id	sid	tid	token	lemma	pos
afbr-244	1	1	copyright	copyright	NOUN
afbr-244	1	2	©	©	PROPN
afbr-244	1	3	cc	cc	PROPN
afbr-244	1	4	-	-	PUNCT
afbr-244	1	5	by	by	ADP
afbr-244	1	6	-	-	PUNCT
afbr-244	1	7	nc	nc	PROPN
afbr-244	1	8	2019	2019	NUM
afbr-244	1	9	,	,	PUNCT
afbr-244	1	10	cribfb	cribfb	PROPN
afbr-244	1	11	|	|	ADV
afbr-244	1	12	afbr	afbr	SCONJ
afbr-244	1	13	australian	australian	ADJ
afbr-244	1	14	finance	finance	NOUN
afbr-244	1	15	&	&	CCONJ
afbr-244	1	16	banking	banking	PROPN
afbr-244	1	17	review	review	PROPN
afbr-244	1	18	;	;	PUNCT
afbr-244	1	19	vol	vol	NOUN
afbr-244	1	20	.	.	PROPN
afbr-244	2	1	3	3	NUM
afbr-244	2	2	,	,	PUNCT
afbr-244	2	3	no	no	INTJ
afbr-244	2	4	.	.	NOUN
afbr-244	2	5	1	1	NUM
afbr-244	2	6	;	;	PUNCT
afbr-244	2	7	2019	2019	NUM
afbr-244	2	8	issn	issn	VERB
afbr-244	2	9	2576	2576	NUM
afbr-244	2	10	-	-	SYM
afbr-244	2	11	1196	1196	NUM
afbr-244	2	12	e	e	NOUN
afbr-244	2	13	-	-	PROPN
afbr-244	2	14	issn	issn	ADJ
afbr-244	2	15	2576	2576	NUM
afbr-244	2	16	-	-	PUNCT
afbr-244	2	17	120x	120x	NUM
afbr-244	2	18	review	review	NOUN
afbr-244	2	19	article	article	NOUN
afbr-244	2	20	published	publish	VERB
afbr-244	2	21	by	by	ADP
afbr-244	2	22	centre	centre	NOUN
afbr-244	2	23	for	for	ADP
afbr-244	2	24	research	research	NOUN
afbr-244	2	25	on	on	ADP
afbr-244	2	26	islamic	islamic	ADJ
afbr-244	2	27	banking	banking	PROPN
afbr-244	2	28	&	&	CCONJ
afbr-244	2	29	finance	finance	PROPN
afbr-244	2	30	and	and	CCONJ
afbr-244	2	31	business	business	NOUN
afbr-244	2	32	,	,	PUNCT
afbr-244	2	33	usa	usa	PROPN
afbr-244	2	34	11	11	NUM
afbr-244	2	35	capital	capital	NOUN
afbr-244	2	36	structure	structure	NOUN
afbr-244	2	37	theories	theory	NOUN
afbr-244	2	38	in	in	ADP
afbr-244	2	39	finance	finance	NOUN
afbr-244	2	40	research	research	NOUN
afbr-244	2	41	:	:	PUNCT
afbr-244	2	42	a	a	DET
afbr-244	2	43	historical	historical	ADJ
afbr-244	2	44	review	review	NOUN
afbr-244	2	45	lutfa	lutfa	VERB
afbr-244	2	46	t	t	PROPN
afbr-244	2	47	ferdous	ferdous	PROPN
afbr-244	2	48	la	la	PROPN
afbr-244	2	49	trobe	trobe	PROPN
afbr-244	2	50	university	university	PROPN
afbr-244	2	51	bundoora	bundoora	PROPN
afbr-244	2	52	vic-3083	vic-3083	PROPN
afbr-244	2	53	australia	australia	PROPN
afbr-244	2	54	email	email	NOUN
afbr-244	2	55	:	:	PUNCT
afbr-244	2	56	l.ferdous@latrobe.edu.au	l.ferdous@latrobe.edu.au	PROPN
afbr-244	2	57	abstract	abstract	ADJ
afbr-244	2	58	capital	capital	NOUN
afbr-244	2	59	structure	structure	NOUN
afbr-244	2	60	in	in	ADP
afbr-244	2	61	one	one	NUM
afbr-244	2	62	of	of	ADP
afbr-244	2	63	the	the	DET
afbr-244	2	64	most	most	ADV
afbr-244	2	65	converse	converse	NOUN
afbr-244	2	66	and	and	CCONJ
afbr-244	2	67	vital	vital	ADJ
afbr-244	2	68	issues	issue	NOUN
afbr-244	2	69	in	in	ADP
afbr-244	2	70	the	the	DET
afbr-244	2	71	finance	finance	NOUN
afbr-244	2	72	literature	literature	NOUN
afbr-244	2	73	.	.	PUNCT
afbr-244	3	1	this	this	DET
afbr-244	3	2	theoretical	theoretical	ADJ
afbr-244	3	3	review	review	NOUN
afbr-244	3	4	of	of	ADP
afbr-244	3	5	capital	capital	NOUN
afbr-244	3	6	structure	structure	NOUN
afbr-244	3	7	provides	provide	VERB
afbr-244	3	8	a	a	DET
afbr-244	3	9	synthesis	synthesis	NOUN
afbr-244	3	10	of	of	ADP
afbr-244	3	11	the	the	DET
afbr-244	3	12	theory	theory	NOUN
afbr-244	3	13	utilised	utilise	VERB
afbr-244	3	14	in	in	ADP
afbr-244	3	15	capital	capital	NOUN
afbr-244	3	16	structure	structure	NOUN
afbr-244	3	17	literature	literature	NOUN
afbr-244	3	18	.	.	PUNCT
afbr-244	4	1	this	this	DET
afbr-244	4	2	theoretical	theoretical	ADJ
afbr-244	4	3	review	review	NOUN
afbr-244	4	4	explains	explain	VERB
afbr-244	4	5	two	two	NUM
afbr-244	4	6	categories	category	NOUN
afbr-244	4	7	of	of	ADP
afbr-244	4	8	theories	theory	NOUN
afbr-244	4	9	that	that	PRON
afbr-244	4	10	examine	examine	VERB
afbr-244	4	11	the	the	DET
afbr-244	4	12	optimum	optimum	ADJ
afbr-244	4	13	capital	capital	NOUN
afbr-244	4	14	structure	structure	NOUN
afbr-244	4	15	of	of	ADP
afbr-244	4	16	a	a	DET
afbr-244	4	17	firm	firm	NOUN
afbr-244	4	18	.	.	PUNCT
afbr-244	5	1	functional	functional	ADJ
afbr-244	5	2	market	market	NOUN
afbr-244	5	3	theories	theory	NOUN
afbr-244	5	4	,	,	PUNCT
afbr-244	5	5	which	which	PRON
afbr-244	5	6	propose	propose	VERB
afbr-244	5	7	firms	firm	NOUN
afbr-244	5	8	conduct	conduct	VERB
afbr-244	5	9	share	share	NOUN
afbr-244	5	10	transaction	transaction	NOUN
afbr-244	5	11	without	without	ADP
afbr-244	5	12	being	be	AUX
afbr-244	5	13	used	use	VERB
afbr-244	5	14	transaction	transaction	NOUN
afbr-244	5	15	costs	cost	NOUN
afbr-244	5	16	and	and	CCONJ
afbr-244	5	17	ii	ii	NOUN
afbr-244	5	18	)	)	PUNCT
afbr-244	5	19	costly	costly	ADJ
afbr-244	5	20	transaction	transaction	NOUN
afbr-244	5	21	theories	theory	NOUN
afbr-244	5	22	.	.	PUNCT
afbr-244	6	1	the	the	DET
afbr-244	6	2	first	first	ADJ
afbr-244	6	3	group	group	NOUN
afbr-244	6	4	consists	consist	VERB
afbr-244	6	5	of	of	ADP
afbr-244	6	6	the	the	DET
afbr-244	6	7	original	original	ADJ
afbr-244	6	8	capital	capital	NOUN
afbr-244	6	9	structure	structure	NOUN
afbr-244	6	10	theories	theory	NOUN
afbr-244	6	11	of	of	ADP
afbr-244	6	12	modigliani	modigliani	PROPN
afbr-244	6	13	and	and	CCONJ
afbr-244	6	14	miller	miller	PROPN
afbr-244	6	15	(	(	PUNCT
afbr-244	6	16	1958	1958	NUM
afbr-244	6	17	,	,	PUNCT
afbr-244	6	18	1963	1963	NUM
afbr-244	6	19	)	)	PUNCT
afbr-244	6	20	,	,	PUNCT
afbr-244	6	21	miller	miller	PROPN
afbr-244	6	22	(	(	PUNCT
afbr-244	6	23	1977	1977	NUM
afbr-244	6	24	)	)	PUNCT
afbr-244	6	25	,	,	PUNCT
afbr-244	6	26	and	and	CCONJ
afbr-244	6	27	de	de	X
afbr-244	6	28	angelo	angelo	PROPN
afbr-244	6	29	and	and	CCONJ
afbr-244	6	30	masulis	masulis	PROPN
afbr-244	6	31	(	(	PUNCT
afbr-244	6	32	1980	1980	NUM
afbr-244	6	33	)	)	PUNCT
afbr-244	6	34	.	.	PUNCT
afbr-244	7	1	the	the	DET
afbr-244	7	2	second	second	ADJ
afbr-244	7	3	range	range	NOUN
afbr-244	7	4	of	of	ADP
afbr-244	7	5	theories	theory	NOUN
afbr-244	7	6	captures	capture	VERB
afbr-244	7	7	the	the	DET
afbr-244	7	8	various	various	ADJ
afbr-244	7	9	effects	effect	NOUN
afbr-244	7	10	of	of	ADP
afbr-244	7	11	costly	costly	ADJ
afbr-244	7	12	capital	capital	NOUN
afbr-244	7	13	market	market	NOUN
afbr-244	7	14	transactions	transaction	NOUN
afbr-244	7	15	:	:	PUNCT
afbr-244	7	16	pecking	pecking	NOUN
afbr-244	7	17	order	order	NOUN
afbr-244	7	18	theory	theory	NOUN
afbr-244	7	19	"	"	PUNCT
afbr-244	7	20	accredited	accredit	VERB
afbr-244	7	21	to	to	ADP
afbr-244	7	22	donaldson	donaldson	PROPN
afbr-244	7	23	(	(	PUNCT
afbr-244	7	24	1961	1961	NUM
afbr-244	7	25	)	)	PUNCT
afbr-244	7	26	;	;	PUNCT
afbr-244	7	27	the	the	DET
afbr-244	7	28	debt	debt	NOUN
afbr-244	7	29	capacity	capacity	NOUN
afbr-244	7	30	theories	theory	NOUN
afbr-244	7	31	that	that	PRON
afbr-244	7	32	depend	depend	VERB
afbr-244	7	33	on	on	ADP
afbr-244	7	34	bankruptcy	bankruptcy	NOUN
afbr-244	7	35	to	to	PART
afbr-244	7	36	limit	limit	VERB
afbr-244	7	37	a	a	DET
afbr-244	7	38	firm	firm	NOUN
afbr-244	7	39	's	's	PART
afbr-244	7	40	use	use	NOUN
afbr-244	7	41	of	of	ADP
afbr-244	7	42	debt	debt	NOUN
afbr-244	7	43	financing	financing	NOUN
afbr-244	7	44	(	(	PUNCT
afbr-244	7	45	robicheck	robicheck	NOUN
afbr-244	7	46	and	and	CCONJ
afbr-244	7	47	myers	myer	NOUN
afbr-244	7	48	,	,	PUNCT
afbr-244	7	49	1966	1966	NUM
afbr-244	7	50	)	)	PUNCT
afbr-244	7	51	the	the	DET
afbr-244	7	52	agency	agency	NOUN
afbr-244	7	53	models	model	NOUN
afbr-244	7	54	developed	develop	VERB
afbr-244	7	55	by	by	ADP
afbr-244	7	56	jensen	jensen	PROPN
afbr-244	7	57	and	and	CCONJ
afbr-244	7	58	meckling	meckling	NOUN
afbr-244	7	59	(	(	PUNCT
afbr-244	7	60	1976	1976	NUM
afbr-244	7	61	)	)	PUNCT
afbr-244	7	62	,	,	PUNCT
afbr-244	7	63	myers	myers	PROPN
afbr-244	7	64	(	(	PUNCT
afbr-244	7	65	1977	1977	NUM
afbr-244	7	66	)	)	PUNCT
afbr-244	7	67	,	,	PUNCT
afbr-244	7	68	smith	smith	PROPN
afbr-244	7	69	and	and	CCONJ
afbr-244	7	70	warner	warner	PROPN
afbr-244	7	71	(	(	PUNCT
afbr-244	7	72	1979	1979	NUM
afbr-244	7	73	)	)	PUNCT
afbr-244	7	74	;	;	PUNCT
afbr-244	7	75	and	and	CCONJ
afbr-244	7	76	signalling	signal	VERB
afbr-244	7	77	model	model	NOUN
afbr-244	7	78	by	by	ADP
afbr-244	7	79	ross	ross	PROPN
afbr-244	7	80	(	(	PUNCT
afbr-244	7	81	1977	1977	NUM
afbr-244	7	82	)	)	PUNCT
afbr-244	7	83	.	.	PUNCT
afbr-244	8	1	recent	recent	ADJ
afbr-244	8	2	capital	capital	NOUN
afbr-244	8	3	structure	structure	NOUN
afbr-244	8	4	literature	literature	NOUN
afbr-244	8	5	explored	explore	VERB
afbr-244	8	6	into	into	ADP
afbr-244	8	7	an	an	DET
afbr-244	8	8	analytical	analytical	ADJ
afbr-244	8	9	structure	structure	NOUN
afbr-244	8	10	building	build	VERB
afbr-244	8	11	up	up	ADP
afbr-244	8	12	the	the	DET
afbr-244	8	13	major	major	ADJ
afbr-244	8	14	contributions	contribution	NOUN
afbr-244	8	15	starting	start	VERB
afbr-244	8	16	with	with	ADP
afbr-244	8	17	the	the	DET
afbr-244	8	18	development	development	NOUN
afbr-244	8	19	of	of	ADP
afbr-244	8	20	agency	agency	NOUN
afbr-244	8	21	and	and	CCONJ
afbr-244	8	22	bankruptcy	bankruptcy	NOUN
afbr-244	8	23	theory	theory	NOUN
afbr-244	8	24	.	.	PUNCT
afbr-244	9	1	these	these	DET
afbr-244	9	2	theories	theory	NOUN
afbr-244	9	3	are	be	AUX
afbr-244	9	4	connected	connect	VERB
afbr-244	9	5	with	with	ADP
afbr-244	9	6	the	the	DET
afbr-244	9	7	outcome	outcome	NOUN
afbr-244	9	8	from	from	ADP
afbr-244	9	9	financing	finance	VERB
afbr-244	9	10	choices	choice	NOUN
afbr-244	9	11	to	to	ADP
afbr-244	9	12	real	real	ADJ
afbr-244	9	13	debt	debt	NOUN
afbr-244	9	14	-	-	PUNCT
afbr-244	9	15	equity	equity	NOUN
afbr-244	9	16	decisions	decision	NOUN
afbr-244	9	17	.	.	PUNCT
afbr-244	10	1	finally	finally	ADV
afbr-244	10	2	,	,	PUNCT
afbr-244	10	3	we	we	PRON
afbr-244	10	4	finish	finish	VERB
afbr-244	10	5	our	our	PRON
afbr-244	10	6	review	review	NOUN
afbr-244	10	7	with	with	ADP
afbr-244	10	8	established	establish	VERB
afbr-244	10	9	studies	study	NOUN
afbr-244	10	10	that	that	PRON
afbr-244	10	11	explore	explore	VERB
afbr-244	10	12	the	the	DET
afbr-244	10	13	significances	significance	NOUN
afbr-244	10	14	of	of	ADP
afbr-244	10	15	leverageequity	leverageequity	NOUN
afbr-244	10	16	relationship	relationship	NOUN
afbr-244	10	17	,	,	PUNCT
afbr-244	10	18	as	as	ADV
afbr-244	10	19	well	well	ADV
afbr-244	10	20	as	as	ADP
afbr-244	10	21	its	its	PRON
afbr-244	10	22	determinants	determinant	NOUN
afbr-244	10	23	.	.	PUNCT
afbr-244	11	1	keywords	keyword	NOUN
afbr-244	11	2	:	:	PUNCT
afbr-244	11	3	capital	capital	NOUN
afbr-244	11	4	structure	structure	NOUN
afbr-244	11	5	,	,	PUNCT
afbr-244	11	6	theories	theory	NOUN
afbr-244	11	7	in	in	ADP
afbr-244	11	8	finance	finance	NOUN
afbr-244	11	9	,	,	PUNCT
afbr-244	11	10	agency	agency	NOUN
afbr-244	11	11	theory	theory	NOUN
afbr-244	11	12	.	.	PUNCT
afbr-244	12	1	1	1	X
afbr-244	12	2	.	.	X
afbr-244	12	3	introduction	introduction	NOUN
afbr-244	12	4	capital	capital	NOUN
afbr-244	12	5	structure	structure	NOUN
afbr-244	12	6	is	be	AUX
afbr-244	12	7	a	a	DET
afbr-244	12	8	mix	mix	NOUN
afbr-244	12	9	of	of	ADP
afbr-244	12	10	debt	debt	NOUN
afbr-244	12	11	and	and	CCONJ
afbr-244	12	12	equity	equity	NOUN
afbr-244	12	13	capital	capital	NOUN
afbr-244	12	14	maintained	maintain	VERB
afbr-244	12	15	by	by	ADP
afbr-244	12	16	a	a	DET
afbr-244	12	17	firm	firm	NOUN
afbr-244	12	18	.	.	PUNCT
afbr-244	13	1	capital	capital	NOUN
afbr-244	13	2	structure	structure	NOUN
afbr-244	13	3	is	be	AUX
afbr-244	13	4	also	also	ADV
afbr-244	13	5	referred	refer	VERB
afbr-244	13	6	to	to	ADP
afbr-244	13	7	as	as	ADP
afbr-244	13	8	the	the	DET
afbr-244	13	9	financial	financial	ADJ
afbr-244	13	10	structure	structure	NOUN
afbr-244	13	11	of	of	ADP
afbr-244	13	12	a	a	DET
afbr-244	13	13	firm	firm	NOUN
afbr-244	13	14	.	.	PUNCT
afbr-244	14	1	the	the	DET
afbr-244	14	2	capital	capital	NOUN
afbr-244	14	3	structure	structure	NOUN
afbr-244	14	4	of	of	ADP
afbr-244	14	5	a	a	DET
afbr-244	14	6	firm	firm	NOUN
afbr-244	14	7	is	be	AUX
afbr-244	14	8	very	very	ADV
afbr-244	14	9	important	important	ADJ
afbr-244	14	10	since	since	SCONJ
afbr-244	14	11	it	it	PRON
afbr-244	14	12	related	relate	VERB
afbr-244	14	13	to	to	ADP
afbr-244	14	14	the	the	DET
afbr-244	14	15	ability	ability	NOUN
afbr-244	14	16	of	of	ADP
afbr-244	14	17	the	the	DET
afbr-244	14	18	firm	firm	NOUN
afbr-244	14	19	to	to	PART
afbr-244	14	20	meet	meet	VERB
afbr-244	14	21	the	the	DET
afbr-244	14	22	needs	need	NOUN
afbr-244	14	23	of	of	ADP
afbr-244	14	24	its	its	PRON
afbr-244	14	25	stakeholders	stakeholder	NOUN
afbr-244	14	26	.	.	PUNCT
afbr-244	15	1	capital	capital	NOUN
afbr-244	15	2	structure	structure	NOUN
afbr-244	15	3	is	be	AUX
afbr-244	15	4	a	a	DET
afbr-244	15	5	topic	topic	NOUN
afbr-244	15	6	that	that	PRON
afbr-244	15	7	continues	continue	VERB
afbr-244	15	8	to	to	PART
afbr-244	15	9	keep	keep	VERB
afbr-244	15	10	researchers	researcher	NOUN
afbr-244	15	11	pondering	ponder	VERB
afbr-244	15	12	.	.	PUNCT
afbr-244	16	1	researchers	researcher	NOUN
afbr-244	16	2	continue	continue	VERB
afbr-244	16	3	to	to	PART
afbr-244	16	4	analyse	analyse	VERB
afbr-244	16	5	capital	capital	NOUN
afbr-244	16	6	structures	structure	NOUN
afbr-244	16	7	and	and	CCONJ
afbr-244	16	8	intend	intend	VERB
afbr-244	16	9	to	to	PART
afbr-244	16	10	determine	determine	VERB
afbr-244	16	11	whether	whether	SCONJ
afbr-244	16	12	optimal	optimal	ADJ
afbr-244	16	13	capital	capital	NOUN
afbr-244	16	14	structures	structure	NOUN
afbr-244	16	15	exist	exist	VERB
afbr-244	16	16	.	.	PUNCT
afbr-244	17	1	an	an	DET
afbr-244	17	2	optimal	optimal	ADJ
afbr-244	17	3	capital	capital	NOUN
afbr-244	17	4	structure	structure	NOUN
afbr-244	17	5	is	be	AUX
afbr-244	17	6	usually	usually	ADV
afbr-244	17	7	defined	define	VERB
afbr-244	17	8	as	as	ADP
afbr-244	17	9	one	one	NUM
afbr-244	17	10	that	that	PRON
afbr-244	17	11	will	will	AUX
afbr-244	17	12	minimize	minimize	VERB
afbr-244	17	13	a	a	DET
afbr-244	17	14	firm	firm	NOUN
afbr-244	17	15	's	's	PART
afbr-244	17	16	cost	cost	NOUN
afbr-244	17	17	of	of	ADP
afbr-244	17	18	capital	capital	NOUN
afbr-244	17	19	while	while	SCONJ
afbr-244	17	20	maximizing	maximize	VERB
afbr-244	17	21	firm	firm	ADJ
afbr-244	17	22	value	value	NOUN
afbr-244	17	23	.	.	PUNCT
afbr-244	18	1	hence	hence	ADV
afbr-244	18	2	,	,	PUNCT
afbr-244	18	3	capital	capital	NOUN
afbr-244	18	4	structure	structure	NOUN
afbr-244	18	5	decisions	decision	NOUN
afbr-244	18	6	have	have	VERB
afbr-244	18	7	a	a	DET
afbr-244	18	8	great	great	ADJ
afbr-244	18	9	impact	impact	NOUN
afbr-244	18	10	on	on	ADP
afbr-244	18	11	the	the	DET
afbr-244	18	12	success	success	NOUN
afbr-244	18	13	of	of	ADP
afbr-244	18	14	the	the	DET
afbr-244	18	15	firm	firm	NOUN
afbr-244	18	16	.	.	PUNCT
afbr-244	19	1	exactly	exactly	ADV
afbr-244	19	2	how	how	SCONJ
afbr-244	19	3	firms	firm	NOUN
afbr-244	19	4	choose	choose	VERB
afbr-244	19	5	the	the	DET
afbr-244	19	6	amount	amount	NOUN
afbr-244	19	7	of	of	ADP
afbr-244	19	8	debt	debt	NOUN
afbr-244	19	9	and	and	CCONJ
afbr-244	19	10	equity	equity	NOUN
afbr-244	19	11	in	in	ADP
afbr-244	19	12	their	their	PRON
afbr-244	19	13	capital	capital	NOUN
afbr-244	19	14	structures	structure	NOUN
afbr-244	19	15	remains	remain	VERB
afbr-244	19	16	an	an	DET
afbr-244	19	17	enigma	enigma	NOUN
afbr-244	19	18	.	.	PUNCT
afbr-244	20	1	are	be	AUX
afbr-244	20	2	firms	firm	NOUN
afbr-244	20	3	mostly	mostly	ADV
afbr-244	20	4	influenced	influence	VERB
afbr-244	20	5	by	by	ADP
afbr-244	20	6	the	the	DET
afbr-244	20	7	traditional	traditional	ADJ
afbr-244	20	8	capital	capital	NOUN
afbr-244	20	9	structures	structure	NOUN
afbr-244	20	10	of	of	ADP
afbr-244	20	11	their	their	PRON
afbr-244	20	12	industries	industry	NOUN
afbr-244	20	13	or	or	CCONJ
afbr-244	20	14	are	be	AUX
afbr-244	20	15	there	there	PRON
afbr-244	20	16	other	other	ADJ
afbr-244	20	17	reasons	reason	NOUN
afbr-244	20	18	behind	behind	ADP
afbr-244	20	19	their	their	PRON
afbr-244	20	20	actions	action	NOUN
afbr-244	20	21	?	?	PUNCT
afbr-244	21	1	the	the	DET
afbr-244	21	2	answers	answer	NOUN
afbr-244	21	3	to	to	ADP
afbr-244	21	4	these	these	DET
afbr-244	21	5	questions	question	NOUN
afbr-244	21	6	are	be	AUX
afbr-244	21	7	very	very	ADV
afbr-244	21	8	important	important	ADJ
afbr-244	21	9	because	because	SCONJ
afbr-244	21	10	the	the	DET
afbr-244	21	11	actions	action	NOUN
afbr-244	21	12	managers	manager	NOUN
afbr-244	21	13	take	take	VERB
afbr-244	21	14	will	will	AUX
afbr-244	21	15	affect	affect	VERB
afbr-244	21	16	the	the	DET
afbr-244	21	17	performance	performance	NOUN
afbr-244	21	18	of	of	ADP
afbr-244	21	19	the	the	DET
afbr-244	21	20	firm	firm	NOUN
afbr-244	21	21	,	,	PUNCT
afbr-244	21	22	as	as	ADV
afbr-244	21	23	well	well	ADV
afbr-244	21	24	as	as	ADP
afbr-244	21	25	influence	influence	NOUN
afbr-244	21	26	how	how	SCONJ
afbr-244	21	27	investors	investor	NOUN
afbr-244	21	28	will	will	AUX
afbr-244	21	29	perceive	perceive	VERB
afbr-244	21	30	the	the	DET
afbr-244	21	31	firm	firm	NOUN
afbr-244	21	32	.	.	PUNCT
afbr-244	22	1	modigliani	modigliani	PROPN
afbr-244	22	2	and	and	CCONJ
afbr-244	22	3	miller	miller	PROPN
afbr-244	22	4	(	(	PUNCT
afbr-244	22	5	1958	1958	NUM
afbr-244	22	6	)	)	PUNCT
afbr-244	22	7	are	be	AUX
afbr-244	22	8	the	the	DET
afbr-244	22	9	first	first	ADJ
afbr-244	22	10	ones	one	NOUN
afbr-244	22	11	to	to	PART
afbr-244	22	12	landmark	landmark	VERB
afbr-244	22	13	the	the	DET
afbr-244	22	14	topic	topic	NOUN
afbr-244	22	15	structure	structure	NOUN
afbr-244	22	16	and	and	CCONJ
afbr-244	22	17	the	the	DET
afbr-244	22	18	capital	capital	NOUN
afbr-244	22	19	structure	structure	NOUN
afbr-244	22	20	is	be	AUX
afbr-244	22	21	irrelevant	irrelevant	ADJ
afbr-244	22	22	in	in	ADP
afbr-244	22	23	determining	determine	VERB
afbr-244	22	24	the	the	DET
afbr-244	22	25	firm	firm	NOUN
afbr-244	22	26	's	's	PART
afbr-244	22	27	value	value	NOUN
afbr-244	22	28	and	and	CCONJ
afbr-244	22	29	its	its	PRON
afbr-244	22	30	future	future	ADJ
afbr-244	22	31	performance	performance	NOUN
afbr-244	22	32	.	.	PUNCT
afbr-244	23	1	much	much	ADJ
afbr-244	23	2	emphasis	emphasis	NOUN
afbr-244	23	3	has	have	AUX
afbr-244	23	4	been	be	AUX
afbr-244	23	5	placed	place	VERB
afbr-244	23	6	on	on	ADP
afbr-244	23	7	releasing	release	VERB
afbr-244	23	8	the	the	DET
afbr-244	23	9	assumptions	assumption	NOUN
afbr-244	23	10	made	make	VERB
afbr-244	23	11	by	by	ADP
afbr-244	23	12	mm	mm	PROPN
afbr-244	23	13	,	,	PUNCT
afbr-244	23	14	in	in	ADP
afbr-244	23	15	particular	particular	ADJ
afbr-244	23	16	by	by	ADP
afbr-244	23	17	taking	take	VERB
afbr-244	23	18	into	into	ADP
afbr-244	23	19	account	account	NOUN
afbr-244	23	20	corporate	corporate	ADJ
afbr-244	23	21	taxes	taxis	NOUN
afbr-244	23	22	(	(	PUNCT
afbr-244	23	23	modigliani	modigliani	NOUN
afbr-244	23	24	and	and	CCONJ
afbr-244	23	25	miller	miller	PROPN
afbr-244	23	26	,	,	PUNCT
afbr-244	23	27	1963	1963	NUM
afbr-244	23	28	)	)	PUNCT
afbr-244	23	29	,	,	PUNCT
afbr-244	23	30	personal	personal	ADJ
afbr-244	23	31	taxes	taxis	NOUN
afbr-244	23	32	(	(	PUNCT
afbr-244	23	33	miller	miller	NOUN
afbr-244	23	34	,	,	PUNCT
afbr-244	23	35	1977	1977	NUM
afbr-244	23	36	)	)	PUNCT
afbr-244	23	37	,	,	PUNCT
afbr-244	23	38	bankruptcy	bankruptcy	NOUN
afbr-244	23	39	costs	cost	NOUN
afbr-244	23	40	(	(	PUNCT
afbr-244	23	41	stiglitz	stiglitz	NOUN
afbr-244	23	42	,	,	PUNCT
afbr-244	23	43	1972	1972	NUM
afbr-244	23	44	;	;	PUNCT
afbr-244	23	45	titman	titman	NOUN
afbr-244	23	46	,	,	PUNCT
afbr-244	23	47	1984	1984	NUM
afbr-244	23	48	)	)	PUNCT
afbr-244	23	49	,	,	PUNCT
afbr-244	23	50	agency	agency	NOUN
afbr-244	23	51	costs	cost	NOUN
afbr-244	23	52	(	(	PUNCT
afbr-244	23	53	jensen	jensen	PROPN
afbr-244	23	54	and	and	CCONJ
afbr-244	23	55	meckling	meckling	NOUN
afbr-244	23	56	,	,	PUNCT
afbr-244	23	57	1976	1976	NUM
afbr-244	23	58	;	;	PUNCT
afbr-244	23	59	myers	myer	NOUN
afbr-244	23	60	,	,	PUNCT
afbr-244	23	61	1977	1977	NUM
afbr-244	23	62	)	)	PUNCT
afbr-244	23	63	,	,	PUNCT
afbr-244	23	64	and	and	CCONJ
afbr-244	23	65	informational	informational	ADJ
afbr-244	23	66	asymmetries	asymmetry	NOUN
afbr-244	23	67	(	(	PUNCT
afbr-244	23	68	myers,1984	myers,1984	NOUN
afbr-244	23	69	)	)	PUNCT
afbr-244	23	70	.	.	PUNCT
afbr-244	24	1	the	the	DET
afbr-244	24	2	development	development	NOUN
afbr-244	24	3	of	of	ADP
afbr-244	24	4	agency	agency	NOUN
afbr-244	24	5	theory	theory	NOUN
afbr-244	24	6	in	in	ADP
afbr-244	24	7	the	the	DET
afbr-244	24	8	1980s	1980s	NUM
afbr-244	24	9	is	be	AUX
afbr-244	24	10	coupled	couple	VERB
afbr-244	24	11	with	with	ADP
afbr-244	24	12	detailed	detailed	ADJ
afbr-244	24	13	research	research	NOUN
afbr-244	24	14	into	into	ADP
afbr-244	24	15	the	the	DET
afbr-244	24	16	extent	extent	NOUN
afbr-244	24	17	and	and	CCONJ
afbr-244	24	18	effect	effect	NOUN
afbr-244	24	19	of	of	ADP
afbr-244	24	20	bankruptcy	bankruptcy	NOUN
afbr-244	24	21	costs	cost	NOUN
afbr-244	24	22	during	during	ADP
afbr-244	24	23	the	the	DET
afbr-244	24	24	1980s	1980	NOUN
afbr-244	24	25	,	,	PUNCT
afbr-244	24	26	lead	lead	VERB
afbr-244	24	27	to	to	ADP
afbr-244	24	28	a	a	DET
afbr-244	24	29	detailed	detailed	ADJ
afbr-244	24	30	view	view	NOUN
afbr-244	24	31	of	of	ADP
afbr-244	24	32	the	the	DET
afbr-244	24	33	usefulness	usefulness	NOUN
afbr-244	24	34	of	of	ADP
afbr-244	24	35	the	the	DET
afbr-244	24	36	basic	basic	ADJ
afbr-244	24	37	modigliani	modigliani	NOUN
afbr-244	24	38	and	and	CCONJ
afbr-244	24	39	miller	miller	PROPN
afbr-244	24	40	's	's	PART
afbr-244	24	41	capital	capital	NOUN
afbr-244	24	42	structure	structure	NOUN
afbr-244	24	43	theory	theory	NOUN
afbr-244	24	44	.	.	PUNCT
afbr-244	25	1	various	various	ADJ
afbr-244	25	2	new	new	ADJ
afbr-244	25	3	managerial	managerial	ADJ
afbr-244	25	4	theories	theory	NOUN
afbr-244	25	5	of	of	ADP
afbr-244	25	6	the	the	DET
afbr-244	25	7	firm	firm	NOUN
afbr-244	25	8	(	(	PUNCT
afbr-244	25	9	e.g.	e.g.	ADV
afbr-244	25	10	jensen	jensen	PROPN
afbr-244	25	11	and	and	CCONJ
afbr-244	25	12	meckling	meckling	NOUN
afbr-244	25	13	,	,	PUNCT
afbr-244	25	14	1976	1976	NUM
afbr-244	25	15	;	;	PUNCT
afbr-244	25	16	myers	myer	NOUN
afbr-244	25	17	,	,	PUNCT
afbr-244	25	18	1977	1977	NUM
afbr-244	25	19	and	and	CCONJ
afbr-244	25	20	amihud	amihud	PROPN
afbr-244	25	21	and	and	CCONJ
afbr-244	25	22	lev	lev	NOUN
afbr-244	25	23	,	,	PUNCT
afbr-244	25	24	1981	1981	NUM
afbr-244	25	25	)	)	PUNCT
afbr-244	25	26	have	have	AUX
afbr-244	25	27	been	be	AUX
afbr-244	25	28	evolved	evolve	VERB
afbr-244	25	29	in	in	ADP
afbr-244	25	30	the	the	DET
afbr-244	25	31	context	context	NOUN
afbr-244	25	32	of	of	ADP
afbr-244	25	33	agency	agency	NOUN
afbr-244	25	34	theory	theory	NOUN
afbr-244	25	35	and	and	CCONJ
afbr-244	25	36	two	two	NUM
afbr-244	25	37	related	related	ADJ
afbr-244	25	38	problems	problem	NOUN
afbr-244	25	39	:	:	PUNCT
afbr-244	25	40	agency	agency	NOUN
afbr-244	25	41	problem	problem	NOUN
afbr-244	25	42	and	and	CCONJ
afbr-244	25	43	information	information	NOUN
afbr-244	25	44	asymmetry	asymmetry	NOUN
afbr-244	25	45	have	have	AUX
afbr-244	25	46	received	receive	VERB
afbr-244	25	47	increasing	increase	VERB
afbr-244	25	48	attention	attention	NOUN
afbr-244	25	49	in	in	ADP
afbr-244	25	50	finance	finance	NOUN
afbr-244	25	51	.	.	PUNCT
afbr-244	26	1	two	two	NUM
afbr-244	26	2	other	other	ADJ
afbr-244	26	3	main	main	ADJ
afbr-244	26	4	theories	theory	NOUN
afbr-244	26	5	dominate	dominate	VERB
afbr-244	26	6	the	the	DET
afbr-244	26	7	capital	capital	NOUN
afbr-244	26	8	structure	structure	NOUN
afbr-244	26	9	debate	debate	NOUN
afbr-244	26	10	:	:	PUNCT
afbr-244	26	11	the	the	DET
afbr-244	26	12	trade	trade	NOUN
afbr-244	26	13	-	-	PUNCT
afbr-244	26	14	off	off	ADP
afbr-244	26	15	theory	theory	NOUN
afbr-244	26	16	(	(	PUNCT
afbr-244	26	17	tot	tot	NOUN
afbr-244	26	18	)	)	PUNCT
afbr-244	26	19	and	and	CCONJ
afbr-244	26	20	the	the	DET
afbr-244	26	21	pecking	pecking	NOUN
afbr-244	26	22	order	order	NOUN
afbr-244	26	23	theory	theory	NOUN
afbr-244	26	24	(	(	PUNCT
afbr-244	26	25	pot	pot	NOUN
afbr-244	26	26	)	)	PUNCT
afbr-244	26	27	.	.	PUNCT
afbr-244	27	1	on	on	ADP
afbr-244	27	2	the	the	DET
afbr-244	27	3	other	other	ADJ
afbr-244	27	4	hand	hand	NOUN
afbr-244	27	5	,	,	PUNCT
afbr-244	27	6	lubatkin	lubatkin	ADJ
afbr-244	27	7	and	and	CCONJ
afbr-244	27	8	chatterjee	chatterjee	PROPN
afbr-244	27	9	(	(	PUNCT
afbr-244	27	10	1994	1994	NUM
afbr-244	27	11	)	)	PUNCT
afbr-244	27	12	prove	prove	VERB
afbr-244	27	13	that	that	SCONJ
afbr-244	27	14	there	there	PRON
afbr-244	27	15	exists	exist	VERB
afbr-244	27	16	a	a	DET
afbr-244	27	17	relationship	relationship	NOUN
afbr-244	27	18	between	between	ADP
afbr-244	27	19	capital	capital	NOUN
afbr-244	27	20	structure	structure	NOUN
afbr-244	27	21	and	and	CCONJ
afbr-244	27	22	firm	firm	ADJ
afbr-244	27	23	value	value	NOUN
afbr-244	27	24	.	.	PUNCT
afbr-244	28	1	in	in	ADP
afbr-244	28	2	more	more	ADV
afbr-244	28	3	recent	recent	ADJ
afbr-244	28	4	literature	literature	NOUN
afbr-244	28	5	,	,	PUNCT
afbr-244	28	6	authors	author	NOUN
afbr-244	28	7	have	have	AUX
afbr-244	28	8	shown	show	VERB
afbr-244	28	9	that	that	SCONJ
afbr-244	28	10	they	they	PRON
afbr-244	28	11	are	be	AUX
afbr-244	28	12	less	less	ADV
afbr-244	28	13	interested	interested	ADJ
afbr-244	28	14	in	in	ADP
afbr-244	28	15	how	how	SCONJ
afbr-244	28	16	capital	capital	NOUN
afbr-244	28	17	structure	structure	NOUN
afbr-244	28	18	affects	affect	VERB
afbr-244	28	19	the	the	DET
afbr-244	28	20	firm	firm	ADJ
afbr-244	28	21	value	value	NOUN
afbr-244	28	22	.	.	PUNCT
afbr-244	29	1	instead	instead	ADV
afbr-244	29	2	,	,	PUNCT
afbr-244	29	3	they	they	PRON
afbr-244	29	4	place	place	VERB
afbr-244	29	5	more	more	ADJ
afbr-244	29	6	emphasis	emphasis	NOUN
afbr-244	29	7	on	on	ADP
afbr-244	29	8	how	how	SCONJ
afbr-244	29	9	capital	capital	NOUN
afbr-244	29	10	structure	structure	NOUN
afbr-244	29	11	impacts	impact	NOUN
afbr-244	29	12	on	on	ADP
afbr-244	29	13	the	the	DET
afbr-244	29	14	ownership	ownership	NOUN
afbr-244	29	15	/	/	SYM
afbr-244	29	16	governance	governance	NOUN
afbr-244	29	17	structure	structure	NOUN
afbr-244	29	18	thereby	thereby	ADV
afbr-244	29	19	influencing	influence	VERB
afbr-244	29	20	top	top	ADJ
afbr-244	29	21	management	management	NOUN
afbr-244	29	22	of	of	ADP
afbr-244	29	23	the	the	DET
afbr-244	29	24	firms	firm	NOUN
afbr-244	29	25	to	to	PART
afbr-244	29	26	make	make	VERB
afbr-244	29	27	strategic	strategic	ADJ
afbr-244	29	28	decisions	decision	NOUN
afbr-244	29	29	(	(	PUNCT
afbr-244	29	30	hitt	hitt	X
afbr-244	29	31	,	,	PUNCT
afbr-244	29	32	hoskissonand	hoskissonand	PROPN
afbr-244	29	33	harrison	harrison	PROPN
afbr-244	29	34	,	,	PUNCT
afbr-244	29	35	1991	1991	NUM
afbr-244	29	36	)	)	PUNCT
afbr-244	29	37	.	.	PUNCT
afbr-244	30	1	these	these	DET
afbr-244	30	2	decisions	decision	NOUN
afbr-244	30	3	will	will	AUX
afbr-244	30	4	in	in	ADP
afbr-244	30	5	turn	turn	NOUN
afbr-244	30	6	impact	impact	NOUN
afbr-244	30	7	on	on	ADP
afbr-244	30	8	the	the	DET
afbr-244	30	9	overall	overall	ADJ
afbr-244	30	10	performance	performance	NOUN
afbr-244	30	11	of	of	ADP
afbr-244	30	12	the	the	DET
afbr-244	30	13	firm	firm	NOUN
afbr-244	30	14	(	(	PUNCT
afbr-244	30	15	jensen	jensen	PROPN
afbr-244	30	16	,	,	PUNCT
afbr-244	30	17	1986	1986	NUM
afbr-244	30	18	)	)	PUNCT
afbr-244	30	19	.	.	PUNCT
afbr-244	31	1	nowadays	nowadays	ADV
afbr-244	31	2	,	,	PUNCT
afbr-244	31	3	the	the	DET
afbr-244	31	4	main	main	ADJ
afbr-244	31	5	issue	issue	NOUN
afbr-244	31	6	for	for	ADP
afbr-244	31	7	copyright	copyright	NOUN
afbr-244	31	8	©	©	PROPN
afbr-244	31	9	cc	cc	NOUN
afbr-244	31	10	-	-	PUNCT
afbr-244	31	11	by	by	ADP
afbr-244	31	12	-	-	PUNCT
afbr-244	31	13	nc	nc	PROPN
afbr-244	31	14	2019	2019	NUM
afbr-244	31	15	,	,	PUNCT
afbr-244	31	16	cribfb	cribfb	PROPN
afbr-244	31	17	|	|	ADV
afbr-244	31	18	afbr	afbr	PROPN
afbr-244	31	19	www.cribfb.com/journal/index.php/afbr	www.cribfb.com/journal/index.php/afbr	ADJ
afbr-244	31	20	australian	australian	ADJ
afbr-244	31	21	finance	finance	PROPN
afbr-244	31	22	&	&	CCONJ
afbr-244	31	23	banking	banking	PROPN
afbr-244	31	24	review	review	PROPN
afbr-244	31	25	vol	vol	NOUN
afbr-244	31	26	.	.	PROPN
afbr-244	32	1	3	3	NUM
afbr-244	32	2	,	,	PUNCT
afbr-244	32	3	no	no	INTJ
afbr-244	32	4	.	.	NOUN
afbr-244	32	5	1	1	NUM
afbr-244	32	6	;	;	PUNCT
afbr-244	32	7	2019	2019	NUM
afbr-244	32	8	12	12	NUM
afbr-244	32	9	the	the	DET
afbr-244	32	10	capital	capital	NOUN
afbr-244	32	11	structure	structure	NOUN
afbr-244	32	12	is	be	AUX
afbr-244	32	13	how	how	SCONJ
afbr-244	32	14	to	to	PART
afbr-244	32	15	resolve	resolve	VERB
afbr-244	32	16	the	the	DET
afbr-244	32	17	conflict	conflict	NOUN
afbr-244	32	18	on	on	ADP
afbr-244	32	19	the	the	DET
afbr-244	32	20	firms	firm	NOUN
afbr-244	32	21	'	'	PART
afbr-244	32	22	resources	resource	NOUN
afbr-244	32	23	between	between	ADP
afbr-244	32	24	managers	manager	NOUN
afbr-244	32	25	and	and	CCONJ
afbr-244	32	26	owners	owner	NOUN
afbr-244	32	27	(	(	PUNCT
afbr-244	32	28	jensen	jensen	PROPN
afbr-244	32	29	,	,	PUNCT
afbr-244	32	30	1976	1976	NUM
afbr-244	32	31	)	)	PUNCT
afbr-244	32	32	.	.	PUNCT
afbr-244	33	1	many	many	ADJ
afbr-244	33	2	of	of	ADP
afbr-244	33	3	these	these	DET
afbr-244	33	4	theories	theory	NOUN
afbr-244	33	5	have	have	AUX
afbr-244	33	6	also	also	ADV
afbr-244	33	7	been	be	AUX
afbr-244	33	8	empirically	empirically	ADV
afbr-244	33	9	tested	test	VERB
afbr-244	33	10	.	.	PUNCT
afbr-244	34	1	to	to	ADP
afbr-244	34	2	my	my	PRON
afbr-244	34	3	knowledge	knowledge	NOUN
afbr-244	34	4	,	,	PUNCT
afbr-244	34	5	no	no	DET
afbr-244	34	6	review	review	NOUN
afbr-244	34	7	has	have	AUX
afbr-244	34	8	been	be	AUX
afbr-244	34	9	conducted	conduct	VERB
afbr-244	34	10	on	on	ADP
afbr-244	34	11	the	the	DET
afbr-244	34	12	ground	ground	NOUN
afbr-244	34	13	of	of	ADP
afbr-244	34	14	capital	capital	NOUN
afbr-244	34	15	structure	structure	NOUN
afbr-244	34	16	theories	theory	NOUN
afbr-244	34	17	used	use	VERB
afbr-244	34	18	in	in	ADP
afbr-244	34	19	determining	determine	VERB
afbr-244	34	20	the	the	DET
afbr-244	34	21	optimum	optimum	ADJ
afbr-244	34	22	capital	capital	NOUN
afbr-244	34	23	structure	structure	NOUN
afbr-244	34	24	.	.	PUNCT
afbr-244	35	1	2	2	X
afbr-244	35	2	.	.	X
afbr-244	35	3	theoretical	theoretical	ADJ
afbr-244	35	4	review	review	NOUN
afbr-244	35	5	on	on	ADP
afbr-244	35	6	capital	capital	NOUN
afbr-244	35	7	structure	structure	NOUN
afbr-244	35	8	developments	development	NOUN
afbr-244	35	9	of	of	ADP
afbr-244	35	10	theory	theory	NOUN
afbr-244	35	11	in	in	ADP
afbr-244	35	12	capital	capital	NOUN
afbr-244	35	13	structure	structure	NOUN
afbr-244	35	14	can	can	AUX
afbr-244	35	15	be	be	AUX
afbr-244	35	16	categorized	categorize	VERB
afbr-244	35	17	broadly	broadly	ADV
afbr-244	35	18	into	into	ADP
afbr-244	35	19	two	two	NUM
afbr-244	35	20	groups	group	NOUN
afbr-244	35	21	:	:	PUNCT
afbr-244	35	22	i	i	NOUN
afbr-244	35	23	)	)	PUNCT
afbr-244	35	24	functional	functional	ADJ
afbr-244	35	25	market	market	NOUN
afbr-244	35	26	theories	theory	NOUN
afbr-244	35	27	,	,	PUNCT
afbr-244	35	28	which	which	PRON
afbr-244	35	29	assume	assume	VERB
afbr-244	35	30	that	that	SCONJ
afbr-244	35	31	individuals	individual	NOUN
afbr-244	35	32	and	and	CCONJ
afbr-244	35	33	firms	firm	NOUN
afbr-244	35	34	can	can	AUX
afbr-244	35	35	buy	buy	VERB
afbr-244	35	36	and	and	CCONJ
afbr-244	35	37	sell	sell	VERB
afbr-244	35	38	securities	security	NOUN
afbr-244	35	39	without	without	ADP
afbr-244	35	40	incurring	incur	VERB
afbr-244	35	41	transaction	transaction	NOUN
afbr-244	35	42	costs	cost	NOUN
afbr-244	35	43	and	and	CCONJ
afbr-244	35	44	ii	ii	NOUN
afbr-244	35	45	)	)	PUNCT
afbr-244	35	46	costly	costly	ADJ
afbr-244	35	47	transaction	transaction	NOUN
afbr-244	35	48	theories	theory	NOUN
afbr-244	35	49	.	.	PUNCT
afbr-244	36	1	the	the	DET
afbr-244	36	2	first	first	ADJ
afbr-244	36	3	group	group	NOUN
afbr-244	36	4	consists	consist	VERB
afbr-244	36	5	of	of	ADP
afbr-244	36	6	the	the	DET
afbr-244	36	7	original	original	ADJ
afbr-244	36	8	capital	capital	NOUN
afbr-244	36	9	structure	structure	NOUN
afbr-244	36	10	theories	theory	NOUN
afbr-244	36	11	of	of	ADP
afbr-244	36	12	modigliani	modigliani	PROPN
afbr-244	36	13	and	and	CCONJ
afbr-244	36	14	miller	miller	PROPN
afbr-244	36	15	(	(	PUNCT
afbr-244	36	16	1958	1958	NUM
afbr-244	36	17	,	,	PUNCT
afbr-244	36	18	1963	1963	NUM
afbr-244	36	19	)	)	PUNCT
afbr-244	36	20	,	,	PUNCT
afbr-244	36	21	miller	miller	PROPN
afbr-244	36	22	(	(	PUNCT
afbr-244	36	23	1977	1977	NUM
afbr-244	36	24	)	)	PUNCT
afbr-244	36	25	,	,	PUNCT
afbr-244	36	26	and	and	CCONJ
afbr-244	36	27	deangelo	deangelo	PROPN
afbr-244	36	28	and	and	CCONJ
afbr-244	36	29	masulis	masulis	PROPN
afbr-244	36	30	(	(	PUNCT
afbr-244	36	31	1980	1980	NUM
afbr-244	36	32	)	)	PUNCT
afbr-244	36	33	.	.	PUNCT
afbr-244	37	1	the	the	DET
afbr-244	37	2	second	second	ADJ
afbr-244	37	3	group	group	NOUN
afbr-244	37	4	includes	include	VERB
afbr-244	37	5	a	a	DET
afbr-244	37	6	range	range	NOUN
afbr-244	37	7	of	of	ADP
afbr-244	37	8	theories	theory	NOUN
afbr-244	37	9	that	that	PRON
afbr-244	37	10	discuss	discuss	VERB
afbr-244	37	11	the	the	DET
afbr-244	37	12	various	various	ADJ
afbr-244	37	13	effects	effect	NOUN
afbr-244	37	14	of	of	ADP
afbr-244	37	15	costly	costly	ADJ
afbr-244	37	16	capital	capital	NOUN
afbr-244	37	17	market	market	NOUN
afbr-244	37	18	transactions	transaction	NOUN
afbr-244	37	19	.	.	PUNCT
afbr-244	38	1	it	it	PRON
afbr-244	38	2	includes	include	VERB
afbr-244	38	3	the	the	DET
afbr-244	38	4	pure	pure	ADJ
afbr-244	38	5	transaction	transaction	NOUN
afbr-244	38	6	costs	cost	NOUN
afbr-244	38	7	or	or	CCONJ
afbr-244	38	8	"	"	PUNCT
afbr-244	38	9	pecking	pecking	NOUN
afbr-244	38	10	order	order	NOUN
afbr-244	38	11	theory	theory	NOUN
afbr-244	38	12	"	"	PUNCT
afbr-244	38	13	accredited	accredit	VERB
afbr-244	38	14	to	to	ADP
afbr-244	38	15	donaldson	donaldson	PROPN
afbr-244	38	16	(	(	PUNCT
afbr-244	38	17	1961	1961	NUM
afbr-244	38	18	)	)	PUNCT
afbr-244	38	19	;	;	PUNCT
afbr-244	38	20	the	the	DET
afbr-244	38	21	debt	debt	NOUN
afbr-244	38	22	capacity	capacity	NOUN
afbr-244	38	23	theories	theory	NOUN
afbr-244	38	24	that	that	PRON
afbr-244	38	25	depend	depend	VERB
afbr-244	38	26	on	on	ADP
afbr-244	38	27	bankruptcy	bankruptcy	NOUN
afbr-244	38	28	to	to	PART
afbr-244	38	29	limit	limit	VERB
afbr-244	38	30	a	a	DET
afbr-244	38	31	firm	firm	NOUN
afbr-244	38	32	's	's	PART
afbr-244	38	33	use	use	NOUN
afbr-244	38	34	of	of	ADP
afbr-244	38	35	debt	debt	NOUN
afbr-244	38	36	financing	financing	NOUN
afbr-244	38	37	(	(	PUNCT
afbr-244	38	38	robicheck	robicheck	NOUN
afbr-244	38	39	and	and	CCONJ
afbr-244	38	40	myers	myer	NOUN
afbr-244	38	41	,	,	PUNCT
afbr-244	38	42	1966	1966	NUM
afbr-244	38	43	)	)	PUNCT
afbr-244	38	44	,	,	PUNCT
afbr-244	38	45	the	the	DET
afbr-244	38	46	agency	agency	NOUN
afbr-244	38	47	models	model	NOUN
afbr-244	38	48	developed	develop	VERB
afbr-244	38	49	by	by	ADP
afbr-244	38	50	jensen	jensen	PROPN
afbr-244	38	51	and	and	CCONJ
afbr-244	38	52	meckling	meckling	NOUN
afbr-244	38	53	(	(	PUNCT
afbr-244	38	54	1976	1976	NUM
afbr-244	38	55	)	)	PUNCT
afbr-244	38	56	,	,	PUNCT
afbr-244	38	57	myers	myers	PROPN
afbr-244	38	58	(	(	PUNCT
afbr-244	38	59	1977	1977	NUM
afbr-244	38	60	)	)	PUNCT
afbr-244	38	61	,	,	PUNCT
afbr-244	38	62	smith	smith	PROPN
afbr-244	38	63	and	and	CCONJ
afbr-244	38	64	warner	warner	PROPN
afbr-244	38	65	(	(	PUNCT
afbr-244	38	66	1979	1979	NUM
afbr-244	38	67	)	)	PUNCT
afbr-244	38	68	;	;	PUNCT
afbr-244	38	69	and	and	CCONJ
afbr-244	38	70	signalling	signal	VERB
afbr-244	38	71	model	model	NOUN
afbr-244	38	72	by	by	ADP
afbr-244	38	73	ross	ross	PROPN
afbr-244	38	74	(	(	PUNCT
afbr-244	38	75	1977	1977	NUM
afbr-244	38	76	)	)	PUNCT
afbr-244	38	77	.	.	PUNCT
afbr-244	39	1	recent	recent	ADJ
afbr-244	39	2	work	work	NOUN
afbr-244	39	3	in	in	ADP
afbr-244	39	4	capital	capital	NOUN
afbr-244	39	5	structure	structure	NOUN
afbr-244	39	6	has	have	AUX
afbr-244	39	7	expanded	expand	VERB
afbr-244	39	8	into	into	ADP
afbr-244	39	9	a	a	DET
afbr-244	39	10	lucid	lucid	ADJ
afbr-244	39	11	analytical	analytical	ADJ
afbr-244	39	12	structure	structure	NOUN
afbr-244	39	13	building	build	VERB
afbr-244	39	14	up	up	ADP
afbr-244	39	15	the	the	DET
afbr-244	39	16	major	major	ADJ
afbr-244	39	17	contributions	contribution	NOUN
afbr-244	39	18	starting	start	VERB
afbr-244	39	19	with	with	ADP
afbr-244	39	20	the	the	DET
afbr-244	39	21	development	development	NOUN
afbr-244	39	22	of	of	ADP
afbr-244	39	23	agency	agency	NOUN
afbr-244	39	24	and	and	CCONJ
afbr-244	39	25	bankruptcy	bankruptcy	NOUN
afbr-244	39	26	theory	theory	NOUN
afbr-244	39	27	.	.	PUNCT
afbr-244	40	1	many	many	ADJ
afbr-244	40	2	of	of	ADP
afbr-244	40	3	these	these	DET
afbr-244	40	4	theories	theory	NOUN
afbr-244	40	5	have	have	AUX
afbr-244	40	6	also	also	ADV
afbr-244	40	7	been	be	AUX
afbr-244	40	8	empirically	empirically	ADV
afbr-244	40	9	tested	test	VERB
afbr-244	40	10	.	.	PUNCT
afbr-244	41	1	yet	yet	CCONJ
afbr-244	41	2	there	there	PRON
afbr-244	41	3	is	be	VERB
afbr-244	41	4	little	little	ADJ
afbr-244	41	5	consensus	consensus	NOUN
afbr-244	41	6	on	on	ADP
afbr-244	41	7	how	how	SCONJ
afbr-244	41	8	firms	firm	NOUN
afbr-244	41	9	choose	choose	VERB
afbr-244	41	10	their	their	PRON
afbr-244	41	11	capital	capital	NOUN
afbr-244	41	12	structure	structure	NOUN
afbr-244	41	13	and	and	CCONJ
afbr-244	41	14	much	much	ADJ
afbr-244	41	15	remains	remain	VERB
afbr-244	41	16	to	to	PART
afbr-244	41	17	understand	understand	VERB
afbr-244	41	18	the	the	DET
afbr-244	41	19	link	link	NOUN
afbr-244	41	20	between	between	ADP
afbr-244	41	21	theory	theory	NOUN
afbr-244	41	22	and	and	CCONJ
afbr-244	41	23	practice	practice	NOUN
afbr-244	41	24	of	of	ADP
afbr-244	41	25	capital	capital	NOUN
afbr-244	41	26	structure	structure	NOUN
afbr-244	41	27	.	.	PUNCT
afbr-244	42	1	"	"	PUNCT
afbr-244	42	2	there	there	PRON
afbr-244	42	3	is	be	VERB
afbr-244	42	4	no	no	DET
afbr-244	42	5	universal	universal	ADJ
afbr-244	42	6	theory	theory	NOUN
afbr-244	42	7	of	of	ADP
afbr-244	42	8	capital	capital	NOUN
afbr-244	42	9	structure	structure	NOUN
afbr-244	42	10	and	and	CCONJ
afbr-244	42	11	no	no	DET
afbr-244	42	12	reason	reason	NOUN
afbr-244	42	13	to	to	PART
afbr-244	42	14	expect	expect	VERB
afbr-244	42	15	one	one	NUM
afbr-244	42	16	.	.	PUNCT
afbr-244	42	17	”	"	PUNCT
afbr-244	43	1	(	(	PUNCT
afbr-244	43	2	myers	myer	NOUN
afbr-244	43	3	,	,	PUNCT
afbr-244	43	4	2003	2003	NUM
afbr-244	43	5	)	)	PUNCT
afbr-244	44	1	this	this	DET
afbr-244	44	2	review	review	NOUN
afbr-244	44	3	paper	paper	NOUN
afbr-244	44	4	discuss	discuss	NOUN
afbr-244	44	5	about	about	ADP
afbr-244	44	6	capital	capital	NOUN
afbr-244	44	7	structure	structure	NOUN
afbr-244	44	8	theories	theory	NOUN
afbr-244	44	9	those	those	PRON
afbr-244	44	10	provide	provide	VERB
afbr-244	44	11	overview	overview	NOUN
afbr-244	44	12	of	of	ADP
afbr-244	44	13	the	the	DET
afbr-244	44	14	optimal	optimal	ADJ
afbr-244	44	15	choices	choice	NOUN
afbr-244	44	16	of	of	ADP
afbr-244	44	17	financing	financing	NOUN
afbr-244	44	18	of	of	ADP
afbr-244	44	19	a	a	DET
afbr-244	44	20	firm	firm	NOUN
afbr-244	44	21	:	:	PUNCT
afbr-244	44	22	equity	equity	NOUN
afbr-244	44	23	and	and	CCONJ
afbr-244	44	24	debt	debt	NOUN
afbr-244	44	25	.	.	PUNCT
afbr-244	45	1	as	as	SCONJ
afbr-244	45	2	it	it	PRON
afbr-244	45	3	is	be	AUX
afbr-244	45	4	stated	state	VERB
afbr-244	45	5	that	that	SCONJ
afbr-244	45	6	economic	economic	ADJ
afbr-244	45	7	theory	theory	NOUN
afbr-244	45	8	does	do	AUX
afbr-244	45	9	not	not	PART
afbr-244	45	10	propose	propose	VERB
afbr-244	45	11	any	any	DET
afbr-244	45	12	guidelines	guideline	NOUN
afbr-244	45	13	about	about	ADP
afbr-244	45	14	financing	financing	NOUN
afbr-244	45	15	choices	choice	NOUN
afbr-244	45	16	.	.	PUNCT
afbr-244	46	1	the	the	DET
afbr-244	46	2	answer	answer	NOUN
afbr-244	46	3	to	to	ADP
afbr-244	46	4	the	the	DET
afbr-244	46	5	question	question	NOUN
afbr-244	46	6	"	"	PUNCT
afbr-244	46	7	how	how	SCONJ
afbr-244	46	8	do	do	AUX
afbr-244	46	9	firms	firm	NOUN
afbr-244	46	10	choose	choose	VERB
afbr-244	46	11	their	their	PRON
afbr-244	46	12	capital	capital	NOUN
afbr-244	46	13	structures	structure	NOUN
afbr-244	46	14	?	?	PUNCT
afbr-244	46	15	"	"	PUNCT
afbr-244	46	16	is	be	AUX
afbr-244	46	17	thus	thus	ADV
afbr-244	46	18	still	still	ADV
afbr-244	46	19	"	"	PUNCT
afbr-244	46	20	we	we	PRON
afbr-244	46	21	do	do	AUX
afbr-244	46	22	n't	not	PART
afbr-244	46	23	know	know	VERB
afbr-244	46	24	.	.	PUNCT
afbr-244	46	25	"	"	PUNCT
afbr-244	47	1	(	(	PUNCT
afbr-244	47	2	myers	myer	NOUN
afbr-244	47	3	,	,	PUNCT
afbr-244	47	4	1984	1984	NUM
afbr-244	47	5	)	)	PUNCT
afbr-244	47	6	.	.	PUNCT
afbr-244	48	1	though	though	SCONJ
afbr-244	48	2	there	there	PRON
afbr-244	48	3	are	be	VERB
afbr-244	48	4	other	other	ADJ
afbr-244	48	5	significant	significant	ADJ
afbr-244	48	6	conditional	conditional	ADJ
afbr-244	48	7	theories	theory	NOUN
afbr-244	48	8	which	which	PRON
afbr-244	48	9	propose	propose	VERB
afbr-244	48	10	distinct	distinct	ADJ
afbr-244	48	11	approach	approach	NOUN
afbr-244	48	12	to	to	ADP
afbr-244	48	13	the	the	DET
afbr-244	48	14	"	"	PUNCT
afbr-244	48	15	capital	capital	NOUN
afbr-244	48	16	structure	structure	NOUN
afbr-244	48	17	puzzle	puzzle	NOUN
afbr-244	48	18	"	"	PUNCT
afbr-244	48	19	and	and	CCONJ
afbr-244	48	20	endeavour	endeavour	VERB
afbr-244	48	21	to	to	PART
afbr-244	48	22	lessen	lessen	VERB
afbr-244	48	23	the	the	DET
afbr-244	48	24	puzzle	puzzle	NOUN
afbr-244	48	25	from	from	ADP
afbr-244	48	26	economic	economic	ADJ
afbr-244	48	27	status	status	NOUN
afbr-244	48	28	.	.	PUNCT
afbr-244	49	1	discussed	discuss	VERB
afbr-244	49	2	theories	theory	NOUN
afbr-244	49	3	from	from	ADP
afbr-244	49	4	the	the	DET
afbr-244	49	5	review	review	NOUN
afbr-244	49	6	paper	paper	NOUN
afbr-244	49	7	open	open	VERB
afbr-244	49	8	an	an	DET
afbr-244	49	9	arena	arena	NOUN
afbr-244	49	10	where	where	SCONJ
afbr-244	49	11	researcher	researcher	NOUN
afbr-244	49	12	can	can	AUX
afbr-244	49	13	get	get	VERB
afbr-244	49	14	a	a	DET
afbr-244	49	15	historical	historical	ADJ
afbr-244	49	16	review	review	NOUN
afbr-244	49	17	of	of	ADP
afbr-244	49	18	conditional	conditional	ADJ
afbr-244	49	19	theories	theory	NOUN
afbr-244	49	20	which	which	PRON
afbr-244	49	21	assist	assist	VERB
afbr-244	49	22	to	to	PART
afbr-244	49	23	apply	apply	VERB
afbr-244	49	24	the	the	DET
afbr-244	49	25	contributing	contribute	VERB
afbr-244	49	26	factors	factor	NOUN
afbr-244	49	27	of	of	ADP
afbr-244	49	28	capital	capital	NOUN
afbr-244	49	29	structure	structure	NOUN
afbr-244	49	30	and	and	CCONJ
afbr-244	49	31	effect	effect	NOUN
afbr-244	49	32	on	on	ADP
afbr-244	49	33	firm	firm	ADJ
afbr-244	49	34	value	value	NOUN
afbr-244	49	35	.	.	PUNCT
afbr-244	50	1	this	this	DET
afbr-244	50	2	historical	historical	ADJ
afbr-244	50	3	review	review	NOUN
afbr-244	50	4	will	will	AUX
afbr-244	50	5	be	be	AUX
afbr-244	50	6	discuss	discuss	VERB
afbr-244	50	7	the	the	DET
afbr-244	50	8	propositions	proposition	NOUN
afbr-244	50	9	of	of	ADP
afbr-244	50	10	miler	miler	NOUN
afbr-244	50	11	and	and	CCONJ
afbr-244	50	12	modigliani	modigliani	PROPN
afbr-244	50	13	,	,	PUNCT
afbr-244	50	14	the	the	DET
afbr-244	50	15	trade	trade	NOUN
afbr-244	50	16	-	-	PUNCT
afbr-244	50	17	off	off	NOUN
afbr-244	50	18	,	,	PUNCT
afbr-244	50	19	signalling	signal	VERB
afbr-244	50	20	,	,	PUNCT
afbr-244	50	21	pecking	pecking	NOUN
afbr-244	50	22	order	order	NOUN
afbr-244	50	23	and	and	CCONJ
afbr-244	50	24	agency	agency	NOUN
afbr-244	50	25	theory	theory	NOUN
afbr-244	50	26	(	(	PUNCT
afbr-244	50	27	including	include	VERB
afbr-244	50	28	the	the	DET
afbr-244	50	29	free	free	ADJ
afbr-244	50	30	cash	cash	NOUN
afbr-244	50	31	flow	flow	NOUN
afbr-244	50	32	type	type	NOUN
afbr-244	50	33	of	of	ADP
afbr-244	50	34	research	research	NOUN
afbr-244	50	35	)	)	PUNCT
afbr-244	50	36	2.1	2.1	NUM
afbr-244	50	37	miller	miller	NOUN
afbr-244	50	38	and	and	CCONJ
afbr-244	50	39	modigliani	modigliani	ADJ
afbr-244	50	40	propositions	proposition	NOUN
afbr-244	50	41	capital	capital	NOUN
afbr-244	50	42	structure	structure	NOUN
afbr-244	50	43	theory	theory	NOUN
afbr-244	50	44	of	of	ADP
afbr-244	50	45	modigliani	modigliani	PROPN
afbr-244	50	46	and	and	CCONJ
afbr-244	50	47	miller	miller	PROPN
afbr-244	50	48	,	,	PUNCT
afbr-244	50	49	1958	1958	NUM
afbr-244	50	50	the	the	DET
afbr-244	50	51	modigliani	modigliani	PROPN
afbr-244	50	52	and	and	CCONJ
afbr-244	50	53	miller	miller	PROPN
afbr-244	50	54	theorem	theorem	NOUN
afbr-244	50	55	is	be	AUX
afbr-244	50	56	a	a	DET
afbr-244	50	57	financial	financial	ADJ
afbr-244	50	58	theory	theory	NOUN
afbr-244	50	59	stating	state	VERB
afbr-244	50	60	that	that	SCONJ
afbr-244	50	61	the	the	DET
afbr-244	50	62	market	market	NOUN
afbr-244	50	63	value	value	NOUN
afbr-244	50	64	of	of	ADP
afbr-244	50	65	a	a	DET
afbr-244	50	66	firm	firm	NOUN
afbr-244	50	67	is	be	AUX
afbr-244	50	68	determined	determine	VERB
afbr-244	50	69	by	by	ADP
afbr-244	50	70	its	its	PRON
afbr-244	50	71	earning	earn	VERB
afbr-244	50	72	power	power	NOUN
afbr-244	50	73	and	and	CCONJ
afbr-244	50	74	the	the	DET
afbr-244	50	75	risk	risk	NOUN
afbr-244	50	76	of	of	ADP
afbr-244	50	77	its	its	PRON
afbr-244	50	78	underlying	underlie	VERB
afbr-244	50	79	assets	asset	NOUN
afbr-244	50	80	,	,	PUNCT
afbr-244	50	81	and	and	CCONJ
afbr-244	50	82	is	be	AUX
afbr-244	50	83	independent	independent	ADJ
afbr-244	50	84	of	of	ADP
afbr-244	50	85	the	the	DET
afbr-244	50	86	way	way	NOUN
afbr-244	50	87	it	it	PRON
afbr-244	50	88	chooses	choose	VERB
afbr-244	50	89	to	to	PART
afbr-244	50	90	finance	finance	VERB
afbr-244	50	91	its	its	PRON
afbr-244	50	92	investments	investment	NOUN
afbr-244	50	93	or	or	CCONJ
afbr-244	50	94	distribute	distribute	VERB
afbr-244	50	95	dividends	dividend	NOUN
afbr-244	50	96	.	.	PUNCT
afbr-244	51	1	in	in	ADP
afbr-244	51	2	the	the	DET
afbr-244	51	3	modigliani	modigliani	ADJ
afbr-244	51	4	-miller	-miller	NOUN
afbr-244	51	5	's	's	PART
afbr-244	51	6	(	(	PUNCT
afbr-244	51	7	1958	1958	NUM
afbr-244	51	8	)	)	PUNCT
afbr-244	51	9	article	article	NOUN
afbr-244	51	10	developed	develop	VERB
afbr-244	51	11	within	within	ADP
afbr-244	51	12	the	the	DET
afbr-244	51	13	framework	framework	NOUN
afbr-244	51	14	of	of	ADP
afbr-244	51	15	perfect	perfect	ADJ
afbr-244	51	16	capital	capital	NOUN
afbr-244	51	17	market	market	NOUN
afbr-244	51	18	which	which	PRON
afbr-244	51	19	characterized	characterize	VERB
afbr-244	51	20	by	by	ADP
afbr-244	51	21	free	free	ADJ
afbr-244	51	22	of	of	ADP
afbr-244	51	23	taxes	taxis	NOUN
afbr-244	51	24	,	,	PUNCT
afbr-244	51	25	transaction	transaction	NOUN
afbr-244	51	26	costs	cost	NOUN
afbr-244	51	27	,	,	PUNCT
afbr-244	51	28	and	and	CCONJ
afbr-244	51	29	other	other	ADJ
afbr-244	51	30	frictions	friction	NOUN
afbr-244	51	31	;	;	PUNCT
afbr-244	51	32	the	the	DET
afbr-244	51	33	choice	choice	NOUN
afbr-244	51	34	of	of	ADP
afbr-244	51	35	a	a	DET
afbr-244	51	36	firm	firm	NOUN
afbr-244	51	37	's	's	PART
afbr-244	51	38	capital	capital	NOUN
afbr-244	51	39	structure	structure	NOUN
afbr-244	51	40	could	could	AUX
afbr-244	51	41	not	not	PART
afbr-244	51	42	affect	affect	VERB
afbr-244	51	43	its	its	PRON
afbr-244	51	44	market	market	NOUN
afbr-244	51	45	value	value	NOUN
afbr-244	51	46	because	because	SCONJ
afbr-244	51	47	investors	investor	NOUN
afbr-244	51	48	could	could	AUX
afbr-244	51	49	make	make	VERB
afbr-244	51	50	or	or	CCONJ
afbr-244	51	51	unmake	unmake	VERB
afbr-244	51	52	any	any	DET
afbr-244	51	53	level	level	NOUN
afbr-244	51	54	of	of	ADP
afbr-244	51	55	homemade	homemade	ADJ
afbr-244	51	56	leverage	leverage	NOUN
afbr-244	51	57	they	they	PRON
afbr-244	51	58	desired	desire	VERB
afbr-244	51	59	by	by	ADP
afbr-244	51	60	borrowing	borrow	VERB
afbr-244	51	61	or	or	CCONJ
afbr-244	51	62	lending	lending	NOUN
afbr-244	51	63	on	on	ADP
afbr-244	51	64	personal	personal	ADJ
afbr-244	51	65	account	account	NOUN
afbr-244	51	66	.	.	PUNCT
afbr-244	52	1	the	the	DET
afbr-244	52	2	"	"	PUNCT
afbr-244	52	3	m	m	PROPN
afbr-244	52	4	and	and	CCONJ
afbr-244	52	5	m	m	PROPN
afbr-244	52	6	capital	capital	NOUN
afbr-244	52	7	structure	structure	NOUN
afbr-244	52	8	irrelevance	irrelevance	NOUN
afbr-244	52	9	proposition	proposition	NOUN
afbr-244	52	10	"	"	PUNCT
afbr-244	52	11	states	state	VERB
afbr-244	52	12	the	the	DET
afbr-244	52	13	circumstances	circumstance	NOUN
afbr-244	52	14	under	under	ADP
afbr-244	52	15	which	which	PRON
afbr-244	52	16	capital	capital	NOUN
afbr-244	52	17	structure	structure	NOUN
afbr-244	52	18	does	do	AUX
afbr-244	52	19	not	not	PART
afbr-244	52	20	influence	influence	VERB
afbr-244	52	21	firm	firm	ADJ
afbr-244	52	22	value	value	NOUN
afbr-244	52	23	.	.	PUNCT
afbr-244	53	1	the	the	DET
afbr-244	53	2	assumptions	assumption	NOUN
afbr-244	53	3	of	of	ADP
afbr-244	53	4	the	the	DET
afbr-244	53	5	theory	theory	NOUN
afbr-244	53	6	are	be	AUX
afbr-244	53	7	mm	mm	PROPN
afbr-244	53	8	employed	employ	VERB
afbr-244	53	9	the	the	DET
afbr-244	53	10	concept	concept	NOUN
afbr-244	53	11	of	of	ADP
afbr-244	53	12	arbitrage	arbitrage	NOUN
afbr-244	53	13	to	to	PART
afbr-244	53	14	develop	develop	VERB
afbr-244	53	15	their	their	PRON
afbr-244	53	16	theory	theory	NOUN
afbr-244	53	17	.	.	PUNCT
afbr-244	54	1	here	here	ADV
afbr-244	54	2	are	be	AUX
afbr-244	54	3	the	the	DET
afbr-244	54	4	initial	initial	ADJ
afbr-244	54	5	mm	mm	PROPN
afbr-244	54	6	assumptions	assumption	NOUN
afbr-244	54	7			PUNCT
afbr-244	54	8	there	there	PRON
afbr-244	54	9	are	be	VERB
afbr-244	54	10	no	no	DET
afbr-244	54	11	personal	personal	ADJ
afbr-244	54	12	or	or	CCONJ
afbr-244	54	13	corporate	corporate	ADJ
afbr-244	54	14	taxes	taxis	NOUN
afbr-244	54	15	.	.	PUNCT
afbr-244	55	1			PART
afbr-244	55	2	business	business	NOUN
afbr-244	55	3	risk	risk	NOUN
afbr-244	55	4	can	can	AUX
afbr-244	55	5	be	be	AUX
afbr-244	55	6	measured	measure	VERB
afbr-244	55	7	by	by	ADP
afbr-244	55	8	ebit	ebit	NOUN
afbr-244	55	9	and	and	CCONJ
afbr-244	55	10	firms	firm	NOUN
afbr-244	55	11	with	with	ADP
afbr-244	55	12	the	the	DET
afbr-244	55	13	same	same	ADJ
afbr-244	55	14	degree	degree	NOUN
afbr-244	55	15	of	of	ADP
afbr-244	55	16	business	business	NOUN
afbr-244	55	17	risk	risk	NOUN
afbr-244	55	18	are	be	AUX
afbr-244	55	19	said	say	VERB
afbr-244	55	20	to	to	PART
afbr-244	55	21	be	be	AUX
afbr-244	55	22	in	in	ADP
afbr-244	55	23	a	a	DET
afbr-244	55	24	homogeneous	homogeneous	ADJ
afbr-244	55	25	risk	risk	NOUN
afbr-244	55	26	class	class	NOUN
afbr-244	55	27	.	.	PUNCT
afbr-244	56	1			PROPN
afbr-244	57	1	all	all	PRON
afbr-244	57	2	present	present	ADJ
afbr-244	57	3	and	and	CCONJ
afbr-244	57	4	prospective	prospective	ADJ
afbr-244	57	5	investors	investor	NOUN
afbr-244	57	6	have	have	VERB
afbr-244	57	7	identical	identical	ADJ
afbr-244	57	8	estimates	estimate	NOUN
afbr-244	57	9	of	of	ADP
afbr-244	57	10	each	each	DET
afbr-244	57	11	firm	firm	NOUN
afbr-244	57	12	's	's	PART
afbr-244	57	13	future	future	ADJ
afbr-244	57	14	ebit	ebit	NOUN
afbr-244	57	15	,	,	PUNCT
afbr-244	57	16	that	that	ADV
afbr-244	57	17	is	is	ADV
afbr-244	57	18	,	,	PUNCT
afbr-244	57	19	investors	investor	NOUN
afbr-244	57	20	have	have	VERB
afbr-244	57	21	homogenous	homogenous	ADJ
afbr-244	57	22	expectations	expectation	NOUN
afbr-244	57	23	about	about	ADP
afbr-244	57	24	expected	expect	VERB
afbr-244	57	25	future	future	ADJ
afbr-244	57	26	corporate	corporate	ADJ
afbr-244	57	27	earnings	earning	NOUN
afbr-244	57	28	and	and	CCONJ
afbr-244	57	29	the	the	DET
afbr-244	57	30	silkiness	silkiness	NOUN
afbr-244	57	31	of	of	ADP
afbr-244	57	32	those	those	DET
afbr-244	57	33	earnings	earning	NOUN
afbr-244	57	34	,	,	PUNCT
afbr-244	57	35			NUM
afbr-244	57	36	stocks	stock	NOUN
afbr-244	57	37	and	and	CCONJ
afbr-244	57	38	bonds	bond	NOUN
afbr-244	57	39	are	be	AUX
afbr-244	57	40	traded	trade	VERB
afbr-244	57	41	in	in	ADP
afbr-244	57	42	perfect	perfect	ADJ
afbr-244	57	43	capital	capital	NOUN
afbr-244	57	44	markets	market	NOUN
afbr-244	57	45	.	.	PUNCT
afbr-244	58	1	this	this	DET
afbr-244	58	2	assumption	assumption	NOUN
afbr-244	58	3	implies	imply	VERB
afbr-244	58	4	,	,	PUNCT
afbr-244	58	5	among	among	ADP
afbr-244	58	6	other	other	ADJ
afbr-244	58	7	things	thing	NOUN
afbr-244	58	8	,	,	PUNCT
afbr-244	58	9	(	(	PUNCT
afbr-244	58	10	a	a	X
afbr-244	58	11	)	)	PUNCT
afbr-244	58	12	that	that	SCONJ
afbr-244	58	13	there	there	PRON
afbr-244	58	14	are	be	VERB
afbr-244	58	15	no	no	DET
afbr-244	58	16	brokerage	brokerage	NOUN
afbr-244	58	17	costs	cost	NOUN
afbr-244	58	18	and	and	CCONJ
afbr-244	58	19	(	(	PUNCT
afbr-244	58	20	b	b	NOUN
afbr-244	58	21	)	)	PUNCT
afbr-244	58	22	that	that	SCONJ
afbr-244	58	23	investors	investor	NOUN
afbr-244	58	24	(	(	PUNCT
afbr-244	58	25	both	both	PRON
afbr-244	58	26	individuals	individual	NOUN
afbr-244	58	27	and	and	CCONJ
afbr-244	58	28	institutions	institution	NOUN
afbr-244	58	29	)	)	PUNCT
afbr-244	58	30	can	can	AUX
afbr-244	58	31	borrow	borrow	VERB
afbr-244	58	32	at	at	ADP
afbr-244	58	33	the	the	DET
afbr-244	58	34	same	same	ADJ
afbr-244	58	35	rate	rate	NOUN
afbr-244	58	36	as	as	ADP
afbr-244	58	37	corporations	corporation	NOUN
afbr-244	58	38	.	.	PUNCT
afbr-244	59	1			PROPN
afbr-244	60	1	the	the	DET
afbr-244	60	2	debt	debt	NOUN
afbr-244	60	3	of	of	ADP
afbr-244	60	4	firms	firm	NOUN
afbr-244	60	5	and	and	CCONJ
afbr-244	60	6	investors	investor	NOUN
afbr-244	60	7	is	be	AUX
afbr-244	60	8	riskless	riskless	NOUN
afbr-244	60	9	,	,	PUNCT
afbr-244	60	10	so	so	SCONJ
afbr-244	60	11	the	the	DET
afbr-244	60	12	interest	interest	NOUN
afbr-244	60	13	rate	rate	NOUN
afbr-244	60	14	on	on	ADP
afbr-244	60	15	all	all	DET
afbr-244	60	16	debt	debt	NOUN
afbr-244	60	17	is	be	AUX
afbr-244	60	18	the	the	DET
afbr-244	60	19	risk	risk	NOUN
afbr-244	60	20	-	-	PUNCT
afbr-244	60	21	free	free	ADJ
afbr-244	60	22	rate	rate	NOUN
afbr-244	60	23	.	.	PUNCT
afbr-244	61	1	further	far	ADV
afbr-244	61	2	,	,	PUNCT
afbr-244	61	3	this	this	DET
afbr-244	61	4	situation	situation	NOUN
afbr-244	61	5	holds	hold	VERB
afbr-244	61	6	regardless	regardless	ADV
afbr-244	61	7	of	of	ADP
afbr-244	61	8	how	how	SCONJ
afbr-244	61	9	much	much	ADJ
afbr-244	61	10	debt	debt	NOUN
afbr-244	61	11	a	a	DET
afbr-244	61	12	firm	firm	NOUN
afbr-244	61	13	uses	use	VERB
afbr-244	61	14	.	.	PUNCT
afbr-244	62	1	copyright	copyright	NOUN
afbr-244	62	2	©	©	PROPN
afbr-244	62	3	cc	cc	PROPN
afbr-244	62	4	-	-	PUNCT
afbr-244	62	5	by	by	ADP
afbr-244	62	6	-	-	PUNCT
afbr-244	62	7	nc	nc	PROPN
afbr-244	62	8	2019	2019	NUM
afbr-244	62	9	,	,	PUNCT
afbr-244	62	10	cribfb	cribfb	PROPN
afbr-244	62	11	|	|	ADV
afbr-244	62	12	afbr	afbr	PROPN
afbr-244	62	13	www.cribfb.com/journal/index.php/afbr	www.cribfb.com/journal/index.php/afbr	ADJ
afbr-244	62	14	australian	australian	ADJ
afbr-244	62	15	finance	finance	PROPN
afbr-244	62	16	&	&	CCONJ
afbr-244	62	17	banking	banking	PROPN
afbr-244	62	18	review	review	PROPN
afbr-244	62	19	vol	vol	NOUN
afbr-244	62	20	.	.	PROPN
afbr-244	63	1	3	3	NUM
afbr-244	63	2	,	,	PUNCT
afbr-244	63	3	no	no	INTJ
afbr-244	63	4	.	.	NOUN
afbr-244	63	5	1	1	NUM
afbr-244	63	6	;	;	PUNCT
afbr-244	63	7	2019	2019	NUM
afbr-244	63	8	13	13	NUM
afbr-244	63	9			NOUN
afbr-244	63	10	all	all	DET
afbr-244	63	11	cash	cash	NOUN
afbr-244	63	12	flows	flow	NOUN
afbr-244	63	13	are	be	AUX
afbr-244	63	14	perpetuities	perpetuity	NOUN
afbr-244	63	15	;	;	PUNCT
afbr-244	63	16	that	that	PRON
afbr-244	63	17	is	is	ADV
afbr-244	63	18	,	,	PUNCT
afbr-244	63	19	all	all	DET
afbr-244	63	20	firms	firm	NOUN
afbr-244	63	21	except	except	SCONJ
afbr-244	63	22	zero	zero	NUM
afbr-244	63	23	growth	growth	NOUN
afbr-244	63	24	,	,	PUNCT
afbr-244	63	25	hence	hence	ADV
afbr-244	63	26	have	have	VERB
afbr-244	63	27	an	an	DET
afbr-244	63	28	"	"	PUNCT
afbr-244	63	29	exceptionally	exceptionally	ADV
afbr-244	63	30	constant	constant	ADJ
afbr-244	63	31	"	"	PUNCT
afbr-244	63	32	ebit	ebit	NOUN
afbr-244	63	33	,	,	PUNCT
afbr-244	63	34	and	and	CCONJ
afbr-244	63	35	all	all	DET
afbr-244	63	36	bonds	bond	NOUN
afbr-244	63	37	are	be	AUX
afbr-244	63	38	perpetuities	perpetuity	NOUN
afbr-244	63	39	.	.	PUNCT
afbr-244	64	1	mm	mm	PROPN
afbr-244	64	2	without	without	ADP
afbr-244	64	3	taxesmm	taxesmm	NOUN
afbr-244	64	4	first	first	ADV
afbr-244	64	5	analysed	analyse	VERB
afbr-244	64	6	leverage	leverage	NOUN
afbr-244	64	7	under	under	ADP
afbr-244	64	8	the	the	DET
afbr-244	64	9	assumption	assumption	NOUN
afbr-244	64	10	that	that	SCONJ
afbr-244	64	11	there	there	PRON
afbr-244	64	12	are	be	VERB
afbr-244	64	13	no	no	DET
afbr-244	64	14	corporate	corporate	ADJ
afbr-244	64	15	or	or	CCONJ
afbr-244	64	16	personal	personal	ADJ
afbr-244	64	17	income	income	NOUN
afbr-244	64	18	taxes	taxis	NOUN
afbr-244	64	19	.	.	PUNCT
afbr-244	65	1	on	on	ADP
afbr-244	65	2	the	the	DET
afbr-244	65	3	basis	basis	NOUN
afbr-244	65	4	of	of	ADP
afbr-244	65	5	their	their	PRON
afbr-244	65	6	assumptions	assumption	NOUN
afbr-244	65	7	,	,	PUNCT
afbr-244	65	8	they	they	PRON
afbr-244	65	9	stated	state	VERB
afbr-244	65	10	and	and	CCONJ
afbr-244	65	11	algebraically	algebraically	ADV
afbr-244	65	12	proved	prove	VERB
afbr-244	65	13	two	two	NUM
afbr-244	65	14	propositions	proposition	NOUN
afbr-244	65	15	.	.	PUNCT
afbr-244	66	1	proposition	proposition	NOUN
afbr-244	66	2	i	i	PRON
afbr-244	66	3	the	the	DET
afbr-244	66	4	value	value	NOUN
afbr-244	66	5	of	of	ADP
afbr-244	66	6	is	be	AUX
afbr-244	66	7	established	establish	VERB
afbr-244	66	8	by	by	ADP
afbr-244	66	9	capitalizing	capitalize	VERB
afbr-244	66	10	its	its	PRON
afbr-244	66	11	expected	expect	VERB
afbr-244	66	12	net	net	ADJ
afbr-244	66	13	operating	operating	NOUN
afbr-244	66	14	income	income	NOUN
afbr-244	66	15	(	(	PUNCT
afbr-244	66	16	ebit	ebit	PROPN
afbr-244	66	17	)	)	PUNCT
afbr-244	66	18	at	at	ADP
afbr-244	66	19	a	a	DET
afbr-244	66	20	constant	constant	ADJ
afbr-244	66	21	rate	rate	NOUN
afbr-244	66	22	,	,	PUNCT
afbr-244	66	23	which	which	PRON
afbr-244	66	24	is	be	AUX
afbr-244	66	25	based	base	VERB
afbr-244	66	26	on	on	ADP
afbr-244	66	27	the	the	DET
afbr-244	66	28	firm	firm	NOUN
afbr-244	66	29	's	's	PART
afbr-244	66	30	risk	risk	NOUN
afbr-244	66	31	class	class	NOUN
afbr-244	66	32	.	.	PUNCT
afbr-244	67	1	under	under	ADP
afbr-244	67	2	the	the	DET
afbr-244	67	3	mm	mm	PROPN
afbr-244	67	4	model	model	NOUN
afbr-244	67	5	when	when	SCONJ
afbr-244	67	6	there	there	PRON
afbr-244	67	7	are	be	VERB
afbr-244	67	8	no	no	DET
afbr-244	67	9	taxes	taxis	NOUN
afbr-244	67	10	,	,	PUNCT
afbr-244	67	11	the	the	DET
afbr-244	67	12	value	value	NOUN
afbr-244	67	13	of	of	ADP
afbr-244	67	14	the	the	DET
afbr-244	67	15	firm	firm	NOUN
afbr-244	67	16	is	be	AUX
afbr-244	67	17	independent	independent	ADJ
afbr-244	67	18	of	of	ADP
afbr-244	67	19	its	its	PRON
afbr-244	67	20	leverage	leverage	NOUN
afbr-244	67	21	.	.	PUNCT
afbr-244	68	1	the	the	DET
afbr-244	68	2	model	model	NOUN
afbr-244	68	3	implies	imply	VERB
afbr-244	68	4	that	that	SCONJ
afbr-244	68	5	,	,	PUNCT
afbr-244	68	6			VERB
afbr-244	68	7	the	the	DET
afbr-244	68	8	weighted	weighted	ADJ
afbr-244	68	9	average	average	ADJ
afbr-244	68	10	cost	cost	NOUN
afbr-244	68	11	of	of	ADP
afbr-244	68	12	capital	capital	NOUN
afbr-244	68	13	to	to	ADP
afbr-244	68	14	the	the	DET
afbr-244	68	15	firm	firm	NOUN
afbr-244	68	16	is	be	AUX
afbr-244	68	17	completely	completely	ADV
afbr-244	68	18	independent	independent	ADJ
afbr-244	68	19	of	of	ADP
afbr-244	68	20	its	its	PRON
afbr-244	68	21	capital	capital	NOUN
afbr-244	68	22	structure	structure	NOUN
afbr-244	68	23	.	.	PUNCT
afbr-244	69	1			PUNCT
afbr-244	70	1	the	the	DET
afbr-244	70	2	wacc	wacc	PROPN
afbr-244	70	3	for	for	ADP
afbr-244	70	4	the	the	DET
afbr-244	70	5	firm	firm	NOUN
afbr-244	70	6	,	,	PUNCT
afbr-244	70	7	regardless	regardless	ADV
afbr-244	70	8	of	of	ADP
afbr-244	70	9	the	the	DET
afbr-244	70	10	amount	amount	NOUN
afbr-244	70	11	of	of	ADP
afbr-244	70	12	debt	debt	NOUN
afbr-244	70	13	it	it	PRON
afbr-244	70	14	uses	use	VERB
afbr-244	70	15	,	,	PUNCT
afbr-244	70	16	is	be	AUX
afbr-244	70	17	equal	equal	ADJ
afbr-244	70	18	to	to	ADP
afbr-244	70	19	the	the	DET
afbr-244	70	20	cost	cost	NOUN
afbr-244	70	21	of	of	ADP
afbr-244	70	22	equity	equity	NOUN
afbr-244	70	23	it	it	PRON
afbr-244	70	24	would	would	AUX
afbr-244	70	25	have	have	VERB
afbr-244	70	26	if	if	SCONJ
afbr-244	70	27	it	it	PRON
afbr-244	70	28	used	use	VERB
afbr-244	70	29	no	no	DET
afbr-244	70	30	debt	debt	NOUN
afbr-244	70	31	.	.	PUNCT
afbr-244	71	1	proposition	proposition	NOUN
afbr-244	71	2	ii	ii	PROPN
afbr-244	71	3	-the	-the	DET
afbr-244	71	4	cost	cost	NOUN
afbr-244	71	5	of	of	ADP
afbr-244	71	6	equity	equity	NOUN
afbr-244	71	7	to	to	ADP
afbr-244	71	8	a	a	DET
afbr-244	71	9	levered	lever	VERB
afbr-244	71	10	firm	firm	NOUN
afbr-244	71	11	is	be	AUX
afbr-244	71	12	equal	equal	ADJ
afbr-244	71	13	to	to	ADP
afbr-244	71	14	i	i	PRON
afbr-244	71	15	)	)	PUNCT
afbr-244	71	16	the	the	DET
afbr-244	71	17	cost	cost	NOUN
afbr-244	71	18	of	of	ADP
afbr-244	71	19	equity	equity	NOUN
afbr-244	71	20	to	to	ADP
afbr-244	71	21	an	an	DET
afbr-244	71	22	unlevelled	unlevelled	ADJ
afbr-244	71	23	firm	firm	NOUN
afbr-244	71	24	in	in	ADP
afbr-244	71	25	the	the	DET
afbr-244	71	26	same	same	ADJ
afbr-244	71	27	risk	risk	NOUN
afbr-244	71	28	class	class	NOUN
afbr-244	71	29	plus	plus	CCONJ
afbr-244	71	30	ii	ii	PROPN
afbr-244	71	31	)	)	PUNCT
afbr-244	71	32	a	a	DET
afbr-244	71	33	risk	risk	NOUN
afbr-244	71	34	premium	premium	NOUN
afbr-244	71	35	whose	whose	DET
afbr-244	71	36	size	size	NOUN
afbr-244	71	37	depends	depend	VERB
afbr-244	71	38	on	on	ADP
afbr-244	71	39	both	both	CCONJ
afbr-244	71	40	the	the	DET
afbr-244	71	41	differential	differential	NOUN
afbr-244	71	42	between	between	ADP
afbr-244	71	43	a	a	DET
afbr-244	71	44	non	non	ADJ
afbr-244	71	45	-	-	ADJ
afbr-244	71	46	levered	levered	ADJ
afbr-244	71	47	firm	firm	NOUN
afbr-244	71	48	's	's	PART
afbr-244	71	49	costs	cost	NOUN
afbr-244	71	50	of	of	ADP
afbr-244	71	51	debt	debt	NOUN
afbr-244	71	52	and	and	CCONJ
afbr-244	71	53	equity	equity	NOUN
afbr-244	71	54	and	and	CCONJ
afbr-244	71	55	the	the	DET
afbr-244	71	56	amount	amount	NOUN
afbr-244	71	57	of	of	ADP
afbr-244	71	58	debt	debt	NOUN
afbr-244	71	59	used	use	VERB
afbr-244	71	60	.	.	PUNCT
afbr-244	72	1	this	this	DET
afbr-244	72	2	proposition	proposition	NOUN
afbr-244	72	3	shows	show	VERB
afbr-244	72	4	that	that	SCONJ
afbr-244	72	5	the	the	DET
afbr-244	72	6	firm	firm	NOUN
afbr-244	72	7	's	's	PART
afbr-244	72	8	use	use	NOUN
afbr-244	72	9	of	of	ADP
afbr-244	72	10	debt	debt	NOUN
afbr-244	72	11	increases	increase	NOUN
afbr-244	72	12	,	,	PUNCT
afbr-244	72	13	its	its	PRON
afbr-244	72	14	cost	cost	NOUN
afbr-244	72	15	of	of	ADP
afbr-244	72	16	equity	equity	NOUN
afbr-244	72	17	also	also	ADV
afbr-244	72	18	raises	raise	VERB
afbr-244	72	19	,	,	PUNCT
afbr-244	72	20	and	and	CCONJ
afbr-244	72	21	in	in	ADP
afbr-244	72	22	a	a	DET
afbr-244	72	23	mathematically	mathematically	ADV
afbr-244	72	24	precise	precise	ADJ
afbr-244	72	25	manner	manner	NOUN
afbr-244	72	26	.	.	PUNCT
afbr-244	73	1	the	the	DET
afbr-244	73	2	two	two	NUM
afbr-244	73	3	propositions	proposition	NOUN
afbr-244	73	4	imply	imply	VERB
afbr-244	73	5	that	that	SCONJ
afbr-244	73	6	the	the	DET
afbr-244	73	7	inclusion	inclusion	NOUN
afbr-244	73	8	of	of	ADP
afbr-244	73	9	more	more	ADJ
afbr-244	73	10	debt	debt	NOUN
afbr-244	73	11	in	in	ADP
afbr-244	73	12	the	the	DET
afbr-244	73	13	capital	capital	NOUN
afbr-244	73	14	structure	structure	NOUN
afbr-244	73	15	will	will	AUX
afbr-244	73	16	not	not	PART
afbr-244	73	17	increase	increase	VERB
afbr-244	73	18	the	the	DET
afbr-244	73	19	value	value	NOUN
afbr-244	73	20	of	of	ADP
afbr-244	73	21	the	the	DET
afbr-244	73	22	firm	firm	NOUN
afbr-244	73	23	because	because	SCONJ
afbr-244	73	24	the	the	DET
afbr-244	73	25	benefits	benefit	NOUN
afbr-244	73	26	of	of	ADP
afbr-244	73	27	the	the	DET
afbr-244	73	28	cheaper	cheap	ADJ
afbr-244	73	29	debt	debt	NOUN
afbr-244	73	30	will	will	AUX
afbr-244	73	31	be	be	AUX
afbr-244	73	32	exactly	exactly	ADV
afbr-244	73	33	offset	offset	VERB
afbr-244	73	34	by	by	ADP
afbr-244	73	35	an	an	DET
afbr-244	73	36	increase	increase	NOUN
afbr-244	73	37	in	in	ADP
afbr-244	73	38	the	the	DET
afbr-244	73	39	riskiness	riskiness	NOUN
afbr-244	73	40	,	,	PUNCT
afbr-244	73	41	hence	hence	ADV
afbr-244	73	42	in	in	ADP
afbr-244	73	43	the	the	DET
afbr-244	73	44	cost	cost	NOUN
afbr-244	73	45	,	,	PUNCT
afbr-244	73	46	of	of	ADP
afbr-244	73	47	its	its	PRON
afbr-244	73	48	equity	equity	NOUN
afbr-244	73	49	.	.	PUNCT
afbr-244	74	1	thus	thus	ADV
afbr-244	74	2	mm	mm	PROPN
afbr-244	74	3	argue	argue	VERB
afbr-244	74	4	that	that	SCONJ
afbr-244	74	5	a	a	DET
afbr-244	74	6	world	world	NOUN
afbr-244	74	7	without	without	ADP
afbr-244	74	8	taxes	taxis	NOUN
afbr-244	74	9	,	,	PUNCT
afbr-244	74	10	both	both	DET
afbr-244	74	11	value	value	NOUN
afbr-244	74	12	of	of	ADP
afbr-244	74	13	a	a	DET
afbr-244	74	14	firm	firm	NOUN
afbr-244	74	15	and	and	CCONJ
afbr-244	74	16	its	its	PRON
afbr-244	74	17	wacc	wacc	NOUN
afbr-244	74	18	would	would	AUX
afbr-244	74	19	be	be	AUX
afbr-244	74	20	unaffected	unaffected	ADJ
afbr-244	74	21	by	by	ADP
afbr-244	74	22	its	its	PRON
afbr-244	74	23	capital	capital	NOUN
afbr-244	74	24	structure	structure	NOUN
afbr-244	74	25	.	.	PUNCT
afbr-244	75	1	capital	capital	NOUN
afbr-244	75	2	structure	structure	NOUN
afbr-244	75	3	theory	theory	NOUN
afbr-244	75	4	of	of	ADP
afbr-244	75	5	modigliani	modigliani	PROPN
afbr-244	75	6	and	and	CCONJ
afbr-244	75	7	miller	miller	PROPN
afbr-244	75	8	1963	1963	NUM
afbr-244	75	9	in	in	ADP
afbr-244	75	10	1963	1963	NUM
afbr-244	75	11	,	,	PUNCT
afbr-244	75	12	modigliani	modigliani	PROPN
afbr-244	75	13	and	and	CCONJ
afbr-244	75	14	miller	miller	PROPN
afbr-244	75	15	published	publish	VERB
afbr-244	75	16	a	a	DET
afbr-244	75	17	second	second	ADJ
afbr-244	75	18	article	article	NOUN
afbr-244	75	19	that	that	PRON
afbr-244	75	20	incorporated	incorporate	VERB
afbr-244	75	21	corporate	corporate	ADJ
afbr-244	75	22	taxes	taxis	NOUN
afbr-244	75	23	.	.	PUNCT
afbr-244	76	1	with	with	ADP
afbr-244	76	2	corporate	corporate	ADJ
afbr-244	76	3	income	income	NOUN
afbr-244	76	4	taxes	taxis	NOUN
afbr-244	76	5	,	,	PUNCT
afbr-244	76	6	they	they	PRON
afbr-244	76	7	concluded	conclude	VERB
afbr-244	76	8	that	that	SCONJ
afbr-244	76	9	leverage	leverage	NOUN
afbr-244	76	10	will	will	AUX
afbr-244	76	11	increase	increase	VERB
afbr-244	76	12	a	a	DET
afbr-244	76	13	firm	firm	NOUN
afbr-244	76	14	's	's	PART
afbr-244	76	15	value	value	NOUN
afbr-244	76	16	.	.	PUNCT
afbr-244	77	1	this	this	PRON
afbr-244	77	2	occurs	occur	VERB
afbr-244	77	3	because	because	SCONJ
afbr-244	77	4	interest	interest	NOUN
afbr-244	77	5	is	be	AUX
afbr-244	77	6	a	a	DET
afbr-244	77	7	tax	tax	NOUN
afbr-244	77	8	-	-	PUNCT
afbr-244	77	9	deductible	deductible	ADJ
afbr-244	77	10	expense	expense	NOUN
afbr-244	77	11	:	:	PUNCT
afbr-244	77	12	hence	hence	ADV
afbr-244	77	13	more	more	ADJ
afbr-244	77	14	of	of	ADP
afbr-244	77	15	a	a	DET
afbr-244	77	16	leveraged	leverage	VERB
afbr-244	77	17	firm	firm	NOUN
afbr-244	77	18	's	's	PART
afbr-244	77	19	operating	operate	VERB
afbr-244	77	20	income	income	NOUN
afbr-244	77	21	flows	flow	VERB
afbr-244	77	22	through	through	ADP
afbr-244	77	23	to	to	ADP
afbr-244	77	24	investors	investor	NOUN
afbr-244	77	25	.	.	PUNCT
afbr-244	78	1	here	here	ADV
afbr-244	78	2	are	be	AUX
afbr-244	78	3	the	the	DET
afbr-244	78	4	mm	mm	PROPN
afbr-244	78	5	propositions	proposition	NOUN
afbr-244	78	6	when	when	SCONJ
afbr-244	78	7	corporations	corporation	NOUN
afbr-244	78	8	are	be	AUX
afbr-244	78	9	subject	subject	ADJ
afbr-244	78	10	to	to	ADP
afbr-244	78	11	income	income	NOUN
afbr-244	78	12	taxes	taxis	NOUN
afbr-244	78	13	but	but	CCONJ
afbr-244	78	14	there	there	PRON
afbr-244	78	15	no	no	DET
afbr-244	78	16	personal	personal	ADJ
afbr-244	78	17	taxes	taxis	NOUN
afbr-244	78	18	:	:	PUNCT
afbr-244	78	19	proposition	proposition	NOUN
afbr-244	78	20	i	i	PRON
afbr-244	78	21	the	the	DET
afbr-244	78	22	value	value	NOUN
afbr-244	78	23	of	of	ADP
afbr-244	78	24	a	a	DET
afbr-244	78	25	levered	lever	VERB
afbr-244	78	26	firm	firm	NOUN
afbr-244	78	27	is	be	AUX
afbr-244	78	28	equal	equal	ADJ
afbr-244	78	29	to	to	ADP
afbr-244	78	30	the	the	DET
afbr-244	78	31	value	value	NOUN
afbr-244	78	32	of	of	ADP
afbr-244	78	33	an	an	DET
afbr-244	78	34	unlevered	unlevered	ADJ
afbr-244	78	35	firm	firm	NOUN
afbr-244	78	36	in	in	ADP
afbr-244	78	37	the	the	DET
afbr-244	78	38	same	same	ADJ
afbr-244	78	39	risk	risk	NOUN
afbr-244	78	40	class	class	NOUN
afbr-244	78	41	plus	plus	CCONJ
afbr-244	78	42	the	the	DET
afbr-244	78	43	gain	gain	NOUN
afbr-244	78	44	from	from	ADP
afbr-244	78	45	leverage	leverage	NOUN
afbr-244	78	46	,	,	PUNCT
afbr-244	78	47	the	the	DET
afbr-244	78	48	gain	gain	NOUN
afbr-244	78	49	from	from	ADP
afbr-244	78	50	leverage	leverage	NOUN
afbr-244	78	51	is	be	AUX
afbr-244	78	52	the	the	DET
afbr-244	78	53	value	value	NOUN
afbr-244	78	54	of	of	ADP
afbr-244	78	55	tax	tax	NOUN
afbr-244	78	56	savings	saving	NOUN
afbr-244	78	57	,	,	PUNCT
afbr-244	78	58	found	find	VERB
afbr-244	78	59	as	as	ADP
afbr-244	78	60	the	the	DET
afbr-244	78	61	product	product	NOUN
afbr-244	78	62	of	of	ADP
afbr-244	78	63	corporate	corporate	ADJ
afbr-244	78	64	tax	tax	NOUN
afbr-244	78	65	rate	rate	NOUN
afbr-244	78	66	times	time	NOUN
afbr-244	78	67	the	the	DET
afbr-244	78	68	amount	amount	NOUN
afbr-244	78	69	of	of	ADP
afbr-244	78	70	debt	debt	NOUN
afbr-244	78	71	the	the	DET
afbr-244	78	72	firm	firm	NOUN
afbr-244	78	73	uses	use	VERB
afbr-244	78	74	.	.	PUNCT
afbr-244	79	1	the	the	DET
afbr-244	79	2	important	important	ADJ
afbr-244	79	3	point	point	NOUN
afbr-244	79	4	here	here	ADV
afbr-244	79	5	is	be	AUX
afbr-244	79	6	that	that	SCONJ
afbr-244	79	7	when	when	SCONJ
afbr-244	79	8	corporate	corporate	ADJ
afbr-244	79	9	taxes	taxis	NOUN
afbr-244	79	10	are	be	AUX
afbr-244	79	11	introduced	introduce	VERB
afbr-244	79	12	,	,	PUNCT
afbr-244	79	13	the	the	DET
afbr-244	79	14	value	value	NOUN
afbr-244	79	15	of	of	ADP
afbr-244	79	16	the	the	DET
afbr-244	79	17	levered	lever	VERB
afbr-244	79	18	firm	firm	NOUN
afbr-244	79	19	exceeds	exceed	VERB
afbr-244	79	20	that	that	PRON
afbr-244	79	21	of	of	ADP
afbr-244	79	22	the	the	DET
afbr-244	79	23	non	non	ADJ
afbr-244	79	24	-	-	ADJ
afbr-244	79	25	levered	levered	ADJ
afbr-244	79	26	firm	firm	NOUN
afbr-244	79	27	by	by	ADP
afbr-244	79	28	the	the	DET
afbr-244	79	29	amount	amount	NOUN
afbr-244	79	30	td	td	PROPN
afbr-244	79	31	.	.	PUNCT
afbr-244	80	1	since	since	SCONJ
afbr-244	80	2	the	the	DET
afbr-244	80	3	gain	gain	NOUN
afbr-244	80	4	from	from	ADP
afbr-244	80	5	leverage	leverage	NOUN
afbr-244	80	6	increases	increase	NOUN
afbr-244	80	7	as	as	ADP
afbr-244	80	8	debt	debt	NOUN
afbr-244	80	9	increases	increase	NOUN
afbr-244	80	10	,	,	PUNCT
afbr-244	80	11	in	in	ADP
afbr-244	80	12	theory	theory	NOUN
afbr-244	80	13	,	,	PUNCT
afbr-244	80	14	a	a	DET
afbr-244	80	15	firm	firm	NOUN
afbr-244	80	16	's	's	PART
afbr-244	80	17	value	value	NOUN
afbr-244	80	18	is	be	AUX
afbr-244	80	19	maximized	maximize	VERB
afbr-244	80	20	at	at	ADP
afbr-244	80	21	100	100	NUM
afbr-244	80	22	per	per	ADP
afbr-244	80	23	cent	cent	NOUN
afbr-244	80	24	debt	debt	NOUN
afbr-244	80	25	financing	financing	NOUN
afbr-244	80	26	.	.	PUNCT
afbr-244	81	1	proposition	proposition	NOUN
afbr-244	81	2	ii	ii	PROPN
afbr-244	81	3	the	the	DET
afbr-244	81	4	cost	cost	NOUN
afbr-244	81	5	of	of	ADP
afbr-244	81	6	equity	equity	NOUN
afbr-244	81	7	to	to	ADP
afbr-244	81	8	levered	lever	VERB
afbr-244	81	9	firm	firm	NOUN
afbr-244	81	10	is	be	AUX
afbr-244	81	11	equal	equal	ADJ
afbr-244	81	12	to	to	ADP
afbr-244	81	13	i	i	PRON
afbr-244	81	14	)	)	PUNCT
afbr-244	81	15	the	the	DET
afbr-244	81	16	cost	cost	NOUN
afbr-244	81	17	of	of	ADP
afbr-244	81	18	equity	equity	NOUN
afbr-244	81	19	to	to	ADP
afbr-244	81	20	an	an	DET
afbr-244	81	21	unlevered	unlevered	ADJ
afbr-244	81	22	firm	firm	NOUN
afbr-244	81	23	in	in	ADP
afbr-244	81	24	the	the	DET
afbr-244	81	25	same	same	ADJ
afbr-244	81	26	risk	risk	NOUN
afbr-244	81	27	class	class	NOUN
afbr-244	81	28	plus	plus	CCONJ
afbr-244	81	29	ii	ii	PROPN
afbr-244	81	30	)	)	PUNCT
afbr-244	81	31	a	a	DET
afbr-244	81	32	risk	risk	NOUN
afbr-244	81	33	premium	premium	NOUN
afbr-244	81	34	whose	whose	DET
afbr-244	81	35	size	size	NOUN
afbr-244	81	36	depends	depend	VERB
afbr-244	81	37	on	on	ADP
afbr-244	81	38	the	the	DET
afbr-244	81	39	differential	differential	NOUN
afbr-244	81	40	between	between	ADP
afbr-244	81	41	the	the	DET
afbr-244	81	42	costs	cost	NOUN
afbr-244	81	43	of	of	ADP
afbr-244	81	44	equity	equity	NOUN
afbr-244	81	45	and	and	CCONJ
afbr-244	81	46	debt	debt	NOUN
afbr-244	81	47	to	to	ADP
afbr-244	81	48	an	an	DET
afbr-244	81	49	unlevered	unlevered	ADJ
afbr-244	81	50	firm	firm	NOUN
afbr-244	81	51	,	,	PUNCT
afbr-244	81	52	the	the	DET
afbr-244	81	53	amount	amount	NOUN
afbr-244	81	54	of	of	ADP
afbr-244	81	55	financial	financial	ADJ
afbr-244	81	56	leverage	leverage	NOUN
afbr-244	81	57	used	use	VERB
afbr-244	81	58	,	,	PUNCT
afbr-244	81	59	and	and	CCONJ
afbr-244	81	60	the	the	DET
afbr-244	81	61	corporate	corporate	ADJ
afbr-244	81	62	tax	tax	NOUN
afbr-244	81	63	rate	rate	NOUN
afbr-244	81	64	.	.	PUNCT
afbr-244	82	1	this	this	DET
afbr-244	82	2	proposition	proposition	PROPN
afbr-244	82	3	ii	ii	PROPN
afbr-244	82	4	,	,	PUNCT
afbr-244	82	5	coupled	couple	VERB
afbr-244	82	6	with	with	ADP
afbr-244	82	7	the	the	DET
afbr-244	82	8	fact	fact	NOUN
afbr-244	82	9	that	that	SCONJ
afbr-244	82	10	taxes	taxis	NOUN
afbr-244	82	11	reduce	reduce	VERB
afbr-244	82	12	the	the	DET
afbr-244	82	13	effective	effective	ADJ
afbr-244	82	14	cost	cost	NOUN
afbr-244	82	15	of	of	ADP
afbr-244	82	16	debt	debt	NOUN
afbr-244	82	17	,	,	PUNCT
afbr-244	82	18	is	be	AUX
afbr-244	82	19	what	what	PRON
afbr-244	82	20	produces	produce	VERB
afbr-244	82	21	the	the	DET
afbr-244	82	22	proposition	proposition	NOUN
afbr-244	82	23	i	i	PRON
afbr-244	82	24	result	result	VERB
afbr-244	82	25	,	,	PUNCT
afbr-244	82	26	namely	namely	ADV
afbr-244	82	27	,	,	PUNCT
afbr-244	82	28	that	that	SCONJ
afbr-244	82	29	the	the	DET
afbr-244	82	30	firm	firm	NOUN
afbr-244	82	31	's	's	PART
afbr-244	82	32	value	value	NOUN
afbr-244	82	33	increases	increase	NOUN
afbr-244	82	34	as	as	ADP
afbr-244	82	35	its	its	PRON
afbr-244	82	36	leverage	leverage	NOUN
afbr-244	82	37	increases	increase	NOUN
afbr-244	82	38	.	.	PUNCT
afbr-244	83	1	capital	capital	NOUN
afbr-244	83	2	structure	structure	NOUN
afbr-244	83	3	theory	theory	NOUN
afbr-244	83	4	of	of	ADP
afbr-244	83	5	miller	miller	PROPN
afbr-244	83	6	1977	1977	NUM
afbr-244	83	7	although	although	SCONJ
afbr-244	83	8	mm	mm	PROPN
afbr-244	83	9	included	include	VERB
afbr-244	83	10	corporate	corporate	ADJ
afbr-244	83	11	taxes	taxis	NOUN
afbr-244	83	12	in	in	ADP
afbr-244	83	13	the	the	DET
afbr-244	83	14	second	second	ADJ
afbr-244	83	15	version	version	NOUN
afbr-244	83	16	of	of	ADP
afbr-244	83	17	their	their	PRON
afbr-244	83	18	model	model	NOUN
afbr-244	83	19	but	but	CCONJ
afbr-244	83	20	did	do	AUX
afbr-244	83	21	n't	not	PART
afbr-244	83	22	extend	extend	VERB
afbr-244	83	23	the	the	DET
afbr-244	83	24	model	model	NOUN
afbr-244	83	25	to	to	PART
afbr-244	83	26	include	include	VERB
afbr-244	83	27	personal	personal	ADJ
afbr-244	83	28	taxes	taxis	NOUN
afbr-244	83	29	.	.	PUNCT
afbr-244	84	1	however	however	ADV
afbr-244	84	2	,	,	PUNCT
afbr-244	84	3	merton	merton	PROPN
afbr-244	84	4	miller	miller	PROPN
afbr-244	84	5	introduced	introduce	VERB
afbr-244	84	6	a	a	DET
afbr-244	84	7	model	model	NOUN
afbr-244	84	8	designed	design	VERB
afbr-244	84	9	to	to	PART
afbr-244	84	10	show	show	VERB
afbr-244	84	11	how	how	SCONJ
afbr-244	84	12	leverage	leverage	NOUN
afbr-244	84	13	affects	affect	VERB
afbr-244	84	14	firms	firm	NOUN
afbr-244	84	15	'	'	PART
afbr-244	84	16	values	value	NOUN
afbr-244	84	17	when	when	SCONJ
afbr-244	84	18	both	both	DET
afbr-244	84	19	personal	personal	ADJ
afbr-244	84	20	and	and	CCONJ
afbr-244	84	21	corporate	corporate	ADJ
afbr-244	84	22	taxes	taxis	NOUN
afbr-244	84	23	are	be	AUX
afbr-244	84	24	taken	take	VERB
afbr-244	84	25	into	into	ADP
afbr-244	84	26	account	account	NOUN
afbr-244	84	27	.	.	PUNCT
afbr-244	85	1	miller	miller	PROPN
afbr-244	85	2	's	's	PART
afbr-244	85	3	model	model	NOUN
afbr-244	85	4	begins	begin	VERB
afbr-244	85	5	with	with	ADP
afbr-244	85	6	the	the	DET
afbr-244	85	7	corporate	corporate	ADJ
afbr-244	85	8	tax	tax	NOUN
afbr-244	85	9	rate	rate	NOUN
afbr-244	85	10	,	,	PUNCT
afbr-244	85	11	the	the	DET
afbr-244	85	12	personal	personal	ADJ
afbr-244	85	13	tax	tax	NOUN
afbr-244	85	14	rate	rate	NOUN
afbr-244	85	15	on	on	ADP
afbr-244	85	16	income	income	NOUN
afbr-244	85	17	from	from	ADP
afbr-244	85	18	stocks	stock	NOUN
afbr-244	85	19	and	and	CCONJ
afbr-244	85	20	the	the	DET
afbr-244	85	21	personal	personal	ADJ
afbr-244	85	22	tax	tax	NOUN
afbr-244	85	23	rate	rate	NOUN
afbr-244	85	24	on	on	ADP
afbr-244	85	25	income	income	NOUN
afbr-244	85	26	from	from	ADP
afbr-244	85	27	debt	debt	NOUN
afbr-244	85	28	.	.	PUNCT
afbr-244	86	1	it	it	PRON
afbr-244	86	2	is	be	AUX
afbr-244	86	3	to	to	PART
afbr-244	86	4	note	note	VERB
afbr-244	86	5	that	that	SCONJ
afbr-244	86	6	stocks	stock	NOUN
afbr-244	86	7	'	'	PART
afbr-244	86	8	returns	return	NOUN
afbr-244	86	9	come	come	VERB
afbr-244	86	10	partly	partly	ADV
afbr-244	86	11	as	as	ADP
afbr-244	86	12	the	the	DET
afbr-244	86	13	dividends	dividend	NOUN
afbr-244	86	14	and	and	CCONJ
afbr-244	86	15	partly	partly	ADV
afbr-244	86	16	as	as	ADP
afbr-244	86	17	capital	capital	NOUN
afbr-244	86	18	gains	gain	NOUN
afbr-244	86	19	,	,	PUNCT
afbr-244	86	20	so	so	ADV
afbr-244	86	21	weighted	weight	VERB
afbr-244	86	22	average	average	NOUN
afbr-244	86	23	of	of	ADP
afbr-244	86	24	the	the	DET
afbr-244	86	25	effective	effective	ADJ
afbr-244	86	26	tax	tax	NOUN
afbr-244	86	27	rates	rate	NOUN
afbr-244	86	28	on	on	ADP
afbr-244	86	29	dividends	dividend	NOUN
afbr-244	86	30	and	and	CCONJ
afbr-244	86	31	capital	capital	NOUN
afbr-244	86	32	gains	gain	NOUN
afbr-244	86	33	,	,	PUNCT
afbr-244	86	34	while	while	SCONJ
afbr-244	86	35	essentially	essentially	ADV
afbr-244	86	36	all	all	DET
afbr-244	86	37	debt	debt	NOUN
afbr-244	86	38	income	income	NOUN
afbr-244	86	39	comes	come	VERB
afbr-244	86	40	from	from	ADP
afbr-244	86	41	interest	interest	NOUN
afbr-244	86	42	,	,	PUNCT
afbr-244	86	43	which	which	PRON
afbr-244	86	44	is	be	AUX
afbr-244	86	45	effectively	effectively	ADV
afbr-244	86	46	taxed	tax	VERB
afbr-244	86	47	at	at	ADP
afbr-244	86	48	investors	investor	NOUN
afbr-244	86	49	'	'	PART
afbr-244	86	50	top	top	ADJ
afbr-244	86	51	rates	rate	NOUN
afbr-244	86	52	.	.	PUNCT
afbr-244	87	1	the	the	DET
afbr-244	87	2	miller	miller	PROPN
afbr-244	87	3	model	model	NOUN
afbr-244	87	4	the	the	DET
afbr-244	87	5	model	model	NOUN
afbr-244	87	6	provides	provide	VERB
afbr-244	87	7	an	an	DET
afbr-244	87	8	estimate	estimate	NOUN
afbr-244	87	9	of	of	ADP
afbr-244	87	10	the	the	DET
afbr-244	87	11	value	value	NOUN
afbr-244	87	12	of	of	ADP
afbr-244	87	13	a	a	DET
afbr-244	87	14	levered	lever	VERB
afbr-244	87	15	firm	firm	NOUN
afbr-244	87	16	in	in	ADP
afbr-244	87	17	a	a	DET
afbr-244	87	18	world	world	NOUN
afbr-244	87	19	with	with	ADP
afbr-244	87	20	both	both	CCONJ
afbr-244	87	21	corporate	corporate	ADJ
afbr-244	87	22	and	and	CCONJ
afbr-244	87	23	personal	personal	ADJ
afbr-244	87	24	taxes	taxis	NOUN
afbr-244	87	25	.	.	PUNCT
afbr-244	88	1	miller	miller	PROPN
afbr-244	88	2	argued	argue	VERB
afbr-244	88	3	that	that	SCONJ
afbr-244	88	4	firms	firm	NOUN
afbr-244	88	5	in	in	ADP
afbr-244	88	6	the	the	DET
afbr-244	88	7	aggregate	aggregate	NOUN
afbr-244	88	8	would	would	AUX
afbr-244	88	9	issue	issue	VERB
afbr-244	88	10	a	a	DET
afbr-244	88	11	mix	mix	NOUN
afbr-244	88	12	debt	debt	NOUN
afbr-244	88	13	and	and	CCONJ
afbr-244	88	14	equity	equity	NOUN
afbr-244	88	15	securities	security	NOUN
afbr-244	88	16	such	such	ADJ
afbr-244	88	17	that	that	SCONJ
afbr-244	88	18	the	the	DET
afbr-244	88	19	before	before	ADP
afbr-244	88	20	-	-	PUNCT
afbr-244	88	21	tax	tax	NOUN
afbr-244	88	22	yields	yield	NOUN
afbr-244	88	23	on	on	ADP
afbr-244	88	24	corporate	corporate	ADJ
afbr-244	88	25	securities	security	NOUN
afbr-244	88	26	and	and	CCONJ
afbr-244	88	27	the	the	DET
afbr-244	88	28	personal	personal	ADJ
afbr-244	88	29	tax	tax	NOUN
afbr-244	88	30	rates	rate	NOUN
afbr-244	88	31	of	of	ADP
afbr-244	88	32	the	the	DET
afbr-244	88	33	investors	investor	NOUN
afbr-244	88	34	who	who	PRON
afbr-244	88	35	bought	buy	VERB
afbr-244	88	36	these	these	DET
afbr-244	88	37	securities	security	NOUN
afbr-244	88	38	would	would	AUX
afbr-244	88	39	adjust	adjust	VERB
afbr-244	88	40	until	until	SCONJ
afbr-244	88	41	an	an	DET
afbr-244	88	42	equilibrium	equilibrium	NOUN
afbr-244	88	43	was	be	AUX
afbr-244	88	44	reached	reach	VERB
afbr-244	88	45	.	.	PUNCT
afbr-244	89	1	copyright	copyright	NOUN
afbr-244	89	2	©	©	PROPN
afbr-244	89	3	cc	cc	PROPN
afbr-244	89	4	-	-	PUNCT
afbr-244	89	5	by	by	ADP
afbr-244	89	6	-	-	PUNCT
afbr-244	89	7	nc	nc	PROPN
afbr-244	89	8	2019	2019	NUM
afbr-244	89	9	,	,	PUNCT
afbr-244	89	10	cribfb	cribfb	PROPN
afbr-244	89	11	|	|	ADV
afbr-244	89	12	afbr	afbr	PROPN
afbr-244	89	13	www.cribfb.com/journal/index.php/afbr	www.cribfb.com/journal/index.php/afbr	ADJ
afbr-244	89	14	australian	australian	ADJ
afbr-244	89	15	finance	finance	PROPN
afbr-244	89	16	&	&	CCONJ
afbr-244	89	17	banking	banking	PROPN
afbr-244	89	18	review	review	PROPN
afbr-244	89	19	vol	vol	NOUN
afbr-244	89	20	.	.	PROPN
afbr-244	90	1	3	3	NUM
afbr-244	90	2	,	,	PUNCT
afbr-244	90	3	no	no	INTJ
afbr-244	90	4	.	.	NOUN
afbr-244	90	5	1	1	NUM
afbr-244	90	6	;	;	PUNCT
afbr-244	90	7	2019	2019	NUM
afbr-244	90	8	14	14	NUM
afbr-244	90	9	2.2	2.2	NUM
afbr-244	90	10	agency	agency	NOUN
afbr-244	90	11	theory	theory	NOUN
afbr-244	90	12	before	before	ADP
afbr-244	90	13	agency	agency	NOUN
afbr-244	90	14	theory	theory	NOUN
afbr-244	90	15	,	,	PUNCT
afbr-244	90	16	previously	previously	ADV
afbr-244	90	17	theorist	theorist	ADJ
afbr-244	90	18	proposed	propose	VERB
afbr-244	90	19	model	model	NOUN
afbr-244	90	20	assume	assume	VERB
afbr-244	90	21	that	that	SCONJ
afbr-244	90	22	the	the	DET
afbr-244	90	23	interests	interest	NOUN
afbr-244	90	24	of	of	ADP
afbr-244	90	25	managers	manager	NOUN
afbr-244	90	26	and	and	CCONJ
afbr-244	90	27	shareholders	shareholder	NOUN
afbr-244	90	28	are	be	AUX
afbr-244	90	29	effortlessly	effortlessly	ADV
afbr-244	90	30	associated	associate	VERB
afbr-244	90	31	.	.	PUNCT
afbr-244	91	1	though	though	ADV
afbr-244	91	2	,	,	PUNCT
afbr-244	91	3	adam	adam	PROPN
afbr-244	91	4	smith	smith	PROPN
afbr-244	91	5	(	(	PUNCT
afbr-244	91	6	1776	1776	NUM
afbr-244	91	7	)	)	PUNCT
afbr-244	91	8	prescribe	prescribe	NOUN
afbr-244	91	9	that	that	SCONJ
afbr-244	91	10	management	management	NOUN
afbr-244	91	11	and	and	CCONJ
afbr-244	91	12	ownership	ownership	NOUN
afbr-244	91	13	are	be	AUX
afbr-244	91	14	differed	differ	VERB
afbr-244	91	15	in	in	ADP
afbr-244	91	16	their	their	PRON
afbr-244	91	17	own	own	ADJ
afbr-244	91	18	interest	interest	NOUN
afbr-244	91	19	conflict	conflict	NOUN
afbr-244	91	20	.	.	PUNCT
afbr-244	92	1	"	"	PUNCT
afbr-244	92	2	the	the	DET
afbr-244	92	3	directors	director	NOUN
afbr-244	92	4	of	of	ADP
afbr-244	92	5	such	such	ADJ
afbr-244	92	6	[	[	PUNCT
afbr-244	92	7	joint	joint	ADJ
afbr-244	92	8	-	-	PUNCT
afbr-244	92	9	stock	stock	NOUN
afbr-244	92	10	]	]	PUNCT
afbr-244	92	11	companies	company	NOUN
afbr-244	92	12	,	,	PUNCT
afbr-244	92	13	however	however	ADV
afbr-244	92	14	,	,	PUNCT
afbr-244	92	15	being	be	AUX
afbr-244	92	16	the	the	DET
afbr-244	92	17	managers	manager	NOUN
afbr-244	92	18	rather	rather	ADV
afbr-244	92	19	of	of	ADP
afbr-244	92	20	other	other	ADJ
afbr-244	92	21	people	people	NOUN
afbr-244	92	22	's	's	PART
afbr-244	92	23	money	money	NOUN
afbr-244	92	24	than	than	ADP
afbr-244	92	25	of	of	ADP
afbr-244	92	26	their	their	PRON
afbr-244	92	27	own	own	ADJ
afbr-244	92	28	,	,	PUNCT
afbr-244	92	29	can	can	AUX
afbr-244	92	30	not	not	PART
afbr-244	92	31	well	well	ADV
afbr-244	92	32	be	be	AUX
afbr-244	92	33	expected	expect	VERB
afbr-244	92	34	,	,	PUNCT
afbr-244	92	35	that	that	SCONJ
afbr-244	92	36	they	they	PRON
afbr-244	92	37	should	should	AUX
afbr-244	92	38	watch	watch	VERB
afbr-244	92	39	over	over	ADP
afbr-244	92	40	it	it	PRON
afbr-244	92	41	with	with	ADP
afbr-244	92	42	the	the	DET
afbr-244	92	43	same	same	ADJ
afbr-244	92	44	anxious	anxious	ADJ
afbr-244	92	45	vigilance	vigilance	NOUN
afbr-244	92	46	with	with	ADP
afbr-244	92	47	which	which	PRON
afbr-244	92	48	the	the	DET
afbr-244	92	49	partners	partner	NOUN
afbr-244	92	50	in	in	ADP
afbr-244	92	51	a	a	DET
afbr-244	92	52	private	private	ADJ
afbr-244	92	53	co	co	NOUN
afbr-244	92	54	-	-	NOUN
afbr-244	92	55	partner	partner	NOUN
afbr-244	92	56	frequently	frequently	ADV
afbr-244	92	57	watch	watch	VERB
afbr-244	92	58	over	over	ADP
afbr-244	92	59	their	their	PRON
afbr-244	92	60	own	own	ADJ
afbr-244	92	61	.	.	PUNCT
afbr-244	93	1	like	like	ADP
afbr-244	93	2	the	the	DET
afbr-244	93	3	stewards	steward	NOUN
afbr-244	93	4	of	of	ADP
afbr-244	93	5	a	a	DET
afbr-244	93	6	rich	rich	ADJ
afbr-244	93	7	man	man	NOUN
afbr-244	93	8	.	.	PUNCT
afbr-244	94	1	they	they	PRON
afbr-244	94	2	are	be	AUX
afbr-244	94	3	apt	apt	ADJ
afbr-244	94	4	to	to	PART
afbr-244	94	5	consider	consider	VERB
afbr-244	94	6	attention	attention	NOUN
afbr-244	94	7	to	to	ADP
afbr-244	94	8	small	small	ADJ
afbr-244	94	9	matters	matter	NOUN
afbr-244	94	10	as	as	ADP
afbr-244	94	11	not	not	PART
afbr-244	94	12	for	for	ADP
afbr-244	94	13	their	their	PRON
afbr-244	94	14	master	master	NOUN
afbr-244	94	15	’s	’s	PART
afbr-244	94	16	honour	honour	NOUN
afbr-244	94	17	,	,	PUNCT
afbr-244	94	18	and	and	CCONJ
afbr-244	94	19	very	very	ADV
afbr-244	94	20	easily	easily	ADV
afbr-244	94	21	give	give	VERB
afbr-244	94	22	themselves	themselves	PRON
afbr-244	94	23	a	a	DET
afbr-244	94	24	dispensation	dispensation	NOUN
afbr-244	94	25	from	from	ADP
afbr-244	94	26	having	have	VERB
afbr-244	94	27	it	it	PRON
afbr-244	94	28	.	.	PUNCT
afbr-244	95	1	negligence	negligence	NOUN
afbr-244	95	2	and	and	CCONJ
afbr-244	95	3	profusion	profusion	NOUN
afbr-244	95	4	,	,	PUNCT
afbr-244	95	5	therefore	therefore	ADV
afbr-244	95	6	,	,	PUNCT
afbr-244	95	7	must	must	AUX
afbr-244	95	8	always	always	ADV
afbr-244	95	9	prevail	prevail	VERB
afbr-244	95	10	.	.	PUNCT
afbr-244	96	1	more	more	ADJ
afbr-244	96	2	or	or	CCONJ
afbr-244	96	3	less	less	ADJ
afbr-244	96	4	,	,	PUNCT
afbr-244	96	5	in	in	ADP
afbr-244	96	6	the	the	DET
afbr-244	96	7	management	management	NOUN
afbr-244	96	8	of	of	ADP
afbr-244	96	9	the	the	DET
afbr-244	96	10	affairs	affair	NOUN
afbr-244	96	11	of	of	ADP
afbr-244	96	12	such	such	DET
afbr-244	96	13	a	a	DET
afbr-244	96	14	company	company	NOUN
afbr-244	96	15	.	.	PUNCT
afbr-244	96	16	"	"	PUNCT
afbr-244	97	1	adam	adam	PROPN
afbr-244	97	2	smith	smith	PROPN
afbr-244	97	3	(	(	PUNCT
afbr-244	97	4	1776	1776	NUM
afbr-244	97	5	)	)	PUNCT
afbr-244	97	6	as	as	SCONJ
afbr-244	97	7	quoted	quote	VERB
afbr-244	97	8	in	in	ADP
afbr-244	97	9	jensen	jensen	PROPN
afbr-244	97	10	and	and	CCONJ
afbr-244	97	11	meckling	meckling	NOUN
afbr-244	97	12	(	(	PUNCT
afbr-244	97	13	1976	1976	NUM
afbr-244	97	14	)	)	PUNCT
afbr-244	97	15	.	.	PUNCT
afbr-244	98	1	jensen	jensen	PROPN
afbr-244	98	2	and	and	CCONJ
afbr-244	98	3	meckling	meckle	VERB
afbr-244	98	4	in	in	ADP
afbr-244	98	5	1976	1976	NUM
afbr-244	98	6	suggest	suggest	VERB
afbr-244	98	7	the	the	DET
afbr-244	98	8	conflicting	conflict	VERB
afbr-244	98	9	interest	interest	NOUN
afbr-244	98	10	of	of	ADP
afbr-244	98	11	principals	principal	NOUN
afbr-244	98	12	(	(	PUNCT
afbr-244	98	13	shareholders	shareholder	NOUN
afbr-244	98	14	)	)	PUNCT
afbr-244	98	15	and	and	CCONJ
afbr-244	98	16	their	their	PRON
afbr-244	98	17	agents	agent	NOUN
afbr-244	98	18	(	(	PUNCT
afbr-244	98	19	managers)into	managers)into	ADP
afbr-244	98	20	their	their	PRON
afbr-244	98	21	seminar	seminar	NOUN
afbr-244	98	22	agency	agency	NOUN
afbr-244	98	23	theory	theory	NOUN
afbr-244	98	24	based	base	VERB
afbr-244	98	25	paper	paper	NOUN
afbr-244	98	26	.	.	PUNCT
afbr-244	99	1	agency	agency	NOUN
afbr-244	99	2	cost	cost	NOUN
afbr-244	99	3	such	such	ADJ
afbr-244	99	4	as	as	ADP
afbr-244	99	5	bonding	bonding	NOUN
afbr-244	99	6	expenditure	expenditure	NOUN
afbr-244	99	7	,	,	PUNCT
afbr-244	99	8	monitoring	monitor	VERB
afbr-244	99	9	cost	cost	NOUN
afbr-244	99	10	and	and	CCONJ
afbr-244	99	11	residual	residual	ADJ
afbr-244	99	12	loss	loss	NOUN
afbr-244	99	13	have	have	AUX
afbr-244	99	14	arisen	arise	VERB
afbr-244	99	15	from	from	ADP
afbr-244	99	16	this	this	DET
afbr-244	99	17	inconsistent	inconsistent	ADJ
afbr-244	99	18	relationship	relationship	NOUN
afbr-244	99	19	between	between	ADP
afbr-244	99	20	shareholder	shareholder	NOUN
afbr-244	99	21	and	and	CCONJ
afbr-244	99	22	manager	manager	NOUN
afbr-244	99	23	and	and	CCONJ
afbr-244	99	24	this	this	DET
afbr-244	99	25	relationship	relationship	NOUN
afbr-244	99	26	assist	assist	VERB
afbr-244	99	27	to	to	PART
afbr-244	99	28	suggest	suggest	VERB
afbr-244	99	29	how	how	SCONJ
afbr-244	99	30	the	the	DET
afbr-244	99	31	mix	mix	NOUN
afbr-244	99	32	of	of	ADP
afbr-244	99	33	equity	equity	NOUN
afbr-244	99	34	and	and	CCONJ
afbr-244	99	35	debt	debt	NOUN
afbr-244	99	36	can	can	AUX
afbr-244	99	37	be	be	AUX
afbr-244	99	38	determined	determine	VERB
afbr-244	99	39	optimum	optimum	ADJ
afbr-244	99	40	capital	capital	NOUN
afbr-244	99	41	structure	structure	NOUN
afbr-244	99	42	.	.	PUNCT
afbr-244	100	1	nevertheless	nevertheless	ADV
afbr-244	100	2	,	,	PUNCT
afbr-244	100	3	this	this	DET
afbr-244	100	4	theory	theory	NOUN
afbr-244	100	5	had	have	AUX
afbr-244	100	6	been	be	AUX
afbr-244	100	7	comprehended	comprehend	VERB
afbr-244	100	8	by	by	ADP
afbr-244	100	9	other	other	ADJ
afbr-244	100	10	authors	author	NOUN
afbr-244	100	11	.	.	PUNCT
afbr-244	101	1	later	later	ADV
afbr-244	101	2	,	,	PUNCT
afbr-244	101	3	myers	myers	PROPN
afbr-244	101	4	(	(	PUNCT
afbr-244	101	5	1977	1977	NUM
afbr-244	101	6	)	)	PUNCT
afbr-244	101	7	contributed	contribute	VERB
afbr-244	101	8	to	to	ADP
afbr-244	101	9	agency	agency	NOUN
afbr-244	101	10	costs	cost	NOUN
afbr-244	101	11	of	of	ADP
afbr-244	101	12	debtand	debtand	PROPN
afbr-244	101	13	jensen	jensen	PROPN
afbr-244	101	14	(	(	PUNCT
afbr-244	101	15	1986	1986	NUM
afbr-244	101	16	)	)	PUNCT
afbr-244	101	17	explained	explain	VERB
afbr-244	101	18	with	with	ADP
afbr-244	101	19	the	the	DET
afbr-244	101	20	free	free	ADJ
afbr-244	101	21	cash	cash	NOUN
afbr-244	101	22	flow	flow	NOUN
afbr-244	101	23	.	.	PUNCT
afbr-244	102	1	from	from	ADP
afbr-244	102	2	the	the	DET
afbr-244	102	3	concept	concept	NOUN
afbr-244	102	4	agency	agency	NOUN
afbr-244	102	5	cost	cost	NOUN
afbr-244	102	6	defines	define	VERB
afbr-244	102	7	two	two	NUM
afbr-244	102	8	categories	category	NOUN
afbr-244	102	9	of	of	ADP
afbr-244	102	10	conflict	conflict	NOUN
afbr-244	102	11	:	:	PUNCT
afbr-244	102	12	agency	agency	NOUN
afbr-244	102	13	costs	cost	NOUN
afbr-244	102	14	of	of	ADP
afbr-244	102	15	equity	equity	NOUN
afbr-244	102	16	and	and	CCONJ
afbr-244	102	17	agency	agency	NOUN
afbr-244	102	18	costs	cost	NOUN
afbr-244	102	19	of	of	ADP
afbr-244	102	20	debt	debt	NOUN
afbr-244	102	21	.	.	PUNCT
afbr-244	103	1	agency	agency	NOUN
afbr-244	103	2	cost	cost	NOUN
afbr-244	103	3	defines	define	NOUN
afbr-244	103	4	conflicts	conflict	NOUN
afbr-244	103	5	between	between	ADP
afbr-244	103	6	managers	manager	NOUN
afbr-244	103	7	and	and	CCONJ
afbr-244	103	8	shareholders	shareholder	NOUN
afbr-244	103	9	and	and	CCONJ
afbr-244	103	10	debt	debt	NOUN
afbr-244	103	11	holders	holder	NOUN
afbr-244	103	12	and	and	CCONJ
afbr-244	103	13	equity	equity	NOUN
afbr-244	103	14	holder	holder	NOUN
afbr-244	103	15	’s	’s	PART
afbr-244	103	16	conflicts	conflict	NOUN
afbr-244	103	17	suggest	suggest	VERB
afbr-244	103	18	agency	agency	NOUN
afbr-244	103	19	costs	cost	NOUN
afbr-244	103	20	of	of	ADP
afbr-244	103	21	debt	debt	NOUN
afbr-244	103	22	.	.	PUNCT
afbr-244	104	1	i	i	PRON
afbr-244	104	2	will	will	AUX
afbr-244	104	3	explain	explain	VERB
afbr-244	104	4	more	more	ADJ
afbr-244	104	5	details	detail	NOUN
afbr-244	104	6	about	about	ADP
afbr-244	104	7	agency	agency	NOUN
afbr-244	104	8	cost	cost	NOUN
afbr-244	104	9	of	of	ADP
afbr-244	104	10	equity	equity	NOUN
afbr-244	104	11	what	what	DET
afbr-244	104	12	impact	impact	NOUN
afbr-244	104	13	of	of	ADP
afbr-244	104	14	debt	debt	NOUN
afbr-244	104	15	on	on	ADP
afbr-244	104	16	the	the	DET
afbr-244	104	17	agency	agency	NOUN
afbr-244	104	18	costs	cost	NOUN
afbr-244	104	19	that	that	PRON
afbr-244	104	20	ascend	ascend	VERB
afbr-244	104	21	from	from	ADP
afbr-244	104	22	these	these	DET
afbr-244	104	23	relationships	relationship	NOUN
afbr-244	104	24	.	.	PUNCT
afbr-244	105	1	2.2	2.2	NUM
afbr-244	105	2	(	(	PUNCT
afbr-244	105	3	a	a	PRON
afbr-244	105	4	)	)	PUNCT
afbr-244	105	5	agency	agency	NOUN
afbr-244	105	6	costs	cost	NOUN
afbr-244	105	7	of	of	ADP
afbr-244	105	8	equitybenefits	equitybenefit	NOUN
afbr-244	105	9	of	of	ADP
afbr-244	105	10	debt	debt	NOUN
afbr-244	105	11	financing	financing	NOUN
afbr-244	105	12	agency	agency	NOUN
afbr-244	105	13	costs	cost	NOUN
afbr-244	105	14	of	of	ADP
afbr-244	105	15	outside	outside	ADJ
afbr-244	105	16	equity	equity	NOUN
afbr-244	105	17	can	can	AUX
afbr-244	105	18	be	be	AUX
afbr-244	105	19	demonstrated	demonstrate	VERB
afbr-244	105	20	by	by	ADP
afbr-244	105	21	comparing	compare	VERB
afbr-244	105	22	the	the	DET
afbr-244	105	23	behaviour	behaviour	NOUN
afbr-244	105	24	of	of	ADP
afbr-244	105	25	a	a	DET
afbr-244	105	26	manager	manager	NOUN
afbr-244	105	27	when	when	SCONJ
afbr-244	105	28	he	he	PRON
afbr-244	105	29	owns	own	VERB
afbr-244	105	30	i00	i00	NOUN
afbr-244	105	31	per	per	ADP
afbr-244	105	32	cent	cent	NOUN
afbr-244	105	33	of	of	ADP
afbr-244	105	34	the	the	DET
afbr-244	105	35	residual	residual	ADJ
afbr-244	105	36	claims	claim	NOUN
afbr-244	105	37	on	on	ADP
afbr-244	105	38	a	a	DET
afbr-244	105	39	company	company	NOUN
afbr-244	105	40	with	with	ADP
afbr-244	105	41	his	his	PRON
afbr-244	105	42	behaviour	behaviour	NOUN
afbr-244	105	43	when	when	SCONJ
afbr-244	105	44	he	he	PRON
afbr-244	105	45	sells	sell	VERB
afbr-244	105	46	off	off	ADP
afbr-244	105	47	a	a	DET
afbr-244	105	48	portion	portion	NOUN
afbr-244	105	49	of	of	ADP
afbr-244	105	50	those	those	DET
afbr-244	105	51	claims	claim	NOUN
afbr-244	105	52	to	to	ADP
afbr-244	105	53	outsiders	outsider	NOUN
afbr-244	105	54	.	.	PUNCT
afbr-244	106	1	if	if	SCONJ
afbr-244	106	2	a	a	DET
afbr-244	106	3	company	company	NOUN
afbr-244	106	4	is	be	AUX
afbr-244	106	5	managed	manage	VERB
afbr-244	106	6	by	by	ADP
afbr-244	106	7	the	the	DET
afbr-244	106	8	owner	owner	NOUN
afbr-244	106	9	,	,	PUNCT
afbr-244	106	10	he	he	PRON
afbr-244	106	11	will	will	AUX
afbr-244	106	12	make	make	VERB
afbr-244	106	13	operating	operating	NOUN
afbr-244	106	14	decisions	decision	NOUN
afbr-244	106	15	that	that	PRON
afbr-244	106	16	maximize	maximize	VERB
afbr-244	106	17	his	his	PRON
afbr-244	106	18	utility	utility	NOUN
afbr-244	106	19	,	,	PUNCT
afbr-244	106	20	i.e.	i.e.	X
afbr-244	106	21	also	also	ADV
afbr-244	106	22	the	the	DET
afbr-244	106	23	value	value	NOUN
afbr-244	106	24	of	of	ADP
afbr-244	106	25	the	the	DET
afbr-244	106	26	company	company	NOUN
afbr-244	106	27	.	.	PUNCT
afbr-244	107	1	however	however	ADV
afbr-244	107	2	,	,	PUNCT
afbr-244	107	3	as	as	ADP
afbr-244	107	4	the	the	DET
afbr-244	107	5	owner	owner	NOUN
afbr-244	107	6	-	-	PUNCT
afbr-244	107	7	manager	manager	NOUN
afbr-244	107	8	's	's	PART
afbr-244	107	9	fraction	fraction	NOUN
afbr-244	107	10	of	of	ADP
afbr-244	107	11	the	the	DET
afbr-244	107	12	equity	equity	NOUN
afbr-244	107	13	falls	fall	VERB
afbr-244	107	14	.	.	PUNCT
afbr-244	108	1	also	also	ADV
afbr-244	108	2	,	,	PUNCT
afbr-244	108	3	his	his	PRON
afbr-244	108	4	fractional	fractional	ADJ
afbr-244	108	5	claim	claim	NOUN
afbr-244	108	6	on	on	ADP
afbr-244	108	7	the	the	DET
afbr-244	108	8	outcomes	outcome	NOUN
afbr-244	108	9	falls	fall	VERB
afbr-244	108	10	.	.	PUNCT
afbr-244	109	1	generating	generate	VERB
afbr-244	109	2	a	a	DET
afbr-244	109	3	divergence	divergence	NOUN
afbr-244	109	4	between	between	ADP
afbr-244	109	5	his	his	PRON
afbr-244	109	6	interests	interest	NOUN
afbr-244	109	7	and	and	CCONJ
afbr-244	109	8	those	those	PRON
afbr-244	109	9	of	of	ADP
afbr-244	109	10	the	the	DET
afbr-244	109	11	outside	outside	ADJ
afbr-244	109	12	shareholders	shareholder	NOUN
afbr-244	109	13	.	.	PUNCT
afbr-244	110	1	when	when	SCONJ
afbr-244	110	2	a	a	DET
afbr-244	110	3	manager	manager	NOUN
afbr-244	110	4	does	do	AUX
afbr-244	110	5	not	not	PART
afbr-244	110	6	control	control	VERB
afbr-244	110	7	the	the	DET
afbr-244	110	8	complete	complete	ADJ
afbr-244	110	9	gain	gain	NOUN
afbr-244	110	10	from	from	ADP
afbr-244	110	11	possible	possible	ADJ
afbr-244	110	12	value	value	NOUN
afbr-244	110	13	increasing	increase	VERB
afbr-244	110	14	activities	activity	NOUN
afbr-244	110	15	,	,	PUNCT
afbr-244	110	16	may	may	AUX
afbr-244	110	17	accept	accept	VERB
afbr-244	110	18	significant	significant	ADJ
afbr-244	110	19	cost	cost	NOUN
afbr-244	110	20	from	from	ADP
afbr-244	110	21	the	the	DET
afbr-244	110	22	activities	activity	NOUN
afbr-244	110	23	.	.	PUNCT
afbr-244	111	1	thus	thus	ADV
afbr-244	111	2	,	,	PUNCT
afbr-244	111	3	manager	manager	NOUN
afbr-244	111	4	are	be	AUX
afbr-244	111	5	not	not	PART
afbr-244	111	6	attracted	attract	VERB
afbr-244	111	7	to	to	PART
afbr-244	111	8	employ	employ	VERB
afbr-244	111	9	more	more	ADJ
afbr-244	111	10	effort	effort	NOUN
afbr-244	111	11	into	into	ADP
afbr-244	111	12	managing	manage	VERB
afbr-244	111	13	resources	resource	NOUN
afbr-244	111	14	rather	rather	ADV
afbr-244	111	15	than	than	ADP
afbr-244	111	16	involve	involve	VERB
afbr-244	111	17	in	in	ADP
afbr-244	111	18	transfer	transfer	NOUN
afbr-244	111	19	wealth	wealth	NOUN
afbr-244	111	20	to	to	ADP
afbr-244	111	21	their	their	PRON
afbr-244	111	22	own	own	ADJ
afbr-244	111	23	interest	interest	NOUN
afbr-244	111	24	.	.	PUNCT
afbr-244	112	1	in	in	ADP
afbr-244	112	2	some	some	DET
afbr-244	112	3	instance	instance	NOUN
afbr-244	112	4	,	,	PUNCT
afbr-244	112	5	different	different	ADJ
afbr-244	112	6	interest	interest	NOUN
afbr-244	112	7	issue	issue	NOUN
afbr-244	112	8	managers	manager	NOUN
afbr-244	112	9	may	may	AUX
afbr-244	112	10	incur	incur	VERB
afbr-244	112	11	some	some	DET
afbr-244	112	12	loses	lose	VERB
afbr-244	112	13	from	from	ADP
afbr-244	112	14	perquisites	perquisite	NOUN
afbr-244	112	15	(	(	PUNCT
afbr-244	112	16	such	such	ADJ
afbr-244	112	17	as	as	ADP
afbr-244	112	18	corporate	corporate	ADJ
afbr-244	112	19	jets	jet	NOUN
afbr-244	112	20	,	,	PUNCT
afbr-244	112	21	luxurious	luxurious	ADJ
afbr-244	112	22	offices	office	NOUN
afbr-244	112	23	,	,	PUNCT
afbr-244	112	24	etc	etc	X
afbr-244	112	25	.	.	X
afbr-244	112	26	)	)	PUNCT
afbr-244	112	27	though	though	SCONJ
afbr-244	112	28	attain	attain	VERB
afbr-244	112	29	a	a	DET
afbr-244	112	30	less	less	ADJ
afbr-244	112	31	amount	amount	NOUN
afbr-244	112	32	of	of	ADP
afbr-244	112	33	gain	gain	NOUN
afbr-244	112	34	.	.	PUNCT
afbr-244	113	1	as	as	ADP
afbr-244	113	2	a	a	DET
afbr-244	113	3	consequences	consequence	NOUN
afbr-244	113	4	,	,	PUNCT
afbr-244	113	5	manager	manager	NOUN
afbr-244	113	6	’s	’s	PART
afbr-244	113	7	attitude	attitude	NOUN
afbr-244	113	8	towards	towards	ADP
afbr-244	113	9	the	the	DET
afbr-244	113	10	decrease	decrease	NOUN
afbr-244	113	11	in	in	ADP
afbr-244	113	12	value	value	NOUN
afbr-244	113	13	caused	cause	VERB
afbr-244	113	14	rather	rather	ADV
afbr-244	113	15	than	than	ADP
afbr-244	113	16	value	value	NOUN
afbr-244	113	17	increase	increase	NOUN
afbr-244	113	18	which	which	PRON
afbr-244	113	19	is	be	AUX
afbr-244	113	20	called	call	VERB
afbr-244	113	21	agency	agency	NOUN
afbr-244	113	22	cost	cost	NOUN
afbr-244	113	23	of	of	ADP
afbr-244	113	24	equity	equity	NOUN
afbr-244	113	25	value	value	NOUN
afbr-244	113	26	maximising	maximise	VERB
afbr-244	113	27	inefficiency	inefficiency	NOUN
afbr-244	113	28	can	can	AUX
afbr-244	113	29	be	be	AUX
afbr-244	113	30	lessen	lessen	VERB
afbr-244	113	31	significant	significant	ADJ
afbr-244	113	32	amount	amount	NOUN
afbr-244	113	33	when	when	SCONJ
afbr-244	113	34	ownership	ownership	NOUN
afbr-244	113	35	owned	own	VERB
afbr-244	113	36	by	by	ADP
afbr-244	113	37	managers	manager	NOUN
afbr-244	113	38	.	.	PUNCT
afbr-244	114	1	in	in	ADP
afbr-244	114	2	this	this	DET
afbr-244	114	3	case	case	NOUN
afbr-244	114	4	,	,	PUNCT
afbr-244	114	5	when	when	SCONJ
afbr-244	114	6	manager	manager	NOUN
afbr-244	114	7	absolute	absolute	ADJ
afbr-244	114	8	shareholding	shareholding	NOUN
afbr-244	114	9	and	and	CCONJ
afbr-244	114	10	investment	investment	NOUN
afbr-244	114	11	increases	increase	NOUN
afbr-244	114	12	,	,	PUNCT
afbr-244	114	13	also	also	ADV
afbr-244	114	14	increases	increase	VERB
afbr-244	114	15	perfectly	perfectly	ADV
afbr-244	114	16	leveraged	leverage	VERB
afbr-244	114	17	firm	firm	NOUN
afbr-244	114	18	,	,	PUNCT
afbr-244	114	19	manager	manager	NOUN
afbr-244	114	20	’s	’s	PART
afbr-244	114	21	shareholding	shareholding	NOUN
afbr-244	114	22	and	and	CCONJ
afbr-244	114	23	eliminates	eliminate	VERB
afbr-244	114	24	the	the	DET
afbr-244	114	25	damage	damage	NOUN
afbr-244	114	26	from	from	ADP
afbr-244	114	27	the	the	DET
afbr-244	114	28	conflict	conflict	NOUN
afbr-244	114	29	between	between	ADP
afbr-244	114	30	the	the	DET
afbr-244	114	31	manager	manager	NOUN
afbr-244	114	32	and	and	CCONJ
afbr-244	114	33	shareholder	shareholder	NOUN
afbr-244	114	34	(	(	PUNCT
afbr-244	114	35	harris	harris	PROPN
afbr-244	114	36	and	and	CCONJ
afbr-244	114	37	raviv	raviv	PROPN
afbr-244	114	38	,	,	PUNCT
afbr-244	114	39	1991	1991	NUM
afbr-244	114	40	)	)	PUNCT
afbr-244	114	41	.	.	PUNCT
afbr-244	115	1	from	from	ADP
afbr-244	115	2	agency	agency	NOUN
afbr-244	115	3	theory	theory	NOUN
afbr-244	115	4	proposition	proposition	NOUN
afbr-244	115	5	,	,	PUNCT
afbr-244	115	6	explained	explain	VERB
afbr-244	115	7	by	by	ADP
afbr-244	115	8	jensen	jensen	PROPN
afbr-244	115	9	and	and	CCONJ
afbr-244	115	10	meckling	meckle	VERB
afbr-244	115	11	declare	declare	NOUN
afbr-244	115	12	(	(	PUNCT
afbr-244	115	13	1976	1976	NUM
afbr-244	115	14	)	)	PUNCT
afbr-244	115	15	state	state	NOUN
afbr-244	115	16	that	that	DET
afbr-244	115	17	owner	owner	NOUN
afbr-244	115	18	will	will	AUX
afbr-244	115	19	accept	accept	VERB
afbr-244	115	20	complete	complete	ADJ
afbr-244	115	21	wealth	wealth	NOUN
afbr-244	115	22	properties	property	NOUN
afbr-244	115	23	of	of	ADP
afbr-244	115	24	the	the	DET
afbr-244	115	25	previously	previously	ADV
afbr-244	115	26	discussed	discuss	VERB
afbr-244	115	27	agency	agency	NOUN
afbr-244	115	28	costs	cost	NOUN
afbr-244	115	29	of	of	ADP
afbr-244	115	30	equity	equity	NOUN
afbr-244	115	31	.	.	PUNCT
afbr-244	116	1	when	when	SCONJ
afbr-244	116	2	minority	minority	NOUN
afbr-244	116	3	shareholder	shareholder	NOUN
afbr-244	116	4	realise	realise	VERB
afbr-244	116	5	the	the	DET
afbr-244	116	6	conflicted	conflicted	ADJ
afbr-244	116	7	relationship	relationship	NOUN
afbr-244	116	8	between	between	ADP
afbr-244	116	9	agency	agency	NOUN
afbr-244	116	10	and	and	CCONJ
afbr-244	116	11	owner	owner	NOUN
afbr-244	116	12	,	,	PUNCT
afbr-244	116	13	the	the	DET
afbr-244	116	14	share	share	NOUN
afbr-244	116	15	price	price	NOUN
afbr-244	116	16	what	what	PRON
afbr-244	116	17	they	they	PRON
afbr-244	116	18	may	may	AUX
afbr-244	116	19	reimburse	reimburse	VERB
afbr-244	116	20	for	for	ADP
afbr-244	116	21	security	security	NOUN
afbr-244	116	22	,	,	PUNCT
afbr-244	116	23	it	it	PRON
afbr-244	116	24	may	may	AUX
afbr-244	116	25	reveal	reveal	VERB
afbr-244	116	26	monitoring	monitoring	NOUN
afbr-244	116	27	cost	cost	NOUN
afbr-244	116	28	.	.	PUNCT
afbr-244	117	1	thus	thus	ADV
afbr-244	117	2	,	,	PUNCT
afbr-244	117	3	this	this	PRON
afbr-244	117	4	is	be	AUX
afbr-244	117	5	also	also	ADV
afbr-244	117	6	expected	expect	VERB
afbr-244	117	7	that	that	SCONJ
afbr-244	117	8	for	for	SCONJ
afbr-244	117	9	minority	minority	NOUN
afbr-244	117	10	shareholders	shareholder	NOUN
afbr-244	117	11	to	to	PART
afbr-244	117	12	disburse	disburse	VERB
afbr-244	117	13	more	more	ADJ
afbr-244	117	14	resources	resource	NOUN
afbr-244	117	15	in	in	ADP
afbr-244	117	16	monitoring	monitor	VERB
afbr-244	117	17	conflicted	conflicted	ADJ
afbr-244	117	18	attitude	attitude	NOUN
afbr-244	117	19	through	through	ADP
afbr-244	117	20	agency	agency	NOUN
afbr-244	117	21	conflict	conflict	NOUN
afbr-244	117	22	.	.	PUNCT
afbr-244	118	1	the	the	DET
afbr-244	118	2	wealth	wealth	NOUN
afbr-244	118	3	costs	cost	VERB
afbr-244	118	4	to	to	ADP
afbr-244	118	5	the	the	DET
afbr-244	118	6	owner	owner	NOUN
afbr-244	118	7	of	of	ADP
afbr-244	118	8	gaining	gain	VERB
afbr-244	118	9	more	more	ADJ
afbr-244	118	10	cash	cash	NOUN
afbr-244	118	11	from	from	ADP
afbr-244	118	12	the	the	DET
afbr-244	118	13	equity	equity	NOUN
afbr-244	118	14	markets	market	NOUN
afbr-244	118	15	rise	rise	VERB
afbr-244	118	16	as	as	ADP
afbr-244	118	17	his	his	PRON
afbr-244	118	18	portion	portion	NOUN
afbr-244	118	19	of	of	ADP
afbr-244	118	20	ownership	ownership	NOUN
afbr-244	118	21	reduces	reduce	NOUN
afbr-244	118	22	.	.	PUNCT
afbr-244	119	1	debt	debt	NOUN
afbr-244	119	2	financing	financing	NOUN
afbr-244	119	3	has	have	AUX
afbr-244	119	4	contributed	contribute	VERB
afbr-244	119	5	to	to	ADP
afbr-244	119	6	the	the	DET
afbr-244	119	7	reducing	reducing	NOUN
afbr-244	119	8	of	of	ADP
afbr-244	119	9	.free	.free	NUM
afbr-244	119	10	cash	cash	NOUN
afbr-244	119	11	flow	flow	NOUN
afbr-244	119	12	as	as	SCONJ
afbr-244	119	13	demonstrated	demonstrate	VERB
afbr-244	119	14	by	by	ADP
afbr-244	119	15	jensen	jensen	PROPN
afbr-244	119	16	(	(	PUNCT
afbr-244	119	17	1986	1986	NUM
afbr-244	119	18	)	)	PUNCT
afbr-244	119	19	.	.	PUNCT
afbr-244	120	1	in	in	ADP
afbr-244	120	2	this	this	DET
afbr-244	120	3	paper	paper	NOUN
afbr-244	120	4	jensen	jensen	PROPN
afbr-244	120	5	(	(	PUNCT
afbr-244	120	6	1986	1986	NUM
afbr-244	120	7	)	)	PUNCT
afbr-244	120	8	explain	explain	VERB
afbr-244	120	9	free	free	ADJ
afbr-244	120	10	cash	cash	NOUN
afbr-244	120	11	flow	flow	NOUN
afbr-244	120	12	as	as	ADP
afbr-244	120	13	the	the	DET
afbr-244	120	14	excess	excess	NOUN
afbr-244	120	15	of	of	ADP
afbr-244	120	16	that	that	DET
afbr-244	120	17	essential	essential	ADJ
afbr-244	120	18	to	to	PART
afbr-244	120	19	account	account	VERB
afbr-244	120	20	all	all	DET
afbr-244	120	21	projects	project	NOUN
afbr-244	120	22	which	which	PRON
afbr-244	120	23	creates	create	VERB
afbr-244	120	24	positive	positive	ADJ
afbr-244	120	25	net	net	ADJ
afbr-244	120	26	present	present	ADJ
afbr-244	120	27	values	value	NOUN
afbr-244	120	28	.	.	PUNCT
afbr-244	121	1	this	this	PRON
afbr-244	121	2	hard	hard	ADJ
afbr-244	121	3	to	to	PART
afbr-244	121	4	encourage	encourage	VERB
afbr-244	121	5	managers	manager	NOUN
afbr-244	121	6	to	to	PART
afbr-244	121	7	distribute	distribute	VERB
afbr-244	121	8	this	this	DET
afbr-244	121	9	cash	cash	NOUN
afbr-244	121	10	to	to	ADP
afbr-244	121	11	shareholders	shareholder	NOUN
afbr-244	121	12	than	than	SCONJ
afbr-244	121	13	invest	invest	VERB
afbr-244	121	14	in	in	ADP
afbr-244	121	15	below	below	ADP
afbr-244	121	16	the	the	DET
afbr-244	121	17	cost	cost	NOUN
afbr-244	121	18	of	of	ADP
afbr-244	121	19	capital	capital	NOUN
afbr-244	121	20	or	or	CCONJ
afbr-244	121	21	deteriorating	deteriorate	VERB
afbr-244	121	22	this	this	PRON
afbr-244	121	23	onto	onto	ADP
afbr-244	121	24	inefficiencies	inefficiency	NOUN
afbr-244	121	25	of	of	ADP
afbr-244	121	26	a	a	DET
afbr-244	121	27	firm	firm	NOUN
afbr-244	121	28	.	.	PUNCT
afbr-244	122	1	by	by	ADP
afbr-244	122	2	issuing	issue	VERB
afbr-244	122	3	debt	debt	NOUN
afbr-244	122	4	capital	capital	NOUN
afbr-244	122	5	,	,	PUNCT
afbr-244	122	6	managers	manager	NOUN
afbr-244	122	7	are	be	AUX
afbr-244	122	8	attached	attach	VERB
afbr-244	122	9	to	to	PART
afbr-244	122	10	pay	pay	VERB
afbr-244	122	11	out	out	ADP
afbr-244	122	12	future	future	ADJ
afbr-244	122	13	cash	cash	NOUN
afbr-244	122	14	flows	flow	NOUN
afbr-244	122	15	,	,	PUNCT
afbr-244	122	16	and	and	CCONJ
afbr-244	122	17	they	they	PRON
afbr-244	122	18	provide	provide	VERB
afbr-244	122	19	the	the	DET
afbr-244	122	20	rights	right	NOUN
afbr-244	122	21	to	to	PART
afbr-244	122	22	debtholder	debtholder	VERB
afbr-244	122	23	a	a	DET
afbr-244	122	24	file	file	NOUN
afbr-244	122	25	bankruptcy	bankruptcy	NOUN
afbr-244	122	26	when	when	SCONJ
afbr-244	122	27	they	they	PRON
afbr-244	122	28	fail	fail	VERB
afbr-244	122	29	to	to	PART
afbr-244	122	30	pay	pay	VERB
afbr-244	122	31	interest	interest	NOUN
afbr-244	122	32	and	and	CCONJ
afbr-244	122	33	principle	principle	ADJ
afbr-244	122	34	payments.hence	payments.hence	NOUN
afbr-244	122	35	,	,	PUNCT
afbr-244	122	36	debt	debt	NOUN
afbr-244	122	37	reduces	reduce	VERB
afbr-244	122	38	the	the	DET
afbr-244	122	39	agency	agency	NOUN
afbr-244	122	40	costs	cost	NOUN
afbr-244	122	41	of	of	ADP
afbr-244	122	42	free	free	ADJ
afbr-244	122	43	cash	cash	NOUN
afbr-244	122	44	flow	flow	NOUN
afbr-244	122	45	is	be	AUX
afbr-244	122	46	reduced	reduce	VERB
afbr-244	122	47	by	by	ADP
afbr-244	122	48	debt	debt	NOUN
afbr-244	122	49	and	and	CCONJ
afbr-244	122	50	the	the	DET
afbr-244	122	51	cash	cash	NOUN
afbr-244	122	52	allocated	allocate	VERB
afbr-244	122	53	for	for	ADP
afbr-244	122	54	expensing	expense	VERB
afbr-244	122	55	at	at	ADP
afbr-244	122	56	the	the	DET
afbr-244	122	57	option	option	NOUN
afbr-244	122	58	of	of	ADP
afbr-244	122	59	managers	manager	NOUN
afbr-244	122	60	.	.	PUNCT
afbr-244	123	1	copyright	copyright	NOUN
afbr-244	123	2	©	©	PROPN
afbr-244	123	3	cc	cc	PROPN
afbr-244	123	4	-	-	PUNCT
afbr-244	123	5	by	by	ADP
afbr-244	123	6	-	-	PUNCT
afbr-244	123	7	nc	nc	PROPN
afbr-244	123	8	2019	2019	NUM
afbr-244	123	9	,	,	PUNCT
afbr-244	123	10	cribfb	cribfb	PROPN
afbr-244	123	11	|	|	ADV
afbr-244	123	12	afbr	afbr	PROPN
afbr-244	123	13	www.cribfb.com/journal/index.php/afbr	www.cribfb.com/journal/index.php/afbr	ADJ
afbr-244	123	14	australian	australian	ADJ
afbr-244	123	15	finance	finance	PROPN
afbr-244	123	16	&	&	CCONJ
afbr-244	123	17	banking	banking	PROPN
afbr-244	123	18	review	review	PROPN
afbr-244	123	19	vol	vol	NOUN
afbr-244	123	20	.	.	PROPN
afbr-244	124	1	3	3	NUM
afbr-244	124	2	,	,	PUNCT
afbr-244	124	3	no	no	INTJ
afbr-244	124	4	.	.	NOUN
afbr-244	124	5	1	1	NUM
afbr-244	124	6	;	;	PUNCT
afbr-244	124	7	2019	2019	NUM
afbr-244	124	8	15	15	NUM
afbr-244	124	9	it	it	PRON
afbr-244	124	10	is	be	AUX
afbr-244	124	11	important	important	ADJ
afbr-244	124	12	to	to	PART
afbr-244	124	13	discuss	discuss	VERB
afbr-244	124	14	that	that	PRON
afbr-244	124	15	monitoring	monitor	VERB
afbr-244	124	16	function	function	NOUN
afbr-244	124	17	of	of	ADP
afbr-244	124	18	leverage	leverage	NOUN
afbr-244	124	19	is	be	AUX
afbr-244	124	20	highly	highly	ADV
afbr-244	124	21	significant	significant	ADJ
afbr-244	124	22	in	in	ADP
afbr-244	124	23	firms	firm	NOUN
afbr-244	124	24	where	where	SCONJ
afbr-244	124	25	produce	produce	VERB
afbr-244	124	26	enormous	enormous	ADJ
afbr-244	124	27	cash	cash	NOUN
afbr-244	124	28	flows	flow	NOUN
afbr-244	124	29	with	with	ADP
afbr-244	124	30	low	low	ADJ
afbr-244	124	31	growth	growth	NOUN
afbr-244	124	32	forecasts	forecast	NOUN
afbr-244	124	33	even	even	ADV
afbr-244	124	34	more	more	ADV
afbr-244	124	35	important	important	ADJ
afbr-244	124	36	those	those	DET
afbr-244	124	37	organisation	organisation	NOUN
afbr-244	124	38	may	may	AUX
afbr-244	124	39	shrink	shrink	VERB
afbr-244	124	40	.	.	PUNCT
afbr-244	125	1	these	these	DET
afbr-244	125	2	firms	firm	NOUN
afbr-244	125	3	can	can	AUX
afbr-244	125	4	invest	invest	VERB
afbr-244	125	5	in	in	ADP
afbr-244	125	6	unprofitable	unprofitable	ADJ
afbr-244	125	7	investment	investment	NOUN
afbr-244	125	8	due	due	ADP
afbr-244	125	9	to	to	ADP
afbr-244	125	10	negative	negative	ADJ
afbr-244	125	11	pressure	pressure	NOUN
afbr-244	125	12	for	for	ADP
afbr-244	125	13	wasting	waste	VERB
afbr-244	125	14	cash	cash	NOUN
afbr-244	125	15	flows	flow	NOUN
afbr-244	125	16	.	.	PUNCT
afbr-244	126	1	there	there	PRON
afbr-244	126	2	are	be	VERB
afbr-244	126	3	two	two	NUM
afbr-244	126	4	major	major	ADJ
afbr-244	126	5	contribution	contribution	NOUN
afbr-244	126	6	what	what	PRON
afbr-244	126	7	debt	debt	NOUN
afbr-244	126	8	financing	financing	NOUN
afbr-244	126	9	can	can	AUX
afbr-244	126	10	have	have	VERB
afbr-244	126	11	on	on	ADP
afbr-244	126	12	pushing	push	VERB
afbr-244	126	13	down	down	ADP
afbr-244	126	14	agency	agency	NOUN
afbr-244	126	15	costs	cost	NOUN
afbr-244	126	16	of	of	ADP
afbr-244	126	17	equity	equity	NOUN
afbr-244	126	18	and	and	CCONJ
afbr-244	126	19	thus	thus	ADV
afbr-244	126	20	enhance	enhance	VERB
afbr-244	126	21	firm	firm	NOUN
afbr-244	126	22	’s	’s	PART
afbr-244	126	23	value	value	NOUN
afbr-244	126	24	.	.	PUNCT
afbr-244	127	1	2.2	2.2	NUM
afbr-244	127	2	(	(	PUNCT
afbr-244	127	3	b	b	NOUN
afbr-244	127	4	)	)	PUNCT
afbr-244	127	5	agency	agency	NOUN
afbr-244	127	6	costs	cost	NOUN
afbr-244	127	7	of	of	ADP
afbr-244	127	8	debtbenefits	debtbenefit	NOUN
afbr-244	127	9	of	of	ADP
afbr-244	127	10	equity	equity	NOUN
afbr-244	127	11	financing	financing	NOUN
afbr-244	127	12	when	when	SCONJ
afbr-244	127	13	a	a	DET
afbr-244	127	14	firm	firm	NOUN
afbr-244	127	15	consider	consider	VERB
afbr-244	127	16	to	to	PART
afbr-244	127	17	be	be	AUX
afbr-244	127	18	highly	highly	ADV
afbr-244	127	19	leveraged	leveraged	ADJ
afbr-244	127	20	,	,	PUNCT
afbr-244	127	21	and	and	CCONJ
afbr-244	127	22	potential	potential	ADJ
afbr-244	127	23	financial	financial	ADJ
afbr-244	127	24	distress	distress	NOUN
afbr-244	127	25	could	could	AUX
afbr-244	127	26	be	be	AUX
afbr-244	127	27	occur	occur	ADJ
afbr-244	127	28	,	,	PUNCT
afbr-244	127	29	there	there	PRON
afbr-244	127	30	are	be	VERB
afbr-244	127	31	conflicted	conflicted	ADJ
afbr-244	127	32	association	association	NOUN
afbr-244	127	33	exist	exist	VERB
afbr-244	127	34	between	between	ADP
afbr-244	127	35	shareholders	shareholder	NOUN
afbr-244	127	36	and	and	CCONJ
afbr-244	127	37	debt	debt	NOUN
afbr-244	127	38	-	-	PUNCT
afbr-244	127	39	holders	holder	NOUN
afbr-244	127	40	.	.	PUNCT
afbr-244	128	1	in	in	ADP
afbr-244	128	2	this	this	DET
afbr-244	128	3	condition	condition	NOUN
afbr-244	128	4	,	,	PUNCT
afbr-244	128	5	shareholders	shareholder	NOUN
afbr-244	128	6	are	be	AUX
afbr-244	128	7	interested	interested	ADJ
afbr-244	128	8	to	to	PART
afbr-244	128	9	follow	follow	VERB
afbr-244	128	10	opportunistic	opportunistic	ADJ
afbr-244	128	11	strategies	strategy	NOUN
afbr-244	128	12	that	that	PRON
afbr-244	128	13	lead	lead	VERB
afbr-244	128	14	to	to	ADP
afbr-244	128	15	suboptimal	suboptimal	ADJ
afbr-244	128	16	investment	investment	NOUN
afbr-244	128	17	.	.	PUNCT
afbr-244	129	1	negative	negative	ADJ
afbr-244	129	2	attitude	attitude	NOUN
afbr-244	129	3	towardsfirm	towardsfirm	NOUN
afbr-244	129	4	value	value	NOUN
afbr-244	129	5	is	be	AUX
afbr-244	129	6	called	call	VERB
afbr-244	129	7	the	the	DET
afbr-244	129	8	agency	agency	NOUN
afbr-244	129	9	cost	cost	NOUN
afbr-244	129	10	of	of	ADP
afbr-244	129	11	debt	debt	NOUN
afbr-244	129	12	-	-	PUNCT
afbr-244	129	13	financing	financing	NOUN
afbr-244	129	14	.	.	PUNCT
afbr-244	130	1	jensen	jensen	PROPN
afbr-244	130	2	and	and	CCONJ
afbr-244	130	3	meckling(1976	meckling(1976	NOUN
afbr-244	130	4	)	)	PUNCT
afbr-244	130	5	commented	comment	VERB
afbr-244	130	6	especially	especially	ADV
afbr-244	130	7	on	on	ADP
afbr-244	130	8	highly	highly	ADV
afbr-244	130	9	levered	lever	VERB
afbr-244	130	10	firm	firm	NOUN
afbr-244	130	11	and	and	CCONJ
afbr-244	130	12	probability	probability	NOUN
afbr-244	130	13	of	of	ADP
afbr-244	130	14	bankruptcy	bankruptcy	NOUN
afbr-244	130	15	.	.	PUNCT
afbr-244	131	1	highly	highly	ADV
afbr-244	131	2	leveraged	leverage	VERB
afbr-244	131	3	firm	firm	NOUN
afbr-244	131	4	and	and	CCONJ
afbr-244	131	5	close	close	ADJ
afbr-244	131	6	to	to	ADP
afbr-244	131	7	bankruptcy	bankruptcy	NOUN
afbr-244	131	8	firm	firm	NOUN
afbr-244	131	9	could	could	AUX
afbr-244	131	10	have	have	VERB
afbr-244	131	11	incentive	incentive	NOUN
afbr-244	131	12	on	on	ADP
afbr-244	131	13	investment	investment	NOUN
afbr-244	131	14	onto	onto	ADP
afbr-244	131	15	highly	highly	ADV
afbr-244	131	16	risk	risk	NOUN
afbr-244	131	17	related	relate	VERB
afbr-244	131	18	firm	firm	NOUN
afbr-244	131	19	,	,	PUNCT
afbr-244	131	20	when	when	SCONJ
afbr-244	131	21	an	an	DET
afbr-244	131	22	investment	investment	NOUN
afbr-244	131	23	profits	profit	VERB
afbr-244	131	24	large	large	ADJ
afbr-244	131	25	returns	return	NOUN
afbr-244	131	26	that	that	PRON
afbr-244	131	27	are	be	AUX
afbr-244	131	28	well	well	ADV
afbr-244	131	29	above	above	ADP
afbr-244	131	30	the	the	DET
afbr-244	131	31	face	face	NOUN
afbr-244	131	32	value	value	NOUN
afbr-244	131	33	of	of	ADP
afbr-244	131	34	the	the	DET
afbr-244	131	35	debt	debt	NOUN
afbr-244	131	36	,	,	PUNCT
afbr-244	131	37	shareholders	shareholder	NOUN
afbr-244	131	38	will	will	AUX
afbr-244	131	39	awardmajor	awardmajor	NOUN
afbr-244	131	40	gain	gain	VERB
afbr-244	131	41	from	from	ADP
afbr-244	131	42	the	the	DET
afbr-244	131	43	investment	investment	NOUN
afbr-244	131	44	.	.	PUNCT
afbr-244	132	1	on	on	ADP
afbr-244	132	2	the	the	DET
afbr-244	132	3	contrary	contrary	NOUN
afbr-244	132	4	,	,	PUNCT
afbr-244	132	5	when	when	SCONJ
afbr-244	132	6	investment	investment	NOUN
afbr-244	132	7	become	become	VERB
afbr-244	132	8	loss	loss	NOUN
afbr-244	132	9	,	,	PUNCT
afbr-244	132	10	debt	debt	NOUN
afbr-244	132	11	-	-	PUNCT
afbr-244	132	12	holders	holder	NOUN
afbr-244	132	13	will	will	AUX
afbr-244	132	14	incur	incur	VERB
afbr-244	132	15	the	the	DET
afbr-244	132	16	limited	limited	ADJ
afbr-244	132	17	liability	liability	NOUN
afbr-244	132	18	of	of	ADP
afbr-244	132	19	the	the	DET
afbr-244	132	20	shareholders	shareholder	NOUN
afbr-244	132	21	.	.	PUNCT
afbr-244	133	1	thus	thus	ADV
afbr-244	133	2	,	,	PUNCT
afbr-244	133	3	shareholders	shareholder	NOUN
afbr-244	133	4	may	may	AUX
afbr-244	133	5	enter	enter	VERB
afbr-244	133	6	even	even	ADV
afbr-244	133	7	for	for	ADP
afbr-244	133	8	irrationally	irrationally	ADV
afbr-244	133	9	risky	risky	ADJ
afbr-244	133	10	ventures	venture	NOUN
afbr-244	133	11	that	that	PRON
afbr-244	133	12	they	they	PRON
afbr-244	133	13	would	would	AUX
afbr-244	133	14	n't	not	PART
afbr-244	133	15	prefer	prefer	VERB
afbr-244	133	16	to	to	PART
afbr-244	133	17	invest	invest	VERB
afbr-244	133	18	they	they	PRON
afbr-244	133	19	are	be	AUX
afbr-244	133	20	value	value	NOUN
afbr-244	133	21	lessening	lessening	NOUN
afbr-244	133	22	projects	project	NOUN
afbr-244	133	23	.	.	PUNCT
afbr-244	134	1	from	from	ADP
afbr-244	134	2	jensen	jensen	PROPN
afbr-244	134	3	and	and	CCONJ
afbr-244	134	4	meckling(1976	meckling(1976	NOUN
afbr-244	134	5	)	)	PUNCT
afbr-244	134	6	summary	summary	NOUN
afbr-244	134	7	,	,	PUNCT
afbr-244	134	8	the	the	DET
afbr-244	134	9	agency	agency	NOUN
afbr-244	134	10	costs	cost	NOUN
afbr-244	134	11	associated	associate	VERB
afbr-244	134	12	with	with	ADP
afbr-244	134	13	debt	debt	NOUN
afbr-244	134	14	consist	consist	NOUN
afbr-244	134	15	of	of	ADP
afbr-244	134	16	1	1	NUM
afbr-244	134	17	)	)	PUNCT
afbr-244	134	18	the	the	DET
afbr-244	134	19	opportunity	opportunity	NOUN
afbr-244	134	20	wealth	wealth	NOUN
afbr-244	134	21	loss	loss	NOUN
afbr-244	134	22	caused	cause	VERB
afbr-244	134	23	by	by	ADP
afbr-244	134	24	the	the	DET
afbr-244	134	25	impact	impact	NOUN
afbr-244	134	26	of	of	ADP
afbr-244	134	27	debt	debt	NOUN
afbr-244	134	28	on	on	ADP
afbr-244	134	29	the	the	DET
afbr-244	134	30	investment	investment	NOUN
afbr-244	134	31	decisions	decision	NOUN
afbr-244	134	32	of	of	ADP
afbr-244	134	33	the	the	DET
afbr-244	134	34	company	company	NOUN
afbr-244	134	35	;	;	PUNCT
afbr-244	134	36	2	2	X
afbr-244	134	37	)	)	PUNCT
afbr-244	134	38	the	the	DET
afbr-244	134	39	monitoring	monitoring	NOUN
afbr-244	134	40	and	and	CCONJ
afbr-244	134	41	bonding	bond	VERB
afbr-244	134	42	expenditures	expenditure	NOUN
afbr-244	134	43	by	by	ADP
afbr-244	134	44	the	the	DET
afbr-244	134	45	bondholders	bondholder	NOUN
afbr-244	134	46	and	and	CCONJ
afbr-244	134	47	the	the	DET
afbr-244	134	48	company	company	NOUN
afbr-244	134	49	;	;	PUNCT
afbr-244	134	50	3	3	X
afbr-244	134	51	)	)	PUNCT
afbr-244	134	52	the	the	DET
afbr-244	134	53	bankruptcy	bankruptcy	NOUN
afbr-244	134	54	and	and	CCONJ
afbr-244	134	55	reorganization	reorganization	NOUN
afbr-244	134	56	costs	cost	NOUN
afbr-244	134	57	.	.	PUNCT
afbr-244	135	1	this	this	DET
afbr-244	135	2	kind	kind	NOUN
afbr-244	135	3	of	of	ADP
afbr-244	135	4	investment	investment	NOUN
afbr-244	135	5	reduces	reduce	VERB
afbr-244	135	6	value	value	NOUN
afbr-244	135	7	of	of	ADP
afbr-244	135	8	a	a	DET
afbr-244	135	9	debt	debt	NOUN
afbr-244	135	10	and	and	CCONJ
afbr-244	135	11	this	this	DET
afbr-244	135	12	loss	loss	NOUN
afbr-244	135	13	in	in	ADP
afbr-244	135	14	value	value	NOUN
afbr-244	135	15	of	of	ADP
afbr-244	135	16	the	the	DET
afbr-244	135	17	equity	equity	NOUN
afbr-244	135	18	from	from	ADP
afbr-244	135	19	the	the	DET
afbr-244	135	20	poor	poor	ADJ
afbr-244	135	21	investment	investment	NOUN
afbr-244	135	22	can	can	AUX
afbr-244	135	23	be	be	AUX
afbr-244	135	24	more	more	ADV
afbr-244	135	25	than	than	ADP
afbr-244	135	26	offset	offset	VERB
afbr-244	135	27	by	by	ADP
afbr-244	135	28	the	the	DET
afbr-244	135	29	gain	gain	NOUN
afbr-244	135	30	in	in	ADP
afbr-244	135	31	equity	equity	NOUN
afbr-244	135	32	value	value	NOUN
afbr-244	135	33	captured	capture	VERB
afbr-244	135	34	at	at	ADP
afbr-244	135	35	the	the	DET
afbr-244	135	36	expense	expense	NOUN
afbr-244	135	37	of	of	ADP
afbr-244	135	38	debt	debt	NOUN
afbr-244	135	39	-	-	PUNCT
afbr-244	135	40	holdersharris	holdersharris	NOUN
afbr-244	135	41	and	and	CCONJ
afbr-244	135	42	raviv	raviv	ADJ
afbr-244	135	43	(	(	PUNCT
afbr-244	135	44	1991	1991	NUM
afbr-244	135	45	)	)	PUNCT
afbr-244	135	46	.	.	PUNCT
afbr-244	136	1	when	when	SCONJ
afbr-244	136	2	a	a	DET
afbr-244	136	3	debt	debt	NOUN
afbr-244	136	4	-	-	PUNCT
afbr-244	136	5	holders	holder	NOUN
afbr-244	136	6	perfectly	perfectly	ADV
afbr-244	136	7	forecast	forecast	VERB
afbr-244	136	8	shareholders	shareholder	NOUN
afbr-244	136	9	future	future	ADJ
afbr-244	136	10	attitude	attitude	NOUN
afbr-244	136	11	during	during	ADP
afbr-244	136	12	debt	debt	NOUN
afbr-244	136	13	issue	issue	NOUN
afbr-244	136	14	,	,	PUNCT
afbr-244	136	15	shareholders	shareholder	NOUN
afbr-244	136	16	may	may	AUX
afbr-244	136	17	receive	receive	VERB
afbr-244	136	18	less	less	ADJ
afbr-244	136	19	what	what	PRON
afbr-244	136	20	they	they	PRON
afbr-244	136	21	anticipated	anticipate	VERB
afbr-244	136	22	.	.	PUNCT
afbr-244	137	1	hence	hence	ADV
afbr-244	137	2	,	,	PUNCT
afbr-244	137	3	the	the	DET
afbr-244	137	4	cost	cost	NOUN
afbr-244	137	5	of	of	ADP
afbr-244	137	6	the	the	DET
afbr-244	137	7	incentive	incentive	NOUN
afbr-244	137	8	to	to	PART
afbr-244	137	9	invest	invest	VERB
afbr-244	137	10	in	in	ADP
afbr-244	137	11	value	value	NOUN
afbr-244	137	12	-	-	PUNCT
afbr-244	137	13	decreasing	decrease	VERB
afbr-244	137	14	projects	project	NOUN
afbr-244	137	15	created	create	VERB
afbr-244	137	16	by	by	ADP
afbr-244	137	17	a	a	DET
afbr-244	137	18	higher	high	ADJ
afbr-244	137	19	proportion	proportion	NOUN
afbr-244	137	20	of	of	ADP
afbr-244	137	21	debt	debt	NOUN
afbr-244	137	22	in	in	ADP
afbr-244	137	23	the	the	DET
afbr-244	137	24	capital	capital	NOUN
afbr-244	137	25	structure	structure	NOUN
afbr-244	137	26	is	be	AUX
afbr-244	137	27	borne	bear	VERB
afbr-244	137	28	by	by	ADP
afbr-244	137	29	the	the	DET
afbr-244	137	30	shareholders	shareholder	NOUN
afbr-244	137	31	who	who	PRON
afbr-244	137	32	issue	issue	VERB
afbr-244	137	33	debt	debt	NOUN
afbr-244	137	34	.	.	PUNCT
afbr-244	138	1	this	this	DET
afbr-244	138	2	effect	effect	NOUN
afbr-244	138	3	called	call	VERB
afbr-244	138	4	the	the	DET
afbr-244	138	5	"	"	PUNCT
afbr-244	138	6	asset	asset	NOUN
afbr-244	138	7	substitution	substitution	NOUN
afbr-244	138	8	effect	effect	NOUN
afbr-244	138	9	"	"	PUNCT
afbr-244	138	10	'	'	PUNCT
afbr-244	138	11	,	,	PUNCT
afbr-244	138	12	is	be	AUX
afbr-244	138	13	one	one	NUM
afbr-244	138	14	of	of	ADP
afbr-244	138	15	the	the	DET
afbr-244	138	16	agency	agency	NOUN
afbr-244	138	17	costs	cost	NOUN
afbr-244	138	18	of	of	ADP
afbr-244	138	19	debt	debt	NOUN
afbr-244	138	20	financing	financing	NOUN
afbr-244	138	21	.	.	PUNCT
afbr-244	139	1	another	another	DET
afbr-244	139	2	significant	significant	ADJ
afbr-244	139	3	agency	agency	NOUN
afbr-244	139	4	cost	cost	NOUN
afbr-244	139	5	of	of	ADP
afbr-244	139	6	debt	debt	NOUN
afbr-244	139	7	represents	represent	VERB
afbr-244	139	8	the	the	DET
afbr-244	139	9	underinvestment	underinvestment	ADJ
afbr-244	139	10	problem	problem	NOUN
afbr-244	139	11	identified	identify	VERB
afbr-244	139	12	by	by	ADP
afbr-244	139	13	myers	myers	PROPN
afbr-244	139	14	(	(	PUNCT
afbr-244	139	15	1977	1977	NUM
afbr-244	139	16	)	)	PUNCT
afbr-244	139	17	.	.	PUNCT
afbr-244	140	1	there	there	PRON
afbr-244	140	2	are	be	VERB
afbr-244	140	3	three	three	NUM
afbr-244	140	4	types	type	NOUN
afbr-244	140	5	of	of	ADP
afbr-244	140	6	agency	agency	NOUN
afbr-244	140	7	costs	cost	NOUN
afbr-244	140	8	which	which	PRON
afbr-244	140	9	can	can	AUX
afbr-244	140	10	help	help	VERB
afbr-244	140	11	explain	explain	VERB
afbr-244	140	12	the	the	DET
afbr-244	140	13	relevance	relevance	NOUN
afbr-244	140	14	of	of	ADP
afbr-244	140	15	capital	capital	NOUN
afbr-244	140	16	structure	structure	NOUN
afbr-244	140	17	.	.	PUNCT
afbr-244	141	1			X
afbr-244	141	2	when	when	SCONJ
afbr-244	141	3	debt	debt	NOUN
afbr-244	141	4	-	-	PUNCT
afbr-244	141	5	equity	equity	NOUN
afbr-244	141	6	increases	increase	NOUN
afbr-244	141	7	,	,	PUNCT
afbr-244	141	8	management	management	NOUN
afbr-244	141	9	prone	prone	ADJ
afbr-244	141	10	to	to	PART
afbr-244	141	11	invest	invest	VERB
afbr-244	141	12	risky	risky	ADJ
afbr-244	141	13	projects	project	NOUN
afbr-244	141	14	(	(	PUNCT
afbr-244	141	15	even	even	ADV
afbr-244	141	16	consider	consider	VERB
afbr-244	141	17	negative	negative	ADJ
afbr-244	141	18	npv	npv	NOUN
afbr-244	141	19	project	project	NOUN
afbr-244	141	20	)	)	PUNCT
afbr-244	141	21	.	.	PUNCT
afbr-244	142	1	as	as	SCONJ
afbr-244	142	2	project	project	NOUN
afbr-244	142	3	is	be	AUX
afbr-244	142	4	successful	successful	ADJ
afbr-244	142	5	,	,	PUNCT
afbr-244	142	6	shareholders	shareholder	NOUN
afbr-244	142	7	achieve	achieve	VERB
afbr-244	142	8	upside	upside	ADJ
afbr-244	142	9	gain	gain	NOUN
afbr-244	142	10	,	,	PUNCT
afbr-244	142	11	otherwise	otherwise	ADV
afbr-244	142	12	when	when	SCONJ
afbr-244	142	13	project	project	NOUN
afbr-244	142	14	downside	downside	NOUN
afbr-244	142	15	they	they	PRON
afbr-244	142	16	receive	receive	VERB
afbr-244	142	17	downside	downside	ADJ
afbr-244	142	18	payments	payment	NOUN
afbr-244	142	19	.	.	PUNCT
afbr-244	143	1	when	when	SCONJ
afbr-244	143	2	the	the	DET
afbr-244	143	3	projects	project	NOUN
afbr-244	143	4	are	be	AUX
afbr-244	143	5	undertaken	undertake	VERB
afbr-244	143	6	,	,	PUNCT
afbr-244	143	7	there	there	PRON
afbr-244	143	8	is	be	VERB
afbr-244	143	9	a	a	DET
afbr-244	143	10	chance	chance	NOUN
afbr-244	143	11	of	of	ADP
afbr-244	143	12	firm	firm	ADJ
afbr-244	143	13	value	value	NOUN
afbr-244	143	14	decreasing	decrease	VERB
afbr-244	143	15	and	and	CCONJ
afbr-244	143	16	a	a	DET
afbr-244	143	17	wealth	wealth	NOUN
afbr-244	143	18	transfer	transfer	NOUN
afbr-244	143	19	from	from	ADP
afbr-244	143	20	debt	debt	NOUN
afbr-244	143	21	holders	holder	NOUN
afbr-244	143	22	to	to	ADP
afbr-244	143	23	shareholders	shareholder	NOUN
afbr-244	143	24	.	.	PUNCT
afbr-244	144	1			PART
afbr-244	145	1	underinvestment	underinvestment	ADJ
afbr-244	145	2	problem	problem	NOUN
afbr-244	145	3	:	:	PUNCT
afbr-244	145	4	when	when	SCONJ
afbr-244	145	5	debt	debt	NOUN
afbr-244	145	6	is	be	AUX
afbr-244	145	7	risky	risky	ADJ
afbr-244	145	8	especially	especially	ADV
afbr-244	145	9	growth	growth	NOUN
afbr-244	145	10	company	company	NOUN
afbr-244	145	11	,	,	PUNCT
afbr-244	145	12	debtholders	debtholder	NOUN
afbr-244	145	13	accumulate	accumulate	VERB
afbr-244	145	14	more	more	ADJ
afbr-244	145	15	gain	gain	NOUN
afbr-244	145	16	than	than	ADP
afbr-244	145	17	shareholders	shareholder	NOUN
afbr-244	145	18	.	.	PUNCT
afbr-244	146	1	thus	thus	ADV
afbr-244	146	2	,	,	PUNCT
afbr-244	146	3	management	management	NOUN
afbr-244	146	4	has	have	VERB
afbr-244	146	5	an	an	DET
afbr-244	146	6	incentive	incentive	NOUN
afbr-244	146	7	to	to	PART
afbr-244	146	8	reject	reject	VERB
afbr-244	146	9	positive	positive	ADJ
afbr-244	146	10	npv	npv	NOUN
afbr-244	146	11	projects	project	NOUN
afbr-244	146	12	,	,	PUNCT
afbr-244	146	13	even	even	ADV
afbr-244	146	14	though	though	SCONJ
afbr-244	146	15	they	they	PRON
afbr-244	146	16	have	have	VERB
afbr-244	146	17	the	the	DET
afbr-244	146	18	potential	potential	NOUN
afbr-244	146	19	to	to	PART
afbr-244	146	20	increase	increase	VERB
afbr-244	146	21	firm	firm	ADJ
afbr-244	146	22	value	value	NOUN
afbr-244	146	23	.	.	PUNCT
afbr-244	147	1	myers	myers	PROPN
afbr-244	147	2	(	(	PUNCT
afbr-244	147	3	1977	1977	NUM
afbr-244	147	4	)	)	PUNCT
afbr-244	147	5	state	state	NOUN
afbr-244	147	6	that	that	DET
afbr-244	147	7	probability	probability	NOUN
afbr-244	147	8	of	of	ADP
afbr-244	147	9	bankruptcy	bankruptcy	NOUN
afbr-244	147	10	company	company	NOUN
afbr-244	147	11	frequently	frequently	ADV
afbr-244	147	12	invest	invest	VERB
afbr-244	147	13	new	new	ADJ
afbr-244	147	14	capital	capital	NOUN
afbr-244	147	15	oriented	orient	VERB
afbr-244	147	16	project	project	NOUN
afbr-244	147	17	as	as	SCONJ
afbr-244	147	18	they	they	PRON
afbr-244	147	19	think	think	VERB
afbr-244	147	20	it	it	PRON
afbr-244	147	21	could	could	AUX
afbr-244	147	22	assist	assist	VERB
afbr-244	147	23	bondholders	bondholder	NOUN
afbr-244	147	24	at	at	ADP
afbr-244	147	25	their	their	PRON
afbr-244	147	26	expense	expense	NOUN
afbr-244	147	27	,	,	PUNCT
afbr-244	147	28	even	even	ADV
afbr-244	147	29	capital	capital	NOUN
afbr-244	147	30	may	may	AUX
afbr-244	147	31	invest	invest	VERB
afbr-244	147	32	may	may	AUX
afbr-244	147	33	bring	bring	VERB
afbr-244	147	34	value	value	NOUN
afbr-244	147	35	-	-	PUNCT
afbr-244	147	36	increasing	increase	VERB
afbr-244	147	37	projects	project	NOUN
afbr-244	147	38	.	.	PUNCT
afbr-244	148	1	the	the	DET
afbr-244	148	2	reason	reason	NOUN
afbr-244	148	3	behind	behind	ADP
afbr-244	148	4	that	that	SCONJ
afbr-244	148	5	shareholders	shareholder	NOUN
afbr-244	148	6	may	may	AUX
afbr-244	148	7	consume	consume	VERB
afbr-244	148	8	full	full	ADJ
afbr-244	148	9	cost	cost	NOUN
afbr-244	148	10	of	of	ADP
afbr-244	148	11	investment	investment	NOUN
afbr-244	148	12	,	,	PUNCT
afbr-244	148	13	though	though	SCONJ
afbr-244	148	14	investment	investment	NOUN
afbr-244	148	15	returns	return	NOUN
afbr-244	148	16	would	would	AUX
afbr-244	148	17	be	be	AUX
afbr-244	148	18	gain	gain	VERB
afbr-244	148	19	majority	majority	NOUN
afbr-244	148	20	by	by	ADP
afbr-244	148	21	the	the	DET
afbr-244	148	22	debt	debt	NOUN
afbr-244	148	23	holders	holder	NOUN
afbr-244	148	24	.	.	PUNCT
afbr-244	149	1			PROPN
afbr-244	149	2	free	free	ADJ
afbr-244	149	3	cash	cash	NOUN
afbr-244	149	4	flow	flow	NOUN
afbr-244	149	5	:	:	PUNCT
afbr-244	149	6	unless	unless	SCONJ
afbr-244	149	7	free	free	ADJ
afbr-244	149	8	cash	cash	NOUN
afbr-244	149	9	flow	flow	NOUN
afbr-244	149	10	is	be	AUX
afbr-244	149	11	given	give	VERB
afbr-244	149	12	back	back	ADP
afbr-244	149	13	to	to	ADP
afbr-244	149	14	investors	investor	NOUN
afbr-244	149	15	,	,	PUNCT
afbr-244	149	16	management	management	NOUN
afbr-244	149	17	has	have	VERB
afbr-244	149	18	perks	perk	NOUN
afbr-244	149	19	etc	etc	X
afbr-244	149	20	.	.	X
afbr-244	150	1	increasing	increase	VERB
afbr-244	150	2	leverage	leverage	NOUN
afbr-244	150	3	imposes	impose	VERB
afbr-244	150	4	financial	financial	ADJ
afbr-244	150	5	discipline	discipline	NOUN
afbr-244	150	6	on	on	ADP
afbr-244	150	7	management	management	NOUN
afbr-244	150	8	.	.	PUNCT
afbr-244	151	1	2.3	2.3	NUM
afbr-244	151	2	trade	trade	NOUN
afbr-244	151	3	off	off	ADP
afbr-244	151	4	theory	theory	NOUN
afbr-244	151	5	the	the	DET
afbr-244	151	6	trade	trade	NOUN
afbr-244	151	7	-	-	PUNCT
afbr-244	151	8	off	off	ADP
afbr-244	151	9	theory	theory	NOUN
afbr-244	151	10	of	of	ADP
afbr-244	151	11	capital	capital	NOUN
afbr-244	151	12	structure	structure	NOUN
afbr-244	151	13	is	be	AUX
afbr-244	151	14	a	a	DET
afbr-244	151	15	theory	theory	NOUN
afbr-244	151	16	in	in	ADP
afbr-244	151	17	the	the	DET
afbr-244	151	18	kingdom	kingdom	NOUN
afbr-244	151	19	of	of	ADP
afbr-244	151	20	financial	financial	ADJ
afbr-244	151	21	economics	economic	NOUN
afbr-244	151	22	about	about	ADP
afbr-244	151	23	the	the	DET
afbr-244	151	24	corporate	corporate	ADJ
afbr-244	151	25	finance	finance	NOUN
afbr-244	151	26	choices	choice	NOUN
afbr-244	151	27	of	of	ADP
afbr-244	151	28	corporations	corporation	NOUN
afbr-244	151	29	.	.	PUNCT
afbr-244	152	1	its	its	PRON
afbr-244	152	2	purpose	purpose	NOUN
afbr-244	152	3	is	be	AUX
afbr-244	152	4	to	to	PART
afbr-244	152	5	explain	explain	VERB
afbr-244	152	6	the	the	DET
afbr-244	152	7	fact	fact	NOUN
afbr-244	152	8	that	that	SCONJ
afbr-244	152	9	firms	firm	NOUN
afbr-244	152	10	or	or	CCONJ
afbr-244	152	11	corporations	corporation	NOUN
afbr-244	152	12	usually	usually	ADV
afbr-244	152	13	are	be	AUX
afbr-244	152	14	financed	finance	VERB
afbr-244	152	15	partly	partly	ADV
afbr-244	152	16	with	with	ADP
afbr-244	152	17	debt	debt	NOUN
afbr-244	152	18	and	and	CCONJ
afbr-244	152	19	partly	partly	ADV
afbr-244	152	20	with	with	ADP
afbr-244	152	21	equity	equity	NOUN
afbr-244	152	22	use	use	NOUN
afbr-244	152	23	by	by	ADP
afbr-244	152	24	balancing	balance	VERB
afbr-244	152	25	the	the	DET
afbr-244	152	26	costs	cost	NOUN
afbr-244	152	27	and	and	CCONJ
afbr-244	152	28	benefits	benefit	NOUN
afbr-244	152	29	.	.	PUNCT
afbr-244	153	1	financing	financing	NOUN
afbr-244	153	2	with	with	ADP
afbr-244	153	3	debt	debt	NOUN
afbr-244	153	4	has	have	VERB
afbr-244	153	5	some	some	DET
afbr-244	153	6	tax	tax	NOUN
afbr-244	153	7	benefit	benefit	NOUN
afbr-244	153	8	,	,	PUNCT
afbr-244	153	9	there	there	PRON
afbr-244	153	10	are	be	VERB
afbr-244	153	11	some	some	DET
afbr-244	153	12	financing	financing	NOUN
afbr-244	153	13	cost	cost	NOUN
afbr-244	153	14	also	also	ADV
afbr-244	153	15	coming	come	VERB
afbr-244	153	16	with	with	ADP
afbr-244	153	17	debt	debt	NOUN
afbr-244	153	18	.	.	PUNCT
afbr-244	154	1	there	there	PRON
afbr-244	154	2	are	be	VERB
afbr-244	154	3	financial	financial	ADJ
afbr-244	154	4	distress	distress	NOUN
afbr-244	154	5	cost	cost	NOUN
afbr-244	154	6	such	such	ADJ
afbr-244	154	7	as	as	ADP
afbr-244	154	8	bankruptcy	bankruptcy	NOUN
afbr-244	154	9	costs	cost	NOUN
afbr-244	154	10	of	of	ADP
afbr-244	154	11	debt	debt	NOUN
afbr-244	154	12	and	and	CCONJ
afbr-244	154	13	non	non	ADJ
afbr-244	154	14	-	-	ADJ
afbr-244	154	15	bankruptcy	bankruptcy	ADJ
afbr-244	154	16	costs	cost	NOUN
afbr-244	154	17	.	.	PUNCT
afbr-244	155	1	the	the	DET
afbr-244	155	2	marginal	marginal	ADJ
afbr-244	155	3	benefit	benefit	NOUN
afbr-244	155	4	of	of	ADP
afbr-244	155	5	debt	debt	NOUN
afbr-244	155	6	enhance	enhance	VERB
afbr-244	155	7	as	as	ADV
afbr-244	155	8	well	well	ADV
afbr-244	155	9	as	as	ADP
afbr-244	155	10	marginal	marginal	ADJ
afbr-244	155	11	cost	cost	NOUN
afbr-244	155	12	increases	increase	NOUN
afbr-244	155	13	in	in	ADP
afbr-244	155	14	this	this	DET
afbr-244	155	15	case	case	NOUN
afbr-244	155	16	a	a	DET
afbr-244	155	17	firm	firm	NOUN
afbr-244	155	18	enhancing	enhance	VERB
afbr-244	155	19	its	its	PRON
afbr-244	155	20	overall	overall	ADJ
afbr-244	155	21	value	value	NOUN
afbr-244	155	22	will	will	AUX
afbr-244	155	23	focus	focus	VERB
afbr-244	155	24	on	on	ADP
afbr-244	155	25	this	this	DET
afbr-244	155	26	trade	trade	NOUN
afbr-244	155	27	-	-	PUNCT
afbr-244	155	28	off	off	NOUN
afbr-244	155	29	when	when	SCONJ
afbr-244	155	30	choosing	choose	VERB
afbr-244	155	31	how	how	SCONJ
afbr-244	155	32	much	much	ADJ
afbr-244	155	33	debt	debt	NOUN
afbr-244	155	34	and	and	CCONJ
afbr-244	155	35	equity	equity	NOUN
afbr-244	155	36	to	to	PART
afbr-244	155	37	use	use	VERB
afbr-244	155	38	for	for	ADP
afbr-244	155	39	financing	financing	NOUN
afbr-244	155	40	.	.	PUNCT
afbr-244	156	1	although	although	SCONJ
afbr-244	156	2	other	other	ADJ
afbr-244	156	3	substitute	substitute	NOUN
afbr-244	156	4	theories	theory	NOUN
afbr-244	156	5	empirical	empirical	ADJ
afbr-244	156	6	evidence	evidence	NOUN
afbr-244	156	7	are	be	AUX
afbr-244	156	8	copyright	copyright	NOUN
afbr-244	156	9	©	©	PROPN
afbr-244	156	10	cc	cc	NOUN
afbr-244	156	11	-	-	PUNCT
afbr-244	156	12	by	by	ADP
afbr-244	156	13	-	-	PUNCT
afbr-244	156	14	nc	nc	PROPN
afbr-244	156	15	2019	2019	NUM
afbr-244	156	16	,	,	PUNCT
afbr-244	156	17	cribfb	cribfb	PROPN
afbr-244	156	18	|	|	ADV
afbr-244	156	19	afbr	afbr	PROPN
afbr-244	156	20	www.cribfb.com/journal/index.php/afbr	www.cribfb.com/journal/index.php/afbr	ADJ
afbr-244	156	21	australian	australian	ADJ
afbr-244	156	22	finance	finance	PROPN
afbr-244	156	23	&	&	CCONJ
afbr-244	156	24	banking	banking	PROPN
afbr-244	156	25	review	review	PROPN
afbr-244	156	26	vol	vol	NOUN
afbr-244	156	27	.	.	PROPN
afbr-244	157	1	3	3	NUM
afbr-244	157	2	,	,	PUNCT
afbr-244	157	3	no	no	INTJ
afbr-244	157	4	.	.	NOUN
afbr-244	157	5	1	1	NUM
afbr-244	157	6	;	;	PUNCT
afbr-244	157	7	2019	2019	NUM
afbr-244	157	8	16	16	NUM
afbr-244	157	9	not	not	PART
afbr-244	157	10	clear	clear	ADJ
afbr-244	157	11	,	,	PUNCT
afbr-244	157	12	the	the	DET
afbr-244	157	13	significance	significance	NOUN
afbr-244	157	14	of	of	ADP
afbr-244	157	15	this	this	DET
afbr-244	157	16	theory	theory	NOUN
afbr-244	157	17	has	have	AUX
afbr-244	157	18	often	often	ADV
afbr-244	157	19	been	be	AUX
afbr-244	157	20	questioned	question	VERB
afbr-244	157	21	.	.	PUNCT
afbr-244	158	1	other	other	ADJ
afbr-244	158	2	theorist	theorist	NOUN
afbr-244	158	3	have	have	AUX
afbr-244	158	4	recommended	recommend	VERB
afbr-244	158	5	it	it	PRON
afbr-244	158	6	is	be	AUX
afbr-244	158	7	the	the	DET
afbr-244	158	8	mechanical	mechanical	ADJ
afbr-244	158	9	change	change	NOUN
afbr-244	158	10	in	in	ADP
afbr-244	158	11	asset	asset	NOUN
afbr-244	158	12	prices	price	NOUN
afbr-244	158	13	that	that	PRON
afbr-244	158	14	make	make	VERB
afbr-244	158	15	up	up	ADP
afbr-244	158	16	for	for	ADP
afbr-244	158	17	most	most	ADJ
afbr-244	158	18	of	of	ADP
afbr-244	158	19	the	the	DET
afbr-244	158	20	variation	variation	NOUN
afbr-244	158	21	in	in	ADP
afbr-244	158	22	capital	capital	NOUN
afbr-244	158	23	structure	structure	NOUN
afbr-244	158	24	.	.	PUNCT
afbr-244	159	1	the	the	DET
afbr-244	159	2	conventional	conventional	ADJ
afbr-244	159	3	sort	sort	NOUN
afbr-244	159	4	of	of	ADP
afbr-244	159	5	the	the	DET
afbr-244	159	6	research	research	NOUN
afbr-244	159	7	of	of	ADP
afbr-244	159	8	kraus	kraus	PROPN
afbr-244	159	9	and	and	CCONJ
afbr-244	159	10	litzenberger	litzenberger	NOUN
afbr-244	159	11	(	(	PUNCT
afbr-244	159	12	1973	1973	NUM
afbr-244	159	13	)	)	PUNCT
afbr-244	159	14	who	who	PRON
afbr-244	159	15	measured	measure	VERB
afbr-244	159	16	a	a	DET
afbr-244	159	17	balance	balance	NOUN
afbr-244	159	18	between	between	ADP
afbr-244	159	19	the	the	DET
afbr-244	159	20	deadweight	deadweight	NOUN
afbr-244	159	21	costs	cost	NOUN
afbr-244	159	22	of	of	ADP
afbr-244	159	23	bankruptcy	bankruptcy	NOUN
afbr-244	159	24	and	and	CCONJ
afbr-244	159	25	the	the	DET
afbr-244	159	26	tax	tax	NOUN
afbr-244	159	27	saving	saving	NOUN
afbr-244	159	28	benefits	benefit	NOUN
afbr-244	159	29	of	of	ADP
afbr-244	159	30	debt	debt	NOUN
afbr-244	159	31	,	,	PUNCT
afbr-244	159	32	agency	agency	NOUN
afbr-244	159	33	costs	cost	NOUN
afbr-244	159	34	are	be	AUX
afbr-244	159	35	also	also	ADV
afbr-244	159	36	included	include	VERB
afbr-244	159	37	in	in	ADP
afbr-244	159	38	the	the	DET
afbr-244	159	39	balance	balance	NOUN
afbr-244	159	40	.	.	PUNCT
afbr-244	160	1	this	this	DET
afbr-244	160	2	theory	theory	NOUN
afbr-244	160	3	is	be	AUX
afbr-244	160	4	considered	consider	VERB
afbr-244	160	5	as	as	ADP
afbr-244	160	6	a	a	DET
afbr-244	160	7	competitor	competitor	NOUN
afbr-244	160	8	theory	theory	NOUN
afbr-244	160	9	to	to	ADP
afbr-244	160	10	the	the	DET
afbr-244	160	11	pecking	pecking	NOUN
afbr-244	160	12	order	order	NOUN
afbr-244	160	13	theory	theory	NOUN
afbr-244	160	14	of	of	ADP
afbr-244	160	15	capital	capital	NOUN
afbr-244	160	16	structure	structure	NOUN
afbr-244	160	17	.	.	PUNCT
afbr-244	161	1	as	as	ADP
afbr-244	161	2	the	the	DET
afbr-244	161	3	debt	debt	NOUN
afbr-244	161	4	equity	equity	NOUN
afbr-244	161	5	ratio	ratio	NOUN
afbr-244	161	6	(	(	PUNCT
afbr-244	161	7	i.e.	i.e.	X
afbr-244	161	8	leverage	leverage	NOUN
afbr-244	161	9	)	)	PUNCT
afbr-244	161	10	increases	increase	NOUN
afbr-244	161	11	,	,	PUNCT
afbr-244	161	12	there	there	PRON
afbr-244	161	13	is	be	VERB
afbr-244	161	14	a	a	DET
afbr-244	161	15	trade	trade	NOUN
afbr-244	161	16	-	-	PUNCT
afbr-244	161	17	off	off	NOUN
afbr-244	161	18	between	between	ADP
afbr-244	161	19	the	the	DET
afbr-244	161	20	interest	interest	NOUN
afbr-244	161	21	tax	tax	NOUN
afbr-244	161	22	shield	shield	NOUN
afbr-244	161	23	and	and	CCONJ
afbr-244	161	24	bankruptcy	bankruptcy	NOUN
afbr-244	161	25	,	,	PUNCT
afbr-244	161	26	causing	cause	VERB
afbr-244	161	27	an	an	DET
afbr-244	161	28	optimum	optimum	ADJ
afbr-244	161	29	capital	capital	NOUN
afbr-244	161	30	structure	structure	NOUN
afbr-244	161	31	,	,	PUNCT
afbr-244	161	32	d	d	X
afbr-244	161	33	/	/	SYM
afbr-244	161	34	e	e	NOUN
afbr-244	161	35	*	*	NOUN
afbr-244	161	36	figure	figure	NOUN
afbr-244	161	37	1	1	NUM
afbr-244	161	38	:	:	PUNCT
afbr-244	161	39	trade	trade	NOUN
afbr-244	161	40	-	-	PUNCT
afbr-244	161	41	off	off	ADP
afbr-244	161	42	theory	theory	NOUN
afbr-244	161	43	graphical	graphical	ADJ
afbr-244	161	44	representation	representation	NOUN
afbr-244	161	45	the	the	DET
afbr-244	161	46	assumptions	assumption	NOUN
afbr-244	161	47	of	of	ADP
afbr-244	161	48	the	the	DET
afbr-244	161	49	theory	theory	NOUN
afbr-244	161	50	are	be	AUX
afbr-244	161	51	i	i	PRON
afbr-244	161	52	)	)	PUNCT
afbr-244	161	53	taxes	taxis	NOUN
afbr-244	161	54	do	do	AUX
afbr-244	161	55	exist	exist	VERB
afbr-244	161	56	ii	ii	NOUN
afbr-244	161	57	)	)	PUNCT
afbr-244	161	58	capital	capital	NOUN
afbr-244	161	59	markets	market	NOUN
afbr-244	161	60	are	be	AUX
afbr-244	161	61	not	not	PART
afbr-244	161	62	perfect	perfect	ADJ
afbr-244	161	63	and	and	CCONJ
afbr-244	161	64	iii	iii	X
afbr-244	161	65	)	)	PUNCT
afbr-244	161	66	costs	cost	NOUN
afbr-244	161	67	of	of	ADP
afbr-244	161	68	bankruptcy	bankruptcy	NOUN
afbr-244	161	69	and	and	CCONJ
afbr-244	161	70	costs	cost	NOUN
afbr-244	161	71	of	of	ADP
afbr-244	161	72	financial	financial	ADJ
afbr-244	161	73	distress	distress	NOUN
afbr-244	161	74	exist	exist	VERB
afbr-244	161	75	.	.	PUNCT
afbr-244	162	1	the	the	DET
afbr-244	162	2	tax	tax	NOUN
afbr-244	162	3	considerations	consideration	NOUN
afbr-244	162	4	for	for	ADP
afbr-244	162	5	this	this	DET
afbr-244	162	6	theory	theory	NOUN
afbr-244	162	7	are	be	AUX
afbr-244	162	8			NUM
afbr-244	162	9	interest	interest	NOUN
afbr-244	162	10	is	be	AUX
afbr-244	162	11	tax	tax	NOUN
afbr-244	162	12	deductible	deductible	ADJ
afbr-244	162	13	and	and	CCONJ
afbr-244	162	14	,	,	PUNCT
afbr-244	162	15	therefore	therefore	ADV
afbr-244	162	16	,	,	PUNCT
afbr-244	162	17	creates	create	VERB
afbr-244	162	18	an	an	DET
afbr-244	162	19	interest	interest	NOUN
afbr-244	162	20	tax	tax	NOUN
afbr-244	162	21	subsidy	subsidy	NOUN
afbr-244	162	22	.	.	PUNCT
afbr-244	163	1	the	the	DET
afbr-244	163	2	greater	great	ADJ
afbr-244	163	3	the	the	DET
afbr-244	163	4	firm	firm	NOUN
afbr-244	163	5	's	's	PART
afbr-244	163	6	marginal	marginal	ADJ
afbr-244	163	7	tax	tax	NOUN
afbr-244	163	8	rate	rate	NOUN
afbr-244	163	9	the	the	PRON
afbr-244	163	10	greater	great	ADJ
afbr-244	163	11	the	the	DET
afbr-244	163	12	value	value	NOUN
afbr-244	163	13	of	of	ADP
afbr-244	163	14	the	the	DET
afbr-244	163	15	interest	interest	NOUN
afbr-244	163	16	tax	tax	NOUN
afbr-244	163	17	shield	shield	NOUN
afbr-244	163	18	.	.	PUNCT
afbr-244	163	19			PUNCT
afbr-244	164	1	the	the	DET
afbr-244	164	2	value	value	NOUN
afbr-244	164	3	of	of	ADP
afbr-244	164	4	the	the	DET
afbr-244	164	5	interest	interest	NOUN
afbr-244	164	6	tax	tax	NOUN
afbr-244	164	7	subsidy	subsidy	NOUN
afbr-244	164	8	depends	depend	VERB
afbr-244	164	9	on	on	ADP
afbr-244	164	10	the	the	DET
afbr-244	164	11	firm	firm	NOUN
afbr-244	164	12	's	's	PART
afbr-244	164	13	ability	ability	NOUN
afbr-244	164	14	to	to	PART
afbr-244	164	15	generate	generate	VERB
afbr-244	164	16	taxable	taxable	ADJ
afbr-244	164	17	income	income	NOUN
afbr-244	164	18	.	.	PUNCT
afbr-244	165	1			PUNCT
afbr-244	166	1	the	the	PRON
afbr-244	166	2	more	more	ADV
afbr-244	166	3	a	a	DET
afbr-244	166	4	firm	firm	NOUN
afbr-244	166	5	borrows	borrow	VERB
afbr-244	166	6	the	the	DET
afbr-244	166	7	less	less	ADV
afbr-244	166	8	the	the	DET
afbr-244	166	9	expected	expect	VERB
afbr-244	166	10	realized	realize	VERB
afbr-244	166	11	value	value	NOUN
afbr-244	166	12	of	of	ADP
afbr-244	166	13	the	the	DET
afbr-244	166	14	interest	interest	NOUN
afbr-244	166	15	tax	tax	NOUN
afbr-244	166	16	shield	shield	NOUN
afbr-244	166	17	.	.	PUNCT
afbr-244	167	1			PUNCT
afbr-244	167	2	given	give	VERB
afbr-244	167	3	that	that	SCONJ
afbr-244	167	4	there	there	PRON
afbr-244	167	5	are	be	VERB
afbr-244	167	6	other	other	ADJ
afbr-244	167	7	ways	way	NOUN
afbr-244	167	8	to	to	PART
afbr-244	167	9	shield	shield	VERB
afbr-244	167	10	income	income	NOUN
afbr-244	167	11	from	from	ADP
afbr-244	167	12	taxes	taxis	NOUN
afbr-244	167	13	,	,	PUNCT
afbr-244	167	14	the	the	PRON
afbr-244	167	15	greater	great	ADJ
afbr-244	167	16	these	these	DET
afbr-244	167	17	alternative	alternative	ADJ
afbr-244	167	18	tax	tax	NOUN
afbr-244	167	19	reducing	reduce	VERB
afbr-244	167	20	opportunities	opportunity	NOUN
afbr-244	167	21	the	the	PRON
afbr-244	167	22	lower	low	ADJ
afbr-244	167	23	the	the	DET
afbr-244	167	24	value	value	NOUN
afbr-244	167	25	of	of	ADP
afbr-244	167	26	the	the	DET
afbr-244	167	27	interest	interest	NOUN
afbr-244	167	28	tax	tax	NOUN
afbr-244	167	29	shield	shield	NOUN
afbr-244	167	30	.	.	PUNCT
afbr-244	168	1			PROPN
afbr-244	169	1	equity	equity	NOUN
afbr-244	169	2	investors	investor	NOUN
afbr-244	169	3	have	have	VERB
afbr-244	169	4	a	a	DET
afbr-244	169	5	tax	tax	NOUN
afbr-244	169	6	advantage	advantage	NOUN
afbr-244	169	7	relative	relative	ADJ
afbr-244	169	8	to	to	ADP
afbr-244	169	9	debt	debt	NOUN
afbr-244	169	10	investors	investor	NOUN
afbr-244	169	11	,	,	PUNCT
afbr-244	169	12	which	which	PRON
afbr-244	169	13	offset	offset	VERB
afbr-244	169	14	the	the	DET
afbr-244	169	15	tax	tax	NOUN
afbr-244	169	16	advantage	advantage	NOUN
afbr-244	169	17	of	of	ADP
afbr-244	169	18	debt	debt	NOUN
afbr-244	169	19	at	at	ADP
afbr-244	169	20	the	the	DET
afbr-244	169	21	corporate	corporate	ADJ
afbr-244	169	22	level	level	NOUN
afbr-244	169	23	.	.	PUNCT
afbr-244	170	1	myers	myer	NOUN
afbr-244	170	2	(	(	PUNCT
afbr-244	170	3	1977	1977	NUM
afbr-244	170	4	)	)	PUNCT
afbr-244	170	5	concludes	conclude	VERB
afbr-244	170	6	that	that	SCONJ
afbr-244	170	7	there	there	PRON
afbr-244	170	8	is	be	VERB
afbr-244	170	9	a	a	DET
afbr-244	170	10	moderate	moderate	ADJ
afbr-244	170	11	tax	tax	NOUN
afbr-244	170	12	advantage	advantage	NOUN
afbr-244	170	13	to	to	ADP
afbr-244	170	14	debt	debt	NOUN
afbr-244	170	15	if	if	SCONJ
afbr-244	170	16	you	you	PRON
afbr-244	170	17	can	can	AUX
afbr-244	170	18	use	use	VERB
afbr-244	170	19	the	the	DET
afbr-244	170	20	tax	tax	NOUN
afbr-244	170	21	shields	shield	NOUN
afbr-244	170	22	.	.	PUNCT
afbr-244	171	1	it	it	PRON
afbr-244	171	2	is	be	AUX
afbr-244	171	3	to	to	PART
afbr-244	171	4	note	note	VERB
afbr-244	171	5	that	that	SCONJ
afbr-244	171	6	taxes	taxis	NOUN
afbr-244	171	7	can	can	AUX
afbr-244	171	8	not	not	PART
afbr-244	171	9	be	be	AUX
afbr-244	171	10	the	the	DET
afbr-244	171	11	only	only	ADJ
afbr-244	171	12	factor	factor	NOUN
afbr-244	171	13	because	because	SCONJ
afbr-244	171	14	we	we	PRON
afbr-244	171	15	do	do	AUX
afbr-244	171	16	not	not	PART
afbr-244	171	17	see	see	VERB
afbr-244	171	18	firms	firm	NOUN
afbr-244	171	19	with	with	ADP
afbr-244	171	20	100	100	NUM
afbr-244	171	21	%	%	NOUN
afbr-244	171	22	debt	debt	NOUN
afbr-244	171	23	.	.	PUNCT
afbr-244	172	1	costs	cost	NOUN
afbr-244	172	2	of	of	ADP
afbr-244	172	3	bankruptcy	bankruptcy	NOUN
afbr-244	172	4	are	be	AUX
afbr-244	172	5	the	the	DET
afbr-244	172	6	loss	loss	NOUN
afbr-244	172	7	of	of	ADP
afbr-244	172	8	value	value	NOUN
afbr-244	172	9	of	of	ADP
afbr-244	172	10	the	the	DET
afbr-244	172	11	assets	asset	NOUN
afbr-244	172	12	when	when	SCONJ
afbr-244	172	13	sold	sell	VERB
afbr-244	172	14	under	under	ADP
afbr-244	172	15	the	the	DET
afbr-244	172	16	pressures	pressure	NOUN
afbr-244	172	17	of	of	ADP
afbr-244	172	18	bankruptcy	bankruptcy	NOUN
afbr-244	172	19	(	(	PUNCT
afbr-244	172	20	not	not	PART
afbr-244	172	21	the	the	DET
afbr-244	172	22	loss	loss	NOUN
afbr-244	172	23	in	in	ADP
afbr-244	172	24	value	value	NOUN
afbr-244	172	25	prior	prior	ADV
afbr-244	172	26	to	to	ADP
afbr-244	172	27	filing	filing	NOUN
afbr-244	172	28	but	but	CCONJ
afbr-244	172	29	the	the	DET
afbr-244	172	30	loss	loss	NOUN
afbr-244	172	31	caused	cause	VERB
afbr-244	172	32	by	by	ADP
afbr-244	172	33	liquidating	liquidate	VERB
afbr-244	172	34	)	)	PUNCT
afbr-244	172	35	.	.	PUNCT
afbr-244	173	1	costs	cost	NOUN
afbr-244	173	2	of	of	ADP
afbr-244	173	3	bankruptcy	bankruptcy	NOUN
afbr-244	173	4	=	=	SYM
afbr-244	173	5	f	f	PROPN
afbr-244	173	6	(	(	PUNCT
afbr-244	173	7	intangible	intangible	ADJ
afbr-244	173	8	assets	asset	NOUN
afbr-244	173	9	to	to	ADP
afbr-244	173	10	total	total	ADJ
afbr-244	173	11	assets	asset	NOUN
afbr-244	173	12	)	)	PUNCT
afbr-244	173	13	intangible	intangible	ADJ
afbr-244	173	14	assets	asset	NOUN
afbr-244	173	15	are	be	AUX
afbr-244	173	16	not	not	PART
afbr-244	173	17	easily	easily	ADV
afbr-244	173	18	transferable	transferable	ADJ
afbr-244	173	19	and	and	CCONJ
afbr-244	173	20	,	,	PUNCT
afbr-244	173	21	therefore	therefore	ADV
afbr-244	173	22	,	,	PUNCT
afbr-244	173	23	their	their	PRON
afbr-244	173	24	value	value	NOUN
afbr-244	173	25	will	will	AUX
afbr-244	173	26	decrease	decrease	VERB
afbr-244	173	27	dramatically	dramatically	ADV
afbr-244	173	28	if	if	SCONJ
afbr-244	173	29	bankruptcy	bankruptcy	NOUN
afbr-244	173	30	occurs	occur	VERB
afbr-244	173	31	.	.	PUNCT
afbr-244	174	1	costs	cost	NOUN
afbr-244	174	2	of	of	ADP
afbr-244	174	3	financial	financial	ADJ
afbr-244	174	4	distress	distress	NOUN
afbr-244	174	5	are	be	AUX
afbr-244	174	6	the	the	DET
afbr-244	174	7	losses	loss	NOUN
afbr-244	174	8	associated	associate	VERB
afbr-244	174	9	with	with	ADP
afbr-244	174	10	decisions	decision	NOUN
afbr-244	174	11	that	that	PRON
afbr-244	174	12	are	be	AUX
afbr-244	174	13	caused	cause	VERB
afbr-244	174	14	by	by	ADP
afbr-244	174	15	a	a	DET
afbr-244	174	16	firm	firm	ADJ
afbr-244	174	17	being	be	AUX
afbr-244	174	18	in	in	ADP
afbr-244	174	19	financial	financial	ADJ
afbr-244	174	20	distress	distress	NOUN
afbr-244	174	21	(	(	PUNCT
afbr-244	174	22	lucent	lucent	NOUN
afbr-244	174	23	technology	technology	NOUN
afbr-244	174	24	)	)	PUNCT
afbr-244	174	25	.	.	PUNCT
afbr-244	175	1	costs	cost	NOUN
afbr-244	175	2	of	of	ADP
afbr-244	175	3	financial	financial	ADJ
afbr-244	175	4	distress	distress	NOUN
afbr-244	175	5	=	=	SYM
afbr-244	175	6	f	f	PROPN
afbr-244	175	7	(	(	PUNCT
afbr-244	175	8	intangible	intangible	ADJ
afbr-244	175	9	assets	asset	NOUN
afbr-244	175	10	to	to	ADP
afbr-244	175	11	total	total	ADJ
afbr-244	175	12	assets	asset	NOUN
afbr-244	175	13	)	)	PUNCT
afbr-244	175	14			VERB
afbr-244	175	15	the	the	DET
afbr-244	175	16	defection	defection	NOUN
afbr-244	175	17	of	of	ADP
afbr-244	175	18	key	key	ADJ
afbr-244	175	19	employees	employee	NOUN
afbr-244	175	20	,	,	PUNCT
afbr-244	175	21	customers	customer	NOUN
afbr-244	175	22	,	,	PUNCT
afbr-244	175	23	and	and	CCONJ
afbr-244	175	24	suppliers	supplier	NOUN
afbr-244	175	25			VERB
afbr-244	176	1	the	the	DET
afbr-244	176	2	underinvestment	underinvestment	ADJ
afbr-244	176	3	problem	problem	NOUN
afbr-244	176	4	or	or	CCONJ
afbr-244	176	5	a	a	DET
afbr-244	176	6	decrease	decrease	NOUN
afbr-244	176	7	in	in	ADP
afbr-244	176	8	new	new	ADJ
afbr-244	176	9	positive	positive	ADJ
afbr-244	176	10	npv	npv	NOUN
afbr-244	176	11	investments	investment	NOUN
afbr-244	176	12	(	(	PUNCT
afbr-244	176	13	internal	internal	ADJ
afbr-244	176	14	sources	source	NOUN
afbr-244	176	15	and	and	CCONJ
afbr-244	176	16	external	external	ADJ
afbr-244	176	17	sources	source	NOUN
afbr-244	176	18	dry	dry	VERB
afbr-244	176	19	up	up	ADP
afbr-244	176	20	)	)	PUNCT
afbr-244	176	21			VERB
afbr-244	177	1	the	the	DET
afbr-244	177	2	opportunity	opportunity	NOUN
afbr-244	177	3	costs	cost	NOUN
afbr-244	177	4	associated	associate	VERB
afbr-244	177	5	with	with	ADP
afbr-244	177	6	managing	manage	VERB
afbr-244	177	7	the	the	DET
afbr-244	177	8	crisis	crisis	NOUN
afbr-244	177	9	all	all	PRON
afbr-244	177	10	of	of	ADP
afbr-244	177	11	these	these	DET
afbr-244	177	12	costs	cost	NOUN
afbr-244	177	13	are	be	AUX
afbr-244	177	14	higher	high	ADJ
afbr-244	177	15	for	for	ADP
afbr-244	177	16	firms	firm	NOUN
afbr-244	177	17	with	with	ADP
afbr-244	177	18	intangible	intangible	ADJ
afbr-244	177	19	assets	asset	NOUN
afbr-244	177	20	(	(	PUNCT
afbr-244	177	21	tech	tech	NOUN
afbr-244	177	22	/	/	SYM
afbr-244	177	23	high	high	ADJ
afbr-244	177	24	growth	growth	NOUN
afbr-244	177	25	stocks	stock	NOUN
afbr-244	177	26	)	)	PUNCT
afbr-244	177	27	and	and	CCONJ
afbr-244	177	28	,	,	PUNCT
afbr-244	177	29	therefore	therefore	ADV
afbr-244	177	30	,	,	PUNCT
afbr-244	177	31	these	these	DET
afbr-244	177	32	firms	firm	NOUN
afbr-244	177	33	should	should	AUX
afbr-244	177	34	avoid	avoid	VERB
afbr-244	177	35	the	the	DET
afbr-244	177	36	possibility	possibility	NOUN
afbr-244	177	37	of	of	ADP
afbr-244	177	38	financial	financial	ADJ
afbr-244	177	39	distress	distress	NOUN
afbr-244	177	40	.	.	PUNCT
afbr-244	178	1	again	again	ADV
afbr-244	178	2	,	,	PUNCT
afbr-244	178	3	think	think	VERB
afbr-244	178	4	not	not	PART
afbr-244	178	5	just	just	ADV
afbr-244	178	6	of	of	ADP
afbr-244	178	7	the	the	DET
afbr-244	178	8	probability	probability	NOUN
afbr-244	178	9	of	of	ADP
afbr-244	178	10	financial	financial	ADJ
afbr-244	178	11	distress	distress	NOUN
afbr-244	178	12	but	but	CCONJ
afbr-244	178	13	the	the	DET
afbr-244	178	14	value	value	NOUN
afbr-244	178	15	lost	lose	VERB
afbr-244	178	16	if	if	SCONJ
afbr-244	178	17	distress	distress	NOUN
afbr-244	178	18	occurs	occur	VERB
afbr-244	178	19	.	.	PUNCT
afbr-244	179	1	copyright	copyright	NOUN
afbr-244	179	2	©	©	PROPN
afbr-244	179	3	cc	cc	PROPN
afbr-244	179	4	-	-	PUNCT
afbr-244	179	5	by	by	ADP
afbr-244	179	6	-	-	PUNCT
afbr-244	179	7	nc	nc	PROPN
afbr-244	179	8	2019	2019	NUM
afbr-244	179	9	,	,	PUNCT
afbr-244	179	10	cribfb	cribfb	PROPN
afbr-244	179	11	|	|	ADV
afbr-244	179	12	afbr	afbr	PROPN
afbr-244	179	13	www.cribfb.com/journal/index.php/afbr	www.cribfb.com/journal/index.php/afbr	ADJ
afbr-244	179	14	australian	australian	ADJ
afbr-244	179	15	finance	finance	PROPN
afbr-244	179	16	&	&	CCONJ
afbr-244	179	17	banking	banking	PROPN
afbr-244	179	18	review	review	PROPN
afbr-244	179	19	vol	vol	NOUN
afbr-244	179	20	.	.	PROPN
afbr-244	180	1	3	3	NUM
afbr-244	180	2	,	,	PUNCT
afbr-244	180	3	no	no	INTJ
afbr-244	180	4	.	.	NOUN
afbr-244	180	5	1	1	NUM
afbr-244	180	6	;	;	PUNCT
afbr-244	180	7	2019	2019	NUM
afbr-244	180	8	17	17	NUM
afbr-244	180	9	the	the	DET
afbr-244	180	10	trade	trade	NOUN
afbr-244	180	11	-	-	PUNCT
afbr-244	180	12	off	off	ADP
afbr-244	180	13	theory	theory	NOUN
afbr-244	180	14	predicts	predict	VERB
afbr-244	180	15	that	that	SCONJ
afbr-244	180	16	an	an	DET
afbr-244	180	17	optimal	optimal	ADJ
afbr-244	180	18	capital	capital	NOUN
afbr-244	180	19	structure	structure	NOUN
afbr-244	180	20	does	do	AUX
afbr-244	180	21	exist	exist	VERB
afbr-244	180	22	and	and	CCONJ
afbr-244	180	23	is	be	AUX
afbr-244	180	24	found	find	VERB
afbr-244	180	25	as	as	ADP
afbr-244	180	26	the	the	DET
afbr-244	180	27	optimal	optimal	ADJ
afbr-244	180	28	trade	trade	NOUN
afbr-244	180	29	-	-	PUNCT
afbr-244	180	30	off	off	NOUN
afbr-244	180	31	between	between	ADP
afbr-244	180	32	the	the	DET
afbr-244	180	33	tax	tax	NOUN
afbr-244	180	34	benefits	benefit	NOUN
afbr-244	180	35	of	of	ADP
afbr-244	180	36	debt	debt	NOUN
afbr-244	180	37	and	and	CCONJ
afbr-244	180	38	the	the	DET
afbr-244	180	39	increase	increase	NOUN
afbr-244	180	40	in	in	ADP
afbr-244	180	41	the	the	DET
afbr-244	180	42	costs	cost	NOUN
afbr-244	180	43	of	of	ADP
afbr-244	180	44	financial	financial	ADJ
afbr-244	180	45	distress	distress	NOUN
afbr-244	180	46	associated	associate	VERB
afbr-244	180	47	with	with	ADP
afbr-244	180	48	debt	debt	NOUN
afbr-244	180	49	.	.	PUNCT
afbr-244	181	1	v(firm	v(firm	NOUN
afbr-244	181	2	)	)	PUNCT
afbr-244	181	3	=	=	SYM
afbr-244	182	1	pv(operating	pv(operate	VERB
afbr-244	182	2	cash	cash	NOUN
afbr-244	182	3	flows	flow	VERB
afbr-244	182	4	)	)	PUNCT
afbr-244	183	1	+	+	CCONJ
afbr-244	183	2	pv(interest	pv(inter	ADJ
afbr-244	183	3	-	-	PUNCT
afbr-244	183	4	tax	tax	NOUN
afbr-244	183	5	shield	shield	NOUN
afbr-244	183	6	)	)	PUNCT
afbr-244	183	7	pv(costs	pv(cost	NOUN
afbr-244	183	8	of	of	ADP
afbr-244	183	9	financial	financial	ADJ
afbr-244	183	10	distress	distress	NOUN
afbr-244	183	11	)	)	PUNCT
afbr-244	183	12	there	there	PRON
afbr-244	183	13	are	be	VERB
afbr-244	183	14	some	some	DET
afbr-244	183	15	empirical	empirical	ADJ
afbr-244	183	16	evidence	evidence	NOUN
afbr-244	183	17	that	that	PRON
afbr-244	183	18	consistent	consistent	ADJ
afbr-244	183	19	with	with	ADP
afbr-244	183	20	trade	trade	NOUN
afbr-244	183	21	-	-	PUNCT
afbr-244	183	22	off	off	ADP
afbr-244	183	23	theory	theory	NOUN
afbr-244	183	24	,	,	PUNCT
afbr-244	183	25	it	it	PRON
afbr-244	183	26	focuses	focus	VERB
afbr-244	183	27	that	that	SCONJ
afbr-244	183	28	varying	vary	VERB
afbr-244	183	29	debt	debt	NOUN
afbr-244	183	30	levels	level	NOUN
afbr-244	183	31	across	across	ADP
afbr-244	183	32	industries	industry	NOUN
afbr-244	183	33	but	but	CCONJ
afbr-244	183	34	similar	similar	ADJ
afbr-244	183	35	debt	debt	NOUN
afbr-244	183	36	levels	level	NOUN
afbr-244	183	37	within	within	ADP
afbr-244	183	38	industries	industry	NOUN
afbr-244	183	39	and	and	CCONJ
afbr-244	183	40	characteristics	characteristic	NOUN
afbr-244	183	41	of	of	ADP
afbr-244	183	42	lbo	lbo	PROPN
afbr-244	183	43	candidates	candidate	NOUN
afbr-244	183	44	.	.	PUNCT
afbr-244	184	1	again	again	ADV
afbr-244	184	2	,	,	PUNCT
afbr-244	184	3	inconsistent	inconsistent	ADJ
afbr-244	184	4	with	with	ADP
afbr-244	184	5	trade	trade	NOUN
afbr-244	184	6	-	-	PUNCT
afbr-244	184	7	off	off	ADP
afbr-244	184	8	theory	theory	NOUN
afbr-244	184	9	shows	show	VERB
afbr-244	184	10	that	that	SCONJ
afbr-244	184	11	d	d	X
afbr-244	184	12	/	/	SYM
afbr-244	184	13	a	a	DET
afbr-244	184	14	=	=	PUNCT
afbr-244	184	15	f(profitability	f(profitability	NOUN
afbr-244	184	16	)	)	PUNCT
afbr-244	184	17	,	,	PUNCT
afbr-244	184	18	foreign	foreign	ADJ
afbr-244	184	19	countries	country	NOUN
afbr-244	184	20	with	with	ADP
afbr-244	184	21	no	no	DET
afbr-244	184	22	tax	tax	NOUN
afbr-244	184	23	shield	shield	NOUN
afbr-244	184	24	have	have	VERB
afbr-244	184	25	debt	debt	NOUN
afbr-244	184	26	,	,	PUNCT
afbr-244	184	27	stock	stock	NOUN
afbr-244	184	28	market	market	NOUN
afbr-244	184	29	reaction	reaction	NOUN
afbr-244	184	30	to	to	ADP
afbr-244	184	31	capital	capital	NOUN
afbr-244	184	32	structure	structure	NOUN
afbr-244	184	33	changes	change	NOUN
afbr-244	184	34	i	i	NOUN
afbr-244	184	35	)	)	PUNCT
afbr-244	184	36	equity	equity	NOUN
afbr-244	184	37	offerings	offering	NOUN
afbr-244	184	38	cause	cause	VERB
afbr-244	184	39	a	a	DET
afbr-244	184	40	decrease	decrease	NOUN
afbr-244	184	41	in	in	ADP
afbr-244	184	42	value	value	NOUN
afbr-244	184	43	,	,	PUNCT
afbr-244	184	44	ii	ii	NOUN
afbr-244	184	45	)	)	PUNCT
afbr-244	184	46	debt	debt	NOUN
afbr-244	184	47	offerings	offering	NOUN
afbr-244	184	48	cause	cause	VERB
afbr-244	184	49	no	no	DET
afbr-244	184	50	change	change	NOUN
afbr-244	184	51	in	in	ADP
afbr-244	184	52	value	value	NOUN
afbr-244	184	53	,	,	PUNCT
afbr-244	184	54	iii	iii	X
afbr-244	184	55	)	)	PUNCT
afbr-244	184	56	debt	debt	NOUN
afbr-244	184	57	for	for	ADP
afbr-244	184	58	equity	equity	NOUN
afbr-244	184	59	swaps	swap	NOUN
afbr-244	184	60	cause	cause	VERB
afbr-244	184	61	an	an	DET
afbr-244	184	62	increase	increase	NOUN
afbr-244	184	63	in	in	ADP
afbr-244	184	64	value	value	NOUN
afbr-244	184	65	,	,	PUNCT
afbr-244	184	66	iv	iv	X
afbr-244	184	67	)	)	PUNCT
afbr-244	184	68	equity	equity	NOUN
afbr-244	184	69	for	for	ADP
afbr-244	184	70	debt	debt	NOUN
afbr-244	184	71	swaps	swap	NOUN
afbr-244	184	72	cause	cause	VERB
afbr-244	184	73	a	a	DET
afbr-244	184	74	decrease	decrease	NOUN
afbr-244	184	75	in	in	ADP
afbr-244	184	76	value	value	NOUN
afbr-244	184	77	and	and	CCONJ
afbr-244	184	78	v	v	NOUN
afbr-244	184	79	)	)	PUNCT
afbr-244	184	80	equity	equity	NOUN
afbr-244	184	81	repurchases	repurchase	NOUN
afbr-244	184	82	cause	cause	VERB
afbr-244	184	83	an	an	DET
afbr-244	184	84	increase	increase	NOUN
afbr-244	184	85	in	in	ADP
afbr-244	184	86	value	value	NOUN
afbr-244	184	87	implications	implication	NOUN
afbr-244	184	88	of	of	ADP
afbr-244	184	89	the	the	DET
afbr-244	184	90	trade	trade	NOUN
afbr-244	184	91	-	-	PUNCT
afbr-244	184	92	off	off	NOUN
afbr-244	184	93	models	model	NOUN
afbr-244	184	94	the	the	DET
afbr-244	184	95	trade	trade	NOUN
afbr-244	184	96	-	-	PUNCT
afbr-244	184	97	off	off	ADP
afbr-244	184	98	models	model	NOUN
afbr-244	184	99	can	can	AUX
afbr-244	184	100	not	not	PART
afbr-244	184	101	be	be	AUX
afbr-244	184	102	used	use	VERB
afbr-244	184	103	to	to	PART
afbr-244	184	104	specify	specify	VERB
afbr-244	184	105	a	a	DET
afbr-244	184	106	precise	precise	ADJ
afbr-244	184	107	optimal	optimal	ADJ
afbr-244	184	108	capital	capital	NOUN
afbr-244	184	109	structure	structure	NOUN
afbr-244	184	110	.	.	PUNCT
afbr-244	185	1	according	accord	VERB
afbr-244	185	2	to	to	ADP
afbr-244	185	3	the	the	DET
afbr-244	185	4	models	model	NOUN
afbr-244	185	5	,	,	PUNCT
afbr-244	185	6	each	each	DET
afbr-244	185	7	firm	firm	NOUN
afbr-244	185	8	should	should	AUX
afbr-244	185	9	set	set	VERB
afbr-244	185	10	its	its	PRON
afbr-244	185	11	target	target	NOUN
afbr-244	185	12	capital	capital	NOUN
afbr-244	185	13	structure	structure	NOUN
afbr-244	185	14	such	such	ADJ
afbr-244	185	15	that	that	SCONJ
afbr-244	185	16	the	the	DET
afbr-244	185	17	costs	cost	NOUN
afbr-244	185	18	and	and	CCONJ
afbr-244	185	19	benefits	benefit	NOUN
afbr-244	185	20	of	of	ADP
afbr-244	185	21	leverage	leverage	NOUN
afbr-244	185	22	are	be	AUX
afbr-244	185	23	balanced	balance	VERB
afbr-244	185	24	at	at	ADP
afbr-244	185	25	the	the	DET
afbr-244	185	26	margin	margin	NOUN
afbr-244	185	27	because	because	SCONJ
afbr-244	185	28	such	such	DET
afbr-244	185	29	a	a	DET
afbr-244	185	30	structure	structure	NOUN
afbr-244	185	31	will	will	AUX
afbr-244	185	32	maximize	maximize	VERB
afbr-244	185	33	its	its	PRON
afbr-244	185	34	value	value	NOUN
afbr-244	185	35	.	.	PUNCT
afbr-244	186	1	the	the	DET
afbr-244	186	2	empirical	empirical	ADJ
afbr-244	186	3	support	support	NOUN
afbr-244	186	4	for	for	ADP
afbr-244	186	5	the	the	DET
afbr-244	186	6	trade	trade	NOUN
afbr-244	186	7	-	-	PUNCT
afbr-244	186	8	off	off	ADP
afbr-244	186	9	models	model	NOUN
afbr-244	186	10	is	be	AUX
afbr-244	186	11	rather	rather	ADV
afbr-244	186	12	weak	weak	ADJ
afbr-244	186	13	,	,	PUNCT
afbr-244	186	14	which	which	PRON
afbr-244	186	15	suggests	suggest	VERB
afbr-244	186	16	that	that	SCONJ
afbr-244	186	17	factors	factor	NOUN
afbr-244	186	18	not	not	PART
afbr-244	186	19	incorporated	incorporate	VERB
afbr-244	186	20	into	into	ADP
afbr-244	186	21	these	these	DET
afbr-244	186	22	models	model	NOUN
afbr-244	186	23	are	be	AUX
afbr-244	186	24	also	also	ADV
afbr-244	186	25	at	at	ADP
afbr-244	186	26	work	work	NOUN
afbr-244	186	27	.	.	PUNCT
afbr-244	187	1	2.4	2.4	NUM
afbr-244	187	2	bankruptcy	bankruptcy	NOUN
afbr-244	187	3	theory	theory	NOUN
afbr-244	187	4	in	in	ADP
afbr-244	187	5	principle	principle	NOUN
afbr-244	187	6	a	a	DET
afbr-244	187	7	firm	firm	NOUN
afbr-244	187	8	becomes	become	VERB
afbr-244	187	9	bankrupt	bankrupt	ADJ
afbr-244	187	10	when	when	SCONJ
afbr-244	187	11	the	the	DET
afbr-244	187	12	value	value	NOUN
afbr-244	187	13	of	of	ADP
afbr-244	187	14	its	its	PRON
afbr-244	187	15	assets	asset	NOUN
afbr-244	187	16	equals	equal	VERB
afbr-244	187	17	the	the	DET
afbr-244	187	18	value	value	NOUN
afbr-244	187	19	of	of	ADP
afbr-244	187	20	its	its	PRON
afbr-244	187	21	debt	debt	NOUN
afbr-244	187	22	.	.	PUNCT
afbr-244	188	1	so	so	ADV
afbr-244	188	2	the	the	DET
afbr-244	188	3	value	value	NOUN
afbr-244	188	4	of	of	ADP
afbr-244	188	5	equity	equity	NOUN
afbr-244	188	6	is	be	AUX
afbr-244	188	7	zero	zero	NUM
afbr-244	188	8	and	and	CCONJ
afbr-244	188	9	the	the	DET
afbr-244	188	10	stockholders	stockholder	NOUN
afbr-244	188	11	turn	turn	VERB
afbr-244	188	12	over	over	ADP
afbr-244	188	13	control	control	NOUN
afbr-244	188	14	of	of	ADP
afbr-244	188	15	the	the	DET
afbr-244	188	16	firm	firm	NOUN
afbr-244	188	17	to	to	ADP
afbr-244	188	18	the	the	DET
afbr-244	188	19	bondholders	bondholder	NOUN
afbr-244	188	20	.	.	PUNCT
afbr-244	189	1	at	at	ADP
afbr-244	189	2	this	this	DET
afbr-244	189	3	time	time	NOUN
afbr-244	189	4	,	,	PUNCT
afbr-244	189	5	the	the	DET
afbr-244	189	6	bondholders	bondholder	NOUN
afbr-244	189	7	hold	hold	VERB
afbr-244	189	8	assets	asset	NOUN
afbr-244	189	9	whose	whose	DET
afbr-244	189	10	value	value	NOUN
afbr-244	189	11	is	be	AUX
afbr-244	189	12	exactly	exactly	ADV
afbr-244	189	13	equal	equal	ADJ
afbr-244	189	14	to	to	ADP
afbr-244	189	15	what	what	PRON
afbr-244	189	16	is	be	AUX
afbr-244	189	17	owed	owe	VERB
afbr-244	189	18	on	on	ADP
afbr-244	189	19	the	the	DET
afbr-244	189	20	debt	debt	NOUN
afbr-244	189	21	.	.	PUNCT
afbr-244	190	1	in	in	ADP
afbr-244	190	2	a	a	DET
afbr-244	190	3	perfect	perfect	ADJ
afbr-244	190	4	world	world	NOUN
afbr-244	190	5	,	,	PUNCT
afbr-244	190	6	there	there	PRON
afbr-244	190	7	are	be	VERB
afbr-244	190	8	no	no	DET
afbr-244	190	9	costs	cost	NOUN
afbr-244	190	10	associated	associate	VERB
afbr-244	190	11	with	with	ADP
afbr-244	190	12	the	the	DET
afbr-244	190	13	transfer	transfer	NOUN
afbr-244	190	14	of	of	ADP
afbr-244	190	15	ownership	ownership	NOUN
afbr-244	190	16	,	,	PUNCT
afbr-244	190	17	and	and	CCONJ
afbr-244	190	18	the	the	DET
afbr-244	190	19	bondholders	bondholder	NOUN
afbr-244	190	20	do	do	AUX
afbr-244	190	21	not	not	PART
afbr-244	190	22	lose	lose	VERB
afbr-244	190	23	anything	anything	PRON
afbr-244	190	24	.	.	PUNCT
afbr-244	191	1	the	the	DET
afbr-244	191	2	costs	cost	NOUN
afbr-244	191	3	associated	associate	VERB
afbr-244	191	4	with	with	ADP
afbr-244	191	5	bankruptcy	bankruptcy	NOUN
afbr-244	191	6	may	may	AUX
afbr-244	191	7	eventually	eventually	ADV
afbr-244	191	8	offset	offset	VERB
afbr-244	191	9	the	the	DET
afbr-244	191	10	tax	tax	NOUN
afbr-244	191	11	-	-	PUNCT
afbr-244	191	12	related	relate	VERB
afbr-244	191	13	gains	gain	NOUN
afbr-244	191	14	from	from	ADP
afbr-244	191	15	leverage	leverage	NOUN
afbr-244	191	16	.	.	PUNCT
afbr-244	192	1	direct	direct	ADJ
afbr-244	192	2	bankruptcy	bankruptcy	NOUN
afbr-244	192	3	costs	cost	NOUN
afbr-244	192	4	when	when	SCONJ
afbr-244	192	5	the	the	DET
afbr-244	192	6	value	value	NOUN
afbr-244	192	7	of	of	ADP
afbr-244	192	8	a	a	DET
afbr-244	192	9	firm	firm	NOUN
afbr-244	192	10	's	's	PART
afbr-244	192	11	assets	asset	NOUN
afbr-244	192	12	equals	equal	VERB
afbr-244	192	13	the	the	DET
afbr-244	192	14	value	value	NOUN
afbr-244	192	15	of	of	ADP
afbr-244	192	16	its	its	PRON
afbr-244	192	17	debt	debt	NOUN
afbr-244	192	18	,	,	PUNCT
afbr-244	192	19	then	then	ADV
afbr-244	192	20	the	the	DET
afbr-244	192	21	firm	firm	NOUN
afbr-244	192	22	is	be	AUX
afbr-244	192	23	economically	economically	ADV
afbr-244	192	24	bankrupt	bankrupt	ADJ
afbr-244	192	25	in	in	ADP
afbr-244	192	26	the	the	DET
afbr-244	192	27	sense	sense	NOUN
afbr-244	192	28	that	that	SCONJ
afbr-244	192	29	the	the	DET
afbr-244	192	30	equity	equity	NOUN
afbr-244	192	31	has	have	AUX
afbr-244	192	32	no	no	DET
afbr-244	192	33	value	value	NOUN
afbr-244	192	34	.	.	PUNCT
afbr-244	193	1	however	however	ADV
afbr-244	193	2	,	,	PUNCT
afbr-244	193	3	the	the	DET
afbr-244	193	4	formal	formal	ADJ
afbr-244	193	5	turning	turning	NOUN
afbr-244	193	6	over	over	ADP
afbr-244	193	7	of	of	ADP
afbr-244	193	8	the	the	DET
afbr-244	193	9	assets	asset	NOUN
afbr-244	193	10	to	to	ADP
afbr-244	193	11	the	the	DET
afbr-244	193	12	bondholders	bondholder	NOUN
afbr-244	193	13	is	be	AUX
afbr-244	193	14	a	a	DET
afbr-244	193	15	legal	legal	ADJ
afbr-244	193	16	process	process	NOUN
afbr-244	193	17	,	,	PUNCT
afbr-244	193	18	not	not	PART
afbr-244	193	19	an	an	DET
afbr-244	193	20	economic	economic	ADJ
afbr-244	193	21	one	one	NOUN
afbr-244	193	22	.	.	PUNCT
afbr-244	194	1	there	there	PRON
afbr-244	194	2	are	be	VERB
afbr-244	194	3	legal	legal	ADJ
afbr-244	194	4	and	and	CCONJ
afbr-244	194	5	administrative	administrative	ADJ
afbr-244	194	6	costs	cost	NOUN
afbr-244	194	7	to	to	ADP
afbr-244	194	8	bankruptcy	bankruptcy	NOUN
afbr-244	194	9	.	.	PUNCT
afbr-244	195	1	because	because	SCONJ
afbr-244	195	2	of	of	ADP
afbr-244	195	3	expenses	expense	NOUN
afbr-244	195	4	associated	associate	VERB
afbr-244	195	5	with	with	ADP
afbr-244	195	6	bankruptcy	bankruptcy	NOUN
afbr-244	195	7	,	,	PUNCT
afbr-244	195	8	bondholders	bondholder	NOUN
afbr-244	195	9	wo	will	AUX
afbr-244	195	10	n't	not	PART
afbr-244	195	11	get	get	VERB
afbr-244	195	12	all	all	PRON
afbr-244	195	13	that	that	PRON
afbr-244	195	14	they	they	PRON
afbr-244	195	15	are	be	AUX
afbr-244	195	16	owned	own	VERB
afbr-244	195	17	.	.	PUNCT
afbr-244	196	1	the	the	DET
afbr-244	196	2	legal	legal	ADJ
afbr-244	196	3	and	and	CCONJ
afbr-244	196	4	administrative	administrative	ADJ
afbr-244	196	5	expenses	expense	NOUN
afbr-244	196	6	associated	associate	VERB
afbr-244	196	7	with	with	ADP
afbr-244	196	8	the	the	DET
afbr-244	196	9	bankruptcy	bankruptcy	NOUN
afbr-244	196	10	proceeding	proceeding	NOUN
afbr-244	196	11	are	be	AUX
afbr-244	196	12	the	the	DET
afbr-244	196	13	direct	direct	ADJ
afbr-244	196	14	bankruptcy	bankruptcy	NOUN
afbr-244	196	15	costs	cost	NOUN
afbr-244	196	16	.	.	PUNCT
afbr-244	197	1	indirect	indirect	ADJ
afbr-244	197	2	bankruptcy	bankruptcy	NOUN
afbr-244	197	3	costs	cost	NOUN
afbr-244	197	4	because	because	SCONJ
afbr-244	197	5	it	it	PRON
afbr-244	197	6	is	be	AUX
afbr-244	197	7	expensive	expensive	ADJ
afbr-244	197	8	to	to	PART
afbr-244	197	9	go	go	VERB
afbr-244	197	10	bankrupt	bankrupt	ADJ
afbr-244	197	11	,	,	PUNCT
afbr-244	197	12	a	a	DET
afbr-244	197	13	firm	firm	NOUN
afbr-244	197	14	will	will	AUX
afbr-244	197	15	spend	spend	VERB
afbr-244	197	16	resources	resource	NOUN
afbr-244	197	17	to	to	PART
afbr-244	197	18	avoid	avoid	VERB
afbr-244	197	19	doing	do	VERB
afbr-244	197	20	so	so	ADV
afbr-244	197	21	.	.	PUNCT
afbr-244	198	1	a	a	DET
afbr-244	198	2	firm	firm	NOUN
afbr-244	198	3	is	be	AUX
afbr-244	198	4	having	have	VERB
afbr-244	198	5	significant	significant	ADJ
afbr-244	198	6	problems	problem	NOUN
afbr-244	198	7	in	in	ADP
afbr-244	198	8	meeting	meet	VERB
afbr-244	198	9	debt	debt	NOUN
afbr-244	198	10	obligations	obligation	NOUN
afbr-244	198	11	,	,	PUNCT
afbr-244	198	12	it	it	PRON
afbr-244	198	13	is	be	AUX
afbr-244	198	14	experiencing	experience	VERB
afbr-244	198	15	financial	financial	ADJ
afbr-244	198	16	distress	distress	NOUN
afbr-244	198	17	.	.	PUNCT
afbr-244	199	1	the	the	DET
afbr-244	199	2	costs	cost	NOUN
afbr-244	199	3	of	of	ADP
afbr-244	199	4	avoiding	avoid	VERB
afbr-244	199	5	a	a	DET
afbr-244	199	6	bankruptcy	bankruptcy	NOUN
afbr-244	199	7	filing	filing	NOUN
afbr-244	199	8	-incurred	-incurre	VERB
afbr-244	199	9	by	by	ADP
afbr-244	199	10	a	a	DET
afbr-244	199	11	financially	financially	ADV
afbr-244	199	12	distressed	distressed	ADJ
afbr-244	199	13	firm	firm	NOUN
afbr-244	199	14	are	be	AUX
afbr-244	199	15	called	call	VERB
afbr-244	199	16	indirect	indirect	ADJ
afbr-244	199	17	bankruptcy	bankruptcy	NOUN
afbr-244	199	18	costs	cost	NOUN
afbr-244	199	19	.	.	PUNCT
afbr-244	200	1	bankruptcy	bankruptcy	NOUN
afbr-244	200	2	process	process	NOUN
afbr-244	200	3	one	one	NUM
afbr-244	200	4	of	of	ADP
afbr-244	200	5	the	the	DET
afbr-244	200	6	consequences	consequence	NOUN
afbr-244	200	7	of	of	ADP
afbr-244	200	8	using	use	VERB
afbr-244	200	9	debt	debt	NOUN
afbr-244	200	10	is	be	AUX
afbr-244	200	11	the	the	DET
afbr-244	200	12	possibility	possibility	NOUN
afbr-244	200	13	of	of	ADP
afbr-244	200	14	financial	financial	ADJ
afbr-244	200	15	distress	distress	NOUN
afbr-244	200	16	,	,	PUNCT
afbr-244	200	17	which	which	PRON
afbr-244	200	18	can	can	AUX
afbr-244	200	19	be	be	AUX
afbr-244	200	20	defined	define	VERB
afbr-244	200	21	in	in	ADP
afbr-244	200	22	several	several	ADJ
afbr-244	200	23	ways	way	NOUN
afbr-244	200	24	:	:	PUNCT
afbr-244	200	25			NOUN
afbr-244	200	26	business	business	NOUN
afbr-244	200	27	failure	failure	NOUN
afbr-244	200	28	the	the	DET
afbr-244	200	29	term	term	NOUN
afbr-244	200	30	is	be	AUX
afbr-244	200	31	usually	usually	ADV
afbr-244	200	32	used	use	VERB
afbr-244	200	33	to	to	PART
afbr-244	200	34	refer	refer	VERB
afbr-244	200	35	to	to	ADP
afbr-244	200	36	a	a	DET
afbr-244	200	37	situation	situation	NOUN
afbr-244	200	38	in	in	ADP
afbr-244	200	39	which	which	PRON
afbr-244	200	40	a	a	DET
afbr-244	200	41	business	business	NOUN
afbr-244	200	42	has	have	AUX
afbr-244	200	43	terminated	terminate	VERB
afbr-244	200	44	with	with	ADP
afbr-244	200	45	a	a	DET
afbr-244	200	46	loss	loss	NOUN
afbr-244	200	47	to	to	ADP
afbr-244	200	48	creditors	creditor	NOUN
afbr-244	200	49	,	,	PUNCT
afbr-244	200	50	but	but	CCONJ
afbr-244	200	51	even	even	ADV
afbr-244	200	52	an	an	DET
afbr-244	200	53	all	all	DET
afbr-244	200	54	-	-	PUNCT
afbr-244	200	55	equity	equity	NOUN
afbr-244	200	56	firm	firm	NOUN
afbr-244	200	57	can	can	AUX
afbr-244	200	58	fail	fail	VERB
afbr-244	200	59	.	.	PUNCT
afbr-244	201	1			X
afbr-244	202	1	legal	legal	ADJ
afbr-244	202	2	bankruptcy	bankruptcy	NOUN
afbr-244	202	3	firms	firm	NOUN
afbr-244	202	4	or	or	CCONJ
afbr-244	202	5	creditors	creditor	NOUN
afbr-244	202	6	bring	bring	VERB
afbr-244	202	7	petitions	petition	NOUN
afbr-244	202	8	to	to	ADP
afbr-244	202	9	an	an	DET
afbr-244	202	10	authorized	authorized	ADJ
afbr-244	202	11	court	court	NOUN
afbr-244	202	12	for	for	ADP
afbr-244	202	13	bankruptcy	bankruptcy	NOUN
afbr-244	202	14	.	.	PUNCT
afbr-244	203	1	bankruptcy	bankruptcy	NOUN
afbr-244	203	2	is	be	AUX
afbr-244	203	3	a	a	DET
afbr-244	203	4	legal	legal	ADJ
afbr-244	203	5	proceeding	proceeding	NOUN
afbr-244	203	6	for	for	ADP
afbr-244	203	7	liquidating	liquidate	VERB
afbr-244	203	8	or	or	CCONJ
afbr-244	203	9	reorganizing	reorganize	VERB
afbr-244	203	10	a	a	DET
afbr-244	203	11	business	business	NOUN
afbr-244	203	12	.	.	PUNCT
afbr-244	204	1			PROPN
afbr-244	205	1	technical	technical	ADJ
afbr-244	205	2	insolvency	insolvency	NOUN
afbr-244	205	3	it	it	PRON
afbr-244	205	4	occurs	occur	VERB
afbr-244	205	5	when	when	SCONJ
afbr-244	205	6	a	a	DET
afbr-244	205	7	firm	firm	NOUN
afbr-244	205	8	is	be	AUX
afbr-244	205	9	unable	unable	ADJ
afbr-244	205	10	to	to	PART
afbr-244	205	11	meet	meet	VERB
afbr-244	205	12	its	its	PRON
afbr-244	205	13	financial	financial	ADJ
afbr-244	205	14	obligations	obligation	NOUN
afbr-244	205	15	.	.	PUNCT
afbr-244	206	1			PART
afbr-244	206	2	accounting	accounting	NOUN
afbr-244	206	3	insolvency	insolvency	NOUN
afbr-244	206	4	firms	firm	NOUN
afbr-244	206	5	with	with	ADP
afbr-244	206	6	negative	negative	ADJ
afbr-244	206	7	net	net	ADJ
afbr-244	206	8	worth	worth	NOUN
afbr-244	206	9	are	be	AUX
afbr-244	206	10	insolvent	insolvent	ADJ
afbr-244	206	11	on	on	ADP
afbr-244	206	12	the	the	DET
afbr-244	206	13	books	book	NOUN
afbr-244	206	14	.	.	PUNCT
afbr-244	207	1	this	this	PRON
afbr-244	207	2	happens	happen	VERB
afbr-244	207	3	when	when	SCONJ
afbr-244	207	4	the	the	DET
afbr-244	207	5	total	total	ADJ
afbr-244	207	6	book	book	NOUN
afbr-244	207	7	liabilities	liability	NOUN
afbr-244	207	8	exceed	exceed	VERB
afbr-244	207	9	the	the	DET
afbr-244	207	10	book	book	NOUN
afbr-244	207	11	value	value	NOUN
afbr-244	207	12	of	of	ADP
afbr-244	207	13	the	the	DET
afbr-244	207	14	total	total	ADJ
afbr-244	207	15	assets	asset	NOUN
afbr-244	207	16	.	.	PUNCT
afbr-244	208	1	finance	finance	NOUN
afbr-244	208	2	theorists	theorist	NOUN
afbr-244	208	3	have	have	AUX
afbr-244	208	4	long	long	ADV
afbr-244	208	5	realized	realize	VERB
afbr-244	208	6	that	that	SCONJ
afbr-244	208	7	sufficiently	sufficiently	ADV
afbr-244	208	8	large	large	ADJ
afbr-244	208	9	costs	cost	NOUN
afbr-244	208	10	of	of	ADP
afbr-244	208	11	bankruptcy	bankruptcy	NOUN
afbr-244	208	12	and	and	CCONJ
afbr-244	208	13	financing	financing	NOUN
afbr-244	208	14	distress	distress	NOUN
afbr-244	208	15	could	could	AUX
afbr-244	208	16	dramatically	dramatically	ADV
afbr-244	208	17	reduce	reduce	VERB
afbr-244	208	18	the	the	DET
afbr-244	208	19	incentive	incentive	NOUN
afbr-244	208	20	for	for	SCONJ
afbr-244	208	21	firms	firm	NOUN
afbr-244	208	22	to	to	PART
afbr-244	208	23	use	use	VERB
afbr-244	208	24	debt	debt	NOUN
afbr-244	208	25	financing	financing	NOUN
afbr-244	208	26	,	,	PUNCT
afbr-244	208	27	even	even	ADV
afbr-244	208	28	in	in	ADP
afbr-244	208	29	the	the	DET
afbr-244	208	30	world	world	NOUN
afbr-244	208	31	of	of	ADP
afbr-244	208	32	otherwise	otherwise	ADV
afbr-244	208	33	perfect	perfect	ADJ
afbr-244	208	34	capital	capital	NOUN
afbr-244	208	35	markets	market	NOUN
afbr-244	208	36	.	.	PUNCT
afbr-244	209	1	moreover	moreover	ADV
afbr-244	209	2	,	,	PUNCT
afbr-244	209	3	in	in	ADP
afbr-244	209	4	the	the	DET
afbr-244	209	5	real	real	ADJ
afbr-244	209	6	world	world	NOUN
afbr-244	209	7	of	of	ADP
afbr-244	209	8	finance	finance	NOUN
afbr-244	209	9	,	,	PUNCT
afbr-244	209	10	it	it	PRON
afbr-244	209	11	reveals	reveal	VERB
afbr-244	209	12	the	the	DET
afbr-244	209	13	literature	literature	NOUN
afbr-244	209	14	suggests	suggest	VERB
afbr-244	209	15	that	that	SCONJ
afbr-244	209	16	a	a	DET
afbr-244	209	17	bankrupt	bankrupt	ADJ
afbr-244	209	18	company	company	NOUN
afbr-244	209	19	's	's	PART
afbr-244	209	20	security	security	NOUN
afbr-244	209	21	holders	holder	NOUN
afbr-244	209	22	and	and	CCONJ
afbr-244	209	23	protected	protect	VERB
afbr-244	209	24	bondholders	bondholder	NOUN
afbr-244	209	25	frequently	frequently	ADV
afbr-244	209	26	lose	lose	VERB
afbr-244	209	27	their	their	PRON
afbr-244	209	28	entire	entire	ADJ
afbr-244	209	29	investment	investment	NOUN
afbr-244	209	30	in	in	ADP
afbr-244	209	31	a	a	DET
afbr-244	209	32	firm	firm	NOUN
afbr-244	209	33	.	.	PUNCT
afbr-244	210	1	if	if	SCONJ
afbr-244	210	2	bankruptcy	bankruptcy	NOUN
afbr-244	210	3	costs	cost	NOUN
afbr-244	210	4	are	be	AUX
afbr-244	210	5	material	material	ADJ
afbr-244	210	6	,	,	PUNCT
afbr-244	210	7	the	the	DET
afbr-244	210	8	advantage	advantage	NOUN
afbr-244	210	9	may	may	AUX
afbr-244	210	10	become	become	VERB
afbr-244	210	11	offset	offset	ADJ
afbr-244	210	12	at	at	ADP
afbr-244	210	13	some	some	DET
afbr-244	210	14	level	level	NOUN
afbr-244	210	15	of	of	ADP
afbr-244	210	16	debt	debt	NOUN
afbr-244	210	17	.	.	PUNCT
afbr-244	211	1	then	then	ADV
afbr-244	211	2	a	a	DET
afbr-244	211	3	higher	high	ADJ
afbr-244	211	4	risk	risk	NOUN
afbr-244	211	5	of	of	ADP
afbr-244	211	6	bankruptcy	bankruptcy	NOUN
afbr-244	211	7	should	should	AUX
afbr-244	211	8	reduce	reduce	VERB
afbr-244	211	9	the	the	DET
afbr-244	211	10	attractiveness	attractiveness	NOUN
afbr-244	211	11	of	of	ADP
afbr-244	211	12	debt	debt	NOUN
afbr-244	211	13	,	,	PUNCT
afbr-244	211	14	and	and	CCONJ
afbr-244	211	15	optimal	optimal	ADJ
afbr-244	211	16	capital	capital	NOUN
afbr-244	211	17	structure	structure	NOUN
afbr-244	211	18	with	with	ADP
afbr-244	211	19	a	a	DET
afbr-244	211	20	high	high	ADJ
afbr-244	211	21	bankruptcy	bankruptcy	NOUN
afbr-244	211	22	rank	rank	NOUN
afbr-244	211	23	should	should	AUX
afbr-244	211	24	contain	contain	VERB
afbr-244	211	25	low	low	ADJ
afbr-244	211	26	amounts	amount	NOUN
afbr-244	211	27	of	of	ADP
afbr-244	211	28	debt	debt	NOUN
afbr-244	211	29	.	.	PUNCT
afbr-244	212	1	agency	agency	NOUN
afbr-244	212	2	literature	literature	PROPN
afbr-244	212	3	suggests	suggest	VERB
afbr-244	212	4	that	that	SCONJ
afbr-244	212	5	potential	potential	ADJ
afbr-244	212	6	bankruptcy	bankruptcy	NOUN
afbr-244	212	7	costs	cost	NOUN
afbr-244	212	8	are	be	AUX
afbr-244	212	9	part	part	NOUN
afbr-244	212	10	of	of	ADP
afbr-244	212	11	the	the	DET
afbr-244	212	12	agency	agency	NOUN
afbr-244	212	13	-	-	PUNCT
afbr-244	212	14	debt	debt	NOUN
afbr-244	212	15	costs	cost	NOUN
afbr-244	212	16	.	.	PUNCT
afbr-244	213	1	2.5	2.5	NUM
afbr-244	213	2	pecking	pecking	NOUN
afbr-244	213	3	order	order	NOUN
afbr-244	213	4	theory	theory	NOUN
afbr-244	213	5	pecking	pecking	NOUN
afbr-244	213	6	order	order	NOUN
afbr-244	213	7	theory	theory	NOUN
afbr-244	213	8	suggest	suggest	VERB
afbr-244	213	9	the	the	DET
afbr-244	213	10	cost	cost	NOUN
afbr-244	213	11	of	of	ADP
afbr-244	213	12	asymmetric	asymmetric	ADJ
afbr-244	213	13	information	information	NOUN
afbr-244	213	14	.	.	PUNCT
afbr-244	214	1	this	this	DET
afbr-244	214	2	theory	theory	NOUN
afbr-244	214	3	suggest	suggest	VERB
afbr-244	214	4	that	that	SCONJ
afbr-244	214	5	firms	firm	NOUN
afbr-244	214	6	highlighted	highlight	VERB
afbr-244	214	7	the	the	DET
afbr-244	214	8	internal	internal	ADJ
afbr-244	214	9	financing	financing	NOUN
afbr-244	214	10	to	to	ADP
afbr-244	214	11	equity	equity	NOUN
afbr-244	214	12	as	as	SCONJ
afbr-244	214	13	internal	internal	ADJ
afbr-244	214	14	debt	debt	NOUN
afbr-244	214	15	is	be	AUX
afbr-244	214	16	used	use	VERB
afbr-244	214	17	first	first	ADV
afbr-244	214	18	,	,	PUNCT
afbr-244	214	19	and	and	CCONJ
afbr-244	214	20	when	when	SCONJ
afbr-244	214	21	that	that	PRON
afbr-244	214	22	is	be	AUX
afbr-244	214	23	depleted	depleted	ADJ
afbr-244	214	24	debt	debt	NOUN
afbr-244	214	25	is	be	AUX
afbr-244	214	26	issued	issue	VERB
afbr-244	214	27	,	,	PUNCT
afbr-244	214	28	and	and	CCONJ
afbr-244	214	29	when	when	SCONJ
afbr-244	214	30	it	it	PRON
afbr-244	214	31	is	be	AUX
afbr-244	214	32	not	not	PART
afbr-244	214	33	sensible	sensible	ADJ
afbr-244	214	34	to	to	PART
afbr-244	214	35	issue	issue	VERB
afbr-244	214	36	any	any	DET
afbr-244	214	37	more	more	ADJ
afbr-244	214	38	debt	debt	NOUN
afbr-244	214	39	,	,	PUNCT
afbr-244	214	40	equity	equity	NOUN
afbr-244	214	41	is	be	AUX
afbr-244	214	42	issued	issue	VERB
afbr-244	214	43	.	.	PUNCT
afbr-244	215	1	this	this	DET
afbr-244	215	2	theory	theory	NOUN
afbr-244	215	3	reserves	reserve	VERB
afbr-244	215	4	that	that	PRON
afbr-244	215	5	a	a	DET
afbr-244	215	6	firm	firm	NOUN
afbr-244	215	7	follows	follow	VERB
afbr-244	215	8	financing	financing	NOUN
afbr-244	215	9	sources	source	NOUN
afbr-244	215	10	and	and	CCONJ
afbr-244	215	11	copyright	copyright	NOUN
afbr-244	215	12	©	©	PROPN
afbr-244	215	13	cc	cc	PROPN
afbr-244	215	14	-	-	PUNCT
afbr-244	215	15	by	by	ADP
afbr-244	215	16	-	-	PUNCT
afbr-244	215	17	nc	nc	PROPN
afbr-244	215	18	2019	2019	NUM
afbr-244	215	19	,	,	PUNCT
afbr-244	215	20	cribfb	cribfb	PROPN
afbr-244	215	21	|	|	ADV
afbr-244	215	22	afbr	afbr	PROPN
afbr-244	215	23	www.cribfb.com/journal/index.php/afbr	www.cribfb.com/journal/index.php/afbr	ADJ
afbr-244	215	24	australian	australian	ADJ
afbr-244	215	25	finance	finance	PROPN
afbr-244	215	26	&	&	CCONJ
afbr-244	215	27	banking	banking	PROPN
afbr-244	215	28	review	review	PROPN
afbr-244	215	29	vol	vol	NOUN
afbr-244	215	30	.	.	PROPN
afbr-244	216	1	3	3	NUM
afbr-244	216	2	,	,	PUNCT
afbr-244	216	3	no	no	INTJ
afbr-244	216	4	.	.	NOUN
afbr-244	216	5	1	1	NUM
afbr-244	216	6	;	;	PUNCT
afbr-244	216	7	2019	2019	NUM
afbr-244	216	8	18	18	NUM
afbr-244	216	9	provide	provide	VERB
afbr-244	216	10	importance	importance	NOUN
afbr-244	216	11	internal	internal	ADJ
afbr-244	216	12	financing	financing	NOUN
afbr-244	216	13	and	and	CCONJ
afbr-244	216	14	prefers	prefer	VERB
afbr-244	216	15	debt	debt	NOUN
afbr-244	216	16	over	over	ADP
afbr-244	216	17	equity	equity	NOUN
afbr-244	216	18	when	when	SCONJ
afbr-244	216	19	external	external	ADJ
afbr-244	216	20	financing	financing	NOUN
afbr-244	216	21	is	be	AUX
afbr-244	216	22	available	available	ADJ
afbr-244	216	23	.	.	PUNCT
afbr-244	217	1	pecking	pecking	NOUN
afbr-244	217	2	order	order	NOUN
afbr-244	217	3	theory	theory	NOUN
afbr-244	217	4	is	be	AUX
afbr-244	217	5	promoted	promote	VERB
afbr-244	217	6	by	by	ADP
afbr-244	217	7	myers	myers	PROPN
afbr-244	217	8	(	(	PUNCT
afbr-244	217	9	1984	1984	NUM
afbr-244	217	10	)	)	PUNCT
afbr-244	217	11	and	and	CCONJ
afbr-244	217	12	argued	argue	VERB
afbr-244	217	13	that	that	SCONJ
afbr-244	217	14	equity	equity	NOUN
afbr-244	217	15	capital	capital	NOUN
afbr-244	217	16	is	be	AUX
afbr-244	217	17	less	less	ADV
afbr-244	217	18	preferred	preferred	ADJ
afbr-244	217	19	which	which	PRON
afbr-244	217	20	mean	mean	VERB
afbr-244	217	21	it	it	PRON
afbr-244	217	22	is	be	AUX
afbr-244	217	23	important	important	ADJ
afbr-244	217	24	to	to	PART
afbr-244	217	25	raise	raise	VERB
afbr-244	217	26	capital	capital	NOUN
afbr-244	217	27	when	when	SCONJ
afbr-244	217	28	manager	manager	NOUN
afbr-244	217	29	who	who	PRON
afbr-244	217	30	informed	inform	VERB
afbr-244	217	31	better	well	ADV
afbr-244	217	32	about	about	ADP
afbr-244	217	33	the	the	DET
afbr-244	217	34	firm	firm	ADJ
afbr-244	217	35	capital	capital	NOUN
afbr-244	217	36	condition	condition	NOUN
afbr-244	217	37	issues	issue	VERB
afbr-244	217	38	new	new	ADJ
afbr-244	217	39	equity	equity	NOUN
afbr-244	217	40	capital	capital	NOUN
afbr-244	217	41	,	,	PUNCT
afbr-244	217	42	investors	investor	NOUN
afbr-244	217	43	believe	believe	VERB
afbr-244	217	44	that	that	SCONJ
afbr-244	217	45	managers	manager	NOUN
afbr-244	217	46	suggest	suggest	VERB
afbr-244	217	47	that	that	SCONJ
afbr-244	217	48	the	the	DET
afbr-244	217	49	firm	firm	NOUN
afbr-244	217	50	is	be	AUX
afbr-244	217	51	overvalued	overvalue	VERB
afbr-244	217	52	and	and	CCONJ
afbr-244	217	53	managers	manager	NOUN
afbr-244	217	54	are	be	AUX
afbr-244	217	55	taking	take	VERB
afbr-244	217	56	opportunities	opportunity	NOUN
afbr-244	217	57	of	of	ADP
afbr-244	217	58	this	this	DET
afbr-244	217	59	over	over	NOUN
afbr-244	217	60	-	-	PUNCT
afbr-244	217	61	valuation	valuation	NOUN
afbr-244	217	62	.	.	PUNCT
afbr-244	218	1	according	accord	VERB
afbr-244	218	2	to	to	ADP
afbr-244	218	3	the	the	DET
afbr-244	218	4	theory	theory	NOUN
afbr-244	218	5	of	of	ADP
afbr-244	218	6	myers	myers	PROPN
afbr-244	218	7	and	and	CCONJ
afbr-244	218	8	majluf	majluf	NOUN
afbr-244	218	9	,	,	PUNCT
afbr-244	218	10	1984	1984	NUM
afbr-244	218	11	external	external	ADJ
afbr-244	218	12	debt	debt	NOUN
afbr-244	218	13	financing	financing	NOUN
afbr-244	218	14	is	be	AUX
afbr-244	218	15	better	well	ADJ
afbr-244	218	16	than	than	ADP
afbr-244	218	17	equity	equity	NOUN
afbr-244	218	18	financing	financing	NOUN
afbr-244	218	19	and	and	CCONJ
afbr-244	218	20	it	it	PRON
afbr-244	218	21	is	be	AUX
afbr-244	218	22	good	good	ADJ
afbr-244	218	23	than	than	SCONJ
afbr-244	218	24	to	to	PART
afbr-244	218	25	invest	invest	VERB
afbr-244	218	26	state	state	NOUN
afbr-244	218	27	securities	security	NOUN
afbr-244	218	28	than	than	ADP
afbr-244	218	29	risky	risky	ADJ
afbr-244	218	30	one	one	NUM
afbr-244	218	31	.	.	PUNCT
afbr-244	219	1	firms	firm	NOUN
afbr-244	219	2	which	which	PRON
afbr-244	219	3	investment	investment	NOUN
afbr-244	219	4	opportunities	opportunity	NOUN
afbr-244	219	5	exceed	exceed	VERB
afbr-244	219	6	operating	operate	VERB
afbr-244	219	7	cash	cash	NOUN
afbr-244	219	8	flows	flow	NOUN
afbr-244	219	9	and	and	CCONJ
afbr-244	219	10	the	the	DET
afbr-244	219	11	ability	ability	NOUN
afbr-244	219	12	to	to	PART
afbr-244	219	13	issue	issue	VERB
afbr-244	219	14	less	less	ADV
afbr-244	219	15	risky	risky	ADJ
afbr-244	219	16	debt	debt	NOUN
afbr-244	219	17	,	,	PUNCT
afbr-244	219	18	it	it	PRON
afbr-244	219	19	may	may	AUX
afbr-244	219	20	decline	decline	VERB
afbr-244	219	21	good	good	ADJ
afbr-244	219	22	investments	investment	NOUN
afbr-244	219	23	rather	rather	ADV
afbr-244	219	24	than	than	ADP
afbr-244	219	25	issue	issue	VERB
afbr-244	219	26	risky	risky	ADJ
afbr-244	219	27	securities	security	NOUN
afbr-244	219	28	to	to	PART
afbr-244	219	29	finance	finance	VERB
afbr-244	219	30	them	they	PRON
afbr-244	219	31	.	.	PUNCT
afbr-244	220	1	in	in	ADP
afbr-244	220	2	some	some	DET
afbr-244	220	3	instances	instance	NOUN
afbr-244	220	4	,	,	PUNCT
afbr-244	220	5	shareholders	shareholder	NOUN
afbr-244	220	6	may	may	AUX
afbr-244	220	7	earn	earn	VERB
afbr-244	220	8	more	more	ADJ
afbr-244	220	9	when	when	SCONJ
afbr-244	220	10	the	the	DET
afbr-244	220	11	firm	firm	NOUN
afbr-244	220	12	transfers	transfer	VERB
afbr-244	220	13	sufficient	sufficient	ADJ
afbr-244	220	14	financial	financial	ADJ
afbr-244	220	15	slack	slack	NOUN
afbr-244	220	16	to	to	PART
afbr-244	220	17	commence	commence	VERB
afbr-244	220	18	good	good	ADJ
afbr-244	220	19	investment	investment	NOUN
afbr-244	220	20	opportunities	opportunity	NOUN
afbr-244	220	21	that	that	PRON
afbr-244	220	22	may	may	AUX
afbr-244	220	23	arise	arise	VERB
afbr-244	220	24	.	.	PUNCT
afbr-244	221	1	firms	firm	NOUN
afbr-244	221	2	may	may	AUX
afbr-244	221	3	figure	figure	VERB
afbr-244	221	4	more	more	ADJ
afbr-244	221	5	financial	financial	ADJ
afbr-244	221	6	slack	slack	NOUN
afbr-244	221	7	by	by	ADP
afbr-244	221	8	limiting	limit	VERB
afbr-244	221	9	dividends	dividend	NOUN
afbr-244	221	10	when	when	SCONJ
afbr-244	221	11	investment	investment	NOUN
afbr-244	221	12	requirements	requirement	NOUN
afbr-244	221	13	are	be	AUX
afbr-244	221	14	modest	modest	ADJ
afbr-244	221	15	or	or	CCONJ
afbr-244	221	16	by	by	ADP
afbr-244	221	17	issuing	issue	VERB
afbr-244	221	18	stock	stock	NOUN
afbr-244	221	19	in	in	ADP
afbr-244	221	20	periods	period	NOUN
afbr-244	221	21	when	when	SCONJ
afbr-244	221	22	managers	manager	NOUN
afbr-244	221	23	'	'	PART
afbr-244	221	24	information	information	NOUN
afbr-244	221	25	benefit	benefit	NOUN
afbr-244	221	26	could	could	AUX
afbr-244	221	27	be	be	AUX
afbr-244	221	28	small	small	ADJ
afbr-244	221	29	.	.	PUNCT
afbr-244	222	1	when	when	SCONJ
afbr-244	222	2	a	a	DET
afbr-244	222	3	managers	manager	NOUN
afbr-244	222	4	could	could	AUX
afbr-244	222	5	have	have	VERB
afbr-244	222	6	larger	large	ADJ
afbr-244	222	7	information	information	NOUN
afbr-244	222	8	,	,	PUNCT
afbr-244	222	9	and	and	CCONJ
afbr-244	222	10	the	the	DET
afbr-244	222	11	share	share	NOUN
afbr-244	222	12	is	be	AUX
afbr-244	222	13	issued	issue	VERB
afbr-244	222	14	to	to	PART
afbr-244	222	15	finance	finance	VERB
afbr-244	222	16	investment	investment	NOUN
afbr-244	222	17	,	,	PUNCT
afbr-244	222	18	the	the	DET
afbr-244	222	19	stock	stock	NOUN
afbr-244	222	20	price	price	NOUN
afbr-244	222	21	may	may	AUX
afbr-244	222	22	down	down	ADV
afbr-244	222	23	,	,	PUNCT
afbr-244	222	24	other	other	ADJ
afbr-244	222	25	things	thing	NOUN
afbr-244	222	26	equal	equal	ADJ
afbr-244	222	27	.	.	PUNCT
afbr-244	223	1	this	this	DET
afbr-244	223	2	relation	relation	NOUN
afbr-244	223	3	of	of	ADP
afbr-244	223	4	issuance	issuance	NOUN
afbr-244	223	5	of	of	ADP
afbr-244	223	6	default	default	NOUN
afbr-244	223	7	-	-	PUNCT
afbr-244	223	8	free	free	ADJ
afbr-244	223	9	debt	debt	NOUN
afbr-244	223	10	.	.	PUNCT
afbr-244	224	1	2.6	2.6	NUM
afbr-244	224	2	arbitrage	arbitrage	NOUN
afbr-244	224	3	theory	theory	NOUN
afbr-244	224	4	arbitrageur	arbitrageur	NOUN
afbr-244	224	5	of	of	ADP
afbr-244	224	6	a	a	DET
afbr-244	224	7	capital	capital	NOUN
afbr-244	224	8	structure	structure	NOUN
afbr-244	224	9	strive	strive	VERB
afbr-244	224	10	for	for	ADP
afbr-244	224	11	opportunities	opportunity	NOUN
afbr-244	224	12	created	create	VERB
afbr-244	224	13	by	by	ADP
afbr-244	224	14	distinction	distinction	NOUN
afbr-244	224	15	pricing	pricing	NOUN
afbr-244	224	16	of	of	ADP
afbr-244	224	17	various	various	ADJ
afbr-244	224	18	instruments	instrument	NOUN
afbr-244	224	19	issued	issue	VERB
afbr-244	224	20	by	by	ADP
afbr-244	224	21	corporation	corporation	NOUN
afbr-244	224	22	.	.	PUNCT
afbr-244	225	1	as	as	ADP
afbr-244	225	2	an	an	DET
afbr-244	225	3	example	example	NOUN
afbr-244	225	4	traditional	traditional	ADJ
afbr-244	225	5	bonds	bond	NOUN
afbr-244	225	6	and	and	CCONJ
afbr-244	225	7	convertible	convertible	ADJ
afbr-244	225	8	bonds	bond	NOUN
afbr-244	225	9	.	.	PUNCT
afbr-244	226	1	convertible	convertible	ADJ
afbr-244	226	2	bonds	bond	NOUN
afbr-244	226	3	are	be	AUX
afbr-244	226	4	conditional	conditional	ADJ
afbr-244	226	5	and	and	CCONJ
afbr-244	226	6	contracted	contract	VERB
afbr-244	226	7	which	which	DET
afbr-244	226	8	covert	covert	ADJ
afbr-244	226	9	shares	share	NOUN
afbr-244	226	10	to	to	ADP
afbr-244	226	11	equity	equity	NOUN
afbr-244	226	12	.	.	PUNCT
afbr-244	227	1	the	the	DET
afbr-244	227	2	stock	stock	NOUN
afbr-244	227	3	-	-	PUNCT
afbr-244	227	4	option	option	NOUN
afbr-244	227	5	constituent	constituent	NOUN
afbr-244	227	6	of	of	ADP
afbr-244	227	7	a	a	DET
afbr-244	227	8	convertible	convertible	ADJ
afbr-244	227	9	bond	bond	NOUN
afbr-244	227	10	has	have	VERB
afbr-244	227	11	a	a	DET
afbr-244	227	12	calculable	calculable	ADJ
afbr-244	227	13	value	value	NOUN
afbr-244	227	14	in	in	ADP
afbr-244	227	15	itself	itself	PRON
afbr-244	227	16	.	.	PUNCT
afbr-244	228	1	the	the	DET
afbr-244	228	2	value	value	NOUN
afbr-244	228	3	of	of	ADP
afbr-244	228	4	the	the	DET
afbr-244	228	5	whole	whole	ADJ
afbr-244	228	6	instrument	instrument	NOUN
afbr-244	228	7	should	should	AUX
afbr-244	228	8	be	be	AUX
afbr-244	228	9	the	the	DET
afbr-244	228	10	value	value	NOUN
afbr-244	228	11	of	of	ADP
afbr-244	228	12	the	the	DET
afbr-244	228	13	traditional	traditional	ADJ
afbr-244	228	14	bonds	bond	NOUN
afbr-244	228	15	plus	plus	CCONJ
afbr-244	228	16	the	the	DET
afbr-244	228	17	extra	extra	ADJ
afbr-244	228	18	value	value	NOUN
afbr-244	228	19	of	of	ADP
afbr-244	228	20	the	the	DET
afbr-244	228	21	option	option	NOUN
afbr-244	228	22	feature	feature	NOUN
afbr-244	228	23	.	.	PUNCT
afbr-244	229	1	when	when	SCONJ
afbr-244	229	2	the	the	DET
afbr-244	229	3	spread	spread	NOUN
afbr-244	229	4	,	,	PUNCT
afbr-244	229	5	the	the	DET
afbr-244	229	6	difference	difference	NOUN
afbr-244	229	7	between	between	ADP
afbr-244	229	8	the	the	DET
afbr-244	229	9	convertible	convertible	ADJ
afbr-244	229	10	and	and	CCONJ
afbr-244	229	11	the	the	DET
afbr-244	229	12	non	non	ADJ
afbr-244	229	13	-	-	ADJ
afbr-244	229	14	convertible	convertible	ADJ
afbr-244	229	15	bond	bond	NOUN
afbr-244	229	16	s	s	PRON
afbr-244	229	17	grows	grow	VERB
afbr-244	229	18	excessively	excessively	ADV
afbr-244	229	19	,	,	PUNCT
afbr-244	229	20	then	then	ADV
afbr-244	229	21	the	the	DET
afbr-244	229	22	capital	capital	NOUN
afbr-244	229	23	-	-	PUNCT
afbr-244	229	24	structure	structure	NOUN
afbr-244	229	25	arbitrageur	arbitrageur	NOUN
afbr-244	229	26	will	will	AUX
afbr-244	229	27	be	be	AUX
afbr-244	229	28	converge	converge	VERB
afbr-244	229	29	.	.	PUNCT
afbr-244	230	1	3	3	X
afbr-244	230	2	.	.	X
afbr-244	230	3	conclusion	conclusion	NOUN
afbr-244	230	4	the	the	DET
afbr-244	230	5	papers	paper	NOUN
afbr-244	230	6	in	in	ADP
afbr-244	230	7	this	this	DET
afbr-244	230	8	literature	literature	NOUN
afbr-244	230	9	explore	explore	VERB
afbr-244	230	10	factors	factor	NOUN
afbr-244	230	11	that	that	PRON
afbr-244	230	12	suggest	suggest	VERB
afbr-244	230	13	organisation	organisation	NOUN
afbr-244	230	14	target	target	NOUN
afbr-244	230	15	capital	capital	NOUN
afbr-244	230	16	structures	structure	NOUN
afbr-244	230	17	as	as	ADV
afbr-244	230	18	well	well	ADV
afbr-244	230	19	as	as	ADP
afbr-244	230	20	the	the	DET
afbr-244	230	21	degree	degree	NOUN
afbr-244	230	22	to	to	PART
afbr-244	230	23	which	which	PRON
afbr-244	230	24	future	future	ADJ
afbr-244	230	25	leverage	leverage	NOUN
afbr-244	230	26	-	-	PUNCT
afbr-244	230	27	equity	equity	NOUN
afbr-244	230	28	selections	selection	NOUN
afbr-244	230	29	transfer	transfer	NOUN
afbr-244	230	30	firms	firm	NOUN
afbr-244	230	31	back	back	ADV
afbr-244	230	32	toward	toward	ADP
afbr-244	230	33	their	their	PRON
afbr-244	230	34	optimal	optimal	ADJ
afbr-244	230	35	targets	target	NOUN
afbr-244	230	36	to	to	ADP
afbr-244	230	37	capital	capital	NOUN
afbr-244	230	38	structure	structure	NOUN
afbr-244	230	39	.	.	PUNCT
afbr-244	231	1	since	since	SCONJ
afbr-244	231	2	the	the	DET
afbr-244	231	3	influential	influential	ADJ
afbr-244	231	4	work	work	NOUN
afbr-244	231	5	of	of	ADP
afbr-244	231	6	modigliani	modigliani	PROPN
afbr-244	231	7	and	and	CCONJ
afbr-244	231	8	miller	miller	PROPN
afbr-244	231	9	(	(	PUNCT
afbr-244	231	10	1958	1958	NUM
afbr-244	231	11	)	)	PUNCT
afbr-244	231	12	on	on	ADP
afbr-244	231	13	the	the	DET
afbr-244	231	14	insignificance	insignificance	NOUN
afbr-244	231	15	of	of	ADP
afbr-244	231	16	capital	capital	NOUN
afbr-244	231	17	structure	structure	NOUN
afbr-244	231	18	in	in	ADP
afbr-244	231	19	investment	investment	NOUN
afbr-244	231	20	decision	decision	NOUN
afbr-244	231	21	,	,	PUNCT
afbr-244	231	22	a	a	DET
afbr-244	231	23	wealthy	wealthy	ADJ
afbr-244	231	24	theoretical	theoretical	ADJ
afbr-244	231	25	literature	literature	NOUN
afbr-244	231	26	has	have	AUX
afbr-244	231	27	materialized	materialize	VERB
afbr-244	231	28	that	that	SCONJ
afbr-244	231	29	models	model	NOUN
afbr-244	231	30	firm	firm	NOUN
afbr-244	231	31	’s	’s	PART
afbr-244	231	32	capital	capital	NOUN
afbr-244	231	33	structure	structure	NOUN
afbr-244	231	34	choice	choice	NOUN
afbr-244	231	35	under	under	ADP
afbr-244	231	36	different	different	ADJ
afbr-244	231	37	assumptions	assumption	NOUN
afbr-244	231	38	.	.	PUNCT
afbr-244	232	1	for	for	ADP
afbr-244	232	2	example	example	NOUN
afbr-244	232	3	,	,	PUNCT
afbr-244	232	4	theories	theory	NOUN
afbr-244	232	5	such	such	ADJ
afbr-244	232	6	as	as	ADP
afbr-244	232	7	trade	trade	NOUN
afbr-244	232	8	-	-	PUNCT
afbr-244	232	9	off	off	ADP
afbr-244	232	10	theory	theory	NOUN
afbr-244	232	11	rely	rely	VERB
afbr-244	232	12	on	on	ADP
afbr-244	232	13	traditional	traditional	ADJ
afbr-244	232	14	factors	factor	NOUN
afbr-244	232	15	such	such	ADJ
afbr-244	232	16	as	as	ADP
afbr-244	232	17	tax	tax	NOUN
afbr-244	232	18	advantage	advantage	NOUN
afbr-244	232	19	and	and	CCONJ
afbr-244	232	20	potential	potential	ADJ
afbr-244	232	21	bankruptcy	bankruptcy	NOUN
afbr-244	232	22	cost	cost	NOUN
afbr-244	232	23	of	of	ADP
afbr-244	232	24	debt	debt	NOUN
afbr-244	232	25	while	while	SCONJ
afbr-244	232	26	others	other	NOUN
afbr-244	232	27	use	use	VERB
afbr-244	232	28	the	the	DET
afbr-244	232	29	asymmetric	asymmetric	ADJ
afbr-244	232	30	information	information	NOUN
afbr-244	232	31	or	or	CCONJ
afbr-244	232	32	game	game	NOUN
afbr-244	232	33	theoretical	theoretical	ADJ
afbr-244	232	34	framework	framework	NOUN
afbr-244	232	35	in	in	ADP
afbr-244	232	36	which	which	PRON
afbr-244	232	37	debt	debt	NOUN
afbr-244	232	38	or	or	CCONJ
afbr-244	232	39	equity	equity	NOUN
afbr-244	232	40	is	be	AUX
afbr-244	232	41	used	use	VERB
afbr-244	232	42	as	as	ADP
afbr-244	232	43	a	a	DET
afbr-244	232	44	signalling	signal	VERB
afbr-244	232	45	mechanism	mechanism	NOUN
afbr-244	232	46	or	or	CCONJ
afbr-244	232	47	strategy	strategy	NOUN
afbr-244	232	48	tool	tool	NOUN
afbr-244	232	49	.	.	PUNCT
afbr-244	233	1	many	many	ADJ
afbr-244	233	2	of	of	ADP
afbr-244	233	3	these	these	DET
afbr-244	233	4	theories	theory	NOUN
afbr-244	233	5	have	have	AUX
afbr-244	233	6	also	also	ADV
afbr-244	233	7	been	be	AUX
afbr-244	233	8	empirically	empirically	ADV
afbr-244	233	9	tested	test	VERB
afbr-244	233	10	.	.	PUNCT
afbr-244	234	1	yet	yet	CCONJ
afbr-244	234	2	there	there	PRON
afbr-244	234	3	is	be	VERB
afbr-244	234	4	little	little	ADJ
afbr-244	234	5	consensus	consensus	NOUN
afbr-244	234	6	on	on	ADP
afbr-244	234	7	how	how	SCONJ
afbr-244	234	8	firms	firm	NOUN
afbr-244	234	9	choose	choose	VERB
afbr-244	234	10	their	their	PRON
afbr-244	234	11	capital	capital	NOUN
afbr-244	234	12	structure	structure	NOUN
afbr-244	234	13	and	and	CCONJ
afbr-244	234	14	how	how	SCONJ
afbr-244	234	15	the	the	DET
afbr-244	234	16	firm	firm	ADJ
afbr-244	234	17	-	-	PUNCT
afbr-244	234	18	specific	specific	ADJ
afbr-244	234	19	factors	factor	NOUN
afbr-244	234	20	influence	influence	VERB
afbr-244	234	21	the	the	DET
afbr-244	234	22	shape	shape	NOUN
afbr-244	234	23	of	of	ADP
afbr-244	234	24	the	the	DET
afbr-244	234	25	capital	capital	NOUN
afbr-244	234	26	structure	structure	NOUN
afbr-244	234	27	.	.	PUNCT
afbr-244	235	1	this	this	DET
afbr-244	235	2	research	research	NOUN
afbr-244	235	3	develops	develop	VERB
afbr-244	235	4	a	a	DET
afbr-244	235	5	link	link	NOUN
afbr-244	235	6	between	between	ADP
afbr-244	235	7	theory	theory	NOUN
afbr-244	235	8	and	and	CCONJ
afbr-244	235	9	practice	practice	NOUN
afbr-244	235	10	of	of	ADP
afbr-244	235	11	capital	capital	NOUN
afbr-244	235	12	structure	structure	NOUN
afbr-244	235	13	.	.	PUNCT
afbr-244	236	1	references	reference	NOUN
afbr-244	236	2	amihud	amihud	PROPN
afbr-244	236	3	,	,	PUNCT
afbr-244	236	4	y.	y.	PROPN
afbr-244	236	5	,	,	PUNCT
afbr-244	236	6	&	&	CCONJ
afbr-244	236	7	lev	lev	PROPN
afbr-244	236	8	,	,	PUNCT
afbr-244	236	9	b.	b.	PROPN
afbr-244	236	10	(	(	PUNCT
afbr-244	236	11	1981	1981	NUM
afbr-244	236	12	)	)	PUNCT
afbr-244	236	13	.	.	PUNCT
afbr-244	237	1	risk	risk	NOUN
afbr-244	237	2	reduction	reduction	NOUN
afbr-244	237	3	as	as	ADP
afbr-244	237	4	a	a	DET
afbr-244	237	5	managerial	managerial	ADJ
afbr-244	237	6	motive	motive	NOUN
afbr-244	237	7	for	for	ADP
afbr-244	237	8	conglomerate	conglomerate	NOUN
afbr-244	237	9	mergers	merger	NOUN
afbr-244	237	10	.	.	PUNCT
afbr-244	238	1	the	the	DET
afbr-244	238	2	bell	bell	PROPN
afbr-244	238	3	journal	journal	PROPN
afbr-244	238	4	of	of	ADP
afbr-244	238	5	economics	economic	NOUN
afbr-244	238	6	,	,	PUNCT
afbr-244	238	7	605	605	NUM
afbr-244	238	8	-	-	SYM
afbr-244	238	9	617	617	NUM
afbr-244	238	10	.	.	PUNCT
afbr-244	238	11	booth	booth	NOUN
afbr-244	238	12	,	,	PUNCT
afbr-244	238	13	p.	p.	PROPN
afbr-244	238	14	j.	j.	PROPN
afbr-244	238	15	,	,	PUNCT
afbr-244	238	16	tan	tan	PROPN
afbr-244	238	17	,	,	PUNCT
afbr-244	238	18	s.	s.	PROPN
afbr-244	238	19	j.	j.	PROPN
afbr-244	238	20	,	,	PUNCT
afbr-244	238	21	holm	holm	PROPN
afbr-244	238	22	,	,	PUNCT
afbr-244	238	23	p.	p.	PROPN
afbr-244	238	24	,	,	PUNCT
afbr-244	238	25	&	&	CCONJ
afbr-244	238	26	callesen	callesen	PROPN
afbr-244	238	27	,	,	PUNCT
afbr-244	238	28	h.	h.	PROPN
afbr-244	238	29	(	(	PUNCT
afbr-244	238	30	2001	2001	NUM
afbr-244	238	31	)	)	PUNCT
afbr-244	238	32	.	.	PUNCT
afbr-244	239	1	application	application	NOUN
afbr-244	239	2	of	of	ADP
afbr-244	239	3	the	the	DET
afbr-244	239	4	zona	zona	NOUN
afbr-244	239	5	-	-	PUNCT
afbr-244	239	6	free	free	ADJ
afbr-244	239	7	manipulation	manipulation	NOUN
afbr-244	239	8	technique	technique	NOUN
afbr-244	239	9	to	to	AUX
afbr-244	239	10	porcine	porcine	VERB
afbr-244	239	11	somatic	somatic	ADJ
afbr-244	239	12	nuclear	nuclear	ADJ
afbr-244	239	13	transfer	transfer	NOUN
afbr-244	239	14	.	.	PUNCT
afbr-244	240	1	cloning	cloning	NOUN
afbr-244	240	2	&	&	CCONJ
afbr-244	240	3	stem	stem	NOUN
afbr-244	240	4	cells	cell	NOUN
afbr-244	240	5	,	,	PUNCT
afbr-244	240	6	3(4	3(4	NUM
afbr-244	240	7	)	)	PUNCT
afbr-244	240	8	,	,	PUNCT
afbr-244	240	9	deangelo	deangelo	PROPN
afbr-244	240	10	,	,	PUNCT
afbr-244	240	11	h.	h.	PROPN
afbr-244	240	12	,	,	PUNCT
afbr-244	240	13	&	&	CCONJ
afbr-244	240	14	masulis	masulis	PROPN
afbr-244	240	15	,	,	PUNCT
afbr-244	240	16	r.	r.	PROPN
afbr-244	240	17	w.	w.	PROPN
afbr-244	240	18	(	(	PUNCT
afbr-244	240	19	1980	1980	NUM
afbr-244	240	20	)	)	PUNCT
afbr-244	240	21	.	.	PUNCT
afbr-244	241	1	optimal	optimal	ADJ
afbr-244	241	2	capital	capital	NOUN
afbr-244	241	3	structure	structure	NOUN
afbr-244	241	4	under	under	ADP
afbr-244	241	5	corporate	corporate	ADJ
afbr-244	241	6	and	and	CCONJ
afbr-244	241	7	personal	personal	ADJ
afbr-244	241	8	taxation	taxation	NOUN
afbr-244	241	9	.	.	PUNCT
afbr-244	242	1	journal	journal	NOUN
afbr-244	242	2	of	of	ADP
afbr-244	242	3	financial	financial	ADJ
afbr-244	242	4	economics	economic	NOUN
afbr-244	242	5	,	,	PUNCT
afbr-244	242	6	8(1	8(1	NOUN
afbr-244	242	7	)	)	PUNCT
afbr-244	242	8	,	,	PUNCT
afbr-244	242	9	3	3	NUM
afbr-244	242	10	-	-	SYM
afbr-244	242	11	29	29	NUM
afbr-244	242	12	.	.	PUNCT
afbr-244	243	1	donaldson	donaldson	PROPN
afbr-244	243	2	,	,	PUNCT
afbr-244	243	3	g.	g.	PROPN
afbr-244	243	4	(	(	PUNCT
afbr-244	243	5	1961	1961	NUM
afbr-244	243	6	)	)	PUNCT
afbr-244	243	7	.	.	PUNCT
afbr-244	244	1	corporate	corporate	ADJ
afbr-244	244	2	debt	debt	NOUN
afbr-244	244	3	capacity	capacity	NOUN
afbr-244	244	4	.	.	PUNCT
afbr-244	245	1	a	a	DET
afbr-244	245	2	study	study	NOUN
afbr-244	245	3	of	of	ADP
afbr-244	245	4	corporate	corporate	ADJ
afbr-244	245	5	debt	debt	NOUN
afbr-244	245	6	policy	policy	NOUN
afbr-244	245	7	and	and	CCONJ
afbr-244	245	8	the	the	DET
afbr-244	245	9	determination	determination	NOUN
afbr-244	245	10	of	of	ADP
afbr-244	245	11	corporate	corporate	ADJ
afbr-244	245	12	debt	debt	NOUN
afbr-244	245	13	capacity.(second	capacity.(second	NOUN
afbr-244	245	14	printing	printing	NOUN
afbr-244	245	15	.	.	PROPN
afbr-244	245	16	):	):	PUNCT
afbr-244	245	17	division	division	NOUN
afbr-244	245	18	of	of	ADP
afbr-244	245	19	research	research	NOUN
afbr-244	245	20	,	,	PUNCT
afbr-244	245	21	graduate	graduate	NOUN
afbr-244	245	22	school	school	NOUN
afbr-244	245	23	of	of	ADP
afbr-244	245	24	business	business	PROPN
afbr-244	245	25	administration	administration	PROPN
afbr-244	245	26	,	,	PUNCT
afbr-244	245	27	harvard	harvard	PROPN
afbr-244	245	28	univ	univ	PROPN
afbr-244	245	29	.	.	PUNCT
afbr-244	246	1	harris	harris	PROPN
afbr-244	246	2	,	,	PUNCT
afbr-244	246	3	m.	m.	NOUN
afbr-244	246	4	,	,	PUNCT
afbr-244	246	5	&	&	CCONJ
afbr-244	246	6	raviv	raviv	NOUN
afbr-244	246	7	,	,	PUNCT
afbr-244	246	8	a.	a.	NOUN
afbr-244	246	9	(	(	PUNCT
afbr-244	246	10	1991	1991	NUM
afbr-244	246	11	)	)	PUNCT
afbr-244	246	12	.	.	PUNCT
afbr-244	247	1	the	the	DET
afbr-244	247	2	theory	theory	NOUN
afbr-244	247	3	of	of	ADP
afbr-244	247	4	capital	capital	NOUN
afbr-244	247	5	structure	structure	NOUN
afbr-244	247	6	.	.	PUNCT
afbr-244	248	1	the	the	DET
afbr-244	248	2	journal	journal	PROPN
afbr-244	248	3	of	of	ADP
afbr-244	248	4	finance	finance	NOUN
afbr-244	248	5	,	,	PUNCT
afbr-244	248	6	46(1	46(1	PROPN
afbr-244	248	7	)	)	PUNCT
afbr-244	248	8	,	,	PUNCT
afbr-244	248	9	297	297	NUM
afbr-244	248	10	-	-	SYM
afbr-244	248	11	355	355	NUM
afbr-244	248	12	.	.	PUNCT
afbr-244	249	1	haugen	haugen	PROPN
afbr-244	249	2	,	,	PUNCT
afbr-244	249	3	r.	r.	PROPN
afbr-244	249	4	a.	a.	PROPN
afbr-244	249	5	,	,	PUNCT
afbr-244	249	6	&	&	CCONJ
afbr-244	249	7	senbet	senbet	PROPN
afbr-244	249	8	,	,	PUNCT
afbr-244	249	9	l.	l.	PROPN
afbr-244	249	10	w.	w.	PROPN
afbr-244	249	11	(	(	PUNCT
afbr-244	249	12	1978	1978	NUM
afbr-244	249	13	)	)	PUNCT
afbr-244	249	14	.	.	PUNCT
afbr-244	250	1	the	the	DET
afbr-244	250	2	insignificance	insignificance	NOUN
afbr-244	250	3	of	of	ADP
afbr-244	250	4	bankruptcy	bankruptcy	NOUN
afbr-244	250	5	costs	cost	NOUN
afbr-244	250	6	to	to	ADP
afbr-244	250	7	the	the	DET
afbr-244	250	8	theory	theory	NOUN
afbr-244	250	9	of	of	ADP
afbr-244	250	10	optimal	optimal	ADJ
afbr-244	250	11	capital	capital	NOUN
afbr-244	250	12	structure	structure	NOUN
afbr-244	250	13	.	.	PUNCT
afbr-244	251	1	the	the	DET
afbr-244	251	2	journal	journal	PROPN
afbr-244	251	3	of	of	ADP
afbr-244	251	4	finance	finance	NOUN
afbr-244	251	5	,	,	PUNCT
afbr-244	251	6	33(2	33(2	NUM
afbr-244	251	7	)	)	PUNCT
afbr-244	251	8	,	,	PUNCT
afbr-244	251	9	383	383	NUM
afbr-244	251	10	-	-	SYM
afbr-244	251	11	393	393	NUM
afbr-244	251	12	.	.	PUNCT
afbr-244	252	1	higgins	higgins	PROPN
afbr-244	252	2	,	,	PUNCT
afbr-244	252	3	r.	r.	PROPN
afbr-244	252	4	c.	c.	PROPN
afbr-244	252	5	,	,	PUNCT
afbr-244	252	6	&	&	CCONJ
afbr-244	252	7	schall	schall	PROPN
afbr-244	252	8	,	,	PUNCT
afbr-244	252	9	l.	l.	PROPN
afbr-244	252	10	d.	d.	PROPN
afbr-244	252	11	(	(	PUNCT
afbr-244	252	12	1975	1975	NUM
afbr-244	252	13	)	)	PUNCT
afbr-244	252	14	.	.	PUNCT
afbr-244	253	1	corporate	corporate	ADJ
afbr-244	253	2	bankruptcy	bankruptcy	NOUN
afbr-244	253	3	and	and	CCONJ
afbr-244	253	4	conglomerate	conglomerate	NOUN
afbr-244	253	5	merger	merger	NOUN
afbr-244	253	6	.	.	PUNCT
afbr-244	254	1	the	the	DET
afbr-244	254	2	journal	journal	PROPN
afbr-244	254	3	of	of	ADP
afbr-244	254	4	finance	finance	NOUN
afbr-244	254	5	,	,	PUNCT
afbr-244	254	6	30(1	30(1	NUM
afbr-244	254	7	)	)	PUNCT
afbr-244	254	8	,	,	PUNCT
afbr-244	254	9	93	93	NUM
afbr-244	254	10	-	-	SYM
afbr-244	254	11	113	113	NUM
afbr-244	254	12	.	.	PUNCT
afbr-244	255	1	hirshleifer	hirshleifer	NOUN
afbr-244	255	2	,	,	PUNCT
afbr-244	255	3	j.	j.	PROPN
afbr-244	255	4	(	(	PUNCT
afbr-244	255	5	1970	1970	NUM
afbr-244	255	6	)	)	PUNCT
afbr-244	255	7	.	.	PUNCT
afbr-244	256	1	investment	investment	NOUN
afbr-244	256	2	,	,	PUNCT
afbr-244	256	3	interest	interest	NOUN
afbr-244	256	4	,	,	PUNCT
afbr-244	256	5	and	and	CCONJ
afbr-244	256	6	capital	capital	NOUN
afbr-244	256	7	.	.	PUNCT
afbr-244	257	1	hitt	hitt	PROPN
afbr-244	257	2	,	,	PUNCT
afbr-244	257	3	m.	m.	NOUN
afbr-244	257	4	a.	a.	PROPN
afbr-244	257	5	,	,	PUNCT
afbr-244	257	6	hoskisson	hoskisson	PROPN
afbr-244	257	7	,	,	PUNCT
afbr-244	257	8	r.	r.	PROPN
afbr-244	257	9	e.	e.	PROPN
afbr-244	257	10	,	,	PUNCT
afbr-244	257	11	&	&	CCONJ
afbr-244	257	12	harrison	harrison	PROPN
afbr-244	257	13	,	,	PUNCT
afbr-244	257	14	j.	j.	PROPN
afbr-244	257	15	s.	s.	PROPN
afbr-244	257	16	(	(	PUNCT
afbr-244	257	17	1991	1991	NUM
afbr-244	257	18	)	)	PUNCT
afbr-244	257	19	.	.	PUNCT
afbr-244	258	1	strategic	strategic	ADJ
afbr-244	258	2	competitiveness	competitiveness	NOUN
afbr-244	258	3	in	in	ADP
afbr-244	258	4	the	the	DET
afbr-244	258	5	1990s	1990	NOUN
afbr-244	258	6	:	:	PUNCT
afbr-244	258	7	challenges	challenge	NOUN
afbr-244	258	8	and	and	CCONJ
afbr-244	258	9	copyright	copyright	NOUN
afbr-244	258	10	©	©	PROPN
afbr-244	258	11	cc	cc	PROPN
afbr-244	258	12	-	-	PUNCT
afbr-244	258	13	by	by	ADP
afbr-244	258	14	-	-	PUNCT
afbr-244	258	15	nc	nc	PROPN
afbr-244	258	16	2019	2019	NUM
afbr-244	258	17	,	,	PUNCT
afbr-244	258	18	cribfb	cribfb	PROPN
afbr-244	258	19	|	|	ADV
afbr-244	258	20	afbr	afbr	PROPN
afbr-244	258	21	www.cribfb.com/journal/index.php/afbr	www.cribfb.com/journal/index.php/afbr	ADJ
afbr-244	258	22	australian	australian	ADJ
afbr-244	258	23	finance	finance	PROPN
afbr-244	258	24	&	&	CCONJ
afbr-244	258	25	banking	banking	PROPN
afbr-244	258	26	review	review	PROPN
afbr-244	258	27	vol	vol	NOUN
afbr-244	258	28	.	.	PROPN
afbr-244	259	1	3	3	NUM
afbr-244	259	2	,	,	PUNCT
afbr-244	259	3	no	no	INTJ
afbr-244	259	4	.	.	NOUN
afbr-244	259	5	1	1	NUM
afbr-244	259	6	;	;	PUNCT
afbr-244	259	7	2019	2019	NUM
afbr-244	259	8	19	19	NUM
afbr-244	259	9	opportunities	opportunity	NOUN
afbr-244	259	10	for	for	ADP
afbr-244	259	11	us	us	PROPN
afbr-244	259	12	executives	executive	NOUN
afbr-244	259	13	.	.	PUNCT
afbr-244	260	1	academy	academy	PROPN
afbr-244	260	2	of	of	ADP
afbr-244	260	3	management	management	NOUN
afbr-244	260	4	perspectives	perspective	NOUN
afbr-244	260	5	,	,	PUNCT
afbr-244	260	6	5(2	5(2	NUM
afbr-244	260	7	)	)	PUNCT
afbr-244	260	8	,	,	PUNCT
afbr-244	260	9	7	7	NUM
afbr-244	260	10	-	-	SYM
afbr-244	260	11	22	22	NUM
afbr-244	260	12	.	.	PUNCT
afbr-244	261	1	jensen	jensen	PROPN
afbr-244	261	2	,	,	PUNCT
afbr-244	261	3	m.	m.	PROPN
afbr-244	261	4	c.	c.	PROPN
afbr-244	261	5	(	(	PUNCT
afbr-244	261	6	1986	1986	NUM
afbr-244	261	7	)	)	PUNCT
afbr-244	261	8	.	.	PUNCT
afbr-244	262	1	agency	agency	NOUN
afbr-244	262	2	costs	cost	NOUN
afbr-244	262	3	of	of	ADP
afbr-244	262	4	free	free	ADJ
afbr-244	262	5	cash	cash	NOUN
afbr-244	262	6	flow	flow	NOUN
afbr-244	262	7	,	,	PUNCT
afbr-244	262	8	corporate	corporate	ADJ
afbr-244	262	9	finance	finance	NOUN
afbr-244	262	10	,	,	PUNCT
afbr-244	262	11	and	and	CCONJ
afbr-244	262	12	takeovers	takeover	NOUN
afbr-244	262	13	.	.	PUNCT
afbr-244	263	1	the	the	DET
afbr-244	263	2	american	american	PROPN
afbr-244	263	3	economic	economic	PROPN
afbr-244	263	4	review	review	PROPN
afbr-244	263	5	,	,	PUNCT
afbr-244	263	6	76(2	76(2	NUM
afbr-244	263	7	)	)	PUNCT
afbr-244	263	8	,	,	PUNCT
afbr-244	263	9	323	323	NUM
afbr-244	263	10	-	-	SYM
afbr-244	263	11	329	329	NUM
afbr-244	263	12	.	.	PUNCT
afbr-244	264	1	jensen	jensen	PROPN
afbr-244	264	2	,	,	PUNCT
afbr-244	264	3	m.	m.	PROPN
afbr-244	264	4	c.	c.	PROPN
afbr-244	264	5	,	,	PUNCT
afbr-244	264	6	&	&	CCONJ
afbr-244	264	7	meckling	meckling	PROPN
afbr-244	264	8	,	,	PUNCT
afbr-244	264	9	w.	w.	PROPN
afbr-244	264	10	h.	h.	PROPN
afbr-244	264	11	(	(	PUNCT
afbr-244	264	12	1976	1976	NUM
afbr-244	264	13	)	)	PUNCT
afbr-244	264	14	.	.	PUNCT
afbr-244	265	1	theory	theory	NOUN
afbr-244	265	2	of	of	ADP
afbr-244	265	3	the	the	DET
afbr-244	265	4	firm	firm	NOUN
afbr-244	265	5	:	:	PUNCT
afbr-244	265	6	managerial	managerial	ADJ
afbr-244	265	7	behavior	behavior	NOUN
afbr-244	265	8	,	,	PUNCT
afbr-244	265	9	agency	agency	NOUN
afbr-244	265	10	costs	cost	NOUN
afbr-244	265	11	and	and	CCONJ
afbr-244	265	12	ownership	ownership	NOUN
afbr-244	265	13	structure	structure	NOUN
afbr-244	265	14	.	.	PUNCT
afbr-244	266	1	journal	journal	NOUN
afbr-244	266	2	of	of	ADP
afbr-244	266	3	financial	financial	ADJ
afbr-244	266	4	economics	economic	NOUN
afbr-244	266	5	,	,	PUNCT
afbr-244	266	6	3(4	3(4	NUM
afbr-244	266	7	)	)	PUNCT
afbr-244	266	8	,	,	PUNCT
afbr-244	266	9	305	305	NUM
afbr-244	266	10	-	-	SYM
afbr-244	266	11	360	360	NUM
afbr-244	266	12	.	.	PUNCT
afbr-244	267	1	kraus	kraus	PROPN
afbr-244	267	2	,	,	PUNCT
afbr-244	267	3	a.	a.	PROPN
afbr-244	267	4	,	,	PUNCT
afbr-244	267	5	&	&	CCONJ
afbr-244	267	6	litzenberger	litzenberger	NOUN
afbr-244	267	7	,	,	PUNCT
afbr-244	267	8	r.	r.	PROPN
afbr-244	267	9	h.	h.	PROPN
afbr-244	267	10	(	(	PUNCT
afbr-244	267	11	1973	1973	NUM
afbr-244	267	12	)	)	PUNCT
afbr-244	267	13	.	.	PUNCT
afbr-244	268	1	a	a	DET
afbr-244	268	2	state‐preference	state‐preference	NOUN
afbr-244	268	3	model	model	NOUN
afbr-244	268	4	of	of	ADP
afbr-244	268	5	optimal	optimal	ADJ
afbr-244	268	6	financial	financial	ADJ
afbr-244	268	7	leverage	leverage	NOUN
afbr-244	268	8	.	.	PUNCT
afbr-244	269	1	the	the	DET
afbr-244	269	2	journal	journal	PROPN
afbr-244	269	3	of	of	ADP
afbr-244	269	4	finance	finance	NOUN
afbr-244	269	5	,	,	PUNCT
afbr-244	269	6	28(4	28(4	NUM
afbr-244	269	7	)	)	PUNCT
afbr-244	269	8	,	,	PUNCT
afbr-244	269	9	911	911	NUM
afbr-244	269	10	-	-	SYM
afbr-244	269	11	922	922	NUM
afbr-244	269	12	.	.	PUNCT
afbr-244	270	1	lubatkin	lubatkin	ADJ
afbr-244	270	2	,	,	PUNCT
afbr-244	270	3	m.	m.	NOUN
afbr-244	270	4	,	,	PUNCT
afbr-244	270	5	&	&	CCONJ
afbr-244	270	6	chatterjee	chatterjee	PROPN
afbr-244	270	7	,	,	PUNCT
afbr-244	270	8	s.	s.	PROPN
afbr-244	270	9	(	(	PUNCT
afbr-244	270	10	1994	1994	NUM
afbr-244	270	11	)	)	PUNCT
afbr-244	270	12	.	.	PUNCT
afbr-244	271	1	extending	extend	VERB
afbr-244	271	2	modern	modern	ADJ
afbr-244	271	3	portfolio	portfolio	NOUN
afbr-244	271	4	theory	theory	NOUN
afbr-244	271	5	into	into	ADP
afbr-244	271	6	the	the	DET
afbr-244	271	7	domain	domain	NOUN
afbr-244	271	8	of	of	ADP
afbr-244	271	9	corporate	corporate	ADJ
afbr-244	271	10	diversification	diversification	NOUN
afbr-244	271	11	:	:	PUNCT
afbr-244	271	12	does	do	AUX
afbr-244	271	13	it	it	PRON
afbr-244	271	14	apply	apply	VERB
afbr-244	271	15	?	?	PUNCT
afbr-244	272	1	academy	academy	NOUN
afbr-244	272	2	of	of	ADP
afbr-244	272	3	management	management	PROPN
afbr-244	272	4	journal	journal	PROPN
afbr-244	272	5	,	,	PUNCT
afbr-244	272	6	37(1	37(1	NUM
afbr-244	272	7	)	)	PUNCT
afbr-244	272	8	,	,	PUNCT
afbr-244	272	9	109	109	NUM
afbr-244	272	10	-	-	SYM
afbr-244	272	11	136	136	NUM
afbr-244	272	12	.	.	PUNCT
afbr-244	273	1	martin	martin	PROPN
afbr-244	273	2	,	,	PUNCT
afbr-244	273	3	j.	j.	PROPN
afbr-244	273	4	d.	d.	PROPN
afbr-244	273	5	,	,	PUNCT
afbr-244	273	6	cox	cox	PROPN
afbr-244	273	7	,	,	PUNCT
afbr-244	273	8	s.	s.	PROPN
afbr-244	273	9	h.	h.	PROPN
afbr-244	273	10	,	,	PUNCT
afbr-244	273	11	&	&	CCONJ
afbr-244	273	12	macminn	macminn	PROPN
afbr-244	273	13	,	,	PUNCT
afbr-244	273	14	r.	r.	PROPN
afbr-244	273	15	d.	d.	PROPN
afbr-244	273	16	(	(	PUNCT
afbr-244	273	17	1988	1988	NUM
afbr-244	273	18	)	)	PUNCT
afbr-244	273	19	.	.	PUNCT
afbr-244	274	1	the	the	DET
afbr-244	274	2	theory	theory	NOUN
afbr-244	274	3	of	of	ADP
afbr-244	274	4	finance	finance	NOUN
afbr-244	274	5	:	:	PUNCT
afbr-244	274	6	evidence	evidence	NOUN
afbr-244	274	7	and	and	CCONJ
afbr-244	274	8	applications	application	NOUN
afbr-244	274	9	:	:	PUNCT
afbr-244	274	10	harcourt	harcourt	PROPN
afbr-244	274	11	brace	brace	PROPN
afbr-244	274	12	college	college	NOUN
afbr-244	274	13	publishers	publisher	NOUN
afbr-244	274	14	.	.	PUNCT
afbr-244	275	1	miller	miller	PROPN
afbr-244	275	2	,	,	PUNCT
afbr-244	275	3	m.	m.	PROPN
afbr-244	275	4	h.	h.	PROPN
afbr-244	275	5	(	(	PUNCT
afbr-244	275	6	1977	1977	NUM
afbr-244	275	7	)	)	PUNCT
afbr-244	275	8	.	.	PUNCT
afbr-244	276	1	debt	debt	NOUN
afbr-244	276	2	and	and	CCONJ
afbr-244	276	3	taxes	taxis	NOUN
afbr-244	276	4	.	.	PUNCT
afbr-244	277	1	the	the	DET
afbr-244	277	2	journal	journal	NOUN
afbr-244	277	3	of	of	ADP
afbr-244	277	4	finance	finance	NOUN
afbr-244	277	5	,	,	PUNCT
afbr-244	277	6	32(2	32(2	NUM
afbr-244	277	7	)	)	PUNCT
afbr-244	277	8	,	,	PUNCT
afbr-244	277	9	261	261	NUM
afbr-244	277	10	-	-	SYM
afbr-244	277	11	275	275	NUM
afbr-244	277	12	.	.	PUNCT
afbr-244	278	1	modigliani	modigliani	PROPN
afbr-244	278	2	,	,	PUNCT
afbr-244	278	3	f.	f.	PROPN
afbr-244	278	4	,	,	PUNCT
afbr-244	278	5	&	&	CCONJ
afbr-244	278	6	miller	miller	PROPN
afbr-244	278	7	,	,	PUNCT
afbr-244	278	8	m.	m.	NOUN
afbr-244	278	9	h.	h.	PROPN
afbr-244	278	10	(	(	PUNCT
afbr-244	278	11	1958	1958	NUM
afbr-244	278	12	)	)	PUNCT
afbr-244	278	13	.	.	PUNCT
afbr-244	279	1	the	the	DET
afbr-244	279	2	cost	cost	NOUN
afbr-244	279	3	of	of	ADP
afbr-244	279	4	capital	capital	NOUN
afbr-244	279	5	,	,	PUNCT
afbr-244	279	6	corporation	corporation	NOUN
afbr-244	279	7	finance	finance	NOUN
afbr-244	279	8	and	and	CCONJ
afbr-244	279	9	the	the	DET
afbr-244	279	10	theory	theory	NOUN
afbr-244	279	11	of	of	ADP
afbr-244	279	12	investment	investment	NOUN
afbr-244	279	13	.	.	PUNCT
afbr-244	280	1	the	the	DET
afbr-244	280	2	american	american	PROPN
afbr-244	280	3	,	,	PUNCT
afbr-244	280	4	1	1	NUM
afbr-244	280	5	,	,	PUNCT
afbr-244	280	6	3	3	NUM
afbr-244	280	7	.	.	PUNCT
afbr-244	280	8	modigliani	modigliani	PROPN
afbr-244	280	9	,	,	PUNCT
afbr-244	280	10	f.	f.	PROPN
afbr-244	280	11	,	,	PUNCT
afbr-244	280	12	&	&	CCONJ
afbr-244	280	13	miller	miller	PROPN
afbr-244	280	14	,	,	PUNCT
afbr-244	280	15	m.	m.	NOUN
afbr-244	280	16	h.	h.	PROPN
afbr-244	280	17	(	(	PUNCT
afbr-244	280	18	1963	1963	NUM
afbr-244	280	19	)	)	PUNCT
afbr-244	280	20	.	.	PUNCT
afbr-244	281	1	corporate	corporate	ADJ
afbr-244	281	2	income	income	NOUN
afbr-244	281	3	taxes	taxis	NOUN
afbr-244	281	4	and	and	CCONJ
afbr-244	281	5	the	the	DET
afbr-244	281	6	cost	cost	NOUN
afbr-244	281	7	of	of	ADP
afbr-244	281	8	capital	capital	NOUN
afbr-244	281	9	:	:	PUNCT
afbr-244	281	10	a	a	DET
afbr-244	281	11	correction	correction	NOUN
afbr-244	281	12	.	.	PUNCT
afbr-244	282	1	the	the	DET
afbr-244	282	2	american	american	PROPN
afbr-244	282	3	economic	economic	PROPN
afbr-244	282	4	review	review	PROPN
afbr-244	282	5	,	,	PUNCT
afbr-244	282	6	433	433	NUM
afbr-244	282	7	-	-	SYM
afbr-244	282	8	443	443	NUM
afbr-244	282	9	.	.	PUNCT
afbr-244	283	1	myers	myers	PROPN
afbr-244	283	2	,	,	PUNCT
afbr-244	283	3	s.	s.	PROPN
afbr-244	283	4	c.	c.	PROPN
afbr-244	283	5	(	(	PUNCT
afbr-244	283	6	1977	1977	NUM
afbr-244	283	7	)	)	PUNCT
afbr-244	283	8	.	.	PUNCT
afbr-244	284	1	determinants	determinant	NOUN
afbr-244	284	2	of	of	ADP
afbr-244	284	3	corporate	corporate	ADJ
afbr-244	284	4	borrowing	borrowing	NOUN
afbr-244	284	5	.	.	PUNCT
afbr-244	285	1	journal	journal	NOUN
afbr-244	285	2	of	of	ADP
afbr-244	285	3	financial	financial	ADJ
afbr-244	285	4	economics	economic	NOUN
afbr-244	285	5	,	,	PUNCT
afbr-244	285	6	5(2	5(2	NUM
afbr-244	285	7	)	)	PUNCT
afbr-244	285	8	,	,	PUNCT
afbr-244	285	9	147	147	NUM
afbr-244	285	10	-	-	SYM
afbr-244	285	11	175	175	NUM
afbr-244	285	12	.	.	PUNCT
afbr-244	286	1	myers	myers	PROPN
afbr-244	286	2	,	,	PUNCT
afbr-244	286	3	s.	s.	PROPN
afbr-244	286	4	c.	c.	PROPN
afbr-244	286	5	(	(	PUNCT
afbr-244	286	6	1984	1984	NUM
afbr-244	286	7	)	)	PUNCT
afbr-244	286	8	.	.	PUNCT
afbr-244	287	1	the	the	DET
afbr-244	287	2	capital	capital	NOUN
afbr-244	287	3	structure	structure	NOUN
afbr-244	287	4	puzzle	puzzle	NOUN
afbr-244	287	5	.	.	PUNCT
afbr-244	288	1	the	the	DET
afbr-244	288	2	journal	journal	PROPN
afbr-244	288	3	of	of	ADP
afbr-244	288	4	finance	finance	NOUN
afbr-244	288	5	,	,	PUNCT
afbr-244	288	6	39(3	39(3	NUM
afbr-244	288	7	)	)	PUNCT
afbr-244	288	8	,	,	PUNCT
afbr-244	288	9	574	574	NUM
afbr-244	288	10	-	-	SYM
afbr-244	288	11	592	592	NUM
afbr-244	288	12	.	.	PUNCT
afbr-244	289	1	myers	myers	PROPN
afbr-244	289	2	,	,	PUNCT
afbr-244	289	3	s.	s.	PROPN
afbr-244	289	4	c.	c.	PROPN
afbr-244	289	5	(	(	PUNCT
afbr-244	289	6	2003	2003	NUM
afbr-244	289	7	)	)	PUNCT
afbr-244	289	8	.	.	PUNCT
afbr-244	290	1	financing	financing	NOUN
afbr-244	290	2	of	of	ADP
afbr-244	290	3	corporations	corporation	NOUN
afbr-244	290	4	.	.	PUNCT
afbr-244	291	1	in	in	ADP
afbr-244	291	2	handbook	handbook	NOUN
afbr-244	291	3	of	of	ADP
afbr-244	291	4	the	the	DET
afbr-244	291	5	economics	economic	NOUN
afbr-244	291	6	of	of	ADP
afbr-244	291	7	finance	finance	NOUN
afbr-244	291	8	(	(	PUNCT
afbr-244	291	9	vol	vol	NOUN
afbr-244	291	10	.	.	PROPN
afbr-244	291	11	1	1	NUM
afbr-244	291	12	,	,	PUNCT
afbr-244	291	13	pp	pp	ADJ
afbr-244	291	14	.	.	PUNCT
afbr-244	292	1	215	215	NUM
afbr-244	292	2	-	-	SYM
afbr-244	292	3	253	253	NUM
afbr-244	292	4	):	):	PUNCT
afbr-244	292	5	elsevier	elsevier	NOUN
afbr-244	292	6	.	.	PUNCT
afbr-244	292	7	myers	myers	PROPN
afbr-244	292	8	,	,	PUNCT
afbr-244	292	9	s.	s.	PROPN
afbr-244	292	10	c.	c.	PROPN
afbr-244	292	11	,	,	PUNCT
afbr-244	292	12	&	&	CCONJ
afbr-244	292	13	majluf	majluf	PROPN
afbr-244	292	14	,	,	PUNCT
afbr-244	292	15	n.	n.	PROPN
afbr-244	292	16	s.	s.	PROPN
afbr-244	292	17	(	(	PUNCT
afbr-244	292	18	1984	1984	NUM
afbr-244	292	19	)	)	PUNCT
afbr-244	292	20	.	.	PUNCT
afbr-244	293	1	corporate	corporate	ADJ
afbr-244	293	2	financing	financing	NOUN
afbr-244	293	3	and	and	CCONJ
afbr-244	293	4	investment	investment	NOUN
afbr-244	293	5	decisions	decision	NOUN
afbr-244	293	6	when	when	SCONJ
afbr-244	293	7	firms	firm	NOUN
afbr-244	293	8	have	have	VERB
afbr-244	293	9	information	information	NOUN
afbr-244	293	10	that	that	SCONJ
afbr-244	293	11	investors	investor	NOUN
afbr-244	293	12	do	do	AUX
afbr-244	293	13	not	not	PART
afbr-244	293	14	have	have	VERB
afbr-244	293	15	.	.	PUNCT
afbr-244	294	1	journal	journal	NOUN
afbr-244	294	2	of	of	ADP
afbr-244	294	3	financial	financial	ADJ
afbr-244	294	4	economics	economic	NOUN
afbr-244	294	5	,	,	PUNCT
afbr-244	294	6	13(2	13(2	PROPN
afbr-244	294	7	)	)	PUNCT
afbr-244	294	8	,	,	PUNCT
afbr-244	294	9	187	187	NUM
afbr-244	294	10	-	-	SYM
afbr-244	294	11	221	221	NUM
afbr-244	294	12	.	.	PUNCT
afbr-244	295	1	myers	myers	PROPN
afbr-244	295	2	,	,	PUNCT
afbr-244	295	3	s.	s.	PROPN
afbr-244	295	4	c.	c.	PROPN
afbr-244	295	5	,	,	PUNCT
afbr-244	295	6	&	&	CCONJ
afbr-244	295	7	pogue	pogue	PROPN
afbr-244	295	8	,	,	PUNCT
afbr-244	295	9	g.	g.	PROPN
afbr-244	295	10	a.	a.	PROPN
afbr-244	295	11	(	(	PUNCT
afbr-244	295	12	1974	1974	NUM
afbr-244	295	13	)	)	PUNCT
afbr-244	295	14	.	.	PUNCT
afbr-244	296	1	a	a	DET
afbr-244	296	2	programming	programming	NOUN
afbr-244	296	3	approach	approach	NOUN
afbr-244	296	4	to	to	ADP
afbr-244	296	5	corporate	corporate	ADJ
afbr-244	296	6	financial	financial	ADJ
afbr-244	296	7	management	management	NOUN
afbr-244	296	8	.	.	PUNCT
afbr-244	297	1	the	the	DET
afbr-244	297	2	journal	journal	PROPN
afbr-244	297	3	of	of	ADP
afbr-244	297	4	finance	finance	NOUN
afbr-244	297	5	,	,	PUNCT
afbr-244	297	6	29(2	29(2	NUM
afbr-244	297	7	)	)	PUNCT
afbr-244	297	8	,	,	PUNCT
afbr-244	297	9	579	579	NUM
afbr-244	297	10	-	-	SYM
afbr-244	297	11	599	599	NUM
afbr-244	297	12	.	.	PUNCT
afbr-244	298	1	ross	ross	PROPN
afbr-244	298	2	,	,	PUNCT
afbr-244	298	3	s.	s.	PROPN
afbr-244	298	4	a.	a.	PROPN
afbr-244	298	5	(	(	PUNCT
afbr-244	298	6	1977	1977	NUM
afbr-244	298	7	)	)	PUNCT
afbr-244	298	8	.	.	PUNCT
afbr-244	299	1	the	the	DET
afbr-244	299	2	determination	determination	NOUN
afbr-244	299	3	of	of	ADP
afbr-244	299	4	financial	financial	ADJ
afbr-244	299	5	structure	structure	NOUN
afbr-244	299	6	:	:	PUNCT
afbr-244	299	7	the	the	DET
afbr-244	299	8	incentive	incentive	NOUN
afbr-244	299	9	-	-	PUNCT
afbr-244	299	10	signalling	signal	VERB
afbr-244	299	11	approach	approach	NOUN
afbr-244	299	12	.	.	PUNCT
afbr-244	300	1	the	the	DET
afbr-244	300	2	bell	bell	PROPN
afbr-244	300	3	journal	journal	PROPN
afbr-244	300	4	of	of	ADP
afbr-244	300	5	economics	economic	NOUN
afbr-244	300	6	,	,	PUNCT
afbr-244	300	7	23	23	NUM
afbr-244	300	8	-	-	SYM
afbr-244	300	9	40	40	NUM
afbr-244	300	10	.	.	PUNCT
afbr-244	301	1	shleifer	shleifer	PROPN
afbr-244	301	2	,	,	PUNCT
afbr-244	301	3	a.	a.	PROPN
afbr-244	301	4	,	,	PUNCT
afbr-244	301	5	&	&	CCONJ
afbr-244	301	6	vishny	vishny	PROPN
afbr-244	301	7	,	,	PUNCT
afbr-244	301	8	r.	r.	PROPN
afbr-244	301	9	w.	w.	PROPN
afbr-244	301	10	(	(	PUNCT
afbr-244	301	11	1997	1997	NUM
afbr-244	301	12	)	)	PUNCT
afbr-244	301	13	.	.	PUNCT
afbr-244	302	1	a	a	DET
afbr-244	302	2	survey	survey	NOUN
afbr-244	302	3	of	of	ADP
afbr-244	302	4	corporate	corporate	ADJ
afbr-244	302	5	governance	governance	NOUN
afbr-244	302	6	.	.	PUNCT
afbr-244	303	1	the	the	DET
afbr-244	303	2	journal	journal	NOUN
afbr-244	303	3	of	of	ADP
afbr-244	303	4	finance	finance	NOUN
afbr-244	303	5	,	,	PUNCT
afbr-244	303	6	52(2	52(2	NUM
afbr-244	303	7	)	)	PUNCT
afbr-244	303	8	,	,	PUNCT
afbr-244	303	9	737	737	NUM
afbr-244	303	10	-	-	SYM
afbr-244	303	11	783	783	NUM
afbr-244	303	12	.	.	PUNCT
afbr-244	304	1	smith	smith	PROPN
afbr-244	304	2	,	,	PUNCT
afbr-244	304	3	a.	a.	NOUN
afbr-244	304	4	(	(	PUNCT
afbr-244	304	5	1776	1776	NUM
afbr-244	304	6	)	)	PUNCT
afbr-244	304	7	.	.	PUNCT
afbr-244	305	1	the	the	DET
afbr-244	305	2	wealth	wealth	NOUN
afbr-244	305	3	ofnations	ofnation	NOUN
afbr-244	305	4	.	.	PUNCT
afbr-244	306	1	new	new	PROPN
afbr-244	306	2	york	york	PROPN
afbr-244	306	3	:	:	PUNCT
afbr-244	306	4	the	the	DET
afbr-244	306	5	modern	modern	ADJ
afbr-244	306	6	library	library	NOUN
afbr-244	306	7	.	.	PUNCT
afbr-244	307	1	smith	smith	PROPN
afbr-244	307	2	jr	jr	PROPN
afbr-244	307	3	,	,	PUNCT
afbr-244	307	4	c.	c.	PROPN
afbr-244	307	5	w.	w.	PROPN
afbr-244	307	6	,	,	PUNCT
afbr-244	307	7	&	&	CCONJ
afbr-244	307	8	warner	warner	PROPN
afbr-244	307	9	,	,	PUNCT
afbr-244	307	10	j.	j.	PROPN
afbr-244	307	11	b.	b.	PROPN
afbr-244	307	12	(	(	PUNCT
afbr-244	307	13	1979	1979	NUM
afbr-244	307	14	)	)	PUNCT
afbr-244	307	15	.	.	PUNCT
afbr-244	308	1	on	on	ADP
afbr-244	308	2	financial	financial	ADJ
afbr-244	308	3	contracting	contracting	NOUN
afbr-244	308	4	:	:	PUNCT
afbr-244	308	5	an	an	DET
afbr-244	308	6	analysis	analysis	NOUN
afbr-244	308	7	of	of	ADP
afbr-244	308	8	bond	bond	NOUN
afbr-244	308	9	covenants	covenant	NOUN
afbr-244	308	10	.	.	PUNCT
afbr-244	309	1	journal	journal	NOUN
afbr-244	309	2	of	of	ADP
afbr-244	309	3	financial	financial	ADJ
afbr-244	309	4	economics	economic	NOUN
afbr-244	309	5	,	,	PUNCT
afbr-244	309	6	7(2	7(2	NUM
afbr-244	309	7	)	)	PUNCT
afbr-244	309	8	,	,	PUNCT
afbr-244	309	9	117	117	NUM
afbr-244	309	10	-	-	SYM
afbr-244	309	11	161	161	NUM
afbr-244	309	12	.	.	PUNCT
afbr-244	310	1	stiglitz	stiglitz	PROPN
afbr-244	310	2	,	,	PUNCT
afbr-244	310	3	j.	j.	PROPN
afbr-244	310	4	e.	e.	PROPN
afbr-244	310	5	(	(	PUNCT
afbr-244	310	6	1972	1972	NUM
afbr-244	310	7	)	)	PUNCT
afbr-244	310	8	.	.	PUNCT
afbr-244	311	1	some	some	DET
afbr-244	311	2	aspects	aspect	NOUN
afbr-244	311	3	of	of	ADP
afbr-244	311	4	the	the	DET
afbr-244	311	5	pure	pure	ADJ
afbr-244	311	6	theory	theory	NOUN
afbr-244	311	7	of	of	ADP
afbr-244	311	8	corporate	corporate	ADJ
afbr-244	311	9	finance	finance	NOUN
afbr-244	311	10	:	:	PUNCT
afbr-244	311	11	bankruptcies	bankruptcy	NOUN
afbr-244	311	12	and	and	CCONJ
afbr-244	311	13	take	take	NOUN
afbr-244	311	14	-	-	PUNCT
afbr-244	311	15	overs	over	NOUN
afbr-244	311	16	.	.	PUNCT
afbr-244	312	1	the	the	DET
afbr-244	312	2	bell	bell	PROPN
afbr-244	312	3	journal	journal	PROPN
afbr-244	312	4	of	of	ADP
afbr-244	312	5	economics	economic	NOUN
afbr-244	312	6	and	and	CCONJ
afbr-244	312	7	management	management	NOUN
afbr-244	312	8	science	science	NOUN
afbr-244	312	9	,	,	PUNCT
afbr-244	312	10	458	458	NUM
afbr-244	312	11	-	-	SYM
afbr-244	312	12	482	482	NUM
afbr-244	312	13	.	.	PUNCT
afbr-244	312	14	titman	titman	PROPN
afbr-244	312	15	,	,	PUNCT
afbr-244	312	16	s.	s.	PROPN
afbr-244	312	17	(	(	PUNCT
afbr-244	312	18	1984	1984	NUM
afbr-244	312	19	)	)	PUNCT
afbr-244	312	20	.	.	PUNCT
afbr-244	313	1	the	the	DET
afbr-244	313	2	effect	effect	NOUN
afbr-244	313	3	of	of	ADP
afbr-244	313	4	capital	capital	NOUN
afbr-244	313	5	structure	structure	NOUN
afbr-244	313	6	on	on	ADP
afbr-244	313	7	a	a	DET
afbr-244	313	8	firm	firm	NOUN
afbr-244	313	9	's	's	PART
afbr-244	313	10	liquidation	liquidation	NOUN
afbr-244	313	11	decision	decision	NOUN
afbr-244	313	12	.	.	PUNCT
afbr-244	314	1	journal	journal	NOUN
afbr-244	314	2	of	of	ADP
afbr-244	314	3	financial	financial	ADJ
afbr-244	314	4	economics	economic	NOUN
afbr-244	314	5	,	,	PUNCT
afbr-244	314	6	13(1	13(1	NUM
afbr-244	314	7	)	)	PUNCT
afbr-244	314	8	,	,	PUNCT
afbr-244	314	9	137	137	NUM
afbr-244	314	10	-	-	SYM
afbr-244	314	11	151	151	NUM
afbr-244	314	12	.	.	PUNCT
afbr-244	315	1	warner	warner	PROPN
afbr-244	315	2	,	,	PUNCT
afbr-244	315	3	j.	j.	PROPN
afbr-244	315	4	b.	b.	PROPN
afbr-244	315	5	(	(	PUNCT
afbr-244	315	6	1977	1977	NUM
afbr-244	315	7	)	)	PUNCT
afbr-244	315	8	.	.	PUNCT
afbr-244	316	1	bankruptcy	bankruptcy	NOUN
afbr-244	316	2	,	,	PUNCT
afbr-244	316	3	absolute	absolute	ADJ
afbr-244	316	4	priority	priority	NOUN
afbr-244	316	5	,	,	PUNCT
afbr-244	316	6	and	and	CCONJ
afbr-244	316	7	the	the	DET
afbr-244	316	8	pricing	pricing	NOUN
afbr-244	316	9	of	of	ADP
afbr-244	316	10	risky	risky	ADJ
afbr-244	316	11	debt	debt	NOUN
afbr-244	316	12	claims	claim	NOUN
afbr-244	316	13	.	.	PUNCT
afbr-244	317	1	journal	journal	NOUN
afbr-244	317	2	of	of	ADP
afbr-244	317	3	financial	financial	ADJ
afbr-244	317	4	economics	economic	NOUN
afbr-244	317	5	,	,	PUNCT
afbr-244	317	6	4(3	4(3	NUM
afbr-244	317	7	)	)	PUNCT
afbr-244	317	8	,	,	PUNCT
afbr-244	317	9	239	239	NUM
afbr-244	317	10	-	-	SYM
afbr-244	317	11	276	276	NUM
afbr-244	317	12	.	.	PUNCT
afbr-244	318	1	copyrights	copyright	VERB
afbr-244	318	2	copyright	copyright	NOUN
afbr-244	318	3	for	for	ADP
afbr-244	318	4	this	this	DET
afbr-244	318	5	article	article	NOUN
afbr-244	318	6	is	be	AUX
afbr-244	318	7	retained	retain	VERB
afbr-244	318	8	by	by	ADP
afbr-244	318	9	the	the	DET
afbr-244	318	10	author(s	author(s	PROPN
afbr-244	318	11	)	)	PUNCT
afbr-244	318	12	,	,	PUNCT
afbr-244	318	13	with	with	ADP
afbr-244	318	14	first	first	ADJ
afbr-244	318	15	publication	publication	NOUN
afbr-244	318	16	rights	right	NOUN
afbr-244	318	17	granted	grant	VERB
afbr-244	318	18	to	to	ADP
afbr-244	318	19	the	the	DET
afbr-244	318	20	journal	journal	NOUN
afbr-244	318	21	.	.	PUNCT
afbr-244	319	1	this	this	PRON
afbr-244	319	2	is	be	AUX
afbr-244	319	3	an	an	DET
afbr-244	319	4	open	open	ADJ
afbr-244	319	5	-	-	PUNCT
afbr-244	319	6	access	access	NOUN
afbr-244	319	7	article	article	NOUN
afbr-244	319	8	distributed	distribute	VERB
afbr-244	319	9	under	under	ADP
afbr-244	319	10	the	the	DET
afbr-244	319	11	terms	term	NOUN
afbr-244	319	12	and	and	CCONJ
afbr-244	319	13	conditions	condition	NOUN
afbr-244	319	14	of	of	ADP
afbr-244	319	15	the	the	DET
afbr-244	319	16	creative	creative	ADJ
afbr-244	319	17	commons	common	NOUN
afbr-244	319	18	attribution	attribution	NOUN
afbr-244	319	19	license	license	NOUN
afbr-244	319	20	(	(	PUNCT
afbr-244	319	21	http://creativecommons.org/licenses/by/4.0/	http://creativecommons.org/licenses/by/4.0/	PROPN
afbr-244	319	22	)	)	PUNCT