id	sid	tid	token	lemma	pos
cblr-1214	1	1	microsoft	microsoft	PROPN
cblr-1214	1	2	word	word	NOUN
cblr-1214	1	3	4	4	NUM
cblr-1214	1	4	.	.	PUNCT
cblr-1214	1	5	griffin_print.docx	griffin_print.docx	PUNCT
cblr-1214	2	1	griffin_final	griffin_final	ADJ
cblr-1214	2	2	the	the	DET
cblr-1214	2	3	hidden	hidden	ADJ
cblr-1214	2	4	cost	cost	NOUN
cblr-1214	2	5	of	of	ADP
cblr-1214	2	6	m&a	m&a	PROPN
cblr-1214	2	7	caleb	caleb	PROPN
cblr-1214	2	8	n.	n.	PROPN
cblr-1214	2	9	griffin	griffin	PROPN
cblr-1214	2	10	*	*	PUNCT
cblr-1214	2	11	the	the	DET
cblr-1214	2	12	shareholder	shareholder	NOUN
cblr-1214	2	13	wealth	wealth	NOUN
cblr-1214	2	14	maximization	maximization	NOUN
cblr-1214	2	15	norm	norm	NOUN
cblr-1214	2	16	exerts	exert	VERB
cblr-1214	2	17	tremendous	tremendous	ADJ
cblr-1214	2	18	influence	influence	NOUN
cblr-1214	2	19	on	on	ADP
cblr-1214	2	20	both	both	PRON
cblr-1214	2	21	business	business	NOUN
cblr-1214	2	22	practice	practice	NOUN
cblr-1214	2	23	and	and	CCONJ
cblr-1214	2	24	corporate	corporate	ADJ
cblr-1214	2	25	legal	legal	ADJ
cblr-1214	2	26	scholarship	scholarship	NOUN
cblr-1214	2	27	.	.	PUNCT
cblr-1214	3	1	widespread	widespread	ADJ
cblr-1214	3	2	acceptance	acceptance	NOUN
cblr-1214	3	3	of	of	ADP
cblr-1214	3	4	the	the	DET
cblr-1214	3	5	norm	norm	NOUN
cblr-1214	3	6	has	have	AUX
cblr-1214	3	7	produced	produce	VERB
cblr-1214	3	8	substantial	substantial	ADJ
cblr-1214	3	9	focus	focus	NOUN
cblr-1214	3	10	among	among	ADP
cblr-1214	3	11	corporate	corporate	ADJ
cblr-1214	3	12	executives	executive	NOUN
cblr-1214	3	13	,	,	PUNCT
cblr-1214	3	14	analysts	analyst	NOUN
cblr-1214	3	15	,	,	PUNCT
cblr-1214	3	16	and	and	CCONJ
cblr-1214	3	17	scholars	scholar	NOUN
cblr-1214	3	18	on	on	ADP
cblr-1214	3	19	one	one	NUM
cblr-1214	3	20	key	key	ADJ
cblr-1214	3	21	metric	metric	NOUN
cblr-1214	3	22	:	:	PUNCT
cblr-1214	3	23	share	share	NOUN
cblr-1214	3	24	price	price	NOUN
cblr-1214	3	25	.	.	PUNCT
cblr-1214	4	1	the	the	DET
cblr-1214	4	2	norm	norm	NOUN
cblr-1214	4	3	and	and	CCONJ
cblr-1214	4	4	the	the	DET
cblr-1214	4	5	related	related	ADJ
cblr-1214	4	6	focus	focus	NOUN
cblr-1214	4	7	on	on	ADP
cblr-1214	4	8	equity	equity	NOUN
cblr-1214	4	9	prices	price	NOUN
cblr-1214	4	10	rest	rest	VERB
cblr-1214	4	11	on	on	ADP
cblr-1214	4	12	two	two	NUM
cblr-1214	4	13	key	key	ADJ
cblr-1214	4	14	assumptions	assumption	NOUN
cblr-1214	4	15	:	:	PUNCT
cblr-1214	4	16	(	(	PUNCT
cblr-1214	4	17	1	1	X
cblr-1214	4	18	)	)	PUNCT
cblr-1214	4	19	that	that	SCONJ
cblr-1214	4	20	the	the	DET
cblr-1214	4	21	pursuit	pursuit	NOUN
cblr-1214	4	22	of	of	ADP
cblr-1214	4	23	shareholder	shareholder	NOUN
cblr-1214	4	24	wealth	wealth	NOUN
cblr-1214	4	25	maximization	maximization	NOUN
cblr-1214	4	26	,	,	PUNCT
cblr-1214	4	27	as	as	SCONJ
cblr-1214	4	28	measured	measure	VERB
cblr-1214	4	29	by	by	ADP
cblr-1214	4	30	share	share	NOUN
cblr-1214	4	31	price	price	NOUN
cblr-1214	4	32	,	,	PUNCT
cblr-1214	4	33	effectively	effectively	ADV
cblr-1214	4	34	maximizes	maximize	VERB
cblr-1214	4	35	the	the	DET
cblr-1214	4	36	wealth	wealth	NOUN
cblr-1214	4	37	of	of	ADP
cblr-1214	4	38	actual	actual	ADJ
cblr-1214	4	39	shareholders	shareholder	NOUN
cblr-1214	4	40	and	and	CCONJ
cblr-1214	4	41	(	(	PUNCT
cblr-1214	4	42	2	2	NUM
cblr-1214	4	43	)	)	PUNCT
cblr-1214	4	44	that	that	SCONJ
cblr-1214	4	45	the	the	DET
cblr-1214	4	46	pursuit	pursuit	NOUN
cblr-1214	4	47	of	of	ADP
cblr-1214	4	48	shareholder	shareholder	NOUN
cblr-1214	4	49	wealth	wealth	NOUN
cblr-1214	4	50	maximization	maximization	NOUN
cblr-1214	4	51	,	,	PUNCT
cblr-1214	4	52	as	as	SCONJ
cblr-1214	4	53	measured	measure	VERB
cblr-1214	4	54	by	by	ADP
cblr-1214	4	55	share	share	NOUN
cblr-1214	4	56	price	price	NOUN
cblr-1214	4	57	,	,	PUNCT
cblr-1214	4	58	is	be	AUX
cblr-1214	4	59	socially	socially	ADV
cblr-1214	4	60	beneficial	beneficial	ADJ
cblr-1214	4	61	.	.	PUNCT
cblr-1214	5	1	if	if	SCONJ
cblr-1214	5	2	the	the	DET
cblr-1214	5	3	shareholder	shareholder	NOUN
cblr-1214	5	4	wealth	wealth	NOUN
cblr-1214	5	5	maximization	maximization	NOUN
cblr-1214	5	6	norm	norm	NOUN
cblr-1214	5	7	does	do	AUX
cblr-1214	5	8	not	not	PART
cblr-1214	5	9	truly	truly	ADV
cblr-1214	5	10	maximize	maximize	VERB
cblr-1214	5	11	shareholder	shareholder	NOUN
cblr-1214	5	12	wealth	wealth	NOUN
cblr-1214	5	13	,	,	PUNCT
cblr-1214	5	14	it	it	PRON
cblr-1214	5	15	fails	fail	VERB
cblr-1214	5	16	by	by	ADP
cblr-1214	5	17	its	its	PRON
cblr-1214	5	18	own	own	ADJ
cblr-1214	5	19	terms	term	NOUN
cblr-1214	5	20	.	.	PUNCT
cblr-1214	6	1	if	if	SCONJ
cblr-1214	6	2	pursuing	pursue	VERB
cblr-1214	6	3	shareholder	shareholder	NOUN
cblr-1214	6	4	wealth	wealth	NOUN
cblr-1214	6	5	maximization	maximization	NOUN
cblr-1214	6	6	does	do	AUX
cblr-1214	6	7	not	not	PART
cblr-1214	6	8	produce	produce	VERB
cblr-1214	6	9	a	a	DET
cblr-1214	6	10	net	net	ADJ
cblr-1214	6	11	social	social	ADJ
cblr-1214	6	12	benefit	benefit	NOUN
cblr-1214	6	13	but	but	CCONJ
cblr-1214	6	14	instead	instead	ADV
cblr-1214	6	15	generates	generate	VERB
cblr-1214	6	16	a	a	DET
cblr-1214	6	17	net	net	ADJ
cblr-1214	6	18	social	social	ADJ
cblr-1214	6	19	harm	harm	NOUN
cblr-1214	6	20	,	,	PUNCT
cblr-1214	6	21	the	the	DET
cblr-1214	6	22	pursuit	pursuit	NOUN
cblr-1214	6	23	of	of	ADP
cblr-1214	6	24	shareholder	shareholder	NOUN
cblr-1214	6	25	wealth	wealth	NOUN
cblr-1214	6	26	maximization	maximization	NOUN
cblr-1214	6	27	no	no	ADV
cblr-1214	6	28	longer	long	ADV
cblr-1214	6	29	constitutes	constitute	VERB
cblr-1214	6	30	a	a	DET
cblr-1214	6	31	“	"	PUNCT
cblr-1214	6	32	win	win	NOUN
cblr-1214	6	33	-	-	PUNCT
cblr-1214	6	34	win	win	NOUN
cblr-1214	6	35	”	"	PUNCT
cblr-1214	6	36	for	for	ADP
cblr-1214	6	37	businesses	business	NOUN
cblr-1214	6	38	and	and	CCONJ
cblr-1214	6	39	consumers	consumer	NOUN
cblr-1214	6	40	but	but	CCONJ
cblr-1214	6	41	instead	instead	ADV
cblr-1214	6	42	elevates	elevate	VERB
cblr-1214	6	43	business	business	NOUN
cblr-1214	6	44	interests	interest	NOUN
cblr-1214	6	45	in	in	ADP
cblr-1214	6	46	a	a	DET
cblr-1214	6	47	zero	zero	NUM
cblr-1214	6	48	-	-	PUNCT
cblr-1214	6	49	sum	sum	NOUN
cblr-1214	6	50	competition	competition	NOUN
cblr-1214	6	51	between	between	ADP
cblr-1214	6	52	the	the	DET
cblr-1214	6	53	two	two	NUM
cblr-1214	6	54	groups	group	NOUN
cblr-1214	6	55	.	.	PUNCT
cblr-1214	7	1	this	this	DET
cblr-1214	7	2	article	article	NOUN
cblr-1214	7	3	addresses	address	VERB
cblr-1214	7	4	one	one	NUM
cblr-1214	7	5	context	context	NOUN
cblr-1214	7	6	where	where	SCONJ
cblr-1214	7	7	the	the	DET
cblr-1214	7	8	pursuit	pursuit	NOUN
cblr-1214	7	9	of	of	ADP
cblr-1214	7	10	share	share	NOUN
cblr-1214	7	11	price	price	NOUN
cblr-1214	7	12	gains	gain	NOUN
cblr-1214	7	13	both	both	CCONJ
cblr-1214	7	14	fails	fail	VERB
cblr-1214	7	15	to	to	PART
cblr-1214	7	16	maximize	maximize	VERB
cblr-1214	7	17	the	the	DET
cblr-1214	7	18	wealth	wealth	NOUN
cblr-1214	7	19	of	of	ADP
cblr-1214	7	20	all	all	DET
cblr-1214	7	21	shareholders	shareholder	NOUN
cblr-1214	7	22	and	and	CCONJ
cblr-1214	7	23	fails	fail	VERB
cblr-1214	7	24	to	to	PART
cblr-1214	7	25	benefit	benefit	VERB
cblr-1214	7	26	society	society	NOUN
cblr-1214	7	27	:	:	PUNCT
cblr-1214	7	28	corporate	corporate	ADJ
cblr-1214	7	29	mergers	merger	NOUN
cblr-1214	7	30	and	and	CCONJ
cblr-1214	7	31	acquisitions	acquisition	NOUN
cblr-1214	7	32	activity	activity	NOUN
cblr-1214	7	33	.	.	PUNCT
cblr-1214	8	1	since	since	SCONJ
cblr-1214	8	2	henry	henry	PROPN
cblr-1214	8	3	manne	manne	PROPN
cblr-1214	8	4	’s	’s	PART
cblr-1214	8	5	seminal	seminal	ADJ
cblr-1214	8	6	paper	paper	NOUN
cblr-1214	8	7	,	,	PUNCT
cblr-1214	8	8	the	the	DET
cblr-1214	8	9	market	market	NOUN
cblr-1214	8	10	for	for	ADP
cblr-1214	8	11	corporate	corporate	ADJ
cblr-1214	8	12	control	control	NOUN
cblr-1214	8	13	,	,	PUNCT
cblr-1214	8	14	it	it	PRON
cblr-1214	8	15	has	have	AUX
cblr-1214	8	16	been	be	AUX
cblr-1214	8	17	generally	generally	ADV
cblr-1214	8	18	accepted	accept	VERB
cblr-1214	8	19	that	that	SCONJ
cblr-1214	8	20	merger	merger	NOUN
cblr-1214	8	21	gains	gain	NOUN
cblr-1214	8	22	accrue	accrue	VERB
cblr-1214	8	23	either	either	CCONJ
cblr-1214	8	24	through	through	ADP
cblr-1214	8	25	efficiency	efficiency	NOUN
cblr-1214	8	26	or	or	CCONJ
cblr-1214	8	27	market	market	NOUN
cblr-1214	8	28	power	power	NOUN
cblr-1214	8	29	.	.	PUNCT
cblr-1214	9	1	efficiency	efficiency	NOUN
cblr-1214	9	2	gains	gain	NOUN
cblr-1214	9	3	involve	involve	VERB
cblr-1214	9	4	creating	create	VERB
cblr-1214	9	5	synergies	synergy	NOUN
cblr-1214	9	6	and	and	CCONJ
cblr-1214	9	7	eliminating	eliminate	VERB
cblr-1214	9	8	redundancies	redundancy	NOUN
cblr-1214	9	9	,	,	PUNCT
cblr-1214	9	10	thus	thus	ADV
cblr-1214	9	11	enabling	enable	VERB
cblr-1214	9	12	merged	merged	ADJ
cblr-1214	9	13	entities	entity	NOUN
cblr-1214	9	14	to	to	PART
cblr-1214	9	15	do	do	VERB
cblr-1214	9	16	more	more	ADJ
cblr-1214	9	17	with	with	ADP
cblr-1214	9	18	less	less	ADJ
cblr-1214	9	19	.	.	PUNCT
cblr-1214	10	1	to	to	ADP
cblr-1214	10	2	the	the	DET
cblr-1214	10	3	extent	extent	NOUN
cblr-1214	10	4	that	that	SCONJ
cblr-1214	10	5	merger	merger	NOUN
cblr-1214	10	6	gains	gain	NOUN
cblr-1214	10	7	accrue	accrue	VERB
cblr-1214	10	8	via	via	ADP
cblr-1214	10	9	this	this	DET
cblr-1214	10	10	route	route	NOUN
cblr-1214	10	11	,	,	PUNCT
cblr-1214	10	12	mergers	merger	NOUN
cblr-1214	10	13	benefit	benefit	VERB
cblr-1214	10	14	everyone	everyone	PRON
cblr-1214	10	15	involved	involve	VERB
cblr-1214	10	16	:	:	PUNCT
cblr-1214	10	17	shareholders	shareholder	NOUN
cblr-1214	10	18	benefit	benefit	VERB
cblr-1214	10	19	from	from	ADP
cblr-1214	10	20	a	a	DET
cblr-1214	10	21	boost	boost	NOUN
cblr-1214	10	22	in	in	ADP
cblr-1214	10	23	share	share	NOUN
cblr-1214	10	24	prices	price	NOUN
cblr-1214	10	25	,	,	PUNCT
cblr-1214	10	26	society	society	NOUN
cblr-1214	10	27	benefits	benefit	NOUN
cblr-1214	10	28	from	from	ADP
cblr-1214	10	29	a	a	DET
cblr-1214	10	30	more	more	ADV
cblr-1214	10	31	efficient	efficient	ADJ
cblr-1214	10	32	marketplace	marketplace	NOUN
cblr-1214	10	33	,	,	PUNCT
cblr-1214	10	34	and	and	CCONJ
cblr-1214	10	35	consumers	consumer	NOUN
cblr-1214	10	36	benefit	benefit	VERB
cblr-1214	10	37	from	from	ADP
cblr-1214	10	38	lower	low	ADJ
cblr-1214	10	39	prices	price	NOUN
cblr-1214	10	40	for	for	ADP
cblr-1214	10	41	goods	good	NOUN
cblr-1214	10	42	*	*	PUNCT
cblr-1214	10	43	assistant	assistant	NOUN
cblr-1214	10	44	professor	professor	NOUN
cblr-1214	10	45	of	of	ADP
cblr-1214	10	46	law	law	NOUN
cblr-1214	10	47	,	,	PUNCT
cblr-1214	10	48	regent	regent	ADJ
cblr-1214	10	49	law	law	NOUN
cblr-1214	10	50	school	school	NOUN
cblr-1214	10	51	.	.	PUNCT
cblr-1214	11	1	i	i	PRON
cblr-1214	11	2	thank	thank	VERB
cblr-1214	11	3	lyman	lyman	PROPN
cblr-1214	11	4	johnson	johnson	PROPN
cblr-1214	11	5	and	and	CCONJ
cblr-1214	11	6	joan	joan	PROPN
cblr-1214	11	7	heminway	heminway	PROPN
cblr-1214	11	8	for	for	ADP
cblr-1214	11	9	their	their	PRON
cblr-1214	11	10	thoughtful	thoughtful	ADJ
cblr-1214	11	11	comments	comment	NOUN
cblr-1214	11	12	on	on	ADP
cblr-1214	11	13	early	early	ADJ
cblr-1214	11	14	drafts	draft	NOUN
cblr-1214	11	15	of	of	ADP
cblr-1214	11	16	this	this	DET
cblr-1214	11	17	article	article	NOUN
cblr-1214	11	18	.	.	PUNCT
cblr-1214	12	1	griffin_final	griffin_final	ADJ
cblr-1214	12	2	no	no	NOUN
cblr-1214	12	3	.	.	PUNCT
cblr-1214	13	1	1:70	1:70	NUM
cblr-1214	13	2	]	]	PUNCT
cblr-1214	13	3	the	the	DET
cblr-1214	13	4	hidden	hidden	ADJ
cblr-1214	13	5	cost	cost	NOUN
cblr-1214	13	6	of	of	ADP
cblr-1214	13	7	m&a	m&a	PROPN
cblr-1214	13	8	71	71	NUM
cblr-1214	13	9	and	and	CCONJ
cblr-1214	13	10	services	service	NOUN
cblr-1214	13	11	.	.	PUNCT
cblr-1214	14	1	in	in	ADP
cblr-1214	14	2	contrast	contrast	NOUN
cblr-1214	14	3	,	,	PUNCT
cblr-1214	14	4	market	market	NOUN
cblr-1214	14	5	power	power	NOUN
cblr-1214	14	6	gains	gain	NOUN
cblr-1214	14	7	enable	enable	VERB
cblr-1214	14	8	the	the	DET
cblr-1214	14	9	merged	merged	ADJ
cblr-1214	14	10	entity	entity	NOUN
cblr-1214	14	11	to	to	PART
cblr-1214	14	12	increase	increase	VERB
cblr-1214	14	13	the	the	DET
cblr-1214	14	14	price	price	NOUN
cblr-1214	14	15	of	of	ADP
cblr-1214	14	16	the	the	DET
cblr-1214	14	17	goods	good	NOUN
cblr-1214	14	18	it	it	PRON
cblr-1214	14	19	sells	sell	VERB
cblr-1214	14	20	or	or	CCONJ
cblr-1214	14	21	the	the	DET
cblr-1214	14	22	services	service	NOUN
cblr-1214	14	23	it	it	PRON
cblr-1214	14	24	provides	provide	VERB
cblr-1214	14	25	,	,	PUNCT
cblr-1214	14	26	thereby	thereby	ADV
cblr-1214	14	27	reducing	reduce	VERB
cblr-1214	14	28	consumer	consumer	NOUN
cblr-1214	14	29	welfare	welfare	NOUN
cblr-1214	14	30	.	.	PUNCT
cblr-1214	15	1	because	because	SCONJ
cblr-1214	15	2	of	of	ADP
cblr-1214	15	3	the	the	DET
cblr-1214	15	4	increased	increase	VERB
cblr-1214	15	5	cost	cost	NOUN
cblr-1214	15	6	to	to	ADP
cblr-1214	15	7	consumers	consumer	NOUN
cblr-1214	15	8	,	,	PUNCT
cblr-1214	15	9	this	this	DET
cblr-1214	15	10	second	second	ADJ
cblr-1214	15	11	option	option	NOUN
cblr-1214	15	12	pits	pit	VERB
cblr-1214	15	13	the	the	DET
cblr-1214	15	14	interests	interest	NOUN
cblr-1214	15	15	of	of	ADP
cblr-1214	15	16	some	some	DET
cblr-1214	15	17	groups	group	NOUN
cblr-1214	15	18	against	against	ADP
cblr-1214	15	19	others	other	NOUN
cblr-1214	15	20	.	.	PUNCT
cblr-1214	16	1	wealthy	wealthy	ADJ
cblr-1214	16	2	shareholders	shareholder	NOUN
cblr-1214	16	3	likely	likely	ADV
cblr-1214	16	4	benefit	benefit	VERB
cblr-1214	16	5	more	more	ADV
cblr-1214	16	6	from	from	ADP
cblr-1214	16	7	share	share	NOUN
cblr-1214	16	8	price	price	NOUN
cblr-1214	16	9	increases	increase	NOUN
cblr-1214	16	10	than	than	SCONJ
cblr-1214	16	11	they	they	PRON
cblr-1214	16	12	are	be	AUX
cblr-1214	16	13	harmed	harm	VERB
cblr-1214	16	14	by	by	ADP
cblr-1214	16	15	the	the	DET
cblr-1214	16	16	increased	increase	VERB
cblr-1214	16	17	cost	cost	NOUN
cblr-1214	16	18	of	of	ADP
cblr-1214	16	19	goods	good	NOUN
cblr-1214	16	20	and	and	CCONJ
cblr-1214	16	21	services	service	NOUN
cblr-1214	16	22	,	,	PUNCT
cblr-1214	16	23	since	since	SCONJ
cblr-1214	16	24	these	these	DET
cblr-1214	16	25	shareholders	shareholder	NOUN
cblr-1214	16	26	tend	tend	VERB
cblr-1214	16	27	to	to	PART
cblr-1214	16	28	own	own	VERB
cblr-1214	16	29	substantial	substantial	ADJ
cblr-1214	16	30	amounts	amount	NOUN
cblr-1214	16	31	of	of	ADP
cblr-1214	16	32	stock	stock	NOUN
cblr-1214	16	33	and	and	CCONJ
cblr-1214	16	34	to	to	PART
cblr-1214	16	35	make	make	VERB
cblr-1214	16	36	substantial	substantial	ADJ
cblr-1214	16	37	sums	sum	NOUN
cblr-1214	16	38	from	from	ADP
cblr-1214	16	39	that	that	DET
cblr-1214	16	40	stock	stock	NOUN
cblr-1214	16	41	.	.	PUNCT
cblr-1214	17	1	however	however	ADV
cblr-1214	17	2	,	,	PUNCT
cblr-1214	17	3	the	the	DET
cblr-1214	17	4	reverse	reverse	NOUN
cblr-1214	17	5	may	may	AUX
cblr-1214	17	6	be	be	AUX
cblr-1214	17	7	true	true	ADJ
cblr-1214	17	8	for	for	ADP
cblr-1214	17	9	less	less	ADV
cblr-1214	17	10	wealthy	wealthy	ADJ
cblr-1214	17	11	shareholders	shareholder	NOUN
cblr-1214	17	12	and	and	CCONJ
cblr-1214	17	13	society	society	NOUN
cblr-1214	17	14	at	at	ADP
cblr-1214	17	15	large	large	ADJ
cblr-1214	17	16	.	.	PUNCT
cblr-1214	18	1	corporate	corporate	ADJ
cblr-1214	18	2	legal	legal	ADJ
cblr-1214	18	3	scholarship	scholarship	NOUN
cblr-1214	18	4	has	have	AUX
cblr-1214	18	5	largely	largely	ADV
cblr-1214	18	6	failed	fail	VERB
cblr-1214	18	7	to	to	PART
cblr-1214	18	8	address	address	VERB
cblr-1214	18	9	this	this	DET
cblr-1214	18	10	hidden	hide	VERB
cblr-1214	18	11	cost	cost	NOUN
cblr-1214	18	12	.	.	PUNCT
cblr-1214	19	1	historically	historically	ADV
cblr-1214	19	2	,	,	PUNCT
cblr-1214	19	3	economic	economic	ADJ
cblr-1214	19	4	literature	literature	NOUN
cblr-1214	19	5	has	have	AUX
cblr-1214	19	6	left	leave	VERB
cblr-1214	19	7	unsettled	unsettle	VERB
cblr-1214	19	8	whether	whether	SCONJ
cblr-1214	19	9	merger	merger	NOUN
cblr-1214	19	10	gains	gain	NOUN
cblr-1214	19	11	accrue	accrue	VERB
cblr-1214	19	12	primarily	primarily	ADV
cblr-1214	19	13	through	through	ADP
cblr-1214	19	14	the	the	DET
cblr-1214	19	15	former	former	ADJ
cblr-1214	19	16	or	or	CCONJ
cblr-1214	19	17	latter	latter	ADJ
cblr-1214	19	18	routes	route	NOUN
cblr-1214	19	19	,	,	PUNCT
cblr-1214	19	20	leaving	leave	VERB
cblr-1214	19	21	scholars	scholar	NOUN
cblr-1214	19	22	free	free	ADJ
cblr-1214	19	23	to	to	PART
cblr-1214	19	24	assume	assume	VERB
cblr-1214	19	25	that	that	SCONJ
cblr-1214	19	26	merger	merger	NOUN
cblr-1214	19	27	gains	gain	NOUN
cblr-1214	19	28	do	do	AUX
cblr-1214	19	29	not	not	PART
cblr-1214	19	30	necessarily	necessarily	ADV
cblr-1214	19	31	come	come	VERB
cblr-1214	19	32	at	at	ADP
cblr-1214	19	33	the	the	DET
cblr-1214	19	34	expense	expense	NOUN
cblr-1214	19	35	of	of	ADP
cblr-1214	19	36	consumers	consumer	NOUN
cblr-1214	19	37	or	or	CCONJ
cblr-1214	19	38	society	society	NOUN
cblr-1214	19	39	.	.	PUNCT
cblr-1214	20	1	recent	recent	ADJ
cblr-1214	20	2	research	research	NOUN
cblr-1214	20	3	,	,	PUNCT
cblr-1214	20	4	however	however	ADV
cblr-1214	20	5	,	,	PUNCT
cblr-1214	20	6	reveals	reveal	VERB
cblr-1214	20	7	that	that	SCONJ
cblr-1214	20	8	most	most	ADJ
cblr-1214	20	9	gains	gain	NOUN
cblr-1214	20	10	in	in	ADP
cblr-1214	20	11	u.s	u.s	PROPN
cblr-1214	20	12	.	.	PROPN
cblr-1214	20	13	mergers	merger	NOUN
cblr-1214	20	14	come	come	VERB
cblr-1214	20	15	from	from	ADP
cblr-1214	20	16	market	market	NOUN
cblr-1214	20	17	power	power	NOUN
cblr-1214	20	18	increases	increase	NOUN
cblr-1214	20	19	.	.	PUNCT
cblr-1214	21	1	this	this	DET
cblr-1214	21	2	finding	finding	NOUN
cblr-1214	21	3	exposes	expose	VERB
cblr-1214	21	4	two	two	NUM
cblr-1214	21	5	key	key	ADJ
cblr-1214	21	6	shortcomings	shortcoming	NOUN
cblr-1214	21	7	of	of	ADP
cblr-1214	21	8	traditionalist	traditionalist	NOUN
cblr-1214	21	9	interpretations	interpretation	NOUN
cblr-1214	21	10	of	of	ADP
cblr-1214	21	11	the	the	DET
cblr-1214	21	12	shareholder	shareholder	NOUN
cblr-1214	21	13	wealth	wealth	NOUN
cblr-1214	21	14	maximization	maximization	PROPN
cblr-1214	21	15	norm	norm	NOUN
cblr-1214	21	16	:	:	PUNCT
cblr-1214	21	17	(	(	PUNCT
cblr-1214	21	18	1	1	X
cblr-1214	21	19	)	)	PUNCT
cblr-1214	21	20	share	share	NOUN
cblr-1214	21	21	price	price	NOUN
cblr-1214	21	22	gains	gain	NOUN
cblr-1214	21	23	serve	serve	VERB
cblr-1214	21	24	as	as	ADP
cblr-1214	21	25	an	an	DET
cblr-1214	21	26	inadequate	inadequate	ADJ
cblr-1214	21	27	proxy	proxy	NOUN
cblr-1214	21	28	for	for	ADP
cblr-1214	21	29	increased	increase	VERB
cblr-1214	21	30	financial	financial	ADJ
cblr-1214	21	31	welfare	welfare	NOUN
cblr-1214	21	32	for	for	ADP
cblr-1214	21	33	all	all	DET
cblr-1214	21	34	shareholders	shareholder	NOUN
cblr-1214	21	35	,	,	PUNCT
cblr-1214	21	36	and	and	CCONJ
cblr-1214	21	37	(	(	PUNCT
cblr-1214	21	38	2	2	X
cblr-1214	21	39	)	)	PUNCT
cblr-1214	21	40	share	share	NOUN
cblr-1214	21	41	price	price	NOUN
cblr-1214	21	42	gains	gain	NOUN
cblr-1214	21	43	serve	serve	VERB
cblr-1214	21	44	as	as	ADP
cblr-1214	21	45	an	an	DET
cblr-1214	21	46	inadequate	inadequate	ADJ
cblr-1214	21	47	proxy	proxy	NOUN
cblr-1214	21	48	for	for	ADP
cblr-1214	21	49	increased	increase	VERB
cblr-1214	21	50	social	social	ADJ
cblr-1214	21	51	welfare	welfare	NOUN
cblr-1214	21	52	.	.	PUNCT
cblr-1214	22	1	if	if	SCONJ
cblr-1214	22	2	we	we	PRON
cblr-1214	22	3	truly	truly	ADV
cblr-1214	22	4	desire	desire	VERB
cblr-1214	22	5	to	to	PART
cblr-1214	22	6	maximize	maximize	VERB
cblr-1214	22	7	the	the	DET
cblr-1214	22	8	wealth	wealth	NOUN
cblr-1214	22	9	of	of	ADP
cblr-1214	22	10	all	all	DET
cblr-1214	22	11	shareholders	shareholder	NOUN
cblr-1214	22	12	and	and	CCONJ
cblr-1214	22	13	to	to	PART
cblr-1214	22	14	benefit	benefit	VERB
cblr-1214	22	15	society	society	NOUN
cblr-1214	22	16	as	as	ADP
cblr-1214	22	17	a	a	DET
cblr-1214	22	18	whole	whole	NOUN
cblr-1214	22	19	,	,	PUNCT
cblr-1214	22	20	then	then	ADV
cblr-1214	22	21	we	we	PRON
cblr-1214	22	22	can	can	AUX
cblr-1214	22	23	not	not	PART
cblr-1214	22	24	rely	rely	VERB
cblr-1214	22	25	on	on	ADP
cblr-1214	22	26	share	share	NOUN
cblr-1214	22	27	price	price	NOUN
cblr-1214	22	28	gains	gain	NOUN
cblr-1214	22	29	as	as	ADP
cblr-1214	22	30	a	a	DET
cblr-1214	22	31	proxy	proxy	NOUN
cblr-1214	22	32	for	for	ADP
cblr-1214	22	33	the	the	DET
cblr-1214	22	34	interests	interest	NOUN
cblr-1214	22	35	of	of	ADP
cblr-1214	22	36	all	all	DET
cblr-1214	22	37	constituencies	constituency	NOUN
cblr-1214	22	38	.	.	PUNCT
cblr-1214	23	1	i.	i.	PROPN
cblr-1214	23	2	introduction	introduction	NOUN
cblr-1214	23	3	.................................................................	.................................................................	PUNCT
cblr-1214	23	4	73	73	NUM
cblr-1214	23	5	ii	ii	NOUN
cblr-1214	23	6	.	.	PUNCT
cblr-1214	24	1	core	core	NOUN
cblr-1214	24	2	assumptions	assumption	NOUN
cblr-1214	24	3	of	of	ADP
cblr-1214	24	4	the	the	DET
cblr-1214	24	5	shareholder	shareholder	NOUN
cblr-1214	24	6	wealth	wealth	NOUN
cblr-1214	24	7	maximization	maximization	NOUN
cblr-1214	24	8	norm	norm	NOUN
cblr-1214	24	9	.....................................................	.....................................................	PUNCT
cblr-1214	24	10	78	78	NUM
cblr-1214	24	11	a.	a.	NOUN
cblr-1214	24	12	the	the	DET
cblr-1214	24	13	purpose	purpose	NOUN
cblr-1214	24	14	of	of	ADP
cblr-1214	24	15	a	a	DET
cblr-1214	24	16	corporation	corporation	NOUN
cblr-1214	24	17	is	be	AUX
cblr-1214	24	18	to	to	PART
cblr-1214	24	19	benefit	benefit	VERB
cblr-1214	24	20	shareholders	shareholder	NOUN
cblr-1214	24	21	financially	financially	ADV
cblr-1214	24	22	......................................	......................................	PUNCT
cblr-1214	24	23	78	78	NUM
cblr-1214	24	24	b.	b.	NOUN
cblr-1214	24	25	“	"	PUNCT
cblr-1214	24	26	shareholders	shareholder	NOUN
cblr-1214	24	27	”	"	PUNCT
cblr-1214	24	28	refers	refer	VERB
cblr-1214	24	29	to	to	ADP
cblr-1214	24	30	personified	personified	PROPN
cblr-1214	24	31	stock	stock	NOUN
cblr-1214	24	32	..........	..........	PUNCT
cblr-1214	25	1	79	79	NUM
cblr-1214	25	2	c.	c.	NOUN
cblr-1214	25	3	shareholder	shareholder	NOUN
cblr-1214	25	4	wealth	wealth	PROPN
cblr-1214	25	5	maximization	maximization	PROPN
cblr-1214	25	6	benefits	benefit	VERB
cblr-1214	25	7	society	society	NOUN
cblr-1214	25	8	as	as	ADP
cblr-1214	25	9	a	a	DET
cblr-1214	25	10	whole	whole	NOUN
cblr-1214	25	11	..............................................................	..............................................................	PUNCT
cblr-1214	25	12	84	84	NUM
cblr-1214	25	13	iii	iii	NOUN
cblr-1214	25	14	.	.	PUNCT
cblr-1214	26	1	the	the	DET
cblr-1214	26	2	shareholder	shareholder	NOUN
cblr-1214	26	3	wealth	wealth	NOUN
cblr-1214	26	4	maximization	maximization	NOUN
cblr-1214	26	5	norm	norm	NOUN
cblr-1214	26	6	and	and	CCONJ
cblr-1214	26	7	m&a	m&a	PROPN
cblr-1214	26	8	activity	activity	NOUN
cblr-1214	26	9	:	:	PUNCT
cblr-1214	26	10	theoretical	theoretical	ADJ
cblr-1214	26	11	perspectives	perspective	NOUN
cblr-1214	26	12	.....................	.....................	PUNCT
cblr-1214	26	13	85	85	NUM
cblr-1214	26	14	iv	iv	NUM
cblr-1214	26	15	.	.	PUNCT
cblr-1214	27	1	a	a	DET
cblr-1214	27	2	summary	summary	NOUN
cblr-1214	27	3	of	of	ADP
cblr-1214	27	4	economic	economic	ADJ
cblr-1214	27	5	research	research	NOUN
cblr-1214	27	6	on	on	ADP
cblr-1214	27	7	the	the	DET
cblr-1214	27	8	source	source	NOUN
cblr-1214	27	9	of	of	ADP
cblr-1214	27	10	merger	merger	NOUN
cblr-1214	27	11	gains	gain	NOUN
cblr-1214	27	12	...............................................................	...............................................................	PUNCT
cblr-1214	28	1	94	94	NUM
cblr-1214	28	2	griffin_final	griffin_final	ADJ
cblr-1214	28	3	72	72	NUM
cblr-1214	28	4	columbia	columbia	PROPN
cblr-1214	28	5	business	business	NOUN
cblr-1214	28	6	law	law	PROPN
cblr-1214	28	7	review	review	NOUN
cblr-1214	28	8	[	[	X
cblr-1214	28	9	vol	vol	NOUN
cblr-1214	28	10	.	.	PUNCT
cblr-1214	28	11	2018	2018	NUM
cblr-1214	28	12	a.	a.	NOUN
cblr-1214	28	13	identifying	identify	VERB
cblr-1214	28	14	the	the	DET
cblr-1214	28	15	source	source	NOUN
cblr-1214	28	16	of	of	ADP
cblr-1214	28	17	merger	merger	NOUN
cblr-1214	28	18	gains	gain	NOUN
cblr-1214	28	19	:	:	PUNCT
cblr-1214	28	20	the	the	DET
cblr-1214	28	21	problem	problem	NOUN
cblr-1214	28	22	with	with	ADP
cblr-1214	28	23	case	case	NOUN
cblr-1214	28	24	study	study	NOUN
cblr-1214	28	25	data	datum	NOUN
cblr-1214	28	26	.............................	.............................	PUNCT
cblr-1214	28	27	97	97	NUM
cblr-1214	28	28	b.	b.	NOUN
cblr-1214	28	29	identifying	identify	VERB
cblr-1214	28	30	the	the	DET
cblr-1214	28	31	source	source	NOUN
cblr-1214	28	32	of	of	ADP
cblr-1214	28	33	merger	merger	NOUN
cblr-1214	28	34	gains	gain	NOUN
cblr-1214	28	35	:	:	PUNCT
cblr-1214	28	36	conclusions	conclusion	NOUN
cblr-1214	28	37	from	from	ADP
cblr-1214	28	38	broad	broad	ADV
cblr-1214	28	39	-	-	PUNCT
cblr-1214	28	40	based	base	VERB
cblr-1214	28	41	data	datum	NOUN
cblr-1214	28	42	....................	....................	PUNCT
cblr-1214	29	1	99	99	NUM
cblr-1214	29	2	c.	c.	NOUN
cblr-1214	29	3	the	the	DET
cblr-1214	29	4	economic	economic	ADJ
cblr-1214	29	5	effects	effect	NOUN
cblr-1214	29	6	of	of	ADP
cblr-1214	29	7	market	market	NOUN
cblr-1214	29	8	power	power	NOUN
cblr-1214	29	9	increases	increase	NOUN
cblr-1214	29	10	..............................................................	..............................................................	PUNCT
cblr-1214	29	11	106	106	NUM
cblr-1214	29	12	d.	d.	NOUN
cblr-1214	29	13	the	the	DET
cblr-1214	29	14	implications	implication	NOUN
cblr-1214	29	15	of	of	ADP
cblr-1214	29	16	market	market	NOUN
cblr-1214	29	17	power	power	NOUN
cblr-1214	29	18	increases	increase	NOUN
cblr-1214	29	19	for	for	ADP
cblr-1214	29	20	consumers	consumer	NOUN
cblr-1214	29	21	&	&	CCONJ
cblr-1214	29	22	society	society	NOUN
cblr-1214	29	23	..........................................	..........................................	PUNCT
cblr-1214	29	24	108	108	NUM
cblr-1214	30	1	v.	v.	ADP
cblr-1214	30	2	examining	examine	VERB
cblr-1214	30	3	the	the	DET
cblr-1214	30	4	implications	implication	NOUN
cblr-1214	30	5	of	of	ADP
cblr-1214	30	6	economic	economic	ADJ
cblr-1214	30	7	data	datum	NOUN
cblr-1214	30	8	.........	.........	PUNCT
cblr-1214	30	9	110	110	NUM
cblr-1214	30	10	a.	a.	NOUN
cblr-1214	30	11	the	the	DET
cblr-1214	30	12	traits	trait	NOUN
cblr-1214	30	13	of	of	ADP
cblr-1214	30	14	american	american	ADJ
cblr-1214	30	15	shareholders	shareholder	NOUN
cblr-1214	30	16	.................	.................	PUNCT
cblr-1214	30	17	110	110	NUM
cblr-1214	30	18	b.	b.	NOUN
cblr-1214	30	19	the	the	DET
cblr-1214	30	20	implications	implication	NOUN
cblr-1214	30	21	of	of	ADP
cblr-1214	30	22	the	the	DET
cblr-1214	30	23	traits	trait	NOUN
cblr-1214	30	24	of	of	ADP
cblr-1214	30	25	american	american	ADJ
cblr-1214	30	26	shareholders	shareholder	NOUN
cblr-1214	30	27	for	for	ADP
cblr-1214	30	28	the	the	DET
cblr-1214	30	29	shareholder	shareholder	NOUN
cblr-1214	30	30	wealth	wealth	NOUN
cblr-1214	30	31	maximization	maximization	NOUN
cblr-1214	30	32	norm	norm	NOUN
cblr-1214	30	33	............................................	............................................	PUNCT
cblr-1214	30	34	113	113	NUM
cblr-1214	30	35	c.	c.	NOUN
cblr-1214	30	36	implications	implication	NOUN
cblr-1214	30	37	for	for	ADP
cblr-1214	30	38	well	well	ADV
cblr-1214	30	39	-	-	PUNCT
cblr-1214	30	40	meaning	mean	VERB
cblr-1214	30	41	directors	director	NOUN
cblr-1214	30	42	...........	...........	PUNCT
cblr-1214	30	43	114	114	NUM
cblr-1214	30	44	d.	d.	NOUN
cblr-1214	30	45	implications	implication	NOUN
cblr-1214	30	46	for	for	ADP
cblr-1214	30	47	well	well	ADV
cblr-1214	30	48	-	-	PUNCT
cblr-1214	30	49	meaning	mean	VERB
cblr-1214	30	50	mutual	mutual	ADJ
cblr-1214	30	51	fund	fund	NOUN
cblr-1214	30	52	managers	manager	NOUN
cblr-1214	30	53	.............................................................	.............................................................	PUNCT
cblr-1214	30	54	116	116	NUM
cblr-1214	30	55	e.	e.	PROPN
cblr-1214	30	56	implications	implication	NOUN
cblr-1214	30	57	for	for	ADP
cblr-1214	30	58	well	well	ADV
cblr-1214	30	59	-	-	PUNCT
cblr-1214	30	60	meaning	mean	VERB
cblr-1214	30	61	pension	pension	NOUN
cblr-1214	30	62	fund	fund	NOUN
cblr-1214	30	63	managers	manager	NOUN
cblr-1214	30	64	.............................................................	.............................................................	PUNCT
cblr-1214	30	65	118	118	NUM
cblr-1214	30	66	f.	f.	NOUN
cblr-1214	30	67	implications	implication	NOUN
cblr-1214	30	68	for	for	ADP
cblr-1214	30	69	well	well	ADV
cblr-1214	30	70	-	-	PUNCT
cblr-1214	30	71	meaning	mean	VERB
cblr-1214	30	72	hedge	hedge	NOUN
cblr-1214	30	73	fund	fund	NOUN
cblr-1214	30	74	managers	manager	NOUN
cblr-1214	30	75	.............................................................	.............................................................	PUNCT
cblr-1214	30	76	122	122	NUM
cblr-1214	30	77	g.	g.	NOUN
cblr-1214	30	78	implications	implication	NOUN
cblr-1214	30	79	for	for	ADP
cblr-1214	30	80	scholars	scholar	NOUN
cblr-1214	30	81	.....................................	.....................................	PUNCT
cblr-1214	30	82	128	128	NUM
cblr-1214	30	83	vi	vi	NOUN
cblr-1214	30	84	.	.	PUNCT
cblr-1214	30	85	conclusion	conclusion	NOUN
cblr-1214	30	86	..................................................................	..................................................................	PUNCT
cblr-1214	31	1	128	128	NUM
cblr-1214	32	1	this	this	DET
cblr-1214	32	2	article	article	NOUN
cblr-1214	32	3	seeks	seek	VERB
cblr-1214	32	4	to	to	PART
cblr-1214	32	5	answer	answer	VERB
cblr-1214	32	6	two	two	NUM
cblr-1214	32	7	questions	question	NOUN
cblr-1214	32	8	.	.	PUNCT
cblr-1214	33	1	first	first	ADV
cblr-1214	33	2	,	,	PUNCT
cblr-1214	33	3	does	do	AUX
cblr-1214	33	4	the	the	DET
cblr-1214	33	5	shareholder	shareholder	NOUN
cblr-1214	33	6	wealth	wealth	NOUN
cblr-1214	33	7	maximization	maximization	NOUN
cblr-1214	33	8	norm	norm	NOUN
cblr-1214	33	9	,	,	PUNCT
cblr-1214	33	10	as	as	SCONJ
cblr-1214	33	11	currently	currently	ADV
cblr-1214	33	12	understood	understand	VERB
cblr-1214	33	13	,	,	PUNCT
cblr-1214	33	14	actually	actually	ADV
cblr-1214	33	15	result	result	VERB
cblr-1214	33	16	in	in	ADP
cblr-1214	33	17	wealth	wealth	NOUN
cblr-1214	33	18	maximization	maximization	NOUN
cblr-1214	33	19	for	for	ADP
cblr-1214	33	20	a	a	DET
cblr-1214	33	21	typical	typical	ADJ
cblr-1214	33	22	shareholder	shareholder	NOUN
cblr-1214	33	23	?	?	PUNCT
cblr-1214	34	1	second	second	ADV
cblr-1214	34	2	,	,	PUNCT
cblr-1214	34	3	does	do	AUX
cblr-1214	34	4	pursuing	pursue	VERB
cblr-1214	34	5	shareholder	shareholder	NOUN
cblr-1214	34	6	wealth	wealth	NOUN
cblr-1214	34	7	maximization	maximization	NOUN
cblr-1214	34	8	benefit	benefit	NOUN
cblr-1214	34	9	or	or	CCONJ
cblr-1214	34	10	harm	harm	VERB
cblr-1214	34	11	society	society	NOUN
cblr-1214	34	12	at	at	ADP
cblr-1214	34	13	large	large	ADJ
cblr-1214	34	14	?	?	PUNCT
cblr-1214	35	1	complete	complete	ADJ
cblr-1214	35	2	answers	answer	NOUN
cblr-1214	35	3	to	to	ADP
cblr-1214	35	4	these	these	DET
cblr-1214	35	5	questions	question	NOUN
cblr-1214	35	6	would	would	AUX
cblr-1214	35	7	require	require	VERB
cblr-1214	35	8	an	an	DET
cblr-1214	35	9	analysis	analysis	NOUN
cblr-1214	35	10	of	of	ADP
cblr-1214	35	11	all	all	DET
cblr-1214	35	12	corporate	corporate	ADJ
cblr-1214	35	13	activity	activity	NOUN
cblr-1214	35	14	.	.	PUNCT
cblr-1214	36	1	this	this	DET
cblr-1214	36	2	article	article	NOUN
cblr-1214	36	3	instead	instead	ADV
cblr-1214	36	4	attempts	attempt	VERB
cblr-1214	36	5	to	to	PART
cblr-1214	36	6	answer	answer	VERB
cblr-1214	36	7	these	these	DET
cblr-1214	36	8	questions	question	NOUN
cblr-1214	36	9	within	within	ADP
cblr-1214	36	10	a	a	DET
cblr-1214	36	11	narrow	narrow	ADJ
cblr-1214	36	12	scope	scope	NOUN
cblr-1214	36	13	—	—	PUNCT
cblr-1214	36	14	in	in	ADP
cblr-1214	36	15	the	the	DET
cblr-1214	36	16	context	context	NOUN
cblr-1214	36	17	of	of	ADP
cblr-1214	36	18	corporate	corporate	ADJ
cblr-1214	36	19	mergers	merger	NOUN
cblr-1214	36	20	and	and	CCONJ
cblr-1214	36	21	acquisitions	acquisition	NOUN
cblr-1214	36	22	(	(	PUNCT
cblr-1214	36	23	collectively	collectively	ADV
cblr-1214	36	24	,	,	PUNCT
cblr-1214	36	25	“	"	PUNCT
cblr-1214	36	26	m&a	m&a	PROPN
cblr-1214	36	27	”	"	PUNCT
cblr-1214	36	28	)	)	PUNCT
cblr-1214	36	29	.	.	PUNCT
cblr-1214	37	1	empirical	empirical	ADJ
cblr-1214	37	2	evidence	evidence	NOUN
cblr-1214	37	3	suggests	suggest	VERB
cblr-1214	37	4	that	that	SCONJ
cblr-1214	37	5	,	,	PUNCT
cblr-1214	37	6	to	to	ADP
cblr-1214	37	7	the	the	DET
cblr-1214	37	8	extent	extent	NOUN
cblr-1214	37	9	that	that	PRON
cblr-1214	37	10	m&a	m&a	PROPN
cblr-1214	37	11	activity	activity	NOUN
cblr-1214	37	12	generates	generate	VERB
cblr-1214	37	13	returns	return	NOUN
cblr-1214	37	14	to	to	ADP
cblr-1214	37	15	shareholders	shareholder	NOUN
cblr-1214	37	16	,	,	PUNCT
cblr-1214	37	17	these	these	DET
cblr-1214	37	18	gains	gain	NOUN
cblr-1214	37	19	accrue	accrue	VERB
cblr-1214	37	20	largely	largely	ADV
cblr-1214	37	21	through	through	ADP
cblr-1214	37	22	socially	socially	ADV
cblr-1214	37	23	harmful	harmful	ADJ
cblr-1214	37	24	increases	increase	NOUN
cblr-1214	37	25	in	in	ADP
cblr-1214	37	26	market	market	NOUN
cblr-1214	37	27	power	power	NOUN
cblr-1214	37	28	rather	rather	ADV
cblr-1214	37	29	than	than	ADP
cblr-1214	37	30	through	through	ADP
cblr-1214	37	31	socially	socially	ADV
cblr-1214	37	32	beneficial	beneficial	ADJ
cblr-1214	37	33	increases	increase	NOUN
cblr-1214	37	34	in	in	ADP
cblr-1214	37	35	griffin_final	griffin_final	ADJ
cblr-1214	37	36	no	no	NOUN
cblr-1214	37	37	.	.	PUNCT
cblr-1214	38	1	1:70	1:70	NUM
cblr-1214	38	2	]	]	PUNCT
cblr-1214	38	3	the	the	DET
cblr-1214	38	4	hidden	hidden	ADJ
cblr-1214	38	5	cost	cost	NOUN
cblr-1214	38	6	of	of	ADP
cblr-1214	38	7	m&a	m&a	PROPN
cblr-1214	38	8	73	73	NUM
cblr-1214	38	9	efficiency.1	efficiency.1	NOUN
cblr-1214	38	10	m&a	m&a	NOUN
cblr-1214	38	11	activity	activity	NOUN
cblr-1214	38	12	that	that	PRON
cblr-1214	38	13	increases	increase	VERB
cblr-1214	38	14	efficiency	efficiency	NOUN
cblr-1214	38	15	can	can	AUX
cblr-1214	38	16	create	create	VERB
cblr-1214	38	17	wealth	wealth	NOUN
cblr-1214	38	18	for	for	ADP
cblr-1214	38	19	both	both	DET
cblr-1214	38	20	consumers	consumer	NOUN
cblr-1214	38	21	and	and	CCONJ
cblr-1214	38	22	shareholders	shareholder	NOUN
cblr-1214	38	23	:	:	PUNCT
cblr-1214	38	24	consumers	consumer	NOUN
cblr-1214	38	25	benefit	benefit	VERB
cblr-1214	38	26	from	from	ADP
cblr-1214	38	27	lower	low	ADJ
cblr-1214	38	28	prices	price	NOUN
cblr-1214	38	29	and	and	CCONJ
cblr-1214	38	30	the	the	DET
cblr-1214	38	31	firm	firm	NOUN
cblr-1214	38	32	(	(	PUNCT
cblr-1214	38	33	i.e.	i.e.	X
cblr-1214	38	34	,	,	PUNCT
cblr-1214	38	35	the	the	DET
cblr-1214	38	36	shareholders	shareholder	NOUN
cblr-1214	38	37	)	)	PUNCT
cblr-1214	38	38	benefits	benefit	NOUN
cblr-1214	38	39	from	from	ADP
cblr-1214	38	40	increased	increase	VERB
cblr-1214	38	41	profits	profit	NOUN
cblr-1214	38	42	.	.	PUNCT
cblr-1214	39	1	m&a	m&a	PROPN
cblr-1214	39	2	activity	activity	NOUN
cblr-1214	39	3	that	that	PRON
cblr-1214	39	4	increases	increase	VERB
cblr-1214	39	5	market	market	NOUN
cblr-1214	39	6	power	power	NOUN
cblr-1214	39	7	raises	raise	VERB
cblr-1214	39	8	the	the	DET
cblr-1214	39	9	price	price	NOUN
cblr-1214	39	10	of	of	ADP
cblr-1214	39	11	goods	good	NOUN
cblr-1214	39	12	and	and	CCONJ
cblr-1214	39	13	services	service	NOUN
cblr-1214	39	14	.	.	PUNCT
cblr-1214	40	1	although	although	SCONJ
cblr-1214	40	2	this	this	DET
cblr-1214	40	3	price	price	NOUN
cblr-1214	40	4	increase	increase	NOUN
cblr-1214	40	5	is	be	AUX
cblr-1214	40	6	profitable	profitable	ADJ
cblr-1214	40	7	for	for	ADP
cblr-1214	40	8	the	the	DET
cblr-1214	40	9	firm	firm	NOUN
cblr-1214	40	10	,	,	PUNCT
cblr-1214	40	11	consumers	consumer	NOUN
cblr-1214	40	12	pay	pay	VERB
cblr-1214	40	13	higher	high	ADJ
cblr-1214	40	14	prices	price	NOUN
cblr-1214	40	15	while	while	SCONJ
cblr-1214	40	16	receiving	receive	VERB
cblr-1214	40	17	no	no	DET
cblr-1214	40	18	corresponding	corresponding	ADJ
cblr-1214	40	19	increase	increase	NOUN
cblr-1214	40	20	in	in	ADP
cblr-1214	40	21	value	value	NOUN
cblr-1214	40	22	for	for	ADP
cblr-1214	40	23	themselves	themselves	PRON
cblr-1214	40	24	.	.	PUNCT
cblr-1214	41	1	since	since	SCONJ
cblr-1214	41	2	m&a	m&a	PROPN
cblr-1214	41	3	gains	gain	NOUN
cblr-1214	41	4	accrue	accrue	VERB
cblr-1214	41	5	through	through	ADP
cblr-1214	41	6	market	market	NOUN
cblr-1214	41	7	power	power	NOUN
cblr-1214	41	8	increases	increase	NOUN
cblr-1214	41	9	and	and	CCONJ
cblr-1214	41	10	not	not	PART
cblr-1214	41	11	efficiency	efficiency	NOUN
cblr-1214	41	12	increases	increase	NOUN
cblr-1214	41	13	,	,	PUNCT
cblr-1214	41	14	these	these	DET
cblr-1214	41	15	gains	gain	NOUN
cblr-1214	41	16	result	result	VERB
cblr-1214	41	17	not	not	PART
cblr-1214	41	18	from	from	ADP
cblr-1214	41	19	wealth	wealth	NOUN
cblr-1214	41	20	creation	creation	NOUN
cblr-1214	41	21	,	,	PUNCT
cblr-1214	41	22	but	but	CCONJ
cblr-1214	41	23	from	from	ADP
cblr-1214	41	24	wealth	wealth	NOUN
cblr-1214	41	25	transfers	transfer	NOUN
cblr-1214	41	26	.	.	PUNCT
cblr-1214	42	1	importantly	importantly	ADV
cblr-1214	42	2	for	for	ADP
cblr-1214	42	3	purposes	purpose	NOUN
cblr-1214	42	4	of	of	ADP
cblr-1214	42	5	shareholder	shareholder	NOUN
cblr-1214	42	6	wealth	wealth	NOUN
cblr-1214	42	7	maximization	maximization	NOUN
cblr-1214	42	8	,	,	PUNCT
cblr-1214	42	9	these	these	DET
cblr-1214	42	10	wealth	wealth	NOUN
cblr-1214	42	11	transfers	transfer	NOUN
cblr-1214	42	12	sometimes	sometimes	ADV
cblr-1214	42	13	come	come	VERB
cblr-1214	42	14	from	from	ADP
cblr-1214	42	15	consumers	consumer	NOUN
cblr-1214	42	16	who	who	PRON
cblr-1214	42	17	are	be	AUX
cblr-1214	42	18	also	also	ADV
cblr-1214	42	19	shareholders	shareholder	NOUN
cblr-1214	42	20	.	.	PUNCT
cblr-1214	43	1	shareholders	shareholder	NOUN
cblr-1214	43	2	of	of	ADP
cblr-1214	43	3	modest	modest	ADJ
cblr-1214	43	4	means	mean	NOUN
cblr-1214	43	5	spend	spend	VERB
cblr-1214	43	6	a	a	DET
cblr-1214	43	7	substantial	substantial	ADJ
cblr-1214	43	8	portion	portion	NOUN
cblr-1214	43	9	of	of	ADP
cblr-1214	43	10	their	their	PRON
cblr-1214	43	11	income	income	NOUN
cblr-1214	43	12	on	on	ADP
cblr-1214	43	13	consumer	consumer	NOUN
cblr-1214	43	14	goods	good	NOUN
cblr-1214	43	15	and	and	CCONJ
cblr-1214	43	16	services	service	NOUN
cblr-1214	43	17	,	,	PUNCT
cblr-1214	43	18	and	and	CCONJ
cblr-1214	43	19	thus	thus	ADV
cblr-1214	43	20	,	,	PUNCT
cblr-1214	43	21	for	for	ADP
cblr-1214	43	22	these	these	DET
cblr-1214	43	23	individuals	individual	NOUN
cblr-1214	43	24	,	,	PUNCT
cblr-1214	43	25	the	the	DET
cblr-1214	43	26	negative	negative	ADJ
cblr-1214	43	27	impact	impact	NOUN
cblr-1214	43	28	of	of	ADP
cblr-1214	43	29	increased	increase	VERB
cblr-1214	43	30	consumer	consumer	NOUN
cblr-1214	43	31	prices	price	NOUN
cblr-1214	43	32	may	may	AUX
cblr-1214	43	33	more	more	ADV
cblr-1214	43	34	than	than	ADP
cblr-1214	43	35	offset	offset	VERB
cblr-1214	43	36	any	any	DET
cblr-1214	43	37	share	share	NOUN
cblr-1214	43	38	price	price	NOUN
cblr-1214	43	39	gains	gain	NOUN
cblr-1214	43	40	,	,	PUNCT
cblr-1214	43	41	especially	especially	ADV
cblr-1214	43	42	if	if	SCONJ
cblr-1214	43	43	equity	equity	NOUN
cblr-1214	43	44	ownership	ownership	NOUN
cblr-1214	43	45	is	be	AUX
cblr-1214	43	46	small	small	ADJ
cblr-1214	43	47	or	or	CCONJ
cblr-1214	43	48	if	if	SCONJ
cblr-1214	43	49	price	price	NOUN
cblr-1214	43	50	increases	increase	NOUN
cblr-1214	43	51	are	be	AUX
cblr-1214	43	52	significant	significant	ADJ
cblr-1214	43	53	.	.	PUNCT
cblr-1214	44	1	an	an	DET
cblr-1214	44	2	examination	examination	NOUN
cblr-1214	44	3	of	of	ADP
cblr-1214	44	4	the	the	DET
cblr-1214	44	5	source	source	NOUN
cblr-1214	44	6	of	of	ADP
cblr-1214	44	7	share	share	NOUN
cblr-1214	44	8	price	price	NOUN
cblr-1214	44	9	gains	gain	NOUN
cblr-1214	44	10	in	in	ADP
cblr-1214	44	11	m&a	m&a	PROPN
cblr-1214	44	12	ultimately	ultimately	ADV
cblr-1214	44	13	reveals	reveal	VERB
cblr-1214	44	14	a	a	DET
cblr-1214	44	15	story	story	NOUN
cblr-1214	44	16	of	of	ADP
cblr-1214	44	17	divergent	divergent	ADJ
cblr-1214	44	18	shareholder	shareholder	NOUN
cblr-1214	44	19	interests	interest	NOUN
cblr-1214	44	20	and	and	CCONJ
cblr-1214	44	21	significant	significant	ADJ
cblr-1214	44	22	harms	harm	NOUN
cblr-1214	44	23	to	to	ADP
cblr-1214	44	24	some	some	DET
cblr-1214	44	25	classes	class	NOUN
cblr-1214	44	26	of	of	ADP
cblr-1214	44	27	shareholders	shareholder	NOUN
cblr-1214	44	28	and	and	CCONJ
cblr-1214	44	29	to	to	ADP
cblr-1214	44	30	society	society	NOUN
cblr-1214	44	31	at	at	ADP
cblr-1214	44	32	large	large	ADJ
cblr-1214	44	33	.	.	PUNCT
cblr-1214	45	1	i.	i.	PROPN
cblr-1214	45	2	introduction	introduction	NOUN
cblr-1214	45	3	it	it	PRON
cblr-1214	45	4	is	be	AUX
cblr-1214	45	5	commonly	commonly	ADV
cblr-1214	45	6	believed	believe	VERB
cblr-1214	45	7	that	that	SCONJ
cblr-1214	45	8	the	the	DET
cblr-1214	45	9	purpose	purpose	NOUN
cblr-1214	45	10	of	of	ADP
cblr-1214	45	11	a	a	DET
cblr-1214	45	12	corporation	corporation	NOUN
cblr-1214	45	13	is	be	AUX
cblr-1214	45	14	to	to	PART
cblr-1214	45	15	maximize	maximize	VERB
cblr-1214	45	16	the	the	DET
cblr-1214	45	17	wealth	wealth	NOUN
cblr-1214	45	18	of	of	ADP
cblr-1214	45	19	its	its	PRON
cblr-1214	45	20	shareholders.2	shareholders.2	NOUN
cblr-1214	45	21	this	this	DET
cblr-1214	45	22	1	1	NUM
cblr-1214	45	23	see	see	VERB
cblr-1214	45	24	infra	infra	NOUN
cblr-1214	45	25	sections	section	NOUN
cblr-1214	45	26	iv.a	iv.a	VERB
cblr-1214	45	27	–	–	PUNCT
cblr-1214	45	28	b.	b.	PROPN
cblr-1214	45	29	2	2	NUM
cblr-1214	45	30	see	see	VERB
cblr-1214	45	31	,	,	PUNCT
cblr-1214	45	32	e.g.	e.g.	ADV
cblr-1214	45	33	,	,	PUNCT
cblr-1214	45	34	stephen	stephen	PROPN
cblr-1214	45	35	m.	m.	PROPN
cblr-1214	45	36	bainbridge	bainbridge	PROPN
cblr-1214	45	37	,	,	PUNCT
cblr-1214	45	38	executive	executive	ADJ
cblr-1214	45	39	compensation	compensation	NOUN
cblr-1214	45	40	:	:	PUNCT
cblr-1214	45	41	who	who	PRON
cblr-1214	45	42	decides	decide	VERB
cblr-1214	45	43	?	?	PUNCT
cblr-1214	45	44	,	,	PUNCT
cblr-1214	46	1	83	83	NUM
cblr-1214	46	2	tex	tex	PROPN
cblr-1214	46	3	.	.	PROPN
cblr-1214	46	4	l.	l.	PROPN
cblr-1214	46	5	rev	rev	PROPN
cblr-1214	46	6	1615	1615	NUM
cblr-1214	46	7	,	,	PUNCT
cblr-1214	46	8	1616	1616	NUM
cblr-1214	46	9	(	(	PUNCT
cblr-1214	46	10	2005	2005	NUM
cblr-1214	46	11	)	)	PUNCT
cblr-1214	46	12	(	(	PUNCT
cblr-1214	46	13	reviewing	review	VERB
cblr-1214	46	14	lucian	lucian	PROPN
cblr-1214	46	15	bebchuk	bebchuk	PROPN
cblr-1214	46	16	&	&	CCONJ
cblr-1214	46	17	jesse	jesse	PROPN
cblr-1214	46	18	fried	fried	PROPN
cblr-1214	46	19	,	,	PUNCT
cblr-1214	46	20	the	the	DET
cblr-1214	46	21	unfulfilled	unfulfilled	ADJ
cblr-1214	46	22	promise	promise	NOUN
cblr-1214	46	23	of	of	ADP
cblr-1214	46	24	executive	executive	ADJ
cblr-1214	46	25	compensation	compensation	NOUN
cblr-1214	46	26	(	(	PUNCT
cblr-1214	46	27	2004	2004	NUM
cblr-1214	46	28	)	)	PUNCT
cblr-1214	46	29	)	)	PUNCT
cblr-1214	47	1	(	(	PUNCT
cblr-1214	47	2	“	"	PUNCT
cblr-1214	47	3	the	the	DET
cblr-1214	47	4	discretionary	discretionary	ADJ
cblr-1214	47	5	powers	power	NOUN
cblr-1214	47	6	thus	thus	ADV
cblr-1214	47	7	conferred	confer	VERB
cblr-1214	47	8	on	on	ADP
cblr-1214	47	9	directors	director	NOUN
cblr-1214	47	10	and	and	CCONJ
cblr-1214	47	11	officers	officer	NOUN
cblr-1214	47	12	,	,	PUNCT
cblr-1214	47	13	however	however	ADV
cblr-1214	47	14	,	,	PUNCT
cblr-1214	47	15	are	be	AUX
cblr-1214	47	16	to	to	PART
cblr-1214	47	17	be	be	AUX
cblr-1214	47	18	directed	direct	VERB
cblr-1214	47	19	towards	towards	ADP
cblr-1214	47	20	a	a	DET
cblr-1214	47	21	single	single	ADJ
cblr-1214	47	22	end	end	NOUN
cblr-1214	47	23	;	;	PUNCT
cblr-1214	47	24	namely	namely	ADV
cblr-1214	47	25	,	,	PUNCT
cblr-1214	47	26	the	the	DET
cblr-1214	47	27	maximization	maximization	NOUN
cblr-1214	47	28	of	of	ADP
cblr-1214	47	29	shareholder	shareholder	NOUN
cblr-1214	47	30	wealth	wealth	NOUN
cblr-1214	47	31	.	.	PUNCT
cblr-1214	47	32	”	"	PUNCT
cblr-1214	47	33	)	)	PUNCT
cblr-1214	47	34	;	;	PUNCT
cblr-1214	47	35	david	david	PROPN
cblr-1214	47	36	millon	millon	PROPN
cblr-1214	47	37	,	,	PUNCT
cblr-1214	47	38	new	new	ADJ
cblr-1214	47	39	game	game	NOUN
cblr-1214	47	40	plan	plan	NOUN
cblr-1214	47	41	or	or	CCONJ
cblr-1214	47	42	business	business	NOUN
cblr-1214	47	43	as	as	ADP
cblr-1214	47	44	usual	usual	ADJ
cblr-1214	47	45	?	?	PUNCT
cblr-1214	48	1	a	a	DET
cblr-1214	48	2	critique	critique	NOUN
cblr-1214	48	3	of	of	ADP
cblr-1214	48	4	the	the	DET
cblr-1214	48	5	team	team	NOUN
cblr-1214	48	6	production	production	NOUN
cblr-1214	48	7	model	model	NOUN
cblr-1214	48	8	of	of	ADP
cblr-1214	48	9	corporate	corporate	ADJ
cblr-1214	48	10	law	law	NOUN
cblr-1214	48	11	,	,	PUNCT
cblr-1214	48	12	86	86	NUM
cblr-1214	48	13	va	va	NOUN
cblr-1214	48	14	.	.	PUNCT
cblr-1214	49	1	l.	l.	PROPN
cblr-1214	49	2	rev	rev	AUX
cblr-1214	49	3	.	.	PROPN
cblr-1214	49	4	1001	1001	NUM
cblr-1214	49	5	,	,	PUNCT
cblr-1214	49	6	1002–03	1002–03	NUM
cblr-1214	49	7	(	(	PUNCT
cblr-1214	49	8	2000	2000	NUM
cblr-1214	49	9	)	)	PUNCT
cblr-1214	49	10	(	(	PUNCT
cblr-1214	49	11	arguing	argue	VERB
cblr-1214	49	12	that	that	SCONJ
cblr-1214	49	13	rival	rival	ADJ
cblr-1214	49	14	theories	theory	NOUN
cblr-1214	49	15	of	of	ADP
cblr-1214	49	16	the	the	DET
cblr-1214	49	17	purpose	purpose	NOUN
cblr-1214	49	18	of	of	ADP
cblr-1214	49	19	the	the	DET
cblr-1214	49	20	corporation	corporation	NOUN
cblr-1214	49	21	“	"	PUNCT
cblr-1214	49	22	have	have	AUX
cblr-1214	49	23	made	make	VERB
cblr-1214	49	24	only	only	ADV
cblr-1214	49	25	limited	limited	ADJ
cblr-1214	49	26	headway	headway	NOUN
cblr-1214	49	27	in	in	ADP
cblr-1214	49	28	the	the	DET
cblr-1214	49	29	legal	legal	ADJ
cblr-1214	49	30	academy	academy	NOUN
cblr-1214	49	31	,	,	PUNCT
cblr-1214	49	32	where	where	SCONJ
cblr-1214	49	33	shareholder	shareholder	NOUN
cblr-1214	49	34	primacy	primacy	NOUN
cblr-1214	49	35	and	and	CCONJ
cblr-1214	49	36	its	its	PRON
cblr-1214	49	37	narrow	narrow	ADJ
cblr-1214	49	38	vision	vision	NOUN
cblr-1214	49	39	of	of	ADP
cblr-1214	49	40	corporate	corporate	ADJ
cblr-1214	49	41	management	management	NOUN
cblr-1214	49	42	’s	’s	PART
cblr-1214	49	43	obligations	obligation	NOUN
cblr-1214	49	44	continue	continue	VERB
cblr-1214	49	45	to	to	PART
cblr-1214	49	46	predominate	predominate	VERB
cblr-1214	49	47	”	"	PUNCT
cblr-1214	49	48	)	)	PUNCT
cblr-1214	49	49	;	;	PUNCT
cblr-1214	49	50	milton	milton	PROPN
cblr-1214	49	51	friedman	friedman	PROPN
cblr-1214	49	52	,	,	PUNCT
cblr-1214	49	53	a	a	DET
cblr-1214	49	54	friedman	friedman	PROPN
cblr-1214	49	55	doctrine	doctrine	NOUN
cblr-1214	49	56	—	—	PUNCT
cblr-1214	49	57	the	the	DET
cblr-1214	49	58	social	social	ADJ
cblr-1214	49	59	responsibility	responsibility	NOUN
cblr-1214	49	60	of	of	ADP
cblr-1214	49	61	business	business	NOUN
cblr-1214	49	62	is	be	AUX
cblr-1214	49	63	to	to	PART
cblr-1214	49	64	increase	increase	VERB
cblr-1214	49	65	its	its	PRON
cblr-1214	49	66	griffin_final	griffin_final	ADJ
cblr-1214	49	67	74	74	NUM
cblr-1214	49	68	columbia	columbia	PROPN
cblr-1214	49	69	business	business	NOUN
cblr-1214	49	70	law	law	PROPN
cblr-1214	49	71	review	review	NOUN
cblr-1214	50	1	[	[	X
cblr-1214	50	2	vol	vol	NOUN
cblr-1214	50	3	.	.	NOUN
cblr-1214	50	4	2018	2018	NUM
cblr-1214	50	5	shareholder	shareholder	NOUN
cblr-1214	50	6	wealth	wealth	NOUN
cblr-1214	50	7	maximization	maximization	NOUN
cblr-1214	50	8	norm	norm	NOUN
cblr-1214	50	9	permeates	permeate	VERB
cblr-1214	50	10	top	top	ADJ
cblr-1214	50	11	business	business	NOUN
cblr-1214	50	12	and	and	CCONJ
cblr-1214	50	13	law	law	NOUN
cblr-1214	50	14	school	school	NOUN
cblr-1214	50	15	curricula	curricula	NOUN
cblr-1214	50	16	,	,	PUNCT
cblr-1214	50	17	where	where	SCONJ
cblr-1214	50	18	the	the	DET
cblr-1214	50	19	future	future	ADJ
cblr-1214	50	20	leaders	leader	NOUN
cblr-1214	50	21	of	of	ADP
cblr-1214	50	22	american	american	ADJ
cblr-1214	50	23	enterprise	enterprise	NOUN
cblr-1214	50	24	,	,	PUNCT
cblr-1214	50	25	law	law	NOUN
cblr-1214	50	26	,	,	PUNCT
cblr-1214	50	27	and	and	CCONJ
cblr-1214	50	28	government	government	NOUN
cblr-1214	50	29	are	be	AUX
cblr-1214	50	30	routinely	routinely	ADV
cblr-1214	50	31	taught	teach	VERB
cblr-1214	50	32	a	a	DET
cblr-1214	50	33	shareholder	shareholder	NOUN
cblr-1214	50	34	wealth	wealth	NOUN
cblr-1214	50	35	maximization	maximization	NOUN
cblr-1214	50	36	approach	approach	NOUN
cblr-1214	50	37	to	to	ADP
cblr-1214	50	38	corporate	corporate	ADJ
cblr-1214	50	39	purpose.3	purpose.3	PROPN
cblr-1214	51	1	it	it	PRON
cblr-1214	51	2	is	be	AUX
cblr-1214	51	3	manifest	manifest	ADJ
cblr-1214	51	4	in	in	ADP
cblr-1214	51	5	the	the	DET
cblr-1214	51	6	practices	practice	NOUN
cblr-1214	51	7	of	of	ADP
cblr-1214	51	8	corporate	corporate	ADJ
cblr-1214	51	9	leaders,4	leaders,4	NOUN
cblr-1214	51	10	who	who	PRON
cblr-1214	51	11	widely	widely	ADV
cblr-1214	51	12	assert	assert	VERB
cblr-1214	51	13	that	that	SCONJ
cblr-1214	51	14	it	it	PRON
cblr-1214	51	15	is	be	AUX
cblr-1214	51	16	their	their	PRON
cblr-1214	51	17	duty	duty	NOUN
cblr-1214	51	18	to	to	PART
cblr-1214	51	19	maximize	maximize	VERB
cblr-1214	51	20	shareholder	shareholder	NOUN
cblr-1214	51	21	wealth	wealth	NOUN
cblr-1214	51	22	at	at	ADP
cblr-1214	51	23	the	the	DET
cblr-1214	51	24	expense	expense	NOUN
cblr-1214	51	25	of	of	ADP
cblr-1214	51	26	other	other	ADJ
cblr-1214	51	27	interests.5	interests.5	NOUN
cblr-1214	51	28	it	it	PRON
cblr-1214	51	29	is	be	AUX
cblr-1214	51	30	pervasive	pervasive	ADJ
cblr-1214	51	31	in	in	ADP
cblr-1214	51	32	academic	academic	ADJ
cblr-1214	51	33	literature	literature	NOUN
cblr-1214	51	34	,	,	PUNCT
cblr-1214	51	35	where	where	SCONJ
cblr-1214	51	36	scholars	scholar	NOUN
cblr-1214	51	37	frequently	frequently	ADV
cblr-1214	51	38	repeat	repeat	VERB
cblr-1214	51	39	statements	statement	NOUN
cblr-1214	51	40	such	such	ADJ
cblr-1214	51	41	as	as	ADP
cblr-1214	51	42	“	"	PUNCT
cblr-1214	51	43	[	[	X
cblr-1214	51	44	t]here	t]here	PROPN
cblr-1214	51	45	is	be	AUX
cblr-1214	51	46	strong	strong	ADJ
cblr-1214	51	47	support	support	NOUN
cblr-1214	51	48	for	for	ADP
cblr-1214	51	49	the	the	DET
cblr-1214	51	50	idea	idea	NOUN
cblr-1214	51	51	that	that	PRON
cblr-1214	51	52	shareholder	shareholder	NOUN
cblr-1214	51	53	wealth	wealth	NOUN
cblr-1214	51	54	maximization	maximization	NOUN
cblr-1214	51	55	should	should	AUX
cblr-1214	51	56	be	be	AUX
cblr-1214	51	57	the	the	DET
cblr-1214	51	58	primary	primary	ADJ
cblr-1214	51	59	norm	norm	NOUN
cblr-1214	51	60	underlying	underlie	VERB
cblr-1214	51	61	the	the	DET
cblr-1214	51	62	governance	governance	NOUN
cblr-1214	51	63	of	of	ADP
cblr-1214	51	64	for	for	ADP
cblr-1214	51	65	-	-	PUNCT
cblr-1214	51	66	profit	profit	NOUN
cblr-1214	51	67	corporations,”6	corporations,”6	NOUN
cblr-1214	51	68	“	"	PUNCT
cblr-1214	51	69	lawyers	lawyer	NOUN
cblr-1214	51	70	have	have	AUX
cblr-1214	51	71	commonly	commonly	ADV
cblr-1214	51	72	assumed	assume	VERB
cblr-1214	51	73	that	that	SCONJ
cblr-1214	51	74	the	the	DET
cblr-1214	51	75	managers	manager	NOUN
cblr-1214	51	76	must	must	AUX
cblr-1214	51	77	conduct	conduct	VERB
cblr-1214	51	78	the	the	DET
cblr-1214	51	79	institution	institution	NOUN
cblr-1214	51	80	with	with	ADP
cblr-1214	51	81	single	single	ADJ
cblr-1214	51	82	-	-	PUNCT
cblr-1214	51	83	minded	minded	ADJ
cblr-1214	51	84	devotion	devotion	NOUN
cblr-1214	51	85	to	to	ADP
cblr-1214	51	86	profits	profit	NOUN
cblr-1214	51	87	,	,	PUNCT
cblr-1214	51	88	n.y	n.y	PROPN
cblr-1214	51	89	.	.	PROPN
cblr-1214	51	90	times	times	PROPN
cblr-1214	51	91	mag	mag	PROPN
cblr-1214	51	92	.	.	PROPN
cblr-1214	51	93	,	,	PUNCT
cblr-1214	51	94	sept	sept	PROPN
cblr-1214	51	95	.	.	PROPN
cblr-1214	51	96	13	13	NUM
cblr-1214	51	97	,	,	PUNCT
cblr-1214	51	98	1970	1970	NUM
cblr-1214	51	99	,	,	PUNCT
cblr-1214	51	100	at	at	ADP
cblr-1214	51	101	126	126	NUM
cblr-1214	51	102	(	(	PUNCT
cblr-1214	51	103	“	"	PUNCT
cblr-1214	51	104	[	[	X
cblr-1214	51	105	t]here	t]here	PROPN
cblr-1214	51	106	is	be	AUX
cblr-1214	51	107	one	one	NUM
cblr-1214	51	108	and	and	CCONJ
cblr-1214	51	109	only	only	ADV
cblr-1214	51	110	one	one	NUM
cblr-1214	51	111	social	social	ADJ
cblr-1214	51	112	responsibility	responsibility	NOUN
cblr-1214	51	113	of	of	ADP
cblr-1214	51	114	business	business	NOUN
cblr-1214	51	115	—	—	PUNCT
cblr-1214	51	116	to	to	PART
cblr-1214	51	117	use	use	VERB
cblr-1214	51	118	its	its	PRON
cblr-1214	51	119	resources	resource	NOUN
cblr-1214	51	120	and	and	CCONJ
cblr-1214	51	121	engage	engage	VERB
cblr-1214	51	122	in	in	ADP
cblr-1214	51	123	activities	activity	NOUN
cblr-1214	51	124	designed	design	VERB
cblr-1214	51	125	to	to	PART
cblr-1214	51	126	increase	increase	VERB
cblr-1214	51	127	its	its	PRON
cblr-1214	51	128	profits	profit	NOUN
cblr-1214	51	129	.	.	PUNCT
cblr-1214	51	130	”	"	PUNCT
cblr-1214	51	131	)	)	PUNCT
cblr-1214	51	132	;	;	PUNCT
cblr-1214	51	133	henry	henry	PROPN
cblr-1214	51	134	hansmann	hansmann	PROPN
cblr-1214	51	135	&	&	CCONJ
cblr-1214	51	136	reinier	reinier	PROPN
cblr-1214	51	137	kraakman	kraakman	PROPN
cblr-1214	51	138	,	,	PUNCT
cblr-1214	51	139	the	the	DET
cblr-1214	51	140	end	end	NOUN
cblr-1214	51	141	of	of	ADP
cblr-1214	51	142	history	history	NOUN
cblr-1214	51	143	for	for	ADP
cblr-1214	51	144	corporate	corporate	ADJ
cblr-1214	51	145	law	law	NOUN
cblr-1214	51	146	,	,	PUNCT
cblr-1214	51	147	89	89	NUM
cblr-1214	51	148	geo	geo	PROPN
cblr-1214	51	149	.	.	PUNCT
cblr-1214	51	150	l.j	l.j	PROPN
cblr-1214	51	151	.	.	PROPN
cblr-1214	51	152	439	439	NUM
cblr-1214	51	153	,	,	PUNCT
cblr-1214	51	154	439	439	NUM
cblr-1214	51	155	(	(	PUNCT
cblr-1214	51	156	2001	2001	NUM
cblr-1214	51	157	)	)	PUNCT
cblr-1214	51	158	(	(	PUNCT
cblr-1214	51	159	“	"	PUNCT
cblr-1214	51	160	there	there	PRON
cblr-1214	51	161	is	be	VERB
cblr-1214	51	162	no	no	ADV
cblr-1214	51	163	longer	long	ADV
cblr-1214	51	164	any	any	DET
cblr-1214	51	165	serious	serious	ADJ
cblr-1214	51	166	competitor	competitor	NOUN
cblr-1214	51	167	to	to	ADP
cblr-1214	51	168	the	the	DET
cblr-1214	51	169	view	view	NOUN
cblr-1214	51	170	that	that	SCONJ
cblr-1214	51	171	corporate	corporate	ADJ
cblr-1214	51	172	law	law	NOUN
cblr-1214	51	173	should	should	AUX
cblr-1214	51	174	principally	principally	ADV
cblr-1214	51	175	strive	strive	VERB
cblr-1214	51	176	to	to	PART
cblr-1214	51	177	increase	increase	VERB
cblr-1214	51	178	long	long	ADJ
cblr-1214	51	179	-	-	PUNCT
cblr-1214	51	180	term	term	NOUN
cblr-1214	51	181	shareholder	shareholder	NOUN
cblr-1214	51	182	value	value	NOUN
cblr-1214	51	183	.	.	PUNCT
cblr-1214	51	184	”	"	PUNCT
cblr-1214	51	185	)	)	PUNCT
cblr-1214	51	186	;	;	PUNCT
cblr-1214	51	187	darrell	darrell	PROPN
cblr-1214	51	188	west	west	PROPN
cblr-1214	51	189	,	,	PUNCT
cblr-1214	51	190	the	the	DET
cblr-1214	51	191	purpose	purpose	NOUN
cblr-1214	51	192	of	of	ADP
cblr-1214	51	193	the	the	DET
cblr-1214	51	194	corporation	corporation	NOUN
cblr-1214	51	195	in	in	ADP
cblr-1214	51	196	business	business	NOUN
cblr-1214	51	197	and	and	CCONJ
cblr-1214	51	198	law	law	NOUN
cblr-1214	51	199	school	school	NOUN
cblr-1214	51	200	curricula	curricula	NOUN
cblr-1214	51	201	10–12	10–12	NUM
cblr-1214	51	202	(	(	PUNCT
cblr-1214	51	203	2011	2011	NUM
cblr-1214	51	204	)	)	PUNCT
cblr-1214	51	205	(	(	PUNCT
cblr-1214	51	206	surveying	survey	VERB
cblr-1214	51	207	professors	professor	NOUN
cblr-1214	51	208	at	at	ADP
cblr-1214	51	209	leading	lead	VERB
cblr-1214	51	210	law	law	NOUN
cblr-1214	51	211	schools	school	NOUN
cblr-1214	51	212	who	who	PRON
cblr-1214	51	213	describe	describe	VERB
cblr-1214	51	214	this	this	DET
cblr-1214	51	215	view	view	NOUN
cblr-1214	51	216	of	of	ADP
cblr-1214	51	217	corporate	corporate	ADJ
cblr-1214	51	218	purpose	purpose	NOUN
cblr-1214	51	219	as	as	ADP
cblr-1214	51	220	“	"	PUNCT
cblr-1214	51	221	dominant	dominant	ADJ
cblr-1214	51	222	,	,	PUNCT
cblr-1214	51	223	”	"	PUNCT
cblr-1214	51	224	“	"	PUNCT
cblr-1214	51	225	settled	settle	VERB
cblr-1214	51	226	law	law	NOUN
cblr-1214	51	227	,	,	PUNCT
cblr-1214	51	228	”	"	PUNCT
cblr-1214	51	229	“	"	PUNCT
cblr-1214	51	230	take[n	take[n	NOUN
cblr-1214	51	231	]	]	PUNCT
cblr-1214	51	232	as	as	ADP
cblr-1214	51	233	a	a	DET
cblr-1214	51	234	given	give	VERB
cblr-1214	51	235	,	,	PUNCT
cblr-1214	51	236	”	"	PUNCT
cblr-1214	51	237	and	and	CCONJ
cblr-1214	51	238	“	"	PUNCT
cblr-1214	51	239	absolutely	absolutely	ADV
cblr-1214	51	240	the	the	DET
cblr-1214	51	241	dominant	dominant	ADJ
cblr-1214	51	242	perspective	perspective	NOUN
cblr-1214	51	243	in	in	ADP
cblr-1214	51	244	law	law	NOUN
cblr-1214	51	245	schools	school	NOUN
cblr-1214	51	246	”	"	PUNCT
cblr-1214	51	247	)	)	PUNCT
cblr-1214	51	248	.	.	PUNCT
cblr-1214	52	1	3	3	NUM
cblr-1214	52	2	west	west	NOUN
cblr-1214	52	3	,	,	PUNCT
cblr-1214	52	4	supra	supra	PROPN
cblr-1214	52	5	note	note	NOUN
cblr-1214	52	6	2	2	NUM
cblr-1214	52	7	,	,	PUNCT
cblr-1214	52	8	at	at	ADP
cblr-1214	52	9	1–2	1–2	NUM
cblr-1214	52	10	(	(	PUNCT
cblr-1214	52	11	finding	finding	NOUN
cblr-1214	52	12	,	,	PUNCT
cblr-1214	52	13	based	base	VERB
cblr-1214	52	14	upon	upon	SCONJ
cblr-1214	52	15	a	a	DET
cblr-1214	52	16	review	review	NOUN
cblr-1214	52	17	of	of	ADP
cblr-1214	52	18	law	law	NOUN
cblr-1214	52	19	and	and	CCONJ
cblr-1214	52	20	business	business	NOUN
cblr-1214	52	21	school	school	NOUN
cblr-1214	52	22	curricula	curricula	NOUN
cblr-1214	52	23	,	,	PUNCT
cblr-1214	52	24	that	that	SCONJ
cblr-1214	52	25	such	such	ADJ
cblr-1214	52	26	curricula	curricula	NOUN
cblr-1214	52	27	often	often	ADV
cblr-1214	52	28	“	"	PUNCT
cblr-1214	52	29	emphasize	emphasize	VERB
cblr-1214	52	30	the	the	DET
cblr-1214	52	31	goal	goal	NOUN
cblr-1214	52	32	of	of	ADP
cblr-1214	52	33	maximizing	maximize	VERB
cblr-1214	52	34	shareholder	shareholder	NOUN
cblr-1214	52	35	value	value	NOUN
cblr-1214	52	36	,	,	PUNCT
cblr-1214	52	37	especially	especially	ADV
cblr-1214	52	38	in	in	ADP
cblr-1214	52	39	law	law	NOUN
cblr-1214	52	40	schools	school	NOUN
cblr-1214	52	41	”	"	PUNCT
cblr-1214	52	42	)	)	PUNCT
cblr-1214	52	43	.	.	PUNCT
cblr-1214	53	1	4	4	NUM
cblr-1214	53	2	stephen	stephen	PROPN
cblr-1214	53	3	m.	m.	PROPN
cblr-1214	53	4	bainbridge	bainbridge	PROPN
cblr-1214	53	5	,	,	PUNCT
cblr-1214	53	6	corporation	corporation	NOUN
cblr-1214	53	7	law	law	NOUN
cblr-1214	53	8	and	and	CCONJ
cblr-1214	53	9	economics	economic	NOUN
cblr-1214	53	10	417	417	NUM
cblr-1214	53	11	(	(	PUNCT
cblr-1214	53	12	2002	2002	NUM
cblr-1214	53	13	)	)	PUNCT
cblr-1214	53	14	(	(	PUNCT
cblr-1214	53	15	“	"	PUNCT
cblr-1214	53	16	although	although	SCONJ
cblr-1214	53	17	some	some	DET
cblr-1214	53	18	claim	claim	VERB
cblr-1214	53	19	that	that	SCONJ
cblr-1214	53	20	directors	director	NOUN
cblr-1214	53	21	do	do	AUX
cblr-1214	53	22	not	not	PART
cblr-1214	53	23	adhere	adhere	VERB
cblr-1214	53	24	to	to	ADP
cblr-1214	53	25	the	the	DET
cblr-1214	53	26	shareholder	shareholder	NOUN
cblr-1214	53	27	wealth	wealth	NOUN
cblr-1214	53	28	maximization	maximization	NOUN
cblr-1214	53	29	norm	norm	NOUN
cblr-1214	53	30	,	,	PUNCT
cblr-1214	53	31	the	the	DET
cblr-1214	53	32	weight	weight	NOUN
cblr-1214	53	33	of	of	ADP
cblr-1214	53	34	the	the	DET
cblr-1214	53	35	evidence	evidence	NOUN
cblr-1214	53	36	is	be	AUX
cblr-1214	53	37	to	to	ADP
cblr-1214	53	38	the	the	DET
cblr-1214	53	39	contrary	contrary	NOUN
cblr-1214	53	40	.	.	PUNCT
cblr-1214	53	41	”	"	PUNCT
cblr-1214	53	42	)	)	PUNCT
cblr-1214	53	43	.	.	PUNCT
cblr-1214	54	1	5	5	NUM
cblr-1214	54	2	see	see	VERB
cblr-1214	54	3	,	,	PUNCT
cblr-1214	54	4	e.g.	e.g.	ADV
cblr-1214	54	5	,	,	PUNCT
cblr-1214	54	6	jacob	jacob	PROPN
cblr-1214	54	7	m.	m.	PROPN
cblr-1214	54	8	rose	rise	VERB
cblr-1214	54	9	,	,	PUNCT
cblr-1214	54	10	corporate	corporate	ADJ
cblr-1214	54	11	directors	director	NOUN
cblr-1214	54	12	and	and	CCONJ
cblr-1214	54	13	social	social	ADJ
cblr-1214	54	14	responsibility	responsibility	NOUN
cblr-1214	54	15	:	:	PUNCT
cblr-1214	54	16	ethics	ethic	NOUN
cblr-1214	54	17	versus	versus	ADP
cblr-1214	54	18	shareholder	shareholder	NOUN
cblr-1214	54	19	value	value	NOUN
cblr-1214	54	20	,	,	PUNCT
cblr-1214	54	21	73	73	NUM
cblr-1214	54	22	j.	j.	PROPN
cblr-1214	54	23	bus	bus	PROPN
cblr-1214	54	24	.	.	PUNCT
cblr-1214	55	1	ethics	ethic	NOUN
cblr-1214	55	2	319	319	NUM
cblr-1214	55	3	,	,	PUNCT
cblr-1214	55	4	326–27	326–27	NUM
cblr-1214	55	5	(	(	PUNCT
cblr-1214	55	6	2007	2007	NUM
cblr-1214	55	7	)	)	PUNCT
cblr-1214	55	8	(	(	PUNCT
cblr-1214	55	9	finding	find	VERB
cblr-1214	55	10	that	that	SCONJ
cblr-1214	55	11	when	when	SCONJ
cblr-1214	55	12	seventeen	seventeen	NUM
cblr-1214	55	13	directors	director	NOUN
cblr-1214	55	14	of	of	ADP
cblr-1214	55	15	fortune	fortune	NOUN
cblr-1214	55	16	200	200	NUM
cblr-1214	55	17	companies	company	NOUN
cblr-1214	55	18	faced	face	VERB
cblr-1214	55	19	a	a	DET
cblr-1214	55	20	conflict	conflict	NOUN
cblr-1214	55	21	between	between	ADP
cblr-1214	55	22	shareholder	shareholder	NOUN
cblr-1214	55	23	interests	interest	NOUN
cblr-1214	55	24	and	and	CCONJ
cblr-1214	55	25	social	social	ADJ
cblr-1214	55	26	welfare	welfare	NOUN
cblr-1214	55	27	in	in	ADP
cblr-1214	55	28	their	their	PRON
cblr-1214	55	29	capacity	capacity	NOUN
cblr-1214	55	30	as	as	ADP
cblr-1214	55	31	a	a	DET
cblr-1214	55	32	director	director	NOUN
cblr-1214	55	33	,	,	PUNCT
cblr-1214	55	34	all	all	DET
cblr-1214	55	35	directors	director	NOUN
cblr-1214	55	36	but	but	CCONJ
cblr-1214	55	37	one	one	NUM
cblr-1214	55	38	justified	justify	VERB
cblr-1214	55	39	their	their	PRON
cblr-1214	55	40	decisions	decision	NOUN
cblr-1214	55	41	based	base	VERB
cblr-1214	55	42	upon	upon	SCONJ
cblr-1214	55	43	a	a	DET
cblr-1214	55	44	perceived	perceive	VERB
cblr-1214	55	45	legal	legal	ADJ
cblr-1214	55	46	obligation	obligation	NOUN
cblr-1214	55	47	to	to	PART
cblr-1214	55	48	maximize	maximize	VERB
cblr-1214	55	49	shareholder	shareholder	NOUN
cblr-1214	55	50	value	value	NOUN
cblr-1214	55	51	)	)	PUNCT
cblr-1214	55	52	.	.	PUNCT
cblr-1214	56	1	6	6	NUM
cblr-1214	56	2	bernard	bernard	PROPN
cblr-1214	56	3	s.	s.	PROPN
cblr-1214	56	4	sharfman	sharfman	PROPN
cblr-1214	56	5	,	,	PUNCT
cblr-1214	56	6	shareholder	shareholder	NOUN
cblr-1214	56	7	wealth	wealth	NOUN
cblr-1214	56	8	maximization	maximization	NOUN
cblr-1214	56	9	and	and	CCONJ
cblr-1214	56	10	its	its	PRON
cblr-1214	56	11	implementation	implementation	NOUN
cblr-1214	56	12	under	under	ADP
cblr-1214	56	13	corporate	corporate	ADJ
cblr-1214	56	14	law	law	NOUN
cblr-1214	56	15	,	,	PUNCT
cblr-1214	56	16	66	66	NUM
cblr-1214	56	17	fla	fla	NOUN
cblr-1214	56	18	.	.	PUNCT
cblr-1214	57	1	l.	l.	PROPN
cblr-1214	57	2	rev	rev	PROPN
cblr-1214	57	3	.	.	PROPN
cblr-1214	57	4	389	389	NUM
cblr-1214	57	5	,	,	PUNCT
cblr-1214	57	6	391	391	NUM
cblr-1214	57	7	(	(	PUNCT
cblr-1214	57	8	2014	2014	NUM
cblr-1214	57	9	)	)	PUNCT
cblr-1214	57	10	.	.	PUNCT
cblr-1214	58	1	griffin_final	griffin_final	ADJ
cblr-1214	58	2	no	no	NOUN
cblr-1214	58	3	.	.	PUNCT
cblr-1214	59	1	1:70	1:70	NUM
cblr-1214	59	2	]	]	PUNCT
cblr-1214	59	3	the	the	DET
cblr-1214	59	4	hidden	hidden	ADJ
cblr-1214	59	5	cost	cost	NOUN
cblr-1214	59	6	of	of	ADP
cblr-1214	59	7	m&a	m&a	PROPN
cblr-1214	59	8	75	75	NUM
cblr-1214	59	9	stockholder	stockholder	NOUN
cblr-1214	59	10	profit,”7	profit,”7	ADJ
cblr-1214	59	11	“	"	PUNCT
cblr-1214	59	12	the	the	DET
cblr-1214	59	13	persistent	persistent	ADJ
cblr-1214	59	14	common	common	ADJ
cblr-1214	59	15	perception	perception	NOUN
cblr-1214	59	16	seems	seem	VERB
cblr-1214	59	17	to	to	PART
cblr-1214	59	18	be	be	AUX
cblr-1214	59	19	that	that	SCONJ
cblr-1214	59	20	directorial	directorial	ADJ
cblr-1214	59	21	duties	duty	NOUN
cblr-1214	59	22	require	require	VERB
cblr-1214	59	23	placing	place	VERB
cblr-1214	59	24	shareholder	shareholder	NOUN
cblr-1214	59	25	wealth	wealth	NOUN
cblr-1214	59	26	at	at	ADP
cblr-1214	59	27	the	the	DET
cblr-1214	59	28	forefront,”8	forefront,”8	NOUN
cblr-1214	59	29	“	"	PUNCT
cblr-1214	59	30	that	that	SCONJ
cblr-1214	59	31	shareholder	shareholder	NOUN
cblr-1214	59	32	wealth	wealth	NOUN
cblr-1214	59	33	maximization	maximization	NOUN
cblr-1214	59	34	is	be	AUX
cblr-1214	59	35	not	not	PART
cblr-1214	59	36	only	only	ADV
cblr-1214	59	37	a	a	DET
cblr-1214	59	38	goal	goal	NOUN
cblr-1214	59	39	for	for	ADP
cblr-1214	59	40	the	the	DET
cblr-1214	59	41	corporation	corporation	NOUN
cblr-1214	59	42	,	,	PUNCT
cblr-1214	59	43	but	but	CCONJ
cblr-1214	59	44	in	in	ADP
cblr-1214	59	45	fact	fact	NOUN
cblr-1214	59	46	the	the	DET
cblr-1214	59	47	only	only	ADJ
cblr-1214	59	48	legitimate	legitimate	ADJ
cblr-1214	59	49	goal	goal	NOUN
cblr-1214	59	50	,	,	PUNCT
cblr-1214	59	51	has	have	AUX
cblr-1214	59	52	become	become	VERB
cblr-1214	59	53	the	the	DET
cblr-1214	59	54	dominant	dominant	ADJ
cblr-1214	59	55	normative	normative	ADJ
cblr-1214	59	56	theory	theory	NOUN
cblr-1214	59	57	of	of	ADP
cblr-1214	59	58	the	the	DET
cblr-1214	59	59	corporation,”9	corporation,”9	NOUN
cblr-1214	59	60	and	and	CCONJ
cblr-1214	59	61	“	"	PUNCT
cblr-1214	59	62	[	[	X
cblr-1214	59	63	s]hareholder	s]hareholder	NOUN
cblr-1214	59	64	wealth	wealth	NOUN
cblr-1214	59	65	maximization	maximization	NOUN
cblr-1214	59	66	long	long	ADV
cblr-1214	59	67	has	have	AUX
cblr-1214	59	68	been	be	AUX
cblr-1214	59	69	the	the	DET
cblr-1214	59	70	fundamental	fundamental	ADJ
cblr-1214	59	71	norm	norm	NOUN
cblr-1214	59	72	which	which	PRON
cblr-1214	59	73	guides	guide	VERB
cblr-1214	59	74	u.s	u.s	PROPN
cblr-1214	59	75	.	.	PROPN
cblr-1214	59	76	corporate	corporate	ADJ
cblr-1214	59	77	decisionmakers	decisionmaker	NOUN
cblr-1214	59	78	.	.	PUNCT
cblr-1214	60	1	”10	”10	NOUN
cblr-1214	60	2	to	to	PART
cblr-1214	60	3	be	be	AUX
cblr-1214	60	4	sure	sure	ADJ
cblr-1214	60	5	,	,	PUNCT
cblr-1214	60	6	this	this	DET
cblr-1214	60	7	norm	norm	NOUN
cblr-1214	60	8	has	have	AUX
cblr-1214	60	9	not	not	PART
cblr-1214	60	10	gone	go	VERB
cblr-1214	60	11	uncontested	uncontested	ADJ
cblr-1214	60	12	.	.	PUNCT
cblr-1214	61	1	in	in	ADP
cblr-1214	61	2	the	the	DET
cblr-1214	61	3	early	early	ADJ
cblr-1214	61	4	1930s	1930s	NUM
cblr-1214	61	5	,	,	PUNCT
cblr-1214	61	6	e.	e.	PROPN
cblr-1214	61	7	merrick	merrick	PROPN
cblr-1214	61	8	dodd	dodd	PROPN
cblr-1214	61	9	argued	argue	VERB
cblr-1214	61	10	that	that	SCONJ
cblr-1214	61	11	corporate	corporate	ADJ
cblr-1214	61	12	duties	duty	NOUN
cblr-1214	61	13	legally	legally	ADV
cblr-1214	61	14	can	can	AUX
cblr-1214	61	15	and	and	CCONJ
cblr-1214	61	16	normatively	normatively	ADV
cblr-1214	61	17	ought	ought	AUX
cblr-1214	61	18	to	to	PART
cblr-1214	61	19	go	go	VERB
cblr-1214	61	20	beyond	beyond	ADP
cblr-1214	61	21	shareholder	shareholder	NOUN
cblr-1214	61	22	wealth	wealth	NOUN
cblr-1214	61	23	maximization	maximization	NOUN
cblr-1214	61	24	to	to	PART
cblr-1214	61	25	include	include	VERB
cblr-1214	61	26	“	"	PUNCT
cblr-1214	61	27	a	a	DET
cblr-1214	61	28	social	social	ADJ
cblr-1214	61	29	service	service	NOUN
cblr-1214	61	30	as	as	ADV
cblr-1214	61	31	well	well	ADV
cblr-1214	61	32	as	as	ADP
cblr-1214	61	33	a	a	DET
cblr-1214	61	34	profit	profit	NOUN
cblr-1214	61	35	-	-	PUNCT
cblr-1214	61	36	making	make	VERB
cblr-1214	61	37	function	function	NOUN
cblr-1214	61	38	.	.	PUNCT
cblr-1214	62	1	”11	”11	PROPN
cblr-1214	62	2	in	in	ADP
cblr-1214	62	3	the	the	DET
cblr-1214	62	4	1980s	1980	NOUN
cblr-1214	62	5	and	and	CCONJ
cblr-1214	62	6	90s	90	NOUN
cblr-1214	62	7	,	,	PUNCT
cblr-1214	62	8	robert	robert	PROPN
cblr-1214	62	9	phillips	phillips	PROPN
cblr-1214	62	10	,	,	PUNCT
cblr-1214	62	11	r.	r.	PROPN
cblr-1214	62	12	edward	edward	PROPN
cblr-1214	62	13	freeman	freeman	PROPN
cblr-1214	62	14	,	,	PUNCT
cblr-1214	62	15	andrew	andrew	PROPN
cblr-1214	62	16	c.	c.	PROPN
cblr-1214	62	17	wicks	wick	NOUN
cblr-1214	62	18	and	and	CCONJ
cblr-1214	62	19	their	their	PRON
cblr-1214	62	20	colleagues	colleague	NOUN
cblr-1214	62	21	formulated	formulate	VERB
cblr-1214	62	22	stakeholder	stakeholder	NOUN
cblr-1214	62	23	theory	theory	NOUN
cblr-1214	62	24	as	as	ADP
cblr-1214	62	25	a	a	DET
cblr-1214	62	26	challenge	challenge	NOUN
cblr-1214	62	27	to	to	ADP
cblr-1214	62	28	the	the	DET
cblr-1214	62	29	shareholder	shareholder	NOUN
cblr-1214	62	30	wealth	wealth	NOUN
cblr-1214	62	31	maximization	maximization	NOUN
cblr-1214	62	32	norm.12	norm.12	PROPN
cblr-1214	62	33	stakeholder	stakeholder	NOUN
cblr-1214	62	34	theory	theory	NOUN
cblr-1214	62	35	argues	argue	VERB
cblr-1214	62	36	that	that	SCONJ
cblr-1214	62	37	the	the	DET
cblr-1214	62	38	goal	goal	NOUN
cblr-1214	62	39	of	of	ADP
cblr-1214	62	40	a	a	DET
cblr-1214	62	41	corporation	corporation	NOUN
cblr-1214	62	42	is	be	AUX
cblr-1214	62	43	not	not	PART
cblr-1214	62	44	merely	merely	ADV
cblr-1214	62	45	to	to	PART
cblr-1214	62	46	serve	serve	VERB
cblr-1214	62	47	shareholders	shareholder	NOUN
cblr-1214	62	48	,	,	PUNCT
cblr-1214	62	49	but	but	CCONJ
cblr-1214	62	50	also	also	ADV
cblr-1214	62	51	to	to	PART
cblr-1214	62	52	advance	advance	VERB
cblr-1214	62	53	the	the	DET
cblr-1214	62	54	interests	interest	NOUN
cblr-1214	62	55	and	and	CCONJ
cblr-1214	62	56	well	well	ADV
cblr-1214	62	57	-	-	PUNCT
cblr-1214	62	58	being	being	NOUN
cblr-1214	62	59	of	of	ADP
cblr-1214	62	60	the	the	DET
cblr-1214	62	61	many	many	ADJ
cblr-1214	62	62	stakeholders	stakeholder	NOUN
cblr-1214	62	63	—	—	PUNCT
cblr-1214	62	64	employees	employee	NOUN
cblr-1214	62	65	,	,	PUNCT
cblr-1214	62	66	creditors	creditor	NOUN
cblr-1214	62	67	,	,	PUNCT
cblr-1214	62	68	consumers	consumer	NOUN
cblr-1214	62	69	,	,	PUNCT
cblr-1214	62	70	etc.—whose	etc.—whose	PROPN
cblr-1214	62	71	inputs	input	NOUN
cblr-1214	62	72	prove	prove	VERB
cblr-1214	62	73	vital	vital	ADJ
cblr-1214	62	74	to	to	ADP
cblr-1214	62	75	corporate	corporate	ADJ
cblr-1214	62	76	success.13	success.13	NOUN
cblr-1214	62	77	in	in	ADP
cblr-1214	62	78	1999	1999	NUM
cblr-1214	62	79	,	,	PUNCT
cblr-1214	62	80	margaret	margaret	PROPN
cblr-1214	62	81	m.	m.	PROPN
cblr-1214	62	82	blair	blair	PROPN
cblr-1214	62	83	and	and	CCONJ
cblr-1214	62	84	lynn	lynn	PROPN
cblr-1214	62	85	a.	a.	PROPN
cblr-1214	62	86	stout	stout	PROPN
cblr-1214	62	87	put	put	VERB
cblr-1214	62	88	forth	forth	ADP
cblr-1214	62	89	the	the	DET
cblr-1214	62	90	team	team	NOUN
cblr-1214	62	91	production	production	NOUN
cblr-1214	62	92	model	model	NOUN
cblr-1214	62	93	,	,	PUNCT
cblr-1214	62	94	which	which	PRON
cblr-1214	62	95	provides	provide	VERB
cblr-1214	62	96	that	that	SCONJ
cblr-1214	62	97	the	the	DET
cblr-1214	62	98	corporate	corporate	ADJ
cblr-1214	62	99	form	form	NOUN
cblr-1214	62	100	exists	exist	VERB
cblr-1214	62	101	not	not	PART
cblr-1214	62	102	to	to	PART
cblr-1214	62	103	promote	promote	VERB
cblr-1214	62	104	shareholder	shareholder	NOUN
cblr-1214	62	105	interests	interest	NOUN
cblr-1214	62	106	above	above	ADP
cblr-1214	62	107	all	all	DET
cblr-1214	62	108	others	other	NOUN
cblr-1214	62	109	but	but	CCONJ
cblr-1214	62	110	to	to	PART
cblr-1214	62	111	protect	protect	VERB
cblr-1214	62	112	the	the	DET
cblr-1214	62	113	“	"	PUNCT
cblr-1214	62	114	investments	investment	NOUN
cblr-1214	62	115	of	of	ADP
cblr-1214	62	116	all	all	DET
cblr-1214	62	117	the	the	DET
cblr-1214	62	118	members	member	NOUN
cblr-1214	62	119	of	of	ADP
cblr-1214	62	120	the	the	DET
cblr-1214	62	121	corporate	corporate	ADJ
cblr-1214	62	122	7	7	NUM
cblr-1214	62	123	e.	e.	PROPN
cblr-1214	62	124	merrick	merrick	PROPN
cblr-1214	62	125	dodd	dodd	PROPN
cblr-1214	62	126	,	,	PUNCT
cblr-1214	62	127	jr	jr	PROPN
cblr-1214	62	128	.	.	PROPN
cblr-1214	62	129	,	,	PUNCT
cblr-1214	62	130	for	for	ADP
cblr-1214	62	131	whom	whom	PRON
cblr-1214	62	132	are	be	AUX
cblr-1214	62	133	corporate	corporate	ADJ
cblr-1214	62	134	managers	manager	NOUN
cblr-1214	62	135	trustees	trustee	NOUN
cblr-1214	62	136	?	?	PUNCT
cblr-1214	62	137	,	,	PUNCT
cblr-1214	62	138	45	45	NUM
cblr-1214	62	139	harv	harv	NOUN
cblr-1214	62	140	.	.	PUNCT
cblr-1214	63	1	l.	l.	PROPN
cblr-1214	63	2	rev	rev	PROPN
cblr-1214	63	3	.	.	PROPN
cblr-1214	63	4	1145	1145	NUM
cblr-1214	63	5	,	,	PUNCT
cblr-1214	63	6	1163	1163	NUM
cblr-1214	63	7	(	(	PUNCT
cblr-1214	63	8	1932	1932	NUM
cblr-1214	63	9	)	)	PUNCT
cblr-1214	63	10	.	.	PUNCT
cblr-1214	64	1	8	8	NUM
cblr-1214	64	2	j.	j.	PROPN
cblr-1214	64	3	haskell	haskell	PROPN
cblr-1214	64	4	murray	murray	PROPN
cblr-1214	64	5	,	,	PUNCT
cblr-1214	64	6	choose	choose	VERB
cblr-1214	64	7	your	your	PRON
cblr-1214	64	8	own	own	ADJ
cblr-1214	64	9	master	master	NOUN
cblr-1214	64	10	:	:	PUNCT
cblr-1214	64	11	social	social	ADJ
cblr-1214	64	12	enterprise	enterprise	NOUN
cblr-1214	64	13	,	,	PUNCT
cblr-1214	64	14	certifications	certification	NOUN
cblr-1214	64	15	,	,	PUNCT
cblr-1214	64	16	and	and	CCONJ
cblr-1214	64	17	benefit	benefit	NOUN
cblr-1214	64	18	corporation	corporation	NOUN
cblr-1214	64	19	statutes	statute	NOUN
cblr-1214	64	20	,	,	PUNCT
cblr-1214	64	21	2	2	NUM
cblr-1214	64	22	am	am	NOUN
cblr-1214	64	23	.	.	PUNCT
cblr-1214	65	1	u.	u.	PROPN
cblr-1214	65	2	bus	bus	PROPN
cblr-1214	65	3	.	.	PUNCT
cblr-1214	66	1	l.	l.	PROPN
cblr-1214	66	2	rev	rev	PROPN
cblr-1214	66	3	.	.	PROPN
cblr-1214	66	4	1	1	NUM
cblr-1214	66	5	,	,	PUNCT
cblr-1214	66	6	17	17	NUM
cblr-1214	66	7	(	(	PUNCT
cblr-1214	66	8	2012	2012	NUM
cblr-1214	66	9	)	)	PUNCT
cblr-1214	66	10	(	(	PUNCT
cblr-1214	66	11	emphasis	emphasis	NOUN
cblr-1214	66	12	omitted	omit	VERB
cblr-1214	66	13	)	)	PUNCT
cblr-1214	66	14	.	.	PUNCT
cblr-1214	67	1	9	9	NUM
cblr-1214	67	2	grant	grant	PROPN
cblr-1214	67	3	m.	m.	PROPN
cblr-1214	67	4	hayden	hayden	PROPN
cblr-1214	67	5	&	&	CCONJ
cblr-1214	67	6	matthew	matthew	PROPN
cblr-1214	67	7	t.	t.	PROPN
cblr-1214	67	8	bodie	bodie	PROPN
cblr-1214	67	9	,	,	PUNCT
cblr-1214	67	10	one	one	NUM
cblr-1214	67	11	share	share	NOUN
cblr-1214	67	12	,	,	PUNCT
cblr-1214	67	13	one	one	NUM
cblr-1214	67	14	vote	vote	NOUN
cblr-1214	67	15	and	and	CCONJ
cblr-1214	67	16	the	the	DET
cblr-1214	67	17	false	false	ADJ
cblr-1214	67	18	promise	promise	NOUN
cblr-1214	67	19	of	of	ADP
cblr-1214	67	20	shareholder	shareholder	NOUN
cblr-1214	67	21	homogeneity	homogeneity	NOUN
cblr-1214	67	22	,	,	PUNCT
cblr-1214	67	23	30	30	NUM
cblr-1214	67	24	cardozo	cardozo	PROPN
cblr-1214	67	25	l.	l.	PROPN
cblr-1214	67	26	rev	rev	PROPN
cblr-1214	67	27	.	.	PROPN
cblr-1214	67	28	445	445	NUM
cblr-1214	67	29	,	,	PUNCT
cblr-1214	67	30	492	492	NUM
cblr-1214	67	31	(	(	PUNCT
cblr-1214	67	32	2008	2008	NUM
cblr-1214	67	33	)	)	PUNCT
cblr-1214	67	34	.	.	PUNCT
cblr-1214	68	1	10	10	NUM
cblr-1214	68	2	stephen	stephen	PROPN
cblr-1214	68	3	m.	m.	PROPN
cblr-1214	68	4	bainbridge	bainbridge	PROPN
cblr-1214	68	5	,	,	PUNCT
cblr-1214	68	6	in	in	ADP
cblr-1214	68	7	defense	defense	NOUN
cblr-1214	68	8	of	of	ADP
cblr-1214	68	9	the	the	DET
cblr-1214	68	10	shareholder	shareholder	NOUN
cblr-1214	68	11	wealth	wealth	NOUN
cblr-1214	68	12	maximization	maximization	PROPN
cblr-1214	68	13	norm	norm	NOUN
cblr-1214	68	14	:	:	PUNCT
cblr-1214	68	15	a	a	DET
cblr-1214	68	16	reply	reply	NOUN
cblr-1214	68	17	to	to	ADP
cblr-1214	68	18	professor	professor	NOUN
cblr-1214	68	19	green	green	NOUN
cblr-1214	68	20	,	,	PUNCT
cblr-1214	68	21	50	50	NUM
cblr-1214	68	22	wash	wash	NOUN
cblr-1214	68	23	.	.	PUNCT
cblr-1214	68	24	&	&	CCONJ
cblr-1214	68	25	lee	lee	PROPN
cblr-1214	68	26	l.	l.	PROPN
cblr-1214	68	27	rev	rev	PROPN
cblr-1214	68	28	.	.	PROPN
cblr-1214	68	29	1423	1423	NUM
cblr-1214	68	30	,	,	PUNCT
cblr-1214	68	31	1423	1423	NUM
cblr-1214	68	32	(	(	PUNCT
cblr-1214	68	33	1993	1993	NUM
cblr-1214	68	34	)	)	PUNCT
cblr-1214	68	35	.	.	PUNCT
cblr-1214	69	1	11	11	NUM
cblr-1214	69	2	dodd	dodd	NOUN
cblr-1214	69	3	,	,	PUNCT
cblr-1214	69	4	supra	supra	PROPN
cblr-1214	69	5	note	note	PROPN
cblr-1214	69	6	7	7	NUM
cblr-1214	69	7	,	,	PUNCT
cblr-1214	69	8	at	at	ADP
cblr-1214	69	9	1148	1148	NUM
cblr-1214	69	10	.	.	PUNCT
cblr-1214	70	1	12	12	NUM
cblr-1214	70	2	robert	robert	PROPN
cblr-1214	70	3	phillips	phillips	PROPN
cblr-1214	70	4	et	et	PROPN
cblr-1214	70	5	al	al	PROPN
cblr-1214	70	6	.	.	PROPN
cblr-1214	70	7	,	,	PUNCT
cblr-1214	70	8	what	what	PRON
cblr-1214	70	9	stakeholder	stakeholder	NOUN
cblr-1214	70	10	theory	theory	NOUN
cblr-1214	70	11	is	be	AUX
cblr-1214	70	12	not	not	PART
cblr-1214	70	13	,	,	PUNCT
cblr-1214	70	14	13	13	NUM
cblr-1214	70	15	bus	bus	NOUN
cblr-1214	70	16	.	.	PUNCT
cblr-1214	71	1	ethics	ethic	NOUN
cblr-1214	71	2	q.	q.	PROPN
cblr-1214	71	3	479	479	NUM
cblr-1214	71	4	,	,	PUNCT
cblr-1214	71	5	481	481	NUM
cblr-1214	71	6	(	(	PUNCT
cblr-1214	71	7	2003	2003	NUM
cblr-1214	71	8	)	)	PUNCT
cblr-1214	71	9	.	.	PUNCT
cblr-1214	72	1	13	13	NUM
cblr-1214	73	1	i	i	PRON
cblr-1214	73	2	d.	d.	PROPN
cblr-1214	73	3	griffin_final	griffin_final	PROPN
cblr-1214	73	4	76	76	PROPN
cblr-1214	73	5	columbia	columbia	PROPN
cblr-1214	73	6	business	business	NOUN
cblr-1214	73	7	law	law	PROPN
cblr-1214	73	8	review	review	NOUN
cblr-1214	73	9	[	[	X
cblr-1214	73	10	vol	vol	NOUN
cblr-1214	73	11	.	.	PUNCT
cblr-1214	73	12	2018	2018	NUM
cblr-1214	73	13	‘	'	PUNCT
cblr-1214	73	14	team	team	NOUN
cblr-1214	73	15	,	,	PUNCT
cblr-1214	73	16	’	'	PUNCT
cblr-1214	73	17	including	include	VERB
cblr-1214	73	18	shareholders	shareholder	NOUN
cblr-1214	73	19	,	,	PUNCT
cblr-1214	73	20	managers	manager	NOUN
cblr-1214	73	21	,	,	PUNCT
cblr-1214	73	22	rank	rank	NOUN
cblr-1214	73	23	and	and	CCONJ
cblr-1214	73	24	file	file	VERB
cblr-1214	73	25	employees	employee	NOUN
cblr-1214	73	26	,	,	PUNCT
cblr-1214	73	27	and	and	CCONJ
cblr-1214	73	28	possibly	possibly	ADV
cblr-1214	73	29	.	.	PUNCT
cblr-1214	73	30	.	.	PUNCT
cblr-1214	73	31	.	.	PUNCT
cblr-1214	74	1	creditors	creditor	NOUN
cblr-1214	74	2	.	.	PUNCT
cblr-1214	75	1	”14	”14	VERB
cblr-1214	75	2	likewise	likewise	ADV
cblr-1214	75	3	,	,	PUNCT
cblr-1214	75	4	lyman	lyman	PROPN
cblr-1214	75	5	johnson	johnson	PROPN
cblr-1214	75	6	and	and	CCONJ
cblr-1214	75	7	david	david	PROPN
cblr-1214	75	8	millon	millon	PROPN
cblr-1214	75	9	recently	recently	ADV
cblr-1214	75	10	argued	argue	VERB
cblr-1214	75	11	for	for	ADP
cblr-1214	75	12	pluralism	pluralism	NOUN
cblr-1214	75	13	in	in	ADP
cblr-1214	75	14	corporate	corporate	ADJ
cblr-1214	75	15	purpose	purpose	NOUN
cblr-1214	75	16	,	,	PUNCT
cblr-1214	75	17	making	make	VERB
cblr-1214	75	18	a	a	DET
cblr-1214	75	19	strong	strong	ADJ
cblr-1214	75	20	case	case	NOUN
cblr-1214	75	21	that	that	SCONJ
cblr-1214	75	22	a	a	DET
cblr-1214	75	23	corporation	corporation	NOUN
cblr-1214	75	24	can	can	AUX
cblr-1214	75	25	be	be	AUX
cblr-1214	75	26	formed	form	VERB
cblr-1214	75	27	for	for	ADP
cblr-1214	75	28	“	"	PUNCT
cblr-1214	75	29	any	any	DET
cblr-1214	75	30	lawful	lawful	ADJ
cblr-1214	75	31	purpose	purpose	NOUN
cblr-1214	75	32	,	,	PUNCT
cblr-1214	75	33	”	"	PUNCT
cblr-1214	75	34	not	not	PART
cblr-1214	75	35	just	just	ADV
cblr-1214	75	36	the	the	DET
cblr-1214	75	37	maximization	maximization	NOUN
cblr-1214	75	38	of	of	ADP
cblr-1214	75	39	shareholder	shareholder	NOUN
cblr-1214	75	40	wealth.15	wealth.15	PROPN
cblr-1214	75	41	yet	yet	ADV
cblr-1214	75	42	,	,	PUNCT
cblr-1214	75	43	despite	despite	SCONJ
cblr-1214	75	44	these	these	DET
cblr-1214	75	45	efforts	effort	NOUN
cblr-1214	75	46	to	to	PART
cblr-1214	75	47	expand	expand	VERB
cblr-1214	75	48	conceptions	conception	NOUN
cblr-1214	75	49	of	of	ADP
cblr-1214	75	50	corporate	corporate	ADJ
cblr-1214	75	51	purpose	purpose	NOUN
cblr-1214	75	52	,	,	PUNCT
cblr-1214	75	53	the	the	DET
cblr-1214	75	54	shareholder	shareholder	NOUN
cblr-1214	75	55	wealth	wealth	NOUN
cblr-1214	75	56	maximization	maximization	NOUN
cblr-1214	75	57	norm	norm	NOUN
cblr-1214	75	58	still	still	ADV
cblr-1214	75	59	informs	inform	VERB
cblr-1214	75	60	much	much	ADJ
cblr-1214	75	61	of	of	ADP
cblr-1214	75	62	corporate	corporate	ADJ
cblr-1214	75	63	decision	decision	NOUN
cblr-1214	75	64	-	-	PUNCT
cblr-1214	75	65	making	making	NOUN
cblr-1214	75	66	.	.	PUNCT
cblr-1214	76	1	in	in	ADP
cblr-1214	76	2	fact	fact	NOUN
cblr-1214	76	3	,	,	PUNCT
cblr-1214	76	4	even	even	ADV
cblr-1214	76	5	legal	legal	ADJ
cblr-1214	76	6	developments	development	NOUN
cblr-1214	76	7	that	that	PRON
cblr-1214	76	8	at	at	ADP
cblr-1214	76	9	first	first	ADJ
cblr-1214	76	10	glance	glance	NOUN
cblr-1214	76	11	seem	seem	VERB
cblr-1214	76	12	to	to	PART
cblr-1214	76	13	best	well	ADV
cblr-1214	76	14	embrace	embrace	VERB
cblr-1214	76	15	alternative	alternative	ADJ
cblr-1214	76	16	views	view	NOUN
cblr-1214	76	17	of	of	ADP
cblr-1214	76	18	the	the	DET
cblr-1214	76	19	corporation	corporation	NOUN
cblr-1214	76	20	in	in	ADP
cblr-1214	76	21	practice	practice	NOUN
cblr-1214	76	22	reinforce	reinforce	VERB
cblr-1214	76	23	the	the	DET
cblr-1214	76	24	perception	perception	NOUN
cblr-1214	76	25	that	that	PRON
cblr-1214	76	26	shareholder	shareholder	NOUN
cblr-1214	76	27	wealth	wealth	NOUN
cblr-1214	76	28	maximization	maximization	NOUN
cblr-1214	76	29	should	should	AUX
cblr-1214	76	30	reign	reign	VERB
cblr-1214	76	31	supreme	supreme	ADJ
cblr-1214	76	32	—	—	PUNCT
cblr-1214	76	33	at	at	ADP
cblr-1214	76	34	least	least	ADJ
cblr-1214	76	35	with	with	ADP
cblr-1214	76	36	respect	respect	NOUN
cblr-1214	76	37	to	to	ADP
cblr-1214	76	38	the	the	DET
cblr-1214	76	39	traditional	traditional	ADJ
cblr-1214	76	40	corporation	corporation	NOUN
cblr-1214	76	41	.	.	PUNCT
cblr-1214	77	1	for	for	ADP
cblr-1214	77	2	example	example	NOUN
cblr-1214	77	3	,	,	PUNCT
cblr-1214	77	4	the	the	DET
cblr-1214	77	5	emergence	emergence	NOUN
cblr-1214	77	6	of	of	ADP
cblr-1214	77	7	blended	blended	ADJ
cblr-1214	77	8	corporations	corporation	NOUN
cblr-1214	77	9	such	such	ADJ
cblr-1214	77	10	as	as	ADP
cblr-1214	77	11	“	"	PUNCT
cblr-1214	77	12	benefit	benefit	NOUN
cblr-1214	77	13	corporations	corporation	NOUN
cblr-1214	77	14	,	,	PUNCT
cblr-1214	77	15	”	"	PUNCT
cblr-1214	77	16	“	"	PUNCT
cblr-1214	77	17	flexible	flexible	ADJ
cblr-1214	77	18	purpose	purpose	NOUN
cblr-1214	77	19	corporations	corporation	NOUN
cblr-1214	77	20	,	,	PUNCT
cblr-1214	77	21	”	"	PUNCT
cblr-1214	77	22	and	and	CCONJ
cblr-1214	77	23	“	"	PUNCT
cblr-1214	77	24	social	social	ADJ
cblr-1214	77	25	purpose	purpose	NOUN
cblr-1214	77	26	corporations	corporation	NOUN
cblr-1214	77	27	”	"	PUNCT
cblr-1214	77	28	arguably	arguably	ADV
cblr-1214	77	29	evinces	evince	VERB
cblr-1214	77	30	a	a	DET
cblr-1214	77	31	desire	desire	NOUN
cblr-1214	77	32	on	on	ADP
cblr-1214	77	33	the	the	DET
cblr-1214	77	34	part	part	NOUN
cblr-1214	77	35	of	of	ADP
cblr-1214	77	36	businesspeople	businesspeople	NOUN
cblr-1214	77	37	and	and	CCONJ
cblr-1214	77	38	consumers	consumer	NOUN
cblr-1214	77	39	for	for	SCONJ
cblr-1214	77	40	businesses	business	NOUN
cblr-1214	77	41	to	to	PART
cblr-1214	77	42	pursue	pursue	VERB
cblr-1214	77	43	both	both	DET
cblr-1214	77	44	profit	profit	NOUN
cblr-1214	77	45	and	and	CCONJ
cblr-1214	77	46	social	social	ADJ
cblr-1214	77	47	good.16	good.16	PROPN
cblr-1214	77	48	yet	yet	ADV
cblr-1214	77	49	,	,	PUNCT
cblr-1214	77	50	by	by	ADP
cblr-1214	77	51	forming	form	VERB
cblr-1214	77	52	a	a	DET
cblr-1214	77	53	separate	separate	ADJ
cblr-1214	77	54	and	and	CCONJ
cblr-1214	77	55	distinct	distinct	ADJ
cblr-1214	77	56	category	category	NOUN
cblr-1214	77	57	of	of	ADP
cblr-1214	77	58	corporations	corporation	NOUN
cblr-1214	77	59	that	that	PRON
cblr-1214	77	60	aim	aim	VERB
cblr-1214	77	61	to	to	PART
cblr-1214	77	62	benefit	benefit	VERB
cblr-1214	77	63	both	both	DET
cblr-1214	77	64	shareholders	shareholder	NOUN
cblr-1214	77	65	and	and	CCONJ
cblr-1214	77	66	society	society	NOUN
cblr-1214	77	67	at	at	ADP
cblr-1214	77	68	large	large	ADJ
cblr-1214	77	69	,	,	PUNCT
cblr-1214	77	70	these	these	DET
cblr-1214	77	71	corporate	corporate	ADJ
cblr-1214	77	72	forms	form	NOUN
cblr-1214	77	73	in	in	ADP
cblr-1214	77	74	fact	fact	NOUN
cblr-1214	77	75	reinforce	reinforce	VERB
cblr-1214	77	76	the	the	DET
cblr-1214	77	77	notion	notion	NOUN
cblr-1214	77	78	that	that	SCONJ
cblr-1214	77	79	traditional	traditional	ADJ
cblr-1214	77	80	corporations	corporation	NOUN
cblr-1214	77	81	exist	exist	VERB
cblr-1214	77	82	only	only	ADV
cblr-1214	77	83	to	to	PART
cblr-1214	77	84	maximize	maximize	VERB
cblr-1214	77	85	the	the	DET
cblr-1214	77	86	wealth	wealth	NOUN
cblr-1214	77	87	of	of	ADP
cblr-1214	77	88	shareholders.17	shareholders.17	PROPN
cblr-1214	77	89	moreover	moreover	ADV
cblr-1214	77	90	,	,	PUNCT
cblr-1214	77	91	arguments	argument	NOUN
cblr-1214	77	92	that	that	PRON
cblr-1214	77	93	collapse	collapse	VERB
cblr-1214	77	94	the	the	DET
cblr-1214	77	95	distinction	distinction	NOUN
cblr-1214	77	96	between	between	ADP
cblr-1214	77	97	shareholder	shareholder	NOUN
cblr-1214	77	98	wealth	wealth	NOUN
cblr-1214	77	99	maximization	maximization	NOUN
cblr-1214	77	100	and	and	CCONJ
cblr-1214	77	101	social	social	ADJ
cblr-1214	77	102	welfare	welfare	NOUN
cblr-1214	77	103	make	make	VERB
cblr-1214	77	104	it	it	PRON
cblr-1214	77	105	easier	easy	ADJ
cblr-1214	77	106	to	to	PART
cblr-1214	77	107	dismiss	dismiss	VERB
cblr-1214	77	108	challenges	challenge	NOUN
cblr-1214	77	109	to	to	ADP
cblr-1214	77	110	the	the	DET
cblr-1214	77	111	shareholder	shareholder	NOUN
cblr-1214	77	112	wealth	wealth	NOUN
cblr-1214	77	113	maximization	maximization	NOUN
cblr-1214	77	114	norm	norm	NOUN
cblr-1214	77	115	.	.	PUNCT
cblr-1214	78	1	these	these	DET
cblr-1214	78	2	arguments	argument	NOUN
cblr-1214	78	3	essentially	essentially	ADV
cblr-1214	78	4	contend	contend	VERB
cblr-1214	78	5	that	that	SCONJ
cblr-1214	78	6	when	when	SCONJ
cblr-1214	78	7	directors	director	NOUN
cblr-1214	78	8	and	and	CCONJ
cblr-1214	78	9	managers	manager	NOUN
cblr-1214	78	10	ruthlessly	ruthlessly	ADV
cblr-1214	78	11	pursue	pursue	VERB
cblr-1214	78	12	shareholder	shareholder	NOUN
cblr-1214	78	13	14	14	NUM
cblr-1214	78	14	margaret	margaret	PROPN
cblr-1214	78	15	m.	m.	PROPN
cblr-1214	78	16	blair	blair	PROPN
cblr-1214	78	17	&	&	CCONJ
cblr-1214	78	18	lynn	lynn	PROPN
cblr-1214	78	19	a.	a.	PROPN
cblr-1214	78	20	stout	stout	PROPN
cblr-1214	78	21	,	,	PUNCT
cblr-1214	78	22	a	a	DET
cblr-1214	78	23	team	team	NOUN
cblr-1214	78	24	production	production	NOUN
cblr-1214	78	25	theory	theory	NOUN
cblr-1214	78	26	of	of	ADP
cblr-1214	78	27	corporate	corporate	ADJ
cblr-1214	78	28	law	law	NOUN
cblr-1214	78	29	,	,	PUNCT
cblr-1214	78	30	85	85	NUM
cblr-1214	78	31	va	va	NOUN
cblr-1214	78	32	.	.	PUNCT
cblr-1214	79	1	l.	l.	PROPN
cblr-1214	79	2	rev	rev	PROPN
cblr-1214	79	3	.	.	PROPN
cblr-1214	79	4	247	247	NUM
cblr-1214	79	5	,	,	PUNCT
cblr-1214	79	6	253	253	NUM
cblr-1214	79	7	(	(	PUNCT
cblr-1214	79	8	1999	1999	NUM
cblr-1214	79	9	)	)	PUNCT
cblr-1214	79	10	(	(	PUNCT
cblr-1214	79	11	emphasis	emphasis	NOUN
cblr-1214	79	12	omitted	omit	VERB
cblr-1214	79	13	)	)	PUNCT
cblr-1214	79	14	.	.	PUNCT
cblr-1214	80	1	15	15	NUM
cblr-1214	80	2	lyman	lyman	PROPN
cblr-1214	80	3	johnson	johnson	PROPN
cblr-1214	80	4	&	&	CCONJ
cblr-1214	80	5	david	david	PROPN
cblr-1214	80	6	millon	millon	PROPN
cblr-1214	80	7	,	,	PUNCT
cblr-1214	80	8	corporate	corporate	ADJ
cblr-1214	80	9	law	law	NOUN
cblr-1214	80	10	after	after	ADP
cblr-1214	80	11	hobby	hobby	ADJ
cblr-1214	80	12	lobby	lobby	NOUN
cblr-1214	80	13	,	,	PUNCT
cblr-1214	80	14	70	70	NUM
cblr-1214	80	15	bus	bus	NOUN
cblr-1214	80	16	.	.	PUNCT
cblr-1214	80	17	law	law	NOUN
cblr-1214	80	18	.	.	PUNCT
cblr-1214	81	1	1	1	NUM
cblr-1214	81	2	,	,	PUNCT
cblr-1214	81	3	31	31	NUM
cblr-1214	81	4	(	(	PUNCT
cblr-1214	81	5	2014	2014	NUM
cblr-1214	81	6	)	)	PUNCT
cblr-1214	81	7	.	.	PUNCT
cblr-1214	82	1	16	16	NUM
cblr-1214	82	2	lyman	lyman	PROPN
cblr-1214	82	3	johnson	johnson	PROPN
cblr-1214	82	4	,	,	PUNCT
cblr-1214	82	5	pluralism	pluralism	NOUN
cblr-1214	82	6	in	in	ADP
cblr-1214	82	7	corporate	corporate	ADJ
cblr-1214	82	8	form	form	NOUN
cblr-1214	82	9	:	:	PUNCT
cblr-1214	82	10	corporate	corporate	ADJ
cblr-1214	82	11	law	law	NOUN
cblr-1214	82	12	and	and	CCONJ
cblr-1214	82	13	benefit	benefit	NOUN
cblr-1214	82	14	corps	corp	NOUN
cblr-1214	82	15	.	.	PUNCT
cblr-1214	82	16	,	,	PUNCT
cblr-1214	82	17	25	25	NUM
cblr-1214	82	18	regent	regent	PROPN
cblr-1214	82	19	u.	u.	PROPN
cblr-1214	82	20	l.	l.	PROPN
cblr-1214	82	21	rev	rev	PROPN
cblr-1214	82	22	.	.	PROPN
cblr-1214	82	23	269	269	NUM
cblr-1214	82	24	,	,	PUNCT
cblr-1214	82	25	269	269	NUM
cblr-1214	82	26	(	(	PUNCT
cblr-1214	82	27	2013	2013	NUM
cblr-1214	82	28	)	)	PUNCT
cblr-1214	82	29	(	(	PUNCT
cblr-1214	82	30	noting	note	VERB
cblr-1214	82	31	that	that	SCONJ
cblr-1214	82	32	the	the	DET
cblr-1214	82	33	social	social	ADJ
cblr-1214	82	34	enterprise	enterprise	NOUN
cblr-1214	82	35	movement	movement	NOUN
cblr-1214	82	36	has	have	AUX
cblr-1214	82	37	led	lead	VERB
cblr-1214	82	38	to	to	ADP
cblr-1214	82	39	the	the	DET
cblr-1214	82	40	proliferation	proliferation	NOUN
cblr-1214	82	41	of	of	ADP
cblr-1214	82	42	dual	dual	ADJ
cblr-1214	82	43	mission	mission	NOUN
cblr-1214	82	44	entities	entity	NOUN
cblr-1214	82	45	,	,	PUNCT
cblr-1214	82	46	as	as	ADV
cblr-1214	82	47	well	well	ADV
cblr-1214	82	48	as	as	ADP
cblr-1214	82	49	legal	legal	ADJ
cblr-1214	82	50	and	and	CCONJ
cblr-1214	82	51	business	business	NOUN
cblr-1214	82	52	reform	reform	NOUN
cblr-1214	82	53	)	)	PUNCT
cblr-1214	82	54	;	;	PUNCT
cblr-1214	82	55	see	see	VERB
cblr-1214	82	56	also	also	ADV
cblr-1214	82	57	murray	murray	VERB
cblr-1214	82	58	,	,	PUNCT
cblr-1214	82	59	supra	supra	PROPN
cblr-1214	82	60	note	note	PROPN
cblr-1214	82	61	8	8	NUM
cblr-1214	82	62	,	,	PUNCT
cblr-1214	82	63	at	at	ADP
cblr-1214	82	64	3–5	3–5	NUM
cblr-1214	82	65	.	.	PROPN
cblr-1214	82	66	17	17	NUM
cblr-1214	82	67	johnson	johnson	PROPN
cblr-1214	82	68	,	,	PUNCT
cblr-1214	82	69	supra	supra	PROPN
cblr-1214	82	70	note	note	PROPN
cblr-1214	82	71	16	16	NUM
cblr-1214	82	72	,	,	PUNCT
cblr-1214	82	73	at	at	ADP
cblr-1214	82	74	295	295	NUM
cblr-1214	82	75	(	(	PUNCT
cblr-1214	82	76	noting	note	VERB
cblr-1214	82	77	the	the	DET
cblr-1214	82	78	possibility	possibility	NOUN
cblr-1214	82	79	that	that	SCONJ
cblr-1214	82	80	“	"	PUNCT
cblr-1214	82	81	legislation	legislation	NOUN
cblr-1214	82	82	authorizing	authorize	VERB
cblr-1214	82	83	special	special	ADJ
cblr-1214	82	84	vehicles	vehicle	NOUN
cblr-1214	82	85	for	for	ADP
cblr-1214	82	86	social	social	ADJ
cblr-1214	82	87	enterprise	enterprise	NOUN
cblr-1214	82	88	—	—	PUNCT
cblr-1214	82	89	i.e.	i.e.	X
cblr-1214	82	90	,	,	PUNCT
cblr-1214	82	91	benefit	benefit	NOUN
cblr-1214	82	92	corps	corps	NOUN
cblr-1214	82	93	.	.	PUNCT
cblr-1214	82	94	—	—	PUNCT
cblr-1214	82	95	implies	imply	VERB
cblr-1214	82	96	that	that	SCONJ
cblr-1214	82	97	traditional	traditional	ADJ
cblr-1214	82	98	corporations	corporation	NOUN
cblr-1214	82	99	should	should	AUX
cblr-1214	82	100	maintain	maintain	VERB
cblr-1214	82	101	,	,	PUNCT
cblr-1214	82	102	if	if	SCONJ
cblr-1214	82	103	not	not	PART
cblr-1214	82	104	heighten	heighten	VERB
cblr-1214	82	105	,	,	PUNCT
cblr-1214	82	106	their	their	PRON
cblr-1214	82	107	predominant	predominant	ADJ
cblr-1214	82	108	focus	focus	NOUN
cblr-1214	82	109	on	on	ADP
cblr-1214	82	110	profits	profit	NOUN
cblr-1214	82	111	and	and	CCONJ
cblr-1214	82	112	shareholder	shareholder	NOUN
cblr-1214	82	113	wealth	wealth	NOUN
cblr-1214	82	114	”	"	PUNCT
cblr-1214	82	115	)	)	PUNCT
cblr-1214	82	116	.	.	PUNCT
cblr-1214	83	1	griffin_final	griffin_final	ADJ
cblr-1214	83	2	no	no	NOUN
cblr-1214	83	3	.	.	PUNCT
cblr-1214	84	1	1:70	1:70	NUM
cblr-1214	84	2	]	]	PUNCT
cblr-1214	84	3	the	the	DET
cblr-1214	84	4	hidden	hidden	ADJ
cblr-1214	84	5	cost	cost	NOUN
cblr-1214	84	6	of	of	ADP
cblr-1214	84	7	m&a	m&a	PROPN
cblr-1214	84	8	77	77	NUM
cblr-1214	84	9	wealth	wealth	NOUN
cblr-1214	84	10	maximization	maximization	NOUN
cblr-1214	84	11	,	,	PUNCT
cblr-1214	84	12	they	they	PRON
cblr-1214	84	13	create	create	VERB
cblr-1214	84	14	jobs	job	NOUN
cblr-1214	84	15	,	,	PUNCT
cblr-1214	84	16	economic	economic	ADJ
cblr-1214	84	17	growth	growth	NOUN
cblr-1214	84	18	,	,	PUNCT
cblr-1214	84	19	and	and	CCONJ
cblr-1214	84	20	technological	technological	ADJ
cblr-1214	84	21	advancements	advancement	NOUN
cblr-1214	84	22	that	that	PRON
cblr-1214	84	23	ultimately	ultimately	ADV
cblr-1214	84	24	maximize	maximize	VERB
cblr-1214	84	25	social	social	ADJ
cblr-1214	84	26	welfare	welfare	NOUN
cblr-1214	84	27	—	—	PUNCT
cblr-1214	84	28	or	or	CCONJ
cblr-1214	84	29	,	,	PUNCT
cblr-1214	84	30	in	in	ADP
cblr-1214	84	31	other	other	ADJ
cblr-1214	84	32	words	word	NOUN
cblr-1214	84	33	,	,	PUNCT
cblr-1214	84	34	that	that	SCONJ
cblr-1214	84	35	it	it	PRON
cblr-1214	84	36	is	be	AUX
cblr-1214	84	37	ultimately	ultimately	ADV
cblr-1214	84	38	in	in	ADP
cblr-1214	84	39	the	the	DET
cblr-1214	84	40	interest	interest	NOUN
cblr-1214	84	41	of	of	ADP
cblr-1214	84	42	shareholders	shareholder	NOUN
cblr-1214	84	43	to	to	PART
cblr-1214	84	44	promote	promote	VERB
cblr-1214	84	45	stakeholder	stakeholder	NOUN
cblr-1214	84	46	interests	interest	NOUN
cblr-1214	84	47	,	,	PUNCT
cblr-1214	84	48	as	as	SCONJ
cblr-1214	84	49	good	good	ADJ
cblr-1214	84	50	community	community	NOUN
cblr-1214	84	51	relations	relation	NOUN
cblr-1214	84	52	,	,	PUNCT
cblr-1214	84	53	loyal	loyal	ADJ
cblr-1214	84	54	employees	employee	NOUN
cblr-1214	84	55	,	,	PUNCT
cblr-1214	84	56	and	and	CCONJ
cblr-1214	84	57	loyal	loyal	ADJ
cblr-1214	84	58	customers	customer	NOUN
cblr-1214	84	59	are	be	AUX
cblr-1214	84	60	vital	vital	ADJ
cblr-1214	84	61	to	to	ADP
cblr-1214	84	62	the	the	DET
cblr-1214	84	63	long	long	ADJ
cblr-1214	84	64	-	-	PUNCT
cblr-1214	84	65	term	term	NOUN
cblr-1214	84	66	health	health	NOUN
cblr-1214	84	67	of	of	ADP
cblr-1214	84	68	any	any	DET
cblr-1214	84	69	company.18	company.18	NOUN
cblr-1214	84	70	as	as	ADP
cblr-1214	84	71	stephen	stephen	PROPN
cblr-1214	84	72	bainbridge	bainbridge	PROPN
cblr-1214	84	73	states	states	PROPN
cblr-1214	84	74	in	in	ADP
cblr-1214	84	75	one	one	NUM
cblr-1214	84	76	permutation	permutation	NOUN
cblr-1214	84	77	of	of	ADP
cblr-1214	84	78	this	this	DET
cblr-1214	84	79	argument	argument	NOUN
cblr-1214	84	80	,	,	PUNCT
cblr-1214	84	81	“	"	PUNCT
cblr-1214	84	82	for	for	ADP
cblr-1214	84	83	many	many	ADJ
cblr-1214	84	84	years	year	NOUN
cblr-1214	84	85	,	,	PUNCT
cblr-1214	84	86	the	the	DET
cblr-1214	84	87	basic	basic	ADJ
cblr-1214	84	88	rule	rule	NOUN
cblr-1214	84	89	that	that	PRON
cblr-1214	84	90	shareholder	shareholder	NOUN
cblr-1214	84	91	interests	interest	NOUN
cblr-1214	84	92	come	come	VERB
cblr-1214	84	93	first	first	ADV
cblr-1214	84	94	has	have	AUX
cblr-1214	84	95	governed	govern	VERB
cblr-1214	84	96	public	public	ADJ
cblr-1214	84	97	corporations	corporation	NOUN
cblr-1214	84	98	.	.	PUNCT
cblr-1214	85	1	that	that	DET
cblr-1214	85	2	rule	rule	NOUN
cblr-1214	85	3	has	have	AUX
cblr-1214	85	4	helped	help	VERB
cblr-1214	85	5	produce	produce	VERB
cblr-1214	85	6	an	an	DET
cblr-1214	85	7	economy	economy	NOUN
cblr-1214	85	8	that	that	PRON
cblr-1214	85	9	is	be	AUX
cblr-1214	85	10	dominated	dominate	VERB
cblr-1214	85	11	by	by	ADP
cblr-1214	85	12	public	public	ADJ
cblr-1214	85	13	corporations	corporation	NOUN
cblr-1214	85	14	,	,	PUNCT
cblr-1214	85	15	which	which	PRON
cblr-1214	85	16	in	in	ADP
cblr-1214	85	17	turn	turn	NOUN
cblr-1214	85	18	has	have	AUX
cblr-1214	85	19	produced	produce	VERB
cblr-1214	85	20	the	the	DET
cblr-1214	85	21	highest	high	ADJ
cblr-1214	85	22	standard	standard	NOUN
cblr-1214	85	23	of	of	ADP
cblr-1214	85	24	living	living	NOUN
cblr-1214	85	25	of	of	ADP
cblr-1214	85	26	any	any	DET
cblr-1214	85	27	society	society	NOUN
cblr-1214	85	28	in	in	ADP
cblr-1214	85	29	the	the	DET
cblr-1214	85	30	history	history	NOUN
cblr-1214	85	31	of	of	ADP
cblr-1214	85	32	the	the	DET
cblr-1214	85	33	world	world	NOUN
cblr-1214	85	34	.	.	PUNCT
cblr-1214	86	1	”19	”19	NOUN
cblr-1214	86	2	such	such	ADJ
cblr-1214	86	3	arguments	argument	NOUN
cblr-1214	86	4	are	be	AUX
cblr-1214	86	5	appealing	appeal	VERB
cblr-1214	86	6	because	because	SCONJ
cblr-1214	86	7	they	they	PRON
cblr-1214	86	8	turn	turn	VERB
cblr-1214	86	9	a	a	DET
cblr-1214	86	10	contentious	contentious	ADJ
cblr-1214	86	11	debate	debate	NOUN
cblr-1214	86	12	into	into	ADP
cblr-1214	86	13	a	a	DET
cblr-1214	86	14	win	win	NOUN
cblr-1214	86	15	-	-	PUNCT
cblr-1214	86	16	win	win	NOUN
cblr-1214	86	17	situation	situation	NOUN
cblr-1214	86	18	.	.	PUNCT
cblr-1214	87	1	corporations	corporation	NOUN
cblr-1214	87	2	have	have	VERB
cblr-1214	87	3	their	their	PRON
cblr-1214	87	4	shareholder	shareholder	NOUN
cblr-1214	87	5	wealth	wealth	NOUN
cblr-1214	87	6	maximization	maximization	NOUN
cblr-1214	87	7	cake	cake	NOUN
cblr-1214	87	8	and	and	CCONJ
cblr-1214	87	9	society	society	NOUN
cblr-1214	87	10	eats	eat	VERB
cblr-1214	87	11	it	it	PRON
cblr-1214	87	12	too	too	ADV
cblr-1214	87	13	.	.	PUNCT
cblr-1214	88	1	however	however	ADV
cblr-1214	88	2	,	,	PUNCT
cblr-1214	88	3	whether	whether	SCONJ
cblr-1214	88	4	shareholder	shareholder	NOUN
cblr-1214	88	5	wealth	wealth	NOUN
cblr-1214	88	6	maximization	maximization	NOUN
cblr-1214	88	7	actually	actually	ADV
cblr-1214	88	8	advances	advance	VERB
cblr-1214	88	9	stakeholder	stakeholder	NOUN
cblr-1214	88	10	welfare	welfare	NOUN
cblr-1214	88	11	(	(	PUNCT
cblr-1214	88	12	and	and	CCONJ
cblr-1214	88	13	vice	vice	ADV
cblr-1214	88	14	versa	versa	ADV
cblr-1214	88	15	)	)	PUNCT
cblr-1214	88	16	is	be	AUX
cblr-1214	88	17	an	an	DET
cblr-1214	88	18	empirical	empirical	ADJ
cblr-1214	88	19	question	question	NOUN
cblr-1214	88	20	that	that	PRON
cblr-1214	88	21	proves	prove	VERB
cblr-1214	88	22	nearly	nearly	ADV
cblr-1214	88	23	impossible	impossible	ADJ
cblr-1214	88	24	to	to	PART
cblr-1214	88	25	answer	answer	VERB
cblr-1214	88	26	.	.	PUNCT
cblr-1214	89	1	while	while	SCONJ
cblr-1214	89	2	it	it	PRON
cblr-1214	89	3	is	be	AUX
cblr-1214	89	4	easy	easy	ADJ
cblr-1214	89	5	to	to	PART
cblr-1214	89	6	contemplate	contemplate	VERB
cblr-1214	89	7	hypothetical	hypothetical	ADJ
cblr-1214	89	8	situations	situation	NOUN
cblr-1214	89	9	where	where	SCONJ
cblr-1214	89	10	stakeholder	stakeholder	NOUN
cblr-1214	89	11	and	and	CCONJ
cblr-1214	89	12	shareholder	shareholder	NOUN
cblr-1214	89	13	interests	interest	NOUN
cblr-1214	89	14	conflict	conflict	NOUN
cblr-1214	89	15	,	,	PUNCT
cblr-1214	89	16	it	it	PRON
cblr-1214	89	17	is	be	AUX
cblr-1214	89	18	far	far	ADV
cblr-1214	89	19	more	more	ADV
cblr-1214	89	20	difficult	difficult	ADJ
cblr-1214	89	21	to	to	PART
cblr-1214	89	22	empirically	empirically	ADV
cblr-1214	89	23	prove	prove	VERB
cblr-1214	89	24	or	or	CCONJ
cblr-1214	89	25	disprove	disprove	VERB
cblr-1214	89	26	the	the	DET
cblr-1214	89	27	notion	notion	NOUN
cblr-1214	89	28	that	that	SCONJ
cblr-1214	89	29	,	,	PUNCT
cblr-1214	89	30	when	when	SCONJ
cblr-1214	89	31	all	all	DET
cblr-1214	89	32	corporations	corporation	NOUN
cblr-1214	89	33	make	make	VERB
cblr-1214	89	34	shareholder	shareholder	NOUN
cblr-1214	89	35	wealth	wealth	NOUN
cblr-1214	89	36	maximization	maximization	VERB
cblr-1214	89	37	their	their	PRON
cblr-1214	89	38	principal	principal	ADJ
cblr-1214	89	39	goal	goal	NOUN
cblr-1214	89	40	,	,	PUNCT
cblr-1214	89	41	society	society	NOUN
cblr-1214	89	42	is	be	AUX
cblr-1214	89	43	better	well	ADJ
cblr-1214	89	44	off	off	ADV
cblr-1214	89	45	than	than	SCONJ
cblr-1214	89	46	they	they	PRON
cblr-1214	89	47	would	would	AUX
cblr-1214	89	48	be	be	AUX
cblr-1214	89	49	if	if	SCONJ
cblr-1214	89	50	all	all	DET
cblr-1214	89	51	(	(	PUNCT
cblr-1214	89	52	or	or	CCONJ
cblr-1214	89	53	some	some	PRON
cblr-1214	89	54	)	)	PUNCT
cblr-1214	89	55	corporations	corporation	NOUN
cblr-1214	89	56	sought	seek	VERB
cblr-1214	89	57	to	to	PART
cblr-1214	89	58	promote	promote	VERB
cblr-1214	89	59	both	both	PRON
cblr-1214	89	60	social	social	ADJ
cblr-1214	89	61	welfare	welfare	NOUN
cblr-1214	89	62	and	and	CCONJ
cblr-1214	89	63	shareholder	shareholder	NOUN
cblr-1214	89	64	interests	interest	NOUN
cblr-1214	89	65	in	in	ADP
cblr-1214	89	66	tandem	tandem	PROPN
cblr-1214	89	67	.	.	PUNCT
cblr-1214	90	1	such	such	DET
cblr-1214	90	2	an	an	DET
cblr-1214	90	3	answer	answer	NOUN
cblr-1214	90	4	would	would	AUX
cblr-1214	90	5	require	require	VERB
cblr-1214	90	6	either	either	CCONJ
cblr-1214	90	7	a	a	DET
cblr-1214	90	8	nationwide	nationwide	ADJ
cblr-1214	90	9	experiment	experiment	NOUN
cblr-1214	90	10	or	or	CCONJ
cblr-1214	90	11	an	an	DET
cblr-1214	90	12	unfathomably	unfathomably	ADV
cblr-1214	90	13	sophisticated	sophisticated	ADJ
cblr-1214	90	14	economic	economic	ADJ
cblr-1214	90	15	modeling	modeling	NOUN
cblr-1214	90	16	system	system	NOUN
cblr-1214	90	17	—	—	PUNCT
cblr-1214	90	18	both	both	PRON
cblr-1214	90	19	of	of	ADP
cblr-1214	90	20	which	which	PRON
cblr-1214	90	21	are	be	AUX
cblr-1214	90	22	out	out	ADP
cblr-1214	90	23	of	of	ADP
cblr-1214	90	24	academics	academic	NOUN
cblr-1214	90	25	’	'	PUNCT
cblr-1214	90	26	grasp	grasp	NOUN
cblr-1214	90	27	.	.	PUNCT
cblr-1214	91	1	this	this	DET
cblr-1214	91	2	article	article	NOUN
cblr-1214	91	3	attempts	attempt	VERB
cblr-1214	91	4	to	to	PART
cblr-1214	91	5	answer	answer	VERB
cblr-1214	91	6	only	only	ADV
cblr-1214	91	7	a	a	DET
cblr-1214	91	8	small	small	ADJ
cblr-1214	91	9	sliver	sliver	NOUN
cblr-1214	91	10	of	of	ADP
cblr-1214	91	11	that	that	DET
cblr-1214	91	12	empirical	empirical	ADJ
cblr-1214	91	13	question	question	NOUN
cblr-1214	91	14	by	by	ADP
cblr-1214	91	15	examining	examine	VERB
cblr-1214	91	16	whether	whether	SCONJ
cblr-1214	91	17	one	one	NUM
cblr-1214	91	18	decision	decision	NOUN
cblr-1214	91	19	—	—	PUNCT
cblr-1214	91	20	whether	whether	SCONJ
cblr-1214	91	21	to	to	PART
cblr-1214	91	22	pursue	pursue	VERB
cblr-1214	91	23	m&a	m&a	PROPN
cblr-1214	91	24	—	—	PUNCT
cblr-1214	91	25	tends	tend	VERB
cblr-1214	91	26	to	to	PART
cblr-1214	91	27	benefit	benefit	VERB
cblr-1214	91	28	shareholders	shareholder	NOUN
cblr-1214	91	29	and	and	CCONJ
cblr-1214	91	30	society	society	NOUN
cblr-1214	91	31	in	in	ADP
cblr-1214	91	32	tandem	tandem	PROPN
cblr-1214	91	33	or	or	CCONJ
cblr-1214	91	34	instead	instead	ADV
cblr-1214	91	35	tends	tend	VERB
cblr-1214	91	36	to	to	PART
cblr-1214	91	37	pit	pit	VERB
cblr-1214	91	38	the	the	DET
cblr-1214	91	39	interests	interest	NOUN
cblr-1214	91	40	of	of	ADP
cblr-1214	91	41	shareholders	shareholder	NOUN
cblr-1214	91	42	and	and	CCONJ
cblr-1214	91	43	society	society	NOUN
cblr-1214	91	44	against	against	ADP
cblr-1214	91	45	each	each	DET
cblr-1214	91	46	other	other	ADJ
cblr-1214	91	47	.	.	PUNCT
cblr-1214	92	1	in	in	ADP
cblr-1214	92	2	so	so	ADV
cblr-1214	92	3	doing	do	VERB
cblr-1214	92	4	,	,	PUNCT
cblr-1214	92	5	this	this	DET
cblr-1214	92	6	article	article	NOUN
cblr-1214	92	7	seeks	seek	VERB
cblr-1214	92	8	to	to	PART
cblr-1214	92	9	assess	assess	VERB
cblr-1214	92	10	the	the	DET
cblr-1214	92	11	validity	validity	NOUN
cblr-1214	92	12	of	of	ADP
cblr-1214	92	13	the	the	DET
cblr-1214	92	14	shareholder	shareholder	NOUN
cblr-1214	92	15	wealth	wealth	NOUN
cblr-1214	92	16	18	18	NUM
cblr-1214	92	17	leo	leo	PROPN
cblr-1214	92	18	e.	e.	PROPN
cblr-1214	92	19	strine	strine	PROPN
cblr-1214	92	20	,	,	PUNCT
cblr-1214	92	21	jr	jr	PROPN
cblr-1214	92	22	.	.	PROPN
cblr-1214	92	23	,	,	PUNCT
cblr-1214	92	24	the	the	DET
cblr-1214	92	25	social	social	ADJ
cblr-1214	92	26	responsibility	responsibility	NOUN
cblr-1214	92	27	of	of	ADP
cblr-1214	92	28	boards	board	NOUN
cblr-1214	92	29	of	of	ADP
cblr-1214	92	30	directors	director	NOUN
cblr-1214	92	31	and	and	CCONJ
cblr-1214	92	32	stockholders	stockholder	NOUN
cblr-1214	92	33	in	in	ADP
cblr-1214	92	34	change	change	NOUN
cblr-1214	92	35	of	of	ADP
cblr-1214	92	36	control	control	NOUN
cblr-1214	92	37	transactions	transaction	NOUN
cblr-1214	92	38	:	:	PUNCT
cblr-1214	92	39	is	be	AUX
cblr-1214	92	40	there	there	PRON
cblr-1214	92	41	any	any	DET
cblr-1214	92	42	“	"	PUNCT
cblr-1214	92	43	there	there	ADV
cblr-1214	92	44	”	"	PUNCT
cblr-1214	92	45	there	there	ADV
cblr-1214	92	46	?	?	PUNCT
cblr-1214	92	47	,	,	PUNCT
cblr-1214	92	48	75	75	NUM
cblr-1214	92	49	s.	s.	PROPN
cblr-1214	92	50	cal	cal	PROPN
cblr-1214	92	51	.	.	PUNCT
cblr-1214	93	1	l.	l.	PROPN
cblr-1214	93	2	rev	rev	PROPN
cblr-1214	93	3	.	.	PROPN
cblr-1214	93	4	1169	1169	NUM
cblr-1214	93	5	,	,	PUNCT
cblr-1214	93	6	1172–74	1172–74	NUM
cblr-1214	93	7	(	(	PUNCT
cblr-1214	93	8	2002	2002	NUM
cblr-1214	93	9	)	)	PUNCT
cblr-1214	93	10	.	.	PUNCT
cblr-1214	94	1	19	19	NUM
cblr-1214	94	2	bainbridge	bainbridge	PROPN
cblr-1214	94	3	,	,	PUNCT
cblr-1214	94	4	supra	supra	PROPN
cblr-1214	94	5	note	note	NOUN
cblr-1214	94	6	10	10	NUM
cblr-1214	94	7	,	,	PUNCT
cblr-1214	94	8	at	at	ADP
cblr-1214	94	9	1446	1446	NUM
cblr-1214	94	10	.	.	PUNCT
cblr-1214	95	1	griffin_final	griffin_final	ADJ
cblr-1214	95	2	78	78	NUM
cblr-1214	95	3	columbia	columbia	PROPN
cblr-1214	95	4	business	business	NOUN
cblr-1214	95	5	law	law	NOUN
cblr-1214	95	6	review	review	NOUN
cblr-1214	96	1	[	[	X
cblr-1214	96	2	vol	vol	NOUN
cblr-1214	96	3	.	.	NOUN
cblr-1214	96	4	2018	2018	NUM
cblr-1214	96	5	maximization	maximization	NOUN
cblr-1214	96	6	norm	norm	NOUN
cblr-1214	96	7	generally	generally	ADV
cblr-1214	96	8	and	and	CCONJ
cblr-1214	96	9	shed	shed	VERB
cblr-1214	96	10	light	light	NOUN
cblr-1214	96	11	on	on	ADP
cblr-1214	96	12	how	how	SCONJ
cblr-1214	96	13	directors	director	NOUN
cblr-1214	96	14	,	,	PUNCT
cblr-1214	96	15	institutional	institutional	ADJ
cblr-1214	96	16	investors	investor	NOUN
cblr-1214	96	17	,	,	PUNCT
cblr-1214	96	18	proxy	proxy	NOUN
cblr-1214	96	19	advisors	advisor	NOUN
cblr-1214	96	20	,	,	PUNCT
cblr-1214	96	21	scholars	scholar	NOUN
cblr-1214	96	22	,	,	PUNCT
cblr-1214	96	23	and	and	CCONJ
cblr-1214	96	24	policymakers	policymaker	NOUN
cblr-1214	96	25	ought	ought	AUX
cblr-1214	96	26	to	to	PART
cblr-1214	96	27	approach	approach	VERB
cblr-1214	96	28	the	the	DET
cblr-1214	96	29	shareholder	shareholder	NOUN
cblr-1214	96	30	wealth	wealth	NOUN
cblr-1214	96	31	maximization	maximization	NOUN
cblr-1214	96	32	norm	norm	NOUN
cblr-1214	96	33	in	in	ADP
cblr-1214	96	34	the	the	DET
cblr-1214	96	35	context	context	NOUN
cblr-1214	96	36	of	of	ADP
cblr-1214	96	37	m&a	m&a	PROPN
cblr-1214	96	38	specifically	specifically	ADV
cblr-1214	96	39	.	.	PUNCT
cblr-1214	97	1	this	this	DET
cblr-1214	97	2	article	article	NOUN
cblr-1214	97	3	begins	begin	VERB
cblr-1214	97	4	with	with	ADP
cblr-1214	97	5	an	an	DET
cblr-1214	97	6	analysis	analysis	NOUN
cblr-1214	97	7	of	of	ADP
cblr-1214	97	8	the	the	DET
cblr-1214	97	9	corollary	corollary	ADJ
cblr-1214	97	10	assumptions	assumption	NOUN
cblr-1214	97	11	subsumed	subsume	VERB
cblr-1214	97	12	in	in	ADP
cblr-1214	97	13	the	the	DET
cblr-1214	97	14	shareholder	shareholder	NOUN
cblr-1214	97	15	wealth	wealth	NOUN
cblr-1214	97	16	maximization	maximization	NOUN
cblr-1214	97	17	norm	norm	NOUN
cblr-1214	97	18	in	in	ADP
cblr-1214	97	19	part	part	PROPN
cblr-1214	97	20	ii	ii	PROPN
cblr-1214	97	21	.	.	PUNCT
cblr-1214	98	1	part	part	PROPN
cblr-1214	98	2	iii	iii	NUM
cblr-1214	98	3	proceeds	proceed	NOUN
cblr-1214	98	4	to	to	PART
cblr-1214	98	5	analyze	analyze	VERB
cblr-1214	98	6	how	how	SCONJ
cblr-1214	98	7	these	these	DET
cblr-1214	98	8	assumptions	assumption	NOUN
cblr-1214	98	9	have	have	AUX
cblr-1214	98	10	shaped	shape	VERB
cblr-1214	98	11	theoretical	theoretical	ADJ
cblr-1214	98	12	understandings	understanding	NOUN
cblr-1214	98	13	of	of	ADP
cblr-1214	98	14	m&a	m&a	PROPN
cblr-1214	98	15	activity	activity	NOUN
cblr-1214	98	16	.	.	PUNCT
cblr-1214	99	1	part	part	NOUN
cblr-1214	99	2	iv	iv	NUM
cblr-1214	99	3	proceeds	proceed	NOUN
cblr-1214	99	4	to	to	PART
cblr-1214	99	5	analyze	analyze	VERB
cblr-1214	99	6	the	the	DET
cblr-1214	99	7	economic	economic	ADJ
cblr-1214	99	8	validity	validity	NOUN
cblr-1214	99	9	of	of	ADP
cblr-1214	99	10	these	these	DET
cblr-1214	99	11	assumptions	assumption	NOUN
cblr-1214	99	12	,	,	PUNCT
cblr-1214	99	13	and	and	CCONJ
cblr-1214	99	14	part	part	NOUN
cblr-1214	99	15	v	v	X
cblr-1214	99	16	uses	use	VERB
cblr-1214	99	17	economic	economic	ADJ
cblr-1214	99	18	data	datum	NOUN
cblr-1214	99	19	to	to	PART
cblr-1214	99	20	promote	promote	VERB
cblr-1214	99	21	a	a	DET
cblr-1214	99	22	reexamination	reexamination	NOUN
cblr-1214	99	23	of	of	ADP
cblr-1214	99	24	the	the	DET
cblr-1214	99	25	shareholder	shareholder	NOUN
cblr-1214	99	26	wealth	wealth	NOUN
cblr-1214	99	27	maximization	maximization	NOUN
cblr-1214	99	28	norm	norm	NOUN
cblr-1214	99	29	and	and	CCONJ
cblr-1214	99	30	its	its	PRON
cblr-1214	99	31	implications	implication	NOUN
cblr-1214	99	32	for	for	ADP
cblr-1214	99	33	several	several	ADJ
cblr-1214	99	34	key	key	ADJ
cblr-1214	99	35	corporate	corporate	ADJ
cblr-1214	99	36	actors	actor	NOUN
cblr-1214	99	37	.	.	PUNCT
cblr-1214	100	1	ii	ii	PROPN
cblr-1214	100	2	.	.	PUNCT
cblr-1214	101	1	core	core	NOUN
cblr-1214	101	2	assumptions	assumption	NOUN
cblr-1214	101	3	of	of	ADP
cblr-1214	101	4	the	the	DET
cblr-1214	101	5	shareholder	shareholder	NOUN
cblr-1214	101	6	wealth	wealth	NOUN
cblr-1214	101	7	maximization	maximization	PROPN
cblr-1214	101	8	norm	norm	NOUN
cblr-1214	101	9	a.	a.	NOUN
cblr-1214	101	10	the	the	DET
cblr-1214	101	11	purpose	purpose	NOUN
cblr-1214	101	12	of	of	ADP
cblr-1214	101	13	a	a	DET
cblr-1214	101	14	corporation	corporation	NOUN
cblr-1214	101	15	is	be	AUX
cblr-1214	101	16	to	to	PART
cblr-1214	101	17	benefit	benefit	VERB
cblr-1214	101	18	shareholders	shareholder	NOUN
cblr-1214	101	19	financially	financially	ADV
cblr-1214	101	20	the	the	DET
cblr-1214	101	21	most	most	ADV
cblr-1214	101	22	basic	basic	ADJ
cblr-1214	101	23	tenet	tenet	NOUN
cblr-1214	101	24	of	of	ADP
cblr-1214	101	25	the	the	DET
cblr-1214	101	26	shareholder	shareholder	NOUN
cblr-1214	101	27	wealth	wealth	NOUN
cblr-1214	101	28	maximization	maximization	NOUN
cblr-1214	101	29	norm	norm	NOUN
cblr-1214	101	30	is	be	AUX
cblr-1214	101	31	that	that	SCONJ
cblr-1214	101	32	the	the	DET
cblr-1214	101	33	purpose	purpose	NOUN
cblr-1214	101	34	of	of	ADP
cblr-1214	101	35	a	a	DET
cblr-1214	101	36	corporation	corporation	NOUN
cblr-1214	101	37	is	be	AUX
cblr-1214	101	38	to	to	PART
cblr-1214	101	39	benefit	benefit	VERB
cblr-1214	101	40	its	its	PRON
cblr-1214	101	41	shareholders	shareholder	NOUN
cblr-1214	101	42	financially	financially	ADV
cblr-1214	101	43	.	.	PUNCT
cblr-1214	102	1	this	this	DET
cblr-1214	102	2	tenet	tenet	NOUN
cblr-1214	102	3	has	have	AUX
cblr-1214	102	4	been	be	AUX
cblr-1214	102	5	expressed	express	VERB
cblr-1214	102	6	in	in	ADP
cblr-1214	102	7	subtly	subtly	ADV
cblr-1214	102	8	different	different	ADJ
cblr-1214	102	9	forms	form	NOUN
cblr-1214	102	10	.	.	PUNCT
cblr-1214	103	1	the	the	DET
cblr-1214	103	2	name	name	NOUN
cblr-1214	103	3	of	of	ADP
cblr-1214	103	4	the	the	DET
cblr-1214	103	5	norm	norm	NOUN
cblr-1214	103	6	itself	itself	PRON
cblr-1214	103	7	refers	refer	VERB
cblr-1214	103	8	to	to	ADP
cblr-1214	103	9	the	the	DET
cblr-1214	103	10	maximization	maximization	NOUN
cblr-1214	103	11	of	of	ADP
cblr-1214	103	12	shareholder	shareholder	NOUN
cblr-1214	103	13	wealth	wealth	NOUN
cblr-1214	103	14	.	.	PUNCT
cblr-1214	104	1	the	the	DET
cblr-1214	104	2	case	case	NOUN
cblr-1214	104	3	dodge	dodge	VERB
cblr-1214	104	4	v.	v.	ADP
cblr-1214	104	5	ford	ford	PROPN
cblr-1214	104	6	motor	motor	PROPN
cblr-1214	104	7	co.	co.	PROPN
cblr-1214	104	8	,	,	PUNCT
cblr-1214	104	9	however	however	ADV
cblr-1214	104	10	,	,	PUNCT
cblr-1214	104	11	states	state	VERB
cblr-1214	104	12	this	this	DET
cblr-1214	104	13	tenet	tenet	NOUN
cblr-1214	104	14	in	in	ADP
cblr-1214	104	15	terms	term	NOUN
cblr-1214	104	16	of	of	ADP
cblr-1214	104	17	stockholder	stockholder	NOUN
cblr-1214	104	18	profits	profit	NOUN
cblr-1214	104	19	:	:	PUNCT
cblr-1214	104	20	a	a	DET
cblr-1214	104	21	business	business	NOUN
cblr-1214	104	22	corporation	corporation	NOUN
cblr-1214	104	23	is	be	AUX
cblr-1214	104	24	organized	organize	VERB
cblr-1214	104	25	and	and	CCONJ
cblr-1214	104	26	carried	carry	VERB
cblr-1214	104	27	on	on	ADP
cblr-1214	104	28	primarily	primarily	ADV
cblr-1214	104	29	for	for	ADP
cblr-1214	104	30	the	the	DET
cblr-1214	104	31	profit	profit	NOUN
cblr-1214	104	32	of	of	ADP
cblr-1214	104	33	the	the	DET
cblr-1214	104	34	stockholders	stockholder	NOUN
cblr-1214	104	35	.	.	PUNCT
cblr-1214	105	1	the	the	DET
cblr-1214	105	2	powers	power	NOUN
cblr-1214	105	3	of	of	ADP
cblr-1214	105	4	the	the	DET
cblr-1214	105	5	directors	director	NOUN
cblr-1214	105	6	are	be	AUX
cblr-1214	105	7	to	to	PART
cblr-1214	105	8	be	be	AUX
cblr-1214	105	9	employed	employ	VERB
cblr-1214	105	10	for	for	ADP
cblr-1214	105	11	that	that	DET
cblr-1214	105	12	end	end	NOUN
cblr-1214	105	13	.	.	PUNCT
cblr-1214	106	1	the	the	DET
cblr-1214	106	2	discretion	discretion	NOUN
cblr-1214	106	3	of	of	ADP
cblr-1214	106	4	directors	director	NOUN
cblr-1214	106	5	is	be	AUX
cblr-1214	106	6	to	to	PART
cblr-1214	106	7	be	be	AUX
cblr-1214	106	8	exercised	exercise	VERB
cblr-1214	106	9	in	in	ADP
cblr-1214	106	10	the	the	DET
cblr-1214	106	11	choice	choice	NOUN
cblr-1214	106	12	of	of	ADP
cblr-1214	106	13	means	mean	NOUN
cblr-1214	106	14	to	to	PART
cblr-1214	106	15	attain	attain	VERB
cblr-1214	106	16	that	that	DET
cblr-1214	106	17	end	end	NOUN
cblr-1214	106	18	,	,	PUNCT
cblr-1214	106	19	and	and	CCONJ
cblr-1214	106	20	does	do	AUX
cblr-1214	106	21	not	not	PART
cblr-1214	106	22	extend	extend	VERB
cblr-1214	106	23	to	to	ADP
cblr-1214	106	24	a	a	DET
cblr-1214	106	25	change	change	NOUN
cblr-1214	106	26	in	in	ADP
cblr-1214	106	27	the	the	DET
cblr-1214	106	28	end	end	NOUN
cblr-1214	106	29	itself	itself	PRON
cblr-1214	106	30	,	,	PUNCT
cblr-1214	106	31	to	to	ADP
cblr-1214	106	32	the	the	DET
cblr-1214	106	33	reduction	reduction	NOUN
cblr-1214	106	34	of	of	ADP
cblr-1214	106	35	profits	profit	NOUN
cblr-1214	106	36	,	,	PUNCT
cblr-1214	106	37	or	or	CCONJ
cblr-1214	106	38	to	to	ADP
cblr-1214	106	39	the	the	DET
cblr-1214	106	40	nondistribution	nondistribution	NOUN
cblr-1214	106	41	of	of	ADP
cblr-1214	106	42	profits	profit	NOUN
cblr-1214	106	43	among	among	ADP
cblr-1214	106	44	stockholders	stockholder	NOUN
cblr-1214	106	45	in	in	ADP
cblr-1214	106	46	order	order	NOUN
cblr-1214	106	47	to	to	PART
cblr-1214	106	48	devote	devote	VERB
cblr-1214	106	49	them	they	PRON
cblr-1214	106	50	to	to	ADP
cblr-1214	106	51	other	other	ADJ
cblr-1214	106	52	purposes.20	purposes.20	PROPN
cblr-1214	106	53	milton	milton	PROPN
cblr-1214	106	54	friedman	friedman	PROPN
cblr-1214	106	55	similarly	similarly	ADV
cblr-1214	106	56	focuses	focus	VERB
cblr-1214	106	57	on	on	ADP
cblr-1214	106	58	the	the	DET
cblr-1214	106	59	profit	profit	NOUN
cblr-1214	106	60	of	of	ADP
cblr-1214	106	61	stockholders	stockholder	NOUN
cblr-1214	106	62	in	in	ADP
cblr-1214	106	63	his	his	PRON
cblr-1214	106	64	famous	famous	ADJ
cblr-1214	106	65	article	article	NOUN
cblr-1214	106	66	the	the	DET
cblr-1214	106	67	friedman	friedman	PROPN
cblr-1214	106	68	doctrine	doctrine	PROPN
cblr-1214	106	69	—	—	PUNCT
cblr-1214	106	70	the	the	DET
cblr-1214	106	71	20	20	NUM
cblr-1214	106	72	dodge	dodge	NOUN
cblr-1214	106	73	v.	v.	ADP
cblr-1214	106	74	ford	ford	PROPN
cblr-1214	106	75	motor	motor	PROPN
cblr-1214	106	76	co.	co.	PROPN
cblr-1214	106	77	,	,	PUNCT
cblr-1214	106	78	170	170	NUM
cblr-1214	106	79	n.w	n.w	NOUN
cblr-1214	106	80	.	.	PROPN
cblr-1214	106	81	668	668	NUM
cblr-1214	106	82	,	,	PUNCT
cblr-1214	106	83	684	684	NUM
cblr-1214	106	84	(	(	PUNCT
cblr-1214	106	85	mich	mich	PROPN
cblr-1214	106	86	.	.	PROPN
cblr-1214	106	87	1919	1919	NUM
cblr-1214	106	88	)	)	PUNCT
cblr-1214	106	89	(	(	PUNCT
cblr-1214	106	90	emphasis	emphasis	NOUN
cblr-1214	106	91	added	add	VERB
cblr-1214	106	92	)	)	PUNCT
cblr-1214	106	93	.	.	PUNCT
cblr-1214	107	1	griffin_final	griffin_final	ADJ
cblr-1214	107	2	no	no	NOUN
cblr-1214	107	3	.	.	PUNCT
cblr-1214	108	1	1:70	1:70	NUM
cblr-1214	108	2	]	]	PUNCT
cblr-1214	108	3	the	the	DET
cblr-1214	108	4	hidden	hidden	ADJ
cblr-1214	108	5	cost	cost	NOUN
cblr-1214	108	6	of	of	ADP
cblr-1214	108	7	m&a	m&a	PROPN
cblr-1214	108	8	79	79	NUM
cblr-1214	108	9	social	social	ADJ
cblr-1214	108	10	responsibility	responsibility	NOUN
cblr-1214	108	11	of	of	ADP
cblr-1214	108	12	business	business	NOUN
cblr-1214	108	13	is	be	AUX
cblr-1214	108	14	to	to	PART
cblr-1214	108	15	increase	increase	VERB
cblr-1214	108	16	its	its	PRON
cblr-1214	108	17	profits.21	profits.21	NOUN
cblr-1214	108	18	the	the	DET
cblr-1214	108	19	american	american	PROPN
cblr-1214	108	20	law	law	PROPN
cblr-1214	108	21	institute	institute	PROPN
cblr-1214	108	22	’s	’s	PART
cblr-1214	108	23	principles	principle	NOUN
cblr-1214	108	24	of	of	ADP
cblr-1214	108	25	corporate	corporate	ADJ
cblr-1214	108	26	governance	governance	NOUN
cblr-1214	108	27	,	,	PUNCT
cblr-1214	108	28	meanwhile	meanwhile	ADV
cblr-1214	108	29	,	,	PUNCT
cblr-1214	108	30	uses	use	VERB
cblr-1214	108	31	both	both	DET
cblr-1214	108	32	the	the	DET
cblr-1214	108	33	terms	term	NOUN
cblr-1214	108	34	corporate	corporate	ADJ
cblr-1214	108	35	profit	profit	NOUN
cblr-1214	108	36	and	and	CCONJ
cblr-1214	108	37	shareholder	shareholder	NOUN
cblr-1214	108	38	gain	gain	NOUN
cblr-1214	108	39	,	,	PUNCT
cblr-1214	108	40	stating	state	VERB
cblr-1214	108	41	“	"	PUNCT
cblr-1214	108	42	a	a	DET
cblr-1214	108	43	corporation	corporation	NOUN
cblr-1214	108	44	.	.	PUNCT
cblr-1214	108	45	.	.	PUNCT
cblr-1214	109	1	.	.	PUNCT
cblr-1214	110	1	should	should	AUX
cblr-1214	110	2	have	have	VERB
cblr-1214	110	3	as	as	ADP
cblr-1214	110	4	its	its	PRON
cblr-1214	110	5	objective	objective	NOUN
cblr-1214	110	6	the	the	DET
cblr-1214	110	7	conduct	conduct	NOUN
cblr-1214	110	8	of	of	ADP
cblr-1214	110	9	business	business	NOUN
cblr-1214	110	10	activities	activity	NOUN
cblr-1214	110	11	with	with	ADP
cblr-1214	110	12	a	a	DET
cblr-1214	110	13	view	view	NOUN
cblr-1214	110	14	to	to	ADP
cblr-1214	110	15	enhancing	enhance	VERB
cblr-1214	110	16	corporate	corporate	ADJ
cblr-1214	110	17	profit	profit	NOUN
cblr-1214	110	18	and	and	CCONJ
cblr-1214	110	19	shareholder	shareholder	NOUN
cblr-1214	110	20	gain	gain	NOUN
cblr-1214	110	21	.	.	PUNCT
cblr-1214	111	1	”22	”22	PROPN
cblr-1214	111	2	though	though	SCONJ
cblr-1214	111	3	the	the	DET
cblr-1214	111	4	terminology	terminology	NOUN
cblr-1214	111	5	differs	differ	VERB
cblr-1214	111	6	slightly	slightly	ADV
cblr-1214	111	7	,	,	PUNCT
cblr-1214	111	8	the	the	DET
cblr-1214	111	9	core	core	NOUN
cblr-1214	111	10	of	of	ADP
cblr-1214	111	11	the	the	DET
cblr-1214	111	12	idea	idea	NOUN
cblr-1214	111	13	is	be	AUX
cblr-1214	111	14	that	that	SCONJ
cblr-1214	111	15	a	a	DET
cblr-1214	111	16	corporation	corporation	NOUN
cblr-1214	111	17	exists	exist	VERB
cblr-1214	111	18	to	to	PART
cblr-1214	111	19	benefit	benefit	VERB
cblr-1214	111	20	shareholders	shareholder	NOUN
cblr-1214	111	21	financially	financially	ADV
cblr-1214	111	22	.	.	PUNCT
cblr-1214	112	1	this	this	DET
cblr-1214	112	2	article	article	NOUN
cblr-1214	112	3	will	will	AUX
cblr-1214	112	4	use	use	VERB
cblr-1214	112	5	the	the	DET
cblr-1214	112	6	term	term	NOUN
cblr-1214	112	7	“	"	PUNCT
cblr-1214	112	8	shareholder	shareholder	NOUN
cblr-1214	112	9	financial	financial	ADJ
cblr-1214	112	10	benefit	benefit	NOUN
cblr-1214	112	11	”	"	PUNCT
cblr-1214	112	12	to	to	PART
cblr-1214	112	13	encompass	encompass	VERB
cblr-1214	112	14	the	the	DET
cblr-1214	112	15	various	various	ADJ
cblr-1214	112	16	iterations	iteration	NOUN
cblr-1214	112	17	of	of	ADP
cblr-1214	112	18	the	the	DET
cblr-1214	112	19	norm	norm	NOUN
cblr-1214	112	20	.	.	PUNCT
cblr-1214	113	1	b.	b.	NOUN
cblr-1214	113	2	“	"	PUNCT
cblr-1214	113	3	shareholders	shareholder	NOUN
cblr-1214	113	4	”	"	PUNCT
cblr-1214	113	5	refers	refer	VERB
cblr-1214	113	6	to	to	ADP
cblr-1214	113	7	personified	personified	PROPN
cblr-1214	113	8	stock	stock	NOUN
cblr-1214	113	9	the	the	DET
cblr-1214	113	10	pursuit	pursuit	NOUN
cblr-1214	113	11	of	of	ADP
cblr-1214	113	12	shareholder	shareholder	NOUN
cblr-1214	113	13	financial	financial	ADJ
cblr-1214	113	14	benefit	benefit	NOUN
cblr-1214	113	15	,	,	PUNCT
cblr-1214	113	16	however	however	ADV
cblr-1214	113	17	,	,	PUNCT
cblr-1214	113	18	requires	require	VERB
cblr-1214	113	19	corporate	corporate	ADJ
cblr-1214	113	20	directors	director	NOUN
cblr-1214	113	21	to	to	PART
cblr-1214	113	22	have	have	VERB
cblr-1214	113	23	a	a	DET
cblr-1214	113	24	sense	sense	NOUN
cblr-1214	113	25	of	of	ADP
cblr-1214	113	26	who	who	PRON
cblr-1214	113	27	shareholders	shareholder	NOUN
cblr-1214	113	28	are	be	AUX
cblr-1214	113	29	and	and	CCONJ
cblr-1214	113	30	what	what	PRON
cblr-1214	113	31	shareholders	shareholder	NOUN
cblr-1214	113	32	care	care	VERB
cblr-1214	113	33	about	about	ADP
cblr-1214	113	34	financially	financially	ADV
cblr-1214	113	35	.	.	PUNCT
cblr-1214	114	1	indeed	indeed	ADV
cblr-1214	114	2	,	,	PUNCT
cblr-1214	114	3	those	those	DET
cblr-1214	114	4	persons	person	NOUN
cblr-1214	114	5	that	that	PRON
cblr-1214	114	6	own	own	VERB
cblr-1214	114	7	stock	stock	NOUN
cblr-1214	114	8	—	—	PUNCT
cblr-1214	114	9	whether	whether	SCONJ
cblr-1214	114	10	directly	directly	ADV
cblr-1214	114	11	or	or	CCONJ
cblr-1214	114	12	indirectly	indirectly	ADV
cblr-1214	114	13	—	—	PUNCT
cblr-1214	114	14	are	be	AUX
cblr-1214	114	15	real	real	ADJ
cblr-1214	114	16	,	,	PUNCT
cblr-1214	114	17	flesh	flesh	NOUN
cblr-1214	114	18	-	-	PUNCT
cblr-1214	114	19	and	and	CCONJ
cblr-1214	114	20	-	-	PUNCT
cblr-1214	114	21	blood	blood	NOUN
cblr-1214	114	22	human	human	ADJ
cblr-1214	114	23	beings	being	NOUN
cblr-1214	114	24	,	,	PUNCT
cblr-1214	114	25	and	and	CCONJ
cblr-1214	114	26	human	human	ADJ
cblr-1214	114	27	beings	being	NOUN
cblr-1214	114	28	necessarily	necessarily	ADV
cblr-1214	114	29	have	have	VERB
cblr-1214	114	30	a	a	DET
cblr-1214	114	31	host	host	NOUN
cblr-1214	114	32	of	of	ADP
cblr-1214	114	33	complex	complex	ADJ
cblr-1214	114	34	financial	financial	ADJ
cblr-1214	114	35	concerns	concern	NOUN
cblr-1214	114	36	.	.	PUNCT
cblr-1214	115	1	different	different	ADJ
cblr-1214	115	2	shareholders	shareholder	NOUN
cblr-1214	115	3	likely	likely	ADV
cblr-1214	115	4	have	have	VERB
cblr-1214	115	5	different	different	ADJ
cblr-1214	115	6	risk	risk	NOUN
cblr-1214	115	7	tolerance	tolerance	NOUN
cblr-1214	115	8	levels	level	NOUN
cblr-1214	115	9	,	,	PUNCT
cblr-1214	115	10	divergent	divergent	ADJ
cblr-1214	115	11	time	time	NOUN
cblr-1214	115	12	horizons	horizon	NOUN
cblr-1214	115	13	for	for	ADP
cblr-1214	115	14	achieving	achieve	VERB
cblr-1214	115	15	financial	financial	ADJ
cblr-1214	115	16	goals	goal	NOUN
cblr-1214	115	17	,	,	PUNCT
cblr-1214	115	18	varying	vary	VERB
cblr-1214	115	19	levels	level	NOUN
cblr-1214	115	20	of	of	ADP
cblr-1214	115	21	diversification	diversification	NOUN
cblr-1214	115	22	,	,	PUNCT
cblr-1214	115	23	and	and	CCONJ
cblr-1214	115	24	heightened	heighten	VERB
cblr-1214	115	25	interests	interest	NOUN
cblr-1214	115	26	in	in	ADP
cblr-1214	115	27	the	the	DET
cblr-1214	115	28	stability	stability	NOUN
cblr-1214	115	29	of	of	ADP
cblr-1214	115	30	the	the	DET
cblr-1214	115	31	particular	particular	ADJ
cblr-1214	115	32	companies	company	NOUN
cblr-1214	115	33	where	where	SCONJ
cblr-1214	115	34	they	they	PRON
cblr-1214	115	35	are	be	AUX
cblr-1214	115	36	employed.23	employed.23	X
cblr-1214	115	37	a	a	DET
cblr-1214	115	38	recent	recent	ADJ
cblr-1214	115	39	college	college	NOUN
cblr-1214	115	40	graduate	graduate	NOUN
cblr-1214	115	41	may	may	AUX
cblr-1214	115	42	well	well	ADV
cblr-1214	115	43	prefer	prefer	VERB
cblr-1214	115	44	a	a	DET
cblr-1214	115	45	more	more	ADV
cblr-1214	115	46	aggressive	aggressive	ADJ
cblr-1214	115	47	financial	financial	ADJ
cblr-1214	115	48	approach	approach	NOUN
cblr-1214	115	49	than	than	ADP
cblr-1214	115	50	a	a	DET
cblr-1214	115	51	retiree	retiree	NOUN
cblr-1214	115	52	.	.	PUNCT
cblr-1214	116	1	an	an	DET
cblr-1214	116	2	employee	employee	NOUN
cblr-1214	116	3	,	,	PUNCT
cblr-1214	116	4	even	even	ADV
cblr-1214	116	5	one	one	NUM
cblr-1214	116	6	who	who	PRON
cblr-1214	116	7	holds	hold	VERB
cblr-1214	116	8	stock	stock	NOUN
cblr-1214	116	9	in	in	ADP
cblr-1214	116	10	his	his	PRON
cblr-1214	116	11	or	or	CCONJ
cblr-1214	116	12	her	her	PRON
cblr-1214	116	13	company	company	NOUN
cblr-1214	116	14	,	,	PUNCT
cblr-1214	116	15	might	might	AUX
cblr-1214	116	16	care	care	VERB
cblr-1214	116	17	more	more	ADJ
cblr-1214	116	18	about	about	ADP
cblr-1214	116	19	preventing	prevent	VERB
cblr-1214	116	20	layoffs	layoff	NOUN
cblr-1214	116	21	than	than	ADP
cblr-1214	116	22	a	a	DET
cblr-1214	116	23	small	small	ADJ
cblr-1214	116	24	change	change	NOUN
cblr-1214	116	25	in	in	ADP
cblr-1214	116	26	share	share	NOUN
cblr-1214	116	27	price	price	NOUN
cblr-1214	116	28	.	.	PUNCT
cblr-1214	117	1	day	day	NOUN
cblr-1214	117	2	-	-	PUNCT
cblr-1214	117	3	traders	trader	NOUN
cblr-1214	117	4	and	and	CCONJ
cblr-1214	117	5	long	long	ADJ
cblr-1214	117	6	-	-	PUNCT
cblr-1214	117	7	term	term	NOUN
cblr-1214	117	8	stock	stock	NOUN
cblr-1214	117	9	owners	owner	NOUN
cblr-1214	117	10	also	also	ADV
cblr-1214	117	11	likely	likely	ADV
cblr-1214	117	12	have	have	VERB
cblr-1214	117	13	21	21	NUM
cblr-1214	117	14	see	see	NOUN
cblr-1214	117	15	friedman	friedman	PROPN
cblr-1214	117	16	,	,	PUNCT
cblr-1214	117	17	supra	supra	PROPN
cblr-1214	117	18	note	note	NOUN
cblr-1214	117	19	2	2	NUM
cblr-1214	117	20	.	.	NOUN
cblr-1214	117	21	22	22	NUM
cblr-1214	117	22	principles	principle	NOUN
cblr-1214	117	23	of	of	ADP
cblr-1214	117	24	corporate	corporate	ADJ
cblr-1214	117	25	governance	governance	NOUN
cblr-1214	117	26	:	:	PUNCT
cblr-1214	117	27	analysis	analysis	NOUN
cblr-1214	117	28	and	and	CCONJ
cblr-1214	117	29	recommendations	recommendation	NOUN
cblr-1214	117	30	§	§	PROPN
cblr-1214	117	31	2.01	2.01	NUM
cblr-1214	117	32	(	(	PUNCT
cblr-1214	117	33	am	am	NOUN
cblr-1214	117	34	.	.	PUNCT
cblr-1214	118	1	law	law	NOUN
cblr-1214	118	2	inst	inst	PROPN
cblr-1214	118	3	.	.	PROPN
cblr-1214	118	4	1994	1994	NUM
cblr-1214	118	5	)	)	PUNCT
cblr-1214	118	6	(	(	PUNCT
cblr-1214	118	7	emphasis	emphasis	NOUN
cblr-1214	118	8	added	add	VERB
cblr-1214	118	9	)	)	PUNCT
cblr-1214	118	10	.	.	PUNCT
cblr-1214	119	1	23	23	NUM
cblr-1214	119	2	lynn	lynn	PROPN
cblr-1214	119	3	a.	a.	PROPN
cblr-1214	119	4	stout	stout	PROPN
cblr-1214	119	5	,	,	PUNCT
cblr-1214	119	6	why	why	SCONJ
cblr-1214	119	7	we	we	PRON
cblr-1214	119	8	should	should	AUX
cblr-1214	119	9	stop	stop	VERB
cblr-1214	119	10	teaching	teach	VERB
cblr-1214	119	11	dodge	dodge	NOUN
cblr-1214	119	12	v.	v.	ADP
cblr-1214	119	13	ford	ford	PROPN
cblr-1214	119	14	,	,	PUNCT
cblr-1214	119	15	3	3	NUM
cblr-1214	119	16	va	va	NOUN
cblr-1214	119	17	.	.	PUNCT
cblr-1214	119	18	l.	l.	PROPN
cblr-1214	119	19	&	&	CCONJ
cblr-1214	119	20	bus	bus	PROPN
cblr-1214	119	21	.	.	PUNCT
cblr-1214	120	1	rev	rev	PROPN
cblr-1214	120	2	.	.	PROPN
cblr-1214	120	3	163	163	NUM
cblr-1214	120	4	,	,	PUNCT
cblr-1214	120	5	174	174	NUM
cblr-1214	120	6	(	(	PUNCT
cblr-1214	120	7	2008	2008	NUM
cblr-1214	120	8	)	)	PUNCT
cblr-1214	120	9	(	(	PUNCT
cblr-1214	120	10	“	"	PUNCT
cblr-1214	120	11	different	different	ADJ
cblr-1214	120	12	shareholders	shareholder	NOUN
cblr-1214	120	13	have	have	AUX
cblr-1214	120	14	different	different	ADJ
cblr-1214	120	15	investment	investment	NOUN
cblr-1214	120	16	time	time	NOUN
cblr-1214	120	17	frames	frame	NOUN
cblr-1214	120	18	,	,	PUNCT
cblr-1214	120	19	different	different	ADJ
cblr-1214	120	20	tax	tax	NOUN
cblr-1214	120	21	concerns	concern	NOUN
cblr-1214	120	22	,	,	PUNCT
cblr-1214	120	23	different	different	ADJ
cblr-1214	120	24	attitudes	attitude	NOUN
cblr-1214	120	25	toward	toward	ADP
cblr-1214	120	26	firm	firm	ADJ
cblr-1214	120	27	-	-	PUNCT
cblr-1214	120	28	level	level	NOUN
cblr-1214	120	29	risk	risk	NOUN
cblr-1214	120	30	due	due	ADP
cblr-1214	120	31	to	to	ADP
cblr-1214	120	32	different	different	ADJ
cblr-1214	120	33	levels	level	NOUN
cblr-1214	120	34	of	of	ADP
cblr-1214	120	35	diversification	diversification	NOUN
cblr-1214	120	36	,	,	PUNCT
cblr-1214	120	37	different	different	ADJ
cblr-1214	120	38	interests	interest	NOUN
cblr-1214	120	39	in	in	ADP
cblr-1214	120	40	other	other	ADJ
cblr-1214	120	41	investments	investment	NOUN
cblr-1214	120	42	that	that	PRON
cblr-1214	120	43	might	might	AUX
cblr-1214	120	44	be	be	AUX
cblr-1214	120	45	affected	affect	VERB
cblr-1214	120	46	by	by	ADP
cblr-1214	120	47	corporate	corporate	ADJ
cblr-1214	120	48	activities	activity	NOUN
cblr-1214	120	49	,	,	PUNCT
cblr-1214	120	50	and	and	CCONJ
cblr-1214	120	51	different	different	ADJ
cblr-1214	120	52	views	view	NOUN
cblr-1214	120	53	about	about	ADP
cblr-1214	120	54	the	the	DET
cblr-1214	120	55	extent	extent	NOUN
cblr-1214	120	56	to	to	PART
cblr-1214	120	57	which	which	PRON
cblr-1214	120	58	they	they	PRON
cblr-1214	120	59	are	be	AUX
cblr-1214	120	60	willing	willing	ADJ
cblr-1214	120	61	to	to	PART
cblr-1214	120	62	sacrifice	sacrifice	VERB
cblr-1214	120	63	corporate	corporate	ADJ
cblr-1214	120	64	profits	profit	NOUN
cblr-1214	120	65	to	to	PART
cblr-1214	120	66	promote	promote	VERB
cblr-1214	120	67	broader	broad	ADJ
cblr-1214	120	68	social	social	ADJ
cblr-1214	120	69	interests	interest	NOUN
cblr-1214	120	70	.	.	PUNCT
cblr-1214	120	71	.	.	PUNCT
cblr-1214	120	72	.	.	PUNCT
cblr-1214	120	73	.	.	PUNCT
cblr-1214	120	74	”	"	PUNCT
cblr-1214	120	75	)	)	PUNCT
cblr-1214	120	76	.	.	PUNCT
cblr-1214	121	1	griffin_final	griffin_final	ADJ
cblr-1214	121	2	80	80	NUM
cblr-1214	121	3	columbia	columbia	PROPN
cblr-1214	121	4	business	business	NOUN
cblr-1214	121	5	law	law	NOUN
cblr-1214	121	6	review	review	NOUN
cblr-1214	122	1	[	[	X
cblr-1214	122	2	vol	vol	NOUN
cblr-1214	122	3	.	.	PUNCT
cblr-1214	122	4	2018	2018	NUM
cblr-1214	122	5	different	different	ADJ
cblr-1214	122	6	financial	financial	ADJ
cblr-1214	122	7	preferences	preference	NOUN
cblr-1214	122	8	,	,	PUNCT
cblr-1214	122	9	as	as	SCONJ
cblr-1214	122	10	do	do	VERB
cblr-1214	122	11	very	very	ADV
cblr-1214	122	12	wealthy	wealthy	ADJ
cblr-1214	122	13	investors	investor	NOUN
cblr-1214	122	14	and	and	CCONJ
cblr-1214	122	15	working	work	VERB
cblr-1214	122	16	-	-	PUNCT
cblr-1214	122	17	class	class	NOUN
cblr-1214	122	18	investors	investor	NOUN
cblr-1214	122	19	.	.	PUNCT
cblr-1214	123	1	despite	despite	SCONJ
cblr-1214	123	2	these	these	DET
cblr-1214	123	3	complexities	complexity	NOUN
cblr-1214	123	4	,	,	PUNCT
cblr-1214	123	5	the	the	DET
cblr-1214	123	6	shareholder	shareholder	NOUN
cblr-1214	123	7	wealth	wealth	NOUN
cblr-1214	123	8	maximization	maximization	NOUN
cblr-1214	123	9	norm	norm	NOUN
cblr-1214	123	10	does	do	AUX
cblr-1214	123	11	not	not	PART
cblr-1214	123	12	require	require	VERB
cblr-1214	123	13	directors	director	NOUN
cblr-1214	123	14	to	to	PART
cblr-1214	123	15	measure	measure	VERB
cblr-1214	123	16	the	the	DET
cblr-1214	123	17	actual	actual	ADJ
cblr-1214	123	18	financial	financial	ADJ
cblr-1214	123	19	preferences	preference	NOUN
cblr-1214	123	20	of	of	ADP
cblr-1214	123	21	their	their	PRON
cblr-1214	123	22	real	real	ADJ
cblr-1214	123	23	-	-	PUNCT
cblr-1214	123	24	world	world	NOUN
cblr-1214	123	25	shareholders	shareholder	NOUN
cblr-1214	123	26	.	.	PUNCT
cblr-1214	124	1	instead	instead	ADV
cblr-1214	124	2	,	,	PUNCT
cblr-1214	124	3	the	the	DET
cblr-1214	124	4	norm	norm	NOUN
cblr-1214	124	5	as	as	SCONJ
cblr-1214	124	6	it	it	PRON
cblr-1214	124	7	is	be	AUX
cblr-1214	124	8	generally	generally	ADV
cblr-1214	124	9	understood	understand	VERB
cblr-1214	124	10	permits	permit	VERB
cblr-1214	124	11	directors	director	NOUN
cblr-1214	124	12	to	to	PART
cblr-1214	124	13	simplify	simplify	VERB
cblr-1214	124	14	their	their	PRON
cblr-1214	124	15	task	task	NOUN
cblr-1214	124	16	of	of	ADP
cblr-1214	124	17	benefitting	benefit	VERB
cblr-1214	124	18	shareholders	shareholder	NOUN
cblr-1214	124	19	financially	financially	ADV
cblr-1214	124	20	by	by	ADP
cblr-1214	124	21	focusing	focus	VERB
cblr-1214	124	22	on	on	ADP
cblr-1214	124	23	how	how	SCONJ
cblr-1214	124	24	their	their	PRON
cblr-1214	124	25	activities	activity	NOUN
cblr-1214	124	26	impact	impact	VERB
cblr-1214	124	27	a	a	DET
cblr-1214	124	28	“	"	PUNCT
cblr-1214	124	29	fictional	fictional	ADJ
cblr-1214	124	30	shareholder	shareholder	NOUN
cblr-1214	124	31	.	.	PUNCT
cblr-1214	125	1	”24	”24	VERB
cblr-1214	125	2	as	as	SCONJ
cblr-1214	125	3	daniel	daniel	PROPN
cblr-1214	125	4	greenwood	greenwood	PROPN
cblr-1214	125	5	describes	describe	VERB
cblr-1214	125	6	,	,	PUNCT
cblr-1214	125	7	this	this	DET
cblr-1214	125	8	“	"	PUNCT
cblr-1214	125	9	fictional	fictional	ADJ
cblr-1214	125	10	shareholder	shareholder	NOUN
cblr-1214	125	11	”	"	PUNCT
cblr-1214	125	12	is	be	AUX
cblr-1214	125	13	“	"	PUNCT
cblr-1214	125	14	a	a	DET
cblr-1214	125	15	person	person	NOUN
cblr-1214	125	16	with	with	ADP
cblr-1214	125	17	no	no	DET
cblr-1214	125	18	interests	interest	NOUN
cblr-1214	125	19	other	other	ADJ
cblr-1214	125	20	than	than	ADP
cblr-1214	125	21	its	its	PRON
cblr-1214	125	22	shareholdings	shareholding	NOUN
cblr-1214	125	23	in	in	ADP
cblr-1214	125	24	the	the	DET
cblr-1214	125	25	particular	particular	ADJ
cblr-1214	125	26	corporation	corporation	NOUN
cblr-1214	125	27	at	at	ADP
cblr-1214	125	28	issue	issue	NOUN
cblr-1214	125	29	,	,	PUNCT
cblr-1214	125	30	and	and	CCONJ
cblr-1214	125	31	no	no	PRON
cblr-1214	125	32	will	will	AUX
cblr-1214	125	33	other	other	ADJ
cblr-1214	125	34	than	than	ADP
cblr-1214	125	35	the	the	DET
cblr-1214	125	36	desire	desire	NOUN
cblr-1214	125	37	to	to	PART
cblr-1214	125	38	maximize	maximize	VERB
cblr-1214	125	39	the	the	DET
cblr-1214	125	40	value	value	NOUN
cblr-1214	125	41	of	of	ADP
cblr-1214	125	42	that	that	DET
cblr-1214	125	43	shareholding	shareholding	NOUN
cblr-1214	125	44	.	.	PUNCT
cblr-1214	126	1	it	it	PRON
cblr-1214	126	2	is	be	AUX
cblr-1214	126	3	,	,	PUNCT
cblr-1214	126	4	then	then	ADV
cblr-1214	126	5	,	,	PUNCT
cblr-1214	126	6	no	no	PRON
cblr-1214	126	7	more	more	ADJ
cblr-1214	126	8	than	than	ADP
cblr-1214	126	9	a	a	DET
cblr-1214	126	10	personification	personification	NOUN
cblr-1214	126	11	of	of	ADP
cblr-1214	126	12	a	a	DET
cblr-1214	126	13	share	share	NOUN
cblr-1214	126	14	of	of	ADP
cblr-1214	126	15	the	the	DET
cblr-1214	126	16	particular	particular	ADJ
cblr-1214	126	17	corporation	corporation	NOUN
cblr-1214	126	18	.	.	PUNCT
cblr-1214	126	19	”25	”25	ADJ
cblr-1214	127	1	thus	thus	ADV
cblr-1214	127	2	,	,	PUNCT
cblr-1214	127	3	in	in	ADP
cblr-1214	127	4	practice	practice	NOUN
cblr-1214	127	5	,	,	PUNCT
cblr-1214	127	6	the	the	DET
cblr-1214	127	7	notion	notion	NOUN
cblr-1214	127	8	of	of	ADP
cblr-1214	127	9	“	"	PUNCT
cblr-1214	127	10	shareholder	shareholder	NOUN
cblr-1214	127	11	financial	financial	ADJ
cblr-1214	127	12	benefit	benefit	NOUN
cblr-1214	127	13	”	"	PUNCT
cblr-1214	127	14	means	mean	VERB
cblr-1214	127	15	financial	financial	ADJ
cblr-1214	127	16	benefit	benefit	NOUN
cblr-1214	127	17	to	to	ADP
cblr-1214	127	18	the	the	DET
cblr-1214	127	19	fictionalized	fictionalize	VERB
cblr-1214	127	20	,	,	PUNCT
cblr-1214	127	21	non	non	ADJ
cblr-1214	127	22	-	-	ADJ
cblr-1214	127	23	diversified	diversified	ADJ
cblr-1214	127	24	holders	holder	NOUN
cblr-1214	127	25	of	of	ADP
cblr-1214	127	26	shares	share	NOUN
cblr-1214	127	27	in	in	ADP
cblr-1214	127	28	one	one	NUM
cblr-1214	127	29	particular	particular	ADJ
cblr-1214	127	30	company	company	NOUN
cblr-1214	127	31	,	,	PUNCT
cblr-1214	127	32	or	or	CCONJ
cblr-1214	127	33	,	,	PUNCT
cblr-1214	127	34	more	more	ADV
cblr-1214	127	35	simply	simply	ADV
cblr-1214	127	36	,	,	PUNCT
cblr-1214	127	37	the	the	DET
cblr-1214	127	38	pursuit	pursuit	NOUN
cblr-1214	127	39	of	of	ADP
cblr-1214	127	40	the	the	DET
cblr-1214	127	41	best	good	ADJ
cblr-1214	127	42	possible	possible	ADJ
cblr-1214	127	43	stock	stock	NOUN
cblr-1214	127	44	performance	performance	NOUN
cblr-1214	127	45	for	for	ADP
cblr-1214	127	46	the	the	DET
cblr-1214	127	47	shares	share	NOUN
cblr-1214	127	48	of	of	ADP
cblr-1214	127	49	a	a	DET
cblr-1214	127	50	given	give	VERB
cblr-1214	127	51	firm	firm	NOUN
cblr-1214	127	52	.	.	PUNCT
cblr-1214	128	1	24	24	NUM
cblr-1214	128	2	gregory	gregory	PROPN
cblr-1214	128	3	scott	scott	PROPN
cblr-1214	128	4	crespi	crespi	PROPN
cblr-1214	128	5	,	,	PUNCT
cblr-1214	128	6	maximizing	maximize	VERB
cblr-1214	128	7	the	the	DET
cblr-1214	128	8	wealth	wealth	NOUN
cblr-1214	128	9	of	of	ADP
cblr-1214	128	10	fictional	fictional	ADJ
cblr-1214	128	11	shareholders	shareholder	NOUN
cblr-1214	128	12	:	:	PUNCT
cblr-1214	128	13	which	which	DET
cblr-1214	128	14	fiction	fiction	NOUN
cblr-1214	128	15	should	should	AUX
cblr-1214	128	16	directors	director	NOUN
cblr-1214	128	17	embrace	embrace	VERB
cblr-1214	128	18	?	?	PUNCT
cblr-1214	128	19	,	,	PUNCT
cblr-1214	128	20	32	32	NUM
cblr-1214	128	21	j.	j.	PROPN
cblr-1214	128	22	corp	corp	PROPN
cblr-1214	128	23	.	.	PROPN
cblr-1214	128	24	l.	l.	PROPN
cblr-1214	128	25	381	381	NUM
cblr-1214	128	26	,	,	PUNCT
cblr-1214	128	27	383–84	383–84	NOUN
cblr-1214	128	28	(	(	PUNCT
cblr-1214	128	29	2007	2007	NUM
cblr-1214	128	30	)	)	PUNCT
cblr-1214	128	31	(	(	PUNCT
cblr-1214	128	32	stating	state	VERB
cblr-1214	128	33	that	that	SCONJ
cblr-1214	128	34	the	the	DET
cblr-1214	128	35	law	law	NOUN
cblr-1214	128	36	“	"	PUNCT
cblr-1214	128	37	allows	allow	VERB
cblr-1214	128	38	directors	director	NOUN
cblr-1214	128	39	to	to	PART
cblr-1214	128	40	greatly	greatly	ADV
cblr-1214	128	41	reduce	reduce	VERB
cblr-1214	128	42	the	the	DET
cblr-1214	128	43	burden	burden	NOUN
cblr-1214	128	44	of	of	ADP
cblr-1214	128	45	discharging	discharge	VERB
cblr-1214	128	46	their	their	PRON
cblr-1214	128	47	fiduciary	fiduciary	ADJ
cblr-1214	128	48	duties	duty	NOUN
cblr-1214	128	49	to	to	ADP
cblr-1214	128	50	this	this	DET
cblr-1214	128	51	diverse	diverse	ADJ
cblr-1214	128	52	group	group	NOUN
cblr-1214	128	53	of	of	ADP
cblr-1214	128	54	shareholders	shareholder	NOUN
cblr-1214	128	55	by	by	ADP
cblr-1214	128	56	permitting	permit	VERB
cblr-1214	128	57	them	they	PRON
cblr-1214	128	58	to	to	PART
cblr-1214	128	59	consider	consider	VERB
cblr-1214	128	60	only	only	ADV
cblr-1214	128	61	the	the	DET
cblr-1214	128	62	impacts	impact	NOUN
cblr-1214	128	63	of	of	ADP
cblr-1214	128	64	their	their	PRON
cblr-1214	128	65	actions	action	NOUN
cblr-1214	128	66	upon	upon	SCONJ
cblr-1214	128	67	a	a	DET
cblr-1214	128	68	generic	generic	ADJ
cblr-1214	128	69	‘	'	PUNCT
cblr-1214	128	70	fictional	fictional	ADJ
cblr-1214	128	71	shareholder	shareholder	NOUN
cblr-1214	128	72	’	'	PUNCT
cblr-1214	128	73	abstraction	abstraction	NOUN
cblr-1214	128	74	”	"	PUNCT
cblr-1214	128	75	)	)	PUNCT
cblr-1214	128	76	;	;	PUNCT
cblr-1214	128	77	see	see	VERB
cblr-1214	128	78	also	also	ADV
cblr-1214	128	79	lawrence	lawrence	PROPN
cblr-1214	128	80	e.	e.	PROPN
cblr-1214	128	81	mitchell	mitchell	PROPN
cblr-1214	128	82	,	,	PUNCT
cblr-1214	128	83	the	the	DET
cblr-1214	128	84	human	human	ADJ
cblr-1214	128	85	corporation	corporation	NOUN
cblr-1214	128	86	:	:	PUNCT
cblr-1214	128	87	some	some	DET
cblr-1214	128	88	thoughts	thought	NOUN
cblr-1214	128	89	on	on	ADP
cblr-1214	128	90	hume	hume	PROPN
cblr-1214	128	91	,	,	PUNCT
cblr-1214	128	92	smith	smith	PROPN
cblr-1214	128	93	,	,	PUNCT
cblr-1214	128	94	and	and	CCONJ
cblr-1214	128	95	buffett	buffett	PROPN
cblr-1214	128	96	,	,	PUNCT
cblr-1214	128	97	19	19	NUM
cblr-1214	128	98	cardozo	cardozo	PROPN
cblr-1214	128	99	l.	l.	PROPN
cblr-1214	128	100	rev	rev	PROPN
cblr-1214	128	101	.	.	PROPN
cblr-1214	128	102	341	341	NUM
cblr-1214	128	103	,	,	PUNCT
cblr-1214	128	104	358	358	NUM
cblr-1214	128	105	(	(	PUNCT
cblr-1214	128	106	1997	1997	NUM
cblr-1214	128	107	)	)	PUNCT
cblr-1214	128	108	(	(	PUNCT
cblr-1214	128	109	referring	refer	VERB
cblr-1214	128	110	to	to	ADP
cblr-1214	128	111	“	"	PUNCT
cblr-1214	128	112	the	the	DET
cblr-1214	128	113	current	current	ADJ
cblr-1214	128	114	fictionalized	fictionalize	VERB
cblr-1214	128	115	model	model	NOUN
cblr-1214	128	116	of	of	ADP
cblr-1214	128	117	the	the	DET
cblr-1214	128	118	stockholder	stockholder	NOUN
cblr-1214	128	119	”	"	PUNCT
cblr-1214	128	120	as	as	ADP
cblr-1214	128	121	a	a	DET
cblr-1214	128	122	person	person	NOUN
cblr-1214	128	123	“	"	PUNCT
cblr-1214	128	124	with	with	ADP
cblr-1214	128	125	the	the	DET
cblr-1214	128	126	single	single	ADJ
cblr-1214	128	127	goal	goal	NOUN
cblr-1214	128	128	of	of	ADP
cblr-1214	128	129	maximizing	maximize	VERB
cblr-1214	128	130	profits	profit	NOUN
cblr-1214	128	131	”	"	PUNCT
cblr-1214	128	132	)	)	PUNCT
cblr-1214	128	133	;	;	PUNCT
cblr-1214	129	1	daniel	daniel	PROPN
cblr-1214	129	2	j.h	j.h	PROPN
cblr-1214	129	3	.	.	PROPN
cblr-1214	129	4	greenwood	greenwood	PROPN
cblr-1214	129	5	,	,	PUNCT
cblr-1214	129	6	fictional	fictional	ADJ
cblr-1214	129	7	shareholders	shareholder	NOUN
cblr-1214	129	8	:	:	PUNCT
cblr-1214	129	9	for	for	ADP
cblr-1214	129	10	whom	whom	PRON
cblr-1214	129	11	are	be	AUX
cblr-1214	129	12	corporate	corporate	ADJ
cblr-1214	129	13	managers	manager	NOUN
cblr-1214	129	14	trustees	trustee	NOUN
cblr-1214	129	15	,	,	PUNCT
cblr-1214	129	16	revisited	revisit	VERB
cblr-1214	129	17	,	,	PUNCT
cblr-1214	129	18	69	69	NUM
cblr-1214	129	19	s.	s.	PROPN
cblr-1214	129	20	cal	cal	PROPN
cblr-1214	129	21	.	.	PUNCT
cblr-1214	130	1	l.	l.	PROPN
cblr-1214	130	2	rev	rev	PROPN
cblr-1214	130	3	.	.	PROPN
cblr-1214	130	4	1021	1021	NUM
cblr-1214	130	5	,	,	PUNCT
cblr-1214	130	6	1031	1031	NUM
cblr-1214	130	7	(	(	PUNCT
cblr-1214	130	8	1996	1996	NUM
cblr-1214	130	9	)	)	PUNCT
cblr-1214	130	10	(	(	PUNCT
cblr-1214	130	11	describing	describe	VERB
cblr-1214	130	12	the	the	DET
cblr-1214	130	13	notion	notion	NOUN
cblr-1214	130	14	of	of	ADP
cblr-1214	130	15	a	a	DET
cblr-1214	130	16	shareholder	shareholder	NOUN
cblr-1214	130	17	as	as	ADP
cblr-1214	130	18	“	"	PUNCT
cblr-1214	130	19	a	a	DET
cblr-1214	130	20	fictional	fictional	ADJ
cblr-1214	130	21	person	person	NOUN
cblr-1214	130	22	whose	whose	DET
cblr-1214	130	23	sole	sole	ADJ
cblr-1214	130	24	interest	interest	NOUN
cblr-1214	130	25	is	be	AUX
cblr-1214	130	26	the	the	DET
cblr-1214	130	27	shares	share	NOUN
cblr-1214	130	28	it	it	PRON
cblr-1214	130	29	owns	own	VERB
cblr-1214	130	30	”	"	PUNCT
cblr-1214	130	31	)	)	PUNCT
cblr-1214	130	32	.	.	PUNCT
cblr-1214	131	1	25	25	NUM
cblr-1214	132	1	i	i	PRON
cblr-1214	132	2	d.	d.	NOUN
cblr-1214	132	3	at	at	ADP
cblr-1214	132	4	1058	1058	NUM
cblr-1214	132	5	;	;	PUNCT
cblr-1214	132	6	see	see	VERB
cblr-1214	132	7	also	also	ADV
cblr-1214	132	8	frank	frank	PROPN
cblr-1214	132	9	h.	h.	PROPN
cblr-1214	132	10	easterbrook	easterbrook	PROPN
cblr-1214	132	11	&	&	CCONJ
cblr-1214	132	12	daniel	daniel	PROPN
cblr-1214	132	13	r.	r.	PROPN
cblr-1214	132	14	fischel	fischel	PROPN
cblr-1214	132	15	,	,	PUNCT
cblr-1214	132	16	the	the	DET
cblr-1214	132	17	economic	economic	ADJ
cblr-1214	132	18	structure	structure	NOUN
cblr-1214	132	19	of	of	ADP
cblr-1214	132	20	corporate	corporate	ADJ
cblr-1214	132	21	law	law	NOUN
cblr-1214	132	22	124	124	NUM
cblr-1214	132	23	(	(	PUNCT
cblr-1214	132	24	1991	1991	NUM
cblr-1214	132	25	)	)	PUNCT
cblr-1214	132	26	(	(	PUNCT
cblr-1214	132	27	describing	describe	VERB
cblr-1214	132	28	“	"	PUNCT
cblr-1214	132	29	[	[	X
cblr-1214	132	30	m]arket	m]arket	NOUN
cblr-1214	132	31	[	[	NOUN
cblr-1214	132	32	v]alue	v]alue	NOUN
cblr-1214	132	33	as	as	ADP
cblr-1214	132	34	a	a	DET
cblr-1214	132	35	[	[	X
cblr-1214	132	36	b]enchmark	b]enchmark	NOUN
cblr-1214	132	37	under	under	ADP
cblr-1214	132	38	the	the	DET
cblr-1214	132	39	[	[	X
cblr-1214	132	40	f]iduciary	f]iduciary	NOUN
cblr-1214	132	41	[	[	X
cblr-1214	132	42	p]rinciple	p]rinciple	PROPN
cblr-1214	132	43	”	"	PUNCT
cblr-1214	132	44	)	)	PUNCT
cblr-1214	132	45	;	;	PUNCT
cblr-1214	132	46	richard	richard	PROPN
cblr-1214	132	47	a.	a.	PROPN
cblr-1214	132	48	booth	booth	PROPN
cblr-1214	132	49	,	,	PUNCT
cblr-1214	132	50	stockholders	stockholder	NOUN
cblr-1214	132	51	,	,	PUNCT
cblr-1214	132	52	stakeholders	stakeholder	NOUN
cblr-1214	132	53	,	,	PUNCT
cblr-1214	132	54	and	and	CCONJ
cblr-1214	132	55	bagholders	bagholder	NOUN
cblr-1214	132	56	(	(	PUNCT
cblr-1214	132	57	or	or	CCONJ
cblr-1214	132	58	how	how	SCONJ
cblr-1214	132	59	investor	investor	NOUN
cblr-1214	132	60	diversification	diversification	NOUN
cblr-1214	132	61	affects	affect	VERB
cblr-1214	132	62	fiduciary	fiduciary	ADJ
cblr-1214	132	63	duty	duty	NOUN
cblr-1214	132	64	)	)	PUNCT
cblr-1214	132	65	,	,	PUNCT
cblr-1214	132	66	53	53	NUM
cblr-1214	132	67	bus	bus	NOUN
cblr-1214	132	68	.	.	PUNCT
cblr-1214	132	69	law	law	NOUN
cblr-1214	132	70	.	.	PUNCT
cblr-1214	133	1	429	429	NUM
cblr-1214	133	2	,	,	PUNCT
cblr-1214	133	3	434	434	NUM
cblr-1214	133	4	(	(	PUNCT
cblr-1214	133	5	1998	1998	NUM
cblr-1214	133	6	)	)	PUNCT
cblr-1214	133	7	(	(	PUNCT
cblr-1214	133	8	“	"	PUNCT
cblr-1214	133	9	[	[	X
cblr-1214	133	10	i]t	i]t	X
cblr-1214	133	11	is	be	AUX
cblr-1214	133	12	the	the	DET
cblr-1214	133	13	undiversified	undiversified	ADJ
cblr-1214	133	14	stockholder	stockholder	NOUN
cblr-1214	133	15	—	—	PUNCT
cblr-1214	133	16	an	an	DET
cblr-1214	133	17	investor	investor	NOUN
cblr-1214	133	18	who	who	PRON
cblr-1214	133	19	is	be	AUX
cblr-1214	133	20	focused	focus	VERB
cblr-1214	133	21	on	on	ADP
cblr-1214	133	22	the	the	DET
cblr-1214	133	23	fortunes	fortune	NOUN
cblr-1214	133	24	of	of	ADP
cblr-1214	133	25	a	a	DET
cblr-1214	133	26	single	single	ADJ
cblr-1214	133	27	company	company	NOUN
cblr-1214	133	28	—	—	PUNCT
cblr-1214	133	29	who	who	PRON
cblr-1214	133	30	is	be	AUX
cblr-1214	133	31	the	the	DET
cblr-1214	133	32	traditional	traditional	ADJ
cblr-1214	133	33	model	model	NOUN
cblr-1214	133	34	for	for	ADP
cblr-1214	133	35	the	the	DET
cblr-1214	133	36	hypothetical	hypothetical	ADJ
cblr-1214	133	37	reasonable	reasonable	ADJ
cblr-1214	133	38	stockholder	stockholder	NOUN
cblr-1214	133	39	to	to	PART
cblr-1214	133	40	whom	whom	PRON
cblr-1214	133	41	management	management	NOUN
cblr-1214	133	42	duty	duty	NOUN
cblr-1214	133	43	is	be	AUX
cblr-1214	133	44	owed	owe	VERB
cblr-1214	133	45	.	.	PUNCT
cblr-1214	133	46	”	"	PUNCT
cblr-1214	133	47	)	)	PUNCT
cblr-1214	133	48	.	.	PUNCT
cblr-1214	134	1	griffin_final	griffin_final	ADJ
cblr-1214	134	2	no	no	NOUN
cblr-1214	134	3	.	.	PUNCT
cblr-1214	135	1	1:70	1:70	NUM
cblr-1214	135	2	]	]	PUNCT
cblr-1214	135	3	the	the	DET
cblr-1214	135	4	hidden	hidden	ADJ
cblr-1214	135	5	cost	cost	NOUN
cblr-1214	135	6	of	of	ADP
cblr-1214	135	7	m&a	m&a	PROPN
cblr-1214	135	8	81	81	NUM
cblr-1214	135	9	this	this	PRON
cblr-1214	135	10	is	be	AUX
cblr-1214	135	11	not	not	PART
cblr-1214	135	12	to	to	PART
cblr-1214	135	13	say	say	VERB
cblr-1214	135	14	that	that	SCONJ
cblr-1214	135	15	the	the	DET
cblr-1214	135	16	conflation	conflation	NOUN
cblr-1214	135	17	of	of	ADP
cblr-1214	135	18	shareholder	shareholder	NOUN
cblr-1214	135	19	interests	interest	NOUN
cblr-1214	135	20	with	with	ADP
cblr-1214	135	21	stock	stock	NOUN
cblr-1214	135	22	performance	performance	NOUN
cblr-1214	135	23	has	have	AUX
cblr-1214	135	24	gone	go	VERB
cblr-1214	135	25	unquestioned	unquestioned	ADJ
cblr-1214	135	26	—	—	PUNCT
cblr-1214	135	27	the	the	DET
cblr-1214	135	28	notion	notion	NOUN
cblr-1214	135	29	that	that	SCONJ
cblr-1214	135	30	stockholders	stockholder	NOUN
cblr-1214	135	31	are	be	AUX
cblr-1214	135	32	not	not	PART
cblr-1214	135	33	a	a	DET
cblr-1214	135	34	homogeneous	homogeneous	ADJ
cblr-1214	135	35	group	group	NOUN
cblr-1214	135	36	of	of	ADP
cblr-1214	135	37	individuals	individual	NOUN
cblr-1214	135	38	fixated	fixate	VERB
cblr-1214	135	39	on	on	ADP
cblr-1214	135	40	wealth	wealth	NOUN
cblr-1214	135	41	maximization	maximization	NOUN
cblr-1214	135	42	has	have	AUX
cblr-1214	135	43	gained	gain	VERB
cblr-1214	135	44	increasing	increase	VERB
cblr-1214	135	45	attention	attention	NOUN
cblr-1214	135	46	.	.	PUNCT
cblr-1214	136	1	commentators	commentator	NOUN
cblr-1214	136	2	have	have	AUX
cblr-1214	136	3	pointed	point	VERB
cblr-1214	136	4	to	to	ADP
cblr-1214	136	5	the	the	DET
cblr-1214	136	6	potential	potential	NOUN
cblr-1214	136	7	for	for	ADP
cblr-1214	136	8	substantial	substantial	ADJ
cblr-1214	136	9	deviation	deviation	NOUN
cblr-1214	136	10	in	in	ADP
cblr-1214	136	11	shareholder	shareholder	NOUN
cblr-1214	136	12	financial	financial	ADJ
cblr-1214	136	13	interests	interest	NOUN
cblr-1214	136	14	,	,	PUNCT
cblr-1214	136	15	such	such	ADJ
cblr-1214	136	16	as	as	ADP
cblr-1214	136	17	the	the	DET
cblr-1214	136	18	aforementioned	aforementioned	ADJ
cblr-1214	136	19	variations	variation	NOUN
cblr-1214	136	20	in	in	ADP
cblr-1214	136	21	risk	risk	NOUN
cblr-1214	136	22	tolerance,26	tolerance,26	NOUN
cblr-1214	136	23	time	time	NOUN
cblr-1214	136	24	horizon,27	horizon,27	ADJ
cblr-1214	136	25	diversification,28	diversification,28	NOUN
cblr-1214	136	26	and	and	CCONJ
cblr-1214	136	27	their	their	PRON
cblr-1214	136	28	employment	employment	NOUN
cblr-1214	136	29	situation.29	situation.29	NOUN
cblr-1214	136	30	in	in	ADP
cblr-1214	136	31	so	so	ADV
cblr-1214	136	32	doing	do	VERB
cblr-1214	136	33	,	,	PUNCT
cblr-1214	136	34	they	they	PRON
cblr-1214	136	35	have	have	AUX
cblr-1214	136	36	problematized	problematize	VERB
cblr-1214	136	37	the	the	DET
cblr-1214	136	38	traditionalist	traditionalist	NOUN
cblr-1214	136	39	interpretation	interpretation	NOUN
cblr-1214	136	40	of	of	ADP
cblr-1214	136	41	the	the	DET
cblr-1214	136	42	shareholder	shareholder	NOUN
cblr-1214	136	43	wealth	wealth	NOUN
cblr-1214	136	44	maximization	maximization	NOUN
cblr-1214	136	45	norm	norm	NOUN
cblr-1214	136	46	and	and	CCONJ
cblr-1214	136	47	,	,	PUNCT
cblr-1214	136	48	26	26	NUM
cblr-1214	136	49	see	see	VERB
cblr-1214	136	50	,	,	PUNCT
cblr-1214	136	51	e.g.	e.g.	ADV
cblr-1214	136	52	,	,	PUNCT
cblr-1214	136	53	eric	eric	PROPN
cblr-1214	136	54	w.	w.	PROPN
cblr-1214	136	55	orts	orts	PROPN
cblr-1214	136	56	,	,	PUNCT
cblr-1214	136	57	the	the	DET
cblr-1214	136	58	complexity	complexity	NOUN
cblr-1214	136	59	and	and	CCONJ
cblr-1214	136	60	legitimacy	legitimacy	NOUN
cblr-1214	136	61	of	of	ADP
cblr-1214	136	62	corporate	corporate	ADJ
cblr-1214	136	63	law	law	NOUN
cblr-1214	136	64	,	,	PUNCT
cblr-1214	136	65	50	50	NUM
cblr-1214	136	66	wash	wash	NOUN
cblr-1214	136	67	.	.	PUNCT
cblr-1214	137	1	&	&	CCONJ
cblr-1214	137	2	lee	lee	PROPN
cblr-1214	137	3	l.	l.	PROPN
cblr-1214	137	4	rev	rev	PROPN
cblr-1214	137	5	.	.	PROPN
cblr-1214	137	6	1565	1565	NUM
cblr-1214	137	7	,	,	PUNCT
cblr-1214	137	8	1591	1591	NUM
cblr-1214	137	9	(	(	PUNCT
cblr-1214	137	10	1993	1993	NUM
cblr-1214	137	11	)	)	PUNCT
cblr-1214	137	12	(	(	PUNCT
cblr-1214	137	13	“	"	PUNCT
cblr-1214	137	14	shareholders	shareholder	NOUN
cblr-1214	137	15	have	have	AUX
cblr-1214	137	16	different	different	ADJ
cblr-1214	137	17	time	time	NOUN
cblr-1214	137	18	and	and	CCONJ
cblr-1214	137	19	risk	risk	NOUN
cblr-1214	137	20	preferences	preference	NOUN
cblr-1214	137	21	that	that	SCONJ
cblr-1214	137	22	managers	manager	NOUN
cblr-1214	137	23	must	must	AUX
cblr-1214	137	24	somehow	somehow	ADV
cblr-1214	137	25	factor	factor	VERB
cblr-1214	137	26	together	together	ADV
cblr-1214	137	27	,	,	PUNCT
cblr-1214	137	28	if	if	SCONJ
cblr-1214	137	29	they	they	PRON
cblr-1214	137	30	are	be	AUX
cblr-1214	137	31	to	to	PART
cblr-1214	137	32	represent	represent	VERB
cblr-1214	137	33	fairly	fairly	ADV
cblr-1214	137	34	the	the	DET
cblr-1214	137	35	artificially	artificially	ADV
cblr-1214	137	36	unified	unified	ADJ
cblr-1214	137	37	interest	interest	NOUN
cblr-1214	137	38	of	of	ADP
cblr-1214	137	39	‘	'	PUNCT
cblr-1214	137	40	the	the	DET
cblr-1214	137	41	shareholders	shareholder	NOUN
cblr-1214	137	42	’	'	PUNCT
cblr-1214	137	43	in	in	ADP
cblr-1214	137	44	general	general	ADJ
cblr-1214	137	45	.	.	PUNCT
cblr-1214	137	46	”	"	PUNCT
cblr-1214	137	47	)	)	PUNCT
cblr-1214	138	1	;	;	PUNCT
cblr-1214	138	2	henry	henry	PROPN
cblr-1214	138	3	t.c	t.c	PROPN
cblr-1214	138	4	.	.	PROPN
cblr-1214	138	5	hu	hu	PROPN
cblr-1214	138	6	,	,	PUNCT
cblr-1214	138	7	risk	risk	NOUN
cblr-1214	138	8	,	,	PUNCT
cblr-1214	138	9	time	time	NOUN
cblr-1214	138	10	,	,	PUNCT
cblr-1214	138	11	and	and	CCONJ
cblr-1214	138	12	fiduciary	fiduciary	ADJ
cblr-1214	138	13	principles	principle	NOUN
cblr-1214	138	14	in	in	ADP
cblr-1214	138	15	corporate	corporate	ADJ
cblr-1214	138	16	investment	investment	NOUN
cblr-1214	138	17	,	,	PUNCT
cblr-1214	138	18	38	38	NUM
cblr-1214	138	19	ucla	ucla	PROPN
cblr-1214	138	20	l.	l.	PROPN
cblr-1214	138	21	rev	rev	PROPN
cblr-1214	138	22	.	.	PROPN
cblr-1214	138	23	277	277	NUM
cblr-1214	138	24	,	,	PUNCT
cblr-1214	138	25	287	287	NUM
cblr-1214	138	26	(	(	PUNCT
cblr-1214	138	27	1990	1990	NUM
cblr-1214	138	28	)	)	PUNCT
cblr-1214	138	29	(	(	PUNCT
cblr-1214	138	30	“	"	PUNCT
cblr-1214	138	31	each	each	DET
cblr-1214	138	32	shareholder	shareholder	NOUN
cblr-1214	138	33	has	have	VERB
cblr-1214	138	34	unique	unique	ADJ
cblr-1214	138	35	risk	risk	NOUN
cblr-1214	138	36	preferences	preference	NOUN
cblr-1214	138	37	.	.	PUNCT
cblr-1214	138	38	.	.	PUNCT
cblr-1214	138	39	.	.	PUNCT
cblr-1214	138	40	.	.	PUNCT
cblr-1214	138	41	”	"	PUNCT
cblr-1214	138	42	)	)	PUNCT
cblr-1214	138	43	;	;	PUNCT
cblr-1214	138	44	iman	iman	PROPN
cblr-1214	138	45	anabtawi	anabtawi	PROPN
cblr-1214	138	46	,	,	PUNCT
cblr-1214	138	47	some	some	DET
cblr-1214	138	48	skepticism	skepticism	NOUN
cblr-1214	138	49	about	about	ADP
cblr-1214	138	50	increasing	increase	VERB
cblr-1214	138	51	shareholder	shareholder	NOUN
cblr-1214	138	52	power	power	NOUN
cblr-1214	138	53	,	,	PUNCT
cblr-1214	138	54	53	53	NUM
cblr-1214	138	55	ucla	ucla	PROPN
cblr-1214	138	56	l.	l.	PROPN
cblr-1214	138	57	rev	rev	PROPN
cblr-1214	138	58	.	.	PROPN
cblr-1214	138	59	561	561	NUM
cblr-1214	138	60	,	,	PUNCT
cblr-1214	138	61	586	586	NUM
cblr-1214	138	62	(	(	PUNCT
cblr-1214	138	63	2006	2006	NUM
cblr-1214	138	64	)	)	PUNCT
cblr-1214	138	65	(	(	PUNCT
cblr-1214	138	66	comparing	compare	VERB
cblr-1214	138	67	the	the	DET
cblr-1214	138	68	risk	risk	NOUN
cblr-1214	138	69	tolerance	tolerance	NOUN
cblr-1214	138	70	of	of	ADP
cblr-1214	138	71	inside	inside	ADP
cblr-1214	138	72	and	and	CCONJ
cblr-1214	138	73	outside	outside	ADJ
cblr-1214	138	74	shareholders	shareholder	NOUN
cblr-1214	138	75	)	)	PUNCT
cblr-1214	138	76	.	.	PUNCT
cblr-1214	139	1	27	27	NUM
cblr-1214	139	2	see	see	VERB
cblr-1214	139	3	,	,	PUNCT
cblr-1214	139	4	e.g.	e.g.	ADV
cblr-1214	139	5	,	,	PUNCT
cblr-1214	139	6	stephen	stephen	PROPN
cblr-1214	139	7	m.	m.	PROPN
cblr-1214	139	8	bainbridge	bainbridge	PROPN
cblr-1214	139	9	,	,	PUNCT
cblr-1214	139	10	the	the	DET
cblr-1214	139	11	board	board	NOUN
cblr-1214	139	12	of	of	ADP
cblr-1214	139	13	directors	director	NOUN
cblr-1214	139	14	as	as	ADP
cblr-1214	139	15	nexus	nexus	NOUN
cblr-1214	139	16	of	of	ADP
cblr-1214	139	17	contracts	contract	NOUN
cblr-1214	139	18	,	,	PUNCT
cblr-1214	139	19	88	88	NUM
cblr-1214	139	20	iowa	iowa	PROPN
cblr-1214	139	21	l.	l.	PROPN
cblr-1214	139	22	rev	rev	PROPN
cblr-1214	139	23	.	.	PROPN
cblr-1214	139	24	1	1	NUM
cblr-1214	139	25	,	,	PUNCT
cblr-1214	139	26	21	21	NUM
cblr-1214	139	27	(	(	PUNCT
cblr-1214	139	28	2002	2002	NUM
cblr-1214	139	29	)	)	PUNCT
cblr-1214	139	30	(	(	PUNCT
cblr-1214	139	31	noting	note	VERB
cblr-1214	139	32	that	that	SCONJ
cblr-1214	139	33	shareholders	shareholder	NOUN
cblr-1214	139	34	have	have	VERB
cblr-1214	139	35	divergent	divergent	ADJ
cblr-1214	139	36	time	time	NOUN
cblr-1214	139	37	horizons	horizon	NOUN
cblr-1214	139	38	)	)	PUNCT
cblr-1214	139	39	;	;	PUNCT
cblr-1214	139	40	leo	leo	PROPN
cblr-1214	139	41	e.	e.	PROPN
cblr-1214	139	42	strine	strine	PROPN
cblr-1214	139	43	,	,	PUNCT
cblr-1214	139	44	jr	jr	PROPN
cblr-1214	139	45	.	.	PROPN
cblr-1214	139	46	,	,	PUNCT
cblr-1214	139	47	who	who	PRON
cblr-1214	139	48	bleeds	bleed	VERB
cblr-1214	139	49	when	when	SCONJ
cblr-1214	139	50	the	the	DET
cblr-1214	139	51	wolves	wolf	NOUN
cblr-1214	139	52	bite	bite	VERB
cblr-1214	139	53	?	?	PUNCT
cblr-1214	139	54	:	:	PUNCT
cblr-1214	139	55	a	a	DET
cblr-1214	139	56	flesh	flesh	NOUN
cblr-1214	139	57	-	-	PUNCT
cblr-1214	139	58	and	and	CCONJ
cblr-1214	139	59	-	-	PUNCT
cblr-1214	139	60	blood	blood	NOUN
cblr-1214	139	61	perspective	perspective	NOUN
cblr-1214	139	62	on	on	ADP
cblr-1214	139	63	hedge	hedge	NOUN
cblr-1214	139	64	fund	fund	NOUN
cblr-1214	139	65	activism	activism	NOUN
cblr-1214	139	66	and	and	CCONJ
cblr-1214	139	67	our	our	PRON
cblr-1214	139	68	strange	strange	ADJ
cblr-1214	139	69	corporate	corporate	ADJ
cblr-1214	139	70	governance	governance	NOUN
cblr-1214	139	71	system	system	NOUN
cblr-1214	139	72	,	,	PUNCT
cblr-1214	139	73	126	126	NUM
cblr-1214	139	74	yale	yale	PROPN
cblr-1214	139	75	l.j	l.j	PROPN
cblr-1214	139	76	.	.	PROPN
cblr-1214	139	77	1870	1870	NUM
cblr-1214	139	78	,	,	PUNCT
cblr-1214	139	79	1884–85	1884–85	NUM
cblr-1214	139	80	(	(	PUNCT
cblr-1214	139	81	2017	2017	NUM
cblr-1214	139	82	)	)	PUNCT
cblr-1214	139	83	(	(	PUNCT
cblr-1214	139	84	noting	note	VERB
cblr-1214	139	85	that	that	SCONJ
cblr-1214	139	86	human	human	ADJ
cblr-1214	139	87	investors	investor	NOUN
cblr-1214	139	88	have	have	VERB
cblr-1214	139	89	a	a	DET
cblr-1214	139	90	longer	long	ADJ
cblr-1214	139	91	time	time	NOUN
cblr-1214	139	92	horizon	horizon	NOUN
cblr-1214	139	93	for	for	ADP
cblr-1214	139	94	their	their	PRON
cblr-1214	139	95	investments	investment	NOUN
cblr-1214	139	96	)	)	PUNCT
cblr-1214	139	97	;	;	PUNCT
cblr-1214	139	98	john	john	PROPN
cblr-1214	139	99	c.	c.	PROPN
cblr-1214	139	100	coffee	coffee	PROPN
cblr-1214	139	101	,	,	PUNCT
cblr-1214	139	102	jr	jr	PROPN
cblr-1214	139	103	.	.	PROPN
cblr-1214	139	104	&	&	CCONJ
cblr-1214	139	105	darius	darius	PROPN
cblr-1214	139	106	palia	palia	PROPN
cblr-1214	139	107	,	,	PUNCT
cblr-1214	139	108	the	the	DET
cblr-1214	139	109	wolf	wolf	NOUN
cblr-1214	139	110	at	at	ADP
cblr-1214	139	111	the	the	DET
cblr-1214	139	112	door	door	NOUN
cblr-1214	139	113	:	:	PUNCT
cblr-1214	139	114	the	the	DET
cblr-1214	139	115	impact	impact	NOUN
cblr-1214	139	116	of	of	ADP
cblr-1214	139	117	hedge	hedge	NOUN
cblr-1214	139	118	fund	fund	NOUN
cblr-1214	139	119	activism	activism	NOUN
cblr-1214	139	120	on	on	ADP
cblr-1214	139	121	corporate	corporate	ADJ
cblr-1214	139	122	governance	governance	NOUN
cblr-1214	139	123	,	,	PUNCT
cblr-1214	139	124	41	41	NUM
cblr-1214	139	125	j.	j.	PROPN
cblr-1214	139	126	corp	corp	PROPN
cblr-1214	139	127	.	.	PROPN
cblr-1214	139	128	l.	l.	PROPN
cblr-1214	139	129	545	545	NUM
cblr-1214	139	130	,	,	PUNCT
cblr-1214	139	131	573	573	NUM
cblr-1214	139	132	(	(	PUNCT
cblr-1214	139	133	2016	2016	NUM
cblr-1214	139	134	)	)	PUNCT
cblr-1214	139	135	(	(	PUNCT
cblr-1214	139	136	remarking	remark	VERB
cblr-1214	139	137	that	that	SCONJ
cblr-1214	139	138	the	the	DET
cblr-1214	139	139	typical	typical	ADJ
cblr-1214	139	140	hedge	hedge	PROPN
cblr-1214	139	141	fund	fund	NOUN
cblr-1214	139	142	investor	investor	NOUN
cblr-1214	139	143	has	have	VERB
cblr-1214	139	144	a	a	DET
cblr-1214	139	145	shorter	short	ADJ
cblr-1214	139	146	time	time	NOUN
cblr-1214	139	147	horizon	horizon	NOUN
cblr-1214	139	148	than	than	ADP
cblr-1214	139	149	other	other	ADJ
cblr-1214	139	150	groups	group	NOUN
cblr-1214	139	151	of	of	ADP
cblr-1214	139	152	investors	investor	NOUN
cblr-1214	139	153	)	)	PUNCT
cblr-1214	139	154	;	;	PUNCT
cblr-1214	139	155	orts	ort	NOUN
cblr-1214	139	156	,	,	PUNCT
cblr-1214	139	157	supra	supra	PROPN
cblr-1214	139	158	note	note	PROPN
cblr-1214	139	159	26	26	NUM
cblr-1214	139	160	,	,	PUNCT
cblr-1214	139	161	at	at	ADP
cblr-1214	139	162	1591	1591	NUM
cblr-1214	139	163	(	(	PUNCT
cblr-1214	139	164	remarking	remark	VERB
cblr-1214	139	165	on	on	ADP
cblr-1214	139	166	divergent	divergent	ADJ
cblr-1214	139	167	time	time	NOUN
cblr-1214	139	168	preferences	preference	NOUN
cblr-1214	139	169	as	as	ADP
cblr-1214	139	170	an	an	DET
cblr-1214	139	171	obstacle	obstacle	NOUN
cblr-1214	139	172	for	for	ADP
cblr-1214	139	173	corporate	corporate	ADJ
cblr-1214	139	174	managers	manager	NOUN
cblr-1214	139	175	who	who	PRON
cblr-1214	139	176	seek	seek	VERB
cblr-1214	139	177	to	to	PART
cblr-1214	139	178	pursue	pursue	VERB
cblr-1214	139	179	shareholder	shareholder	NOUN
cblr-1214	139	180	interests	interest	NOUN
cblr-1214	139	181	uniformly	uniformly	ADV
cblr-1214	139	182	)	)	PUNCT
cblr-1214	139	183	.	.	PUNCT
cblr-1214	140	1	28	28	NUM
cblr-1214	140	2	see	see	VERB
cblr-1214	140	3	,	,	PUNCT
cblr-1214	140	4	e.g.	e.g.	ADV
cblr-1214	140	5	,	,	PUNCT
cblr-1214	140	6	stout	stout	ADJ
cblr-1214	140	7	,	,	PUNCT
cblr-1214	140	8	supra	supra	ADJ
cblr-1214	140	9	note	note	NOUN
cblr-1214	140	10	23	23	NUM
cblr-1214	140	11	,	,	PUNCT
cblr-1214	140	12	at	at	ADP
cblr-1214	140	13	174	174	NUM
cblr-1214	140	14	(	(	PUNCT
cblr-1214	140	15	noting	note	VERB
cblr-1214	140	16	that	that	SCONJ
cblr-1214	140	17	different	different	ADJ
cblr-1214	140	18	shareholders	shareholder	NOUN
cblr-1214	140	19	have	have	VERB
cblr-1214	140	20	different	different	ADJ
cblr-1214	140	21	interests	interest	NOUN
cblr-1214	140	22	due	due	ADJ
cblr-1214	140	23	in	in	ADP
cblr-1214	140	24	part	part	NOUN
cblr-1214	140	25	to	to	ADP
cblr-1214	140	26	variances	variance	NOUN
cblr-1214	140	27	in	in	ADP
cblr-1214	140	28	their	their	PRON
cblr-1214	140	29	level	level	NOUN
cblr-1214	140	30	of	of	ADP
cblr-1214	140	31	diversification	diversification	NOUN
cblr-1214	140	32	)	)	PUNCT
cblr-1214	140	33	;	;	PUNCT
cblr-1214	140	34	james	james	PROPN
cblr-1214	140	35	p.	p.	PROPN
cblr-1214	140	36	hawley	hawley	PROPN
cblr-1214	140	37	&	&	CCONJ
cblr-1214	140	38	andrew	andrew	PROPN
cblr-1214	140	39	t.	t.	PROPN
cblr-1214	140	40	williams	williams	PROPN
cblr-1214	140	41	,	,	PUNCT
cblr-1214	140	42	the	the	DET
cblr-1214	140	43	rise	rise	NOUN
cblr-1214	140	44	of	of	ADP
cblr-1214	140	45	fiduciary	fiduciary	ADJ
cblr-1214	140	46	capitalism	capitalism	NOUN
cblr-1214	140	47	21	21	NUM
cblr-1214	140	48	(	(	PUNCT
cblr-1214	140	49	2000	2000	NUM
cblr-1214	140	50	)	)	PUNCT
cblr-1214	140	51	(	(	PUNCT
cblr-1214	140	52	noting	note	VERB
cblr-1214	140	53	the	the	DET
cblr-1214	140	54	unique	unique	ADJ
cblr-1214	140	55	interests	interest	NOUN
cblr-1214	140	56	of	of	ADP
cblr-1214	140	57	highly	highly	ADV
cblr-1214	140	58	diversified	diversified	ADJ
cblr-1214	140	59	“	"	PUNCT
cblr-1214	140	60	universal	universal	ADJ
cblr-1214	140	61	owner[s	owner[s	NOUN
cblr-1214	140	62	]	]	PUNCT
cblr-1214	140	63	”	"	PUNCT
cblr-1214	140	64	)	)	PUNCT
cblr-1214	140	65	;	;	PUNCT
cblr-1214	140	66	hayden	hayden	PROPN
cblr-1214	140	67	&	&	CCONJ
cblr-1214	140	68	bodie	bodie	PROPN
cblr-1214	140	69	,	,	PUNCT
cblr-1214	140	70	supra	supra	PROPN
cblr-1214	140	71	note	note	NOUN
cblr-1214	140	72	9	9	NUM
cblr-1214	140	73	,	,	PUNCT
cblr-1214	140	74	at	at	ADP
cblr-1214	140	75	493	493	NUM
cblr-1214	140	76	(	(	PUNCT
cblr-1214	140	77	“	"	PUNCT
cblr-1214	140	78	[	[	X
cblr-1214	140	79	s]hareholders	s]hareholder	NOUN
cblr-1214	140	80	with	with	ADP
cblr-1214	140	81	a	a	DET
cblr-1214	140	82	diversified	diversified	ADJ
cblr-1214	140	83	portfolio	portfolio	NOUN
cblr-1214	140	84	have	have	AUX
cblr-1214	140	85	different	different	ADJ
cblr-1214	140	86	interests	interest	NOUN
cblr-1214	140	87	than	than	ADP
cblr-1214	140	88	shareholders	shareholder	NOUN
cblr-1214	140	89	with	with	ADP
cblr-1214	140	90	most	most	ADJ
cblr-1214	140	91	of	of	ADP
cblr-1214	140	92	their	their	PRON
cblr-1214	140	93	wealth	wealth	NOUN
cblr-1214	140	94	tied	tie	VERB
cblr-1214	140	95	up	up	ADP
cblr-1214	140	96	in	in	ADP
cblr-1214	140	97	one	one	NUM
cblr-1214	140	98	company	company	NOUN
cblr-1214	140	99	.	.	PUNCT
cblr-1214	140	100	”	"	PUNCT
cblr-1214	140	101	)	)	PUNCT
cblr-1214	140	102	.	.	PUNCT
cblr-1214	141	1	29	29	NUM
cblr-1214	141	2	see	see	VERB
cblr-1214	141	3	,	,	PUNCT
cblr-1214	141	4	e.g.	e.g.	ADV
cblr-1214	141	5	,	,	PUNCT
cblr-1214	141	6	strine	strine	PROPN
cblr-1214	141	7	,	,	PUNCT
cblr-1214	141	8	supra	supra	PROPN
cblr-1214	141	9	note	note	PROPN
cblr-1214	141	10	27	27	NUM
cblr-1214	141	11	,	,	PUNCT
cblr-1214	141	12	at	at	ADP
cblr-1214	141	13	1876–77	1876–77	NOUN
cblr-1214	141	14	(	(	PUNCT
cblr-1214	141	15	noting	note	VERB
cblr-1214	141	16	that	that	SCONJ
cblr-1214	141	17	jobs	job	NOUN
cblr-1214	141	18	,	,	PUNCT
cblr-1214	141	19	not	not	PART
cblr-1214	141	20	stock	stock	NOUN
cblr-1214	141	21	performance	performance	NOUN
cblr-1214	141	22	,	,	PUNCT
cblr-1214	141	23	drive	drive	VERB
cblr-1214	141	24	wealth	wealth	NOUN
cblr-1214	141	25	creation	creation	NOUN
cblr-1214	141	26	for	for	ADP
cblr-1214	141	27	all	all	PRON
cblr-1214	141	28	but	but	SCONJ
cblr-1214	141	29	the	the	DET
cblr-1214	141	30	very	very	ADV
cblr-1214	141	31	rich	rich	ADJ
cblr-1214	141	32	)	)	PUNCT
cblr-1214	141	33	;	;	PUNCT
cblr-1214	141	34	anabtawi	anabtawi	PROPN
cblr-1214	141	35	,	,	PUNCT
cblr-1214	141	36	supra	supra	PROPN
cblr-1214	141	37	note	note	PROPN
cblr-1214	141	38	26	26	NUM
cblr-1214	141	39	,	,	PUNCT
cblr-1214	141	40	at	at	ADP
cblr-1214	141	41	586	586	NUM
cblr-1214	141	42	(	(	PUNCT
cblr-1214	141	43	comparing	compare	VERB
cblr-1214	141	44	the	the	DET
cblr-1214	141	45	interests	interest	NOUN
cblr-1214	141	46	of	of	ADP
cblr-1214	141	47	employee	employee	NOUN
cblr-1214	141	48	-	-	PUNCT
cblr-1214	141	49	stockholders	stockholder	NOUN
cblr-1214	141	50	and	and	CCONJ
cblr-1214	141	51	non	non	ADJ
cblr-1214	141	52	-	-	ADJ
cblr-1214	141	53	employee	employee	NOUN
cblr-1214	141	54	-	-	PUNCT
cblr-1214	141	55	stockholders	stockholder	NOUN
cblr-1214	141	56	)	)	PUNCT
cblr-1214	141	57	.	.	PUNCT
cblr-1214	142	1	griffin_final	griffin_final	ADJ
cblr-1214	142	2	82	82	NUM
cblr-1214	142	3	columbia	columbia	PROPN
cblr-1214	142	4	business	business	NOUN
cblr-1214	142	5	law	law	PROPN
cblr-1214	142	6	review	review	NOUN
cblr-1214	142	7	[	[	X
cblr-1214	142	8	vol	vol	NOUN
cblr-1214	142	9	.	.	NOUN
cblr-1214	142	10	2018	2018	NUM
cblr-1214	142	11	in	in	ADP
cblr-1214	142	12	particular	particular	ADJ
cblr-1214	142	13	,	,	PUNCT
cblr-1214	142	14	the	the	DET
cblr-1214	142	15	presumed	presume	VERB
cblr-1214	142	16	focus	focus	NOUN
cblr-1214	142	17	on	on	ADP
cblr-1214	142	18	stock	stock	NOUN
cblr-1214	142	19	performance	performance	NOUN
cblr-1214	142	20	as	as	ADP
cblr-1214	142	21	a	a	DET
cblr-1214	142	22	proxy	proxy	NOUN
cblr-1214	142	23	for	for	ADP
cblr-1214	142	24	true	true	ADJ
cblr-1214	142	25	financial	financial	ADJ
cblr-1214	142	26	benefit	benefit	NOUN
cblr-1214	142	27	.	.	PUNCT
cblr-1214	143	1	despite	despite	SCONJ
cblr-1214	143	2	this	this	DET
cblr-1214	143	3	attention	attention	NOUN
cblr-1214	143	4	to	to	ADP
cblr-1214	143	5	the	the	DET
cblr-1214	143	6	variation	variation	NOUN
cblr-1214	143	7	in	in	ADP
cblr-1214	143	8	stockholders	stockholder	NOUN
cblr-1214	143	9	’	'	PUNCT
cblr-1214	143	10	characteristics,30	characteristics,30	PROPN
cblr-1214	143	11	corporate	corporate	ADJ
cblr-1214	143	12	law	law	NOUN
cblr-1214	143	13	theorists	theorist	NOUN
cblr-1214	143	14	have	have	AUX
cblr-1214	143	15	stressed	stress	VERB
cblr-1214	143	16	the	the	DET
cblr-1214	143	17	abstraction	abstraction	NOUN
cblr-1214	143	18	of	of	ADP
cblr-1214	143	19	a	a	DET
cblr-1214	143	20	homogenous	homogenous	ADJ
cblr-1214	143	21	shareholder	shareholder	NOUN
cblr-1214	143	22	personified	personify	VERB
cblr-1214	143	23	by	by	ADP
cblr-1214	143	24	the	the	DET
cblr-1214	143	25	shares	share	NOUN
cblr-1214	143	26	themselves	themselves	PRON
cblr-1214	143	27	as	as	ADP
cblr-1214	143	28	a	a	DET
cblr-1214	143	29	necessary	necessary	ADJ
cblr-1214	143	30	assumption	assumption	NOUN
cblr-1214	143	31	of	of	ADP
cblr-1214	143	32	the	the	DET
cblr-1214	143	33	model	model	NOUN
cblr-1214	143	34	,	,	PUNCT
cblr-1214	143	35	as	as	SCONJ
cblr-1214	143	36	it	it	PRON
cblr-1214	143	37	enables	enable	VERB
cblr-1214	143	38	directors	director	NOUN
cblr-1214	143	39	to	to	PART
cblr-1214	143	40	make	make	VERB
cblr-1214	143	41	coherent	coherent	ADJ
cblr-1214	143	42	decisions	decision	NOUN
cblr-1214	143	43	and	and	CCONJ
cblr-1214	143	44	prevents	prevent	VERB
cblr-1214	143	45	them	they	PRON
cblr-1214	143	46	from	from	ADP
cblr-1214	143	47	using	use	VERB
cblr-1214	143	48	potential	potential	ADJ
cblr-1214	143	49	discrepancies	discrepancy	NOUN
cblr-1214	143	50	in	in	ADP
cblr-1214	143	51	shareholder	shareholder	NOUN
cblr-1214	143	52	interests	interest	NOUN
cblr-1214	143	53	to	to	PART
cblr-1214	143	54	justify	justify	VERB
cblr-1214	143	55	acts	act	NOUN
cblr-1214	143	56	actually	actually	ADV
cblr-1214	143	57	taken	take	VERB
cblr-1214	143	58	in	in	ADP
cblr-1214	143	59	pursuit	pursuit	NOUN
cblr-1214	143	60	of	of	ADP
cblr-1214	143	61	personal	personal	ADJ
cblr-1214	143	62	gain.31	gain.31	NOUN
cblr-1214	143	63	scholars	scholar	NOUN
cblr-1214	143	64	have	have	AUX
cblr-1214	143	65	further	far	ADV
cblr-1214	143	66	argued	argue	VERB
cblr-1214	143	67	that	that	SCONJ
cblr-1214	143	68	stock	stock	NOUN
cblr-1214	143	69	performance	performance	NOUN
cblr-1214	143	70	is	be	AUX
cblr-1214	143	71	the	the	DET
cblr-1214	143	72	ideal	ideal	ADJ
cblr-1214	143	73	metric	metric	ADJ
cblr-1214	143	74	because	because	SCONJ
cblr-1214	143	75	“	"	PUNCT
cblr-1214	143	76	it	it	PRON
cblr-1214	143	77	is	be	AUX
cblr-1214	143	78	the	the	DET
cblr-1214	143	79	only	only	ADJ
cblr-1214	143	80	judgment	judgment	NOUN
cblr-1214	143	81	that	that	PRON
cblr-1214	143	82	can	can	AUX
cblr-1214	143	83	not	not	PART
cblr-1214	143	84	be	be	AUX
cblr-1214	143	85	manipulated	manipulate	VERB
cblr-1214	143	86	,	,	PUNCT
cblr-1214	143	87	at	at	ADP
cblr-1214	143	88	least	least	ADJ
cblr-1214	143	89	not	not	PART
cblr-1214	143	90	for	for	ADP
cblr-1214	143	91	long	long	ADJ
cblr-1214	143	92	,	,	PUNCT
cblr-1214	143	93	”	"	PUNCT
cblr-1214	143	94	implying	imply	VERB
cblr-1214	143	95	that	that	SCONJ
cblr-1214	143	96	other	other	ADJ
cblr-1214	143	97	substitutes	substitute	NOUN
cblr-1214	143	98	for	for	ADP
cblr-1214	143	99	stock	stock	NOUN
cblr-1214	143	100	performance	performance	NOUN
cblr-1214	143	101	are	be	AUX
cblr-1214	143	102	thereby	thereby	ADV
cblr-1214	143	103	inferior.32	inferior.32	ADJ
cblr-1214	143	104	commentators	commentator	NOUN
cblr-1214	143	105	have	have	AUX
cblr-1214	143	106	also	also	ADV
cblr-1214	143	107	argued	argue	VERB
cblr-1214	143	108	that	that	SCONJ
cblr-1214	143	109	potential	potential	ADJ
cblr-1214	143	110	deviations	deviation	NOUN
cblr-1214	143	111	in	in	ADP
cblr-1214	143	112	shareholder	shareholder	NOUN
cblr-1214	143	113	financial	financial	ADJ
cblr-1214	143	114	preferences	preference	NOUN
cblr-1214	143	115	are	be	AUX
cblr-1214	143	116	inconsequential	inconsequential	ADJ
cblr-1214	143	117	.	.	PUNCT
cblr-1214	144	1	for	for	ADP
cblr-1214	144	2	instance	instance	NOUN
cblr-1214	144	3	,	,	PUNCT
cblr-1214	144	4	scholars	scholar	NOUN
cblr-1214	144	5	have	have	AUX
cblr-1214	144	6	dismissed	dismiss	VERB
cblr-1214	144	7	concerns	concern	NOUN
cblr-1214	144	8	related	relate	VERB
cblr-1214	144	9	to	to	ADP
cblr-1214	144	10	shareholders	shareholder	NOUN
cblr-1214	144	11	’	'	PUNCT
cblr-1214	144	12	different	different	ADJ
cblr-1214	144	13	time	time	NOUN
cblr-1214	144	14	horizons	horizon	NOUN
cblr-1214	144	15	by	by	ADP
cblr-1214	144	16	theorizing	theorize	VERB
cblr-1214	144	17	that	that	DET
cblr-1214	144	18	share	share	NOUN
cblr-1214	144	19	price	price	NOUN
cblr-1214	144	20	reflects	reflect	VERB
cblr-1214	144	21	the	the	DET
cblr-1214	144	22	present	present	ADJ
cblr-1214	144	23	value	value	NOUN
cblr-1214	144	24	of	of	ADP
cblr-1214	144	25	projected	project	VERB
cblr-1214	144	26	future	future	ADJ
cblr-1214	144	27	prices	price	NOUN
cblr-1214	144	28	and	and	CCONJ
cblr-1214	144	29	that	that	SCONJ
cblr-1214	144	30	,	,	PUNCT
cblr-1214	144	31	thus	thus	ADV
cblr-1214	144	32	,	,	PUNCT
cblr-1214	144	33	there	there	PRON
cblr-1214	144	34	is	be	VERB
cblr-1214	144	35	no	no	DET
cblr-1214	144	36	true	true	ADJ
cblr-1214	144	37	conflict	conflict	NOUN
cblr-1214	144	38	between	between	ADP
cblr-1214	144	39	shareholders	shareholder	NOUN
cblr-1214	144	40	interested	interested	ADJ
cblr-1214	144	41	in	in	ADP
cblr-1214	144	42	short	short	ADJ
cblr-1214	144	43	-	-	PUNCT
cblr-1214	144	44	term	term	NOUN
cblr-1214	144	45	stock	stock	NOUN
cblr-1214	144	46	performance	performance	NOUN
cblr-1214	144	47	and	and	CCONJ
cblr-1214	144	48	those	those	PRON
cblr-1214	144	49	interested	interested	ADJ
cblr-1214	144	50	in	in	ADP
cblr-1214	144	51	longterm	longterm	ADJ
cblr-1214	144	52	stock	stock	NOUN
cblr-1214	144	53	performance.33	performance.33	NOUN
cblr-1214	144	54	likewise	likewise	ADV
cblr-1214	144	55	,	,	PUNCT
cblr-1214	144	56	scholars	scholar	NOUN
cblr-1214	144	57	have	have	AUX
cblr-1214	144	58	dismissed	dismiss	VERB
cblr-1214	144	59	concerns	concern	NOUN
cblr-1214	144	60	related	relate	VERB
cblr-1214	144	61	to	to	ADP
cblr-1214	144	62	shareholders	shareholder	NOUN
cblr-1214	144	63	’	'	PUNCT
cblr-1214	144	64	various	various	ADJ
cblr-1214	144	65	risk	risk	NOUN
cblr-1214	144	66	preferences	preference	NOUN
cblr-1214	144	67	by	by	ADP
cblr-1214	144	68	postulating	postulate	VERB
cblr-1214	144	69	that	that	SCONJ
cblr-1214	144	70	so	so	ADV
cblr-1214	144	71	long	long	ADV
cblr-1214	144	72	as	as	SCONJ
cblr-1214	144	73	a	a	DET
cblr-1214	144	74	corporation	corporation	NOUN
cblr-1214	144	75	seeks	seek	VERB
cblr-1214	144	76	to	to	PART
cblr-1214	144	77	maximize	maximize	VERB
cblr-1214	144	78	stock	stock	NOUN
cblr-1214	144	79	performance	performance	NOUN
cblr-1214	144	80	in	in	ADP
cblr-1214	144	81	its	its	PRON
cblr-1214	144	82	pursuit	pursuit	NOUN
cblr-1214	144	83	of	of	ADP
cblr-1214	144	84	risk	risk	NOUN
cblr-1214	144	85	,	,	PUNCT
cblr-1214	144	86	risk	risk	NOUN
cblr-1214	144	87	-	-	PUNCT
cblr-1214	144	88	tolerant	tolerant	ADJ
cblr-1214	144	89	stockholders	stockholder	NOUN
cblr-1214	144	90	will	will	AUX
cblr-1214	144	91	benefit	benefit	VERB
cblr-1214	144	92	from	from	ADP
cblr-1214	144	93	risky	risky	ADJ
cblr-1214	144	94	endeavors	endeavor	NOUN
cblr-1214	144	95	that	that	PRON
cblr-1214	144	96	match	match	VERB
cblr-1214	144	97	their	their	PRON
cblr-1214	144	98	30	30	NUM
cblr-1214	144	99	paul	paul	PROPN
cblr-1214	144	100	h.	h.	PROPN
cblr-1214	144	101	edelman	edelman	PROPN
cblr-1214	144	102	&	&	CCONJ
cblr-1214	144	103	randall	randall	PROPN
cblr-1214	144	104	s.	s.	PROPN
cblr-1214	144	105	thomas	thomas	PROPN
cblr-1214	144	106	,	,	PUNCT
cblr-1214	144	107	corporate	corporate	ADJ
cblr-1214	144	108	voting	voting	NOUN
cblr-1214	144	109	and	and	CCONJ
cblr-1214	144	110	the	the	DET
cblr-1214	144	111	takeover	takeover	NOUN
cblr-1214	144	112	debate	debate	NOUN
cblr-1214	144	113	,	,	PUNCT
cblr-1214	144	114	58	58	NUM
cblr-1214	144	115	vand	vand	NOUN
cblr-1214	144	116	.	.	PUNCT
cblr-1214	145	1	l.	l.	PROPN
cblr-1214	145	2	rev	rev	PROPN
cblr-1214	145	3	.	.	PROPN
cblr-1214	145	4	453	453	NUM
cblr-1214	145	5	,	,	PUNCT
cblr-1214	145	6	464	464	NUM
cblr-1214	145	7	(	(	PUNCT
cblr-1214	145	8	2005	2005	NUM
cblr-1214	145	9	)	)	PUNCT
cblr-1214	145	10	(	(	PUNCT
cblr-1214	145	11	noting	note	VERB
cblr-1214	145	12	that	that	SCONJ
cblr-1214	145	13	models	model	NOUN
cblr-1214	145	14	by	by	ADP
cblr-1214	145	15	lucian	lucian	ADJ
cblr-1214	145	16	bebchuck	bebchuck	PROPN
cblr-1214	145	17	,	,	PUNCT
cblr-1214	145	18	oliver	oliver	PROPN
cblr-1214	145	19	hart	hart	PROPN
cblr-1214	145	20	,	,	PUNCT
cblr-1214	145	21	ronald	ronald	PROPN
cblr-1214	145	22	gilson	gilson	PROPN
cblr-1214	145	23	,	,	PUNCT
cblr-1214	145	24	and	and	CCONJ
cblr-1214	145	25	alan	alan	PROPN
cblr-1214	145	26	schwartz	schwartz	PROPN
cblr-1214	145	27	“	"	PUNCT
cblr-1214	145	28	make	make	VERB
cblr-1214	145	29	unrealistic	unrealistic	ADJ
cblr-1214	145	30	assumptions	assumption	NOUN
cblr-1214	145	31	about	about	ADP
cblr-1214	145	32	the	the	DET
cblr-1214	145	33	homogeneity	homogeneity	NOUN
cblr-1214	145	34	of	of	ADP
cblr-1214	145	35	shareholders	shareholder	NOUN
cblr-1214	145	36	,	,	PUNCT
cblr-1214	145	37	both	both	CCONJ
cblr-1214	145	38	in	in	ADP
cblr-1214	145	39	the	the	DET
cblr-1214	145	40	size	size	NOUN
cblr-1214	145	41	of	of	ADP
cblr-1214	145	42	their	their	PRON
cblr-1214	145	43	holdings	holding	NOUN
cblr-1214	145	44	and	and	CCONJ
cblr-1214	145	45	in	in	ADP
cblr-1214	145	46	their	their	PRON
cblr-1214	145	47	voting	voting	NOUN
cblr-1214	145	48	behavior	behavior	NOUN
cblr-1214	145	49	.	.	PUNCT
cblr-1214	146	1	[	[	X
cblr-1214	146	2	the	the	DET
cblr-1214	146	3	models	model	NOUN
cblr-1214	146	4	]	]	PUNCT
cblr-1214	146	5	also	also	ADV
cblr-1214	146	6	ignore	ignore	VERB
cblr-1214	146	7	differences	difference	NOUN
cblr-1214	146	8	in	in	ADP
cblr-1214	146	9	the	the	DET
cblr-1214	146	10	signal	signal	NOUN
cblr-1214	146	11	to	to	PART
cblr-1214	146	12	which	which	PRON
cblr-1214	146	13	the	the	DET
cblr-1214	146	14	shareholders	shareholder	NOUN
cblr-1214	146	15	listen	listen	VERB
cblr-1214	146	16	.	.	PUNCT
cblr-1214	146	17	”	"	PUNCT
cblr-1214	146	18	)	)	PUNCT
cblr-1214	146	19	.	.	PUNCT
cblr-1214	147	1	31	31	NUM
cblr-1214	147	2	bainbridge	bainbridge	PROPN
cblr-1214	147	3	,	,	PUNCT
cblr-1214	147	4	supra	supra	PROPN
cblr-1214	147	5	note	note	NOUN
cblr-1214	147	6	10	10	NUM
cblr-1214	147	7	,	,	PUNCT
cblr-1214	147	8	at	at	ADP
cblr-1214	147	9	1445	1445	NUM
cblr-1214	147	10	.	.	PUNCT
cblr-1214	148	1	32	32	NUM
cblr-1214	148	2	robert	robert	PROPN
cblr-1214	148	3	a.g	a.g	PROPN
cblr-1214	148	4	.	.	PROPN
cblr-1214	148	5	monks	monks	PROPN
cblr-1214	148	6	&	&	CCONJ
cblr-1214	148	7	nell	nell	PROPN
cblr-1214	148	8	minnow	minnow	PROPN
cblr-1214	148	9	,	,	PUNCT
cblr-1214	148	10	corporate	corporate	ADJ
cblr-1214	148	11	governance	governance	NOUN
cblr-1214	148	12	67	67	NUM
cblr-1214	148	13	(	(	PUNCT
cblr-1214	148	14	3d	3d	PROPN
cblr-1214	148	15	ed	ed	NOUN
cblr-1214	148	16	.	.	PROPN
cblr-1214	148	17	2004	2004	NUM
cblr-1214	148	18	)	)	PUNCT
cblr-1214	148	19	.	.	PUNCT
cblr-1214	149	1	33	33	NUM
cblr-1214	149	2	michael	michael	PROPN
cblr-1214	149	3	c.	c.	PROPN
cblr-1214	149	4	jensen	jensen	PROPN
cblr-1214	149	5	,	,	PUNCT
cblr-1214	149	6	value	value	NOUN
cblr-1214	149	7	maximization	maximization	NOUN
cblr-1214	149	8	,	,	PUNCT
cblr-1214	149	9	stakeholder	stakeholder	NOUN
cblr-1214	149	10	theory	theory	NOUN
cblr-1214	149	11	,	,	PUNCT
cblr-1214	149	12	and	and	CCONJ
cblr-1214	149	13	the	the	DET
cblr-1214	149	14	corporate	corporate	ADJ
cblr-1214	149	15	objective	objective	ADJ
cblr-1214	149	16	function	function	NOUN
cblr-1214	149	17	,	,	PUNCT
cblr-1214	149	18	12	12	NUM
cblr-1214	149	19	bus	bus	NOUN
cblr-1214	149	20	.	.	PUNCT
cblr-1214	150	1	ethics	ethic	NOUN
cblr-1214	150	2	q.	q.	PROPN
cblr-1214	150	3	235	235	NUM
cblr-1214	150	4	,	,	PUNCT
cblr-1214	150	5	241	241	NUM
cblr-1214	150	6	(	(	PUNCT
cblr-1214	150	7	2002	2002	NUM
cblr-1214	150	8	)	)	PUNCT
cblr-1214	150	9	;	;	PUNCT
cblr-1214	150	10	see	see	VERB
cblr-1214	150	11	also	also	ADV
cblr-1214	150	12	george	george	PROPN
cblr-1214	150	13	w.	w.	PROPN
cblr-1214	150	14	dent	dent	PROPN
cblr-1214	150	15	,	,	PUNCT
cblr-1214	150	16	jr	jr	PROPN
cblr-1214	150	17	.	.	PROPN
cblr-1214	150	18	,	,	PUNCT
cblr-1214	150	19	stakeholder	stakeholder	NOUN
cblr-1214	150	20	governance	governance	NOUN
cblr-1214	150	21	:	:	PUNCT
cblr-1214	150	22	a	a	DET
cblr-1214	150	23	bad	bad	ADJ
cblr-1214	150	24	idea	idea	NOUN
cblr-1214	150	25	getting	get	VERB
cblr-1214	150	26	worse	bad	ADJ
cblr-1214	150	27	,	,	PUNCT
cblr-1214	150	28	58	58	NUM
cblr-1214	150	29	case	case	NOUN
cblr-1214	150	30	w.	w.	NOUN
cblr-1214	150	31	res	res	PROPN
cblr-1214	150	32	.	.	PUNCT
cblr-1214	151	1	l.	l.	PROPN
cblr-1214	151	2	rev	rev	PROPN
cblr-1214	151	3	.	.	PROPN
cblr-1214	151	4	1107	1107	NUM
cblr-1214	151	5	,	,	PUNCT
cblr-1214	151	6	1109–11	1109–11	NUM
cblr-1214	151	7	(	(	PUNCT
cblr-1214	151	8	2008	2008	NUM
cblr-1214	151	9	)	)	PUNCT
cblr-1214	151	10	(	(	PUNCT
cblr-1214	151	11	denying	deny	VERB
cblr-1214	151	12	that	that	SCONJ
cblr-1214	151	13	a	a	DET
cblr-1214	151	14	problem	problem	NOUN
cblr-1214	151	15	with	with	ADP
cblr-1214	151	16	short	short	ADJ
cblr-1214	151	17	-	-	PUNCT
cblr-1214	151	18	termism	termism	NOUN
cblr-1214	151	19	exists	exist	VERB
cblr-1214	151	20	)	)	PUNCT
cblr-1214	151	21	.	.	PUNCT
cblr-1214	152	1	griffin_final	griffin_final	ADJ
cblr-1214	152	2	no	no	NOUN
cblr-1214	152	3	.	.	PUNCT
cblr-1214	153	1	1:70	1:70	NUM
cblr-1214	153	2	]	]	PUNCT
cblr-1214	153	3	the	the	DET
cblr-1214	153	4	hidden	hidden	ADJ
cblr-1214	153	5	cost	cost	NOUN
cblr-1214	153	6	of	of	ADP
cblr-1214	153	7	m&a	m&a	PROPN
cblr-1214	153	8	83	83	NUM
cblr-1214	153	9	own	own	ADJ
cblr-1214	153	10	risk	risk	NOUN
cblr-1214	153	11	preferences	preference	NOUN
cblr-1214	153	12	,	,	PUNCT
cblr-1214	153	13	and	and	CCONJ
cblr-1214	153	14	risk	risk	NOUN
cblr-1214	153	15	-	-	PUNCT
cblr-1214	153	16	averse	averse	ADJ
cblr-1214	153	17	stockholders	stockholder	NOUN
cblr-1214	153	18	can	can	AUX
cblr-1214	153	19	sell	sell	VERB
cblr-1214	153	20	their	their	PRON
cblr-1214	153	21	stocks	stock	NOUN
cblr-1214	153	22	at	at	ADP
cblr-1214	153	23	an	an	DET
cblr-1214	153	24	increased	increase	VERB
cblr-1214	153	25	price	price	NOUN
cblr-1214	153	26	to	to	PART
cblr-1214	153	27	avoid	avoid	VERB
cblr-1214	153	28	the	the	DET
cblr-1214	153	29	risk.34	risk.34	NOUN
cblr-1214	153	30	scholars	scholar	NOUN
cblr-1214	153	31	have	have	AUX
cblr-1214	153	32	alternatively	alternatively	ADV
cblr-1214	153	33	dismissed	dismiss	VERB
cblr-1214	153	34	these	these	DET
cblr-1214	153	35	concerns	concern	NOUN
cblr-1214	153	36	by	by	ADP
cblr-1214	153	37	arguing	argue	VERB
cblr-1214	153	38	that	that	SCONJ
cblr-1214	153	39	differences	difference	NOUN
cblr-1214	153	40	in	in	ADP
cblr-1214	153	41	risk	risk	NOUN
cblr-1214	153	42	preferences	preference	NOUN
cblr-1214	153	43	can	can	AUX
cblr-1214	153	44	be	be	AUX
cblr-1214	153	45	ignored	ignore	VERB
cblr-1214	153	46	because	because	SCONJ
cblr-1214	153	47	riskaverse	riskaverse	NOUN
cblr-1214	153	48	investors	investor	NOUN
cblr-1214	153	49	have	have	VERB
cblr-1214	153	50	better	well	ADV
cblr-1214	153	51	(	(	PUNCT
cblr-1214	153	52	and	and	CCONJ
cblr-1214	153	53	cheaper	cheap	ADJ
cblr-1214	153	54	)	)	PUNCT
cblr-1214	153	55	methods	method	NOUN
cblr-1214	153	56	to	to	PART
cblr-1214	153	57	mitigate	mitigate	VERB
cblr-1214	153	58	risk	risk	NOUN
cblr-1214	153	59	,	,	PUNCT
cblr-1214	153	60	such	such	ADJ
cblr-1214	153	61	as	as	ADP
cblr-1214	153	62	diversification	diversification	NOUN
cblr-1214	153	63	and	and	CCONJ
cblr-1214	153	64	investment	investment	NOUN
cblr-1214	153	65	in	in	ADP
cblr-1214	153	66	low	low	ADJ
cblr-1214	153	67	-	-	PUNCT
cblr-1214	153	68	risk	risk	NOUN
cblr-1214	153	69	instruments	instrument	NOUN
cblr-1214	153	70	,	,	PUNCT
cblr-1214	153	71	than	than	ADP
cblr-1214	153	72	relying	rely	VERB
cblr-1214	153	73	on	on	ADP
cblr-1214	153	74	corporate	corporate	ADJ
cblr-1214	153	75	boards	board	NOUN
cblr-1214	153	76	to	to	PART
cblr-1214	153	77	mitigate	mitigate	VERB
cblr-1214	153	78	risk	risk	NOUN
cblr-1214	153	79	for	for	ADP
cblr-1214	153	80	them.35	them.35	NOUN
cblr-1214	153	81	finally	finally	ADV
cblr-1214	153	82	,	,	PUNCT
cblr-1214	153	83	scholars	scholar	NOUN
cblr-1214	153	84	have	have	AUX
cblr-1214	153	85	dismissed	dismiss	VERB
cblr-1214	153	86	concerns	concern	NOUN
cblr-1214	153	87	related	relate	VERB
cblr-1214	153	88	to	to	ADP
cblr-1214	153	89	the	the	DET
cblr-1214	153	90	special	special	ADJ
cblr-1214	153	91	interests	interest	NOUN
cblr-1214	153	92	of	of	ADP
cblr-1214	153	93	employee	employee	NOUN
cblr-1214	153	94	-	-	PUNCT
cblr-1214	153	95	stockholders	stockholder	NOUN
cblr-1214	153	96	by	by	ADP
cblr-1214	153	97	maintaining	maintain	VERB
cblr-1214	153	98	that	that	DET
cblr-1214	153	99	widespread	widespread	ADJ
cblr-1214	153	100	adherence	adherence	NOUN
cblr-1214	153	101	to	to	ADP
cblr-1214	153	102	the	the	DET
cblr-1214	153	103	shareholder	shareholder	NOUN
cblr-1214	153	104	wealth	wealth	NOUN
cblr-1214	153	105	maximization	maximization	NOUN
cblr-1214	153	106	norm	norm	NOUN
cblr-1214	153	107	will	will	AUX
cblr-1214	153	108	yield	yield	VERB
cblr-1214	153	109	better	well	ADJ
cblr-1214	153	110	salaries	salary	NOUN
cblr-1214	153	111	,	,	PUNCT
cblr-1214	153	112	opportunities	opportunity	NOUN
cblr-1214	153	113	,	,	PUNCT
cblr-1214	153	114	and	and	CCONJ
cblr-1214	153	115	working	working	NOUN
cblr-1214	153	116	conditions	condition	NOUN
cblr-1214	153	117	for	for	ADP
cblr-1214	153	118	all	all	DET
cblr-1214	153	119	employees.36	employees.36	PROPN
cblr-1214	153	120	such	such	DET
cblr-1214	153	121	a	a	DET
cblr-1214	153	122	rebuttal	rebuttal	NOUN
cblr-1214	153	123	implies	imply	VERB
cblr-1214	153	124	that	that	SCONJ
cblr-1214	153	125	even	even	ADV
cblr-1214	153	126	employee	employee	NOUN
cblr-1214	153	127	-	-	PUNCT
cblr-1214	153	128	stockholders	stockholder	NOUN
cblr-1214	153	129	are	be	AUX
cblr-1214	153	130	better	well	ADJ
cblr-1214	153	131	with	with	ADP
cblr-1214	153	132	the	the	DET
cblr-1214	153	133	shareholder	shareholder	NOUN
cblr-1214	153	134	wealth	wealth	NOUN
cblr-1214	153	135	maximization	maximization	NOUN
cblr-1214	153	136	norm	norm	NOUN
cblr-1214	153	137	than	than	ADP
cblr-1214	153	138	without	without	ADP
cblr-1214	153	139	it.37	it.37	PROPN
cblr-1214	153	140	moreover	moreover	ADV
cblr-1214	153	141	,	,	PUNCT
cblr-1214	153	142	while	while	SCONJ
cblr-1214	153	143	it	it	PRON
cblr-1214	153	144	is	be	AUX
cblr-1214	153	145	easy	easy	ADJ
cblr-1214	153	146	to	to	PART
cblr-1214	153	147	hypothesize	hypothesize	VERB
cblr-1214	153	148	about	about	ADP
cblr-1214	153	149	potential	potential	ADJ
cblr-1214	153	150	conflicts	conflict	NOUN
cblr-1214	153	151	between	between	ADP
cblr-1214	153	152	subgroups	subgroup	NOUN
cblr-1214	153	153	of	of	ADP
cblr-1214	153	154	shareholders	shareholder	NOUN
cblr-1214	153	155	or	or	CCONJ
cblr-1214	153	156	to	to	PART
cblr-1214	153	157	point	point	VERB
cblr-1214	153	158	to	to	ADP
cblr-1214	153	159	anecdotal	anecdotal	ADJ
cblr-1214	153	160	examples	example	NOUN
cblr-1214	153	161	of	of	ADP
cblr-1214	153	162	such	such	ADJ
cblr-1214	153	163	conflicts	conflict	NOUN
cblr-1214	153	164	,	,	PUNCT
cblr-1214	153	165	it	it	PRON
cblr-1214	153	166	is	be	AUX
cblr-1214	153	167	more	more	ADV
cblr-1214	153	168	difficult	difficult	ADJ
cblr-1214	153	169	to	to	PART
cblr-1214	153	170	establish	establish	VERB
cblr-1214	153	171	empirically	empirically	ADV
cblr-1214	153	172	that	that	SCONJ
cblr-1214	153	173	such	such	ADJ
cblr-1214	153	174	conflicts	conflict	NOUN
cblr-1214	153	175	exist	exist	VERB
cblr-1214	153	176	,	,	PUNCT
cblr-1214	153	177	which	which	PRON
cblr-1214	153	178	facilitates	facilitate	VERB
cblr-1214	153	179	the	the	DET
cblr-1214	153	180	dismissal	dismissal	NOUN
cblr-1214	153	181	of	of	ADP
cblr-1214	153	182	such	such	ADJ
cblr-1214	153	183	concerns	concern	NOUN
cblr-1214	153	184	.	.	PUNCT
cblr-1214	154	1	these	these	DET
cblr-1214	154	2	concerns	concern	NOUN
cblr-1214	154	3	become	become	VERB
cblr-1214	154	4	a	a	DET
cblr-1214	154	5	question	question	NOUN
cblr-1214	154	6	of	of	ADP
cblr-1214	154	7	proof	proof	NOUN
cblr-1214	154	8	,	,	PUNCT
cblr-1214	154	9	and	and	CCONJ
cblr-1214	154	10	it	it	PRON
cblr-1214	154	11	is	be	AUX
cblr-1214	154	12	difficult	difficult	ADJ
cblr-1214	154	13	to	to	PART
cblr-1214	154	14	prove	prove	VERB
cblr-1214	154	15	that	that	SCONJ
cblr-1214	154	16	,	,	PUNCT
cblr-1214	154	17	for	for	ADP
cblr-1214	154	18	instance	instance	NOUN
cblr-1214	154	19	,	,	PUNCT
cblr-1214	154	20	riskaverse	riskaverse	NOUN
cblr-1214	154	21	shareholders	shareholder	NOUN
cblr-1214	154	22	would	would	AUX
cblr-1214	154	23	be	be	AUX
cblr-1214	154	24	better	well	ADJ
cblr-1214	154	25	off	off	ADP
cblr-1214	154	26	financially	financially	ADV
cblr-1214	154	27	if	if	SCONJ
cblr-1214	154	28	directors	director	NOUN
cblr-1214	154	29	incorporated	incorporate	VERB
cblr-1214	154	30	their	their	PRON
cblr-1214	154	31	risk	risk	NOUN
cblr-1214	154	32	preferences	preference	NOUN
cblr-1214	154	33	into	into	ADP
cblr-1214	154	34	corporate	corporate	ADJ
cblr-1214	154	35	decisionmaking	decisionmaking	NOUN
cblr-1214	154	36	,	,	PUNCT
cblr-1214	154	37	or	or	CCONJ
cblr-1214	154	38	that	that	SCONJ
cblr-1214	154	39	shareholders	shareholder	NOUN
cblr-1214	154	40	who	who	PRON
cblr-1214	154	41	prefer	prefer	VERB
cblr-1214	154	42	short	short	ADJ
cblr-1214	154	43	-	-	PUNCT
cblr-1214	154	44	term	term	NOUN
cblr-1214	154	45	gains	gain	NOUN
cblr-1214	154	46	would	would	AUX
cblr-1214	154	47	benefit	benefit	VERB
cblr-1214	154	48	financially	financially	ADV
cblr-1214	154	49	if	if	SCONJ
cblr-1214	154	50	directors	director	NOUN
cblr-1214	154	51	incorporated	incorporate	VERB
cblr-1214	154	52	that	that	SCONJ
cblr-1214	154	53	preference	preference	NOUN
cblr-1214	154	54	into	into	ADP
cblr-1214	154	55	their	their	PRON
cblr-1214	154	56	business	business	NOUN
cblr-1214	154	57	strategies	strategy	NOUN
cblr-1214	154	58	.	.	PUNCT
cblr-1214	155	1	because	because	SCONJ
cblr-1214	155	2	answering	answer	VERB
cblr-1214	155	3	these	these	DET
cblr-1214	155	4	questions	question	NOUN
cblr-1214	155	5	requires	require	VERB
cblr-1214	155	6	reliance	reliance	NOUN
cblr-1214	155	7	on	on	ADP
cblr-1214	155	8	counterfactuals	counterfactual	NOUN
cblr-1214	155	9	,	,	PUNCT
cblr-1214	155	10	it	it	PRON
cblr-1214	155	11	is	be	AUX
cblr-1214	155	12	hard	hard	ADJ
cblr-1214	155	13	to	to	PART
cblr-1214	155	14	find	find	VERB
cblr-1214	155	15	convincing	convincing	ADJ
cblr-1214	155	16	evidence	evidence	NOUN
cblr-1214	155	17	that	that	SCONJ
cblr-1214	155	18	shareholders	shareholder	NOUN
cblr-1214	155	19	with	with	ADP
cblr-1214	155	20	divergent	divergent	ADJ
cblr-1214	155	21	interests	interest	NOUN
cblr-1214	155	22	do	do	AUX
cblr-1214	155	23	not	not	PART
cblr-1214	155	24	uniformly	uniformly	ADV
cblr-1214	155	25	benefit	benefit	VERB
cblr-1214	155	26	from	from	ADP
cblr-1214	155	27	director	director	NOUN
cblr-1214	155	28	adherence	adherence	NOUN
cblr-1214	155	29	to	to	ADP
cblr-1214	155	30	the	the	DET
cblr-1214	155	31	shareholder	shareholder	NOUN
cblr-1214	155	32	wealth	wealth	NOUN
cblr-1214	155	33	maximization	maximization	NOUN
cblr-1214	155	34	norm	norm	NOUN
cblr-1214	155	35	as	as	SCONJ
cblr-1214	155	36	measured	measure	VERB
cblr-1214	155	37	by	by	ADP
cblr-1214	155	38	stock	stock	NOUN
cblr-1214	155	39	performance	performance	NOUN
cblr-1214	155	40	.	.	PUNCT
cblr-1214	156	1	ultimately	ultimately	ADV
cblr-1214	156	2	,	,	PUNCT
cblr-1214	156	3	despite	despite	SCONJ
cblr-1214	156	4	numerous	numerous	ADJ
cblr-1214	156	5	critiques	critique	NOUN
cblr-1214	156	6	,	,	PUNCT
cblr-1214	156	7	reliance	reliance	NOUN
cblr-1214	156	8	34	34	NUM
cblr-1214	156	9	hu	hu	PROPN
cblr-1214	156	10	,	,	PUNCT
cblr-1214	156	11	supra	supra	PROPN
cblr-1214	156	12	note	note	PROPN
cblr-1214	156	13	26	26	NUM
cblr-1214	156	14	,	,	PUNCT
cblr-1214	156	15	at	at	ADP
cblr-1214	156	16	289–90	289–90	NUM
cblr-1214	156	17	.	.	PUNCT
cblr-1214	157	1	35	35	NUM
cblr-1214	157	2	easterbrook	easterbrook	PROPN
cblr-1214	157	3	&	&	CCONJ
cblr-1214	157	4	fischel	fischel	PROPN
cblr-1214	157	5	,	,	PUNCT
cblr-1214	157	6	supra	supra	PROPN
cblr-1214	157	7	note	note	PROPN
cblr-1214	157	8	25	25	NUM
cblr-1214	157	9	,	,	PUNCT
cblr-1214	157	10	at	at	ADP
cblr-1214	157	11	29	29	NUM
cblr-1214	157	12	.	.	PUNCT
cblr-1214	157	13	36	36	NUM
cblr-1214	157	14	mark	mark	PROPN
cblr-1214	157	15	j.	j.	PROPN
cblr-1214	157	16	roe	roe	PROPN
cblr-1214	157	17	,	,	PUNCT
cblr-1214	157	18	the	the	DET
cblr-1214	157	19	shareholder	shareholder	NOUN
cblr-1214	157	20	wealth	wealth	NOUN
cblr-1214	157	21	maximization	maximization	NOUN
cblr-1214	157	22	norm	norm	NOUN
cblr-1214	157	23	and	and	CCONJ
cblr-1214	157	24	industrial	industrial	ADJ
cblr-1214	157	25	organization	organization	NOUN
cblr-1214	157	26	,	,	PUNCT
cblr-1214	157	27	149	149	NUM
cblr-1214	157	28	u.	u.	NOUN
cblr-1214	157	29	pa	pa	PROPN
cblr-1214	157	30	.	.	PUNCT
cblr-1214	157	31	l.	l.	PROPN
cblr-1214	157	32	rev	rev	PROPN
cblr-1214	157	33	.	.	PROPN
cblr-1214	157	34	2063	2063	NUM
cblr-1214	157	35	,	,	PUNCT
cblr-1214	157	36	2065	2065	NUM
cblr-1214	157	37	(	(	PUNCT
cblr-1214	157	38	2001	2001	NUM
cblr-1214	157	39	)	)	PUNCT
cblr-1214	157	40	.	.	PUNCT
cblr-1214	158	1	37	37	NUM
cblr-1214	158	2	i	i	PRON
cblr-1214	158	3	d.	d.	PROPN
cblr-1214	158	4	griffin_final	griffin_final	PROPN
cblr-1214	158	5	84	84	NUM
cblr-1214	158	6	columbia	columbia	PROPN
cblr-1214	158	7	business	business	NOUN
cblr-1214	158	8	law	law	PROPN
cblr-1214	158	9	review	review	NOUN
cblr-1214	158	10	[	[	X
cblr-1214	158	11	vol	vol	NOUN
cblr-1214	158	12	.	.	NOUN
cblr-1214	158	13	2018	2018	NUM
cblr-1214	158	14	on	on	ADP
cblr-1214	158	15	stock	stock	NOUN
cblr-1214	158	16	performance	performance	NOUN
cblr-1214	158	17	as	as	ADP
cblr-1214	158	18	a	a	DET
cblr-1214	158	19	measure	measure	NOUN
cblr-1214	158	20	of	of	ADP
cblr-1214	158	21	a	a	DET
cblr-1214	158	22	shareholder	shareholder	NOUN
cblr-1214	158	23	’s	’s	PART
cblr-1214	158	24	financial	financial	ADJ
cblr-1214	158	25	well	well	ADV
cblr-1214	158	26	-	-	PUNCT
cblr-1214	158	27	being	being	NOUN
cblr-1214	158	28	remains	remain	VERB
cblr-1214	158	29	commonplace.38	commonplace.38	PROPN
cblr-1214	158	30	c.	c.	PROPN
cblr-1214	158	31	shareholder	shareholder	PROPN
cblr-1214	158	32	wealth	wealth	PROPN
cblr-1214	158	33	maximization	maximization	PROPN
cblr-1214	158	34	benefits	benefit	VERB
cblr-1214	158	35	society	society	NOUN
cblr-1214	158	36	as	as	ADP
cblr-1214	158	37	a	a	DET
cblr-1214	158	38	whole	whole	NOUN
cblr-1214	158	39	a	a	DET
cblr-1214	158	40	third	third	ADJ
cblr-1214	158	41	component	component	NOUN
cblr-1214	158	42	of	of	ADP
cblr-1214	158	43	the	the	DET
cblr-1214	158	44	shareholder	shareholder	NOUN
cblr-1214	158	45	wealth	wealth	NOUN
cblr-1214	158	46	maximization	maximization	NOUN
cblr-1214	158	47	norm	norm	NOUN
cblr-1214	158	48	is	be	AUX
cblr-1214	158	49	the	the	DET
cblr-1214	158	50	assumption	assumption	NOUN
cblr-1214	158	51	that	that	SCONJ
cblr-1214	158	52	adherence	adherence	NOUN
cblr-1214	158	53	to	to	ADP
cblr-1214	158	54	the	the	DET
cblr-1214	158	55	norm	norm	NOUN
cblr-1214	158	56	simultaneously	simultaneously	ADV
cblr-1214	158	57	benefits	benefit	VERB
cblr-1214	158	58	the	the	DET
cblr-1214	158	59	corporation	corporation	NOUN
cblr-1214	158	60	’s	’s	PART
cblr-1214	158	61	shareholders	shareholder	NOUN
cblr-1214	158	62	,	,	PUNCT
cblr-1214	158	63	the	the	DET
cblr-1214	158	64	corporation	corporation	NOUN
cblr-1214	158	65	’s	’s	PART
cblr-1214	158	66	stakeholders	stakeholder	NOUN
cblr-1214	158	67	,	,	PUNCT
cblr-1214	158	68	and	and	CCONJ
cblr-1214	158	69	,	,	PUNCT
cblr-1214	158	70	more	more	ADV
cblr-1214	158	71	generally	generally	ADV
cblr-1214	158	72	,	,	PUNCT
cblr-1214	158	73	society	society	NOUN
cblr-1214	158	74	as	as	ADP
cblr-1214	158	75	a	a	DET
cblr-1214	158	76	whole	whole	NOUN
cblr-1214	158	77	.	.	PUNCT
cblr-1214	159	1	in	in	ADP
cblr-1214	159	2	its	its	PRON
cblr-1214	159	3	simplest	simple	ADJ
cblr-1214	159	4	form	form	NOUN
cblr-1214	159	5	,	,	PUNCT
cblr-1214	159	6	this	this	DET
cblr-1214	159	7	argument	argument	NOUN
cblr-1214	159	8	provides	provide	VERB
cblr-1214	159	9	that	that	SCONJ
cblr-1214	159	10	if	if	SCONJ
cblr-1214	159	11	an	an	DET
cblr-1214	159	12	enterprise	enterprise	NOUN
cblr-1214	159	13	’s	’s	PART
cblr-1214	159	14	business	business	NOUN
cblr-1214	159	15	operations	operation	NOUN
cblr-1214	159	16	prosper	prosper	VERB
cblr-1214	159	17	,	,	PUNCT
cblr-1214	159	18	then	then	ADV
cblr-1214	159	19	so	so	ADV
cblr-1214	159	20	too	too	ADV
cblr-1214	159	21	will	will	AUX
cblr-1214	159	22	the	the	DET
cblr-1214	159	23	rest	rest	NOUN
cblr-1214	159	24	of	of	ADP
cblr-1214	159	25	society	society	NOUN
cblr-1214	159	26	,	,	PUNCT
cblr-1214	159	27	which	which	PRON
cblr-1214	159	28	stands	stand	VERB
cblr-1214	159	29	to	to	PART
cblr-1214	159	30	gain	gain	VERB
cblr-1214	159	31	from	from	ADP
cblr-1214	159	32	a	a	DET
cblr-1214	159	33	“	"	PUNCT
cblr-1214	159	34	stronger	strong	ADJ
cblr-1214	159	35	corporate	corporate	ADJ
cblr-1214	159	36	economy	economy	NOUN
cblr-1214	159	37	and	and	CCONJ
cblr-1214	159	38	brighter	bright	ADJ
cblr-1214	159	39	economic	economic	ADJ
cblr-1214	159	40	future	future	NOUN
cblr-1214	159	41	.	.	PUNCT
cblr-1214	160	1	”39	”39	PROPN
cblr-1214	160	2	a	a	DET
cblr-1214	160	3	second	second	ADJ
cblr-1214	160	4	variation	variation	NOUN
cblr-1214	160	5	of	of	ADP
cblr-1214	160	6	this	this	DET
cblr-1214	160	7	argument	argument	NOUN
cblr-1214	160	8	asserts	assert	VERB
cblr-1214	160	9	that	that	SCONJ
cblr-1214	160	10	an	an	DET
cblr-1214	160	11	exclusive	exclusive	ADJ
cblr-1214	160	12	focus	focus	NOUN
cblr-1214	160	13	on	on	ADP
cblr-1214	160	14	profit	profit	NOUN
cblr-1214	160	15	maximization	maximization	NOUN
cblr-1214	160	16	prevents	prevent	VERB
cblr-1214	160	17	directors	director	NOUN
cblr-1214	160	18	from	from	ADP
cblr-1214	160	19	using	use	VERB
cblr-1214	160	20	societal	societal	ADJ
cblr-1214	160	21	welfare	welfare	NOUN
cblr-1214	160	22	as	as	ADP
cblr-1214	160	23	a	a	DET
cblr-1214	160	24	way	way	NOUN
cblr-1214	160	25	to	to	PART
cblr-1214	160	26	disguise	disguise	VERB
cblr-1214	160	27	acts	act	NOUN
cblr-1214	160	28	taken	take	VERB
cblr-1214	160	29	primarily	primarily	ADV
cblr-1214	160	30	out	out	ADP
cblr-1214	160	31	of	of	ADP
cblr-1214	160	32	self	self	NOUN
cblr-1214	160	33	-	-	PUNCT
cblr-1214	160	34	interest.40	interest.40	NOUN
cblr-1214	160	35	and	and	CCONJ
cblr-1214	160	36	a	a	DET
cblr-1214	160	37	third	third	ADJ
cblr-1214	160	38	variation	variation	NOUN
cblr-1214	160	39	of	of	ADP
cblr-1214	160	40	this	this	DET
cblr-1214	160	41	argument	argument	NOUN
cblr-1214	160	42	stresses	stress	VERB
cblr-1214	160	43	that	that	SCONJ
cblr-1214	160	44	profit	profit	NOUN
cblr-1214	160	45	maximization	maximization	NOUN
cblr-1214	160	46	provides	provide	VERB
cblr-1214	160	47	society	society	NOUN
cblr-1214	160	48	at	at	ADP
cblr-1214	160	49	large	large	ADJ
cblr-1214	160	50	with	with	ADP
cblr-1214	160	51	a	a	DET
cblr-1214	160	52	mechanism	mechanism	NOUN
cblr-1214	160	53	for	for	ADP
cblr-1214	160	54	identifying	identify	VERB
cblr-1214	160	55	and	and	CCONJ
cblr-1214	160	56	pursuing	pursue	VERB
cblr-1214	160	57	the	the	DET
cblr-1214	160	58	most	most	ADV
cblr-1214	160	59	beneficial	beneficial	ADJ
cblr-1214	160	60	result	result	NOUN
cblr-1214	160	61	when	when	SCONJ
cblr-1214	160	62	making	make	VERB
cblr-1214	160	63	tradeoff	tradeoff	NOUN
cblr-1214	160	64	decisions.41	decisions.41	NOUN
cblr-1214	160	65	regardless	regardless	ADV
cblr-1214	160	66	of	of	ADP
cblr-1214	160	67	the	the	DET
cblr-1214	160	68	exact	exact	ADJ
cblr-1214	160	69	contours	contours	NOUN
cblr-1214	160	70	of	of	ADP
cblr-1214	160	71	this	this	DET
cblr-1214	160	72	argument	argument	NOUN
cblr-1214	160	73	,	,	PUNCT
cblr-1214	160	74	the	the	DET
cblr-1214	160	75	core	core	NOUN
cblr-1214	160	76	of	of	ADP
cblr-1214	160	77	the	the	DET
cblr-1214	160	78	idea	idea	NOUN
cblr-1214	160	79	remains	remain	VERB
cblr-1214	160	80	the	the	DET
cblr-1214	160	81	same	same	ADJ
cblr-1214	160	82	:	:	PUNCT
cblr-1214	160	83	the	the	DET
cblr-1214	160	84	profit	profit	NOUN
cblr-1214	160	85	maximization	maximization	NOUN
cblr-1214	160	86	norm	norm	NOUN
cblr-1214	160	87	provides	provide	VERB
cblr-1214	160	88	the	the	DET
cblr-1214	160	89	optimal	optimal	ADJ
cblr-1214	160	90	results	result	NOUN
cblr-1214	160	91	for	for	ADP
cblr-1214	160	92	shareholders	shareholder	NOUN
cblr-1214	160	93	,	,	PUNCT
cblr-1214	160	94	stakeholders	stakeholder	NOUN
cblr-1214	160	95	,	,	PUNCT
cblr-1214	160	96	and	and	CCONJ
cblr-1214	160	97	society	society	NOUN
cblr-1214	160	98	.	.	PUNCT
cblr-1214	161	1	this	this	DET
cblr-1214	161	2	assumption	assumption	NOUN
cblr-1214	161	3	entails	entail	VERB
cblr-1214	161	4	a	a	DET
cblr-1214	161	5	less	less	ADV
cblr-1214	161	6	obvious	obvious	ADJ
cblr-1214	161	7	corollary	corollary	ADJ
cblr-1214	161	8	:	:	PUNCT
cblr-1214	161	9	corporate	corporate	ADJ
cblr-1214	161	10	law	law	NOUN
cblr-1214	161	11	scholars	scholar	NOUN
cblr-1214	161	12	use	use	VERB
cblr-1214	161	13	profit	profit	NOUN
cblr-1214	161	14	maximization	maximization	NOUN
cblr-1214	161	15	as	as	ADP
cblr-1214	161	16	a	a	DET
cblr-1214	161	17	vehicle	vehicle	NOUN
cblr-1214	161	18	to	to	PART
cblr-1214	161	19	normatively	normatively	ADV
cblr-1214	161	20	assess	assess	VERB
cblr-1214	161	21	the	the	DET
cblr-1214	161	22	legitimacy	legitimacy	NOUN
cblr-1214	161	23	or	or	CCONJ
cblr-1214	161	24	desirability	desirability	NOUN
cblr-1214	161	25	of	of	ADP
cblr-1214	161	26	various	various	ADJ
cblr-1214	161	27	corporate	corporate	ADJ
cblr-1214	161	28	38	38	NUM
cblr-1214	161	29	michael	michael	PROPN
cblr-1214	161	30	useem	useem	PROPN
cblr-1214	161	31	,	,	PUNCT
cblr-1214	161	32	executive	executive	ADJ
cblr-1214	161	33	defense	defense	NOUN
cblr-1214	161	34	:	:	PUNCT
cblr-1214	161	35	shareholder	shareholder	NOUN
cblr-1214	161	36	power	power	NOUN
cblr-1214	161	37	and	and	CCONJ
cblr-1214	161	38	corporate	corporate	ADJ
cblr-1214	161	39	reorganization	reorganization	NOUN
cblr-1214	161	40	8–11	8–11	PROPN
cblr-1214	161	41	(	(	PUNCT
cblr-1214	161	42	1993	1993	NUM
cblr-1214	161	43	)	)	PUNCT
cblr-1214	161	44	.	.	PUNCT
cblr-1214	162	1	39	39	NUM
cblr-1214	162	2	charles	charles	PROPN
cblr-1214	162	3	m.	m.	PROPN
cblr-1214	162	4	elson	elson	PROPN
cblr-1214	162	5	&	&	CCONJ
cblr-1214	162	6	nicholas	nicholas	PROPN
cblr-1214	162	7	j.	j.	PROPN
cblr-1214	162	8	goossen	goossen	PROPN
cblr-1214	162	9	,	,	PUNCT
cblr-1214	162	10	e.	e.	PROPN
cblr-1214	162	11	merrick	merrick	PROPN
cblr-1214	162	12	dodd	dodd	PROPN
cblr-1214	162	13	and	and	CCONJ
cblr-1214	162	14	the	the	DET
cblr-1214	162	15	rise	rise	NOUN
cblr-1214	162	16	and	and	CCONJ
cblr-1214	162	17	fall	fall	NOUN
cblr-1214	162	18	of	of	ADP
cblr-1214	162	19	corporate	corporate	ADJ
cblr-1214	162	20	stakeholder	stakeholder	NOUN
cblr-1214	162	21	theory	theory	NOUN
cblr-1214	162	22	,	,	PUNCT
cblr-1214	162	23	72	72	NUM
cblr-1214	162	24	bus	bus	NOUN
cblr-1214	162	25	.	.	PUNCT
cblr-1214	163	1	law	law	NOUN
cblr-1214	163	2	.	.	PUNCT
cblr-1214	164	1	735	735	NUM
cblr-1214	164	2	,	,	PUNCT
cblr-1214	164	3	754	754	NUM
cblr-1214	164	4	(	(	PUNCT
cblr-1214	164	5	2017	2017	NUM
cblr-1214	164	6	)	)	PUNCT
cblr-1214	164	7	;	;	PUNCT
cblr-1214	164	8	see	see	VERB
cblr-1214	164	9	also	also	ADV
cblr-1214	164	10	martin	martin	PROPN
cblr-1214	164	11	lipton	lipton	PROPN
cblr-1214	164	12	&	&	CCONJ
cblr-1214	164	13	steven	steven	PROPN
cblr-1214	164	14	a.	a.	PROPN
cblr-1214	164	15	rosenblum	rosenblum	PROPN
cblr-1214	164	16	,	,	PUNCT
cblr-1214	164	17	a	a	DET
cblr-1214	164	18	new	new	ADJ
cblr-1214	164	19	system	system	NOUN
cblr-1214	164	20	of	of	ADP
cblr-1214	164	21	corporate	corporate	ADJ
cblr-1214	164	22	governance	governance	NOUN
cblr-1214	164	23	:	:	PUNCT
cblr-1214	164	24	the	the	DET
cblr-1214	164	25	quinquennial	quinquennial	ADJ
cblr-1214	164	26	election	election	NOUN
cblr-1214	164	27	of	of	ADP
cblr-1214	164	28	directors	director	NOUN
cblr-1214	164	29	,	,	PUNCT
cblr-1214	164	30	58	58	NUM
cblr-1214	164	31	u.	u.	NOUN
cblr-1214	164	32	chi	chi	PROPN
cblr-1214	164	33	.	.	PUNCT
cblr-1214	165	1	l.	l.	PROPN
cblr-1214	165	2	rev	rev	PROPN
cblr-1214	165	3	.	.	PROPN
cblr-1214	165	4	187	187	NUM
cblr-1214	165	5	,	,	PUNCT
cblr-1214	165	6	227–28	227–28	PROPN
cblr-1214	165	7	(	(	PUNCT
cblr-1214	165	8	1991	1991	NUM
cblr-1214	165	9	)	)	PUNCT
cblr-1214	165	10	.	.	PUNCT
cblr-1214	166	1	40	40	NUM
cblr-1214	166	2	see	see	VERB
cblr-1214	166	3	,	,	PUNCT
cblr-1214	166	4	e.g.	e.g.	ADV
cblr-1214	166	5	,	,	PUNCT
cblr-1214	166	6	bainbridge	bainbridge	PROPN
cblr-1214	166	7	,	,	PUNCT
cblr-1214	166	8	supra	supra	PROPN
cblr-1214	166	9	note	note	NOUN
cblr-1214	166	10	10	10	NUM
cblr-1214	166	11	,	,	PUNCT
cblr-1214	166	12	at	at	ADP
cblr-1214	166	13	1445	1445	NUM
cblr-1214	166	14	;	;	PUNCT
cblr-1214	166	15	bernard	bernard	PROPN
cblr-1214	166	16	s.	s.	PROPN
cblr-1214	166	17	black	black	PROPN
cblr-1214	166	18	,	,	PUNCT
cblr-1214	166	19	agents	agent	NOUN
cblr-1214	166	20	watching	watch	VERB
cblr-1214	166	21	agents	agent	NOUN
cblr-1214	166	22	:	:	PUNCT
cblr-1214	166	23	the	the	DET
cblr-1214	166	24	promise	promise	NOUN
cblr-1214	166	25	of	of	ADP
cblr-1214	166	26	institutional	institutional	ADJ
cblr-1214	166	27	investor	investor	NOUN
cblr-1214	166	28	voice	voice	NOUN
cblr-1214	166	29	,	,	PUNCT
cblr-1214	166	30	39	39	NUM
cblr-1214	166	31	ucla	ucla	PROPN
cblr-1214	166	32	l.	l.	PROPN
cblr-1214	166	33	rev	rev	PROPN
cblr-1214	166	34	.	.	PROPN
cblr-1214	166	35	811	811	NUM
cblr-1214	166	36	,	,	PUNCT
cblr-1214	166	37	821	821	NUM
cblr-1214	166	38	(	(	PUNCT
cblr-1214	166	39	1992	1992	NUM
cblr-1214	166	40	)	)	PUNCT
cblr-1214	166	41	.	.	PUNCT
cblr-1214	167	1	41	41	NUM
cblr-1214	167	2	jensen	jensen	PROPN
cblr-1214	167	3	,	,	PUNCT
cblr-1214	167	4	supra	supra	PROPN
cblr-1214	167	5	note	note	PROPN
cblr-1214	167	6	33	33	NUM
cblr-1214	167	7	,	,	PUNCT
cblr-1214	167	8	at	at	ADP
cblr-1214	167	9	241	241	NUM
cblr-1214	167	10	.	.	PUNCT
cblr-1214	168	1	griffin_final	griffin_final	ADJ
cblr-1214	168	2	no	no	NOUN
cblr-1214	168	3	.	.	PUNCT
cblr-1214	169	1	1:70	1:70	NUM
cblr-1214	169	2	]	]	PUNCT
cblr-1214	169	3	the	the	DET
cblr-1214	169	4	hidden	hidden	ADJ
cblr-1214	169	5	cost	cost	NOUN
cblr-1214	169	6	of	of	ADP
cblr-1214	169	7	m&a	m&a	PROPN
cblr-1214	169	8	85	85	NUM
cblr-1214	169	9	law	law	NOUN
cblr-1214	169	10	policies.42	policies.42	NOUN
cblr-1214	169	11	these	these	DET
cblr-1214	169	12	scholars	scholar	NOUN
cblr-1214	169	13	justify	justify	VERB
cblr-1214	169	14	or	or	CCONJ
cblr-1214	169	15	militate	militate	VERB
cblr-1214	169	16	against	against	ADP
cblr-1214	169	17	a	a	DET
cblr-1214	169	18	given	give	VERB
cblr-1214	169	19	policy	policy	NOUN
cblr-1214	169	20	because	because	SCONJ
cblr-1214	169	21	of	of	ADP
cblr-1214	169	22	its	its	PRON
cblr-1214	169	23	effect	effect	NOUN
cblr-1214	169	24	on	on	ADP
cblr-1214	169	25	shareholder	shareholder	NOUN
cblr-1214	169	26	value.43	value.43	NOUN
cblr-1214	169	27	in	in	ADP
cblr-1214	169	28	so	so	ADV
cblr-1214	169	29	doing	do	VERB
cblr-1214	169	30	,	,	PUNCT
cblr-1214	169	31	they	they	PRON
cblr-1214	169	32	imply	imply	VERB
cblr-1214	169	33	that	that	SCONJ
cblr-1214	169	34	policymakers	policymaker	NOUN
cblr-1214	169	35	and	and	CCONJ
cblr-1214	169	36	directors	director	NOUN
cblr-1214	169	37	share	share	VERB
cblr-1214	169	38	the	the	DET
cblr-1214	169	39	same	same	ADJ
cblr-1214	169	40	goal	goal	NOUN
cblr-1214	169	41	—	—	PUNCT
cblr-1214	169	42	maximizing	maximize	VERB
cblr-1214	169	43	shareholder	shareholder	NOUN
cblr-1214	169	44	value	value	NOUN
cblr-1214	169	45	—	—	PUNCT
cblr-1214	169	46	rather	rather	ADV
cblr-1214	169	47	than	than	ADP
cblr-1214	169	48	establishing	establish	VERB
cblr-1214	169	49	whether	whether	SCONJ
cblr-1214	169	50	and	and	CCONJ
cblr-1214	169	51	to	to	ADP
cblr-1214	169	52	what	what	DET
cblr-1214	169	53	extent	extent	NOUN
cblr-1214	169	54	maximizing	maximize	VERB
cblr-1214	169	55	shareholder	shareholder	NOUN
cblr-1214	169	56	value	value	NOUN
cblr-1214	169	57	promotes	promote	VERB
cblr-1214	169	58	commonly	commonly	ADV
cblr-1214	169	59	-	-	PUNCT
cblr-1214	169	60	held	hold	VERB
cblr-1214	169	61	goals	goal	NOUN
cblr-1214	169	62	such	such	ADJ
cblr-1214	169	63	as	as	ADP
cblr-1214	169	64	advancing	advance	VERB
cblr-1214	169	65	social	social	ADJ
cblr-1214	169	66	welfare	welfare	NOUN
cblr-1214	169	67	.	.	PUNCT
cblr-1214	170	1	this	this	DET
cblr-1214	170	2	conflation	conflation	NOUN
cblr-1214	170	3	of	of	ADP
cblr-1214	170	4	goals	goal	NOUN
cblr-1214	170	5	is	be	AUX
cblr-1214	170	6	justifiable	justifiable	ADJ
cblr-1214	170	7	only	only	ADV
cblr-1214	170	8	when	when	SCONJ
cblr-1214	170	9	presuming	presume	VERB
cblr-1214	170	10	that	that	SCONJ
cblr-1214	170	11	shareholder	shareholder	NOUN
cblr-1214	170	12	wealth	wealth	NOUN
cblr-1214	170	13	maximization	maximization	NOUN
cblr-1214	170	14	serves	serve	VERB
cblr-1214	170	15	as	as	ADP
cblr-1214	170	16	a	a	DET
cblr-1214	170	17	sufficient	sufficient	ADJ
cblr-1214	170	18	proxy	proxy	NOUN
cblr-1214	170	19	for	for	ADP
cblr-1214	170	20	social	social	ADJ
cblr-1214	170	21	welfare	welfare	NOUN
cblr-1214	170	22	.	.	PUNCT
cblr-1214	171	1	iii	iii	X
cblr-1214	171	2	.	.	PUNCT
cblr-1214	172	1	the	the	DET
cblr-1214	172	2	shareholder	shareholder	NOUN
cblr-1214	172	3	wealth	wealth	NOUN
cblr-1214	172	4	maximization	maximization	NOUN
cblr-1214	172	5	norm	norm	NOUN
cblr-1214	172	6	and	and	CCONJ
cblr-1214	172	7	m&a	m&a	PROPN
cblr-1214	172	8	activity	activity	NOUN
cblr-1214	172	9	:	:	PUNCT
cblr-1214	172	10	theoretical	theoretical	ADJ
cblr-1214	172	11	perspectives	perspective	NOUN
cblr-1214	172	12	the	the	DET
cblr-1214	172	13	aforementioned	aforementioned	ADJ
cblr-1214	172	14	components	component	NOUN
cblr-1214	172	15	of	of	ADP
cblr-1214	172	16	the	the	DET
cblr-1214	172	17	shareholder	shareholder	NOUN
cblr-1214	172	18	wealth	wealth	NOUN
cblr-1214	172	19	maximization	maximization	NOUN
cblr-1214	172	20	norm	norm	NOUN
cblr-1214	172	21	—	—	PUNCT
cblr-1214	172	22	and	and	CCONJ
cblr-1214	172	23	,	,	PUNCT
cblr-1214	172	24	in	in	ADP
cblr-1214	172	25	particular	particular	ADJ
cblr-1214	172	26	,	,	PUNCT
cblr-1214	172	27	the	the	DET
cblr-1214	172	28	twin	twin	ADJ
cblr-1214	172	29	assumptions	assumption	NOUN
cblr-1214	172	30	that	that	SCONJ
cblr-1214	172	31	(	(	PUNCT
cblr-1214	172	32	1	1	X
cblr-1214	172	33	)	)	PUNCT
cblr-1214	172	34	the	the	DET
cblr-1214	172	35	purpose	purpose	NOUN
cblr-1214	172	36	of	of	ADP
cblr-1214	172	37	a	a	DET
cblr-1214	172	38	corporation	corporation	NOUN
cblr-1214	172	39	is	be	AUX
cblr-1214	172	40	to	to	PART
cblr-1214	172	41	benefit	benefit	VERB
cblr-1214	172	42	shareholders	shareholder	NOUN
cblr-1214	172	43	financially	financially	ADV
cblr-1214	172	44	and	and	CCONJ
cblr-1214	172	45	(	(	PUNCT
cblr-1214	172	46	2	2	X
cblr-1214	172	47	)	)	PUNCT
cblr-1214	172	48	financial	financial	ADJ
cblr-1214	172	49	benefit	benefit	NOUN
cblr-1214	172	50	is	be	AUX
cblr-1214	172	51	measured	measure	VERB
cblr-1214	172	52	through	through	ADP
cblr-1214	172	53	stock	stock	NOUN
cblr-1214	172	54	performance	performance	NOUN
cblr-1214	172	55	—	—	PUNCT
cblr-1214	172	56	have	have	AUX
cblr-1214	172	57	shaped	shape	VERB
cblr-1214	172	58	the	the	DET
cblr-1214	172	59	lens	lens	NOUN
cblr-1214	172	60	through	through	ADP
cblr-1214	172	61	which	which	PRON
cblr-1214	172	62	corporate	corporate	ADJ
cblr-1214	172	63	law	law	NOUN
cblr-1214	172	64	scholars	scholar	NOUN
cblr-1214	172	65	view	view	VERB
cblr-1214	172	66	m&a	m&a	PROPN
cblr-1214	172	67	activity	activity	NOUN
cblr-1214	172	68	.	.	PUNCT
cblr-1214	173	1	indeed	indeed	ADV
cblr-1214	173	2	,	,	PUNCT
cblr-1214	173	3	pursuant	pursuant	ADJ
cblr-1214	173	4	to	to	ADP
cblr-1214	173	5	the	the	DET
cblr-1214	173	6	shareholder	shareholder	NOUN
cblr-1214	173	7	wealth	wealth	NOUN
cblr-1214	173	8	maximization	maximization	NOUN
cblr-1214	173	9	norm	norm	NOUN
cblr-1214	173	10	,	,	PUNCT
cblr-1214	173	11	activities	activity	NOUN
cblr-1214	173	12	that	that	PRON
cblr-1214	173	13	enrich	enrich	VERB
cblr-1214	173	14	shareholders	shareholder	NOUN
cblr-1214	173	15	are	be	AUX
cblr-1214	173	16	deemed	deem	VERB
cblr-1214	173	17	proper	proper	ADJ
cblr-1214	173	18	.	.	PUNCT
cblr-1214	174	1	thus	thus	ADV
cblr-1214	174	2	,	,	PUNCT
cblr-1214	174	3	the	the	DET
cblr-1214	174	4	norm	norm	NOUN
cblr-1214	174	5	requires	require	VERB
cblr-1214	174	6	that	that	SCONJ
cblr-1214	174	7	if	if	SCONJ
cblr-1214	174	8	m&a	m&a	PROPN
cblr-1214	174	9	activity	activity	NOUN
cblr-1214	174	10	increases	increase	VERB
cblr-1214	174	11	shareholder	shareholder	NOUN
cblr-1214	174	12	wealth	wealth	NOUN
cblr-1214	174	13	,	,	PUNCT
cblr-1214	174	14	then	then	ADV
cblr-1214	174	15	such	such	ADJ
cblr-1214	174	16	activity	activity	NOUN
cblr-1214	174	17	necessarily	necessarily	ADV
cblr-1214	174	18	ought	ought	AUX
cblr-1214	174	19	to	to	PART
cblr-1214	174	20	be	be	AUX
cblr-1214	174	21	pursued	pursue	VERB
cblr-1214	174	22	.	.	PUNCT
cblr-1214	175	1	the	the	DET
cblr-1214	175	2	focus	focus	NOUN
cblr-1214	175	3	on	on	ADP
cblr-1214	175	4	shareholder	shareholder	NOUN
cblr-1214	175	5	wealth	wealth	NOUN
cblr-1214	175	6	as	as	ADP
cblr-1214	175	7	the	the	DET
cblr-1214	175	8	proper	proper	ADJ
cblr-1214	175	9	measure	measure	NOUN
cblr-1214	175	10	of	of	ADP
cblr-1214	175	11	the	the	DET
cblr-1214	175	12	desirability	desirability	NOUN
cblr-1214	175	13	of	of	ADP
cblr-1214	175	14	m&a	m&a	PROPN
cblr-1214	175	15	activity	activity	NOUN
cblr-1214	175	16	can	can	AUX
cblr-1214	175	17	be	be	AUX
cblr-1214	175	18	seen	see	VERB
cblr-1214	175	19	throughout	throughout	ADP
cblr-1214	175	20	the	the	DET
cblr-1214	175	21	42	42	NUM
cblr-1214	175	22	see	see	NOUN
cblr-1214	175	23	,	,	PUNCT
cblr-1214	175	24	e.g.	e.g.	ADV
cblr-1214	175	25	,	,	PUNCT
cblr-1214	175	26	michael	michael	PROPN
cblr-1214	175	27	abramowicz	abramowicz	VERB
cblr-1214	175	28	,	,	PUNCT
cblr-1214	175	29	speeding	speed	VERB
cblr-1214	175	30	up	up	ADP
cblr-1214	175	31	the	the	DET
cblr-1214	175	32	crawl	crawl	NOUN
cblr-1214	175	33	to	to	ADP
cblr-1214	175	34	the	the	DET
cblr-1214	175	35	top	top	NOUN
cblr-1214	175	36	,	,	PUNCT
cblr-1214	175	37	20	20	NUM
cblr-1214	175	38	yale	yale	PROPN
cblr-1214	175	39	j.	j.	PROPN
cblr-1214	175	40	on	on	ADP
cblr-1214	175	41	reg	reg	PROPN
cblr-1214	175	42	.	.	PROPN
cblr-1214	176	1	139	139	NUM
cblr-1214	176	2	,	,	PUNCT
cblr-1214	176	3	146	146	NUM
cblr-1214	176	4	(	(	PUNCT
cblr-1214	176	5	2003	2003	NUM
cblr-1214	176	6	)	)	PUNCT
cblr-1214	176	7	.	.	PUNCT
cblr-1214	177	1	43	43	NUM
cblr-1214	177	2	see	see	VERB
cblr-1214	177	3	,	,	PUNCT
cblr-1214	177	4	e.g.	e.g.	ADV
cblr-1214	177	5	,	,	PUNCT
cblr-1214	177	6	lucian	lucian	PROPN
cblr-1214	177	7	arye	arye	PROPN
cblr-1214	177	8	bebchuk	bebchuk	PROPN
cblr-1214	177	9	,	,	PUNCT
cblr-1214	177	10	the	the	DET
cblr-1214	177	11	case	case	NOUN
cblr-1214	177	12	against	against	ADP
cblr-1214	177	13	board	board	NOUN
cblr-1214	177	14	veto	veto	NOUN
cblr-1214	177	15	in	in	ADP
cblr-1214	177	16	corporate	corporate	ADJ
cblr-1214	177	17	takeovers	takeover	NOUN
cblr-1214	177	18	,	,	PUNCT
cblr-1214	177	19	69	69	NUM
cblr-1214	177	20	u.	u.	NOUN
cblr-1214	177	21	chi	chi	PROPN
cblr-1214	177	22	.	.	PUNCT
cblr-1214	178	1	l.	l.	PROPN
cblr-1214	178	2	rev	rev	PROPN
cblr-1214	178	3	.	.	PROPN
cblr-1214	179	1	973	973	NUM
cblr-1214	179	2	,	,	PUNCT
cblr-1214	179	3	989	989	NUM
cblr-1214	179	4	(	(	PUNCT
cblr-1214	179	5	2002	2002	NUM
cblr-1214	179	6	)	)	PUNCT
cblr-1214	179	7	(	(	PUNCT
cblr-1214	179	8	focusing	focus	VERB
cblr-1214	179	9	on	on	ADP
cblr-1214	179	10	the	the	DET
cblr-1214	179	11	impact	impact	NOUN
cblr-1214	179	12	of	of	ADP
cblr-1214	179	13	board	board	NOUN
cblr-1214	179	14	veto	veto	NOUN
cblr-1214	179	15	on	on	ADP
cblr-1214	179	16	various	various	ADJ
cblr-1214	179	17	shareholder	shareholder	NOUN
cblr-1214	179	18	returns	return	NOUN
cblr-1214	179	19	)	)	PUNCT
cblr-1214	179	20	;	;	PUNCT
cblr-1214	179	21	lucian	lucian	PROPN
cblr-1214	179	22	arye	arye	PROPN
cblr-1214	179	23	bebchuk	bebchuk	PROPN
cblr-1214	179	24	et	et	PROPN
cblr-1214	179	25	al	al	PROPN
cblr-1214	179	26	.	.	PROPN
cblr-1214	179	27	,	,	PUNCT
cblr-1214	179	28	the	the	DET
cblr-1214	179	29	powerful	powerful	ADJ
cblr-1214	179	30	antitakeover	antitakeover	ADJ
cblr-1214	179	31	force	force	NOUN
cblr-1214	179	32	of	of	ADP
cblr-1214	179	33	staggered	staggered	ADJ
cblr-1214	179	34	boards	board	NOUN
cblr-1214	179	35	:	:	PUNCT
cblr-1214	180	1	theory	theory	NOUN
cblr-1214	180	2	,	,	PUNCT
cblr-1214	180	3	evidence	evidence	NOUN
cblr-1214	180	4	,	,	PUNCT
cblr-1214	180	5	and	and	CCONJ
cblr-1214	180	6	policy	policy	NOUN
cblr-1214	180	7	,	,	PUNCT
cblr-1214	180	8	54	54	NUM
cblr-1214	180	9	stan	stan	PROPN
cblr-1214	180	10	.	.	PUNCT
cblr-1214	181	1	l.	l.	PROPN
cblr-1214	181	2	rev	rev	PROPN
cblr-1214	181	3	.	.	PROPN
cblr-1214	181	4	887	887	NUM
cblr-1214	181	5	,	,	PUNCT
cblr-1214	181	6	939	939	NUM
cblr-1214	181	7	(	(	PUNCT
cblr-1214	181	8	2002	2002	NUM
cblr-1214	181	9	)	)	PUNCT
cblr-1214	181	10	(	(	PUNCT
cblr-1214	181	11	noting	note	VERB
cblr-1214	181	12	the	the	DET
cblr-1214	181	13	effect	effect	NOUN
cblr-1214	181	14	of	of	ADP
cblr-1214	181	15	classified	classified	ADJ
cblr-1214	181	16	boards	board	NOUN
cblr-1214	181	17	on	on	ADP
cblr-1214	181	18	shareholder	shareholder	NOUN
cblr-1214	181	19	returns	return	NOUN
cblr-1214	181	20	)	)	PUNCT
cblr-1214	181	21	;	;	PUNCT
cblr-1214	181	22	robert	robert	PROPN
cblr-1214	181	23	comment	comment	PROPN
cblr-1214	181	24	&	&	CCONJ
cblr-1214	181	25	g.	g.	PROPN
cblr-1214	181	26	william	william	PROPN
cblr-1214	181	27	schwert	schwert	PROPN
cblr-1214	181	28	,	,	PUNCT
cblr-1214	181	29	poison	poison	NOUN
cblr-1214	181	30	or	or	CCONJ
cblr-1214	181	31	placebo	placebo	NOUN
cblr-1214	181	32	?	?	PUNCT
cblr-1214	182	1	evidence	evidence	NOUN
cblr-1214	182	2	on	on	ADP
cblr-1214	182	3	the	the	DET
cblr-1214	182	4	deterrence	deterrence	NOUN
cblr-1214	182	5	and	and	CCONJ
cblr-1214	182	6	wealth	wealth	NOUN
cblr-1214	182	7	effects	effect	NOUN
cblr-1214	182	8	of	of	ADP
cblr-1214	182	9	modern	modern	ADJ
cblr-1214	182	10	antitakeover	antitakeover	ADJ
cblr-1214	182	11	measures	measure	NOUN
cblr-1214	182	12	,	,	PUNCT
cblr-1214	182	13	39	39	NUM
cblr-1214	182	14	j.	j.	PROPN
cblr-1214	182	15	fin	fin	PROPN
cblr-1214	182	16	.	.	PUNCT
cblr-1214	183	1	econ	econ	PROPN
cblr-1214	183	2	.	.	PUNCT
cblr-1214	184	1	3	3	NUM
cblr-1214	184	2	,	,	PUNCT
cblr-1214	184	3	7–8	7–8	NUM
cblr-1214	184	4	(	(	PUNCT
cblr-1214	184	5	1995	1995	NUM
cblr-1214	184	6	)	)	PUNCT
cblr-1214	184	7	(	(	PUNCT
cblr-1214	184	8	discussing	discuss	VERB
cblr-1214	184	9	studies	study	NOUN
cblr-1214	184	10	that	that	PRON
cblr-1214	184	11	assess	assess	VERB
cblr-1214	184	12	the	the	DET
cblr-1214	184	13	wealth	wealth	NOUN
cblr-1214	184	14	effects	effect	NOUN
cblr-1214	184	15	of	of	ADP
cblr-1214	184	16	antitakeover	antitakeover	ADJ
cblr-1214	184	17	provisions	provision	NOUN
cblr-1214	184	18	)	)	PUNCT
cblr-1214	184	19	;	;	PUNCT
cblr-1214	184	20	see	see	VERB
cblr-1214	184	21	also	also	ADV
cblr-1214	184	22	infra	infra	VERB
cblr-1214	184	23	notes	note	NOUN
cblr-1214	184	24	47	47	NUM
cblr-1214	184	25	,	,	PUNCT
cblr-1214	184	26	49	49	NUM
cblr-1214	184	27	.	.	PUNCT
cblr-1214	185	1	griffin_final	griffin_final	ADJ
cblr-1214	185	2	86	86	NUM
cblr-1214	185	3	columbia	columbia	PROPN
cblr-1214	185	4	business	business	NOUN
cblr-1214	185	5	law	law	PROPN
cblr-1214	185	6	review	review	NOUN
cblr-1214	185	7	[	[	X
cblr-1214	185	8	vol	vol	NOUN
cblr-1214	185	9	.	.	NOUN
cblr-1214	185	10	2018	2018	NUM
cblr-1214	185	11	literature	literature	NOUN
cblr-1214	185	12	on	on	ADP
cblr-1214	185	13	the	the	DET
cblr-1214	185	14	topic.44	topic.44	NOUN
cblr-1214	185	15	in	in	ADP
cblr-1214	185	16	the	the	DET
cblr-1214	185	17	context	context	NOUN
cblr-1214	185	18	of	of	ADP
cblr-1214	185	19	negotiated	negotiate	VERB
cblr-1214	185	20	merger	merger	NOUN
cblr-1214	185	21	deals	deal	NOUN
cblr-1214	185	22	,	,	PUNCT
cblr-1214	185	23	scholars	scholar	NOUN
cblr-1214	185	24	have	have	AUX
cblr-1214	185	25	argued	argue	VERB
cblr-1214	185	26	that	that	SCONJ
cblr-1214	185	27	deal	deal	NOUN
cblr-1214	185	28	protection	protection	NOUN
cblr-1214	185	29	devices	device	NOUN
cblr-1214	185	30	,	,	PUNCT
cblr-1214	185	31	such	such	ADJ
cblr-1214	185	32	as	as	ADP
cblr-1214	185	33	voting	voting	NOUN
cblr-1214	185	34	agreements	agreement	NOUN
cblr-1214	185	35	,	,	PUNCT
cblr-1214	185	36	lockups	lockup	NOUN
cblr-1214	185	37	,	,	PUNCT
cblr-1214	185	38	and	and	CCONJ
cblr-1214	185	39	defensive	defensive	ADJ
cblr-1214	185	40	tactics	tactic	NOUN
cblr-1214	185	41	,	,	PUNCT
cblr-1214	185	42	are	be	AUX
cblr-1214	185	43	desirable	desirable	ADJ
cblr-1214	185	44	because	because	SCONJ
cblr-1214	185	45	they	they	PRON
cblr-1214	185	46	benefit	benefit	VERB
cblr-1214	185	47	shareholders	shareholder	NOUN
cblr-1214	185	48	through	through	ADP
cblr-1214	185	49	increased	increase	VERB
cblr-1214	185	50	returns	return	NOUN
cblr-1214	185	51	and	and	CCONJ
cblr-1214	185	52	that	that	SCONJ
cblr-1214	185	53	these	these	DET
cblr-1214	185	54	same	same	ADJ
cblr-1214	185	55	devices	device	NOUN
cblr-1214	185	56	are	be	AUX
cblr-1214	185	57	detrimental	detrimental	ADJ
cblr-1214	185	58	because	because	SCONJ
cblr-1214	185	59	they	they	PRON
cblr-1214	185	60	harm	harm	VERB
cblr-1214	185	61	shareholders	shareholder	NOUN
cblr-1214	185	62	by	by	ADP
cblr-1214	185	63	reducing	reduce	VERB
cblr-1214	185	64	returns.45	returns.45	NOUN
cblr-1214	185	65	in	in	ADP
cblr-1214	185	66	the	the	DET
cblr-1214	185	67	context	context	NOUN
cblr-1214	185	68	of	of	ADP
cblr-1214	185	69	hostile	hostile	ADJ
cblr-1214	185	70	takeovers	takeover	NOUN
cblr-1214	185	71	,	,	PUNCT
cblr-1214	185	72	scholars	scholar	NOUN
cblr-1214	185	73	have	have	AUX
cblr-1214	185	74	vigorously	vigorously	ADV
cblr-1214	185	75	debated	debate	VERB
cblr-1214	185	76	the	the	DET
cblr-1214	185	77	value	value	NOUN
cblr-1214	185	78	of	of	ADP
cblr-1214	185	79	takeover	takeover	NOUN
cblr-1214	185	80	defenses	defense	NOUN
cblr-1214	185	81	by	by	ADP
cblr-1214	185	82	assessing	assess	VERB
cblr-1214	185	83	whether	whether	SCONJ
cblr-1214	185	84	these	these	DET
cblr-1214	185	85	devices	device	NOUN
cblr-1214	185	86	benefit	benefit	VERB
cblr-1214	185	87	or	or	CCONJ
cblr-1214	185	88	harm	harm	VERB
cblr-1214	185	89	shareholders	shareholder	NOUN
cblr-1214	185	90	,	,	PUNCT
cblr-1214	185	91	using	use	VERB
cblr-1214	185	92	various	various	ADJ
cblr-1214	185	93	measures	measure	NOUN
cblr-1214	185	94	of	of	ADP
cblr-1214	185	95	shareholder	shareholder	NOUN
cblr-1214	185	96	wealth	wealth	NOUN
cblr-1214	185	97	as	as	SCONJ
cblr-1214	185	98	their	their	PRON
cblr-1214	185	99	criterion.46	criterion.46	PROPN
cblr-1214	185	100	numerous	numerous	ADJ
cblr-1214	185	101	others	other	NOUN
cblr-1214	185	102	have	have	AUX
cblr-1214	185	103	argued	argue	VERB
cblr-1214	185	104	that	that	SCONJ
cblr-1214	185	105	various	various	ADJ
cblr-1214	185	106	types	type	NOUN
cblr-1214	185	107	of	of	ADP
cblr-1214	185	108	m&a	m&a	PROPN
cblr-1214	185	109	are	be	AUX
cblr-1214	185	110	beneficial	beneficial	ADJ
cblr-1214	185	111	or	or	CCONJ
cblr-1214	185	112	44	44	NUM
cblr-1214	185	113	robert	robert	PROPN
cblr-1214	185	114	t.	t.	PROPN
cblr-1214	185	115	miller	miller	PROPN
cblr-1214	185	116	,	,	PUNCT
cblr-1214	185	117	inefficient	inefficient	ADJ
cblr-1214	185	118	results	result	NOUN
cblr-1214	185	119	in	in	ADP
cblr-1214	185	120	the	the	DET
cblr-1214	185	121	market	market	NOUN
cblr-1214	185	122	for	for	ADP
cblr-1214	185	123	corporate	corporate	ADJ
cblr-1214	185	124	control	control	NOUN
cblr-1214	185	125	:	:	PUNCT
cblr-1214	185	126	highest	high	ADJ
cblr-1214	185	127	bidders	bidder	NOUN
cblr-1214	185	128	,	,	PUNCT
cblr-1214	185	129	highest	high	ADJ
cblr-1214	185	130	-	-	PUNCT
cblr-1214	185	131	value	value	NOUN
cblr-1214	185	132	users	user	NOUN
cblr-1214	185	133	,	,	PUNCT
cblr-1214	185	134	and	and	CCONJ
cblr-1214	185	135	socially	socially	ADV
cblr-1214	185	136	optimal	optimal	ADJ
cblr-1214	185	137	owners	owner	NOUN
cblr-1214	185	138	,	,	PUNCT
cblr-1214	185	139	39	39	NUM
cblr-1214	185	140	j.	j.	PROPN
cblr-1214	185	141	corp	corp	PROPN
cblr-1214	185	142	.	.	PROPN
cblr-1214	185	143	l.	l.	PROPN
cblr-1214	185	144	71	71	NUM
cblr-1214	185	145	,	,	PUNCT
cblr-1214	185	146	73–74	73–74	NUM
cblr-1214	185	147	(	(	PUNCT
cblr-1214	185	148	2013	2013	NUM
cblr-1214	185	149	)	)	PUNCT
cblr-1214	185	150	.	.	PUNCT
cblr-1214	186	1	45	45	NUM
cblr-1214	186	2	see	see	VERB
cblr-1214	186	3	,	,	PUNCT
cblr-1214	186	4	e.g.	e.g.	ADV
cblr-1214	186	5	,	,	PUNCT
cblr-1214	186	6	frank	frank	PROPN
cblr-1214	186	7	h.	h.	PROPN
cblr-1214	186	8	easterbrook	easterbrook	PROPN
cblr-1214	186	9	&	&	CCONJ
cblr-1214	186	10	daniel	daniel	PROPN
cblr-1214	186	11	r.	r.	PROPN
cblr-1214	186	12	fischel	fischel	PROPN
cblr-1214	186	13	,	,	PUNCT
cblr-1214	186	14	the	the	DET
cblr-1214	186	15	proper	proper	ADJ
cblr-1214	186	16	role	role	NOUN
cblr-1214	186	17	of	of	ADP
cblr-1214	186	18	a	a	DET
cblr-1214	186	19	target	target	NOUN
cblr-1214	186	20	’s	’s	PART
cblr-1214	186	21	management	management	NOUN
cblr-1214	186	22	in	in	ADP
cblr-1214	186	23	responding	respond	VERB
cblr-1214	186	24	to	to	ADP
cblr-1214	186	25	a	a	DET
cblr-1214	186	26	tender	tender	NOUN
cblr-1214	186	27	offer	offer	NOUN
cblr-1214	186	28	,	,	PUNCT
cblr-1214	186	29	94	94	NUM
cblr-1214	186	30	harv	harv	NOUN
cblr-1214	186	31	.	.	PUNCT
cblr-1214	187	1	l.	l.	PROPN
cblr-1214	187	2	rev	rev	PROPN
cblr-1214	187	3	.	.	PROPN
cblr-1214	187	4	1161	1161	NUM
cblr-1214	187	5	,	,	PUNCT
cblr-1214	187	6	1164	1164	NUM
cblr-1214	187	7	(	(	PUNCT
cblr-1214	187	8	1981	1981	NUM
cblr-1214	187	9	)	)	PUNCT
cblr-1214	188	1	(	(	PUNCT
cblr-1214	188	2	arguing	argue	VERB
cblr-1214	188	3	that	that	SCONJ
cblr-1214	188	4	shareholders	shareholder	NOUN
cblr-1214	188	5	’	'	PUNCT
cblr-1214	188	6	welfare	welfare	NOUN
cblr-1214	188	7	is	be	AUX
cblr-1214	188	8	maximized	maximize	VERB
cblr-1214	188	9	where	where	SCONJ
cblr-1214	188	10	the	the	DET
cblr-1214	188	11	sum	sum	NOUN
cblr-1214	188	12	of	of	ADP
cblr-1214	188	13	“	"	PUNCT
cblr-1214	188	14	the	the	DET
cblr-1214	188	15	price	price	NOUN
cblr-1214	188	16	that	that	PRON
cblr-1214	188	17	will	will	AUX
cblr-1214	188	18	prevail	prevail	VERB
cblr-1214	188	19	in	in	ADP
cblr-1214	188	20	the	the	DET
cblr-1214	188	21	market	market	NOUN
cblr-1214	188	22	if	if	SCONJ
cblr-1214	188	23	there	there	PRON
cblr-1214	188	24	is	be	VERB
cblr-1214	188	25	no	no	DET
cblr-1214	188	26	successful	successful	ADJ
cblr-1214	188	27	offer	offer	NOUN
cblr-1214	188	28	(	(	PUNCT
cblr-1214	188	29	multiplied	multiply	VERB
cblr-1214	188	30	by	by	ADP
cblr-1214	188	31	the	the	DET
cblr-1214	188	32	likelihood	likelihood	NOUN
cblr-1214	188	33	that	that	SCONJ
cblr-1214	188	34	there	there	PRON
cblr-1214	188	35	will	will	AUX
cblr-1214	188	36	be	be	AUX
cblr-1214	188	37	none	none	NOUN
cblr-1214	188	38	)	)	PUNCT
cblr-1214	188	39	and	and	CCONJ
cblr-1214	188	40	the	the	DET
cblr-1214	188	41	price	price	NOUN
cblr-1214	188	42	that	that	PRON
cblr-1214	188	43	will	will	AUX
cblr-1214	188	44	be	be	AUX
cblr-1214	188	45	paid	pay	VERB
cblr-1214	188	46	in	in	ADP
cblr-1214	188	47	a	a	DET
cblr-1214	188	48	future	future	ADJ
cblr-1214	188	49	tender	tender	NOUN
cblr-1214	188	50	offer	offer	NOUN
cblr-1214	188	51	(	(	PUNCT
cblr-1214	188	52	multiplied	multiply	VERB
cblr-1214	188	53	by	by	ADP
cblr-1214	188	54	the	the	DET
cblr-1214	188	55	likelihood	likelihood	NOUN
cblr-1214	188	56	that	that	SCONJ
cblr-1214	188	57	some	some	DET
cblr-1214	188	58	offer	offer	NOUN
cblr-1214	188	59	will	will	AUX
cblr-1214	188	60	succeed	succeed	VERB
cblr-1214	188	61	)	)	PUNCT
cblr-1214	188	62	”	"	PUNCT
cblr-1214	188	63	is	be	AUX
cblr-1214	188	64	also	also	ADV
cblr-1214	188	65	maximized	maximize	VERB
cblr-1214	188	66	)	)	PUNCT
cblr-1214	188	67	;	;	PUNCT
cblr-1214	188	68	fernán	fernán	NOUN
cblr-1214	188	69	restrepo	restrepo	PROPN
cblr-1214	188	70	&	&	CCONJ
cblr-1214	188	71	guhan	guhan	PROPN
cblr-1214	188	72	subramanian	subramanian	PROPN
cblr-1214	188	73	,	,	PUNCT
cblr-1214	188	74	the	the	DET
cblr-1214	188	75	new	new	ADJ
cblr-1214	188	76	look	look	NOUN
cblr-1214	188	77	of	of	ADP
cblr-1214	188	78	deal	deal	NOUN
cblr-1214	188	79	protection	protection	NOUN
cblr-1214	188	80	,	,	PUNCT
cblr-1214	188	81	69	69	NUM
cblr-1214	188	82	stan	stan	NOUN
cblr-1214	188	83	.	.	PUNCT
cblr-1214	189	1	l.	l.	PROPN
cblr-1214	189	2	rev	rev	PROPN
cblr-1214	189	3	.	.	PROPN
cblr-1214	189	4	1013	1013	NUM
cblr-1214	189	5	,	,	PUNCT
cblr-1214	189	6	1018	1018	NUM
cblr-1214	189	7	(	(	PUNCT
cblr-1214	189	8	2017	2017	NUM
cblr-1214	189	9	)	)	PUNCT
cblr-1214	189	10	(	(	PUNCT
cblr-1214	189	11	arguing	argue	VERB
cblr-1214	189	12	that	that	SCONJ
cblr-1214	189	13	“	"	PUNCT
cblr-1214	189	14	allocational	allocational	ADJ
cblr-1214	189	15	efficiency	efficiency	NOUN
cblr-1214	189	16	.	.	PUNCT
cblr-1214	189	17	.	.	PUNCT
cblr-1214	190	1	.	.	PUNCT
cblr-1214	191	1	requires	require	VERB
cblr-1214	191	2	a	a	DET
cblr-1214	191	3	balance	balance	NOUN
cblr-1214	191	4	”	"	PUNCT
cblr-1214	191	5	in	in	ADP
cblr-1214	191	6	order	order	NOUN
cblr-1214	191	7	to	to	PART
cblr-1214	191	8	best	well	ADV
cblr-1214	191	9	promote	promote	VERB
cblr-1214	191	10	shareholder	shareholder	NOUN
cblr-1214	191	11	returns	return	NOUN
cblr-1214	191	12	)	)	PUNCT
cblr-1214	191	13	;	;	PUNCT
cblr-1214	191	14	ian	ian	PROPN
cblr-1214	191	15	ayres	ayres	PROPN
cblr-1214	191	16	,	,	PUNCT
cblr-1214	191	17	analyzing	analyze	VERB
cblr-1214	191	18	stock	stock	NOUN
cblr-1214	191	19	lock	lock	NOUN
cblr-1214	191	20	-	-	PUNCT
cblr-1214	191	21	ups	up	NOUN
cblr-1214	191	22	:	:	PUNCT
cblr-1214	191	23	do	do	AUX
cblr-1214	191	24	target	target	VERB
cblr-1214	191	25	treasury	treasury	NOUN
cblr-1214	191	26	sales	sale	NOUN
cblr-1214	191	27	foreclose	foreclose	NOUN
cblr-1214	191	28	or	or	CCONJ
cblr-1214	191	29	facilitate	facilitate	VERB
cblr-1214	191	30	takeover	takeover	NOUN
cblr-1214	191	31	auctions	auction	NOUN
cblr-1214	191	32	?	?	PUNCT
cblr-1214	191	33	,	,	PUNCT
cblr-1214	191	34	90	90	NUM
cblr-1214	191	35	colum	colum	NOUN
cblr-1214	191	36	.	.	PUNCT
cblr-1214	192	1	l.	l.	PROPN
cblr-1214	192	2	rev	rev	PROPN
cblr-1214	192	3	.	.	PROPN
cblr-1214	192	4	682	682	NUM
cblr-1214	192	5	,	,	PUNCT
cblr-1214	192	6	713	713	NUM
cblr-1214	192	7	(	(	PUNCT
cblr-1214	192	8	1990	1990	NUM
cblr-1214	192	9	)	)	PUNCT
cblr-1214	192	10	(	(	PUNCT
cblr-1214	192	11	noting	note	VERB
cblr-1214	192	12	that	that	SCONJ
cblr-1214	192	13	target	target	NOUN
cblr-1214	192	14	shareholders	shareholder	NOUN
cblr-1214	192	15	may	may	AUX
cblr-1214	192	16	gain	gain	VERB
cblr-1214	192	17	financially	financially	ADV
cblr-1214	192	18	through	through	ADP
cblr-1214	192	19	stock	stock	NOUN
cblr-1214	192	20	lockups	lockup	NOUN
cblr-1214	192	21	)	)	PUNCT
cblr-1214	192	22	;	;	PUNCT
cblr-1214	192	23	thanos	thanos	PROPN
cblr-1214	192	24	panagopoulos	panagopoulos	PROPN
cblr-1214	192	25	,	,	PUNCT
cblr-1214	192	26	thinking	think	VERB
cblr-1214	192	27	inside	inside	ADP
cblr-1214	192	28	the	the	DET
cblr-1214	192	29	box	box	NOUN
cblr-1214	192	30	:	:	PUNCT
cblr-1214	192	31	analyzing	analyze	VERB
cblr-1214	192	32	judicial	judicial	ADJ
cblr-1214	192	33	scrutiny	scrutiny	NOUN
cblr-1214	192	34	of	of	ADP
cblr-1214	192	35	deal	deal	NOUN
cblr-1214	192	36	protection	protection	NOUN
cblr-1214	192	37	devices	device	NOUN
cblr-1214	192	38	in	in	ADP
cblr-1214	192	39	delaware	delaware	PROPN
cblr-1214	192	40	,	,	PUNCT
cblr-1214	192	41	3	3	NUM
cblr-1214	192	42	berkley	berkley	NOUN
cblr-1214	192	43	bus	bus	NOUN
cblr-1214	192	44	.	.	PUNCT
cblr-1214	193	1	l.j	l.j	AUX
cblr-1214	193	2	.	.	PROPN
cblr-1214	193	3	437	437	NUM
cblr-1214	193	4	,	,	PUNCT
cblr-1214	193	5	439–40	439–40	NUM
cblr-1214	193	6	(	(	PUNCT
cblr-1214	193	7	2006	2006	NUM
cblr-1214	193	8	)	)	PUNCT
cblr-1214	193	9	(	(	PUNCT
cblr-1214	193	10	assessing	assess	VERB
cblr-1214	193	11	whether	whether	SCONJ
cblr-1214	193	12	deal	deal	NOUN
cblr-1214	193	13	protection	protection	NOUN
cblr-1214	193	14	devices	device	NOUN
cblr-1214	193	15	create	create	VERB
cblr-1214	193	16	value	value	NOUN
cblr-1214	193	17	for	for	ADP
cblr-1214	193	18	the	the	DET
cblr-1214	193	19	buyers	buyer	NOUN
cblr-1214	193	20	and	and	CCONJ
cblr-1214	193	21	sellers	seller	NOUN
cblr-1214	193	22	in	in	ADP
cblr-1214	193	23	a	a	DET
cblr-1214	193	24	transaction	transaction	NOUN
cblr-1214	193	25	)	)	PUNCT
cblr-1214	193	26	;	;	PUNCT
cblr-1214	193	27	matthew	matthew	PROPN
cblr-1214	193	28	t.	t.	PROPN
cblr-1214	193	29	bodie	bodie	PROPN
cblr-1214	193	30	,	,	PUNCT
cblr-1214	193	31	workers	worker	NOUN
cblr-1214	193	32	,	,	PUNCT
cblr-1214	193	33	information	information	NOUN
cblr-1214	193	34	,	,	PUNCT
cblr-1214	193	35	and	and	CCONJ
cblr-1214	193	36	corporate	corporate	ADJ
cblr-1214	193	37	combinations	combination	NOUN
cblr-1214	193	38	:	:	PUNCT
cblr-1214	193	39	the	the	DET
cblr-1214	193	40	case	case	NOUN
cblr-1214	193	41	for	for	ADP
cblr-1214	193	42	nonbinding	nonbinde	VERB
cblr-1214	193	43	employee	employee	NOUN
cblr-1214	193	44	referenda	referenda	ADV
cblr-1214	193	45	in	in	ADP
cblr-1214	193	46	transformative	transformative	ADJ
cblr-1214	193	47	transactions	transaction	NOUN
cblr-1214	193	48	,	,	PUNCT
cblr-1214	193	49	85	85	NUM
cblr-1214	193	50	wash	wash	NOUN
cblr-1214	193	51	.	.	PUNCT
cblr-1214	194	1	u.	u.	PROPN
cblr-1214	194	2	l.	l.	PROPN
cblr-1214	194	3	rev	rev	PROPN
cblr-1214	194	4	.	.	PROPN
cblr-1214	194	5	871	871	NUM
cblr-1214	194	6	,	,	PUNCT
cblr-1214	194	7	881	881	NUM
cblr-1214	194	8	(	(	PUNCT
cblr-1214	194	9	2007	2007	NUM
cblr-1214	194	10	)	)	PUNCT
cblr-1214	194	11	(	(	PUNCT
cblr-1214	194	12	“	"	PUNCT
cblr-1214	194	13	[	[	X
cblr-1214	194	14	t]he	t]he	X
cblr-1214	194	15	corporation	corporation	NOUN
cblr-1214	194	16	’s	’s	PART
cblr-1214	194	17	organizing	organize	VERB
cblr-1214	194	18	principle	principle	NOUN
cblr-1214	194	19	should	should	AUX
cblr-1214	194	20	be	be	AUX
cblr-1214	194	21	the	the	DET
cblr-1214	194	22	maximization	maximization	NOUN
cblr-1214	194	23	of	of	ADP
cblr-1214	194	24	the	the	DET
cblr-1214	194	25	residual	residual	ADJ
cblr-1214	194	26	returns	return	NOUN
cblr-1214	194	27	payable	payable	ADJ
cblr-1214	194	28	to	to	ADP
cblr-1214	194	29	shareholders	shareholder	NOUN
cblr-1214	194	30	.	.	PUNCT
cblr-1214	194	31	”	"	PUNCT
cblr-1214	194	32	)	)	PUNCT
cblr-1214	194	33	.	.	PUNCT
cblr-1214	195	1	46	46	NUM
cblr-1214	195	2	see	see	VERB
cblr-1214	195	3	,	,	PUNCT
cblr-1214	195	4	e.g.	e.g.	ADV
cblr-1214	195	5	,	,	PUNCT
cblr-1214	195	6	bebchuk	bebchuk	NOUN
cblr-1214	195	7	,	,	PUNCT
cblr-1214	195	8	supra	supra	PROPN
cblr-1214	195	9	note	note	PROPN
cblr-1214	195	10	43	43	NUM
cblr-1214	195	11	,	,	PUNCT
cblr-1214	195	12	at	at	ADP
cblr-1214	195	13	989	989	NUM
cblr-1214	195	14	(	(	PUNCT
cblr-1214	195	15	focusing	focus	VERB
cblr-1214	195	16	on	on	ADP
cblr-1214	195	17	the	the	DET
cblr-1214	195	18	impact	impact	NOUN
cblr-1214	195	19	of	of	ADP
cblr-1214	195	20	board	board	NOUN
cblr-1214	195	21	veto	veto	NOUN
cblr-1214	195	22	on	on	ADP
cblr-1214	195	23	shareholder	shareholder	NOUN
cblr-1214	195	24	returns	return	NOUN
cblr-1214	195	25	)	)	PUNCT
cblr-1214	195	26	;	;	PUNCT
cblr-1214	195	27	bebchuk	bebchuk	PROPN
cblr-1214	195	28	et	et	PROPN
cblr-1214	195	29	al	al	PROPN
cblr-1214	195	30	.	.	PROPN
cblr-1214	195	31	,	,	PUNCT
cblr-1214	195	32	supra	supra	PROPN
cblr-1214	195	33	note	note	PROPN
cblr-1214	195	34	43	43	NUM
cblr-1214	195	35	,	,	PUNCT
cblr-1214	195	36	at	at	ADP
cblr-1214	195	37	939	939	NUM
cblr-1214	195	38	(	(	PUNCT
cblr-1214	195	39	noting	note	VERB
cblr-1214	195	40	the	the	DET
cblr-1214	195	41	effect	effect	NOUN
cblr-1214	195	42	of	of	ADP
cblr-1214	195	43	classified	classified	ADJ
cblr-1214	195	44	boards	board	NOUN
cblr-1214	195	45	on	on	ADP
cblr-1214	195	46	shareholder	shareholder	NOUN
cblr-1214	195	47	returns	return	NOUN
cblr-1214	195	48	)	)	PUNCT
cblr-1214	195	49	;	;	PUNCT
cblr-1214	195	50	comment	comment	NOUN
cblr-1214	195	51	&	&	CCONJ
cblr-1214	195	52	schwert	schwert	PROPN
cblr-1214	195	53	,	,	PUNCT
cblr-1214	195	54	supra	supra	PROPN
cblr-1214	195	55	note	note	NOUN
cblr-1214	195	56	43	43	NUM
cblr-1214	195	57	,	,	PUNCT
cblr-1214	195	58	at	at	ADP
cblr-1214	195	59	23–24	23–24	NUM
cblr-1214	195	60	(	(	PUNCT
cblr-1214	195	61	collecting	collect	VERB
cblr-1214	195	62	studies	study	NOUN
cblr-1214	195	63	that	that	PRON
cblr-1214	195	64	assess	assess	VERB
cblr-1214	195	65	the	the	DET
cblr-1214	195	66	effects	effect	NOUN
cblr-1214	195	67	of	of	ADP
cblr-1214	195	68	antitakeover	antitakeover	ADJ
cblr-1214	195	69	provisions	provision	NOUN
cblr-1214	195	70	)	)	PUNCT
cblr-1214	195	71	.	.	PUNCT
cblr-1214	196	1	griffin_final	griffin_final	ADJ
cblr-1214	196	2	no	no	NOUN
cblr-1214	196	3	.	.	PUNCT
cblr-1214	197	1	1:70	1:70	NUM
cblr-1214	197	2	]	]	PUNCT
cblr-1214	197	3	the	the	DET
cblr-1214	197	4	hidden	hidden	ADJ
cblr-1214	197	5	cost	cost	NOUN
cblr-1214	197	6	of	of	ADP
cblr-1214	197	7	m&a	m&a	PROPN
cblr-1214	197	8	87	87	NUM
cblr-1214	197	9	harmful	harmful	ADJ
cblr-1214	197	10	by	by	ADP
cblr-1214	197	11	appealing	appeal	VERB
cblr-1214	197	12	to	to	ADP
cblr-1214	197	13	their	their	PRON
cblr-1214	197	14	effect	effect	NOUN
cblr-1214	197	15	on	on	ADP
cblr-1214	197	16	wealth	wealth	NOUN
cblr-1214	197	17	for	for	ADP
cblr-1214	197	18	the	the	DET
cblr-1214	197	19	shareholders	shareholder	NOUN
cblr-1214	197	20	of	of	ADP
cblr-1214	197	21	the	the	DET
cblr-1214	197	22	target	target	NOUN
cblr-1214	197	23	and/or	and/or	CCONJ
cblr-1214	197	24	the	the	DET
cblr-1214	197	25	acquirer.47	acquirer.47	PROPN
cblr-1214	197	26	of	of	ADP
cblr-1214	197	27	course	course	NOUN
cblr-1214	197	28	,	,	PUNCT
cblr-1214	197	29	the	the	DET
cblr-1214	197	30	desirability	desirability	NOUN
cblr-1214	197	31	of	of	ADP
cblr-1214	197	32	m&a	m&a	PROPN
cblr-1214	197	33	activity	activity	NOUN
cblr-1214	197	34	is	be	AUX
cblr-1214	197	35	not	not	PART
cblr-1214	197	36	a	a	DET
cblr-1214	197	37	settled	settle	VERB
cblr-1214	197	38	matter	matter	NOUN
cblr-1214	197	39	and	and	CCONJ
cblr-1214	197	40	remains	remain	VERB
cblr-1214	197	41	a	a	DET
cblr-1214	197	42	considerable	considerable	ADJ
cblr-1214	197	43	source	source	NOUN
cblr-1214	197	44	of	of	ADP
cblr-1214	197	45	debate	debate	NOUN
cblr-1214	197	46	.	.	PUNCT
cblr-1214	198	1	in	in	ADP
cblr-1214	198	2	recent	recent	ADJ
cblr-1214	198	3	years	year	NOUN
cblr-1214	198	4	,	,	PUNCT
cblr-1214	198	5	much	much	ADJ
cblr-1214	198	6	of	of	ADP
cblr-1214	198	7	this	this	DET
cblr-1214	198	8	debate	debate	NOUN
cblr-1214	198	9	has	have	AUX
cblr-1214	198	10	focused	focus	VERB
cblr-1214	198	11	on	on	ADP
cblr-1214	198	12	whether	whether	SCONJ
cblr-1214	198	13	shareholders	shareholder	NOUN
cblr-1214	198	14	or	or	CCONJ
cblr-1214	198	15	directors	director	NOUN
cblr-1214	198	16	should	should	AUX
cblr-1214	198	17	serve	serve	VERB
cblr-1214	198	18	as	as	ADP
cblr-1214	198	19	the	the	DET
cblr-1214	198	20	decision	decision	NOUN
cblr-1214	198	21	makers	maker	NOUN
cblr-1214	198	22	charged	charge	VERB
cblr-1214	198	23	with	with	ADP
cblr-1214	198	24	determining	determine	VERB
cblr-1214	198	25	whether	whether	SCONJ
cblr-1214	198	26	a	a	DET
cblr-1214	198	27	given	give	VERB
cblr-1214	198	28	merger	merger	NOUN
cblr-1214	198	29	will	will	AUX
cblr-1214	198	30	enrich	enrich	VERB
cblr-1214	198	31	shareholders.48	shareholders.48	PROPN
cblr-1214	198	32	this	this	DET
cblr-1214	198	33	debate	debate	NOUN
cblr-1214	198	34	thus	thus	ADV
cblr-1214	198	35	serves	serve	VERB
cblr-1214	198	36	as	as	ADP
cblr-1214	198	37	a	a	DET
cblr-1214	198	38	platform	platform	NOUN
cblr-1214	198	39	for	for	ADP
cblr-1214	198	40	the	the	DET
cblr-1214	198	41	sparring	spar	VERB
cblr-1214	198	42	director	director	NOUN
cblr-1214	198	43	primacy	primacy	NOUN
cblr-1214	198	44	advocates	advocate	NOUN
cblr-1214	198	45	and	and	CCONJ
cblr-1214	198	46	shareholder	shareholder	NOUN
cblr-1214	198	47	primacy	primacy	NOUN
cblr-1214	198	48	advocates	advocate	NOUN
cblr-1214	198	49	to	to	PART
cblr-1214	198	50	make	make	VERB
cblr-1214	198	51	their	their	PRON
cblr-1214	198	52	cases	case	NOUN
cblr-1214	198	53	.	.	PUNCT
cblr-1214	199	1	on	on	ADP
cblr-1214	199	2	one	one	NUM
cblr-1214	199	3	side	side	NOUN
cblr-1214	199	4	of	of	ADP
cblr-1214	199	5	the	the	DET
cblr-1214	199	6	debate	debate	NOUN
cblr-1214	199	7	,	,	PUNCT
cblr-1214	199	8	shareholder	shareholder	NOUN
cblr-1214	199	9	primacy	primacy	NOUN
cblr-1214	199	10	scholars	scholar	NOUN
cblr-1214	199	11	argue	argue	VERB
cblr-1214	199	12	that	that	SCONJ
cblr-1214	199	13	empowering	empower	VERB
cblr-1214	199	14	shareholders	shareholder	NOUN
cblr-1214	199	15	to	to	PART
cblr-1214	199	16	make	make	VERB
cblr-1214	199	17	decisions	decision	NOUN
cblr-1214	199	18	regarding	regard	VERB
cblr-1214	199	19	takeovers	takeover	NOUN
cblr-1214	199	20	promotes	promote	VERB
cblr-1214	199	21	improved	improve	VERB
cblr-1214	199	22	corporate	corporate	ADJ
cblr-1214	199	23	governance	governance	NOUN
cblr-1214	199	24	.	.	PUNCT
cblr-1214	200	1	ex	ex	NOUN
cblr-1214	200	2	-	-	NOUN
cblr-1214	200	3	ante	ante	NOUN
cblr-1214	200	4	,	,	PUNCT
cblr-1214	200	5	shareholder	shareholder	NOUN
cblr-1214	200	6	empowerment	empowerment	NOUN
cblr-1214	200	7	is	be	AUX
cblr-1214	200	8	thought	think	VERB
cblr-1214	200	9	to	to	PART
cblr-1214	200	10	motivate	motivate	VERB
cblr-1214	200	11	directors	director	NOUN
cblr-1214	200	12	to	to	PART
cblr-1214	200	13	improve	improve	VERB
cblr-1214	200	14	performance	performance	NOUN
cblr-1214	200	15	for	for	ADP
cblr-1214	200	16	fear	fear	NOUN
cblr-1214	200	17	of	of	ADP
cblr-1214	200	18	a	a	DET
cblr-1214	200	19	corrective	corrective	ADJ
cblr-1214	200	20	response	response	NOUN
cblr-1214	200	21	by	by	ADP
cblr-1214	200	22	shareholders	shareholder	NOUN
cblr-1214	200	23	in	in	ADP
cblr-1214	200	24	the	the	DET
cblr-1214	200	25	event	event	NOUN
cblr-1214	200	26	47	47	NUM
cblr-1214	200	27	see	see	VERB
cblr-1214	200	28	,	,	PUNCT
cblr-1214	200	29	e.g.	e.g.	ADV
cblr-1214	200	30	,	,	PUNCT
cblr-1214	200	31	frank	frank	PROPN
cblr-1214	200	32	h.	h.	PROPN
cblr-1214	200	33	easterbrook	easterbrook	PROPN
cblr-1214	200	34	&	&	CCONJ
cblr-1214	200	35	daniel	daniel	PROPN
cblr-1214	200	36	r.	r.	PROPN
cblr-1214	200	37	fischel	fischel	PROPN
cblr-1214	200	38	,	,	PUNCT
cblr-1214	200	39	takeover	takeover	NOUN
cblr-1214	200	40	bids	bid	NOUN
cblr-1214	200	41	,	,	PUNCT
cblr-1214	200	42	defensive	defensive	ADJ
cblr-1214	200	43	tactics	tactic	NOUN
cblr-1214	200	44	,	,	PUNCT
cblr-1214	200	45	and	and	CCONJ
cblr-1214	200	46	shareholders	shareholder	NOUN
cblr-1214	200	47	’	'	PUNCT
cblr-1214	200	48	welfare	welfare	NOUN
cblr-1214	200	49	,	,	PUNCT
cblr-1214	200	50	36	36	NUM
cblr-1214	200	51	bus	bus	NOUN
cblr-1214	200	52	.	.	PUNCT
cblr-1214	201	1	law	law	NOUN
cblr-1214	201	2	.	.	PUNCT
cblr-1214	202	1	1733	1733	NUM
cblr-1214	202	2	,	,	PUNCT
cblr-1214	202	3	1737–39	1737–39	NUM
cblr-1214	202	4	(	(	PUNCT
cblr-1214	202	5	1981	1981	NUM
cblr-1214	202	6	)	)	PUNCT
cblr-1214	202	7	(	(	PUNCT
cblr-1214	202	8	assessing	assess	VERB
cblr-1214	202	9	the	the	DET
cblr-1214	202	10	financial	financial	ADJ
cblr-1214	202	11	impact	impact	NOUN
cblr-1214	202	12	of	of	ADP
cblr-1214	202	13	defensive	defensive	ADJ
cblr-1214	202	14	tactics	tactic	NOUN
cblr-1214	202	15	)	)	PUNCT
cblr-1214	202	16	;	;	PUNCT
cblr-1214	202	17	frank	frank	PROPN
cblr-1214	202	18	h.	h.	PROPN
cblr-1214	202	19	easterbrook	easterbrook	PROPN
cblr-1214	202	20	&	&	CCONJ
cblr-1214	202	21	gregg	gregg	PROPN
cblr-1214	202	22	a.	a.	PROPN
cblr-1214	202	23	jarrell	jarrell	PROPN
cblr-1214	202	24	,	,	PUNCT
cblr-1214	202	25	do	do	VERB
cblr-1214	202	26	targets	target	NOUN
cblr-1214	202	27	gain	gain	VERB
cblr-1214	202	28	from	from	ADP
cblr-1214	202	29	defeating	defeat	VERB
cblr-1214	202	30	tender	tender	NOUN
cblr-1214	202	31	offers	offer	NOUN
cblr-1214	202	32	?	?	PUNCT
cblr-1214	202	33	,	,	PUNCT
cblr-1214	202	34	59	59	NUM
cblr-1214	202	35	n.y.u	n.y.u	NOUN
cblr-1214	202	36	.	.	PUNCT
cblr-1214	203	1	l.	l.	PROPN
cblr-1214	203	2	rev	rev	PROPN
cblr-1214	203	3	.	.	PROPN
cblr-1214	203	4	277	277	NUM
cblr-1214	203	5	,	,	PUNCT
cblr-1214	203	6	280–81	280–81	NUM
cblr-1214	203	7	(	(	PUNCT
cblr-1214	203	8	1984	1984	NUM
cblr-1214	203	9	)	)	PUNCT
cblr-1214	203	10	(	(	PUNCT
cblr-1214	203	11	looking	look	VERB
cblr-1214	203	12	at	at	ADP
cblr-1214	203	13	returns	return	NOUN
cblr-1214	203	14	following	follow	VERB
cblr-1214	203	15	successful	successful	ADJ
cblr-1214	203	16	and	and	CCONJ
cblr-1214	203	17	defeated	defeat	VERB
cblr-1214	203	18	tender	tender	NOUN
cblr-1214	203	19	offers	offer	NOUN
cblr-1214	203	20	)	)	PUNCT
cblr-1214	203	21	;	;	PUNCT
cblr-1214	203	22	stephen	stephen	PROPN
cblr-1214	203	23	m.	m.	PROPN
cblr-1214	203	24	bainbridge	bainbridge	PROPN
cblr-1214	203	25	,	,	PUNCT
cblr-1214	203	26	director	director	NOUN
cblr-1214	203	27	primacy	primacy	NOUN
cblr-1214	203	28	:	:	PUNCT
cblr-1214	203	29	the	the	DET
cblr-1214	203	30	means	mean	NOUN
cblr-1214	203	31	and	and	CCONJ
cblr-1214	203	32	ends	end	NOUN
cblr-1214	203	33	of	of	ADP
cblr-1214	203	34	corporate	corporate	ADJ
cblr-1214	203	35	governance	governance	NOUN
cblr-1214	203	36	,	,	PUNCT
cblr-1214	203	37	97	97	NUM
cblr-1214	203	38	nw	nw	NOUN
cblr-1214	203	39	.	.	PUNCT
cblr-1214	203	40	u.	u.	PROPN
cblr-1214	203	41	l.	l.	PROPN
cblr-1214	203	42	rev	rev	PROPN
cblr-1214	203	43	.	.	PROPN
cblr-1214	203	44	547	547	NUM
cblr-1214	203	45	,	,	PUNCT
cblr-1214	203	46	604	604	NUM
cblr-1214	203	47	n.282	n.282	NOUN
cblr-1214	203	48	(	(	PUNCT
cblr-1214	203	49	2003	2003	NUM
cblr-1214	203	50	)	)	PUNCT
cblr-1214	203	51	(	(	PUNCT
cblr-1214	203	52	citing	cite	VERB
cblr-1214	203	53	data	datum	NOUN
cblr-1214	203	54	on	on	ADP
cblr-1214	203	55	shareholder	shareholder	NOUN
cblr-1214	203	56	returns	return	NOUN
cblr-1214	203	57	to	to	PART
cblr-1214	203	58	demonstrate	demonstrate	VERB
cblr-1214	203	59	that	that	SCONJ
cblr-1214	203	60	shareholders	shareholder	NOUN
cblr-1214	203	61	benefit	benefit	VERB
cblr-1214	203	62	financially	financially	ADV
cblr-1214	203	63	from	from	ADP
cblr-1214	203	64	m&a	m&a	PROPN
cblr-1214	203	65	activity	activity	NOUN
cblr-1214	203	66	)	)	PUNCT
cblr-1214	203	67	;	;	PUNCT
cblr-1214	203	68	gregg	gregg	PROPN
cblr-1214	203	69	a.	a.	PROPN
cblr-1214	203	70	jarrell	jarrell	PROPN
cblr-1214	203	71	et	et	PROPN
cblr-1214	203	72	al	al	PROPN
cblr-1214	203	73	.	.	PROPN
cblr-1214	203	74	,	,	PUNCT
cblr-1214	203	75	the	the	DET
cblr-1214	203	76	market	market	NOUN
cblr-1214	203	77	for	for	ADP
cblr-1214	203	78	corporate	corporate	ADJ
cblr-1214	203	79	control	control	NOUN
cblr-1214	203	80	:	:	PUNCT
cblr-1214	203	81	the	the	DET
cblr-1214	203	82	empirical	empirical	ADJ
cblr-1214	203	83	evidence	evidence	NOUN
cblr-1214	203	84	since	since	SCONJ
cblr-1214	203	85	1980	1980	NUM
cblr-1214	203	86	,	,	PUNCT
cblr-1214	203	87	2	2	NUM
cblr-1214	203	88	j.	j.	PROPN
cblr-1214	203	89	econ	econ	PROPN
cblr-1214	203	90	.	.	PUNCT
cblr-1214	204	1	persp	persp	PROPN
cblr-1214	204	2	.	.	PUNCT
cblr-1214	205	1	49	49	NUM
cblr-1214	205	2	,	,	PUNCT
cblr-1214	205	3	51–53	51–53	NUM
cblr-1214	205	4	(	(	PUNCT
cblr-1214	205	5	1988	1988	NUM
cblr-1214	205	6	)	)	PUNCT
cblr-1214	205	7	(	(	PUNCT
cblr-1214	205	8	summarizing	summarize	VERB
cblr-1214	205	9	empirical	empirical	ADJ
cblr-1214	205	10	data	datum	NOUN
cblr-1214	205	11	on	on	ADP
cblr-1214	205	12	returns	return	NOUN
cblr-1214	205	13	to	to	ADP
cblr-1214	205	14	bidders	bidder	NOUN
cblr-1214	205	15	and	and	CCONJ
cblr-1214	205	16	targets	target	NOUN
cblr-1214	205	17	)	)	PUNCT
cblr-1214	205	18	;	;	PUNCT
cblr-1214	205	19	michael	michael	PROPN
cblr-1214	205	20	c.	c.	PROPN
cblr-1214	205	21	jensen	jensen	PROPN
cblr-1214	205	22	&	&	CCONJ
cblr-1214	205	23	richard	richard	PROPN
cblr-1214	205	24	s.	s.	PROPN
cblr-1214	205	25	ruback	ruback	PROPN
cblr-1214	205	26	,	,	PUNCT
cblr-1214	205	27	the	the	DET
cblr-1214	205	28	market	market	NOUN
cblr-1214	205	29	for	for	ADP
cblr-1214	205	30	corporate	corporate	ADJ
cblr-1214	205	31	control	control	NOUN
cblr-1214	205	32	:	:	PUNCT
cblr-1214	205	33	the	the	DET
cblr-1214	205	34	scientific	scientific	ADJ
cblr-1214	205	35	evidence	evidence	NOUN
cblr-1214	205	36	,	,	PUNCT
cblr-1214	205	37	11	11	NUM
cblr-1214	205	38	j.	j.	PROPN
cblr-1214	205	39	fin	fin	PROPN
cblr-1214	205	40	.	.	PUNCT
cblr-1214	205	41	econ	econ	PROPN
cblr-1214	205	42	.	.	PUNCT
cblr-1214	206	1	5	5	NUM
cblr-1214	206	2	,	,	PUNCT
cblr-1214	206	3	47	47	NUM
cblr-1214	206	4	(	(	PUNCT
cblr-1214	206	5	1983	1983	NUM
cblr-1214	206	6	)	)	PUNCT
cblr-1214	206	7	(	(	PUNCT
cblr-1214	206	8	finding	find	VERB
cblr-1214	206	9	that	that	SCONJ
cblr-1214	206	10	corporate	corporate	ADJ
cblr-1214	206	11	takeovers	takeover	NOUN
cblr-1214	206	12	generate	generate	VERB
cblr-1214	206	13	positive	positive	ADJ
cblr-1214	206	14	gains	gain	NOUN
cblr-1214	206	15	that	that	PRON
cblr-1214	206	16	benefit	benefit	VERB
cblr-1214	206	17	target	target	NOUN
cblr-1214	206	18	shareholders	shareholder	NOUN
cblr-1214	206	19	and	and	CCONJ
cblr-1214	206	20	do	do	AUX
cblr-1214	206	21	not	not	PART
cblr-1214	206	22	harm	harm	VERB
cblr-1214	206	23	bidding	bid	VERB
cblr-1214	206	24	shareholders	shareholder	NOUN
cblr-1214	206	25	)	)	PUNCT
cblr-1214	206	26	;	;	PUNCT
cblr-1214	206	27	michael	michael	PROPN
cblr-1214	206	28	bradley	bradley	PROPN
cblr-1214	206	29	,	,	PUNCT
cblr-1214	206	30	interfirm	interfirm	PROPN
cblr-1214	206	31	tender	tender	NOUN
cblr-1214	206	32	offers	offer	NOUN
cblr-1214	206	33	and	and	CCONJ
cblr-1214	206	34	the	the	DET
cblr-1214	206	35	market	market	NOUN
cblr-1214	206	36	for	for	ADP
cblr-1214	206	37	corporate	corporate	ADJ
cblr-1214	206	38	control	control	NOUN
cblr-1214	206	39	,	,	PUNCT
cblr-1214	206	40	53	53	NUM
cblr-1214	206	41	j.	j.	PROPN
cblr-1214	206	42	bus	bus	PROPN
cblr-1214	206	43	.	.	PUNCT
cblr-1214	207	1	345	345	NUM
cblr-1214	207	2	,	,	PUNCT
cblr-1214	207	3	347	347	NUM
cblr-1214	207	4	(	(	PUNCT
cblr-1214	207	5	1980	1980	NUM
cblr-1214	207	6	)	)	PUNCT
cblr-1214	207	7	(	(	PUNCT
cblr-1214	207	8	“	"	PUNCT
cblr-1214	207	9	[	[	X
cblr-1214	207	10	t]he	t]he	ADV
cblr-1214	207	11	underlying	underlying	ADJ
cblr-1214	207	12	synergy	synergy	NOUN
cblr-1214	207	13	[	[	X
cblr-1214	207	14	from	from	ADP
cblr-1214	207	15	tender	tender	ADJ
cblr-1214	207	16	offer	offer	NOUN
cblr-1214	207	17	deals	deal	NOUN
cblr-1214	207	18	]	]	PUNCT
cblr-1214	207	19	is	be	AUX
cblr-1214	207	20	presumed	presume	VERB
cblr-1214	207	21	to	to	PART
cblr-1214	207	22	have	have	VERB
cblr-1214	207	23	a	a	DET
cblr-1214	207	24	value	value	NOUN
cblr-1214	207	25	-	-	PUNCT
cblr-1214	207	26	increasing	increase	VERB
cblr-1214	207	27	effect	effect	NOUN
cblr-1214	207	28	on	on	ADP
cblr-1214	207	29	the	the	DET
cblr-1214	207	30	shares	share	NOUN
cblr-1214	207	31	of	of	ADP
cblr-1214	207	32	both	both	DET
cblr-1214	207	33	firms	firm	NOUN
cblr-1214	207	34	.	.	PUNCT
cblr-1214	207	35	”	"	PUNCT
cblr-1214	207	36	)	)	PUNCT
cblr-1214	207	37	;	;	PUNCT
cblr-1214	207	38	mark	mark	PROPN
cblr-1214	207	39	l.	l.	PROPN
cblr-1214	207	40	sirower	sirower	PROPN
cblr-1214	207	41	,	,	PUNCT
cblr-1214	207	42	the	the	DET
cblr-1214	207	43	synergy	synergy	NOUN
cblr-1214	207	44	trap	trap	NOUN
cblr-1214	207	45	:	:	PUNCT
cblr-1214	207	46	how	how	SCONJ
cblr-1214	207	47	companies	company	NOUN
cblr-1214	207	48	lose	lose	VERB
cblr-1214	207	49	the	the	DET
cblr-1214	207	50	acquisition	acquisition	NOUN
cblr-1214	207	51	game	game	NOUN
cblr-1214	207	52	(	(	PUNCT
cblr-1214	207	53	1997	1997	NUM
cblr-1214	207	54	)	)	PUNCT
cblr-1214	207	55	(	(	PUNCT
cblr-1214	207	56	analyzing	analyze	VERB
cblr-1214	207	57	empirical	empirical	ADJ
cblr-1214	207	58	evidence	evidence	NOUN
cblr-1214	207	59	and	and	CCONJ
cblr-1214	207	60	finding	find	VERB
cblr-1214	207	61	that	that	SCONJ
cblr-1214	207	62	bidders	bidder	NOUN
cblr-1214	207	63	earn	earn	VERB
cblr-1214	207	64	little	little	ADJ
cblr-1214	207	65	or	or	CCONJ
cblr-1214	207	66	slightly	slightly	ADV
cblr-1214	207	67	negative	negative	ADJ
cblr-1214	207	68	average	average	ADJ
cblr-1214	207	69	returns	return	NOUN
cblr-1214	207	70	on	on	ADP
cblr-1214	207	71	acquisitions	acquisition	NOUN
cblr-1214	207	72	)	)	PUNCT
cblr-1214	207	73	.	.	PUNCT
cblr-1214	208	1	48	48	NUM
cblr-1214	208	2	luca	luca	PROPN
cblr-1214	208	3	enriques	enrique	NOUN
cblr-1214	208	4	et	et	PROPN
cblr-1214	208	5	al	al	PROPN
cblr-1214	208	6	.	.	PROPN
cblr-1214	208	7	,	,	PUNCT
cblr-1214	208	8	the	the	DET
cblr-1214	208	9	case	case	NOUN
cblr-1214	208	10	for	for	ADP
cblr-1214	208	11	an	an	DET
cblr-1214	208	12	unbiased	unbiased	ADJ
cblr-1214	208	13	takeover	takeover	NOUN
cblr-1214	208	14	law	law	NOUN
cblr-1214	208	15	(	(	PUNCT
cblr-1214	208	16	with	with	ADP
cblr-1214	208	17	an	an	DET
cblr-1214	208	18	application	application	NOUN
cblr-1214	208	19	to	to	ADP
cblr-1214	208	20	the	the	DET
cblr-1214	208	21	european	european	PROPN
cblr-1214	208	22	union	union	PROPN
cblr-1214	208	23	)	)	PUNCT
cblr-1214	208	24	,	,	PUNCT
cblr-1214	208	25	4	4	NUM
cblr-1214	208	26	harv	harv	NOUN
cblr-1214	208	27	.	.	PUNCT
cblr-1214	209	1	bus	bus	NOUN
cblr-1214	209	2	.	.	PUNCT
cblr-1214	210	1	l.	l.	PROPN
cblr-1214	210	2	rev	rev	PROPN
cblr-1214	210	3	.	.	PROPN
cblr-1214	210	4	85	85	NUM
cblr-1214	210	5	,	,	PUNCT
cblr-1214	210	6	86–87	86–87	NUM
cblr-1214	210	7	(	(	PUNCT
cblr-1214	210	8	2014	2014	NUM
cblr-1214	210	9	)	)	PUNCT
cblr-1214	210	10	;	;	PUNCT
cblr-1214	210	11	see	see	VERB
cblr-1214	210	12	also	also	ADV
cblr-1214	210	13	william	william	PROPN
cblr-1214	210	14	t.	t.	PROPN
cblr-1214	210	15	allen	allen	PROPN
cblr-1214	210	16	et	et	PROPN
cblr-1214	210	17	al	al	PROPN
cblr-1214	210	18	.	.	PROPN
cblr-1214	210	19	,	,	PUNCT
cblr-1214	210	20	the	the	DET
cblr-1214	210	21	great	great	ADJ
cblr-1214	210	22	takeover	takeover	NOUN
cblr-1214	210	23	debate	debate	NOUN
cblr-1214	210	24	:	:	PUNCT
cblr-1214	210	25	a	a	DET
cblr-1214	210	26	meditation	meditation	NOUN
cblr-1214	210	27	on	on	ADP
cblr-1214	210	28	bridging	bridge	VERB
cblr-1214	210	29	the	the	DET
cblr-1214	210	30	conceptual	conceptual	ADJ
cblr-1214	210	31	divide	divide	NOUN
cblr-1214	210	32	,	,	PUNCT
cblr-1214	210	33	69	69	NUM
cblr-1214	210	34	u.	u.	NOUN
cblr-1214	210	35	chi	chi	PROPN
cblr-1214	210	36	.	.	PUNCT
cblr-1214	211	1	l.	l.	PROPN
cblr-1214	211	2	rev	rev	PROPN
cblr-1214	211	3	.	.	PROPN
cblr-1214	211	4	1067	1067	NUM
cblr-1214	211	5	,	,	PUNCT
cblr-1214	211	6	1071	1071	NUM
cblr-1214	211	7	,	,	PUNCT
cblr-1214	211	8	1074–77	1074–77	NUM
cblr-1214	211	9	(	(	PUNCT
cblr-1214	211	10	2002	2002	NUM
cblr-1214	211	11	)	)	PUNCT
cblr-1214	211	12	.	.	PUNCT
cblr-1214	212	1	griffin_final	griffin_final	ADJ
cblr-1214	212	2	88	88	NUM
cblr-1214	212	3	columbia	columbia	PROPN
cblr-1214	212	4	business	business	NOUN
cblr-1214	212	5	law	law	PROPN
cblr-1214	212	6	review	review	NOUN
cblr-1214	212	7	[	[	X
cblr-1214	212	8	vol	vol	NOUN
cblr-1214	212	9	.	.	NOUN
cblr-1214	212	10	2018	2018	NUM
cblr-1214	212	11	of	of	ADP
cblr-1214	212	12	poor	poor	ADJ
cblr-1214	212	13	performance.49	performance.49	NOUN
cblr-1214	212	14	ex	ex	NOUN
cblr-1214	212	15	-	-	NOUN
cblr-1214	212	16	post	post	ADJ
cblr-1214	212	17	,	,	PUNCT
cblr-1214	212	18	shareholder	shareholder	NOUN
cblr-1214	212	19	empowerment	empowerment	NOUN
cblr-1214	212	20	arguably	arguably	ADV
cblr-1214	212	21	improves	improve	VERB
cblr-1214	212	22	corporate	corporate	ADJ
cblr-1214	212	23	performance	performance	NOUN
cblr-1214	212	24	by	by	ADP
cblr-1214	212	25	providing	provide	VERB
cblr-1214	212	26	a	a	DET
cblr-1214	212	27	mechanism	mechanism	NOUN
cblr-1214	212	28	to	to	PART
cblr-1214	212	29	replace	replace	VERB
cblr-1214	212	30	underperforming	underperform	VERB
cblr-1214	212	31	directors	director	NOUN
cblr-1214	212	32	with	with	ADP
cblr-1214	212	33	superior	superior	ADJ
cblr-1214	212	34	directors.50	directors.50	NOUN
cblr-1214	212	35	on	on	ADP
cblr-1214	212	36	the	the	DET
cblr-1214	212	37	other	other	ADJ
cblr-1214	212	38	side	side	NOUN
cblr-1214	212	39	of	of	ADP
cblr-1214	212	40	the	the	DET
cblr-1214	212	41	debate	debate	NOUN
cblr-1214	212	42	,	,	PUNCT
cblr-1214	212	43	director	director	NOUN
cblr-1214	212	44	primacy	primacy	NOUN
cblr-1214	212	45	scholars	scholar	NOUN
cblr-1214	212	46	contend	contend	VERB
cblr-1214	212	47	that	that	SCONJ
cblr-1214	212	48	directors	director	NOUN
cblr-1214	212	49	have	have	VERB
cblr-1214	212	50	better	well	ADJ
cblr-1214	212	51	information	information	NOUN
cblr-1214	212	52	than	than	ADP
cblr-1214	212	53	shareholders	shareholder	NOUN
cblr-1214	212	54	as	as	ADP
cblr-1214	212	55	to	to	ADP
cblr-1214	212	56	whether	whether	SCONJ
cblr-1214	212	57	or	or	CCONJ
cblr-1214	212	58	not	not	PART
cblr-1214	212	59	a	a	DET
cblr-1214	212	60	given	give	VERB
cblr-1214	212	61	merger	merger	NOUN
cblr-1214	212	62	will	will	AUX
cblr-1214	212	63	promote	promote	VERB
cblr-1214	212	64	shareholder	shareholder	NOUN
cblr-1214	212	65	value51	value51	NOUN
cblr-1214	212	66	and	and	CCONJ
cblr-1214	212	67	that	that	SCONJ
cblr-1214	212	68	directors	director	NOUN
cblr-1214	212	69	will	will	AUX
cblr-1214	212	70	promote	promote	VERB
cblr-1214	212	71	the	the	DET
cblr-1214	212	72	longterm	longterm	ADJ
cblr-1214	212	73	interest	interest	NOUN
cblr-1214	212	74	of	of	ADP
cblr-1214	212	75	shareholders	shareholder	NOUN
cblr-1214	212	76	better	well	ADV
cblr-1214	212	77	than	than	ADP
cblr-1214	212	78	shareholders	shareholder	NOUN
cblr-1214	212	79	themselves	themselves	PRON
cblr-1214	212	80	,	,	PUNCT
cblr-1214	212	81	who	who	PRON
cblr-1214	212	82	may	may	AUX
cblr-1214	212	83	myopically	myopically	ADV
cblr-1214	212	84	focus	focus	VERB
cblr-1214	212	85	on	on	ADP
cblr-1214	212	86	short	short	ADJ
cblr-1214	212	87	-	-	PUNCT
cblr-1214	212	88	term	term	NOUN
cblr-1214	212	89	gains	gain	NOUN
cblr-1214	212	90	to	to	ADP
cblr-1214	212	91	the	the	DET
cblr-1214	212	92	detriment	detriment	NOUN
cblr-1214	212	93	of	of	ADP
cblr-1214	212	94	long	long	ADJ
cblr-1214	212	95	-	-	PUNCT
cblr-1214	212	96	term	term	NOUN
cblr-1214	212	97	growth	growth	NOUN
cblr-1214	212	98	and	and	CCONJ
cblr-1214	212	99	investment.52	investment.52	NOUN
cblr-1214	212	100	note	note	NOUN
cblr-1214	212	101	,	,	PUNCT
cblr-1214	212	102	however	however	ADV
cblr-1214	212	103	,	,	PUNCT
cblr-1214	212	104	that	that	SCONJ
cblr-1214	212	105	the	the	DET
cblr-1214	212	106	nexus	nexus	NOUN
cblr-1214	212	107	of	of	ADP
cblr-1214	212	108	this	this	DET
cblr-1214	212	109	shareholder	shareholder	NOUN
cblr-1214	212	110	-	-	PUNCT
cblr-1214	212	111	director	director	NOUN
cblr-1214	212	112	primacy	primacy	NOUN
cblr-1214	212	113	debate	debate	NOUN
cblr-1214	212	114	centers	center	NOUN
cblr-1214	212	115	on	on	ADP
cblr-1214	212	116	who	who	PRON
cblr-1214	212	117	should	should	AUX
cblr-1214	212	118	decide	decide	VERB
cblr-1214	212	119	whether	whether	SCONJ
cblr-1214	212	120	a	a	DET
cblr-1214	212	121	given	give	VERB
cblr-1214	212	122	merger	merger	NOUN
cblr-1214	212	123	promotes	promote	VERB
cblr-1214	212	124	shareholder	shareholder	NOUN
cblr-1214	212	125	value,53	value,53	NOUN
cblr-1214	212	126	and	and	CCONJ
cblr-1214	212	127	not	not	PART
cblr-1214	212	128	whether	whether	SCONJ
cblr-1214	212	129	m&a	m&a	PROPN
cblr-1214	212	130	activity	activity	NOUN
cblr-1214	212	131	that	that	PRON
cblr-1214	212	132	results	result	VERB
cblr-1214	212	133	in	in	ADP
cblr-1214	212	134	increased	increase	VERB
cblr-1214	212	135	shareholder	shareholder	NOUN
cblr-1214	212	136	wealth	wealth	NOUN
cblr-1214	212	137	should	should	AUX
cblr-1214	212	138	be	be	AUX
cblr-1214	212	139	pursued	pursue	VERB
cblr-1214	212	140	,	,	PUNCT
cblr-1214	212	141	which	which	PRON
cblr-1214	212	142	is	be	AUX
cblr-1214	212	143	a	a	DET
cblr-1214	212	144	generally	generally	ADV
cblr-1214	212	145	accepted	accept	VERB
cblr-1214	212	146	premise	premise	NOUN
cblr-1214	212	147	on	on	ADP
cblr-1214	212	148	both	both	DET
cblr-1214	212	149	sides	side	NOUN
cblr-1214	212	150	of	of	ADP
cblr-1214	212	151	the	the	DET
cblr-1214	212	152	debate.54	debate.54	PROPN
cblr-1214	212	153	indeed	indeed	ADV
cblr-1214	212	154	,	,	PUNCT
cblr-1214	212	155	those	those	PRON
cblr-1214	212	156	who	who	PRON
cblr-1214	212	157	advocate	advocate	VERB
cblr-1214	212	158	for	for	ADP
cblr-1214	212	159	shareholders	shareholder	NOUN
cblr-1214	212	160	as	as	ADP
cblr-1214	212	161	merger	merger	NOUN
cblr-1214	212	162	decision	decision	NOUN
cblr-1214	212	163	makers	maker	NOUN
cblr-1214	212	164	,	,	PUNCT
cblr-1214	212	165	such	such	ADJ
cblr-1214	212	166	as	as	ADP
cblr-1214	212	167	professors	professor	NOUN
cblr-1214	212	168	lucian	lucian	PROPN
cblr-1214	212	169	bebchuk	bebchuk	PROPN
cblr-1214	212	170	,	,	PUNCT
cblr-1214	212	171	john	john	PROPN
cblr-1214	212	172	c.	c.	PROPN
cblr-1214	212	173	coates	coat	VERB
cblr-1214	212	174	iv	iv	ADP
cblr-1214	212	175	,	,	PUNCT
cblr-1214	212	176	and	and	CCONJ
cblr-1214	212	177	guhan	guhan	PROPN
cblr-1214	212	178	subramanian	subramanian	PROPN
cblr-1214	212	179	,	,	PUNCT
cblr-1214	212	180	frequently	frequently	ADV
cblr-1214	212	181	use	use	VERB
cblr-1214	212	182	evidence	evidence	NOUN
cblr-1214	212	183	of	of	ADP
cblr-1214	212	184	positive	positive	ADJ
cblr-1214	212	185	shareholder	shareholder	NOUN
cblr-1214	212	186	returns	return	NOUN
cblr-1214	212	187	to	to	PART
cblr-1214	212	188	justify	justify	VERB
cblr-1214	212	189	shareholder	shareholder	NOUN
cblr-1214	212	190	empowerment	empowerment	NOUN
cblr-1214	212	191	and	and	CCONJ
cblr-1214	212	192	evidence	evidence	NOUN
cblr-1214	212	193	of	of	ADP
cblr-1214	212	194	negative	negative	ADJ
cblr-1214	212	195	shareholder	shareholder	NOUN
cblr-1214	212	196	returns	return	NOUN
cblr-1214	212	197	to	to	PART
cblr-1214	212	198	criticize	criticize	VERB
cblr-1214	212	199	pro	pro	ADJ
cblr-1214	212	200	-	-	ADJ
cblr-1214	212	201	board	board	ADJ
cblr-1214	212	202	provisions.55	provisions.55	NOUN
cblr-1214	212	203	even	even	ADV
cblr-1214	212	204	those	those	DET
cblr-1214	212	205	49	49	NUM
cblr-1214	212	206	easterbrook	easterbrook	PROPN
cblr-1214	212	207	&	&	CCONJ
cblr-1214	212	208	fischel	fischel	PROPN
cblr-1214	212	209	,	,	PUNCT
cblr-1214	212	210	supra	supra	PROPN
cblr-1214	212	211	note	note	PROPN
cblr-1214	212	212	25	25	NUM
cblr-1214	212	213	,	,	PUNCT
cblr-1214	212	214	at	at	ADP
cblr-1214	212	215	162–71	162–71	PROPN
cblr-1214	212	216	.	.	PUNCT
cblr-1214	213	1	50	50	NUM
cblr-1214	213	2	luca	luca	PROPN
cblr-1214	213	3	enriques	enrique	NOUN
cblr-1214	213	4	et	et	PROPN
cblr-1214	213	5	al	al	PROPN
cblr-1214	213	6	.	.	PROPN
cblr-1214	213	7	,	,	PUNCT
cblr-1214	213	8	supra	supra	PROPN
cblr-1214	213	9	note	note	NOUN
cblr-1214	213	10	48	48	NUM
cblr-1214	213	11	,	,	PUNCT
cblr-1214	213	12	at	at	ADP
cblr-1214	213	13	86	86	NUM
cblr-1214	213	14	.	.	PUNCT
cblr-1214	214	1	51	51	NUM
cblr-1214	214	2	see	see	NOUN
cblr-1214	214	3	,	,	PUNCT
cblr-1214	214	4	e.g.	e.g.	ADV
cblr-1214	214	5	,	,	PUNCT
cblr-1214	214	6	stephen	stephen	PROPN
cblr-1214	214	7	m.	m.	PROPN
cblr-1214	214	8	bainbridge	bainbridge	PROPN
cblr-1214	214	9	,	,	PUNCT
cblr-1214	214	10	response	response	NOUN
cblr-1214	214	11	,	,	PUNCT
cblr-1214	214	12	director	director	NOUN
cblr-1214	214	13	primacy	primacy	NOUN
cblr-1214	214	14	in	in	ADP
cblr-1214	214	15	corporate	corporate	ADJ
cblr-1214	214	16	takeovers	takeover	NOUN
cblr-1214	214	17	:	:	PUNCT
cblr-1214	214	18	preliminary	preliminary	ADJ
cblr-1214	214	19	reflections	reflection	NOUN
cblr-1214	214	20	,	,	PUNCT
cblr-1214	214	21	55	55	NUM
cblr-1214	214	22	stan	stan	NOUN
cblr-1214	214	23	.	.	PUNCT
cblr-1214	215	1	l.	l.	PROPN
cblr-1214	215	2	rev	rev	PROPN
cblr-1214	215	3	.	.	PROPN
cblr-1214	215	4	791	791	NUM
cblr-1214	215	5	,	,	PUNCT
cblr-1214	215	6	799–800	799–800	NUM
cblr-1214	215	7	(	(	PUNCT
cblr-1214	215	8	2002	2002	NUM
cblr-1214	215	9	)	)	PUNCT
cblr-1214	215	10	(	(	PUNCT
cblr-1214	215	11	noting	note	VERB
cblr-1214	215	12	that	that	SCONJ
cblr-1214	215	13	the	the	DET
cblr-1214	215	14	board	board	NOUN
cblr-1214	215	15	of	of	ADP
cblr-1214	215	16	directors	director	NOUN
cblr-1214	215	17	has	have	VERB
cblr-1214	215	18	superior	superior	ADJ
cblr-1214	215	19	access	access	NOUN
cblr-1214	215	20	to	to	ADP
cblr-1214	215	21	information	information	NOUN
cblr-1214	215	22	than	than	ADP
cblr-1214	215	23	other	other	ADJ
cblr-1214	215	24	constituencies	constituency	NOUN
cblr-1214	215	25	)	)	PUNCT
cblr-1214	215	26	.	.	PUNCT
cblr-1214	216	1	52	52	NUM
cblr-1214	216	2	see	see	VERB
cblr-1214	216	3	,	,	PUNCT
cblr-1214	216	4	e.g.	e.g.	ADV
cblr-1214	216	5	,	,	PUNCT
cblr-1214	216	6	martin	martin	PROPN
cblr-1214	216	7	lipton	lipton	PROPN
cblr-1214	216	8	,	,	PUNCT
cblr-1214	216	9	corporate	corporate	ADJ
cblr-1214	216	10	governance	governance	NOUN
cblr-1214	216	11	in	in	ADP
cblr-1214	216	12	the	the	DET
cblr-1214	216	13	age	age	NOUN
cblr-1214	216	14	of	of	ADP
cblr-1214	216	15	finance	finance	NOUN
cblr-1214	216	16	corporatism	corporatism	NOUN
cblr-1214	216	17	,	,	PUNCT
cblr-1214	216	18	136	136	NUM
cblr-1214	216	19	u.	u.	NOUN
cblr-1214	216	20	pa	pa	PROPN
cblr-1214	216	21	.	.	PUNCT
cblr-1214	216	22	l.	l.	PROPN
cblr-1214	216	23	rev	rev	PROPN
cblr-1214	216	24	.	.	PROPN
cblr-1214	216	25	1	1	NUM
cblr-1214	216	26	,	,	PUNCT
cblr-1214	216	27	5–6	5–6	NUM
cblr-1214	216	28	(	(	PUNCT
cblr-1214	216	29	1987	1987	NUM
cblr-1214	216	30	)	)	PUNCT
cblr-1214	216	31	(	(	PUNCT
cblr-1214	216	32	noting	note	VERB
cblr-1214	216	33	that	that	SCONJ
cblr-1214	216	34	institutional	institutional	ADJ
cblr-1214	216	35	investors	investor	NOUN
cblr-1214	216	36	’	'	PUNCT
cblr-1214	216	37	short	short	ADJ
cblr-1214	216	38	-	-	PUNCT
cblr-1214	216	39	termism	termism	NOUN
cblr-1214	216	40	resulted	result	VERB
cblr-1214	216	41	in	in	ADP
cblr-1214	216	42	a	a	DET
cblr-1214	216	43	detrimental	detrimental	ADJ
cblr-1214	216	44	surge	surge	NOUN
cblr-1214	216	45	of	of	ADP
cblr-1214	216	46	takeovers	takeover	NOUN
cblr-1214	216	47	that	that	PRON
cblr-1214	216	48	harm	harm	VERB
cblr-1214	216	49	shareholders	shareholder	VERB
cblr-1214	216	50	themselves	themselves	PRON
cblr-1214	216	51	and	and	CCONJ
cblr-1214	216	52	the	the	DET
cblr-1214	216	53	larger	large	ADJ
cblr-1214	216	54	economy	economy	NOUN
cblr-1214	216	55	)	)	PUNCT
cblr-1214	216	56	.	.	PUNCT
cblr-1214	217	1	53	53	NUM
cblr-1214	217	2	bainbridge	bainbridge	PROPN
cblr-1214	217	3	,	,	PUNCT
cblr-1214	217	4	supra	supra	PROPN
cblr-1214	217	5	note	note	NOUN
cblr-1214	217	6	47	47	NUM
cblr-1214	217	7	,	,	PUNCT
cblr-1214	217	8	at	at	ADP
cblr-1214	217	9	605	605	NUM
cblr-1214	217	10	.	.	PUNCT
cblr-1214	217	11	54	54	NUM
cblr-1214	217	12	see	see	VERB
cblr-1214	217	13	,	,	PUNCT
cblr-1214	217	14	e.g.	e.g.	ADV
cblr-1214	217	15	,	,	PUNCT
cblr-1214	217	16	i	i	PRON
cblr-1214	217	17	d.	d.	VERB
cblr-1214	217	18	at	at	ADP
cblr-1214	217	19	550	550	NUM
cblr-1214	217	20	(	(	PUNCT
cblr-1214	217	21	“	"	PUNCT
cblr-1214	217	22	[	[	X
cblr-1214	217	23	t]he	t]he	ADV
cblr-1214	217	24	director	director	NOUN
cblr-1214	217	25	primacy	primacy	NOUN
cblr-1214	217	26	theory	theory	NOUN
cblr-1214	217	27	embraces	embrace	VERB
cblr-1214	217	28	the	the	DET
cblr-1214	217	29	shareholder	shareholder	NOUN
cblr-1214	217	30	wealth	wealth	NOUN
cblr-1214	217	31	maximization	maximization	NOUN
cblr-1214	217	32	norm	norm	NOUN
cblr-1214	217	33	.	.	PUNCT
cblr-1214	217	34	.	.	PUNCT
cblr-1214	217	35	.	.	PUNCT
cblr-1214	217	36	.	.	PUNCT
cblr-1214	217	37	”	"	PUNCT
cblr-1214	217	38	)	)	PUNCT
cblr-1214	217	39	.	.	PUNCT
cblr-1214	218	1	55	55	NUM
cblr-1214	218	2	see	see	VERB
cblr-1214	218	3	,	,	PUNCT
cblr-1214	218	4	e.g.	e.g.	ADV
cblr-1214	218	5	,	,	PUNCT
cblr-1214	218	6	lucian	lucian	PROPN
cblr-1214	218	7	arye	arye	PROPN
cblr-1214	218	8	bebchuk	bebchuk	PROPN
cblr-1214	218	9	,	,	PUNCT
cblr-1214	218	10	the	the	DET
cblr-1214	218	11	case	case	NOUN
cblr-1214	218	12	for	for	ADP
cblr-1214	218	13	increasing	increase	VERB
cblr-1214	218	14	shareholder	shareholder	NOUN
cblr-1214	218	15	power	power	NOUN
cblr-1214	218	16	,	,	PUNCT
cblr-1214	218	17	118	118	NUM
cblr-1214	218	18	harv	harv	NOUN
cblr-1214	218	19	.	.	PUNCT
cblr-1214	219	1	l.	l.	PROPN
cblr-1214	219	2	rev	rev	PROPN
cblr-1214	219	3	.	.	PROPN
cblr-1214	219	4	833	833	NUM
cblr-1214	219	5	,	,	PUNCT
cblr-1214	219	6	853	853	NUM
cblr-1214	219	7	(	(	PUNCT
cblr-1214	219	8	2005	2005	NUM
cblr-1214	219	9	)	)	PUNCT
cblr-1214	219	10	(	(	PUNCT
cblr-1214	219	11	citing	cite	VERB
cblr-1214	219	12	evidence	evidence	NOUN
cblr-1214	219	13	that	that	SCONJ
cblr-1214	219	14	a	a	DET
cblr-1214	219	15	staggered	staggered	ADJ
cblr-1214	219	16	board	board	NOUN
cblr-1214	219	17	“	"	PUNCT
cblr-1214	219	18	considerably	considerably	ADV
cblr-1214	219	19	reduces	reduce	VERB
cblr-1214	219	20	the	the	DET
cblr-1214	219	21	returns	return	NOUN
cblr-1214	219	22	to	to	ADP
cblr-1214	219	23	the	the	DET
cblr-1214	219	24	target	target	NOUN
cblr-1214	219	25	’s	’s	PART
cblr-1214	219	26	shareholders	shareholder	NOUN
cblr-1214	219	27	both	both	CCONJ
cblr-1214	219	28	in	in	ADP
cblr-1214	219	29	the	the	DET
cblr-1214	219	30	short	short	ADJ
cblr-1214	219	31	-	-	PUNCT
cblr-1214	219	32	run	run	NOUN
cblr-1214	219	33	and	and	CCONJ
cblr-1214	219	34	in	in	ADP
cblr-1214	219	35	the	the	DET
cblr-1214	219	36	long	long	ADV
cblr-1214	219	37	-	-	PUNCT
cblr-1214	219	38	run	run	NOUN
cblr-1214	219	39	”	"	PUNCT
cblr-1214	219	40	)	)	PUNCT
cblr-1214	219	41	;	;	PUNCT
cblr-1214	219	42	lucian	lucian	PROPN
cblr-1214	219	43	bebchuk	bebchuk	PROPN
cblr-1214	219	44	et	et	PROPN
cblr-1214	219	45	al	al	PROPN
cblr-1214	219	46	.	.	PROPN
cblr-1214	219	47	,	,	PUNCT
cblr-1214	219	48	what	what	PRON
cblr-1214	219	49	matters	matter	VERB
cblr-1214	219	50	in	in	ADP
cblr-1214	219	51	corporate	corporate	ADJ
cblr-1214	219	52	governance	governance	NOUN
cblr-1214	219	53	?	?	PUNCT
cblr-1214	219	54	,	,	PUNCT
cblr-1214	219	55	39	39	NUM
cblr-1214	219	56	(	(	PUNCT
cblr-1214	219	57	john	john	PROPN
cblr-1214	219	58	m.	m.	PROPN
cblr-1214	219	59	olin	olin	PROPN
cblr-1214	219	60	ctr	ctr	PROPN
cblr-1214	219	61	.	.	PUNCT
cblr-1214	220	1	for	for	ADP
cblr-1214	220	2	law	law	NOUN
cblr-1214	220	3	,	,	PUNCT
cblr-1214	220	4	econ	econ	PROPN
cblr-1214	220	5	.	.	PUNCT
cblr-1214	220	6	&	&	CCONJ
cblr-1214	220	7	bus	bus	PROPN
cblr-1214	220	8	.	.	PUNCT
cblr-1214	220	9	,	,	PUNCT
cblr-1214	220	10	discussion	discussion	NOUN
cblr-1214	220	11	paper	paper	NOUN
cblr-1214	220	12	no	no	INTJ
cblr-1214	220	13	.	.	PROPN
cblr-1214	220	14	491	491	NUM
cblr-1214	220	15	,	,	PUNCT
cblr-1214	220	16	2004	2004	NUM
cblr-1214	220	17	)	)	PUNCT
cblr-1214	220	18	(	(	PUNCT
cblr-1214	220	19	finding	find	VERB
cblr-1214	220	20	that	that	SCONJ
cblr-1214	220	21	“	"	PUNCT
cblr-1214	220	22	entrenching	entrench	VERB
cblr-1214	220	23	provisions	provision	NOUN
cblr-1214	220	24	”	"	PUNCT
cblr-1214	220	25	griffin_final	griffin_final	ADJ
cblr-1214	220	26	no	no	NOUN
cblr-1214	220	27	.	.	PUNCT
cblr-1214	221	1	1:70	1:70	NUM
cblr-1214	221	2	]	]	PUNCT
cblr-1214	221	3	the	the	DET
cblr-1214	221	4	hidden	hidden	ADJ
cblr-1214	221	5	cost	cost	NOUN
cblr-1214	221	6	of	of	ADP
cblr-1214	221	7	m&a	m&a	PROPN
cblr-1214	221	8	89	89	NUM
cblr-1214	221	9	who	who	PRON
cblr-1214	221	10	believe	believe	VERB
cblr-1214	221	11	that	that	SCONJ
cblr-1214	221	12	directors	director	NOUN
cblr-1214	221	13	are	be	AUX
cblr-1214	221	14	the	the	DET
cblr-1214	221	15	proper	proper	ADJ
cblr-1214	221	16	decision	decision	NOUN
cblr-1214	221	17	makers	maker	NOUN
cblr-1214	221	18	seek	seek	VERB
cblr-1214	221	19	to	to	PART
cblr-1214	221	20	legitimize	legitimize	VERB
cblr-1214	221	21	the	the	DET
cblr-1214	221	22	board	board	NOUN
cblr-1214	221	23	’s	’s	PART
cblr-1214	221	24	role	role	NOUN
cblr-1214	221	25	in	in	ADP
cblr-1214	221	26	merger	merger	NOUN
cblr-1214	221	27	decision	decision	NOUN
cblr-1214	221	28	-	-	PUNCT
cblr-1214	221	29	making	making	NOUN
cblr-1214	221	30	by	by	ADP
cblr-1214	221	31	citing	cite	VERB
cblr-1214	221	32	both	both	DET
cblr-1214	221	33	directors	director	NOUN
cblr-1214	221	34	’	'	PUNCT
cblr-1214	221	35	willingness	willingness	NOUN
cblr-1214	221	36	to	to	PART
cblr-1214	221	37	pursue	pursue	VERB
cblr-1214	221	38	mergers	merger	NOUN
cblr-1214	221	39	that	that	PRON
cblr-1214	221	40	generate	generate	VERB
cblr-1214	221	41	gains	gain	NOUN
cblr-1214	221	42	for	for	ADP
cblr-1214	221	43	stockholders	stockholder	NOUN
cblr-1214	221	44	and	and	CCONJ
cblr-1214	221	45	the	the	DET
cblr-1214	221	46	beneficial	beneficial	ADJ
cblr-1214	221	47	effects	effect	NOUN
cblr-1214	221	48	of	of	ADP
cblr-1214	221	49	proboard	proboard	ADJ
cblr-1214	221	50	provisions	provision	NOUN
cblr-1214	221	51	on	on	ADP
cblr-1214	221	52	stockholder	stockholder	NOUN
cblr-1214	221	53	returns.56	returns.56	VERB
cblr-1214	221	54	on	on	ADP
cblr-1214	221	55	both	both	DET
cblr-1214	221	56	sides	side	NOUN
cblr-1214	221	57	of	of	ADP
cblr-1214	221	58	the	the	DET
cblr-1214	221	59	debate	debate	NOUN
cblr-1214	221	60	,	,	PUNCT
cblr-1214	221	61	then	then	ADV
cblr-1214	221	62	,	,	PUNCT
cblr-1214	221	63	scholars	scholar	NOUN
cblr-1214	221	64	are	be	AUX
cblr-1214	221	65	united	unite	VERB
cblr-1214	221	66	in	in	ADP
cblr-1214	221	67	the	the	DET
cblr-1214	221	68	belief	belief	NOUN
cblr-1214	221	69	that	that	SCONJ
cblr-1214	221	70	,	,	PUNCT
cblr-1214	221	71	whoever	whoever	PRON
cblr-1214	221	72	the	the	DET
cblr-1214	221	73	appropriate	appropriate	ADJ
cblr-1214	221	74	decision	decision	NOUN
cblr-1214	221	75	maker	maker	NOUN
cblr-1214	221	76	may	may	AUX
cblr-1214	221	77	be	be	AUX
cblr-1214	221	78	,	,	PUNCT
cblr-1214	221	79	that	that	DET
cblr-1214	221	80	decision	decision	NOUN
cblr-1214	221	81	maker	maker	NOUN
cblr-1214	221	82	ought	ought	AUX
cblr-1214	221	83	to	to	PART
cblr-1214	221	84	pursue	pursue	VERB
cblr-1214	221	85	m&a	m&a	PROPN
cblr-1214	221	86	that	that	PRON
cblr-1214	221	87	increases	increase	VERB
cblr-1214	221	88	shareholder	shareholder	NOUN
cblr-1214	221	89	wealth	wealth	NOUN
cblr-1214	221	90	.	.	PUNCT
cblr-1214	222	1	to	to	PART
cblr-1214	222	2	be	be	AUX
cblr-1214	222	3	sure	sure	ADJ
cblr-1214	222	4	,	,	PUNCT
cblr-1214	222	5	some	some	DET
cblr-1214	222	6	scholars	scholar	NOUN
cblr-1214	222	7	have	have	AUX
cblr-1214	222	8	argued	argue	VERB
cblr-1214	222	9	that	that	SCONJ
cblr-1214	222	10	a	a	DET
cblr-1214	222	11	proper	proper	ADJ
cblr-1214	222	12	analysis	analysis	NOUN
cblr-1214	222	13	of	of	ADP
cblr-1214	222	14	m&a	m&a	PROPN
cblr-1214	222	15	activity	activity	NOUN
cblr-1214	222	16	should	should	AUX
cblr-1214	222	17	extend	extend	VERB
cblr-1214	222	18	beyond	beyond	ADP
cblr-1214	222	19	a	a	DET
cblr-1214	222	20	narrow	narrow	ADJ
cblr-1214	222	21	focus	focus	NOUN
cblr-1214	222	22	on	on	ADP
cblr-1214	222	23	shareholder	shareholder	NOUN
cblr-1214	222	24	wealth	wealth	NOUN
cblr-1214	222	25	.	.	PUNCT
cblr-1214	223	1	one	one	NUM
cblr-1214	223	2	common	common	ADJ
cblr-1214	223	3	criticism	criticism	NOUN
cblr-1214	223	4	is	be	AUX
cblr-1214	223	5	that	that	SCONJ
cblr-1214	223	6	m&a	m&a	PROPN
cblr-1214	223	7	activity	activity	NOUN
cblr-1214	223	8	imposes	impose	VERB
cblr-1214	223	9	substantial	substantial	ADJ
cblr-1214	223	10	costs	cost	NOUN
cblr-1214	223	11	on	on	ADP
cblr-1214	223	12	managers	manager	NOUN
cblr-1214	223	13	,	,	PUNCT
cblr-1214	223	14	creditors	creditor	NOUN
cblr-1214	223	15	,	,	PUNCT
cblr-1214	223	16	employees	employee	NOUN
cblr-1214	223	17	,	,	PUNCT
cblr-1214	223	18	customers	customer	NOUN
cblr-1214	223	19	,	,	PUNCT
cblr-1214	223	20	suppliers	supplier	NOUN
cblr-1214	223	21	,	,	PUNCT
cblr-1214	223	22	and	and	CCONJ
cblr-1214	223	23	local	local	ADJ
cblr-1214	223	24	communities	community	NOUN
cblr-1214	223	25	and	and	CCONJ
cblr-1214	223	26	that	that	SCONJ
cblr-1214	223	27	these	these	DET
cblr-1214	223	28	costs	cost	NOUN
cblr-1214	223	29	should	should	AUX
cblr-1214	223	30	be	be	AUX
cblr-1214	223	31	factored	factor	VERB
cblr-1214	223	32	into	into	ADP
cblr-1214	223	33	assessments	assessment	NOUN
cblr-1214	223	34	of	of	ADP
cblr-1214	223	35	merger	merger	NOUN
cblr-1214	223	36	desirability.57	desirability.57	PROPN
cblr-1214	223	37	a	a	DET
cblr-1214	223	38	related	related	ADJ
cblr-1214	223	39	criticism	criticism	NOUN
cblr-1214	223	40	argues	argue	VERB
cblr-1214	223	41	that	that	SCONJ
cblr-1214	223	42	directors	director	NOUN
cblr-1214	223	43	should	should	AUX
cblr-1214	223	44	consider	consider	VERB
cblr-1214	223	45	stakeholder	stakeholder	NOUN
cblr-1214	223	46	interests	interest	NOUN
cblr-1214	223	47	when	when	SCONJ
cblr-1214	223	48	deciding	decide	VERB
cblr-1214	223	49	whether	whether	SCONJ
cblr-1214	223	50	to	to	PART
cblr-1214	223	51	pursue	pursue	VERB
cblr-1214	223	52	mergers.58	mergers.58	PROPN
cblr-1214	223	53	such	such	ADJ
cblr-1214	223	54	arguments	argument	NOUN
cblr-1214	223	55	beg	beg	VERB
cblr-1214	223	56	the	the	DET
cblr-1214	223	57	question	question	NOUN
cblr-1214	223	58	of	of	ADP
cblr-1214	223	59	whether	whether	SCONJ
cblr-1214	223	60	correlated	correlate	VERB
cblr-1214	223	61	negatively	negatively	ADV
cblr-1214	223	62	with	with	ADP
cblr-1214	223	63	stock	stock	NOUN
cblr-1214	223	64	returns	return	NOUN
cblr-1214	223	65	from	from	ADP
cblr-1214	223	66	1990–2003	1990–2003	NUM
cblr-1214	223	67	)	)	PUNCT
cblr-1214	223	68	;	;	PUNCT
cblr-1214	224	1	bebchuk	bebchuk	PROPN
cblr-1214	224	2	et	et	PROPN
cblr-1214	224	3	al	al	PROPN
cblr-1214	224	4	.	.	PROPN
cblr-1214	224	5	,	,	PUNCT
cblr-1214	224	6	supra	supra	PROPN
cblr-1214	224	7	note	note	PROPN
cblr-1214	224	8	43	43	NUM
cblr-1214	224	9	,	,	PUNCT
cblr-1214	224	10	at	at	ADP
cblr-1214	224	11	891	891	NUM
cblr-1214	224	12	(	(	PUNCT
cblr-1214	224	13	arguing	argue	VERB
cblr-1214	224	14	that	that	SCONJ
cblr-1214	224	15	staggered	staggered	ADJ
cblr-1214	224	16	boards	board	NOUN
cblr-1214	224	17	reduce	reduce	VERB
cblr-1214	224	18	shareholder	shareholder	NOUN
cblr-1214	224	19	returns	return	NOUN
cblr-1214	224	20	)	)	PUNCT
cblr-1214	224	21	.	.	PUNCT
cblr-1214	225	1	56	56	NUM
cblr-1214	225	2	see	see	NOUN
cblr-1214	225	3	,	,	PUNCT
cblr-1214	225	4	e.g.	e.g.	ADV
cblr-1214	225	5	,	,	PUNCT
cblr-1214	225	6	stephen	stephen	PROPN
cblr-1214	225	7	m.	m.	PROPN
cblr-1214	225	8	bainbridge	bainbridge	PROPN
cblr-1214	225	9	,	,	PUNCT
cblr-1214	225	10	unocal	unocal	PROPN
cblr-1214	225	11	at	at	ADP
cblr-1214	225	12	20	20	NUM
cblr-1214	225	13	:	:	PUNCT
cblr-1214	225	14	director	director	NOUN
cblr-1214	225	15	primacy	primacy	NOUN
cblr-1214	225	16	in	in	ADP
cblr-1214	225	17	corporate	corporate	ADJ
cblr-1214	225	18	takeovers	takeover	NOUN
cblr-1214	225	19	,	,	PUNCT
cblr-1214	225	20	31	31	NUM
cblr-1214	225	21	del	del	PROPN
cblr-1214	225	22	.	.	PROPN
cblr-1214	225	23	j.	j.	PROPN
cblr-1214	225	24	corp	corp	PROPN
cblr-1214	225	25	.	.	PROPN
cblr-1214	225	26	l.	l.	PROPN
cblr-1214	225	27	769	769	NUM
cblr-1214	225	28	,	,	PUNCT
cblr-1214	225	29	820	820	NUM
cblr-1214	225	30	(	(	PUNCT
cblr-1214	225	31	2006	2006	NUM
cblr-1214	225	32	)	)	PUNCT
cblr-1214	225	33	;	;	PUNCT
cblr-1214	225	34	martin	martin	PROPN
cblr-1214	225	35	lipton	lipton	PROPN
cblr-1214	225	36	&	&	CCONJ
cblr-1214	225	37	paul	paul	PROPN
cblr-1214	225	38	k.	k.	PROPN
cblr-1214	225	39	rowe	rowe	PROPN
cblr-1214	225	40	,	,	PUNCT
cblr-1214	225	41	response	response	NOUN
cblr-1214	225	42	,	,	PUNCT
cblr-1214	225	43	pills	pill	NOUN
cblr-1214	225	44	,	,	PUNCT
cblr-1214	225	45	polls	poll	NOUN
cblr-1214	225	46	and	and	CCONJ
cblr-1214	225	47	professors	professor	NOUN
cblr-1214	225	48	:	:	PUNCT
cblr-1214	225	49	a	a	DET
cblr-1214	225	50	reply	reply	NOUN
cblr-1214	225	51	to	to	ADP
cblr-1214	225	52	professor	professor	PROPN
cblr-1214	225	53	gilson	gilson	PROPN
cblr-1214	225	54	,	,	PUNCT
cblr-1214	225	55	27	27	NUM
cblr-1214	225	56	del	del	PROPN
cblr-1214	225	57	.	.	PROPN
cblr-1214	225	58	j.	j.	PROPN
cblr-1214	225	59	corp	corp	PROPN
cblr-1214	225	60	.	.	PROPN
cblr-1214	225	61	l.	l.	PROPN
cblr-1214	225	62	1	1	NUM
cblr-1214	225	63	,	,	PUNCT
cblr-1214	225	64	21	21	NUM
cblr-1214	225	65	(	(	PUNCT
cblr-1214	225	66	2002	2002	NUM
cblr-1214	225	67	)	)	PUNCT
cblr-1214	225	68	(	(	PUNCT
cblr-1214	225	69	citing	cite	VERB
cblr-1214	225	70	evidence	evidence	NOUN
cblr-1214	225	71	that	that	SCONJ
cblr-1214	225	72	pills	pill	NOUN
cblr-1214	225	73	increase	increase	VERB
cblr-1214	225	74	shareholder	shareholder	NOUN
cblr-1214	225	75	returns	return	NOUN
cblr-1214	225	76	)	)	PUNCT
cblr-1214	225	77	.	.	PUNCT
cblr-1214	226	1	57	57	NUM
cblr-1214	226	2	strine	strine	NOUN
cblr-1214	226	3	,	,	PUNCT
cblr-1214	226	4	supra	supra	PROPN
cblr-1214	226	5	note	note	PROPN
cblr-1214	226	6	27	27	NUM
cblr-1214	226	7	,	,	PUNCT
cblr-1214	226	8	at	at	ADP
cblr-1214	226	9	1945–47	1945–47	NUM
cblr-1214	226	10	;	;	PUNCT
cblr-1214	226	11	see	see	VERB
cblr-1214	226	12	also	also	ADV
cblr-1214	226	13	alexander	alexander	PROPN
cblr-1214	226	14	c.	c.	PROPN
cblr-1214	226	15	gavis	gavis	PROPN
cblr-1214	226	16	,	,	PUNCT
cblr-1214	226	17	a	a	DET
cblr-1214	226	18	framework	framework	NOUN
cblr-1214	226	19	for	for	ADP
cblr-1214	226	20	satisfying	satisfy	VERB
cblr-1214	226	21	corporate	corporate	ADJ
cblr-1214	226	22	directors	director	NOUN
cblr-1214	226	23	’	'	PUNCT
cblr-1214	226	24	responsibilities	responsibility	NOUN
cblr-1214	226	25	under	under	ADP
cblr-1214	226	26	state	state	NOUN
cblr-1214	226	27	nonshareholder	nonshareholder	NOUN
cblr-1214	226	28	constituency	constituency	NOUN
cblr-1214	226	29	statutes	statute	NOUN
cblr-1214	226	30	:	:	PUNCT
cblr-1214	226	31	the	the	DET
cblr-1214	226	32	use	use	NOUN
cblr-1214	226	33	of	of	ADP
cblr-1214	226	34	explicit	explicit	ADJ
cblr-1214	226	35	contracts	contract	NOUN
cblr-1214	226	36	,	,	PUNCT
cblr-1214	226	37	138	138	NUM
cblr-1214	226	38	u.	u.	PROPN
cblr-1214	226	39	pa	pa	PROPN
cblr-1214	226	40	.	.	PROPN
cblr-1214	226	41	l.	l.	PROPN
cblr-1214	226	42	rev	rev	PROPN
cblr-1214	226	43	.	.	PROPN
cblr-1214	226	44	1451	1451	NUM
cblr-1214	226	45	,	,	PUNCT
cblr-1214	226	46	1453	1453	NUM
cblr-1214	226	47	(	(	PUNCT
cblr-1214	226	48	1990	1990	NUM
cblr-1214	226	49	)	)	PUNCT
cblr-1214	226	50	.	.	PUNCT
cblr-1214	227	1	58	58	NUM
cblr-1214	227	2	see	see	VERB
cblr-1214	227	3	,	,	PUNCT
cblr-1214	227	4	e.g.	e.g.	ADV
cblr-1214	227	5	,	,	PUNCT
cblr-1214	227	6	blair	blair	PROPN
cblr-1214	227	7	&	&	CCONJ
cblr-1214	227	8	stout	stout	PROPN
cblr-1214	227	9	,	,	PUNCT
cblr-1214	227	10	supra	supra	PROPN
cblr-1214	227	11	note	note	PROPN
cblr-1214	227	12	14	14	NUM
cblr-1214	227	13	,	,	PUNCT
cblr-1214	227	14	at	at	ADP
cblr-1214	227	15	304–05	304–05	NUM
cblr-1214	227	16	(	(	PUNCT
cblr-1214	227	17	applying	apply	VERB
cblr-1214	227	18	the	the	DET
cblr-1214	227	19	mediating	mediate	VERB
cblr-1214	227	20	hierarchy	hierarchy	NOUN
cblr-1214	227	21	model	model	NOUN
cblr-1214	227	22	to	to	ADP
cblr-1214	227	23	director	director	NOUN
cblr-1214	227	24	decision	decision	NOUN
cblr-1214	227	25	-	-	PUNCT
cblr-1214	227	26	making	making	NOUN
cblr-1214	227	27	)	)	PUNCT
cblr-1214	227	28	;	;	PUNCT
cblr-1214	227	29	john	john	PROPN
cblr-1214	227	30	c.	c.	PROPN
cblr-1214	227	31	coffee	coffee	PROPN
cblr-1214	227	32	,	,	PUNCT
cblr-1214	227	33	jr	jr	PROPN
cblr-1214	227	34	.	.	PROPN
cblr-1214	227	35	,	,	PUNCT
cblr-1214	227	36	the	the	DET
cblr-1214	227	37	uncertain	uncertain	ADJ
cblr-1214	227	38	case	case	NOUN
cblr-1214	227	39	for	for	ADP
cblr-1214	227	40	takeover	takeover	NOUN
cblr-1214	227	41	reform	reform	NOUN
cblr-1214	227	42	:	:	PUNCT
cblr-1214	227	43	an	an	DET
cblr-1214	227	44	essay	essay	NOUN
cblr-1214	227	45	on	on	ADP
cblr-1214	227	46	stockholders	stockholder	NOUN
cblr-1214	227	47	,	,	PUNCT
cblr-1214	227	48	stakeholders	stakeholder	NOUN
cblr-1214	227	49	and	and	CCONJ
cblr-1214	227	50	bust	bust	NOUN
cblr-1214	227	51	-	-	PUNCT
cblr-1214	227	52	ups	up	NOUN
cblr-1214	227	53	,	,	PUNCT
cblr-1214	227	54	1988	1988	NUM
cblr-1214	227	55	wis	wis	NOUN
cblr-1214	227	56	.	.	PUNCT
cblr-1214	228	1	l.	l.	PROPN
cblr-1214	228	2	rev	rev	PROPN
cblr-1214	228	3	.	.	PROPN
cblr-1214	229	1	435	435	NUM
cblr-1214	229	2	(	(	PUNCT
cblr-1214	229	3	1988	1988	NUM
cblr-1214	229	4	)	)	PUNCT
cblr-1214	229	5	(	(	PUNCT
cblr-1214	229	6	arguing	argue	VERB
cblr-1214	229	7	for	for	ADP
cblr-1214	229	8	the	the	DET
cblr-1214	229	9	consideration	consideration	NOUN
cblr-1214	229	10	of	of	ADP
cblr-1214	229	11	stakeholder	stakeholder	NOUN
cblr-1214	229	12	interests	interest	NOUN
cblr-1214	229	13	when	when	SCONJ
cblr-1214	229	14	evaluating	evaluate	VERB
cblr-1214	229	15	takeovers	takeover	NOUN
cblr-1214	229	16	)	)	PUNCT
cblr-1214	229	17	;	;	PUNCT
cblr-1214	230	1	peter	peter	PROPN
cblr-1214	230	2	o.	o.	PROPN
cblr-1214	230	3	steiner	steiner	PROPN
cblr-1214	230	4	,	,	PUNCT
cblr-1214	230	5	mergers	merger	NOUN
cblr-1214	230	6	:	:	PUNCT
cblr-1214	230	7	motives	motive	NOUN
cblr-1214	230	8	,	,	PUNCT
cblr-1214	230	9	effects	effect	NOUN
cblr-1214	230	10	,	,	PUNCT
cblr-1214	230	11	policies	policy	NOUN
cblr-1214	230	12	47–74	47–74	NUM
cblr-1214	230	13	(	(	PUNCT
cblr-1214	230	14	1975	1975	NUM
cblr-1214	230	15	)	)	PUNCT
cblr-1214	230	16	(	(	PUNCT
cblr-1214	230	17	indicating	indicate	VERB
cblr-1214	230	18	that	that	SCONJ
cblr-1214	230	19	synergy	synergy	NOUN
cblr-1214	230	20	gains	gain	NOUN
cblr-1214	230	21	can	can	AUX
cblr-1214	230	22	come	come	VERB
cblr-1214	230	23	from	from	ADP
cblr-1214	230	24	the	the	DET
cblr-1214	230	25	cost	cost	NOUN
cblr-1214	230	26	reductions	reduction	NOUN
cblr-1214	230	27	involved	involve	VERB
cblr-1214	230	28	in	in	ADP
cblr-1214	230	29	combining	combine	VERB
cblr-1214	230	30	two	two	NUM
cblr-1214	230	31	businesses	business	NOUN
cblr-1214	230	32	)	)	PUNCT
cblr-1214	230	33	;	;	PUNCT
cblr-1214	230	34	joseph	joseph	PROPN
cblr-1214	230	35	f.	f.	PROPN
cblr-1214	230	36	brodley	brodley	PROPN
cblr-1214	230	37	,	,	PUNCT
cblr-1214	230	38	antitrust	antitrust	ADJ
cblr-1214	230	39	standing	standing	NOUN
cblr-1214	230	40	in	in	ADP
cblr-1214	230	41	private	private	ADJ
cblr-1214	230	42	merger	merger	NOUN
cblr-1214	230	43	cases	case	NOUN
cblr-1214	230	44	:	:	PUNCT
cblr-1214	230	45	reconciling	reconcile	VERB
cblr-1214	230	46	private	private	ADJ
cblr-1214	230	47	incentives	incentive	NOUN
cblr-1214	230	48	and	and	CCONJ
cblr-1214	230	49	public	public	ADJ
cblr-1214	230	50	enforcement	enforcement	NOUN
cblr-1214	230	51	goals	goal	NOUN
cblr-1214	230	52	,	,	PUNCT
cblr-1214	230	53	94	94	NUM
cblr-1214	230	54	mich	mich	X
cblr-1214	230	55	.	.	PUNCT
cblr-1214	231	1	l.	l.	PROPN
cblr-1214	231	2	rev	rev	PROPN
cblr-1214	231	3	.	.	PROPN
cblr-1214	231	4	1	1	NUM
cblr-1214	231	5	,	,	PUNCT
cblr-1214	231	6	88	88	NUM
cblr-1214	231	7	(	(	PUNCT
cblr-1214	231	8	1995	1995	NUM
cblr-1214	231	9	)	)	PUNCT
cblr-1214	231	10	(	(	PUNCT
cblr-1214	232	1	noting	note	VERB
cblr-1214	232	2	that	that	SCONJ
cblr-1214	232	3	collusive	collusive	ADJ
cblr-1214	232	4	mergers	merger	NOUN
cblr-1214	232	5	can	can	AUX
cblr-1214	232	6	harm	harm	VERB
cblr-1214	232	7	stakeholder	stakeholder	NOUN
cblr-1214	232	8	groups	group	NOUN
cblr-1214	232	9	)	)	PUNCT
cblr-1214	232	10	.	.	PUNCT
cblr-1214	233	1	griffin_final	griffin_final	ADJ
cblr-1214	233	2	90	90	NUM
cblr-1214	233	3	columbia	columbia	PROPN
cblr-1214	233	4	business	business	NOUN
cblr-1214	233	5	law	law	PROPN
cblr-1214	233	6	review	review	NOUN
cblr-1214	233	7	[	[	X
cblr-1214	233	8	vol	vol	NOUN
cblr-1214	233	9	.	.	NOUN
cblr-1214	233	10	2018	2018	NUM
cblr-1214	233	11	shareholder	shareholder	NOUN
cblr-1214	233	12	wealth	wealth	NOUN
cblr-1214	233	13	maximization	maximization	NOUN
cblr-1214	233	14	in	in	ADP
cblr-1214	233	15	the	the	DET
cblr-1214	233	16	context	context	NOUN
cblr-1214	233	17	of	of	ADP
cblr-1214	233	18	m&a	m&a	PROPN
cblr-1214	233	19	deals	deal	NOUN
cblr-1214	233	20	comes	come	VERB
cblr-1214	233	21	at	at	ADP
cblr-1214	233	22	the	the	DET
cblr-1214	233	23	cost	cost	NOUN
cblr-1214	233	24	of	of	ADP
cblr-1214	233	25	broader	broad	ADJ
cblr-1214	233	26	societal	societal	ADJ
cblr-1214	233	27	welfare	welfare	NOUN
cblr-1214	233	28	.	.	PUNCT
cblr-1214	234	1	proponents	proponent	NOUN
cblr-1214	234	2	of	of	ADP
cblr-1214	234	3	the	the	DET
cblr-1214	234	4	shareholder	shareholder	NOUN
cblr-1214	234	5	wealth	wealth	NOUN
cblr-1214	234	6	maximization	maximization	NOUN
cblr-1214	234	7	norm	norm	NOUN
cblr-1214	234	8	are	be	AUX
cblr-1214	234	9	not	not	PART
cblr-1214	234	10	indifferent	indifferent	ADJ
cblr-1214	234	11	to	to	ADP
cblr-1214	234	12	the	the	DET
cblr-1214	234	13	source	source	NOUN
cblr-1214	234	14	of	of	ADP
cblr-1214	234	15	financial	financial	ADJ
cblr-1214	234	16	gains	gain	NOUN
cblr-1214	234	17	to	to	ADP
cblr-1214	234	18	shareholders	shareholder	NOUN
cblr-1214	234	19	,	,	PUNCT
cblr-1214	234	20	and	and	CCONJ
cblr-1214	234	21	many	many	ADJ
cblr-1214	234	22	justifications	justification	NOUN
cblr-1214	234	23	exist	exist	VERB
cblr-1214	234	24	for	for	ADP
cblr-1214	234	25	how	how	SCONJ
cblr-1214	234	26	shareholder	shareholder	NOUN
cblr-1214	234	27	gains	gain	NOUN
cblr-1214	234	28	from	from	ADP
cblr-1214	234	29	m&a	m&a	PROPN
cblr-1214	234	30	activity	activity	NOUN
cblr-1214	234	31	translate	translate	VERB
cblr-1214	234	32	to	to	ADP
cblr-1214	234	33	increased	increase	VERB
cblr-1214	234	34	societal	societal	ADJ
cblr-1214	234	35	welfare	welfare	NOUN
cblr-1214	234	36	.	.	PUNCT
cblr-1214	235	1	merger	merger	NOUN
cblr-1214	235	2	gains	gain	NOUN
cblr-1214	235	3	are	be	AUX
cblr-1214	235	4	often	often	ADV
cblr-1214	235	5	attributed	attribute	VERB
cblr-1214	235	6	to	to	ADP
cblr-1214	235	7	the	the	DET
cblr-1214	235	8	efficiency	efficiency	NOUN
cblr-1214	235	9	gains	gain	NOUN
cblr-1214	235	10	that	that	PRON
cblr-1214	235	11	come	come	VERB
cblr-1214	235	12	from	from	ADP
cblr-1214	235	13	displacing	displace	VERB
cblr-1214	235	14	inefficient	inefficient	ADJ
cblr-1214	235	15	incumbent	incumbent	NOUN
cblr-1214	235	16	managers59	managers59	NOUN
cblr-1214	235	17	or	or	CCONJ
cblr-1214	235	18	to	to	ADP
cblr-1214	235	19	the	the	DET
cblr-1214	235	20	synergistic	synergistic	ADJ
cblr-1214	235	21	gains	gain	NOUN
cblr-1214	235	22	from	from	ADP
cblr-1214	235	23	eliminating	eliminate	VERB
cblr-1214	235	24	redundancies.60	redundancies.60	PROPN
cblr-1214	235	25	merger	merger	NOUN
cblr-1214	235	26	gains	gain	NOUN
cblr-1214	235	27	have	have	AUX
cblr-1214	235	28	also	also	ADV
cblr-1214	235	29	been	be	AUX
cblr-1214	235	30	explained	explain	VERB
cblr-1214	235	31	by	by	ADP
cblr-1214	235	32	the	the	DET
cblr-1214	235	33	“	"	PUNCT
cblr-1214	235	34	integration	integration	NOUN
cblr-1214	235	35	of	of	ADP
cblr-1214	235	36	production	production	NOUN
cblr-1214	235	37	[	[	X
cblr-1214	235	38	and	and	CCONJ
cblr-1214	235	39	]	]	X
cblr-1214	235	40	more	more	ADV
cblr-1214	235	41	effective	effective	ADJ
cblr-1214	235	42	use	use	NOUN
cblr-1214	235	43	of	of	ADP
cblr-1214	235	44	information	information	NOUN
cblr-1214	235	45	,	,	PUNCT
cblr-1214	235	46	”	"	PUNCT
cblr-1214	235	47	both	both	PRON
cblr-1214	235	48	of	of	ADP
cblr-1214	235	49	which	which	PRON
cblr-1214	235	50	have	have	VERB
cblr-1214	235	51	a	a	DET
cblr-1214	235	52	beneficial	beneficial	ADJ
cblr-1214	235	53	effect	effect	NOUN
cblr-1214	235	54	on	on	ADP
cblr-1214	235	55	society	society	NOUN
cblr-1214	235	56	overall	overall	ADJ
cblr-1214	235	57	.	.	PUNCT
cblr-1214	236	1	61	61	NUM
cblr-1214	236	2	these	these	DET
cblr-1214	236	3	justifications	justification	NOUN
cblr-1214	236	4	,	,	PUNCT
cblr-1214	236	5	coupled	couple	VERB
cblr-1214	236	6	with	with	ADP
cblr-1214	236	7	arguments	argument	NOUN
cblr-1214	236	8	that	that	PRON
cblr-1214	236	9	m&a	m&a	PROPN
cblr-1214	236	10	activity	activity	NOUN
cblr-1214	236	11	provides	provide	VERB
cblr-1214	236	12	net	net	ADJ
cblr-1214	236	13	benefits	benefit	NOUN
cblr-1214	236	14	to	to	ADP
cblr-1214	236	15	both	both	DET
cblr-1214	236	16	shareholders	shareholder	NOUN
cblr-1214	236	17	and	and	CCONJ
cblr-1214	236	18	society	society	NOUN
cblr-1214	236	19	,	,	PUNCT
cblr-1214	236	20	have	have	AUX
cblr-1214	236	21	led	lead	VERB
cblr-1214	236	22	scholars	scholar	NOUN
cblr-1214	236	23	to	to	PART
cblr-1214	236	24	conclude	conclude	VERB
cblr-1214	236	25	that	that	PRON
cblr-1214	236	26	negative	negative	ADJ
cblr-1214	236	27	externalities	externality	NOUN
cblr-1214	236	28	arising	arise	VERB
cblr-1214	236	29	from	from	ADP
cblr-1214	236	30	m&a	m&a	PROPN
cblr-1214	236	31	activity	activity	NOUN
cblr-1214	236	32	do	do	AUX
cblr-1214	236	33	not	not	PART
cblr-1214	236	34	render	render	VERB
cblr-1214	236	35	those	those	DET
cblr-1214	236	36	m&a	m&a	PROPN
cblr-1214	236	37	activities	activity	NOUN
cblr-1214	236	38	undesirable	undesirable	ADJ
cblr-1214	236	39	.	.	PUNCT
cblr-1214	237	1	62	62	NUM
cblr-1214	237	2	59	59	NUM
cblr-1214	237	3	see	see	NOUN
cblr-1214	237	4	e.g.	e.g.	ADV
cblr-1214	237	5	,	,	PUNCT
cblr-1214	237	6	easterbrook	easterbrook	PROPN
cblr-1214	237	7	&	&	CCONJ
cblr-1214	237	8	fischel	fischel	PROPN
cblr-1214	237	9	,	,	PUNCT
cblr-1214	237	10	supra	supra	PROPN
cblr-1214	237	11	note	note	NOUN
cblr-1214	237	12	45	45	NUM
cblr-1214	237	13	,	,	PUNCT
cblr-1214	237	14	at	at	ADP
cblr-1214	237	15	1184	1184	NUM
cblr-1214	237	16	(	(	PUNCT
cblr-1214	237	17	“	"	PUNCT
cblr-1214	237	18	society	society	NOUN
cblr-1214	237	19	benefits	benefit	NOUN
cblr-1214	237	20	from	from	ADP
cblr-1214	237	21	an	an	DET
cblr-1214	237	22	active	active	ADJ
cblr-1214	237	23	takeover	takeover	NOUN
cblr-1214	237	24	market	market	NOUN
cblr-1214	237	25	,	,	PUNCT
cblr-1214	237	26	therefore	therefore	ADV
cblr-1214	237	27	,	,	PUNCT
cblr-1214	237	28	because	because	SCONJ
cblr-1214	237	29	it	it	PRON
cblr-1214	237	30	simultaneously	simultaneously	ADV
cblr-1214	237	31	provides	provide	VERB
cblr-1214	237	32	an	an	DET
cblr-1214	237	33	incentive	incentive	NOUN
cblr-1214	237	34	to	to	ADP
cblr-1214	237	35	all	all	DET
cblr-1214	237	36	corporate	corporate	ADJ
cblr-1214	237	37	managers	manager	NOUN
cblr-1214	237	38	to	to	PART
cblr-1214	237	39	operate	operate	VERB
cblr-1214	237	40	efficiently	efficiently	ADV
cblr-1214	237	41	and	and	CCONJ
cblr-1214	237	42	a	a	DET
cblr-1214	237	43	mechanism	mechanism	NOUN
cblr-1214	237	44	for	for	ADP
cblr-1214	237	45	displacing	displace	VERB
cblr-1214	237	46	inefficient	inefficient	ADJ
cblr-1214	237	47	managers	manager	NOUN
cblr-1214	237	48	.	.	PUNCT
cblr-1214	237	49	”	"	PUNCT
cblr-1214	237	50	)	)	PUNCT
cblr-1214	237	51	;	;	PUNCT
cblr-1214	237	52	ronald	ronald	PROPN
cblr-1214	237	53	j.	j.	PROPN
cblr-1214	237	54	gilson	gilson	PROPN
cblr-1214	237	55	,	,	PUNCT
cblr-1214	237	56	a	a	DET
cblr-1214	237	57	structural	structural	ADJ
cblr-1214	237	58	approach	approach	NOUN
cblr-1214	237	59	to	to	ADP
cblr-1214	237	60	corporations	corporation	NOUN
cblr-1214	237	61	:	:	PUNCT
cblr-1214	237	62	the	the	DET
cblr-1214	237	63	case	case	NOUN
cblr-1214	237	64	against	against	ADP
cblr-1214	237	65	defensive	defensive	ADJ
cblr-1214	237	66	tactics	tactic	NOUN
cblr-1214	237	67	in	in	ADP
cblr-1214	237	68	tender	tender	NOUN
cblr-1214	237	69	offers	offer	NOUN
cblr-1214	237	70	,	,	PUNCT
cblr-1214	237	71	33	33	NUM
cblr-1214	237	72	stan	stan	PROPN
cblr-1214	237	73	.	.	PUNCT
cblr-1214	238	1	l.	l.	PROPN
cblr-1214	238	2	rev	rev	PROPN
cblr-1214	238	3	.	.	PROPN
cblr-1214	238	4	819	819	NUM
cblr-1214	238	5	,	,	PUNCT
cblr-1214	238	6	838–39	838–39	NUM
cblr-1214	238	7	(	(	PUNCT
cblr-1214	238	8	1981	1981	NUM
cblr-1214	238	9	)	)	PUNCT
cblr-1214	238	10	(	(	PUNCT
cblr-1214	238	11	noting	note	VERB
cblr-1214	238	12	that	that	SCONJ
cblr-1214	238	13	replacing	replace	VERB
cblr-1214	238	14	inefficient	inefficient	ADJ
cblr-1214	238	15	management	management	NOUN
cblr-1214	238	16	can	can	AUX
cblr-1214	238	17	yield	yield	VERB
cblr-1214	238	18	gains	gain	NOUN
cblr-1214	238	19	)	)	PUNCT
cblr-1214	238	20	;	;	PUNCT
cblr-1214	238	21	marcel	marcel	PROPN
cblr-1214	238	22	kahan	kahan	PROPN
cblr-1214	238	23	&	&	CCONJ
cblr-1214	238	24	michael	michael	PROPN
cblr-1214	238	25	klausner	klausner	PROPN
cblr-1214	238	26	,	,	PUNCT
cblr-1214	238	27	lockups	lockup	NOUN
cblr-1214	238	28	and	and	CCONJ
cblr-1214	238	29	the	the	DET
cblr-1214	238	30	market	market	NOUN
cblr-1214	238	31	for	for	ADP
cblr-1214	238	32	corporate	corporate	ADJ
cblr-1214	238	33	control	control	NOUN
cblr-1214	238	34	,	,	PUNCT
cblr-1214	238	35	48	48	NUM
cblr-1214	238	36	stan	stan	PROPN
cblr-1214	238	37	.	.	PUNCT
cblr-1214	239	1	l.	l.	PROPN
cblr-1214	239	2	rev	rev	PROPN
cblr-1214	239	3	.	.	PROPN
cblr-1214	239	4	1539	1539	NUM
cblr-1214	239	5	,	,	PUNCT
cblr-1214	239	6	1542	1542	NUM
cblr-1214	239	7	(	(	PUNCT
cblr-1214	239	8	1996	1996	NUM
cblr-1214	239	9	)	)	PUNCT
cblr-1214	239	10	(	(	PUNCT
cblr-1214	239	11	stating	state	VERB
cblr-1214	239	12	that	that	SCONJ
cblr-1214	239	13	the	the	DET
cblr-1214	239	14	replacement	replacement	NOUN
cblr-1214	239	15	of	of	ADP
cblr-1214	239	16	inefficient	inefficient	ADJ
cblr-1214	239	17	management	management	NOUN
cblr-1214	239	18	through	through	ADP
cblr-1214	239	19	m&a	m&a	PROPN
cblr-1214	239	20	activity	activity	NOUN
cblr-1214	239	21	“	"	PUNCT
cblr-1214	239	22	can	can	AUX
cblr-1214	239	23	increase	increase	VERB
cblr-1214	239	24	the	the	DET
cblr-1214	239	25	value	value	NOUN
cblr-1214	239	26	of	of	ADP
cblr-1214	239	27	a	a	DET
cblr-1214	239	28	company	company	NOUN
cblr-1214	239	29	by	by	ADP
cblr-1214	239	30	moving	move	VERB
cblr-1214	239	31	its	its	PRON
cblr-1214	239	32	assets	asset	NOUN
cblr-1214	239	33	to	to	ADP
cblr-1214	239	34	a	a	DET
cblr-1214	239	35	more	more	ADV
cblr-1214	239	36	efficient	efficient	ADJ
cblr-1214	239	37	management	management	NOUN
cblr-1214	239	38	team	team	NOUN
cblr-1214	239	39	”	"	PUNCT
cblr-1214	239	40	)	)	PUNCT
cblr-1214	239	41	.	.	PUNCT
cblr-1214	240	1	60	60	NUM
cblr-1214	240	2	see	see	VERB
cblr-1214	240	3	,	,	PUNCT
cblr-1214	240	4	e.g.	e.g.	ADV
cblr-1214	240	5	,	,	PUNCT
cblr-1214	240	6	stephen	stephen	PROPN
cblr-1214	240	7	m.	m.	PROPN
cblr-1214	240	8	bainbridge	bainbridge	PROPN
cblr-1214	240	9	,	,	PUNCT
cblr-1214	240	10	interpreting	interpret	VERB
cblr-1214	240	11	nonshareholder	nonshareholder	NOUN
cblr-1214	240	12	constituency	constituency	NOUN
cblr-1214	240	13	statutes	statute	NOUN
cblr-1214	240	14	,	,	PUNCT
cblr-1214	240	15	19	19	NUM
cblr-1214	240	16	pepp	pepp	PROPN
cblr-1214	240	17	.	.	PUNCT
cblr-1214	240	18	l.	l.	PROPN
cblr-1214	240	19	rev	rev	PROPN
cblr-1214	240	20	.	.	PROPN
cblr-1214	240	21	971	971	NUM
cblr-1214	240	22	,	,	PUNCT
cblr-1214	240	23	1009	1009	NUM
cblr-1214	240	24	(	(	PUNCT
cblr-1214	240	25	1992	1992	NUM
cblr-1214	240	26	)	)	PUNCT
cblr-1214	240	27	(	(	PUNCT
cblr-1214	240	28	citing	cite	VERB
cblr-1214	240	29	“	"	PUNCT
cblr-1214	240	30	synergistic	synergistic	ADJ
cblr-1214	240	31	gains	gain	NOUN
cblr-1214	240	32	”	"	PUNCT
cblr-1214	240	33	as	as	ADP
cblr-1214	240	34	a	a	DET
cblr-1214	240	35	“	"	PUNCT
cblr-1214	240	36	fairly	fairly	ADV
cblr-1214	240	37	standard	standard	ADJ
cblr-1214	240	38	explanation	explanation	NOUN
cblr-1214	240	39	”	"	PUNCT
cblr-1214	240	40	for	for	ADP
cblr-1214	240	41	takeover	takeover	NOUN
cblr-1214	240	42	gains	gain	NOUN
cblr-1214	240	43	)	)	PUNCT
cblr-1214	240	44	;	;	PUNCT
cblr-1214	240	45	michael	michael	PROPN
cblr-1214	240	46	c.	c.	PROPN
cblr-1214	240	47	jensen	jensen	PROPN
cblr-1214	240	48	,	,	PUNCT
cblr-1214	240	49	agency	agency	NOUN
cblr-1214	240	50	costs	cost	NOUN
cblr-1214	240	51	of	of	ADP
cblr-1214	240	52	free	free	ADJ
cblr-1214	240	53	cash	cash	NOUN
cblr-1214	240	54	flow	flow	NOUN
cblr-1214	240	55	,	,	PUNCT
cblr-1214	240	56	corporate	corporate	ADJ
cblr-1214	240	57	finance	finance	NOUN
cblr-1214	240	58	,	,	PUNCT
cblr-1214	240	59	and	and	CCONJ
cblr-1214	240	60	takeovers	takeover	NOUN
cblr-1214	240	61	,	,	PUNCT
cblr-1214	240	62	76	76	NUM
cblr-1214	240	63	am	am	NOUN
cblr-1214	240	64	.	.	PUNCT
cblr-1214	241	1	econ	econ	PROPN
cblr-1214	241	2	.	.	PUNCT
cblr-1214	242	1	rev	rev	PROPN
cblr-1214	242	2	.	.	PROPN
cblr-1214	242	3	323	323	NUM
cblr-1214	242	4	,	,	PUNCT
cblr-1214	242	5	327	327	NUM
cblr-1214	242	6	(	(	PUNCT
cblr-1214	242	7	1986	1986	NUM
cblr-1214	242	8	)	)	PUNCT
cblr-1214	242	9	(	(	PUNCT
cblr-1214	242	10	noting	note	VERB
cblr-1214	242	11	that	that	SCONJ
cblr-1214	242	12	efficiency	efficiency	NOUN
cblr-1214	242	13	gains	gain	NOUN
cblr-1214	242	14	stemmed	stem	VERB
cblr-1214	242	15	from	from	ADP
cblr-1214	242	16	certain	certain	ADJ
cblr-1214	242	17	takeovers	takeover	NOUN
cblr-1214	242	18	in	in	ADP
cblr-1214	242	19	the	the	DET
cblr-1214	242	20	oil	oil	NOUN
cblr-1214	242	21	industry	industry	NOUN
cblr-1214	242	22	)	)	PUNCT
cblr-1214	242	23	;	;	PUNCT
cblr-1214	242	24	jensen	jensen	PROPN
cblr-1214	242	25	&	&	CCONJ
cblr-1214	242	26	ruback	ruback	PROPN
cblr-1214	242	27	,	,	PUNCT
cblr-1214	242	28	supra	supra	PROPN
cblr-1214	242	29	note	note	NOUN
cblr-1214	242	30	47	47	NUM
cblr-1214	242	31	,	,	PUNCT
cblr-1214	242	32	at	at	ADP
cblr-1214	242	33	9	9	NUM
cblr-1214	242	34	(	(	PUNCT
cblr-1214	242	35	“	"	PUNCT
cblr-1214	242	36	[	[	X
cblr-1214	242	37	t]akeover	t]akeover	ADP
cblr-1214	242	38	gains	gain	NOUN
cblr-1214	242	39	apparently	apparently	ADV
cblr-1214	242	40	come	come	VERB
cblr-1214	242	41	from	from	ADP
cblr-1214	242	42	the	the	DET
cblr-1214	242	43	realization	realization	NOUN
cblr-1214	242	44	of	of	ADP
cblr-1214	242	45	increased	increase	VERB
cblr-1214	242	46	efficiencies	efficiency	NOUN
cblr-1214	242	47	or	or	CCONJ
cblr-1214	242	48	synergies	synergy	NOUN
cblr-1214	242	49	,	,	PUNCT
cblr-1214	242	50	but	but	CCONJ
cblr-1214	242	51	the	the	DET
cblr-1214	242	52	evidence	evidence	NOUN
cblr-1214	242	53	is	be	AUX
cblr-1214	242	54	not	not	PART
cblr-1214	242	55	sufficient	sufficient	ADJ
cblr-1214	242	56	to	to	PART
cblr-1214	242	57	identify	identify	VERB
cblr-1214	242	58	their	their	PRON
cblr-1214	242	59	exact	exact	ADJ
cblr-1214	242	60	sources	source	NOUN
cblr-1214	242	61	”	"	PUNCT
cblr-1214	242	62	)	)	PUNCT
cblr-1214	242	63	.	.	PUNCT
cblr-1214	243	1	61	61	NUM
cblr-1214	243	2	frank	frank	PROPN
cblr-1214	243	3	h.	h.	PROPN
cblr-1214	243	4	easterbrook	easterbrook	PROPN
cblr-1214	243	5	&	&	CCONJ
cblr-1214	243	6	daniel	daniel	PROPN
cblr-1214	243	7	r.	r.	PROPN
cblr-1214	243	8	fischel	fischel	PROPN
cblr-1214	243	9	,	,	PUNCT
cblr-1214	243	10	auctions	auction	NOUN
cblr-1214	243	11	and	and	CCONJ
cblr-1214	243	12	sunk	sink	VERB
cblr-1214	243	13	costs	cost	NOUN
cblr-1214	243	14	in	in	ADP
cblr-1214	243	15	tender	tender	ADJ
cblr-1214	243	16	offers	offer	NOUN
cblr-1214	243	17	,	,	PUNCT
cblr-1214	243	18	35	35	NUM
cblr-1214	243	19	stan	stan	NOUN
cblr-1214	243	20	.	.	PUNCT
cblr-1214	244	1	l.	l.	PROPN
cblr-1214	244	2	rev	rev	PROPN
cblr-1214	244	3	.	.	PROPN
cblr-1214	244	4	1	1	NUM
cblr-1214	244	5	,	,	PUNCT
cblr-1214	244	6	1	1	NUM
cblr-1214	244	7	(	(	PUNCT
cblr-1214	244	8	1982	1982	NUM
cblr-1214	244	9	)	)	PUNCT
cblr-1214	244	10	.	.	PUNCT
cblr-1214	245	1	62	62	NUM
cblr-1214	245	2	see	see	VERB
cblr-1214	245	3	,	,	PUNCT
cblr-1214	245	4	e.g.	e.g.	ADV
cblr-1214	245	5	,	,	PUNCT
cblr-1214	245	6	lucian	lucian	PROPN
cblr-1214	245	7	arye	arye	PROPN
cblr-1214	245	8	bebchuk	bebchuk	PROPN
cblr-1214	245	9	,	,	PUNCT
cblr-1214	245	10	toward	toward	ADP
cblr-1214	245	11	undistorted	undistorted	ADJ
cblr-1214	245	12	choice	choice	NOUN
cblr-1214	245	13	and	and	CCONJ
cblr-1214	245	14	equal	equal	ADJ
cblr-1214	245	15	treatment	treatment	NOUN
cblr-1214	245	16	in	in	ADP
cblr-1214	245	17	corporate	corporate	ADJ
cblr-1214	245	18	takeovers	takeover	NOUN
cblr-1214	245	19	,	,	PUNCT
cblr-1214	245	20	98	98	NUM
cblr-1214	245	21	harv	harv	NOUN
cblr-1214	245	22	.	.	PUNCT
cblr-1214	246	1	l.	l.	PROPN
cblr-1214	246	2	rev	rev	PROPN
cblr-1214	246	3	.	.	PROPN
cblr-1214	246	4	1693	1693	NUM
cblr-1214	246	5	,	,	PUNCT
cblr-1214	246	6	1696	1696	NUM
cblr-1214	246	7	griffin_final	griffin_final	ADJ
cblr-1214	246	8	no	no	NOUN
cblr-1214	246	9	.	.	PUNCT
cblr-1214	247	1	1:70	1:70	NUM
cblr-1214	247	2	]	]	PUNCT
cblr-1214	247	3	the	the	DET
cblr-1214	247	4	hidden	hidden	ADJ
cblr-1214	247	5	cost	cost	NOUN
cblr-1214	247	6	of	of	ADP
cblr-1214	247	7	m&a	m&a	PROPN
cblr-1214	247	8	91	91	NUM
cblr-1214	247	9	since	since	SCONJ
cblr-1214	247	10	henry	henry	PROPN
cblr-1214	247	11	g.	g.	PROPN
cblr-1214	247	12	manne	manne	PROPN
cblr-1214	247	13	’s	’s	PART
cblr-1214	247	14	seminal	seminal	ADJ
cblr-1214	247	15	paper	paper	NOUN
cblr-1214	247	16	in	in	ADP
cblr-1214	247	17	1965	1965	NUM
cblr-1214	247	18	,	,	PUNCT
cblr-1214	247	19	mergers	merger	NOUN
cblr-1214	247	20	and	and	CCONJ
cblr-1214	247	21	the	the	DET
cblr-1214	247	22	market	market	NOUN
cblr-1214	247	23	for	for	ADP
cblr-1214	247	24	corporate	corporate	ADJ
cblr-1214	247	25	control	control	NOUN
cblr-1214	247	26	,	,	PUNCT
cblr-1214	247	27	it	it	PRON
cblr-1214	247	28	has	have	AUX
cblr-1214	247	29	been	be	AUX
cblr-1214	247	30	commonly	commonly	ADV
cblr-1214	247	31	accepted	accept	VERB
cblr-1214	247	32	that	that	SCONJ
cblr-1214	247	33	the	the	DET
cblr-1214	247	34	ways	way	NOUN
cblr-1214	247	35	in	in	ADP
cblr-1214	247	36	which	which	PRON
cblr-1214	247	37	mergers	merger	NOUN
cblr-1214	247	38	might	might	AUX
cblr-1214	247	39	increase	increase	VERB
cblr-1214	247	40	the	the	DET
cblr-1214	247	41	value	value	NOUN
cblr-1214	247	42	of	of	ADP
cblr-1214	247	43	the	the	DET
cblr-1214	247	44	merging	merge	VERB
cblr-1214	247	45	parties	party	NOUN
cblr-1214	247	46	fall	fall	VERB
cblr-1214	247	47	into	into	ADP
cblr-1214	247	48	one	one	NUM
cblr-1214	247	49	of	of	ADP
cblr-1214	247	50	two	two	NUM
cblr-1214	247	51	categories	category	NOUN
cblr-1214	247	52	.	.	PUNCT
cblr-1214	248	1	the	the	DET
cblr-1214	248	2	first	first	ADJ
cblr-1214	248	3	involves	involve	VERB
cblr-1214	248	4	efficiencies	efficiency	NOUN
cblr-1214	248	5	promoted	promote	VERB
cblr-1214	248	6	by	by	ADP
cblr-1214	248	7	the	the	DET
cblr-1214	248	8	market	market	NOUN
cblr-1214	248	9	for	for	ADP
cblr-1214	248	10	corporate	corporate	ADJ
cblr-1214	248	11	control	control	NOUN
cblr-1214	248	12	,	,	PUNCT
cblr-1214	248	13	in	in	ADP
cblr-1214	248	14	which	which	PRON
cblr-1214	248	15	mergers	merger	NOUN
cblr-1214	248	16	provide	provide	VERB
cblr-1214	248	17	an	an	DET
cblr-1214	248	18	important	important	ADJ
cblr-1214	248	19	route	route	NOUN
cblr-1214	248	20	for	for	SCONJ
cblr-1214	248	21	resources	resource	NOUN
cblr-1214	248	22	to	to	PART
cblr-1214	248	23	flow	flow	VERB
cblr-1214	248	24	to	to	ADP
cblr-1214	248	25	their	their	PRON
cblr-1214	248	26	highest	highest	ADV
cblr-1214	248	27	-	-	PUNCT
cblr-1214	248	28	valued	value	VERB
cblr-1214	248	29	use.63	use.63	SCONJ
cblr-1214	248	30	the	the	DET
cblr-1214	248	31	second	second	ADJ
cblr-1214	248	32	involves	involve	NOUN
cblr-1214	248	33	diminished	diminish	VERB
cblr-1214	248	34	competition,64	competition,64	NOUN
cblr-1214	248	35	which	which	PRON
cblr-1214	248	36	would	would	AUX
cblr-1214	248	37	increase	increase	VERB
cblr-1214	248	38	the	the	DET
cblr-1214	248	39	market	market	NOUN
cblr-1214	248	40	power	power	NOUN
cblr-1214	248	41	of	of	ADP
cblr-1214	248	42	the	the	DET
cblr-1214	248	43	merged	merge	VERB
cblr-1214	248	44	entity	entity	NOUN
cblr-1214	248	45	and	and	CCONJ
cblr-1214	248	46	enable	enable	VERB
cblr-1214	248	47	the	the	DET
cblr-1214	248	48	merged	merge	VERB
cblr-1214	248	49	entity	entity	NOUN
cblr-1214	248	50	to	to	PART
cblr-1214	248	51	raise	raise	VERB
cblr-1214	248	52	its	its	PRON
cblr-1214	248	53	prices	price	NOUN
cblr-1214	248	54	,	,	PUNCT
cblr-1214	248	55	thereby	thereby	ADV
cblr-1214	248	56	enriching	enrich	VERB
cblr-1214	248	57	its	its	PRON
cblr-1214	248	58	shareholders.65	shareholders.65	PROPN
cblr-1214	248	59	to	to	ADP
cblr-1214	248	60	the	the	DET
cblr-1214	248	61	extent	extent	NOUN
cblr-1214	248	62	that	that	SCONJ
cblr-1214	248	63	merger	merger	NOUN
cblr-1214	248	64	gains	gain	NOUN
cblr-1214	248	65	accrue	accrue	VERB
cblr-1214	248	66	through	through	ADP
cblr-1214	248	67	the	the	DET
cblr-1214	248	68	first	first	ADJ
cblr-1214	248	69	route	route	NOUN
cblr-1214	248	70	,	,	PUNCT
cblr-1214	248	71	social	social	ADJ
cblr-1214	248	72	welfare	welfare	NOUN
cblr-1214	248	73	and	and	CCONJ
cblr-1214	248	74	shareholder	shareholder	NOUN
cblr-1214	248	75	wealth	wealth	NOUN
cblr-1214	248	76	maximization	maximization	NOUN
cblr-1214	248	77	are	be	AUX
cblr-1214	248	78	not	not	PART
cblr-1214	248	79	at	at	ADP
cblr-1214	248	80	odds	odd	NOUN
cblr-1214	248	81	,	,	PUNCT
cblr-1214	248	82	but	but	CCONJ
cblr-1214	248	83	are	be	AUX
cblr-1214	248	84	,	,	PUNCT
cblr-1214	248	85	in	in	ADP
cblr-1214	248	86	fact	fact	NOUN
cblr-1214	248	87	,	,	PUNCT
cblr-1214	248	88	complementary	complementary	ADJ
cblr-1214	248	89	.	.	PUNCT
cblr-1214	249	1	synergistic	synergistic	ADJ
cblr-1214	249	2	efficiencies	efficiency	NOUN
cblr-1214	249	3	benefit	benefit	VERB
cblr-1214	249	4	consumers	consumer	NOUN
cblr-1214	249	5	by	by	ADP
cblr-1214	249	6	improving	improve	VERB
cblr-1214	249	7	the	the	DET
cblr-1214	249	8	production	production	NOUN
cblr-1214	249	9	and	and	CCONJ
cblr-1214	249	10	distribution	distribution	NOUN
cblr-1214	249	11	of	of	ADP
cblr-1214	249	12	goods	good	NOUN
cblr-1214	249	13	and	and	CCONJ
cblr-1214	249	14	services	service	NOUN
cblr-1214	249	15	,	,	PUNCT
cblr-1214	249	16	while	while	SCONJ
cblr-1214	249	17	a	a	DET
cblr-1214	249	18	vigorous	vigorous	ADJ
cblr-1214	249	19	market	market	NOUN
cblr-1214	249	20	for	for	ADP
cblr-1214	249	21	corporate	corporate	ADJ
cblr-1214	249	22	control	control	NOUN
cblr-1214	249	23	is	be	AUX
cblr-1214	249	24	thought	think	VERB
cblr-1214	249	25	to	to	PART
cblr-1214	249	26	motivate	motivate	VERB
cblr-1214	249	27	managers	manager	NOUN
cblr-1214	249	28	to	to	PART
cblr-1214	249	29	engage	engage	VERB
cblr-1214	249	30	in	in	ADP
cblr-1214	249	31	more	more	ADV
cblr-1214	249	32	efficient	efficient	ADJ
cblr-1214	249	33	practices	practice	NOUN
cblr-1214	249	34	or	or	CCONJ
cblr-1214	249	35	to	to	PART
cblr-1214	249	36	yield	yield	VERB
cblr-1214	249	37	a	a	DET
cblr-1214	249	38	change	change	NOUN
cblr-1214	249	39	in	in	ADP
cblr-1214	249	40	management	management	NOUN
cblr-1214	249	41	when	when	SCONJ
cblr-1214	249	42	firms	firm	NOUN
cblr-1214	249	43	are	be	AUX
cblr-1214	249	44	being	be	AUX
cblr-1214	249	45	run	run	VERB
cblr-1214	249	46	suboptimally.66	suboptimally.66	NOUN
cblr-1214	249	47	this	this	DET
cblr-1214	249	48	first	first	ADJ
cblr-1214	249	49	route	route	NOUN
cblr-1214	249	50	benefits	benefit	VERB
cblr-1214	249	51	society	society	NOUN
cblr-1214	249	52	in	in	ADP
cblr-1214	249	53	numerous	numerous	ADJ
cblr-1214	249	54	ways	way	NOUN
cblr-1214	249	55	,	,	PUNCT
cblr-1214	249	56	including	include	VERB
cblr-1214	249	57	the	the	DET
cblr-1214	249	58	“	"	PUNCT
cblr-1214	249	59	lessening	lessening	NOUN
cblr-1214	249	60	of	of	ADP
cblr-1214	249	61	wasteful	wasteful	ADJ
cblr-1214	249	62	bankruptcy	bankruptcy	NOUN
cblr-1214	249	63	proceedings	proceeding	NOUN
cblr-1214	249	64	,	,	PUNCT
cblr-1214	249	65	more	more	ADV
cblr-1214	249	66	efficient	efficient	ADJ
cblr-1214	249	67	management	management	NOUN
cblr-1214	249	68	of	of	ADP
cblr-1214	249	69	corporations	corporation	NOUN
cblr-1214	249	70	,	,	PUNCT
cblr-1214	249	71	the	the	DET
cblr-1214	249	72	protection	protection	NOUN
cblr-1214	249	73	afforded	afford	VERB
cblr-1214	249	74	non	non	ADJ
cblr-1214	249	75	-	-	ADJ
cblr-1214	249	76	controlling	controlling	ADJ
cblr-1214	249	77	corporate	corporate	ADJ
cblr-1214	249	78	investors	investor	NOUN
cblr-1214	249	79	,	,	PUNCT
cblr-1214	249	80	increased	increase	VERB
cblr-1214	249	81	mobility	mobility	NOUN
cblr-1214	249	82	of	of	ADP
cblr-1214	249	83	capital	capital	NOUN
cblr-1214	249	84	,	,	PUNCT
cblr-1214	249	85	and	and	CCONJ
cblr-1214	249	86	generally	generally	ADV
cblr-1214	249	87	a	a	DET
cblr-1214	249	88	more	more	ADV
cblr-1214	249	89	efficient	efficient	ADJ
cblr-1214	249	90	allocation	allocation	NOUN
cblr-1214	249	91	of	of	ADP
cblr-1214	249	92	resources	resource	NOUN
cblr-1214	249	93	.	.	PUNCT
cblr-1214	250	1	”67	”67	PUNCT
cblr-1214	250	2	to	to	ADP
cblr-1214	250	3	the	the	DET
cblr-1214	250	4	extent	extent	NOUN
cblr-1214	250	5	that	that	SCONJ
cblr-1214	250	6	merger	merger	NOUN
cblr-1214	250	7	gains	gain	NOUN
cblr-1214	250	8	accrue	accrue	VERB
cblr-1214	250	9	through	through	ADP
cblr-1214	250	10	the	the	DET
cblr-1214	250	11	second	second	ADJ
cblr-1214	250	12	route	route	NOUN
cblr-1214	250	13	,	,	PUNCT
cblr-1214	250	14	however	however	ADV
cblr-1214	250	15	,	,	PUNCT
cblr-1214	250	16	increased	increased	ADJ
cblr-1214	250	17	shareholder	shareholder	NOUN
cblr-1214	250	18	wealth	wealth	NOUN
cblr-1214	250	19	comes	come	VERB
cblr-1214	250	20	at	at	ADP
cblr-1214	250	21	the	the	DET
cblr-1214	250	22	expense	expense	NOUN
cblr-1214	250	23	of	of	ADP
cblr-1214	250	24	social	social	ADJ
cblr-1214	250	25	welfare	welfare	NOUN
cblr-1214	250	26	.	.	PUNCT
cblr-1214	251	1	market	market	NOUN
cblr-1214	251	2	power	power	NOUN
cblr-1214	251	3	influences	influence	VERB
cblr-1214	251	4	the	the	DET
cblr-1214	251	5	degree	degree	NOUN
cblr-1214	251	6	to	to	ADP
cblr-1214	251	7	(	(	PUNCT
cblr-1214	251	8	1985	1985	NUM
cblr-1214	251	9	)	)	PUNCT
cblr-1214	251	10	(	(	PUNCT
cblr-1214	251	11	implying	imply	VERB
cblr-1214	251	12	that	that	SCONJ
cblr-1214	251	13	an	an	DET
cblr-1214	251	14	efficient	efficient	ADJ
cblr-1214	251	15	takeover	takeover	NOUN
cblr-1214	251	16	market	market	NOUN
cblr-1214	251	17	ultimately	ultimately	ADV
cblr-1214	251	18	fosters	foster	VERB
cblr-1214	251	19	social	social	ADJ
cblr-1214	251	20	welfare	welfare	NOUN
cblr-1214	251	21	by	by	ADP
cblr-1214	251	22	promoting	promote	VERB
cblr-1214	251	23	the	the	DET
cblr-1214	251	24	efficient	efficient	ADJ
cblr-1214	251	25	allocation	allocation	NOUN
cblr-1214	251	26	of	of	ADP
cblr-1214	251	27	corporate	corporate	ADJ
cblr-1214	251	28	assets	asset	NOUN
cblr-1214	251	29	)	)	PUNCT
cblr-1214	251	30	;	;	PUNCT
cblr-1214	251	31	easterbrook	easterbrook	PROPN
cblr-1214	251	32	&	&	CCONJ
cblr-1214	251	33	fischel	fischel	PROPN
cblr-1214	251	34	,	,	PUNCT
cblr-1214	251	35	supra	supra	PROPN
cblr-1214	251	36	note	note	PROPN
cblr-1214	251	37	45	45	NUM
cblr-1214	251	38	,	,	PUNCT
cblr-1214	251	39	at	at	ADP
cblr-1214	251	40	1174	1174	NUM
cblr-1214	251	41	(	(	PUNCT
cblr-1214	251	42	arguing	argue	VERB
cblr-1214	251	43	that	that	SCONJ
cblr-1214	251	44	“	"	PUNCT
cblr-1214	251	45	takeovers	takeover	NOUN
cblr-1214	251	46	are	be	AUX
cblr-1214	251	47	beneficial	beneficial	ADJ
cblr-1214	251	48	to	to	ADP
cblr-1214	251	49	both	both	DET
cblr-1214	251	50	shareholders	shareholder	NOUN
cblr-1214	251	51	and	and	CCONJ
cblr-1214	251	52	society	society	NOUN
cblr-1214	251	53	”	"	PUNCT
cblr-1214	251	54	)	)	PUNCT
cblr-1214	251	55	.	.	PUNCT
cblr-1214	252	1	63	63	NUM
cblr-1214	252	2	henry	henry	PROPN
cblr-1214	252	3	g.	g.	PROPN
cblr-1214	252	4	manne	manne	PROPN
cblr-1214	252	5	,	,	PUNCT
cblr-1214	252	6	mergers	merger	NOUN
cblr-1214	252	7	and	and	CCONJ
cblr-1214	252	8	the	the	DET
cblr-1214	252	9	market	market	NOUN
cblr-1214	252	10	for	for	ADP
cblr-1214	252	11	corporate	corporate	ADJ
cblr-1214	252	12	control	control	NOUN
cblr-1214	252	13	,	,	PUNCT
cblr-1214	252	14	73	73	NUM
cblr-1214	252	15	j.	j.	PROPN
cblr-1214	252	16	pol	pol	PROPN
cblr-1214	252	17	.	.	PUNCT
cblr-1214	252	18	econ	econ	PROPN
cblr-1214	252	19	.	.	PUNCT
cblr-1214	253	1	110	110	NUM
cblr-1214	253	2	,	,	PUNCT
cblr-1214	253	3	112	112	NUM
cblr-1214	253	4	(	(	PUNCT
cblr-1214	253	5	1965	1965	NUM
cblr-1214	253	6	)	)	PUNCT
cblr-1214	253	7	.	.	PUNCT
cblr-1214	254	1	64	64	NUM
cblr-1214	255	1	i	i	PRON
cblr-1214	255	2	d.	d.	NOUN
cblr-1214	255	3	at	at	ADP
cblr-1214	255	4	120	120	NUM
cblr-1214	255	5	.	.	PUNCT
cblr-1214	256	1	65	65	NUM
cblr-1214	256	2	fred	fred	PROPN
cblr-1214	256	3	s.	s.	PROPN
cblr-1214	256	4	mcchesney	mcchesney	PROPN
cblr-1214	256	5	,	,	PUNCT
cblr-1214	256	6	manne	manne	PROPN
cblr-1214	256	7	,	,	PUNCT
cblr-1214	256	8	mergers	merger	NOUN
cblr-1214	256	9	,	,	PUNCT
cblr-1214	256	10	and	and	CCONJ
cblr-1214	256	11	the	the	DET
cblr-1214	256	12	market	market	NOUN
cblr-1214	256	13	for	for	ADP
cblr-1214	256	14	corporate	corporate	ADJ
cblr-1214	256	15	control	control	NOUN
cblr-1214	256	16	,	,	PUNCT
cblr-1214	256	17	50	50	NUM
cblr-1214	256	18	case	case	NOUN
cblr-1214	256	19	w.	w.	NOUN
cblr-1214	256	20	res	res	PROPN
cblr-1214	256	21	.	.	PUNCT
cblr-1214	257	1	l.	l.	PROPN
cblr-1214	257	2	rev	rev	PROPN
cblr-1214	257	3	.	.	PROPN
cblr-1214	257	4	245	245	NUM
cblr-1214	257	5	,	,	PUNCT
cblr-1214	257	6	248	248	NUM
cblr-1214	257	7	(	(	PUNCT
cblr-1214	257	8	1999	1999	NUM
cblr-1214	257	9	)	)	PUNCT
cblr-1214	257	10	.	.	PUNCT
cblr-1214	258	1	66	66	NUM
cblr-1214	258	2	peter	peter	PROPN
cblr-1214	258	3	c.	c.	PROPN
cblr-1214	258	4	carstensen	carstensen	PROPN
cblr-1214	258	5	,	,	PUNCT
cblr-1214	258	6	the	the	DET
cblr-1214	258	7	philadelphia	philadelphia	PROPN
cblr-1214	258	8	national	national	PROPN
cblr-1214	258	9	bank	bank	PROPN
cblr-1214	258	10	presumption	presumption	NOUN
cblr-1214	258	11	:	:	PUNCT
cblr-1214	258	12	merger	merger	NOUN
cblr-1214	258	13	analysis	analysis	NOUN
cblr-1214	258	14	in	in	ADP
cblr-1214	258	15	an	an	DET
cblr-1214	258	16	unpredictable	unpredictable	ADJ
cblr-1214	258	17	world	world	NOUN
cblr-1214	258	18	,	,	PUNCT
cblr-1214	258	19	80	80	NUM
cblr-1214	258	20	antitrust	antitrust	ADJ
cblr-1214	258	21	l.j	l.j	NOUN
cblr-1214	258	22	.	.	PROPN
cblr-1214	258	23	219	219	NUM
cblr-1214	258	24	,	,	PUNCT
cblr-1214	258	25	252	252	NUM
cblr-1214	258	26	(	(	PUNCT
cblr-1214	258	27	2015	2015	NUM
cblr-1214	258	28	)	)	PUNCT
cblr-1214	258	29	.	.	PUNCT
cblr-1214	259	1	67	67	NUM
cblr-1214	259	2	manne	manne	PROPN
cblr-1214	259	3	,	,	PUNCT
cblr-1214	259	4	supra	supra	PROPN
cblr-1214	259	5	note	note	PROPN
cblr-1214	259	6	63	63	NUM
cblr-1214	259	7	,	,	PUNCT
cblr-1214	259	8	at	at	ADP
cblr-1214	259	9	119	119	NUM
cblr-1214	259	10	.	.	PUNCT
cblr-1214	260	1	griffin_final	griffin_final	ADJ
cblr-1214	260	2	92	92	NUM
cblr-1214	260	3	columbia	columbia	PROPN
cblr-1214	260	4	business	business	NOUN
cblr-1214	260	5	law	law	NOUN
cblr-1214	260	6	review	review	NOUN
cblr-1214	260	7	[	[	X
cblr-1214	260	8	vol	vol	NOUN
cblr-1214	260	9	.	.	NOUN
cblr-1214	260	10	2018	2018	NUM
cblr-1214	261	1	which	which	DET
cblr-1214	261	2	firms	firm	NOUN
cblr-1214	261	3	can	can	AUX
cblr-1214	261	4	increase	increase	VERB
cblr-1214	261	5	markups	markup	NOUN
cblr-1214	261	6	on	on	ADP
cblr-1214	261	7	their	their	PRON
cblr-1214	261	8	products.68	products.68	NOUN
cblr-1214	261	9	this	this	PRON
cblr-1214	261	10	can	can	AUX
cblr-1214	261	11	be	be	AUX
cblr-1214	261	12	profitable	profitable	ADJ
cblr-1214	261	13	for	for	ADP
cblr-1214	261	14	the	the	DET
cblr-1214	261	15	firm	firm	NOUN
cblr-1214	261	16	,	,	PUNCT
cblr-1214	261	17	but	but	CCONJ
cblr-1214	261	18	it	it	PRON
cblr-1214	261	19	also	also	ADV
cblr-1214	261	20	imposes	impose	VERB
cblr-1214	261	21	costs	cost	NOUN
cblr-1214	261	22	on	on	ADP
cblr-1214	261	23	consumers.69	consumers.69	NOUN
cblr-1214	261	24	in	in	ADP
cblr-1214	261	25	fact	fact	NOUN
cblr-1214	261	26	,	,	PUNCT
cblr-1214	261	27	gains	gain	NOUN
cblr-1214	261	28	in	in	ADP
cblr-1214	261	29	market	market	NOUN
cblr-1214	261	30	power	power	NOUN
cblr-1214	261	31	can	can	AUX
cblr-1214	261	32	work	work	VERB
cblr-1214	261	33	as	as	ADP
cblr-1214	261	34	a	a	DET
cblr-1214	261	35	powerful	powerful	ADJ
cblr-1214	261	36	mechanism	mechanism	NOUN
cblr-1214	261	37	for	for	ADP
cblr-1214	261	38	transferring	transfer	VERB
cblr-1214	261	39	wealth	wealth	NOUN
cblr-1214	261	40	from	from	ADP
cblr-1214	261	41	the	the	DET
cblr-1214	261	42	poor	poor	ADJ
cblr-1214	261	43	and	and	CCONJ
cblr-1214	261	44	working	working	NOUN
cblr-1214	261	45	class	class	NOUN
cblr-1214	261	46	to	to	ADP
cblr-1214	261	47	equity	equity	NOUN
cblr-1214	261	48	investors	investor	NOUN
cblr-1214	261	49	and	and	CCONJ
cblr-1214	261	50	other	other	ADJ
cblr-1214	261	51	wealthy	wealthy	ADJ
cblr-1214	261	52	citizens	citizen	NOUN
cblr-1214	261	53	by	by	ADP
cblr-1214	261	54	turning	turn	VERB
cblr-1214	261	55	“	"	PUNCT
cblr-1214	261	56	the	the	DET
cblr-1214	261	57	disposable	disposable	ADJ
cblr-1214	261	58	income	income	NOUN
cblr-1214	261	59	of	of	ADP
cblr-1214	261	60	the	the	DET
cblr-1214	261	61	many	many	ADJ
cblr-1214	261	62	into	into	ADP
cblr-1214	261	63	capital	capital	NOUN
cblr-1214	261	64	gains	gain	NOUN
cblr-1214	261	65	,	,	PUNCT
cblr-1214	261	66	dividends	dividend	NOUN
cblr-1214	261	67	,	,	PUNCT
cblr-1214	261	68	and	and	CCONJ
cblr-1214	261	69	executive	executive	ADJ
cblr-1214	261	70	compensation	compensation	NOUN
cblr-1214	261	71	for	for	ADP
cblr-1214	261	72	the	the	DET
cblr-1214	261	73	few	few	ADJ
cblr-1214	261	74	.	.	PUNCT
cblr-1214	261	75	”70	”70	PUNCT
cblr-1214	262	1	moreover	moreover	ADV
cblr-1214	262	2	,	,	PUNCT
cblr-1214	262	3	increased	increased	ADJ
cblr-1214	262	4	market	market	NOUN
cblr-1214	262	5	power	power	NOUN
cblr-1214	262	6	can	can	AUX
cblr-1214	262	7	also	also	ADV
cblr-1214	262	8	harm	harm	VERB
cblr-1214	262	9	workers	worker	NOUN
cblr-1214	262	10	,	,	PUNCT
cblr-1214	262	11	since	since	SCONJ
cblr-1214	262	12	the	the	DET
cblr-1214	262	13	firm	firm	NOUN
cblr-1214	262	14	faces	face	VERB
cblr-1214	262	15	less	less	ADJ
cblr-1214	262	16	pressure	pressure	NOUN
cblr-1214	262	17	from	from	ADP
cblr-1214	262	18	competitors	competitor	NOUN
cblr-1214	262	19	to	to	PART
cblr-1214	262	20	raise	raise	VERB
cblr-1214	262	21	wages	wage	NOUN
cblr-1214	262	22	or	or	CCONJ
cblr-1214	262	23	provide	provide	VERB
cblr-1214	262	24	better	well	ADJ
cblr-1214	262	25	working	working	NOUN
cblr-1214	262	26	conditions	condition	NOUN
cblr-1214	262	27	for	for	ADP
cblr-1214	262	28	its	its	PRON
cblr-1214	262	29	employees.71	employees.71	NOUN
cblr-1214	262	30	in	in	ADP
cblr-1214	262	31	this	this	DET
cblr-1214	262	32	way	way	NOUN
cblr-1214	262	33	,	,	PUNCT
cblr-1214	262	34	increased	increase	VERB
cblr-1214	262	35	market	market	NOUN
cblr-1214	262	36	power	power	NOUN
cblr-1214	262	37	may	may	AUX
cblr-1214	262	38	yield	yield	VERB
cblr-1214	262	39	employment	employment	NOUN
cblr-1214	262	40	and	and	CCONJ
cblr-1214	262	41	wage	wage	NOUN
cblr-1214	262	42	levels	level	NOUN
cblr-1214	262	43	below	below	ADP
cblr-1214	262	44	the	the	DET
cblr-1214	262	45	socially	socially	ADV
cblr-1214	262	46	optimal	optimal	ADJ
cblr-1214	262	47	level.72	level.72	NOUN
cblr-1214	262	48	problematically	problematically	ADV
cblr-1214	262	49	,	,	PUNCT
cblr-1214	262	50	increased	increase	VERB
cblr-1214	262	51	market	market	NOUN
cblr-1214	262	52	power	power	NOUN
cblr-1214	262	53	is	be	AUX
cblr-1214	262	54	not	not	PART
cblr-1214	262	55	likely	likely	ADJ
cblr-1214	262	56	to	to	PART
cblr-1214	262	57	be	be	AUX
cblr-1214	262	58	a	a	DET
cblr-1214	262	59	temporary	temporary	ADJ
cblr-1214	262	60	result	result	NOUN
cblr-1214	262	61	from	from	ADP
cblr-1214	262	62	m&a	m&a	PROPN
cblr-1214	262	63	activity	activity	NOUN
cblr-1214	262	64	,	,	PUNCT
cblr-1214	262	65	as	as	SCONJ
cblr-1214	262	66	firms	firm	NOUN
cblr-1214	262	67	benefitting	benefit	VERB
cblr-1214	262	68	from	from	ADP
cblr-1214	262	69	market	market	NOUN
cblr-1214	262	70	power	power	NOUN
cblr-1214	262	71	tend	tend	VERB
cblr-1214	262	72	to	to	PART
cblr-1214	262	73	invest	invest	VERB
cblr-1214	262	74	in	in	ADP
cblr-1214	262	75	preserving	preserve	VERB
cblr-1214	262	76	their	their	PRON
cblr-1214	262	77	market	market	NOUN
cblr-1214	262	78	position	position	NOUN
cblr-1214	262	79	by	by	ADP
cblr-1214	262	80	increasing	increase	VERB
cblr-1214	262	81	barriers	barrier	NOUN
cblr-1214	262	82	to	to	ADP
cblr-1214	262	83	entry	entry	NOUN
cblr-1214	262	84	in	in	ADP
cblr-1214	262	85	the	the	DET
cblr-1214	262	86	market	market	NOUN
cblr-1214	262	87	and	and	CCONJ
cblr-1214	262	88	by	by	ADP
cblr-1214	262	89	opposing	oppose	VERB
cblr-1214	262	90	efforts	effort	NOUN
cblr-1214	262	91	to	to	PART
cblr-1214	262	92	increase	increase	VERB
cblr-1214	262	93	competition.73	competition.73	NOUN
cblr-1214	262	94	in	in	ADP
cblr-1214	262	95	this	this	DET
cblr-1214	262	96	way	way	NOUN
cblr-1214	262	97	,	,	PUNCT
cblr-1214	262	98	increased	increase	VERB
cblr-1214	262	99	market	market	NOUN
cblr-1214	262	100	power	power	NOUN
cblr-1214	262	101	functions	function	NOUN
cblr-1214	262	102	as	as	ADP
cblr-1214	262	103	a	a	DET
cblr-1214	262	104	long	long	ADJ
cblr-1214	262	105	-	-	PUNCT
cblr-1214	262	106	term	term	NOUN
cblr-1214	262	107	harm	harm	NOUN
cblr-1214	262	108	involving	involve	VERB
cblr-1214	262	109	a	a	DET
cblr-1214	262	110	sustained	sustained	ADJ
cblr-1214	262	111	period	period	NOUN
cblr-1214	262	112	of	of	ADP
cblr-1214	262	113	higher	high	ADJ
cblr-1214	262	114	prices	price	NOUN
cblr-1214	262	115	and	and	CCONJ
cblr-1214	262	116	decreased	decrease	VERB
cblr-1214	262	117	competition	competition	NOUN
cblr-1214	262	118	in	in	ADP
cblr-1214	262	119	a	a	DET
cblr-1214	262	120	given	give	VERB
cblr-1214	262	121	industry	industry	NOUN
cblr-1214	262	122	.	.	PUNCT
cblr-1214	263	1	judges	judge	NOUN
cblr-1214	263	2	,	,	PUNCT
cblr-1214	263	3	academics	academic	NOUN
cblr-1214	263	4	,	,	PUNCT
cblr-1214	263	5	and	and	CCONJ
cblr-1214	263	6	practitioners	practitioner	NOUN
cblr-1214	263	7	often	often	ADV
cblr-1214	263	8	share	share	VERB
cblr-1214	263	9	a	a	DET
cblr-1214	263	10	general	general	ADJ
cblr-1214	263	11	belief	belief	NOUN
cblr-1214	263	12	that	that	SCONJ
cblr-1214	263	13	a	a	DET
cblr-1214	263	14	merger	merger	NOUN
cblr-1214	263	15	is	be	AUX
cblr-1214	263	16	a	a	DET
cblr-1214	263	17	desirable	desirable	ADJ
cblr-1214	263	18	event	event	NOUN
cblr-1214	263	19	,	,	PUNCT
cblr-1214	263	20	likely	likely	ADV
cblr-1214	263	21	to	to	PART
cblr-1214	263	22	benefit	benefit	VERB
cblr-1214	263	23	68	68	NUM
cblr-1214	263	24	guy	guy	NOUN
cblr-1214	263	25	rolnik	rolnik	NOUN
cblr-1214	263	26	&	&	CCONJ
cblr-1214	263	27	asher	asher	PROPN
cblr-1214	263	28	schechter	schechter	PROPN
cblr-1214	263	29	,	,	PUNCT
cblr-1214	263	30	do	do	AUX
cblr-1214	263	31	mergers	merger	NOUN
cblr-1214	263	32	benefit	benefit	VERB
cblr-1214	263	33	or	or	CCONJ
cblr-1214	263	34	harm	harm	VERB
cblr-1214	263	35	the	the	DET
cblr-1214	263	36	economy	economy	NOUN
cblr-1214	263	37	?	?	PUNCT
cblr-1214	264	1	q&a	q&a	PROPN
cblr-1214	264	2	with	with	ADP
cblr-1214	264	3	bruce	bruce	PROPN
cblr-1214	264	4	blonigen	blonigen	PROPN
cblr-1214	264	5	,	,	PUNCT
cblr-1214	264	6	promarket	promarket	NOUN
cblr-1214	264	7	(	(	PUNCT
cblr-1214	264	8	dec	dec	PROPN
cblr-1214	264	9	.	.	PROPN
cblr-1214	264	10	23	23	NUM
cblr-1214	264	11	,	,	PUNCT
cblr-1214	264	12	2016	2016	NUM
cblr-1214	264	13	)	)	PUNCT
cblr-1214	264	14	,	,	PUNCT
cblr-1214	264	15	https://promarket.org/do-mergers-harm-economy-qa-with-bruce-blonigen	https://promarket.org/do-mergers-harm-economy-qa-with-bruce-blonigen	VERB
cblr-1214	265	1	[	[	X
cblr-1214	265	2	perma.cc/c3v5-4efy	perma.cc/c3v5-4efy	PROPN
cblr-1214	265	3	]	]	X
cblr-1214	265	4	.	.	PUNCT
cblr-1214	266	1	69	69	NUM
cblr-1214	266	2	a.	a.	NOUN
cblr-1214	266	3	douglas	douglas	PROPN
cblr-1214	266	4	melamed	melamed	PROPN
cblr-1214	266	5	,	,	PUNCT
cblr-1214	266	6	response	response	NOUN
cblr-1214	266	7	,	,	PUNCT
cblr-1214	266	8	antitrust	antitrust	ADJ
cblr-1214	266	9	law	law	NOUN
cblr-1214	266	10	is	be	AUX
cblr-1214	266	11	not	not	PART
cblr-1214	266	12	that	that	ADV
cblr-1214	266	13	complicated	complicated	ADJ
cblr-1214	266	14	,	,	PUNCT
cblr-1214	266	15	130	130	NUM
cblr-1214	266	16	harv	harv	NOUN
cblr-1214	266	17	.	.	PUNCT
cblr-1214	267	1	l.	l.	PROPN
cblr-1214	267	2	rev	rev	PROPN
cblr-1214	267	3	.	.	PROPN
cblr-1214	268	1	f.	f.	PROPN
cblr-1214	268	2	163	163	NUM
cblr-1214	268	3	,	,	PUNCT
cblr-1214	268	4	166–67	166–67	NUM
cblr-1214	268	5	(	(	PUNCT
cblr-1214	268	6	2017	2017	NUM
cblr-1214	268	7	)	)	PUNCT
cblr-1214	268	8	(	(	PUNCT
cblr-1214	268	9	“	"	PUNCT
cblr-1214	268	10	[	[	X
cblr-1214	268	11	m]arket	m]arket	NOUN
cblr-1214	268	12	power	power	NOUN
cblr-1214	268	13	is	be	AUX
cblr-1214	268	14	costly	costly	ADJ
cblr-1214	268	15	.	.	PUNCT
cblr-1214	269	1	it	it	PRON
cblr-1214	269	2	generally	generally	ADV
cblr-1214	269	3	means	mean	VERB
cblr-1214	269	4	higher	high	ADJ
cblr-1214	269	5	prices	price	NOUN
cblr-1214	269	6	and	and	CCONJ
cblr-1214	269	7	reduced	reduced	ADJ
cblr-1214	269	8	output	output	NOUN
cblr-1214	269	9	and	and	CCONJ
cblr-1214	269	10	often	often	ADV
cblr-1214	269	11	means	mean	VERB
cblr-1214	269	12	diminished	diminish	VERB
cblr-1214	269	13	incentive	incentive	NOUN
cblr-1214	269	14	to	to	PART
cblr-1214	269	15	engage	engage	VERB
cblr-1214	269	16	aggressively	aggressively	ADV
cblr-1214	269	17	in	in	ADP
cblr-1214	269	18	welfare	welfare	NOUN
cblr-1214	269	19	-	-	PUNCT
cblr-1214	269	20	enhancing	enhance	VERB
cblr-1214	269	21	conduct	conduct	NOUN
cblr-1214	269	22	.	.	PUNCT
cblr-1214	269	23	”	"	PUNCT
cblr-1214	269	24	)	)	PUNCT
cblr-1214	269	25	.	.	PUNCT
cblr-1214	270	1	70	70	NUM
cblr-1214	270	2	lina	lina	PROPN
cblr-1214	270	3	khan	khan	PROPN
cblr-1214	270	4	&	&	CCONJ
cblr-1214	270	5	sandeep	sandeep	PROPN
cblr-1214	270	6	vaheesan	vaheesan	PROPN
cblr-1214	270	7	,	,	PUNCT
cblr-1214	270	8	market	market	NOUN
cblr-1214	270	9	power	power	NOUN
cblr-1214	270	10	and	and	CCONJ
cblr-1214	270	11	inequality	inequality	NOUN
cblr-1214	270	12	:	:	PUNCT
cblr-1214	270	13	the	the	DET
cblr-1214	270	14	antitrust	antitrust	ADJ
cblr-1214	270	15	counterrevolution	counterrevolution	NOUN
cblr-1214	270	16	and	and	CCONJ
cblr-1214	270	17	its	its	PRON
cblr-1214	270	18	discontents	discontent	NOUN
cblr-1214	270	19	,	,	PUNCT
cblr-1214	270	20	11	11	NUM
cblr-1214	270	21	harv	harv	NOUN
cblr-1214	270	22	.	.	PUNCT
cblr-1214	271	1	l.	l.	PROPN
cblr-1214	271	2	&	&	CCONJ
cblr-1214	271	3	pol’y	pol’y	NOUN
cblr-1214	271	4	rev	rev	PROPN
cblr-1214	271	5	.	.	PROPN
cblr-1214	271	6	235	235	NUM
cblr-1214	271	7	,	,	PUNCT
cblr-1214	271	8	236	236	NUM
cblr-1214	271	9	(	(	PUNCT
cblr-1214	271	10	2017	2017	NUM
cblr-1214	271	11	)	)	PUNCT
cblr-1214	271	12	.	.	PUNCT
cblr-1214	272	1	71	71	NUM
cblr-1214	272	2	council	council	NOUN
cblr-1214	272	3	of	of	ADP
cblr-1214	272	4	econ	econ	PROPN
cblr-1214	272	5	.	.	PUNCT
cblr-1214	273	1	advisors	advisor	NOUN
cblr-1214	273	2	,	,	PUNCT
cblr-1214	273	3	benefits	benefit	NOUN
cblr-1214	273	4	of	of	ADP
cblr-1214	273	5	competition	competition	NOUN
cblr-1214	273	6	and	and	CCONJ
cblr-1214	273	7	indicators	indicator	NOUN
cblr-1214	273	8	of	of	ADP
cblr-1214	273	9	market	market	NOUN
cblr-1214	273	10	power	power	NOUN
cblr-1214	273	11	2	2	NUM
cblr-1214	273	12	(	(	PUNCT
cblr-1214	273	13	2016	2016	NUM
cblr-1214	273	14	)	)	PUNCT
cblr-1214	273	15	,	,	PUNCT
cblr-1214	273	16	https://obamawhitehouse.archives.gov/sites/default/files/page/files/20160414_cea_competition_issue_brief.pdf	https://obamawhitehouse.archives.gov/sites/default/files/page/files/20160414_cea_competition_issue_brief.pdf	X
cblr-1214	274	1	[	[	X
cblr-1214	274	2	perma.cc/7w45-g64d	perma.cc/7w45-g64d	PROPN
cblr-1214	274	3	]	]	PUNCT
cblr-1214	274	4	.	.	PUNCT
cblr-1214	275	1	72	72	NUM
cblr-1214	276	1	i	i	PRON
cblr-1214	276	2	d.	d.	PROPN
cblr-1214	276	3	73	73	NUM
cblr-1214	276	4	carstensen	carstensen	NOUN
cblr-1214	276	5	,	,	PUNCT
cblr-1214	276	6	supra	supra	PROPN
cblr-1214	276	7	note	note	NOUN
cblr-1214	276	8	66	66	NUM
cblr-1214	276	9	,	,	PUNCT
cblr-1214	276	10	at	at	ADP
cblr-1214	276	11	251	251	NUM
cblr-1214	276	12	.	.	PUNCT
cblr-1214	277	1	griffin_final	griffin_final	ADJ
cblr-1214	277	2	no	no	NOUN
cblr-1214	277	3	.	.	PUNCT
cblr-1214	278	1	1:70	1:70	NUM
cblr-1214	278	2	]	]	PUNCT
cblr-1214	278	3	the	the	DET
cblr-1214	278	4	hidden	hidden	ADJ
cblr-1214	278	5	cost	cost	NOUN
cblr-1214	278	6	of	of	ADP
cblr-1214	278	7	m&a	m&a	PROPN
cblr-1214	278	8	93	93	NUM
cblr-1214	278	9	shareholders	shareholder	NOUN
cblr-1214	278	10	via	via	ADP
cblr-1214	278	11	efficiency	efficiency	NOUN
cblr-1214	278	12	gains	gain	NOUN
cblr-1214	278	13	and	and	CCONJ
cblr-1214	278	14	unlikely	unlikely	ADJ
cblr-1214	278	15	to	to	PART
cblr-1214	278	16	result	result	VERB
cblr-1214	278	17	in	in	ADP
cblr-1214	278	18	harmful	harmful	ADJ
cblr-1214	278	19	increases	increase	NOUN
cblr-1214	278	20	in	in	ADP
cblr-1214	278	21	market	market	NOUN
cblr-1214	278	22	power.74	power.74	VERB
cblr-1214	278	23	this	this	DET
cblr-1214	278	24	presumption	presumption	NOUN
cblr-1214	278	25	results	result	NOUN
cblr-1214	278	26	at	at	ADP
cblr-1214	278	27	least	least	ADJ
cblr-1214	278	28	in	in	ADP
cblr-1214	278	29	part	part	NOUN
cblr-1214	278	30	from	from	ADP
cblr-1214	278	31	the	the	DET
cblr-1214	278	32	scholarship	scholarship	NOUN
cblr-1214	278	33	of	of	ADP
cblr-1214	278	34	robert	robert	PROPN
cblr-1214	278	35	bork	bork	PROPN
cblr-1214	278	36	.	.	PUNCT
cblr-1214	279	1	in	in	ADP
cblr-1214	279	2	his	his	PRON
cblr-1214	279	3	book	book	NOUN
cblr-1214	279	4	the	the	DET
cblr-1214	279	5	antitrust	antitrust	ADJ
cblr-1214	279	6	paradox	paradox	NOUN
cblr-1214	279	7	,	,	PUNCT
cblr-1214	279	8	bork	bork	NOUN
cblr-1214	279	9	argued	argue	VERB
cblr-1214	279	10	that	that	SCONJ
cblr-1214	279	11	the	the	DET
cblr-1214	279	12	typical	typical	ADJ
cblr-1214	279	13	horizontal	horizontal	ADJ
cblr-1214	279	14	merger	merger	NOUN
cblr-1214	279	15	would	would	AUX
cblr-1214	279	16	not	not	PART
cblr-1214	279	17	harm	harm	VERB
cblr-1214	279	18	consumers.75	consumers.75	ADJ
cblr-1214	279	19	his	his	PRON
cblr-1214	279	20	essential	essential	ADJ
cblr-1214	279	21	premise	premise	NOUN
cblr-1214	279	22	was	be	AUX
cblr-1214	279	23	that	that	SCONJ
cblr-1214	279	24	mergers	merger	NOUN
cblr-1214	279	25	that	that	PRON
cblr-1214	279	26	allow	allow	VERB
cblr-1214	279	27	at	at	ADV
cblr-1214	279	28	least	least	ADV
cblr-1214	279	29	three	three	NUM
cblr-1214	279	30	large	large	ADJ
cblr-1214	279	31	entities	entity	NOUN
cblr-1214	279	32	to	to	PART
cblr-1214	279	33	remain	remain	VERB
cblr-1214	279	34	in	in	ADP
cblr-1214	279	35	an	an	DET
cblr-1214	279	36	industry	industry	NOUN
cblr-1214	279	37	would	would	AUX
cblr-1214	279	38	be	be	AUX
cblr-1214	279	39	unlikely	unlikely	ADJ
cblr-1214	279	40	to	to	PART
cblr-1214	279	41	result	result	VERB
cblr-1214	279	42	in	in	ADP
cblr-1214	279	43	any	any	DET
cblr-1214	279	44	harm	harm	NOUN
cblr-1214	279	45	to	to	ADP
cblr-1214	279	46	competition.76	competition.76	PROPN
cblr-1214	279	47	his	his	PRON
cblr-1214	279	48	theories	theory	NOUN
cblr-1214	279	49	,	,	PUNCT
cblr-1214	279	50	along	along	ADP
cblr-1214	279	51	with	with	ADP
cblr-1214	279	52	chicago	chicago	PROPN
cblr-1214	279	53	school	school	NOUN
cblr-1214	279	54	precepts	precept	NOUN
cblr-1214	279	55	corroborating	corroborate	VERB
cblr-1214	279	56	that	that	SCONJ
cblr-1214	279	57	mergers	merger	NOUN
cblr-1214	279	58	typically	typically	ADV
cblr-1214	279	59	have	have	VERB
cblr-1214	279	60	benign	benign	ADJ
cblr-1214	279	61	or	or	CCONJ
cblr-1214	279	62	beneficial	beneficial	ADJ
cblr-1214	279	63	effects	effect	NOUN
cblr-1214	279	64	on	on	ADP
cblr-1214	279	65	competition	competition	NOUN
cblr-1214	279	66	,	,	PUNCT
cblr-1214	279	67	have	have	AUX
cblr-1214	279	68	shaped	shape	VERB
cblr-1214	279	69	philosophical	philosophical	ADJ
cblr-1214	279	70	and	and	CCONJ
cblr-1214	279	71	practical	practical	ADJ
cblr-1214	279	72	approaches	approach	NOUN
cblr-1214	279	73	to	to	ADP
cblr-1214	279	74	mergers	merger	NOUN
cblr-1214	279	75	in	in	ADP
cblr-1214	279	76	recent	recent	ADJ
cblr-1214	279	77	years.77	years.77	NOUN
cblr-1214	279	78	however	however	ADV
cblr-1214	279	79	,	,	PUNCT
cblr-1214	279	80	such	such	ADJ
cblr-1214	279	81	arguments	argument	NOUN
cblr-1214	279	82	are	be	AUX
cblr-1214	279	83	increasingly	increasingly	ADV
cblr-1214	279	84	subject	subject	ADJ
cblr-1214	279	85	to	to	ADP
cblr-1214	279	86	challenge	challenge	NOUN
cblr-1214	279	87	on	on	ADP
cblr-1214	279	88	empirical	empirical	ADJ
cblr-1214	279	89	grounds.78	grounds.78	NOUN
cblr-1214	279	90	of	of	ADP
cblr-1214	279	91	course	course	NOUN
cblr-1214	279	92	,	,	PUNCT
cblr-1214	279	93	to	to	ADP
cblr-1214	279	94	those	those	PRON
cblr-1214	279	95	who	who	PRON
cblr-1214	279	96	embrace	embrace	VERB
cblr-1214	279	97	the	the	DET
cblr-1214	279	98	twin	twin	ADJ
cblr-1214	279	99	assumptions	assumption	NOUN
cblr-1214	279	100	that	that	SCONJ
cblr-1214	279	101	(	(	PUNCT
cblr-1214	279	102	1	1	X
cblr-1214	279	103	)	)	PUNCT
cblr-1214	279	104	the	the	DET
cblr-1214	279	105	purpose	purpose	NOUN
cblr-1214	279	106	of	of	ADP
cblr-1214	279	107	the	the	DET
cblr-1214	279	108	corporation	corporation	NOUN
cblr-1214	279	109	is	be	AUX
cblr-1214	279	110	to	to	PART
cblr-1214	279	111	benefit	benefit	VERB
cblr-1214	279	112	shareholders	shareholder	NOUN
cblr-1214	279	113	financially	financially	ADV
cblr-1214	279	114	,	,	PUNCT
cblr-1214	279	115	and	and	CCONJ
cblr-1214	279	116	(	(	PUNCT
cblr-1214	279	117	2	2	X
cblr-1214	279	118	)	)	PUNCT
cblr-1214	279	119	benefit	benefit	NOUN
cblr-1214	279	120	to	to	ADP
cblr-1214	279	121	shareholders	shareholder	NOUN
cblr-1214	279	122	is	be	AUX
cblr-1214	279	123	measured	measure	VERB
cblr-1214	279	124	through	through	ADP
cblr-1214	279	125	stock	stock	NOUN
cblr-1214	279	126	performance	performance	NOUN
cblr-1214	279	127	,	,	PUNCT
cblr-1214	279	128	the	the	DET
cblr-1214	279	129	source	source	NOUN
cblr-1214	279	130	of	of	ADP
cblr-1214	279	131	increased	increase	VERB
cblr-1214	279	132	shareholder	shareholder	NOUN
cblr-1214	279	133	gains	gain	NOUN
cblr-1214	279	134	may	may	AUX
cblr-1214	279	135	be	be	AUX
cblr-1214	279	136	inconsequential	inconsequential	ADJ
cblr-1214	279	137	.	.	PUNCT
cblr-1214	280	1	indeed	indeed	ADV
cblr-1214	280	2	,	,	PUNCT
cblr-1214	280	3	the	the	DET
cblr-1214	280	4	shareholder	shareholder	NOUN
cblr-1214	280	5	wealth	wealth	NOUN
cblr-1214	280	6	maximization	maximization	NOUN
cblr-1214	280	7	norm	norm	NOUN
cblr-1214	280	8	obligates	obligate	VERB
cblr-1214	280	9	corporate	corporate	ADJ
cblr-1214	280	10	managers	manager	NOUN
cblr-1214	280	11	to	to	PART
cblr-1214	280	12	maximize	maximize	VERB
cblr-1214	280	13	shareholders	shareholder	NOUN
cblr-1214	280	14	’	'	PUNCT
cblr-1214	280	15	wealth	wealth	NOUN
cblr-1214	280	16	,	,	PUNCT
cblr-1214	280	17	even	even	ADV
cblr-1214	280	18	when	when	SCONJ
cblr-1214	280	19	those	those	DET
cblr-1214	280	20	gains	gain	NOUN
cblr-1214	280	21	come	come	VERB
cblr-1214	280	22	at	at	ADP
cblr-1214	280	23	the	the	DET
cblr-1214	280	24	expense	expense	NOUN
cblr-1214	280	25	of	of	ADP
cblr-1214	280	26	other	other	ADJ
cblr-1214	280	27	stakeholders	stakeholder	NOUN
cblr-1214	280	28	and	and	CCONJ
cblr-1214	280	29	society	society	NOUN
cblr-1214	280	30	as	as	ADP
cblr-1214	280	31	a	a	DET
cblr-1214	280	32	whole.79	whole.79	NOUN
cblr-1214	280	33	a	a	DET
cblr-1214	280	34	broader	broad	ADJ
cblr-1214	280	35	understanding	understanding	NOUN
cblr-1214	280	36	of	of	ADP
cblr-1214	280	37	shareholder	shareholder	NOUN
cblr-1214	280	38	benefits	benefit	NOUN
cblr-1214	280	39	changes	change	VERB
cblr-1214	280	40	the	the	DET
cblr-1214	280	41	analysis	analysis	NOUN
cblr-1214	280	42	.	.	PUNCT
cblr-1214	281	1	shareholders	shareholder	NOUN
cblr-1214	281	2	are	be	AUX
cblr-1214	281	3	not	not	PART
cblr-1214	281	4	merely	merely	ADV
cblr-1214	281	5	fictional	fictional	ADJ
cblr-1214	281	6	beings	being	NOUN
cblr-1214	281	7	with	with	ADP
cblr-1214	281	8	a	a	DET
cblr-1214	281	9	financial	financial	ADJ
cblr-1214	281	10	interest	interest	NOUN
cblr-1214	281	11	in	in	ADP
cblr-1214	281	12	the	the	DET
cblr-1214	281	13	performance	performance	NOUN
cblr-1214	281	14	of	of	ADP
cblr-1214	281	15	a	a	DET
cblr-1214	281	16	single	single	ADJ
cblr-1214	281	17	company	company	NOUN
cblr-1214	281	18	,	,	PUNCT
cblr-1214	281	19	but	but	CCONJ
cblr-1214	281	20	flesh	flesh	NOUN
cblr-1214	281	21	-	-	PUNCT
cblr-1214	281	22	and	and	CCONJ
cblr-1214	281	23	-	-	PUNCT
cblr-1214	281	24	blood	blood	NOUN
cblr-1214	281	25	-	-	PUNCT
cblr-1214	281	26	humans	human	NOUN
cblr-1214	281	27	.	.	PUNCT
cblr-1214	282	1	these	these	DET
cblr-1214	282	2	“	"	PUNCT
cblr-1214	282	3	human	human	ADJ
cblr-1214	282	4	investors	investor	NOUN
cblr-1214	282	5	,	,	PUNCT
cblr-1214	282	6	”	"	PUNCT
cblr-1214	282	7	to	to	PART
cblr-1214	282	8	use	use	VERB
cblr-1214	282	9	chief	chief	ADJ
cblr-1214	282	10	justice	justice	NOUN
cblr-1214	282	11	leo	leo	PROPN
cblr-1214	282	12	strine	strine	PROPN
cblr-1214	282	13	’s	’s	PART
cblr-1214	282	14	term	term	NOUN
cblr-1214	282	15	,	,	PUNCT
cblr-1214	282	16	care	care	VERB
cblr-1214	282	17	not	not	PART
cblr-1214	282	18	only	only	ADV
cblr-1214	282	19	about	about	ADP
cblr-1214	282	20	the	the	DET
cblr-1214	282	21	performance	performance	NOUN
cblr-1214	282	22	of	of	ADP
cblr-1214	282	23	a	a	DET
cblr-1214	282	24	single	single	ADJ
cblr-1214	282	25	stock	stock	NOUN
cblr-1214	282	26	,	,	PUNCT
cblr-1214	282	27	but	but	CCONJ
cblr-1214	282	28	likely	likely	ADV
cblr-1214	282	29	have	have	VERB
cblr-1214	282	30	a	a	DET
cblr-1214	282	31	substantial	substantial	ADJ
cblr-1214	282	32	,	,	PUNCT
cblr-1214	282	33	and	and	CCONJ
cblr-1214	282	34	more	more	ADV
cblr-1214	282	35	acute	acute	ADJ
cblr-1214	282	36	,	,	PUNCT
cblr-1214	282	37	financial	financial	ADJ
cblr-1214	282	38	interest	interest	NOUN
cblr-1214	282	39	in	in	ADP
cblr-1214	282	40	the	the	DET
cblr-1214	282	41	performance	performance	NOUN
cblr-1214	282	42	of	of	ADP
cblr-1214	282	43	their	their	PRON
cblr-1214	282	44	74	74	NUM
cblr-1214	282	45	i	i	PRON
cblr-1214	282	46	d.	d.	NOUN
cblr-1214	282	47	at	at	ADP
cblr-1214	282	48	252	252	NUM
cblr-1214	282	49	.	.	PUNCT
cblr-1214	283	1	75	75	NUM
cblr-1214	283	2	orley	orley	ADJ
cblr-1214	283	3	ashenfelter	ashenfelter	NOUN
cblr-1214	283	4	et	et	PROPN
cblr-1214	283	5	al	al	PROPN
cblr-1214	283	6	.	.	PROPN
cblr-1214	283	7	,	,	PUNCT
cblr-1214	283	8	did	do	AUX
cblr-1214	283	9	robert	robert	PROPN
cblr-1214	283	10	bork	bork	PROPN
cblr-1214	283	11	understate	understate	VERB
cblr-1214	283	12	the	the	DET
cblr-1214	283	13	competitive	competitive	ADJ
cblr-1214	283	14	impact	impact	NOUN
cblr-1214	283	15	of	of	ADP
cblr-1214	283	16	mergers	merger	NOUN
cblr-1214	283	17	?	?	PUNCT
cblr-1214	284	1	evidence	evidence	NOUN
cblr-1214	284	2	from	from	ADP
cblr-1214	284	3	consummated	consummate	VERB
cblr-1214	284	4	mergers	merger	NOUN
cblr-1214	284	5	,	,	PUNCT
cblr-1214	284	6	57	57	NUM
cblr-1214	284	7	j.	j.	PROPN
cblr-1214	284	8	l.	l.	PROPN
cblr-1214	284	9	&	&	CCONJ
cblr-1214	284	10	econ	econ	PROPN
cblr-1214	284	11	.	.	PUNCT
cblr-1214	284	12	s67	s67	PROPN
cblr-1214	284	13	,	,	PUNCT
cblr-1214	284	14	s95–96	s95–96	NOUN
cblr-1214	284	15	(	(	PUNCT
cblr-1214	284	16	2014	2014	NUM
cblr-1214	284	17	)	)	PUNCT
cblr-1214	284	18	.	.	PUNCT
cblr-1214	285	1	76	76	NUM
cblr-1214	286	1	i	i	PRON
cblr-1214	286	2	d.	d.	PROPN
cblr-1214	286	3	at	at	ADP
cblr-1214	286	4	s96	s96	PROPN
cblr-1214	286	5	.	.	PUNCT
cblr-1214	287	1	77	77	NUM
cblr-1214	287	2	khan	khan	PROPN
cblr-1214	287	3	&	&	CCONJ
cblr-1214	287	4	vaheesan	vaheesan	PROPN
cblr-1214	287	5	,	,	PUNCT
cblr-1214	287	6	supra	supra	PROPN
cblr-1214	287	7	note	note	NOUN
cblr-1214	287	8	70	70	NUM
cblr-1214	287	9	,	,	PUNCT
cblr-1214	287	10	at	at	ADP
cblr-1214	287	11	270–71	270–71	NOUN
cblr-1214	287	12	.	.	PUNCT
cblr-1214	287	13	78	78	NUM
cblr-1214	287	14	christopher	christopher	PROPN
cblr-1214	287	15	r.	r.	PROPN
cblr-1214	287	16	leslie	leslie	PROPN
cblr-1214	287	17	,	,	PUNCT
cblr-1214	287	18	antitrust	antitrust	ADV
cblr-1214	287	19	made	make	VERB
cblr-1214	287	20	(	(	PUNCT
cblr-1214	287	21	too	too	ADV
cblr-1214	287	22	)	)	PUNCT
cblr-1214	287	23	simple	simple	ADJ
cblr-1214	287	24	,	,	PUNCT
cblr-1214	287	25	79	79	NUM
cblr-1214	287	26	antitrust	antitrust	ADJ
cblr-1214	287	27	l.j	l.j	PROPN
cblr-1214	287	28	.	.	PROPN
cblr-1214	287	29	917	917	NUM
cblr-1214	287	30	,	,	PUNCT
cblr-1214	287	31	921–26	921–26	NUM
cblr-1214	287	32	(	(	PUNCT
cblr-1214	287	33	2014	2014	NUM
cblr-1214	287	34	)	)	PUNCT
cblr-1214	287	35	.	.	PUNCT
cblr-1214	288	1	79	79	NUM
cblr-1214	288	2	joel	joel	PROPN
cblr-1214	288	3	slawotsky	slawotsky	PROPN
cblr-1214	288	4	,	,	PUNCT
cblr-1214	288	5	the	the	DET
cblr-1214	288	6	virtues	virtue	NOUN
cblr-1214	288	7	of	of	ADP
cblr-1214	288	8	shareholder	shareholder	NOUN
cblr-1214	288	9	value	value	NOUN
cblr-1214	288	10	driven	drive	VERB
cblr-1214	288	11	activism	activism	NOUN
cblr-1214	288	12	:	:	PUNCT
cblr-1214	288	13	avoiding	avoid	VERB
cblr-1214	288	14	governance	governance	NOUN
cblr-1214	288	15	pitfalls	pitfall	NOUN
cblr-1214	288	16	,	,	PUNCT
cblr-1214	288	17	12	12	NUM
cblr-1214	288	18	hastings	hastings	PROPN
cblr-1214	288	19	bus	bus	NOUN
cblr-1214	288	20	.	.	PUNCT
cblr-1214	289	1	l.j	l.j	PROPN
cblr-1214	289	2	.	.	PROPN
cblr-1214	289	3	521	521	NUM
cblr-1214	289	4	,	,	PUNCT
cblr-1214	289	5	521	521	NUM
cblr-1214	289	6	(	(	PUNCT
cblr-1214	289	7	2016	2016	NUM
cblr-1214	289	8	)	)	PUNCT
cblr-1214	289	9	.	.	PUNCT
cblr-1214	290	1	griffin_final	griffin_final	ADJ
cblr-1214	290	2	94	94	NUM
cblr-1214	290	3	columbia	columbia	PROPN
cblr-1214	290	4	business	business	NOUN
cblr-1214	290	5	law	law	PROPN
cblr-1214	290	6	review	review	NOUN
cblr-1214	290	7	[	[	X
cblr-1214	290	8	vol	vol	NOUN
cblr-1214	290	9	.	.	PUNCT
cblr-1214	290	10	2018	2018	NUM
cblr-1214	290	11	diversified	diversify	VERB
cblr-1214	290	12	retirement	retirement	NOUN
cblr-1214	290	13	portfolio	portfolio	NOUN
cblr-1214	290	14	,	,	PUNCT
cblr-1214	290	15	the	the	DET
cblr-1214	290	16	stability	stability	NOUN
cblr-1214	290	17	of	of	ADP
cblr-1214	290	18	their	their	PRON
cblr-1214	290	19	employment	employment	NOUN
cblr-1214	290	20	,	,	PUNCT
cblr-1214	290	21	the	the	DET
cblr-1214	290	22	performance	performance	NOUN
cblr-1214	290	23	of	of	ADP
cblr-1214	290	24	the	the	DET
cblr-1214	290	25	overall	overall	ADJ
cblr-1214	290	26	economy	economy	NOUN
cblr-1214	290	27	,	,	PUNCT
cblr-1214	290	28	and	and	CCONJ
cblr-1214	290	29	,	,	PUNCT
cblr-1214	290	30	relevant	relevant	ADJ
cblr-1214	290	31	to	to	AUX
cblr-1214	290	32	present	present	ADJ
cblr-1214	290	33	purposes	purpose	NOUN
cblr-1214	290	34	,	,	PUNCT
cblr-1214	290	35	the	the	DET
cblr-1214	290	36	prices	price	NOUN
cblr-1214	290	37	they	they	PRON
cblr-1214	290	38	must	must	AUX
cblr-1214	290	39	pay	pay	VERB
cblr-1214	290	40	for	for	ADP
cblr-1214	290	41	goods.80	goods.80	NOUN
cblr-1214	290	42	to	to	ADP
cblr-1214	290	43	human	human	ADJ
cblr-1214	290	44	investors	investor	NOUN
cblr-1214	290	45	,	,	PUNCT
cblr-1214	290	46	it	it	PRON
cblr-1214	290	47	matters	matter	VERB
cblr-1214	290	48	a	a	DET
cblr-1214	290	49	great	great	ADJ
cblr-1214	290	50	deal	deal	NOUN
cblr-1214	290	51	whether	whether	SCONJ
cblr-1214	290	52	the	the	DET
cblr-1214	290	53	gains	gain	NOUN
cblr-1214	290	54	that	that	PRON
cblr-1214	290	55	come	come	VERB
cblr-1214	290	56	from	from	ADP
cblr-1214	290	57	m&a	m&a	PROPN
cblr-1214	290	58	activity	activity	NOUN
cblr-1214	290	59	accrue	accrue	NOUN
cblr-1214	290	60	at	at	ADP
cblr-1214	290	61	the	the	DET
cblr-1214	290	62	expense	expense	NOUN
cblr-1214	290	63	of	of	ADP
cblr-1214	290	64	the	the	DET
cblr-1214	290	65	american	american	ADJ
cblr-1214	290	66	consumer	consumer	NOUN
cblr-1214	290	67	and	and	CCONJ
cblr-1214	290	68	the	the	DET
cblr-1214	290	69	american	american	ADJ
cblr-1214	290	70	economy	economy	NOUN
cblr-1214	290	71	or	or	CCONJ
cblr-1214	290	72	,	,	PUNCT
cblr-1214	290	73	rather	rather	ADV
cblr-1214	290	74	,	,	PUNCT
cblr-1214	290	75	whether	whether	SCONJ
cblr-1214	290	76	merger	merger	NOUN
cblr-1214	290	77	gains	gain	NOUN
cblr-1214	290	78	and	and	CCONJ
cblr-1214	290	79	economic	economic	ADJ
cblr-1214	290	80	growth	growth	NOUN
cblr-1214	290	81	occur	occur	VERB
cblr-1214	290	82	in	in	ADP
cblr-1214	290	83	tandem	tandem	PROPN
cblr-1214	290	84	.	.	PUNCT
cblr-1214	291	1	for	for	ADP
cblr-1214	291	2	investors	investor	NOUN
cblr-1214	291	3	such	such	ADJ
cblr-1214	291	4	as	as	ADP
cblr-1214	291	5	these	these	PRON
cblr-1214	291	6	,	,	PUNCT
cblr-1214	291	7	understanding	understand	VERB
cblr-1214	291	8	the	the	DET
cblr-1214	291	9	source	source	NOUN
cblr-1214	291	10	of	of	ADP
cblr-1214	291	11	merger	merger	NOUN
cblr-1214	291	12	gains	gain	NOUN
cblr-1214	291	13	provides	provide	VERB
cblr-1214	291	14	important	important	ADJ
cblr-1214	291	15	insight	insight	NOUN
cblr-1214	291	16	into	into	ADP
cblr-1214	291	17	the	the	DET
cblr-1214	291	18	utility	utility	NOUN
cblr-1214	291	19	of	of	ADP
cblr-1214	291	20	stock	stock	NOUN
cblr-1214	291	21	price	price	NOUN
cblr-1214	291	22	as	as	ADP
cblr-1214	291	23	a	a	DET
cblr-1214	291	24	measure	measure	NOUN
cblr-1214	291	25	of	of	ADP
cblr-1214	291	26	shareholder	shareholder	NOUN
cblr-1214	291	27	financial	financial	ADJ
cblr-1214	291	28	benefit	benefit	NOUN
cblr-1214	291	29	.	.	PUNCT
cblr-1214	292	1	indeed	indeed	ADV
cblr-1214	292	2	,	,	PUNCT
cblr-1214	292	3	if	if	SCONJ
cblr-1214	292	4	the	the	DET
cblr-1214	292	5	gain	gain	NOUN
cblr-1214	292	6	to	to	PART
cblr-1214	292	7	share	share	VERB
cblr-1214	292	8	price	price	NOUN
cblr-1214	292	9	is	be	AUX
cblr-1214	292	10	offset	offset	VERB
cblr-1214	292	11	by	by	ADP
cblr-1214	292	12	a	a	DET
cblr-1214	292	13	loss	loss	NOUN
cblr-1214	292	14	to	to	ADP
cblr-1214	292	15	shareholders	shareholder	NOUN
cblr-1214	292	16	due	due	ADP
cblr-1214	292	17	to	to	ADP
cblr-1214	292	18	price	price	NOUN
cblr-1214	292	19	increases	increase	NOUN
cblr-1214	292	20	,	,	PUNCT
cblr-1214	292	21	the	the	DET
cblr-1214	292	22	utility	utility	NOUN
cblr-1214	292	23	of	of	ADP
cblr-1214	292	24	the	the	DET
cblr-1214	292	25	limited	limited	ADJ
cblr-1214	292	26	conception	conception	NOUN
cblr-1214	292	27	of	of	ADP
cblr-1214	292	28	shareholder	shareholder	NOUN
cblr-1214	292	29	wealth	wealth	NOUN
cblr-1214	292	30	maximization	maximization	NOUN
cblr-1214	292	31	is	be	AUX
cblr-1214	292	32	called	call	VERB
cblr-1214	292	33	into	into	ADP
cblr-1214	292	34	question	question	NOUN
cblr-1214	292	35	.	.	PUNCT
cblr-1214	293	1	more	more	ADV
cblr-1214	293	2	broadly	broadly	ADV
cblr-1214	293	3	,	,	PUNCT
cblr-1214	293	4	for	for	ADP
cblr-1214	293	5	those	those	PRON
cblr-1214	293	6	who	who	PRON
cblr-1214	293	7	support	support	VERB
cblr-1214	293	8	shareholder	shareholder	NOUN
cblr-1214	293	9	wealth	wealth	NOUN
cblr-1214	293	10	maximization	maximization	NOUN
cblr-1214	293	11	on	on	ADP
cblr-1214	293	12	the	the	DET
cblr-1214	293	13	grounds	ground	NOUN
cblr-1214	293	14	that	that	PRON
cblr-1214	293	15	adherence	adherence	NOUN
cblr-1214	293	16	to	to	ADP
cblr-1214	293	17	the	the	DET
cblr-1214	293	18	norm	norm	NOUN
cblr-1214	293	19	yields	yield	NOUN
cblr-1214	293	20	increased	increase	VERB
cblr-1214	293	21	societal	societal	ADJ
cblr-1214	293	22	welfare	welfare	NOUN
cblr-1214	293	23	,	,	PUNCT
cblr-1214	293	24	it	it	PRON
cblr-1214	293	25	also	also	ADV
cblr-1214	293	26	matters	matter	VERB
cblr-1214	293	27	a	a	DET
cblr-1214	293	28	great	great	ADJ
cblr-1214	293	29	deal	deal	NOUN
cblr-1214	293	30	whether	whether	SCONJ
cblr-1214	293	31	merger	merger	NOUN
cblr-1214	293	32	gains	gain	NOUN
cblr-1214	293	33	come	come	VERB
cblr-1214	293	34	at	at	ADP
cblr-1214	293	35	the	the	DET
cblr-1214	293	36	expense	expense	NOUN
cblr-1214	293	37	of	of	ADP
cblr-1214	293	38	or	or	CCONJ
cblr-1214	293	39	in	in	ADP
cblr-1214	293	40	conjunction	conjunction	NOUN
cblr-1214	293	41	with	with	ADP
cblr-1214	293	42	social	social	ADJ
cblr-1214	293	43	welfare	welfare	NOUN
cblr-1214	293	44	.	.	PUNCT
cblr-1214	294	1	if	if	SCONJ
cblr-1214	294	2	merger	merger	NOUN
cblr-1214	294	3	gains	gain	NOUN
cblr-1214	294	4	accrue	accrue	VERB
cblr-1214	294	5	primarily	primarily	ADV
cblr-1214	294	6	through	through	ADP
cblr-1214	294	7	market	market	NOUN
cblr-1214	294	8	power	power	NOUN
cblr-1214	294	9	-	-	PUNCT
cblr-1214	294	10	induced	induce	VERB
cblr-1214	294	11	price	price	NOUN
cblr-1214	294	12	increases	increase	NOUN
cblr-1214	294	13	rather	rather	ADV
cblr-1214	294	14	than	than	ADP
cblr-1214	294	15	efficiency	efficiency	NOUN
cblr-1214	294	16	gains	gain	NOUN
cblr-1214	294	17	,	,	PUNCT
cblr-1214	294	18	then	then	ADV
cblr-1214	294	19	using	use	VERB
cblr-1214	294	20	shareholder	shareholder	NOUN
cblr-1214	294	21	wealth	wealth	NOUN
cblr-1214	294	22	maximization	maximization	NOUN
cblr-1214	294	23	as	as	ADP
cblr-1214	294	24	a	a	DET
cblr-1214	294	25	method	method	NOUN
cblr-1214	294	26	of	of	ADP
cblr-1214	294	27	increasing	increase	VERB
cblr-1214	294	28	social	social	ADJ
cblr-1214	294	29	welfare	welfare	NOUN
cblr-1214	294	30	is	be	AUX
cblr-1214	294	31	suspect	suspect	ADJ
cblr-1214	294	32	.	.	PUNCT
cblr-1214	295	1	given	give	VERB
cblr-1214	295	2	these	these	DET
cblr-1214	295	3	considerations	consideration	NOUN
cblr-1214	295	4	,	,	PUNCT
cblr-1214	295	5	it	it	PRON
cblr-1214	295	6	is	be	AUX
cblr-1214	295	7	critical	critical	ADJ
cblr-1214	295	8	to	to	PART
cblr-1214	295	9	determine	determine	VERB
cblr-1214	295	10	whether	whether	SCONJ
cblr-1214	295	11	and	and	CCONJ
cblr-1214	295	12	to	to	ADP
cblr-1214	295	13	what	what	DET
cblr-1214	295	14	extent	extent	NOUN
cblr-1214	295	15	m&a	m&a	PROPN
cblr-1214	295	16	activity	activity	NOUN
cblr-1214	295	17	generates	generate	VERB
cblr-1214	295	18	efficiency	efficiency	NOUN
cblr-1214	295	19	gains	gain	NOUN
cblr-1214	295	20	rather	rather	ADV
cblr-1214	295	21	than	than	ADP
cblr-1214	295	22	market	market	NOUN
cblr-1214	295	23	power	power	NOUN
cblr-1214	295	24	increases	increase	NOUN
cblr-1214	295	25	.	.	PUNCT
cblr-1214	296	1	such	such	ADJ
cblr-1214	296	2	information	information	NOUN
cblr-1214	296	3	can	can	AUX
cblr-1214	296	4	demonstrate	demonstrate	VERB
cblr-1214	296	5	(	(	PUNCT
cblr-1214	296	6	1	1	X
cblr-1214	296	7	)	)	PUNCT
cblr-1214	296	8	whether	whether	SCONJ
cblr-1214	296	9	m&a	m&a	PROPN
cblr-1214	296	10	activity	activity	NOUN
cblr-1214	296	11	benefits	benefit	VERB
cblr-1214	296	12	shareholders	shareholder	NOUN
cblr-1214	296	13	beyond	beyond	ADP
cblr-1214	296	14	the	the	DET
cblr-1214	296	15	mere	mere	ADJ
cblr-1214	296	16	performance	performance	NOUN
cblr-1214	296	17	of	of	ADP
cblr-1214	296	18	one	one	NUM
cblr-1214	296	19	single	single	ADJ
cblr-1214	296	20	stock	stock	NOUN
cblr-1214	296	21	and	and	CCONJ
cblr-1214	296	22	(	(	PUNCT
cblr-1214	296	23	2	2	X
cblr-1214	296	24	)	)	PUNCT
cblr-1214	296	25	whether	whether	SCONJ
cblr-1214	296	26	m&a	m&a	PROPN
cblr-1214	296	27	activity	activity	NOUN
cblr-1214	296	28	serves	serve	VERB
cblr-1214	296	29	society	society	NOUN
cblr-1214	296	30	as	as	ADP
cblr-1214	296	31	a	a	DET
cblr-1214	296	32	whole	whole	NOUN
cblr-1214	296	33	.	.	PUNCT
cblr-1214	297	1	thus	thus	ADV
cblr-1214	297	2	,	,	PUNCT
cblr-1214	297	3	this	this	DET
cblr-1214	297	4	article	article	NOUN
cblr-1214	297	5	will	will	AUX
cblr-1214	297	6	now	now	ADV
cblr-1214	297	7	analyze	analyze	VERB
cblr-1214	297	8	whether	whether	SCONJ
cblr-1214	297	9	returns	return	NOUN
cblr-1214	297	10	from	from	ADP
cblr-1214	297	11	m&a	m&a	PROPN
cblr-1214	297	12	activity	activity	NOUN
cblr-1214	297	13	result	result	NOUN
cblr-1214	297	14	from	from	ADP
cblr-1214	297	15	efficiency	efficiency	NOUN
cblr-1214	297	16	gains	gain	NOUN
cblr-1214	297	17	or	or	CCONJ
cblr-1214	297	18	increases	increase	NOUN
cblr-1214	297	19	in	in	ADP
cblr-1214	297	20	market	market	NOUN
cblr-1214	297	21	power	power	NOUN
cblr-1214	297	22	.	.	PUNCT
cblr-1214	298	1	iv	iv	X
cblr-1214	298	2	.	.	PUNCT
cblr-1214	299	1	a	a	DET
cblr-1214	299	2	summary	summary	NOUN
cblr-1214	299	3	of	of	ADP
cblr-1214	299	4	economic	economic	ADJ
cblr-1214	299	5	research	research	NOUN
cblr-1214	299	6	on	on	ADP
cblr-1214	299	7	the	the	DET
cblr-1214	299	8	source	source	NOUN
cblr-1214	299	9	of	of	ADP
cblr-1214	299	10	merger	merger	NOUN
cblr-1214	299	11	gains	gain	VERB
cblr-1214	299	12	the	the	DET
cblr-1214	299	13	source	source	NOUN
cblr-1214	299	14	of	of	ADP
cblr-1214	299	15	gains	gain	NOUN
cblr-1214	299	16	from	from	ADP
cblr-1214	299	17	m&a	m&a	PROPN
cblr-1214	299	18	activity	activity	NOUN
cblr-1214	299	19	is	be	AUX
cblr-1214	299	20	an	an	DET
cblr-1214	299	21	important	important	ADJ
cblr-1214	299	22	and	and	CCONJ
cblr-1214	299	23	controversial	controversial	ADJ
cblr-1214	299	24	subject	subject	NOUN
cblr-1214	299	25	.	.	PUNCT
cblr-1214	300	1	as	as	SCONJ
cblr-1214	300	2	mentioned	mention	VERB
cblr-1214	300	3	above	above	ADV
cblr-1214	300	4	,	,	PUNCT
cblr-1214	300	5	there	there	PRON
cblr-1214	300	6	are	be	VERB
cblr-1214	300	7	two	two	NUM
cblr-1214	300	8	main	main	ADJ
cblr-1214	300	9	channels	channel	NOUN
cblr-1214	300	10	through	through	ADP
cblr-1214	300	11	which	which	PRON
cblr-1214	300	12	m&a	m&a	PROPN
cblr-1214	300	13	activity	activity	NOUN
cblr-1214	300	14	may	may	AUX
cblr-1214	300	15	enhance	enhance	VERB
cblr-1214	300	16	80	80	NUM
cblr-1214	300	17	see	see	NOUN
cblr-1214	300	18	strine	strine	PROPN
cblr-1214	300	19	,	,	PUNCT
cblr-1214	300	20	supra	supra	PROPN
cblr-1214	300	21	note	note	PROPN
cblr-1214	300	22	27	27	NUM
cblr-1214	300	23	,	,	PUNCT
cblr-1214	300	24	at	at	ADP
cblr-1214	300	25	1945	1945	NUM
cblr-1214	300	26	.	.	PUNCT
cblr-1214	301	1	griffin_final	griffin_final	ADJ
cblr-1214	301	2	no	no	NOUN
cblr-1214	301	3	.	.	PUNCT
cblr-1214	302	1	1:70	1:70	NUM
cblr-1214	302	2	]	]	PUNCT
cblr-1214	302	3	the	the	DET
cblr-1214	302	4	hidden	hidden	ADJ
cblr-1214	302	5	cost	cost	NOUN
cblr-1214	302	6	of	of	ADP
cblr-1214	302	7	m&a	m&a	PROPN
cblr-1214	302	8	95	95	NUM
cblr-1214	302	9	profitability	profitability	NOUN
cblr-1214	302	10	:	:	PUNCT
cblr-1214	302	11	(	(	PUNCT
cblr-1214	302	12	1	1	X
cblr-1214	302	13	)	)	PUNCT
cblr-1214	302	14	increased	increase	VERB
cblr-1214	302	15	efficiency	efficiency	NOUN
cblr-1214	302	16	or	or	CCONJ
cblr-1214	302	17	(	(	PUNCT
cblr-1214	302	18	2	2	NUM
cblr-1214	302	19	)	)	PUNCT
cblr-1214	302	20	increased	increase	VERB
cblr-1214	302	21	market	market	NOUN
cblr-1214	302	22	power.81	power.81	NOUN
cblr-1214	302	23	traditionally	traditionally	ADV
cblr-1214	302	24	,	,	PUNCT
cblr-1214	302	25	when	when	SCONJ
cblr-1214	302	26	one	one	NUM
cblr-1214	302	27	company	company	NOUN
cblr-1214	302	28	acquires	acquire	VERB
cblr-1214	302	29	or	or	CCONJ
cblr-1214	302	30	merges	merge	VERB
cblr-1214	302	31	with	with	ADP
cblr-1214	302	32	another	another	PRON
cblr-1214	302	33	,	,	PUNCT
cblr-1214	302	34	management	management	NOUN
cblr-1214	302	35	highlights	highlight	NOUN
cblr-1214	302	36	purported	purport	VERB
cblr-1214	302	37	efficiency	efficiency	NOUN
cblr-1214	302	38	gains	gain	NOUN
cblr-1214	302	39	as	as	ADP
cblr-1214	302	40	a	a	DET
cblr-1214	302	41	means	means	NOUN
cblr-1214	302	42	to	to	PART
cblr-1214	302	43	justify	justify	VERB
cblr-1214	302	44	the	the	DET
cblr-1214	302	45	merger.82	merger.82	ADJ
cblr-1214	302	46	efficiency	efficiency	NOUN
cblr-1214	302	47	gains	gain	NOUN
cblr-1214	302	48	,	,	PUNCT
cblr-1214	302	49	sometimes	sometimes	ADV
cblr-1214	302	50	referred	refer	VERB
cblr-1214	302	51	to	to	ADP
cblr-1214	302	52	as	as	ADP
cblr-1214	302	53	productivity	productivity	NOUN
cblr-1214	302	54	or	or	CCONJ
cblr-1214	302	55	“	"	PUNCT
cblr-1214	302	56	synergy	synergy	NOUN
cblr-1214	302	57	”	"	PUNCT
cblr-1214	302	58	gains	gain	NOUN
cblr-1214	302	59	,	,	PUNCT
cblr-1214	302	60	may	may	AUX
cblr-1214	302	61	encompass	encompass	VERB
cblr-1214	302	62	a	a	DET
cblr-1214	302	63	wide	wide	ADJ
cblr-1214	302	64	variety	variety	NOUN
cblr-1214	302	65	of	of	ADP
cblr-1214	302	66	corporate	corporate	ADJ
cblr-1214	302	67	activities	activity	NOUN
cblr-1214	302	68	,	,	PUNCT
cblr-1214	302	69	such	such	ADJ
cblr-1214	302	70	as	as	ADP
cblr-1214	302	71	implementing	implement	VERB
cblr-1214	302	72	a	a	DET
cblr-1214	302	73	more	more	ADV
cblr-1214	302	74	effective	effective	ADJ
cblr-1214	302	75	corporate	corporate	ADJ
cblr-1214	302	76	strategy	strategy	NOUN
cblr-1214	302	77	,	,	PUNCT
cblr-1214	302	78	eliminating	eliminate	VERB
cblr-1214	302	79	duplicative	duplicative	ADJ
cblr-1214	302	80	employees	employee	NOUN
cblr-1214	302	81	,	,	PUNCT
cblr-1214	302	82	or	or	CCONJ
cblr-1214	302	83	closing	close	VERB
cblr-1214	302	84	underperforming	underperforming	ADJ
cblr-1214	302	85	plants.83	plants.83	NOUN
cblr-1214	302	86	efficiency	efficiency	NOUN
cblr-1214	302	87	gains	gain	NOUN
cblr-1214	302	88	have	have	VERB
cblr-1214	302	89	the	the	DET
cblr-1214	302	90	beneficial	beneficial	ADJ
cblr-1214	302	91	social	social	ADJ
cblr-1214	302	92	effect	effect	NOUN
cblr-1214	302	93	of	of	ADP
cblr-1214	302	94	lowering	lower	VERB
cblr-1214	302	95	prices	price	NOUN
cblr-1214	302	96	for	for	ADP
cblr-1214	302	97	consumers.84	consumers.84	PROPN
cblr-1214	302	98	thus	thus	ADV
cblr-1214	302	99	,	,	PUNCT
cblr-1214	302	100	increases	increase	NOUN
cblr-1214	302	101	in	in	ADP
cblr-1214	302	102	efficiency	efficiency	NOUN
cblr-1214	302	103	mean	mean	VERB
cblr-1214	302	104	that	that	SCONJ
cblr-1214	302	105	consumers	consumer	NOUN
cblr-1214	302	106	will	will	AUX
cblr-1214	302	107	pay	pay	VERB
cblr-1214	302	108	less	less	ADJ
cblr-1214	302	109	for	for	ADP
cblr-1214	302	110	the	the	DET
cblr-1214	302	111	same	same	ADJ
cblr-1214	302	112	good	good	NOUN
cblr-1214	302	113	or	or	CCONJ
cblr-1214	302	114	service	service	NOUN
cblr-1214	302	115	than	than	ADP
cblr-1214	302	116	before	before	ADP
cblr-1214	302	117	the	the	DET
cblr-1214	302	118	merger	merger	NOUN
cblr-1214	302	119	.	.	PUNCT
cblr-1214	303	1	although	although	SCONJ
cblr-1214	303	2	efficiency	efficiency	NOUN
cblr-1214	303	3	gains	gain	NOUN
cblr-1214	303	4	are	be	AUX
cblr-1214	303	5	sometimes	sometimes	ADV
cblr-1214	303	6	controversial	controversial	ADJ
cblr-1214	303	7	—	—	PUNCT
cblr-1214	303	8	especially	especially	ADV
cblr-1214	303	9	those	those	PRON
cblr-1214	303	10	that	that	PRON
cblr-1214	303	11	involve	involve	VERB
cblr-1214	303	12	job	job	NOUN
cblr-1214	303	13	losses	loss	NOUN
cblr-1214	303	14	—	—	PUNCT
cblr-1214	303	15	81	81	NUM
cblr-1214	303	16	bruce	bruce	PROPN
cblr-1214	303	17	a.	a.	PROPN
cblr-1214	303	18	blonigen	blonigen	PROPN
cblr-1214	303	19	&	&	CCONJ
cblr-1214	303	20	justin	justin	PROPN
cblr-1214	303	21	r.	r.	PROPN
cblr-1214	303	22	pierce	pierce	PROPN
cblr-1214	303	23	,	,	PUNCT
cblr-1214	303	24	evidence	evidence	NOUN
cblr-1214	303	25	for	for	ADP
cblr-1214	303	26	the	the	DET
cblr-1214	303	27	effects	effect	NOUN
cblr-1214	303	28	of	of	ADP
cblr-1214	303	29	mergers	merger	NOUN
cblr-1214	303	30	on	on	ADP
cblr-1214	303	31	market	market	NOUN
cblr-1214	303	32	power	power	NOUN
cblr-1214	303	33	and	and	CCONJ
cblr-1214	303	34	efficiency	efficiency	NOUN
cblr-1214	303	35	2	2	NUM
cblr-1214	303	36	(	(	PUNCT
cblr-1214	303	37	nat’l	nat’l	NUM
cblr-1214	303	38	bureau	bureau	PROPN
cblr-1214	303	39	of	of	ADP
cblr-1214	303	40	econ	econ	PROPN
cblr-1214	303	41	.	.	PUNCT
cblr-1214	304	1	res	re	NOUN
cblr-1214	304	2	.	.	PROPN
cblr-1214	304	3	,	,	PUNCT
cblr-1214	304	4	working	work	VERB
cblr-1214	304	5	paper	paper	NOUN
cblr-1214	304	6	no	no	NOUN
cblr-1214	304	7	.	.	PROPN
cblr-1214	304	8	22750	22750	NUM
cblr-1214	304	9	,	,	PUNCT
cblr-1214	304	10	2016	2016	NUM
cblr-1214	304	11	)	)	PUNCT
cblr-1214	304	12	,	,	PUNCT
cblr-1214	305	1	http://www.nber.org/papers/w22750.pdf	http://www.nber.org/papers/w22750.pdf	NOUN
cblr-1214	305	2	[	[	X
cblr-1214	305	3	perma.cc/6h2l-9vbt	perma.cc/6h2l-9vbt	NOUN
cblr-1214	305	4	]	]	PUNCT
cblr-1214	305	5	.	.	PUNCT
cblr-1214	306	1	82	82	NUM
cblr-1214	306	2	see	see	VERB
cblr-1214	306	3	,	,	PUNCT
cblr-1214	306	4	e.g.	e.g.	ADV
cblr-1214	306	5	,	,	PUNCT
cblr-1214	306	6	marriott	marriott	PROPN
cblr-1214	306	7	international	international	PROPN
cblr-1214	306	8	to	to	PART
cblr-1214	306	9	acquire	acquire	VERB
cblr-1214	306	10	starwood	starwood	NOUN
cblr-1214	306	11	hotels	hotel	NOUN
cblr-1214	306	12	&	&	CCONJ
cblr-1214	306	13	resorts	resort	NOUN
cblr-1214	306	14	worldwide	worldwide	ADV
cblr-1214	306	15	,	,	PUNCT
cblr-1214	306	16	creating	create	VERB
cblr-1214	306	17	the	the	DET
cblr-1214	306	18	world	world	NOUN
cblr-1214	306	19	’s	’s	PART
cblr-1214	306	20	largest	large	ADJ
cblr-1214	306	21	hotel	hotel	NOUN
cblr-1214	306	22	company	company	NOUN
cblr-1214	306	23	,	,	PUNCT
cblr-1214	306	24	marriott	marriott	PROPN
cblr-1214	306	25	news	news	PROPN
cblr-1214	306	26	ctr	ctr	PROPN
cblr-1214	306	27	.	.	PUNCT
cblr-1214	307	1	(	(	PUNCT
cblr-1214	307	2	nov	nov	PROPN
cblr-1214	307	3	.	.	PROPN
cblr-1214	307	4	16	16	NUM
cblr-1214	307	5	,	,	PUNCT
cblr-1214	307	6	2015	2015	NUM
cblr-1214	307	7	)	)	PUNCT
cblr-1214	307	8	,	,	PUNCT
cblr-1214	307	9	http://news.marriott.com/2015/11/marriott-international-to-acquire-starwood-hotels-resorts-worldwide-creating-theworlds-largest-hotel-company/	http://news.marriott.com/2015/11/marriott-international-to-acquire-starwood-hotels-resorts-worldwide-creating-theworlds-largest-hotel-company/	VERB
cblr-1214	308	1	[	[	X
cblr-1214	308	2	perma.cc/sb5z-cvba	perma.cc/sb5z-cvba	X
cblr-1214	308	3	]	]	X
cblr-1214	308	4	(	(	PUNCT
cblr-1214	308	5	noting	note	VERB
cblr-1214	308	6	that	that	SCONJ
cblr-1214	308	7	the	the	DET
cblr-1214	308	8	transaction	transaction	NOUN
cblr-1214	308	9	would	would	AUX
cblr-1214	308	10	“	"	PUNCT
cblr-1214	308	11	unlock	unlock	VERB
cblr-1214	308	12	additional	additional	ADJ
cblr-1214	308	13	value	value	NOUN
cblr-1214	308	14	for	for	ADP
cblr-1214	308	15	marriott	marriott	PROPN
cblr-1214	308	16	and	and	CCONJ
cblr-1214	308	17	starwood	starwood	PROPN
cblr-1214	308	18	shareholders	shareholder	NOUN
cblr-1214	308	19	”	"	PUNCT
cblr-1214	308	20	by	by	ADP
cblr-1214	308	21	,	,	PUNCT
cblr-1214	308	22	among	among	ADP
cblr-1214	308	23	other	other	ADJ
cblr-1214	308	24	things	thing	NOUN
cblr-1214	308	25	,	,	PUNCT
cblr-1214	308	26	“	"	PUNCT
cblr-1214	308	27	leveraging	leverage	VERB
cblr-1214	308	28	operating	operating	NOUN
cblr-1214	308	29	and	and	CCONJ
cblr-1214	308	30	g&a	g&a	PROPN
cblr-1214	308	31	efficiencies	efficiency	NOUN
cblr-1214	308	32	”	"	PUNCT
cblr-1214	308	33	)	)	PUNCT
cblr-1214	308	34	;	;	PUNCT
cblr-1214	308	35	knight	knight	NOUN
cblr-1214	308	36	transportation	transportation	NOUN
cblr-1214	308	37	and	and	CCONJ
cblr-1214	308	38	swift	swift	ADJ
cblr-1214	308	39	transportation	transportation	NOUN
cblr-1214	308	40	announce	announce	NOUN
cblr-1214	308	41	all	all	DET
cblr-1214	308	42	stock	stock	NOUN
cblr-1214	308	43	transaction	transaction	NOUN
cblr-1214	308	44	with	with	ADP
cblr-1214	308	45	a	a	DET
cblr-1214	308	46	combined	combine	VERB
cblr-1214	308	47	enterprise	enterprise	NOUN
cblr-1214	308	48	value	value	NOUN
cblr-1214	308	49	of	of	ADP
cblr-1214	308	50	$	$	SYM
cblr-1214	308	51	6	6	NUM
cblr-1214	308	52	billion	billion	NUM
cblr-1214	308	53	,	,	PUNCT
cblr-1214	308	54	bus	bus	NOUN
cblr-1214	308	55	.	.	PUNCT
cblr-1214	308	56	wire	wire	PROPN
cblr-1214	308	57	(	(	PUNCT
cblr-1214	308	58	apr	apr	PROPN
cblr-1214	308	59	.	.	PROPN
cblr-1214	308	60	10	10	NUM
cblr-1214	308	61	,	,	PUNCT
cblr-1214	308	62	2017	2017	NUM
cblr-1214	308	63	,	,	PUNCT
cblr-1214	308	64	7:00	7:00	NUM
cblr-1214	308	65	am	am	NOUN
cblr-1214	308	66	)	)	PUNCT
cblr-1214	308	67	,	,	PUNCT
cblr-1214	308	68	http://www.businesswire.com/news/home/20170410005557/en/knight-transportation-swifttransportation-announce-stock-transaction	http://www.businesswire.com/news/home/20170410005557/en/knight-transportation-swifttransportation-announce-stock-transaction	NOUN
cblr-1214	309	1	[	[	X
cblr-1214	309	2	perma.cc/u43y-g6br	perma.cc/u43y-g6br	X
cblr-1214	309	3	]	]	X
cblr-1214	309	4	(	(	PUNCT
cblr-1214	309	5	“	"	PUNCT
cblr-1214	309	6	indeed	indeed	ADV
cblr-1214	309	7	,	,	PUNCT
cblr-1214	309	8	by	by	ADP
cblr-1214	309	9	coming	come	VERB
cblr-1214	309	10	together	together	ADV
cblr-1214	309	11	under	under	ADP
cblr-1214	309	12	common	common	ADJ
cblr-1214	309	13	ownership	ownership	NOUN
cblr-1214	309	14	,	,	PUNCT
cblr-1214	309	15	the	the	DET
cblr-1214	309	16	companies	company	NOUN
cblr-1214	309	17	will	will	AUX
cblr-1214	309	18	be	be	AUX
cblr-1214	309	19	able	able	ADJ
cblr-1214	309	20	to	to	PART
cblr-1214	309	21	capitalize	capitalize	VERB
cblr-1214	309	22	on	on	ADP
cblr-1214	309	23	economies	economy	NOUN
cblr-1214	309	24	of	of	ADP
cblr-1214	309	25	scale	scale	NOUN
cblr-1214	309	26	to	to	PART
cblr-1214	309	27	achieve	achieve	VERB
cblr-1214	309	28	substantial	substantial	ADJ
cblr-1214	309	29	synergies	synergy	NOUN
cblr-1214	309	30	.	.	PUNCT
cblr-1214	309	31	”	"	PUNCT
cblr-1214	309	32	)	)	PUNCT
cblr-1214	309	33	;	;	PUNCT
cblr-1214	309	34	tesla	tesla	PROPN
cblr-1214	309	35	and	and	CCONJ
cblr-1214	309	36	solarcity	solarcity	NOUN
cblr-1214	309	37	to	to	PART
cblr-1214	309	38	combine	combine	VERB
cblr-1214	309	39	,	,	PUNCT
cblr-1214	309	40	tesla	tesla	PROPN
cblr-1214	309	41	(	(	PUNCT
cblr-1214	309	42	aug	aug	PROPN
cblr-1214	309	43	.	.	PROPN
cblr-1214	309	44	1	1	NUM
cblr-1214	309	45	,	,	PUNCT
cblr-1214	309	46	2016	2016	NUM
cblr-1214	309	47	)	)	PUNCT
cblr-1214	309	48	,	,	PUNCT
cblr-1214	309	49	https://www.tesla.com/blog/tesla-and-solarcity-combine	https://www.tesla.com/blog/tesla-and-solarcity-combine	PROPN
cblr-1214	310	1	[	[	X
cblr-1214	310	2	perma.cc/g82dz3tg	perma.cc/g82dz3tg	X
cblr-1214	310	3	]	]	X
cblr-1214	310	4	(	(	PUNCT
cblr-1214	310	5	“	"	PUNCT
cblr-1214	310	6	we	we	PRON
cblr-1214	310	7	expect	expect	VERB
cblr-1214	310	8	to	to	PART
cblr-1214	310	9	achieve	achieve	VERB
cblr-1214	310	10	cost	cost	NOUN
cblr-1214	310	11	synergies	synergy	NOUN
cblr-1214	310	12	of	of	ADP
cblr-1214	310	13	$	$	SYM
cblr-1214	310	14	150	150	NUM
cblr-1214	310	15	million	million	NUM
cblr-1214	310	16	in	in	ADP
cblr-1214	310	17	the	the	DET
cblr-1214	310	18	first	first	ADJ
cblr-1214	310	19	full	full	ADJ
cblr-1214	310	20	year	year	NOUN
cblr-1214	310	21	after	after	ADP
cblr-1214	310	22	closing	close	VERB
cblr-1214	310	23	.	.	PUNCT
cblr-1214	311	1	we	we	PRON
cblr-1214	311	2	also	also	ADV
cblr-1214	311	3	expect	expect	VERB
cblr-1214	311	4	to	to	PART
cblr-1214	311	5	save	save	VERB
cblr-1214	311	6	customers	customer	NOUN
cblr-1214	311	7	money	money	NOUN
cblr-1214	311	8	by	by	ADP
cblr-1214	311	9	lowering	lower	VERB
cblr-1214	311	10	hardware	hardware	NOUN
cblr-1214	311	11	costs	cost	NOUN
cblr-1214	311	12	,	,	PUNCT
cblr-1214	311	13	reducing	reduce	VERB
cblr-1214	311	14	installation	installation	NOUN
cblr-1214	311	15	costs	cost	NOUN
cblr-1214	311	16	,	,	PUNCT
cblr-1214	311	17	improving	improve	VERB
cblr-1214	311	18	our	our	PRON
cblr-1214	311	19	manufacturing	manufacturing	NOUN
cblr-1214	311	20	efficiency	efficiency	NOUN
cblr-1214	311	21	and	and	CCONJ
cblr-1214	311	22	reducing	reduce	VERB
cblr-1214	311	23	our	our	PRON
cblr-1214	311	24	customer	customer	NOUN
cblr-1214	311	25	acquisition	acquisition	NOUN
cblr-1214	311	26	costs	cost	NOUN
cblr-1214	311	27	.	.	PUNCT
cblr-1214	311	28	”	"	PUNCT
cblr-1214	311	29	)	)	PUNCT
cblr-1214	311	30	.	.	PUNCT
cblr-1214	312	1	83	83	NUM
cblr-1214	312	2	strine	strine	PROPN
cblr-1214	312	3	,	,	PUNCT
cblr-1214	312	4	supra	supra	PROPN
cblr-1214	312	5	note	note	PROPN
cblr-1214	312	6	27	27	NUM
cblr-1214	312	7	,	,	PUNCT
cblr-1214	312	8	at	at	ADP
cblr-1214	312	9	1945	1945	NUM
cblr-1214	312	10	.	.	PUNCT
cblr-1214	313	1	84	84	NUM
cblr-1214	313	2	dario	dario	NOUN
cblr-1214	313	3	focarelli	focarelli	PROPN
cblr-1214	313	4	&	&	CCONJ
cblr-1214	313	5	fabio	fabio	PROPN
cblr-1214	313	6	panetta	panetta	PROPN
cblr-1214	313	7	,	,	PUNCT
cblr-1214	313	8	are	be	AUX
cblr-1214	313	9	mergers	merger	NOUN
cblr-1214	313	10	beneficial	beneficial	ADJ
cblr-1214	313	11	to	to	ADP
cblr-1214	313	12	consumers	consumer	NOUN
cblr-1214	313	13	?	?	PUNCT
cblr-1214	314	1	evidence	evidence	NOUN
cblr-1214	314	2	from	from	ADP
cblr-1214	314	3	the	the	DET
cblr-1214	314	4	market	market	NOUN
cblr-1214	314	5	for	for	ADP
cblr-1214	314	6	bank	bank	NOUN
cblr-1214	314	7	deposits	deposit	NOUN
cblr-1214	314	8	,	,	PUNCT
cblr-1214	314	9	93	93	NUM
cblr-1214	314	10	am	am	NOUN
cblr-1214	314	11	.	.	PUNCT
cblr-1214	315	1	econ	econ	PROPN
cblr-1214	315	2	.	.	PUNCT
cblr-1214	316	1	rev	rev	PROPN
cblr-1214	316	2	.	.	PROPN
cblr-1214	316	3	1152	1152	NUM
cblr-1214	316	4	,	,	PUNCT
cblr-1214	316	5	1152	1152	NUM
cblr-1214	316	6	(	(	PUNCT
cblr-1214	316	7	2003	2003	NUM
cblr-1214	316	8	)	)	PUNCT
cblr-1214	316	9	.	.	PUNCT
cblr-1214	317	1	griffin_final	griffin_final	ADJ
cblr-1214	317	2	96	96	NUM
cblr-1214	317	3	columbia	columbia	PROPN
cblr-1214	317	4	business	business	NOUN
cblr-1214	317	5	law	law	PROPN
cblr-1214	317	6	review	review	NOUN
cblr-1214	317	7	[	[	X
cblr-1214	317	8	vol	vol	NOUN
cblr-1214	317	9	.	.	NOUN
cblr-1214	317	10	2018	2018	NUM
cblr-1214	317	11	economists	economist	NOUN
cblr-1214	317	12	generally	generally	ADV
cblr-1214	317	13	believe	believe	VERB
cblr-1214	317	14	that	that	SCONJ
cblr-1214	317	15	increases	increase	VERB
cblr-1214	317	16	in	in	ADP
cblr-1214	317	17	efficiency	efficiency	NOUN
cblr-1214	317	18	and	and	CCONJ
cblr-1214	317	19	productivity	productivity	NOUN
cblr-1214	317	20	,	,	PUNCT
cblr-1214	317	21	in	in	ADP
cblr-1214	317	22	the	the	DET
cblr-1214	317	23	aggregate	aggregate	NOUN
cblr-1214	317	24	,	,	PUNCT
cblr-1214	317	25	have	have	VERB
cblr-1214	317	26	positive	positive	ADJ
cblr-1214	317	27	effects	effect	NOUN
cblr-1214	317	28	on	on	ADP
cblr-1214	317	29	the	the	DET
cblr-1214	317	30	overall	overall	ADJ
cblr-1214	317	31	economy.85	economy.85	ADJ
cblr-1214	317	32	gains	gain	NOUN
cblr-1214	317	33	from	from	ADP
cblr-1214	317	34	increased	increase	VERB
cblr-1214	317	35	market	market	NOUN
cblr-1214	317	36	power	power	NOUN
cblr-1214	317	37	present	present	VERB
cblr-1214	317	38	a	a	DET
cblr-1214	317	39	different	different	ADJ
cblr-1214	317	40	situation	situation	NOUN
cblr-1214	317	41	.	.	PUNCT
cblr-1214	318	1	when	when	SCONJ
cblr-1214	318	2	two	two	NUM
cblr-1214	318	3	competing	compete	VERB
cblr-1214	318	4	firms	firm	NOUN
cblr-1214	318	5	merge	merge	VERB
cblr-1214	318	6	,	,	PUNCT
cblr-1214	318	7	the	the	DET
cblr-1214	318	8	resulting	result	VERB
cblr-1214	318	9	firm	firm	NOUN
cblr-1214	318	10	’s	’s	PART
cblr-1214	318	11	market	market	NOUN
cblr-1214	318	12	power	power	NOUN
cblr-1214	318	13	may	may	AUX
cblr-1214	318	14	increase	increase	VERB
cblr-1214	318	15	—	—	PUNCT
cblr-1214	318	16	that	that	ADV
cblr-1214	318	17	is	is	ADV
cblr-1214	318	18	,	,	PUNCT
cblr-1214	318	19	the	the	DET
cblr-1214	318	20	firm	firm	NOUN
cblr-1214	318	21	may	may	AUX
cblr-1214	318	22	now	now	ADV
cblr-1214	318	23	face	face	VERB
cblr-1214	318	24	decreased	decrease	VERB
cblr-1214	318	25	competitive	competitive	ADJ
cblr-1214	318	26	pressures	pressure	NOUN
cblr-1214	318	27	.	.	PUNCT
cblr-1214	319	1	market	market	NOUN
cblr-1214	319	2	power	power	NOUN
cblr-1214	319	3	influences	influence	VERB
cblr-1214	319	4	“	"	PUNCT
cblr-1214	319	5	how	how	SCONJ
cblr-1214	319	6	much	much	ADJ
cblr-1214	319	7	firms	firm	NOUN
cblr-1214	319	8	can	can	AUX
cblr-1214	319	9	mark	mark	VERB
cblr-1214	319	10	up	up	ADP
cblr-1214	319	11	their	their	PRON
cblr-1214	319	12	prices	price	NOUN
cblr-1214	319	13	above	above	ADP
cblr-1214	319	14	marginal	marginal	ADJ
cblr-1214	319	15	cost	cost	NOUN
cblr-1214	319	16	.	.	PUNCT
cblr-1214	320	1	”86	”86	NOUN
cblr-1214	320	2	as	as	ADP
cblr-1214	320	3	market	market	NOUN
cblr-1214	320	4	power	power	NOUN
cblr-1214	320	5	increases	increase	NOUN
cblr-1214	320	6	,	,	PUNCT
cblr-1214	320	7	firms	firm	NOUN
cblr-1214	320	8	can	can	AUX
cblr-1214	320	9	charge	charge	VERB
cblr-1214	320	10	higher	high	ADJ
cblr-1214	320	11	prices	price	NOUN
cblr-1214	320	12	for	for	ADP
cblr-1214	320	13	their	their	PRON
cblr-1214	320	14	products	product	NOUN
cblr-1214	320	15	.	.	PUNCT
cblr-1214	321	1	this	this	PRON
cblr-1214	321	2	can	can	AUX
cblr-1214	321	3	be	be	AUX
cblr-1214	321	4	profitable	profitable	ADJ
cblr-1214	321	5	for	for	ADP
cblr-1214	321	6	the	the	DET
cblr-1214	321	7	firm	firm	NOUN
cblr-1214	321	8	,	,	PUNCT
cblr-1214	321	9	but	but	CCONJ
cblr-1214	321	10	it	it	PRON
cblr-1214	321	11	imposes	impose	VERB
cblr-1214	321	12	costs	cost	NOUN
cblr-1214	321	13	on	on	ADP
cblr-1214	321	14	consumers	consumer	NOUN
cblr-1214	321	15	.	.	PUNCT
cblr-1214	322	1	increases	increase	NOUN
cblr-1214	322	2	in	in	ADP
cblr-1214	322	3	market	market	NOUN
cblr-1214	322	4	power	power	NOUN
cblr-1214	322	5	may	may	AUX
cblr-1214	322	6	mean	mean	VERB
cblr-1214	322	7	that	that	SCONJ
cblr-1214	322	8	consumers	consumer	NOUN
cblr-1214	322	9	will	will	AUX
cblr-1214	322	10	pay	pay	VERB
cblr-1214	322	11	more	more	ADJ
cblr-1214	322	12	for	for	ADP
cblr-1214	322	13	the	the	DET
cblr-1214	322	14	same	same	ADJ
cblr-1214	322	15	good	good	NOUN
cblr-1214	322	16	or	or	CCONJ
cblr-1214	322	17	service	service	NOUN
cblr-1214	322	18	than	than	ADP
cblr-1214	322	19	before	before	ADP
cblr-1214	322	20	the	the	DET
cblr-1214	322	21	merger	merger	NOUN
cblr-1214	322	22	.	.	PUNCT
cblr-1214	323	1	because	because	SCONJ
cblr-1214	323	2	these	these	DET
cblr-1214	323	3	costs	cost	NOUN
cblr-1214	323	4	to	to	ADP
cblr-1214	323	5	consumers	consumer	NOUN
cblr-1214	323	6	can	can	AUX
cblr-1214	323	7	be	be	AUX
cblr-1214	323	8	shown	show	VERB
cblr-1214	323	9	to	to	PART
cblr-1214	323	10	exceed	exceed	VERB
cblr-1214	323	11	the	the	DET
cblr-1214	323	12	extra	extra	ADJ
cblr-1214	323	13	profits	profit	NOUN
cblr-1214	323	14	to	to	ADP
cblr-1214	323	15	the	the	DET
cblr-1214	323	16	firm	firm	NOUN
cblr-1214	323	17	—	—	PUNCT
cblr-1214	323	18	generating	generate	VERB
cblr-1214	323	19	what	what	PRON
cblr-1214	323	20	economists	economist	NOUN
cblr-1214	323	21	refer	refer	VERB
cblr-1214	323	22	to	to	ADP
cblr-1214	323	23	as	as	SCONJ
cblr-1214	323	24	“	"	PUNCT
cblr-1214	323	25	deadweight	deadweight	X
cblr-1214	323	26	loss”—the	loss”—the	NOUN
cblr-1214	323	27	process	process	NOUN
cblr-1214	323	28	reduces	reduce	VERB
cblr-1214	323	29	overall	overall	ADJ
cblr-1214	323	30	social	social	ADJ
cblr-1214	323	31	welfare.87	welfare.87	NOUN
cblr-1214	323	32	thus	thus	ADV
cblr-1214	323	33	,	,	PUNCT
cblr-1214	323	34	when	when	SCONJ
cblr-1214	323	35	merged	merged	ADJ
cblr-1214	323	36	firms	firm	NOUN
cblr-1214	323	37	utilize	utilize	VERB
cblr-1214	323	38	their	their	PRON
cblr-1214	323	39	increased	increase	VERB
cblr-1214	323	40	market	market	NOUN
cblr-1214	323	41	power	power	NOUN
cblr-1214	323	42	to	to	PART
cblr-1214	323	43	increase	increase	VERB
cblr-1214	323	44	the	the	DET
cblr-1214	323	45	price	price	NOUN
cblr-1214	323	46	of	of	ADP
cblr-1214	323	47	their	their	PRON
cblr-1214	323	48	products	product	NOUN
cblr-1214	323	49	,	,	PUNCT
cblr-1214	323	50	this	this	PRON
cblr-1214	323	51	results	result	VERB
cblr-1214	323	52	in	in	ADP
cblr-1214	323	53	a	a	DET
cblr-1214	323	54	net	net	ADJ
cblr-1214	323	55	loss	loss	NOUN
cblr-1214	323	56	both	both	PRON
cblr-1214	323	57	to	to	ADP
cblr-1214	323	58	consumers	consumer	NOUN
cblr-1214	323	59	and	and	CCONJ
cblr-1214	323	60	to	to	ADP
cblr-1214	323	61	society	society	NOUN
cblr-1214	323	62	overall	overall	ADJ
cblr-1214	323	63	.	.	PUNCT
cblr-1214	324	1	efficiency	efficiency	NOUN
cblr-1214	324	2	gains	gain	NOUN
cblr-1214	324	3	and	and	CCONJ
cblr-1214	324	4	market	market	NOUN
cblr-1214	324	5	power	power	NOUN
cblr-1214	324	6	gains	gain	NOUN
cblr-1214	324	7	are	be	AUX
cblr-1214	324	8	not	not	PART
cblr-1214	324	9	mutually	mutually	ADV
cblr-1214	324	10	exclusive	exclusive	ADJ
cblr-1214	324	11	;	;	PUNCT
cblr-1214	324	12	an	an	DET
cblr-1214	324	13	individual	individual	ADJ
cblr-1214	324	14	merger	merger	NOUN
cblr-1214	324	15	may	may	AUX
cblr-1214	324	16	increase	increase	VERB
cblr-1214	324	17	both	both	DET
cblr-1214	324	18	market	market	NOUN
cblr-1214	324	19	power	power	NOUN
cblr-1214	324	20	and	and	CCONJ
cblr-1214	324	21	efficiency	efficiency	NOUN
cblr-1214	324	22	for	for	ADP
cblr-1214	324	23	the	the	DET
cblr-1214	324	24	new	new	ADJ
cblr-1214	324	25	,	,	PUNCT
cblr-1214	324	26	larger	large	ADJ
cblr-1214	324	27	company	company	NOUN
cblr-1214	324	28	.	.	PUNCT
cblr-1214	325	1	in	in	ADP
cblr-1214	325	2	order	order	NOUN
cblr-1214	325	3	to	to	PART
cblr-1214	325	4	determine	determine	VERB
cblr-1214	325	5	the	the	DET
cblr-1214	325	6	impact	impact	NOUN
cblr-1214	325	7	of	of	ADP
cblr-1214	325	8	the	the	DET
cblr-1214	325	9	merger	merger	NOUN
cblr-1214	325	10	on	on	ADP
cblr-1214	325	11	consumers	consumer	NOUN
cblr-1214	325	12	,	,	PUNCT
cblr-1214	325	13	it	it	PRON
cblr-1214	325	14	is	be	AUX
cblr-1214	325	15	necessary	necessary	ADJ
cblr-1214	325	16	to	to	PART
cblr-1214	325	17	determine	determine	VERB
cblr-1214	325	18	the	the	DET
cblr-1214	325	19	relative	relative	ADJ
cblr-1214	325	20	magnitude	magnitude	NOUN
cblr-1214	325	21	of	of	ADP
cblr-1214	325	22	each	each	DET
cblr-1214	325	23	effect	effect	NOUN
cblr-1214	325	24	.	.	PUNCT
cblr-1214	326	1	if	if	SCONJ
cblr-1214	326	2	the	the	DET
cblr-1214	326	3	merger	merger	NOUN
cblr-1214	326	4	produces	produce	VERB
cblr-1214	326	5	greater	great	ADJ
cblr-1214	326	6	efficiency	efficiency	NOUN
cblr-1214	326	7	gains	gain	NOUN
cblr-1214	326	8	than	than	ADP
cblr-1214	326	9	market	market	NOUN
cblr-1214	326	10	power	power	NOUN
cblr-1214	326	11	gains	gain	NOUN
cblr-1214	326	12	,	,	PUNCT
cblr-1214	326	13	the	the	DET
cblr-1214	326	14	merger	merger	NOUN
cblr-1214	326	15	will	will	AUX
cblr-1214	326	16	lower	lower	VERB
cblr-1214	326	17	costs	cost	NOUN
cblr-1214	326	18	and	and	CCONJ
cblr-1214	326	19	benefit	benefit	NOUN
cblr-1214	326	20	consumers.88	consumers.88	NOUN
cblr-1214	326	21	however	however	ADV
cblr-1214	326	22	,	,	PUNCT
cblr-1214	326	23	if	if	SCONJ
cblr-1214	326	24	the	the	DET
cblr-1214	326	25	market	market	NOUN
cblr-1214	326	26	power	power	NOUN
cblr-1214	326	27	gains	gain	NOUN
cblr-1214	326	28	outweigh	outweigh	VERB
cblr-1214	326	29	the	the	DET
cblr-1214	326	30	efficiency	efficiency	NOUN
cblr-1214	326	31	gains	gain	NOUN
cblr-1214	326	32	,	,	PUNCT
cblr-1214	326	33	the	the	DET
cblr-1214	326	34	merger	merger	NOUN
cblr-1214	326	35	will	will	AUX
cblr-1214	326	36	raise	raise	VERB
cblr-1214	326	37	costs	cost	NOUN
cblr-1214	326	38	and	and	CCONJ
cblr-1214	326	39	harm	harm	NOUN
cblr-1214	326	40	consumers.89	consumers.89	PROPN
cblr-1214	326	41	85	85	NUM
cblr-1214	326	42	see	see	NOUN
cblr-1214	326	43	,	,	PUNCT
cblr-1214	326	44	e.g.	e.g.	ADV
cblr-1214	326	45	,	,	PUNCT
cblr-1214	326	46	stephen	stephen	PROPN
cblr-1214	326	47	palmer	palmer	PROPN
cblr-1214	326	48	&	&	CCONJ
cblr-1214	326	49	david	david	PROPN
cblr-1214	326	50	j.	j.	PROPN
cblr-1214	326	51	torgerson	torgerson	PROPN
cblr-1214	326	52	,	,	PUNCT
cblr-1214	326	53	economic	economic	ADJ
cblr-1214	326	54	notes	note	NOUN
cblr-1214	326	55	:	:	PUNCT
cblr-1214	326	56	definitions	definition	NOUN
cblr-1214	326	57	of	of	ADP
cblr-1214	326	58	efficiency	efficiency	NOUN
cblr-1214	326	59	,	,	PUNCT
cblr-1214	326	60	318	318	NUM
cblr-1214	326	61	brit	brit	NOUN
cblr-1214	326	62	.	.	PUNCT
cblr-1214	327	1	med	med	PROPN
cblr-1214	327	2	.	.	PUNCT
cblr-1214	328	1	j.	j.	PROPN
cblr-1214	328	2	1136	1136	NUM
cblr-1214	328	3	,	,	PUNCT
cblr-1214	328	4	1136	1136	NUM
cblr-1214	328	5	(	(	PUNCT
cblr-1214	328	6	1999	1999	NUM
cblr-1214	328	7	)	)	PUNCT
cblr-1214	328	8	(	(	PUNCT
cblr-1214	328	9	stating	state	VERB
cblr-1214	328	10	“	"	PUNCT
cblr-1214	328	11	economists	economist	NOUN
cblr-1214	328	12	argue	argue	VERB
cblr-1214	328	13	that	that	SCONJ
cblr-1214	328	14	the	the	DET
cblr-1214	328	15	achievement	achievement	NOUN
cblr-1214	328	16	of	of	ADP
cblr-1214	328	17	(	(	PUNCT
cblr-1214	328	18	greater	great	ADJ
cblr-1214	328	19	)	)	PUNCT
cblr-1214	328	20	efficiency	efficiency	NOUN
cblr-1214	328	21	from	from	ADP
cblr-1214	328	22	scarce	scarce	ADJ
cblr-1214	328	23	resources	resource	NOUN
cblr-1214	328	24	should	should	AUX
cblr-1214	328	25	be	be	AUX
cblr-1214	328	26	a	a	DET
cblr-1214	328	27	major	major	ADJ
cblr-1214	328	28	criterion	criterion	NOUN
cblr-1214	328	29	for	for	ADP
cblr-1214	328	30	priority	priority	NOUN
cblr-1214	328	31	setting	setting	NOUN
cblr-1214	328	32	”	"	PUNCT
cblr-1214	328	33	)	)	PUNCT
cblr-1214	328	34	.	.	PUNCT
cblr-1214	329	1	86	86	NUM
cblr-1214	329	2	rolnik	rolnik	PROPN
cblr-1214	329	3	&	&	CCONJ
cblr-1214	329	4	schechter	schechter	PROPN
cblr-1214	329	5	,	,	PUNCT
cblr-1214	329	6	supra	supra	PROPN
cblr-1214	329	7	note	note	NOUN
cblr-1214	329	8	68	68	NUM
cblr-1214	329	9	.	.	PUNCT
cblr-1214	330	1	87	87	NUM
cblr-1214	330	2	lars	lars	PROPN
cblr-1214	330	3	-	-	PUNCT
cblr-1214	330	4	hendrik	hendrik	PROPN
cblr-1214	330	5	röller	röller	PROPN
cblr-1214	330	6	et	et	PROPN
cblr-1214	330	7	al	al	PROPN
cblr-1214	330	8	.	.	PROPN
cblr-1214	330	9	,	,	PUNCT
cblr-1214	330	10	efficiency	efficiency	NOUN
cblr-1214	330	11	gains	gain	NOUN
cblr-1214	330	12	from	from	ADP
cblr-1214	330	13	mergers	merger	NOUN
cblr-1214	330	14	,	,	PUNCT
cblr-1214	330	15	in	in	ADP
cblr-1214	330	16	european	european	ADJ
cblr-1214	330	17	merger	merger	NOUN
cblr-1214	330	18	control	control	PROPN
cblr-1214	330	19	:	:	PUNCT
cblr-1214	330	20	do	do	AUX
cblr-1214	330	21	we	we	PRON
cblr-1214	330	22	need	need	VERB
cblr-1214	330	23	an	an	DET
cblr-1214	330	24	efficiency	efficiency	NOUN
cblr-1214	330	25	defence	defence	NOUN
cblr-1214	330	26	?	?	PUNCT
cblr-1214	331	1	98	98	NUM
cblr-1214	331	2	(	(	PUNCT
cblr-1214	331	3	fabienne	fabienne	PROPN
cblr-1214	331	4	ilzkovitz	ilzkovitz	PROPN
cblr-1214	331	5	&	&	CCONJ
cblr-1214	331	6	roderick	roderick	PROPN
cblr-1214	331	7	meiklejohn	meiklejohn	PROPN
cblr-1214	331	8	,	,	PUNCT
cblr-1214	331	9	eds	eds	PROPN
cblr-1214	331	10	.	.	PROPN
cblr-1214	331	11	,	,	PUNCT
cblr-1214	331	12	2006	2006	NUM
cblr-1214	331	13	)	)	PUNCT
cblr-1214	331	14	.	.	PUNCT
cblr-1214	332	1	88	88	NUM
cblr-1214	332	2	focarelli	focarelli	NOUN
cblr-1214	332	3	&	&	CCONJ
cblr-1214	332	4	panetta	panetta	PROPN
cblr-1214	332	5	,	,	PUNCT
cblr-1214	332	6	supra	supra	PROPN
cblr-1214	332	7	note	note	PROPN
cblr-1214	332	8	84	84	NUM
cblr-1214	332	9	,	,	PUNCT
cblr-1214	332	10	at	at	ADP
cblr-1214	332	11	1152	1152	NUM
cblr-1214	332	12	.	.	PUNCT
cblr-1214	333	1	89	89	NUM
cblr-1214	334	1	i	i	PRON
cblr-1214	334	2	d.	d.	PROPN
cblr-1214	334	3	griffin_final	griffin_final	PROPN
cblr-1214	334	4	no	no	PROPN
cblr-1214	334	5	.	.	PUNCT
cblr-1214	335	1	1:70	1:70	NUM
cblr-1214	335	2	]	]	PUNCT
cblr-1214	335	3	the	the	DET
cblr-1214	335	4	hidden	hidden	ADJ
cblr-1214	335	5	cost	cost	NOUN
cblr-1214	335	6	of	of	ADP
cblr-1214	335	7	m&a	m&a	PROPN
cblr-1214	335	8	97	97	NUM
cblr-1214	335	9	aggregating	aggregate	VERB
cblr-1214	335	10	the	the	DET
cblr-1214	335	11	effects	effect	NOUN
cblr-1214	335	12	of	of	ADP
cblr-1214	335	13	many	many	ADJ
cblr-1214	335	14	individual	individual	ADJ
cblr-1214	335	15	mergers	merger	NOUN
cblr-1214	335	16	and	and	CCONJ
cblr-1214	335	17	acquisitions	acquisition	NOUN
cblr-1214	335	18	provides	provide	VERB
cblr-1214	335	19	insight	insight	NOUN
cblr-1214	335	20	to	to	ADP
cblr-1214	335	21	the	the	DET
cblr-1214	335	22	overall	overall	ADJ
cblr-1214	335	23	social	social	ADJ
cblr-1214	335	24	and	and	CCONJ
cblr-1214	335	25	economic	economic	ADJ
cblr-1214	335	26	impact	impact	NOUN
cblr-1214	335	27	of	of	ADP
cblr-1214	335	28	m&a	m&a	PROPN
cblr-1214	335	29	activity	activity	NOUN
cblr-1214	335	30	.	.	PUNCT
cblr-1214	336	1	a.	a.	NOUN
cblr-1214	336	2	identifying	identify	VERB
cblr-1214	336	3	the	the	DET
cblr-1214	336	4	source	source	NOUN
cblr-1214	336	5	of	of	ADP
cblr-1214	336	6	merger	merger	NOUN
cblr-1214	336	7	gains	gain	NOUN
cblr-1214	336	8	:	:	PUNCT
cblr-1214	336	9	the	the	DET
cblr-1214	336	10	problem	problem	NOUN
cblr-1214	336	11	with	with	ADP
cblr-1214	336	12	case	case	NOUN
cblr-1214	336	13	study	study	NOUN
cblr-1214	336	14	data	datum	NOUN
cblr-1214	336	15	many	many	ADJ
cblr-1214	336	16	scholars	scholar	NOUN
cblr-1214	336	17	have	have	AUX
cblr-1214	336	18	examined	examine	VERB
cblr-1214	336	19	the	the	DET
cblr-1214	336	20	source	source	NOUN
cblr-1214	336	21	of	of	ADP
cblr-1214	336	22	gains	gain	NOUN
cblr-1214	336	23	produced	produce	VERB
cblr-1214	336	24	by	by	ADP
cblr-1214	336	25	m&a	m&a	PROPN
cblr-1214	336	26	activity	activity	NOUN
cblr-1214	336	27	in	in	ADP
cblr-1214	336	28	the	the	DET
cblr-1214	336	29	economics	economic	NOUN
cblr-1214	336	30	literature	literature	NOUN
cblr-1214	336	31	.	.	PUNCT
cblr-1214	337	1	however	however	ADV
cblr-1214	337	2	,	,	PUNCT
cblr-1214	337	3	such	such	ADJ
cblr-1214	337	4	studies	study	NOUN
cblr-1214	337	5	have	have	AUX
cblr-1214	337	6	historically	historically	ADV
cblr-1214	337	7	had	have	VERB
cblr-1214	337	8	a	a	DET
cblr-1214	337	9	number	number	NOUN
cblr-1214	337	10	of	of	ADP
cblr-1214	337	11	important	important	ADJ
cblr-1214	337	12	limitations	limitation	NOUN
cblr-1214	337	13	.	.	PUNCT
cblr-1214	338	1	because	because	SCONJ
cblr-1214	338	2	of	of	ADP
cblr-1214	338	3	difficulty	difficulty	NOUN
cblr-1214	338	4	acquiring	acquire	VERB
cblr-1214	338	5	the	the	DET
cblr-1214	338	6	necessary	necessary	ADJ
cblr-1214	338	7	data	datum	NOUN
cblr-1214	338	8	,	,	PUNCT
cblr-1214	338	9	scholars	scholar	NOUN
cblr-1214	338	10	have	have	AUX
cblr-1214	338	11	typically	typically	ADV
cblr-1214	338	12	taken	take	VERB
cblr-1214	338	13	a	a	DET
cblr-1214	338	14	case	case	NOUN
cblr-1214	338	15	study	study	NOUN
cblr-1214	338	16	approach	approach	NOUN
cblr-1214	338	17	,	,	PUNCT
cblr-1214	338	18	examining	examine	VERB
cblr-1214	338	19	at	at	ADP
cblr-1214	338	20	most	most	ADV
cblr-1214	338	21	a	a	DET
cblr-1214	338	22	few	few	ADJ
cblr-1214	338	23	mergers	merger	NOUN
cblr-1214	338	24	within	within	ADP
cblr-1214	338	25	the	the	DET
cblr-1214	338	26	same	same	ADJ
cblr-1214	338	27	or	or	CCONJ
cblr-1214	338	28	comparable	comparable	ADJ
cblr-1214	338	29	industries.90	industries.90	NOUN
cblr-1214	338	30	due	due	ADP
cblr-1214	338	31	to	to	ADP
cblr-1214	338	32	the	the	DET
cblr-1214	338	33	nature	nature	NOUN
cblr-1214	338	34	of	of	ADP
cblr-1214	338	35	this	this	DET
cblr-1214	338	36	approach	approach	NOUN
cblr-1214	338	37	,	,	PUNCT
cblr-1214	338	38	such	such	ADJ
cblr-1214	338	39	studies	study	NOUN
cblr-1214	338	40	are	be	AUX
cblr-1214	338	41	often	often	ADV
cblr-1214	338	42	very	very	ADV
cblr-1214	338	43	limited	limited	ADJ
cblr-1214	338	44	in	in	ADP
cblr-1214	338	45	scope.91	scope.91	PROPN
cblr-1214	338	46	case	case	NOUN
cblr-1214	338	47	studies	study	NOUN
cblr-1214	338	48	tend	tend	VERB
cblr-1214	338	49	to	to	PART
cblr-1214	338	50	be	be	AUX
cblr-1214	338	51	less	less	ADV
cblr-1214	338	52	representative	representative	NOUN
cblr-1214	338	53	of	of	ADP
cblr-1214	338	54	m&a	m&a	PROPN
cblr-1214	338	55	transactions	transaction	NOUN
cblr-1214	338	56	generally	generally	ADV
cblr-1214	338	57	due	due	ADJ
cblr-1214	338	58	to	to	ADP
cblr-1214	338	59	selection	selection	NOUN
cblr-1214	338	60	bias	bias	NOUN
cblr-1214	338	61	or	or	CCONJ
cblr-1214	338	62	the	the	DET
cblr-1214	338	63	tendency	tendency	NOUN
cblr-1214	338	64	to	to	PART
cblr-1214	338	65	disproportionately	disproportionately	ADV
cblr-1214	338	66	study	study	VERB
cblr-1214	338	67	the	the	DET
cblr-1214	338	68	most	most	ADV
cblr-1214	338	69	prominent	prominent	ADJ
cblr-1214	338	70	and	and	CCONJ
cblr-1214	338	71	newsworthy	newsworthy	ADJ
cblr-1214	338	72	mergers.92	mergers.92	NOUN
cblr-1214	338	73	although	although	SCONJ
cblr-1214	338	74	some	some	DET
cblr-1214	338	75	studies	study	NOUN
cblr-1214	338	76	have	have	AUX
cblr-1214	338	77	gone	go	VERB
cblr-1214	338	78	beyond	beyond	ADP
cblr-1214	338	79	the	the	DET
cblr-1214	338	80	case	case	NOUN
cblr-1214	338	81	study	study	NOUN
cblr-1214	338	82	approach	approach	NOUN
cblr-1214	338	83	,	,	PUNCT
cblr-1214	338	84	they	they	PRON
cblr-1214	338	85	are	be	AUX
cblr-1214	338	86	generally	generally	ADV
cblr-1214	338	87	confined	confine	VERB
cblr-1214	338	88	to	to	ADP
cblr-1214	338	89	only	only	ADV
cblr-1214	338	90	one	one	NUM
cblr-1214	338	91	out	out	ADP
cblr-1214	338	92	of	of	ADP
cblr-1214	338	93	a	a	DET
cblr-1214	338	94	small	small	ADJ
cblr-1214	338	95	handful	handful	NOUN
cblr-1214	338	96	of	of	ADP
cblr-1214	338	97	industries	industry	NOUN
cblr-1214	338	98	—	—	PUNCT
cblr-1214	338	99	for	for	ADP
cblr-1214	338	100	instance	instance	NOUN
cblr-1214	338	101	,	,	PUNCT
cblr-1214	338	102	airlines	airline	NOUN
cblr-1214	338	103	,	,	PUNCT
cblr-1214	338	104	banking	banking	NOUN
cblr-1214	338	105	,	,	PUNCT
cblr-1214	338	106	hospitals	hospital	NOUN
cblr-1214	338	107	,	,	PUNCT
cblr-1214	338	108	and	and	CCONJ
cblr-1214	338	109	petroleum.93	petroleum.93	VERB
cblr-1214	338	110	these	these	DET
cblr-1214	338	111	studies	study	NOUN
cblr-1214	338	112	produce	produce	VERB
cblr-1214	338	113	mixed	mixed	ADJ
cblr-1214	338	114	results	result	NOUN
cblr-1214	338	115	,	,	PUNCT
cblr-1214	338	116	some	some	PRON
cblr-1214	338	117	suggesting	suggest	VERB
cblr-1214	338	118	that	that	SCONJ
cblr-1214	338	119	efficiency	efficiency	NOUN
cblr-1214	338	120	gains	gain	NOUN
cblr-1214	338	121	outweigh	outweigh	VERB
cblr-1214	338	122	market	market	NOUN
cblr-1214	338	123	power	power	NOUN
cblr-1214	338	124	gains	gain	NOUN
cblr-1214	338	125	and	and	CCONJ
cblr-1214	338	126	some	some	PRON
cblr-1214	338	127	suggesting	suggest	VERB
cblr-1214	338	128	the	the	DET
cblr-1214	338	129	opposite	opposite	NOUN
cblr-1214	338	130	.	.	PUNCT
cblr-1214	339	1	results	result	NOUN
cblr-1214	339	2	appear	appear	VERB
cblr-1214	339	3	to	to	PART
cblr-1214	339	4	vary	vary	VERB
cblr-1214	339	5	considerably	considerably	ADV
cblr-1214	339	6	according	accord	VERB
cblr-1214	339	7	to	to	ADP
cblr-1214	339	8	market	market	NOUN
cblr-1214	339	9	composition	composition	NOUN
cblr-1214	339	10	,	,	PUNCT
cblr-1214	339	11	industry	industry	NOUN
cblr-1214	339	12	,	,	PUNCT
cblr-1214	339	13	and	and	CCONJ
cblr-1214	339	14	geographic	geographic	ADJ
cblr-1214	339	15	location	location	NOUN
cblr-1214	339	16	,	,	PUNCT
cblr-1214	339	17	a	a	DET
cblr-1214	339	18	fact	fact	NOUN
cblr-1214	339	19	that	that	SCONJ
cblr-1214	339	20	further	far	ADV
cblr-1214	339	21	calls	call	VERB
cblr-1214	339	22	into	into	ADP
cblr-1214	339	23	question	question	NOUN
cblr-1214	339	24	the	the	DET
cblr-1214	339	25	utility	utility	NOUN
cblr-1214	339	26	of	of	ADP
cblr-1214	339	27	the	the	DET
cblr-1214	339	28	case	case	NOUN
cblr-1214	339	29	study	study	NOUN
cblr-1214	339	30	approach	approach	NOUN
cblr-1214	339	31	.	.	PUNCT
cblr-1214	340	1	94	94	NUM
cblr-1214	340	2	one	one	NUM
cblr-1214	340	3	review	review	NOUN
cblr-1214	340	4	of	of	ADP
cblr-1214	340	5	the	the	DET
cblr-1214	340	6	literature	literature	NOUN
cblr-1214	340	7	suggested	suggest	VERB
cblr-1214	340	8	90	90	NUM
cblr-1214	340	9	ashenfelter	ashenfelter	NOUN
cblr-1214	340	10	et	et	PROPN
cblr-1214	340	11	al	al	PROPN
cblr-1214	340	12	.	.	PROPN
cblr-1214	340	13	,	,	PUNCT
cblr-1214	340	14	supra	supra	PROPN
cblr-1214	340	15	note	note	NOUN
cblr-1214	340	16	75	75	NUM
cblr-1214	340	17	,	,	PUNCT
cblr-1214	340	18	at	at	ADP
cblr-1214	340	19	s77	s77	NOUN
cblr-1214	340	20	.	.	PUNCT
cblr-1214	341	1	91	91	NUM
cblr-1214	341	2	see	see	VERB
cblr-1214	341	3	,	,	PUNCT
cblr-1214	341	4	e.g.	e.g.	ADV
cblr-1214	341	5	,	,	PUNCT
cblr-1214	341	6	orley	orley	ADJ
cblr-1214	341	7	c.	c.	PROPN
cblr-1214	341	8	ashenfelter	ashenfelter	NOUN
cblr-1214	341	9	et	et	PROPN
cblr-1214	341	10	al	al	PROPN
cblr-1214	341	11	.	.	PROPN
cblr-1214	341	12	,	,	PUNCT
cblr-1214	341	13	efficiencies	efficiency	NOUN
cblr-1214	341	14	brewed	brew	VERB
cblr-1214	341	15	:	:	PUNCT
cblr-1214	341	16	pricing	pricing	NOUN
cblr-1214	341	17	and	and	CCONJ
cblr-1214	341	18	consolidation	consolidation	NOUN
cblr-1214	341	19	in	in	ADP
cblr-1214	341	20	the	the	DET
cblr-1214	341	21	us	us	PROPN
cblr-1214	341	22	beer	beer	NOUN
cblr-1214	341	23	industry	industry	NOUN
cblr-1214	341	24	,	,	PUNCT
cblr-1214	341	25	46	46	NUM
cblr-1214	341	26	rand	rand	PROPN
cblr-1214	341	27	j.	j.	PROPN
cblr-1214	341	28	econ	econ	PROPN
cblr-1214	341	29	.	.	PUNCT
cblr-1214	342	1	328	328	NUM
cblr-1214	342	2	(	(	PUNCT
cblr-1214	342	3	2015	2015	NUM
cblr-1214	342	4	)	)	PUNCT
cblr-1214	342	5	(	(	PUNCT
cblr-1214	342	6	examining	examine	VERB
cblr-1214	342	7	the	the	DET
cblr-1214	342	8	merger	merger	NOUN
cblr-1214	342	9	between	between	ADP
cblr-1214	342	10	miller	miller	PROPN
cblr-1214	342	11	and	and	CCONJ
cblr-1214	342	12	coors	coor	NOUN
cblr-1214	342	13	)	)	PUNCT
cblr-1214	342	14	;	;	PUNCT
cblr-1214	342	15	denis	denis	PROPN
cblr-1214	342	16	a.	a.	PROPN
cblr-1214	342	17	breen	breen	PROPN
cblr-1214	342	18	,	,	PUNCT
cblr-1214	342	19	the	the	DET
cblr-1214	342	20	union	union	PROPN
cblr-1214	342	21	pacific	pacific	PROPN
cblr-1214	342	22	/	/	SYM
cblr-1214	342	23	southern	southern	PROPN
cblr-1214	342	24	pacific	pacific	PROPN
cblr-1214	342	25	rail	rail	NOUN
cblr-1214	342	26	merger	merger	NOUN
cblr-1214	342	27	:	:	PUNCT
cblr-1214	342	28	a	a	DET
cblr-1214	342	29	retrospective	retrospective	NOUN
cblr-1214	342	30	on	on	ADP
cblr-1214	342	31	merger	merger	NOUN
cblr-1214	342	32	benefits	benefit	NOUN
cblr-1214	342	33	,	,	PUNCT
cblr-1214	342	34	3	3	NUM
cblr-1214	342	35	rev	rev	X
cblr-1214	342	36	.	.	PROPN
cblr-1214	342	37	network	network	PROPN
cblr-1214	342	38	econ	econ	PROPN
cblr-1214	342	39	.	.	PUNCT
cblr-1214	343	1	283	283	NUM
cblr-1214	343	2	(	(	PUNCT
cblr-1214	343	3	2004	2004	NUM
cblr-1214	343	4	)	)	PUNCT
cblr-1214	343	5	(	(	PUNCT
cblr-1214	343	6	examining	examine	VERB
cblr-1214	343	7	a	a	DET
cblr-1214	343	8	large	large	ADJ
cblr-1214	343	9	railroad	railroad	NOUN
cblr-1214	343	10	merger	merger	NOUN
cblr-1214	343	11	)	)	PUNCT
cblr-1214	343	12	.	.	PUNCT
cblr-1214	344	1	92	92	NUM
cblr-1214	344	2	blonigen	blonigen	NOUN
cblr-1214	344	3	&	&	CCONJ
cblr-1214	344	4	pierce	pierce	PROPN
cblr-1214	344	5	,	,	PUNCT
cblr-1214	344	6	supra	supra	PROPN
cblr-1214	344	7	note	note	PROPN
cblr-1214	344	8	81	81	NUM
cblr-1214	344	9	,	,	PUNCT
cblr-1214	344	10	at	at	ADP
cblr-1214	344	11	5	5	NUM
cblr-1214	344	12	.	.	PUNCT
cblr-1214	344	13	93	93	NUM
cblr-1214	344	14	ashenfelter	ashenfelter	NOUN
cblr-1214	344	15	et	et	PROPN
cblr-1214	344	16	al	al	PROPN
cblr-1214	344	17	.	.	PROPN
cblr-1214	344	18	,	,	PUNCT
cblr-1214	344	19	supra	supra	PROPN
cblr-1214	344	20	note	note	NOUN
cblr-1214	344	21	75	75	NUM
cblr-1214	344	22	,	,	PUNCT
cblr-1214	344	23	at	at	ADP
cblr-1214	344	24	s77	s77	NOUN
cblr-1214	344	25	.	.	PUNCT
cblr-1214	345	1	94	94	NUM
cblr-1214	345	2	further	far	ADV
cblr-1214	345	3	complicating	complicate	VERB
cblr-1214	345	4	the	the	DET
cblr-1214	345	5	issue	issue	NOUN
cblr-1214	345	6	,	,	PUNCT
cblr-1214	345	7	scholars	scholar	NOUN
cblr-1214	345	8	have	have	AUX
cblr-1214	345	9	posited	posit	VERB
cblr-1214	345	10	detrimental	detrimental	ADJ
cblr-1214	345	11	market	market	NOUN
cblr-1214	345	12	power	power	NOUN
cblr-1214	345	13	effects	effect	NOUN
cblr-1214	345	14	from	from	ADP
cblr-1214	345	15	bank	bank	NOUN
cblr-1214	345	16	mergers	merger	NOUN
cblr-1214	345	17	,	,	PUNCT
cblr-1214	345	18	such	such	ADJ
cblr-1214	345	19	as	as	ADP
cblr-1214	345	20	reductions	reduction	NOUN
cblr-1214	345	21	in	in	ADP
cblr-1214	345	22	cost	cost	NOUN
cblr-1214	345	23	efficiency	efficiency	NOUN
cblr-1214	345	24	,	,	PUNCT
cblr-1214	345	25	that	that	PRON
cblr-1214	345	26	are	be	AUX
cblr-1214	345	27	even	even	ADV
cblr-1214	345	28	more	more	ADV
cblr-1214	345	29	damaging	damaging	ADJ
cblr-1214	345	30	than	than	ADP
cblr-1214	345	31	price	price	NOUN
cblr-1214	345	32	increases	increase	NOUN
cblr-1214	345	33	and	and	CCONJ
cblr-1214	345	34	that	that	PRON
cblr-1214	345	35	are	be	AUX
cblr-1214	345	36	infrequently	infrequently	ADV
cblr-1214	345	37	measured	measure	VERB
cblr-1214	345	38	in	in	ADP
cblr-1214	345	39	traditional	traditional	ADJ
cblr-1214	345	40	studies	study	NOUN
cblr-1214	345	41	.	.	PUNCT
cblr-1214	346	1	see	see	VERB
cblr-1214	346	2	allen	allen	PROPN
cblr-1214	346	3	n.	n.	PROPN
cblr-1214	346	4	berger	berger	PROPN
cblr-1214	346	5	&	&	CCONJ
cblr-1214	346	6	timothy	timothy	PROPN
cblr-1214	346	7	griffin_final	griffin_final	PROPN
cblr-1214	346	8	98	98	NUM
cblr-1214	346	9	columbia	columbia	PROPN
cblr-1214	346	10	business	business	NOUN
cblr-1214	346	11	law	law	NOUN
cblr-1214	346	12	review	review	NOUN
cblr-1214	347	1	[	[	X
cblr-1214	347	2	vol	vol	NOUN
cblr-1214	347	3	.	.	NOUN
cblr-1214	347	4	2018	2018	NUM
cblr-1214	347	5	that	that	PRON
cblr-1214	347	6	efficiency	efficiency	NOUN
cblr-1214	347	7	gains	gain	NOUN
cblr-1214	347	8	predominated	predominate	VERB
cblr-1214	347	9	in	in	ADP
cblr-1214	347	10	north	north	NOUN
cblr-1214	347	11	american	american	ADJ
cblr-1214	347	12	and	and	CCONJ
cblr-1214	347	13	european	european	PROPN
cblr-1214	347	14	bank	bank	PROPN
cblr-1214	347	15	mergers.95	mergers.95	PROPN
cblr-1214	347	16	in	in	ADP
cblr-1214	347	17	contrast	contrast	NOUN
cblr-1214	347	18	,	,	PUNCT
cblr-1214	347	19	a	a	DET
cblr-1214	347	20	study	study	NOUN
cblr-1214	347	21	of	of	ADP
cblr-1214	347	22	asian	asian	PROPN
cblr-1214	347	23	bank	bank	NOUN
cblr-1214	347	24	mergers	merger	NOUN
cblr-1214	347	25	found	find	VERB
cblr-1214	347	26	no	no	DET
cblr-1214	347	27	observable	observable	ADJ
cblr-1214	347	28	efficiency	efficiency	NOUN
cblr-1214	347	29	effects.96	effects.96	NOUN
cblr-1214	347	30	studies	study	NOUN
cblr-1214	347	31	of	of	ADP
cblr-1214	347	32	railroad	railroad	NOUN
cblr-1214	347	33	industry	industry	NOUN
cblr-1214	347	34	mergers	merger	NOUN
cblr-1214	347	35	are	be	AUX
cblr-1214	347	36	also	also	ADV
cblr-1214	347	37	mixed	mix	VERB
cblr-1214	347	38	,	,	PUNCT
cblr-1214	347	39	but	but	CCONJ
cblr-1214	347	40	may	may	AUX
cblr-1214	347	41	show	show	VERB
cblr-1214	347	42	evidence	evidence	NOUN
cblr-1214	347	43	of	of	ADP
cblr-1214	347	44	net	net	ADJ
cblr-1214	347	45	efficiency	efficiency	NOUN
cblr-1214	347	46	gains.97	gains.97	NOUN
cblr-1214	347	47	in	in	ADP
cblr-1214	347	48	the	the	DET
cblr-1214	347	49	electric	electric	ADJ
cblr-1214	347	50	power	power	NOUN
cblr-1214	347	51	industry	industry	NOUN
cblr-1214	347	52	,	,	PUNCT
cblr-1214	347	53	evidence	evidence	NOUN
cblr-1214	347	54	suggests	suggest	VERB
cblr-1214	347	55	there	there	PRON
cblr-1214	347	56	are	be	VERB
cblr-1214	347	57	no	no	DET
cblr-1214	347	58	net	net	ADJ
cblr-1214	347	59	efficiency	efficiency	NOUN
cblr-1214	347	60	gains	gain	NOUN
cblr-1214	347	61	from	from	ADP
cblr-1214	347	62	m&a.98	m&a.98	ADJ
cblr-1214	347	63	economists	economist	NOUN
cblr-1214	347	64	john	john	PROPN
cblr-1214	347	65	kwoka	kwoka	PROPN
cblr-1214	347	66	and	and	CCONJ
cblr-1214	347	67	michael	michael	PROPN
cblr-1214	347	68	pollitt	pollitt	PROPN
cblr-1214	347	69	summarize	summarize	VERB
cblr-1214	347	70	the	the	DET
cblr-1214	347	71	ongoing	ongoing	ADJ
cblr-1214	347	72	controversy	controversy	NOUN
cblr-1214	347	73	as	as	SCONJ
cblr-1214	347	74	follows	follow	VERB
cblr-1214	347	75	:	:	PUNCT
cblr-1214	347	76	despite	despite	SCONJ
cblr-1214	347	77	their	their	PRON
cblr-1214	347	78	importance	importance	NOUN
cblr-1214	347	79	,	,	PUNCT
cblr-1214	347	80	the	the	DET
cblr-1214	347	81	effects	effect	NOUN
cblr-1214	347	82	of	of	ADP
cblr-1214	347	83	mergers	merger	NOUN
cblr-1214	347	84	remain	remain	VERB
cblr-1214	347	85	in	in	ADP
cblr-1214	347	86	dispute	dispute	NOUN
cblr-1214	347	87	.	.	PUNCT
cblr-1214	348	1	advocates	advocate	NOUN
cblr-1214	348	2	allude	allude	VERB
cblr-1214	348	3	to	to	ADP
cblr-1214	348	4	the	the	DET
cblr-1214	348	5	‘	'	PUNCT
cblr-1214	348	6	market	market	NOUN
cblr-1214	348	7	for	for	ADP
cblr-1214	348	8	corporate	corporate	ADJ
cblr-1214	348	9	control	control	NOUN
cblr-1214	348	10	,	,	PUNCT
cblr-1214	348	11	’	'	PUNCT
cblr-1214	348	12	which	which	PRON
cblr-1214	348	13	views	view	VERB
cblr-1214	348	14	mergers	merger	NOUN
cblr-1214	348	15	and	and	CCONJ
cblr-1214	348	16	acquisitions	acquisition	NOUN
cblr-1214	348	17	as	as	ADP
cblr-1214	348	18	methods	method	NOUN
cblr-1214	348	19	for	for	ADP
cblr-1214	348	20	efficiency	efficiency	NOUN
cblr-1214	348	21	-	-	PUNCT
cblr-1214	348	22	enhancing	enhance	VERB
cblr-1214	348	23	transfers	transfer	NOUN
cblr-1214	348	24	of	of	ADP
cblr-1214	348	25	underperforming	underperform	VERB
cblr-1214	348	26	assets	asset	NOUN
cblr-1214	348	27	to	to	ADP
cblr-1214	348	28	firms	firm	NOUN
cblr-1214	348	29	that	that	PRON
cblr-1214	348	30	can	can	AUX
cblr-1214	348	31	utilize	utilize	VERB
cblr-1214	348	32	those	those	DET
cblr-1214	348	33	assets	asset	NOUN
cblr-1214	348	34	better	well	ADV
cblr-1214	348	35	and	and	CCONJ
cblr-1214	348	36	thereby	thereby	ADV
cblr-1214	348	37	realize	realize	VERB
cblr-1214	348	38	the	the	DET
cblr-1214	348	39	value	value	NOUN
cblr-1214	348	40	gain	gain	NOUN
cblr-1214	348	41	.	.	PUNCT
cblr-1214	349	1	skeptics	skeptic	NOUN
cblr-1214	349	2	note	note	VERB
cblr-1214	349	3	that	that	SCONJ
cblr-1214	349	4	while	while	SCONJ
cblr-1214	349	5	many	many	ADJ
cblr-1214	349	6	mergers	merger	NOUN
cblr-1214	349	7	may	may	AUX
cblr-1214	349	8	be	be	AUX
cblr-1214	349	9	benign	benign	ADJ
cblr-1214	349	10	or	or	CCONJ
cblr-1214	349	11	beneficial	beneficial	ADJ
cblr-1214	349	12	,	,	PUNCT
cblr-1214	349	13	others	other	NOUN
cblr-1214	349	14	are	be	AUX
cblr-1214	349	15	motivated	motivate	VERB
cblr-1214	349	16	by	by	ADP
cblr-1214	349	17	market	market	NOUN
cblr-1214	349	18	power	power	NOUN
cblr-1214	349	19	,	,	PUNCT
cblr-1214	349	20	hubris	hubris	NOUN
cblr-1214	349	21	,	,	PUNCT
cblr-1214	349	22	or	or	CCONJ
cblr-1214	349	23	simple	simple	ADJ
cblr-1214	349	24	mistakes	mistake	NOUN
cblr-1214	349	25	,	,	PUNCT
cblr-1214	349	26	all	all	PRON
cblr-1214	349	27	of	of	ADP
cblr-1214	349	28	which	which	PRON
cblr-1214	349	29	result	result	VERB
cblr-1214	349	30	in	in	ADP
cblr-1214	349	31	societal	societal	PROPN
cblr-1214	349	32	h.	h.	PROPN
cblr-1214	349	33	hannan	hannan	PROPN
cblr-1214	349	34	,	,	PUNCT
cblr-1214	349	35	the	the	DET
cblr-1214	349	36	efficiency	efficiency	NOUN
cblr-1214	349	37	cost	cost	NOUN
cblr-1214	349	38	of	of	ADP
cblr-1214	349	39	market	market	NOUN
cblr-1214	349	40	power	power	NOUN
cblr-1214	349	41	in	in	ADP
cblr-1214	349	42	the	the	DET
cblr-1214	349	43	banking	banking	NOUN
cblr-1214	349	44	industry	industry	NOUN
cblr-1214	349	45	:	:	PUNCT
cblr-1214	349	46	a	a	DET
cblr-1214	349	47	test	test	NOUN
cblr-1214	349	48	of	of	ADP
cblr-1214	349	49	the	the	DET
cblr-1214	349	50	“	"	PUNCT
cblr-1214	349	51	quiet	quiet	ADJ
cblr-1214	349	52	life	life	NOUN
cblr-1214	349	53	”	"	PUNCT
cblr-1214	349	54	and	and	CCONJ
cblr-1214	349	55	related	related	ADJ
cblr-1214	349	56	hypotheses	hypothesis	NOUN
cblr-1214	349	57	,	,	PUNCT
cblr-1214	349	58	80	80	NUM
cblr-1214	349	59	rev	rev	X
cblr-1214	349	60	.	.	PROPN
cblr-1214	349	61	econ	econ	PROPN
cblr-1214	349	62	.	.	PUNCT
cblr-1214	349	63	&	&	CCONJ
cblr-1214	349	64	stat	stat	PROPN
cblr-1214	349	65	.	.	PUNCT
cblr-1214	350	1	454	454	NUM
cblr-1214	350	2	,	,	PUNCT
cblr-1214	350	3	455	455	NUM
cblr-1214	350	4	(	(	PUNCT
cblr-1214	350	5	1998	1998	NUM
cblr-1214	350	6	)	)	PUNCT
cblr-1214	350	7	.	.	PUNCT
cblr-1214	351	1	95	95	NUM
cblr-1214	351	2	robert	robert	PROPN
cblr-1214	351	3	deyoung	deyoung	PROPN
cblr-1214	351	4	et	et	PROPN
cblr-1214	351	5	al	al	PROPN
cblr-1214	351	6	.	.	PROPN
cblr-1214	351	7	,	,	PUNCT
cblr-1214	351	8	mergers	merger	NOUN
cblr-1214	351	9	and	and	CCONJ
cblr-1214	351	10	acquisitions	acquisition	NOUN
cblr-1214	351	11	of	of	ADP
cblr-1214	351	12	financial	financial	ADJ
cblr-1214	351	13	institutions	institution	NOUN
cblr-1214	351	14	:	:	PUNCT
cblr-1214	351	15	a	a	DET
cblr-1214	351	16	review	review	NOUN
cblr-1214	351	17	of	of	ADP
cblr-1214	351	18	the	the	DET
cblr-1214	351	19	post-2000	post-2000	ADJ
cblr-1214	351	20	literature	literature	NOUN
cblr-1214	351	21	,	,	PUNCT
cblr-1214	351	22	36	36	NUM
cblr-1214	351	23	j.	j.	PROPN
cblr-1214	351	24	fin	fin	PROPN
cblr-1214	351	25	.	.	PUNCT
cblr-1214	352	1	serv	serv	PROPN
cblr-1214	352	2	.	.	PUNCT
cblr-1214	353	1	rev	rev	PROPN
cblr-1214	353	2	.	.	PROPN
cblr-1214	353	3	87	87	NUM
cblr-1214	353	4	(	(	PUNCT
cblr-1214	353	5	2009	2009	NUM
cblr-1214	353	6	)	)	PUNCT
cblr-1214	353	7	.	.	PUNCT
cblr-1214	354	1	96	96	NUM
cblr-1214	354	2	sue	sue	NOUN
cblr-1214	354	3	-	-	PUNCT
cblr-1214	354	4	fung	fung	NOUN
cblr-1214	354	5	wang	wang	PROPN
cblr-1214	354	6	et	et	PROPN
cblr-1214	354	7	al	al	PROPN
cblr-1214	354	8	.	.	PROPN
cblr-1214	354	9	,	,	PUNCT
cblr-1214	354	10	the	the	DET
cblr-1214	354	11	long	long	ADV
cblr-1214	354	12	-	-	PUNCT
cblr-1214	354	13	run	run	NOUN
cblr-1214	354	14	performance	performance	NOUN
cblr-1214	354	15	of	of	ADP
cblr-1214	354	16	asian	asian	ADJ
cblr-1214	354	17	commercial	commercial	ADJ
cblr-1214	354	18	bank	bank	NOUN
cblr-1214	354	19	mergers	merger	NOUN
cblr-1214	354	20	and	and	CCONJ
cblr-1214	354	21	acquisition	acquisition	NOUN
cblr-1214	354	22	,	,	PUNCT
cblr-1214	354	23	5	5	NUM
cblr-1214	354	24	mod	mod	PROPN
cblr-1214	354	25	.	.	PROPN
cblr-1214	354	26	econ	econ	PROPN
cblr-1214	354	27	.	.	PUNCT
cblr-1214	355	1	341	341	NUM
cblr-1214	355	2	,	,	PUNCT
cblr-1214	355	3	341	341	NUM
cblr-1214	355	4	(	(	PUNCT
cblr-1214	355	5	2014	2014	NUM
cblr-1214	355	6	)	)	PUNCT
cblr-1214	355	7	(	(	PUNCT
cblr-1214	355	8	“	"	PUNCT
cblr-1214	355	9	we	we	PRON
cblr-1214	355	10	find	find	VERB
cblr-1214	355	11	the	the	DET
cblr-1214	355	12	asian	asian	ADJ
cblr-1214	355	13	acquiring	acquire	VERB
cblr-1214	355	14	banks	bank	NOUN
cblr-1214	355	15	experience	experience	VERB
cblr-1214	355	16	negative	negative	ADJ
cblr-1214	355	17	long	long	ADJ
cblr-1214	355	18	-	-	PUNCT
cblr-1214	355	19	term	term	NOUN
cblr-1214	355	20	abnormal	abnormal	ADJ
cblr-1214	355	21	returns	return	NOUN
cblr-1214	355	22	and	and	CCONJ
cblr-1214	355	23	are	be	AUX
cblr-1214	355	24	not	not	PART
cblr-1214	355	25	efficiency	efficiency	NOUN
cblr-1214	355	26	improving	improve	VERB
cblr-1214	355	27	.	.	PUNCT
cblr-1214	355	28	.	.	PUNCT
cblr-1214	355	29	.	.	PUNCT
cblr-1214	356	1	.	.	PUNCT
cblr-1214	357	1	in	in	ADP
cblr-1214	357	2	general	general	ADJ
cblr-1214	357	3	,	,	PUNCT
cblr-1214	357	4	the	the	DET
cblr-1214	357	5	long	long	ADV
cblr-1214	357	6	-	-	PUNCT
cblr-1214	357	7	run	run	VERB
cblr-1214	357	8	stock	stock	NOUN
cblr-1214	357	9	performance	performance	NOUN
cblr-1214	357	10	and	and	CCONJ
cblr-1214	357	11	operating	operating	NOUN
cblr-1214	357	12	performance	performance	NOUN
cblr-1214	357	13	of	of	ADP
cblr-1214	357	14	asian	asian	ADJ
cblr-1214	357	15	commercial	commercial	ADJ
cblr-1214	357	16	bank	bank	NOUN
cblr-1214	357	17	merger[s	merger[s	PROPN
cblr-1214	357	18	]	]	PUNCT
cblr-1214	357	19	.	.	PUNCT
cblr-1214	357	20	.	.	PUNCT
cblr-1214	357	21	.	.	PUNCT
cblr-1214	358	1	can	can	AUX
cblr-1214	358	2	not	not	PART
cblr-1214	358	3	create	create	VERB
cblr-1214	358	4	synergy	synergy	NOUN
cblr-1214	358	5	in	in	ADP
cblr-1214	358	6	the	the	DET
cblr-1214	358	7	long	long	ADJ
cblr-1214	358	8	run	run	NOUN
cblr-1214	358	9	.	.	PUNCT
cblr-1214	358	10	”	"	PUNCT
cblr-1214	358	11	)	)	PUNCT
cblr-1214	358	12	.	.	PUNCT
cblr-1214	359	1	97	97	NUM
cblr-1214	359	2	see	see	VERB
cblr-1214	359	3	,	,	PUNCT
cblr-1214	359	4	e.g.	e.g.	ADV
cblr-1214	359	5	,	,	PUNCT
cblr-1214	359	6	breen	breen	PROPN
cblr-1214	359	7	,	,	PUNCT
cblr-1214	359	8	supra	supra	PROPN
cblr-1214	359	9	note	note	PROPN
cblr-1214	359	10	91	91	NUM
cblr-1214	359	11	,	,	PUNCT
cblr-1214	359	12	at	at	ADP
cblr-1214	359	13	25	25	NUM
cblr-1214	359	14	(	(	PUNCT
cblr-1214	359	15	finding	find	VERB
cblr-1214	359	16	dominant	dominant	ADJ
cblr-1214	359	17	efficiency	efficiency	NOUN
cblr-1214	359	18	gains	gain	NOUN
cblr-1214	359	19	in	in	ADP
cblr-1214	359	20	one	one	NUM
cblr-1214	359	21	large	large	ADJ
cblr-1214	359	22	railroad	railroad	NOUN
cblr-1214	359	23	merger	merger	NOUN
cblr-1214	359	24	)	)	PUNCT
cblr-1214	359	25	;	;	PUNCT
cblr-1214	359	26	john	john	PROPN
cblr-1214	359	27	d.	d.	PROPN
cblr-1214	359	28	bitzan	bitzan	PROPN
cblr-1214	359	29	&	&	CCONJ
cblr-1214	359	30	wesley	wesley	PROPN
cblr-1214	359	31	w.	w.	PROPN
cblr-1214	359	32	wilson	wilson	PROPN
cblr-1214	359	33	,	,	PUNCT
cblr-1214	359	34	industry	industry	NOUN
cblr-1214	359	35	costs	cost	NOUN
cblr-1214	359	36	and	and	CCONJ
cblr-1214	359	37	consolidation	consolidation	NOUN
cblr-1214	359	38	:	:	PUNCT
cblr-1214	359	39	efficiency	efficiency	NOUN
cblr-1214	359	40	gains	gain	NOUN
cblr-1214	359	41	and	and	CCONJ
cblr-1214	359	42	mergers	merger	NOUN
cblr-1214	359	43	in	in	ADP
cblr-1214	359	44	the	the	DET
cblr-1214	359	45	u.s	u.s	PROPN
cblr-1214	359	46	.	.	PROPN
cblr-1214	359	47	railroad	railroad	NOUN
cblr-1214	359	48	industry	industry	NOUN
cblr-1214	359	49	,	,	PUNCT
cblr-1214	359	50	30	30	NUM
cblr-1214	359	51	rev	rev	VERB
cblr-1214	359	52	.	.	PROPN
cblr-1214	359	53	indus	indus	PROPN
cblr-1214	359	54	.	.	PUNCT
cblr-1214	360	1	org	org	PROPN
cblr-1214	360	2	.	.	PUNCT
cblr-1214	361	1	81	81	NUM
cblr-1214	361	2	(	(	PUNCT
cblr-1214	361	3	2007	2007	NUM
cblr-1214	361	4	)	)	PUNCT
cblr-1214	361	5	(	(	PUNCT
cblr-1214	361	6	finding	find	VERB
cblr-1214	361	7	efficiency	efficiency	NOUN
cblr-1214	361	8	gains	gain	NOUN
cblr-1214	361	9	in	in	ADP
cblr-1214	361	10	railroad	railroad	NOUN
cblr-1214	361	11	mergers	merger	NOUN
cblr-1214	361	12	generally	generally	ADV
cblr-1214	361	13	)	)	PUNCT
cblr-1214	361	14	;	;	PUNCT
cblr-1214	361	15	clifford	clifford	PROPN
cblr-1214	361	16	winston	winston	PROPN
cblr-1214	361	17	et	et	PROPN
cblr-1214	361	18	al	al	PROPN
cblr-1214	361	19	.	.	PROPN
cblr-1214	361	20	,	,	PUNCT
cblr-1214	361	21	long	long	ADJ
cblr-1214	361	22	-	-	PUNCT
cblr-1214	361	23	run	run	NOUN
cblr-1214	361	24	effects	effect	NOUN
cblr-1214	361	25	of	of	ADP
cblr-1214	361	26	mergers	merger	NOUN
cblr-1214	361	27	:	:	PUNCT
cblr-1214	361	28	the	the	DET
cblr-1214	361	29	case	case	NOUN
cblr-1214	361	30	of	of	ADP
cblr-1214	361	31	u.s	u.s	PROPN
cblr-1214	361	32	.	.	PROPN
cblr-1214	361	33	western	western	ADJ
cblr-1214	361	34	railroads	railroad	NOUN
cblr-1214	361	35	,	,	PUNCT
cblr-1214	361	36	54	54	NUM
cblr-1214	361	37	j.l	j.l	PROPN
cblr-1214	361	38	.	.	PROPN
cblr-1214	361	39	&	&	CCONJ
cblr-1214	361	40	econ	econ	PROPN
cblr-1214	361	41	.	.	PUNCT
cblr-1214	362	1	275	275	NUM
cblr-1214	362	2	(	(	PUNCT
cblr-1214	362	3	2011	2011	NUM
cblr-1214	362	4	)	)	PUNCT
cblr-1214	362	5	(	(	PUNCT
cblr-1214	362	6	finding	find	VERB
cblr-1214	362	7	negligible	negligible	ADJ
cblr-1214	362	8	effects	effect	NOUN
cblr-1214	362	9	on	on	ADP
cblr-1214	362	10	consumer	consumer	NOUN
cblr-1214	362	11	welfare	welfare	NOUN
cblr-1214	362	12	)	)	PUNCT
cblr-1214	362	13	.	.	PUNCT
cblr-1214	363	1	but	but	CCONJ
cblr-1214	363	2	see	see	VERB
cblr-1214	363	3	huey	huey	PROPN
cblr-1214	363	4	-	-	PUNCT
cblr-1214	363	5	lian	lian	PROPN
cblr-1214	363	6	sun	sun	PROPN
cblr-1214	363	7	&	&	CCONJ
cblr-1214	363	8	alex	alex	PROPN
cblr-1214	363	9	p.	p.	PROPN
cblr-1214	363	10	tang	tang	PROPN
cblr-1214	363	11	,	,	PUNCT
cblr-1214	363	12	the	the	DET
cblr-1214	363	13	sources	source	NOUN
cblr-1214	363	14	of	of	ADP
cblr-1214	363	15	railroad	railroad	NOUN
cblr-1214	363	16	merger	merger	NOUN
cblr-1214	363	17	gains	gain	NOUN
cblr-1214	363	18	:	:	PUNCT
cblr-1214	363	19	evidence	evidence	NOUN
cblr-1214	363	20	from	from	ADP
cblr-1214	363	21	stock	stock	NOUN
cblr-1214	363	22	price	price	NOUN
cblr-1214	363	23	reaction	reaction	NOUN
cblr-1214	363	24	and	and	CCONJ
cblr-1214	363	25	operating	operating	NOUN
cblr-1214	363	26	performance	performance	NOUN
cblr-1214	363	27	,	,	PUNCT
cblr-1214	363	28	39	39	NUM
cblr-1214	363	29	transp	transp	NOUN
cblr-1214	363	30	.	.	PUNCT
cblr-1214	364	1	j.	j.	PROPN
cblr-1214	364	2	14	14	PROPN
cblr-1214	364	3	,	,	PUNCT
cblr-1214	364	4	25	25	NUM
cblr-1214	364	5	(	(	PUNCT
cblr-1214	364	6	2000	2000	NUM
cblr-1214	364	7	)	)	PUNCT
cblr-1214	364	8	(	(	PUNCT
cblr-1214	364	9	finding	find	VERB
cblr-1214	364	10	that	that	SCONJ
cblr-1214	364	11	market	market	NOUN
cblr-1214	364	12	power	power	NOUN
cblr-1214	364	13	effects	effect	NOUN
cblr-1214	364	14	predominate	predominate	ADJ
cblr-1214	364	15	)	)	PUNCT
cblr-1214	364	16	.	.	PUNCT
cblr-1214	365	1	98	98	NUM
cblr-1214	365	2	see	see	VERB
cblr-1214	365	3	john	john	PROPN
cblr-1214	365	4	kwoka	kwoka	PROPN
cblr-1214	365	5	&	&	CCONJ
cblr-1214	365	6	michael	michael	PROPN
cblr-1214	365	7	pollitt	pollitt	PROPN
cblr-1214	365	8	,	,	PUNCT
cblr-1214	365	9	do	do	AUX
cblr-1214	365	10	mergers	merger	NOUN
cblr-1214	365	11	improve	improve	VERB
cblr-1214	365	12	efficiency	efficiency	NOUN
cblr-1214	365	13	?	?	PUNCT
cblr-1214	366	1	evidence	evidence	NOUN
cblr-1214	366	2	from	from	ADP
cblr-1214	366	3	restructuring	restructure	VERB
cblr-1214	366	4	the	the	DET
cblr-1214	366	5	us	us	PROPN
cblr-1214	366	6	electric	electric	ADJ
cblr-1214	366	7	power	power	NOUN
cblr-1214	366	8	sector	sector	NOUN
cblr-1214	366	9	,	,	PUNCT
cblr-1214	366	10	28	28	NUM
cblr-1214	366	11	int’l	int’l	NUM
cblr-1214	366	12	j.	j.	PROPN
cblr-1214	366	13	indus	indus	PROPN
cblr-1214	366	14	.	.	PUNCT
cblr-1214	367	1	org	org	PROPN
cblr-1214	367	2	.	.	PUNCT
cblr-1214	368	1	645	645	NUM
cblr-1214	368	2	,	,	PUNCT
cblr-1214	368	3	646	646	NUM
cblr-1214	368	4	(	(	PUNCT
cblr-1214	368	5	2010	2010	NUM
cblr-1214	368	6	)	)	PUNCT
cblr-1214	368	7	.	.	PUNCT
cblr-1214	369	1	griffin_final	griffin_final	ADJ
cblr-1214	369	2	no	no	NOUN
cblr-1214	369	3	.	.	PUNCT
cblr-1214	370	1	1:70	1:70	NUM
cblr-1214	370	2	]	]	PUNCT
cblr-1214	370	3	the	the	DET
cblr-1214	370	4	hidden	hidden	ADJ
cblr-1214	370	5	cost	cost	NOUN
cblr-1214	370	6	of	of	ADP
cblr-1214	370	7	m&a	m&a	PROPN
cblr-1214	370	8	99	99	NUM
cblr-1214	370	9	costs	cost	NOUN
cblr-1214	370	10	.	.	PUNCT
cblr-1214	371	1	evidence	evidence	NOUN
cblr-1214	371	2	exists	exist	VERB
cblr-1214	371	3	supporting	support	VERB
cblr-1214	371	4	each	each	DET
cblr-1214	371	5	view	view	NOUN
cblr-1214	371	6	.	.	PUNCT
cblr-1214	372	1	stock	stock	NOUN
cblr-1214	372	2	market	market	NOUN
cblr-1214	372	3	event	event	NOUN
cblr-1214	372	4	studies	study	NOUN
cblr-1214	372	5	routinely	routinely	ADV
cblr-1214	372	6	find	find	VERB
cblr-1214	372	7	shareholder	shareholder	NOUN
cblr-1214	372	8	gains	gain	NOUN
cblr-1214	372	9	from	from	ADP
cblr-1214	372	10	mergers	merger	NOUN
cblr-1214	372	11	,	,	PUNCT
cblr-1214	372	12	at	at	ADP
cblr-1214	372	13	least	least	ADJ
cblr-1214	372	14	in	in	ADP
cblr-1214	372	15	the	the	DET
cblr-1214	372	16	short	short	ADJ
cblr-1214	372	17	term	term	NOUN
cblr-1214	372	18	,	,	PUNCT
cblr-1214	372	19	seemingly	seemingly	ADV
cblr-1214	372	20	corroborating	corroborate	VERB
cblr-1214	372	21	the	the	DET
cblr-1214	372	22	efficient	efficient	ADJ
cblr-1214	372	23	-	-	PUNCT
cblr-1214	372	24	merger	merger	NOUN
cblr-1214	372	25	hypothesis	hypothesis	NOUN
cblr-1214	372	26	.	.	PUNCT
cblr-1214	373	1	studies	study	NOUN
cblr-1214	373	2	of	of	ADP
cblr-1214	373	3	actual	actual	ADJ
cblr-1214	373	4	operating	operating	NOUN
cblr-1214	373	5	effects	effect	NOUN
cblr-1214	373	6	,	,	PUNCT
cblr-1214	373	7	on	on	ADP
cblr-1214	373	8	the	the	DET
cblr-1214	373	9	other	other	ADJ
cblr-1214	373	10	hand	hand	NOUN
cblr-1214	373	11	,	,	PUNCT
cblr-1214	373	12	more	more	ADV
cblr-1214	373	13	often	often	ADV
cblr-1214	373	14	tend	tend	VERB
cblr-1214	373	15	to	to	PART
cblr-1214	373	16	show	show	VERB
cblr-1214	373	17	that	that	SCONJ
cblr-1214	373	18	gains	gain	NOUN
cblr-1214	373	19	from	from	ADP
cblr-1214	373	20	merger	merger	NOUN
cblr-1214	373	21	are	be	AUX
cblr-1214	373	22	the	the	DET
cblr-1214	373	23	exception	exception	NOUN
cblr-1214	373	24	rather	rather	ADV
cblr-1214	373	25	than	than	ADP
cblr-1214	373	26	the	the	DET
cblr-1214	373	27	rule.99	rule.99	NOUN
cblr-1214	373	28	although	although	SCONJ
cblr-1214	373	29	industry	industry	NOUN
cblr-1214	373	30	-	-	PUNCT
cblr-1214	373	31	specific	specific	ADJ
cblr-1214	373	32	and	and	CCONJ
cblr-1214	373	33	case	case	NOUN
cblr-1214	373	34	study	study	NOUN
cblr-1214	373	35	evidence	evidence	NOUN
cblr-1214	373	36	on	on	ADP
cblr-1214	373	37	whether	whether	SCONJ
cblr-1214	373	38	these	these	DET
cblr-1214	373	39	gains	gain	NOUN
cblr-1214	373	40	come	come	VERB
cblr-1214	373	41	from	from	ADP
cblr-1214	373	42	improvements	improvement	NOUN
cblr-1214	373	43	in	in	ADP
cblr-1214	373	44	actual	actual	ADJ
cblr-1214	373	45	operating	operating	NOUN
cblr-1214	373	46	efficiency	efficiency	NOUN
cblr-1214	373	47	is	be	AUX
cblr-1214	373	48	somewhat	somewhat	ADV
cblr-1214	373	49	mixed	mixed	ADJ
cblr-1214	373	50	,	,	PUNCT
cblr-1214	373	51	the	the	DET
cblr-1214	373	52	evidence	evidence	NOUN
cblr-1214	373	53	that	that	SCONJ
cblr-1214	373	54	mergers	merger	NOUN
cblr-1214	373	55	regularly	regularly	ADV
cblr-1214	373	56	produce	produce	VERB
cblr-1214	373	57	efficiency	efficiency	NOUN
cblr-1214	373	58	gains	gain	NOUN
cblr-1214	373	59	is	be	AUX
cblr-1214	373	60	weak	weak	ADJ
cblr-1214	373	61	at	at	ADV
cblr-1214	373	62	best	well	ADV
cblr-1214	373	63	.	.	PUNCT
cblr-1214	374	1	in	in	ADP
cblr-1214	374	2	fact	fact	NOUN
cblr-1214	374	3	,	,	PUNCT
cblr-1214	374	4	one	one	NUM
cblr-1214	374	5	“	"	PUNCT
cblr-1214	374	6	study	study	NOUN
cblr-1214	374	7	of	of	ADP
cblr-1214	374	8	studies	study	NOUN
cblr-1214	374	9	”	"	PUNCT
cblr-1214	374	10	surveyed	survey	VERB
cblr-1214	374	11	data	datum	NOUN
cblr-1214	374	12	from	from	ADP
cblr-1214	374	13	previous	previous	ADJ
cblr-1214	374	14	case	case	NOUN
cblr-1214	374	15	studies	study	NOUN
cblr-1214	374	16	in	in	ADP
cblr-1214	374	17	order	order	NOUN
cblr-1214	374	18	to	to	PART
cblr-1214	374	19	provide	provide	VERB
cblr-1214	374	20	a	a	DET
cblr-1214	374	21	broader	broad	ADJ
cblr-1214	374	22	view	view	NOUN
cblr-1214	374	23	of	of	ADP
cblr-1214	374	24	m&a	m&a	PROPN
cblr-1214	374	25	activity	activity	NOUN
cblr-1214	374	26	and	and	CCONJ
cblr-1214	374	27	its	its	PRON
cblr-1214	374	28	effects	effect	NOUN
cblr-1214	374	29	on	on	ADP
cblr-1214	374	30	the	the	DET
cblr-1214	374	31	market	market	NOUN
cblr-1214	374	32	.	.	PUNCT
cblr-1214	375	1	economists	economist	NOUN
cblr-1214	375	2	ashenfelter	ashenfelter	NOUN
cblr-1214	375	3	,	,	PUNCT
cblr-1214	375	4	hosken	hosken	VERB
cblr-1214	375	5	,	,	PUNCT
cblr-1214	375	6	and	and	CCONJ
cblr-1214	375	7	weinberg	weinberg	PROPN
cblr-1214	375	8	reviewed	review	VERB
cblr-1214	375	9	forty	forty	NUM
cblr-1214	375	10	-	-	PUNCT
cblr-1214	375	11	nine	nine	NUM
cblr-1214	375	12	studies	study	NOUN
cblr-1214	375	13	and	and	CCONJ
cblr-1214	375	14	found	find	VERB
cblr-1214	375	15	that	that	SCONJ
cblr-1214	375	16	nearly	nearly	ADV
cblr-1214	375	17	threequarters	threequarter	NOUN
cblr-1214	375	18	of	of	ADP
cblr-1214	375	19	them	they	PRON
cblr-1214	375	20	showed	show	VERB
cblr-1214	375	21	mergers	merger	NOUN
cblr-1214	375	22	resulting	result	VERB
cblr-1214	375	23	in	in	ADP
cblr-1214	375	24	price	price	NOUN
cblr-1214	375	25	increases.100	increases.100	NOUN
cblr-1214	375	26	overall	overall	ADV
cblr-1214	375	27	,	,	PUNCT
cblr-1214	375	28	while	while	SCONJ
cblr-1214	375	29	case	case	NOUN
cblr-1214	375	30	studies	study	NOUN
cblr-1214	375	31	can	can	AUX
cblr-1214	375	32	contribute	contribute	VERB
cblr-1214	375	33	to	to	ADP
cblr-1214	375	34	understanding	understand	VERB
cblr-1214	375	35	a	a	DET
cblr-1214	375	36	specific	specific	ADJ
cblr-1214	375	37	merger	merger	NOUN
cblr-1214	375	38	or	or	CCONJ
cblr-1214	375	39	industry	industry	NOUN
cblr-1214	375	40	at	at	ADP
cblr-1214	375	41	issue	issue	NOUN
cblr-1214	375	42	and	and	CCONJ
cblr-1214	375	43	while	while	SCONJ
cblr-1214	375	44	meta	meta	X
cblr-1214	375	45	-	-	PUNCT
cblr-1214	375	46	analyses	analysis	NOUN
cblr-1214	375	47	of	of	ADP
cblr-1214	375	48	these	these	DET
cblr-1214	375	49	studies	study	NOUN
cblr-1214	375	50	can	can	AUX
cblr-1214	375	51	point	point	VERB
cblr-1214	375	52	generally	generally	ADV
cblr-1214	375	53	towards	towards	ADP
cblr-1214	375	54	the	the	DET
cblr-1214	375	55	causes	cause	NOUN
cblr-1214	375	56	of	of	ADP
cblr-1214	375	57	merger	merger	NOUN
cblr-1214	375	58	gains	gain	NOUN
cblr-1214	375	59	,	,	PUNCT
cblr-1214	375	60	the	the	DET
cblr-1214	375	61	idiosyncrasies	idiosyncrasy	NOUN
cblr-1214	375	62	of	of	ADP
cblr-1214	375	63	the	the	DET
cblr-1214	375	64	specific	specific	ADJ
cblr-1214	375	65	companies	company	NOUN
cblr-1214	375	66	and	and	CCONJ
cblr-1214	375	67	sectors	sector	NOUN
cblr-1214	375	68	involved	involve	VERB
cblr-1214	375	69	limit	limit	VERB
cblr-1214	375	70	the	the	DET
cblr-1214	375	71	ability	ability	NOUN
cblr-1214	375	72	to	to	PART
cblr-1214	375	73	generalize	generalize	VERB
cblr-1214	375	74	from	from	ADP
cblr-1214	375	75	the	the	DET
cblr-1214	375	76	data	datum	NOUN
cblr-1214	375	77	.	.	PUNCT
cblr-1214	376	1	without	without	ADP
cblr-1214	376	2	more	more	ADV
cblr-1214	376	3	broad	broad	ADV
cblr-1214	376	4	-	-	PUNCT
cblr-1214	376	5	based	base	VERB
cblr-1214	376	6	data	datum	NOUN
cblr-1214	376	7	,	,	PUNCT
cblr-1214	376	8	it	it	PRON
cblr-1214	376	9	has	have	AUX
cblr-1214	376	10	historically	historically	ADV
cblr-1214	376	11	been	be	AUX
cblr-1214	376	12	difficult	difficult	ADJ
cblr-1214	376	13	to	to	PART
cblr-1214	376	14	understand	understand	VERB
cblr-1214	376	15	the	the	DET
cblr-1214	376	16	systemic	systemic	ADJ
cblr-1214	376	17	impact	impact	NOUN
cblr-1214	376	18	of	of	ADP
cblr-1214	376	19	m&a	m&a	PROPN
cblr-1214	376	20	on	on	ADP
cblr-1214	376	21	efficiency	efficiency	NOUN
cblr-1214	376	22	and	and	CCONJ
cblr-1214	376	23	market	market	NOUN
cblr-1214	376	24	power	power	NOUN
cblr-1214	376	25	.	.	PUNCT
cblr-1214	377	1	b.	b.	PROPN
cblr-1214	377	2	identifying	identify	VERB
cblr-1214	377	3	the	the	DET
cblr-1214	377	4	source	source	NOUN
cblr-1214	377	5	of	of	ADP
cblr-1214	377	6	merger	merger	NOUN
cblr-1214	377	7	gains	gain	NOUN
cblr-1214	377	8	:	:	PUNCT
cblr-1214	377	9	conclusions	conclusion	NOUN
cblr-1214	377	10	from	from	ADP
cblr-1214	377	11	broad	broad	ADV
cblr-1214	377	12	-	-	PUNCT
cblr-1214	377	13	based	base	VERB
cblr-1214	377	14	data	datum	NOUN
cblr-1214	377	15	recently	recently	ADV
cblr-1214	377	16	,	,	PUNCT
cblr-1214	377	17	it	it	PRON
cblr-1214	377	18	appears	appear	VERB
cblr-1214	377	19	that	that	SCONJ
cblr-1214	377	20	the	the	DET
cblr-1214	377	21	evidence	evidence	NOUN
cblr-1214	377	22	for	for	ADP
cblr-1214	377	23	pronounced	pronounce	VERB
cblr-1214	377	24	market	market	NOUN
cblr-1214	377	25	power	power	NOUN
cblr-1214	377	26	effects	effect	NOUN
cblr-1214	377	27	from	from	ADP
cblr-1214	377	28	m&a	m&a	PROPN
cblr-1214	377	29	activity	activity	NOUN
cblr-1214	377	30	is	be	AUX
cblr-1214	377	31	increasing.101	increasing.101	NOUN
cblr-1214	377	32	there	there	ADV
cblr-1214	377	33	99	99	NUM
cblr-1214	378	1	i	i	NOUN
cblr-1214	378	2	d.	d.	NOUN
cblr-1214	378	3	100	100	NUM
cblr-1214	378	4	ashenfelter	ashenfelter	NOUN
cblr-1214	378	5	et	et	PROPN
cblr-1214	378	6	al	al	PROPN
cblr-1214	378	7	.	.	PROPN
cblr-1214	378	8	,	,	PUNCT
cblr-1214	378	9	supra	supra	PROPN
cblr-1214	378	10	note	note	NOUN
cblr-1214	378	11	75	75	NUM
cblr-1214	378	12	,	,	PUNCT
cblr-1214	378	13	at	at	ADP
cblr-1214	378	14	s78	s78	NOUN
cblr-1214	378	15	.	.	PUNCT
cblr-1214	379	1	101	101	NUM
cblr-1214	379	2	one	one	NUM
cblr-1214	379	3	recent	recent	ADJ
cblr-1214	379	4	study	study	NOUN
cblr-1214	379	5	finds	find	VERB
cblr-1214	379	6	evidence	evidence	NOUN
cblr-1214	379	7	of	of	ADP
cblr-1214	379	8	“	"	PUNCT
cblr-1214	379	9	synergy	synergy	NOUN
cblr-1214	379	10	gains	gain	NOUN
cblr-1214	379	11	”	"	PUNCT
cblr-1214	379	12	from	from	ADP
cblr-1214	379	13	m&a	m&a	PROPN
cblr-1214	379	14	activities	activity	NOUN
cblr-1214	379	15	.	.	PUNCT
cblr-1214	380	1	however	however	ADV
cblr-1214	380	2	,	,	PUNCT
cblr-1214	380	3	this	this	DET
cblr-1214	380	4	study	study	NOUN
cblr-1214	380	5	defines	define	VERB
cblr-1214	380	6	synergy	synergy	NOUN
cblr-1214	380	7	gains	gain	NOUN
cblr-1214	380	8	as	as	ADP
cblr-1214	380	9	“	"	PUNCT
cblr-1214	380	10	the	the	DET
cblr-1214	380	11	market	market	NOUN
cblr-1214	380	12	-	-	PUNCT
cblr-1214	380	13	valueweighted	valueweighte	VERB
cblr-1214	380	14	average	average	NOUN
cblr-1214	380	15	of	of	ADP
cblr-1214	380	16	acquirer	acquirer	NOUN
cblr-1214	380	17	and	and	CCONJ
cblr-1214	380	18	target	target	VERB
cblr-1214	380	19	cars	car	NOUN
cblr-1214	380	20	where	where	SCONJ
cblr-1214	380	21	data	datum	NOUN
cblr-1214	380	22	for	for	ADP
cblr-1214	380	23	the	the	DET
cblr-1214	380	24	target	target	NOUN
cblr-1214	380	25	is	be	AUX
cblr-1214	380	26	available	available	ADJ
cblr-1214	380	27	on	on	ADP
cblr-1214	380	28	crsp	crsp	PROPN
cblr-1214	380	29	,	,	PUNCT
cblr-1214	380	30	”	"	PUNCT
cblr-1214	380	31	and	and	CCONJ
cblr-1214	380	32	as	as	SCONJ
cblr-1214	380	33	such	such	ADJ
cblr-1214	380	34	does	do	AUX
cblr-1214	380	35	not	not	PART
cblr-1214	380	36	distinguish	distinguish	VERB
cblr-1214	380	37	between	between	ADP
cblr-1214	380	38	market	market	NOUN
cblr-1214	380	39	power	power	NOUN
cblr-1214	380	40	griffin_final	griffin_final	ADJ
cblr-1214	380	41	100	100	NUM
cblr-1214	380	42	columbia	columbia	PROPN
cblr-1214	380	43	business	business	NOUN
cblr-1214	380	44	law	law	PROPN
cblr-1214	380	45	review	review	NOUN
cblr-1214	380	46	[	[	X
cblr-1214	380	47	vol	vol	NOUN
cblr-1214	380	48	.	.	NOUN
cblr-1214	380	49	2018	2018	NUM
cblr-1214	380	50	have	have	AUX
cblr-1214	380	51	been	be	AUX
cblr-1214	380	52	important	important	ADJ
cblr-1214	380	53	advances	advance	NOUN
cblr-1214	380	54	in	in	ADP
cblr-1214	380	55	the	the	DET
cblr-1214	380	56	ability	ability	NOUN
cblr-1214	380	57	of	of	ADP
cblr-1214	380	58	researchers	researcher	NOUN
cblr-1214	380	59	to	to	PART
cblr-1214	380	60	analyze	analyze	VERB
cblr-1214	380	61	the	the	DET
cblr-1214	380	62	sources	source	NOUN
cblr-1214	380	63	of	of	ADP
cblr-1214	380	64	gains	gain	NOUN
cblr-1214	380	65	in	in	ADP
cblr-1214	380	66	m&a	m&a	PROPN
cblr-1214	380	67	transactions	transaction	NOUN
cblr-1214	380	68	,	,	PUNCT
cblr-1214	380	69	as	as	SCONJ
cblr-1214	380	70	a	a	DET
cblr-1214	380	71	number	number	NOUN
cblr-1214	380	72	of	of	ADP
cblr-1214	380	73	researchers	researcher	NOUN
cblr-1214	380	74	have	have	AUX
cblr-1214	380	75	now	now	ADV
cblr-1214	380	76	been	be	AUX
cblr-1214	380	77	able	able	ADJ
cblr-1214	380	78	to	to	PART
cblr-1214	380	79	use	use	VERB
cblr-1214	380	80	“	"	PUNCT
cblr-1214	380	81	micro	micro	ADJ
cblr-1214	380	82	-	-	NOUN
cblr-1214	380	83	level	level	ADJ
cblr-1214	380	84	data	datum	NOUN
cblr-1214	380	85	for	for	ADP
cblr-1214	380	86	a	a	DET
cblr-1214	380	87	broad	broad	ADJ
cblr-1214	380	88	set	set	NOUN
cblr-1214	380	89	of	of	ADP
cblr-1214	380	90	firms	firm	NOUN
cblr-1214	380	91	.	.	PUNCT
cblr-1214	380	92	.	.	PUNCT
cblr-1214	380	93	.	.	PUNCT
cblr-1214	381	1	across	across	ADP
cblr-1214	381	2	the	the	DET
cblr-1214	381	3	economy	economy	NOUN
cblr-1214	381	4	.	.	PUNCT
cblr-1214	382	1	”102	”102	PROPN
cblr-1214	383	1	these	these	DET
cblr-1214	383	2	broad	broad	ADV
cblr-1214	383	3	-	-	PUNCT
cblr-1214	383	4	based	base	VERB
cblr-1214	383	5	studies	study	NOUN
cblr-1214	383	6	allow	allow	VERB
cblr-1214	383	7	researchers	researcher	NOUN
cblr-1214	383	8	to	to	PART
cblr-1214	383	9	overcome	overcome	VERB
cblr-1214	383	10	the	the	DET
cblr-1214	383	11	limitations	limitation	NOUN
cblr-1214	383	12	of	of	ADP
cblr-1214	383	13	the	the	DET
cblr-1214	383	14	case	case	NOUN
cblr-1214	383	15	study	study	NOUN
cblr-1214	383	16	approach	approach	NOUN
cblr-1214	383	17	and	and	CCONJ
cblr-1214	383	18	provide	provide	VERB
cblr-1214	383	19	useful	useful	ADJ
cblr-1214	383	20	information	information	NOUN
cblr-1214	383	21	about	about	ADP
cblr-1214	383	22	the	the	DET
cblr-1214	383	23	source	source	NOUN
cblr-1214	383	24	of	of	ADP
cblr-1214	383	25	gains	gain	NOUN
cblr-1214	383	26	from	from	ADP
cblr-1214	383	27	m&a	m&a	PROPN
cblr-1214	383	28	activity	activity	NOUN
cblr-1214	383	29	on	on	ADP
cblr-1214	383	30	the	the	DET
cblr-1214	383	31	national	national	ADJ
cblr-1214	383	32	level	level	NOUN
cblr-1214	383	33	.	.	PUNCT
cblr-1214	384	1	only	only	ADV
cblr-1214	384	2	a	a	DET
cblr-1214	384	3	few	few	ADJ
cblr-1214	384	4	studies	study	NOUN
cblr-1214	384	5	have	have	AUX
cblr-1214	384	6	attempted	attempt	VERB
cblr-1214	384	7	to	to	PART
cblr-1214	384	8	use	use	VERB
cblr-1214	384	9	detailed	detailed	ADJ
cblr-1214	384	10	plantor	plantor	NOUN
cblr-1214	384	11	firm	firm	ADJ
cblr-1214	384	12	-	-	PUNCT
cblr-1214	384	13	level	level	NOUN
cblr-1214	384	14	data	datum	NOUN
cblr-1214	384	15	covering	cover	VERB
cblr-1214	384	16	a	a	DET
cblr-1214	384	17	broad	broad	ADJ
cblr-1214	384	18	set	set	NOUN
cblr-1214	384	19	of	of	ADP
cblr-1214	384	20	u.s	u.s	PROPN
cblr-1214	384	21	.	.	PROPN
cblr-1214	384	22	firms	firm	NOUN
cblr-1214	384	23	to	to	PART
cblr-1214	384	24	draw	draw	VERB
cblr-1214	384	25	more	more	ADJ
cblr-1214	384	26	representative	representative	ADJ
cblr-1214	384	27	conclusions	conclusion	NOUN
cblr-1214	384	28	about	about	ADP
cblr-1214	384	29	the	the	DET
cblr-1214	384	30	average	average	ADJ
cblr-1214	384	31	effects	effect	NOUN
cblr-1214	384	32	of	of	ADP
cblr-1214	384	33	m&a	m&a	PROPN
cblr-1214	384	34	activity	activity	NOUN
cblr-1214	384	35	.	.	PUNCT
cblr-1214	385	1	such	such	ADJ
cblr-1214	385	2	studies	study	NOUN
cblr-1214	385	3	likely	likely	ADV
cblr-1214	385	4	provide	provide	VERB
cblr-1214	385	5	more	more	ADV
cblr-1214	385	6	generalizable	generalizable	ADJ
cblr-1214	385	7	results	result	NOUN
cblr-1214	385	8	about	about	ADP
cblr-1214	385	9	the	the	DET
cblr-1214	385	10	average	average	ADJ
cblr-1214	385	11	effects	effect	NOUN
cblr-1214	385	12	of	of	ADP
cblr-1214	385	13	m&a	m&a	PROPN
cblr-1214	385	14	activity	activity	NOUN
cblr-1214	385	15	due	due	ADP
cblr-1214	385	16	to	to	ADP
cblr-1214	385	17	their	their	PRON
cblr-1214	385	18	larger	large	ADJ
cblr-1214	385	19	sample	sample	NOUN
cblr-1214	385	20	sizes	size	NOUN
cblr-1214	385	21	and	and	CCONJ
cblr-1214	385	22	more	more	ADJ
cblr-1214	385	23	representative	representative	ADJ
cblr-1214	385	24	compositions.103	compositions.103	NOUN
cblr-1214	385	25	this	this	DET
cblr-1214	385	26	section	section	NOUN
cblr-1214	385	27	will	will	AUX
cblr-1214	385	28	outline	outline	VERB
cblr-1214	385	29	some	some	PRON
cblr-1214	385	30	of	of	ADP
cblr-1214	385	31	the	the	DET
cblr-1214	385	32	most	most	ADV
cblr-1214	385	33	important	important	ADJ
cblr-1214	385	34	examples	example	NOUN
cblr-1214	385	35	of	of	ADP
cblr-1214	385	36	such	such	ADJ
cblr-1214	385	37	recent	recent	ADJ
cblr-1214	385	38	research	research	NOUN
cblr-1214	385	39	.	.	PUNCT
cblr-1214	386	1	one	one	NUM
cblr-1214	386	2	important	important	ADJ
cblr-1214	386	3	study	study	NOUN
cblr-1214	386	4	used	use	VERB
cblr-1214	386	5	detailed	detailed	ADJ
cblr-1214	386	6	data	datum	NOUN
cblr-1214	386	7	on	on	ADP
cblr-1214	386	8	a	a	DET
cblr-1214	386	9	large	large	ADJ
cblr-1214	386	10	set	set	NOUN
cblr-1214	386	11	of	of	ADP
cblr-1214	386	12	manufacturers	manufacturer	NOUN
cblr-1214	386	13	to	to	PART
cblr-1214	386	14	study	study	VERB
cblr-1214	386	15	efficiency	efficiency	NOUN
cblr-1214	386	16	gains	gain	NOUN
cblr-1214	386	17	following	follow	VERB
cblr-1214	386	18	different	different	ADJ
cblr-1214	386	19	types	type	NOUN
cblr-1214	386	20	of	of	ADP
cblr-1214	386	21	asset	asset	NOUN
cblr-1214	386	22	transfers.104	transfers.104	NOUN
cblr-1214	386	23	in	in	ADP
cblr-1214	386	24	the	the	DET
cblr-1214	386	25	study	study	NOUN
cblr-1214	386	26	,	,	PUNCT
cblr-1214	386	27	economists	economist	NOUN
cblr-1214	386	28	vojislav	vojislav	VERB
cblr-1214	386	29	maksimovic	maksimovic	PROPN
cblr-1214	386	30	and	and	CCONJ
cblr-1214	386	31	gordon	gordon	PROPN
cblr-1214	386	32	phillips	phillip	NOUN
cblr-1214	386	33	measured	measure	VERB
cblr-1214	386	34	the	the	DET
cblr-1214	386	35	effects	effect	NOUN
cblr-1214	386	36	of	of	ADP
cblr-1214	386	37	m&a	m&a	PROPN
cblr-1214	386	38	involving	involve	VERB
cblr-1214	386	39	the	the	DET
cblr-1214	386	40	ownership	ownership	NOUN
cblr-1214	386	41	transfer	transfer	NOUN
cblr-1214	386	42	of	of	ADP
cblr-1214	386	43	17,720	17,720	NUM
cblr-1214	386	44	plants.105	plants.105	NOUN
cblr-1214	386	45	although	although	SCONJ
cblr-1214	386	46	the	the	DET
cblr-1214	386	47	authors	author	NOUN
cblr-1214	386	48	examined	examine	VERB
cblr-1214	386	49	multiple	multiple	ADJ
cblr-1214	386	50	types	type	NOUN
cblr-1214	386	51	of	of	ADP
cblr-1214	386	52	asset	asset	NOUN
cblr-1214	386	53	transfers	transfer	NOUN
cblr-1214	386	54	between	between	ADP
cblr-1214	386	55	firms	firm	NOUN
cblr-1214	386	56	,	,	PUNCT
cblr-1214	386	57	including	include	VERB
cblr-1214	386	58	those	those	PRON
cblr-1214	386	59	that	that	PRON
cblr-1214	386	60	involve	involve	VERB
cblr-1214	386	61	a	a	DET
cblr-1214	386	62	transfer	transfer	NOUN
cblr-1214	386	63	of	of	ADP
cblr-1214	386	64	only	only	ADJ
cblr-1214	386	65	part	part	NOUN
cblr-1214	386	66	of	of	ADP
cblr-1214	386	67	a	a	DET
cblr-1214	386	68	firm	firm	NOUN
cblr-1214	386	69	’s	’s	PART
cblr-1214	386	70	assets	asset	NOUN
cblr-1214	386	71	,	,	PUNCT
cblr-1214	386	72	they	they	PRON
cblr-1214	386	73	were	be	AUX
cblr-1214	386	74	able	able	ADJ
cblr-1214	386	75	to	to	PART
cblr-1214	386	76	differentiate	differentiate	VERB
cblr-1214	386	77	between	between	ADP
cblr-1214	386	78	partial	partial	ADJ
cblr-1214	386	79	asset	asset	NOUN
cblr-1214	386	80	sales	sale	NOUN
cblr-1214	386	81	and	and	CCONJ
cblr-1214	386	82	m&a	m&a	PROPN
cblr-1214	386	83	involving	involve	VERB
cblr-1214	386	84	entire	entire	ADJ
cblr-1214	386	85	firms.106	firms.106	NOUN
cblr-1214	386	86	the	the	DET
cblr-1214	386	87	authors	author	NOUN
cblr-1214	386	88	found	find	VERB
cblr-1214	386	89	either	either	CCONJ
cblr-1214	386	90	zero	zero	NUM
cblr-1214	386	91	or	or	CCONJ
cblr-1214	386	92	negative	negative	ADJ
cblr-1214	386	93	efficiency	efficiency	NOUN
cblr-1214	386	94	effects	effect	NOUN
cblr-1214	386	95	from	from	ADP
cblr-1214	386	96	m&a	m&a	PROPN
cblr-1214	386	97	activity.107	activity.107	VERB
cblr-1214	386	98	these	these	DET
cblr-1214	386	99	effects	effect	NOUN
cblr-1214	386	100	were	be	AUX
cblr-1214	386	101	modulated	modulate	VERB
cblr-1214	386	102	by	by	ADP
cblr-1214	386	103	the	the	DET
cblr-1214	386	104	relative	relative	ADJ
cblr-1214	386	105	initial	initial	ADJ
cblr-1214	386	106	productivity	productivity	NOUN
cblr-1214	386	107	of	of	ADP
cblr-1214	386	108	the	the	DET
cblr-1214	386	109	assets	asset	NOUN
cblr-1214	386	110	of	of	ADP
cblr-1214	386	111	the	the	DET
cblr-1214	386	112	buyer	buyer	NOUN
cblr-1214	386	113	and	and	CCONJ
cblr-1214	386	114	target	target	NOUN
cblr-1214	386	115	effects	effect	NOUN
cblr-1214	386	116	and	and	CCONJ
cblr-1214	386	117	efficiency	efficiency	NOUN
cblr-1214	386	118	effects	effect	NOUN
cblr-1214	386	119	.	.	PUNCT
cblr-1214	387	1	see	see	VERB
cblr-1214	387	2	g.	g.	PROPN
cblr-1214	387	3	alexandridis	alexandridis	PROPN
cblr-1214	387	4	et	et	PROPN
cblr-1214	387	5	al	al	PROPN
cblr-1214	387	6	.	.	PROPN
cblr-1214	387	7	,	,	PUNCT
cblr-1214	387	8	value	value	VERB
cblr-1214	387	9	creation	creation	NOUN
cblr-1214	387	10	from	from	ADP
cblr-1214	387	11	m&as	m&as	NOUN
cblr-1214	387	12	:	:	PUNCT
cblr-1214	387	13	new	new	ADJ
cblr-1214	387	14	evidence	evidence	NOUN
cblr-1214	387	15	,	,	PUNCT
cblr-1214	387	16	45	45	NUM
cblr-1214	387	17	j.	j.	PROPN
cblr-1214	387	18	corp	corp	PROPN
cblr-1214	387	19	.	.	PROPN
cblr-1214	388	1	fin	fin	PROPN
cblr-1214	388	2	.	.	PUNCT
cblr-1214	389	1	632	632	NUM
cblr-1214	389	2	,	,	PUNCT
cblr-1214	389	3	641	641	NUM
cblr-1214	389	4	(	(	PUNCT
cblr-1214	389	5	2017	2017	NUM
cblr-1214	389	6	)	)	PUNCT
cblr-1214	389	7	.	.	PUNCT
cblr-1214	390	1	102	102	NUM
cblr-1214	390	2	blonigen	blonigen	NOUN
cblr-1214	390	3	&	&	CCONJ
cblr-1214	390	4	pierce	pierce	PROPN
cblr-1214	390	5	,	,	PUNCT
cblr-1214	390	6	supra	supra	PROPN
cblr-1214	390	7	note	note	PROPN
cblr-1214	390	8	81	81	NUM
cblr-1214	390	9	,	,	PUNCT
cblr-1214	390	10	at	at	ADP
cblr-1214	390	11	6	6	NUM
cblr-1214	390	12	.	.	SYM
cblr-1214	390	13	103	103	NUM
cblr-1214	390	14	see	see	NOUN
cblr-1214	390	15	,	,	PUNCT
cblr-1214	390	16	e.g.	e.g.	ADV
cblr-1214	390	17	,	,	PUNCT
cblr-1214	390	18	i	i	PRON
cblr-1214	390	19	d.	d.	VERB
cblr-1214	390	20	at	at	ADP
cblr-1214	390	21	2	2	NUM
cblr-1214	390	22	n.3	n.3	NOUN
cblr-1214	390	23	(	(	PUNCT
cblr-1214	390	24	noting	note	VERB
cblr-1214	390	25	that	that	SCONJ
cblr-1214	390	26	their	their	PRON
cblr-1214	390	27	sample	sample	NOUN
cblr-1214	390	28	encompassed	encompass	VERB
cblr-1214	390	29	approximately	approximately	ADV
cblr-1214	390	30	fifty	fifty	NUM
cblr-1214	390	31	percent	percent	NOUN
cblr-1214	390	32	of	of	ADP
cblr-1214	390	33	all	all	DET
cblr-1214	390	34	m&a	m&a	PROPN
cblr-1214	390	35	activity	activity	NOUN
cblr-1214	390	36	during	during	ADP
cblr-1214	390	37	the	the	DET
cblr-1214	390	38	time	time	NOUN
cblr-1214	390	39	period	period	NOUN
cblr-1214	390	40	)	)	PUNCT
cblr-1214	390	41	.	.	PUNCT
cblr-1214	391	1	104	104	NUM
cblr-1214	391	2	vojislav	vojislav	NOUN
cblr-1214	391	3	maksimovic	maksimovic	PROPN
cblr-1214	391	4	&	&	CCONJ
cblr-1214	391	5	gordon	gordon	PROPN
cblr-1214	391	6	phillips	phillips	PROPN
cblr-1214	391	7	,	,	PUNCT
cblr-1214	391	8	the	the	DET
cblr-1214	391	9	market	market	NOUN
cblr-1214	391	10	for	for	ADP
cblr-1214	391	11	corporate	corporate	ADJ
cblr-1214	391	12	assets	asset	NOUN
cblr-1214	391	13	:	:	PUNCT
cblr-1214	391	14	who	who	PRON
cblr-1214	391	15	engages	engage	VERB
cblr-1214	391	16	in	in	ADP
cblr-1214	391	17	mergers	merger	NOUN
cblr-1214	391	18	and	and	CCONJ
cblr-1214	391	19	asset	asset	NOUN
cblr-1214	391	20	sales	sale	NOUN
cblr-1214	391	21	and	and	CCONJ
cblr-1214	391	22	are	be	AUX
cblr-1214	391	23	there	there	PRON
cblr-1214	391	24	efficiency	efficiency	NOUN
cblr-1214	391	25	gains	gain	NOUN
cblr-1214	391	26	?	?	PUNCT
cblr-1214	391	27	,	,	PUNCT
cblr-1214	391	28	56	56	NUM
cblr-1214	391	29	j.	j.	PROPN
cblr-1214	391	30	fin	fin	PROPN
cblr-1214	391	31	.	.	PROPN
cblr-1214	391	32	2019	2019	NUM
cblr-1214	391	33	,	,	PUNCT
cblr-1214	391	34	2020	2020	NUM
cblr-1214	391	35	(	(	PUNCT
cblr-1214	391	36	2001	2001	NUM
cblr-1214	391	37	)	)	PUNCT
cblr-1214	391	38	.	.	PUNCT
cblr-1214	392	1	105	105	NUM
cblr-1214	393	1	i	i	PRON
cblr-1214	393	2	d.	d.	PROPN
cblr-1214	393	3	at	at	ADP
cblr-1214	393	4	2030	2030	NUM
cblr-1214	393	5	.	.	PUNCT
cblr-1214	394	1	106	106	NUM
cblr-1214	395	1	i	i	PRON
cblr-1214	395	2	d.	d.	NOUN
cblr-1214	395	3	at	at	ADP
cblr-1214	395	4	2056	2056	NUM
cblr-1214	395	5	.	.	PUNCT
cblr-1214	396	1	107	107	NUM
cblr-1214	396	2	in	in	ADP
cblr-1214	396	3	contrast	contrast	NOUN
cblr-1214	396	4	,	,	PUNCT
cblr-1214	396	5	the	the	DET
cblr-1214	396	6	authors	author	NOUN
cblr-1214	396	7	found	find	VERB
cblr-1214	396	8	that	that	SCONJ
cblr-1214	396	9	asset	asset	NOUN
cblr-1214	396	10	sales	sale	NOUN
cblr-1214	396	11	that	that	PRON
cblr-1214	396	12	did	do	AUX
cblr-1214	396	13	not	not	PART
cblr-1214	396	14	constitute	constitute	VERB
cblr-1214	396	15	m&a	m&a	PROPN
cblr-1214	396	16	positively	positively	ADV
cblr-1214	396	17	impacted	impact	VERB
cblr-1214	396	18	efficiency	efficiency	NOUN
cblr-1214	396	19	.	.	PUNCT
cblr-1214	397	1	see	see	VERB
cblr-1214	397	2	i	i	PRON
cblr-1214	397	3	d.	d.	PROPN
cblr-1214	397	4	at	at	ADP
cblr-1214	397	5	2056–57	2056–57	NUM
cblr-1214	397	6	.	.	PUNCT
cblr-1214	398	1	griffin_final	griffin_final	ADJ
cblr-1214	398	2	no	no	NOUN
cblr-1214	398	3	.	.	PUNCT
cblr-1214	399	1	1:70	1:70	NUM
cblr-1214	399	2	]	]	PUNCT
cblr-1214	399	3	the	the	DET
cblr-1214	399	4	hidden	hidden	ADJ
cblr-1214	399	5	cost	cost	NOUN
cblr-1214	399	6	of	of	ADP
cblr-1214	399	7	m&a	m&a	PROPN
cblr-1214	399	8	101	101	NUM
cblr-1214	399	9	firms.108	firms.108	NOUN
cblr-1214	399	10	maksimovic	maksimovic	ADJ
cblr-1214	399	11	and	and	CCONJ
cblr-1214	399	12	phillips	phillip	NOUN
cblr-1214	399	13	found	find	VERB
cblr-1214	399	14	no	no	DET
cblr-1214	399	15	evidence	evidence	NOUN
cblr-1214	399	16	of	of	ADP
cblr-1214	399	17	efficiency	efficiency	NOUN
cblr-1214	399	18	effects	effect	NOUN
cblr-1214	399	19	in	in	ADP
cblr-1214	399	20	m&a	m&a	PROPN
cblr-1214	399	21	transactions	transaction	NOUN
cblr-1214	399	22	where	where	SCONJ
cblr-1214	399	23	the	the	DET
cblr-1214	399	24	buyer	buyer	NOUN
cblr-1214	399	25	’s	’s	PART
cblr-1214	399	26	assets	asset	NOUN
cblr-1214	399	27	demonstrated	demonstrate	VERB
cblr-1214	399	28	initial	initial	ADJ
cblr-1214	399	29	productivity	productivity	NOUN
cblr-1214	399	30	exceeding	exceed	VERB
cblr-1214	399	31	those	those	PRON
cblr-1214	399	32	of	of	ADP
cblr-1214	399	33	the	the	DET
cblr-1214	399	34	target	target	NOUN
cblr-1214	399	35	firm.109	firm.109	NUM
cblr-1214	399	36	they	they	PRON
cblr-1214	399	37	found	find	VERB
cblr-1214	399	38	negative	negative	ADJ
cblr-1214	399	39	efficiency	efficiency	NOUN
cblr-1214	399	40	effects	effect	NOUN
cblr-1214	399	41	in	in	ADP
cblr-1214	399	42	m&a	m&a	PROPN
cblr-1214	399	43	transactions	transaction	NOUN
cblr-1214	399	44	where	where	SCONJ
cblr-1214	399	45	the	the	DET
cblr-1214	399	46	target	target	NOUN
cblr-1214	399	47	firm	firm	NOUN
cblr-1214	399	48	’s	’s	PART
cblr-1214	399	49	assets	asset	NOUN
cblr-1214	399	50	demonstrated	demonstrate	VERB
cblr-1214	399	51	initial	initial	ADJ
cblr-1214	399	52	productivity	productivity	NOUN
cblr-1214	399	53	exceeding	exceed	VERB
cblr-1214	399	54	those	those	PRON
cblr-1214	399	55	of	of	ADP
cblr-1214	399	56	the	the	DET
cblr-1214	399	57	buyer.110	buyer.110	PROPN
cblr-1214	399	58	overall	overall	NOUN
cblr-1214	399	59	,	,	PUNCT
cblr-1214	399	60	the	the	DET
cblr-1214	399	61	researchers	researcher	NOUN
cblr-1214	399	62	found	find	VERB
cblr-1214	399	63	no	no	DET
cblr-1214	399	64	evidence	evidence	NOUN
cblr-1214	399	65	that	that	PRON
cblr-1214	399	66	aggregate	aggregate	ADJ
cblr-1214	399	67	m&a	m&a	PROPN
cblr-1214	399	68	activity	activity	NOUN
cblr-1214	399	69	produced	produce	VERB
cblr-1214	399	70	any	any	DET
cblr-1214	399	71	gains	gain	NOUN
cblr-1214	399	72	in	in	ADP
cblr-1214	399	73	efficiency	efficiency	NOUN
cblr-1214	399	74	in	in	ADP
cblr-1214	399	75	the	the	DET
cblr-1214	399	76	firms	firm	NOUN
cblr-1214	399	77	studied.111	studied.111	VERB
cblr-1214	399	78	their	their	PRON
cblr-1214	399	79	results	result	NOUN
cblr-1214	399	80	suggest	suggest	VERB
cblr-1214	399	81	that	that	SCONJ
cblr-1214	399	82	,	,	PUNCT
cblr-1214	399	83	when	when	SCONJ
cblr-1214	399	84	examining	examine	VERB
cblr-1214	399	85	detailed	detailed	ADJ
cblr-1214	399	86	data	datum	NOUN
cblr-1214	399	87	on	on	ADP
cblr-1214	399	88	a	a	DET
cblr-1214	399	89	broad	broad	ADJ
cblr-1214	399	90	sample	sample	NOUN
cblr-1214	399	91	of	of	ADP
cblr-1214	399	92	firms	firm	NOUN
cblr-1214	399	93	,	,	PUNCT
cblr-1214	399	94	m&a	m&a	PROPN
cblr-1214	399	95	activity	activity	NOUN
cblr-1214	399	96	does	do	AUX
cblr-1214	399	97	not	not	PART
cblr-1214	399	98	generate	generate	VERB
cblr-1214	399	99	aggregate	aggregate	ADJ
cblr-1214	399	100	efficiency	efficiency	NOUN
cblr-1214	399	101	gains	gain	NOUN
cblr-1214	399	102	.	.	PUNCT
cblr-1214	400	1	another	another	DET
cblr-1214	400	2	highly	highly	ADV
cblr-1214	400	3	ambitious	ambitious	ADJ
cblr-1214	400	4	study	study	NOUN
cblr-1214	400	5	attempted	attempt	VERB
cblr-1214	400	6	to	to	PART
cblr-1214	400	7	quantify	quantify	VERB
cblr-1214	400	8	the	the	DET
cblr-1214	400	9	effects	effect	NOUN
cblr-1214	400	10	of	of	ADP
cblr-1214	400	11	all	all	DET
cblr-1214	400	12	mergers	merger	NOUN
cblr-1214	400	13	in	in	ADP
cblr-1214	400	14	the	the	DET
cblr-1214	400	15	world	world	NOUN
cblr-1214	400	16	occurring	occur	VERB
cblr-1214	400	17	over	over	ADP
cblr-1214	400	18	a	a	DET
cblr-1214	400	19	period	period	NOUN
cblr-1214	400	20	of	of	ADP
cblr-1214	400	21	fifteen	fifteen	NUM
cblr-1214	400	22	years.112	years.112	PROPN
cblr-1214	400	23	economist	economist	NOUN
cblr-1214	400	24	klaus	klaus	PROPN
cblr-1214	400	25	gugler	gugler	NOUN
cblr-1214	400	26	and	and	CCONJ
cblr-1214	400	27	his	his	PRON
cblr-1214	400	28	coauthors	coauthor	NOUN
cblr-1214	400	29	measured	measure	VERB
cblr-1214	400	30	the	the	DET
cblr-1214	400	31	effects	effect	NOUN
cblr-1214	400	32	of	of	ADP
cblr-1214	400	33	mergers	merger	NOUN
cblr-1214	400	34	on	on	ADP
cblr-1214	400	35	market	market	NOUN
cblr-1214	400	36	power	power	NOUN
cblr-1214	400	37	and	and	CCONJ
cblr-1214	400	38	efficiency	efficiency	NOUN
cblr-1214	400	39	by	by	ADP
cblr-1214	400	40	examining	examine	VERB
cblr-1214	400	41	detailed	detailed	ADJ
cblr-1214	400	42	accounting	accounting	NOUN
cblr-1214	400	43	data	datum	NOUN
cblr-1214	400	44	on	on	ADP
cblr-1214	400	45	firm	firm	ADJ
cblr-1214	400	46	profits	profit	NOUN
cblr-1214	400	47	and	and	CCONJ
cblr-1214	400	48	sales.113	sales.113	NOUN
cblr-1214	400	49	although	although	SCONJ
cblr-1214	400	50	the	the	DET
cblr-1214	400	51	researchers	researcher	NOUN
cblr-1214	400	52	utilized	utilize	VERB
cblr-1214	400	53	a	a	DET
cblr-1214	400	54	global	global	ADJ
cblr-1214	400	55	data	datum	NOUN
cblr-1214	400	56	set	set	VERB
cblr-1214	400	57	,	,	PUNCT
cblr-1214	400	58	roughly	roughly	ADV
cblr-1214	400	59	half	half	NOUN
cblr-1214	400	60	of	of	ADP
cblr-1214	400	61	the	the	DET
cblr-1214	400	62	mergers	merger	NOUN
cblr-1214	400	63	in	in	ADP
cblr-1214	400	64	their	their	PRON
cblr-1214	400	65	sample	sample	NOUN
cblr-1214	400	66	occurred	occur	VERB
cblr-1214	400	67	in	in	ADP
cblr-1214	400	68	the	the	DET
cblr-1214	400	69	united	united	PROPN
cblr-1214	400	70	states.114	states.114	PROPN
cblr-1214	400	71	the	the	DET
cblr-1214	400	72	study	study	NOUN
cblr-1214	400	73	shows	show	VERB
cblr-1214	400	74	similar	similar	ADJ
cblr-1214	400	75	results	result	NOUN
cblr-1214	400	76	between	between	ADP
cblr-1214	400	77	domestic	domestic	ADJ
cblr-1214	400	78	mergers	merger	NOUN
cblr-1214	400	79	and	and	CCONJ
cblr-1214	400	80	the	the	DET
cblr-1214	400	81	larger	large	ADJ
cblr-1214	400	82	global	global	ADJ
cblr-1214	400	83	sample	sample	NOUN
cblr-1214	400	84	group.115	group.115	PROPN
cblr-1214	401	1	the	the	DET
cblr-1214	401	2	authors	author	NOUN
cblr-1214	401	3	found	find	VERB
cblr-1214	401	4	that	that	SCONJ
cblr-1214	401	5	a	a	DET
cblr-1214	401	6	majority	majority	NOUN
cblr-1214	401	7	of	of	ADP
cblr-1214	401	8	global	global	ADJ
cblr-1214	401	9	mergers	merger	NOUN
cblr-1214	401	10	over	over	ADP
cblr-1214	401	11	the	the	DET
cblr-1214	401	12	time	time	NOUN
cblr-1214	401	13	period	period	NOUN
cblr-1214	401	14	studied	study	VERB
cblr-1214	401	15	either	either	CCONJ
cblr-1214	401	16	increased	increase	VERB
cblr-1214	401	17	market	market	NOUN
cblr-1214	401	18	power	power	NOUN
cblr-1214	401	19	,	,	PUNCT
cblr-1214	401	20	reduced	reduced	ADJ
cblr-1214	401	21	efficiency	efficiency	NOUN
cblr-1214	401	22	,	,	PUNCT
cblr-1214	401	23	or	or	CCONJ
cblr-1214	401	24	both	both	PRON
cblr-1214	401	25	,	,	PUNCT
cblr-1214	401	26	and	and	CCONJ
cblr-1214	401	27	could	could	AUX
cblr-1214	401	28	thus	thus	ADV
cblr-1214	401	29	be	be	AUX
cblr-1214	401	30	categorized	categorize	VERB
cblr-1214	401	31	as	as	ADP
cblr-1214	401	32	“	"	PUNCT
cblr-1214	401	33	welfare	welfare	NOUN
cblr-1214	401	34	reducing	reducing	NOUN
cblr-1214	401	35	.	.	PUNCT
cblr-1214	401	36	”116	”116	PUNCT
cblr-1214	402	1	overall	overall	ADV
cblr-1214	402	2	,	,	PUNCT
cblr-1214	402	3	the	the	DET
cblr-1214	402	4	study	study	NOUN
cblr-1214	402	5	found	find	VERB
cblr-1214	402	6	that	that	SCONJ
cblr-1214	402	7	only	only	ADV
cblr-1214	402	8	29.1	29.1	NUM
cblr-1214	402	9	%	%	NOUN
cblr-1214	402	10	of	of	ADP
cblr-1214	402	11	mergers	merger	NOUN
cblr-1214	402	12	appear	appear	VERB
cblr-1214	402	13	to	to	PART
cblr-1214	402	14	result	result	VERB
cblr-1214	402	15	in	in	ADP
cblr-1214	402	16	efficiency	efficiency	NOUN
cblr-1214	402	17	gains	gain	NOUN
cblr-1214	402	18	,	,	PUNCT
cblr-1214	402	19	with	with	ADP
cblr-1214	402	20	approximately	approximately	ADV
cblr-1214	402	21	the	the	DET
cblr-1214	402	22	same	same	ADJ
cblr-1214	402	23	number	number	NOUN
cblr-1214	402	24	actually	actually	ADV
cblr-1214	402	25	reducing	reduce	VERB
cblr-1214	402	26	efficiency.117	efficiency.117	NUM
cblr-1214	402	27	108	108	NUM
cblr-1214	402	28	i	i	PRON
cblr-1214	402	29	d.	d.	PROPN
cblr-1214	402	30	at	at	ADP
cblr-1214	402	31	2056–57	2056–57	NUM
cblr-1214	402	32	.	.	PUNCT
cblr-1214	403	1	109	109	NUM
cblr-1214	403	2	i	i	PROPN
cblr-1214	403	3	d.	d.	NOUN
cblr-1214	403	4	110	110	NUM
cblr-1214	404	1	i	i	PROPN
cblr-1214	404	2	d.	d.	PROPN
cblr-1214	404	3	111	111	NUM
cblr-1214	405	1	i	i	PRON
cblr-1214	405	2	d.	d.	PROPN
cblr-1214	405	3	112	112	NUM
cblr-1214	405	4	see	see	VERB
cblr-1214	405	5	klaus	klaus	PROPN
cblr-1214	405	6	gugler	gugler	PROPN
cblr-1214	405	7	et	et	PROPN
cblr-1214	405	8	al	al	PROPN
cblr-1214	405	9	.	.	PROPN
cblr-1214	405	10	,	,	PUNCT
cblr-1214	405	11	the	the	DET
cblr-1214	405	12	effects	effect	NOUN
cblr-1214	405	13	of	of	ADP
cblr-1214	405	14	mergers	merger	NOUN
cblr-1214	405	15	:	:	PUNCT
cblr-1214	405	16	an	an	DET
cblr-1214	405	17	international	international	ADJ
cblr-1214	405	18	comparison	comparison	NOUN
cblr-1214	405	19	,	,	PUNCT
cblr-1214	405	20	21	21	NUM
cblr-1214	405	21	int’l	int’l	NUM
cblr-1214	405	22	.	.	PUNCT
cblr-1214	406	1	j.	j.	PROPN
cblr-1214	406	2	indus	indus	PROPN
cblr-1214	406	3	.	.	PUNCT
cblr-1214	407	1	org	org	PROPN
cblr-1214	407	2	.	.	PUNCT
cblr-1214	408	1	625	625	NUM
cblr-1214	408	2	(	(	PUNCT
cblr-1214	408	3	2003	2003	NUM
cblr-1214	408	4	)	)	PUNCT
cblr-1214	408	5	.	.	PUNCT
cblr-1214	409	1	113	113	NUM
cblr-1214	409	2	i	i	PRON
cblr-1214	409	3	d.	d.	PROPN
cblr-1214	409	4	at	at	ADP
cblr-1214	409	5	625	625	NUM
cblr-1214	409	6	.	.	PUNCT
cblr-1214	410	1	114	114	NUM
cblr-1214	411	1	i	i	PRON
cblr-1214	411	2	d.	d.	PROPN
cblr-1214	411	3	at	at	ADP
cblr-1214	411	4	632	632	NUM
cblr-1214	411	5	.	.	PUNCT
cblr-1214	411	6	115	115	NUM
cblr-1214	412	1	i	i	PRON
cblr-1214	412	2	d.	d.	PROPN
cblr-1214	412	3	at	at	ADP
cblr-1214	412	4	637	637	NUM
cblr-1214	412	5	.	.	PUNCT
cblr-1214	412	6	116	116	NUM
cblr-1214	413	1	i	i	PRON
cblr-1214	413	2	d.	d.	PROPN
cblr-1214	413	3	at	at	ADP
cblr-1214	413	4	651	651	NUM
cblr-1214	413	5	.	.	PUNCT
cblr-1214	414	1	117	117	NUM
cblr-1214	414	2	i	i	PROPN
cblr-1214	414	3	d.	d.	PROPN
cblr-1214	414	4	at	at	ADP
cblr-1214	414	5	649	649	NUM
cblr-1214	414	6	.	.	PUNCT
cblr-1214	415	1	griffin_final	griffin_final	ADJ
cblr-1214	415	2	102	102	NUM
cblr-1214	415	3	columbia	columbia	PROPN
cblr-1214	415	4	business	business	NOUN
cblr-1214	415	5	law	law	PROPN
cblr-1214	415	6	review	review	NOUN
cblr-1214	415	7	[	[	X
cblr-1214	415	8	vol	vol	NOUN
cblr-1214	415	9	.	.	NOUN
cblr-1214	415	10	2018	2018	NUM
cblr-1214	415	11	the	the	DET
cblr-1214	415	12	authors	author	NOUN
cblr-1214	415	13	also	also	ADV
cblr-1214	415	14	made	make	VERB
cblr-1214	415	15	a	a	DET
cblr-1214	415	16	number	number	NOUN
cblr-1214	415	17	of	of	ADP
cblr-1214	415	18	more	more	ADJ
cblr-1214	415	19	granular	granular	ADJ
cblr-1214	415	20	findings	finding	NOUN
cblr-1214	415	21	.	.	PUNCT
cblr-1214	416	1	first	first	ADV
cblr-1214	416	2	,	,	PUNCT
cblr-1214	416	3	they	they	PRON
cblr-1214	416	4	found	find	VERB
cblr-1214	416	5	that	that	SCONJ
cblr-1214	416	6	“	"	PUNCT
cblr-1214	416	7	the	the	DET
cblr-1214	416	8	average	average	ADJ
cblr-1214	416	9	profitable	profitable	ADJ
cblr-1214	416	10	merger	merger	NOUN
cblr-1214	416	11	.	.	PUNCT
cblr-1214	416	12	.	.	PUNCT
cblr-1214	416	13	.	.	PUNCT
cblr-1214	417	1	appear[s	appear[s	PROPN
cblr-1214	417	2	]	]	PUNCT
cblr-1214	417	3	to	to	PART
cblr-1214	417	4	have	have	AUX
cblr-1214	417	5	increased	increase	VERB
cblr-1214	417	6	market	market	NOUN
cblr-1214	417	7	power	power	NOUN
cblr-1214	417	8	.	.	PUNCT
cblr-1214	418	1	”118	”118	VERB
cblr-1214	419	1	next	next	ADV
cblr-1214	419	2	,	,	PUNCT
cblr-1214	419	3	they	they	PRON
cblr-1214	419	4	found	find	VERB
cblr-1214	419	5	that	that	SCONJ
cblr-1214	419	6	the	the	DET
cblr-1214	419	7	remaining	remain	VERB
cblr-1214	419	8	(	(	PUNCT
cblr-1214	419	9	unprofitable	unprofitable	ADJ
cblr-1214	419	10	)	)	PUNCT
cblr-1214	419	11	mergers	merger	NOUN
cblr-1214	419	12	likely	likely	ADV
cblr-1214	419	13	generate	generate	VERB
cblr-1214	419	14	negative	negative	ADJ
cblr-1214	419	15	efficiency	efficiency	NOUN
cblr-1214	419	16	effects.119	effects.119	PROPN
cblr-1214	419	17	taken	take	VERB
cblr-1214	419	18	together	together	ADV
cblr-1214	419	19	,	,	PUNCT
cblr-1214	419	20	these	these	DET
cblr-1214	419	21	findings	finding	NOUN
cblr-1214	419	22	indicate	indicate	VERB
cblr-1214	419	23	that	that	SCONJ
cblr-1214	419	24	aggregate	aggregate	ADJ
cblr-1214	419	25	global	global	ADJ
cblr-1214	419	26	m&a	m&a	PROPN
cblr-1214	419	27	activity	activity	NOUN
cblr-1214	419	28	,	,	PUNCT
cblr-1214	419	29	both	both	CCONJ
cblr-1214	419	30	profitable	profitable	ADJ
cblr-1214	419	31	and	and	CCONJ
cblr-1214	419	32	unprofitable	unprofitable	ADJ
cblr-1214	419	33	,	,	PUNCT
cblr-1214	419	34	generates	generate	VERB
cblr-1214	419	35	negative	negative	ADJ
cblr-1214	419	36	social	social	ADJ
cblr-1214	419	37	and	and	CCONJ
cblr-1214	419	38	economic	economic	ADJ
cblr-1214	419	39	effects	effect	NOUN
cblr-1214	419	40	.	.	PUNCT
cblr-1214	420	1	the	the	DET
cblr-1214	420	2	study	study	NOUN
cblr-1214	420	3	also	also	ADV
cblr-1214	420	4	conducted	conduct	VERB
cblr-1214	420	5	an	an	DET
cblr-1214	420	6	examination	examination	NOUN
cblr-1214	420	7	of	of	ADP
cblr-1214	420	8	the	the	DET
cblr-1214	420	9	highest	high	ADJ
cblr-1214	420	10	and	and	CCONJ
cblr-1214	420	11	lowest	low	ADJ
cblr-1214	420	12	quartiles	quartile	NOUN
cblr-1214	420	13	of	of	ADP
cblr-1214	420	14	m&a	m&a	PROPN
cblr-1214	420	15	activity	activity	NOUN
cblr-1214	420	16	,	,	PUNCT
cblr-1214	420	17	measured	measure	VERB
cblr-1214	420	18	by	by	ADP
cblr-1214	420	19	the	the	DET
cblr-1214	420	20	difference	difference	NOUN
cblr-1214	420	21	between	between	ADP
cblr-1214	420	22	actual	actual	ADJ
cblr-1214	420	23	and	and	CCONJ
cblr-1214	420	24	projected	projected	ADJ
cblr-1214	420	25	profits	profit	NOUN
cblr-1214	420	26	,	,	PUNCT
cblr-1214	420	27	which	which	PRON
cblr-1214	420	28	yielded	yield	VERB
cblr-1214	420	29	problematic	problematic	ADJ
cblr-1214	420	30	findings.120	findings.120	NOUN
cblr-1214	420	31	the	the	DET
cblr-1214	420	32	data	datum	NOUN
cblr-1214	420	33	indicated	indicate	VERB
cblr-1214	420	34	that	that	SCONJ
cblr-1214	420	35	the	the	DET
cblr-1214	420	36	most	most	ADV
cblr-1214	420	37	profitable	profitable	ADJ
cblr-1214	420	38	mergers	merger	NOUN
cblr-1214	420	39	tend	tend	VERB
cblr-1214	420	40	to	to	PART
cblr-1214	420	41	generate	generate	VERB
cblr-1214	420	42	market	market	NOUN
cblr-1214	420	43	power	power	NOUN
cblr-1214	420	44	increases.121	increases.121	NOUN
cblr-1214	420	45	as	as	SCONJ
cblr-1214	420	46	one	one	PRON
cblr-1214	420	47	might	might	AUX
cblr-1214	420	48	expect	expect	VERB
cblr-1214	420	49	,	,	PUNCT
cblr-1214	420	50	the	the	DET
cblr-1214	420	51	mergers	merger	NOUN
cblr-1214	420	52	in	in	ADP
cblr-1214	420	53	the	the	DET
cblr-1214	420	54	bottom	bottom	NOUN
cblr-1214	420	55	quartile	quartile	NOUN
cblr-1214	420	56	appear	appear	VERB
cblr-1214	420	57	to	to	PART
cblr-1214	420	58	generate	generate	VERB
cblr-1214	420	59	even	even	ADV
cblr-1214	420	60	more	more	ADV
cblr-1214	420	61	significant	significant	ADJ
cblr-1214	420	62	negative	negative	ADJ
cblr-1214	420	63	efficiency	efficiency	NOUN
cblr-1214	420	64	effects	effect	NOUN
cblr-1214	420	65	than	than	ADP
cblr-1214	420	66	the	the	DET
cblr-1214	420	67	average	average	ADJ
cblr-1214	420	68	unprofitable	unprofitable	ADJ
cblr-1214	420	69	merger.122	merger.122	NOUN
cblr-1214	420	70	the	the	DET
cblr-1214	420	71	study	study	NOUN
cblr-1214	420	72	further	far	ADV
cblr-1214	420	73	breaks	break	VERB
cblr-1214	420	74	down	down	ADP
cblr-1214	420	75	the	the	DET
cblr-1214	420	76	results	result	NOUN
cblr-1214	420	77	by	by	ADP
cblr-1214	420	78	different	different	ADJ
cblr-1214	420	79	types	type	NOUN
cblr-1214	420	80	of	of	ADP
cblr-1214	420	81	m&a	m&a	PROPN
cblr-1214	420	82	transactions.123	transactions.123	NOUN
cblr-1214	420	83	profitable	profitable	ADJ
cblr-1214	420	84	instances	instance	NOUN
cblr-1214	420	85	of	of	ADP
cblr-1214	420	86	both	both	DET
cblr-1214	420	87	horizontal	horizontal	ADJ
cblr-1214	420	88	mergers	merger	NOUN
cblr-1214	420	89	and	and	CCONJ
cblr-1214	420	90	conglomerate	conglomerate	NOUN
cblr-1214	420	91	mergers	merger	NOUN
cblr-1214	420	92	appear	appear	VERB
cblr-1214	420	93	to	to	PART
cblr-1214	420	94	generate	generate	VERB
cblr-1214	420	95	market	market	NOUN
cblr-1214	420	96	power	power	NOUN
cblr-1214	420	97	gains.124	gains.124	NOUN
cblr-1214	420	98	however	however	ADV
cblr-1214	420	99	,	,	PUNCT
cblr-1214	420	100	the	the	DET
cblr-1214	420	101	results	result	NOUN
cblr-1214	420	102	indicate	indicate	VERB
cblr-1214	420	103	that	that	SCONJ
cblr-1214	420	104	profitable	profitable	ADJ
cblr-1214	420	105	vertical	vertical	ADJ
cblr-1214	420	106	mergers	merger	NOUN
cblr-1214	420	107	are	be	AUX
cblr-1214	420	108	“	"	PUNCT
cblr-1214	420	109	weakly	weakly	ADV
cblr-1214	420	110	consistent	consistent	ADJ
cblr-1214	420	111	”	"	PUNCT
cblr-1214	420	112	with	with	ADP
cblr-1214	420	113	the	the	DET
cblr-1214	420	114	hypothesis	hypothesis	NOUN
cblr-1214	420	115	that	that	PRON
cblr-1214	420	116	they	they	PRON
cblr-1214	420	117	generate	generate	VERB
cblr-1214	420	118	efficiency	efficiency	NOUN
cblr-1214	420	119	gains	gain	NOUN
cblr-1214	420	120	,	,	PUNCT
cblr-1214	420	121	although	although	SCONJ
cblr-1214	420	122	the	the	DET
cblr-1214	420	123	results	result	NOUN
cblr-1214	420	124	in	in	ADP
cblr-1214	420	125	this	this	DET
cblr-1214	420	126	area	area	NOUN
cblr-1214	420	127	are	be	AUX
cblr-1214	420	128	not	not	PART
cblr-1214	420	129	statistically	statistically	ADV
cblr-1214	420	130	significant.125	significant.125	VERB
cblr-1214	420	131	the	the	DET
cblr-1214	420	132	results	result	NOUN
cblr-1214	420	133	for	for	ADP
cblr-1214	420	134	unprofitable	unprofitable	ADJ
cblr-1214	420	135	horizontal	horizontal	ADJ
cblr-1214	420	136	,	,	PUNCT
cblr-1214	420	137	conglomerate	conglomerate	NOUN
cblr-1214	420	138	,	,	PUNCT
cblr-1214	420	139	and	and	CCONJ
cblr-1214	420	140	vertical	vertical	ADJ
cblr-1214	420	141	mergers	merger	NOUN
cblr-1214	420	142	suggest	suggest	VERB
cblr-1214	420	143	that	that	SCONJ
cblr-1214	420	144	these	these	DET
cblr-1214	420	145	transactions	transaction	NOUN
cblr-1214	420	146	result	result	VERB
cblr-1214	420	147	in	in	ADP
cblr-1214	420	148	losses	loss	NOUN
cblr-1214	420	149	to	to	ADP
cblr-1214	420	150	efficiency.126	efficiency.126	NOUN
cblr-1214	420	151	thus	thus	ADV
cblr-1214	420	152	,	,	PUNCT
cblr-1214	420	153	although	although	SCONJ
cblr-1214	420	154	the	the	DET
cblr-1214	420	155	results	result	NOUN
cblr-1214	420	156	for	for	ADP
cblr-1214	420	157	efficiency	efficiency	NOUN
cblr-1214	420	158	are	be	AUX
cblr-1214	420	159	broadly	broadly	ADV
cblr-1214	420	160	similar	similar	ADJ
cblr-1214	420	161	across	across	ADP
cblr-1214	420	162	different	different	ADJ
cblr-1214	420	163	types	type	NOUN
cblr-1214	420	164	of	of	ADP
cblr-1214	420	165	mergers	merger	NOUN
cblr-1214	420	166	,	,	PUNCT
cblr-1214	420	167	different	different	ADJ
cblr-1214	420	168	types	type	NOUN
cblr-1214	420	169	of	of	ADP
cblr-1214	420	170	mergers	merger	NOUN
cblr-1214	420	171	may	may	AUX
cblr-1214	420	172	have	have	VERB
cblr-1214	420	173	distinct	distinct	ADJ
cblr-1214	420	174	effects	effect	NOUN
cblr-1214	420	175	on	on	ADP
cblr-1214	420	176	firms	firm	NOUN
cblr-1214	420	177	’	'	PUNCT
cblr-1214	420	178	market	market	NOUN
cblr-1214	420	179	power	power	NOUN
cblr-1214	420	180	.	.	PUNCT
cblr-1214	421	1	118	118	NUM
cblr-1214	422	1	i	i	PRON
cblr-1214	422	2	d.	d.	PROPN
cblr-1214	422	3	at	at	ADP
cblr-1214	422	4	643	643	NUM
cblr-1214	422	5	.	.	PUNCT
cblr-1214	422	6	119	119	NUM
cblr-1214	423	1	i	i	PRON
cblr-1214	423	2	d.	d.	NOUN
cblr-1214	423	3	at	at	ADP
cblr-1214	423	4	644	644	NUM
cblr-1214	423	5	.	.	PUNCT
cblr-1214	424	1	120	120	NUM
cblr-1214	425	1	i	i	PROPN
cblr-1214	425	2	d.	d.	PROPN
cblr-1214	425	3	121	121	NUM
cblr-1214	426	1	i	i	PRON
cblr-1214	426	2	d.	d.	PROPN
cblr-1214	426	3	at	at	ADP
cblr-1214	426	4	645	645	NUM
cblr-1214	426	5	.	.	PUNCT
cblr-1214	426	6	122	122	NUM
cblr-1214	427	1	i	i	PRON
cblr-1214	427	2	d.	d.	PROPN
cblr-1214	427	3	123	123	NUM
cblr-1214	428	1	i	i	PRON
cblr-1214	428	2	d.	d.	PROPN
cblr-1214	428	3	at	at	ADP
cblr-1214	428	4	644–45	644–45	PROPN
cblr-1214	428	5	.	.	PUNCT
cblr-1214	429	1	124	124	NUM
cblr-1214	430	1	i	i	PRON
cblr-1214	430	2	d.	d.	PROPN
cblr-1214	430	3	at	at	ADP
cblr-1214	430	4	644	644	NUM
cblr-1214	430	5	.	.	PUNCT
cblr-1214	431	1	125	125	NUM
cblr-1214	431	2	i	i	PRON
cblr-1214	431	3	d.	d.	PROPN
cblr-1214	431	4	at	at	ADP
cblr-1214	431	5	646	646	NUM
cblr-1214	431	6	.	.	PUNCT
cblr-1214	432	1	126	126	NUM
cblr-1214	433	1	i	i	PRON
cblr-1214	433	2	d.	d.	PROPN
cblr-1214	433	3	at	at	ADP
cblr-1214	433	4	645	645	NUM
cblr-1214	433	5	.	.	PUNCT
cblr-1214	434	1	griffin_final	griffin_final	ADJ
cblr-1214	434	2	no	no	NOUN
cblr-1214	434	3	.	.	PUNCT
cblr-1214	435	1	1:70	1:70	NUM
cblr-1214	435	2	]	]	PUNCT
cblr-1214	435	3	the	the	DET
cblr-1214	435	4	hidden	hidden	ADJ
cblr-1214	435	5	cost	cost	NOUN
cblr-1214	435	6	of	of	ADP
cblr-1214	435	7	m&a	m&a	PROPN
cblr-1214	435	8	103	103	NUM
cblr-1214	435	9	finally	finally	ADV
cblr-1214	435	10	,	,	PUNCT
cblr-1214	435	11	the	the	DET
cblr-1214	435	12	authors	author	NOUN
cblr-1214	435	13	made	make	VERB
cblr-1214	435	14	an	an	DET
cblr-1214	435	15	important	important	ADJ
cblr-1214	435	16	distinction	distinction	NOUN
cblr-1214	435	17	between	between	ADP
cblr-1214	435	18	mergers	merger	NOUN
cblr-1214	435	19	involving	involve	VERB
cblr-1214	435	20	firms	firm	NOUN
cblr-1214	435	21	of	of	ADP
cblr-1214	435	22	different	different	ADJ
cblr-1214	435	23	sizes.127	sizes.127	NOUN
cblr-1214	435	24	in	in	ADP
cblr-1214	435	25	their	their	PRON
cblr-1214	435	26	analysis	analysis	NOUN
cblr-1214	435	27	,	,	PUNCT
cblr-1214	435	28	“	"	PUNCT
cblr-1214	435	29	large	large	ADJ
cblr-1214	435	30	firms	firm	NOUN
cblr-1214	435	31	”	"	PUNCT
cblr-1214	435	32	had	have	VERB
cblr-1214	435	33	average	average	ADJ
cblr-1214	435	34	sales	sale	NOUN
cblr-1214	435	35	of	of	ADP
cblr-1214	435	36	approximately	approximately	ADV
cblr-1214	435	37	$	$	SYM
cblr-1214	435	38	5.7	5.7	NUM
cblr-1214	435	39	billion	billion	NUM
cblr-1214	435	40	per	per	ADP
cblr-1214	435	41	year	year	NOUN
cblr-1214	435	42	,	,	PUNCT
cblr-1214	435	43	while	while	SCONJ
cblr-1214	435	44	“	"	PUNCT
cblr-1214	435	45	small	small	ADJ
cblr-1214	435	46	firms	firm	NOUN
cblr-1214	435	47	”	"	PUNCT
cblr-1214	435	48	had	have	VERB
cblr-1214	435	49	average	average	ADJ
cblr-1214	435	50	sales	sale	NOUN
cblr-1214	435	51	of	of	ADP
cblr-1214	435	52	approximately	approximately	ADV
cblr-1214	435	53	$	$	SYM
cblr-1214	435	54	341	341	NUM
cblr-1214	435	55	million	million	NUM
cblr-1214	435	56	per	per	ADP
cblr-1214	435	57	year	year	NOUN
cblr-1214	435	58	,	,	PUNCT
cblr-1214	435	59	roughly	roughly	ADV
cblr-1214	435	60	6	6	NUM
cblr-1214	435	61	%	%	NOUN
cblr-1214	435	62	of	of	ADP
cblr-1214	435	63	the	the	DET
cblr-1214	435	64	magnitude	magnitude	NOUN
cblr-1214	435	65	of	of	ADP
cblr-1214	435	66	their	their	PRON
cblr-1214	435	67	larger	large	ADJ
cblr-1214	435	68	counterparts.128	counterparts.128	ADP
cblr-1214	435	69	the	the	DET
cblr-1214	435	70	authors	author	NOUN
cblr-1214	435	71	found	find	VERB
cblr-1214	435	72	evidence	evidence	NOUN
cblr-1214	435	73	suggesting	suggest	VERB
cblr-1214	435	74	that	that	SCONJ
cblr-1214	435	75	profitable	profitable	ADJ
cblr-1214	435	76	small	small	ADJ
cblr-1214	435	77	mergers	merger	NOUN
cblr-1214	435	78	generate	generate	VERB
cblr-1214	435	79	positive	positive	ADJ
cblr-1214	435	80	efficiency	efficiency	NOUN
cblr-1214	435	81	gains.129	gains.129	ADJ
cblr-1214	435	82	in	in	ADP
cblr-1214	435	83	contrast	contrast	NOUN
cblr-1214	435	84	,	,	PUNCT
cblr-1214	435	85	they	they	PRON
cblr-1214	435	86	found	find	VERB
cblr-1214	435	87	that	that	SCONJ
cblr-1214	435	88	profitable	profitable	ADJ
cblr-1214	435	89	large	large	ADJ
cblr-1214	435	90	mergers	merger	NOUN
cblr-1214	435	91	,	,	PUNCT
cblr-1214	435	92	as	as	ADP
cblr-1214	435	93	with	with	ADP
cblr-1214	435	94	their	their	PRON
cblr-1214	435	95	sample	sample	NOUN
cblr-1214	435	96	of	of	ADP
cblr-1214	435	97	all	all	DET
cblr-1214	435	98	profitable	profitable	ADJ
cblr-1214	435	99	mergers	merger	NOUN
cblr-1214	435	100	,	,	PUNCT
cblr-1214	435	101	appear	appear	VERB
cblr-1214	435	102	to	to	PART
cblr-1214	435	103	generate	generate	VERB
cblr-1214	435	104	market	market	NOUN
cblr-1214	435	105	power	power	NOUN
cblr-1214	435	106	gains	gain	NOUN
cblr-1214	435	107	,	,	PUNCT
cblr-1214	435	108	and	and	CCONJ
cblr-1214	435	109	that	that	SCONJ
cblr-1214	435	110	increased	increase	VERB
cblr-1214	435	111	size	size	NOUN
cblr-1214	435	112	correlates	correlate	VERB
cblr-1214	435	113	with	with	ADP
cblr-1214	435	114	increased	increase	VERB
cblr-1214	435	115	market	market	NOUN
cblr-1214	435	116	power.130	power.130	NOUN
cblr-1214	435	117	the	the	DET
cblr-1214	435	118	authors	author	NOUN
cblr-1214	435	119	again	again	ADV
cblr-1214	435	120	examined	examine	VERB
cblr-1214	435	121	the	the	DET
cblr-1214	435	122	unprofitable	unprofitable	ADJ
cblr-1214	435	123	corollaries	corollary	NOUN
cblr-1214	435	124	for	for	ADP
cblr-1214	435	125	mergers	merger	NOUN
cblr-1214	435	126	of	of	ADP
cblr-1214	435	127	each	each	DET
cblr-1214	435	128	size	size	NOUN
cblr-1214	435	129	,	,	PUNCT
cblr-1214	435	130	finding	find	VERB
cblr-1214	435	131	that	that	SCONJ
cblr-1214	435	132	these	these	DET
cblr-1214	435	133	mergers	merger	NOUN
cblr-1214	435	134	generate	generate	VERB
cblr-1214	435	135	negative	negative	ADJ
cblr-1214	435	136	efficiency	efficiency	NOUN
cblr-1214	435	137	effects.131	effects.131	ADP
cblr-1214	435	138	these	these	DET
cblr-1214	435	139	results	result	NOUN
cblr-1214	435	140	again	again	ADV
cblr-1214	435	141	suggest	suggest	VERB
cblr-1214	435	142	that	that	SCONJ
cblr-1214	435	143	,	,	PUNCT
cblr-1214	435	144	although	although	SCONJ
cblr-1214	435	145	mergers	merger	NOUN
cblr-1214	435	146	in	in	ADP
cblr-1214	435	147	the	the	DET
cblr-1214	435	148	aggregate	aggregate	NOUN
cblr-1214	435	149	may	may	AUX
cblr-1214	435	150	have	have	VERB
cblr-1214	435	151	negative	negative	ADJ
cblr-1214	435	152	social	social	ADJ
cblr-1214	435	153	and	and	CCONJ
cblr-1214	435	154	economic	economic	ADJ
cblr-1214	435	155	effects	effect	NOUN
cblr-1214	435	156	,	,	PUNCT
cblr-1214	435	157	certain	certain	ADJ
cblr-1214	435	158	subsets	subset	NOUN
cblr-1214	435	159	of	of	ADP
cblr-1214	435	160	mergers	merger	NOUN
cblr-1214	435	161	can	can	AUX
cblr-1214	435	162	generate	generate	VERB
cblr-1214	435	163	positive	positive	ADJ
cblr-1214	435	164	results	result	NOUN
cblr-1214	435	165	.	.	PUNCT
cblr-1214	436	1	in	in	ADP
cblr-1214	436	2	all	all	PRON
cblr-1214	436	3	,	,	PUNCT
cblr-1214	436	4	this	this	DET
cblr-1214	436	5	study	study	NOUN
cblr-1214	436	6	reaffirms	reaffirm	VERB
cblr-1214	436	7	the	the	DET
cblr-1214	436	8	notion	notion	NOUN
cblr-1214	436	9	that	that	SCONJ
cblr-1214	436	10	mergers	merger	NOUN
cblr-1214	436	11	,	,	PUNCT
cblr-1214	436	12	in	in	ADP
cblr-1214	436	13	the	the	DET
cblr-1214	436	14	aggregate	aggregate	NOUN
cblr-1214	436	15	,	,	PUNCT
cblr-1214	436	16	are	be	AUX
cblr-1214	436	17	“	"	PUNCT
cblr-1214	436	18	welfare	welfare	NOUN
cblr-1214	436	19	reducing	reduce	VERB
cblr-1214	436	20	.	.	PUNCT
cblr-1214	437	1	”132	”132	VERB
cblr-1214	437	2	the	the	DET
cblr-1214	437	3	most	most	ADV
cblr-1214	437	4	recent	recent	ADJ
cblr-1214	437	5	study	study	NOUN
cblr-1214	437	6	obtained	obtain	VERB
cblr-1214	437	7	highly	highly	ADV
cblr-1214	437	8	-	-	PUNCT
cblr-1214	437	9	detailed	detail	VERB
cblr-1214	437	10	data	datum	NOUN
cblr-1214	437	11	for	for	ADP
cblr-1214	437	12	companies	company	NOUN
cblr-1214	437	13	representing	represent	VERB
cblr-1214	437	14	approximately	approximately	ADV
cblr-1214	437	15	fifty	fifty	NUM
cblr-1214	437	16	percent	percent	NOUN
cblr-1214	437	17	of	of	ADP
cblr-1214	437	18	all	all	DET
cblr-1214	437	19	m&a	m&a	PROPN
cblr-1214	437	20	activity	activity	NOUN
cblr-1214	437	21	in	in	ADP
cblr-1214	437	22	the	the	DET
cblr-1214	437	23	united	united	PROPN
cblr-1214	437	24	states.133	states.133	PROPN
cblr-1214	437	25	in	in	ADP
cblr-1214	437	26	the	the	DET
cblr-1214	437	27	study	study	NOUN
cblr-1214	437	28	,	,	PUNCT
cblr-1214	437	29	bruce	bruce	PROPN
cblr-1214	437	30	blonigen	blonigen	PROPN
cblr-1214	437	31	and	and	CCONJ
cblr-1214	437	32	justin	justin	PROPN
cblr-1214	437	33	pierce	pierce	PROPN
cblr-1214	437	34	presented	present	VERB
cblr-1214	437	35	data	datum	NOUN
cblr-1214	437	36	from	from	ADP
cblr-1214	437	37	the	the	DET
cblr-1214	437	38	entire	entire	ADJ
cblr-1214	437	39	universe	universe	NOUN
cblr-1214	437	40	of	of	ADP
cblr-1214	437	41	u.s	u.s	PROPN
cblr-1214	437	42	.	.	PROPN
cblr-1214	437	43	manufacturing	manufacturing	NOUN
cblr-1214	437	44	industries	industry	NOUN
cblr-1214	437	45	,	,	PUNCT
cblr-1214	437	46	analyzed	analyze	VERB
cblr-1214	437	47	over	over	ADP
cblr-1214	437	48	a	a	DET
cblr-1214	437	49	ten	ten	NUM
cblr-1214	437	50	-	-	PUNCT
cblr-1214	437	51	year	year	NOUN
cblr-1214	437	52	horizon.134	horizon.134	PROPN
cblr-1214	437	53	the	the	DET
cblr-1214	437	54	authors	author	NOUN
cblr-1214	437	55	described	describe	VERB
cblr-1214	437	56	the	the	DET
cblr-1214	437	57	breadth	breadth	NOUN
cblr-1214	437	58	of	of	ADP
cblr-1214	437	59	industries	industry	NOUN
cblr-1214	437	60	their	their	PRON
cblr-1214	437	61	data	datum	NOUN
cblr-1214	437	62	represents	represent	VERB
cblr-1214	437	63	,	,	PUNCT
cblr-1214	437	64	noting	note	VERB
cblr-1214	437	65	that	that	SCONJ
cblr-1214	437	66	the	the	DET
cblr-1214	437	67	data	data	NOUN
cblr-1214	437	68	covers	cover	VERB
cblr-1214	437	69	“	"	PUNCT
cblr-1214	437	70	a	a	DET
cblr-1214	437	71	very	very	ADV
cblr-1214	437	72	broad	broad	ADJ
cblr-1214	437	73	and	and	CCONJ
cblr-1214	437	74	diverse	diverse	ADJ
cblr-1214	437	75	set	set	NOUN
cblr-1214	437	76	of	of	ADP
cblr-1214	437	77	industries	industry	NOUN
cblr-1214	437	78	and	and	CCONJ
cblr-1214	437	79	firms	firm	NOUN
cblr-1214	437	80	and	and	CCONJ
cblr-1214	437	81	sectors	sector	NOUN
cblr-1214	437	82	.	.	PUNCT
cblr-1214	437	83	.	.	PUNCT
cblr-1214	437	84	.	.	PUNCT
cblr-1214	438	1	from	from	ADP
cblr-1214	438	2	timber	timber	NOUN
cblr-1214	438	3	companies	company	NOUN
cblr-1214	438	4	to	to	ADP
cblr-1214	438	5	high	high	ADJ
cblr-1214	438	6	-	-	PUNCT
cblr-1214	438	7	end	end	NOUN
cblr-1214	438	8	electronics	electronic	NOUN
cblr-1214	438	9	to	to	ADP
cblr-1214	438	10	toys	toy	NOUN
cblr-1214	438	11	to	to	ADP
cblr-1214	438	12	printing	printing	NOUN
cblr-1214	438	13	services	service	NOUN
cblr-1214	438	14	.	.	PUNCT
cblr-1214	438	15	”135	”135	PUNCT
cblr-1214	438	16	using	use	VERB
cblr-1214	438	17	novel	novel	ADJ
cblr-1214	438	18	research	research	NOUN
cblr-1214	438	19	techniques	technique	NOUN
cblr-1214	438	20	and	and	CCONJ
cblr-1214	438	21	detailed	detailed	ADJ
cblr-1214	438	22	plant	plant	NOUN
cblr-1214	438	23	-	-	PUNCT
cblr-1214	438	24	level	level	NOUN
cblr-1214	438	25	productivity	productivity	NOUN
cblr-1214	438	26	data	datum	NOUN
cblr-1214	438	27	,	,	PUNCT
cblr-1214	438	28	they	they	PRON
cblr-1214	438	29	were	be	AUX
cblr-1214	438	30	able	able	ADJ
cblr-1214	438	31	to	to	ADP
cblr-1214	438	32	127	127	NUM
cblr-1214	438	33	i	i	PROPN
cblr-1214	438	34	d.	d.	PROPN
cblr-1214	438	35	at	at	ADP
cblr-1214	438	36	646–47	646–47	NUM
cblr-1214	438	37	.	.	PROPN
cblr-1214	439	1	128	128	NUM
cblr-1214	440	1	i	i	PROPN
cblr-1214	440	2	d.	d.	PROPN
cblr-1214	440	3	at	at	ADP
cblr-1214	440	4	646	646	NUM
cblr-1214	440	5	n.19	n.19	NOUN
cblr-1214	440	6	.	.	PROPN
cblr-1214	440	7	129	129	NUM
cblr-1214	441	1	i	i	PRON
cblr-1214	441	2	d.	d.	PROPN
cblr-1214	441	3	at	at	ADP
cblr-1214	441	4	646–47	646–47	NUM
cblr-1214	441	5	.	.	PROPN
cblr-1214	441	6	130	130	NUM
cblr-1214	442	1	i	i	PRON
cblr-1214	442	2	d.	d.	PROPN
cblr-1214	442	3	at	at	ADP
cblr-1214	442	4	646	646	NUM
cblr-1214	442	5	,	,	PUNCT
cblr-1214	442	6	649–50	649–50	NUM
cblr-1214	442	7	.	.	PUNCT
cblr-1214	443	1	131	131	NUM
cblr-1214	444	1	i	i	PRON
cblr-1214	444	2	d.	d.	PROPN
cblr-1214	444	3	at	at	ADP
cblr-1214	444	4	646–7	646–7	NUM
cblr-1214	444	5	.	.	PROPN
cblr-1214	444	6	132	132	NUM
cblr-1214	445	1	i	i	PRON
cblr-1214	445	2	d.	d.	PROPN
cblr-1214	445	3	at	at	ADP
cblr-1214	445	4	651	651	NUM
cblr-1214	445	5	.	.	PUNCT
cblr-1214	446	1	133	133	NUM
cblr-1214	446	2	blonigen	blonigen	NOUN
cblr-1214	446	3	&	&	CCONJ
cblr-1214	446	4	pierce	pierce	PROPN
cblr-1214	446	5	,	,	PUNCT
cblr-1214	446	6	supra	supra	PROPN
cblr-1214	446	7	note	note	PROPN
cblr-1214	446	8	81	81	NUM
cblr-1214	446	9	,	,	PUNCT
cblr-1214	446	10	at	at	ADP
cblr-1214	446	11	2	2	NUM
cblr-1214	446	12	n.3	n.3	NOUN
cblr-1214	446	13	.	.	PUNCT
cblr-1214	446	14	134	134	NUM
cblr-1214	447	1	i	i	PRON
cblr-1214	447	2	d.	d.	NOUN
cblr-1214	447	3	at	at	ADP
cblr-1214	447	4	7	7	NUM
cblr-1214	447	5	.	.	NOUN
cblr-1214	447	6	135	135	NUM
cblr-1214	447	7	rolnik	rolnik	X
cblr-1214	447	8	&	&	CCONJ
cblr-1214	447	9	schechter	schechter	PROPN
cblr-1214	447	10	,	,	PUNCT
cblr-1214	447	11	supra	supra	PROPN
cblr-1214	447	12	note	note	NOUN
cblr-1214	447	13	68	68	NUM
cblr-1214	447	14	.	.	PUNCT
cblr-1214	448	1	griffin_final	griffin_final	ADJ
cblr-1214	448	2	104	104	PROPN
cblr-1214	448	3	columbia	columbia	PROPN
cblr-1214	448	4	business	business	NOUN
cblr-1214	448	5	law	law	PROPN
cblr-1214	448	6	review	review	NOUN
cblr-1214	448	7	[	[	X
cblr-1214	448	8	vol	vol	NOUN
cblr-1214	448	9	.	.	PUNCT
cblr-1214	448	10	2018	2018	NUM
cblr-1214	448	11	distinguish	distinguish	VERB
cblr-1214	448	12	between	between	ADP
cblr-1214	448	13	potential	potential	ADJ
cblr-1214	448	14	gains	gain	NOUN
cblr-1214	448	15	in	in	ADP
cblr-1214	448	16	efficiency	efficiency	NOUN
cblr-1214	448	17	and	and	CCONJ
cblr-1214	448	18	market	market	NOUN
cblr-1214	448	19	power	power	NOUN
cblr-1214	448	20	with	with	ADP
cblr-1214	448	21	greater	great	ADJ
cblr-1214	448	22	specificity	specificity	NOUN
cblr-1214	448	23	and	and	CCONJ
cblr-1214	448	24	over	over	ADP
cblr-1214	448	25	a	a	DET
cblr-1214	448	26	much	much	ADV
cblr-1214	448	27	larger	large	ADJ
cblr-1214	448	28	set	set	NOUN
cblr-1214	448	29	of	of	ADP
cblr-1214	448	30	companies	company	NOUN
cblr-1214	448	31	than	than	SCONJ
cblr-1214	448	32	was	be	AUX
cblr-1214	448	33	possible	possible	ADJ
cblr-1214	448	34	in	in	ADP
cblr-1214	448	35	most	most	ADV
cblr-1214	448	36	prior	prior	ADJ
cblr-1214	448	37	studies.136	studies.136	ADV
cblr-1214	448	38	their	their	PRON
cblr-1214	448	39	research	research	NOUN
cblr-1214	448	40	convincingly	convincingly	ADV
cblr-1214	448	41	demonstrates	demonstrate	VERB
cblr-1214	448	42	that	that	SCONJ
cblr-1214	448	43	the	the	DET
cblr-1214	448	44	average	average	ADJ
cblr-1214	448	45	merger	merger	NOUN
cblr-1214	448	46	increased	increase	VERB
cblr-1214	448	47	market	market	NOUN
cblr-1214	448	48	power.137	power.137	NOUN
cblr-1214	448	49	further	far	ADV
cblr-1214	448	50	,	,	PUNCT
cblr-1214	448	51	they	they	PRON
cblr-1214	448	52	found	find	VERB
cblr-1214	448	53	that	that	SCONJ
cblr-1214	448	54	despite	despite	SCONJ
cblr-1214	448	55	promises	promise	NOUN
cblr-1214	448	56	of	of	ADP
cblr-1214	448	57	synergy	synergy	NOUN
cblr-1214	448	58	and	and	CCONJ
cblr-1214	448	59	increased	increase	VERB
cblr-1214	448	60	efficiency	efficiency	NOUN
cblr-1214	448	61	,	,	PUNCT
cblr-1214	448	62	one	one	NUM
cblr-1214	448	63	subtype	subtype	NOUN
cblr-1214	448	64	of	of	ADP
cblr-1214	448	65	mergers	merger	NOUN
cblr-1214	448	66	,	,	PUNCT
cblr-1214	448	67	horizontal	horizontal	ADJ
cblr-1214	448	68	mergers	merger	NOUN
cblr-1214	448	69	(	(	PUNCT
cblr-1214	448	70	or	or	CCONJ
cblr-1214	448	71	mergers	merger	NOUN
cblr-1214	448	72	between	between	ADP
cblr-1214	448	73	competitors	competitor	NOUN
cblr-1214	448	74	)	)	PUNCT
cblr-1214	448	75	,	,	PUNCT
cblr-1214	448	76	may	may	AUX
cblr-1214	448	77	actually	actually	ADV
cblr-1214	448	78	reduce	reduce	VERB
cblr-1214	448	79	firm	firm	ADJ
cblr-1214	448	80	productivity	productivity	NOUN
cblr-1214	448	81	on	on	ADP
cblr-1214	448	82	average.138	average.138	PROPN
cblr-1214	448	83	they	they	PRON
cblr-1214	448	84	also	also	ADV
cblr-1214	448	85	found	find	VERB
cblr-1214	448	86	no	no	DET
cblr-1214	448	87	statistically	statistically	ADV
cblr-1214	448	88	significant	significant	ADJ
cblr-1214	448	89	evidence	evidence	NOUN
cblr-1214	448	90	for	for	ADP
cblr-1214	448	91	efficiency	efficiency	NOUN
cblr-1214	448	92	or	or	CCONJ
cblr-1214	448	93	productivity	productivity	NOUN
cblr-1214	448	94	gains	gain	NOUN
cblr-1214	448	95	resulting	result	VERB
cblr-1214	448	96	from	from	ADP
cblr-1214	448	97	the	the	DET
cblr-1214	448	98	full	full	ADJ
cblr-1214	448	99	sample	sample	NOUN
cblr-1214	448	100	of	of	ADP
cblr-1214	448	101	mergers	merger	NOUN
cblr-1214	448	102	they	they	PRON
cblr-1214	448	103	examined.139	examined.139	VERB
cblr-1214	448	104	in	in	ADP
cblr-1214	448	105	order	order	NOUN
cblr-1214	448	106	to	to	PART
cblr-1214	448	107	ensure	ensure	VERB
cblr-1214	448	108	that	that	SCONJ
cblr-1214	448	109	no	no	DET
cblr-1214	448	110	possible	possible	ADJ
cblr-1214	448	111	sources	source	NOUN
cblr-1214	448	112	of	of	ADP
cblr-1214	448	113	efficiency	efficiency	NOUN
cblr-1214	448	114	gains	gain	NOUN
cblr-1214	448	115	were	be	AUX
cblr-1214	448	116	missed	miss	VERB
cblr-1214	448	117	,	,	PUNCT
cblr-1214	448	118	the	the	DET
cblr-1214	448	119	authors	author	NOUN
cblr-1214	448	120	examined	examine	VERB
cblr-1214	448	121	a	a	DET
cblr-1214	448	122	number	number	NOUN
cblr-1214	448	123	of	of	ADP
cblr-1214	448	124	diverse	diverse	ADJ
cblr-1214	448	125	channels	channel	NOUN
cblr-1214	448	126	often	often	ADV
cblr-1214	448	127	touted	tout	VERB
cblr-1214	448	128	as	as	ADP
cblr-1214	448	129	sources	source	NOUN
cblr-1214	448	130	of	of	ADP
cblr-1214	448	131	productivity	productivity	NOUN
cblr-1214	448	132	and	and	CCONJ
cblr-1214	448	133	efficiency	efficiency	NOUN
cblr-1214	448	134	gains.140	gains.140	ADJ
cblr-1214	448	135	first	first	ADV
cblr-1214	448	136	,	,	PUNCT
cblr-1214	448	137	they	they	PRON
cblr-1214	448	138	tested	test	VERB
cblr-1214	448	139	for	for	ADP
cblr-1214	448	140	efficiency	efficiency	NOUN
cblr-1214	448	141	gains	gain	NOUN
cblr-1214	448	142	that	that	PRON
cblr-1214	448	143	would	would	AUX
cblr-1214	448	144	have	have	AUX
cblr-1214	448	145	increased	increase	VERB
cblr-1214	448	146	productivity	productivity	NOUN
cblr-1214	448	147	at	at	ADP
cblr-1214	448	148	the	the	DET
cblr-1214	448	149	plants	plant	NOUN
cblr-1214	448	150	in	in	ADP
cblr-1214	448	151	their	their	PRON
cblr-1214	448	152	sample	sample	NOUN
cblr-1214	448	153	.	.	PUNCT
cblr-1214	449	1	they	they	PRON
cblr-1214	449	2	found	find	VERB
cblr-1214	449	3	no	no	DET
cblr-1214	449	4	evidence	evidence	NOUN
cblr-1214	449	5	of	of	ADP
cblr-1214	449	6	efficiency	efficiency	NOUN
cblr-1214	449	7	gains	gain	NOUN
cblr-1214	449	8	through	through	ADP
cblr-1214	449	9	this	this	DET
cblr-1214	449	10	channel.141	channel.141	NOUN
cblr-1214	449	11	despite	despite	SCONJ
cblr-1214	449	12	finding	find	VERB
cblr-1214	449	13	no	no	DET
cblr-1214	449	14	increases	increase	NOUN
cblr-1214	449	15	in	in	ADP
cblr-1214	449	16	average	average	ADJ
cblr-1214	449	17	plant	plant	NOUN
cblr-1214	449	18	-	-	PUNCT
cblr-1214	449	19	level	level	NOUN
cblr-1214	449	20	productivity	productivity	NOUN
cblr-1214	449	21	,	,	PUNCT
cblr-1214	449	22	they	they	PRON
cblr-1214	449	23	hypothesized	hypothesize	VERB
cblr-1214	449	24	that	that	SCONJ
cblr-1214	449	25	firms	firm	NOUN
cblr-1214	449	26	in	in	ADP
cblr-1214	449	27	the	the	DET
cblr-1214	449	28	wake	wake	NOUN
cblr-1214	449	29	of	of	ADP
cblr-1214	449	30	a	a	DET
cblr-1214	449	31	merger	merger	NOUN
cblr-1214	449	32	may	may	AUX
cblr-1214	449	33	shift	shift	VERB
cblr-1214	449	34	production	production	NOUN
cblr-1214	449	35	from	from	ADP
cblr-1214	449	36	low	low	ADJ
cblr-1214	449	37	to	to	ADP
cblr-1214	449	38	high	high	ADV
cblr-1214	449	39	-	-	PUNCT
cblr-1214	449	40	performing	perform	VERB
cblr-1214	449	41	plants.142	plants.142	NOUN
cblr-1214	449	42	this	this	PRON
cblr-1214	449	43	would	would	AUX
cblr-1214	449	44	leave	leave	VERB
cblr-1214	449	45	average	average	ADJ
cblr-1214	449	46	plant	plant	NOUN
cblr-1214	449	47	-	-	PUNCT
cblr-1214	449	48	level	level	NOUN
cblr-1214	449	49	productivity	productivity	NOUN
cblr-1214	449	50	unchanged	unchanged	ADJ
cblr-1214	449	51	while	while	SCONJ
cblr-1214	449	52	still	still	ADV
cblr-1214	449	53	increasing	increase	VERB
cblr-1214	449	54	productivity	productivity	NOUN
cblr-1214	449	55	at	at	ADP
cblr-1214	449	56	the	the	DET
cblr-1214	449	57	firm	firm	ADJ
cblr-1214	449	58	level.143	level.143	NOUN
cblr-1214	449	59	however	however	ADV
cblr-1214	449	60	,	,	PUNCT
cblr-1214	449	61	the	the	DET
cblr-1214	449	62	authors	author	NOUN
cblr-1214	449	63	found	find	VERB
cblr-1214	449	64	no	no	DET
cblr-1214	449	65	evidence	evidence	NOUN
cblr-1214	449	66	of	of	ADP
cblr-1214	449	67	enhanced	enhanced	ADJ
cblr-1214	449	68	productivity	productivity	NOUN
cblr-1214	449	69	through	through	ADP
cblr-1214	449	70	this	this	DET
cblr-1214	449	71	channel	channel	NOUN
cblr-1214	449	72	either.144	either.144	VERB
cblr-1214	449	73	the	the	DET
cblr-1214	449	74	authors	author	NOUN
cblr-1214	449	75	also	also	ADV
cblr-1214	449	76	hypothesized	hypothesize	VERB
cblr-1214	449	77	that	that	SCONJ
cblr-1214	449	78	firm	firm	ADJ
cblr-1214	449	79	-	-	PUNCT
cblr-1214	449	80	level	level	NOUN
cblr-1214	449	81	productivity	productivity	NOUN
cblr-1214	449	82	could	could	AUX
cblr-1214	449	83	be	be	AUX
cblr-1214	449	84	enhanced	enhance	VERB
cblr-1214	449	85	if	if	SCONJ
cblr-1214	449	86	firms	firm	NOUN
cblr-1214	449	87	were	be	AUX
cblr-1214	449	88	to	to	PART
cblr-1214	449	89	close	close	VERB
cblr-1214	449	90	down	down	ADP
cblr-1214	449	91	underperforming	underperform	VERB
cblr-1214	449	92	plants	plant	NOUN
cblr-1214	449	93	following	follow	VERB
cblr-1214	449	94	completion	completion	NOUN
cblr-1214	449	95	of	of	ADP
cblr-1214	449	96	m&a	m&a	PROPN
cblr-1214	449	97	transactions.145	transactions.145	ADV
cblr-1214	449	98	here	here	ADV
cblr-1214	449	99	,	,	PUNCT
cblr-1214	449	100	too	too	ADV
cblr-1214	449	101	,	,	PUNCT
cblr-1214	449	102	the	the	DET
cblr-1214	449	103	evidence	evidence	NOUN
cblr-1214	449	104	failed	fail	VERB
cblr-1214	449	105	to	to	PART
cblr-1214	449	106	support	support	VERB
cblr-1214	449	107	the	the	DET
cblr-1214	449	108	136	136	NUM
cblr-1214	449	109	blonigen	blonigen	NOUN
cblr-1214	449	110	&	&	CCONJ
cblr-1214	449	111	pierce	pierce	PROPN
cblr-1214	449	112	,	,	PUNCT
cblr-1214	449	113	supra	supra	PROPN
cblr-1214	449	114	note	note	PROPN
cblr-1214	449	115	81	81	NUM
cblr-1214	449	116	,	,	PUNCT
cblr-1214	449	117	at	at	ADP
cblr-1214	449	118	2	2	NUM
cblr-1214	449	119	.	.	NOUN
cblr-1214	449	120	137	137	NUM
cblr-1214	450	1	i	i	PRON
cblr-1214	450	2	d.	d.	PROPN
cblr-1214	450	3	at	at	ADP
cblr-1214	450	4	3	3	NUM
cblr-1214	450	5	.	.	NUM
cblr-1214	450	6	138	138	NUM
cblr-1214	451	1	i	i	PRON
cblr-1214	451	2	d.	d.	PROPN
cblr-1214	451	3	at	at	ADP
cblr-1214	451	4	21	21	NUM
cblr-1214	451	5	.	.	PUNCT
cblr-1214	451	6	139	139	NUM
cblr-1214	452	1	i	i	PRON
cblr-1214	452	2	d.	d.	NOUN
cblr-1214	452	3	at	at	ADP
cblr-1214	452	4	3	3	NUM
cblr-1214	452	5	(	(	PUNCT
cblr-1214	452	6	“	"	PUNCT
cblr-1214	452	7	we	we	PRON
cblr-1214	452	8	find	find	VERB
cblr-1214	452	9	that	that	SCONJ
cblr-1214	452	10	m&as	m&as	NOUN
cblr-1214	452	11	significantly	significantly	ADV
cblr-1214	452	12	increase	increase	VERB
cblr-1214	452	13	markups	markup	NOUN
cblr-1214	452	14	on	on	ADP
cblr-1214	452	15	average	average	ADJ
cblr-1214	452	16	,	,	PUNCT
cblr-1214	452	17	but	but	CCONJ
cblr-1214	452	18	have	have	VERB
cblr-1214	452	19	no	no	DET
cblr-1214	452	20	statistically	statistically	ADV
cblr-1214	452	21	significant	significant	ADJ
cblr-1214	452	22	average	average	ADJ
cblr-1214	452	23	effect	effect	NOUN
cblr-1214	452	24	on	on	ADP
cblr-1214	452	25	productivity	productivity	NOUN
cblr-1214	452	26	.	.	PUNCT
cblr-1214	452	27	”	"	PUNCT
cblr-1214	452	28	)	)	PUNCT
cblr-1214	452	29	.	.	PUNCT
cblr-1214	453	1	140	140	NUM
cblr-1214	453	2	i	i	PRON
cblr-1214	453	3	d.	d.	VERB
cblr-1214	453	4	at	at	ADP
cblr-1214	453	5	4	4	NUM
cblr-1214	453	6	.	.	X
cblr-1214	453	7	141	141	NUM
cblr-1214	454	1	i	i	PRON
cblr-1214	454	2	d.	d.	PROPN
cblr-1214	454	3	at	at	ADP
cblr-1214	454	4	19	19	NUM
cblr-1214	454	5	.	.	NUM
cblr-1214	454	6	142	142	NUM
cblr-1214	455	1	i	i	PRON
cblr-1214	455	2	d.	d.	PROPN
cblr-1214	455	3	at	at	ADP
cblr-1214	455	4	22	22	NUM
cblr-1214	455	5	.	.	PUNCT
cblr-1214	456	1	143	143	NUM
cblr-1214	457	1	i	i	PRON
cblr-1214	457	2	d.	d.	PROPN
cblr-1214	457	3	144	144	NUM
cblr-1214	458	1	i	i	PROPN
cblr-1214	458	2	d.	d.	PROPN
cblr-1214	458	3	145	145	NUM
cblr-1214	459	1	i	i	PROPN
cblr-1214	459	2	d.	d.	PROPN
cblr-1214	459	3	griffin_final	griffin_final	PROPN
cblr-1214	459	4	no	no	PROPN
cblr-1214	459	5	.	.	PUNCT
cblr-1214	460	1	1:70	1:70	NUM
cblr-1214	460	2	]	]	PUNCT
cblr-1214	460	3	the	the	DET
cblr-1214	460	4	hidden	hidden	ADJ
cblr-1214	460	5	cost	cost	NOUN
cblr-1214	460	6	of	of	ADP
cblr-1214	460	7	m&a	m&a	PROPN
cblr-1214	460	8	105	105	NUM
cblr-1214	460	9	hypothesis.146	hypothesis.146	NOUN
cblr-1214	460	10	next	next	ADV
cblr-1214	460	11	,	,	PUNCT
cblr-1214	460	12	the	the	DET
cblr-1214	460	13	authors	author	NOUN
cblr-1214	460	14	examined	examine	VERB
cblr-1214	460	15	another	another	DET
cblr-1214	460	16	important	important	ADJ
cblr-1214	460	17	potential	potential	ADJ
cblr-1214	460	18	source	source	NOUN
cblr-1214	460	19	of	of	ADP
cblr-1214	460	20	efficiency	efficiency	NOUN
cblr-1214	460	21	gains	gain	NOUN
cblr-1214	460	22	:	:	PUNCT
cblr-1214	460	23	“	"	PUNCT
cblr-1214	460	24	realizing	realize	VERB
cblr-1214	460	25	economies	economy	NOUN
cblr-1214	460	26	of	of	ADP
cblr-1214	460	27	scale	scale	NOUN
cblr-1214	460	28	in	in	ADP
cblr-1214	460	29	non	non	ADJ
cblr-1214	460	30	-	-	ADJ
cblr-1214	460	31	production	production	ADJ
cblr-1214	460	32	activities	activity	NOUN
cblr-1214	460	33	,	,	PUNCT
cblr-1214	460	34	”	"	PUNCT
cblr-1214	460	35	such	such	ADJ
cblr-1214	460	36	as	as	ADP
cblr-1214	460	37	combining	combine	VERB
cblr-1214	460	38	nonproductive	nonproductive	ADJ
cblr-1214	460	39	general	general	ADJ
cblr-1214	460	40	and	and	CCONJ
cblr-1214	460	41	administrative	administrative	ADJ
cblr-1214	460	42	activities.147	activities.147	PROPN
cblr-1214	460	43	theoretically	theoretically	ADV
cblr-1214	460	44	,	,	PUNCT
cblr-1214	460	45	such	such	ADJ
cblr-1214	460	46	efficiency	efficiency	NOUN
cblr-1214	460	47	gains	gain	NOUN
cblr-1214	460	48	create	create	VERB
cblr-1214	460	49	value	value	NOUN
cblr-1214	460	50	by	by	ADP
cblr-1214	460	51	eliminating	eliminate	VERB
cblr-1214	460	52	redundancies	redundancy	NOUN
cblr-1214	460	53	and	and	CCONJ
cblr-1214	460	54	enabling	enable	VERB
cblr-1214	460	55	the	the	DET
cblr-1214	460	56	company	company	NOUN
cblr-1214	460	57	to	to	PART
cblr-1214	460	58	pass	pass	VERB
cblr-1214	460	59	the	the	DET
cblr-1214	460	60	ensuing	ensue	VERB
cblr-1214	460	61	savings	saving	NOUN
cblr-1214	460	62	on	on	ADP
cblr-1214	460	63	to	to	ADP
cblr-1214	460	64	its	its	PRON
cblr-1214	460	65	consumers	consumer	NOUN
cblr-1214	460	66	.	.	PUNCT
cblr-1214	461	1	however	however	ADV
cblr-1214	461	2	,	,	PUNCT
cblr-1214	461	3	the	the	DET
cblr-1214	461	4	authors	author	NOUN
cblr-1214	461	5	found	find	VERB
cblr-1214	461	6	“	"	PUNCT
cblr-1214	461	7	no	no	DET
cblr-1214	461	8	significant	significant	ADJ
cblr-1214	461	9	m&a	m&a	PROPN
cblr-1214	461	10	effects	effect	NOUN
cblr-1214	461	11	on	on	ADP
cblr-1214	461	12	non	non	ADJ
cblr-1214	461	13	-	-	ADJ
cblr-1214	461	14	production	production	ADJ
cblr-1214	461	15	employment	employment	NOUN
cblr-1214	461	16	of	of	ADP
cblr-1214	461	17	the	the	DET
cblr-1214	461	18	m&a	m&a	PROPN
cblr-1214	461	19	plants	plant	NOUN
cblr-1214	461	20	and	and	CCONJ
cblr-1214	461	21	firms	firm	NOUN
cblr-1214	461	22	,	,	PUNCT
cblr-1214	461	23	ruling	rule	VERB
cblr-1214	461	24	out	out	ADP
cblr-1214	461	25	efficiency	efficiency	NOUN
cblr-1214	461	26	effects	effect	NOUN
cblr-1214	461	27	from	from	ADP
cblr-1214	461	28	realizing	realize	VERB
cblr-1214	461	29	scale	scale	NOUN
cblr-1214	461	30	economies	economy	NOUN
cblr-1214	461	31	in	in	ADP
cblr-1214	461	32	headquarter	headquarter	ADJ
cblr-1214	461	33	services	service	NOUN
cblr-1214	461	34	after	after	ADP
cblr-1214	461	35	an	an	DET
cblr-1214	461	36	m&a	m&a	PROPN
cblr-1214	461	37	.	.	PUNCT
cblr-1214	461	38	”148	”148	PUNCT
cblr-1214	462	1	thus	thus	ADV
cblr-1214	462	2	,	,	PUNCT
cblr-1214	462	3	their	their	PRON
cblr-1214	462	4	research	research	NOUN
cblr-1214	462	5	provides	provide	VERB
cblr-1214	462	6	strong	strong	ADJ
cblr-1214	462	7	evidence	evidence	NOUN
cblr-1214	462	8	that	that	SCONJ
cblr-1214	462	9	economic	economic	ADJ
cblr-1214	462	10	gains	gain	NOUN
cblr-1214	462	11	from	from	ADP
cblr-1214	462	12	m&a	m&a	PROPN
cblr-1214	462	13	activity	activity	NOUN
cblr-1214	462	14	in	in	ADP
cblr-1214	462	15	horizontal	horizontal	ADJ
cblr-1214	462	16	mergers	merger	NOUN
cblr-1214	462	17	come	come	VERB
cblr-1214	462	18	not	not	PART
cblr-1214	462	19	from	from	ADP
cblr-1214	462	20	the	the	DET
cblr-1214	462	21	commonly	commonly	ADV
cblr-1214	462	22	-	-	PUNCT
cblr-1214	462	23	cited	cite	VERB
cblr-1214	462	24	channels	channel	NOUN
cblr-1214	462	25	for	for	ADP
cblr-1214	462	26	efficiency	efficiency	NOUN
cblr-1214	462	27	gains	gain	NOUN
cblr-1214	462	28	,	,	PUNCT
cblr-1214	462	29	but	but	CCONJ
cblr-1214	462	30	instead	instead	ADV
cblr-1214	462	31	from	from	ADP
cblr-1214	462	32	increases	increase	NOUN
cblr-1214	462	33	in	in	ADP
cblr-1214	462	34	market	market	NOUN
cblr-1214	462	35	power	power	NOUN
cblr-1214	462	36	.	.	PUNCT
cblr-1214	463	1	together	together	ADV
cblr-1214	463	2	,	,	PUNCT
cblr-1214	463	3	these	these	DET
cblr-1214	463	4	three	three	NUM
cblr-1214	463	5	broad	broad	ADV
cblr-1214	463	6	-	-	PUNCT
cblr-1214	463	7	based	base	VERB
cblr-1214	463	8	studies	study	NOUN
cblr-1214	463	9	suggest	suggest	VERB
cblr-1214	463	10	an	an	DET
cblr-1214	463	11	answer	answer	NOUN
cblr-1214	463	12	to	to	ADP
cblr-1214	463	13	the	the	DET
cblr-1214	463	14	prior	prior	ADJ
cblr-1214	463	15	question	question	NOUN
cblr-1214	463	16	about	about	ADP
cblr-1214	463	17	the	the	DET
cblr-1214	463	18	source	source	NOUN
cblr-1214	463	19	of	of	ADP
cblr-1214	463	20	gains	gain	NOUN
cblr-1214	463	21	from	from	ADP
cblr-1214	463	22	m&a	m&a	PROPN
cblr-1214	463	23	activity	activity	NOUN
cblr-1214	463	24	:	:	PUNCT
cblr-1214	463	25	merger	merger	NOUN
cblr-1214	463	26	gains	gain	NOUN
cblr-1214	463	27	stem	stem	VERB
cblr-1214	463	28	from	from	ADP
cblr-1214	463	29	market	market	NOUN
cblr-1214	463	30	power	power	NOUN
cblr-1214	463	31	increases	increase	NOUN
cblr-1214	463	32	.	.	PUNCT
cblr-1214	464	1	importantly	importantly	ADV
cblr-1214	464	2	,	,	PUNCT
cblr-1214	464	3	these	these	DET
cblr-1214	464	4	studies	study	NOUN
cblr-1214	464	5	provide	provide	VERB
cblr-1214	464	6	information	information	NOUN
cblr-1214	464	7	only	only	ADV
cblr-1214	464	8	in	in	ADP
cblr-1214	464	9	the	the	DET
cblr-1214	464	10	aggregate	aggregate	NOUN
cblr-1214	464	11	,	,	PUNCT
cblr-1214	464	12	and	and	CCONJ
cblr-1214	464	13	individual	individual	ADJ
cblr-1214	464	14	mergers	merger	NOUN
cblr-1214	464	15	may	may	AUX
cblr-1214	464	16	be	be	AUX
cblr-1214	464	17	more	more	ADV
cblr-1214	464	18	or	or	CCONJ
cblr-1214	464	19	less	less	ADV
cblr-1214	464	20	likely	likely	ADJ
cblr-1214	464	21	to	to	PART
cblr-1214	464	22	induce	induce	VERB
cblr-1214	464	23	gains	gain	NOUN
cblr-1214	464	24	from	from	ADP
cblr-1214	464	25	market	market	NOUN
cblr-1214	464	26	power	power	NOUN
cblr-1214	464	27	or	or	CCONJ
cblr-1214	464	28	efficiency.149	efficiency.149	NOUN
cblr-1214	464	29	however	however	ADV
cblr-1214	464	30	,	,	PUNCT
cblr-1214	464	31	this	this	DET
cblr-1214	464	32	data	data	NOUN
cblr-1214	464	33	paints	paint	VERB
cblr-1214	464	34	a	a	DET
cblr-1214	464	35	useful	useful	ADJ
cblr-1214	464	36	picture	picture	NOUN
cblr-1214	464	37	of	of	ADP
cblr-1214	464	38	the	the	DET
cblr-1214	464	39	effects	effect	NOUN
cblr-1214	464	40	of	of	ADP
cblr-1214	464	41	recent	recent	ADJ
cblr-1214	464	42	m&a	m&a	PROPN
cblr-1214	464	43	activity	activity	NOUN
cblr-1214	464	44	and	and	CCONJ
cblr-1214	464	45	reveals	reveal	VERB
cblr-1214	464	46	that	that	SCONJ
cblr-1214	464	47	this	this	DET
cblr-1214	464	48	activity	activity	NOUN
cblr-1214	464	49	tends	tend	VERB
cblr-1214	464	50	to	to	PART
cblr-1214	464	51	lead	lead	VERB
cblr-1214	464	52	to	to	ADP
cblr-1214	464	53	decreased	decrease	VERB
cblr-1214	464	54	competition	competition	NOUN
cblr-1214	464	55	and	and	CCONJ
cblr-1214	464	56	increased	increase	VERB
cblr-1214	464	57	market	market	NOUN
cblr-1214	464	58	power	power	NOUN
cblr-1214	464	59	in	in	ADP
cblr-1214	464	60	given	give	VERB
cblr-1214	464	61	industries	industry	NOUN
cblr-1214	464	62	.	.	PUNCT
cblr-1214	465	1	consequently	consequently	ADV
cblr-1214	465	2	,	,	PUNCT
cblr-1214	465	3	this	this	DET
cblr-1214	465	4	article	article	NOUN
cblr-1214	465	5	now	now	ADV
cblr-1214	465	6	turns	turn	VERB
cblr-1214	465	7	to	to	ADP
cblr-1214	465	8	the	the	DET
cblr-1214	465	9	economic	economic	ADJ
cblr-1214	465	10	effects	effect	NOUN
cblr-1214	465	11	of	of	ADP
cblr-1214	465	12	increased	increase	VERB
cblr-1214	465	13	market	market	NOUN
cblr-1214	465	14	power	power	NOUN
cblr-1214	465	15	.	.	PUNCT
cblr-1214	466	1	146	146	NUM
cblr-1214	467	1	i	i	PRON
cblr-1214	467	2	d.	d.	PROPN
cblr-1214	467	3	at	at	ADP
cblr-1214	467	4	23	23	NUM
cblr-1214	467	5	.	.	PUNCT
cblr-1214	468	1	147	147	NUM
cblr-1214	469	1	i	i	PRON
cblr-1214	469	2	d.	d.	PROPN
cblr-1214	469	3	148	148	NUM
cblr-1214	469	4	i	i	PRON
cblr-1214	469	5	d.	d.	PROPN
cblr-1214	469	6	at	at	ADP
cblr-1214	469	7	24	24	NUM
cblr-1214	469	8	.	.	NOUN
cblr-1214	469	9	149	149	NUM
cblr-1214	469	10	there	there	PRON
cblr-1214	469	11	is	be	VERB
cblr-1214	469	12	some	some	DET
cblr-1214	469	13	evidence	evidence	NOUN
cblr-1214	469	14	,	,	PUNCT
cblr-1214	469	15	for	for	ADP
cblr-1214	469	16	example	example	NOUN
cblr-1214	469	17	,	,	PUNCT
cblr-1214	469	18	that	that	SCONJ
cblr-1214	469	19	non	non	ADJ
cblr-1214	469	20	-	-	ADJ
cblr-1214	469	21	horizontal	horizontal	ADJ
cblr-1214	469	22	mergers	merger	NOUN
cblr-1214	469	23	,	,	PUNCT
cblr-1214	469	24	such	such	ADJ
cblr-1214	469	25	as	as	ADP
cblr-1214	469	26	vertical	vertical	ADJ
cblr-1214	469	27	and	and	CCONJ
cblr-1214	469	28	conglomerate	conglomerate	NOUN
cblr-1214	469	29	mergers	merger	NOUN
cblr-1214	469	30	,	,	PUNCT
cblr-1214	469	31	on	on	ADP
cblr-1214	469	32	average	average	ADJ
cblr-1214	469	33	produce	produce	VERB
cblr-1214	469	34	positive	positive	ADJ
cblr-1214	469	35	efficiency	efficiency	NOUN
cblr-1214	469	36	gains	gain	NOUN
cblr-1214	469	37	.	.	PUNCT
cblr-1214	470	1	see	see	VERB
cblr-1214	470	2	i	i	PRON
cblr-1214	470	3	d.	d.	PROPN
cblr-1214	470	4	at	at	ADP
cblr-1214	470	5	21	21	NUM
cblr-1214	470	6	.	.	PUNCT
cblr-1214	471	1	thus	thus	ADV
cblr-1214	471	2	,	,	PUNCT
cblr-1214	471	3	the	the	DET
cblr-1214	471	4	type	type	NOUN
cblr-1214	471	5	of	of	ADP
cblr-1214	471	6	merger	merger	NOUN
cblr-1214	471	7	,	,	PUNCT
cblr-1214	471	8	and	and	CCONJ
cblr-1214	471	9	other	other	ADJ
cblr-1214	471	10	factors	factor	NOUN
cblr-1214	471	11	such	such	ADJ
cblr-1214	471	12	as	as	ADP
cblr-1214	471	13	the	the	DET
cblr-1214	471	14	existing	exist	VERB
cblr-1214	471	15	degree	degree	NOUN
cblr-1214	471	16	of	of	ADP
cblr-1214	471	17	competition	competition	NOUN
cblr-1214	471	18	in	in	ADP
cblr-1214	471	19	the	the	DET
cblr-1214	471	20	market	market	NOUN
cblr-1214	471	21	,	,	PUNCT
cblr-1214	471	22	barriers	barrier	NOUN
cblr-1214	471	23	to	to	ADP
cblr-1214	471	24	entry	entry	NOUN
cblr-1214	471	25	,	,	PUNCT
cblr-1214	471	26	and	and	CCONJ
cblr-1214	471	27	the	the	DET
cblr-1214	471	28	nature	nature	NOUN
cblr-1214	471	29	of	of	ADP
cblr-1214	471	30	the	the	DET
cblr-1214	471	31	industry	industry	NOUN
cblr-1214	471	32	,	,	PUNCT
cblr-1214	471	33	likely	likely	ADV
cblr-1214	471	34	play	play	VERB
cblr-1214	471	35	an	an	DET
cblr-1214	471	36	important	important	ADJ
cblr-1214	471	37	role	role	NOUN
cblr-1214	471	38	in	in	ADP
cblr-1214	471	39	determining	determine	VERB
cblr-1214	471	40	whether	whether	SCONJ
cblr-1214	471	41	a	a	DET
cblr-1214	471	42	given	give	VERB
cblr-1214	471	43	merger	merger	NOUN
cblr-1214	471	44	will	will	AUX
cblr-1214	471	45	result	result	VERB
cblr-1214	471	46	in	in	ADP
cblr-1214	471	47	positive	positive	ADJ
cblr-1214	471	48	,	,	PUNCT
cblr-1214	471	49	neutral	neutral	ADJ
cblr-1214	471	50	,	,	PUNCT
cblr-1214	471	51	or	or	CCONJ
cblr-1214	471	52	negative	negative	ADJ
cblr-1214	471	53	net	net	ADJ
cblr-1214	471	54	efficiency	efficiency	NOUN
cblr-1214	471	55	gains	gain	NOUN
cblr-1214	471	56	.	.	PUNCT
cblr-1214	472	1	this	this	PRON
cblr-1214	472	2	implies	imply	VERB
cblr-1214	472	3	that	that	SCONJ
cblr-1214	472	4	determining	determine	VERB
cblr-1214	472	5	the	the	DET
cblr-1214	472	6	desirability	desirability	NOUN
cblr-1214	472	7	of	of	ADP
cblr-1214	472	8	a	a	DET
cblr-1214	472	9	merger	merger	NOUN
cblr-1214	472	10	is	be	AUX
cblr-1214	472	11	a	a	DET
cblr-1214	472	12	situation	situation	NOUN
cblr-1214	472	13	-	-	PUNCT
cblr-1214	472	14	specific	specific	ADJ
cblr-1214	472	15	inquiry	inquiry	NOUN
cblr-1214	472	16	,	,	PUNCT
cblr-1214	472	17	with	with	ADP
cblr-1214	472	18	the	the	DET
cblr-1214	472	19	type	type	NOUN
cblr-1214	472	20	of	of	ADP
cblr-1214	472	21	merger	merger	NOUN
cblr-1214	472	22	as	as	ADV
cblr-1214	472	23	well	well	ADV
cblr-1214	472	24	as	as	ADP
cblr-1214	472	25	other	other	ADJ
cblr-1214	472	26	factors	factor	NOUN
cblr-1214	472	27	likely	likely	ADV
cblr-1214	472	28	playing	play	VERB
cblr-1214	472	29	a	a	DET
cblr-1214	472	30	role	role	NOUN
cblr-1214	472	31	in	in	ADP
cblr-1214	472	32	whether	whether	SCONJ
cblr-1214	472	33	or	or	CCONJ
cblr-1214	472	34	not	not	PART
cblr-1214	472	35	a	a	DET
cblr-1214	472	36	given	give	VERB
cblr-1214	472	37	merger	merger	NOUN
cblr-1214	472	38	will	will	AUX
cblr-1214	472	39	promote	promote	VERB
cblr-1214	472	40	an	an	DET
cblr-1214	472	41	optimal	optimal	ADJ
cblr-1214	472	42	result	result	NOUN
cblr-1214	472	43	for	for	ADP
cblr-1214	472	44	shareholders	shareholder	NOUN
cblr-1214	472	45	and/or	and/or	CCONJ
cblr-1214	472	46	society	society	NOUN
cblr-1214	472	47	.	.	PUNCT
cblr-1214	473	1	griffin_final	griffin_final	ADJ
cblr-1214	473	2	106	106	NUM
cblr-1214	473	3	columbia	columbia	PROPN
cblr-1214	473	4	business	business	NOUN
cblr-1214	473	5	law	law	PROPN
cblr-1214	473	6	review	review	NOUN
cblr-1214	474	1	[	[	X
cblr-1214	474	2	vol	vol	NOUN
cblr-1214	474	3	.	.	NOUN
cblr-1214	474	4	2018	2018	NUM
cblr-1214	474	5	c.	c.	NOUN
cblr-1214	474	6	the	the	DET
cblr-1214	474	7	economic	economic	ADJ
cblr-1214	474	8	effects	effect	NOUN
cblr-1214	474	9	of	of	ADP
cblr-1214	474	10	market	market	NOUN
cblr-1214	474	11	power	power	NOUN
cblr-1214	474	12	increases	increase	VERB
cblr-1214	474	13	market	market	NOUN
cblr-1214	474	14	power	power	NOUN
cblr-1214	474	15	increases	increase	NOUN
cblr-1214	474	16	enable	enable	VERB
cblr-1214	474	17	firms	firm	NOUN
cblr-1214	474	18	to	to	PART
cblr-1214	474	19	raise	raise	VERB
cblr-1214	474	20	prices	price	NOUN
cblr-1214	474	21	in	in	ADP
cblr-1214	474	22	a	a	DET
cblr-1214	474	23	given	give	VERB
cblr-1214	474	24	industry	industry	NOUN
cblr-1214	474	25	to	to	ADP
cblr-1214	474	26	the	the	DET
cblr-1214	474	27	detriment	detriment	NOUN
cblr-1214	474	28	of	of	ADP
cblr-1214	474	29	consumers	consumer	NOUN
cblr-1214	474	30	.	.	PUNCT
cblr-1214	475	1	a	a	DET
cblr-1214	475	2	number	number	NOUN
cblr-1214	475	3	of	of	ADP
cblr-1214	475	4	studies	study	NOUN
cblr-1214	475	5	suggest	suggest	VERB
cblr-1214	475	6	that	that	SCONJ
cblr-1214	475	7	such	such	DET
cblr-1214	475	8	an	an	DET
cblr-1214	475	9	effect	effect	NOUN
cblr-1214	475	10	is	be	AUX
cblr-1214	475	11	indeed	indeed	ADV
cblr-1214	475	12	occurring	occur	VERB
cblr-1214	475	13	in	in	ADP
cblr-1214	475	14	a	a	DET
cblr-1214	475	15	worrying	worrying	ADJ
cblr-1214	475	16	number	number	NOUN
cblr-1214	475	17	of	of	ADP
cblr-1214	475	18	industries	industry	NOUN
cblr-1214	475	19	,	,	PUNCT
cblr-1214	475	20	corroborating	corroborate	VERB
cblr-1214	475	21	the	the	DET
cblr-1214	475	22	evidence	evidence	NOUN
cblr-1214	475	23	that	that	SCONJ
cblr-1214	475	24	merger	merger	NOUN
cblr-1214	475	25	gains	gain	NOUN
cblr-1214	475	26	accrue	accrue	VERB
cblr-1214	475	27	through	through	ADP
cblr-1214	475	28	market	market	NOUN
cblr-1214	475	29	power	power	NOUN
cblr-1214	475	30	increases	increase	NOUN
cblr-1214	475	31	.	.	PUNCT
cblr-1214	476	1	evidence	evidence	NOUN
cblr-1214	476	2	exists	exist	VERB
cblr-1214	476	3	that	that	SCONJ
cblr-1214	476	4	m&a	m&a	PROPN
cblr-1214	476	5	activity	activity	NOUN
cblr-1214	476	6	has	have	AUX
cblr-1214	476	7	resulted	result	VERB
cblr-1214	476	8	in	in	ADP
cblr-1214	476	9	market	market	NOUN
cblr-1214	476	10	power	power	NOUN
cblr-1214	476	11	gains	gain	NOUN
cblr-1214	476	12	and	and	CCONJ
cblr-1214	476	13	price	price	NOUN
cblr-1214	476	14	increases150	increases150	PROPN
cblr-1214	476	15	in	in	ADP
cblr-1214	476	16	industries	industry	NOUN
cblr-1214	476	17	as	as	ADV
cblr-1214	476	18	diverse	diverse	ADJ
cblr-1214	476	19	as	as	SCONJ
cblr-1214	476	20	healthcare,151	healthcare,151	PROPN
cblr-1214	476	21	airlines,152	airlines,152	PROPN
cblr-1214	476	22	banking,153	banking,153	VERB
cblr-1214	476	23	and	and	CCONJ
cblr-1214	476	24	home	home	NOUN
cblr-1214	476	25	appliances.154	appliances.154	VERB
cblr-1214	476	26	these	these	DET
cblr-1214	476	27	findings	finding	NOUN
cblr-1214	476	28	indicate	indicate	VERB
cblr-1214	476	29	that	that	PRON
cblr-1214	476	30	m&a	m&a	PROPN
cblr-1214	476	31	-	-	PUNCT
cblr-1214	476	32	induced	induce	VERB
cblr-1214	476	33	market	market	NOUN
cblr-1214	476	34	power	power	NOUN
cblr-1214	476	35	increases	increase	NOUN
cblr-1214	476	36	have	have	AUX
cblr-1214	476	37	resulted	result	VERB
cblr-1214	476	38	in	in	ADP
cblr-1214	476	39	increased	increase	VERB
cblr-1214	476	40	prices	price	NOUN
cblr-1214	476	41	in	in	ADP
cblr-1214	476	42	a	a	DET
cblr-1214	476	43	number	number	NOUN
cblr-1214	476	44	of	of	ADP
cblr-1214	476	45	important	important	ADJ
cblr-1214	476	46	sectors	sector	NOUN
cblr-1214	476	47	.	.	PUNCT
cblr-1214	477	1	other	other	ADJ
cblr-1214	477	2	recent	recent	ADJ
cblr-1214	477	3	scholarship	scholarship	NOUN
cblr-1214	477	4	paints	paint	VERB
cblr-1214	477	5	a	a	DET
cblr-1214	477	6	similar	similar	ADJ
cblr-1214	477	7	picture	picture	NOUN
cblr-1214	477	8	regarding	regard	VERB
cblr-1214	477	9	the	the	DET
cblr-1214	477	10	substantial	substantial	ADJ
cblr-1214	477	11	growth	growth	NOUN
cblr-1214	477	12	in	in	ADP
cblr-1214	477	13	market	market	NOUN
cblr-1214	477	14	power	power	NOUN
cblr-1214	477	15	due	due	ADP
cblr-1214	477	16	to	to	ADP
cblr-1214	477	17	m&a	m&a	PROPN
cblr-1214	477	18	activity	activity	NOUN
cblr-1214	477	19	and	and	CCONJ
cblr-1214	477	20	sheds	shed	VERB
cblr-1214	477	21	light	light	NOUN
cblr-1214	477	22	on	on	ADP
cblr-1214	477	23	the	the	DET
cblr-1214	477	24	resulting	result	VERB
cblr-1214	477	25	negative	negative	ADJ
cblr-1214	477	26	social	social	ADJ
cblr-1214	477	27	and	and	CCONJ
cblr-1214	477	28	economic	economic	ADJ
cblr-1214	477	29	effects	effect	NOUN
cblr-1214	477	30	.	.	PUNCT
cblr-1214	478	1	a	a	DET
cblr-1214	478	2	recent	recent	ADJ
cblr-1214	478	3	meta	meta	ADJ
cblr-1214	478	4	-	-	PUNCT
cblr-1214	478	5	analysis	analysis	NOUN
cblr-1214	478	6	of	of	ADP
cblr-1214	478	7	post	post	ADJ
cblr-1214	478	8	-	-	ADJ
cblr-1214	478	9	merger	merger	ADJ
cblr-1214	478	10	studies	study	NOUN
cblr-1214	478	11	confirms	confirm	VERB
cblr-1214	478	12	that	that	SCONJ
cblr-1214	478	13	antitrust	antitrust	ADJ
cblr-1214	478	14	regulators	regulator	NOUN
cblr-1214	478	15	in	in	ADP
cblr-1214	478	16	the	the	DET
cblr-1214	478	17	united	united	PROPN
cblr-1214	478	18	states	states	PROPN
cblr-1214	478	19	have	have	AUX
cblr-1214	478	20	routinely	routinely	ADV
cblr-1214	478	21	allowed	allow	VERB
cblr-1214	478	22	m&a	m&a	PROPN
cblr-1214	478	23	activity	activity	NOUN
cblr-1214	478	24	that	that	PRON
cblr-1214	478	25	increases	increase	VERB
cblr-1214	478	26	prices	price	NOUN
cblr-1214	478	27	.	.	PUNCT
cblr-1214	479	1	thirty	thirty	NUM
cblr-1214	479	2	150	150	NUM
cblr-1214	479	3	see	see	VERB
cblr-1214	479	4	john	john	PROPN
cblr-1214	479	5	kwoka	kwoka	PROPN
cblr-1214	479	6	,	,	PUNCT
cblr-1214	479	7	mergers	merger	NOUN
cblr-1214	479	8	,	,	PUNCT
cblr-1214	479	9	merger	merger	NOUN
cblr-1214	479	10	control	control	NOUN
cblr-1214	479	11	,	,	PUNCT
cblr-1214	479	12	and	and	CCONJ
cblr-1214	479	13	remedies	remedy	VERB
cblr-1214	479	14	:	:	PUNCT
cblr-1214	479	15	a	a	DET
cblr-1214	479	16	retrospective	retrospective	ADJ
cblr-1214	479	17	analysis	analysis	NOUN
cblr-1214	479	18	of	of	ADP
cblr-1214	479	19	u.s	u.s	PROPN
cblr-1214	479	20	.	.	PROPN
cblr-1214	479	21	policy	policy	NOUN
cblr-1214	479	22	158	158	NUM
cblr-1214	479	23	(	(	PUNCT
cblr-1214	479	24	2015	2015	NUM
cblr-1214	479	25	)	)	PUNCT
cblr-1214	479	26	.	.	PUNCT
cblr-1214	480	1	151	151	NUM
cblr-1214	480	2	see	see	VERB
cblr-1214	480	3	,	,	PUNCT
cblr-1214	480	4	e.g.	e.g.	ADV
cblr-1214	480	5	,	,	PUNCT
cblr-1214	480	6	robert	robert	PROPN
cblr-1214	480	7	a.	a.	PROPN
cblr-1214	480	8	berenson	berenson	PROPN
cblr-1214	480	9	et	et	PROPN
cblr-1214	480	10	al	al	PROPN
cblr-1214	480	11	.	.	PROPN
cblr-1214	480	12	,	,	PUNCT
cblr-1214	480	13	the	the	DET
cblr-1214	480	14	growing	grow	VERB
cblr-1214	480	15	power	power	NOUN
cblr-1214	480	16	of	of	ADP
cblr-1214	480	17	some	some	DET
cblr-1214	480	18	providers	provider	NOUN
cblr-1214	480	19	to	to	PART
cblr-1214	480	20	win	win	VERB
cblr-1214	480	21	steep	steep	ADJ
cblr-1214	480	22	payment	payment	NOUN
cblr-1214	480	23	increases	increase	NOUN
cblr-1214	480	24	from	from	ADP
cblr-1214	480	25	insurers	insurer	NOUN
cblr-1214	480	26	suggests	suggest	VERB
cblr-1214	480	27	policy	policy	NOUN
cblr-1214	480	28	remedies	remedy	NOUN
cblr-1214	480	29	may	may	AUX
cblr-1214	480	30	be	be	AUX
cblr-1214	480	31	needed	need	VERB
cblr-1214	480	32	,	,	PUNCT
cblr-1214	480	33	31	31	NUM
cblr-1214	480	34	health	health	NOUN
cblr-1214	480	35	aff	aff	NOUN
cblr-1214	480	36	.	.	PROPN
cblr-1214	481	1	973	973	NUM
cblr-1214	481	2	,	,	PUNCT
cblr-1214	481	3	975–76	975–76	NUM
cblr-1214	481	4	(	(	PUNCT
cblr-1214	481	5	2012	2012	NUM
cblr-1214	481	6	)	)	PUNCT
cblr-1214	481	7	;	;	PUNCT
cblr-1214	481	8	avik	avik	PROPN
cblr-1214	481	9	roy	roy	PROPN
cblr-1214	481	10	,	,	PUNCT
cblr-1214	481	11	hospital	hospital	NOUN
cblr-1214	481	12	monopolies	monopoly	NOUN
cblr-1214	481	13	:	:	PUNCT
cblr-1214	481	14	the	the	DET
cblr-1214	481	15	biggest	big	ADJ
cblr-1214	481	16	driver	driver	NOUN
cblr-1214	481	17	of	of	ADP
cblr-1214	481	18	health	health	NOUN
cblr-1214	481	19	costs	cost	NOUN
cblr-1214	481	20	that	that	PRON
cblr-1214	481	21	nobody	nobody	PRON
cblr-1214	481	22	talks	talk	VERB
cblr-1214	481	23	about	about	ADP
cblr-1214	481	24	,	,	PUNCT
cblr-1214	481	25	forbes	forbes	PROPN
cblr-1214	481	26	:	:	PUNCT
cblr-1214	481	27	the	the	DET
cblr-1214	481	28	apothecary	apothecary	NOUN
cblr-1214	481	29	(	(	PUNCT
cblr-1214	481	30	aug	aug	PROPN
cblr-1214	481	31	.	.	PROPN
cblr-1214	481	32	22	22	NUM
cblr-1214	481	33	,	,	PUNCT
cblr-1214	481	34	2011	2011	NUM
cblr-1214	481	35	,	,	PUNCT
cblr-1214	481	36	7:00	7:00	NUM
cblr-1214	481	37	pm	pm	NOUN
cblr-1214	481	38	)	)	PUNCT
cblr-1214	481	39	,	,	PUNCT
cblr-1214	481	40	https://www.forbes.com/sites/theapothecary/2011/08/22/hospital-monopolies-the-biggest-driver-of-health-costs-that-nobody-talks-about/	https://www.forbes.com/sites/theapothecary/2011/08/22/hospital-monopolies-the-biggest-driver-of-health-costs-that-nobody-talks-about/	X
cblr-1214	481	41	[	[	X
cblr-1214	481	42	perma.cc/t5s3-ghnd	perma.cc/t5s3-ghnd	X
cblr-1214	481	43	]	]	PUNCT
cblr-1214	481	44	.	.	PUNCT
cblr-1214	482	1	152	152	NUM
cblr-1214	482	2	see	see	NOUN
cblr-1214	482	3	,	,	PUNCT
cblr-1214	482	4	e.g.	e.g.	ADV
cblr-1214	482	5	,	,	PUNCT
cblr-1214	482	6	john	john	PROPN
cblr-1214	482	7	kwoka	kwoka	PROPN
cblr-1214	482	8	&	&	CCONJ
cblr-1214	482	9	eugenia	eugenia	PROPN
cblr-1214	482	10	shumilkina	shumilkina	PROPN
cblr-1214	482	11	,	,	PUNCT
cblr-1214	482	12	the	the	DET
cblr-1214	482	13	price	price	NOUN
cblr-1214	482	14	effect	effect	NOUN
cblr-1214	482	15	of	of	ADP
cblr-1214	482	16	eliminating	eliminate	VERB
cblr-1214	482	17	potential	potential	ADJ
cblr-1214	482	18	competition	competition	NOUN
cblr-1214	482	19	:	:	PUNCT
cblr-1214	482	20	evidence	evidence	NOUN
cblr-1214	482	21	from	from	ADP
cblr-1214	482	22	an	an	DET
cblr-1214	482	23	airline	airline	NOUN
cblr-1214	482	24	merger	merger	NOUN
cblr-1214	482	25	,	,	PUNCT
cblr-1214	482	26	58	58	NUM
cblr-1214	482	27	j.	j.	PROPN
cblr-1214	482	28	indus	indus	PROPN
cblr-1214	482	29	.	.	PUNCT
cblr-1214	483	1	econ	econ	PROPN
cblr-1214	483	2	.	.	PUNCT
cblr-1214	484	1	767	767	NUM
cblr-1214	484	2	,	,	PUNCT
cblr-1214	484	3	780	780	NUM
cblr-1214	484	4	(	(	PUNCT
cblr-1214	484	5	2010	2010	NUM
cblr-1214	484	6	)	)	PUNCT
cblr-1214	484	7	(	(	PUNCT
cblr-1214	484	8	finding	find	VERB
cblr-1214	484	9	market	market	NOUN
cblr-1214	484	10	power	power	NOUN
cblr-1214	484	11	gains	gain	NOUN
cblr-1214	484	12	due	due	ADJ
cblr-1214	484	13	to	to	ADP
cblr-1214	484	14	usair	usair	NOUN
cblr-1214	484	15	/	/	SYM
cblr-1214	484	16	piedmont	piedmont	PROPN
cblr-1214	484	17	merger	merger	NOUN
cblr-1214	484	18	)	)	PUNCT
cblr-1214	484	19	.	.	PUNCT
cblr-1214	485	1	153	153	NUM
cblr-1214	485	2	see	see	NOUN
cblr-1214	485	3	,	,	PUNCT
cblr-1214	485	4	e.g.	e.g.	ADV
cblr-1214	485	5	,	,	PUNCT
cblr-1214	485	6	ashenfelter	ashenfelter	NOUN
cblr-1214	485	7	et	et	PROPN
cblr-1214	485	8	al	al	PROPN
cblr-1214	485	9	.	.	PROPN
cblr-1214	485	10	,	,	PUNCT
cblr-1214	485	11	supra	supra	PROPN
cblr-1214	485	12	note	note	NOUN
cblr-1214	485	13	75	75	NUM
cblr-1214	485	14	,	,	PUNCT
cblr-1214	485	15	at	at	ADP
cblr-1214	485	16	s82–83	s82–83	PROPN
cblr-1214	485	17	(	(	PUNCT
cblr-1214	485	18	finding	find	VERB
cblr-1214	485	19	that	that	SCONJ
cblr-1214	485	20	five	five	NUM
cblr-1214	485	21	of	of	ADP
cblr-1214	485	22	seven	seven	NUM
cblr-1214	485	23	studies	study	NOUN
cblr-1214	485	24	of	of	ADP
cblr-1214	485	25	mergers	merger	NOUN
cblr-1214	485	26	in	in	ADP
cblr-1214	485	27	the	the	DET
cblr-1214	485	28	banking	banking	NOUN
cblr-1214	485	29	industry	industry	NOUN
cblr-1214	485	30	showed	show	VERB
cblr-1214	485	31	price	price	NOUN
cblr-1214	485	32	increases	increase	NOUN
cblr-1214	485	33	)	)	PUNCT
cblr-1214	485	34	.	.	PUNCT
cblr-1214	486	1	154	154	NUM
cblr-1214	486	2	see	see	VERB
cblr-1214	486	3	,	,	PUNCT
cblr-1214	486	4	e.g.	e.g.	ADV
cblr-1214	486	5	,	,	PUNCT
cblr-1214	486	6	orley	orley	ADJ
cblr-1214	486	7	ashenfelter	ashenfelter	NOUN
cblr-1214	486	8	et	et	PROPN
cblr-1214	486	9	al	al	PROPN
cblr-1214	486	10	.	.	PROPN
cblr-1214	486	11	,	,	PUNCT
cblr-1214	486	12	the	the	DET
cblr-1214	486	13	price	price	NOUN
cblr-1214	486	14	effects	effect	NOUN
cblr-1214	486	15	of	of	ADP
cblr-1214	486	16	a	a	DET
cblr-1214	486	17	large	large	ADJ
cblr-1214	486	18	merger	merger	NOUN
cblr-1214	486	19	of	of	ADP
cblr-1214	486	20	manufacturers	manufacturer	NOUN
cblr-1214	486	21	:	:	PUNCT
cblr-1214	486	22	a	a	DET
cblr-1214	486	23	case	case	NOUN
cblr-1214	486	24	study	study	NOUN
cblr-1214	486	25	of	of	ADP
cblr-1214	486	26	maytag	maytag	NOUN
cblr-1214	486	27	-	-	PUNCT
cblr-1214	486	28	whirlpool	whirlpool	NOUN
cblr-1214	486	29	,	,	PUNCT
cblr-1214	486	30	5	5	NUM
cblr-1214	486	31	am	am	NOUN
cblr-1214	486	32	.	.	PUNCT
cblr-1214	487	1	econ	econ	PROPN
cblr-1214	487	2	.	.	PUNCT
cblr-1214	488	1	j.	j.	PROPN
cblr-1214	488	2	:	:	PUNCT
cblr-1214	488	3	econ	econ	PROPN
cblr-1214	488	4	.	.	PUNCT
cblr-1214	488	5	pol’y	pol’y	NOUN
cblr-1214	488	6	239	239	NUM
cblr-1214	488	7	,	,	PUNCT
cblr-1214	488	8	259	259	NUM
cblr-1214	488	9	(	(	PUNCT
cblr-1214	488	10	2013	2013	NUM
cblr-1214	488	11	)	)	PUNCT
cblr-1214	488	12	(	(	PUNCT
cblr-1214	488	13	finding	find	VERB
cblr-1214	488	14	that	that	SCONJ
cblr-1214	488	15	the	the	DET
cblr-1214	488	16	merger	merger	NOUN
cblr-1214	488	17	of	of	ADP
cblr-1214	488	18	maytag	maytag	PROPN
cblr-1214	488	19	and	and	CCONJ
cblr-1214	488	20	whirlpool	whirlpool	PROPN
cblr-1214	488	21	led	lead	VERB
cblr-1214	488	22	to	to	ADP
cblr-1214	488	23	price	price	NOUN
cblr-1214	488	24	increases	increase	NOUN
cblr-1214	488	25	and	and	CCONJ
cblr-1214	488	26	harmed	harm	VERB
cblr-1214	488	27	u.s	u.s	PROPN
cblr-1214	488	28	.	.	PROPN
cblr-1214	488	29	consumers	consumer	NOUN
cblr-1214	488	30	)	)	PUNCT
cblr-1214	488	31	.	.	PUNCT
cblr-1214	489	1	griffin_final	griffin_final	ADJ
cblr-1214	489	2	no	no	NOUN
cblr-1214	489	3	.	.	PUNCT
cblr-1214	490	1	1:70	1:70	NUM
cblr-1214	490	2	]	]	PUNCT
cblr-1214	490	3	the	the	DET
cblr-1214	490	4	hidden	hidden	ADJ
cblr-1214	490	5	cost	cost	NOUN
cblr-1214	490	6	of	of	ADP
cblr-1214	490	7	m&a	m&a	PROPN
cblr-1214	490	8	107	107	NUM
cblr-1214	490	9	four	four	NUM
cblr-1214	490	10	of	of	ADP
cblr-1214	490	11	the	the	DET
cblr-1214	490	12	forty	forty	NUM
cblr-1214	490	13	-	-	PUNCT
cblr-1214	490	14	two	two	NUM
cblr-1214	490	15	mergers	merger	NOUN
cblr-1214	490	16	studied	study	VERB
cblr-1214	490	17	(	(	PUNCT
cblr-1214	490	18	81	81	NUM
cblr-1214	490	19	%	%	NOUN
cblr-1214	490	20	)	)	PUNCT
cblr-1214	490	21	resulted	result	VERB
cblr-1214	490	22	in	in	ADP
cblr-1214	490	23	“	"	PUNCT
cblr-1214	490	24	often	often	ADV
cblr-1214	490	25	substantial	substantial	ADJ
cblr-1214	490	26	”	"	PUNCT
cblr-1214	490	27	price	price	NOUN
cblr-1214	490	28	increases	increase	NOUN
cblr-1214	490	29	,	,	PUNCT
cblr-1214	490	30	while	while	SCONJ
cblr-1214	490	31	only	only	ADV
cblr-1214	490	32	eight	eight	NUM
cblr-1214	490	33	showed	show	VERB
cblr-1214	490	34	price	price	NOUN
cblr-1214	490	35	decreases.155	decreases.155	X
cblr-1214	490	36	the	the	DET
cblr-1214	490	37	meta	meta	NOUN
cblr-1214	490	38	-	-	PUNCT
cblr-1214	490	39	analysis	analysis	NOUN
cblr-1214	490	40	also	also	ADV
cblr-1214	490	41	found	find	VERB
cblr-1214	490	42	negative	negative	ADJ
cblr-1214	490	43	effects	effect	NOUN
cblr-1214	490	44	to	to	ADP
cblr-1214	490	45	product	product	NOUN
cblr-1214	490	46	and	and	CCONJ
cblr-1214	490	47	service	service	NOUN
cblr-1214	490	48	quality	quality	NOUN
cblr-1214	490	49	post	post	NOUN
cblr-1214	490	50	-	-	NOUN
cblr-1214	490	51	merger	merger	NOUN
cblr-1214	490	52	as	as	ADV
cblr-1214	490	53	well	well	ADV
cblr-1214	490	54	as	as	ADP
cblr-1214	490	55	other	other	ADJ
cblr-1214	490	56	negative	negative	ADJ
cblr-1214	490	57	anti	anti	ADJ
cblr-1214	490	58	-	-	ADJ
cblr-1214	490	59	competitive	competitive	ADJ
cblr-1214	490	60	effects.156	effects.156	NOUN
cblr-1214	490	61	these	these	DET
cblr-1214	490	62	studies	study	NOUN
cblr-1214	490	63	illustrate	illustrate	VERB
cblr-1214	490	64	that	that	SCONJ
cblr-1214	490	65	,	,	PUNCT
cblr-1214	490	66	post	post	ADJ
cblr-1214	490	67	-	-	NOUN
cblr-1214	490	68	merger	merger	NOUN
cblr-1214	490	69	,	,	PUNCT
cblr-1214	490	70	consumers	consumer	NOUN
cblr-1214	490	71	must	must	AUX
cblr-1214	490	72	pay	pay	VERB
cblr-1214	490	73	higher	high	ADJ
cblr-1214	490	74	prices	price	NOUN
cblr-1214	490	75	,	,	PUNCT
cblr-1214	490	76	settle	settle	VERB
cblr-1214	490	77	for	for	ADP
cblr-1214	490	78	lesser	less	ADJ
cblr-1214	490	79	goods	good	NOUN
cblr-1214	490	80	,	,	PUNCT
cblr-1214	490	81	or	or	CCONJ
cblr-1214	490	82	both	both	PRON
cblr-1214	490	83	.	.	PUNCT
cblr-1214	491	1	further	further	ADJ
cblr-1214	491	2	research	research	NOUN
cblr-1214	491	3	has	have	AUX
cblr-1214	491	4	shown	show	VERB
cblr-1214	491	5	that	that	SCONJ
cblr-1214	491	6	excessive	excessive	ADJ
cblr-1214	491	7	market	market	NOUN
cblr-1214	491	8	power	power	NOUN
cblr-1214	491	9	poses	pose	VERB
cblr-1214	491	10	a	a	DET
cblr-1214	491	11	serious	serious	ADJ
cblr-1214	491	12	threat	threat	NOUN
cblr-1214	491	13	to	to	ADP
cblr-1214	491	14	consumers	consumer	NOUN
cblr-1214	491	15	in	in	ADP
cblr-1214	491	16	the	the	DET
cblr-1214	491	17	united	united	PROPN
cblr-1214	491	18	states	states	PROPN
cblr-1214	491	19	.	.	PUNCT
cblr-1214	492	1	lina	lina	PROPN
cblr-1214	492	2	khan	khan	PROPN
cblr-1214	492	3	and	and	CCONJ
cblr-1214	492	4	sandeep	sandeep	PROPN
cblr-1214	492	5	vaheesan	vaheesan	PROPN
cblr-1214	492	6	write	write	NOUN
cblr-1214	492	7	,	,	PUNCT
cblr-1214	492	8	“	"	PUNCT
cblr-1214	492	9	[	[	X
cblr-1214	492	10	e]vidence	e]vidence	NOUN
cblr-1214	492	11	across	across	ADP
cblr-1214	492	12	a	a	DET
cblr-1214	492	13	number	number	NOUN
cblr-1214	492	14	of	of	ADP
cblr-1214	492	15	key	key	ADJ
cblr-1214	492	16	industries	industry	NOUN
cblr-1214	492	17	in	in	ADP
cblr-1214	492	18	the	the	DET
cblr-1214	492	19	united	united	PROPN
cblr-1214	492	20	states	states	PROPN
cblr-1214	492	21	indicates	indicate	VERB
cblr-1214	492	22	that	that	SCONJ
cblr-1214	492	23	excessive	excessive	ADJ
cblr-1214	492	24	market	market	NOUN
cblr-1214	492	25	power	power	NOUN
cblr-1214	492	26	is	be	AUX
cblr-1214	492	27	a	a	DET
cblr-1214	492	28	serious	serious	ADJ
cblr-1214	492	29	problem	problem	NOUN
cblr-1214	492	30	.	.	PUNCT
cblr-1214	493	1	firms	firm	NOUN
cblr-1214	493	2	in	in	ADP
cblr-1214	493	3	industries	industry	NOUN
cblr-1214	493	4	ranging	range	VERB
cblr-1214	493	5	from	from	ADP
cblr-1214	493	6	agriculture	agriculture	NOUN
cblr-1214	493	7	to	to	ADP
cblr-1214	493	8	airlines	airline	NOUN
cblr-1214	493	9	collude	collude	VERB
cblr-1214	493	10	,	,	PUNCT
cblr-1214	493	11	merge	merge	VERB
cblr-1214	493	12	and	and	CCONJ
cblr-1214	493	13	exclude	exclude	VERB
cblr-1214	493	14	rivals	rival	NOUN
cblr-1214	493	15	,	,	PUNCT
cblr-1214	493	16	and	and	CCONJ
cblr-1214	493	17	raise	raise	VERB
cblr-1214	493	18	consumer	consumer	NOUN
cblr-1214	493	19	prices	price	NOUN
cblr-1214	493	20	above	above	ADP
cblr-1214	493	21	competitive	competitive	ADJ
cblr-1214	493	22	levels	level	NOUN
cblr-1214	493	23	,	,	PUNCT
cblr-1214	493	24	while	while	SCONJ
cblr-1214	493	25	pushing	push	VERB
cblr-1214	493	26	prices	price	NOUN
cblr-1214	493	27	below	below	ADP
cblr-1214	493	28	competitive	competitive	ADJ
cblr-1214	493	29	levels	level	NOUN
cblr-1214	493	30	for	for	ADP
cblr-1214	493	31	suppliers	supplier	NOUN
cblr-1214	493	32	.	.	PUNCT
cblr-1214	494	1	”157	”157	NOUN
cblr-1214	494	2	thus	thus	ADV
cblr-1214	494	3	,	,	PUNCT
cblr-1214	494	4	there	there	PRON
cblr-1214	494	5	is	be	VERB
cblr-1214	494	6	evidence	evidence	NOUN
cblr-1214	494	7	that	that	SCONJ
cblr-1214	494	8	excessive	excessive	ADJ
cblr-1214	494	9	market	market	NOUN
cblr-1214	494	10	power	power	NOUN
cblr-1214	494	11	harms	harm	VERB
cblr-1214	494	12	consumers	consumer	NOUN
cblr-1214	494	13	across	across	ADP
cblr-1214	494	14	a	a	DET
cblr-1214	494	15	range	range	NOUN
cblr-1214	494	16	of	of	ADP
cblr-1214	494	17	industries	industry	NOUN
cblr-1214	494	18	and	and	CCONJ
cblr-1214	494	19	that	that	DET
cblr-1214	494	20	m&a	m&a	PROPN
cblr-1214	494	21	activity	activity	NOUN
cblr-1214	494	22	contributes	contribute	VERB
cblr-1214	494	23	to	to	ADP
cblr-1214	494	24	this	this	DET
cblr-1214	494	25	harm	harm	NOUN
cblr-1214	494	26	.	.	PUNCT
cblr-1214	495	1	problematically	problematically	ADV
cblr-1214	495	2	,	,	PUNCT
cblr-1214	495	3	once	once	ADV
cblr-1214	495	4	a	a	DET
cblr-1214	495	5	corporation	corporation	NOUN
cblr-1214	495	6	achieves	achieve	VERB
cblr-1214	495	7	substantial	substantial	ADJ
cblr-1214	495	8	market	market	NOUN
cblr-1214	495	9	power	power	NOUN
cblr-1214	495	10	,	,	PUNCT
cblr-1214	495	11	it	it	PRON
cblr-1214	495	12	can	can	AUX
cblr-1214	495	13	be	be	AUX
cblr-1214	495	14	difficult	difficult	ADJ
cblr-1214	495	15	to	to	PART
cblr-1214	495	16	undo	undo	VERB
cblr-1214	495	17	the	the	DET
cblr-1214	495	18	damage	damage	NOUN
cblr-1214	495	19	caused	cause	VERB
cblr-1214	495	20	by	by	ADP
cblr-1214	495	21	market	market	NOUN
cblr-1214	495	22	concentration.158	concentration.158	NOUN
cblr-1214	495	23	as	as	SCONJ
cblr-1214	495	24	discussed	discuss	VERB
cblr-1214	495	25	above	above	ADV
cblr-1214	495	26	,	,	PUNCT
cblr-1214	495	27	increased	increase	VERB
cblr-1214	495	28	market	market	NOUN
cblr-1214	495	29	concentration	concentration	NOUN
cblr-1214	495	30	makes	make	VERB
cblr-1214	495	31	it	it	PRON
cblr-1214	495	32	more	more	ADV
cblr-1214	495	33	difficult	difficult	ADJ
cblr-1214	495	34	for	for	SCONJ
cblr-1214	495	35	new	new	ADJ
cblr-1214	495	36	competitors	competitor	NOUN
cblr-1214	495	37	to	to	PART
cblr-1214	495	38	emerge	emerge	VERB
cblr-1214	495	39	and	and	CCONJ
cblr-1214	495	40	for	for	ADP
cblr-1214	495	41	rivals	rival	NOUN
cblr-1214	495	42	to	to	PART
cblr-1214	495	43	expand	expand	VERB
cblr-1214	495	44	their	their	PRON
cblr-1214	495	45	operations	operation	NOUN
cblr-1214	495	46	,	,	PUNCT
cblr-1214	495	47	leading	lead	VERB
cblr-1214	495	48	to	to	ADP
cblr-1214	495	49	damaging	damaging	ADJ
cblr-1214	495	50	effects	effect	NOUN
cblr-1214	495	51	beyond	beyond	ADP
cblr-1214	495	52	the	the	DET
cblr-1214	495	53	noted	noted	ADJ
cblr-1214	495	54	price	price	NOUN
cblr-1214	495	55	increases.159	increases.159	NOUN
cblr-1214	495	56	historically	historically	ADV
cblr-1214	495	57	,	,	PUNCT
cblr-1214	495	58	it	it	PRON
cblr-1214	495	59	was	be	AUX
cblr-1214	495	60	the	the	DET
cblr-1214	495	61	case	case	NOUN
cblr-1214	495	62	that	that	SCONJ
cblr-1214	495	63	“	"	PUNCT
cblr-1214	495	64	there	there	PRON
cblr-1214	495	65	simply	simply	ADV
cblr-1214	495	66	is	be	AUX
cblr-1214	495	67	no	no	DET
cblr-1214	495	68	good	good	ADJ
cblr-1214	495	69	empirical	empirical	ADJ
cblr-1214	495	70	evidence	evidence	NOUN
cblr-1214	495	71	that	that	SCONJ
cblr-1214	495	72	any	any	DET
cblr-1214	495	73	class	class	NOUN
cblr-1214	495	74	of	of	ADP
cblr-1214	495	75	stakeholders	stakeholder	NOUN
cblr-1214	495	76	is	be	AUX
cblr-1214	495	77	systematically	systematically	ADV
cblr-1214	495	78	harmed	harm	VERB
cblr-1214	495	79	by	by	ADP
cblr-1214	495	80	takeovers	takeover	NOUN
cblr-1214	495	81	.	.	PUNCT
cblr-1214	495	82	”160	”160	VERB
cblr-1214	495	83	however	however	ADV
cblr-1214	495	84	,	,	PUNCT
cblr-1214	495	85	recent	recent	ADJ
cblr-1214	495	86	evidence	evidence	NOUN
cblr-1214	495	87	155	155	NUM
cblr-1214	495	88	carstensen	carstensen	NOUN
cblr-1214	495	89	,	,	PUNCT
cblr-1214	495	90	supra	supra	ADJ
cblr-1214	495	91	note	note	NOUN
cblr-1214	495	92	66	66	NUM
cblr-1214	495	93	,	,	PUNCT
cblr-1214	495	94	at	at	ADP
cblr-1214	495	95	248	248	NUM
cblr-1214	495	96	.	.	PUNCT
cblr-1214	496	1	156	156	NUM
cblr-1214	497	1	i	i	PRON
cblr-1214	497	2	d.	d.	NOUN
cblr-1214	497	3	at	at	ADP
cblr-1214	497	4	248–49	248–49	NUM
cblr-1214	497	5	.	.	PUNCT
cblr-1214	498	1	157	157	NUM
cblr-1214	498	2	khan	khan	PROPN
cblr-1214	498	3	&	&	CCONJ
cblr-1214	498	4	vaheesan	vaheesan	PROPN
cblr-1214	498	5	,	,	PUNCT
cblr-1214	498	6	supra	supra	PROPN
cblr-1214	498	7	note	note	NOUN
cblr-1214	498	8	70	70	NUM
cblr-1214	498	9	,	,	PUNCT
cblr-1214	498	10	at	at	ADP
cblr-1214	498	11	236	236	NUM
cblr-1214	498	12	.	.	PUNCT
cblr-1214	498	13	158	158	NUM
cblr-1214	498	14	carstensen	carstensen	NOUN
cblr-1214	498	15	,	,	PUNCT
cblr-1214	498	16	supra	supra	PROPN
cblr-1214	498	17	note	note	NOUN
cblr-1214	498	18	66	66	NUM
cblr-1214	498	19	,	,	PUNCT
cblr-1214	498	20	at	at	ADP
cblr-1214	498	21	246	246	NUM
cblr-1214	498	22	(	(	PUNCT
cblr-1214	498	23	“	"	PUNCT
cblr-1214	498	24	[	[	X
cblr-1214	498	25	u]ndoing	u]ndoe	VERB
cblr-1214	498	26	[	[	NOUN
cblr-1214	498	27	market	market	NOUN
cblr-1214	498	28	]	]	X
cblr-1214	498	29	concentration	concentration	NOUN
cblr-1214	498	30	by	by	ADP
cblr-1214	498	31	new	new	ADJ
cblr-1214	498	32	entry	entry	NOUN
cblr-1214	498	33	or	or	CCONJ
cblr-1214	498	34	expansion	expansion	NOUN
cblr-1214	498	35	by	by	ADP
cblr-1214	498	36	marginal	marginal	ADJ
cblr-1214	498	37	competitors	competitor	NOUN
cblr-1214	498	38	has	have	AUX
cblr-1214	498	39	proven	prove	VERB
cblr-1214	498	40	of	of	ADP
cblr-1214	498	41	minimal	minimal	ADJ
cblr-1214	498	42	significance	significance	NOUN
cblr-1214	498	43	despite	despite	SCONJ
cblr-1214	498	44	the	the	DET
cblr-1214	498	45	theoretical	theoretical	ADJ
cblr-1214	498	46	appeal	appeal	NOUN
cblr-1214	498	47	of	of	ADP
cblr-1214	498	48	the	the	DET
cblr-1214	498	49	contested	contest	VERB
cblr-1214	498	50	markets	market	NOUN
cblr-1214	498	51	hypothesis	hypothesis	NOUN
cblr-1214	498	52	.	.	PUNCT
cblr-1214	499	1	as	as	SCONJ
cblr-1214	499	2	markets	market	NOUN
cblr-1214	499	3	become	become	VERB
cblr-1214	499	4	concentrated	concentrated	ADJ
cblr-1214	499	5	,	,	PUNCT
cblr-1214	499	6	the	the	DET
cblr-1214	499	7	effect	effect	NOUN
cblr-1214	499	8	is	be	AUX
cblr-1214	499	9	to	to	PART
cblr-1214	499	10	‘	'	PUNCT
cblr-1214	499	11	raise	raise	VERB
cblr-1214	499	12	rivals	rival	NOUN
cblr-1214	499	13	costs	cost	NOUN
cblr-1214	499	14	’	'	PUNCT
cblr-1214	499	15	of	of	ADP
cblr-1214	499	16	entry	entry	NOUN
cblr-1214	499	17	or	or	CCONJ
cblr-1214	499	18	expansion	expansion	NOUN
cblr-1214	499	19	.	.	PUNCT
cblr-1214	499	20	”	"	PUNCT
cblr-1214	499	21	)	)	PUNCT
cblr-1214	499	22	.	.	PUNCT
cblr-1214	500	1	159	159	NUM
cblr-1214	500	2	i	i	PRON
cblr-1214	500	3	d.	d.	PROPN
cblr-1214	500	4	at	at	ADP
cblr-1214	500	5	251	251	NUM
cblr-1214	500	6	.	.	PUNCT
cblr-1214	501	1	160	160	NUM
cblr-1214	501	2	bainbridge	bainbridge	PROPN
cblr-1214	501	3	,	,	PUNCT
cblr-1214	501	4	supra	supra	PROPN
cblr-1214	501	5	note	note	NOUN
cblr-1214	501	6	60	60	NUM
cblr-1214	501	7	,	,	PUNCT
cblr-1214	501	8	at	at	ADP
cblr-1214	501	9	1008	1008	NUM
cblr-1214	501	10	.	.	PUNCT
cblr-1214	502	1	griffin_final	griffin_final	ADJ
cblr-1214	502	2	108	108	NUM
cblr-1214	502	3	columbia	columbia	PROPN
cblr-1214	502	4	business	business	NOUN
cblr-1214	502	5	law	law	PROPN
cblr-1214	502	6	review	review	NOUN
cblr-1214	503	1	[	[	X
cblr-1214	503	2	vol	vol	NOUN
cblr-1214	503	3	.	.	PUNCT
cblr-1214	503	4	2018	2018	NUM
cblr-1214	503	5	strongly	strongly	ADV
cblr-1214	503	6	suggests	suggest	VERB
cblr-1214	503	7	that	that	SCONJ
cblr-1214	503	8	,	,	PUNCT
cblr-1214	503	9	in	in	ADP
cblr-1214	503	10	the	the	DET
cblr-1214	503	11	aggregate	aggregate	NOUN
cblr-1214	503	12	,	,	PUNCT
cblr-1214	503	13	m&a	m&a	PROPN
cblr-1214	503	14	activity	activity	NOUN
cblr-1214	503	15	has	have	AUX
cblr-1214	503	16	increased	increase	VERB
cblr-1214	503	17	prices	price	NOUN
cblr-1214	503	18	for	for	ADP
cblr-1214	503	19	american	american	ADJ
cblr-1214	503	20	consumers	consumer	NOUN
cblr-1214	503	21	.	.	PUNCT
cblr-1214	504	1	it	it	PRON
cblr-1214	504	2	is	be	AUX
cblr-1214	504	3	no	no	ADV
cblr-1214	504	4	longer	long	ADV
cblr-1214	504	5	possible	possible	ADJ
cblr-1214	504	6	to	to	PART
cblr-1214	504	7	assume	assume	VERB
cblr-1214	504	8	away	away	ADP
cblr-1214	504	9	the	the	DET
cblr-1214	504	10	market	market	NOUN
cblr-1214	504	11	power	power	NOUN
cblr-1214	504	12	effects	effect	NOUN
cblr-1214	504	13	of	of	ADP
cblr-1214	504	14	m&a	m&a	PROPN
cblr-1214	504	15	activity	activity	NOUN
cblr-1214	504	16	and	and	CCONJ
cblr-1214	504	17	the	the	DET
cblr-1214	504	18	resultant	resultant	NOUN
cblr-1214	504	19	harms	harm	VERB
cblr-1214	504	20	to	to	ADP
cblr-1214	504	21	consumers	consumer	NOUN
cblr-1214	504	22	.	.	PUNCT
cblr-1214	505	1	thus	thus	ADV
cblr-1214	505	2	,	,	PUNCT
cblr-1214	505	3	this	this	DET
cblr-1214	505	4	article	article	NOUN
cblr-1214	505	5	now	now	ADV
cblr-1214	505	6	turns	turn	VERB
cblr-1214	505	7	to	to	ADP
cblr-1214	505	8	an	an	DET
cblr-1214	505	9	analysis	analysis	NOUN
cblr-1214	505	10	of	of	ADP
cblr-1214	505	11	the	the	DET
cblr-1214	505	12	implications	implication	NOUN
cblr-1214	505	13	of	of	ADP
cblr-1214	505	14	the	the	DET
cblr-1214	505	15	new	new	ADJ
cblr-1214	505	16	research	research	NOUN
cblr-1214	505	17	for	for	ADP
cblr-1214	505	18	consumers	consumer	NOUN
cblr-1214	505	19	and	and	CCONJ
cblr-1214	505	20	society	society	NOUN
cblr-1214	505	21	at	at	ADP
cblr-1214	505	22	large	large	ADJ
cblr-1214	505	23	.	.	PUNCT
cblr-1214	506	1	d.	d.	PROPN
cblr-1214	506	2	the	the	DET
cblr-1214	506	3	implications	implication	NOUN
cblr-1214	506	4	of	of	ADP
cblr-1214	506	5	market	market	NOUN
cblr-1214	506	6	power	power	NOUN
cblr-1214	506	7	increases	increase	NOUN
cblr-1214	506	8	for	for	ADP
cblr-1214	506	9	consumers	consumer	NOUN
cblr-1214	506	10	&	&	CCONJ
cblr-1214	506	11	society	society	NOUN
cblr-1214	506	12	the	the	DET
cblr-1214	506	13	foregoing	forego	VERB
cblr-1214	506	14	sections	section	NOUN
cblr-1214	506	15	have	have	AUX
cblr-1214	506	16	demonstrated	demonstrate	VERB
cblr-1214	506	17	that	that	DET
cblr-1214	506	18	m&a	m&a	PROPN
cblr-1214	506	19	,	,	PUNCT
cblr-1214	506	20	in	in	ADP
cblr-1214	506	21	the	the	DET
cblr-1214	506	22	aggregate	aggregate	NOUN
cblr-1214	506	23	,	,	PUNCT
cblr-1214	506	24	leads	lead	VERB
cblr-1214	506	25	to	to	ADP
cblr-1214	506	26	increased	increase	VERB
cblr-1214	506	27	market	market	NOUN
cblr-1214	506	28	power	power	NOUN
cblr-1214	506	29	,	,	PUNCT
cblr-1214	506	30	which	which	PRON
cblr-1214	506	31	in	in	ADP
cblr-1214	506	32	turn	turn	NOUN
cblr-1214	506	33	yields	yield	NOUN
cblr-1214	506	34	increased	increase	VERB
cblr-1214	506	35	prices	price	NOUN
cblr-1214	506	36	.	.	PUNCT
cblr-1214	507	1	this	this	DET
cblr-1214	507	2	finding	finding	NOUN
cblr-1214	507	3	has	have	VERB
cblr-1214	507	4	significant	significant	ADJ
cblr-1214	507	5	implications	implication	NOUN
cblr-1214	507	6	for	for	ADP
cblr-1214	507	7	consumer	consumer	NOUN
cblr-1214	507	8	welfare	welfare	NOUN
cblr-1214	507	9	.	.	PUNCT
cblr-1214	508	1	it	it	PRON
cblr-1214	508	2	also	also	ADV
cblr-1214	508	3	has	have	VERB
cblr-1214	508	4	important	important	ADJ
cblr-1214	508	5	distributional	distributional	ADJ
cblr-1214	508	6	effects	effect	NOUN
cblr-1214	508	7	.	.	PUNCT
cblr-1214	509	1	this	this	DET
cblr-1214	509	2	section	section	NOUN
cblr-1214	509	3	will	will	AUX
cblr-1214	509	4	outline	outline	VERB
cblr-1214	509	5	the	the	DET
cblr-1214	509	6	detrimental	detrimental	ADJ
cblr-1214	509	7	effects	effect	NOUN
cblr-1214	509	8	of	of	ADP
cblr-1214	509	9	m&a	m&a	PROPN
cblr-1214	509	10	on	on	ADP
cblr-1214	509	11	consumer	consumer	NOUN
cblr-1214	509	12	welfare	welfare	NOUN
cblr-1214	509	13	and	and	CCONJ
cblr-1214	509	14	economic	economic	ADJ
cblr-1214	509	15	inequality	inequality	NOUN
cblr-1214	509	16	.	.	PUNCT
cblr-1214	510	1	the	the	DET
cblr-1214	510	2	most	most	ADV
cblr-1214	510	3	obvious	obvious	ADJ
cblr-1214	510	4	way	way	NOUN
cblr-1214	510	5	that	that	PRON
cblr-1214	510	6	price	price	NOUN
cblr-1214	510	7	increases	increase	NOUN
cblr-1214	510	8	harm	harm	NOUN
cblr-1214	510	9	consumers	consumer	NOUN
cblr-1214	510	10	is	be	AUX
cblr-1214	510	11	that	that	SCONJ
cblr-1214	510	12	they	they	PRON
cblr-1214	510	13	reduce	reduce	VERB
cblr-1214	510	14	the	the	DET
cblr-1214	510	15	amount	amount	NOUN
cblr-1214	510	16	of	of	ADP
cblr-1214	510	17	goods	good	NOUN
cblr-1214	510	18	and	and	CCONJ
cblr-1214	510	19	services	service	NOUN
cblr-1214	510	20	consumers	consumer	NOUN
cblr-1214	510	21	can	can	AUX
cblr-1214	510	22	afford	afford	VERB
cblr-1214	510	23	.	.	PUNCT
cblr-1214	511	1	when	when	SCONJ
cblr-1214	511	2	prices	price	NOUN
cblr-1214	511	3	increase	increase	VERB
cblr-1214	511	4	without	without	ADP
cblr-1214	511	5	a	a	DET
cblr-1214	511	6	corresponding	corresponding	ADJ
cblr-1214	511	7	increase	increase	NOUN
cblr-1214	511	8	in	in	ADP
cblr-1214	511	9	quality	quality	NOUN
cblr-1214	511	10	or	or	CCONJ
cblr-1214	511	11	value	value	NOUN
cblr-1214	511	12	,	,	PUNCT
cblr-1214	511	13	consumers	consumer	NOUN
cblr-1214	511	14	must	must	AUX
cblr-1214	511	15	pay	pay	VERB
cblr-1214	511	16	more	more	ADJ
cblr-1214	511	17	for	for	ADP
cblr-1214	511	18	the	the	DET
cblr-1214	511	19	same	same	ADJ
cblr-1214	511	20	goods	good	NOUN
cblr-1214	511	21	or	or	CCONJ
cblr-1214	511	22	services	service	NOUN
cblr-1214	511	23	.	.	PUNCT
cblr-1214	512	1	this	this	PRON
cblr-1214	512	2	,	,	PUNCT
cblr-1214	512	3	of	of	ADP
cblr-1214	512	4	course	course	NOUN
cblr-1214	512	5	,	,	PUNCT
cblr-1214	512	6	leaves	leave	VERB
cblr-1214	512	7	less	less	ADJ
cblr-1214	512	8	to	to	PART
cblr-1214	512	9	spend	spend	VERB
cblr-1214	512	10	on	on	ADP
cblr-1214	512	11	other	other	ADJ
cblr-1214	512	12	goods	good	NOUN
cblr-1214	512	13	and	and	CCONJ
cblr-1214	512	14	services	service	NOUN
cblr-1214	512	15	,	,	PUNCT
cblr-1214	512	16	making	make	VERB
cblr-1214	512	17	consumers	consumer	NOUN
cblr-1214	512	18	worse	bad	ADJ
cblr-1214	512	19	off	off	ADP
cblr-1214	512	20	than	than	ADP
cblr-1214	512	21	before	before	ADV
cblr-1214	512	22	.	.	PUNCT
cblr-1214	513	1	likewise	likewise	ADV
cblr-1214	513	2	,	,	PUNCT
cblr-1214	513	3	when	when	SCONJ
cblr-1214	513	4	the	the	DET
cblr-1214	513	5	quality	quality	NOUN
cblr-1214	513	6	of	of	ADP
cblr-1214	513	7	goods	good	NOUN
cblr-1214	513	8	decreases	decrease	VERB
cblr-1214	513	9	without	without	ADP
cblr-1214	513	10	a	a	DET
cblr-1214	513	11	decrease	decrease	NOUN
cblr-1214	513	12	in	in	ADP
cblr-1214	513	13	price	price	NOUN
cblr-1214	513	14	,	,	PUNCT
cblr-1214	513	15	consumers	consumer	NOUN
cblr-1214	513	16	are	be	AUX
cblr-1214	513	17	similarly	similarly	ADV
cblr-1214	513	18	worse	bad	ADJ
cblr-1214	513	19	off	off	ADP
cblr-1214	513	20	.	.	PUNCT
cblr-1214	514	1	somewhat	somewhat	ADV
cblr-1214	514	2	less	less	ADV
cblr-1214	514	3	obviously	obviously	ADV
cblr-1214	514	4	,	,	PUNCT
cblr-1214	514	5	price	price	NOUN
cblr-1214	514	6	increases	increase	NOUN
cblr-1214	514	7	due	due	ADJ
cblr-1214	514	8	to	to	ADP
cblr-1214	514	9	market	market	NOUN
cblr-1214	514	10	power	power	NOUN
cblr-1214	514	11	gains	gain	NOUN
cblr-1214	514	12	increase	increase	VERB
cblr-1214	514	13	economic	economic	ADJ
cblr-1214	514	14	inequality	inequality	NOUN
cblr-1214	514	15	.	.	PUNCT
cblr-1214	515	1	imagine	imagine	VERB
cblr-1214	515	2	that	that	DET
cblr-1214	515	3	company	company	NOUN
cblr-1214	515	4	a	a	PRON
cblr-1214	515	5	and	and	CCONJ
cblr-1214	515	6	company	company	NOUN
cblr-1214	515	7	b	b	NOUN
cblr-1214	515	8	are	be	AUX
cblr-1214	515	9	competitors	competitor	NOUN
cblr-1214	515	10	selling	sell	VERB
cblr-1214	515	11	the	the	DET
cblr-1214	515	12	same	same	ADJ
cblr-1214	515	13	product	product	NOUN
cblr-1214	515	14	for	for	ADP
cblr-1214	515	15	$	$	SYM
cblr-1214	515	16	1.00	1.00	NUM
cblr-1214	515	17	.	.	PUNCT
cblr-1214	516	1	when	when	SCONJ
cblr-1214	516	2	consumers	consumer	NOUN
cblr-1214	516	3	purchase	purchase	VERB
cblr-1214	516	4	the	the	DET
cblr-1214	516	5	product	product	NOUN
cblr-1214	516	6	from	from	ADP
cblr-1214	516	7	company	company	NOUN
cblr-1214	516	8	a	a	PRON
cblr-1214	516	9	or	or	CCONJ
cblr-1214	516	10	company	company	NOUN
cblr-1214	516	11	b	b	NOUN
cblr-1214	516	12	,	,	PUNCT
cblr-1214	516	13	the	the	DET
cblr-1214	516	14	respective	respective	ADJ
cblr-1214	516	15	company	company	NOUN
cblr-1214	516	16	’s	’s	PART
cblr-1214	516	17	wealth	wealth	NOUN
cblr-1214	516	18	increases	increase	NOUN
cblr-1214	516	19	by	by	ADP
cblr-1214	516	20	$	$	SYM
cblr-1214	516	21	1.00	1.00	NUM
cblr-1214	516	22	,	,	PUNCT
cblr-1214	516	23	while	while	SCONJ
cblr-1214	516	24	each	each	DET
cblr-1214	516	25	consumer	consumer	NOUN
cblr-1214	516	26	’s	’s	PART
cblr-1214	516	27	wealth	wealth	NOUN
cblr-1214	516	28	decreases	decrease	VERB
cblr-1214	516	29	by	by	ADP
cblr-1214	516	30	$	$	SYM
cblr-1214	516	31	1.00	1.00	NUM
cblr-1214	516	32	.	.	PUNCT
cblr-1214	517	1	now	now	ADV
cblr-1214	517	2	,	,	PUNCT
cblr-1214	517	3	imagine	imagine	VERB
cblr-1214	517	4	that	that	DET
cblr-1214	517	5	company	company	NOUN
cblr-1214	517	6	a	a	PRON
cblr-1214	517	7	and	and	CCONJ
cblr-1214	517	8	company	company	NOUN
cblr-1214	518	1	b	b	NOUN
cblr-1214	518	2	merge	merge	VERB
cblr-1214	518	3	.	.	PUNCT
cblr-1214	519	1	the	the	DET
cblr-1214	519	2	combined	combined	ADJ
cblr-1214	519	3	entity	entity	NOUN
cblr-1214	519	4	has	have	VERB
cblr-1214	519	5	greater	great	ADJ
cblr-1214	519	6	market	market	NOUN
cblr-1214	519	7	power	power	NOUN
cblr-1214	519	8	and	and	CCONJ
cblr-1214	519	9	raises	raise	VERB
cblr-1214	519	10	the	the	DET
cblr-1214	519	11	price	price	NOUN
cblr-1214	519	12	of	of	ADP
cblr-1214	519	13	the	the	DET
cblr-1214	519	14	product	product	NOUN
cblr-1214	519	15	by	by	ADP
cblr-1214	519	16	x	x	PART
cblr-1214	519	17	amount	amount	NOUN
cblr-1214	519	18	while	while	SCONJ
cblr-1214	519	19	leaving	leave	VERB
cblr-1214	519	20	the	the	DET
cblr-1214	519	21	quality	quality	NOUN
cblr-1214	519	22	unchanged	unchanged	ADJ
cblr-1214	519	23	.	.	PUNCT
cblr-1214	520	1	in	in	ADP
cblr-1214	520	2	this	this	DET
cblr-1214	520	3	new	new	ADJ
cblr-1214	520	4	scenario	scenario	NOUN
cblr-1214	520	5	,	,	PUNCT
cblr-1214	520	6	when	when	SCONJ
cblr-1214	520	7	consumers	consumer	NOUN
cblr-1214	520	8	buy	buy	VERB
cblr-1214	520	9	the	the	DET
cblr-1214	520	10	combined	combine	VERB
cblr-1214	520	11	entity	entity	NOUN
cblr-1214	520	12	’s	’s	PART
cblr-1214	520	13	new	new	ADJ
cblr-1214	520	14	,	,	PUNCT
cblr-1214	520	15	pricier	pricy	ADJ
cblr-1214	520	16	products	product	NOUN
cblr-1214	520	17	,	,	PUNCT
cblr-1214	520	18	the	the	DET
cblr-1214	520	19	company	company	NOUN
cblr-1214	520	20	’s	’s	PART
cblr-1214	520	21	wealth	wealth	NOUN
cblr-1214	520	22	is	be	AUX
cblr-1214	520	23	increased	increase	VERB
cblr-1214	520	24	$	$	SYM
cblr-1214	520	25	1.00	1.00	NUM
cblr-1214	520	26	+	+	CCONJ
cblr-1214	520	27	x	x	X
cblr-1214	520	28	,	,	PUNCT
cblr-1214	520	29	while	while	SCONJ
cblr-1214	520	30	each	each	DET
cblr-1214	520	31	consumer	consumer	NOUN
cblr-1214	520	32	’s	’s	PART
cblr-1214	520	33	wealth	wealth	NOUN
cblr-1214	520	34	is	be	AUX
cblr-1214	520	35	reduced	reduce	VERB
cblr-1214	520	36	by	by	ADP
cblr-1214	520	37	$	$	SYM
cblr-1214	520	38	1.00	1.00	NUM
cblr-1214	520	39	+	+	CCONJ
cblr-1214	520	40	x.	x.	NOUN
cblr-1214	520	41	as	as	ADP
cblr-1214	520	42	a	a	DET
cblr-1214	520	43	result	result	NOUN
cblr-1214	520	44	of	of	ADP
cblr-1214	520	45	the	the	DET
cblr-1214	520	46	merger	merger	NOUN
cblr-1214	520	47	,	,	PUNCT
cblr-1214	520	48	each	each	DET
cblr-1214	520	49	transaction	transaction	NOUN
cblr-1214	520	50	now	now	ADV
cblr-1214	520	51	griffin_final	griffin_final	ADJ
cblr-1214	520	52	no	no	NOUN
cblr-1214	520	53	.	.	PUNCT
cblr-1214	521	1	1:70	1:70	NUM
cblr-1214	521	2	]	]	PUNCT
cblr-1214	521	3	the	the	DET
cblr-1214	521	4	hidden	hidden	ADJ
cblr-1214	521	5	cost	cost	NOUN
cblr-1214	521	6	of	of	ADP
cblr-1214	521	7	m&a	m&a	PROPN
cblr-1214	521	8	109	109	NUM
cblr-1214	521	9	includes	include	VERB
cblr-1214	521	10	an	an	DET
cblr-1214	521	11	additional	additional	ADJ
cblr-1214	521	12	transfer	transfer	NOUN
cblr-1214	521	13	of	of	ADP
cblr-1214	521	14	x	x	NOUN
cblr-1214	521	15	amount	amount	NOUN
cblr-1214	521	16	of	of	ADP
cblr-1214	521	17	wealth	wealth	NOUN
cblr-1214	521	18	from	from	ADP
cblr-1214	521	19	consumers	consumer	NOUN
cblr-1214	521	20	to	to	ADP
cblr-1214	521	21	the	the	DET
cblr-1214	521	22	company	company	NOUN
cblr-1214	521	23	.	.	PUNCT
cblr-1214	522	1	looking	look	VERB
cblr-1214	522	2	at	at	ADP
cblr-1214	522	3	the	the	DET
cblr-1214	522	4	ownership	ownership	NOUN
cblr-1214	522	5	structure	structure	NOUN
cblr-1214	522	6	of	of	ADP
cblr-1214	522	7	most	most	ADJ
cblr-1214	522	8	companies	company	NOUN
cblr-1214	522	9	,	,	PUNCT
cblr-1214	522	10	important	important	ADJ
cblr-1214	522	11	distributional	distributional	ADJ
cblr-1214	522	12	effects	effect	NOUN
cblr-1214	522	13	are	be	AUX
cblr-1214	522	14	evident	evident	ADJ
cblr-1214	522	15	.	.	PUNCT
cblr-1214	523	1	on	on	ADP
cblr-1214	523	2	average	average	ADJ
cblr-1214	523	3	,	,	PUNCT
cblr-1214	523	4	corporate	corporate	ADJ
cblr-1214	523	5	shareholders	shareholder	NOUN
cblr-1214	523	6	are	be	AUX
cblr-1214	523	7	wealthier	wealthy	ADJ
cblr-1214	523	8	than	than	ADP
cblr-1214	523	9	the	the	DET
cblr-1214	523	10	median	median	ADJ
cblr-1214	523	11	consumer	consumer	NOUN
cblr-1214	523	12	,	,	PUNCT
cblr-1214	523	13	and	and	CCONJ
cblr-1214	523	14	,	,	PUNCT
cblr-1214	523	15	therefore	therefore	ADV
cblr-1214	523	16	,	,	PUNCT
cblr-1214	523	17	they	they	PRON
cblr-1214	523	18	disproportionately	disproportionately	ADV
cblr-1214	523	19	benefit	benefit	VERB
cblr-1214	523	20	from	from	ADP
cblr-1214	523	21	stock	stock	NOUN
cblr-1214	523	22	price	price	NOUN
cblr-1214	523	23	increases	increase	NOUN
cblr-1214	523	24	and	and	CCONJ
cblr-1214	523	25	are	be	AUX
cblr-1214	523	26	disproportionately	disproportionately	ADV
cblr-1214	523	27	less	less	ADV
cblr-1214	523	28	affected	affect	VERB
cblr-1214	523	29	by	by	ADP
cblr-1214	523	30	price	price	NOUN
cblr-1214	523	31	increases.161	increases.161	ADP
cblr-1214	523	32	additionally	additionally	ADV
cblr-1214	523	33	,	,	PUNCT
cblr-1214	523	34	corporate	corporate	ADJ
cblr-1214	523	35	managers	manager	NOUN
cblr-1214	523	36	often	often	ADV
cblr-1214	523	37	own	own	VERB
cblr-1214	523	38	large	large	ADJ
cblr-1214	523	39	amounts	amount	NOUN
cblr-1214	523	40	of	of	ADP
cblr-1214	523	41	stock	stock	NOUN
cblr-1214	523	42	due	due	ADP
cblr-1214	523	43	to	to	ADP
cblr-1214	523	44	the	the	DET
cblr-1214	523	45	increasing	increase	VERB
cblr-1214	523	46	use	use	NOUN
cblr-1214	523	47	of	of	ADP
cblr-1214	523	48	stock	stock	NOUN
cblr-1214	523	49	options	option	NOUN
cblr-1214	523	50	and	and	CCONJ
cblr-1214	523	51	restricted	restrict	VERB
cblr-1214	523	52	stock	stock	NOUN
cblr-1214	523	53	in	in	ADP
cblr-1214	523	54	executive	executive	ADJ
cblr-1214	523	55	compensation	compensation	NOUN
cblr-1214	523	56	,	,	PUNCT
cblr-1214	523	57	making	make	VERB
cblr-1214	523	58	price	price	NOUN
cblr-1214	523	59	increases	increase	NOUN
cblr-1214	523	60	another	another	DET
cblr-1214	523	61	way	way	NOUN
cblr-1214	523	62	that	that	PRON
cblr-1214	523	63	wealth	wealth	NOUN
cblr-1214	523	64	is	be	AUX
cblr-1214	523	65	transferred	transfer	VERB
cblr-1214	523	66	from	from	ADP
cblr-1214	523	67	consumers	consumer	NOUN
cblr-1214	523	68	to	to	PART
cblr-1214	523	69	top	top	VERB
cblr-1214	523	70	executives.162	executives.162	NOUN
cblr-1214	523	71	it	it	PRON
cblr-1214	523	72	is	be	AUX
cblr-1214	523	73	possible	possible	ADJ
cblr-1214	523	74	that	that	SCONJ
cblr-1214	523	75	certain	certain	ADJ
cblr-1214	523	76	wealth	wealth	NOUN
cblr-1214	523	77	transfers	transfer	NOUN
cblr-1214	523	78	from	from	ADP
cblr-1214	523	79	consumers	consumer	NOUN
cblr-1214	523	80	to	to	ADP
cblr-1214	523	81	shareholders	shareholder	NOUN
cblr-1214	523	82	can	can	AUX
cblr-1214	523	83	have	have	VERB
cblr-1214	523	84	the	the	DET
cblr-1214	523	85	opposite	opposite	ADJ
cblr-1214	523	86	effect	effect	NOUN
cblr-1214	523	87	.	.	PUNCT
cblr-1214	524	1	for	for	ADP
cblr-1214	524	2	example	example	NOUN
cblr-1214	524	3	,	,	PUNCT
cblr-1214	524	4	if	if	SCONJ
cblr-1214	524	5	a	a	DET
cblr-1214	524	6	group	group	NOUN
cblr-1214	524	7	of	of	ADP
cblr-1214	524	8	middle	middle	ADJ
cblr-1214	524	9	-	-	PUNCT
cblr-1214	524	10	class	class	NOUN
cblr-1214	524	11	tradesmen	tradesman	NOUN
cblr-1214	524	12	owned	own	VERB
cblr-1214	524	13	a	a	DET
cblr-1214	524	14	business	business	NOUN
cblr-1214	524	15	making	make	VERB
cblr-1214	524	16	yachts	yacht	NOUN
cblr-1214	524	17	,	,	PUNCT
cblr-1214	524	18	wealth	wealth	NOUN
cblr-1214	524	19	transfers	transfer	NOUN
cblr-1214	524	20	from	from	ADP
cblr-1214	524	21	rich	rich	ADJ
cblr-1214	524	22	consumers	consumer	NOUN
cblr-1214	524	23	purchasing	purchase	VERB
cblr-1214	524	24	yachts	yacht	NOUN
cblr-1214	524	25	to	to	ADP
cblr-1214	524	26	the	the	DET
cblr-1214	524	27	middle	middle	ADJ
cblr-1214	524	28	-	-	PUNCT
cblr-1214	524	29	class	class	NOUN
cblr-1214	524	30	owners	owner	NOUN
cblr-1214	524	31	may	may	AUX
cblr-1214	524	32	act	act	VERB
cblr-1214	524	33	to	to	PART
cblr-1214	524	34	reduce	reduce	VERB
cblr-1214	524	35	inequality.163	inequality.163	PROPN
cblr-1214	524	36	however	however	ADV
cblr-1214	524	37	,	,	PUNCT
cblr-1214	524	38	such	such	ADJ
cblr-1214	524	39	instances	instance	NOUN
cblr-1214	524	40	are	be	AUX
cblr-1214	524	41	rare.164	rare.164	NOUN
cblr-1214	524	42	thus	thus	ADV
cblr-1214	524	43	,	,	PUNCT
cblr-1214	524	44	in	in	SCONJ
cblr-1214	524	45	the	the	DET
cblr-1214	524	46	aggregate	aggregate	NOUN
cblr-1214	524	47	,	,	PUNCT
cblr-1214	524	48	m&a	m&a	PROPN
cblr-1214	524	49	-	-	PUNCT
cblr-1214	524	50	induced	induce	VERB
cblr-1214	524	51	price	price	NOUN
cblr-1214	524	52	increases	increase	NOUN
cblr-1214	524	53	operate	operate	VERB
cblr-1214	524	54	to	to	PART
cblr-1214	524	55	increase	increase	VERB
cblr-1214	524	56	economic	economic	ADJ
cblr-1214	524	57	inequality	inequality	NOUN
cblr-1214	524	58	.	.	PUNCT
cblr-1214	525	1	the	the	DET
cblr-1214	525	2	aggregate	aggregate	ADJ
cblr-1214	525	3	impact	impact	NOUN
cblr-1214	525	4	of	of	ADP
cblr-1214	525	5	wealth	wealth	NOUN
cblr-1214	525	6	transfers	transfer	NOUN
cblr-1214	525	7	due	due	ADJ
cblr-1214	525	8	to	to	ADP
cblr-1214	525	9	market	market	NOUN
cblr-1214	525	10	power	power	NOUN
cblr-1214	525	11	is	be	AUX
cblr-1214	525	12	quite	quite	ADV
cblr-1214	525	13	significant	significant	ADJ
cblr-1214	525	14	.	.	PUNCT
cblr-1214	526	1	some	some	DET
cblr-1214	526	2	scholars	scholar	NOUN
cblr-1214	526	3	estimate	estimate	VERB
cblr-1214	526	4	a	a	DET
cblr-1214	526	5	lower	lower	ADV
cblr-1214	526	6	bound	bind	VERB
cblr-1214	526	7	for	for	ADP
cblr-1214	526	8	wealth	wealth	NOUN
cblr-1214	526	9	transfers	transfer	NOUN
cblr-1214	526	10	due	due	ADJ
cblr-1214	526	11	to	to	ADP
cblr-1214	526	12	market	market	NOUN
cblr-1214	526	13	power	power	NOUN
cblr-1214	526	14	on	on	ADP
cblr-1214	526	15	the	the	DET
cblr-1214	526	16	order	order	NOUN
cblr-1214	526	17	of	of	ADP
cblr-1214	526	18	hundreds	hundred	NOUN
cblr-1214	526	19	of	of	ADP
cblr-1214	526	20	billions	billion	NOUN
cblr-1214	526	21	of	of	ADP
cblr-1214	526	22	dollars	dollar	NOUN
cblr-1214	526	23	per	per	ADP
cblr-1214	526	24	year.165	year.165	PROPN
cblr-1214	526	25	in	in	ADP
cblr-1214	526	26	a	a	DET
cblr-1214	526	27	political	political	ADJ
cblr-1214	526	28	environment	environment	NOUN
cblr-1214	526	29	where	where	SCONJ
cblr-1214	526	30	economic	economic	ADJ
cblr-1214	526	31	inequality	inequality	NOUN
cblr-1214	526	32	is	be	AUX
cblr-1214	526	33	especially	especially	ADV
cblr-1214	526	34	salient	salient	ADJ
cblr-1214	526	35	,	,	PUNCT
cblr-1214	526	36	these	these	DET
cblr-1214	526	37	effects	effect	NOUN
cblr-1214	526	38	are	be	AUX
cblr-1214	526	39	likely	likely	ADJ
cblr-1214	526	40	of	of	ADP
cblr-1214	526	41	special	special	ADJ
cblr-1214	526	42	relevance	relevance	NOUN
cblr-1214	526	43	to	to	ADP
cblr-1214	526	44	policymakers	policymaker	NOUN
cblr-1214	526	45	and	and	CCONJ
cblr-1214	526	46	scholars	scholar	NOUN
cblr-1214	526	47	,	,	PUNCT
cblr-1214	526	48	as	as	ADV
cblr-1214	526	49	well	well	ADV
cblr-1214	526	50	as	as	ADP
cblr-1214	526	51	to	to	ADP
cblr-1214	526	52	boards	board	NOUN
cblr-1214	526	53	and	and	CCONJ
cblr-1214	526	54	other	other	ADJ
cblr-1214	526	55	fiduciaries	fiduciary	NOUN
cblr-1214	526	56	charged	charge	VERB
cblr-1214	526	57	with	with	ADP
cblr-1214	526	58	managing	manage	VERB
cblr-1214	526	59	our	our	PRON
cblr-1214	526	60	companies	company	NOUN
cblr-1214	526	61	and	and	CCONJ
cblr-1214	526	62	stock	stock	NOUN
cblr-1214	526	63	portfolios	portfolio	NOUN
cblr-1214	526	64	.	.	PUNCT
cblr-1214	527	1	161	161	NUM
cblr-1214	527	2	see	see	VERB
cblr-1214	527	3	william	william	PROPN
cblr-1214	527	4	s.	s.	PROPN
cblr-1214	527	5	comanor	comanor	PROPN
cblr-1214	527	6	&	&	CCONJ
cblr-1214	527	7	robert	robert	PROPN
cblr-1214	527	8	h.	h.	PROPN
cblr-1214	527	9	smiley	smiley	PROPN
cblr-1214	527	10	,	,	PUNCT
cblr-1214	527	11	monopoly	monopoly	NOUN
cblr-1214	527	12	and	and	CCONJ
cblr-1214	527	13	the	the	DET
cblr-1214	527	14	distribution	distribution	NOUN
cblr-1214	527	15	of	of	ADP
cblr-1214	527	16	wealth	wealth	NOUN
cblr-1214	527	17	,	,	PUNCT
cblr-1214	527	18	89	89	NUM
cblr-1214	527	19	q.j	q.j	PROPN
cblr-1214	527	20	.	.	PROPN
cblr-1214	527	21	econ	econ	PROPN
cblr-1214	527	22	.	.	PUNCT
cblr-1214	528	1	177	177	NUM
cblr-1214	528	2	,	,	PUNCT
cblr-1214	528	3	189	189	NUM
cblr-1214	528	4	(	(	PUNCT
cblr-1214	528	5	1975	1975	NUM
cblr-1214	528	6	)	)	PUNCT
cblr-1214	528	7	(	(	PUNCT
cblr-1214	528	8	stating	state	VERB
cblr-1214	528	9	that	that	SCONJ
cblr-1214	528	10	market	market	NOUN
cblr-1214	528	11	power	power	NOUN
cblr-1214	528	12	has	have	VERB
cblr-1214	528	13	“	"	PUNCT
cblr-1214	528	14	a	a	DET
cblr-1214	528	15	major	major	ADJ
cblr-1214	528	16	impact	impact	NOUN
cblr-1214	528	17	on	on	ADP
cblr-1214	528	18	the	the	DET
cblr-1214	528	19	degree	degree	NOUN
cblr-1214	528	20	of	of	ADP
cblr-1214	528	21	[	[	X
cblr-1214	528	22	wealth	wealth	NOUN
cblr-1214	528	23	]	]	X
cblr-1214	528	24	inequality	inequality	NOUN
cblr-1214	528	25	”	"	PUNCT
cblr-1214	528	26	in	in	ADP
cblr-1214	528	27	the	the	DET
cblr-1214	528	28	united	united	PROPN
cblr-1214	528	29	states	states	PROPN
cblr-1214	528	30	)	)	PUNCT
cblr-1214	528	31	.	.	PUNCT
cblr-1214	529	1	162	162	NUM
cblr-1214	529	2	john	john	PROPN
cblr-1214	529	3	c.	c.	PROPN
cblr-1214	529	4	coffee	coffee	PROPN
cblr-1214	529	5	,	,	PUNCT
cblr-1214	529	6	jr	jr	PROPN
cblr-1214	529	7	.	.	PROPN
cblr-1214	529	8	,	,	PUNCT
cblr-1214	529	9	what	what	PRON
cblr-1214	529	10	caused	cause	VERB
cblr-1214	529	11	enron	enron	PROPN
cblr-1214	529	12	?	?	PUNCT
cblr-1214	530	1	a	a	DET
cblr-1214	530	2	capsule	capsule	NOUN
cblr-1214	530	3	social	social	ADJ
cblr-1214	530	4	and	and	CCONJ
cblr-1214	530	5	economic	economic	ADJ
cblr-1214	530	6	history	history	NOUN
cblr-1214	530	7	of	of	ADP
cblr-1214	530	8	the	the	DET
cblr-1214	530	9	1990s	1990s	NUM
cblr-1214	530	10	,	,	PUNCT
cblr-1214	530	11	89	89	NUM
cblr-1214	530	12	cornell	cornell	PROPN
cblr-1214	530	13	l.	l.	PROPN
cblr-1214	530	14	rev	rev	PROPN
cblr-1214	530	15	.	.	PROPN
cblr-1214	530	16	269	269	NUM
cblr-1214	530	17	,	,	PUNCT
cblr-1214	530	18	274	274	NUM
cblr-1214	530	19	(	(	PUNCT
cblr-1214	530	20	2004	2004	NUM
cblr-1214	530	21	)	)	PUNCT
cblr-1214	530	22	;	;	PUNCT
cblr-1214	530	23	see	see	VERB
cblr-1214	530	24	also	also	ADV
cblr-1214	530	25	sharon	sharon	PROPN
cblr-1214	530	26	hannes	hannes	PROPN
cblr-1214	530	27	&	&	CCONJ
cblr-1214	530	28	avraham	avraham	PROPN
cblr-1214	530	29	tabbach	tabbach	PROPN
cblr-1214	530	30	,	,	PUNCT
cblr-1214	530	31	executive	executive	ADJ
cblr-1214	530	32	stock	stock	NOUN
cblr-1214	530	33	options	option	NOUN
cblr-1214	530	34	:	:	PUNCT
cblr-1214	530	35	the	the	DET
cblr-1214	530	36	effects	effect	NOUN
cblr-1214	530	37	of	of	ADP
cblr-1214	530	38	manipulation	manipulation	NOUN
cblr-1214	530	39	on	on	ADP
cblr-1214	530	40	risk	risk	NOUN
cblr-1214	530	41	taking	taking	NOUN
cblr-1214	530	42	,	,	PUNCT
cblr-1214	530	43	38	38	NUM
cblr-1214	530	44	j.	j.	PROPN
cblr-1214	530	45	corp	corp	PROPN
cblr-1214	530	46	.	.	PROPN
cblr-1214	530	47	l.	l.	PROPN
cblr-1214	530	48	533	533	NUM
cblr-1214	530	49	,	,	PUNCT
cblr-1214	530	50	540	540	NUM
cblr-1214	530	51	(	(	PUNCT
cblr-1214	530	52	2013	2013	NUM
cblr-1214	530	53	)	)	PUNCT
cblr-1214	530	54	.	.	PUNCT
cblr-1214	531	1	163	163	NUM
cblr-1214	531	2	jonathan	jonathan	PROPN
cblr-1214	531	3	b.	b.	PROPN
cblr-1214	531	4	baker	baker	PROPN
cblr-1214	531	5	&	&	CCONJ
cblr-1214	531	6	steven	steven	PROPN
cblr-1214	531	7	c.	c.	PROPN
cblr-1214	531	8	salop	salop	PROPN
cblr-1214	531	9	,	,	PUNCT
cblr-1214	531	10	antitrust	antitrust	ADJ
cblr-1214	531	11	,	,	PUNCT
cblr-1214	531	12	competition	competition	NOUN
cblr-1214	531	13	policy	policy	NOUN
cblr-1214	531	14	,	,	PUNCT
cblr-1214	531	15	and	and	CCONJ
cblr-1214	531	16	inequality	inequality	NOUN
cblr-1214	531	17	,	,	PUNCT
cblr-1214	531	18	104	104	NUM
cblr-1214	531	19	geo	geo	PROPN
cblr-1214	531	20	.	.	PUNCT
cblr-1214	531	21	l.j	l.j	PROPN
cblr-1214	531	22	.	.	PROPN
cblr-1214	531	23	1	1	NUM
cblr-1214	531	24	,	,	PUNCT
cblr-1214	531	25	17	17	NUM
cblr-1214	531	26	(	(	PUNCT
cblr-1214	531	27	2015	2015	NUM
cblr-1214	531	28	)	)	PUNCT
cblr-1214	531	29	.	.	PUNCT
cblr-1214	532	1	164	164	NUM
cblr-1214	533	1	i	i	PROPN
cblr-1214	533	2	d.	d.	PROPN
cblr-1214	533	3	165	165	NUM
cblr-1214	533	4	khan	khan	PROPN
cblr-1214	533	5	&	&	CCONJ
cblr-1214	533	6	vaheesan	vaheesan	PROPN
cblr-1214	533	7	,	,	PUNCT
cblr-1214	533	8	supra	supra	PROPN
cblr-1214	533	9	note	note	NOUN
cblr-1214	533	10	70	70	NUM
cblr-1214	533	11	,	,	PUNCT
cblr-1214	533	12	at	at	ADP
cblr-1214	533	13	236	236	NUM
cblr-1214	533	14	.	.	PUNCT
cblr-1214	534	1	griffin_final	griffin_final	ADJ
cblr-1214	534	2	110	110	NUM
cblr-1214	534	3	columbia	columbia	PROPN
cblr-1214	534	4	business	business	NOUN
cblr-1214	534	5	law	law	PROPN
cblr-1214	534	6	review	review	NOUN
cblr-1214	534	7	[	[	X
cblr-1214	534	8	vol	vol	NOUN
cblr-1214	534	9	.	.	PUNCT
cblr-1214	534	10	2018	2018	NUM
cblr-1214	535	1	v.	v.	ADP
cblr-1214	535	2	examining	examine	VERB
cblr-1214	535	3	the	the	DET
cblr-1214	535	4	implications	implication	NOUN
cblr-1214	535	5	of	of	ADP
cblr-1214	535	6	economic	economic	ADJ
cblr-1214	535	7	data	datum	NOUN
cblr-1214	535	8	the	the	DET
cblr-1214	535	9	above	above	ADJ
cblr-1214	535	10	data	datum	NOUN
cblr-1214	535	11	on	on	ADP
cblr-1214	535	12	the	the	DET
cblr-1214	535	13	source	source	NOUN
cblr-1214	535	14	of	of	ADP
cblr-1214	535	15	gains	gain	NOUN
cblr-1214	535	16	from	from	ADP
cblr-1214	535	17	m&a	m&a	PROPN
cblr-1214	535	18	activity	activity	NOUN
cblr-1214	535	19	reveals	reveal	VERB
cblr-1214	535	20	theoretical	theoretical	ADJ
cblr-1214	535	21	problems	problem	NOUN
cblr-1214	535	22	for	for	ADP
cblr-1214	535	23	the	the	DET
cblr-1214	535	24	shareholder	shareholder	NOUN
cblr-1214	535	25	wealth	wealth	NOUN
cblr-1214	535	26	maximization	maximization	NOUN
cblr-1214	535	27	norm	norm	NOUN
cblr-1214	535	28	and	and	CCONJ
cblr-1214	535	29	its	its	PRON
cblr-1214	535	30	corollary	corollary	ADJ
cblr-1214	535	31	assumptions	assumption	NOUN
cblr-1214	535	32	.	.	PUNCT
cblr-1214	536	1	in	in	ADP
cblr-1214	536	2	particular	particular	ADJ
cblr-1214	536	3	,	,	PUNCT
cblr-1214	536	4	the	the	DET
cblr-1214	536	5	fact	fact	NOUN
cblr-1214	536	6	that	that	SCONJ
cblr-1214	536	7	mergers	merger	NOUN
cblr-1214	536	8	increase	increase	VERB
cblr-1214	536	9	share	share	NOUN
cblr-1214	536	10	prices	price	NOUN
cblr-1214	536	11	at	at	ADP
cblr-1214	536	12	the	the	DET
cblr-1214	536	13	expense	expense	NOUN
cblr-1214	536	14	of	of	ADP
cblr-1214	536	15	consumers	consumer	NOUN
cblr-1214	536	16	implies	imply	VERB
cblr-1214	536	17	that	that	SCONJ
cblr-1214	536	18	wealthy	wealthy	ADJ
cblr-1214	536	19	stockholders	stockholder	NOUN
cblr-1214	536	20	have	have	VERB
cblr-1214	536	21	divergent	divergent	ADJ
cblr-1214	536	22	interests	interest	NOUN
cblr-1214	536	23	from	from	ADP
cblr-1214	536	24	middle	middle	ADJ
cblr-1214	536	25	class	class	NOUN
cblr-1214	536	26	,	,	PUNCT
cblr-1214	536	27	working	working	NOUN
cblr-1214	536	28	class	class	NOUN
cblr-1214	536	29	,	,	PUNCT
cblr-1214	536	30	and	and	CCONJ
cblr-1214	536	31	poor	poor	ADJ
cblr-1214	536	32	stockholders	stockholder	NOUN
cblr-1214	536	33	.	.	PUNCT
cblr-1214	537	1	this	this	DET
cblr-1214	537	2	divergence	divergence	NOUN
cblr-1214	537	3	in	in	ADP
cblr-1214	537	4	interests	interest	NOUN
cblr-1214	537	5	calls	call	VERB
cblr-1214	537	6	into	into	ADP
cblr-1214	537	7	question	question	NOUN
cblr-1214	537	8	the	the	DET
cblr-1214	537	9	utility	utility	NOUN
cblr-1214	537	10	of	of	ADP
cblr-1214	537	11	share	share	NOUN
cblr-1214	537	12	price	price	NOUN
cblr-1214	537	13	as	as	ADP
cblr-1214	537	14	an	an	DET
cblr-1214	537	15	exclusive	exclusive	ADJ
cblr-1214	537	16	measurement	measurement	NOUN
cblr-1214	537	17	of	of	ADP
cblr-1214	537	18	financial	financial	ADJ
cblr-1214	537	19	well	well	NOUN
cblr-1214	537	20	-	-	PUNCT
cblr-1214	537	21	being	being	NOUN
cblr-1214	537	22	for	for	ADP
cblr-1214	537	23	all	all	DET
cblr-1214	537	24	shareholders	shareholder	NOUN
cblr-1214	537	25	.	.	PUNCT
cblr-1214	538	1	additionally	additionally	ADV
cblr-1214	538	2	,	,	PUNCT
cblr-1214	538	3	the	the	DET
cblr-1214	538	4	fact	fact	NOUN
cblr-1214	538	5	that	that	SCONJ
cblr-1214	538	6	mergers	merger	NOUN
cblr-1214	538	7	increase	increase	VERB
cblr-1214	538	8	share	share	NOUN
cblr-1214	538	9	prices	price	NOUN
cblr-1214	538	10	at	at	ADP
cblr-1214	538	11	the	the	DET
cblr-1214	538	12	expense	expense	NOUN
cblr-1214	538	13	of	of	ADP
cblr-1214	538	14	consumers	consumer	NOUN
cblr-1214	538	15	also	also	ADV
cblr-1214	538	16	implies	imply	VERB
cblr-1214	538	17	that	that	SCONJ
cblr-1214	538	18	stockholders	stockholder	NOUN
cblr-1214	538	19	in	in	ADP
cblr-1214	538	20	the	the	DET
cblr-1214	538	21	aggregate	aggregate	NOUN
cblr-1214	538	22	have	have	VERB
cblr-1214	538	23	different	different	ADJ
cblr-1214	538	24	interests	interest	NOUN
cblr-1214	538	25	than	than	ADP
cblr-1214	538	26	american	american	ADJ
cblr-1214	538	27	society	society	NOUN
cblr-1214	538	28	as	as	ADP
cblr-1214	538	29	a	a	DET
cblr-1214	538	30	whole	whole	NOUN
cblr-1214	538	31	.	.	PUNCT
cblr-1214	539	1	thus	thus	ADV
cblr-1214	539	2	,	,	PUNCT
cblr-1214	539	3	adherence	adherence	NOUN
cblr-1214	539	4	to	to	ADP
cblr-1214	539	5	the	the	DET
cblr-1214	539	6	shareholder	shareholder	NOUN
cblr-1214	539	7	wealth	wealth	NOUN
cblr-1214	539	8	maximization	maximization	NOUN
cblr-1214	539	9	norm	norm	NOUN
cblr-1214	539	10	in	in	ADP
cblr-1214	539	11	this	this	DET
cblr-1214	539	12	case	case	NOUN
cblr-1214	539	13	does	do	AUX
cblr-1214	539	14	not	not	PART
cblr-1214	539	15	result	result	VERB
cblr-1214	539	16	in	in	ADP
cblr-1214	539	17	societal	societal	ADJ
cblr-1214	539	18	betterment	betterment	NOUN
cblr-1214	539	19	,	,	PUNCT
cblr-1214	539	20	but	but	CCONJ
cblr-1214	539	21	rather	rather	ADV
cblr-1214	539	22	in	in	ADP
cblr-1214	539	23	social	social	ADJ
cblr-1214	539	24	harm	harm	NOUN
cblr-1214	539	25	.	.	PUNCT
cblr-1214	540	1	this	this	DET
cblr-1214	540	2	part	part	NOUN
cblr-1214	540	3	examines	examine	VERB
cblr-1214	540	4	the	the	DET
cblr-1214	540	5	traits	trait	NOUN
cblr-1214	540	6	of	of	ADP
cblr-1214	540	7	american	american	ADJ
cblr-1214	540	8	shareholders	shareholder	NOUN
cblr-1214	540	9	,	,	PUNCT
cblr-1214	540	10	the	the	DET
cblr-1214	540	11	implications	implication	NOUN
cblr-1214	540	12	of	of	ADP
cblr-1214	540	13	those	those	DET
cblr-1214	540	14	traits	trait	NOUN
cblr-1214	540	15	in	in	ADP
cblr-1214	540	16	the	the	DET
cblr-1214	540	17	context	context	NOUN
cblr-1214	540	18	of	of	ADP
cblr-1214	540	19	the	the	DET
cblr-1214	540	20	shareholder	shareholder	NOUN
cblr-1214	540	21	wealth	wealth	NOUN
cblr-1214	540	22	maximization	maximization	NOUN
cblr-1214	540	23	norm	norm	NOUN
cblr-1214	540	24	,	,	PUNCT
cblr-1214	540	25	and	and	CCONJ
cblr-1214	540	26	key	key	ADJ
cblr-1214	540	27	lessons	lesson	NOUN
cblr-1214	540	28	for	for	ADP
cblr-1214	540	29	wellmeaning	wellmeane	VERB
cblr-1214	540	30	corporate	corporate	ADJ
cblr-1214	540	31	directors	director	NOUN
cblr-1214	540	32	and	and	CCONJ
cblr-1214	540	33	corporate	corporate	ADJ
cblr-1214	540	34	law	law	NOUN
cblr-1214	540	35	scholars	scholar	NOUN
cblr-1214	540	36	.	.	PUNCT
cblr-1214	541	1	a.	a.	NOUN
cblr-1214	541	2	the	the	DET
cblr-1214	541	3	traits	trait	NOUN
cblr-1214	541	4	of	of	ADP
cblr-1214	541	5	american	american	ADJ
cblr-1214	541	6	shareholders	shareholder	NOUN
cblr-1214	541	7	it	it	PRON
cblr-1214	541	8	is	be	AUX
cblr-1214	541	9	very	very	ADV
cblr-1214	541	10	difficult	difficult	ADJ
cblr-1214	541	11	to	to	PART
cblr-1214	541	12	speak	speak	VERB
cblr-1214	541	13	of	of	ADP
cblr-1214	541	14	the	the	DET
cblr-1214	541	15	“	"	PUNCT
cblr-1214	541	16	average	average	ADJ
cblr-1214	541	17	”	"	PUNCT
cblr-1214	541	18	american	american	ADJ
cblr-1214	541	19	stockholder	stockholder	NOUN
cblr-1214	541	20	,	,	PUNCT
cblr-1214	541	21	because	because	SCONJ
cblr-1214	541	22	while	while	SCONJ
cblr-1214	541	23	roughly	roughly	ADV
cblr-1214	541	24	half	half	NOUN
cblr-1214	541	25	of	of	ADP
cblr-1214	541	26	the	the	DET
cblr-1214	541	27	population	population	NOUN
cblr-1214	541	28	owns	own	VERB
cblr-1214	541	29	some	some	DET
cblr-1214	541	30	amount	amount	NOUN
cblr-1214	541	31	of	of	ADP
cblr-1214	541	32	stock	stock	NOUN
cblr-1214	541	33	,	,	PUNCT
cblr-1214	541	34	a	a	DET
cblr-1214	541	35	very	very	ADV
cblr-1214	541	36	small	small	ADJ
cblr-1214	541	37	percentage	percentage	NOUN
cblr-1214	541	38	of	of	ADP
cblr-1214	541	39	the	the	DET
cblr-1214	541	40	population	population	NOUN
cblr-1214	541	41	owns	own	VERB
cblr-1214	541	42	a	a	DET
cblr-1214	541	43	very	very	ADV
cblr-1214	541	44	large	large	ADJ
cblr-1214	541	45	percentage	percentage	NOUN
cblr-1214	541	46	of	of	ADP
cblr-1214	541	47	total	total	ADJ
cblr-1214	541	48	stock.166	stock.166	PROPN
cblr-1214	541	49	thus	thus	ADV
cblr-1214	541	50	,	,	PUNCT
cblr-1214	541	51	the	the	DET
cblr-1214	541	52	average	average	ADJ
cblr-1214	541	53	american	american	ADJ
cblr-1214	541	54	stockholder	stockholder	NOUN
cblr-1214	541	55	,	,	PUNCT
cblr-1214	541	56	looking	look	VERB
cblr-1214	541	57	at	at	ADP
cblr-1214	541	58	the	the	DET
cblr-1214	541	59	pool	pool	NOUN
cblr-1214	541	60	of	of	ADP
cblr-1214	541	61	all	all	DET
cblr-1214	541	62	stockholders	stockholder	NOUN
cblr-1214	541	63	,	,	PUNCT
cblr-1214	541	64	varies	vary	VERB
cblr-1214	541	65	greatly	greatly	ADV
cblr-1214	541	66	from	from	ADP
cblr-1214	541	67	the	the	DET
cblr-1214	541	68	stockholder	stockholder	NOUN
cblr-1214	541	69	who	who	PRON
cblr-1214	541	70	owns	own	VERB
cblr-1214	541	71	the	the	DET
cblr-1214	541	72	average	average	ADJ
cblr-1214	541	73	stock	stock	NOUN
cblr-1214	541	74	,	,	PUNCT
cblr-1214	541	75	when	when	SCONJ
cblr-1214	541	76	looking	look	VERB
cblr-1214	541	77	at	at	ADP
cblr-1214	541	78	the	the	DET
cblr-1214	541	79	pool	pool	NOUN
cblr-1214	541	80	of	of	ADP
cblr-1214	541	81	all	all	DET
cblr-1214	541	82	stocks	stock	NOUN
cblr-1214	541	83	owned	own	VERB
cblr-1214	541	84	.	.	PUNCT
cblr-1214	542	1	indeed	indeed	ADV
cblr-1214	542	2	,	,	PUNCT
cblr-1214	542	3	the	the	DET
cblr-1214	542	4	average	average	ADJ
cblr-1214	542	5	american	american	ADJ
cblr-1214	542	6	stockholder	stockholder	NOUN
cblr-1214	542	7	tends	tend	VERB
cblr-1214	542	8	to	to	PART
cblr-1214	542	9	be	be	AUX
cblr-1214	542	10	a	a	DET
cblr-1214	542	11	middle	middle	ADJ
cblr-1214	542	12	class	class	NOUN
cblr-1214	542	13	person	person	NOUN
cblr-1214	542	14	with	with	ADP
cblr-1214	542	15	a	a	DET
cblr-1214	542	16	relatively	relatively	ADV
cblr-1214	542	17	modest	modest	ADJ
cblr-1214	542	18	income	income	NOUN
cblr-1214	542	19	,	,	PUNCT
cblr-1214	542	20	while	while	SCONJ
cblr-1214	542	21	the	the	DET
cblr-1214	542	22	average	average	ADJ
cblr-1214	542	23	american	american	ADJ
cblr-1214	542	24	stock	stock	NOUN
cblr-1214	542	25	is	be	AUX
cblr-1214	542	26	held	hold	VERB
cblr-1214	542	27	by	by	ADP
cblr-1214	542	28	a	a	DET
cblr-1214	542	29	wealthy	wealthy	ADJ
cblr-1214	542	30	person	person	NOUN
cblr-1214	542	31	with	with	ADP
cblr-1214	542	32	a	a	DET
cblr-1214	542	33	relatively	relatively	ADV
cblr-1214	542	34	large	large	ADJ
cblr-1214	542	35	income.167	income.167	ADJ
cblr-1214	542	36	166	166	NUM
cblr-1214	542	37	greenwood	greenwood	PROPN
cblr-1214	542	38	,	,	PUNCT
cblr-1214	542	39	supra	supra	PROPN
cblr-1214	542	40	note	note	PROPN
cblr-1214	542	41	24	24	NUM
cblr-1214	542	42	,	,	PUNCT
cblr-1214	542	43	at	at	ADP
cblr-1214	542	44	1035	1035	NUM
cblr-1214	542	45	.	.	PUNCT
cblr-1214	543	1	167	167	NUM
cblr-1214	543	2	see	see	VERB
cblr-1214	543	3	edward	edward	PROPN
cblr-1214	543	4	n.	n.	PROPN
cblr-1214	543	5	wolff	wolff	PROPN
cblr-1214	543	6	,	,	PUNCT
cblr-1214	543	7	who	who	PRON
cblr-1214	543	8	owns	own	VERB
cblr-1214	543	9	stock	stock	NOUN
cblr-1214	543	10	in	in	ADP
cblr-1214	543	11	american	american	ADJ
cblr-1214	543	12	corporations	corporation	NOUN
cblr-1214	543	13	?	?	PUNCT
cblr-1214	543	14	,	,	PUNCT
cblr-1214	543	15	158	158	NUM
cblr-1214	543	16	proc	proc	NOUN
cblr-1214	543	17	.	.	PUNCT
cblr-1214	544	1	am	be	AUX
cblr-1214	544	2	.	.	PUNCT
cblr-1214	544	3	phil	phil	PROPN
cblr-1214	544	4	.	.	PUNCT
cblr-1214	545	1	soc’y	soc’y	PROPN
cblr-1214	545	2	372	372	NUM
cblr-1214	545	3	,	,	PUNCT
cblr-1214	545	4	387–88	387–88	NUM
cblr-1214	545	5	(	(	PUNCT
cblr-1214	545	6	2014	2014	NUM
cblr-1214	545	7	)	)	PUNCT
cblr-1214	545	8	.	.	PUNCT
cblr-1214	546	1	griffin_final	griffin_final	ADJ
cblr-1214	546	2	no	no	NOUN
cblr-1214	546	3	.	.	PUNCT
cblr-1214	547	1	1:70	1:70	NUM
cblr-1214	547	2	]	]	PUNCT
cblr-1214	547	3	the	the	DET
cblr-1214	547	4	hidden	hidden	ADJ
cblr-1214	547	5	cost	cost	NOUN
cblr-1214	547	6	of	of	ADP
cblr-1214	547	7	m&a	m&a	PROPN
cblr-1214	547	8	111	111	NUM
cblr-1214	547	9	this	this	DET
cblr-1214	547	10	situation	situation	NOUN
cblr-1214	547	11	highlights	highlight	NOUN
cblr-1214	547	12	that	that	SCONJ
cblr-1214	547	13	american	american	PROPN
cblr-1214	547	14	stock	stock	NOUN
cblr-1214	547	15	ownership	ownership	NOUN
cblr-1214	547	16	is	be	AUX
cblr-1214	547	17	highly	highly	ADV
cblr-1214	547	18	correlated	correlate	VERB
cblr-1214	547	19	with	with	ADP
cblr-1214	547	20	economic	economic	ADJ
cblr-1214	547	21	class	class	NOUN
cblr-1214	547	22	.	.	PUNCT
cblr-1214	548	1	the	the	DET
cblr-1214	548	2	very	very	ADV
cblr-1214	548	3	wealthy	wealthy	ADJ
cblr-1214	548	4	are	be	AUX
cblr-1214	548	5	very	very	ADV
cblr-1214	548	6	likely	likely	ADJ
cblr-1214	548	7	to	to	PART
cblr-1214	548	8	own	own	VERB
cblr-1214	548	9	stock	stock	NOUN
cblr-1214	548	10	and	and	CCONJ
cblr-1214	548	11	tend	tend	VERB
cblr-1214	548	12	to	to	PART
cblr-1214	548	13	own	own	VERB
cblr-1214	548	14	a	a	DET
cblr-1214	548	15	very	very	ADV
cblr-1214	548	16	large	large	ADJ
cblr-1214	548	17	amount	amount	NOUN
cblr-1214	548	18	of	of	ADP
cblr-1214	548	19	stock	stock	NOUN
cblr-1214	548	20	.	.	PUNCT
cblr-1214	549	1	for	for	ADP
cblr-1214	549	2	example	example	NOUN
cblr-1214	549	3	,	,	PUNCT
cblr-1214	549	4	94.9	94.9	NUM
cblr-1214	549	5	%	%	NOUN
cblr-1214	549	6	of	of	ADP
cblr-1214	549	7	the	the	DET
cblr-1214	549	8	top	top	ADJ
cblr-1214	549	9	1	1	NUM
cblr-1214	549	10	%	%	NOUN
cblr-1214	549	11	owns	own	VERB
cblr-1214	549	12	stock	stock	NOUN
cblr-1214	549	13	directly	directly	ADV
cblr-1214	549	14	or	or	CCONJ
cblr-1214	549	15	indirectly	indirectly	ADV
cblr-1214	549	16	,	,	PUNCT
cblr-1214	549	17	and	and	CCONJ
cblr-1214	549	18	this	this	DET
cblr-1214	549	19	small	small	ADJ
cblr-1214	549	20	subset	subset	NOUN
cblr-1214	549	21	of	of	ADP
cblr-1214	549	22	the	the	DET
cblr-1214	549	23	population	population	NOUN
cblr-1214	549	24	owns	own	VERB
cblr-1214	549	25	35	35	NUM
cblr-1214	549	26	%	%	NOUN
cblr-1214	549	27	of	of	ADP
cblr-1214	549	28	all	all	DET
cblr-1214	549	29	individually	individually	ADV
cblr-1214	549	30	-	-	PUNCT
cblr-1214	549	31	owned	own	VERB
cblr-1214	549	32	stock.168	stock.168	NOUN
cblr-1214	549	33	members	member	NOUN
cblr-1214	549	34	of	of	ADP
cblr-1214	549	35	the	the	DET
cblr-1214	549	36	middle	middle	ADJ
cblr-1214	549	37	class	class	NOUN
cblr-1214	549	38	are	be	AUX
cblr-1214	549	39	somewhat	somewhat	ADV
cblr-1214	549	40	less	less	ADV
cblr-1214	549	41	likely	likely	ADJ
cblr-1214	549	42	to	to	PART
cblr-1214	549	43	own	own	VERB
cblr-1214	549	44	stock	stock	NOUN
cblr-1214	549	45	and	and	CCONJ
cblr-1214	549	46	tend	tend	VERB
cblr-1214	549	47	to	to	PART
cblr-1214	549	48	own	own	VERB
cblr-1214	549	49	smaller	small	ADJ
cblr-1214	549	50	amounts	amount	NOUN
cblr-1214	549	51	of	of	ADP
cblr-1214	549	52	stock	stock	NOUN
cblr-1214	549	53	.	.	PUNCT
cblr-1214	550	1	as	as	ADP
cblr-1214	550	2	an	an	DET
cblr-1214	550	3	illustration	illustration	NOUN
cblr-1214	550	4	,	,	PUNCT
cblr-1214	550	5	44.6	44.6	NUM
cblr-1214	550	6	%	%	NOUN
cblr-1214	550	7	of	of	ADP
cblr-1214	550	8	the	the	DET
cblr-1214	550	9	middle	middle	ADJ
cblr-1214	550	10	quintile	quintile	NOUN
cblr-1214	550	11	of	of	ADP
cblr-1214	550	12	americans	americans	PROPN
cblr-1214	550	13	own	own	VERB
cblr-1214	550	14	stock	stock	NOUN
cblr-1214	550	15	directly	directly	ADV
cblr-1214	550	16	or	or	CCONJ
cblr-1214	550	17	indirectly	indirectly	ADV
cblr-1214	550	18	,	,	PUNCT
cblr-1214	550	19	and	and	CCONJ
cblr-1214	550	20	this	this	DET
cblr-1214	550	21	entire	entire	ADJ
cblr-1214	550	22	quintile	quintile	NOUN
cblr-1214	550	23	only	only	ADV
cblr-1214	550	24	owns	own	VERB
cblr-1214	550	25	1.8	1.8	NUM
cblr-1214	550	26	%	%	NOUN
cblr-1214	550	27	of	of	ADP
cblr-1214	550	28	all	all	DET
cblr-1214	550	29	individually	individually	ADV
cblr-1214	550	30	-	-	PUNCT
cblr-1214	550	31	owned	own	VERB
cblr-1214	550	32	stock	stock	NOUN
cblr-1214	550	33	despite	despite	SCONJ
cblr-1214	550	34	constituting	constitute	VERB
cblr-1214	550	35	20	20	NUM
cblr-1214	550	36	%	%	NOUN
cblr-1214	550	37	of	of	ADP
cblr-1214	550	38	the	the	DET
cblr-1214	550	39	overall	overall	ADJ
cblr-1214	550	40	population.169	population.169	NOUN
cblr-1214	550	41	the	the	DET
cblr-1214	550	42	poor	poor	ADJ
cblr-1214	550	43	and	and	CCONJ
cblr-1214	550	44	working	working	NOUN
cblr-1214	550	45	class	class	NOUN
cblr-1214	550	46	are	be	AUX
cblr-1214	550	47	least	least	ADV
cblr-1214	550	48	likely	likely	ADJ
cblr-1214	550	49	to	to	PART
cblr-1214	550	50	own	own	VERB
cblr-1214	550	51	stock	stock	NOUN
cblr-1214	550	52	,	,	PUNCT
cblr-1214	550	53	and	and	CCONJ
cblr-1214	550	54	they	they	PRON
cblr-1214	550	55	tend	tend	VERB
cblr-1214	550	56	to	to	PART
cblr-1214	550	57	own	own	VERB
cblr-1214	550	58	the	the	DET
cblr-1214	550	59	smallest	small	ADJ
cblr-1214	550	60	amount	amount	NOUN
cblr-1214	550	61	of	of	ADP
cblr-1214	550	62	stock	stock	NOUN
cblr-1214	550	63	.	.	PUNCT
cblr-1214	551	1	only	only	ADV
cblr-1214	551	2	21.8	21.8	NUM
cblr-1214	551	3	%	%	NOUN
cblr-1214	551	4	of	of	ADP
cblr-1214	551	5	the	the	DET
cblr-1214	551	6	bottom	bottom	ADJ
cblr-1214	551	7	quintile	quintile	NOUN
cblr-1214	551	8	owns	own	VERB
cblr-1214	551	9	any	any	DET
cblr-1214	551	10	stock	stock	NOUN
cblr-1214	551	11	,	,	PUNCT
cblr-1214	551	12	and	and	CCONJ
cblr-1214	551	13	this	this	DET
cblr-1214	551	14	group	group	NOUN
cblr-1214	551	15	accounts	account	VERB
cblr-1214	551	16	for	for	ADP
cblr-1214	551	17	only	only	ADV
cblr-1214	551	18	0.4	0.4	NUM
cblr-1214	551	19	%	%	NOUN
cblr-1214	551	20	of	of	ADP
cblr-1214	551	21	all	all	DET
cblr-1214	551	22	individually	individually	ADV
cblr-1214	551	23	-	-	PUNCT
cblr-1214	551	24	owned	own	VERB
cblr-1214	551	25	stock.170	stock.170	NOUN
cblr-1214	551	26	in	in	ADV
cblr-1214	551	27	all	all	PRON
cblr-1214	551	28	,	,	PUNCT
cblr-1214	551	29	about	about	ADV
cblr-1214	551	30	half	half	NOUN
cblr-1214	551	31	of	of	ADP
cblr-1214	551	32	all	all	DET
cblr-1214	551	33	individually	individually	ADV
cblr-1214	551	34	-	-	PUNCT
cblr-1214	551	35	owned	own	VERB
cblr-1214	551	36	stocks	stock	NOUN
cblr-1214	551	37	in	in	ADP
cblr-1214	551	38	america	america	PROPN
cblr-1214	551	39	are	be	AUX
cblr-1214	551	40	owned	own	VERB
cblr-1214	551	41	by	by	ADP
cblr-1214	551	42	individuals	individual	NOUN
cblr-1214	551	43	making	make	VERB
cblr-1214	551	44	over	over	ADP
cblr-1214	551	45	$	$	SYM
cblr-1214	551	46	250,000	250,000	NUM
cblr-1214	551	47	per	per	ADP
cblr-1214	551	48	year	year	NOUN
cblr-1214	551	49	,	,	PUNCT
cblr-1214	551	50	while	while	SCONJ
cblr-1214	551	51	half	half	NOUN
cblr-1214	551	52	of	of	ADP
cblr-1214	551	53	all	all	DET
cblr-1214	551	54	individually	individually	ADV
cblr-1214	551	55	-	-	PUNCT
cblr-1214	551	56	owned	own	VERB
cblr-1214	551	57	stocks	stock	NOUN
cblr-1214	551	58	are	be	AUX
cblr-1214	551	59	owned	own	VERB
cblr-1214	551	60	by	by	ADP
cblr-1214	551	61	individuals	individual	NOUN
cblr-1214	551	62	making	make	VERB
cblr-1214	551	63	less	less	ADJ
cblr-1214	551	64	than	than	ADP
cblr-1214	551	65	$	$	SYM
cblr-1214	551	66	250,000	250,000	NUM
cblr-1214	551	67	per	per	ADP
cblr-1214	551	68	year.171	year.171	PRON
cblr-1214	551	69	importantly	importantly	ADV
cblr-1214	551	70	,	,	PUNCT
cblr-1214	551	71	wealthy	wealthy	ADJ
cblr-1214	551	72	stockholders	stockholder	NOUN
cblr-1214	551	73	with	with	ADP
cblr-1214	551	74	large	large	ADJ
cblr-1214	551	75	portfolios	portfolio	NOUN
cblr-1214	551	76	tend	tend	VERB
cblr-1214	551	77	to	to	PART
cblr-1214	551	78	have	have	VERB
cblr-1214	551	79	different	different	ADJ
cblr-1214	551	80	financial	financial	ADJ
cblr-1214	551	81	concerns	concern	NOUN
cblr-1214	551	82	than	than	ADP
cblr-1214	551	83	middle	middle	ADJ
cblr-1214	551	84	class	class	NOUN
cblr-1214	551	85	or	or	CCONJ
cblr-1214	551	86	poor	poor	ADJ
cblr-1214	551	87	stockholders	stockholder	NOUN
cblr-1214	551	88	with	with	ADP
cblr-1214	551	89	more	more	ADV
cblr-1214	551	90	modest	modest	ADJ
cblr-1214	551	91	portfolios	portfolio	NOUN
cblr-1214	551	92	.	.	PUNCT
cblr-1214	552	1	indeed	indeed	ADV
cblr-1214	552	2	,	,	PUNCT
cblr-1214	552	3	earnings	earning	NOUN
cblr-1214	552	4	from	from	ADP
cblr-1214	552	5	stocks	stock	NOUN
cblr-1214	552	6	matter	matter	VERB
cblr-1214	552	7	far	far	ADV
cblr-1214	552	8	more	more	ADV
cblr-1214	552	9	to	to	ADP
cblr-1214	552	10	the	the	DET
cblr-1214	552	11	financial	financial	ADJ
cblr-1214	552	12	bottom	bottom	ADJ
cblr-1214	552	13	line	line	NOUN
cblr-1214	552	14	of	of	ADP
cblr-1214	552	15	the	the	DET
cblr-1214	552	16	wealthy	wealthy	ADJ
cblr-1214	552	17	than	than	SCONJ
cblr-1214	552	18	they	they	PRON
cblr-1214	552	19	do	do	AUX
cblr-1214	552	20	for	for	ADP
cblr-1214	552	21	the	the	DET
cblr-1214	552	22	middle	middle	ADJ
cblr-1214	552	23	class	class	NOUN
cblr-1214	552	24	and	and	CCONJ
cblr-1214	552	25	the	the	DET
cblr-1214	552	26	poor	poor	ADJ
cblr-1214	552	27	.	.	PUNCT
cblr-1214	553	1	investment	investment	NOUN
cblr-1214	553	2	earnings	earning	NOUN
cblr-1214	553	3	and	and	CCONJ
cblr-1214	553	4	retirement	retirement	NOUN
cblr-1214	553	5	funds	fund	NOUN
cblr-1214	553	6	provide	provide	VERB
cblr-1214	553	7	the	the	DET
cblr-1214	553	8	top	top	ADJ
cblr-1214	553	9	1	1	NUM
cblr-1214	553	10	%	%	NOUN
cblr-1214	553	11	with	with	ADP
cblr-1214	553	12	30	30	NUM
cblr-1214	553	13	%	%	NOUN
cblr-1214	553	14	of	of	ADP
cblr-1214	553	15	their	their	PRON
cblr-1214	553	16	annual	annual	ADJ
cblr-1214	553	17	income	income	NOUN
cblr-1214	553	18	,	,	PUNCT
cblr-1214	553	19	while	while	SCONJ
cblr-1214	553	20	these	these	DET
cblr-1214	553	21	income	income	NOUN
cblr-1214	553	22	sources	source	NOUN
cblr-1214	553	23	provide	provide	VERB
cblr-1214	553	24	only	only	ADV
cblr-1214	553	25	13	13	NUM
cblr-1214	553	26	%	%	NOUN
cblr-1214	553	27	of	of	ADP
cblr-1214	553	28	the	the	DET
cblr-1214	553	29	middle	middle	PROPN
cblr-1214	553	30	quintile	quintile	NOUN
cblr-1214	553	31	’s	’s	PART
cblr-1214	553	32	annual	annual	ADJ
cblr-1214	553	33	income	income	NOUN
cblr-1214	553	34	and	and	CCONJ
cblr-1214	553	35	just	just	ADV
cblr-1214	553	36	5	5	NUM
cblr-1214	553	37	%	%	NOUN
cblr-1214	553	38	of	of	ADP
cblr-1214	553	39	the	the	DET
cblr-1214	553	40	bottom	bottom	ADJ
cblr-1214	553	41	quintile	quintile	NOUN
cblr-1214	553	42	’s	’s	PART
cblr-1214	553	43	annual	annual	ADJ
cblr-1214	553	44	income.172	income.172	NOUN
cblr-1214	553	45	168	168	NUM
cblr-1214	553	46	this	this	DET
cblr-1214	553	47	data	datum	NOUN
cblr-1214	553	48	includes	include	VERB
cblr-1214	553	49	direct	direct	ADJ
cblr-1214	553	50	ownership	ownership	NOUN
cblr-1214	553	51	of	of	ADP
cblr-1214	553	52	stock	stock	NOUN
cblr-1214	553	53	shares	share	NOUN
cblr-1214	553	54	as	as	ADV
cblr-1214	553	55	well	well	ADV
cblr-1214	553	56	as	as	ADP
cblr-1214	553	57	indirect	indirect	ADJ
cblr-1214	553	58	ownership	ownership	NOUN
cblr-1214	553	59	through	through	ADP
cblr-1214	553	60	mutual	mutual	ADJ
cblr-1214	553	61	funds	fund	NOUN
cblr-1214	553	62	,	,	PUNCT
cblr-1214	553	63	trusts	trust	NOUN
cblr-1214	553	64	,	,	PUNCT
cblr-1214	553	65	iras	ira	NOUN
cblr-1214	553	66	,	,	PUNCT
cblr-1214	553	67	keogh	keogh	PROPN
cblr-1214	553	68	plans	plan	NOUN
cblr-1214	553	69	,	,	PUNCT
cblr-1214	553	70	401(k	401(k	NOUN
cblr-1214	553	71	)	)	PUNCT
cblr-1214	553	72	plans	plan	NOUN
cblr-1214	553	73	,	,	PUNCT
cblr-1214	553	74	and	and	CCONJ
cblr-1214	553	75	other	other	ADJ
cblr-1214	553	76	retirement	retirement	NOUN
cblr-1214	553	77	accounts	account	NOUN
cblr-1214	553	78	.	.	PUNCT
cblr-1214	554	1	i	i	PRON
cblr-1214	554	2	d.	d.	PROPN
cblr-1214	554	3	at	at	ADP
cblr-1214	554	4	387	387	NUM
cblr-1214	554	5	.	.	NOUN
cblr-1214	554	6	169	169	NUM
cblr-1214	555	1	i	i	PRON
cblr-1214	555	2	d.	d.	PROPN
cblr-1214	555	3	170	170	NUM
cblr-1214	556	1	i	i	PRON
cblr-1214	556	2	d.	d.	PROPN
cblr-1214	556	3	171	171	NUM
cblr-1214	557	1	i	i	PRON
cblr-1214	557	2	d.	d.	PROPN
cblr-1214	557	3	at	at	ADP
cblr-1214	557	4	388	388	NUM
cblr-1214	557	5	.	.	PUNCT
cblr-1214	558	1	172	172	NUM
cblr-1214	558	2	joseph	joseph	PROPN
cblr-1214	558	3	rosenberg	rosenberg	PROPN
cblr-1214	558	4	,	,	PUNCT
cblr-1214	558	5	tax	tax	NOUN
cblr-1214	558	6	policy	policy	NOUN
cblr-1214	558	7	ctr	ctr	PROPN
cblr-1214	558	8	.	.	PROPN
cblr-1214	558	9	,	,	PUNCT
cblr-1214	558	10	urban	urban	ADJ
cblr-1214	558	11	inst	inst	PROPN
cblr-1214	558	12	.	.	PROPN
cblr-1214	558	13	&	&	CCONJ
cblr-1214	558	14	brookings	brookings	PROPN
cblr-1214	558	15	inst	inst	PROPN
cblr-1214	558	16	.	.	PUNCT
cblr-1214	558	17	measuring	measure	VERB
cblr-1214	558	18	income	income	NOUN
cblr-1214	558	19	for	for	ADP
cblr-1214	558	20	distributional	distributional	ADJ
cblr-1214	558	21	analysis	analysis	NOUN
cblr-1214	558	22	5	5	NUM
cblr-1214	558	23	(	(	PUNCT
cblr-1214	558	24	2013	2013	NUM
cblr-1214	558	25	)	)	PUNCT
cblr-1214	558	26	,	,	PUNCT
cblr-1214	558	27	http://www.taxpolicycenter.org/sites/default/files/alfresco/publicationpdfs/412871-measuring-income-for-distributional-analysis.pdf	http://www.taxpolicycenter.org/sites/default/files/alfresco/publicationpdfs/412871-measuring-income-for-distributional-analysis.pdf	PROPN
cblr-1214	559	1	[	[	X
cblr-1214	559	2	perma.cc/r76p-rcpv	perma.cc/r76p-rcpv	X
cblr-1214	559	3	]	]	PUNCT
cblr-1214	559	4	.	.	PUNCT
cblr-1214	560	1	griffin_final	griffin_final	ADJ
cblr-1214	560	2	112	112	NUM
cblr-1214	560	3	columbia	columbia	PROPN
cblr-1214	560	4	business	business	NOUN
cblr-1214	560	5	law	law	NOUN
cblr-1214	560	6	review	review	NOUN
cblr-1214	560	7	[	[	X
cblr-1214	560	8	vol	vol	NOUN
cblr-1214	560	9	.	.	PUNCT
cblr-1214	560	10	2018	2018	NUM
cblr-1214	560	11	additionally	additionally	ADV
cblr-1214	560	12	,	,	PUNCT
cblr-1214	560	13	the	the	DET
cblr-1214	560	14	rich	rich	ADJ
cblr-1214	560	15	tend	tend	VERB
cblr-1214	560	16	to	to	PART
cblr-1214	560	17	invest	invest	VERB
cblr-1214	560	18	far	far	ADV
cblr-1214	560	19	more	more	ADJ
cblr-1214	560	20	than	than	SCONJ
cblr-1214	560	21	they	they	PRON
cblr-1214	560	22	spend	spend	VERB
cblr-1214	560	23	,	,	PUNCT
cblr-1214	560	24	since	since	SCONJ
cblr-1214	560	25	they	they	PRON
cblr-1214	560	26	have	have	VERB
cblr-1214	560	27	the	the	DET
cblr-1214	560	28	discretionary	discretionary	ADJ
cblr-1214	560	29	income	income	NOUN
cblr-1214	560	30	to	to	PART
cblr-1214	560	31	do	do	VERB
cblr-1214	560	32	so.173	so.173	VERB
cblr-1214	560	33	in	in	ADP
cblr-1214	560	34	contrast	contrast	NOUN
cblr-1214	560	35	,	,	PUNCT
cblr-1214	560	36	the	the	DET
cblr-1214	560	37	poor	poor	ADJ
cblr-1214	560	38	tend	tend	VERB
cblr-1214	560	39	to	to	PART
cblr-1214	560	40	spend	spend	VERB
cblr-1214	560	41	far	far	ADV
cblr-1214	560	42	more	more	ADJ
cblr-1214	560	43	than	than	SCONJ
cblr-1214	560	44	they	they	PRON
cblr-1214	560	45	invest	invest	VERB
cblr-1214	560	46	,	,	PUNCT
cblr-1214	560	47	with	with	ADP
cblr-1214	560	48	the	the	DET
cblr-1214	560	49	very	very	ADV
cblr-1214	560	50	poor	poor	ADJ
cblr-1214	560	51	spending	spending	NOUN
cblr-1214	560	52	roughly	roughly	ADV
cblr-1214	560	53	eight	eight	NUM
cblr-1214	560	54	times	time	NOUN
cblr-1214	560	55	as	as	ADV
cblr-1214	560	56	much	much	ADV
cblr-1214	560	57	as	as	SCONJ
cblr-1214	560	58	they	they	PRON
cblr-1214	560	59	invest.174	invest.174	VERB
cblr-1214	560	60	relatedly	relatedly	ADV
cblr-1214	560	61	,	,	PUNCT
cblr-1214	560	62	different	different	ADJ
cblr-1214	560	63	wealth	wealth	NOUN
cblr-1214	560	64	classes	class	NOUN
cblr-1214	560	65	also	also	ADV
cblr-1214	560	66	have	have	VERB
cblr-1214	560	67	vastly	vastly	ADV
cblr-1214	560	68	different	different	ADJ
cblr-1214	560	69	marginal	marginal	ADJ
cblr-1214	560	70	propensities	propensity	NOUN
cblr-1214	560	71	to	to	PART
cblr-1214	560	72	consume	consume	VERB
cblr-1214	560	73	—	—	PUNCT
cblr-1214	560	74	a	a	DET
cblr-1214	560	75	measurement	measurement	NOUN
cblr-1214	560	76	which	which	PRON
cblr-1214	560	77	reflects	reflect	VERB
cblr-1214	560	78	the	the	DET
cblr-1214	560	79	relative	relative	ADJ
cblr-1214	560	80	importance	importance	NOUN
cblr-1214	560	81	of	of	ADP
cblr-1214	560	82	consumer	consumer	NOUN
cblr-1214	560	83	goods	good	NOUN
cblr-1214	560	84	prices	price	NOUN
cblr-1214	560	85	to	to	ADP
cblr-1214	560	86	each	each	DET
cblr-1214	560	87	income	income	NOUN
cblr-1214	560	88	level	level	NOUN
cblr-1214	560	89	.	.	PUNCT
cblr-1214	561	1	the	the	DET
cblr-1214	561	2	top	top	ADJ
cblr-1214	561	3	1	1	NUM
cblr-1214	561	4	%	%	NOUN
cblr-1214	561	5	spend	spend	VERB
cblr-1214	561	6	about	about	ADV
cblr-1214	561	7	5	5	NUM
cblr-1214	561	8	cents	cent	NOUN
cblr-1214	561	9	for	for	ADP
cblr-1214	561	10	each	each	DET
cblr-1214	561	11	additional	additional	ADJ
cblr-1214	561	12	dollar	dollar	NOUN
cblr-1214	561	13	brought	bring	VERB
cblr-1214	561	14	in	in	ADP
cblr-1214	561	15	,	,	PUNCT
cblr-1214	561	16	while	while	SCONJ
cblr-1214	561	17	the	the	DET
cblr-1214	561	18	middle	middle	ADJ
cblr-1214	561	19	quintile	quintile	NOUN
cblr-1214	561	20	spends	spend	VERB
cblr-1214	561	21	19	19	NUM
cblr-1214	561	22	cents	cent	NOUN
cblr-1214	561	23	for	for	ADP
cblr-1214	561	24	each	each	DET
cblr-1214	561	25	additional	additional	ADJ
cblr-1214	561	26	dollar	dollar	NOUN
cblr-1214	561	27	,	,	PUNCT
cblr-1214	561	28	and	and	CCONJ
cblr-1214	561	29	the	the	DET
cblr-1214	561	30	bottom	bottom	ADJ
cblr-1214	561	31	quintile	quintile	NOUN
cblr-1214	561	32	spends	spend	VERB
cblr-1214	561	33	48	48	NUM
cblr-1214	561	34	cents	cent	NOUN
cblr-1214	561	35	for	for	ADP
cblr-1214	561	36	each	each	DET
cblr-1214	561	37	additional	additional	ADJ
cblr-1214	561	38	dollar.175	dollar.175	NOUN
cblr-1214	561	39	these	these	DET
cblr-1214	561	40	facts	fact	NOUN
cblr-1214	561	41	reveal	reveal	VERB
cblr-1214	561	42	three	three	NUM
cblr-1214	561	43	different	different	ADJ
cblr-1214	561	44	classes	class	NOUN
cblr-1214	561	45	of	of	ADP
cblr-1214	561	46	americans	americans	PROPN
cblr-1214	561	47	.	.	PUNCT
cblr-1214	562	1	the	the	DET
cblr-1214	562	2	first	first	ADJ
cblr-1214	562	3	class	class	NOUN
cblr-1214	562	4	consists	consist	VERB
cblr-1214	562	5	of	of	ADP
cblr-1214	562	6	a	a	DET
cblr-1214	562	7	few	few	ADJ
cblr-1214	562	8	exceedingly	exceedingly	ADV
cblr-1214	562	9	wealthy	wealthy	ADJ
cblr-1214	562	10	shareholders	shareholder	NOUN
cblr-1214	562	11	,	,	PUNCT
cblr-1214	562	12	who	who	PRON
cblr-1214	562	13	are	be	AUX
cblr-1214	562	14	not	not	PART
cblr-1214	562	15	very	very	ADV
cblr-1214	562	16	different	different	ADJ
cblr-1214	562	17	in	in	ADP
cblr-1214	562	18	their	their	PRON
cblr-1214	562	19	financial	financial	ADJ
cblr-1214	562	20	interests	interest	NOUN
cblr-1214	562	21	from	from	ADP
cblr-1214	562	22	the	the	DET
cblr-1214	562	23	fictionalized	fictionalize	VERB
cblr-1214	562	24	caricature	caricature	NOUN
cblr-1214	562	25	of	of	ADP
cblr-1214	562	26	a	a	DET
cblr-1214	562	27	shareholder.176	shareholder.176	NOUN
cblr-1214	562	28	these	these	DET
cblr-1214	562	29	individuals	individual	NOUN
cblr-1214	562	30	own	own	VERB
cblr-1214	562	31	a	a	DET
cblr-1214	562	32	hefty	hefty	ADJ
cblr-1214	562	33	amount	amount	NOUN
cblr-1214	562	34	of	of	ADP
cblr-1214	562	35	stock	stock	NOUN
cblr-1214	562	36	,	,	PUNCT
cblr-1214	562	37	earn	earn	VERB
cblr-1214	562	38	a	a	DET
cblr-1214	562	39	substantial	substantial	ADJ
cblr-1214	562	40	sum	sum	NOUN
cblr-1214	562	41	from	from	ADP
cblr-1214	562	42	these	these	DET
cblr-1214	562	43	stockholdings	stockholding	NOUN
cblr-1214	562	44	,	,	PUNCT
cblr-1214	562	45	and	and	CCONJ
cblr-1214	562	46	are	be	AUX
cblr-1214	562	47	more	more	ADV
cblr-1214	562	48	or	or	CCONJ
cblr-1214	562	49	less	less	ADV
cblr-1214	562	50	unaffected	unaffected	ADJ
cblr-1214	562	51	by	by	ADP
cblr-1214	562	52	price	price	NOUN
cblr-1214	562	53	fluctuations	fluctuation	NOUN
cblr-1214	562	54	in	in	ADP
cblr-1214	562	55	the	the	DET
cblr-1214	562	56	consumer	consumer	NOUN
cblr-1214	562	57	goods	good	NOUN
cblr-1214	562	58	market.177	market.177	PROPN
cblr-1214	562	59	this	this	DET
cblr-1214	562	60	group	group	NOUN
cblr-1214	562	61	of	of	ADP
cblr-1214	562	62	americans	americans	PROPN
cblr-1214	562	63	cares	care	VERB
cblr-1214	562	64	very	very	ADV
cblr-1214	562	65	much	much	ADV
cblr-1214	562	66	about	about	ADP
cblr-1214	562	67	stock	stock	NOUN
cblr-1214	562	68	performance	performance	NOUN
cblr-1214	562	69	,	,	PUNCT
cblr-1214	562	70	at	at	ADP
cblr-1214	562	71	least	least	ADJ
cblr-1214	562	72	from	from	ADP
cblr-1214	562	73	a	a	DET
cblr-1214	562	74	financial	financial	ADJ
cblr-1214	562	75	perspective	perspective	NOUN
cblr-1214	562	76	,	,	PUNCT
cblr-1214	562	77	and	and	CCONJ
cblr-1214	562	78	likely	likely	ADJ
cblr-1214	562	79	benefits	benefit	NOUN
cblr-1214	562	80	from	from	ADP
cblr-1214	562	81	m&a	m&a	PROPN
cblr-1214	562	82	activity	activity	NOUN
cblr-1214	562	83	that	that	PRON
cblr-1214	562	84	yields	yield	VERB
cblr-1214	562	85	both	both	CCONJ
cblr-1214	562	86	increased	increase	VERB
cblr-1214	562	87	stock	stock	NOUN
cblr-1214	562	88	prices	price	NOUN
cblr-1214	562	89	and	and	CCONJ
cblr-1214	562	90	increased	increase	VERB
cblr-1214	562	91	consumer	consumer	NOUN
cblr-1214	562	92	goods	good	NOUN
cblr-1214	562	93	prices	price	NOUN
cblr-1214	562	94	.	.	PUNCT
cblr-1214	563	1	a	a	DET
cblr-1214	563	2	second	second	ADJ
cblr-1214	563	3	class	class	NOUN
cblr-1214	563	4	of	of	ADP
cblr-1214	563	5	americans	americans	PROPN
cblr-1214	563	6	consists	consist	VERB
cblr-1214	563	7	of	of	ADP
cblr-1214	563	8	all	all	DET
cblr-1214	563	9	other	other	ADJ
cblr-1214	563	10	shareholders	shareholder	NOUN
cblr-1214	563	11	.	.	PUNCT
cblr-1214	564	1	this	this	DET
cblr-1214	564	2	group	group	NOUN
cblr-1214	564	3	of	of	ADP
cblr-1214	564	4	individuals	individual	NOUN
cblr-1214	564	5	tends	tend	VERB
cblr-1214	564	6	to	to	PART
cblr-1214	564	7	own	own	VERB
cblr-1214	564	8	modest	modest	ADJ
cblr-1214	564	9	amounts	amount	NOUN
cblr-1214	564	10	of	of	ADP
cblr-1214	564	11	stock	stock	NOUN
cblr-1214	564	12	that	that	PRON
cblr-1214	564	13	provide	provide	VERB
cblr-1214	564	14	relatively	relatively	ADV
cblr-1214	564	15	little	little	ADJ
cblr-1214	564	16	income	income	NOUN
cblr-1214	564	17	.	.	PUNCT
cblr-1214	565	1	this	this	DET
cblr-1214	565	2	group	group	NOUN
cblr-1214	565	3	spends	spend	VERB
cblr-1214	565	4	more	more	ADJ
cblr-1214	565	5	on	on	ADP
cblr-1214	565	6	consumer	consumer	NOUN
cblr-1214	565	7	goods	good	NOUN
cblr-1214	565	8	and	and	CCONJ
cblr-1214	565	9	is	be	AUX
cblr-1214	565	10	far	far	ADV
cblr-1214	565	11	more	more	ADV
cblr-1214	565	12	vulnerable	vulnerable	ADJ
cblr-1214	565	13	to	to	ADP
cblr-1214	565	14	fluctuations	fluctuation	NOUN
cblr-1214	565	15	in	in	ADP
cblr-1214	565	16	the	the	DET
cblr-1214	565	17	price	price	NOUN
cblr-1214	565	18	of	of	ADP
cblr-1214	565	19	consumer	consumer	NOUN
cblr-1214	565	20	goods.178	goods.178	NOUN
cblr-1214	565	21	thus	thus	ADV
cblr-1214	565	22	,	,	PUNCT
cblr-1214	565	23	m&a	m&a	PROPN
cblr-1214	565	24	activity	activity	NOUN
cblr-1214	565	25	that	that	PRON
cblr-1214	565	26	boosts	boost	VERB
cblr-1214	565	27	share	share	NOUN
cblr-1214	565	28	prices	price	NOUN
cblr-1214	565	29	while	while	SCONJ
cblr-1214	565	30	inflating	inflate	VERB
cblr-1214	565	31	consumer	consumer	NOUN
cblr-1214	565	32	goods	good	NOUN
cblr-1214	565	33	prices	price	NOUN
cblr-1214	565	34	likely	likely	ADV
cblr-1214	565	35	harms	harm	VERB
cblr-1214	565	36	this	this	DET
cblr-1214	565	37	subset	subset	NOUN
cblr-1214	565	38	of	of	ADP
cblr-1214	565	39	173	173	NUM
cblr-1214	565	40	max	max	PROPN
cblr-1214	565	41	ehrenfreund	ehrenfreund	NOUN
cblr-1214	565	42	,	,	PUNCT
cblr-1214	565	43	where	where	SCONJ
cblr-1214	565	44	the	the	DET
cblr-1214	565	45	poor	poor	ADJ
cblr-1214	565	46	and	and	CCONJ
cblr-1214	565	47	rich	rich	ADJ
cblr-1214	565	48	really	really	ADV
cblr-1214	565	49	spend	spend	VERB
cblr-1214	565	50	their	their	PRON
cblr-1214	565	51	money	money	NOUN
cblr-1214	565	52	,	,	PUNCT
cblr-1214	565	53	wash	wash	NOUN
cblr-1214	565	54	.	.	PUNCT
cblr-1214	566	1	post	post	ADJ
cblr-1214	566	2	:	:	PUNCT
cblr-1214	566	3	wonkblog	wonkblog	ADJ
cblr-1214	566	4	(	(	PUNCT
cblr-1214	566	5	apr	apr	PROPN
cblr-1214	566	6	.	.	PROPN
cblr-1214	566	7	14	14	NUM
cblr-1214	566	8	,	,	PUNCT
cblr-1214	566	9	2015	2015	NUM
cblr-1214	566	10	)	)	PUNCT
cblr-1214	566	11	,	,	PUNCT
cblr-1214	567	1	https://www.washingtonpost.com/news/wonk/wp/2015/04/14/where-the-poor-and-rich-spend-really-spend-their-money/	https://www.washingtonpost.com/news/wonk/wp/2015/04/14/where-the-poor-and-rich-spend-really-spend-their-money/	PROPN
cblr-1214	568	1	[	[	X
cblr-1214	568	2	perma.cc/hf88-g58a	perma.cc/hf88-g58a	X
cblr-1214	568	3	]	]	X
cblr-1214	568	4	.	.	PUNCT
cblr-1214	569	1	174	174	NUM
cblr-1214	570	1	i	i	PRON
cblr-1214	570	2	d.	d.	PROPN
cblr-1214	570	3	175	175	NUM
cblr-1214	570	4	christopher	christopher	PROPN
cblr-1214	570	5	carroll	carroll	PROPN
cblr-1214	570	6	et	et	PROPN
cblr-1214	570	7	al	al	PROPN
cblr-1214	570	8	.	.	PROPN
cblr-1214	570	9	,	,	PUNCT
cblr-1214	570	10	the	the	DET
cblr-1214	570	11	distribution	distribution	NOUN
cblr-1214	570	12	of	of	ADP
cblr-1214	570	13	wealth	wealth	NOUN
cblr-1214	570	14	and	and	CCONJ
cblr-1214	570	15	the	the	DET
cblr-1214	570	16	marginal	marginal	ADJ
cblr-1214	570	17	propensity	propensity	NOUN
cblr-1214	570	18	to	to	PART
cblr-1214	570	19	consume	consume	VERB
cblr-1214	570	20	,	,	PUNCT
cblr-1214	570	21	quantitative	quantitative	ADJ
cblr-1214	570	22	econ	econ	NOUN
cblr-1214	570	23	.	.	PUNCT
cblr-1214	571	1	(	(	PUNCT
cblr-1214	571	2	forthcoming	forthcoming	ADJ
cblr-1214	571	3	june	june	PROPN
cblr-1214	571	4	2017	2017	NUM
cblr-1214	571	5	)	)	PUNCT
cblr-1214	571	6	.	.	PUNCT
cblr-1214	572	1	176	176	NUM
cblr-1214	572	2	crespi	crespi	PROPN
cblr-1214	572	3	,	,	PUNCT
cblr-1214	572	4	supra	supra	PROPN
cblr-1214	572	5	note	note	NOUN
cblr-1214	572	6	24	24	NUM
cblr-1214	572	7	,	,	PUNCT
cblr-1214	572	8	at	at	ADP
cblr-1214	572	9	388–89	388–89	NOUN
cblr-1214	572	10	.	.	PUNCT
cblr-1214	572	11	177	177	NUM
cblr-1214	572	12	see	see	VERB
cblr-1214	572	13	supra	supra	PROPN
cblr-1214	572	14	notes	note	NOUN
cblr-1214	572	15	167–174	167–174	NUM
cblr-1214	572	16	and	and	CCONJ
cblr-1214	572	17	accompanying	accompany	VERB
cblr-1214	572	18	text	text	NOUN
cblr-1214	572	19	.	.	PUNCT
cblr-1214	573	1	178	178	NUM
cblr-1214	574	1	i	i	PRON
cblr-1214	574	2	d.	d.	PROPN
cblr-1214	574	3	griffin_final	griffin_final	PROPN
cblr-1214	574	4	no	no	PROPN
cblr-1214	574	5	.	.	PUNCT
cblr-1214	575	1	1:70	1:70	NUM
cblr-1214	575	2	]	]	PUNCT
cblr-1214	575	3	the	the	DET
cblr-1214	575	4	hidden	hidden	ADJ
cblr-1214	575	5	cost	cost	NOUN
cblr-1214	575	6	of	of	ADP
cblr-1214	575	7	m&a	m&a	PROPN
cblr-1214	575	8	113	113	NUM
cblr-1214	575	9	americans	americans	PROPN
cblr-1214	575	10	.	.	PUNCT
cblr-1214	576	1	a	a	DET
cblr-1214	576	2	third	third	ADJ
cblr-1214	576	3	class	class	NOUN
cblr-1214	576	4	of	of	ADP
cblr-1214	576	5	americans	americans	PROPN
cblr-1214	576	6	represents	represent	VERB
cblr-1214	576	7	the	the	DET
cblr-1214	576	8	interests	interest	NOUN
cblr-1214	576	9	of	of	ADP
cblr-1214	576	10	american	american	ADJ
cblr-1214	576	11	society	society	NOUN
cblr-1214	576	12	as	as	ADP
cblr-1214	576	13	a	a	DET
cblr-1214	576	14	whole	whole	NOUN
cblr-1214	576	15	.	.	PUNCT
cblr-1214	577	1	these	these	DET
cblr-1214	577	2	“	"	PUNCT
cblr-1214	577	3	average	average	ADJ
cblr-1214	577	4	americans	americans	PROPN
cblr-1214	577	5	”	"	PUNCT
cblr-1214	577	6	are	be	AUX
cblr-1214	577	7	more	more	ADV
cblr-1214	577	8	likely	likely	ADJ
cblr-1214	577	9	not	not	PART
cblr-1214	577	10	to	to	PART
cblr-1214	577	11	own	own	VERB
cblr-1214	577	12	any	any	DET
cblr-1214	577	13	stock	stock	NOUN
cblr-1214	577	14	than	than	SCONJ
cblr-1214	577	15	they	they	PRON
cblr-1214	577	16	are	be	AUX
cblr-1214	577	17	to	to	PART
cblr-1214	577	18	have	have	VERB
cblr-1214	577	19	even	even	ADV
cblr-1214	577	20	a	a	DET
cblr-1214	577	21	small	small	ADJ
cblr-1214	577	22	amount	amount	NOUN
cblr-1214	577	23	of	of	ADP
cblr-1214	577	24	stockholdings.179	stockholdings.179	NOUN
cblr-1214	577	25	moreover	moreover	ADV
cblr-1214	577	26	,	,	PUNCT
cblr-1214	577	27	the	the	DET
cblr-1214	577	28	“	"	PUNCT
cblr-1214	577	29	average	average	ADJ
cblr-1214	577	30	american	american	NOUN
cblr-1214	577	31	”	"	PUNCT
cblr-1214	577	32	earned	earn	VERB
cblr-1214	577	33	$	$	SYM
cblr-1214	577	34	74,664	74,664	NUM
cblr-1214	577	35	before	before	ADP
cblr-1214	577	36	taxes	taxis	NOUN
cblr-1214	577	37	and	and	CCONJ
cblr-1214	577	38	had	have	VERB
cblr-1214	577	39	$	$	SYM
cblr-1214	577	40	57,311	57,311	NUM
cblr-1214	577	41	worth	worth	NOUN
cblr-1214	577	42	of	of	ADP
cblr-1214	577	43	annual	annual	ADJ
cblr-1214	577	44	expenditures	expenditure	NOUN
cblr-1214	577	45	,	,	PUNCT
cblr-1214	577	46	leaving	leave	VERB
cblr-1214	577	47	them	they	PRON
cblr-1214	577	48	with	with	ADP
cblr-1214	577	49	very	very	ADV
cblr-1214	577	50	little	little	ADJ
cblr-1214	577	51	discretionary	discretionary	ADJ
cblr-1214	577	52	income.180	income.180	ADJ
cblr-1214	577	53	this	this	DET
cblr-1214	577	54	group	group	NOUN
cblr-1214	577	55	is	be	AUX
cblr-1214	577	56	thus	thus	ADV
cblr-1214	577	57	very	very	ADV
cblr-1214	577	58	likely	likely	ADJ
cblr-1214	577	59	to	to	PART
cblr-1214	577	60	be	be	AUX
cblr-1214	577	61	harmed	harm	VERB
cblr-1214	577	62	by	by	ADP
cblr-1214	577	63	price	price	NOUN
cblr-1214	577	64	increases	increase	NOUN
cblr-1214	577	65	and	and	CCONJ
cblr-1214	577	66	unlikely	unlikely	ADJ
cblr-1214	577	67	to	to	PART
cblr-1214	577	68	significantly	significantly	ADV
cblr-1214	577	69	benefit	benefit	VERB
cblr-1214	577	70	from	from	ADP
cblr-1214	577	71	share	share	NOUN
cblr-1214	577	72	price	price	NOUN
cblr-1214	577	73	increases.181	increases.181	ADV
cblr-1214	577	74	ultimately	ultimately	ADV
cblr-1214	577	75	,	,	PUNCT
cblr-1214	577	76	only	only	ADV
cblr-1214	577	77	the	the	DET
cblr-1214	577	78	first	first	ADJ
cblr-1214	577	79	,	,	PUNCT
cblr-1214	577	80	numerically	numerically	ADV
cblr-1214	577	81	small	small	ADJ
cblr-1214	577	82	class	class	NOUN
cblr-1214	577	83	of	of	ADP
cblr-1214	577	84	americans	americans	PROPN
cblr-1214	577	85	likely	likely	ADJ
cblr-1214	577	86	benefits	benefit	NOUN
cblr-1214	577	87	from	from	ADP
cblr-1214	577	88	m&a	m&a	PROPN
cblr-1214	577	89	activity	activity	NOUN
cblr-1214	577	90	,	,	PUNCT
cblr-1214	577	91	while	while	SCONJ
cblr-1214	577	92	the	the	DET
cblr-1214	577	93	other	other	ADJ
cblr-1214	577	94	two	two	NUM
cblr-1214	577	95	classes	class	NOUN
cblr-1214	577	96	are	be	AUX
cblr-1214	577	97	likely	likely	ADV
cblr-1214	577	98	harmed	harm	VERB
cblr-1214	577	99	.	.	PUNCT
cblr-1214	578	1	b.	b.	VERB
cblr-1214	579	1	the	the	DET
cblr-1214	579	2	implications	implication	NOUN
cblr-1214	579	3	of	of	ADP
cblr-1214	579	4	the	the	DET
cblr-1214	579	5	traits	trait	NOUN
cblr-1214	579	6	of	of	ADP
cblr-1214	579	7	american	american	ADJ
cblr-1214	579	8	shareholders	shareholder	NOUN
cblr-1214	579	9	for	for	ADP
cblr-1214	579	10	the	the	DET
cblr-1214	579	11	shareholder	shareholder	NOUN
cblr-1214	579	12	wealth	wealth	NOUN
cblr-1214	579	13	maximization	maximization	NOUN
cblr-1214	579	14	norm	norm	NOUN
cblr-1214	579	15	given	give	VERB
cblr-1214	579	16	that	that	PRON
cblr-1214	579	17	merger	merger	NOUN
cblr-1214	579	18	gains	gain	NOUN
cblr-1214	579	19	accrue	accrue	VERB
cblr-1214	579	20	,	,	PUNCT
cblr-1214	579	21	in	in	ADP
cblr-1214	579	22	the	the	DET
cblr-1214	579	23	aggregate	aggregate	NOUN
cblr-1214	579	24	,	,	PUNCT
cblr-1214	579	25	through	through	ADP
cblr-1214	579	26	price	price	NOUN
cblr-1214	579	27	increases	increase	NOUN
cblr-1214	580	1	,	,	PUNCT
cblr-1214	580	2	the	the	DET
cblr-1214	580	3	assumption	assumption	NOUN
cblr-1214	580	4	that	that	PRON
cblr-1214	580	5	shareholder	shareholder	NOUN
cblr-1214	580	6	financial	financial	ADJ
cblr-1214	580	7	benefit	benefit	NOUN
cblr-1214	580	8	can	can	AUX
cblr-1214	580	9	be	be	AUX
cblr-1214	580	10	effectively	effectively	ADV
cblr-1214	580	11	measured	measure	VERB
cblr-1214	580	12	by	by	ADP
cblr-1214	580	13	stock	stock	NOUN
cblr-1214	580	14	performance	performance	NOUN
cblr-1214	580	15	does	do	AUX
cblr-1214	580	16	not	not	PART
cblr-1214	580	17	hold	hold	VERB
cblr-1214	580	18	for	for	ADP
cblr-1214	580	19	all	all	DET
cblr-1214	580	20	stockholders	stockholder	NOUN
cblr-1214	580	21	.	.	PUNCT
cblr-1214	581	1	it	it	PRON
cblr-1214	581	2	is	be	AUX
cblr-1214	581	3	true	true	ADJ
cblr-1214	581	4	that	that	SCONJ
cblr-1214	581	5	,	,	PUNCT
cblr-1214	581	6	for	for	ADP
cblr-1214	581	7	the	the	DET
cblr-1214	581	8	very	very	ADV
cblr-1214	581	9	wealthy	wealthy	ADJ
cblr-1214	581	10	stockholder	stockholder	NOUN
cblr-1214	581	11	,	,	PUNCT
cblr-1214	581	12	stock	stock	NOUN
cblr-1214	581	13	price	price	NOUN
cblr-1214	581	14	gains	gain	NOUN
cblr-1214	581	15	likely	likely	ADV
cblr-1214	581	16	offset	offset	VERB
cblr-1214	581	17	any	any	DET
cblr-1214	581	18	price	price	NOUN
cblr-1214	581	19	increases	increase	NOUN
cblr-1214	581	20	that	that	PRON
cblr-1214	581	21	they	they	PRON
cblr-1214	581	22	must	must	AUX
cblr-1214	581	23	pay	pay	VERB
cblr-1214	581	24	for	for	ADP
cblr-1214	581	25	goods	good	NOUN
cblr-1214	581	26	,	,	PUNCT
cblr-1214	581	27	given	give	VERB
cblr-1214	581	28	that	that	SCONJ
cblr-1214	581	29	they	they	PRON
cblr-1214	581	30	tend	tend	VERB
cblr-1214	581	31	to	to	PART
cblr-1214	581	32	earn	earn	VERB
cblr-1214	581	33	substantial	substantial	ADJ
cblr-1214	581	34	sums	sum	NOUN
cblr-1214	581	35	of	of	ADP
cblr-1214	581	36	money	money	NOUN
cblr-1214	581	37	from	from	ADP
cblr-1214	581	38	stock	stock	NOUN
cblr-1214	581	39	and	and	CCONJ
cblr-1214	581	40	spend	spend	VERB
cblr-1214	581	41	a	a	DET
cblr-1214	581	42	relatively	relatively	ADV
cblr-1214	581	43	small	small	ADJ
cblr-1214	581	44	portion	portion	NOUN
cblr-1214	581	45	of	of	ADP
cblr-1214	581	46	their	their	PRON
cblr-1214	581	47	wealth	wealth	NOUN
cblr-1214	581	48	on	on	ADP
cblr-1214	581	49	consumer	consumer	NOUN
cblr-1214	581	50	goods	good	NOUN
cblr-1214	581	51	.	.	PUNCT
cblr-1214	582	1	for	for	ADP
cblr-1214	582	2	this	this	DET
cblr-1214	582	3	subset	subset	NOUN
cblr-1214	582	4	of	of	ADP
cblr-1214	582	5	stockholders	stockholder	NOUN
cblr-1214	582	6	,	,	PUNCT
cblr-1214	582	7	then	then	ADV
cblr-1214	582	8	,	,	PUNCT
cblr-1214	582	9	stock	stock	NOUN
cblr-1214	582	10	performance	performance	NOUN
cblr-1214	582	11	likely	likely	ADV
cblr-1214	582	12	does	do	AUX
cblr-1214	582	13	provide	provide	VERB
cblr-1214	582	14	a	a	DET
cblr-1214	582	15	suitable	suitable	ADJ
cblr-1214	582	16	measure	measure	NOUN
cblr-1214	582	17	of	of	ADP
cblr-1214	582	18	their	their	PRON
cblr-1214	582	19	financial	financial	ADJ
cblr-1214	582	20	well	well	NOUN
cblr-1214	582	21	-	-	PUNCT
cblr-1214	582	22	being	being	NOUN
cblr-1214	582	23	.	.	PUNCT
cblr-1214	583	1	middle	middle	ADJ
cblr-1214	583	2	class	class	NOUN
cblr-1214	583	3	and	and	CCONJ
cblr-1214	583	4	poor	poor	ADJ
cblr-1214	583	5	shareholders	shareholder	NOUN
cblr-1214	583	6	,	,	PUNCT
cblr-1214	583	7	however	however	ADV
cblr-1214	583	8	,	,	PUNCT
cblr-1214	583	9	tend	tend	VERB
cblr-1214	583	10	to	to	PART
cblr-1214	583	11	spend	spend	VERB
cblr-1214	583	12	more	more	ADJ
cblr-1214	583	13	than	than	SCONJ
cblr-1214	583	14	they	they	PRON
cblr-1214	583	15	invest	invest	VERB
cblr-1214	583	16	and	and	CCONJ
cblr-1214	583	17	to	to	PART
cblr-1214	583	18	make	make	VERB
cblr-1214	583	19	relatively	relatively	ADV
cblr-1214	583	20	little	little	ADJ
cblr-1214	583	21	from	from	ADP
cblr-1214	583	22	their	their	PRON
cblr-1214	583	23	stockholdings	stockholding	NOUN
cblr-1214	583	24	.	.	PUNCT
cblr-1214	584	1	for	for	ADP
cblr-1214	584	2	such	such	ADJ
cblr-1214	584	3	shareholders	shareholder	NOUN
cblr-1214	584	4	,	,	PUNCT
cblr-1214	584	5	the	the	DET
cblr-1214	584	6	excess	excess	ADJ
cblr-1214	584	7	costs	cost	NOUN
cblr-1214	584	8	that	that	PRON
cblr-1214	584	9	they	they	PRON
cblr-1214	584	10	must	must	AUX
cblr-1214	584	11	pay	pay	VERB
cblr-1214	584	12	for	for	ADP
cblr-1214	584	13	goods	good	NOUN
cblr-1214	584	14	and	and	CCONJ
cblr-1214	584	15	services	service	NOUN
cblr-1214	584	16	likely	likely	ADV
cblr-1214	584	17	dwarf	dwarf	VERB
cblr-1214	584	18	any	any	DET
cblr-1214	584	19	gains	gain	NOUN
cblr-1214	584	20	that	that	PRON
cblr-1214	584	21	may	may	AUX
cblr-1214	584	22	accrue	accrue	VERB
cblr-1214	584	23	to	to	ADP
cblr-1214	584	24	their	their	PRON
cblr-1214	584	25	stock	stock	NOUN
cblr-1214	584	26	portfolio	portfolio	NOUN
cblr-1214	584	27	,	,	PUNCT
cblr-1214	584	28	meaning	mean	VERB
cblr-1214	584	29	that	that	SCONJ
cblr-1214	584	30	stock	stock	NOUN
cblr-1214	584	31	performance	performance	NOUN
cblr-1214	584	32	provides	provide	VERB
cblr-1214	584	33	an	an	DET
cblr-1214	584	34	incomplete	incomplete	ADJ
cblr-1214	584	35	and	and	CCONJ
cblr-1214	584	36	misleading	misleading	ADJ
cblr-1214	584	37	view	view	NOUN
cblr-1214	584	38	of	of	ADP
cblr-1214	584	39	179	179	NUM
cblr-1214	584	40	wolff	wolff	NOUN
cblr-1214	584	41	,	,	PUNCT
cblr-1214	584	42	supra	supra	PROPN
cblr-1214	584	43	note	note	NOUN
cblr-1214	584	44	167	167	NUM
cblr-1214	584	45	,	,	PUNCT
cblr-1214	584	46	at	at	ADP
cblr-1214	584	47	388	388	NUM
cblr-1214	584	48	.	.	NOUN
cblr-1214	584	49	180	180	NUM
cblr-1214	584	50	news	news	NOUN
cblr-1214	584	51	release	release	NOUN
cblr-1214	584	52	,	,	PUNCT
cblr-1214	584	53	bureau	bureau	NOUN
cblr-1214	584	54	of	of	ADP
cblr-1214	584	55	labor	labor	PROPN
cblr-1214	584	56	statistics	statistics	PROPN
cblr-1214	584	57	,	,	PUNCT
cblr-1214	584	58	u.s	u.s	PROPN
cblr-1214	584	59	.	.	PROPN
cblr-1214	584	60	dept	dept	PROPN
cblr-1214	584	61	.	.	PROPN
cblr-1214	584	62	of	of	ADP
cblr-1214	584	63	labor	labor	NOUN
cblr-1214	584	64	,	,	PUNCT
cblr-1214	584	65	consumer	consumer	NOUN
cblr-1214	584	66	expenditures—2016	expenditures—2016	PROPN
cblr-1214	584	67	(	(	PUNCT
cblr-1214	584	68	aug	aug	PROPN
cblr-1214	584	69	.	.	PROPN
cblr-1214	584	70	29	29	NUM
cblr-1214	584	71	,	,	PUNCT
cblr-1214	584	72	2017	2017	NUM
cblr-1214	584	73	)	)	PUNCT
cblr-1214	584	74	,	,	PUNCT
cblr-1214	584	75	https://www.bls.gov/	https://www.bls.gov/	PROPN
cblr-1214	584	76	news.release/pdf/cesan.pdf	news.release/pdf/cesan.pdf	NOUN
cblr-1214	584	77	[	[	X
cblr-1214	584	78	perma.cc/q7z5-drlg	perma.cc/q7z5-drlg	X
cblr-1214	584	79	]	]	X
cblr-1214	584	80	.	.	PUNCT
cblr-1214	585	1	181	181	NUM
cblr-1214	585	2	greenwood	greenwood	PROPN
cblr-1214	585	3	,	,	PUNCT
cblr-1214	585	4	supra	supra	PROPN
cblr-1214	585	5	note	note	PROPN
cblr-1214	585	6	24	24	NUM
cblr-1214	585	7	,	,	PUNCT
cblr-1214	585	8	at	at	ADP
cblr-1214	585	9	1083	1083	NUM
cblr-1214	585	10	.	.	PUNCT
cblr-1214	586	1	griffin_final	griffin_final	ADJ
cblr-1214	586	2	114	114	NUM
cblr-1214	586	3	columbia	columbia	PROPN
cblr-1214	586	4	business	business	NOUN
cblr-1214	586	5	law	law	PROPN
cblr-1214	586	6	review	review	NOUN
cblr-1214	586	7	[	[	X
cblr-1214	586	8	vol	vol	NOUN
cblr-1214	586	9	.	.	NOUN
cblr-1214	586	10	2018	2018	NUM
cblr-1214	586	11	the	the	DET
cblr-1214	586	12	net	net	ADJ
cblr-1214	586	13	financial	financial	ADJ
cblr-1214	586	14	effect	effect	NOUN
cblr-1214	586	15	of	of	ADP
cblr-1214	586	16	m&a	m&a	PROPN
cblr-1214	586	17	activity	activity	NOUN
cblr-1214	586	18	on	on	ADP
cblr-1214	586	19	this	this	DET
cblr-1214	586	20	group	group	NOUN
cblr-1214	586	21	of	of	ADP
cblr-1214	586	22	shareholders	shareholder	NOUN
cblr-1214	586	23	.	.	PUNCT
cblr-1214	587	1	additionally	additionally	ADV
cblr-1214	587	2	,	,	PUNCT
cblr-1214	587	3	the	the	DET
cblr-1214	587	4	data	datum	NOUN
cblr-1214	587	5	demonstrating	demonstrate	VERB
cblr-1214	587	6	that	that	SCONJ
cblr-1214	587	7	merger	merger	NOUN
cblr-1214	587	8	gains	gain	NOUN
cblr-1214	587	9	derive	derive	VERB
cblr-1214	587	10	from	from	ADP
cblr-1214	587	11	price	price	NOUN
cblr-1214	587	12	increases	increase	NOUN
cblr-1214	587	13	rather	rather	ADV
cblr-1214	587	14	than	than	ADP
cblr-1214	587	15	synergy	synergy	NOUN
cblr-1214	587	16	gains	gain	NOUN
cblr-1214	587	17	also	also	ADV
cblr-1214	587	18	complicates	complicate	VERB
cblr-1214	587	19	the	the	DET
cblr-1214	587	20	assumption	assumption	NOUN
cblr-1214	587	21	that	that	SCONJ
cblr-1214	587	22	adherence	adherence	NOUN
cblr-1214	587	23	to	to	ADP
cblr-1214	587	24	the	the	DET
cblr-1214	587	25	shareholder	shareholder	NOUN
cblr-1214	587	26	wealth	wealth	NOUN
cblr-1214	587	27	maximization	maximization	NOUN
cblr-1214	587	28	norm	norm	NOUN
cblr-1214	587	29	promotes	promote	VERB
cblr-1214	587	30	social	social	ADJ
cblr-1214	587	31	welfare	welfare	NOUN
cblr-1214	587	32	.	.	PUNCT
cblr-1214	588	1	indeed	indeed	ADV
cblr-1214	588	2	,	,	PUNCT
cblr-1214	588	3	given	give	VERB
cblr-1214	588	4	that	that	SCONJ
cblr-1214	588	5	merger	merger	NOUN
cblr-1214	588	6	gains	gain	NOUN
cblr-1214	588	7	primarily	primarily	ADV
cblr-1214	588	8	come	come	VERB
cblr-1214	588	9	at	at	ADP
cblr-1214	588	10	the	the	DET
cblr-1214	588	11	expense	expense	NOUN
cblr-1214	588	12	of	of	ADP
cblr-1214	588	13	the	the	DET
cblr-1214	588	14	consumer	consumer	NOUN
cblr-1214	588	15	,	,	PUNCT
cblr-1214	588	16	improved	improve	VERB
cblr-1214	588	17	stock	stock	NOUN
cblr-1214	588	18	performance	performance	NOUN
cblr-1214	588	19	in	in	ADP
cblr-1214	588	20	this	this	DET
cblr-1214	588	21	context	context	NOUN
cblr-1214	588	22	is	be	AUX
cblr-1214	588	23	actually	actually	ADV
cblr-1214	588	24	at	at	ADP
cblr-1214	588	25	odds	odd	NOUN
cblr-1214	588	26	with	with	ADP
cblr-1214	588	27	overall	overall	ADJ
cblr-1214	588	28	social	social	ADJ
cblr-1214	588	29	welfare	welfare	NOUN
cblr-1214	588	30	.	.	PUNCT
cblr-1214	589	1	when	when	SCONJ
cblr-1214	589	2	a	a	DET
cblr-1214	589	3	merger	merger	NOUN
cblr-1214	589	4	causes	cause	VERB
cblr-1214	589	5	stocks	stock	NOUN
cblr-1214	589	6	to	to	PART
cblr-1214	589	7	do	do	VERB
cblr-1214	589	8	better	well	ADV
cblr-1214	589	9	,	,	PUNCT
cblr-1214	589	10	it	it	PRON
cblr-1214	589	11	also	also	ADV
cblr-1214	589	12	causes	cause	VERB
cblr-1214	589	13	consumers	consumer	NOUN
cblr-1214	589	14	to	to	PART
cblr-1214	589	15	do	do	VERB
cblr-1214	589	16	worse	bad	ADJ
cblr-1214	589	17	.	.	PUNCT
cblr-1214	590	1	because	because	SCONJ
cblr-1214	590	2	very	very	ADV
cblr-1214	590	3	few	few	ADJ
cblr-1214	590	4	americans	american	NOUN
cblr-1214	590	5	own	own	VERB
cblr-1214	590	6	substantial	substantial	ADJ
cblr-1214	590	7	amounts	amount	NOUN
cblr-1214	590	8	of	of	ADP
cblr-1214	590	9	stock	stock	NOUN
cblr-1214	590	10	,	,	PUNCT
cblr-1214	590	11	stock	stock	NOUN
cblr-1214	590	12	market	market	NOUN
cblr-1214	590	13	gains	gain	NOUN
cblr-1214	590	14	through	through	ADP
cblr-1214	590	15	m&a	m&a	PROPN
cblr-1214	590	16	are	be	AUX
cblr-1214	590	17	not	not	PART
cblr-1214	590	18	a	a	DET
cblr-1214	590	19	boon	boon	NOUN
cblr-1214	590	20	to	to	ADP
cblr-1214	590	21	society	society	NOUN
cblr-1214	590	22	as	as	ADP
cblr-1214	590	23	a	a	DET
cblr-1214	590	24	whole	whole	NOUN
cblr-1214	590	25	.	.	PUNCT
cblr-1214	591	1	when	when	SCONJ
cblr-1214	591	2	merger	merger	NOUN
cblr-1214	591	3	gains	gain	NOUN
cblr-1214	591	4	must	must	AUX
cblr-1214	591	5	be	be	AUX
cblr-1214	591	6	paid	pay	VERB
cblr-1214	591	7	for	for	ADP
cblr-1214	591	8	at	at	ADP
cblr-1214	591	9	the	the	DET
cblr-1214	591	10	grocery	grocery	NOUN
cblr-1214	591	11	store	store	NOUN
cblr-1214	591	12	,	,	PUNCT
cblr-1214	591	13	pharmacy	pharmacy	NOUN
cblr-1214	591	14	,	,	PUNCT
cblr-1214	591	15	or	or	CCONJ
cblr-1214	591	16	shopping	shopping	NOUN
cblr-1214	591	17	mall	mall	NOUN
cblr-1214	591	18	,	,	PUNCT
cblr-1214	591	19	they	they	PRON
cblr-1214	591	20	constitute	constitute	VERB
cblr-1214	591	21	a	a	DET
cblr-1214	591	22	net	net	ADJ
cblr-1214	591	23	harm	harm	NOUN
cblr-1214	591	24	to	to	ADP
cblr-1214	591	25	the	the	DET
cblr-1214	591	26	majority	majority	NOUN
cblr-1214	591	27	of	of	ADP
cblr-1214	591	28	americans	americans	PROPN
cblr-1214	591	29	.	.	PUNCT
cblr-1214	592	1	c.	c.	NOUN
cblr-1214	592	2	implications	implication	NOUN
cblr-1214	592	3	for	for	ADP
cblr-1214	592	4	well	well	ADV
cblr-1214	592	5	-	-	PUNCT
cblr-1214	592	6	meaning	mean	VERB
cblr-1214	592	7	directors	director	NOUN
cblr-1214	592	8	given	give	VERB
cblr-1214	592	9	the	the	DET
cblr-1214	592	10	foregoing	foregoing	NOUN
cblr-1214	592	11	,	,	PUNCT
cblr-1214	592	12	what	what	PRON
cblr-1214	592	13	is	be	AUX
cblr-1214	592	14	a	a	DET
cblr-1214	592	15	well	well	ADV
cblr-1214	592	16	-	-	PUNCT
cblr-1214	592	17	meaning	mean	VERB
cblr-1214	592	18	corporate	corporate	ADJ
cblr-1214	592	19	director	director	NOUN
cblr-1214	592	20	to	to	PART
cblr-1214	592	21	do	do	VERB
cblr-1214	592	22	when	when	SCONJ
cblr-1214	592	23	faced	face	VERB
cblr-1214	592	24	with	with	ADP
cblr-1214	592	25	the	the	DET
cblr-1214	592	26	decision	decision	NOUN
cblr-1214	592	27	of	of	ADP
cblr-1214	592	28	whether	whether	SCONJ
cblr-1214	592	29	or	or	CCONJ
cblr-1214	592	30	not	not	PART
cblr-1214	592	31	to	to	PART
cblr-1214	592	32	pursue	pursue	VERB
cblr-1214	592	33	a	a	DET
cblr-1214	592	34	merger	merger	NOUN
cblr-1214	592	35	?	?	PUNCT
cblr-1214	593	1	a	a	DET
cblr-1214	593	2	well	well	ADV
cblr-1214	593	3	-	-	PUNCT
cblr-1214	593	4	meaning	mean	VERB
cblr-1214	593	5	corporate	corporate	ADJ
cblr-1214	593	6	director	director	NOUN
cblr-1214	593	7	adhering	adhere	VERB
cblr-1214	593	8	to	to	ADP
cblr-1214	593	9	the	the	DET
cblr-1214	593	10	shareholder	shareholder	NOUN
cblr-1214	593	11	wealth	wealth	NOUN
cblr-1214	593	12	maximization	maximization	NOUN
cblr-1214	593	13	norm	norm	NOUN
cblr-1214	593	14	in	in	ADP
cblr-1214	593	15	its	its	PRON
cblr-1214	593	16	traditional	traditional	ADJ
cblr-1214	593	17	form	form	NOUN
cblr-1214	593	18	should	should	AUX
cblr-1214	593	19	pursue	pursue	VERB
cblr-1214	593	20	m&a	m&a	PROPN
cblr-1214	593	21	activity	activity	NOUN
cblr-1214	593	22	that	that	PRON
cblr-1214	593	23	boosts	boost	VERB
cblr-1214	593	24	share	share	NOUN
cblr-1214	593	25	price	price	NOUN
cblr-1214	593	26	,	,	PUNCT
cblr-1214	593	27	even	even	ADV
cblr-1214	593	28	with	with	ADP
cblr-1214	593	29	the	the	DET
cblr-1214	593	30	knowledge	knowledge	NOUN
cblr-1214	593	31	that	that	SCONJ
cblr-1214	593	32	those	those	DET
cblr-1214	593	33	gains	gain	NOUN
cblr-1214	593	34	come	come	VERB
cblr-1214	593	35	at	at	ADP
cblr-1214	593	36	the	the	DET
cblr-1214	593	37	expense	expense	NOUN
cblr-1214	593	38	of	of	ADP
cblr-1214	593	39	both	both	DET
cblr-1214	593	40	consumers	consumer	NOUN
cblr-1214	593	41	and	and	CCONJ
cblr-1214	593	42	some	some	DET
cblr-1214	593	43	portion	portion	NOUN
cblr-1214	593	44	of	of	ADP
cblr-1214	593	45	the	the	DET
cblr-1214	593	46	company	company	NOUN
cblr-1214	593	47	’s	’s	PART
cblr-1214	593	48	shareholders	shareholder	NOUN
cblr-1214	593	49	.	.	PUNCT
cblr-1214	594	1	indeed	indeed	ADV
cblr-1214	594	2	,	,	PUNCT
cblr-1214	594	3	if	if	SCONJ
cblr-1214	594	4	directors	director	NOUN
cblr-1214	594	5	are	be	AUX
cblr-1214	594	6	responsible	responsible	ADJ
cblr-1214	594	7	for	for	ADP
cblr-1214	594	8	maximizing	maximize	VERB
cblr-1214	594	9	shareholders	shareholder	NOUN
cblr-1214	594	10	’	’	PART
cblr-1214	594	11	wealth	wealth	NOUN
cblr-1214	594	12	,	,	PUNCT
cblr-1214	594	13	and	and	CCONJ
cblr-1214	594	14	if	if	SCONJ
cblr-1214	594	15	that	that	DET
cblr-1214	594	16	wealth	wealth	NOUN
cblr-1214	594	17	is	be	AUX
cblr-1214	594	18	to	to	PART
cblr-1214	594	19	be	be	AUX
cblr-1214	594	20	measured	measure	VERB
cblr-1214	594	21	by	by	ADP
cblr-1214	594	22	stock	stock	NOUN
cblr-1214	594	23	performance	performance	NOUN
cblr-1214	594	24	,	,	PUNCT
cblr-1214	594	25	then	then	ADV
cblr-1214	594	26	m&a	m&a	PROPN
cblr-1214	594	27	activity	activity	NOUN
cblr-1214	594	28	that	that	PRON
cblr-1214	594	29	provides	provide	VERB
cblr-1214	594	30	a	a	DET
cblr-1214	594	31	boost	boost	NOUN
cblr-1214	594	32	to	to	PART
cblr-1214	594	33	share	share	VERB
cblr-1214	594	34	prices	price	NOUN
cblr-1214	594	35	should	should	AUX
cblr-1214	594	36	be	be	AUX
cblr-1214	594	37	embraced	embrace	VERB
cblr-1214	594	38	and	and	CCONJ
cblr-1214	594	39	celebrated	celebrate	VERB
cblr-1214	594	40	.	.	PUNCT
cblr-1214	595	1	however	however	ADV
cblr-1214	595	2	,	,	PUNCT
cblr-1214	595	3	if	if	SCONJ
cblr-1214	595	4	a	a	DET
cblr-1214	595	5	corporate	corporate	ADJ
cblr-1214	595	6	director	director	NOUN
cblr-1214	595	7	chooses	choose	VERB
cblr-1214	595	8	to	to	PART
cblr-1214	595	9	instead	instead	ADV
cblr-1214	595	10	embrace	embrace	VERB
cblr-1214	595	11	shareholder	shareholder	NOUN
cblr-1214	595	12	wealth	wealth	NOUN
cblr-1214	595	13	maximization	maximization	NOUN
cblr-1214	595	14	in	in	ADP
cblr-1214	595	15	a	a	DET
cblr-1214	595	16	broader	broad	ADJ
cblr-1214	595	17	sense	sense	NOUN
cblr-1214	595	18	than	than	ADP
cblr-1214	595	19	the	the	DET
cblr-1214	595	20	narrow	narrow	ADJ
cblr-1214	595	21	focus	focus	NOUN
cblr-1214	595	22	on	on	ADP
cblr-1214	595	23	share	share	NOUN
cblr-1214	595	24	price	price	NOUN
cblr-1214	595	25	increases	increase	NOUN
cblr-1214	595	26	,	,	PUNCT
cblr-1214	595	27	then	then	ADV
cblr-1214	595	28	marginal	marginal	ADJ
cblr-1214	595	29	m&a	m&a	PROPN
cblr-1214	595	30	activity	activity	NOUN
cblr-1214	595	31	may	may	AUX
cblr-1214	595	32	become	become	VERB
cblr-1214	595	33	less	less	ADV
cblr-1214	595	34	appealing	appealing	ADJ
cblr-1214	595	35	.	.	PUNCT
cblr-1214	596	1	although	although	SCONJ
cblr-1214	596	2	most	most	ADJ
cblr-1214	596	3	directors	director	NOUN
cblr-1214	596	4	facing	face	VERB
cblr-1214	596	5	the	the	DET
cblr-1214	596	6	prospect	prospect	NOUN
cblr-1214	596	7	of	of	ADP
cblr-1214	596	8	a	a	DET
cblr-1214	596	9	takeover	takeover	NOUN
cblr-1214	596	10	are	be	AUX
cblr-1214	596	11	(	(	PUNCT
cblr-1214	596	12	and	and	CCONJ
cblr-1214	596	13	should	should	AUX
cblr-1214	596	14	be	be	AUX
cblr-1214	596	15	)	)	PUNCT
cblr-1214	596	16	focused	focus	VERB
cblr-1214	596	17	primarily	primarily	ADV
cblr-1214	596	18	on	on	ADP
cblr-1214	596	19	the	the	DET
cblr-1214	596	20	adequacy	adequacy	NOUN
cblr-1214	596	21	of	of	ADP
cblr-1214	596	22	the	the	DET
cblr-1214	596	23	merger	merger	NOUN
cblr-1214	596	24	premium	premium	NOUN
cblr-1214	596	25	,	,	PUNCT
cblr-1214	596	26	in	in	ADP
cblr-1214	596	27	close	close	ADJ
cblr-1214	596	28	cases	case	NOUN
cblr-1214	596	29	,	,	PUNCT
cblr-1214	596	30	directors	director	NOUN
cblr-1214	596	31	should	should	AUX
cblr-1214	596	32	consider	consider	VERB
cblr-1214	596	33	the	the	DET
cblr-1214	596	34	potential	potential	ADJ
cblr-1214	596	35	impact	impact	NOUN
cblr-1214	596	36	of	of	ADP
cblr-1214	596	37	m&ainduced	m&ainduce	VERB
cblr-1214	596	38	price	price	NOUN
cblr-1214	596	39	increases	increase	NOUN
cblr-1214	596	40	on	on	ADP
cblr-1214	596	41	their	their	PRON
cblr-1214	596	42	shareholders	shareholder	NOUN
cblr-1214	596	43	.	.	PUNCT
cblr-1214	597	1	at	at	ADP
cblr-1214	597	2	the	the	DET
cblr-1214	597	3	margins	margin	NOUN
cblr-1214	597	4	,	,	PUNCT
cblr-1214	597	5	this	this	PRON
cblr-1214	597	6	may	may	AUX
cblr-1214	597	7	tip	tip	VERB
cblr-1214	597	8	the	the	DET
cblr-1214	597	9	balance	balance	NOUN
cblr-1214	597	10	of	of	ADP
cblr-1214	597	11	directors	director	NOUN
cblr-1214	597	12	’	’	PART
cblr-1214	597	13	decisions	decision	NOUN
cblr-1214	597	14	on	on	ADP
cblr-1214	597	15	whether	whether	SCONJ
cblr-1214	597	16	certain	certain	ADJ
cblr-1214	597	17	mergers	merger	NOUN
cblr-1214	597	18	provide	provide	VERB
cblr-1214	597	19	a	a	DET
cblr-1214	597	20	net	net	ADJ
cblr-1214	597	21	benefit	benefit	NOUN
cblr-1214	597	22	to	to	ADP
cblr-1214	597	23	shareholders	shareholder	NOUN
cblr-1214	597	24	,	,	PUNCT
cblr-1214	597	25	or	or	CCONJ
cblr-1214	597	26	whether	whether	SCONJ
cblr-1214	597	27	griffin_final	griffin_final	ADJ
cblr-1214	597	28	no	no	NOUN
cblr-1214	597	29	.	.	PUNCT
cblr-1214	598	1	1:70	1:70	NUM
cblr-1214	598	2	]	]	PUNCT
cblr-1214	598	3	the	the	DET
cblr-1214	598	4	hidden	hidden	ADJ
cblr-1214	598	5	cost	cost	NOUN
cblr-1214	598	6	of	of	ADP
cblr-1214	598	7	m&a	m&a	PROPN
cblr-1214	598	8	115	115	NUM
cblr-1214	598	9	they	they	PRON
cblr-1214	598	10	should	should	AUX
cblr-1214	598	11	negotiate	negotiate	VERB
cblr-1214	598	12	for	for	ADP
cblr-1214	598	13	a	a	DET
cblr-1214	598	14	higher	high	ADJ
cblr-1214	598	15	premium	premium	NOUN
cblr-1214	598	16	.	.	PUNCT
cblr-1214	599	1	moreover	moreover	ADV
cblr-1214	599	2	,	,	PUNCT
cblr-1214	599	3	depending	depend	VERB
cblr-1214	599	4	on	on	ADP
cblr-1214	599	5	the	the	DET
cblr-1214	599	6	magnitude	magnitude	NOUN
cblr-1214	599	7	of	of	ADP
cblr-1214	599	8	the	the	DET
cblr-1214	599	9	merger	merger	NOUN
cblr-1214	599	10	premium	premium	NOUN
cblr-1214	599	11	and	and	CCONJ
cblr-1214	599	12	the	the	DET
cblr-1214	599	13	resulting	result	VERB
cblr-1214	599	14	price	price	NOUN
cblr-1214	599	15	increases	increase	NOUN
cblr-1214	599	16	to	to	ADP
cblr-1214	599	17	the	the	DET
cblr-1214	599	18	firm	firm	NOUN
cblr-1214	599	19	’s	’s	PART
cblr-1214	599	20	goods	good	NOUN
cblr-1214	599	21	and	and	CCONJ
cblr-1214	599	22	services	service	NOUN
cblr-1214	599	23	,	,	PUNCT
cblr-1214	599	24	such	such	DET
cblr-1214	599	25	a	a	DET
cblr-1214	599	26	merger	merger	NOUN
cblr-1214	599	27	may	may	AUX
cblr-1214	599	28	actually	actually	ADV
cblr-1214	599	29	constitute	constitute	VERB
cblr-1214	599	30	a	a	DET
cblr-1214	599	31	net	net	ADJ
cblr-1214	599	32	harm	harm	NOUN
cblr-1214	599	33	to	to	ADP
cblr-1214	599	34	a	a	DET
cblr-1214	599	35	sizable	sizable	ADJ
cblr-1214	599	36	portion	portion	NOUN
cblr-1214	599	37	of	of	ADP
cblr-1214	599	38	that	that	DET
cblr-1214	599	39	firm	firm	NOUN
cblr-1214	599	40	’s	’s	PART
cblr-1214	599	41	stockholders	stockholder	NOUN
cblr-1214	599	42	.	.	PUNCT
cblr-1214	600	1	thus	thus	ADV
cblr-1214	600	2	,	,	PUNCT
cblr-1214	600	3	a	a	DET
cblr-1214	600	4	director	director	NOUN
cblr-1214	600	5	might	might	AUX
cblr-1214	600	6	conclude	conclude	VERB
cblr-1214	600	7	that	that	PRON
cblr-1214	600	8	,	,	PUNCT
cblr-1214	600	9	to	to	PART
cblr-1214	600	10	truly	truly	ADV
cblr-1214	600	11	maximize	maximize	VERB
cblr-1214	600	12	his	his	PRON
cblr-1214	600	13	or	or	CCONJ
cblr-1214	600	14	her	her	PRON
cblr-1214	600	15	shareholders	shareholder	NOUN
cblr-1214	600	16	’	'	PUNCT
cblr-1214	600	17	welfare	welfare	NOUN
cblr-1214	600	18	,	,	PUNCT
cblr-1214	600	19	firm	firm	ADJ
cblr-1214	600	20	resources	resource	NOUN
cblr-1214	600	21	are	be	AUX
cblr-1214	600	22	better	well	ADV
cblr-1214	600	23	spent	spend	VERB
cblr-1214	600	24	on	on	ADP
cblr-1214	600	25	alternate	alternate	ADJ
cblr-1214	600	26	strategies	strategy	NOUN
cblr-1214	600	27	for	for	ADP
cblr-1214	600	28	growth	growth	NOUN
cblr-1214	600	29	,	,	PUNCT
cblr-1214	600	30	such	such	ADJ
cblr-1214	600	31	as	as	ADP
cblr-1214	600	32	research	research	NOUN
cblr-1214	600	33	and	and	CCONJ
cblr-1214	600	34	development	development	NOUN
cblr-1214	600	35	,	,	PUNCT
cblr-1214	600	36	than	than	ADP
cblr-1214	600	37	on	on	ADP
cblr-1214	600	38	the	the	DET
cblr-1214	600	39	pursuit	pursuit	NOUN
cblr-1214	600	40	of	of	ADP
cblr-1214	600	41	m&a	m&a	PROPN
cblr-1214	600	42	activities.182	activities.182	NOUN
cblr-1214	600	43	corporate	corporate	ADJ
cblr-1214	600	44	constituency	constituency	NOUN
cblr-1214	600	45	statutes	statute	NOUN
cblr-1214	600	46	present	present	VERB
cblr-1214	600	47	another	another	DET
cblr-1214	600	48	wrinkle	wrinkle	NOUN
cblr-1214	600	49	for	for	ADP
cblr-1214	600	50	the	the	DET
cblr-1214	600	51	well	well	ADV
cblr-1214	600	52	-	-	PUNCT
cblr-1214	600	53	meaning	mean	VERB
cblr-1214	600	54	director	director	NOUN
cblr-1214	600	55	.	.	PUNCT
cblr-1214	601	1	forty	forty	NUM
cblr-1214	601	2	-	-	PUNCT
cblr-1214	601	3	four	four	NUM
cblr-1214	601	4	states	state	NOUN
cblr-1214	601	5	have	have	AUX
cblr-1214	601	6	passed	pass	VERB
cblr-1214	601	7	“	"	PUNCT
cblr-1214	601	8	other	other	ADJ
cblr-1214	601	9	constituency	constituency	NOUN
cblr-1214	601	10	”	"	PUNCT
cblr-1214	601	11	statutes	statute	NOUN
cblr-1214	601	12	that	that	PRON
cblr-1214	601	13	permit	permit	VERB
cblr-1214	601	14	directors	director	NOUN
cblr-1214	601	15	and	and	CCONJ
cblr-1214	601	16	managers	manager	NOUN
cblr-1214	601	17	to	to	PART
cblr-1214	601	18	consider	consider	VERB
cblr-1214	601	19	other	other	ADJ
cblr-1214	601	20	constituencies	constituency	NOUN
cblr-1214	601	21	’	'	PUNCT
cblr-1214	601	22	interests	interest	NOUN
cblr-1214	601	23	in	in	ADP
cblr-1214	601	24	their	their	PRON
cblr-1214	601	25	corporate	corporate	ADJ
cblr-1214	601	26	decision	decision	NOUN
cblr-1214	601	27	-	-	PUNCT
cblr-1214	601	28	making	make	VERB
cblr-1214	601	29	processes.183	processes.183	NOUN
cblr-1214	601	30	under	under	ADP
cblr-1214	601	31	these	these	DET
cblr-1214	601	32	statutes	statute	NOUN
cblr-1214	601	33	,	,	PUNCT
cblr-1214	601	34	directors	director	NOUN
cblr-1214	601	35	are	be	AUX
cblr-1214	601	36	able	able	ADJ
cblr-1214	601	37	to	to	PART
cblr-1214	601	38	take	take	VERB
cblr-1214	601	39	non	non	ADJ
cblr-1214	601	40	-	-	ADJ
cblr-1214	601	41	shareholders	shareholder	NOUN
cblr-1214	601	42	’	'	PUNCT
cblr-1214	601	43	interests	interest	NOUN
cblr-1214	601	44	into	into	ADP
cblr-1214	601	45	account.184	account.184	NOUN
cblr-1214	601	46	although	although	SCONJ
cblr-1214	601	47	directors	director	NOUN
cblr-1214	601	48	would	would	AUX
cblr-1214	601	49	be	be	AUX
cblr-1214	601	50	unconcerned	unconcerned	ADJ
cblr-1214	601	51	with	with	ADP
cblr-1214	601	52	the	the	DET
cblr-1214	601	53	182	182	NUM
cblr-1214	601	54	strine	strine	NOUN
cblr-1214	601	55	,	,	PUNCT
cblr-1214	601	56	supra	supra	PROPN
cblr-1214	601	57	note	note	PROPN
cblr-1214	601	58	27	27	NUM
cblr-1214	601	59	,	,	PUNCT
cblr-1214	601	60	at	at	ADP
cblr-1214	601	61	1908	1908	NUM
cblr-1214	601	62	.	.	PUNCT
cblr-1214	602	1	183	183	NUM
cblr-1214	602	2	examples	example	NOUN
cblr-1214	602	3	of	of	ADP
cblr-1214	602	4	“	"	PUNCT
cblr-1214	602	5	other	other	ADJ
cblr-1214	602	6	constituency	constituency	NOUN
cblr-1214	602	7	”	"	PUNCT
cblr-1214	602	8	statutes	statute	NOUN
cblr-1214	602	9	include	include	VERB
cblr-1214	602	10	:	:	PUNCT
cblr-1214	602	11	conn	conn	PROPN
cblr-1214	602	12	.	.	PUNCT
cblr-1214	602	13	gen	gen	PROPN
cblr-1214	602	14	.	.	PROPN
cblr-1214	602	15	stat	stat	PROPN
cblr-1214	602	16	.	.	PUNCT
cblr-1214	603	1	§	§	PROPN
cblr-1214	603	2	33	33	NUM
cblr-1214	603	3	-	-	SYM
cblr-1214	603	4	756	756	NUM
cblr-1214	603	5	(	(	PUNCT
cblr-1214	603	6	2017	2017	NUM
cblr-1214	603	7	)	)	PUNCT
cblr-1214	603	8	;	;	PUNCT
cblr-1214	604	1	805	805	NUM
cblr-1214	604	2	ill	ill	ADJ
cblr-1214	604	3	.	.	PUNCT
cblr-1214	604	4	comp	comp	PROPN
cblr-1214	604	5	.	.	PUNCT
cblr-1214	605	1	stat	stat	PROPN
cblr-1214	605	2	.	.	PUNCT
cblr-1214	606	1	§	§	PROPN
cblr-1214	606	2	5/8.85	5/8.85	NUM
cblr-1214	606	3	(	(	PUNCT
cblr-1214	606	4	1989	1989	NUM
cblr-1214	606	5	)	)	PUNCT
cblr-1214	606	6	;	;	PUNCT
cblr-1214	606	7	ky	ky	PROPN
cblr-1214	606	8	.	.	PROPN
cblr-1214	606	9	rev	rev	PROPN
cblr-1214	606	10	.	.	PROPN
cblr-1214	606	11	stat	stat	PROPN
cblr-1214	606	12	.	.	PUNCT
cblr-1214	607	1	ann	ann	PROPN
cblr-1214	607	2	.	.	PUNCT
cblr-1214	608	1	§	§	PROPN
cblr-1214	608	2	271b.12	271b.12	NUM
cblr-1214	608	3	-	-	SYM
cblr-1214	608	4	210	210	NUM
cblr-1214	608	5	(	(	PUNCT
cblr-1214	608	6	west	west	NOUN
cblr-1214	608	7	1988	1988	NUM
cblr-1214	608	8	)	)	PUNCT
cblr-1214	608	9	;	;	PUNCT
cblr-1214	608	10	mass	mass	PROPN
cblr-1214	608	11	.	.	PUNCT
cblr-1214	609	1	gen	gen	PROPN
cblr-1214	609	2	.	.	PROPN
cblr-1214	609	3	laws	laws	PROPN
cblr-1214	609	4	ch	ch	PROPN
cblr-1214	609	5	.	.	PUNCT
cblr-1214	610	1	156b	156b	PROPN
cblr-1214	610	2	,	,	PUNCT
cblr-1214	610	3	§	§	PROPN
cblr-1214	610	4	65	65	NUM
cblr-1214	610	5	(	(	PUNCT
cblr-1214	610	6	1996	1996	NUM
cblr-1214	610	7	)	)	PUNCT
cblr-1214	610	8	;	;	PUNCT
cblr-1214	611	1	minn	minn	PROPN
cblr-1214	611	2	.	.	PUNCT
cblr-1214	611	3	stat	stat	PROPN
cblr-1214	611	4	.	.	PUNCT
cblr-1214	612	1	§	§	PROPN
cblr-1214	612	2	302a.251	302a.251	NUM
cblr-1214	612	3	(	(	PUNCT
cblr-1214	612	4	2006	2006	NUM
cblr-1214	612	5	)	)	PUNCT
cblr-1214	612	6	;	;	PUNCT
cblr-1214	612	7	n.y	n.y	PROPN
cblr-1214	612	8	.	.	PROPN
cblr-1214	612	9	bus	bus	PROPN
cblr-1214	612	10	.	.	PUNCT
cblr-1214	613	1	corp	corp	PROPN
cblr-1214	613	2	.	.	PROPN
cblr-1214	613	3	law	law	PROPN
cblr-1214	613	4	§	§	PROPN
cblr-1214	613	5	717	717	NUM
cblr-1214	613	6	(	(	PUNCT
cblr-1214	613	7	mckinney	mckinney	PROPN
cblr-1214	613	8	1989	1989	NUM
cblr-1214	613	9	)	)	PUNCT
cblr-1214	613	10	.	.	PUNCT
cblr-1214	614	1	only	only	ADV
cblr-1214	614	2	six	six	NUM
cblr-1214	614	3	states	state	NOUN
cblr-1214	614	4	—	—	PUNCT
cblr-1214	614	5	alabama	alabama	PROPN
cblr-1214	614	6	,	,	PUNCT
cblr-1214	614	7	arkansas	arkansas	PROPN
cblr-1214	614	8	,	,	PUNCT
cblr-1214	614	9	kansas	kansas	PROPN
cblr-1214	614	10	,	,	PUNCT
cblr-1214	614	11	michigan	michigan	PROPN
cblr-1214	614	12	,	,	PUNCT
cblr-1214	614	13	north	north	PROPN
cblr-1214	614	14	carolina	carolina	PROPN
cblr-1214	614	15	,	,	PUNCT
cblr-1214	614	16	and	and	CCONJ
cblr-1214	614	17	oklahoma	oklahoma	PROPN
cblr-1214	614	18	—	—	PUNCT
cblr-1214	614	19	have	have	AUX
cblr-1214	614	20	not	not	PART
cblr-1214	614	21	passed	pass	VERB
cblr-1214	614	22	similar	similar	ADJ
cblr-1214	614	23	legislation	legislation	NOUN
cblr-1214	614	24	.	.	PUNCT
cblr-1214	615	1	see	see	VERB
cblr-1214	615	2	carol	carol	PROPN
cblr-1214	615	3	liao	liao	PROPN
cblr-1214	615	4	,	,	PUNCT
cblr-1214	615	5	a	a	DET
cblr-1214	615	6	critical	critical	ADJ
cblr-1214	615	7	canadian	canadian	ADJ
cblr-1214	615	8	perspective	perspective	NOUN
cblr-1214	615	9	on	on	ADP
cblr-1214	615	10	the	the	DET
cblr-1214	615	11	benefit	benefit	NOUN
cblr-1214	615	12	corporation	corporation	NOUN
cblr-1214	615	13	,	,	PUNCT
cblr-1214	615	14	40	40	NUM
cblr-1214	615	15	seattle	seattle	PROPN
cblr-1214	615	16	u.	u.	PROPN
cblr-1214	615	17	l.	l.	PROPN
cblr-1214	615	18	rev	rev	PROPN
cblr-1214	615	19	.	.	PROPN
cblr-1214	615	20	683	683	NUM
cblr-1214	615	21	,	,	PUNCT
cblr-1214	615	22	687	687	NUM
cblr-1214	615	23	(	(	PUNCT
cblr-1214	615	24	2017	2017	NUM
cblr-1214	615	25	)	)	PUNCT
cblr-1214	615	26	.	.	PUNCT
cblr-1214	616	1	184	184	NUM
cblr-1214	616	2	see	see	VERB
cblr-1214	616	3	e.g.	e.g.	ADV
cblr-1214	616	4	,	,	PUNCT
cblr-1214	616	5	conn	conn	PROPN
cblr-1214	616	6	.	.	PUNCT
cblr-1214	616	7	gen	gen	PROPN
cblr-1214	616	8	.	.	PROPN
cblr-1214	616	9	stat	stat	PROPN
cblr-1214	616	10	.	.	PUNCT
cblr-1214	617	1	§	§	PROPN
cblr-1214	617	2	33	33	NUM
cblr-1214	617	3	-	-	SYM
cblr-1214	617	4	756	756	NUM
cblr-1214	617	5	(	(	PUNCT
cblr-1214	617	6	2017	2017	NUM
cblr-1214	617	7	)	)	PUNCT
cblr-1214	617	8	(	(	PUNCT
cblr-1214	617	9	providing	provide	VERB
cblr-1214	617	10	that	that	SCONJ
cblr-1214	617	11	a	a	DET
cblr-1214	617	12	director	director	NOUN
cblr-1214	617	13	“	"	PUNCT
cblr-1214	617	14	may	may	AUX
cblr-1214	617	15	consider	consider	VERB
cblr-1214	617	16	in	in	ADP
cblr-1214	617	17	determining	determine	VERB
cblr-1214	617	18	what	what	PRON
cblr-1214	617	19	[	[	X
cblr-1214	617	20	he	he	PRON
cblr-1214	617	21	or	or	CCONJ
cblr-1214	617	22	she	she	PRON
cblr-1214	617	23	]	]	PUNCT
cblr-1214	617	24	reasonably	reasonably	ADV
cblr-1214	617	25	believes	believe	VERB
cblr-1214	617	26	to	to	PART
cblr-1214	617	27	be	be	AUX
cblr-1214	617	28	in	in	ADP
cblr-1214	617	29	the	the	DET
cblr-1214	617	30	best	good	ADJ
cblr-1214	617	31	interests	interest	NOUN
cblr-1214	617	32	of	of	ADP
cblr-1214	617	33	the	the	DET
cblr-1214	617	34	corporation	corporation	NOUN
cblr-1214	617	35	.	.	PUNCT
cblr-1214	617	36	.	.	PUNCT
cblr-1214	617	37	.	.	PUNCT
cblr-1214	618	1	the	the	DET
cblr-1214	618	2	interests	interest	NOUN
cblr-1214	618	3	of	of	ADP
cblr-1214	618	4	the	the	DET
cblr-1214	618	5	corporation	corporation	NOUN
cblr-1214	618	6	’s	’s	PART
cblr-1214	618	7	employees	employee	NOUN
cblr-1214	618	8	,	,	PUNCT
cblr-1214	618	9	customers	customer	NOUN
cblr-1214	618	10	,	,	PUNCT
cblr-1214	618	11	creditors	creditor	NOUN
cblr-1214	618	12	and	and	CCONJ
cblr-1214	618	13	suppliers	supplier	NOUN
cblr-1214	618	14	,	,	PUNCT
cblr-1214	618	15	and	and	CCONJ
cblr-1214	618	16	.	.	PUNCT
cblr-1214	618	17	.	.	PUNCT
cblr-1214	618	18	.	.	PUNCT
cblr-1214	619	1	community	community	NOUN
cblr-1214	619	2	and	and	CCONJ
cblr-1214	619	3	societal	societal	ADJ
cblr-1214	619	4	considerations	consideration	NOUN
cblr-1214	619	5	”	"	PUNCT
cblr-1214	619	6	)	)	PUNCT
cblr-1214	619	7	;	;	PUNCT
cblr-1214	620	1	805	805	NUM
cblr-1214	620	2	ill	ill	ADJ
cblr-1214	620	3	.	.	PUNCT
cblr-1214	620	4	comp	comp	PROPN
cblr-1214	620	5	.	.	PUNCT
cblr-1214	621	1	stat	stat	PROPN
cblr-1214	621	2	.	.	PUNCT
cblr-1214	622	1	5/8.85	5/8.85	NUM
cblr-1214	622	2	(	(	PUNCT
cblr-1214	622	3	1989	1989	NUM
cblr-1214	622	4	)	)	PUNCT
cblr-1214	622	5	(	(	PUNCT
cblr-1214	622	6	allowing	allow	VERB
cblr-1214	622	7	that	that	SCONJ
cblr-1214	622	8	corporate	corporate	ADJ
cblr-1214	622	9	directors	director	NOUN
cblr-1214	622	10	and	and	CCONJ
cblr-1214	622	11	officers	officer	NOUN
cblr-1214	622	12	“	"	PUNCT
cblr-1214	622	13	may	may	AUX
cblr-1214	622	14	,	,	PUNCT
cblr-1214	622	15	in	in	ADP
cblr-1214	622	16	considering	consider	VERB
cblr-1214	622	17	the	the	DET
cblr-1214	622	18	best	good	ADJ
cblr-1214	622	19	long	long	ADJ
cblr-1214	622	20	term	term	NOUN
cblr-1214	622	21	and	and	CCONJ
cblr-1214	622	22	short	short	ADJ
cblr-1214	622	23	term	term	NOUN
cblr-1214	622	24	interests	interest	NOUN
cblr-1214	622	25	of	of	ADP
cblr-1214	622	26	the	the	DET
cblr-1214	622	27	corporation	corporation	NOUN
cblr-1214	622	28	,	,	PUNCT
cblr-1214	622	29	consider	consider	VERB
cblr-1214	622	30	the	the	DET
cblr-1214	622	31	effects	effect	NOUN
cblr-1214	622	32	of	of	ADP
cblr-1214	622	33	any	any	DET
cblr-1214	622	34	action	action	NOUN
cblr-1214	622	35	.	.	PUNCT
cblr-1214	622	36	.	.	PUNCT
cblr-1214	622	37	.	.	PUNCT
cblr-1214	623	1	upon	upon	SCONJ
cblr-1214	623	2	employees	employee	NOUN
cblr-1214	623	3	,	,	PUNCT
cblr-1214	623	4	suppliers	supplier	NOUN
cblr-1214	623	5	and	and	CCONJ
cblr-1214	623	6	customers	customer	NOUN
cblr-1214	623	7	of	of	ADP
cblr-1214	623	8	the	the	DET
cblr-1214	623	9	corporation	corporation	NOUN
cblr-1214	623	10	or	or	CCONJ
cblr-1214	623	11	its	its	PRON
cblr-1214	623	12	subsidiaries	subsidiary	NOUN
cblr-1214	623	13	,	,	PUNCT
cblr-1214	623	14	communities	community	NOUN
cblr-1214	623	15	in	in	ADP
cblr-1214	623	16	which	which	PRON
cblr-1214	623	17	offices	office	NOUN
cblr-1214	623	18	or	or	CCONJ
cblr-1214	623	19	other	other	ADJ
cblr-1214	623	20	establishments	establishment	NOUN
cblr-1214	623	21	of	of	ADP
cblr-1214	623	22	the	the	DET
cblr-1214	623	23	corporation	corporation	NOUN
cblr-1214	623	24	or	or	CCONJ
cblr-1214	623	25	its	its	PRON
cblr-1214	623	26	subsidiaries	subsidiary	NOUN
cblr-1214	623	27	are	be	AUX
cblr-1214	623	28	located	locate	VERB
cblr-1214	623	29	,	,	PUNCT
cblr-1214	623	30	and	and	CCONJ
cblr-1214	623	31	all	all	DET
cblr-1214	623	32	other	other	ADJ
cblr-1214	623	33	pertinent	pertinent	ADJ
cblr-1214	623	34	factors	factor	NOUN
cblr-1214	623	35	”	"	PUNCT
cblr-1214	623	36	)	)	PUNCT
cblr-1214	623	37	;	;	PUNCT
cblr-1214	624	1	ind	ind	PROPN
cblr-1214	624	2	.	.	PUNCT
cblr-1214	624	3	code	code	PROPN
cblr-1214	624	4	§	§	PROPN
cblr-1214	624	5	23	23	NUM
cblr-1214	624	6	-	-	SYM
cblr-1214	624	7	1	1	NUM
cblr-1214	624	8	-	-	NUM
cblr-1214	624	9	35	35	NUM
cblr-1214	624	10	-	-	SYM
cblr-1214	624	11	1	1	NUM
cblr-1214	624	12	(	(	PUNCT
cblr-1214	624	13	2009	2009	NUM
cblr-1214	624	14	)	)	PUNCT
cblr-1214	624	15	(	(	PUNCT
cblr-1214	624	16	permitting	permit	VERB
cblr-1214	624	17	that	that	SCONJ
cblr-1214	624	18	“	"	PUNCT
cblr-1214	624	19	[	[	X
cblr-1214	624	20	a	a	X
cblr-1214	624	21	]	]	X
cblr-1214	624	22	director	director	NOUN
cblr-1214	624	23	may	may	AUX
cblr-1214	624	24	,	,	PUNCT
cblr-1214	624	25	in	in	ADP
cblr-1214	624	26	considering	consider	VERB
cblr-1214	624	27	the	the	DET
cblr-1214	624	28	best	good	ADJ
cblr-1214	624	29	interests	interest	NOUN
cblr-1214	624	30	of	of	ADP
cblr-1214	624	31	a	a	DET
cblr-1214	624	32	corporation	corporation	NOUN
cblr-1214	624	33	,	,	PUNCT
cblr-1214	624	34	consider	consider	VERB
cblr-1214	624	35	the	the	DET
cblr-1214	624	36	effects	effect	NOUN
cblr-1214	624	37	of	of	ADP
cblr-1214	624	38	any	any	DET
cblr-1214	624	39	action	action	NOUN
cblr-1214	624	40	on	on	ADP
cblr-1214	624	41	shareholders	shareholder	NOUN
cblr-1214	624	42	,	,	PUNCT
cblr-1214	624	43	employees	employee	NOUN
cblr-1214	624	44	,	,	PUNCT
cblr-1214	624	45	suppliers	supplier	NOUN
cblr-1214	624	46	,	,	PUNCT
cblr-1214	624	47	and	and	CCONJ
cblr-1214	624	48	customers	customer	NOUN
cblr-1214	624	49	of	of	ADP
cblr-1214	624	50	the	the	DET
cblr-1214	624	51	corporation	corporation	NOUN
cblr-1214	624	52	,	,	PUNCT
cblr-1214	624	53	and	and	CCONJ
cblr-1214	624	54	communities	community	NOUN
cblr-1214	624	55	in	in	ADP
cblr-1214	624	56	which	which	PRON
cblr-1214	624	57	offices	office	NOUN
cblr-1214	624	58	or	or	CCONJ
cblr-1214	624	59	other	other	ADJ
cblr-1214	624	60	facilities	facility	NOUN
cblr-1214	624	61	of	of	ADP
cblr-1214	624	62	the	the	DET
cblr-1214	624	63	corporation	corporation	NOUN
cblr-1214	624	64	are	be	AUX
cblr-1214	624	65	located	locate	VERB
cblr-1214	624	66	,	,	PUNCT
cblr-1214	624	67	and	and	CCONJ
cblr-1214	624	68	any	any	DET
cblr-1214	624	69	other	other	ADJ
cblr-1214	624	70	factors	factor	NOUN
cblr-1214	624	71	the	the	DET
cblr-1214	624	72	director	director	NOUN
cblr-1214	624	73	considers	consider	VERB
cblr-1214	624	74	pertinent	pertinent	ADJ
cblr-1214	624	75	”	"	PUNCT
cblr-1214	624	76	)	)	PUNCT
cblr-1214	624	77	;	;	PUNCT
cblr-1214	624	78	miss	miss	VERB
cblr-1214	624	79	.	.	PUNCT
cblr-1214	625	1	code	code	PROPN
cblr-1214	625	2	ann	ann	PROPN
cblr-1214	625	3	.	.	PUNCT
cblr-1214	626	1	§	§	PROPN
cblr-1214	626	2	79	79	NUM
cblr-1214	626	3	-	-	SYM
cblr-1214	626	4	4	4	NUM
cblr-1214	626	5	-	-	SYM
cblr-1214	626	6	8.30	8.30	NUM
cblr-1214	626	7	(	(	PUNCT
cblr-1214	626	8	west	west	NOUN
cblr-1214	626	9	1999	1999	NUM
cblr-1214	626	10	)	)	PUNCT
cblr-1214	626	11	(	(	PUNCT
cblr-1214	626	12	permitting	permit	VERB
cblr-1214	626	13	that	that	SCONJ
cblr-1214	626	14	“	"	PUNCT
cblr-1214	626	15	a	a	DET
cblr-1214	626	16	director	director	NOUN
cblr-1214	626	17	,	,	PUNCT
cblr-1214	626	18	in	in	ADP
cblr-1214	626	19	determining	determine	VERB
cblr-1214	626	20	griffin_final	griffin_final	ADJ
cblr-1214	626	21	116	116	NUM
cblr-1214	626	22	columbia	columbia	PROPN
cblr-1214	626	23	business	business	NOUN
cblr-1214	626	24	law	law	PROPN
cblr-1214	626	25	review	review	NOUN
cblr-1214	626	26	[	[	X
cblr-1214	626	27	vol	vol	NOUN
cblr-1214	626	28	.	.	NOUN
cblr-1214	626	29	2018	2018	NUM
cblr-1214	626	30	impact	impact	NOUN
cblr-1214	626	31	of	of	ADP
cblr-1214	626	32	their	their	PRON
cblr-1214	626	33	m&a	m&a	PROPN
cblr-1214	626	34	activity	activity	NOUN
cblr-1214	626	35	on	on	ADP
cblr-1214	626	36	society	society	NOUN
cblr-1214	626	37	as	as	ADP
cblr-1214	626	38	a	a	DET
cblr-1214	626	39	whole	whole	NOUN
cblr-1214	626	40	under	under	ADP
cblr-1214	626	41	the	the	DET
cblr-1214	626	42	shareholder	shareholder	NOUN
cblr-1214	626	43	wealth	wealth	NOUN
cblr-1214	626	44	maximization	maximization	NOUN
cblr-1214	626	45	norm	norm	NOUN
cblr-1214	626	46	,	,	PUNCT
cblr-1214	626	47	corporate	corporate	ADJ
cblr-1214	626	48	constituency	constituency	NOUN
cblr-1214	626	49	statutes	statute	NOUN
cblr-1214	626	50	in	in	ADP
cblr-1214	626	51	many	many	ADJ
cblr-1214	626	52	states	state	NOUN
cblr-1214	626	53	allow	allow	VERB
cblr-1214	626	54	directors	director	NOUN
cblr-1214	626	55	to	to	PART
cblr-1214	626	56	take	take	VERB
cblr-1214	626	57	such	such	ADJ
cblr-1214	626	58	considerations	consideration	NOUN
cblr-1214	626	59	into	into	ADP
cblr-1214	626	60	account	account	NOUN
cblr-1214	626	61	.	.	PUNCT
cblr-1214	627	1	because	because	SCONJ
cblr-1214	627	2	m&a	m&a	PROPN
cblr-1214	627	3	activity	activity	NOUN
cblr-1214	627	4	that	that	PRON
cblr-1214	627	5	increases	increase	VERB
cblr-1214	627	6	prices	price	NOUN
cblr-1214	627	7	is	be	AUX
cblr-1214	627	8	likely	likely	ADJ
cblr-1214	627	9	to	to	PART
cblr-1214	627	10	cause	cause	VERB
cblr-1214	627	11	financial	financial	ADJ
cblr-1214	627	12	harm	harm	NOUN
cblr-1214	627	13	to	to	ADP
cblr-1214	627	14	some	some	DET
cblr-1214	627	15	shareholders	shareholder	NOUN
cblr-1214	627	16	and	and	CCONJ
cblr-1214	627	17	society	society	NOUN
cblr-1214	627	18	as	as	ADP
cblr-1214	627	19	a	a	DET
cblr-1214	627	20	whole	whole	NOUN
cblr-1214	627	21	,	,	PUNCT
cblr-1214	627	22	directors	director	NOUN
cblr-1214	627	23	of	of	ADP
cblr-1214	627	24	firms	firm	NOUN
cblr-1214	627	25	incorporated	incorporate	VERB
cblr-1214	627	26	in	in	ADP
cblr-1214	627	27	states	state	NOUN
cblr-1214	627	28	with	with	ADP
cblr-1214	627	29	corporate	corporate	ADJ
cblr-1214	627	30	constituency	constituency	NOUN
cblr-1214	627	31	statutes	statute	NOUN
cblr-1214	627	32	may	may	AUX
cblr-1214	627	33	be	be	AUX
cblr-1214	627	34	especially	especially	ADV
cblr-1214	627	35	obliged	oblige	VERB
cblr-1214	627	36	to	to	PART
cblr-1214	627	37	consider	consider	VERB
cblr-1214	627	38	potential	potential	ADJ
cblr-1214	627	39	price	price	NOUN
cblr-1214	627	40	increases	increase	NOUN
cblr-1214	627	41	for	for	ADP
cblr-1214	627	42	their	their	PRON
cblr-1214	627	43	goods	good	NOUN
cblr-1214	627	44	and	and	CCONJ
cblr-1214	627	45	services	service	NOUN
cblr-1214	627	46	when	when	SCONJ
cblr-1214	627	47	determining	determine	VERB
cblr-1214	627	48	whether	whether	SCONJ
cblr-1214	627	49	to	to	PART
cblr-1214	627	50	approve	approve	VERB
cblr-1214	627	51	m&a	m&a	PROPN
cblr-1214	627	52	activity	activity	NOUN
cblr-1214	627	53	.	.	PUNCT
cblr-1214	628	1	d.	d.	PROPN
cblr-1214	628	2	implications	implication	NOUN
cblr-1214	628	3	for	for	ADP
cblr-1214	628	4	well	well	ADV
cblr-1214	628	5	-	-	PUNCT
cblr-1214	628	6	meaning	mean	VERB
cblr-1214	628	7	mutual	mutual	ADJ
cblr-1214	628	8	fund	fund	NOUN
cblr-1214	628	9	managers	manager	NOUN
cblr-1214	628	10	of	of	ADP
cblr-1214	628	11	course	course	NOUN
cblr-1214	628	12	,	,	PUNCT
cblr-1214	628	13	corporate	corporate	ADJ
cblr-1214	628	14	directors	director	NOUN
cblr-1214	628	15	are	be	AUX
cblr-1214	628	16	not	not	PART
cblr-1214	628	17	the	the	DET
cblr-1214	628	18	only	only	ADJ
cblr-1214	628	19	agents	agent	NOUN
cblr-1214	628	20	with	with	ADP
cblr-1214	628	21	the	the	DET
cblr-1214	628	22	ability	ability	NOUN
cblr-1214	628	23	to	to	PART
cblr-1214	628	24	influence	influence	VERB
cblr-1214	628	25	whether	whether	SCONJ
cblr-1214	628	26	and	and	CCONJ
cblr-1214	628	27	to	to	ADP
cblr-1214	628	28	what	what	DET
cblr-1214	628	29	extent	extent	NOUN
cblr-1214	628	30	a	a	DET
cblr-1214	628	31	given	give	VERB
cblr-1214	628	32	firm	firm	NOUN
cblr-1214	628	33	pursues	pursue	VERB
cblr-1214	628	34	m&a	m&a	PROPN
cblr-1214	628	35	activity	activity	NOUN
cblr-1214	628	36	.	.	PUNCT
cblr-1214	629	1	because	because	SCONJ
cblr-1214	629	2	they	they	PRON
cblr-1214	629	3	often	often	ADV
cblr-1214	629	4	control	control	VERB
cblr-1214	629	5	significant	significant	ADJ
cblr-1214	629	6	portions	portion	NOUN
cblr-1214	629	7	of	of	ADP
cblr-1214	629	8	a	a	DET
cblr-1214	629	9	corporation	corporation	NOUN
cblr-1214	629	10	’s	’s	PART
cblr-1214	629	11	shares	share	NOUN
cblr-1214	629	12	,	,	PUNCT
cblr-1214	629	13	institutional	institutional	ADJ
cblr-1214	629	14	investors	investor	NOUN
cblr-1214	629	15	have	have	VERB
cblr-1214	629	16	the	the	DET
cblr-1214	629	17	power	power	NOUN
cblr-1214	629	18	to	to	PART
cblr-1214	629	19	sway	sway	VERB
cblr-1214	629	20	directors	director	NOUN
cblr-1214	629	21	towards	towards	ADP
cblr-1214	629	22	certain	certain	ADJ
cblr-1214	629	23	decisions	decision	NOUN
cblr-1214	629	24	—	—	PUNCT
cblr-1214	629	25	including	include	VERB
cblr-1214	629	26	the	the	DET
cblr-1214	629	27	decision	decision	NOUN
cblr-1214	629	28	to	to	PART
cblr-1214	629	29	pursue	pursue	VERB
cblr-1214	629	30	more	more	ADV
cblr-1214	629	31	or	or	CCONJ
cblr-1214	629	32	less	less	ADJ
cblr-1214	629	33	m&a	m&a	PROPN
cblr-1214	629	34	activity.185	activity.185	PROPN
cblr-1214	629	35	mutual	mutual	ADJ
cblr-1214	629	36	funds	fund	NOUN
cblr-1214	629	37	—	—	PUNCT
cblr-1214	629	38	investment	investment	NOUN
cblr-1214	629	39	vehicles	vehicle	NOUN
cblr-1214	629	40	that	that	PRON
cblr-1214	629	41	pool	pool	VERB
cblr-1214	629	42	money	money	NOUN
cblr-1214	629	43	from	from	ADP
cblr-1214	629	44	many	many	ADJ
cblr-1214	629	45	investors	investor	NOUN
cblr-1214	629	46	—	—	PUNCT
cblr-1214	629	47	are	be	AUX
cblr-1214	629	48	currently	currently	ADV
cblr-1214	629	49	the	the	DET
cblr-1214	629	50	biggest	big	ADJ
cblr-1214	629	51	bloc	bloc	NOUN
cblr-1214	629	52	of	of	ADP
cblr-1214	629	53	institutional	institutional	ADJ
cblr-1214	629	54	investors	investor	NOUN
cblr-1214	629	55	,	,	PUNCT
cblr-1214	629	56	controlling	control	VERB
cblr-1214	629	57	20.5	20.5	NUM
cblr-1214	629	58	%	%	NOUN
cblr-1214	629	59	of	of	ADP
cblr-1214	629	60	all	all	DET
cblr-1214	629	61	u.s	u.s	PROPN
cblr-1214	629	62	.	.	PROPN
cblr-1214	629	63	equities	equity	NOUN
cblr-1214	629	64	as	as	ADP
cblr-1214	629	65	of	of	ADP
cblr-1214	629	66	2015.186	2015.186	NUM
cblr-1214	629	67	though	though	SCONJ
cblr-1214	629	68	their	their	PRON
cblr-1214	629	69	activism	activism	NOUN
cblr-1214	629	70	efforts	effort	NOUN
cblr-1214	629	71	have	have	AUX
cblr-1214	629	72	been	be	AUX
cblr-1214	629	73	more	more	ADV
cblr-1214	629	74	muted	muted	ADJ
cblr-1214	629	75	than	than	ADP
cblr-1214	629	76	those	those	PRON
cblr-1214	629	77	of	of	ADP
cblr-1214	629	78	other	other	ADJ
cblr-1214	629	79	institutional	institutional	ADJ
cblr-1214	629	80	investors	investor	NOUN
cblr-1214	629	81	,	,	PUNCT
cblr-1214	629	82	mutual	mutual	ADJ
cblr-1214	629	83	funds	fund	NOUN
cblr-1214	629	84	what	what	PRON
cblr-1214	629	85	he	he	PRON
cblr-1214	629	86	reasonably	reasonably	ADV
cblr-1214	629	87	believes	believe	VERB
cblr-1214	629	88	to	to	PART
cblr-1214	629	89	be	be	AUX
cblr-1214	629	90	in	in	ADP
cblr-1214	629	91	the	the	DET
cblr-1214	629	92	best	good	ADJ
cblr-1214	629	93	interests	interest	NOUN
cblr-1214	629	94	of	of	ADP
cblr-1214	629	95	the	the	DET
cblr-1214	629	96	corporation	corporation	NOUN
cblr-1214	629	97	,	,	PUNCT
cblr-1214	629	98	shall	shall	AUX
cblr-1214	629	99	consider	consider	VERB
cblr-1214	629	100	the	the	DET
cblr-1214	629	101	interests	interest	NOUN
cblr-1214	629	102	of	of	ADP
cblr-1214	629	103	the	the	DET
cblr-1214	629	104	corporation	corporation	NOUN
cblr-1214	629	105	’s	’s	PART
cblr-1214	629	106	shareholders	shareholder	NOUN
cblr-1214	629	107	and	and	CCONJ
cblr-1214	629	108	,	,	PUNCT
cblr-1214	629	109	in	in	ADP
cblr-1214	629	110	his	his	PRON
cblr-1214	629	111	discretion	discretion	NOUN
cblr-1214	629	112	,	,	PUNCT
cblr-1214	629	113	may	may	AUX
cblr-1214	629	114	consider	consider	VERB
cblr-1214	629	115	.	.	PUNCT
cblr-1214	629	116	.	.	PUNCT
cblr-1214	629	117	.	.	PUNCT
cblr-1214	630	1	[	[	X
cblr-1214	630	2	t]he	t]he	X
cblr-1214	630	3	interests	interest	NOUN
cblr-1214	630	4	of	of	ADP
cblr-1214	630	5	the	the	DET
cblr-1214	630	6	corporation	corporation	NOUN
cblr-1214	630	7	’s	’s	PART
cblr-1214	630	8	employees	employee	NOUN
cblr-1214	630	9	,	,	PUNCT
cblr-1214	630	10	suppliers	supplier	NOUN
cblr-1214	630	11	,	,	PUNCT
cblr-1214	630	12	creditors	creditor	NOUN
cblr-1214	630	13	and	and	CCONJ
cblr-1214	630	14	customers	customer	NOUN
cblr-1214	630	15	;	;	PUNCT
cblr-1214	630	16	.	.	PUNCT
cblr-1214	630	17	.	.	PUNCT
cblr-1214	630	18	.	.	PUNCT
cblr-1214	631	1	[	[	X
cblr-1214	631	2	t]he	t]he	ADV
cblr-1214	631	3	economy	economy	NOUN
cblr-1214	631	4	of	of	ADP
cblr-1214	631	5	the	the	DET
cblr-1214	631	6	state	state	NOUN
cblr-1214	631	7	and	and	CCONJ
cblr-1214	631	8	nation	nation	NOUN
cblr-1214	631	9	;	;	PUNCT
cblr-1214	631	10	.	.	PUNCT
cblr-1214	631	11	.	.	PUNCT
cblr-1214	631	12	.	.	PUNCT
cblr-1214	632	1	[	[	X
cblr-1214	632	2	c]ommunity	c]ommunity	NOUN
cblr-1214	632	3	and	and	CCONJ
cblr-1214	632	4	societal	societal	ADJ
cblr-1214	632	5	considerations	consideration	NOUN
cblr-1214	632	6	;	;	PUNCT
cblr-1214	632	7	.	.	PUNCT
cblr-1214	632	8	.	.	PUNCT
cblr-1214	632	9	.	.	PUNCT
cblr-1214	633	1	[	[	X
cblr-1214	633	2	t]he	t]he	ADV
cblr-1214	633	3	long	long	ADJ
cblr-1214	633	4	-	-	PUNCT
cblr-1214	633	5	term	term	NOUN
cblr-1214	633	6	as	as	ADV
cblr-1214	633	7	well	well	ADV
cblr-1214	633	8	as	as	ADP
cblr-1214	633	9	short	short	ADJ
cblr-1214	633	10	-	-	PUNCT
cblr-1214	633	11	term	term	NOUN
cblr-1214	633	12	interests	interest	NOUN
cblr-1214	633	13	of	of	ADP
cblr-1214	633	14	the	the	DET
cblr-1214	633	15	corporation	corporation	NOUN
cblr-1214	633	16	and	and	CCONJ
cblr-1214	633	17	its	its	PRON
cblr-1214	633	18	shareholders	shareholder	NOUN
cblr-1214	633	19	”	"	PUNCT
cblr-1214	633	20	)	)	PUNCT
cblr-1214	633	21	;	;	PUNCT
cblr-1214	633	22	neb	neb	PROPN
cblr-1214	633	23	.	.	PROPN
cblr-1214	633	24	rev	rev	PROPN
cblr-1214	633	25	.	.	PROPN
cblr-1214	633	26	stat	stat	PROPN
cblr-1214	633	27	.	.	PUNCT
cblr-1214	634	1	§	§	PROPN
cblr-1214	634	2	21	21	NUM
cblr-1214	634	3	-	-	SYM
cblr-1214	634	4	2,102	2,102	NUM
cblr-1214	634	5	(	(	PUNCT
cblr-1214	634	6	2017	2017	NUM
cblr-1214	634	7	)	)	PUNCT
cblr-1214	635	1	(	(	PUNCT
cblr-1214	635	2	providing	provide	VERB
cblr-1214	635	3	that	that	SCONJ
cblr-1214	635	4	“	"	PUNCT
cblr-1214	635	5	[	[	X
cblr-1214	635	6	a	a	X
cblr-1214	635	7	]	]	X
cblr-1214	635	8	director	director	NOUN
cblr-1214	635	9	may	may	AUX
cblr-1214	635	10	,	,	PUNCT
cblr-1214	635	11	but	but	CCONJ
cblr-1214	635	12	need	need	VERB
cblr-1214	635	13	not	not	PART
cblr-1214	635	14	,	,	PUNCT
cblr-1214	635	15	in	in	ADP
cblr-1214	635	16	considering	consider	VERB
cblr-1214	635	17	the	the	DET
cblr-1214	635	18	best	good	ADJ
cblr-1214	635	19	interests	interest	NOUN
cblr-1214	635	20	of	of	ADP
cblr-1214	635	21	the	the	DET
cblr-1214	635	22	corporation	corporation	NOUN
cblr-1214	635	23	,	,	PUNCT
cblr-1214	635	24	consider	consider	VERB
cblr-1214	635	25	,	,	PUNCT
cblr-1214	635	26	among	among	ADP
cblr-1214	635	27	other	other	ADJ
cblr-1214	635	28	things	thing	NOUN
cblr-1214	635	29	,	,	PUNCT
cblr-1214	635	30	the	the	DET
cblr-1214	635	31	effects	effect	NOUN
cblr-1214	635	32	of	of	ADP
cblr-1214	635	33	any	any	DET
cblr-1214	635	34	action	action	NOUN
cblr-1214	635	35	on	on	ADP
cblr-1214	635	36	employees	employee	NOUN
cblr-1214	635	37	,	,	PUNCT
cblr-1214	635	38	suppliers	supplier	NOUN
cblr-1214	635	39	,	,	PUNCT
cblr-1214	635	40	creditors	creditor	NOUN
cblr-1214	635	41	,	,	PUNCT
cblr-1214	635	42	and	and	CCONJ
cblr-1214	635	43	customers	customer	NOUN
cblr-1214	635	44	of	of	ADP
cblr-1214	635	45	the	the	DET
cblr-1214	635	46	corporation	corporation	NOUN
cblr-1214	635	47	and	and	CCONJ
cblr-1214	635	48	communities	community	NOUN
cblr-1214	635	49	in	in	ADP
cblr-1214	635	50	which	which	PRON
cblr-1214	635	51	offices	office	NOUN
cblr-1214	635	52	or	or	CCONJ
cblr-1214	635	53	other	other	ADJ
cblr-1214	635	54	facilities	facility	NOUN
cblr-1214	635	55	of	of	ADP
cblr-1214	635	56	the	the	DET
cblr-1214	635	57	corporation	corporation	NOUN
cblr-1214	635	58	are	be	AUX
cblr-1214	635	59	located	locate	VERB
cblr-1214	635	60	”	"	PUNCT
cblr-1214	635	61	)	)	PUNCT
cblr-1214	635	62	.	.	PUNCT
cblr-1214	636	1	185	185	NUM
cblr-1214	636	2	see	see	VERB
cblr-1214	636	3	martin	martin	PROPN
cblr-1214	636	4	gelter	gelter	PROPN
cblr-1214	636	5	,	,	PUNCT
cblr-1214	636	6	the	the	DET
cblr-1214	636	7	pension	pension	NOUN
cblr-1214	636	8	system	system	NOUN
cblr-1214	636	9	and	and	CCONJ
cblr-1214	636	10	the	the	DET
cblr-1214	636	11	rise	rise	NOUN
cblr-1214	636	12	of	of	ADP
cblr-1214	636	13	shareholder	shareholder	NOUN
cblr-1214	636	14	primacy	primacy	NOUN
cblr-1214	636	15	,	,	PUNCT
cblr-1214	636	16	43	43	NUM
cblr-1214	636	17	seton	seton	PROPN
cblr-1214	636	18	hall	hall	PROPN
cblr-1214	636	19	l.	l.	PROPN
cblr-1214	636	20	rev	rev	PROPN
cblr-1214	636	21	.	.	PROPN
cblr-1214	636	22	909	909	NUM
cblr-1214	636	23	,	,	PUNCT
cblr-1214	636	24	958–60	958–60	PROPN
cblr-1214	636	25	(	(	PUNCT
cblr-1214	636	26	2013	2013	NUM
cblr-1214	636	27	)	)	PUNCT
cblr-1214	636	28	.	.	PUNCT
cblr-1214	637	1	186	186	NUM
cblr-1214	637	2	see	see	NOUN
cblr-1214	637	3	sifma	sifma	NOUN
cblr-1214	637	4	,	,	PUNCT
cblr-1214	637	5	2016	2016	NUM
cblr-1214	637	6	fact	fact	NOUN
cblr-1214	637	7	book	book	NOUN
cblr-1214	637	8	83	83	NUM
cblr-1214	637	9	(	(	PUNCT
cblr-1214	637	10	2016	2016	NUM
cblr-1214	637	11	)	)	PUNCT
cblr-1214	637	12	,	,	PUNCT
cblr-1214	637	13	https://www.sifma.org/wpcontent/uploads/2017/05/sifma-fact-book-2016.pdf	https://www.sifma.org/wpcontent/uploads/2017/05/sifma-fact-book-2016.pdf	PROPN
cblr-1214	638	1	[	[	X
cblr-1214	638	2	perma.cc/6qvd-j7ky	perma.cc/6qvd-j7ky	X
cblr-1214	638	3	]	]	PUNCT
cblr-1214	638	4	.	.	PUNCT
cblr-1214	639	1	griffin_final	griffin_final	ADJ
cblr-1214	639	2	no	no	NOUN
cblr-1214	639	3	.	.	PUNCT
cblr-1214	640	1	1:70	1:70	NUM
cblr-1214	640	2	]	]	PUNCT
cblr-1214	640	3	the	the	DET
cblr-1214	640	4	hidden	hidden	ADJ
cblr-1214	640	5	cost	cost	NOUN
cblr-1214	640	6	of	of	ADP
cblr-1214	640	7	m&a	m&a	PROPN
cblr-1214	640	8	117	117	NUM
cblr-1214	640	9	traditionally	traditionally	ADV
cblr-1214	640	10	have	have	AUX
cblr-1214	640	11	influenced	influence	VERB
cblr-1214	640	12	management	management	NOUN
cblr-1214	640	13	decisions	decision	NOUN
cblr-1214	640	14	by	by	ADP
cblr-1214	640	15	opting	opt	VERB
cblr-1214	640	16	or	or	CCONJ
cblr-1214	640	17	threatening	threaten	VERB
cblr-1214	640	18	to	to	PART
cblr-1214	640	19	redirect	redirect	VERB
cblr-1214	640	20	capital	capital	NOUN
cblr-1214	640	21	to	to	ADP
cblr-1214	640	22	other	other	ADJ
cblr-1214	640	23	investments	investment	NOUN
cblr-1214	640	24	,	,	PUNCT
cblr-1214	640	25	and	and	CCONJ
cblr-1214	640	26	they	they	PRON
cblr-1214	640	27	have	have	AUX
cblr-1214	640	28	increasingly	increasingly	ADV
cblr-1214	640	29	engaged	engage	VERB
cblr-1214	640	30	in	in	ADP
cblr-1214	640	31	other	other	ADJ
cblr-1214	640	32	forms	form	NOUN
cblr-1214	640	33	of	of	ADP
cblr-1214	640	34	activism	activism	NOUN
cblr-1214	640	35	in	in	ADP
cblr-1214	640	36	recent	recent	ADJ
cblr-1214	640	37	years.187	years.187	PROPN
cblr-1214	640	38	their	their	PRON
cblr-1214	640	39	power	power	NOUN
cblr-1214	640	40	to	to	PART
cblr-1214	640	41	influence	influence	VERB
cblr-1214	640	42	corporate	corporate	ADJ
cblr-1214	640	43	decision	decision	NOUN
cblr-1214	640	44	-	-	PUNCT
cblr-1214	640	45	making	making	NOUN
cblr-1214	640	46	raises	raise	VERB
cblr-1214	640	47	an	an	DET
cblr-1214	640	48	important	important	ADJ
cblr-1214	640	49	question	question	NOUN
cblr-1214	640	50	:	:	PUNCT
cblr-1214	640	51	what	what	PRON
cblr-1214	640	52	is	be	AUX
cblr-1214	640	53	a	a	DET
cblr-1214	640	54	well	well	ADV
cblr-1214	640	55	-	-	PUNCT
cblr-1214	640	56	meaning	mean	VERB
cblr-1214	640	57	mutual	mutual	ADJ
cblr-1214	640	58	fund	fund	NOUN
cblr-1214	640	59	manager	manager	NOUN
cblr-1214	640	60	to	to	PART
cblr-1214	640	61	do	do	VERB
cblr-1214	640	62	when	when	SCONJ
cblr-1214	640	63	faced	face	VERB
cblr-1214	640	64	with	with	ADP
cblr-1214	640	65	the	the	DET
cblr-1214	640	66	decisions	decision	NOUN
cblr-1214	640	67	of	of	ADP
cblr-1214	640	68	whether	whether	SCONJ
cblr-1214	640	69	to	to	PART
cblr-1214	640	70	vote	vote	VERB
cblr-1214	640	71	for	for	ADP
cblr-1214	640	72	a	a	DET
cblr-1214	640	73	merger	merger	NOUN
cblr-1214	640	74	and	and	CCONJ
cblr-1214	640	75	whether	whether	SCONJ
cblr-1214	640	76	to	to	PART
cblr-1214	640	77	urge	urge	VERB
cblr-1214	640	78	management	management	NOUN
cblr-1214	640	79	to	to	PART
cblr-1214	640	80	pursue	pursue	VERB
cblr-1214	640	81	potential	potential	ADJ
cblr-1214	640	82	m&a	m&a	NOUN
cblr-1214	640	83	activity	activity	NOUN
cblr-1214	640	84	?	?	PUNCT
cblr-1214	641	1	research	research	NOUN
cblr-1214	641	2	suggests	suggest	VERB
cblr-1214	641	3	that	that	SCONJ
cblr-1214	641	4	many	many	ADJ
cblr-1214	641	5	mutual	mutual	ADJ
cblr-1214	641	6	fund	fund	NOUN
cblr-1214	641	7	managers	manager	NOUN
cblr-1214	641	8	believe	believe	VERB
cblr-1214	641	9	it	it	PRON
cblr-1214	641	10	to	to	PART
cblr-1214	641	11	be	be	AUX
cblr-1214	641	12	their	their	PRON
cblr-1214	641	13	primary	primary	ADJ
cblr-1214	641	14	or	or	CCONJ
cblr-1214	641	15	even	even	ADV
cblr-1214	641	16	sole	sole	ADJ
cblr-1214	641	17	duty	duty	NOUN
cblr-1214	641	18	to	to	PART
cblr-1214	641	19	maximize	maximize	VERB
cblr-1214	641	20	fund	fund	NOUN
cblr-1214	641	21	performance.188	performance.188	NOUN
cblr-1214	641	22	an	an	DET
cblr-1214	641	23	understanding	understanding	NOUN
cblr-1214	641	24	of	of	ADP
cblr-1214	641	25	the	the	DET
cblr-1214	641	26	best	good	ADJ
cblr-1214	641	27	interests	interest	NOUN
cblr-1214	641	28	of	of	ADP
cblr-1214	641	29	fund	fund	NOUN
cblr-1214	641	30	shareholders	shareholder	NOUN
cblr-1214	641	31	as	as	ADV
cblr-1214	641	32	essentially	essentially	ADV
cblr-1214	641	33	indistinguishable	indistinguishable	ADJ
cblr-1214	641	34	from	from	ADP
cblr-1214	641	35	fund	fund	NOUN
cblr-1214	641	36	performance	performance	NOUN
cblr-1214	641	37	mimics	mimic	VERB
cblr-1214	641	38	traditional	traditional	ADJ
cblr-1214	641	39	conceptualizations	conceptualization	NOUN
cblr-1214	641	40	of	of	ADP
cblr-1214	641	41	the	the	DET
cblr-1214	641	42	shareholder	shareholder	NOUN
cblr-1214	641	43	wealth	wealth	NOUN
cblr-1214	641	44	maximization	maximization	NOUN
cblr-1214	641	45	norm	norm	NOUN
cblr-1214	641	46	that	that	PRON
cblr-1214	641	47	stress	stress	VERB
cblr-1214	641	48	stock	stock	NOUN
cblr-1214	641	49	performance	performance	NOUN
cblr-1214	641	50	as	as	ADP
cblr-1214	641	51	the	the	DET
cblr-1214	641	52	proper	proper	ADJ
cblr-1214	641	53	measure	measure	NOUN
cblr-1214	641	54	of	of	ADP
cblr-1214	641	55	stockholders	stockholder	NOUN
cblr-1214	641	56	’	'	PUNCT
cblr-1214	641	57	financial	financial	ADJ
cblr-1214	641	58	well	well	NOUN
cblr-1214	641	59	-	-	PUNCT
cblr-1214	641	60	being	being	NOUN
cblr-1214	641	61	.	.	PUNCT
cblr-1214	642	1	a	a	DET
cblr-1214	642	2	mutual	mutual	ADJ
cblr-1214	642	3	fund	fund	NOUN
cblr-1214	642	4	manager	manager	NOUN
cblr-1214	642	5	thusly	thusly	ADV
cblr-1214	642	6	focused	focus	VERB
cblr-1214	642	7	on	on	ADP
cblr-1214	642	8	performance	performance	NOUN
cblr-1214	642	9	would	would	AUX
cblr-1214	642	10	be	be	AUX
cblr-1214	642	11	inclined	incline	VERB
cblr-1214	642	12	to	to	PART
cblr-1214	642	13	urge	urge	VERB
cblr-1214	642	14	firms	firm	NOUN
cblr-1214	642	15	towards	towards	ADP
cblr-1214	642	16	m&a	m&a	PROPN
cblr-1214	642	17	activity	activity	NOUN
cblr-1214	642	18	that	that	PRON
cblr-1214	642	19	increases	increase	VERB
cblr-1214	642	20	share	share	NOUN
cblr-1214	642	21	prices	price	NOUN
cblr-1214	642	22	,	,	PUNCT
cblr-1214	642	23	even	even	ADV
cblr-1214	642	24	if	if	SCONJ
cblr-1214	642	25	such	such	ADJ
cblr-1214	642	26	increases	increase	NOUN
cblr-1214	642	27	come	come	VERB
cblr-1214	642	28	at	at	ADP
cblr-1214	642	29	the	the	DET
cblr-1214	642	30	expense	expense	NOUN
cblr-1214	642	31	of	of	ADP
cblr-1214	642	32	consumers	consumer	NOUN
cblr-1214	642	33	.	.	PUNCT
cblr-1214	643	1	however	however	ADV
cblr-1214	643	2	,	,	PUNCT
cblr-1214	643	3	to	to	PART
cblr-1214	643	4	truly	truly	ADV
cblr-1214	643	5	maximize	maximize	VERB
cblr-1214	643	6	the	the	DET
cblr-1214	643	7	wealth	wealth	NOUN
cblr-1214	643	8	of	of	ADP
cblr-1214	643	9	fund	fund	NOUN
cblr-1214	643	10	shareholders	shareholder	NOUN
cblr-1214	643	11	,	,	PUNCT
cblr-1214	643	12	mutual	mutual	ADJ
cblr-1214	643	13	fund	fund	NOUN
cblr-1214	643	14	managers	manager	NOUN
cblr-1214	643	15	ought	ought	AUX
cblr-1214	643	16	to	to	PART
cblr-1214	643	17	consider	consider	VERB
cblr-1214	643	18	their	their	PRON
cblr-1214	643	19	shareholders	shareholder	NOUN
cblr-1214	643	20	’	'	PUNCT
cblr-1214	643	21	financial	financial	ADJ
cblr-1214	643	22	interests	interest	NOUN
cblr-1214	643	23	more	more	ADV
cblr-1214	643	24	broadly	broadly	ADV
cblr-1214	643	25	,	,	PUNCT
cblr-1214	643	26	as	as	SCONJ
cblr-1214	643	27	some	some	DET
cblr-1214	643	28	mutual	mutual	ADJ
cblr-1214	643	29	fund	fund	NOUN
cblr-1214	643	30	members	member	NOUN
cblr-1214	643	31	might	might	AUX
cblr-1214	643	32	benefit	benefit	VERB
cblr-1214	643	33	more	more	ADJ
cblr-1214	643	34	from	from	ADP
cblr-1214	643	35	a	a	DET
cblr-1214	643	36	competitive	competitive	ADJ
cblr-1214	643	37	marketplace	marketplace	NOUN
cblr-1214	643	38	and	and	CCONJ
cblr-1214	643	39	competitivelypriced	competitivelypriced	ADJ
cblr-1214	643	40	goods	good	NOUN
cblr-1214	643	41	than	than	ADP
cblr-1214	643	42	from	from	ADP
cblr-1214	643	43	improved	improved	ADJ
cblr-1214	643	44	stock	stock	NOUN
cblr-1214	643	45	performance.189	performance.189	NOUN
cblr-1214	643	46	in	in	ADP
cblr-1214	643	47	fact	fact	NOUN
cblr-1214	643	48	,	,	PUNCT
cblr-1214	643	49	mutual	mutual	ADJ
cblr-1214	643	50	fund	fund	NOUN
cblr-1214	643	51	shareholders	shareholder	NOUN
cblr-1214	643	52	are	be	AUX
cblr-1214	643	53	even	even	ADV
cblr-1214	643	54	more	more	ADV
cblr-1214	643	55	likely	likely	ADJ
cblr-1214	643	56	than	than	SCONJ
cblr-1214	643	57	the	the	DET
cblr-1214	643	58	typical	typical	ADJ
cblr-1214	643	59	shareholder	shareholder	NOUN
cblr-1214	643	60	to	to	PART
cblr-1214	643	61	be	be	AUX
cblr-1214	643	62	disadvantaged	disadvantage	VERB
cblr-1214	643	63	by	by	ADP
cblr-1214	643	64	the	the	DET
cblr-1214	643	65	market	market	NOUN
cblr-1214	643	66	power	power	NOUN
cblr-1214	643	67	gains	gain	NOUN
cblr-1214	643	68	and	and	CCONJ
cblr-1214	643	69	price	price	NOUN
cblr-1214	643	70	increases	increase	NOUN
cblr-1214	643	71	that	that	PRON
cblr-1214	643	72	tend	tend	VERB
cblr-1214	643	73	to	to	PART
cblr-1214	643	74	accompany	accompany	VERB
cblr-1214	643	75	m&a	m&a	PROPN
cblr-1214	643	76	activity	activity	NOUN
cblr-1214	643	77	.	.	PUNCT
cblr-1214	644	1	while	while	SCONJ
cblr-1214	644	2	half	half	NOUN
cblr-1214	644	3	of	of	ADP
cblr-1214	644	4	all	all	DET
cblr-1214	644	5	shareholders	shareholder	NOUN
cblr-1214	644	6	make	make	VERB
cblr-1214	644	7	more	more	ADJ
cblr-1214	644	8	than	than	ADP
cblr-1214	644	9	$	$	SYM
cblr-1214	644	10	250,000	250,000	NUM
cblr-1214	644	11	annually	annually	ADV
cblr-1214	644	12	,	,	PUNCT
cblr-1214	644	13	39	39	NUM
cblr-1214	644	14	%	%	NOUN
cblr-1214	644	15	of	of	ADP
cblr-1214	644	16	mutual	mutual	ADJ
cblr-1214	644	17	fund	fund	NOUN
cblr-1214	644	18	shareholders	shareholder	NOUN
cblr-1214	644	19	earn	earn	VERB
cblr-1214	644	20	less	less	ADJ
cblr-1214	644	21	than	than	ADP
cblr-1214	644	22	$	$	SYM
cblr-1214	644	23	75,000	75,000	NUM
cblr-1214	644	24	annually	annually	ADV
cblr-1214	644	25	,	,	PUNCT
cblr-1214	644	26	and	and	CCONJ
cblr-1214	644	27	55	55	NUM
cblr-1214	644	28	%	%	NOUN
cblr-1214	644	29	earn	earn	VERB
cblr-1214	644	30	less	less	ADJ
cblr-1214	644	31	than	than	ADP
cblr-1214	644	32	$	$	SYM
cblr-1214	644	33	100,000	100,000	NUM
cblr-1214	644	34	187	187	NUM
cblr-1214	644	35	gelter	gelter	NOUN
cblr-1214	644	36	,	,	PUNCT
cblr-1214	644	37	supra	supra	PROPN
cblr-1214	644	38	note	note	NOUN
cblr-1214	644	39	185	185	NUM
cblr-1214	644	40	,	,	PUNCT
cblr-1214	644	41	at	at	ADP
cblr-1214	644	42	960	960	NUM
cblr-1214	644	43	.	.	PUNCT
cblr-1214	645	1	188	188	NUM
cblr-1214	645	2	alan	alan	PROPN
cblr-1214	645	3	r.	r.	PROPN
cblr-1214	645	4	palmiter	palmiter	PROPN
cblr-1214	645	5	,	,	PUNCT
cblr-1214	645	6	mutual	mutual	ADJ
cblr-1214	645	7	fund	fund	NOUN
cblr-1214	645	8	voting	voting	NOUN
cblr-1214	645	9	of	of	ADP
cblr-1214	645	10	portfolio	portfolio	NOUN
cblr-1214	645	11	shares	share	NOUN
cblr-1214	645	12	:	:	PUNCT
cblr-1214	645	13	why	why	SCONJ
cblr-1214	645	14	not	not	PART
cblr-1214	645	15	disclose	disclose	VERB
cblr-1214	645	16	?	?	PUNCT
cblr-1214	645	17	,	,	PUNCT
cblr-1214	645	18	23	23	NUM
cblr-1214	645	19	cardozo	cardozo	PROPN
cblr-1214	645	20	l.	l.	PROPN
cblr-1214	645	21	rev	rev	PROPN
cblr-1214	645	22	.	.	PROPN
cblr-1214	645	23	1419	1419	NUM
cblr-1214	645	24	,	,	PUNCT
cblr-1214	645	25	1461	1461	NUM
cblr-1214	645	26	(	(	PUNCT
cblr-1214	645	27	2002	2002	NUM
cblr-1214	645	28	)	)	PUNCT
cblr-1214	645	29	.	.	PUNCT
cblr-1214	646	1	189	189	NUM
cblr-1214	646	2	robert	robert	PROPN
cblr-1214	646	3	ashford	ashford	PROPN
cblr-1214	646	4	,	,	PUNCT
cblr-1214	646	5	binary	binary	ADJ
cblr-1214	646	6	economics	economic	NOUN
cblr-1214	646	7	,	,	PUNCT
cblr-1214	646	8	fiduciary	fiduciary	ADJ
cblr-1214	646	9	duties	duty	NOUN
cblr-1214	646	10	,	,	PUNCT
cblr-1214	646	11	and	and	CCONJ
cblr-1214	646	12	corporate	corporate	ADJ
cblr-1214	646	13	social	social	ADJ
cblr-1214	646	14	responsibility	responsibility	NOUN
cblr-1214	646	15	:	:	PUNCT
cblr-1214	646	16	comprehending	comprehend	VERB
cblr-1214	646	17	corporate	corporate	ADJ
cblr-1214	646	18	wealth	wealth	NOUN
cblr-1214	646	19	maximization	maximization	NOUN
cblr-1214	646	20	and	and	CCONJ
cblr-1214	646	21	distribution	distribution	NOUN
cblr-1214	646	22	for	for	ADP
cblr-1214	646	23	stockholders	stockholder	NOUN
cblr-1214	646	24	,	,	PUNCT
cblr-1214	646	25	stakeholders	stakeholder	NOUN
cblr-1214	646	26	,	,	PUNCT
cblr-1214	646	27	and	and	CCONJ
cblr-1214	646	28	society	society	NOUN
cblr-1214	646	29	,	,	PUNCT
cblr-1214	646	30	76	76	NUM
cblr-1214	646	31	tul	tul	NOUN
cblr-1214	646	32	.	.	PUNCT
cblr-1214	646	33	l.	l.	PROPN
cblr-1214	646	34	rev	rev	PROPN
cblr-1214	646	35	.	.	PROPN
cblr-1214	646	36	1531	1531	NUM
cblr-1214	646	37	,	,	PUNCT
cblr-1214	646	38	1574	1574	NUM
cblr-1214	646	39	(	(	PUNCT
cblr-1214	646	40	2002	2002	NUM
cblr-1214	646	41	)	)	PUNCT
cblr-1214	646	42	.	.	PUNCT
cblr-1214	647	1	griffin_final	griffin_final	ADJ
cblr-1214	647	2	118	118	NUM
cblr-1214	647	3	columbia	columbia	PROPN
cblr-1214	647	4	business	business	NOUN
cblr-1214	647	5	law	law	PROPN
cblr-1214	647	6	review	review	NOUN
cblr-1214	647	7	[	[	X
cblr-1214	647	8	vol	vol	NOUN
cblr-1214	647	9	.	.	PUNCT
cblr-1214	647	10	2018	2018	NUM
cblr-1214	647	11	annually.190	annually.190	ADJ
cblr-1214	647	12	due	due	ADP
cblr-1214	647	13	to	to	ADP
cblr-1214	647	14	this	this	DET
cblr-1214	647	15	income	income	NOUN
cblr-1214	647	16	differential	differential	NOUN
cblr-1214	647	17	,	,	PUNCT
cblr-1214	647	18	mutual	mutual	ADJ
cblr-1214	647	19	fund	fund	NOUN
cblr-1214	647	20	owners	owner	NOUN
cblr-1214	647	21	have	have	VERB
cblr-1214	647	22	comparatively	comparatively	ADV
cblr-1214	647	23	less	less	ADV
cblr-1214	647	24	disposable	disposable	ADJ
cblr-1214	647	25	income	income	NOUN
cblr-1214	647	26	than	than	ADP
cblr-1214	647	27	traditional	traditional	ADJ
cblr-1214	647	28	shareholders	shareholder	NOUN
cblr-1214	647	29	,	,	PUNCT
cblr-1214	647	30	making	make	VERB
cblr-1214	647	31	them	they	PRON
cblr-1214	647	32	more	more	ADV
cblr-1214	647	33	vulnerable	vulnerable	ADJ
cblr-1214	647	34	to	to	ADP
cblr-1214	647	35	price	price	NOUN
cblr-1214	647	36	increases	increase	NOUN
cblr-1214	647	37	.	.	PUNCT
cblr-1214	648	1	additionally	additionally	ADV
cblr-1214	648	2	,	,	PUNCT
cblr-1214	648	3	the	the	DET
cblr-1214	648	4	purpose	purpose	NOUN
cblr-1214	648	5	of	of	ADP
cblr-1214	648	6	92	92	NUM
cblr-1214	648	7	%	%	NOUN
cblr-1214	648	8	of	of	ADP
cblr-1214	648	9	mutual	mutual	ADJ
cblr-1214	648	10	fund	fund	NOUN
cblr-1214	648	11	investment	investment	NOUN
cblr-1214	648	12	is	be	AUX
cblr-1214	648	13	saving	save	VERB
cblr-1214	648	14	for	for	ADP
cblr-1214	648	15	retirement	retirement	NOUN
cblr-1214	648	16	,	,	PUNCT
cblr-1214	648	17	but	but	CCONJ
cblr-1214	648	18	76	76	NUM
cblr-1214	648	19	%	%	NOUN
cblr-1214	648	20	of	of	ADP
cblr-1214	648	21	mutual	mutual	ADJ
cblr-1214	648	22	fund	fund	NOUN
cblr-1214	648	23	owners	owner	NOUN
cblr-1214	648	24	are	be	AUX
cblr-1214	648	25	employed	employ	VERB
cblr-1214	648	26	and	and	CCONJ
cblr-1214	648	27	thus	thus	ADV
cblr-1214	648	28	they	they	PRON
cblr-1214	648	29	have	have	VERB
cblr-1214	648	30	yet	yet	ADV
cblr-1214	648	31	to	to	PART
cblr-1214	648	32	achieve	achieve	VERB
cblr-1214	648	33	their	their	PRON
cblr-1214	648	34	investment	investment	NOUN
cblr-1214	648	35	goal.191	goal.191	NOUN
cblr-1214	648	36	increased	increase	VERB
cblr-1214	648	37	costs	cost	NOUN
cblr-1214	648	38	for	for	ADP
cblr-1214	648	39	goods	good	NOUN
cblr-1214	648	40	and	and	CCONJ
cblr-1214	648	41	services	service	NOUN
cblr-1214	648	42	likely	likely	ADV
cblr-1214	648	43	reduce	reduce	VERB
cblr-1214	648	44	the	the	DET
cblr-1214	648	45	ability	ability	NOUN
cblr-1214	648	46	of	of	ADP
cblr-1214	648	47	many	many	ADJ
cblr-1214	648	48	mutual	mutual	ADJ
cblr-1214	648	49	fund	fund	NOUN
cblr-1214	648	50	members	member	NOUN
cblr-1214	648	51	to	to	PART
cblr-1214	648	52	contribute	contribute	VERB
cblr-1214	648	53	additional	additional	ADJ
cblr-1214	648	54	capital	capital	NOUN
cblr-1214	648	55	to	to	ADP
cblr-1214	648	56	their	their	PRON
cblr-1214	648	57	retirement	retirement	NOUN
cblr-1214	648	58	plan	plan	NOUN
cblr-1214	648	59	,	,	PUNCT
cblr-1214	648	60	thus	thus	ADV
cblr-1214	648	61	hindering	hinder	VERB
cblr-1214	648	62	their	their	PRON
cblr-1214	648	63	ability	ability	NOUN
cblr-1214	648	64	to	to	PART
cblr-1214	648	65	pursue	pursue	VERB
cblr-1214	648	66	their	their	PRON
cblr-1214	648	67	stated	state	VERB
cblr-1214	648	68	financial	financial	ADJ
cblr-1214	648	69	goals	goal	NOUN
cblr-1214	648	70	or	or	CCONJ
cblr-1214	648	71	forcing	force	VERB
cblr-1214	648	72	them	they	PRON
cblr-1214	648	73	to	to	PART
cblr-1214	648	74	reduce	reduce	VERB
cblr-1214	648	75	spending	spending	NOUN
cblr-1214	648	76	in	in	ADP
cblr-1214	648	77	other	other	ADJ
cblr-1214	648	78	areas	area	NOUN
cblr-1214	648	79	to	to	ADP
cblr-1214	648	80	compensate.192	compensate.192	NOUN
cblr-1214	648	81	in	in	ADP
cblr-1214	648	82	these	these	DET
cblr-1214	648	83	ways	way	NOUN
cblr-1214	648	84	,	,	PUNCT
cblr-1214	648	85	mutual	mutual	ADJ
cblr-1214	648	86	fund	fund	NOUN
cblr-1214	648	87	shareholders	shareholder	NOUN
cblr-1214	648	88	are	be	AUX
cblr-1214	648	89	especially	especially	ADV
cblr-1214	648	90	likely	likely	ADJ
cblr-1214	648	91	to	to	PART
cblr-1214	648	92	be	be	AUX
cblr-1214	648	93	disadvantaged	disadvantage	VERB
cblr-1214	648	94	by	by	ADP
cblr-1214	648	95	m&a	m&a	PROPN
cblr-1214	648	96	activity	activity	NOUN
cblr-1214	648	97	.	.	PUNCT
cblr-1214	649	1	given	give	VERB
cblr-1214	649	2	the	the	DET
cblr-1214	649	3	characteristics	characteristic	NOUN
cblr-1214	649	4	of	of	ADP
cblr-1214	649	5	mutual	mutual	ADJ
cblr-1214	649	6	fund	fund	NOUN
cblr-1214	649	7	members	member	NOUN
cblr-1214	649	8	,	,	PUNCT
cblr-1214	649	9	mutual	mutual	ADJ
cblr-1214	649	10	fund	fund	NOUN
cblr-1214	649	11	managers	manager	NOUN
cblr-1214	649	12	ought	ought	AUX
cblr-1214	649	13	to	to	PART
cblr-1214	649	14	be	be	AUX
cblr-1214	649	15	reluctant	reluctant	ADJ
cblr-1214	649	16	to	to	PART
cblr-1214	649	17	support	support	VERB
cblr-1214	649	18	marginal	marginal	ADJ
cblr-1214	649	19	m&a	m&a	NOUN
cblr-1214	649	20	activity	activity	NOUN
cblr-1214	649	21	,	,	PUNCT
cblr-1214	649	22	lest	lest	SCONJ
cblr-1214	649	23	they	they	PRON
cblr-1214	649	24	indirectly	indirectly	ADV
cblr-1214	649	25	subvert	subvert	VERB
cblr-1214	649	26	the	the	DET
cblr-1214	649	27	financial	financial	ADJ
cblr-1214	649	28	wellbeing	wellbeing	NOUN
cblr-1214	649	29	of	of	ADP
cblr-1214	649	30	their	their	PRON
cblr-1214	649	31	shareholders	shareholder	NOUN
cblr-1214	649	32	.	.	PUNCT
cblr-1214	650	1	indeed	indeed	ADV
cblr-1214	650	2	,	,	PUNCT
cblr-1214	650	3	depending	depend	VERB
cblr-1214	650	4	on	on	ADP
cblr-1214	650	5	the	the	DET
cblr-1214	650	6	relative	relative	ADJ
cblr-1214	650	7	magnitude	magnitude	NOUN
cblr-1214	650	8	of	of	ADP
cblr-1214	650	9	the	the	DET
cblr-1214	650	10	change	change	NOUN
cblr-1214	650	11	in	in	ADP
cblr-1214	650	12	share	share	NOUN
cblr-1214	650	13	price	price	NOUN
cblr-1214	650	14	and	and	CCONJ
cblr-1214	650	15	the	the	DET
cblr-1214	650	16	increased	increase	VERB
cblr-1214	650	17	cost	cost	NOUN
cblr-1214	650	18	of	of	ADP
cblr-1214	650	19	goods	good	NOUN
cblr-1214	650	20	and	and	CCONJ
cblr-1214	650	21	services	service	NOUN
cblr-1214	650	22	,	,	PUNCT
cblr-1214	650	23	a	a	DET
cblr-1214	650	24	merger	merger	NOUN
cblr-1214	650	25	that	that	PRON
cblr-1214	650	26	results	result	VERB
cblr-1214	650	27	in	in	ADP
cblr-1214	650	28	price	price	NOUN
cblr-1214	650	29	increases	increase	NOUN
cblr-1214	650	30	might	might	AUX
cblr-1214	650	31	disserve	disserve	VERB
cblr-1214	650	32	the	the	DET
cblr-1214	650	33	majority	majority	NOUN
cblr-1214	650	34	of	of	ADP
cblr-1214	650	35	mutual	mutual	ADJ
cblr-1214	650	36	fund	fund	NOUN
cblr-1214	650	37	shareholders	shareholder	NOUN
cblr-1214	650	38	by	by	ADP
cblr-1214	650	39	raising	raise	VERB
cblr-1214	650	40	prices	price	NOUN
cblr-1214	650	41	for	for	ADP
cblr-1214	650	42	goods	good	NOUN
cblr-1214	650	43	.	.	PUNCT
cblr-1214	651	1	in	in	ADP
cblr-1214	651	2	close	close	ADJ
cblr-1214	651	3	cases	case	NOUN
cblr-1214	651	4	,	,	PUNCT
cblr-1214	651	5	mutual	mutual	ADJ
cblr-1214	651	6	fund	fund	NOUN
cblr-1214	651	7	managers	manager	NOUN
cblr-1214	651	8	considering	consider	VERB
cblr-1214	651	9	this	this	DET
cblr-1214	651	10	broadened	broaden	VERB
cblr-1214	651	11	conception	conception	NOUN
cblr-1214	651	12	of	of	ADP
cblr-1214	651	13	shareholder	shareholder	NOUN
cblr-1214	651	14	wealth	wealth	NOUN
cblr-1214	651	15	maximization	maximization	NOUN
cblr-1214	651	16	may	may	AUX
cblr-1214	651	17	be	be	AUX
cblr-1214	651	18	more	more	ADV
cblr-1214	651	19	likely	likely	ADJ
cblr-1214	651	20	to	to	PART
cblr-1214	651	21	steer	steer	VERB
cblr-1214	651	22	management	management	NOUN
cblr-1214	651	23	away	away	ADV
cblr-1214	651	24	from	from	ADP
cblr-1214	651	25	m&a	m&a	PROPN
cblr-1214	651	26	activity	activity	NOUN
cblr-1214	651	27	and	and	CCONJ
cblr-1214	651	28	towards	towards	ADP
cblr-1214	651	29	alternate	alternate	ADJ
cblr-1214	651	30	courses	course	NOUN
cblr-1214	651	31	of	of	ADP
cblr-1214	651	32	action	action	NOUN
cblr-1214	651	33	more	more	ADV
cblr-1214	651	34	likely	likely	ADJ
cblr-1214	651	35	to	to	PART
cblr-1214	651	36	generate	generate	VERB
cblr-1214	651	37	net	net	ADJ
cblr-1214	651	38	financial	financial	ADJ
cblr-1214	651	39	benefits	benefit	NOUN
cblr-1214	651	40	for	for	ADP
cblr-1214	651	41	the	the	DET
cblr-1214	651	42	typical	typical	ADJ
cblr-1214	651	43	mutual	mutual	ADJ
cblr-1214	651	44	fund	fund	NOUN
cblr-1214	651	45	member	member	NOUN
cblr-1214	651	46	.	.	PUNCT
cblr-1214	652	1	e.	e.	PROPN
cblr-1214	652	2	implications	implication	NOUN
cblr-1214	652	3	for	for	ADP
cblr-1214	652	4	well	well	ADV
cblr-1214	652	5	-	-	PUNCT
cblr-1214	652	6	meaning	mean	VERB
cblr-1214	652	7	pension	pension	NOUN
cblr-1214	652	8	fund	fund	NOUN
cblr-1214	652	9	managers	manager	NOUN
cblr-1214	652	10	pension	pension	NOUN
cblr-1214	652	11	funds	fund	NOUN
cblr-1214	652	12	are	be	AUX
cblr-1214	652	13	another	another	DET
cblr-1214	652	14	group	group	NOUN
cblr-1214	652	15	with	with	ADP
cblr-1214	652	16	substantial	substantial	ADJ
cblr-1214	652	17	influence	influence	NOUN
cblr-1214	652	18	over	over	ADP
cblr-1214	652	19	whether	whether	SCONJ
cblr-1214	652	20	,	,	PUNCT
cblr-1214	652	21	when	when	SCONJ
cblr-1214	652	22	,	,	PUNCT
cblr-1214	652	23	and	and	CCONJ
cblr-1214	652	24	to	to	ADP
cblr-1214	652	25	what	what	DET
cblr-1214	652	26	extent	extent	NOUN
cblr-1214	652	27	directors	director	NOUN
cblr-1214	652	28	pursue	pursue	VERB
cblr-1214	652	29	190	190	NUM
cblr-1214	652	30	wolff	wolff	NOUN
cblr-1214	652	31	,	,	PUNCT
cblr-1214	652	32	supra	supra	PROPN
cblr-1214	652	33	note	note	NOUN
cblr-1214	652	34	167	167	NUM
cblr-1214	652	35	,	,	PUNCT
cblr-1214	652	36	at	at	ADP
cblr-1214	652	37	388	388	NUM
cblr-1214	652	38	;	;	PUNCT
cblr-1214	652	39	kimberly	kimberly	PROPN
cblr-1214	652	40	burham	burham	PROPN
cblr-1214	652	41	et	et	PROPN
cblr-1214	652	42	al	al	PROPN
cblr-1214	652	43	.	.	PROPN
cblr-1214	652	44	,	,	PUNCT
cblr-1214	652	45	characteristics	characteristic	NOUN
cblr-1214	652	46	of	of	ADP
cblr-1214	652	47	mutual	mutual	ADJ
cblr-1214	652	48	fund	fund	NOUN
cblr-1214	652	49	investors	investor	NOUN
cblr-1214	652	50	,	,	PUNCT
cblr-1214	652	51	2015	2015	NUM
cblr-1214	652	52	,	,	PUNCT
cblr-1214	652	53	ici	ici	NOUN
cblr-1214	652	54	res	re	NOUN
cblr-1214	652	55	.	.	PUNCT
cblr-1214	653	1	persp	persp	PROPN
cblr-1214	653	2	.	.	PUNCT
cblr-1214	653	3	,	,	PUNCT
cblr-1214	653	4	nov	nov	PROPN
cblr-1214	653	5	.	.	PROPN
cblr-1214	653	6	2015	2015	NUM
cblr-1214	653	7	,	,	PUNCT
cblr-1214	653	8	at	at	ADP
cblr-1214	653	9	1	1	NUM
cblr-1214	653	10	,	,	PUNCT
cblr-1214	653	11	5	5	NUM
cblr-1214	653	12	.	.	NOUN
cblr-1214	653	13	191	191	NUM
cblr-1214	653	14	inv	inv	X
cblr-1214	653	15	.	.	PUNCT
cblr-1214	653	16	co.	co.	PROPN
cblr-1214	653	17	inst	inst	PROPN
cblr-1214	653	18	.	.	PROPN
cblr-1214	653	19	,	,	PUNCT
cblr-1214	653	20	2017	2017	NUM
cblr-1214	653	21	investment	investment	NOUN
cblr-1214	653	22	company	company	NOUN
cblr-1214	653	23	fact	fact	NOUN
cblr-1214	653	24	book	book	NOUN
cblr-1214	653	25	113	113	NUM
cblr-1214	653	26	(	(	PUNCT
cblr-1214	653	27	57th	57th	ADJ
cblr-1214	653	28	ed	ed	NOUN
cblr-1214	653	29	.	.	PROPN
cblr-1214	653	30	2017	2017	NUM
cblr-1214	653	31	)	)	PUNCT
cblr-1214	653	32	(	(	PUNCT
cblr-1214	653	33	ebook	ebook	NOUN
cblr-1214	653	34	)	)	PUNCT
cblr-1214	653	35	.	.	PUNCT
cblr-1214	654	1	192	192	NUM
cblr-1214	654	2	see	see	VERB
cblr-1214	654	3	strine	strine	PROPN
cblr-1214	654	4	,	,	PUNCT
cblr-1214	654	5	supra	supra	PROPN
cblr-1214	654	6	note	note	PROPN
cblr-1214	654	7	27	27	NUM
cblr-1214	654	8	,	,	PUNCT
cblr-1214	654	9	at	at	ADP
cblr-1214	654	10	1880	1880	NUM
cblr-1214	654	11	(	(	PUNCT
cblr-1214	654	12	noting	note	VERB
cblr-1214	654	13	that	that	SCONJ
cblr-1214	654	14	most	most	ADJ
cblr-1214	654	15	americans	americans	PROPN
cblr-1214	654	16	have	have	VERB
cblr-1214	654	17	relatively	relatively	ADV
cblr-1214	654	18	little	little	ADJ
cblr-1214	654	19	surplus	surplus	NOUN
cblr-1214	654	20	to	to	PART
cblr-1214	654	21	contribute	contribute	VERB
cblr-1214	654	22	to	to	ADP
cblr-1214	654	23	retirement	retirement	NOUN
cblr-1214	654	24	funds	fund	NOUN
cblr-1214	654	25	,	,	PUNCT
cblr-1214	654	26	thus	thus	ADV
cblr-1214	654	27	suggesting	suggest	VERB
cblr-1214	654	28	that	that	SCONJ
cblr-1214	654	29	increased	increase	VERB
cblr-1214	654	30	expenses	expense	NOUN
cblr-1214	654	31	would	would	AUX
cblr-1214	654	32	further	far	ADV
cblr-1214	654	33	deplete	deplete	VERB
cblr-1214	654	34	that	that	DET
cblr-1214	654	35	surplus	surplus	NOUN
cblr-1214	654	36	)	)	PUNCT
cblr-1214	654	37	.	.	PUNCT
cblr-1214	655	1	griffin_final	griffin_final	ADJ
cblr-1214	655	2	no	no	NOUN
cblr-1214	655	3	.	.	PUNCT
cblr-1214	656	1	1:70	1:70	NUM
cblr-1214	656	2	]	]	PUNCT
cblr-1214	656	3	the	the	DET
cblr-1214	656	4	hidden	hidden	ADJ
cblr-1214	656	5	cost	cost	NOUN
cblr-1214	656	6	of	of	ADP
cblr-1214	656	7	m&a	m&a	PROPN
cblr-1214	656	8	119	119	NUM
cblr-1214	656	9	m&a	m&a	PROPN
cblr-1214	656	10	activity	activity	NOUN
cblr-1214	656	11	.	.	PUNCT
cblr-1214	657	1	in	in	ADP
cblr-1214	657	2	essence	essence	NOUN
cblr-1214	657	3	,	,	PUNCT
cblr-1214	657	4	pension	pension	NOUN
cblr-1214	657	5	funds	fund	NOUN
cblr-1214	657	6	are	be	AUX
cblr-1214	657	7	retirement	retirement	NOUN
cblr-1214	657	8	plans	plan	NOUN
cblr-1214	657	9	that	that	PRON
cblr-1214	657	10	pool	pool	NOUN
cblr-1214	657	11	contributions	contribution	NOUN
cblr-1214	657	12	from	from	ADP
cblr-1214	657	13	fund	fund	NOUN
cblr-1214	657	14	members	member	NOUN
cblr-1214	657	15	and	and	CCONJ
cblr-1214	657	16	their	their	PRON
cblr-1214	657	17	employers	employer	NOUN
cblr-1214	657	18	.	.	PUNCT
cblr-1214	658	1	upon	upon	SCONJ
cblr-1214	658	2	retirement	retirement	NOUN
cblr-1214	658	3	,	,	PUNCT
cblr-1214	658	4	members	member	NOUN
cblr-1214	658	5	receive	receive	VERB
cblr-1214	658	6	either	either	CCONJ
cblr-1214	658	7	a	a	DET
cblr-1214	658	8	pre	pre	ADJ
cblr-1214	658	9	-	-	ADJ
cblr-1214	658	10	set	set	ADJ
cblr-1214	658	11	amount	amount	NOUN
cblr-1214	658	12	(	(	PUNCT
cblr-1214	658	13	as	as	ADP
cblr-1214	658	14	in	in	ADP
cblr-1214	658	15	a	a	DET
cblr-1214	658	16	defined	define	VERB
cblr-1214	658	17	benefit	benefit	NOUN
cblr-1214	658	18	plan	plan	NOUN
cblr-1214	658	19	)	)	PUNCT
cblr-1214	658	20	or	or	CCONJ
cblr-1214	658	21	an	an	DET
cblr-1214	658	22	amount	amount	NOUN
cblr-1214	658	23	dependent	dependent	ADJ
cblr-1214	658	24	upon	upon	SCONJ
cblr-1214	658	25	stock	stock	NOUN
cblr-1214	658	26	performance	performance	NOUN
cblr-1214	658	27	(	(	PUNCT
cblr-1214	658	28	as	as	ADP
cblr-1214	658	29	in	in	ADP
cblr-1214	658	30	a	a	DET
cblr-1214	658	31	defined	define	VERB
cblr-1214	658	32	contribution	contribution	NOUN
cblr-1214	658	33	plan).193	plan).193	PROPN
cblr-1214	658	34	in	in	ADP
cblr-1214	658	35	all	all	PRON
cblr-1214	658	36	,	,	PUNCT
cblr-1214	658	37	pension	pension	NOUN
cblr-1214	658	38	funds	fund	NOUN
cblr-1214	658	39	control	control	VERB
cblr-1214	658	40	roughly	roughly	ADV
cblr-1214	658	41	fourteen	fourteen	NUM
cblr-1214	658	42	percent	percent	NOUN
cblr-1214	658	43	of	of	ADP
cblr-1214	658	44	all	all	DET
cblr-1214	658	45	u.s	u.s	PROPN
cblr-1214	658	46	.	.	PROPN
cblr-1214	658	47	equities	equity	NOUN
cblr-1214	658	48	,	,	PUNCT
cblr-1214	658	49	and	and	CCONJ
cblr-1214	658	50	,	,	PUNCT
cblr-1214	658	51	as	as	ADP
cblr-1214	658	52	such	such	ADJ
cblr-1214	658	53	,	,	PUNCT
cblr-1214	658	54	these	these	DET
cblr-1214	658	55	entities	entity	NOUN
cblr-1214	658	56	hold	hold	VERB
cblr-1214	658	57	substantial	substantial	ADJ
cblr-1214	658	58	power	power	NOUN
cblr-1214	658	59	over	over	ADP
cblr-1214	658	60	u.s	u.s	PROPN
cblr-1214	658	61	.	.	PROPN
cblr-1214	658	62	corporations	corporation	NOUN
cblr-1214	658	63	through	through	ADP
cblr-1214	658	64	their	their	PRON
cblr-1214	658	65	voting	voting	NOUN
cblr-1214	658	66	power	power	NOUN
cblr-1214	658	67	,	,	PUNCT
cblr-1214	658	68	activism	activism	NOUN
cblr-1214	658	69	,	,	PUNCT
cblr-1214	658	70	and	and	CCONJ
cblr-1214	658	71	ability	ability	NOUN
cblr-1214	658	72	to	to	PART
cblr-1214	658	73	redirect	redirect	VERB
cblr-1214	658	74	capital.194	capital.194	PROPN
cblr-1214	658	75	in	in	ADP
cblr-1214	658	76	fact	fact	NOUN
cblr-1214	658	77	,	,	PUNCT
cblr-1214	658	78	pension	pension	NOUN
cblr-1214	658	79	funds	fund	NOUN
cblr-1214	658	80	are	be	AUX
cblr-1214	658	81	some	some	PRON
cblr-1214	658	82	of	of	ADP
cblr-1214	658	83	the	the	DET
cblr-1214	658	84	“	"	PUNCT
cblr-1214	658	85	most	most	ADV
cblr-1214	658	86	active	active	ADJ
cblr-1214	658	87	institutional	institutional	ADJ
cblr-1214	658	88	investors	investor	NOUN
cblr-1214	658	89	in	in	ADP
cblr-1214	658	90	terms	term	NOUN
cblr-1214	658	91	of	of	ADP
cblr-1214	658	92	their	their	PRON
cblr-1214	658	93	attempts	attempt	NOUN
cblr-1214	658	94	to	to	PART
cblr-1214	658	95	change	change	VERB
cblr-1214	658	96	the	the	DET
cblr-1214	658	97	management	management	NOUN
cblr-1214	658	98	practices	practice	NOUN
cblr-1214	658	99	of	of	ADP
cblr-1214	658	100	the	the	DET
cblr-1214	658	101	companies	company	NOUN
cblr-1214	658	102	in	in	ADP
cblr-1214	658	103	which	which	PRON
cblr-1214	658	104	they	they	PRON
cblr-1214	658	105	invest	invest	VERB
cblr-1214	658	106	.	.	PUNCT
cblr-1214	658	107	”195	”195	PUNCT
cblr-1214	658	108	to	to	ADP
cblr-1214	658	109	what	what	PRON
cblr-1214	658	110	ends	end	VERB
cblr-1214	658	111	should	should	AUX
cblr-1214	658	112	pension	pension	NOUN
cblr-1214	658	113	funds	fund	NOUN
cblr-1214	658	114	wield	wield	VERB
cblr-1214	658	115	their	their	PRON
cblr-1214	658	116	considerable	considerable	ADJ
cblr-1214	658	117	influence	influence	NOUN
cblr-1214	658	118	in	in	ADP
cblr-1214	658	119	the	the	DET
cblr-1214	658	120	context	context	NOUN
cblr-1214	658	121	of	of	ADP
cblr-1214	658	122	corporate	corporate	ADJ
cblr-1214	658	123	m&a	m&a	NOUN
cblr-1214	658	124	activity	activity	NOUN
cblr-1214	658	125	?	?	PUNCT
cblr-1214	659	1	although	although	SCONJ
cblr-1214	659	2	pension	pension	NOUN
cblr-1214	659	3	fund	fund	NOUN
cblr-1214	659	4	managers	manager	NOUN
cblr-1214	659	5	are	be	AUX
cblr-1214	659	6	not	not	PART
cblr-1214	659	7	the	the	DET
cblr-1214	659	8	archetypal	archetypal	ADJ
cblr-1214	659	9	actor	actor	NOUN
cblr-1214	659	10	in	in	ADP
cblr-1214	659	11	the	the	DET
cblr-1214	659	12	shareholder	shareholder	NOUN
cblr-1214	659	13	wealth	wealth	NOUN
cblr-1214	659	14	maximization	maximization	NOUN
cblr-1214	659	15	norm	norm	NOUN
cblr-1214	659	16	,	,	PUNCT
cblr-1214	659	17	these	these	DET
cblr-1214	659	18	managers	manager	NOUN
cblr-1214	659	19	have	have	AUX
cblr-1214	659	20	increasingly	increasingly	ADV
cblr-1214	659	21	adopted	adopt	VERB
cblr-1214	659	22	the	the	DET
cblr-1214	659	23	goal	goal	NOUN
cblr-1214	659	24	of	of	ADP
cblr-1214	659	25	shareholder	shareholder	NOUN
cblr-1214	659	26	wealth	wealth	NOUN
cblr-1214	659	27	maximization	maximization	NOUN
cblr-1214	659	28	as	as	ADP
cblr-1214	659	29	an	an	DET
cblr-1214	659	30	important	important	ADJ
cblr-1214	659	31	end	end	NOUN
cblr-1214	659	32	for	for	ADP
cblr-1214	659	33	their	their	PRON
cblr-1214	659	34	members.196	members.196	ADJ
cblr-1214	659	35	in	in	ADP
cblr-1214	659	36	adhering	adhere	VERB
cblr-1214	659	37	to	to	ADP
cblr-1214	659	38	this	this	DET
cblr-1214	659	39	norm	norm	NOUN
cblr-1214	659	40	,	,	PUNCT
cblr-1214	659	41	pension	pension	NOUN
cblr-1214	659	42	fund	fund	NOUN
cblr-1214	659	43	managers	manager	NOUN
cblr-1214	659	44	would	would	AUX
cblr-1214	659	45	likely	likely	ADV
cblr-1214	659	46	be	be	AUX
cblr-1214	659	47	inclined	incline	VERB
cblr-1214	659	48	to	to	PART
cblr-1214	659	49	promote	promote	VERB
cblr-1214	659	50	m&a	m&a	PROPN
cblr-1214	659	51	activity	activity	NOUN
cblr-1214	659	52	that	that	PRON
cblr-1214	659	53	they	they	PRON
cblr-1214	659	54	believe	believe	VERB
cblr-1214	659	55	will	will	AUX
cblr-1214	659	56	increase	increase	VERB
cblr-1214	659	57	share	share	NOUN
cblr-1214	659	58	prices	price	NOUN
cblr-1214	659	59	under	under	ADP
cblr-1214	659	60	the	the	DET
cblr-1214	659	61	assumption	assumption	NOUN
cblr-1214	659	62	that	that	SCONJ
cblr-1214	659	63	doing	do	VERB
cblr-1214	659	64	so	so	ADV
cblr-1214	659	65	would	would	AUX
cblr-1214	659	66	yield	yield	VERB
cblr-1214	659	67	financial	financial	ADJ
cblr-1214	659	68	benefits	benefit	NOUN
cblr-1214	659	69	for	for	ADP
cblr-1214	659	70	plan	plan	NOUN
cblr-1214	659	71	members	member	NOUN
cblr-1214	659	72	.	.	PUNCT
cblr-1214	660	1	however	however	ADV
cblr-1214	660	2	,	,	PUNCT
cblr-1214	660	3	do	do	AUX
cblr-1214	660	4	such	such	ADJ
cblr-1214	660	5	activities	activity	NOUN
cblr-1214	660	6	actually	actually	ADV
cblr-1214	660	7	benefit	benefit	VERB
cblr-1214	660	8	the	the	DET
cblr-1214	660	9	typical	typical	ADJ
cblr-1214	660	10	pension	pension	NOUN
cblr-1214	660	11	fund	fund	NOUN
cblr-1214	660	12	member	member	NOUN
cblr-1214	660	13	?	?	PUNCT
cblr-1214	661	1	an	an	DET
cblr-1214	661	2	analysis	analysis	NOUN
cblr-1214	661	3	of	of	ADP
cblr-1214	661	4	the	the	DET
cblr-1214	661	5	characteristics	characteristic	NOUN
cblr-1214	661	6	of	of	ADP
cblr-1214	661	7	pension	pension	NOUN
cblr-1214	661	8	fund	fund	NOUN
cblr-1214	661	9	members	member	NOUN
cblr-1214	661	10	sheds	shed	VERB
cblr-1214	661	11	some	some	DET
cblr-1214	661	12	light	light	NOUN
cblr-1214	661	13	on	on	ADP
cblr-1214	661	14	this	this	DET
cblr-1214	661	15	issue	issue	NOUN
cblr-1214	661	16	.	.	PUNCT
cblr-1214	662	1	the	the	DET
cblr-1214	662	2	money	money	NOUN
cblr-1214	662	3	invested	invest	VERB
cblr-1214	662	4	via	via	ADP
cblr-1214	662	5	pensions	pension	NOUN
cblr-1214	662	6	represents	represent	VERB
cblr-1214	662	7	a	a	DET
cblr-1214	662	8	substantial	substantial	ADJ
cblr-1214	662	9	portion	portion	NOUN
cblr-1214	662	10	of	of	ADP
cblr-1214	662	11	the	the	DET
cblr-1214	662	12	retirement	retirement	NOUN
cblr-1214	662	13	funds	fund	NOUN
cblr-1214	662	14	for	for	ADP
cblr-1214	662	15	a	a	DET
cblr-1214	662	16	wide	wide	ADJ
cblr-1214	662	17	swath	swath	NOUN
cblr-1214	662	18	of	of	ADP
cblr-1214	662	19	american	american	PROPN
cblr-1214	662	20	193	193	NUM
cblr-1214	662	21	s.	s.	PROPN
cblr-1214	662	22	burcu	burcu	PROPN
cblr-1214	662	23	avci	avci	PROPN
cblr-1214	662	24	et	et	PROPN
cblr-1214	662	25	al	al	PROPN
cblr-1214	662	26	.	.	PROPN
cblr-1214	662	27	,	,	PUNCT
cblr-1214	662	28	how	how	SCONJ
cblr-1214	662	29	should	should	AUX
cblr-1214	662	30	retirement	retirement	VERB
cblr-1214	662	31	plans	plan	NOUN
cblr-1214	662	32	be	be	AUX
cblr-1214	662	33	organized	organize	VERB
cblr-1214	662	34	?	?	PUNCT
cblr-1214	662	35	,	,	PUNCT
cblr-1214	662	36	13	13	NUM
cblr-1214	662	37	n.y.u	n.y.u	NOUN
cblr-1214	662	38	.	.	PUNCT
cblr-1214	663	1	j.	j.	PROPN
cblr-1214	663	2	l.	l.	PROPN
cblr-1214	663	3	&	&	CCONJ
cblr-1214	663	4	bus	bus	PROPN
cblr-1214	663	5	.	.	PUNCT
cblr-1214	663	6	337	337	NUM
cblr-1214	663	7	,	,	PUNCT
cblr-1214	663	8	346	346	NUM
cblr-1214	663	9	,	,	PUNCT
cblr-1214	663	10	348	348	NUM
cblr-1214	663	11	(	(	PUNCT
cblr-1214	663	12	2017	2017	NUM
cblr-1214	663	13	)	)	PUNCT
cblr-1214	663	14	.	.	PUNCT
cblr-1214	664	1	194	194	NUM
cblr-1214	664	2	see	see	VERB
cblr-1214	664	3	sifma	sifma	NOUN
cblr-1214	664	4	,	,	PUNCT
cblr-1214	664	5	supra	supra	PROPN
cblr-1214	664	6	note	note	NOUN
cblr-1214	664	7	186	186	NUM
cblr-1214	664	8	,	,	PUNCT
cblr-1214	664	9	at	at	ADP
cblr-1214	664	10	83	83	NUM
cblr-1214	664	11	.	.	PUNCT
cblr-1214	665	1	the	the	DET
cblr-1214	665	2	14	14	NUM
cblr-1214	665	3	%	%	NOUN
cblr-1214	665	4	figure	figure	NOUN
cblr-1214	665	5	is	be	AUX
cblr-1214	665	6	the	the	DET
cblr-1214	665	7	sum	sum	NOUN
cblr-1214	665	8	of	of	ADP
cblr-1214	665	9	three	three	NUM
cblr-1214	665	10	percentages	percentage	NOUN
cblr-1214	665	11	in	in	ADP
cblr-1214	665	12	the	the	DET
cblr-1214	665	13	u.s	u.s	PROPN
cblr-1214	665	14	.	.	PROPN
cblr-1214	665	15	holdings	holding	NOUN
cblr-1214	665	16	of	of	ADP
cblr-1214	665	17	equities	equity	NOUN
cblr-1214	665	18	by	by	ADP
cblr-1214	665	19	type	type	NOUN
cblr-1214	665	20	of	of	ADP
cblr-1214	665	21	holder	holder	NOUN
cblr-1214	665	22	dataset	dataset	VERB
cblr-1214	665	23	:	:	PUNCT
cblr-1214	665	24	(	(	PUNCT
cblr-1214	665	25	1	1	X
cblr-1214	665	26	)	)	PUNCT
cblr-1214	665	27	private	private	ADJ
cblr-1214	665	28	pension	pension	NOUN
cblr-1214	665	29	fund	fund	NOUN
cblr-1214	665	30	holdings	holding	NOUN
cblr-1214	665	31	,	,	PUNCT
cblr-1214	665	32	which	which	PRON
cblr-1214	665	33	were	be	AUX
cblr-1214	665	34	6.6	6.6	NUM
cblr-1214	665	35	%	%	NOUN
cblr-1214	665	36	in	in	ADP
cblr-1214	665	37	2015	2015	NUM
cblr-1214	665	38	;	;	PUNCT
cblr-1214	665	39	(	(	PUNCT
cblr-1214	665	40	2	2	X
cblr-1214	665	41	)	)	PUNCT
cblr-1214	665	42	state	state	NOUN
cblr-1214	665	43	and	and	CCONJ
cblr-1214	665	44	local	local	ADJ
cblr-1214	665	45	government	government	NOUN
cblr-1214	665	46	retirement	retirement	NOUN
cblr-1214	665	47	fund	fund	NOUN
cblr-1214	665	48	holdings	holding	NOUN
cblr-1214	665	49	,	,	PUNCT
cblr-1214	665	50	which	which	PRON
cblr-1214	665	51	were	be	AUX
cblr-1214	665	52	6.5	6.5	NUM
cblr-1214	665	53	%	%	NOUN
cblr-1214	665	54	in	in	ADP
cblr-1214	665	55	2015	2015	NUM
cblr-1214	665	56	;	;	PUNCT
cblr-1214	665	57	and	and	CCONJ
cblr-1214	665	58	(	(	PUNCT
cblr-1214	665	59	3	3	X
cblr-1214	665	60	)	)	PUNCT
cblr-1214	665	61	federal	federal	ADJ
cblr-1214	665	62	government	government	NOUN
cblr-1214	665	63	retirement	retirement	PROPN
cblr-1214	665	64	fund	fund	PROPN
cblr-1214	665	65	holdings	holding	NOUN
cblr-1214	665	66	,	,	PUNCT
cblr-1214	665	67	which	which	PRON
cblr-1214	665	68	were	be	AUX
cblr-1214	665	69	0.6	0.6	NUM
cblr-1214	665	70	%	%	NOUN
cblr-1214	665	71	in	in	ADP
cblr-1214	665	72	2015	2015	NUM
cblr-1214	665	73	.	.	PUNCT
cblr-1214	666	1	195	195	NUM
cblr-1214	666	2	david	david	PROPN
cblr-1214	666	3	hess	hess	PROPN
cblr-1214	666	4	,	,	PUNCT
cblr-1214	666	5	protecting	protect	VERB
cblr-1214	666	6	and	and	CCONJ
cblr-1214	666	7	politicizing	politicize	VERB
cblr-1214	666	8	public	public	ADJ
cblr-1214	666	9	pension	pension	NOUN
cblr-1214	666	10	fund	fund	NOUN
cblr-1214	666	11	assets	asset	NOUN
cblr-1214	666	12	:	:	PUNCT
cblr-1214	666	13	empirical	empirical	ADJ
cblr-1214	666	14	evidence	evidence	NOUN
cblr-1214	666	15	on	on	ADP
cblr-1214	666	16	the	the	DET
cblr-1214	666	17	effects	effect	NOUN
cblr-1214	666	18	of	of	ADP
cblr-1214	666	19	governance	governance	NOUN
cblr-1214	666	20	structures	structure	NOUN
cblr-1214	666	21	and	and	CCONJ
cblr-1214	666	22	practices	practice	NOUN
cblr-1214	666	23	,	,	PUNCT
cblr-1214	666	24	39	39	NUM
cblr-1214	666	25	u.c	u.c	PROPN
cblr-1214	666	26	.	.	PROPN
cblr-1214	666	27	davis	davis	PROPN
cblr-1214	666	28	l.	l.	PROPN
cblr-1214	666	29	rev	rev	PROPN
cblr-1214	666	30	.	.	PROPN
cblr-1214	666	31	187	187	NUM
cblr-1214	666	32	,	,	PUNCT
cblr-1214	666	33	206	206	NUM
cblr-1214	666	34	(	(	PUNCT
cblr-1214	666	35	2005	2005	NUM
cblr-1214	666	36	)	)	PUNCT
cblr-1214	666	37	.	.	PUNCT
cblr-1214	667	1	196	196	NUM
cblr-1214	667	2	gelter	gelter	NOUN
cblr-1214	667	3	,	,	PUNCT
cblr-1214	667	4	supra	supra	PROPN
cblr-1214	667	5	note	note	NOUN
cblr-1214	667	6	185	185	NUM
cblr-1214	667	7	,	,	PUNCT
cblr-1214	667	8	at	at	ADP
cblr-1214	667	9	963	963	NUM
cblr-1214	667	10	.	.	PUNCT
cblr-1214	668	1	griffin_final	griffin_final	ADJ
cblr-1214	668	2	120	120	NUM
cblr-1214	668	3	columbia	columbia	PROPN
cblr-1214	668	4	business	business	NOUN
cblr-1214	668	5	law	law	PROPN
cblr-1214	668	6	review	review	NOUN
cblr-1214	668	7	[	[	X
cblr-1214	668	8	vol	vol	NOUN
cblr-1214	668	9	.	.	NOUN
cblr-1214	668	10	2018	2018	NUM
cblr-1214	668	11	workers	worker	NOUN
cblr-1214	668	12	,	,	PUNCT
cblr-1214	668	13	such	such	ADJ
cblr-1214	668	14	as	as	ADP
cblr-1214	668	15	school	school	NOUN
cblr-1214	668	16	teachers	teacher	NOUN
cblr-1214	668	17	,	,	PUNCT
cblr-1214	668	18	firefighters	firefighter	NOUN
cblr-1214	668	19	,	,	PUNCT
cblr-1214	668	20	police	police	NOUN
cblr-1214	668	21	officers	officer	NOUN
cblr-1214	668	22	,	,	PUNCT
cblr-1214	668	23	office	office	NOUN
cblr-1214	668	24	workers	worker	NOUN
cblr-1214	668	25	,	,	PUNCT
cblr-1214	668	26	and	and	CCONJ
cblr-1214	668	27	sanitation	sanitation	NOUN
cblr-1214	668	28	workers.197	workers.197	NOUN
cblr-1214	668	29	the	the	DET
cblr-1214	668	30	benefits	benefit	NOUN
cblr-1214	668	31	received	receive	VERB
cblr-1214	668	32	from	from	ADP
cblr-1214	668	33	pension	pension	NOUN
cblr-1214	668	34	funds	fund	NOUN
cblr-1214	668	35	are	be	AUX
cblr-1214	668	36	generally	generally	ADV
cblr-1214	668	37	relatively	relatively	ADV
cblr-1214	668	38	modest	modest	ADJ
cblr-1214	668	39	in	in	ADP
cblr-1214	668	40	size	size	NOUN
cblr-1214	668	41	.	.	PUNCT
cblr-1214	669	1	for	for	ADP
cblr-1214	669	2	example	example	NOUN
cblr-1214	669	3	,	,	PUNCT
cblr-1214	669	4	the	the	DET
cblr-1214	669	5	average	average	ADJ
cblr-1214	669	6	amount	amount	NOUN
cblr-1214	669	7	paid	pay	VERB
cblr-1214	669	8	out	out	ADP
cblr-1214	669	9	to	to	ADP
cblr-1214	669	10	public	public	ADJ
cblr-1214	669	11	pension	pension	NOUN
cblr-1214	669	12	fund	fund	NOUN
cblr-1214	669	13	retirees	retiree	NOUN
cblr-1214	669	14	in	in	ADP
cblr-1214	669	15	2010	2010	NUM
cblr-1214	669	16	was	be	AUX
cblr-1214	669	17	just	just	ADV
cblr-1214	669	18	under	under	ADP
cblr-1214	669	19	$	$	SYM
cblr-1214	669	20	26,000	26,000	NUM
cblr-1214	669	21	per	per	ADP
cblr-1214	669	22	year	year	NOUN
cblr-1214	669	23	,	,	PUNCT
cblr-1214	669	24	roughly	roughly	ADV
cblr-1214	669	25	half	half	DET
cblr-1214	669	26	the	the	DET
cblr-1214	669	27	median	median	ADJ
cblr-1214	669	28	income	income	NOUN
cblr-1214	669	29	in	in	ADP
cblr-1214	669	30	the	the	DET
cblr-1214	669	31	u.s.198	u.s.198	ADJ
cblr-1214	669	32	this	this	DET
cblr-1214	669	33	regular	regular	ADJ
cblr-1214	669	34	income	income	NOUN
cblr-1214	669	35	nonetheless	nonetheless	ADV
cblr-1214	669	36	provides	provide	VERB
cblr-1214	669	37	an	an	DET
cblr-1214	669	38	important	important	ADJ
cblr-1214	669	39	source	source	NOUN
cblr-1214	669	40	of	of	ADP
cblr-1214	669	41	financial	financial	ADJ
cblr-1214	669	42	security	security	NOUN
cblr-1214	669	43	to	to	ADP
cblr-1214	669	44	many	many	ADJ
cblr-1214	669	45	americans	americans	PROPN
cblr-1214	669	46	.	.	PUNCT
cblr-1214	670	1	one	one	NUM
cblr-1214	670	2	study	study	NOUN
cblr-1214	670	3	found	find	VERB
cblr-1214	670	4	that	that	SCONJ
cblr-1214	670	5	poverty	poverty	NOUN
cblr-1214	670	6	rates	rate	NOUN
cblr-1214	670	7	among	among	ADP
cblr-1214	670	8	the	the	DET
cblr-1214	670	9	elderly	elderly	ADJ
cblr-1214	670	10	were	be	AUX
cblr-1214	670	11	six	six	NUM
cblr-1214	670	12	times	time	NOUN
cblr-1214	670	13	greater	great	ADJ
cblr-1214	670	14	for	for	ADP
cblr-1214	670	15	those	those	PRON
cblr-1214	670	16	that	that	PRON
cblr-1214	670	17	lacked	lack	VERB
cblr-1214	670	18	pension	pension	NOUN
cblr-1214	670	19	income	income	NOUN
cblr-1214	670	20	than	than	ADP
cblr-1214	670	21	for	for	ADP
cblr-1214	670	22	those	those	PRON
cblr-1214	670	23	with	with	ADP
cblr-1214	670	24	it	it	PRON
cblr-1214	670	25	,	,	PUNCT
cblr-1214	670	26	and	and	CCONJ
cblr-1214	670	27	that	that	SCONJ
cblr-1214	670	28	4.7	4.7	NUM
cblr-1214	670	29	million	million	NUM
cblr-1214	670	30	households	household	NOUN
cblr-1214	670	31	managed	manage	VERB
cblr-1214	670	32	to	to	PART
cblr-1214	670	33	escape	escape	VERB
cblr-1214	670	34	poverty	poverty	NOUN
cblr-1214	670	35	or	or	CCONJ
cblr-1214	670	36	near	near	ADJ
cblr-1214	670	37	-	-	PUNCT
cblr-1214	670	38	poverty	poverty	NOUN
cblr-1214	670	39	due	due	ADP
cblr-1214	670	40	to	to	ADP
cblr-1214	670	41	their	their	PRON
cblr-1214	670	42	pension	pension	NOUN
cblr-1214	670	43	income.199	income.199	NOUN
cblr-1214	670	44	in	in	ADP
cblr-1214	670	45	all	all	PRON
cblr-1214	670	46	,	,	PUNCT
cblr-1214	670	47	pensions	pension	NOUN
cblr-1214	670	48	provided	provide	VERB
cblr-1214	670	49	the	the	DET
cblr-1214	670	50	elderly	elderly	ADJ
cblr-1214	670	51	with	with	ADP
cblr-1214	670	52	18	18	NUM
cblr-1214	670	53	%	%	NOUN
cblr-1214	670	54	of	of	ADP
cblr-1214	670	55	their	their	PRON
cblr-1214	670	56	income	income	NOUN
cblr-1214	670	57	as	as	ADP
cblr-1214	670	58	of	of	ADP
cblr-1214	670	59	2013.200	2013.200	NUM
cblr-1214	670	60	this	this	DET
cblr-1214	670	61	data	data	NOUN
cblr-1214	670	62	suggests	suggest	VERB
cblr-1214	670	63	that	that	SCONJ
cblr-1214	670	64	pension	pension	NOUN
cblr-1214	670	65	fund	fund	NOUN
cblr-1214	670	66	members	member	NOUN
cblr-1214	670	67	tend	tend	VERB
cblr-1214	670	68	to	to	PART
cblr-1214	670	69	be	be	AUX
cblr-1214	670	70	individuals	individual	NOUN
cblr-1214	670	71	who	who	PRON
cblr-1214	670	72	depend	depend	VERB
cblr-1214	670	73	upon	upon	SCONJ
cblr-1214	670	74	their	their	PRON
cblr-1214	670	75	plans	plan	NOUN
cblr-1214	670	76	for	for	ADP
cblr-1214	670	77	subsistence	subsistence	NOUN
cblr-1214	670	78	during	during	ADP
cblr-1214	670	79	retirement	retirement	NOUN
cblr-1214	670	80	.	.	PUNCT
cblr-1214	671	1	these	these	DET
cblr-1214	671	2	individuals	individual	NOUN
cblr-1214	671	3	likely	likely	ADV
cblr-1214	671	4	would	would	AUX
cblr-1214	671	5	not	not	PART
cblr-1214	671	6	benefit	benefit	VERB
cblr-1214	671	7	from	from	ADP
cblr-1214	671	8	a	a	DET
cblr-1214	671	9	transfer	transfer	NOUN
cblr-1214	671	10	of	of	ADP
cblr-1214	671	11	wealth	wealth	NOUN
cblr-1214	671	12	from	from	ADP
cblr-1214	671	13	consumers	consumer	NOUN
cblr-1214	671	14	to	to	ADP
cblr-1214	671	15	stockholders	stockholder	NOUN
cblr-1214	671	16	and	and	CCONJ
cblr-1214	671	17	would	would	AUX
cblr-1214	671	18	be	be	AUX
cblr-1214	671	19	more	more	ADV
cblr-1214	671	20	likely	likely	ADJ
cblr-1214	671	21	to	to	PART
cblr-1214	671	22	be	be	AUX
cblr-1214	671	23	harmed	harm	VERB
cblr-1214	671	24	by	by	ADP
cblr-1214	671	25	m&a	m&a	PROPN
cblr-1214	671	26	activity	activity	NOUN
cblr-1214	671	27	that	that	PRON
cblr-1214	671	28	yielded	yield	VERB
cblr-1214	671	29	market	market	NOUN
cblr-1214	671	30	power	power	NOUN
cblr-1214	671	31	increases	increase	NOUN
cblr-1214	671	32	and	and	CCONJ
cblr-1214	671	33	inflated	inflate	VERB
cblr-1214	671	34	prices.201	prices.201	PROPN
cblr-1214	671	35	they	they	PRON
cblr-1214	671	36	would	would	AUX
cblr-1214	671	37	,	,	PUNCT
cblr-1214	671	38	however	however	ADV
cblr-1214	671	39	,	,	PUNCT
cblr-1214	671	40	benefit	benefit	VERB
cblr-1214	671	41	from	from	ADP
cblr-1214	671	42	a	a	DET
cblr-1214	671	43	corporate	corporate	ADJ
cblr-1214	671	44	governance	governance	NOUN
cblr-1214	671	45	system	system	NOUN
cblr-1214	671	46	focused	focus	VERB
cblr-1214	671	47	on	on	ADP
cblr-1214	671	48	sustainable	sustainable	ADJ
cblr-1214	671	49	wealth	wealth	NOUN
cblr-1214	671	50	creation	creation	NOUN
cblr-1214	671	51	by	by	ADP
cblr-1214	671	52	generating	generate	VERB
cblr-1214	671	53	jobs	job	NOUN
cblr-1214	671	54	,	,	PUNCT
cblr-1214	671	55	wage	wage	NOUN
cblr-1214	671	56	growth	growth	NOUN
cblr-1214	671	57	,	,	PUNCT
cblr-1214	671	58	and	and	CCONJ
cblr-1214	671	59	efficiency	efficiency	NOUN
cblr-1214	671	60	gains.202	gains.202	PROPN
cblr-1214	671	61	moreover	moreover	ADV
cblr-1214	671	62	,	,	PUNCT
cblr-1214	671	63	increases	increase	NOUN
cblr-1214	671	64	in	in	ADP
cblr-1214	671	65	197	197	NUM
cblr-1214	671	66	david	david	PROPN
cblr-1214	671	67	h.	h.	PROPN
cblr-1214	671	68	webber	webber	PROPN
cblr-1214	671	69	,	,	PUNCT
cblr-1214	671	70	is	be	AUX
cblr-1214	671	71	“	"	PUNCT
cblr-1214	671	72	pay	pay	VERB
cblr-1214	671	73	-	-	PUNCT
cblr-1214	671	74	to	to	ADP
cblr-1214	671	75	-	-	PUNCT
cblr-1214	671	76	play	play	VERB
cblr-1214	671	77	”	"	PUNCT
cblr-1214	671	78	driving	drive	VERB
cblr-1214	671	79	public	public	ADJ
cblr-1214	671	80	pension	pension	NOUN
cblr-1214	671	81	fund	fund	NOUN
cblr-1214	671	82	activism	activism	NOUN
cblr-1214	671	83	in	in	ADP
cblr-1214	671	84	securities	security	NOUN
cblr-1214	671	85	class	class	NOUN
cblr-1214	671	86	actions	action	NOUN
cblr-1214	671	87	?	?	PUNCT
cblr-1214	672	1	an	an	DET
cblr-1214	672	2	empirical	empirical	ADJ
cblr-1214	672	3	study	study	NOUN
cblr-1214	672	4	,	,	PUNCT
cblr-1214	672	5	90	90	NUM
cblr-1214	672	6	b.u	b.u	PROPN
cblr-1214	672	7	.	.	PROPN
cblr-1214	672	8	l.	l.	PROPN
cblr-1214	672	9	rev	rev	PROPN
cblr-1214	672	10	.	.	PROPN
cblr-1214	672	11	2031	2031	NUM
cblr-1214	672	12	,	,	PUNCT
cblr-1214	672	13	2034	2034	NUM
cblr-1214	672	14	(	(	PUNCT
cblr-1214	672	15	2010	2010	NUM
cblr-1214	672	16	)	)	PUNCT
cblr-1214	672	17	.	.	PUNCT
cblr-1214	673	1	198	198	NUM
cblr-1214	673	2	luis	luis	PROPN
cblr-1214	673	3	a.	a.	PROPN
cblr-1214	673	4	aguilar	aguilar	PROPN
cblr-1214	673	5	,	,	PUNCT
cblr-1214	673	6	u.s	u.s	PROPN
cblr-1214	673	7	.	.	PROPN
cblr-1214	673	8	sec	sec	PROPN
cblr-1214	673	9	.	.	PROPN
cblr-1214	673	10	&	&	CCONJ
cblr-1214	673	11	exch	exch	PROPN
cblr-1214	673	12	.	.	PUNCT
cblr-1214	674	1	comm’r	comm’r	PROPN
cblr-1214	674	2	,	,	PUNCT
cblr-1214	674	3	keynote	keynote	ADJ
cblr-1214	674	4	address	address	NOUN
cblr-1214	674	5	at	at	ADP
cblr-1214	674	6	the	the	DET
cblr-1214	674	7	nappa	nappa	NOUN
cblr-1214	674	8	2012	2012	NUM
cblr-1214	674	9	legal	legal	ADJ
cblr-1214	674	10	education	education	NOUN
cblr-1214	674	11	conference	conference	NOUN
cblr-1214	674	12	:	:	PUNCT
cblr-1214	674	13	pension	pension	NOUN
cblr-1214	674	14	funds	fund	NOUN
cblr-1214	674	15	as	as	ADP
cblr-1214	674	16	owners	owner	NOUN
cblr-1214	674	17	and	and	CCONJ
cblr-1214	674	18	investors	investor	NOUN
cblr-1214	674	19	:	:	PUNCT
cblr-1214	674	20	a	a	DET
cblr-1214	674	21	voice	voice	NOUN
cblr-1214	674	22	for	for	ADP
cblr-1214	674	23	working	work	VERB
cblr-1214	674	24	families	family	NOUN
cblr-1214	674	25	(	(	PUNCT
cblr-1214	674	26	june	june	PROPN
cblr-1214	674	27	27	27	NUM
cblr-1214	674	28	,	,	PUNCT
cblr-1214	674	29	2012	2012	NUM
cblr-1214	674	30	)	)	PUNCT
cblr-1214	674	31	,	,	PUNCT
cblr-1214	674	32	https://www.sec.gov/news/speech/2012-spch062712laahtm	https://www.sec.gov/news/speech/2012-spch062712laahtm	PROPN
cblr-1214	675	1	[	[	X
cblr-1214	675	2	perma.cc/45	perma.cc/45	NOUN
cblr-1214	675	3	kb	kb	PROPN
cblr-1214	675	4	-h9kd	-h9kd	PROPN
cblr-1214	675	5	]	]	X
cblr-1214	675	6	;	;	PUNCT
cblr-1214	675	7	kirby	kirby	PROPN
cblr-1214	675	8	g.	g.	PROPN
cblr-1214	675	9	posey	posey	PROPN
cblr-1214	675	10	,	,	PUNCT
cblr-1214	675	11	u.s	u.s	PROPN
cblr-1214	675	12	.	.	PROPN
cblr-1214	675	13	census	census	PROPN
cblr-1214	675	14	bureau	bureau	PROPN
cblr-1214	675	15	,	,	PUNCT
cblr-1214	675	16	household	household	NOUN
cblr-1214	675	17	income	income	NOUN
cblr-1214	675	18	:	:	PUNCT
cblr-1214	675	19	2015	2015	NUM
cblr-1214	675	20	1–2	1–2	NUM
cblr-1214	675	21	(	(	PUNCT
cblr-1214	675	22	2016	2016	NUM
cblr-1214	675	23	)	)	PUNCT
cblr-1214	675	24	.	.	PUNCT
cblr-1214	676	1	199	199	NUM
cblr-1214	676	2	nat’l	nat’l	NOUN
cblr-1214	676	3	inst	inst	NOUN
cblr-1214	676	4	.	.	PUNCT
cblr-1214	676	5	on	on	ADP
cblr-1214	676	6	ret	ret	PROPN
cblr-1214	676	7	.	.	PUNCT
cblr-1214	676	8	sec	sec	PROPN
cblr-1214	676	9	.	.	PROPN
cblr-1214	676	10	,	,	PUNCT
cblr-1214	676	11	why	why	SCONJ
cblr-1214	676	12	do	do	AUX
cblr-1214	676	13	pensions	pension	NOUN
cblr-1214	676	14	matter	matter	VERB
cblr-1214	676	15	?	?	PUNCT
cblr-1214	677	1	8	8	NUM
cblr-1214	677	2	(	(	PUNCT
cblr-1214	677	3	2010	2010	NUM
cblr-1214	677	4	)	)	PUNCT
cblr-1214	678	1	https://www.nirsonline.org/wp-content/uploads/2017/11/final_module2	https://www.nirsonline.org/wp-content/uploads/2017/11/final_module2	PROPN
cblr-1214	678	2	_	_	PRON
cblr-1214	678	3	why_do_pensions_matter.pdf	why_do_pensions_matter.pdf	PROPN
cblr-1214	678	4	[	[	X
cblr-1214	678	5	perma.cc/f8ba-7luw	perma.cc/f8ba-7luw	NOUN
cblr-1214	678	6	]	]	X
cblr-1214	678	7	.	.	PUNCT
cblr-1214	679	1	200	200	NUM
cblr-1214	679	2	soc	soc	NOUN
cblr-1214	679	3	.	.	PUNCT
cblr-1214	680	1	sec	sec	PROPN
cblr-1214	680	2	.	.	PROPN
cblr-1214	680	3	admin	admin	PROPN
cblr-1214	680	4	.	.	PROPN
cblr-1214	680	5	,	,	PUNCT
cblr-1214	680	6	no	no	INTJ
cblr-1214	680	7	.	.	NOUN
cblr-1214	680	8	13	13	NUM
cblr-1214	680	9	-	-	SYM
cblr-1214	680	10	11785	11785	NUM
cblr-1214	680	11	,	,	PUNCT
cblr-1214	680	12	fast	fast	ADJ
cblr-1214	680	13	facts	fact	NOUN
cblr-1214	680	14	&	&	CCONJ
cblr-1214	680	15	figures	figure	NOUN
cblr-1214	680	16	about	about	ADP
cblr-1214	680	17	social	social	ADJ
cblr-1214	680	18	security	security	NOUN
cblr-1214	680	19	,	,	PUNCT
cblr-1214	680	20	2015	2015	NUM
cblr-1214	680	21	,	,	PUNCT
cblr-1214	680	22	at	at	ADP
cblr-1214	680	23	7	7	NUM
cblr-1214	680	24	(	(	PUNCT
cblr-1214	680	25	2015	2015	NUM
cblr-1214	680	26	)	)	PUNCT
cblr-1214	680	27	,	,	PUNCT
cblr-1214	680	28	https://www.ssa.gov/policy/docs/chart	https://www.ssa.gov/policy/docs/chart	NOUN
cblr-1214	680	29	books	book	NOUN
cblr-1214	680	30	/	/	SYM
cblr-1214	680	31	fast_facts/2015	fast_facts/2015	PROPN
cblr-1214	680	32	/	/	SYM
cblr-1214	680	33	fast_facts15.pdf	fast_facts15.pdf	PROPN
cblr-1214	681	1	[	[	X
cblr-1214	681	2	perma.cc/lns7-e5kn	perma.cc/lns7-e5kn	X
cblr-1214	681	3	]	]	PUNCT
cblr-1214	681	4	.	.	PUNCT
cblr-1214	682	1	201	201	NUM
cblr-1214	682	2	greenwood	greenwood	PROPN
cblr-1214	682	3	,	,	PUNCT
cblr-1214	682	4	supra	supra	PROPN
cblr-1214	682	5	note	note	PROPN
cblr-1214	682	6	24	24	NUM
cblr-1214	682	7	,	,	PUNCT
cblr-1214	682	8	at	at	ADP
cblr-1214	682	9	1083	1083	NUM
cblr-1214	682	10	.	.	PUNCT
cblr-1214	683	1	202	202	NUM
cblr-1214	683	2	strine	strine	NOUN
cblr-1214	683	3	,	,	PUNCT
cblr-1214	683	4	supra	supra	PROPN
cblr-1214	683	5	note	note	PROPN
cblr-1214	683	6	27	27	NUM
cblr-1214	683	7	,	,	PUNCT
cblr-1214	683	8	at	at	ADP
cblr-1214	683	9	1882	1882	NUM
cblr-1214	683	10	.	.	PUNCT
cblr-1214	684	1	griffin_final	griffin_final	ADJ
cblr-1214	684	2	no	no	NOUN
cblr-1214	684	3	.	.	PUNCT
cblr-1214	685	1	1:70	1:70	NUM
cblr-1214	685	2	]	]	PUNCT
cblr-1214	685	3	the	the	DET
cblr-1214	685	4	hidden	hidden	ADJ
cblr-1214	685	5	cost	cost	NOUN
cblr-1214	685	6	of	of	ADP
cblr-1214	685	7	m&a	m&a	PROPN
cblr-1214	685	8	121	121	NUM
cblr-1214	685	9	consumer	consumer	NOUN
cblr-1214	685	10	goods	good	NOUN
cblr-1214	685	11	prices	price	NOUN
cblr-1214	685	12	likely	likely	ADV
cblr-1214	685	13	detract	detract	VERB
cblr-1214	685	14	from	from	ADP
cblr-1214	685	15	the	the	DET
cblr-1214	685	16	amount	amount	NOUN
cblr-1214	685	17	that	that	PRON
cblr-1214	685	18	pension	pension	NOUN
cblr-1214	685	19	fund	fund	NOUN
cblr-1214	685	20	members	member	NOUN
cblr-1214	685	21	with	with	ADP
cblr-1214	685	22	defined	define	VERB
cblr-1214	685	23	contribution	contribution	NOUN
cblr-1214	685	24	plans	plan	NOUN
cblr-1214	685	25	can	can	AUX
cblr-1214	685	26	contribute	contribute	VERB
cblr-1214	685	27	to	to	ADP
cblr-1214	685	28	their	their	PRON
cblr-1214	685	29	retirement	retirement	NOUN
cblr-1214	685	30	,	,	PUNCT
cblr-1214	685	31	thus	thus	ADV
cblr-1214	685	32	coming	come	VERB
cblr-1214	685	33	at	at	ADP
cblr-1214	685	34	the	the	DET
cblr-1214	685	35	expense	expense	NOUN
cblr-1214	685	36	of	of	ADP
cblr-1214	685	37	their	their	PRON
cblr-1214	685	38	financial	financial	ADJ
cblr-1214	685	39	security	security	NOUN
cblr-1214	685	40	in	in	ADP
cblr-1214	685	41	retirement	retirement	NOUN
cblr-1214	685	42	.	.	PUNCT
cblr-1214	686	1	those	those	DET
cblr-1214	686	2	pension	pension	NOUN
cblr-1214	686	3	fund	fund	NOUN
cblr-1214	686	4	members	member	NOUN
cblr-1214	686	5	with	with	ADP
cblr-1214	686	6	defined	define	VERB
cblr-1214	686	7	benefit	benefit	NOUN
cblr-1214	686	8	plans	plan	NOUN
cblr-1214	686	9	are	be	AUX
cblr-1214	686	10	likely	likely	ADJ
cblr-1214	686	11	to	to	PART
cblr-1214	686	12	be	be	AUX
cblr-1214	686	13	even	even	ADV
cblr-1214	686	14	more	more	ADV
cblr-1214	686	15	negatively	negatively	ADV
cblr-1214	686	16	impacted	impact	VERB
cblr-1214	686	17	by	by	ADP
cblr-1214	686	18	m&a	m&a	PROPN
cblr-1214	686	19	activity	activity	NOUN
cblr-1214	686	20	than	than	ADP
cblr-1214	686	21	other	other	ADJ
cblr-1214	686	22	workingand	workingand	NOUN
cblr-1214	686	23	middle	middle	ADJ
cblr-1214	686	24	-	-	PUNCT
cblr-1214	686	25	class	class	NOUN
cblr-1214	686	26	individuals	individual	NOUN
cblr-1214	686	27	.	.	PUNCT
cblr-1214	687	1	members	member	NOUN
cblr-1214	687	2	of	of	ADP
cblr-1214	687	3	traditional	traditional	ADJ
cblr-1214	687	4	“	"	PUNCT
cblr-1214	687	5	defined	define	VERB
cblr-1214	687	6	benefit	benefit	NOUN
cblr-1214	687	7	plans	plan	NOUN
cblr-1214	687	8	”	"	PUNCT
cblr-1214	687	9	receive	receive	VERB
cblr-1214	687	10	a	a	DET
cblr-1214	687	11	set	set	VERB
cblr-1214	687	12	benefit	benefit	NOUN
cblr-1214	687	13	upon	upon	SCONJ
cblr-1214	687	14	retirement.203	retirement.203	NOUN
cblr-1214	687	15	because	because	SCONJ
cblr-1214	687	16	this	this	DET
cblr-1214	687	17	benefit	benefit	NOUN
cblr-1214	687	18	is	be	AUX
cblr-1214	687	19	“	"	PUNCT
cblr-1214	687	20	set	set	VERB
cblr-1214	687	21	,	,	PUNCT
cblr-1214	687	22	”	"	PUNCT
cblr-1214	687	23	individual	individual	ADJ
cblr-1214	687	24	pensioners	pensioner	NOUN
cblr-1214	687	25	will	will	AUX
cblr-1214	687	26	receive	receive	VERB
cblr-1214	687	27	the	the	DET
cblr-1214	687	28	same	same	ADJ
cblr-1214	687	29	benefits	benefit	NOUN
cblr-1214	687	30	upon	upon	SCONJ
cblr-1214	687	31	retirement	retirement	NOUN
cblr-1214	687	32	regardless	regardless	ADV
cblr-1214	687	33	of	of	ADP
cblr-1214	687	34	the	the	DET
cblr-1214	687	35	performance	performance	NOUN
cblr-1214	687	36	of	of	ADP
cblr-1214	687	37	the	the	DET
cblr-1214	687	38	investments	investment	NOUN
cblr-1214	687	39	in	in	ADP
cblr-1214	687	40	the	the	DET
cblr-1214	687	41	plan	plan	NOUN
cblr-1214	687	42	.	.	PUNCT
cblr-1214	688	1	this	this	PRON
cblr-1214	688	2	means	mean	VERB
cblr-1214	688	3	that	that	SCONJ
cblr-1214	688	4	they	they	PRON
cblr-1214	688	5	are	be	AUX
cblr-1214	688	6	unable	unable	ADJ
cblr-1214	688	7	to	to	PART
cblr-1214	688	8	capture	capture	VERB
cblr-1214	688	9	any	any	PRON
cblr-1214	688	10	of	of	ADP
cblr-1214	688	11	the	the	DET
cblr-1214	688	12	gains	gain	NOUN
cblr-1214	688	13	in	in	ADP
cblr-1214	688	14	the	the	DET
cblr-1214	688	15	pension	pension	NOUN
cblr-1214	688	16	plan	plan	NOUN
cblr-1214	688	17	’s	’s	PART
cblr-1214	688	18	investments	investment	NOUN
cblr-1214	688	19	.	.	PUNCT
cblr-1214	689	1	certainly	certainly	ADV
cblr-1214	689	2	,	,	PUNCT
cblr-1214	689	3	individual	individual	ADJ
cblr-1214	689	4	pensioners	pensioner	NOUN
cblr-1214	689	5	hope	hope	VERB
cblr-1214	689	6	that	that	SCONJ
cblr-1214	689	7	the	the	DET
cblr-1214	689	8	pension	pension	NOUN
cblr-1214	689	9	plan	plan	NOUN
cblr-1214	689	10	remains	remain	VERB
cblr-1214	689	11	solvent	solvent	ADJ
cblr-1214	689	12	enough	enough	ADV
cblr-1214	689	13	to	to	PART
cblr-1214	689	14	pay	pay	VERB
cblr-1214	689	15	out	out	ADP
cblr-1214	689	16	their	their	PRON
cblr-1214	689	17	claims	claim	NOUN
cblr-1214	689	18	upon	upon	SCONJ
cblr-1214	689	19	retirement	retirement	NOUN
cblr-1214	689	20	,	,	PUNCT
cblr-1214	689	21	but	but	CCONJ
cblr-1214	689	22	,	,	PUNCT
cblr-1214	689	23	beyond	beyond	ADP
cblr-1214	689	24	this	this	DET
cblr-1214	689	25	threshold	threshold	NOUN
cblr-1214	689	26	,	,	PUNCT
cblr-1214	689	27	they	they	PRON
cblr-1214	689	28	are	be	AUX
cblr-1214	689	29	,	,	PUNCT
cblr-1214	689	30	for	for	ADP
cblr-1214	689	31	good	good	ADJ
cblr-1214	689	32	or	or	CCONJ
cblr-1214	689	33	ill	ill	ADJ
cblr-1214	689	34	,	,	PUNCT
cblr-1214	689	35	significantly	significantly	ADV
cblr-1214	689	36	insulated	insulate	VERB
cblr-1214	689	37	from	from	ADP
cblr-1214	689	38	stock	stock	NOUN
cblr-1214	689	39	market	market	NOUN
cblr-1214	689	40	returns	return	NOUN
cblr-1214	689	41	.	.	PUNCT
cblr-1214	690	1	in	in	ADP
cblr-1214	690	2	the	the	DET
cblr-1214	690	3	case	case	NOUN
cblr-1214	690	4	of	of	ADP
cblr-1214	690	5	m&a	m&a	PROPN
cblr-1214	690	6	activity	activity	NOUN
cblr-1214	690	7	,	,	PUNCT
cblr-1214	690	8	this	this	DET
cblr-1214	690	9	insulation	insulation	NOUN
cblr-1214	690	10	likely	likely	ADV
cblr-1214	690	11	turns	turn	VERB
cblr-1214	690	12	out	out	ADP
cblr-1214	690	13	to	to	PART
cblr-1214	690	14	be	be	AUX
cblr-1214	690	15	for	for	ADP
cblr-1214	690	16	their	their	PRON
cblr-1214	690	17	ill	ill	ADJ
cblr-1214	690	18	.	.	PUNCT
cblr-1214	691	1	pension	pension	NOUN
cblr-1214	691	2	fund	fund	NOUN
cblr-1214	691	3	members	member	NOUN
cblr-1214	691	4	will	will	AUX
cblr-1214	691	5	directly	directly	ADV
cblr-1214	691	6	bear	bear	VERB
cblr-1214	691	7	the	the	DET
cblr-1214	691	8	increased	increase	VERB
cblr-1214	691	9	prices	price	NOUN
cblr-1214	691	10	resulting	result	VERB
cblr-1214	691	11	from	from	ADP
cblr-1214	691	12	aggregate	aggregate	ADJ
cblr-1214	691	13	m&a	m&a	PROPN
cblr-1214	691	14	activity	activity	NOUN
cblr-1214	691	15	in	in	ADP
cblr-1214	691	16	their	their	PRON
cblr-1214	691	17	capacity	capacity	NOUN
cblr-1214	691	18	as	as	ADP
cblr-1214	691	19	consumers	consumer	NOUN
cblr-1214	691	20	,	,	PUNCT
cblr-1214	691	21	but	but	CCONJ
cblr-1214	691	22	will	will	AUX
cblr-1214	691	23	only	only	ADV
cblr-1214	691	24	indirectly	indirectly	ADV
cblr-1214	691	25	,	,	PUNCT
cblr-1214	691	26	if	if	SCONJ
cblr-1214	691	27	at	at	ADV
cblr-1214	691	28	all	all	ADV
cblr-1214	691	29	,	,	PUNCT
cblr-1214	691	30	capture	capture	VERB
cblr-1214	691	31	any	any	PRON
cblr-1214	691	32	of	of	ADP
cblr-1214	691	33	the	the	DET
cblr-1214	691	34	gains	gain	NOUN
cblr-1214	691	35	generated	generate	VERB
cblr-1214	691	36	by	by	ADP
cblr-1214	691	37	these	these	DET
cblr-1214	691	38	mergers	merger	NOUN
cblr-1214	691	39	in	in	ADP
cblr-1214	691	40	their	their	PRON
cblr-1214	691	41	capacity	capacity	NOUN
cblr-1214	691	42	as	as	ADP
cblr-1214	691	43	indirect	indirect	ADJ
cblr-1214	691	44	shareholders	shareholder	NOUN
cblr-1214	691	45	.	.	PUNCT
cblr-1214	692	1	in	in	ADP
cblr-1214	692	2	this	this	DET
cblr-1214	692	3	way	way	NOUN
cblr-1214	692	4	,	,	PUNCT
cblr-1214	692	5	pension	pension	NOUN
cblr-1214	692	6	fund	fund	NOUN
cblr-1214	692	7	members	member	NOUN
cblr-1214	692	8	with	with	ADP
cblr-1214	692	9	defined	define	VERB
cblr-1214	692	10	benefit	benefit	NOUN
cblr-1214	692	11	plans	plan	NOUN
cblr-1214	692	12	are	be	AUX
cblr-1214	692	13	forced	force	VERB
cblr-1214	692	14	to	to	PART
cblr-1214	692	15	bear	bear	VERB
cblr-1214	692	16	the	the	DET
cblr-1214	692	17	negative	negative	ADJ
cblr-1214	692	18	externalities	externality	NOUN
cblr-1214	692	19	of	of	ADP
cblr-1214	692	20	m&a	m&a	PROPN
cblr-1214	692	21	without	without	ADP
cblr-1214	692	22	fully	fully	ADV
cblr-1214	692	23	—	—	PUNCT
cblr-1214	692	24	and	and	CCONJ
cblr-1214	692	25	,	,	PUNCT
cblr-1214	692	26	sometimes	sometimes	ADV
cblr-1214	692	27	,	,	PUNCT
cblr-1214	692	28	at	at	ADV
cblr-1214	692	29	all	all	ADV
cblr-1214	692	30	—	—	PUNCT
cblr-1214	692	31	sharing	share	VERB
cblr-1214	692	32	in	in	ADP
cblr-1214	692	33	its	its	PRON
cblr-1214	692	34	gains	gain	NOUN
cblr-1214	692	35	.	.	PUNCT
cblr-1214	693	1	in	in	ADP
cblr-1214	693	2	light	light	NOUN
cblr-1214	693	3	of	of	ADP
cblr-1214	693	4	these	these	DET
cblr-1214	693	5	facts	fact	NOUN
cblr-1214	693	6	,	,	PUNCT
cblr-1214	693	7	it	it	PRON
cblr-1214	693	8	appears	appear	VERB
cblr-1214	693	9	that	that	SCONJ
cblr-1214	693	10	workingand	workingand	PROPN
cblr-1214	693	11	middleclass	middleclass	PROPN
cblr-1214	693	12	pension	pension	NOUN
cblr-1214	693	13	fund	fund	NOUN
cblr-1214	693	14	members	member	NOUN
cblr-1214	693	15	,	,	PUNCT
cblr-1214	693	16	particularly	particularly	ADV
cblr-1214	693	17	those	those	PRON
cblr-1214	693	18	with	with	ADP
cblr-1214	693	19	traditional	traditional	ADJ
cblr-1214	693	20	defined	define	VERB
cblr-1214	693	21	benefit	benefit	NOUN
cblr-1214	693	22	pension	pension	NOUN
cblr-1214	693	23	plans	plan	NOUN
cblr-1214	693	24	,	,	PUNCT
cblr-1214	693	25	may	may	AUX
cblr-1214	693	26	be	be	AUX
cblr-1214	693	27	uniquely	uniquely	ADV
cblr-1214	693	28	disadvantaged	disadvantage	VERB
cblr-1214	693	29	by	by	ADP
cblr-1214	693	30	m&a	m&a	PROPN
cblr-1214	693	31	activity	activity	NOUN
cblr-1214	693	32	.	.	PUNCT
cblr-1214	694	1	pension	pension	NOUN
cblr-1214	694	2	fund	fund	NOUN
cblr-1214	694	3	managers	manager	NOUN
cblr-1214	694	4	ought	ought	AUX
cblr-1214	694	5	to	to	PART
cblr-1214	694	6	look	look	VERB
cblr-1214	694	7	holistically	holistically	ADV
cblr-1214	694	8	at	at	ADP
cblr-1214	694	9	the	the	DET
cblr-1214	694	10	financial	financial	ADJ
cblr-1214	694	11	concerns	concern	NOUN
cblr-1214	694	12	of	of	ADP
cblr-1214	694	13	plan	plan	NOUN
cblr-1214	694	14	members	member	NOUN
cblr-1214	694	15	when	when	SCONJ
cblr-1214	694	16	selecting	select	VERB
cblr-1214	694	17	investments	investment	NOUN
cblr-1214	694	18	,	,	PUNCT
cblr-1214	694	19	voting	vote	VERB
cblr-1214	694	20	on	on	ADP
cblr-1214	694	21	corporate	corporate	ADJ
cblr-1214	694	22	matters	matter	NOUN
cblr-1214	694	23	,	,	PUNCT
cblr-1214	694	24	and	and	CCONJ
cblr-1214	694	25	engaging	engage	VERB
cblr-1214	694	26	in	in	ADP
cblr-1214	694	27	activist	activist	ADJ
cblr-1214	694	28	efforts	effort	NOUN
cblr-1214	694	29	.	.	PUNCT
cblr-1214	695	1	to	to	ADP
cblr-1214	695	2	that	that	DET
cblr-1214	695	3	end	end	NOUN
cblr-1214	695	4	,	,	PUNCT
cblr-1214	695	5	pension	pension	NOUN
cblr-1214	695	6	fund	fund	NOUN
cblr-1214	695	7	managers	manager	NOUN
cblr-1214	695	8	should	should	AUX
cblr-1214	695	9	wield	wield	VERB
cblr-1214	695	10	their	their	PRON
cblr-1214	695	11	considerable	considerable	ADJ
cblr-1214	695	12	power	power	NOUN
cblr-1214	695	13	to	to	PART
cblr-1214	695	14	oppose	oppose	VERB
cblr-1214	695	15	marginal	marginal	ADJ
cblr-1214	695	16	m&a	m&a	PROPN
cblr-1214	695	17	activity	activity	NOUN
cblr-1214	695	18	,	,	PUNCT
cblr-1214	695	19	as	as	SCONJ
cblr-1214	695	20	the	the	DET
cblr-1214	695	21	harms	harm	NOUN
cblr-1214	695	22	to	to	ADP
cblr-1214	695	23	pension	pension	NOUN
cblr-1214	695	24	fund	fund	NOUN
cblr-1214	695	25	recipients	recipient	NOUN
cblr-1214	695	26	in	in	ADP
cblr-1214	695	27	their	their	PRON
cblr-1214	695	28	capacity	capacity	NOUN
cblr-1214	695	29	as	as	ADP
cblr-1214	695	30	consumers	consumer	NOUN
cblr-1214	695	31	of	of	ADP
cblr-1214	695	32	goods	good	NOUN
cblr-1214	695	33	and	and	CCONJ
cblr-1214	695	34	services	service	NOUN
cblr-1214	695	35	may	may	AUX
cblr-1214	695	36	exceed	exceed	VERB
cblr-1214	695	37	any	any	DET
cblr-1214	695	38	benefits	benefit	NOUN
cblr-1214	695	39	in	in	ADP
cblr-1214	695	40	the	the	DET
cblr-1214	695	41	form	form	NOUN
cblr-1214	695	42	of	of	ADP
cblr-1214	695	43	share	share	NOUN
cblr-1214	695	44	price	price	NOUN
cblr-1214	695	45	gains	gain	NOUN
cblr-1214	695	46	.	.	PUNCT
cblr-1214	696	1	only	only	ADV
cblr-1214	696	2	by	by	ADP
cblr-1214	696	3	looking	look	VERB
cblr-1214	696	4	at	at	ADP
cblr-1214	696	5	203	203	NUM
cblr-1214	696	6	see	see	VERB
cblr-1214	696	7	i	i	PRON
cblr-1214	696	8	d.	d.	PROPN
cblr-1214	696	9	at	at	ADP
cblr-1214	696	10	1879	1879	NUM
cblr-1214	696	11	n.20	n.20	NOUN
cblr-1214	696	12	.	.	PUNCT
cblr-1214	697	1	griffin_final	griffin_final	ADJ
cblr-1214	697	2	122	122	NUM
cblr-1214	697	3	columbia	columbia	PROPN
cblr-1214	697	4	business	business	NOUN
cblr-1214	697	5	law	law	PROPN
cblr-1214	697	6	review	review	NOUN
cblr-1214	697	7	[	[	X
cblr-1214	697	8	vol	vol	NOUN
cblr-1214	697	9	.	.	NOUN
cblr-1214	697	10	2018	2018	NUM
cblr-1214	698	1	the	the	DET
cblr-1214	698	2	interests	interest	NOUN
cblr-1214	698	3	of	of	ADP
cblr-1214	698	4	pension	pension	NOUN
cblr-1214	698	5	members	member	NOUN
cblr-1214	698	6	in	in	ADP
cblr-1214	698	7	a	a	DET
cblr-1214	698	8	broader	broad	ADJ
cblr-1214	698	9	sense	sense	NOUN
cblr-1214	698	10	than	than	SCONJ
cblr-1214	698	11	gains	gain	NOUN
cblr-1214	698	12	to	to	PART
cblr-1214	698	13	share	share	VERB
cblr-1214	698	14	price	price	NOUN
cblr-1214	698	15	can	can	AUX
cblr-1214	698	16	pension	pension	NOUN
cblr-1214	698	17	fund	fund	NOUN
cblr-1214	698	18	managers	manager	NOUN
cblr-1214	698	19	truly	truly	ADV
cblr-1214	698	20	act	act	VERB
cblr-1214	698	21	in	in	ADP
cblr-1214	698	22	the	the	DET
cblr-1214	698	23	financial	financial	ADJ
cblr-1214	698	24	best	good	ADJ
cblr-1214	698	25	interests	interest	NOUN
cblr-1214	698	26	of	of	ADP
cblr-1214	698	27	the	the	DET
cblr-1214	698	28	typical	typical	ADJ
cblr-1214	698	29	pension	pension	NOUN
cblr-1214	698	30	fund	fund	NOUN
cblr-1214	698	31	member	member	NOUN
cblr-1214	698	32	.	.	PUNCT
cblr-1214	699	1	f.	f.	PROPN
cblr-1214	699	2	implications	implication	NOUN
cblr-1214	699	3	for	for	ADP
cblr-1214	699	4	well	well	ADV
cblr-1214	699	5	-	-	PUNCT
cblr-1214	699	6	meaning	mean	VERB
cblr-1214	699	7	hedge	hedge	NOUN
cblr-1214	699	8	fund	fund	NOUN
cblr-1214	699	9	managers	manager	NOUN
cblr-1214	699	10	hedge	hedge	NOUN
cblr-1214	699	11	funds	fund	NOUN
cblr-1214	699	12	form	form	VERB
cblr-1214	699	13	a	a	DET
cblr-1214	699	14	third	third	ADJ
cblr-1214	699	15	group	group	NOUN
cblr-1214	699	16	of	of	ADP
cblr-1214	699	17	institutional	institutional	ADJ
cblr-1214	699	18	investors	investor	NOUN
cblr-1214	699	19	with	with	ADP
cblr-1214	699	20	considerable	considerable	ADJ
cblr-1214	699	21	power	power	NOUN
cblr-1214	699	22	over	over	ADP
cblr-1214	699	23	whether	whether	SCONJ
cblr-1214	699	24	and	and	CCONJ
cblr-1214	699	25	to	to	ADP
cblr-1214	699	26	what	what	DET
cblr-1214	699	27	extent	extent	NOUN
cblr-1214	699	28	corporate	corporate	ADJ
cblr-1214	699	29	directors	director	NOUN
cblr-1214	699	30	pursue	pursue	VERB
cblr-1214	699	31	m&a	m&a	PROPN
cblr-1214	699	32	activity	activity	NOUN
cblr-1214	699	33	.	.	PUNCT
cblr-1214	700	1	the	the	DET
cblr-1214	700	2	hedge	hedge	PROPN
cblr-1214	700	3	fund	fund	PROPN
cblr-1214	700	4	industry	industry	NOUN
cblr-1214	700	5	’s	’s	PART
cblr-1214	700	6	influence	influence	NOUN
cblr-1214	700	7	comes	come	VERB
cblr-1214	700	8	not	not	PART
cblr-1214	700	9	only	only	ADV
cblr-1214	700	10	from	from	ADP
cblr-1214	700	11	its	its	PRON
cblr-1214	700	12	control	control	NOUN
cblr-1214	700	13	of	of	ADP
cblr-1214	700	14	over	over	ADP
cblr-1214	700	15	$	$	SYM
cblr-1214	700	16	3	3	NUM
cblr-1214	700	17	trillion	trillion	NUM
cblr-1214	700	18	worth	worth	NOUN
cblr-1214	700	19	of	of	ADP
cblr-1214	700	20	assets	asset	NOUN
cblr-1214	700	21	,	,	PUNCT
cblr-1214	700	22	but	but	CCONJ
cblr-1214	700	23	also	also	ADV
cblr-1214	700	24	from	from	ADP
cblr-1214	700	25	the	the	DET
cblr-1214	700	26	tendency	tendency	NOUN
cblr-1214	700	27	of	of	ADP
cblr-1214	700	28	hedge	hedge	NOUN
cblr-1214	700	29	funds	fund	NOUN
cblr-1214	700	30	to	to	PART
cblr-1214	700	31	be	be	AUX
cblr-1214	700	32	more	more	ADV
cblr-1214	700	33	active	active	ADJ
cblr-1214	700	34	and	and	CCONJ
cblr-1214	700	35	involved	involved	ADJ
cblr-1214	700	36	investors	investor	NOUN
cblr-1214	700	37	relative	relative	ADJ
cblr-1214	700	38	to	to	ADP
cblr-1214	700	39	other	other	ADJ
cblr-1214	700	40	financial	financial	ADJ
cblr-1214	700	41	market	market	NOUN
cblr-1214	700	42	actors	actor	NOUN
cblr-1214	700	43	,	,	PUNCT
cblr-1214	700	44	such	such	ADJ
cblr-1214	700	45	as	as	ADP
cblr-1214	700	46	mutual	mutual	ADJ
cblr-1214	700	47	and	and	CCONJ
cblr-1214	700	48	pension	pension	NOUN
cblr-1214	700	49	funds.204	funds.204	NOUN
cblr-1214	700	50	many	many	ADJ
cblr-1214	700	51	“	"	PUNCT
cblr-1214	700	52	activist	activist	ADJ
cblr-1214	700	53	”	"	PUNCT
cblr-1214	700	54	hedge	hedge	NOUN
cblr-1214	700	55	funds	fund	NOUN
cblr-1214	700	56	aggressively	aggressively	ADV
cblr-1214	700	57	push	push	VERB
cblr-1214	700	58	for	for	ADP
cblr-1214	700	59	specific	specific	ADJ
cblr-1214	700	60	changes	change	NOUN
cblr-1214	700	61	at	at	ADP
cblr-1214	700	62	the	the	DET
cblr-1214	700	63	companies	company	NOUN
cblr-1214	700	64	in	in	ADP
cblr-1214	700	65	which	which	PRON
cblr-1214	700	66	they	they	PRON
cblr-1214	700	67	invest	invest	VERB
cblr-1214	700	68	.	.	PUNCT
cblr-1214	701	1	although	although	SCONJ
cblr-1214	701	2	activist	activist	ADJ
cblr-1214	701	3	hedge	hedge	NOUN
cblr-1214	701	4	funds	fund	NOUN
cblr-1214	701	5	represent	represent	VERB
cblr-1214	701	6	a	a	DET
cblr-1214	701	7	minority	minority	NOUN
cblr-1214	701	8	of	of	ADP
cblr-1214	701	9	all	all	DET
cblr-1214	701	10	hedge	hedge	NOUN
cblr-1214	701	11	funds	fund	NOUN
cblr-1214	701	12	,	,	PUNCT
cblr-1214	701	13	their	their	PRON
cblr-1214	701	14	numbers	number	NOUN
cblr-1214	701	15	and	and	CCONJ
cblr-1214	701	16	activity	activity	NOUN
cblr-1214	701	17	have	have	AUX
cblr-1214	701	18	ballooned	balloon	VERB
cblr-1214	701	19	in	in	ADP
cblr-1214	701	20	recent	recent	ADJ
cblr-1214	701	21	years	year	NOUN
cblr-1214	701	22	,	,	PUNCT
cblr-1214	701	23	driving	drive	VERB
cblr-1214	701	24	them	they	PRON
cblr-1214	701	25	to	to	ADP
cblr-1214	701	26	the	the	DET
cblr-1214	701	27	forefront	forefront	NOUN
cblr-1214	701	28	of	of	ADP
cblr-1214	701	29	corporate	corporate	ADJ
cblr-1214	701	30	executives	executive	NOUN
cblr-1214	701	31	’	'	PUNCT
cblr-1214	701	32	collective	collective	ADJ
cblr-1214	701	33	consciousness.205	consciousness.205	NOUN
cblr-1214	701	34	a	a	DET
cblr-1214	701	35	great	great	ADJ
cblr-1214	701	36	deal	deal	NOUN
cblr-1214	701	37	has	have	AUX
cblr-1214	701	38	been	be	AUX
cblr-1214	701	39	written	write	VERB
cblr-1214	701	40	regarding	regard	VERB
cblr-1214	701	41	the	the	DET
cblr-1214	701	42	effects	effect	NOUN
cblr-1214	701	43	of	of	ADP
cblr-1214	701	44	hedge	hedge	NOUN
cblr-1214	701	45	fund	fund	NOUN
cblr-1214	701	46	activism	activism	NOUN
cblr-1214	701	47	on	on	ADP
cblr-1214	701	48	u.s	u.s	PROPN
cblr-1214	701	49	equity	equity	NOUN
cblr-1214	701	50	markets	market	NOUN
cblr-1214	701	51	.	.	PUNCT
cblr-1214	702	1	consistent	consistent	ADJ
cblr-1214	702	2	with	with	ADP
cblr-1214	702	3	the	the	DET
cblr-1214	702	4	shareholder	shareholder	NOUN
cblr-1214	702	5	wealth	wealth	NOUN
cblr-1214	702	6	maximization	maximization	NOUN
cblr-1214	702	7	norm	norm	NOUN
cblr-1214	702	8	,	,	PUNCT
cblr-1214	702	9	research	research	NOUN
cblr-1214	702	10	on	on	ADP
cblr-1214	702	11	hedge	hedge	NOUN
cblr-1214	702	12	fund	fund	NOUN
cblr-1214	702	13	activism	activism	NOUN
cblr-1214	702	14	tends	tend	VERB
cblr-1214	702	15	to	to	PART
cblr-1214	702	16	focus	focus	VERB
cblr-1214	702	17	on	on	ADP
cblr-1214	702	18	its	its	PRON
cblr-1214	702	19	effect	effect	NOUN
cblr-1214	702	20	on	on	ADP
cblr-1214	702	21	stock	stock	NOUN
cblr-1214	702	22	performance	performance	NOUN
cblr-1214	702	23	.	.	PUNCT
cblr-1214	703	1	some	some	DET
cblr-1214	703	2	scholars	scholar	NOUN
cblr-1214	703	3	argue	argue	VERB
cblr-1214	703	4	that	that	SCONJ
cblr-1214	703	5	activism	activism	NOUN
cblr-1214	703	6	positively	positively	ADV
cblr-1214	703	7	204	204	NUM
cblr-1214	703	8	hedge	hedge	NOUN
cblr-1214	703	9	fund	fund	NOUN
cblr-1214	703	10	industry	industry	NOUN
cblr-1214	703	11	capital	capital	NOUN
cblr-1214	703	12	surpasses	surpass	VERB
cblr-1214	703	13	historic	historic	ADJ
cblr-1214	703	14	$	$	SYM
cblr-1214	703	15	3	3	NUM
cblr-1214	703	16	trillion	trillion	NUM
cblr-1214	703	17	dollar	dollar	NOUN
cblr-1214	703	18	milestone	milestone	NOUN
cblr-1214	703	19	,	,	PUNCT
cblr-1214	703	20	hedge	hedge	NOUN
cblr-1214	703	21	fund	fund	NOUN
cblr-1214	703	22	res	re	NOUN
cblr-1214	703	23	.	.	PUNCT
cblr-1214	704	1	(	(	PUNCT
cblr-1214	704	2	jan	jan	PROPN
cblr-1214	704	3	.	.	PROPN
cblr-1214	704	4	20	20	NUM
cblr-1214	704	5	,	,	PUNCT
cblr-1214	704	6	2017	2017	NUM
cblr-1214	704	7	)	)	PUNCT
cblr-1214	704	8	,	,	PUNCT
cblr-1214	704	9	https://www.hedgefundresearch.com/news/hedge-fund-industry-capital-surpasses-historic-3trillion-dollar-milestone	https://www.hedgefundresearch.com/news/hedge-fund-industry-capital-surpasses-historic-3trillion-dollar-milestone	NOUN
cblr-1214	705	1	[	[	X
cblr-1214	705	2	perma.cc/kqt2-tejc	perma.cc/kqt2-tejc	NOUN
cblr-1214	705	3	]	]	PUNCT
cblr-1214	705	4	;	;	PUNCT
cblr-1214	705	5	marcel	marcel	PROPN
cblr-1214	705	6	kahan	kahan	PROPN
cblr-1214	705	7	&	&	CCONJ
cblr-1214	705	8	edward	edward	PROPN
cblr-1214	705	9	rock	rock	PROPN
cblr-1214	705	10	,	,	PUNCT
cblr-1214	705	11	hedge	hedge	NOUN
cblr-1214	705	12	fund	fund	NOUN
cblr-1214	705	13	activism	activism	NOUN
cblr-1214	705	14	in	in	ADP
cblr-1214	705	15	the	the	DET
cblr-1214	705	16	enforcement	enforcement	NOUN
cblr-1214	705	17	of	of	ADP
cblr-1214	705	18	bondholder	bondholder	NOUN
cblr-1214	705	19	rights	right	NOUN
cblr-1214	705	20	,	,	PUNCT
cblr-1214	705	21	103	103	NUM
cblr-1214	705	22	nw	nw	X
cblr-1214	705	23	.	.	PUNCT
cblr-1214	705	24	u.	u.	PROPN
cblr-1214	705	25	l.	l.	PROPN
cblr-1214	705	26	rev	rev	PROPN
cblr-1214	705	27	.	.	PROPN
cblr-1214	705	28	281	281	NUM
cblr-1214	705	29	,	,	PUNCT
cblr-1214	705	30	282	282	NUM
cblr-1214	705	31	(	(	PUNCT
cblr-1214	705	32	2009	2009	NUM
cblr-1214	705	33	)	)	PUNCT
cblr-1214	705	34	(	(	PUNCT
cblr-1214	705	35	“	"	PUNCT
cblr-1214	705	36	[	[	X
cblr-1214	705	37	h]edge	h]edge	X
cblr-1214	705	38	funds	fund	NOUN
cblr-1214	705	39	tend	tend	VERB
cblr-1214	705	40	to	to	PART
cblr-1214	705	41	pursue	pursue	VERB
cblr-1214	705	42	active	active	ADJ
cblr-1214	705	43	and	and	CCONJ
cblr-1214	705	44	aggressive	aggressive	ADJ
cblr-1214	705	45	investment	investment	NOUN
cblr-1214	705	46	strategies	strategy	NOUN
cblr-1214	705	47	.	.	PUNCT
cblr-1214	705	48	”	"	PUNCT
cblr-1214	705	49	)	)	PUNCT
cblr-1214	705	50	.	.	PUNCT
cblr-1214	706	1	205	205	NUM
cblr-1214	706	2	see	see	VERB
cblr-1214	706	3	,	,	PUNCT
cblr-1214	706	4	e.g.	e.g.	ADV
cblr-1214	706	5	,	,	PUNCT
cblr-1214	706	6	coffee	coffee	NOUN
cblr-1214	706	7	&	&	CCONJ
cblr-1214	706	8	palia	palia	PROPN
cblr-1214	706	9	,	,	PUNCT
cblr-1214	706	10	supra	supra	PROPN
cblr-1214	706	11	note	note	PROPN
cblr-1214	706	12	27	27	NUM
cblr-1214	706	13	,	,	PUNCT
cblr-1214	706	14	at	at	ADP
cblr-1214	706	15	548	548	NUM
cblr-1214	706	16	(	(	PUNCT
cblr-1214	706	17	“	"	PUNCT
cblr-1214	706	18	hedge	hedge	NOUN
cblr-1214	706	19	fund	fund	NOUN
cblr-1214	706	20	activism	activism	NOUN
cblr-1214	706	21	has	have	AUX
cblr-1214	706	22	recently	recently	ADV
cblr-1214	706	23	spiked	spike	VERB
cblr-1214	706	24	,	,	PUNCT
cblr-1214	706	25	almost	almost	ADV
cblr-1214	706	26	hyperbolically	hyperbolically	ADV
cblr-1214	706	27	.	.	PUNCT
cblr-1214	706	28	”	"	PUNCT
cblr-1214	706	29	)	)	PUNCT
cblr-1214	706	30	;	;	PUNCT
cblr-1214	706	31	see	see	VERB
cblr-1214	706	32	also	also	ADV
cblr-1214	706	33	marcel	marcel	PROPN
cblr-1214	706	34	kahan	kahan	PROPN
cblr-1214	706	35	&	&	CCONJ
cblr-1214	706	36	edward	edward	PROPN
cblr-1214	706	37	b.	b.	PROPN
cblr-1214	706	38	rock	rock	PROPN
cblr-1214	706	39	,	,	PUNCT
cblr-1214	706	40	hedge	hedge	NOUN
cblr-1214	706	41	funds	fund	NOUN
cblr-1214	706	42	in	in	ADP
cblr-1214	706	43	corporate	corporate	ADJ
cblr-1214	706	44	governance	governance	NOUN
cblr-1214	706	45	and	and	CCONJ
cblr-1214	706	46	corporate	corporate	ADJ
cblr-1214	706	47	control	control	NOUN
cblr-1214	706	48	,	,	PUNCT
cblr-1214	706	49	155	155	NUM
cblr-1214	706	50	u.	u.	PROPN
cblr-1214	706	51	pa	pa	PROPN
cblr-1214	706	52	.	.	PUNCT
cblr-1214	706	53	l.	l.	PROPN
cblr-1214	706	54	rev	rev	PROPN
cblr-1214	706	55	.	.	PROPN
cblr-1214	706	56	1021	1021	NUM
cblr-1214	706	57	,	,	PUNCT
cblr-1214	706	58	1026	1026	NUM
cblr-1214	706	59	(	(	PUNCT
cblr-1214	706	60	2007	2007	NUM
cblr-1214	706	61	)	)	PUNCT
cblr-1214	706	62	.	.	PUNCT
cblr-1214	707	1	griffin_final	griffin_final	ADJ
cblr-1214	707	2	no	no	NOUN
cblr-1214	707	3	.	.	PUNCT
cblr-1214	708	1	1:70	1:70	NUM
cblr-1214	708	2	]	]	PUNCT
cblr-1214	708	3	the	the	DET
cblr-1214	708	4	hidden	hidden	ADJ
cblr-1214	708	5	cost	cost	NOUN
cblr-1214	708	6	of	of	ADP
cblr-1214	708	7	m&a	m&a	PROPN
cblr-1214	708	8	123	123	NUM
cblr-1214	708	9	influences	influence	NOUN
cblr-1214	708	10	returns	return	NOUN
cblr-1214	708	11	to	to	AUX
cblr-1214	708	12	shareholders.206	shareholders.206	VERB
cblr-1214	708	13	others	other	NOUN
cblr-1214	708	14	contend	contend	VERB
cblr-1214	708	15	that	that	SCONJ
cblr-1214	708	16	while	while	SCONJ
cblr-1214	708	17	the	the	DET
cblr-1214	708	18	short	short	ADJ
cblr-1214	708	19	-	-	PUNCT
cblr-1214	708	20	term	term	NOUN
cblr-1214	708	21	returns	return	NOUN
cblr-1214	708	22	may	may	AUX
cblr-1214	708	23	be	be	AUX
cblr-1214	708	24	positive	positive	ADJ
cblr-1214	708	25	,	,	PUNCT
cblr-1214	708	26	hedge	hedge	NOUN
cblr-1214	708	27	fund	fund	NOUN
cblr-1214	708	28	activism	activism	NOUN
cblr-1214	708	29	can	can	AUX
cblr-1214	708	30	be	be	AUX
cblr-1214	708	31	harmful	harmful	ADJ
cblr-1214	708	32	to	to	ADP
cblr-1214	708	33	companies	company	NOUN
cblr-1214	708	34	in	in	ADP
cblr-1214	708	35	ways	way	NOUN
cblr-1214	708	36	that	that	PRON
cblr-1214	708	37	are	be	AUX
cblr-1214	708	38	only	only	ADV
cblr-1214	708	39	evident	evident	ADJ
cblr-1214	708	40	over	over	ADP
cblr-1214	708	41	longer	long	ADJ
cblr-1214	708	42	time	time	NOUN
cblr-1214	708	43	horizons.207	horizons.207	NOUN
cblr-1214	708	44	this	this	DET
cblr-1214	708	45	issue	issue	NOUN
cblr-1214	708	46	,	,	PUNCT
cblr-1214	708	47	while	while	SCONJ
cblr-1214	708	48	hotly	hotly	ADV
cblr-1214	708	49	contested	contest	VERB
cblr-1214	708	50	,	,	PUNCT
cblr-1214	708	51	remains	remain	VERB
cblr-1214	708	52	unsettled	unsettled	ADJ
cblr-1214	708	53	.	.	PUNCT
cblr-1214	709	1	regardless	regardless	ADV
cblr-1214	709	2	of	of	ADP
cblr-1214	709	3	whether	whether	SCONJ
cblr-1214	709	4	hedge	hedge	NOUN
cblr-1214	709	5	fund	fund	NOUN
cblr-1214	709	6	activism	activism	NOUN
cblr-1214	709	7	generates	generate	VERB
cblr-1214	709	8	short	short	ADJ
cblr-1214	709	9	-	-	PUNCT
cblr-1214	709	10	term	term	NOUN
cblr-1214	709	11	or	or	CCONJ
cblr-1214	709	12	long	long	ADJ
cblr-1214	709	13	-	-	PUNCT
cblr-1214	709	14	term	term	NOUN
cblr-1214	709	15	returns	return	NOUN
cblr-1214	709	16	,	,	PUNCT
cblr-1214	709	17	it	it	PRON
cblr-1214	709	18	is	be	AUX
cblr-1214	709	19	clear	clear	ADJ
cblr-1214	709	20	that	that	SCONJ
cblr-1214	709	21	one	one	NUM
cblr-1214	709	22	of	of	ADP
cblr-1214	709	23	the	the	DET
cblr-1214	709	24	primary	primary	ADJ
cblr-1214	709	25	strategies	strategy	NOUN
cblr-1214	709	26	for	for	ADP
cblr-1214	709	27	achieving	achieve	VERB
cblr-1214	709	28	these	these	DET
cblr-1214	709	29	returns	return	NOUN
cblr-1214	709	30	involves	involve	VERB
cblr-1214	709	31	m&a	m&a	PROPN
cblr-1214	709	32	activity	activity	NOUN
cblr-1214	709	33	.	.	PUNCT
cblr-1214	710	1	in	in	ADP
cblr-1214	710	2	fact	fact	NOUN
cblr-1214	710	3	,	,	PUNCT
cblr-1214	710	4	pushing	push	VERB
cblr-1214	710	5	the	the	DET
cblr-1214	710	6	target	target	NOUN
cblr-1214	710	7	company	company	NOUN
cblr-1214	710	8	into	into	ADP
cblr-1214	710	9	m&a	m&a	PROPN
cblr-1214	710	10	activity	activity	NOUN
cblr-1214	710	11	206	206	NUM
cblr-1214	710	12	see	see	VERB
cblr-1214	710	13	,	,	PUNCT
cblr-1214	710	14	e.g.	e.g.	ADV
cblr-1214	710	15	,	,	PUNCT
cblr-1214	710	16	lucian	lucian	PROPN
cblr-1214	710	17	a.	a.	PROPN
cblr-1214	710	18	bebchuk	bebchuk	PROPN
cblr-1214	710	19	et	et	PROPN
cblr-1214	710	20	al	al	PROPN
cblr-1214	710	21	.	.	PROPN
cblr-1214	710	22	,	,	PUNCT
cblr-1214	710	23	the	the	DET
cblr-1214	710	24	long	long	ADJ
cblr-1214	710	25	-	-	PUNCT
cblr-1214	710	26	term	term	NOUN
cblr-1214	710	27	effects	effect	NOUN
cblr-1214	710	28	of	of	ADP
cblr-1214	710	29	hedge	hedge	NOUN
cblr-1214	710	30	fund	fund	NOUN
cblr-1214	710	31	activism	activism	NOUN
cblr-1214	710	32	,	,	PUNCT
cblr-1214	710	33	115	115	NUM
cblr-1214	710	34	colum	colum	NOUN
cblr-1214	710	35	.	.	PUNCT
cblr-1214	711	1	l.	l.	PROPN
cblr-1214	711	2	rev	rev	PROPN
cblr-1214	711	3	.	.	PROPN
cblr-1214	711	4	1085	1085	NUM
cblr-1214	711	5	,	,	PUNCT
cblr-1214	711	6	1155	1155	NUM
cblr-1214	711	7	(	(	PUNCT
cblr-1214	711	8	2015	2015	NUM
cblr-1214	711	9	)	)	PUNCT
cblr-1214	711	10	(	(	PUNCT
cblr-1214	711	11	noting	note	VERB
cblr-1214	711	12	that	that	SCONJ
cblr-1214	711	13	there	there	PRON
cblr-1214	711	14	is	be	VERB
cblr-1214	711	15	an	an	DET
cblr-1214	711	16	“	"	PUNCT
cblr-1214	711	17	initial	initial	ADJ
cblr-1214	711	18	positive	positive	ADJ
cblr-1214	711	19	stock	stock	NOUN
cblr-1214	711	20	-	-	PUNCT
cblr-1214	711	21	price	price	NOUN
cblr-1214	711	22	spike	spike	NOUN
cblr-1214	711	23	accompanying	accompany	VERB
cblr-1214	711	24	activist	activist	ADJ
cblr-1214	711	25	interventions	intervention	NOUN
cblr-1214	711	26	”	"	PUNCT
cblr-1214	711	27	and	and	CCONJ
cblr-1214	711	28	that	that	SCONJ
cblr-1214	711	29	this	this	DET
cblr-1214	711	30	spike	spike	NOUN
cblr-1214	711	31	reflects	reflect	VERB
cblr-1214	711	32	“	"	PUNCT
cblr-1214	711	33	correctly	correctly	ADV
cblr-1214	711	34	the	the	DET
cblr-1214	711	35	intervention	intervention	NOUN
cblr-1214	711	36	’s	’s	PART
cblr-1214	711	37	long	long	ADJ
cblr-1214	711	38	-	-	PUNCT
cblr-1214	711	39	term	term	NOUN
cblr-1214	711	40	consequences	consequence	NOUN
cblr-1214	711	41	”	"	PUNCT
cblr-1214	711	42	)	)	PUNCT
cblr-1214	711	43	;	;	PUNCT
cblr-1214	712	1	alon	alon	PROPN
cblr-1214	712	2	brav	brav	PROPN
cblr-1214	712	3	et	et	PROPN
cblr-1214	712	4	al	al	PROPN
cblr-1214	712	5	.	.	PROPN
cblr-1214	712	6	,	,	PUNCT
cblr-1214	712	7	hedge	hedge	NOUN
cblr-1214	712	8	fund	fund	NOUN
cblr-1214	712	9	activism	activism	NOUN
cblr-1214	712	10	,	,	PUNCT
cblr-1214	712	11	corporate	corporate	ADJ
cblr-1214	712	12	governance	governance	NOUN
cblr-1214	712	13	,	,	PUNCT
cblr-1214	712	14	and	and	CCONJ
cblr-1214	712	15	firm	firm	ADJ
cblr-1214	712	16	performance	performance	NOUN
cblr-1214	712	17	,	,	PUNCT
cblr-1214	712	18	63	63	NUM
cblr-1214	712	19	j.	j.	PROPN
cblr-1214	712	20	fin	fin	PROPN
cblr-1214	712	21	.	.	PROPN
cblr-1214	713	1	1729	1729	NUM
cblr-1214	713	2	,	,	PUNCT
cblr-1214	713	3	1730	1730	NUM
cblr-1214	713	4	(	(	PUNCT
cblr-1214	713	5	2008	2008	NUM
cblr-1214	713	6	)	)	PUNCT
cblr-1214	713	7	(	(	PUNCT
cblr-1214	713	8	summarizing	summarize	VERB
cblr-1214	713	9	their	their	PRON
cblr-1214	713	10	findings	finding	NOUN
cblr-1214	713	11	that	that	SCONJ
cblr-1214	713	12	“	"	PUNCT
cblr-1214	713	13	find	find	VERB
cblr-1214	713	14	that	that	SCONJ
cblr-1214	713	15	the	the	DET
cblr-1214	713	16	market	market	NOUN
cblr-1214	713	17	reacts	react	VERB
cblr-1214	713	18	favorably	favorably	ADV
cblr-1214	713	19	to	to	ADP
cblr-1214	713	20	activism	activism	NOUN
cblr-1214	713	21	,	,	PUNCT
cblr-1214	713	22	consistent	consistent	ADJ
cblr-1214	713	23	with	with	ADP
cblr-1214	713	24	the	the	DET
cblr-1214	713	25	view	view	NOUN
cblr-1214	713	26	that	that	SCONJ
cblr-1214	713	27	it	it	PRON
cblr-1214	713	28	creates	create	VERB
cblr-1214	713	29	value	value	NOUN
cblr-1214	713	30	”	"	PUNCT
cblr-1214	713	31	)	)	PUNCT
cblr-1214	713	32	;	;	PUNCT
cblr-1214	713	33	april	april	PROPN
cblr-1214	713	34	klein	klein	PROPN
cblr-1214	713	35	&	&	CCONJ
cblr-1214	713	36	emanuel	emanuel	PROPN
cblr-1214	713	37	zur	zur	PROPN
cblr-1214	713	38	,	,	PUNCT
cblr-1214	713	39	entrepreneurial	entrepreneurial	ADJ
cblr-1214	713	40	shareholder	shareholder	NOUN
cblr-1214	713	41	activism	activism	NOUN
cblr-1214	713	42	:	:	PUNCT
cblr-1214	713	43	hedge	hedge	NOUN
cblr-1214	713	44	funds	fund	NOUN
cblr-1214	713	45	and	and	CCONJ
cblr-1214	713	46	other	other	ADJ
cblr-1214	713	47	private	private	ADJ
cblr-1214	713	48	investors	investor	NOUN
cblr-1214	713	49	,	,	PUNCT
cblr-1214	713	50	64	64	NUM
cblr-1214	713	51	j.	j.	PROPN
cblr-1214	713	52	fin	fin	PROPN
cblr-1214	713	53	.	.	PUNCT
cblr-1214	714	1	187	187	NUM
cblr-1214	714	2	,	,	PUNCT
cblr-1214	714	3	189	189	NUM
cblr-1214	714	4	(	(	PUNCT
cblr-1214	714	5	2009	2009	NUM
cblr-1214	714	6	)	)	PUNCT
cblr-1214	714	7	(	(	PUNCT
cblr-1214	714	8	finding	find	VERB
cblr-1214	714	9	a	a	DET
cblr-1214	714	10	significantly	significantly	ADV
cblr-1214	714	11	positive	positive	ADJ
cblr-1214	714	12	market	market	NOUN
cblr-1214	714	13	reaction	reaction	NOUN
cblr-1214	714	14	for	for	ADP
cblr-1214	714	15	activist	activist	ADJ
cblr-1214	714	16	hedge	hedge	NOUN
cblr-1214	714	17	funds	fund	NOUN
cblr-1214	714	18	’	'	PUNCT
cblr-1214	714	19	activities	activity	NOUN
cblr-1214	714	20	)	)	PUNCT
cblr-1214	714	21	.	.	PUNCT
cblr-1214	715	1	207	207	NUM
cblr-1214	715	2	see	see	VERB
cblr-1214	715	3	,	,	PUNCT
cblr-1214	715	4	e.g.	e.g.	ADV
cblr-1214	715	5	,	,	PUNCT
cblr-1214	715	6	leo	leo	PROPN
cblr-1214	715	7	e.	e.	PROPN
cblr-1214	715	8	strine	strine	PROPN
cblr-1214	715	9	,	,	PUNCT
cblr-1214	715	10	jr	jr	PROPN
cblr-1214	715	11	.	.	PROPN
cblr-1214	715	12	,	,	PUNCT
cblr-1214	715	13	one	one	NUM
cblr-1214	715	14	fundamental	fundamental	ADJ
cblr-1214	715	15	corporate	corporate	ADJ
cblr-1214	715	16	governance	governance	NOUN
cblr-1214	715	17	question	question	NOUN
cblr-1214	715	18	we	we	PRON
cblr-1214	715	19	face	face	VERB
cblr-1214	715	20	:	:	PUNCT
cblr-1214	715	21	can	can	AUX
cblr-1214	715	22	corporations	corporation	NOUN
cblr-1214	715	23	be	be	AUX
cblr-1214	715	24	managed	manage	VERB
cblr-1214	715	25	for	for	ADP
cblr-1214	715	26	the	the	DET
cblr-1214	715	27	long	long	ADJ
cblr-1214	715	28	term	term	NOUN
cblr-1214	715	29	unless	unless	SCONJ
cblr-1214	715	30	their	their	PRON
cblr-1214	715	31	powerful	powerful	ADJ
cblr-1214	715	32	electorates	electorate	NOUN
cblr-1214	715	33	also	also	ADV
cblr-1214	715	34	act	act	VERB
cblr-1214	715	35	and	and	CCONJ
cblr-1214	715	36	think	think	VERB
cblr-1214	715	37	long	long	ADJ
cblr-1214	715	38	term	term	NOUN
cblr-1214	715	39	?	?	PUNCT
cblr-1214	715	40	,	,	PUNCT
cblr-1214	715	41	66	66	NUM
cblr-1214	715	42	bus	bus	NOUN
cblr-1214	715	43	.	.	PUNCT
cblr-1214	716	1	law	law	NOUN
cblr-1214	716	2	.	.	PUNCT
cblr-1214	717	1	1	1	NUM
cblr-1214	717	2	,	,	PUNCT
cblr-1214	717	3	12	12	NUM
cblr-1214	717	4	(	(	PUNCT
cblr-1214	717	5	2010	2010	NUM
cblr-1214	717	6	)	)	PUNCT
cblr-1214	717	7	(	(	PUNCT
cblr-1214	717	8	“	"	PUNCT
cblr-1214	717	9	[	[	X
cblr-1214	717	10	i]t	i]t	NOUN
cblr-1214	717	11	is	be	AUX
cblr-1214	717	12	increasingly	increasingly	ADV
cblr-1214	717	13	the	the	DET
cblr-1214	717	14	case	case	NOUN
cblr-1214	717	15	that	that	SCONJ
cblr-1214	717	16	the	the	DET
cblr-1214	717	17	agenda	agenda	NOUN
cblr-1214	717	18	setters	setter	NOUN
cblr-1214	717	19	in	in	ADP
cblr-1214	717	20	corporate	corporate	ADJ
cblr-1214	717	21	policy	policy	NOUN
cblr-1214	717	22	discussions	discussion	NOUN
cblr-1214	717	23	are	be	AUX
cblr-1214	717	24	highly	highly	ADV
cblr-1214	717	25	leveraged	leverage	VERB
cblr-1214	717	26	hedge	hedge	NOUN
cblr-1214	717	27	funds	fund	NOUN
cblr-1214	717	28	,	,	PUNCT
cblr-1214	717	29	with	with	ADP
cblr-1214	717	30	no	no	DET
cblr-1214	717	31	long	long	ADJ
cblr-1214	717	32	-	-	PUNCT
cblr-1214	717	33	term	term	NOUN
cblr-1214	717	34	commitment	commitment	NOUN
cblr-1214	717	35	to	to	ADP
cblr-1214	717	36	the	the	DET
cblr-1214	717	37	corporations	corporation	NOUN
cblr-1214	717	38	in	in	ADP
cblr-1214	717	39	which	which	PRON
cblr-1214	717	40	they	they	PRON
cblr-1214	717	41	invest	invest	VERB
cblr-1214	717	42	.	.	PUNCT
cblr-1214	717	43	”	"	PUNCT
cblr-1214	717	44	)	)	PUNCT
cblr-1214	717	45	;	;	PUNCT
cblr-1214	717	46	martin	martin	PROPN
cblr-1214	717	47	lipton	lipton	PROPN
cblr-1214	717	48	,	,	PUNCT
cblr-1214	717	49	empiricism	empiricism	NOUN
cblr-1214	717	50	and	and	CCONJ
cblr-1214	717	51	experience	experience	NOUN
cblr-1214	717	52	;	;	PUNCT
cblr-1214	717	53	activism	activism	NOUN
cblr-1214	717	54	and	and	CCONJ
cblr-1214	717	55	short	short	ADJ
cblr-1214	717	56	-	-	PUNCT
cblr-1214	717	57	termism	termism	NOUN
cblr-1214	717	58	;	;	PUNCT
cblr-1214	717	59	the	the	DET
cblr-1214	717	60	real	real	ADJ
cblr-1214	717	61	world	world	NOUN
cblr-1214	717	62	of	of	ADP
cblr-1214	717	63	business	business	NOUN
cblr-1214	717	64	,	,	PUNCT
cblr-1214	717	65	harv	harv	PROPN
cblr-1214	717	66	.	.	PUNCT
cblr-1214	718	1	l.	l.	PROPN
cblr-1214	718	2	sch	sch	PROPN
cblr-1214	718	3	.	.	PUNCT
cblr-1214	719	1	f.	f.	PROPN
cblr-1214	719	2	on	on	ADP
cblr-1214	719	3	corp	corp	PROPN
cblr-1214	719	4	.	.	PROPN
cblr-1214	719	5	governance	governance	PROPN
cblr-1214	719	6	&	&	CCONJ
cblr-1214	719	7	fin	fin	PROPN
cblr-1214	719	8	.	.	PUNCT
cblr-1214	720	1	reg	reg	PROPN
cblr-1214	720	2	.	.	PUNCT
cblr-1214	721	1	(	(	PUNCT
cblr-1214	721	2	oct	oct	PROPN
cblr-1214	721	3	.	.	PROPN
cblr-1214	721	4	28	28	NUM
cblr-1214	721	5	,	,	PUNCT
cblr-1214	721	6	2013	2013	NUM
cblr-1214	721	7	)	)	PUNCT
cblr-1214	721	8	,	,	PUNCT
cblr-1214	721	9	http://blogs.law.harvard.edu/corpgov/2013/10/28	http://blogs.law.harvard.edu/corpgov/2013/10/28	PROPN
cblr-1214	721	10	/empiricism	/empiricism	PROPN
cblr-1214	721	11	-	-	PUNCT
cblr-1214	721	12	and	and	CCONJ
cblr-1214	721	13	-	-	PUNCT
cblr-1214	721	14	experience	experience	NOUN
cblr-1214	721	15	-	-	PUNCT
cblr-1214	721	16	activism	activism	NOUN
cblr-1214	721	17	-	-	PUNCT
cblr-1214	721	18	and	and	CCONJ
cblr-1214	721	19	-	-	PUNCT
cblr-1214	721	20	short	short	ADJ
cblr-1214	721	21	-	-	PUNCT
cblr-1214	721	22	termism	termism	NOUN
cblr-1214	721	23	-	-	PUNCT
cblr-1214	721	24	the	the	DET
cblr-1214	721	25	-	-	PUNCT
cblr-1214	721	26	real	real	ADJ
cblr-1214	721	27	-	-	PUNCT
cblr-1214	721	28	world	world	NOUN
cblr-1214	721	29	-	-	PUNCT
cblr-1214	721	30	ofbusiness/	ofbusiness/	NUM
cblr-1214	721	31	[	[	X
cblr-1214	721	32	perma.cc/t6tl-z922	perma.cc/t6tl-z922	X
cblr-1214	721	33	]	]	PUNCT
cblr-1214	721	34	(	(	PUNCT
cblr-1214	721	35	“	"	PUNCT
cblr-1214	721	36	while	while	SCONJ
cblr-1214	721	37	there	there	PRON
cblr-1214	721	38	is	be	VERB
cblr-1214	721	39	no	no	DET
cblr-1214	721	40	question	question	NOUN
cblr-1214	721	41	that	that	SCONJ
cblr-1214	721	42	almost	almost	ADV
cblr-1214	721	43	every	every	DET
cblr-1214	721	44	attack	attack	NOUN
cblr-1214	721	45	,	,	PUNCT
cblr-1214	721	46	or	or	CCONJ
cblr-1214	721	47	even	even	ADV
cblr-1214	721	48	rumor	rumor	NOUN
cblr-1214	721	49	of	of	ADP
cblr-1214	721	50	an	an	DET
cblr-1214	721	51	attack	attack	NOUN
cblr-1214	721	52	,	,	PUNCT
cblr-1214	721	53	by	by	ADP
cblr-1214	721	54	an	an	DET
cblr-1214	721	55	activist	activist	ADJ
cblr-1214	721	56	hedge	hedge	NOUN
cblr-1214	721	57	fund	fund	NOUN
cblr-1214	721	58	will	will	AUX
cblr-1214	721	59	result	result	VERB
cblr-1214	721	60	in	in	ADP
cblr-1214	721	61	an	an	DET
cblr-1214	721	62	immediate	immediate	ADJ
cblr-1214	721	63	increase	increase	NOUN
cblr-1214	721	64	in	in	ADP
cblr-1214	721	65	the	the	DET
cblr-1214	721	66	stock	stock	NOUN
cblr-1214	721	67	market	market	NOUN
cblr-1214	721	68	price	price	NOUN
cblr-1214	721	69	of	of	ADP
cblr-1214	721	70	the	the	DET
cblr-1214	721	71	target	target	NOUN
cblr-1214	721	72	,	,	PUNCT
cblr-1214	721	73	such	such	ADJ
cblr-1214	721	74	gains	gain	NOUN
cblr-1214	721	75	are	be	AUX
cblr-1214	721	76	not	not	PART
cblr-1214	721	77	necessarily	necessarily	ADV
cblr-1214	721	78	indicative	indicative	ADJ
cblr-1214	721	79	of	of	ADP
cblr-1214	721	80	real	real	ADJ
cblr-1214	721	81	value	value	NOUN
cblr-1214	721	82	creation	creation	NOUN
cblr-1214	721	83	.	.	PUNCT
cblr-1214	722	1	to	to	ADP
cblr-1214	722	2	the	the	DET
cblr-1214	722	3	contrary	contrary	NOUN
cblr-1214	722	4	,	,	PUNCT
cblr-1214	722	5	the	the	DET
cblr-1214	722	6	attacks	attack	NOUN
cblr-1214	722	7	and	and	CCONJ
cblr-1214	722	8	the	the	DET
cblr-1214	722	9	efforts	effort	NOUN
cblr-1214	722	10	by	by	ADP
cblr-1214	722	11	companies	company	NOUN
cblr-1214	722	12	to	to	PART
cblr-1214	722	13	adopt	adopt	VERB
cblr-1214	722	14	short	short	ADJ
cblr-1214	722	15	-	-	PUNCT
cblr-1214	722	16	term	term	NOUN
cblr-1214	722	17	strategies	strategy	NOUN
cblr-1214	722	18	to	to	PART
cblr-1214	722	19	avoid	avoid	VERB
cblr-1214	722	20	becoming	become	VERB
cblr-1214	722	21	a	a	DET
cblr-1214	722	22	target	target	NOUN
cblr-1214	722	23	have	have	AUX
cblr-1214	722	24	had	have	VERB
cblr-1214	722	25	very	very	ADV
cblr-1214	722	26	serious	serious	ADJ
cblr-1214	722	27	adverse	adverse	ADJ
cblr-1214	722	28	effects	effect	NOUN
cblr-1214	722	29	on	on	ADP
cblr-1214	722	30	the	the	DET
cblr-1214	722	31	companies	company	NOUN
cblr-1214	722	32	,	,	PUNCT
cblr-1214	722	33	their	their	PRON
cblr-1214	722	34	long	long	ADJ
cblr-1214	722	35	-	-	PUNCT
cblr-1214	722	36	term	term	NOUN
cblr-1214	722	37	shareholders	shareholder	NOUN
cblr-1214	722	38	,	,	PUNCT
cblr-1214	722	39	and	and	CCONJ
cblr-1214	722	40	the	the	DET
cblr-1214	722	41	american	american	ADJ
cblr-1214	722	42	economy	economy	NOUN
cblr-1214	722	43	.	.	PUNCT
cblr-1214	722	44	”	"	PUNCT
cblr-1214	722	45	)	)	PUNCT
cblr-1214	722	46	;	;	PUNCT
cblr-1214	722	47	anabtawi	anabtawi	PROPN
cblr-1214	722	48	,	,	PUNCT
cblr-1214	722	49	supra	supra	PROPN
cblr-1214	722	50	note	note	PROPN
cblr-1214	722	51	26	26	NUM
cblr-1214	722	52	,	,	PUNCT
cblr-1214	722	53	at	at	ADP
cblr-1214	722	54	564	564	NUM
cblr-1214	722	55	(	(	PUNCT
cblr-1214	722	56	“	"	PUNCT
cblr-1214	722	57	[	[	X
cblr-1214	722	58	t]he	t]he	ADV
cblr-1214	722	59	hedge	hedge	NOUN
cblr-1214	722	60	fund	fund	NOUN
cblr-1214	722	61	is	be	AUX
cblr-1214	722	62	likely	likely	ADJ
cblr-1214	722	63	to	to	PART
cblr-1214	722	64	favor	favor	VERB
cblr-1214	722	65	policies	policy	NOUN
cblr-1214	722	66	by	by	ADP
cblr-1214	722	67	the	the	DET
cblr-1214	722	68	firms	firm	NOUN
cblr-1214	722	69	in	in	ADP
cblr-1214	722	70	which	which	PRON
cblr-1214	722	71	it	it	PRON
cblr-1214	722	72	invests	invest	VERB
cblr-1214	722	73	that	that	PRON
cblr-1214	722	74	produce	produce	VERB
cblr-1214	722	75	short	short	ADJ
cblr-1214	722	76	-	-	PUNCT
cblr-1214	722	77	term	term	NOUN
cblr-1214	722	78	gains	gain	NOUN
cblr-1214	722	79	,	,	PUNCT
cblr-1214	722	80	even	even	ADV
cblr-1214	722	81	if	if	SCONJ
cblr-1214	722	82	a	a	DET
cblr-1214	722	83	more	more	ADV
cblr-1214	722	84	patient	patient	ADJ
cblr-1214	722	85	investment	investment	NOUN
cblr-1214	722	86	orientation	orientation	NOUN
cblr-1214	722	87	would	would	AUX
cblr-1214	722	88	generate	generate	VERB
cblr-1214	722	89	higher	high	ADJ
cblr-1214	722	90	returns	return	NOUN
cblr-1214	722	91	over	over	ADP
cblr-1214	722	92	the	the	DET
cblr-1214	722	93	long	long	ADJ
cblr-1214	722	94	term	term	NOUN
cblr-1214	722	95	.	.	PUNCT
cblr-1214	722	96	”	"	PUNCT
cblr-1214	722	97	)	)	PUNCT
cblr-1214	722	98	.	.	PUNCT
cblr-1214	723	1	griffin_final	griffin_final	ADJ
cblr-1214	723	2	124	124	NUM
cblr-1214	723	3	columbia	columbia	PROPN
cblr-1214	723	4	business	business	NOUN
cblr-1214	723	5	law	law	PROPN
cblr-1214	723	6	review	review	NOUN
cblr-1214	723	7	[	[	X
cblr-1214	723	8	vol	vol	NOUN
cblr-1214	723	9	.	.	NOUN
cblr-1214	723	10	2018	2018	NUM
cblr-1214	723	11	is	be	AUX
cblr-1214	723	12	by	by	ADP
cblr-1214	723	13	far	far	ADJ
cblr-1214	723	14	hedge	hedge	NOUN
cblr-1214	723	15	fund	fund	NOUN
cblr-1214	723	16	activists	activist	NOUN
cblr-1214	723	17	’	’	PART
cblr-1214	723	18	most	most	ADV
cblr-1214	723	19	lucrative	lucrative	ADJ
cblr-1214	723	20	strategy.208	strategy.208	ADJ
cblr-1214	723	21	successful	successful	ADJ
cblr-1214	723	22	takeovers	takeover	NOUN
cblr-1214	723	23	serve	serve	VERB
cblr-1214	723	24	as	as	ADP
cblr-1214	723	25	the	the	DET
cblr-1214	723	26	driving	drive	VERB
cblr-1214	723	27	force	force	NOUN
cblr-1214	723	28	behind	behind	ADP
cblr-1214	723	29	activist	activist	ADJ
cblr-1214	723	30	hedge	hedge	NOUN
cblr-1214	723	31	funds	fund	NOUN
cblr-1214	723	32	’	'	PUNCT
cblr-1214	723	33	ability	ability	NOUN
cblr-1214	723	34	to	to	PART
cblr-1214	723	35	generate	generate	VERB
cblr-1214	723	36	long	long	ADJ
cblr-1214	723	37	-	-	PUNCT
cblr-1214	723	38	term	term	NOUN
cblr-1214	723	39	abnormal	abnormal	ADJ
cblr-1214	723	40	positive	positive	ADJ
cblr-1214	723	41	returns.209	returns.209	NOUN
cblr-1214	723	42	numerous	numerous	ADJ
cblr-1214	723	43	scholars	scholar	NOUN
cblr-1214	723	44	concur	concur	VERB
cblr-1214	723	45	in	in	ADP
cblr-1214	723	46	this	this	DET
cblr-1214	723	47	sentiment	sentiment	NOUN
cblr-1214	723	48	.	.	PUNCT
cblr-1214	724	1	yvan	yvan	PROPN
cblr-1214	724	2	allaire	allaire	PROPN
cblr-1214	724	3	&	&	CCONJ
cblr-1214	724	4	françois	françois	PROPN
cblr-1214	724	5	dauphin	dauphin	PROPN
cblr-1214	724	6	write	write	PROPN
cblr-1214	724	7	,	,	PUNCT
cblr-1214	724	8	“	"	PUNCT
cblr-1214	724	9	[	[	X
cblr-1214	724	10	g]etting	g]ette	VERB
cblr-1214	724	11	companies	company	NOUN
cblr-1214	724	12	merged	merge	VERB
cblr-1214	724	13	or	or	CCONJ
cblr-1214	724	14	sold	sell	VERB
cblr-1214	724	15	off	off	ADP
cblr-1214	724	16	is	be	AUX
cblr-1214	724	17	a	a	DET
cblr-1214	724	18	clear	clear	ADJ
cblr-1214	724	19	driver	driver	NOUN
cblr-1214	724	20	of	of	ADP
cblr-1214	724	21	hedge	hedge	NOUN
cblr-1214	724	22	fund	fund	NOUN
cblr-1214	724	23	performance	performance	NOUN
cblr-1214	724	24	.	.	PUNCT
cblr-1214	725	1	”210	”210	X
cblr-1214	725	2	john	john	PROPN
cblr-1214	725	3	coffee	coffee	PROPN
cblr-1214	725	4	and	and	CCONJ
cblr-1214	725	5	darius	darius	PROPN
cblr-1214	725	6	palia	palia	PROPN
cblr-1214	725	7	note	note	VERB
cblr-1214	725	8	that	that	SCONJ
cblr-1214	725	9	the	the	DET
cblr-1214	725	10	“	"	PUNCT
cblr-1214	725	11	evidence	evidence	NOUN
cblr-1214	725	12	suggests	suggest	VERB
cblr-1214	725	13	that	that	SCONJ
cblr-1214	725	14	changes	change	NOUN
cblr-1214	725	15	in	in	ADP
cblr-1214	725	16	the	the	DET
cblr-1214	725	17	expected	expect	VERB
cblr-1214	725	18	takeover	takeover	NOUN
cblr-1214	725	19	premium	premium	NOUN
cblr-1214	725	20	,	,	PUNCT
cblr-1214	725	21	more	more	ADJ
cblr-1214	725	22	than	than	ADP
cblr-1214	725	23	operating	operate	VERB
cblr-1214	725	24	improvements	improvement	NOUN
cblr-1214	725	25	,	,	PUNCT
cblr-1214	725	26	account	account	VERB
cblr-1214	725	27	for	for	ADP
cblr-1214	725	28	most	most	ADJ
cblr-1214	725	29	of	of	ADP
cblr-1214	725	30	the	the	DET
cblr-1214	725	31	stock	stock	NOUN
cblr-1214	725	32	price	price	NOUN
cblr-1214	725	33	gain	gain	NOUN
cblr-1214	725	34	,	,	PUNCT
cblr-1214	725	35	both	both	CCONJ
cblr-1214	725	36	in	in	ADP
cblr-1214	725	37	short	short	ADJ
cblr-1214	725	38	-	-	PUNCT
cblr-1214	725	39	term	term	NOUN
cblr-1214	725	40	and	and	CCONJ
cblr-1214	725	41	long	long	ADJ
cblr-1214	725	42	-	-	PUNCT
cblr-1214	725	43	term	term	NOUN
cblr-1214	725	44	studies	study	NOUN
cblr-1214	725	45	.	.	PUNCT
cblr-1214	725	46	”211	”211	PUNCT
cblr-1214	726	1	indeed	indeed	ADV
cblr-1214	726	2	,	,	PUNCT
cblr-1214	726	3	an	an	DET
cblr-1214	726	4	analysis	analysis	NOUN
cblr-1214	726	5	of	of	ADP
cblr-1214	726	6	1740	1740	NUM
cblr-1214	726	7	activist	activist	ADJ
cblr-1214	726	8	interventions	intervention	NOUN
cblr-1214	726	9	showed	show	VERB
cblr-1214	726	10	that	that	SCONJ
cblr-1214	726	11	the	the	DET
cblr-1214	726	12	returns	return	NOUN
cblr-1214	726	13	from	from	ADP
cblr-1214	726	14	a	a	DET
cblr-1214	726	15	takeover	takeover	NOUN
cblr-1214	726	16	of	of	ADP
cblr-1214	726	17	the	the	DET
cblr-1214	726	18	target	target	NOUN
cblr-1214	726	19	company	company	NOUN
cblr-1214	726	20	were	be	AUX
cblr-1214	726	21	almost	almost	ADV
cblr-1214	726	22	double	double	DET
cblr-1214	726	23	those	those	PRON
cblr-1214	726	24	of	of	ADP
cblr-1214	726	25	any	any	DET
cblr-1214	726	26	other	other	ADJ
cblr-1214	726	27	strategy	strategy	NOUN
cblr-1214	726	28	employed	employ	VERB
cblr-1214	726	29	by	by	ADP
cblr-1214	726	30	activist	activist	ADJ
cblr-1214	726	31	hedge	hedge	NOUN
cblr-1214	726	32	funds.212	funds.212	NUM
cblr-1214	726	33	another	another	DET
cblr-1214	726	34	study	study	NOUN
cblr-1214	726	35	by	by	ADP
cblr-1214	726	36	alon	alon	PROPN
cblr-1214	726	37	brav	brav	PROPN
cblr-1214	726	38	,	,	PUNCT
cblr-1214	726	39	wei	wei	PROPN
cblr-1214	726	40	jiang	jiang	PROPN
cblr-1214	726	41	,	,	PUNCT
cblr-1214	726	42	frank	frank	PROPN
cblr-1214	726	43	partnoy	partnoy	ADJ
cblr-1214	726	44	,	,	PUNCT
cblr-1214	726	45	and	and	CCONJ
cblr-1214	726	46	randall	randall	PROPN
cblr-1214	726	47	thomas	thomas	PROPN
cblr-1214	726	48	generated	generate	VERB
cblr-1214	726	49	similar	similar	ADJ
cblr-1214	726	50	data	datum	NOUN
cblr-1214	726	51	,	,	PUNCT
cblr-1214	726	52	also	also	ADV
cblr-1214	726	53	finding	find	VERB
cblr-1214	726	54	that	that	SCONJ
cblr-1214	726	55	activism	activism	NOUN
cblr-1214	726	56	aimed	aim	VERB
cblr-1214	726	57	at	at	ADP
cblr-1214	726	58	pushing	push	VERB
cblr-1214	726	59	the	the	DET
cblr-1214	726	60	target	target	NOUN
cblr-1214	726	61	company	company	NOUN
cblr-1214	726	62	to	to	PART
cblr-1214	726	63	sell	sell	VERB
cblr-1214	726	64	produced	produce	VERB
cblr-1214	726	65	better	well	ADJ
cblr-1214	726	66	returns	return	NOUN
cblr-1214	726	67	than	than	SCONJ
cblr-1214	726	68	any	any	DET
cblr-1214	726	69	other	other	ADJ
cblr-1214	726	70	strategy.213	strategy.213	NOUN
cblr-1214	726	71	further	further	ADJ
cblr-1214	726	72	confirmation	confirmation	NOUN
cblr-1214	726	73	comes	come	VERB
cblr-1214	726	74	from	from	ADP
cblr-1214	726	75	robin	robin	PROPN
cblr-1214	726	76	greenwood	greenwood	PROPN
cblr-1214	726	77	and	and	CCONJ
cblr-1214	726	78	michael	michael	PROPN
cblr-1214	726	79	schor	schor	PROPN
cblr-1214	726	80	,	,	PUNCT
cblr-1214	726	81	who	who	PRON
cblr-1214	726	82	find	find	VERB
cblr-1214	726	83	that	that	SCONJ
cblr-1214	726	84	targets	target	NOUN
cblr-1214	726	85	of	of	ADP
cblr-1214	726	86	hedge	hedge	NOUN
cblr-1214	726	87	fund	fund	NOUN
cblr-1214	726	88	activism	activism	NOUN
cblr-1214	726	89	that	that	PRON
cblr-1214	726	90	are	be	AUX
cblr-1214	726	91	ultimately	ultimately	ADV
cblr-1214	726	92	acquired	acquire	VERB
cblr-1214	726	93	generate	generate	VERB
cblr-1214	726	94	positive	positive	ADJ
cblr-1214	726	95	abnormal	abnormal	ADJ
cblr-1214	726	96	returns	return	NOUN
cblr-1214	726	97	but	but	CCONJ
cblr-1214	726	98	that	that	SCONJ
cblr-1214	726	99	targets	target	NOUN
cblr-1214	726	100	which	which	PRON
cblr-1214	726	101	are	be	AUX
cblr-1214	726	102	not	not	PART
cblr-1214	726	103	acquired	acquire	VERB
cblr-1214	726	104	generate	generate	VERB
cblr-1214	726	105	abnormal	abnormal	ADJ
cblr-1214	726	106	returns	return	NOUN
cblr-1214	726	107	of	of	ADP
cblr-1214	726	108	zero.214	zero.214	PROPN
cblr-1214	726	109	william	william	PROPN
cblr-1214	726	110	w.	w.	PROPN
cblr-1214	726	111	bratton	bratton	PROPN
cblr-1214	726	112	concludes	conclude	VERB
cblr-1214	726	113	,	,	PUNCT
cblr-1214	726	114	after	after	ADP
cblr-1214	726	115	conducting	conduct	VERB
cblr-1214	726	116	a	a	DET
cblr-1214	726	117	review	review	NOUN
cblr-1214	726	118	of	of	ADP
cblr-1214	726	119	the	the	DET
cblr-1214	726	120	relevant	relevant	ADJ
cblr-1214	726	121	literature	literature	NOUN
cblr-1214	726	122	,	,	PUNCT
cblr-1214	726	123	“	"	PUNCT
cblr-1214	726	124	[	[	X
cblr-1214	726	125	t]here	t]here	PRON
cblr-1214	726	126	is	be	AUX
cblr-1214	726	127	no	no	DET
cblr-1214	726	128	question	question	NOUN
cblr-1214	726	129	that	that	SCONJ
cblr-1214	726	130	activism	activism	NOUN
cblr-1214	726	131	prompts	prompt	VERB
cblr-1214	726	132	mergers	merger	NOUN
cblr-1214	726	133	.	.	PUNCT
cblr-1214	727	1	”215	”215	PROPN
cblr-1214	727	2	208	208	NUM
cblr-1214	727	3	marco	marco	PROPN
cblr-1214	727	4	becht	becht	PROPN
cblr-1214	727	5	et	et	PROPN
cblr-1214	727	6	al	al	PROPN
cblr-1214	727	7	.	.	PROPN
cblr-1214	727	8	,	,	PUNCT
cblr-1214	727	9	returns	return	VERB
cblr-1214	727	10	to	to	PART
cblr-1214	727	11	hedge	hedge	VERB
cblr-1214	727	12	fund	fund	NOUN
cblr-1214	727	13	activism	activism	NOUN
cblr-1214	727	14	:	:	PUNCT
cblr-1214	727	15	an	an	DET
cblr-1214	727	16	international	international	ADJ
cblr-1214	727	17	study	study	NOUN
cblr-1214	727	18	,	,	PUNCT
cblr-1214	727	19	30	30	NUM
cblr-1214	727	20	rev	rev	X
cblr-1214	727	21	.	.	PROPN
cblr-1214	727	22	fin	fin	NOUN
cblr-1214	727	23	.	.	PUNCT
cblr-1214	727	24	stud	stud	PROPN
cblr-1214	727	25	.	.	PUNCT
cblr-1214	728	1	2933	2933	NUM
cblr-1214	728	2	,	,	PUNCT
cblr-1214	728	3	2935	2935	NUM
cblr-1214	728	4	(	(	PUNCT
cblr-1214	728	5	2017	2017	NUM
cblr-1214	728	6	)	)	PUNCT
cblr-1214	728	7	.	.	PUNCT
cblr-1214	729	1	209	209	NUM
cblr-1214	729	2	coffee	coffee	NOUN
cblr-1214	729	3	&	&	CCONJ
cblr-1214	729	4	palia	palia	PROPN
cblr-1214	729	5	,	,	PUNCT
cblr-1214	729	6	supra	supra	PROPN
cblr-1214	729	7	note	note	PROPN
cblr-1214	729	8	27	27	NUM
cblr-1214	729	9	,	,	PUNCT
cblr-1214	729	10	at	at	ADP
cblr-1214	729	11	588	588	NUM
cblr-1214	729	12	.	.	NOUN
cblr-1214	729	13	210	210	NUM
cblr-1214	729	14	yvan	yvan	PROPN
cblr-1214	729	15	allaire	allaire	PROPN
cblr-1214	729	16	&	&	CCONJ
cblr-1214	729	17	françois	françois	PROPN
cblr-1214	729	18	dauphin	dauphin	PROPN
cblr-1214	729	19	,	,	PUNCT
cblr-1214	729	20	the	the	DET
cblr-1214	729	21	game	game	NOUN
cblr-1214	729	22	of	of	ADP
cblr-1214	729	23	‘	'	PUNCT
cblr-1214	729	24	activist	activist	ADJ
cblr-1214	729	25	’	'	PUNCT
cblr-1214	729	26	hedge	hedge	NOUN
cblr-1214	729	27	funds	fund	NOUN
cblr-1214	729	28	:	:	PUNCT
cblr-1214	729	29	cui	cui	NOUN
cblr-1214	729	30	bono	bono	X
cblr-1214	729	31	?	?	PUNCT
cblr-1214	729	32	,	,	PUNCT
cblr-1214	729	33	int’l	int’l	ADJ
cblr-1214	729	34	j.	j.	PROPN
cblr-1214	729	35	disclosure	disclosure	PROPN
cblr-1214	729	36	&	&	CCONJ
cblr-1214	729	37	governance	governance	PROPN
cblr-1214	729	38	,	,	PUNCT
cblr-1214	729	39	nov	nov	PROPN
cblr-1214	729	40	.	.	PROPN
cblr-1214	729	41	2015	2015	NUM
cblr-1214	729	42	,	,	PUNCT
cblr-1214	729	43	at	at	ADP
cblr-1214	729	44	25	25	NUM
cblr-1214	729	45	.	.	PUNCT
cblr-1214	729	46	211	211	NUM
cblr-1214	729	47	coffee	coffee	NOUN
cblr-1214	729	48	&	&	CCONJ
cblr-1214	729	49	palia	palia	PROPN
cblr-1214	729	50	,	,	PUNCT
cblr-1214	729	51	supra	supra	PROPN
cblr-1214	729	52	note	note	PROPN
cblr-1214	729	53	27	27	NUM
cblr-1214	729	54	,	,	PUNCT
cblr-1214	729	55	at	at	ADP
cblr-1214	729	56	588	588	NUM
cblr-1214	729	57	.	.	NOUN
cblr-1214	729	58	212	212	NUM
cblr-1214	729	59	see	see	VERB
cblr-1214	729	60	becht	becht	NOUN
cblr-1214	729	61	et	et	PROPN
cblr-1214	729	62	al	al	PROPN
cblr-1214	729	63	.	.	PROPN
cblr-1214	729	64	,	,	PUNCT
cblr-1214	729	65	supra	supra	PROPN
cblr-1214	729	66	note	note	NOUN
cblr-1214	729	67	208	208	NUM
cblr-1214	729	68	,	,	PUNCT
cblr-1214	729	69	at	at	ADP
cblr-1214	729	70	2954–55	2954–55	NOUN
cblr-1214	729	71	.	.	PUNCT
cblr-1214	730	1	213	213	NUM
cblr-1214	730	2	brav	brav	PROPN
cblr-1214	730	3	et	et	PROPN
cblr-1214	730	4	al	al	PROPN
cblr-1214	730	5	.	.	PROPN
cblr-1214	730	6	,	,	PUNCT
cblr-1214	730	7	supra	supra	PROPN
cblr-1214	730	8	note	note	VERB
cblr-1214	730	9	206	206	NUM
cblr-1214	730	10	,	,	PUNCT
cblr-1214	730	11	at	at	ADP
cblr-1214	730	12	1759	1759	NUM
cblr-1214	730	13	.	.	PUNCT
cblr-1214	731	1	214	214	NUM
cblr-1214	731	2	robin	robin	PROPN
cblr-1214	731	3	greenwood	greenwood	PROPN
cblr-1214	731	4	&	&	CCONJ
cblr-1214	731	5	michael	michael	PROPN
cblr-1214	731	6	schor	schor	PROPN
cblr-1214	731	7	,	,	PUNCT
cblr-1214	731	8	investor	investor	NOUN
cblr-1214	731	9	activism	activism	NOUN
cblr-1214	731	10	and	and	CCONJ
cblr-1214	731	11	takeovers	takeover	NOUN
cblr-1214	731	12	,	,	PUNCT
cblr-1214	731	13	92	92	NUM
cblr-1214	731	14	j.	j.	PROPN
cblr-1214	731	15	fin	fin	PROPN
cblr-1214	731	16	.	.	PUNCT
cblr-1214	731	17	econ	econ	PROPN
cblr-1214	731	18	.	.	PUNCT
cblr-1214	731	19	362	362	NUM
cblr-1214	731	20	,	,	PUNCT
cblr-1214	731	21	363	363	NUM
cblr-1214	731	22	(	(	PUNCT
cblr-1214	731	23	2009	2009	NUM
cblr-1214	731	24	)	)	PUNCT
cblr-1214	731	25	(	(	PUNCT
cblr-1214	731	26	“	"	PUNCT
cblr-1214	731	27	[	[	X
cblr-1214	731	28	t]he	t]he	ADV
cblr-1214	731	29	returns	return	NOUN
cblr-1214	731	30	associated	associate	VERB
cblr-1214	731	31	with	with	ADP
cblr-1214	731	32	activism	activism	NOUN
cblr-1214	731	33	are	be	AUX
cblr-1214	731	34	largely	largely	ADV
cblr-1214	731	35	explained	explain	VERB
cblr-1214	731	36	by	by	ADP
cblr-1214	731	37	the	the	DET
cblr-1214	731	38	ability	ability	NOUN
cblr-1214	731	39	of	of	ADP
cblr-1214	731	40	activists	activist	NOUN
cblr-1214	731	41	to	to	PART
cblr-1214	731	42	force	force	VERB
cblr-1214	731	43	target	target	NOUN
cblr-1214	731	44	firms	firm	NOUN
cblr-1214	731	45	into	into	ADP
cblr-1214	731	46	a	a	DET
cblr-1214	731	47	takeover	takeover	NOUN
cblr-1214	731	48	,	,	PUNCT
cblr-1214	731	49	thereby	thereby	ADV
cblr-1214	731	50	collecting	collect	VERB
cblr-1214	731	51	a	a	DET
cblr-1214	731	52	takeover	takeover	NOUN
cblr-1214	731	53	premium	premium	NOUN
cblr-1214	731	54	.	.	PUNCT
cblr-1214	731	55	”	"	PUNCT
cblr-1214	731	56	)	)	PUNCT
cblr-1214	731	57	.	.	PUNCT
cblr-1214	732	1	215	215	NUM
cblr-1214	732	2	william	william	PROPN
cblr-1214	732	3	w.	w.	PROPN
cblr-1214	732	4	bratton	bratton	PROPN
cblr-1214	732	5	,	,	PUNCT
cblr-1214	732	6	hedge	hedge	NOUN
cblr-1214	732	7	fund	fund	NOUN
cblr-1214	732	8	activism	activism	NOUN
cblr-1214	732	9	,	,	PUNCT
cblr-1214	732	10	poison	poison	NOUN
cblr-1214	732	11	pills	pill	NOUN
cblr-1214	732	12	,	,	PUNCT
cblr-1214	732	13	and	and	CCONJ
cblr-1214	732	14	the	the	DET
cblr-1214	732	15	jurisprudence	jurisprudence	NOUN
cblr-1214	732	16	of	of	ADP
cblr-1214	732	17	threat	threat	NOUN
cblr-1214	732	18	13	13	NUM
cblr-1214	732	19	(	(	PUNCT
cblr-1214	732	20	u.	u.	PROPN
cblr-1214	732	21	pa	pa	PROPN
cblr-1214	732	22	.	.	PUNCT
cblr-1214	732	23	l.	l.	PROPN
cblr-1214	732	24	sch	sch	PROPN
cblr-1214	732	25	.	.	PROPN
cblr-1214	732	26	inst	inst	PROPN
cblr-1214	732	27	.	.	PUNCT
cblr-1214	732	28	l.	l.	PROPN
cblr-1214	732	29	&	&	CCONJ
cblr-1214	732	30	econ	econ	PROPN
cblr-1214	732	31	.	.	PUNCT
cblr-1214	733	1	research	research	NOUN
cblr-1214	733	2	paper	paper	NOUN
cblr-1214	733	3	griffin_final	griffin_final	ADJ
cblr-1214	733	4	no	no	NOUN
cblr-1214	733	5	.	.	PUNCT
cblr-1214	734	1	1:70	1:70	NUM
cblr-1214	734	2	]	]	PUNCT
cblr-1214	734	3	the	the	DET
cblr-1214	734	4	hidden	hidden	ADJ
cblr-1214	734	5	cost	cost	NOUN
cblr-1214	734	6	of	of	ADP
cblr-1214	734	7	m&a	m&a	PROPN
cblr-1214	734	8	125	125	NUM
cblr-1214	734	9	the	the	DET
cblr-1214	734	10	increased	increase	VERB
cblr-1214	734	11	m&a	m&a	PROPN
cblr-1214	734	12	activity	activity	NOUN
cblr-1214	734	13	prompted	prompt	VERB
cblr-1214	734	14	by	by	ADP
cblr-1214	734	15	mergers	merger	NOUN
cblr-1214	734	16	has	have	VERB
cblr-1214	734	17	significant	significant	ADJ
cblr-1214	734	18	negative	negative	ADJ
cblr-1214	734	19	implications	implication	NOUN
cblr-1214	734	20	.	.	PUNCT
cblr-1214	735	1	as	as	SCONJ
cblr-1214	735	2	discussed	discuss	VERB
cblr-1214	735	3	at	at	ADP
cblr-1214	735	4	length	length	NOUN
cblr-1214	735	5	in	in	ADP
cblr-1214	735	6	part	part	NOUN
cblr-1214	735	7	iv	iv	ADP
cblr-1214	735	8	of	of	ADP
cblr-1214	735	9	this	this	DET
cblr-1214	735	10	paper	paper	NOUN
cblr-1214	735	11	,	,	PUNCT
cblr-1214	735	12	studies	study	NOUN
cblr-1214	735	13	indicate	indicate	VERB
cblr-1214	735	14	that	that	SCONJ
cblr-1214	735	15	,	,	PUNCT
cblr-1214	735	16	in	in	ADP
cblr-1214	735	17	the	the	DET
cblr-1214	735	18	aggregate	aggregate	NOUN
cblr-1214	735	19	,	,	PUNCT
cblr-1214	735	20	m&a	m&a	PROPN
cblr-1214	735	21	activity	activity	NOUN
cblr-1214	735	22	increases	increase	VERB
cblr-1214	735	23	prices	price	NOUN
cblr-1214	735	24	and	and	CCONJ
cblr-1214	735	25	produces	produce	VERB
cblr-1214	735	26	zero	zero	NUM
cblr-1214	735	27	,	,	PUNCT
cblr-1214	735	28	or	or	CCONJ
cblr-1214	735	29	sometimes	sometimes	ADV
cblr-1214	735	30	negative	negative	ADJ
cblr-1214	735	31	,	,	PUNCT
cblr-1214	735	32	efficiency	efficiency	NOUN
cblr-1214	735	33	effects.216	effects.216	VERB
cblr-1214	735	34	as	as	SCONJ
cblr-1214	735	35	we	we	PRON
cblr-1214	735	36	have	have	AUX
cblr-1214	735	37	seen	see	VERB
cblr-1214	735	38	,	,	PUNCT
cblr-1214	735	39	hedge	hedge	NOUN
cblr-1214	735	40	fund	fund	NOUN
cblr-1214	735	41	activism	activism	NOUN
cblr-1214	735	42	relies	rely	VERB
cblr-1214	735	43	on	on	ADP
cblr-1214	735	44	pushing	push	VERB
cblr-1214	735	45	target	target	NOUN
cblr-1214	735	46	companies	company	NOUN
cblr-1214	735	47	into	into	ADP
cblr-1214	735	48	mergers	merger	NOUN
cblr-1214	735	49	to	to	PART
cblr-1214	735	50	generate	generate	VERB
cblr-1214	735	51	the	the	DET
cblr-1214	735	52	bulk	bulk	NOUN
cblr-1214	735	53	of	of	ADP
cblr-1214	735	54	activists	activist	NOUN
cblr-1214	735	55	’	'	PUNCT
cblr-1214	735	56	returns	return	NOUN
cblr-1214	735	57	.	.	PUNCT
cblr-1214	736	1	thus	thus	ADV
cblr-1214	736	2	,	,	PUNCT
cblr-1214	736	3	based	base	VERB
cblr-1214	736	4	on	on	ADP
cblr-1214	736	5	the	the	DET
cblr-1214	736	6	existing	exist	VERB
cblr-1214	736	7	research	research	NOUN
cblr-1214	736	8	,	,	PUNCT
cblr-1214	736	9	it	it	PRON
cblr-1214	736	10	is	be	AUX
cblr-1214	736	11	likely	likely	ADJ
cblr-1214	736	12	that	that	SCONJ
cblr-1214	736	13	hedge	hedge	NOUN
cblr-1214	736	14	fund	fund	NOUN
cblr-1214	736	15	activists	activist	NOUN
cblr-1214	736	16	’	’	PART
cblr-1214	736	17	most	most	ADV
cblr-1214	736	18	profitable	profitable	ADJ
cblr-1214	736	19	strategies	strategy	NOUN
cblr-1214	736	20	result	result	VERB
cblr-1214	736	21	in	in	ADP
cblr-1214	736	22	increased	increase	VERB
cblr-1214	736	23	prices	price	NOUN
cblr-1214	736	24	and	and	CCONJ
cblr-1214	736	25	reductions	reduction	NOUN
cblr-1214	736	26	in	in	ADP
cblr-1214	736	27	consumer	consumer	NOUN
cblr-1214	736	28	surplus	surplus	NOUN
cblr-1214	736	29	.	.	PUNCT
cblr-1214	737	1	this	this	PRON
cblr-1214	737	2	represents	represent	VERB
cblr-1214	737	3	an	an	DET
cblr-1214	737	4	important	important	ADJ
cblr-1214	737	5	,	,	PUNCT
cblr-1214	737	6	and	and	CCONJ
cblr-1214	737	7	heretofore	heretofore	ADV
cblr-1214	737	8	unmentioned	unmentioned	ADJ
cblr-1214	737	9	,	,	PUNCT
cblr-1214	737	10	negative	negative	ADJ
cblr-1214	737	11	externality	externality	NOUN
cblr-1214	737	12	of	of	ADP
cblr-1214	737	13	hedge	hedge	NOUN
cblr-1214	737	14	fund	fund	NOUN
cblr-1214	737	15	activism	activism	NOUN
cblr-1214	737	16	.	.	PUNCT
cblr-1214	738	1	indeed	indeed	ADV
cblr-1214	738	2	,	,	PUNCT
cblr-1214	738	3	if	if	SCONJ
cblr-1214	738	4	merely	merely	ADV
cblr-1214	738	5	reflective	reflective	ADJ
cblr-1214	738	6	of	of	ADP
cblr-1214	738	7	m&a	m&a	PROPN
cblr-1214	738	8	activity	activity	NOUN
cblr-1214	738	9	in	in	ADP
cblr-1214	738	10	general	general	ADJ
cblr-1214	738	11	,	,	PUNCT
cblr-1214	738	12	the	the	DET
cblr-1214	738	13	increased	increase	VERB
cblr-1214	738	14	m&a	m&a	PROPN
cblr-1214	738	15	activity	activity	NOUN
cblr-1214	738	16	due	due	ADJ
cblr-1214	738	17	to	to	ADP
cblr-1214	738	18	hedge	hedge	NOUN
cblr-1214	738	19	fund	fund	NOUN
cblr-1214	738	20	activism	activism	NOUN
cblr-1214	738	21	would	would	AUX
cblr-1214	738	22	result	result	VERB
cblr-1214	738	23	in	in	ADP
cblr-1214	738	24	the	the	DET
cblr-1214	738	25	same	same	ADJ
cblr-1214	738	26	level	level	NOUN
cblr-1214	738	27	of	of	ADP
cblr-1214	738	28	increased	increase	VERB
cblr-1214	738	29	prices	price	NOUN
cblr-1214	738	30	and	and	CCONJ
cblr-1214	738	31	reductions	reduction	NOUN
cblr-1214	738	32	to	to	ADP
cblr-1214	738	33	consumer	consumer	NOUN
cblr-1214	738	34	surplus	surplus	NOUN
cblr-1214	738	35	as	as	ADP
cblr-1214	738	36	other	other	ADJ
cblr-1214	738	37	m&a	m&a	PROPN
cblr-1214	738	38	transactions	transaction	NOUN
cblr-1214	738	39	.	.	PUNCT
cblr-1214	739	1	however	however	ADV
cblr-1214	739	2	,	,	PUNCT
cblr-1214	739	3	because	because	SCONJ
cblr-1214	739	4	of	of	ADP
cblr-1214	739	5	the	the	DET
cblr-1214	739	6	nature	nature	NOUN
cblr-1214	739	7	of	of	ADP
cblr-1214	739	8	hedge	hedge	NOUN
cblr-1214	739	9	fund	fund	NOUN
cblr-1214	739	10	activism	activism	NOUN
cblr-1214	739	11	,	,	PUNCT
cblr-1214	739	12	the	the	DET
cblr-1214	739	13	particular	particular	ADJ
cblr-1214	739	14	m&a	m&a	NOUN
cblr-1214	739	15	activity	activity	NOUN
cblr-1214	739	16	generated	generate	VERB
cblr-1214	739	17	by	by	ADP
cblr-1214	739	18	activist	activist	ADJ
cblr-1214	739	19	hedge	hedge	NOUN
cblr-1214	739	20	funds	fund	NOUN
cblr-1214	739	21	may	may	AUX
cblr-1214	739	22	be	be	AUX
cblr-1214	739	23	even	even	ADV
cblr-1214	739	24	more	more	ADV
cblr-1214	739	25	damaging	damaging	ADJ
cblr-1214	739	26	.	.	PUNCT
cblr-1214	740	1	by	by	ADP
cblr-1214	740	2	their	their	PRON
cblr-1214	740	3	nature	nature	NOUN
cblr-1214	740	4	,	,	PUNCT
cblr-1214	740	5	activist	activist	ADJ
cblr-1214	740	6	hedge	hedge	NOUN
cblr-1214	740	7	funds	fund	NOUN
cblr-1214	740	8	tend	tend	VERB
cblr-1214	740	9	to	to	PART
cblr-1214	740	10	conduct	conduct	VERB
cblr-1214	740	11	their	their	PRON
cblr-1214	740	12	activism	activism	NOUN
cblr-1214	740	13	within	within	ADP
cblr-1214	740	14	large	large	ADJ
cblr-1214	740	15	,	,	PUNCT
cblr-1214	740	16	publicly	publicly	ADV
cblr-1214	740	17	-	-	PUNCT
cblr-1214	740	18	traded	trade	VERB
cblr-1214	740	19	companies	company	NOUN
cblr-1214	740	20	.	.	PUNCT
cblr-1214	741	1	when	when	SCONJ
cblr-1214	741	2	a	a	DET
cblr-1214	741	3	hedge	hedge	NOUN
cblr-1214	741	4	fund	fund	NOUN
cblr-1214	741	5	makes	make	VERB
cblr-1214	741	6	use	use	NOUN
cblr-1214	741	7	of	of	ADP
cblr-1214	741	8	its	its	PRON
cblr-1214	741	9	most	most	ADV
cblr-1214	741	10	lucrative	lucrative	ADJ
cblr-1214	741	11	strategy	strategy	NOUN
cblr-1214	741	12	,	,	PUNCT
cblr-1214	741	13	pushing	push	VERB
cblr-1214	741	14	the	the	DET
cblr-1214	741	15	target	target	NOUN
cblr-1214	741	16	company	company	NOUN
cblr-1214	741	17	to	to	PART
cblr-1214	741	18	sell	sell	VERB
cblr-1214	741	19	,	,	PUNCT
cblr-1214	741	20	the	the	DET
cblr-1214	741	21	pool	pool	NOUN
cblr-1214	741	22	of	of	ADP
cblr-1214	741	23	potential	potential	ADJ
cblr-1214	741	24	buyers	buyer	NOUN
cblr-1214	741	25	for	for	ADP
cblr-1214	741	26	a	a	DET
cblr-1214	741	27	large	large	ADJ
cblr-1214	741	28	,	,	PUNCT
cblr-1214	741	29	publicly	publicly	ADV
cblr-1214	741	30	-	-	PUNCT
cblr-1214	741	31	traded	trade	VERB
cblr-1214	741	32	company	company	NOUN
cblr-1214	741	33	is	be	AUX
cblr-1214	741	34	largely	largely	ADV
cblr-1214	741	35	restricted	restrict	VERB
cblr-1214	741	36	to	to	ADP
cblr-1214	741	37	other	other	ADJ
cblr-1214	741	38	large	large	ADJ
cblr-1214	741	39	,	,	PUNCT
cblr-1214	741	40	publicly	publicly	ADV
cblr-1214	741	41	-	-	PUNCT
cblr-1214	741	42	traded	trade	VERB
cblr-1214	741	43	companies.217	companies.217	NOUN
cblr-1214	741	44	this	this	PRON
cblr-1214	741	45	is	be	AUX
cblr-1214	741	46	a	a	DET
cblr-1214	741	47	perfect	perfect	ADJ
cblr-1214	741	48	recipe	recipe	NOUN
cblr-1214	741	49	for	for	ADP
cblr-1214	741	50	increases	increase	NOUN
cblr-1214	741	51	in	in	ADP
cblr-1214	741	52	market	market	NOUN
cblr-1214	741	53	concentration	concentration	NOUN
cblr-1214	741	54	and	and	CCONJ
cblr-1214	741	55	market	market	NOUN
cblr-1214	741	56	power	power	NOUN
cblr-1214	741	57	.	.	PUNCT
cblr-1214	742	1	if	if	SCONJ
cblr-1214	742	2	restricted	restrict	VERB
cblr-1214	742	3	to	to	ADP
cblr-1214	742	4	large	large	ADJ
cblr-1214	742	5	,	,	PUNCT
cblr-1214	742	6	publicly	publicly	ADV
cblr-1214	742	7	-	-	PUNCT
cblr-1214	742	8	traded	trade	VERB
cblr-1214	742	9	companies	company	NOUN
cblr-1214	742	10	,	,	PUNCT
cblr-1214	742	11	theory	theory	NOUN
cblr-1214	742	12	predicts	predict	VERB
cblr-1214	742	13	an	an	DET
cblr-1214	742	14	increase	increase	NOUN
cblr-1214	742	15	in	in	ADP
cblr-1214	742	16	the	the	DET
cblr-1214	742	17	negative	negative	ADJ
cblr-1214	742	18	externalities	externality	NOUN
cblr-1214	742	19	of	of	ADP
cblr-1214	742	20	m&a	m&a	PROPN
cblr-1214	742	21	activity	activity	NOUN
cblr-1214	742	22	.	.	PUNCT
cblr-1214	743	1	first	first	ADV
cblr-1214	743	2	,	,	PUNCT
cblr-1214	743	3	publicly	publicly	ADV
cblr-1214	743	4	-	-	PUNCT
cblr-1214	743	5	traded	trade	VERB
cblr-1214	743	6	companies	company	NOUN
cblr-1214	743	7	are	be	AUX
cblr-1214	743	8	likely	likely	ADJ
cblr-1214	743	9	to	to	PART
cblr-1214	743	10	have	have	AUX
cblr-1214	743	11	already	already	ADV
cblr-1214	743	12	reached	reach	VERB
cblr-1214	743	13	levels	level	NOUN
cblr-1214	743	14	of	of	ADP
cblr-1214	743	15	production	production	NOUN
cblr-1214	743	16	that	that	PRON
cblr-1214	743	17	limit	limit	VERB
cblr-1214	743	18	efficiency	efficiency	NOUN
cblr-1214	743	19	gains	gain	NOUN
cblr-1214	743	20	from	from	ADP
cblr-1214	743	21	economies	economy	NOUN
cblr-1214	743	22	of	of	ADP
cblr-1214	743	23	scale.218	scale.218	NOUN
cblr-1214	743	24	this	this	PRON
cblr-1214	743	25	means	mean	VERB
cblr-1214	743	26	that	that	SCONJ
cblr-1214	743	27	these	these	DET
cblr-1214	743	28	large	large	ADJ
cblr-1214	743	29	series	series	NOUN
cblr-1214	743	30	,	,	PUNCT
cblr-1214	743	31	paper	paper	NOUN
cblr-1214	743	32	no	no	NOUN
cblr-1214	743	33	.	.	PROPN
cblr-1214	743	34	16	16	NUM
cblr-1214	743	35	-	-	SYM
cblr-1214	743	36	20	20	NUM
cblr-1214	743	37	,	,	PUNCT
cblr-1214	743	38	2016	2016	NUM
cblr-1214	743	39	)	)	PUNCT
cblr-1214	743	40	,	,	PUNCT
cblr-1214	743	41	https://papers.ssrn.com/	https://papers.ssrn.com/	PROPN
cblr-1214	743	42	sol3	sol3	NOUN
cblr-1214	743	43	/	/	SYM
cblr-1214	743	44	papers.cfm?abstract_id=2835610	papers.cfm?abstract_id=2835610	NOUN
cblr-1214	743	45	#	#	SYM
cblr-1214	743	46	#	#	NOUN
cblr-1214	743	47	[	[	X
cblr-1214	743	48	perma.cc/wf27-pkva	perma.cc/wf27-pkva	X
cblr-1214	743	49	]	]	PUNCT
cblr-1214	743	50	.	.	PUNCT
cblr-1214	744	1	216	216	NUM
cblr-1214	744	2	see	see	VERB
cblr-1214	744	3	generally	generally	ADV
cblr-1214	744	4	blonigen	blonigen	PROPN
cblr-1214	744	5	&	&	CCONJ
cblr-1214	744	6	pierce	pierce	PROPN
cblr-1214	744	7	,	,	PUNCT
cblr-1214	744	8	supra	supra	PROPN
cblr-1214	744	9	note	note	NOUN
cblr-1214	744	10	81	81	NUM
cblr-1214	744	11	.	.	NOUN
cblr-1214	744	12	217	217	NUM
cblr-1214	744	13	in	in	ADP
cblr-1214	744	14	fact	fact	NOUN
cblr-1214	744	15	,	,	PUNCT
cblr-1214	744	16	there	there	PRON
cblr-1214	744	17	is	be	VERB
cblr-1214	744	18	evidence	evidence	NOUN
cblr-1214	744	19	that	that	SCONJ
cblr-1214	744	20	the	the	DET
cblr-1214	744	21	companies	company	NOUN
cblr-1214	744	22	that	that	PRON
cblr-1214	744	23	activists	activist	NOUN
cblr-1214	744	24	target	target	VERB
cblr-1214	744	25	for	for	ADP
cblr-1214	744	26	sale	sale	NOUN
cblr-1214	744	27	are	be	AUX
cblr-1214	744	28	substantially	substantially	ADV
cblr-1214	744	29	larger	large	ADJ
cblr-1214	744	30	than	than	ADP
cblr-1214	744	31	the	the	DET
cblr-1214	744	32	median	median	ADJ
cblr-1214	744	33	company	company	NOUN
cblr-1214	744	34	targeted	target	VERB
cblr-1214	744	35	by	by	ADP
cblr-1214	744	36	activists	activist	NOUN
cblr-1214	744	37	.	.	PUNCT
cblr-1214	745	1	see	see	VERB
cblr-1214	745	2	allaire	allaire	PROPN
cblr-1214	745	3	&	&	CCONJ
cblr-1214	745	4	dauphin	dauphin	PROPN
cblr-1214	745	5	,	,	PUNCT
cblr-1214	745	6	supra	supra	PROPN
cblr-1214	745	7	note	note	NOUN
cblr-1214	745	8	210	210	NUM
cblr-1214	745	9	,	,	PUNCT
cblr-1214	745	10	at	at	ADP
cblr-1214	745	11	20	20	NUM
cblr-1214	745	12	.	.	NOUN
cblr-1214	746	1	218	218	NUM
cblr-1214	746	2	carstensen	carstensen	NOUN
cblr-1214	746	3	,	,	PUNCT
cblr-1214	746	4	supra	supra	ADJ
cblr-1214	746	5	note	note	NOUN
cblr-1214	746	6	66	66	NUM
cblr-1214	746	7	,	,	PUNCT
cblr-1214	746	8	at	at	ADP
cblr-1214	746	9	252	252	NUM
cblr-1214	746	10	(	(	PUNCT
cblr-1214	746	11	“	"	PUNCT
cblr-1214	746	12	first	first	ADJ
cblr-1214	746	13	,	,	PUNCT
cblr-1214	746	14	as	as	ADP
cblr-1214	746	15	a	a	DET
cblr-1214	746	16	matter	matter	NOUN
cblr-1214	746	17	of	of	ADP
cblr-1214	746	18	logic	logic	NOUN
cblr-1214	746	19	,	,	PUNCT
cblr-1214	746	20	it	it	PRON
cblr-1214	746	21	is	be	AUX
cblr-1214	746	22	unlikely	unlikely	ADJ
cblr-1214	746	23	that	that	SCONJ
cblr-1214	746	24	mergers	merger	NOUN
cblr-1214	746	25	among	among	ADP
cblr-1214	746	26	major	major	ADJ
cblr-1214	746	27	market	market	NOUN
cblr-1214	746	28	competitors	competitor	NOUN
cblr-1214	746	29	will	will	AUX
cblr-1214	746	30	significantly	significantly	ADV
cblr-1214	746	31	affect	affect	VERB
cblr-1214	746	32	economies	economy	NOUN
cblr-1214	746	33	of	of	ADP
cblr-1214	746	34	scale	scale	NOUN
cblr-1214	746	35	or	or	CCONJ
cblr-1214	746	36	scope	scope	NOUN
cblr-1214	746	37	.	.	PUNCT
cblr-1214	747	1	empirical	empirical	ADJ
cblr-1214	747	2	studies	study	NOUN
cblr-1214	747	3	provide	provide	VERB
cblr-1214	747	4	significant	significant	ADJ
cblr-1214	747	5	support	support	NOUN
cblr-1214	747	6	for	for	ADP
cblr-1214	747	7	this	this	DET
cblr-1214	747	8	conclusion	conclusion	NOUN
cblr-1214	747	9	.	.	PUNCT
cblr-1214	747	10	”	"	PUNCT
cblr-1214	747	11	)	)	PUNCT
cblr-1214	747	12	.	.	PUNCT
cblr-1214	748	1	griffin_final	griffin_final	ADJ
cblr-1214	748	2	126	126	NUM
cblr-1214	748	3	columbia	columbia	PROPN
cblr-1214	748	4	business	business	NOUN
cblr-1214	748	5	law	law	PROPN
cblr-1214	748	6	review	review	NOUN
cblr-1214	748	7	[	[	X
cblr-1214	748	8	vol	vol	NOUN
cblr-1214	748	9	.	.	NOUN
cblr-1214	748	10	2018	2018	NUM
cblr-1214	748	11	m&a	m&a	PROPN
cblr-1214	748	12	transactions	transaction	NOUN
cblr-1214	748	13	may	may	AUX
cblr-1214	748	14	be	be	AUX
cblr-1214	748	15	even	even	ADV
cblr-1214	748	16	less	less	ADV
cblr-1214	748	17	likely	likely	ADJ
cblr-1214	748	18	than	than	ADP
cblr-1214	748	19	the	the	DET
cblr-1214	748	20	average	average	ADJ
cblr-1214	748	21	m&a	m&a	PROPN
cblr-1214	748	22	deal	deal	NOUN
cblr-1214	748	23	to	to	PART
cblr-1214	748	24	result	result	VERB
cblr-1214	748	25	in	in	ADP
cblr-1214	748	26	meaningful	meaningful	ADJ
cblr-1214	748	27	efficiency	efficiency	NOUN
cblr-1214	748	28	gains	gain	NOUN
cblr-1214	748	29	.	.	PUNCT
cblr-1214	749	1	second	second	ADJ
cblr-1214	749	2	,	,	PUNCT
cblr-1214	749	3	because	because	SCONJ
cblr-1214	749	4	of	of	ADP
cblr-1214	749	5	their	their	PRON
cblr-1214	749	6	large	large	ADJ
cblr-1214	749	7	size	size	NOUN
cblr-1214	749	8	,	,	PUNCT
cblr-1214	749	9	there	there	PRON
cblr-1214	749	10	is	be	VERB
cblr-1214	749	11	an	an	DET
cblr-1214	749	12	increased	increase	VERB
cblr-1214	749	13	probability	probability	NOUN
cblr-1214	749	14	that	that	SCONJ
cblr-1214	749	15	the	the	DET
cblr-1214	749	16	combination	combination	NOUN
cblr-1214	749	17	of	of	ADP
cblr-1214	749	18	such	such	ADJ
cblr-1214	749	19	firms	firm	NOUN
cblr-1214	749	20	will	will	AUX
cblr-1214	749	21	increase	increase	VERB
cblr-1214	749	22	market	market	NOUN
cblr-1214	749	23	power.219	power.219	ADP
cblr-1214	749	24	all	all	DET
cblr-1214	749	25	else	else	ADV
cblr-1214	749	26	being	be	AUX
cblr-1214	749	27	equal	equal	ADJ
cblr-1214	749	28	,	,	PUNCT
cblr-1214	749	29	the	the	DET
cblr-1214	749	30	combination	combination	NOUN
cblr-1214	749	31	of	of	ADP
cblr-1214	749	32	two	two	NUM
cblr-1214	749	33	large	large	ADJ
cblr-1214	749	34	firms	firm	NOUN
cblr-1214	749	35	will	will	AUX
cblr-1214	749	36	produce	produce	VERB
cblr-1214	749	37	an	an	DET
cblr-1214	749	38	entity	entity	NOUN
cblr-1214	749	39	with	with	ADP
cblr-1214	749	40	greater	great	ADJ
cblr-1214	749	41	market	market	NOUN
cblr-1214	749	42	power	power	NOUN
cblr-1214	749	43	than	than	SCONJ
cblr-1214	749	44	will	will	AUX
cblr-1214	749	45	the	the	DET
cblr-1214	749	46	combination	combination	NOUN
cblr-1214	749	47	of	of	ADP
cblr-1214	749	48	two	two	NUM
cblr-1214	749	49	smaller	small	ADJ
cblr-1214	749	50	firms	firm	NOUN
cblr-1214	749	51	.	.	PUNCT
cblr-1214	750	1	because	because	SCONJ
cblr-1214	750	2	activist	activist	ADJ
cblr-1214	750	3	hedge	hedge	NOUN
cblr-1214	750	4	fund	fund	NOUN
cblr-1214	750	5	returns	return	NOUN
cblr-1214	750	6	largely	largely	ADV
cblr-1214	750	7	depend	depend	VERB
cblr-1214	750	8	on	on	ADP
cblr-1214	750	9	finding	find	VERB
cblr-1214	750	10	buyers	buyer	NOUN
cblr-1214	750	11	for	for	ADP
cblr-1214	750	12	large	large	ADJ
cblr-1214	750	13	,	,	PUNCT
cblr-1214	750	14	publiclytraded	publiclytraded	ADJ
cblr-1214	750	15	firms	firm	NOUN
cblr-1214	750	16	,	,	PUNCT
cblr-1214	750	17	one	one	PRON
cblr-1214	750	18	would	would	AUX
cblr-1214	750	19	theoretically	theoretically	ADV
cblr-1214	750	20	expect	expect	VERB
cblr-1214	750	21	that	that	SCONJ
cblr-1214	750	22	their	their	PRON
cblr-1214	750	23	activity	activity	NOUN
cblr-1214	750	24	results	result	NOUN
cblr-1214	750	25	in	in	ADP
cblr-1214	750	26	market	market	NOUN
cblr-1214	750	27	power	power	NOUN
cblr-1214	750	28	increases	increase	NOUN
cblr-1214	750	29	that	that	PRON
cblr-1214	750	30	are	be	AUX
cblr-1214	750	31	even	even	ADV
cblr-1214	750	32	more	more	ADV
cblr-1214	750	33	damaging	damaging	ADJ
cblr-1214	750	34	than	than	ADP
cblr-1214	750	35	the	the	DET
cblr-1214	750	36	average	average	ADJ
cblr-1214	750	37	m&a	m&a	PROPN
cblr-1214	750	38	transaction	transaction	NOUN
cblr-1214	750	39	.	.	PUNCT
cblr-1214	751	1	empirical	empirical	ADJ
cblr-1214	751	2	results	result	NOUN
cblr-1214	751	3	confirm	confirm	VERB
cblr-1214	751	4	this	this	DET
cblr-1214	751	5	theory	theory	NOUN
cblr-1214	751	6	,	,	PUNCT
cblr-1214	751	7	as	as	SCONJ
cblr-1214	751	8	evidence	evidence	NOUN
cblr-1214	751	9	suggests	suggest	VERB
cblr-1214	751	10	that	that	SCONJ
cblr-1214	751	11	,	,	PUNCT
cblr-1214	751	12	relative	relative	ADJ
cblr-1214	751	13	to	to	ADP
cblr-1214	751	14	mergers	merger	NOUN
cblr-1214	751	15	by	by	ADP
cblr-1214	751	16	small	small	ADJ
cblr-1214	751	17	firms	firm	NOUN
cblr-1214	751	18	,	,	PUNCT
cblr-1214	751	19	mergers	merger	NOUN
cblr-1214	751	20	by	by	ADP
cblr-1214	751	21	large	large	ADJ
cblr-1214	751	22	firms	firm	NOUN
cblr-1214	751	23	are	be	AUX
cblr-1214	751	24	both	both	ADV
cblr-1214	751	25	less	less	ADV
cblr-1214	751	26	likely	likely	ADJ
cblr-1214	751	27	to	to	PART
cblr-1214	751	28	generate	generate	VERB
cblr-1214	751	29	efficiency	efficiency	NOUN
cblr-1214	751	30	gains	gain	NOUN
cblr-1214	751	31	and	and	CCONJ
cblr-1214	751	32	more	more	ADV
cblr-1214	751	33	likely	likely	ADJ
cblr-1214	751	34	to	to	PART
cblr-1214	751	35	generate	generate	VERB
cblr-1214	751	36	market	market	NOUN
cblr-1214	751	37	power	power	NOUN
cblr-1214	751	38	gains.220	gains.220	NOUN
cblr-1214	751	39	thus	thus	ADV
cblr-1214	751	40	,	,	PUNCT
cblr-1214	751	41	both	both	DET
cblr-1214	751	42	theory	theory	NOUN
cblr-1214	751	43	and	and	CCONJ
cblr-1214	751	44	evidence	evidence	NOUN
cblr-1214	751	45	suggest	suggest	VERB
cblr-1214	751	46	that	that	SCONJ
cblr-1214	751	47	hedge	hedge	NOUN
cblr-1214	751	48	fund	fund	NOUN
cblr-1214	751	49	activism	activism	NOUN
cblr-1214	751	50	produces	produce	VERB
cblr-1214	751	51	m&a	m&a	PROPN
cblr-1214	751	52	activity	activity	NOUN
cblr-1214	751	53	that	that	PRON
cblr-1214	751	54	is	be	AUX
cblr-1214	751	55	normatively	normatively	ADV
cblr-1214	751	56	worse	bad	ADJ
cblr-1214	751	57	than	than	ADP
cblr-1214	751	58	the	the	DET
cblr-1214	751	59	average	average	ADJ
cblr-1214	751	60	m&a	m&a	PROPN
cblr-1214	751	61	transaction	transaction	NOUN
cblr-1214	751	62	from	from	ADP
cblr-1214	751	63	the	the	DET
cblr-1214	751	64	perspective	perspective	NOUN
cblr-1214	751	65	of	of	ADP
cblr-1214	751	66	both	both	DET
cblr-1214	751	67	efficiency	efficiency	NOUN
cblr-1214	751	68	gains	gain	NOUN
cblr-1214	751	69	and	and	CCONJ
cblr-1214	751	70	market	market	NOUN
cblr-1214	751	71	power	power	NOUN
cblr-1214	751	72	gains	gain	NOUN
cblr-1214	751	73	.	.	PUNCT
cblr-1214	752	1	the	the	DET
cblr-1214	752	2	fact	fact	NOUN
cblr-1214	752	3	that	that	SCONJ
cblr-1214	752	4	hedge	hedge	NOUN
cblr-1214	752	5	funds	fund	NOUN
cblr-1214	752	6	promote	promote	VERB
cblr-1214	752	7	m&a	m&a	PROPN
cblr-1214	752	8	activity	activity	NOUN
cblr-1214	752	9	that	that	PRON
cblr-1214	752	10	harms	harm	VERB
cblr-1214	752	11	consumers	consumer	NOUN
cblr-1214	752	12	in	in	ADP
cblr-1214	752	13	the	the	DET
cblr-1214	752	14	aggregate	aggregate	NOUN
cblr-1214	752	15	raises	raise	VERB
cblr-1214	752	16	an	an	DET
cblr-1214	752	17	important	important	ADJ
cblr-1214	752	18	question	question	NOUN
cblr-1214	752	19	:	:	PUNCT
cblr-1214	752	20	how	how	SCONJ
cblr-1214	752	21	should	should	AUX
cblr-1214	752	22	hedge	hedge	VERB
cblr-1214	752	23	fund	fund	NOUN
cblr-1214	752	24	managers	manager	NOUN
cblr-1214	752	25	balance	balance	VERB
cblr-1214	752	26	the	the	DET
cblr-1214	752	27	need	need	NOUN
cblr-1214	752	28	to	to	PART
cblr-1214	752	29	generate	generate	VERB
cblr-1214	752	30	returns	return	NOUN
cblr-1214	752	31	for	for	ADP
cblr-1214	752	32	the	the	DET
cblr-1214	752	33	fund	fund	NOUN
cblr-1214	752	34	against	against	ADP
cblr-1214	752	35	the	the	DET
cblr-1214	752	36	very	very	ADV
cblr-1214	752	37	real	real	ADJ
cblr-1214	752	38	negative	negative	ADJ
cblr-1214	752	39	effects	effect	NOUN
cblr-1214	752	40	that	that	PRON
cblr-1214	752	41	m&a	m&a	PROPN
cblr-1214	752	42	-	-	PUNCT
cblr-1214	752	43	induced	induce	VERB
cblr-1214	752	44	price	price	NOUN
cblr-1214	752	45	increases	increase	NOUN
cblr-1214	752	46	have	have	VERB
cblr-1214	752	47	on	on	ADP
cblr-1214	752	48	consumers	consumer	NOUN
cblr-1214	752	49	?	?	PUNCT
cblr-1214	753	1	to	to	ADP
cblr-1214	753	2	the	the	DET
cblr-1214	753	3	extent	extent	NOUN
cblr-1214	753	4	that	that	PRON
cblr-1214	753	5	hedge	hedge	NOUN
cblr-1214	753	6	funds	fund	NOUN
cblr-1214	753	7	embody	embody	VERB
cblr-1214	753	8	their	their	PRON
cblr-1214	753	9	stereotype	stereotype	NOUN
cblr-1214	753	10	as	as	ADP
cblr-1214	753	11	the	the	DET
cblr-1214	753	12	investment	investment	NOUN
cblr-1214	753	13	vehicle	vehicle	NOUN
cblr-1214	753	14	of	of	ADP
cblr-1214	753	15	the	the	DET
cblr-1214	753	16	ultra	ultra	ADJ
cblr-1214	753	17	-	-	ADJ
cblr-1214	753	18	wealthy	wealthy	ADJ
cblr-1214	753	19	and	and	CCONJ
cblr-1214	753	20	adhere	adhere	VERB
cblr-1214	753	21	to	to	ADP
cblr-1214	753	22	the	the	DET
cblr-1214	753	23	shareholder	shareholder	NOUN
cblr-1214	753	24	wealth	wealth	NOUN
cblr-1214	753	25	maximization	maximization	NOUN
cblr-1214	753	26	norm	norm	NOUN
cblr-1214	753	27	,	,	PUNCT
cblr-1214	753	28	hedge	hedge	NOUN
cblr-1214	753	29	fund	fund	NOUN
cblr-1214	753	30	managers	manager	NOUN
cblr-1214	753	31	ought	ought	AUX
cblr-1214	753	32	to	to	PART
cblr-1214	753	33	continue	continue	VERB
cblr-1214	753	34	to	to	PART
cblr-1214	753	35	promote	promote	VERB
cblr-1214	753	36	m&a	m&a	PROPN
cblr-1214	753	37	activity	activity	NOUN
cblr-1214	753	38	even	even	ADV
cblr-1214	753	39	given	give	VERB
cblr-1214	753	40	increasing	increase	VERB
cblr-1214	753	41	awareness	awareness	NOUN
cblr-1214	753	42	of	of	ADP
cblr-1214	753	43	resultant	resultant	NOUN
cblr-1214	753	44	market	market	NOUN
cblr-1214	753	45	power	power	NOUN
cblr-1214	753	46	effects	effect	NOUN
cblr-1214	753	47	,	,	PUNCT
cblr-1214	753	48	since	since	SCONJ
cblr-1214	753	49	the	the	DET
cblr-1214	753	50	wealthy	wealthy	ADJ
cblr-1214	753	51	likely	likely	ADV
cblr-1214	753	52	receive	receive	VERB
cblr-1214	753	53	a	a	DET
cblr-1214	753	54	net	net	ADJ
cblr-1214	753	55	financial	financial	ADJ
cblr-1214	753	56	benefit	benefit	NOUN
cblr-1214	753	57	from	from	ADP
cblr-1214	753	58	such	such	ADJ
cblr-1214	753	59	activity.221	activity.221	NUM
cblr-1214	753	60	219	219	NUM
cblr-1214	753	61	allaire	allaire	PROPN
cblr-1214	753	62	&	&	CCONJ
cblr-1214	753	63	dauphin	dauphin	PROPN
cblr-1214	753	64	report	report	PROPN
cblr-1214	753	65	that	that	SCONJ
cblr-1214	753	66	larger	large	ADJ
cblr-1214	753	67	firms	firm	NOUN
cblr-1214	753	68	(	(	PUNCT
cblr-1214	753	69	in	in	ADP
cblr-1214	753	70	the	the	DET
cblr-1214	753	71	top	top	ADJ
cblr-1214	753	72	quintile	quintile	NOUN
cblr-1214	753	73	of	of	ADP
cblr-1214	753	74	market	market	NOUN
cblr-1214	753	75	capitalization	capitalization	NOUN
cblr-1214	753	76	for	for	ADP
cblr-1214	753	77	companies	company	NOUN
cblr-1214	753	78	sampled	sample	VERB
cblr-1214	753	79	)	)	PUNCT
cblr-1214	753	80	are	be	AUX
cblr-1214	753	81	even	even	ADV
cblr-1214	753	82	more	more	ADV
cblr-1214	753	83	likely	likely	ADJ
cblr-1214	753	84	to	to	PART
cblr-1214	753	85	be	be	AUX
cblr-1214	753	86	pushed	push	VERB
cblr-1214	753	87	into	into	ADP
cblr-1214	753	88	sale	sale	NOUN
cblr-1214	753	89	than	than	ADP
cblr-1214	753	90	a	a	DET
cblr-1214	753	91	standard	standard	ADJ
cblr-1214	753	92	activist	activist	ADJ
cblr-1214	753	93	target	target	NOUN
cblr-1214	753	94	.	.	PUNCT
cblr-1214	754	1	see	see	VERB
cblr-1214	754	2	allaire	allaire	PROPN
cblr-1214	754	3	&	&	CCONJ
cblr-1214	754	4	dauphin	dauphin	PROPN
cblr-1214	754	5	,	,	PUNCT
cblr-1214	754	6	supra	supra	PROPN
cblr-1214	754	7	note	note	NOUN
cblr-1214	754	8	210	210	NUM
cblr-1214	754	9	,	,	PUNCT
cblr-1214	754	10	at	at	ADP
cblr-1214	754	11	23	23	NUM
cblr-1214	754	12	.	.	NOUN
cblr-1214	754	13	220	220	NUM
cblr-1214	754	14	gugler	gugler	NOUN
cblr-1214	754	15	et	et	PROPN
cblr-1214	754	16	al	al	PROPN
cblr-1214	754	17	.	.	PROPN
cblr-1214	754	18	,	,	PUNCT
cblr-1214	754	19	supra	supra	PROPN
cblr-1214	754	20	note	note	PROPN
cblr-1214	754	21	112	112	NUM
cblr-1214	754	22	,	,	PUNCT
cblr-1214	754	23	at	at	ADP
cblr-1214	754	24	646	646	NUM
cblr-1214	754	25	.	.	PUNCT
cblr-1214	755	1	221	221	NUM
cblr-1214	755	2	robert	robert	PROPN
cblr-1214	755	3	a.	a.	NOUN
cblr-1214	755	4	jaeger	jaeger	PROPN
cblr-1214	755	5	,	,	PUNCT
cblr-1214	755	6	all	all	PRON
cblr-1214	755	7	about	about	ADP
cblr-1214	755	8	hedge	hedge	NOUN
cblr-1214	755	9	funds	fund	NOUN
cblr-1214	755	10	vii	vii	PROPN
cblr-1214	755	11	(	(	PUNCT
cblr-1214	755	12	2003	2003	NUM
cblr-1214	755	13	)	)	PUNCT
cblr-1214	755	14	(	(	PUNCT
cblr-1214	755	15	remarking	remark	VERB
cblr-1214	755	16	on	on	ADP
cblr-1214	755	17	the	the	DET
cblr-1214	755	18	stereotypical	stereotypical	ADJ
cblr-1214	755	19	representation	representation	NOUN
cblr-1214	755	20	of	of	ADP
cblr-1214	755	21	hedge	hedge	NOUN
cblr-1214	755	22	funds	fund	NOUN
cblr-1214	755	23	as	as	ADP
cblr-1214	755	24	“	"	PUNCT
cblr-1214	755	25	secretive	secretive	ADJ
cblr-1214	755	26	,	,	PUNCT
cblr-1214	755	27	griffin_final	griffin_final	ADJ
cblr-1214	755	28	no	no	NOUN
cblr-1214	755	29	.	.	PUNCT
cblr-1214	756	1	1:70	1:70	NUM
cblr-1214	756	2	]	]	PUNCT
cblr-1214	756	3	the	the	DET
cblr-1214	756	4	hidden	hidden	ADJ
cblr-1214	756	5	cost	cost	NOUN
cblr-1214	756	6	of	of	ADP
cblr-1214	756	7	m&a	m&a	PROPN
cblr-1214	756	8	127	127	NUM
cblr-1214	756	9	data	datum	NOUN
cblr-1214	756	10	,	,	PUNCT
cblr-1214	756	11	however	however	ADV
cblr-1214	756	12	,	,	PUNCT
cblr-1214	756	13	suggests	suggest	VERB
cblr-1214	756	14	that	that	SCONJ
cblr-1214	756	15	many	many	ADJ
cblr-1214	756	16	hedge	hedge	NOUN
cblr-1214	756	17	funds	fund	NOUN
cblr-1214	756	18	indirectly	indirectly	ADV
cblr-1214	756	19	serve	serve	VERB
cblr-1214	756	20	investors	investor	NOUN
cblr-1214	756	21	of	of	ADP
cblr-1214	756	22	more	more	ADV
cblr-1214	756	23	modest	modest	ADJ
cblr-1214	756	24	means	mean	NOUN
cblr-1214	756	25	—	—	PUNCT
cblr-1214	756	26	pension	pension	NOUN
cblr-1214	756	27	funds	fund	NOUN
cblr-1214	756	28	members.222	members.222	ADJ
cblr-1214	756	29	in	in	ADP
cblr-1214	756	30	all	all	PRON
cblr-1214	756	31	,	,	PUNCT
cblr-1214	756	32	pension	pension	NOUN
cblr-1214	756	33	funds	fund	NOUN
cblr-1214	756	34	provide	provide	VERB
cblr-1214	756	35	approximately	approximately	ADV
cblr-1214	756	36	forty	forty	NUM
cblr-1214	756	37	percent	percent	NOUN
cblr-1214	756	38	of	of	ADP
cblr-1214	756	39	hedge	hedge	NOUN
cblr-1214	756	40	funds	fund	NOUN
cblr-1214	756	41	’	'	PUNCT
cblr-1214	756	42	capital.223	capital.223	VERB
cblr-1214	756	43	because	because	SCONJ
cblr-1214	756	44	pension	pension	NOUN
cblr-1214	756	45	funds	fund	NOUN
cblr-1214	756	46	can	can	AUX
cblr-1214	756	47	qualify	qualify	VERB
cblr-1214	756	48	as	as	SCONJ
cblr-1214	756	49	“	"	PUNCT
cblr-1214	756	50	accredited	accredit	VERB
cblr-1214	756	51	investors,”224	investors,”224	PRON
cblr-1214	756	52	they	they	PRON
cblr-1214	756	53	are	be	AUX
cblr-1214	756	54	able	able	ADJ
cblr-1214	756	55	to	to	PART
cblr-1214	756	56	funnel	funnel	VERB
cblr-1214	756	57	money	money	NOUN
cblr-1214	756	58	to	to	PART
cblr-1214	756	59	hedge	hedge	VERB
cblr-1214	756	60	funds	fund	NOUN
cblr-1214	756	61	from	from	ADP
cblr-1214	756	62	individuals	individual	NOUN
cblr-1214	756	63	who	who	PRON
cblr-1214	756	64	otherwise	otherwise	ADV
cblr-1214	756	65	would	would	AUX
cblr-1214	756	66	be	be	AUX
cblr-1214	756	67	barred	bar	VERB
cblr-1214	756	68	from	from	ADP
cblr-1214	756	69	hedge	hedge	NOUN
cblr-1214	756	70	fund	fund	NOUN
cblr-1214	756	71	investments.225	investments.225	VERB
cblr-1214	756	72	these	these	DET
cblr-1214	756	73	individuals	individual	NOUN
cblr-1214	756	74	are	be	AUX
cblr-1214	756	75	likely	likely	ADJ
cblr-1214	756	76	to	to	PART
cblr-1214	756	77	be	be	AUX
cblr-1214	756	78	sensitive	sensitive	ADJ
cblr-1214	756	79	to	to	ADP
cblr-1214	756	80	the	the	DET
cblr-1214	756	81	price	price	NOUN
cblr-1214	756	82	increases	increase	NOUN
cblr-1214	756	83	and	and	CCONJ
cblr-1214	756	84	resulting	result	VERB
cblr-1214	756	85	negative	negative	ADJ
cblr-1214	756	86	impacts	impact	NOUN
cblr-1214	756	87	on	on	ADP
cblr-1214	756	88	consumer	consumer	NOUN
cblr-1214	756	89	welfare	welfare	NOUN
cblr-1214	756	90	caused	cause	VERB
cblr-1214	756	91	by	by	ADP
cblr-1214	756	92	hedge	hedge	NOUN
cblr-1214	756	93	fund	fund	NOUN
cblr-1214	756	94	activism	activism	NOUN
cblr-1214	756	95	mediated	mediate	VERB
cblr-1214	756	96	through	through	ADP
cblr-1214	756	97	m&a	m&a	PROPN
cblr-1214	756	98	activity	activity	NOUN
cblr-1214	756	99	.	.	PUNCT
cblr-1214	757	1	in	in	ADP
cblr-1214	757	2	fact	fact	NOUN
cblr-1214	757	3	,	,	PUNCT
cblr-1214	757	4	it	it	PRON
cblr-1214	757	5	is	be	AUX
cblr-1214	757	6	likely	likely	ADJ
cblr-1214	757	7	that	that	SCONJ
cblr-1214	757	8	these	these	DET
cblr-1214	757	9	individuals	individual	NOUN
cblr-1214	757	10	are	be	AUX
cblr-1214	757	11	more	more	ADV
cblr-1214	757	12	negatively	negatively	ADV
cblr-1214	757	13	impacted	impact	VERB
cblr-1214	757	14	than	than	ADP
cblr-1214	757	15	other	other	ADJ
cblr-1214	757	16	workingand	workingand	NOUN
cblr-1214	757	17	middle	middle	ADJ
cblr-1214	757	18	-	-	PUNCT
cblr-1214	757	19	class	class	NOUN
cblr-1214	757	20	individuals	individual	NOUN
cblr-1214	757	21	.	.	PUNCT
cblr-1214	758	1	as	as	SCONJ
cblr-1214	758	2	discussed	discuss	VERB
cblr-1214	758	3	above	above	ADV
cblr-1214	758	4	,	,	PUNCT
cblr-1214	758	5	those	those	DET
cblr-1214	758	6	pension	pension	NOUN
cblr-1214	758	7	fund	fund	NOUN
cblr-1214	758	8	members	member	NOUN
cblr-1214	758	9	who	who	PRON
cblr-1214	758	10	take	take	VERB
cblr-1214	758	11	part	part	NOUN
cblr-1214	758	12	in	in	ADP
cblr-1214	758	13	traditional	traditional	ADJ
cblr-1214	758	14	defined	define	VERB
cblr-1214	758	15	-	-	PUNCT
cblr-1214	758	16	benefit	benefit	NOUN
cblr-1214	758	17	pension	pension	NOUN
cblr-1214	758	18	plans	plan	NOUN
cblr-1214	758	19	are	be	AUX
cblr-1214	758	20	insulated	insulate	VERB
cblr-1214	758	21	from	from	ADP
cblr-1214	758	22	stock	stock	NOUN
cblr-1214	758	23	market	market	NOUN
cblr-1214	758	24	gains	gain	NOUN
cblr-1214	758	25	and	and	CCONJ
cblr-1214	758	26	are	be	AUX
cblr-1214	758	27	uniquely	uniquely	ADV
cblr-1214	758	28	harmed	harm	VERB
cblr-1214	758	29	by	by	ADP
cblr-1214	758	30	m&a	m&a	PROPN
cblr-1214	758	31	-	-	PUNCT
cblr-1214	758	32	induced	induce	VERB
cblr-1214	758	33	price	price	NOUN
cblr-1214	758	34	increases	increase	NOUN
cblr-1214	758	35	.	.	PUNCT
cblr-1214	759	1	when	when	SCONJ
cblr-1214	759	2	considering	consider	VERB
cblr-1214	759	3	that	that	SCONJ
cblr-1214	759	4	the	the	DET
cblr-1214	759	5	m&a	m&a	PROPN
cblr-1214	759	6	activity	activity	NOUN
cblr-1214	759	7	generated	generate	VERB
cblr-1214	759	8	by	by	ADP
cblr-1214	759	9	hedge	hedge	NOUN
cblr-1214	759	10	fund	fund	NOUN
cblr-1214	759	11	activism	activism	NOUN
cblr-1214	759	12	likely	likely	ADV
cblr-1214	759	13	results	result	VERB
cblr-1214	759	14	in	in	ADP
cblr-1214	759	15	even	even	ADV
cblr-1214	759	16	greater	great	ADJ
cblr-1214	759	17	market	market	NOUN
cblr-1214	759	18	power	power	NOUN
cblr-1214	759	19	gains	gain	NOUN
cblr-1214	759	20	than	than	ADP
cblr-1214	759	21	the	the	DET
cblr-1214	759	22	average	average	ADJ
cblr-1214	759	23	m&a	m&a	PROPN
cblr-1214	759	24	transaction	transaction	NOUN
cblr-1214	759	25	,	,	PUNCT
cblr-1214	759	26	this	this	DET
cblr-1214	759	27	harm	harm	NOUN
cblr-1214	759	28	is	be	AUX
cblr-1214	759	29	magnified	magnify	VERB
cblr-1214	759	30	.	.	PUNCT
cblr-1214	760	1	thus	thus	ADV
cblr-1214	760	2	,	,	PUNCT
cblr-1214	760	3	hedge	hedge	NOUN
cblr-1214	760	4	fund	fund	NOUN
cblr-1214	760	5	activism	activism	NOUN
cblr-1214	760	6	is	be	AUX
cblr-1214	760	7	likely	likely	ADV
cblr-1214	760	8	uniquely	uniquely	ADV
cblr-1214	760	9	harmful	harmful	ADJ
cblr-1214	760	10	to	to	ADP
cblr-1214	760	11	many	many	ADJ
cblr-1214	760	12	pension	pension	NOUN
cblr-1214	760	13	fund	fund	NOUN
cblr-1214	760	14	members	member	NOUN
cblr-1214	760	15	.	.	PUNCT
cblr-1214	761	1	in	in	ADP
cblr-1214	761	2	this	this	DET
cblr-1214	761	3	light	light	NOUN
cblr-1214	761	4	,	,	PUNCT
cblr-1214	761	5	hedge	hedge	NOUN
cblr-1214	761	6	fund	fund	NOUN
cblr-1214	761	7	activism	activism	NOUN
cblr-1214	761	8	and	and	CCONJ
cblr-1214	761	9	its	its	PRON
cblr-1214	761	10	focus	focus	NOUN
cblr-1214	761	11	on	on	ADP
cblr-1214	761	12	promoting	promote	VERB
cblr-1214	761	13	m&a	m&a	PROPN
cblr-1214	761	14	activity	activity	NOUN
cblr-1214	761	15	may	may	AUX
cblr-1214	761	16	be	be	AUX
cblr-1214	761	17	disadvantageous	disadvantageous	ADJ
cblr-1214	761	18	for	for	ADP
cblr-1214	761	19	a	a	DET
cblr-1214	761	20	substantial	substantial	ADJ
cblr-1214	761	21	subset	subset	NOUN
cblr-1214	761	22	of	of	ADP
cblr-1214	761	23	hedge	hedge	NOUN
cblr-1214	761	24	fund	fund	NOUN
cblr-1214	761	25	investors	investor	NOUN
cblr-1214	761	26	.	.	PUNCT
cblr-1214	762	1	hedge	hedge	NOUN
cblr-1214	762	2	fund	fund	NOUN
cblr-1214	762	3	managers	manager	NOUN
cblr-1214	762	4	who	who	PRON
cblr-1214	762	5	take	take	VERB
cblr-1214	762	6	a	a	DET
cblr-1214	762	7	more	more	ADV
cblr-1214	762	8	holistic	holistic	ADJ
cblr-1214	762	9	view	view	NOUN
cblr-1214	762	10	of	of	ADP
cblr-1214	762	11	their	their	PRON
cblr-1214	762	12	members	member	NOUN
cblr-1214	762	13	’	'	PUNCT
cblr-1214	762	14	well	well	ADV
cblr-1214	762	15	-	-	PUNCT
cblr-1214	762	16	being	being	NOUN
cblr-1214	762	17	should	should	AUX
cblr-1214	762	18	be	be	AUX
cblr-1214	762	19	more	more	ADV
cblr-1214	762	20	hesitant	hesitant	ADJ
cblr-1214	762	21	to	to	PART
cblr-1214	762	22	promote	promote	VERB
cblr-1214	762	23	m&a	m&a	PROPN
cblr-1214	762	24	activity	activity	NOUN
cblr-1214	762	25	,	,	PUNCT
cblr-1214	762	26	and	and	CCONJ
cblr-1214	762	27	pension	pension	NOUN
cblr-1214	762	28	fund	fund	NOUN
cblr-1214	762	29	managers	manager	NOUN
cblr-1214	762	30	should	should	AUX
cblr-1214	762	31	likewise	likewise	ADV
cblr-1214	762	32	be	be	AUX
cblr-1214	762	33	much	much	ADV
cblr-1214	762	34	more	more	ADV
cblr-1214	762	35	hesitant	hesitant	ADJ
cblr-1214	762	36	to	to	PART
cblr-1214	762	37	invest	invest	VERB
cblr-1214	762	38	in	in	ADP
cblr-1214	762	39	activist	activist	ADJ
cblr-1214	762	40	hedge	hedge	NOUN
cblr-1214	762	41	funds	fund	NOUN
cblr-1214	762	42	.	.	PUNCT
cblr-1214	763	1	unregulated	unregulated	ADJ
cblr-1214	763	2	investment	investment	NOUN
cblr-1214	763	3	vehicles	vehicle	NOUN
cblr-1214	763	4	that	that	PRON
cblr-1214	763	5	enable	enable	VERB
cblr-1214	763	6	wealthy	wealthy	ADJ
cblr-1214	763	7	individuals	individual	NOUN
cblr-1214	763	8	to	to	PART
cblr-1214	763	9	make	make	VERB
cblr-1214	763	10	highly	highly	ADV
cblr-1214	763	11	leveraged	leverage	VERB
cblr-1214	763	12	speculative	speculative	ADJ
cblr-1214	763	13	bets	bet	NOUN
cblr-1214	763	14	in	in	ADP
cblr-1214	763	15	the	the	DET
cblr-1214	763	16	global	global	ADJ
cblr-1214	763	17	financial	financial	ADJ
cblr-1214	763	18	and	and	CCONJ
cblr-1214	763	19	commodity	commodity	NOUN
cblr-1214	763	20	markets	market	NOUN
cblr-1214	763	21	”	"	PUNCT
cblr-1214	763	22	)	)	PUNCT
cblr-1214	763	23	.	.	PUNCT
cblr-1214	764	1	222	222	NUM
cblr-1214	764	2	see	see	VERB
cblr-1214	764	3	strine	strine	PROPN
cblr-1214	764	4	,	,	PUNCT
cblr-1214	764	5	supra	supra	PROPN
cblr-1214	764	6	note	note	PROPN
cblr-1214	764	7	27	27	NUM
cblr-1214	764	8	,	,	PUNCT
cblr-1214	764	9	at	at	ADP
cblr-1214	764	10	1959	1959	NUM
cblr-1214	764	11	(	(	PUNCT
cblr-1214	764	12	“	"	PUNCT
cblr-1214	764	13	the	the	DET
cblr-1214	764	14	hedge	hedge	NOUN
cblr-1214	764	15	fund	fund	NOUN
cblr-1214	764	16	industry	industry	NOUN
cblr-1214	764	17	can	can	AUX
cblr-1214	764	18	not	not	PART
cblr-1214	764	19	function	function	VERB
cblr-1214	764	20	at	at	ADP
cblr-1214	764	21	its	its	PRON
cblr-1214	764	22	current	current	ADJ
cblr-1214	764	23	scale	scale	NOUN
cblr-1214	764	24	without	without	ADP
cblr-1214	764	25	finding	find	VERB
cblr-1214	764	26	investments	investment	NOUN
cblr-1214	764	27	from	from	ADP
cblr-1214	764	28	pension	pension	NOUN
cblr-1214	764	29	funds	fund	NOUN
cblr-1214	764	30	and	and	CCONJ
cblr-1214	764	31	the	the	DET
cblr-1214	764	32	like	like	ADJ
cblr-1214	764	33	.	.	PUNCT
cblr-1214	764	34	.	.	PUNCT
cblr-1214	764	35	.	.	PUNCT
cblr-1214	764	36	.	.	PUNCT
cblr-1214	764	37	”	"	PUNCT
cblr-1214	764	38	)	)	PUNCT
cblr-1214	764	39	.	.	PUNCT
cblr-1214	765	1	223	223	NUM
cblr-1214	765	2	preqin	preqin	NOUN
cblr-1214	765	3	,	,	PUNCT
cblr-1214	765	4	2014	2014	NUM
cblr-1214	765	5	preqin	preqin	PROPN
cblr-1214	765	6	global	global	ADJ
cblr-1214	765	7	hedge	hedge	PROPN
cblr-1214	765	8	fund	fund	PROPN
cblr-1214	765	9	report	report	NOUN
cblr-1214	765	10	10	10	NUM
cblr-1214	765	11	fig.7.22	fig.7.22	NOUN
cblr-1214	765	12	(	(	PUNCT
cblr-1214	765	13	2014	2014	NUM
cblr-1214	765	14	)	)	PUNCT
cblr-1214	765	15	,	,	PUNCT
cblr-1214	765	16	https://www.preqin.com/docs/reports/the_2014_preqin_global	https://www.preqin.com/docs/reports/the_2014_preqin_global	PROPN
cblr-1214	765	17	_	_	PUNCT
cblr-1214	765	18	hedge_fund_report_sample_pages.pdf	hedge_fund_report_sample_pages.pdf	PROPN
cblr-1214	765	19	[	[	X
cblr-1214	765	20	perma.cc/4mu3-wdq3	perma.cc/4mu3-wdq3	PROPN
cblr-1214	765	21	]	]	X
cblr-1214	765	22	.	.	PUNCT
cblr-1214	766	1	224	224	NUM
cblr-1214	766	2	see	see	VERB
cblr-1214	766	3	17	17	NUM
cblr-1214	766	4	c.f.r	c.f.r	NOUN
cblr-1214	766	5	.	.	PUNCT
cblr-1214	767	1	§	§	PROPN
cblr-1214	767	2	230.501(a	230.501(a	NUM
cblr-1214	767	3	)	)	PUNCT
cblr-1214	767	4	(	(	PUNCT
cblr-1214	767	5	2016	2016	NUM
cblr-1214	767	6	)	)	PUNCT
cblr-1214	767	7	.	.	PUNCT
cblr-1214	768	1	225	225	NUM
cblr-1214	768	2	strine	strine	NOUN
cblr-1214	768	3	,	,	PUNCT
cblr-1214	768	4	supra	supra	PROPN
cblr-1214	768	5	note	note	PROPN
cblr-1214	768	6	27	27	NUM
cblr-1214	768	7	,	,	PUNCT
cblr-1214	768	8	at	at	ADP
cblr-1214	768	9	1935	1935	NUM
cblr-1214	768	10	.	.	PUNCT
cblr-1214	769	1	griffin_final	griffin_final	ADJ
cblr-1214	769	2	128	128	NUM
cblr-1214	769	3	columbia	columbia	PROPN
cblr-1214	769	4	business	business	NOUN
cblr-1214	769	5	law	law	PROPN
cblr-1214	769	6	review	review	NOUN
cblr-1214	769	7	[	[	X
cblr-1214	769	8	vol	vol	NOUN
cblr-1214	769	9	.	.	PUNCT
cblr-1214	769	10	2018	2018	NUM
cblr-1214	769	11	g.	g.	NOUN
cblr-1214	769	12	implications	implication	NOUN
cblr-1214	769	13	for	for	ADP
cblr-1214	769	14	scholars	scholar	NOUN
cblr-1214	769	15	in	in	ADP
cblr-1214	769	16	his	his	PRON
cblr-1214	769	17	essay	essay	NOUN
cblr-1214	769	18	the	the	DET
cblr-1214	769	19	american	american	ADJ
cblr-1214	769	20	scholar	scholar	NOUN
cblr-1214	769	21	,	,	PUNCT
cblr-1214	769	22	ralph	ralph	PROPN
cblr-1214	769	23	waldo	waldo	PROPN
cblr-1214	769	24	emerson	emerson	PROPN
cblr-1214	769	25	outlines	outline	VERB
cblr-1214	769	26	the	the	DET
cblr-1214	769	27	duties	duty	NOUN
cblr-1214	769	28	of	of	ADP
cblr-1214	769	29	a	a	DET
cblr-1214	769	30	scholar	scholar	NOUN
cblr-1214	769	31	:	:	PUNCT
cblr-1214	769	32	“	"	PUNCT
cblr-1214	769	33	[	[	X
cblr-1214	769	34	t]he	t]he	X
cblr-1214	769	35	office	office	NOUN
cblr-1214	769	36	of	of	ADP
cblr-1214	769	37	the	the	DET
cblr-1214	769	38	scholar	scholar	NOUN
cblr-1214	769	39	is	be	AUX
cblr-1214	769	40	to	to	PART
cblr-1214	769	41	cheer	cheer	VERB
cblr-1214	769	42	,	,	PUNCT
cblr-1214	769	43	to	to	PART
cblr-1214	769	44	raise	raise	VERB
cblr-1214	769	45	,	,	PUNCT
cblr-1214	769	46	and	and	CCONJ
cblr-1214	769	47	to	to	PART
cblr-1214	769	48	guide	guide	VERB
cblr-1214	769	49	men	man	NOUN
cblr-1214	769	50	by	by	ADP
cblr-1214	769	51	showing	show	VERB
cblr-1214	769	52	them	they	PRON
cblr-1214	769	53	facts	fact	NOUN
cblr-1214	769	54	amidst	amidst	ADP
cblr-1214	769	55	appearances	appearance	NOUN
cblr-1214	769	56	.	.	PUNCT
cblr-1214	770	1	”226	”226	NOUN
cblr-1214	770	2	it	it	PRON
cblr-1214	770	3	is	be	AUX
cblr-1214	770	4	clear	clear	ADJ
cblr-1214	770	5	that	that	SCONJ
cblr-1214	770	6	the	the	DET
cblr-1214	770	7	traditional	traditional	ADJ
cblr-1214	770	8	conceptualization	conceptualization	NOUN
cblr-1214	770	9	of	of	ADP
cblr-1214	770	10	the	the	DET
cblr-1214	770	11	purpose	purpose	NOUN
cblr-1214	770	12	of	of	ADP
cblr-1214	770	13	a	a	DET
cblr-1214	770	14	corporation	corporation	NOUN
cblr-1214	770	15	involves	involve	VERB
cblr-1214	770	16	many	many	ADJ
cblr-1214	770	17	appearances	appearance	NOUN
cblr-1214	770	18	.	.	PUNCT
cblr-1214	771	1	stock	stock	NOUN
cblr-1214	771	2	performance	performance	NOUN
cblr-1214	771	3	appears	appear	VERB
cblr-1214	771	4	to	to	PART
cblr-1214	771	5	be	be	AUX
cblr-1214	771	6	an	an	DET
cblr-1214	771	7	acceptable	acceptable	ADJ
cblr-1214	771	8	way	way	NOUN
cblr-1214	771	9	to	to	PART
cblr-1214	771	10	measure	measure	VERB
cblr-1214	771	11	shareholder	shareholder	NOUN
cblr-1214	771	12	financial	financial	ADJ
cblr-1214	771	13	benefit	benefit	NOUN
cblr-1214	771	14	.	.	PUNCT
cblr-1214	772	1	adherence	adherence	NOUN
cblr-1214	772	2	to	to	ADP
cblr-1214	772	3	the	the	DET
cblr-1214	772	4	shareholder	shareholder	NOUN
cblr-1214	772	5	wealth	wealth	NOUN
cblr-1214	772	6	maximization	maximization	NOUN
cblr-1214	772	7	norm	norm	NOUN
cblr-1214	772	8	appears	appear	VERB
cblr-1214	772	9	to	to	PART
cblr-1214	772	10	benefit	benefit	VERB
cblr-1214	772	11	society	society	NOUN
cblr-1214	772	12	as	as	ADP
cblr-1214	772	13	a	a	DET
cblr-1214	772	14	whole	whole	NOUN
cblr-1214	772	15	.	.	PUNCT
cblr-1214	773	1	in	in	ADP
cblr-1214	773	2	the	the	DET
cblr-1214	773	3	context	context	NOUN
cblr-1214	773	4	of	of	ADP
cblr-1214	773	5	gains	gain	NOUN
cblr-1214	773	6	from	from	ADP
cblr-1214	773	7	m&a	m&a	PROPN
cblr-1214	773	8	activity	activity	NOUN
cblr-1214	773	9	,	,	PUNCT
cblr-1214	773	10	these	these	DET
cblr-1214	773	11	appearances	appearance	NOUN
cblr-1214	773	12	do	do	AUX
cblr-1214	773	13	not	not	PART
cblr-1214	773	14	translate	translate	VERB
cblr-1214	773	15	into	into	ADP
cblr-1214	773	16	facts	fact	NOUN
cblr-1214	773	17	.	.	PUNCT
cblr-1214	774	1	stock	stock	NOUN
cblr-1214	774	2	performance	performance	NOUN
cblr-1214	774	3	provides	provide	VERB
cblr-1214	774	4	an	an	DET
cblr-1214	774	5	imperfect	imperfect	ADJ
cblr-1214	774	6	measure	measure	NOUN
cblr-1214	774	7	of	of	ADP
cblr-1214	774	8	shareholder	shareholder	NOUN
cblr-1214	774	9	financial	financial	ADJ
cblr-1214	774	10	benefit	benefit	NOUN
cblr-1214	774	11	,	,	PUNCT
cblr-1214	774	12	and	and	CCONJ
cblr-1214	774	13	it	it	PRON
cblr-1214	774	14	can	can	AUX
cblr-1214	774	15	actually	actually	ADV
cblr-1214	774	16	be	be	AUX
cblr-1214	774	17	used	use	VERB
cblr-1214	774	18	to	to	PART
cblr-1214	774	19	hide	hide	VERB
cblr-1214	774	20	concrete	concrete	ADJ
cblr-1214	774	21	harms	harm	NOUN
cblr-1214	774	22	to	to	ADP
cblr-1214	774	23	the	the	DET
cblr-1214	774	24	“	"	PUNCT
cblr-1214	774	25	human	human	ADJ
cblr-1214	774	26	investors	investor	NOUN
cblr-1214	774	27	”	"	PUNCT
cblr-1214	774	28	who	who	PRON
cblr-1214	774	29	make	make	VERB
cblr-1214	774	30	up	up	ADP
cblr-1214	774	31	a	a	DET
cblr-1214	774	32	sizable	sizable	ADJ
cblr-1214	774	33	percentage	percentage	NOUN
cblr-1214	774	34	of	of	ADP
cblr-1214	774	35	the	the	DET
cblr-1214	774	36	stockholding	stockholde	VERB
cblr-1214	774	37	population	population	NOUN
cblr-1214	774	38	.	.	PUNCT
cblr-1214	775	1	perhaps	perhaps	ADV
cblr-1214	775	2	even	even	ADV
cblr-1214	775	3	more	more	ADV
cblr-1214	775	4	problematically	problematically	ADV
cblr-1214	775	5	,	,	PUNCT
cblr-1214	775	6	adherence	adherence	NOUN
cblr-1214	775	7	to	to	ADP
cblr-1214	775	8	the	the	DET
cblr-1214	775	9	shareholder	shareholder	NOUN
cblr-1214	775	10	wealth	wealth	NOUN
cblr-1214	775	11	maximization	maximization	NOUN
cblr-1214	775	12	norm	norm	NOUN
cblr-1214	775	13	can	can	AUX
cblr-1214	775	14	generate	generate	VERB
cblr-1214	775	15	substantial	substantial	ADJ
cblr-1214	775	16	harms	harm	NOUN
cblr-1214	775	17	to	to	ADP
cblr-1214	775	18	society	society	NOUN
cblr-1214	775	19	as	as	ADP
cblr-1214	775	20	a	a	DET
cblr-1214	775	21	whole	whole	NOUN
cblr-1214	775	22	,	,	PUNCT
cblr-1214	775	23	serving	serve	VERB
cblr-1214	775	24	more	more	ADJ
cblr-1214	775	25	as	as	ADP
cblr-1214	775	26	a	a	DET
cblr-1214	775	27	transfer	transfer	NOUN
cblr-1214	775	28	of	of	ADP
cblr-1214	775	29	wealth	wealth	NOUN
cblr-1214	775	30	from	from	ADP
cblr-1214	775	31	poor	poor	ADJ
cblr-1214	775	32	and	and	CCONJ
cblr-1214	775	33	working	work	VERB
cblr-1214	775	34	class	class	NOUN
cblr-1214	775	35	consumers	consumer	NOUN
cblr-1214	775	36	to	to	ADP
cblr-1214	775	37	extremely	extremely	ADV
cblr-1214	775	38	wealthy	wealthy	ADJ
cblr-1214	775	39	investors	investor	NOUN
cblr-1214	775	40	than	than	ADP
cblr-1214	775	41	as	as	ADP
cblr-1214	775	42	a	a	DET
cblr-1214	775	43	“	"	PUNCT
cblr-1214	775	44	rising	rise	VERB
cblr-1214	775	45	tide	tide	NOUN
cblr-1214	775	46	”	"	PUNCT
cblr-1214	775	47	lifting	lift	VERB
cblr-1214	775	48	all	all	DET
cblr-1214	775	49	boats	boat	NOUN
cblr-1214	775	50	.	.	PUNCT
cblr-1214	776	1	scholars	scholar	NOUN
cblr-1214	776	2	thus	thus	ADV
cblr-1214	776	3	have	have	VERB
cblr-1214	776	4	a	a	DET
cblr-1214	776	5	duty	duty	NOUN
cblr-1214	776	6	to	to	PART
cblr-1214	776	7	look	look	VERB
cblr-1214	776	8	beyond	beyond	ADP
cblr-1214	776	9	stock	stock	NOUN
cblr-1214	776	10	performance	performance	NOUN
cblr-1214	776	11	and	and	CCONJ
cblr-1214	776	12	examine	examine	VERB
cblr-1214	776	13	alternative	alternative	ADJ
cblr-1214	776	14	measures	measure	NOUN
cblr-1214	776	15	of	of	ADP
cblr-1214	776	16	financial	financial	ADJ
cblr-1214	776	17	well	well	NOUN
cblr-1214	776	18	-	-	PUNCT
cblr-1214	776	19	being	being	NOUN
cblr-1214	776	20	and	and	CCONJ
cblr-1214	776	21	to	to	PART
cblr-1214	776	22	question	question	VERB
cblr-1214	776	23	the	the	DET
cblr-1214	776	24	assumption	assumption	NOUN
cblr-1214	776	25	that	that	SCONJ
cblr-1214	776	26	gains	gain	NOUN
cblr-1214	776	27	to	to	ADP
cblr-1214	776	28	shareholders	shareholder	NOUN
cblr-1214	776	29	will	will	AUX
cblr-1214	776	30	necessarily	necessarily	ADV
cblr-1214	776	31	translate	translate	VERB
cblr-1214	776	32	to	to	ADP
cblr-1214	776	33	gains	gain	NOUN
cblr-1214	776	34	for	for	ADP
cblr-1214	776	35	society	society	NOUN
cblr-1214	776	36	as	as	ADP
cblr-1214	776	37	a	a	DET
cblr-1214	776	38	whole	whole	NOUN
cblr-1214	776	39	.	.	PUNCT
cblr-1214	777	1	in	in	ADP
cblr-1214	777	2	order	order	NOUN
cblr-1214	777	3	to	to	PART
cblr-1214	777	4	provide	provide	VERB
cblr-1214	777	5	sound	sound	ADJ
cblr-1214	777	6	advice	advice	NOUN
cblr-1214	777	7	for	for	ADP
cblr-1214	777	8	policymakers	policymaker	NOUN
cblr-1214	777	9	,	,	PUNCT
cblr-1214	777	10	these	these	DET
cblr-1214	777	11	scholars	scholar	NOUN
cblr-1214	777	12	need	need	VERB
cblr-1214	777	13	to	to	PART
cblr-1214	777	14	look	look	VERB
cblr-1214	777	15	critically	critically	ADV
cblr-1214	777	16	at	at	ADP
cblr-1214	777	17	corporate	corporate	ADJ
cblr-1214	777	18	practices	practice	NOUN
cblr-1214	777	19	generally	generally	ADV
cblr-1214	777	20	and	and	CCONJ
cblr-1214	777	21	m&a	m&a	PROPN
cblr-1214	777	22	activity	activity	NOUN
cblr-1214	777	23	in	in	ADP
cblr-1214	777	24	particular	particular	ADJ
cblr-1214	777	25	to	to	PART
cblr-1214	777	26	expose	expose	VERB
cblr-1214	777	27	the	the	DET
cblr-1214	777	28	areas	area	NOUN
cblr-1214	777	29	where	where	SCONJ
cblr-1214	777	30	shareholders	shareholder	NOUN
cblr-1214	777	31	’	'	PUNCT
cblr-1214	777	32	financial	financial	ADJ
cblr-1214	777	33	interests	interest	NOUN
cblr-1214	777	34	may	may	AUX
cblr-1214	777	35	be	be	AUX
cblr-1214	777	36	at	at	ADP
cblr-1214	777	37	odds	odd	NOUN
cblr-1214	777	38	with	with	ADP
cblr-1214	777	39	each	each	DET
cblr-1214	777	40	other	other	ADJ
cblr-1214	777	41	and	and	CCONJ
cblr-1214	777	42	with	with	ADP
cblr-1214	777	43	social	social	ADJ
cblr-1214	777	44	welfare	welfare	NOUN
cblr-1214	777	45	.	.	PUNCT
cblr-1214	778	1	it	it	PRON
cblr-1214	778	2	is	be	AUX
cblr-1214	778	3	only	only	ADV
cblr-1214	778	4	with	with	ADP
cblr-1214	778	5	this	this	DET
cblr-1214	778	6	perspective	perspective	NOUN
cblr-1214	778	7	that	that	SCONJ
cblr-1214	778	8	directors	director	NOUN
cblr-1214	778	9	and	and	CCONJ
cblr-1214	778	10	policymakers	policymaker	NOUN
cblr-1214	778	11	can	can	AUX
cblr-1214	778	12	pursue	pursue	VERB
cblr-1214	778	13	the	the	DET
cblr-1214	778	14	strategies	strategy	NOUN
cblr-1214	778	15	and	and	CCONJ
cblr-1214	778	16	policies	policy	NOUN
cblr-1214	778	17	that	that	PRON
cblr-1214	778	18	best	well	ADV
cblr-1214	778	19	serve	serve	VERB
cblr-1214	778	20	american	american	ADJ
cblr-1214	778	21	society	society	NOUN
cblr-1214	778	22	.	.	PUNCT
cblr-1214	779	1	vi	vi	X
cblr-1214	779	2	.	.	PROPN
cblr-1214	779	3	conclusion	conclusion	NOUN
cblr-1214	779	4	this	this	DET
cblr-1214	779	5	article	article	NOUN
cblr-1214	779	6	advances	advance	VERB
cblr-1214	779	7	two	two	NUM
cblr-1214	779	8	central	central	ADJ
cblr-1214	779	9	arguments	argument	NOUN
cblr-1214	779	10	:	:	PUNCT
cblr-1214	779	11	first	first	ADV
cblr-1214	779	12	,	,	PUNCT
cblr-1214	779	13	share	share	NOUN
cblr-1214	779	14	price	price	NOUN
cblr-1214	779	15	gains	gain	NOUN
cblr-1214	779	16	do	do	AUX
cblr-1214	779	17	not	not	PART
cblr-1214	779	18	always	always	ADV
cblr-1214	779	19	represent	represent	VERB
cblr-1214	779	20	increases	increase	NOUN
cblr-1214	779	21	in	in	ADP
cblr-1214	779	22	the	the	DET
cblr-1214	779	23	welfare	welfare	NOUN
cblr-1214	779	24	of	of	ADP
cblr-1214	779	25	226	226	NUM
cblr-1214	779	26	ralph	ralph	PROPN
cblr-1214	779	27	waldo	waldo	PROPN
cblr-1214	779	28	emerson	emerson	PROPN
cblr-1214	779	29	,	,	PUNCT
cblr-1214	779	30	the	the	DET
cblr-1214	779	31	american	american	ADJ
cblr-1214	779	32	scholar	scholar	NOUN
cblr-1214	779	33	,	,	PUNCT
cblr-1214	779	34	in	in	ADP
cblr-1214	779	35	ralph	ralph	PROPN
cblr-1214	779	36	waldo	waldo	PROPN
cblr-1214	779	37	emerson	emerson	PROPN
cblr-1214	779	38	essays	essays	PROPN
cblr-1214	779	39	&	&	CCONJ
cblr-1214	779	40	lectures	lecture	NOUN
cblr-1214	779	41	51	51	NUM
cblr-1214	779	42	,	,	PUNCT
cblr-1214	779	43	63	63	NUM
cblr-1214	779	44	(	(	PUNCT
cblr-1214	779	45	joel	joel	PROPN
cblr-1214	779	46	porte	porte	PROPN
cblr-1214	779	47	ed	ed	PROPN
cblr-1214	779	48	.	.	PROPN
cblr-1214	779	49	,	,	PUNCT
cblr-1214	779	50	1983	1983	NUM
cblr-1214	779	51	)	)	PUNCT
cblr-1214	779	52	.	.	PUNCT
cblr-1214	780	1	griffin_final	griffin_final	ADJ
cblr-1214	780	2	no	no	NOUN
cblr-1214	780	3	.	.	PUNCT
cblr-1214	781	1	1:70	1:70	NUM
cblr-1214	781	2	]	]	PUNCT
cblr-1214	781	3	the	the	DET
cblr-1214	781	4	hidden	hidden	ADJ
cblr-1214	781	5	cost	cost	NOUN
cblr-1214	781	6	of	of	ADP
cblr-1214	781	7	m&a	m&a	PROPN
cblr-1214	781	8	129	129	NUM
cblr-1214	781	9	individual	individual	ADJ
cblr-1214	781	10	shareholders	shareholder	NOUN
cblr-1214	781	11	;	;	PUNCT
cblr-1214	781	12	and	and	CCONJ
cblr-1214	781	13	second	second	ADJ
cblr-1214	781	14	,	,	PUNCT
cblr-1214	781	15	share	share	NOUN
cblr-1214	781	16	price	price	NOUN
cblr-1214	781	17	gains	gain	NOUN
cblr-1214	781	18	do	do	AUX
cblr-1214	781	19	not	not	PART
cblr-1214	781	20	always	always	ADV
cblr-1214	781	21	represent	represent	VERB
cblr-1214	781	22	increases	increase	NOUN
cblr-1214	781	23	in	in	ADP
cblr-1214	781	24	societal	societal	ADJ
cblr-1214	781	25	welfare	welfare	NOUN
cblr-1214	781	26	.	.	PUNCT
cblr-1214	782	1	in	in	ADP
cblr-1214	782	2	advancing	advance	VERB
cblr-1214	782	3	these	these	DET
cblr-1214	782	4	arguments	argument	NOUN
cblr-1214	782	5	,	,	PUNCT
cblr-1214	782	6	this	this	DET
cblr-1214	782	7	article	article	NOUN
cblr-1214	782	8	presents	present	VERB
cblr-1214	782	9	a	a	DET
cblr-1214	782	10	challenge	challenge	NOUN
cblr-1214	782	11	to	to	ADP
cblr-1214	782	12	the	the	DET
cblr-1214	782	13	traditional	traditional	ADJ
cblr-1214	782	14	conception	conception	NOUN
cblr-1214	782	15	of	of	ADP
cblr-1214	782	16	the	the	DET
cblr-1214	782	17	shareholder	shareholder	NOUN
cblr-1214	782	18	wealth	wealth	NOUN
cblr-1214	782	19	maximization	maximization	NOUN
cblr-1214	782	20	norm	norm	NOUN
cblr-1214	782	21	.	.	PUNCT
cblr-1214	783	1	this	this	DET
cblr-1214	783	2	conception	conception	NOUN
cblr-1214	783	3	has	have	AUX
cblr-1214	783	4	allowed	allow	VERB
cblr-1214	783	5	boards	board	NOUN
cblr-1214	783	6	of	of	ADP
cblr-1214	783	7	directors	director	NOUN
cblr-1214	783	8	and	and	CCONJ
cblr-1214	783	9	other	other	ADJ
cblr-1214	783	10	corporate	corporate	ADJ
cblr-1214	783	11	actors	actor	NOUN
cblr-1214	783	12	to	to	PART
cblr-1214	783	13	serve	serve	VERB
cblr-1214	783	14	fictionalized	fictionalize	VERB
cblr-1214	783	15	versions	version	NOUN
cblr-1214	783	16	of	of	ADP
cblr-1214	783	17	their	their	PRON
cblr-1214	783	18	real	real	ADJ
cblr-1214	783	19	shareholders	shareholder	NOUN
cblr-1214	783	20	.	.	PUNCT
cblr-1214	784	1	it	it	PRON
cblr-1214	784	2	has	have	AUX
cblr-1214	784	3	also	also	ADV
cblr-1214	784	4	allowed	allow	VERB
cblr-1214	784	5	corporate	corporate	ADJ
cblr-1214	784	6	actors	actor	NOUN
cblr-1214	784	7	to	to	PART
cblr-1214	784	8	ignore	ignore	VERB
cblr-1214	784	9	the	the	DET
cblr-1214	784	10	true	true	ADJ
cblr-1214	784	11	impact	impact	NOUN
cblr-1214	784	12	of	of	ADP
cblr-1214	784	13	their	their	PRON
cblr-1214	784	14	actions	action	NOUN
cblr-1214	784	15	on	on	ADP
cblr-1214	784	16	the	the	DET
cblr-1214	784	17	very	very	ADJ
cblr-1214	784	18	individuals	individual	NOUN
cblr-1214	784	19	in	in	ADP
cblr-1214	784	20	whose	whose	DET
cblr-1214	784	21	best	good	ADJ
cblr-1214	784	22	interests	interest	NOUN
cblr-1214	784	23	they	they	PRON
cblr-1214	784	24	purport	purport	VERB
cblr-1214	784	25	to	to	PART
cblr-1214	784	26	act	act	VERB
cblr-1214	784	27	.	.	PUNCT
cblr-1214	785	1	this	this	DET
cblr-1214	785	2	article	article	NOUN
cblr-1214	785	3	uses	use	VERB
cblr-1214	785	4	m&a	m&a	PROPN
cblr-1214	785	5	activity	activity	NOUN
cblr-1214	785	6	as	as	ADP
cblr-1214	785	7	a	a	DET
cblr-1214	785	8	lens	lens	NOUN
cblr-1214	785	9	through	through	ADP
cblr-1214	785	10	which	which	PRON
cblr-1214	785	11	to	to	PART
cblr-1214	785	12	examine	examine	VERB
cblr-1214	785	13	some	some	PRON
cblr-1214	785	14	of	of	ADP
cblr-1214	785	15	the	the	DET
cblr-1214	785	16	central	central	ADJ
cblr-1214	785	17	claims	claim	NOUN
cblr-1214	785	18	of	of	ADP
cblr-1214	785	19	the	the	DET
cblr-1214	785	20	shareholder	shareholder	NOUN
cblr-1214	785	21	wealth	wealth	NOUN
cblr-1214	785	22	maximization	maximization	NOUN
cblr-1214	785	23	norm	norm	NOUN
cblr-1214	785	24	.	.	PUNCT
cblr-1214	786	1	this	this	DET
cblr-1214	786	2	examination	examination	NOUN
cblr-1214	786	3	reveals	reveal	VERB
cblr-1214	786	4	that	that	SCONJ
cblr-1214	786	5	the	the	DET
cblr-1214	786	6	traditionalist	traditionalist	NOUN
cblr-1214	786	7	conception	conception	NOUN
cblr-1214	786	8	of	of	ADP
cblr-1214	786	9	shareholder	shareholder	NOUN
cblr-1214	786	10	wealth	wealth	NOUN
cblr-1214	786	11	maximization	maximization	NOUN
cblr-1214	786	12	is	be	AUX
cblr-1214	786	13	limited	limited	ADJ
cblr-1214	786	14	and	and	CCONJ
cblr-1214	786	15	problematic	problematic	ADJ
cblr-1214	786	16	in	in	ADP
cblr-1214	786	17	a	a	DET
cblr-1214	786	18	number	number	NOUN
cblr-1214	786	19	of	of	ADP
cblr-1214	786	20	ways	way	NOUN
cblr-1214	786	21	.	.	PUNCT
cblr-1214	787	1	although	although	SCONJ
cblr-1214	787	2	m&a	m&a	PROPN
cblr-1214	787	3	activity	activity	NOUN
cblr-1214	787	4	may	may	AUX
cblr-1214	787	5	increase	increase	VERB
cblr-1214	787	6	share	share	NOUN
cblr-1214	787	7	prices	price	NOUN
cblr-1214	787	8	,	,	PUNCT
cblr-1214	787	9	the	the	DET
cblr-1214	787	10	evidence	evidence	NOUN
cblr-1214	787	11	suggests	suggest	VERB
cblr-1214	787	12	that	that	SCONJ
cblr-1214	787	13	it	it	PRON
cblr-1214	787	14	also	also	ADV
cblr-1214	787	15	produces	produce	VERB
cblr-1214	787	16	undesirable	undesirable	ADJ
cblr-1214	787	17	social	social	ADJ
cblr-1214	787	18	and	and	CCONJ
cblr-1214	787	19	economic	economic	ADJ
cblr-1214	787	20	effects	effect	NOUN
cblr-1214	787	21	.	.	PUNCT
cblr-1214	788	1	despite	despite	SCONJ
cblr-1214	788	2	the	the	DET
cblr-1214	788	3	fact	fact	NOUN
cblr-1214	788	4	that	that	SCONJ
cblr-1214	788	5	these	these	DET
cblr-1214	788	6	results	result	NOUN
cblr-1214	788	7	emerge	emerge	VERB
cblr-1214	788	8	in	in	ADP
cblr-1214	788	9	the	the	DET
cblr-1214	788	10	context	context	NOUN
cblr-1214	788	11	of	of	ADP
cblr-1214	788	12	m&a	m&a	PROPN
cblr-1214	788	13	activity	activity	NOUN
cblr-1214	788	14	,	,	PUNCT
cblr-1214	788	15	they	they	PRON
cblr-1214	788	16	should	should	AUX
cblr-1214	788	17	perhaps	perhaps	ADV
cblr-1214	788	18	cause	cause	VERB
cblr-1214	788	19	us	we	PRON
cblr-1214	788	20	to	to	PART
cblr-1214	788	21	reexamine	reexamine	VERB
cblr-1214	788	22	the	the	DET
cblr-1214	788	23	impact	impact	NOUN
cblr-1214	788	24	of	of	ADP
cblr-1214	788	25	the	the	DET
cblr-1214	788	26	shareholder	shareholder	NOUN
cblr-1214	788	27	wealth	wealth	NOUN
cblr-1214	788	28	maximization	maximization	NOUN
cblr-1214	788	29	norm	norm	NOUN
cblr-1214	788	30	in	in	ADP
cblr-1214	788	31	other	other	ADJ
cblr-1214	788	32	areas	area	NOUN
cblr-1214	788	33	as	as	ADV
cblr-1214	788	34	well	well	ADV
cblr-1214	788	35	.	.	PUNCT
cblr-1214	789	1	further	further	ADJ
cblr-1214	789	2	study	study	NOUN
cblr-1214	789	3	in	in	ADP
cblr-1214	789	4	this	this	DET
cblr-1214	789	5	area	area	NOUN
cblr-1214	789	6	is	be	AUX
cblr-1214	789	7	therefore	therefore	ADV
cblr-1214	789	8	advisable	advisable	ADJ
cblr-1214	789	9	.	.	PUNCT
cblr-1214	790	1	this	this	DET
cblr-1214	790	2	article	article	NOUN
cblr-1214	790	3	does	do	AUX
cblr-1214	790	4	not	not	PART
cblr-1214	790	5	attempt	attempt	VERB
cblr-1214	790	6	to	to	PART
cblr-1214	790	7	prove	prove	VERB
cblr-1214	790	8	that	that	SCONJ
cblr-1214	790	9	the	the	DET
cblr-1214	790	10	shareholder	shareholder	NOUN
cblr-1214	790	11	wealth	wealth	NOUN
cblr-1214	790	12	maximization	maximization	NOUN
cblr-1214	790	13	norm	norm	NOUN
cblr-1214	790	14	is	be	AUX
cblr-1214	790	15	“	"	PUNCT
cblr-1214	790	16	wrong	wrong	ADJ
cblr-1214	790	17	,	,	PUNCT
cblr-1214	790	18	”	"	PUNCT
cblr-1214	790	19	either	either	CCONJ
cblr-1214	790	20	positively	positively	ADV
cblr-1214	790	21	or	or	CCONJ
cblr-1214	790	22	normatively	normatively	ADV
cblr-1214	790	23	,	,	PUNCT
cblr-1214	790	24	but	but	CCONJ
cblr-1214	790	25	rather	rather	ADV
cblr-1214	790	26	that	that	SCONJ
cblr-1214	790	27	it	it	PRON
cblr-1214	790	28	is	be	AUX
cblr-1214	790	29	overly	overly	ADV
cblr-1214	790	30	narrow	narrow	ADJ
cblr-1214	790	31	and	and	CCONJ
cblr-1214	790	32	that	that	SCONJ
cblr-1214	790	33	the	the	DET
cblr-1214	790	34	costs	cost	NOUN
cblr-1214	790	35	it	it	PRON
cblr-1214	790	36	imposes	impose	VERB
cblr-1214	790	37	on	on	ADP
cblr-1214	790	38	society	society	NOUN
cblr-1214	790	39	are	be	AUX
cblr-1214	790	40	both	both	ADV
cblr-1214	790	41	significant	significant	ADJ
cblr-1214	790	42	and	and	CCONJ
cblr-1214	790	43	poorly	poorly	ADV
cblr-1214	790	44	understood	understand	VERB
cblr-1214	790	45	.	.	PUNCT
cblr-1214	791	1	even	even	ADV
cblr-1214	791	2	so	so	ADV
cblr-1214	791	3	,	,	PUNCT
cblr-1214	791	4	it	it	PRON
cblr-1214	791	5	may	may	AUX
cblr-1214	791	6	still	still	ADV
cblr-1214	791	7	be	be	AUX
cblr-1214	791	8	the	the	DET
cblr-1214	791	9	best	good	ADJ
cblr-1214	791	10	and	and	CCONJ
cblr-1214	791	11	most	most	ADV
cblr-1214	791	12	workable	workable	ADJ
cblr-1214	791	13	conception	conception	NOUN
cblr-1214	791	14	of	of	ADP
cblr-1214	791	15	corporate	corporate	ADJ
cblr-1214	791	16	purpose	purpose	NOUN
cblr-1214	791	17	.	.	PUNCT
cblr-1214	792	1	however	however	ADV
cblr-1214	792	2	,	,	PUNCT
cblr-1214	792	3	as	as	SCONJ
cblr-1214	792	4	scholars	scholar	NOUN
cblr-1214	792	5	continue	continue	VERB
cblr-1214	792	6	the	the	DET
cblr-1214	792	7	spirited	spirited	ADJ
cblr-1214	792	8	debate	debate	NOUN
cblr-1214	792	9	regarding	regard	VERB
cblr-1214	792	10	corporate	corporate	ADJ
cblr-1214	792	11	purpose	purpose	NOUN
cblr-1214	792	12	,	,	PUNCT
cblr-1214	792	13	a	a	DET
cblr-1214	792	14	more	more	ADV
cblr-1214	792	15	accurate	accurate	ADJ
cblr-1214	792	16	understanding	understanding	NOUN
cblr-1214	792	17	of	of	ADP
cblr-1214	792	18	the	the	DET
cblr-1214	792	19	costs	cost	NOUN
cblr-1214	792	20	and	and	CCONJ
cblr-1214	792	21	benefits	benefit	NOUN
cblr-1214	792	22	of	of	ADP
cblr-1214	792	23	the	the	DET
cblr-1214	792	24	shareholder	shareholder	NOUN
cblr-1214	792	25	wealth	wealth	NOUN
cblr-1214	792	26	maximization	maximization	NOUN
cblr-1214	792	27	norm	norm	NOUN
cblr-1214	792	28	is	be	AUX
cblr-1214	792	29	essential	essential	ADJ
cblr-1214	792	30	.	.	PUNCT
cblr-1214	793	1	if	if	SCONJ
cblr-1214	793	2	these	these	DET
cblr-1214	793	3	costs	cost	NOUN
cblr-1214	793	4	are	be	AUX
cblr-1214	793	5	ignored	ignore	VERB
cblr-1214	793	6	,	,	PUNCT
cblr-1214	793	7	it	it	PRON
cblr-1214	793	8	is	be	AUX
cblr-1214	793	9	to	to	ADP
cblr-1214	793	10	the	the	DET
cblr-1214	793	11	detriment	detriment	NOUN
cblr-1214	793	12	of	of	ADP
cblr-1214	793	13	substantial	substantial	ADJ
cblr-1214	793	14	numbers	number	NOUN
cblr-1214	793	15	of	of	ADP
cblr-1214	793	16	shareholders	shareholder	NOUN
cblr-1214	793	17	and	and	CCONJ
cblr-1214	793	18	consumers	consumer	NOUN
cblr-1214	793	19	.	.	PUNCT