers	offer	NOUN
ajfa-9759	447	5	and	and	CCONJ
ajfa-9759	447	6	bid	bid	VERB
ajfa-9759	447	7	–	–	PUNCT
ajfa-9759	447	8	ask	ask	VERB
ajfa-9759	447	9	spreads	spread	NOUN
ajfa-9759	447	10	.	.	PUNCT
ajfa-9759	448	1	journal	journal	NOUN
ajfa-9759	448	2	of	of	ADP
ajfa-9759	448	3	banking	banking	NOUN
ajfa-9759	448	4	&	&	CCONJ
ajfa-9759	448	5	finance	finance	NOUN
ajfa-9759	448	6	,	,	PUNCT
ajfa-9759	448	7	25(3	25(3	NUM
ajfa-9759	448	8	)	)	PUNCT
ajfa-9759	448	9	,	,	PUNCT
ajfa-9759	448	10	445	445	NUM
ajfa-9759	448	11	-	-	SYM
ajfa-9759	448	12	478	478	NUM
ajfa-9759	448	13	.	.	PUNCT
ajfa-9759	449	1	http://dx.doi.org/10.1016/s0378-4266(00)00084-4	http://dx.doi.org/10.1016/s0378-4266(00)00084-4	NOUN
ajfa-9759	449	2	andriosopoulos	andriosopoulo	NOUN
ajfa-9759	449	3	,	,	PUNCT
ajfa-9759	449	4	d.	d.	PROPN
ajfa-9759	449	5	,	,	PUNCT
ajfa-9759	449	6	&	&	CCONJ
ajfa-9759	449	7	hoque	hoque	PROPN
ajfa-9759	449	8	,	,	PUNCT
ajfa-9759	449	9	h.	h.	PROPN
ajfa-9759	449	10	(	(	PUNCT
ajfa-9759	449	11	2013	2013	NUM
ajfa-9759	449	12	)	)	PUNCT
ajfa-9759	449	13	.	.	PUNCT
ajfa-9759	450	1	the	the	DET
ajfa-9759	450	2	determinants	determinant	NOUN
ajfa-9759	450	3	of	of	ADP
ajfa-9759	450	4	share	share	NOUN
ajfa-9759	450	5	repurchase	repurchase	VERB
ajfa-9759	450	6	in	in	ADP
ajfa-9759	450	7	europe	europe	PROPN
ajfa-9759	450	8	.	.	PUNCT
ajfa-9759	451	1	international	international	ADJ
ajfa-9759	451	2	review	review	NOUN
ajfa-9759	451	3	of	of	ADP
ajfa-9759	451	4	financial	financial	ADJ
ajfa-9759	451	5	analysis	analysis	NOUN
ajfa-9759	451	6	,	,	PUNCT
ajfa-9759	451	7	27	27	NUM
ajfa-9759	451	8	,	,	PUNCT
ajfa-9759	451	9	65	65	NUM
ajfa-9759	451	10	-	-	SYM
ajfa-9759	451	11	76	76	NUM
ajfa-9759	451	12	.	.	PUNCT
ajfa-9759	452	1	http://dx.doi.org/10.1016/j.irfa.2012.12.003	http://dx.doi.org/10.1016/j.irfa.2012.12.003	PROPN
ajfa-9759	452	2	arora	arora	PROPN
ajfa-9759	452	3	,	,	PUNCT
ajfa-9759	452	4	a.	a.	PROPN
ajfa-9759	452	5	,	,	PUNCT
ajfa-9759	452	6	&	&	CCONJ
ajfa-9759	452	7	pasricha	pasricha	PROPN
ajfa-9759	452	8	,	,	PUNCT
ajfa-9759	452	9	j.	j.	PROPN
ajfa-9759	452	10	s.	s.	PROPN
ajfa-9759	452	11	(	(	PUNCT
ajfa-9759	452	12	2012	2012	NUM
ajfa-9759	452	13	,	,	PUNCT
ajfa-9759	452	14	december	december	PROPN
ajfa-9759	452	15	)	)	PUNCT
ajfa-9759	452	16	.	.	PUNCT
ajfa-9759	453	1	motivations	motivation	NOUN
ajfa-9759	453	2	for	for	ADP
ajfa-9759	453	3	buyback	buyback	NOUN
ajfa-9759	453	4	among	among	ADP
ajfa-9759	453	5	indian	indian	ADJ
ajfa-9759	453	6	companies	company	NOUN
ajfa-9759	453	7	.	.	PUNCT
ajfa-9759	454	1	in	in	ADP
ajfa-9759	454	2	xi	xi	ADP
ajfa-9759	454	3	capital	capital	NOUN
ajfa-9759	454	4	markets	market	NOUN
ajfa-9759	454	5	conference	conference	NOUN
ajfa-9759	454	6	(	(	PUNCT
ajfa-9759	454	7	pp	pp	ADJ
ajfa-9759	454	8	.	.	PUNCT
ajfa-9759	454	9	21	21	NUM
ajfa-9759	454	10	-	-	SYM
ajfa-9759	454	11	22	22	NUM
ajfa-9759	454	12	)	)	PUNCT
ajfa-9759	454	13	.	.	PUNCT
ajfa-9759	455	1	arora	arora	PROPN
ajfa-9759	455	2	,	,	PUNCT
ajfa-9759	455	3	ashish	ashish	PROPN
ajfa-9759	455	4	.	.	PUNCT
ajfa-9759	455	5	(	(	PUNCT
ajfa-9759	455	6	2012	2012	NUM
ajfa-9759	455	7	)	)	PUNCT
ajfa-9759	455	8	.	.	PUNCT
ajfa-9759	456	1	liquidity	liquidity	NOUN
ajfa-9759	456	2	effects	effect	NOUN
ajfa-9759	456	3	of	of	ADP
ajfa-9759	456	4	buyback	buyback	NOUN
ajfa-9759	456	5	announcements	announcement	NOUN
ajfa-9759	456	6	:	:	PUNCT
ajfa-9759	456	7	evidence	evidence	NOUN
ajfa-9759	456	8	for	for	ADP
ajfa-9759	456	9	indian	indian	ADJ
ajfa-9759	456	10	capital	capital	NOUN
ajfa-9759	456	11	markets	market	NOUN
ajfa-9759	456	12	.	.	PUNCT
ajfa-9759	457	1	apeejay	apeejay	PROPN
ajfa-9759	457	2	journal	journal	PROPN
ajfa-9759	457	3	of	of	ADP
ajfa-9759	457	4	management	management	PROPN
ajfa-9759	457	5	&	&	CCONJ
ajfa-9759	457	6	technology	technology	PROPN
ajfa-9759	457	7	,	,	PUNCT
ajfa-9759	457	8	7(1	7(1	NUM
ajfa-9759	457	9	)	)	PUNCT
ajfa-9759	457	10	.	.	PUNCT
ajfa-9759	458	1	bagwell	bagwell	PROPN
ajfa-9759	458	2	,	,	PUNCT
ajfa-9759	458	3	l.	l.	PROPN
ajfa-9759	458	4	s.	s.	PROPN
ajfa-9759	458	5	(	(	PUNCT
ajfa-9759	458	6	1991	1991	NUM
ajfa-9759	458	7	)	)	PUNCT
ajfa-9759	458	8	.	.	PUNCT
ajfa-9759	459	1	share	share	NOUN
ajfa-9759	459	2	repurchase	repurchase	NOUN
ajfa-9759	459	3	and	and	CCONJ
ajfa-9759	459	4	takeover	takeover	NOUN
ajfa-9759	459	5	deterrence	deterrence	NOUN
ajfa-9759	459	6	.	.	PUNCT
ajfa-9759	460	1	the	the	DET
ajfa-9759	460	2	rand	rand	PROPN
ajfa-9759	460	3	journal	journal	NOUN
ajfa-9759	460	4	of	of	ADP
ajfa-9759	460	5	economics	economic	NOUN
ajfa-9759	460	6	,	,	PUNCT
ajfa-9759	460	7	72	72	NUM
ajfa-9759	460	8	-	-	SYM
ajfa-9759	460	9	88	88	NUM
ajfa-9759	460	10	.	.	PUNCT
ajfa-9759	461	1	http://dx.doi.org/10.2307/2601008	http://dx.doi.org/10.2307/2601008	PROPN
ajfa-9759	461	2	bagwell	bagwell	PROPN
ajfa-9759	461	3	,	,	PUNCT
ajfa-9759	461	4	l.	l.	PROPN
ajfa-9759	461	5	s.	s.	PROPN
ajfa-9759	461	6	(	(	PUNCT
ajfa-9759	461	7	1992	1992	NUM
ajfa-9759	461	8	)	)	PUNCT
ajfa-9759	461	9	.	.	PUNCT
ajfa-9759	462	1	dutch	dutch	ADJ
ajfa-9759	462	2	auction	auction	NOUN
ajfa-9759	462	3	repurchases	repurchase	VERB
ajfa-9759	462	4	an	an	DET
ajfa-9759	462	5	analysis	analysis	NOUN
ajfa-9759	462	6	of	of	ADP
ajfa-9759	462	7	shareholder	shareholder	NOUN
ajfa-9759	462	8	heterogeneity	heterogeneity	NOUN
ajfa-9759	462	9	.	.	PUNCT
ajfa-9759	463	1	the	the	DET
ajfa-9759	463	2	journal	journal	PROPN
ajfa-9759	463	3	of	of	ADP
ajfa-9759	463	4	finance	finance	NOUN
ajfa-9759	463	5	,	,	PUNCT
ajfa-9759	463	6	47(1	47(1	NUM
ajfa-9759	463	7	)	)	PUNCT
ajfa-9759	463	8	,	,	PUNCT
ajfa-9759	463	9	71	71	NUM
ajfa-9759	463	10	-	-	SYM
ajfa-9759	463	11	105	105	NUM
ajfa-9759	463	12	.	.	PUNCT
ajfa-9759	464	1	http://dx.doi.org/10.1111/j.1540-6261.1992.tb03979.x	http://dx.doi.org/10.1111/j.1540-6261.1992.tb03979.x	PROPN
ajfa-9759	464	2	bagwell	bagwell	PROPN
ajfa-9759	464	3	,	,	PUNCT
ajfa-9759	464	4	l.	l.	PROPN
ajfa-9759	464	5	s.	s.	PROPN
ajfa-9759	464	6	,	,	PUNCT
ajfa-9759	464	7	&	&	CCONJ
ajfa-9759	464	8	shoven	shoven	PROPN
ajfa-9759	464	9	,	,	PUNCT
ajfa-9759	464	10	j.	j.	PROPN
ajfa-9759	464	11	b.	b.	PROPN
ajfa-9759	464	12	(	(	PUNCT
ajfa-9759	464	13	1988	1988	NUM
ajfa-9759	464	14	)	)	PUNCT
ajfa-9759	464	15	.	.	PUNCT
ajfa-9759	465	1	share	share	NOUN
ajfa-9759	465	2	repurchases	repurchase	NOUN
ajfa-9759	465	3	and	and	CCONJ
ajfa-9759	465	4	acquisitions	acquisition	NOUN
ajfa-9759	465	5	:	:	PUNCT
ajfa-9759	465	6	an	an	DET
ajfa-9759	465	7	analysis	analysis	NOUN
ajfa-9759	465	8	of	of	ADP
ajfa-9759	465	9	which	which	DET
ajfa-9759	465	10	firms	firm	NOUN
ajfa-9759	465	11	participate	participate	VERB
ajfa-9759	465	12	.	.	PUNCT
ajfa-9759	466	1	in	in	ADP
ajfa-9759	466	2	corporate	corporate	ADJ
ajfa-9759	466	3	takeovers	takeover	NOUN
ajfa-9759	466	4	:	:	PUNCT
ajfa-9759	466	5	causes	cause	NOUN
ajfa-9759	466	6	and	and	CCONJ
ajfa-9759	466	7	consequences	consequence	NOUN
ajfa-9759	466	8	(	(	PUNCT
ajfa-9759	466	9	pp	pp	ADJ
ajfa-9759	466	10	.	.	PUNCT
ajfa-9759	466	11	191	191	NUM
ajfa-9759	466	12	-	-	SYM
ajfa-9759	466	13	220	220	NUM
ajfa-9759	466	14	)	)	PUNCT
ajfa-9759	466	15	.	.	PUNCT
ajfa-9759	467	1	university	university	NOUN
ajfa-9759	467	2	of	of	ADP
ajfa-9759	467	3	chicago	chicago	PROPN
ajfa-9759	467	4	press	press	PROPN
ajfa-9759	467	5	.	.	PUNCT
ajfa-9759	468	1	baker	baker	PROPN
ajfa-9759	468	2	,	,	PUNCT
ajfa-9759	468	3	h.	h.	PROPN
ajfa-9759	468	4	k.	k.	PROPN
ajfa-9759	468	5	,	,	PUNCT
ajfa-9759	468	6	powell	powell	PROPN
ajfa-9759	468	7	,	,	PUNCT
ajfa-9759	468	8	g.	g.	PROPN
ajfa-9759	468	9	e.	e.	PROPN
ajfa-9759	468	10	,	,	PUNCT
ajfa-9759	468	11	&	&	CCONJ
ajfa-9759	468	12	veit	veit	PROPN
ajfa-9759	468	13	,	,	PUNCT
ajfa-9759	468	14	e.	e.	PROPN
ajfa-9759	468	15	t.	t.	PROPN
ajfa-9759	468	16	(	(	PUNCT
ajfa-9759	468	17	2003	2003	NUM
ajfa-9759	468	18	)	)	PUNCT
ajfa-9759	468	19	.	.	PUNCT
ajfa-9759	469	1	why	why	SCONJ
ajfa-9759	469	2	companies	company	NOUN
ajfa-9759	469	3	use	use	VERB
ajfa-9759	469	4	open	open	ADJ
ajfa-9759	469	5	-	-	PUNCT
ajfa-9759	469	6	market	market	NOUN
ajfa-9759	469	7	repurchases	repurchase	NOUN
ajfa-9759	469	8	:	:	PUNCT
ajfa-9759	469	9	a	a	DET
ajfa-9759	469	10	managerial	managerial	ADJ
ajfa-9759	469	11	perspective	perspective	NOUN
ajfa-9759	469	12	.	.	PUNCT
ajfa-9759	470	1	the	the	DET
ajfa-9759	470	2	quarterly	quarterly	ADJ
ajfa-9759	470	3	review	review	NOUN
ajfa-9759	470	4	of	of	ADP
ajfa-9759	470	5	economics	economic	NOUN
ajfa-9759	470	6	and	and	CCONJ
ajfa-9759	470	7	finance	finance	NOUN
ajfa-9759	470	8	,	,	PUNCT
ajfa-9759	470	9	43(3	43(3	NUM
ajfa-9759	470	10	)	)	PUNCT
ajfa-9759	470	11	,	,	PUNCT
ajfa-9759	470	12	483	483	NUM
ajfa-9759	470	13	-	-	SYM
ajfa-9759	470	14	504	504	NUM
ajfa-9759	470	15	.	.	PUNCT
ajfa-9759	471	1	http://dx.doi.org/10.1016/s1062-9769(02)00151-5	http://dx.doi.org/10.1016/s1062-9769(02)00151-5	ADJ
ajfa-9759	471	2	barclay	barclay	PROPN
ajfa-9759	471	3	,	,	PUNCT
ajfa-9759	471	4	m.	m.	NOUN
ajfa-9759	471	5	j.	j.	PROPN
ajfa-9759	471	6	,	,	PUNCT
ajfa-9759	471	7	&	&	CCONJ
ajfa-9759	471	8	smith	smith	PROPN
ajfa-9759	471	9	,	,	PUNCT
ajfa-9759	471	10	c.	c.	PROPN
ajfa-9759	471	11	w.	w.	PROPN
ajfa-9759	471	12	(	(	PUNCT
ajfa-9759	471	13	1988	1988	NUM
ajfa-9759	471	14	)	)	PUNCT
ajfa-9759	471	15	.	.	PUNCT
ajfa-9759	472	1	corporate	corporate	ADJ
ajfa-9759	472	2	payout	payout	NOUN
ajfa-9759	472	3	policy	policy	NOUN
ajfa-9759	472	4	:	:	PUNCT
ajfa-9759	472	5	cash	cash	NOUN
ajfa-9759	472	6	dividends	dividend	NOUN
ajfa-9759	472	7	versus	versus	ADP
ajfa-9759	472	8	open	open	ADJ
ajfa-9759	472	9	-	-	PUNCT
ajfa-9759	472	10	market	market	NOUN
ajfa-9759	472	11	repurchase	repurchase	NOUN
ajfa-9759	472	12	.	.	PUNCT
ajfa-9759	473	1	journal	journal	PROPN
ajfa-9759	473	2	of	of	ADP
ajfa-9759	473	3	financial	financial	ADJ
ajfa-9759	473	4	economics	economic	NOUN
ajfa-9759	473	5	,	,	PUNCT
ajfa-9759	473	6	22(1	22(1	NUM
ajfa-9759	473	7	)	)	PUNCT
ajfa-9759	473	8	,	,	PUNCT
ajfa-9759	473	9	61	61	NUM
ajfa-9759	473	10	-	-	SYM
ajfa-9759	473	11	82	82	NUM
ajfa-9759	473	12	.	.	PUNCT
ajfa-9759	474	1	http://dx.doi.org/10.1016/0304-405x(88)90022-0	http://dx.doi.org/10.1016/0304-405x(88)90022-0	INTJ
ajfa-9759	474	2	bartov	bartov	PROPN
ajfa-9759	474	3	,	,	PUNCT
ajfa-9759	474	4	e.	e.	PROPN
ajfa-9759	474	5	(	(	PUNCT
ajfa-9759	474	6	1991	1991	NUM
ajfa-9759	474	7	)	)	PUNCT
ajfa-9759	474	8	.	.	PUNCT
ajfa-9759	475	1	open	open	ADJ
ajfa-9759	475	2	-	-	PUNCT
ajfa-9759	475	3	market	market	NOUN
ajfa-9759	475	4	stock	stock	NOUN
ajfa-9759	475	5	repurchases	repurchase	NOUN
ajfa-9759	475	6	as	as	ADP
ajfa-9759	475	7	signals	signal	NOUN
ajfa-9759	475	8	for	for	ADP
ajfa-9759	475	9	earnings	earning	NOUN
ajfa-9759	475	10	and	and	CCONJ
ajfa-9759	475	11	risk	risk	NOUN
ajfa-9759	475	12	changes	change	NOUN
ajfa-9759	475	13	.	.	PUNCT
ajfa-9759	476	1	journal	journal	NOUN
ajfa-9759	476	2	of	of	ADP
ajfa-9759	476	3	accounting	accounting	NOUN
ajfa-9759	476	4	and	and	CCONJ
ajfa-9759	476	5	economics	economic	NOUN
ajfa-9759	476	6	,	,	PUNCT
ajfa-9759	476	7	14(3	14(3	NUM
ajfa-9759	476	8	)	)	PUNCT
ajfa-9759	476	9	,	,	PUNCT
ajfa-9759	476	10	275	275	NUM
ajfa-9759	476	11	-	-	SYM
ajfa-9759	476	12	294	294	NUM
ajfa-9759	476	13	.	.	PUNCT
ajfa-9759	477	1	http://dx.doi.org/10.1016/0165-4101(91)90015-g	http://dx.doi.org/10.1016/0165-4101(91)90015-g	X
ajfa-9759	477	2	asian	asian	ADJ
ajfa-9759	477	3	journal	journal	NOUN
ajfa-9759	477	4	of	of	ADP
ajfa-9759	477	5	finance	finance	PROPN
ajfa-9759	477	6	&	&	CCONJ
ajfa-9759	477	7	accounting	accounting	PROPN
ajfa-9759	477	8	issn	issn	PROPN
ajfa-9759	477	9	1946	1946	NUM
ajfa-9759	477	10	-	-	PUNCT
ajfa-9759	477	11	052x	052x	PROPN
ajfa-9759	477	12	2016	2016	NUM
ajfa-9759	477	13	,	,	PUNCT
ajfa-9759	477	14	vol	vol	NOUN
ajfa-9759	477	15	.	.	PROPN
ajfa-9759	477	16	8	8	NUM
ajfa-9759	477	17	,	,	PUNCT
ajfa-9759	477	18	no	no	INTJ
ajfa-9759	477	19	.	.	NOUN
ajfa-9759	477	20	2	2	NUM
ajfa-9759	477	21	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9759	477	22	25	25	NUM
ajfa-9759	477	23	bartov	bartov	ADJ
ajfa-9759	477	24	,	,	PUNCT
ajfa-9759	477	25	e.	e.	PROPN
ajfa-9759	477	26	,	,	PUNCT
ajfa-9759	477	27	givoly	givoly	NOUN
ajfa-9759	477	28	,	,	PUNCT
ajfa-9759	477	29	d.	d.	PROPN
ajfa-9759	477	30	,	,	PUNCT
ajfa-9759	477	31	&	&	CCONJ
ajfa-9759	477	32	hayn	hayn	NOUN
ajfa-9759	477	33	,	,	PUNCT
ajfa-9759	477	34	c.	c.	PROPN
ajfa-9759	477	35	(	(	PUNCT
ajfa-9759	477	36	2002	2002	NUM
ajfa-9759	477	37	)	)	PUNCT
ajfa-9759	477	38	.	.	PUNCT
ajfa-9759	478	1	the	the	DET
ajfa-9759	478	2	rewards	reward	NOUN
ajfa-9759	478	3	to	to	ADP
ajfa-9759	478	4	meeting	meet	VERB
ajfa-9759	478	5	or	or	CCONJ
ajfa-9759	478	6	beating	beat	VERB
ajfa-9759	478	7	earnings	earning	NOUN
ajfa-9759	478	8	expectations	expectation	NOUN
ajfa-9759	478	9	.	.	PUNCT
ajfa-9759	479	1	journal	journal	NOUN
ajfa-9759	479	2	of	of	ADP
ajfa-9759	479	3	accounting	accounting	NOUN
ajfa-9759	479	4	and	and	CCONJ
ajfa-9759	479	5	economics	economic	NOUN
ajfa-9759	479	6	,	,	PUNCT
ajfa-9759	479	7	33(2	33(2	NUM
ajfa-9759	479	8	)	)	PUNCT
ajfa-9759	479	9	,	,	PUNCT
ajfa-9759	479	10	173	173	NUM
ajfa-9759	479	11	-	-	SYM
ajfa-9759	479	12	204	204	NUM
ajfa-9759	479	13	.	.	PUNCT
ajfa-9759	480	1	http://dx.doi.org/10.1016/s0165-4101(02)00045-9	http://dx.doi.org/10.1016/s0165-4101(02)00045-9	NOUN
ajfa-9759	480	2	benhamouda	benhamouda	NOUN
ajfa-9759	480	3	,	,	PUNCT
ajfa-9759	480	4	z.	z.	PROPN
ajfa-9759	480	5	,	,	PUNCT
ajfa-9759	480	6	&	&	CCONJ
ajfa-9759	480	7	watson	watson	PROPN
ajfa-9759	480	8	,	,	PUNCT
ajfa-9759	480	9	r.	r.	PROPN
ajfa-9759	480	10	(	(	PUNCT
ajfa-9759	480	11	2010	2010	NUM
ajfa-9759	480	12	)	)	PUNCT
ajfa-9759	480	13	.	.	PUNCT
ajfa-9759	481	1	a	a	DET
ajfa-9759	481	2	research	research	NOUN
ajfa-9759	481	3	note	note	NOUN
ajfa-9759	481	4	on	on	ADP
ajfa-9759	481	5	the	the	DET
ajfa-9759	481	6	determinants	determinant	NOUN
ajfa-9759	481	7	of	of	ADP
ajfa-9759	481	8	uk	uk	PROPN
ajfa-9759	481	9	corporate	corporate	ADJ
ajfa-9759	481	10	share	share	NOUN
ajfa-9759	481	11	repurchases	repurchase	NOUN
ajfa-9759	481	12	decisions	decision	NOUN
ajfa-9759	481	13	.	.	PUNCT
ajfa-9759	482	1	applied	apply	VERB
ajfa-9759	482	2	financial	financial	ADJ
ajfa-9759	482	3	economics	economic	NOUN
ajfa-9759	482	4	,	,	PUNCT
ajfa-9759	482	5	20(7	20(7	NUM
ajfa-9759	482	6	)	)	PUNCT
ajfa-9759	482	7	,	,	PUNCT
ajfa-9759	482	8	529	529	NUM
ajfa-9759	482	9	-	-	SYM
ajfa-9759	482	10	541	541	NUM
ajfa-9759	482	11	.	.	PUNCT
ajfa-9759	483	1	http://dx.doi.org/10.1080/09603100903459857	http://dx.doi.org/10.1080/09603100903459857	PROPN
ajfa-9759	483	2	bens	bens	PROPN
ajfa-9759	483	3	,	,	PUNCT
ajfa-9759	483	4	d.	d.	PROPN
ajfa-9759	483	5	a.	a.	PROPN
ajfa-9759	483	6	,	,	PUNCT
ajfa-9759	483	7	nagar	nagar	NOUN
ajfa-9759	483	8	,	,	PUNCT
ajfa-9759	483	9	v.	v.	PROPN
ajfa-9759	483	10	,	,	PUNCT
ajfa-9759	483	11	skinner	skinner	PROPN
ajfa-9759	483	12	,	,	PUNCT
ajfa-9759	483	13	d.	d.	PROPN
ajfa-9759	483	14	j.	j.	PROPN
ajfa-9759	483	15	,	,	PUNCT
ajfa-9759	483	16	&	&	CCONJ
ajfa-9759	483	17	wong	wong	PROPN
ajfa-9759	483	18	,	,	PUNCT
ajfa-9759	483	19	m.	m.	PROPN
ajfa-9759	483	20	f.	f.	PROPN
ajfa-9759	483	21	(	(	PUNCT
ajfa-9759	483	22	2003	2003	NUM
ajfa-9759	483	23	)	)	PUNCT
ajfa-9759	483	24	.	.	PUNCT
ajfa-9759	484	1	employee	employee	NOUN
ajfa-9759	484	2	stock	stock	NOUN
ajfa-9759	484	3	options	option	NOUN
ajfa-9759	484	4	,	,	PUNCT
ajfa-9759	484	5	eps	eps	NOUN
ajfa-9759	484	6	dilution	dilution	NOUN
ajfa-9759	484	7	,	,	PUNCT
ajfa-9759	484	8	and	and	CCONJ
ajfa-9759	484	9	stock	stock	NOUN
ajfa-9759	484	10	repurchases	repurchase	NOUN
ajfa-9759	484	11	.	.	PUNCT
ajfa-9759	485	1	journal	journal	NOUN
ajfa-9759	485	2	of	of	ADP
ajfa-9759	485	3	accounting	accounting	NOUN
ajfa-9759	485	4	and	and	CCONJ
ajfa-9759	485	5	economics	economic	NOUN
ajfa-9759	485	6	,	,	PUNCT
ajfa-9759	485	7	36(1	36(1	NUM
ajfa-9759	485	8	)	)	PUNCT
ajfa-9759	485	9	,	,	PUNCT
ajfa-9759	485	10	51	51	NUM
ajfa-9759	485	11	-	-	SYM
ajfa-9759	485	12	90	90	NUM
ajfa-9759	485	13	.	.	PUNCT
ajfa-9759	486	1	http://dx.doi.org/10.1016/j.jacceco.2003.10.006	http://dx.doi.org/10.1016/j.jacceco.2003.10.006	PROPN
ajfa-9759	486	2	bhattacharya	bhattacharya	NOUN
ajfa-9759	486	3	,	,	PUNCT
ajfa-9759	486	4	s.	s.	PROPN
ajfa-9759	486	5	(	(	PUNCT
ajfa-9759	486	6	1979	1979	NUM
ajfa-9759	486	7	)	)	PUNCT
ajfa-9759	486	8	.	.	PUNCT
ajfa-9759	487	1	an	an	DET
ajfa-9759	487	2	exploration	exploration	NOUN
ajfa-9759	487	3	of	of	ADP
ajfa-9759	487	4	nondissipative	nondissipative	ADJ
ajfa-9759	487	5	dividend	dividend	NOUN
ajfa-9759	487	6	-	-	PUNCT
ajfa-9759	487	7	signaling	signal	VERB
ajfa-9759	487	8	structures	structure	NOUN
ajfa-9759	487	9	.	.	PUNCT
ajfa-9759	488	1	journal	journal	NOUN
ajfa-9759	488	2	of	of	ADP
ajfa-9759	488	3	financial	financial	ADJ
ajfa-9759	488	4	and	and	CCONJ
ajfa-9759	488	5	quantitative	quantitative	ADJ
ajfa-9759	488	6	analysis	analysis	NOUN
ajfa-9759	488	7	,	,	PUNCT
ajfa-9759	488	8	14(04	14(04	NUM
ajfa-9759	488	9	)	)	PUNCT
ajfa-9759	488	10	,	,	PUNCT
ajfa-9759	488	11	667	667	NUM
ajfa-9759	488	12	-	-	SYM
ajfa-9759	488	13	668	668	NUM
ajfa-9759	488	14	.	.	PUNCT
ajfa-9759	489	1	http://dx.doi.org/10.2307/2330441	http://dx.doi.org/10.2307/2330441	PROPN
ajfa-9759	489	2	bonaimé	bonaimé	PROPN
ajfa-9759	489	3	,	,	PUNCT
ajfa-9759	489	4	a.	a.	NOUN
ajfa-9759	489	5	a.	a.	PROPN
ajfa-9759	489	6	,	,	PUNCT
ajfa-9759	489	7	öztekin	öztekin	PROPN
ajfa-9759	489	8	,	,	PUNCT
ajfa-9759	489	9	ö.	ö.	PROPN
ajfa-9759	489	10	&	&	CCONJ
ajfa-9759	489	11	warr	warr	PROPN
ajfa-9759	489	12	,	,	PUNCT
ajfa-9759	489	13	r.	r.	PROPN
ajfa-9759	489	14	s.	s.	PROPN
ajfa-9759	489	15	(	(	PUNCT
ajfa-9759	489	16	2014	2014	NUM
ajfa-9759	489	17	)	)	PUNCT
ajfa-9759	489	18	.	.	PUNCT
ajfa-9759	490	1	capital	capital	NOUN
ajfa-9759	490	2	structure	structure	NOUN
ajfa-9759	490	3	,	,	PUNCT
ajfa-9759	490	4	equity	equity	NOUN
ajfa-9759	490	5	mispricing	mispricing	NOUN
ajfa-9759	490	6	,	,	PUNCT
ajfa-9759	490	7	and	and	CCONJ
ajfa-9759	490	8	stock	stock	NOUN
ajfa-9759	490	9	repurchases	repurchase	NOUN
ajfa-9759	490	10	.	.	PUNCT
ajfa-9759	491	1	journal	journal	NOUN
ajfa-9759	491	2	of	of	ADP
ajfa-9759	491	3	corporate	corporate	ADJ
ajfa-9759	491	4	finance	finance	NOUN
ajfa-9759	491	5	,	,	PUNCT
ajfa-9759	491	6	26	26	NUM
ajfa-9759	491	7	,	,	PUNCT
ajfa-9759	491	8	182	182	NUM
ajfa-9759	491	9	-	-	SYM
ajfa-9759	491	10	200	200	NUM
ajfa-9759	491	11	.	.	PUNCT
ajfa-9759	492	1	http://dx.doi.org/10.1016/j.jcorpfin.2014.03.007	http://dx.doi.org/10.1016/j.jcorpfin.2014.03.007	PROPN
ajfa-9759	492	2	boudry	boudry	PROPN
ajfa-9759	492	3	,	,	PUNCT
ajfa-9759	492	4	w.	w.	PROPN
ajfa-9759	492	5	i.	i.	PROPN
ajfa-9759	492	6	,	,	PUNCT
ajfa-9759	492	7	kallberg	kallberg	PROPN
ajfa-9759	492	8	,	,	PUNCT
ajfa-9759	492	9	j.	j.	PROPN
ajfa-9759	492	10	g.	g.	PROPN
ajfa-9759	492	11	,	,	PUNCT
ajfa-9759	492	12	&	&	CCONJ
ajfa-9759	492	13	liu	liu	PROPN
ajfa-9759	492	14	,	,	PUNCT
ajfa-9759	492	15	c.	c.	PROPN
ajfa-9759	492	16	h.	h.	PROPN
ajfa-9759	492	17	(	(	PUNCT
ajfa-9759	492	18	2013	2013	NUM
ajfa-9759	492	19	)	)	PUNCT
ajfa-9759	492	20	.	.	PUNCT
ajfa-9759	493	1	investment	investment	NOUN
ajfa-9759	493	2	opportunities	opportunity	NOUN
ajfa-9759	493	3	and	and	CCONJ
ajfa-9759	493	4	share	share	NOUN
ajfa-9759	493	5	repurchases	repurchase	NOUN
ajfa-9759	493	6	.	.	PUNCT
ajfa-9759	494	1	journal	journal	NOUN
ajfa-9759	494	2	of	of	ADP
ajfa-9759	494	3	corporate	corporate	ADJ
ajfa-9759	494	4	finance	finance	NOUN
ajfa-9759	494	5	,	,	PUNCT
ajfa-9759	494	6	23	23	NUM
ajfa-9759	494	7	,	,	PUNCT
ajfa-9759	494	8	23	23	NUM
ajfa-9759	494	9	-	-	SYM
ajfa-9759	494	10	38	38	NUM
ajfa-9759	494	11	.	.	PUNCT
ajfa-9759	495	1	http://dx.doi.org/10.1016/j.jcorpfin.2013.07.006	http://dx.doi.org/10.1016/j.jcorpfin.2013.07.006	ADJ
ajfa-9759	495	2	brockman	brockman	PROPN
ajfa-9759	495	3	,	,	PUNCT
ajfa-9759	495	4	p.	p.	PROPN
ajfa-9759	495	5	,	,	PUNCT
ajfa-9759	495	6	howe	howe	PROPN
ajfa-9759	495	7	,	,	PUNCT
ajfa-9759	495	8	j.	j.	PROPN
ajfa-9759	495	9	s.	s.	PROPN
ajfa-9759	495	10	,	,	PUNCT
ajfa-9759	495	11	&	&	CCONJ
ajfa-9759	495	12	mortal	mortal	ADJ
ajfa-9759	495	13	,	,	PUNCT
ajfa-9759	495	14	s.	s.	PROPN
ajfa-9759	495	15	(	(	PUNCT
ajfa-9759	495	16	2008	2008	NUM
ajfa-9759	495	17	)	)	PUNCT
ajfa-9759	495	18	.	.	PUNCT
ajfa-9759	496	1	stock	stock	NOUN
ajfa-9759	496	2	market	market	NOUN
ajfa-9759	496	3	liquidity	liquidity	NOUN
ajfa-9759	496	4	and	and	CCONJ
ajfa-9759	496	5	the	the	DET
ajfa-9759	496	6	decision	decision	NOUN
ajfa-9759	496	7	to	to	PART
ajfa-9759	496	8	repurchase	repurchase	VERB
ajfa-9759	496	9	.	.	PUNCT
ajfa-9759	497	1	journal	journal	PROPN
ajfa-9759	497	2	of	of	ADP
ajfa-9759	497	3	corporate	corporate	ADJ
ajfa-9759	497	4	finance	finance	NOUN
ajfa-9759	497	5	,	,	PUNCT
ajfa-9759	497	6	14(4	14(4	NUM
ajfa-9759	497	7	)	)	PUNCT
ajfa-9759	497	8	,	,	PUNCT
ajfa-9759	497	9	446	446	NUM
ajfa-9759	497	10	-	-	SYM
ajfa-9759	497	11	459	459	NUM
ajfa-9759	497	12	.	.	PUNCT
ajfa-9759	498	1	http://dx.doi.org/10.1016/j.jcorpfin.2008.06.001	http://dx.doi.org/10.1016/j.jcorpfin.2008.06.001	PROPN
ajfa-9759	498	2	brockman	brockman	PROPN
ajfa-9759	498	3	,	,	PUNCT
ajfa-9759	498	4	p.	p.	PROPN
ajfa-9759	498	5	,	,	PUNCT
ajfa-9759	498	6	&	&	CCONJ
ajfa-9759	498	7	chung	chung	PROPN
ajfa-9759	498	8	,	,	PUNCT
ajfa-9759	498	9	d.	d.	PROPN
ajfa-9759	498	10	y.	y.	PROPN
ajfa-9759	498	11	(	(	PUNCT
ajfa-9759	498	12	2001	2001	NUM
ajfa-9759	498	13	)	)	PUNCT
ajfa-9759	498	14	.	.	PUNCT
ajfa-9759	499	1	managerial	managerial	ADJ
ajfa-9759	499	2	timing	timing	NOUN
ajfa-9759	499	3	and	and	CCONJ
ajfa-9759	499	4	corporate	corporate	ADJ
ajfa-9759	499	5	liquidity	liquidity	NOUN
ajfa-9759	499	6	:	:	PUNCT
ajfa-9759	499	7	evidence	evidence	NOUN
ajfa-9759	499	8	from	from	ADP
ajfa-9759	499	9	actual	actual	ADJ
ajfa-9759	499	10	share	share	NOUN
ajfa-9759	499	11	repurchases	repurchase	NOUN
ajfa-9759	499	12	.	.	PUNCT
ajfa-9759	500	1	journal	journal	NOUN
ajfa-9759	500	2	of	of	ADP
ajfa-9759	500	3	financial	financial	ADJ
ajfa-9759	500	4	economics	economic	NOUN
ajfa-9759	500	5	,	,	PUNCT
ajfa-9759	500	6	61(3	61(3	NUM
ajfa-9759	500	7	)	)	PUNCT
ajfa-9759	500	8	,	,	PUNCT
ajfa-9759	500	9	417	417	NUM
ajfa-9759	500	10	-	-	SYM
ajfa-9759	500	11	448	448	NUM
ajfa-9759	500	12	.	.	PUNCT
ajfa-9759	501	1	http://dx.doi.org/10.1016/s0304-405x(01)00068-x	http://dx.doi.org/10.1016/s0304-405x(01)00068-x	PROPN
ajfa-9759	501	2	chan	chan	PROPN
ajfa-9759	501	3	,	,	PUNCT
ajfa-9759	501	4	k.	k.	PROPN
ajfa-9759	501	5	,	,	PUNCT
ajfa-9759	501	6	ikenberry	ikenberry	PROPN
ajfa-9759	501	7	,	,	PUNCT
ajfa-9759	501	8	d.	d.	PROPN
ajfa-9759	501	9	l.	l.	PROPN
ajfa-9759	501	10	,	,	PUNCT
ajfa-9759	501	11	lee	lee	PROPN
ajfa-9759	501	12	,	,	PUNCT
ajfa-9759	501	13	i.	i.	PROPN
ajfa-9759	501	14	,	,	PUNCT
ajfa-9759	501	15	&	&	CCONJ
ajfa-9759	501	16	wang	wang	PROPN
ajfa-9759	501	17	,	,	PUNCT
ajfa-9759	501	18	y.	y.	PROPN
ajfa-9759	501	19	(	(	PUNCT
ajfa-9759	501	20	2010	2010	NUM
ajfa-9759	501	21	)	)	PUNCT
ajfa-9759	501	22	.	.	PUNCT
ajfa-9759	502	1	share	share	NOUN
ajfa-9759	502	2	repurchases	repurchase	NOUN
ajfa-9759	502	3	as	as	ADP
ajfa-9759	502	4	a	a	DET
ajfa-9759	502	5	potential	potential	ADJ
ajfa-9759	502	6	tool	tool	NOUN
ajfa-9759	502	7	to	to	PART
ajfa-9759	502	8	mislead	mislead	VERB
ajfa-9759	502	9	investors	investor	NOUN
ajfa-9759	502	10	.	.	PUNCT
ajfa-9759	503	1	journal	journal	NOUN
ajfa-9759	503	2	of	of	ADP
ajfa-9759	503	3	corporate	corporate	ADJ
ajfa-9759	503	4	finance	finance	NOUN
ajfa-9759	503	5	,	,	PUNCT
ajfa-9759	503	6	16(2	16(2	NUM
ajfa-9759	503	7	)	)	PUNCT
ajfa-9759	503	8	,	,	PUNCT
ajfa-9759	503	9	137	137	NUM
ajfa-9759	503	10	-	-	SYM
ajfa-9759	503	11	158	158	NUM
ajfa-9759	503	12	.	.	PUNCT
ajfa-9759	504	1	http://dx.doi.org/10.1016/j.jcorpfin.2009.10.003	http://dx.doi.org/10.1016/j.jcorpfin.2009.10.003	PROPN
ajfa-9759	504	2	chan	chan	PROPN
ajfa-9759	504	3	,	,	PUNCT
ajfa-9759	504	4	k.	k.	PROPN
ajfa-9759	504	5	,	,	PUNCT
ajfa-9759	504	6	ikenberry	ikenberry	PROPN
ajfa-9759	504	7	,	,	PUNCT
ajfa-9759	504	8	d.	d.	PROPN
ajfa-9759	504	9	l.	l.	PROPN
ajfa-9759	504	10	,	,	PUNCT
ajfa-9759	504	11	&	&	CCONJ
ajfa-9759	504	12	lee	lee	PROPN
ajfa-9759	504	13	,	,	PUNCT
ajfa-9759	504	14	i.	i.	PROPN
ajfa-9759	504	15	(	(	PUNCT
ajfa-9759	504	16	2007	2007	NUM
ajfa-9759	504	17	)	)	PUNCT
ajfa-9759	504	18	.	.	PUNCT
ajfa-9759	505	1	do	do	AUX
ajfa-9759	505	2	managers	manager	NOUN
ajfa-9759	505	3	time	time	NOUN
ajfa-9759	505	4	the	the	DET
ajfa-9759	505	5	market	market	NOUN
ajfa-9759	505	6	?	?	PUNCT
ajfa-9759	506	1	evidence	evidence	NOUN
ajfa-9759	506	2	from	from	ADP
ajfa-9759	506	3	open	open	ADJ
ajfa-9759	506	4	-	-	PUNCT
ajfa-9759	506	5	market	market	NOUN
ajfa-9759	506	6	share	share	NOUN
ajfa-9759	506	7	repurchases	repurchase	NOUN
ajfa-9759	506	8	.	.	PUNCT
ajfa-9759	507	1	journal	journal	NOUN
ajfa-9759	507	2	of	of	ADP
ajfa-9759	507	3	banking	banking	NOUN
ajfa-9759	507	4	&	&	CCONJ
ajfa-9759	507	5	finance	finance	PROPN
ajfa-9759	507	6	,	,	PUNCT
ajfa-9759	507	7	31(9	31(9	NUM
ajfa-9759	507	8	)	)	PUNCT
ajfa-9759	507	9	,	,	PUNCT
ajfa-9759	507	10	2673	2673	NUM
ajfa-9759	507	11	-	-	SYM
ajfa-9759	507	12	2694	2694	NUM
ajfa-9759	507	13	.	.	PUNCT
ajfa-9759	508	1	http://dx.doi.org/10.1016/j.jbankfin.2006.09.017	http://dx.doi.org/10.1016/j.jbankfin.2006.09.017	NUM
ajfa-9759	508	2	chavali	chavali	VERB
ajfa-9759	508	3	,	,	PUNCT
ajfa-9759	508	4	kavita	kavita	PROPN
ajfa-9759	508	5	,	,	PUNCT
ajfa-9759	508	6	and	and	CCONJ
ajfa-9759	508	7	s.	s.	PROPN
ajfa-9759	508	8	shemeem	shemeem	VERB
ajfa-9759	508	9	.	.	PUNCT
ajfa-9759	509	1	(	(	PUNCT
ajfa-9759	509	2	2011	2011	NUM
ajfa-9759	509	3	)	)	PUNCT
ajfa-9759	509	4	.	.	PUNCT
ajfa-9759	510	1	impact	impact	NOUN
ajfa-9759	510	2	of	of	ADP
ajfa-9759	510	3	buybacks	buyback	NOUN
ajfa-9759	510	4	on	on	ADP
ajfa-9759	510	5	share	share	NOUN
ajfa-9759	510	6	price	price	NOUN
ajfa-9759	510	7	performance	performance	NOUN
ajfa-9759	510	8	of	of	ADP
ajfa-9759	510	9	companies	company	NOUN
ajfa-9759	510	10	in	in	ADP
ajfa-9759	510	11	indian	indian	ADJ
ajfa-9759	510	12	context	context	NOUN
ajfa-9759	510	13	.	.	PUNCT
ajfa-9759	511	1	european	european	PROPN
ajfa-9759	511	2	journal	journal	PROPN
ajfa-9759	511	3	of	of	ADP
ajfa-9759	511	4	finance	finance	NOUN
ajfa-9759	511	5	and	and	CCONJ
ajfa-9759	511	6	banking	banking	NOUN
ajfa-9759	511	7	research	research	NOUN
ajfa-9759	511	8	,	,	PUNCT
ajfa-9759	511	9	4(4	4(4	NUM
ajfa-9759	511	10	)	)	PUNCT
ajfa-9759	511	11	,	,	PUNCT
ajfa-9759	511	12	23	23	NUM
ajfa-9759	511	13	.	.	PUNCT
ajfa-9759	512	1	chen	chen	PROPN
ajfa-9759	512	2	,	,	PUNCT
ajfa-9759	512	3	s.	s.	PROPN
ajfa-9759	512	4	s.	s.	PROPN
ajfa-9759	512	5	,	,	PUNCT
ajfa-9759	512	6	&	&	CCONJ
ajfa-9759	512	7	huang	huang	PROPN
ajfa-9759	512	8	,	,	PUNCT
ajfa-9759	512	9	c.	c.	PROPN
ajfa-9759	512	10	w.	w.	PROPN
ajfa-9759	512	11	(	(	PUNCT
ajfa-9759	512	12	2013	2013	NUM
ajfa-9759	512	13	)	)	PUNCT
ajfa-9759	512	14	.	.	PUNCT
ajfa-9759	513	1	the	the	DET
ajfa-9759	513	2	sarbanes	sarbanes	PROPN
ajfa-9759	513	3	-	-	PUNCT
ajfa-9759	513	4	oxley	oxley	PROPN
ajfa-9759	513	5	act	act	NOUN
ajfa-9759	513	6	,	,	PUNCT
ajfa-9759	513	7	earnings	earning	NOUN
ajfa-9759	513	8	management	management	NOUN
ajfa-9759	513	9	,	,	PUNCT
ajfa-9759	513	10	and	and	CCONJ
ajfa-9759	513	11	post	post	ADJ
ajfa-9759	513	12	-	-	ADJ
ajfa-9759	513	13	buyback	buyback	ADJ
ajfa-9759	513	14	performance	performance	NOUN
ajfa-9759	513	15	of	of	ADP
ajfa-9759	513	16	open	open	ADJ
ajfa-9759	513	17	-	-	PUNCT
ajfa-9759	513	18	market	market	NOUN
ajfa-9759	513	19	repurchasing	repurchasing	NOUN
ajfa-9759	513	20	firms	firm	NOUN
ajfa-9759	513	21	.	.	PUNCT
ajfa-9759	514	1	journal	journal	NOUN
ajfa-9759	514	2	of	of	ADP
ajfa-9759	514	3	financial	financial	ADJ
ajfa-9759	514	4	and	and	CCONJ
ajfa-9759	514	5	quantitative	quantitative	ADJ
ajfa-9759	514	6	analysis	analysis	NOUN
ajfa-9759	514	7	,	,	PUNCT
ajfa-9759	514	8	48(06	48(06	NUM
ajfa-9759	514	9	)	)	PUNCT
ajfa-9759	514	10	,	,	PUNCT
ajfa-9759	514	11	1847	1847	NUM
ajfa-9759	514	12	-	-	SYM
ajfa-9759	514	13	1876	1876	NUM
ajfa-9759	514	14	.	.	PUNCT
ajfa-9759	515	1	http://dx.doi.org/10.1017/s0022109014000040	http://dx.doi.org/10.1017/s0022109014000040	PROPN
ajfa-9759	515	2	asian	asian	PROPN
ajfa-9759	515	3	journal	journal	PROPN
ajfa-9759	515	4	of	of	ADP
ajfa-9759	515	5	finance	finance	PROPN
ajfa-9759	515	6	&	&	CCONJ
ajfa-9759	515	7	accounting	accounting	PROPN
ajfa-9759	515	8	issn	issn	PROPN
ajfa-9759	515	9	1946	1946	NUM
ajfa-9759	515	10	-	-	PUNCT
ajfa-9759	515	11	052x	052x	PROPN
ajfa-9759	515	12	2016	2016	NUM
ajfa-9759	515	13	,	,	PUNCT
ajfa-9759	515	14	vol	vol	NOUN
ajfa-9759	515	15	.	.	PROPN
ajfa-9759	515	16	8	8	NUM
ajfa-9759	515	17	,	,	PUNCT
ajfa-9759	515	18	no	no	INTJ
ajfa-9759	515	19	.	.	NOUN
ajfa-9759	515	20	2	2	NUM
ajfa-9759	515	21	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9759	515	22	26	26	NUM
ajfa-9759	515	23	comment	comment	NOUN
ajfa-9759	515	24	,	,	PUNCT
ajfa-9759	515	25	r.	r.	PROPN
ajfa-9759	515	26	,	,	PUNCT
ajfa-9759	515	27	&	&	CCONJ
ajfa-9759	515	28	jarrell	jarrell	PROPN
ajfa-9759	515	29	,	,	PUNCT
ajfa-9759	515	30	g.	g.	PROPN
ajfa-9759	515	31	a.	a.	PROPN
ajfa-9759	515	32	(	(	PUNCT
ajfa-9759	515	33	1991	1991	NUM
ajfa-9759	515	34	)	)	PUNCT
ajfa-9759	515	35	.	.	PUNCT
ajfa-9759	516	1	the	the	DET
ajfa-9759	516	2	relative	relative	ADJ
ajfa-9759	516	3	signaling	signal	VERB
ajfa-9759	516	4	power	power	NOUN
ajfa-9759	516	5	of	of	ADP
ajfa-9759	516	6	dutch‐auction	dutch‐auction	NOUN
ajfa-9759	516	7	and	and	CCONJ
ajfa-9759	516	8	fixed‐price	fixed‐price	NOUN
ajfa-9759	516	9	self‐tender	self‐tender	NOUN
ajfa-9759	516	10	offers	offer	VERB
ajfa-9759	516	11	and	and	CCONJ
ajfa-9759	516	12	open‐market	open‐market	NOUN
ajfa-9759	516	13	share	share	NOUN
ajfa-9759	516	14	repurchases	repurchase	NOUN
ajfa-9759	516	15	.	.	PUNCT
ajfa-9759	517	1	the	the	DET
ajfa-9759	517	2	journal	journal	NOUN
ajfa-9759	517	3	of	of	ADP
ajfa-9759	517	4	finance	finance	NOUN
ajfa-9759	517	5	,	,	PUNCT
ajfa-9759	517	6	46(4	46(4	NOUN
ajfa-9759	517	7	)	)	PUNCT
ajfa-9759	517	8	,	,	PUNCT
ajfa-9759	517	9	1243	1243	NUM
ajfa-9759	517	10	-	-	SYM
ajfa-9759	517	11	1271	1271	NUM
ajfa-9759	517	12	.	.	PUNCT
ajfa-9759	518	1	http://dx.doi.org/10.1111/j.1540-6261.1991.tb04617.x	http://dx.doi.org/10.1111/j.1540-6261.1991.tb04617.x	PRON
ajfa-9759	518	2	cook	cook	VERB
ajfa-9759	518	3	,	,	PUNCT
ajfa-9759	518	4	d.	d.	PROPN
ajfa-9759	518	5	o.	o.	PROPN
ajfa-9759	518	6	,	,	PUNCT
ajfa-9759	518	7	krigman	krigman	PROPN
ajfa-9759	518	8	,	,	PUNCT
ajfa-9759	518	9	l.	l.	PROPN
ajfa-9759	518	10	,	,	PUNCT
ajfa-9759	518	11	&	&	CCONJ
ajfa-9759	518	12	leach	leach	NOUN
ajfa-9759	518	13	,	,	PUNCT
ajfa-9759	518	14	j.	j.	PROPN
ajfa-9759	518	15	c.	c.	PROPN
ajfa-9759	518	16	(	(	PUNCT
ajfa-9759	518	17	2004	2004	NUM
ajfa-9759	518	18	)	)	PUNCT
ajfa-9759	518	19	.	.	PUNCT
ajfa-9759	519	1	on	on	ADP
ajfa-9759	519	2	the	the	DET
ajfa-9759	519	3	timing	timing	NOUN
ajfa-9759	519	4	and	and	CCONJ
ajfa-9759	519	5	execution	execution	NOUN
ajfa-9759	519	6	of	of	ADP
ajfa-9759	519	7	open	open	ADJ
ajfa-9759	519	8	market	market	NOUN
ajfa-9759	519	9	repurchases	repurchase	NOUN
ajfa-9759	519	10	.	.	PUNCT
ajfa-9759	520	1	review	review	NOUN
ajfa-9759	520	2	of	of	ADP
ajfa-9759	520	3	financial	financial	ADJ
ajfa-9759	520	4	studies	study	NOUN
ajfa-9759	520	5	,	,	PUNCT
ajfa-9759	520	6	17(2	17(2	NUM
ajfa-9759	520	7	)	)	PUNCT
ajfa-9759	520	8	,	,	PUNCT
ajfa-9759	520	9	463	463	NUM
ajfa-9759	520	10	-	-	SYM
ajfa-9759	520	11	498	498	NUM
ajfa-9759	520	12	.	.	PUNCT
ajfa-9759	521	1	http://dx.doi.org/10.1093/rfs/hhg028	http://dx.doi.org/10.1093/rfs/hhg028	PROPN
ajfa-9759	521	2	de	de	PROPN
ajfa-9759	521	3	cesari	cesari	PROPN
ajfa-9759	521	4	,	,	PUNCT
ajfa-9759	521	5	a.	a.	PROPN
ajfa-9759	521	6	,	,	PUNCT
ajfa-9759	521	7	espenlaub	espenlaub	PROPN
ajfa-9759	521	8	,	,	PUNCT
ajfa-9759	521	9	s.	s.	PROPN
ajfa-9759	521	10	,	,	PUNCT
ajfa-9759	521	11	&	&	CCONJ
ajfa-9759	521	12	khurshed	khurshe	VERB
ajfa-9759	521	13	,	,	PUNCT
ajfa-9759	521	14	a.	a.	NOUN
ajfa-9759	521	15	(	(	PUNCT
ajfa-9759	521	16	2011	2011	NUM
ajfa-9759	521	17	)	)	PUNCT
ajfa-9759	521	18	.	.	PUNCT
ajfa-9759	522	1	stock	stock	NOUN
ajfa-9759	522	2	repurchases	repurchase	NOUN
ajfa-9759	522	3	and	and	CCONJ
ajfa-9759	522	4	treasury	treasury	NOUN
ajfa-9759	522	5	share	share	NOUN
ajfa-9759	522	6	sales	sale	NOUN
ajfa-9759	522	7	:	:	PUNCT
ajfa-9759	522	8	do	do	AUX
ajfa-9759	522	9	they	they	PRON
ajfa-9759	522	10	stabilize	stabilize	VERB
ajfa-9759	522	11	price	price	NOUN
ajfa-9759	522	12	and	and	CCONJ
ajfa-9759	522	13	enhance	enhance	VERB
ajfa-9759	522	14	liquidity	liquidity	NOUN
ajfa-9759	522	15	?	?	PUNCT
ajfa-9759	523	1	journal	journal	NOUN
ajfa-9759	523	2	of	of	ADP
ajfa-9759	523	3	corporate	corporate	ADJ
ajfa-9759	523	4	finance	finance	NOUN
ajfa-9759	523	5	,	,	PUNCT
ajfa-9759	523	6	17(5	17(5	NUM
ajfa-9759	523	7	)	)	PUNCT
ajfa-9759	523	8	,	,	PUNCT
ajfa-9759	523	9	1558	1558	NUM
ajfa-9759	523	10	-	-	SYM
ajfa-9759	523	11	1579	1579	NUM
ajfa-9759	523	12	.	.	PUNCT
ajfa-9759	524	1	http://dx.doi.org/10.1016/j.jcorpfin.2011.08.002	http://dx.doi.org/10.1016/j.jcorpfin.2011.08.002	PROPN
ajfa-9759	524	2	de	de	X
ajfa-9759	524	3	ridder	ridder	PROPN
ajfa-9759	524	4	,	,	PUNCT
ajfa-9759	524	5	a.	a.	PROPN
ajfa-9759	524	6	,	,	PUNCT
ajfa-9759	524	7	&	&	CCONJ
ajfa-9759	524	8	råsbrant	råsbrant	PROPN
ajfa-9759	524	9	,	,	PUNCT
ajfa-9759	524	10	j.	j.	PROPN
ajfa-9759	524	11	(	(	PUNCT
ajfa-9759	524	12	2009	2009	NUM
ajfa-9759	524	13	)	)	PUNCT
ajfa-9759	524	14	.	.	PUNCT
ajfa-9759	525	1	the	the	DET
ajfa-9759	525	2	market	market	NOUN
ajfa-9759	525	3	liquidity	liquidity	NOUN
ajfa-9759	525	4	impact	impact	NOUN
ajfa-9759	525	5	of	of	ADP
ajfa-9759	525	6	repurchase	repurchase	NOUN
ajfa-9759	525	7	is	be	AUX
ajfa-9759	525	8	trading	trade	VERB
ajfa-9759	525	9	.	.	PUNCT
ajfa-9759	526	1	nasdaq	nasdaq	PROPN
ajfa-9759	526	2	omx	omx	PROPN
ajfa-9759	526	3	website	website	PROPN
ajfa-9759	526	4	.	.	PUNCT
ajfa-9759	527	1	di	di	PROPN
ajfa-9759	527	2	,	,	PUNCT
ajfa-9759	527	3	h.	h.	PROPN
ajfa-9759	527	4	,	,	PUNCT
ajfa-9759	527	5	&	&	CCONJ
ajfa-9759	527	6	marciukaityte	marciukaityte	PROPN
ajfa-9759	527	7	,	,	PUNCT
ajfa-9759	527	8	d.	d.	PROPN
ajfa-9759	527	9	(	(	PUNCT
ajfa-9759	527	10	2015	2015	NUM
ajfa-9759	527	11	)	)	PUNCT
ajfa-9759	527	12	.	.	PUNCT
ajfa-9759	528	1	earnings	earning	NOUN
ajfa-9759	528	2	are	be	AUX
ajfa-9759	528	3	smoothing	smooth	VERB
ajfa-9759	528	4	around	around	ADP
ajfa-9759	528	5	open	open	ADJ
ajfa-9759	528	6	-	-	PUNCT
ajfa-9759	528	7	market	market	NOUN
ajfa-9759	528	8	share	share	NOUN
ajfa-9759	528	9	repurchases	repurchase	NOUN
ajfa-9759	528	10	.	.	PUNCT
ajfa-9759	529	1	review	review	NOUN
ajfa-9759	529	2	of	of	ADP
ajfa-9759	529	3	accounting	accounting	NOUN
ajfa-9759	529	4	and	and	CCONJ
ajfa-9759	529	5	finance	finance	NOUN
ajfa-9759	529	6	,	,	PUNCT
ajfa-9759	529	7	14(1	14(1	NUM
ajfa-9759	529	8	)	)	PUNCT
ajfa-9759	529	9	.	.	PUNCT
ajfa-9759	530	1	http://dx.doi.org/10.1108/raf-10-2012-0111	http://dx.doi.org/10.1108/raf-10-2012-0111	PROPN
ajfa-9759	530	2	dittmar	dittmar	NOUN
ajfa-9759	530	3	,	,	PUNCT
ajfa-9759	530	4	a.	a.	PROPN
ajfa-9759	530	5	k.	k.	PROPN
ajfa-9759	530	6	(	(	PUNCT
ajfa-9759	530	7	2000	2000	NUM
ajfa-9759	530	8	)	)	PUNCT
ajfa-9759	530	9	.	.	PUNCT
ajfa-9759	531	1	why	why	SCONJ
ajfa-9759	531	2	do	do	AUX
ajfa-9759	531	3	firms	firm	NOUN
ajfa-9759	531	4	repurchase	repurchase	VERB
ajfa-9759	531	5	stock	stock	NOUN
ajfa-9759	531	6	*	*	PUNCT
ajfa-9759	531	7	?	?	PUNCT
ajfa-9759	532	1	the	the	DET
ajfa-9759	532	2	journal	journal	NOUN
ajfa-9759	532	3	of	of	ADP
ajfa-9759	532	4	business	business	NOUN
ajfa-9759	532	5	,	,	PUNCT
ajfa-9759	532	6	73(3	73(3	NUM
ajfa-9759	532	7	)	)	PUNCT
ajfa-9759	532	8	,	,	PUNCT
ajfa-9759	532	9	331	331	NUM
ajfa-9759	532	10	-	-	SYM
ajfa-9759	532	11	355	355	NUM
ajfa-9759	532	12	.	.	PUNCT
ajfa-9759	533	1	http://dx.doi.org/10.1086/209646	http://dx.doi.org/10.1086/209646	PROPN
ajfa-9759	533	2	dua	dua	PROPN
ajfa-9759	533	3	,	,	PUNCT
ajfa-9759	533	4	vibha	vibha	NOUN
ajfa-9759	533	5	,	,	PUNCT
ajfa-9759	533	6	himanshupuri	himanshupuri	PROPN
ajfa-9759	533	7	,	,	PUNCT
ajfa-9759	533	8	&	&	CCONJ
ajfa-9759	533	9	r.	r.	PROPN
ajfa-9759	533	10	k.	k.	PROPN
ajfa-9759	533	11	mittal	mittal	PROPN
ajfa-9759	533	12	.	.	PUNCT
ajfa-9759	534	1	(	(	PUNCT
ajfa-9759	534	2	2010	2010	NUM
ajfa-9759	534	3	)	)	PUNCT
ajfa-9759	534	4	.	.	PUNCT
ajfa-9759	535	1	impact	impact	NOUN
ajfa-9759	535	2	of	of	ADP
ajfa-9759	535	3	buy	buy	NOUN
ajfa-9759	535	4	-	-	PUNCT
ajfa-9759	535	5	back	back	NOUN
ajfa-9759	535	6	of	of	ADP
ajfa-9759	535	7	shares	share	NOUN
ajfa-9759	535	8	on	on	ADP
ajfa-9759	535	9	stock	stock	NOUN
ajfa-9759	535	10	prices	price	NOUN
ajfa-9759	535	11	in	in	ADP
ajfa-9759	535	12	india	india	PROPN
ajfa-9759	535	13	:	:	PUNCT
ajfa-9759	535	14	an	an	DET
ajfa-9759	535	15	empirical	empirical	ADJ
ajfa-9759	535	16	testing	testing	NOUN
ajfa-9759	535	17	of	of	ADP
ajfa-9759	535	18	stock	stock	NOUN
ajfa-9759	535	19	market	market	NOUN
ajfa-9759	535	20	efficiency	efficiency	NOUN
ajfa-9759	535	21	in	in	ADP
ajfa-9759	535	22	its	its	PRON
ajfa-9759	535	23	semi	semi	ADJ
ajfa-9759	535	24	-	-	ADJ
ajfa-9759	535	25	strong	strong	ADJ
ajfa-9759	535	26	form	form	NOUN
ajfa-9759	535	27	.	.	PUNCT
ajfa-9759	536	1	pranjana	pranjana	PROPN
ajfa-9759	536	2	:	:	PUNCT
ajfa-9759	536	3	the	the	DET
ajfa-9759	536	4	journal	journal	NOUN
ajfa-9759	536	5	of	of	ADP
ajfa-9759	536	6	management	management	NOUN
ajfa-9759	536	7	awareness	awareness	NOUN
ajfa-9759	536	8	,	,	PUNCT
ajfa-9759	536	9	13(1	13(1	NUM
ajfa-9759	536	10	)	)	PUNCT
ajfa-9759	536	11	.	.	PUNCT
ajfa-9759	537	1	erickson	erickson	PROPN
ajfa-9759	537	2	,	,	PUNCT
ajfa-9759	537	3	m.	m.	NOUN
ajfa-9759	537	4	,	,	PUNCT
ajfa-9759	537	5	&	&	CCONJ
ajfa-9759	537	6	wang	wang	PROPN
ajfa-9759	537	7	,	,	PUNCT
ajfa-9759	537	8	s.	s.	PROPN
ajfa-9759	537	9	w.	w.	PROPN
ajfa-9759	537	10	(	(	PUNCT
ajfa-9759	537	11	1999	1999	NUM
ajfa-9759	537	12	)	)	PUNCT
ajfa-9759	537	13	.	.	PUNCT
ajfa-9759	538	1	earnings	earning	NOUN
ajfa-9759	538	2	management	management	NOUN
ajfa-9759	538	3	by	by	ADP
ajfa-9759	538	4	acquiring	acquire	VERB
ajfa-9759	538	5	firms	firm	NOUN
ajfa-9759	538	6	in	in	ADP
ajfa-9759	538	7	stock	stock	NOUN
ajfa-9759	538	8	for	for	ADP
ajfa-9759	538	9	stock	stock	NOUN
ajfa-9759	538	10	mergers	merger	NOUN
ajfa-9759	538	11	.	.	PUNCT
ajfa-9759	539	1	journal	journal	NOUN
ajfa-9759	539	2	of	of	ADP
ajfa-9759	539	3	accounting	accounting	NOUN
ajfa-9759	539	4	and	and	CCONJ
ajfa-9759	539	5	economics	economic	NOUN
ajfa-9759	539	6	,	,	PUNCT
ajfa-9759	539	7	27(2	27(2	NUM
ajfa-9759	539	8	)	)	PUNCT
ajfa-9759	539	9	,	,	PUNCT
ajfa-9759	539	10	149	149	NUM
ajfa-9759	539	11	-	-	SYM
ajfa-9759	539	12	176	176	NUM
ajfa-9759	539	13	.	.	PUNCT
ajfa-9759	540	1	http://dx.doi.org/10.1016/s0165-4101(99)00008-7	http://dx.doi.org/10.1016/s0165-4101(99)00008-7	ADJ
ajfa-9759	540	2	franz	franz	PROPN
ajfa-9759	540	3	,	,	PUNCT
ajfa-9759	540	4	d.	d.	PROPN
ajfa-9759	540	5	r.	r.	PROPN
ajfa-9759	540	6	,	,	PUNCT
ajfa-9759	540	7	rao	rao	PROPN
ajfa-9759	540	8	,	,	PUNCT
ajfa-9759	540	9	r.	r.	PROPN
ajfa-9759	540	10	p.	p.	PROPN
ajfa-9759	540	11	,	,	PUNCT
ajfa-9759	540	12	&	&	CCONJ
ajfa-9759	540	13	triparty	triparty	PROPN
ajfa-9759	540	14	,	,	PUNCT
ajfa-9759	540	15	n.	n.	PROPN
ajfa-9759	540	16	(	(	PUNCT
ajfa-9759	540	17	1995).informed	1995).informed	NUM
ajfa-9759	540	18	trading	trading	NOUN
ajfa-9759	540	19	risk	risk	NOUN
ajfa-9759	540	20	and	and	CCONJ
ajfa-9759	540	21	bid	bid	NOUN
ajfa-9759	540	22	-	-	PUNCT
ajfa-9759	540	23	ask	ask	NOUN
ajfa-9759	540	24	spread	spread	VERB
ajfa-9759	540	25	changes	change	NOUN
ajfa-9759	540	26	around	around	ADP
ajfa-9759	540	27	open	open	ADJ
ajfa-9759	540	28	market	market	NOUN
ajfa-9759	540	29	stock	stock	NOUN
ajfa-9759	540	30	repurchases	repurchase	NOUN
ajfa-9759	540	31	in	in	ADP
ajfa-9759	540	32	the	the	DET
ajfa-9759	540	33	nasdaq	nasdaq	PROPN
ajfa-9759	540	34	market	market	NOUN
ajfa-9759	540	35	.	.	PUNCT
ajfa-9759	541	1	journal	journal	NOUN
ajfa-9759	541	2	of	of	ADP
ajfa-9759	541	3	financial	financial	ADJ
ajfa-9759	541	4	research	research	NOUN
ajfa-9759	541	5	,	,	PUNCT
ajfa-9759	541	6	18(3	18(3	NUM
ajfa-9759	541	7	)	)	PUNCT
ajfa-9759	541	8	,	,	PUNCT
ajfa-9759	541	9	311	311	NUM
ajfa-9759	541	10	-	-	SYM
ajfa-9759	541	11	327	327	NUM
ajfa-9759	541	12	.	.	PUNCT
ajfa-9759	542	1	http://dx.doi.org/10.1111/j.1475-6803.1995.tb00569.x	http://dx.doi.org/10.1111/j.1475-6803.1995.tb00569.x	PROPN
ajfa-9759	542	2	farrugia	farrugia	PROPN
ajfa-9759	542	3	,	,	PUNCT
ajfa-9759	542	4	d.	d.	PROPN
ajfa-9759	542	5	,	,	PUNCT
ajfa-9759	542	6	graham	graham	PROPN
ajfa-9759	542	7	,	,	PUNCT
ajfa-9759	542	8	m.	m.	NOUN
ajfa-9759	542	9	,	,	PUNCT
ajfa-9759	542	10	&	&	CCONJ
ajfa-9759	542	11	yawson	yawson	PROPN
ajfa-9759	542	12	,	,	PUNCT
ajfa-9759	542	13	a.	a.	NOUN
ajfa-9759	542	14	(	(	PUNCT
ajfa-9759	542	15	2011	2011	NUM
ajfa-9759	542	16	)	)	PUNCT
ajfa-9759	542	17	.	.	PUNCT
ajfa-9759	543	1	economic	economic	ADJ
ajfa-9759	543	2	conditions	condition	NOUN
ajfa-9759	543	3	and	and	CCONJ
ajfa-9759	543	4	the	the	DET
ajfa-9759	543	5	motives	motive	NOUN
ajfa-9759	543	6	for	for	ADP
ajfa-9759	543	7	multiple	multiple	ADJ
ajfa-9759	543	8	open	open	ADJ
ajfa-9759	543	9	-	-	PUNCT
ajfa-9759	543	10	market	market	NOUN
ajfa-9759	543	11	share	share	NOUN
ajfa-9759	543	12	buybacks	buyback	NOUN
ajfa-9759	543	13	.	.	PUNCT
ajfa-9759	544	1	research	research	NOUN
ajfa-9759	544	2	in	in	ADP
ajfa-9759	544	3	international	international	ADJ
ajfa-9759	544	4	business	business	NOUN
ajfa-9759	544	5	and	and	CCONJ
ajfa-9759	544	6	finance	finance	NOUN
ajfa-9759	544	7	,	,	PUNCT
ajfa-9759	544	8	25(2	25(2	NUM
ajfa-9759	544	9	)	)	PUNCT
ajfa-9759	544	10	,	,	PUNCT
ajfa-9759	544	11	156	156	NUM
ajfa-9759	544	12	-	-	SYM
ajfa-9759	544	13	168	168	NUM
ajfa-9759	544	14	.	.	PUNCT
ajfa-9759	545	1	http://dx.doi.org/10.1016/j.ribaf.2011.01.003	http://dx.doi.org/10.1016/j.ribaf.2011.01.003	PROPN
ajfa-9759	545	2	ginglinger	ginglinger	NOUN
ajfa-9759	545	3	,	,	PUNCT
ajfa-9759	545	4	e.	e.	PROPN
ajfa-9759	545	5	,	,	PUNCT
ajfa-9759	545	6	&	&	CCONJ
ajfa-9759	545	7	hamon	hamon	PROPN
ajfa-9759	545	8	,	,	PUNCT
ajfa-9759	545	9	j.	j.	PROPN
ajfa-9759	545	10	(	(	PUNCT
ajfa-9759	545	11	2007	2007	NUM
ajfa-9759	545	12	)	)	PUNCT
ajfa-9759	545	13	.	.	PUNCT
ajfa-9759	546	1	actual	actual	ADJ
ajfa-9759	546	2	share	share	NOUN
ajfa-9759	546	3	repurchases	repurchase	NOUN
ajfa-9759	546	4	timing	timing	NOUN
ajfa-9759	546	5	and	and	CCONJ
ajfa-9759	546	6	liquidity	liquidity	NOUN
ajfa-9759	546	7	.	.	PUNCT
ajfa-9759	547	1	journal	journal	PROPN
ajfa-9759	547	2	of	of	ADP
ajfa-9759	547	3	banking	banking	NOUN
ajfa-9759	547	4	&	&	CCONJ
ajfa-9759	547	5	finance	finance	PROPN
ajfa-9759	547	6	,	,	PUNCT
ajfa-9759	547	7	31(3	31(3	NUM
ajfa-9759	547	8	)	)	PUNCT
ajfa-9759	547	9	,	,	PUNCT
ajfa-9759	547	10	915	915	NUM
ajfa-9759	547	11	-	-	SYM
ajfa-9759	547	12	938	938	NUM
ajfa-9759	547	13	.	.	PUNCT
ajfa-9759	548	1	http://dx.doi.org/10.1016/j.jbankfin.2006.07.006	http://dx.doi.org/10.1016/j.jbankfin.2006.07.006	NOUN
ajfa-9759	548	2	gong	gong	NOUN
ajfa-9759	548	3	,	,	PUNCT
ajfa-9759	548	4	g.	g.	PROPN
ajfa-9759	548	5	,	,	PUNCT
ajfa-9759	548	6	louis	louis	PROPN
ajfa-9759	548	7	,	,	PUNCT
ajfa-9759	548	8	h.	h.	PROPN
ajfa-9759	548	9	,	,	PUNCT
ajfa-9759	548	10	&	&	CCONJ
ajfa-9759	548	11	sun	sun	PROPN
ajfa-9759	548	12	,	,	PUNCT
ajfa-9759	548	13	a.	a.	NOUN
ajfa-9759	548	14	x.	x.	NOUN
ajfa-9759	548	15	(	(	PUNCT
ajfa-9759	548	16	2008	2008	NUM
ajfa-9759	548	17	)	)	PUNCT
ajfa-9759	548	18	.	.	PUNCT
ajfa-9759	549	1	earnings	earning	NOUN
ajfa-9759	549	2	management	management	NOUN
ajfa-9759	549	3	and	and	CCONJ
ajfa-9759	549	4	firm	firm	ADJ
ajfa-9759	549	5	performance	performance	NOUN
ajfa-9759	549	6	following	follow	VERB
ajfa-9759	549	7	open‐market	open‐market	NOUN
ajfa-9759	549	8	repurchases	repurchase	NOUN
ajfa-9759	549	9	.	.	PUNCT
ajfa-9759	550	1	the	the	DET
ajfa-9759	550	2	journal	journal	NOUN
ajfa-9759	550	3	of	of	ADP
ajfa-9759	550	4	finance	finance	NOUN
ajfa-9759	550	5	,	,	PUNCT
ajfa-9759	550	6	63(2	63(2	NUM
ajfa-9759	550	7	)	)	PUNCT
ajfa-9759	550	8	,	,	PUNCT
ajfa-9759	550	9	947	947	NUM
ajfa-9759	550	10	-	-	SYM
ajfa-9759	550	11	986	986	NUM
ajfa-9759	550	12	.	.	PUNCT
ajfa-9759	551	1	http://dx.doi.org/10.1111/j.1540-6261.2008.01336.x	http://dx.doi.org/10.1111/j.1540-6261.2008.01336.x	PRON
ajfa-9759	551	2	grullon	grullon	NOUN
ajfa-9759	551	3	,	,	PUNCT
ajfa-9759	551	4	g.	g.	PROPN
ajfa-9759	551	5	,	,	PUNCT
ajfa-9759	551	6	&	&	CCONJ
ajfa-9759	551	7	michaely	michaely	ADV
ajfa-9759	551	8	,	,	PUNCT
ajfa-9759	551	9	r.	r.	PROPN
ajfa-9759	551	10	(	(	PUNCT
ajfa-9759	551	11	2002	2002	NUM
ajfa-9759	551	12	)	)	PUNCT
ajfa-9759	551	13	..	..	PUNCT
ajfa-9759	552	1	"	"	PUNCT
ajfa-9759	552	2	dividends	dividend	NOUN
ajfa-9759	552	3	,	,	PUNCT
ajfa-9759	552	4	share	share	NOUN
ajfa-9759	552	5	repurchases	repurchase	NOUN
ajfa-9759	552	6	,	,	PUNCT
ajfa-9759	552	7	and	and	CCONJ
ajfa-9759	552	8	the	the	DET
ajfa-9759	552	9	substitution	substitution	NOUN
ajfa-9759	552	10	hypothesis	hypothesis	NOUN
ajfa-9759	552	11	.	.	PUNCT
ajfa-9759	552	12	"	"	PUNCT
ajfa-9759	553	1	the	the	DET
ajfa-9759	553	2	journal	journal	NOUN
ajfa-9759	553	3	of	of	ADP
ajfa-9759	553	4	finance	finance	NOUN
ajfa-9759	553	5	57.4	57.4	NUM
ajfa-9759	553	6	(	(	PUNCT
ajfa-9759	553	7	2002	2002	NUM
ajfa-9759	553	8	):	):	PUNCT
ajfa-9759	553	9	1649	1649	NUM
ajfa-9759	553	10	-	-	SYM
ajfa-9759	553	11	1684	1684	NUM
ajfa-9759	553	12	.	.	PUNCT
ajfa-9759	554	1	asian	asian	ADJ
ajfa-9759	554	2	journal	journal	PROPN
ajfa-9759	554	3	of	of	ADP
ajfa-9759	554	4	finance	finance	PROPN
ajfa-9759	554	5	&	&	CCONJ
ajfa-9759	554	6	accounting	accounting	PROPN
ajfa-9759	554	7	issn	issn	PROPN
ajfa-9759	554	8	1946	1946	NUM
ajfa-9759	554	9	-	-	PUNCT
ajfa-9759	554	10	052x	052x	PROPN
ajfa-9759	554	11	2016	2016	NUM
ajfa-9759	554	12	,	,	PUNCT
ajfa-9759	554	13	vol	vol	NOUN
ajfa-9759	554	14	.	.	PROPN
ajfa-9759	554	15	8	8	NUM
ajfa-9759	554	16	,	,	PUNCT
ajfa-9759	554	17	no	no	INTJ
ajfa-9759	554	18	.	.	NOUN
ajfa-9759	554	19	2	2	NUM
ajfa-9759	554	20	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9759	554	21	27	27	NUM
ajfa-9759	554	22	grullon	grullon	NOUN
ajfa-9759	554	23	,	,	PUNCT
ajfa-9759	554	24	g.	g.	PROPN
ajfa-9759	554	25	,	,	PUNCT
ajfa-9759	554	26	&	&	CCONJ
ajfa-9759	554	27	michaely	michaely	ADV
ajfa-9759	554	28	,	,	PUNCT
ajfa-9759	554	29	r.	r.	PROPN
ajfa-9759	554	30	(	(	PUNCT
ajfa-9759	554	31	2004	2004	NUM
ajfa-9759	554	32	)	)	PUNCT
ajfa-9759	554	33	.	.	PUNCT
ajfa-9759	555	1	the	the	DET
ajfa-9759	555	2	information	information	NOUN
ajfa-9759	555	3	content	content	NOUN
ajfa-9759	555	4	of	of	ADP
ajfa-9759	555	5	share	share	NOUN
ajfa-9759	555	6	repurchases	repurchase	NOUN
ajfa-9759	555	7	programs	program	NOUN
ajfa-9759	555	8	.	.	PUNCT
ajfa-9759	556	1	the	the	DET
ajfa-9759	556	2	journal	journal	PROPN
ajfa-9759	556	3	of	of	ADP
ajfa-9759	556	4	finance	finance	NOUN
ajfa-9759	556	5	,	,	PUNCT
ajfa-9759	556	6	59(2	59(2	NUM
ajfa-9759	556	7	)	)	PUNCT
ajfa-9759	556	8	,	,	PUNCT
ajfa-9759	556	9	651	651	NUM
ajfa-9759	556	10	-	-	SYM
ajfa-9759	556	11	680	680	NUM
ajfa-9759	556	12	.	.	PUNCT
ajfa-9759	557	1	http://dx.doi.org/10.1111/j.1540-6261.2004.00645.x	http://dx.doi.org/10.1111/j.1540-6261.2004.00645.x	ADJ
ajfa-9759	557	2	haw	haw	NOUN
ajfa-9759	557	3	,	,	PUNCT
ajfa-9759	557	4	i.	i.	NOUN
ajfa-9759	557	5	m.	m.	PROPN
ajfa-9759	557	6	,	,	PUNCT
ajfa-9759	557	7	ho	ho	PROPN
ajfa-9759	557	8	,	,	PUNCT
ajfa-9759	557	9	s.	s.	PROPN
ajfa-9759	557	10	s.	s.	PROPN
ajfa-9759	557	11	,	,	PUNCT
ajfa-9759	557	12	hu	hu	PROPN
ajfa-9759	557	13	,	,	PUNCT
ajfa-9759	557	14	b.	b.	PROPN
ajfa-9759	557	15	,	,	PUNCT
ajfa-9759	557	16	&	&	CCONJ
ajfa-9759	557	17	zhang	zhang	PROPN
ajfa-9759	557	18	,	,	PUNCT
ajfa-9759	557	19	x.	x.	PROPN
ajfa-9759	557	20	(	(	PUNCT
ajfa-9759	557	21	2013	2013	NUM
ajfa-9759	557	22	)	)	PUNCT
ajfa-9759	557	23	.	.	PUNCT
ajfa-9759	558	1	legal	legal	ADJ
ajfa-9759	558	2	institutions	institution	NOUN
ajfa-9759	558	3	,	,	PUNCT
ajfa-9759	558	4	ownership	ownership	NOUN
ajfa-9759	558	5	concentration	concentration	NOUN
ajfa-9759	558	6	,	,	PUNCT
ajfa-9759	558	7	and	and	CCONJ
ajfa-9759	558	8	stock	stock	NOUN
ajfa-9759	558	9	repurchases	repurchase	NOUN
ajfa-9759	558	10	around	around	ADP
ajfa-9759	558	11	the	the	DET
ajfa-9759	558	12	world	world	NOUN
ajfa-9759	558	13	:	:	PUNCT
ajfa-9759	558	14	signal	signal	VERB
ajfa-9759	558	15	mimicking	mimicking	NOUN
ajfa-9759	558	16	?	?	PUNCT
ajfa-9759	559	1	the	the	DET
ajfa-9759	559	2	international	international	ADJ
ajfa-9759	559	3	journal	journal	NOUN
ajfa-9759	559	4	of	of	ADP
ajfa-9759	559	5	accounting	accounting	NOUN
ajfa-9759	559	6	,	,	PUNCT
ajfa-9759	559	7	48(4	48(4	NUM
ajfa-9759	559	8	)	)	PUNCT
ajfa-9759	559	9	,	,	PUNCT
ajfa-9759	559	10	427	427	NUM
ajfa-9759	559	11	-	-	SYM
ajfa-9759	559	12	458	458	NUM
ajfa-9759	559	13	.	.	PUNCT
ajfa-9759	560	1	http://dx.doi.org/10.1016/j.intacc.2013.10.002	http://dx.doi.org/10.1016/j.intacc.2013.10.002	PROPN
ajfa-9759	560	2	healy	healy	PROPN
ajfa-9759	560	3	,	,	PUNCT
ajfa-9759	560	4	p.	p.	NOUN
ajfa-9759	560	5	m.	m.	NOUN
ajfa-9759	560	6	,	,	PUNCT
ajfa-9759	560	7	&	&	CCONJ
ajfa-9759	560	8	wahlen	wahlen	PROPN
ajfa-9759	560	9	,	,	PUNCT
ajfa-9759	560	10	j.	j.	PROPN
ajfa-9759	560	11	m.	m.	PROPN
ajfa-9759	560	12	(	(	PUNCT
ajfa-9759	560	13	1999	1999	NUM
ajfa-9759	560	14	)	)	PUNCT
ajfa-9759	560	15	.	.	PUNCT
ajfa-9759	561	1	a	a	DET
ajfa-9759	561	2	review	review	NOUN
ajfa-9759	561	3	of	of	ADP
ajfa-9759	561	4	the	the	DET
ajfa-9759	561	5	earnings	earning	NOUN
ajfa-9759	561	6	management	management	NOUN
ajfa-9759	561	7	literature	literature	NOUN
ajfa-9759	561	8	and	and	CCONJ
ajfa-9759	561	9	its	its	PRON
ajfa-9759	561	10	implications	implication	NOUN
ajfa-9759	561	11	for	for	ADP
ajfa-9759	561	12	standard	standard	ADJ
ajfa-9759	561	13	setting	setting	NOUN
ajfa-9759	561	14	.	.	PUNCT
ajfa-9759	562	1	accounting	accounting	NOUN
ajfa-9759	562	2	horizons	horizon	NOUN
ajfa-9759	562	3	,	,	PUNCT
ajfa-9759	562	4	13(4	13(4	NUM
ajfa-9759	562	5	)	)	PUNCT
ajfa-9759	562	6	,	,	PUNCT
ajfa-9759	562	7	365	365	NUM
ajfa-9759	562	8	-	-	SYM
ajfa-9759	562	9	383	383	NUM
ajfa-9759	562	10	.	.	PUNCT
ajfa-9759	563	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-9759	563	2	hovakimian	hovakimian	PROPN
ajfa-9759	563	3	,	,	PUNCT
ajfa-9759	563	4	a.	a.	NOUN
ajfa-9759	563	5	,	,	PUNCT
ajfa-9759	563	6	opler	opler	ADJ
ajfa-9759	563	7	,	,	PUNCT
ajfa-9759	563	8	t.	t.	PROPN
ajfa-9759	563	9	,	,	PUNCT
ajfa-9759	563	10	&	&	CCONJ
ajfa-9759	563	11	titman	titman	PROPN
ajfa-9759	563	12	,	,	PUNCT
ajfa-9759	563	13	s.	s.	PROPN
ajfa-9759	563	14	(	(	PUNCT
ajfa-9759	563	15	2001	2001	NUM
ajfa-9759	563	16	)	)	PUNCT
ajfa-9759	563	17	.	.	PUNCT
ajfa-9759	564	1	the	the	DET
ajfa-9759	564	2	debt	debt	NOUN
ajfa-9759	564	3	-	-	PUNCT
ajfa-9759	564	4	equity	equity	NOUN
ajfa-9759	564	5	choice	choice	NOUN
ajfa-9759	564	6	.	.	PUNCT
ajfa-9759	565	1	journal	journal	NOUN
ajfa-9759	565	2	of	of	ADP
ajfa-9759	565	3	financial	financial	ADJ
ajfa-9759	565	4	and	and	CCONJ
ajfa-9759	565	5	quantitative	quantitative	ADJ
ajfa-9759	565	6	analysis	analysis	NOUN
ajfa-9759	565	7	,	,	PUNCT
ajfa-9759	565	8	36(01	36(01	NUM
ajfa-9759	565	9	)	)	PUNCT
ajfa-9759	565	10	,	,	PUNCT
ajfa-9759	565	11	1	1	NUM
ajfa-9759	565	12	-	-	SYM
ajfa-9759	565	13	24	24	NUM
ajfa-9759	565	14	.	.	PUNCT
ajfa-9759	566	1	http://dx.doi.org/10.2307/2676195	http://dx.doi.org/10.2307/2676195	PROPN
ajfa-9759	566	2	hyderabad	hyderabad	PROPN
ajfa-9759	566	3	,	,	PUNCT
ajfa-9759	566	4	r.	r.	PROPN
ajfa-9759	566	5	l.	l.	PROPN
ajfa-9759	566	6	(	(	PUNCT
ajfa-9759	566	7	2013	2013	NUM
ajfa-9759	566	8	)	)	PUNCT
ajfa-9759	566	9	.	.	PUNCT
ajfa-9759	567	1	an	an	DET
ajfa-9759	567	2	examination	examination	NOUN
ajfa-9759	567	3	of	of	ADP
ajfa-9759	567	4	free	free	ADJ
ajfa-9759	567	5	cash	cash	NOUN
ajfa-9759	567	6	flow	flow	NOUN
ajfa-9759	567	7	hypothesis	hypothesis	NOUN
ajfa-9759	567	8	in	in	ADP
ajfa-9759	567	9	indian	indian	ADJ
ajfa-9759	567	10	repurchase	repurchase	NOUN
ajfa-9759	567	11	decisions	decision	NOUN
ajfa-9759	567	12	.	.	PUNCT
ajfa-9759	568	1	asian	asian	ADJ
ajfa-9759	568	2	journal	journal	PROPN
ajfa-9759	568	3	of	of	ADP
ajfa-9759	568	4	business	business	NOUN
ajfa-9759	568	5	management	management	NOUN
ajfa-9759	568	6	,	,	PUNCT
ajfa-9759	568	7	5(1	5(1	NUM
ajfa-9759	568	8	)	)	PUNCT
ajfa-9759	568	9	,	,	PUNCT
ajfa-9759	568	10	1	1	NUM
ajfa-9759	568	11	-	-	SYM
ajfa-9759	568	12	12	12	NUM
ajfa-9759	568	13	.	.	PUNCT
ajfa-9759	569	1	hyderabad	hyderabad	PROPN
ajfa-9759	569	2	,	,	PUNCT
ajfa-9759	569	3	r.	r.	PROPN
ajfa-9759	569	4	l.	l.	PROPN
ajfa-9759	569	5	(	(	PUNCT
ajfa-9759	569	6	2013	2013	NUM
ajfa-9759	569	7	)	)	PUNCT
ajfa-9759	569	8	.	.	PUNCT
ajfa-9759	570	1	are	be	AUX
ajfa-9759	570	2	share	share	NOUN
ajfa-9759	570	3	repurchases	repurchase	NOUN
ajfa-9759	570	4	substitutes	substitute	NOUN
ajfa-9759	570	5	for	for	ADP
ajfa-9759	570	6	dividend	dividend	NOUN
ajfa-9759	570	7	payment	payment	NOUN
ajfa-9759	570	8	in	in	ADP
ajfa-9759	570	9	india	india	PROPN
ajfa-9759	570	10	?	?	PUNCT
ajfa-9759	571	1	the	the	DET
ajfa-9759	571	2	iup	iup	PROPN
ajfa-9759	571	3	journal	journal	NOUN
ajfa-9759	571	4	of	of	ADP
ajfa-9759	571	5	applied	apply	VERB
ajfa-9759	571	6	finance	finance	NOUN
ajfa-9759	571	7	,	,	PUNCT
ajfa-9759	571	8	19(1	19(1	NUM
ajfa-9759	571	9	)	)	PUNCT
ajfa-9759	571	10	,	,	PUNCT
ajfa-9759	571	11	27	27	NUM
ajfa-9759	571	12	-	-	SYM
ajfa-9759	571	13	46	46	NUM
ajfa-9759	571	14	.	.	PUNCT
ajfa-9759	572	1	jagannathan	jagannathan	PROPN
ajfa-9759	572	2	,	,	PUNCT
ajfa-9759	572	3	m.	m.	NOUN
ajfa-9759	572	4	,	,	PUNCT
ajfa-9759	572	5	stephens	stephen	NOUN
ajfa-9759	572	6	,	,	PUNCT
ajfa-9759	572	7	c.	c.	PROPN
ajfa-9759	572	8	p.	p.	PROPN
ajfa-9759	572	9	,	,	PUNCT
ajfa-9759	572	10	&	&	CCONJ
ajfa-9759	572	11	weisbach	weisbach	NOUN
ajfa-9759	572	12	,	,	PUNCT
ajfa-9759	572	13	m.	m.	NOUN
ajfa-9759	572	14	s.	s.	PROPN
ajfa-9759	572	15	(	(	PUNCT
ajfa-9759	572	16	2000	2000	NUM
ajfa-9759	572	17	)	)	PUNCT
ajfa-9759	572	18	.	.	PUNCT
ajfa-9759	573	1	financial	financial	ADJ
ajfa-9759	573	2	flexibility	flexibility	NOUN
ajfa-9759	573	3	and	and	CCONJ
ajfa-9759	573	4	the	the	DET
ajfa-9759	573	5	choice	choice	NOUN
ajfa-9759	573	6	between	between	ADP
ajfa-9759	573	7	dividends	dividend	NOUN
ajfa-9759	573	8	and	and	CCONJ
ajfa-9759	573	9	stock	stock	NOUN
ajfa-9759	573	10	repurchases	repurchase	NOUN
ajfa-9759	573	11	.	.	PUNCT
ajfa-9759	574	1	journal	journal	NOUN
ajfa-9759	574	2	of	of	ADP
ajfa-9759	574	3	financial	financial	ADJ
ajfa-9759	574	4	economics	economic	NOUN
ajfa-9759	574	5	,	,	PUNCT
ajfa-9759	574	6	57(3	57(3	NUM
ajfa-9759	574	7	)	)	PUNCT
ajfa-9759	574	8	,	,	PUNCT
ajfa-9759	574	9	355	355	NUM
ajfa-9759	574	10	-	-	SYM
ajfa-9759	574	11	384	384	NUM
ajfa-9759	574	12	.	.	PUNCT
ajfa-9759	575	1	http://dx.doi.org/10.1016/s0304-405x(00)00061-1	http://dx.doi.org/10.1016/s0304-405x(00)00061-1	PROPN
ajfa-9759	575	2	jagannathan	jagannathan	PROPN
ajfa-9759	575	3	,	,	PUNCT
ajfa-9759	575	4	m.	m.	NOUN
ajfa-9759	575	5	,	,	PUNCT
ajfa-9759	575	6	&	&	CCONJ
ajfa-9759	575	7	stephens	stephens	PROPN
ajfa-9759	575	8	,	,	PUNCT
ajfa-9759	575	9	c.	c.	PROPN
ajfa-9759	575	10	(	(	PUNCT
ajfa-9759	575	11	2003	2003	NUM
ajfa-9759	575	12	)	)	PUNCT
ajfa-9759	575	13	.	.	PUNCT
ajfa-9759	576	1	motives	motive	NOUN
ajfa-9759	576	2	for	for	ADP
ajfa-9759	576	3	multiple	multiple	ADJ
ajfa-9759	576	4	open	open	ADJ
ajfa-9759	576	5	-	-	PUNCT
ajfa-9759	576	6	market	market	NOUN
ajfa-9759	576	7	repurchase	repurchase	NOUN
ajfa-9759	576	8	programs	program	NOUN
ajfa-9759	576	9	.	.	PUNCT
ajfa-9759	577	1	financial	financial	ADJ
ajfa-9759	577	2	management	management	NOUN
ajfa-9759	577	3	,	,	PUNCT
ajfa-9759	577	4	71	71	NUM
ajfa-9759	577	5	-	-	SYM
ajfa-9759	577	6	91	91	NUM
ajfa-9759	577	7	.	.	PUNCT
ajfa-9759	578	1	http://dx.doi.org/10.2307/3666337	http://dx.doi.org/10.2307/3666337	PROPN
ajfa-9759	578	2	jensen	jensen	PROPN
ajfa-9759	578	3	,	,	PUNCT
ajfa-9759	578	4	m.	m.	PROPN
ajfa-9759	578	5	c.	c.	PROPN
ajfa-9759	578	6	(	(	PUNCT
ajfa-9759	578	7	1986	1986	NUM
ajfa-9759	578	8	)	)	PUNCT
ajfa-9759	578	9	.	.	PUNCT
ajfa-9759	579	1	agency	agency	NOUN
ajfa-9759	579	2	cost	cost	NOUN
ajfa-9759	579	3	of	of	ADP
ajfa-9759	579	4	free	free	ADJ
ajfa-9759	579	5	cash	cash	NOUN
ajfa-9759	579	6	flow	flow	NOUN
ajfa-9759	579	7	,	,	PUNCT
ajfa-9759	579	8	corporate	corporate	ADJ
ajfa-9759	579	9	finance	finance	NOUN
ajfa-9759	579	10	,	,	PUNCT
ajfa-9759	579	11	and	and	CCONJ
ajfa-9759	579	12	takeovers	takeover	NOUN
ajfa-9759	579	13	.	.	PUNCT
ajfa-9759	580	1	corporate	corporate	ADJ
ajfa-9759	580	2	finance	finance	NOUN
ajfa-9759	580	3	and	and	CCONJ
ajfa-9759	580	4	takeovers	takeover	NOUN
ajfa-9759	580	5	.	.	PUNCT
ajfa-9759	581	1	american	american	PROPN
ajfa-9759	581	2	economic	economic	PROPN
ajfa-9759	581	3	review	review	PROPN
ajfa-9759	581	4	,	,	PUNCT
ajfa-9759	581	5	76(2	76(2	NUM
ajfa-9759	581	6	)	)	PUNCT
ajfa-9759	581	7	.	.	PUNCT
ajfa-9759	582	1	kahle	kahle	PROPN
ajfa-9759	582	2	,	,	PUNCT
ajfa-9759	582	3	k.	k.	PROPN
ajfa-9759	582	4	m.	m.	PROPN
ajfa-9759	582	5	(	(	PUNCT
ajfa-9759	582	6	2002	2002	NUM
ajfa-9759	582	7	)	)	PUNCT
ajfa-9759	582	8	.	.	PUNCT
ajfa-9759	583	1	when	when	SCONJ
ajfa-9759	583	2	a	a	DET
ajfa-9759	583	3	buyback	buyback	NOUN
ajfa-9759	583	4	isn’ta	isn’ta	ADJ
ajfa-9759	583	5	buyback	buyback	NOUN
ajfa-9759	583	6	:	:	PUNCT
ajfa-9759	583	7	open	open	ADJ
ajfa-9759	583	8	market	market	NOUN
ajfa-9759	583	9	repurchases	repurchase	NOUN
ajfa-9759	583	10	and	and	CCONJ
ajfa-9759	583	11	employee	employee	NOUN
ajfa-9759	583	12	options	option	NOUN
ajfa-9759	583	13	.	.	PUNCT
ajfa-9759	584	1	journal	journal	NOUN
ajfa-9759	584	2	of	of	ADP
ajfa-9759	584	3	financial	financial	ADJ
ajfa-9759	584	4	economics	economic	NOUN
ajfa-9759	584	5	,	,	PUNCT
ajfa-9759	584	6	63(2	63(2	NUM
ajfa-9759	584	7	)	)	PUNCT
ajfa-9759	584	8	,	,	PUNCT
ajfa-9759	584	9	235	235	NUM
ajfa-9759	584	10	-	-	SYM
ajfa-9759	584	11	261	261	NUM
ajfa-9759	584	12	.	.	PUNCT
ajfa-9759	585	1	http://dx.doi.org/10.1016/s0304-405x(01)00095-2	http://dx.doi.org/10.1016/s0304-405x(01)00095-2	PROPN
ajfa-9759	585	2	khaledi	khaledi	PROPN
ajfa-9759	585	3	,	,	PUNCT
ajfa-9759	585	4	n.	n.	PROPN
ajfa-9759	585	5	(	(	PUNCT
ajfa-9759	585	6	2013	2013	NUM
ajfa-9759	585	7	)	)	PUNCT
ajfa-9759	585	8	.	.	PUNCT
ajfa-9759	586	1	determinants	determinant	NOUN
ajfa-9759	586	2	of	of	ADP
ajfa-9759	586	3	firms	firm	NOUN
ajfa-9759	586	4	managing	manage	VERB
ajfa-9759	586	5	eps	eps	PROPN
ajfa-9759	586	6	through	through	ADP
ajfa-9759	586	7	share	share	NOUN
ajfa-9759	586	8	repurchases	repurchase	NOUN
ajfa-9759	586	9	.	.	PUNCT
ajfa-9759	587	1	academy	academy	NOUN
ajfa-9759	587	2	of	of	ADP
ajfa-9759	587	3	accounting	accounting	PROPN
ajfa-9759	587	4	and	and	CCONJ
ajfa-9759	587	5	financial	financial	ADJ
ajfa-9759	587	6	studies	study	NOUN
ajfa-9759	587	7	journal	journal	NOUN
ajfa-9759	587	8	,	,	PUNCT
ajfa-9759	587	9	17(4	17(4	NUM
ajfa-9759	587	10	)	)	PUNCT
ajfa-9759	587	11	,	,	PUNCT
ajfa-9759	587	12	83	83	NUM
ajfa-9759	587	13	.	.	PUNCT
ajfa-9759	588	1	lee	lee	PROPN
ajfa-9759	588	2	,	,	PUNCT
ajfa-9759	588	3	b.	b.	PROPN
ajfa-9759	588	4	s.	s.	PROPN
ajfa-9759	588	5	,	,	PUNCT
ajfa-9759	588	6	&	&	CCONJ
ajfa-9759	588	7	suh	suh	PROPN
ajfa-9759	588	8	,	,	PUNCT
ajfa-9759	588	9	j.	j.	PROPN
ajfa-9759	588	10	(	(	PUNCT
ajfa-9759	588	11	2011	2011	NUM
ajfa-9759	588	12	)	)	PUNCT
ajfa-9759	588	13	.	.	PUNCT
ajfa-9759	589	1	cash	cash	NOUN
ajfa-9759	589	2	holdings	holding	NOUN
ajfa-9759	589	3	and	and	CCONJ
ajfa-9759	589	4	share	share	NOUN
ajfa-9759	589	5	repurchases	repurchase	NOUN
ajfa-9759	589	6	:	:	PUNCT
ajfa-9759	589	7	international	international	ADJ
ajfa-9759	589	8	evidence	evidence	NOUN
ajfa-9759	589	9	.	.	PUNCT
ajfa-9759	590	1	journal	journal	NOUN
ajfa-9759	590	2	of	of	ADP
ajfa-9759	590	3	corporate	corporate	ADJ
ajfa-9759	590	4	finance	finance	NOUN
ajfa-9759	590	5	,	,	PUNCT
ajfa-9759	590	6	17(5	17(5	NUM
ajfa-9759	590	7	)	)	PUNCT
ajfa-9759	590	8	,	,	PUNCT
ajfa-9759	590	9	1306	1306	NUM
ajfa-9759	590	10	-	-	SYM
ajfa-9759	590	11	1329	1329	NUM
ajfa-9759	590	12	.	.	PUNCT
ajfa-9759	591	1	http://dx.doi.org/10.1016/j.jcorpfin.2011.06.006	http://dx.doi.org/10.1016/j.jcorpfin.2011.06.006	PROPN
ajfa-9759	591	2	li	li	PROPN
ajfa-9759	591	3	,	,	PUNCT
ajfa-9759	591	4	k.	k.	PROPN
ajfa-9759	591	5	,	,	PUNCT
ajfa-9759	591	6	&	&	CCONJ
ajfa-9759	591	7	mcnally	mcnally	PROPN
ajfa-9759	591	8	,	,	PUNCT
ajfa-9759	591	9	w.	w.	PROPN
ajfa-9759	591	10	(	(	PUNCT
ajfa-9759	591	11	2007	2007	NUM
ajfa-9759	591	12	)	)	PUNCT
ajfa-9759	591	13	.	.	PUNCT
ajfa-9759	592	1	the	the	DET
ajfa-9759	592	2	information	information	NOUN
ajfa-9759	592	3	content	content	NOUN
ajfa-9759	592	4	of	of	ADP
ajfa-9759	592	5	canadian	canadian	ADJ
ajfa-9759	592	6	open	open	ADJ
ajfa-9759	592	7	market	market	NOUN
ajfa-9759	592	8	repurchases	repurchase	NOUN
ajfa-9759	592	9	announcements	announcement	NOUN
ajfa-9759	592	10	.	.	PUNCT
ajfa-9759	593	1	managerial	managerial	ADJ
ajfa-9759	593	2	finance	finance	NOUN
ajfa-9759	593	3	,	,	PUNCT
ajfa-9759	593	4	33(1	33(1	NUM
ajfa-9759	593	5	)	)	PUNCT
ajfa-9759	593	6	,	,	PUNCT
ajfa-9759	593	7	65	65	NUM
ajfa-9759	593	8	-	-	SYM
ajfa-9759	593	9	80	80	NUM
ajfa-9759	593	10	.	.	PUNCT
ajfa-9759	594	1	http://dx.doi.org/10.1108/03074350710715818	http://dx.doi.org/10.1108/03074350710715818	PROPN
ajfa-9759	594	2	liang	liang	PROPN
ajfa-9759	594	3	,	,	PUNCT
ajfa-9759	594	4	w.	w.	PROPN
ajfa-9759	594	5	l.	l.	PROPN
ajfa-9759	594	6	(	(	PUNCT
ajfa-9759	594	7	2012	2012	NUM
ajfa-9759	594	8	)	)	PUNCT
ajfa-9759	594	9	.	.	PUNCT
ajfa-9759	595	1	the	the	DET
ajfa-9759	595	2	information	information	NOUN
ajfa-9759	595	3	content	content	NOUN
ajfa-9759	595	4	of	of	ADP
ajfa-9759	595	5	repurchase	repurchase	NOUN
ajfa-9759	595	6	signals	signal	NOUN
ajfa-9759	595	7	:	:	PUNCT
ajfa-9759	595	8	tangible	tangible	ADJ
ajfa-9759	595	9	or	or	CCONJ
ajfa-9759	595	10	intangible	intangible	ADJ
ajfa-9759	595	11	information	information	NOUN
ajfa-9759	595	12	?	?	PUNCT
ajfa-9759	596	1	journal	journal	NOUN
ajfa-9759	596	2	of	of	ADP
ajfa-9759	596	3	banking	banking	NOUN
ajfa-9759	596	4	&	&	CCONJ
ajfa-9759	596	5	finance	finance	PROPN
ajfa-9759	596	6	,	,	PUNCT
ajfa-9759	596	7	36(1	36(1	NUM
ajfa-9759	596	8	)	)	PUNCT
ajfa-9759	596	9	,	,	PUNCT
ajfa-9759	596	10	261	261	NUM
ajfa-9759	596	11	-	-	SYM
ajfa-9759	596	12	274	274	NUM
ajfa-9759	596	13	.	.	PUNCT
ajfa-9759	597	1	http://dx.doi.org/10.1016/j.jbankfin.2011.07.004	http://dx.doi.org/10.1016/j.jbankfin.2011.07.004	PROPN
ajfa-9759	597	2	asian	asian	ADJ
ajfa-9759	597	3	journal	journal	NOUN
ajfa-9759	597	4	of	of	ADP
ajfa-9759	597	5	finance	finance	PROPN
ajfa-9759	597	6	&	&	CCONJ
ajfa-9759	597	7	accounting	accounting	PROPN
ajfa-9759	597	8	issn	issn	PROPN
ajfa-9759	597	9	1946	1946	NUM
ajfa-9759	597	10	-	-	PUNCT
ajfa-9759	597	11	052x	052x	PROPN
ajfa-9759	597	12	2016	2016	NUM
ajfa-9759	597	13	,	,	PUNCT
ajfa-9759	597	14	vol	vol	NOUN
ajfa-9759	597	15	.	.	PROPN
ajfa-9759	597	16	8	8	NUM
ajfa-9759	597	17	,	,	PUNCT
ajfa-9759	597	18	no	no	INTJ
ajfa-9759	597	19	.	.	NOUN
ajfa-9759	597	20	2	2	NUM
ajfa-9759	597	21	ajfa.macrothink.org	ajfa.macrothink.org	PROPN
ajfa-9759	597	22	28	28	NUM
ajfa-9759	597	23	louis	louis	PROPN
ajfa-9759	597	24	,	,	PUNCT
ajfa-9759	597	25	h.	h.	PROPN
ajfa-9759	597	26	,	,	PUNCT
ajfa-9759	597	27	&	&	CCONJ
ajfa-9759	597	28	white	white	PROPN
ajfa-9759	597	29	,	,	PUNCT
ajfa-9759	597	30	h.	h.	PROPN
ajfa-9759	597	31	(	(	PUNCT
ajfa-9759	597	32	2007	2007	NUM
ajfa-9759	597	33	)	)	PUNCT
ajfa-9759	597	34	.	.	PUNCT
ajfa-9759	598	1	do	do	AUX
ajfa-9759	598	2	managers	manager	NOUN
ajfa-9759	598	3	intentionally	intentionally	ADV
ajfa-9759	598	4	use	use	VERB
ajfa-9759	598	5	repurchase	repurchase	NOUN
ajfa-9759	598	6	tender	tender	NOUN
ajfa-9759	598	7	offers	offer	NOUN
ajfa-9759	598	8	to	to	PART
ajfa-9759	598	9	signal	signal	VERB
ajfa-9759	598	10	private	private	ADJ
ajfa-9759	598	11	information	information	NOUN
ajfa-9759	598	12	?	?	PUNCT
ajfa-9759	599	1	evidence	evidence	NOUN
ajfa-9759	599	2	from	from	ADP
ajfa-9759	599	3	firm	firm	ADJ
ajfa-9759	599	4	financial	financial	ADJ
ajfa-9759	599	5	reporting	reporting	NOUN
ajfa-9759	599	6	behavior	behavior	NOUN
ajfa-9759	599	7	.	.	PUNCT
ajfa-9759	600	1	journal	journal	PROPN
ajfa-9759	600	2	of	of	ADP
ajfa-9759	600	3	financial	financial	ADJ
ajfa-9759	600	4	economics	economic	NOUN
ajfa-9759	600	5	,	,	PUNCT
ajfa-9759	600	6	85(1	85(1	NOUN
ajfa-9759	600	7	)	)	PUNCT
ajfa-9759	600	8	,	,	PUNCT
ajfa-9759	600	9	205	205	NUM
ajfa-9759	600	10	-	-	SYM
ajfa-9759	600	11	233	233	NUM
ajfa-9759	600	12	.	.	PUNCT
ajfa-9759	601	1	http://dx.doi.org/10.1016/j.jfineco.2006.08.003	http://dx.doi.org/10.1016/j.jfineco.2006.08.003	PROPN
ajfa-9759	601	2	mcnally	mcnally	PROPN
ajfa-9759	601	3	,	,	PUNCT
ajfa-9759	601	4	w.	w.	PROPN
ajfa-9759	601	5	j.	j.	PROPN
ajfa-9759	601	6	,	,	PUNCT
ajfa-9759	601	7	&	&	CCONJ
ajfa-9759	601	8	smith	smith	PROPN
ajfa-9759	601	9	,	,	PUNCT
ajfa-9759	601	10	b.	b.	PROPN
ajfa-9759	601	11	f.	f.	PROPN
ajfa-9759	601	12	(	(	PUNCT
ajfa-9759	601	13	2011	2011	NUM
ajfa-9759	601	14	)	)	PUNCT
ajfa-9759	601	15	.	.	PUNCT
ajfa-9759	602	1	a	a	DET
ajfa-9759	602	2	microstructure	microstructure	ADJ
ajfa-9759	602	3	analysis	analysis	NOUN
ajfa-9759	602	4	of	of	ADP
ajfa-9759	602	5	the	the	DET
ajfa-9759	602	6	liquidity	liquidity	NOUN
ajfa-9759	602	7	impact	impact	NOUN
ajfa-9759	602	8	of	of	ADP
ajfa-9759	602	9	open	open	ADJ
ajfa-9759	602	10	market	market	NOUN
ajfa-9759	602	11	repurchases	repurchase	NOUN
ajfa-9759	602	12	.	.	PUNCT
ajfa-9759	603	1	journal	journal	NOUN
ajfa-9759	603	2	of	of	ADP
ajfa-9759	603	3	financial	financial	ADJ
ajfa-9759	603	4	research	research	NOUN
ajfa-9759	603	5	,	,	PUNCT
ajfa-9759	603	6	34(3	34(3	NUM
ajfa-9759	603	7	)	)	PUNCT
ajfa-9759	603	8	,	,	PUNCT
ajfa-9759	603	9	481	481	NUM
ajfa-9759	603	10	-	-	SYM
ajfa-9759	603	11	501	501	NUM
ajfa-9759	603	12	.	.	PUNCT
ajfa-9759	604	1	http://dx.doi.org/10.1111/j.1475-6803.2011.01299.x	http://dx.doi.org/10.1111/j.1475-6803.2011.01299.x	PROPN
ajfa-9759	604	2	miller	miller	PROPN
ajfa-9759	604	3	,	,	PUNCT
ajfa-9759	604	4	j.	j.	PROPN
ajfa-9759	604	5	m.	m.	PROPN
ajfa-9759	604	6	,	,	PUNCT
ajfa-9759	604	7	&	&	CCONJ
ajfa-9759	604	8	mcconnell	mcconnell	PROPN
ajfa-9759	604	9	,	,	PUNCT
ajfa-9759	604	10	j.	j.	PROPN
ajfa-9759	604	11	j.	j.	PROPN
ajfa-9759	604	12	(	(	PUNCT
ajfa-9759	604	13	1995	1995	NUM
ajfa-9759	604	14	)	)	PUNCT
ajfa-9759	604	15	.	.	PUNCT
ajfa-9759	605	1	open	open	ADJ
ajfa-9759	605	2	-	-	PUNCT
ajfa-9759	605	3	market	market	NOUN
ajfa-9759	605	4	share	share	NOUN
ajfa-9759	605	5	repurchase	repurchase	VERB
ajfa-9759	605	6	programs	program	NOUN
ajfa-9759	605	7	and	and	CCONJ
ajfa-9759	605	8	bid	bid	NOUN
ajfa-9759	605	9	-	-	PUNCT
ajfa-9759	605	10	ask	ask	VERB
ajfa-9759	605	11	spreads	spread	NOUN
ajfa-9759	605	12	on	on	ADP
ajfa-9759	605	13	the	the	DET
ajfa-9759	605	14	nyse	nyse	NOUN
ajfa-9759	605	15	:	:	PUNCT
ajfa-9759	605	16	implications	implication	NOUN
ajfa-9759	605	17	for	for	ADP
ajfa-9759	605	18	corporate	corporate	ADJ
ajfa-9759	605	19	payout	payout	NOUN
ajfa-9759	605	20	policy	policy	NOUN
ajfa-9759	605	21	.	.	PUNCT
ajfa-9759	606	1	journal	journal	NOUN
ajfa-9759	606	2	of	of	ADP
ajfa-9759	606	3	financial	financial	ADJ
ajfa-9759	606	4	and	and	CCONJ
ajfa-9759	606	5	quantitative	quantitative	ADJ
ajfa-9759	606	6	analysis	analysis	NOUN
ajfa-9759	606	7	,	,	PUNCT
ajfa-9759	606	8	30(03	30(03	NOUN
ajfa-9759	606	9	)	)	PUNCT
ajfa-9759	606	10	,	,	PUNCT
ajfa-9759	606	11	365	365	NUM
ajfa-9759	606	12	-	-	SYM
ajfa-9759	606	13	382	382	NUM
ajfa-9759	606	14	.	.	PUNCT
ajfa-9759	607	1	http://dx.doi.org/10.2307/2331346	http://dx.doi.org/10.2307/2331346	PROPN
ajfa-9759	607	2	mitchell	mitchell	PROPN
ajfa-9759	607	3	,	,	PUNCT
ajfa-9759	607	4	j.	j.	PROPN
ajfa-9759	607	5	d.	d.	PROPN
ajfa-9759	607	6	,	,	PUNCT
ajfa-9759	607	7	&	&	CCONJ
ajfa-9759	607	8	dharmawan	dharmawan	PROPN
ajfa-9759	607	9	,	,	PUNCT
ajfa-9759	607	10	g.	g.	PROPN
ajfa-9759	607	11	v.	v.	PROPN
ajfa-9759	607	12	(	(	PUNCT
ajfa-9759	607	13	2007	2007	NUM
ajfa-9759	607	14	)	)	PUNCT
ajfa-9759	607	15	.	.	PUNCT
ajfa-9759	608	1	incentives	incentive	NOUN
ajfa-9759	608	2	for	for	ADP
ajfa-9759	608	3	on	on	ADP
ajfa-9759	608	4	-	-	PUNCT
ajfa-9759	608	5	market	market	NOUN
ajfa-9759	608	6	buy	buy	NOUN
ajfa-9759	608	7	-	-	PUNCT
ajfa-9759	608	8	backs	back	NOUN
ajfa-9759	608	9	:	:	PUNCT
ajfa-9759	608	10	evidence	evidence	NOUN
ajfa-9759	608	11	from	from	ADP
ajfa-9759	608	12	a	a	DET
ajfa-9759	608	13	transparent	transparent	ADJ
ajfa-9759	608	14	buy	buy	VERB
ajfa-9759	608	15	-	-	PUNCT
ajfa-9759	608	16	back	back	NOUN
ajfa-9759	608	17	regime	regime	NOUN
ajfa-9759	608	18	.	.	PUNCT
ajfa-9759	609	1	journal	journal	NOUN
ajfa-9759	609	2	of	of	ADP
ajfa-9759	609	3	corporate	corporate	ADJ
ajfa-9759	609	4	finance	finance	NOUN
ajfa-9759	609	5	,	,	PUNCT
ajfa-9759	609	6	13(1	13(1	NUM
ajfa-9759	609	7	)	)	PUNCT
ajfa-9759	609	8	,	,	PUNCT
ajfa-9759	609	9	146	146	NUM
ajfa-9759	609	10	-	-	SYM
ajfa-9759	609	11	169	169	NUM
ajfa-9759	609	12	.	.	PUNCT
ajfa-9759	610	1	http://dx.doi.org/10.1016/j.jcorpfin.2006.12.002	http://dx.doi.org/10.1016/j.jcorpfin.2006.12.002	PROPN
ajfa-9759	610	2	miller	miller	PROPN
ajfa-9759	610	3	,	,	PUNCT
ajfa-9759	610	4	merton	merton	PROPN
ajfa-9759	610	5	h.	h.	PROPN
ajfa-9759	610	6	,	,	PUNCT
ajfa-9759	610	7	&	&	CCONJ
ajfa-9759	610	8	franco	franco	PROPN
ajfa-9759	610	9	modigliani	modigliani	PROPN
ajfa-9759	610	10	.	.	PUNCT
ajfa-9759	611	1	(	(	PUNCT
ajfa-9759	611	2	1961	1961	NUM
ajfa-9759	611	3	)	)	PUNCT
ajfa-9759	611	4	.	.	PUNCT
ajfa-9759	612	1	"	"	PUNCT
ajfa-9759	612	2	dividend	dividend	NOUN
ajfa-9759	612	3	policy	policy	NOUN
ajfa-9759	612	4	,	,	PUNCT
ajfa-9759	612	5	growth	growth	NOUN
ajfa-9759	612	6	,	,	PUNCT
ajfa-9759	612	7	and	and	CCONJ
ajfa-9759	612	8	the	the	DET
ajfa-9759	612	9	valuation	valuation	NOUN
ajfa-9759	612	10	of	of	ADP
ajfa-9759	612	11	shares	share	NOUN
ajfa-9759	612	12	.	.	PUNCT
ajfa-9759	612	13	"	"	PUNCT
ajfa-9759	613	1	the	the	DET
ajfa-9759	613	2	journal	journal	NOUN
ajfa-9759	613	3	of	of	ADP
ajfa-9759	613	4	business	business	NOUN
ajfa-9759	613	5	,	,	PUNCT
ajfa-9759	613	6	34(4	34(4	NUM
ajfa-9759	613	7	)	)	PUNCT
ajfa-9759	613	8	,	,	PUNCT
ajfa-9759	613	9	411	411	NUM
ajfa-9759	613	10	-	-	SYM
ajfa-9759	613	11	433	433	NUM
ajfa-9759	613	12	.	.	PUNCT
ajfa-9759	614	1	nayar	nayar	PROPN
ajfa-9759	614	2	,	,	PUNCT
ajfa-9759	614	3	n.	n.	NOUN
ajfa-9759	614	4	,	,	PUNCT
ajfa-9759	614	5	singh	singh	PROPN
ajfa-9759	614	6	,	,	PUNCT
ajfa-9759	614	7	a.	a.	PROPN
ajfa-9759	614	8	k.	k.	PROPN
ajfa-9759	614	9	,	,	PUNCT
ajfa-9759	614	10	&	&	CCONJ
ajfa-9759	614	11	zebedee	zebedee	PROPN
ajfa-9759	614	12	,	,	PUNCT
ajfa-9759	614	13	a.	a.	NOUN
ajfa-9759	614	14	a.	a.	PROPN
ajfa-9759	614	15	(	(	PUNCT
ajfa-9759	614	16	2008	2008	NUM
ajfa-9759	614	17	)	)	PUNCT
ajfa-9759	614	18	.	.	PUNCT
ajfa-9759	615	1	shares	share	NOUN
ajfa-9759	615	2	repurchase	repurchase	VERB
ajfa-9759	615	3	offers	offer	NOUN
ajfa-9759	615	4	and	and	CCONJ
ajfa-9759	615	5	liquidity	liquidity	NOUN
ajfa-9759	615	6	:	:	PUNCT
ajfa-9759	615	7	an	an	DET
ajfa-9759	615	8	examination	examination	NOUN
ajfa-9759	615	9	of	of	ADP
ajfa-9759	615	10	temporary	temporary	ADJ
ajfa-9759	615	11	and	and	CCONJ
ajfa-9759	615	12	permanent	permanent	ADJ
ajfa-9759	615	13	effects	effect	NOUN
ajfa-9759	615	14	.	.	PUNCT
ajfa-9759	616	1	financial	financial	ADJ
ajfa-9759	616	2	management	management	NOUN
ajfa-9759	616	3	,	,	PUNCT
ajfa-9759	616	4	37(2	37(2	PROPN
ajfa-9759	616	5	)	)	PUNCT
ajfa-9759	616	6	,	,	PUNCT
ajfa-9759	616	7	251	251	NUM
ajfa-9759	616	8	-	-	SYM
ajfa-9759	616	9	270	270	NUM
ajfa-9759	616	10	.	.	PUNCT
ajfa-9759	617	1	http://dx.doi.org/10.1111/j.1755-053x.2008.00012.x	http://dx.doi.org/10.1111/j.1755-053x.2008.00012.x	ADJ
ajfa-9759	617	2	perry	perry	PROPN
ajfa-9759	617	3	,	,	PUNCT
ajfa-9759	617	4	s.	s.	PROPN
ajfa-9759	617	5	e.	e.	PROPN
ajfa-9759	617	6	,	,	PUNCT
ajfa-9759	617	7	&	&	CCONJ
ajfa-9759	617	8	williams	williams	PROPN
ajfa-9759	617	9	,	,	PUNCT
ajfa-9759	617	10	t.	t.	PROPN
ajfa-9759	617	11	h.	h.	PROPN
ajfa-9759	617	12	(	(	PUNCT
ajfa-9759	617	13	1994	1994	NUM
ajfa-9759	617	14	)	)	PUNCT
ajfa-9759	617	15	.	.	PUNCT
ajfa-9759	618	1	earnings	earning	NOUN
ajfa-9759	618	2	management	management	NOUN
ajfa-9759	618	3	preceding	precede	VERB
ajfa-9759	618	4	management	management	NOUN
ajfa-9759	618	5	buyout	buyout	NOUN
ajfa-9759	618	6	offers	offer	NOUN
ajfa-9759	618	7	.	.	PUNCT
ajfa-9759	619	1	journal	journal	NOUN
ajfa-9759	619	2	of	of	ADP
ajfa-9759	619	3	accounting	accounting	NOUN
ajfa-9759	619	4	and	and	CCONJ
ajfa-9759	619	5	economics	economic	NOUN
ajfa-9759	619	6	,	,	PUNCT
ajfa-9759	619	7	18(2	18(2	NUM
ajfa-9759	619	8	)	)	PUNCT
ajfa-9759	619	9	,	,	PUNCT
ajfa-9759	619	10	157	157	NUM
ajfa-9759	619	11	-	-	SYM
ajfa-9759	619	12	179	179	NUM
ajfa-9759	619	13	.	.	PUNCT
ajfa-9759	620	1	http://dx.doi.org/10.1016/0165-4101(94)00362-9	http://dx.doi.org/10.1016/0165-4101(94)00362-9	PROPN
ajfa-9759	620	2	rajagopalan	rajagopalan	NOUN
ajfa-9759	620	3	,	,	PUNCT
ajfa-9759	620	4	n.	n.	PROPN
ajfa-9759	620	5	v.	v.	PROPN
ajfa-9759	620	6	r.	r.	PROPN
ajfa-9759	620	7	,	,	PUNCT
ajfa-9759	620	8	&	&	CCONJ
ajfa-9759	620	9	shankar	shankar	PROPN
ajfa-9759	620	10	,	,	PUNCT
ajfa-9759	620	11	h.	h.	PROPN
ajfa-9759	620	12	(	(	PUNCT
ajfa-9759	620	13	2013	2013	NUM
ajfa-9759	620	14	)	)	PUNCT
ajfa-9759	620	15	.	.	PUNCT
ajfa-9759	621	1	buyback	buyback	NOUN
ajfa-9759	621	2	announcements	announcement	NOUN
ajfa-9759	621	3	and	and	CCONJ
ajfa-9759	621	4	stock	stock	NOUN
ajfa-9759	621	5	market	market	NOUN
ajfa-9759	621	6	reaction	reaction	NOUN
ajfa-9759	621	7	in	in	ADP
ajfa-9759	621	8	india	india	PROPN
ajfa-9759	621	9	:	:	PUNCT
ajfa-9759	621	10	testing	test	VERB
ajfa-9759	621	11	the	the	DET
ajfa-9759	621	12	market	market	NOUN
ajfa-9759	621	13	condition	condition	NOUN
ajfa-9759	621	14	hypothesis	hypothesis	NOUN
ajfa-9759	621	15	.	.	PUNCT
ajfa-9759	622	1	iup	iup	PROPN
ajfa-9759	622	2	journal	journal	PROPN
ajfa-9759	622	3	of	of	ADP
ajfa-9759	622	4	applied	apply	VERB
ajfa-9759	622	5	finance	finance	NOUN
ajfa-9759	622	6	,	,	PUNCT
ajfa-9759	622	7	19(2	19(2	NUM
ajfa-9759	622	8	)	)	PUNCT
ajfa-9759	622	9	,	,	PUNCT
ajfa-9759	622	10	64	64	NUM
ajfa-9759	622	11	.	.	PUNCT
ajfa-9759	622	12	rajagopalan	rajagopalan	PROPN
ajfa-9759	622	13	,	,	PUNCT
ajfa-9759	622	14	n.	n.	PROPN
ajfa-9759	622	15	v.	v.	PROPN
ajfa-9759	622	16	r.	r.	PROPN
ajfa-9759	622	17	,	,	PUNCT
ajfa-9759	622	18	&	&	CCONJ
ajfa-9759	622	19	h.	h.	PROPN
ajfa-9759	622	20	shankar	shankar	PROPN
ajfa-9759	622	21	.	.	PUNCT
ajfa-9759	623	1	(	(	PUNCT
ajfa-9759	623	2	2012	2012	NUM
ajfa-9759	623	3	)	)	PUNCT
ajfa-9759	623	4	.	.	PUNCT
ajfa-9759	624	1	stock	stock	NOUN
ajfa-9759	624	2	market	market	NOUN
ajfa-9759	624	3	behaviour	behaviour	NOUN
ajfa-9759	624	4	around	around	ADP
ajfa-9759	624	5	buyback	buyback	NOUN
ajfa-9759	624	6	announcements	announcement	NOUN
ajfa-9759	624	7	in	in	ADP
ajfa-9759	624	8	india	india	PROPN
ajfa-9759	624	9	:	:	PUNCT
ajfa-9759	624	10	an	an	DET
ajfa-9759	624	11	empirical	empirical	ADJ
ajfa-9759	624	12	justification	justification	NOUN
ajfa-9759	624	13	for	for	ADP
ajfa-9759	624	14	preferring	prefer	VERB
ajfa-9759	624	15	the	the	DET
ajfa-9759	624	16	open	open	ADJ
ajfa-9759	624	17	market	market	NOUN
ajfa-9759	624	18	repurchase	repurchase	NOUN
ajfa-9759	624	19	mode	mode	NOUN
ajfa-9759	624	20	.	.	PUNCT
ajfa-9759	625	1	indian	indian	PROPN
ajfa-9759	625	2	journal	journal	PROPN
ajfa-9759	625	3	of	of	ADP
ajfa-9759	625	4	finance	finance	NOUN
ajfa-9759	625	5	,	,	PUNCT
ajfa-9759	625	6	6(12	6(12	NUM
ajfa-9759	625	7	)	)	PUNCT
ajfa-9759	625	8	,	,	PUNCT
ajfa-9759	625	9	43	43	NUM
ajfa-9759	625	10	-	-	SYM
ajfa-9759	625	11	52	52	NUM
ajfa-9759	625	12	.	.	PUNCT
ajfa-9759	626	1	reddy	reddy	PROPN
ajfa-9759	626	2	,	,	PUNCT
ajfa-9759	626	3	k.	k.	PROPN
ajfa-9759	626	4	s.	s.	PROPN
ajfa-9759	626	5	,	,	PUNCT
ajfa-9759	626	6	nangia	nangia	PROPN
ajfa-9759	626	7	,	,	PUNCT
ajfa-9759	626	8	v.	v.	PROPN
ajfa-9759	626	9	k.	k.	PROPN
ajfa-9759	626	10	,	,	PUNCT
ajfa-9759	626	11	&	&	CCONJ
ajfa-9759	626	12	agrawal	agrawal	PROPN
ajfa-9759	626	13	,	,	PUNCT
ajfa-9759	626	14	r.	r.	PROPN
ajfa-9759	626	15	(	(	PUNCT
ajfa-9759	626	16	2013	2013	NUM
ajfa-9759	626	17	)	)	PUNCT
ajfa-9759	626	18	.	.	PUNCT
ajfa-9759	627	1	share	share	NOUN
ajfa-9759	627	2	repurchases	repurchase	NOUN
ajfa-9759	627	3	,	,	PUNCT
ajfa-9759	627	4	signalling	signal	VERB
ajfa-9759	627	5	effect	effect	NOUN
ajfa-9759	627	6	and	and	CCONJ
ajfa-9759	627	7	implications	implication	NOUN
ajfa-9759	627	8	for	for	ADP
ajfa-9759	627	9	corporate	corporate	ADJ
ajfa-9759	627	10	governance	governance	NOUN
ajfa-9759	627	11	:	:	PUNCT
ajfa-9759	627	12	evidence	evidence	NOUN
ajfa-9759	627	13	from	from	ADP
ajfa-9759	627	14	india	india	PROPN
ajfa-9759	627	15	.	.	PUNCT
ajfa-9759	628	1	asia	asia	PROPN
ajfa-9759	628	2	-	-	PUNCT
ajfa-9759	628	3	pacific	pacific	PROPN
ajfa-9759	628	4	journal	journal	PROPN
ajfa-9759	628	5	of	of	ADP
ajfa-9759	628	6	management	management	NOUN
ajfa-9759	628	7	research	research	NOUN
ajfa-9759	628	8	and	and	CCONJ
ajfa-9759	628	9	innovation	innovation	NOUN
ajfa-9759	628	10	,	,	PUNCT
ajfa-9759	628	11	9(1	9(1	NUM
ajfa-9759	628	12	)	)	PUNCT
ajfa-9759	628	13	,	,	PUNCT
ajfa-9759	628	14	107	107	NUM
ajfa-9759	628	15	-	-	SYM
ajfa-9759	628	16	124	124	NUM
ajfa-9759	628	17	.	.	PUNCT
ajfa-9759	629	1	reddy	reddy	PROPN
ajfa-9759	629	2	yarram	yarram	PROPN
ajfa-9759	629	3	,	,	PUNCT
ajfa-9759	629	4	s.	s.	PROPN
ajfa-9759	629	5	(	(	PUNCT
ajfa-9759	629	6	2014	2014	NUM
ajfa-9759	629	7	)	)	PUNCT
ajfa-9759	629	8	.	.	PUNCT
ajfa-9759	630	1	factors	factor	NOUN
ajfa-9759	630	2	influencing	influence	VERB
ajfa-9759	630	3	on	on	ADP
ajfa-9759	630	4	-	-	PUNCT
ajfa-9759	630	5	market	market	NOUN
ajfa-9759	630	6	share	share	NOUN
ajfa-9759	630	7	repurchase	repurchase	NOUN
ajfa-9759	630	8	decisions	decision	NOUN
ajfa-9759	630	9	in	in	ADP
ajfa-9759	630	10	australia	australia	PROPN
ajfa-9759	630	11	.	.	PUNCT
ajfa-9759	631	1	studies	study	NOUN
ajfa-9759	631	2	in	in	ADP
ajfa-9759	631	3	economics	economic	NOUN
ajfa-9759	631	4	and	and	CCONJ
ajfa-9759	631	5	finance	finance	NOUN
ajfa-9759	631	6	,	,	PUNCT
ajfa-9759	631	7	31(3	31(3	NUM
ajfa-9759	631	8	)	)	PUNCT
ajfa-9759	631	9	,	,	PUNCT
ajfa-9759	631	10	255	255	NUM
ajfa-9759	631	11	-	-	SYM
ajfa-9759	631	12	271	271	NUM
ajfa-9759	631	13	.	.	PUNCT
ajfa-9759	632	1	http://dx.doi.org/10.1108/sef-02-2013-0021	http://dx.doi.org/10.1108/sef-02-2013-0021	PROPN
ajfa-9759	632	2	rodriguez	rodriguez	PROPN
ajfa-9759	632	3	,	,	PUNCT
ajfa-9759	632	4	a.	a.	PROPN
ajfa-9759	632	5	,	,	PUNCT
ajfa-9759	632	6	&	&	CCONJ
ajfa-9759	632	7	yue	yue	PROPN
ajfa-9759	632	8	,	,	PUNCT
ajfa-9759	632	9	h.	h.	PROPN
ajfa-9759	632	10	(	(	PUNCT
ajfa-9759	632	11	2005	2005	NUM
ajfa-9759	632	12	)	)	PUNCT
ajfa-9759	632	13	.	.	PUNCT
ajfa-9759	633	1	open	open	ADJ
ajfa-9759	633	2	market	market	NOUN
ajfa-9759	633	3	share	share	NOUN
ajfa-9759	633	4	repurchases	repurchase	NOUN
ajfa-9759	633	5	and	and	CCONJ
ajfa-9759	633	6	earnings	earning	NOUN
ajfa-9759	633	7	management	management	NOUN
ajfa-9759	633	8	.	.	PUNCT
ajfa-9759	634	1	available	available	ADJ
ajfa-9759	634	2	at	at	ADP
ajfa-9759	634	3	ssrn	ssrn	PROPN
ajfa-9759	634	4	2342273	2342273	NUM
ajfa-9759	634	5	.	.	PUNCT
ajfa-9759	635	1	http://dx.doi.org/10.2139/ssrn.2342273	http://dx.doi.org/10.2139/ssrn.2342273	PROPN
ajfa-9759	635	2	ross	ross	PROPN
ajfa-9759	635	3	,	,	PUNCT
ajfa-9759	635	4	s.	s.	PROPN
ajfa-9759	635	5	a.	a.	PROPN
ajfa-9759	635	6	(	(	PUNCT
ajfa-9759	635	7	1977).the	1977).the	NUM
ajfa-9759	635	8	determination	determination	NOUN
ajfa-9759	635	9	of	of	ADP
ajfa-9759	635	10	financial	financial	ADJ
ajfa-9759	635	11	structure	structure	NOUN
ajfa-9759	635	12	:	:	PUNCT
ajfa-9759	635	13	the	the	DET
ajfa-9759	635	14	incentive	incentive	NOUN
ajfa-9759	635	15	signaling	signal	VERB
ajfa-9759	635	16	approach	approach	NOUN
ajfa-9759	635	17	.	.	PUNCT
ajfa-9759	636	1	the	the	DET
ajfa-9759	636	2	bell	bell	PROPN
ajfa-9759	636	3	journal	journal	PROPN
ajfa-9759	636	4	of	of	ADP
ajfa-9759	636	5	economics	economic	NOUN
ajfa-9759	636	6	,	,	PUNCT
ajfa-9759	636	7	23	23	NUM
ajfa-9759	636	8	-	-	SYM
ajfa-9759	636	9	40	40	NUM
ajfa-9759	636	10	.	.	PUNCT
ajfa-9759	637	1	http://dx.doi.org/10.2307/3003485	http://dx.doi.org/10.2307/3003485	NOUN
ajfa-9759	637	2	asian	asian	ADJ
ajfa-9759	637	3	journal	journal	NOUN
ajfa-9759	637	4	of	of	ADP
ajfa-9759	637	5	finance	finance	PROPN
ajfa-9759	637	6	&	&	CCONJ
ajfa-9759	637	7	accounting	accounting	PROPN
ajfa-9759	637	8	issn	issn	PROPN
ajfa-9759	637	9	1946	1946	NUM
ajfa-9759	637	10	-	-	PUNCT
ajfa-9759	637	11	052x	052x	PROPN
ajfa-9759	637	12	2016	2016	NUM
ajfa-9759	637	13	,	,	PUNCT
ajfa-9759	637	14	vol	vol	NOUN
ajfa-9759	637	15	.	.	PROPN
ajfa-9759	637	16	8	8	NUM
ajfa-9759	637	17	,	,	PUNCT
ajfa-9759	637	18	no	no	INTJ
ajfa-9759	637	19	.	.	NOUN
ajfa-9759	637	20	2	2	NUM
ajfa-9759	637	21	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9759	637	22	29	29	NUM
ajfa-9759	637	23	roychowdhury	roychowdhury	NOUN
ajfa-9759	637	24	,	,	PUNCT
ajfa-9759	637	25	s.	s.	PROPN
ajfa-9759	637	26	(	(	PUNCT
ajfa-9759	637	27	2006	2006	NUM
ajfa-9759	637	28	)	)	PUNCT
ajfa-9759	637	29	.	.	PUNCT
ajfa-9759	638	1	earnings	earning	NOUN
ajfa-9759	638	2	management	management	NOUN
ajfa-9759	638	3	through	through	ADP
ajfa-9759	638	4	real	real	ADJ
ajfa-9759	638	5	activities	activity	NOUN
ajfa-9759	638	6	manipulation	manipulation	NOUN
ajfa-9759	638	7	.	.	PUNCT
ajfa-9759	639	1	journal	journal	NOUN
ajfa-9759	639	2	of	of	ADP
ajfa-9759	639	3	accounting	accounting	NOUN
ajfa-9759	639	4	and	and	CCONJ
ajfa-9759	639	5	economics	economic	NOUN
ajfa-9759	639	6	,	,	PUNCT
ajfa-9759	639	7	42(3	42(3	NUM
ajfa-9759	639	8	)	)	PUNCT
ajfa-9759	639	9	,	,	PUNCT
ajfa-9759	639	10	335	335	NUM
ajfa-9759	639	11	-	-	SYM
ajfa-9759	639	12	370	370	NUM
ajfa-9759	639	13	.	.	PUNCT
ajfa-9759	640	1	http://dx.doi.org/10.1016/j.jacceco.2006.01.002	http://dx.doi.org/10.1016/j.jacceco.2006.01.002	NOUN
ajfa-9759	640	2	securities	securities	PROPN
ajfa-9759	640	3	and	and	CCONJ
ajfa-9759	640	4	exchange	exchange	PROPN
ajfa-9759	640	5	board	board	PROPN
ajfa-9759	640	6	of	of	ADP
ajfa-9759	640	7	india	india	PROPN
ajfa-9759	640	8	(	(	PUNCT
ajfa-9759	640	9	buy	buy	VERB
ajfa-9759	640	10	-	-	PUNCT
ajfa-9759	640	11	back	back	NOUN
ajfa-9759	640	12	of	of	ADP
ajfa-9759	640	13	securities	security	NOUN
ajfa-9759	640	14	)	)	PUNCT
ajfa-9759	640	15	regulations	regulation	NOUN
ajfa-9759	640	16	.	.	PUNCT
ajfa-9759	641	1	(	(	PUNCT
ajfa-9759	641	2	1998	1998	NUM
ajfa-9759	641	3	)	)	PUNCT
ajfa-9759	641	4	.	.	PUNCT
ajfa-9759	642	1	securities	security	NOUN
ajfa-9759	642	2	and	and	CCONJ
ajfa-9759	642	3	exchange	exchange	PROPN
ajfa-9759	642	4	board	board	PROPN
ajfa-9759	642	5	of	of	ADP
ajfa-9759	642	6	india	india	PROPN
ajfa-9759	642	7	(	(	PUNCT
ajfa-9759	642	8	buy	buy	VERB
ajfa-9759	642	9	-	-	PUNCT
ajfa-9759	642	10	back	back	NOUN
ajfa-9759	642	11	of	of	ADP
ajfa-9759	642	12	securities	security	NOUN
ajfa-9759	642	13	)	)	PUNCT
ajfa-9759	642	14	(	(	PUNCT
ajfa-9759	642	15	amendment	amendment	NOUN
ajfa-9759	642	16	)	)	PUNCT
ajfa-9759	642	17	regulations	regulation	NOUN
ajfa-9759	642	18	.	.	PUNCT
ajfa-9759	643	1	(	(	PUNCT
ajfa-9759	643	2	1999	1999	NUM
ajfa-9759	643	3	)	)	PUNCT
ajfa-9759	643	4	.	.	PUNCT
ajfa-9759	644	1	securities	security	NOUN
ajfa-9759	644	2	and	and	CCONJ
ajfa-9759	644	3	exchange	exchange	PROPN
ajfa-9759	644	4	board	board	PROPN
ajfa-9759	644	5	of	of	ADP
ajfa-9759	644	6	india	india	PROPN
ajfa-9759	644	7	(	(	PUNCT
ajfa-9759	644	8	buy	buy	VERB
ajfa-9759	644	9	-	-	PUNCT
ajfa-9759	644	10	back	back	NOUN
ajfa-9759	644	11	of	of	ADP
ajfa-9759	644	12	securities	security	NOUN
ajfa-9759	644	13	)	)	PUNCT
ajfa-9759	644	14	(	(	PUNCT
ajfa-9759	644	15	amendment	amendment	NOUN
ajfa-9759	644	16	)	)	PUNCT
ajfa-9759	644	17	regulations	regulation	NOUN
ajfa-9759	644	18	,	,	PUNCT
ajfa-9759	644	19	(	(	PUNCT
ajfa-9759	644	20	2001	2001	NUM
ajfa-9759	644	21	)	)	PUNCT
ajfa-9759	644	22	.	.	PUNCT
ajfa-9759	645	1	securities	security	NOUN
ajfa-9759	645	2	and	and	CCONJ
ajfa-9759	645	3	exchange	exchange	PROPN
ajfa-9759	645	4	board	board	PROPN
ajfa-9759	645	5	of	of	ADP
ajfa-9759	645	6	india	india	PROPN
ajfa-9759	645	7	(	(	PUNCT
ajfa-9759	645	8	buy	buy	VERB
ajfa-9759	645	9	-	-	PUNCT
ajfa-9759	645	10	back	back	NOUN
ajfa-9759	645	11	of	of	ADP
ajfa-9759	645	12	securities	security	NOUN
ajfa-9759	645	13	)	)	PUNCT
ajfa-9759	645	14	(	(	PUNCT
ajfa-9759	645	15	amendment	amendment	NOUN
ajfa-9759	645	16	)	)	PUNCT
ajfa-9759	645	17	regulations	regulation	NOUN
ajfa-9759	645	18	,	,	PUNCT
ajfa-9759	645	19	(	(	PUNCT
ajfa-9759	645	20	2004	2004	NUM
ajfa-9759	645	21	)	)	PUNCT
ajfa-9759	645	22	.	.	PUNCT
ajfa-9759	646	1	securities	security	NOUN
ajfa-9759	646	2	and	and	CCONJ
ajfa-9759	646	3	exchange	exchange	PROPN
ajfa-9759	646	4	board	board	PROPN
ajfa-9759	646	5	of	of	ADP
ajfa-9759	646	6	india	india	PROPN
ajfa-9759	646	7	(	(	PUNCT
ajfa-9759	646	8	buy	buy	VERB
ajfa-9759	646	9	-	-	PUNCT
ajfa-9759	646	10	back	back	NOUN
ajfa-9759	646	11	of	of	ADP
ajfa-9759	646	12	securities	security	NOUN
ajfa-9759	646	13	)	)	PUNCT
ajfa-9759	646	14	(	(	PUNCT
ajfa-9759	646	15	amendment	amendment	NOUN
ajfa-9759	646	16	)	)	PUNCT
ajfa-9759	646	17	regulations	regulation	NOUN
ajfa-9759	646	18	,	,	PUNCT
ajfa-9759	646	19	(	(	PUNCT
ajfa-9759	646	20	2006	2006	NUM
ajfa-9759	646	21	)	)	PUNCT
ajfa-9759	646	22	.	.	PUNCT
ajfa-9759	647	1	securities	security	NOUN
ajfa-9759	647	2	and	and	CCONJ
ajfa-9759	647	3	exchange	exchange	PROPN
ajfa-9759	647	4	board	board	PROPN
ajfa-9759	647	5	of	of	ADP
ajfa-9759	647	6	india	india	PROPN
ajfa-9759	647	7	(	(	PUNCT
ajfa-9759	647	8	buy	buy	VERB
ajfa-9759	647	9	-	-	PUNCT
ajfa-9759	647	10	back	back	NOUN
ajfa-9759	647	11	of	of	ADP
ajfa-9759	647	12	securities	security	NOUN
ajfa-9759	647	13	)	)	PUNCT
ajfa-9759	647	14	(	(	PUNCT
ajfa-9759	647	15	amendment	amendment	NOUN
ajfa-9759	647	16	)	)	PUNCT
ajfa-9759	647	17	regulations	regulation	NOUN
ajfa-9759	647	18	,	,	PUNCT
ajfa-9759	647	19	(	(	PUNCT
ajfa-9759	647	20	2007	2007	NUM
ajfa-9759	647	21	)	)	PUNCT
ajfa-9759	647	22	.	.	PUNCT
ajfa-9759	648	1	securities	security	NOUN
ajfa-9759	648	2	and	and	CCONJ
ajfa-9759	648	3	exchange	exchange	PROPN
ajfa-9759	648	4	board	board	PROPN
ajfa-9759	648	5	of	of	ADP
ajfa-9759	648	6	india	india	PROPN
ajfa-9759	648	7	(	(	PUNCT
ajfa-9759	648	8	payment	payment	NOUN
ajfa-9759	648	9	of	of	ADP
ajfa-9759	648	10	fees	fee	NOUN
ajfa-9759	648	11	)	)	PUNCT
ajfa-9759	648	12	(	(	PUNCT
ajfa-9759	648	13	amendment	amendment	NOUN
ajfa-9759	648	14	)	)	PUNCT
ajfa-9759	648	15	regulations	regulation	NOUN
ajfa-9759	648	16	,	,	PUNCT
ajfa-9759	648	17	(	(	PUNCT
ajfa-9759	648	18	2008	2008	NUM
ajfa-9759	648	19	)	)	PUNCT
ajfa-9759	648	20	.	.	PUNCT
ajfa-9759	649	1	securities	security	NOUN
ajfa-9759	649	2	and	and	CCONJ
ajfa-9759	649	3	exchange	exchange	PROPN
ajfa-9759	649	4	board	board	PROPN
ajfa-9759	649	5	of	of	ADP
ajfa-9759	649	6	india	india	PROPN
ajfa-9759	649	7	(	(	PUNCT
ajfa-9759	649	8	buy	buy	VERB
ajfa-9759	649	9	-	-	PUNCT
ajfa-9759	649	10	back	back	NOUN
ajfa-9759	649	11	of	of	ADP
ajfa-9759	649	12	securities	security	NOUN
ajfa-9759	649	13	)	)	PUNCT
ajfa-9759	649	14	(	(	PUNCT
ajfa-9759	649	15	amendment	amendment	NOUN
ajfa-9759	649	16	)	)	PUNCT
ajfa-9759	649	17	regulations	regulation	NOUN
ajfa-9759	649	18	,	,	PUNCT
ajfa-9759	649	19	(	(	PUNCT
ajfa-9759	649	20	2012	2012	NUM
ajfa-9759	649	21	)	)	PUNCT
ajfa-9759	649	22	.	.	PUNCT
ajfa-9759	650	1	securities	security	NOUN
ajfa-9759	650	2	and	and	CCONJ
ajfa-9759	650	3	exchange	exchange	PROPN
ajfa-9759	650	4	board	board	PROPN
ajfa-9759	650	5	of	of	ADP
ajfa-9759	650	6	india	india	PROPN
ajfa-9759	650	7	(	(	PUNCT
ajfa-9759	650	8	buy	buy	VERB
ajfa-9759	650	9	-	-	PUNCT
ajfa-9759	650	10	back	back	NOUN
ajfa-9759	650	11	of	of	ADP
ajfa-9759	650	12	securities	security	NOUN
ajfa-9759	650	13	)	)	PUNCT
ajfa-9759	650	14	(	(	PUNCT
ajfa-9759	650	15	amendment	amendment	NOUN
ajfa-9759	650	16	)	)	PUNCT
ajfa-9759	650	17	regulations	regulation	NOUN
ajfa-9759	650	18	,	,	PUNCT
ajfa-9759	650	19	(	(	PUNCT
ajfa-9759	650	20	2013	2013	NUM
ajfa-9759	650	21	)	)	PUNCT
ajfa-9759	650	22	.	.	PUNCT
ajfa-9759	651	1	securities	security	NOUN
ajfa-9759	651	2	and	and	CCONJ
ajfa-9759	651	3	exchange	exchange	PROPN
ajfa-9759	651	4	board	board	PROPN
ajfa-9759	651	5	of	of	ADP
ajfa-9759	651	6	india	india	PROPN
ajfa-9759	651	7	(	(	PUNCT
ajfa-9759	651	8	buy	buy	VERB
ajfa-9759	651	9	-	-	PUNCT
ajfa-9759	651	10	back	back	NOUN
ajfa-9759	651	11	of	of	ADP
ajfa-9759	651	12	securities	security	NOUN
ajfa-9759	651	13	)	)	PUNCT
ajfa-9759	651	14	(	(	PUNCT
ajfa-9759	651	15	amendment	amendment	NOUN
ajfa-9759	651	16	)	)	PUNCT
ajfa-9759	651	17	regulations	regulation	NOUN
ajfa-9759	651	18	,	,	PUNCT
ajfa-9759	651	19	(	(	PUNCT
ajfa-9759	651	20	2015	2015	NUM
ajfa-9759	651	21	)	)	PUNCT
ajfa-9759	651	22	.	.	PUNCT
ajfa-9759	652	1	shivakumar	shivakumar	PROPN
ajfa-9759	652	2	,	,	PUNCT
ajfa-9759	652	3	l.	l.	PROPN
ajfa-9759	652	4	(	(	PUNCT
ajfa-9759	652	5	2000	2000	NUM
ajfa-9759	652	6	)	)	PUNCT
ajfa-9759	652	7	.	.	PUNCT
ajfa-9759	653	1	do	do	AUX
ajfa-9759	653	2	firms	firm	NOUN
ajfa-9759	653	3	mislead	mislead	VERB
ajfa-9759	653	4	investors	investor	NOUN
ajfa-9759	653	5	by	by	ADP
ajfa-9759	653	6	overstating	overstate	VERB
ajfa-9759	653	7	earnings	earning	NOUN
ajfa-9759	653	8	before	before	ADP
ajfa-9759	653	9	seasoned	seasoned	ADJ
ajfa-9759	653	10	equity	equity	NOUN
ajfa-9759	653	11	offerings	offering	NOUN
ajfa-9759	653	12	?	?	PUNCT
ajfa-9759	653	13	.	.	PUNCT
ajfa-9759	654	1	journal	journal	PROPN
ajfa-9759	654	2	of	of	ADP
ajfa-9759	654	3	accounting	accounting	NOUN
ajfa-9759	654	4	and	and	CCONJ
ajfa-9759	654	5	economics	economic	NOUN
ajfa-9759	654	6	,	,	PUNCT
ajfa-9759	654	7	29(3	29(3	NUM
ajfa-9759	654	8	)	)	PUNCT
ajfa-9759	654	9	,	,	PUNCT
ajfa-9759	654	10	339	339	NUM
ajfa-9759	654	11	-	-	SYM
ajfa-9759	654	12	371	371	NUM
ajfa-9759	654	13	.	.	PUNCT
ajfa-9759	655	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-9759	655	2	singh	singh	PROPN
ajfa-9759	655	3	,	,	PUNCT
ajfa-9759	655	4	a.	a.	PROPN
ajfa-9759	655	5	k.	k.	PROPN
ajfa-9759	655	6	,	,	PUNCT
ajfa-9759	655	7	zaman	zaman	PROPN
ajfa-9759	655	8	,	,	PUNCT
ajfa-9759	655	9	m.	m.	NOUN
ajfa-9759	655	10	a.	a.	PROPN
ajfa-9759	655	11	,	,	PUNCT
ajfa-9759	655	12	&	&	CCONJ
ajfa-9759	655	13	krishnamurti	krishnamurti	PROPN
ajfa-9759	655	14	,	,	PUNCT
ajfa-9759	655	15	c.	c.	PROPN
ajfa-9759	655	16	(	(	PUNCT
ajfa-9759	655	17	1994	1994	NUM
ajfa-9759	655	18	)	)	PUNCT
ajfa-9759	655	19	.	.	PUNCT
ajfa-9759	656	1	liquidity	liquidity	NOUN
ajfa-9759	656	2	changes	change	NOUN
ajfa-9759	656	3	associated	associate	VERB
ajfa-9759	656	4	with	with	ADP
ajfa-9759	656	5	open	open	ADJ
ajfa-9759	656	6	market	market	NOUN
ajfa-9759	656	7	repurchase	repurchase	NOUN
ajfa-9759	656	8	.	.	PUNCT
ajfa-9759	657	1	financial	financial	ADJ
ajfa-9759	657	2	management	management	NOUN
ajfa-9759	657	3	,	,	PUNCT
ajfa-9759	657	4	47	47	NUM
ajfa-9759	657	5	-	-	SYM
ajfa-9759	657	6	55	55	NUM
ajfa-9759	657	7	.	.	PUNCT
ajfa-9759	658	1	http://dx.doi.org/10.2307/3666055	http://dx.doi.org/10.2307/3666055	PROPN
ajfa-9759	658	2	sinha	sinha	PROPN
ajfa-9759	658	3	,	,	PUNCT
ajfa-9759	658	4	s.	s.	PROPN
ajfa-9759	658	5	(	(	PUNCT
ajfa-9759	658	6	1991	1991	NUM
ajfa-9759	658	7	)	)	PUNCT
ajfa-9759	658	8	.	.	PUNCT
ajfa-9759	659	1	share	share	NOUN
ajfa-9759	659	2	repurchase	repurchase	VERB
ajfa-9759	659	3	as	as	ADP
ajfa-9759	659	4	a	a	DET
ajfa-9759	659	5	takeover	takeover	NOUN
ajfa-9759	659	6	defense	defense	NOUN
ajfa-9759	659	7	.	.	PUNCT
ajfa-9759	660	1	journal	journal	PROPN
ajfa-9759	660	2	of	of	ADP
ajfa-9759	660	3	financial	financial	ADJ
ajfa-9759	660	4	and	and	CCONJ
ajfa-9759	660	5	quantitative	quantitative	ADJ
ajfa-9759	660	6	analysis	analysis	NOUN
ajfa-9759	660	7	,	,	PUNCT
ajfa-9759	660	8	26(02	26(02	NUM
ajfa-9759	660	9	)	)	PUNCT
ajfa-9759	660	10	,	,	PUNCT
ajfa-9759	660	11	233	233	NUM
ajfa-9759	660	12	-	-	SYM
ajfa-9759	660	13	244	244	NUM
ajfa-9759	660	14	.	.	PUNCT
ajfa-9759	661	1	http://dx.doi.org/10.2307/2331267	http://dx.doi.org/10.2307/2331267	PROPN
ajfa-9759	661	2	skinner	skinner	PROPN
ajfa-9759	661	3	,	,	PUNCT
ajfa-9759	661	4	d.	d.	PROPN
ajfa-9759	661	5	j.	j.	PROPN
ajfa-9759	661	6	(	(	PUNCT
ajfa-9759	661	7	2008	2008	NUM
ajfa-9759	661	8	)	)	PUNCT
ajfa-9759	661	9	.	.	PUNCT
ajfa-9759	662	1	the	the	DET
ajfa-9759	662	2	evolving	evolve	VERB
ajfa-9759	662	3	relation	relation	NOUN
ajfa-9759	662	4	between	between	ADP
ajfa-9759	662	5	earnings	earning	NOUN
ajfa-9759	662	6	,	,	PUNCT
ajfa-9759	662	7	dividends	dividend	NOUN
ajfa-9759	662	8	,	,	PUNCT
ajfa-9759	662	9	and	and	CCONJ
ajfa-9759	662	10	stock	stock	NOUN
ajfa-9759	662	11	repurchases	repurchase	NOUN
ajfa-9759	662	12	.	.	PUNCT
ajfa-9759	663	1	journal	journal	NOUN
ajfa-9759	663	2	of	of	ADP
ajfa-9759	663	3	financial	financial	ADJ
ajfa-9759	663	4	economics	economic	NOUN
ajfa-9759	663	5	,	,	PUNCT
ajfa-9759	663	6	87(3	87(3	NOUN
ajfa-9759	663	7	)	)	PUNCT
ajfa-9759	663	8	,	,	PUNCT
ajfa-9759	663	9	582	582	NUM
ajfa-9759	663	10	-	-	SYM
ajfa-9759	663	11	609	609	NUM
ajfa-9759	663	12	.	.	PUNCT
ajfa-9759	664	1	http://dx.doi.org/10.1016/j.jfineco.2007.05.003	http://dx.doi.org/10.1016/j.jfineco.2007.05.003	ADJ
ajfa-9759	664	2	spence	spence	NOUN
ajfa-9759	664	3	,	,	PUNCT
ajfa-9759	664	4	m.	m.	NOUN
ajfa-9759	664	5	(	(	PUNCT
ajfa-9759	664	6	1973	1973	NUM
ajfa-9759	664	7	)	)	PUNCT
ajfa-9759	664	8	.	.	PUNCT
ajfa-9759	665	1	job	job	NOUN
ajfa-9759	665	2	market	market	NOUN
ajfa-9759	665	3	signaling	signal	VERB
ajfa-9759	665	4	.	.	PUNCT
ajfa-9759	666	1	the	the	DET
ajfa-9759	666	2	quarterlyjournal	quarterlyjournal	NOUN
ajfa-9759	666	3	of	of	ADP
ajfa-9759	666	4	economics	economic	NOUN
ajfa-9759	666	5	,	,	PUNCT
ajfa-9759	666	6	355	355	NUM
ajfa-9759	666	7	-	-	SYM
ajfa-9759	666	8	374	374	NUM
ajfa-9759	666	9	.	.	PUNCT
ajfa-9759	667	1	http://dx.doi.org/10.2307/1882010	http://dx.doi.org/10.2307/1882010	PROPN
ajfa-9759	667	2	asian	asian	PROPN
ajfa-9759	667	3	journal	journal	PROPN
ajfa-9759	667	4	of	of	ADP
ajfa-9759	667	5	finance	finance	PROPN
ajfa-9759	667	6	&	&	CCONJ
ajfa-9759	667	7	accounting	accounting	PROPN
ajfa-9759	667	8	issn	issn	PROPN
ajfa-9759	667	9	1946	1946	NUM
ajfa-9759	667	10	-	-	PUNCT
ajfa-9759	667	11	052x	052x	PROPN
ajfa-9759	667	12	2016	2016	NUM
ajfa-9759	667	13	,	,	PUNCT
ajfa-9759	667	14	vol	vol	NOUN
ajfa-9759	667	15	.	.	PROPN
ajfa-9759	667	16	8	8	NUM
ajfa-9759	667	17	,	,	PUNCT
ajfa-9759	667	18	no	no	INTJ
ajfa-9759	667	19	.	.	NOUN
ajfa-9759	667	20	2	2	NUM
ajfa-9759	667	21	ajfa.macrothink.org	ajfa.macrothink.org	ADJ
ajfa-9759	667	22	30	30	NUM
ajfa-9759	667	23	stephens	stephen	NOUN
ajfa-9759	667	24	,	,	PUNCT
ajfa-9759	667	25	c.	c.	PROPN
ajfa-9759	667	26	p.	p.	PROPN
ajfa-9759	667	27	,	,	PUNCT
ajfa-9759	667	28	&	&	CCONJ
ajfa-9759	667	29	weisbach	weisbach	NOUN
ajfa-9759	667	30	,	,	PUNCT
ajfa-9759	667	31	m.	m.	NOUN
ajfa-9759	667	32	s.	s.	PROPN
ajfa-9759	667	33	(	(	PUNCT
ajfa-9759	667	34	1998	1998	NUM
ajfa-9759	667	35	)	)	PUNCT
ajfa-9759	667	36	.	.	PUNCT
ajfa-9759	668	1	actual	actual	ADJ
ajfa-9759	668	2	share	share	NOUN
ajfa-9759	668	3	reacquisitions	reacquisition	NOUN
ajfa-9759	668	4	in	in	ADP
ajfa-9759	668	5	open‐market	open‐market	NOUN
ajfa-9759	668	6	repurchase	repurchase	NOUN
ajfa-9759	668	7	programs	program	NOUN
ajfa-9759	668	8	.	.	PUNCT
ajfa-9759	669	1	the	the	DET
ajfa-9759	669	2	journal	journal	PROPN
ajfa-9759	669	3	of	of	ADP
ajfa-9759	669	4	finance	finance	NOUN
ajfa-9759	669	5	,	,	PUNCT
ajfa-9759	669	6	53(1	53(1	PROPN
ajfa-9759	669	7	)	)	PUNCT
ajfa-9759	669	8	,	,	PUNCT
ajfa-9759	669	9	313	313	NUM
ajfa-9759	669	10	-	-	SYM
ajfa-9759	669	11	333	333	NUM
ajfa-9759	669	12	.	.	PUNCT
ajfa-9759	670	1	http://dx.doi.org/10.1111/0022-1082.115194	http://dx.doi.org/10.1111/0022-1082.115194	PROPN
ajfa-9759	670	2	teoh	teoh	PROPN
ajfa-9759	670	3	,	,	PUNCT
ajfa-9759	670	4	s.	s.	PROPN
ajfa-9759	670	5	h.	h.	PROPN
ajfa-9759	670	6	,	,	PUNCT
ajfa-9759	670	7	welch	welch	PROPN
ajfa-9759	670	8	,	,	PUNCT
ajfa-9759	670	9	i.	i.	PROPN
ajfa-9759	670	10	,	,	PUNCT
ajfa-9759	670	11	&	&	CCONJ
ajfa-9759	670	12	wong	wong	PROPN
ajfa-9759	670	13	,	,	PUNCT
ajfa-9759	670	14	t.	t.	PROPN
ajfa-9759	670	15	j.	j.	PROPN
ajfa-9759	670	16	(	(	PUNCT
ajfa-9759	670	17	1998	1998	NUM
ajfa-9759	670	18	)	)	PUNCT
ajfa-9759	670	19	.	.	PUNCT
ajfa-9759	671	1	earnings	earning	NOUN
ajfa-9759	671	2	management	management	NOUN
ajfa-9759	671	3	and	and	CCONJ
ajfa-9759	671	4	the	the	DET
ajfa-9759	671	5	underperformance	underperformance	NOUN
ajfa-9759	671	6	of	of	ADP
ajfa-9759	671	7	seasoned	seasoned	ADJ
ajfa-9759	671	8	equity	equity	NOUN
ajfa-9759	671	9	offerings	offering	NOUN
ajfa-9759	671	10	.	.	PUNCT
ajfa-9759	672	1	journal	journal	NOUN
ajfa-9759	672	2	of	of	ADP
ajfa-9759	672	3	financial	financial	ADJ
ajfa-9759	672	4	economics	economic	NOUN
ajfa-9759	672	5	,	,	PUNCT
ajfa-9759	672	6	50(1	50(1	PROPN
ajfa-9759	672	7	)	)	PUNCT
ajfa-9759	672	8	,	,	PUNCT
ajfa-9759	672	9	63	63	NUM
ajfa-9759	672	10	-	-	SYM
ajfa-9759	672	11	99	99	NUM
ajfa-9759	672	12	.	.	PUNCT
ajfa-9759	673	1	http://dx.doi.org/10.1016/s03304-405x(98)00032-4	http://dx.doi.org/10.1016/s03304-405x(98)00032-4	NOUN
ajfa-9759	673	2	teoh	teoh	PROPN
ajfa-9759	673	3	,	,	PUNCT
ajfa-9759	673	4	s.	s.	PROPN
ajfa-9759	673	5	h.	h.	PROPN
ajfa-9759	673	6	,	,	PUNCT
ajfa-9759	673	7	welch	welch	PROPN
ajfa-9759	673	8	,	,	PUNCT
ajfa-9759	673	9	i.	i.	PROPN
ajfa-9759	673	10	,	,	PUNCT
ajfa-9759	673	11	&	&	CCONJ
ajfa-9759	673	12	wong	wong	PROPN
ajfa-9759	673	13	,	,	PUNCT
ajfa-9759	673	14	t.	t.	PROPN
ajfa-9759	673	15	j.	j.	PROPN
ajfa-9759	673	16	(	(	PUNCT
ajfa-9759	673	17	1998	1998	NUM
ajfa-9759	673	18	)	)	PUNCT
ajfa-9759	673	19	.	.	PUNCT
ajfa-9759	674	1	earnings	earning	NOUN
ajfa-9759	674	2	management	management	NOUN
ajfa-9759	674	3	and	and	CCONJ
ajfa-9759	674	4	the	the	DET
ajfa-9759	674	5	long‐run	long‐run	ADJ
ajfa-9759	674	6	market	market	NOUN
ajfa-9759	674	7	performance	performance	NOUN
ajfa-9759	674	8	of	of	ADP
ajfa-9759	674	9	initial	initial	ADJ
ajfa-9759	674	10	public	public	ADJ
ajfa-9759	674	11	offerings	offering	NOUN
ajfa-9759	674	12	.	.	PUNCT
ajfa-9759	675	1	the	the	DET
ajfa-9759	675	2	journal	journal	PROPN
ajfa-9759	675	3	of	of	ADP
ajfa-9759	675	4	finance	finance	NOUN
ajfa-9759	675	5	,	,	PUNCT
ajfa-9759	675	6	53(6	53(6	PROPN
ajfa-9759	675	7	)	)	PUNCT
ajfa-9759	675	8	,	,	PUNCT
ajfa-9759	675	9	1935	1935	NUM
ajfa-9759	675	10	-	-	SYM
ajfa-9759	675	11	1974	1974	NUM
ajfa-9759	675	12	.	.	PUNCT
ajfa-9759	676	1	http://dx.doi.org/10.1111/0022-1082.00079	http://dx.doi.org/10.1111/0022-1082.00079	PROPN
ajfa-9759	676	2	the	the	DET
ajfa-9759	676	3	companies	company	NOUN
ajfa-9759	676	4	act	act	VERB
ajfa-9759	676	5	2013	2013	NUM
ajfa-9759	676	6	,	,	PUNCT
ajfa-9759	676	7	chapter	chapter	NOUN
ajfa-9759	676	8	18	18	NUM
ajfa-9759	676	9	,	,	PUNCT
ajfa-9759	676	10	ministry	ministry	NOUN
ajfa-9759	676	11	of	of	ADP
ajfa-9759	676	12	law	law	PROPN
ajfa-9759	676	13	and	and	CCONJ
ajfa-9759	676	14	justice	justice	NOUN
ajfa-9759	676	15	,	,	PUNCT
ajfa-9759	676	16	government	government	NOUN
ajfa-9759	676	17	of	of	ADP
ajfa-9759	676	18	india	india	PROPN
ajfa-9759	676	19	.	.	PUNCT
ajfa-9759	677	1	the	the	DET
ajfa-9759	677	2	companies	company	NOUN
ajfa-9759	677	3	act	act	VERB
ajfa-9759	677	4	1956	1956	NUM
ajfa-9759	677	5	,	,	PUNCT
ajfa-9759	677	6	ministry	ministry	PROPN
ajfa-9759	677	7	of	of	ADP
ajfa-9759	677	8	law	law	PROPN
ajfa-9759	677	9	and	and	CCONJ
ajfa-9759	677	10	justice	justice	NOUN
ajfa-9759	677	11	,	,	PUNCT
ajfa-9759	677	12	government	government	NOUN
ajfa-9759	677	13	of	of	ADP
ajfa-9759	677	14	india	india	PROPN
ajfa-9759	677	15	.	.	PUNCT
ajfa-9759	678	1	vafeas	vafea	NOUN
ajfa-9759	678	2	,	,	PUNCT
ajfa-9759	678	3	n.	n.	NOUN
ajfa-9759	678	4	(	(	PUNCT
ajfa-9759	678	5	1997	1997	NUM
ajfa-9759	678	6	)	)	PUNCT
ajfa-9759	678	7	.	.	PUNCT
ajfa-9759	679	1	determinants	determinant	NOUN
ajfa-9759	679	2	of	of	ADP
ajfa-9759	679	3	the	the	DET
ajfa-9759	679	4	choice	choice	NOUN
ajfa-9759	679	5	between	between	ADP
ajfa-9759	679	6	alternative	alternative	ADJ
ajfa-9759	679	7	shares	share	NOUN
ajfa-9759	679	8	repurchase	repurchase	VERB
ajfa-9759	679	9	methods	method	NOUN
ajfa-9759	679	10	.	.	PUNCT
ajfa-9759	680	1	journal	journal	PROPN
ajfa-9759	680	2	of	of	ADP
ajfa-9759	680	3	accounting	accounting	NOUN
ajfa-9759	680	4	,	,	PUNCT
ajfa-9759	680	5	auditing	auditing	NOUN
ajfa-9759	680	6	&	&	CCONJ
ajfa-9759	680	7	finance	finance	PROPN
ajfa-9759	680	8	,	,	PUNCT
ajfa-9759	680	9	12(2	12(2	NUM
ajfa-9759	680	10	)	)	PUNCT
ajfa-9759	680	11	,	,	PUNCT
ajfa-9759	680	12	101	101	NUM
ajfa-9759	680	13	-	-	SYM
ajfa-9759	680	14	124	124	NUM
ajfa-9759	680	15	.	.	PUNCT
ajfa-9759	681	1	vafeas	vafea	NOUN
ajfa-9759	681	2	,	,	PUNCT
ajfa-9759	681	3	n.	n.	NOUN
ajfa-9759	681	4	,	,	PUNCT
ajfa-9759	681	5	&	&	CCONJ
ajfa-9759	681	6	joy	joy	PROPN
ajfa-9759	681	7	,	,	PUNCT
ajfa-9759	681	8	o.	o.	NOUN
ajfa-9759	681	9	m.	m.	NOUN
ajfa-9759	681	10	(	(	PUNCT
ajfa-9759	681	11	1995	1995	NUM
ajfa-9759	681	12	)	)	PUNCT
ajfa-9759	681	13	.	.	PUNCT
ajfa-9759	682	1	open	open	ADJ
ajfa-9759	682	2	market	market	NOUN
ajfa-9759	682	3	share	share	NOUN
ajfa-9759	682	4	repurchases	repurchase	NOUN
ajfa-9759	682	5	and	and	CCONJ
ajfa-9759	682	6	the	the	DET
ajfa-9759	682	7	free	free	ADJ
ajfa-9759	682	8	cash	cash	NOUN
ajfa-9759	682	9	flow	flow	NOUN
ajfa-9759	682	10	hypothesis	hypothesis	NOUN
ajfa-9759	682	11	g35	g35	PROPN
ajfa-9759	682	12	.	.	PUNCT
ajfa-9759	683	1	economics	economic	NOUN
ajfa-9759	683	2	letters	letter	NOUN
ajfa-9759	683	3	,	,	PUNCT
ajfa-9759	683	4	48(3	48(3	PROPN
ajfa-9759	683	5	)	)	PUNCT
ajfa-9759	683	6	,	,	PUNCT
ajfa-9759	683	7	405	405	NUM
ajfa-9759	683	8	-	-	SYM
ajfa-9759	683	9	410	410	NUM
ajfa-9759	683	10	.	.	PUNCT
ajfa-9759	684	1	http://dx.doi.org/10.1016/0165-1765(94)00631-b	http://dx.doi.org/10.1016/0165-1765(94)00631-b	PROPN
ajfa-9759	684	2	vafeas	vafea	NOUN
ajfa-9759	684	3	,	,	PUNCT
ajfa-9759	684	4	n.	n.	NOUN
ajfa-9759	684	5	,	,	PUNCT
ajfa-9759	684	6	vlittis	vlittis	PROPN
ajfa-9759	684	7	,	,	PUNCT
ajfa-9759	684	8	a.	a.	PROPN
ajfa-9759	684	9	,	,	PUNCT
ajfa-9759	684	10	katranis	katranis	PROPN
ajfa-9759	684	11	,	,	PUNCT
ajfa-9759	684	12	p.	p.	PROPN
ajfa-9759	684	13	,	,	PUNCT
ajfa-9759	684	14	&	&	CCONJ
ajfa-9759	684	15	ockree	ockree	NOUN
ajfa-9759	684	16	,	,	PUNCT
ajfa-9759	684	17	k.	k.	PROPN
ajfa-9759	684	18	(	(	PUNCT
ajfa-9759	684	19	2003	2003	NUM
ajfa-9759	684	20	)	)	PUNCT
ajfa-9759	684	21	.	.	PUNCT
ajfa-9759	685	1	earnings	earning	NOUN
ajfa-9759	685	2	management	management	NOUN
ajfa-9759	685	3	around	around	ADP
ajfa-9759	685	4	share	share	NOUN
ajfa-9759	685	5	repurchases	repurchase	NOUN
ajfa-9759	685	6	:	:	PUNCT
ajfa-9759	685	7	a	a	DET
ajfa-9759	685	8	note	note	NOUN
ajfa-9759	685	9	.	.	PUNCT
ajfa-9759	686	1	abacus	abacus	PROPN
ajfa-9759	686	2	,	,	PUNCT
ajfa-9759	686	3	39(2	39(2	NUM
ajfa-9759	686	4	)	)	PUNCT
ajfa-9759	686	5	,	,	PUNCT
ajfa-9759	686	6	262	262	NUM
ajfa-9759	686	7	-	-	SYM
ajfa-9759	686	8	272	272	NUM
ajfa-9759	686	9	.	.	PUNCT
ajfa-9759	687	1	http://dx.doi.org/10.1111/1467-6281.00130	http://dx.doi.org/10.1111/1467-6281.00130	NOUN
ajfa-9759	687	2	vermelen	vermelen	NOUN
ajfa-9759	687	3	,	,	PUNCT
ajfa-9759	687	4	t.	t.	PROPN
ajfa-9759	687	5	(	(	PUNCT
ajfa-9759	687	6	1981	1981	NUM
ajfa-9759	687	7	)	)	PUNCT
ajfa-9759	687	8	.	.	PUNCT
ajfa-9759	688	1	common	common	ADJ
ajfa-9759	688	2	stock	stock	NOUN
ajfa-9759	688	3	repurchase	repurchase	NOUN
ajfa-9759	688	4	and	and	CCONJ
ajfa-9759	688	5	market	market	NOUN
ajfa-9759	688	6	signaling	signal	VERB
ajfa-9759	688	7	.	.	PUNCT
ajfa-9759	689	1	journal	journal	NOUN
ajfa-9759	689	2	of	of	ADP
ajfa-9759	689	3	financial	financial	ADJ
ajfa-9759	689	4	economic	economic	ADJ
ajfa-9759	689	5	,	,	PUNCT
ajfa-9759	689	6	9	9	NUM
ajfa-9759	689	7	,	,	PUNCT
ajfa-9759	689	8	139	139	NUM
ajfa-9759	689	9	-	-	SYM
ajfa-9759	689	10	183	183	NUM
ajfa-9759	689	11	.	.	PUNCT
ajfa-9759	690	1	http://dx.doi.org/10.1016/0304-405x(81)90011-8	http://dx.doi.org/10.1016/0304-405x(81)90011-8	PROPN
ajfa-9759	690	2	wiggins	wiggins	PROPN
ajfa-9759	690	3	,	,	PUNCT
ajfa-9759	690	4	j.	j.	PROPN
ajfa-9759	690	5	b.	b.	PROPN
ajfa-9759	690	6	(	(	PUNCT
ajfa-9759	690	7	1994	1994	NUM
ajfa-9759	690	8	)	)	PUNCT
ajfa-9759	690	9	.	.	PUNCT
ajfa-9759	691	1	open	open	ADJ
ajfa-9759	691	2	market	market	NOUN
ajfa-9759	691	3	stock	stock	NOUN
ajfa-9759	691	4	repurchases	repurchase	NOUN
ajfa-9759	691	5	programs	program	NOUN
ajfa-9759	691	6	and	and	CCONJ
ajfa-9759	691	7	liquidity	liquidity	NOUN
ajfa-9759	691	8	.	.	PUNCT
ajfa-9759	692	1	journal	journal	PROPN
ajfa-9759	692	2	of	of	ADP
ajfa-9759	692	3	financial	financial	ADJ
ajfa-9759	692	4	research	research	NOUN
ajfa-9759	692	5	,	,	PUNCT
ajfa-9759	692	6	17(2	17(2	NUM
ajfa-9759	692	7	)	)	PUNCT
ajfa-9759	692	8	,	,	PUNCT
ajfa-9759	692	9	217	217	NUM
ajfa-9759	692	10	-	-	SYM
ajfa-9759	692	11	229	229	NUM
ajfa-9759	692	12	.	.	PUNCT
ajfa-9759	693	1	http://dx.doi.org/10.1111/j.1475-6803.1994.tb00187.x	http://dx.doi.org/10.1111/j.1475-6803.1994.tb00187.x	X
ajfa-9759	694	1	yeh	yeh	PROPN
ajfa-9759	694	2	,	,	PUNCT
ajfa-9759	694	3	h.	h.	PROPN
ajfa-9759	694	4	t.	t.	PROPN
ajfa-9759	694	5	,	,	PUNCT
ajfa-9759	694	6	huang	huang	PROPN
ajfa-9759	694	7	,	,	PUNCT
ajfa-9759	694	8	y.	y.	PROPN
ajfa-9759	694	9	x.	x.	PROPN
ajfa-9759	694	10	,	,	PUNCT
ajfa-9759	694	11	&	&	CCONJ
ajfa-9759	694	12	chung	chung	PROPN
ajfa-9759	694	13	,	,	PUNCT
ajfa-9759	694	14	k.	k.	PROPN
ajfa-9759	694	15	c.	c.	PROPN
ajfa-9759	694	16	(	(	PUNCT
ajfa-9759	694	17	2013	2013	NUM
ajfa-9759	694	18	)	)	PUNCT
ajfa-9759	694	19	.	.	PUNCT
ajfa-9759	695	1	an	an	DET
ajfa-9759	695	2	empirical	empirical	ADJ
ajfa-9759	695	3	study	study	NOUN
ajfa-9759	695	4	on	on	ADP
ajfa-9759	695	5	influential	influential	ADJ
ajfa-9759	695	6	determinants	determinant	NOUN
ajfa-9759	695	7	for	for	ADP
ajfa-9759	695	8	enterprise	enterprise	NOUN
ajfa-9759	695	9	capital	capital	NOUN
ajfa-9759	695	10	reduction	reduction	NOUN
ajfa-9759	695	11	:	:	PUNCT
ajfa-9759	695	12	evidence	evidence	NOUN
ajfa-9759	695	13	from	from	ADP
ajfa-9759	695	14	cash	cash	NOUN
ajfa-9759	695	15	reduction	reduction	NOUN
ajfa-9759	695	16	and	and	CCONJ
ajfa-9759	695	17	stock	stock	NOUN
ajfa-9759	695	18	repurchase	repurchase	NOUN
ajfa-9759	695	19	.	.	PUNCT
ajfa-9759	696	1	the	the	DET
ajfa-9759	696	2	international	international	ADJ
ajfa-9759	696	3	journal	journal	NOUN
ajfa-9759	696	4	of	of	ADP
ajfa-9759	696	5	organizational	organizational	ADJ
ajfa-9759	696	6	innovation	innovation	NOUN
ajfa-9759	696	7	,	,	PUNCT
ajfa-9759	696	8	100	100	NUM
ajfa-9759	696	9	-	-	SYM
ajfa-9759	696	10	114	114	NUM
ajfa-9759	696	11	.	.	PUNCT