id	sid	tid	token	lemma	pos
cblr-13005	1	1	article	article	NOUN
cblr-13005	1	2	a	a	DET
cblr-13005	1	3	hard	hard	ADJ
cblr-13005	1	4	look	look	NOUN
cblr-13005	1	5	at	at	ADP
cblr-13005	1	6	portfolio	portfolio	NOUN
cblr-13005	1	7	-	-	PUNCT
cblr-13005	1	8	focused	focus	VERB
cblr-13005	1	9	stewardship	stewardship	NOUN
cblr-13005	1	10	amanda	amanda	PROPN
cblr-13005	1	11	m.	m.	PROPN
cblr-13005	1	12	rose	rise	VERB
cblr-13005	1	13	*	*	PUNCT
cblr-13005	1	14	financially	financially	ADV
cblr-13005	1	15	motivated	motivated	ADJ
cblr-13005	1	16	diversified	diversified	ADJ
cblr-13005	1	17	investors	investor	NOUN
cblr-13005	1	18	want	want	VERB
cblr-13005	1	19	to	to	PART
cblr-13005	1	20	maximize	maximize	VERB
cblr-13005	1	21	the	the	DET
cblr-13005	1	22	overall	overall	ADJ
cblr-13005	1	23	value	value	NOUN
cblr-13005	1	24	of	of	ADP
cblr-13005	1	25	their	their	PRON
cblr-13005	1	26	portfolio	portfolio	NOUN
cblr-13005	1	27	and	and	CCONJ
cblr-13005	1	28	are	be	AUX
cblr-13005	1	29	not	not	PART
cblr-13005	1	30	independently	independently	ADV
cblr-13005	1	31	concerned	concerned	ADJ
cblr-13005	1	32	with	with	ADP
cblr-13005	1	33	the	the	DET
cblr-13005	1	34	performance	performance	NOUN
cblr-13005	1	35	of	of	ADP
cblr-13005	1	36	any	any	DET
cblr-13005	1	37	given	give	VERB
cblr-13005	1	38	portfolio	portfolio	NOUN
cblr-13005	1	39	firm	firm	NOUN
cblr-13005	1	40	.	.	PUNCT
cblr-13005	2	1	a	a	DET
cblr-13005	2	2	growing	grow	VERB
cblr-13005	2	3	number	number	NOUN
cblr-13005	2	4	of	of	ADP
cblr-13005	2	5	scholars	scholar	NOUN
cblr-13005	2	6	have	have	AUX
cblr-13005	2	7	concluded	conclude	VERB
cblr-13005	2	8	that	that	SCONJ
cblr-13005	2	9	index	index	NOUN
cblr-13005	2	10	fund	fund	NOUN
cblr-13005	2	11	managers	manager	NOUN
cblr-13005	2	12	should	should	AUX
cblr-13005	2	13	therefore	therefore	ADV
cblr-13005	2	14	engage	engage	VERB
cblr-13005	2	15	in	in	ADP
cblr-13005	2	16	stewardship	stewardship	NOUN
cblr-13005	2	17	designed	design	VERB
cblr-13005	2	18	to	to	PART
cblr-13005	2	19	force	force	VERB
cblr-13005	2	20	portfolio	portfolio	NOUN
cblr-13005	2	21	firms	firm	NOUN
cblr-13005	2	22	to	to	PART
cblr-13005	2	23	internalize	internalize	VERB
cblr-13005	2	24	the	the	DET
cblr-13005	2	25	costs	cost	NOUN
cblr-13005	2	26	their	their	PRON
cblr-13005	2	27	activities	activity	NOUN
cblr-13005	2	28	impose	impose	VERB
cblr-13005	2	29	on	on	ADP
cblr-13005	2	30	other	other	ADJ
cblr-13005	2	31	portfolio	portfolio	NOUN
cblr-13005	2	32	firms	firm	NOUN
cblr-13005	2	33	(	(	PUNCT
cblr-13005	2	34	“	"	PUNCT
cblr-13005	2	35	portfolio	portfolio	NOUN
cblr-13005	2	36	-	-	PUNCT
cblr-13005	2	37	focused	focus	VERB
cblr-13005	2	38	stewardship	stewardship	NOUN
cblr-13005	2	39	”	"	PUNCT
cblr-13005	2	40	)	)	PUNCT
cblr-13005	2	41	.	.	PUNCT
cblr-13005	3	1	this	this	PRON
cblr-13005	3	2	seemingly	seemingly	ADV
cblr-13005	3	3	provides	provide	VERB
cblr-13005	3	4	a	a	DET
cblr-13005	3	5	financial	financial	ADJ
cblr-13005	3	6	justification	justification	NOUN
cblr-13005	3	7	for	for	ADP
cblr-13005	3	8	sec	sec	PROPN
cblr-13005	3	9	-	-	PUNCT
cblr-13005	3	10	mandated	mandate	VERB
cblr-13005	3	11	disclosure	disclosure	NOUN
cblr-13005	3	12	on	on	ADP
cblr-13005	3	13	esg	esg	PROPN
cblr-13005	3	14	topics	topic	NOUN
cblr-13005	3	15	—	—	PUNCT
cblr-13005	3	16	esg	esg	NOUN
cblr-13005	3	17	disclosures	disclosure	NOUN
cblr-13005	3	18	concerning	concern	VERB
cblr-13005	3	19	how	how	SCONJ
cblr-13005	3	20	a	a	DET
cblr-13005	3	21	firm	firm	NOUN
cblr-13005	3	22	’s	’s	PART
cblr-13005	3	23	activities	activity	NOUN
cblr-13005	3	24	affect	affect	VERB
cblr-13005	3	25	the	the	DET
cblr-13005	3	26	broader	broad	ADJ
cblr-13005	3	27	economy	economy	NOUN
cblr-13005	3	28	might	might	AUX
cblr-13005	3	29	help	help	VERB
cblr-13005	3	30	index	index	NOUN
cblr-13005	3	31	fund	fund	NOUN
cblr-13005	3	32	managers	manager	NOUN
cblr-13005	3	33	identify	identify	VERB
cblr-13005	3	34	and	and	CCONJ
cblr-13005	3	35	,	,	PUNCT
cblr-13005	3	36	through	through	ADP
cblr-13005	3	37	stewardship	stewardship	NOUN
cblr-13005	3	38	,	,	PUNCT
cblr-13005	3	39	force	force	VERB
cblr-13005	3	40	the	the	DET
cblr-13005	3	41	internalization	internalization	NOUN
cblr-13005	3	42	of	of	ADP
cblr-13005	3	43	intraportfolio	intraportfolio	ADJ
cblr-13005	3	44	externalities	externality	NOUN
cblr-13005	3	45	,	,	PUNCT
cblr-13005	3	46	leading	lead	VERB
cblr-13005	3	47	to	to	ADP
cblr-13005	3	48	increases	increase	NOUN
cblr-13005	3	49	in	in	ADP
cblr-13005	3	50	risk	risk	NOUN
cblr-13005	3	51	-	-	PUNCT
cblr-13005	3	52	adjusted	adjust	VERB
cblr-13005	3	53	portfolio	portfolio	NOUN
cblr-13005	3	54	value	value	NOUN
cblr-13005	3	55	.	.	PUNCT
cblr-13005	4	1	this	this	DET
cblr-13005	4	2	article	article	NOUN
cblr-13005	4	3	critically	critically	ADV
cblr-13005	4	4	examines	examine	VERB
cblr-13005	4	5	whether	whether	SCONJ
cblr-13005	4	6	,	,	PUNCT
cblr-13005	4	7	and	and	CCONJ
cblr-13005	4	8	under	under	ADP
cblr-13005	4	9	what	what	DET
cblr-13005	4	10	circumstances	circumstance	NOUN
cblr-13005	4	11	,	,	PUNCT
cblr-13005	4	12	financially	financially	ADV
cblr-13005	4	13	motivated	motivated	ADJ
cblr-13005	4	14	diversified	diversified	ADJ
cblr-13005	4	15	investors	investor	NOUN
cblr-13005	4	16	would	would	AUX
cblr-13005	4	17	want	want	VERB
cblr-13005	4	18	their	their	PRON
cblr-13005	4	19	index	index	NOUN
cblr-13005	4	20	fund	fund	NOUN
cblr-13005	4	21	managers	manager	NOUN
cblr-13005	4	22	to	to	PART
cblr-13005	4	23	engage	engage	VERB
cblr-13005	4	24	in	in	ADP
cblr-13005	4	25	portfolio	portfolio	NOUN
cblr-13005	4	26	-	-	PUNCT
cblr-13005	4	27	focused	focus	VERB
cblr-13005	4	28	stewardship	stewardship	NOUN
cblr-13005	4	29	,	,	PUNCT
cblr-13005	4	30	paying	pay	VERB
cblr-13005	4	31	careful	careful	ADJ
cblr-13005	4	32	attention	attention	NOUN
cblr-13005	4	33	to	to	ADP
cblr-13005	4	34	the	the	DET
cblr-13005	4	35	realworld	realworld	PROPN
cblr-13005	4	36	frictions	friction	NOUN
cblr-13005	4	37	that	that	PRON
cblr-13005	4	38	cast	cast	VERB
cblr-13005	4	39	doubt	doubt	NOUN
cblr-13005	4	40	on	on	ADP
cblr-13005	4	41	the	the	DET
cblr-13005	4	42	likelihood	likelihood	NOUN
cblr-13005	4	43	that	that	SCONJ
cblr-13005	4	44	portfoliofocused	portfoliofocuse	VERB
cblr-13005	4	45	stewardship	stewardship	NOUN
cblr-13005	4	46	would	would	AUX
cblr-13005	4	47	lead	lead	VERB
cblr-13005	4	48	to	to	ADP
cblr-13005	4	49	net	net	ADJ
cblr-13005	4	50	gains	gain	NOUN
cblr-13005	4	51	in	in	ADP
cblr-13005	4	52	risk	risk	NOUN
cblr-13005	4	53	-	-	PUNCT
cblr-13005	4	54	adjusted	adjust	VERB
cblr-13005	4	55	*	*	PUNCT
cblr-13005	4	56	cornelius	cornelius	PROPN
cblr-13005	4	57	vanderbilt	vanderbilt	PROPN
cblr-13005	4	58	chair	chair	PROPN
cblr-13005	4	59	in	in	ADP
cblr-13005	4	60	law	law	NOUN
cblr-13005	4	61	,	,	PUNCT
cblr-13005	4	62	vanderbilt	vanderbilt	PROPN
cblr-13005	4	63	university	university	PROPN
cblr-13005	4	64	.	.	PUNCT
cblr-13005	5	1	i	i	PRON
cblr-13005	5	2	am	be	AUX
cblr-13005	5	3	grateful	grateful	ADJ
cblr-13005	5	4	to	to	ADP
cblr-13005	5	5	taylor	taylor	PROPN
cblr-13005	5	6	robbins	robbin	NOUN
cblr-13005	5	7	for	for	ADP
cblr-13005	5	8	excellent	excellent	ADJ
cblr-13005	5	9	research	research	NOUN
cblr-13005	5	10	assistance	assistance	NOUN
cblr-13005	5	11	.	.	PUNCT
cblr-13005	6	1	for	for	ADP
cblr-13005	6	2	insightful	insightful	ADJ
cblr-13005	6	3	comments	comment	NOUN
cblr-13005	6	4	,	,	PUNCT
cblr-13005	6	5	i	i	PRON
cblr-13005	6	6	am	be	AUX
cblr-13005	6	7	grateful	grateful	ADJ
cblr-13005	6	8	to	to	ADP
cblr-13005	6	9	individuals	individual	NOUN
cblr-13005	6	10	in	in	ADP
cblr-13005	6	11	the	the	DET
cblr-13005	6	12	asset	asset	NOUN
cblr-13005	6	13	management	management	NOUN
cblr-13005	6	14	industry	industry	NOUN
cblr-13005	6	15	who	who	PRON
cblr-13005	6	16	took	take	VERB
cblr-13005	6	17	time	time	NOUN
cblr-13005	6	18	to	to	PART
cblr-13005	6	19	speak	speak	VERB
cblr-13005	6	20	with	with	ADP
cblr-13005	6	21	me	i	PRON
cblr-13005	6	22	as	as	ADV
cblr-13005	6	23	well	well	ADV
cblr-13005	6	24	to	to	ADP
cblr-13005	6	25	numerous	numerous	ADJ
cblr-13005	6	26	participants	participant	NOUN
cblr-13005	6	27	at	at	ADP
cblr-13005	6	28	:	:	PUNCT
cblr-13005	6	29	the	the	DET
cblr-13005	6	30	2023	2023	NUM
cblr-13005	6	31	tulane	tulane	NOUN
cblr-13005	6	32	corporate	corporate	ADJ
cblr-13005	6	33	and	and	CCONJ
cblr-13005	6	34	securities	security	NOUN
cblr-13005	6	35	law	law	NOUN
cblr-13005	6	36	roundtable	roundtable	NOUN
cblr-13005	6	37	;	;	PUNCT
cblr-13005	6	38	vanderbilt	vanderbilt	PROPN
cblr-13005	6	39	law	law	PROPN
cblr-13005	6	40	school	school	PROPN
cblr-13005	6	41	’s	’s	PART
cblr-13005	6	42	faculty	faculty	NOUN
cblr-13005	6	43	workshop	workshop	NOUN
cblr-13005	6	44	;	;	PUNCT
cblr-13005	6	45	vanderbilt	vanderbilt	PROPN
cblr-13005	6	46	law	law	PROPN
cblr-13005	6	47	school	school	PROPN
cblr-13005	6	48	’s	’s	PART
cblr-13005	6	49	25th	25th	ADJ
cblr-13005	6	50	annual	annual	ADJ
cblr-13005	6	51	law	law	NOUN
cblr-13005	6	52	&	&	CCONJ
cblr-13005	6	53	business	business	PROPN
cblr-13005	6	54	conference	conference	NOUN
cblr-13005	6	55	;	;	PUNCT
cblr-13005	6	56	the	the	DET
cblr-13005	6	57	comparative	comparative	ADJ
cblr-13005	6	58	takeovers	takeover	NOUN
cblr-13005	6	59	and	and	CCONJ
cblr-13005	6	60	securities	security	NOUN
cblr-13005	6	61	law	law	NOUN
cblr-13005	6	62	conference	conference	NOUN
cblr-13005	6	63	at	at	ADP
cblr-13005	6	64	trinity	trinity	PROPN
cblr-13005	6	65	college	college	PROPN
cblr-13005	6	66	dublin	dublin	PROPN
cblr-13005	6	67	;	;	PUNCT
cblr-13005	6	68	the	the	DET
cblr-13005	6	69	fordham	fordham	PROPN
cblr-13005	6	70	law	law	PROPN
cblr-13005	6	71	&	&	CCONJ
cblr-13005	6	72	columbia	columbia	PROPN
cblr-13005	6	73	law	law	PROPN
cblr-13005	6	74	school	school	NOUN
cblr-13005	6	75	conference	conference	NOUN
cblr-13005	6	76	:	:	PUNCT
cblr-13005	6	77	celebrating	celebrate	VERB
cblr-13005	6	78	the	the	DET
cblr-13005	6	79	enduring	endure	VERB
cblr-13005	6	80	influence	influence	NOUN
cblr-13005	6	81	of	of	ADP
cblr-13005	6	82	zohar	zohar	PROPN
cblr-13005	6	83	goshen	goshen	PROPN
cblr-13005	6	84	and	and	CCONJ
cblr-13005	6	85	gideon	gideon	PROPN
cblr-13005	6	86	parchomovsky	parchomovsky	PROPN
cblr-13005	6	87	’s	’s	PART
cblr-13005	6	88	seminal	seminal	ADJ
cblr-13005	6	89	article	article	NOUN
cblr-13005	6	90	the	the	DET
cblr-13005	6	91	essential	essential	ADJ
cblr-13005	6	92	role	role	NOUN
cblr-13005	6	93	of	of	ADP
cblr-13005	6	94	securities	security	NOUN
cblr-13005	6	95	regulation	regulation	NOUN
cblr-13005	6	96	;	;	PUNCT
cblr-13005	6	97	and	and	CCONJ
cblr-13005	6	98	the	the	DET
cblr-13005	6	99	business	business	NOUN
cblr-13005	6	100	law	law	PROPN
cblr-13005	6	101	&	&	CCONJ
cblr-13005	6	102	economics	economic	NOUN
cblr-13005	6	103	workshop	workshop	NOUN
cblr-13005	6	104	at	at	ADP
cblr-13005	6	105	the	the	DET
cblr-13005	6	106	university	university	PROPN
cblr-13005	6	107	of	of	ADP
cblr-13005	6	108	texas	texas	PROPN
cblr-13005	6	109	at	at	ADP
cblr-13005	6	110	austin	austin	PROPN
cblr-13005	6	111	law	law	PROPN
cblr-13005	6	112	school	school	NOUN
cblr-13005	6	113	.	.	PUNCT
cblr-13005	7	1	314	314	NUM
cblr-13005	7	2	columbia	columbia	PROPN
cblr-13005	7	3	business	business	NOUN
cblr-13005	7	4	law	law	PROPN
cblr-13005	7	5	review	review	NOUN
cblr-13005	8	1	[	[	X
cblr-13005	8	2	vol	vol	NOUN
cblr-13005	8	3	.	.	NOUN
cblr-13005	8	4	2024	2024	NUM
cblr-13005	8	5	portfolio	portfolio	NOUN
cblr-13005	8	6	value	value	NOUN
cblr-13005	8	7	as	as	ADV
cblr-13005	8	8	well	well	ADV
cblr-13005	8	9	as	as	ADP
cblr-13005	8	10	the	the	DET
cblr-13005	8	11	alternative	alternative	ADJ
cblr-13005	8	12	tools	tool	NOUN
cblr-13005	8	13	available	available	ADJ
cblr-13005	8	14	to	to	ADP
cblr-13005	8	15	diversified	diversify	VERB
cblr-13005	8	16	investors	investor	NOUN
cblr-13005	8	17	for	for	ADP
cblr-13005	8	18	addressing	address	VERB
cblr-13005	8	19	intraportfolio	intraportfolio	ADJ
cblr-13005	8	20	externalities	externality	NOUN
cblr-13005	8	21	.	.	PUNCT
cblr-13005	9	1	the	the	DET
cblr-13005	9	2	analysis	analysis	NOUN
cblr-13005	9	3	has	have	VERB
cblr-13005	9	4	important	important	ADJ
cblr-13005	9	5	implications	implication	NOUN
cblr-13005	9	6	for	for	ADP
cblr-13005	9	7	contemporary	contemporary	ADJ
cblr-13005	9	8	debates	debate	NOUN
cblr-13005	9	9	over	over	ADP
cblr-13005	9	10	sec	sec	PROPN
cblr-13005	9	11	-	-	PUNCT
cblr-13005	9	12	mandated	mandate	VERB
cblr-13005	9	13	esg	esg	NOUN
cblr-13005	9	14	disclosure	disclosure	NOUN
cblr-13005	9	15	as	as	ADV
cblr-13005	9	16	well	well	ADV
cblr-13005	9	17	as	as	ADP
cblr-13005	9	18	index	index	NOUN
cblr-13005	9	19	fund	fund	NOUN
cblr-13005	9	20	managers	manager	NOUN
cblr-13005	9	21	’	’	PART
cblr-13005	9	22	fiduciary	fiduciary	ADJ
cblr-13005	9	23	responsibilities	responsibility	NOUN
cblr-13005	9	24	.	.	PUNCT
cblr-13005	10	1	i.	i.	PROPN
cblr-13005	10	2	introduction	introduction	NOUN
cblr-13005	10	3	......................................................................	......................................................................	PUNCT
cblr-13005	10	4	314	314	NUM
cblr-13005	10	5	ii	ii	NOUN
cblr-13005	10	6	.	.	PUNCT
cblr-13005	11	1	portfolio	portfolio	NOUN
cblr-13005	11	2	-	-	PUNCT
cblr-13005	11	3	focused	focus	VERB
cblr-13005	11	4	stewardship	stewardship	NOUN
cblr-13005	11	5	gains	gain	VERB
cblr-13005	11	6	academic	academic	ADJ
cblr-13005	11	7	adherents	adherent	NOUN
cblr-13005	11	8	...................................................................	...................................................................	PUNCT
cblr-13005	12	1	326	326	NUM
cblr-13005	12	2	iii	iii	NOUN
cblr-13005	12	3	.	.	PROPN
cblr-13005	12	4	is	be	AUX
cblr-13005	12	5	portfolio	portfolio	NOUN
cblr-13005	12	6	-	-	PUNCT
cblr-13005	12	7	focused	focus	VERB
cblr-13005	12	8	stewardship	stewardship	NOUN
cblr-13005	12	9	likely	likely	ADJ
cblr-13005	12	10	to	to	PART
cblr-13005	12	11	increase	increase	VERB
cblr-13005	12	12	portfolio	portfolio	NOUN
cblr-13005	12	13	value	value	NOUN
cblr-13005	12	14	?	?	PUNCT
cblr-13005	12	15	..........................................................	..........................................................	PUNCT
cblr-13005	13	1	331	331	NUM
cblr-13005	13	2	a.	a.	NOUN
cblr-13005	13	3	real	real	ADJ
cblr-13005	13	4	world	world	NOUN
cblr-13005	13	5	friction	friction	NOUN
cblr-13005	13	6	#	#	SYM
cblr-13005	13	7	1	1	NUM
cblr-13005	13	8	:	:	PUNCT
cblr-13005	13	9	managerial	managerial	ADJ
cblr-13005	13	10	agency	agency	NOUN
cblr-13005	13	11	costs	cost	VERB
cblr-13005	13	12	333	333	NUM
cblr-13005	13	13	b.	b.	PROPN
cblr-13005	13	14	real	real	ADJ
cblr-13005	13	15	world	world	NOUN
cblr-13005	13	16	friction	friction	NOUN
cblr-13005	13	17	#	#	SYM
cblr-13005	13	18	2	2	NUM
cblr-13005	13	19	:	:	PUNCT
cblr-13005	13	20	intermediary	intermediary	ADJ
cblr-13005	13	21	agency	agency	NOUN
cblr-13005	13	22	costs	cost	VERB
cblr-13005	13	23	340	340	NUM
cblr-13005	13	24	c.	c.	PROPN
cblr-13005	13	25	real	real	ADJ
cblr-13005	13	26	world	world	NOUN
cblr-13005	13	27	friction	friction	NOUN
cblr-13005	13	28	#	#	SYM
cblr-13005	13	29	3	3	NUM
cblr-13005	13	30	:	:	PUNCT
cblr-13005	13	31	imperfect	imperfect	ADJ
cblr-13005	13	32	information	information	NOUN
cblr-13005	13	33	..	..	PUNCT
cblr-13005	13	34	355	355	NUM
cblr-13005	13	35	1	1	NUM
cblr-13005	13	36	.	.	PUNCT
cblr-13005	13	37	command	command	NOUN
cblr-13005	13	38	-	-	PUNCT
cblr-13005	13	39	and	and	CCONJ
cblr-13005	13	40	-	-	PUNCT
cblr-13005	13	41	control	control	NOUN
cblr-13005	13	42	regulation	regulation	NOUN
cblr-13005	13	43	................	................	PUNCT
cblr-13005	13	44	363	363	NUM
cblr-13005	13	45	2	2	NUM
cblr-13005	13	46	.	.	PUNCT
cblr-13005	14	1	disclosure	disclosure	NOUN
cblr-13005	14	2	regulation	regulation	NOUN
cblr-13005	14	3	....................................	....................................	PUNCT
cblr-13005	14	4	368	368	NUM
cblr-13005	14	5	d.	d.	PROPN
cblr-13005	14	6	real	real	PROPN
cblr-13005	14	7	world	world	PROPN
cblr-13005	14	8	friction	friction	NOUN
cblr-13005	14	9	#	#	SYM
cblr-13005	14	10	4	4	NUM
cblr-13005	14	11	:	:	PUNCT
cblr-13005	14	12	market	market	NOUN
cblr-13005	14	13	dynamism	dynamism	NOUN
cblr-13005	14	14	.......	.......	PUNCT
cblr-13005	14	15	371	371	NUM
cblr-13005	14	16	iv	iv	NOUN
cblr-13005	14	17	.	.	PUNCT
cblr-13005	15	1	evaluating	evaluate	VERB
cblr-13005	15	2	the	the	DET
cblr-13005	15	3	big	big	ADJ
cblr-13005	15	4	three	three	NUM
cblr-13005	15	5	’s	’s	NOUN
cblr-13005	15	6	efforts	effort	NOUN
cblr-13005	15	7	............................	............................	PUNCT
cblr-13005	15	8	373	373	NUM
cblr-13005	15	9	a.	a.	NOUN
cblr-13005	15	10	statements	statement	NOUN
cblr-13005	15	11	of	of	ADP
cblr-13005	15	12	corporate	corporate	ADJ
cblr-13005	15	13	purpose	purpose	NOUN
cblr-13005	15	14	.......................	.......................	PUNCT
cblr-13005	15	15	374	374	NUM
cblr-13005	15	16	b.	b.	NOUN
cblr-13005	15	17	gender	gender	NOUN
cblr-13005	15	18	quotas	quota	NOUN
cblr-13005	15	19	for	for	ADP
cblr-13005	15	20	corporate	corporate	ADJ
cblr-13005	15	21	boards	board	NOUN
cblr-13005	15	22	..................	..................	PUNCT
cblr-13005	16	1	376	376	NUM
cblr-13005	16	2	c.	c.	NOUN
cblr-13005	16	3	emissions	emission	NOUN
cblr-13005	16	4	reductions	reduction	NOUN
cblr-13005	16	5	..........................................	..........................................	PUNCT
cblr-13005	16	6	376	376	NUM
cblr-13005	16	7	d.	d.	PROPN
cblr-13005	16	8	disclosure	disclosure	PROPN
cblr-13005	16	9	initiatives	initiative	NOUN
cblr-13005	16	10	..........................................	..........................................	PUNCT
cblr-13005	17	1	381	381	NUM
cblr-13005	17	2	v.	v.	ADP
cblr-13005	17	3	available	available	ADJ
cblr-13005	17	4	alternatives	alternative	NOUN
cblr-13005	17	5	...............................................	...............................................	PUNCT
cblr-13005	17	6	383	383	NUM
cblr-13005	17	7	vi	vi	NOUN
cblr-13005	17	8	.	.	PUNCT
cblr-13005	17	9	conclusion	conclusion	NOUN
cblr-13005	17	10	:	:	PUNCT
cblr-13005	17	11	implications	implication	NOUN
cblr-13005	17	12	for	for	ADP
cblr-13005	17	13	modern	modern	ADJ
cblr-13005	17	14	debates	debate	NOUN
cblr-13005	17	15	..........	..........	PUNCT
cblr-13005	17	16	387	387	NUM
cblr-13005	17	17	i.	i.	NOUN
cblr-13005	17	18	introduction	introduction	NOUN
cblr-13005	17	19	the	the	DET
cblr-13005	17	20	united	united	PROPN
cblr-13005	17	21	states	states	PROPN
cblr-13005	17	22	securities	securities	PROPN
cblr-13005	17	23	&	&	CCONJ
cblr-13005	17	24	exchange	exchange	PROPN
cblr-13005	17	25	commission	commission	PROPN
cblr-13005	17	26	(	(	PUNCT
cblr-13005	17	27	“	"	PUNCT
cblr-13005	17	28	sec	sec	PROPN
cblr-13005	17	29	”	"	PUNCT
cblr-13005	17	30	)	)	PUNCT
cblr-13005	17	31	recently	recently	ADV
cblr-13005	17	32	finalized	finalize	VERB
cblr-13005	17	33	a	a	DET
cblr-13005	17	34	controversial	controversial	ADJ
cblr-13005	17	35	set	set	NOUN
cblr-13005	17	36	of	of	ADP
cblr-13005	17	37	new	new	ADJ
cblr-13005	17	38	disclosure	disclosure	NOUN
cblr-13005	17	39	mandates	mandate	NOUN
cblr-13005	17	40	related	relate	VERB
cblr-13005	17	41	to	to	ADP
cblr-13005	17	42	climate	climate	NOUN
cblr-13005	17	43	change,1	change,1	NOUN
cblr-13005	17	44	and	and	CCONJ
cblr-13005	17	45	pressure	pressure	NOUN
cblr-13005	17	46	is	be	AUX
cblr-13005	17	47	on	on	ADP
cblr-13005	17	48	for	for	ADP
cblr-13005	17	49	1	1	NUM
cblr-13005	17	50	see	see	VERB
cblr-13005	17	51	the	the	DET
cblr-13005	17	52	enhancement	enhancement	NOUN
cblr-13005	17	53	and	and	CCONJ
cblr-13005	17	54	standardization	standardization	NOUN
cblr-13005	17	55	of	of	ADP
cblr-13005	17	56	climate	climate	NOUN
cblr-13005	17	57	-	-	PUNCT
cblr-13005	17	58	related	relate	VERB
cblr-13005	17	59	disclosures	disclosure	NOUN
cblr-13005	17	60	for	for	ADP
cblr-13005	17	61	investors	investor	NOUN
cblr-13005	17	62	,	,	PUNCT
cblr-13005	17	63	89	89	NUM
cblr-13005	17	64	fed	feed	VERB
cblr-13005	17	65	.	.	PUNCT
cblr-13005	18	1	reg	reg	PROPN
cblr-13005	18	2	.	.	PUNCT
cblr-13005	18	3	21668	21668	NUM
cblr-13005	18	4	(	(	PUNCT
cblr-13005	18	5	mar	mar	PROPN
cblr-13005	18	6	.	.	PROPN
cblr-13005	18	7	28	28	NUM
cblr-13005	18	8	,	,	PUNCT
cblr-13005	18	9	2024	2024	NUM
cblr-13005	18	10	)	)	PUNCT
cblr-13005	19	1	(	(	PUNCT
cblr-13005	19	2	to	to	PART
cblr-13005	19	3	be	be	AUX
cblr-13005	19	4	codified	codify	VERB
cblr-13005	19	5	at	at	ADP
cblr-13005	19	6	17	17	NUM
cblr-13005	19	7	cfr	cfr	NOUN
cblr-13005	19	8	§	§	PROPN
cblr-13005	19	9	§	§	PROPN
cblr-13005	19	10	210	210	NUM
cblr-13005	19	11	,	,	PUNCT
cblr-13005	19	12	229	229	NUM
cblr-13005	19	13	,	,	PUNCT
cblr-13005	19	14	230	230	NUM
cblr-13005	19	15	,	,	PUNCT
cblr-13005	19	16	232	232	NUM
cblr-13005	19	17	,	,	PUNCT
cblr-13005	19	18	239	239	NUM
cblr-13005	19	19	,	,	PUNCT
cblr-13005	19	20	249	249	NUM
cblr-13005	19	21	)	)	PUNCT
cblr-13005	19	22	;	;	PUNCT
cblr-13005	19	23	the	the	DET
cblr-13005	19	24	enhancement	enhancement	NOUN
cblr-13005	19	25	and	and	CCONJ
cblr-13005	19	26	standardization	standardization	NOUN
cblr-13005	19	27	of	of	ADP
cblr-13005	19	28	climate	climate	NOUN
cblr-13005	19	29	-	-	PUNCT
cblr-13005	19	30	related	relate	VERB
cblr-13005	19	31	disclosures	disclosure	NOUN
cblr-13005	19	32	for	for	ADP
cblr-13005	19	33	investors	investor	NOUN
cblr-13005	19	34	,	,	PUNCT
cblr-13005	19	35	87	87	NUM
cblr-13005	19	36	fed	fed	PROPN
cblr-13005	19	37	.	.	PUNCT
cblr-13005	20	1	reg	reg	PROPN
cblr-13005	20	2	.	.	PUNCT
cblr-13005	21	1	21334	21334	NUM
cblr-13005	21	2	(	(	PUNCT
cblr-13005	21	3	apr	apr	PROPN
cblr-13005	21	4	.	.	PROPN
cblr-13005	21	5	11	11	NUM
cblr-13005	21	6	,	,	PUNCT
cblr-13005	21	7	2022	2022	NUM
cblr-13005	21	8	)	)	PUNCT
cblr-13005	21	9	.	.	PUNCT
cblr-13005	22	1	the	the	DET
cblr-13005	22	2	sec	sec	PROPN
cblr-13005	22	3	’s	’s	PART
cblr-13005	22	4	climate	climate	NOUN
cblr-13005	22	5	disclosure	disclosure	NOUN
cblr-13005	22	6	proposal	proposal	NOUN
cblr-13005	22	7	garnered	garner	VERB
cblr-13005	22	8	thousands	thousand	NOUN
cblr-13005	22	9	no	no	NOUN
cblr-13005	22	10	.	.	NOUN
cblr-13005	22	11	1	1	NUM
cblr-13005	22	12	]	]	PUNCT
cblr-13005	22	13	a	a	DET
cblr-13005	22	14	hard	hard	ADJ
cblr-13005	22	15	look	look	NOUN
cblr-13005	22	16	at	at	ADP
cblr-13005	22	17	portfolio	portfolio	NOUN
cblr-13005	22	18	focused	focused	ADJ
cblr-13005	22	19	stewardship	stewardship	NOUN
cblr-13005	22	20	315	315	NUM
cblr-13005	22	21	the	the	DET
cblr-13005	22	22	sec	sec	PROPN
cblr-13005	22	23	to	to	PART
cblr-13005	22	24	adopt	adopt	VERB
cblr-13005	22	25	additional	additional	ADJ
cblr-13005	22	26	“	"	PUNCT
cblr-13005	22	27	esg”2	esg”2	PROPN
cblr-13005	22	28	disclosure	disclosure	NOUN
cblr-13005	22	29	mandates.3	mandates.3	VERB
cblr-13005	22	30	the	the	DET
cblr-13005	22	31	sec	sec	PROPN
cblr-13005	22	32	’s	’s	PART
cblr-13005	22	33	climate	climate	NOUN
cblr-13005	22	34	disclosure	disclosure	NOUN
cblr-13005	22	35	mandates	mandate	NOUN
cblr-13005	22	36	have	have	AUX
cblr-13005	22	37	already	already	ADV
cblr-13005	22	38	prompted	prompt	VERB
cblr-13005	22	39	numerous	numerous	ADJ
cblr-13005	22	40	challenges	challenge	NOUN
cblr-13005	22	41	,	,	PUNCT
cblr-13005	22	42	in	in	ADP
cblr-13005	22	43	both	both	DET
cblr-13005	22	44	courts	court	NOUN
cblr-13005	22	45	of	of	ADP
cblr-13005	22	46	law	law	NOUN
cblr-13005	22	47	and	and	CCONJ
cblr-13005	22	48	public	public	ADJ
cblr-13005	22	49	opinion	opinion	NOUN
cblr-13005	22	50	,	,	PUNCT
cblr-13005	22	51	and	and	CCONJ
cblr-13005	22	52	the	the	DET
cblr-13005	22	53	same	same	ADJ
cblr-13005	22	54	can	can	AUX
cblr-13005	22	55	be	be	AUX
cblr-13005	22	56	expected	expect	VERB
cblr-13005	22	57	if	if	SCONJ
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cblr-13005	22	59	sec	sec	PROPN
cblr-13005	22	60	imposes	impose	VERB
cblr-13005	22	61	additional	additional	ADJ
cblr-13005	22	62	“	"	PUNCT
cblr-13005	22	63	esg	esg	NOUN
cblr-13005	22	64	”	"	PUNCT
cblr-13005	22	65	disclosure	disclosure	NOUN
cblr-13005	22	66	requirements.4	requirements.4	NOUN
cblr-13005	22	67	this	this	PRON
cblr-13005	22	68	makes	make	VERB
cblr-13005	22	69	the	the	PRON
cblr-13005	22	70	of	of	ADP
cblr-13005	22	71	comment	comment	NOUN
cblr-13005	22	72	letters	letter	NOUN
cblr-13005	22	73	expressing	express	VERB
cblr-13005	22	74	a	a	DET
cblr-13005	22	75	broad	broad	ADJ
cblr-13005	22	76	array	array	NOUN
cblr-13005	22	77	of	of	ADP
cblr-13005	22	78	divergent	divergent	ADJ
cblr-13005	22	79	views	view	NOUN
cblr-13005	22	80	.	.	PUNCT
cblr-13005	23	1	see	see	VERB
cblr-13005	23	2	,	,	PUNCT
cblr-13005	23	3	e.g.	e.g.	ADV
cblr-13005	23	4	,	,	PUNCT
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cblr-13005	23	6	a.	a.	PROPN
cblr-13005	23	7	cunningham	cunningham	PROPN
cblr-13005	23	8	,	,	PUNCT
cblr-13005	23	9	what	what	PRON
cblr-13005	23	10	the	the	DET
cblr-13005	23	11	volume	volume	NOUN
cblr-13005	23	12	and	and	CCONJ
cblr-13005	23	13	diversity	diversity	NOUN
cblr-13005	23	14	of	of	ADP
cblr-13005	23	15	comment	comment	NOUN
cblr-13005	23	16	letters	letter	NOUN
cblr-13005	23	17	to	to	ADP
cblr-13005	23	18	the	the	DET
cblr-13005	23	19	sec	sec	PROPN
cblr-13005	23	20	say	say	VERB
cblr-13005	23	21	about	about	ADP
cblr-13005	23	22	its	its	PRON
cblr-13005	23	23	climate	climate	NOUN
cblr-13005	23	24	proposal	proposal	NOUN
cblr-13005	23	25	,	,	PUNCT
cblr-13005	23	26	harv	harv	PROPN
cblr-13005	23	27	.	.	PUNCT
cblr-13005	24	1	l.	l.	PROPN
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cblr-13005	25	1	f.	f.	PROPN
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cblr-13005	25	6	(	(	PUNCT
cblr-13005	25	7	july	july	PROPN
cblr-13005	25	8	3	3	NUM
cblr-13005	25	9	,	,	PUNCT
cblr-13005	25	10	2022	2022	NUM
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cblr-13005	25	12	,	,	PUNCT
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cblr-13005	26	1	[	[	X
cblr-13005	26	2	https://perma.cc/ve6b-up9n	https://perma.cc/ve6b-up9n	X
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cblr-13005	26	4	(	(	PUNCT
cblr-13005	26	5	observing	observe	VERB
cblr-13005	26	6	that	that	SCONJ
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cblr-13005	26	11	of	of	ADP
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cblr-13005	26	17	proposals	proposal	NOUN
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cblr-13005	26	20	anywhere	anywhere	ADV
cblr-13005	26	21	near	near	ADP
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cblr-13005	26	24	of	of	ADP
cblr-13005	26	25	comment	comment	NOUN
cblr-13005	26	26	letters	letter	NOUN
cblr-13005	26	27	as	as	ADP
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cblr-13005	26	30	,	,	PUNCT
cblr-13005	26	31	and	and	CCONJ
cblr-13005	26	32	few	few	ADJ
cblr-13005	26	33	with	with	ADP
cblr-13005	26	34	the	the	DET
cblr-13005	26	35	diversity	diversity	NOUN
cblr-13005	26	36	of	of	ADP
cblr-13005	26	37	views	view	NOUN
cblr-13005	26	38	”	"	PUNCT
cblr-13005	26	39	)	)	PUNCT
cblr-13005	26	40	;	;	PUNCT
cblr-13005	26	41	cynthia	cynthia	PROPN
cblr-13005	26	42	a.	a.	PROPN
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cblr-13005	26	50	of	of	ADP
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cblr-13005	27	1	l.	l.	PROPN
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cblr-13005	28	1	f.	f.	PROPN
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cblr-13005	29	4	(	(	PUNCT
cblr-13005	29	5	providing	provide	VERB
cblr-13005	29	6	an	an	DET
cblr-13005	29	7	overview	overview	NOUN
cblr-13005	29	8	of	of	ADP
cblr-13005	29	9	the	the	DET
cblr-13005	29	10	positions	position	NOUN
cblr-13005	29	11	taken	take	VERB
cblr-13005	29	12	in	in	ADP
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cblr-13005	29	14	comment	comment	NOUN
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cblr-13005	30	1	2	2	NUM
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cblr-13005	30	18	,	,	PUNCT
cblr-13005	30	19	”	"	PUNCT
cblr-13005	30	20	“	"	PUNCT
cblr-13005	30	21	social	social	ADJ
cblr-13005	30	22	,	,	PUNCT
cblr-13005	30	23	”	"	PUNCT
cblr-13005	30	24	and	and	CCONJ
cblr-13005	30	25	“	"	PUNCT
cblr-13005	30	26	governance	governance	NOUN
cblr-13005	30	27	”	"	PUNCT
cblr-13005	30	28	topics	topic	NOUN
cblr-13005	30	29	affecting	affect	VERB
cblr-13005	30	30	businesses	business	NOUN
cblr-13005	30	31	,	,	PUNCT
cblr-13005	30	32	including	include	VERB
cblr-13005	30	33	climate	climate	NOUN
cblr-13005	30	34	change	change	NOUN
cblr-13005	30	35	,	,	PUNCT
cblr-13005	30	36	human	human	ADJ
cblr-13005	30	37	capital	capital	NOUN
cblr-13005	30	38	management	management	NOUN
cblr-13005	30	39	,	,	PUNCT
cblr-13005	30	40	supply	supply	NOUN
cblr-13005	30	41	chain	chain	NOUN
cblr-13005	30	42	management	management	NOUN
cblr-13005	30	43	,	,	PUNCT
cblr-13005	30	44	human	human	ADJ
cblr-13005	30	45	rights	right	NOUN
cblr-13005	30	46	,	,	PUNCT
cblr-13005	30	47	cybersecurity	cybersecurity	NOUN
cblr-13005	30	48	,	,	PUNCT
cblr-13005	30	49	diversity	diversity	NOUN
cblr-13005	30	50	and	and	CCONJ
cblr-13005	30	51	inclusion	inclusion	NOUN
cblr-13005	30	52	,	,	PUNCT
cblr-13005	30	53	corporate	corporate	ADJ
cblr-13005	30	54	tax	tax	NOUN
cblr-13005	30	55	policy	policy	NOUN
cblr-13005	30	56	,	,	PUNCT
cblr-13005	30	57	corporate	corporate	ADJ
cblr-13005	30	58	political	political	ADJ
cblr-13005	30	59	spending	spending	NOUN
cblr-13005	30	60	,	,	PUNCT
cblr-13005	30	61	executive	executive	ADJ
cblr-13005	30	62	compensation	compensation	NOUN
cblr-13005	30	63	practices	practice	NOUN
cblr-13005	30	64	,	,	PUNCT
cblr-13005	30	65	and	and	CCONJ
cblr-13005	30	66	more	more	ADJ
cblr-13005	30	67	.	.	PUNCT
cblr-13005	31	1	amanda	amanda	PROPN
cblr-13005	31	2	m.	m.	PROPN
cblr-13005	31	3	rose	rise	VERB
cblr-13005	31	4	,	,	PUNCT
cblr-13005	31	5	a	a	DET
cblr-13005	31	6	response	response	NOUN
cblr-13005	31	7	to	to	ADP
cblr-13005	31	8	calls	call	NOUN
cblr-13005	31	9	for	for	ADP
cblr-13005	31	10	sec	sec	PROPN
cblr-13005	31	11	-	-	PUNCT
cblr-13005	31	12	mandated	mandate	VERB
cblr-13005	31	13	esg	esg	NOUN
cblr-13005	31	14	disclosure	disclosure	NOUN
cblr-13005	31	15	,	,	PUNCT
cblr-13005	31	16	98	98	NUM
cblr-13005	31	17	wash	wash	NOUN
cblr-13005	31	18	.	.	PUNCT
cblr-13005	32	1	u.	u.	PROPN
cblr-13005	32	2	l.	l.	PROPN
cblr-13005	32	3	rev	rev	PROPN
cblr-13005	32	4	.	.	PROPN
cblr-13005	32	5	1821	1821	NUM
cblr-13005	32	6	,	,	PUNCT
cblr-13005	32	7	1822	1822	NUM
cblr-13005	32	8	(	(	PUNCT
cblr-13005	32	9	2021	2021	NUM
cblr-13005	32	10	)	)	PUNCT
cblr-13005	32	11	.	.	PUNCT
cblr-13005	33	1	sometimes	sometimes	ADV
cblr-13005	33	2	the	the	DET
cblr-13005	33	3	equally	equally	ADV
cblr-13005	33	4	broad	broad	ADJ
cblr-13005	33	5	terms	term	NOUN
cblr-13005	33	6	“	"	PUNCT
cblr-13005	33	7	sustainability	sustainability	NOUN
cblr-13005	33	8	”	"	PUNCT
cblr-13005	33	9	and	and	CCONJ
cblr-13005	33	10	“	"	PUNCT
cblr-13005	33	11	non	non	ADJ
cblr-13005	33	12	-	-	ADJ
cblr-13005	33	13	financial	financial	ADJ
cblr-13005	33	14	disclosure	disclosure	NOUN
cblr-13005	33	15	”	"	PUNCT
cblr-13005	33	16	are	be	AUX
cblr-13005	33	17	used	use	VERB
cblr-13005	33	18	synonymously	synonymously	ADV
cblr-13005	33	19	to	to	PART
cblr-13005	33	20	refer	refer	VERB
cblr-13005	33	21	to	to	ADP
cblr-13005	33	22	this	this	DET
cblr-13005	33	23	collection	collection	NOUN
cblr-13005	33	24	of	of	ADP
cblr-13005	33	25	topics	topic	NOUN
cblr-13005	33	26	.	.	PUNCT
cblr-13005	34	1	for	for	ADP
cblr-13005	34	2	a	a	DET
cblr-13005	34	3	discussion	discussion	NOUN
cblr-13005	34	4	of	of	ADP
cblr-13005	34	5	the	the	DET
cblr-13005	34	6	origin	origin	NOUN
cblr-13005	34	7	of	of	ADP
cblr-13005	34	8	the	the	DET
cblr-13005	34	9	term	term	NOUN
cblr-13005	34	10	esg	esg	PROPN
cblr-13005	34	11	,	,	PUNCT
cblr-13005	34	12	see	see	VERB
cblr-13005	34	13	elizabeth	elizabeth	PROPN
cblr-13005	34	14	pollman	pollman	PROPN
cblr-13005	34	15	,	,	PUNCT
cblr-13005	34	16	the	the	DET
cblr-13005	34	17	making	making	NOUN
cblr-13005	34	18	and	and	CCONJ
cblr-13005	34	19	meaning	meaning	NOUN
cblr-13005	34	20	of	of	ADP
cblr-13005	34	21	esg	esg	PROPN
cblr-13005	34	22	(	(	PUNCT
cblr-13005	34	23	univ	univ	PROPN
cblr-13005	34	24	.	.	PROPN
cblr-13005	34	25	of	of	ADP
cblr-13005	34	26	pa	pa	PROPN
cblr-13005	34	27	.	.	PROPN
cblr-13005	34	28	carey	carey	PROPN
cblr-13005	34	29	l.	l.	PROPN
cblr-13005	34	30	sch	sch	PROPN
cblr-13005	34	31	.	.	PROPN
cblr-13005	34	32	inst	inst	PROPN
cblr-13005	34	33	.	.	PROPN
cblr-13005	34	34	for	for	ADP
cblr-13005	34	35	l.	l.	PROPN
cblr-13005	34	36	&	&	CCONJ
cblr-13005	34	37	econ	econ	PROPN
cblr-13005	34	38	.	.	PROPN
cblr-13005	34	39	,	,	PUNCT
cblr-13005	34	40	research	research	NOUN
cblr-13005	34	41	paper	paper	NOUN
cblr-13005	34	42	no	no	INTJ
cblr-13005	34	43	.	.	NOUN
cblr-13005	35	1	22	22	NUM
cblr-13005	35	2	-	-	SYM
cblr-13005	35	3	23	23	NUM
cblr-13005	35	4	,	,	PUNCT
cblr-13005	35	5	2022	2022	NUM
cblr-13005	35	6	)	)	PUNCT
cblr-13005	35	7	,	,	PUNCT
cblr-13005	36	1	https://ssrn.com/abstract=4219857	https://ssrn.com/abstract=4219857	PROPN
cblr-13005	37	1	[	[	X
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cblr-13005	37	4	.	.	PUNCT
cblr-13005	38	1	3	3	NUM
cblr-13005	38	2	see	see	VERB
cblr-13005	38	3	,	,	PUNCT
cblr-13005	38	4	e.g.	e.g.	ADV
cblr-13005	38	5	,	,	PUNCT
cblr-13005	38	6	marcel	marcel	PROPN
cblr-13005	38	7	kahan	kahan	PROPN
cblr-13005	38	8	&	&	CCONJ
cblr-13005	38	9	edward	edward	PROPN
cblr-13005	38	10	rock	rock	PROPN
cblr-13005	38	11	,	,	PUNCT
cblr-13005	38	12	the	the	DET
cblr-13005	38	13	emergence	emergence	NOUN
cblr-13005	38	14	of	of	ADP
cblr-13005	38	15	welfarist	welfarist	NOUN
cblr-13005	38	16	corporate	corporate	ADJ
cblr-13005	38	17	governance	governance	NOUN
cblr-13005	38	18	15	15	NUM
cblr-13005	38	19	j.	j.	PROPN
cblr-13005	38	20	legal	legal	ADJ
cblr-13005	38	21	analysis	analysis	NOUN
cblr-13005	38	22	122	122	NUM
cblr-13005	38	23	(	(	PUNCT
cblr-13005	38	24	2023	2023	NUM
cblr-13005	38	25	)	)	PUNCT
cblr-13005	38	26	(	(	PUNCT
cblr-13005	38	27	describing	describe	VERB
cblr-13005	38	28	numerous	numerous	ADJ
cblr-13005	38	29	recent	recent	ADJ
cblr-13005	38	30	requests	request	NOUN
cblr-13005	38	31	for	for	ADP
cblr-13005	38	32	disclosure	disclosure	NOUN
cblr-13005	38	33	rulemaking	rulemaking	NOUN
cblr-13005	38	34	on	on	ADP
cblr-13005	38	35	social	social	ADJ
cblr-13005	38	36	topics	topic	NOUN
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cblr-13005	38	38	.	.	PUNCT
cblr-13005	39	1	4	4	NUM
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cblr-13005	39	3	zoya	zoya	PROPN
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cblr-13005	39	6	lamar	lamar	PROPN
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cblr-13005	39	9	sec	sec	PROPN
cblr-13005	39	10	battles	battle	NOUN
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cblr-13005	39	13	rule	rule	VERB
cblr-13005	39	14	legal	legal	ADJ
cblr-13005	39	15	challenges	challenge	NOUN
cblr-13005	39	16	,	,	PUNCT
cblr-13005	39	17	esg	esg	PROPN
cblr-13005	39	18	dive	dive	NOUN
cblr-13005	39	19	(	(	PUNCT
cblr-13005	39	20	mar	mar	PROPN
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cblr-13005	39	22	27	27	NUM
cblr-13005	39	23	,	,	PUNCT
cblr-13005	39	24	2024	2024	NUM
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cblr-13005	39	26	,	,	PUNCT
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cblr-13005	39	28	[	[	X
cblr-13005	39	29	https://perma.cc/x6appthh	https://perma.cc/x6appthh	X
cblr-13005	39	30	]	]	X
cblr-13005	39	31	(	(	PUNCT
cblr-13005	39	32	summarizing	summarize	VERB
cblr-13005	39	33	ongoing	ongoing	ADJ
cblr-13005	39	34	litigation	litigation	NOUN
cblr-13005	39	35	challenging	challenge	VERB
cblr-13005	39	36	the	the	DET
cblr-13005	39	37	sec	sec	PROPN
cblr-13005	39	38	’s	’s	PART
cblr-13005	39	39	final	final	ADJ
cblr-13005	39	40	climate	climate	NOUN
cblr-13005	39	41	disclosure	disclosure	NOUN
cblr-13005	39	42	rule	rule	NOUN
cblr-13005	39	43	)	)	PUNCT
cblr-13005	39	44	;	;	PUNCT
cblr-13005	39	45	andrew	andrew	PROPN
cblr-13005	39	46	ramonas	ramonas	PROPN
cblr-13005	39	47	,	,	PUNCT
cblr-13005	39	48	sec	sec	PROPN
cblr-13005	39	49	freezes	freeze	VERB
cblr-13005	39	50	climate	climate	NOUN
cblr-13005	39	51	rules	rule	NOUN
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cblr-13005	39	53	challengers	challenger	NOUN
cblr-13005	39	54	pushed	push	VERB
cblr-13005	39	55	for	for	ADP
cblr-13005	39	56	pause	pause	NOUN
cblr-13005	39	57	,	,	PUNCT
cblr-13005	39	58	bloomberg	bloomberg	PROPN
cblr-13005	39	59	l.	l.	PROPN
cblr-13005	39	60	(	(	PUNCT
cblr-13005	39	61	apr	apr	PROPN
cblr-13005	39	62	.	.	PROPN
cblr-13005	39	63	4	4	NUM
cblr-13005	39	64	,	,	PUNCT
cblr-13005	39	65	2024	2024	NUM
cblr-13005	39	66	)	)	PUNCT
cblr-13005	39	67	,	,	PUNCT
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cblr-13005	39	69	[	[	X
cblr-13005	39	70	on	on	ADP
cblr-13005	39	71	file	file	NOUN
cblr-13005	39	72	with	with	ADP
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cblr-13005	39	79	(	(	PUNCT
cblr-13005	39	80	noting	note	VERB
cblr-13005	39	81	that	that	SCONJ
cblr-13005	39	82	the	the	DET
cblr-13005	39	83	sec	sec	PROPN
cblr-13005	39	84	temporarily	temporarily	ADV
cblr-13005	39	85	stayed	stay	VERB
cblr-13005	39	86	implementation	implementation	NOUN
cblr-13005	39	87	of	of	ADP
cblr-13005	39	88	the	the	DET
cblr-13005	39	89	final	final	ADJ
cblr-13005	39	90	rule	rule	NOUN
cblr-13005	39	91	in	in	ADP
cblr-13005	39	92	response	response	NOUN
cblr-13005	39	93	to	to	ADP
cblr-13005	39	94	legal	legal	ADJ
cblr-13005	39	95	pressure	pressure	NOUN
cblr-13005	39	96	)	)	PUNCT
cblr-13005	39	97	.	.	PUNCT
cblr-13005	40	1	316	316	NUM
cblr-13005	40	2	columbia	columbia	PROPN
cblr-13005	40	3	business	business	NOUN
cblr-13005	40	4	law	law	PROPN
cblr-13005	40	5	review	review	NOUN
cblr-13005	40	6	[	[	X
cblr-13005	40	7	vol	vol	NOUN
cblr-13005	40	8	.	.	PUNCT
cblr-13005	40	9	2024	2024	NUM
cblr-13005	40	10	rationale	rationale	NOUN
cblr-13005	40	11	for	for	ADP
cblr-13005	40	12	their	their	PRON
cblr-13005	40	13	adoption	adoption	NOUN
cblr-13005	40	14	of	of	ADP
cblr-13005	40	15	vital	vital	ADJ
cblr-13005	40	16	importance	importance	NOUN
cblr-13005	40	17	.	.	PUNCT
cblr-13005	41	1	while	while	SCONJ
cblr-13005	41	2	socially	socially	ADV
cblr-13005	41	3	motivated	motivated	ADJ
cblr-13005	41	4	investment	investment	NOUN
cblr-13005	41	5	has	have	AUX
cblr-13005	41	6	skyrocketed	skyrocket	VERB
cblr-13005	41	7	in	in	ADP
cblr-13005	41	8	popularity	popularity	NOUN
cblr-13005	41	9	in	in	ADP
cblr-13005	41	10	recent	recent	ADJ
cblr-13005	41	11	years,5	years,5	ADJ
cblr-13005	41	12	esg	esg	PROPN
cblr-13005	41	13	disclosure	disclosure	NOUN
cblr-13005	41	14	advocates	advocate	NOUN
cblr-13005	41	15	—	—	PUNCT
cblr-13005	41	16	which	which	PRON
cblr-13005	41	17	include	include	VERB
cblr-13005	41	18	many	many	ADJ
cblr-13005	41	19	of	of	ADP
cblr-13005	41	20	the	the	DET
cblr-13005	41	21	largest	large	ADJ
cblr-13005	41	22	traditional	traditional	ADJ
cblr-13005	41	23	asset	asset	NOUN
cblr-13005	41	24	managers	manager	NOUN
cblr-13005	41	25	—	—	PUNCT
cblr-13005	41	26	are	be	AUX
cblr-13005	41	27	often	often	ADV
cblr-13005	41	28	careful	careful	ADJ
cblr-13005	41	29	to	to	PART
cblr-13005	41	30	cast	cast	VERB
cblr-13005	41	31	their	their	PRON
cblr-13005	41	32	demands	demand	NOUN
cblr-13005	41	33	as	as	ADP
cblr-13005	41	34	in	in	ADP
cblr-13005	41	35	the	the	DET
cblr-13005	41	36	interests	interest	NOUN
cblr-13005	41	37	of	of	ADP
cblr-13005	41	38	purely	purely	ADV
cblr-13005	41	39	financially	financially	ADV
cblr-13005	41	40	motivated	motivated	ADJ
cblr-13005	41	41	investors,6	investors,6	NOUN
cblr-13005	41	42	and	and	CCONJ
cblr-13005	41	43	the	the	DET
cblr-13005	41	44	sec	sec	PROPN
cblr-13005	41	45	has	have	AUX
cblr-13005	41	46	explicitly	explicitly	ADV
cblr-13005	41	47	justified	justify	VERB
cblr-13005	41	48	its	its	PRON
cblr-13005	41	49	climate	climate	NOUN
cblr-13005	41	50	-	-	PUNCT
cblr-13005	41	51	related	relate	VERB
cblr-13005	41	52	disclosure	disclosure	NOUN
cblr-13005	41	53	mandates	mandate	NOUN
cblr-13005	41	54	in	in	ADP
cblr-13005	41	55	terms	term	NOUN
cblr-13005	41	56	of	of	ADP
cblr-13005	41	57	their	their	PRON
cblr-13005	41	58	financial	financial	ADJ
cblr-13005	41	59	rather	rather	ADV
cblr-13005	41	60	than	than	ADP
cblr-13005	41	61	social	social	ADJ
cblr-13005	41	62	significance	significance	NOUN
cblr-13005	41	63	to	to	ADP
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cblr-13005	41	66	allege	allege	VERB
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cblr-13005	41	77	rise	rise	NOUN
cblr-13005	41	78	of	of	ADP
cblr-13005	41	79	values	value	NOUN
cblr-13005	41	80	-	-	PUNCT
cblr-13005	41	81	aligned	align	VERB
cblr-13005	41	82	investing	investing	NOUN
cblr-13005	41	83	,	,	PUNCT
cblr-13005	41	84	forbes	forbes	X
cblr-13005	41	85	(	(	PUNCT
cblr-13005	41	86	may	may	PROPN
cblr-13005	41	87	26	26	NUM
cblr-13005	41	88	,	,	PUNCT
cblr-13005	41	89	2023	2023	NUM
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cblr-13005	41	91	,	,	PUNCT
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cblr-13005	41	93	[	[	X
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cblr-13005	41	96	(	(	PUNCT
cblr-13005	41	97	discussing	discuss	VERB
cblr-13005	41	98	this	this	DET
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cblr-13005	41	100	)	)	PUNCT
cblr-13005	41	101	;	;	PUNCT
cblr-13005	41	102	inv	inv	PROPN
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cblr-13005	41	104	co.	co.	PROPN
cblr-13005	41	105	inst	inst	PROPN
cblr-13005	41	106	.	.	PROPN
cblr-13005	41	107	,	,	PUNCT
cblr-13005	41	108	investment	investment	NOUN
cblr-13005	41	109	company	company	NOUN
cblr-13005	41	110	fact	fact	NOUN
cblr-13005	41	111	book	book	NOUN
cblr-13005	41	112	:	:	PUNCT
cblr-13005	41	113	a	a	DET
cblr-13005	41	114	review	review	NOUN
cblr-13005	41	115	of	of	ADP
cblr-13005	41	116	trends	trend	NOUN
cblr-13005	41	117	and	and	CCONJ
cblr-13005	41	118	activities	activity	NOUN
cblr-13005	41	119	in	in	ADP
cblr-13005	41	120	the	the	DET
cblr-13005	41	121	investment	investment	NOUN
cblr-13005	41	122	company	company	NOUN
cblr-13005	41	123	industry	industry	NOUN
cblr-13005	41	124	31–33	31–33	NUM
cblr-13005	41	125	(	(	PUNCT
cblr-13005	41	126	2023	2023	NUM
cblr-13005	41	127	)	)	PUNCT
cblr-13005	41	128	,	,	PUNCT
cblr-13005	41	129	https://www.ici.org/system/files/2023-05/2023-factbook.pdf	https://www.ici.org/system/files/2023-05/2023-factbook.pdf	NOUN
cblr-13005	41	130	[	[	X
cblr-13005	41	131	https://perma.cc/vq5t-bjvu	https://perma.cc/vq5t-bjvu	X
cblr-13005	41	132	]	]	X
cblr-13005	41	133	(	(	PUNCT
cblr-13005	41	134	providing	provide	VERB
cblr-13005	41	135	data	datum	NOUN
cblr-13005	41	136	on	on	ADP
cblr-13005	41	137	the	the	DET
cblr-13005	41	138	rise	rise	NOUN
cblr-13005	41	139	of	of	ADP
cblr-13005	41	140	funds	fund	NOUN
cblr-13005	41	141	that	that	PRON
cblr-13005	41	142	engage	engage	VERB
cblr-13005	41	143	in	in	ADP
cblr-13005	41	144	sustainable	sustainable	ADJ
cblr-13005	41	145	investing	investing	NOUN
cblr-13005	41	146	strategies	strategy	NOUN
cblr-13005	41	147	)	)	PUNCT
cblr-13005	41	148	.	.	PUNCT
cblr-13005	42	1	6	6	NUM
cblr-13005	42	2	see	see	VERB
cblr-13005	42	3	paul	paul	PROPN
cblr-13005	42	4	g.	g.	PROPN
cblr-13005	42	5	mahoney	mahoney	PROPN
cblr-13005	42	6	&	&	CCONJ
cblr-13005	42	7	julia	julia	PROPN
cblr-13005	42	8	d.	d.	PROPN
cblr-13005	42	9	mahoney	mahoney	PROPN
cblr-13005	42	10	,	,	PUNCT
cblr-13005	42	11	the	the	DET
cblr-13005	42	12	new	new	ADJ
cblr-13005	42	13	separation	separation	NOUN
cblr-13005	42	14	of	of	ADP
cblr-13005	42	15	ownership	ownership	NOUN
cblr-13005	42	16	and	and	CCONJ
cblr-13005	42	17	control	control	NOUN
cblr-13005	42	18	:	:	PUNCT
cblr-13005	42	19	institutional	institutional	ADJ
cblr-13005	42	20	investors	investor	NOUN
cblr-13005	42	21	and	and	CCONJ
cblr-13005	42	22	esg	esg	PROPN
cblr-13005	42	23	,	,	PUNCT
cblr-13005	42	24	2021	2021	NUM
cblr-13005	42	25	colum	colum	NOUN
cblr-13005	42	26	.	.	PUNCT
cblr-13005	43	1	bus	bus	NOUN
cblr-13005	43	2	.	.	PUNCT
cblr-13005	44	1	l.	l.	PROPN
cblr-13005	44	2	rev	rev	PROPN
cblr-13005	44	3	.	.	PROPN
cblr-13005	44	4	840	840	NUM
cblr-13005	44	5	,	,	PUNCT
cblr-13005	44	6	843	843	NUM
cblr-13005	44	7	(	(	PUNCT
cblr-13005	44	8	“	"	PUNCT
cblr-13005	44	9	institutional	institutional	ADJ
cblr-13005	44	10	investors	investor	NOUN
cblr-13005	44	11	who	who	PRON
cblr-13005	44	12	have	have	AUX
cblr-13005	44	13	joined	join	VERB
cblr-13005	44	14	environmental	environmental	ADJ
cblr-13005	44	15	and	and	CCONJ
cblr-13005	44	16	social	social	ADJ
cblr-13005	44	17	activists	activist	NOUN
cblr-13005	44	18	in	in	ADP
cblr-13005	44	19	supporting	support	VERB
cblr-13005	44	20	mandatory	mandatory	ADJ
cblr-13005	44	21	esg	esg	PROPN
cblr-13005	44	22	disclosures	disclosure	NOUN
cblr-13005	44	23	argue	argue	VERB
cblr-13005	44	24	that	that	SCONJ
cblr-13005	44	25	the	the	DET
cblr-13005	44	26	disclosures	disclosure	NOUN
cblr-13005	44	27	will	will	AUX
cblr-13005	44	28	help	help	VERB
cblr-13005	44	29	them	they	PRON
cblr-13005	44	30	generate	generate	VERB
cblr-13005	44	31	superior	superior	ADJ
cblr-13005	44	32	returns	return	NOUN
cblr-13005	44	33	—	—	PUNCT
cblr-13005	44	34	that	that	SCONJ
cblr-13005	44	35	esg	esg	PROPN
cblr-13005	44	36	investing	investing	NOUN
cblr-13005	44	37	is	be	AUX
cblr-13005	44	38	about	about	ADP
cblr-13005	44	39	‘	'	PUNCT
cblr-13005	44	40	value	value	NOUN
cblr-13005	44	41	,	,	PUNCT
cblr-13005	44	42	not	not	PART
cblr-13005	44	43	values	value	NOUN
cblr-13005	44	44	.	.	PUNCT
cblr-13005	44	45	’	'	PUNCT
cblr-13005	44	46	”	"	PUNCT
cblr-13005	44	47	)	)	PUNCT
cblr-13005	44	48	(	(	PUNCT
cblr-13005	44	49	quoting	quote	VERB
cblr-13005	44	50	letter	letter	NOUN
cblr-13005	44	51	from	from	ADP
cblr-13005	44	52	cyrus	cyrus	PROPN
cblr-13005	44	53	taraporevala	taraporevala	PROPN
cblr-13005	44	54	,	,	PUNCT
cblr-13005	44	55	president	president	PROPN
cblr-13005	44	56	&	&	CCONJ
cblr-13005	44	57	ceo	ceo	PROPN
cblr-13005	44	58	,	,	PUNCT
cblr-13005	44	59	state	state	PROPN
cblr-13005	44	60	st	st	PROPN
cblr-13005	44	61	.	.	PROPN
cblr-13005	44	62	glob	glob	PROPN
cblr-13005	44	63	.	.	PUNCT
cblr-13005	45	1	advisors	advisor	NOUN
cblr-13005	45	2	,	,	PUNCT
cblr-13005	45	3	to	to	ADP
cblr-13005	45	4	bd	bd	PROPN
cblr-13005	45	5	.	.	PROPN
cblr-13005	45	6	members	member	NOUN
cblr-13005	45	7	(	(	PUNCT
cblr-13005	45	8	jan	jan	PROPN
cblr-13005	45	9	.	.	PROPN
cblr-13005	45	10	28	28	NUM
cblr-13005	45	11	,	,	PUNCT
cblr-13005	45	12	2020	2020	NUM
cblr-13005	45	13	)	)	PUNCT
cblr-13005	45	14	)	)	PUNCT
cblr-13005	45	15	.	.	PUNCT
cblr-13005	46	1	for	for	ADP
cblr-13005	46	2	useful	useful	ADJ
cblr-13005	46	3	attempts	attempt	NOUN
cblr-13005	46	4	to	to	PART
cblr-13005	46	5	clarify	clarify	VERB
cblr-13005	46	6	the	the	DET
cblr-13005	46	7	distinction	distinction	NOUN
cblr-13005	46	8	between	between	ADP
cblr-13005	46	9	financially	financially	ADV
cblr-13005	46	10	motivated	motivated	ADJ
cblr-13005	46	11	esg	esg	PROPN
cblr-13005	46	12	investing	investing	NOUN
cblr-13005	46	13	and	and	CCONJ
cblr-13005	46	14	esg	esg	PROPN
cblr-13005	46	15	investing	invest	VERB
cblr-13005	46	16	driven	drive	VERB
cblr-13005	46	17	by	by	ADP
cblr-13005	46	18	broader	broad	ADJ
cblr-13005	46	19	concerns	concern	NOUN
cblr-13005	46	20	,	,	PUNCT
cblr-13005	46	21	see	see	VERB
cblr-13005	46	22	max	max	PROPN
cblr-13005	46	23	m.	m.	PROPN
cblr-13005	46	24	schanzenbach	schanzenbach	PROPN
cblr-13005	46	25	&	&	CCONJ
cblr-13005	46	26	robert	robert	PROPN
cblr-13005	46	27	h.	h.	PROPN
cblr-13005	46	28	sitkoff	sitkoff	PROPN
cblr-13005	46	29	,	,	PUNCT
cblr-13005	46	30	reconciling	reconcile	VERB
cblr-13005	46	31	fiduciary	fiduciary	ADJ
cblr-13005	46	32	duty	duty	NOUN
cblr-13005	46	33	and	and	CCONJ
cblr-13005	46	34	social	social	ADJ
cblr-13005	46	35	conscience	conscience	NOUN
cblr-13005	46	36	:	:	PUNCT
cblr-13005	46	37	the	the	DET
cblr-13005	46	38	law	law	NOUN
cblr-13005	46	39	and	and	CCONJ
cblr-13005	46	40	economics	economic	NOUN
cblr-13005	46	41	of	of	ADP
cblr-13005	46	42	esg	esg	PROPN
cblr-13005	46	43	investing	invest	VERB
cblr-13005	46	44	by	by	ADP
cblr-13005	46	45	a	a	DET
cblr-13005	46	46	trustee	trustee	NOUN
cblr-13005	46	47	,	,	PUNCT
cblr-13005	46	48	72	72	NUM
cblr-13005	46	49	stan	stan	NOUN
cblr-13005	46	50	.	.	PUNCT
cblr-13005	47	1	l.	l.	PROPN
cblr-13005	47	2	rev	rev	AUX
cblr-13005	47	3	.	.	PROPN
cblr-13005	47	4	381	381	NUM
cblr-13005	47	5	,	,	PUNCT
cblr-13005	47	6	397	397	NUM
cblr-13005	47	7	(	(	PUNCT
cblr-13005	47	8	2020	2020	NUM
cblr-13005	47	9	)	)	PUNCT
cblr-13005	47	10	(	(	PUNCT
cblr-13005	47	11	referring	refer	VERB
cblr-13005	47	12	“	"	PUNCT
cblr-13005	47	13	to	to	ADP
cblr-13005	47	14	esg	esg	PROPN
cblr-13005	47	15	investing	investing	NOUN
cblr-13005	47	16	motivated	motivate	VERB
cblr-13005	47	17	by	by	ADP
cblr-13005	47	18	providing	provide	VERB
cblr-13005	47	19	a	a	DET
cblr-13005	47	20	benefit	benefit	NOUN
cblr-13005	47	21	to	to	ADP
cblr-13005	47	22	a	a	DET
cblr-13005	47	23	third	third	ADJ
cblr-13005	47	24	party	party	NOUN
cblr-13005	47	25	or	or	CCONJ
cblr-13005	47	26	otherwise	otherwise	ADV
cblr-13005	47	27	for	for	ADP
cblr-13005	47	28	moral	moral	ADJ
cblr-13005	47	29	or	or	CCONJ
cblr-13005	47	30	ethical	ethical	ADJ
cblr-13005	47	31	reasons	reason	NOUN
cblr-13005	47	32	as	as	ADP
cblr-13005	47	33	collateral	collateral	NOUN
cblr-13005	47	34	benefits	benefit	NOUN
cblr-13005	47	35	esg	esg	PROPN
cblr-13005	47	36	,	,	PUNCT
cblr-13005	47	37	and	and	CCONJ
cblr-13005	47	38	esg	esg	PROPN
cblr-13005	47	39	investing	invest	VERB
cblr-13005	47	40	to	to	PART
cblr-13005	47	41	improve	improve	VERB
cblr-13005	47	42	risk	risk	NOUN
cblr-13005	47	43	adjusted	adjust	VERB
cblr-13005	47	44	returns	return	NOUN
cblr-13005	47	45	as	as	ADP
cblr-13005	47	46	risk	risk	NOUN
cblr-13005	47	47	-	-	PUNCT
cblr-13005	47	48	return	return	NOUN
cblr-13005	47	49	esg	esg	NOUN
cblr-13005	47	50	”	"	PUNCT
cblr-13005	47	51	)	)	PUNCT
cblr-13005	47	52	;	;	PUNCT
cblr-13005	47	53	paul	paul	PROPN
cblr-13005	47	54	brest	brest	PROPN
cblr-13005	47	55	,	,	PUNCT
cblr-13005	47	56	ronald	ronald	PROPN
cblr-13005	47	57	j.	j.	PROPN
cblr-13005	47	58	gilson	gilson	PROPN
cblr-13005	47	59	&	&	CCONJ
cblr-13005	47	60	mark	mark	PROPN
cblr-13005	47	61	a.	a.	PROPN
cblr-13005	47	62	wolfson	wolfson	PROPN
cblr-13005	47	63	,	,	PUNCT
cblr-13005	47	64	how	how	SCONJ
cblr-13005	47	65	investors	investor	NOUN
cblr-13005	47	66	can	can	AUX
cblr-13005	47	67	(	(	PUNCT
cblr-13005	47	68	and	and	CCONJ
cblr-13005	47	69	ca	can	AUX
cblr-13005	47	70	n’t	not	PART
cblr-13005	47	71	)	)	PUNCT
cblr-13005	47	72	create	create	VERB
cblr-13005	47	73	social	social	ADJ
cblr-13005	47	74	value	value	NOUN
cblr-13005	47	75	,	,	PUNCT
cblr-13005	47	76	44	44	NUM
cblr-13005	47	77	j.	j.	PROPN
cblr-13005	47	78	corp	corp	PROPN
cblr-13005	47	79	.	.	PROPN
cblr-13005	47	80	l.	l.	PROPN
cblr-13005	47	81	205	205	NUM
cblr-13005	47	82	,	,	PUNCT
cblr-13005	47	83	211–13	211–13	NUM
cblr-13005	47	84	(	(	PUNCT
cblr-13005	47	85	2018	2018	NUM
cblr-13005	47	86	)	)	PUNCT
cblr-13005	47	87	(	(	PUNCT
cblr-13005	47	88	drawing	draw	VERB
cblr-13005	47	89	a	a	DET
cblr-13005	47	90	distinction	distinction	NOUN
cblr-13005	47	91	between	between	ADP
cblr-13005	47	92	“	"	PUNCT
cblr-13005	47	93	concessionary	concessionary	ADJ
cblr-13005	47	94	”	"	PUNCT
cblr-13005	47	95	esg	esg	PROPN
cblr-13005	47	96	investing	investing	NOUN
cblr-13005	47	97	,	,	PUNCT
cblr-13005	47	98	which	which	PRON
cblr-13005	47	99	tolerates	tolerate	VERB
cblr-13005	47	100	sacrificing	sacrifice	VERB
cblr-13005	47	101	some	some	DET
cblr-13005	47	102	financial	financial	ADJ
cblr-13005	47	103	return	return	NOUN
cblr-13005	47	104	to	to	PART
cblr-13005	47	105	achieve	achieve	VERB
cblr-13005	47	106	esg	esg	NOUN
cblr-13005	47	107	goals	goal	NOUN
cblr-13005	47	108	,	,	PUNCT
cblr-13005	47	109	and	and	CCONJ
cblr-13005	47	110	“	"	PUNCT
cblr-13005	47	111	nonconcessionary	nonconcessionary	ADJ
cblr-13005	47	112	”	"	PUNCT
cblr-13005	47	113	esg	esg	PROPN
cblr-13005	47	114	investing	investing	NOUN
cblr-13005	47	115	,	,	PUNCT
cblr-13005	47	116	which	which	PRON
cblr-13005	47	117	carries	carry	VERB
cblr-13005	47	118	an	an	DET
cblr-13005	47	119	expectation	expectation	NOUN
cblr-13005	47	120	of	of	ADP
cblr-13005	47	121	a	a	DET
cblr-13005	47	122	full	full	ADJ
cblr-13005	47	123	riskadjusted	riskadjuste	VERB
cblr-13005	47	124	market	market	NOUN
cblr-13005	47	125	-	-	PUNCT
cblr-13005	47	126	rate	rate	NOUN
cblr-13005	47	127	financial	financial	ADJ
cblr-13005	47	128	return	return	NOUN
cblr-13005	47	129	)	)	PUNCT
cblr-13005	47	130	.	.	PUNCT
cblr-13005	48	1	7	7	NUM
cblr-13005	48	2	see	see	VERB
cblr-13005	48	3	,	,	PUNCT
cblr-13005	48	4	e.g.	e.g.	ADV
cblr-13005	48	5	,	,	PUNCT
cblr-13005	48	6	the	the	DET
cblr-13005	48	7	enhancement	enhancement	NOUN
cblr-13005	48	8	and	and	CCONJ
cblr-13005	48	9	standardization	standardization	NOUN
cblr-13005	48	10	of	of	ADP
cblr-13005	48	11	climate	climate	NOUN
cblr-13005	48	12	-	-	PUNCT
cblr-13005	48	13	related	relate	VERB
cblr-13005	48	14	disclosures	disclosure	NOUN
cblr-13005	48	15	for	for	ADP
cblr-13005	48	16	investors	investor	NOUN
cblr-13005	48	17	,	,	PUNCT
cblr-13005	48	18	87	87	NUM
cblr-13005	48	19	fed	fed	PROPN
cblr-13005	48	20	.	.	PUNCT
cblr-13005	49	1	reg	reg	PROPN
cblr-13005	49	2	.	.	PUNCT
cblr-13005	50	1	21334	21334	NUM
cblr-13005	50	2	,	,	PUNCT
cblr-13005	50	3	21335–36	21335–36	NUM
cblr-13005	50	4	(	(	PUNCT
cblr-13005	50	5	april	april	PROPN
cblr-13005	50	6	11	11	NUM
cblr-13005	50	7	,	,	PUNCT
cblr-13005	50	8	2022	2022	NUM
cblr-13005	50	9	)	)	PUNCT
cblr-13005	50	10	(	(	PUNCT
cblr-13005	50	11	stating	state	VERB
cblr-13005	50	12	that	that	SCONJ
cblr-13005	50	13	“	"	PUNCT
cblr-13005	50	14	[	[	X
cblr-13005	50	15	i]nvestors	i]nvestor	NOUN
cblr-13005	50	16	need	need	VERB
cblr-13005	50	17	information	information	NOUN
cblr-13005	50	18	about	about	ADP
cblr-13005	50	19	climate	climate	NOUN
cblr-13005	50	20	-	-	PUNCT
cblr-13005	50	21	related	relate	VERB
cblr-13005	50	22	risks	risk	NOUN
cblr-13005	50	23	—	—	PUNCT
cblr-13005	50	24	and	and	CCONJ
cblr-13005	50	25	it	it	PRON
cblr-13005	50	26	is	be	AUX
cblr-13005	50	27	squarely	squarely	ADV
cblr-13005	50	28	within	within	ADP
cblr-13005	50	29	the	the	DET
cblr-13005	50	30	commission	commission	NOUN
cblr-13005	50	31	’s	’s	PART
cblr-13005	50	32	authority	authority	NOUN
cblr-13005	50	33	to	to	PART
cblr-13005	50	34	require	require	VERB
cblr-13005	50	35	such	such	ADJ
cblr-13005	50	36	disclosure	disclosure	NOUN
cblr-13005	50	37	.	.	PUNCT
cblr-13005	50	38	.	.	PUNCT
cblr-13005	50	39	.	.	PUNCT
cblr-13005	51	1	—	—	PUNCT
cblr-13005	51	2	because	because	SCONJ
cblr-13005	51	3	climate	climate	NOUN
cblr-13005	51	4	-	-	PUNCT
cblr-13005	51	5	related	relate	VERB
cblr-13005	51	6	risks	risk	NOUN
cblr-13005	51	7	have	have	VERB
cblr-13005	51	8	present	present	ADJ
cblr-13005	51	9	financial	financial	ADJ
cblr-13005	51	10	consequences	consequence	NOUN
cblr-13005	51	11	that	that	PRON
cblr-13005	51	12	investors	investor	NOUN
cblr-13005	51	13	in	in	ADP
cblr-13005	51	14	public	public	ADJ
cblr-13005	51	15	companies	company	NOUN
cblr-13005	51	16	consider	consider	VERB
cblr-13005	51	17	in	in	ADP
cblr-13005	51	18	making	make	VERB
cblr-13005	51	19	investment	investment	NOUN
cblr-13005	51	20	and	and	CCONJ
cblr-13005	51	21	no	no	INTJ
cblr-13005	51	22	.	.	NOUN
cblr-13005	52	1	1	1	NUM
cblr-13005	52	2	]	]	PUNCT
cblr-13005	52	3	a	a	DET
cblr-13005	52	4	hard	hard	ADJ
cblr-13005	52	5	look	look	NOUN
cblr-13005	52	6	at	at	ADP
cblr-13005	52	7	portfolio	portfolio	NOUN
cblr-13005	52	8	focused	focused	ADJ
cblr-13005	52	9	stewardship	stewardship	NOUN
cblr-13005	52	10	317	317	NUM
cblr-13005	52	11	this	this	PRON
cblr-13005	52	12	is	be	AUX
cblr-13005	52	13	subterfuge	subterfuge	NOUN
cblr-13005	52	14	,	,	PUNCT
cblr-13005	52	15	that	that	SCONJ
cblr-13005	52	16	in	in	ADP
cblr-13005	52	17	fact	fact	NOUN
cblr-13005	52	18	those	those	PRON
cblr-13005	52	19	calling	call	VERB
cblr-13005	52	20	for	for	ADP
cblr-13005	52	21	sec	sec	PROPN
cblr-13005	52	22	-	-	PUNCT
cblr-13005	52	23	mandated	mandate	VERB
cblr-13005	52	24	esg	esg	NOUN
cblr-13005	52	25	disclosures	disclosure	NOUN
cblr-13005	52	26	are	be	AUX
cblr-13005	52	27	motivated	motivate	VERB
cblr-13005	52	28	by	by	ADP
cblr-13005	52	29	a	a	DET
cblr-13005	52	30	desire	desire	NOUN
cblr-13005	52	31	to	to	PART
cblr-13005	52	32	promote	promote	VERB
cblr-13005	52	33	other	other	ADJ
cblr-13005	52	34	policy	policy	NOUN
cblr-13005	52	35	objectives	objective	NOUN
cblr-13005	52	36	,	,	PUNCT
cblr-13005	52	37	or	or	CCONJ
cblr-13005	52	38	perhaps	perhaps	ADV
cblr-13005	52	39	to	to	PART
cblr-13005	52	40	advance	advance	VERB
cblr-13005	52	41	their	their	PRON
cblr-13005	52	42	own	own	ADJ
cblr-13005	52	43	personal	personal	ADJ
cblr-13005	52	44	financial	financial	ADJ
cblr-13005	52	45	interests	interest	NOUN
cblr-13005	52	46	rather	rather	ADV
cblr-13005	52	47	than	than	ADP
cblr-13005	52	48	those	those	PRON
cblr-13005	52	49	of	of	ADP
cblr-13005	52	50	investors.8	investors.8	PROPN
cblr-13005	52	51	this	this	DET
cblr-13005	52	52	article	article	NOUN
cblr-13005	52	53	does	do	AUX
cblr-13005	52	54	not	not	PART
cblr-13005	52	55	take	take	VERB
cblr-13005	52	56	a	a	DET
cblr-13005	52	57	position	position	NOUN
cblr-13005	52	58	on	on	ADP
cblr-13005	52	59	this	this	DET
cblr-13005	52	60	heated	heated	ADJ
cblr-13005	52	61	,	,	PUNCT
cblr-13005	52	62	and	and	CCONJ
cblr-13005	52	63	increasingly	increasingly	ADV
cblr-13005	52	64	partisan	partisan	ADJ
cblr-13005	52	65	,	,	PUNCT
cblr-13005	52	66	question.9	question.9	PROPN
cblr-13005	52	67	instead	instead	ADV
cblr-13005	52	68	,	,	PUNCT
cblr-13005	52	69	it	it	PRON
cblr-13005	52	70	attempts	attempt	VERB
cblr-13005	52	71	something	something	PRON
cblr-13005	52	72	more	more	ADJ
cblr-13005	52	73	voting	voting	NOUN
cblr-13005	52	74	decisions	decision	NOUN
cblr-13005	52	75	”	"	PUNCT
cblr-13005	52	76	and	and	CCONJ
cblr-13005	52	77	disclaiming	disclaim	VERB
cblr-13005	52	78	any	any	DET
cblr-13005	52	79	objective	objective	NOUN
cblr-13005	52	80	“	"	PUNCT
cblr-13005	52	81	to	to	PART
cblr-13005	52	82	address	address	VERB
cblr-13005	52	83	climate	climate	NOUN
cblr-13005	52	84	-	-	PUNCT
cblr-13005	52	85	related	relate	VERB
cblr-13005	52	86	issues	issue	NOUN
cblr-13005	52	87	more	more	ADV
cblr-13005	52	88	generally	generally	ADV
cblr-13005	52	89	”	"	PUNCT
cblr-13005	52	90	(	(	PUNCT
cblr-13005	52	91	emphasis	emphasis	NOUN
cblr-13005	52	92	added	add	VERB
cblr-13005	52	93	)	)	PUNCT
cblr-13005	52	94	)	)	PUNCT
cblr-13005	52	95	.	.	PUNCT
cblr-13005	53	1	8	8	NUM
cblr-13005	53	2	see	see	VERB
cblr-13005	53	3	mahoney	mahoney	PROPN
cblr-13005	53	4	&	&	CCONJ
cblr-13005	53	5	mahoney	mahoney	PROPN
cblr-13005	53	6	,	,	PUNCT
cblr-13005	53	7	supra	supra	PROPN
cblr-13005	53	8	note	note	PROPN
cblr-13005	53	9	6	6	NUM
cblr-13005	53	10	,	,	PUNCT
cblr-13005	53	11	at	at	ADP
cblr-13005	53	12	843–44	843–44	NUM
cblr-13005	53	13	(	(	PUNCT
cblr-13005	53	14	calling	call	VERB
cblr-13005	53	15	the	the	DET
cblr-13005	53	16	financial	financial	ADJ
cblr-13005	53	17	value	value	NOUN
cblr-13005	53	18	argument	argument	NOUN
cblr-13005	53	19	in	in	ADP
cblr-13005	53	20	favor	favor	NOUN
cblr-13005	53	21	of	of	ADP
cblr-13005	53	22	esg	esg	PROPN
cblr-13005	53	23	disclosure	disclosure	NOUN
cblr-13005	53	24	mandates	mandate	NOUN
cblr-13005	53	25	“	"	PUNCT
cblr-13005	53	26	cheap	cheap	ADJ
cblr-13005	53	27	talk	talk	NOUN
cblr-13005	53	28	”	"	PUNCT
cblr-13005	53	29	and	and	CCONJ
cblr-13005	53	30	noting	note	VERB
cblr-13005	53	31	that	that	SCONJ
cblr-13005	53	32	there	there	PRON
cblr-13005	53	33	are	be	VERB
cblr-13005	53	34	“	"	PUNCT
cblr-13005	53	35	good	good	ADJ
cblr-13005	53	36	reasons	reason	NOUN
cblr-13005	53	37	to	to	PART
cblr-13005	53	38	believe	believe	VERB
cblr-13005	54	1	that	that	SCONJ
cblr-13005	54	2	[	[	X
cblr-13005	54	3	asset	asset	NOUN
cblr-13005	54	4	managers	manager	NOUN
cblr-13005	54	5	’	'	PUNCT
cblr-13005	54	6	]	]	PUNCT
cblr-13005	54	7	purpose	purpose	NOUN
cblr-13005	54	8	[	[	X
cblr-13005	54	9	in	in	ADP
cblr-13005	54	10	supporting	support	VERB
cblr-13005	54	11	such	such	ADJ
cblr-13005	54	12	mandates	mandate	NOUN
cblr-13005	54	13	]	]	PUNCT
cblr-13005	54	14	is	be	AUX
cblr-13005	54	15	in	in	ADP
cblr-13005	54	16	part	part	NOUN
cblr-13005	54	17	to	to	PART
cblr-13005	54	18	pursue	pursue	VERB
cblr-13005	54	19	public	public	ADJ
cblr-13005	54	20	policy	policy	NOUN
cblr-13005	54	21	goals	goal	NOUN
cblr-13005	54	22	outside	outside	ADP
cblr-13005	54	23	the	the	DET
cblr-13005	54	24	normal	normal	ADJ
cblr-13005	54	25	political	political	ADJ
cblr-13005	54	26	process	process	NOUN
cblr-13005	54	27	”	"	PUNCT
cblr-13005	54	28	)	)	PUNCT
cblr-13005	54	29	;	;	PUNCT
cblr-13005	54	30	see	see	VERB
cblr-13005	54	31	also	also	ADV
cblr-13005	54	32	elon	elon	PROPN
cblr-13005	54	33	musk	musk	PROPN
cblr-13005	54	34	(	(	PUNCT
cblr-13005	54	35	@elonmusk	@elonmusk	PROPN
cblr-13005	54	36	)	)	PUNCT
cblr-13005	54	37	,	,	PUNCT
cblr-13005	54	38	x	x	X
cblr-13005	54	39	(	(	PUNCT
cblr-13005	54	40	formerly	formerly	ADV
cblr-13005	54	41	twitter	twitter	NOUN
cblr-13005	54	42	)	)	PUNCT
cblr-13005	54	43	(	(	PUNCT
cblr-13005	54	44	may	may	PROPN
cblr-13005	54	45	18	18	NUM
cblr-13005	54	46	,	,	PUNCT
cblr-13005	54	47	2022	2022	NUM
cblr-13005	54	48	,	,	PUNCT
cblr-13005	54	49	11:09	11:09	NUM
cblr-13005	54	50	am	am	NOUN
cblr-13005	54	51	)	)	PUNCT
cblr-13005	54	52	,	,	PUNCT
cblr-13005	54	53	https://twitter.com/elonmusk/status/1526958110023245829	https://twitter.com/elonmusk/status/1526958110023245829	X
cblr-13005	54	54	(	(	PUNCT
cblr-13005	54	55	“	"	PUNCT
cblr-13005	54	56	esg	esg	NOUN
cblr-13005	54	57	is	be	AUX
cblr-13005	54	58	a	a	DET
cblr-13005	54	59	scam	scam	NOUN
cblr-13005	54	60	.	.	PUNCT
cblr-13005	55	1	it	it	PRON
cblr-13005	55	2	has	have	AUX
cblr-13005	55	3	been	be	AUX
cblr-13005	55	4	weaponized	weaponize	VERB
cblr-13005	55	5	by	by	ADP
cblr-13005	55	6	phony	phony	ADJ
cblr-13005	55	7	social	social	ADJ
cblr-13005	55	8	justice	justice	NOUN
cblr-13005	55	9	warriors	warrior	NOUN
cblr-13005	55	10	.	.	PUNCT
cblr-13005	55	11	”	"	PUNCT
cblr-13005	55	12	)	)	PUNCT
cblr-13005	55	13	;	;	PUNCT
cblr-13005	55	14	press	press	NOUN
cblr-13005	55	15	release	release	NOUN
cblr-13005	55	16	,	,	PUNCT
cblr-13005	55	17	james	james	PROPN
cblr-13005	55	18	comer	comer	PROPN
cblr-13005	55	19	,	,	PUNCT
cblr-13005	55	20	chairman	chairman	NOUN
cblr-13005	55	21	,	,	PUNCT
cblr-13005	55	22	house	house	PROPN
cblr-13005	55	23	committee	committee	PROPN
cblr-13005	55	24	on	on	ADP
cblr-13005	55	25	oversight	oversight	NOUN
cblr-13005	55	26	and	and	CCONJ
cblr-13005	55	27	accountability	accountability	NOUN
cblr-13005	55	28	,	,	PUNCT
cblr-13005	55	29	comer	comer	NOUN
cblr-13005	55	30	:	:	PUNCT
cblr-13005	55	31	esg	esg	NOUN
cblr-13005	55	32	is	be	AUX
cblr-13005	55	33	just	just	ADV
cblr-13005	55	34	window	window	NOUN
cblr-13005	55	35	dressing	dressing	NOUN
cblr-13005	55	36	for	for	ADP
cblr-13005	55	37	liberal	liberal	ADJ
cblr-13005	55	38	activism	activism	NOUN
cblr-13005	55	39	and	and	CCONJ
cblr-13005	55	40	far	far	ADV
cblr-13005	55	41	-	-	PUNCT
cblr-13005	55	42	left	leave	VERB
cblr-13005	55	43	ideology	ideology	NOUN
cblr-13005	55	44	(	(	PUNCT
cblr-13005	55	45	may	may	PROPN
cblr-13005	55	46	10	10	NUM
cblr-13005	55	47	,	,	PUNCT
cblr-13005	55	48	2023	2023	NUM
cblr-13005	55	49	)	)	PUNCT
cblr-13005	55	50	,	,	PUNCT
cblr-13005	55	51	https://oversight.house.gov/release/comer-esg-is-justwindow-dressing-for-liberal-activism-and-far-left-ideology%ef%bf%bc/	https://oversight.house.gov/release/comer-esg-is-justwindow-dressing-for-liberal-activism-and-far-left-ideology%ef%bf%bc/	VERB
cblr-13005	56	1	[	[	X
cblr-13005	56	2	https://perma.cc/6pjg-faby	https://perma.cc/6pjg-faby	X
cblr-13005	56	3	]	]	X
cblr-13005	56	4	(	(	PUNCT
cblr-13005	56	5	stating	state	VERB
cblr-13005	56	6	that	that	DET
cblr-13005	56	7	representative	representative	ADJ
cblr-13005	56	8	james	james	PROPN
cblr-13005	56	9	comer	comer	NOUN
cblr-13005	56	10	(	(	PUNCT
cblr-13005	56	11	r	r	PROPN
cblr-13005	56	12	-	-	PUNCT
cblr-13005	56	13	ky	ky	PROPN
cblr-13005	56	14	.	.	PUNCT
cblr-13005	56	15	)	)	PUNCT
cblr-13005	57	1	asserted	assert	VERB
cblr-13005	57	2	at	at	ADP
cblr-13005	57	3	a	a	DET
cblr-13005	57	4	congressional	congressional	ADJ
cblr-13005	57	5	hearing	hearing	NOUN
cblr-13005	57	6	on	on	ADP
cblr-13005	57	7	esg	esg	PROPN
cblr-13005	57	8	that	that	SCONJ
cblr-13005	57	9	“	"	PUNCT
cblr-13005	57	10	[	[	X
cblr-13005	57	11	t]he	t]he	ADV
cblr-13005	57	12	esg	esg	NOUN
cblr-13005	57	13	agenda	agenda	NOUN
cblr-13005	57	14	prioritizes	prioritize	VERB
cblr-13005	57	15	leftist	leftist	ADJ
cblr-13005	57	16	ideology	ideology	NOUN
cblr-13005	57	17	over	over	ADP
cblr-13005	57	18	the	the	DET
cblr-13005	57	19	growth	growth	NOUN
cblr-13005	57	20	of	of	ADP
cblr-13005	57	21	retirees	retiree	NOUN
cblr-13005	57	22	’	'	PUNCT
cblr-13005	57	23	investments	investment	NOUN
cblr-13005	57	24	”	"	PUNCT
cblr-13005	57	25	)	)	PUNCT
cblr-13005	57	26	;	;	PUNCT
cblr-13005	57	27	written	write	VERB
cblr-13005	57	28	testimony	testimony	NOUN
cblr-13005	57	29	of	of	ADP
cblr-13005	57	30	steven	steven	PROPN
cblr-13005	57	31	t.	t.	PROPN
cblr-13005	57	32	marshall	marshall	PROPN
cblr-13005	57	33	alabama	alabama	PROPN
cblr-13005	57	34	attorney	attorney	PROPN
cblr-13005	57	35	general	general	PROPN
cblr-13005	57	36	before	before	ADP
cblr-13005	57	37	the	the	DET
cblr-13005	57	38	united	united	PROPN
cblr-13005	57	39	states	states	PROPN
cblr-13005	57	40	house	house	PROPN
cblr-13005	57	41	of	of	ADP
cblr-13005	57	42	representatives	representatives	PROPN
cblr-13005	57	43	committee	committee	PROPN
cblr-13005	57	44	on	on	ADP
cblr-13005	57	45	oversight	oversight	NOUN
cblr-13005	57	46	and	and	CCONJ
cblr-13005	57	47	accountability	accountability	NOUN
cblr-13005	57	48	,	,	PUNCT
cblr-13005	57	49	esg	esg	PROPN
cblr-13005	57	50	part	part	NOUN
cblr-13005	58	1	i	i	NOUN
cblr-13005	58	2	:	:	PUNCT
cblr-13005	58	3	an	an	DET
cblr-13005	58	4	examination	examination	NOUN
cblr-13005	58	5	of	of	ADP
cblr-13005	58	6	environmental	environmental	ADJ
cblr-13005	58	7	,	,	PUNCT
cblr-13005	58	8	social	social	ADJ
cblr-13005	58	9	and	and	CCONJ
cblr-13005	58	10	governance	governance	NOUN
cblr-13005	58	11	practices	practice	NOUN
cblr-13005	58	12	with	with	ADP
cblr-13005	58	13	attorneys	attorney	NOUN
cblr-13005	58	14	general	general	ADJ
cblr-13005	58	15	(	(	PUNCT
cblr-13005	58	16	may	may	PROPN
cblr-13005	58	17	10	10	NUM
cblr-13005	58	18	,	,	PUNCT
cblr-13005	58	19	2023	2023	NUM
cblr-13005	58	20	)	)	PUNCT
cblr-13005	58	21	,	,	PUNCT
cblr-13005	58	22	https://oversight.house.gov/wp-content/uploads/2023/05/marshall-written-testimony.pdf	https://oversight.house.gov/wp-content/uploads/2023/05/marshall-written-testimony.pdf	NOUN
cblr-13005	59	1	[	[	X
cblr-13005	59	2	https://perma.cc/p34p-fvev	https://perma.cc/p34p-fvev	X
cblr-13005	59	3	]	]	X
cblr-13005	59	4	(	(	PUNCT
cblr-13005	59	5	“	"	PUNCT
cblr-13005	59	6	an	an	DET
cblr-13005	59	7	unelected	unelected	ADJ
cblr-13005	59	8	cabal	cabal	NOUN
cblr-13005	59	9	of	of	ADP
cblr-13005	59	10	global	global	ADJ
cblr-13005	59	11	elites	elite	NOUN
cblr-13005	59	12	are	be	AUX
cblr-13005	59	13	using	use	VERB
cblr-13005	59	14	esg	esg	PROPN
cblr-13005	59	15	,	,	PUNCT
cblr-13005	59	16	a	a	DET
cblr-13005	59	17	woke	wake	VERB
cblr-13005	59	18	economic	economic	ADJ
cblr-13005	59	19	strategy	strategy	NOUN
cblr-13005	59	20	,	,	PUNCT
cblr-13005	59	21	to	to	PART
cblr-13005	59	22	hijack	hijack	VERB
cblr-13005	59	23	our	our	PRON
cblr-13005	59	24	capitalist	capitalist	ADJ
cblr-13005	59	25	system	system	NOUN
cblr-13005	59	26	,	,	PUNCT
cblr-13005	59	27	coerce	coerce	VERB
cblr-13005	59	28	corporations	corporation	NOUN
cblr-13005	59	29	,	,	PUNCT
cblr-13005	59	30	and	and	CCONJ
cblr-13005	59	31	threaten	threaten	VERB
cblr-13005	59	32	the	the	DET
cblr-13005	59	33	hard	hard	ADV
cblr-13005	59	34	-	-	PUNCT
cblr-13005	59	35	earned	earn	VERB
cblr-13005	59	36	dollars	dollar	NOUN
cblr-13005	59	37	of	of	ADP
cblr-13005	59	38	working	working	NOUN
cblr-13005	59	39	americans	americans	PROPN
cblr-13005	59	40	.	.	PUNCT
cblr-13005	60	1	esg	esg	PROPN
cblr-13005	60	2	must	must	AUX
cblr-13005	60	3	be	be	AUX
cblr-13005	60	4	stopped	stop	VERB
cblr-13005	60	5	.	.	PUNCT
cblr-13005	60	6	”	"	PUNCT
cblr-13005	60	7	)	)	PUNCT
cblr-13005	60	8	;	;	PUNCT
cblr-13005	60	9	see	see	VERB
cblr-13005	60	10	also	also	ADV
cblr-13005	60	11	rose	rise	VERB
cblr-13005	60	12	,	,	PUNCT
cblr-13005	60	13	supra	supra	PROPN
cblr-13005	60	14	note	note	NOUN
cblr-13005	60	15	2	2	NUM
cblr-13005	60	16	,	,	PUNCT
cblr-13005	60	17	at	at	ADP
cblr-13005	60	18	1823	1823	NUM
cblr-13005	60	19	(	(	PUNCT
cblr-13005	60	20	“	"	PUNCT
cblr-13005	60	21	esg	esg	NOUN
cblr-13005	60	22	proponents	proponent	NOUN
cblr-13005	60	23	.	.	PUNCT
cblr-13005	60	24	.	.	PUNCT
cblr-13005	61	1	.	.	PUNCT
cblr-13005	62	1	include	include	VERB
cblr-13005	62	2	members	member	NOUN
cblr-13005	62	3	of	of	ADP
cblr-13005	62	4	an	an	DET
cblr-13005	62	5	emerging	emerge	VERB
cblr-13005	62	6	corps	corps	NOUN
cblr-13005	62	7	of	of	ADP
cblr-13005	62	8	people	people	NOUN
cblr-13005	62	9	and	and	CCONJ
cblr-13005	62	10	institutions	institution	NOUN
cblr-13005	62	11	who	who	PRON
cblr-13005	62	12	profit	profit	VERB
cblr-13005	62	13	from	from	ADP
cblr-13005	62	14	the	the	DET
cblr-13005	62	15	movement	movement	NOUN
cblr-13005	62	16	,	,	PUNCT
cblr-13005	62	17	including	include	VERB
cblr-13005	62	18	corporate	corporate	ADJ
cblr-13005	62	19	sustainability	sustainability	NOUN
cblr-13005	62	20	officers	officer	NOUN
cblr-13005	62	21	,	,	PUNCT
cblr-13005	62	22	providers	provider	NOUN
cblr-13005	62	23	of	of	ADP
cblr-13005	62	24	esg	esg	PROPN
cblr-13005	62	25	ratings	rating	NOUN
cblr-13005	62	26	and	and	CCONJ
cblr-13005	62	27	indices	index	NOUN
cblr-13005	62	28	,	,	PUNCT
cblr-13005	62	29	accounting	accounting	NOUN
cblr-13005	62	30	firms	firm	NOUN
cblr-13005	62	31	that	that	PRON
cblr-13005	62	32	offer	offer	VERB
cblr-13005	62	33	esg	esg	NOUN
cblr-13005	62	34	-	-	PUNCT
cblr-13005	62	35	related	relate	VERB
cblr-13005	62	36	services	service	NOUN
cblr-13005	62	37	,	,	PUNCT
cblr-13005	62	38	and	and	CCONJ
cblr-13005	62	39	managers	manager	NOUN
cblr-13005	62	40	of	of	ADP
cblr-13005	62	41	specialized	specialized	ADJ
cblr-13005	62	42	esg	esg	PROPN
cblr-13005	62	43	-	-	PUNCT
cblr-13005	62	44	investment	investment	NOUN
cblr-13005	62	45	vehicles	vehicle	NOUN
cblr-13005	62	46	.	.	PUNCT
cblr-13005	62	47	”	"	PUNCT
cblr-13005	62	48	)	)	PUNCT
cblr-13005	62	49	.	.	PUNCT
cblr-13005	63	1	9	9	NUM
cblr-13005	63	2	clara	clara	PROPN
cblr-13005	63	3	hudson	hudson	PROPN
cblr-13005	63	4	,	,	PUNCT
cblr-13005	63	5	blackrock	blackrock	NOUN
cblr-13005	63	6	’s	’s	PART
cblr-13005	63	7	shifts	shift	NOUN
cblr-13005	63	8	in	in	ADP
cblr-13005	63	9	governance	governance	NOUN
cblr-13005	63	10	leave	leave	VERB
cblr-13005	63	11	esg	esg	PROPN
cblr-13005	63	12	foes	foe	NOUN
cblr-13005	63	13	hungry	hungry	ADJ
cblr-13005	63	14	for	for	ADP
cblr-13005	63	15	more	more	ADJ
cblr-13005	63	16	,	,	PUNCT
cblr-13005	63	17	bloomberg	bloomberg	PROPN
cblr-13005	63	18	l.	l.	PROPN
cblr-13005	63	19	(	(	PUNCT
cblr-13005	63	20	july	july	PROPN
cblr-13005	63	21	21	21	NUM
cblr-13005	63	22	,	,	PUNCT
cblr-13005	63	23	2023	2023	NUM
cblr-13005	63	24	)	)	PUNCT
cblr-13005	63	25	,	,	PUNCT
cblr-13005	63	26	https://news.bloomberglaw.com/esg/blackrock-changes-set-up-anti-esg-forces-to-seek-next-targets	https://news.bloomberglaw.com/esg/blackrock-changes-set-up-anti-esg-forces-to-seek-next-targets	PROPN
cblr-13005	63	27	[	[	PUNCT
cblr-13005	63	28	on	on	ADP
cblr-13005	63	29	file	file	NOUN
cblr-13005	63	30	with	with	ADP
cblr-13005	63	31	the	the	DET
cblr-13005	63	32	columbia	columbia	PROPN
cblr-13005	63	33	business	business	PROPN
cblr-13005	63	34	law	law	PROPN
cblr-13005	63	35	review	review	PROPN
cblr-13005	63	36	]	]	X
cblr-13005	63	37	(	(	PUNCT
cblr-13005	63	38	“	"	PUNCT
cblr-13005	63	39	republicans	republicans	PROPN
cblr-13005	63	40	say	say	VERB
cblr-13005	63	41	esg	esg	PROPN
cblr-13005	63	42	pushes	push	VERB
cblr-13005	63	43	progressive	progressive	ADJ
cblr-13005	63	44	policies	policy	NOUN
cblr-13005	63	45	that	that	PRON
cblr-13005	63	46	do	do	AUX
cblr-13005	63	47	n’t	not	PART
cblr-13005	63	48	prioritize	prioritize	VERB
cblr-13005	63	49	financial	financial	ADJ
cblr-13005	63	50	metrics	metric	NOUN
cblr-13005	63	51	for	for	ADP
cblr-13005	63	52	shareholders	shareholder	NOUN
cblr-13005	63	53	.	.	PUNCT
cblr-13005	64	1	democrats	democrat	NOUN
cblr-13005	64	2	,	,	PUNCT
cblr-13005	64	3	meanwhile	meanwhile	ADV
cblr-13005	64	4	,	,	PUNCT
cblr-13005	64	5	have	have	AUX
cblr-13005	64	6	countered	counter	VERB
cblr-13005	64	7	that	that	SCONJ
cblr-13005	64	8	investors	investor	NOUN
cblr-13005	64	9	want	want	VERB
cblr-13005	64	10	318	318	NUM
cblr-13005	64	11	columbia	columbia	PROPN
cblr-13005	64	12	business	business	NOUN
cblr-13005	64	13	law	law	PROPN
cblr-13005	64	14	review	review	NOUN
cblr-13005	65	1	[	[	X
cblr-13005	65	2	vol	vol	NOUN
cblr-13005	65	3	.	.	PUNCT
cblr-13005	65	4	2024	2024	NUM
cblr-13005	65	5	constructive	constructive	ADJ
cblr-13005	65	6	by	by	ADP
cblr-13005	65	7	subjecting	subject	VERB
cblr-13005	65	8	the	the	DET
cblr-13005	65	9	financial	financial	ADJ
cblr-13005	65	10	case	case	NOUN
cblr-13005	65	11	for	for	ADP
cblr-13005	65	12	sec	sec	PROPN
cblr-13005	65	13	-	-	PUNCT
cblr-13005	65	14	imposed	impose	VERB
cblr-13005	65	15	esg	esg	NOUN
cblr-13005	65	16	disclosure	disclosure	NOUN
cblr-13005	65	17	mandates	mandate	NOUN
cblr-13005	65	18	to	to	ADP
cblr-13005	65	19	much	much	ADV
cblr-13005	65	20	-	-	PUNCT
cblr-13005	65	21	needed	need	VERB
cblr-13005	65	22	analytical	analytical	ADJ
cblr-13005	65	23	rigor	rigor	NOUN
cblr-13005	65	24	.	.	PUNCT
cblr-13005	66	1	financial	financial	ADJ
cblr-13005	66	2	arguments	argument	NOUN
cblr-13005	66	3	in	in	ADP
cblr-13005	66	4	favor	favor	NOUN
cblr-13005	66	5	of	of	ADP
cblr-13005	66	6	sec	sec	PROPN
cblr-13005	66	7	-	-	PUNCT
cblr-13005	66	8	imposed	impose	VERB
cblr-13005	66	9	esg	esg	NOUN
cblr-13005	66	10	disclosure	disclosure	NOUN
cblr-13005	66	11	mandates	mandate	NOUN
cblr-13005	66	12	come	come	VERB
cblr-13005	66	13	in	in	ADP
cblr-13005	66	14	at	at	ADV
cblr-13005	66	15	least	least	ADV
cblr-13005	66	16	three	three	NUM
cblr-13005	66	17	different	different	ADJ
cblr-13005	66	18	permutations	permutation	NOUN
cblr-13005	66	19	,	,	PUNCT
cblr-13005	66	20	only	only	ADV
cblr-13005	66	21	the	the	DET
cblr-13005	66	22	last	last	ADJ
cblr-13005	66	23	of	of	ADP
cblr-13005	66	24	which	which	PRON
cblr-13005	66	25	is	be	AUX
cblr-13005	66	26	examined	examine	VERB
cblr-13005	66	27	in	in	ADP
cblr-13005	66	28	this	this	DET
cblr-13005	66	29	article	article	NOUN
cblr-13005	66	30	.	.	PUNCT
cblr-13005	67	1	the	the	DET
cblr-13005	67	2	first	first	ADJ
cblr-13005	67	3	is	be	AUX
cblr-13005	67	4	traditional	traditional	ADJ
cblr-13005	67	5	—	—	PUNCT
cblr-13005	67	6	that	that	SCONJ
cblr-13005	67	7	esg	esg	PROPN
cblr-13005	67	8	information	information	NOUN
cblr-13005	67	9	would	would	AUX
cblr-13005	67	10	be	be	AUX
cblr-13005	67	11	important	important	ADJ
cblr-13005	67	12	to	to	ADP
cblr-13005	67	13	a	a	DET
cblr-13005	67	14	financially	financially	ADV
cblr-13005	67	15	-	-	PUNCT
cblr-13005	67	16	motivated	motivate	VERB
cblr-13005	67	17	investor	investor	NOUN
cblr-13005	67	18	or	or	CCONJ
cblr-13005	67	19	prospective	prospective	ADJ
cblr-13005	67	20	investor	investor	NOUN
cblr-13005	67	21	in	in	ADP
cblr-13005	67	22	the	the	DET
cblr-13005	67	23	disclosing	disclosing	NOUN
cblr-13005	67	24	firm	firm	NOUN
cblr-13005	67	25	because	because	SCONJ
cblr-13005	67	26	the	the	DET
cblr-13005	67	27	information	information	NOUN
cblr-13005	67	28	is	be	AUX
cblr-13005	67	29	likely	likely	ADJ
cblr-13005	67	30	to	to	PART
cblr-13005	67	31	significantly	significantly	ADV
cblr-13005	67	32	impact	impact	VERB
cblr-13005	67	33	the	the	DET
cblr-13005	67	34	disclosing	disclosing	NOUN
cblr-13005	67	35	firm	firm	NOUN
cblr-13005	67	36	’s	’s	PART
cblr-13005	67	37	future	future	ADJ
cblr-13005	67	38	expected	expect	VERB
cblr-13005	67	39	cash	cash	NOUN
cblr-13005	67	40	flows.10	flows.10	NOUN
cblr-13005	67	41	to	to	PART
cblr-13005	67	42	call	call	VERB
cblr-13005	67	43	this	this	DET
cblr-13005	67	44	argument	argument	NOUN
cblr-13005	67	45	traditional	traditional	ADJ
cblr-13005	67	46	does	do	AUX
cblr-13005	67	47	not	not	PART
cblr-13005	67	48	,	,	PUNCT
cblr-13005	67	49	of	of	ADP
cblr-13005	67	50	course	course	NOUN
cblr-13005	67	51	,	,	PUNCT
cblr-13005	67	52	answer	answer	VERB
cblr-13005	67	53	whether	whether	SCONJ
cblr-13005	67	54	it	it	PRON
cblr-13005	67	55	is	be	AUX
cblr-13005	67	56	convincing	convincing	ADJ
cblr-13005	67	57	in	in	ADP
cblr-13005	67	58	application	application	NOUN
cblr-13005	67	59	.	.	PUNCT
cblr-13005	68	1	its	its	PRON
cblr-13005	68	2	strength	strength	NOUN
cblr-13005	68	3	as	as	ADP
cblr-13005	68	4	a	a	DET
cblr-13005	68	5	justification	justification	NOUN
cblr-13005	68	6	for	for	ADP
cblr-13005	68	7	mandatory	mandatory	ADJ
cblr-13005	68	8	esg	esg	PROPN
cblr-13005	68	9	disclosure	disclosure	NOUN
cblr-13005	68	10	will	will	AUX
cblr-13005	68	11	depend	depend	VERB
cblr-13005	68	12	on	on	ADP
cblr-13005	68	13	,	,	PUNCT
cblr-13005	68	14	inter	inter	PROPN
cblr-13005	68	15	alia	alia	PROPN
cblr-13005	68	16	,	,	PUNCT
cblr-13005	68	17	the	the	DET
cblr-13005	68	18	specific	specific	ADJ
cblr-13005	68	19	piece	piece	NOUN
cblr-13005	68	20	of	of	ADP
cblr-13005	68	21	esg	esg	PROPN
cblr-13005	68	22	information	information	NOUN
cblr-13005	68	23	at	at	ADP
cblr-13005	68	24	issue	issue	NOUN
cblr-13005	68	25	and	and	CCONJ
cblr-13005	68	26	the	the	DET
cblr-13005	68	27	plausibility	plausibility	NOUN
cblr-13005	68	28	of	of	ADP
cblr-13005	68	29	the	the	DET
cblr-13005	68	30	contention	contention	NOUN
cblr-13005	68	31	that	that	SCONJ
cblr-13005	68	32	such	such	ADJ
cblr-13005	68	33	information	information	NOUN
cblr-13005	68	34	is	be	AUX
cblr-13005	68	35	likely	likely	ADJ
cblr-13005	68	36	to	to	PART
cblr-13005	68	37	be	be	AUX
cblr-13005	68	38	valuation	valuation	NOUN
cblr-13005	68	39	relevant.11	relevant.11	VERB
cblr-13005	68	40	the	the	DET
cblr-13005	68	41	second	second	ADJ
cblr-13005	68	42	argument	argument	NOUN
cblr-13005	68	43	is	be	AUX
cblr-13005	68	44	more	more	ADV
cblr-13005	68	45	novel	novel	ADJ
cblr-13005	68	46	.	.	PUNCT
cblr-13005	69	1	esg	esg	PROPN
cblr-13005	69	2	information	information	NOUN
cblr-13005	69	3	might	might	AUX
cblr-13005	69	4	be	be	AUX
cblr-13005	69	5	thought	think	VERB
cblr-13005	69	6	of	of	ADP
cblr-13005	69	7	in	in	ADP
cblr-13005	69	8	terms	term	NOUN
cblr-13005	69	9	of	of	ADP
cblr-13005	69	10	its	its	PRON
cblr-13005	69	11	relation	relation	NOUN
cblr-13005	69	12	not	not	PART
cblr-13005	69	13	only	only	ADV
cblr-13005	69	14	to	to	ADP
cblr-13005	69	15	firms	firm	NOUN
cblr-13005	69	16	’	'	PUNCT
cblr-13005	69	17	future	future	ADJ
cblr-13005	69	18	expected	expect	VERB
cblr-13005	69	19	cash	cash	NOUN
cblr-13005	69	20	flows	flow	NOUN
cblr-13005	69	21	but	but	CCONJ
cblr-13005	69	22	also	also	ADV
cblr-13005	69	23	in	in	ADP
cblr-13005	69	24	relation	relation	NOUN
cblr-13005	69	25	to	to	ADP
cblr-13005	69	26	firms	firm	NOUN
cblr-13005	69	27	’	'	PUNCT
cblr-13005	69	28	contribution	contribution	NOUN
cblr-13005	69	29	to	to	ADP
cblr-13005	69	30	,	,	PUNCT
cblr-13005	69	31	or	or	CCONJ
cblr-13005	69	32	sensitivity	sensitivity	NOUN
cblr-13005	69	33	to	to	ADP
cblr-13005	69	34	,	,	PUNCT
cblr-13005	69	35	systematic	systematic	ADJ
cblr-13005	69	36	risk	risk	NOUN
cblr-13005	69	37	in	in	ADP
cblr-13005	69	38	the	the	DET
cblr-13005	69	39	economy	economy	NOUN
cblr-13005	69	40	,	,	PUNCT
cblr-13005	69	41	in	in	ADP
cblr-13005	69	42	which	which	DET
cblr-13005	69	43	case	case	NOUN
cblr-13005	69	44	disclosure	disclosure	NOUN
cblr-13005	69	45	might	might	AUX
cblr-13005	69	46	improve	improve	VERB
cblr-13005	69	47	the	the	DET
cblr-13005	69	48	market	market	NOUN
cblr-13005	69	49	’s	’s	PART
cblr-13005	69	50	understanding	understanding	NOUN
cblr-13005	69	51	of	of	ADP
cblr-13005	69	52	the	the	DET
cblr-13005	69	53	level	level	NOUN
cblr-13005	69	54	of	of	ADP
cblr-13005	69	55	,	,	PUNCT
cblr-13005	69	56	and	and	CCONJ
cblr-13005	69	57	specific	specific	ADJ
cblr-13005	69	58	firms	firm	NOUN
cblr-13005	69	59	’	’	PART
cblr-13005	69	60	sensitivity	sensitivity	NOUN
cblr-13005	69	61	to	to	ADP
cblr-13005	69	62	,	,	PUNCT
cblr-13005	69	63	esg	esg	PROPN
cblr-13005	69	64	information	information	NOUN
cblr-13005	69	65	because	because	SCONJ
cblr-13005	69	66	it	it	PRON
cblr-13005	69	67	’s	’	VERB
cblr-13005	69	68	good	good	ADJ
cblr-13005	69	69	for	for	ADP
cblr-13005	69	70	the	the	DET
cblr-13005	69	71	performance	performance	NOUN
cblr-13005	69	72	of	of	ADP
cblr-13005	69	73	their	their	PRON
cblr-13005	69	74	investments	investment	NOUN
cblr-13005	69	75	.	.	PUNCT
cblr-13005	69	76	”	"	PUNCT
cblr-13005	69	77	)	)	PUNCT
cblr-13005	69	78	.	.	PUNCT
cblr-13005	70	1	10	10	NUM
cblr-13005	70	2	see	see	VERB
cblr-13005	70	3	e.g.	e.g.	ADV
cblr-13005	70	4	,	,	PUNCT
cblr-13005	70	5	george	george	PROPN
cblr-13005	70	6	s.	s.	PROPN
cblr-13005	70	7	georgiev	georgiev	PROPN
cblr-13005	70	8	,	,	PUNCT
cblr-13005	70	9	the	the	DET
cblr-13005	70	10	market	market	NOUN
cblr-13005	70	11	-	-	PUNCT
cblr-13005	70	12	essential	essential	ADJ
cblr-13005	70	13	role	role	NOUN
cblr-13005	70	14	of	of	ADP
cblr-13005	70	15	corporate	corporate	ADJ
cblr-13005	70	16	climate	climate	NOUN
cblr-13005	70	17	disclosure	disclosure	NOUN
cblr-13005	70	18	,	,	PUNCT
cblr-13005	70	19	56	56	NUM
cblr-13005	70	20	u.c	u.c	PROPN
cblr-13005	70	21	.	.	PROPN
cblr-13005	70	22	davis	davis	PROPN
cblr-13005	70	23	l.	l.	PROPN
cblr-13005	70	24	rev	rev	PROPN
cblr-13005	70	25	.	.	PROPN
cblr-13005	70	26	2105	2105	NUM
cblr-13005	70	27	,	,	PUNCT
cblr-13005	70	28	2124–29	2124–29	NUM
cblr-13005	70	29	(	(	PUNCT
cblr-13005	70	30	2023	2023	NUM
cblr-13005	70	31	)	)	PUNCT
cblr-13005	70	32	(	(	PUNCT
cblr-13005	70	33	defending	defend	VERB
cblr-13005	70	34	certain	certain	ADJ
cblr-13005	70	35	aspects	aspect	NOUN
cblr-13005	70	36	of	of	ADP
cblr-13005	70	37	the	the	DET
cblr-13005	70	38	sec	sec	PROPN
cblr-13005	70	39	’s	’s	PART
cblr-13005	70	40	climate	climate	NOUN
cblr-13005	70	41	disclosure	disclosure	NOUN
cblr-13005	70	42	proposal	proposal	NOUN
cblr-13005	70	43	on	on	ADP
cblr-13005	70	44	this	this	DET
cblr-13005	70	45	basis	basis	NOUN
cblr-13005	70	46	)	)	PUNCT
cblr-13005	70	47	.	.	PUNCT
cblr-13005	71	1	11	11	NUM
cblr-13005	71	2	as	as	SCONJ
cblr-13005	71	3	i	i	PRON
cblr-13005	71	4	have	have	AUX
cblr-13005	71	5	explained	explain	VERB
cblr-13005	71	6	elsewhere	elsewhere	ADV
cblr-13005	71	7	,	,	PUNCT
cblr-13005	71	8	not	not	PART
cblr-13005	71	9	even	even	ADV
cblr-13005	71	10	the	the	DET
cblr-13005	71	11	most	most	ADV
cblr-13005	71	12	ardent	ardent	ADJ
cblr-13005	71	13	esg	esg	PROPN
cblr-13005	71	14	disclosure	disclosure	NOUN
cblr-13005	71	15	advocate	advocate	NOUN
cblr-13005	71	16	would	would	AUX
cblr-13005	71	17	contend	contend	VERB
cblr-13005	71	18	that	that	SCONJ
cblr-13005	71	19	all	all	DET
cblr-13005	71	20	esg	esg	NOUN
cblr-13005	71	21	information	information	NOUN
cblr-13005	71	22	is	be	AUX
cblr-13005	71	23	financially	financially	ADV
cblr-13005	71	24	important	important	ADJ
cblr-13005	71	25	to	to	ADP
cblr-13005	71	26	companies	company	NOUN
cblr-13005	71	27	—	—	PUNCT
cblr-13005	71	28	certain	certain	ADJ
cblr-13005	71	29	esg	esg	NOUN
cblr-13005	71	30	topics	topic	NOUN
cblr-13005	71	31	may	may	AUX
cblr-13005	71	32	impact	impact	VERB
cblr-13005	71	33	corporations	corporation	NOUN
cblr-13005	71	34	’	'	PUNCT
cblr-13005	71	35	cash	cash	NOUN
cblr-13005	71	36	flows	flow	NOUN
cblr-13005	71	37	in	in	ADP
cblr-13005	71	38	a	a	DET
cblr-13005	71	39	material	material	ADJ
cblr-13005	71	40	way	way	NOUN
cblr-13005	71	41	,	,	PUNCT
cblr-13005	71	42	whereas	whereas	SCONJ
cblr-13005	71	43	other	other	ADJ
cblr-13005	71	44	esg	esg	NOUN
cblr-13005	71	45	topics	topic	NOUN
cblr-13005	71	46	may	may	AUX
cblr-13005	71	47	not	not	PART
cblr-13005	71	48	,	,	PUNCT
cblr-13005	71	49	and	and	CCONJ
cblr-13005	71	50	variations	variation	NOUN
cblr-13005	71	51	will	will	AUX
cblr-13005	71	52	exist	exist	VERB
cblr-13005	71	53	amongst	amongst	ADP
cblr-13005	71	54	industries	industry	NOUN
cblr-13005	71	55	and	and	CCONJ
cblr-13005	71	56	amongst	amongst	ADP
cblr-13005	71	57	corporations	corporation	NOUN
cblr-13005	71	58	within	within	ADP
cblr-13005	71	59	industries	industry	NOUN
cblr-13005	71	60	.	.	PUNCT
cblr-13005	72	1	see	see	AUX
cblr-13005	72	2	rose	rise	VERB
cblr-13005	72	3	,	,	PUNCT
cblr-13005	72	4	supra	supra	PROPN
cblr-13005	72	5	note	note	NOUN
cblr-13005	72	6	2	2	NUM
cblr-13005	72	7	,	,	PUNCT
cblr-13005	72	8	at	at	ADP
cblr-13005	72	9	1833–34	1833–34	NUM
cblr-13005	72	10	.	.	PUNCT
cblr-13005	73	1	moreover	moreover	ADV
cblr-13005	73	2	,	,	PUNCT
cblr-13005	73	3	even	even	ADV
cblr-13005	73	4	if	if	SCONJ
cblr-13005	73	5	information	information	NOUN
cblr-13005	73	6	on	on	ADP
cblr-13005	73	7	a	a	DET
cblr-13005	73	8	specific	specific	ADJ
cblr-13005	73	9	esg	esg	NOUN
cblr-13005	73	10	topic	topic	NOUN
cblr-13005	73	11	is	be	AUX
cblr-13005	73	12	plausibly	plausibly	ADV
cblr-13005	73	13	valuation	valuation	NOUN
cblr-13005	73	14	-	-	PUNCT
cblr-13005	73	15	relevant	relevant	ADJ
cblr-13005	73	16	,	,	PUNCT
cblr-13005	73	17	mandatory	mandatory	ADJ
cblr-13005	73	18	disclosure	disclosure	NOUN
cblr-13005	73	19	is	be	AUX
cblr-13005	73	20	not	not	PART
cblr-13005	73	21	necessarily	necessarily	ADV
cblr-13005	73	22	justified	justify	VERB
cblr-13005	73	23	.	.	PUNCT
cblr-13005	74	1	see	see	VERB
cblr-13005	74	2	i	i	PRON
cblr-13005	74	3	d.	d.	PROPN
cblr-13005	74	4	at	at	ADP
cblr-13005	74	5	1834	1834	NUM
cblr-13005	74	6	(	(	PUNCT
cblr-13005	74	7	explaining	explain	VERB
cblr-13005	74	8	that	that	SCONJ
cblr-13005	74	9	the	the	DET
cblr-13005	74	10	sec	sec	PROPN
cblr-13005	74	11	does	do	AUX
cblr-13005	74	12	not	not	PART
cblr-13005	74	13	mandate	mandate	VERB
cblr-13005	74	14	disclosure	disclosure	NOUN
cblr-13005	74	15	of	of	ADP
cblr-13005	74	16	information	information	NOUN
cblr-13005	74	17	simply	simply	ADV
cblr-13005	74	18	because	because	SCONJ
cblr-13005	74	19	it	it	PRON
cblr-13005	74	20	is	be	AUX
cblr-13005	74	21	material	material	NOUN
cblr-13005	74	22	to	to	ADP
cblr-13005	74	23	firms	firm	NOUN
cblr-13005	74	24	’	'	PUNCT
cblr-13005	74	25	financial	financial	ADJ
cblr-13005	74	26	performance	performance	NOUN
cblr-13005	74	27	:	:	PUNCT
cblr-13005	74	28	“	"	PUNCT
cblr-13005	74	29	[	[	X
cblr-13005	74	30	t]he	t]he	X
cblr-13005	74	31	decision	decision	NOUN
cblr-13005	74	32	to	to	PART
cblr-13005	74	33	create	create	VERB
cblr-13005	74	34	a	a	DET
cblr-13005	74	35	duty	duty	NOUN
cblr-13005	74	36	to	to	PART
cblr-13005	74	37	disclose	disclose	VERB
cblr-13005	74	38	requires	require	VERB
cblr-13005	74	39	a	a	DET
cblr-13005	74	40	weighing	weighing	NOUN
cblr-13005	74	41	of	of	ADP
cblr-13005	74	42	,	,	PUNCT
cblr-13005	74	43	inter	inter	PROPN
cblr-13005	74	44	alia	alia	PROPN
cblr-13005	74	45	,	,	PUNCT
cblr-13005	74	46	the	the	DET
cblr-13005	74	47	cost	cost	NOUN
cblr-13005	74	48	to	to	ADP
cblr-13005	74	49	companies	company	NOUN
cblr-13005	74	50	of	of	ADP
cblr-13005	74	51	producing	produce	VERB
cblr-13005	74	52	the	the	DET
cblr-13005	74	53	information	information	NOUN
cblr-13005	74	54	and	and	CCONJ
cblr-13005	74	55	the	the	DET
cblr-13005	74	56	magnitude	magnitude	NOUN
cblr-13005	74	57	of	of	ADP
cblr-13005	74	58	the	the	DET
cblr-13005	74	59	benefit	benefit	NOUN
cblr-13005	74	60	to	to	ADP
cblr-13005	74	61	investors	investor	NOUN
cblr-13005	74	62	of	of	ADP
cblr-13005	74	63	the	the	DET
cblr-13005	74	64	information	information	NOUN
cblr-13005	74	65	’s	’s	PART
cblr-13005	74	66	production	production	NOUN
cblr-13005	74	67	”	"	PUNCT
cblr-13005	74	68	)	)	PUNCT
cblr-13005	74	69	.	.	PUNCT
cblr-13005	75	1	no	no	INTJ
cblr-13005	75	2	.	.	NOUN
cblr-13005	76	1	1	1	NUM
cblr-13005	76	2	]	]	PUNCT
cblr-13005	76	3	a	a	DET
cblr-13005	76	4	hard	hard	ADJ
cblr-13005	76	5	look	look	NOUN
cblr-13005	76	6	at	at	ADP
cblr-13005	76	7	portfolio	portfolio	NOUN
cblr-13005	76	8	focused	focused	ADJ
cblr-13005	76	9	stewardship	stewardship	NOUN
cblr-13005	76	10	319	319	NUM
cblr-13005	76	11	systematic	systematic	ADJ
cblr-13005	76	12	risk.12	risk.12	NOUN
cblr-13005	76	13	if	if	SCONJ
cblr-13005	76	14	such	such	ADJ
cblr-13005	76	15	disclosures	disclosure	NOUN
cblr-13005	76	16	revealed	reveal	VERB
cblr-13005	76	17	that	that	SCONJ
cblr-13005	76	18	systematic	systematic	ADJ
cblr-13005	76	19	risk	risk	NOUN
cblr-13005	76	20	was	be	AUX
cblr-13005	76	21	higher	high	ADJ
cblr-13005	76	22	or	or	CCONJ
cblr-13005	76	23	lower	low	ADJ
cblr-13005	76	24	than	than	SCONJ
cblr-13005	76	25	previously	previously	ADV
cblr-13005	76	26	understood	understand	VERB
cblr-13005	76	27	,	,	PUNCT
cblr-13005	76	28	investors	investor	NOUN
cblr-13005	76	29	could	could	AUX
cblr-13005	76	30	better	well	ADV
cblr-13005	76	31	optimize	optimize	VERB
cblr-13005	76	32	their	their	PRON
cblr-13005	76	33	portfolios	portfolio	NOUN
cblr-13005	76	34	across	across	ADP
cblr-13005	76	35	asset	asset	NOUN
cblr-13005	76	36	classes	class	NOUN
cblr-13005	76	37	;	;	PUNCT
cblr-13005	76	38	and	and	CCONJ
cblr-13005	76	39	if	if	SCONJ
cblr-13005	76	40	investor	investor	NOUN
cblr-13005	76	41	understanding	understanding	NOUN
cblr-13005	76	42	of	of	ADP
cblr-13005	76	43	particular	particular	ADJ
cblr-13005	76	44	firms	firm	NOUN
cblr-13005	76	45	’	’	PART
cblr-13005	76	46	sensitivity	sensitivity	NOUN
cblr-13005	76	47	to	to	ADP
cblr-13005	76	48	systematic	systematic	ADJ
cblr-13005	76	49	risk	risk	NOUN
cblr-13005	76	50	became	become	VERB
cblr-13005	76	51	more	more	ADV
cblr-13005	76	52	accurate	accurate	ADJ
cblr-13005	76	53	by	by	ADP
cblr-13005	76	54	virtue	virtue	NOUN
cblr-13005	76	55	of	of	ADP
cblr-13005	76	56	the	the	DET
cblr-13005	76	57	disclosure	disclosure	NOUN
cblr-13005	76	58	,	,	PUNCT
cblr-13005	76	59	investors	investor	NOUN
cblr-13005	76	60	could	could	AUX
cblr-13005	76	61	construct	construct	VERB
cblr-13005	76	62	portfolios	portfolio	NOUN
cblr-13005	76	63	that	that	PRON
cblr-13005	76	64	better	well	ADV
cblr-13005	76	65	match	match	VERB
cblr-13005	76	66	their	their	PRON
cblr-13005	76	67	risk	risk	NOUN
cblr-13005	76	68	preferences.13	preferences.13	INTJ
cblr-13005	76	69	whether	whether	SCONJ
cblr-13005	76	70	the	the	DET
cblr-13005	76	71	sec	sec	PROPN
cblr-13005	76	72	should	should	AUX
cblr-13005	76	73	be	be	AUX
cblr-13005	76	74	in	in	ADP
cblr-13005	76	75	the	the	DET
cblr-13005	76	76	business	business	NOUN
cblr-13005	76	77	of	of	ADP
cblr-13005	76	78	mandating	mandate	VERB
cblr-13005	76	79	disclosures	disclosure	NOUN
cblr-13005	76	80	designed	design	VERB
cblr-13005	76	81	to	to	PART
cblr-13005	76	82	promote	promote	VERB
cblr-13005	76	83	more	more	ADV
cblr-13005	76	84	accurate	accurate	ADJ
cblr-13005	76	85	pricing	pricing	NOUN
cblr-13005	76	86	of	of	ADP
cblr-13005	76	87	systematic	systematic	ADJ
cblr-13005	76	88	risk	risk	NOUN
cblr-13005	76	89	is	be	AUX
cblr-13005	76	90	an	an	DET
cblr-13005	76	91	interesting	interesting	ADJ
cblr-13005	76	92	question	question	NOUN
cblr-13005	76	93	that	that	SCONJ
cblr-13005	76	94	warrants	warrant	NOUN
cblr-13005	76	95	further	far	ADV
cblr-13005	76	96	thought	think	VERB
cblr-13005	76	97	.	.	PUNCT
cblr-13005	77	1	while	while	SCONJ
cblr-13005	77	2	the	the	DET
cblr-13005	77	3	benefits	benefit	NOUN
cblr-13005	77	4	of	of	ADP
cblr-13005	77	5	this	this	DET
cblr-13005	77	6	sort	sort	NOUN
cblr-13005	77	7	of	of	ADP
cblr-13005	77	8	disclosure	disclosure	NOUN
cblr-13005	77	9	are	be	AUX
cblr-13005	77	10	easy	easy	ADJ
cblr-13005	77	11	to	to	PART
cblr-13005	77	12	articulate	articulate	VERB
cblr-13005	77	13	,	,	PUNCT
cblr-13005	77	14	so	so	ADV
cblr-13005	77	15	too	too	ADV
cblr-13005	77	16	are	be	AUX
cblr-13005	77	17	the	the	DET
cblr-13005	77	18	costs	cost	NOUN
cblr-13005	77	19	,	,	PUNCT
cblr-13005	77	20	particularly	particularly	ADV
cblr-13005	77	21	as	as	SCONJ
cblr-13005	77	22	it	it	PRON
cblr-13005	77	23	concerns	concern	VERB
cblr-13005	77	24	placing	place	VERB
cblr-13005	77	25	meaningful	meaningful	ADJ
cblr-13005	77	26	boundaries	boundary	NOUN
cblr-13005	77	27	on	on	ADP
cblr-13005	77	28	the	the	DET
cblr-13005	77	29	sec	sec	PROPN
cblr-13005	77	30	’s	’s	PART
cblr-13005	77	31	authority.14	authority.14	ADP
cblr-13005	77	32	the	the	DET
cblr-13005	77	33	third	third	ADJ
cblr-13005	77	34	argument	argument	NOUN
cblr-13005	77	35	,	,	PUNCT
cblr-13005	77	36	which	which	PRON
cblr-13005	77	37	is	be	AUX
cblr-13005	77	38	the	the	DET
cblr-13005	77	39	focus	focus	NOUN
cblr-13005	77	40	of	of	ADP
cblr-13005	77	41	this	this	DET
cblr-13005	77	42	article	article	NOUN
cblr-13005	77	43	,	,	PUNCT
cblr-13005	77	44	builds	build	VERB
cblr-13005	77	45	on	on	ADP
cblr-13005	77	46	a	a	DET
cblr-13005	77	47	theory	theory	NOUN
cblr-13005	77	48	that	that	PRON
cblr-13005	77	49	has	have	AUX
cblr-13005	77	50	become	become	AUX
cblr-13005	77	51	popularized	popularize	VERB
cblr-13005	77	52	recently	recently	ADV
cblr-13005	77	53	in	in	ADP
cblr-13005	77	54	12	12	NUM
cblr-13005	77	55	see	see	NOUN
cblr-13005	77	56	,	,	PUNCT
cblr-13005	77	57	e.g.	e.g.	ADV
cblr-13005	77	58	,	,	PUNCT
cblr-13005	77	59	madison	madison	PROPN
cblr-13005	77	60	condon	condon	PROPN
cblr-13005	77	61	,	,	PUNCT
cblr-13005	77	62	market	market	NOUN
cblr-13005	77	63	myopia	myopia	NOUN
cblr-13005	77	64	’s	’s	PART
cblr-13005	77	65	climate	climate	NOUN
cblr-13005	77	66	bubble	bubble	NOUN
cblr-13005	77	67	,	,	PUNCT
cblr-13005	77	68	2022	2022	NUM
cblr-13005	77	69	utah	utah	PROPN
cblr-13005	77	70	l.	l.	PROPN
cblr-13005	77	71	rev	rev	PROPN
cblr-13005	77	72	.	.	PROPN
cblr-13005	77	73	63	63	NUM
cblr-13005	77	74	(	(	PUNCT
cblr-13005	77	75	arguing	argue	VERB
cblr-13005	77	76	that	that	SCONJ
cblr-13005	77	77	climate	climate	NOUN
cblr-13005	77	78	risk	risk	NOUN
cblr-13005	77	79	is	be	AUX
cblr-13005	77	80	systematic	systematic	ADJ
cblr-13005	77	81	in	in	ADP
cblr-13005	77	82	nature	nature	NOUN
cblr-13005	77	83	,	,	PUNCT
cblr-13005	77	84	in	in	ADP
cblr-13005	77	85	the	the	DET
cblr-13005	77	86	sense	sense	NOUN
cblr-13005	77	87	that	that	SCONJ
cblr-13005	77	88	it	it	PRON
cblr-13005	77	89	can	can	AUX
cblr-13005	77	90	not	not	PART
cblr-13005	77	91	be	be	AUX
cblr-13005	77	92	diversified	diversify	VERB
cblr-13005	77	93	away	away	ADV
cblr-13005	77	94	,	,	PUNCT
cblr-13005	77	95	and	and	CCONJ
cblr-13005	77	96	that	that	SCONJ
cblr-13005	77	97	it	it	PRON
cblr-13005	77	98	is	be	AUX
cblr-13005	77	99	underpriced	underprice	VERB
cblr-13005	77	100	by	by	ADP
cblr-13005	77	101	the	the	DET
cblr-13005	77	102	market	market	NOUN
cblr-13005	77	103	)	)	PUNCT
cblr-13005	77	104	;	;	PUNCT
cblr-13005	77	105	the	the	DET
cblr-13005	77	106	enhancement	enhancement	NOUN
cblr-13005	77	107	and	and	CCONJ
cblr-13005	77	108	standardization	standardization	NOUN
cblr-13005	77	109	of	of	ADP
cblr-13005	77	110	climate	climate	NOUN
cblr-13005	77	111	-	-	PUNCT
cblr-13005	77	112	related	relate	VERB
cblr-13005	77	113	disclosures	disclosure	NOUN
cblr-13005	77	114	for	for	ADP
cblr-13005	77	115	investors	investor	NOUN
cblr-13005	77	116	,	,	PUNCT
cblr-13005	77	117	87	87	NUM
cblr-13005	77	118	fed	fed	PROPN
cblr-13005	77	119	.	.	PUNCT
cblr-13005	78	1	reg	reg	PROPN
cblr-13005	78	2	.	.	PUNCT
cblr-13005	79	1	21334	21334	NUM
cblr-13005	79	2	,	,	PUNCT
cblr-13005	79	3	21446	21446	NUM
cblr-13005	79	4	(	(	PUNCT
cblr-13005	79	5	apr	apr	NOUN
cblr-13005	79	6	.	.	PROPN
cblr-13005	79	7	11	11	NUM
cblr-13005	79	8	,	,	PUNCT
cblr-13005	79	9	2022	2022	NUM
cblr-13005	79	10	)	)	PUNCT
cblr-13005	80	1	(	(	PUNCT
cblr-13005	80	2	discussing	discuss	VERB
cblr-13005	80	3	how	how	SCONJ
cblr-13005	80	4	climate	climate	NOUN
cblr-13005	80	5	change	change	NOUN
cblr-13005	80	6	is	be	AUX
cblr-13005	80	7	a	a	DET
cblr-13005	80	8	form	form	NOUN
cblr-13005	80	9	of	of	ADP
cblr-13005	80	10	systematic	systematic	ADJ
cblr-13005	80	11	risk	risk	NOUN
cblr-13005	80	12	and	and	CCONJ
cblr-13005	80	13	how	how	SCONJ
cblr-13005	80	14	disclosure	disclosure	NOUN
cblr-13005	80	15	can	can	AUX
cblr-13005	80	16	help	help	VERB
cblr-13005	80	17	investors	investor	NOUN
cblr-13005	80	18	appreciate	appreciate	VERB
cblr-13005	80	19	this	this	PRON
cblr-13005	80	20	and	and	CCONJ
cblr-13005	80	21	adjust	adjust	VERB
cblr-13005	80	22	their	their	PRON
cblr-13005	80	23	portfolios	portfolio	NOUN
cblr-13005	80	24	to	to	PART
cblr-13005	80	25	decrease	decrease	VERB
cblr-13005	80	26	vulnerability	vulnerability	NOUN
cblr-13005	80	27	to	to	ADP
cblr-13005	80	28	sudden	sudden	ADJ
cblr-13005	80	29	losses	loss	NOUN
cblr-13005	80	30	)	)	PUNCT
cblr-13005	80	31	.	.	PUNCT
cblr-13005	81	1	13	13	NUM
cblr-13005	81	2	see	see	VERB
cblr-13005	81	3	zvi	zvi	PROPN
cblr-13005	81	4	bodie	bodie	PROPN
cblr-13005	81	5	,	,	PUNCT
cblr-13005	81	6	alex	alex	PROPN
cblr-13005	81	7	kane	kane	PROPN
cblr-13005	81	8	&	&	CCONJ
cblr-13005	81	9	alan	alan	PROPN
cblr-13005	81	10	j.	j.	PROPN
cblr-13005	81	11	marcus	marcus	PROPN
cblr-13005	81	12	,	,	PUNCT
cblr-13005	81	13	investments	investment	NOUN
cblr-13005	81	14	,	,	PUNCT
cblr-13005	81	15	part	part	NOUN
cblr-13005	81	16	ii	ii	PROPN
cblr-13005	81	17	(	(	PUNCT
cblr-13005	81	18	13th	13th	NOUN
cblr-13005	81	19	ed	ed	NOUN
cblr-13005	81	20	.	.	NOUN
cblr-13005	81	21	2024	2024	NUM
cblr-13005	81	22	)	)	PUNCT
cblr-13005	81	23	(	(	PUNCT
cblr-13005	81	24	providing	provide	VERB
cblr-13005	81	25	an	an	DET
cblr-13005	81	26	introduction	introduction	NOUN
cblr-13005	81	27	to	to	ADP
cblr-13005	81	28	portfolio	portfolio	NOUN
cblr-13005	81	29	theory	theory	NOUN
cblr-13005	81	30	)	)	PUNCT
cblr-13005	81	31	.	.	PUNCT
cblr-13005	82	1	14	14	NUM
cblr-13005	82	2	establishing	establish	VERB
cblr-13005	82	3	that	that	SCONJ
cblr-13005	82	4	the	the	DET
cblr-13005	82	5	market	market	NOUN
cblr-13005	82	6	is	be	AUX
cblr-13005	82	7	underpricing	underprice	VERB
cblr-13005	82	8	a	a	DET
cblr-13005	82	9	systematic	systematic	ADJ
cblr-13005	82	10	risk	risk	NOUN
cblr-13005	82	11	to	to	ADP
cblr-13005	82	12	the	the	DET
cblr-13005	82	13	economy	economy	NOUN
cblr-13005	82	14	,	,	PUNCT
cblr-13005	82	15	and	and	CCONJ
cblr-13005	82	16	that	that	SCONJ
cblr-13005	82	17	mandatory	mandatory	ADJ
cblr-13005	82	18	disclosure	disclosure	NOUN
cblr-13005	82	19	of	of	ADP
cblr-13005	82	20	related	related	ADJ
cblr-13005	82	21	information	information	NOUN
cblr-13005	82	22	is	be	AUX
cblr-13005	82	23	likely	likely	ADJ
cblr-13005	82	24	to	to	PART
cblr-13005	82	25	correct	correct	VERB
cblr-13005	82	26	the	the	DET
cblr-13005	82	27	distortion	distortion	NOUN
cblr-13005	82	28	,	,	PUNCT
cblr-13005	82	29	would	would	AUX
cblr-13005	82	30	be	be	AUX
cblr-13005	82	31	incredibly	incredibly	ADV
cblr-13005	82	32	difficult	difficult	ADJ
cblr-13005	82	33	to	to	PART
cblr-13005	82	34	do	do	VERB
cblr-13005	82	35	with	with	ADP
cblr-13005	82	36	any	any	DET
cblr-13005	82	37	degree	degree	NOUN
cblr-13005	82	38	of	of	ADP
cblr-13005	82	39	certainty	certainty	NOUN
cblr-13005	82	40	.	.	PUNCT
cblr-13005	83	1	indeed	indeed	ADV
cblr-13005	83	2	,	,	PUNCT
cblr-13005	83	3	establishing	establish	VERB
cblr-13005	83	4	that	that	SCONJ
cblr-13005	83	5	something	something	PRON
cblr-13005	83	6	even	even	ADV
cblr-13005	83	7	is	be	AUX
cblr-13005	83	8	a	a	DET
cblr-13005	83	9	systematic	systematic	ADJ
cblr-13005	83	10	risk	risk	NOUN
cblr-13005	83	11	is	be	AUX
cblr-13005	83	12	fraught	fraught	ADJ
cblr-13005	83	13	with	with	ADP
cblr-13005	83	14	uncertainty	uncertainty	NOUN
cblr-13005	83	15	.	.	PUNCT
cblr-13005	84	1	see	see	VERB
cblr-13005	84	2	,	,	PUNCT
cblr-13005	84	3	e.g.	e.g.	ADV
cblr-13005	84	4	,	,	PUNCT
cblr-13005	84	5	john	john	PROPN
cblr-13005	84	6	c.	c.	PROPN
cblr-13005	84	7	coffee	coffee	PROPN
cblr-13005	84	8	,	,	PUNCT
cblr-13005	84	9	jr	jr	PROPN
cblr-13005	84	10	.	.	PROPN
cblr-13005	84	11	,	,	PUNCT
cblr-13005	84	12	the	the	DET
cblr-13005	84	13	future	future	NOUN
cblr-13005	84	14	of	of	ADP
cblr-13005	84	15	disclosure	disclosure	NOUN
cblr-13005	84	16	:	:	PUNCT
cblr-13005	84	17	esg	esg	PROPN
cblr-13005	84	18	,	,	PUNCT
cblr-13005	84	19	common	common	ADJ
cblr-13005	84	20	ownership	ownership	NOUN
cblr-13005	84	21	,	,	PUNCT
cblr-13005	84	22	and	and	CCONJ
cblr-13005	84	23	systematic	systematic	ADJ
cblr-13005	84	24	risk	risk	NOUN
cblr-13005	84	25	,	,	PUNCT
cblr-13005	84	26	2021	2021	NUM
cblr-13005	84	27	colum	colum	NOUN
cblr-13005	84	28	.	.	PUNCT
cblr-13005	85	1	bus	bus	NOUN
cblr-13005	85	2	.	.	PUNCT
cblr-13005	86	1	l.	l.	PROPN
cblr-13005	86	2	rev	rev	PROPN
cblr-13005	86	3	.	.	PROPN
cblr-13005	86	4	602	602	NUM
cblr-13005	86	5	,	,	PUNCT
cblr-13005	86	6	620–21	620–21	NUM
cblr-13005	86	7	(	(	PUNCT
cblr-13005	86	8	observing	observe	VERB
cblr-13005	86	9	that	that	SCONJ
cblr-13005	86	10	“	"	PUNCT
cblr-13005	86	11	[	[	X
cblr-13005	86	12	s]keptics	s]keptics	X
cblr-13005	86	13	may	may	AUX
cblr-13005	86	14	doubt	doubt	VERB
cblr-13005	86	15	that	that	SCONJ
cblr-13005	86	16	[	[	X
cblr-13005	86	17	esg	esg	X
cblr-13005	86	18	]	]	PUNCT
cblr-13005	86	19	disclosures	disclosure	NOUN
cblr-13005	86	20	[	[	X
cblr-13005	86	21	focused	focus	VERB
cblr-13005	86	22	on	on	ADP
cblr-13005	86	23	racial	racial	ADJ
cblr-13005	86	24	diversity	diversity	NOUN
cblr-13005	86	25	and	and	CCONJ
cblr-13005	86	26	inclusiveness	inclusiveness	NOUN
cblr-13005	86	27	]	]	PUNCT
cblr-13005	86	28	relate	relate	VERB
cblr-13005	86	29	at	at	ADV
cblr-13005	86	30	all	all	ADV
cblr-13005	86	31	to	to	ADP
cblr-13005	86	32	systematic	systematic	ADJ
cblr-13005	86	33	risk	risk	NOUN
cblr-13005	86	34	disclosure	disclosure	NOUN
cblr-13005	86	35	,	,	PUNCT
cblr-13005	86	36	”	"	PUNCT
cblr-13005	86	37	but	but	CCONJ
cblr-13005	86	38	positing	posit	VERB
cblr-13005	86	39	that	that	SCONJ
cblr-13005	86	40	“	"	PUNCT
cblr-13005	86	41	over	over	ADP
cblr-13005	86	42	the	the	DET
cblr-13005	86	43	long	long	ADJ
cblr-13005	86	44	run	run	NOUN
cblr-13005	86	45	,	,	PUNCT
cblr-13005	86	46	these	these	DET
cblr-13005	86	47	disclosures	disclosure	NOUN
cblr-13005	86	48	arguably	arguably	ADV
cblr-13005	86	49	relate	relate	VERB
cblr-13005	86	50	to	to	ADP
cblr-13005	86	51	the	the	DET
cblr-13005	86	52	potential	potential	ADJ
cblr-13005	86	53	viability	viability	NOUN
cblr-13005	86	54	of	of	ADP
cblr-13005	86	55	our	our	PRON
cblr-13005	86	56	corporate	corporate	ADJ
cblr-13005	86	57	system	system	NOUN
cblr-13005	86	58	”	"	PUNCT
cblr-13005	86	59	because	because	SCONJ
cblr-13005	86	60	if	if	SCONJ
cblr-13005	86	61	that	that	DET
cblr-13005	86	62	system	system	NOUN
cblr-13005	86	63	“	"	PUNCT
cblr-13005	86	64	can	can	AUX
cblr-13005	86	65	not	not	PART
cblr-13005	86	66	offer	offer	VERB
cblr-13005	86	67	inclusiveness	inclusiveness	NOUN
cblr-13005	86	68	and	and	CCONJ
cblr-13005	86	69	promote	promote	VERB
cblr-13005	86	70	diversity	diversity	NOUN
cblr-13005	86	71	,	,	PUNCT
cblr-13005	86	72	it	it	PRON
cblr-13005	86	73	may	may	AUX
cblr-13005	86	74	subject	subject	VERB
cblr-13005	86	75	itself	itself	PRON
cblr-13005	86	76	to	to	ADP
cblr-13005	86	77	a	a	DET
cblr-13005	86	78	political	political	ADJ
cblr-13005	86	79	risk	risk	NOUN
cblr-13005	86	80	that	that	SCONJ
cblr-13005	86	81	capitalism	capitalism	NOUN
cblr-13005	86	82	.	.	PUNCT
cblr-13005	86	83	.	.	PUNCT
cblr-13005	87	1	.	.	PUNCT
cblr-13005	88	1	will	will	AUX
cblr-13005	88	2	be	be	AUX
cblr-13005	88	3	politically	politically	ADV
cblr-13005	88	4	challenged	challenge	VERB
cblr-13005	88	5	.	.	PUNCT
cblr-13005	88	6	.	.	PUNCT
cblr-13005	88	7	.	.	PUNCT
cblr-13005	88	8	”	"	PUNCT
cblr-13005	88	9	)	)	PUNCT
cblr-13005	88	10	.	.	PUNCT
cblr-13005	89	1	if	if	SCONJ
cblr-13005	89	2	the	the	DET
cblr-13005	89	3	sec	sec	PROPN
cblr-13005	89	4	were	be	AUX
cblr-13005	89	5	given	give	VERB
cblr-13005	89	6	broad	broad	ADJ
cblr-13005	89	7	deference	deference	NOUN
cblr-13005	89	8	by	by	ADP
cblr-13005	89	9	the	the	DET
cblr-13005	89	10	courts	court	NOUN
cblr-13005	89	11	when	when	SCONJ
cblr-13005	89	12	invoking	invoke	VERB
cblr-13005	89	13	this	this	DET
cblr-13005	89	14	rationale	rationale	NOUN
cblr-13005	89	15	for	for	ADP
cblr-13005	89	16	disclosure	disclosure	NOUN
cblr-13005	89	17	,	,	PUNCT
cblr-13005	89	18	it	it	PRON
cblr-13005	89	19	could	could	AUX
cblr-13005	89	20	have	have	VERB
cblr-13005	89	21	the	the	DET
cblr-13005	89	22	practical	practical	ADJ
cblr-13005	89	23	effect	effect	NOUN
cblr-13005	89	24	of	of	ADP
cblr-13005	89	25	broadly	broadly	ADV
cblr-13005	89	26	expanding	expand	VERB
cblr-13005	89	27	the	the	DET
cblr-13005	89	28	scope	scope	NOUN
cblr-13005	89	29	of	of	ADP
cblr-13005	89	30	the	the	DET
cblr-13005	89	31	sec	sec	PROPN
cblr-13005	89	32	’s	’s	PART
cblr-13005	89	33	authority	authority	NOUN
cblr-13005	89	34	.	.	PUNCT
cblr-13005	90	1	320	320	NUM
cblr-13005	90	2	columbia	columbia	PROPN
cblr-13005	90	3	business	business	NOUN
cblr-13005	90	4	law	law	PROPN
cblr-13005	90	5	review	review	NOUN
cblr-13005	90	6	[	[	X
cblr-13005	90	7	vol	vol	NOUN
cblr-13005	90	8	.	.	NOUN
cblr-13005	90	9	2024	2024	NUM
cblr-13005	90	10	both	both	CCONJ
cblr-13005	90	11	academic	academic	ADJ
cblr-13005	90	12	literature	literature	NOUN
cblr-13005	90	13	and	and	CCONJ
cblr-13005	90	14	in	in	ADP
cblr-13005	90	15	asset	asset	NOUN
cblr-13005	90	16	manager	manager	NOUN
cblr-13005	90	17	discourse.15	discourse.15	VERB
cblr-13005	90	18	the	the	DET
cblr-13005	90	19	theory	theory	NOUN
cblr-13005	90	20	,	,	PUNCT
cblr-13005	90	21	which	which	PRON
cblr-13005	90	22	has	have	AUX
cblr-13005	90	23	been	be	AUX
cblr-13005	90	24	referred	refer	VERB
cblr-13005	90	25	to	to	ADP
cblr-13005	90	26	as	as	ADP
cblr-13005	90	27	“	"	PUNCT
cblr-13005	90	28	portfolio	portfolio	NOUN
cblr-13005	90	29	primacy	primacy	NOUN
cblr-13005	90	30	theory	theory	NOUN
cblr-13005	90	31	,	,	PUNCT
cblr-13005	90	32	”	"	PUNCT
cblr-13005	90	33	proceeds	proceed	NOUN
cblr-13005	90	34	from	from	ADP
cblr-13005	90	35	a	a	DET
cblr-13005	90	36	clearly	clearly	ADV
cblr-13005	90	37	correct	correct	ADJ
cblr-13005	90	38	premise	premise	NOUN
cblr-13005	90	39	:	:	PUNCT
cblr-13005	90	40	financially	financially	ADV
cblr-13005	90	41	motivated	motivated	ADJ
cblr-13005	90	42	diversified	diversified	ADJ
cblr-13005	90	43	investors	investor	NOUN
cblr-13005	90	44	want	want	VERB
cblr-13005	90	45	to	to	PART
cblr-13005	90	46	maximize	maximize	VERB
cblr-13005	90	47	the	the	DET
cblr-13005	90	48	risk	risk	NOUN
cblr-13005	90	49	-	-	PUNCT
cblr-13005	90	50	adjusted	adjust	VERB
cblr-13005	90	51	value	value	NOUN
cblr-13005	90	52	of	of	ADP
cblr-13005	90	53	their	their	PRON
cblr-13005	90	54	portfolio	portfolio	NOUN
cblr-13005	90	55	as	as	ADP
cblr-13005	90	56	a	a	DET
cblr-13005	90	57	whole	whole	NOUN
cblr-13005	90	58	and	and	CCONJ
cblr-13005	90	59	are	be	AUX
cblr-13005	90	60	not	not	PART
cblr-13005	90	61	independently	independently	ADV
cblr-13005	90	62	concerned	concerned	ADJ
cblr-13005	90	63	with	with	ADP
cblr-13005	90	64	the	the	DET
cblr-13005	90	65	performance	performance	NOUN
cblr-13005	90	66	of	of	ADP
cblr-13005	90	67	any	any	DET
cblr-13005	90	68	given	give	VERB
cblr-13005	90	69	portfolio	portfolio	NOUN
cblr-13005	90	70	firm	firm	NOUN
cblr-13005	90	71	.	.	PUNCT
cblr-13005	91	1	in	in	ADP
cblr-13005	91	2	familiar	familiar	ADJ
cblr-13005	91	3	economic	economic	ADJ
cblr-13005	91	4	terms	term	NOUN
cblr-13005	91	5	,	,	PUNCT
cblr-13005	91	6	this	this	PRON
cblr-13005	91	7	means	mean	VERB
cblr-13005	91	8	that	that	SCONJ
cblr-13005	91	9	such	such	ADJ
cblr-13005	91	10	investors	investor	NOUN
cblr-13005	91	11	would	would	AUX
cblr-13005	91	12	,	,	PUNCT
cblr-13005	91	13	all	all	PRON
cblr-13005	91	14	else	else	ADV
cblr-13005	91	15	equal	equal	ADJ
cblr-13005	91	16	,	,	PUNCT
cblr-13005	91	17	want	want	VERB
cblr-13005	91	18	their	their	PRON
cblr-13005	91	19	portfolio	portfolio	NOUN
cblr-13005	91	20	firms	firm	NOUN
cblr-13005	91	21	to	to	PART
cblr-13005	91	22	internalize	internalize	VERB
cblr-13005	91	23	the	the	DET
cblr-13005	91	24	costs	cost	NOUN
cblr-13005	91	25	their	their	PRON
cblr-13005	91	26	activities	activity	NOUN
cblr-13005	91	27	impose	impose	VERB
cblr-13005	91	28	on	on	ADP
cblr-13005	91	29	other	other	ADJ
cblr-13005	91	30	portfolio	portfolio	NOUN
cblr-13005	91	31	firms	firm	NOUN
cblr-13005	91	32	,	,	PUNCT
cblr-13005	91	33	leading	lead	VERB
cblr-13005	91	34	those	those	DET
cblr-13005	91	35	firms	firm	NOUN
cblr-13005	91	36	to	to	PART
cblr-13005	91	37	conduct	conduct	VERB
cblr-13005	91	38	business	business	NOUN
cblr-13005	91	39	in	in	ADP
cblr-13005	91	40	a	a	DET
cblr-13005	91	41	way	way	NOUN
cblr-13005	91	42	that	that	PRON
cblr-13005	91	43	leads	lead	VERB
cblr-13005	91	44	to	to	ADP
cblr-13005	91	45	kaldor	kaldor	PROPN
cblr-13005	91	46	-	-	PUNCT
cblr-13005	91	47	hicks	hicks	PROPN
cblr-13005	91	48	efficient	efficient	ADJ
cblr-13005	91	49	outcomes	outcome	NOUN
cblr-13005	91	50	at	at	ADP
cblr-13005	91	51	the	the	DET
cblr-13005	91	52	portfolio	portfolio	NOUN
cblr-13005	91	53	level	level	NOUN
cblr-13005	91	54	.	.	PUNCT
cblr-13005	92	1	from	from	ADP
cblr-13005	92	2	this	this	DET
cblr-13005	92	3	solid	solid	ADJ
cblr-13005	92	4	premise	premise	NOUN
cblr-13005	92	5	about	about	ADP
cblr-13005	92	6	the	the	DET
cblr-13005	92	7	desired	desire	VERB
cblr-13005	92	8	end	end	NOUN
cblr-13005	92	9	of	of	ADP
cblr-13005	92	10	financially	financially	ADV
cblr-13005	92	11	motivated	motivated	ADJ
cblr-13005	92	12	diversified	diversified	ADJ
cblr-13005	92	13	investors	investor	NOUN
cblr-13005	92	14	,	,	PUNCT
cblr-13005	92	15	portfolio	portfolio	NOUN
cblr-13005	92	16	primacy	primacy	NOUN
cblr-13005	92	17	theory	theory	NOUN
cblr-13005	92	18	makes	make	VERB
cblr-13005	92	19	a	a	DET
cblr-13005	92	20	contestable	contestable	ADJ
cblr-13005	92	21	claim	claim	NOUN
cblr-13005	92	22	about	about	ADP
cblr-13005	92	23	the	the	DET
cblr-13005	92	24	means	mean	NOUN
cblr-13005	92	25	by	by	ADP
cblr-13005	92	26	which	which	PRON
cblr-13005	92	27	such	such	ADJ
cblr-13005	92	28	investors	investor	NOUN
cblr-13005	92	29	would	would	AUX
cblr-13005	92	30	wish	wish	VERB
cblr-13005	92	31	to	to	PART
cblr-13005	92	32	pursue	pursue	VERB
cblr-13005	92	33	it	it	PRON
cblr-13005	92	34	—	—	PUNCT
cblr-13005	92	35	namely	namely	ADV
cblr-13005	92	36	,	,	PUNCT
cblr-13005	92	37	that	that	SCONJ
cblr-13005	92	38	they	they	PRON
cblr-13005	92	39	would	would	AUX
cblr-13005	92	40	want	want	VERB
cblr-13005	92	41	to	to	PART
cblr-13005	92	42	use	use	VERB
cblr-13005	92	43	their	their	PRON
cblr-13005	92	44	influence	influence	NOUN
cblr-13005	92	45	as	as	SCONJ
cblr-13005	92	46	investors	investor	NOUN
cblr-13005	92	47	over	over	ADP
cblr-13005	92	48	portfolio	portfolio	NOUN
cblr-13005	92	49	firm	firm	NOUN
cblr-13005	92	50	managers	manager	NOUN
cblr-13005	92	51	to	to	PART
cblr-13005	92	52	cause	cause	VERB
cblr-13005	92	53	those	those	DET
cblr-13005	92	54	managers	manager	NOUN
cblr-13005	92	55	to	to	PART
cblr-13005	92	56	pursue	pursue	VERB
cblr-13005	92	57	portfolio	portfolio	NOUN
cblr-13005	92	58	value	value	NOUN
cblr-13005	92	59	maximization	maximization	NOUN
cblr-13005	92	60	,	,	PUNCT
cblr-13005	92	61	even	even	ADV
cblr-13005	92	62	at	at	ADP
cblr-13005	92	63	the	the	DET
cblr-13005	92	64	expense	expense	NOUN
cblr-13005	92	65	of	of	ADP
cblr-13005	92	66	firm	firm	ADJ
cblr-13005	92	67	value	value	NOUN
cblr-13005	92	68	maximization	maximization	NOUN
cblr-13005	92	69	.	.	PUNCT
cblr-13005	93	1	because	because	SCONJ
cblr-13005	93	2	the	the	DET
cblr-13005	93	3	vast	vast	ADJ
cblr-13005	93	4	majority	majority	NOUN
cblr-13005	93	5	of	of	ADP
cblr-13005	93	6	diversified	diversified	ADJ
cblr-13005	93	7	investors	investor	NOUN
cblr-13005	93	8	are	be	AUX
cblr-13005	93	9	passive	passive	ADJ
cblr-13005	93	10	investors	investor	NOUN
cblr-13005	93	11	in	in	ADP
cblr-13005	93	12	index	index	NOUN
cblr-13005	93	13	funds	fund	NOUN
cblr-13005	93	14	,	,	PUNCT
cblr-13005	93	15	this	this	PRON
cblr-13005	93	16	translates	translate	VERB
cblr-13005	93	17	into	into	ADP
cblr-13005	93	18	a	a	DET
cblr-13005	93	19	claim	claim	NOUN
cblr-13005	93	20	that	that	SCONJ
cblr-13005	93	21	financially	financially	ADV
cblr-13005	93	22	motivated	motivated	ADJ
cblr-13005	93	23	diversified	diversified	ADJ
cblr-13005	93	24	investors	investor	NOUN
cblr-13005	93	25	would	would	AUX
cblr-13005	93	26	want	want	VERB
cblr-13005	93	27	their	their	PRON
cblr-13005	93	28	index	index	NOUN
cblr-13005	93	29	fund	fund	NOUN
cblr-13005	93	30	managers	manager	NOUN
cblr-13005	93	31	to	to	PART
cblr-13005	93	32	wield	wield	VERB
cblr-13005	93	33	their	their	PRON
cblr-13005	93	34	funds	fund	NOUN
cblr-13005	93	35	’	'	PUNCT
cblr-13005	93	36	influence	influence	NOUN
cblr-13005	93	37	in	in	ADP
cblr-13005	93	38	this	this	DET
cblr-13005	93	39	way	way	NOUN
cblr-13005	93	40	.	.	PUNCT
cblr-13005	94	1	i	i	PRON
cblr-13005	94	2	refer	refer	VERB
cblr-13005	94	3	to	to	ADP
cblr-13005	94	4	this	this	PRON
cblr-13005	94	5	as	as	ADP
cblr-13005	94	6	“	"	PUNCT
cblr-13005	94	7	portfolio	portfolio	NOUN
cblr-13005	94	8	-	-	PUNCT
cblr-13005	94	9	focused	focus	VERB
cblr-13005	94	10	stewardship	stewardship	NOUN
cblr-13005	94	11	.	.	PUNCT
cblr-13005	95	1	”16	”16	NOUN
cblr-13005	95	2	15	15	NUM
cblr-13005	95	3	see	see	NOUN
cblr-13005	95	4	,	,	PUNCT
cblr-13005	95	5	e.g.	e.g.	ADV
cblr-13005	95	6	,	,	PUNCT
cblr-13005	95	7	roberto	roberto	PROPN
cblr-13005	95	8	tallarita	tallarita	PROPN
cblr-13005	95	9	,	,	PUNCT
cblr-13005	95	10	the	the	DET
cblr-13005	95	11	limits	limit	NOUN
cblr-13005	95	12	of	of	ADP
cblr-13005	95	13	portfolio	portfolio	NOUN
cblr-13005	95	14	primacy	primacy	NOUN
cblr-13005	95	15	,	,	PUNCT
cblr-13005	95	16	76	76	NUM
cblr-13005	95	17	vand	vand	NOUN
cblr-13005	95	18	.	.	PUNCT
cblr-13005	96	1	l.	l.	PROPN
cblr-13005	96	2	rev	rev	PROPN
cblr-13005	96	3	.	.	PROPN
cblr-13005	96	4	511	511	NUM
cblr-13005	96	5	,	,	PUNCT
cblr-13005	96	6	514	514	NUM
cblr-13005	96	7	(	(	PUNCT
cblr-13005	96	8	2023	2023	NUM
cblr-13005	96	9	)	)	PUNCT
cblr-13005	96	10	(	(	PUNCT
cblr-13005	96	11	explaining	explain	VERB
cblr-13005	96	12	the	the	DET
cblr-13005	96	13	theory	theory	NOUN
cblr-13005	96	14	and	and	CCONJ
cblr-13005	96	15	noting	note	VERB
cblr-13005	96	16	that	that	SCONJ
cblr-13005	96	17	“	"	PUNCT
cblr-13005	96	18	[	[	X
cblr-13005	96	19	it	it	PRON
cblr-13005	96	20	]	]	PUNCT
cblr-13005	96	21	has	have	AUX
cblr-13005	96	22	received	receive	VERB
cblr-13005	96	23	increasing	increase	VERB
cblr-13005	96	24	support	support	NOUN
cblr-13005	96	25	among	among	ADP
cblr-13005	96	26	public	public	ADJ
cblr-13005	96	27	institutions	institution	NOUN
cblr-13005	96	28	,	,	PUNCT
cblr-13005	96	29	market	market	NOUN
cblr-13005	96	30	players	player	NOUN
cblr-13005	96	31	,	,	PUNCT
cblr-13005	96	32	and	and	CCONJ
cblr-13005	96	33	environmental	environmental	ADJ
cblr-13005	96	34	activists	activist	NOUN
cblr-13005	96	35	”	"	PUNCT
cblr-13005	96	36	)	)	PUNCT
cblr-13005	96	37	;	;	PUNCT
cblr-13005	96	38	coffee	coffee	NOUN
cblr-13005	96	39	,	,	PUNCT
cblr-13005	96	40	jr	jr	PROPN
cblr-13005	96	41	.	.	PROPN
cblr-13005	96	42	,	,	PUNCT
cblr-13005	96	43	supra	supra	PROPN
cblr-13005	96	44	note	note	PROPN
cblr-13005	96	45	14	14	NUM
cblr-13005	96	46	,	,	PUNCT
cblr-13005	96	47	at	at	ADP
cblr-13005	96	48	646	646	NUM
cblr-13005	96	49	(	(	PUNCT
cblr-13005	96	50	noting	note	VERB
cblr-13005	96	51	that	that	SCONJ
cblr-13005	96	52	the	the	DET
cblr-13005	96	53	theory	theory	NOUN
cblr-13005	96	54	“	"	PUNCT
cblr-13005	96	55	has	have	VERB
cblr-13005	96	56	excited	excited	ADJ
cblr-13005	96	57	scholars	scholar	NOUN
cblr-13005	96	58	”	"	PUNCT
cblr-13005	96	59	)	)	PUNCT
cblr-13005	96	60	.	.	PUNCT
cblr-13005	97	1	16	16	NUM
cblr-13005	98	1	the	the	DET
cblr-13005	98	2	dramatic	dramatic	ADJ
cblr-13005	98	3	growth	growth	NOUN
cblr-13005	98	4	of	of	ADP
cblr-13005	98	5	indexed	index	VERB
cblr-13005	98	6	mutual	mutual	ADJ
cblr-13005	98	7	and	and	CCONJ
cblr-13005	98	8	exchange	exchange	NOUN
cblr-13005	98	9	traded	trade	VERB
cblr-13005	98	10	funds	fund	NOUN
cblr-13005	98	11	in	in	ADP
cblr-13005	98	12	recent	recent	ADJ
cblr-13005	98	13	years	year	NOUN
cblr-13005	98	14	is	be	AUX
cblr-13005	98	15	what	what	PRON
cblr-13005	98	16	makes	make	VERB
cblr-13005	98	17	the	the	DET
cblr-13005	98	18	notion	notion	NOUN
cblr-13005	98	19	that	that	SCONJ
cblr-13005	98	20	public	public	ADJ
cblr-13005	98	21	companies	company	NOUN
cblr-13005	98	22	could	could	AUX
cblr-13005	98	23	successfully	successfully	ADV
cblr-13005	98	24	be	be	AUX
cblr-13005	98	25	pushed	push	VERB
cblr-13005	98	26	to	to	PART
cblr-13005	98	27	subordinate	subordinate	VERB
cblr-13005	98	28	firm	firm	ADJ
cblr-13005	98	29	-	-	PUNCT
cblr-13005	98	30	value	value	NOUN
cblr-13005	98	31	maximization	maximization	NOUN
cblr-13005	98	32	to	to	PART
cblr-13005	98	33	portfoliovalue	portfoliovalue	VERB
cblr-13005	98	34	maximization	maximization	NOUN
cblr-13005	98	35	plausible	plausible	NOUN
cblr-13005	98	36	.	.	PUNCT
cblr-13005	99	1	see	see	VERB
cblr-13005	99	2	generally	generally	ADV
cblr-13005	99	3	lucian	lucian	ADJ
cblr-13005	99	4	a.	a.	PROPN
cblr-13005	99	5	bebchuk	bebchuk	PROPN
cblr-13005	99	6	&	&	CCONJ
cblr-13005	99	7	scott	scott	PROPN
cblr-13005	99	8	hirst	hirst	PROPN
cblr-13005	99	9	,	,	PUNCT
cblr-13005	99	10	the	the	DET
cblr-13005	99	11	specter	specter	NOUN
cblr-13005	99	12	of	of	ADP
cblr-13005	99	13	the	the	DET
cblr-13005	99	14	giant	giant	ADJ
cblr-13005	99	15	three	three	NUM
cblr-13005	99	16	,	,	PUNCT
cblr-13005	99	17	99	99	NUM
cblr-13005	99	18	b.u	b.u	PROPN
cblr-13005	99	19	.	.	PROPN
cblr-13005	99	20	l.	l.	PROPN
cblr-13005	99	21	rev	rev	PROPN
cblr-13005	99	22	.	.	PROPN
cblr-13005	100	1	721	721	NUM
cblr-13005	100	2	(	(	PUNCT
cblr-13005	100	3	2019	2019	NUM
cblr-13005	100	4	)	)	PUNCT
cblr-13005	100	5	(	(	PUNCT
cblr-13005	100	6	providing	provide	VERB
cblr-13005	100	7	empirical	empirical	ADJ
cblr-13005	100	8	evidence	evidence	NOUN
cblr-13005	100	9	of	of	ADP
cblr-13005	100	10	this	this	DET
cblr-13005	100	11	growth	growth	NOUN
cblr-13005	100	12	)	)	PUNCT
cblr-13005	100	13	.	.	PUNCT
cblr-13005	101	1	management	management	NOUN
cblr-13005	101	2	of	of	ADP
cblr-13005	101	3	the	the	DET
cblr-13005	101	4	index	index	NOUN
cblr-13005	101	5	fund	fund	NOUN
cblr-13005	101	6	sector	sector	NOUN
cblr-13005	101	7	is	be	AUX
cblr-13005	101	8	dominated	dominate	VERB
cblr-13005	101	9	by	by	ADP
cblr-13005	101	10	blackrock	blackrock	PROPN
cblr-13005	101	11	,	,	PUNCT
cblr-13005	101	12	inc	inc	PROPN
cblr-13005	101	13	.	.	PROPN
cblr-13005	101	14	(	(	PUNCT
cblr-13005	101	15	blackrock	blackrock	PROPN
cblr-13005	101	16	)	)	PUNCT
cblr-13005	101	17	,	,	PUNCT
cblr-13005	101	18	state	state	NOUN
cblr-13005	101	19	street	street	NOUN
cblr-13005	101	20	global	global	ADJ
cblr-13005	101	21	advisors	advisor	NOUN
cblr-13005	101	22	(	(	PUNCT
cblr-13005	101	23	state	state	NOUN
cblr-13005	101	24	street	street	NOUN
cblr-13005	101	25	)	)	PUNCT
cblr-13005	101	26	,	,	PUNCT
cblr-13005	101	27	and	and	CCONJ
cblr-13005	101	28	the	the	DET
cblr-13005	101	29	vanguard	vanguard	PROPN
cblr-13005	101	30	group	group	PROPN
cblr-13005	101	31	(	(	PUNCT
cblr-13005	101	32	vanguard	vanguard	PROPN
cblr-13005	101	33	)	)	PUNCT
cblr-13005	101	34	,	,	PUNCT
cblr-13005	101	35	collectively	collectively	ADV
cblr-13005	101	36	known	know	VERB
cblr-13005	101	37	as	as	ADP
cblr-13005	101	38	the	the	DET
cblr-13005	101	39	“	"	PUNCT
cblr-13005	101	40	big	big	ADJ
cblr-13005	101	41	three	three	NUM
cblr-13005	101	42	.	.	PUNCT
cblr-13005	101	43	”	"	PUNCT
cblr-13005	101	44	see	see	VERB
cblr-13005	101	45	lucian	lucian	PROPN
cblr-13005	101	46	bebchuk	bebchuk	PROPN
cblr-13005	101	47	&	&	CCONJ
cblr-13005	101	48	scott	scott	PROPN
cblr-13005	101	49	hirst	hirst	PROPN
cblr-13005	101	50	,	,	PUNCT
cblr-13005	101	51	index	index	NOUN
cblr-13005	101	52	funds	fund	NOUN
cblr-13005	101	53	and	and	CCONJ
cblr-13005	101	54	the	the	DET
cblr-13005	101	55	future	future	NOUN
cblr-13005	101	56	of	of	ADP
cblr-13005	101	57	corporate	corporate	ADJ
cblr-13005	101	58	governance	governance	NOUN
cblr-13005	101	59	:	:	PUNCT
cblr-13005	102	1	theory	theory	NOUN
cblr-13005	102	2	,	,	PUNCT
cblr-13005	102	3	evidence	evidence	NOUN
cblr-13005	102	4	,	,	PUNCT
cblr-13005	102	5	and	and	CCONJ
cblr-13005	102	6	policy	policy	NOUN
cblr-13005	102	7	,	,	PUNCT
cblr-13005	102	8	119	119	NUM
cblr-13005	102	9	colum	colum	NOUN
cblr-13005	102	10	.	.	PUNCT
cblr-13005	103	1	l.	l.	PROPN
cblr-13005	103	2	rev	rev	PROPN
cblr-13005	103	3	.	.	PROPN
cblr-13005	103	4	2029	2029	NUM
cblr-13005	103	5	,	,	PUNCT
cblr-13005	103	6	2033	2033	NUM
cblr-13005	103	7	n.2	n.2	SYM
cblr-13005	103	8	(	(	PUNCT
cblr-13005	103	9	2019	2019	NUM
cblr-13005	103	10	)	)	PUNCT
cblr-13005	103	11	(	(	PUNCT
cblr-13005	103	12	describing	describe	VERB
cblr-13005	103	13	the	the	DET
cblr-13005	103	14	origins	origin	NOUN
cblr-13005	103	15	of	of	ADP
cblr-13005	103	16	the	the	DET
cblr-13005	103	17	term	term	NOUN
cblr-13005	103	18	)	)	PUNCT
cblr-13005	103	19	.	.	PUNCT
cblr-13005	104	1	the	the	DET
cblr-13005	104	2	big	big	ADJ
cblr-13005	104	3	three	three	NUM
cblr-13005	104	4	collectively	collectively	ADV
cblr-13005	104	5	direct	direct	VERB
cblr-13005	104	6	the	the	DET
cblr-13005	104	7	votes	vote	NOUN
cblr-13005	104	8	of	of	ADP
cblr-13005	104	9	roughly	roughly	ADV
cblr-13005	104	10	25	25	NUM
cblr-13005	104	11	%	%	NOUN
cblr-13005	104	12	of	of	ADP
cblr-13005	104	13	the	the	DET
cblr-13005	104	14	shares	share	NOUN
cblr-13005	104	15	in	in	ADP
cblr-13005	104	16	all	all	DET
cblr-13005	104	17	s&p500	s&p500	NOUN
cblr-13005	104	18	companies	company	NOUN
cblr-13005	104	19	,	,	PUNCT
cblr-13005	104	20	and	and	CCONJ
cblr-13005	104	21	it	it	PRON
cblr-13005	104	22	has	have	AUX
cblr-13005	104	23	been	be	AUX
cblr-13005	104	24	estimated	estimate	VERB
cblr-13005	104	25	that	that	SCONJ
cblr-13005	104	26	the	the	DET
cblr-13005	104	27	average	average	ADJ
cblr-13005	104	28	proportion	proportion	NOUN
cblr-13005	104	29	no	no	INTJ
cblr-13005	104	30	.	.	NOUN
cblr-13005	104	31	1	1	NUM
cblr-13005	104	32	]	]	PUNCT
cblr-13005	104	33	a	a	DET
cblr-13005	104	34	hard	hard	ADJ
cblr-13005	104	35	look	look	NOUN
cblr-13005	104	36	at	at	ADP
cblr-13005	104	37	portfolio	portfolio	NOUN
cblr-13005	104	38	focused	focused	ADJ
cblr-13005	104	39	stewardship	stewardship	NOUN
cblr-13005	104	40	321	321	NUM
cblr-13005	104	41	the	the	DET
cblr-13005	104	42	idea	idea	NOUN
cblr-13005	104	43	that	that	PRON
cblr-13005	104	44	financially	financially	ADV
cblr-13005	104	45	motivated	motivated	ADJ
cblr-13005	104	46	diversified	diversified	ADJ
cblr-13005	104	47	investors	investor	NOUN
cblr-13005	104	48	would	would	AUX
cblr-13005	104	49	want	want	VERB
cblr-13005	104	50	their	their	PRON
cblr-13005	104	51	index	index	NOUN
cblr-13005	104	52	fund	fund	NOUN
cblr-13005	104	53	managers	manager	NOUN
cblr-13005	104	54	to	to	PART
cblr-13005	104	55	engage	engage	VERB
cblr-13005	104	56	in	in	ADP
cblr-13005	104	57	portfoliofocused	portfoliofocuse	VERB
cblr-13005	104	58	stewardship	stewardship	NOUN
cblr-13005	104	59	might	might	AUX
cblr-13005	104	60	justify	justify	VERB
cblr-13005	104	61	a	a	DET
cblr-13005	104	62	more	more	ADV
cblr-13005	104	63	expansive	expansive	ADJ
cblr-13005	104	64	set	set	NOUN
cblr-13005	104	65	of	of	ADP
cblr-13005	104	66	sec	sec	PROPN
cblr-13005	104	67	disclosure	disclosure	NOUN
cblr-13005	104	68	mandates	mandate	NOUN
cblr-13005	104	69	than	than	SCONJ
cblr-13005	104	70	would	would	AUX
cblr-13005	104	71	be	be	AUX
cblr-13005	104	72	called	call	VERB
cblr-13005	104	73	for	for	SCONJ
cblr-13005	104	74	if	if	SCONJ
cblr-13005	104	75	such	such	ADJ
cblr-13005	104	76	investors	investor	NOUN
cblr-13005	104	77	preferred	prefer	VERB
cblr-13005	104	78	their	their	PRON
cblr-13005	104	79	fund	fund	NOUN
cblr-13005	104	80	managers	manager	NOUN
cblr-13005	104	81	to	to	PART
cblr-13005	104	82	focus	focus	VERB
cblr-13005	104	83	more	more	ADV
cblr-13005	104	84	narrowly	narrowly	ADV
cblr-13005	104	85	on	on	ADP
cblr-13005	104	86	issues	issue	NOUN
cblr-13005	104	87	affecting	affect	VERB
cblr-13005	104	88	individual	individual	ADJ
cblr-13005	104	89	firm	firm	ADJ
cblr-13005	104	90	value	value	NOUN
cblr-13005	104	91	.	.	PUNCT
cblr-13005	105	1	for	for	ADP
cblr-13005	105	2	example	example	NOUN
cblr-13005	105	3	,	,	PUNCT
cblr-13005	105	4	esg	esg	NOUN
cblr-13005	105	5	disclosures	disclosure	VERB
cblr-13005	105	6	about	about	ADP
cblr-13005	105	7	how	how	SCONJ
cblr-13005	105	8	a	a	DET
cblr-13005	105	9	firm	firm	NOUN
cblr-13005	105	10	’s	’s	PART
cblr-13005	105	11	activities	activity	NOUN
cblr-13005	105	12	affect	affect	VERB
cblr-13005	105	13	the	the	DET
cblr-13005	105	14	broader	broad	ADJ
cblr-13005	105	15	economy	economy	NOUN
cblr-13005	105	16	might	might	AUX
cblr-13005	105	17	help	help	VERB
cblr-13005	105	18	index	index	NOUN
cblr-13005	105	19	fund	fund	NOUN
cblr-13005	105	20	managers	manager	NOUN
cblr-13005	105	21	identify	identify	VERB
cblr-13005	105	22	and	and	CCONJ
cblr-13005	105	23	,	,	PUNCT
cblr-13005	105	24	through	through	ADP
cblr-13005	105	25	stewardship	stewardship	NOUN
cblr-13005	105	26	,	,	PUNCT
cblr-13005	105	27	force	force	VERB
cblr-13005	105	28	the	the	DET
cblr-13005	105	29	internalization	internalization	NOUN
cblr-13005	105	30	of	of	ADP
cblr-13005	105	31	intraportfolio	intraportfolio	ADJ
cblr-13005	105	32	externalities	externality	NOUN
cblr-13005	105	33	.	.	PUNCT
cblr-13005	106	1	such	such	ADJ
cblr-13005	106	2	externalities	externality	NOUN
cblr-13005	106	3	would	would	AUX
cblr-13005	106	4	include	include	VERB
cblr-13005	106	5	,	,	PUNCT
cblr-13005	106	6	but	but	CCONJ
cblr-13005	106	7	are	be	AUX
cblr-13005	106	8	potentially	potentially	ADV
cblr-13005	106	9	much	much	ADV
cblr-13005	106	10	broader	broad	ADJ
cblr-13005	106	11	than	than	ADP
cblr-13005	106	12	,	,	PUNCT
cblr-13005	106	13	a	a	DET
cblr-13005	106	14	portfolio	portfolio	NOUN
cblr-13005	106	15	firm	firm	NOUN
cblr-13005	106	16	’s	’s	PART
cblr-13005	106	17	contributions	contribution	NOUN
cblr-13005	106	18	to	to	ADP
cblr-13005	106	19	unpriced	unpriced	ADJ
cblr-13005	106	20	systematic	systematic	ADJ
cblr-13005	106	21	risk	risk	NOUN
cblr-13005	106	22	,	,	PUNCT
cblr-13005	106	23	distinguishing	distinguish	VERB
cblr-13005	106	24	this	this	DET
cblr-13005	106	25	argument	argument	NOUN
cblr-13005	106	26	from	from	ADP
cblr-13005	106	27	the	the	DET
cblr-13005	106	28	second	second	NOUN
cblr-13005	106	29	.	.	PUNCT
cblr-13005	107	1	there	there	PRON
cblr-13005	107	2	is	be	VERB
cblr-13005	107	3	another	another	DET
cblr-13005	107	4	,	,	PUNCT
cblr-13005	107	5	more	more	ADV
cblr-13005	107	6	fundamental	fundamental	ADJ
cblr-13005	107	7	,	,	PUNCT
cblr-13005	107	8	distinction	distinction	NOUN
cblr-13005	107	9	between	between	ADP
cblr-13005	107	10	this	this	PRON
cblr-13005	107	11	and	and	CCONJ
cblr-13005	107	12	the	the	DET
cblr-13005	107	13	second	second	ADJ
cblr-13005	107	14	argument	argument	NOUN
cblr-13005	107	15	:	:	PUNCT
cblr-13005	107	16	whereas	whereas	SCONJ
cblr-13005	107	17	the	the	DET
cblr-13005	107	18	second	second	ADJ
cblr-13005	107	19	assumes	assume	VERB
cblr-13005	107	20	that	that	SCONJ
cblr-13005	107	21	investors	investor	NOUN
cblr-13005	107	22	will	will	AUX
cblr-13005	107	23	use	use	VERB
cblr-13005	107	24	the	the	DET
cblr-13005	107	25	enhanced	enhance	VERB
cblr-13005	107	26	disclosures	disclosure	NOUN
cblr-13005	107	27	to	to	PART
cblr-13005	107	28	inform	inform	VERB
cblr-13005	107	29	their	their	PRON
cblr-13005	107	30	investment	investment	NOUN
cblr-13005	107	31	decisions	decision	NOUN
cblr-13005	107	32	,	,	PUNCT
cblr-13005	107	33	the	the	DET
cblr-13005	107	34	third	third	ADJ
cblr-13005	107	35	posits	posit	NOUN
cblr-13005	107	36	that	that	PRON
cblr-13005	107	37	index	index	NOUN
cblr-13005	107	38	fund	fund	NOUN
cblr-13005	107	39	managers	manager	NOUN
cblr-13005	107	40	may	may	AUX
cblr-13005	107	41	use	use	VERB
cblr-13005	107	42	the	the	DET
cblr-13005	107	43	enhanced	enhance	VERB
cblr-13005	107	44	disclosures	disclosure	NOUN
cblr-13005	107	45	to	to	PART
cblr-13005	107	46	inform	inform	VERB
cblr-13005	107	47	their	their	PRON
cblr-13005	107	48	stewardship	stewardship	NOUN
cblr-13005	107	49	decisions.17	decisions.17	NOUN
cblr-13005	107	50	it	it	PRON
cblr-13005	107	51	is	be	AUX
cblr-13005	107	52	the	the	DET
cblr-13005	107	53	effect	effect	NOUN
cblr-13005	107	54	of	of	ADP
cblr-13005	107	55	portfoliofocused	portfoliofocuse	VERB
cblr-13005	107	56	stewardship	stewardship	NOUN
cblr-13005	107	57	on	on	ADP
cblr-13005	107	58	the	the	DET
cblr-13005	107	59	behavior	behavior	NOUN
cblr-13005	107	60	of	of	ADP
cblr-13005	107	61	firms	firm	NOUN
cblr-13005	107	62	that	that	PRON
cblr-13005	107	63	may	may	AUX
cblr-13005	107	64	cause	cause	VERB
cblr-13005	107	65	the	the	DET
cblr-13005	107	66	risk	risk	NOUN
cblr-13005	107	67	-	-	PUNCT
cblr-13005	107	68	adjusted	adjust	VERB
cblr-13005	107	69	value	value	NOUN
cblr-13005	107	70	of	of	ADP
cblr-13005	107	71	the	the	DET
cblr-13005	107	72	portfolio	portfolio	NOUN
cblr-13005	107	73	as	as	ADP
cblr-13005	107	74	a	a	DET
cblr-13005	107	75	whole	whole	NOUN
cblr-13005	107	76	to	to	PART
cblr-13005	107	77	increase	increase	VERB
cblr-13005	107	78	,	,	PUNCT
cblr-13005	107	79	not	not	PART
cblr-13005	107	80	just	just	ADV
cblr-13005	107	81	the	the	DET
cblr-13005	107	82	impact	impact	NOUN
cblr-13005	107	83	of	of	ADP
cblr-13005	107	84	the	the	DET
cblr-13005	107	85	information	information	NOUN
cblr-13005	107	86	on	on	ADP
cblr-13005	107	87	trading	trading	NOUN
cblr-13005	107	88	decisions	decision	NOUN
cblr-13005	107	89	that	that	PRON
cblr-13005	107	90	improve	improve	VERB
cblr-13005	107	91	share	share	NOUN
cblr-13005	107	92	price	price	NOUN
cblr-13005	107	93	accuracy	accuracy	NOUN
cblr-13005	107	94	.	.	PUNCT
cblr-13005	108	1	indeed	indeed	ADV
cblr-13005	108	2	,	,	PUNCT
cblr-13005	108	3	portfolio	portfolio	NOUN
cblr-13005	108	4	primacy	primacy	NOUN
cblr-13005	108	5	theory	theory	NOUN
cblr-13005	108	6	presumes	presume	VERB
cblr-13005	108	7	diversified	diversified	ADJ
cblr-13005	108	8	investors	investor	NOUN
cblr-13005	108	9	whose	whose	DET
cblr-13005	108	10	portfolios	portfolio	NOUN
cblr-13005	108	11	are	be	AUX
cblr-13005	108	12	fixed	fix	VERB
cblr-13005	108	13	and	and	CCONJ
cblr-13005	108	14	thus	thus	ADV
cblr-13005	108	15	for	for	ADP
cblr-13005	108	16	whom	whom	PRON
cblr-13005	108	17	“	"	PUNCT
cblr-13005	108	18	exit	exit	NOUN
cblr-13005	108	19	”	"	PUNCT
cblr-13005	108	20	is	be	AUX
cblr-13005	108	21	not	not	PART
cblr-13005	108	22	an	an	DET
cblr-13005	108	23	option	option	NOUN
cblr-13005	108	24	.	.	PUNCT
cblr-13005	109	1	this	this	DET
cblr-13005	109	2	article	article	NOUN
cblr-13005	109	3	interrogates	interrogate	VERB
cblr-13005	109	4	the	the	DET
cblr-13005	109	5	logic	logic	NOUN
cblr-13005	109	6	of	of	ADP
cblr-13005	109	7	portfolio	portfolio	NOUN
cblr-13005	109	8	-	-	PUNCT
cblr-13005	109	9	focused	focus	VERB
cblr-13005	109	10	stewardship	stewardship	NOUN
cblr-13005	109	11	,	,	PUNCT
cblr-13005	109	12	with	with	ADP
cblr-13005	109	13	direct	direct	ADJ
cblr-13005	109	14	implications	implication	NOUN
cblr-13005	109	15	for	for	ADP
cblr-13005	109	16	the	the	DET
cblr-13005	109	17	debate	debate	NOUN
cblr-13005	109	18	over	over	ADP
cblr-13005	109	19	esg	esg	PROPN
cblr-13005	109	20	disclosure	disclosure	NOUN
cblr-13005	109	21	mandates	mandate	NOUN
cblr-13005	109	22	.	.	PUNCT
cblr-13005	110	1	it	it	PRON
cblr-13005	110	2	considers	consider	VERB
cblr-13005	110	3	the	the	DET
cblr-13005	110	4	issue	issue	NOUN
cblr-13005	110	5	from	from	ADP
cblr-13005	110	6	the	the	DET
cblr-13005	110	7	perspective	perspective	NOUN
cblr-13005	110	8	of	of	ADP
cblr-13005	110	9	a	a	DET
cblr-13005	110	10	rational	rational	ADJ
cblr-13005	110	11	,	,	PUNCT
cblr-13005	110	12	financially	financially	ADV
cblr-13005	110	13	motivated	motivated	ADJ
cblr-13005	110	14	diversified	diversified	ADJ
cblr-13005	110	15	investor	investor	NOUN
cblr-13005	110	16	—	—	PUNCT
cblr-13005	110	17	not	not	PART
cblr-13005	110	18	of	of	ADP
cblr-13005	110	19	shares	share	NOUN
cblr-13005	110	20	in	in	ADP
cblr-13005	110	21	s&p500	s&p500	NOUN
cblr-13005	110	22	companies	company	NOUN
cblr-13005	110	23	voted	vote	VERB
cblr-13005	110	24	by	by	ADP
cblr-13005	110	25	the	the	DET
cblr-13005	110	26	big	big	ADJ
cblr-13005	110	27	three	three	NUM
cblr-13005	110	28	could	could	AUX
cblr-13005	110	29	reach	reach	VERB
cblr-13005	110	30	as	as	ADV
cblr-13005	110	31	much	much	ADJ
cblr-13005	110	32	as	as	ADP
cblr-13005	110	33	40	40	NUM
cblr-13005	110	34	%	%	NOUN
cblr-13005	110	35	within	within	ADP
cblr-13005	110	36	two	two	NUM
cblr-13005	110	37	decades	decade	NOUN
cblr-13005	110	38	.	.	PUNCT
cblr-13005	111	1	see	see	VERB
cblr-13005	111	2	bebchuk	bebchuk	NOUN
cblr-13005	111	3	&	&	CCONJ
cblr-13005	111	4	hirst	hirst	PROPN
cblr-13005	111	5	,	,	PUNCT
cblr-13005	111	6	the	the	DET
cblr-13005	111	7	specter	specter	NOUN
cblr-13005	111	8	of	of	ADP
cblr-13005	111	9	the	the	DET
cblr-13005	111	10	giant	giant	ADJ
cblr-13005	111	11	three	three	NUM
cblr-13005	111	12	,	,	PUNCT
cblr-13005	111	13	supra	supra	NOUN
cblr-13005	111	14	,	,	PUNCT
cblr-13005	111	15	at	at	ADP
cblr-13005	111	16	737–40	737–40	NUM
cblr-13005	111	17	.	.	PUNCT
cblr-13005	112	1	big	big	ADJ
cblr-13005	112	2	three	three	NUM
cblr-13005	112	3	voting	voting	NOUN
cblr-13005	112	4	power	power	NOUN
cblr-13005	112	5	raises	raise	VERB
cblr-13005	112	6	important	important	ADJ
cblr-13005	112	7	questions	question	NOUN
cblr-13005	112	8	beyond	beyond	ADP
cblr-13005	112	9	the	the	DET
cblr-13005	112	10	capacity	capacity	NOUN
cblr-13005	112	11	of	of	ADP
cblr-13005	112	12	the	the	DET
cblr-13005	112	13	big	big	ADJ
cblr-13005	112	14	three	three	NUM
cblr-13005	112	15	to	to	PART
cblr-13005	112	16	use	use	VERB
cblr-13005	112	17	that	that	DET
cblr-13005	112	18	power	power	NOUN
cblr-13005	112	19	to	to	PART
cblr-13005	112	20	achieve	achieve	VERB
cblr-13005	112	21	portfoliolevel	portfoliolevel	ADJ
cblr-13005	112	22	financial	financial	ADJ
cblr-13005	112	23	gains	gain	NOUN
cblr-13005	112	24	—	—	PUNCT
cblr-13005	112	25	questions	question	NOUN
cblr-13005	112	26	related	relate	VERB
cblr-13005	112	27	to	to	ADP
cblr-13005	112	28	democratic	democratic	ADJ
cblr-13005	112	29	legitimacy	legitimacy	NOUN
cblr-13005	112	30	as	as	ADV
cblr-13005	112	31	well	well	ADV
cblr-13005	112	32	as	as	ADP
cblr-13005	112	33	the	the	DET
cblr-13005	112	34	potential	potential	ADJ
cblr-13005	112	35	anti	anti	ADJ
cblr-13005	112	36	-	-	ADJ
cblr-13005	112	37	competitive	competitive	ADJ
cblr-13005	112	38	effects	effect	NOUN
cblr-13005	112	39	of	of	ADP
cblr-13005	112	40	common	common	ADJ
cblr-13005	112	41	ownership	ownership	NOUN
cblr-13005	112	42	.	.	PUNCT
cblr-13005	113	1	while	while	SCONJ
cblr-13005	113	2	incredibly	incredibly	ADV
cblr-13005	113	3	important	important	ADJ
cblr-13005	113	4	,	,	PUNCT
cblr-13005	113	5	those	those	DET
cblr-13005	113	6	concerns	concern	NOUN
cblr-13005	113	7	are	be	AUX
cblr-13005	113	8	beyond	beyond	ADP
cblr-13005	113	9	the	the	DET
cblr-13005	113	10	scope	scope	NOUN
cblr-13005	113	11	of	of	ADP
cblr-13005	113	12	this	this	DET
cblr-13005	113	13	article	article	NOUN
cblr-13005	113	14	.	.	PUNCT
cblr-13005	114	1	see	see	VERB
cblr-13005	114	2	infra	infra	NOUN
cblr-13005	114	3	notes	note	VERB
cblr-13005	114	4	61	61	NUM
cblr-13005	114	5	&	&	CCONJ
cblr-13005	114	6	158–160	158–160	NUM
cblr-13005	114	7	and	and	CCONJ
cblr-13005	114	8	accompanying	accompany	VERB
cblr-13005	114	9	text	text	NOUN
cblr-13005	114	10	(	(	PUNCT
cblr-13005	114	11	discussing	discuss	VERB
cblr-13005	114	12	these	these	DET
cblr-13005	114	13	concerns	concern	NOUN
cblr-13005	114	14	)	)	PUNCT
cblr-13005	114	15	.	.	PUNCT
cblr-13005	115	1	17	17	NUM
cblr-13005	115	2	the	the	DET
cblr-13005	115	3	term	term	NOUN
cblr-13005	115	4	“	"	PUNCT
cblr-13005	115	5	stewardship	stewardship	NOUN
cblr-13005	115	6	”	"	PUNCT
cblr-13005	115	7	refers	refer	VERB
cblr-13005	115	8	to	to	ADP
cblr-13005	115	9	the	the	DET
cblr-13005	115	10	influence	influence	NOUN
cblr-13005	115	11	that	that	PRON
cblr-13005	115	12	fund	fund	NOUN
cblr-13005	115	13	managers	manager	NOUN
cblr-13005	115	14	can	can	AUX
cblr-13005	115	15	exert	exert	VERB
cblr-13005	115	16	over	over	ADP
cblr-13005	115	17	their	their	PRON
cblr-13005	115	18	portfolio	portfolio	NOUN
cblr-13005	115	19	firms	firm	NOUN
cblr-13005	115	20	through	through	ADP
cblr-13005	115	21	monitoring	monitoring	NOUN
cblr-13005	115	22	,	,	PUNCT
cblr-13005	115	23	engagement	engagement	NOUN
cblr-13005	115	24	,	,	PUNCT
cblr-13005	115	25	and	and	CCONJ
cblr-13005	115	26	voting	voting	NOUN
cblr-13005	115	27	.	.	PUNCT
cblr-13005	116	1	see	see	VERB
cblr-13005	116	2	bebchuk	bebchuk	NOUN
cblr-13005	116	3	&	&	CCONJ
cblr-13005	116	4	hirst	hirst	PROPN
cblr-13005	116	5	,	,	PUNCT
cblr-13005	116	6	index	index	NOUN
cblr-13005	116	7	funds	fund	NOUN
cblr-13005	116	8	and	and	CCONJ
cblr-13005	116	9	the	the	DET
cblr-13005	116	10	future	future	NOUN
cblr-13005	116	11	of	of	ADP
cblr-13005	116	12	corporate	corporate	ADJ
cblr-13005	116	13	governance	governance	NOUN
cblr-13005	116	14	,	,	PUNCT
cblr-13005	116	15	supra	supra	PROPN
cblr-13005	116	16	note	note	NOUN
cblr-13005	116	17	16	16	NUM
cblr-13005	116	18	,	,	PUNCT
cblr-13005	116	19	at	at	ADP
cblr-13005	116	20	2044–46	2044–46	NUM
cblr-13005	116	21	(	(	PUNCT
cblr-13005	116	22	discussing	discuss	VERB
cblr-13005	116	23	these	these	DET
cblr-13005	116	24	forms	form	NOUN
cblr-13005	116	25	of	of	ADP
cblr-13005	116	26	stewardship	stewardship	NOUN
cblr-13005	116	27	)	)	PUNCT
cblr-13005	116	28	.	.	PUNCT
cblr-13005	117	1	322	322	NUM
cblr-13005	117	2	columbia	columbia	PROPN
cblr-13005	117	3	business	business	NOUN
cblr-13005	117	4	law	law	PROPN
cblr-13005	117	5	review	review	NOUN
cblr-13005	117	6	[	[	X
cblr-13005	117	7	vol	vol	NOUN
cblr-13005	117	8	.	.	PUNCT
cblr-13005	117	9	2024	2024	NUM
cblr-13005	117	10	because	because	SCONJ
cblr-13005	117	11	real	real	ADJ
cblr-13005	117	12	investors	investor	NOUN
cblr-13005	117	13	are	be	AUX
cblr-13005	117	14	always	always	ADV
cblr-13005	117	15	rational	rational	ADJ
cblr-13005	117	16	and	and	CCONJ
cblr-13005	117	17	care	care	VERB
cblr-13005	117	18	singlemindedly	singlemindedly	ADV
cblr-13005	117	19	about	about	ADP
cblr-13005	117	20	financial	financial	ADJ
cblr-13005	117	21	returns	return	NOUN
cblr-13005	117	22	,	,	PUNCT
cblr-13005	117	23	but	but	CCONJ
cblr-13005	117	24	because	because	SCONJ
cblr-13005	117	25	this	this	PRON
cblr-13005	117	26	is	be	AUX
cblr-13005	117	27	the	the	DET
cblr-13005	117	28	type	type	NOUN
cblr-13005	117	29	of	of	ADP
cblr-13005	117	30	investor	investor	NOUN
cblr-13005	117	31	whose	whose	DET
cblr-13005	117	32	interests	interest	NOUN
cblr-13005	117	33	portfolio	portfolio	NOUN
cblr-13005	117	34	-	-	PUNCT
cblr-13005	117	35	focused	focus	VERB
cblr-13005	117	36	stewardship	stewardship	NOUN
cblr-13005	117	37	(	(	PUNCT
cblr-13005	117	38	and	and	CCONJ
cblr-13005	117	39	sec	sec	PROPN
cblr-13005	117	40	disclosure	disclosure	NOUN
cblr-13005	117	41	mandates	mandate	NOUN
cblr-13005	117	42	in	in	ADP
cblr-13005	117	43	support	support	NOUN
cblr-13005	117	44	thereof	thereof	ADV
cblr-13005	117	45	)	)	PUNCT
cblr-13005	117	46	is	be	AUX
cblr-13005	117	47	purported	purport	VERB
cblr-13005	117	48	to	to	PART
cblr-13005	117	49	advance.18	advance.18	VERB
cblr-13005	117	50	the	the	DET
cblr-13005	117	51	article	article	NOUN
cblr-13005	117	52	posits	posit	VERB
cblr-13005	117	53	that	that	SCONJ
cblr-13005	117	54	such	such	DET
cblr-13005	117	55	an	an	DET
cblr-13005	117	56	investor	investor	NOUN
cblr-13005	117	57	would	would	AUX
cblr-13005	117	58	logically	logically	ADV
cblr-13005	117	59	prefer	prefer	VERB
cblr-13005	117	60	the	the	DET
cblr-13005	117	61	path	path	NOUN
cblr-13005	117	62	of	of	ADP
cblr-13005	117	63	portfolio	portfolio	NOUN
cblr-13005	117	64	-	-	PUNCT
cblr-13005	117	65	focused	focus	VERB
cblr-13005	117	66	stewardship	stewardship	NOUN
cblr-13005	117	67	as	as	ADP
cblr-13005	117	68	a	a	DET
cblr-13005	117	69	way	way	NOUN
cblr-13005	117	70	to	to	PART
cblr-13005	117	71	limit	limit	VERB
cblr-13005	117	72	intraportfolio	intraportfolio	ADJ
cblr-13005	117	73	externalities	externality	NOUN
cblr-13005	117	74	and	and	CCONJ
cblr-13005	117	75	thus	thus	ADV
cblr-13005	117	76	enhance	enhance	VERB
cblr-13005	117	77	risk	risk	NOUN
cblr-13005	117	78	-	-	PUNCT
cblr-13005	117	79	adjusted	adjust	VERB
cblr-13005	117	80	portfolio	portfolio	NOUN
cblr-13005	117	81	value	value	NOUN
cblr-13005	117	82	only	only	ADV
cblr-13005	117	83	if	if	SCONJ
cblr-13005	117	84	two	two	NUM
cblr-13005	117	85	conditions	condition	NOUN
cblr-13005	117	86	are	be	AUX
cblr-13005	117	87	satisfied	satisfied	ADJ
cblr-13005	117	88	.	.	PUNCT
cblr-13005	118	1	first	first	ADV
cblr-13005	118	2	,	,	PUNCT
cblr-13005	118	3	the	the	DET
cblr-13005	118	4	benefits	benefit	NOUN
cblr-13005	118	5	of	of	ADP
cblr-13005	118	6	that	that	DET
cblr-13005	118	7	path	path	NOUN
cblr-13005	118	8	must	must	AUX
cblr-13005	118	9	be	be	AUX
cblr-13005	118	10	expected	expect	VERB
cblr-13005	118	11	to	to	PART
cblr-13005	118	12	exceed	exceed	VERB
cblr-13005	118	13	the	the	DET
cblr-13005	118	14	costs	cost	NOUN
cblr-13005	118	15	—	—	PUNCT
cblr-13005	118	16	that	that	ADV
cblr-13005	118	17	is	is	ADV
cblr-13005	118	18	,	,	PUNCT
cblr-13005	118	19	net	net	NOUN
cblr-13005	118	20	of	of	ADP
cblr-13005	118	21	fees	fee	NOUN
cblr-13005	118	22	and	and	CCONJ
cblr-13005	118	23	other	other	ADJ
cblr-13005	118	24	costs	cost	NOUN
cblr-13005	118	25	,	,	PUNCT
cblr-13005	118	26	it	it	PRON
cblr-13005	118	27	must	must	AUX
cblr-13005	118	28	be	be	AUX
cblr-13005	118	29	expected	expect	VERB
cblr-13005	118	30	that	that	SCONJ
cblr-13005	118	31	such	such	ADJ
cblr-13005	118	32	stewardship	stewardship	NOUN
cblr-13005	118	33	will	will	AUX
cblr-13005	118	34	in	in	ADP
cblr-13005	118	35	fact	fact	NOUN
cblr-13005	118	36	lead	lead	VERB
cblr-13005	118	37	to	to	ADP
cblr-13005	118	38	an	an	DET
cblr-13005	118	39	increase	increase	NOUN
cblr-13005	118	40	in	in	ADP
cblr-13005	118	41	riskadjusted	riskadjuste	VERB
cblr-13005	118	42	portfolio	portfolio	NOUN
cblr-13005	118	43	value	value	NOUN
cblr-13005	118	44	.	.	PUNCT
cblr-13005	119	1	second	second	ADJ
cblr-13005	119	2	,	,	PUNCT
cblr-13005	119	3	the	the	DET
cblr-13005	119	4	expected	expect	VERB
cblr-13005	119	5	net	net	ADJ
cblr-13005	119	6	benefits	benefit	NOUN
cblr-13005	119	7	of	of	ADP
cblr-13005	119	8	such	such	ADJ
cblr-13005	119	9	stewardship	stewardship	NOUN
cblr-13005	119	10	must	must	AUX
cblr-13005	119	11	exceed	exceed	VERB
cblr-13005	119	12	the	the	DET
cblr-13005	119	13	expected	expect	VERB
cblr-13005	119	14	net	net	ADJ
cblr-13005	119	15	benefits	benefit	NOUN
cblr-13005	119	16	of	of	ADP
cblr-13005	119	17	pursuing	pursue	VERB
cblr-13005	119	18	alternative	alternative	ADJ
cblr-13005	119	19	methods	method	NOUN
cblr-13005	119	20	available	available	ADJ
cblr-13005	119	21	to	to	ADP
cblr-13005	119	22	diversified	diversify	VERB
cblr-13005	119	23	investors	investor	NOUN
cblr-13005	119	24	for	for	ADP
cblr-13005	119	25	causing	cause	VERB
cblr-13005	119	26	portfolio	portfolio	NOUN
cblr-13005	119	27	firms	firm	NOUN
cblr-13005	119	28	to	to	PART
cblr-13005	119	29	internalize	internalize	VERB
cblr-13005	119	30	intraportfolio	intraportfolio	ADJ
cblr-13005	119	31	externalities	externality	NOUN
cblr-13005	119	32	(	(	PUNCT
cblr-13005	119	33	unless	unless	SCONJ
cblr-13005	119	34	the	the	DET
cblr-13005	119	35	alternative(s	alternative(s	PROPN
cblr-13005	119	36	)	)	PUNCT
cblr-13005	119	37	and	and	CCONJ
cblr-13005	119	38	the	the	DET
cblr-13005	119	39	stewardship	stewardship	NOUN
cblr-13005	119	40	together	together	ADV
cblr-13005	119	41	would	would	AUX
cblr-13005	119	42	be	be	AUX
cblr-13005	119	43	expected	expect	VERB
cblr-13005	119	44	to	to	PART
cblr-13005	119	45	produce	produce	VERB
cblr-13005	119	46	more	more	ADJ
cblr-13005	119	47	net	net	ADJ
cblr-13005	119	48	benefits	benefit	NOUN
cblr-13005	119	49	than	than	ADP
cblr-13005	119	50	the	the	DET
cblr-13005	119	51	alternative(s	alternative(s	NOUN
cblr-13005	119	52	)	)	PUNCT
cblr-13005	119	53	alone	alone	ADV
cblr-13005	119	54	)	)	PUNCT
cblr-13005	119	55	.	.	PUNCT
cblr-13005	120	1	as	as	ADP
cblr-13005	120	2	explored	explore	VERB
cblr-13005	120	3	herein	herein	NOUN
cblr-13005	120	4	,	,	PUNCT
cblr-13005	120	5	four	four	NUM
cblr-13005	120	6	frictions	friction	NOUN
cblr-13005	120	7	render	render	VERB
cblr-13005	120	8	dubious	dubious	ADJ
cblr-13005	120	9	an	an	DET
cblr-13005	120	10	assumption	assumption	NOUN
cblr-13005	120	11	that	that	SCONJ
cblr-13005	120	12	portfolio	portfolio	NOUN
cblr-13005	120	13	-	-	PUNCT
cblr-13005	120	14	focused	focus	VERB
cblr-13005	120	15	stewardship	stewardship	NOUN
cblr-13005	120	16	would	would	AUX
cblr-13005	120	17	lead	lead	VERB
cblr-13005	120	18	to	to	ADP
cblr-13005	120	19	an	an	DET
cblr-13005	120	20	increase	increase	NOUN
cblr-13005	120	21	in	in	ADP
cblr-13005	120	22	risk	risk	NOUN
cblr-13005	120	23	-	-	PUNCT
cblr-13005	120	24	adjusted	adjust	VERB
cblr-13005	120	25	portfolio	portfolio	NOUN
cblr-13005	120	26	value	value	NOUN
cblr-13005	120	27	.	.	PUNCT
cblr-13005	121	1	they	they	PRON
cblr-13005	121	2	are	be	AUX
cblr-13005	121	3	:	:	PUNCT
cblr-13005	121	4	(	(	PUNCT
cblr-13005	121	5	1	1	X
cblr-13005	121	6	)	)	PUNCT
cblr-13005	121	7	18	18	NUM
cblr-13005	121	8	no	no	DET
cblr-13005	121	9	human	human	ADJ
cblr-13005	121	10	investor	investor	NOUN
cblr-13005	121	11	is	be	AUX
cblr-13005	121	12	single	single	ADJ
cblr-13005	121	13	-	-	PUNCT
cblr-13005	121	14	mindedly	mindedly	ADV
cblr-13005	121	15	focused	focus	VERB
cblr-13005	121	16	on	on	ADP
cblr-13005	121	17	financial	financial	ADJ
cblr-13005	121	18	returns	return	NOUN
cblr-13005	121	19	;	;	PUNCT
cblr-13005	121	20	individuals	individual	NOUN
cblr-13005	121	21	have	have	VERB
cblr-13005	121	22	broader	broad	ADJ
cblr-13005	121	23	concerns	concern	NOUN
cblr-13005	121	24	based	base	VERB
cblr-13005	121	25	on	on	ADP
cblr-13005	121	26	their	their	PRON
cblr-13005	121	27	social	social	ADJ
cblr-13005	121	28	,	,	PUNCT
cblr-13005	121	29	political	political	ADJ
cblr-13005	121	30	,	,	PUNCT
cblr-13005	121	31	and	and	CCONJ
cblr-13005	121	32	religious	religious	ADJ
cblr-13005	121	33	commitments	commitment	NOUN
cblr-13005	121	34	.	.	PUNCT
cblr-13005	122	1	but	but	CCONJ
cblr-13005	122	2	whereas	whereas	SCONJ
cblr-13005	122	3	one	one	PRON
cblr-13005	122	4	can	can	AUX
cblr-13005	122	5	assume	assume	VERB
cblr-13005	122	6	that	that	SCONJ
cblr-13005	122	7	all	all	DET
cblr-13005	122	8	(	(	PUNCT
cblr-13005	122	9	or	or	CCONJ
cblr-13005	122	10	almost	almost	ADV
cblr-13005	122	11	all	all	PRON
cblr-13005	122	12	)	)	PUNCT
cblr-13005	122	13	investors	investor	NOUN
cblr-13005	122	14	have	have	VERB
cblr-13005	122	15	an	an	DET
cblr-13005	122	16	interest	interest	NOUN
cblr-13005	122	17	in	in	ADP
cblr-13005	122	18	increasing	increase	VERB
cblr-13005	122	19	their	their	PRON
cblr-13005	122	20	risk	risk	NOUN
cblr-13005	122	21	-	-	PUNCT
cblr-13005	122	22	adjusted	adjust	VERB
cblr-13005	122	23	financial	financial	ADJ
cblr-13005	122	24	returns	return	NOUN
cblr-13005	122	25	,	,	PUNCT
cblr-13005	122	26	one	one	PRON
cblr-13005	122	27	can	can	AUX
cblr-13005	122	28	not	not	PART
cblr-13005	122	29	assume	assume	VERB
cblr-13005	122	30	homogeneity	homogeneity	NOUN
cblr-13005	122	31	with	with	ADP
cblr-13005	122	32	respect	respect	NOUN
cblr-13005	122	33	to	to	ADP
cblr-13005	122	34	investors	investor	NOUN
cblr-13005	122	35	’	'	PUNCT
cblr-13005	122	36	non	non	ADJ
cblr-13005	122	37	-	-	ADJ
cblr-13005	122	38	financial	financial	ADJ
cblr-13005	122	39	concerns	concern	NOUN
cblr-13005	122	40	.	.	PUNCT
cblr-13005	123	1	see	see	VERB
cblr-13005	123	2	sean	sean	PROPN
cblr-13005	123	3	j.	j.	PROPN
cblr-13005	123	4	griffith	griffith	PROPN
cblr-13005	123	5	,	,	PUNCT
cblr-13005	123	6	opt	opt	PROPN
cblr-13005	123	7	-	-	PUNCT
cblr-13005	123	8	in	in	ADP
cblr-13005	123	9	stewardship	stewardship	NOUN
cblr-13005	123	10	:	:	PUNCT
cblr-13005	123	11	toward	toward	ADP
cblr-13005	123	12	an	an	DET
cblr-13005	123	13	optimal	optimal	ADJ
cblr-13005	123	14	delegation	delegation	NOUN
cblr-13005	123	15	of	of	ADP
cblr-13005	123	16	mutual	mutual	ADJ
cblr-13005	123	17	fund	fund	NOUN
cblr-13005	123	18	voting	voting	NOUN
cblr-13005	123	19	authority	authority	NOUN
cblr-13005	123	20	,	,	PUNCT
cblr-13005	123	21	98	98	NUM
cblr-13005	123	22	tex	tex	PROPN
cblr-13005	123	23	.	.	PROPN
cblr-13005	123	24	l.	l.	PROPN
cblr-13005	123	25	rev	rev	PROPN
cblr-13005	123	26	.	.	PROPN
cblr-13005	123	27	983	983	NUM
cblr-13005	123	28	,	,	PUNCT
cblr-13005	123	29	1009	1009	NUM
cblr-13005	123	30	(	(	PUNCT
cblr-13005	123	31	2020	2020	NUM
cblr-13005	123	32	)	)	PUNCT
cblr-13005	123	33	(	(	PUNCT
cblr-13005	123	34	similarly	similarly	ADV
cblr-13005	123	35	explaining	explain	VERB
cblr-13005	123	36	that	that	SCONJ
cblr-13005	123	37	the	the	DET
cblr-13005	123	38	norm	norm	NOUN
cblr-13005	123	39	of	of	ADP
cblr-13005	123	40	shareholder	shareholder	NOUN
cblr-13005	123	41	wealth	wealth	NOUN
cblr-13005	123	42	maximization	maximization	PROPN
cblr-13005	123	43	“	"	PUNCT
cblr-13005	123	44	is	be	AUX
cblr-13005	123	45	often	often	ADV
cblr-13005	123	46	posited	posit	VERB
cblr-13005	123	47	or	or	CCONJ
cblr-13005	123	48	assumed	assume	VERB
cblr-13005	123	49	not	not	PART
cblr-13005	123	50	because	because	SCONJ
cblr-13005	123	51	it	it	PRON
cblr-13005	123	52	is	be	AUX
cblr-13005	123	53	the	the	DET
cblr-13005	123	54	highest	high	ADJ
cblr-13005	123	55	and	and	CCONJ
cblr-13005	123	56	best	good	ADJ
cblr-13005	123	57	thing	thing	NOUN
cblr-13005	123	58	for	for	ADP
cblr-13005	123	59	real	real	ADJ
cblr-13005	123	60	-	-	PUNCT
cblr-13005	123	61	life	life	NOUN
cblr-13005	123	62	shareholders	shareholder	NOUN
cblr-13005	123	63	but	but	CCONJ
cblr-13005	123	64	because	because	SCONJ
cblr-13005	123	65	it	it	PRON
cblr-13005	123	66	is	be	AUX
cblr-13005	123	67	the	the	DET
cblr-13005	123	68	most	most	ADJ
cblr-13005	123	69	that	that	PRON
cblr-13005	123	70	can	can	AUX
cblr-13005	123	71	be	be	AUX
cblr-13005	123	72	assumed	assume	VERB
cblr-13005	123	73	about	about	ADP
cblr-13005	123	74	shareholders	shareholder	NOUN
cblr-13005	123	75	as	as	ADP
cblr-13005	123	76	a	a	DET
cblr-13005	123	77	class	class	NOUN
cblr-13005	123	78	,	,	PUNCT
cblr-13005	123	79	”	"	PUNCT
cblr-13005	123	80	operating	operate	VERB
cblr-13005	123	81	as	as	ADP
cblr-13005	123	82	“	"	PUNCT
cblr-13005	123	83	a	a	DET
cblr-13005	123	84	kind	kind	NOUN
cblr-13005	123	85	of	of	ADP
cblr-13005	123	86	lowest	low	ADJ
cblr-13005	123	87	common	common	ADJ
cblr-13005	123	88	denominator	denominator	NOUN
cblr-13005	123	89	solution	solution	NOUN
cblr-13005	123	90	to	to	ADP
cblr-13005	123	91	their	their	PRON
cblr-13005	123	92	inability	inability	NOUN
cblr-13005	123	93	to	to	PART
cblr-13005	123	94	coalesce	coalesce	VERB
cblr-13005	123	95	around	around	ADP
cblr-13005	123	96	other	other	ADJ
cblr-13005	123	97	objectives	objective	NOUN
cblr-13005	123	98	”	"	PUNCT
cblr-13005	123	99	)	)	PUNCT
cblr-13005	123	100	.	.	PUNCT
cblr-13005	124	1	hence	hence	ADV
cblr-13005	124	2	,	,	PUNCT
cblr-13005	124	3	federal	federal	ADJ
cblr-13005	124	4	securities	security	NOUN
cblr-13005	124	5	regulation	regulation	NOUN
cblr-13005	124	6	has	have	AUX
cblr-13005	124	7	traditionally	traditionally	ADV
cblr-13005	124	8	focused	focus	VERB
cblr-13005	124	9	on	on	ADP
cblr-13005	124	10	the	the	DET
cblr-13005	124	11	disclosure	disclosure	NOUN
cblr-13005	124	12	needs	need	NOUN
cblr-13005	124	13	of	of	ADP
cblr-13005	124	14	a	a	DET
cblr-13005	124	15	fictionalized	fictionalize	VERB
cblr-13005	124	16	financially	financially	ADV
cblr-13005	124	17	driven	drive	VERB
cblr-13005	124	18	“	"	PUNCT
cblr-13005	124	19	reasonable	reasonable	ADJ
cblr-13005	124	20	investor	investor	NOUN
cblr-13005	124	21	,	,	PUNCT
cblr-13005	124	22	”	"	PUNCT
cblr-13005	124	23	and	and	CCONJ
cblr-13005	124	24	managers	manager	NOUN
cblr-13005	124	25	of	of	ADP
cblr-13005	124	26	traditional	traditional	ADJ
cblr-13005	124	27	index	index	NOUN
cblr-13005	124	28	funds	fund	NOUN
cblr-13005	124	29	are	be	AUX
cblr-13005	124	30	understood	understand	VERB
cblr-13005	124	31	to	to	PART
cblr-13005	124	32	owe	owe	VERB
cblr-13005	124	33	their	their	PRON
cblr-13005	124	34	fiduciary	fiduciary	ADJ
cblr-13005	124	35	duties	duty	NOUN
cblr-13005	124	36	to	to	ADP
cblr-13005	124	37	such	such	DET
cblr-13005	124	38	an	an	DET
cblr-13005	124	39	investor	investor	NOUN
cblr-13005	124	40	.	.	PUNCT
cblr-13005	125	1	see	see	VERB
cblr-13005	125	2	amanda	amanda	PROPN
cblr-13005	125	3	m.	m.	PROPN
cblr-13005	125	4	rose	rise	VERB
cblr-13005	125	5	,	,	PUNCT
cblr-13005	125	6	the	the	DET
cblr-13005	125	7	“	"	PUNCT
cblr-13005	125	8	reasonable	reasonable	ADJ
cblr-13005	125	9	investor	investor	NOUN
cblr-13005	125	10	”	"	PUNCT
cblr-13005	125	11	of	of	ADP
cblr-13005	125	12	federal	federal	ADJ
cblr-13005	125	13	securities	security	NOUN
cblr-13005	125	14	law	law	NOUN
cblr-13005	125	15	:	:	PUNCT
cblr-13005	125	16	insights	insight	NOUN
cblr-13005	125	17	from	from	ADP
cblr-13005	125	18	tort	tort	NOUN
cblr-13005	125	19	law	law	NOUN
cblr-13005	125	20	’s	’s	PART
cblr-13005	125	21	“	"	PUNCT
cblr-13005	125	22	reasonable	reasonable	ADJ
cblr-13005	125	23	person	person	NOUN
cblr-13005	125	24	”	"	PUNCT
cblr-13005	125	25	&	&	CCONJ
cblr-13005	125	26	suggested	suggest	VERB
cblr-13005	125	27	reforms	reform	NOUN
cblr-13005	125	28	,	,	PUNCT
cblr-13005	125	29	43	43	NUM
cblr-13005	125	30	j.	j.	PROPN
cblr-13005	125	31	corp	corp	PROPN
cblr-13005	125	32	.	.	PROPN
cblr-13005	125	33	l.	l.	PROPN
cblr-13005	125	34	77	77	NUM
cblr-13005	125	35	,	,	PUNCT
cblr-13005	125	36	88–92	88–92	NUM
cblr-13005	125	37	(	(	PUNCT
cblr-13005	125	38	2017	2017	NUM
cblr-13005	125	39	)	)	PUNCT
cblr-13005	125	40	(	(	PUNCT
cblr-13005	125	41	discussing	discuss	VERB
cblr-13005	125	42	other	other	ADJ
cblr-13005	125	43	attributes	attribute	NOUN
cblr-13005	125	44	of	of	ADP
cblr-13005	125	45	the	the	DET
cblr-13005	125	46	“	"	PUNCT
cblr-13005	125	47	reasonable	reasonable	ADJ
cblr-13005	125	48	investor	investor	NOUN
cblr-13005	125	49	”	"	PUNCT
cblr-13005	125	50	)	)	PUNCT
cblr-13005	125	51	;	;	PUNCT
cblr-13005	125	52	schanzenbach	schanzenbach	PROPN
cblr-13005	125	53	&	&	CCONJ
cblr-13005	125	54	sitkoff	sitkoff	NOUN
cblr-13005	125	55	,	,	PUNCT
cblr-13005	125	56	supra	supra	PROPN
cblr-13005	125	57	note	note	NOUN
cblr-13005	125	58	6	6	NUM
cblr-13005	125	59	at	at	ADP
cblr-13005	125	60	399–422	399–422	NUM
cblr-13005	125	61	(	(	PUNCT
cblr-13005	125	62	discussing	discuss	VERB
cblr-13005	125	63	the	the	DET
cblr-13005	125	64	fiduciary	fiduciary	ADJ
cblr-13005	125	65	duties	duty	NOUN
cblr-13005	125	66	of	of	ADP
cblr-13005	125	67	asset	asset	NOUN
cblr-13005	125	68	managers	manager	NOUN
cblr-13005	125	69	)	)	PUNCT
cblr-13005	125	70	.	.	PUNCT
cblr-13005	126	1	no	no	INTJ
cblr-13005	126	2	.	.	NOUN
cblr-13005	127	1	1	1	NUM
cblr-13005	127	2	]	]	PUNCT
cblr-13005	127	3	a	a	DET
cblr-13005	127	4	hard	hard	ADJ
cblr-13005	127	5	look	look	NOUN
cblr-13005	127	6	at	at	ADP
cblr-13005	127	7	portfolio	portfolio	NOUN
cblr-13005	127	8	focused	focused	ADJ
cblr-13005	127	9	stewardship	stewardship	NOUN
cblr-13005	127	10	323	323	NUM
cblr-13005	127	11	managerial	managerial	ADJ
cblr-13005	127	12	agency	agency	NOUN
cblr-13005	127	13	costs	cost	NOUN
cblr-13005	127	14	;	;	PUNCT
cblr-13005	127	15	(	(	PUNCT
cblr-13005	127	16	2	2	X
cblr-13005	127	17	)	)	PUNCT
cblr-13005	127	18	intermediary	intermediary	ADJ
cblr-13005	127	19	agency	agency	NOUN
cblr-13005	127	20	costs	cost	NOUN
cblr-13005	127	21	;	;	PUNCT
cblr-13005	127	22	(	(	PUNCT
cblr-13005	127	23	3	3	X
cblr-13005	127	24	)	)	PUNCT
cblr-13005	127	25	imperfect	imperfect	ADJ
cblr-13005	127	26	information	information	NOUN
cblr-13005	127	27	;	;	PUNCT
cblr-13005	127	28	and	and	CCONJ
cblr-13005	127	29	(	(	PUNCT
cblr-13005	127	30	4	4	X
cblr-13005	127	31	)	)	PUNCT
cblr-13005	127	32	market	market	NOUN
cblr-13005	127	33	dynamism	dynamism	NOUN
cblr-13005	127	34	.	.	PUNCT
cblr-13005	128	1	several	several	ADJ
cblr-13005	128	2	recent	recent	ADJ
cblr-13005	128	3	scholarly	scholarly	ADJ
cblr-13005	128	4	works	work	NOUN
cblr-13005	128	5	address	address	VERB
cblr-13005	128	6	one	one	NUM
cblr-13005	128	7	or	or	CCONJ
cblr-13005	128	8	more	more	ADJ
cblr-13005	128	9	of	of	ADP
cblr-13005	128	10	these	these	DET
cblr-13005	128	11	frictions.19	frictions.19	NOUN
cblr-13005	128	12	one	one	NUM
cblr-13005	128	13	contribution	contribution	NOUN
cblr-13005	128	14	of	of	ADP
cblr-13005	128	15	this	this	DET
cblr-13005	128	16	article	article	NOUN
cblr-13005	128	17	is	be	AUX
cblr-13005	128	18	to	to	PART
cblr-13005	128	19	bring	bring	VERB
cblr-13005	128	20	the	the	DET
cblr-13005	128	21	insights	insight	NOUN
cblr-13005	128	22	of	of	ADP
cblr-13005	128	23	these	these	DET
cblr-13005	128	24	works	work	VERB
cblr-13005	128	25	together	together	ADV
cblr-13005	128	26	within	within	ADP
cblr-13005	128	27	a	a	DET
cblr-13005	128	28	comprehensive	comprehensive	ADJ
cblr-13005	128	29	analytical	analytical	ADJ
cblr-13005	128	30	framework	framework	NOUN
cblr-13005	128	31	focused	focus	VERB
cblr-13005	128	32	on	on	ADP
cblr-13005	128	33	the	the	DET
cblr-13005	128	34	ultimate	ultimate	ADJ
cblr-13005	128	35	question	question	NOUN
cblr-13005	128	36	:	:	PUNCT
cblr-13005	128	37	under	under	ADP
cblr-13005	128	38	what	what	DET
cblr-13005	128	39	circumstances	circumstance	NOUN
cblr-13005	128	40	,	,	PUNCT
cblr-13005	128	41	if	if	SCONJ
cblr-13005	128	42	any	any	PRON
cblr-13005	128	43	,	,	PUNCT
cblr-13005	128	44	would	would	AUX
cblr-13005	128	45	financially	financially	ADV
cblr-13005	128	46	motivated	motivate	VERB
cblr-13005	128	47	diversified	diversified	ADJ
cblr-13005	128	48	investors	investor	NOUN
cblr-13005	128	49	wish	wish	VERB
cblr-13005	128	50	their	their	PRON
cblr-13005	128	51	asset	asset	NOUN
cblr-13005	128	52	managers	manager	NOUN
cblr-13005	128	53	to	to	PART
cblr-13005	128	54	engage	engage	VERB
cblr-13005	128	55	in	in	ADP
cblr-13005	128	56	portfolio	portfolio	NOUN
cblr-13005	128	57	-	-	PUNCT
cblr-13005	128	58	focused	focus	VERB
cblr-13005	128	59	stewardship	stewardship	NOUN
cblr-13005	128	60	?	?	PUNCT
cblr-13005	129	1	another	another	DET
cblr-13005	129	2	contribution	contribution	NOUN
cblr-13005	129	3	is	be	AUX
cblr-13005	129	4	to	to	PART
cblr-13005	129	5	surface	surface	NOUN
cblr-13005	129	6	insights	insight	NOUN
cblr-13005	129	7	developed	develop	VERB
cblr-13005	129	8	in	in	ADP
cblr-13005	129	9	the	the	DET
cblr-13005	129	10	law	law	NOUN
cblr-13005	129	11	and	and	CCONJ
cblr-13005	129	12	economics	economic	NOUN
cblr-13005	129	13	and	and	CCONJ
cblr-13005	129	14	public	public	ADJ
cblr-13005	129	15	choice	choice	NOUN
cblr-13005	129	16	literature	literature	NOUN
cblr-13005	129	17	relevant	relevant	ADJ
cblr-13005	129	18	to	to	ADP
cblr-13005	129	19	government	government	NOUN
cblr-13005	129	20	lawmaking	lawmaking	NOUN
cblr-13005	129	21	designed	design	VERB
cblr-13005	129	22	to	to	PART
cblr-13005	129	23	curb	curb	VERB
cblr-13005	129	24	negative	negative	ADJ
cblr-13005	129	25	externalities	externality	NOUN
cblr-13005	129	26	.	.	PUNCT
cblr-13005	130	1	this	this	DET
cblr-13005	130	2	rich	rich	ADJ
cblr-13005	130	3	body	body	NOUN
cblr-13005	130	4	of	of	ADP
cblr-13005	130	5	scholarship	scholarship	NOUN
cblr-13005	130	6	sheds	shed	VERB
cblr-13005	130	7	considerable	considerable	ADJ
cblr-13005	130	8	light	light	NOUN
cblr-13005	130	9	on	on	ADP
cblr-13005	130	10	the	the	DET
cblr-13005	130	11	relative	relative	ADJ
cblr-13005	130	12	capacity	capacity	NOUN
cblr-13005	130	13	of	of	ADP
cblr-13005	130	14	index	index	NOUN
cblr-13005	130	15	fund	fund	NOUN
cblr-13005	130	16	managers	manager	NOUN
cblr-13005	130	17	to	to	PART
cblr-13005	130	18	step	step	VERB
cblr-13005	130	19	into	into	ADP
cblr-13005	130	20	a	a	DET
cblr-13005	130	21	comparable	comparable	ADJ
cblr-13005	130	22	private	private	ADJ
cblr-13005	130	23	lawmaking	lawmaking	NOUN
cblr-13005	130	24	role	role	NOUN
cblr-13005	130	25	and	and	CCONJ
cblr-13005	130	26	prove	prove	VERB
cblr-13005	130	27	effective	effective	ADJ
cblr-13005	130	28	,	,	PUNCT
cblr-13005	130	29	but	but	CCONJ
cblr-13005	130	30	it	it	PRON
cblr-13005	130	31	has	have	AUX
cblr-13005	130	32	gone	gone	AUX
cblr-13005	130	33	largely	largely	ADV
cblr-13005	130	34	ignored	ignore	VERB
cblr-13005	130	35	in	in	ADP
cblr-13005	130	36	discussions	discussion	NOUN
cblr-13005	130	37	of	of	ADP
cblr-13005	130	38	portfolio	portfolio	NOUN
cblr-13005	130	39	primacy	primacy	NOUN
cblr-13005	130	40	theory.20	theory.20	PROPN
cblr-13005	130	41	a	a	DET
cblr-13005	130	42	further	further	ADJ
cblr-13005	130	43	contribution	contribution	NOUN
cblr-13005	130	44	is	be	AUX
cblr-13005	130	45	to	to	PART
cblr-13005	130	46	lay	lay	VERB
cblr-13005	130	47	out	out	ADP
cblr-13005	130	48	,	,	PUNCT
cblr-13005	130	49	in	in	ADP
cblr-13005	130	50	consideration	consideration	NOUN
cblr-13005	130	51	of	of	ADP
cblr-13005	130	52	the	the	DET
cblr-13005	130	53	second	second	ADJ
cblr-13005	130	54	condition	condition	NOUN
cblr-13005	130	55	,	,	PUNCT
cblr-13005	130	56	the	the	DET
cblr-13005	130	57	alternative	alternative	NOUN
cblr-13005	130	58	means	mean	VERB
cblr-13005	130	59	available	available	ADJ
cblr-13005	130	60	to	to	ADP
cblr-13005	130	61	diversified	diversify	VERB
cblr-13005	130	62	investors	investor	NOUN
cblr-13005	130	63	for	for	ADP
cblr-13005	130	64	reducing	reduce	VERB
cblr-13005	130	65	intraportfolio	intraportfolio	NOUN
cblr-13005	130	66	externalities	externality	NOUN
cblr-13005	130	67	—	—	PUNCT
cblr-13005	130	68	such	such	ADJ
cblr-13005	130	69	as	as	ADP
cblr-13005	130	70	direct	direct	ADJ
cblr-13005	130	71	advocacy	advocacy	NOUN
cblr-13005	130	72	for	for	ADP
cblr-13005	130	73	legal	legal	ADJ
cblr-13005	130	74	change	change	NOUN
cblr-13005	130	75	and	and	CCONJ
cblr-13005	130	76	interventions	intervention	NOUN
cblr-13005	130	77	to	to	ADP
cblr-13005	130	78	19	19	NUM
cblr-13005	130	79	see	see	VERB
cblr-13005	130	80	,	,	PUNCT
cblr-13005	130	81	e.g.	e.g.	ADV
cblr-13005	130	82	,	,	PUNCT
cblr-13005	130	83	tallarita	tallarita	PROPN
cblr-13005	130	84	,	,	PUNCT
cblr-13005	130	85	supra	supra	PROPN
cblr-13005	130	86	note	note	PROPN
cblr-13005	130	87	15	15	NUM
cblr-13005	130	88	;	;	PUNCT
cblr-13005	130	89	dorothy	dorothy	PROPN
cblr-13005	130	90	s.	s.	PROPN
cblr-13005	130	91	lund	lund	PROPN
cblr-13005	130	92	,	,	PUNCT
cblr-13005	130	93	asset	asset	NOUN
cblr-13005	130	94	managers	manager	NOUN
cblr-13005	130	95	as	as	ADP
cblr-13005	130	96	regulators	regulator	NOUN
cblr-13005	130	97	,	,	PUNCT
cblr-13005	130	98	171	171	NUM
cblr-13005	130	99	u.	u.	NOUN
cblr-13005	130	100	pa	pa	PROPN
cblr-13005	130	101	.	.	PUNCT
cblr-13005	130	102	l.	l.	PROPN
cblr-13005	130	103	rev	rev	PROPN
cblr-13005	130	104	.	.	PROPN
cblr-13005	130	105	77	77	NUM
cblr-13005	130	106	(	(	PUNCT
cblr-13005	130	107	2023	2023	NUM
cblr-13005	130	108	)	)	PUNCT
cblr-13005	130	109	;	;	PUNCT
cblr-13005	130	110	bernard	bernard	PROPN
cblr-13005	130	111	s.	s.	PROPN
cblr-13005	130	112	sharfman	sharfman	PROPN
cblr-13005	130	113	,	,	PUNCT
cblr-13005	130	114	opportunism	opportunism	NOUN
cblr-13005	130	115	in	in	ADP
cblr-13005	130	116	the	the	DET
cblr-13005	130	117	shareholder	shareholder	NOUN
cblr-13005	130	118	voting	voting	NOUN
cblr-13005	130	119	and	and	CCONJ
cblr-13005	130	120	engagement	engagement	NOUN
cblr-13005	130	121	of	of	ADP
cblr-13005	130	122	the	the	DET
cblr-13005	130	123	“	"	PUNCT
cblr-13005	130	124	big	big	ADJ
cblr-13005	130	125	three	three	NUM
cblr-13005	130	126	”	"	PUNCT
cblr-13005	130	127	investment	investment	NOUN
cblr-13005	130	128	advisers	adviser	NOUN
cblr-13005	130	129	to	to	ADP
cblr-13005	130	130	index	index	NOUN
cblr-13005	130	131	funds	fund	NOUN
cblr-13005	130	132	,	,	PUNCT
cblr-13005	130	133	48	48	NUM
cblr-13005	130	134	j.	j.	PROPN
cblr-13005	130	135	corp	corp	PROPN
cblr-13005	130	136	.	.	PROPN
cblr-13005	130	137	l.	l.	PROPN
cblr-13005	130	138	463	463	NUM
cblr-13005	130	139	(	(	PUNCT
cblr-13005	130	140	2023	2023	NUM
cblr-13005	130	141	)	)	PUNCT
cblr-13005	130	142	;	;	PUNCT
cblr-13005	130	143	jill	jill	PROPN
cblr-13005	130	144	fisch	fisch	PROPN
cblr-13005	130	145	&	&	CCONJ
cblr-13005	130	146	jeff	jeff	PROPN
cblr-13005	130	147	schwartz	schwartz	PROPN
cblr-13005	130	148	,	,	PUNCT
cblr-13005	130	149	corporate	corporate	ADJ
cblr-13005	130	150	democracy	democracy	NOUN
cblr-13005	130	151	and	and	CCONJ
cblr-13005	130	152	the	the	DET
cblr-13005	130	153	intermediary	intermediary	ADJ
cblr-13005	130	154	voting	voting	NOUN
cblr-13005	130	155	dilemma	dilemma	NOUN
cblr-13005	130	156	,	,	PUNCT
cblr-13005	130	157	102	102	NUM
cblr-13005	130	158	tex	tex	PROPN
cblr-13005	130	159	.	.	PROPN
cblr-13005	130	160	l.	l.	PROPN
cblr-13005	130	161	rev	rev	PROPN
cblr-13005	130	162	.	.	PROPN
cblr-13005	130	163	1	1	NUM
cblr-13005	130	164	,	,	PUNCT
cblr-13005	130	165	31	31	NUM
cblr-13005	130	166	(	(	PUNCT
cblr-13005	130	167	2023	2023	NUM
cblr-13005	130	168	)	)	PUNCT
cblr-13005	130	169	;	;	PUNCT
cblr-13005	130	170	jeffrey	jeffrey	PROPN
cblr-13005	130	171	schwartz	schwartz	PROPN
cblr-13005	130	172	,	,	PUNCT
cblr-13005	130	173	stewardship	stewardship	NOUN
cblr-13005	130	174	theater	theater	NOUN
cblr-13005	130	175	,	,	PUNCT
cblr-13005	130	176	100	100	NUM
cblr-13005	130	177	wash	wash	NOUN
cblr-13005	130	178	.	.	PUNCT
cblr-13005	131	1	u.	u.	PROPN
cblr-13005	131	2	l.	l.	PROPN
cblr-13005	131	3	rev	rev	PROPN
cblr-13005	131	4	.	.	PROPN
cblr-13005	131	5	393	393	NUM
cblr-13005	131	6	(	(	PUNCT
cblr-13005	131	7	2022	2022	NUM
cblr-13005	131	8	)	)	PUNCT
cblr-13005	131	9	;	;	PUNCT
cblr-13005	131	10	marcel	marcel	PROPN
cblr-13005	131	11	kahan	kahan	PROPN
cblr-13005	131	12	&	&	CCONJ
cblr-13005	131	13	edward	edward	PROPN
cblr-13005	131	14	b.	b.	PROPN
cblr-13005	131	15	rock	rock	PROPN
cblr-13005	131	16	,	,	PUNCT
cblr-13005	131	17	systemic	systemic	ADJ
cblr-13005	131	18	stewardship	stewardship	NOUN
cblr-13005	131	19	with	with	ADP
cblr-13005	131	20	tradeoffs	tradeoff	NOUN
cblr-13005	131	21	,	,	PUNCT
cblr-13005	131	22	48	48	NUM
cblr-13005	131	23	j.	j.	PROPN
cblr-13005	131	24	corp	corp	PROPN
cblr-13005	131	25	.	.	PROPN
cblr-13005	131	26	l.	l.	PROPN
cblr-13005	131	27	497	497	NUM
cblr-13005	131	28	(	(	PUNCT
cblr-13005	131	29	2021	2021	NUM
cblr-13005	131	30	)	)	PUNCT
cblr-13005	131	31	;	;	PUNCT
cblr-13005	131	32	david	david	PROPN
cblr-13005	131	33	h.	h.	PROPN
cblr-13005	131	34	webber	webber	PROPN
cblr-13005	131	35	,	,	PUNCT
cblr-13005	131	36	michal	michal	PROPN
cblr-13005	131	37	barzuza	barzuza	PROPN
cblr-13005	131	38	&	&	CCONJ
cblr-13005	131	39	quinn	quinn	PROPN
cblr-13005	131	40	curtis	curtis	PROPN
cblr-13005	131	41	,	,	PUNCT
cblr-13005	131	42	shareholder	shareholder	NOUN
cblr-13005	131	43	value(s	value(s	NOUN
cblr-13005	131	44	):	):	PUNCT
cblr-13005	131	45	index	index	NOUN
cblr-13005	131	46	fund	fund	NOUN
cblr-13005	131	47	esg	esg	PROPN
cblr-13005	131	48	activism	activism	NOUN
cblr-13005	131	49	and	and	CCONJ
cblr-13005	131	50	the	the	DET
cblr-13005	131	51	new	new	ADJ
cblr-13005	131	52	millennial	millennial	ADJ
cblr-13005	131	53	corporate	corporate	ADJ
cblr-13005	131	54	governance	governance	NOUN
cblr-13005	131	55	,	,	PUNCT
cblr-13005	131	56	93	93	NUM
cblr-13005	131	57	s.	s.	PROPN
cblr-13005	131	58	cal	cal	PROPN
cblr-13005	131	59	.	.	PUNCT
cblr-13005	132	1	l.	l.	PROPN
cblr-13005	132	2	rev	rev	PROPN
cblr-13005	132	3	.	.	PROPN
cblr-13005	132	4	1243	1243	NUM
cblr-13005	132	5	(	(	PUNCT
cblr-13005	132	6	2020	2020	NUM
cblr-13005	132	7	)	)	PUNCT
cblr-13005	132	8	;	;	PUNCT
cblr-13005	132	9	griffith	griffith	PROPN
cblr-13005	132	10	,	,	PUNCT
cblr-13005	132	11	supra	supra	PROPN
cblr-13005	132	12	note	note	PROPN
cblr-13005	132	13	18	18	NUM
cblr-13005	132	14	;	;	PUNCT
cblr-13005	132	15	john	john	PROPN
cblr-13005	132	16	d.	d.	PROPN
cblr-13005	132	17	morley	morley	PROPN
cblr-13005	132	18	,	,	PUNCT
cblr-13005	132	19	too	too	ADV
cblr-13005	132	20	big	big	ADJ
cblr-13005	132	21	to	to	PART
cblr-13005	132	22	be	be	AUX
cblr-13005	132	23	activist	activist	ADJ
cblr-13005	132	24	,	,	PUNCT
cblr-13005	132	25	92	92	NUM
cblr-13005	132	26	s.	s.	PROPN
cblr-13005	132	27	cal	cal	PROPN
cblr-13005	132	28	.	.	PUNCT
cblr-13005	133	1	l.	l.	PROPN
cblr-13005	133	2	rev	rev	PROPN
cblr-13005	133	3	.	.	PROPN
cblr-13005	133	4	1407	1407	NUM
cblr-13005	133	5	(	(	PUNCT
cblr-13005	133	6	2019	2019	NUM
cblr-13005	133	7	)	)	PUNCT
cblr-13005	133	8	.	.	PUNCT
cblr-13005	134	1	20	20	NUM
cblr-13005	134	2	one	one	NUM
cblr-13005	134	3	notable	notable	ADJ
cblr-13005	134	4	exception	exception	NOUN
cblr-13005	134	5	is	be	AUX
cblr-13005	134	6	professor	professor	PROPN
cblr-13005	134	7	dorothy	dorothy	PROPN
cblr-13005	134	8	lund	lund	PROPN
cblr-13005	134	9	’s	’s	PART
cblr-13005	134	10	recent	recent	ADJ
cblr-13005	134	11	article	article	NOUN
cblr-13005	134	12	asset	asset	NOUN
cblr-13005	134	13	managers	manager	NOUN
cblr-13005	134	14	as	as	ADP
cblr-13005	134	15	regulators	regulator	NOUN
cblr-13005	134	16	,	,	PUNCT
cblr-13005	134	17	which	which	PRON
cblr-13005	134	18	among	among	ADP
cblr-13005	134	19	other	other	ADJ
cblr-13005	134	20	things	thing	NOUN
cblr-13005	134	21	analyzes	analyze	VERB
cblr-13005	134	22	the	the	DET
cblr-13005	134	23	relative	relative	ADJ
cblr-13005	134	24	vulnerability	vulnerability	NOUN
cblr-13005	134	25	of	of	ADP
cblr-13005	134	26	asset	asset	NOUN
cblr-13005	134	27	managers	manager	NOUN
cblr-13005	134	28	and	and	CCONJ
cblr-13005	134	29	public	public	ADJ
cblr-13005	134	30	lawmakers	lawmaker	NOUN
cblr-13005	134	31	to	to	ADP
cblr-13005	134	32	regulatory	regulatory	ADJ
cblr-13005	134	33	capture	capture	NOUN
cblr-13005	134	34	.	.	PUNCT
cblr-13005	135	1	lund	lund	PROPN
cblr-13005	135	2	,	,	PUNCT
cblr-13005	135	3	supra	supra	PROPN
cblr-13005	135	4	note	note	PROPN
cblr-13005	135	5	19	19	NUM
cblr-13005	135	6	,	,	PUNCT
cblr-13005	135	7	at	at	ADP
cblr-13005	135	8	101–05	101–05	PROPN
cblr-13005	135	9	.	.	PUNCT
cblr-13005	136	1	asset	asset	NOUN
cblr-13005	136	2	managers	manager	NOUN
cblr-13005	136	3	as	as	ADP
cblr-13005	136	4	regulators	regulator	NOUN
cblr-13005	136	5	also	also	ADV
cblr-13005	136	6	discusses	discuss	VERB
cblr-13005	136	7	other	other	ADJ
cblr-13005	136	8	advantages	advantage	NOUN
cblr-13005	136	9	and	and	CCONJ
cblr-13005	136	10	limitations	limitation	NOUN
cblr-13005	136	11	of	of	ADP
cblr-13005	136	12	asset	asset	NOUN
cblr-13005	136	13	manager	manager	NOUN
cblr-13005	136	14	regulation	regulation	NOUN
cblr-13005	136	15	as	as	ADP
cblr-13005	136	16	compared	compare	VERB
cblr-13005	136	17	to	to	ADP
cblr-13005	136	18	public	public	ADJ
cblr-13005	136	19	lawmaking	lawmaking	NOUN
cblr-13005	136	20	(	(	PUNCT
cblr-13005	136	21	see	see	VERB
cblr-13005	136	22	i	i	PRON
cblr-13005	136	23	d.	d.	PROPN
cblr-13005	136	24	at	at	ADP
cblr-13005	136	25	133–44	133–44	NUM
cblr-13005	136	26	)	)	PUNCT
cblr-13005	136	27	,	,	PUNCT
cblr-13005	136	28	but	but	CCONJ
cblr-13005	136	29	unlike	unlike	ADP
cblr-13005	136	30	this	this	DET
cblr-13005	136	31	article	article	NOUN
cblr-13005	136	32	does	do	AUX
cblr-13005	136	33	not	not	PART
cblr-13005	136	34	explore	explore	VERB
cblr-13005	136	35	the	the	DET
cblr-13005	136	36	relative	relative	ADJ
cblr-13005	136	37	capacity	capacity	NOUN
cblr-13005	136	38	of	of	ADP
cblr-13005	136	39	asset	asset	NOUN
cblr-13005	136	40	managers	manager	NOUN
cblr-13005	136	41	to	to	PART
cblr-13005	136	42	employ	employ	VERB
cblr-13005	136	43	various	various	ADJ
cblr-13005	136	44	legal	legal	ADJ
cblr-13005	136	45	instruments	instrument	NOUN
cblr-13005	136	46	for	for	ADP
cblr-13005	136	47	forcing	force	VERB
cblr-13005	136	48	the	the	DET
cblr-13005	136	49	internalization	internalization	NOUN
cblr-13005	136	50	of	of	ADP
cblr-13005	136	51	externalities	externality	NOUN
cblr-13005	136	52	.	.	PUNCT
cblr-13005	137	1	see	see	VERB
cblr-13005	137	2	infra	infra	NOUN
cblr-13005	137	3	section	section	NOUN
cblr-13005	137	4	iii.c	iii.c	PROPN
cblr-13005	137	5	.	.	PUNCT
cblr-13005	138	1	324	324	NUM
cblr-13005	138	2	columbia	columbia	PROPN
cblr-13005	138	3	business	business	NOUN
cblr-13005	138	4	law	law	PROPN
cblr-13005	138	5	review	review	NOUN
cblr-13005	139	1	[	[	X
cblr-13005	139	2	vol	vol	NOUN
cblr-13005	139	3	.	.	NOUN
cblr-13005	139	4	2024	2024	NUM
cblr-13005	139	5	reduce	reduce	VERB
cblr-13005	139	6	corporate	corporate	ADJ
cblr-13005	139	7	influence	influence	NOUN
cblr-13005	139	8	in	in	ADP
cblr-13005	139	9	politics	politic	NOUN
cblr-13005	139	10	—	—	PUNCT
cblr-13005	139	11	and	and	CCONJ
cblr-13005	139	12	assess	assess	VERB
cblr-13005	139	13	their	their	PRON
cblr-13005	139	14	relative	relative	ADJ
cblr-13005	139	15	attractiveness	attractiveness	NOUN
cblr-13005	139	16	.	.	PUNCT
cblr-13005	140	1	the	the	DET
cblr-13005	140	2	analysis	analysis	NOUN
cblr-13005	140	3	produces	produce	VERB
cblr-13005	140	4	a	a	DET
cblr-13005	140	5	set	set	NOUN
cblr-13005	140	6	of	of	ADP
cblr-13005	140	7	criteria	criterion	NOUN
cblr-13005	140	8	for	for	ADP
cblr-13005	140	9	evaluating	evaluate	VERB
cblr-13005	140	10	specific	specific	ADJ
cblr-13005	140	11	stewardship	stewardship	NOUN
cblr-13005	140	12	interventions	intervention	NOUN
cblr-13005	140	13	,	,	PUNCT
cblr-13005	140	14	and	and	CCONJ
cblr-13005	140	15	it	it	PRON
cblr-13005	140	16	leads	lead	VERB
cblr-13005	140	17	to	to	ADP
cblr-13005	140	18	some	some	DET
cblr-13005	140	19	general	general	ADJ
cblr-13005	140	20	conclusions	conclusion	NOUN
cblr-13005	140	21	about	about	ADP
cblr-13005	140	22	the	the	DET
cblr-13005	140	23	types	type	NOUN
cblr-13005	140	24	of	of	ADP
cblr-13005	140	25	portfolio	portfolio	NOUN
cblr-13005	140	26	-	-	PUNCT
cblr-13005	140	27	focused	focus	VERB
cblr-13005	140	28	stewardship	stewardship	NOUN
cblr-13005	140	29	interventions	intervention	NOUN
cblr-13005	140	30	that	that	SCONJ
cblr-13005	140	31	rational	rational	ADJ
cblr-13005	140	32	,	,	PUNCT
cblr-13005	140	33	financially	financially	ADV
cblr-13005	140	34	motivated	motivated	ADJ
cblr-13005	140	35	diversified	diversified	ADJ
cblr-13005	140	36	investors	investor	NOUN
cblr-13005	140	37	would	would	AUX
cblr-13005	140	38	—	—	PUNCT
cblr-13005	140	39	and	and	CCONJ
cblr-13005	140	40	would	would	AUX
cblr-13005	140	41	not	not	PART
cblr-13005	140	42	—	—	PUNCT
cblr-13005	140	43	be	be	AUX
cblr-13005	140	44	likely	likely	ADJ
cblr-13005	140	45	to	to	PART
cblr-13005	140	46	support	support	VERB
cblr-13005	140	47	.	.	PUNCT
cblr-13005	141	1	the	the	DET
cblr-13005	141	2	analysis	analysis	NOUN
cblr-13005	141	3	suggests	suggest	VERB
cblr-13005	141	4	that	that	SCONJ
cblr-13005	141	5	these	these	DET
cblr-13005	141	6	investors	investor	NOUN
cblr-13005	141	7	would	would	AUX
cblr-13005	141	8	not	not	PART
cblr-13005	141	9	generally	generally	ADV
cblr-13005	141	10	support	support	VERB
cblr-13005	141	11	portfolio	portfolio	NOUN
cblr-13005	141	12	-	-	PUNCT
cblr-13005	141	13	focused	focus	VERB
cblr-13005	141	14	stewardship	stewardship	NOUN
cblr-13005	141	15	interventions	intervention	NOUN
cblr-13005	141	16	by	by	ADP
cblr-13005	141	17	index	index	NOUN
cblr-13005	141	18	fund	fund	NOUN
cblr-13005	141	19	managers	manager	NOUN
cblr-13005	141	20	designed	design	VERB
cblr-13005	141	21	to	to	PART
cblr-13005	141	22	directly	directly	ADV
cblr-13005	141	23	regulate	regulate	VERB
cblr-13005	141	24	portfolio	portfolio	NOUN
cblr-13005	141	25	companies	company	NOUN
cblr-13005	141	26	’	'	PUNCT
cblr-13005	141	27	externalizing	externalize	VERB
cblr-13005	141	28	activities	activity	NOUN
cblr-13005	141	29	(	(	PUNCT
cblr-13005	141	30	“	"	PUNCT
cblr-13005	141	31	command	command	NOUN
cblr-13005	141	32	and	and	CCONJ
cblr-13005	141	33	control	control	NOUN
cblr-13005	141	34	regulation	regulation	NOUN
cblr-13005	141	35	”	"	PUNCT
cblr-13005	141	36	)	)	PUNCT
cblr-13005	141	37	,	,	PUNCT
cblr-13005	141	38	but	but	CCONJ
cblr-13005	141	39	that	that	SCONJ
cblr-13005	141	40	under	under	ADP
cblr-13005	141	41	certain	certain	ADJ
cblr-13005	141	42	conditions	condition	NOUN
cblr-13005	141	43	they	they	PRON
cblr-13005	141	44	might	might	AUX
cblr-13005	141	45	support	support	VERB
cblr-13005	141	46	stewardship	stewardship	NOUN
cblr-13005	141	47	interventions	intervention	NOUN
cblr-13005	141	48	that	that	PRON
cblr-13005	141	49	force	force	VERB
cblr-13005	141	50	portfolio	portfolio	NOUN
cblr-13005	141	51	companies	company	NOUN
cblr-13005	141	52	to	to	PART
cblr-13005	141	53	disclose	disclose	VERB
cblr-13005	141	54	information	information	NOUN
cblr-13005	141	55	about	about	ADP
cblr-13005	141	56	intraportfolio	intraportfolio	ADJ
cblr-13005	141	57	externalities	externality	NOUN
cblr-13005	141	58	(	(	PUNCT
cblr-13005	141	59	“	"	PUNCT
cblr-13005	141	60	disclosure	disclosure	NOUN
cblr-13005	141	61	regulation	regulation	NOUN
cblr-13005	141	62	”	"	PUNCT
cblr-13005	141	63	)	)	PUNCT
cblr-13005	141	64	.	.	PUNCT
cblr-13005	142	1	importantly	importantly	ADV
cblr-13005	142	2	,	,	PUNCT
cblr-13005	142	3	the	the	DET
cblr-13005	142	4	analysis	analysis	NOUN
cblr-13005	142	5	suggests	suggest	VERB
cblr-13005	142	6	that	that	SCONJ
cblr-13005	142	7	disclosure	disclosure	NOUN
cblr-13005	142	8	regulation	regulation	NOUN
cblr-13005	142	9	would	would	AUX
cblr-13005	142	10	not	not	PART
cblr-13005	142	11	be	be	AUX
cblr-13005	142	12	supported	support	VERB
cblr-13005	142	13	because	because	SCONJ
cblr-13005	142	14	it	it	PRON
cblr-13005	142	15	would	would	AUX
cblr-13005	142	16	assist	assist	VERB
cblr-13005	142	17	index	index	NOUN
cblr-13005	142	18	fund	fund	NOUN
cblr-13005	142	19	managers	manager	NOUN
cblr-13005	142	20	in	in	ADP
cblr-13005	142	21	crafting	craft	VERB
cblr-13005	142	22	future	future	ADJ
cblr-13005	142	23	command	command	NOUN
cblr-13005	142	24	-	-	PUNCT
cblr-13005	142	25	andcontrol	andcontrol	NOUN
cblr-13005	142	26	style	style	NOUN
cblr-13005	142	27	portfolio	portfolio	NOUN
cblr-13005	142	28	-	-	PUNCT
cblr-13005	142	29	focused	focus	VERB
cblr-13005	142	30	stewardship	stewardship	NOUN
cblr-13005	142	31	interventions	intervention	NOUN
cblr-13005	142	32	,	,	PUNCT
cblr-13005	142	33	but	but	CCONJ
cblr-13005	142	34	rather	rather	ADV
cblr-13005	142	35	because	because	SCONJ
cblr-13005	142	36	it	it	PRON
cblr-13005	142	37	might	might	AUX
cblr-13005	142	38	prod	prod	VERB
cblr-13005	142	39	other	other	ADJ
cblr-13005	142	40	actors	actor	NOUN
cblr-13005	142	41	(	(	PUNCT
cblr-13005	142	42	including	include	VERB
cblr-13005	142	43	,	,	PUNCT
cblr-13005	142	44	e.g.	e.g.	ADV
cblr-13005	142	45	,	,	PUNCT
cblr-13005	142	46	nonindex	nonindex	NOUN
cblr-13005	142	47	investors	investor	NOUN
cblr-13005	142	48	,	,	PUNCT
cblr-13005	142	49	consumers	consumer	NOUN
cblr-13005	142	50	,	,	PUNCT
cblr-13005	142	51	labor	labor	NOUN
cblr-13005	142	52	and	and	CCONJ
cblr-13005	142	53	environmental	environmental	ADJ
cblr-13005	142	54	organizations	organization	NOUN
cblr-13005	142	55	,	,	PUNCT
cblr-13005	142	56	regulators	regulator	NOUN
cblr-13005	142	57	,	,	PUNCT
cblr-13005	142	58	and	and	CCONJ
cblr-13005	142	59	legislators	legislator	NOUN
cblr-13005	142	60	)	)	PUNCT
cblr-13005	142	61	to	to	PART
cblr-13005	142	62	take	take	VERB
cblr-13005	142	63	actions	action	NOUN
cblr-13005	142	64	that	that	PRON
cblr-13005	142	65	would	would	AUX
cblr-13005	142	66	lead	lead	VERB
cblr-13005	142	67	portfolio	portfolio	NOUN
cblr-13005	142	68	firms	firm	NOUN
cblr-13005	142	69	to	to	PART
cblr-13005	142	70	internalize	internalize	VERB
cblr-13005	142	71	their	their	PRON
cblr-13005	142	72	intraportfolio	intraportfolio	ADJ
cblr-13005	142	73	externalities	externality	NOUN
cblr-13005	142	74	.	.	PUNCT
cblr-13005	143	1	the	the	DET
cblr-13005	143	2	narrow	narrow	ADJ
cblr-13005	143	3	band	band	NOUN
cblr-13005	143	4	of	of	ADP
cblr-13005	143	5	portfolio	portfolio	NOUN
cblr-13005	143	6	-	-	PUNCT
cblr-13005	143	7	focused	focus	VERB
cblr-13005	143	8	stewardship	stewardship	NOUN
cblr-13005	143	9	interventions	intervention	NOUN
cblr-13005	143	10	that	that	SCONJ
cblr-13005	143	11	this	this	DET
cblr-13005	143	12	article	article	NOUN
cblr-13005	143	13	suggests	suggest	VERB
cblr-13005	143	14	financially	financially	ADV
cblr-13005	143	15	motivated	motivated	ADJ
cblr-13005	143	16	diversified	diversified	ADJ
cblr-13005	143	17	investors	investor	NOUN
cblr-13005	143	18	might	might	AUX
cblr-13005	143	19	rationally	rationally	ADV
cblr-13005	143	20	support	support	VERB
cblr-13005	143	21	has	have	VERB
cblr-13005	143	22	important	important	ADJ
cblr-13005	143	23	implications	implication	NOUN
cblr-13005	143	24	.	.	PUNCT
cblr-13005	144	1	for	for	ADP
cblr-13005	144	2	example	example	NOUN
cblr-13005	144	3	,	,	PUNCT
cblr-13005	144	4	it	it	PRON
cblr-13005	144	5	should	should	AUX
cblr-13005	144	6	assist	assist	VERB
cblr-13005	144	7	index	index	NOUN
cblr-13005	144	8	fund	fund	NOUN
cblr-13005	144	9	managers	manager	NOUN
cblr-13005	144	10	seeking	seek	VERB
cblr-13005	144	11	to	to	PART
cblr-13005	144	12	understand	understand	VERB
cblr-13005	144	13	their	their	PRON
cblr-13005	144	14	fiduciary	fiduciary	ADJ
cblr-13005	144	15	duties	duty	NOUN
cblr-13005	144	16	to	to	PART
cblr-13005	144	17	fund	fund	VERB
cblr-13005	144	18	investors	investor	NOUN
cblr-13005	144	19	,	,	PUNCT
cblr-13005	144	20	a	a	DET
cblr-13005	144	21	topic	topic	NOUN
cblr-13005	144	22	that	that	PRON
cblr-13005	144	23	is	be	AUX
cblr-13005	144	24	currently	currently	ADV
cblr-13005	144	25	under	under	ADP
cblr-13005	144	26	congressional	congressional	ADJ
cblr-13005	144	27	scrutiny.21	scrutiny.21	NOUN
cblr-13005	144	28	in	in	ADP
cblr-13005	144	29	short	short	ADJ
cblr-13005	144	30	:	:	PUNCT
cblr-13005	144	31	index	index	NOUN
cblr-13005	144	32	fund	fund	NOUN
cblr-13005	144	33	managers	manager	NOUN
cblr-13005	144	34	should	should	AUX
cblr-13005	144	35	not	not	PART
cblr-13005	144	36	view	view	VERB
cblr-13005	144	37	themselves	themselves	PRON
cblr-13005	144	38	as	as	ADP
cblr-13005	144	39	possessing	possess	VERB
cblr-13005	144	40	broad	broad	ADJ
cblr-13005	144	41	license	license	NOUN
cblr-13005	144	42	to	to	PART
cblr-13005	144	43	wield	wield	VERB
cblr-13005	144	44	their	their	PRON
cblr-13005	144	45	influence	influence	NOUN
cblr-13005	144	46	over	over	ADP
cblr-13005	144	47	portfolio	portfolio	NOUN
cblr-13005	144	48	firms	firm	NOUN
cblr-13005	144	49	in	in	ADP
cblr-13005	144	50	a	a	DET
cblr-13005	144	51	manner	manner	NOUN
cblr-13005	144	52	that	that	PRON
cblr-13005	144	53	purports	purport	VERB
cblr-13005	144	54	to	to	PART
cblr-13005	144	55	prioritize	prioritize	VERB
cblr-13005	144	56	portfolio	portfolio	NOUN
cblr-13005	144	57	over	over	ADP
cblr-13005	144	58	firm	firm	ADJ
cblr-13005	144	59	value	value	NOUN
cblr-13005	144	60	.	.	PUNCT
cblr-13005	145	1	21	21	NUM
cblr-13005	145	2	see	see	VERB
cblr-13005	145	3	press	press	NOUN
cblr-13005	145	4	release	release	NOUN
cblr-13005	145	5	,	,	PUNCT
cblr-13005	145	6	bill	bill	NOUN
cblr-13005	145	7	huizenga	huizenga	NOUN
cblr-13005	145	8	,	,	PUNCT
cblr-13005	145	9	chairman	chairman	NOUN
cblr-13005	145	10	,	,	PUNCT
cblr-13005	145	11	house	house	PROPN
cblr-13005	145	12	financial	financial	PROPN
cblr-13005	145	13	services	service	NOUN
cblr-13005	145	14	subcommittee	subcommittee	NOUN
cblr-13005	145	15	on	on	ADP
cblr-13005	145	16	oversight	oversight	NOUN
cblr-13005	145	17	and	and	CCONJ
cblr-13005	145	18	investigations	investigation	NOUN
cblr-13005	145	19	,	,	PUNCT
cblr-13005	145	20	huizenga	huizenga	PROPN
cblr-13005	145	21	opens	open	VERB
cblr-13005	145	22	inquiry	inquiry	NOUN
cblr-13005	145	23	into	into	ADP
cblr-13005	145	24	how	how	SCONJ
cblr-13005	145	25	asset	asset	NOUN
cblr-13005	145	26	managers	manager	NOUN
cblr-13005	145	27	fulfill	fulfill	VERB
cblr-13005	145	28	their	their	PRON
cblr-13005	145	29	fiduciary	fiduciary	ADJ
cblr-13005	145	30	responsibility	responsibility	NOUN
cblr-13005	145	31	,	,	PUNCT
cblr-13005	145	32	(	(	PUNCT
cblr-13005	145	33	july	july	PROPN
cblr-13005	145	34	18	18	NUM
cblr-13005	145	35	,	,	PUNCT
cblr-13005	145	36	2023	2023	NUM
cblr-13005	145	37	)	)	PUNCT
cblr-13005	145	38	,	,	PUNCT
cblr-13005	146	1	https://huizenga.house.gov/news/documentsingle.aspx?documentid=402668	https://huizenga.house.gov/news/documentsingle.aspx?documentid=402668	VERB
cblr-13005	146	2	[	[	X
cblr-13005	146	3	https://perma.cc/43vw-xeh5	https://perma.cc/43vw-xeh5	NOUN
cblr-13005	146	4	]	]	PUNCT
cblr-13005	146	5	.	.	PUNCT
cblr-13005	147	1	no	no	INTJ
cblr-13005	147	2	.	.	NOUN
cblr-13005	148	1	1	1	NUM
cblr-13005	148	2	]	]	PUNCT
cblr-13005	148	3	a	a	DET
cblr-13005	148	4	hard	hard	ADJ
cblr-13005	148	5	look	look	NOUN
cblr-13005	148	6	at	at	ADP
cblr-13005	148	7	portfolio	portfolio	NOUN
cblr-13005	148	8	focused	focused	ADJ
cblr-13005	148	9	stewardship	stewardship	NOUN
cblr-13005	148	10	325	325	NUM
cblr-13005	148	11	the	the	DET
cblr-13005	148	12	article	article	NOUN
cblr-13005	148	13	’s	’s	PART
cblr-13005	148	14	analysis	analysis	NOUN
cblr-13005	148	15	also	also	ADV
cblr-13005	148	16	has	have	VERB
cblr-13005	148	17	significant	significant	ADJ
cblr-13005	148	18	implications	implication	NOUN
cblr-13005	148	19	for	for	ADP
cblr-13005	148	20	the	the	DET
cblr-13005	148	21	contemporary	contemporary	ADJ
cblr-13005	148	22	debate	debate	NOUN
cblr-13005	148	23	over	over	ADP
cblr-13005	148	24	sec	sec	PROPN
cblr-13005	148	25	-	-	PUNCT
cblr-13005	148	26	imposed	impose	VERB
cblr-13005	148	27	esg	esg	NOUN
cblr-13005	148	28	disclosure	disclosure	NOUN
cblr-13005	148	29	mandates	mandate	NOUN
cblr-13005	148	30	.	.	PUNCT
cblr-13005	149	1	the	the	DET
cblr-13005	149	2	idea	idea	NOUN
cblr-13005	149	3	that	that	SCONJ
cblr-13005	149	4	disclosure	disclosure	NOUN
cblr-13005	149	5	of	of	ADP
cblr-13005	149	6	esg	esg	PROPN
cblr-13005	149	7	information	information	NOUN
cblr-13005	149	8	—	—	PUNCT
cblr-13005	149	9	if	if	SCONJ
cblr-13005	149	10	made	make	VERB
cblr-13005	149	11	more	more	ADV
cblr-13005	149	12	consistent	consistent	ADJ
cblr-13005	149	13	and	and	CCONJ
cblr-13005	149	14	credible	credible	ADJ
cblr-13005	149	15	through	through	ADP
cblr-13005	149	16	sec	sec	PROPN
cblr-13005	149	17	mandates	mandate	NOUN
cblr-13005	149	18	—	—	PUNCT
cblr-13005	149	19	would	would	AUX
cblr-13005	149	20	assist	assist	VERB
cblr-13005	149	21	index	index	NOUN
cblr-13005	149	22	fund	fund	NOUN
cblr-13005	149	23	managers	manager	NOUN
cblr-13005	149	24	in	in	ADP
cblr-13005	149	25	future	future	ADJ
cblr-13005	149	26	portfolio	portfolio	NOUN
cblr-13005	149	27	-	-	PUNCT
cblr-13005	149	28	focused	focus	VERB
cblr-13005	149	29	stewardship	stewardship	NOUN
cblr-13005	149	30	efforts	effort	NOUN
cblr-13005	149	31	seems	seem	VERB
cblr-13005	149	32	consistent	consistent	ADJ
cblr-13005	149	33	with	with	ADP
cblr-13005	149	34	the	the	DET
cblr-13005	149	35	materiality	materiality	NOUN
cblr-13005	149	36	standard	standard	NOUN
cblr-13005	149	37	set	set	VERB
cblr-13005	149	38	forth	forth	ADP
cblr-13005	149	39	by	by	ADP
cblr-13005	149	40	the	the	DET
cblr-13005	149	41	supreme	supreme	PROPN
cblr-13005	149	42	court	court	PROPN
cblr-13005	149	43	in	in	ADP
cblr-13005	149	44	tsc	tsc	PROPN
cblr-13005	149	45	industries	industry	NOUN
cblr-13005	149	46	,	,	PUNCT
cblr-13005	149	47	inc	inc	PROPN
cblr-13005	149	48	.	.	PROPN
cblr-13005	150	1	v.	v.	PROPN
cblr-13005	150	2	northway	northway	PROPN
cblr-13005	150	3	inc.22	inc.22	NOUN
cblr-13005	150	4	that	that	DET
cblr-13005	150	5	case	case	NOUN
cblr-13005	150	6	provides	provide	VERB
cblr-13005	150	7	that	that	SCONJ
cblr-13005	150	8	information	information	NOUN
cblr-13005	150	9	is	be	AUX
cblr-13005	150	10	material	material	ADJ
cblr-13005	150	11	if	if	SCONJ
cblr-13005	150	12	there	there	PRON
cblr-13005	150	13	is	be	VERB
cblr-13005	150	14	“	"	PUNCT
cblr-13005	150	15	a	a	DET
cblr-13005	150	16	substantial	substantial	ADJ
cblr-13005	150	17	likelihood	likelihood	NOUN
cblr-13005	150	18	that	that	SCONJ
cblr-13005	150	19	a	a	DET
cblr-13005	150	20	reasonable	reasonable	ADJ
cblr-13005	150	21	shareholder	shareholder	NOUN
cblr-13005	150	22	would	would	AUX
cblr-13005	150	23	consider	consider	VERB
cblr-13005	150	24	it	it	PRON
cblr-13005	150	25	important	important	ADJ
cblr-13005	150	26	in	in	ADP
cblr-13005	150	27	deciding	decide	VERB
cblr-13005	150	28	how	how	SCONJ
cblr-13005	150	29	to	to	PART
cblr-13005	150	30	vote	vote	VERB
cblr-13005	150	31	.	.	PUNCT
cblr-13005	151	1	”23	”23	ADV
cblr-13005	152	1	but	but	CCONJ
cblr-13005	152	2	,	,	PUNCT
cblr-13005	152	3	as	as	SCONJ
cblr-13005	152	4	just	just	ADV
cblr-13005	152	5	noted	note	VERB
cblr-13005	152	6	,	,	PUNCT
cblr-13005	152	7	the	the	DET
cblr-13005	152	8	analysis	analysis	NOUN
cblr-13005	152	9	herein	herein	NOUN
cblr-13005	152	10	suggests	suggest	VERB
cblr-13005	152	11	that	that	SCONJ
cblr-13005	152	12	financially	financially	ADV
cblr-13005	152	13	motivated	motivated	ADJ
cblr-13005	152	14	diversified	diversified	ADJ
cblr-13005	152	15	investors	investor	NOUN
cblr-13005	152	16	would	would	AUX
cblr-13005	152	17	not	not	PART
cblr-13005	152	18	rationally	rationally	ADV
cblr-13005	152	19	want	want	VERB
cblr-13005	152	20	their	their	PRON
cblr-13005	152	21	index	index	NOUN
cblr-13005	152	22	fund	fund	NOUN
cblr-13005	152	23	managers	manager	NOUN
cblr-13005	152	24	to	to	PART
cblr-13005	152	25	use	use	VERB
cblr-13005	152	26	the	the	DET
cblr-13005	152	27	information	information	NOUN
cblr-13005	152	28	in	in	ADP
cblr-13005	152	29	this	this	DET
cblr-13005	152	30	way	way	NOUN
cblr-13005	152	31	.	.	PUNCT
cblr-13005	153	1	instead	instead	ADV
cblr-13005	153	2	,	,	PUNCT
cblr-13005	153	3	they	they	PRON
cblr-13005	153	4	would	would	AUX
cblr-13005	153	5	view	view	VERB
cblr-13005	153	6	the	the	DET
cblr-13005	153	7	information	information	NOUN
cblr-13005	153	8	as	as	ADP
cblr-13005	153	9	potentially	potentially	ADV
cblr-13005	153	10	valuable	valuable	ADJ
cblr-13005	153	11	only	only	ADV
cblr-13005	153	12	insofar	insofar	ADV
cblr-13005	153	13	as	as	SCONJ
cblr-13005	153	14	it	it	PRON
cblr-13005	153	15	might	might	AUX
cblr-13005	153	16	catalyze	catalyze	VERB
cblr-13005	153	17	other	other	ADJ
cblr-13005	153	18	actors	actor	NOUN
cblr-13005	153	19	to	to	PART
cblr-13005	153	20	take	take	VERB
cblr-13005	153	21	actions	action	NOUN
cblr-13005	153	22	that	that	PRON
cblr-13005	153	23	would	would	AUX
cblr-13005	153	24	result	result	VERB
cblr-13005	153	25	in	in	ADP
cblr-13005	153	26	portfolio	portfolio	NOUN
cblr-13005	153	27	firms	firm	NOUN
cblr-13005	153	28	’	'	PUNCT
cblr-13005	153	29	internalization	internalization	NOUN
cblr-13005	153	30	of	of	ADP
cblr-13005	153	31	intraportoflio	intraportoflio	ADJ
cblr-13005	153	32	externalities	externality	NOUN
cblr-13005	153	33	.	.	PUNCT
cblr-13005	154	1	to	to	ADP
cblr-13005	154	2	the	the	DET
cblr-13005	154	3	extent	extent	NOUN
cblr-13005	154	4	such	such	ADJ
cblr-13005	154	5	mandates	mandate	NOUN
cblr-13005	154	6	were	be	AUX
cblr-13005	154	7	expected	expect	VERB
cblr-13005	154	8	to	to	PART
cblr-13005	154	9	catalyze	catalyze	VERB
cblr-13005	154	10	more	more	ADV
cblr-13005	154	11	informed	informed	ADJ
cblr-13005	154	12	trading	trading	NOUN
cblr-13005	154	13	by	by	ADP
cblr-13005	154	14	financially	financially	ADV
cblr-13005	154	15	-	-	PUNCT
cblr-13005	154	16	motivated	motivate	VERB
cblr-13005	154	17	non	non	ADJ
cblr-13005	154	18	-	-	ADJ
cblr-13005	154	19	index	index	ADJ
cblr-13005	154	20	investors	investor	NOUN
cblr-13005	154	21	,	,	PUNCT
cblr-13005	154	22	portfolio	portfolio	NOUN
cblr-13005	154	23	primacy	primacy	NOUN
cblr-13005	154	24	theory	theory	NOUN
cblr-13005	154	25	would	would	AUX
cblr-13005	154	26	add	add	VERB
cblr-13005	154	27	nothing	nothing	PRON
cblr-13005	154	28	to	to	ADP
cblr-13005	154	29	the	the	DET
cblr-13005	154	30	first	first	ADJ
cblr-13005	154	31	two	two	NUM
cblr-13005	154	32	financial	financial	ADJ
cblr-13005	154	33	arguments	argument	NOUN
cblr-13005	154	34	for	for	ADP
cblr-13005	154	35	sec	sec	PROPN
cblr-13005	154	36	-	-	PUNCT
cblr-13005	154	37	imposed	impose	VERB
cblr-13005	154	38	esg	esg	NOUN
cblr-13005	154	39	disclosure	disclosure	NOUN
cblr-13005	154	40	mandates	mandate	NOUN
cblr-13005	154	41	discussed	discuss	VERB
cblr-13005	154	42	above	above	ADV
cblr-13005	154	43	.	.	PUNCT
cblr-13005	155	1	the	the	DET
cblr-13005	155	2	upshot	upshot	NOUN
cblr-13005	155	3	is	be	AUX
cblr-13005	155	4	that	that	SCONJ
cblr-13005	155	5	portfolio	portfolio	NOUN
cblr-13005	155	6	primacy	primacy	NOUN
cblr-13005	155	7	theory	theory	NOUN
cblr-13005	155	8	potentially	potentially	ADV
cblr-13005	155	9	provides	provide	VERB
cblr-13005	155	10	an	an	DET
cblr-13005	155	11	independent	independent	ADJ
cblr-13005	155	12	financial	financial	ADJ
cblr-13005	155	13	justification	justification	NOUN
cblr-13005	155	14	for	for	ADP
cblr-13005	155	15	sec	sec	PROPN
cblr-13005	155	16	-	-	PUNCT
cblr-13005	155	17	imposed	impose	VERB
cblr-13005	155	18	esg	esg	NOUN
cblr-13005	155	19	disclosure	disclosure	NOUN
cblr-13005	155	20	mandates	mandate	NOUN
cblr-13005	155	21	only	only	ADV
cblr-13005	155	22	if	if	SCONJ
cblr-13005	155	23	the	the	DET
cblr-13005	155	24	sec	sec	PROPN
cblr-13005	155	25	may	may	AUX
cblr-13005	155	26	mandate	mandate	VERB
cblr-13005	155	27	disclosures	disclosure	NOUN
cblr-13005	155	28	designed	design	VERB
cblr-13005	155	29	for	for	ADP
cblr-13005	155	30	consumption	consumption	NOUN
cblr-13005	155	31	by	by	ADP
cblr-13005	155	32	audiences	audience	NOUN
cblr-13005	155	33	other	other	ADJ
cblr-13005	155	34	than	than	ADP
cblr-13005	155	35	financially	financially	ADV
cblr-13005	155	36	motivated	motivated	ADJ
cblr-13005	155	37	investors	investor	NOUN
cblr-13005	155	38	(	(	PUNCT
cblr-13005	155	39	assuming	assume	VERB
cblr-13005	155	40	those	those	DET
cblr-13005	155	41	audiences	audience	NOUN
cblr-13005	155	42	are	be	AUX
cblr-13005	155	43	expected	expect	VERB
cblr-13005	155	44	to	to	PART
cblr-13005	155	45	respond	respond	VERB
cblr-13005	155	46	in	in	ADP
cblr-13005	155	47	ways	way	NOUN
cblr-13005	155	48	that	that	PRON
cblr-13005	155	49	may	may	AUX
cblr-13005	155	50	lead	lead	VERB
cblr-13005	155	51	to	to	ADP
cblr-13005	155	52	an	an	DET
cblr-13005	155	53	increase	increase	NOUN
cblr-13005	155	54	in	in	ADP
cblr-13005	155	55	the	the	DET
cblr-13005	155	56	risk	risk	NOUN
cblr-13005	155	57	-	-	PUNCT
cblr-13005	155	58	adjusted	adjust	VERB
cblr-13005	155	59	value	value	NOUN
cblr-13005	155	60	of	of	ADP
cblr-13005	155	61	a	a	DET
cblr-13005	155	62	diversified	diversified	ADJ
cblr-13005	155	63	portfolio	portfolio	NOUN
cblr-13005	155	64	)	)	PUNCT
cblr-13005	155	65	.	.	PUNCT
cblr-13005	156	1	this	this	PRON
cblr-13005	156	2	is	be	AUX
cblr-13005	156	3	a	a	DET
cblr-13005	156	4	novel	novel	ADJ
cblr-13005	156	5	and	and	CCONJ
cblr-13005	156	6	expansive	expansive	ADJ
cblr-13005	156	7	understanding	understanding	NOUN
cblr-13005	156	8	of	of	ADP
cblr-13005	156	9	the	the	DET
cblr-13005	156	10	sec	sec	PROPN
cblr-13005	156	11	’s	’s	PART
cblr-13005	156	12	regulatory	regulatory	ADJ
cblr-13005	156	13	authority	authority	NOUN
cblr-13005	156	14	,	,	PUNCT
cblr-13005	156	15	one	one	NUM
cblr-13005	156	16	many	many	ADJ
cblr-13005	156	17	—	—	PUNCT
cblr-13005	156	18	including	include	VERB
cblr-13005	156	19	the	the	DET
cblr-13005	156	20	court	court	NOUN
cblr-13005	156	21	of	of	ADP
cblr-13005	156	22	appeals	appeal	NOUN
cblr-13005	156	23	for	for	ADP
cblr-13005	156	24	the	the	DET
cblr-13005	156	25	d.c	d.c	PROPN
cblr-13005	156	26	.	.	PROPN
cblr-13005	156	27	circuit	circuit	PROPN
cblr-13005	156	28	—	—	PUNCT
cblr-13005	156	29	are	be	AUX
cblr-13005	156	30	likely	likely	ADJ
cblr-13005	156	31	to	to	PART
cblr-13005	156	32	reject	reject	VERB
cblr-13005	156	33	.	.	PUNCT
cblr-13005	157	1	the	the	DET
cblr-13005	157	2	remainder	remainder	NOUN
cblr-13005	157	3	of	of	ADP
cblr-13005	157	4	this	this	DET
cblr-13005	157	5	article	article	NOUN
cblr-13005	157	6	proceeds	proceed	VERB
cblr-13005	157	7	as	as	SCONJ
cblr-13005	157	8	follows	follow	VERB
cblr-13005	157	9	.	.	PUNCT
cblr-13005	158	1	part	part	PROPN
cblr-13005	158	2	ii	ii	PROPN
cblr-13005	158	3	discusses	discuss	VERB
cblr-13005	158	4	the	the	DET
cblr-13005	158	5	recent	recent	ADJ
cblr-13005	158	6	embrace	embrace	NOUN
cblr-13005	158	7	of	of	ADP
cblr-13005	158	8	portfolio	portfolio	NOUN
cblr-13005	158	9	-	-	PUNCT
cblr-13005	158	10	focused	focus	VERB
cblr-13005	158	11	stewardship	stewardship	NOUN
cblr-13005	158	12	by	by	ADP
cblr-13005	158	13	legal	legal	ADJ
cblr-13005	158	14	academics	academic	NOUN
cblr-13005	158	15	and	and	CCONJ
cblr-13005	158	16	lays	lay	VERB
cblr-13005	158	17	out	out	ADP
cblr-13005	158	18	the	the	DET
cblr-13005	158	19	idea	idea	NOUN
cblr-13005	158	20	’s	’s	PART
cblr-13005	158	21	premises	premise	NOUN
cblr-13005	158	22	.	.	PUNCT
cblr-13005	159	1	part	part	NOUN
cblr-13005	159	2	iii	iii	NUM
cblr-13005	159	3	interrogates	interrogate	VERB
cblr-13005	159	4	whether	whether	SCONJ
cblr-13005	159	5	,	,	PUNCT
cblr-13005	159	6	and	and	CCONJ
cblr-13005	159	7	under	under	ADP
cblr-13005	159	8	what	what	DET
cblr-13005	159	9	circumstances	circumstance	NOUN
cblr-13005	159	10	,	,	PUNCT
cblr-13005	159	11	financially	financially	ADV
cblr-13005	159	12	motivated	motivated	ADJ
cblr-13005	159	13	diversified	diversified	ADJ
cblr-13005	159	14	investors	investor	NOUN
cblr-13005	159	15	might	might	AUX
cblr-13005	159	16	rationally	rationally	ADV
cblr-13005	159	17	expect	expect	VERB
cblr-13005	159	18	22	22	NUM
cblr-13005	159	19	tsc	tsc	PROPN
cblr-13005	159	20	indus	indus	PROPN
cblr-13005	159	21	.	.	PROPN
cblr-13005	159	22	,	,	PUNCT
cblr-13005	159	23	inc	inc	PROPN
cblr-13005	159	24	.	.	PROPN
cblr-13005	159	25	v.	v.	PROPN
cblr-13005	159	26	northway	northway	PROPN
cblr-13005	159	27	,	,	PUNCT
cblr-13005	159	28	inc	inc	PROPN
cblr-13005	159	29	.	.	PROPN
cblr-13005	159	30	,	,	PUNCT
cblr-13005	159	31	426	426	NUM
cblr-13005	159	32	u.s	u.s	PROPN
cblr-13005	159	33	.	.	PROPN
cblr-13005	159	34	438	438	NUM
cblr-13005	159	35	(	(	PUNCT
cblr-13005	159	36	1976	1976	NUM
cblr-13005	159	37	)	)	PUNCT
cblr-13005	159	38	.	.	PUNCT
cblr-13005	160	1	23	23	NUM
cblr-13005	161	1	i	i	PRON
cblr-13005	161	2	d.	d.	NOUN
cblr-13005	161	3	at	at	ADP
cblr-13005	161	4	449	449	NUM
cblr-13005	161	5	.	.	PUNCT
cblr-13005	161	6	326	326	NUM
cblr-13005	161	7	columbia	columbia	PROPN
cblr-13005	161	8	business	business	NOUN
cblr-13005	161	9	law	law	PROPN
cblr-13005	161	10	review	review	NOUN
cblr-13005	162	1	[	[	X
cblr-13005	162	2	vol	vol	NOUN
cblr-13005	162	3	.	.	NOUN
cblr-13005	162	4	2024	2024	NUM
cblr-13005	162	5	portfolio	portfolio	NOUN
cblr-13005	162	6	-	-	PUNCT
cblr-13005	162	7	focused	focus	VERB
cblr-13005	162	8	stewardship	stewardship	NOUN
cblr-13005	162	9	to	to	PART
cblr-13005	162	10	lead	lead	VERB
cblr-13005	162	11	to	to	ADP
cblr-13005	162	12	net	net	ADJ
cblr-13005	162	13	gains	gain	NOUN
cblr-13005	162	14	in	in	ADP
cblr-13005	162	15	risk	risk	NOUN
cblr-13005	162	16	-	-	PUNCT
cblr-13005	162	17	adjusted	adjust	VERB
cblr-13005	162	18	portfolio	portfolio	NOUN
cblr-13005	162	19	value	value	NOUN
cblr-13005	162	20	.	.	PUNCT
cblr-13005	163	1	it	it	PRON
cblr-13005	163	2	develops	develop	VERB
cblr-13005	163	3	criteria	criterion	NOUN
cblr-13005	163	4	for	for	ADP
cblr-13005	163	5	evaluating	evaluate	VERB
cblr-13005	163	6	whether	whether	SCONJ
cblr-13005	163	7	specific	specific	ADJ
cblr-13005	163	8	stewardship	stewardship	NOUN
cblr-13005	163	9	interventions	intervention	NOUN
cblr-13005	163	10	are	be	AUX
cblr-13005	163	11	of	of	ADP
cblr-13005	163	12	the	the	DET
cblr-13005	163	13	sort	sort	NOUN
cblr-13005	163	14	that	that	ADV
cblr-13005	163	15	rational	rational	ADJ
cblr-13005	163	16	,	,	PUNCT
cblr-13005	163	17	financially	financially	ADV
cblr-13005	163	18	motivated	motivated	ADJ
cblr-13005	163	19	diversified	diversified	ADJ
cblr-13005	163	20	investors	investor	NOUN
cblr-13005	163	21	might	might	AUX
cblr-13005	163	22	endorse	endorse	VERB
cblr-13005	163	23	,	,	PUNCT
cblr-13005	163	24	criteria	criterion	NOUN
cblr-13005	163	25	that	that	PRON
cblr-13005	163	26	are	be	AUX
cblr-13005	163	27	then	then	ADV
cblr-13005	163	28	applied	apply	VERB
cblr-13005	163	29	in	in	ADP
cblr-13005	163	30	part	part	NOUN
cblr-13005	163	31	iv	iv	NUM
cblr-13005	163	32	to	to	PART
cblr-13005	163	33	evaluate	evaluate	VERB
cblr-13005	163	34	the	the	DET
cblr-13005	163	35	recent	recent	ADJ
cblr-13005	163	36	stewardship	stewardship	NOUN
cblr-13005	163	37	efforts	effort	NOUN
cblr-13005	163	38	of	of	ADP
cblr-13005	163	39	the	the	DET
cblr-13005	163	40	“	"	PUNCT
cblr-13005	163	41	big	big	ADJ
cblr-13005	163	42	three	three	NUM
cblr-13005	163	43	”	"	PUNCT
cblr-13005	163	44	asset	asset	NOUN
cblr-13005	163	45	managers.24	managers.24	NOUN
cblr-13005	163	46	part	part	NOUN
cblr-13005	163	47	v	v	X
cblr-13005	163	48	turns	turn	VERB
cblr-13005	163	49	to	to	PART
cblr-13005	163	50	discuss	discuss	VERB
cblr-13005	163	51	alternative	alternative	ADJ
cblr-13005	163	52	approaches	approach	NOUN
cblr-13005	163	53	available	available	ADJ
cblr-13005	163	54	to	to	ADP
cblr-13005	163	55	such	such	ADJ
cblr-13005	163	56	investors	investor	NOUN
cblr-13005	163	57	for	for	ADP
cblr-13005	163	58	forcing	force	VERB
cblr-13005	163	59	the	the	DET
cblr-13005	163	60	internalization	internalization	NOUN
cblr-13005	163	61	of	of	ADP
cblr-13005	163	62	intraportfolio	intraportfolio	ADJ
cblr-13005	163	63	externalities	externality	NOUN
cblr-13005	163	64	,	,	PUNCT
cblr-13005	163	65	commenting	comment	VERB
cblr-13005	163	66	on	on	ADP
cblr-13005	163	67	their	their	PRON
cblr-13005	163	68	relative	relative	ADJ
cblr-13005	163	69	attractiveness	attractiveness	NOUN
cblr-13005	163	70	.	.	PUNCT
cblr-13005	164	1	the	the	DET
cblr-13005	164	2	article	article	NOUN
cblr-13005	164	3	concludes	conclude	VERB
cblr-13005	164	4	by	by	ADP
cblr-13005	164	5	remarking	remark	VERB
cblr-13005	164	6	on	on	ADP
cblr-13005	164	7	the	the	DET
cblr-13005	164	8	implications	implication	NOUN
cblr-13005	164	9	of	of	ADP
cblr-13005	164	10	the	the	DET
cblr-13005	164	11	analysis	analysis	NOUN
cblr-13005	164	12	for	for	ADP
cblr-13005	164	13	current	current	ADJ
cblr-13005	164	14	debates	debate	NOUN
cblr-13005	164	15	over	over	ADP
cblr-13005	164	16	sec	sec	PROPN
cblr-13005	164	17	-	-	PUNCT
cblr-13005	164	18	mandated	mandate	VERB
cblr-13005	164	19	esg	esg	NOUN
cblr-13005	164	20	disclosures	disclosure	NOUN
cblr-13005	164	21	and	and	CCONJ
cblr-13005	164	22	the	the	DET
cblr-13005	164	23	scope	scope	NOUN
cblr-13005	164	24	of	of	ADP
cblr-13005	164	25	index	index	NOUN
cblr-13005	164	26	fund	fund	NOUN
cblr-13005	164	27	managers	manager	NOUN
cblr-13005	164	28	’	’	PART
cblr-13005	164	29	fiduciary	fiduciary	ADJ
cblr-13005	164	30	duties	duty	NOUN
cblr-13005	164	31	.	.	PUNCT
cblr-13005	165	1	the	the	DET
cblr-13005	165	2	conclusion	conclusion	NOUN
cblr-13005	165	3	also	also	ADV
cblr-13005	165	4	highlights	highlight	VERB
cblr-13005	165	5	implications	implication	NOUN
cblr-13005	165	6	of	of	ADP
cblr-13005	165	7	the	the	DET
cblr-13005	165	8	analysis	analysis	NOUN
cblr-13005	165	9	for	for	ADP
cblr-13005	165	10	recent	recent	ADJ
cblr-13005	165	11	proposals	proposal	NOUN
cblr-13005	165	12	that	that	PRON
cblr-13005	165	13	index	index	NOUN
cblr-13005	165	14	fund	fund	NOUN
cblr-13005	165	15	managers	manager	NOUN
cblr-13005	165	16	pass	pass	VERB
cblr-13005	165	17	their	their	PRON
cblr-13005	165	18	funds	fund	NOUN
cblr-13005	165	19	’	'	PUNCT
cblr-13005	165	20	voting	voting	NOUN
cblr-13005	165	21	rights	right	NOUN
cblr-13005	165	22	through	through	ADP
cblr-13005	165	23	to	to	PART
cblr-13005	165	24	fund	fund	VERB
cblr-13005	165	25	investors	investor	NOUN
cblr-13005	165	26	.	.	PUNCT
cblr-13005	166	1	ii	ii	PROPN
cblr-13005	166	2	.	.	PUNCT
cblr-13005	167	1	portfolio	portfolio	NOUN
cblr-13005	167	2	-	-	PUNCT
cblr-13005	167	3	focused	focus	VERB
cblr-13005	167	4	stewardship	stewardship	NOUN
cblr-13005	167	5	gains	gain	VERB
cblr-13005	167	6	academic	academic	ADJ
cblr-13005	167	7	adherents	adherent	NOUN
cblr-13005	167	8	for	for	ADP
cblr-13005	167	9	decades	decade	NOUN
cblr-13005	167	10	before	before	ADP
cblr-13005	167	11	“	"	PUNCT
cblr-13005	167	12	esg	esg	PROPN
cblr-13005	167	13	”	"	PUNCT
cblr-13005	167	14	was	be	AUX
cblr-13005	167	15	a	a	DET
cblr-13005	167	16	household	household	NOUN
cblr-13005	167	17	term	term	NOUN
cblr-13005	167	18	,	,	PUNCT
cblr-13005	167	19	commentators	commentator	NOUN
cblr-13005	167	20	hotly	hotly	ADV
cblr-13005	167	21	debated	debate	VERB
cblr-13005	167	22	the	the	DET
cblr-13005	167	23	purpose	purpose	NOUN
cblr-13005	167	24	of	of	ADP
cblr-13005	167	25	a	a	DET
cblr-13005	167	26	corporation	corporation	NOUN
cblr-13005	167	27	.	.	PUNCT
cblr-13005	168	1	should	should	AUX
cblr-13005	168	2	boards	board	NOUN
cblr-13005	168	3	and	and	CCONJ
cblr-13005	168	4	managers	manager	NOUN
cblr-13005	168	5	run	run	VERB
cblr-13005	168	6	corporations	corporation	NOUN
cblr-13005	168	7	to	to	PART
cblr-13005	168	8	maximize	maximize	VERB
cblr-13005	168	9	firm	firm	ADJ
cblr-13005	168	10	value	value	NOUN
cblr-13005	168	11	for	for	ADP
cblr-13005	168	12	the	the	DET
cblr-13005	168	13	benefit	benefit	NOUN
cblr-13005	168	14	of	of	ADP
cblr-13005	168	15	shareholders	shareholder	NOUN
cblr-13005	168	16	,	,	PUNCT
cblr-13005	168	17	or	or	CCONJ
cblr-13005	168	18	in	in	ADP
cblr-13005	168	19	service	service	NOUN
cblr-13005	168	20	of	of	ADP
cblr-13005	168	21	broader	broad	ADJ
cblr-13005	168	22	social	social	ADJ
cblr-13005	168	23	interests?25	interests?25	ADJ
cblr-13005	168	24	proponents	proponent	NOUN
cblr-13005	168	25	of	of	ADP
cblr-13005	168	26	“	"	PUNCT
cblr-13005	168	27	corporate	corporate	ADJ
cblr-13005	168	28	social	social	ADJ
cblr-13005	168	29	responsibility	responsibility	NOUN
cblr-13005	168	30	”	"	PUNCT
cblr-13005	168	31	or	or	CCONJ
cblr-13005	168	32	“	"	PUNCT
cblr-13005	168	33	csr	csr	NOUN
cblr-13005	168	34	”	"	PUNCT
cblr-13005	168	35	advocated	advocate	VERB
cblr-13005	168	36	for	for	ADP
cblr-13005	168	37	the	the	DET
cblr-13005	168	38	latter	latter	ADJ
cblr-13005	168	39	,	,	PUNCT
cblr-13005	168	40	but	but	CCONJ
cblr-13005	168	41	their	their	PRON
cblr-13005	168	42	position	position	NOUN
cblr-13005	168	43	has	have	AUX
cblr-13005	168	44	traditionally	traditionally	ADV
cblr-13005	168	45	been	be	AUX
cblr-13005	168	46	considered	consider	VERB
cblr-13005	168	47	an	an	DET
cblr-13005	168	48	outside	outside	ADJ
cblr-13005	168	49	view	view	NOUN
cblr-13005	168	50	:	:	PUNCT
cblr-13005	168	51	the	the	DET
cblr-13005	168	52	firm	firm	ADJ
cblr-13005	168	53	-	-	PUNCT
cblr-13005	168	54	value	value	NOUN
cblr-13005	168	55	-	-	PUNCT
cblr-13005	168	56	maximization	maximization	NOUN
cblr-13005	168	57	perspective	perspective	NOUN
cblr-13005	168	58	is	be	AUX
cblr-13005	168	59	firmly	firmly	ADV
cblr-13005	168	60	embedded	embed	VERB
cblr-13005	168	61	both	both	PRON
cblr-13005	168	62	in	in	ADP
cblr-13005	168	63	delaware	delaware	PROPN
cblr-13005	168	64	law	law	PROPN
cblr-13005	168	65	and	and	CCONJ
cblr-13005	168	66	management	management	NOUN
cblr-13005	168	67	culture	culture	NOUN
cblr-13005	168	68	,	,	PUNCT
cblr-13005	168	69	and	and	CCONJ
cblr-13005	168	70	market	market	NOUN
cblr-13005	168	71	-	-	PUNCT
cblr-13005	168	72	oriented	orient	VERB
cblr-13005	168	73	corporate	corporate	ADJ
cblr-13005	168	74	law	law	NOUN
cblr-13005	168	75	scholars	scholar	NOUN
cblr-13005	168	76	tend	tend	VERB
cblr-13005	168	77	to	to	PART
cblr-13005	168	78	find	find	VERB
cblr-13005	168	79	it	it	PRON
cblr-13005	168	80	normatively	normatively	ADV
cblr-13005	168	81	appealing.26	appealing.26	ADJ
cblr-13005	168	82	the	the	DET
cblr-13005	168	83	rise	rise	NOUN
cblr-13005	168	84	24	24	NUM
cblr-13005	168	85	bebchuk	bebchuk	NOUN
cblr-13005	168	86	&	&	CCONJ
cblr-13005	168	87	hirst	hirst	PROPN
cblr-13005	168	88	,	,	PUNCT
cblr-13005	168	89	supra	supra	PROPN
cblr-13005	168	90	note	note	NOUN
cblr-13005	168	91	16	16	NUM
cblr-13005	168	92	.	.	PUNCT
cblr-13005	168	93	25	25	NUM
cblr-13005	168	94	for	for	ADP
cblr-13005	168	95	one	one	NUM
cblr-13005	168	96	of	of	ADP
cblr-13005	168	97	the	the	DET
cblr-13005	168	98	early	early	ADJ
cblr-13005	168	99	,	,	PUNCT
cblr-13005	168	100	foundational	foundational	ADJ
cblr-13005	168	101	manifestations	manifestation	NOUN
cblr-13005	168	102	of	of	ADP
cblr-13005	168	103	this	this	DET
cblr-13005	168	104	debate	debate	NOUN
cblr-13005	168	105	,	,	PUNCT
cblr-13005	168	106	see	see	VERB
cblr-13005	168	107	adolf	adolf	PROPN
cblr-13005	168	108	a.	a.	PROPN
cblr-13005	168	109	berle	berle	PROPN
cblr-13005	168	110	,	,	PUNCT
cblr-13005	168	111	jr	jr	PROPN
cblr-13005	168	112	.	.	PROPN
cblr-13005	168	113	,	,	PUNCT
cblr-13005	168	114	corporate	corporate	ADJ
cblr-13005	168	115	powers	power	NOUN
cblr-13005	168	116	as	as	ADP
cblr-13005	168	117	powers	power	NOUN
cblr-13005	168	118	in	in	ADP
cblr-13005	168	119	trust	trust	NOUN
cblr-13005	168	120	,	,	PUNCT
cblr-13005	168	121	44	44	NUM
cblr-13005	168	122	harv	harv	NOUN
cblr-13005	168	123	.	.	PUNCT
cblr-13005	169	1	l.	l.	PROPN
cblr-13005	169	2	rev	rev	PROPN
cblr-13005	169	3	.	.	PROPN
cblr-13005	169	4	1049	1049	NUM
cblr-13005	169	5	(	(	PUNCT
cblr-13005	169	6	1931	1931	NUM
cblr-13005	169	7	)	)	PUNCT
cblr-13005	169	8	;	;	PUNCT
cblr-13005	169	9	e.	e.	PROPN
cblr-13005	169	10	merrick	merrick	PROPN
cblr-13005	169	11	dodd	dodd	PROPN
cblr-13005	169	12	,	,	PUNCT
cblr-13005	169	13	jr	jr	PROPN
cblr-13005	169	14	.	.	PROPN
cblr-13005	169	15	,	,	PUNCT
cblr-13005	169	16	for	for	ADP
cblr-13005	169	17	whom	whom	PRON
cblr-13005	169	18	are	be	AUX
cblr-13005	169	19	corporate	corporate	ADJ
cblr-13005	169	20	managers	manager	NOUN
cblr-13005	169	21	trustees	trustee	NOUN
cblr-13005	169	22	?	?	PUNCT
cblr-13005	169	23	,	,	PUNCT
cblr-13005	169	24	45	45	NUM
cblr-13005	169	25	harv	harv	NOUN
cblr-13005	169	26	.	.	PUNCT
cblr-13005	170	1	l.	l.	PROPN
cblr-13005	170	2	rev	rev	PROPN
cblr-13005	170	3	.	.	PROPN
cblr-13005	170	4	1145	1145	NUM
cblr-13005	170	5	(	(	PUNCT
cblr-13005	170	6	1932	1932	NUM
cblr-13005	170	7	)	)	PUNCT
cblr-13005	170	8	;	;	PUNCT
cblr-13005	170	9	and	and	CCONJ
cblr-13005	170	10	adolf	adolf	PROPN
cblr-13005	170	11	a.	a.	PROPN
cblr-13005	170	12	berle	berle	PROPN
cblr-13005	170	13	,	,	PUNCT
cblr-13005	170	14	jr	jr	PROPN
cblr-13005	170	15	.	.	PROPN
cblr-13005	170	16	,	,	PUNCT
cblr-13005	170	17	for	for	ADP
cblr-13005	170	18	whom	whom	PRON
cblr-13005	170	19	corporate	corporate	ADJ
cblr-13005	170	20	managers	manager	NOUN
cblr-13005	170	21	are	be	AUX
cblr-13005	170	22	trustees	trustee	NOUN
cblr-13005	170	23	:	:	PUNCT
cblr-13005	170	24	a	a	DET
cblr-13005	170	25	note	note	NOUN
cblr-13005	170	26	,	,	PUNCT
cblr-13005	170	27	45	45	NUM
cblr-13005	170	28	harv	harv	NOUN
cblr-13005	170	29	.	.	PUNCT
cblr-13005	171	1	l.	l.	PROPN
cblr-13005	171	2	rev	rev	PROPN
cblr-13005	171	3	.	.	PROPN
cblr-13005	171	4	1365	1365	NUM
cblr-13005	171	5	(	(	PUNCT
cblr-13005	171	6	1932	1932	NUM
cblr-13005	171	7	)	)	PUNCT
cblr-13005	171	8	.	.	PUNCT
cblr-13005	172	1	see	see	VERB
cblr-13005	172	2	also	also	ADV
cblr-13005	172	3	a.	a.	NOUN
cblr-13005	172	4	a.	a.	NOUN
cblr-13005	172	5	sommer	sommer	PROPN
cblr-13005	172	6	,	,	PUNCT
cblr-13005	172	7	jr	jr	PROPN
cblr-13005	172	8	.	.	PROPN
cblr-13005	172	9	,	,	PUNCT
cblr-13005	172	10	whom	whom	PRON
cblr-13005	172	11	should	should	AUX
cblr-13005	172	12	the	the	DET
cblr-13005	172	13	corporation	corporation	NOUN
cblr-13005	172	14	serve	serve	VERB
cblr-13005	172	15	?	?	PUNCT
cblr-13005	173	1	the	the	DET
cblr-13005	173	2	berledodd	berledodd	ADJ
cblr-13005	173	3	debate	debate	NOUN
cblr-13005	173	4	revisited	revisit	VERB
cblr-13005	173	5	sixty	sixty	NUM
cblr-13005	173	6	years	year	NOUN
cblr-13005	173	7	later	later	ADV
cblr-13005	173	8	,	,	PUNCT
cblr-13005	173	9	16	16	NUM
cblr-13005	173	10	del	del	PROPN
cblr-13005	173	11	.	.	PROPN
cblr-13005	173	12	j.	j.	PROPN
cblr-13005	173	13	corp	corp	PROPN
cblr-13005	173	14	l.	l.	PROPN
cblr-13005	173	15	33	33	NUM
cblr-13005	173	16	,	,	PUNCT
cblr-13005	173	17	36–39	36–39	NUM
cblr-13005	173	18	(	(	PUNCT
cblr-13005	173	19	1991	1991	NUM
cblr-13005	173	20	)	)	PUNCT
cblr-13005	173	21	(	(	PUNCT
cblr-13005	173	22	tracing	trace	VERB
cblr-13005	173	23	the	the	DET
cblr-13005	173	24	history	history	NOUN
cblr-13005	173	25	of	of	ADP
cblr-13005	173	26	this	this	DET
cblr-13005	173	27	debate	debate	NOUN
cblr-13005	173	28	)	)	PUNCT
cblr-13005	173	29	.	.	PUNCT
cblr-13005	174	1	26	26	NUM
cblr-13005	174	2	see	see	VERB
cblr-13005	174	3	henry	henry	PROPN
cblr-13005	174	4	hansmann	hansmann	PROPN
cblr-13005	174	5	&	&	CCONJ
cblr-13005	174	6	reinier	reinier	PROPN
cblr-13005	174	7	kraakman	kraakman	PROPN
cblr-13005	174	8	,	,	PUNCT
cblr-13005	174	9	the	the	DET
cblr-13005	174	10	end	end	NOUN
cblr-13005	174	11	of	of	ADP
cblr-13005	174	12	history	history	NOUN
cblr-13005	174	13	for	for	ADP
cblr-13005	174	14	corporate	corporate	ADJ
cblr-13005	174	15	law	law	NOUN
cblr-13005	174	16	,	,	PUNCT
cblr-13005	174	17	89	89	NUM
cblr-13005	174	18	geo	geo	PROPN
cblr-13005	174	19	.	.	PUNCT
cblr-13005	174	20	l.j	l.j	PROPN
cblr-13005	174	21	.	.	PROPN
cblr-13005	174	22	439	439	NUM
cblr-13005	174	23	,	,	PUNCT
cblr-13005	174	24	441	441	NUM
cblr-13005	174	25	(	(	PUNCT
cblr-13005	174	26	2001	2001	NUM
cblr-13005	174	27	)	)	PUNCT
cblr-13005	174	28	(	(	PUNCT
cblr-13005	174	29	observing	observe	VERB
cblr-13005	174	30	that	that	SCONJ
cblr-13005	174	31	“	"	PUNCT
cblr-13005	174	32	as	as	ADP
cblr-13005	174	33	a	a	DET
cblr-13005	174	34	no	no	NOUN
cblr-13005	174	35	.	.	NOUN
cblr-13005	174	36	1	1	NUM
cblr-13005	174	37	]	]	PUNCT
cblr-13005	174	38	a	a	DET
cblr-13005	174	39	hard	hard	ADJ
cblr-13005	174	40	look	look	NOUN
cblr-13005	174	41	at	at	ADP
cblr-13005	174	42	portfolio	portfolio	NOUN
cblr-13005	174	43	focused	focused	ADJ
cblr-13005	174	44	stewardship	stewardship	NOUN
cblr-13005	174	45	327	327	NUM
cblr-13005	174	46	of	of	ADP
cblr-13005	174	47	“	"	PUNCT
cblr-13005	174	48	esg	esg	PROPN
cblr-13005	174	49	”	"	PUNCT
cblr-13005	174	50	has	have	AUX
cblr-13005	174	51	rekindled	rekindle	VERB
cblr-13005	174	52	this	this	DET
cblr-13005	174	53	old	old	ADJ
cblr-13005	174	54	debate	debate	NOUN
cblr-13005	174	55	,	,	PUNCT
cblr-13005	174	56	but	but	CCONJ
cblr-13005	174	57	in	in	ADP
cblr-13005	174	58	a	a	DET
cblr-13005	174	59	muddied	muddied	ADJ
cblr-13005	174	60	way	way	NOUN
cblr-13005	174	61	.	.	PUNCT
cblr-13005	175	1	some	some	DET
cblr-13005	175	2	view	view	NOUN
cblr-13005	175	3	“	"	PUNCT
cblr-13005	175	4	esg	esg	PROPN
cblr-13005	175	5	”	"	PUNCT
cblr-13005	175	6	as	as	ADP
cblr-13005	175	7	simply	simply	ADV
cblr-13005	175	8	a	a	DET
cblr-13005	175	9	repackaging	repackaging	NOUN
cblr-13005	175	10	of	of	ADP
cblr-13005	175	11	“	"	PUNCT
cblr-13005	175	12	csr	csr	NOUN
cblr-13005	175	13	,	,	PUNCT
cblr-13005	175	14	”	"	PUNCT
cblr-13005	175	15	a	a	PRON
cblr-13005	175	16	carrying	carry	VERB
cblr-13005	175	17	forward	forward	ADV
cblr-13005	175	18	of	of	ADP
cblr-13005	175	19	the	the	DET
cblr-13005	175	20	same	same	ADJ
cblr-13005	175	21	position	position	NOUN
cblr-13005	175	22	under	under	ADP
cblr-13005	175	23	a	a	DET
cblr-13005	175	24	new	new	ADJ
cblr-13005	175	25	acronym.27	acronym.27	ADJ
cblr-13005	175	26	others	other	NOUN
cblr-13005	175	27	view	view	VERB
cblr-13005	175	28	“	"	PUNCT
cblr-13005	175	29	esg	esg	PROPN
cblr-13005	175	30	”	"	PUNCT
cblr-13005	175	31	as	as	ADP
cblr-13005	175	32	not	not	PART
cblr-13005	175	33	only	only	ADV
cblr-13005	175	34	different	different	ADJ
cblr-13005	175	35	from	from	ADP
cblr-13005	175	36	“	"	PUNCT
cblr-13005	175	37	csr	csr	NOUN
cblr-13005	175	38	,	,	PUNCT
cblr-13005	175	39	”	"	PUNCT
cblr-13005	175	40	but	but	CCONJ
cblr-13005	175	41	as	as	ADP
cblr-13005	175	42	fully	fully	ADV
cblr-13005	175	43	consistent	consistent	ADJ
cblr-13005	175	44	with	with	ADP
cblr-13005	175	45	a	a	DET
cblr-13005	175	46	firm	firm	ADJ
cblr-13005	175	47	-	-	PUNCT
cblr-13005	175	48	value	value	NOUN
cblr-13005	175	49	-	-	PUNCT
cblr-13005	175	50	maximization	maximization	NOUN
cblr-13005	175	51	view	view	NOUN
cblr-13005	175	52	of	of	ADP
cblr-13005	175	53	corporate	corporate	ADJ
cblr-13005	175	54	purpose	purpose	NOUN
cblr-13005	175	55	—	—	PUNCT
cblr-13005	175	56	corporations	corporation	NOUN
cblr-13005	175	57	do	do	VERB
cblr-13005	175	58	well	well	ADV
cblr-13005	175	59	by	by	ADP
cblr-13005	175	60	paying	pay	VERB
cblr-13005	175	61	heed	heed	NOUN
cblr-13005	175	62	to	to	ADP
cblr-13005	175	63	“	"	PUNCT
cblr-13005	175	64	esg	esg	PROPN
cblr-13005	175	65	”	"	PUNCT
cblr-13005	175	66	issues.28	issues.28	PROPN
cblr-13005	175	67	a	a	DET
cblr-13005	175	68	third	third	ADJ
cblr-13005	175	69	perspective	perspective	NOUN
cblr-13005	175	70	has	have	AUX
cblr-13005	175	71	also	also	ADV
cblr-13005	175	72	emerged	emerge	VERB
cblr-13005	175	73	,	,	PUNCT
cblr-13005	175	74	one	one	NUM
cblr-13005	175	75	that	that	PRON
cblr-13005	175	76	touts	tout	VERB
cblr-13005	175	77	“	"	PUNCT
cblr-13005	175	78	esg	esg	PROPN
cblr-13005	175	79	”	"	PUNCT
cblr-13005	175	80	not	not	PART
cblr-13005	175	81	as	as	ADP
cblr-13005	175	82	a	a	DET
cblr-13005	175	83	substitute	substitute	NOUN
cblr-13005	175	84	for	for	ADP
cblr-13005	175	85	csr	csr	NOUN
cblr-13005	175	86	nor	nor	CCONJ
cblr-13005	175	87	as	as	ADP
cblr-13005	175	88	a	a	DET
cblr-13005	175	89	means	mean	NOUN
cblr-13005	175	90	for	for	ADP
cblr-13005	175	91	achieving	achieve	VERB
cblr-13005	175	92	firm	firm	ADJ
cblr-13005	175	93	value	value	NOUN
cblr-13005	175	94	maximization	maximization	NOUN
cblr-13005	175	95	,	,	PUNCT
cblr-13005	175	96	but	but	CCONJ
cblr-13005	175	97	rather	rather	ADV
cblr-13005	175	98	as	as	ADP
cblr-13005	175	99	a	a	DET
cblr-13005	175	100	means	means	NOUN
cblr-13005	175	101	for	for	SCONJ
cblr-13005	175	102	diversified	diversified	ADJ
cblr-13005	175	103	investors	investor	NOUN
cblr-13005	175	104	to	to	PART
cblr-13005	175	105	maximize	maximize	VERB
cblr-13005	175	106	portfolio	portfolio	NOUN
cblr-13005	175	107	value	value	NOUN
cblr-13005	175	108	.	.	PUNCT
cblr-13005	176	1	diversified	diversify	VERB
cblr-13005	176	2	investors	investor	NOUN
cblr-13005	176	3	can	can	AUX
cblr-13005	176	4	actualize	actualize	VERB
cblr-13005	176	5	on	on	ADP
cblr-13005	176	6	this	this	DET
cblr-13005	176	7	potential	potential	NOUN
cblr-13005	176	8	,	,	PUNCT
cblr-13005	176	9	the	the	DET
cblr-13005	176	10	argument	argument	NOUN
cblr-13005	176	11	goes	go	VERB
cblr-13005	176	12	,	,	PUNCT
cblr-13005	176	13	through	through	ADP
cblr-13005	176	14	the	the	DET
cblr-13005	176	15	portfolio	portfolio	NOUN
cblr-13005	176	16	-	-	PUNCT
cblr-13005	176	17	focused	focus	VERB
cblr-13005	176	18	stewardship	stewardship	NOUN
cblr-13005	176	19	efforts	effort	NOUN
cblr-13005	176	20	of	of	ADP
cblr-13005	176	21	their	their	PRON
cblr-13005	176	22	increasingly	increasingly	ADV
cblr-13005	176	23	powerful	powerful	ADJ
cblr-13005	176	24	asset	asset	NOUN
cblr-13005	176	25	managers	manager	NOUN
cblr-13005	176	26	,	,	PUNCT
cblr-13005	176	27	who	who	PRON
cblr-13005	176	28	can	can	AUX
cblr-13005	176	29	use	use	VERB
cblr-13005	176	30	their	their	PRON
cblr-13005	176	31	clout	clout	NOUN
cblr-13005	176	32	to	to	PART
cblr-13005	176	33	force	force	VERB
cblr-13005	176	34	portfolio	portfolio	NOUN
cblr-13005	176	35	firms	firm	NOUN
cblr-13005	176	36	to	to	PART
cblr-13005	176	37	internalize	internalize	VERB
cblr-13005	176	38	the	the	DET
cblr-13005	176	39	costs	cost	NOUN
cblr-13005	176	40	their	their	PRON
cblr-13005	176	41	activities	activity	NOUN
cblr-13005	176	42	impose	impose	VERB
cblr-13005	176	43	on	on	ADP
cblr-13005	176	44	one	one	NUM
cblr-13005	176	45	another	another	DET
cblr-13005	176	46	,	,	PUNCT
cblr-13005	176	47	leading	lead	VERB
cblr-13005	176	48	to	to	ADP
cblr-13005	176	49	more	more	ADJ
cblr-13005	176	50	portfolio	portfolio	NOUN
cblr-13005	176	51	-	-	PUNCT
cblr-13005	176	52	level	level	NOUN
cblr-13005	176	53	efficient	efficient	ADJ
cblr-13005	176	54	behavior	behavior	NOUN
cblr-13005	176	55	and	and	CCONJ
cblr-13005	176	56	increased	increase	VERB
cblr-13005	176	57	risk	risk	NOUN
cblr-13005	176	58	-	-	PUNCT
cblr-13005	176	59	adjusted	adjust	VERB
cblr-13005	176	60	portfolio	portfolio	NOUN
cblr-13005	176	61	-	-	PUNCT
cblr-13005	176	62	level	level	NOUN
cblr-13005	176	63	returns	return	NOUN
cblr-13005	176	64	.	.	PUNCT
cblr-13005	177	1	because	because	SCONJ
cblr-13005	177	2	it	it	PRON
cblr-13005	177	3	is	be	AUX
cblr-13005	177	4	based	base	VERB
cblr-13005	177	5	on	on	ADP
cblr-13005	177	6	the	the	DET
cblr-13005	177	7	financial	financial	ADJ
cblr-13005	177	8	incentives	incentive	NOUN
cblr-13005	177	9	of	of	ADP
cblr-13005	177	10	diversified	diversified	ADJ
cblr-13005	177	11	investors	investor	NOUN
cblr-13005	177	12	,	,	PUNCT
cblr-13005	177	13	rather	rather	ADV
cblr-13005	177	14	than	than	ADP
cblr-13005	177	15	on	on	ADP
cblr-13005	177	16	more	more	ADV
cblr-13005	177	17	amorphous	amorphous	ADJ
cblr-13005	177	18	notions	notion	NOUN
cblr-13005	177	19	of	of	ADP
cblr-13005	177	20	the	the	DET
cblr-13005	177	21	“	"	PUNCT
cblr-13005	177	22	social	social	ADJ
cblr-13005	177	23	good	good	NOUN
cblr-13005	177	24	,	,	PUNCT
cblr-13005	177	25	”	"	PUNCT
cblr-13005	177	26	this	this	DET
cblr-13005	177	27	perspective	perspective	NOUN
cblr-13005	177	28	seems	seem	VERB
cblr-13005	177	29	less	less	ADV
cblr-13005	177	30	radical	radical	ADJ
cblr-13005	177	31	than	than	ADP
cblr-13005	177	32	the	the	DET
cblr-13005	177	33	csr	csr	NOUN
cblr-13005	177	34	perspective	perspective	NOUN
cblr-13005	177	35	,	,	PUNCT
cblr-13005	177	36	and	and	CCONJ
cblr-13005	177	37	,	,	PUNCT
cblr-13005	177	38	consequence	consequence	NOUN
cblr-13005	177	39	of	of	ADP
cblr-13005	177	40	both	both	CCONJ
cblr-13005	177	41	logic	logic	NOUN
cblr-13005	177	42	and	and	CCONJ
cblr-13005	177	43	experience	experience	NOUN
cblr-13005	177	44	,	,	PUNCT
cblr-13005	177	45	there	there	PRON
cblr-13005	177	46	is	be	VERB
cblr-13005	177	47	convergence	convergence	NOUN
cblr-13005	177	48	on	on	ADP
cblr-13005	177	49	a	a	DET
cblr-13005	177	50	consensus	consensus	NOUN
cblr-13005	177	51	that	that	SCONJ
cblr-13005	177	52	the	the	DET
cblr-13005	177	53	best	good	ADJ
cblr-13005	177	54	means	mean	VERB
cblr-13005	177	55	to	to	ADP
cblr-13005	177	56	[	[	PUNCT
cblr-13005	177	57	pursue	pursue	X
cblr-13005	177	58	]	]	PUNCT
cblr-13005	177	59	aggregate	aggregate	ADJ
cblr-13005	177	60	social	social	ADJ
cblr-13005	177	61	welfare	welfare	NOUN
cblr-13005	177	62	[	[	X
cblr-13005	177	63	]	]	X
cblr-13005	177	64	is	be	AUX
cblr-13005	177	65	to	to	PART
cblr-13005	177	66	make	make	VERB
cblr-13005	177	67	corporate	corporate	ADJ
cblr-13005	177	68	managers	manager	NOUN
cblr-13005	177	69	strongly	strongly	ADV
cblr-13005	177	70	accountable	accountable	ADJ
cblr-13005	177	71	to	to	ADP
cblr-13005	177	72	shareholder	shareholder	NOUN
cblr-13005	177	73	interests	interest	NOUN
cblr-13005	177	74	and	and	CCONJ
cblr-13005	177	75	,	,	PUNCT
cblr-13005	177	76	at	at	ADP
cblr-13005	177	77	least	least	ADJ
cblr-13005	177	78	in	in	ADP
cblr-13005	177	79	direct	direct	ADJ
cblr-13005	177	80	terms	term	NOUN
cblr-13005	177	81	,	,	PUNCT
cblr-13005	177	82	only	only	ADV
cblr-13005	177	83	to	to	ADP
cblr-13005	177	84	those	those	DET
cblr-13005	177	85	interests	interest	NOUN
cblr-13005	177	86	”	"	PUNCT
cblr-13005	177	87	)	)	PUNCT
cblr-13005	177	88	;	;	PUNCT
cblr-13005	177	89	william	william	PROPN
cblr-13005	177	90	w.	w.	PROPN
cblr-13005	177	91	bratton	bratton	PROPN
cblr-13005	177	92	&	&	CCONJ
cblr-13005	177	93	michael	michael	PROPN
cblr-13005	177	94	l.	l.	PROPN
cblr-13005	177	95	wachter	wachter	PROPN
cblr-13005	177	96	,	,	PUNCT
cblr-13005	177	97	shareholder	shareholder	NOUN
cblr-13005	177	98	primacy	primacy	NOUN
cblr-13005	177	99	’s	’s	PART
cblr-13005	177	100	corporatist	corporatist	NOUN
cblr-13005	177	101	origins	origin	NOUN
cblr-13005	177	102	:	:	PUNCT
cblr-13005	177	103	adolf	adolf	PROPN
cblr-13005	177	104	berle	berle	PROPN
cblr-13005	177	105	and	and	CCONJ
cblr-13005	177	106	the	the	DET
cblr-13005	177	107	modern	modern	ADJ
cblr-13005	177	108	corporation	corporation	NOUN
cblr-13005	177	109	,	,	PUNCT
cblr-13005	177	110	34	34	NUM
cblr-13005	177	111	j.	j.	PROPN
cblr-13005	177	112	corp	corp	PROPN
cblr-13005	177	113	.	.	PROPN
cblr-13005	177	114	l.	l.	PROPN
cblr-13005	177	115	99	99	NUM
cblr-13005	177	116	,	,	PUNCT
cblr-13005	177	117	100	100	NUM
cblr-13005	177	118	(	(	PUNCT
cblr-13005	177	119	2008	2008	NUM
cblr-13005	177	120	)	)	PUNCT
cblr-13005	177	121	(	(	PUNCT
cblr-13005	177	122	observing	observe	VERB
cblr-13005	177	123	that	that	SCONJ
cblr-13005	177	124	“	"	PUNCT
cblr-13005	177	125	shareholder	shareholder	NOUN
cblr-13005	177	126	primacy	primacy	NOUN
cblr-13005	177	127	prevails	prevail	VERB
cblr-13005	177	128	today	today	NOUN
cblr-13005	177	129	as	as	ADP
cblr-13005	177	130	the	the	DET
cblr-13005	177	131	dominant	dominant	ADJ
cblr-13005	177	132	view	view	NOUN
cblr-13005	177	133	,	,	PUNCT
cblr-13005	177	134	”	"	PUNCT
cblr-13005	177	135	and	and	CCONJ
cblr-13005	177	136	describing	describe	VERB
cblr-13005	177	137	“	"	PUNCT
cblr-13005	177	138	advocates	advocate	NOUN
cblr-13005	177	139	of	of	ADP
cblr-13005	177	140	corporate	corporate	ADJ
cblr-13005	177	141	social	social	ADJ
cblr-13005	177	142	responsibility	responsibility	NOUN
cblr-13005	177	143	(	(	PUNCT
cblr-13005	177	144	csr	csr	NOUN
cblr-13005	177	145	)	)	PUNCT
cblr-13005	177	146	as	as	ADP
cblr-13005	177	147	a	a	DET
cblr-13005	177	148	rearguard	rearguard	NOUN
cblr-13005	177	149	”	"	PUNCT
cblr-13005	177	150	)	)	PUNCT
cblr-13005	177	151	.	.	PUNCT
cblr-13005	178	1	27	27	NUM
cblr-13005	178	2	see	see	VERB
cblr-13005	178	3	pollman	pollman	NOUN
cblr-13005	178	4	,	,	PUNCT
cblr-13005	178	5	supra	supra	PROPN
cblr-13005	178	6	note	note	NOUN
cblr-13005	178	7	2	2	NUM
cblr-13005	178	8	,	,	PUNCT
cblr-13005	178	9	at	at	ADP
cblr-13005	178	10	24–25	24–25	NUM
cblr-13005	178	11	(	(	PUNCT
cblr-13005	178	12	discussing	discuss	VERB
cblr-13005	178	13	this	this	DET
cblr-13005	178	14	perspective	perspective	NOUN
cblr-13005	178	15	)	)	PUNCT
cblr-13005	178	16	.	.	PUNCT
cblr-13005	179	1	28	28	NUM
cblr-13005	180	1	this	this	DET
cblr-13005	180	2	view	view	NOUN
cblr-13005	180	3	,	,	PUNCT
cblr-13005	180	4	sometimes	sometimes	ADV
cblr-13005	180	5	called	call	VERB
cblr-13005	180	6	“	"	PUNCT
cblr-13005	180	7	enlightened	enlightened	ADJ
cblr-13005	180	8	shareholder	shareholder	NOUN
cblr-13005	180	9	value	value	NOUN
cblr-13005	180	10	,	,	PUNCT
cblr-13005	180	11	”	"	PUNCT
cblr-13005	180	12	has	have	AUX
cblr-13005	180	13	become	become	VERB
cblr-13005	180	14	more	more	ADV
cblr-13005	180	15	difficult	difficult	ADJ
cblr-13005	180	16	to	to	PART
cblr-13005	180	17	defend	defend	VERB
cblr-13005	180	18	as	as	ADP
cblr-13005	180	19	the	the	DET
cblr-13005	180	20	war	war	NOUN
cblr-13005	180	21	in	in	ADP
cblr-13005	180	22	ukraine	ukraine	NOUN
cblr-13005	180	23	,	,	PUNCT
cblr-13005	180	24	consumer	consumer	NOUN
cblr-13005	180	25	backlash	backlash	NOUN
cblr-13005	180	26	to	to	ADP
cblr-13005	180	27	corporate	corporate	ADJ
cblr-13005	180	28	social	social	ADJ
cblr-13005	180	29	initiatives	initiative	NOUN
cblr-13005	180	30	,	,	PUNCT
cblr-13005	180	31	and	and	CCONJ
cblr-13005	180	32	rising	rise	VERB
cblr-13005	180	33	interest	interest	NOUN
cblr-13005	180	34	rates	rate	NOUN
cblr-13005	180	35	have	have	AUX
cblr-13005	180	36	made	make	VERB
cblr-13005	180	37	the	the	DET
cblr-13005	180	38	potential	potential	ADJ
cblr-13005	180	39	cost	cost	NOUN
cblr-13005	180	40	to	to	ADP
cblr-13005	180	41	firms	firm	NOUN
cblr-13005	180	42	of	of	ADP
cblr-13005	180	43	“	"	PUNCT
cblr-13005	180	44	esg	esg	PROPN
cblr-13005	180	45	”	"	PUNCT
cblr-13005	180	46	initiatives	initiative	NOUN
cblr-13005	180	47	more	more	ADV
cblr-13005	180	48	readily	readily	ADV
cblr-13005	180	49	apparent	apparent	ADJ
cblr-13005	180	50	than	than	SCONJ
cblr-13005	180	51	they	they	PRON
cblr-13005	180	52	were	be	AUX
cblr-13005	180	53	just	just	ADV
cblr-13005	180	54	a	a	DET
cblr-13005	180	55	few	few	ADJ
cblr-13005	180	56	short	short	ADJ
cblr-13005	180	57	years	year	NOUN
cblr-13005	180	58	ago	ago	ADV
cblr-13005	180	59	.	.	PUNCT
cblr-13005	181	1	see	see	VERB
cblr-13005	181	2	lucian	lucian	PROPN
cblr-13005	181	3	a.	a.	PROPN
cblr-13005	181	4	bebchuk	bebchuk	PROPN
cblr-13005	181	5	&	&	CCONJ
cblr-13005	181	6	roberto	roberto	PROPN
cblr-13005	181	7	tallarita	tallarita	PROPN
cblr-13005	181	8	,	,	PUNCT
cblr-13005	181	9	the	the	DET
cblr-13005	181	10	illusory	illusory	ADJ
cblr-13005	181	11	promise	promise	NOUN
cblr-13005	181	12	of	of	ADP
cblr-13005	181	13	stakeholder	stakeholder	NOUN
cblr-13005	181	14	governance	governance	NOUN
cblr-13005	181	15	,	,	PUNCT
cblr-13005	181	16	106	106	NUM
cblr-13005	181	17	cornell	cornell	PROPN
cblr-13005	181	18	l.	l.	PROPN
cblr-13005	181	19	rev	rev	PROPN
cblr-13005	181	20	.	.	PROPN
cblr-13005	181	21	91	91	NUM
cblr-13005	181	22	,	,	PUNCT
cblr-13005	181	23	97	97	NUM
cblr-13005	181	24	(	(	PUNCT
cblr-13005	181	25	2020	2020	NUM
cblr-13005	181	26	)	)	PUNCT
cblr-13005	181	27	(	(	PUNCT
cblr-13005	181	28	using	use	VERB
cblr-13005	181	29	the	the	DET
cblr-13005	181	30	term	term	NOUN
cblr-13005	181	31	“	"	PUNCT
cblr-13005	181	32	enlightened	enlightened	ADJ
cblr-13005	181	33	shareholder	shareholder	NOUN
cblr-13005	181	34	value	value	NOUN
cblr-13005	181	35	”	"	PUNCT
cblr-13005	181	36	to	to	PART
cblr-13005	181	37	describe	describe	VERB
cblr-13005	181	38	the	the	DET
cblr-13005	181	39	view	view	NOUN
cblr-13005	181	40	that	that	SCONJ
cblr-13005	181	41	“	"	PUNCT
cblr-13005	181	42	corporate	corporate	ADJ
cblr-13005	181	43	leaders	leader	NOUN
cblr-13005	181	44	should	should	AUX
cblr-13005	181	45	take	take	VERB
cblr-13005	181	46	into	into	ADP
cblr-13005	181	47	account	account	NOUN
cblr-13005	181	48	stakeholder	stakeholder	NOUN
cblr-13005	181	49	interests	interest	NOUN
cblr-13005	181	50	as	as	ADP
cblr-13005	181	51	a	a	DET
cblr-13005	181	52	means	means	NOUN
cblr-13005	181	53	to	to	PART
cblr-13005	181	54	maximize	maximize	VERB
cblr-13005	181	55	shareholder	shareholder	NOUN
cblr-13005	181	56	value	value	NOUN
cblr-13005	181	57	”	"	PUNCT
cblr-13005	181	58	)	)	PUNCT
cblr-13005	181	59	.	.	PUNCT
cblr-13005	182	1	328	328	NUM
cblr-13005	182	2	columbia	columbia	PROPN
cblr-13005	182	3	business	business	NOUN
cblr-13005	182	4	law	law	PROPN
cblr-13005	182	5	review	review	NOUN
cblr-13005	182	6	[	[	X
cblr-13005	182	7	vol	vol	NOUN
cblr-13005	182	8	.	.	NOUN
cblr-13005	182	9	2024	2024	NUM
cblr-13005	182	10	as	as	SCONJ
cblr-13005	182	11	discussed	discuss	VERB
cblr-13005	182	12	below	below	ADV
cblr-13005	182	13	,	,	PUNCT
cblr-13005	182	14	it	it	PRON
cblr-13005	182	15	has	have	AUX
cblr-13005	182	16	recently	recently	ADV
cblr-13005	182	17	captured	capture	VERB
cblr-13005	182	18	the	the	DET
cblr-13005	182	19	imagination	imagination	NOUN
cblr-13005	182	20	of	of	ADP
cblr-13005	182	21	a	a	DET
cblr-13005	182	22	growing	grow	VERB
cblr-13005	182	23	cohort	cohort	NOUN
cblr-13005	182	24	of	of	ADP
cblr-13005	182	25	corporate	corporate	ADJ
cblr-13005	182	26	and	and	CCONJ
cblr-13005	182	27	securities	security	NOUN
cblr-13005	182	28	law	law	NOUN
cblr-13005	182	29	scholars.29	scholars.29	PROPN
cblr-13005	182	30	madison	madison	PROPN
cblr-13005	182	31	condon	condon	PROPN
cblr-13005	182	32	’s	’s	PART
cblr-13005	182	33	article	article	NOUN
cblr-13005	182	34	externalities	externality	NOUN
cblr-13005	182	35	and	and	CCONJ
cblr-13005	182	36	the	the	DET
cblr-13005	182	37	common	common	ADJ
cblr-13005	182	38	owner	owner	NOUN
cblr-13005	182	39	,	,	PUNCT
cblr-13005	182	40	published	publish	VERB
cblr-13005	182	41	in	in	ADP
cblr-13005	182	42	2020	2020	NUM
cblr-13005	182	43	,	,	PUNCT
cblr-13005	182	44	sparked	spark	VERB
cblr-13005	182	45	recent	recent	ADJ
cblr-13005	182	46	interest	interest	NOUN
cblr-13005	182	47	by	by	ADP
cblr-13005	182	48	legal	legal	ADJ
cblr-13005	182	49	academics	academic	NOUN
cblr-13005	182	50	in	in	ADP
cblr-13005	182	51	portfolio	portfolio	NOUN
cblr-13005	182	52	-	-	PUNCT
cblr-13005	182	53	focused	focus	VERB
cblr-13005	182	54	stewardship.30	stewardship.30	NOUN
cblr-13005	182	55	in	in	ADP
cblr-13005	182	56	that	that	DET
cblr-13005	182	57	article	article	NOUN
cblr-13005	182	58	,	,	PUNCT
cblr-13005	182	59	professor	professor	NOUN
cblr-13005	182	60	condon	condon	PROPN
cblr-13005	182	61	made	make	VERB
cblr-13005	182	62	a	a	DET
cblr-13005	182	63	positive	positive	ADJ
cblr-13005	182	64	claim	claim	NOUN
cblr-13005	182	65	to	to	PART
cblr-13005	182	66	explain	explain	VERB
cblr-13005	182	67	institutional	institutional	ADJ
cblr-13005	182	68	investor	investor	NOUN
cblr-13005	182	69	interest	interest	NOUN
cblr-13005	182	70	in	in	ADP
cblr-13005	182	71	climate	climate	NOUN
cblr-13005	182	72	-	-	PUNCT
cblr-13005	182	73	related	relate	VERB
cblr-13005	182	74	stewardship	stewardship	NOUN
cblr-13005	182	75	—	—	PUNCT
cblr-13005	182	76	viz	viz	PROPN
cblr-13005	182	77	.	.	PROPN
cblr-13005	182	78	,	,	PUNCT
cblr-13005	182	79	that	that	SCONJ
cblr-13005	182	80	“	"	PUNCT
cblr-13005	182	81	institutional	institutional	ADJ
cblr-13005	182	82	investors	investor	NOUN
cblr-13005	182	83	’	'	PUNCT
cblr-13005	182	84	climate	climate	NOUN
cblr-13005	182	85	activism	activism	NOUN
cblr-13005	182	86	is	be	AUX
cblr-13005	182	87	motivated	motivate	VERB
cblr-13005	182	88	by	by	ADP
cblr-13005	182	89	their	their	PRON
cblr-13005	182	90	desire	desire	NOUN
cblr-13005	182	91	to	to	PART
cblr-13005	182	92	mitigate	mitigate	VERB
cblr-13005	182	93	climate	climate	NOUN
cblr-13005	182	94	change	change	NOUN
cblr-13005	182	95	risks	risk	NOUN
cblr-13005	182	96	and	and	CCONJ
cblr-13005	182	97	damages	damage	NOUN
cblr-13005	182	98	to	to	ADP
cblr-13005	182	99	their	their	PRON
cblr-13005	182	100	economy	economy	NOUN
cblr-13005	182	101	-	-	PUNCT
cblr-13005	182	102	mirroring	mirror	VERB
cblr-13005	182	103	portfolios	portfolio	NOUN
cblr-13005	182	104	.	.	PUNCT
cblr-13005	183	1	”31	”31	PROPN
cblr-13005	184	1	she	she	PRON
cblr-13005	184	2	argued	argue	VERB
cblr-13005	184	3	that	that	SCONJ
cblr-13005	184	4	portfolio	portfolio	NOUN
cblr-13005	184	5	value	value	NOUN
cblr-13005	184	6	maximization	maximization	NOUN
cblr-13005	184	7	,	,	PUNCT
cblr-13005	184	8	not	not	PART
cblr-13005	184	9	share	share	NOUN
cblr-13005	184	10	value	value	NOUN
cblr-13005	184	11	maximization	maximization	NOUN
cblr-13005	184	12	,	,	PUNCT
cblr-13005	184	13	best	good	ADJ
cblr-13005	184	14	explains	explain	VERB
cblr-13005	184	15	institutional	institutional	ADJ
cblr-13005	184	16	investor	investor	NOUN
cblr-13005	184	17	interventions	intervention	NOUN
cblr-13005	184	18	with	with	ADP
cblr-13005	184	19	portfolio	portfolio	NOUN
cblr-13005	184	20	companies	company	NOUN
cblr-13005	184	21	to	to	PART
cblr-13005	184	22	achieve	achieve	VERB
cblr-13005	184	23	emission	emission	NOUN
cblr-13005	184	24	reductions	reduction	NOUN
cblr-13005	184	25	,	,	PUNCT
cblr-13005	184	26	and	and	CCONJ
cblr-13005	184	27	detailed	detail	VERB
cblr-13005	184	28	what	what	PRON
cblr-13005	184	29	those	those	DET
cblr-13005	184	30	interventions	intervention	NOUN
cblr-13005	184	31	have	have	AUX
cblr-13005	184	32	looked	look	VERB
cblr-13005	184	33	like.32	like.32	ADJ
cblr-13005	184	34	while	while	SCONJ
cblr-13005	184	35	subsequent	subsequent	ADJ
cblr-13005	184	36	works	work	NOUN
cblr-13005	184	37	have	have	AUX
cblr-13005	184	38	cited	cite	VERB
cblr-13005	184	39	her	her	PRON
cblr-13005	184	40	article	article	NOUN
cblr-13005	184	41	to	to	PART
cblr-13005	184	42	support	support	VERB
cblr-13005	184	43	normative	normative	ADJ
cblr-13005	184	44	arguments	argument	NOUN
cblr-13005	184	45	in	in	ADP
cblr-13005	184	46	favor	favor	NOUN
cblr-13005	184	47	of	of	ADP
cblr-13005	184	48	institutional	institutional	ADJ
cblr-13005	184	49	investors	investor	NOUN
cblr-13005	184	50	engaging	engage	VERB
cblr-13005	184	51	in	in	ADP
cblr-13005	184	52	this	this	DET
cblr-13005	184	53	sort	sort	NOUN
cblr-13005	184	54	of	of	ADP
cblr-13005	184	55	stewardship	stewardship	NOUN
cblr-13005	184	56	activity	activity	NOUN
cblr-13005	184	57	,	,	PUNCT
cblr-13005	184	58	professor	professor	NOUN
cblr-13005	184	59	condon	condon	PROPN
cblr-13005	184	60	was	be	AUX
cblr-13005	184	61	careful	careful	ADJ
cblr-13005	184	62	not	not	PART
cblr-13005	184	63	to	to	PART
cblr-13005	184	64	reach	reach	VERB
cblr-13005	184	65	normative	normative	ADJ
cblr-13005	184	66	conclusions	conclusion	NOUN
cblr-13005	184	67	herself	herself	PRON
cblr-13005	184	68	,	,	PUNCT
cblr-13005	184	69	identifying	identify	VERB
cblr-13005	184	70	several	several	ADJ
cblr-13005	184	71	reasons	reason	NOUN
cblr-13005	184	72	why	why	SCONJ
cblr-13005	184	73	“	"	PUNCT
cblr-13005	184	74	common	common	ADJ
cblr-13005	184	75	ownership	ownership	NOUN
cblr-13005	184	76	internalization	internalization	NOUN
cblr-13005	184	77	of	of	ADP
cblr-13005	184	78	negative	negative	ADJ
cblr-13005	184	79	externalities	externality	NOUN
cblr-13005	184	80	”	"	PUNCT
cblr-13005	184	81	might	might	AUX
cblr-13005	184	82	not	not	PART
cblr-13005	184	83	be	be	AUX
cblr-13005	184	84	socially	socially	ADV
cblr-13005	184	85	desirable.33	desirable.33	ADJ
cblr-13005	184	86	29	29	NUM
cblr-13005	184	87	enthusiasm	enthusiasm	NOUN
cblr-13005	184	88	for	for	ADP
cblr-13005	184	89	portfolio	portfolio	NOUN
cblr-13005	184	90	-	-	PUNCT
cblr-13005	184	91	focused	focus	VERB
cblr-13005	184	92	stewardship	stewardship	NOUN
cblr-13005	184	93	extends	extend	VERB
cblr-13005	184	94	beyond	beyond	ADP
cblr-13005	184	95	the	the	DET
cblr-13005	184	96	ivory	ivory	PROPN
cblr-13005	184	97	tower	tower	PROPN
cblr-13005	184	98	.	.	PUNCT
cblr-13005	185	1	organizations	organization	NOUN
cblr-13005	185	2	like	like	ADP
cblr-13005	185	3	the	the	DET
cblr-13005	185	4	shareholder	shareholder	NOUN
cblr-13005	185	5	commons	common	NOUN
cblr-13005	185	6	provide	provide	VERB
cblr-13005	185	7	tools	tool	NOUN
cblr-13005	185	8	to	to	ADP
cblr-13005	185	9	asset	asset	NOUN
cblr-13005	185	10	managers	manager	NOUN
cblr-13005	185	11	to	to	PART
cblr-13005	185	12	help	help	VERB
cblr-13005	185	13	them	they	PRON
cblr-13005	185	14	ensure	ensure	VERB
cblr-13005	185	15	that	that	SCONJ
cblr-13005	185	16	portfolio	portfolio	NOUN
cblr-13005	185	17	firms	firm	NOUN
cblr-13005	185	18	“	"	PUNCT
cblr-13005	185	19	prioritize	prioritize	VERB
cblr-13005	185	20	their	their	PRON
cblr-13005	185	21	systemic	systemic	ADJ
cblr-13005	185	22	impacts	impact	NOUN
cblr-13005	185	23	over	over	ADP
cblr-13005	185	24	individual	individual	ADJ
cblr-13005	185	25	company	company	NOUN
cblr-13005	185	26	profit	profit	NOUN
cblr-13005	185	27	in	in	ADP
cblr-13005	185	28	order	order	NOUN
cblr-13005	185	29	to	to	PART
cblr-13005	185	30	protect	protect	VERB
cblr-13005	185	31	portfolio	portfolio	NOUN
cblr-13005	185	32	values	value	NOUN
cblr-13005	185	33	.	.	PUNCT
cblr-13005	185	34	”	"	PUNCT
cblr-13005	186	1	see	see	VERB
cblr-13005	186	2	system	system	NOUN
cblr-13005	186	3	stewardship	stewardship	NOUN
cblr-13005	186	4	theory	theory	NOUN
cblr-13005	186	5	,	,	PUNCT
cblr-13005	186	6	s’holder	s’holder	NOUN
cblr-13005	186	7	commons	common	NOUN
cblr-13005	186	8	,	,	PUNCT
cblr-13005	186	9	https://theshareholdercommons.com/resources-page/#tsc-and-system-stewardship	https://theshareholdercommons.com/resources-page/#tsc-and-system-stewardship	NOUN
cblr-13005	186	10	[	[	X
cblr-13005	186	11	https://perma.cc/r79n-gvf7	https://perma.cc/r79n-gvf7	PROPN
cblr-13005	186	12	]	]	SYM
cblr-13005	186	13	.	.	PROPN
cblr-13005	187	1	30	30	NUM
cblr-13005	187	2	madison	madison	PROPN
cblr-13005	187	3	condon	condon	PROPN
cblr-13005	187	4	,	,	PUNCT
cblr-13005	187	5	externalities	externality	NOUN
cblr-13005	187	6	and	and	CCONJ
cblr-13005	187	7	the	the	DET
cblr-13005	187	8	common	common	ADJ
cblr-13005	187	9	owner	owner	NOUN
cblr-13005	187	10	,	,	PUNCT
cblr-13005	187	11	95	95	NUM
cblr-13005	187	12	wash	wash	NOUN
cblr-13005	187	13	.	.	PUNCT
cblr-13005	188	1	l.	l.	PROPN
cblr-13005	188	2	rev	rev	PROPN
cblr-13005	188	3	.	.	PROPN
cblr-13005	188	4	1	1	NUM
cblr-13005	188	5	(	(	PUNCT
cblr-13005	188	6	2020	2020	NUM
cblr-13005	188	7	)	)	PUNCT
cblr-13005	188	8	.	.	PUNCT
cblr-13005	189	1	for	for	ADP
cblr-13005	189	2	some	some	DET
cblr-13005	189	3	earlier	early	ADJ
cblr-13005	189	4	contributions	contribution	NOUN
cblr-13005	189	5	by	by	ADP
cblr-13005	189	6	scholars	scholar	NOUN
cblr-13005	189	7	in	in	ADP
cblr-13005	189	8	other	other	ADJ
cblr-13005	189	9	disciplines	discipline	NOUN
cblr-13005	189	10	,	,	PUNCT
cblr-13005	189	11	see	see	VERB
cblr-13005	189	12	the	the	DET
cblr-13005	189	13	articles	article	NOUN
cblr-13005	189	14	discussed	discuss	VERB
cblr-13005	189	15	infra	infra	NOUN
cblr-13005	189	16	at	at	ADP
cblr-13005	189	17	note	note	NOUN
cblr-13005	189	18	42	42	NUM
cblr-13005	189	19	,	,	PUNCT
cblr-13005	189	20	as	as	ADV
cblr-13005	189	21	well	well	ADV
cblr-13005	189	22	as	as	ADP
cblr-13005	189	23	james	james	PROPN
cblr-13005	189	24	hawley	hawley	PROPN
cblr-13005	189	25	&	&	CCONJ
cblr-13005	189	26	andrew	andrew	PROPN
cblr-13005	189	27	williams	williams	PROPN
cblr-13005	189	28	,	,	PUNCT
cblr-13005	189	29	the	the	DET
cblr-13005	189	30	emergence	emergence	NOUN
cblr-13005	189	31	of	of	ADP
cblr-13005	189	32	universal	universal	ADJ
cblr-13005	189	33	owners	owner	NOUN
cblr-13005	189	34	:	:	PUNCT
cblr-13005	189	35	some	some	DET
cblr-13005	189	36	implications	implication	NOUN
cblr-13005	189	37	of	of	ADP
cblr-13005	189	38	institutional	institutional	ADJ
cblr-13005	189	39	equity	equity	NOUN
cblr-13005	189	40	ownership	ownership	NOUN
cblr-13005	189	41	,	,	PUNCT
cblr-13005	189	42	43	43	NUM
cblr-13005	189	43	challenge	challenge	NOUN
cblr-13005	189	44	43	43	NUM
cblr-13005	189	45	(	(	PUNCT
cblr-13005	189	46	2000	2000	NUM
cblr-13005	189	47	)	)	PUNCT
cblr-13005	189	48	.	.	PUNCT
cblr-13005	190	1	31	31	NUM
cblr-13005	190	2	condon	condon	NOUN
cblr-13005	190	3	,	,	PUNCT
cblr-13005	190	4	externalities	externality	NOUN
cblr-13005	190	5	and	and	CCONJ
cblr-13005	190	6	the	the	DET
cblr-13005	190	7	common	common	ADJ
cblr-13005	190	8	owner	owner	NOUN
cblr-13005	190	9	,	,	PUNCT
cblr-13005	190	10	supra	supra	PROPN
cblr-13005	190	11	note	note	NOUN
cblr-13005	190	12	30	30	NUM
cblr-13005	190	13	,	,	PUNCT
cblr-13005	190	14	at	at	ADP
cblr-13005	190	15	6	6	NUM
cblr-13005	190	16	.	.	SYM
cblr-13005	190	17	32	32	NUM
cblr-13005	191	1	i	i	PRON
cblr-13005	191	2	d.	d.	PROPN
cblr-13005	191	3	at	at	ADP
cblr-13005	191	4	12	12	NUM
cblr-13005	191	5	,	,	PUNCT
cblr-13005	191	6	19–26	19–26	NUM
cblr-13005	191	7	.	.	PUNCT
cblr-13005	192	1	33	33	NUM
cblr-13005	193	1	i	i	PRON
cblr-13005	193	2	d.	d.	PROPN
cblr-13005	193	3	at	at	ADP
cblr-13005	193	4	65	65	NUM
cblr-13005	193	5	.	.	PUNCT
cblr-13005	194	1	but	but	CCONJ
cblr-13005	194	2	see	see	VERB
cblr-13005	194	3	condon	condon	PROPN
cblr-13005	194	4	,	,	PUNCT
cblr-13005	194	5	market	market	NOUN
cblr-13005	194	6	myopia	myopia	NOUN
cblr-13005	194	7	’s	’s	PART
cblr-13005	194	8	climate	climate	NOUN
cblr-13005	194	9	bubble	bubble	NOUN
cblr-13005	194	10	,	,	PUNCT
cblr-13005	194	11	supra	supra	PROPN
cblr-13005	194	12	note	note	NOUN
cblr-13005	194	13	12	12	NUM
cblr-13005	194	14	,	,	PUNCT
cblr-13005	194	15	at	at	ADP
cblr-13005	194	16	125	125	NUM
cblr-13005	194	17	(	(	PUNCT
cblr-13005	194	18	explaining	explain	VERB
cblr-13005	194	19	that	that	SCONJ
cblr-13005	194	20	“	"	PUNCT
cblr-13005	194	21	large	large	ADJ
cblr-13005	194	22	institutional	institutional	ADJ
cblr-13005	194	23	shareholders	shareholder	NOUN
cblr-13005	194	24	should	should	AUX
cblr-13005	194	25	have	have	VERB
cblr-13005	194	26	a	a	DET
cblr-13005	194	27	particular	particular	ADJ
cblr-13005	194	28	interest	interest	NOUN
cblr-13005	194	29	in	in	ADP
cblr-13005	194	30	how	how	SCONJ
cblr-13005	194	31	climate	climate	NOUN
cblr-13005	194	32	constitutes	constitute	VERB
cblr-13005	194	33	a	a	DET
cblr-13005	194	34	systematic	systematic	ADJ
cblr-13005	194	35	risk	risk	NOUN
cblr-13005	194	36	to	to	ADP
cblr-13005	194	37	their	their	PRON
cblr-13005	194	38	portfolios	portfolio	NOUN
cblr-13005	194	39	,	,	PUNCT
cblr-13005	194	40	as	as	SCONJ
cblr-13005	194	41	these	these	DET
cblr-13005	194	42	unhedgeable	unhedgeable	ADJ
cblr-13005	194	43	risks	risk	NOUN
cblr-13005	194	44	can	can	AUX
cblr-13005	194	45	not	not	PART
cblr-13005	194	46	be	be	AUX
cblr-13005	194	47	diversified	diversify	VERB
cblr-13005	194	48	away	away	ADV
cblr-13005	194	49	,	,	PUNCT
cblr-13005	194	50	”	"	PUNCT
cblr-13005	194	51	and	and	CCONJ
cblr-13005	194	52	stating	state	VERB
cblr-13005	194	53	that	that	SCONJ
cblr-13005	194	54	they	they	PRON
cblr-13005	194	55	therefore	therefore	ADV
cblr-13005	194	56	“	"	PUNCT
cblr-13005	194	57	should	should	AUX
cblr-13005	194	58	”	"	PUNCT
cblr-13005	194	59	integrate	integrate	VERB
cblr-13005	194	60	climate	climate	NOUN
cblr-13005	194	61	risks	risk	NOUN
cblr-13005	194	62	into	into	ADP
cblr-13005	194	63	their	their	PRON
cblr-13005	194	64	stewardship	stewardship	NOUN
cblr-13005	194	65	efforts	effort	NOUN
cblr-13005	194	66	,	,	PUNCT
cblr-13005	194	67	including	include	VERB
cblr-13005	194	68	potentially	potentially	ADV
cblr-13005	194	69	by	by	ADP
cblr-13005	194	70	“	"	PUNCT
cblr-13005	194	71	taking	take	VERB
cblr-13005	194	72	a	a	DET
cblr-13005	194	73	portfolio	portfolio	NOUN
cblr-13005	194	74	perspective	perspective	NOUN
cblr-13005	194	75	and	and	CCONJ
cblr-13005	194	76	no	no	INTJ
cblr-13005	194	77	.	.	NOUN
cblr-13005	195	1	1	1	NUM
cblr-13005	195	2	]	]	PUNCT
cblr-13005	195	3	a	a	DET
cblr-13005	195	4	hard	hard	ADJ
cblr-13005	195	5	look	look	NOUN
cblr-13005	195	6	at	at	ADP
cblr-13005	195	7	portfolio	portfolio	NOUN
cblr-13005	195	8	focused	focused	ADJ
cblr-13005	195	9	stewardship	stewardship	NOUN
cblr-13005	195	10	329	329	NUM
cblr-13005	195	11	john	john	PROPN
cblr-13005	195	12	coffee	coffee	NOUN
cblr-13005	195	13	embraced	embrace	VERB
cblr-13005	195	14	the	the	DET
cblr-13005	195	15	idea	idea	NOUN
cblr-13005	195	16	of	of	ADP
cblr-13005	195	17	portfolio	portfolio	NOUN
cblr-13005	195	18	-	-	PUNCT
cblr-13005	195	19	focused	focus	VERB
cblr-13005	195	20	stewardship	stewardship	NOUN
cblr-13005	195	21	without	without	ADP
cblr-13005	195	22	the	the	DET
cblr-13005	195	23	same	same	ADJ
cblr-13005	195	24	level	level	NOUN
cblr-13005	195	25	of	of	ADP
cblr-13005	195	26	hesitancy	hesitancy	NOUN
cblr-13005	195	27	in	in	ADP
cblr-13005	195	28	his	his	PRON
cblr-13005	195	29	2021	2021	NUM
cblr-13005	195	30	article	article	NOUN
cblr-13005	195	31	the	the	DET
cblr-13005	195	32	future	future	NOUN
cblr-13005	195	33	of	of	ADP
cblr-13005	195	34	disclosure	disclosure	NOUN
cblr-13005	195	35	:	:	PUNCT
cblr-13005	195	36	esg	esg	PROPN
cblr-13005	195	37	,	,	PUNCT
cblr-13005	195	38	common	common	ADJ
cblr-13005	195	39	ownership	ownership	NOUN
cblr-13005	195	40	,	,	PUNCT
cblr-13005	195	41	and	and	CCONJ
cblr-13005	195	42	systematic	systematic	ADJ
cblr-13005	195	43	risk.34	risk.34	NOUN
cblr-13005	195	44	in	in	ADP
cblr-13005	195	45	that	that	DET
cblr-13005	195	46	article	article	NOUN
cblr-13005	195	47	,	,	PUNCT
cblr-13005	195	48	professor	professor	NOUN
cblr-13005	195	49	coffee	coffee	NOUN
cblr-13005	195	50	observed	observe	VERB
cblr-13005	195	51	that	that	SCONJ
cblr-13005	195	52	we	we	PRON
cblr-13005	195	53	may	may	AUX
cblr-13005	195	54	be	be	AUX
cblr-13005	195	55	“	"	PUNCT
cblr-13005	195	56	moving	move	VERB
cblr-13005	195	57	from	from	ADP
cblr-13005	195	58	a	a	DET
cblr-13005	195	59	system	system	NOUN
cblr-13005	195	60	of	of	ADP
cblr-13005	195	61	corporate	corporate	ADJ
cblr-13005	195	62	governance	governance	NOUN
cblr-13005	195	63	that	that	PRON
cblr-13005	195	64	is	be	AUX
cblr-13005	195	65	premised	premise	VERB
cblr-13005	195	66	on	on	ADP
cblr-13005	195	67	a	a	DET
cblr-13005	195	68	‘	'	PUNCT
cblr-13005	195	69	shareholder	shareholder	NOUN
cblr-13005	195	70	primacy	primacy	NOUN
cblr-13005	195	71	model	model	NOUN
cblr-13005	195	72	’	'	PUNCT
cblr-13005	195	73	to	to	ADP
cblr-13005	195	74	a	a	DET
cblr-13005	195	75	system	system	NOUN
cblr-13005	195	76	that	that	PRON
cblr-13005	195	77	is	be	AUX
cblr-13005	195	78	premised	premise	VERB
cblr-13005	195	79	on	on	ADP
cblr-13005	195	80	a	a	DET
cblr-13005	195	81	‘	'	PUNCT
cblr-13005	195	82	portfolio	portfolio	NOUN
cblr-13005	195	83	primacy	primacy	NOUN
cblr-13005	195	84	model	model	NOUN
cblr-13005	195	85	,	,	PUNCT
cblr-13005	195	86	’	'	PUNCT
cblr-13005	195	87	”	"	PUNCT
cblr-13005	195	88	where	where	SCONJ
cblr-13005	195	89	“	"	PUNCT
cblr-13005	195	90	our	our	PRON
cblr-13005	195	91	largest	large	ADJ
cblr-13005	195	92	institutions	institution	NOUN
cblr-13005	195	93	[	[	X
cblr-13005	195	94	]	]	X
cblr-13005	195	95	knowingly	knowingly	ADV
cblr-13005	195	96	accept	accept	VERB
cblr-13005	195	97	,	,	PUNCT
cblr-13005	195	98	and	and	CCONJ
cblr-13005	195	99	even	even	ADV
cblr-13005	195	100	cause	cause	VERB
cblr-13005	195	101	,	,	PUNCT
cblr-13005	195	102	losses	loss	NOUN
cblr-13005	195	103	at	at	ADP
cblr-13005	195	104	some	some	DET
cblr-13005	195	105	firms	firm	NOUN
cblr-13005	195	106	in	in	ADP
cblr-13005	195	107	their	their	PRON
cblr-13005	195	108	portfolio	portfolio	NOUN
cblr-13005	195	109	if	if	SCONJ
cblr-13005	195	110	they	they	PRON
cblr-13005	195	111	expect	expect	VERB
cblr-13005	195	112	that	that	SCONJ
cblr-13005	195	113	those	those	DET
cblr-13005	195	114	losses	loss	NOUN
cblr-13005	195	115	will	will	AUX
cblr-13005	195	116	be	be	AUX
cblr-13005	195	117	outweighed	outweigh	VERB
cblr-13005	195	118	by	by	ADP
cblr-13005	195	119	correlative	correlative	ADJ
cblr-13005	195	120	gains	gain	NOUN
cblr-13005	195	121	at	at	ADP
cblr-13005	195	122	other	other	ADJ
cblr-13005	195	123	portfolio	portfolio	NOUN
cblr-13005	195	124	firms	firm	NOUN
cblr-13005	195	125	.	.	PUNCT
cblr-13005	196	1	”35	”35	VERB
cblr-13005	196	2	“	"	PUNCT
cblr-13005	196	3	[	[	X
cblr-13005	196	4	a	a	X
cblr-13005	196	5	]	]	X
cblr-13005	196	6	possibility	possibility	NOUN
cblr-13005	196	7	has	have	AUX
cblr-13005	196	8	arisen	arise	VERB
cblr-13005	196	9	,	,	PUNCT
cblr-13005	196	10	”	"	PUNCT
cblr-13005	196	11	he	he	PRON
cblr-13005	196	12	writes	write	VERB
cblr-13005	196	13	,	,	PUNCT
cblr-13005	196	14	“	"	PUNCT
cblr-13005	196	15	that	that	SCONJ
cblr-13005	196	16	institutional	institutional	ADJ
cblr-13005	196	17	activism	activism	NOUN
cblr-13005	196	18	may	may	AUX
cblr-13005	196	19	curb	curb	VERB
cblr-13005	196	20	externalities	externality	NOUN
cblr-13005	196	21	and	and	CCONJ
cblr-13005	196	22	lead	lead	VERB
cblr-13005	196	23	to	to	ADP
cblr-13005	196	24	a	a	DET
cblr-13005	196	25	better	well	ADJ
cblr-13005	196	26	(	(	PUNCT
cblr-13005	196	27	and	and	CCONJ
cblr-13005	196	28	not	not	PART
cblr-13005	196	29	just	just	ADV
cblr-13005	196	30	more	more	ADV
cblr-13005	196	31	profitable	profitable	ADJ
cblr-13005	196	32	)	)	PUNCT
cblr-13005	196	33	society	society	NOUN
cblr-13005	196	34	”	"	PUNCT
cblr-13005	196	35	and	and	CCONJ
cblr-13005	196	36	that	that	SCONJ
cblr-13005	196	37	sec	sec	PROPN
cblr-13005	196	38	disclosure	disclosure	NOUN
cblr-13005	196	39	mandates	mandate	NOUN
cblr-13005	196	40	in	in	ADP
cblr-13005	196	41	service	service	NOUN
cblr-13005	196	42	of	of	ADP
cblr-13005	196	43	portfolio	portfolio	NOUN
cblr-13005	196	44	-	-	PUNCT
cblr-13005	196	45	focused	focus	VERB
cblr-13005	196	46	stewardship	stewardship	NOUN
cblr-13005	196	47	efforts	effort	NOUN
cblr-13005	196	48	could	could	AUX
cblr-13005	196	49	help	help	VERB
cblr-13005	196	50	“	"	PUNCT
cblr-13005	196	51	bring	bring	VERB
cblr-13005	196	52	about	about	ADP
cblr-13005	196	53	significant	significant	ADJ
cblr-13005	196	54	social	social	ADJ
cblr-13005	196	55	change	change	NOUN
cblr-13005	196	56	.	.	PUNCT
cblr-13005	197	1	”36	”36	VERB
cblr-13005	197	2	in	in	ADP
cblr-13005	197	3	a	a	DET
cblr-13005	197	4	subsequent	subsequent	ADJ
cblr-13005	197	5	article	article	NOUN
cblr-13005	197	6	titled	title	VERB
cblr-13005	197	7	the	the	DET
cblr-13005	197	8	coming	come	VERB
cblr-13005	197	9	shift	shift	NOUN
cblr-13005	197	10	in	in	ADP
cblr-13005	197	11	shareholder	shareholder	NOUN
cblr-13005	197	12	activism	activism	NOUN
cblr-13005	197	13	:	:	PUNCT
cblr-13005	197	14	from	from	ADP
cblr-13005	197	15	‘	'	PUNCT
cblr-13005	197	16	firm	firm	ADJ
cblr-13005	197	17	-	-	PUNCT
cblr-13005	197	18	specific	specific	NOUN
cblr-13005	197	19	’	'	PUNCT
cblr-13005	197	20	to	to	ADP
cblr-13005	197	21	‘	'	PUNCT
cblr-13005	197	22	systematic	systematic	ADJ
cblr-13005	197	23	risk	risk	NOUN
cblr-13005	197	24	’	'	PUNCT
cblr-13005	197	25	proxy	proxy	NOUN
cblr-13005	197	26	campaigns	campaign	NOUN
cblr-13005	197	27	(	(	PUNCT
cblr-13005	197	28	and	and	CCONJ
cblr-13005	197	29	how	how	SCONJ
cblr-13005	197	30	to	to	PART
cblr-13005	197	31	enable	enable	VERB
cblr-13005	197	32	them	they	PRON
cblr-13005	197	33	)	)	PUNCT
cblr-13005	197	34	,	,	PUNCT
cblr-13005	197	35	he	he	PRON
cblr-13005	197	36	similarly	similarly	ADV
cblr-13005	197	37	asserts	assert	VERB
cblr-13005	197	38	that	that	SCONJ
cblr-13005	197	39	“	"	PUNCT
cblr-13005	197	40	[	[	X
cblr-13005	197	41	i]f	i]f	ADP
cblr-13005	197	42	some	some	DET
cblr-13005	197	43	companies	company	NOUN
cblr-13005	197	44	are	be	AUX
cblr-13005	197	45	imposing	impose	VERB
cblr-13005	197	46	negative	negative	ADJ
cblr-13005	197	47	externalities	externality	NOUN
cblr-13005	197	48	on	on	ADP
cblr-13005	197	49	the	the	DET
cblr-13005	197	50	market	market	NOUN
cblr-13005	197	51	[	[	X
cblr-13005	197	52	as	as	ADP
cblr-13005	197	53	a	a	DET
cblr-13005	197	54	whole	whole	NOUN
cblr-13005	197	55	]	]	PUNCT
cblr-13005	197	56	,	,	PUNCT
cblr-13005	197	57	it	it	PRON
cblr-13005	197	58	would	would	AUX
cblr-13005	197	59	be	be	AUX
cblr-13005	197	60	both	both	PRON
cblr-13005	197	61	rational	rational	ADJ
cblr-13005	197	62	and	and	CCONJ
cblr-13005	197	63	feasible	feasible	ADJ
cblr-13005	197	64	for	for	SCONJ
cblr-13005	197	65	large	large	ADJ
cblr-13005	197	66	index	index	NOUN
cblr-13005	197	67	investors	investor	NOUN
cblr-13005	197	68	to	to	PART
cblr-13005	197	69	seek	seek	VERB
cblr-13005	197	70	to	to	PART
cblr-13005	197	71	curb	curb	VERB
cblr-13005	197	72	such	such	ADJ
cblr-13005	197	73	conduct	conduct	NOUN
cblr-13005	197	74	(	(	PUNCT
cblr-13005	197	75	at	at	ADP
cblr-13005	197	76	least	least	ADJ
cblr-13005	197	77	when	when	SCONJ
cblr-13005	197	78	the	the	DET
cblr-13005	197	79	gains	gain	NOUN
cblr-13005	197	80	from	from	ADP
cblr-13005	197	81	such	such	ADJ
cblr-13005	197	82	efforts	effort	NOUN
cblr-13005	197	83	are	be	AUX
cblr-13005	197	84	expected	expect	VERB
cblr-13005	197	85	to	to	PART
cblr-13005	197	86	exceed	exceed	VERB
cblr-13005	197	87	the	the	DET
cblr-13005	197	88	losses	loss	NOUN
cblr-13005	197	89	to	to	ADP
cblr-13005	197	90	the	the	DET
cblr-13005	197	91	companies	company	NOUN
cblr-13005	197	92	imposing	impose	VERB
cblr-13005	197	93	such	such	ADJ
cblr-13005	197	94	externalities).”37	externalities).”37	NOUN
cblr-13005	197	95	he	he	PRON
cblr-13005	197	96	proceeds	proceed	VERB
cblr-13005	197	97	to	to	PART
cblr-13005	197	98	discuss	discuss	VERB
cblr-13005	197	99	how	how	SCONJ
cblr-13005	197	100	such	such	ADJ
cblr-13005	197	101	behavior	behavior	NOUN
cblr-13005	197	102	can	can	AUX
cblr-13005	197	103	be	be	AUX
cblr-13005	197	104	encouraged	encourage	VERB
cblr-13005	197	105	,	,	PUNCT
cblr-13005	197	106	by	by	ADP
cblr-13005	197	107	identifying	identify	VERB
cblr-13005	197	108	ways	way	NOUN
cblr-13005	197	109	to	to	PART
cblr-13005	197	110	stimulate	stimulate	VERB
cblr-13005	197	111	proxy	proxy	ADJ
cblr-13005	197	112	campaigns	campaign	NOUN
cblr-13005	197	113	with	with	ADP
cblr-13005	197	114	such	such	ADJ
cblr-13005	197	115	aims	aim	NOUN
cblr-13005	197	116	.	.	PUNCT
cblr-13005	198	1	jeffrey	jeffrey	PROPN
cblr-13005	198	2	gordon	gordon	PROPN
cblr-13005	198	3	has	have	AUX
cblr-13005	198	4	similarly	similarly	ADV
cblr-13005	198	5	argued	argue	VERB
cblr-13005	198	6	that	that	SCONJ
cblr-13005	198	7	because	because	SCONJ
cblr-13005	198	8	a	a	DET
cblr-13005	198	9	“	"	PUNCT
cblr-13005	198	10	diversified	diversified	ADJ
cblr-13005	198	11	investment	investment	NOUN
cblr-13005	198	12	vehicle	vehicle	NOUN
cblr-13005	198	13	internalizes	internalize	VERB
cblr-13005	198	14	many	many	ADJ
cblr-13005	198	15	of	of	ADP
cblr-13005	198	16	the	the	DET
cblr-13005	198	17	externalities	externality	NOUN
cblr-13005	198	18	that	that	SCONJ
cblr-13005	198	19	firms	firm	NOUN
cblr-13005	198	20	may	may	AUX
cblr-13005	198	21	create	create	VERB
cblr-13005	198	22	,	,	PUNCT
cblr-13005	198	23	”	"	PUNCT
cblr-13005	198	24	“	"	PUNCT
cblr-13005	198	25	the	the	DET
cblr-13005	198	26	portfolio	portfolio	NOUN
cblr-13005	198	27	managers	manager	NOUN
cblr-13005	198	28	have	have	AUX
cblr-13005	198	29	seeking	seek	VERB
cblr-13005	198	30	direct	direct	ADJ
cblr-13005	198	31	mitigation	mitigation	NOUN
cblr-13005	198	32	of	of	ADP
cblr-13005	198	33	climate	climate	NOUN
cblr-13005	198	34	risk	risk	NOUN
cblr-13005	198	35	itself	itself	PRON
cblr-13005	198	36	through	through	ADP
cblr-13005	198	37	pressuring	pressure	VERB
cblr-13005	198	38	companies	company	NOUN
cblr-13005	198	39	to	to	PART
cblr-13005	198	40	reduce	reduce	VERB
cblr-13005	198	41	their	their	PRON
cblr-13005	198	42	emissions	emission	NOUN
cblr-13005	198	43	”	"	PUNCT
cblr-13005	198	44	)	)	PUNCT
cblr-13005	198	45	.	.	PUNCT
cblr-13005	199	1	34	34	NUM
cblr-13005	199	2	coffee	coffee	NOUN
cblr-13005	199	3	,	,	PUNCT
cblr-13005	199	4	jr	jr	PROPN
cblr-13005	199	5	.	.	PROPN
cblr-13005	199	6	,	,	PUNCT
cblr-13005	199	7	supra	supra	PROPN
cblr-13005	199	8	note	note	PROPN
cblr-13005	199	9	14	14	NUM
cblr-13005	199	10	.	.	PUNCT
cblr-13005	199	11	coffee	coffee	NOUN
cblr-13005	199	12	does	do	AUX
cblr-13005	199	13	note	note	VERB
cblr-13005	199	14	in	in	ADP
cblr-13005	199	15	passing	pass	VERB
cblr-13005	199	16	that	that	SCONJ
cblr-13005	199	17	this	this	DET
cblr-13005	199	18	phenomenon	phenomenon	NOUN
cblr-13005	199	19	may	may	AUX
cblr-13005	199	20	work	work	VERB
cblr-13005	199	21	to	to	ADP
cblr-13005	199	22	the	the	DET
cblr-13005	199	23	detriment	detriment	NOUN
cblr-13005	199	24	of	of	ADP
cblr-13005	199	25	undiversified	undiversified	ADJ
cblr-13005	199	26	retail	retail	ADJ
cblr-13005	199	27	investors	investor	NOUN
cblr-13005	199	28	,	,	PUNCT
cblr-13005	199	29	prompt	prompt	ADJ
cblr-13005	199	30	political	political	ADJ
cblr-13005	199	31	backlash	backlash	NOUN
cblr-13005	199	32	,	,	PUNCT
cblr-13005	199	33	and	and	CCONJ
cblr-13005	199	34	lead	lead	VERB
cblr-13005	199	35	to	to	ADP
cblr-13005	199	36	anticompetitive	anticompetitive	ADJ
cblr-13005	199	37	effects	effect	NOUN
cblr-13005	199	38	.	.	PUNCT
cblr-13005	200	1	35	35	NUM
cblr-13005	201	1	i	i	PRON
cblr-13005	201	2	d.	d.	NOUN
cblr-13005	201	3	at	at	ADP
cblr-13005	201	4	604–05	604–05	NUM
cblr-13005	201	5	.	.	PUNCT
cblr-13005	202	1	36	36	NUM
cblr-13005	203	1	i	i	PRON
cblr-13005	203	2	d.	d.	PROPN
cblr-13005	203	3	at	at	ADP
cblr-13005	203	4	650	650	NUM
cblr-13005	203	5	.	.	PUNCT
cblr-13005	204	1	37	37	NUM
cblr-13005	204	2	john	john	PROPN
cblr-13005	204	3	c.	c.	PROPN
cblr-13005	204	4	coffee	coffee	PROPN
cblr-13005	204	5	,	,	PUNCT
cblr-13005	204	6	jr	jr	PROPN
cblr-13005	204	7	.	.	PROPN
cblr-13005	204	8	,	,	PUNCT
cblr-13005	204	9	the	the	DET
cblr-13005	204	10	coming	come	VERB
cblr-13005	204	11	shift	shift	NOUN
cblr-13005	204	12	in	in	ADP
cblr-13005	204	13	shareholder	shareholder	NOUN
cblr-13005	204	14	activism	activism	NOUN
cblr-13005	204	15	:	:	PUNCT
cblr-13005	204	16	from	from	ADP
cblr-13005	204	17	“	"	PUNCT
cblr-13005	204	18	firm	firm	ADJ
cblr-13005	204	19	-	-	PUNCT
cblr-13005	204	20	specific	specific	NOUN
cblr-13005	204	21	”	"	PUNCT
cblr-13005	204	22	to	to	ADP
cblr-13005	204	23	“	"	PUNCT
cblr-13005	204	24	systematic	systematic	ADJ
cblr-13005	204	25	risk	risk	NOUN
cblr-13005	204	26	”	"	PUNCT
cblr-13005	204	27	proxy	proxy	ADJ
cblr-13005	204	28	campaigns	campaign	NOUN
cblr-13005	204	29	(	(	PUNCT
cblr-13005	204	30	and	and	CCONJ
cblr-13005	204	31	how	how	SCONJ
cblr-13005	204	32	to	to	PART
cblr-13005	204	33	enable	enable	VERB
cblr-13005	204	34	them	they	PRON
cblr-13005	204	35	)	)	PUNCT
cblr-13005	204	36	,	,	PUNCT
cblr-13005	204	37	16	16	NUM
cblr-13005	204	38	brook	brook	NOUN
cblr-13005	204	39	.	.	PUNCT
cblr-13005	205	1	j.	j.	PROPN
cblr-13005	205	2	corp	corp	PROPN
cblr-13005	205	3	.	.	PROPN
cblr-13005	205	4	fin	fin	PROPN
cblr-13005	205	5	.	.	PUNCT
cblr-13005	205	6	&	&	CCONJ
cblr-13005	205	7	com	com	PROPN
cblr-13005	205	8	.	.	PROPN
cblr-13005	205	9	l.	l.	PROPN
cblr-13005	205	10	45	45	NUM
cblr-13005	205	11	,	,	PUNCT
cblr-13005	205	12	50	50	NUM
cblr-13005	205	13	(	(	PUNCT
cblr-13005	205	14	2021	2021	NUM
cblr-13005	205	15	)	)	PUNCT
cblr-13005	205	16	.	.	PUNCT
cblr-13005	206	1	330	330	NUM
cblr-13005	206	2	columbia	columbia	PROPN
cblr-13005	206	3	business	business	NOUN
cblr-13005	206	4	law	law	NOUN
cblr-13005	206	5	review	review	NOUN
cblr-13005	206	6	[	[	X
cblr-13005	206	7	vol	vol	NOUN
cblr-13005	206	8	.	.	PUNCT
cblr-13005	207	1	2024	2024	NUM
cblr-13005	207	2	incentives	incentive	NOUN
cblr-13005	207	3	to	to	PART
cblr-13005	207	4	exercise	exercise	VERB
cblr-13005	207	5	corporate	corporate	ADJ
cblr-13005	207	6	governance	governance	NOUN
cblr-13005	207	7	rights	right	NOUN
cblr-13005	207	8	to	to	PART
cblr-13005	207	9	mitigate	mitigate	VERB
cblr-13005	207	10	them	they	PRON
cblr-13005	207	11	.	.	PUNCT
cblr-13005	208	1	”38	”38	PROPN
cblr-13005	208	2	his	his	PRON
cblr-13005	208	3	2022	2022	NUM
cblr-13005	208	4	article	article	NOUN
cblr-13005	208	5	systematic	systematic	ADJ
cblr-13005	208	6	stewardship	stewardship	NOUN
cblr-13005	208	7	advocates	advocate	VERB
cblr-13005	208	8	for	for	ADP
cblr-13005	208	9	a	a	DET
cblr-13005	208	10	portfolio	portfolio	NOUN
cblr-13005	208	11	-	-	PUNCT
cblr-13005	208	12	focused	focus	VERB
cblr-13005	208	13	stewardship	stewardship	NOUN
cblr-13005	208	14	approach	approach	NOUN
cblr-13005	208	15	,	,	PUNCT
cblr-13005	208	16	albeit	albeit	SCONJ
cblr-13005	208	17	one	one	NUM
cblr-13005	208	18	that	that	PRON
cblr-13005	208	19	“	"	PUNCT
cblr-13005	208	20	focuses	focus	VERB
cblr-13005	208	21	not	not	PART
cblr-13005	208	22	on	on	ADP
cblr-13005	208	23	increasing	increase	VERB
cblr-13005	208	24	expected	expect	VERB
cblr-13005	208	25	returns	return	NOUN
cblr-13005	208	26	across	across	ADP
cblr-13005	208	27	the	the	DET
cblr-13005	208	28	portfolio	portfolio	NOUN
cblr-13005	208	29	but	but	CCONJ
cblr-13005	208	30	on	on	ADP
cblr-13005	208	31	reducing	reduce	VERB
cblr-13005	208	32	systematic	systematic	ADJ
cblr-13005	208	33	risk	risk	NOUN
cblr-13005	208	34	and	and	CCONJ
cblr-13005	208	35	,	,	PUNCT
cblr-13005	208	36	in	in	ADP
cblr-13005	208	37	this	this	DET
cblr-13005	208	38	way	way	NOUN
cblr-13005	208	39	,	,	PUNCT
cblr-13005	208	40	improving	improve	VERB
cblr-13005	208	41	risk	risk	NOUN
cblr-13005	208	42	-	-	PUNCT
cblr-13005	208	43	adjusted	adjust	VERB
cblr-13005	208	44	portfolio	portfolio	NOUN
cblr-13005	208	45	returns	return	NOUN
cblr-13005	208	46	.	.	PUNCT
cblr-13005	209	1	”39	”39	PROPN
cblr-13005	209	2	professor	professor	PROPN
cblr-13005	209	3	gordon	gordon	PROPN
cblr-13005	209	4	views	view	VERB
cblr-13005	209	5	such	such	ADJ
cblr-13005	209	6	interventions	intervention	NOUN
cblr-13005	209	7	as	as	ADP
cblr-13005	209	8	compatible	compatible	ADJ
cblr-13005	209	9	with	with	ADP
cblr-13005	209	10	asset	asset	NOUN
cblr-13005	209	11	manager	manager	NOUN
cblr-13005	209	12	incentives	incentive	VERB
cblr-13005	209	13	because	because	SCONJ
cblr-13005	209	14	,	,	PUNCT
cblr-13005	209	15	if	if	SCONJ
cblr-13005	209	16	successful	successful	ADJ
cblr-13005	209	17	,	,	PUNCT
cblr-13005	209	18	they	they	PRON
cblr-13005	209	19	“	"	PUNCT
cblr-13005	209	20	will	will	AUX
cblr-13005	209	21	reduce	reduce	VERB
cblr-13005	209	22	the	the	DET
cblr-13005	209	23	likelihood	likelihood	NOUN
cblr-13005	209	24	of	of	ADP
cblr-13005	209	25	events	event	NOUN
cblr-13005	209	26	that	that	PRON
cblr-13005	209	27	could	could	AUX
cblr-13005	209	28	abruptly	abruptly	ADV
cblr-13005	209	29	shrink	shrink	VERB
cblr-13005	209	30	portfolio	portfolio	NOUN
cblr-13005	209	31	values	value	NOUN
cblr-13005	209	32	and	and	CCONJ
cblr-13005	209	33	thus	thus	ADV
cblr-13005	209	34	reduce	reduce	VERB
cblr-13005	209	35	manager	manager	NOUN
cblr-13005	209	36	profits	profit	NOUN
cblr-13005	209	37	.	.	PUNCT
cblr-13005	210	1	”40	”40	NOUN
cblr-13005	210	2	such	such	ADJ
cblr-13005	210	3	interventions	intervention	NOUN
cblr-13005	210	4	,	,	PUNCT
cblr-13005	210	5	he	he	PRON
cblr-13005	210	6	believes	believe	VERB
cblr-13005	210	7	,	,	PUNCT
cblr-13005	210	8	are	be	AUX
cblr-13005	210	9	best	well	ADV
cblr-13005	210	10	targeted	target	VERB
cblr-13005	210	11	at	at	ADP
cblr-13005	210	12	a	a	DET
cblr-13005	210	13	subset	subset	NOUN
cblr-13005	210	14	of	of	ADP
cblr-13005	210	15	systematic	systematic	ADJ
cblr-13005	210	16	risk	risk	NOUN
cblr-13005	210	17	,	,	PUNCT
cblr-13005	210	18	namely	namely	ADV
cblr-13005	210	19	systemic	systemic	ADJ
cblr-13005	210	20	risks	risk	NOUN
cblr-13005	210	21	like	like	ADP
cblr-13005	210	22	climate	climate	NOUN
cblr-13005	210	23	change	change	NOUN
cblr-13005	210	24	risk	risk	NOUN
cblr-13005	210	25	,	,	PUNCT
cblr-13005	210	26	financial	financial	ADJ
cblr-13005	210	27	stability	stability	NOUN
cblr-13005	210	28	risk	risk	NOUN
cblr-13005	210	29	,	,	PUNCT
cblr-13005	210	30	and	and	CCONJ
cblr-13005	210	31	what	what	PRON
cblr-13005	210	32	he	he	PRON
cblr-13005	210	33	calls	call	VERB
cblr-13005	210	34	“	"	PUNCT
cblr-13005	210	35	social	social	ADJ
cblr-13005	210	36	stability	stability	NOUN
cblr-13005	210	37	risk	risk	NOUN
cblr-13005	210	38	,	,	PUNCT
cblr-13005	210	39	”	"	PUNCT
cblr-13005	210	40	as	as	SCONJ
cblr-13005	210	41	the	the	DET
cblr-13005	210	42	avoidance	avoidance	NOUN
cblr-13005	210	43	or	or	CCONJ
cblr-13005	210	44	mitigation	mitigation	NOUN
cblr-13005	210	45	of	of	ADP
cblr-13005	210	46	such	such	ADJ
cblr-13005	210	47	risks	risk	NOUN
cblr-13005	210	48	would	would	AUX
cblr-13005	210	49	have	have	VERB
cblr-13005	210	50	a	a	DET
cblr-13005	210	51	bigger	big	ADJ
cblr-13005	210	52	impact	impact	NOUN
cblr-13005	210	53	on	on	ADP
cblr-13005	210	54	riskadjusted	riskadjusted	ADJ
cblr-13005	210	55	portfolio	portfolio	NOUN
cblr-13005	210	56	returns	return	NOUN
cblr-13005	210	57	than	than	ADP
cblr-13005	210	58	the	the	DET
cblr-13005	210	59	avoidance	avoidance	NOUN
cblr-13005	210	60	or	or	CCONJ
cblr-13005	210	61	mitigation	mitigation	NOUN
cblr-13005	210	62	of	of	ADP
cblr-13005	210	63	non	non	ADJ
cblr-13005	210	64	-	-	ADJ
cblr-13005	210	65	systemic	systemic	ADJ
cblr-13005	210	66	systematic	systematic	ADJ
cblr-13005	210	67	risks	risk	NOUN
cblr-13005	210	68	.	.	PUNCT
cblr-13005	211	1	he	he	PRON
cblr-13005	211	2	identifies	identify	VERB
cblr-13005	211	3	several	several	ADJ
cblr-13005	211	4	forms	form	NOUN
cblr-13005	211	5	these	these	DET
cblr-13005	211	6	interventions	intervention	NOUN
cblr-13005	211	7	might	might	AUX
cblr-13005	211	8	take	take	VERB
cblr-13005	211	9	,	,	PUNCT
cblr-13005	211	10	including	include	VERB
cblr-13005	211	11	the	the	DET
cblr-13005	211	12	endorsement	endorsement	NOUN
cblr-13005	211	13	of	of	ADP
cblr-13005	211	14	shareholder	shareholder	NOUN
cblr-13005	211	15	proposals	proposal	NOUN
cblr-13005	211	16	that	that	PRON
cblr-13005	211	17	call	call	VERB
cblr-13005	211	18	for	for	ADP
cblr-13005	211	19	“	"	PUNCT
cblr-13005	211	20	a	a	DET
cblr-13005	211	21	modification	modification	NOUN
cblr-13005	211	22	in	in	ADP
cblr-13005	211	23	business	business	NOUN
cblr-13005	211	24	conduct	conduct	NOUN
cblr-13005	211	25	.	.	PUNCT
cblr-13005	212	1	”41	”41	PROPN
cblr-13005	212	2	38	38	NUM
cblr-13005	212	3	jeffrey	jeffrey	PROPN
cblr-13005	212	4	n.	n.	PROPN
cblr-13005	212	5	gordon	gordon	PROPN
cblr-13005	212	6	,	,	PUNCT
cblr-13005	212	7	systematic	systematic	ADJ
cblr-13005	212	8	stewardship	stewardship	NOUN
cblr-13005	212	9	,	,	PUNCT
cblr-13005	212	10	47	47	NUM
cblr-13005	212	11	j.	j.	PROPN
cblr-13005	212	12	corp	corp	PROPN
cblr-13005	212	13	.	.	PROPN
cblr-13005	212	14	l.	l.	PROPN
cblr-13005	212	15	627	627	NUM
cblr-13005	212	16	,	,	PUNCT
cblr-13005	212	17	633	633	NUM
cblr-13005	212	18	(	(	PUNCT
cblr-13005	212	19	2022	2022	NUM
cblr-13005	212	20	)	)	PUNCT
cblr-13005	212	21	.	.	PUNCT
cblr-13005	213	1	39	39	NUM
cblr-13005	214	1	i	i	PRON
cblr-13005	214	2	d.	d.	PROPN
cblr-13005	214	3	at	at	ADP
cblr-13005	214	4	646–47	646–47	NUM
cblr-13005	214	5	.	.	PUNCT
cblr-13005	215	1	40	40	NUM
cblr-13005	216	1	i	i	PRON
cblr-13005	216	2	d.	d.	VERB
cblr-13005	216	3	at	at	ADP
cblr-13005	216	4	647–48	647–48	PROPN
cblr-13005	216	5	.	.	PUNCT
cblr-13005	217	1	in	in	ADP
cblr-13005	217	2	earlier	early	ADJ
cblr-13005	217	3	work	work	NOUN
cblr-13005	217	4	with	with	ADP
cblr-13005	217	5	john	john	PROPN
cblr-13005	217	6	armour	armour	PROPN
cblr-13005	217	7	,	,	PUNCT
cblr-13005	217	8	professor	professor	PROPN
cblr-13005	217	9	gordon	gordon	PROPN
cblr-13005	217	10	dismissed	dismiss	VERB
cblr-13005	217	11	the	the	DET
cblr-13005	217	12	potential	potential	NOUN
cblr-13005	217	13	for	for	SCONJ
cblr-13005	217	14	index	index	NOUN
cblr-13005	217	15	fund	fund	NOUN
cblr-13005	217	16	managers	manager	NOUN
cblr-13005	217	17	to	to	PART
cblr-13005	217	18	effectively	effectively	ADV
cblr-13005	217	19	address	address	VERB
cblr-13005	217	20	systemic	systemic	ADJ
cblr-13005	217	21	risks	risk	NOUN
cblr-13005	217	22	through	through	ADP
cblr-13005	217	23	firm	firm	ADJ
cblr-13005	217	24	-	-	PUNCT
cblr-13005	217	25	level	level	NOUN
cblr-13005	217	26	(	(	PUNCT
cblr-13005	217	27	as	as	SCONJ
cblr-13005	217	28	opposed	oppose	VERB
cblr-13005	217	29	to	to	ADP
cblr-13005	217	30	political	political	ADJ
cblr-13005	217	31	)	)	PUNCT
cblr-13005	217	32	channels	channel	NOUN
cblr-13005	217	33	,	,	PUNCT
cblr-13005	217	34	due	due	ADP
cblr-13005	217	35	to	to	ADP
cblr-13005	217	36	their	their	PRON
cblr-13005	217	37	poor	poor	ADJ
cblr-13005	217	38	incentives	incentive	NOUN
cblr-13005	217	39	.	.	PUNCT
cblr-13005	218	1	john	john	PROPN
cblr-13005	218	2	armour	armour	PROPN
cblr-13005	218	3	&	&	CCONJ
cblr-13005	218	4	jeffrey	jeffrey	PROPN
cblr-13005	218	5	n.	n.	PROPN
cblr-13005	218	6	gordon	gordon	PROPN
cblr-13005	218	7	,	,	PUNCT
cblr-13005	218	8	systemic	systemic	ADJ
cblr-13005	218	9	harms	harm	NOUN
cblr-13005	218	10	and	and	CCONJ
cblr-13005	218	11	shareholder	shareholder	NOUN
cblr-13005	218	12	value	value	NOUN
cblr-13005	218	13	,	,	PUNCT
cblr-13005	218	14	6	6	NUM
cblr-13005	218	15	j.	j.	PROPN
cblr-13005	218	16	legal	legal	ADJ
cblr-13005	218	17	analysis	analysis	NOUN
cblr-13005	218	18	35	35	NUM
cblr-13005	218	19	,	,	PUNCT
cblr-13005	218	20	60–61	60–61	NUM
cblr-13005	218	21	(	(	PUNCT
cblr-13005	218	22	2014	2014	NUM
cblr-13005	218	23	)	)	PUNCT
cblr-13005	218	24	.	.	PUNCT
cblr-13005	219	1	41	41	NUM
cblr-13005	219	2	gordon	gordon	PROPN
cblr-13005	219	3	,	,	PUNCT
cblr-13005	219	4	systematic	systematic	ADJ
cblr-13005	219	5	stewardship	stewardship	NOUN
cblr-13005	219	6	,	,	PUNCT
cblr-13005	219	7	supra	supra	PROPN
cblr-13005	219	8	note	note	PROPN
cblr-13005	219	9	38	38	NUM
cblr-13005	219	10	,	,	PUNCT
cblr-13005	219	11	at	at	ADP
cblr-13005	219	12	660	660	NUM
cblr-13005	219	13	.	.	PUNCT
cblr-13005	220	1	professors	professor	NOUN
cblr-13005	220	2	luca	luca	PROPN
cblr-13005	220	3	enriques	enriques	PROPN
cblr-13005	220	4	&	&	CCONJ
cblr-13005	220	5	alessandro	alessandro	PROPN
cblr-13005	220	6	romano	romano	NOUN
cblr-13005	220	7	also	also	ADV
cblr-13005	220	8	endorse	endorse	VERB
cblr-13005	220	9	portfolio	portfolio	NOUN
cblr-13005	220	10	-	-	PUNCT
cblr-13005	220	11	focused	focus	VERB
cblr-13005	220	12	stewardship	stewardship	NOUN
cblr-13005	220	13	,	,	PUNCT
cblr-13005	220	14	but	but	CCONJ
cblr-13005	220	15	only	only	ADV
cblr-13005	220	16	vis	vis	X
cblr-13005	220	17	-	-	ADJ
cblr-13005	220	18	à	à	X
cblr-13005	220	19	-	-	PUNCT
cblr-13005	220	20	vis	vis	X
cblr-13005	220	21	certain	certain	ADJ
cblr-13005	220	22	“	"	PUNCT
cblr-13005	220	23	central	central	ADJ
cblr-13005	220	24	”	"	PUNCT
cblr-13005	220	25	firms	firm	NOUN
cblr-13005	220	26	that	that	PRON
cblr-13005	220	27	play	play	VERB
cblr-13005	220	28	a	a	DET
cblr-13005	220	29	large	large	ADJ
cblr-13005	220	30	role	role	NOUN
cblr-13005	220	31	in	in	ADP
cblr-13005	220	32	generating	generate	VERB
cblr-13005	220	33	system	system	NOUN
cblr-13005	220	34	-	-	PUNCT
cblr-13005	220	35	wide	wide	ADJ
cblr-13005	220	36	externalities	externality	NOUN
cblr-13005	220	37	;	;	PUNCT
cblr-13005	220	38	they	they	PRON
cblr-13005	220	39	believe	believe	VERB
cblr-13005	220	40	firm	firm	ADJ
cblr-13005	220	41	-	-	PUNCT
cblr-13005	220	42	value	value	NOUN
cblr-13005	220	43	maximizing	maximize	VERB
cblr-13005	220	44	shareholders	shareholder	NOUN
cblr-13005	220	45	should	should	AUX
cblr-13005	220	46	have	have	VERB
cblr-13005	220	47	greater	great	ADJ
cblr-13005	220	48	influence	influence	NOUN
cblr-13005	220	49	than	than	ADP
cblr-13005	220	50	portfolio	portfolio	NOUN
cblr-13005	220	51	-	-	PUNCT
cblr-13005	220	52	value	value	NOUN
cblr-13005	220	53	maximizing	maximize	VERB
cblr-13005	220	54	shareholders	shareholder	NOUN
cblr-13005	220	55	in	in	ADP
cblr-13005	220	56	other	other	ADJ
cblr-13005	220	57	firms	firm	NOUN
cblr-13005	220	58	.	.	PUNCT
cblr-13005	221	1	see	see	VERB
cblr-13005	221	2	generally	generally	ADV
cblr-13005	221	3	luca	luca	PROPN
cblr-13005	221	4	enriques	enriques	PROPN
cblr-13005	221	5	&	&	CCONJ
cblr-13005	221	6	alessandro	alessandro	PROPN
cblr-13005	221	7	romano	romano	NOUN
cblr-13005	221	8	,	,	PUNCT
cblr-13005	221	9	rewiring	rewire	VERB
cblr-13005	221	10	corporate	corporate	ADJ
cblr-13005	221	11	law	law	NOUN
cblr-13005	221	12	for	for	ADP
cblr-13005	221	13	an	an	DET
cblr-13005	221	14	interconnected	interconnected	ADJ
cblr-13005	221	15	world	world	NOUN
cblr-13005	221	16	,	,	PUNCT
cblr-13005	221	17	64	64	NUM
cblr-13005	221	18	ariz	ariz	NOUN
cblr-13005	221	19	.	.	PUNCT
cblr-13005	222	1	l.	l.	PROPN
cblr-13005	222	2	rev	rev	PROPN
cblr-13005	222	3	.	.	PROPN
cblr-13005	222	4	51	51	NUM
cblr-13005	222	5	(	(	PUNCT
cblr-13005	222	6	2022	2022	NUM
cblr-13005	222	7	)	)	PUNCT
cblr-13005	222	8	;	;	PUNCT
cblr-13005	222	9	see	see	VERB
cblr-13005	222	10	also	also	ADV
cblr-13005	222	11	armour	armour	PROPN
cblr-13005	222	12	&	&	CCONJ
cblr-13005	222	13	gordon	gordon	PROPN
cblr-13005	222	14	,	,	PUNCT
cblr-13005	222	15	supra	supra	PROPN
cblr-13005	222	16	note	note	NOUN
cblr-13005	222	17	40	40	NUM
cblr-13005	222	18	(	(	PUNCT
cblr-13005	222	19	generally	generally	ADV
cblr-13005	222	20	endorsing	endorse	VERB
cblr-13005	222	21	the	the	DET
cblr-13005	222	22	share	share	NOUN
cblr-13005	222	23	value	value	NOUN
cblr-13005	222	24	maximization	maximization	NOUN
cblr-13005	222	25	norm	norm	NOUN
cblr-13005	222	26	but	but	CCONJ
cblr-13005	222	27	arguing	argue	VERB
cblr-13005	222	28	that	that	SCONJ
cblr-13005	222	29	it	it	PRON
cblr-13005	222	30	should	should	AUX
cblr-13005	222	31	be	be	AUX
cblr-13005	222	32	relaxed	relax	VERB
cblr-13005	222	33	in	in	ADP
cblr-13005	222	34	systemically	systemically	ADV
cblr-13005	222	35	important	important	ADJ
cblr-13005	222	36	financial	financial	ADJ
cblr-13005	222	37	firms	firm	NOUN
cblr-13005	222	38	)	)	PUNCT
cblr-13005	222	39	.	.	PUNCT
cblr-13005	223	1	no	no	INTJ
cblr-13005	223	2	.	.	NOUN
cblr-13005	224	1	1	1	NUM
cblr-13005	224	2	]	]	PUNCT
cblr-13005	224	3	a	a	DET
cblr-13005	224	4	hard	hard	ADJ
cblr-13005	224	5	look	look	NOUN
cblr-13005	224	6	at	at	ADP
cblr-13005	224	7	portfolio	portfolio	NOUN
cblr-13005	224	8	focused	focused	ADJ
cblr-13005	224	9	stewardship	stewardship	NOUN
cblr-13005	224	10	331	331	NUM
cblr-13005	224	11	iii	iii	NOUN
cblr-13005	224	12	.	.	PROPN
cblr-13005	224	13	is	be	AUX
cblr-13005	224	14	portfolio	portfolio	NOUN
cblr-13005	224	15	-	-	PUNCT
cblr-13005	224	16	focused	focus	VERB
cblr-13005	224	17	stewardship	stewardship	NOUN
cblr-13005	224	18	likely	likely	ADJ
cblr-13005	224	19	to	to	PART
cblr-13005	224	20	increase	increase	VERB
cblr-13005	224	21	portfolio	portfolio	NOUN
cblr-13005	224	22	value	value	NOUN
cblr-13005	224	23	?	?	PUNCT
cblr-13005	225	1	to	to	PART
cblr-13005	225	2	assert	assert	VERB
cblr-13005	225	3	that	that	PRON
cblr-13005	225	4	rational	rational	ADJ
cblr-13005	225	5	,	,	PUNCT
cblr-13005	225	6	financially	financially	ADV
cblr-13005	225	7	motivated	motivated	ADJ
cblr-13005	225	8	diversified	diversified	ADJ
cblr-13005	225	9	investors	investor	NOUN
cblr-13005	225	10	want	want	VERB
cblr-13005	225	11	to	to	PART
cblr-13005	225	12	maximize	maximize	VERB
cblr-13005	225	13	the	the	DET
cblr-13005	225	14	value	value	NOUN
cblr-13005	225	15	of	of	ADP
cblr-13005	225	16	their	their	PRON
cblr-13005	225	17	portfolios	portfolio	NOUN
cblr-13005	225	18	and	and	CCONJ
cblr-13005	225	19	are	be	AUX
cblr-13005	225	20	not	not	PART
cblr-13005	225	21	independently	independently	ADV
cblr-13005	225	22	concerned	concerned	ADJ
cblr-13005	225	23	with	with	ADP
cblr-13005	225	24	the	the	DET
cblr-13005	225	25	performance	performance	NOUN
cblr-13005	225	26	of	of	ADP
cblr-13005	225	27	any	any	DET
cblr-13005	225	28	individual	individual	ADJ
cblr-13005	225	29	portfolio	portfolio	NOUN
cblr-13005	225	30	firm	firm	NOUN
cblr-13005	225	31	is	be	AUX
cblr-13005	225	32	tautological	tautological	ADJ
cblr-13005	225	33	.	.	PUNCT
cblr-13005	226	1	the	the	DET
cblr-13005	226	2	hard	hard	ADJ
cblr-13005	226	3	question	question	NOUN
cblr-13005	226	4	is	be	AUX
cblr-13005	226	5	whether	whether	SCONJ
cblr-13005	226	6	such	such	ADJ
cblr-13005	226	7	investors	investor	NOUN
cblr-13005	226	8	would	would	AUX
cblr-13005	226	9	view	view	VERB
cblr-13005	226	10	portfolio	portfolio	NOUN
cblr-13005	226	11	-	-	PUNCT
cblr-13005	226	12	focused	focus	VERB
cblr-13005	226	13	stewardship	stewardship	NOUN
cblr-13005	226	14	as	as	ADP
cblr-13005	226	15	a	a	DET
cblr-13005	226	16	desirable	desirable	ADJ
cblr-13005	226	17	way	way	NOUN
cblr-13005	226	18	to	to	PART
cblr-13005	226	19	pursue	pursue	VERB
cblr-13005	226	20	portfolio	portfolio	NOUN
cblr-13005	226	21	value	value	NOUN
cblr-13005	226	22	maximization	maximization	NOUN
cblr-13005	226	23	.	.	PUNCT
cblr-13005	227	1	under	under	ADP
cblr-13005	227	2	certain	certain	ADJ
cblr-13005	227	3	strict	strict	ADJ
cblr-13005	227	4	assumptions	assumption	NOUN
cblr-13005	227	5	,	,	PUNCT
cblr-13005	227	6	they	they	PRON
cblr-13005	227	7	clearly	clearly	ADV
cblr-13005	227	8	would	would	AUX
cblr-13005	227	9	—	—	PUNCT
cblr-13005	227	10	namely	namely	ADV
cblr-13005	227	11	,	,	PUNCT
cblr-13005	227	12	if	if	SCONJ
cblr-13005	227	13	portfolio	portfolio	NOUN
cblr-13005	227	14	firm	firm	NOUN
cblr-13005	227	15	managers	manager	NOUN
cblr-13005	227	16	did	do	VERB
cblr-13005	227	17	exactly	exactly	ADV
cblr-13005	227	18	what	what	PRON
cblr-13005	227	19	diversified	diversify	VERB
cblr-13005	227	20	investors	investor	NOUN
cblr-13005	227	21	’	’	PART
cblr-13005	227	22	asset	asset	NOUN
cblr-13005	227	23	managers	manager	NOUN
cblr-13005	227	24	asked	ask	VERB
cblr-13005	227	25	them	they	PRON
cblr-13005	227	26	to	to	PART
cblr-13005	227	27	do	do	VERB
cblr-13005	227	28	,	,	PUNCT
cblr-13005	227	29	those	those	DET
cblr-13005	227	30	asset	asset	NOUN
cblr-13005	227	31	managers	manager	NOUN
cblr-13005	227	32	only	only	ADV
cblr-13005	227	33	asked	ask	VERB
cblr-13005	227	34	portfolio	portfolio	NOUN
cblr-13005	227	35	firm	firm	NOUN
cblr-13005	227	36	managers	manager	NOUN
cblr-13005	227	37	to	to	PART
cblr-13005	227	38	do	do	VERB
cblr-13005	227	39	what	what	PRON
cblr-13005	227	40	is	be	AUX
cblr-13005	227	41	portfolio	portfolio	NOUN
cblr-13005	227	42	value	value	NOUN
cblr-13005	227	43	maximizing	maximizing	NOUN
cblr-13005	227	44	,	,	PUNCT
cblr-13005	227	45	and	and	CCONJ
cblr-13005	227	46	the	the	DET
cblr-13005	227	47	whole	whole	ADJ
cblr-13005	227	48	endeavor	endeavor	NOUN
cblr-13005	227	49	were	be	AUX
cblr-13005	227	50	costless	costless	ADJ
cblr-13005	227	51	and	and	CCONJ
cblr-13005	227	52	the	the	DET
cblr-13005	227	53	market	market	NOUN
cblr-13005	227	54	static	static	NOUN
cblr-13005	227	55	.	.	PUNCT
cblr-13005	228	1	early	early	ADJ
cblr-13005	228	2	economic	economic	ADJ
cblr-13005	228	3	proofs	proof	NOUN
cblr-13005	228	4	that	that	PRON
cblr-13005	228	5	diversified	diversified	ADJ
cblr-13005	228	6	investors	investor	NOUN
cblr-13005	228	7	would	would	AUX
cblr-13005	228	8	prefer	prefer	VERB
cblr-13005	228	9	firm	firm	ADJ
cblr-13005	228	10	managers	manager	NOUN
cblr-13005	228	11	to	to	PART
cblr-13005	228	12	manage	manage	VERB
cblr-13005	228	13	with	with	ADP
cblr-13005	228	14	the	the	DET
cblr-13005	228	15	aim	aim	NOUN
cblr-13005	228	16	of	of	ADP
cblr-13005	228	17	maximizing	maximize	VERB
cblr-13005	228	18	portfolio	portfolio	NOUN
cblr-13005	228	19	rather	rather	ADV
cblr-13005	228	20	than	than	ADP
cblr-13005	228	21	firm	firm	ADJ
cblr-13005	228	22	value	value	NOUN
cblr-13005	228	23	,	,	PUNCT
cblr-13005	228	24	cited	cite	VERB
cblr-13005	228	25	by	by	ADP
cblr-13005	228	26	both	both	DET
cblr-13005	228	27	coffee	coffee	NOUN
cblr-13005	228	28	and	and	CCONJ
cblr-13005	228	29	condon	condon	NOUN
cblr-13005	228	30	in	in	ADP
cblr-13005	228	31	the	the	DET
cblr-13005	228	32	articles	article	NOUN
cblr-13005	228	33	discussed	discuss	VERB
cblr-13005	228	34	above	above	ADV
cblr-13005	228	35	,	,	PUNCT
cblr-13005	228	36	are	be	AUX
cblr-13005	228	37	explicitly	explicitly	ADV
cblr-13005	228	38	qualified	qualify	VERB
cblr-13005	228	39	by	by	ADP
cblr-13005	228	40	assumptions	assumption	NOUN
cblr-13005	228	41	this	this	PRON
cblr-13005	228	42	strict.42	strict.42	VERB
cblr-13005	228	43	42	42	NUM
cblr-13005	228	44	professor	professor	NOUN
cblr-13005	228	45	coffee	coffee	NOUN
cblr-13005	228	46	asserts	assert	VERB
cblr-13005	228	47	that	that	SCONJ
cblr-13005	228	48	the	the	DET
cblr-13005	228	49	“	"	PUNCT
cblr-13005	228	50	idea	idea	NOUN
cblr-13005	228	51	that	that	SCONJ
cblr-13005	228	52	common	common	ADJ
cblr-13005	228	53	ownership	ownership	NOUN
cblr-13005	228	54	will	will	AUX
cblr-13005	228	55	lead	lead	VERB
cblr-13005	228	56	rational	rational	ADJ
cblr-13005	228	57	investors	investor	NOUN
cblr-13005	228	58	in	in	ADP
cblr-13005	228	59	a	a	DET
cblr-13005	228	60	common	common	ADJ
cblr-13005	228	61	portfolio	portfolio	NOUN
cblr-13005	228	62	to	to	PART
cblr-13005	228	63	seek	seek	VERB
cblr-13005	228	64	to	to	PART
cblr-13005	228	65	minimize	minimize	VERB
cblr-13005	228	66	externalities	externality	NOUN
cblr-13005	228	67	”	"	PUNCT
cblr-13005	228	68	probably	probably	ADV
cblr-13005	228	69	originates	originate	VERB
cblr-13005	228	70	in	in	ADP
cblr-13005	228	71	a	a	DET
cblr-13005	228	72	1996	1996	NUM
cblr-13005	228	73	article	article	NOUN
cblr-13005	228	74	by	by	ADP
cblr-13005	228	75	economists	economist	NOUN
cblr-13005	228	76	robert	robert	PROPN
cblr-13005	228	77	hansen	hansen	PROPN
cblr-13005	228	78	and	and	CCONJ
cblr-13005	228	79	john	john	PROPN
cblr-13005	228	80	lott	lott	PROPN
cblr-13005	228	81	.	.	PUNCT
cblr-13005	229	1	coffee	coffee	PROPN
cblr-13005	229	2	,	,	PUNCT
cblr-13005	229	3	jr	jr	PROPN
cblr-13005	229	4	.	.	PROPN
cblr-13005	229	5	,	,	PUNCT
cblr-13005	229	6	supra	supra	PROPN
cblr-13005	229	7	note	note	PROPN
cblr-13005	229	8	14	14	NUM
cblr-13005	229	9	,	,	PUNCT
cblr-13005	229	10	at	at	ADP
cblr-13005	229	11	646	646	NUM
cblr-13005	229	12	n.122	n.122	NOUN
cblr-13005	229	13	(	(	PUNCT
cblr-13005	229	14	citing	cite	VERB
cblr-13005	229	15	robert	robert	PROPN
cblr-13005	229	16	hansen	hansen	PROPN
cblr-13005	229	17	&	&	CCONJ
cblr-13005	229	18	john	john	PROPN
cblr-13005	229	19	lott	lott	PROPN
cblr-13005	229	20	,	,	PUNCT
cblr-13005	229	21	externalities	externality	NOUN
cblr-13005	229	22	and	and	CCONJ
cblr-13005	229	23	corporate	corporate	ADJ
cblr-13005	229	24	objectives	objective	NOUN
cblr-13005	229	25	in	in	ADP
cblr-13005	229	26	a	a	DET
cblr-13005	229	27	world	world	NOUN
cblr-13005	229	28	with	with	ADP
cblr-13005	229	29	diversified	diversified	ADJ
cblr-13005	229	30	/	/	SYM
cblr-13005	229	31	shareholders	shareholder	NOUN
cblr-13005	229	32	/	/	SYM
cblr-13005	229	33	consumers	consumer	NOUN
cblr-13005	229	34	,	,	PUNCT
cblr-13005	229	35	31	31	NUM
cblr-13005	229	36	j.	j.	PROPN
cblr-13005	229	37	fin	fin	PROPN
cblr-13005	229	38	.	.	PUNCT
cblr-13005	230	1	&	&	CCONJ
cblr-13005	230	2	quantitative	quantitative	ADJ
cblr-13005	230	3	analysis	analysis	NOUN
cblr-13005	230	4	43	43	NUM
cblr-13005	230	5	(	(	PUNCT
cblr-13005	230	6	1996	1996	NUM
cblr-13005	230	7	)	)	PUNCT
cblr-13005	230	8	)	)	PUNCT
cblr-13005	230	9	.	.	PUNCT
cblr-13005	231	1	he	he	PRON
cblr-13005	231	2	also	also	ADV
cblr-13005	231	3	cites	cite	VERB
cblr-13005	231	4	to	to	ADP
cblr-13005	231	5	a	a	DET
cblr-13005	231	6	paper	paper	NOUN
cblr-13005	231	7	by	by	ADP
cblr-13005	231	8	economist	economist	NOUN
cblr-13005	231	9	roger	roger	PROPN
cblr-13005	231	10	h.	h.	PROPN
cblr-13005	231	11	gordon	gordon	PROPN
cblr-13005	231	12	,	,	PUNCT
cblr-13005	231	13	first	first	ADV
cblr-13005	231	14	published	publish	VERB
cblr-13005	231	15	by	by	ADP
cblr-13005	231	16	the	the	DET
cblr-13005	231	17	national	national	PROPN
cblr-13005	231	18	bureau	bureau	PROPN
cblr-13005	231	19	of	of	ADP
cblr-13005	231	20	economic	economic	ADJ
cblr-13005	231	21	research	research	NOUN
cblr-13005	231	22	in	in	ADP
cblr-13005	231	23	1990	1990	NUM
cblr-13005	231	24	.	.	PUNCT
cblr-13005	232	1	i	i	PRON
cblr-13005	232	2	d.	d.	PROPN
cblr-13005	232	3	(	(	PUNCT
cblr-13005	232	4	citing	cite	VERB
cblr-13005	232	5	roger	roger	PROPN
cblr-13005	232	6	h.	h.	PROPN
cblr-13005	232	7	gordon	gordon	PROPN
cblr-13005	232	8	,	,	PUNCT
cblr-13005	232	9	do	do	AUX
cblr-13005	232	10	publicly	publicly	ADV
cblr-13005	232	11	traded	trade	VERB
cblr-13005	232	12	corporations	corporation	NOUN
cblr-13005	232	13	act	act	VERB
cblr-13005	232	14	in	in	ADP
cblr-13005	232	15	the	the	DET
cblr-13005	232	16	public	public	ADJ
cblr-13005	232	17	interest	interest	NOUN
cblr-13005	232	18	?	?	PUNCT
cblr-13005	233	1	(	(	PUNCT
cblr-13005	233	2	nat’l	nat’l	NUM
cblr-13005	233	3	bureau	bureau	PROPN
cblr-13005	233	4	of	of	ADP
cblr-13005	233	5	econ	econ	PROPN
cblr-13005	233	6	.	.	PUNCT
cblr-13005	234	1	research	research	PROPN
cblr-13005	234	2	,	,	PUNCT
cblr-13005	234	3	working	work	VERB
cblr-13005	234	4	paper	paper	NOUN
cblr-13005	234	5	no	no	NOUN
cblr-13005	234	6	.	.	PROPN
cblr-13005	234	7	3303	3303	NUM
cblr-13005	234	8	,	,	PUNCT
cblr-13005	234	9	1990	1990	NUM
cblr-13005	234	10	)	)	PUNCT
cblr-13005	234	11	)	)	PUNCT
cblr-13005	234	12	.	.	PUNCT
cblr-13005	235	1	madison	madison	PROPN
cblr-13005	235	2	condon	condon	PROPN
cblr-13005	235	3	also	also	ADV
cblr-13005	235	4	cites	cite	VERB
cblr-13005	235	5	to	to	ADP
cblr-13005	235	6	these	these	DET
cblr-13005	235	7	two	two	NUM
cblr-13005	235	8	articles	article	NOUN
cblr-13005	235	9	as	as	ADP
cblr-13005	235	10	support	support	NOUN
cblr-13005	235	11	for	for	ADP
cblr-13005	235	12	the	the	DET
cblr-13005	235	13	proposition	proposition	NOUN
cblr-13005	235	14	that	that	SCONJ
cblr-13005	235	15	“	"	PUNCT
cblr-13005	235	16	[	[	X
cblr-13005	235	17	i]f	i]f	ADP
cblr-13005	235	18	a	a	DET
cblr-13005	235	19	subset	subset	NOUN
cblr-13005	235	20	of	of	ADP
cblr-13005	235	21	firms	firm	NOUN
cblr-13005	235	22	in	in	ADP
cblr-13005	235	23	a	a	DET
cblr-13005	235	24	portfolio	portfolio	NOUN
cblr-13005	235	25	impose	impose	VERB
cblr-13005	235	26	costs	cost	NOUN
cblr-13005	235	27	on	on	ADP
cblr-13005	235	28	the	the	DET
cblr-13005	235	29	broader	broad	ADJ
cblr-13005	235	30	portfolio	portfolio	NOUN
cblr-13005	235	31	through	through	ADP
cblr-13005	235	32	the	the	DET
cblr-13005	235	33	generation	generation	NOUN
cblr-13005	235	34	of	of	ADP
cblr-13005	235	35	negative	negative	ADJ
cblr-13005	235	36	externalities	externality	NOUN
cblr-13005	235	37	,	,	PUNCT
cblr-13005	235	38	a	a	DET
cblr-13005	235	39	portfolio	portfolio	NOUN
cblr-13005	235	40	-	-	PUNCT
cblr-13005	235	41	wide	wide	ADJ
cblr-13005	235	42	owner	owner	NOUN
cblr-13005	235	43	should	should	AUX
cblr-13005	235	44	be	be	AUX
cblr-13005	235	45	motivated	motivate	VERB
cblr-13005	235	46	to	to	PART
cblr-13005	235	47	curtail	curtail	VERB
cblr-13005	235	48	those	those	DET
cblr-13005	235	49	externalities	externality	NOUN
cblr-13005	235	50	at	at	ADP
cblr-13005	235	51	the	the	DET
cblr-13005	235	52	source	source	NOUN
cblr-13005	235	53	.	.	PUNCT
cblr-13005	235	54	”	"	PUNCT
cblr-13005	236	1	condon	condon	PROPN
cblr-13005	236	2	,	,	PUNCT
cblr-13005	236	3	supra	supra	PROPN
cblr-13005	236	4	note	note	NOUN
cblr-13005	236	5	30	30	NUM
cblr-13005	236	6	,	,	PUNCT
cblr-13005	236	7	at	at	ADP
cblr-13005	236	8	6	6	NUM
cblr-13005	236	9	n.19	n.19	NOUN
cblr-13005	236	10	.	.	PUNCT
cblr-13005	237	1	both	both	PRON
cblr-13005	237	2	of	of	ADP
cblr-13005	237	3	the	the	DET
cblr-13005	237	4	referenced	referenced	ADJ
cblr-13005	237	5	papers	paper	NOUN
cblr-13005	237	6	offer	offer	VERB
cblr-13005	237	7	mathematical	mathematical	ADJ
cblr-13005	237	8	models	model	NOUN
cblr-13005	237	9	to	to	PART
cblr-13005	237	10	prove	prove	VERB
cblr-13005	237	11	,	,	PUNCT
cblr-13005	237	12	inter	inter	PROPN
cblr-13005	237	13	alia	alia	NOUN
cblr-13005	237	14	,	,	PUNCT
cblr-13005	237	15	that	that	SCONJ
cblr-13005	237	16	common	common	ADJ
cblr-13005	237	17	owners	owner	NOUN
cblr-13005	237	18	would	would	AUX
cblr-13005	237	19	prefer	prefer	VERB
cblr-13005	237	20	firm	firm	ADJ
cblr-13005	237	21	managers	manager	NOUN
cblr-13005	237	22	to	to	PART
cblr-13005	237	23	pursue	pursue	VERB
cblr-13005	237	24	portfolio	portfolio	NOUN
cblr-13005	237	25	value	value	NOUN
cblr-13005	237	26	maximization	maximization	NOUN
cblr-13005	237	27	over	over	ADP
cblr-13005	237	28	share	share	NOUN
cblr-13005	237	29	value	value	NOUN
cblr-13005	237	30	maximization	maximization	NOUN
cblr-13005	237	31	.	.	PUNCT
cblr-13005	238	1	both	both	PRON
cblr-13005	238	2	of	of	ADP
cblr-13005	238	3	the	the	DET
cblr-13005	238	4	models	model	NOUN
cblr-13005	238	5	are	be	AUX
cblr-13005	238	6	highly	highly	ADV
cblr-13005	238	7	stylized	stylize	VERB
cblr-13005	238	8	.	.	PUNCT
cblr-13005	239	1	one	one	NUM
cblr-13005	239	2	key	key	ADJ
cblr-13005	239	3	assumption	assumption	NOUN
cblr-13005	239	4	is	be	AUX
cblr-13005	239	5	that	that	SCONJ
cblr-13005	239	6	firm	firm	ADJ
cblr-13005	239	7	managers	manager	NOUN
cblr-13005	239	8	always	always	ADV
cblr-13005	239	9	act	act	VERB
cblr-13005	239	10	in	in	ADP
cblr-13005	239	11	the	the	DET
cblr-13005	239	12	interests	interest	NOUN
cblr-13005	239	13	of	of	ADP
cblr-13005	239	14	common	common	ADJ
cblr-13005	239	15	owners	owner	NOUN
cblr-13005	239	16	(	(	PUNCT
cblr-13005	239	17	assuming	assume	VERB
cblr-13005	239	18	the	the	DET
cblr-13005	239	19	latter	latter	ADJ
cblr-13005	239	20	have	have	AUX
cblr-13005	239	21	voting	vote	VERB
cblr-13005	239	22	control)—viz	control)—viz	VERB
cblr-13005	239	23	.	.	PROPN
cblr-13005	239	24	,	,	PUNCT
cblr-13005	239	25	that	that	SCONJ
cblr-13005	239	26	there	there	PRON
cblr-13005	239	27	are	be	VERB
cblr-13005	239	28	no	no	DET
cblr-13005	239	29	managerial	managerial	ADJ
cblr-13005	239	30	agency	agency	NOUN
cblr-13005	239	31	costs	cost	NOUN
cblr-13005	239	32	.	.	PUNCT
cblr-13005	240	1	see	see	VERB
cblr-13005	240	2	,	,	PUNCT
cblr-13005	240	3	e.g.	e.g.	ADV
cblr-13005	240	4	,	,	PUNCT
cblr-13005	240	5	hansen	hansen	PROPN
cblr-13005	240	6	&	&	CCONJ
cblr-13005	240	7	lott	lott	PROPN
cblr-13005	240	8	,	,	PUNCT
cblr-13005	240	9	supra	supra	PROPN
cblr-13005	240	10	,	,	PUNCT
cblr-13005	240	11	at	at	ADP
cblr-13005	240	12	45	45	NUM
cblr-13005	240	13	(	(	PUNCT
cblr-13005	240	14	“	"	PUNCT
cblr-13005	240	15	[	[	X
cblr-13005	240	16	w]e	w]e	NOUN
cblr-13005	240	17	will	will	AUX
cblr-13005	240	18	assume	assume	VERB
cblr-13005	240	19	that	that	SCONJ
cblr-13005	240	20	firms	firm	NOUN
cblr-13005	240	21	are	be	AUX
cblr-13005	240	22	,	,	PUNCT
cblr-13005	240	23	in	in	ADP
cblr-13005	240	24	all	all	DET
cblr-13005	240	25	cases	case	NOUN
cblr-13005	240	26	,	,	PUNCT
cblr-13005	240	27	run	run	VERB
cblr-13005	240	28	by	by	ADP
cblr-13005	240	29	managers	manager	NOUN
cblr-13005	240	30	who	who	PRON
cblr-13005	240	31	act	act	VERB
cblr-13005	240	32	entirely	entirely	ADV
cblr-13005	240	33	in	in	ADP
cblr-13005	240	34	the	the	DET
cblr-13005	240	35	interest	interest	NOUN
cblr-13005	240	36	of	of	ADP
cblr-13005	240	37	owners	owner	NOUN
cblr-13005	240	38	—	—	PUNCT
cblr-13005	240	39	that	that	ADV
cblr-13005	240	40	is	is	ADV
cblr-13005	240	41	,	,	PUNCT
cblr-13005	240	42	we	we	PRON
cblr-13005	240	43	ignore	ignore	VERB
cblr-13005	240	44	any	any	DET
cblr-13005	240	45	agency	agency	NOUN
cblr-13005	240	46	problem	problem	NOUN
cblr-13005	240	47	between	between	ADP
cblr-13005	240	48	managers	manager	NOUN
cblr-13005	240	49	and	and	CCONJ
cblr-13005	240	50	owners	owner	NOUN
cblr-13005	240	51	.	.	PUNCT
cblr-13005	240	52	”	"	PUNCT
cblr-13005	240	53	)	)	PUNCT
cblr-13005	240	54	;	;	PUNCT
cblr-13005	241	1	gordon	gordon	PROPN
cblr-13005	241	2	,	,	PUNCT
cblr-13005	241	3	332	332	NUM
cblr-13005	241	4	columbia	columbia	PROPN
cblr-13005	241	5	business	business	PROPN
cblr-13005	241	6	law	law	PROPN
cblr-13005	241	7	review	review	NOUN
cblr-13005	241	8	[	[	X
cblr-13005	241	9	vol	vol	NOUN
cblr-13005	241	10	.	.	NOUN
cblr-13005	241	11	2024	2024	NUM
cblr-13005	241	12	in	in	ADP
cblr-13005	241	13	the	the	DET
cblr-13005	241	14	real	real	ADJ
cblr-13005	241	15	world	world	NOUN
cblr-13005	241	16	,	,	PUNCT
cblr-13005	241	17	of	of	ADP
cblr-13005	241	18	course	course	NOUN
cblr-13005	241	19	,	,	PUNCT
cblr-13005	241	20	these	these	DET
cblr-13005	241	21	assumptions	assumption	NOUN
cblr-13005	241	22	are	be	AUX
cblr-13005	241	23	all	all	ADV
cblr-13005	241	24	false	false	ADJ
cblr-13005	241	25	.	.	PUNCT
cblr-13005	242	1	asset	asset	NOUN
cblr-13005	242	2	managers	manager	NOUN
cblr-13005	242	3	are	be	AUX
cblr-13005	242	4	not	not	PART
cblr-13005	242	5	perfect	perfect	ADJ
cblr-13005	242	6	agents	agent	NOUN
cblr-13005	242	7	to	to	ADP
cblr-13005	242	8	diversified	diversified	ADJ
cblr-13005	242	9	investors	investor	NOUN
cblr-13005	242	10	,	,	PUNCT
cblr-13005	242	11	nor	nor	CCONJ
cblr-13005	242	12	are	be	AUX
cblr-13005	242	13	portfolio	portfolio	NOUN
cblr-13005	242	14	firm	firm	NOUN
cblr-13005	242	15	managers	manager	NOUN
cblr-13005	242	16	.	.	PUNCT
cblr-13005	243	1	asset	asset	NOUN
cblr-13005	243	2	managers	manager	NOUN
cblr-13005	243	3	can	can	AUX
cblr-13005	243	4	not	not	PART
cblr-13005	243	5	supra	supra	ADJ
cblr-13005	243	6	,	,	PUNCT
cblr-13005	243	7	at	at	ADP
cblr-13005	243	8	5	5	NUM
cblr-13005	243	9	(	(	PUNCT
cblr-13005	243	10	“	"	PUNCT
cblr-13005	243	11	i	i	PRON
cblr-13005	243	12	assume	assume	VERB
cblr-13005	243	13	that	that	SCONJ
cblr-13005	243	14	the	the	DET
cblr-13005	243	15	firm	firm	NOUN
cblr-13005	243	16	follows	follow	VERB
cblr-13005	243	17	the	the	DET
cblr-13005	243	18	preferences	preference	NOUN
cblr-13005	243	19	of	of	ADP
cblr-13005	243	20	the	the	DET
cblr-13005	243	21	median	median	ADJ
cblr-13005	243	22	shareholder	shareholder	NOUN
cblr-13005	243	23	,	,	PUNCT
cblr-13005	243	24	and	and	CCONJ
cblr-13005	243	25	ignore	ignore	VERB
cblr-13005	243	26	any	any	DET
cblr-13005	243	27	possible	possible	ADJ
cblr-13005	243	28	agency	agency	NOUN
cblr-13005	243	29	problems	problem	NOUN
cblr-13005	243	30	.	.	PUNCT
cblr-13005	243	31	”	"	PUNCT
cblr-13005	243	32	)	)	PUNCT
cblr-13005	243	33	.	.	PUNCT
cblr-13005	244	1	the	the	DET
cblr-13005	244	2	authors	author	NOUN
cblr-13005	244	3	also	also	ADV
cblr-13005	244	4	concede	concede	VERB
cblr-13005	244	5	that	that	SCONJ
cblr-13005	244	6	,	,	PUNCT
cblr-13005	244	7	even	even	ADV
cblr-13005	244	8	under	under	ADP
cblr-13005	244	9	this	this	DET
cblr-13005	244	10	assumption	assumption	NOUN
cblr-13005	244	11	,	,	PUNCT
cblr-13005	244	12	their	their	PRON
cblr-13005	244	13	models	model	NOUN
cblr-13005	244	14	work	work	VERB
cblr-13005	244	15	only	only	ADV
cblr-13005	244	16	if	if	SCONJ
cblr-13005	244	17	the	the	DET
cblr-13005	244	18	market	market	NOUN
cblr-13005	244	19	for	for	ADP
cblr-13005	244	20	corporate	corporate	ADJ
cblr-13005	244	21	control	control	NOUN
cblr-13005	244	22	is	be	AUX
cblr-13005	244	23	hindered	hinder	VERB
cblr-13005	244	24	,	,	PUNCT
cblr-13005	244	25	and	and	CCONJ
cblr-13005	244	26	diversified	diversified	ADJ
cblr-13005	244	27	shareholders	shareholder	NOUN
cblr-13005	244	28	are	be	AUX
cblr-13005	244	29	prohibited	prohibit	VERB
cblr-13005	244	30	from	from	ADP
cblr-13005	244	31	undiversifying	undiversifye	VERB
cblr-13005	244	32	.	.	PUNCT
cblr-13005	245	1	see	see	VERB
cblr-13005	245	2	,	,	PUNCT
cblr-13005	245	3	e.g.	e.g.	ADV
cblr-13005	245	4	,	,	PUNCT
cblr-13005	245	5	gordon	gordon	PROPN
cblr-13005	245	6	,	,	PUNCT
cblr-13005	245	7	supra	supra	PROPN
cblr-13005	245	8	,	,	PUNCT
cblr-13005	245	9	at	at	ADP
cblr-13005	245	10	5	5	NUM
cblr-13005	245	11	(	(	PUNCT
cblr-13005	245	12	“	"	PUNCT
cblr-13005	245	13	i	i	PRON
cblr-13005	245	14	assume	assume	VERB
cblr-13005	245	15	that	that	SCONJ
cblr-13005	245	16	there	there	PRON
cblr-13005	245	17	are	be	VERB
cblr-13005	245	18	sufficiently	sufficiently	ADV
cblr-13005	245	19	many	many	ADJ
cblr-13005	245	20	shareholders	shareholder	NOUN
cblr-13005	245	21	with	with	ADP
cblr-13005	245	22	the	the	DET
cblr-13005	245	23	same	same	ADJ
cblr-13005	245	24	preferences	preference	NOUN
cblr-13005	245	25	as	as	ADP
cblr-13005	245	26	that	that	PRON
cblr-13005	245	27	of	of	ADP
cblr-13005	245	28	the	the	DET
cblr-13005	245	29	median	median	ADJ
cblr-13005	245	30	shareholder	shareholder	NOUN
cblr-13005	245	31	that	that	PRON
cblr-13005	245	32	no	no	DET
cblr-13005	245	33	single	single	ADJ
cblr-13005	245	34	shareholder	shareholder	NOUN
cblr-13005	245	35	is	be	AUX
cblr-13005	245	36	in	in	ADP
cblr-13005	245	37	a	a	DET
cblr-13005	245	38	position	position	NOUN
cblr-13005	245	39	to	to	PART
cblr-13005	245	40	change	change	VERB
cblr-13005	245	41	the	the	DET
cblr-13005	245	42	firm	firm	NOUN
cblr-13005	245	43	’s	’s	PART
cblr-13005	245	44	behavior	behavior	NOUN
cblr-13005	245	45	through	through	ADP
cblr-13005	245	46	changing	change	VERB
cblr-13005	245	47	his	his	PRON
cblr-13005	245	48	portfolio	portfolio	NOUN
cblr-13005	245	49	choices	choice	NOUN
cblr-13005	245	50	.	.	PUNCT
cblr-13005	245	51	”	"	PUNCT
cblr-13005	245	52	)	)	PUNCT
cblr-13005	245	53	;	;	PUNCT
cblr-13005	246	1	cf	cf	X
cblr-13005	246	2	.	.	PUNCT
cblr-13005	247	1	i	i	PRON
cblr-13005	247	2	d.	d.	PROPN
cblr-13005	247	3	at	at	ADP
cblr-13005	247	4	11	11	NUM
cblr-13005	247	5	(	(	PUNCT
cblr-13005	247	6	relaxing	relax	VERB
cblr-13005	247	7	this	this	DET
cblr-13005	247	8	assumption	assumption	NOUN
cblr-13005	247	9	)	)	PUNCT
cblr-13005	247	10	.	.	PUNCT
cblr-13005	248	1	this	this	PRON
cblr-13005	248	2	is	be	AUX
cblr-13005	248	3	because	because	SCONJ
cblr-13005	248	4	“	"	PUNCT
cblr-13005	248	5	if	if	SCONJ
cblr-13005	248	6	shareholders	shareholder	NOUN
cblr-13005	248	7	are	be	AUX
cblr-13005	248	8	successful	successful	ADJ
cblr-13005	248	9	in	in	ADP
cblr-13005	248	10	maximizing	maximize	VERB
cblr-13005	248	11	portfolio	portfolio	NOUN
cblr-13005	248	12	value	value	NOUN
cblr-13005	248	13	rather	rather	ADV
cblr-13005	248	14	than	than	ADP
cblr-13005	248	15	firm	firm	ADJ
cblr-13005	248	16	value	value	NOUN
cblr-13005	248	17	,	,	PUNCT
cblr-13005	248	18	corporate	corporate	ADJ
cblr-13005	248	19	profits	profit	NOUN
cblr-13005	248	20	will	will	AUX
cblr-13005	248	21	decline	decline	VERB
cblr-13005	248	22	,	,	PUNCT
cblr-13005	248	23	”	"	PUNCT
cblr-13005	248	24	creating	create	VERB
cblr-13005	248	25	“	"	PUNCT
cblr-13005	248	26	an	an	DET
cblr-13005	248	27	incentive	incentive	NOUN
cblr-13005	248	28	to	to	PART
cblr-13005	248	29	become	become	VERB
cblr-13005	248	30	undiversified	undiversified	ADJ
cblr-13005	248	31	and	and	CCONJ
cblr-13005	248	32	acquire	acquire	VERB
cblr-13005	248	33	a	a	DET
cblr-13005	248	34	controlling	control	VERB
cblr-13005	248	35	interest	interest	NOUN
cblr-13005	248	36	in	in	ADP
cblr-13005	248	37	the	the	DET
cblr-13005	248	38	company	company	NOUN
cblr-13005	248	39	,	,	PUNCT
cblr-13005	248	40	change	change	VERB
cblr-13005	248	41	its	its	PRON
cblr-13005	248	42	policies	policy	NOUN
cblr-13005	248	43	,	,	PUNCT
cblr-13005	248	44	and	and	CCONJ
cblr-13005	248	45	reap	reap	VERB
cblr-13005	248	46	the	the	DET
cblr-13005	248	47	gains	gain	NOUN
cblr-13005	248	48	of	of	ADP
cblr-13005	248	49	increased	increase	VERB
cblr-13005	248	50	profits	profit	NOUN
cblr-13005	248	51	.	.	PUNCT
cblr-13005	248	52	”	"	PUNCT
cblr-13005	249	1	hansen	hansen	PROPN
cblr-13005	249	2	&	&	CCONJ
cblr-13005	249	3	lott	lott	PROPN
cblr-13005	249	4	,	,	PUNCT
cblr-13005	249	5	supra	supra	PROPN
cblr-13005	249	6	,	,	PUNCT
cblr-13005	249	7	at	at	ADP
cblr-13005	249	8	54	54	NUM
cblr-13005	249	9	.	.	PUNCT
cblr-13005	250	1	hansen	hansen	PROPN
cblr-13005	250	2	and	and	CCONJ
cblr-13005	250	3	lott	lott	PROPN
cblr-13005	250	4	offer	offer	VERB
cblr-13005	250	5	some	some	DET
cblr-13005	250	6	potential	potential	ADJ
cblr-13005	250	7	solutions	solution	NOUN
cblr-13005	250	8	to	to	ADP
cblr-13005	250	9	this	this	DET
cblr-13005	250	10	problematic	problematic	ADJ
cblr-13005	250	11	aspect	aspect	NOUN
cblr-13005	250	12	of	of	ADP
cblr-13005	250	13	their	their	PRON
cblr-13005	250	14	model	model	NOUN
cblr-13005	250	15	,	,	PUNCT
cblr-13005	250	16	including	include	VERB
cblr-13005	250	17	if	if	SCONJ
cblr-13005	250	18	“	"	PUNCT
cblr-13005	250	19	citizens	citizen	NOUN
cblr-13005	250	20	of	of	ADP
cblr-13005	250	21	a	a	DET
cblr-13005	250	22	country	country	NOUN
cblr-13005	250	23	have	have	AUX
cblr-13005	250	24	delegated	delegate	VERB
cblr-13005	250	25	investment	investment	NOUN
cblr-13005	250	26	decisions	decision	NOUN
cblr-13005	250	27	to	to	ADP
cblr-13005	250	28	large	large	ADJ
cblr-13005	250	29	investment	investment	NOUN
cblr-13005	250	30	institutions	institution	NOUN
cblr-13005	250	31	such	such	ADJ
cblr-13005	250	32	as	as	ADP
cblr-13005	250	33	pension	pension	NOUN
cblr-13005	250	34	funds	fund	NOUN
cblr-13005	250	35	”	"	PUNCT
cblr-13005	250	36	that	that	PRON
cblr-13005	250	37	hold	hold	VERB
cblr-13005	250	38	most	most	ADJ
cblr-13005	250	39	of	of	ADP
cblr-13005	250	40	an	an	DET
cblr-13005	250	41	economy	economy	NOUN
cblr-13005	250	42	’s	’s	PART
cblr-13005	250	43	firms	firm	NOUN
cblr-13005	250	44	,	,	PUNCT
cblr-13005	250	45	coupled	couple	VERB
cblr-13005	250	46	with	with	ADP
cblr-13005	250	47	“	"	PUNCT
cblr-13005	250	48	restrictions	restriction	NOUN
cblr-13005	250	49	that	that	PRON
cblr-13005	250	50	keep	keep	VERB
cblr-13005	250	51	any	any	DET
cblr-13005	250	52	one	one	NUM
cblr-13005	250	53	fund	fund	NOUN
cblr-13005	250	54	from	from	ADP
cblr-13005	250	55	being	be	AUX
cblr-13005	250	56	undiversified	undiversifie	VERB
cblr-13005	250	57	,	,	PUNCT
cblr-13005	250	58	”	"	PUNCT
cblr-13005	250	59	or	or	CCONJ
cblr-13005	250	60	,	,	PUNCT
cblr-13005	250	61	alternatively	alternatively	ADV
cblr-13005	250	62	,	,	PUNCT
cblr-13005	250	63	outright	outright	ADJ
cblr-13005	250	64	government	government	NOUN
cblr-13005	250	65	ownership	ownership	NOUN
cblr-13005	250	66	of	of	ADP
cblr-13005	250	67	the	the	DET
cblr-13005	250	68	economy	economy	NOUN
cblr-13005	250	69	.	.	PUNCT
cblr-13005	251	1	i	i	PRON
cblr-13005	251	2	d.	d.	PROPN
cblr-13005	251	3	at	at	ADP
cblr-13005	251	4	55–56	55–56	NUM
cblr-13005	251	5	.	.	PUNCT
cblr-13005	252	1	in	in	ADP
cblr-13005	252	2	suggesting	suggest	VERB
cblr-13005	252	3	these	these	DET
cblr-13005	252	4	fixes	fix	NOUN
cblr-13005	252	5	,	,	PUNCT
cblr-13005	252	6	hansen	hansen	PROPN
cblr-13005	252	7	and	and	CCONJ
cblr-13005	252	8	lott	lott	PROPN
cblr-13005	252	9	assume	assume	VERB
cblr-13005	252	10	that	that	SCONJ
cblr-13005	252	11	the	the	DET
cblr-13005	252	12	envisioned	envision	VERB
cblr-13005	252	13	institutions	institution	NOUN
cblr-13005	252	14	or	or	CCONJ
cblr-13005	252	15	government	government	NOUN
cblr-13005	252	16	overseers	overseer	NOUN
cblr-13005	252	17	would	would	AUX
cblr-13005	252	18	act	act	VERB
cblr-13005	252	19	in	in	ADP
cblr-13005	252	20	the	the	DET
cblr-13005	252	21	best	good	ADJ
cblr-13005	252	22	interests	interest	NOUN
cblr-13005	252	23	of	of	ADP
cblr-13005	252	24	common	common	ADJ
cblr-13005	252	25	owners	owner	NOUN
cblr-13005	252	26	—	—	PUNCT
cblr-13005	252	27	that	that	ADV
cblr-13005	252	28	is	is	ADV
cblr-13005	252	29	,	,	PUNCT
cblr-13005	252	30	that	that	DET
cblr-13005	252	31	intermediary	intermediary	ADJ
cblr-13005	252	32	agency	agency	NOUN
cblr-13005	252	33	costs	cost	NOUN
cblr-13005	252	34	are	be	AUX
cblr-13005	252	35	nonexistent	nonexistent	ADJ
cblr-13005	252	36	.	.	PUNCT
cblr-13005	253	1	of	of	ADP
cblr-13005	253	2	course	course	ADV
cblr-13005	253	3	,	,	PUNCT
cblr-13005	253	4	if	if	SCONJ
cblr-13005	253	5	all	all	DET
cblr-13005	253	6	investors	investor	NOUN
cblr-13005	253	7	were	be	AUX
cblr-13005	253	8	permanently	permanently	ADV
cblr-13005	253	9	diversified	diversified	ADJ
cblr-13005	253	10	,	,	PUNCT
cblr-13005	253	11	stock	stock	NOUN
cblr-13005	253	12	price	price	NOUN
cblr-13005	253	13	signals	signal	NOUN
cblr-13005	253	14	would	would	AUX
cblr-13005	253	15	no	no	ADV
cblr-13005	253	16	longer	long	ADV
cblr-13005	253	17	exist	exist	VERB
cblr-13005	253	18	.	.	PUNCT
cblr-13005	254	1	hansen	hansen	PROPN
cblr-13005	254	2	and	and	CCONJ
cblr-13005	254	3	lott	lott	PROPN
cblr-13005	254	4	do	do	AUX
cblr-13005	254	5	not	not	PART
cblr-13005	254	6	address	address	VERB
cblr-13005	254	7	this	this	PRON
cblr-13005	254	8	,	,	PUNCT
cblr-13005	254	9	perhaps	perhaps	ADV
cblr-13005	254	10	because	because	SCONJ
cblr-13005	254	11	if	if	SCONJ
cblr-13005	254	12	one	one	PRON
cblr-13005	254	13	assumes	assume	VERB
cblr-13005	254	14	that	that	SCONJ
cblr-13005	254	15	firm	firm	ADJ
cblr-13005	254	16	managers	manager	NOUN
cblr-13005	254	17	and	and	CCONJ
cblr-13005	254	18	portfolio	portfolio	NOUN
cblr-13005	254	19	managers	manager	NOUN
cblr-13005	254	20	are	be	AUX
cblr-13005	254	21	perfect	perfect	ADJ
cblr-13005	254	22	agents	agent	NOUN
cblr-13005	254	23	of	of	ADP
cblr-13005	254	24	common	common	ADJ
cblr-13005	254	25	owners	owner	NOUN
cblr-13005	254	26	(	(	PUNCT
cblr-13005	254	27	both	both	PRON
cblr-13005	254	28	perfectly	perfectly	ADV
cblr-13005	254	29	loyal	loyal	ADJ
cblr-13005	254	30	and	and	CCONJ
cblr-13005	254	31	perfectly	perfectly	ADV
cblr-13005	254	32	competent	competent	ADJ
cblr-13005	254	33	)	)	PUNCT
cblr-13005	254	34	,	,	PUNCT
cblr-13005	254	35	it	it	PRON
cblr-13005	254	36	does	do	AUX
cblr-13005	254	37	not	not	PART
cblr-13005	254	38	matter	matter	VERB
cblr-13005	254	39	.	.	PUNCT
cblr-13005	255	1	roger	roger	PROPN
cblr-13005	255	2	gordon	gordon	PROPN
cblr-13005	255	3	,	,	PUNCT
cblr-13005	255	4	too	too	ADV
cblr-13005	255	5	,	,	PUNCT
cblr-13005	255	6	ignores	ignore	VERB
cblr-13005	255	7	the	the	DET
cblr-13005	255	8	potential	potential	NOUN
cblr-13005	255	9	for	for	ADP
cblr-13005	255	10	agency	agency	NOUN
cblr-13005	255	11	costs	cost	NOUN
cblr-13005	255	12	at	at	ADP
cblr-13005	255	13	the	the	DET
cblr-13005	255	14	intermediary	intermediary	ADJ
cblr-13005	255	15	level	level	NOUN
cblr-13005	255	16	.	.	PUNCT
cblr-13005	256	1	finally	finally	ADV
cblr-13005	256	2	,	,	PUNCT
cblr-13005	256	3	both	both	DET
cblr-13005	256	4	articles	article	NOUN
cblr-13005	256	5	acknowledge	acknowledge	VERB
cblr-13005	256	6	that	that	SCONJ
cblr-13005	256	7	their	their	PRON
cblr-13005	256	8	models	model	NOUN
cblr-13005	256	9	prove	prove	VERB
cblr-13005	256	10	not	not	PART
cblr-13005	256	11	only	only	ADV
cblr-13005	256	12	that	that	DET
cblr-13005	256	13	firm	firm	ADJ
cblr-13005	256	14	managers	manager	NOUN
cblr-13005	256	15	,	,	PUNCT
cblr-13005	256	16	faithful	faithful	ADJ
cblr-13005	256	17	to	to	ADP
cblr-13005	256	18	common	common	ADJ
cblr-13005	256	19	owners	owner	NOUN
cblr-13005	256	20	and	and	CCONJ
cblr-13005	256	21	under	under	ADP
cblr-13005	256	22	the	the	DET
cblr-13005	256	23	other	other	ADJ
cblr-13005	256	24	stated	state	VERB
cblr-13005	256	25	assumptions	assumption	NOUN
cblr-13005	256	26	,	,	PUNCT
cblr-13005	256	27	would	would	AUX
cblr-13005	256	28	have	have	VERB
cblr-13005	256	29	efficiency	efficiency	NOUN
cblr-13005	256	30	-	-	PUNCT
cblr-13005	256	31	increasing	increase	VERB
cblr-13005	256	32	incentives	incentive	NOUN
cblr-13005	256	33	to	to	PART
cblr-13005	256	34	take	take	VERB
cblr-13005	256	35	account	account	NOUN
cblr-13005	256	36	of	of	ADP
cblr-13005	256	37	negative	negative	ADJ
cblr-13005	256	38	intraportfolio	intraportfolio	NOUN
cblr-13005	256	39	externalities	externality	NOUN
cblr-13005	256	40	,	,	PUNCT
cblr-13005	256	41	but	but	CCONJ
cblr-13005	256	42	also	also	ADV
cblr-13005	256	43	that	that	SCONJ
cblr-13005	256	44	they	they	PRON
cblr-13005	256	45	would	would	AUX
cblr-13005	256	46	have	have	VERB
cblr-13005	256	47	efficiency	efficiency	NOUN
cblr-13005	256	48	-	-	PUNCT
cblr-13005	256	49	reducing	reduce	VERB
cblr-13005	256	50	incentives	incentive	NOUN
cblr-13005	256	51	to	to	PART
cblr-13005	256	52	behave	behave	VERB
cblr-13005	256	53	anticompetitively	anticompetitively	ADV
cblr-13005	256	54	.	.	PUNCT
cblr-13005	257	1	see	see	VERB
cblr-13005	257	2	,	,	PUNCT
cblr-13005	257	3	e.g.	e.g.	ADV
cblr-13005	257	4	,	,	PUNCT
cblr-13005	257	5	gordon	gordon	PROPN
cblr-13005	257	6	,	,	PUNCT
cblr-13005	257	7	supra	supra	PROPN
cblr-13005	257	8	,	,	PUNCT
cblr-13005	257	9	at	at	ADP
cblr-13005	257	10	22	22	NUM
cblr-13005	257	11	(	(	PUNCT
cblr-13005	257	12	explaining	explain	VERB
cblr-13005	257	13	that	that	SCONJ
cblr-13005	257	14	if	if	SCONJ
cblr-13005	257	15	firms	firm	NOUN
cblr-13005	257	16	were	be	AUX
cblr-13005	257	17	to	to	PART
cblr-13005	257	18	take	take	VERB
cblr-13005	257	19	spillovers	spillover	NOUN
cblr-13005	257	20	into	into	ADP
cblr-13005	257	21	account	account	NOUN
cblr-13005	257	22	,	,	PUNCT
cblr-13005	257	23	“	"	PUNCT
cblr-13005	257	24	then	then	ADV
cblr-13005	257	25	collusion	collusion	NOUN
cblr-13005	257	26	among	among	ADP
cblr-13005	257	27	existing	exist	VERB
cblr-13005	257	28	firms	firm	NOUN
cblr-13005	257	29	would	would	AUX
cblr-13005	257	30	become	become	VERB
cblr-13005	257	31	much	much	ADV
cblr-13005	257	32	easier	easy	ADJ
cblr-13005	257	33	since	since	SCONJ
cblr-13005	257	34	firms	firm	NOUN
cblr-13005	257	35	would	would	AUX
cblr-13005	257	36	not	not	PART
cblr-13005	257	37	focus	focus	VERB
cblr-13005	257	38	on	on	ADP
cblr-13005	257	39	how	how	SCONJ
cblr-13005	257	40	market	market	NOUN
cblr-13005	257	41	shares	share	NOUN
cblr-13005	257	42	are	be	AUX
cblr-13005	257	43	divided	divide	VERB
cblr-13005	257	44	among	among	ADP
cblr-13005	257	45	the	the	DET
cblr-13005	257	46	firms	firm	NOUN
cblr-13005	257	47	in	in	ADP
cblr-13005	257	48	the	the	DET
cblr-13005	257	49	industry	industry	NOUN
cblr-13005	257	50	”	"	PUNCT
cblr-13005	257	51	)	)	PUNCT
cblr-13005	257	52	.	.	PUNCT
cblr-13005	258	1	for	for	ADP
cblr-13005	258	2	an	an	DET
cblr-13005	258	3	early	early	ADJ
cblr-13005	258	4	economic	economic	ADJ
cblr-13005	258	5	model	model	NOUN
cblr-13005	258	6	showing	show	VERB
cblr-13005	258	7	that	that	SCONJ
cblr-13005	258	8	firms	firm	NOUN
cblr-13005	258	9	,	,	PUNCT
cblr-13005	258	10	acting	act	VERB
cblr-13005	258	11	in	in	ADP
cblr-13005	258	12	the	the	DET
cblr-13005	258	13	interest	interest	NOUN
cblr-13005	258	14	of	of	ADP
cblr-13005	258	15	their	their	PRON
cblr-13005	258	16	shareholders	shareholder	NOUN
cblr-13005	258	17	,	,	PUNCT
cblr-13005	258	18	tend	tend	VERB
cblr-13005	258	19	to	to	PART
cblr-13005	258	20	act	act	VERB
cblr-13005	258	21	collusively	collusively	ADV
cblr-13005	258	22	when	when	SCONJ
cblr-13005	258	23	their	their	PRON
cblr-13005	258	24	shareholders	shareholder	NOUN
cblr-13005	258	25	have	have	VERB
cblr-13005	258	26	diversified	diversify	VERB
cblr-13005	258	27	portfolios	portfolio	NOUN
cblr-13005	258	28	,	,	PUNCT
cblr-13005	258	29	see	see	VERB
cblr-13005	258	30	julio	julio	PROPN
cblr-13005	258	31	rotemberg	rotemberg	PROPN
cblr-13005	258	32	,	,	PUNCT
cblr-13005	258	33	financial	financial	ADJ
cblr-13005	258	34	transaction	transaction	NOUN
cblr-13005	258	35	costs	cost	NOUN
cblr-13005	258	36	and	and	CCONJ
cblr-13005	258	37	industrial	industrial	ADJ
cblr-13005	258	38	performance	performance	NOUN
cblr-13005	258	39	(	(	PUNCT
cblr-13005	258	40	mass	mass	PROPN
cblr-13005	258	41	.	.	PROPN
cblr-13005	258	42	inst	inst	PROPN
cblr-13005	258	43	.	.	PROPN
cblr-13005	258	44	of	of	ADP
cblr-13005	258	45	tech	tech	NOUN
cblr-13005	258	46	.	.	PUNCT
cblr-13005	259	1	alfred	alfred	PROPN
cblr-13005	259	2	p.	p.	PROPN
cblr-13005	259	3	sloan	sloan	PROPN
cblr-13005	260	1	sch	sch	PROPN
cblr-13005	260	2	.	.	PROPN
cblr-13005	260	3	of	of	ADP
cblr-13005	260	4	mgmt	mgmt	PROPN
cblr-13005	260	5	.	.	PROPN
cblr-13005	260	6	,	,	PUNCT
cblr-13005	260	7	1984	1984	NUM
cblr-13005	260	8	)	)	PUNCT
cblr-13005	260	9	https://dspace.mit.edu/bitstream/handle/1721.1/47993/financialtransac00rote.pdf	https://dspace.mit.edu/bitstream/handle/1721.1/47993/financialtransac00rote.pdf	NOUN
cblr-13005	260	10	[	[	X
cblr-13005	260	11	https://perma.cc/xwq9kegd	https://perma.cc/xwq9kegd	X
cblr-13005	260	12	]	]	PUNCT
cblr-13005	260	13	.	.	PUNCT
cblr-13005	261	1	no	no	INTJ
cblr-13005	261	2	.	.	NOUN
cblr-13005	262	1	1	1	NUM
cblr-13005	262	2	]	]	PUNCT
cblr-13005	262	3	a	a	DET
cblr-13005	262	4	hard	hard	ADJ
cblr-13005	262	5	look	look	NOUN
cblr-13005	262	6	at	at	ADP
cblr-13005	262	7	portfolio	portfolio	NOUN
cblr-13005	262	8	focused	focused	ADJ
cblr-13005	262	9	stewardship	stewardship	NOUN
cblr-13005	262	10	333	333	NUM
cblr-13005	262	11	costlessly	costlessly	ADV
cblr-13005	262	12	adopt	adopt	VERB
cblr-13005	262	13	and	and	CCONJ
cblr-13005	262	14	enforce	enforce	VERB
cblr-13005	262	15	internalization	internalization	NOUN
cblr-13005	262	16	policies	policy	NOUN
cblr-13005	262	17	,	,	PUNCT
cblr-13005	262	18	and	and	CCONJ
cblr-13005	262	19	imperfect	imperfect	ADJ
cblr-13005	262	20	information	information	NOUN
cblr-13005	262	21	may	may	AUX
cblr-13005	262	22	lead	lead	VERB
cblr-13005	262	23	them	they	PRON
cblr-13005	262	24	to	to	PART
cblr-13005	262	25	make	make	VERB
cblr-13005	262	26	mistakes	mistake	NOUN
cblr-13005	262	27	.	.	PUNCT
cblr-13005	263	1	finally	finally	ADV
cblr-13005	263	2	,	,	PUNCT
cblr-13005	263	3	the	the	DET
cblr-13005	263	4	market	market	NOUN
cblr-13005	263	5	is	be	AUX
cblr-13005	263	6	dynamic	dynamic	ADJ
cblr-13005	263	7	and	and	CCONJ
cblr-13005	263	8	may	may	AUX
cblr-13005	263	9	react	react	VERB
cblr-13005	263	10	in	in	ADP
cblr-13005	263	11	ways	way	NOUN
cblr-13005	263	12	that	that	PRON
cblr-13005	263	13	undermine	undermine	VERB
cblr-13005	263	14	any	any	DET
cblr-13005	263	15	potential	potential	ADJ
cblr-13005	263	16	portfolio	portfolio	NOUN
cblr-13005	263	17	-	-	PUNCT
cblr-13005	263	18	value	value	NOUN
cblr-13005	263	19	enhancing	enhance	VERB
cblr-13005	263	20	effects	effect	NOUN
cblr-13005	263	21	of	of	ADP
cblr-13005	263	22	portfolio	portfolio	NOUN
cblr-13005	263	23	-	-	PUNCT
cblr-13005	263	24	focused	focus	VERB
cblr-13005	263	25	stewardship	stewardship	NOUN
cblr-13005	263	26	.	.	PUNCT
cblr-13005	264	1	given	give	VERB
cblr-13005	264	2	these	these	DET
cblr-13005	264	3	frictions	friction	NOUN
cblr-13005	264	4	,	,	PUNCT
cblr-13005	264	5	a	a	DET
cblr-13005	264	6	rational	rational	ADJ
cblr-13005	264	7	,	,	PUNCT
cblr-13005	264	8	financially	financially	ADV
cblr-13005	264	9	-	-	PUNCT
cblr-13005	264	10	motivated	motivate	VERB
cblr-13005	264	11	diversified	diversified	ADJ
cblr-13005	264	12	investor	investor	NOUN
cblr-13005	264	13	would	would	AUX
cblr-13005	264	14	doubt	doubt	VERB
cblr-13005	264	15	whether	whether	SCONJ
cblr-13005	264	16	portfolio	portfolio	NOUN
cblr-13005	264	17	-	-	PUNCT
cblr-13005	264	18	focused	focus	VERB
cblr-13005	264	19	stewardship	stewardship	NOUN
cblr-13005	264	20	interventions	intervention	NOUN
cblr-13005	264	21	would	would	AUX
cblr-13005	264	22	lead	lead	VERB
cblr-13005	264	23	to	to	ADP
cblr-13005	264	24	net	net	ADJ
cblr-13005	264	25	gains	gain	NOUN
cblr-13005	264	26	in	in	ADP
cblr-13005	264	27	risk	risk	NOUN
cblr-13005	264	28	-	-	PUNCT
cblr-13005	264	29	adjusted	adjust	VERB
cblr-13005	264	30	portfolio	portfolio	NOUN
cblr-13005	264	31	value	value	NOUN
cblr-13005	264	32	,	,	PUNCT
cblr-13005	264	33	and	and	CCONJ
cblr-13005	264	34	even	even	ADV
cblr-13005	264	35	worry	worry	VERB
cblr-13005	264	36	that	that	SCONJ
cblr-13005	264	37	they	they	PRON
cblr-13005	264	38	could	could	AUX
cblr-13005	264	39	lead	lead	VERB
cblr-13005	264	40	to	to	ADP
cblr-13005	264	41	portfolio	portfolio	NOUN
cblr-13005	264	42	losses	loss	NOUN
cblr-13005	264	43	.	.	PUNCT
cblr-13005	265	1	this	this	PRON
cblr-13005	265	2	,	,	PUNCT
cblr-13005	265	3	combined	combine	VERB
cblr-13005	265	4	with	with	ADP
cblr-13005	265	5	the	the	DET
cblr-13005	265	6	alternative	alternative	ADJ
cblr-13005	265	7	paths	path	NOUN
cblr-13005	265	8	available	available	ADJ
cblr-13005	265	9	to	to	ADP
cblr-13005	265	10	diversified	diversify	VERB
cblr-13005	265	11	investors	investor	NOUN
cblr-13005	265	12	for	for	ADP
cblr-13005	265	13	dealing	deal	VERB
cblr-13005	265	14	with	with	ADP
cblr-13005	265	15	intraportfolio	intraportfolio	ADJ
cblr-13005	265	16	externalities	externality	NOUN
cblr-13005	265	17	,	,	PUNCT
cblr-13005	265	18	discussed	discuss	VERB
cblr-13005	265	19	in	in	ADP
cblr-13005	265	20	part	part	NOUN
cblr-13005	265	21	v	v	NOUN
cblr-13005	265	22	,	,	PUNCT
cblr-13005	265	23	may	may	AUX
cblr-13005	265	24	lead	lead	VERB
cblr-13005	265	25	them	they	PRON
cblr-13005	265	26	to	to	PART
cblr-13005	265	27	conclude	conclude	VERB
cblr-13005	265	28	that	that	SCONJ
cblr-13005	265	29	the	the	DET
cblr-13005	265	30	best	good	ADJ
cblr-13005	265	31	way	way	NOUN
cblr-13005	265	32	to	to	PART
cblr-13005	265	33	maximize	maximize	VERB
cblr-13005	265	34	portfolio	portfolio	NOUN
cblr-13005	265	35	value	value	NOUN
cblr-13005	265	36	is	be	AUX
cblr-13005	265	37	to	to	PART
cblr-13005	265	38	place	place	VERB
cblr-13005	265	39	extensive	extensive	ADJ
cblr-13005	265	40	limits	limit	NOUN
cblr-13005	265	41	on	on	ADP
cblr-13005	265	42	portfolio	portfolio	NOUN
cblr-13005	265	43	-	-	PUNCT
cblr-13005	265	44	focused	focus	VERB
cblr-13005	265	45	stewardship	stewardship	NOUN
cblr-13005	265	46	,	,	PUNCT
cblr-13005	265	47	or	or	CCONJ
cblr-13005	265	48	perhaps	perhaps	ADV
cblr-13005	265	49	to	to	PART
cblr-13005	265	50	eschew	eschew	VERB
cblr-13005	265	51	it	it	PRON
cblr-13005	265	52	altogether	altogether	ADV
cblr-13005	265	53	.	.	PUNCT
cblr-13005	266	1	this	this	DET
cblr-13005	266	2	part	part	NOUN
cblr-13005	266	3	elaborates	elaborate	VERB
cblr-13005	266	4	on	on	ADP
cblr-13005	266	5	these	these	DET
cblr-13005	266	6	frictions	friction	NOUN
cblr-13005	266	7	,	,	PUNCT
cblr-13005	266	8	which	which	PRON
cblr-13005	266	9	it	it	PRON
cblr-13005	266	10	groups	group	VERB
cblr-13005	266	11	under	under	ADP
cblr-13005	266	12	the	the	DET
cblr-13005	266	13	headings	heading	NOUN
cblr-13005	266	14	(	(	PUNCT
cblr-13005	266	15	1	1	X
cblr-13005	266	16	)	)	PUNCT
cblr-13005	266	17	managerial	managerial	ADJ
cblr-13005	266	18	agency	agency	NOUN
cblr-13005	266	19	costs	cost	NOUN
cblr-13005	266	20	;	;	PUNCT
cblr-13005	266	21	(	(	PUNCT
cblr-13005	266	22	2	2	X
cblr-13005	266	23	)	)	PUNCT
cblr-13005	266	24	intermediary	intermediary	ADJ
cblr-13005	266	25	agency	agency	NOUN
cblr-13005	266	26	costs	cost	NOUN
cblr-13005	266	27	;	;	PUNCT
cblr-13005	266	28	(	(	PUNCT
cblr-13005	266	29	3	3	X
cblr-13005	266	30	)	)	PUNCT
cblr-13005	266	31	imperfect	imperfect	ADJ
cblr-13005	266	32	information	information	NOUN
cblr-13005	266	33	;	;	PUNCT
cblr-13005	266	34	and	and	CCONJ
cblr-13005	266	35	(	(	PUNCT
cblr-13005	266	36	4	4	X
cblr-13005	266	37	)	)	PUNCT
cblr-13005	266	38	market	market	NOUN
cblr-13005	266	39	dynamism	dynamism	NOUN
cblr-13005	266	40	.	.	PUNCT
cblr-13005	267	1	first	first	ADV
cblr-13005	267	2	,	,	PUNCT
cblr-13005	267	3	it	it	PRON
cblr-13005	267	4	explains	explain	VERB
cblr-13005	267	5	how	how	SCONJ
cblr-13005	267	6	the	the	DET
cblr-13005	267	7	need	need	NOUN
cblr-13005	267	8	to	to	PART
cblr-13005	267	9	constrain	constrain	VERB
cblr-13005	267	10	managerial	managerial	ADJ
cblr-13005	267	11	agency	agency	NOUN
cblr-13005	267	12	costs	cost	NOUN
cblr-13005	267	13	places	place	VERB
cblr-13005	267	14	important	important	ADJ
cblr-13005	267	15	limitations	limitation	NOUN
cblr-13005	267	16	on	on	ADP
cblr-13005	267	17	the	the	DET
cblr-13005	267	18	types	type	NOUN
cblr-13005	267	19	of	of	ADP
cblr-13005	267	20	portfolio	portfolio	NOUN
cblr-13005	267	21	-	-	PUNCT
cblr-13005	267	22	focused	focus	VERB
cblr-13005	267	23	stewardship	stewardship	NOUN
cblr-13005	267	24	interventions	intervention	NOUN
cblr-13005	267	25	that	that	SCONJ
cblr-13005	267	26	index	index	NOUN
cblr-13005	267	27	fund	fund	NOUN
cblr-13005	267	28	investors	investor	NOUN
cblr-13005	267	29	would	would	AUX
cblr-13005	267	30	want	want	VERB
cblr-13005	267	31	their	their	PRON
cblr-13005	267	32	fund	fund	NOUN
cblr-13005	267	33	managers	manager	NOUN
cblr-13005	267	34	to	to	PART
cblr-13005	267	35	pursue	pursue	VERB
cblr-13005	267	36	.	.	PUNCT
cblr-13005	268	1	second	second	ADV
cblr-13005	268	2	,	,	PUNCT
cblr-13005	268	3	it	it	PRON
cblr-13005	268	4	discusses	discuss	VERB
cblr-13005	268	5	intermediary	intermediary	ADJ
cblr-13005	268	6	agency	agency	NOUN
cblr-13005	268	7	costs	cost	NOUN
cblr-13005	268	8	,	,	PUNCT
cblr-13005	268	9	explaining	explain	VERB
cblr-13005	268	10	how	how	SCONJ
cblr-13005	268	11	the	the	DET
cblr-13005	268	12	conflicts	conflict	NOUN
cblr-13005	268	13	of	of	ADP
cblr-13005	268	14	interest	interest	NOUN
cblr-13005	268	15	that	that	PRON
cblr-13005	268	16	exist	exist	VERB
cblr-13005	268	17	between	between	ADP
cblr-13005	268	18	index	index	NOUN
cblr-13005	268	19	fund	fund	NOUN
cblr-13005	268	20	managers	manager	NOUN
cblr-13005	268	21	and	and	CCONJ
cblr-13005	268	22	index	index	NOUN
cblr-13005	268	23	fund	fund	NOUN
cblr-13005	268	24	investors	investor	NOUN
cblr-13005	268	25	place	place	VERB
cblr-13005	268	26	additional	additional	ADJ
cblr-13005	268	27	limitations	limitation	NOUN
cblr-13005	268	28	on	on	ADP
cblr-13005	268	29	the	the	DET
cblr-13005	268	30	types	type	NOUN
cblr-13005	268	31	of	of	ADP
cblr-13005	268	32	portfolio	portfolio	NOUN
cblr-13005	268	33	-	-	PUNCT
cblr-13005	268	34	focused	focus	VERB
cblr-13005	268	35	stewardship	stewardship	NOUN
cblr-13005	268	36	interventions	intervention	NOUN
cblr-13005	268	37	that	that	SCONJ
cblr-13005	268	38	index	index	NOUN
cblr-13005	268	39	fund	fund	NOUN
cblr-13005	268	40	investors	investor	NOUN
cblr-13005	268	41	would	would	AUX
cblr-13005	268	42	view	view	VERB
cblr-13005	268	43	as	as	ADP
cblr-13005	268	44	desirable	desirable	ADJ
cblr-13005	268	45	.	.	PUNCT
cblr-13005	269	1	third	third	ADJ
cblr-13005	269	2	,	,	PUNCT
cblr-13005	269	3	it	it	PRON
cblr-13005	269	4	discusses	discuss	VERB
cblr-13005	269	5	informational	informational	ADJ
cblr-13005	269	6	barriers	barrier	NOUN
cblr-13005	269	7	to	to	ADP
cblr-13005	269	8	the	the	DET
cblr-13005	269	9	crafting	crafting	NOUN
cblr-13005	269	10	of	of	ADP
cblr-13005	269	11	effective	effective	ADJ
cblr-13005	269	12	internalization	internalization	NOUN
cblr-13005	269	13	policies	policy	NOUN
cblr-13005	269	14	,	,	PUNCT
cblr-13005	269	15	drawing	draw	VERB
cblr-13005	269	16	on	on	ADP
cblr-13005	269	17	a	a	DET
cblr-13005	269	18	rich	rich	ADJ
cblr-13005	269	19	body	body	NOUN
cblr-13005	269	20	of	of	ADP
cblr-13005	269	21	public	public	ADJ
cblr-13005	269	22	law	law	NOUN
cblr-13005	269	23	scholarship	scholarship	NOUN
cblr-13005	269	24	focused	focus	VERB
cblr-13005	269	25	on	on	ADP
cblr-13005	269	26	regulatory	regulatory	ADJ
cblr-13005	269	27	techniques	technique	NOUN
cblr-13005	269	28	for	for	ADP
cblr-13005	269	29	dealing	deal	VERB
cblr-13005	269	30	with	with	ADP
cblr-13005	269	31	negative	negative	ADJ
cblr-13005	269	32	externalities	externality	NOUN
cblr-13005	269	33	.	.	PUNCT
cblr-13005	270	1	the	the	DET
cblr-13005	270	2	discussion	discussion	NOUN
cblr-13005	270	3	highlights	highlight	VERB
cblr-13005	270	4	the	the	DET
cblr-13005	270	5	problems	problem	NOUN
cblr-13005	270	6	asset	asset	NOUN
cblr-13005	270	7	managers	manager	NOUN
cblr-13005	270	8	will	will	AUX
cblr-13005	270	9	face	face	VERB
cblr-13005	270	10	if	if	SCONJ
cblr-13005	270	11	they	they	PRON
cblr-13005	270	12	seek	seek	VERB
cblr-13005	270	13	to	to	PART
cblr-13005	270	14	serve	serve	VERB
cblr-13005	270	15	as	as	ADP
cblr-13005	270	16	private	private	ADJ
cblr-13005	270	17	regulators	regulator	NOUN
cblr-13005	270	18	of	of	ADP
cblr-13005	270	19	their	their	PRON
cblr-13005	270	20	portfolio	portfolio	NOUN
cblr-13005	270	21	firms	firm	NOUN
cblr-13005	270	22	,	,	PUNCT
cblr-13005	270	23	including	include	VERB
cblr-13005	270	24	problems	problem	NOUN
cblr-13005	270	25	of	of	ADP
cblr-13005	270	26	legitimacy	legitimacy	NOUN
cblr-13005	270	27	.	.	PUNCT
cblr-13005	271	1	finally	finally	ADV
cblr-13005	271	2	,	,	PUNCT
cblr-13005	271	3	this	this	DET
cblr-13005	271	4	part	part	NOUN
cblr-13005	271	5	comments	comment	VERB
cblr-13005	271	6	on	on	ADP
cblr-13005	271	7	the	the	DET
cblr-13005	271	8	transient	transient	ADJ
cblr-13005	271	9	nature	nature	NOUN
cblr-13005	271	10	of	of	ADP
cblr-13005	271	11	any	any	DET
cblr-13005	271	12	gains	gain	NOUN
cblr-13005	271	13	that	that	PRON
cblr-13005	271	14	might	might	AUX
cblr-13005	271	15	be	be	AUX
cblr-13005	271	16	achieved	achieve	VERB
cblr-13005	271	17	through	through	ADP
cblr-13005	271	18	portfolio	portfolio	NOUN
cblr-13005	271	19	-	-	PUNCT
cblr-13005	271	20	focused	focus	VERB
cblr-13005	271	21	stewardship	stewardship	NOUN
cblr-13005	271	22	given	give	VERB
cblr-13005	271	23	the	the	DET
cblr-13005	271	24	existence	existence	NOUN
cblr-13005	271	25	of	of	ADP
cblr-13005	271	26	a	a	DET
cblr-13005	271	27	competitive	competitive	ADJ
cblr-13005	271	28	marketplace	marketplace	NOUN
cblr-13005	271	29	.	.	PUNCT
cblr-13005	272	1	a.	a.	NOUN
cblr-13005	272	2	real	real	ADJ
cblr-13005	272	3	world	world	PROPN
cblr-13005	272	4	friction	friction	NOUN
cblr-13005	272	5	#	#	SYM
cblr-13005	272	6	1	1	NUM
cblr-13005	272	7	:	:	PUNCT
cblr-13005	272	8	managerial	managerial	ADJ
cblr-13005	272	9	agency	agency	NOUN
cblr-13005	272	10	costs	cost	NOUN
cblr-13005	272	11	left	leave	VERB
cblr-13005	272	12	to	to	ADP
cblr-13005	272	13	their	their	PRON
cblr-13005	272	14	own	own	ADJ
cblr-13005	272	15	devices	device	NOUN
cblr-13005	272	16	,	,	PUNCT
cblr-13005	272	17	managers	manager	NOUN
cblr-13005	272	18	of	of	ADP
cblr-13005	272	19	public	public	ADJ
cblr-13005	272	20	companies	company	NOUN
cblr-13005	272	21	may	may	AUX
cblr-13005	272	22	place	place	VERB
cblr-13005	272	23	their	their	PRON
cblr-13005	272	24	own	own	ADJ
cblr-13005	272	25	interests	interest	NOUN
cblr-13005	272	26	above	above	ADP
cblr-13005	272	27	those	those	PRON
cblr-13005	272	28	of	of	ADP
cblr-13005	272	29	investors	investor	NOUN
cblr-13005	272	30	.	.	PUNCT
cblr-13005	273	1	they	they	PRON
cblr-13005	273	2	334	334	NUM
cblr-13005	273	3	columbia	columbia	PROPN
cblr-13005	273	4	business	business	NOUN
cblr-13005	273	5	law	law	PROPN
cblr-13005	273	6	review	review	NOUN
cblr-13005	274	1	[	[	X
cblr-13005	274	2	vol	vol	NOUN
cblr-13005	274	3	.	.	NOUN
cblr-13005	274	4	2024	2024	NUM
cblr-13005	274	5	may	may	AUX
cblr-13005	274	6	divert	divert	VERB
cblr-13005	274	7	firm	firm	ADJ
cblr-13005	274	8	value	value	NOUN
cblr-13005	274	9	to	to	ADP
cblr-13005	274	10	themselves	themselves	PRON
cblr-13005	274	11	,	,	PUNCT
cblr-13005	274	12	act	act	VERB
cblr-13005	274	13	less	less	ADV
cblr-13005	274	14	prudently	prudently	ADV
cblr-13005	274	15	in	in	ADP
cblr-13005	274	16	their	their	PRON
cblr-13005	274	17	management	management	NOUN
cblr-13005	274	18	of	of	ADP
cblr-13005	274	19	the	the	DET
cblr-13005	274	20	enterprise	enterprise	NOUN
cblr-13005	274	21	than	than	SCONJ
cblr-13005	274	22	they	they	PRON
cblr-13005	274	23	would	would	AUX
cblr-13005	274	24	in	in	ADP
cblr-13005	274	25	the	the	DET
cblr-13005	274	26	conduct	conduct	NOUN
cblr-13005	274	27	of	of	ADP
cblr-13005	274	28	their	their	PRON
cblr-13005	274	29	own	own	ADJ
cblr-13005	274	30	affairs	affair	NOUN
cblr-13005	274	31	,	,	PUNCT
cblr-13005	274	32	and	and	CCONJ
cblr-13005	274	33	avoid	avoid	VERB
cblr-13005	274	34	risks	risk	NOUN
cblr-13005	274	35	that	that	SCONJ
cblr-13005	274	36	investors	investor	NOUN
cblr-13005	274	37	would	would	AUX
cblr-13005	274	38	want	want	VERB
cblr-13005	274	39	them	they	PRON
cblr-13005	274	40	to	to	PART
cblr-13005	274	41	take.43	take.43	VERB
cblr-13005	274	42	these	these	DET
cblr-13005	274	43	“	"	PUNCT
cblr-13005	274	44	agency	agency	NOUN
cblr-13005	274	45	costs	cost	NOUN
cblr-13005	274	46	”	"	PUNCT
cblr-13005	274	47	reduce	reduce	VERB
cblr-13005	274	48	firm	firm	ADJ
cblr-13005	274	49	value,44	value,44	NOUN
cblr-13005	274	50	and	and	CCONJ
cblr-13005	274	51	when	when	SCONJ
cblr-13005	274	52	multiplied	multiply	VERB
cblr-13005	274	53	across	across	ADP
cblr-13005	274	54	a	a	DET
cblr-13005	274	55	broad	broad	ADJ
cblr-13005	274	56	portfolio	portfolio	NOUN
cblr-13005	274	57	can	can	AUX
cblr-13005	274	58	substantially	substantially	ADV
cblr-13005	274	59	reduce	reduce	VERB
cblr-13005	274	60	its	its	PRON
cblr-13005	274	61	overall	overall	ADJ
cblr-13005	274	62	value	value	NOUN
cblr-13005	274	63	.	.	PUNCT
cblr-13005	275	1	it	it	PRON
cblr-13005	275	2	is	be	AUX
cblr-13005	275	3	therefore	therefore	ADV
cblr-13005	275	4	rational	rational	ADJ
cblr-13005	275	5	for	for	SCONJ
cblr-13005	275	6	diversified	diversified	ADJ
cblr-13005	275	7	investors	investor	NOUN
cblr-13005	275	8	to	to	PART
cblr-13005	275	9	take	take	VERB
cblr-13005	275	10	steps	step	NOUN
cblr-13005	275	11	to	to	PART
cblr-13005	275	12	prevent	prevent	VERB
cblr-13005	275	13	these	these	DET
cblr-13005	275	14	losses	loss	NOUN
cblr-13005	275	15	,	,	PUNCT
cblr-13005	275	16	if	if	SCONJ
cblr-13005	275	17	the	the	DET
cblr-13005	275	18	steps	step	NOUN
cblr-13005	275	19	cost	cost	VERB
cblr-13005	275	20	less	less	ADJ
cblr-13005	275	21	than	than	ADP
cblr-13005	275	22	the	the	DET
cblr-13005	275	23	expected	expect	VERB
cblr-13005	275	24	savings	saving	NOUN
cblr-13005	275	25	.	.	PUNCT
cblr-13005	276	1	direct	direct	ADJ
cblr-13005	276	2	monitoring	monitoring	NOUN
cblr-13005	276	3	of	of	ADP
cblr-13005	276	4	firm	firm	ADJ
cblr-13005	276	5	managers	manager	NOUN
cblr-13005	276	6	is	be	AUX
cblr-13005	276	7	one	one	NUM
cblr-13005	276	8	option	option	NOUN
cblr-13005	276	9	,	,	PUNCT
cblr-13005	276	10	but	but	CCONJ
cblr-13005	276	11	information	information	NOUN
cblr-13005	276	12	deficits	deficit	NOUN
cblr-13005	276	13	and	and	CCONJ
cblr-13005	276	14	collective	collective	ADJ
cblr-13005	276	15	action	action	NOUN
cblr-13005	276	16	problems	problem	NOUN
cblr-13005	276	17	make	make	VERB
cblr-13005	276	18	it	it	PRON
cblr-13005	276	19	uneconomical	uneconomical	ADJ
cblr-13005	276	20	for	for	ADP
cblr-13005	276	21	diversified	diversified	ADJ
cblr-13005	276	22	investors	investor	NOUN
cblr-13005	276	23	to	to	PART
cblr-13005	276	24	directly	directly	ADV
cblr-13005	276	25	police	police	PROPN
cblr-13005	276	26	firm	firm	NOUN
cblr-13005	276	27	managers	manager	NOUN
cblr-13005	276	28	’	'	PUNCT
cblr-13005	276	29	behavior	behavior	NOUN
cblr-13005	276	30	on	on	ADP
cblr-13005	276	31	a	a	DET
cblr-13005	276	32	systematic	systematic	ADJ
cblr-13005	276	33	basis.45	basis.45	NOUN
cblr-13005	276	34	while	while	SCONJ
cblr-13005	276	35	the	the	DET
cblr-13005	276	36	largest	large	ADJ
cblr-13005	276	37	index	index	NOUN
cblr-13005	276	38	funds	fund	NOUN
cblr-13005	276	39	own	own	VERB
cblr-13005	276	40	enough	enough	ADJ
cblr-13005	276	41	shares	share	NOUN
cblr-13005	276	42	in	in	ADP
cblr-13005	276	43	their	their	PRON
cblr-13005	276	44	portfolio	portfolio	NOUN
cblr-13005	276	45	companies	company	NOUN
cblr-13005	276	46	to	to	PART
cblr-13005	276	47	make	make	VERB
cblr-13005	276	48	some	some	DET
cblr-13005	276	49	investment	investment	NOUN
cblr-13005	276	50	in	in	ADP
cblr-13005	276	51	direct	direct	ADJ
cblr-13005	276	52	monitoring	monitoring	NOUN
cblr-13005	276	53	rational	rational	ADJ
cblr-13005	276	54	,	,	PUNCT
cblr-13005	276	55	lingering	linger	VERB
cblr-13005	276	56	information	information	NOUN
cblr-13005	276	57	deficits	deficit	NOUN
cblr-13005	276	58	and	and	CCONJ
cblr-13005	276	59	collective	collective	ADJ
cblr-13005	276	60	action	action	NOUN
cblr-13005	276	61	problems	problem	NOUN
cblr-13005	276	62	,	,	PUNCT
cblr-13005	276	63	as	as	ADV
cblr-13005	276	64	well	well	ADV
cblr-13005	276	65	as	as	ADP
cblr-13005	276	66	the	the	DET
cblr-13005	276	67	intermediary	intermediary	ADJ
cblr-13005	276	68	agency	agency	NOUN
cblr-13005	276	69	costs	cost	NOUN
cblr-13005	276	70	discussed	discuss	VERB
cblr-13005	276	71	in	in	ADP
cblr-13005	276	72	the	the	DET
cblr-13005	276	73	next	next	ADJ
cblr-13005	276	74	part	part	NOUN
cblr-13005	276	75	,	,	PUNCT
cblr-13005	276	76	mean	mean	VERB
cblr-13005	276	77	that	that	SCONJ
cblr-13005	276	78	index	index	NOUN
cblr-13005	276	79	fund	fund	NOUN
cblr-13005	276	80	managers	manager	NOUN
cblr-13005	276	81	can	can	AUX
cblr-13005	276	82	not	not	PART
cblr-13005	276	83	be	be	AUX
cblr-13005	276	84	relied	rely	VERB
cblr-13005	276	85	upon	upon	SCONJ
cblr-13005	276	86	to	to	PART
cblr-13005	276	87	systematically	systematically	ADV
cblr-13005	276	88	monitor	monitor	VERB
cblr-13005	276	89	the	the	DET
cblr-13005	276	90	behavior	behavior	NOUN
cblr-13005	276	91	of	of	ADP
cblr-13005	276	92	portfolio	portfolio	NOUN
cblr-13005	276	93	firm	firm	NOUN
cblr-13005	276	94	managers	manager	NOUN
cblr-13005	276	95	either	either	ADV
cblr-13005	276	96	.	.	PUNCT
cblr-13005	277	1	luckily	luckily	ADV
cblr-13005	277	2	,	,	PUNCT
cblr-13005	277	3	a	a	DET
cblr-13005	277	4	variety	variety	NOUN
cblr-13005	277	5	of	of	ADP
cblr-13005	277	6	other	other	ADJ
cblr-13005	277	7	,	,	PUNCT
cblr-13005	277	8	more	more	ADJ
cblr-13005	277	9	cost	cost	NOUN
cblr-13005	277	10	effective	effective	ADJ
cblr-13005	277	11	,	,	PUNCT
cblr-13005	277	12	techniques	technique	NOUN
cblr-13005	277	13	exist	exist	VERB
cblr-13005	277	14	for	for	ADP
cblr-13005	277	15	constraining	constrain	VERB
cblr-13005	277	16	managerial	managerial	ADJ
cblr-13005	277	17	agency	agency	NOUN
cblr-13005	277	18	costs	cost	NOUN
cblr-13005	277	19	.	.	PUNCT
cblr-13005	278	1	one	one	NUM
cblr-13005	278	2	of	of	ADP
cblr-13005	278	3	the	the	DET
cblr-13005	278	4	most	most	ADV
cblr-13005	278	5	powerful	powerful	ADJ
cblr-13005	278	6	is	be	AUX
cblr-13005	278	7	incentive	incentive	NOUN
cblr-13005	278	8	-	-	PUNCT
cblr-13005	278	9	alignment	alignment	NOUN
cblr-13005	278	10	through	through	ADP
cblr-13005	278	11	compensation	compensation	NOUN
cblr-13005	278	12	structures	structure	NOUN
cblr-13005	278	13	tied	tie	VERB
cblr-13005	278	14	to	to	ADP
cblr-13005	278	15	firm	firm	VERB
cblr-13005	278	16	value.46	value.46	PROPN
cblr-13005	278	17	such	such	ADJ
cblr-13005	278	18	structures	structure	NOUN
cblr-13005	278	19	push	push	VERB
cblr-13005	278	20	managers	manager	NOUN
cblr-13005	278	21	to	to	PART
cblr-13005	278	22	focus	focus	VERB
cblr-13005	278	23	on	on	ADP
cblr-13005	278	24	the	the	DET
cblr-13005	278	25	task	task	NOUN
cblr-13005	278	26	of	of	ADP
cblr-13005	278	27	increasing	increase	VERB
cblr-13005	278	28	firm	firm	ADJ
cblr-13005	278	29	value	value	NOUN
cblr-13005	278	30	without	without	ADP
cblr-13005	278	31	the	the	DET
cblr-13005	278	32	need	need	NOUN
cblr-13005	278	33	for	for	ADP
cblr-13005	278	34	continual	continual	ADJ
cblr-13005	278	35	investor	investor	NOUN
cblr-13005	278	36	oversight	oversight	NOUN
cblr-13005	278	37	of	of	ADP
cblr-13005	278	38	management	management	NOUN
cblr-13005	278	39	decisions.47	decisions.47	VERB
cblr-13005	278	40	other	other	ADJ
cblr-13005	278	41	important	important	ADJ
cblr-13005	278	42	techniques	technique	NOUN
cblr-13005	278	43	,	,	PUNCT
cblr-13005	278	44	such	such	ADJ
cblr-13005	278	45	as	as	ADP
cblr-13005	278	46	fiduciary	fiduciary	ADJ
cblr-13005	278	47	duties	duty	NOUN
cblr-13005	278	48	43	43	NUM
cblr-13005	278	49	amanda	amanda	PROPN
cblr-13005	278	50	m.	m.	NOUN
cblr-13005	278	51	rose	rise	VERB
cblr-13005	278	52	,	,	PUNCT
cblr-13005	278	53	cutting	cut	VERB
cblr-13005	278	54	class	class	NOUN
cblr-13005	278	55	action	action	NOUN
cblr-13005	278	56	agency	agency	NOUN
cblr-13005	278	57	costs	cost	NOUN
cblr-13005	278	58	:	:	PUNCT
cblr-13005	278	59	lessons	lesson	NOUN
cblr-13005	278	60	from	from	ADP
cblr-13005	278	61	the	the	DET
cblr-13005	278	62	public	public	ADJ
cblr-13005	278	63	company	company	NOUN
cblr-13005	278	64	,	,	PUNCT
cblr-13005	279	1	54	54	NUM
cblr-13005	279	2	u.c	u.c	PROPN
cblr-13005	279	3	.	.	PROPN
cblr-13005	280	1	davis	davis	PROPN
cblr-13005	280	2	l.	l.	PROPN
cblr-13005	280	3	rev	rev	PROPN
cblr-13005	280	4	.	.	PROPN
cblr-13005	280	5	337	337	NUM
cblr-13005	280	6	,	,	PUNCT
cblr-13005	280	7	350–52	350–52	NUM
cblr-13005	280	8	(	(	PUNCT
cblr-13005	280	9	2020	2020	NUM
cblr-13005	280	10	)	)	PUNCT
cblr-13005	280	11	.	.	PUNCT
cblr-13005	281	1	44	44	NUM
cblr-13005	281	2	michael	michael	PROPN
cblr-13005	281	3	c.	c.	PROPN
cblr-13005	281	4	jensen	jensen	PROPN
cblr-13005	281	5	&	&	CCONJ
cblr-13005	281	6	william	william	PROPN
cblr-13005	281	7	h.	h.	PROPN
cblr-13005	281	8	meckling	meckling	PROPN
cblr-13005	281	9	,	,	PUNCT
cblr-13005	281	10	theory	theory	NOUN
cblr-13005	281	11	of	of	ADP
cblr-13005	281	12	the	the	DET
cblr-13005	281	13	firm	firm	NOUN
cblr-13005	281	14	:	:	PUNCT
cblr-13005	281	15	managerial	managerial	ADJ
cblr-13005	281	16	behavior	behavior	NOUN
cblr-13005	281	17	,	,	PUNCT
cblr-13005	281	18	agency	agency	NOUN
cblr-13005	281	19	costs	cost	NOUN
cblr-13005	281	20	and	and	CCONJ
cblr-13005	281	21	ownership	ownership	NOUN
cblr-13005	281	22	structure	structure	NOUN
cblr-13005	281	23	,	,	PUNCT
cblr-13005	281	24	3	3	NUM
cblr-13005	281	25	j.	j.	PROPN
cblr-13005	281	26	fin	fin	PROPN
cblr-13005	281	27	.	.	PUNCT
cblr-13005	281	28	econ	econ	PROPN
cblr-13005	281	29	.	.	PUNCT
cblr-13005	282	1	305	305	NUM
cblr-13005	282	2	(	(	PUNCT
cblr-13005	282	3	1976	1976	NUM
cblr-13005	282	4	)	)	PUNCT
cblr-13005	282	5	.	.	PUNCT
cblr-13005	283	1	45	45	NUM
cblr-13005	283	2	rose	rise	VERB
cblr-13005	283	3	,	,	PUNCT
cblr-13005	283	4	supra	supra	PROPN
cblr-13005	283	5	note	note	NOUN
cblr-13005	283	6	43	43	NUM
cblr-13005	283	7	,	,	PUNCT
cblr-13005	283	8	at	at	ADP
cblr-13005	283	9	350	350	NUM
cblr-13005	283	10	.	.	PUNCT
cblr-13005	284	1	46	46	NUM
cblr-13005	284	2	see	see	VERB
cblr-13005	284	3	,	,	PUNCT
cblr-13005	284	4	e.g.	e.g.	ADV
cblr-13005	284	5	,	,	PUNCT
cblr-13005	284	6	michael	michael	PROPN
cblr-13005	284	7	c.	c.	PROPN
cblr-13005	284	8	jensen	jensen	PROPN
cblr-13005	284	9	&	&	CCONJ
cblr-13005	284	10	kevin	kevin	PROPN
cblr-13005	284	11	j.	j.	PROPN
cblr-13005	284	12	murphy	murphy	PROPN
cblr-13005	284	13	,	,	PUNCT
cblr-13005	284	14	ceo	ceo	NOUN
cblr-13005	284	15	incentives	incentive	NOUN
cblr-13005	284	16	–	–	PUNCT
cblr-13005	284	17	it	it	PRON
cblr-13005	284	18	’s	’	VERB
cblr-13005	284	19	not	not	PART
cblr-13005	284	20	how	how	SCONJ
cblr-13005	284	21	much	much	ADJ
cblr-13005	284	22	you	you	PRON
cblr-13005	284	23	pay	pay	VERB
cblr-13005	284	24	,	,	PUNCT
cblr-13005	284	25	but	but	CCONJ
cblr-13005	284	26	how	how	SCONJ
cblr-13005	284	27	,	,	PUNCT
cblr-13005	284	28	harv	harv	NOUN
cblr-13005	284	29	.	.	PUNCT
cblr-13005	285	1	bus	bus	NOUN
cblr-13005	285	2	.	.	PUNCT
cblr-13005	286	1	rev	rev	PROPN
cblr-13005	286	2	.	.	PROPN
cblr-13005	287	1	may	may	AUX
cblr-13005	287	2	–	–	PUNCT
cblr-13005	287	3	june	june	PROPN
cblr-13005	287	4	1990	1990	NUM
cblr-13005	287	5	(	(	PUNCT
cblr-13005	287	6	discussing	discuss	VERB
cblr-13005	287	7	this	this	DET
cblr-13005	287	8	technique	technique	NOUN
cblr-13005	287	9	)	)	PUNCT
cblr-13005	287	10	.	.	PUNCT
cblr-13005	288	1	47	47	NUM
cblr-13005	288	2	stock	stock	NOUN
cblr-13005	288	3	-	-	PUNCT
cblr-13005	288	4	option	option	NOUN
cblr-13005	288	5	based	base	VERB
cblr-13005	288	6	compensation	compensation	NOUN
cblr-13005	288	7	can	can	AUX
cblr-13005	288	8	also	also	ADV
cblr-13005	288	9	help	help	VERB
cblr-13005	288	10	to	to	PART
cblr-13005	288	11	align	align	VERB
cblr-13005	288	12	firm	firm	ADJ
cblr-13005	288	13	managers	manager	NOUN
cblr-13005	288	14	’	’	PART
cblr-13005	288	15	risk	risk	NOUN
cblr-13005	288	16	preferences	preference	NOUN
cblr-13005	288	17	with	with	ADP
cblr-13005	288	18	those	those	PRON
cblr-13005	288	19	of	of	ADP
cblr-13005	288	20	diversified	diversified	ADJ
cblr-13005	288	21	shareholders	shareholder	NOUN
cblr-13005	288	22	.	.	PUNCT
cblr-13005	289	1	see	see	VERB
cblr-13005	289	2	david	david	PROPN
cblr-13005	289	3	m.	m.	PROPN
cblr-13005	289	4	schizer	schizer	PROPN
cblr-13005	289	5	,	,	PUNCT
cblr-13005	289	6	executives	executive	NOUN
cblr-13005	289	7	and	and	CCONJ
cblr-13005	289	8	hedging	hedging	NOUN
cblr-13005	289	9	:	:	PUNCT
cblr-13005	289	10	the	the	DET
cblr-13005	289	11	fragile	fragile	ADJ
cblr-13005	289	12	legal	legal	ADJ
cblr-13005	289	13	foundation	foundation	NOUN
cblr-13005	289	14	of	of	ADP
cblr-13005	289	15	incentive	incentive	NOUN
cblr-13005	289	16	compatibility	compatibility	NOUN
cblr-13005	289	17	,	,	PUNCT
cblr-13005	289	18	100	100	NUM
cblr-13005	289	19	colum	colum	NOUN
cblr-13005	289	20	.	.	PUNCT
cblr-13005	290	1	l.	l.	PROPN
cblr-13005	290	2	rev	rev	PROPN
cblr-13005	290	3	.	.	PROPN
cblr-13005	290	4	440	440	NUM
cblr-13005	290	5	,	,	PUNCT
cblr-13005	290	6	453	453	NUM
cblr-13005	290	7	(	(	PUNCT
cblr-13005	290	8	2000	2000	NUM
cblr-13005	290	9	)	)	PUNCT
cblr-13005	290	10	(	(	PUNCT
cblr-13005	290	11	explaining	explain	VERB
cblr-13005	290	12	that	that	SCONJ
cblr-13005	290	13	stock	stock	NOUN
cblr-13005	290	14	options	option	NOUN
cblr-13005	290	15	“	"	PUNCT
cblr-13005	290	16	increase	increase	VERB
cblr-13005	290	17	an	an	DET
cblr-13005	290	18	executive	executive	NOUN
cblr-13005	290	19	’s	’s	PART
cblr-13005	290	20	appetite	appetite	NOUN
cblr-13005	290	21	for	for	ADP
cblr-13005	290	22	risk	risk	NOUN
cblr-13005	290	23	,	,	PUNCT
cblr-13005	290	24	an	an	DET
cblr-13005	290	25	effect	effect	NOUN
cblr-13005	290	26	that	that	PRON
cblr-13005	290	27	diversified	diversify	VERB
cblr-13005	290	28	no	no	NOUN
cblr-13005	290	29	.	.	NOUN
cblr-13005	290	30	1	1	NUM
cblr-13005	290	31	]	]	PUNCT
cblr-13005	290	32	a	a	DET
cblr-13005	290	33	hard	hard	ADJ
cblr-13005	290	34	look	look	NOUN
cblr-13005	290	35	at	at	ADP
cblr-13005	290	36	portfolio	portfolio	NOUN
cblr-13005	290	37	focused	focused	ADJ
cblr-13005	290	38	stewardship	stewardship	NOUN
cblr-13005	290	39	335	335	NUM
cblr-13005	290	40	owed	owe	VERB
cblr-13005	290	41	to	to	ADP
cblr-13005	290	42	the	the	DET
cblr-13005	290	43	firm	firm	NOUN
cblr-13005	290	44	’s	’s	PART
cblr-13005	290	45	residual	residual	ADJ
cblr-13005	290	46	claimants	claimant	NOUN
cblr-13005	290	47	(	(	PUNCT
cblr-13005	290	48	coupled	couple	VERB
cblr-13005	290	49	with	with	ADP
cblr-13005	290	50	a	a	DET
cblr-13005	290	51	judicial	judicial	ADJ
cblr-13005	290	52	assumption	assumption	NOUN
cblr-13005	290	53	that	that	SCONJ
cblr-13005	290	54	such	such	ADJ
cblr-13005	290	55	claimants	claimant	NOUN
cblr-13005	290	56	want	want	VERB
cblr-13005	290	57	to	to	PART
cblr-13005	290	58	maximize	maximize	VERB
cblr-13005	290	59	firm	firm	ADJ
cblr-13005	290	60	value	value	NOUN
cblr-13005	290	61	)	)	PUNCT
cblr-13005	290	62	,	,	PUNCT
cblr-13005	290	63	the	the	DET
cblr-13005	290	64	market	market	NOUN
cblr-13005	290	65	for	for	ADP
cblr-13005	290	66	corporate	corporate	ADJ
cblr-13005	290	67	control	control	NOUN
cblr-13005	290	68	,	,	PUNCT
cblr-13005	290	69	and	and	CCONJ
cblr-13005	290	70	hedge	hedge	NOUN
cblr-13005	290	71	fund	fund	NOUN
cblr-13005	290	72	activism	activism	NOUN
cblr-13005	290	73	,	,	PUNCT
cblr-13005	290	74	serve	serve	VERB
cblr-13005	290	75	a	a	DET
cblr-13005	290	76	similar	similar	ADJ
cblr-13005	290	77	function.48	function.48	NOUN
cblr-13005	290	78	to	to	PART
cblr-13005	290	79	be	be	AUX
cblr-13005	290	80	sure	sure	ADJ
cblr-13005	290	81	,	,	PUNCT
cblr-13005	290	82	these	these	DET
cblr-13005	290	83	techniques	technique	NOUN
cblr-13005	290	84	also	also	ADV
cblr-13005	290	85	create	create	VERB
cblr-13005	290	86	incentives	incentive	NOUN
cblr-13005	290	87	for	for	SCONJ
cblr-13005	290	88	managers	manager	NOUN
cblr-13005	290	89	to	to	PART
cblr-13005	290	90	externalize	externalize	VERB
cblr-13005	290	91	costs	cost	NOUN
cblr-13005	290	92	onto	onto	ADP
cblr-13005	290	93	other	other	ADJ
cblr-13005	290	94	firms	firm	NOUN
cblr-13005	290	95	,	,	PUNCT
cblr-13005	290	96	and	and	CCONJ
cblr-13005	290	97	onto	onto	ADP
cblr-13005	290	98	society	society	NOUN
cblr-13005	290	99	more	more	ADV
cblr-13005	290	100	broadly	broadly	ADV
cblr-13005	290	101	,	,	PUNCT
cblr-13005	290	102	so	so	SCONJ
cblr-13005	290	103	as	as	SCONJ
cblr-13005	290	104	to	to	PART
cblr-13005	290	105	increase	increase	VERB
cblr-13005	290	106	firm	firm	ADJ
cblr-13005	290	107	value	value	NOUN
cblr-13005	290	108	at	at	ADP
cblr-13005	290	109	others	other	NOUN
cblr-13005	290	110	’	'	PUNCT
cblr-13005	290	111	expense.49	expense.49	ADP
cblr-13005	290	112	social	social	ADJ
cblr-13005	290	113	and	and	CCONJ
cblr-13005	290	114	ethical	ethical	ADJ
cblr-13005	290	115	norms	norm	NOUN
cblr-13005	290	116	will	will	AUX
cblr-13005	290	117	constrain	constrain	VERB
cblr-13005	290	118	such	such	ADJ
cblr-13005	290	119	behavior	behavior	NOUN
cblr-13005	290	120	,	,	PUNCT
cblr-13005	290	121	but	but	CCONJ
cblr-13005	290	122	only	only	ADV
cblr-13005	290	123	to	to	ADP
cblr-13005	290	124	an	an	DET
cblr-13005	290	125	extent	extent	NOUN
cblr-13005	290	126	.	.	PUNCT
cblr-13005	291	1	corporate	corporate	ADJ
cblr-13005	291	2	law	law	NOUN
cblr-13005	291	3	scholars	scholar	NOUN
cblr-13005	291	4	have	have	AUX
cblr-13005	291	5	traditionally	traditionally	ADV
cblr-13005	291	6	treated	treat	VERB
cblr-13005	291	7	this	this	PRON
cblr-13005	291	8	as	as	ADP
cblr-13005	291	9	a	a	DET
cblr-13005	291	10	problem	problem	NOUN
cblr-13005	291	11	best	well	ADV
cblr-13005	291	12	managed	manage	VERB
cblr-13005	291	13	by	by	ADP
cblr-13005	291	14	substantive	substantive	ADJ
cblr-13005	291	15	laws	law	NOUN
cblr-13005	291	16	external	external	ADJ
cblr-13005	291	17	to	to	ADP
cblr-13005	291	18	corporate	corporate	ADJ
cblr-13005	291	19	law	law	NOUN
cblr-13005	291	20	,	,	PUNCT
cblr-13005	291	21	which	which	PRON
cblr-13005	291	22	should	should	AUX
cblr-13005	291	23	—	—	PUNCT
cblr-13005	291	24	within	within	ADP
cblr-13005	291	25	their	their	PRON
cblr-13005	291	26	relevant	relevant	ADJ
cblr-13005	291	27	subject	subject	NOUN
cblr-13005	291	28	matter	matter	NOUN
cblr-13005	291	29	area	area	NOUN
cblr-13005	291	30	—	—	PUNCT
cblr-13005	291	31	force	force	NOUN
cblr-13005	291	32	firms	firm	NOUN
cblr-13005	291	33	to	to	PART
cblr-13005	291	34	internalize	internalize	VERB
cblr-13005	291	35	the	the	DET
cblr-13005	291	36	externalities	externality	NOUN
cblr-13005	291	37	they	they	PRON
cblr-13005	291	38	produce.50	produce.50	VERB
cblr-13005	291	39	but	but	CCONJ
cblr-13005	291	40	external	external	ADJ
cblr-13005	291	41	laws	law	NOUN
cblr-13005	291	42	,	,	PUNCT
cblr-13005	291	43	along	along	ADP
cblr-13005	291	44	with	with	ADP
cblr-13005	291	45	social	social	ADJ
cblr-13005	291	46	and	and	CCONJ
cblr-13005	291	47	ethical	ethical	ADJ
cblr-13005	291	48	norms	norm	NOUN
cblr-13005	291	49	,	,	PUNCT
cblr-13005	291	50	may	may	AUX
cblr-13005	291	51	fail	fail	VERB
cblr-13005	291	52	to	to	PART
cblr-13005	291	53	force	force	VERB
cblr-13005	291	54	the	the	DET
cblr-13005	291	55	internalization	internalization	NOUN
cblr-13005	291	56	of	of	ADP
cblr-13005	291	57	all	all	DET
cblr-13005	291	58	firm	firm	ADJ
cblr-13005	291	59	externalities	externality	NOUN
cblr-13005	291	60	—	—	PUNCT
cblr-13005	291	61	hence	hence	ADV
cblr-13005	291	62	the	the	DET
cblr-13005	291	63	problem	problem	NOUN
cblr-13005	291	64	that	that	PRON
cblr-13005	291	65	portfolio	portfolio	NOUN
cblr-13005	291	66	-	-	PUNCT
cblr-13005	291	67	focused	focus	VERB
cblr-13005	291	68	stewardship	stewardship	NOUN
cblr-13005	291	69	is	be	AUX
cblr-13005	291	70	designed	design	VERB
cblr-13005	291	71	to	to	PART
cblr-13005	291	72	solve	solve	VERB
cblr-13005	291	73	(	(	PUNCT
cblr-13005	291	74	albeit	albeit	SCONJ
cblr-13005	291	75	on	on	ADP
cblr-13005	291	76	behalf	behalf	NOUN
cblr-13005	291	77	of	of	ADP
cblr-13005	291	78	diversified	diversified	ADJ
cblr-13005	291	79	investors	investor	NOUN
cblr-13005	291	80	,	,	PUNCT
cblr-13005	291	81	not	not	PART
cblr-13005	291	82	society	society	NOUN
cblr-13005	291	83	at	at	ADP
cblr-13005	291	84	large51	large51	NOUN
cblr-13005	291	85	)	)	PUNCT
cblr-13005	291	86	.	.	PUNCT
cblr-13005	292	1	excitement	excitement	NOUN
cblr-13005	292	2	over	over	ADP
cblr-13005	292	3	the	the	DET
cblr-13005	292	4	fact	fact	NOUN
cblr-13005	292	5	that	that	SCONJ
cblr-13005	292	6	diversified	diversify	VERB
cblr-13005	292	7	investors	investor	NOUN
cblr-13005	292	8	self	self	NOUN
cblr-13005	292	9	-	-	PUNCT
cblr-13005	292	10	internalize	internalize	VERB
cblr-13005	292	11	many	many	ADJ
cblr-13005	292	12	public	public	ADJ
cblr-13005	292	13	company	company	NOUN
cblr-13005	292	14	externalities	externality	NOUN
cblr-13005	292	15	sometimes	sometimes	ADV
cblr-13005	292	16	leads	lead	VERB
cblr-13005	292	17	to	to	ADP
cblr-13005	292	18	a	a	DET
cblr-13005	292	19	forgetfulness	forgetfulness	NOUN
cblr-13005	292	20	about	about	ADP
cblr-13005	292	21	managerial	managerial	ADJ
cblr-13005	292	22	agency	agency	NOUN
cblr-13005	292	23	costs	cost	NOUN
cblr-13005	292	24	.	.	PUNCT
cblr-13005	293	1	but	but	CCONJ
cblr-13005	293	2	if	if	SCONJ
cblr-13005	293	3	it	it	PRON
cblr-13005	293	4	were	be	AUX
cblr-13005	293	5	not	not	PART
cblr-13005	293	6	for	for	ADP
cblr-13005	293	7	managerial	managerial	ADJ
cblr-13005	293	8	agency	agency	NOUN
cblr-13005	293	9	costs	cost	NOUN
cblr-13005	293	10	and	and	CCONJ
cblr-13005	293	11	the	the	DET
cblr-13005	293	12	techniques	technique	NOUN
cblr-13005	293	13	that	that	PRON
cblr-13005	293	14	have	have	AUX
cblr-13005	293	15	been	be	AUX
cblr-13005	293	16	adopted	adopt	VERB
cblr-13005	293	17	to	to	PART
cblr-13005	293	18	mitigate	mitigate	VERB
cblr-13005	293	19	them	they	PRON
cblr-13005	293	20	,	,	PUNCT
cblr-13005	293	21	laws	law	NOUN
cblr-13005	293	22	designed	design	VERB
cblr-13005	293	23	to	to	PART
cblr-13005	293	24	prevent	prevent	VERB
cblr-13005	293	25	firms	firm	NOUN
cblr-13005	293	26	from	from	ADP
cblr-13005	293	27	imposing	impose	VERB
cblr-13005	293	28	uncompensated	uncompensated	ADJ
cblr-13005	293	29	costs	cost	NOUN
cblr-13005	293	30	on	on	ADP
cblr-13005	293	31	other	other	ADJ
cblr-13005	293	32	portfolio	portfolio	NOUN
cblr-13005	293	33	shareholders	shareholder	NOUN
cblr-13005	293	34	value	value	NOUN
cblr-13005	293	35	because	because	SCONJ
cblr-13005	293	36	they	they	PRON
cblr-13005	293	37	are	be	AUX
cblr-13005	293	38	otherwise	otherwise	ADV
cblr-13005	293	39	more	more	ADJ
cblr-13005	293	40	risk	risk	NOUN
cblr-13005	293	41	-	-	PUNCT
cblr-13005	293	42	tolerant	tolerant	ADJ
cblr-13005	293	43	than	than	ADP
cblr-13005	293	44	undiversified	undiversified	ADJ
cblr-13005	293	45	managers	manager	NOUN
cblr-13005	293	46	”	"	PUNCT
cblr-13005	293	47	)	)	PUNCT
cblr-13005	293	48	.	.	PUNCT
cblr-13005	294	1	48	48	NUM
cblr-13005	294	2	for	for	ADP
cblr-13005	294	3	an	an	DET
cblr-13005	294	4	overview	overview	NOUN
cblr-13005	294	5	of	of	ADP
cblr-13005	294	6	the	the	DET
cblr-13005	294	7	techniques	technique	NOUN
cblr-13005	294	8	used	use	VERB
cblr-13005	294	9	to	to	PART
cblr-13005	294	10	constrain	constrain	VERB
cblr-13005	294	11	agency	agency	NOUN
cblr-13005	294	12	costs	cost	NOUN
cblr-13005	294	13	in	in	ADP
cblr-13005	294	14	u.s	u.s	PROPN
cblr-13005	294	15	.	.	PROPN
cblr-13005	294	16	public	public	ADJ
cblr-13005	294	17	companies	company	NOUN
cblr-13005	294	18	,	,	PUNCT
cblr-13005	294	19	see	see	VERB
cblr-13005	294	20	rose	rise	VERB
cblr-13005	295	1	,	,	PUNCT
cblr-13005	295	2	supra	supra	PROPN
cblr-13005	295	3	note	note	NOUN
cblr-13005	295	4	43	43	NUM
cblr-13005	295	5	,	,	PUNCT
cblr-13005	295	6	at	at	ADP
cblr-13005	295	7	363–80	363–80	PROPN
cblr-13005	295	8	.	.	PROPN
cblr-13005	295	9	49	49	NUM
cblr-13005	295	10	armour	armour	NOUN
cblr-13005	295	11	&	&	CCONJ
cblr-13005	295	12	gordon	gordon	PROPN
cblr-13005	295	13	,	,	PUNCT
cblr-13005	295	14	supra	supra	PROPN
cblr-13005	295	15	note	note	PROPN
cblr-13005	295	16	40	40	NUM
cblr-13005	295	17	,	,	PUNCT
cblr-13005	295	18	at	at	ADP
cblr-13005	295	19	37	37	NUM
cblr-13005	295	20	.	.	PUNCT
cblr-13005	295	21	50	50	NUM
cblr-13005	295	22	this	this	PRON
cblr-13005	295	23	,	,	PUNCT
cblr-13005	295	24	at	at	ADP
cblr-13005	295	25	least	least	ADJ
cblr-13005	295	26	,	,	PUNCT
cblr-13005	295	27	has	have	AUX
cblr-13005	295	28	been	be	AUX
cblr-13005	295	29	the	the	DET
cblr-13005	295	30	dominant	dominant	ADJ
cblr-13005	295	31	view	view	NOUN
cblr-13005	295	32	since	since	SCONJ
cblr-13005	295	33	shareholderism	shareholderism	NOUN
cblr-13005	295	34	overtook	overtake	VERB
cblr-13005	295	35	managerialism	managerialism	NOUN
cblr-13005	295	36	as	as	ADP
cblr-13005	295	37	the	the	DET
cblr-13005	295	38	dominant	dominant	ADJ
cblr-13005	295	39	corporate	corporate	ADJ
cblr-13005	295	40	governance	governance	NOUN
cblr-13005	295	41	ideology	ideology	NOUN
cblr-13005	295	42	.	.	PUNCT
cblr-13005	296	1	see	see	VERB
cblr-13005	296	2	kahan	kahan	PROPN
cblr-13005	296	3	&	&	CCONJ
cblr-13005	296	4	rock	rock	PROPN
cblr-13005	296	5	,	,	PUNCT
cblr-13005	296	6	supra	supra	PROPN
cblr-13005	296	7	note	note	NOUN
cblr-13005	296	8	3	3	NUM
cblr-13005	296	9	(	(	PUNCT
cblr-13005	296	10	charting	chart	VERB
cblr-13005	296	11	this	this	DET
cblr-13005	296	12	history	history	NOUN
cblr-13005	296	13	)	)	PUNCT
cblr-13005	296	14	.	.	PUNCT
cblr-13005	297	1	51	51	NUM
cblr-13005	298	1	it	it	PRON
cblr-13005	298	2	is	be	AUX
cblr-13005	298	3	important	important	ADJ
cblr-13005	298	4	not	not	PART
cblr-13005	298	5	to	to	PART
cblr-13005	298	6	conflate	conflate	VERB
cblr-13005	298	7	the	the	DET
cblr-13005	298	8	idea	idea	NOUN
cblr-13005	298	9	of	of	ADP
cblr-13005	298	10	portfolio	portfolio	NOUN
cblr-13005	298	11	primacy	primacy	NOUN
cblr-13005	298	12	with	with	ADP
cblr-13005	298	13	stakeholder	stakeholder	NOUN
cblr-13005	298	14	primacy	primacy	NOUN
cblr-13005	298	15	.	.	PUNCT
cblr-13005	299	1	as	as	SCONJ
cblr-13005	299	2	professor	professor	NOUN
cblr-13005	299	3	coffee	coffee	NOUN
cblr-13005	299	4	has	have	AUX
cblr-13005	299	5	explained	explain	VERB
cblr-13005	299	6	,	,	PUNCT
cblr-13005	299	7	the	the	DET
cblr-13005	299	8	latter	latter	ADJ
cblr-13005	299	9	“	"	PUNCT
cblr-13005	299	10	has	have	AUX
cblr-13005	299	11	been	be	AUX
cblr-13005	299	12	supported	support	VERB
cblr-13005	299	13	by	by	ADP
cblr-13005	299	14	many	many	ADJ
cblr-13005	299	15	commentators	commentator	NOUN
cblr-13005	299	16	who	who	PRON
cblr-13005	299	17	want	want	VERB
cblr-13005	299	18	boards	board	NOUN
cblr-13005	299	19	and	and	CCONJ
cblr-13005	299	20	managers	manager	NOUN
cblr-13005	299	21	to	to	PART
cblr-13005	299	22	balance	balance	VERB
cblr-13005	299	23	the	the	DET
cblr-13005	299	24	interests	interest	NOUN
cblr-13005	299	25	of	of	ADP
cblr-13005	299	26	other	other	ADJ
cblr-13005	299	27	stakeholders	stakeholder	NOUN
cblr-13005	299	28	in	in	ADP
cblr-13005	299	29	the	the	DET
cblr-13005	299	30	corporation	corporation	NOUN
cblr-13005	299	31	with	with	ADP
cblr-13005	299	32	those	those	PRON
cblr-13005	299	33	of	of	ADP
cblr-13005	299	34	shareholders	shareholder	NOUN
cblr-13005	299	35	,	,	PUNCT
cblr-13005	299	36	”	"	PUNCT
cblr-13005	299	37	but	but	CCONJ
cblr-13005	299	38	a	a	DET
cblr-13005	299	39	“	"	PUNCT
cblr-13005	299	40	focus	focus	NOUN
cblr-13005	299	41	on	on	ADP
cblr-13005	299	42	maximizing	maximize	VERB
cblr-13005	299	43	the	the	DET
cblr-13005	299	44	value	value	NOUN
cblr-13005	299	45	of	of	ADP
cblr-13005	299	46	the	the	DET
cblr-13005	299	47	portfolio	portfolio	NOUN
cblr-13005	299	48	is	be	AUX
cblr-13005	299	49	quite	quite	ADV
cblr-13005	299	50	different	different	ADJ
cblr-13005	299	51	from	from	ADP
cblr-13005	299	52	a	a	DET
cblr-13005	299	53	focus	focus	NOUN
cblr-13005	299	54	on	on	ADP
cblr-13005	299	55	sustainability	sustainability	NOUN
cblr-13005	299	56	or	or	CCONJ
cblr-13005	299	57	wealth	wealth	NOUN
cblr-13005	299	58	transfers	transfer	NOUN
cblr-13005	299	59	to	to	ADP
cblr-13005	299	60	stakeholders	stakeholder	NOUN
cblr-13005	299	61	(	(	PUNCT
cblr-13005	299	62	even	even	ADV
cblr-13005	299	63	though	though	SCONJ
cblr-13005	299	64	the	the	DET
cblr-13005	299	65	two	two	NUM
cblr-13005	299	66	perspectives	perspective	NOUN
cblr-13005	299	67	may	may	AUX
cblr-13005	299	68	overlap	overlap	VERB
cblr-13005	299	69	)	)	PUNCT
cblr-13005	299	70	.	.	PUNCT
cblr-13005	299	71	”	"	PUNCT
cblr-13005	300	1	coffee	coffee	NOUN
cblr-13005	300	2	,	,	PUNCT
cblr-13005	300	3	jr	jr	PROPN
cblr-13005	300	4	.	.	PROPN
cblr-13005	300	5	,	,	PUNCT
cblr-13005	300	6	supra	supra	PROPN
cblr-13005	300	7	note	note	PROPN
cblr-13005	300	8	14	14	NUM
cblr-13005	300	9	,	,	PUNCT
cblr-13005	300	10	at	at	ADP
cblr-13005	300	11	604	604	NUM
cblr-13005	300	12	n.2	n.2	NOUN
cblr-13005	300	13	.	.	PUNCT
cblr-13005	301	1	cf	cf	NOUN
cblr-13005	301	2	.	.	PUNCT
cblr-13005	302	1	ann	ann	PROPN
cblr-13005	302	2	m.	m.	PROPN
cblr-13005	302	3	lipton	lipton	PROPN
cblr-13005	302	4	,	,	PUNCT
cblr-13005	302	5	not	not	PART
cblr-13005	302	6	everything	everything	PRON
cblr-13005	302	7	is	be	AUX
cblr-13005	302	8	about	about	ADP
cblr-13005	302	9	investors	investor	NOUN
cblr-13005	302	10	:	:	PUNCT
cblr-13005	302	11	the	the	DET
cblr-13005	302	12	case	case	NOUN
cblr-13005	302	13	for	for	ADP
cblr-13005	302	14	mandatory	mandatory	ADJ
cblr-13005	302	15	stakeholder	stakeholder	NOUN
cblr-13005	302	16	disclosure	disclosure	NOUN
cblr-13005	302	17	,	,	PUNCT
cblr-13005	302	18	37	37	NUM
cblr-13005	302	19	yale	yale	PROPN
cblr-13005	302	20	j.	j.	PROPN
cblr-13005	302	21	on	on	ADP
cblr-13005	302	22	regul	regul	NOUN
cblr-13005	302	23	.	.	PUNCT
cblr-13005	303	1	499	499	NUM
cblr-13005	303	2	(	(	PUNCT
cblr-13005	303	3	2020	2020	NUM
cblr-13005	303	4	)	)	PUNCT
cblr-13005	303	5	(	(	PUNCT
cblr-13005	303	6	critiquing	critique	VERB
cblr-13005	303	7	the	the	DET
cblr-13005	303	8	tendency	tendency	NOUN
cblr-13005	303	9	to	to	PART
cblr-13005	303	10	treat	treat	VERB
cblr-13005	303	11	investors	investor	NOUN
cblr-13005	303	12	as	as	ADP
cblr-13005	303	13	a	a	DET
cblr-13005	303	14	proxy	proxy	NOUN
cblr-13005	303	15	for	for	ADP
cblr-13005	303	16	broader	broad	ADJ
cblr-13005	303	17	society	society	NOUN
cblr-13005	303	18	)	)	PUNCT
cblr-13005	303	19	.	.	PUNCT
cblr-13005	304	1	336	336	NUM
cblr-13005	304	2	columbia	columbia	PROPN
cblr-13005	304	3	business	business	NOUN
cblr-13005	304	4	law	law	PROPN
cblr-13005	304	5	review	review	NOUN
cblr-13005	305	1	[	[	X
cblr-13005	305	2	vol	vol	NOUN
cblr-13005	305	3	.	.	NOUN
cblr-13005	306	1	2024	2024	NUM
cblr-13005	306	2	firms	firm	NOUN
cblr-13005	306	3	would	would	AUX
cblr-13005	306	4	be	be	AUX
cblr-13005	306	5	unnecessary	unnecessary	ADJ
cblr-13005	306	6	,	,	PUNCT
cblr-13005	306	7	as	as	SCONJ
cblr-13005	306	8	would	would	AUX
cblr-13005	306	9	portfolio	portfolio	NOUN
cblr-13005	306	10	-	-	PUNCT
cblr-13005	306	11	focused	focus	VERB
cblr-13005	306	12	stewardship	stewardship	NOUN
cblr-13005	306	13	efforts	effort	NOUN
cblr-13005	306	14	to	to	PART
cblr-13005	306	15	supplement	supplement	VERB
cblr-13005	306	16	those	those	DET
cblr-13005	306	17	laws	law	NOUN
cblr-13005	306	18	.	.	PUNCT
cblr-13005	307	1	managers	manager	NOUN
cblr-13005	307	2	would	would	AUX
cblr-13005	307	3	simply	simply	ADV
cblr-13005	307	4	do	do	VERB
cblr-13005	307	5	what	what	PRON
cblr-13005	307	6	diversified	diversified	ADJ
cblr-13005	307	7	investors	investor	NOUN
cblr-13005	307	8	want	want	VERB
cblr-13005	307	9	—	—	PUNCT
cblr-13005	307	10	i.e.	i.e.	X
cblr-13005	307	11	,	,	PUNCT
cblr-13005	307	12	act	act	VERB
cblr-13005	307	13	to	to	PART
cblr-13005	307	14	maximize	maximize	VERB
cblr-13005	307	15	portfolio	portfolio	NOUN
cblr-13005	307	16	value	value	NOUN
cblr-13005	307	17	—	—	PUNCT
cblr-13005	307	18	without	without	ADP
cblr-13005	307	19	the	the	DET
cblr-13005	307	20	need	need	NOUN
cblr-13005	307	21	for	for	ADP
cblr-13005	307	22	prodding	prodding	NOUN
cblr-13005	307	23	by	by	ADP
cblr-13005	307	24	lawyers	lawyer	NOUN
cblr-13005	307	25	,	,	PUNCT
cblr-13005	307	26	regulators	regulator	NOUN
cblr-13005	307	27	,	,	PUNCT
cblr-13005	307	28	or	or	CCONJ
cblr-13005	307	29	asset	asset	NOUN
cblr-13005	307	30	managers.52	managers.52	NOUN
cblr-13005	307	31	investors	investor	NOUN
cblr-13005	307	32	obviously	obviously	ADV
cblr-13005	307	33	can	can	AUX
cblr-13005	307	34	not	not	PART
cblr-13005	307	35	trust	trust	VERB
cblr-13005	307	36	firm	firm	ADJ
cblr-13005	307	37	managers	manager	NOUN
cblr-13005	307	38	to	to	PART
cblr-13005	307	39	behave	behave	VERB
cblr-13005	307	40	so	so	ADV
cblr-13005	307	41	virtuously	virtuously	ADV
cblr-13005	307	42	.	.	PUNCT
cblr-13005	308	1	nothing	nothing	PRON
cblr-13005	308	2	about	about	ADP
cblr-13005	308	3	the	the	DET
cblr-13005	308	4	trend	trend	NOUN
cblr-13005	308	5	of	of	ADP
cblr-13005	308	6	investor	investor	NOUN
cblr-13005	308	7	diversification	diversification	NOUN
cblr-13005	308	8	has	have	AUX
cblr-13005	308	9	changed	change	VERB
cblr-13005	308	10	the	the	DET
cblr-13005	308	11	nature	nature	NOUN
cblr-13005	308	12	of	of	ADP
cblr-13005	308	13	firm	firm	ADJ
cblr-13005	308	14	managers	manager	NOUN
cblr-13005	308	15	;	;	PUNCT
cblr-13005	308	16	if	if	SCONJ
cblr-13005	308	17	left	leave	VERB
cblr-13005	308	18	to	to	ADP
cblr-13005	308	19	their	their	PRON
cblr-13005	308	20	own	own	ADJ
cblr-13005	308	21	devices	device	NOUN
cblr-13005	308	22	,	,	PUNCT
cblr-13005	308	23	they	they	PRON
cblr-13005	308	24	are	be	AUX
cblr-13005	308	25	as	as	ADV
cblr-13005	308	26	likely	likely	ADJ
cblr-13005	308	27	to	to	PART
cblr-13005	308	28	act	act	VERB
cblr-13005	308	29	selfishly	selfishly	ADV
cblr-13005	308	30	or	or	CCONJ
cblr-13005	308	31	carelessly	carelessly	ADV
cblr-13005	308	32	as	as	SCONJ
cblr-13005	308	33	they	they	PRON
cblr-13005	308	34	ever	ever	ADV
cblr-13005	308	35	were.53	were.53	VERB
cblr-13005	308	36	and	and	CCONJ
cblr-13005	308	37	not	not	PART
cblr-13005	308	38	even	even	ADV
cblr-13005	308	39	the	the	DET
cblr-13005	308	40	strongest	strong	ADJ
cblr-13005	308	41	proponents	proponent	NOUN
cblr-13005	308	42	of	of	ADP
cblr-13005	308	43	portfolio	portfolio	NOUN
cblr-13005	308	44	primacy	primacy	NOUN
cblr-13005	308	45	theory	theory	NOUN
cblr-13005	308	46	suggest	suggest	VERB
cblr-13005	308	47	that	that	SCONJ
cblr-13005	308	48	assets	asset	NOUN
cblr-13005	308	49	managers	manager	NOUN
cblr-13005	308	50	for	for	ADP
cblr-13005	308	51	diversified	diversified	ADJ
cblr-13005	308	52	investors	investor	NOUN
cblr-13005	308	53	can	can	AUX
cblr-13005	308	54	now	now	ADV
cblr-13005	308	55	be	be	AUX
cblr-13005	308	56	counted	count	VERB
cblr-13005	308	57	on	on	ADP
cblr-13005	308	58	to	to	PART
cblr-13005	308	59	directly	directly	ADV
cblr-13005	308	60	monitor	monitor	VERB
cblr-13005	308	61	managerial	managerial	ADJ
cblr-13005	308	62	performance	performance	NOUN
cblr-13005	308	63	in	in	ADP
cblr-13005	308	64	any	any	DET
cblr-13005	308	65	systematic	systematic	ADJ
cblr-13005	308	66	way	way	NOUN
cblr-13005	308	67	.	.	PUNCT
cblr-13005	309	1	there	there	PRON
cblr-13005	309	2	therefore	therefore	ADV
cblr-13005	309	3	remains	remain	VERB
cblr-13005	309	4	a	a	DET
cblr-13005	309	5	need	need	NOUN
cblr-13005	309	6	to	to	PART
cblr-13005	309	7	tie	tie	VERB
cblr-13005	309	8	managerial	managerial	ADJ
cblr-13005	309	9	fortunes	fortune	NOUN
cblr-13005	309	10	to	to	ADP
cblr-13005	309	11	firm	firm	VERB
cblr-13005	309	12	-	-	PUNCT
cblr-13005	309	13	specific	specific	ADJ
cblr-13005	309	14	performance.54	performance.54	NOUN
cblr-13005	309	15	two	two	NUM
cblr-13005	309	16	important	important	ADJ
cblr-13005	309	17	points	point	NOUN
cblr-13005	309	18	follow	follow	VERB
cblr-13005	309	19	from	from	ADP
cblr-13005	309	20	this	this	PRON
cblr-13005	309	21	as	as	SCONJ
cblr-13005	309	22	it	it	PRON
cblr-13005	309	23	concerns	concern	VERB
cblr-13005	309	24	portfolio	portfolio	NOUN
cblr-13005	309	25	-	-	PUNCT
cblr-13005	309	26	focused	focus	VERB
cblr-13005	309	27	stewardship	stewardship	NOUN
cblr-13005	309	28	.	.	PUNCT
cblr-13005	310	1	first	first	ADJ
cblr-13005	310	2	,	,	PUNCT
cblr-13005	310	3	rational	rational	ADJ
cblr-13005	310	4	,	,	PUNCT
cblr-13005	310	5	financially	financially	ADV
cblr-13005	310	6	motivated	motivated	ADJ
cblr-13005	310	7	diversified	diversified	ADJ
cblr-13005	310	8	investors	investor	NOUN
cblr-13005	310	9	would	would	AUX
cblr-13005	310	10	not	not	PART
cblr-13005	310	11	favor	favor	VERB
cblr-13005	310	12	portfolio	portfolio	NOUN
cblr-13005	310	13	-	-	PUNCT
cblr-13005	310	14	focused	focus	VERB
cblr-13005	310	15	stewardship	stewardship	NOUN
cblr-13005	310	16	interventions	intervention	NOUN
cblr-13005	310	17	that	that	PRON
cblr-13005	310	18	generally	generally	ADV
cblr-13005	310	19	reduce	reduce	VERB
cblr-13005	310	20	firm	firm	ADJ
cblr-13005	310	21	managers	manager	NOUN
cblr-13005	310	22	’	’	PART
cblr-13005	310	23	sensitivity	sensitivity	NOUN
cblr-13005	310	24	to	to	PART
cblr-13005	310	25	firm	firm	ADJ
cblr-13005	310	26	value	value	NOUN
cblr-13005	310	27	in	in	ADP
cblr-13005	310	28	the	the	DET
cblr-13005	310	29	hope	hope	NOUN
cblr-13005	310	30	that	that	SCONJ
cblr-13005	310	31	managers	manager	NOUN
cblr-13005	310	32	will	will	AUX
cblr-13005	310	33	use	use	VERB
cblr-13005	310	34	the	the	DET
cblr-13005	310	35	breathing	breathing	NOUN
cblr-13005	310	36	room	room	NOUN
cblr-13005	310	37	to	to	ADP
cblr-13005	310	38	52	52	NUM
cblr-13005	310	39	when	when	SCONJ
cblr-13005	310	40	portfolio	portfolio	NOUN
cblr-13005	310	41	companies	company	NOUN
cblr-13005	310	42	sue	sue	VERB
cblr-13005	310	43	one	one	NUM
cblr-13005	310	44	another	another	DET
cblr-13005	310	45	,	,	PUNCT
cblr-13005	310	46	they	they	PRON
cblr-13005	310	47	create	create	VERB
cblr-13005	310	48	intraportfolio	intraportfolio	ADJ
cblr-13005	310	49	externalities	externality	NOUN
cblr-13005	310	50	;	;	PUNCT
cblr-13005	310	51	if	if	SCONJ
cblr-13005	310	52	managerial	managerial	ADJ
cblr-13005	310	53	agency	agency	NOUN
cblr-13005	310	54	costs	cost	NOUN
cblr-13005	310	55	did	do	AUX
cblr-13005	310	56	not	not	PART
cblr-13005	310	57	exist	exist	VERB
cblr-13005	310	58	,	,	PUNCT
cblr-13005	310	59	financially	financially	ADV
cblr-13005	310	60	motivated	motivated	ADJ
cblr-13005	310	61	diversified	diversified	ADJ
cblr-13005	310	62	investors	investor	NOUN
cblr-13005	310	63	would	would	AUX
cblr-13005	310	64	want	want	VERB
cblr-13005	310	65	to	to	PART
cblr-13005	310	66	prohibit	prohibit	VERB
cblr-13005	310	67	such	such	ADJ
cblr-13005	310	68	lawsuits	lawsuit	NOUN
cblr-13005	310	69	.	.	PUNCT
cblr-13005	311	1	see	see	VERB
cblr-13005	311	2	hansen	hansen	PROPN
cblr-13005	311	3	&	&	CCONJ
cblr-13005	311	4	lott	lott	PROPN
cblr-13005	311	5	,	,	PUNCT
cblr-13005	311	6	supra	supra	PROPN
cblr-13005	311	7	note	note	PROPN
cblr-13005	311	8	42	42	NUM
cblr-13005	311	9	,	,	PUNCT
cblr-13005	311	10	at	at	ADP
cblr-13005	311	11	47	47	NUM
cblr-13005	311	12	(	(	PUNCT
cblr-13005	311	13	explaining	explain	VERB
cblr-13005	311	14	that	that	SCONJ
cblr-13005	311	15	because	because	SCONJ
cblr-13005	311	16	damage	damage	NOUN
cblr-13005	311	17	awards	award	NOUN
cblr-13005	311	18	would	would	AUX
cblr-13005	311	19	be	be	AUX
cblr-13005	311	20	mere	mere	ADJ
cblr-13005	311	21	pocket	pocket	NOUN
cblr-13005	311	22	-	-	PUNCT
cblr-13005	311	23	shifting	shift	VERB
cblr-13005	311	24	,	,	PUNCT
cblr-13005	311	25	“	"	PUNCT
cblr-13005	311	26	diversified	diversified	ADJ
cblr-13005	311	27	owners	owner	NOUN
cblr-13005	311	28	would	would	AUX
cblr-13005	311	29	[	[	X
cblr-13005	311	30	only	only	ADV
cblr-13005	311	31	be	be	AUX
cblr-13005	311	32	]	]	PUNCT
cblr-13005	311	33	concerned	concerned	ADJ
cblr-13005	311	34	about	about	ADP
cblr-13005	311	35	the	the	DET
cblr-13005	311	36	‘	'	PUNCT
cblr-13005	311	37	leakage	leakage	NOUN
cblr-13005	311	38	’	'	PUNCT
cblr-13005	311	39	going	go	VERB
cblr-13005	311	40	to	to	ADP
cblr-13005	311	41	lawyers	lawyer	NOUN
cblr-13005	311	42	(	(	PUNCT
cblr-13005	311	43	who	who	PRON
cblr-13005	311	44	are	be	AUX
cblr-13005	311	45	not	not	PART
cblr-13005	311	46	part	part	NOUN
cblr-13005	311	47	of	of	ADP
cblr-13005	311	48	publicly	publicly	ADV
cblr-13005	311	49	owned	own	VERB
cblr-13005	311	50	firms	firm	NOUN
cblr-13005	311	51	)	)	PUNCT
cblr-13005	311	52	”	"	PUNCT
cblr-13005	311	53	)	)	PUNCT
cblr-13005	311	54	.	.	PUNCT
cblr-13005	312	1	in	in	ADP
cblr-13005	312	2	work	work	NOUN
cblr-13005	312	3	that	that	PRON
cblr-13005	312	4	pre	pre	VERB
cblr-13005	312	5	-	-	NOUN
cblr-13005	312	6	dates	date	VERB
cblr-13005	312	7	the	the	DET
cblr-13005	312	8	recent	recent	ADJ
cblr-13005	312	9	academic	academic	ADJ
cblr-13005	312	10	interest	interest	NOUN
cblr-13005	312	11	in	in	ADP
cblr-13005	312	12	portfolio	portfolio	NOUN
cblr-13005	312	13	primacy	primacy	NOUN
cblr-13005	312	14	theory	theory	NOUN
cblr-13005	312	15	,	,	PUNCT
cblr-13005	312	16	professor	professor	PROPN
cblr-13005	312	17	richard	richard	PROPN
cblr-13005	312	18	squire	squire	PROPN
cblr-13005	312	19	and	and	CCONJ
cblr-13005	312	20	i	i	PRON
cblr-13005	312	21	explained	explain	VERB
cblr-13005	312	22	that	that	SCONJ
cblr-13005	312	23	in	in	ADP
cblr-13005	312	24	a	a	DET
cblr-13005	312	25	world	world	NOUN
cblr-13005	312	26	with	with	ADP
cblr-13005	312	27	managerial	managerial	ADJ
cblr-13005	312	28	agency	agency	NOUN
cblr-13005	312	29	costs	cost	NOUN
cblr-13005	312	30	,	,	PUNCT
cblr-13005	312	31	intraportfolio	intraportfolio	VERB
cblr-13005	312	32	litigation	litigation	NOUN
cblr-13005	312	33	is	be	AUX
cblr-13005	312	34	(	(	PUNCT
cblr-13005	312	35	under	under	ADP
cblr-13005	312	36	certain	certain	ADJ
cblr-13005	312	37	circumstances	circumstance	NOUN
cblr-13005	312	38	at	at	ADP
cblr-13005	312	39	least	least	ADJ
cblr-13005	312	40	)	)	PUNCT
cblr-13005	312	41	consistent	consistent	ADJ
cblr-13005	312	42	with	with	ADP
cblr-13005	312	43	the	the	DET
cblr-13005	312	44	pursuit	pursuit	NOUN
cblr-13005	312	45	of	of	ADP
cblr-13005	312	46	portfolio	portfolio	NOUN
cblr-13005	312	47	value	value	NOUN
cblr-13005	312	48	maximization	maximization	NOUN
cblr-13005	312	49	,	,	PUNCT
cblr-13005	312	50	because	because	SCONJ
cblr-13005	312	51	it	it	PRON
cblr-13005	312	52	attributes	attribute	VERB
cblr-13005	312	53	portfolio	portfolio	NOUN
cblr-13005	312	54	-	-	PUNCT
cblr-13005	312	55	level	level	NOUN
cblr-13005	312	56	costs	cost	NOUN
cblr-13005	312	57	to	to	ADP
cblr-13005	312	58	the	the	DET
cblr-13005	312	59	firms	firm	NOUN
cblr-13005	312	60	of	of	ADP
cblr-13005	312	61	responsible	responsible	ADJ
cblr-13005	312	62	corporate	corporate	ADJ
cblr-13005	312	63	managers	manager	NOUN
cblr-13005	312	64	,	,	PUNCT
cblr-13005	312	65	making	make	VERB
cblr-13005	312	66	it	it	PRON
cblr-13005	312	67	easier	easy	ADJ
cblr-13005	312	68	for	for	SCONJ
cblr-13005	312	69	diversified	diversified	ADJ
cblr-13005	312	70	shareholders	shareholder	NOUN
cblr-13005	312	71	to	to	PART
cblr-13005	312	72	evaluate	evaluate	VERB
cblr-13005	312	73	and	and	CCONJ
cblr-13005	312	74	motivate	motivate	VERB
cblr-13005	312	75	their	their	PRON
cblr-13005	312	76	agents	agent	NOUN
cblr-13005	312	77	.	.	PUNCT
cblr-13005	313	1	see	see	VERB
cblr-13005	313	2	generally	generally	ADV
cblr-13005	313	3	amanda	amanda	PROPN
cblr-13005	313	4	m.	m.	PROPN
cblr-13005	313	5	rose	rise	VERB
cblr-13005	313	6	&	&	CCONJ
cblr-13005	313	7	richard	richard	PROPN
cblr-13005	313	8	squire	squire	PROPN
cblr-13005	313	9	,	,	PUNCT
cblr-13005	313	10	intraportfolio	intraportfolio	VERB
cblr-13005	313	11	litigation	litigation	NOUN
cblr-13005	313	12	,	,	PUNCT
cblr-13005	314	1	105	105	NUM
cblr-13005	314	2	nw	nw	PROPN
cblr-13005	314	3	.	.	PROPN
cblr-13005	314	4	l.	l.	PROPN
cblr-13005	314	5	rev	rev	PROPN
cblr-13005	314	6	.	.	PROPN
cblr-13005	314	7	1679	1679	NUM
cblr-13005	314	8	(	(	PUNCT
cblr-13005	314	9	2011	2011	NUM
cblr-13005	314	10	)	)	PUNCT
cblr-13005	314	11	.	.	PUNCT
cblr-13005	315	1	53	53	NUM
cblr-13005	315	2	this	this	PRON
cblr-13005	315	3	is	be	AUX
cblr-13005	315	4	true	true	ADJ
cblr-13005	315	5	even	even	ADV
cblr-13005	315	6	if	if	SCONJ
cblr-13005	315	7	the	the	DET
cblr-13005	315	8	insider	insider	NOUN
cblr-13005	315	9	-	-	PUNCT
cblr-13005	315	10	shareholder	shareholder	NOUN
cblr-13005	315	11	dynamic	dynamic	NOUN
cblr-13005	315	12	has	have	AUX
cblr-13005	315	13	become	become	VERB
cblr-13005	315	14	more	more	ADV
cblr-13005	315	15	collaborative	collaborative	ADJ
cblr-13005	315	16	than	than	ADP
cblr-13005	315	17	competitive	competitive	ADJ
cblr-13005	315	18	in	in	ADP
cblr-13005	315	19	recent	recent	ADJ
cblr-13005	315	20	years	year	NOUN
cblr-13005	315	21	.	.	PUNCT
cblr-13005	316	1	see	see	VERB
cblr-13005	316	2	jill	jill	PROPN
cblr-13005	316	3	e.	e.	PROPN
cblr-13005	316	4	fisch	fisch	PROPN
cblr-13005	316	5	&	&	CCONJ
cblr-13005	316	6	simone	simone	PROPN
cblr-13005	316	7	m.	m.	PROPN
cblr-13005	316	8	sepe	sepe	PROPN
cblr-13005	316	9	,	,	PUNCT
cblr-13005	316	10	shareholder	shareholder	NOUN
cblr-13005	316	11	collaboration	collaboration	NOUN
cblr-13005	316	12	,	,	PUNCT
cblr-13005	316	13	98	98	NUM
cblr-13005	316	14	texas	texas	PROPN
cblr-13005	316	15	l.	l.	PROPN
cblr-13005	316	16	rev	rev	PROPN
cblr-13005	316	17	.	.	PROPN
cblr-13005	316	18	863	863	NUM
cblr-13005	316	19	(	(	PUNCT
cblr-13005	316	20	2020	2020	NUM
cblr-13005	316	21	)	)	PUNCT
cblr-13005	316	22	.	.	PUNCT
cblr-13005	317	1	54	54	NUM
cblr-13005	317	2	tying	tie	VERB
cblr-13005	317	3	executive	executive	ADJ
cblr-13005	317	4	compensation	compensation	NOUN
cblr-13005	317	5	to	to	ADP
cblr-13005	317	6	portfolio	portfolio	NOUN
cblr-13005	317	7	performance	performance	NOUN
cblr-13005	317	8	is	be	AUX
cblr-13005	317	9	not	not	PART
cblr-13005	317	10	a	a	DET
cblr-13005	317	11	viable	viable	ADJ
cblr-13005	317	12	alternative	alternative	ADJ
cblr-13005	317	13	way	way	NOUN
cblr-13005	317	14	to	to	PART
cblr-13005	317	15	motivate	motivate	VERB
cblr-13005	317	16	portfolio	portfolio	NOUN
cblr-13005	317	17	firm	firm	NOUN
cblr-13005	317	18	managers	manager	NOUN
cblr-13005	317	19	to	to	PART
cblr-13005	317	20	work	work	VERB
cblr-13005	317	21	hard	hard	ADV
cblr-13005	317	22	and	and	CCONJ
cblr-13005	317	23	selflessly	selflessly	ADV
cblr-13005	317	24	,	,	PUNCT
cblr-13005	317	25	given	give	VERB
cblr-13005	317	26	that	that	SCONJ
cblr-13005	317	27	they	they	PRON
cblr-13005	317	28	have	have	AUX
cblr-13005	317	29	little	little	ADJ
cblr-13005	317	30	capacity	capacity	NOUN
cblr-13005	317	31	to	to	PART
cblr-13005	317	32	influence	influence	VERB
cblr-13005	317	33	overall	overall	ADJ
cblr-13005	317	34	portfolio	portfolio	NOUN
cblr-13005	317	35	value	value	NOUN
cblr-13005	317	36	.	.	PUNCT
cblr-13005	318	1	no	no	INTJ
cblr-13005	318	2	.	.	NOUN
cblr-13005	319	1	1	1	NUM
cblr-13005	319	2	]	]	PUNCT
cblr-13005	319	3	a	a	DET
cblr-13005	319	4	hard	hard	ADJ
cblr-13005	319	5	look	look	NOUN
cblr-13005	319	6	at	at	ADP
cblr-13005	319	7	portfolio	portfolio	NOUN
cblr-13005	319	8	focused	focused	ADJ
cblr-13005	319	9	stewardship	stewardship	NOUN
cblr-13005	319	10	337	337	NUM
cblr-13005	319	11	prioritize	prioritize	NOUN
cblr-13005	319	12	portfolio	portfolio	NOUN
cblr-13005	319	13	over	over	ADP
cblr-13005	319	14	firm	firm	ADJ
cblr-13005	319	15	value	value	NOUN
cblr-13005	319	16	.	.	PUNCT
cblr-13005	320	1	this	this	PRON
cblr-13005	320	2	includes	include	VERB
cblr-13005	320	3	interventions	intervention	NOUN
cblr-13005	320	4	that	that	PRON
cblr-13005	320	5	would	would	AUX
cblr-13005	320	6	insulate	insulate	VERB
cblr-13005	320	7	firm	firm	ADJ
cblr-13005	320	8	managers	manager	NOUN
cblr-13005	320	9	from	from	ADP
cblr-13005	320	10	the	the	DET
cblr-13005	320	11	market	market	NOUN
cblr-13005	320	12	for	for	ADP
cblr-13005	320	13	corporate	corporate	ADJ
cblr-13005	320	14	control	control	NOUN
cblr-13005	320	15	or	or	CCONJ
cblr-13005	320	16	hedge	hedge	NOUN
cblr-13005	320	17	fund	fund	NOUN
cblr-13005	320	18	activism	activism	NOUN
cblr-13005	320	19	,	,	PUNCT
cblr-13005	320	20	as	as	ADV
cblr-13005	320	21	well	well	ADV
cblr-13005	320	22	as	as	ADP
cblr-13005	320	23	those	those	PRON
cblr-13005	320	24	that	that	PRON
cblr-13005	320	25	would	would	AUX
cblr-13005	320	26	weaken	weaken	VERB
cblr-13005	320	27	the	the	DET
cblr-13005	320	28	link	link	NOUN
cblr-13005	320	29	between	between	ADP
cblr-13005	320	30	executive	executive	NOUN
cblr-13005	320	31	compensation	compensation	NOUN
cblr-13005	320	32	and	and	CCONJ
cblr-13005	320	33	firm	firm	ADJ
cblr-13005	320	34	performance.55	performance.55	NOUN
cblr-13005	320	35	while	while	SCONJ
cblr-13005	320	36	interventions	intervention	NOUN
cblr-13005	320	37	that	that	PRON
cblr-13005	320	38	generally	generally	ADV
cblr-13005	320	39	reduce	reduce	VERB
cblr-13005	320	40	firm	firm	ADJ
cblr-13005	320	41	managers	manager	NOUN
cblr-13005	320	42	’	’	PART
cblr-13005	320	43	sensitivity	sensitivity	NOUN
cblr-13005	320	44	to	to	PART
cblr-13005	320	45	firm	firm	ADJ
cblr-13005	320	46	value	value	NOUN
cblr-13005	320	47	would	would	AUX
cblr-13005	320	48	mitigate	mitigate	VERB
cblr-13005	320	49	incentives	incentive	NOUN
cblr-13005	320	50	managers	manager	NOUN
cblr-13005	320	51	have	have	VERB
cblr-13005	320	52	to	to	PART
cblr-13005	320	53	exploit	exploit	VERB
cblr-13005	320	54	gaps	gap	NOUN
cblr-13005	320	55	in	in	ADP
cblr-13005	320	56	the	the	DET
cblr-13005	320	57	law	law	NOUN
cblr-13005	320	58	to	to	PART
cblr-13005	320	59	externalize	externalize	VERB
cblr-13005	320	60	costs	cost	NOUN
cblr-13005	320	61	onto	onto	ADP
cblr-13005	320	62	other	other	ADJ
cblr-13005	320	63	portfolio	portfolio	NOUN
cblr-13005	320	64	firms	firm	NOUN
cblr-13005	320	65	,	,	PUNCT
cblr-13005	320	66	they	they	PRON
cblr-13005	320	67	would	would	AUX
cblr-13005	320	68	also	also	ADV
cblr-13005	320	69	erode	erode	VERB
cblr-13005	320	70	managers	manager	NOUN
cblr-13005	320	71	’	'	PUNCT
cblr-13005	320	72	incentives	incentive	NOUN
cblr-13005	320	73	to	to	PART
cblr-13005	320	74	work	work	VERB
cblr-13005	320	75	hard	hard	ADV
cblr-13005	320	76	and	and	CCONJ
cblr-13005	320	77	honestly	honestly	ADV
cblr-13005	320	78	to	to	PART
cblr-13005	320	79	increase	increase	VERB
cblr-13005	320	80	firm	firm	ADJ
cblr-13005	320	81	value	value	NOUN
cblr-13005	320	82	,	,	PUNCT
cblr-13005	320	83	thus	thus	ADV
cblr-13005	320	84	risking	risk	VERB
cblr-13005	320	85	more	more	ADV
cblr-13005	320	86	profound	profound	ADJ
cblr-13005	320	87	losses	loss	NOUN
cblr-13005	320	88	to	to	ADP
cblr-13005	320	89	portfolio	portfolio	NOUN
cblr-13005	320	90	value.56	value.56	VERB
cblr-13005	320	91	second	second	ADV
cblr-13005	320	92	,	,	PUNCT
cblr-13005	320	93	and	and	CCONJ
cblr-13005	320	94	following	follow	VERB
cblr-13005	320	95	from	from	ADP
cblr-13005	320	96	that	that	PRON
cblr-13005	320	97	,	,	PUNCT
cblr-13005	320	98	to	to	PART
cblr-13005	320	99	be	be	AUX
cblr-13005	320	100	effective	effective	ADJ
cblr-13005	320	101	portfoliofocused	portfoliofocuse	VERB
cblr-13005	320	102	stewardship	stewardship	NOUN
cblr-13005	320	103	interventions	intervention	NOUN
cblr-13005	320	104	need	need	VERB
cblr-13005	320	105	to	to	PART
cblr-13005	320	106	be	be	AUX
cblr-13005	320	107	crafted	craft	VERB
cblr-13005	320	108	with	with	ADP
cblr-13005	320	109	the	the	DET
cblr-13005	320	110	firm	firm	NOUN
cblr-13005	320	111	-	-	PUNCT
cblr-13005	320	112	focused	focus	VERB
cblr-13005	320	113	incentives	incentive	NOUN
cblr-13005	320	114	corporate	corporate	ADJ
cblr-13005	320	115	managers	manager	NOUN
cblr-13005	320	116	face	face	VERB
cblr-13005	320	117	in	in	ADP
cblr-13005	320	118	mind	mind	NOUN
cblr-13005	320	119	.	.	PUNCT
cblr-13005	321	1	given	give	VERB
cblr-13005	321	2	these	these	DET
cblr-13005	321	3	incentives	incentive	NOUN
cblr-13005	321	4	,	,	PUNCT
cblr-13005	321	5	vague	vague	ADJ
cblr-13005	321	6	portfolio	portfolio	NOUN
cblr-13005	321	7	-	-	PUNCT
cblr-13005	321	8	focused	focus	VERB
cblr-13005	321	9	stewardship	stewardship	NOUN
cblr-13005	321	10	policies	policy	NOUN
cblr-13005	321	11	that	that	PRON
cblr-13005	321	12	leave	leave	VERB
cblr-13005	321	13	discretion	discretion	NOUN
cblr-13005	321	14	in	in	ADP
cblr-13005	321	15	the	the	DET
cblr-13005	321	16	hands	hand	NOUN
cblr-13005	321	17	of	of	ADP
cblr-13005	321	18	firm	firm	ADJ
cblr-13005	321	19	managers	manager	NOUN
cblr-13005	321	20	55	55	NUM
cblr-13005	321	21	financially	financially	ADV
cblr-13005	321	22	motivated	motivated	ADJ
cblr-13005	321	23	diversified	diversified	ADJ
cblr-13005	321	24	investors	investor	NOUN
cblr-13005	321	25	would	would	AUX
cblr-13005	321	26	always	always	ADV
cblr-13005	321	27	prefer	prefer	VERB
cblr-13005	321	28	more	more	ADV
cblr-13005	321	29	targeted	target	VERB
cblr-13005	321	30	interventions	intervention	NOUN
cblr-13005	321	31	,	,	PUNCT
cblr-13005	321	32	meeting	meet	VERB
cblr-13005	321	33	the	the	DET
cblr-13005	321	34	criteria	criterion	NOUN
cblr-13005	321	35	discussed	discuss	VERB
cblr-13005	321	36	infra	infra	NOUN
cblr-13005	321	37	,	,	PUNCT
cblr-13005	321	38	to	to	PART
cblr-13005	321	39	address	address	VERB
cblr-13005	321	40	intraportfolio	intraportfolio	VERB
cblr-13005	321	41	externalities	externality	NOUN
cblr-13005	321	42	over	over	ADP
cblr-13005	321	43	a	a	DET
cblr-13005	321	44	general	general	ADJ
cblr-13005	321	45	relaxation	relaxation	NOUN
cblr-13005	321	46	of	of	ADP
cblr-13005	321	47	firm	firm	ADJ
cblr-13005	321	48	-	-	PUNCT
cblr-13005	321	49	focused	focus	VERB
cblr-13005	321	50	incentives	incentive	NOUN
cblr-13005	321	51	coupled	couple	VERB
cblr-13005	321	52	with	with	ADP
cblr-13005	321	53	a	a	DET
cblr-13005	321	54	hope	hope	NOUN
cblr-13005	321	55	that	that	SCONJ
cblr-13005	321	56	firm	firm	ADJ
cblr-13005	321	57	managers	manager	NOUN
cblr-13005	321	58	will	will	AUX
cblr-13005	321	59	respond	respond	VERB
cblr-13005	321	60	in	in	ADP
cblr-13005	321	61	ways	way	NOUN
cblr-13005	321	62	that	that	PRON
cblr-13005	321	63	align	align	VERB
cblr-13005	321	64	with	with	ADP
cblr-13005	321	65	their	their	PRON
cblr-13005	321	66	preferences	preference	NOUN
cblr-13005	321	67	(	(	PUNCT
cblr-13005	321	68	as	as	SCONJ
cblr-13005	321	69	opposed	oppose	VERB
cblr-13005	321	70	to	to	ADP
cblr-13005	321	71	the	the	DET
cblr-13005	321	72	managers	manager	NOUN
cblr-13005	321	73	’	'	PUNCT
cblr-13005	321	74	own	own	ADJ
cblr-13005	321	75	)	)	PUNCT
cblr-13005	321	76	.	.	PUNCT
cblr-13005	322	1	such	such	ADJ
cblr-13005	322	2	targeted	target	VERB
cblr-13005	322	3	interventions	intervention	NOUN
cblr-13005	322	4	could	could	AUX
cblr-13005	322	5	involve	involve	VERB
cblr-13005	322	6	changes	change	NOUN
cblr-13005	322	7	to	to	ADP
cblr-13005	322	8	compensation	compensation	NOUN
cblr-13005	322	9	structure	structure	NOUN
cblr-13005	322	10	—	—	PUNCT
cblr-13005	322	11	for	for	ADP
cblr-13005	322	12	example	example	NOUN
cblr-13005	322	13	,	,	PUNCT
cblr-13005	322	14	bonus	bonus	NOUN
cblr-13005	322	15	payments	payment	NOUN
cblr-13005	322	16	for	for	ADP
cblr-13005	322	17	meeting	meet	VERB
cblr-13005	322	18	verifiable	verifiable	ADJ
cblr-13005	322	19	emissions	emission	NOUN
cblr-13005	322	20	-	-	PUNCT
cblr-13005	322	21	reduction	reduction	NOUN
cblr-13005	322	22	targets	target	NOUN
cblr-13005	322	23	,	,	PUNCT
cblr-13005	322	24	or	or	CCONJ
cblr-13005	322	25	tilting	tilt	VERB
cblr-13005	322	26	executive	executive	ADJ
cblr-13005	322	27	pay	pay	NOUN
cblr-13005	322	28	at	at	ADP
cblr-13005	322	29	systemically	systemically	ADV
cblr-13005	322	30	important	important	ADJ
cblr-13005	322	31	financial	financial	ADJ
cblr-13005	322	32	firms	firm	NOUN
cblr-13005	322	33	toward	toward	ADP
cblr-13005	322	34	restricted	restrict	VERB
cblr-13005	322	35	stock	stock	NOUN
cblr-13005	322	36	rather	rather	ADV
cblr-13005	322	37	than	than	ADP
cblr-13005	322	38	options	option	NOUN
cblr-13005	322	39	as	as	ADP
cblr-13005	322	40	a	a	DET
cblr-13005	322	41	way	way	NOUN
cblr-13005	322	42	to	to	PART
cblr-13005	322	43	calibrate	calibrate	VERB
cblr-13005	322	44	incentives	incentive	NOUN
cblr-13005	322	45	toward	toward	ADP
cblr-13005	322	46	risk	risk	NOUN
cblr-13005	322	47	taking	taking	NOUN
cblr-13005	322	48	—	—	PUNCT
cblr-13005	322	49	although	although	SCONJ
cblr-13005	322	50	targeted	target	VERB
cblr-13005	322	51	interventions	intervention	NOUN
cblr-13005	322	52	may	may	AUX
cblr-13005	322	53	be	be	AUX
cblr-13005	322	54	undesirable	undesirable	ADJ
cblr-13005	322	55	for	for	ADP
cblr-13005	322	56	other	other	ADJ
cblr-13005	322	57	reasons	reason	NOUN
cblr-13005	322	58	discussed	discuss	VERB
cblr-13005	322	59	infra	infra	NOUN
cblr-13005	322	60	.	.	PUNCT
cblr-13005	323	1	56	56	NUM
cblr-13005	323	2	this	this	PRON
cblr-13005	323	3	is	be	AUX
cblr-13005	323	4	not	not	PART
cblr-13005	323	5	to	to	PART
cblr-13005	323	6	suggest	suggest	VERB
cblr-13005	323	7	that	that	SCONJ
cblr-13005	323	8	financially	financially	ADV
cblr-13005	323	9	motivated	motivated	ADJ
cblr-13005	323	10	diversified	diversified	ADJ
cblr-13005	323	11	investors	investor	NOUN
cblr-13005	323	12	can	can	AUX
cblr-13005	323	13	not	not	PART
cblr-13005	323	14	disagree	disagree	VERB
cblr-13005	323	15	about	about	ADP
cblr-13005	323	16	the	the	DET
cblr-13005	323	17	best	good	ADJ
cblr-13005	323	18	way	way	NOUN
cblr-13005	323	19	to	to	PART
cblr-13005	323	20	calibrate	calibrate	VERB
cblr-13005	323	21	firm	firm	ADJ
cblr-13005	323	22	managers	manager	NOUN
cblr-13005	323	23	’	’	PART
cblr-13005	323	24	sensitivity	sensitivity	NOUN
cblr-13005	323	25	to	to	ADP
cblr-13005	323	26	firm	firm	ADJ
cblr-13005	323	27	value	value	NOUN
cblr-13005	323	28	.	.	PUNCT
cblr-13005	324	1	for	for	ADP
cblr-13005	324	2	example	example	NOUN
cblr-13005	324	3	,	,	PUNCT
cblr-13005	324	4	commentators	commentator	NOUN
cblr-13005	324	5	have	have	AUX
cblr-13005	324	6	debated	debate	VERB
cblr-13005	324	7	the	the	DET
cblr-13005	324	8	optimal	optimal	ADJ
cblr-13005	324	9	holding	hold	VERB
cblr-13005	324	10	periods	period	NOUN
cblr-13005	324	11	for	for	ADP
cblr-13005	324	12	stock	stock	NOUN
cblr-13005	324	13	-	-	PUNCT
cblr-13005	324	14	based	base	VERB
cblr-13005	324	15	compensation	compensation	NOUN
cblr-13005	324	16	.	.	PUNCT
cblr-13005	325	1	see	see	VERB
cblr-13005	325	2	,	,	PUNCT
cblr-13005	325	3	e.g.	e.g.	ADV
cblr-13005	325	4	,	,	PUNCT
cblr-13005	325	5	lucian	lucian	PROPN
cblr-13005	325	6	bebchuk	bebchuk	PROPN
cblr-13005	325	7	&	&	CCONJ
cblr-13005	325	8	jesse	jesse	PROPN
cblr-13005	325	9	fried	fried	PROPN
cblr-13005	325	10	,	,	PUNCT
cblr-13005	325	11	paying	pay	VERB
cblr-13005	325	12	for	for	ADP
cblr-13005	325	13	long	long	ADJ
cblr-13005	325	14	-	-	PUNCT
cblr-13005	325	15	term	term	NOUN
cblr-13005	325	16	performance	performance	NOUN
cblr-13005	325	17	,	,	PUNCT
cblr-13005	325	18	158	158	NUM
cblr-13005	325	19	u.	u.	PROPN
cblr-13005	325	20	pa	pa	PROPN
cblr-13005	325	21	.	.	PUNCT
cblr-13005	325	22	l.	l.	PROPN
cblr-13005	325	23	rev	rev	PROPN
cblr-13005	325	24	.	.	PROPN
cblr-13005	325	25	1915	1915	NUM
cblr-13005	325	26	(	(	PUNCT
cblr-13005	325	27	2010	2010	NUM
cblr-13005	325	28	)	)	PUNCT
cblr-13005	325	29	;	;	PUNCT
cblr-13005	325	30	sanjai	sanjai	VERB
cblr-13005	325	31	bhagat	bhagat	PROPN
cblr-13005	325	32	&	&	CCONJ
cblr-13005	325	33	roberta	roberta	PROPN
cblr-13005	325	34	romano	romano	PROPN
cblr-13005	325	35	,	,	PUNCT
cblr-13005	325	36	reforming	reform	VERB
cblr-13005	325	37	financial	financial	ADJ
cblr-13005	325	38	executives	executive	NOUN
cblr-13005	325	39	’	'	PUNCT
cblr-13005	325	40	compensation	compensation	NOUN
cblr-13005	325	41	for	for	ADP
cblr-13005	325	42	the	the	DET
cblr-13005	325	43	long	long	ADJ
cblr-13005	325	44	term	term	NOUN
cblr-13005	325	45	,	,	PUNCT
cblr-13005	325	46	in	in	ADP
cblr-13005	325	47	research	research	NOUN
cblr-13005	325	48	handbook	handbook	NOUN
cblr-13005	325	49	on	on	ADP
cblr-13005	325	50	executive	executive	ADJ
cblr-13005	325	51	pay	pay	NOUN
cblr-13005	325	52	(	(	PUNCT
cblr-13005	325	53	randall	randall	PROPN
cblr-13005	325	54	thomas	thomas	PROPN
cblr-13005	325	55	&	&	CCONJ
cblr-13005	325	56	jennifer	jennifer	PROPN
cblr-13005	325	57	hill	hill	PROPN
cblr-13005	325	58	eds	eds	PROPN
cblr-13005	325	59	.	.	PROPN
cblr-13005	325	60	,	,	PUNCT
cblr-13005	325	61	2014	2014	NUM
cblr-13005	325	62	)	)	PUNCT
cblr-13005	325	63	.	.	PUNCT
cblr-13005	326	1	but	but	CCONJ
cblr-13005	326	2	even	even	ADV
cblr-13005	326	3	if	if	SCONJ
cblr-13005	326	4	financially	financially	ADV
cblr-13005	326	5	motivated	motivated	ADJ
cblr-13005	326	6	diversified	diversified	ADJ
cblr-13005	326	7	investors	investor	NOUN
cblr-13005	326	8	might	might	AUX
cblr-13005	326	9	favor	favor	VERB
cblr-13005	326	10	adjustments	adjustment	NOUN
cblr-13005	326	11	to	to	ADP
cblr-13005	326	12	incentive	incentive	NOUN
cblr-13005	326	13	compensation	compensation	NOUN
cblr-13005	326	14	or	or	CCONJ
cblr-13005	326	15	other	other	ADJ
cblr-13005	326	16	governance	governance	NOUN
cblr-13005	326	17	structures	structure	NOUN
cblr-13005	326	18	to	to	PART
cblr-13005	326	19	mitigate	mitigate	VERB
cblr-13005	326	20	perceived	perceive	VERB
cblr-13005	326	21	managerial	managerial	ADJ
cblr-13005	326	22	“	"	PUNCT
cblr-13005	326	23	short	short	ADJ
cblr-13005	326	24	termism	termism	NOUN
cblr-13005	326	25	”	"	PUNCT
cblr-13005	326	26	or	or	CCONJ
cblr-13005	326	27	other	other	ADJ
cblr-13005	326	28	deficiencies	deficiency	NOUN
cblr-13005	326	29	in	in	ADP
cblr-13005	326	30	particular	particular	ADJ
cblr-13005	326	31	structures	structure	NOUN
cblr-13005	326	32	’	'	PUNCT
cblr-13005	326	33	design	design	NOUN
cblr-13005	326	34	,	,	PUNCT
cblr-13005	326	35	this	this	PRON
cblr-13005	326	36	is	be	AUX
cblr-13005	326	37	fully	fully	ADV
cblr-13005	326	38	consistent	consistent	ADJ
cblr-13005	326	39	with	with	ADP
cblr-13005	326	40	a	a	DET
cblr-13005	326	41	commitment	commitment	NOUN
cblr-13005	326	42	to	to	ADP
cblr-13005	326	43	tethering	tether	VERB
cblr-13005	326	44	managerial	managerial	ADJ
cblr-13005	326	45	incentives	incentive	NOUN
cblr-13005	326	46	to	to	ADP
cblr-13005	326	47	individual	individual	ADJ
cblr-13005	326	48	firm	firm	ADJ
cblr-13005	326	49	value	value	NOUN
cblr-13005	326	50	.	.	PUNCT
cblr-13005	327	1	see	see	VERB
cblr-13005	327	2	mark	mark	PROPN
cblr-13005	327	3	j.	j.	PROPN
cblr-13005	327	4	roe	roe	PROPN
cblr-13005	327	5	,	,	PUNCT
cblr-13005	327	6	social	social	ADJ
cblr-13005	327	7	costs	cost	NOUN
cblr-13005	327	8	from	from	ADP
cblr-13005	327	9	stock	stock	NOUN
cblr-13005	327	10	-	-	PUNCT
cblr-13005	327	11	market	market	NOUN
cblr-13005	327	12	-	-	PUNCT
cblr-13005	327	13	driven	drive	VERB
cblr-13005	327	14	corporate	corporate	ADJ
cblr-13005	327	15	short	short	ADJ
cblr-13005	327	16	-	-	PUNCT
cblr-13005	327	17	termism	termism	NOUN
cblr-13005	327	18	?	?	PUNCT
cblr-13005	327	19	,	,	PUNCT
cblr-13005	327	20	in	in	ADP
cblr-13005	327	21	missing	miss	VERB
cblr-13005	327	22	the	the	DET
cblr-13005	327	23	target	target	NOUN
cblr-13005	327	24	(	(	PUNCT
cblr-13005	327	25	2022	2022	NUM
cblr-13005	327	26	)	)	PUNCT
cblr-13005	327	27	52	52	NUM
cblr-13005	327	28	,	,	PUNCT
cblr-13005	327	29	56	56	NUM
cblr-13005	327	30	(	(	PUNCT
cblr-13005	327	31	explaining	explain	VERB
cblr-13005	327	32	the	the	DET
cblr-13005	327	33	distinction	distinction	NOUN
cblr-13005	327	34	between	between	ADP
cblr-13005	327	35	corporate	corporate	ADJ
cblr-13005	327	36	short	short	ADJ
cblr-13005	327	37	-	-	PUNCT
cblr-13005	327	38	termism	termism	NOUN
cblr-13005	327	39	and	and	CCONJ
cblr-13005	327	40	corporate	corporate	ADJ
cblr-13005	327	41	externalities	externality	NOUN
cblr-13005	327	42	)	)	PUNCT
cblr-13005	327	43	.	.	PUNCT
cblr-13005	328	1	338	338	NUM
cblr-13005	328	2	columbia	columbia	PROPN
cblr-13005	328	3	business	business	NOUN
cblr-13005	328	4	law	law	PROPN
cblr-13005	328	5	review	review	NOUN
cblr-13005	328	6	[	[	X
cblr-13005	328	7	vol	vol	NOUN
cblr-13005	328	8	.	.	NOUN
cblr-13005	328	9	2024	2024	NUM
cblr-13005	328	10	are	be	AUX
cblr-13005	328	11	unlikely	unlikely	ADJ
cblr-13005	328	12	to	to	PART
cblr-13005	328	13	be	be	AUX
cblr-13005	328	14	effective	effective	ADJ
cblr-13005	328	15	,	,	PUNCT
cblr-13005	328	16	as	as	SCONJ
cblr-13005	328	17	are	be	AUX
cblr-13005	328	18	interventions	intervention	NOUN
cblr-13005	328	19	that	that	PRON
cblr-13005	328	20	call	call	VERB
cblr-13005	328	21	on	on	ADP
cblr-13005	328	22	managers	manager	NOUN
cblr-13005	328	23	to	to	PART
cblr-13005	328	24	take	take	VERB
cblr-13005	328	25	actions	action	NOUN
cblr-13005	328	26	that	that	PRON
cblr-13005	328	27	can	can	AUX
cblr-13005	328	28	not	not	PART
cblr-13005	328	29	effectively	effectively	ADV
cblr-13005	328	30	be	be	AUX
cblr-13005	328	31	monitored	monitor	VERB
cblr-13005	328	32	.	.	PUNCT
cblr-13005	329	1	to	to	PART
cblr-13005	329	2	be	be	AUX
cblr-13005	329	3	successful	successful	ADJ
cblr-13005	329	4	,	,	PUNCT
cblr-13005	329	5	portfolio	portfolio	NOUN
cblr-13005	329	6	-	-	PUNCT
cblr-13005	329	7	focused	focus	VERB
cblr-13005	329	8	stewardship	stewardship	NOUN
cblr-13005	329	9	policies	policy	NOUN
cblr-13005	329	10	need	need	VERB
cblr-13005	329	11	to	to	PART
cblr-13005	329	12	be	be	AUX
cblr-13005	329	13	specific	specific	ADJ
cblr-13005	329	14	regarding	regard	VERB
cblr-13005	329	15	the	the	DET
cblr-13005	329	16	actions	action	NOUN
cblr-13005	329	17	or	or	CCONJ
cblr-13005	329	18	outcomes	outcome	NOUN
cblr-13005	329	19	demanded	demand	VERB
cblr-13005	329	20	of	of	ADP
cblr-13005	329	21	firm	firm	ADJ
cblr-13005	329	22	managers	manager	NOUN
cblr-13005	329	23	,	,	PUNCT
cblr-13005	329	24	and	and	CCONJ
cblr-13005	329	25	asset	asset	NOUN
cblr-13005	329	26	managers	manager	NOUN
cblr-13005	329	27	need	need	VERB
cblr-13005	329	28	to	to	PART
cblr-13005	329	29	be	be	AUX
cblr-13005	329	30	capable	capable	ADJ
cblr-13005	329	31	of	of	ADP
cblr-13005	329	32	observing	observe	VERB
cblr-13005	329	33	and	and	CCONJ
cblr-13005	329	34	judging	judge	VERB
cblr-13005	329	35	compliance.57	compliance.57	ADP
cblr-13005	329	36	this	this	DET
cblr-13005	329	37	requirement	requirement	NOUN
cblr-13005	329	38	of	of	ADP
cblr-13005	329	39	specificity	specificity	NOUN
cblr-13005	329	40	and	and	CCONJ
cblr-13005	329	41	enforceability	enforceability	NOUN
cblr-13005	329	42	introduces	introduce	VERB
cblr-13005	329	43	distinct	distinct	ADJ
cblr-13005	329	44	complications	complication	NOUN
cblr-13005	329	45	,	,	PUNCT
cblr-13005	329	46	however	however	ADV
cblr-13005	329	47	.	.	PUNCT
cblr-13005	330	1	in	in	ADP
cblr-13005	330	2	their	their	PRON
cblr-13005	330	3	article	article	NOUN
cblr-13005	330	4	systemic	systemic	ADJ
cblr-13005	330	5	stewardship	stewardship	NOUN
cblr-13005	330	6	with	with	ADP
cblr-13005	330	7	tradeoffs	tradeoff	NOUN
cblr-13005	330	8	,	,	PUNCT
cblr-13005	330	9	professors	professor	NOUN
cblr-13005	330	10	marcel	marcel	PROPN
cblr-13005	330	11	kahan	kahan	PROPN
cblr-13005	330	12	and	and	CCONJ
cblr-13005	330	13	edward	edward	PROPN
cblr-13005	330	14	rock	rock	PROPN
cblr-13005	330	15	describe	describe	VERB
cblr-13005	330	16	the	the	DET
cblr-13005	330	17	“	"	PUNCT
cblr-13005	330	18	deep	deep	ADJ
cblr-13005	330	19	architecture	architecture	NOUN
cblr-13005	330	20	”	"	PUNCT
cblr-13005	330	21	of	of	ADP
cblr-13005	330	22	corporate	corporate	ADJ
cblr-13005	330	23	law	law	NOUN
cblr-13005	330	24	that	that	PRON
cblr-13005	330	25	operates	operate	VERB
cblr-13005	330	26	to	to	PART
cblr-13005	330	27	focus	focus	VERB
cblr-13005	330	28	firm	firm	ADJ
cblr-13005	330	29	managers	manager	NOUN
cblr-13005	330	30	on	on	ADP
cblr-13005	330	31	firm	firm	ADJ
cblr-13005	330	32	value	value	NOUN
cblr-13005	330	33	,	,	PUNCT
cblr-13005	330	34	including	include	VERB
cblr-13005	330	35	legally	legally	ADV
cblr-13005	330	36	enforceable	enforceable	ADJ
cblr-13005	330	37	fiduciary	fiduciary	ADJ
cblr-13005	330	38	duties.58	duties.58	NOUN
cblr-13005	330	39	they	they	PRON
cblr-13005	330	40	warn	warn	VERB
cblr-13005	330	41	that	that	PRON
cblr-13005	330	42	firm	firm	ADJ
cblr-13005	330	43	managers	manager	NOUN
cblr-13005	330	44	who	who	PRON
cblr-13005	330	45	acquiesce	acquiesce	VERB
cblr-13005	330	46	to	to	ADP
cblr-13005	330	47	asset	asset	NOUN
cblr-13005	330	48	manager	manager	NOUN
cblr-13005	330	49	demands	demand	VERB
cblr-13005	330	50	to	to	PART
cblr-13005	330	51	take	take	VERB
cblr-13005	330	52	specific	specific	ADJ
cblr-13005	330	53	actions	action	NOUN
cblr-13005	330	54	that	that	PRON
cblr-13005	330	55	involve	involve	VERB
cblr-13005	330	56	a	a	DET
cblr-13005	330	57	sacrifice	sacrifice	NOUN
cblr-13005	330	58	of	of	ADP
cblr-13005	330	59	firm	firm	ADJ
cblr-13005	330	60	value	value	NOUN
cblr-13005	330	61	for	for	ADP
cblr-13005	330	62	the	the	DET
cblr-13005	330	63	benefit	benefit	NOUN
cblr-13005	330	64	of	of	ADP
cblr-13005	330	65	a	a	DET
cblr-13005	330	66	broader	broad	ADJ
cblr-13005	330	67	portfolio	portfolio	NOUN
cblr-13005	330	68	expose	expose	VERB
cblr-13005	330	69	themselves	themselves	PRON
cblr-13005	330	70	to	to	ADP
cblr-13005	330	71	potential	potential	ADJ
cblr-13005	330	72	liability	liability	NOUN
cblr-13005	330	73	.	.	PUNCT
cblr-13005	331	1	how	how	SCONJ
cblr-13005	331	2	big	big	ADJ
cblr-13005	331	3	a	a	DET
cblr-13005	331	4	risk	risk	NOUN
cblr-13005	331	5	this	this	DET
cblr-13005	331	6	presents	present	NOUN
cblr-13005	331	7	can	can	AUX
cblr-13005	331	8	be	be	AUX
cblr-13005	331	9	debated,59	debated,59	VERB
cblr-13005	331	10	but	but	CCONJ
cblr-13005	331	11	there	there	PRON
cblr-13005	331	12	is	be	VERB
cblr-13005	331	13	at	at	ADP
cblr-13005	331	14	least	least	ADJ
cblr-13005	331	15	some	some	PRON
cblr-13005	331	16	universe	universe	NOUN
cblr-13005	331	17	of	of	ADP
cblr-13005	331	18	potential	potential	ADJ
cblr-13005	331	19	portfolio	portfolio	NOUN
cblr-13005	331	20	-	-	PUNCT
cblr-13005	331	21	focused	focus	VERB
cblr-13005	331	22	stewardship	stewardship	NOUN
cblr-13005	331	23	interventions	intervention	NOUN
cblr-13005	331	24	that	that	PRON
cblr-13005	331	25	firm	firm	ADJ
cblr-13005	331	26	managers	manager	NOUN
cblr-13005	331	27	might	might	AUX
cblr-13005	331	28	reject	reject	VERB
cblr-13005	331	29	due	due	ADP
cblr-13005	331	30	to	to	ADP
cblr-13005	331	31	litigation	litigation	NOUN
cblr-13005	331	32	risk	risk	NOUN
cblr-13005	331	33	,	,	PUNCT
cblr-13005	331	34	and	and	CCONJ
cblr-13005	331	35	the	the	DET
cblr-13005	331	36	more	more	ADV
cblr-13005	331	37	specific	specific	ADJ
cblr-13005	331	38	—	—	PUNCT
cblr-13005	331	39	and	and	CCONJ
cblr-13005	331	40	hence	hence	ADV
cblr-13005	331	41	potentially	potentially	ADV
cblr-13005	331	42	effective	effective	ADJ
cblr-13005	331	43	—	—	PUNCT
cblr-13005	331	44	the	the	DET
cblr-13005	331	45	policy	policy	NOUN
cblr-13005	331	46	being	be	AUX
cblr-13005	331	47	pushed	push	VERB
cblr-13005	331	48	,	,	PUNCT
cblr-13005	331	49	the	the	DET
cblr-13005	331	50	more	more	ADJ
cblr-13005	331	51	pushback	pushback	NOUN
cblr-13005	331	52	due	due	ADP
cblr-13005	331	53	to	to	ADP
cblr-13005	331	54	litigation	litigation	NOUN
cblr-13005	331	55	risk	risk	NOUN
cblr-13005	331	56	can	can	AUX
cblr-13005	331	57	be	be	AUX
cblr-13005	331	58	expected	expect	VERB
cblr-13005	331	59	.	.	PUNCT
cblr-13005	332	1	moreover	moreover	ADV
cblr-13005	332	2	,	,	PUNCT
cblr-13005	332	3	to	to	ADP
cblr-13005	332	4	the	the	DET
cblr-13005	332	5	extent	extent	NOUN
cblr-13005	332	6	that	that	SCONJ
cblr-13005	332	7	managerial	managerial	ADJ
cblr-13005	332	8	acquiescence	acquiescence	NOUN
cblr-13005	332	9	to	to	ADP
cblr-13005	332	10	a	a	DET
cblr-13005	332	11	portfolio	portfolio	NOUN
cblr-13005	332	12	-	-	PUNCT
cblr-13005	332	13	focused	focus	VERB
cblr-13005	332	14	stewardship	stewardship	NOUN
cblr-13005	332	15	intervention	intervention	NOUN
cblr-13005	332	16	does	do	AUX
cblr-13005	332	17	produce	produce	VERB
cblr-13005	332	18	litigation	litigation	NOUN
cblr-13005	332	19	risk	risk	NOUN
cblr-13005	332	20	,	,	PUNCT
cblr-13005	332	21	it	it	PRON
cblr-13005	332	22	is	be	AUX
cblr-13005	332	23	a	a	DET
cblr-13005	332	24	cost	cost	NOUN
cblr-13005	332	25	that	that	PRON
cblr-13005	332	26	diversified	diversified	ADJ
cblr-13005	332	27	investors	investor	NOUN
cblr-13005	332	28	will	will	AUX
cblr-13005	332	29	ultimately	ultimately	ADV
cblr-13005	332	30	bear	bear	VERB
cblr-13005	332	31	,	,	PUNCT
cblr-13005	332	32	at	at	ADP
cblr-13005	332	33	least	least	ADJ
cblr-13005	332	34	partially	partially	ADV
cblr-13005	332	35	,	,	PUNCT
cblr-13005	332	36	reducing	reduce	VERB
cblr-13005	332	37	any	any	DET
cblr-13005	332	38	portfolio	portfolio	NOUN
cblr-13005	332	39	level	level	NOUN
cblr-13005	332	40	gains	gain	VERB
cblr-13005	332	41	the	the	DET
cblr-13005	332	42	intervention	intervention	NOUN
cblr-13005	332	43	is	be	AUX
cblr-13005	332	44	expected	expect	VERB
cblr-13005	332	45	to	to	PART
cblr-13005	332	46	produce	produce	VERB
cblr-13005	332	47	.	.	PUNCT
cblr-13005	333	1	again	again	ADV
cblr-13005	333	2	,	,	PUNCT
cblr-13005	333	3	the	the	DET
cblr-13005	333	4	more	more	ADV
cblr-13005	333	5	specific	specific	ADJ
cblr-13005	333	6	and	and	CCONJ
cblr-13005	333	7	hence	hence	ADV
cblr-13005	333	8	potentially	potentially	ADV
cblr-13005	333	9	effective	effective	ADJ
cblr-13005	333	10	the	the	DET
cblr-13005	333	11	intervention	intervention	NOUN
cblr-13005	333	12	,	,	PUNCT
cblr-13005	333	13	the	the	PRON
cblr-13005	333	14	higher	high	ADJ
cblr-13005	333	15	these	these	DET
cblr-13005	333	16	offsetting	offset	VERB
cblr-13005	333	17	costs	cost	NOUN
cblr-13005	333	18	.	.	PUNCT
cblr-13005	334	1	(	(	PUNCT
cblr-13005	334	2	notably	notably	ADV
cblr-13005	334	3	,	,	PUNCT
cblr-13005	334	4	corporate	corporate	ADJ
cblr-13005	334	5	law	law	NOUN
cblr-13005	334	6	cuts	cut	VERB
cblr-13005	334	7	through	through	ADP
cblr-13005	334	8	this	this	DET
cblr-13005	334	9	gordian	gordian	ADJ
cblr-13005	334	10	knot	knot	NOUN
cblr-13005	334	11	vis	vis	X
cblr-13005	334	12	-	-	ADJ
cblr-13005	334	13	à	à	X
cblr-13005	334	14	-	-	PUNCT
cblr-13005	334	15	vis	vis	X
cblr-13005	334	16	legal	legal	ADJ
cblr-13005	334	17	obligations	obligation	NOUN
cblr-13005	334	18	imposed	impose	VERB
cblr-13005	334	19	on	on	ADP
cblr-13005	334	20	the	the	DET
cblr-13005	334	21	corporation	corporation	NOUN
cblr-13005	334	22	by	by	ADP
cblr-13005	334	23	interpreting	interpret	VERB
cblr-13005	334	24	fiduciary	fiduciary	ADJ
cblr-13005	334	25	duties	duty	NOUN
cblr-13005	334	26	to	to	PART
cblr-13005	334	27	require	require	VERB
cblr-13005	334	28	legal	legal	ADJ
cblr-13005	334	29	obedience.60	obedience.60	ADJ
cblr-13005	334	30	)	)	PUNCT
cblr-13005	334	31	57	57	NUM
cblr-13005	334	32	see	see	VERB
cblr-13005	334	33	lucian	lucian	PROPN
cblr-13005	334	34	a.	a.	PROPN
cblr-13005	334	35	bebchuk	bebchuk	PROPN
cblr-13005	334	36	&	&	CCONJ
cblr-13005	334	37	roberto	roberto	PROPN
cblr-13005	334	38	tallarita	tallarita	PROPN
cblr-13005	334	39	,	,	PUNCT
cblr-13005	334	40	the	the	DET
cblr-13005	334	41	perils	peril	NOUN
cblr-13005	334	42	and	and	CCONJ
cblr-13005	334	43	questionable	questionable	ADJ
cblr-13005	334	44	promise	promise	NOUN
cblr-13005	334	45	of	of	ADP
cblr-13005	334	46	esg	esg	PROPN
cblr-13005	334	47	-	-	PUNCT
cblr-13005	334	48	based	base	VERB
cblr-13005	334	49	compensation	compensation	NOUN
cblr-13005	334	50	,	,	PUNCT
cblr-13005	334	51	48	48	NUM
cblr-13005	334	52	j.	j.	PROPN
cblr-13005	334	53	corp	corp	PROPN
cblr-13005	334	54	.	.	PROPN
cblr-13005	334	55	l.	l.	PROPN
cblr-13005	334	56	37	37	NUM
cblr-13005	334	57	,	,	PUNCT
cblr-13005	334	58	66–68	66–68	NUM
cblr-13005	334	59	(	(	PUNCT
cblr-13005	334	60	2022	2022	NUM
cblr-13005	334	61	)	)	PUNCT
cblr-13005	334	62	(	(	PUNCT
cblr-13005	334	63	making	make	VERB
cblr-13005	334	64	a	a	DET
cblr-13005	334	65	similar	similar	ADJ
cblr-13005	334	66	point	point	NOUN
cblr-13005	334	67	regarding	regard	VERB
cblr-13005	334	68	esg	esg	NOUN
cblr-13005	334	69	performance	performance	NOUN
cblr-13005	334	70	metrics	metric	NOUN
cblr-13005	334	71	)	)	PUNCT
cblr-13005	334	72	.	.	PUNCT
cblr-13005	335	1	58	58	NUM
cblr-13005	335	2	kahan	kahan	PROPN
cblr-13005	335	3	&	&	CCONJ
cblr-13005	335	4	rock	rock	PROPN
cblr-13005	335	5	,	,	PUNCT
cblr-13005	335	6	supra	supra	PROPN
cblr-13005	335	7	note	note	PROPN
cblr-13005	335	8	19	19	NUM
cblr-13005	335	9	,	,	PUNCT
cblr-13005	335	10	at	at	ADP
cblr-13005	335	11	508–09	508–09	NUM
cblr-13005	335	12	.	.	PUNCT
cblr-13005	335	13	59	59	NUM
cblr-13005	335	14	see	see	VERB
cblr-13005	335	15	coffee	coffee	NOUN
cblr-13005	335	16	,	,	PUNCT
cblr-13005	335	17	jr	jr	PROPN
cblr-13005	335	18	.	.	PROPN
cblr-13005	335	19	,	,	PUNCT
cblr-13005	335	20	supra	supra	PROPN
cblr-13005	335	21	note	note	PROPN
cblr-13005	335	22	37	37	NUM
cblr-13005	335	23	,	,	PUNCT
cblr-13005	335	24	at	at	ADP
cblr-13005	335	25	65–67	65–67	NUM
cblr-13005	335	26	;	;	PUNCT
cblr-13005	335	27	jeffrey	jeffrey	PROPN
cblr-13005	335	28	n.	n.	PROPN
cblr-13005	335	29	gordon	gordon	PROPN
cblr-13005	335	30	,	,	PUNCT
cblr-13005	335	31	systematic	systematic	ADJ
cblr-13005	335	32	stewardship	stewardship	NOUN
cblr-13005	335	33	:	:	PUNCT
cblr-13005	335	34	it	it	PRON
cblr-13005	335	35	’s	’	VERB
cblr-13005	335	36	up	up	ADP
cblr-13005	335	37	to	to	ADP
cblr-13005	335	38	the	the	DET
cblr-13005	335	39	shareholders	shareholder	NOUN
cblr-13005	335	40	—	—	PUNCT
cblr-13005	335	41	a	a	DET
cblr-13005	335	42	response	response	NOUN
cblr-13005	335	43	to	to	ADP
cblr-13005	335	44	profs	prof	NOUN
cblr-13005	335	45	.	.	PUNCT
cblr-13005	336	1	kahan	kahan	PROPN
cblr-13005	336	2	and	and	CCONJ
cblr-13005	336	3	rock	rock	PROPN
cblr-13005	336	4	,	,	PUNCT
cblr-13005	336	5	48	48	NUM
cblr-13005	336	6	j.	j.	PROPN
cblr-13005	336	7	corp	corp	PROPN
cblr-13005	336	8	.	.	PROPN
cblr-13005	336	9	l.	l.	PROPN
cblr-13005	336	10	26	26	NUM
cblr-13005	336	11	(	(	PUNCT
cblr-13005	336	12	2023	2023	NUM
cblr-13005	336	13	)	)	PUNCT
cblr-13005	336	14	.	.	PUNCT
cblr-13005	337	1	60	60	NUM
cblr-13005	337	2	see	see	VERB
cblr-13005	337	3	,	,	PUNCT
cblr-13005	337	4	e.g.	e.g.	ADV
cblr-13005	337	5	,	,	PUNCT
cblr-13005	337	6	elizabeth	elizabeth	PROPN
cblr-13005	337	7	pollman	pollman	PROPN
cblr-13005	337	8	,	,	PUNCT
cblr-13005	337	9	corporate	corporate	ADJ
cblr-13005	337	10	oversight	oversight	NOUN
cblr-13005	337	11	and	and	CCONJ
cblr-13005	337	12	disobedience	disobedience	NOUN
cblr-13005	337	13	,	,	PUNCT
cblr-13005	337	14	72	72	NUM
cblr-13005	337	15	vand	vand	NOUN
cblr-13005	337	16	.	.	PUNCT
cblr-13005	338	1	l.	l.	PROPN
cblr-13005	338	2	rev	rev	PROPN
cblr-13005	338	3	.	.	PROPN
cblr-13005	338	4	2013	2013	NUM
cblr-13005	338	5	,	,	PUNCT
cblr-13005	338	6	2018	2018	NUM
cblr-13005	338	7	(	(	PUNCT
cblr-13005	338	8	2019	2019	NUM
cblr-13005	338	9	)	)	PUNCT
cblr-13005	338	10	(	(	PUNCT
cblr-13005	338	11	explaining	explain	VERB
cblr-13005	338	12	that	that	SCONJ
cblr-13005	338	13	state	state	NOUN
cblr-13005	338	14	corporate	corporate	ADJ
cblr-13005	338	15	law	law	NOUN
cblr-13005	338	16	no	no	NOUN
cblr-13005	338	17	.	.	NOUN
cblr-13005	338	18	1	1	NUM
cblr-13005	338	19	]	]	PUNCT
cblr-13005	338	20	a	a	DET
cblr-13005	338	21	hard	hard	ADJ
cblr-13005	338	22	look	look	NOUN
cblr-13005	338	23	at	at	ADP
cblr-13005	338	24	portfolio	portfolio	NOUN
cblr-13005	338	25	focused	focused	ADJ
cblr-13005	338	26	stewardship	stewardship	NOUN
cblr-13005	338	27	339	339	NUM
cblr-13005	338	28	the	the	DET
cblr-13005	338	29	requirement	requirement	NOUN
cblr-13005	338	30	of	of	ADP
cblr-13005	338	31	specificity	specificity	NOUN
cblr-13005	338	32	and	and	CCONJ
cblr-13005	338	33	enforceability	enforceability	NOUN
cblr-13005	338	34	also	also	ADV
cblr-13005	338	35	interacts	interact	VERB
cblr-13005	338	36	in	in	ADP
cblr-13005	338	37	problematic	problematic	ADJ
cblr-13005	338	38	ways	way	NOUN
cblr-13005	338	39	with	with	ADP
cblr-13005	338	40	the	the	DET
cblr-13005	338	41	other	other	ADJ
cblr-13005	338	42	frictions	friction	NOUN
cblr-13005	338	43	discussed	discuss	VERB
cblr-13005	338	44	infra	infra	NOUN
cblr-13005	338	45	.	.	PUNCT
cblr-13005	339	1	for	for	ADP
cblr-13005	339	2	example	example	NOUN
cblr-13005	339	3	,	,	PUNCT
cblr-13005	339	4	the	the	DET
cblr-13005	339	5	more	more	ADV
cblr-13005	339	6	specific	specific	ADJ
cblr-13005	339	7	and	and	CCONJ
cblr-13005	339	8	enforceable	enforceable	ADJ
cblr-13005	339	9	the	the	DET
cblr-13005	339	10	portfolio	portfolio	NOUN
cblr-13005	339	11	-	-	PUNCT
cblr-13005	339	12	focused	focus	VERB
cblr-13005	339	13	stewardship	stewardship	NOUN
cblr-13005	339	14	intervention	intervention	NOUN
cblr-13005	339	15	,	,	PUNCT
cblr-13005	339	16	the	the	DET
cblr-13005	339	17	more	more	ADV
cblr-13005	339	18	personally	personally	ADV
cblr-13005	339	19	costly	costly	ADJ
cblr-13005	339	20	asset	asset	NOUN
cblr-13005	339	21	managers	manager	NOUN
cblr-13005	339	22	will	will	AUX
cblr-13005	339	23	view	view	VERB
cblr-13005	339	24	the	the	DET
cblr-13005	339	25	intervention	intervention	NOUN
cblr-13005	339	26	because	because	SCONJ
cblr-13005	339	27	it	it	PRON
cblr-13005	339	28	will	will	AUX
cblr-13005	339	29	make	make	VERB
cblr-13005	339	30	it	it	PRON
cblr-13005	339	31	harder	hard	ADJ
cblr-13005	339	32	for	for	SCONJ
cblr-13005	339	33	them	they	PRON
cblr-13005	339	34	to	to	PART
cblr-13005	339	35	deflect	deflect	VERB
cblr-13005	339	36	rising	rise	VERB
cblr-13005	339	37	antitrust	antitrust	ADJ
cblr-13005	339	38	concerns	concern	NOUN
cblr-13005	339	39	about	about	ADP
cblr-13005	339	40	their	their	PRON
cblr-13005	339	41	common	common	ADJ
cblr-13005	339	42	ownership	ownership	NOUN
cblr-13005	339	43	positions.61	positions.61	NOUN
cblr-13005	339	44	to	to	ADP
cblr-13005	339	45	the	the	DET
cblr-13005	339	46	extent	extent	NOUN
cblr-13005	339	47	that	that	SCONJ
cblr-13005	339	48	they	they	PRON
cblr-13005	339	49	manage	manage	VERB
cblr-13005	339	50	other	other	ADJ
cblr-13005	339	51	funds	fund	NOUN
cblr-13005	339	52	with	with	ADP
cblr-13005	339	53	different	different	ADJ
cblr-13005	339	54	portfolios	portfolio	NOUN
cblr-13005	339	55	,	,	PUNCT
cblr-13005	339	56	heightened	heighten	VERB
cblr-13005	339	57	specificity	specificity	NOUN
cblr-13005	339	58	also	also	ADV
cblr-13005	339	59	increases	increase	VERB
cblr-13005	339	60	risks	risk	NOUN
cblr-13005	339	61	to	to	ADP
cblr-13005	339	62	their	their	PRON
cblr-13005	339	63	business	business	NOUN
cblr-13005	339	64	model	model	NOUN
cblr-13005	339	65	and	and	CCONJ
cblr-13005	339	66	,	,	PUNCT
cblr-13005	339	67	if	if	SCONJ
cblr-13005	339	68	they	they	PRON
cblr-13005	339	69	vote	vote	VERB
cblr-13005	339	70	as	as	ADP
cblr-13005	339	71	a	a	DET
cblr-13005	339	72	fund	fund	NOUN
cblr-13005	339	73	family	family	NOUN
cblr-13005	339	74	,	,	PUNCT
cblr-13005	339	75	their	their	PRON
cblr-13005	339	76	fiduciary	fiduciary	ADJ
cblr-13005	339	77	liability	liability	NOUN
cblr-13005	339	78	risk.62	risk.62	NOUN
cblr-13005	339	79	for	for	ADP
cblr-13005	339	80	these	these	DET
cblr-13005	339	81	reasons	reason	NOUN
cblr-13005	339	82	,	,	PUNCT
cblr-13005	339	83	intermediary	intermediary	ADJ
cblr-13005	339	84	agency	agency	NOUN
cblr-13005	339	85	costs	cost	NOUN
cblr-13005	339	86	may	may	AUX
cblr-13005	339	87	discourage	discourage	VERB
cblr-13005	339	88	asset	asset	NOUN
cblr-13005	339	89	managers	manager	NOUN
cblr-13005	339	90	from	from	ADP
cblr-13005	339	91	designing	design	VERB
cblr-13005	339	92	effective	effective	ADJ
cblr-13005	339	93	interventions	intervention	NOUN
cblr-13005	339	94	.	.	PUNCT
cblr-13005	340	1	the	the	DET
cblr-13005	340	2	dynamic	dynamic	ADJ
cblr-13005	340	3	nature	nature	NOUN
cblr-13005	340	4	of	of	ADP
cblr-13005	340	5	the	the	DET
cblr-13005	340	6	market	market	NOUN
cblr-13005	340	7	might	might	AUX
cblr-13005	340	8	also	also	ADV
cblr-13005	340	9	hobble	hobble	VERB
cblr-13005	340	10	effective	effective	ADJ
cblr-13005	340	11	interventions	intervention	NOUN
cblr-13005	340	12	because	because	SCONJ
cblr-13005	340	13	firms	firm	NOUN
cblr-13005	340	14	that	that	PRON
cblr-13005	340	15	acquiesce	acquiesce	VERB
cblr-13005	340	16	to	to	ADP
cblr-13005	340	17	specific	specific	ADJ
cblr-13005	340	18	firm	firm	ADJ
cblr-13005	340	19	value	value	NOUN
cblr-13005	340	20	-	-	PUNCT
cblr-13005	340	21	reducing	reduce	VERB
cblr-13005	340	22	initiatives	initiative	NOUN
cblr-13005	340	23	may	may	AUX
cblr-13005	340	24	find	find	VERB
cblr-13005	340	25	themselves	themselves	PRON
cblr-13005	340	26	more	more	ADJ
cblr-13005	340	27	imposes	impose	VERB
cblr-13005	340	28	fiduciary	fiduciary	ADJ
cblr-13005	340	29	duties	duty	NOUN
cblr-13005	340	30	on	on	ADP
cblr-13005	340	31	directors	director	NOUN
cblr-13005	340	32	“	"	PUNCT
cblr-13005	340	33	that	that	PRON
cblr-13005	340	34	prohibit	prohibit	VERB
cblr-13005	340	35	them	they	PRON
cblr-13005	340	36	from	from	ADP
cblr-13005	340	37	acting	act	VERB
cblr-13005	340	38	with	with	ADP
cblr-13005	340	39	the	the	DET
cblr-13005	340	40	intention	intention	NOUN
cblr-13005	340	41	of	of	ADP
cblr-13005	340	42	violating	violate	VERB
cblr-13005	340	43	the	the	DET
cblr-13005	340	44	law	law	NOUN
cblr-13005	340	45	”	"	PUNCT
cblr-13005	340	46	)	)	PUNCT
cblr-13005	340	47	.	.	PUNCT
cblr-13005	341	1	61	61	NUM
cblr-13005	341	2	the	the	DET
cblr-13005	341	3	“	"	PUNCT
cblr-13005	341	4	common	common	ADJ
cblr-13005	341	5	ownership	ownership	NOUN
cblr-13005	341	6	hypothesis	hypothesis	NOUN
cblr-13005	341	7	,	,	PUNCT
cblr-13005	341	8	which	which	PRON
cblr-13005	341	9	suggests	suggest	VERB
cblr-13005	341	10	that	that	SCONJ
cblr-13005	341	11	when	when	SCONJ
cblr-13005	341	12	large	large	ADJ
cblr-13005	341	13	investors	investor	NOUN
cblr-13005	341	14	own	own	VERB
cblr-13005	341	15	shares	share	NOUN
cblr-13005	341	16	in	in	ADP
cblr-13005	341	17	many	many	ADJ
cblr-13005	341	18	firms	firm	NOUN
cblr-13005	341	19	within	within	ADP
cblr-13005	341	20	the	the	DET
cblr-13005	341	21	same	same	ADJ
cblr-13005	341	22	industry	industry	NOUN
cblr-13005	341	23	,	,	PUNCT
cblr-13005	341	24	those	those	DET
cblr-13005	341	25	firms	firm	NOUN
cblr-13005	341	26	have	have	VERB
cblr-13005	341	27	an	an	DET
cblr-13005	341	28	incentive	incentive	NOUN
cblr-13005	341	29	to	to	PART
cblr-13005	341	30	soften	soften	VERB
cblr-13005	341	31	competition	competition	NOUN
cblr-13005	341	32	by	by	ADP
cblr-13005	341	33	producing	produce	VERB
cblr-13005	341	34	fewer	few	ADJ
cblr-13005	341	35	units	unit	NOUN
cblr-13005	341	36	,	,	PUNCT
cblr-13005	341	37	raising	raise	VERB
cblr-13005	341	38	prices	price	NOUN
cblr-13005	341	39	,	,	PUNCT
cblr-13005	341	40	reducing	reduce	VERB
cblr-13005	341	41	investment	investment	NOUN
cblr-13005	341	42	,	,	PUNCT
cblr-13005	341	43	innovating	innovate	VERB
cblr-13005	341	44	less	less	ADJ
cblr-13005	341	45	,	,	PUNCT
cblr-13005	341	46	or	or	CCONJ
cblr-13005	341	47	limiting	limit	VERB
cblr-13005	341	48	entry	entry	NOUN
cblr-13005	341	49	into	into	ADP
cblr-13005	341	50	new	new	ADJ
cblr-13005	341	51	markets	market	NOUN
cblr-13005	341	52	,	,	PUNCT
cblr-13005	341	53	”	"	PUNCT
cblr-13005	341	54	matthew	matthew	PROPN
cblr-13005	341	55	backus	backus	PROPN
cblr-13005	341	56	,	,	PUNCT
cblr-13005	341	57	christopher	christopher	PROPN
cblr-13005	341	58	conlon	conlon	PROPN
cblr-13005	341	59	&	&	CCONJ
cblr-13005	341	60	michael	michael	PROPN
cblr-13005	341	61	sinkinson	sinkinson	PROPN
cblr-13005	341	62	,	,	PUNCT
cblr-13005	341	63	the	the	DET
cblr-13005	341	64	common	common	ADJ
cblr-13005	341	65	ownership	ownership	NOUN
cblr-13005	341	66	hypothesis	hypothesis	NOUN
cblr-13005	341	67	:	:	PUNCT
cblr-13005	341	68	theory	theory	NOUN
cblr-13005	341	69	and	and	CCONJ
cblr-13005	341	70	evidence	evidence	NOUN
cblr-13005	341	71	1	1	NUM
cblr-13005	341	72	(	(	PUNCT
cblr-13005	341	73	2019	2019	NUM
cblr-13005	341	74	)	)	PUNCT
cblr-13005	341	75	,	,	PUNCT
cblr-13005	341	76	https://www.brookings.edu/wp-content/uploads/2019/02/es_20190205_common-ownership.pdf	https://www.brookings.edu/wp-content/uploads/2019/02/es_20190205_common-ownership.pdf	PROPN
cblr-13005	341	77	[	[	X
cblr-13005	341	78	https://perma.cc/543a-krkr	https://perma.cc/543a-krkr	PROPN
cblr-13005	341	79	]	]	PUNCT
cblr-13005	341	80	,	,	PUNCT
cblr-13005	341	81	has	have	AUX
cblr-13005	341	82	in	in	ADP
cblr-13005	341	83	recent	recent	ADJ
cblr-13005	341	84	years	year	NOUN
cblr-13005	341	85	captured	capture	VERB
cblr-13005	341	86	the	the	DET
cblr-13005	341	87	attention	attention	NOUN
cblr-13005	341	88	of	of	ADP
cblr-13005	341	89	not	not	PART
cblr-13005	341	90	only	only	ADV
cblr-13005	341	91	antitrust	antitrust	ADJ
cblr-13005	341	92	scholars	scholar	NOUN
cblr-13005	341	93	,	,	PUNCT
cblr-13005	341	94	see	see	VERB
cblr-13005	341	95	generally	generally	ADV
cblr-13005	341	96	i	i	PRON
cblr-13005	341	97	d.	d.	PROPN
cblr-13005	341	98	(	(	PUNCT
cblr-13005	341	99	surveying	survey	VERB
cblr-13005	341	100	the	the	DET
cblr-13005	341	101	growing	grow	VERB
cblr-13005	341	102	empirical	empirical	ADJ
cblr-13005	341	103	literature	literature	NOUN
cblr-13005	341	104	on	on	ADP
cblr-13005	341	105	this	this	DET
cblr-13005	341	106	topic	topic	NOUN
cblr-13005	341	107	)	)	PUNCT
cblr-13005	341	108	,	,	PUNCT
cblr-13005	341	109	but	but	CCONJ
cblr-13005	341	110	also	also	ADV
cblr-13005	341	111	of	of	ADP
cblr-13005	341	112	media	medium	NOUN
cblr-13005	341	113	and	and	CCONJ
cblr-13005	341	114	politicians	politician	NOUN
cblr-13005	341	115	.	.	PUNCT
cblr-13005	342	1	rose	rise	VERB
cblr-13005	342	2	,	,	PUNCT
cblr-13005	342	3	supra	supra	PROPN
cblr-13005	342	4	note	note	NOUN
cblr-13005	342	5	2	2	NUM
cblr-13005	342	6	,	,	PUNCT
cblr-13005	342	7	at	at	ADP
cblr-13005	342	8	1824	1824	NUM
cblr-13005	342	9	n.12	n.12	NOUN
cblr-13005	342	10	.	.	NOUN
cblr-13005	342	11	prominent	prominent	ADJ
cblr-13005	342	12	legal	legal	ADJ
cblr-13005	342	13	scholars	scholar	NOUN
cblr-13005	342	14	and	and	CCONJ
cblr-13005	342	15	economists	economist	NOUN
cblr-13005	342	16	have	have	AUX
cblr-13005	342	17	suggested	suggest	VERB
cblr-13005	342	18	policy	policy	NOUN
cblr-13005	342	19	responses	response	NOUN
cblr-13005	342	20	in	in	ADP
cblr-13005	342	21	light	light	NOUN
cblr-13005	342	22	of	of	ADP
cblr-13005	342	23	these	these	DET
cblr-13005	342	24	concerns	concern	NOUN
cblr-13005	342	25	—	—	PUNCT
cblr-13005	342	26	reforms	reform	NOUN
cblr-13005	342	27	that	that	PRON
cblr-13005	342	28	would	would	AUX
cblr-13005	342	29	significantly	significantly	ADV
cblr-13005	342	30	and	and	CCONJ
cblr-13005	342	31	detrimentally	detrimentally	ADV
cblr-13005	342	32	impact	impact	VERB
cblr-13005	342	33	the	the	DET
cblr-13005	342	34	fortunes	fortune	NOUN
cblr-13005	342	35	of	of	ADP
cblr-13005	342	36	the	the	DET
cblr-13005	342	37	big	big	ADJ
cblr-13005	342	38	three	three	NUM
cblr-13005	342	39	.	.	PUNCT
cblr-13005	343	1	see	see	VERB
cblr-13005	343	2	,	,	PUNCT
cblr-13005	343	3	e.g.	e.g.	ADV
cblr-13005	343	4	,	,	PUNCT
cblr-13005	343	5	einer	einer	NOUN
cblr-13005	343	6	elhauge	elhauge	NOUN
cblr-13005	343	7	,	,	PUNCT
cblr-13005	343	8	horizontal	horizontal	ADJ
cblr-13005	343	9	shareholding	shareholding	NOUN
cblr-13005	343	10	,	,	PUNCT
cblr-13005	343	11	129	129	NUM
cblr-13005	343	12	harv	harv	NOUN
cblr-13005	343	13	.	.	PUNCT
cblr-13005	344	1	l.	l.	PROPN
cblr-13005	344	2	rev	rev	PROPN
cblr-13005	344	3	.	.	PROPN
cblr-13005	344	4	1267	1267	NUM
cblr-13005	344	5	(	(	PUNCT
cblr-13005	344	6	2016	2016	NUM
cblr-13005	344	7	)	)	PUNCT
cblr-13005	344	8	;	;	PUNCT
cblr-13005	344	9	fiona	fiona	PROPN
cblr-13005	344	10	scott	scott	PROPN
cblr-13005	344	11	morton	morton	PROPN
cblr-13005	344	12	&	&	CCONJ
cblr-13005	344	13	herbert	herbert	PROPN
cblr-13005	344	14	hovenkamp	hovenkamp	PROPN
cblr-13005	344	15	,	,	PUNCT
cblr-13005	344	16	horizontal	horizontal	ADJ
cblr-13005	344	17	shareholding	shareholding	NOUN
cblr-13005	344	18	and	and	CCONJ
cblr-13005	344	19	antitrust	antitrust	ADJ
cblr-13005	344	20	policy	policy	NOUN
cblr-13005	344	21	,	,	PUNCT
cblr-13005	344	22	127	127	NUM
cblr-13005	344	23	yale	yale	PROPN
cblr-13005	344	24	l.j	l.j	PROPN
cblr-13005	344	25	.	.	PROPN
cblr-13005	344	26	2026	2026	NUM
cblr-13005	344	27	(	(	PUNCT
cblr-13005	344	28	2018	2018	NUM
cblr-13005	344	29	)	)	PUNCT
cblr-13005	344	30	;	;	PUNCT
cblr-13005	344	31	eric	eric	PROPN
cblr-13005	344	32	a.	a.	PROPN
cblr-13005	344	33	posner	posner	PROPN
cblr-13005	344	34	,	,	PUNCT
cblr-13005	344	35	fiona	fiona	PROPN
cblr-13005	344	36	scott	scott	PROPN
cblr-13005	344	37	morton	morton	PROPN
cblr-13005	344	38	&	&	CCONJ
cblr-13005	344	39	e.	e.	PROPN
cblr-13005	344	40	glen	glen	PROPN
cblr-13005	344	41	weyl	weyl	PROPN
cblr-13005	344	42	,	,	PUNCT
cblr-13005	344	43	a	a	DET
cblr-13005	344	44	proposal	proposal	NOUN
cblr-13005	344	45	to	to	PART
cblr-13005	344	46	limit	limit	VERB
cblr-13005	344	47	the	the	DET
cblr-13005	344	48	anti	anti	ADJ
cblr-13005	344	49	-	-	ADJ
cblr-13005	344	50	competitive	competitive	ADJ
cblr-13005	344	51	power	power	NOUN
cblr-13005	344	52	of	of	ADP
cblr-13005	344	53	institutional	institutional	ADJ
cblr-13005	344	54	investors	investor	NOUN
cblr-13005	344	55	,	,	PUNCT
cblr-13005	344	56	81	81	NUM
cblr-13005	344	57	antitrust	antitrust	ADJ
cblr-13005	344	58	l.j	l.j	NOUN
cblr-13005	344	59	.	.	PROPN
cblr-13005	344	60	669	669	NUM
cblr-13005	344	61	(	(	PUNCT
cblr-13005	344	62	2017	2017	NUM
cblr-13005	344	63	)	)	PUNCT
cblr-13005	344	64	.	.	PUNCT
cblr-13005	345	1	for	for	ADP
cblr-13005	345	2	broader	broad	ADJ
cblr-13005	345	3	concerns	concern	NOUN
cblr-13005	345	4	regarding	regard	VERB
cblr-13005	345	5	the	the	DET
cblr-13005	345	6	concentration	concentration	NOUN
cblr-13005	345	7	of	of	ADP
cblr-13005	345	8	power	power	NOUN
cblr-13005	345	9	in	in	ADP
cblr-13005	345	10	the	the	DET
cblr-13005	345	11	hands	hand	NOUN
cblr-13005	345	12	of	of	ADP
cblr-13005	345	13	the	the	DET
cblr-13005	345	14	leaders	leader	NOUN
cblr-13005	345	15	of	of	ADP
cblr-13005	345	16	index	index	NOUN
cblr-13005	345	17	fund	fund	NOUN
cblr-13005	345	18	managers	manager	NOUN
cblr-13005	345	19	,	,	PUNCT
cblr-13005	345	20	see	see	VERB
cblr-13005	345	21	john	john	PROPN
cblr-13005	345	22	c.	c.	PROPN
cblr-13005	345	23	coates	coates	PROPN
cblr-13005	345	24	,	,	PUNCT
cblr-13005	345	25	the	the	DET
cblr-13005	345	26	future	future	NOUN
cblr-13005	345	27	of	of	ADP
cblr-13005	346	1	corporate	corporate	ADJ
cblr-13005	346	2	governance	governance	NOUN
cblr-13005	346	3	part	part	NOUN
cblr-13005	347	1	i	i	PRON
cblr-13005	347	2	:	:	PUNCT
cblr-13005	347	3	the	the	DET
cblr-13005	347	4	problem	problem	NOUN
cblr-13005	347	5	of	of	ADP
cblr-13005	347	6	twelve	twelve	NUM
cblr-13005	347	7	(	(	PUNCT
cblr-13005	347	8	harvard	harvard	NOUN
cblr-13005	347	9	pub	pub	NOUN
cblr-13005	347	10	.	.	PUNCT
cblr-13005	348	1	l.	l.	PROPN
cblr-13005	348	2	working	working	PROPN
cblr-13005	348	3	paper	paper	PROPN
cblr-13005	348	4	no	no	INTJ
cblr-13005	348	5	.	.	PROPN
cblr-13005	349	1	19	19	NUM
cblr-13005	349	2	-	-	PUNCT
cblr-13005	349	3	07	07	NUM
cblr-13005	349	4	,	,	PUNCT
cblr-13005	349	5	2018	2018	NUM
cblr-13005	349	6	)	)	PUNCT
cblr-13005	350	1	,	,	PUNCT
cblr-13005	350	2	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3247337	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3247337	NOUN
cblr-13005	351	1	[	[	X
cblr-13005	351	2	https://perma.cc/35uc-cwd5	https://perma.cc/35uc-cwd5	NOUN
cblr-13005	351	3	]	]	X
cblr-13005	351	4	.	.	PUNCT
cblr-13005	352	1	62	62	NUM
cblr-13005	352	2	see	see	VERB
cblr-13005	352	3	infra	infra	NOUN
cblr-13005	352	4	note	note	VERB
cblr-13005	352	5	99	99	NUM
cblr-13005	352	6	and	and	CCONJ
cblr-13005	352	7	accompanying	accompany	VERB
cblr-13005	352	8	text	text	NOUN
cblr-13005	352	9	.	.	PUNCT
cblr-13005	353	1	340	340	NUM
cblr-13005	353	2	columbia	columbia	PROPN
cblr-13005	353	3	business	business	NOUN
cblr-13005	353	4	law	law	PROPN
cblr-13005	353	5	review	review	NOUN
cblr-13005	354	1	[	[	X
cblr-13005	354	2	vol	vol	NOUN
cblr-13005	354	3	.	.	NOUN
cblr-13005	354	4	2024	2024	NUM
cblr-13005	354	5	exposed	expose	VERB
cblr-13005	354	6	to	to	ADP
cblr-13005	354	7	a	a	DET
cblr-13005	354	8	takeover	takeover	NOUN
cblr-13005	354	9	or	or	CCONJ
cblr-13005	354	10	activist	activist	ADJ
cblr-13005	354	11	hedge	hedge	NOUN
cblr-13005	354	12	fund	fund	NOUN
cblr-13005	354	13	campaign.63	campaign.63	VERB
cblr-13005	354	14	the	the	DET
cblr-13005	354	15	cost	cost	NOUN
cblr-13005	354	16	of	of	ADP
cblr-13005	354	17	deflecting	deflect	VERB
cblr-13005	354	18	such	such	ADJ
cblr-13005	354	19	campaigns	campaign	NOUN
cblr-13005	354	20	would	would	AUX
cblr-13005	354	21	be	be	AUX
cblr-13005	354	22	borne	bear	VERB
cblr-13005	354	23	by	by	ADP
cblr-13005	354	24	diversified	diversified	ADJ
cblr-13005	354	25	investors	investor	NOUN
cblr-13005	354	26	and	and	CCONJ
cblr-13005	354	27	thus	thus	ADV
cblr-13005	354	28	would	would	AUX
cblr-13005	354	29	erode	erode	VERB
cblr-13005	354	30	the	the	DET
cblr-13005	354	31	benefits	benefit	NOUN
cblr-13005	354	32	of	of	ADP
cblr-13005	354	33	the	the	DET
cblr-13005	354	34	intervention	intervention	NOUN
cblr-13005	354	35	,	,	PUNCT
cblr-13005	354	36	and	and	CCONJ
cblr-13005	354	37	if	if	SCONJ
cblr-13005	354	38	such	such	ADJ
cblr-13005	354	39	campaigns	campaign	NOUN
cblr-13005	354	40	were	be	AUX
cblr-13005	354	41	successful	successful	ADJ
cblr-13005	354	42	those	those	DET
cblr-13005	354	43	benefits	benefit	NOUN
cblr-13005	354	44	would	would	AUX
cblr-13005	354	45	prove	prove	VERB
cblr-13005	354	46	short	short	ADV
cblr-13005	354	47	-	-	PUNCT
cblr-13005	354	48	lived	live	VERB
cblr-13005	354	49	.	.	PUNCT
cblr-13005	355	1	firm	firm	ADJ
cblr-13005	355	2	managers	manager	NOUN
cblr-13005	355	3	might	might	AUX
cblr-13005	355	4	also	also	ADV
cblr-13005	355	5	take	take	VERB
cblr-13005	355	6	preemptory	preemptory	ADJ
cblr-13005	355	7	actions	action	NOUN
cblr-13005	355	8	in	in	ADP
cblr-13005	355	9	response	response	NOUN
cblr-13005	355	10	to	to	ADP
cblr-13005	355	11	these	these	DET
cblr-13005	355	12	threats	threat	NOUN
cblr-13005	355	13	—	—	PUNCT
cblr-13005	355	14	such	such	ADJ
cblr-13005	355	15	as	as	ADP
cblr-13005	355	16	by	by	ADP
cblr-13005	355	17	going	go	VERB
cblr-13005	355	18	private	private	ADJ
cblr-13005	355	19	or	or	CCONJ
cblr-13005	355	20	selling	sell	VERB
cblr-13005	355	21	assets	asset	NOUN
cblr-13005	355	22	—	—	PUNCT
cblr-13005	355	23	that	that	PRON
cblr-13005	355	24	could	could	AUX
cblr-13005	355	25	erase	erase	VERB
cblr-13005	355	26	the	the	DET
cblr-13005	355	27	benefits	benefit	NOUN
cblr-13005	355	28	(	(	PUNCT
cblr-13005	355	29	and	and	CCONJ
cblr-13005	355	30	even	even	ADV
cblr-13005	355	31	result	result	VERB
cblr-13005	355	32	in	in	ADP
cblr-13005	355	33	losses	loss	NOUN
cblr-13005	355	34	)	)	PUNCT
cblr-13005	355	35	to	to	ADP
cblr-13005	355	36	risk	risk	NOUN
cblr-13005	355	37	-	-	PUNCT
cblr-13005	355	38	adjusted	adjust	VERB
cblr-13005	355	39	portfolio	portfolio	NOUN
cblr-13005	355	40	value	value	NOUN
cblr-13005	355	41	.	.	PUNCT
cblr-13005	356	1	b.	b.	PROPN
cblr-13005	356	2	real	real	ADJ
cblr-13005	356	3	world	world	PROPN
cblr-13005	356	4	friction	friction	NOUN
cblr-13005	356	5	#	#	SYM
cblr-13005	356	6	2	2	NUM
cblr-13005	356	7	:	:	PUNCT
cblr-13005	356	8	intermediary	intermediary	ADJ
cblr-13005	356	9	agency	agency	NOUN
cblr-13005	356	10	costs	cost	NOUN
cblr-13005	356	11	like	like	ADP
cblr-13005	356	12	portfolio	portfolio	NOUN
cblr-13005	356	13	firm	firm	NOUN
cblr-13005	356	14	managers	manager	NOUN
cblr-13005	356	15	vis	vis	X
cblr-13005	356	16	-	-	ADJ
cblr-13005	356	17	à	à	X
cblr-13005	356	18	-	-	PUNCT
cblr-13005	356	19	vis	vis	X
cblr-13005	356	20	their	their	PRON
cblr-13005	356	21	firm	firm	NOUN
cblr-13005	356	22	and	and	CCONJ
cblr-13005	356	23	its	its	PRON
cblr-13005	356	24	shareholders	shareholder	NOUN
cblr-13005	356	25	,	,	PUNCT
cblr-13005	356	26	an	an	DET
cblr-13005	356	27	index	index	NOUN
cblr-13005	356	28	fund	fund	NOUN
cblr-13005	356	29	manager	manager	NOUN
cblr-13005	356	30	is	be	AUX
cblr-13005	356	31	an	an	DET
cblr-13005	356	32	agent	agent	NOUN
cblr-13005	356	33	who	who	PRON
cblr-13005	356	34	may	may	AUX
cblr-13005	356	35	prioritize	prioritize	VERB
cblr-13005	356	36	its	its	PRON
cblr-13005	356	37	own	own	ADJ
cblr-13005	356	38	interests	interest	NOUN
cblr-13005	356	39	over	over	ADP
cblr-13005	356	40	those	those	PRON
cblr-13005	356	41	of	of	ADP
cblr-13005	356	42	the	the	DET
cblr-13005	356	43	fund	fund	NOUN
cblr-13005	356	44	it	it	PRON
cblr-13005	356	45	manages	manage	VERB
cblr-13005	356	46	and	and	CCONJ
cblr-13005	356	47	the	the	DET
cblr-13005	356	48	fund	fund	NOUN
cblr-13005	356	49	’s	’s	PART
cblr-13005	356	50	investors	investor	NOUN
cblr-13005	356	51	.	.	PUNCT
cblr-13005	357	1	but	but	CCONJ
cblr-13005	357	2	index	index	NOUN
cblr-13005	357	3	fund	fund	NOUN
cblr-13005	357	4	managers	manager	NOUN
cblr-13005	357	5	are	be	AUX
cblr-13005	357	6	immune	immune	ADJ
cblr-13005	357	7	from	from	ADP
cblr-13005	357	8	many	many	ADJ
cblr-13005	357	9	of	of	ADP
cblr-13005	357	10	the	the	DET
cblr-13005	357	11	techniques	technique	NOUN
cblr-13005	357	12	used	use	VERB
cblr-13005	357	13	to	to	PART
cblr-13005	357	14	mitigate	mitigate	VERB
cblr-13005	357	15	managerial	managerial	ADJ
cblr-13005	357	16	agency	agency	NOUN
cblr-13005	357	17	costs	cost	NOUN
cblr-13005	357	18	at	at	ADP
cblr-13005	357	19	portfolio	portfolio	NOUN
cblr-13005	357	20	companies64	companies64	NOUN
cblr-13005	357	21	:	:	PUNCT
cblr-13005	357	22	index	index	NOUN
cblr-13005	357	23	fund	fund	NOUN
cblr-13005	357	24	managers	manager	NOUN
cblr-13005	357	25	’	'	PUNCT
cblr-13005	357	26	pay	pay	NOUN
cblr-13005	357	27	is	be	AUX
cblr-13005	357	28	not	not	PART
cblr-13005	357	29	strongly	strongly	ADV
cblr-13005	357	30	linked	link	VERB
cblr-13005	357	31	to	to	ADP
cblr-13005	357	32	performance,65	performance,65	NOUN
cblr-13005	357	33	nor	nor	CCONJ
cblr-13005	357	34	are	be	AUX
cblr-13005	357	35	index	index	NOUN
cblr-13005	357	36	fund	fund	NOUN
cblr-13005	357	37	managers	manager	NOUN
cblr-13005	357	38	subject	subject	ADJ
cblr-13005	357	39	to	to	ADP
cblr-13005	357	40	the	the	DET
cblr-13005	357	41	pressures	pressure	NOUN
cblr-13005	357	42	of	of	ADP
cblr-13005	357	43	the	the	DET
cblr-13005	357	44	market	market	NOUN
cblr-13005	357	45	for	for	ADP
cblr-13005	357	46	63	63	NUM
cblr-13005	357	47	see	see	NOUN
cblr-13005	357	48	infra	infra	NOUN
cblr-13005	357	49	section	section	NOUN
cblr-13005	357	50	iii.d	iii.d	PROPN
cblr-13005	357	51	.	.	PROPN
cblr-13005	358	1	64	64	NUM
cblr-13005	358	2	john	john	PROPN
cblr-13005	358	3	c.	c.	PROPN
cblr-13005	358	4	coffee	coffee	PROPN
cblr-13005	358	5	,	,	PUNCT
cblr-13005	358	6	jr	jr	PROPN
cblr-13005	358	7	.	.	PROPN
cblr-13005	358	8	,	,	PUNCT
cblr-13005	358	9	liquidity	liquidity	NOUN
cblr-13005	358	10	versus	versus	ADP
cblr-13005	358	11	control	control	PROPN
cblr-13005	358	12	:	:	PUNCT
cblr-13005	358	13	the	the	DET
cblr-13005	358	14	institutional	institutional	ADJ
cblr-13005	358	15	investor	investor	NOUN
cblr-13005	358	16	as	as	ADP
cblr-13005	358	17	corporate	corporate	ADJ
cblr-13005	358	18	monitor	monitor	NOUN
cblr-13005	358	19	,	,	PUNCT
cblr-13005	358	20	91	91	NUM
cblr-13005	358	21	colum	colum	NOUN
cblr-13005	358	22	.	.	PUNCT
cblr-13005	359	1	l.	l.	PROPN
cblr-13005	359	2	rev	rev	PROPN
cblr-13005	359	3	.	.	PROPN
cblr-13005	359	4	1277	1277	NUM
cblr-13005	359	5	,	,	PUNCT
cblr-13005	359	6	1283	1283	NUM
cblr-13005	359	7	(	(	PUNCT
cblr-13005	359	8	1991	1991	NUM
cblr-13005	359	9	)	)	PUNCT
cblr-13005	359	10	(	(	PUNCT
cblr-13005	359	11	explaining	explain	VERB
cblr-13005	359	12	that	that	SCONJ
cblr-13005	359	13	traditional	traditional	ADJ
cblr-13005	359	14	mechanisms	mechanism	NOUN
cblr-13005	359	15	of	of	ADP
cblr-13005	359	16	corporate	corporate	ADJ
cblr-13005	359	17	accountability	accountability	NOUN
cblr-13005	359	18	are	be	AUX
cblr-13005	359	19	not	not	PART
cblr-13005	359	20	generally	generally	ADV
cblr-13005	359	21	available	available	ADJ
cblr-13005	359	22	to	to	PART
cblr-13005	359	23	constrain	constrain	VERB
cblr-13005	359	24	institutional	institutional	ADJ
cblr-13005	359	25	intermediaries	intermediary	NOUN
cblr-13005	359	26	)	)	PUNCT
cblr-13005	359	27	.	.	PUNCT
cblr-13005	360	1	65	65	NUM
cblr-13005	360	2	index	index	NOUN
cblr-13005	360	3	fund	fund	NOUN
cblr-13005	360	4	managers	manager	NOUN
cblr-13005	360	5	earn	earn	VERB
cblr-13005	360	6	fees	fee	NOUN
cblr-13005	360	7	calculated	calculate	VERB
cblr-13005	360	8	as	as	ADP
cblr-13005	360	9	a	a	DET
cblr-13005	360	10	percentage	percentage	NOUN
cblr-13005	360	11	of	of	ADP
cblr-13005	360	12	assets	asset	NOUN
cblr-13005	360	13	under	under	ADP
cblr-13005	360	14	management	management	NOUN
cblr-13005	360	15	(	(	PUNCT
cblr-13005	360	16	“	"	PUNCT
cblr-13005	360	17	aum	aum	NOUN
cblr-13005	360	18	”	"	PUNCT
cblr-13005	360	19	)	)	PUNCT
cblr-13005	360	20	.	.	PUNCT
cblr-13005	361	1	they	they	PRON
cblr-13005	361	2	can	can	AUX
cblr-13005	361	3	therefore	therefore	ADV
cblr-13005	361	4	increase	increase	VERB
cblr-13005	361	5	their	their	PRON
cblr-13005	361	6	fee	fee	NOUN
cblr-13005	361	7	income	income	NOUN
cblr-13005	361	8	by	by	ADP
cblr-13005	361	9	increasing	increase	VERB
cblr-13005	361	10	aum	aum	PROPN
cblr-13005	361	11	,	,	PUNCT
cblr-13005	361	12	either	either	CCONJ
cblr-13005	361	13	by	by	ADP
cblr-13005	361	14	selling	sell	VERB
cblr-13005	361	15	more	more	ADJ
cblr-13005	361	16	shares	share	NOUN
cblr-13005	361	17	in	in	ADP
cblr-13005	361	18	the	the	DET
cblr-13005	361	19	fund	fund	NOUN
cblr-13005	361	20	or	or	CCONJ
cblr-13005	361	21	by	by	ADP
cblr-13005	361	22	taking	take	VERB
cblr-13005	361	23	steps	step	NOUN
cblr-13005	361	24	that	that	PRON
cblr-13005	361	25	cause	cause	VERB
cblr-13005	361	26	portfolio	portfolio	NOUN
cblr-13005	361	27	companies	company	NOUN
cblr-13005	361	28	to	to	PART
cblr-13005	361	29	increase	increase	VERB
cblr-13005	361	30	their	their	PRON
cblr-13005	361	31	value	value	NOUN
cblr-13005	361	32	.	.	PUNCT
cblr-13005	362	1	the	the	DET
cblr-13005	362	2	first	first	ADJ
cblr-13005	362	3	technique	technique	NOUN
cblr-13005	362	4	does	do	AUX
cblr-13005	362	5	not	not	PART
cblr-13005	362	6	inure	inure	VERB
cblr-13005	362	7	to	to	ADP
cblr-13005	362	8	the	the	DET
cblr-13005	362	9	benefit	benefit	NOUN
cblr-13005	362	10	of	of	ADP
cblr-13005	362	11	fund	fund	NOUN
cblr-13005	362	12	investors	investor	NOUN
cblr-13005	362	13	(	(	PUNCT
cblr-13005	362	14	unless	unless	SCONJ
cblr-13005	362	15	it	it	PRON
cblr-13005	362	16	allows	allow	VERB
cblr-13005	362	17	the	the	DET
cblr-13005	362	18	fund	fund	NOUN
cblr-13005	362	19	to	to	PART
cblr-13005	362	20	realize	realize	VERB
cblr-13005	362	21	economies	economy	NOUN
cblr-13005	362	22	of	of	ADP
cblr-13005	362	23	scale	scale	NOUN
cblr-13005	362	24	that	that	PRON
cblr-13005	362	25	lower	low	ADJ
cblr-13005	362	26	per	per	ADP
cblr-13005	362	27	share	share	NOUN
cblr-13005	362	28	costs	cost	NOUN
cblr-13005	362	29	)	)	PUNCT
cblr-13005	362	30	;	;	PUNCT
cblr-13005	362	31	the	the	DET
cblr-13005	362	32	second	second	NOUN
cblr-13005	362	33	does	do	VERB
cblr-13005	362	34	,	,	PUNCT
cblr-13005	362	35	but	but	CCONJ
cblr-13005	362	36	because	because	SCONJ
cblr-13005	362	37	fees	fee	NOUN
cblr-13005	362	38	are	be	AUX
cblr-13005	362	39	extremely	extremely	ADV
cblr-13005	362	40	low	low	ADJ
cblr-13005	362	41	the	the	DET
cblr-13005	362	42	incentive	incentive	NOUN
cblr-13005	362	43	for	for	SCONJ
cblr-13005	362	44	index	index	NOUN
cblr-13005	362	45	fund	fund	NOUN
cblr-13005	362	46	managers	manager	NOUN
cblr-13005	362	47	to	to	PART
cblr-13005	362	48	engage	engage	VERB
cblr-13005	362	49	in	in	ADP
cblr-13005	362	50	such	such	ADJ
cblr-13005	362	51	efforts	effort	NOUN
cblr-13005	362	52	is	be	AUX
cblr-13005	362	53	very	very	ADV
cblr-13005	362	54	weak	weak	ADJ
cblr-13005	362	55	.	.	PUNCT
cblr-13005	363	1	see	see	VERB
cblr-13005	363	2	coates	coate	NOUN
cblr-13005	363	3	,	,	PUNCT
cblr-13005	363	4	supra	supra	PROPN
cblr-13005	363	5	note	note	NOUN
cblr-13005	363	6	61	61	NUM
cblr-13005	363	7	,	,	PUNCT
cblr-13005	363	8	at	at	ADP
cblr-13005	363	9	15	15	NUM
cblr-13005	363	10	(	(	PUNCT
cblr-13005	363	11	“	"	PUNCT
cblr-13005	363	12	[	[	X
cblr-13005	363	13	i]t	i]t	PRON
cblr-13005	363	14	would	would	AUX
cblr-13005	363	15	take	take	VERB
cblr-13005	363	16	large	large	ADJ
cblr-13005	363	17	increases	increase	NOUN
cblr-13005	363	18	in	in	ADP
cblr-13005	363	19	shareholder	shareholder	NOUN
cblr-13005	363	20	value	value	NOUN
cblr-13005	363	21	at	at	ADP
cblr-13005	363	22	a	a	DET
cblr-13005	363	23	given	give	VERB
cblr-13005	363	24	portfolio	portfolio	NOUN
cblr-13005	363	25	company	company	NOUN
cblr-13005	363	26	for	for	ADP
cblr-13005	363	27	an	an	DET
cblr-13005	363	28	action	action	NOUN
cblr-13005	363	29	by	by	ADP
cblr-13005	363	30	an	an	DET
cblr-13005	363	31	index	index	NOUN
cblr-13005	363	32	provider	provider	NOUN
cblr-13005	363	33	to	to	PART
cblr-13005	363	34	result	result	VERB
cblr-13005	363	35	in	in	ADP
cblr-13005	363	36	significant	significant	ADJ
cblr-13005	363	37	gains	gain	NOUN
cblr-13005	363	38	to	to	ADP
cblr-13005	363	39	that	that	DET
cblr-13005	363	40	provider	provider	NOUN
cblr-13005	363	41	’s	’s	PART
cblr-13005	363	42	fee	fee	NOUN
cblr-13005	363	43	income	income	NOUN
cblr-13005	363	44	.	.	PUNCT
cblr-13005	363	45	”	"	PUNCT
cblr-13005	363	46	)	)	PUNCT
cblr-13005	363	47	.	.	PUNCT
cblr-13005	364	1	the	the	DET
cblr-13005	364	2	investment	investment	NOUN
cblr-13005	364	3	advisers	adviser	NOUN
cblr-13005	364	4	act	act	VERB
cblr-13005	364	5	prohibits	prohibit	VERB
cblr-13005	364	6	stronger	strong	ADJ
cblr-13005	364	7	forms	form	NOUN
cblr-13005	364	8	of	of	ADP
cblr-13005	364	9	incentive	incentive	NOUN
cblr-13005	364	10	compensation	compensation	NOUN
cblr-13005	364	11	,	,	PUNCT
cblr-13005	364	12	with	with	ADP
cblr-13005	364	13	narrow	narrow	ADJ
cblr-13005	364	14	exceptions	exception	NOUN
cblr-13005	364	15	that	that	PRON
cblr-13005	364	16	are	be	AUX
cblr-13005	364	17	not	not	PART
cblr-13005	364	18	utilized	utilize	VERB
cblr-13005	364	19	by	by	ADP
cblr-13005	364	20	index	index	NOUN
cblr-13005	364	21	fund	fund	NOUN
cblr-13005	364	22	managers	manager	NOUN
cblr-13005	364	23	.	.	PUNCT
cblr-13005	365	1	see	see	VERB
cblr-13005	365	2	15	15	NUM
cblr-13005	365	3	u.s.c	u.s.c	ADJ
cblr-13005	365	4	.	.	PUNCT
cblr-13005	366	1	§	§	PROPN
cblr-13005	366	2	80b-5	80b-5	NUM
cblr-13005	366	3	;	;	PUNCT
cblr-13005	366	4	17	17	NUM
cblr-13005	366	5	c.f.r	c.f.r	NOUN
cblr-13005	366	6	.	.	PUNCT
cblr-13005	367	1	§	§	PROPN
cblr-13005	367	2	§	§	PROPN
cblr-13005	367	3	275.205	275.205	NUM
cblr-13005	367	4	-	-	SYM
cblr-13005	367	5	1	1	NUM
cblr-13005	367	6	to	to	ADP
cblr-13005	367	7	-3	-3	PUNCT
cblr-13005	367	8	.	.	PUNCT
cblr-13005	368	1	no	no	INTJ
cblr-13005	368	2	.	.	NOUN
cblr-13005	369	1	1	1	NUM
cblr-13005	369	2	]	]	PUNCT
cblr-13005	369	3	a	a	DET
cblr-13005	369	4	hard	hard	ADJ
cblr-13005	369	5	look	look	NOUN
cblr-13005	369	6	at	at	ADP
cblr-13005	369	7	portfolio	portfolio	NOUN
cblr-13005	369	8	focused	focused	ADJ
cblr-13005	369	9	stewardship	stewardship	NOUN
cblr-13005	369	10	341	341	NUM
cblr-13005	369	11	corporate	corporate	ADJ
cblr-13005	369	12	control	control	NOUN
cblr-13005	369	13	or	or	CCONJ
cblr-13005	369	14	hedge	hedge	NOUN
cblr-13005	369	15	fund	fund	NOUN
cblr-13005	369	16	activism.66	activism.66	NOUN
cblr-13005	369	17	they	they	PRON
cblr-13005	369	18	stand	stand	VERB
cblr-13005	369	19	little	little	ADJ
cblr-13005	369	20	chance	chance	NOUN
cblr-13005	369	21	of	of	ADP
cblr-13005	369	22	being	be	AUX
cblr-13005	369	23	fired	fire	VERB
cblr-13005	369	24	or	or	CCONJ
cblr-13005	369	25	successfully	successfully	ADV
cblr-13005	369	26	sued.67	sued.67	VERB
cblr-13005	369	27	the	the	DET
cblr-13005	369	28	way	way	NOUN
cblr-13005	369	29	fund	fund	NOUN
cblr-13005	369	30	managers	manager	NOUN
cblr-13005	369	31	’	'	PUNCT
cblr-13005	369	32	incentives	incentive	NOUN
cblr-13005	369	33	deviate	deviate	VERB
cblr-13005	369	34	from	from	ADP
cblr-13005	369	35	the	the	DET
cblr-13005	369	36	funds	fund	NOUN
cblr-13005	369	37	they	they	PRON
cblr-13005	369	38	manage	manage	VERB
cblr-13005	369	39	has	have	AUX
cblr-13005	369	40	been	be	AUX
cblr-13005	369	41	well	well	ADJ
cblr-13005	369	42	chronicled.68	chronicled.68	NOUN
cblr-13005	369	43	to	to	PART
cblr-13005	369	44	oversimplify69	oversimplify69	VERB
cblr-13005	369	45	:	:	PUNCT
cblr-13005	369	46	index	index	NOUN
cblr-13005	369	47	fund	fund	NOUN
cblr-13005	369	48	managers	manager	NOUN
cblr-13005	369	49	bear	bear	VERB
cblr-13005	369	50	the	the	DET
cblr-13005	369	51	full	full	ADJ
cblr-13005	369	52	cost	cost	NOUN
cblr-13005	369	53	of	of	ADP
cblr-13005	369	54	their	their	PRON
cblr-13005	369	55	stewardship	stewardship	NOUN
cblr-13005	369	56	66	66	NUM
cblr-13005	369	57	mutual	mutual	ADJ
cblr-13005	369	58	fund	fund	NOUN
cblr-13005	369	59	shares	share	NOUN
cblr-13005	369	60	are	be	AUX
cblr-13005	369	61	priced	price	VERB
cblr-13005	369	62	based	base	VERB
cblr-13005	369	63	on	on	ADP
cblr-13005	369	64	the	the	DET
cblr-13005	369	65	net	net	ADJ
cblr-13005	369	66	asset	asset	NOUN
cblr-13005	369	67	value	value	NOUN
cblr-13005	369	68	(	(	PUNCT
cblr-13005	369	69	“	"	PUNCT
cblr-13005	369	70	nav	nav	NOUN
cblr-13005	369	71	”	"	PUNCT
cblr-13005	369	72	)	)	PUNCT
cblr-13005	369	73	of	of	ADP
cblr-13005	369	74	the	the	DET
cblr-13005	369	75	fund	fund	NOUN
cblr-13005	369	76	’s	’s	PART
cblr-13005	369	77	holdings	holding	NOUN
cblr-13005	369	78	and	and	CCONJ
cblr-13005	369	79	are	be	AUX
cblr-13005	369	80	thus	thus	ADV
cblr-13005	369	81	are	be	AUX
cblr-13005	369	82	not	not	PART
cblr-13005	369	83	sensitive	sensitive	ADJ
cblr-13005	369	84	to	to	ADP
cblr-13005	369	85	fund	fund	NOUN
cblr-13005	369	86	manager	manager	NOUN
cblr-13005	369	87	performance	performance	NOUN
cblr-13005	369	88	.	.	PUNCT
cblr-13005	370	1	see	see	VERB
cblr-13005	370	2	,	,	PUNCT
cblr-13005	370	3	e.g.	e.g.	ADV
cblr-13005	370	4	,	,	PUNCT
cblr-13005	370	5	john	john	PROPN
cblr-13005	370	6	morley	morley	PROPN
cblr-13005	370	7	&	&	CCONJ
cblr-13005	370	8	quinn	quinn	PROPN
cblr-13005	370	9	curtis	curtis	PROPN
cblr-13005	370	10	,	,	PUNCT
cblr-13005	370	11	taking	take	VERB
cblr-13005	370	12	exit	exit	NOUN
cblr-13005	370	13	rights	right	NOUN
cblr-13005	370	14	seriously	seriously	ADV
cblr-13005	370	15	:	:	PUNCT
cblr-13005	370	16	why	why	SCONJ
cblr-13005	370	17	governance	governance	NOUN
cblr-13005	370	18	and	and	CCONJ
cblr-13005	370	19	fee	fee	NOUN
cblr-13005	370	20	litigation	litigation	NOUN
cblr-13005	370	21	do	do	AUX
cblr-13005	370	22	n’t	not	PART
cblr-13005	370	23	work	work	VERB
cblr-13005	370	24	in	in	ADP
cblr-13005	370	25	mutual	mutual	ADJ
cblr-13005	370	26	funds	fund	NOUN
cblr-13005	370	27	,	,	PUNCT
cblr-13005	370	28	120	120	NUM
cblr-13005	370	29	yale	yale	PROPN
cblr-13005	370	30	l.j	l.j	PROPN
cblr-13005	370	31	.	.	PROPN
cblr-13005	370	32	84	84	NUM
cblr-13005	370	33	,	,	PUNCT
cblr-13005	370	34	89	89	NUM
cblr-13005	370	35	(	(	PUNCT
cblr-13005	370	36	2010	2010	NUM
cblr-13005	370	37	)	)	PUNCT
cblr-13005	370	38	.	.	PUNCT
cblr-13005	371	1	fund	fund	NOUN
cblr-13005	371	2	outflows	outflow	NOUN
cblr-13005	371	3	can	can	AUX
cblr-13005	371	4	,	,	PUNCT
cblr-13005	371	5	however	however	ADV
cblr-13005	371	6	,	,	PUNCT
cblr-13005	371	7	discipline	discipline	NOUN
cblr-13005	371	8	managers	manager	NOUN
cblr-13005	371	9	by	by	ADP
cblr-13005	371	10	shrinking	shrink	VERB
cblr-13005	371	11	aum	aum	PROPN
cblr-13005	371	12	and	and	CCONJ
cblr-13005	371	13	hence	hence	ADV
cblr-13005	371	14	management	management	NOUN
cblr-13005	371	15	fees	fee	NOUN
cblr-13005	371	16	.	.	PUNCT
cblr-13005	372	1	67	67	NUM
cblr-13005	372	2	see	see	VERB
cblr-13005	372	3	generally	generally	ADV
cblr-13005	372	4	i	i	PRON
cblr-13005	372	5	d.	d.	PROPN
cblr-13005	372	6	(	(	PUNCT
cblr-13005	372	7	arguing	argue	VERB
cblr-13005	372	8	that	that	SCONJ
cblr-13005	372	9	fund	fund	NOUN
cblr-13005	372	10	investors	investor	NOUN
cblr-13005	372	11	’	’	PART
cblr-13005	372	12	exit	exit	NOUN
cblr-13005	372	13	right	right	ADV
cblr-13005	372	14	almost	almost	ADV
cblr-13005	372	15	completely	completely	ADV
cblr-13005	372	16	eliminates	eliminate	VERB
cblr-13005	372	17	any	any	DET
cblr-13005	372	18	incentive	incentive	NOUN
cblr-13005	372	19	to	to	PART
cblr-13005	372	20	use	use	VERB
cblr-13005	372	21	voting	voting	NOUN
cblr-13005	372	22	or	or	CCONJ
cblr-13005	372	23	litigation	litigation	NOUN
cblr-13005	372	24	to	to	PART
cblr-13005	372	25	discipline	discipline	VERB
cblr-13005	372	26	fund	fund	NOUN
cblr-13005	372	27	managers	manager	NOUN
cblr-13005	372	28	)	)	PUNCT
cblr-13005	372	29	;	;	PUNCT
cblr-13005	372	30	see	see	VERB
cblr-13005	372	31	also	also	ADV
cblr-13005	372	32	fisch	fisch	PROPN
cblr-13005	372	33	&	&	CCONJ
cblr-13005	372	34	schwartz	schwartz	PROPN
cblr-13005	372	35	,	,	PUNCT
cblr-13005	372	36	supra	supra	PROPN
cblr-13005	372	37	note	note	PROPN
cblr-13005	372	38	19	19	NUM
cblr-13005	372	39	,	,	PUNCT
cblr-13005	372	40	at	at	ADP
cblr-13005	372	41	30	30	NUM
cblr-13005	372	42	(	(	PUNCT
cblr-13005	372	43	observing	observe	VERB
cblr-13005	372	44	that	that	DET
cblr-13005	372	45	mutual	mutual	ADJ
cblr-13005	372	46	fund	fund	NOUN
cblr-13005	372	47	managers	manager	NOUN
cblr-13005	372	48	’	’	PART
cblr-13005	372	49	fiduciary	fiduciary	ADJ
cblr-13005	372	50	duty	duty	NOUN
cblr-13005	372	51	to	to	PART
cblr-13005	372	52	fund	fund	VERB
cblr-13005	372	53	investors	investor	NOUN
cblr-13005	372	54	“	"	PUNCT
cblr-13005	372	55	at	at	ADP
cblr-13005	372	56	this	this	DET
cblr-13005	372	57	point	point	NOUN
cblr-13005	372	58	is	be	AUX
cblr-13005	372	59	toothless	toothless	ADJ
cblr-13005	372	60	”	"	PUNCT
cblr-13005	372	61	:	:	PUNCT
cblr-13005	372	62	“	"	PUNCT
cblr-13005	372	63	to	to	ADP
cblr-13005	372	64	our	our	PRON
cblr-13005	372	65	knowledge	knowledge	NOUN
cblr-13005	372	66	,	,	PUNCT
cblr-13005	372	67	there	there	PRON
cblr-13005	372	68	has	have	AUX
cblr-13005	372	69	not	not	PART
cblr-13005	372	70	been	be	AUX
cblr-13005	372	71	a	a	DET
cblr-13005	372	72	successful	successful	ADJ
cblr-13005	372	73	claim	claim	NOUN
cblr-13005	372	74	that	that	SCONJ
cblr-13005	372	75	institutional	institutional	ADJ
cblr-13005	372	76	investors	investor	NOUN
cblr-13005	372	77	have	have	AUX
cblr-13005	372	78	[	[	AUX
cblr-13005	372	79	breached	breach	VERB
cblr-13005	372	80	their	their	PRON
cblr-13005	372	81	duty	duty	NOUN
cblr-13005	372	82	]	]	PUNCT
cblr-13005	372	83	when	when	SCONJ
cblr-13005	372	84	voting	vote	VERB
cblr-13005	372	85	shares	share	NOUN
cblr-13005	372	86	in	in	ADP
cblr-13005	372	87	their	their	PRON
cblr-13005	372	88	portfolio	portfolio	NOUN
cblr-13005	372	89	companies	company	NOUN
cblr-13005	372	90	”	"	PUNCT
cblr-13005	372	91	)	)	PUNCT
cblr-13005	372	92	.	.	PUNCT
cblr-13005	373	1	68	68	NUM
cblr-13005	373	2	i	i	PRON
cblr-13005	373	3	provide	provide	VERB
cblr-13005	373	4	only	only	ADV
cblr-13005	373	5	a	a	DET
cblr-13005	373	6	brief	brief	ADJ
cblr-13005	373	7	summary	summary	NOUN
cblr-13005	373	8	here	here	ADV
cblr-13005	373	9	.	.	PUNCT
cblr-13005	374	1	for	for	ADP
cblr-13005	374	2	more	more	ADV
cblr-13005	374	3	detailed	detailed	ADJ
cblr-13005	374	4	examinations	examination	NOUN
cblr-13005	374	5	,	,	PUNCT
cblr-13005	374	6	see	see	VERB
cblr-13005	374	7	lucian	lucian	PROPN
cblr-13005	374	8	a.	a.	PROPN
cblr-13005	374	9	bebchuk	bebchuk	PROPN
cblr-13005	374	10	et	et	PROPN
cblr-13005	374	11	al	al	PROPN
cblr-13005	374	12	.	.	PROPN
cblr-13005	374	13	,	,	PUNCT
cblr-13005	374	14	the	the	DET
cblr-13005	374	15	agency	agency	NOUN
cblr-13005	374	16	problems	problem	NOUN
cblr-13005	374	17	of	of	ADP
cblr-13005	374	18	institutional	institutional	ADJ
cblr-13005	374	19	investors	investor	NOUN
cblr-13005	374	20	,	,	PUNCT
cblr-13005	374	21	31	31	NUM
cblr-13005	374	22	j.	j.	PROPN
cblr-13005	374	23	econ	econ	PROPN
cblr-13005	374	24	.	.	PUNCT
cblr-13005	375	1	persp	persp	PROPN
cblr-13005	375	2	.	.	PUNCT
cblr-13005	376	1	89	89	NUM
cblr-13005	376	2	(	(	PUNCT
cblr-13005	376	3	2017	2017	NUM
cblr-13005	376	4	)	)	PUNCT
cblr-13005	376	5	;	;	PUNCT
cblr-13005	377	1	dorothy	dorothy	PROPN
cblr-13005	377	2	s.	s.	PROPN
cblr-13005	377	3	lund	lund	PROPN
cblr-13005	377	4	,	,	PUNCT
cblr-13005	377	5	the	the	DET
cblr-13005	377	6	case	case	NOUN
cblr-13005	377	7	against	against	ADP
cblr-13005	377	8	passive	passive	ADJ
cblr-13005	377	9	shareholder	shareholder	NOUN
cblr-13005	377	10	voting	voting	NOUN
cblr-13005	377	11	,	,	PUNCT
cblr-13005	377	12	43	43	NUM
cblr-13005	377	13	j.	j.	PROPN
cblr-13005	377	14	corp	corp	PROPN
cblr-13005	377	15	.	.	PROPN
cblr-13005	377	16	l.	l.	PROPN
cblr-13005	377	17	493	493	NUM
cblr-13005	377	18	(	(	PUNCT
cblr-13005	377	19	2018	2018	NUM
cblr-13005	377	20	)	)	PUNCT
cblr-13005	377	21	;	;	PUNCT
cblr-13005	377	22	bebchuk	bebchuk	PROPN
cblr-13005	377	23	&	&	CCONJ
cblr-13005	377	24	hirst	hirst	PROPN
cblr-13005	377	25	,	,	PUNCT
cblr-13005	377	26	index	index	NOUN
cblr-13005	377	27	funds	fund	NOUN
cblr-13005	377	28	and	and	CCONJ
cblr-13005	377	29	the	the	DET
cblr-13005	377	30	future	future	NOUN
cblr-13005	377	31	of	of	ADP
cblr-13005	377	32	corporate	corporate	ADJ
cblr-13005	377	33	governance	governance	NOUN
cblr-13005	377	34	,	,	PUNCT
cblr-13005	377	35	supra	supra	PROPN
cblr-13005	377	36	note	note	NOUN
cblr-13005	377	37	16	16	NUM
cblr-13005	377	38	.	.	NUM
cblr-13005	377	39	69	69	NUM
cblr-13005	377	40	not	not	PART
cblr-13005	377	41	all	all	DET
cblr-13005	377	42	index	index	NOUN
cblr-13005	377	43	fund	fund	NOUN
cblr-13005	377	44	managers	manager	NOUN
cblr-13005	377	45	are	be	AUX
cblr-13005	377	46	identical	identical	ADJ
cblr-13005	377	47	,	,	PUNCT
cblr-13005	377	48	and	and	CCONJ
cblr-13005	377	49	differences	difference	NOUN
cblr-13005	377	50	in	in	ADP
cblr-13005	377	51	their	their	PRON
cblr-13005	377	52	clientele	clientele	NOUN
cblr-13005	377	53	and	and	CCONJ
cblr-13005	377	54	ownership	ownership	NOUN
cblr-13005	377	55	structure	structure	NOUN
cblr-13005	377	56	(	(	PUNCT
cblr-13005	377	57	among	among	ADP
cblr-13005	377	58	other	other	ADJ
cblr-13005	377	59	things	thing	NOUN
cblr-13005	377	60	)	)	PUNCT
cblr-13005	377	61	will	will	AUX
cblr-13005	377	62	influence	influence	VERB
cblr-13005	377	63	the	the	DET
cblr-13005	377	64	nature	nature	NOUN
cblr-13005	377	65	and	and	CCONJ
cblr-13005	377	66	severity	severity	NOUN
cblr-13005	377	67	of	of	ADP
cblr-13005	377	68	the	the	DET
cblr-13005	377	69	conflicts	conflict	NOUN
cblr-13005	377	70	of	of	ADP
cblr-13005	377	71	interest	interest	NOUN
cblr-13005	377	72	they	they	PRON
cblr-13005	377	73	face	face	VERB
cblr-13005	377	74	.	.	PUNCT
cblr-13005	378	1	see	see	VERB
cblr-13005	378	2	generally	generally	ADV
cblr-13005	378	3	dorothy	dorothy	PROPN
cblr-13005	378	4	lund	lund	PROPN
cblr-13005	378	5	&	&	CCONJ
cblr-13005	378	6	adriana	adriana	PROPN
cblr-13005	378	7	robertson	robertson	PROPN
cblr-13005	378	8	,	,	PUNCT
cblr-13005	378	9	giant	giant	ADJ
cblr-13005	378	10	asset	asset	NOUN
cblr-13005	378	11	managers	manager	NOUN
cblr-13005	378	12	,	,	PUNCT
cblr-13005	378	13	the	the	DET
cblr-13005	378	14	big	big	ADJ
cblr-13005	378	15	three	three	NUM
cblr-13005	378	16	,	,	PUNCT
cblr-13005	378	17	and	and	CCONJ
cblr-13005	378	18	index	index	NOUN
cblr-13005	378	19	investing	investing	NOUN
cblr-13005	378	20	(	(	PUNCT
cblr-13005	378	21	usc	usc	PROPN
cblr-13005	378	22	gould	gould	PROPN
cblr-13005	378	23	sch	sch	PROPN
cblr-13005	378	24	.	.	PROPN
cblr-13005	378	25	of	of	ADP
cblr-13005	378	26	l.	l.	PROPN
cblr-13005	378	27	ctr	ctr	PROPN
cblr-13005	378	28	.	.	PROPN
cblr-13005	379	1	for	for	ADP
cblr-13005	379	2	l.	l.	PROPN
cblr-13005	379	3	&	&	CCONJ
cblr-13005	379	4	soc	soc	PROPN
cblr-13005	379	5	.	.	PUNCT
cblr-13005	380	1	sci	sci	PROPN
cblr-13005	380	2	.	.	PROPN
cblr-13005	380	3	,	,	PUNCT
cblr-13005	380	4	research	research	NOUN
cblr-13005	380	5	paper	paper	NOUN
cblr-13005	380	6	series	series	PROPN
cblr-13005	380	7	no	no	NOUN
cblr-13005	380	8	.	.	PROPN
cblr-13005	380	9	23	23	NUM
cblr-13005	380	10	-	-	SYM
cblr-13005	380	11	13	13	NUM
cblr-13005	380	12	,	,	PUNCT
cblr-13005	380	13	2023	2023	NUM
cblr-13005	380	14	)	)	PUNCT
cblr-13005	380	15	,	,	PUNCT
cblr-13005	380	16	https://ssrn.com/abstract=4406204	https://ssrn.com/abstract=4406204	PROPN
cblr-13005	381	1	[	[	X
cblr-13005	381	2	https://perma.cc/wak5-rwer	https://perma.cc/wak5-rwer	NUM
cblr-13005	381	3	]	]	PUNCT
cblr-13005	381	4	.	.	PUNCT
cblr-13005	382	1	among	among	ADP
cblr-13005	382	2	the	the	DET
cblr-13005	382	3	“	"	PUNCT
cblr-13005	382	4	big	big	ADJ
cblr-13005	382	5	three	three	NUM
cblr-13005	382	6	,	,	PUNCT
cblr-13005	382	7	”	"	PUNCT
cblr-13005	382	8	for	for	ADP
cblr-13005	382	9	example	example	NOUN
cblr-13005	382	10	,	,	PUNCT
cblr-13005	382	11	vanguard	vanguard	PROPN
cblr-13005	382	12	is	be	AUX
cblr-13005	382	13	uniquely	uniquely	ADV
cblr-13005	382	14	owned	own	VERB
cblr-13005	382	15	by	by	ADP
cblr-13005	382	16	its	its	PRON
cblr-13005	382	17	funds	fund	NOUN
cblr-13005	382	18	,	,	PUNCT
cblr-13005	382	19	rather	rather	ADV
cblr-13005	382	20	than	than	ADP
cblr-13005	382	21	by	by	ADP
cblr-13005	382	22	a	a	DET
cblr-13005	382	23	separate	separate	ADJ
cblr-13005	382	24	set	set	NOUN
cblr-13005	382	25	of	of	ADP
cblr-13005	382	26	investors	investor	NOUN
cblr-13005	382	27	(	(	PUNCT
cblr-13005	382	28	by	by	ADP
cblr-13005	382	29	contrast	contrast	NOUN
cblr-13005	382	30	,	,	PUNCT
cblr-13005	382	31	blackrock	blackrock	NOUN
cblr-13005	382	32	is	be	AUX
cblr-13005	382	33	publicly	publicly	ADV
cblr-13005	382	34	traded	trade	VERB
cblr-13005	382	35	,	,	PUNCT
cblr-13005	382	36	as	as	SCONJ
cblr-13005	382	37	is	be	AUX
cblr-13005	382	38	state	state	PROPN
cblr-13005	382	39	street	street	PROPN
cblr-13005	382	40	’s	’s	PART
cblr-13005	382	41	parent	parent	NOUN
cblr-13005	382	42	company	company	NOUN
cblr-13005	382	43	)	)	PUNCT
cblr-13005	382	44	.	.	PUNCT
cblr-13005	383	1	i	i	PRON
cblr-13005	383	2	d.	d.	PROPN
cblr-13005	383	3	at	at	ADP
cblr-13005	383	4	12	12	NUM
cblr-13005	383	5	.	.	PUNCT
cblr-13005	384	1	therefore	therefore	ADV
cblr-13005	384	2	,	,	PUNCT
cblr-13005	384	3	the	the	DET
cblr-13005	384	4	interests	interest	NOUN
cblr-13005	384	5	of	of	ADP
cblr-13005	384	6	vanguard	vanguard	NOUN
cblr-13005	384	7	’s	’s	PART
cblr-13005	384	8	owners	owner	NOUN
cblr-13005	384	9	and	and	CCONJ
cblr-13005	384	10	its	its	PRON
cblr-13005	384	11	funds	fund	NOUN
cblr-13005	384	12	are	be	AUX
cblr-13005	384	13	better	well	ADV
cblr-13005	384	14	aligned	align	VERB
cblr-13005	384	15	.	.	PUNCT
cblr-13005	385	1	while	while	SCONJ
cblr-13005	385	2	nothing	nothing	PRON
cblr-13005	385	3	causal	causal	ADV
cblr-13005	385	4	can	can	AUX
cblr-13005	385	5	be	be	AUX
cblr-13005	385	6	established	establish	VERB
cblr-13005	385	7	,	,	PUNCT
cblr-13005	385	8	it	it	PRON
cblr-13005	385	9	is	be	AUX
cblr-13005	385	10	interesting	interesting	ADJ
cblr-13005	385	11	to	to	PART
cblr-13005	385	12	note	note	VERB
cblr-13005	385	13	that	that	SCONJ
cblr-13005	385	14	among	among	ADP
cblr-13005	385	15	the	the	DET
cblr-13005	385	16	big	big	ADJ
cblr-13005	385	17	three	three	NUM
cblr-13005	385	18	,	,	PUNCT
cblr-13005	385	19	vanguard	vanguard	NOUN
cblr-13005	385	20	has	have	AUX
cblr-13005	385	21	reportedly	reportedly	ADV
cblr-13005	385	22	been	be	AUX
cblr-13005	385	23	the	the	DET
cblr-13005	385	24	least	least	ADJ
cblr-13005	385	25	supportive	supportive	ADJ
cblr-13005	385	26	of	of	ADP
cblr-13005	385	27	esg	esg	PROPN
cblr-13005	385	28	initiatives	initiative	NOUN
cblr-13005	385	29	.	.	PUNCT
cblr-13005	386	1	see	see	VERB
cblr-13005	386	2	hannah	hannah	PROPN
cblr-13005	386	3	zhang	zhang	PROPN
cblr-13005	386	4	,	,	PUNCT
cblr-13005	386	5	stop	stop	VERB
cblr-13005	386	6	lumping	lump	VERB
cblr-13005	386	7	the	the	DET
cblr-13005	386	8	‘	'	PUNCT
cblr-13005	386	9	big	big	ADJ
cblr-13005	386	10	three	three	NUM
cblr-13005	386	11	’	'	PUNCT
cblr-13005	386	12	asset	asset	NOUN
cblr-13005	386	13	managers	manager	NOUN
cblr-13005	386	14	together	together	ADV
cblr-13005	386	15	,	,	PUNCT
cblr-13005	386	16	academics	academic	NOUN
cblr-13005	386	17	say	say	VERB
cblr-13005	386	18	,	,	PUNCT
cblr-13005	386	19	institutional	institutional	ADJ
cblr-13005	386	20	inv	inv	NOUN
cblr-13005	386	21	.	.	PUNCT
cblr-13005	387	1	(	(	PUNCT
cblr-13005	387	2	june	june	PROPN
cblr-13005	387	3	26	26	NUM
cblr-13005	387	4	,	,	PUNCT
cblr-13005	387	5	2023	2023	NUM
cblr-13005	387	6	)	)	PUNCT
cblr-13005	387	7	,	,	PUNCT
cblr-13005	387	8	https://www.institutionalinvestor.com/article/2btxellkcqh4xzqlt8c1s/corner-office/stop-lumping-the-big-three-assetmanagers-together-academics-say	https://www.institutionalinvestor.com/article/2btxellkcqh4xzqlt8c1s/corner-office/stop-lumping-the-big-three-assetmanagers-together-academics-say	VERB
cblr-13005	388	1	[	[	X
cblr-13005	388	2	https://perma.cc/ru28-8ney	https://perma.cc/ru28-8ney	NOUN
cblr-13005	388	3	]	]	PUNCT
cblr-13005	388	4	(	(	PUNCT
cblr-13005	388	5	“	"	PUNCT
cblr-13005	388	6	according	accord	VERB
cblr-13005	388	7	to	to	ADP
cblr-13005	388	8	lindsey	lindsey	PROPN
cblr-13005	388	9	stewart	stewart	PROPN
cblr-13005	388	10	,	,	PUNCT
cblr-13005	388	11	director	director	NOUN
cblr-13005	388	12	of	of	ADP
cblr-13005	388	13	investment	investment	NOUN
cblr-13005	388	14	stewardship	stewardship	NOUN
cblr-13005	388	15	research	research	NOUN
cblr-13005	388	16	on	on	ADP
cblr-13005	388	17	morningstar	morningstar	PROPN
cblr-13005	388	18	’s	’s	PART
cblr-13005	388	19	global	global	ADJ
cblr-13005	388	20	manager	manager	NOUN
cblr-13005	388	21	research	research	NOUN
cblr-13005	388	22	team	team	NOUN
cblr-13005	388	23	,	,	PUNCT
cblr-13005	388	24	in	in	ADP
cblr-13005	388	25	the	the	DET
cblr-13005	388	26	trailing	trail	VERB
cblr-13005	388	27	24	24	NUM
cblr-13005	388	28	months	month	NOUN
cblr-13005	388	29	ending	end	VERB
cblr-13005	388	30	march	march	PROPN
cblr-13005	388	31	31	31	NUM
cblr-13005	388	32	,	,	PUNCT
cblr-13005	388	33	blackrock	blackrock	NOUN
cblr-13005	388	34	and	and	CCONJ
cblr-13005	388	35	state	state	PROPN
cblr-13005	388	36	street	street	PROPN
cblr-13005	388	37	global	global	ADJ
cblr-13005	388	38	advisors	advisor	NOUN
cblr-13005	388	39	supported	support	VERB
cblr-13005	388	40	twice	twice	ADV
cblr-13005	388	41	as	as	ADV
cblr-13005	388	42	many	many	ADJ
cblr-13005	388	43	key	key	ADJ
cblr-13005	388	44	esg	esg	NOUN
cblr-13005	388	45	resolutions	resolution	NOUN
cblr-13005	388	46	as	as	SCONJ
cblr-13005	388	47	vanguard	vanguard	NOUN
cblr-13005	388	48	did	do	VERB
cblr-13005	388	49	.	.	PUNCT
cblr-13005	388	50	”	"	PUNCT
cblr-13005	388	51	)	)	PUNCT
cblr-13005	388	52	.	.	PUNCT
cblr-13005	389	1	342	342	NUM
cblr-13005	389	2	columbia	columbia	PROPN
cblr-13005	389	3	business	business	NOUN
cblr-13005	389	4	law	law	PROPN
cblr-13005	389	5	review	review	NOUN
cblr-13005	389	6	[	[	X
cblr-13005	389	7	vol	vol	NOUN
cblr-13005	389	8	.	.	NOUN
cblr-13005	389	9	2024	2024	NUM
cblr-13005	389	10	efforts	effort	NOUN
cblr-13005	389	11	but	but	CCONJ
cblr-13005	389	12	typically	typically	ADV
cblr-13005	389	13	stand	stand	VERB
cblr-13005	389	14	to	to	PART
cblr-13005	389	15	capture	capture	VERB
cblr-13005	389	16	only	only	ADV
cblr-13005	389	17	a	a	DET
cblr-13005	389	18	small	small	ADJ
cblr-13005	389	19	fraction	fraction	NOUN
cblr-13005	389	20	of	of	ADP
cblr-13005	389	21	the	the	DET
cblr-13005	389	22	benefit;70	benefit;70	NOUN
cblr-13005	389	23	competitive	competitive	ADJ
cblr-13005	389	24	pressures	pressure	NOUN
cblr-13005	389	25	push	push	VERB
cblr-13005	389	26	index	index	NOUN
cblr-13005	389	27	fund	fund	NOUN
cblr-13005	389	28	managers	manager	NOUN
cblr-13005	389	29	to	to	PART
cblr-13005	389	30	keep	keep	VERB
cblr-13005	389	31	costs	cost	NOUN
cblr-13005	389	32	low	low	ADJ
cblr-13005	389	33	and	and	CCONJ
cblr-13005	389	34	create	create	VERB
cblr-13005	389	35	few	few	ADJ
cblr-13005	389	36	incentives	incentive	NOUN
cblr-13005	389	37	to	to	PART
cblr-13005	389	38	engage	engage	VERB
cblr-13005	389	39	in	in	ADP
cblr-13005	389	40	stewardship	stewardship	NOUN
cblr-13005	389	41	;	;	PUNCT
cblr-13005	389	42	71	71	NUM
cblr-13005	389	43	fund	fund	NOUN
cblr-13005	389	44	managers	manager	NOUN
cblr-13005	389	45	may	may	AUX
cblr-13005	389	46	privately	privately	ADV
cblr-13005	389	47	benefit	benefit	VERB
cblr-13005	389	48	from	from	ADP
cblr-13005	389	49	friendly	friendly	ADJ
cblr-13005	389	50	relations	relation	NOUN
cblr-13005	389	51	with	with	ADP
cblr-13005	389	52	portfolio	portfolio	NOUN
cblr-13005	389	53	firm	firm	NOUN
cblr-13005	389	54	managers	manager	NOUN
cblr-13005	389	55	(	(	PUNCT
cblr-13005	389	56	who	who	PRON
cblr-13005	389	57	can	can	AUX
cblr-13005	389	58	direct	direct	VERB
cblr-13005	389	59	corporate	corporate	ADJ
cblr-13005	389	60	401(k	401(k	PROPN
cblr-13005	389	61	)	)	PUNCT
cblr-13005	389	62	business	business	NOUN
cblr-13005	389	63	their	their	PRON
cblr-13005	389	64	way)72	way)72	NOUN
cblr-13005	389	65	and	and	CCONJ
cblr-13005	389	66	may	may	AUX
cblr-13005	389	67	face	face	VERB
cblr-13005	389	68	conflicts	conflict	NOUN
cblr-13005	389	69	of	of	ADP
cblr-13005	389	70	interests	interest	NOUN
cblr-13005	389	71	due	due	ADP
cblr-13005	389	72	to	to	ADP
cblr-13005	389	73	their	their	PRON
cblr-13005	389	74	management	management	NOUN
cblr-13005	389	75	of	of	ADP
cblr-13005	389	76	other	other	ADJ
cblr-13005	389	77	funds	fund	NOUN
cblr-13005	389	78	with	with	ADP
cblr-13005	389	79	different	different	ADJ
cblr-13005	389	80	portfolios.73	portfolios.73	NOUN
cblr-13005	389	81	as	as	SCONJ
cblr-13005	389	82	just	just	ADV
cblr-13005	389	83	alluded	allude	VERB
cblr-13005	389	84	to	to	ADP
cblr-13005	389	85	,	,	PUNCT
cblr-13005	389	86	they	they	PRON
cblr-13005	389	87	also	also	ADV
cblr-13005	389	88	risk	risk	VERB
cblr-13005	389	89	incurring	incur	VERB
cblr-13005	389	90	private	private	ADJ
cblr-13005	389	91	costs	cost	NOUN
cblr-13005	389	92	if	if	SCONJ
cblr-13005	389	93	they	they	PRON
cblr-13005	389	94	attempt	attempt	VERB
cblr-13005	389	95	to	to	PART
cblr-13005	389	96	wield	wield	VERB
cblr-13005	389	97	significant	significant	ADJ
cblr-13005	389	98	influence	influence	NOUN
cblr-13005	389	99	over	over	ADP
cblr-13005	389	100	portfolio	portfolio	NOUN
cblr-13005	389	101	companies	company	NOUN
cblr-13005	389	102	—	—	PUNCT
cblr-13005	389	103	not	not	PART
cblr-13005	389	104	just	just	ADV
cblr-13005	389	105	antitrust	antitrust	ADJ
cblr-13005	389	106	scrutiny,74	scrutiny,74	NOUN
cblr-13005	389	107	but	but	CCONJ
cblr-13005	389	108	also	also	ADV
cblr-13005	389	109	special	special	ADJ
cblr-13005	389	110	burdens	burden	NOUN
cblr-13005	389	111	that	that	SCONJ
cblr-13005	389	112	corporate	corporate	ADJ
cblr-13005	389	113	and	and	CCONJ
cblr-13005	389	114	securities	security	NOUN
cblr-13005	389	115	laws	law	NOUN
cblr-13005	389	116	impose	impose	VERB
cblr-13005	389	117	on	on	ADP
cblr-13005	389	118	those	those	PRON
cblr-13005	389	119	who	who	PRON
cblr-13005	389	120	exercise	exercise	VERB
cblr-13005	389	121	control.75	control.75	VERB
cblr-13005	389	122	in	in	ADP
cblr-13005	389	123	addition	addition	NOUN
cblr-13005	389	124	,	,	PUNCT
cblr-13005	389	125	index	index	NOUN
cblr-13005	389	126	fund	fund	NOUN
cblr-13005	389	127	managers	manager	NOUN
cblr-13005	389	128	are	be	AUX
cblr-13005	389	129	themselves	themselves	PRON
cblr-13005	389	130	firms	firm	NOUN
cblr-13005	389	131	,	,	PUNCT
cblr-13005	389	132	giving	give	VERB
cblr-13005	389	133	rise	rise	NOUN
cblr-13005	389	134	to	to	ADP
cblr-13005	389	135	the	the	DET
cblr-13005	389	136	possibility	possibility	NOUN
cblr-13005	389	137	that	that	SCONJ
cblr-13005	389	138	their	their	PRON
cblr-13005	389	139	personnel	personnel	NOUN
cblr-13005	389	140	may	may	AUX
cblr-13005	389	141	act	act	VERB
cblr-13005	389	142	in	in	ADP
cblr-13005	389	143	ways	way	NOUN
cblr-13005	389	144	that	that	PRON
cblr-13005	389	145	do	do	AUX
cblr-13005	389	146	not	not	PART
cblr-13005	389	147	align	align	VERB
cblr-13005	389	148	with	with	ADP
cblr-13005	389	149	the	the	DET
cblr-13005	389	150	interests	interest	NOUN
cblr-13005	389	151	of	of	ADP
cblr-13005	389	152	the	the	DET
cblr-13005	389	153	fund	fund	NOUN
cblr-13005	389	154	manager	manager	NOUN
cblr-13005	389	155	or	or	CCONJ
cblr-13005	389	156	the	the	DET
cblr-13005	389	157	managed	manage	VERB
cblr-13005	389	158	fund	fund	NOUN
cblr-13005	389	159	and	and	CCONJ
cblr-13005	389	160	its	its	PRON
cblr-13005	389	161	investors	investor	NOUN
cblr-13005	389	162	.	.	PUNCT
cblr-13005	390	1	if	if	SCONJ
cblr-13005	390	2	index	index	NOUN
cblr-13005	390	3	fund	fund	NOUN
cblr-13005	390	4	managers	manager	NOUN
cblr-13005	390	5	were	be	AUX
cblr-13005	390	6	only	only	ADV
cblr-13005	390	7	tasked	task	VERB
cblr-13005	390	8	with	with	ADP
cblr-13005	390	9	maintaining	maintain	VERB
cblr-13005	390	10	an	an	DET
cblr-13005	390	11	index	index	NOUN
cblr-13005	390	12	-	-	PUNCT
cblr-13005	390	13	mirroring	mirror	VERB
cblr-13005	390	14	portfolio	portfolio	NOUN
cblr-13005	390	15	,	,	PUNCT
cblr-13005	390	16	the	the	DET
cblr-13005	390	17	risk	risk	NOUN
cblr-13005	390	18	of	of	ADP
cblr-13005	390	19	residual	residual	ADJ
cblr-13005	390	20	agency	agency	NOUN
cblr-13005	390	21	costs	cost	NOUN
cblr-13005	390	22	would	would	AUX
cblr-13005	390	23	be	be	AUX
cblr-13005	390	24	very	very	ADV
cblr-13005	390	25	low	low	ADJ
cblr-13005	390	26	:	:	PUNCT
cblr-13005	390	27	a	a	DET
cblr-13005	390	28	fund	fund	NOUN
cblr-13005	390	29	manager	manager	NOUN
cblr-13005	390	30	’s	’s	PART
cblr-13005	390	31	job	job	NOUN
cblr-13005	390	32	would	would	AUX
cblr-13005	390	33	be	be	AUX
cblr-13005	390	34	easy	easy	ADJ
cblr-13005	390	35	and	and	CCONJ
cblr-13005	390	36	there	there	PRON
cblr-13005	390	37	would	would	AUX
cblr-13005	390	38	be	be	AUX
cblr-13005	390	39	almost	almost	ADV
cblr-13005	390	40	no	no	PRON
cblr-13005	390	41	discretion	discretion	NOUN
cblr-13005	390	42	to	to	PART
cblr-13005	390	43	abuse	abuse	VERB
cblr-13005	390	44	.	.	PUNCT
cblr-13005	391	1	but	but	CCONJ
cblr-13005	391	2	index	index	NOUN
cblr-13005	391	3	fund	fund	NOUN
cblr-13005	391	4	managers	manager	NOUN
cblr-13005	391	5	are	be	AUX
cblr-13005	391	6	expected	expect	VERB
cblr-13005	391	7	to	to	PART
cblr-13005	391	8	vote	vote	VERB
cblr-13005	391	9	their	their	PRON
cblr-13005	391	10	funds	fund	NOUN
cblr-13005	391	11	’	'	PUNCT
cblr-13005	391	12	shares.76	shares.76	PROPN
cblr-13005	391	13	when	when	SCONJ
cblr-13005	391	14	indexing	indexing	NOUN
cblr-13005	391	15	began	begin	VERB
cblr-13005	391	16	growing	grow	VERB
cblr-13005	391	17	in	in	ADP
cblr-13005	391	18	popularity	popularity	NOUN
cblr-13005	391	19	,	,	PUNCT
cblr-13005	391	20	a	a	DET
cblr-13005	391	21	hope	hope	NOUN
cblr-13005	391	22	emerged	emerge	VERB
cblr-13005	391	23	that	that	SCONJ
cblr-13005	391	24	this	this	DET
cblr-13005	391	25	70	70	NUM
cblr-13005	391	26	bebchuk	bebchuk	NOUN
cblr-13005	391	27	&	&	CCONJ
cblr-13005	391	28	hirst	hirst	PROPN
cblr-13005	391	29	,	,	PUNCT
cblr-13005	391	30	index	index	NOUN
cblr-13005	391	31	funds	fund	NOUN
cblr-13005	391	32	and	and	CCONJ
cblr-13005	391	33	the	the	DET
cblr-13005	391	34	future	future	NOUN
cblr-13005	391	35	of	of	ADP
cblr-13005	391	36	corporate	corporate	ADJ
cblr-13005	391	37	governance	governance	NOUN
cblr-13005	391	38	,	,	PUNCT
cblr-13005	391	39	supra	supra	PROPN
cblr-13005	391	40	note	note	NOUN
cblr-13005	391	41	16	16	NUM
cblr-13005	391	42	,	,	PUNCT
cblr-13005	391	43	at	at	ADP
cblr-13005	391	44	2052–56	2052–56	NUM
cblr-13005	391	45	.	.	PUNCT
cblr-13005	392	1	71	71	NUM
cblr-13005	392	2	see	see	NOUN
cblr-13005	392	3	schwartz	schwartz	NOUN
cblr-13005	392	4	,	,	PUNCT
cblr-13005	392	5	supra	supra	PROPN
cblr-13005	392	6	note	note	PROPN
cblr-13005	392	7	19	19	NUM
cblr-13005	392	8	,	,	PUNCT
cblr-13005	392	9	at	at	ADP
cblr-13005	392	10	417–18	417–18	NUM
cblr-13005	392	11	(	(	PUNCT
cblr-13005	392	12	“	"	PUNCT
cblr-13005	392	13	for	for	ADP
cblr-13005	392	14	index	index	NOUN
cblr-13005	392	15	funds	fund	NOUN
cblr-13005	392	16	,	,	PUNCT
cblr-13005	392	17	there	there	PRON
cblr-13005	392	18	is	be	VERB
cblr-13005	392	19	no	no	DET
cblr-13005	392	20	hope	hope	NOUN
cblr-13005	392	21	for	for	ADP
cblr-13005	392	22	competitive	competitive	ADJ
cblr-13005	392	23	advantage	advantage	NOUN
cblr-13005	392	24	through	through	ADP
cblr-13005	392	25	stewardship	stewardship	NOUN
cblr-13005	392	26	”	"	PUNCT
cblr-13005	392	27	because	because	SCONJ
cblr-13005	392	28	they	they	PRON
cblr-13005	392	29	“	"	PUNCT
cblr-13005	392	30	own	own	VERB
cblr-13005	392	31	the	the	DET
cblr-13005	392	32	same	same	ADJ
cblr-13005	392	33	firms	firm	NOUN
cblr-13005	392	34	in	in	ADP
cblr-13005	392	35	the	the	DET
cblr-13005	392	36	same	same	ADJ
cblr-13005	392	37	proportion	proportion	NOUN
cblr-13005	392	38	as	as	ADP
cblr-13005	392	39	other	other	ADJ
cblr-13005	392	40	index	index	NOUN
cblr-13005	392	41	funds	fund	NOUN
cblr-13005	392	42	[	[	X
cblr-13005	392	43	and	and	CCONJ
cblr-13005	392	44	thus	thus	ADV
cblr-13005	392	45	]	]	PUNCT
cblr-13005	392	46	can	can	AUX
cblr-13005	392	47	not	not	PART
cblr-13005	392	48	outcompete	outcompete	VERB
cblr-13005	392	49	other	other	ADJ
cblr-13005	392	50	index	index	NOUN
cblr-13005	392	51	funds	fund	NOUN
cblr-13005	392	52	by	by	ADP
cblr-13005	392	53	improving	improve	VERB
cblr-13005	392	54	the	the	DET
cblr-13005	392	55	performance	performance	NOUN
cblr-13005	392	56	of	of	ADP
cblr-13005	392	57	their	their	PRON
cblr-13005	392	58	portfolio	portfolio	NOUN
cblr-13005	392	59	firms	firm	NOUN
cblr-13005	392	60	.	.	PUNCT
cblr-13005	392	61	”	"	PUNCT
cblr-13005	392	62	)	)	PUNCT
cblr-13005	392	63	.	.	PUNCT
cblr-13005	393	1	72	72	NUM
cblr-13005	393	2	bebchuk	bebchuk	NOUN
cblr-13005	393	3	&	&	CCONJ
cblr-13005	393	4	hirst	hirst	PROPN
cblr-13005	393	5	,	,	PUNCT
cblr-13005	393	6	index	index	NOUN
cblr-13005	393	7	funds	fund	NOUN
cblr-13005	393	8	and	and	CCONJ
cblr-13005	393	9	the	the	DET
cblr-13005	393	10	future	future	NOUN
cblr-13005	393	11	of	of	ADP
cblr-13005	393	12	corporate	corporate	ADJ
cblr-13005	393	13	governance	governance	NOUN
cblr-13005	393	14	,	,	PUNCT
cblr-13005	393	15	supra	supra	PROPN
cblr-13005	393	16	note	note	NOUN
cblr-13005	393	17	16	16	NUM
cblr-13005	393	18	,	,	PUNCT
cblr-13005	393	19	at	at	ADP
cblr-13005	393	20	2062–65	2062–65	NUM
cblr-13005	393	21	.	.	PUNCT
cblr-13005	394	1	73	73	NUM
cblr-13005	394	2	see	see	VERB
cblr-13005	394	3	,	,	PUNCT
cblr-13005	394	4	e.g.	e.g.	ADV
cblr-13005	394	5	,	,	PUNCT
cblr-13005	394	6	morley	morley	NOUN
cblr-13005	394	7	,	,	PUNCT
cblr-13005	394	8	supra	supra	PROPN
cblr-13005	394	9	note	note	PROPN
cblr-13005	394	10	19	19	NUM
cblr-13005	394	11	(	(	PUNCT
cblr-13005	394	12	exploring	explore	VERB
cblr-13005	394	13	such	such	ADJ
cblr-13005	394	14	conflicts	conflict	NOUN
cblr-13005	394	15	)	)	PUNCT
cblr-13005	394	16	;	;	PUNCT
cblr-13005	394	17	sean	sean	PROPN
cblr-13005	394	18	j.	j.	PROPN
cblr-13005	394	19	griffith	griffith	PROPN
cblr-13005	394	20	&	&	CCONJ
cblr-13005	394	21	dorothy	dorothy	PROPN
cblr-13005	394	22	s.	s.	PROPN
cblr-13005	394	23	lund	lund	PROPN
cblr-13005	394	24	,	,	PUNCT
cblr-13005	394	25	conflicted	conflict	VERB
cblr-13005	394	26	mutual	mutual	ADJ
cblr-13005	394	27	fund	fund	NOUN
cblr-13005	394	28	voting	voting	NOUN
cblr-13005	394	29	in	in	ADP
cblr-13005	394	30	corporate	corporate	ADJ
cblr-13005	394	31	law	law	NOUN
cblr-13005	394	32	,	,	PUNCT
cblr-13005	394	33	99	99	NUM
cblr-13005	394	34	b.u	b.u	PROPN
cblr-13005	394	35	.	.	PROPN
cblr-13005	394	36	l.	l.	PROPN
cblr-13005	394	37	rev	rev	PROPN
cblr-13005	394	38	.	.	PROPN
cblr-13005	394	39	1151	1151	NUM
cblr-13005	394	40	(	(	PUNCT
cblr-13005	394	41	2019	2019	NUM
cblr-13005	394	42	)	)	PUNCT
cblr-13005	394	43	(	(	PUNCT
cblr-13005	394	44	same	same	ADJ
cblr-13005	394	45	)	)	PUNCT
cblr-13005	394	46	.	.	PUNCT
cblr-13005	395	1	74	74	NUM
cblr-13005	395	2	see	see	VERB
cblr-13005	395	3	supra	supra	PROPN
cblr-13005	395	4	note	note	PROPN
cblr-13005	395	5	61	61	NUM
cblr-13005	395	6	.	.	PUNCT
cblr-13005	396	1	75	75	NUM
cblr-13005	396	2	see	see	VERB
cblr-13005	396	3	,	,	PUNCT
cblr-13005	396	4	e.g.	e.g.	ADV
cblr-13005	396	5	,	,	PUNCT
cblr-13005	396	6	kahan	kahan	PROPN
cblr-13005	396	7	&	&	CCONJ
cblr-13005	396	8	rock	rock	PROPN
cblr-13005	396	9	,	,	PUNCT
cblr-13005	396	10	supra	supra	PROPN
cblr-13005	396	11	note	note	PROPN
cblr-13005	396	12	19	19	NUM
cblr-13005	396	13	,	,	PUNCT
cblr-13005	396	14	at	at	ADP
cblr-13005	396	15	517–19	517–19	NUM
cblr-13005	396	16	;	;	PUNCT
cblr-13005	396	17	bebchuk	bebchuk	NOUN
cblr-13005	396	18	&	&	CCONJ
cblr-13005	396	19	hirst	hirst	PROPN
cblr-13005	396	20	,	,	PUNCT
cblr-13005	396	21	index	index	NOUN
cblr-13005	396	22	funds	fund	NOUN
cblr-13005	396	23	and	and	CCONJ
cblr-13005	396	24	the	the	DET
cblr-13005	396	25	future	future	NOUN
cblr-13005	396	26	of	of	ADP
cblr-13005	396	27	corporate	corporate	ADJ
cblr-13005	396	28	governance	governance	NOUN
cblr-13005	396	29	,	,	PUNCT
cblr-13005	396	30	supra	supra	PROPN
cblr-13005	396	31	note	note	NOUN
cblr-13005	396	32	16	16	NUM
cblr-13005	396	33	,	,	PUNCT
cblr-13005	396	34	at	at	ADP
cblr-13005	396	35	2065–66	2065–66	NUM
cblr-13005	396	36	.	.	PUNCT
cblr-13005	397	1	76	76	NUM
cblr-13005	397	2	see	see	VERB
cblr-13005	397	3	griffith	griffith	PROPN
cblr-13005	397	4	,	,	PUNCT
cblr-13005	397	5	supra	supra	PROPN
cblr-13005	397	6	note	note	PROPN
cblr-13005	397	7	18	18	NUM
cblr-13005	397	8	,	,	PUNCT
cblr-13005	397	9	at	at	ADP
cblr-13005	397	10	992	992	NUM
cblr-13005	397	11	(	(	PUNCT
cblr-13005	397	12	discussing	discuss	VERB
cblr-13005	397	13	the	the	DET
cblr-13005	397	14	delegation	delegation	NOUN
cblr-13005	397	15	of	of	ADP
cblr-13005	397	16	mutual	mutual	ADJ
cblr-13005	397	17	fund	fund	NOUN
cblr-13005	397	18	voting	voting	NOUN
cblr-13005	397	19	authority	authority	NOUN
cblr-13005	397	20	to	to	PART
cblr-13005	397	21	fund	fund	VERB
cblr-13005	397	22	managers	manager	NOUN
cblr-13005	397	23	)	)	PUNCT
cblr-13005	397	24	.	.	PUNCT
cblr-13005	398	1	no	no	INTJ
cblr-13005	398	2	.	.	NOUN
cblr-13005	399	1	1	1	NUM
cblr-13005	399	2	]	]	PUNCT
cblr-13005	399	3	a	a	DET
cblr-13005	399	4	hard	hard	ADJ
cblr-13005	399	5	look	look	NOUN
cblr-13005	399	6	at	at	ADP
cblr-13005	399	7	portfolio	portfolio	NOUN
cblr-13005	399	8	focused	focused	ADJ
cblr-13005	399	9	stewardship	stewardship	NOUN
cblr-13005	399	10	343	343	NUM
cblr-13005	399	11	reconcentration	reconcentration	NOUN
cblr-13005	399	12	of	of	ADP
cblr-13005	399	13	share	share	NOUN
cblr-13005	399	14	ownership	ownership	NOUN
cblr-13005	399	15	and	and	CCONJ
cblr-13005	399	16	voting	voting	NOUN
cblr-13005	399	17	power	power	NOUN
cblr-13005	399	18	might	might	AUX
cblr-13005	399	19	lead	lead	VERB
cblr-13005	399	20	to	to	ADP
cblr-13005	399	21	greater	great	ADJ
cblr-13005	399	22	monitoring	monitoring	NOUN
cblr-13005	399	23	of	of	ADP
cblr-13005	399	24	public	public	ADJ
cblr-13005	399	25	company	company	NOUN
cblr-13005	399	26	managers	manager	NOUN
cblr-13005	399	27	and	and	CCONJ
cblr-13005	399	28	a	a	DET
cblr-13005	399	29	reduction	reduction	NOUN
cblr-13005	399	30	in	in	ADP
cblr-13005	399	31	managerial	managerial	ADJ
cblr-13005	399	32	agency	agency	NOUN
cblr-13005	399	33	costs	cost	NOUN
cblr-13005	399	34	.	.	PUNCT
cblr-13005	400	1	when	when	SCONJ
cblr-13005	400	2	patterns	pattern	NOUN
cblr-13005	400	3	of	of	ADP
cblr-13005	400	4	passivity	passivity	NOUN
cblr-13005	400	5	and	and	CCONJ
cblr-13005	400	6	deference	deference	NOUN
cblr-13005	400	7	to	to	ADP
cblr-13005	400	8	management	management	NOUN
cblr-13005	400	9	emerged	emerge	VERB
cblr-13005	400	10	instead	instead	ADV
cblr-13005	400	11	,	,	PUNCT
cblr-13005	400	12	many	many	ADJ
cblr-13005	400	13	blamed	blame	VERB
cblr-13005	400	14	the	the	DET
cblr-13005	400	15	misaligned	misaligned	ADJ
cblr-13005	400	16	incentives	incentive	NOUN
cblr-13005	400	17	of	of	ADP
cblr-13005	400	18	fund	fund	NOUN
cblr-13005	400	19	managers	manager	NOUN
cblr-13005	400	20	discussed	discuss	VERB
cblr-13005	400	21	above.77	above.77	ADJ
cblr-13005	400	22	this	this	PRON
cblr-13005	400	23	led	lead	VERB
cblr-13005	400	24	the	the	DET
cblr-13005	400	25	sec	sec	PROPN
cblr-13005	400	26	in	in	ADP
cblr-13005	400	27	2003	2003	NUM
cblr-13005	400	28	to	to	PART
cblr-13005	400	29	adopt	adopt	VERB
cblr-13005	400	30	rules	rule	NOUN
cblr-13005	400	31	requiring	require	VERB
cblr-13005	400	32	asset	asset	NOUN
cblr-13005	400	33	managers	manager	NOUN
cblr-13005	400	34	to	to	PART
cblr-13005	400	35	“	"	PUNCT
cblr-13005	400	36	adopt	adopt	VERB
cblr-13005	400	37	and	and	CCONJ
cblr-13005	400	38	implement	implement	VERB
cblr-13005	400	39	policies	policy	NOUN
cblr-13005	400	40	and	and	CCONJ
cblr-13005	400	41	procedures	procedure	NOUN
cblr-13005	400	42	for	for	ADP
cblr-13005	400	43	voting	vote	VERB
cblr-13005	400	44	proxies	proxy	NOUN
cblr-13005	400	45	in	in	ADP
cblr-13005	400	46	the	the	DET
cblr-13005	400	47	best	good	ADJ
cblr-13005	400	48	interest	interest	NOUN
cblr-13005	400	49	of	of	ADP
cblr-13005	400	50	clients	client	NOUN
cblr-13005	400	51	.	.	PUNCT
cblr-13005	401	1	”78	”78	ADV
cblr-13005	401	2	the	the	DET
cblr-13005	401	3	sec	sec	PROPN
cblr-13005	401	4	also	also	ADV
cblr-13005	401	5	emphasized	emphasize	VERB
cblr-13005	401	6	that	that	SCONJ
cblr-13005	401	7	asset	asset	NOUN
cblr-13005	401	8	managers	manager	NOUN
cblr-13005	401	9	have	have	VERB
cblr-13005	401	10	a	a	DET
cblr-13005	401	11	fiduciary	fiduciary	ADJ
cblr-13005	401	12	duty	duty	NOUN
cblr-13005	401	13	to	to	PART
cblr-13005	401	14	vote	vote	VERB
cblr-13005	401	15	shares	share	NOUN
cblr-13005	401	16	in	in	ADP
cblr-13005	401	17	the	the	DET
cblr-13005	401	18	best	good	ADJ
cblr-13005	401	19	interest	interest	NOUN
cblr-13005	401	20	of	of	ADP
cblr-13005	401	21	fund	fund	NOUN
cblr-13005	401	22	shareholders	shareholder	NOUN
cblr-13005	401	23	and	and	CCONJ
cblr-13005	401	24	implemented	implement	VERB
cblr-13005	401	25	annual	annual	ADJ
cblr-13005	401	26	fund	fund	NOUN
cblr-13005	401	27	voting	voting	NOUN
cblr-13005	401	28	disclosure	disclosure	NOUN
cblr-13005	401	29	requirements.79	requirements.79	PROPN
cblr-13005	401	30	asset	asset	NOUN
cblr-13005	401	31	managers	manager	NOUN
cblr-13005	401	32	initially	initially	ADV
cblr-13005	401	33	attempted	attempt	VERB
cblr-13005	401	34	to	to	PART
cblr-13005	401	35	satisfy	satisfy	VERB
cblr-13005	401	36	these	these	DET
cblr-13005	401	37	obligations	obligation	NOUN
cblr-13005	401	38	by	by	ADP
cblr-13005	401	39	soliciting	solicit	VERB
cblr-13005	401	40	voting	voting	NOUN
cblr-13005	401	41	advice	advice	NOUN
cblr-13005	401	42	from	from	ADP
cblr-13005	401	43	proxy	proxy	ADJ
cblr-13005	401	44	advisory	advisory	ADJ
cblr-13005	401	45	firms	firm	NOUN
cblr-13005	401	46	,	,	PUNCT
cblr-13005	401	47	and	and	CCONJ
cblr-13005	401	48	when	when	SCONJ
cblr-13005	401	49	proxy	proxy	ADJ
cblr-13005	401	50	advisory	advisory	ADJ
cblr-13005	401	51	firms	firm	NOUN
cblr-13005	401	52	began	begin	VERB
cblr-13005	401	53	drawing	draw	VERB
cblr-13005	401	54	regulatory	regulatory	ADJ
cblr-13005	401	55	scrutiny	scrutiny	NOUN
cblr-13005	401	56	they	they	PRON
cblr-13005	401	57	augmented	augment	VERB
cblr-13005	401	58	their	their	PRON
cblr-13005	401	59	in	in	ADP
cblr-13005	401	60	-	-	PUNCT
cblr-13005	401	61	house	house	NOUN
cblr-13005	401	62	stewardship	stewardship	NOUN
cblr-13005	401	63	teams.80	teams.80	NOUN
cblr-13005	401	64	but	but	CCONJ
cblr-13005	401	65	the	the	DET
cblr-13005	401	66	incentive	incentive	NOUN
cblr-13005	401	67	and	and	CCONJ
cblr-13005	401	68	capacity	capacity	NOUN
cblr-13005	401	69	of	of	ADP
cblr-13005	401	70	index	index	NOUN
cblr-13005	401	71	funds	fund	NOUN
cblr-13005	401	72	to	to	PART
cblr-13005	401	73	vote	vote	VERB
cblr-13005	401	74	intelligently	intelligently	ADV
cblr-13005	401	75	on	on	ADP
cblr-13005	401	76	the	the	DET
cblr-13005	401	77	thousands	thousand	NOUN
cblr-13005	401	78	of	of	ADP
cblr-13005	401	79	matters	matter	NOUN
cblr-13005	401	80	put	put	VERB
cblr-13005	401	81	up	up	ADP
cblr-13005	401	82	for	for	ADP
cblr-13005	401	83	a	a	DET
cblr-13005	401	84	vote	vote	NOUN
cblr-13005	401	85	at	at	ADP
cblr-13005	401	86	their	their	PRON
cblr-13005	401	87	portfolio	portfolio	NOUN
cblr-13005	401	88	companies	company	NOUN
cblr-13005	401	89	each	each	DET
cblr-13005	401	90	year	year	NOUN
cblr-13005	401	91	remains	remain	VERB
cblr-13005	401	92	doubtful.81	doubtful.81	NOUN
cblr-13005	401	93	some	some	DET
cblr-13005	401	94	view	view	VERB
cblr-13005	401	95	the	the	DET
cblr-13005	401	96	sec	sec	PROPN
cblr-13005	401	97	’s	’s	PART
cblr-13005	401	98	efforts	effort	NOUN
cblr-13005	401	99	to	to	PART
cblr-13005	401	100	induce	induce	VERB
cblr-13005	401	101	voting	voting	NOUN
cblr-13005	401	102	by	by	ADP
cblr-13005	401	103	index	index	NOUN
cblr-13005	401	104	fund	fund	NOUN
cblr-13005	401	105	managers	manager	NOUN
cblr-13005	401	106	as	as	ADP
cblr-13005	401	107	fundamentally	fundamentally	ADV
cblr-13005	401	108	misguided	misguided	ADJ
cblr-13005	401	109	.	.	PUNCT
cblr-13005	402	1	professor	professor	PROPN
cblr-13005	402	2	dorothy	dorothy	PROPN
cblr-13005	402	3	lund	lund	PROPN
cblr-13005	402	4	,	,	PUNCT
cblr-13005	402	5	for	for	ADP
cblr-13005	402	6	example	example	NOUN
cblr-13005	402	7	,	,	PUNCT
cblr-13005	402	8	has	have	AUX
cblr-13005	402	9	taken	take	VERB
cblr-13005	402	10	the	the	DET
cblr-13005	402	11	view	view	NOUN
cblr-13005	402	12	that	that	SCONJ
cblr-13005	402	13	index	index	NOUN
cblr-13005	402	14	fund	fund	NOUN
cblr-13005	402	15	managers	manager	NOUN
cblr-13005	402	16	’	'	PUNCT
cblr-13005	402	17	incentives	incentive	VERB
cblr-13005	402	18	to	to	PART
cblr-13005	402	19	engage	engage	VERB
cblr-13005	402	20	in	in	ADP
cblr-13005	402	21	informed	informed	ADJ
cblr-13005	402	22	voting	voting	NOUN
cblr-13005	402	23	are	be	AUX
cblr-13005	402	24	so	so	ADV
cblr-13005	402	25	poor	poor	ADJ
cblr-13005	402	26	that	that	SCONJ
cblr-13005	402	27	index	index	NOUN
cblr-13005	402	28	funds	fund	NOUN
cblr-13005	402	29	should	should	AUX
cblr-13005	402	30	be	be	AUX
cblr-13005	402	31	stripped	strip	VERB
cblr-13005	402	32	of	of	ADP
cblr-13005	402	33	their	their	PRON
cblr-13005	402	34	voting	voting	NOUN
cblr-13005	402	35	rights	right	NOUN
cblr-13005	402	36	altogether	altogether	ADV
cblr-13005	402	37	,	,	PUNCT
cblr-13005	402	38	or	or	CCONJ
cblr-13005	402	39	alternatively	alternatively	ADV
cblr-13005	402	40	that	that	SCONJ
cblr-13005	402	41	index	index	NOUN
cblr-13005	402	42	fund	fund	NOUN
cblr-13005	402	43	votes	vote	NOUN
cblr-13005	402	44	on	on	ADP
cblr-13005	402	45	non	non	ADJ
cblr-13005	402	46	-	-	ADJ
cblr-13005	402	47	routine	routine	ADJ
cblr-13005	402	48	matters	matter	NOUN
cblr-13005	402	49	should	should	AUX
cblr-13005	402	50	pass	pass	VERB
cblr-13005	402	51	through	through	ADP
cblr-13005	402	52	to	to	PART
cblr-13005	402	53	fund	fund	VERB
cblr-13005	402	54	shareholders	shareholder	NOUN
cblr-13005	402	55	rather	rather	ADV
cblr-13005	402	56	than	than	ADP
cblr-13005	402	57	be	be	AUX
cblr-13005	402	58	exercised	exercise	VERB
cblr-13005	402	59	by	by	ADP
cblr-13005	402	60	fund	fund	NOUN
cblr-13005	402	61	managers.82	managers.82	NOUN
cblr-13005	402	62	she	she	PRON
cblr-13005	402	63	warns	warn	VERB
cblr-13005	402	64	that	that	SCONJ
cblr-13005	402	65	index	index	NOUN
cblr-13005	402	66	fund	fund	NOUN
cblr-13005	402	67	managers	manager	NOUN
cblr-13005	402	68	are	be	AUX
cblr-13005	402	69	“	"	PUNCT
cblr-13005	402	70	likely	likely	ADJ
cblr-13005	402	71	to	to	PART
cblr-13005	402	72	adhere	adhere	VERB
cblr-13005	402	73	to	to	ADP
cblr-13005	402	74	low	low	ADJ
cblr-13005	402	75	-	-	PUNCT
cblr-13005	402	76	cost	cost	NOUN
cblr-13005	402	77	voting	voting	NOUN
cblr-13005	402	78	strategies	strategy	NOUN
cblr-13005	402	79	,	,	PUNCT
cblr-13005	402	80	77	77	NUM
cblr-13005	402	81	see	see	VERB
cblr-13005	402	82	generally	generally	ADV
cblr-13005	402	83	rose	rise	VERB
cblr-13005	402	84	,	,	PUNCT
cblr-13005	402	85	supra	supra	PROPN
cblr-13005	402	86	note	note	NOUN
cblr-13005	402	87	43	43	NUM
cblr-13005	402	88	,	,	PUNCT
cblr-13005	402	89	at	at	ADP
cblr-13005	402	90	355–58	355–58	NUM
cblr-13005	402	91	.	.	PUNCT
cblr-13005	403	1	78	78	NUM
cblr-13005	403	2	proxy	proxy	NOUN
cblr-13005	403	3	voting	voting	NOUN
cblr-13005	403	4	by	by	ADP
cblr-13005	403	5	investment	investment	NOUN
cblr-13005	403	6	advisors	advisor	NOUN
cblr-13005	403	7	,	,	PUNCT
cblr-13005	403	8	68	68	NUM
cblr-13005	403	9	fed	feed	VERB
cblr-13005	403	10	.	.	PUNCT
cblr-13005	404	1	reg	reg	PROPN
cblr-13005	404	2	.	.	PUNCT
cblr-13005	405	1	6585	6585	NUM
cblr-13005	405	2	,	,	PUNCT
cblr-13005	405	3	6586	6586	NUM
cblr-13005	405	4	(	(	PUNCT
cblr-13005	405	5	feb	feb	PROPN
cblr-13005	405	6	.	.	PROPN
cblr-13005	405	7	7	7	NUM
cblr-13005	405	8	,	,	PUNCT
cblr-13005	405	9	2003	2003	NUM
cblr-13005	405	10	)	)	PUNCT
cblr-13005	405	11	.	.	PUNCT
cblr-13005	406	1	79	79	NUM
cblr-13005	406	2	schwartz	schwartz	NOUN
cblr-13005	406	3	,	,	PUNCT
cblr-13005	406	4	supra	supra	PROPN
cblr-13005	406	5	note	note	PROPN
cblr-13005	406	6	19	19	NUM
cblr-13005	406	7	,	,	PUNCT
cblr-13005	406	8	at	at	ADP
cblr-13005	406	9	422	422	NUM
cblr-13005	406	10	.	.	PUNCT
cblr-13005	407	1	the	the	DET
cblr-13005	407	2	department	department	PROPN
cblr-13005	407	3	of	of	ADP
cblr-13005	407	4	labor	labor	NOUN
cblr-13005	407	5	had	have	AUX
cblr-13005	407	6	earlier	early	ADV
cblr-13005	407	7	“	"	PUNCT
cblr-13005	407	8	made	make	VERB
cblr-13005	407	9	clear	clear	ADJ
cblr-13005	407	10	that	that	SCONJ
cblr-13005	407	11	advisers	adviser	NOUN
cblr-13005	407	12	to	to	ADP
cblr-13005	407	13	private	private	ADJ
cblr-13005	407	14	pension	pension	NOUN
cblr-13005	407	15	plans	plan	NOUN
cblr-13005	407	16	owe	owe	VERB
cblr-13005	407	17	a	a	DET
cblr-13005	407	18	fiduciary	fiduciary	ADJ
cblr-13005	407	19	duty	duty	NOUN
cblr-13005	407	20	to	to	PART
cblr-13005	407	21	vote	vote	VERB
cblr-13005	407	22	shares	share	NOUN
cblr-13005	407	23	in	in	ADP
cblr-13005	407	24	portfolio	portfolio	NOUN
cblr-13005	407	25	firms	firm	NOUN
cblr-13005	407	26	in	in	ADP
cblr-13005	407	27	the	the	DET
cblr-13005	407	28	best	good	ADJ
cblr-13005	407	29	interests	interest	NOUN
cblr-13005	407	30	of	of	ADP
cblr-13005	407	31	pension	pension	NOUN
cblr-13005	407	32	fund	fund	NOUN
cblr-13005	407	33	participants	participant	NOUN
cblr-13005	407	34	.	.	PUNCT
cblr-13005	407	35	”	"	PUNCT
cblr-13005	408	1	fisch	fisch	PROPN
cblr-13005	408	2	&	&	CCONJ
cblr-13005	408	3	schwartz	schwartz	PROPN
cblr-13005	408	4	,	,	PUNCT
cblr-13005	408	5	supra	supra	PROPN
cblr-13005	408	6	note	note	PROPN
cblr-13005	408	7	19	19	NUM
cblr-13005	408	8	,	,	PUNCT
cblr-13005	408	9	at	at	ADP
cblr-13005	408	10	14	14	NUM
cblr-13005	408	11	&	&	CCONJ
cblr-13005	408	12	n.57	n.57	PROPN
cblr-13005	408	13	.	.	PROPN
cblr-13005	408	14	80	80	NUM
cblr-13005	408	15	schwartz	schwartz	PROPN
cblr-13005	408	16	,	,	PUNCT
cblr-13005	408	17	supra	supra	PROPN
cblr-13005	408	18	note	note	PROPN
cblr-13005	408	19	19	19	NUM
cblr-13005	408	20	,	,	PUNCT
cblr-13005	408	21	at	at	ADP
cblr-13005	408	22	422–23	422–23	PROPN
cblr-13005	408	23	.	.	PUNCT
cblr-13005	409	1	81	81	NUM
cblr-13005	409	2	see	see	NOUN
cblr-13005	409	3	sharfman	sharfman	NOUN
cblr-13005	409	4	,	,	PUNCT
cblr-13005	409	5	supra	supra	PROPN
cblr-13005	409	6	note	note	NOUN
cblr-13005	409	7	19	19	NUM
cblr-13005	409	8	at	at	ADP
cblr-13005	409	9	472–73	472–73	PROPN
cblr-13005	409	10	(	(	PUNCT
cblr-13005	409	11	explaining	explain	VERB
cblr-13005	409	12	that	that	SCONJ
cblr-13005	409	13	blackrock	blackrock	NOUN
cblr-13005	409	14	casts	cast	VERB
cblr-13005	409	15	tens	ten	NOUN
cblr-13005	409	16	of	of	ADP
cblr-13005	409	17	thousands	thousand	NOUN
cblr-13005	409	18	of	of	ADP
cblr-13005	409	19	votes	vote	NOUN
cblr-13005	409	20	each	each	DET
cblr-13005	409	21	year	year	NOUN
cblr-13005	409	22	at	at	ADP
cblr-13005	409	23	almost	almost	ADV
cblr-13005	409	24	all	all	PRON
cblr-13005	409	25	of	of	ADP
cblr-13005	409	26	the	the	DET
cblr-13005	409	27	approximately	approximately	ADV
cblr-13005	409	28	4,000	4,000	NUM
cblr-13005	409	29	u.s	u.s	PROPN
cblr-13005	409	30	.	.	PROPN
cblr-13005	409	31	public	public	ADJ
cblr-13005	409	32	companies	company	NOUN
cblr-13005	409	33	despite	despite	SCONJ
cblr-13005	409	34	having	have	VERB
cblr-13005	409	35	a	a	DET
cblr-13005	409	36	global	global	ADJ
cblr-13005	409	37	stewardship	stewardship	NOUN
cblr-13005	409	38	team	team	NOUN
cblr-13005	409	39	of	of	ADP
cblr-13005	409	40	45	45	NUM
cblr-13005	409	41	people	people	NOUN
cblr-13005	409	42	,	,	PUNCT
cblr-13005	409	43	only	only	ADV
cblr-13005	409	44	21	21	NUM
cblr-13005	409	45	of	of	ADP
cblr-13005	409	46	whom	whom	PRON
cblr-13005	409	47	are	be	AUX
cblr-13005	409	48	based	base	VERB
cblr-13005	409	49	in	in	ADP
cblr-13005	409	50	the	the	DET
cblr-13005	409	51	united	united	PROPN
cblr-13005	409	52	states	states	PROPN
cblr-13005	409	53	)	)	PUNCT
cblr-13005	409	54	.	.	PUNCT
cblr-13005	410	1	82	82	NUM
cblr-13005	410	2	lund	lund	PROPN
cblr-13005	410	3	,	,	PUNCT
cblr-13005	410	4	supra	supra	PROPN
cblr-13005	410	5	note	note	PROPN
cblr-13005	410	6	68	68	NUM
cblr-13005	410	7	,	,	PUNCT
cblr-13005	410	8	at	at	ADP
cblr-13005	410	9	528–31	528–31	PROPN
cblr-13005	410	10	.	.	PUNCT
cblr-13005	410	11	344	344	NUM
cblr-13005	410	12	columbia	columbia	PROPN
cblr-13005	410	13	business	business	NOUN
cblr-13005	410	14	law	law	PROPN
cblr-13005	410	15	review	review	NOUN
cblr-13005	410	16	[	[	X
cblr-13005	410	17	vol	vol	NOUN
cblr-13005	410	18	.	.	NOUN
cblr-13005	410	19	2024	2024	NUM
cblr-13005	410	20	such	such	ADJ
cblr-13005	410	21	as	as	ADP
cblr-13005	410	22	following	follow	VERB
cblr-13005	410	23	a	a	DET
cblr-13005	410	24	proxy	proxy	ADJ
cblr-13005	410	25	advisor	advisor	NOUN
cblr-13005	410	26	’s	’s	PART
cblr-13005	410	27	recommendation	recommendation	NOUN
cblr-13005	410	28	or	or	CCONJ
cblr-13005	410	29	voting	voting	NOUN
cblr-13005	410	30	‘	'	PUNCT
cblr-13005	410	31	yes	yes	NOUN
cblr-13005	410	32	’	'	PUNCT
cblr-13005	410	33	to	to	ADP
cblr-13005	410	34	any	any	DET
cblr-13005	410	35	shareholder	shareholder	NOUN
cblr-13005	410	36	proposal	proposal	NOUN
cblr-13005	410	37	that	that	PRON
cblr-13005	410	38	meets	meet	VERB
cblr-13005	410	39	pre	pre	ADJ
cblr-13005	410	40	-	-	ADJ
cblr-13005	410	41	defined	define	VERB
cblr-13005	410	42	qualifications	qualification	NOUN
cblr-13005	410	43	,	,	PUNCT
cblr-13005	410	44	”	"	PUNCT
cblr-13005	410	45	leading	lead	VERB
cblr-13005	410	46	to	to	ADP
cblr-13005	410	47	the	the	DET
cblr-13005	410	48	“	"	PUNCT
cblr-13005	410	49	proliferation	proliferation	NOUN
cblr-13005	410	50	of	of	ADP
cblr-13005	410	51	an	an	DET
cblr-13005	410	52	unthinking	unthinking	ADJ
cblr-13005	410	53	,	,	PUNCT
cblr-13005	410	54	onesize	onesize	NOUN
cblr-13005	410	55	-	-	PUNCT
cblr-13005	410	56	fits	fit	VERB
cblr-13005	410	57	-	-	PUNCT
cblr-13005	410	58	all	all	PRON
cblr-13005	410	59	approach	approach	NOUN
cblr-13005	410	60	to	to	ADP
cblr-13005	410	61	governance	governance	NOUN
cblr-13005	410	62	[	[	PUNCT
cblr-13005	410	63	that	that	PRON
cblr-13005	410	64	]	]	PUNCT
cblr-13005	410	65	will	will	AUX
cblr-13005	410	66	make	make	VERB
cblr-13005	410	67	many	many	ADJ
cblr-13005	410	68	companies	company	NOUN
cblr-13005	410	69	worse	bad	ADJ
cblr-13005	410	70	off	off	ADP
cblr-13005	410	71	.	.	PUNCT
cblr-13005	411	1	”83	”83	NOUN
cblr-13005	411	2	she	she	PRON
cblr-13005	411	3	further	far	ADV
cblr-13005	411	4	warns	warn	VERB
cblr-13005	411	5	that	that	SCONJ
cblr-13005	411	6	uninformed	uninformed	ADJ
cblr-13005	411	7	voting	voting	NOUN
cblr-13005	411	8	by	by	ADP
cblr-13005	411	9	index	index	NOUN
cblr-13005	411	10	fund	fund	NOUN
cblr-13005	411	11	managers	manager	NOUN
cblr-13005	411	12	may	may	AUX
cblr-13005	411	13	determine	determine	VERB
cblr-13005	411	14	the	the	DET
cblr-13005	411	15	outcome	outcome	NOUN
cblr-13005	411	16	,	,	PUNCT
cblr-13005	411	17	or	or	CCONJ
cblr-13005	411	18	contours	contours	NOUN
cblr-13005	411	19	,	,	PUNCT
cblr-13005	411	20	of	of	ADP
cblr-13005	411	21	hedge	hedge	NOUN
cblr-13005	411	22	fund	fund	NOUN
cblr-13005	411	23	activism	activism	NOUN
cblr-13005	411	24	,	,	PUNCT
cblr-13005	411	25	undermining	undermine	VERB
cblr-13005	411	26	its	its	PRON
cblr-13005	411	27	effectiveness	effectiveness	NOUN
cblr-13005	411	28	as	as	ADP
cblr-13005	411	29	a	a	DET
cblr-13005	411	30	constraint	constraint	NOUN
cblr-13005	411	31	on	on	ADP
cblr-13005	411	32	managerial	managerial	ADJ
cblr-13005	411	33	agency	agency	NOUN
cblr-13005	411	34	costs.84	costs.84	PROPN
cblr-13005	411	35	other	other	ADJ
cblr-13005	411	36	scholars	scholar	NOUN
cblr-13005	411	37	recognize	recognize	VERB
cblr-13005	411	38	index	index	NOUN
cblr-13005	411	39	fund	fund	NOUN
cblr-13005	411	40	managers	manager	NOUN
cblr-13005	411	41	’	’	PART
cblr-13005	411	42	problematic	problematic	ADJ
cblr-13005	411	43	incentives	incentive	NOUN
cblr-13005	411	44	,	,	PUNCT
cblr-13005	411	45	but	but	CCONJ
cblr-13005	411	46	nevertheless	nevertheless	ADV
cblr-13005	411	47	see	see	VERB
cblr-13005	411	48	some	some	DET
cblr-13005	411	49	limited	limited	ADJ
cblr-13005	411	50	potential	potential	NOUN
cblr-13005	411	51	for	for	SCONJ
cblr-13005	411	52	those	those	DET
cblr-13005	411	53	managers	manager	NOUN
cblr-13005	411	54	to	to	PART
cblr-13005	411	55	help	help	VERB
cblr-13005	411	56	monitor	monitor	VERB
cblr-13005	411	57	portfolio	portfolio	NOUN
cblr-13005	411	58	firms	firm	NOUN
cblr-13005	411	59	and	and	CCONJ
cblr-13005	411	60	hence	hence	ADV
cblr-13005	411	61	constrain	constrain	VERB
cblr-13005	411	62	managerial	managerial	ADJ
cblr-13005	411	63	agency	agency	NOUN
cblr-13005	411	64	costs	cost	NOUN
cblr-13005	411	65	.	.	PUNCT
cblr-13005	412	1	for	for	ADP
cblr-13005	412	2	example	example	NOUN
cblr-13005	412	3	,	,	PUNCT
cblr-13005	412	4	professor	professor	NOUN
cblr-13005	412	5	bernard	bernard	PROPN
cblr-13005	412	6	black	black	PROPN
cblr-13005	412	7	has	have	AUX
cblr-13005	412	8	observed	observe	VERB
cblr-13005	412	9	that	that	SCONJ
cblr-13005	412	10	because	because	SCONJ
cblr-13005	412	11	“	"	PUNCT
cblr-13005	412	12	many	many	ADJ
cblr-13005	412	13	process	process	NOUN
cblr-13005	412	14	and	and	CCONJ
cblr-13005	412	15	structural	structural	ADJ
cblr-13005	412	16	issues	issue	NOUN
cblr-13005	412	17	arise	arise	VERB
cblr-13005	412	18	in	in	ADP
cblr-13005	412	19	similar	similar	ADJ
cblr-13005	412	20	form	form	NOUN
cblr-13005	412	21	at	at	ADP
cblr-13005	412	22	many	many	ADJ
cblr-13005	412	23	companies	company	NOUN
cblr-13005	412	24	,	,	PUNCT
cblr-13005	412	25	”	"	PUNCT
cblr-13005	412	26	becoming	becoming	AUX
cblr-13005	412	27	informed	inform	VERB
cblr-13005	412	28	with	with	ADP
cblr-13005	412	29	respect	respect	NOUN
cblr-13005	412	30	to	to	ADP
cblr-13005	412	31	how	how	SCONJ
cblr-13005	412	32	to	to	PART
cblr-13005	412	33	vote	vote	VERB
cblr-13005	412	34	on	on	ADP
cblr-13005	412	35	such	such	ADJ
cblr-13005	412	36	issues	issue	NOUN
cblr-13005	412	37	may	may	AUX
cblr-13005	412	38	therefore	therefore	ADV
cblr-13005	412	39	be	be	AUX
cblr-13005	412	40	rational	rational	ADJ
cblr-13005	412	41	for	for	ADP
cblr-13005	412	42	fund	fund	NOUN
cblr-13005	412	43	managers	manager	NOUN
cblr-13005	412	44	because	because	SCONJ
cblr-13005	412	45	economies	economy	NOUN
cblr-13005	412	46	of	of	ADP
cblr-13005	412	47	scale	scale	NOUN
cblr-13005	412	48	can	can	AUX
cblr-13005	412	49	be	be	AUX
cblr-13005	412	50	achieved	achieve	VERB
cblr-13005	412	51	by	by	ADP
cblr-13005	412	52	supporting	support	VERB
cblr-13005	412	53	implementation	implementation	NOUN
cblr-13005	412	54	of	of	ADP
cblr-13005	412	55	preferred	preferred	ADJ
cblr-13005	412	56	policies	policy	NOUN
cblr-13005	412	57	across	across	ADP
cblr-13005	412	58	the	the	DET
cblr-13005	412	59	portfolio.85	portfolio.85	NOUN
cblr-13005	412	60	in	in	ADP
cblr-13005	412	61	the	the	DET
cblr-13005	412	62	wake	wake	NOUN
cblr-13005	412	63	of	of	ADP
cblr-13005	412	64	the	the	DET
cblr-13005	412	65	83	83	NUM
cblr-13005	412	66	i	i	PRON
cblr-13005	412	67	d.	d.	NOUN
cblr-13005	412	68	at	at	ADP
cblr-13005	412	69	495	495	NUM
cblr-13005	412	70	.	.	PUNCT
cblr-13005	413	1	84	84	NUM
cblr-13005	414	1	i	i	PRON
cblr-13005	414	2	d.	d.	PROPN
cblr-13005	414	3	at	at	ADP
cblr-13005	414	4	520–23	520–23	PROPN
cblr-13005	414	5	.	.	PUNCT
cblr-13005	414	6	85	85	NUM
cblr-13005	414	7	bernard	bernard	PROPN
cblr-13005	414	8	s.	s.	PROPN
cblr-13005	414	9	black	black	PROPN
cblr-13005	414	10	,	,	PUNCT
cblr-13005	414	11	agents	agent	NOUN
cblr-13005	414	12	watching	watch	VERB
cblr-13005	414	13	agents	agent	NOUN
cblr-13005	414	14	:	:	PUNCT
cblr-13005	414	15	the	the	DET
cblr-13005	414	16	promise	promise	NOUN
cblr-13005	414	17	of	of	ADP
cblr-13005	414	18	institutional	institutional	ADJ
cblr-13005	414	19	investor	investor	NOUN
cblr-13005	414	20	voice	voice	NOUN
cblr-13005	414	21	,	,	PUNCT
cblr-13005	414	22	39	39	NUM
cblr-13005	414	23	ucla	ucla	PROPN
cblr-13005	414	24	l.	l.	PROPN
cblr-13005	414	25	rev	rev	PROPN
cblr-13005	414	26	.	.	PROPN
cblr-13005	414	27	811	811	NUM
cblr-13005	414	28	,	,	PUNCT
cblr-13005	414	29	822	822	NUM
cblr-13005	414	30	(	(	PUNCT
cblr-13005	414	31	1992	1992	NUM
cblr-13005	414	32	)	)	PUNCT
cblr-13005	414	33	;	;	PUNCT
cblr-13005	414	34	see	see	VERB
cblr-13005	414	35	also	also	ADV
cblr-13005	414	36	marcel	marcel	PROPN
cblr-13005	414	37	kahan	kahan	PROPN
cblr-13005	414	38	&	&	CCONJ
cblr-13005	414	39	edward	edward	PROPN
cblr-13005	414	40	rock	rock	PROPN
cblr-13005	414	41	,	,	PUNCT
cblr-13005	414	42	index	index	NOUN
cblr-13005	414	43	funds	fund	NOUN
cblr-13005	414	44	and	and	CCONJ
cblr-13005	414	45	corporate	corporate	ADJ
cblr-13005	414	46	governance	governance	NOUN
cblr-13005	414	47	:	:	PUNCT
cblr-13005	414	48	let	let	VERB
cblr-13005	414	49	shareholders	shareholder	NOUN
cblr-13005	414	50	be	be	AUX
cblr-13005	414	51	shareholders	shareholder	NOUN
cblr-13005	414	52	,	,	PUNCT
cblr-13005	414	53	100	100	NUM
cblr-13005	414	54	b.u	b.u	PROPN
cblr-13005	414	55	.	.	PROPN
cblr-13005	414	56	l.	l.	PROPN
cblr-13005	414	57	rev	rev	PROPN
cblr-13005	414	58	.	.	PROPN
cblr-13005	414	59	1771	1771	NUM
cblr-13005	414	60	,	,	PUNCT
cblr-13005	414	61	1776	1776	NUM
cblr-13005	414	62	(	(	PUNCT
cblr-13005	414	63	2020	2020	NUM
cblr-13005	414	64	)	)	PUNCT
cblr-13005	414	65	(	(	PUNCT
cblr-13005	414	66	agreeing	agree	VERB
cblr-13005	414	67	that	that	SCONJ
cblr-13005	414	68	index	index	NOUN
cblr-13005	414	69	fund	fund	NOUN
cblr-13005	414	70	advisers	adviser	NOUN
cblr-13005	414	71	are	be	AUX
cblr-13005	414	72	not	not	PART
cblr-13005	414	73	well	well	ADV
cblr-13005	414	74	positioned	positioned	ADJ
cblr-13005	414	75	to	to	PART
cblr-13005	414	76	identify	identify	VERB
cblr-13005	414	77	company	company	NOUN
cblr-13005	414	78	-	-	PUNCT
cblr-13005	414	79	specific	specific	ADJ
cblr-13005	414	80	performance	performance	NOUN
cblr-13005	414	81	problems	problem	NOUN
cblr-13005	414	82	,	,	PUNCT
cblr-13005	414	83	but	but	CCONJ
cblr-13005	414	84	arguing	argue	VERB
cblr-13005	414	85	that	that	SCONJ
cblr-13005	414	86	their	their	PRON
cblr-13005	414	87	incentives	incentive	NOUN
cblr-13005	414	88	to	to	PART
cblr-13005	414	89	vote	vote	VERB
cblr-13005	414	90	intelligently	intelligently	ADV
cblr-13005	414	91	on	on	ADP
cblr-13005	414	92	the	the	DET
cblr-13005	414	93	small	small	ADJ
cblr-13005	414	94	number	number	NOUN
cblr-13005	414	95	of	of	ADP
cblr-13005	414	96	votes	vote	NOUN
cblr-13005	414	97	per	per	ADP
cblr-13005	414	98	year	year	NOUN
cblr-13005	414	99	that	that	PRON
cblr-13005	414	100	are	be	AUX
cblr-13005	414	101	potentially	potentially	ADV
cblr-13005	414	102	consequential	consequential	ADJ
cblr-13005	414	103	,	,	PUNCT
cblr-13005	414	104	to	to	PART
cblr-13005	414	105	develop	develop	VERB
cblr-13005	414	106	proper	proper	ADJ
cblr-13005	414	107	guidelines	guideline	NOUN
cblr-13005	414	108	for	for	ADP
cblr-13005	414	109	voting	vote	VERB
cblr-13005	414	110	on	on	ADP
cblr-13005	414	111	market	market	NOUN
cblr-13005	414	112	-	-	PUNCT
cblr-13005	414	113	wide	wide	ADJ
cblr-13005	414	114	governance	governance	NOUN
cblr-13005	414	115	standards	standard	NOUN
cblr-13005	414	116	,	,	PUNCT
cblr-13005	414	117	and	and	CCONJ
cblr-13005	414	118	to	to	PART
cblr-13005	414	119	engage	engage	VERB
cblr-13005	414	120	on	on	ADP
cblr-13005	414	121	company	company	NOUN
cblr-13005	414	122	-	-	PUNCT
cblr-13005	414	123	specific	specific	ADJ
cblr-13005	414	124	governance	governance	NOUN
cblr-13005	414	125	deficiencies	deficiency	NOUN
cblr-13005	414	126	are	be	AUX
cblr-13005	414	127	superior	superior	ADJ
cblr-13005	414	128	to	to	ADP
cblr-13005	414	129	most	most	ADJ
cblr-13005	414	130	other	other	ADJ
cblr-13005	414	131	institutional	institutional	ADJ
cblr-13005	414	132	investors	investor	NOUN
cblr-13005	414	133	)	)	PUNCT
cblr-13005	414	134	;	;	PUNCT
cblr-13005	414	135	luca	luca	PROPN
cblr-13005	414	136	enriques	enriques	PROPN
cblr-13005	414	137	&	&	CCONJ
cblr-13005	414	138	alessandro	alessandro	PROPN
cblr-13005	414	139	romano	romano	NOUN
cblr-13005	414	140	,	,	PUNCT
cblr-13005	414	141	institutional	institutional	ADJ
cblr-13005	414	142	investor	investor	NOUN
cblr-13005	414	143	voting	voting	NOUN
cblr-13005	414	144	behavior	behavior	NOUN
cblr-13005	414	145	:	:	PUNCT
cblr-13005	414	146	a	a	DET
cblr-13005	414	147	network	network	NOUN
cblr-13005	414	148	theory	theory	NOUN
cblr-13005	414	149	perspective	perspective	NOUN
cblr-13005	414	150	,	,	PUNCT
cblr-13005	414	151	2019	2019	NUM
cblr-13005	414	152	u.	u.	PROPN
cblr-13005	414	153	ill	ill	PROPN
cblr-13005	414	154	.	.	PUNCT
cblr-13005	415	1	l.	l.	PROPN
cblr-13005	415	2	rev	rev	PROPN
cblr-13005	415	3	.	.	PROPN
cblr-13005	415	4	223	223	NUM
cblr-13005	415	5	(	(	PUNCT
cblr-13005	415	6	using	use	VERB
cblr-13005	415	7	network	network	NOUN
cblr-13005	415	8	theory	theory	NOUN
cblr-13005	415	9	to	to	PART
cblr-13005	415	10	argue	argue	VERB
cblr-13005	415	11	that	that	SCONJ
cblr-13005	415	12	asset	asset	NOUN
cblr-13005	415	13	managers	manager	NOUN
cblr-13005	415	14	have	have	VERB
cblr-13005	415	15	better	well	ADJ
cblr-13005	415	16	motivations	motivation	NOUN
cblr-13005	415	17	to	to	PART
cblr-13005	415	18	become	become	VERB
cblr-13005	415	19	informed	informed	ADJ
cblr-13005	415	20	about	about	ADP
cblr-13005	415	21	portfolio	portfolio	NOUN
cblr-13005	415	22	companies	company	NOUN
cblr-13005	415	23	than	than	SCONJ
cblr-13005	415	24	standard	standard	ADJ
cblr-13005	415	25	accounts	account	NOUN
cblr-13005	415	26	predict	predict	VERB
cblr-13005	415	27	)	)	PUNCT
cblr-13005	415	28	;	;	PUNCT
cblr-13005	415	29	jill	jill	PROPN
cblr-13005	415	30	fisch	fisch	PROPN
cblr-13005	415	31	.	.	PUNCT
cblr-13005	416	1	asaf	asaf	PROPN
cblr-13005	416	2	hamdani	hamdani	PROPN
cblr-13005	416	3	&	&	CCONJ
cblr-13005	416	4	steven	steven	PROPN
cblr-13005	416	5	davidoff	davidoff	PROPN
cblr-13005	416	6	solomon	solomon	PROPN
cblr-13005	416	7	,	,	PUNCT
cblr-13005	416	8	the	the	DET
cblr-13005	416	9	new	new	ADJ
cblr-13005	416	10	titans	titan	NOUN
cblr-13005	416	11	of	of	ADP
cblr-13005	416	12	wall	wall	PROPN
cblr-13005	416	13	street	street	PROPN
cblr-13005	416	14	:	:	PUNCT
cblr-13005	416	15	a	a	DET
cblr-13005	416	16	theoretical	theoretical	ADJ
cblr-13005	416	17	framework	framework	NOUN
cblr-13005	416	18	for	for	ADP
cblr-13005	416	19	passive	passive	ADJ
cblr-13005	416	20	investors	investor	NOUN
cblr-13005	416	21	,	,	PUNCT
cblr-13005	416	22	168	168	NUM
cblr-13005	416	23	u.	u.	NOUN
cblr-13005	416	24	pa	pa	PROPN
cblr-13005	416	25	.	.	PUNCT
cblr-13005	416	26	l.	l.	PROPN
cblr-13005	416	27	rev	rev	PROPN
cblr-13005	416	28	.	.	PROPN
cblr-13005	416	29	17	17	NUM
cblr-13005	416	30	,	,	PUNCT
cblr-13005	416	31	32	32	NUM
cblr-13005	416	32	(	(	PUNCT
cblr-13005	416	33	2019	2019	NUM
cblr-13005	416	34	)	)	PUNCT
cblr-13005	416	35	(	(	PUNCT
cblr-13005	416	36	arguing	argue	VERB
cblr-13005	416	37	that	that	SCONJ
cblr-13005	416	38	index	index	NOUN
cblr-13005	416	39	fund	fund	NOUN
cblr-13005	416	40	managers	manager	NOUN
cblr-13005	416	41	,	,	PUNCT
cblr-13005	416	42	especially	especially	ADV
cblr-13005	416	43	the	the	DET
cblr-13005	416	44	largest	large	ADJ
cblr-13005	416	45	,	,	PUNCT
cblr-13005	416	46	have	have	VERB
cblr-13005	416	47	incentives	incentive	NOUN
cblr-13005	416	48	to	to	PART
cblr-13005	416	49	engage	engage	VERB
cblr-13005	416	50	in	in	ADP
cblr-13005	416	51	stewardship	stewardship	NOUN
cblr-13005	416	52	in	in	ADP
cblr-13005	416	53	order	order	NOUN
cblr-13005	416	54	to	to	PART
cblr-13005	416	55	compete	compete	VERB
cblr-13005	416	56	with	with	ADP
cblr-13005	416	57	managers	manager	NOUN
cblr-13005	416	58	of	of	ADP
cblr-13005	416	59	active	active	ADJ
cblr-13005	416	60	funds	fund	NOUN
cblr-13005	416	61	,	,	PUNCT
cblr-13005	416	62	while	while	SCONJ
cblr-13005	416	63	conceding	concede	VERB
cblr-13005	416	64	that	that	SCONJ
cblr-13005	416	65	they	they	PRON
cblr-13005	416	66	may	may	AUX
cblr-13005	416	67	face	face	VERB
cblr-13005	416	68	suboptimal	suboptimal	ADJ
cblr-13005	416	69	incentives	incentive	NOUN
cblr-13005	416	70	to	to	PART
cblr-13005	416	71	do	do	VERB
cblr-13005	416	72	so	so	ADV
cblr-13005	416	73	)	)	PUNCT
cblr-13005	416	74	;	;	PUNCT
cblr-13005	416	75	cf	cf	X
cblr-13005	416	76	.	.	PUNCT
cblr-13005	416	77	bebchuk	bebchuk	PROPN
cblr-13005	416	78	&	&	CCONJ
cblr-13005	416	79	hirst	hirst	PROPN
cblr-13005	416	80	,	,	PUNCT
cblr-13005	416	81	index	index	NOUN
cblr-13005	416	82	funds	fund	NOUN
cblr-13005	416	83	and	and	CCONJ
cblr-13005	416	84	the	the	DET
cblr-13005	416	85	future	future	NOUN
cblr-13005	416	86	of	of	ADP
cblr-13005	416	87	corporate	corporate	ADJ
cblr-13005	416	88	governance	governance	NOUN
cblr-13005	416	89	,	,	PUNCT
cblr-13005	416	90	supra	supra	PROPN
cblr-13005	416	91	note	note	NOUN
cblr-13005	416	92	16	16	NUM
cblr-13005	416	93	,	,	PUNCT
cblr-13005	416	94	at	at	ADP
cblr-13005	416	95	2058–59	2058–59	NOUN
cblr-13005	416	96	(	(	PUNCT
cblr-13005	416	97	critiquing	critique	VERB
cblr-13005	416	98	fisch	fisch	PROPN
cblr-13005	416	99	et	et	PROPN
cblr-13005	416	100	al	al	PROPN
cblr-13005	416	101	.	.	PROPN
cblr-13005	416	102	’s	’s	PART
cblr-13005	416	103	argument	argument	NOUN
cblr-13005	416	104	)	)	PUNCT
cblr-13005	416	105	;	;	PUNCT
cblr-13005	417	1	j.b	j.b	PROPN
cblr-13005	417	2	.	.	PROPN
cblr-13005	417	3	heaton	heaton	PROPN
cblr-13005	417	4	,	,	PUNCT
cblr-13005	417	5	where	where	SCONJ
cblr-13005	417	6	the	the	DET
cblr-13005	417	7	fisch	fisch	PROPN
cblr-13005	417	8	,	,	PUNCT
cblr-13005	417	9	hamdani	hamdani	ADJ
cblr-13005	417	10	,	,	PUNCT
cblr-13005	417	11	and	and	CCONJ
cblr-13005	417	12	davidoff	davidoff	PROPN
cblr-13005	417	13	solomon	solomon	PROPN
cblr-13005	417	14	theory	theory	PROPN
cblr-13005	417	15	of	of	ADP
cblr-13005	417	16	passive	passive	ADJ
cblr-13005	417	17	investors	investor	NOUN
cblr-13005	417	18	goes	go	VERB
cblr-13005	417	19	awry	awry	ADJ
cblr-13005	417	20	,	,	PUNCT
cblr-13005	417	21	cls	cls	NOUN
cblr-13005	417	22	blue	blue	ADJ
cblr-13005	417	23	sky	sky	NOUN
cblr-13005	417	24	blog	blog	NOUN
cblr-13005	417	25	no	no	INTJ
cblr-13005	417	26	.	.	NOUN
cblr-13005	418	1	1	1	NUM
cblr-13005	418	2	]	]	PUNCT
cblr-13005	418	3	a	a	DET
cblr-13005	418	4	hard	hard	ADJ
cblr-13005	418	5	look	look	NOUN
cblr-13005	418	6	at	at	ADP
cblr-13005	418	7	portfolio	portfolio	NOUN
cblr-13005	418	8	focused	focused	ADJ
cblr-13005	418	9	stewardship	stewardship	NOUN
cblr-13005	418	10	345	345	NUM
cblr-13005	418	11	sec	sec	PROPN
cblr-13005	418	12	’s	’s	PART
cblr-13005	418	13	2003	2003	NUM
cblr-13005	418	14	reforms	reform	NOUN
cblr-13005	418	15	,	,	PUNCT
cblr-13005	418	16	institutional	institutional	ADJ
cblr-13005	418	17	investors	investor	NOUN
cblr-13005	418	18	did	do	AUX
cblr-13005	418	19	begin	begin	VERB
cblr-13005	418	20	voting	vote	VERB
cblr-13005	418	21	systematically	systematically	ADV
cblr-13005	418	22	in	in	ADP
cblr-13005	418	23	favor	favor	NOUN
cblr-13005	418	24	of	of	ADP
cblr-13005	418	25	corporate	corporate	ADJ
cblr-13005	418	26	governance	governance	NOUN
cblr-13005	418	27	reforms	reform	NOUN
cblr-13005	418	28	thought	think	VERB
cblr-13005	418	29	to	to	PART
cblr-13005	418	30	reduce	reduce	VERB
cblr-13005	418	31	managerial	managerial	ADJ
cblr-13005	418	32	agency	agency	NOUN
cblr-13005	418	33	costs	cost	NOUN
cblr-13005	418	34	,	,	PUNCT
cblr-13005	418	35	such	such	ADJ
cblr-13005	418	36	as	as	ADP
cblr-13005	418	37	the	the	DET
cblr-13005	418	38	destaggering	destaggering	NOUN
cblr-13005	418	39	of	of	ADP
cblr-13005	418	40	boards	board	NOUN
cblr-13005	418	41	and	and	CCONJ
cblr-13005	418	42	the	the	DET
cblr-13005	418	43	elimination	elimination	NOUN
cblr-13005	418	44	of	of	ADP
cblr-13005	418	45	plurality	plurality	NOUN
cblr-13005	418	46	voting	voting	NOUN
cblr-13005	418	47	rules	rule	NOUN
cblr-13005	418	48	for	for	ADP
cblr-13005	418	49	director	director	NOUN
cblr-13005	418	50	elections.86	elections.86	VERB
cblr-13005	418	51	whether	whether	SCONJ
cblr-13005	418	52	these	these	PRON
cblr-13005	418	53	represent	represent	VERB
cblr-13005	418	54	thoughtful	thoughtful	ADJ
cblr-13005	418	55	interventions	intervention	NOUN
cblr-13005	418	56	or	or	CCONJ
cblr-13005	418	57	examples	example	NOUN
cblr-13005	418	58	of	of	ADP
cblr-13005	418	59	the	the	DET
cblr-13005	418	60	unthinking	unthinking	ADJ
cblr-13005	418	61	,	,	PUNCT
cblr-13005	418	62	onesize	onesize	NOUN
cblr-13005	418	63	-	-	PUNCT
cblr-13005	418	64	fits	fit	VERB
cblr-13005	418	65	all	all	DET
cblr-13005	418	66	approach	approach	NOUN
cblr-13005	418	67	that	that	SCONJ
cblr-13005	418	68	professor	professor	NOUN
cblr-13005	418	69	lund	lund	PROPN
cblr-13005	418	70	warns	warn	VERB
cblr-13005	418	71	of	of	ADP
cblr-13005	418	72	is	be	AUX
cblr-13005	418	73	a	a	DET
cblr-13005	418	74	matter	matter	NOUN
cblr-13005	418	75	of	of	ADP
cblr-13005	418	76	debate.87	debate.87	VERB
cblr-13005	418	77	empirical	empirical	ADJ
cblr-13005	418	78	evidence	evidence	NOUN
cblr-13005	418	79	on	on	ADP
cblr-13005	418	80	their	their	PRON
cblr-13005	418	81	value	value	NOUN
cblr-13005	418	82	to	to	ADP
cblr-13005	418	83	investors	investor	NOUN
cblr-13005	418	84	is	be	AUX
cblr-13005	418	85	inconclusive.88	inconclusive.88	PROPN
cblr-13005	418	86	professors	professor	NOUN
cblr-13005	418	87	ronald	ronald	PROPN
cblr-13005	418	88	gilson	gilson	PROPN
cblr-13005	418	89	and	and	CCONJ
cblr-13005	418	90	jeffrey	jeffrey	PROPN
cblr-13005	418	91	gordon	gordon	PROPN
cblr-13005	418	92	also	also	ADV
cblr-13005	418	93	point	point	VERB
cblr-13005	418	94	to	to	ADP
cblr-13005	418	95	a	a	DET
cblr-13005	418	96	symbiotic	symbiotic	ADJ
cblr-13005	418	97	relationship	relationship	NOUN
cblr-13005	418	98	that	that	PRON
cblr-13005	418	99	may	may	AUX
cblr-13005	418	100	exist	exist	VERB
cblr-13005	418	101	between	between	ADP
cblr-13005	418	102	mutual	mutual	ADJ
cblr-13005	418	103	fund	fund	NOUN
cblr-13005	418	104	managers	manager	NOUN
cblr-13005	418	105	and	and	CCONJ
cblr-13005	418	106	activists	activist	NOUN
cblr-13005	418	107	hedge	hedge	NOUN
cblr-13005	418	108	funds	fund	NOUN
cblr-13005	418	109	.	.	PUNCT
cblr-13005	419	1	whereas	whereas	SCONJ
cblr-13005	419	2	the	the	DET
cblr-13005	419	3	former	former	ADJ
cblr-13005	419	4	do	do	AUX
cblr-13005	419	5	not	not	PART
cblr-13005	419	6	have	have	VERB
cblr-13005	419	7	sufficient	sufficient	ADJ
cblr-13005	419	8	incentives	incentive	NOUN
cblr-13005	419	9	to	to	PART
cblr-13005	419	10	identify	identify	VERB
cblr-13005	419	11	firm	firm	ADJ
cblr-13005	419	12	specific	specific	ADJ
cblr-13005	419	13	performance	performance	NOUN
cblr-13005	419	14	issues	issue	NOUN
cblr-13005	419	15	and	and	CCONJ
cblr-13005	419	16	advocate	advocate	VERB
cblr-13005	419	17	for	for	ADP
cblr-13005	419	18	change	change	NOUN
cblr-13005	419	19	,	,	PUNCT
cblr-13005	419	20	the	the	DET
cblr-13005	419	21	latter	latter	ADJ
cblr-13005	419	22	do	do	AUX
cblr-13005	419	23	given	give	VERB
cblr-13005	419	24	,	,	PUNCT
cblr-13005	419	25	inter	inter	PROPN
cblr-13005	419	26	alia	alia	NOUN
cblr-13005	419	27	,	,	PUNCT
cblr-13005	419	28	the	the	DET
cblr-13005	419	29	more	more	ADV
cblr-13005	419	30	concentrated	concentrated	ADJ
cblr-13005	419	31	positions	position	NOUN
cblr-13005	419	32	they	they	PRON
cblr-13005	419	33	take	take	VERB
cblr-13005	419	34	in	in	ADP
cblr-13005	419	35	portfolio	portfolio	NOUN
cblr-13005	419	36	firms	firm	NOUN
cblr-13005	419	37	and	and	CCONJ
cblr-13005	419	38	the	the	DET
cblr-13005	419	39	compensation	compensation	NOUN
cblr-13005	419	40	structure	structure	NOUN
cblr-13005	419	41	which	which	PRON
cblr-13005	419	42	motivates	motivate	VERB
cblr-13005	419	43	their	their	PRON
cblr-13005	419	44	managers	manager	NOUN
cblr-13005	419	45	.	.	PUNCT
cblr-13005	420	1	mutual	mutual	ADJ
cblr-13005	420	2	fund	fund	NOUN
cblr-13005	420	3	managers	manager	NOUN
cblr-13005	420	4	,	,	PUNCT
cblr-13005	420	5	their	their	PRON
cblr-13005	420	6	argument	argument	NOUN
cblr-13005	420	7	proceeds	proceed	VERB
cblr-13005	420	8	,	,	PUNCT
cblr-13005	420	9	may	may	AUX
cblr-13005	420	10	have	have	VERB
cblr-13005	420	11	sufficient	sufficient	ADJ
cblr-13005	420	12	incentives	incentive	NOUN
cblr-13005	420	13	to	to	PART
cblr-13005	420	14	vote	vote	VERB
cblr-13005	420	15	intelligently	intelligently	ADV
cblr-13005	420	16	on	on	ADP
cblr-13005	420	17	the	the	DET
cblr-13005	420	18	(	(	PUNCT
cblr-13005	420	19	july	july	PROPN
cblr-13005	420	20	25	25	NUM
cblr-13005	420	21	,	,	PUNCT
cblr-13005	420	22	2018	2018	NUM
cblr-13005	420	23	)	)	PUNCT
cblr-13005	420	24	,	,	PUNCT
cblr-13005	420	25	https://clsbluesky.law.columbia.edu/2018/07/25/where-thefisch-hamdani-and-davidoff-solomon-theory-of-passive-investors-goesawry/	https://clsbluesky.law.columbia.edu/2018/07/25/where-thefisch-hamdani-and-davidoff-solomon-theory-of-passive-investors-goesawry/	X
cblr-13005	421	1	[	[	X
cblr-13005	421	2	https://perma.cc/643g-dl6a	https://perma.cc/643g-dl6a	ADP
cblr-13005	421	3	]	]	PUNCT
cblr-13005	421	4	.	.	PUNCT
cblr-13005	422	1	professors	professor	NOUN
cblr-13005	422	2	lucian	lucian	PROPN
cblr-13005	422	3	bebchuk	bebchuk	PROPN
cblr-13005	422	4	and	and	CCONJ
cblr-13005	422	5	scott	scott	PROPN
cblr-13005	422	6	hirst	hirst	PROPN
cblr-13005	422	7	critique	critique	PROPN
cblr-13005	422	8	index	index	NOUN
cblr-13005	422	9	fund	fund	NOUN
cblr-13005	422	10	managers	manager	NOUN
cblr-13005	422	11	for	for	ADP
cblr-13005	422	12	being	be	AUX
cblr-13005	422	13	too	too	ADV
cblr-13005	422	14	passive	passive	ADJ
cblr-13005	422	15	in	in	ADP
cblr-13005	422	16	corporate	corporate	ADJ
cblr-13005	422	17	governance	governance	NOUN
cblr-13005	422	18	and	and	CCONJ
cblr-13005	422	19	propose	propose	VERB
cblr-13005	422	20	a	a	DET
cblr-13005	422	21	variety	variety	NOUN
cblr-13005	422	22	of	of	ADP
cblr-13005	422	23	reforms	reform	NOUN
cblr-13005	422	24	meant	mean	VERB
cblr-13005	422	25	to	to	PART
cblr-13005	422	26	improve	improve	VERB
cblr-13005	422	27	fund	fund	NOUN
cblr-13005	422	28	managers	manager	NOUN
cblr-13005	422	29	’	'	PUNCT
cblr-13005	422	30	efforts	effort	NOUN
cblr-13005	422	31	at	at	ADP
cblr-13005	422	32	policing	police	VERB
cblr-13005	422	33	managerial	managerial	ADJ
cblr-13005	422	34	agency	agency	NOUN
cblr-13005	422	35	costs	cost	NOUN
cblr-13005	422	36	,	,	PUNCT
cblr-13005	422	37	such	such	ADJ
cblr-13005	422	38	as	as	ADP
cblr-13005	422	39	mandated	mandate	VERB
cblr-13005	422	40	investments	investment	NOUN
cblr-13005	422	41	in	in	ADP
cblr-13005	422	42	stewardship	stewardship	NOUN
cblr-13005	422	43	and	and	CCONJ
cblr-13005	422	44	enhanced	enhance	VERB
cblr-13005	422	45	disclosure	disclosure	NOUN
cblr-13005	422	46	about	about	ADP
cblr-13005	422	47	engagement	engagement	NOUN
cblr-13005	422	48	efforts	effort	NOUN
cblr-13005	422	49	with	with	ADP
cblr-13005	422	50	portfolio	portfolio	NOUN
cblr-13005	422	51	firms	firm	NOUN
cblr-13005	422	52	.	.	PUNCT
cblr-13005	423	1	see	see	VERB
cblr-13005	423	2	generally	generally	ADV
cblr-13005	423	3	bebchuk	bebchuk	PROPN
cblr-13005	423	4	&	&	CCONJ
cblr-13005	423	5	hirst	hirst	PROPN
cblr-13005	423	6	,	,	PUNCT
cblr-13005	423	7	index	index	NOUN
cblr-13005	423	8	funds	fund	NOUN
cblr-13005	423	9	and	and	CCONJ
cblr-13005	423	10	the	the	DET
cblr-13005	423	11	future	future	NOUN
cblr-13005	423	12	of	of	ADP
cblr-13005	423	13	corporate	corporate	ADJ
cblr-13005	423	14	governance	governance	NOUN
cblr-13005	423	15	,	,	PUNCT
cblr-13005	423	16	supra	supra	PROPN
cblr-13005	423	17	note	note	NOUN
cblr-13005	423	18	16	16	NUM
cblr-13005	423	19	.	.	PUNCT
cblr-13005	424	1	86	86	NUM
cblr-13005	424	2	see	see	VERB
cblr-13005	424	3	bebchuk	bebchuk	NOUN
cblr-13005	424	4	&	&	CCONJ
cblr-13005	424	5	hirst	hirst	PROPN
cblr-13005	424	6	,	,	PUNCT
cblr-13005	424	7	index	index	NOUN
cblr-13005	424	8	funds	fund	NOUN
cblr-13005	424	9	and	and	CCONJ
cblr-13005	424	10	the	the	DET
cblr-13005	424	11	future	future	NOUN
cblr-13005	424	12	of	of	ADP
cblr-13005	424	13	corporate	corporate	ADJ
cblr-13005	424	14	governance	governance	NOUN
cblr-13005	424	15	,	,	PUNCT
cblr-13005	424	16	supra	supra	PROPN
cblr-13005	424	17	note	note	NOUN
cblr-13005	424	18	16	16	NUM
cblr-13005	424	19	,	,	PUNCT
cblr-13005	424	20	at	at	ADP
cblr-13005	424	21	2102	2102	NUM
cblr-13005	424	22	(	(	PUNCT
cblr-13005	424	23	discussing	discuss	VERB
cblr-13005	424	24	big	big	ADJ
cblr-13005	424	25	three	three	NUM
cblr-13005	424	26	support	support	NOUN
cblr-13005	424	27	for	for	ADP
cblr-13005	424	28	shareholder	shareholder	NOUN
cblr-13005	424	29	proposals	proposal	NOUN
cblr-13005	424	30	calling	call	VERB
cblr-13005	424	31	for	for	ADP
cblr-13005	424	32	governance	governance	NOUN
cblr-13005	424	33	changes	change	NOUN
cblr-13005	424	34	)	)	PUNCT
cblr-13005	424	35	.	.	PUNCT
cblr-13005	425	1	87	87	NUM
cblr-13005	425	2	see	see	VERB
cblr-13005	425	3	,	,	PUNCT
cblr-13005	425	4	e.g.	e.g.	ADV
cblr-13005	425	5	,	,	PUNCT
cblr-13005	425	6	paul	paul	PROPN
cblr-13005	425	7	rose	rise	VERB
cblr-13005	425	8	,	,	PUNCT
cblr-13005	425	9	the	the	DET
cblr-13005	425	10	corporate	corporate	ADJ
cblr-13005	425	11	governance	governance	NOUN
cblr-13005	425	12	industry	industry	NOUN
cblr-13005	425	13	,	,	PUNCT
cblr-13005	425	14	32	32	NUM
cblr-13005	425	15	j.	j.	PROPN
cblr-13005	425	16	corp	corp	PROPN
cblr-13005	425	17	.	.	PROPN
cblr-13005	425	18	l.	l.	PROPN
cblr-13005	425	19	887	887	NUM
cblr-13005	425	20	,	,	PUNCT
cblr-13005	425	21	892	892	NUM
cblr-13005	425	22	(	(	PUNCT
cblr-13005	425	23	2007	2007	NUM
cblr-13005	425	24	)	)	PUNCT
cblr-13005	425	25	(	(	PUNCT
cblr-13005	425	26	warning	warn	VERB
cblr-13005	425	27	of	of	ADP
cblr-13005	425	28	the	the	DET
cblr-13005	425	29	ill	ill	ADJ
cblr-13005	425	30	effects	effect	NOUN
cblr-13005	425	31	of	of	ADP
cblr-13005	425	32	pressuring	pressure	VERB
cblr-13005	425	33	public	public	ADJ
cblr-13005	425	34	companies	company	NOUN
cblr-13005	425	35	“	"	PUNCT
cblr-13005	425	36	to	to	PART
cblr-13005	425	37	adopt	adopt	VERB
cblr-13005	425	38	a	a	DET
cblr-13005	425	39	homogenized	homogenized	ADJ
cblr-13005	425	40	set	set	NOUN
cblr-13005	425	41	of	of	ADP
cblr-13005	425	42	governance	governance	NOUN
cblr-13005	425	43	rules	rule	NOUN
cblr-13005	425	44	which	which	PRON
cblr-13005	425	45	may	may	AUX
cblr-13005	425	46	be	be	AUX
cblr-13005	425	47	ill	ill	ADV
cblr-13005	425	48	-	-	PUNCT
cblr-13005	425	49	suited	suit	VERB
cblr-13005	425	50	to	to	ADP
cblr-13005	425	51	the	the	DET
cblr-13005	425	52	companies	company	NOUN
cblr-13005	425	53	’	’	PART
cblr-13005	425	54	respective	respective	ADJ
cblr-13005	425	55	situations	situation	NOUN
cblr-13005	425	56	”	"	PUNCT
cblr-13005	425	57	)	)	PUNCT
cblr-13005	425	58	;	;	PUNCT
cblr-13005	425	59	k.j	k.j	PROPN
cblr-13005	425	60	.	.	PROPN
cblr-13005	426	1	martijn	martijn	PROPN
cblr-13005	426	2	cremers	cremers	PROPN
cblr-13005	426	3	,	,	PUNCT
cblr-13005	426	4	lubomir	lubomir	PROPN
cblr-13005	426	5	p.	p.	PROPN
cblr-13005	426	6	litov	litov	PROPN
cblr-13005	426	7	&	&	CCONJ
cblr-13005	426	8	simone	simone	PROPN
cblr-13005	426	9	m.	m.	PROPN
cblr-13005	426	10	sepe	sepe	PROPN
cblr-13005	426	11	,	,	PUNCT
cblr-13005	426	12	staggered	staggered	ADJ
cblr-13005	426	13	boards	board	NOUN
cblr-13005	426	14	and	and	CCONJ
cblr-13005	426	15	long	long	ADJ
cblr-13005	426	16	-	-	PUNCT
cblr-13005	426	17	term	term	NOUN
cblr-13005	426	18	firm	firm	ADJ
cblr-13005	426	19	value	value	NOUN
cblr-13005	426	20	,	,	PUNCT
cblr-13005	426	21	revisited	revisit	VERB
cblr-13005	426	22	,	,	PUNCT
cblr-13005	426	23	126	126	NUM
cblr-13005	426	24	j.	j.	PROPN
cblr-13005	426	25	fin	fin	PROPN
cblr-13005	426	26	.	.	PUNCT
cblr-13005	427	1	econ	econ	PROPN
cblr-13005	427	2	.	.	PUNCT
cblr-13005	428	1	422	422	NUM
cblr-13005	428	2	,	,	PUNCT
cblr-13005	428	3	424	424	NUM
cblr-13005	428	4	(	(	PUNCT
cblr-13005	428	5	2017	2017	NUM
cblr-13005	428	6	)	)	PUNCT
cblr-13005	428	7	(	(	PUNCT
cblr-13005	428	8	observing	observe	VERB
cblr-13005	428	9	that	that	SCONJ
cblr-13005	428	10	the	the	DET
cblr-13005	428	11	“	"	PUNCT
cblr-13005	428	12	heterogeneous	heterogeneous	ADJ
cblr-13005	428	13	relation	relation	NOUN
cblr-13005	428	14	of	of	ADP
cblr-13005	428	15	board	board	NOUN
cblr-13005	428	16	structure	structure	NOUN
cblr-13005	428	17	with	with	ADP
cblr-13005	428	18	performance	performance	NOUN
cblr-13005	428	19	.	.	PUNCT
cblr-13005	428	20	.	.	PUNCT
cblr-13005	429	1	.	.	PUNCT
cblr-13005	429	2	indicates	indicate	VERB
cblr-13005	429	3	that	that	SCONJ
cblr-13005	429	4	a	a	DET
cblr-13005	429	5	one	one	NUM
cblr-13005	429	6	-	-	PUNCT
cblr-13005	429	7	sizefits	sizefit	NOUN
cblr-13005	429	8	-	-	PUNCT
cblr-13005	429	9	all	all	DET
cblr-13005	429	10	view	view	NOUN
cblr-13005	429	11	of	of	ADP
cblr-13005	429	12	board	board	NOUN
cblr-13005	429	13	structure	structure	NOUN
cblr-13005	429	14	is	be	AUX
cblr-13005	429	15	not	not	PART
cblr-13005	429	16	supported	support	VERB
cblr-13005	429	17	by	by	ADP
cblr-13005	429	18	the	the	DET
cblr-13005	429	19	data	datum	NOUN
cblr-13005	429	20	”	"	PUNCT
cblr-13005	429	21	)	)	PUNCT
cblr-13005	429	22	.	.	PUNCT
cblr-13005	430	1	88	88	NUM
cblr-13005	430	2	see	see	VERB
cblr-13005	430	3	fisch	fisch	PROPN
cblr-13005	430	4	&	&	CCONJ
cblr-13005	430	5	schwartz	schwartz	PROPN
cblr-13005	430	6	,	,	PUNCT
cblr-13005	430	7	supra	supra	PROPN
cblr-13005	430	8	note	note	PROPN
cblr-13005	430	9	19	19	NUM
cblr-13005	430	10	,	,	PUNCT
cblr-13005	430	11	at	at	ADP
cblr-13005	430	12	21	21	NUM
cblr-13005	430	13	&	&	CCONJ
cblr-13005	430	14	n.105	n.105	PROPN
cblr-13005	430	15	(	(	PUNCT
cblr-13005	430	16	discussing	discuss	VERB
cblr-13005	430	17	this	this	DET
cblr-13005	430	18	evidence	evidence	NOUN
cblr-13005	430	19	)	)	PUNCT
cblr-13005	430	20	.	.	PUNCT
cblr-13005	431	1	346	346	NUM
cblr-13005	431	2	columbia	columbia	PROPN
cblr-13005	431	3	business	business	NOUN
cblr-13005	431	4	law	law	NOUN
cblr-13005	431	5	review	review	NOUN
cblr-13005	432	1	[	[	X
cblr-13005	432	2	vol	vol	NOUN
cblr-13005	432	3	.	.	PUNCT
cblr-13005	433	1	2024	2024	NUM
cblr-13005	433	2	matters	matter	NOUN
cblr-13005	433	3	teed	teed	VERB
cblr-13005	433	4	up	up	ADP
cblr-13005	433	5	by	by	ADP
cblr-13005	433	6	activists	activist	NOUN
cblr-13005	433	7	,	,	PUNCT
cblr-13005	433	8	even	even	ADV
cblr-13005	433	9	if	if	SCONJ
cblr-13005	433	10	they	they	PRON
cblr-13005	433	11	lack	lack	VERB
cblr-13005	433	12	adequate	adequate	ADJ
cblr-13005	433	13	incentives	incentive	NOUN
cblr-13005	433	14	to	to	PART
cblr-13005	433	15	develop	develop	VERB
cblr-13005	433	16	and	and	CCONJ
cblr-13005	433	17	pursue	pursue	VERB
cblr-13005	433	18	the	the	DET
cblr-13005	433	19	interventions	intervention	NOUN
cblr-13005	433	20	on	on	ADP
cblr-13005	433	21	their	their	PRON
cblr-13005	433	22	own.89	own.89	NOUN
cblr-13005	433	23	what	what	PRON
cblr-13005	433	24	does	do	VERB
cblr-13005	433	25	all	all	PRON
cblr-13005	433	26	of	of	ADP
cblr-13005	433	27	this	this	DET
cblr-13005	433	28	mean	mean	NOUN
cblr-13005	433	29	for	for	ADP
cblr-13005	433	30	portfolio	portfolio	NOUN
cblr-13005	433	31	-	-	PUNCT
cblr-13005	433	32	focused	focus	VERB
cblr-13005	433	33	stewardship	stewardship	NOUN
cblr-13005	433	34	?	?	PUNCT
cblr-13005	434	1	at	at	ADP
cblr-13005	434	2	the	the	DET
cblr-13005	434	3	outset	outset	NOUN
cblr-13005	434	4	,	,	PUNCT
cblr-13005	434	5	it	it	PRON
cblr-13005	434	6	challenges	challenge	VERB
cblr-13005	434	7	advocates	advocate	NOUN
cblr-13005	434	8	to	to	PART
cblr-13005	434	9	explain	explain	VERB
cblr-13005	434	10	why	why	SCONJ
cblr-13005	434	11	index	index	NOUN
cblr-13005	434	12	fund	fund	NOUN
cblr-13005	434	13	managers	manager	NOUN
cblr-13005	434	14	would	would	AUX
cblr-13005	434	15	incur	incur	VERB
cblr-13005	434	16	costs	cost	NOUN
cblr-13005	434	17	to	to	PART
cblr-13005	434	18	achieve	achieve	VERB
cblr-13005	434	19	intraportfolio	intraportfolio	ADJ
cblr-13005	434	20	internalization	internalization	NOUN
cblr-13005	434	21	of	of	ADP
cblr-13005	434	22	externalities	externality	NOUN
cblr-13005	434	23	,	,	PUNCT
cblr-13005	434	24	given	give	VERB
cblr-13005	434	25	their	their	PRON
cblr-13005	434	26	perverse	perverse	ADJ
cblr-13005	434	27	incentives	incentive	NOUN
cblr-13005	434	28	for	for	ADP
cblr-13005	434	29	passivity	passivity	NOUN
cblr-13005	434	30	and	and	CCONJ
cblr-13005	434	31	managerial	managerial	ADJ
cblr-13005	434	32	deference	deference	NOUN
cblr-13005	434	33	.	.	PUNCT
cblr-13005	435	1	notably	notably	ADV
cblr-13005	435	2	,	,	PUNCT
cblr-13005	435	3	judging	judge	VERB
cblr-13005	435	4	whether	whether	SCONJ
cblr-13005	435	5	certain	certain	ADJ
cblr-13005	435	6	corporate	corporate	ADJ
cblr-13005	435	7	governance	governance	NOUN
cblr-13005	435	8	features	feature	NOUN
cblr-13005	435	9	are	be	AUX
cblr-13005	435	10	likely	likely	ADJ
cblr-13005	435	11	(	(	PUNCT
cblr-13005	435	12	at	at	ADP
cblr-13005	435	13	least	least	ADJ
cblr-13005	435	14	on	on	ADP
cblr-13005	435	15	average	average	ADJ
cblr-13005	435	16	)	)	PUNCT
cblr-13005	435	17	to	to	PART
cblr-13005	435	18	increase	increase	VERB
cblr-13005	435	19	firm	firm	ADJ
cblr-13005	435	20	value	value	NOUN
cblr-13005	435	21	,	,	PUNCT
cblr-13005	435	22	or	or	CCONJ
cblr-13005	435	23	whether	whether	SCONJ
cblr-13005	435	24	an	an	DET
cblr-13005	435	25	activist	activist	ADJ
cblr-13005	435	26	hedge	hedge	NOUN
cblr-13005	435	27	fund	fund	PROPN
cblr-13005	435	28	’s	’s	PART
cblr-13005	435	29	plan	plan	NOUN
cblr-13005	435	30	for	for	ADP
cblr-13005	435	31	a	a	DET
cblr-13005	435	32	particular	particular	ADJ
cblr-13005	435	33	company	company	NOUN
cblr-13005	435	34	is	be	AUX
cblr-13005	435	35	better	well	ADJ
cblr-13005	435	36	than	than	ADP
cblr-13005	435	37	the	the	DET
cblr-13005	435	38	plan	plan	NOUN
cblr-13005	435	39	of	of	ADP
cblr-13005	435	40	the	the	DET
cblr-13005	435	41	firm	firm	NOUN
cblr-13005	435	42	’s	’s	PART
cblr-13005	435	43	managers	manager	NOUN
cblr-13005	435	44	,	,	PUNCT
cblr-13005	435	45	will	will	AUX
cblr-13005	435	46	typically	typically	ADV
cblr-13005	435	47	be	be	AUX
cblr-13005	435	48	far	far	ADV
cblr-13005	435	49	easier	easy	ADJ
cblr-13005	435	50	than	than	ADP
cblr-13005	435	51	crafting	craft	VERB
cblr-13005	435	52	or	or	CCONJ
cblr-13005	435	53	judging	judge	VERB
cblr-13005	435	54	internalization	internalization	NOUN
cblr-13005	435	55	policies	policy	NOUN
cblr-13005	435	56	that	that	PRON
cblr-13005	435	57	will	will	AUX
cblr-13005	435	58	govern	govern	VERB
cblr-13005	435	59	an	an	DET
cblr-13005	435	60	index	index	NOUN
cblr-13005	435	61	fund	fund	NOUN
cblr-13005	435	62	’s	’s	PART
cblr-13005	435	63	entire	entire	ADJ
cblr-13005	435	64	portfolio	portfolio	NOUN
cblr-13005	435	65	,	,	PUNCT
cblr-13005	435	66	the	the	DET
cblr-13005	435	67	complexities	complexity	NOUN
cblr-13005	435	68	of	of	ADP
cblr-13005	435	69	which	which	PRON
cblr-13005	435	70	are	be	AUX
cblr-13005	435	71	discussed	discuss	VERB
cblr-13005	435	72	in	in	ADP
cblr-13005	435	73	section	section	NOUN
cblr-13005	435	74	iii.c	iii.c	PROPN
cblr-13005	435	75	.	.	PUNCT
cblr-13005	436	1	moreover	moreover	ADV
cblr-13005	436	2	,	,	PUNCT
cblr-13005	436	3	the	the	DET
cblr-13005	436	4	stakes	stake	NOUN
cblr-13005	436	5	to	to	ADP
cblr-13005	436	6	portfolio	portfolio	NOUN
cblr-13005	436	7	value	value	NOUN
cblr-13005	436	8	of	of	ADP
cblr-13005	436	9	getting	get	VERB
cblr-13005	436	10	those	those	DET
cblr-13005	436	11	answers	answer	NOUN
cblr-13005	436	12	wrong	wrong	ADJ
cblr-13005	436	13	would	would	AUX
cblr-13005	436	14	seem	seem	VERB
cblr-13005	436	15	to	to	PART
cblr-13005	436	16	be	be	AUX
cblr-13005	436	17	far	far	ADV
cblr-13005	436	18	less	less	ADJ
cblr-13005	436	19	than	than	ADP
cblr-13005	436	20	with	with	ADP
cblr-13005	436	21	respect	respect	NOUN
cblr-13005	436	22	to	to	ADP
cblr-13005	436	23	portfolio	portfolio	NOUN
cblr-13005	436	24	-	-	PUNCT
cblr-13005	436	25	focused	focus	VERB
cblr-13005	436	26	stewardship	stewardship	NOUN
cblr-13005	436	27	interventions	intervention	NOUN
cblr-13005	436	28	that	that	PRON
cblr-13005	436	29	induce	induce	VERB
cblr-13005	436	30	portfolio	portfolio	NOUN
cblr-13005	436	31	-	-	PUNCT
cblr-13005	436	32	wide	wide	ADJ
cblr-13005	436	33	changes	change	NOUN
cblr-13005	436	34	in	in	ADP
cblr-13005	436	35	operational	operational	ADJ
cblr-13005	436	36	business	business	NOUN
cblr-13005	436	37	practice	practice	NOUN
cblr-13005	436	38	.	.	PUNCT
cblr-13005	437	1	yet	yet	ADV
cblr-13005	437	2	even	even	ADV
cblr-13005	437	3	with	with	ADP
cblr-13005	437	4	respect	respect	NOUN
cblr-13005	437	5	to	to	ADP
cblr-13005	437	6	these	these	DET
cblr-13005	437	7	traditional	traditional	ADJ
cblr-13005	437	8	efforts	effort	NOUN
cblr-13005	437	9	,	,	PUNCT
cblr-13005	437	10	index	index	NOUN
cblr-13005	437	11	funds	fund	NOUN
cblr-13005	437	12	have	have	VERB
cblr-13005	437	13	staunch	staunch	ADJ
cblr-13005	437	14	critics	critic	NOUN
cblr-13005	437	15	.	.	PUNCT
cblr-13005	438	1	why	why	SCONJ
cblr-13005	438	2	then	then	ADV
cblr-13005	438	3	should	should	AUX
cblr-13005	438	4	we	we	PRON
cblr-13005	438	5	expect	expect	VERB
cblr-13005	438	6	them	they	PRON
cblr-13005	438	7	to	to	PART
cblr-13005	438	8	take	take	VERB
cblr-13005	438	9	up	up	ADP
cblr-13005	438	10	the	the	DET
cblr-13005	438	11	mantle	mantle	NOUN
cblr-13005	438	12	of	of	ADP
cblr-13005	438	13	portfolio	portfolio	NOUN
cblr-13005	438	14	-	-	PUNCT
cblr-13005	438	15	focused	focus	VERB
cblr-13005	438	16	stewardship	stewardship	NOUN
cblr-13005	438	17	and	and	CCONJ
cblr-13005	438	18	,	,	PUNCT
cblr-13005	438	19	more	more	ADV
cblr-13005	438	20	importantly	importantly	ADV
cblr-13005	438	21	,	,	PUNCT
cblr-13005	438	22	do	do	VERB
cblr-13005	438	23	it	it	PRON
cblr-13005	438	24	well	well	ADV
cblr-13005	438	25	?	?	PUNCT
cblr-13005	439	1	professors	professor	NOUN
cblr-13005	439	2	gordon	gordon	PROPN
cblr-13005	439	3	and	and	CCONJ
cblr-13005	439	4	coffee	coffee	NOUN
cblr-13005	439	5	partially	partially	ADV
cblr-13005	439	6	address	address	VERB
cblr-13005	439	7	this	this	DET
cblr-13005	439	8	question	question	NOUN
cblr-13005	439	9	.	.	PUNCT
cblr-13005	440	1	professor	professor	NOUN
cblr-13005	440	2	gordon	gordon	PROPN
cblr-13005	440	3	,	,	PUNCT
cblr-13005	440	4	for	for	ADP
cblr-13005	440	5	example	example	NOUN
cblr-13005	440	6	,	,	PUNCT
cblr-13005	440	7	acknowledges	acknowledge	VERB
cblr-13005	440	8	that	that	SCONJ
cblr-13005	440	9	index	index	NOUN
cblr-13005	440	10	fund	fund	NOUN
cblr-13005	440	11	managers	manager	NOUN
cblr-13005	440	12	’	'	PUNCT
cblr-13005	440	13	incentives	incentive	NOUN
cblr-13005	440	14	generally	generally	ADV
cblr-13005	440	15	bias	bias	VERB
cblr-13005	440	16	them	they	PRON
cblr-13005	440	17	toward	toward	ADP
cblr-13005	440	18	passivity	passivity	NOUN
cblr-13005	440	19	but	but	CCONJ
cblr-13005	440	20	argues	argue	VERB
cblr-13005	440	21	that	that	SCONJ
cblr-13005	440	22	some	some	DET
cblr-13005	440	23	portfolio	portfolio	NOUN
cblr-13005	440	24	-	-	PUNCT
cblr-13005	440	25	focused	focus	VERB
cblr-13005	440	26	stewardship	stewardship	NOUN
cblr-13005	440	27	interventions	intervention	NOUN
cblr-13005	440	28	could	could	AUX
cblr-13005	440	29	be	be	AUX
cblr-13005	440	30	“	"	PUNCT
cblr-13005	440	31	incentive	incentive	ADJ
cblr-13005	440	32	compatible	compatible	ADJ
cblr-13005	440	33	”	"	PUNCT
cblr-13005	440	34	because	because	SCONJ
cblr-13005	440	35	of	of	ADP
cblr-13005	440	36	their	their	PRON
cblr-13005	440	37	expected	expect	VERB
cblr-13005	440	38	impact	impact	NOUN
cblr-13005	440	39	on	on	ADP
cblr-13005	440	40	risk	risk	NOUN
cblr-13005	440	41	-	-	PUNCT
cblr-13005	440	42	adjusted	adjust	VERB
cblr-13005	440	43	portfolio	portfolio	NOUN
cblr-13005	440	44	value.90	value.90	ADV
cblr-13005	440	45	in	in	ADP
cblr-13005	440	46	other	other	ADJ
cblr-13005	440	47	words	word	NOUN
cblr-13005	440	48	,	,	PUNCT
cblr-13005	440	49	some	some	DET
cblr-13005	440	50	interventions	intervention	NOUN
cblr-13005	440	51	may	may	AUX
cblr-13005	440	52	be	be	AUX
cblr-13005	440	53	expected	expect	VERB
cblr-13005	440	54	to	to	PART
cblr-13005	440	55	increase	increase	VERB
cblr-13005	440	56	the	the	DET
cblr-13005	440	57	index	index	NOUN
cblr-13005	440	58	fund	fund	NOUN
cblr-13005	440	59	manager	manager	NOUN
cblr-13005	440	60	’s	’s	PART
cblr-13005	440	61	compensation	compensation	NOUN
cblr-13005	440	62	by	by	ADP
cblr-13005	440	63	increasing	increase	VERB
cblr-13005	440	64	the	the	DET
cblr-13005	440	65	value	value	NOUN
cblr-13005	440	66	of	of	ADP
cblr-13005	440	67	assets	asset	NOUN
cblr-13005	440	68	under	under	ADP
cblr-13005	440	69	management	management	NOUN
cblr-13005	440	70	enough	enough	ADV
cblr-13005	440	71	to	to	PART
cblr-13005	440	72	make	make	VERB
cblr-13005	440	73	the	the	DET
cblr-13005	440	74	costs	cost	NOUN
cblr-13005	440	75	of	of	ADP
cblr-13005	440	76	pursuing	pursue	VERB
cblr-13005	440	77	the	the	DET
cblr-13005	440	78	intervention	intervention	NOUN
cblr-13005	440	79	rational.91	rational.91	PROPN
cblr-13005	440	80	he	he	PRON
cblr-13005	440	81	also	also	ADV
cblr-13005	440	82	points	point	VERB
cblr-13005	440	83	out	out	ADP
cblr-13005	440	84	that	that	SCONJ
cblr-13005	440	85	just	just	ADV
cblr-13005	440	86	as	as	SCONJ
cblr-13005	440	87	the	the	DET
cblr-13005	440	88	work	work	NOUN
cblr-13005	440	89	of	of	ADP
cblr-13005	440	90	activist	activist	ADJ
cblr-13005	440	91	hedge	hedge	NOUN
cblr-13005	440	92	funds	fund	NOUN
cblr-13005	440	93	lowers	lower	VERB
cblr-13005	440	94	the	the	DET
cblr-13005	440	95	cost	cost	NOUN
cblr-13005	440	96	to	to	ADP
cblr-13005	440	97	index	index	NOUN
cblr-13005	440	98	fund	fund	NOUN
cblr-13005	440	99	managers	manager	NOUN
cblr-13005	440	100	of	of	ADP
cblr-13005	440	101	firm	firm	ADJ
cblr-13005	440	102	-	-	PUNCT
cblr-13005	440	103	focused	focus	VERB
cblr-13005	440	104	stewardship	stewardship	NOUN
cblr-13005	440	105	interventions	intervention	NOUN
cblr-13005	440	106	,	,	PUNCT
cblr-13005	440	107	so	so	ADV
cblr-13005	440	108	too	too	ADV
cblr-13005	440	109	can	can	AUX
cblr-13005	440	110	the	the	DET
cblr-13005	440	111	work	work	NOUN
cblr-13005	440	112	of	of	ADP
cblr-13005	440	113	esg	esg	NOUN
cblr-13005	440	114	activists	activist	NOUN
cblr-13005	440	115	when	when	SCONJ
cblr-13005	440	116	it	it	PRON
cblr-13005	440	117	comes	come	VERB
cblr-13005	440	118	to	to	ADP
cblr-13005	440	119	portfolio	portfolio	PROPN
cblr-13005	440	120	89	89	NUM
cblr-13005	440	121	ronald	ronald	PROPN
cblr-13005	440	122	j.	j.	PROPN
cblr-13005	440	123	gilson	gilson	PROPN
cblr-13005	440	124	&	&	CCONJ
cblr-13005	440	125	jeffrey	jeffrey	PROPN
cblr-13005	440	126	n.	n.	PROPN
cblr-13005	440	127	gordon	gordon	PROPN
cblr-13005	440	128	,	,	PUNCT
cblr-13005	440	129	the	the	DET
cblr-13005	440	130	agency	agency	NOUN
cblr-13005	440	131	costs	cost	NOUN
cblr-13005	440	132	of	of	ADP
cblr-13005	440	133	agency	agency	NOUN
cblr-13005	440	134	capitalism	capitalism	NOUN
cblr-13005	440	135	:	:	PUNCT
cblr-13005	440	136	activist	activist	ADJ
cblr-13005	440	137	investors	investor	NOUN
cblr-13005	440	138	and	and	CCONJ
cblr-13005	440	139	the	the	DET
cblr-13005	440	140	revaluation	revaluation	NOUN
cblr-13005	440	141	of	of	ADP
cblr-13005	440	142	governance	governance	NOUN
cblr-13005	440	143	rights	right	NOUN
cblr-13005	440	144	,	,	PUNCT
cblr-13005	440	145	113	113	NUM
cblr-13005	440	146	colum	colum	NOUN
cblr-13005	440	147	.	.	PUNCT
cblr-13005	441	1	l.	l.	PROPN
cblr-13005	441	2	rev	rev	PROPN
cblr-13005	441	3	.	.	PROPN
cblr-13005	441	4	863	863	NUM
cblr-13005	441	5	,	,	PUNCT
cblr-13005	441	6	896–902	896–902	NUM
cblr-13005	441	7	(	(	PUNCT
cblr-13005	441	8	2013	2013	NUM
cblr-13005	441	9	)	)	PUNCT
cblr-13005	441	10	.	.	PUNCT
cblr-13005	442	1	90	90	NUM
cblr-13005	442	2	gordon	gordon	PROPN
cblr-13005	442	3	,	,	PUNCT
cblr-13005	442	4	supra	supra	PROPN
cblr-13005	442	5	note	note	PROPN
cblr-13005	442	6	38	38	NUM
cblr-13005	442	7	,	,	PUNCT
cblr-13005	442	8	at	at	ADP
cblr-13005	442	9	647–48	647–48	NUM
cblr-13005	442	10	.	.	PUNCT
cblr-13005	443	1	91	91	NUM
cblr-13005	443	2	see	see	VERB
cblr-13005	443	3	supra	supra	PROPN
cblr-13005	443	4	note	note	PROPN
cblr-13005	443	5	65	65	NUM
cblr-13005	443	6	.	.	PUNCT
cblr-13005	444	1	no	no	INTJ
cblr-13005	444	2	.	.	NOUN
cblr-13005	445	1	1	1	NUM
cblr-13005	445	2	]	]	PUNCT
cblr-13005	445	3	a	a	DET
cblr-13005	445	4	hard	hard	ADJ
cblr-13005	445	5	look	look	NOUN
cblr-13005	445	6	at	at	ADP
cblr-13005	445	7	portfolio	portfolio	NOUN
cblr-13005	445	8	focused	focused	ADJ
cblr-13005	445	9	stewardship	stewardship	NOUN
cblr-13005	445	10	347	347	NUM
cblr-13005	445	11	focused	focus	VERB
cblr-13005	445	12	stewardship	stewardship	NOUN
cblr-13005	445	13	interventions.92	interventions.92	PROPN
cblr-13005	445	14	professor	professor	PROPN
cblr-13005	445	15	coffee	coffee	NOUN
cblr-13005	445	16	also	also	ADV
cblr-13005	445	17	points	point	VERB
cblr-13005	445	18	to	to	ADP
cblr-13005	445	19	investor	investor	NOUN
cblr-13005	445	20	coalitions	coalition	NOUN
cblr-13005	445	21	as	as	ADP
cblr-13005	445	22	a	a	DET
cblr-13005	445	23	way	way	NOUN
cblr-13005	445	24	for	for	SCONJ
cblr-13005	445	25	index	index	NOUN
cblr-13005	445	26	fund	fund	NOUN
cblr-13005	445	27	managers	manager	NOUN
cblr-13005	445	28	to	to	PART
cblr-13005	445	29	overcome	overcome	VERB
cblr-13005	445	30	collective	collective	ADJ
cblr-13005	445	31	action	action	NOUN
cblr-13005	445	32	problems.93	problems.93	NOUN
cblr-13005	445	33	the	the	DET
cblr-13005	445	34	foregoing	forego	VERB
cblr-13005	445	35	logic	logic	NOUN
cblr-13005	445	36	is	be	AUX
cblr-13005	445	37	sound	sound	ADJ
cblr-13005	445	38	,	,	PUNCT
cblr-13005	445	39	but	but	CCONJ
cblr-13005	445	40	how	how	SCONJ
cblr-13005	445	41	often	often	ADV
cblr-13005	445	42	in	in	ADP
cblr-13005	445	43	practice	practice	NOUN
cblr-13005	445	44	will	will	AUX
cblr-13005	445	45	the	the	DET
cblr-13005	445	46	increase	increase	NOUN
cblr-13005	445	47	in	in	ADP
cblr-13005	445	48	compensation	compensation	NOUN
cblr-13005	445	49	expected	expect	VERB
cblr-13005	445	50	by	by	ADP
cblr-13005	445	51	virtue	virtue	NOUN
cblr-13005	445	52	of	of	ADP
cblr-13005	445	53	a	a	DET
cblr-13005	445	54	stewardship	stewardship	NOUN
cblr-13005	445	55	intervention	intervention	NOUN
cblr-13005	445	56	’s	’s	PART
cblr-13005	445	57	impact	impact	NOUN
cblr-13005	445	58	on	on	ADP
cblr-13005	445	59	portfolio	portfolio	NOUN
cblr-13005	445	60	value	value	NOUN
cblr-13005	445	61	outweigh	outweigh	VERB
cblr-13005	445	62	the	the	DET
cblr-13005	445	63	private	private	ADJ
cblr-13005	445	64	costs	cost	NOUN
cblr-13005	445	65	fund	fund	NOUN
cblr-13005	445	66	managers	manager	NOUN
cblr-13005	445	67	would	would	AUX
cblr-13005	445	68	incur	incur	VERB
cblr-13005	445	69	to	to	PART
cblr-13005	445	70	pursue	pursue	VERB
cblr-13005	445	71	it	it	PRON
cblr-13005	445	72	?	?	PUNCT
cblr-13005	446	1	there	there	PRON
cblr-13005	446	2	are	be	VERB
cblr-13005	446	3	reasons	reason	NOUN
cblr-13005	446	4	to	to	PART
cblr-13005	446	5	doubt	doubt	VERB
cblr-13005	446	6	that	that	SCONJ
cblr-13005	446	7	esg	esg	PROPN
cblr-13005	446	8	activists	activist	NOUN
cblr-13005	446	9	will	will	AUX
cblr-13005	446	10	be	be	AUX
cblr-13005	446	11	as	as	ADV
cblr-13005	446	12	helpful	helpful	ADJ
cblr-13005	446	13	in	in	ADP
cblr-13005	446	14	producing	produce	VERB
cblr-13005	446	15	useful	useful	ADJ
cblr-13005	446	16	information	information	NOUN
cblr-13005	446	17	for	for	ADP
cblr-13005	446	18	index	index	NOUN
cblr-13005	446	19	fund	fund	NOUN
cblr-13005	446	20	managers	manager	NOUN
cblr-13005	446	21	confronted	confront	VERB
cblr-13005	446	22	with	with	ADP
cblr-13005	446	23	a	a	DET
cblr-13005	446	24	decision	decision	NOUN
cblr-13005	446	25	on	on	ADP
cblr-13005	446	26	a	a	DET
cblr-13005	446	27	portfolio	portfolio	NOUN
cblr-13005	446	28	-	-	PUNCT
cblr-13005	446	29	focused	focus	VERB
cblr-13005	446	30	stewardship	stewardship	NOUN
cblr-13005	446	31	matter	matter	NOUN
cblr-13005	446	32	as	as	SCONJ
cblr-13005	446	33	activist	activist	ADJ
cblr-13005	446	34	hedge	hedge	NOUN
cblr-13005	446	35	funds	fund	NOUN
cblr-13005	446	36	are	be	AUX
cblr-13005	446	37	with	with	ADP
cblr-13005	446	38	respect	respect	NOUN
cblr-13005	446	39	to	to	ADP
cblr-13005	446	40	decisions	decision	NOUN
cblr-13005	446	41	on	on	ADP
cblr-13005	446	42	firm	firm	ADJ
cblr-13005	446	43	specific	specific	ADJ
cblr-13005	446	44	performance	performance	NOUN
cblr-13005	446	45	issues	issue	NOUN
cblr-13005	446	46	.	.	PUNCT
cblr-13005	447	1	socially	socially	ADV
cblr-13005	447	2	motivated	motivated	ADJ
cblr-13005	447	3	esg	esg	PROPN
cblr-13005	447	4	activists	activist	NOUN
cblr-13005	447	5	can	can	AUX
cblr-13005	447	6	be	be	AUX
cblr-13005	447	7	expected	expect	VERB
cblr-13005	447	8	to	to	PART
cblr-13005	447	9	advocate	advocate	VERB
cblr-13005	447	10	for	for	ADP
cblr-13005	447	11	stewardship	stewardship	NOUN
cblr-13005	447	12	policies	policy	NOUN
cblr-13005	447	13	that	that	PRON
cblr-13005	447	14	advance	advance	VERB
cblr-13005	447	15	their	their	PRON
cblr-13005	447	16	vision	vision	NOUN
cblr-13005	447	17	of	of	ADP
cblr-13005	447	18	what	what	PRON
cblr-13005	447	19	is	be	AUX
cblr-13005	447	20	in	in	ADP
cblr-13005	447	21	the	the	DET
cblr-13005	447	22	social	social	ADJ
cblr-13005	447	23	interest	interest	NOUN
cblr-13005	447	24	,	,	PUNCT
cblr-13005	447	25	but	but	CCONJ
cblr-13005	447	26	what	what	PRON
cblr-13005	447	27	(	(	PUNCT
cblr-13005	447	28	in	in	ADP
cblr-13005	447	29	the	the	DET
cblr-13005	447	30	activist	activist	NOUN
cblr-13005	447	31	’s	’s	PART
cblr-13005	447	32	view	view	NOUN
cblr-13005	447	33	)	)	PUNCT
cblr-13005	447	34	is	be	AUX
cblr-13005	447	35	in	in	ADP
cblr-13005	447	36	the	the	DET
cblr-13005	447	37	social	social	ADJ
cblr-13005	447	38	interest	interest	NOUN
cblr-13005	447	39	may	may	AUX
cblr-13005	447	40	conflict	conflict	VERB
cblr-13005	447	41	with	with	ADP
cblr-13005	447	42	what	what	PRON
cblr-13005	447	43	is	be	AUX
cblr-13005	447	44	portfolio	portfolio	NOUN
cblr-13005	447	45	-	-	PUNCT
cblr-13005	447	46	value	value	NOUN
cblr-13005	447	47	maximizing.94	maximizing.94	PROPN
cblr-13005	447	48	esg	esg	NOUN
cblr-13005	447	49	activists	activist	NOUN
cblr-13005	447	50	seeking	seek	VERB
cblr-13005	447	51	to	to	ADP
cblr-13005	447	52	court	court	NOUN
cblr-13005	447	53	index	index	NOUN
cblr-13005	447	54	fund	fund	NOUN
cblr-13005	447	55	support	support	NOUN
cblr-13005	447	56	will	will	AUX
cblr-13005	447	57	portray	portray	VERB
cblr-13005	447	58	their	their	PRON
cblr-13005	447	59	preferred	preferred	ADJ
cblr-13005	447	60	interventions	intervention	NOUN
cblr-13005	447	61	as	as	ADP
cblr-13005	447	62	portfolio	portfolio	NOUN
cblr-13005	447	63	-	-	PUNCT
cblr-13005	447	64	value	value	NOUN
cblr-13005	447	65	maximizing	maximizing	NOUN
cblr-13005	447	66	,	,	PUNCT
cblr-13005	447	67	but	but	CCONJ
cblr-13005	447	68	index	index	NOUN
cblr-13005	447	69	fund	fund	NOUN
cblr-13005	447	70	managers	manager	NOUN
cblr-13005	447	71	faithful	faithful	ADJ
cblr-13005	447	72	to	to	ADP
cblr-13005	447	73	the	the	DET
cblr-13005	447	74	notion	notion	NOUN
cblr-13005	447	75	of	of	ADP
cblr-13005	447	76	portfolio	portfolio	NOUN
cblr-13005	447	77	-	-	PUNCT
cblr-13005	447	78	value	value	NOUN
cblr-13005	447	79	maximization	maximization	NOUN
cblr-13005	447	80	would	would	AUX
cblr-13005	447	81	place	place	VERB
cblr-13005	447	82	little	little	ADJ
cblr-13005	447	83	stock	stock	NOUN
cblr-13005	447	84	in	in	ADP
cblr-13005	447	85	their	their	PRON
cblr-13005	447	86	representations	representation	NOUN
cblr-13005	447	87	.	.	PUNCT
cblr-13005	448	1	activist	activist	ADJ
cblr-13005	448	2	hedge	hedge	NOUN
cblr-13005	448	3	funds	fund	NOUN
cblr-13005	448	4	,	,	PUNCT
cblr-13005	448	5	by	by	ADP
cblr-13005	448	6	contrast	contrast	NOUN
cblr-13005	448	7	,	,	PUNCT
cblr-13005	448	8	take	take	VERB
cblr-13005	448	9	actions	action	NOUN
cblr-13005	448	10	that	that	SCONJ
cblr-13005	448	11	they	they	PRON
cblr-13005	448	12	hope	hope	VERB
cblr-13005	448	13	will	will	AUX
cblr-13005	448	14	increase	increase	VERB
cblr-13005	448	15	a	a	DET
cblr-13005	448	16	targeted	target	VERB
cblr-13005	448	17	firm	firm	NOUN
cblr-13005	448	18	’s	’s	PART
cblr-13005	448	19	value	value	NOUN
cblr-13005	448	20	,	,	PUNCT
cblr-13005	448	21	something	something	PRON
cblr-13005	448	22	that	that	PRON
cblr-13005	448	23	is	be	AUX
cblr-13005	448	24	naturally	naturally	ADV
cblr-13005	448	25	aligned	align	VERB
cblr-13005	448	26	with	with	ADP
cblr-13005	448	27	the	the	DET
cblr-13005	448	28	interests	interest	NOUN
cblr-13005	448	29	of	of	ADP
cblr-13005	448	30	financially	financially	ADV
cblr-13005	448	31	motivated	motivated	ADJ
cblr-13005	448	32	diversified	diversified	ADJ
cblr-13005	448	33	investors	investor	NOUN
cblr-13005	448	34	.	.	PUNCT
cblr-13005	449	1	to	to	PART
cblr-13005	449	2	be	be	AUX
cblr-13005	449	3	sure	sure	ADJ
cblr-13005	449	4	,	,	PUNCT
cblr-13005	449	5	activist	activist	ADJ
cblr-13005	449	6	hedge	hedge	NOUN
cblr-13005	449	7	funds	fund	NOUN
cblr-13005	449	8	have	have	AUX
cblr-13005	449	9	been	be	AUX
cblr-13005	449	10	accused	accuse	VERB
cblr-13005	449	11	of	of	ADP
cblr-13005	449	12	advocating	advocate	VERB
cblr-13005	449	13	for	for	ADP
cblr-13005	449	14	changes	change	NOUN
cblr-13005	449	15	that	that	PRON
cblr-13005	449	16	destroy	destroy	VERB
cblr-13005	449	17	long	long	ADJ
cblr-13005	449	18	-	-	PUNCT
cblr-13005	449	19	term	term	NOUN
cblr-13005	449	20	firm	firm	ADJ
cblr-13005	449	21	value	value	NOUN
cblr-13005	449	22	in	in	ADP
cblr-13005	449	23	pursuit	pursuit	NOUN
cblr-13005	449	24	of	of	ADP
cblr-13005	449	25	shortterm	shortterm	PROPN
cblr-13005	449	26	price	price	NOUN
cblr-13005	449	27	effects,95	effects,95	ADJ
cblr-13005	449	28	but	but	CCONJ
cblr-13005	449	29	it	it	PRON
cblr-13005	449	30	should	should	AUX
cblr-13005	449	31	be	be	AUX
cblr-13005	449	32	far	far	ADV
cblr-13005	449	33	easier	easy	ADJ
cblr-13005	449	34	for	for	SCONJ
cblr-13005	449	35	index	index	NOUN
cblr-13005	449	36	fund	fund	NOUN
cblr-13005	449	37	managers	manager	NOUN
cblr-13005	449	38	to	to	PART
cblr-13005	449	39	assess	assess	VERB
cblr-13005	449	40	whether	whether	SCONJ
cblr-13005	449	41	a	a	DET
cblr-13005	449	42	hedge	hedge	NOUN
cblr-13005	449	43	fund	fund	NOUN
cblr-13005	449	44	’s	’s	PART
cblr-13005	449	45	strategy	strategy	NOUN
cblr-13005	449	46	is	be	AUX
cblr-13005	449	47	likely	likely	ADJ
cblr-13005	449	48	to	to	PART
cblr-13005	449	49	produce	produce	VERB
cblr-13005	449	50	lasting	last	VERB
cblr-13005	449	51	positive	positive	ADJ
cblr-13005	449	52	effects	effect	NOUN
cblr-13005	449	53	on	on	ADP
cblr-13005	449	54	firm	firm	ADJ
cblr-13005	449	55	value	value	NOUN
cblr-13005	449	56	than	than	SCONJ
cblr-13005	449	57	it	it	PRON
cblr-13005	449	58	is	be	AUX
cblr-13005	449	59	to	to	PART
cblr-13005	449	60	determine	determine	VERB
cblr-13005	449	61	the	the	DET
cblr-13005	449	62	effects	effect	NOUN
cblr-13005	449	63	of	of	ADP
cblr-13005	449	64	a	a	DET
cblr-13005	449	65	portfolio	portfolio	NOUN
cblr-13005	449	66	-	-	PUNCT
cblr-13005	449	67	focused	focus	VERB
cblr-13005	449	68	stewardship	stewardship	NOUN
cblr-13005	449	69	92	92	NUM
cblr-13005	449	70	gordon	gordon	PROPN
cblr-13005	449	71	,	,	PUNCT
cblr-13005	449	72	supra	supra	PROPN
cblr-13005	449	73	note	note	PROPN
cblr-13005	449	74	38	38	NUM
cblr-13005	449	75	,	,	PUNCT
cblr-13005	449	76	at	at	ADP
cblr-13005	449	77	660	660	NUM
cblr-13005	449	78	.	.	PUNCT
cblr-13005	450	1	93	93	NUM
cblr-13005	450	2	coffee	coffee	NOUN
cblr-13005	450	3	,	,	PUNCT
cblr-13005	450	4	jr	jr	PROPN
cblr-13005	450	5	.	.	PROPN
cblr-13005	450	6	,	,	PUNCT
cblr-13005	450	7	supra	supra	PROPN
cblr-13005	450	8	note	note	PROPN
cblr-13005	450	9	37	37	NUM
cblr-13005	450	10	,	,	PUNCT
cblr-13005	450	11	at	at	ADP
cblr-13005	450	12	62–63	62–63	NUM
cblr-13005	450	13	;	;	PUNCT
cblr-13005	450	14	see	see	VERB
cblr-13005	450	15	also	also	ADV
cblr-13005	450	16	gordon	gordon	PROPN
cblr-13005	450	17	,	,	PUNCT
cblr-13005	450	18	supra	supra	PROPN
cblr-13005	450	19	note	note	PROPN
cblr-13005	450	20	38	38	NUM
cblr-13005	450	21	,	,	PUNCT
cblr-13005	450	22	at	at	ADP
cblr-13005	450	23	665	665	NUM
cblr-13005	450	24	.	.	PUNCT
cblr-13005	451	1	94	94	NUM
cblr-13005	451	2	see	see	VERB
cblr-13005	451	3	,	,	PUNCT
cblr-13005	451	4	e.g.	e.g.	ADV
cblr-13005	451	5	,	,	PUNCT
cblr-13005	451	6	tallarita	tallarita	PROPN
cblr-13005	451	7	,	,	PUNCT
cblr-13005	451	8	supra	supra	PROPN
cblr-13005	451	9	note	note	PROPN
cblr-13005	451	10	15	15	NUM
cblr-13005	451	11	,	,	PUNCT
cblr-13005	451	12	at	at	ADP
cblr-13005	451	13	537	537	NUM
cblr-13005	451	14	(	(	PUNCT
cblr-13005	451	15	cataloguing	catalogue	VERB
cblr-13005	451	16	how	how	SCONJ
cblr-13005	451	17	index	index	NOUN
cblr-13005	451	18	funds	fund	NOUN
cblr-13005	451	19	—	—	PUNCT
cblr-13005	451	20	which	which	PRON
cblr-13005	451	21	are	be	AUX
cblr-13005	451	22	heavily	heavily	ADV
cblr-13005	451	23	weighted	weight	VERB
cblr-13005	451	24	toward	toward	ADP
cblr-13005	451	25	american	american	ADJ
cblr-13005	451	26	public	public	ADJ
cblr-13005	451	27	companies	company	NOUN
cblr-13005	451	28	—	—	PUNCT
cblr-13005	451	29	internalize	internalize	VERB
cblr-13005	451	30	only	only	ADV
cblr-13005	451	31	a	a	DET
cblr-13005	451	32	small	small	ADJ
cblr-13005	451	33	fraction	fraction	NOUN
cblr-13005	451	34	of	of	ADP
cblr-13005	451	35	climate	climate	NOUN
cblr-13005	451	36	externalities	externality	NOUN
cblr-13005	451	37	and	and	CCONJ
cblr-13005	451	38	are	be	AUX
cblr-13005	451	39	likely	likely	ADJ
cblr-13005	451	40	to	to	PART
cblr-13005	451	41	prefer	prefer	VERB
cblr-13005	451	42	climate	climate	NOUN
cblr-13005	451	43	mitigation	mitigation	NOUN
cblr-13005	451	44	strategies	strategy	NOUN
cblr-13005	451	45	that	that	PRON
cblr-13005	451	46	are	be	AUX
cblr-13005	451	47	privately	privately	ADV
cblr-13005	451	48	efficient	efficient	ADJ
cblr-13005	451	49	for	for	ADP
cblr-13005	451	50	large	large	ADJ
cblr-13005	451	51	companies	company	NOUN
cblr-13005	451	52	over	over	ADP
cblr-13005	451	53	those	those	PRON
cblr-13005	451	54	that	that	PRON
cblr-13005	451	55	are	be	AUX
cblr-13005	451	56	socially	socially	ADV
cblr-13005	451	57	efficient	efficient	ADJ
cblr-13005	451	58	)	)	PUNCT
cblr-13005	451	59	.	.	PUNCT
cblr-13005	452	1	95	95	NUM
cblr-13005	452	2	see	see	VERB
cblr-13005	452	3	,	,	PUNCT
cblr-13005	452	4	e.g.	e.g.	ADV
cblr-13005	452	5	,	,	PUNCT
cblr-13005	452	6	leo	leo	PROPN
cblr-13005	452	7	e.	e.	PROPN
cblr-13005	452	8	strine	strine	PROPN
cblr-13005	452	9	,	,	PUNCT
cblr-13005	452	10	jr	jr	PROPN
cblr-13005	452	11	.	.	PROPN
cblr-13005	452	12	,	,	PUNCT
cblr-13005	452	13	who	who	PRON
cblr-13005	452	14	bleeds	bleed	VERB
cblr-13005	452	15	when	when	SCONJ
cblr-13005	452	16	the	the	DET
cblr-13005	452	17	wolves	wolf	NOUN
cblr-13005	452	18	bite	bite	VERB
cblr-13005	452	19	?	?	PUNCT
cblr-13005	452	20	:	:	PUNCT
cblr-13005	452	21	a	a	DET
cblr-13005	452	22	flesh	flesh	NOUN
cblr-13005	452	23	-	-	PUNCT
cblr-13005	452	24	and	and	CCONJ
cblr-13005	452	25	-	-	PUNCT
cblr-13005	452	26	blood	blood	NOUN
cblr-13005	452	27	perspective	perspective	NOUN
cblr-13005	452	28	on	on	ADP
cblr-13005	452	29	hedge	hedge	NOUN
cblr-13005	452	30	fund	fund	NOUN
cblr-13005	452	31	activism	activism	NOUN
cblr-13005	452	32	and	and	CCONJ
cblr-13005	452	33	our	our	PRON
cblr-13005	452	34	strange	strange	ADJ
cblr-13005	452	35	corporate	corporate	ADJ
cblr-13005	452	36	governance	governance	NOUN
cblr-13005	452	37	system	system	NOUN
cblr-13005	452	38	,	,	PUNCT
cblr-13005	452	39	126	126	NUM
cblr-13005	452	40	yale	yale	PROPN
cblr-13005	452	41	l.j	l.j	PROPN
cblr-13005	452	42	.	.	PROPN
cblr-13005	452	43	1870	1870	NUM
cblr-13005	452	44	,	,	PUNCT
cblr-13005	452	45	1873	1873	NUM
cblr-13005	452	46	(	(	PUNCT
cblr-13005	452	47	2017	2017	NUM
cblr-13005	452	48	)	)	PUNCT
cblr-13005	452	49	.	.	PUNCT
cblr-13005	453	1	348	348	NUM
cblr-13005	453	2	columbia	columbia	PROPN
cblr-13005	453	3	business	business	NOUN
cblr-13005	453	4	law	law	PROPN
cblr-13005	453	5	review	review	NOUN
cblr-13005	453	6	[	[	X
cblr-13005	453	7	vol	vol	NOUN
cblr-13005	453	8	.	.	NOUN
cblr-13005	453	9	2024	2024	NUM
cblr-13005	453	10	intervention	intervention	NOUN
cblr-13005	453	11	on	on	ADP
cblr-13005	453	12	portfolio	portfolio	PROPN
cblr-13005	453	13	value.96	value.96	PROPN
cblr-13005	453	14	moreover	moreover	ADV
cblr-13005	453	15	,	,	PUNCT
cblr-13005	453	16	index	index	NOUN
cblr-13005	453	17	fund	fund	NOUN
cblr-13005	453	18	managers	manager	NOUN
cblr-13005	453	19	’	'	PUNCT
cblr-13005	453	20	willingness	willingness	NOUN
cblr-13005	453	21	to	to	PART
cblr-13005	453	22	turn	turn	VERB
cblr-13005	453	23	to	to	ADP
cblr-13005	453	24	investor	investor	NOUN
cblr-13005	453	25	coalitions	coalition	NOUN
cblr-13005	453	26	for	for	ADP
cblr-13005	453	27	help	help	NOUN
cblr-13005	453	28	may	may	AUX
cblr-13005	453	29	be	be	AUX
cblr-13005	453	30	inhibited	inhibit	VERB
cblr-13005	453	31	by	by	ADP
cblr-13005	453	32	concerns	concern	NOUN
cblr-13005	453	33	about	about	ADP
cblr-13005	453	34	antitrust	antitrust	ADJ
cblr-13005	453	35	scrutiny	scrutiny	NOUN
cblr-13005	453	36	.	.	PUNCT
cblr-13005	454	1	indeed	indeed	ADV
cblr-13005	454	2	,	,	PUNCT
cblr-13005	454	3	in	in	ADP
cblr-13005	454	4	the	the	DET
cblr-13005	454	5	wake	wake	NOUN
cblr-13005	454	6	of	of	ADP
cblr-13005	454	7	such	such	ADJ
cblr-13005	454	8	scrutiny	scrutiny	NOUN
cblr-13005	454	9	,	,	PUNCT
cblr-13005	454	10	vanguard	vanguard	PROPN
cblr-13005	454	11	recently	recently	ADV
cblr-13005	454	12	withdrew	withdraw	VERB
cblr-13005	454	13	from	from	ADP
cblr-13005	454	14	the	the	DET
cblr-13005	454	15	net	net	ADJ
cblr-13005	454	16	zero	zero	NUM
cblr-13005	454	17	asset	asset	NOUN
cblr-13005	454	18	managers	manager	NOUN
cblr-13005	454	19	initiative.97	initiative.97	NOUN
cblr-13005	454	20	it	it	PRON
cblr-13005	454	21	is	be	AUX
cblr-13005	454	22	also	also	ADV
cblr-13005	454	23	the	the	DET
cblr-13005	454	24	case	case	NOUN
cblr-13005	454	25	that	that	SCONJ
cblr-13005	454	26	index	index	NOUN
cblr-13005	454	27	fund	fund	NOUN
cblr-13005	454	28	managers	manager	NOUN
cblr-13005	454	29	simultaneously	simultaneously	ADV
cblr-13005	454	30	manage	manage	VERB
cblr-13005	454	31	other	other	ADJ
cblr-13005	454	32	portfolios	portfolio	NOUN
cblr-13005	454	33	,	,	PUNCT
cblr-13005	454	34	often	often	ADV
cblr-13005	454	35	voting	vote	VERB
cblr-13005	454	36	as	as	ADP
cblr-13005	454	37	a	a	DET
cblr-13005	454	38	fund	fund	NOUN
cblr-13005	454	39	family.98	family.98	NOUN
cblr-13005	454	40	as	as	SCONJ
cblr-13005	454	41	professors	professor	NOUN
cblr-13005	454	42	kahan	kahan	PROPN
cblr-13005	454	43	and	and	CCONJ
cblr-13005	454	44	rock	rock	NOUN
cblr-13005	454	45	have	have	AUX
cblr-13005	454	46	observed	observe	VERB
cblr-13005	454	47	,	,	PUNCT
cblr-13005	454	48	“	"	PUNCT
cblr-13005	454	49	a	a	DET
cblr-13005	454	50	business	business	NOUN
cblr-13005	454	51	model	model	NOUN
cblr-13005	454	52	that	that	PRON
cblr-13005	454	53	prioritized	prioritize	VERB
cblr-13005	454	54	the	the	DET
cblr-13005	454	55	interests	interest	NOUN
cblr-13005	454	56	of	of	ADP
cblr-13005	454	57	index	index	NOUN
cblr-13005	454	58	fund	fund	NOUN
cblr-13005	454	59	investors	investor	NOUN
cblr-13005	454	60	over	over	ADP
cblr-13005	454	61	other	other	ADJ
cblr-13005	454	62	funds	fund	NOUN
cblr-13005	454	63	would	would	AUX
cblr-13005	454	64	likely	likely	ADV
cblr-13005	454	65	doom	doom	VERB
cblr-13005	454	66	those	those	DET
cblr-13005	454	67	other	other	ADJ
cblr-13005	454	68	funds	fund	NOUN
cblr-13005	454	69	,	,	PUNCT
cblr-13005	454	70	as	as	SCONJ
cblr-13005	454	71	competitors	competitor	NOUN
cblr-13005	454	72	would	would	AUX
cblr-13005	454	73	offer	offer	VERB
cblr-13005	454	74	competing	compete	VERB
cblr-13005	454	75	products	product	NOUN
cblr-13005	454	76	that	that	PRON
cblr-13005	454	77	pledged	pledge	VERB
cblr-13005	454	78	loyalty	loyalty	NOUN
cblr-13005	454	79	to	to	PART
cblr-13005	454	80	fund	fund	VERB
cblr-13005	454	81	investors	investor	NOUN
cblr-13005	454	82	.	.	PUNCT
cblr-13005	455	1	”99	”99	PROPN
cblr-13005	455	2	this	this	PRON
cblr-13005	455	3	represents	represent	VERB
cblr-13005	455	4	an	an	DET
cblr-13005	455	5	additional	additional	ADJ
cblr-13005	455	6	private	private	ADJ
cblr-13005	455	7	cost	cost	NOUN
cblr-13005	455	8	to	to	ADP
cblr-13005	455	9	index	index	NOUN
cblr-13005	455	10	fund	fund	NOUN
cblr-13005	455	11	managers	manager	NOUN
cblr-13005	455	12	of	of	ADP
cblr-13005	455	13	pursuing	pursue	VERB
cblr-13005	455	14	portfolio	portfolio	NOUN
cblr-13005	455	15	-	-	PUNCT
cblr-13005	455	16	focused	focus	VERB
cblr-13005	455	17	stewardship	stewardship	NOUN
cblr-13005	455	18	,	,	PUNCT
cblr-13005	455	19	further	far	ADV
cblr-13005	455	20	biasing	bias	VERB
cblr-13005	455	21	them	they	PRON
cblr-13005	455	22	toward	toward	ADP
cblr-13005	455	23	passivity	passivity	NOUN
cblr-13005	455	24	.	.	PUNCT
cblr-13005	456	1	finally	finally	ADV
cblr-13005	456	2	,	,	PUNCT
cblr-13005	456	3	interventions	intervention	NOUN
cblr-13005	456	4	that	that	PRON
cblr-13005	456	5	would	would	AUX
cblr-13005	456	6	have	have	VERB
cblr-13005	456	7	the	the	DET
cblr-13005	456	8	sort	sort	NOUN
cblr-13005	456	9	of	of	ADP
cblr-13005	456	10	significant	significant	ADJ
cblr-13005	456	11	impact	impact	NOUN
cblr-13005	456	12	on	on	ADP
cblr-13005	456	13	portfolio	portfolio	NOUN
cblr-13005	456	14	value	value	NOUN
cblr-13005	456	15	that	that	PRON
cblr-13005	456	16	gordon	gordon	PROPN
cblr-13005	456	17	and	and	CCONJ
cblr-13005	456	18	coffee	coffee	NOUN
cblr-13005	456	19	envision	envision	NOUN
cblr-13005	456	20	,	,	PUNCT
cblr-13005	456	21	if	if	SCONJ
cblr-13005	456	22	crafted	craft	VERB
cblr-13005	456	23	poorly	poorly	ADV
cblr-13005	456	24	,	,	PUNCT
cblr-13005	456	25	could	could	AUX
cblr-13005	456	26	also	also	ADV
cblr-13005	456	27	significantly	significantly	ADV
cblr-13005	456	28	damage	damage	VERB
cblr-13005	456	29	portfolio	portfolio	NOUN
cblr-13005	456	30	value	value	NOUN
cblr-13005	456	31	,	,	PUNCT
cblr-13005	456	32	and	and	CCONJ
cblr-13005	456	33	even	even	ADV
cblr-13005	456	34	introduce	introduce	VERB
cblr-13005	456	35	new	new	ADJ
cblr-13005	456	36	systematic	systematic	ADJ
cblr-13005	456	37	risks	risk	NOUN
cblr-13005	456	38	.	.	PUNCT
cblr-13005	457	1	consider	consider	VERB
cblr-13005	457	2	,	,	PUNCT
cblr-13005	457	3	for	for	ADP
cblr-13005	457	4	example	example	NOUN
cblr-13005	457	5	,	,	PUNCT
cblr-13005	457	6	what	what	PRON
cblr-13005	457	7	more	more	ADV
cblr-13005	457	8	aggressive	aggressive	ADJ
cblr-13005	457	9	interventions	intervention	NOUN
cblr-13005	457	10	regarding	regard	VERB
cblr-13005	457	11	fossil	fossil	ADJ
cblr-13005	457	12	fuels	fuel	NOUN
cblr-13005	457	13	might	might	AUX
cblr-13005	457	14	have	have	AUX
cblr-13005	457	15	meant	mean	VERB
cblr-13005	457	16	for	for	ADP
cblr-13005	457	17	global	global	ADJ
cblr-13005	457	18	stability	stability	NOUN
cblr-13005	457	19	in	in	ADP
cblr-13005	457	20	the	the	DET
cblr-13005	457	21	wake	wake	NOUN
cblr-13005	457	22	96	96	NUM
cblr-13005	457	23	see	see	NOUN
cblr-13005	457	24	infra	infra	NOUN
cblr-13005	457	25	section	section	NOUN
cblr-13005	457	26	iii.c	iii.c	PROPN
cblr-13005	457	27	(	(	PUNCT
cblr-13005	457	28	discussing	discuss	VERB
cblr-13005	457	29	the	the	DET
cblr-13005	457	30	information	information	NOUN
cblr-13005	457	31	needed	need	VERB
cblr-13005	457	32	to	to	PART
cblr-13005	457	33	evaluate	evaluate	VERB
cblr-13005	457	34	such	such	ADJ
cblr-13005	457	35	effects	effect	NOUN
cblr-13005	457	36	)	)	PUNCT
cblr-13005	457	37	.	.	PUNCT
cblr-13005	458	1	97	97	NUM
cblr-13005	458	2	mark	mark	PROPN
cblr-13005	458	3	segal	segal	PROPN
cblr-13005	458	4	,	,	PUNCT
cblr-13005	458	5	republican	republican	PROPN
cblr-13005	458	6	ags	ag	NOUN
cblr-13005	458	7	warn	warn	VERB
cblr-13005	458	8	asset	asset	NOUN
cblr-13005	458	9	managers	manager	NOUN
cblr-13005	458	10	that	that	SCONJ
cblr-13005	458	11	esg	esg	PROPN
cblr-13005	458	12	investing	invest	VERB
cblr-13005	458	13	risks	risk	NOUN
cblr-13005	458	14	fiduciary	fiduciary	ADJ
cblr-13005	458	15	,	,	PUNCT
cblr-13005	458	16	antitrust	antitrust	ADJ
cblr-13005	458	17	violations	violation	NOUN
cblr-13005	458	18	,	,	PUNCT
cblr-13005	458	19	esg	esg	PROPN
cblr-13005	458	20	today	today	NOUN
cblr-13005	458	21	(	(	PUNCT
cblr-13005	458	22	apr	apr	PROPN
cblr-13005	458	23	.	.	PROPN
cblr-13005	458	24	3	3	NUM
cblr-13005	458	25	,	,	PUNCT
cblr-13005	458	26	2023	2023	NUM
cblr-13005	458	27	)	)	PUNCT
cblr-13005	458	28	,	,	PUNCT
cblr-13005	458	29	https://www.esgtoday.com/republican-ags-warn-asset-managers-that-esginvesting-risks-fiduciary-antitrust-violations	https://www.esgtoday.com/republican-ags-warn-asset-managers-that-esginvesting-risks-fiduciary-antitrust-violation	NOUN
cblr-13005	459	1	[	[	X
cblr-13005	459	2	https://perma.cc/9jshzpju	https://perma.cc/9jshzpju	X
cblr-13005	459	3	]	]	X
cblr-13005	459	4	(	(	PUNCT
cblr-13005	459	5	reporting	report	VERB
cblr-13005	459	6	on	on	ADP
cblr-13005	459	7	these	these	DET
cblr-13005	459	8	developments	development	NOUN
cblr-13005	459	9	)	)	PUNCT
cblr-13005	459	10	;	;	PUNCT
cblr-13005	459	11	see	see	VERB
cblr-13005	459	12	also	also	ADV
cblr-13005	459	13	amelia	amelia	PROPN
cblr-13005	459	14	miazad	miazad	PROPN
cblr-13005	459	15	,	,	PUNCT
cblr-13005	459	16	from	from	ADP
cblr-13005	459	17	zero	zero	NUM
cblr-13005	459	18	-	-	PUNCT
cblr-13005	459	19	sum	sum	NOUN
cblr-13005	459	20	to	to	ADP
cblr-13005	459	21	net	net	ADJ
cblr-13005	459	22	-	-	PUNCT
cblr-13005	459	23	zero	zero	NUM
cblr-13005	459	24	antitrust	antitrust	NOUN
cblr-13005	459	25	,	,	PUNCT
cblr-13005	459	26	56	56	NUM
cblr-13005	459	27	u.c	u.c	PROPN
cblr-13005	459	28	.	.	PROPN
cblr-13005	459	29	davis	davis	PROPN
cblr-13005	459	30	l.	l.	PROPN
cblr-13005	459	31	rev	rev	PROPN
cblr-13005	459	32	.	.	PROPN
cblr-13005	459	33	2067	2067	NUM
cblr-13005	459	34	(	(	PUNCT
cblr-13005	459	35	2023	2023	NUM
cblr-13005	459	36	)	)	PUNCT
cblr-13005	459	37	(	(	PUNCT
cblr-13005	459	38	describing	describe	VERB
cblr-13005	459	39	the	the	DET
cblr-13005	459	40	recent	recent	ADJ
cblr-13005	459	41	antitrust	antitrust	ADJ
cblr-13005	459	42	scrutiny	scrutiny	NOUN
cblr-13005	459	43	and	and	CCONJ
cblr-13005	459	44	arguing	argue	VERB
cblr-13005	459	45	that	that	SCONJ
cblr-13005	459	46	antitrust	antitrust	ADJ
cblr-13005	459	47	law	law	NOUN
cblr-13005	459	48	should	should	AUX
cblr-13005	459	49	accommodate	accommodate	VERB
cblr-13005	459	50	investor	investor	NOUN
cblr-13005	459	51	alliances	alliance	NOUN
cblr-13005	459	52	focused	focus	VERB
cblr-13005	459	53	on	on	ADP
cblr-13005	459	54	reducing	reduce	VERB
cblr-13005	459	55	systematic	systematic	ADJ
cblr-13005	459	56	risks	risk	NOUN
cblr-13005	459	57	to	to	ADP
cblr-13005	459	58	the	the	DET
cblr-13005	459	59	economy	economy	NOUN
cblr-13005	459	60	)	)	PUNCT
cblr-13005	459	61	.	.	PUNCT
cblr-13005	460	1	98	98	NUM
cblr-13005	460	2	see	see	VERB
cblr-13005	460	3	ann	ann	PROPN
cblr-13005	460	4	lipton	lipton	PROPN
cblr-13005	460	5	,	,	PUNCT
cblr-13005	460	6	family	family	NOUN
cblr-13005	460	7	loyalty	loyalty	NOUN
cblr-13005	460	8	:	:	PUNCT
cblr-13005	460	9	mutual	mutual	ADJ
cblr-13005	460	10	fund	fund	NOUN
cblr-13005	460	11	voting	voting	NOUN
cblr-13005	460	12	and	and	CCONJ
cblr-13005	460	13	fiduciary	fiduciary	ADJ
cblr-13005	460	14	obligation	obligation	NOUN
cblr-13005	460	15	,	,	PUNCT
cblr-13005	460	16	19	19	NUM
cblr-13005	460	17	tenn	tenn	PROPN
cblr-13005	460	18	.	.	PUNCT
cblr-13005	461	1	j.	j.	PROPN
cblr-13005	461	2	bus	bus	PROPN
cblr-13005	461	3	.	.	PUNCT
cblr-13005	462	1	l.	l.	PROPN
cblr-13005	462	2	175	175	NUM
cblr-13005	462	3	(	(	PUNCT
cblr-13005	462	4	2017	2017	NUM
cblr-13005	462	5	)	)	PUNCT
cblr-13005	462	6	.	.	PUNCT
cblr-13005	463	1	99	99	NUM
cblr-13005	463	2	kahan	kahan	PROPN
cblr-13005	463	3	&	&	CCONJ
cblr-13005	463	4	rock	rock	PROPN
cblr-13005	463	5	,	,	PUNCT
cblr-13005	463	6	supra	supra	PROPN
cblr-13005	463	7	note	note	PROPN
cblr-13005	463	8	19	19	NUM
cblr-13005	463	9	,	,	PUNCT
cblr-13005	463	10	at	at	ADP
cblr-13005	463	11	521	521	NUM
cblr-13005	463	12	;	;	PUNCT
cblr-13005	463	13	see	see	VERB
cblr-13005	463	14	also	also	ADV
cblr-13005	463	15	tallarita	tallarita	PROPN
cblr-13005	463	16	,	,	PUNCT
cblr-13005	463	17	supra	supra	PROPN
cblr-13005	463	18	note	note	PROPN
cblr-13005	463	19	15	15	NUM
cblr-13005	463	20	,	,	PUNCT
cblr-13005	463	21	at	at	ADP
cblr-13005	463	22	565	565	NUM
cblr-13005	463	23	(	(	PUNCT
cblr-13005	463	24	explaining	explain	VERB
cblr-13005	463	25	that	that	SCONJ
cblr-13005	463	26	if	if	SCONJ
cblr-13005	463	27	“	"	PUNCT
cblr-13005	463	28	the	the	DET
cblr-13005	463	29	big	big	ADJ
cblr-13005	463	30	three	three	NUM
cblr-13005	463	31	overtly	overtly	ADV
cblr-13005	463	32	pressured	pressure	VERB
cblr-13005	463	33	energy	energy	NOUN
cblr-13005	463	34	companies	company	NOUN
cblr-13005	463	35	to	to	PART
cblr-13005	463	36	engage	engage	VERB
cblr-13005	463	37	in	in	ADP
cblr-13005	463	38	value	value	NOUN
cblr-13005	463	39	-	-	PUNCT
cblr-13005	463	40	decreasing	decrease	VERB
cblr-13005	463	41	strategies	strategy	NOUN
cblr-13005	463	42	for	for	ADP
cblr-13005	463	43	the	the	DET
cblr-13005	463	44	benefit	benefit	NOUN
cblr-13005	463	45	of	of	ADP
cblr-13005	463	46	other	other	ADJ
cblr-13005	463	47	companies	company	NOUN
cblr-13005	463	48	,	,	PUNCT
cblr-13005	463	49	it	it	PRON
cblr-13005	463	50	is	be	AUX
cblr-13005	463	51	very	very	ADV
cblr-13005	463	52	likely	likely	ADJ
cblr-13005	463	53	that	that	SCONJ
cblr-13005	463	54	investors	investor	NOUN
cblr-13005	463	55	in	in	ADP
cblr-13005	463	56	their	their	PRON
cblr-13005	463	57	energy	energy	NOUN
cblr-13005	463	58	-	-	PUNCT
cblr-13005	463	59	focused	focus	VERB
cblr-13005	463	60	funds	fund	NOUN
cblr-13005	463	61	would	would	AUX
cblr-13005	463	62	flee	flee	VERB
cblr-13005	463	63	(	(	PUNCT
cblr-13005	463	64	and	and	CCONJ
cblr-13005	463	65	perhaps	perhaps	ADV
cblr-13005	463	66	even	even	ADV
cblr-13005	463	67	take	take	VERB
cblr-13005	463	68	legal	legal	ADJ
cblr-13005	463	69	action	action	NOUN
cblr-13005	463	70	)	)	PUNCT
cblr-13005	463	71	,	,	PUNCT
cblr-13005	463	72	”	"	PUNCT
cblr-13005	463	73	and	and	CCONJ
cblr-13005	463	74	observing	observe	VERB
cblr-13005	463	75	that	that	DET
cblr-13005	463	76	mutual	mutual	ADJ
cblr-13005	463	77	funds	fund	NOUN
cblr-13005	463	78	shareholders	shareholder	NOUN
cblr-13005	463	79	’	'	PUNCT
cblr-13005	463	80	strong	strong	ADJ
cblr-13005	463	81	exit	exit	NOUN
cblr-13005	463	82	rights	right	NOUN
cblr-13005	463	83	and	and	CCONJ
cblr-13005	463	84	the	the	DET
cblr-13005	463	85	desire	desire	NOUN
cblr-13005	463	86	of	of	ADP
cblr-13005	463	87	investment	investment	NOUN
cblr-13005	463	88	managers	manager	NOUN
cblr-13005	463	89	to	to	PART
cblr-13005	463	90	attract	attract	VERB
cblr-13005	463	91	new	new	ADJ
cblr-13005	463	92	investors	investor	NOUN
cblr-13005	463	93	force	force	PROPN
cblr-13005	463	94	fund	fund	NOUN
cblr-13005	463	95	managers	manager	NOUN
cblr-13005	463	96	to	to	PART
cblr-13005	463	97	pay	pay	VERB
cblr-13005	463	98	careful	careful	ADJ
cblr-13005	463	99	attention	attention	NOUN
cblr-13005	463	100	to	to	ADP
cblr-13005	463	101	conflict	conflict	NOUN
cblr-13005	463	102	-	-	PUNCT
cblr-13005	463	103	of	of	ADP
cblr-13005	463	104	-	-	PUNCT
cblr-13005	463	105	interest	interest	NOUN
cblr-13005	463	106	issues	issue	NOUN
cblr-13005	463	107	)	)	PUNCT
cblr-13005	463	108	.	.	PUNCT
cblr-13005	464	1	no	no	INTJ
cblr-13005	464	2	.	.	NOUN
cblr-13005	465	1	1	1	NUM
cblr-13005	465	2	]	]	PUNCT
cblr-13005	465	3	a	a	DET
cblr-13005	465	4	hard	hard	ADJ
cblr-13005	465	5	look	look	NOUN
cblr-13005	465	6	at	at	ADP
cblr-13005	465	7	portfolio	portfolio	NOUN
cblr-13005	465	8	focused	focused	ADJ
cblr-13005	465	9	stewardship	stewardship	NOUN
cblr-13005	465	10	349	349	NUM
cblr-13005	465	11	of	of	ADP
cblr-13005	465	12	russia	russia	PROPN
cblr-13005	465	13	’s	’s	PART
cblr-13005	465	14	invasion	invasion	NOUN
cblr-13005	465	15	of	of	ADP
cblr-13005	465	16	the	the	DET
cblr-13005	465	17	ukraine	ukraine	NOUN
cblr-13005	465	18	.	.	PUNCT
cblr-13005	466	1	professors	professor	NOUN
cblr-13005	466	2	gordon	gordon	PROPN
cblr-13005	466	3	and	and	CCONJ
cblr-13005	466	4	coffee	coffee	NOUN
cblr-13005	466	5	seem	seem	VERB
cblr-13005	466	6	to	to	PART
cblr-13005	466	7	assume	assume	VERB
cblr-13005	466	8	that	that	SCONJ
cblr-13005	466	9	asset	asset	NOUN
cblr-13005	466	10	managers	manager	NOUN
cblr-13005	466	11	will	will	AUX
cblr-13005	466	12	always	always	ADV
cblr-13005	466	13	get	get	VERB
cblr-13005	466	14	their	their	PRON
cblr-13005	466	15	portfolio	portfolio	NOUN
cblr-13005	466	16	-	-	PUNCT
cblr-13005	466	17	focused	focus	VERB
cblr-13005	466	18	stewardship	stewardship	NOUN
cblr-13005	466	19	interventions	intervention	NOUN
cblr-13005	466	20	right	right	ADV
cblr-13005	466	21	,	,	PUNCT
cblr-13005	466	22	but	but	CCONJ
cblr-13005	466	23	asset	asset	NOUN
cblr-13005	466	24	managers	manager	NOUN
cblr-13005	466	25	would	would	AUX
cblr-13005	466	26	rationally	rationally	ADV
cblr-13005	466	27	recognize	recognize	VERB
cblr-13005	466	28	that	that	SCONJ
cblr-13005	466	29	they	they	PRON
cblr-13005	466	30	might	might	AUX
cblr-13005	466	31	not	not	PART
cblr-13005	466	32	and	and	CCONJ
cblr-13005	466	33	discount	discount	VERB
cblr-13005	466	34	the	the	DET
cblr-13005	466	35	potential	potential	ADJ
cblr-13005	466	36	benefits	benefit	NOUN
cblr-13005	466	37	accordingly	accordingly	ADV
cblr-13005	466	38	.	.	PUNCT
cblr-13005	467	1	but	but	CCONJ
cblr-13005	467	2	even	even	ADV
cblr-13005	467	3	if	if	SCONJ
cblr-13005	467	4	professors	professor	NOUN
cblr-13005	467	5	gordon	gordon	PROPN
cblr-13005	467	6	and	and	CCONJ
cblr-13005	467	7	coffee	coffee	NOUN
cblr-13005	467	8	are	be	AUX
cblr-13005	467	9	correct	correct	ADJ
cblr-13005	467	10	that	that	SCONJ
cblr-13005	467	11	some	some	DET
cblr-13005	467	12	set	set	NOUN
cblr-13005	467	13	of	of	ADP
cblr-13005	467	14	portfolio	portfolio	NOUN
cblr-13005	467	15	-	-	PUNCT
cblr-13005	467	16	value	value	NOUN
cblr-13005	467	17	enhancing	enhance	VERB
cblr-13005	467	18	stewardship	stewardship	NOUN
cblr-13005	467	19	interventions	intervention	NOUN
cblr-13005	467	20	exist	exist	VERB
cblr-13005	467	21	in	in	ADP
cblr-13005	467	22	the	the	DET
cblr-13005	467	23	real	real	ADJ
cblr-13005	467	24	world	world	NOUN
cblr-13005	467	25	that	that	PRON
cblr-13005	467	26	are	be	AUX
cblr-13005	467	27	compatible	compatible	ADJ
cblr-13005	467	28	with	with	ADP
cblr-13005	467	29	fund	fund	NOUN
cblr-13005	467	30	managers	manager	NOUN
cblr-13005	467	31	’	’	PART
cblr-13005	467	32	incentives	incentive	NOUN
cblr-13005	467	33	,	,	PUNCT
cblr-13005	467	34	it	it	PRON
cblr-13005	467	35	is	be	AUX
cblr-13005	467	36	also	also	ADV
cblr-13005	467	37	the	the	DET
cblr-13005	467	38	case	case	NOUN
cblr-13005	467	39	that	that	SCONJ
cblr-13005	467	40	portfolio	portfolio	NOUN
cblr-13005	467	41	-	-	PUNCT
cblr-13005	467	42	value	value	NOUN
cblr-13005	467	43	decreasing	decrease	VERB
cblr-13005	467	44	stewardship	stewardship	NOUN
cblr-13005	467	45	interventions	intervention	NOUN
cblr-13005	467	46	may	may	AUX
cblr-13005	467	47	exist	exist	VERB
cblr-13005	467	48	that	that	PRON
cblr-13005	467	49	are	be	AUX
cblr-13005	467	50	likewise	likewise	ADV
cblr-13005	467	51	compatible	compatible	ADJ
cblr-13005	467	52	with	with	ADP
cblr-13005	467	53	fund	fund	NOUN
cblr-13005	467	54	managers	manager	NOUN
cblr-13005	467	55	’	’	PART
cblr-13005	467	56	incentives	incentive	NOUN
cblr-13005	467	57	—	—	PUNCT
cblr-13005	467	58	because	because	SCONJ
cblr-13005	467	59	they	they	PRON
cblr-13005	467	60	produce	produce	VERB
cblr-13005	467	61	more	more	ADJ
cblr-13005	467	62	private	private	ADJ
cblr-13005	467	63	benefits	benefit	NOUN
cblr-13005	467	64	than	than	SCONJ
cblr-13005	467	65	they	they	PRON
cblr-13005	467	66	decrease	decrease	VERB
cblr-13005	467	67	management	management	NOUN
cblr-13005	467	68	fees	fee	NOUN
cblr-13005	467	69	.	.	PUNCT
cblr-13005	468	1	this	this	PRON
cblr-13005	468	2	is	be	AUX
cblr-13005	468	3	a	a	DET
cblr-13005	468	4	point	point	NOUN
cblr-13005	468	5	that	that	PRON
cblr-13005	468	6	is	be	AUX
cblr-13005	468	7	too	too	ADV
cblr-13005	468	8	often	often	ADV
cblr-13005	468	9	missed	miss	VERB
cblr-13005	468	10	in	in	ADP
cblr-13005	468	11	discussions	discussion	NOUN
cblr-13005	468	12	of	of	ADP
cblr-13005	468	13	portfolio	portfolio	NOUN
cblr-13005	468	14	-	-	PUNCT
cblr-13005	468	15	focused	focus	VERB
cblr-13005	468	16	stewardship.100	stewardship.100	NOUN
cblr-13005	468	17	the	the	DET
cblr-13005	468	18	attenuated	attenuated	ADJ
cblr-13005	468	19	relationship	relationship	NOUN
cblr-13005	468	20	between	between	ADP
cblr-13005	468	21	index	index	NOUN
cblr-13005	468	22	fund	fund	NOUN
cblr-13005	468	23	manager	manager	NOUN
cblr-13005	468	24	compensation	compensation	PROPN
cblr-13005	468	25	and	and	CCONJ
cblr-13005	468	26	portfolio	portfolio	NOUN
cblr-13005	468	27	value	value	NOUN
cblr-13005	468	28	means	mean	VERB
cblr-13005	468	29	not	not	PART
cblr-13005	468	30	only	only	ADV
cblr-13005	468	31	that	that	SCONJ
cblr-13005	468	32	expected	expect	VERB
cblr-13005	468	33	portfolio	portfolio	NOUN
cblr-13005	468	34	gains	gain	NOUN
cblr-13005	468	35	must	must	AUX
cblr-13005	468	36	be	be	AUX
cblr-13005	468	37	sufficiently	sufficiently	ADV
cblr-13005	468	38	significant	significant	ADJ
cblr-13005	468	39	to	to	PART
cblr-13005	468	40	motivate	motivate	VERB
cblr-13005	468	41	index	index	NOUN
cblr-13005	468	42	fund	fund	NOUN
cblr-13005	468	43	managers	manager	NOUN
cblr-13005	468	44	to	to	PART
cblr-13005	468	45	incur	incur	VERB
cblr-13005	468	46	private	private	ADJ
cblr-13005	468	47	costs	cost	NOUN
cblr-13005	468	48	to	to	PART
cblr-13005	468	49	achieve	achieve	VERB
cblr-13005	468	50	them	they	PRON
cblr-13005	468	51	,	,	PUNCT
cblr-13005	468	52	it	it	PRON
cblr-13005	468	53	also	also	ADV
cblr-13005	468	54	means	mean	VERB
cblr-13005	468	55	that	that	SCONJ
cblr-13005	468	56	expected	expect	VERB
cblr-13005	468	57	portfolio	portfolio	NOUN
cblr-13005	468	58	losses	loss	NOUN
cblr-13005	468	59	must	must	AUX
cblr-13005	468	60	be	be	AUX
cblr-13005	468	61	sufficiently	sufficiently	ADV
cblr-13005	468	62	significant	significant	ADJ
cblr-13005	468	63	to	to	PART
cblr-13005	468	64	motivate	motivate	VERB
cblr-13005	468	65	index	index	NOUN
cblr-13005	468	66	fund	fund	NOUN
cblr-13005	468	67	managers	manager	NOUN
cblr-13005	468	68	to	to	ADP
cblr-13005	468	69	forego	forego	NOUN
cblr-13005	468	70	using	use	VERB
cblr-13005	468	71	their	their	PRON
cblr-13005	468	72	funds	fund	NOUN
cblr-13005	468	73	’	'	PUNCT
cblr-13005	468	74	governance	governance	NOUN
cblr-13005	468	75	powers	power	NOUN
cblr-13005	468	76	when	when	SCONJ
cblr-13005	468	77	doing	do	VERB
cblr-13005	468	78	so	so	ADV
cblr-13005	468	79	would	would	AUX
cblr-13005	468	80	allow	allow	VERB
cblr-13005	468	81	them	they	PRON
cblr-13005	468	82	to	to	PART
cblr-13005	468	83	reap	reap	VERB
cblr-13005	468	84	private	private	ADJ
cblr-13005	468	85	benefits	benefit	NOUN
cblr-13005	468	86	.	.	PUNCT
cblr-13005	469	1	a	a	DET
cblr-13005	469	2	variety	variety	NOUN
cblr-13005	469	3	of	of	ADP
cblr-13005	469	4	selfish	selfish	ADJ
cblr-13005	469	5	incentives	incentive	NOUN
cblr-13005	469	6	have	have	AUX
cblr-13005	469	7	been	be	AUX
cblr-13005	469	8	identified	identify	VERB
cblr-13005	469	9	that	that	PRON
cblr-13005	469	10	might	might	AUX
cblr-13005	469	11	lead	lead	VERB
cblr-13005	469	12	index	index	NOUN
cblr-13005	469	13	fund	fund	NOUN
cblr-13005	469	14	managers	manager	NOUN
cblr-13005	469	15	to	to	PART
cblr-13005	469	16	engage	engage	VERB
cblr-13005	469	17	in	in	ADP
cblr-13005	469	18	stewardship	stewardship	NOUN
cblr-13005	469	19	related	relate	VERB
cblr-13005	469	20	to	to	ADP
cblr-13005	469	21	esg	esg	PROPN
cblr-13005	469	22	matters	matter	NOUN
cblr-13005	469	23	under	under	ADP
cblr-13005	469	24	a	a	DET
cblr-13005	469	25	false	false	ADJ
cblr-13005	469	26	banner	banner	NOUN
cblr-13005	469	27	of	of	ADP
cblr-13005	469	28	increasing	increase	VERB
cblr-13005	469	29	risk	risk	NOUN
cblr-13005	469	30	-	-	PUNCT
cblr-13005	469	31	adjusted	adjust	VERB
cblr-13005	469	32	portfolio	portfolio	NOUN
cblr-13005	469	33	value	value	NOUN
cblr-13005	469	34	.	.	PUNCT
cblr-13005	470	1	for	for	ADP
cblr-13005	470	2	example	example	NOUN
cblr-13005	470	3	,	,	PUNCT
cblr-13005	470	4	embracing	embrace	VERB
cblr-13005	470	5	the	the	DET
cblr-13005	470	6	esg	esg	PROPN
cblr-13005	470	7	movement	movement	NOUN
cblr-13005	470	8	may	may	AUX
cblr-13005	470	9	help	help	VERB
cblr-13005	470	10	index	index	NOUN
cblr-13005	470	11	fund	fund	NOUN
cblr-13005	470	12	managers	manager	NOUN
cblr-13005	470	13	curry	curry	VERB
cblr-13005	470	14	political	political	ADJ
cblr-13005	470	15	favor	favor	NOUN
cblr-13005	470	16	,	,	PUNCT
cblr-13005	470	17	enabling	enable	VERB
cblr-13005	470	18	them	they	PRON
cblr-13005	470	19	to	to	PART
cblr-13005	470	20	fend	fend	VERB
cblr-13005	470	21	off	off	ADP
cblr-13005	470	22	greater	great	ADJ
cblr-13005	470	23	regulation	regulation	NOUN
cblr-13005	470	24	of	of	ADP
cblr-13005	470	25	the	the	DET
cblr-13005	470	26	industry	industry	NOUN
cblr-13005	470	27	at	at	ADP
cblr-13005	470	28	a	a	DET
cblr-13005	470	29	time	time	NOUN
cblr-13005	470	30	when	when	SCONJ
cblr-13005	470	31	the	the	DET
cblr-13005	470	32	big	big	ADJ
cblr-13005	470	33	100	100	NUM
cblr-13005	470	34	but	but	CCONJ
cblr-13005	470	35	see	see	VERB
cblr-13005	470	36	jesse	jesse	PROPN
cblr-13005	470	37	m.	m.	PROPN
cblr-13005	470	38	fried	fried	PROPN
cblr-13005	470	39	,	,	PUNCT
cblr-13005	470	40	will	will	AUX
cblr-13005	470	41	nasdaq	nasdaq	PROPN
cblr-13005	470	42	’s	’s	PART
cblr-13005	470	43	diversity	diversity	NOUN
cblr-13005	470	44	rules	rule	NOUN
cblr-13005	470	45	harm	harm	VERB
cblr-13005	470	46	investors	investor	NOUN
cblr-13005	470	47	?	?	PUNCT
cblr-13005	470	48	,	,	PUNCT
cblr-13005	470	49	12	12	NUM
cblr-13005	470	50	harv	harv	NOUN
cblr-13005	470	51	.	.	PUNCT
cblr-13005	471	1	bus	bus	NOUN
cblr-13005	471	2	.	.	PUNCT
cblr-13005	472	1	l.	l.	PROPN
cblr-13005	472	2	rev	rev	PROPN
cblr-13005	472	3	.	.	PROPN
cblr-13005	472	4	online	online	ADJ
cblr-13005	472	5	art	art	NOUN
cblr-13005	472	6	.	.	PUNCT
cblr-13005	473	1	1	1	NUM
cblr-13005	473	2	,	,	PUNCT
cblr-13005	473	3	2021	2021	NUM
cblr-13005	473	4	,	,	PUNCT
cblr-13005	473	5	at	at	ADP
cblr-13005	473	6	8	8	NUM
cblr-13005	473	7	(	(	PUNCT
cblr-13005	473	8	2021	2021	NUM
cblr-13005	473	9	)	)	PUNCT
cblr-13005	473	10	(	(	PUNCT
cblr-13005	473	11	observing	observe	VERB
cblr-13005	473	12	that	that	SCONJ
cblr-13005	473	13	“	"	PUNCT
cblr-13005	473	14	an	an	DET
cblr-13005	473	15	index	index	NOUN
cblr-13005	473	16	fund	fund	NOUN
cblr-13005	473	17	operator	operator	NOUN
cblr-13005	473	18	will	will	AUX
cblr-13005	473	19	benefit	benefit	VERB
cblr-13005	473	20	from	from	ADP
cblr-13005	473	21	engaging	engage	VERB
cblr-13005	473	22	in	in	ADP
cblr-13005	473	23	activism	activism	NOUN
cblr-13005	473	24	that	that	SCONJ
cblr-13005	473	25	sacrifices	sacrifice	VERB
cblr-13005	473	26	1	1	NUM
cblr-13005	473	27	%	%	NOUN
cblr-13005	473	28	of	of	ADP
cblr-13005	473	29	aggregate	aggregate	ADJ
cblr-13005	473	30	portfolio	portfolio	NOUN
cblr-13005	473	31	company	company	NOUN
cblr-13005	473	32	value	value	NOUN
cblr-13005	473	33	but	but	CCONJ
cblr-13005	473	34	attracts	attract	VERB
cblr-13005	473	35	2	2	NUM
cblr-13005	473	36	%	%	NOUN
cblr-13005	473	37	more	more	ADJ
cblr-13005	473	38	in	in	ADP
cblr-13005	473	39	managed	manage	VERB
cblr-13005	473	40	assets	asset	NOUN
cblr-13005	473	41	”	"	PUNCT
cblr-13005	473	42	)	)	PUNCT
cblr-13005	473	43	;	;	PUNCT
cblr-13005	473	44	sharfman	sharfman	NOUN
cblr-13005	473	45	,	,	PUNCT
cblr-13005	473	46	supra	supra	PROPN
cblr-13005	473	47	note	note	PROPN
cblr-13005	473	48	19	19	NUM
cblr-13005	473	49	,	,	PUNCT
cblr-13005	473	50	at	at	ADP
cblr-13005	473	51	488	488	NUM
cblr-13005	473	52	(	(	PUNCT
cblr-13005	473	53	explaining	explain	VERB
cblr-13005	473	54	that	that	SCONJ
cblr-13005	473	55	“	"	PUNCT
cblr-13005	473	56	an	an	DET
cblr-13005	473	57	expected	expect	VERB
cblr-13005	473	58	small	small	ADJ
cblr-13005	473	59	positive	positive	ADJ
cblr-13005	473	60	movement	movement	NOUN
cblr-13005	473	61	in	in	ADP
cblr-13005	473	62	market	market	NOUN
cblr-13005	473	63	share	share	NOUN
cblr-13005	473	64	will	will	AUX
cblr-13005	473	65	,	,	PUNCT
cblr-13005	473	66	in	in	ADP
cblr-13005	473	67	terms	term	NOUN
cblr-13005	473	68	of	of	ADP
cblr-13005	473	69	aum	aum	NOUN
cblr-13005	473	70	,	,	PUNCT
cblr-13005	473	71	overwhelm	overwhelm	VERB
cblr-13005	473	72	any	any	DET
cblr-13005	473	73	expected	expect	VERB
cblr-13005	473	74	loss	loss	NOUN
cblr-13005	473	75	in	in	ADP
cblr-13005	473	76	the	the	DET
cblr-13005	473	77	value	value	NOUN
cblr-13005	473	78	of	of	ADP
cblr-13005	473	79	an	an	DET
cblr-13005	473	80	index	index	NOUN
cblr-13005	473	81	fund	fund	NOUN
cblr-13005	473	82	or	or	CCONJ
cblr-13005	473	83	family	family	NOUN
cblr-13005	473	84	of	of	ADP
cblr-13005	473	85	funds	fund	NOUN
cblr-13005	473	86	,	,	PUNCT
cblr-13005	473	87	”	"	PUNCT
cblr-13005	473	88	and	and	CCONJ
cblr-13005	473	89	providing	provide	VERB
cblr-13005	473	90	a	a	DET
cblr-13005	473	91	numeric	numeric	ADJ
cblr-13005	473	92	example	example	NOUN
cblr-13005	473	93	)	)	PUNCT
cblr-13005	473	94	;	;	PUNCT
cblr-13005	474	1	cf	cf	X
cblr-13005	474	2	.	.	PUNCT
cblr-13005	475	1	c.	c.	PROPN
cblr-13005	475	2	scott	scott	PROPN
cblr-13005	475	3	hemphill	hemphill	PROPN
cblr-13005	475	4	&	&	CCONJ
cblr-13005	475	5	marcel	marcel	PROPN
cblr-13005	475	6	kahan	kahan	PROPN
cblr-13005	475	7	,	,	PUNCT
cblr-13005	475	8	the	the	DET
cblr-13005	475	9	strategies	strategy	NOUN
cblr-13005	475	10	of	of	ADP
cblr-13005	475	11	anticompetitive	anticompetitive	ADJ
cblr-13005	475	12	common	common	ADJ
cblr-13005	475	13	ownership	ownership	NOUN
cblr-13005	475	14	,	,	PUNCT
cblr-13005	475	15	129	129	NUM
cblr-13005	475	16	yale	yale	PROPN
cblr-13005	475	17	l.j	l.j	PROPN
cblr-13005	475	18	.	.	PROPN
cblr-13005	475	19	1392	1392	NUM
cblr-13005	475	20	,	,	PUNCT
cblr-13005	475	21	1429–34	1429–34	NUM
cblr-13005	475	22	(	(	PUNCT
cblr-13005	475	23	2020	2020	NUM
cblr-13005	475	24	)	)	PUNCT
cblr-13005	475	25	(	(	PUNCT
cblr-13005	475	26	explaining	explain	VERB
cblr-13005	475	27	how	how	SCONJ
cblr-13005	475	28	index	index	NOUN
cblr-13005	475	29	fund	fund	NOUN
cblr-13005	475	30	managers	manager	NOUN
cblr-13005	475	31	may	may	AUX
cblr-13005	475	32	benefit	benefit	VERB
cblr-13005	475	33	from	from	ADP
cblr-13005	475	34	a	a	DET
cblr-13005	475	35	decline	decline	NOUN
cblr-13005	475	36	in	in	ADP
cblr-13005	475	37	aggregate	aggregate	ADJ
cblr-13005	475	38	portfolio	portfolio	NOUN
cblr-13005	475	39	value	value	NOUN
cblr-13005	475	40	due	due	ADP
cblr-13005	475	41	to	to	ADP
cblr-13005	475	42	differential	differential	ADJ
cblr-13005	475	43	fees	fee	NOUN
cblr-13005	475	44	charged	charge	VERB
cblr-13005	475	45	to	to	ADP
cblr-13005	475	46	different	different	ADJ
cblr-13005	475	47	funds	fund	NOUN
cblr-13005	475	48	)	)	PUNCT
cblr-13005	475	49	.	.	PUNCT
cblr-13005	476	1	350	350	NUM
cblr-13005	476	2	columbia	columbia	PROPN
cblr-13005	476	3	business	business	NOUN
cblr-13005	476	4	law	law	PROPN
cblr-13005	476	5	review	review	NOUN
cblr-13005	476	6	[	[	X
cblr-13005	476	7	vol	vol	NOUN
cblr-13005	476	8	.	.	NOUN
cblr-13005	476	9	2024	2024	NUM
cblr-13005	476	10	three	three	NUM
cblr-13005	476	11	face	face	NOUN
cblr-13005	476	12	intense	intense	ADJ
cblr-13005	476	13	political	political	ADJ
cblr-13005	476	14	scrutiny	scrutiny	NOUN
cblr-13005	476	15	over	over	ADP
cblr-13005	476	16	their	their	PRON
cblr-13005	476	17	perceived	perceive	VERB
cblr-13005	476	18	outsized	outsized	ADJ
cblr-13005	476	19	influence	influence	NOUN
cblr-13005	476	20	on	on	ADP
cblr-13005	476	21	capital	capital	NOUN
cblr-13005	476	22	and	and	CCONJ
cblr-13005	476	23	product	product	NOUN
cblr-13005	476	24	markets.101	markets.101	PROPN
cblr-13005	476	25	professor	professor	NOUN
cblr-13005	476	26	jeff	jeff	PROPN
cblr-13005	476	27	schwartz	schwartz	PROPN
cblr-13005	476	28	posits	posit	VERB
cblr-13005	476	29	that	that	SCONJ
cblr-13005	476	30	this	this	PRON
cblr-13005	476	31	is	be	AUX
cblr-13005	476	32	the	the	DET
cblr-13005	476	33	most	most	ADV
cblr-13005	476	34	likely	likely	ADJ
cblr-13005	476	35	motivation	motivation	NOUN
cblr-13005	476	36	for	for	ADP
cblr-13005	476	37	index	index	NOUN
cblr-13005	476	38	fund	fund	NOUN
cblr-13005	476	39	voting.102	voting.102	NOUN
cblr-13005	476	40	he	he	PRON
cblr-13005	476	41	argues	argue	VERB
cblr-13005	476	42	that	that	SCONJ
cblr-13005	476	43	if	if	SCONJ
cblr-13005	476	44	index	index	NOUN
cblr-13005	476	45	fund	fund	NOUN
cblr-13005	476	46	managers	manager	NOUN
cblr-13005	476	47	found	find	VERB
cblr-13005	476	48	stewardship	stewardship	NOUN
cblr-13005	476	49	profitable	profitable	ADJ
cblr-13005	476	50	,	,	PUNCT
cblr-13005	476	51	they	they	PRON
cblr-13005	476	52	would	would	AUX
cblr-13005	476	53	have	have	AUX
cblr-13005	476	54	participated	participate	VERB
cblr-13005	476	55	in	in	ADP
cblr-13005	476	56	it	it	PRON
cblr-13005	476	57	since	since	SCONJ
cblr-13005	476	58	the	the	DET
cblr-13005	476	59	industry	industry	NOUN
cblr-13005	476	60	’s	’s	PART
cblr-13005	476	61	inception	inception	NOUN
cblr-13005	476	62	rather	rather	ADV
cblr-13005	476	63	than	than	ADP
cblr-13005	476	64	avoiding	avoid	VERB
cblr-13005	476	65	it	it	PRON
cblr-13005	476	66	until	until	SCONJ
cblr-13005	476	67	the	the	DET
cblr-13005	476	68	sec	sec	PROPN
cblr-13005	476	69	intervened	intervene	VERB
cblr-13005	476	70	through	through	ADP
cblr-13005	476	71	rulemaking.103	rulemaking.103	PROPN
cblr-13005	476	72	he	he	PRON
cblr-13005	476	73	also	also	ADV
cblr-13005	476	74	points	point	VERB
cblr-13005	476	75	out	out	ADP
cblr-13005	476	76	that	that	SCONJ
cblr-13005	476	77	if	if	SCONJ
cblr-13005	476	78	index	index	NOUN
cblr-13005	476	79	fund	fund	NOUN
cblr-13005	476	80	managers	manager	NOUN
cblr-13005	476	81	viewed	view	VERB
cblr-13005	476	82	stewardship	stewardship	NOUN
cblr-13005	476	83	as	as	ADP
cblr-13005	476	84	a	a	DET
cblr-13005	476	85	way	way	NOUN
cblr-13005	476	86	to	to	PART
cblr-13005	476	87	improve	improve	VERB
cblr-13005	476	88	portfolio	portfolio	NOUN
cblr-13005	476	89	returns	return	NOUN
cblr-13005	476	90	,	,	PUNCT
cblr-13005	476	91	they	they	PRON
cblr-13005	476	92	would	would	AUX
cblr-13005	476	93	involve	involve	VERB
cblr-13005	476	94	fund	fund	NOUN
cblr-13005	476	95	-	-	PUNCT
cblr-13005	476	96	level	level	NOUN
cblr-13005	476	97	finance	finance	NOUN
cblr-13005	476	98	professionals	professional	NOUN
cblr-13005	476	99	in	in	ADP
cblr-13005	476	100	the	the	DET
cblr-13005	476	101	process	process	NOUN
cblr-13005	476	102	,	,	PUNCT
cblr-13005	476	103	whereas	whereas	SCONJ
cblr-13005	476	104	in	in	ADP
cblr-13005	476	105	reality	reality	NOUN
cblr-13005	476	106	they	they	PRON
cblr-13005	476	107	delegate	delegate	VERB
cblr-13005	476	108	the	the	DET
cblr-13005	476	109	task	task	NOUN
cblr-13005	476	110	to	to	ADP
cblr-13005	476	111	centralized	centralized	ADJ
cblr-13005	476	112	(	(	PUNCT
cblr-13005	476	113	and	and	CCONJ
cblr-13005	476	114	woefully	woefully	ADV
cblr-13005	476	115	understaffed	understaffed	ADJ
cblr-13005	476	116	)	)	PUNCT
cblr-13005	476	117	compliance	compliance	NOUN
cblr-13005	476	118	-	-	PUNCT
cblr-13005	476	119	oriented	orient	VERB
cblr-13005	476	120	teams.104	teams.104	NOUN
cblr-13005	476	121	in	in	ADP
cblr-13005	476	122	professor	professor	PROPN
cblr-13005	476	123	schwartz	schwartz	PROPN
cblr-13005	476	124	’s	’s	PART
cblr-13005	476	125	view	view	NOUN
cblr-13005	476	126	,	,	PUNCT
cblr-13005	476	127	it	it	PRON
cblr-13005	476	128	is	be	AUX
cblr-13005	476	129	no	no	DET
cblr-13005	476	130	coincidence	coincidence	NOUN
cblr-13005	476	131	that	that	SCONJ
cblr-13005	476	132	“	"	PUNCT
cblr-13005	476	133	[	[	AUX
cblr-13005	476	134	a]fter	a]fter	NOUN
cblr-13005	476	135	consistently	consistently	ADV
cblr-13005	476	136	voting	vote	VERB
cblr-13005	476	137	down	down	ADP
cblr-13005	476	138	es	es	NOUN
cblr-13005	476	139	proposals	proposal	NOUN
cblr-13005	476	140	,	,	PUNCT
cblr-13005	476	141	the	the	DET
cblr-13005	476	142	large	large	ADJ
cblr-13005	476	143	asset	asset	NOUN
cblr-13005	476	144	managers	manager	NOUN
cblr-13005	476	145	pivoted	pivot	VERB
cblr-13005	476	146	to	to	ADP
cblr-13005	476	147	supporting	support	VERB
cblr-13005	476	148	such	such	ADJ
cblr-13005	476	149	measures	measure	NOUN
cblr-13005	476	150	in	in	ADP
cblr-13005	476	151	the	the	DET
cblr-13005	476	152	same	same	ADJ
cblr-13005	476	153	year	year	NOUN
cblr-13005	476	154	the	the	DET
cblr-13005	476	155	u.s	u.s	PROPN
cblr-13005	476	156	.	.	PROPN
cblr-13005	476	157	presidency	presidency	NOUN
cblr-13005	476	158	switched	switch	VERB
cblr-13005	476	159	101	101	NUM
cblr-13005	476	160	see	see	NOUN
cblr-13005	476	161	supra	supra	PROPN
cblr-13005	476	162	note	note	PROPN
cblr-13005	476	163	61	61	NUM
cblr-13005	476	164	;	;	PUNCT
cblr-13005	476	165	see	see	VERB
cblr-13005	476	166	also	also	ADV
cblr-13005	476	167	david	david	PROPN
cblr-13005	476	168	mclaughlin	mclaughlin	PROPN
cblr-13005	476	169	&	&	CCONJ
cblr-13005	476	170	annie	annie	PROPN
cblr-13005	476	171	massa	massa	PROPN
cblr-13005	476	172	,	,	PUNCT
cblr-13005	476	173	the	the	DET
cblr-13005	476	174	hidden	hidden	ADJ
cblr-13005	476	175	dangers	danger	NOUN
cblr-13005	476	176	of	of	ADP
cblr-13005	476	177	the	the	DET
cblr-13005	476	178	great	great	ADJ
cblr-13005	476	179	index	index	NOUN
cblr-13005	476	180	fund	fund	NOUN
cblr-13005	476	181	takeover	takeover	NOUN
cblr-13005	476	182	,	,	PUNCT
cblr-13005	476	183	bloomberg	bloomberg	PROPN
cblr-13005	476	184	(	(	PUNCT
cblr-13005	476	185	jan	jan	PROPN
cblr-13005	476	186	.	.	PROPN
cblr-13005	476	187	9	9	NUM
cblr-13005	476	188	,	,	PUNCT
cblr-13005	476	189	2020	2020	NUM
cblr-13005	476	190	)	)	PUNCT
cblr-13005	476	191	,	,	PUNCT
cblr-13005	476	192	https://www.bloomberg.com/news/features/2020-01-09/the-hiddendangers-of-the-great-index-fund-takeover	https://www.bloomberg.com/news/features/2020-01-09/the-hiddendangers-of-the-great-index-fund-takeover	X
cblr-13005	477	1	[	[	X
cblr-13005	477	2	on	on	ADP
cblr-13005	477	3	file	file	NOUN
cblr-13005	477	4	with	with	ADP
cblr-13005	477	5	the	the	DET
cblr-13005	477	6	columbia	columbia	PROPN
cblr-13005	477	7	business	business	PROPN
cblr-13005	477	8	law	law	PROPN
cblr-13005	477	9	review	review	PROPN
cblr-13005	477	10	]	]	PUNCT
cblr-13005	477	11	(	(	PUNCT
cblr-13005	477	12	observing	observe	VERB
cblr-13005	477	13	that	that	SCONJ
cblr-13005	477	14	the	the	DET
cblr-13005	477	15	big	big	ADJ
cblr-13005	477	16	three	three	NUM
cblr-13005	477	17	are	be	AUX
cblr-13005	477	18	“	"	PUNCT
cblr-13005	477	19	potentially	potentially	ADV
cblr-13005	477	20	the	the	DET
cblr-13005	477	21	most	most	ADV
cblr-13005	477	22	powerful	powerful	ADJ
cblr-13005	477	23	force	force	NOUN
cblr-13005	477	24	over	over	ADP
cblr-13005	477	25	a	a	DET
cblr-13005	477	26	huge	huge	ADJ
cblr-13005	477	27	swath	swath	NOUN
cblr-13005	477	28	of	of	ADP
cblr-13005	477	29	america	america	PROPN
cblr-13005	477	30	inc	inc	PROPN
cblr-13005	477	31	.	.	PUNCT
cblr-13005	477	32	”	"	PUNCT
cblr-13005	478	1	and	and	CCONJ
cblr-13005	478	2	that	that	SCONJ
cblr-13005	478	3	“	"	PUNCT
cblr-13005	478	4	[	[	X
cblr-13005	478	5	a]larm	a]larm	NOUN
cblr-13005	478	6	bells	bell	NOUN
cblr-13005	478	7	have	have	AUX
cblr-13005	478	8	begun	begin	VERB
cblr-13005	478	9	to	to	PART
cblr-13005	478	10	go	go	VERB
cblr-13005	478	11	off	off	ADP
cblr-13005	478	12	with	with	ADP
cblr-13005	478	13	some	some	DET
cblr-13005	478	14	regulators	regulator	NOUN
cblr-13005	478	15	,	,	PUNCT
cblr-13005	478	16	as	as	ADV
cblr-13005	478	17	well	well	ADV
cblr-13005	478	18	as	as	ADP
cblr-13005	478	19	with	with	ADP
cblr-13005	478	20	an	an	DET
cblr-13005	478	21	ideologically	ideologically	ADV
cblr-13005	478	22	diverse	diverse	ADJ
cblr-13005	478	23	array	array	NOUN
cblr-13005	478	24	of	of	ADP
cblr-13005	478	25	academics	academic	NOUN
cblr-13005	478	26	and	and	CCONJ
cblr-13005	478	27	activists	activist	NOUN
cblr-13005	478	28	”	"	PUNCT
cblr-13005	478	29	)	)	PUNCT
cblr-13005	478	30	;	;	PUNCT
cblr-13005	478	31	matt	matt	PROPN
cblr-13005	478	32	egan	egan	PROPN
cblr-13005	478	33	,	,	PUNCT
cblr-13005	478	34	blackrock	blackrock	NOUN
cblr-13005	478	35	and	and	CCONJ
cblr-13005	478	36	the	the	DET
cblr-13005	478	37	$	$	SYM
cblr-13005	478	38	15	15	NUM
cblr-13005	478	39	trillion	trillion	NUM
cblr-13005	478	40	fund	fund	NOUN
cblr-13005	478	41	industry	industry	NOUN
cblr-13005	478	42	should	should	AUX
cblr-13005	478	43	be	be	AUX
cblr-13005	478	44	broken	break	VERB
cblr-13005	478	45	up	up	ADP
cblr-13005	478	46	,	,	PUNCT
cblr-13005	478	47	antimonopoly	antimonopoly	ADJ
cblr-13005	478	48	group	group	NOUN
cblr-13005	478	49	says	say	VERB
cblr-13005	478	50	,	,	PUNCT
cblr-13005	478	51	cnn	cnn	PROPN
cblr-13005	478	52	bus	bus	NOUN
cblr-13005	478	53	.	.	PUNCT
cblr-13005	479	1	(	(	PUNCT
cblr-13005	479	2	nov	nov	PROPN
cblr-13005	479	3	.	.	PROPN
cblr-13005	479	4	24	24	NUM
cblr-13005	479	5	,	,	PUNCT
cblr-13005	479	6	2020	2020	NUM
cblr-13005	479	7	)	)	PUNCT
cblr-13005	479	8	,	,	PUNCT
cblr-13005	479	9	https://www.cnn.com/2020/11/24/business/blackrock-vanguard-state-street-biden/index.html	https://www.cnn.com/2020/11/24/business/blackrock-vanguard-state-street-biden/index.html	VERB
cblr-13005	479	10	[	[	X
cblr-13005	479	11	https://perma.cc/24ah-x9ff	https://perma.cc/24ah-x9ff	X
cblr-13005	479	12	]	]	X
cblr-13005	479	13	(	(	PUNCT
cblr-13005	479	14	reporting	report	VERB
cblr-13005	479	15	that	that	SCONJ
cblr-13005	479	16	“	"	PUNCT
cblr-13005	479	17	[	[	X
cblr-13005	479	18	c]ritics	c]ritic	NOUN
cblr-13005	479	19	say	say	VERB
cblr-13005	479	20	[	[	X
cblr-13005	479	21	the	the	DET
cblr-13005	479	22	big	big	ADJ
cblr-13005	479	23	three	three	NUM
cblr-13005	479	24	]	]	PUNCT
cblr-13005	479	25	have	have	AUX
cblr-13005	479	26	become	become	VERB
cblr-13005	479	27	too	too	ADV
cblr-13005	479	28	powerful	powerful	ADJ
cblr-13005	479	29	and	and	CCONJ
cblr-13005	479	30	that	that	SCONJ
cblr-13005	479	31	the	the	DET
cblr-13005	479	32	biden	biden	PROPN
cblr-13005	479	33	administration	administration	PROPN
cblr-13005	479	34	and	and	CCONJ
cblr-13005	479	35	congress	congress	PROPN
cblr-13005	479	36	need	need	VERB
cblr-13005	479	37	to	to	PART
cblr-13005	479	38	rein	rein	VERB
cblr-13005	479	39	them	they	PRON
cblr-13005	479	40	in	in	ADP
cblr-13005	479	41	”	"	PUNCT
cblr-13005	479	42	)	)	PUNCT
cblr-13005	479	43	.	.	PUNCT
cblr-13005	480	1	102	102	NUM
cblr-13005	480	2	schwartz	schwartz	NOUN
cblr-13005	480	3	,	,	PUNCT
cblr-13005	480	4	supra	supra	PROPN
cblr-13005	480	5	note	note	PROPN
cblr-13005	480	6	19	19	NUM
cblr-13005	480	7	,	,	PUNCT
cblr-13005	480	8	at	at	ADP
cblr-13005	480	9	398	398	NUM
cblr-13005	480	10	.	.	PUNCT
cblr-13005	480	11	103	103	NUM
cblr-13005	480	12	i	i	PRON
cblr-13005	480	13	d.	d.	NOUN
cblr-13005	480	14	at	at	ADP
cblr-13005	480	15	424	424	NUM
cblr-13005	480	16	.	.	PUNCT
cblr-13005	480	17	104	104	NUM
cblr-13005	481	1	i	i	PRON
cblr-13005	481	2	d.	d.	PROPN
cblr-13005	481	3	at	at	ADP
cblr-13005	481	4	425	425	NUM
cblr-13005	481	5	.	.	PUNCT
cblr-13005	482	1	for	for	ADP
cblr-13005	482	2	how	how	SCONJ
cblr-13005	482	3	mutual	mutual	ADJ
cblr-13005	482	4	fund	fund	NOUN
cblr-13005	482	5	advisors	advisor	NOUN
cblr-13005	482	6	approach	approach	VERB
cblr-13005	482	7	their	their	PRON
cblr-13005	482	8	voting	voting	NOUN
cblr-13005	482	9	responsibilities	responsibility	NOUN
cblr-13005	482	10	across	across	ADP
cblr-13005	482	11	fund	fund	NOUN
cblr-13005	482	12	families	family	NOUN
cblr-13005	482	13	,	,	PUNCT
cblr-13005	482	14	as	as	ADV
cblr-13005	482	15	well	well	ADV
cblr-13005	482	16	as	as	ADP
cblr-13005	482	17	the	the	DET
cblr-13005	482	18	conflicts	conflict	NOUN
cblr-13005	482	19	of	of	ADP
cblr-13005	482	20	interest	interest	NOUN
cblr-13005	482	21	fund	fund	NOUN
cblr-13005	482	22	advisers	adviser	NOUN
cblr-13005	482	23	face	face	VERB
cblr-13005	482	24	in	in	ADP
cblr-13005	482	25	casting	cast	VERB
cblr-13005	482	26	votes	vote	NOUN
cblr-13005	482	27	,	,	PUNCT
cblr-13005	482	28	see	see	VERB
cblr-13005	482	29	generally	generally	ADV
cblr-13005	482	30	griffith	griffith	PROPN
cblr-13005	482	31	&	&	CCONJ
cblr-13005	482	32	lund	lund	PROPN
cblr-13005	482	33	,	,	PUNCT
cblr-13005	482	34	supra	supra	PROPN
cblr-13005	482	35	note	note	PROPN
cblr-13005	482	36	73	73	NUM
cblr-13005	482	37	;	;	PUNCT
cblr-13005	482	38	lipton	lipton	PROPN
cblr-13005	482	39	,	,	PUNCT
cblr-13005	482	40	supra	supra	PROPN
cblr-13005	482	41	note	note	NOUN
cblr-13005	482	42	98	98	NUM
cblr-13005	482	43	.	.	PUNCT
cblr-13005	483	1	for	for	ADP
cblr-13005	483	2	empirical	empirical	ADJ
cblr-13005	483	3	evidence	evidence	NOUN
cblr-13005	483	4	“	"	PUNCT
cblr-13005	483	5	that	that	SCONJ
cblr-13005	483	6	the	the	DET
cblr-13005	483	7	big	big	ADJ
cblr-13005	483	8	three	three	NUM
cblr-13005	483	9	devote	devote	VERB
cblr-13005	483	10	an	an	DET
cblr-13005	483	11	economically	economically	ADV
cblr-13005	483	12	negligible	negligible	ADJ
cblr-13005	483	13	fraction	fraction	NOUN
cblr-13005	483	14	of	of	ADP
cblr-13005	483	15	their	their	PRON
cblr-13005	483	16	fee	fee	NOUN
cblr-13005	483	17	income	income	NOUN
cblr-13005	483	18	to	to	ADP
cblr-13005	483	19	stewardship	stewardship	NOUN
cblr-13005	483	20	and	and	CCONJ
cblr-13005	483	21	that	that	SCONJ
cblr-13005	483	22	their	their	PRON
cblr-13005	483	23	stewardship	stewardship	NOUN
cblr-13005	483	24	staffing	staffing	NOUN
cblr-13005	483	25	levels	level	NOUN
cblr-13005	483	26	enable	enable	VERB
cblr-13005	483	27	only	only	ADV
cblr-13005	483	28	limited	limited	ADJ
cblr-13005	483	29	and	and	CCONJ
cblr-13005	483	30	cursory	cursory	ADJ
cblr-13005	483	31	stewardship	stewardship	NOUN
cblr-13005	483	32	for	for	ADP
cblr-13005	483	33	the	the	DET
cblr-13005	483	34	vast	vast	ADJ
cblr-13005	483	35	majority	majority	NOUN
cblr-13005	483	36	of	of	ADP
cblr-13005	483	37	their	their	PRON
cblr-13005	483	38	portfolio	portfolio	NOUN
cblr-13005	483	39	companies	company	NOUN
cblr-13005	483	40	,	,	PUNCT
cblr-13005	483	41	”	"	PUNCT
cblr-13005	483	42	see	see	VERB
cblr-13005	483	43	bebchuk	bebchuk	NOUN
cblr-13005	483	44	&	&	CCONJ
cblr-13005	483	45	hirst	hirst	PROPN
cblr-13005	483	46	,	,	PUNCT
cblr-13005	483	47	index	index	NOUN
cblr-13005	483	48	funds	fund	NOUN
cblr-13005	483	49	and	and	CCONJ
cblr-13005	483	50	the	the	DET
cblr-13005	483	51	future	future	NOUN
cblr-13005	483	52	of	of	ADP
cblr-13005	483	53	corporate	corporate	ADJ
cblr-13005	483	54	governance	governance	NOUN
cblr-13005	483	55	,	,	PUNCT
cblr-13005	483	56	supra	supra	PROPN
cblr-13005	483	57	note	note	NOUN
cblr-13005	483	58	16	16	NUM
cblr-13005	483	59	,	,	PUNCT
cblr-13005	483	60	at	at	ADP
cblr-13005	483	61	2033	2033	NUM
cblr-13005	483	62	,	,	PUNCT
cblr-13005	483	63	2075–84	2075–84	NOUN
cblr-13005	483	64	.	.	PUNCT
cblr-13005	484	1	cf	cf	NOUN
cblr-13005	484	2	.	.	PUNCT
cblr-13005	485	1	fisch	fisch	PROPN
cblr-13005	485	2	et	et	PROPN
cblr-13005	485	3	al	al	PROPN
cblr-13005	485	4	.	.	PROPN
cblr-13005	485	5	,	,	PUNCT
cblr-13005	485	6	supra	supra	PROPN
cblr-13005	485	7	note	note	PROPN
cblr-13005	485	8	85	85	NUM
cblr-13005	485	9	,	,	PUNCT
cblr-13005	485	10	at	at	ADP
cblr-13005	485	11	50	50	NUM
cblr-13005	485	12	(	(	PUNCT
cblr-13005	485	13	responding	respond	VERB
cblr-13005	485	14	to	to	ADP
cblr-13005	485	15	those	those	PRON
cblr-13005	485	16	who	who	PRON
cblr-13005	485	17	have	have	AUX
cblr-13005	485	18	criticized	criticize	VERB
cblr-13005	485	19	the	the	DET
cblr-13005	485	20	limited	limited	ADJ
cblr-13005	485	21	size	size	NOUN
cblr-13005	485	22	of	of	ADP
cblr-13005	485	23	index	index	NOUN
cblr-13005	485	24	fund	fund	NOUN
cblr-13005	485	25	managers	manager	NOUN
cblr-13005	485	26	’	’	PART
cblr-13005	485	27	governance	governance	NOUN
cblr-13005	485	28	staffs	staff	NOUN
cblr-13005	485	29	)	)	PUNCT
cblr-13005	485	30	.	.	PUNCT
cblr-13005	486	1	no	no	INTJ
cblr-13005	486	2	.	.	NOUN
cblr-13005	487	1	1	1	NUM
cblr-13005	487	2	]	]	PUNCT
cblr-13005	487	3	a	a	DET
cblr-13005	487	4	hard	hard	ADJ
cblr-13005	487	5	look	look	NOUN
cblr-13005	487	6	at	at	ADP
cblr-13005	487	7	portfolio	portfolio	NOUN
cblr-13005	487	8	focused	focused	ADJ
cblr-13005	487	9	stewardship	stewardship	NOUN
cblr-13005	487	10	351	351	NUM
cblr-13005	487	11	parties	party	NOUN
cblr-13005	487	12	from	from	ADP
cblr-13005	487	13	the	the	DET
cblr-13005	487	14	trump	trump	NOUN
cblr-13005	487	15	to	to	ADP
cblr-13005	487	16	the	the	DET
cblr-13005	487	17	biden	biden	PROPN
cblr-13005	487	18	administration	administration	NOUN
cblr-13005	487	19	.	.	PUNCT
cblr-13005	488	1	”105	”105	ADJ
cblr-13005	488	2	“	"	PUNCT
cblr-13005	488	3	the	the	DET
cblr-13005	488	4	abrupt	abrupt	ADJ
cblr-13005	488	5	shift	shift	NOUN
cblr-13005	488	6	in	in	ADP
cblr-13005	488	7	large	large	ADJ
cblr-13005	488	8	assets	asset	NOUN
cblr-13005	488	9	managers	manager	NOUN
cblr-13005	488	10	’	'	PUNCT
cblr-13005	488	11	voting	voting	NOUN
cblr-13005	488	12	parallels	parallel	VERB
cblr-13005	488	13	the	the	DET
cblr-13005	488	14	abrupt	abrupt	ADJ
cblr-13005	488	15	shift	shift	NOUN
cblr-13005	488	16	in	in	ADP
cblr-13005	488	17	government	government	NOUN
cblr-13005	488	18	policy	policy	NOUN
cblr-13005	488	19	”	"	PUNCT
cblr-13005	488	20	on	on	ADP
cblr-13005	488	21	topics	topic	NOUN
cblr-13005	488	22	such	such	ADJ
cblr-13005	488	23	as	as	ADP
cblr-13005	488	24	climate	climate	NOUN
cblr-13005	488	25	change	change	NOUN
cblr-13005	488	26	;	;	PUNCT
cblr-13005	488	27	politics	politic	NOUN
cblr-13005	488	28	,	,	PUNCT
cblr-13005	488	29	he	he	PRON
cblr-13005	488	30	asserts	assert	VERB
cblr-13005	488	31	,	,	PUNCT
cblr-13005	488	32	“	"	PUNCT
cblr-13005	488	33	is	be	AUX
cblr-13005	488	34	the	the	DET
cblr-13005	488	35	only	only	ADJ
cblr-13005	488	36	plausible	plausible	ADJ
cblr-13005	488	37	explanation	explanation	NOUN
cblr-13005	488	38	.	.	PUNCT
cblr-13005	489	1	”106	”106	PROPN
cblr-13005	489	2	if	if	SCONJ
cblr-13005	489	3	professor	professor	NOUN
cblr-13005	489	4	schwartz	schwartz	PROPN
cblr-13005	489	5	is	be	AUX
cblr-13005	489	6	correct	correct	ADJ
cblr-13005	489	7	,	,	PUNCT
cblr-13005	489	8	voting	vote	VERB
cblr-13005	489	9	by	by	ADP
cblr-13005	489	10	index	index	NOUN
cblr-13005	489	11	fund	fund	NOUN
cblr-13005	489	12	managers	manager	NOUN
cblr-13005	489	13	may	may	AUX
cblr-13005	489	14	injure	injure	VERB
cblr-13005	489	15	the	the	DET
cblr-13005	489	16	very	very	ADV
cblr-13005	489	17	diversified	diversified	ADJ
cblr-13005	489	18	investors	investor	NOUN
cblr-13005	489	19	it	it	PRON
cblr-13005	489	20	is	be	AUX
cblr-13005	489	21	meant	mean	VERB
cblr-13005	489	22	to	to	PART
cblr-13005	489	23	help	help	VERB
cblr-13005	489	24	by	by	ADP
cblr-13005	489	25	forestalling	forestall	VERB
cblr-13005	489	26	new	new	ADJ
cblr-13005	489	27	regulations	regulation	NOUN
cblr-13005	489	28	designed	design	VERB
cblr-13005	489	29	to	to	PART
cblr-13005	489	30	protect	protect	VERB
cblr-13005	489	31	them	they	PRON
cblr-13005	489	32	,	,	PUNCT
cblr-13005	489	33	and	and	CCONJ
cblr-13005	489	34	may	may	AUX
cblr-13005	489	35	also	also	ADV
cblr-13005	489	36	negatively	negatively	ADV
cblr-13005	489	37	affect	affect	VERB
cblr-13005	489	38	the	the	DET
cblr-13005	489	39	functioning	functioning	NOUN
cblr-13005	489	40	of	of	ADP
cblr-13005	489	41	the	the	DET
cblr-13005	489	42	economy	economy	NOUN
cblr-13005	489	43	more	more	ADV
cblr-13005	489	44	broadly	broadly	ADV
cblr-13005	489	45	by	by	ADP
cblr-13005	489	46	introducing	introduce	VERB
cblr-13005	489	47	an	an	DET
cblr-13005	489	48	indirect	indirect	ADJ
cblr-13005	489	49	form	form	NOUN
cblr-13005	489	50	of	of	ADP
cblr-13005	489	51	state	state	NOUN
cblr-13005	489	52	capitalism	capitalism	NOUN
cblr-13005	489	53	(	(	PUNCT
cblr-13005	489	54	albeit	albeit	SCONJ
cblr-13005	489	55	one	one	NUM
cblr-13005	489	56	unconstrained	unconstraine	VERB
cblr-13005	489	57	by	by	ADP
cblr-13005	489	58	democratic	democratic	ADJ
cblr-13005	489	59	electoral	electoral	ADJ
cblr-13005	489	60	accountability	accountability	NOUN
cblr-13005	489	61	or	or	CCONJ
cblr-13005	489	62	constitutional	constitutional	ADJ
cblr-13005	489	63	limits).107	limits).107	NOUN
cblr-13005	489	64	another	another	DET
cblr-13005	489	65	self	self	NOUN
cblr-13005	489	66	-	-	PUNCT
cblr-13005	489	67	serving	serve	VERB
cblr-13005	489	68	motive	motive	NOUN
cblr-13005	489	69	that	that	PRON
cblr-13005	489	70	could	could	AUX
cblr-13005	489	71	explain	explain	VERB
cblr-13005	489	72	index	index	NOUN
cblr-13005	489	73	fund	fund	NOUN
cblr-13005	489	74	managers	manager	NOUN
cblr-13005	489	75	’	'	PUNCT
cblr-13005	489	76	positions	position	NOUN
cblr-13005	489	77	on	on	ADP
cblr-13005	489	78	esg	esg	PROPN
cblr-13005	489	79	matters	matter	NOUN
cblr-13005	489	80	is	be	AUX
cblr-13005	489	81	a	a	DET
cblr-13005	489	82	desire	desire	NOUN
cblr-13005	489	83	to	to	PART
cblr-13005	489	84	court	court	VERB
cblr-13005	489	85	millennial	millennial	ADJ
cblr-13005	489	86	investors	investor	NOUN
cblr-13005	489	87	to	to	ADP
cblr-13005	489	88	their	their	PRON
cblr-13005	489	89	funds	fund	NOUN
cblr-13005	489	90	,	,	PUNCT
cblr-13005	489	91	not	not	PART
cblr-13005	489	92	only	only	ADV
cblr-13005	489	93	to	to	ADP
cblr-13005	489	94	their	their	PRON
cblr-13005	489	95	index	index	NOUN
cblr-13005	489	96	funds	fund	NOUN
cblr-13005	489	97	but	but	CCONJ
cblr-13005	489	98	also	also	ADV
cblr-13005	489	99	to	to	ADP
cblr-13005	489	100	a	a	DET
cblr-13005	489	101	milieu	milieu	NOUN
cblr-13005	489	102	of	of	ADP
cblr-13005	489	103	higher	high	ADJ
cblr-13005	489	104	-	-	PUNCT
cblr-13005	489	105	fee	fee	NOUN
cblr-13005	489	106	esg	esg	NOUN
cblr-13005	489	107	-	-	PUNCT
cblr-13005	489	108	themed	theme	VERB
cblr-13005	489	109	funds	fund	NOUN
cblr-13005	489	110	that	that	PRON
cblr-13005	489	111	they	they	PRON
cblr-13005	489	112	offer	offer	VERB
cblr-13005	489	113	.	.	PUNCT
cblr-13005	490	1	professors	professor	NOUN
cblr-13005	490	2	michal	michal	PROPN
cblr-13005	490	3	barzuza	barzuza	PROPN
cblr-13005	490	4	,	,	PUNCT
cblr-13005	490	5	quinn	quinn	NOUN
cblr-13005	490	6	curtis	curtis	PROPN
cblr-13005	490	7	,	,	PUNCT
cblr-13005	490	8	and	and	CCONJ
cblr-13005	490	9	david	david	PROPN
cblr-13005	490	10	webber	webber	PROPN
cblr-13005	490	11	have	have	AUX
cblr-13005	490	12	advanced	advance	VERB
cblr-13005	490	13	this	this	DET
cblr-13005	490	14	argument	argument	NOUN
cblr-13005	490	15	,	,	PUNCT
cblr-13005	490	16	pointing	point	VERB
cblr-13005	490	17	out	out	ADP
cblr-13005	490	18	that	that	SCONJ
cblr-13005	490	19	millennials	millennial	NOUN
cblr-13005	490	20	,	,	PUNCT
cblr-13005	490	21	who	who	PRON
cblr-13005	490	22	will	will	AUX
cblr-13005	490	23	soon	soon	ADV
cblr-13005	490	24	accumulate	accumulate	VERB
cblr-13005	490	25	significant	significant	ADJ
cblr-13005	490	26	assets	asset	NOUN
cblr-13005	490	27	,	,	PUNCT
cblr-13005	490	28	place	place	VERB
cblr-13005	490	29	a	a	DET
cblr-13005	490	30	premium	premium	NOUN
cblr-13005	490	31	on	on	ADP
cblr-13005	490	32	social	social	ADJ
cblr-13005	490	33	issues	issue	NOUN
cblr-13005	490	34	in	in	ADP
cblr-13005	490	35	their	their	PRON
cblr-13005	490	36	economic	economic	ADJ
cblr-13005	490	37	lives.108	lives.108	PROPN
cblr-13005	490	38	professor	professor	NOUN
cblr-13005	490	39	lund	lund	PROPN
cblr-13005	490	40	offers	offer	VERB
cblr-13005	490	41	an	an	DET
cblr-13005	490	42	alternative	alternative	ADJ
cblr-13005	490	43	marketing	marketing	NOUN
cblr-13005	490	44	-	-	PUNCT
cblr-13005	490	45	based	base	VERB
cblr-13005	490	46	theory	theory	NOUN
cblr-13005	490	47	for	for	ADP
cblr-13005	490	48	index	index	NOUN
cblr-13005	490	49	fund	fund	NOUN
cblr-13005	490	50	managers	manager	NOUN
cblr-13005	490	51	’	’	PART
cblr-13005	490	52	interventions	intervention	NOUN
cblr-13005	490	53	on	on	ADP
cblr-13005	490	54	esg	esg	PROPN
cblr-13005	490	55	topics	topic	NOUN
cblr-13005	490	56	.	.	PUNCT
cblr-13005	491	1	she	she	PRON
cblr-13005	491	2	theorizes	theorize	VERB
cblr-13005	491	3	that	that	SCONJ
cblr-13005	491	4	,	,	PUNCT
cblr-13005	491	5	subject	subject	ADJ
cblr-13005	491	6	to	to	ADP
cblr-13005	491	7	a	a	DET
cblr-13005	491	8	constraint	constraint	NOUN
cblr-13005	491	9	of	of	ADP
cblr-13005	491	10	avoiding	avoid	VERB
cblr-13005	491	11	government	government	NOUN
cblr-13005	491	12	105	105	NUM
cblr-13005	491	13	schwartz	schwartz	NOUN
cblr-13005	491	14	,	,	PUNCT
cblr-13005	491	15	supra	supra	PROPN
cblr-13005	491	16	note	note	PROPN
cblr-13005	491	17	19	19	NUM
cblr-13005	491	18	,	,	PUNCT
cblr-13005	491	19	at	at	ADP
cblr-13005	491	20	442	442	NUM
cblr-13005	491	21	.	.	PUNCT
cblr-13005	491	22	106	106	NUM
cblr-13005	492	1	i	i	PRON
cblr-13005	492	2	d.	d.	NOUN
cblr-13005	492	3	at	at	ADP
cblr-13005	492	4	443	443	NUM
cblr-13005	492	5	.	.	PUNCT
cblr-13005	493	1	schwartz	schwartz	PROPN
cblr-13005	493	2	’s	’s	PART
cblr-13005	493	3	hypothesis	hypothesis	NOUN
cblr-13005	493	4	that	that	SCONJ
cblr-13005	493	5	the	the	DET
cblr-13005	493	6	big	big	ADJ
cblr-13005	493	7	three	three	NUM
cblr-13005	493	8	’s	’s	ADJ
cblr-13005	493	9	embrace	embrace	NOUN
cblr-13005	493	10	of	of	ADP
cblr-13005	493	11	esg	esg	PROPN
cblr-13005	493	12	has	have	AUX
cblr-13005	493	13	been	be	AUX
cblr-13005	493	14	driven	drive	VERB
cblr-13005	493	15	by	by	ADP
cblr-13005	493	16	political	political	ADJ
cblr-13005	493	17	expediency	expediency	NOUN
cblr-13005	493	18	is	be	AUX
cblr-13005	493	19	consistent	consistent	ADJ
cblr-13005	493	20	with	with	ADP
cblr-13005	493	21	the	the	DET
cblr-13005	493	22	big	big	ADJ
cblr-13005	493	23	three	three	NUM
cblr-13005	493	24	’s	’s	NOUN
cblr-13005	493	25	apparent	apparent	ADJ
cblr-13005	493	26	backpedaling	backpedaling	NOUN
cblr-13005	493	27	on	on	ADP
cblr-13005	493	28	those	those	DET
cblr-13005	493	29	commitments	commitment	NOUN
cblr-13005	493	30	in	in	ADP
cblr-13005	493	31	the	the	DET
cblr-13005	493	32	wake	wake	NOUN
cblr-13005	493	33	of	of	ADP
cblr-13005	493	34	recent	recent	ADJ
cblr-13005	493	35	threats	threat	NOUN
cblr-13005	493	36	by	by	ADP
cblr-13005	493	37	republican	republican	ADJ
cblr-13005	493	38	lawmakers	lawmaker	NOUN
cblr-13005	493	39	.	.	PUNCT
cblr-13005	494	1	see	see	VERB
cblr-13005	494	2	infra	infra	NOUN
cblr-13005	494	3	note	note	VERB
cblr-13005	494	4	194	194	NUM
cblr-13005	494	5	and	and	CCONJ
cblr-13005	494	6	accompanying	accompany	VERB
cblr-13005	494	7	text	text	NOUN
cblr-13005	494	8	.	.	PUNCT
cblr-13005	495	1	107	107	NUM
cblr-13005	495	2	see	see	VERB
cblr-13005	495	3	infra	infra	NOUN
cblr-13005	495	4	notes	note	VERB
cblr-13005	495	5	158–160	158–160	NUM
cblr-13005	495	6	and	and	CCONJ
cblr-13005	495	7	accompanying	accompany	VERB
cblr-13005	495	8	text	text	NOUN
cblr-13005	495	9	.	.	PUNCT
cblr-13005	496	1	professor	professor	NOUN
cblr-13005	496	2	schwartz	schwartz	PROPN
cblr-13005	496	3	recommends	recommend	VERB
cblr-13005	496	4	requiring	require	VERB
cblr-13005	496	5	asset	asset	NOUN
cblr-13005	496	6	managers	manager	NOUN
cblr-13005	496	7	to	to	PART
cblr-13005	496	8	vote	vote	VERB
cblr-13005	496	9	in	in	ADP
cblr-13005	496	10	line	line	NOUN
cblr-13005	496	11	with	with	ADP
cblr-13005	496	12	their	their	PRON
cblr-13005	496	13	fund	fund	NOUN
cblr-13005	496	14	investors	investor	NOUN
cblr-13005	496	15	’	'	PUNCT
cblr-13005	496	16	polled	poll	VERB
cblr-13005	496	17	preferences	preference	NOUN
cblr-13005	496	18	as	as	ADP
cblr-13005	496	19	an	an	DET
cblr-13005	496	20	antidote	antidote	NOUN
cblr-13005	496	21	to	to	ADP
cblr-13005	496	22	this	this	DET
cblr-13005	496	23	concern	concern	NOUN
cblr-13005	496	24	.	.	PUNCT
cblr-13005	497	1	“	"	PUNCT
cblr-13005	497	2	for	for	ADP
cblr-13005	497	3	instance	instance	NOUN
cblr-13005	497	4	,	,	PUNCT
cblr-13005	497	5	”	"	PUNCT
cblr-13005	497	6	he	he	PRON
cblr-13005	497	7	explains	explain	VERB
cblr-13005	497	8	,	,	PUNCT
cblr-13005	497	9	“	"	PUNCT
cblr-13005	497	10	investors	investor	NOUN
cblr-13005	497	11	could	could	AUX
cblr-13005	497	12	be	be	AUX
cblr-13005	497	13	asked	ask	VERB
cblr-13005	497	14	about	about	ADP
cblr-13005	497	15	whether	whether	SCONJ
cblr-13005	497	16	they	they	PRON
cblr-13005	497	17	support	support	VERB
cblr-13005	497	18	diversity	diversity	NOUN
cblr-13005	497	19	efforts	effort	NOUN
cblr-13005	497	20	and	and	CCONJ
cblr-13005	497	21	climate	climate	NOUN
cblr-13005	497	22	transparency	transparency	NOUN
cblr-13005	497	23	efforts	effort	NOUN
cblr-13005	497	24	at	at	ADP
cblr-13005	497	25	portfolio	portfolio	NOUN
cblr-13005	497	26	firms	firm	NOUN
cblr-13005	497	27	.	.	PUNCT
cblr-13005	498	1	the	the	DET
cblr-13005	498	2	asset	asset	NOUN
cblr-13005	498	3	manager	manager	NOUN
cblr-13005	498	4	would	would	AUX
cblr-13005	498	5	then	then	ADV
cblr-13005	498	6	be	be	AUX
cblr-13005	498	7	required	require	VERB
cblr-13005	498	8	to	to	PART
cblr-13005	498	9	proportionally	proportionally	ADV
cblr-13005	498	10	reflect	reflect	VERB
cblr-13005	498	11	investor	investor	NOUN
cblr-13005	498	12	preferences	preference	NOUN
cblr-13005	498	13	at	at	ADP
cblr-13005	498	14	each	each	DET
cblr-13005	498	15	company	company	NOUN
cblr-13005	498	16	where	where	SCONJ
cblr-13005	498	17	activism	activism	NOUN
cblr-13005	498	18	or	or	CCONJ
cblr-13005	498	19	shareholder	shareholder	NOUN
cblr-13005	498	20	proposals	proposal	NOUN
cblr-13005	498	21	that	that	PRON
cblr-13005	498	22	implicate	implicate	VERB
cblr-13005	498	23	these	these	DET
cblr-13005	498	24	issues	issue	NOUN
cblr-13005	498	25	arise	arise	VERB
cblr-13005	498	26	.	.	PUNCT
cblr-13005	498	27	”	"	PUNCT
cblr-13005	499	1	schwartz	schwartz	PROPN
cblr-13005	499	2	,	,	PUNCT
cblr-13005	499	3	supra	supra	PROPN
cblr-13005	499	4	note	note	NOUN
cblr-13005	499	5	19	19	NUM
cblr-13005	499	6	at	at	ADP
cblr-13005	499	7	451	451	NUM
cblr-13005	499	8	.	.	PUNCT
cblr-13005	500	1	professor	professor	NOUN
cblr-13005	500	2	schwartz	schwartz	PROPN
cblr-13005	500	3	rejects	reject	VERB
cblr-13005	500	4	a	a	DET
cblr-13005	500	5	pure	pure	ADJ
cblr-13005	500	6	form	form	NOUN
cblr-13005	500	7	of	of	ADP
cblr-13005	500	8	pass	pass	NOUN
cblr-13005	500	9	-	-	PUNCT
cblr-13005	500	10	through	through	ADP
cblr-13005	500	11	voting	voting	NOUN
cblr-13005	500	12	,	,	PUNCT
cblr-13005	500	13	where	where	SCONJ
cblr-13005	500	14	fund	fund	NOUN
cblr-13005	500	15	investors	investor	NOUN
cblr-13005	500	16	would	would	AUX
cblr-13005	500	17	instruct	instruct	VERB
cblr-13005	500	18	the	the	DET
cblr-13005	500	19	asset	asset	NOUN
cblr-13005	500	20	managers	manager	NOUN
cblr-13005	500	21	on	on	ADP
cblr-13005	500	22	how	how	SCONJ
cblr-13005	500	23	to	to	PART
cblr-13005	500	24	vote	vote	VERB
cblr-13005	500	25	their	their	PRON
cblr-13005	500	26	percentage	percentage	NOUN
cblr-13005	500	27	share	share	NOUN
cblr-13005	500	28	ownership	ownership	NOUN
cblr-13005	500	29	with	with	ADP
cblr-13005	500	30	respect	respect	NOUN
cblr-13005	500	31	to	to	ADP
cblr-13005	500	32	each	each	DET
cblr-13005	500	33	matter	matter	NOUN
cblr-13005	500	34	at	at	ADP
cblr-13005	500	35	each	each	DET
cblr-13005	500	36	portfolio	portfolio	NOUN
cblr-13005	500	37	company	company	NOUN
cblr-13005	500	38	,	,	PUNCT
cblr-13005	500	39	due	due	ADP
cblr-13005	500	40	to	to	ADP
cblr-13005	500	41	rational	rational	ADJ
cblr-13005	500	42	apathy	apathy	NOUN
cblr-13005	500	43	concerns	concern	NOUN
cblr-13005	500	44	.	.	PUNCT
cblr-13005	501	1	i	i	PRON
cblr-13005	501	2	d.	d.	VERB
cblr-13005	501	3	for	for	ADP
cblr-13005	501	4	more	more	ADV
cblr-13005	501	5	on	on	ADP
cblr-13005	501	6	pass	pass	VERB
cblr-13005	501	7	-	-	PUNCT
cblr-13005	501	8	through	through	ADP
cblr-13005	501	9	voting	voting	NOUN
cblr-13005	501	10	,	,	PUNCT
cblr-13005	501	11	see	see	VERB
cblr-13005	501	12	notes	note	NOUN
cblr-13005	501	13	16	16	NUM
cblr-13005	501	14	&	&	CCONJ
cblr-13005	501	15	160	160	NUM
cblr-13005	501	16	.	.	NOUN
cblr-13005	501	17	108	108	NUM
cblr-13005	501	18	barzuza	barzuza	NOUN
cblr-13005	501	19	,	,	PUNCT
cblr-13005	501	20	et	et	PROPN
cblr-13005	501	21	al	al	PROPN
cblr-13005	501	22	.	.	PROPN
cblr-13005	501	23	,	,	PUNCT
cblr-13005	501	24	supra	supra	PROPN
cblr-13005	501	25	note	note	PROPN
cblr-13005	501	26	19	19	NUM
cblr-13005	501	27	,	,	PUNCT
cblr-13005	501	28	at	at	ADP
cblr-13005	501	29	1304–06	1304–06	NUM
cblr-13005	501	30	.	.	PUNCT
cblr-13005	502	1	352	352	NUM
cblr-13005	502	2	columbia	columbia	PROPN
cblr-13005	502	3	business	business	NOUN
cblr-13005	502	4	law	law	PROPN
cblr-13005	502	5	review	review	NOUN
cblr-13005	502	6	[	[	X
cblr-13005	502	7	vol	vol	NOUN
cblr-13005	502	8	.	.	PUNCT
cblr-13005	502	9	2024	2024	NUM
cblr-13005	502	10	backlash	backlash	NOUN
cblr-13005	502	11	,	,	PUNCT
cblr-13005	502	12	the	the	DET
cblr-13005	502	13	big	big	ADJ
cblr-13005	502	14	three	three	NUM
cblr-13005	502	15	take	take	NOUN
cblr-13005	502	16	esg	esg	NOUN
cblr-13005	502	17	positions	position	NOUN
cblr-13005	502	18	that	that	PRON
cblr-13005	502	19	will	will	AUX
cblr-13005	502	20	satisfy	satisfy	VERB
cblr-13005	502	21	the	the	DET
cblr-13005	502	22	bulk	bulk	NOUN
cblr-13005	502	23	of	of	ADP
cblr-13005	502	24	their	their	PRON
cblr-13005	502	25	clients	client	NOUN
cblr-13005	502	26	and	and	CCONJ
cblr-13005	502	27	potential	potential	ADJ
cblr-13005	502	28	clients	client	NOUN
cblr-13005	502	29	,	,	PUNCT
cblr-13005	502	30	because	because	SCONJ
cblr-13005	502	31	doing	do	VERB
cblr-13005	502	32	so	so	ADV
cblr-13005	502	33	is	be	AUX
cblr-13005	502	34	likely	likely	ADJ
cblr-13005	502	35	to	to	PART
cblr-13005	502	36	increase	increase	VERB
cblr-13005	502	37	fund	fund	NOUN
cblr-13005	502	38	inflows	inflow	NOUN
cblr-13005	502	39	and	and	CCONJ
cblr-13005	502	40	in	in	ADP
cblr-13005	502	41	turn	turn	NOUN
cblr-13005	502	42	assets	asset	NOUN
cblr-13005	502	43	under	under	ADP
cblr-13005	502	44	management	management	NOUN
cblr-13005	502	45	and	and	CCONJ
cblr-13005	502	46	their	their	PRON
cblr-13005	502	47	compensation.109	compensation.109	VERB
cblr-13005	502	48	because	because	SCONJ
cblr-13005	502	49	“	"	PUNCT
cblr-13005	502	50	client	client	NOUN
cblr-13005	502	51	tastes	taste	NOUN
cblr-13005	502	52	will	will	AUX
cblr-13005	502	53	dictate	dictate	VERB
cblr-13005	502	54	policies	policy	NOUN
cblr-13005	502	55	,	,	PUNCT
cblr-13005	502	56	rather	rather	ADV
cblr-13005	502	57	than	than	ADP
cblr-13005	502	58	the	the	DET
cblr-13005	502	59	principled	principled	ADJ
cblr-13005	502	60	consideration	consideration	NOUN
cblr-13005	502	61	of	of	ADP
cblr-13005	502	62	systematic	systematic	ADJ
cblr-13005	502	63	risk	risk	NOUN
cblr-13005	502	64	or	or	CCONJ
cblr-13005	502	65	externalities	externality	NOUN
cblr-13005	502	66	,	,	PUNCT
cblr-13005	502	67	”	"	PUNCT
cblr-13005	502	68	she	she	PRON
cblr-13005	502	69	posits	posit	VERB
cblr-13005	502	70	that	that	SCONJ
cblr-13005	502	71	the	the	DET
cblr-13005	502	72	big	big	ADJ
cblr-13005	502	73	three	three	NUM
cblr-13005	502	74	’s	’s	PART
cblr-13005	502	75	efforts	effort	NOUN
cblr-13005	502	76	will	will	AUX
cblr-13005	502	77	reflect	reflect	VERB
cblr-13005	502	78	the	the	DET
cblr-13005	502	79	views	view	NOUN
cblr-13005	502	80	of	of	ADP
cblr-13005	502	81	the	the	DET
cblr-13005	502	82	corporate	corporate	ADJ
cblr-13005	502	83	managers	manager	NOUN
cblr-13005	502	84	who	who	PRON
cblr-13005	502	85	control	control	VERB
cblr-13005	502	86	401(k	401(k	NOUN
cblr-13005	502	87	)	)	PUNCT
cblr-13005	502	88	plans	plan	NOUN
cblr-13005	502	89	as	as	ADV
cblr-13005	502	90	well	well	ADV
cblr-13005	502	91	as	as	ADP
cblr-13005	502	92	the	the	DET
cblr-13005	502	93	officials	official	NOUN
cblr-13005	502	94	who	who	PRON
cblr-13005	502	95	control	control	VERB
cblr-13005	502	96	government	government	NOUN
cblr-13005	502	97	and	and	CCONJ
cblr-13005	502	98	union	union	NOUN
cblr-13005	502	99	pension	pension	NOUN
cblr-13005	502	100	funds	fund	NOUN
cblr-13005	502	101	,	,	PUNCT
cblr-13005	502	102	given	give	VERB
cblr-13005	502	103	that	that	SCONJ
cblr-13005	502	104	such	such	ADJ
cblr-13005	502	105	funds	fund	NOUN
cblr-13005	502	106	constitute	constitute	VERB
cblr-13005	502	107	the	the	DET
cblr-13005	502	108	bulk	bulk	NOUN
cblr-13005	502	109	of	of	ADP
cblr-13005	502	110	the	the	DET
cblr-13005	502	111	big	big	ADJ
cblr-13005	502	112	three	three	NUM
cblr-13005	502	113	’s	’s	PART
cblr-13005	502	114	assets	asset	NOUN
cblr-13005	502	115	.	.	PUNCT
cblr-13005	503	1	she	she	PRON
cblr-13005	503	2	acknowledges	acknowledge	VERB
cblr-13005	503	3	that	that	SCONJ
cblr-13005	503	4	this	this	PRON
cblr-13005	503	5	will	will	AUX
cblr-13005	503	6	tend	tend	VERB
cblr-13005	503	7	to	to	PART
cblr-13005	503	8	privilege	privilege	VERB
cblr-13005	503	9	elitist	elitist	ADJ
cblr-13005	503	10	views	view	NOUN
cblr-13005	503	11	and	and	CCONJ
cblr-13005	503	12	explains	explain	VERB
cblr-13005	503	13	why	why	SCONJ
cblr-13005	503	14	those	those	PRON
cblr-13005	503	15	who	who	PRON
cblr-13005	503	16	control	control	VERB
cblr-13005	503	17	public	public	ADJ
cblr-13005	503	18	pension	pension	NOUN
cblr-13005	503	19	funds	fund	NOUN
cblr-13005	503	20	are	be	AUX
cblr-13005	503	21	likely	likely	ADJ
cblr-13005	503	22	to	to	PART
cblr-13005	503	23	have	have	VERB
cblr-13005	503	24	an	an	DET
cblr-13005	503	25	outsized	outsized	ADJ
cblr-13005	503	26	voice.110	voice.110	NOUN
cblr-13005	503	27	it	it	PRON
cblr-13005	503	28	is	be	AUX
cblr-13005	503	29	also	also	ADV
cblr-13005	503	30	possible	possible	ADJ
cblr-13005	503	31	that	that	SCONJ
cblr-13005	503	32	the	the	DET
cblr-13005	503	33	positions	position	NOUN
cblr-13005	503	34	taken	take	VERB
cblr-13005	503	35	by	by	ADP
cblr-13005	503	36	the	the	DET
cblr-13005	503	37	big	big	ADJ
cblr-13005	503	38	three	three	NUM
cblr-13005	503	39	are	be	AUX
cblr-13005	503	40	driven	drive	VERB
cblr-13005	503	41	by	by	ADP
cblr-13005	503	42	the	the	DET
cblr-13005	503	43	personal	personal	ADJ
cblr-13005	503	44	preferences	preference	NOUN
cblr-13005	503	45	of	of	ADP
cblr-13005	503	46	those	those	PRON
cblr-13005	503	47	who	who	PRON
cblr-13005	503	48	run	run	VERB
cblr-13005	503	49	them	they	PRON
cblr-13005	503	50	.	.	PUNCT
cblr-13005	504	1	blackrock	blackrock	PROPN
cblr-13005	504	2	’s	’s	PART
cblr-13005	504	3	positions	position	NOUN
cblr-13005	504	4	could	could	AUX
cblr-13005	504	5	have	have	VERB
cblr-13005	504	6	more	more	ADJ
cblr-13005	504	7	to	to	PART
cblr-13005	504	8	do	do	VERB
cblr-13005	504	9	with	with	ADP
cblr-13005	504	10	larry	larry	PROPN
cblr-13005	504	11	fink	fink	PROPN
cblr-13005	504	12	’s	’s	PART
cblr-13005	504	13	sociopolitical	sociopolitical	ADJ
cblr-13005	504	14	commitments	commitment	NOUN
cblr-13005	504	15	,	,	PUNCT
cblr-13005	504	16	or	or	CCONJ
cblr-13005	504	17	those	those	PRON
cblr-13005	504	18	of	of	ADP
cblr-13005	504	19	blackrock	blackrock	NOUN
cblr-13005	504	20	’s	’s	PART
cblr-13005	504	21	stewardship	stewardship	NOUN
cblr-13005	504	22	team	team	NOUN
cblr-13005	504	23	,	,	PUNCT
cblr-13005	504	24	than	than	ADP
cblr-13005	504	25	an	an	DET
cblr-13005	504	26	assessment	assessment	NOUN
cblr-13005	504	27	of	of	ADP
cblr-13005	504	28	portfolio	portfolio	NOUN
cblr-13005	504	29	value	value	NOUN
cblr-13005	504	30	.	.	PUNCT
cblr-13005	505	1	in	in	ADP
cblr-13005	505	2	the	the	DET
cblr-13005	505	3	literature	literature	NOUN
cblr-13005	505	4	on	on	ADP
cblr-13005	505	5	managerial	managerial	ADJ
cblr-13005	505	6	agency	agency	NOUN
cblr-13005	505	7	costs	cost	NOUN
cblr-13005	505	8	at	at	ADP
cblr-13005	505	9	public	public	ADJ
cblr-13005	505	10	companies	company	NOUN
cblr-13005	505	11	,	,	PUNCT
cblr-13005	505	12	the	the	DET
cblr-13005	505	13	psychological	psychological	ADJ
cblr-13005	505	14	benefits	benefit	NOUN
cblr-13005	505	15	of	of	ADP
cblr-13005	505	16	empire	empire	NOUN
cblr-13005	505	17	building	building	NOUN
cblr-13005	505	18	are	be	AUX
cblr-13005	505	19	well	well	ADV
cblr-13005	505	20	understood.111	understood.111	ADJ
cblr-13005	505	21	serving	serve	VERB
cblr-13005	505	22	,	,	PUNCT
cblr-13005	505	23	along	along	ADP
cblr-13005	505	24	with	with	ADP
cblr-13005	505	25	leaders	leader	NOUN
cblr-13005	505	26	at	at	ADP
cblr-13005	505	27	vanguard	vanguard	NOUN
cblr-13005	505	28	and	and	CCONJ
cblr-13005	505	29	state	state	PROPN
cblr-13005	505	30	street	street	PROPN
cblr-13005	505	31	,	,	PUNCT
cblr-13005	505	32	as	as	SCONJ
cblr-13005	505	33	controllers	controller	NOUN
cblr-13005	505	34	of	of	ADP
cblr-13005	505	35	funds	fund	NOUN
cblr-13005	505	36	constituting	constitute	VERB
cblr-13005	505	37	the	the	DET
cblr-13005	505	38	largest	large	ADJ
cblr-13005	505	39	voting	voting	NOUN
cblr-13005	505	40	bloc	bloc	NOUN
cblr-13005	505	41	in	in	ADP
cblr-13005	505	42	nearly	nearly	ADV
cblr-13005	505	43	90	90	NUM
cblr-13005	505	44	%	%	NOUN
cblr-13005	505	45	of	of	ADP
cblr-13005	505	46	s&p	s&p	PROPN
cblr-13005	505	47	500	500	NUM
cblr-13005	505	48	companies	company	NOUN
cblr-13005	505	49	represents	represent	VERB
cblr-13005	505	50	an	an	DET
cblr-13005	505	51	empire	empire	NOUN
cblr-13005	505	52	beyond	beyond	ADP
cblr-13005	505	53	the	the	DET
cblr-13005	505	54	wildest	wild	ADJ
cblr-13005	505	55	dreams	dream	NOUN
cblr-13005	505	56	of	of	ADP
cblr-13005	505	57	any	any	DET
cblr-13005	505	58	public	public	ADJ
cblr-13005	505	59	company	company	NOUN
cblr-13005	505	60	ceo.112	ceo.112	NOUN
cblr-13005	505	61	using	use	VERB
cblr-13005	505	62	the	the	DET
cblr-13005	505	63	power	power	NOUN
cblr-13005	505	64	that	that	PRON
cblr-13005	505	65	comes	come	VERB
cblr-13005	505	66	along	along	ADP
cblr-13005	505	67	with	with	ADP
cblr-13005	505	68	that	that	DET
cblr-13005	505	69	position	position	NOUN
cblr-13005	505	70	offers	offer	VERB
cblr-13005	505	71	commensurate	commensurate	ADJ
cblr-13005	505	72	private	private	ADJ
cblr-13005	505	73	benefits.113	benefits.113	ADJ
cblr-13005	505	74	109	109	NUM
cblr-13005	505	75	lund	lund	PROPN
cblr-13005	505	76	,	,	PUNCT
cblr-13005	505	77	supra	supra	PROPN
cblr-13005	505	78	note	note	PROPN
cblr-13005	505	79	19	19	NUM
cblr-13005	505	80	.	.	NOUN
cblr-13005	506	1	110	110	NUM
cblr-13005	507	1	i	i	PRON
cblr-13005	507	2	d.	d.	PROPN
cblr-13005	507	3	at	at	ADP
cblr-13005	507	4	110	110	NUM
cblr-13005	507	5	n.170	n.170	NUM
cblr-13005	507	6	.	.	PUNCT
cblr-13005	508	1	111	111	NUM
cblr-13005	508	2	see	see	VERB
cblr-13005	508	3	lucian	lucian	PROPN
cblr-13005	508	4	arye	arye	PROPN
cblr-13005	508	5	bebchuk	bebchuk	PROPN
cblr-13005	508	6	,	,	PUNCT
cblr-13005	508	7	the	the	DET
cblr-13005	508	8	case	case	NOUN
cblr-13005	508	9	for	for	ADP
cblr-13005	508	10	increasing	increase	VERB
cblr-13005	508	11	shareholder	shareholder	NOUN
cblr-13005	508	12	power	power	NOUN
cblr-13005	508	13	,	,	PUNCT
cblr-13005	508	14	118	118	NUM
cblr-13005	508	15	harv	harv	NOUN
cblr-13005	508	16	.	.	PUNCT
cblr-13005	509	1	l.	l.	PROPN
cblr-13005	509	2	rev	rev	PROPN
cblr-13005	509	3	.	.	PROPN
cblr-13005	509	4	833	833	NUM
cblr-13005	509	5	,	,	PUNCT
cblr-13005	509	6	903–07	903–07	NUM
cblr-13005	509	7	(	(	PUNCT
cblr-13005	509	8	2005	2005	NUM
cblr-13005	509	9	)	)	PUNCT
cblr-13005	509	10	(	(	PUNCT
cblr-13005	509	11	discussing	discuss	VERB
cblr-13005	509	12	firm	firm	ADJ
cblr-13005	509	13	managers	manager	NOUN
cblr-13005	509	14	’	'	PUNCT
cblr-13005	509	15	incentives	incentive	NOUN
cblr-13005	509	16	to	to	PART
cblr-13005	509	17	engage	engage	VERB
cblr-13005	509	18	in	in	ADP
cblr-13005	509	19	empire	empire	NOUN
cblr-13005	509	20	building	build	VERB
cblr-13005	509	21	and	and	CCONJ
cblr-13005	509	22	observing	observe	VERB
cblr-13005	509	23	that	that	SCONJ
cblr-13005	509	24	some	some	DET
cblr-13005	509	25	scholars	scholar	NOUN
cblr-13005	509	26	view	view	VERB
cblr-13005	509	27	it	it	PRON
cblr-13005	509	28	as	as	ADP
cblr-13005	509	29	the	the	DET
cblr-13005	509	30	most	most	ADV
cblr-13005	509	31	significant	significant	ADJ
cblr-13005	509	32	agency	agency	NOUN
cblr-13005	509	33	problem	problem	NOUN
cblr-13005	509	34	that	that	SCONJ
cblr-13005	509	35	large	large	ADJ
cblr-13005	509	36	public	public	ADJ
cblr-13005	509	37	companies	company	NOUN
cblr-13005	509	38	face	face	VERB
cblr-13005	509	39	)	)	PUNCT
cblr-13005	509	40	.	.	PUNCT
cblr-13005	510	1	112	112	NUM
cblr-13005	510	2	schwartz	schwartz	NOUN
cblr-13005	510	3	,	,	PUNCT
cblr-13005	510	4	stewardship	stewardship	NOUN
cblr-13005	510	5	theater	theater	NOUN
cblr-13005	510	6	,	,	PUNCT
cblr-13005	510	7	supra	supra	PROPN
cblr-13005	510	8	note	note	PROPN
cblr-13005	510	9	15	15	NUM
cblr-13005	510	10	,	,	PUNCT
cblr-13005	510	11	at	at	ADP
cblr-13005	510	12	406	406	NUM
cblr-13005	510	13	(	(	PUNCT
cblr-13005	510	14	explaining	explain	VERB
cblr-13005	510	15	that	that	SCONJ
cblr-13005	510	16	the	the	DET
cblr-13005	510	17	ownership	ownership	NOUN
cblr-13005	510	18	stakes	stake	NOUN
cblr-13005	510	19	of	of	ADP
cblr-13005	510	20	vanguard	vanguard	NOUN
cblr-13005	510	21	,	,	PUNCT
cblr-13005	510	22	blackrock	blackrock	NOUN
cblr-13005	510	23	,	,	PUNCT
cblr-13005	510	24	and	and	CCONJ
cblr-13005	510	25	state	state	NOUN
cblr-13005	510	26	street	street	NOUN
cblr-13005	510	27	“	"	PUNCT
cblr-13005	510	28	is	be	AUX
cblr-13005	510	29	enough	enough	ADJ
cblr-13005	510	30	to	to	PART
cblr-13005	510	31	make	make	VERB
cblr-13005	510	32	them	they	PRON
cblr-13005	510	33	,	,	PUNCT
cblr-13005	510	34	collectively	collectively	ADV
cblr-13005	510	35	,	,	PUNCT
cblr-13005	510	36	the	the	DET
cblr-13005	510	37	largest	large	ADJ
cblr-13005	510	38	shareholders	shareholder	NOUN
cblr-13005	510	39	in	in	ADP
cblr-13005	510	40	88	88	NUM
cblr-13005	510	41	%	%	NOUN
cblr-13005	510	42	of	of	ADP
cblr-13005	510	43	s&p	s&p	PROPN
cblr-13005	510	44	500	500	NUM
cblr-13005	510	45	companies	company	NOUN
cblr-13005	510	46	”	"	PUNCT
cblr-13005	510	47	)	)	PUNCT
cblr-13005	510	48	.	.	PUNCT
cblr-13005	511	1	113	113	NUM
cblr-13005	511	2	see	see	VERB
cblr-13005	511	3	coates	coate	NOUN
cblr-13005	511	4	,	,	PUNCT
cblr-13005	511	5	supra	supra	PROPN
cblr-13005	511	6	note	note	NOUN
cblr-13005	511	7	61	61	NUM
cblr-13005	511	8	,	,	PUNCT
cblr-13005	511	9	at	at	ADP
cblr-13005	511	10	18–19	18–19	NUM
cblr-13005	511	11	(	(	PUNCT
cblr-13005	511	12	discussing	discuss	VERB
cblr-13005	511	13	the	the	DET
cblr-13005	511	14	non	non	ADJ
cblr-13005	511	15	-	-	ADJ
cblr-13005	511	16	wealth	wealth	ADJ
cblr-13005	511	17	power	power	NOUN
cblr-13005	511	18	and	and	CCONJ
cblr-13005	511	19	other	other	ADJ
cblr-13005	511	20	private	private	ADJ
cblr-13005	511	21	benefits	benefit	NOUN
cblr-13005	511	22	the	the	DET
cblr-13005	511	23	leaders	leader	NOUN
cblr-13005	511	24	of	of	ADP
cblr-13005	511	25	large	large	ADJ
cblr-13005	511	26	index	index	NOUN
cblr-13005	511	27	providers	provider	NOUN
cblr-13005	511	28	may	may	AUX
cblr-13005	511	29	obtain	obtain	VERB
cblr-13005	511	30	through	through	ADP
cblr-13005	511	31	use	use	NOUN
cblr-13005	511	32	of	of	ADP
cblr-13005	511	33	their	their	PRON
cblr-13005	511	34	funds	fund	NOUN
cblr-13005	511	35	’	'	PUNCT
cblr-13005	511	36	voting	voting	NOUN
cblr-13005	511	37	power	power	NOUN
cblr-13005	511	38	)	)	PUNCT
cblr-13005	511	39	.	.	PUNCT
cblr-13005	512	1	no	no	INTJ
cblr-13005	512	2	.	.	NOUN
cblr-13005	513	1	1	1	NUM
cblr-13005	513	2	]	]	PUNCT
cblr-13005	513	3	a	a	DET
cblr-13005	513	4	hard	hard	ADJ
cblr-13005	513	5	look	look	NOUN
cblr-13005	513	6	at	at	ADP
cblr-13005	513	7	portfolio	portfolio	NOUN
cblr-13005	513	8	focused	focused	ADJ
cblr-13005	513	9	stewardship	stewardship	NOUN
cblr-13005	513	10	353	353	NUM
cblr-13005	513	11	i	i	PRON
cblr-13005	513	12	can	can	AUX
cblr-13005	513	13	not	not	PART
cblr-13005	513	14	answer	answer	VERB
cblr-13005	513	15	which	which	PRON
cblr-13005	513	16	of	of	ADP
cblr-13005	513	17	the	the	DET
cblr-13005	513	18	foregoing	forego	VERB
cblr-13005	513	19	motives	motive	NOUN
cblr-13005	513	20	,	,	PUNCT
cblr-13005	513	21	if	if	SCONJ
cblr-13005	513	22	any	any	PRON
cblr-13005	513	23	,	,	PUNCT
cblr-13005	513	24	drives	drive	VERB
cblr-13005	513	25	index	index	NOUN
cblr-13005	513	26	fund	fund	NOUN
cblr-13005	513	27	managers	manager	NOUN
cblr-13005	513	28	to	to	PART
cblr-13005	513	29	engage	engage	VERB
cblr-13005	513	30	in	in	ADP
cblr-13005	513	31	stewardship	stewardship	NOUN
cblr-13005	513	32	on	on	ADP
cblr-13005	513	33	esg	esg	PROPN
cblr-13005	513	34	topics	topic	NOUN
cblr-13005	513	35	.	.	PUNCT
cblr-13005	514	1	multiple	multiple	ADJ
cblr-13005	514	2	motivations	motivation	NOUN
cblr-13005	514	3	could	could	AUX
cblr-13005	514	4	be	be	AUX
cblr-13005	514	5	at	at	ADP
cblr-13005	514	6	play	play	NOUN
cblr-13005	514	7	,	,	PUNCT
cblr-13005	514	8	and	and	CCONJ
cblr-13005	514	9	their	their	PRON
cblr-13005	514	10	influence	influence	NOUN
cblr-13005	514	11	could	could	AUX
cblr-13005	514	12	be	be	AUX
cblr-13005	514	13	subconscious	subconscious	ADJ
cblr-13005	514	14	.	.	PUNCT
cblr-13005	515	1	indeed	indeed	ADV
cblr-13005	515	2	,	,	PUNCT
cblr-13005	515	3	when	when	SCONJ
cblr-13005	515	4	the	the	DET
cblr-13005	515	5	outcome	outcome	NOUN
cblr-13005	515	6	of	of	ADP
cblr-13005	515	7	a	a	DET
cblr-13005	515	8	decision	decision	NOUN
cblr-13005	515	9	is	be	AUX
cblr-13005	515	10	ambiguous	ambiguous	ADJ
cblr-13005	515	11	,	,	PUNCT
cblr-13005	515	12	the	the	DET
cblr-13005	515	13	self	self	NOUN
cblr-13005	515	14	-	-	PUNCT
cblr-13005	515	15	serving	serve	VERB
cblr-13005	515	16	bias	bias	NOUN
cblr-13005	515	17	is	be	AUX
cblr-13005	515	18	likely	likely	ADJ
cblr-13005	515	19	to	to	PART
cblr-13005	515	20	cause	cause	VERB
cblr-13005	515	21	fund	fund	NOUN
cblr-13005	515	22	management	management	NOUN
cblr-13005	515	23	personnel	personnel	NOUN
cblr-13005	515	24	to	to	PART
cblr-13005	515	25	view	view	VERB
cblr-13005	515	26	decisions	decision	NOUN
cblr-13005	515	27	that	that	PRON
cblr-13005	515	28	are	be	AUX
cblr-13005	515	29	privately	privately	ADV
cblr-13005	515	30	beneficial	beneficial	ADJ
cblr-13005	515	31	,	,	PUNCT
cblr-13005	515	32	to	to	ADP
cblr-13005	515	33	themselves	themselves	PRON
cblr-13005	515	34	or	or	CCONJ
cblr-13005	515	35	the	the	DET
cblr-13005	515	36	fund	fund	NOUN
cblr-13005	515	37	manager	manager	NOUN
cblr-13005	515	38	,	,	PUNCT
cblr-13005	515	39	as	as	ADP
cblr-13005	515	40	having	have	VERB
cblr-13005	515	41	a	a	DET
cblr-13005	515	42	beneficial	beneficial	ADJ
cblr-13005	515	43	impact	impact	NOUN
cblr-13005	515	44	on	on	ADP
cblr-13005	515	45	the	the	DET
cblr-13005	515	46	portfolio	portfolio	NOUN
cblr-13005	515	47	they	they	PRON
cblr-13005	515	48	manage	manage	VERB
cblr-13005	515	49	.	.	PUNCT
cblr-13005	516	1	and	and	CCONJ
cblr-13005	516	2	in	in	ADP
cblr-13005	516	3	some	some	DET
cblr-13005	516	4	cases	case	NOUN
cblr-13005	516	5	,	,	PUNCT
cblr-13005	516	6	of	of	ADP
cblr-13005	516	7	course	course	NOUN
cblr-13005	516	8	,	,	PUNCT
cblr-13005	516	9	what	what	PRON
cblr-13005	516	10	is	be	AUX
cblr-13005	516	11	privately	privately	ADV
cblr-13005	516	12	beneficial	beneficial	ADJ
cblr-13005	516	13	to	to	ADP
cblr-13005	516	14	a	a	DET
cblr-13005	516	15	fund	fund	NOUN
cblr-13005	516	16	manager	manager	NOUN
cblr-13005	516	17	or	or	CCONJ
cblr-13005	516	18	its	its	PRON
cblr-13005	516	19	personnel	personnel	NOUN
cblr-13005	516	20	may	may	AUX
cblr-13005	516	21	also	also	ADV
cblr-13005	516	22	be	be	AUX
cblr-13005	516	23	beneficial	beneficial	ADJ
cblr-13005	516	24	to	to	ADP
cblr-13005	516	25	the	the	DET
cblr-13005	516	26	portfolio.114	portfolio.114	NOUN
cblr-13005	516	27	my	my	PRON
cblr-13005	516	28	point	point	NOUN
cblr-13005	516	29	is	be	AUX
cblr-13005	516	30	simply	simply	ADV
cblr-13005	516	31	that	that	SCONJ
cblr-13005	516	32	given	give	VERB
cblr-13005	516	33	the	the	DET
cblr-13005	516	34	selfish	selfish	ADJ
cblr-13005	516	35	motives	motive	NOUN
cblr-13005	516	36	that	that	PRON
cblr-13005	516	37	could	could	AUX
cblr-13005	516	38	drive	drive	VERB
cblr-13005	516	39	index	index	NOUN
cblr-13005	516	40	fund	fund	NOUN
cblr-13005	516	41	managers	manager	NOUN
cblr-13005	516	42	to	to	PART
cblr-13005	516	43	engage	engage	VERB
cblr-13005	516	44	in	in	ADP
cblr-13005	516	45	stewardship	stewardship	NOUN
cblr-13005	516	46	that	that	PRON
cblr-13005	516	47	is	be	AUX
cblr-13005	516	48	destructive	destructive	ADJ
cblr-13005	516	49	of	of	ADP
cblr-13005	516	50	portfolio	portfolio	NOUN
cblr-13005	516	51	value	value	NOUN
cblr-13005	516	52	,	,	PUNCT
cblr-13005	516	53	financially	financially	ADV
cblr-13005	516	54	motivated	motivated	ADJ
cblr-13005	516	55	diversified	diversified	ADJ
cblr-13005	516	56	investors	investor	NOUN
cblr-13005	516	57	would	would	AUX
cblr-13005	516	58	rationally	rationally	ADV
cblr-13005	516	59	discount	discount	VERB
cblr-13005	516	60	the	the	DET
cblr-13005	516	61	touted	tout	VERB
cblr-13005	516	62	benefits	benefit	NOUN
cblr-13005	516	63	of	of	ADP
cblr-13005	516	64	portfolio	portfolio	NOUN
cblr-13005	516	65	-	-	PUNCT
cblr-13005	516	66	focused	focus	VERB
cblr-13005	516	67	stewardship	stewardship	NOUN
cblr-13005	516	68	interventions	intervention	NOUN
cblr-13005	516	69	.	.	PUNCT
cblr-13005	517	1	as	as	SCONJ
cblr-13005	517	2	discussed	discuss	VERB
cblr-13005	517	3	below	below	ADV
cblr-13005	517	4	,	,	PUNCT
cblr-13005	517	5	some	some	DET
cblr-13005	517	6	generalities	generality	NOUN
cblr-13005	517	7	can	can	AUX
cblr-13005	517	8	be	be	AUX
cblr-13005	517	9	stated	state	VERB
cblr-13005	517	10	about	about	ADP
cblr-13005	517	11	the	the	DET
cblr-13005	517	12	sorts	sort	NOUN
cblr-13005	517	13	of	of	ADP
cblr-13005	517	14	characteristics	characteristic	NOUN
cblr-13005	517	15	that	that	PRON
cblr-13005	517	16	would	would	AUX
cblr-13005	517	17	trigger	trigger	VERB
cblr-13005	517	18	heightened	heightened	ADJ
cblr-13005	517	19	skepticism	skepticism	NOUN
cblr-13005	517	20	—	—	PUNCT
cblr-13005	517	21	and	and	CCONJ
cblr-13005	517	22	hence	hence	ADV
cblr-13005	517	23	a	a	DET
cblr-13005	517	24	steeper	steep	ADJ
cblr-13005	517	25	discount	discount	NOUN
cblr-13005	517	26	.	.	PUNCT
cblr-13005	518	1	first	first	ADV
cblr-13005	518	2	,	,	PUNCT
cblr-13005	518	3	as	as	SCONJ
cblr-13005	518	4	explained	explain	VERB
cblr-13005	518	5	in	in	ADP
cblr-13005	518	6	the	the	DET
cblr-13005	518	7	last	last	ADJ
cblr-13005	518	8	part	part	NOUN
cblr-13005	518	9	,	,	PUNCT
cblr-13005	518	10	interventions	intervention	NOUN
cblr-13005	518	11	which	which	PRON
cblr-13005	518	12	impose	impose	VERB
cblr-13005	518	13	vague	vague	ADJ
cblr-13005	518	14	,	,	PUNCT
cblr-13005	518	15	discretionary	discretionary	ADJ
cblr-13005	518	16	policies	policy	NOUN
cblr-13005	518	17	on	on	ADP
cblr-13005	518	18	portfolio	portfolio	NOUN
cblr-13005	518	19	firms	firm	NOUN
cblr-13005	518	20	,	,	PUNCT
cblr-13005	518	21	or	or	CCONJ
cblr-13005	518	22	policies	policy	NOUN
cblr-13005	518	23	that	that	PRON
cblr-13005	518	24	are	be	AUX
cblr-13005	518	25	difficult	difficult	ADJ
cblr-13005	518	26	to	to	PART
cblr-13005	518	27	monitor	monitor	VERB
cblr-13005	518	28	compliance	compliance	NOUN
cblr-13005	518	29	with	with	ADP
cblr-13005	518	30	,	,	PUNCT
cblr-13005	518	31	are	be	AUX
cblr-13005	518	32	unlikely	unlikely	ADJ
cblr-13005	518	33	to	to	PART
cblr-13005	518	34	work	work	VERB
cblr-13005	518	35	given	give	VERB
cblr-13005	518	36	the	the	DET
cblr-13005	518	37	firm	firm	NOUN
cblr-13005	518	38	-	-	PUNCT
cblr-13005	518	39	focused	focus	VERB
cblr-13005	518	40	incentives	incentive	NOUN
cblr-13005	518	41	portfolio	portfolio	NOUN
cblr-13005	518	42	firm	firm	NOUN
cblr-13005	518	43	managers	manager	NOUN
cblr-13005	518	44	face	face	VERB
cblr-13005	518	45	.	.	PUNCT
cblr-13005	519	1	if	if	SCONJ
cblr-13005	519	2	index	index	NOUN
cblr-13005	519	3	fund	fund	NOUN
cblr-13005	519	4	managers	manager	NOUN
cblr-13005	519	5	push	push	VERB
cblr-13005	519	6	such	such	ADJ
cblr-13005	519	7	policies	policy	NOUN
cblr-13005	519	8	,	,	PUNCT
cblr-13005	519	9	there	there	PRON
cblr-13005	519	10	is	be	VERB
cblr-13005	519	11	strong	strong	ADJ
cblr-13005	519	12	reason	reason	NOUN
cblr-13005	519	13	to	to	PART
cblr-13005	519	14	suspect	suspect	VERB
cblr-13005	519	15	that	that	SCONJ
cblr-13005	519	16	they	they	PRON
cblr-13005	519	17	are	be	AUX
cblr-13005	519	18	driven	drive	VERB
cblr-13005	519	19	not	not	PART
cblr-13005	519	20	by	by	ADP
cblr-13005	519	21	a	a	DET
cblr-13005	519	22	desire	desire	NOUN
cblr-13005	519	23	to	to	PART
cblr-13005	519	24	increase	increase	VERB
cblr-13005	519	25	portfolio	portfolio	NOUN
cblr-13005	519	26	value	value	NOUN
cblr-13005	519	27	but	but	CCONJ
cblr-13005	519	28	rather	rather	ADV
cblr-13005	519	29	by	by	ADP
cblr-13005	519	30	improper	improper	ADJ
cblr-13005	519	31	motives	motive	NOUN
cblr-13005	519	32	—	—	PUNCT
cblr-13005	519	33	such	such	ADJ
cblr-13005	519	34	as	as	ADP
cblr-13005	519	35	a	a	DET
cblr-13005	519	36	selfish	selfish	ADJ
cblr-13005	519	37	desire	desire	NOUN
cblr-13005	519	38	to	to	PART
cblr-13005	519	39	benefit	benefit	VERB
cblr-13005	519	40	in	in	ADP
cblr-13005	519	41	the	the	DET
cblr-13005	519	42	eyes	eye	NOUN
cblr-13005	519	43	of	of	ADP
cblr-13005	519	44	various	various	ADJ
cblr-13005	519	45	constituencies	constituency	NOUN
cblr-13005	519	46	(	(	PUNCT
cblr-13005	519	47	e.g.	e.g.	ADV
cblr-13005	519	48	,	,	PUNCT
cblr-13005	519	49	politicians	politician	NOUN
cblr-13005	519	50	,	,	PUNCT
cblr-13005	519	51	millennials	millennial	NOUN
cblr-13005	519	52	,	,	PUNCT
cblr-13005	519	53	other	other	ADJ
cblr-13005	519	54	clients	client	NOUN
cblr-13005	519	55	)	)	PUNCT
cblr-13005	519	56	from	from	ADP
cblr-13005	519	57	the	the	DET
cblr-13005	519	58	false	false	ADJ
cblr-13005	519	59	appearance	appearance	NOUN
cblr-13005	519	60	that	that	PRON
cblr-13005	519	61	they	they	PRON
cblr-13005	519	62	are	be	AUX
cblr-13005	519	63	taking	take	VERB
cblr-13005	519	64	meaningful	meaningful	ADJ
cblr-13005	519	65	action	action	NOUN
cblr-13005	519	66	to	to	PART
cblr-13005	519	67	address	address	VERB
cblr-13005	519	68	esg	esg	PROPN
cblr-13005	519	69	issues	issue	NOUN
cblr-13005	519	70	,	,	PUNCT
cblr-13005	519	71	when	when	SCONJ
cblr-13005	519	72	in	in	ADP
cblr-13005	519	73	fact	fact	NOUN
cblr-13005	519	74	they	they	PRON
cblr-13005	519	75	are	be	AUX
cblr-13005	519	76	accomplishing	accomplish	VERB
cblr-13005	519	77	little	little	ADJ
cblr-13005	519	78	.	.	PUNCT
cblr-13005	520	1	or	or	CCONJ
cblr-13005	520	2	perhaps	perhaps	ADV
cblr-13005	520	3	the	the	DET
cblr-13005	520	4	virtue	virtue	NOUN
cblr-13005	520	5	signaling	signaling	NOUN
cblr-13005	520	6	is	be	AUX
cblr-13005	520	7	psychologically	psychologically	ADV
cblr-13005	520	8	rewarding	rewarding	ADJ
cblr-13005	520	9	to	to	ADP
cblr-13005	520	10	those	those	PRON
cblr-13005	520	11	who	who	PRON
cblr-13005	520	12	run	run	VERB
cblr-13005	520	13	the	the	DET
cblr-13005	520	14	fund	fund	NOUN
cblr-13005	520	15	manager	manager	NOUN
cblr-13005	520	16	,	,	PUNCT
cblr-13005	520	17	or	or	CCONJ
cblr-13005	520	18	those	those	DET
cblr-13005	520	19	same	same	ADJ
cblr-13005	520	20	constituencies	constituency	NOUN
cblr-13005	520	21	.	.	PUNCT
cblr-13005	521	1	notably	notably	ADV
cblr-13005	521	2	,	,	PUNCT
cblr-13005	521	3	portfolio	portfolio	NOUN
cblr-13005	521	4	firm	firm	NOUN
cblr-13005	521	5	managers	manager	NOUN
cblr-13005	521	6	are	be	AUX
cblr-13005	521	7	unlikely	unlikely	ADJ
cblr-13005	521	8	to	to	PART
cblr-13005	521	9	resist	resist	VERB
cblr-13005	521	10	such	such	ADJ
cblr-13005	521	11	toothless	toothless	ADJ
cblr-13005	521	12	policies	policy	NOUN
cblr-13005	521	13	and	and	CCONJ
cblr-13005	521	14	may	may	AUX
cblr-13005	521	15	in	in	ADP
cblr-13005	521	16	fact	fact	NOUN
cblr-13005	521	17	benefit	benefit	NOUN
cblr-13005	521	18	from	from	ADP
cblr-13005	521	19	them	they	PRON
cblr-13005	521	20	;	;	PUNCT
cblr-13005	521	21	such	such	ADJ
cblr-13005	521	22	policies	policy	NOUN
cblr-13005	521	23	are	be	AUX
cblr-13005	521	24	therefore	therefore	ADV
cblr-13005	521	25	also	also	ADV
cblr-13005	521	26	consistent	consistent	ADJ
cblr-13005	521	27	with	with	ADP
cblr-13005	521	28	index	index	NOUN
cblr-13005	521	29	fund	fund	NOUN
cblr-13005	521	30	managers	manager	NOUN
cblr-13005	521	31	’	'	PUNCT
cblr-13005	521	32	pro	pro	ADJ
cblr-13005	521	33	-	-	ADJ
cblr-13005	521	34	manager	manager	ADJ
cblr-13005	521	35	bias	bias	NOUN
cblr-13005	521	36	,	,	PUNCT
cblr-13005	521	37	presenting	present	VERB
cblr-13005	521	38	another	another	DET
cblr-13005	521	39	reason	reason	NOUN
cblr-13005	521	40	for	for	ADP
cblr-13005	521	41	skepticism	skepticism	NOUN
cblr-13005	521	42	.	.	PUNCT
cblr-13005	522	1	with	with	ADP
cblr-13005	522	2	respect	respect	NOUN
cblr-13005	522	3	to	to	ADP
cblr-13005	522	4	firm	firm	ADJ
cblr-13005	522	5	-	-	PUNCT
cblr-13005	522	6	focused	focus	VERB
cblr-13005	522	7	stewardship	stewardship	NOUN
cblr-13005	522	8	,	,	PUNCT
cblr-13005	522	9	114	114	NUM
cblr-13005	522	10	see	see	VERB
cblr-13005	522	11	kahan	kahan	PROPN
cblr-13005	522	12	&	&	CCONJ
cblr-13005	522	13	rock	rock	PROPN
cblr-13005	522	14	,	,	PUNCT
cblr-13005	522	15	supra	supra	PROPN
cblr-13005	522	16	note	note	PROPN
cblr-13005	522	17	85	85	NUM
cblr-13005	522	18	,	,	PUNCT
cblr-13005	522	19	at	at	ADP
cblr-13005	522	20	1800	1800	NUM
cblr-13005	522	21	(	(	PUNCT
cblr-13005	522	22	observing	observe	VERB
cblr-13005	522	23	that	that	SCONJ
cblr-13005	522	24	reputational	reputational	ADJ
cblr-13005	522	25	incentives	incentive	NOUN
cblr-13005	522	26	of	of	ADP
cblr-13005	522	27	index	index	NOUN
cblr-13005	522	28	fund	fund	NOUN
cblr-13005	522	29	managers	manager	NOUN
cblr-13005	522	30	may	may	AUX
cblr-13005	522	31	sometimes	sometimes	ADV
cblr-13005	522	32	be	be	AUX
cblr-13005	522	33	aligned	align	VERB
cblr-13005	522	34	with	with	ADP
cblr-13005	522	35	the	the	DET
cblr-13005	522	36	interests	interest	NOUN
cblr-13005	522	37	of	of	ADP
cblr-13005	522	38	fundholders	fundholder	NOUN
cblr-13005	522	39	,	,	PUNCT
cblr-13005	522	40	and	and	CCONJ
cblr-13005	522	41	sometimes	sometimes	ADV
cblr-13005	522	42	not	not	PART
cblr-13005	522	43	)	)	PUNCT
cblr-13005	522	44	.	.	PUNCT
cblr-13005	523	1	354	354	NUM
cblr-13005	523	2	columbia	columbia	PROPN
cblr-13005	523	3	business	business	NOUN
cblr-13005	523	4	law	law	PROPN
cblr-13005	523	5	review	review	NOUN
cblr-13005	523	6	[	[	X
cblr-13005	523	7	vol	vol	NOUN
cblr-13005	523	8	.	.	PUNCT
cblr-13005	524	1	2024	2024	NUM
cblr-13005	525	1	professors	professor	NOUN
cblr-13005	525	2	bebchuk	bebchuk	VERB
cblr-13005	525	3	and	and	CCONJ
cblr-13005	525	4	hirst	hirst	PROPN
cblr-13005	525	5	view	view	VERB
cblr-13005	525	6	managerial	managerial	ADJ
cblr-13005	525	7	deference	deference	NOUN
cblr-13005	525	8	as	as	ADP
cblr-13005	525	9	a	a	DET
cblr-13005	525	10	reason	reason	NOUN
cblr-13005	525	11	to	to	PART
cblr-13005	525	12	expect	expect	VERB
cblr-13005	525	13	big	big	ADJ
cblr-13005	525	14	three	three	NUM
cblr-13005	525	15	passivity	passivity	NOUN
cblr-13005	525	16	—	—	PUNCT
cblr-13005	525	17	pushing	push	VERB
cblr-13005	525	18	effective	effective	ADJ
cblr-13005	525	19	governance	governance	NOUN
cblr-13005	525	20	reforms	reform	NOUN
cblr-13005	525	21	or	or	CCONJ
cblr-13005	525	22	policing	policing	NOUN
cblr-13005	525	23	for	for	ADP
cblr-13005	525	24	performance	performance	NOUN
cblr-13005	525	25	could	could	AUX
cblr-13005	525	26	lead	lead	VERB
cblr-13005	525	27	corporate	corporate	ADJ
cblr-13005	525	28	managers	manager	NOUN
cblr-13005	525	29	to	to	PART
cblr-13005	525	30	instigate	instigate	VERB
cblr-13005	525	31	a	a	DET
cblr-13005	525	32	backlash	backlash	NOUN
cblr-13005	525	33	leading	lead	VERB
cblr-13005	525	34	to	to	ADP
cblr-13005	525	35	regulatory	regulatory	ADJ
cblr-13005	525	36	break	break	NOUN
cblr-13005	525	37	-	-	PUNCT
cblr-13005	525	38	up	up	NOUN
cblr-13005	525	39	of	of	ADP
cblr-13005	525	40	the	the	DET
cblr-13005	525	41	big	big	ADJ
cblr-13005	525	42	three	three	NUM
cblr-13005	525	43	or	or	CCONJ
cblr-13005	525	44	other	other	ADJ
cblr-13005	525	45	draconian	draconian	ADJ
cblr-13005	525	46	interventions	intervention	NOUN
cblr-13005	525	47	that	that	PRON
cblr-13005	525	48	affect	affect	VERB
cblr-13005	525	49	their	their	PRON
cblr-13005	525	50	profitability.115	profitability.115	NOUN
cblr-13005	525	51	interventions	intervention	NOUN
cblr-13005	525	52	touted	tout	VERB
cblr-13005	525	53	as	as	ADP
cblr-13005	525	54	portfolio	portfolio	NOUN
cblr-13005	525	55	-	-	PUNCT
cblr-13005	525	56	focused	focus	VERB
cblr-13005	525	57	stewardship	stewardship	NOUN
cblr-13005	525	58	,	,	PUNCT
cblr-13005	525	59	by	by	ADP
cblr-13005	525	60	contrast	contrast	NOUN
cblr-13005	525	61	,	,	PUNCT
cblr-13005	525	62	can	can	AUX
cblr-13005	525	63	be	be	AUX
cblr-13005	525	64	advantageous	advantageous	ADJ
cblr-13005	525	65	to	to	ADP
cblr-13005	525	66	portfolio	portfolio	NOUN
cblr-13005	525	67	firm	firm	NOUN
cblr-13005	525	68	managers	manager	NOUN
cblr-13005	525	69	,	,	PUNCT
cblr-13005	525	70	if	if	SCONJ
cblr-13005	525	71	the	the	DET
cblr-13005	525	72	interventions	intervention	NOUN
cblr-13005	525	73	allow	allow	VERB
cblr-13005	525	74	them	they	PRON
cblr-13005	525	75	to	to	PART
cblr-13005	525	76	cast	cast	VERB
cblr-13005	525	77	themselves	themselves	PRON
cblr-13005	525	78	in	in	ADP
cblr-13005	525	79	a	a	DET
cblr-13005	525	80	better	well	ADJ
cblr-13005	525	81	public	public	ADJ
cblr-13005	525	82	light	light	NOUN
cblr-13005	525	83	without	without	ADP
cblr-13005	525	84	actually	actually	ADV
cblr-13005	525	85	changing	change	VERB
cblr-13005	525	86	their	their	PRON
cblr-13005	525	87	behavior	behavior	NOUN
cblr-13005	525	88	,	,	PUNCT
cblr-13005	525	89	or	or	CCONJ
cblr-13005	525	90	better	well	ADJ
cblr-13005	525	91	yet	yet	ADV
cblr-13005	525	92	if	if	SCONJ
cblr-13005	525	93	they	they	PRON
cblr-13005	525	94	operate	operate	VERB
cblr-13005	525	95	to	to	PART
cblr-13005	525	96	give	give	VERB
cblr-13005	525	97	firm	firm	ADJ
cblr-13005	525	98	managers	manager	NOUN
cblr-13005	525	99	breathing	breathing	NOUN
cblr-13005	525	100	room	room	NOUN
cblr-13005	525	101	from	from	ADP
cblr-13005	525	102	market	market	NOUN
cblr-13005	525	103	discipline.116	discipline.116	CCONJ
cblr-13005	525	104	second	second	ADJ
cblr-13005	525	105	,	,	PUNCT
cblr-13005	525	106	interventions	intervention	NOUN
cblr-13005	525	107	which	which	PRON
cblr-13005	525	108	operate	operate	VERB
cblr-13005	525	109	by	by	ADP
cblr-13005	525	110	generally	generally	ADV
cblr-13005	525	111	eroding	erode	VERB
cblr-13005	525	112	managerial	managerial	ADJ
cblr-13005	525	113	sensitivity	sensitivity	NOUN
cblr-13005	525	114	to	to	PART
cblr-13005	525	115	firm	firm	ADJ
cblr-13005	525	116	value	value	NOUN
cblr-13005	525	117	are	be	AUX
cblr-13005	525	118	suspect	suspect	ADJ
cblr-13005	525	119	for	for	ADP
cblr-13005	525	120	similar	similar	ADJ
cblr-13005	525	121	reasons	reason	NOUN
cblr-13005	525	122	and	and	CCONJ
cblr-13005	525	123	would	would	AUX
cblr-13005	525	124	therefore	therefore	ADV
cblr-13005	525	125	also	also	ADV
cblr-13005	525	126	be	be	AUX
cblr-13005	525	127	viewed	view	VERB
cblr-13005	525	128	disapprovingly	disapprovingly	ADV
cblr-13005	525	129	by	by	ADP
cblr-13005	525	130	financially	financially	ADV
cblr-13005	525	131	motivated	motivated	ADJ
cblr-13005	525	132	diversified	diversified	ADJ
cblr-13005	525	133	investors	investor	NOUN
cblr-13005	525	134	.	.	PUNCT
cblr-13005	526	1	as	as	SCONJ
cblr-13005	526	2	discussed	discuss	VERB
cblr-13005	526	3	in	in	ADP
cblr-13005	526	4	the	the	DET
cblr-13005	526	5	last	last	ADJ
cblr-13005	526	6	part	part	NOUN
cblr-13005	526	7	,	,	PUNCT
cblr-13005	526	8	such	such	ADJ
cblr-13005	526	9	interventions	intervention	NOUN
cblr-13005	526	10	are	be	AUX
cblr-13005	526	11	likely	likely	ADJ
cblr-13005	526	12	to	to	PART
cblr-13005	526	13	decrease	decrease	VERB
cblr-13005	526	14	portfolio	portfolio	NOUN
cblr-13005	526	15	value	value	NOUN
cblr-13005	526	16	by	by	ADP
cblr-13005	526	17	increasing	increase	VERB
cblr-13005	526	18	managerial	managerial	ADJ
cblr-13005	526	19	agency	agency	NOUN
cblr-13005	526	20	costs	cost	VERB
cblr-13005	526	21	more	more	ADJ
cblr-13005	526	22	than	than	SCONJ
cblr-13005	526	23	they	they	PRON
cblr-13005	526	24	decrease	decrease	VERB
cblr-13005	526	25	intraportfolio	intraportfolio	VERB
cblr-13005	526	26	externalities	externality	NOUN
cblr-13005	526	27	,	,	PUNCT
cblr-13005	526	28	and	and	CCONJ
cblr-13005	526	29	because	because	SCONJ
cblr-13005	526	30	they	they	PRON
cblr-13005	526	31	benefit	benefit	VERB
cblr-13005	526	32	portfolio	portfolio	NOUN
cblr-13005	526	33	firm	firm	NOUN
cblr-13005	526	34	managers	manager	NOUN
cblr-13005	526	35	are	be	AUX
cblr-13005	526	36	likely	likely	ADV
cblr-13005	526	37	motivated	motivate	VERB
cblr-13005	526	38	by	by	ADP
cblr-13005	526	39	fund	fund	NOUN
cblr-13005	526	40	managers	manager	NOUN
cblr-13005	526	41	’	'	PUNCT
cblr-13005	526	42	pro	pro	ADJ
cblr-13005	526	43	-	-	NOUN
cblr-13005	526	44	manager	manager	NOUN
cblr-13005	526	45	bias.117	bias.117	PROPN
cblr-13005	526	46	third	third	ADV
cblr-13005	526	47	,	,	PUNCT
cblr-13005	526	48	financially	financially	ADV
cblr-13005	526	49	motivated	motivated	ADJ
cblr-13005	526	50	diversified	diversified	ADJ
cblr-13005	526	51	investors	investor	NOUN
cblr-13005	526	52	would	would	AUX
cblr-13005	526	53	also	also	ADV
cblr-13005	526	54	discount	discount	VERB
cblr-13005	526	55	interventions	intervention	NOUN
cblr-13005	526	56	that	that	PRON
cblr-13005	526	57	align	align	VERB
cblr-13005	526	58	with	with	ADP
cblr-13005	526	59	the	the	DET
cblr-13005	526	60	self	self	NOUN
cblr-13005	526	61	-	-	PUNCT
cblr-13005	526	62	interest	interest	NOUN
cblr-13005	526	63	of	of	ADP
cblr-13005	526	64	fund	fund	NOUN
cblr-13005	526	65	managers	manager	NOUN
cblr-13005	526	66	or	or	CCONJ
cblr-13005	526	67	their	their	PRON
cblr-13005	526	68	personnel	personnel	NOUN
cblr-13005	526	69	(	(	PUNCT
cblr-13005	526	70	beyond	beyond	ADP
cblr-13005	526	71	their	their	PRON
cblr-13005	526	72	self	self	NOUN
cblr-13005	526	73	-	-	PUNCT
cblr-13005	526	74	interest	interest	NOUN
cblr-13005	526	75	in	in	ADP
cblr-13005	526	76	increased	increase	VERB
cblr-13005	526	77	management	management	NOUN
cblr-13005	526	78	fees	fee	NOUN
cblr-13005	526	79	resulting	result	VERB
cblr-13005	526	80	from	from	ADP
cblr-13005	526	81	effective	effective	ADJ
cblr-13005	526	82	portfolio	portfolio	NOUN
cblr-13005	526	83	-	-	PUNCT
cblr-13005	526	84	focused	focus	VERB
cblr-13005	526	85	stewardship	stewardship	NOUN
cblr-13005	526	86	policies	policy	NOUN
cblr-13005	526	87	)	)	PUNCT
cblr-13005	526	88	when	when	SCONJ
cblr-13005	526	89	the	the	DET
cblr-13005	526	90	benefits	benefit	NOUN
cblr-13005	526	91	of	of	ADP
cblr-13005	526	92	those	those	DET
cblr-13005	526	93	interventions	intervention	NOUN
cblr-13005	526	94	are	be	AUX
cblr-13005	526	95	difficult	difficult	ADJ
cblr-13005	526	96	to	to	PART
cblr-13005	526	97	verify	verify	VERB
cblr-13005	526	98	.	.	PUNCT
cblr-13005	527	1	this	this	PRON
cblr-13005	527	2	would	would	AUX
cblr-13005	527	3	be	be	AUX
cblr-13005	527	4	the	the	DET
cblr-13005	527	5	case	case	NOUN
cblr-13005	527	6	,	,	PUNCT
cblr-13005	527	7	for	for	ADP
cblr-13005	527	8	example	example	NOUN
cblr-13005	527	9	,	,	PUNCT
cblr-13005	527	10	if	if	SCONJ
cblr-13005	527	11	the	the	DET
cblr-13005	527	12	relationship	relationship	NOUN
cblr-13005	527	13	between	between	ADP
cblr-13005	527	14	the	the	DET
cblr-13005	527	15	portfolio	portfolio	NOUN
cblr-13005	527	16	firm	firm	ADJ
cblr-13005	527	17	behavior	behavior	NOUN
cblr-13005	527	18	sought	seek	VERB
cblr-13005	527	19	to	to	PART
cblr-13005	527	20	be	be	AUX
cblr-13005	527	21	modified	modify	VERB
cblr-13005	527	22	and	and	CCONJ
cblr-13005	527	23	risk	risk	NOUN
cblr-13005	527	24	-	-	PUNCT
cblr-13005	527	25	adjusted	adjust	VERB
cblr-13005	527	26	portfolio	portfolio	NOUN
cblr-13005	527	27	value	value	NOUN
cblr-13005	527	28	is	be	AUX
cblr-13005	527	29	115	115	NUM
cblr-13005	527	30	see	see	NOUN
cblr-13005	527	31	bebchuk	bebchuk	NOUN
cblr-13005	527	32	&	&	CCONJ
cblr-13005	527	33	hirst	hirst	PROPN
cblr-13005	527	34	,	,	PUNCT
cblr-13005	527	35	index	index	NOUN
cblr-13005	527	36	funds	fund	NOUN
cblr-13005	527	37	and	and	CCONJ
cblr-13005	527	38	the	the	DET
cblr-13005	527	39	future	future	NOUN
cblr-13005	527	40	of	of	ADP
cblr-13005	527	41	corporate	corporate	ADJ
cblr-13005	527	42	governance	governance	NOUN
cblr-13005	527	43	,	,	PUNCT
cblr-13005	527	44	supra	supra	PROPN
cblr-13005	527	45	note	note	NOUN
cblr-13005	527	46	16	16	NUM
cblr-13005	527	47	,	,	PUNCT
cblr-13005	527	48	at	at	ADP
cblr-13005	527	49	2069–70	2069–70	NUM
cblr-13005	527	50	.	.	PUNCT
cblr-13005	528	1	116	116	NUM
cblr-13005	528	2	see	see	VERB
cblr-13005	528	3	i	i	PRON
cblr-13005	528	4	d.	d.	PROPN
cblr-13005	528	5	at	at	ADP
cblr-13005	528	6	2070	2070	NUM
cblr-13005	528	7	(	(	PUNCT
cblr-13005	528	8	noting	note	VERB
cblr-13005	528	9	“	"	PUNCT
cblr-13005	528	10	that	that	SCONJ
cblr-13005	528	11	martin	martin	PROPN
cblr-13005	528	12	lipton	lipton	PROPN
cblr-13005	528	13	,	,	PUNCT
cblr-13005	528	14	who	who	PRON
cblr-13005	528	15	has	have	AUX
cblr-13005	528	16	long	long	ADV
cblr-13005	528	17	been	be	AUX
cblr-13005	528	18	associated	associate	VERB
cblr-13005	528	19	with	with	ADP
cblr-13005	528	20	support	support	NOUN
cblr-13005	528	21	for	for	ADP
cblr-13005	528	22	takeover	takeover	NOUN
cblr-13005	528	23	defenses	defense	NOUN
cblr-13005	528	24	and	and	CCONJ
cblr-13005	528	25	other	other	ADJ
cblr-13005	528	26	pro	pro	ADJ
cblr-13005	528	27	-	-	ADJ
cblr-13005	528	28	management	management	ADJ
cblr-13005	528	29	positions	position	NOUN
cblr-13005	528	30	,	,	PUNCT
cblr-13005	528	31	has	have	AUX
cblr-13005	528	32	favorably	favorably	ADV
cblr-13005	528	33	described	describe	VERB
cblr-13005	528	34	the	the	DET
cblr-13005	528	35	increasing	increase	VERB
cblr-13005	528	36	influence	influence	NOUN
cblr-13005	528	37	of	of	ADP
cblr-13005	528	38	index	index	NOUN
cblr-13005	528	39	funds	fund	NOUN
cblr-13005	528	40	”	"	PUNCT
cblr-13005	528	41	)	)	PUNCT
cblr-13005	528	42	;	;	PUNCT
cblr-13005	528	43	mark	mark	PROPN
cblr-13005	528	44	j.	j.	PROPN
cblr-13005	528	45	roe	roe	PROPN
cblr-13005	528	46	&	&	CCONJ
cblr-13005	528	47	roy	roy	PROPN
cblr-13005	528	48	shapira	shapira	PROPN
cblr-13005	528	49	,	,	PUNCT
cblr-13005	528	50	the	the	DET
cblr-13005	528	51	power	power	NOUN
cblr-13005	528	52	of	of	ADP
cblr-13005	528	53	the	the	DET
cblr-13005	528	54	narrative	narrative	NOUN
cblr-13005	528	55	in	in	ADP
cblr-13005	528	56	corporate	corporate	ADJ
cblr-13005	528	57	lawmaking	lawmaking	NOUN
cblr-13005	528	58	,	,	PUNCT
cblr-13005	528	59	11	11	NUM
cblr-13005	528	60	harv	harv	NOUN
cblr-13005	528	61	.	.	PUNCT
cblr-13005	529	1	bus	bus	NOUN
cblr-13005	529	2	.	.	PUNCT
cblr-13005	530	1	l.	l.	PROPN
cblr-13005	530	2	rev	rev	PROPN
cblr-13005	530	3	.	.	PROPN
cblr-13005	530	4	233	233	NUM
cblr-13005	530	5	,	,	PUNCT
cblr-13005	530	6	263	263	NUM
cblr-13005	530	7	(	(	PUNCT
cblr-13005	530	8	2021	2021	NUM
cblr-13005	530	9	)	)	PUNCT
cblr-13005	530	10	(	(	PUNCT
cblr-13005	530	11	discussing	discuss	VERB
cblr-13005	530	12	how	how	SCONJ
cblr-13005	530	13	narratives	narrative	NOUN
cblr-13005	530	14	can	can	AUX
cblr-13005	530	15	“	"	PUNCT
cblr-13005	530	16	condition	condition	VERB
cblr-13005	530	17	[	[	X
cblr-13005	530	18	]	]	X
cblr-13005	530	19	lawmakers	lawmaker	NOUN
cblr-13005	530	20	to	to	PART
cblr-13005	530	21	accord	accord	VERB
cblr-13005	530	22	executives	executive	NOUN
cblr-13005	530	23	more	more	ADJ
cblr-13005	530	24	autonomy	autonomy	NOUN
cblr-13005	530	25	from	from	ADP
cblr-13005	530	26	stock	stock	NOUN
cblr-13005	530	27	markets	market	NOUN
cblr-13005	530	28	,	,	PUNCT
cblr-13005	530	29	”	"	PUNCT
cblr-13005	530	30	while	while	SCONJ
cblr-13005	530	31	flattering	flattering	ADJ
cblr-13005	530	32	“	"	PUNCT
cblr-13005	530	33	executives	executive	NOUN
cblr-13005	530	34	’	'	PUNCT
cblr-13005	530	35	self	self	NOUN
cblr-13005	530	36	-	-	PUNCT
cblr-13005	530	37	image	image	NOUN
cblr-13005	530	38	by	by	ADP
cblr-13005	530	39	allowing	allow	VERB
cblr-13005	530	40	them	they	PRON
cblr-13005	530	41	to	to	PART
cblr-13005	530	42	view	view	VERB
cblr-13005	530	43	themselves	themselves	PRON
cblr-13005	530	44	not	not	PART
cblr-13005	530	45	as	as	ADP
cblr-13005	530	46	pursuing	pursue	VERB
cblr-13005	530	47	their	their	PRON
cblr-13005	530	48	self	self	NOUN
cblr-13005	530	49	-	-	PUNCT
cblr-13005	530	50	interest	interest	NOUN
cblr-13005	530	51	but	but	CCONJ
cblr-13005	530	52	as	as	SCONJ
cblr-13005	530	53	heroically	heroically	ADV
cblr-13005	530	54	overcoming	overcome	VERB
cblr-13005	530	55	the	the	DET
cblr-13005	530	56	shortsightedness	shortsightedness	NOUN
cblr-13005	530	57	of	of	ADP
cblr-13005	530	58	financial	financial	ADJ
cblr-13005	530	59	markets	market	NOUN
cblr-13005	530	60	for	for	ADP
cblr-13005	530	61	the	the	DET
cblr-13005	530	62	good	good	NOUN
cblr-13005	530	63	of	of	ADP
cblr-13005	530	64	all	all	PRON
cblr-13005	530	65	”	"	PUNCT
cblr-13005	530	66	)	)	PUNCT
cblr-13005	530	67	.	.	PUNCT
cblr-13005	531	1	117	117	NUM
cblr-13005	531	2	see	see	VERB
cblr-13005	531	3	supra	supra	PROPN
cblr-13005	531	4	note	note	NOUN
cblr-13005	531	5	115	115	NUM
cblr-13005	531	6	.	.	PUNCT
cblr-13005	532	1	no	no	INTJ
cblr-13005	532	2	.	.	NOUN
cblr-13005	533	1	1	1	NUM
cblr-13005	533	2	]	]	PUNCT
cblr-13005	533	3	a	a	DET
cblr-13005	533	4	hard	hard	ADJ
cblr-13005	533	5	look	look	NOUN
cblr-13005	533	6	at	at	ADP
cblr-13005	533	7	portfolio	portfolio	NOUN
cblr-13005	533	8	focused	focused	ADJ
cblr-13005	533	9	stewardship	stewardship	NOUN
cblr-13005	533	10	355	355	NUM
cblr-13005	533	11	opaque	opaque	NOUN
cblr-13005	533	12	.	.	PUNCT
cblr-13005	534	1	it	it	PRON
cblr-13005	534	2	would	would	AUX
cblr-13005	534	3	also	also	ADV
cblr-13005	534	4	be	be	AUX
cblr-13005	534	5	the	the	DET
cblr-13005	534	6	case	case	NOUN
cblr-13005	534	7	if	if	SCONJ
cblr-13005	534	8	the	the	DET
cblr-13005	534	9	relationship	relationship	NOUN
cblr-13005	534	10	between	between	ADP
cblr-13005	534	11	the	the	DET
cblr-13005	534	12	behavior	behavior	NOUN
cblr-13005	534	13	sought	seek	VERB
cblr-13005	534	14	to	to	PART
cblr-13005	534	15	be	be	AUX
cblr-13005	534	16	modified	modify	VERB
cblr-13005	534	17	and	and	CCONJ
cblr-13005	534	18	risk	risk	NOUN
cblr-13005	534	19	-	-	PUNCT
cblr-13005	534	20	adjusted	adjust	VERB
cblr-13005	534	21	portfolio	portfolio	NOUN
cblr-13005	534	22	value	value	NOUN
cblr-13005	534	23	is	be	AUX
cblr-13005	534	24	clear	clear	ADJ
cblr-13005	534	25	,	,	PUNCT
cblr-13005	534	26	but	but	CCONJ
cblr-13005	534	27	the	the	DET
cblr-13005	534	28	effect	effect	NOUN
cblr-13005	534	29	of	of	ADP
cblr-13005	534	30	the	the	DET
cblr-13005	534	31	specific	specific	ADJ
cblr-13005	534	32	intervention	intervention	NOUN
cblr-13005	534	33	on	on	ADP
cblr-13005	534	34	portfolio	portfolio	NOUN
cblr-13005	534	35	value	value	NOUN
cblr-13005	534	36	is	be	AUX
cblr-13005	534	37	not	not	PART
cblr-13005	534	38	.	.	PUNCT
cblr-13005	535	1	fourth	fourth	ADJ
cblr-13005	535	2	is	be	AUX
cblr-13005	535	3	a	a	DET
cblr-13005	535	4	related	related	ADJ
cblr-13005	535	5	but	but	CCONJ
cblr-13005	535	6	distinct	distinct	ADJ
cblr-13005	535	7	observation	observation	NOUN
cblr-13005	535	8	.	.	PUNCT
cblr-13005	536	1	as	as	SCONJ
cblr-13005	536	2	discussed	discuss	VERB
cblr-13005	536	3	in	in	ADP
cblr-13005	536	4	the	the	DET
cblr-13005	536	5	next	next	ADJ
cblr-13005	536	6	part	part	NOUN
cblr-13005	536	7	,	,	PUNCT
cblr-13005	536	8	identifying	identify	VERB
cblr-13005	536	9	the	the	DET
cblr-13005	536	10	right	right	ADJ
cblr-13005	536	11	policy	policy	NOUN
cblr-13005	536	12	intervention	intervention	NOUN
cblr-13005	536	13	to	to	PART
cblr-13005	536	14	address	address	VERB
cblr-13005	536	15	an	an	DET
cblr-13005	536	16	externality	externality	NOUN
cblr-13005	536	17	-	-	PUNCT
cblr-13005	536	18	producing	produce	VERB
cblr-13005	536	19	behavior	behavior	NOUN
cblr-13005	536	20	can	can	AUX
cblr-13005	536	21	be	be	AUX
cblr-13005	536	22	a	a	DET
cblr-13005	536	23	complex	complex	ADJ
cblr-13005	536	24	endeavor	endeavor	NOUN
cblr-13005	536	25	,	,	PUNCT
cblr-13005	536	26	and	and	CCONJ
cblr-13005	536	27	sometimes	sometimes	ADV
cblr-13005	536	28	the	the	DET
cblr-13005	536	29	cure	cure	NOUN
cblr-13005	536	30	can	can	AUX
cblr-13005	536	31	be	be	AUX
cblr-13005	536	32	worse	bad	ADJ
cblr-13005	536	33	than	than	ADP
cblr-13005	536	34	the	the	DET
cblr-13005	536	35	proverbial	proverbial	ADJ
cblr-13005	536	36	disease	disease	NOUN
cblr-13005	536	37	.	.	PUNCT
cblr-13005	537	1	the	the	DET
cblr-13005	537	2	more	more	ADV
cblr-13005	537	3	complicated	complicated	ADJ
cblr-13005	537	4	it	it	PRON
cblr-13005	537	5	is	be	AUX
cblr-13005	537	6	to	to	PART
cblr-13005	537	7	determine	determine	VERB
cblr-13005	537	8	whether	whether	SCONJ
cblr-13005	537	9	an	an	DET
cblr-13005	537	10	intervention	intervention	NOUN
cblr-13005	537	11	will	will	AUX
cblr-13005	537	12	do	do	VERB
cblr-13005	537	13	more	more	ADV
cblr-13005	537	14	good	good	ADJ
cblr-13005	537	15	than	than	ADP
cblr-13005	537	16	harm	harm	NOUN
cblr-13005	537	17	to	to	ADP
cblr-13005	537	18	the	the	DET
cblr-13005	537	19	portfolio	portfolio	NOUN
cblr-13005	537	20	,	,	PUNCT
cblr-13005	537	21	the	the	DET
cblr-13005	537	22	more	more	ADV
cblr-13005	537	23	costly	costly	ADJ
cblr-13005	537	24	an	an	DET
cblr-13005	537	25	informed	informed	ADJ
cblr-13005	537	26	determination	determination	NOUN
cblr-13005	537	27	is	be	AUX
cblr-13005	537	28	to	to	PART
cblr-13005	537	29	reach	reach	VERB
cblr-13005	537	30	.	.	PUNCT
cblr-13005	538	1	given	give	VERB
cblr-13005	538	2	index	index	NOUN
cblr-13005	538	3	fund	fund	NOUN
cblr-13005	538	4	managers	manager	NOUN
cblr-13005	538	5	’	'	PUNCT
cblr-13005	538	6	strong	strong	ADJ
cblr-13005	538	7	incentives	incentive	NOUN
cblr-13005	538	8	to	to	PART
cblr-13005	538	9	keep	keep	VERB
cblr-13005	538	10	costs	cost	NOUN
cblr-13005	538	11	low	low	ADJ
cblr-13005	538	12	,	,	PUNCT
cblr-13005	538	13	portfolio	portfolio	NOUN
cblr-13005	538	14	-	-	PUNCT
cblr-13005	538	15	focused	focus	VERB
cblr-13005	538	16	stewardship	stewardship	NOUN
cblr-13005	538	17	interventions	intervention	NOUN
cblr-13005	538	18	that	that	PRON
cblr-13005	538	19	purport	purport	VERB
cblr-13005	538	20	to	to	PART
cblr-13005	538	21	solve	solve	VERB
cblr-13005	538	22	very	very	ADV
cblr-13005	538	23	difficult	difficult	ADJ
cblr-13005	538	24	externality	externality	NOUN
cblr-13005	538	25	problems	problem	NOUN
cblr-13005	538	26	should	should	AUX
cblr-13005	538	27	be	be	AUX
cblr-13005	538	28	looked	look	VERB
cblr-13005	538	29	at	at	ADP
cblr-13005	538	30	skeptically	skeptically	ADV
cblr-13005	538	31	.	.	PUNCT
cblr-13005	539	1	c.	c.	PROPN
cblr-13005	539	2	real	real	ADJ
cblr-13005	539	3	world	world	PROPN
cblr-13005	539	4	friction	friction	NOUN
cblr-13005	539	5	#	#	SYM
cblr-13005	539	6	3	3	NUM
cblr-13005	539	7	:	:	PUNCT
cblr-13005	539	8	imperfect	imperfect	ADJ
cblr-13005	539	9	information	information	NOUN
cblr-13005	539	10	proponents	proponent	NOUN
cblr-13005	539	11	of	of	ADP
cblr-13005	539	12	portfolio	portfolio	NOUN
cblr-13005	539	13	primacy	primacy	NOUN
cblr-13005	539	14	theory	theory	NOUN
cblr-13005	539	15	suggest	suggest	VERB
cblr-13005	539	16	that	that	SCONJ
cblr-13005	539	17	asset	asset	NOUN
cblr-13005	539	18	managers	manager	NOUN
cblr-13005	539	19	have	have	VERB
cblr-13005	539	20	not	not	PART
cblr-13005	539	21	only	only	ADV
cblr-13005	539	22	the	the	DET
cblr-13005	539	23	incentive	incentive	NOUN
cblr-13005	539	24	(	(	PUNCT
cblr-13005	539	25	at	at	ADP
cblr-13005	539	26	least	least	ADJ
cblr-13005	539	27	under	under	ADP
cblr-13005	539	28	certain	certain	ADJ
cblr-13005	539	29	circumstances	circumstance	NOUN
cblr-13005	539	30	)	)	PUNCT
cblr-13005	539	31	to	to	PART
cblr-13005	539	32	adopt	adopt	VERB
cblr-13005	539	33	and	and	CCONJ
cblr-13005	539	34	enforce	enforce	VERB
cblr-13005	539	35	portfolio	portfolio	NOUN
cblr-13005	539	36	-	-	PUNCT
cblr-13005	539	37	wide	wide	ADJ
cblr-13005	539	38	policies	policy	NOUN
cblr-13005	539	39	designed	design	VERB
cblr-13005	539	40	to	to	PART
cblr-13005	539	41	increase	increase	VERB
cblr-13005	539	42	risk	risk	NOUN
cblr-13005	539	43	-	-	PUNCT
cblr-13005	539	44	adjusted	adjust	VERB
cblr-13005	539	45	portfolio	portfolio	NOUN
cblr-13005	539	46	value	value	NOUN
cblr-13005	539	47	,	,	PUNCT
cblr-13005	539	48	but	but	CCONJ
cblr-13005	539	49	also	also	ADV
cblr-13005	539	50	the	the	DET
cblr-13005	539	51	capacity	capacity	NOUN
cblr-13005	539	52	to	to	PART
cblr-13005	539	53	do	do	AUX
cblr-13005	539	54	so	so	ADV
cblr-13005	539	55	effectively	effectively	ADV
cblr-13005	539	56	.	.	PUNCT
cblr-13005	540	1	as	as	SCONJ
cblr-13005	540	2	professor	professor	PROPN
cblr-13005	540	3	lund	lund	PROPN
cblr-13005	540	4	has	have	AUX
cblr-13005	540	5	observed	observe	VERB
cblr-13005	540	6	,	,	PUNCT
cblr-13005	540	7	adopting	adopt	VERB
cblr-13005	540	8	portfolio	portfolio	NOUN
cblr-13005	540	9	-	-	PUNCT
cblr-13005	540	10	wide	wide	ADJ
cblr-13005	540	11	policies	policy	NOUN
cblr-13005	540	12	in	in	ADP
cblr-13005	540	13	an	an	DET
cblr-13005	540	14	effort	effort	NOUN
cblr-13005	540	15	to	to	PART
cblr-13005	540	16	cause	cause	VERB
cblr-13005	540	17	firms	firm	NOUN
cblr-13005	540	18	to	to	PART
cblr-13005	540	19	internalize	internalize	VERB
cblr-13005	540	20	intraportfolio	intraportfolio	ADJ
cblr-13005	540	21	externalities	externality	NOUN
cblr-13005	540	22	is	be	AUX
cblr-13005	540	23	a	a	DET
cblr-13005	540	24	lawmaking	lawmaking	NOUN
cblr-13005	540	25	-	-	PUNCT
cblr-13005	540	26	like	like	NOUN
cblr-13005	540	27	activity.118	activity.118	PRON
cblr-13005	540	28	it	it	PRON
cblr-13005	540	29	involves	involve	VERB
cblr-13005	540	30	declaring	declare	VERB
cblr-13005	540	31	and	and	CCONJ
cblr-13005	540	32	enforcing	enforce	VERB
cblr-13005	540	33	policies	policy	NOUN
cblr-13005	540	34	that	that	PRON
cblr-13005	540	35	govern	govern	VERB
cblr-13005	540	36	within	within	ADP
cblr-13005	540	37	the	the	DET
cblr-13005	540	38	jurisdictional	jurisdictional	ADJ
cblr-13005	540	39	boundaries	boundary	NOUN
cblr-13005	540	40	of	of	ADP
cblr-13005	540	41	the	the	DET
cblr-13005	540	42	portfolio	portfolio	NOUN
cblr-13005	540	43	.	.	PUNCT
cblr-13005	541	1	indeed	indeed	ADV
cblr-13005	541	2	,	,	PUNCT
cblr-13005	541	3	portfolio	portfolio	NOUN
cblr-13005	541	4	-	-	PUNCT
cblr-13005	541	5	focused	focus	VERB
cblr-13005	541	6	stewardship	stewardship	NOUN
cblr-13005	541	7	is	be	AUX
cblr-13005	541	8	potentially	potentially	ADV
cblr-13005	541	9	warranted	warrant	VERB
cblr-13005	541	10	only	only	ADV
cblr-13005	541	11	in	in	ADP
cblr-13005	541	12	situations	situation	NOUN
cblr-13005	541	13	where	where	SCONJ
cblr-13005	541	14	law	law	NOUN
cblr-13005	541	15	,	,	PUNCT
cblr-13005	541	16	as	as	SCONJ
cblr-13005	541	17	augmented	augment	VERB
cblr-13005	541	18	by	by	ADP
cblr-13005	541	19	social	social	ADJ
cblr-13005	541	20	and	and	CCONJ
cblr-13005	541	21	ethical	ethical	ADJ
cblr-13005	541	22	norms	norm	NOUN
cblr-13005	541	23	,	,	PUNCT
cblr-13005	541	24	does	do	AUX
cblr-13005	541	25	not	not	PART
cblr-13005	541	26	already	already	ADV
cblr-13005	541	27	cause	cause	VERB
cblr-13005	541	28	firms	firm	NOUN
cblr-13005	541	29	to	to	PART
cblr-13005	541	30	internalize	internalize	VERB
cblr-13005	541	31	the	the	DET
cblr-13005	541	32	externalities	externality	NOUN
cblr-13005	541	33	they	they	PRON
cblr-13005	541	34	impose	impose	VERB
cblr-13005	541	35	on	on	ADP
cblr-13005	541	36	other	other	ADJ
cblr-13005	541	37	firms	firm	NOUN
cblr-13005	541	38	in	in	ADP
cblr-13005	541	39	the	the	DET
cblr-13005	541	40	economy.119	economy.119	NOUN
cblr-13005	541	41	this	this	PRON
cblr-13005	541	42	is	be	AUX
cblr-13005	541	43	notable	notable	ADJ
cblr-13005	541	44	because	because	SCONJ
cblr-13005	541	45	much	much	ADJ
cblr-13005	541	46	has	have	AUX
cblr-13005	541	47	been	be	AUX
cblr-13005	541	48	written	write	VERB
cblr-13005	541	49	in	in	ADP
cblr-13005	541	50	the	the	DET
cblr-13005	541	51	law	law	NOUN
cblr-13005	541	52	and	and	CCONJ
cblr-13005	541	53	economics	economic	NOUN
cblr-13005	541	54	tradition	tradition	NOUN
cblr-13005	541	55	about	about	ADP
cblr-13005	541	56	negative	negative	ADJ
cblr-13005	541	57	externalities	externality	NOUN
cblr-13005	541	58	and	and	CCONJ
cblr-13005	541	59	how	how	SCONJ
cblr-13005	541	60	118	118	NUM
cblr-13005	541	61	see	see	VERB
cblr-13005	541	62	lund	lund	PROPN
cblr-13005	541	63	,	,	PUNCT
cblr-13005	541	64	supra	supra	PROPN
cblr-13005	541	65	note	note	PROPN
cblr-13005	541	66	19	19	NUM
cblr-13005	541	67	at	at	ADP
cblr-13005	541	68	80	80	NUM
cblr-13005	541	69	(	(	PUNCT
cblr-13005	541	70	observing	observe	VERB
cblr-13005	541	71	that	that	SCONJ
cblr-13005	541	72	“	"	PUNCT
cblr-13005	541	73	the	the	DET
cblr-13005	541	74	big	big	ADJ
cblr-13005	541	75	three	three	NUM
cblr-13005	541	76	are	be	AUX
cblr-13005	541	77	providing	provide	VERB
cblr-13005	541	78	a	a	DET
cblr-13005	541	79	form	form	NOUN
cblr-13005	541	80	of	of	ADP
cblr-13005	541	81	privatized	privatized	ADJ
cblr-13005	541	82	regulation	regulation	NOUN
cblr-13005	541	83	—	—	PUNCT
cblr-13005	541	84	a	a	DET
cblr-13005	541	85	body	body	NOUN
cblr-13005	541	86	of	of	ADP
cblr-13005	541	87	standards	standard	NOUN
cblr-13005	541	88	and	and	CCONJ
cblr-13005	541	89	mandates	mandate	NOUN
cblr-13005	541	90	that	that	PRON
cblr-13005	541	91	is	be	AUX
cblr-13005	541	92	more	more	ADV
cblr-13005	541	93	stringent	stringent	ADJ
cblr-13005	541	94	than	than	ADP
cblr-13005	541	95	existing	exist	VERB
cblr-13005	541	96	law	law	NOUN
cblr-13005	541	97	,	,	PUNCT
cblr-13005	541	98	enforced	enforce	VERB
cblr-13005	541	99	with	with	ADP
cblr-13005	541	100	penalties	penalty	NOUN
cblr-13005	541	101	,	,	PUNCT
cblr-13005	541	102	and	and	CCONJ
cblr-13005	541	103	applied	apply	VERB
cblr-13005	541	104	across	across	ADP
cblr-13005	541	105	the	the	DET
cblr-13005	541	106	market	market	NOUN
cblr-13005	541	107	”	"	PUNCT
cblr-13005	541	108	)	)	PUNCT
cblr-13005	541	109	.	.	PUNCT
cblr-13005	542	1	119	119	NUM
cblr-13005	542	2	professors	professor	NOUN
cblr-13005	542	3	fisch	fisch	VERB
cblr-13005	542	4	and	and	CCONJ
cblr-13005	542	5	schwartz	schwartz	PROPN
cblr-13005	542	6	analogize	analogize	VERB
cblr-13005	542	7	fund	fund	NOUN
cblr-13005	542	8	managers	manager	NOUN
cblr-13005	542	9	to	to	ADP
cblr-13005	542	10	legislators	legislator	NOUN
cblr-13005	542	11	in	in	ADP
cblr-13005	542	12	a	a	DET
cblr-13005	542	13	representative	representative	ADJ
cblr-13005	542	14	democracy	democracy	NOUN
cblr-13005	542	15	.	.	PUNCT
cblr-13005	543	1	see	see	VERB
cblr-13005	543	2	fisch	fisch	PROPN
cblr-13005	543	3	&	&	CCONJ
cblr-13005	543	4	schwartz	schwartz	PROPN
cblr-13005	543	5	,	,	PUNCT
cblr-13005	543	6	supra	supra	PROPN
cblr-13005	543	7	note	note	PROPN
cblr-13005	543	8	19	19	NUM
cblr-13005	543	9	,	,	PUNCT
cblr-13005	543	10	at	at	ADP
cblr-13005	543	11	9	9	NUM
cblr-13005	543	12	,	,	PUNCT
cblr-13005	543	13	61	61	NUM
cblr-13005	543	14	.	.	SYM
cblr-13005	543	15	356	356	NUM
cblr-13005	543	16	columbia	columbia	PROPN
cblr-13005	543	17	business	business	NOUN
cblr-13005	543	18	law	law	PROPN
cblr-13005	543	19	review	review	NOUN
cblr-13005	543	20	[	[	X
cblr-13005	543	21	vol	vol	NOUN
cblr-13005	543	22	.	.	NOUN
cblr-13005	543	23	2024	2024	NUM
cblr-13005	543	24	the	the	DET
cblr-13005	543	25	law	law	NOUN
cblr-13005	543	26	can	can	AUX
cblr-13005	543	27	best	well	ADV
cblr-13005	543	28	intervene	intervene	VERB
cblr-13005	543	29	to	to	PART
cblr-13005	543	30	address	address	VERB
cblr-13005	543	31	them	they	PRON
cblr-13005	543	32	;	;	PUNCT
cblr-13005	543	33	indeed	indeed	ADV
cblr-13005	543	34	,	,	PUNCT
cblr-13005	543	35	forcing	force	VERB
cblr-13005	543	36	the	the	DET
cblr-13005	543	37	internalization	internalization	NOUN
cblr-13005	543	38	of	of	ADP
cblr-13005	543	39	negative	negative	ADJ
cblr-13005	543	40	externalities	externality	NOUN
cblr-13005	543	41	is	be	AUX
cblr-13005	543	42	one	one	NUM
cblr-13005	543	43	of	of	ADP
cblr-13005	543	44	the	the	DET
cblr-13005	543	45	most	most	ADV
cblr-13005	543	46	well	well	ADV
cblr-13005	543	47	-	-	PUNCT
cblr-13005	543	48	accepted	accept	VERB
cblr-13005	543	49	grounds	ground	NOUN
cblr-13005	543	50	for	for	ADP
cblr-13005	543	51	government	government	NOUN
cblr-13005	543	52	intervention	intervention	NOUN
cblr-13005	543	53	in	in	ADP
cblr-13005	543	54	the	the	DET
cblr-13005	543	55	market.120	market.120	NOUN
cblr-13005	543	56	this	this	DET
cblr-13005	543	57	literature	literature	NOUN
cblr-13005	543	58	teaches	teach	VERB
cblr-13005	543	59	that	that	SCONJ
cblr-13005	543	60	the	the	DET
cblr-13005	543	61	proper	proper	ADJ
cblr-13005	543	62	approach	approach	NOUN
cblr-13005	543	63	lawmakers	lawmaker	NOUN
cblr-13005	543	64	should	should	AUX
cblr-13005	543	65	take	take	VERB
cblr-13005	543	66	to	to	ADP
cblr-13005	543	67	an	an	DET
cblr-13005	543	68	externality	externality	NOUN
cblr-13005	543	69	-	-	PUNCT
cblr-13005	543	70	producing	produce	VERB
cblr-13005	543	71	behavior	behavior	NOUN
cblr-13005	543	72	turns	turn	VERB
cblr-13005	543	73	in	in	ADP
cblr-13005	543	74	part	part	NOUN
cblr-13005	543	75	on	on	ADP
cblr-13005	543	76	whether	whether	SCONJ
cblr-13005	543	77	the	the	DET
cblr-13005	543	78	behavior	behavior	NOUN
cblr-13005	543	79	should	should	AUX
cblr-13005	543	80	be	be	AUX
cblr-13005	543	81	sanctioned	sanction	VERB
cblr-13005	543	82	—	—	PUNCT
cblr-13005	543	83	i.e.	i.e.	X
cblr-13005	543	84	,	,	PUNCT
cblr-13005	543	85	deterred	deter	VERB
cblr-13005	543	86	unconditionally	unconditionally	ADV
cblr-13005	543	87	—	—	PUNCT
cblr-13005	543	88	or	or	CCONJ
cblr-13005	543	89	instead	instead	ADV
cblr-13005	543	90	regulated	regulate	VERB
cblr-13005	543	91	or	or	CCONJ
cblr-13005	543	92	priced	price	VERB
cblr-13005	543	93	.	.	PUNCT
cblr-13005	544	1	behavior	behavior	NOUN
cblr-13005	544	2	warranting	warrant	VERB
cblr-13005	544	3	sanction	sanction	NOUN
cblr-13005	544	4	should	should	AUX
cblr-13005	544	5	be	be	AUX
cblr-13005	544	6	outlawed	outlaw	VERB
cblr-13005	544	7	altogether	altogether	ADV
cblr-13005	544	8	,	,	PUNCT
cblr-13005	544	9	backed	back	VERB
cblr-13005	544	10	up	up	ADP
cblr-13005	544	11	by	by	ADP
cblr-13005	544	12	punishments	punishment	NOUN
cblr-13005	544	13	that	that	PRON
cblr-13005	544	14	make	make	VERB
cblr-13005	544	15	it	it	PRON
cblr-13005	544	16	economically	economically	ADV
cblr-13005	544	17	irrational	irrational	ADJ
cblr-13005	544	18	to	to	PART
cblr-13005	544	19	engage	engage	VERB
cblr-13005	544	20	in	in	ADP
cblr-13005	544	21	;	;	PUNCT
cblr-13005	544	22	lawmakers	lawmaker	NOUN
cblr-13005	544	23	should	should	AUX
cblr-13005	544	24	approach	approach	VERB
cblr-13005	544	25	other	other	ADJ
cblr-13005	544	26	types	type	NOUN
cblr-13005	544	27	of	of	ADP
cblr-13005	544	28	behaviors	behavior	NOUN
cblr-13005	544	29	with	with	ADP
cblr-13005	544	30	the	the	DET
cblr-13005	544	31	goal	goal	NOUN
cblr-13005	544	32	of	of	ADP
cblr-13005	544	33	encouraging	encourage	VERB
cblr-13005	544	34	firms	firm	NOUN
cblr-13005	544	35	to	to	PART
cblr-13005	544	36	engage	engage	VERB
cblr-13005	544	37	in	in	ADP
cblr-13005	544	38	them	they	PRON
cblr-13005	544	39	only	only	ADV
cblr-13005	544	40	in	in	ADP
cblr-13005	544	41	socially	socially	ADV
cblr-13005	544	42	efficient	efficient	ADJ
cblr-13005	544	43	ways	way	NOUN
cblr-13005	544	44	and	and	CCONJ
cblr-13005	544	45	amounts.121	amounts.121	CCONJ
cblr-13005	544	46	this	this	PRON
cblr-13005	544	47	can	can	AUX
cblr-13005	544	48	be	be	AUX
cblr-13005	544	49	attempted	attempt	VERB
cblr-13005	544	50	by	by	ADP
cblr-13005	544	51	using	use	VERB
cblr-13005	544	52	a	a	DET
cblr-13005	544	53	well	well	ADV
cblr-13005	544	54	-	-	PUNCT
cblr-13005	544	55	recognized	recognize	VERB
cblr-13005	544	56	array	array	NOUN
cblr-13005	544	57	of	of	ADP
cblr-13005	544	58	instruments	instrument	NOUN
cblr-13005	544	59	,	,	PUNCT
cblr-13005	544	60	each	each	PRON
cblr-13005	544	61	with	with	ADP
cblr-13005	544	62	its	its	PRON
cblr-13005	544	63	own	own	ADJ
cblr-13005	544	64	unique	unique	ADJ
cblr-13005	544	65	advantages	advantage	NOUN
cblr-13005	544	66	and	and	CCONJ
cblr-13005	544	67	pitfalls.122	pitfalls.122	NOUN
cblr-13005	544	68	120	120	NUM
cblr-13005	544	69	see	see	VERB
cblr-13005	544	70	bryan	bryan	PROPN
cblr-13005	544	71	caplan	caplan	PROPN
cblr-13005	544	72	,	,	PUNCT
cblr-13005	544	73	externalities	externality	NOUN
cblr-13005	544	74	,	,	PUNCT
cblr-13005	544	75	concise	concise	ADJ
cblr-13005	544	76	encyclopedia	encyclopedia	NOUN
cblr-13005	544	77	of	of	ADP
cblr-13005	544	78	economics	economic	NOUN
cblr-13005	544	79	(	(	PUNCT
cblr-13005	544	80	2023	2023	NUM
cblr-13005	544	81	)	)	PUNCT
cblr-13005	545	1	https://www.econlib.org/library/enc/externalities.html	https://www.econlib.org/library/enc/externalities.html	NOUN
cblr-13005	546	1	[	[	X
cblr-13005	546	2	https://perma.cc/nc7h-9gmr	https://perma.cc/nc7h-9gmr	X
cblr-13005	546	3	]	]	X
cblr-13005	546	4	(	(	PUNCT
cblr-13005	546	5	“	"	PUNCT
cblr-13005	546	6	externalities	externality	NOUN
cblr-13005	546	7	are	be	AUX
cblr-13005	546	8	probably	probably	ADV
cblr-13005	546	9	the	the	DET
cblr-13005	546	10	argument	argument	NOUN
cblr-13005	546	11	for	for	ADP
cblr-13005	546	12	government	government	NOUN
cblr-13005	546	13	intervention	intervention	NOUN
cblr-13005	546	14	that	that	SCONJ
cblr-13005	546	15	economists	economist	NOUN
cblr-13005	546	16	most	most	ADJ
cblr-13005	546	17	respect	respect	NOUN
cblr-13005	546	18	.	.	PUNCT
cblr-13005	546	19	”	"	PUNCT
cblr-13005	546	20	)	)	PUNCT
cblr-13005	546	21	;	;	PUNCT
cblr-13005	546	22	maureen	maureen	PROPN
cblr-13005	546	23	l.	l.	PROPN
cblr-13005	546	24	cropper	cropper	PROPN
cblr-13005	546	25	&	&	CCONJ
cblr-13005	546	26	wallace	wallace	PROPN
cblr-13005	546	27	e.	e.	PROPN
cblr-13005	546	28	oates	oates	PROPN
cblr-13005	546	29	,	,	PUNCT
cblr-13005	546	30	environmental	environmental	ADJ
cblr-13005	546	31	economics	economic	NOUN
cblr-13005	546	32	:	:	PUNCT
cblr-13005	546	33	a	a	DET
cblr-13005	546	34	survey	survey	NOUN
cblr-13005	546	35	,	,	PUNCT
cblr-13005	546	36	30	30	NUM
cblr-13005	546	37	j.	j.	PROPN
cblr-13005	546	38	econ	econ	PROPN
cblr-13005	546	39	.	.	PUNCT
cblr-13005	547	1	lit	lit	PROPN
cblr-13005	547	2	.	.	PUNCT
cblr-13005	548	1	675	675	NUM
cblr-13005	548	2	,	,	PUNCT
cblr-13005	548	3	678	678	NUM
cblr-13005	548	4	(	(	PUNCT
cblr-13005	548	5	observing	observe	VERB
cblr-13005	548	6	that	that	SCONJ
cblr-13005	548	7	the	the	DET
cblr-13005	548	8	“	"	PUNCT
cblr-13005	548	9	literature	literature	NOUN
cblr-13005	548	10	on	on	ADP
cblr-13005	548	11	[	[	PUNCT
cblr-13005	548	12	the	the	DET
cblr-13005	548	13	theory	theory	NOUN
cblr-13005	548	14	of	of	ADP
cblr-13005	548	15	externalities	externality	NOUN
cblr-13005	548	16	]	]	PUNCT
cblr-13005	548	17	is	be	AUX
cblr-13005	548	18	enormous	enormous	ADJ
cblr-13005	548	19	”	"	PUNCT
cblr-13005	548	20	)	)	PUNCT
cblr-13005	548	21	.	.	PUNCT
cblr-13005	549	1	i	i	PRON
cblr-13005	549	2	will	will	AUX
cblr-13005	549	3	focus	focus	VERB
cblr-13005	549	4	here	here	ADV
cblr-13005	549	5	on	on	ADP
cblr-13005	549	6	negative	negative	ADJ
cblr-13005	549	7	externalities	externality	NOUN
cblr-13005	549	8	,	,	PUNCT
cblr-13005	549	9	as	as	SCONJ
cblr-13005	549	10	that	that	PRON
cblr-13005	549	11	is	be	AUX
cblr-13005	549	12	the	the	DET
cblr-13005	549	13	focus	focus	NOUN
cblr-13005	549	14	of	of	ADP
cblr-13005	549	15	the	the	DET
cblr-13005	549	16	portfolio	portfolio	NOUN
cblr-13005	549	17	primacy	primacy	NOUN
cblr-13005	549	18	theory	theory	NOUN
cblr-13005	549	19	literature	literature	NOUN
cblr-13005	549	20	.	.	PUNCT
cblr-13005	550	1	but	but	CCONJ
cblr-13005	550	2	if	if	SCONJ
cblr-13005	550	3	an	an	DET
cblr-13005	550	4	index	index	NOUN
cblr-13005	550	5	fund	fund	NOUN
cblr-13005	550	6	manager	manager	NOUN
cblr-13005	550	7	would	would	AUX
cblr-13005	550	8	want	want	VERB
cblr-13005	550	9	to	to	PART
cblr-13005	550	10	suppress	suppress	VERB
cblr-13005	550	11	the	the	DET
cblr-13005	550	12	overproduction	overproduction	NOUN
cblr-13005	550	13	of	of	ADP
cblr-13005	550	14	negative	negative	ADJ
cblr-13005	550	15	externalities	externality	NOUN
cblr-13005	550	16	in	in	ADP
cblr-13005	550	17	order	order	NOUN
cblr-13005	550	18	to	to	PART
cblr-13005	550	19	increase	increase	VERB
cblr-13005	550	20	portfolio	portfolio	NOUN
cblr-13005	550	21	value	value	NOUN
cblr-13005	550	22	,	,	PUNCT
cblr-13005	550	23	it	it	PRON
cblr-13005	550	24	should	should	AUX
cblr-13005	550	25	also	also	ADV
cblr-13005	550	26	want	want	VERB
cblr-13005	550	27	to	to	PART
cblr-13005	550	28	address	address	VERB
cblr-13005	550	29	the	the	DET
cblr-13005	550	30	underproduction	underproduction	NOUN
cblr-13005	550	31	of	of	ADP
cblr-13005	550	32	positive	positive	ADJ
cblr-13005	550	33	externalities	externality	NOUN
cblr-13005	550	34	for	for	ADP
cblr-13005	550	35	the	the	DET
cblr-13005	550	36	same	same	ADJ
cblr-13005	550	37	reason	reason	NOUN
cblr-13005	550	38	.	.	PUNCT
cblr-13005	551	1	it	it	PRON
cblr-13005	551	2	has	have	AUX
cblr-13005	551	3	been	be	AUX
cblr-13005	551	4	theorized	theorize	VERB
cblr-13005	551	5	that	that	SCONJ
cblr-13005	551	6	asset	asset	NOUN
cblr-13005	551	7	managers	manager	NOUN
cblr-13005	551	8	may	may	AUX
cblr-13005	551	9	be	be	AUX
cblr-13005	551	10	incentivized	incentivize	VERB
cblr-13005	551	11	to	to	PART
cblr-13005	551	12	support	support	VERB
cblr-13005	551	13	good	good	ADJ
cblr-13005	551	14	governance	governance	NOUN
cblr-13005	551	15	in	in	ADP
cblr-13005	551	16	part	part	NOUN
cblr-13005	551	17	because	because	SCONJ
cblr-13005	551	18	it	it	PRON
cblr-13005	551	19	produces	produce	VERB
cblr-13005	551	20	positive	positive	ADJ
cblr-13005	551	21	externalities	externality	NOUN
cblr-13005	551	22	that	that	PRON
cblr-13005	551	23	are	be	AUX
cblr-13005	551	24	captured	capture	VERB
cblr-13005	551	25	at	at	ADP
cblr-13005	551	26	the	the	DET
cblr-13005	551	27	portfolio	portfolio	NOUN
cblr-13005	551	28	level	level	NOUN
cblr-13005	551	29	.	.	PUNCT
cblr-13005	552	1	see	see	VERB
cblr-13005	552	2	viral	viral	ADJ
cblr-13005	552	3	v.	v.	ADP
cblr-13005	552	4	acharya	acharya	PROPN
cblr-13005	552	5	&	&	CCONJ
cblr-13005	552	6	paolo	paolo	PROPN
cblr-13005	552	7	f.	f.	PROPN
cblr-13005	552	8	volpin	volpin	PROPN
cblr-13005	552	9	,	,	PUNCT
cblr-13005	552	10	corporate	corporate	ADJ
cblr-13005	552	11	governance	governance	NOUN
cblr-13005	552	12	externalities	externality	NOUN
cblr-13005	552	13	,	,	PUNCT
cblr-13005	552	14	14	14	NUM
cblr-13005	552	15	rev	rev	X
cblr-13005	552	16	.	.	PROPN
cblr-13005	552	17	of	of	ADP
cblr-13005	552	18	fin	fin	NOUN
cblr-13005	552	19	.	.	PUNCT
cblr-13005	552	20	1	1	NUM
cblr-13005	552	21	(	(	PUNCT
cblr-13005	552	22	2010	2010	NUM
cblr-13005	552	23	)	)	PUNCT
cblr-13005	552	24	;	;	PUNCT
cblr-13005	552	25	he	he	PRON
cblr-13005	552	26	jie	jie	PROPN
cblr-13005	552	27	,	,	PUNCT
cblr-13005	552	28	huang	huang	PROPN
cblr-13005	552	29	jiekun	jiekun	PROPN
cblr-13005	552	30	&	&	CCONJ
cblr-13005	552	31	zhao	zhao	PROPN
cblr-13005	552	32	shan	shan	PROPN
cblr-13005	552	33	,	,	PUNCT
cblr-13005	552	34	internalizing	internalize	VERB
cblr-13005	552	35	governance	governance	NOUN
cblr-13005	552	36	externalities	externality	NOUN
cblr-13005	552	37	:	:	PUNCT
cblr-13005	552	38	the	the	DET
cblr-13005	552	39	role	role	NOUN
cblr-13005	552	40	of	of	ADP
cblr-13005	552	41	institutional	institutional	ADJ
cblr-13005	552	42	cross	cross	NOUN
cblr-13005	552	43	-	-	NOUN
cblr-13005	552	44	ownership	ownership	NOUN
cblr-13005	552	45	,	,	PUNCT
cblr-13005	552	46	134	134	NUM
cblr-13005	552	47	j.	j.	PROPN
cblr-13005	552	48	fin	fin	PROPN
cblr-13005	552	49	econ	econ	PROPN
cblr-13005	552	50	.	.	PUNCT
cblr-13005	553	1	400	400	NUM
cblr-13005	553	2	(	(	PUNCT
cblr-13005	553	3	2019	2019	NUM
cblr-13005	553	4	)	)	PUNCT
cblr-13005	553	5	.	.	PUNCT
cblr-13005	554	1	121	121	NUM
cblr-13005	554	2	the	the	DET
cblr-13005	554	3	law	law	NOUN
cblr-13005	554	4	and	and	CCONJ
cblr-13005	554	5	economics	economic	NOUN
cblr-13005	554	6	literature	literature	NOUN
cblr-13005	554	7	would	would	AUX
cblr-13005	554	8	treat	treat	VERB
cblr-13005	554	9	behavior	behavior	NOUN
cblr-13005	554	10	that	that	PRON
cblr-13005	554	11	should	should	AUX
cblr-13005	554	12	be	be	AUX
cblr-13005	554	13	deterred	deter	VERB
cblr-13005	554	14	unconditionally	unconditionally	ADV
cblr-13005	554	15	as	as	ADP
cblr-13005	554	16	criminal	criminal	ADJ
cblr-13005	554	17	.	.	PUNCT
cblr-13005	555	1	for	for	ADP
cblr-13005	555	2	an	an	DET
cblr-13005	555	3	overview	overview	NOUN
cblr-13005	555	4	of	of	ADP
cblr-13005	555	5	the	the	DET
cblr-13005	555	6	economic	economic	ADJ
cblr-13005	555	7	rationale	rationale	NOUN
cblr-13005	555	8	for	for	ADP
cblr-13005	555	9	the	the	DET
cblr-13005	555	10	civil	civil	ADJ
cblr-13005	555	11	-	-	PUNCT
cblr-13005	555	12	criminal	criminal	ADJ
cblr-13005	555	13	divide	divide	NOUN
cblr-13005	555	14	,	,	PUNCT
cblr-13005	555	15	see	see	VERB
cblr-13005	555	16	amanda	amanda	PROPN
cblr-13005	555	17	m.	m.	PROPN
cblr-13005	555	18	rose	rise	VERB
cblr-13005	555	19	,	,	PUNCT
cblr-13005	555	20	public	public	ADJ
cblr-13005	555	21	enforcement	enforcement	NOUN
cblr-13005	555	22	:	:	PUNCT
cblr-13005	555	23	civil	civil	ADJ
cblr-13005	555	24	versus	versus	ADP
cblr-13005	555	25	criminal	criminal	ADJ
cblr-13005	555	26	,	,	PUNCT
cblr-13005	555	27	in	in	ADP
cblr-13005	555	28	the	the	DET
cblr-13005	555	29	oxford	oxford	PROPN
cblr-13005	555	30	handbook	handbook	NOUN
cblr-13005	555	31	of	of	ADP
cblr-13005	555	32	corporate	corporate	ADJ
cblr-13005	555	33	law	law	NOUN
cblr-13005	555	34	and	and	CCONJ
cblr-13005	555	35	governance	governance	NOUN
cblr-13005	555	36	946	946	NUM
cblr-13005	555	37	(	(	PUNCT
cblr-13005	555	38	2018	2018	NUM
cblr-13005	555	39	)	)	PUNCT
cblr-13005	555	40	.	.	PUNCT
cblr-13005	556	1	122	122	NUM
cblr-13005	557	1	the	the	DET
cblr-13005	557	2	law	law	NOUN
cblr-13005	557	3	and	and	CCONJ
cblr-13005	557	4	economics	economic	NOUN
cblr-13005	557	5	literature	literature	NOUN
cblr-13005	557	6	on	on	ADP
cblr-13005	557	7	instrument	instrument	NOUN
cblr-13005	557	8	choice	choice	NOUN
cblr-13005	557	9	is	be	AUX
cblr-13005	557	10	vast	vast	ADJ
cblr-13005	557	11	.	.	PUNCT
cblr-13005	558	1	for	for	ADP
cblr-13005	558	2	field	field	NOUN
cblr-13005	558	3	-	-	PUNCT
cblr-13005	558	4	level	level	NOUN
cblr-13005	558	5	overviews	overview	NOUN
cblr-13005	558	6	,	,	PUNCT
cblr-13005	558	7	see	see	VERB
cblr-13005	558	8	steven	steven	PROPN
cblr-13005	558	9	shavell	shavell	PROPN
cblr-13005	558	10	,	,	PUNCT
cblr-13005	558	11	foundations	foundation	NOUN
cblr-13005	558	12	of	of	ADP
cblr-13005	558	13	economic	economic	ADJ
cblr-13005	558	14	analysis	analysis	NOUN
cblr-13005	558	15	of	of	ADP
cblr-13005	558	16	law	law	NOUN
cblr-13005	558	17	(	(	PUNCT
cblr-13005	558	18	2004	2004	NUM
cblr-13005	558	19	)	)	PUNCT
cblr-13005	558	20	;	;	PUNCT
cblr-13005	558	21	richard	richard	PROPN
cblr-13005	558	22	a.	a.	NOUN
cblr-13005	558	23	posner	posner	PROPN
cblr-13005	558	24	,	,	PUNCT
cblr-13005	558	25	economic	economic	ADJ
cblr-13005	558	26	analysis	analysis	NOUN
cblr-13005	558	27	of	of	ADP
cblr-13005	558	28	law	law	NOUN
cblr-13005	558	29	(	(	PUNCT
cblr-13005	558	30	8th	8th	ADJ
cblr-13005	558	31	ed	ed	NOUN
cblr-13005	558	32	.	.	PROPN
cblr-13005	558	33	2011	2011	NUM
cblr-13005	558	34	)	)	PUNCT
cblr-13005	558	35	.	.	PUNCT
cblr-13005	559	1	for	for	ADP
cblr-13005	559	2	an	an	DET
cblr-13005	559	3	environmentally	environmentally	ADV
cblr-13005	559	4	focused	focused	ADJ
cblr-13005	559	5	overview	overview	NOUN
cblr-13005	559	6	,	,	PUNCT
cblr-13005	559	7	including	include	VERB
cblr-13005	559	8	an	an	DET
cblr-13005	559	9	analysis	analysis	NOUN
cblr-13005	559	10	of	of	ADP
cblr-13005	559	11	private	private	ADJ
cblr-13005	559	12	governance	governance	NOUN
cblr-13005	559	13	analogues	analogue	NOUN
cblr-13005	559	14	,	,	PUNCT
cblr-13005	559	15	see	see	VERB
cblr-13005	559	16	sarah	sarah	PROPN
cblr-13005	559	17	e.	e.	PROPN
cblr-13005	559	18	light	light	PROPN
cblr-13005	559	19	&	&	CCONJ
cblr-13005	559	20	eric	eric	PROPN
cblr-13005	559	21	w.	w.	PROPN
cblr-13005	559	22	orts	orts	PROPN
cblr-13005	559	23	,	,	PUNCT
cblr-13005	559	24	no	no	INTJ
cblr-13005	559	25	.	.	NOUN
cblr-13005	559	26	1	1	NUM
cblr-13005	559	27	]	]	PUNCT
cblr-13005	559	28	a	a	DET
cblr-13005	559	29	hard	hard	ADJ
cblr-13005	559	30	look	look	NOUN
cblr-13005	559	31	at	at	ADP
cblr-13005	559	32	portfolio	portfolio	NOUN
cblr-13005	559	33	focused	focused	ADJ
cblr-13005	559	34	stewardship	stewardship	NOUN
cblr-13005	559	35	357	357	NUM
cblr-13005	559	36	one	one	NUM
cblr-13005	559	37	dimension	dimension	NOUN
cblr-13005	559	38	along	along	ADP
cblr-13005	559	39	which	which	PRON
cblr-13005	559	40	these	these	DET
cblr-13005	559	41	legal	legal	ADJ
cblr-13005	559	42	instruments	instrument	NOUN
cblr-13005	559	43	vary	vary	VERB
cblr-13005	559	44	is	be	AUX
cblr-13005	559	45	temporal	temporal	ADJ
cblr-13005	559	46	.	.	PUNCT
cblr-13005	560	1	some	some	PRON
cblr-13005	560	2	operate	operate	VERB
cblr-13005	560	3	by	by	ADP
cblr-13005	560	4	imposing	impose	VERB
cblr-13005	560	5	liability	liability	NOUN
cblr-13005	560	6	ex	ex	PRON
cblr-13005	560	7	post	post	NOUN
cblr-13005	560	8	,	,	PUNCT
cblr-13005	560	9	after	after	SCONJ
cblr-13005	560	10	harms	harm	NOUN
cblr-13005	560	11	occur	occur	VERB
cblr-13005	560	12	,	,	PUNCT
cblr-13005	560	13	whereas	whereas	SCONJ
cblr-13005	560	14	others	other	NOUN
cblr-13005	560	15	operate	operate	VERB
cblr-13005	560	16	ex	ex	PRON
cblr-13005	560	17	ante	ante	NOUN
cblr-13005	560	18	,	,	PUNCT
cblr-13005	560	19	before	before	SCONJ
cblr-13005	560	20	harms	harm	NOUN
cblr-13005	560	21	occur	occur	VERB
cblr-13005	560	22	.	.	PUNCT
cblr-13005	561	1	which	which	PRON
cblr-13005	561	2	is	be	AUX
cblr-13005	561	3	more	more	ADV
cblr-13005	561	4	desirable	desirable	ADJ
cblr-13005	561	5	will	will	AUX
cblr-13005	561	6	depend	depend	VERB
cblr-13005	561	7	on	on	ADP
cblr-13005	561	8	several	several	ADJ
cblr-13005	561	9	factors	factor	NOUN
cblr-13005	561	10	,	,	PUNCT
cblr-13005	561	11	including	include	VERB
cblr-13005	561	12	how	how	SCONJ
cblr-13005	561	13	knowledgeable	knowledgeable	ADJ
cblr-13005	561	14	the	the	DET
cblr-13005	561	15	lawmaker	lawmaker	NOUN
cblr-13005	561	16	is	be	AUX
cblr-13005	561	17	about	about	ADP
cblr-13005	561	18	the	the	DET
cblr-13005	561	19	harmfulness	harmfulness	NOUN
cblr-13005	561	20	of	of	ADP
cblr-13005	561	21	the	the	DET
cblr-13005	561	22	particular	particular	ADJ
cblr-13005	561	23	activity	activity	NOUN
cblr-13005	561	24	relative	relative	ADJ
cblr-13005	561	25	to	to	ADP
cblr-13005	561	26	the	the	DET
cblr-13005	561	27	parties	party	NOUN
cblr-13005	561	28	that	that	PRON
cblr-13005	561	29	engage	engage	VERB
cblr-13005	561	30	in	in	ADP
cblr-13005	561	31	it	it	PRON
cblr-13005	561	32	,	,	PUNCT
cblr-13005	561	33	the	the	DET
cblr-13005	561	34	effectiveness	effectiveness	NOUN
cblr-13005	561	35	and	and	CCONJ
cblr-13005	561	36	feasibility	feasibility	NOUN
cblr-13005	561	37	of	of	ADP
cblr-13005	561	38	imposing	impose	VERB
cblr-13005	561	39	ex	ex	PRON
cblr-13005	561	40	post	post	NOUN
cblr-13005	561	41	sanctions	sanction	NOUN
cblr-13005	561	42	under	under	ADP
cblr-13005	561	43	the	the	DET
cblr-13005	561	44	circumstances	circumstance	NOUN
cblr-13005	561	45	,	,	PUNCT
cblr-13005	561	46	and	and	CCONJ
cblr-13005	561	47	relative	relative	ADJ
cblr-13005	561	48	administrative	administrative	ADJ
cblr-13005	561	49	costs.123	costs.123	NOUN
cblr-13005	561	50	designing	design	VERB
cblr-13005	561	51	an	an	DET
cblr-13005	561	52	ex	ex	X
cblr-13005	561	53	post	post	NOUN
cblr-13005	561	54	liability	liability	NOUN
cblr-13005	561	55	regime	regime	NOUN
cblr-13005	561	56	involves	involve	VERB
cblr-13005	561	57	numerous	numerous	ADJ
cblr-13005	561	58	sub	sub	NOUN
cblr-13005	561	59	-	-	NOUN
cblr-13005	561	60	choices	choice	NOUN
cblr-13005	561	61	that	that	PRON
cblr-13005	561	62	will	will	AUX
cblr-13005	561	63	affect	affect	VERB
cblr-13005	561	64	its	its	PRON
cblr-13005	561	65	efficacy	efficacy	NOUN
cblr-13005	561	66	in	in	ADP
cblr-13005	561	67	forcing	force	VERB
cblr-13005	561	68	the	the	DET
cblr-13005	561	69	internalization	internalization	NOUN
cblr-13005	561	70	of	of	ADP
cblr-13005	561	71	externalities	externality	NOUN
cblr-13005	561	72	—	—	PUNCT
cblr-13005	561	73	for	for	ADP
cblr-13005	561	74	example	example	NOUN
cblr-13005	561	75	,	,	PUNCT
cblr-13005	561	76	whether	whether	SCONJ
cblr-13005	561	77	to	to	PART
cblr-13005	561	78	impose	impose	VERB
cblr-13005	561	79	strict	strict	ADJ
cblr-13005	561	80	or	or	CCONJ
cblr-13005	561	81	standards	standard	NOUN
cblr-13005	561	82	-	-	PUNCT
cblr-13005	561	83	based	base	VERB
cblr-13005	561	84	liability,124	liability,124	PROPN
cblr-13005	561	85	how	how	SCONJ
cblr-13005	561	86	to	to	PART
cblr-13005	561	87	calculate	calculate	VERB
cblr-13005	561	88	damages,125	damages,125	PROPN
cblr-13005	561	89	and	and	CCONJ
cblr-13005	561	90	the	the	DET
cblr-13005	561	91	contours	contours	NOUN
cblr-13005	561	92	of	of	ADP
cblr-13005	561	93	enforcement	enforcement	NOUN
cblr-13005	561	94	procedure.126	procedure.126	NOUN
cblr-13005	561	95	with	with	ADP
cblr-13005	561	96	respect	respect	NOUN
cblr-13005	561	97	to	to	ADP
cblr-13005	561	98	ex	ex	PRON
cblr-13005	561	99	ante	ante	NOUN
cblr-13005	561	100	instruments	instrument	NOUN
cblr-13005	561	101	,	,	PUNCT
cblr-13005	561	102	lawmakers	lawmaker	NOUN
cblr-13005	561	103	have	have	VERB
cblr-13005	561	104	an	an	DET
cblr-13005	561	105	array	array	NOUN
cblr-13005	561	106	to	to	PART
cblr-13005	561	107	choose	choose	VERB
cblr-13005	561	108	from	from	ADP
cblr-13005	561	109	.	.	PUNCT
cblr-13005	562	1	one	one	NUM
cblr-13005	562	2	type	type	NOUN
cblr-13005	562	3	is	be	AUX
cblr-13005	562	4	command	command	NOUN
cblr-13005	562	5	-	-	PUNCT
cblr-13005	562	6	and	and	CCONJ
cblr-13005	562	7	-	-	PUNCT
cblr-13005	562	8	control	control	NOUN
cblr-13005	562	9	style	style	NOUN
cblr-13005	562	10	regulation	regulation	NOUN
cblr-13005	562	11	.	.	PUNCT
cblr-13005	563	1	as	as	SCONJ
cblr-13005	563	2	the	the	DET
cblr-13005	563	3	term	term	NOUN
cblr-13005	563	4	is	be	AUX
cblr-13005	563	5	used	use	VERB
cblr-13005	563	6	here	here	ADV
cblr-13005	563	7	,	,	PUNCT
cblr-13005	563	8	command	command	NOUN
cblr-13005	563	9	-	-	PUNCT
cblr-13005	563	10	and	and	CCONJ
cblr-13005	563	11	-	-	PUNCT
cblr-13005	563	12	control	control	NOUN
cblr-13005	563	13	style	style	NOUN
cblr-13005	563	14	regulation	regulation	NOUN
cblr-13005	563	15	attempts	attempt	VERB
cblr-13005	563	16	to	to	PART
cblr-13005	563	17	prescriptively	prescriptively	ADV
cblr-13005	563	18	dictate	dictate	VERB
cblr-13005	563	19	how	how	SCONJ
cblr-13005	563	20	(	(	PUNCT
cblr-13005	563	21	or	or	CCONJ
cblr-13005	563	22	at	at	ADP
cblr-13005	563	23	what	what	DET
cblr-13005	563	24	levels	level	NOUN
cblr-13005	563	25	)	)	PUNCT
cblr-13005	563	26	an	an	DET
cblr-13005	563	27	externality	externality	NOUN
cblr-13005	563	28	-	-	PUNCT
cblr-13005	563	29	generating	generate	VERB
cblr-13005	563	30	activity	activity	NOUN
cblr-13005	563	31	will	will	AUX
cblr-13005	563	32	be	be	AUX
cblr-13005	563	33	conducted.127	conducted.127	NOUN
cblr-13005	563	34	it	it	PRON
cblr-13005	563	35	is	be	AUX
cblr-13005	563	36	best	well	ADV
cblr-13005	563	37	contrasted	contrast	VERB
cblr-13005	563	38	with	with	ADP
cblr-13005	563	39	the	the	DET
cblr-13005	563	40	so	so	ADV
cblr-13005	563	41	-	-	PUNCT
cblr-13005	563	42	called	call	VERB
cblr-13005	563	43	pigouvian	pigouvian	NOUN
cblr-13005	563	44	parallels	parallel	NOUN
cblr-13005	563	45	in	in	ADP
cblr-13005	563	46	public	public	ADJ
cblr-13005	563	47	and	and	CCONJ
cblr-13005	563	48	private	private	ADJ
cblr-13005	563	49	environmental	environmental	ADJ
cblr-13005	563	50	governance	governance	NOUN
cblr-13005	563	51	,	,	PUNCT
cblr-13005	563	52	5	5	NUM
cblr-13005	563	53	mich	mich	X
cblr-13005	563	54	.	.	PUNCT
cblr-13005	563	55	j.	j.	PROPN
cblr-13005	563	56	env’t	env’t	PROPN
cblr-13005	563	57	&	&	CCONJ
cblr-13005	563	58	admin	admin	PROPN
cblr-13005	563	59	.	.	PUNCT
cblr-13005	564	1	l.	l.	PROPN
cblr-13005	564	2	1	1	NUM
cblr-13005	564	3	(	(	PUNCT
cblr-13005	564	4	2015	2015	NUM
cblr-13005	564	5	)	)	PUNCT
cblr-13005	564	6	.	.	PUNCT
cblr-13005	565	1	123	123	NUM
cblr-13005	565	2	shavell	shavell	NOUN
cblr-13005	565	3	,	,	PUNCT
cblr-13005	565	4	supra	supra	PROPN
cblr-13005	565	5	note	note	PROPN
cblr-13005	565	6	122	122	NUM
cblr-13005	565	7	,	,	PUNCT
cblr-13005	565	8	at	at	ADP
cblr-13005	565	9	575–78	575–78	NUM
cblr-13005	565	10	;	;	PUNCT
cblr-13005	565	11	see	see	VERB
cblr-13005	565	12	also	also	ADV
cblr-13005	565	13	richard	richard	PROPN
cblr-13005	565	14	a.	a.	NOUN
cblr-13005	565	15	posner	posner	PROPN
cblr-13005	565	16	,	,	PUNCT
cblr-13005	565	17	regulation	regulation	NOUN
cblr-13005	565	18	(	(	PUNCT
cblr-13005	565	19	agencies	agency	NOUN
cblr-13005	565	20	)	)	PUNCT
cblr-13005	565	21	versus	versus	ADP
cblr-13005	565	22	litigation	litigation	NOUN
cblr-13005	565	23	(	(	PUNCT
cblr-13005	565	24	courts	court	NOUN
cblr-13005	565	25	):	):	PUNCT
cblr-13005	565	26	an	an	DET
cblr-13005	565	27	analytical	analytical	ADJ
cblr-13005	565	28	framework	framework	NOUN
cblr-13005	565	29	,	,	PUNCT
cblr-13005	565	30	in	in	ADP
cblr-13005	565	31	regulation	regulation	NOUN
cblr-13005	565	32	versus	versus	ADP
cblr-13005	565	33	litigation	litigation	NOUN
cblr-13005	565	34	:	:	PUNCT
cblr-13005	565	35	perspectives	perspective	NOUN
cblr-13005	565	36	from	from	ADP
cblr-13005	565	37	economics	economic	NOUN
cblr-13005	565	38	and	and	CCONJ
cblr-13005	565	39	law	law	NOUN
cblr-13005	565	40	11	11	NUM
cblr-13005	565	41	(	(	PUNCT
cblr-13005	565	42	daniel	daniel	PROPN
cblr-13005	565	43	p.	p.	PROPN
cblr-13005	565	44	kessler	kessler	PROPN
cblr-13005	566	1	ed	ed	PROPN
cblr-13005	566	2	.	.	PROPN
cblr-13005	566	3	,	,	PUNCT
cblr-13005	566	4	2011	2011	NUM
cblr-13005	566	5	)	)	PUNCT
cblr-13005	566	6	;	;	PUNCT
cblr-13005	566	7	posner	posner	NOUN
cblr-13005	566	8	,	,	PUNCT
cblr-13005	566	9	supra	supra	PROPN
cblr-13005	566	10	note	note	PROPN
cblr-13005	566	11	122	122	NUM
cblr-13005	566	12	,	,	PUNCT
cblr-13005	566	13	at	at	ADP
cblr-13005	566	14	852–56	852–56	NUM
cblr-13005	566	15	.	.	PUNCT
cblr-13005	567	1	124	124	NUM
cblr-13005	567	2	for	for	ADP
cblr-13005	567	3	the	the	DET
cblr-13005	567	4	classic	classic	ADJ
cblr-13005	567	5	treatment	treatment	NOUN
cblr-13005	567	6	of	of	ADP
cblr-13005	567	7	this	this	DET
cblr-13005	567	8	choice	choice	NOUN
cblr-13005	567	9	,	,	PUNCT
cblr-13005	567	10	see	see	VERB
cblr-13005	567	11	steven	steven	PROPN
cblr-13005	567	12	shavell	shavell	PROPN
cblr-13005	567	13	,	,	PUNCT
cblr-13005	567	14	strict	strict	ADJ
cblr-13005	567	15	liability	liability	NOUN
cblr-13005	567	16	versus	versus	ADP
cblr-13005	567	17	negligence	negligence	NOUN
cblr-13005	567	18	,	,	PUNCT
cblr-13005	567	19	9	9	NUM
cblr-13005	567	20	j.	j.	PROPN
cblr-13005	567	21	legal	legal	ADJ
cblr-13005	567	22	stud	stud	NOUN
cblr-13005	567	23	.	.	PUNCT
cblr-13005	568	1	1	1	NUM
cblr-13005	568	2	(	(	PUNCT
cblr-13005	568	3	1980	1980	NUM
cblr-13005	568	4	)	)	PUNCT
cblr-13005	568	5	.	.	PUNCT
cblr-13005	569	1	for	for	ADP
cblr-13005	569	2	a	a	DET
cblr-13005	569	3	succinct	succinct	ADJ
cblr-13005	569	4	overview	overview	NOUN
cblr-13005	569	5	of	of	ADP
cblr-13005	569	6	the	the	DET
cblr-13005	569	7	tradeoffs	tradeoff	NOUN
cblr-13005	569	8	,	,	PUNCT
cblr-13005	569	9	see	see	VERB
cblr-13005	569	10	kyle	kyle	PROPN
cblr-13005	569	11	d.	d.	PROPN
cblr-13005	569	12	logue	logue	PROPN
cblr-13005	569	13	,	,	PUNCT
cblr-13005	569	14	coordinating	coordinate	VERB
cblr-13005	569	15	sanctions	sanction	NOUN
cblr-13005	569	16	in	in	ADP
cblr-13005	569	17	torts	torts	PROPN
cblr-13005	569	18	,	,	PUNCT
cblr-13005	569	19	6	6	NUM
cblr-13005	569	20	cardozo	cardozo	PROPN
cblr-13005	569	21	l.	l.	PROPN
cblr-13005	569	22	rev	rev	PROPN
cblr-13005	569	23	.	.	PROPN
cblr-13005	569	24	2313	2313	NUM
cblr-13005	569	25	,	,	PUNCT
cblr-13005	569	26	2321–23	2321–23	PRON
cblr-13005	569	27	(	(	PUNCT
cblr-13005	569	28	2010	2010	NUM
cblr-13005	569	29	)	)	PUNCT
cblr-13005	569	30	.	.	PUNCT
cblr-13005	570	1	125	125	NUM
cblr-13005	570	2	for	for	ADP
cblr-13005	570	3	discussions	discussion	NOUN
cblr-13005	570	4	of	of	ADP
cblr-13005	570	5	optimal	optimal	ADJ
cblr-13005	570	6	damages	damage	NOUN
cblr-13005	570	7	,	,	PUNCT
cblr-13005	570	8	see	see	VERB
cblr-13005	570	9	,	,	PUNCT
cblr-13005	570	10	e.g.	e.g.	ADV
cblr-13005	570	11	,	,	PUNCT
cblr-13005	570	12	logue	logue	PROPN
cblr-13005	570	13	,	,	PUNCT
cblr-13005	570	14	supra	supra	PROPN
cblr-13005	570	15	note	note	NOUN
cblr-13005	570	16	124	124	NUM
cblr-13005	570	17	at	at	ADP
cblr-13005	570	18	2324	2324	NUM
cblr-13005	570	19	;	;	PUNCT
cblr-13005	570	20	a.	a.	PROPN
cblr-13005	570	21	mitchell	mitchell	PROPN
cblr-13005	570	22	polinsky	polinsky	PROPN
cblr-13005	570	23	&	&	CCONJ
cblr-13005	570	24	steven	steven	PROPN
cblr-13005	570	25	shavell	shavell	PROPN
cblr-13005	570	26	,	,	PUNCT
cblr-13005	570	27	the	the	DET
cblr-13005	570	28	optimal	optimal	ADJ
cblr-13005	570	29	tradeoff	tradeoff	NOUN
cblr-13005	570	30	between	between	ADP
cblr-13005	570	31	the	the	DET
cblr-13005	570	32	probability	probability	NOUN
cblr-13005	570	33	and	and	CCONJ
cblr-13005	570	34	magnitude	magnitude	NOUN
cblr-13005	570	35	of	of	ADP
cblr-13005	570	36	fines	fine	NOUN
cblr-13005	570	37	,	,	PUNCT
cblr-13005	570	38	69	69	NUM
cblr-13005	570	39	am	am	NOUN
cblr-13005	570	40	.	.	PUNCT
cblr-13005	571	1	econ	econ	PROPN
cblr-13005	571	2	.	.	PUNCT
cblr-13005	572	1	rev	rev	PROPN
cblr-13005	572	2	.	.	PROPN
cblr-13005	572	3	880	880	NUM
cblr-13005	572	4	(	(	PUNCT
cblr-13005	572	5	1979	1979	NUM
cblr-13005	572	6	)	)	PUNCT
cblr-13005	572	7	.	.	PUNCT
cblr-13005	573	1	126	126	NUM
cblr-13005	573	2	see	see	VERB
cblr-13005	573	3	amanda	amanda	PROPN
cblr-13005	573	4	m.	m.	PROPN
cblr-13005	573	5	rose	rise	VERB
cblr-13005	573	6	,	,	PUNCT
cblr-13005	573	7	the	the	DET
cblr-13005	573	8	multi	multi	ADJ
cblr-13005	573	9	-	-	ADJ
cblr-13005	573	10	enforcer	enforcer	ADJ
cblr-13005	573	11	approach	approach	NOUN
cblr-13005	573	12	to	to	ADP
cblr-13005	573	13	securities	security	NOUN
cblr-13005	573	14	fraud	fraud	NOUN
cblr-13005	573	15	deterrence	deterrence	NOUN
cblr-13005	573	16	:	:	PUNCT
cblr-13005	573	17	a	a	DET
cblr-13005	573	18	critical	critical	ADJ
cblr-13005	573	19	analysis	analysis	NOUN
cblr-13005	573	20	,	,	PUNCT
cblr-13005	573	21	158	158	NUM
cblr-13005	573	22	u.	u.	PROPN
cblr-13005	573	23	pa	pa	PROPN
cblr-13005	573	24	.	.	PUNCT
cblr-13005	573	25	l.	l.	PROPN
cblr-13005	573	26	rev	rev	PROPN
cblr-13005	573	27	.	.	PROPN
cblr-13005	573	28	2173	2173	NUM
cblr-13005	573	29	,	,	PUNCT
cblr-13005	573	30	2192–97	2192–97	NUM
cblr-13005	573	31	(	(	PUNCT
cblr-13005	573	32	2010	2010	NUM
cblr-13005	573	33	)	)	PUNCT
cblr-13005	573	34	(	(	PUNCT
cblr-13005	573	35	discussing	discuss	VERB
cblr-13005	573	36	how	how	SCONJ
cblr-13005	573	37	procedural	procedural	ADJ
cblr-13005	573	38	choices	choice	NOUN
cblr-13005	573	39	,	,	PUNCT
cblr-13005	573	40	as	as	ADV
cblr-13005	573	41	well	well	ADV
cblr-13005	573	42	as	as	ADP
cblr-13005	573	43	the	the	DET
cblr-13005	573	44	choice	choice	NOUN
cblr-13005	573	45	of	of	ADP
cblr-13005	573	46	enforcer	enforcer	NOUN
cblr-13005	573	47	,	,	PUNCT
cblr-13005	573	48	can	can	AUX
cblr-13005	573	49	affect	affect	VERB
cblr-13005	573	50	the	the	DET
cblr-13005	573	51	efficiency	efficiency	NOUN
cblr-13005	573	52	of	of	ADP
cblr-13005	573	53	a	a	DET
cblr-13005	573	54	deterrence	deterrence	NOUN
cblr-13005	573	55	regime	regime	NOUN
cblr-13005	573	56	)	)	PUNCT
cblr-13005	573	57	.	.	PUNCT
cblr-13005	574	1	127	127	NUM
cblr-13005	574	2	the	the	DET
cblr-13005	574	3	prescription	prescription	NOUN
cblr-13005	574	4	could	could	AUX
cblr-13005	574	5	be	be	AUX
cblr-13005	574	6	enforced	enforce	VERB
cblr-13005	574	7	either	either	CCONJ
cblr-13005	574	8	through	through	ADP
cblr-13005	574	9	punishment	punishment	NOUN
cblr-13005	574	10	for	for	ADP
cblr-13005	574	11	noncompliance	noncompliance	NOUN
cblr-13005	574	12	or	or	CCONJ
cblr-13005	574	13	reward	reward	VERB
cblr-13005	574	14	for	for	ADP
cblr-13005	574	15	compliance	compliance	NOUN
cblr-13005	574	16	;	;	PUNCT
cblr-13005	574	17	any	any	DET
cblr-13005	574	18	difference	difference	NOUN
cblr-13005	574	19	between	between	ADP
cblr-13005	574	20	the	the	DET
cblr-13005	574	21	effect	effect	NOUN
cblr-13005	574	22	of	of	ADP
cblr-13005	574	23	these	these	DET
cblr-13005	574	24	two	two	NUM
cblr-13005	574	25	approaches	approach	NOUN
cblr-13005	574	26	is	be	AUX
cblr-13005	574	27	not	not	PART
cblr-13005	574	28	relevant	relevant	ADJ
cblr-13005	574	29	for	for	ADP
cblr-13005	574	30	purposes	purpose	NOUN
cblr-13005	574	31	of	of	ADP
cblr-13005	574	32	the	the	DET
cblr-13005	574	33	discussion	discussion	NOUN
cblr-13005	574	34	here	here	ADV
cblr-13005	574	35	.	.	PUNCT
cblr-13005	575	1	358	358	NUM
cblr-13005	575	2	columbia	columbia	PROPN
cblr-13005	575	3	business	business	NOUN
cblr-13005	575	4	law	law	PROPN
cblr-13005	575	5	review	review	NOUN
cblr-13005	575	6	[	[	X
cblr-13005	575	7	vol	vol	NOUN
cblr-13005	575	8	.	.	NOUN
cblr-13005	575	9	2024	2024	NUM
cblr-13005	575	10	tax	tax	NOUN
cblr-13005	575	11	,	,	PUNCT
cblr-13005	575	12	another	another	PRON
cblr-13005	575	13	ex	ex	NOUN
cblr-13005	575	14	ante	ante	PROPN
cblr-13005	575	15	instrument.128	instrument.128	NOUN
cblr-13005	575	16	whereas	whereas	SCONJ
cblr-13005	575	17	command	command	NOUN
cblr-13005	575	18	-	-	PUNCT
cblr-13005	575	19	andcontrol	andcontrol	NOUN
cblr-13005	575	20	style	style	NOUN
cblr-13005	575	21	regulation	regulation	NOUN
cblr-13005	575	22	requires	require	VERB
cblr-13005	575	23	the	the	DET
cblr-13005	575	24	lawmaker	lawmaker	NOUN
cblr-13005	575	25	to	to	PART
cblr-13005	575	26	decide	decide	VERB
cblr-13005	575	27	what	what	PRON
cblr-13005	575	28	specific	specific	ADJ
cblr-13005	575	29	steps	step	NOUN
cblr-13005	575	30	a	a	DET
cblr-13005	575	31	firm	firm	NOUN
cblr-13005	575	32	must	must	AUX
cblr-13005	575	33	take	take	VERB
cblr-13005	575	34	to	to	PART
cblr-13005	575	35	align	align	VERB
cblr-13005	575	36	its	its	PRON
cblr-13005	575	37	externality	externality	NOUN
cblr-13005	575	38	-	-	PUNCT
cblr-13005	575	39	generating	generate	VERB
cblr-13005	575	40	activity	activity	NOUN
cblr-13005	575	41	with	with	ADP
cblr-13005	575	42	social	social	ADJ
cblr-13005	575	43	welfare	welfare	NOUN
cblr-13005	575	44	—	—	PUNCT
cblr-13005	575	45	something	something	PRON
cblr-13005	575	46	that	that	PRON
cblr-13005	575	47	requires	require	VERB
cblr-13005	575	48	an	an	DET
cblr-13005	575	49	analysis	analysis	NOUN
cblr-13005	575	50	of	of	ADP
cblr-13005	575	51	both	both	DET
cblr-13005	575	52	costs	cost	NOUN
cblr-13005	575	53	and	and	CCONJ
cblr-13005	575	54	benefits	benefit	NOUN
cblr-13005	575	55	—	—	PUNCT
cblr-13005	575	56	pigouvian	pigouvian	ADJ
cblr-13005	575	57	taxes	taxis	NOUN
cblr-13005	575	58	require	require	VERB
cblr-13005	575	59	only	only	ADV
cblr-13005	575	60	that	that	SCONJ
cblr-13005	575	61	the	the	DET
cblr-13005	575	62	lawmaker	lawmaker	NOUN
cblr-13005	575	63	estimate	estimate	VERB
cblr-13005	575	64	the	the	DET
cblr-13005	575	65	cost	cost	NOUN
cblr-13005	575	66	of	of	ADP
cblr-13005	575	67	the	the	DET
cblr-13005	575	68	harm	harm	NOUN
cblr-13005	575	69	the	the	DET
cblr-13005	575	70	externality	externality	NOUN
cblr-13005	575	71	produces	produce	VERB
cblr-13005	575	72	and	and	CCONJ
cblr-13005	575	73	charge	charge	VERB
cblr-13005	575	74	it	it	PRON
cblr-13005	575	75	back	back	ADV
cblr-13005	575	76	to	to	ADP
cblr-13005	575	77	externality	externality	NOUN
cblr-13005	575	78	-	-	PUNCT
cblr-13005	575	79	producing	produce	VERB
cblr-13005	575	80	firms	firm	NOUN
cblr-13005	575	81	based	base	VERB
cblr-13005	575	82	on	on	ADP
cblr-13005	575	83	their	their	PRON
cblr-13005	575	84	output	output	NOUN
cblr-13005	575	85	levels	level	NOUN
cblr-13005	575	86	,	,	PUNCT
cblr-13005	575	87	thus	thus	ADV
cblr-13005	575	88	causing	cause	VERB
cblr-13005	575	89	firms	firm	NOUN
cblr-13005	575	90	to	to	PART
cblr-13005	575	91	incorporate	incorporate	VERB
cblr-13005	575	92	social	social	ADJ
cblr-13005	575	93	cost	cost	NOUN
cblr-13005	575	94	into	into	ADP
cblr-13005	575	95	their	their	PRON
cblr-13005	575	96	internal	internal	ADJ
cblr-13005	575	97	profit	profit	NOUN
cblr-13005	575	98	function	function	NOUN
cblr-13005	575	99	.	.	PUNCT
cblr-13005	576	1	because	because	SCONJ
cblr-13005	576	2	pigouvian	pigouvian	ADJ
cblr-13005	576	3	taxes	taxis	NOUN
cblr-13005	576	4	generally	generally	ADV
cblr-13005	576	5	require	require	VERB
cblr-13005	576	6	less	less	ADJ
cblr-13005	576	7	knowledge	knowledge	NOUN
cblr-13005	576	8	on	on	ADP
cblr-13005	576	9	the	the	DET
cblr-13005	576	10	part	part	NOUN
cblr-13005	576	11	of	of	ADP
cblr-13005	576	12	lawmakers	lawmaker	NOUN
cblr-13005	576	13	to	to	PART
cblr-13005	576	14	craft	craft	VERB
cblr-13005	576	15	,	,	PUNCT
cblr-13005	576	16	they	they	PRON
cblr-13005	576	17	are	be	AUX
cblr-13005	576	18	thought	think	VERB
cblr-13005	576	19	to	to	PART
cblr-13005	576	20	be	be	AUX
cblr-13005	576	21	less	less	ADJ
cblr-13005	576	22	error	error	NOUN
cblr-13005	576	23	prone	prone	ADJ
cblr-13005	576	24	than	than	ADP
cblr-13005	576	25	command	command	NOUN
cblr-13005	576	26	-	-	PUNCT
cblr-13005	576	27	and	and	CCONJ
cblr-13005	576	28	-	-	PUNCT
cblr-13005	576	29	control	control	NOUN
cblr-13005	576	30	style	style	NOUN
cblr-13005	576	31	regulations	regulation	NOUN
cblr-13005	576	32	and	and	CCONJ
cblr-13005	576	33	are	be	AUX
cblr-13005	576	34	generally	generally	ADV
cblr-13005	576	35	preferred	prefer	VERB
cblr-13005	576	36	by	by	ADP
cblr-13005	576	37	economists.129	economists.129	PROPN
cblr-13005	576	38	pigouvian	pigouvian	ADJ
cblr-13005	576	39	taxes	taxis	NOUN
cblr-13005	576	40	may	may	AUX
cblr-13005	576	41	be	be	AUX
cblr-13005	576	42	128	128	NUM
cblr-13005	576	43	the	the	DET
cblr-13005	576	44	name	name	NOUN
cblr-13005	576	45	derives	derive	VERB
cblr-13005	576	46	from	from	ADP
cblr-13005	576	47	economist	economist	PROPN
cblr-13005	576	48	arthur	arthur	PROPN
cblr-13005	576	49	pigou	pigou	PROPN
cblr-13005	576	50	and	and	CCONJ
cblr-13005	576	51	his	his	PRON
cblr-13005	576	52	classic	classic	ADJ
cblr-13005	576	53	work	work	NOUN
cblr-13005	576	54	economics	economic	NOUN
cblr-13005	576	55	of	of	ADP
cblr-13005	576	56	welfare	welfare	NOUN
cblr-13005	576	57	(	(	PUNCT
cblr-13005	576	58	1932	1932	NUM
cblr-13005	576	59	)	)	PUNCT
cblr-13005	576	60	.	.	PUNCT
cblr-13005	577	1	129	129	NUM
cblr-13005	577	2	in	in	ADP
cblr-13005	577	3	an	an	DET
cblr-13005	577	4	article	article	NOUN
cblr-13005	577	5	advocating	advocate	VERB
cblr-13005	577	6	for	for	ADP
cblr-13005	577	7	greater	great	ADJ
cblr-13005	577	8	use	use	NOUN
cblr-13005	577	9	of	of	ADP
cblr-13005	577	10	pigouvian	pigouvian	ADJ
cblr-13005	577	11	taxes	taxis	NOUN
cblr-13005	577	12	,	,	PUNCT
cblr-13005	577	13	professors	professor	NOUN
cblr-13005	577	14	masur	masur	PROPN
cblr-13005	577	15	and	and	CCONJ
cblr-13005	577	16	posner	posner	NOUN
cblr-13005	577	17	provide	provide	VERB
cblr-13005	577	18	an	an	DET
cblr-13005	577	19	example	example	NOUN
cblr-13005	577	20	to	to	PART
cblr-13005	577	21	illustrate	illustrate	VERB
cblr-13005	577	22	this	this	DET
cblr-13005	577	23	point	point	NOUN
cblr-13005	577	24	:	:	PUNCT
cblr-13005	577	25	other	other	ADJ
cblr-13005	577	26	forms	form	NOUN
cblr-13005	577	27	of	of	ADP
cblr-13005	577	28	regulation	regulation	NOUN
cblr-13005	577	29	are	be	AUX
cblr-13005	577	30	inferior	inferior	ADJ
cblr-13005	577	31	to	to	ADP
cblr-13005	577	32	the	the	DET
cblr-13005	577	33	pigouvian	pigouvian	ADJ
cblr-13005	577	34	tax	tax	NOUN
cblr-13005	577	35	.	.	PUNCT
cblr-13005	578	1	consider	consider	VERB
cblr-13005	578	2	command	command	NOUN
cblr-13005	578	3	-	-	PUNCT
cblr-13005	578	4	and	and	CCONJ
cblr-13005	578	5	-	-	PUNCT
cblr-13005	578	6	control	control	NOUN
cblr-13005	578	7	regulation	regulation	NOUN
cblr-13005	578	8	,	,	PUNCT
cblr-13005	578	9	in	in	ADP
cblr-13005	578	10	which	which	PRON
cblr-13005	578	11	a	a	DET
cblr-13005	578	12	regulator	regulator	NOUN
cblr-13005	578	13	forces	force	VERB
cblr-13005	578	14	a	a	DET
cblr-13005	578	15	firm	firm	NOUN
cblr-13005	578	16	to	to	PART
cblr-13005	578	17	take	take	VERB
cblr-13005	578	18	a	a	DET
cblr-13005	578	19	particular	particular	ADJ
cblr-13005	578	20	action	action	NOUN
cblr-13005	578	21	,	,	PUNCT
cblr-13005	578	22	such	such	ADJ
cblr-13005	578	23	as	as	ADP
cblr-13005	578	24	installing	instal	VERB
cblr-13005	578	25	a	a	DET
cblr-13005	578	26	pollution	pollution	NOUN
cblr-13005	578	27	-	-	PUNCT
cblr-13005	578	28	reducing	reduce	VERB
cblr-13005	578	29	scrubber	scrubber	NOUN
cblr-13005	578	30	.	.	PUNCT
cblr-13005	579	1	under	under	ADP
cblr-13005	579	2	this	this	DET
cblr-13005	579	3	form	form	NOUN
cblr-13005	579	4	of	of	ADP
cblr-13005	579	5	regulation	regulation	NOUN
cblr-13005	579	6	,	,	PUNCT
cblr-13005	579	7	the	the	DET
cblr-13005	579	8	regulator	regulator	NOUN
cblr-13005	579	9	may	may	AUX
cblr-13005	579	10	conduct	conduct	VERB
cblr-13005	579	11	a	a	DET
cblr-13005	579	12	cost	cost	NOUN
cblr-13005	579	13	-	-	PUNCT
cblr-13005	579	14	benefit	benefit	NOUN
cblr-13005	579	15	analysis	analysis	NOUN
cblr-13005	579	16	to	to	PART
cblr-13005	579	17	determine	determine	VERB
cblr-13005	579	18	whether	whether	SCONJ
cblr-13005	579	19	the	the	DET
cblr-13005	579	20	benefit	benefit	NOUN
cblr-13005	579	21	of	of	ADP
cblr-13005	579	22	alleviating	alleviate	VERB
cblr-13005	579	23	the	the	DET
cblr-13005	579	24	pollution	pollution	NOUN
cblr-13005	579	25	for	for	ADP
cblr-13005	579	26	the	the	DET
cblr-13005	579	27	firm	firm	NOUN
cblr-13005	579	28	’s	’s	PART
cblr-13005	579	29	neighbors	neighbor	NOUN
cblr-13005	579	30	is	be	AUX
cblr-13005	579	31	greater	great	ADJ
cblr-13005	579	32	or	or	CCONJ
cblr-13005	579	33	less	less	ADJ
cblr-13005	579	34	than	than	ADP
cblr-13005	579	35	the	the	DET
cblr-13005	579	36	cost	cost	NOUN
cblr-13005	579	37	to	to	ADP
cblr-13005	579	38	the	the	DET
cblr-13005	579	39	firm	firm	NOUN
cblr-13005	579	40	of	of	ADP
cblr-13005	579	41	having	have	VERB
cblr-13005	579	42	to	to	PART
cblr-13005	579	43	install	install	VERB
cblr-13005	579	44	the	the	DET
cblr-13005	579	45	scrubbers	scrubber	NOUN
cblr-13005	579	46	or	or	CCONJ
cblr-13005	579	47	take	take	VERB
cblr-13005	579	48	other	other	ADJ
cblr-13005	579	49	precautions	precaution	NOUN
cblr-13005	579	50	.	.	PUNCT
cblr-13005	580	1	if	if	SCONJ
cblr-13005	580	2	scrubbers	scrubber	NOUN
cblr-13005	580	3	pass	pass	VERB
cblr-13005	580	4	a	a	DET
cblr-13005	580	5	cost	cost	NOUN
cblr-13005	580	6	-	-	PUNCT
cblr-13005	580	7	benefit	benefit	NOUN
cblr-13005	580	8	analysis	analysis	NOUN
cblr-13005	580	9	,	,	PUNCT
cblr-13005	580	10	then	then	ADV
cblr-13005	580	11	the	the	DET
cblr-13005	580	12	regulator	regulator	NOUN
cblr-13005	580	13	orders	order	VERB
cblr-13005	580	14	the	the	DET
cblr-13005	580	15	firm	firm	NOUN
cblr-13005	580	16	to	to	PART
cblr-13005	580	17	install	install	VERB
cblr-13005	580	18	them	they	PRON
cblr-13005	580	19	.	.	PUNCT
cblr-13005	581	1	if	if	SCONJ
cblr-13005	581	2	they	they	PRON
cblr-13005	581	3	do	do	AUX
cblr-13005	581	4	not	not	PART
cblr-13005	581	5	pass	pass	VERB
cblr-13005	581	6	,	,	PUNCT
cblr-13005	581	7	the	the	DET
cblr-13005	581	8	regulator	regulator	NOUN
cblr-13005	581	9	allows	allow	VERB
cblr-13005	581	10	the	the	DET
cblr-13005	581	11	firm	firm	NOUN
cblr-13005	581	12	to	to	PART
cblr-13005	581	13	continue	continue	VERB
cblr-13005	581	14	its	its	PRON
cblr-13005	581	15	activity	activity	NOUN
cblr-13005	581	16	unabated	unabate	VERB
cblr-13005	581	17	.	.	PUNCT
cblr-13005	582	1	a	a	DET
cblr-13005	582	2	perfectly	perfectly	ADV
cblr-13005	582	3	conducted	conduct	VERB
cblr-13005	582	4	cost	cost	NOUN
cblr-13005	582	5	-	-	PUNCT
cblr-13005	582	6	benefit	benefit	NOUN
cblr-13005	582	7	analysis	analysis	NOUN
cblr-13005	582	8	should	should	AUX
cblr-13005	582	9	produce	produce	VERB
cblr-13005	582	10	results	result	NOUN
cblr-13005	582	11	as	as	ADV
cblr-13005	582	12	efficient	efficient	ADJ
cblr-13005	582	13	as	as	ADP
cblr-13005	582	14	a	a	DET
cblr-13005	582	15	pigouvian	pigouvian	ADJ
cblr-13005	582	16	tax	tax	NOUN
cblr-13005	582	17	,	,	PUNCT
cblr-13005	582	18	but	but	CCONJ
cblr-13005	582	19	in	in	ADP
cblr-13005	582	20	a	a	DET
cblr-13005	582	21	world	world	NOUN
cblr-13005	582	22	of	of	ADP
cblr-13005	582	23	administrative	administrative	ADJ
cblr-13005	582	24	costs	cost	NOUN
cblr-13005	582	25	,	,	PUNCT
cblr-13005	582	26	command	command	NOUN
cblr-13005	582	27	-	-	PUNCT
cblr-13005	582	28	and	and	CCONJ
cblr-13005	582	29	-	-	PUNCT
cblr-13005	582	30	control	control	NOUN
cblr-13005	582	31	regulation	regulation	NOUN
cblr-13005	582	32	will	will	AUX
cblr-13005	582	33	be	be	AUX
cblr-13005	582	34	inferior	inferior	ADJ
cblr-13005	582	35	.	.	PUNCT
cblr-13005	583	1	the	the	DET
cblr-13005	583	2	reason	reason	NOUN
cblr-13005	583	3	is	be	AUX
cblr-13005	583	4	that	that	SCONJ
cblr-13005	583	5	in	in	ADP
cblr-13005	583	6	order	order	NOUN
cblr-13005	583	7	to	to	PART
cblr-13005	583	8	determine	determine	VERB
cblr-13005	583	9	the	the	DET
cblr-13005	583	10	correct	correct	ADJ
cblr-13005	583	11	command	command	NOUN
cblr-13005	583	12	-	-	PUNCT
cblr-13005	583	13	and	and	CCONJ
cblr-13005	583	14	-	-	PUNCT
cblr-13005	583	15	control	control	NOUN
cblr-13005	583	16	rule	rule	NOUN
cblr-13005	583	17	,	,	PUNCT
cblr-13005	583	18	the	the	DET
cblr-13005	583	19	regulator	regulator	NOUN
cblr-13005	583	20	must	must	AUX
cblr-13005	583	21	know	know	VERB
cblr-13005	583	22	both	both	CCONJ
cblr-13005	583	23	the	the	DET
cblr-13005	583	24	cost	cost	NOUN
cblr-13005	583	25	and	and	CCONJ
cblr-13005	583	26	benefit	benefit	NOUN
cblr-13005	583	27	of	of	ADP
cblr-13005	583	28	the	the	DET
cblr-13005	583	29	activities	activity	NOUN
cblr-13005	583	30	.	.	PUNCT
cblr-13005	584	1	in	in	ADP
cblr-13005	584	2	contrast	contrast	NOUN
cblr-13005	584	3	,	,	PUNCT
cblr-13005	584	4	the	the	DET
cblr-13005	584	5	regulator	regulator	NOUN
cblr-13005	584	6	only	only	ADV
cblr-13005	584	7	needs	need	VERB
cblr-13005	584	8	to	to	PART
cblr-13005	584	9	know	know	VERB
cblr-13005	584	10	the	the	DET
cblr-13005	584	11	cost	cost	NOUN
cblr-13005	584	12	of	of	ADP
cblr-13005	584	13	the	the	DET
cblr-13005	584	14	activity	activity	NOUN
cblr-13005	584	15	to	to	PART
cblr-13005	584	16	determine	determine	VERB
cblr-13005	584	17	the	the	DET
cblr-13005	584	18	correct	correct	ADJ
cblr-13005	584	19	pigouvian	pigouvian	ADJ
cblr-13005	584	20	tax	tax	NOUN
cblr-13005	584	21	.	.	PUNCT
cblr-13005	585	1	it	it	PRON
cblr-13005	585	2	is	be	AUX
cblr-13005	585	3	not	not	PART
cblr-13005	585	4	necessary	necessary	ADJ
cblr-13005	585	5	to	to	PART
cblr-13005	585	6	know	know	VERB
cblr-13005	585	7	the	the	DET
cblr-13005	585	8	benefit	benefit	NOUN
cblr-13005	585	9	.	.	PUNCT
cblr-13005	586	1	thus	thus	ADV
cblr-13005	586	2	,	,	PUNCT
cblr-13005	586	3	as	as	ADV
cblr-13005	586	4	long	long	ADV
cblr-13005	586	5	as	as	SCONJ
cblr-13005	586	6	regulators	regulator	NOUN
cblr-13005	586	7	make	make	VERB
cblr-13005	586	8	errors	error	NOUN
cblr-13005	586	9	(	(	PUNCT
cblr-13005	586	10	as	as	SCONJ
cblr-13005	586	11	they	they	PRON
cblr-13005	586	12	unavoidably	unavoidably	ADV
cblr-13005	586	13	do	do	VERB
cblr-13005	586	14	)	)	PUNCT
cblr-13005	586	15	,	,	PUNCT
cblr-13005	586	16	a	a	DET
cblr-13005	586	17	pigouvian	pigouvian	ADJ
cblr-13005	586	18	tax	tax	NOUN
cblr-13005	586	19	is	be	AUX
cblr-13005	586	20	superior	superior	ADJ
cblr-13005	586	21	to	to	ADP
cblr-13005	586	22	command	command	NOUN
cblr-13005	586	23	-	-	PUNCT
cblr-13005	586	24	and	and	CCONJ
cblr-13005	586	25	-	-	PUNCT
cblr-13005	586	26	control	control	NOUN
cblr-13005	586	27	regulation	regulation	NOUN
cblr-13005	586	28	.	.	PUNCT
cblr-13005	587	1	jonathan	jonathan	PROPN
cblr-13005	587	2	s.	s.	PROPN
cblr-13005	587	3	masur	masur	PROPN
cblr-13005	587	4	&	&	CCONJ
cblr-13005	587	5	eric	eric	PROPN
cblr-13005	587	6	a.	a.	PROPN
cblr-13005	587	7	posner	posner	PROPN
cblr-13005	587	8	,	,	PUNCT
cblr-13005	587	9	toward	toward	ADP
cblr-13005	587	10	a	a	DET
cblr-13005	587	11	pigouvian	pigouvian	ADJ
cblr-13005	587	12	state	state	NOUN
cblr-13005	587	13	,	,	PUNCT
cblr-13005	587	14	164	164	NUM
cblr-13005	587	15	u.	u.	PROPN
cblr-13005	587	16	pa	pa	PROPN
cblr-13005	587	17	.	.	PUNCT
cblr-13005	587	18	l.	l.	PROPN
cblr-13005	587	19	rev	rev	PROPN
cblr-13005	587	20	.	.	PROPN
cblr-13005	587	21	93	93	NUM
cblr-13005	587	22	,	,	PUNCT
cblr-13005	587	23	95	95	NUM
cblr-13005	587	24	(	(	PUNCT
cblr-13005	587	25	2015	2015	NUM
cblr-13005	587	26	)	)	PUNCT
cblr-13005	587	27	(	(	PUNCT
cblr-13005	587	28	internal	internal	ADJ
cblr-13005	587	29	footnotes	footnote	NOUN
cblr-13005	587	30	omitted	omit	VERB
cblr-13005	587	31	)	)	PUNCT
cblr-13005	587	32	.	.	PUNCT
cblr-13005	588	1	see	see	VERB
cblr-13005	588	2	also	also	ADV
cblr-13005	588	3	i	i	PROPN
cblr-13005	588	4	d.	d.	PROPN
cblr-13005	588	5	at	at	ADP
cblr-13005	588	6	96	96	NUM
cblr-13005	588	7	(	(	PUNCT
cblr-13005	588	8	observing	observe	VERB
cblr-13005	588	9	that	that	SCONJ
cblr-13005	588	10	it	it	PRON
cblr-13005	588	11	“	"	PUNCT
cblr-13005	588	12	would	would	AUX
cblr-13005	588	13	be	be	AUX
cblr-13005	588	14	an	an	DET
cblr-13005	588	15	understatement	understatement	NOUN
cblr-13005	588	16	to	to	PART
cblr-13005	588	17	say	say	VERB
cblr-13005	588	18	that	that	SCONJ
cblr-13005	588	19	economists	economist	NOUN
cblr-13005	588	20	endorse	endorse	VERB
cblr-13005	588	21	pigouvian	pigouvian	ADJ
cblr-13005	588	22	taxes	taxis	NOUN
cblr-13005	588	23	over	over	ADP
cblr-13005	588	24	command	command	NOUN
cblr-13005	588	25	-	-	PUNCT
cblr-13005	588	26	and	and	CCONJ
cblr-13005	588	27	-	-	PUNCT
cblr-13005	588	28	control	control	NOUN
cblr-13005	588	29	regulation	regulation	NOUN
cblr-13005	588	30	”	"	PUNCT
cblr-13005	588	31	and	and	CCONJ
cblr-13005	588	32	noting	note	VERB
cblr-13005	588	33	that	that	SCONJ
cblr-13005	588	34	“	"	PUNCT
cblr-13005	588	35	pigouvian	pigouvian	ADJ
cblr-13005	588	36	taxes	taxis	NOUN
cblr-13005	588	37	are	be	AUX
cblr-13005	588	38	constantly	constantly	ADV
cblr-13005	588	39	advocated	advocate	VERB
cblr-13005	588	40	by	by	ADP
cblr-13005	588	41	economists	economist	NOUN
cblr-13005	588	42	who	who	PRON
cblr-13005	588	43	seek	seek	VERB
cblr-13005	588	44	to	to	PART
cblr-13005	588	45	influence	influence	VERB
cblr-13005	588	46	public	public	ADJ
cblr-13005	588	47	policy	policy	NOUN
cblr-13005	588	48	”	"	PUNCT
cblr-13005	588	49	)	)	PUNCT
cblr-13005	588	50	;	;	PUNCT
cblr-13005	588	51	victor	victor	NOUN
cblr-13005	588	52	fleischer	fleischer	PROPN
cblr-13005	588	53	,	,	PUNCT
cblr-13005	588	54	curb	curb	VERB
cblr-13005	588	55	your	your	PRON
cblr-13005	588	56	enthusiasm	enthusiasm	NOUN
cblr-13005	588	57	for	for	ADP
cblr-13005	588	58	pigovian	pigovian	ADJ
cblr-13005	588	59	taxes	taxis	NOUN
cblr-13005	588	60	,	,	PUNCT
cblr-13005	588	61	68	68	NUM
cblr-13005	588	62	vand	vand	NOUN
cblr-13005	588	63	.	.	PUNCT
cblr-13005	589	1	l.	l.	PROPN
cblr-13005	589	2	rev	rev	PROPN
cblr-13005	589	3	.	.	PROPN
cblr-13005	589	4	1673	1673	NUM
cblr-13005	589	5	,	,	PUNCT
cblr-13005	589	6	1676	1676	NUM
cblr-13005	589	7	(	(	PUNCT
cblr-13005	589	8	2015	2015	NUM
cblr-13005	589	9	)	)	PUNCT
cblr-13005	589	10	(	(	PUNCT
cblr-13005	589	11	noting	note	VERB
cblr-13005	589	12	the	the	DET
cblr-13005	589	13	“	"	PUNCT
cblr-13005	589	14	academic	academic	ADJ
cblr-13005	589	15	no	no	NOUN
cblr-13005	589	16	.	.	PROPN
cblr-13005	589	17	1	1	NUM
cblr-13005	589	18	]	]	PUNCT
cblr-13005	589	19	a	a	DET
cblr-13005	589	20	hard	hard	ADJ
cblr-13005	589	21	look	look	NOUN
cblr-13005	589	22	at	at	ADP
cblr-13005	589	23	portfolio	portfolio	NOUN
cblr-13005	589	24	focused	focused	ADJ
cblr-13005	589	25	stewardship	stewardship	NOUN
cblr-13005	589	26	359	359	NUM
cblr-13005	589	27	inferior	inferior	ADJ
cblr-13005	589	28	to	to	ADP
cblr-13005	589	29	command	command	NOUN
cblr-13005	589	30	-	-	PUNCT
cblr-13005	589	31	and	and	CCONJ
cblr-13005	589	32	-	-	PUNCT
cblr-13005	589	33	control	control	NOUN
cblr-13005	589	34	style	style	NOUN
cblr-13005	589	35	regulation	regulation	NOUN
cblr-13005	589	36	when	when	SCONJ
cblr-13005	589	37	harms	harm	NOUN
cblr-13005	589	38	are	be	AUX
cblr-13005	589	39	non	non	ADJ
cblr-13005	589	40	-	-	ADJ
cblr-13005	589	41	linear	linear	ADJ
cblr-13005	589	42	,	,	PUNCT
cblr-13005	589	43	however,130	however,130	PROPN
cblr-13005	589	44	and	and	CCONJ
cblr-13005	589	45	may	may	AUX
cblr-13005	589	46	prove	prove	VERB
cblr-13005	589	47	ineffective	ineffective	ADJ
cblr-13005	589	48	when	when	SCONJ
cblr-13005	589	49	the	the	DET
cblr-13005	589	50	marginal	marginal	ADJ
cblr-13005	589	51	social	social	ADJ
cblr-13005	589	52	cost	cost	NOUN
cblr-13005	589	53	of	of	ADP
cblr-13005	589	54	an	an	DET
cblr-13005	589	55	externality	externality	NOUN
cblr-13005	589	56	-	-	PUNCT
cblr-13005	589	57	generating	generate	VERB
cblr-13005	589	58	activity	activity	NOUN
cblr-13005	589	59	is	be	AUX
cblr-13005	589	60	non	non	ADJ
cblr-13005	589	61	-	-	ADJ
cblr-13005	589	62	uniform	uniform	ADJ
cblr-13005	589	63	across	across	ADP
cblr-13005	589	64	firms.131	firms.131	PROPN
cblr-13005	589	65	other	other	ADJ
cblr-13005	589	66	ex	ex	PRON
cblr-13005	589	67	ante	ante	NOUN
cblr-13005	589	68	instruments	instrument	NOUN
cblr-13005	589	69	that	that	PRON
cblr-13005	589	70	can	can	AUX
cblr-13005	589	71	help	help	VERB
cblr-13005	589	72	solve	solve	VERB
cblr-13005	589	73	externality	externality	NOUN
cblr-13005	589	74	problems	problem	NOUN
cblr-13005	589	75	include	include	VERB
cblr-13005	589	76	the	the	DET
cblr-13005	589	77	assignment	assignment	NOUN
cblr-13005	589	78	of	of	ADP
cblr-13005	589	79	property	property	NOUN
cblr-13005	589	80	rights132	rights132	PROPN
cblr-13005	589	81	as	as	ADV
cblr-13005	589	82	well	well	ADV
cblr-13005	589	83	as	as	ADP
cblr-13005	589	84	disclosure	disclosure	NOUN
cblr-13005	589	85	regulation	regulation	NOUN
cblr-13005	589	86	designed	design	VERB
cblr-13005	589	87	to	to	PART
cblr-13005	589	88	promote	promote	VERB
cblr-13005	589	89	coasean	coasean	ADJ
cblr-13005	589	90	bargaining	bargaining	NOUN
cblr-13005	589	91	solutions.133	solutions.133	NOUN
cblr-13005	589	92	what	what	PRON
cblr-13005	589	93	does	do	AUX
cblr-13005	589	94	this	this	PRON
cblr-13005	589	95	mean	mean	VERB
cblr-13005	589	96	for	for	ADP
cblr-13005	589	97	portfolio	portfolio	NOUN
cblr-13005	589	98	-	-	PUNCT
cblr-13005	589	99	focused	focus	VERB
cblr-13005	589	100	stewardship	stewardship	NOUN
cblr-13005	589	101	?	?	PUNCT
cblr-13005	590	1	first	first	ADV
cblr-13005	590	2	,	,	PUNCT
cblr-13005	590	3	it	it	PRON
cblr-13005	590	4	is	be	AUX
cblr-13005	590	5	plausible	plausible	ADJ
cblr-13005	590	6	that	that	SCONJ
cblr-13005	590	7	index	index	NOUN
cblr-13005	590	8	fund	fund	NOUN
cblr-13005	590	9	managers	manager	NOUN
cblr-13005	590	10	could	could	AUX
cblr-13005	590	11	effectively	effectively	ADV
cblr-13005	590	12	enforce	enforce	VERB
cblr-13005	590	13	a	a	DET
cblr-13005	590	14	prohibition	prohibition	NOUN
cblr-13005	590	15	on	on	ADP
cblr-13005	590	16	a	a	DET
cblr-13005	590	17	discrete	discrete	ADJ
cblr-13005	590	18	portfolio	portfolio	NOUN
cblr-13005	590	19	firm	firm	ADJ
cblr-13005	590	20	activity	activity	NOUN
cblr-13005	590	21	that	that	PRON
cblr-13005	590	22	should	should	AUX
cblr-13005	590	23	be	be	AUX
cblr-13005	590	24	deterred	deter	VERB
cblr-13005	590	25	unconditionally	unconditionally	ADV
cblr-13005	590	26	—	—	PUNCT
cblr-13005	590	27	imagine	imagine	VERB
cblr-13005	590	28	the	the	DET
cblr-13005	590	29	production	production	NOUN
cblr-13005	590	30	of	of	ADP
cblr-13005	590	31	an	an	DET
cblr-13005	590	32	irredeemably	irredeemably	ADV
cblr-13005	590	33	noxious	noxious	ADJ
cblr-13005	590	34	chemical	chemical	NOUN
cblr-13005	590	35	.	.	PUNCT
cblr-13005	591	1	while	while	SCONJ
cblr-13005	591	2	a	a	DET
cblr-13005	591	3	shareholder	shareholder	NOUN
cblr-13005	591	4	proposal	proposal	NOUN
cblr-13005	591	5	could	could	AUX
cblr-13005	591	6	not	not	PART
cblr-13005	591	7	be	be	AUX
cblr-13005	591	8	used	use	VERB
cblr-13005	591	9	for	for	ADP
cblr-13005	591	10	this	this	DET
cblr-13005	591	11	purpose	purpose	NOUN
cblr-13005	591	12	,	,	PUNCT
cblr-13005	591	13	given	give	VERB
cblr-13005	591	14	that	that	SCONJ
cblr-13005	591	15	shareholders	shareholder	NOUN
cblr-13005	591	16	lack	lack	VERB
cblr-13005	591	17	authority	authority	NOUN
cblr-13005	591	18	under	under	ADP
cblr-13005	591	19	delaware	delaware	PROPN
cblr-13005	591	20	corporate	corporate	ADJ
cblr-13005	591	21	law	law	NOUN
cblr-13005	591	22	to	to	PART
cblr-13005	591	23	dictate	dictate	VERB
cblr-13005	591	24	substantive	substantive	ADJ
cblr-13005	591	25	managerial	managerial	ADJ
cblr-13005	591	26	decisions,134	decisions,134	PROPN
cblr-13005	591	27	index	index	NOUN
cblr-13005	591	28	fund	fund	NOUN
cblr-13005	591	29	managers	manager	NOUN
cblr-13005	591	30	could	could	AUX
cblr-13005	591	31	make	make	VERB
cblr-13005	591	32	known	know	VERB
cblr-13005	591	33	their	their	PRON
cblr-13005	591	34	intention	intention	NOUN
cblr-13005	591	35	to	to	PART
cblr-13005	591	36	vote	vote	VERB
cblr-13005	591	37	against	against	ADP
cblr-13005	591	38	directors	director	NOUN
cblr-13005	591	39	who	who	PRON
cblr-13005	591	40	fail	fail	VERB
cblr-13005	591	41	to	to	PART
cblr-13005	591	42	cause	cause	VERB
cblr-13005	591	43	their	their	PRON
cblr-13005	591	44	firm	firm	NOUN
cblr-13005	591	45	to	to	PART
cblr-13005	591	46	cease	cease	VERB
cblr-13005	591	47	producing	produce	VERB
cblr-13005	591	48	the	the	DET
cblr-13005	591	49	chemical.135	chemical.135	NOUN
cblr-13005	591	50	compliance	compliance	NOUN
cblr-13005	591	51	would	would	AUX
cblr-13005	591	52	be	be	AUX
cblr-13005	591	53	relatively	relatively	ADV
cblr-13005	591	54	easy	easy	ADJ
cblr-13005	591	55	for	for	ADP
cblr-13005	591	56	index	index	NOUN
cblr-13005	591	57	fund	fund	NOUN
cblr-13005	591	58	managers	manager	NOUN
cblr-13005	591	59	exuberance	exuberance	NOUN
cblr-13005	591	60	”	"	PUNCT
cblr-13005	591	61	for	for	ADP
cblr-13005	591	62	pigouvian	pigouvian	ADJ
cblr-13005	591	63	taxes	taxis	NOUN
cblr-13005	591	64	)	)	PUNCT
cblr-13005	591	65	;	;	PUNCT
cblr-13005	592	1	louis	louis	PROPN
cblr-13005	592	2	kaplow	kaplow	PROPN
cblr-13005	592	3	&	&	CCONJ
cblr-13005	592	4	steven	steven	PROPN
cblr-13005	592	5	shavell	shavell	PROPN
cblr-13005	592	6	,	,	PUNCT
cblr-13005	592	7	on	on	ADP
cblr-13005	592	8	the	the	DET
cblr-13005	592	9	superiority	superiority	NOUN
cblr-13005	592	10	of	of	ADP
cblr-13005	592	11	corrective	corrective	ADJ
cblr-13005	592	12	taxes	taxis	NOUN
cblr-13005	592	13	to	to	ADP
cblr-13005	592	14	quantity	quantity	NOUN
cblr-13005	592	15	regulation	regulation	NOUN
cblr-13005	592	16	,	,	PUNCT
cblr-13005	592	17	4	4	NUM
cblr-13005	592	18	am	am	NOUN
cblr-13005	592	19	.	.	PUNCT
cblr-13005	592	20	l.	l.	PROPN
cblr-13005	592	21	&	&	CCONJ
cblr-13005	592	22	econ	econ	PROPN
cblr-13005	592	23	.	.	PUNCT
cblr-13005	592	24	rev	rev	PROPN
cblr-13005	592	25	.	.	PROPN
cblr-13005	592	26	1	1	NUM
cblr-13005	592	27	,	,	PUNCT
cblr-13005	592	28	14	14	NUM
cblr-13005	592	29	(	(	PUNCT
cblr-13005	592	30	2002	2002	NUM
cblr-13005	592	31	)	)	PUNCT
cblr-13005	592	32	(	(	PUNCT
cblr-13005	592	33	“	"	PUNCT
cblr-13005	592	34	economists	economist	NOUN
cblr-13005	592	35	traditionally	traditionally	ADV
cblr-13005	592	36	have	have	AUX
cblr-13005	592	37	favored	favor	VERB
cblr-13005	592	38	the	the	DET
cblr-13005	592	39	use	use	NOUN
cblr-13005	592	40	of	of	ADP
cblr-13005	592	41	corrective	corrective	ADJ
cblr-13005	592	42	taxes	taxis	NOUN
cblr-13005	592	43	to	to	PART
cblr-13005	592	44	reduce	reduce	VERB
cblr-13005	592	45	harmful	harmful	ADJ
cblr-13005	592	46	externalities	externality	NOUN
cblr-13005	592	47	because	because	SCONJ
cblr-13005	592	48	taxes	taxis	NOUN
cblr-13005	592	49	leave	leave	VERB
cblr-13005	592	50	control	control	NOUN
cblr-13005	592	51	decisions	decision	NOUN
cblr-13005	592	52	in	in	ADP
cblr-13005	592	53	the	the	DET
cblr-13005	592	54	hands	hand	NOUN
cblr-13005	592	55	of	of	ADP
cblr-13005	592	56	individual	individual	ADJ
cblr-13005	592	57	firms	firm	NOUN
cblr-13005	592	58	,	,	PUNCT
cblr-13005	592	59	which	which	PRON
cblr-13005	592	60	have	have	VERB
cblr-13005	592	61	better	well	ADJ
cblr-13005	592	62	knowledge	knowledge	NOUN
cblr-13005	592	63	of	of	ADP
cblr-13005	592	64	their	their	PRON
cblr-13005	592	65	own	own	ADJ
cblr-13005	592	66	control	control	NOUN
cblr-13005	592	67	costs	cost	NOUN
cblr-13005	592	68	than	than	SCONJ
cblr-13005	592	69	does	do	VERB
cblr-13005	592	70	the	the	DET
cblr-13005	592	71	state	state	NOUN
cblr-13005	592	72	.	.	PUNCT
cblr-13005	592	73	”	"	PUNCT
cblr-13005	592	74	)	)	PUNCT
cblr-13005	592	75	.	.	PUNCT
cblr-13005	593	1	130	130	NUM
cblr-13005	593	2	fleischer	fleischer	NOUN
cblr-13005	593	3	,	,	PUNCT
cblr-13005	593	4	supra	supra	PROPN
cblr-13005	593	5	note	note	NOUN
cblr-13005	593	6	129	129	NUM
cblr-13005	593	7	,	,	PUNCT
cblr-13005	593	8	at	at	ADP
cblr-13005	593	9	1686	1686	NUM
cblr-13005	593	10	n.	n.	NOUN
cblr-13005	593	11	63–69	63–69	NUM
cblr-13005	593	12	and	and	CCONJ
cblr-13005	593	13	accompanying	accompany	VERB
cblr-13005	593	14	text	text	NOUN
cblr-13005	593	15	;	;	PUNCT
cblr-13005	593	16	cf	cf	X
cblr-13005	593	17	.	.	PUNCT
cblr-13005	593	18	kaplow	kaplow	PROPN
cblr-13005	593	19	&	&	CCONJ
cblr-13005	593	20	shavell	shavell	PROPN
cblr-13005	593	21	,	,	PUNCT
cblr-13005	593	22	supra	supra	PROPN
cblr-13005	593	23	note	note	NOUN
cblr-13005	593	24	129	129	NUM
cblr-13005	593	25	(	(	PUNCT
cblr-13005	593	26	arguing	argue	VERB
cblr-13005	593	27	against	against	ADP
cblr-13005	593	28	this	this	DET
cblr-13005	593	29	view	view	NOUN
cblr-13005	593	30	)	)	PUNCT
cblr-13005	593	31	.	.	PUNCT
cblr-13005	594	1	131	131	NUM
cblr-13005	594	2	see	see	VERB
cblr-13005	594	3	generally	generally	ADV
cblr-13005	594	4	fleischer	fleischer	NOUN
cblr-13005	594	5	,	,	PUNCT
cblr-13005	594	6	supra	supra	PROPN
cblr-13005	594	7	note	note	NOUN
cblr-13005	594	8	129	129	NUM
cblr-13005	594	9	.	.	PUNCT
cblr-13005	595	1	132	132	NUM
cblr-13005	595	2	see	see	NOUN
cblr-13005	595	3	,	,	PUNCT
cblr-13005	595	4	e.g.	e.g.	ADV
cblr-13005	595	5	,	,	PUNCT
cblr-13005	595	6	harold	harold	PROPN
cblr-13005	595	7	demsetz	demsetz	PROPN
cblr-13005	595	8	,	,	PUNCT
cblr-13005	595	9	towards	towards	ADP
cblr-13005	595	10	a	a	DET
cblr-13005	595	11	theory	theory	NOUN
cblr-13005	595	12	of	of	ADP
cblr-13005	595	13	property	property	NOUN
cblr-13005	595	14	rights	right	NOUN
cblr-13005	595	15	,	,	PUNCT
cblr-13005	595	16	57	57	NUM
cblr-13005	595	17	am	am	NOUN
cblr-13005	595	18	.	.	PUNCT
cblr-13005	596	1	econ	econ	PROPN
cblr-13005	596	2	.	.	PUNCT
cblr-13005	597	1	rev	rev	PROPN
cblr-13005	597	2	.	.	PROPN
cblr-13005	597	3	347	347	NUM
cblr-13005	597	4	(	(	PUNCT
cblr-13005	597	5	1967	1967	NUM
cblr-13005	597	6	)	)	PUNCT
cblr-13005	597	7	;	;	PUNCT
cblr-13005	598	1	robert	robert	PROPN
cblr-13005	598	2	j.	j.	PROPN
cblr-13005	598	3	smith	smith	PROPN
cblr-13005	598	4	,	,	PUNCT
cblr-13005	598	5	resolving	resolve	VERB
cblr-13005	598	6	the	the	DET
cblr-13005	598	7	tragedy	tragedy	NOUN
cblr-13005	598	8	of	of	ADP
cblr-13005	598	9	the	the	DET
cblr-13005	598	10	commons	common	NOUN
cblr-13005	598	11	by	by	ADP
cblr-13005	598	12	creating	create	VERB
cblr-13005	598	13	private	private	ADJ
cblr-13005	598	14	property	property	NOUN
cblr-13005	598	15	rights	right	NOUN
cblr-13005	598	16	in	in	ADP
cblr-13005	598	17	wildlife	wildlife	NOUN
cblr-13005	598	18	,	,	PUNCT
cblr-13005	598	19	1	1	NUM
cblr-13005	598	20	cato	cato	PROPN
cblr-13005	598	21	j.	j.	PROPN
cblr-13005	598	22	439	439	PROPN
cblr-13005	598	23	(	(	PUNCT
cblr-13005	598	24	1981	1981	NUM
cblr-13005	598	25	)	)	PUNCT
cblr-13005	598	26	.	.	PUNCT
cblr-13005	599	1	133	133	NUM
cblr-13005	599	2	see	see	VERB
cblr-13005	599	3	,	,	PUNCT
cblr-13005	599	4	e.g.	e.g.	ADV
cblr-13005	599	5	,	,	PUNCT
cblr-13005	599	6	david	david	PROPN
cblr-13005	599	7	w.	w.	PROPN
cblr-13005	599	8	case	case	PROPN
cblr-13005	599	9	,	,	PUNCT
cblr-13005	599	10	corporate	corporate	ADJ
cblr-13005	599	11	environmental	environmental	ADJ
cblr-13005	599	12	reporting	reporting	NOUN
cblr-13005	599	13	as	as	ADP
cblr-13005	599	14	informational	informational	ADJ
cblr-13005	599	15	regulation	regulation	NOUN
cblr-13005	599	16	:	:	PUNCT
cblr-13005	599	17	a	a	DET
cblr-13005	599	18	law	law	NOUN
cblr-13005	599	19	and	and	CCONJ
cblr-13005	599	20	economics	economic	NOUN
cblr-13005	599	21	perspective	perspective	NOUN
cblr-13005	599	22	,	,	PUNCT
cblr-13005	599	23	76	76	NUM
cblr-13005	599	24	u.	u.	PROPN
cblr-13005	599	25	colo	colo	PROPN
cblr-13005	599	26	.	.	PUNCT
cblr-13005	600	1	l.	l.	PROPN
cblr-13005	600	2	rev	rev	PROPN
cblr-13005	600	3	.	.	PROPN
cblr-13005	600	4	379	379	NUM
cblr-13005	600	5	,	,	PUNCT
cblr-13005	600	6	423	423	NUM
cblr-13005	600	7	(	(	PUNCT
cblr-13005	600	8	2005	2005	NUM
cblr-13005	600	9	)	)	PUNCT
cblr-13005	600	10	.	.	PUNCT
cblr-13005	601	1	hybrid	hybrid	ADJ
cblr-13005	601	2	use	use	NOUN
cblr-13005	601	3	of	of	ADP
cblr-13005	601	4	various	various	ADJ
cblr-13005	601	5	instruments	instrument	NOUN
cblr-13005	601	6	is	be	AUX
cblr-13005	601	7	also	also	ADV
cblr-13005	601	8	possible	possible	ADJ
cblr-13005	601	9	.	.	PUNCT
cblr-13005	602	1	cap	cap	NOUN
cblr-13005	602	2	-	-	PUNCT
cblr-13005	602	3	and	and	CCONJ
cblr-13005	602	4	-	-	PUNCT
cblr-13005	602	5	trade	trade	NOUN
cblr-13005	602	6	systems	system	NOUN
cblr-13005	602	7	in	in	ADP
cblr-13005	602	8	environmental	environmental	ADJ
cblr-13005	602	9	law	law	NOUN
cblr-13005	602	10	,	,	PUNCT
cblr-13005	602	11	for	for	ADP
cblr-13005	602	12	example	example	NOUN
cblr-13005	602	13	,	,	PUNCT
cblr-13005	602	14	combine	combine	VERB
cblr-13005	602	15	command	command	NOUN
cblr-13005	602	16	-	-	PUNCT
cblr-13005	602	17	and	and	CCONJ
cblr-13005	602	18	-	-	PUNCT
cblr-13005	602	19	control	control	NOUN
cblr-13005	602	20	style	style	NOUN
cblr-13005	602	21	regulation	regulation	NOUN
cblr-13005	602	22	(	(	PUNCT
cblr-13005	602	23	the	the	DET
cblr-13005	602	24	cap	cap	NOUN
cblr-13005	602	25	)	)	PUNCT
cblr-13005	602	26	with	with	ADP
cblr-13005	602	27	the	the	DET
cblr-13005	602	28	assignment	assignment	NOUN
cblr-13005	602	29	of	of	ADP
cblr-13005	602	30	property	property	NOUN
cblr-13005	602	31	rights	right	NOUN
cblr-13005	602	32	(	(	PUNCT
cblr-13005	602	33	the	the	DET
cblr-13005	602	34	allocation	allocation	NOUN
cblr-13005	602	35	of	of	ADP
cblr-13005	602	36	rights	right	NOUN
cblr-13005	602	37	to	to	PART
cblr-13005	602	38	trade	trade	NOUN
cblr-13005	602	39	emissions	emission	NOUN
cblr-13005	602	40	permits	permit	NOUN
cblr-13005	602	41	)	)	PUNCT
cblr-13005	602	42	.	.	PUNCT
cblr-13005	603	1	134	134	NUM
cblr-13005	603	2	ca	ca	PROPN
cblr-13005	603	3	,	,	PUNCT
cblr-13005	603	4	inc	inc	PROPN
cblr-13005	603	5	.	.	PROPN
cblr-13005	604	1	v.	v.	PROPN
cblr-13005	604	2	afscme	afscme	PROPN
cblr-13005	604	3	emples	emple	NOUN
cblr-13005	604	4	.	.	PUNCT
cblr-13005	605	1	pension	pension	NOUN
cblr-13005	605	2	plan	plan	NOUN
cblr-13005	605	3	,	,	PUNCT
cblr-13005	605	4	953	953	NUM
cblr-13005	605	5	a.2d	a.2d	NUM
cblr-13005	605	6	227	227	NUM
cblr-13005	605	7	,	,	PUNCT
cblr-13005	605	8	232	232	NUM
cblr-13005	605	9	(	(	PUNCT
cblr-13005	605	10	del	del	PROPN
cblr-13005	605	11	.	.	PROPN
cblr-13005	605	12	2008	2008	NUM
cblr-13005	605	13	)	)	PUNCT
cblr-13005	605	14	.	.	PUNCT
cblr-13005	606	1	135	135	NUM
cblr-13005	606	2	for	for	ADP
cblr-13005	606	3	the	the	DET
cblr-13005	606	4	ways	way	NOUN
cblr-13005	606	5	that	that	PRON
cblr-13005	606	6	fund	fund	NOUN
cblr-13005	606	7	managers	manager	NOUN
cblr-13005	606	8	can	can	AUX
cblr-13005	606	9	influence	influence	VERB
cblr-13005	606	10	portfolio	portfolio	NOUN
cblr-13005	606	11	firm	firm	NOUN
cblr-13005	606	12	managers	manager	NOUN
cblr-13005	606	13	,	,	PUNCT
cblr-13005	606	14	see	see	VERB
cblr-13005	606	15	fisch	fisch	PROPN
cblr-13005	606	16	&	&	CCONJ
cblr-13005	606	17	schwartz	schwartz	PROPN
cblr-13005	606	18	,	,	PUNCT
cblr-13005	607	1	supra	supra	PROPN
cblr-13005	607	2	note	note	PROPN
cblr-13005	607	3	19	19	NUM
cblr-13005	607	4	,	,	PUNCT
cblr-13005	607	5	at	at	ADP
cblr-13005	607	6	10–12	10–12	NUM
cblr-13005	607	7	.	.	PUNCT
cblr-13005	608	1	360	360	NUM
cblr-13005	608	2	columbia	columbia	PROPN
cblr-13005	608	3	business	business	NOUN
cblr-13005	608	4	law	law	PROPN
cblr-13005	608	5	review	review	NOUN
cblr-13005	608	6	[	[	X
cblr-13005	608	7	vol	vol	NOUN
cblr-13005	608	8	.	.	NOUN
cblr-13005	608	9	2024	2024	NUM
cblr-13005	608	10	to	to	PART
cblr-13005	608	11	monitor	monitor	VERB
cblr-13005	608	12	.	.	PUNCT
cblr-13005	609	1	the	the	DET
cblr-13005	609	2	rub	rub	NOUN
cblr-13005	609	3	is	be	AUX
cblr-13005	609	4	that	that	SCONJ
cblr-13005	609	5	dictating	dictate	VERB
cblr-13005	609	6	production	production	NOUN
cblr-13005	609	7	choices	choice	NOUN
cblr-13005	609	8	across	across	ADP
cblr-13005	609	9	their	their	PRON
cblr-13005	609	10	broad	broad	ADJ
cblr-13005	609	11	portfolios	portfolio	NOUN
cblr-13005	609	12	would	would	AUX
cblr-13005	609	13	place	place	VERB
cblr-13005	609	14	index	index	NOUN
cblr-13005	609	15	fund	fund	NOUN
cblr-13005	609	16	managers	manager	NOUN
cblr-13005	609	17	on	on	ADP
cblr-13005	609	18	an	an	DET
cblr-13005	609	19	antitrust	antitrust	ADJ
cblr-13005	609	20	collision	collision	NOUN
cblr-13005	609	21	course	course	NOUN
cblr-13005	609	22	,	,	PUNCT
cblr-13005	609	23	making	make	VERB
cblr-13005	609	24	these	these	DET
cblr-13005	609	25	sorts	sort	NOUN
cblr-13005	609	26	of	of	ADP
cblr-13005	609	27	stewardship	stewardship	NOUN
cblr-13005	609	28	interventions	intervention	NOUN
cblr-13005	609	29	highly	highly	ADV
cblr-13005	609	30	unlikely	unlikely	ADJ
cblr-13005	609	31	.	.	PUNCT
cblr-13005	610	1	more	more	ADV
cblr-13005	610	2	fundamentally	fundamentally	ADV
cblr-13005	610	3	,	,	PUNCT
cblr-13005	610	4	it	it	PRON
cblr-13005	610	5	is	be	AUX
cblr-13005	610	6	hard	hard	ADJ
cblr-13005	610	7	to	to	PART
cblr-13005	610	8	think	think	VERB
cblr-13005	610	9	of	of	ADP
cblr-13005	610	10	activities	activity	NOUN
cblr-13005	610	11	that	that	PRON
cblr-13005	610	12	warrant	warrant	VERB
cblr-13005	610	13	sanctions	sanction	NOUN
cblr-13005	610	14	that	that	PRON
cblr-13005	610	15	are	be	AUX
cblr-13005	610	16	not	not	PART
cblr-13005	610	17	already	already	ADV
cblr-13005	610	18	illegal	illegal	ADJ
cblr-13005	610	19	.	.	PUNCT
cblr-13005	611	1	the	the	DET
cblr-13005	611	2	reality	reality	NOUN
cblr-13005	611	3	is	be	AUX
cblr-13005	611	4	that	that	SCONJ
cblr-13005	611	5	most	most	ADV
cblr-13005	611	6	legal	legal	ADJ
cblr-13005	611	7	externality	externality	NOUN
cblr-13005	611	8	-	-	PUNCT
cblr-13005	611	9	generating	generate	VERB
cblr-13005	611	10	activities	activity	NOUN
cblr-13005	611	11	by	by	ADP
cblr-13005	611	12	firms	firm	NOUN
cblr-13005	611	13	today	today	NOUN
cblr-13005	611	14	are	be	AUX
cblr-13005	611	15	of	of	ADP
cblr-13005	611	16	the	the	DET
cblr-13005	611	17	type	type	NOUN
cblr-13005	611	18	that	that	PRON
cblr-13005	611	19	should	should	AUX
cblr-13005	611	20	be	be	AUX
cblr-13005	611	21	regulated	regulate	VERB
cblr-13005	611	22	or	or	CCONJ
cblr-13005	611	23	priced	price	VERB
cblr-13005	611	24	,	,	PUNCT
cblr-13005	611	25	rather	rather	ADV
cblr-13005	611	26	than	than	ADP
cblr-13005	611	27	sanctioned	sanction	VERB
cblr-13005	611	28	.	.	PUNCT
cblr-13005	612	1	the	the	DET
cblr-13005	612	2	production	production	NOUN
cblr-13005	612	3	of	of	ADP
cblr-13005	612	4	greenhouse	greenhouse	NOUN
cblr-13005	612	5	gases	gas	NOUN
cblr-13005	612	6	clearly	clearly	ADV
cblr-13005	612	7	falls	fall	VERB
cblr-13005	612	8	in	in	ADP
cblr-13005	612	9	this	this	DET
cblr-13005	612	10	category	category	NOUN
cblr-13005	612	11	,	,	PUNCT
cblr-13005	612	12	given	give	VERB
cblr-13005	612	13	our	our	PRON
cblr-13005	612	14	present	present	ADJ
cblr-13005	612	15	need	need	NOUN
cblr-13005	612	16	for	for	SCONJ
cblr-13005	612	17	fossil	fossil	ADJ
cblr-13005	612	18	fuels	fuel	NOUN
cblr-13005	612	19	to	to	PART
cblr-13005	612	20	meet	meet	VERB
cblr-13005	612	21	society	society	NOUN
cblr-13005	612	22	’s	’s	PART
cblr-13005	612	23	energy	energy	NOUN
cblr-13005	612	24	demands	demand	NOUN
cblr-13005	612	25	.	.	PUNCT
cblr-13005	613	1	thus	thus	ADV
cblr-13005	613	2	,	,	PUNCT
cblr-13005	613	3	the	the	DET
cblr-13005	613	4	theoretical	theoretical	ADJ
cblr-13005	613	5	capacity	capacity	NOUN
cblr-13005	613	6	of	of	ADP
cblr-13005	613	7	index	index	NOUN
cblr-13005	613	8	fund	fund	NOUN
cblr-13005	613	9	managers	manager	NOUN
cblr-13005	613	10	to	to	ADP
cblr-13005	613	11	effectively	effectively	ADV
cblr-13005	613	12	sanction	sanction	NOUN
cblr-13005	613	13	portfolio	portfolio	NOUN
cblr-13005	613	14	firm	firm	ADJ
cblr-13005	613	15	conduct	conduct	NOUN
cblr-13005	613	16	is	be	AUX
cblr-13005	613	17	of	of	ADP
cblr-13005	613	18	little	little	ADJ
cblr-13005	613	19	practical	practical	ADJ
cblr-13005	613	20	importance	importance	NOUN
cblr-13005	613	21	.	.	PUNCT
cblr-13005	614	1	second	second	ADJ
cblr-13005	614	2	,	,	PUNCT
cblr-13005	614	3	with	with	ADP
cblr-13005	614	4	respect	respect	NOUN
cblr-13005	614	5	to	to	ADP
cblr-13005	614	6	externality	externality	NOUN
cblr-13005	614	7	-	-	PUNCT
cblr-13005	614	8	producing	produce	VERB
cblr-13005	614	9	behaviors	behavior	NOUN
cblr-13005	614	10	that	that	PRON
cblr-13005	614	11	do	do	AUX
cblr-13005	614	12	not	not	PART
cblr-13005	614	13	warrant	warrant	VERB
cblr-13005	614	14	sanctions	sanction	NOUN
cblr-13005	614	15	,	,	PUNCT
cblr-13005	614	16	an	an	DET
cblr-13005	614	17	index	index	NOUN
cblr-13005	614	18	fund	fund	NOUN
cblr-13005	614	19	manager	manager	NOUN
cblr-13005	614	20	’s	’s	PART
cblr-13005	614	21	toolkit	toolkit	NOUN
cblr-13005	614	22	is	be	AUX
cblr-13005	614	23	much	much	ADV
cblr-13005	614	24	more	more	ADV
cblr-13005	614	25	limited	limited	ADJ
cblr-13005	614	26	than	than	ADP
cblr-13005	614	27	a	a	DET
cblr-13005	614	28	public	public	ADJ
cblr-13005	614	29	lawmaker	lawmaker	NOUN
cblr-13005	614	30	’s	’s	PART
cblr-13005	614	31	toolkit	toolkit	NOUN
cblr-13005	614	32	.	.	PUNCT
cblr-13005	615	1	an	an	DET
cblr-13005	615	2	ex	ex	ADJ
cblr-13005	615	3	-	-	ADJ
cblr-13005	615	4	post	post	ADJ
cblr-13005	615	5	liability	liability	NOUN
cblr-13005	615	6	regime	regime	NOUN
cblr-13005	615	7	is	be	AUX
cblr-13005	615	8	not	not	PART
cblr-13005	615	9	a	a	DET
cblr-13005	615	10	viable	viable	ADJ
cblr-13005	615	11	option	option	NOUN
cblr-13005	615	12	for	for	ADP
cblr-13005	615	13	index	index	NOUN
cblr-13005	615	14	fund	fund	NOUN
cblr-13005	615	15	managers	manager	NOUN
cblr-13005	615	16	:	:	PUNCT
cblr-13005	615	17	they	they	PRON
cblr-13005	615	18	are	be	AUX
cblr-13005	615	19	ill	ill	ADV
cblr-13005	615	20	-	-	PUNCT
cblr-13005	615	21	equipped	equip	VERB
cblr-13005	615	22	to	to	PART
cblr-13005	615	23	stand	stand	VERB
cblr-13005	615	24	in	in	ADP
cblr-13005	615	25	the	the	DET
cblr-13005	615	26	shoes	shoe	NOUN
cblr-13005	615	27	of	of	ADP
cblr-13005	615	28	courts	court	NOUN
cblr-13005	615	29	to	to	PART
cblr-13005	615	30	determine	determine	VERB
cblr-13005	615	31	whether	whether	SCONJ
cblr-13005	615	32	a	a	DET
cblr-13005	615	33	portfolio	portfolio	NOUN
cblr-13005	615	34	company	company	NOUN
cblr-13005	615	35	should	should	AUX
cblr-13005	615	36	be	be	AUX
cblr-13005	615	37	held	hold	VERB
cblr-13005	615	38	liable	liable	ADJ
cblr-13005	615	39	for	for	ADP
cblr-13005	615	40	imposing	impose	VERB
cblr-13005	615	41	costs	cost	NOUN
cblr-13005	615	42	on	on	ADP
cblr-13005	615	43	another	another	PRON
cblr-13005	615	44	,	,	PUNCT
cblr-13005	615	45	and	and	CCONJ
cblr-13005	615	46	they	they	PRON
cblr-13005	615	47	lack	lack	VERB
cblr-13005	615	48	any	any	DET
cblr-13005	615	49	practical	practical	ADJ
cblr-13005	615	50	ability	ability	NOUN
cblr-13005	615	51	to	to	PART
cblr-13005	615	52	force	force	VERB
cblr-13005	615	53	liable	liable	ADJ
cblr-13005	615	54	firms	firm	NOUN
cblr-13005	615	55	to	to	PART
cblr-13005	615	56	pay	pay	VERB
cblr-13005	615	57	monetary	monetary	ADJ
cblr-13005	615	58	fines	fine	NOUN
cblr-13005	615	59	tethered	tether	VERB
cblr-13005	615	60	to	to	ADP
cblr-13005	615	61	the	the	DET
cblr-13005	615	62	cost	cost	NOUN
cblr-13005	615	63	of	of	ADP
cblr-13005	615	64	the	the	DET
cblr-13005	615	65	intraportfolio	intraportfolio	NOUN
cblr-13005	615	66	externalities	externalitie	VERB
cblr-13005	615	67	a	a	DET
cblr-13005	615	68	firm	firm	NOUN
cblr-13005	615	69	’s	’s	PART
cblr-13005	615	70	activity	activity	NOUN
cblr-13005	615	71	has	have	AUX
cblr-13005	615	72	produced	produce	VERB
cblr-13005	615	73	.	.	PUNCT
cblr-13005	616	1	however	however	ADV
cblr-13005	616	2	,	,	PUNCT
cblr-13005	616	3	as	as	ADP
cblr-13005	616	4	professor	professor	NOUN
cblr-13005	616	5	squire	squire	NOUN
cblr-13005	617	1	and	and	CCONJ
cblr-13005	617	2	i	i	PRON
cblr-13005	617	3	have	have	AUX
cblr-13005	617	4	previously	previously	ADV
cblr-13005	617	5	argued	argue	VERB
cblr-13005	617	6	,	,	PUNCT
cblr-13005	617	7	a	a	DET
cblr-13005	617	8	desire	desire	NOUN
cblr-13005	617	9	to	to	PART
cblr-13005	617	10	deter	deter	VERB
cblr-13005	617	11	intraportfolio	intraportfolio	PROPN
cblr-13005	617	12	harms	harm	NOUN
cblr-13005	617	13	may	may	AUX
cblr-13005	617	14	justify	justify	VERB
cblr-13005	617	15	index	index	NOUN
cblr-13005	617	16	fund	fund	NOUN
cblr-13005	617	17	managers	manager	NOUN
cblr-13005	617	18	’	’	PART
cblr-13005	617	19	support	support	NOUN
cblr-13005	617	20	for	for	ADP
cblr-13005	617	21	traditional	traditional	ADJ
cblr-13005	617	22	litigation	litigation	NOUN
cblr-13005	617	23	between	between	ADP
cblr-13005	617	24	portfolio	portfolio	NOUN
cblr-13005	617	25	firms	firm	NOUN
cblr-13005	617	26	using	use	VERB
cblr-13005	617	27	the	the	DET
cblr-13005	617	28	extant	extant	ADJ
cblr-13005	617	29	judicial	judicial	ADJ
cblr-13005	617	30	system.136	system.136	NOUN
cblr-13005	617	31	moreover	moreover	ADV
cblr-13005	617	32	,	,	PUNCT
cblr-13005	617	33	if	if	SCONJ
cblr-13005	617	34	the	the	DET
cblr-13005	617	35	traditional	traditional	ADJ
cblr-13005	617	36	litigation	litigation	NOUN
cblr-13005	617	37	system	system	NOUN
cblr-13005	617	38	is	be	AUX
cblr-13005	617	39	failing	fail	VERB
cblr-13005	617	40	in	in	ADP
cblr-13005	617	41	some	some	DET
cblr-13005	617	42	material	material	NOUN
cblr-13005	617	43	136	136	NUM
cblr-13005	617	44	see	see	VERB
cblr-13005	617	45	generally	generally	ADV
cblr-13005	617	46	supra	supra	ADJ
cblr-13005	617	47	note	note	PROPN
cblr-13005	617	48	52	52	NUM
cblr-13005	617	49	;	;	PUNCT
cblr-13005	617	50	see	see	VERB
cblr-13005	617	51	also	also	ADV
cblr-13005	617	52	rose	rise	VERB
cblr-13005	617	53	&	&	CCONJ
cblr-13005	617	54	squire	squire	PROPN
cblr-13005	617	55	,	,	PUNCT
cblr-13005	617	56	supra	supra	PROPN
cblr-13005	617	57	note	note	NOUN
cblr-13005	617	58	52	52	NUM
cblr-13005	617	59	,	,	PUNCT
cblr-13005	617	60	at	at	ADP
cblr-13005	617	61	1697	1697	NUM
cblr-13005	617	62	(	(	PUNCT
cblr-13005	617	63	explaining	explain	VERB
cblr-13005	617	64	that	that	SCONJ
cblr-13005	617	65	“	"	PUNCT
cblr-13005	617	66	diversified	diversified	ADJ
cblr-13005	617	67	shareholders	shareholder	NOUN
cblr-13005	617	68	effectively	effectively	ADV
cblr-13005	617	69	delegate	delegate	VERB
cblr-13005	617	70	to	to	ADP
cblr-13005	617	71	the	the	DET
cblr-13005	617	72	court	court	NOUN
cblr-13005	617	73	system	system	NOUN
cblr-13005	617	74	the	the	DET
cblr-13005	617	75	responsibility	responsibility	NOUN
cblr-13005	617	76	for	for	ADP
cblr-13005	617	77	authorizing	authorize	VERB
cblr-13005	617	78	compensatory	compensatory	ADJ
cblr-13005	617	79	payments	payment	NOUN
cblr-13005	617	80	among	among	ADP
cblr-13005	617	81	portfolio	portfolio	NOUN
cblr-13005	617	82	firms	firm	NOUN
cblr-13005	617	83	,	,	PUNCT
cblr-13005	617	84	thereby	thereby	ADV
cblr-13005	617	85	correcting	correct	VERB
cblr-13005	617	86	the	the	DET
cblr-13005	617	87	distortions	distortion	NOUN
cblr-13005	617	88	in	in	ADP
cblr-13005	617	89	those	those	DET
cblr-13005	617	90	firms	firm	NOUN
cblr-13005	617	91	’	'	PUNCT
cblr-13005	617	92	financial	financial	ADJ
cblr-13005	617	93	data	datum	NOUN
cblr-13005	617	94	caused	cause	VERB
cblr-13005	617	95	by	by	ADP
cblr-13005	617	96	intraportfolio	intraportfolio	ADJ
cblr-13005	617	97	injuries	injury	NOUN
cblr-13005	617	98	,	,	PUNCT
cblr-13005	617	99	”	"	PUNCT
cblr-13005	617	100	and	and	CCONJ
cblr-13005	617	101	that	that	SCONJ
cblr-13005	617	102	while	while	SCONJ
cblr-13005	617	103	they	they	PRON
cblr-13005	617	104	ultimately	ultimately	ADV
cblr-13005	617	105	bear	bear	VERB
cblr-13005	617	106	the	the	DET
cblr-13005	617	107	costs	cost	NOUN
cblr-13005	617	108	of	of	ADP
cblr-13005	617	109	this	this	DET
cblr-13005	617	110	system	system	NOUN
cblr-13005	617	111	,	,	PUNCT
cblr-13005	617	112	those	those	DET
cblr-13005	617	113	costs	cost	NOUN
cblr-13005	617	114	“	"	PUNCT
cblr-13005	617	115	may	may	AUX
cblr-13005	617	116	be	be	AUX
cblr-13005	617	117	outweighed	outweigh	VERB
cblr-13005	617	118	by	by	ADP
cblr-13005	617	119	the	the	DET
cblr-13005	617	120	informational	informational	ADJ
cblr-13005	617	121	benefits	benefit	NOUN
cblr-13005	617	122	of	of	ADP
cblr-13005	617	123	the	the	DET
cblr-13005	617	124	lawsuit	lawsuit	NOUN
cblr-13005	617	125	,	,	PUNCT
cblr-13005	617	126	which	which	PRON
cblr-13005	617	127	could	could	AUX
cblr-13005	617	128	cause	cause	VERB
cblr-13005	617	129	financial	financial	ADJ
cblr-13005	617	130	data	datum	NOUN
cblr-13005	617	131	about	about	ADP
cblr-13005	617	132	each	each	DET
cblr-13005	617	133	portfolio	portfolio	NOUN
cblr-13005	617	134	firm	firm	NOUN
cblr-13005	617	135	to	to	PART
cblr-13005	617	136	better	well	ADV
cblr-13005	617	137	reflect	reflect	VERB
cblr-13005	617	138	the	the	DET
cblr-13005	617	139	contribution	contribution	NOUN
cblr-13005	617	140	of	of	ADP
cblr-13005	617	141	that	that	DET
cblr-13005	617	142	firm	firm	NOUN
cblr-13005	617	143	’s	’s	PART
cblr-13005	617	144	managers	manager	NOUN
cblr-13005	617	145	to	to	ADP
cblr-13005	617	146	overall	overall	ADJ
cblr-13005	617	147	portfolio	portfolio	NOUN
cblr-13005	617	148	wealth	wealth	NOUN
cblr-13005	617	149	,	,	PUNCT
cblr-13005	617	150	”	"	PUNCT
cblr-13005	617	151	making	make	VERB
cblr-13005	617	152	it	it	PRON
cblr-13005	617	153	more	more	ADV
cblr-13005	617	154	likely	likely	ADJ
cblr-13005	617	155	that	that	SCONJ
cblr-13005	617	156	managers	manager	NOUN
cblr-13005	617	157	will	will	AUX
cblr-13005	617	158	“	"	PUNCT
cblr-13005	617	159	make	make	VERB
cblr-13005	617	160	decisions	decision	NOUN
cblr-13005	617	161	that	that	PRON
cblr-13005	617	162	maximize	maximize	VERB
cblr-13005	617	163	portfolio	portfolio	NOUN
cblr-13005	617	164	value	value	NOUN
cblr-13005	617	165	,	,	PUNCT
cblr-13005	617	166	including	include	VERB
cblr-13005	617	167	by	by	ADP
cblr-13005	617	168	investing	invest	VERB
cblr-13005	617	169	in	in	ADP
cblr-13005	617	170	measures	measure	NOUN
cblr-13005	617	171	to	to	PART
cblr-13005	617	172	prevent	prevent	VERB
cblr-13005	617	173	subordinates	subordinate	NOUN
cblr-13005	617	174	from	from	ADP
cblr-13005	617	175	engaging	engage	VERB
cblr-13005	617	176	in	in	ADP
cblr-13005	617	177	conduct	conduct	NOUN
cblr-13005	617	178	that	that	PRON
cblr-13005	617	179	is	be	AUX
cblr-13005	617	180	not	not	PART
cblr-13005	617	181	cost	cost	NOUN
cblr-13005	617	182	-	-	PUNCT
cblr-13005	617	183	justified	justify	VERB
cblr-13005	617	184	from	from	ADP
cblr-13005	617	185	the	the	DET
cblr-13005	617	186	perspective	perspective	NOUN
cblr-13005	617	187	of	of	ADP
cblr-13005	617	188	diversified	diversified	ADJ
cblr-13005	617	189	shareholders	shareholder	NOUN
cblr-13005	617	190	”	"	PUNCT
cblr-13005	617	191	)	)	PUNCT
cblr-13005	617	192	.	.	PUNCT
cblr-13005	618	1	no	no	INTJ
cblr-13005	618	2	.	.	NOUN
cblr-13005	619	1	1	1	NUM
cblr-13005	619	2	]	]	PUNCT
cblr-13005	619	3	a	a	DET
cblr-13005	619	4	hard	hard	ADJ
cblr-13005	619	5	look	look	NOUN
cblr-13005	619	6	at	at	ADP
cblr-13005	619	7	portfolio	portfolio	NOUN
cblr-13005	619	8	focused	focused	ADJ
cblr-13005	619	9	stewardship	stewardship	NOUN
cblr-13005	619	10	361	361	NUM
cblr-13005	619	11	way	way	NOUN
cblr-13005	619	12	,	,	PUNCT
cblr-13005	619	13	it	it	PRON
cblr-13005	619	14	might	might	AUX
cblr-13005	619	15	justify	justify	VERB
cblr-13005	619	16	their	their	PRON
cblr-13005	619	17	advocacy	advocacy	NOUN
cblr-13005	619	18	in	in	ADP
cblr-13005	619	19	support	support	NOUN
cblr-13005	619	20	of	of	ADP
cblr-13005	619	21	litigation	litigation	NOUN
cblr-13005	619	22	reform	reform	NOUN
cblr-13005	619	23	efforts.137	efforts.137	NOUN
cblr-13005	619	24	index	index	NOUN
cblr-13005	619	25	fund	fund	NOUN
cblr-13005	619	26	managers	manager	NOUN
cblr-13005	619	27	’	'	PUNCT
cblr-13005	619	28	ex	ex	X
cblr-13005	619	29	ante	ante	PROPN
cblr-13005	619	30	instrument	instrument	NOUN
cblr-13005	619	31	options	option	NOUN
cblr-13005	619	32	are	be	AUX
cblr-13005	619	33	also	also	ADV
cblr-13005	619	34	much	much	ADV
cblr-13005	619	35	more	more	ADV
cblr-13005	619	36	restricted	restricted	ADJ
cblr-13005	619	37	than	than	ADP
cblr-13005	619	38	those	those	PRON
cblr-13005	619	39	of	of	ADP
cblr-13005	619	40	public	public	ADJ
cblr-13005	619	41	lawmakers	lawmaker	NOUN
cblr-13005	619	42	.	.	PUNCT
cblr-13005	620	1	unlike	unlike	ADP
cblr-13005	620	2	congress	congress	PROPN
cblr-13005	620	3	,	,	PUNCT
cblr-13005	620	4	index	index	NOUN
cblr-13005	620	5	fund	fund	NOUN
cblr-13005	620	6	managers	manager	NOUN
cblr-13005	620	7	can	can	AUX
cblr-13005	620	8	not	not	PART
cblr-13005	620	9	impose	impose	VERB
cblr-13005	620	10	a	a	DET
cblr-13005	620	11	pigouvian	pigouvian	ADJ
cblr-13005	620	12	tax	tax	NOUN
cblr-13005	620	13	on	on	ADP
cblr-13005	620	14	portfolio	portfolio	NOUN
cblr-13005	620	15	firms	firm	NOUN
cblr-13005	620	16	.	.	PUNCT
cblr-13005	621	1	they	they	PRON
cblr-13005	621	2	could	could	AUX
cblr-13005	621	3	attempt	attempt	VERB
cblr-13005	621	4	something	something	PRON
cblr-13005	621	5	analogous	analogous	ADJ
cblr-13005	621	6	by	by	ADP
cblr-13005	621	7	requiring	require	VERB
cblr-13005	621	8	that	that	SCONJ
cblr-13005	621	9	the	the	DET
cblr-13005	621	10	pay	pay	NOUN
cblr-13005	621	11	of	of	ADP
cblr-13005	621	12	portfolio	portfolio	NOUN
cblr-13005	621	13	firm	firm	ADJ
cblr-13005	621	14	executives	executive	NOUN
cblr-13005	621	15	be	be	AUX
cblr-13005	621	16	tethered	tether	VERB
cblr-13005	621	17	to	to	ADP
cblr-13005	621	18	an	an	DET
cblr-13005	621	19	adjusted	adjust	VERB
cblr-13005	621	20	measure	measure	NOUN
cblr-13005	621	21	of	of	ADP
cblr-13005	621	22	firm	firm	ADJ
cblr-13005	621	23	financial	financial	ADJ
cblr-13005	621	24	performance	performance	NOUN
cblr-13005	621	25	—	—	PUNCT
cblr-13005	621	26	one	one	NOUN
cblr-13005	621	27	that	that	PRON
cblr-13005	621	28	charged	charge	VERB
cblr-13005	621	29	back	back	ADP
cblr-13005	621	30	to	to	ADP
cblr-13005	621	31	the	the	DET
cblr-13005	621	32	firm	firm	NOUN
cblr-13005	621	33	the	the	DET
cblr-13005	621	34	cost	cost	NOUN
cblr-13005	621	35	of	of	ADP
cblr-13005	621	36	the	the	DET
cblr-13005	621	37	intraportfolio	intraportfolio	NOUN
cblr-13005	621	38	externalities	externality	NOUN
cblr-13005	621	39	the	the	DET
cblr-13005	621	40	firm	firm	NOUN
cblr-13005	621	41	generated	generate	VERB
cblr-13005	621	42	.	.	PUNCT
cblr-13005	622	1	the	the	DET
cblr-13005	622	2	best	good	ADJ
cblr-13005	622	3	candidate	candidate	NOUN
cblr-13005	622	4	would	would	AUX
cblr-13005	622	5	be	be	AUX
cblr-13005	622	6	a	a	DET
cblr-13005	622	7	charge	charge	NOUN
cblr-13005	622	8	based	base	VERB
cblr-13005	622	9	on	on	ADP
cblr-13005	622	10	the	the	DET
cblr-13005	622	11	costs	cost	NOUN
cblr-13005	622	12	the	the	DET
cblr-13005	622	13	firm	firm	NOUN
cblr-13005	622	14	’s	’s	PART
cblr-13005	622	15	carbon	carbon	NOUN
cblr-13005	622	16	emissions	emission	NOUN
cblr-13005	622	17	impose	impose	VERB
cblr-13005	622	18	on	on	ADP
cblr-13005	622	19	other	other	ADJ
cblr-13005	622	20	portfolio	portfolio	NOUN
cblr-13005	622	21	firms.138	firms.138	VERB
cblr-13005	622	22	but	but	CCONJ
cblr-13005	622	23	calibrating	calibrate	VERB
cblr-13005	622	24	the	the	DET
cblr-13005	622	25	appropriate	appropriate	ADJ
cblr-13005	622	26	charge	charge	NOUN
cblr-13005	622	27	would	would	AUX
cblr-13005	622	28	be	be	AUX
cblr-13005	622	29	immensely	immensely	ADV
cblr-13005	622	30	challenging,139	challenging,139	ADJ
cblr-13005	622	31	as	as	ADP
cblr-13005	622	32	would	would	AUX
cblr-13005	622	33	determining	determine	VERB
cblr-13005	622	34	how	how	SCONJ
cblr-13005	622	35	to	to	PART
cblr-13005	622	36	select	select	VERB
cblr-13005	622	37	and	and	CCONJ
cblr-13005	622	38	adjust	adjust	VERB
cblr-13005	622	39	the	the	DET
cblr-13005	622	40	baseline	baseline	NOUN
cblr-13005	622	41	of	of	ADP
cblr-13005	622	42	firm	firm	ADJ
cblr-13005	622	43	financial	financial	ADJ
cblr-13005	622	44	performance.140	performance.140	PROPN
cblr-13005	622	45	additionally	additionally	ADV
cblr-13005	622	46	,	,	PUNCT
cblr-13005	622	47	a	a	DET
cblr-13005	622	48	“	"	PUNCT
cblr-13005	622	49	significant	significant	ADJ
cblr-13005	622	50	challenge	challenge	NOUN
cblr-13005	622	51	”	"	PUNCT
cblr-13005	622	52	in	in	ADP
cblr-13005	622	53	the	the	DET
cblr-13005	622	54	design	design	NOUN
cblr-13005	622	55	of	of	ADP
cblr-13005	622	56	a	a	DET
cblr-13005	622	57	carbon	carbon	NOUN
cblr-13005	622	58	tax	tax	NOUN
cblr-13005	622	59	“	"	PUNCT
cblr-13005	622	60	is	be	AUX
cblr-13005	622	61	the	the	DET
cblr-13005	622	62	design	design	NOUN
cblr-13005	622	63	of	of	ADP
cblr-13005	622	64	a	a	DET
cblr-13005	622	65	system	system	NOUN
cblr-13005	622	66	for	for	ADP
cblr-13005	622	67	ensuring	ensure	VERB
cblr-13005	622	68	that	that	SCONJ
cblr-13005	622	69	the	the	DET
cblr-13005	622	70	rate	rate	NOUN
cblr-13005	622	71	changes	change	VERB
cblr-13005	622	72	over	over	ADP
cblr-13005	622	73	time	time	NOUN
cblr-13005	622	74	as	as	SCONJ
cblr-13005	622	75	new	new	ADJ
cblr-13005	622	76	information	information	NOUN
cblr-13005	622	77	becomes	become	VERB
cblr-13005	622	78	available	available	ADJ
cblr-13005	622	79	about	about	ADP
cblr-13005	622	80	the	the	DET
cblr-13005	622	81	costs	cost	NOUN
cblr-13005	622	82	and	and	CCONJ
cblr-13005	622	83	benefits	benefit	NOUN
cblr-13005	622	84	of	of	ADP
cblr-13005	622	85	reducing	reduce	VERB
cblr-13005	622	86	emissions	emission	NOUN
cblr-13005	622	87	.	.	PUNCT
cblr-13005	623	1	”141	”141	NOUN
cblr-13005	623	2	it	it	PRON
cblr-13005	623	3	seems	seem	VERB
cblr-13005	623	4	unreasonable	unreasonable	ADJ
cblr-13005	623	5	to	to	PART
cblr-13005	623	6	expect	expect	VERB
cblr-13005	623	7	that	that	SCONJ
cblr-13005	623	8	cost	cost	NOUN
cblr-13005	623	9	-	-	PUNCT
cblr-13005	623	10	conscious	conscious	ADJ
cblr-13005	623	11	index	index	NOUN
cblr-13005	623	12	fund	fund	NOUN
cblr-13005	623	13	managers	manager	NOUN
cblr-13005	623	14	would	would	AUX
cblr-13005	623	15	invest	invest	VERB
cblr-13005	623	16	in	in	ADP
cblr-13005	623	17	this	this	DET
cblr-13005	623	18	137	137	NUM
cblr-13005	623	19	see	see	NOUN
cblr-13005	623	20	infra	infra	NOUN
cblr-13005	623	21	part	part	NOUN
cblr-13005	623	22	v	v	NOUN
cblr-13005	623	23	(	(	PUNCT
cblr-13005	623	24	discussing	discuss	VERB
cblr-13005	623	25	alternatives	alternative	NOUN
cblr-13005	623	26	to	to	ADP
cblr-13005	623	27	portfolio	portfolio	NOUN
cblr-13005	623	28	-	-	PUNCT
cblr-13005	623	29	focused	focus	VERB
cblr-13005	623	30	stewardship	stewardship	NOUN
cblr-13005	623	31	for	for	ADP
cblr-13005	623	32	addressing	address	VERB
cblr-13005	623	33	intraportfolio	intraportfolio	ADJ
cblr-13005	623	34	externalities	externality	NOUN
cblr-13005	623	35	)	)	PUNCT
cblr-13005	623	36	.	.	PUNCT
cblr-13005	624	1	138	138	NUM
cblr-13005	624	2	see	see	VERB
cblr-13005	624	3	fleischer	fleischer	NOUN
cblr-13005	624	4	,	,	PUNCT
cblr-13005	624	5	supra	supra	PROPN
cblr-13005	624	6	note	note	NOUN
cblr-13005	624	7	129	129	NUM
cblr-13005	624	8	(	(	PUNCT
cblr-13005	624	9	arguing	argue	VERB
cblr-13005	624	10	that	that	SCONJ
cblr-13005	624	11	pigouvian	pigouvian	ADJ
cblr-13005	624	12	taxes	taxis	NOUN
cblr-13005	624	13	are	be	AUX
cblr-13005	624	14	likely	likely	ADJ
cblr-13005	624	15	to	to	PART
cblr-13005	624	16	be	be	AUX
cblr-13005	624	17	the	the	DET
cblr-13005	624	18	optimal	optimal	ADJ
cblr-13005	624	19	regulatory	regulatory	ADJ
cblr-13005	624	20	instrument	instrument	NOUN
cblr-13005	624	21	only	only	ADV
cblr-13005	624	22	when	when	SCONJ
cblr-13005	624	23	the	the	DET
cblr-13005	624	24	harm	harm	NOUN
cblr-13005	624	25	to	to	PART
cblr-13005	624	26	be	be	AUX
cblr-13005	624	27	internalized	internalize	VERB
cblr-13005	624	28	is	be	AUX
cblr-13005	624	29	properly	properly	ADV
cblr-13005	624	30	analogized	analogize	VERB
cblr-13005	624	31	to	to	ADP
cblr-13005	624	32	global	global	ADJ
cblr-13005	624	33	pollution	pollution	NOUN
cblr-13005	624	34	and	and	CCONJ
cblr-13005	624	35	does	do	AUX
cblr-13005	624	36	not	not	PART
cblr-13005	624	37	vary	vary	VERB
cblr-13005	624	38	significantly	significantly	ADV
cblr-13005	624	39	based	base	VERB
cblr-13005	624	40	on	on	ADP
cblr-13005	624	41	the	the	DET
cblr-13005	624	42	source	source	NOUN
cblr-13005	624	43	,	,	PUNCT
cblr-13005	624	44	or	or	CCONJ
cblr-13005	624	45	the	the	DET
cblr-13005	624	46	variation	variation	NOUN
cblr-13005	624	47	in	in	ADP
cblr-13005	624	48	marginal	marginal	ADJ
cblr-13005	624	49	social	social	ADJ
cblr-13005	624	50	cost	cost	NOUN
cblr-13005	624	51	is	be	AUX
cblr-13005	624	52	easily	easily	ADV
cblr-13005	624	53	observed	observe	VERB
cblr-13005	624	54	and	and	CCONJ
cblr-13005	624	55	categorized	categorize	VERB
cblr-13005	624	56	)	)	PUNCT
cblr-13005	624	57	.	.	PUNCT
cblr-13005	625	1	139	139	NUM
cblr-13005	625	2	calibrating	calibrate	VERB
cblr-13005	625	3	this	this	DET
cblr-13005	625	4	tax	tax	NOUN
cblr-13005	625	5	would	would	AUX
cblr-13005	625	6	be	be	AUX
cblr-13005	625	7	much	much	ADV
cblr-13005	625	8	more	more	ADV
cblr-13005	625	9	difficult	difficult	ADJ
cblr-13005	625	10	than	than	ADP
cblr-13005	625	11	calibrating	calibrate	VERB
cblr-13005	625	12	a	a	DET
cblr-13005	625	13	true	true	ADJ
cblr-13005	625	14	carbon	carbon	NOUN
cblr-13005	625	15	tax	tax	NOUN
cblr-13005	625	16	tied	tie	VERB
cblr-13005	625	17	to	to	ADP
cblr-13005	625	18	the	the	DET
cblr-13005	625	19	cost	cost	NOUN
cblr-13005	625	20	firms	firm	NOUN
cblr-13005	625	21	’	'	PUNCT
cblr-13005	625	22	carbon	carbon	NOUN
cblr-13005	625	23	emissions	emission	NOUN
cblr-13005	625	24	impose	impose	VERB
cblr-13005	625	25	on	on	ADP
cblr-13005	625	26	society	society	NOUN
cblr-13005	625	27	generally	generally	ADV
cblr-13005	625	28	,	,	PUNCT
cblr-13005	625	29	itself	itself	PRON
cblr-13005	625	30	no	no	DET
cblr-13005	625	31	walk	walk	NOUN
cblr-13005	625	32	in	in	ADP
cblr-13005	625	33	the	the	DET
cblr-13005	625	34	park	park	NOUN
cblr-13005	625	35	.	.	PUNCT
cblr-13005	626	1	see	see	VERB
cblr-13005	626	2	gilbert	gilbert	PROPN
cblr-13005	626	3	e.	e.	PROPN
cblr-13005	626	4	metcalf	metcalf	PROPN
cblr-13005	626	5	&	&	CCONJ
cblr-13005	626	6	david	david	PROPN
cblr-13005	626	7	weisbach	weisbach	PROPN
cblr-13005	626	8	,	,	PUNCT
cblr-13005	626	9	the	the	DET
cblr-13005	626	10	design	design	NOUN
cblr-13005	626	11	of	of	ADP
cblr-13005	626	12	a	a	DET
cblr-13005	626	13	carbon	carbon	NOUN
cblr-13005	626	14	tax	tax	NOUN
cblr-13005	626	15	,	,	PUNCT
cblr-13005	626	16	33	33	NUM
cblr-13005	626	17	harv	harv	NOUN
cblr-13005	626	18	.	.	PUNCT
cblr-13005	627	1	env’t	env’t	X
cblr-13005	627	2	l.	l.	PROPN
cblr-13005	627	3	rev	rev	PROPN
cblr-13005	627	4	.	.	PROPN
cblr-13005	627	5	499	499	NUM
cblr-13005	627	6	,	,	PUNCT
cblr-13005	627	7	511	511	NUM
cblr-13005	627	8	(	(	PUNCT
cblr-13005	627	9	2009	2009	NUM
cblr-13005	627	10	)	)	PUNCT
cblr-13005	627	11	(	(	PUNCT
cblr-13005	627	12	discussing	discuss	VERB
cblr-13005	627	13	the	the	DET
cblr-13005	627	14	challenges	challenge	NOUN
cblr-13005	627	15	in	in	ADP
cblr-13005	627	16	calibrating	calibrate	VERB
cblr-13005	627	17	a	a	DET
cblr-13005	627	18	carbon	carbon	NOUN
cblr-13005	627	19	tax	tax	NOUN
cblr-13005	627	20	)	)	PUNCT
cblr-13005	627	21	.	.	PUNCT
cblr-13005	628	1	this	this	PRON
cblr-13005	628	2	is	be	AUX
cblr-13005	628	3	because	because	SCONJ
cblr-13005	628	4	it	it	PRON
cblr-13005	628	5	would	would	AUX
cblr-13005	628	6	require	require	VERB
cblr-13005	628	7	calculating	calculate	VERB
cblr-13005	628	8	the	the	DET
cblr-13005	628	9	tenuous	tenuous	ADJ
cblr-13005	628	10	impact	impact	NOUN
cblr-13005	628	11	of	of	ADP
cblr-13005	628	12	portfolio	portfolio	NOUN
cblr-13005	628	13	firms	firm	NOUN
cblr-13005	628	14	’	'	PUNCT
cblr-13005	628	15	emissions	emission	NOUN
cblr-13005	628	16	on	on	ADP
cblr-13005	628	17	risk	risk	NOUN
cblr-13005	628	18	-	-	PUNCT
cblr-13005	628	19	adjusted	adjust	VERB
cblr-13005	628	20	portfolio	portfolio	NOUN
cblr-13005	628	21	value	value	NOUN
cblr-13005	628	22	.	.	PUNCT
cblr-13005	629	1	see	see	VERB
cblr-13005	629	2	tallarita	tallarita	PROPN
cblr-13005	629	3	,	,	PUNCT
cblr-13005	629	4	supra	supra	PROPN
cblr-13005	629	5	note	note	PROPN
cblr-13005	629	6	15	15	NUM
cblr-13005	629	7	,	,	PUNCT
cblr-13005	629	8	at	at	ADP
cblr-13005	629	9	517	517	NUM
cblr-13005	629	10	(	(	PUNCT
cblr-13005	629	11	questioning	question	VERB
cblr-13005	629	12	the	the	DET
cblr-13005	629	13	ability	ability	NOUN
cblr-13005	629	14	of	of	ADP
cblr-13005	629	15	the	the	DET
cblr-13005	629	16	big	big	ADJ
cblr-13005	629	17	three	three	NUM
cblr-13005	629	18	’s	’s	PART
cblr-13005	629	19	climate	climate	NOUN
cblr-13005	629	20	stewardship	stewardship	NOUN
cblr-13005	629	21	to	to	PART
cblr-13005	629	22	actually	actually	ADV
cblr-13005	629	23	impact	impact	VERB
cblr-13005	629	24	climate	climate	NOUN
cblr-13005	629	25	change	change	NOUN
cblr-13005	629	26	given	give	VERB
cblr-13005	629	27	that	that	SCONJ
cblr-13005	629	28	“	"	PUNCT
cblr-13005	629	29	[	[	X
cblr-13005	629	30	p]ublicly	p]ublicly	ADV
cblr-13005	629	31	traded	trade	VERB
cblr-13005	629	32	companies	company	NOUN
cblr-13005	629	33	,	,	PUNCT
cblr-13005	629	34	the	the	DET
cblr-13005	629	35	target	target	NOUN
cblr-13005	629	36	of	of	ADP
cblr-13005	629	37	index	index	NOUN
cblr-13005	629	38	fund	fund	NOUN
cblr-13005	629	39	stewardship	stewardship	NOUN
cblr-13005	629	40	,	,	PUNCT
cblr-13005	629	41	represent	represent	VERB
cblr-13005	629	42	only	only	ADV
cblr-13005	629	43	a	a	DET
cblr-13005	629	44	subset	subset	NOUN
cblr-13005	629	45	of	of	ADP
cblr-13005	629	46	the	the	DET
cblr-13005	629	47	global	global	ADJ
cblr-13005	629	48	economy	economy	NOUN
cblr-13005	629	49	”	"	PUNCT
cblr-13005	629	50	)	)	PUNCT
cblr-13005	629	51	.	.	PUNCT
cblr-13005	630	1	140	140	NUM
cblr-13005	630	2	this	this	PRON
cblr-13005	630	3	would	would	AUX
cblr-13005	630	4	not	not	PART
cblr-13005	630	5	be	be	AUX
cblr-13005	630	6	required	require	VERB
cblr-13005	630	7	if	if	SCONJ
cblr-13005	630	8	public	public	ADJ
cblr-13005	630	9	lawmakers	lawmaker	NOUN
cblr-13005	630	10	imposed	impose	VERB
cblr-13005	630	11	a	a	DET
cblr-13005	630	12	carbon	carbon	NOUN
cblr-13005	630	13	tax	tax	NOUN
cblr-13005	630	14	on	on	ADP
cblr-13005	630	15	firms	firm	NOUN
cblr-13005	630	16	directly	directly	ADV
cblr-13005	630	17	and	and	CCONJ
cblr-13005	630	18	introduces	introduce	VERB
cblr-13005	630	19	additional	additional	ADJ
cblr-13005	630	20	room	room	NOUN
cblr-13005	630	21	for	for	ADP
cblr-13005	630	22	error	error	NOUN
cblr-13005	630	23	.	.	PUNCT
cblr-13005	631	1	141	141	NUM
cblr-13005	631	2	metcalf	metcalf	NOUN
cblr-13005	631	3	&	&	CCONJ
cblr-13005	631	4	weisbach	weisbach	NOUN
cblr-13005	631	5	,	,	PUNCT
cblr-13005	631	6	supra	supra	PROPN
cblr-13005	631	7	note	note	NOUN
cblr-13005	631	8	139	139	NUM
cblr-13005	631	9	,	,	PUNCT
cblr-13005	631	10	at	at	ADP
cblr-13005	631	11	501	501	NUM
cblr-13005	631	12	.	.	PUNCT
cblr-13005	632	1	362	362	NUM
cblr-13005	632	2	columbia	columbia	PROPN
cblr-13005	632	3	business	business	NOUN
cblr-13005	632	4	law	law	PROPN
cblr-13005	632	5	review	review	NOUN
cblr-13005	632	6	[	[	X
cblr-13005	632	7	vol	vol	NOUN
cblr-13005	632	8	.	.	PUNCT
cblr-13005	632	9	2024	2024	NUM
cblr-13005	632	10	endeavor	endeavor	NOUN
cblr-13005	632	11	,	,	PUNCT
cblr-13005	632	12	particularly	particularly	ADV
cblr-13005	632	13	given	give	VERB
cblr-13005	632	14	that	that	SCONJ
cblr-13005	632	15	dictating	dictate	VERB
cblr-13005	632	16	executive	executive	ADJ
cblr-13005	632	17	pay	pay	NOUN
cblr-13005	632	18	so	so	ADV
cblr-13005	632	19	specifically	specifically	ADV
cblr-13005	632	20	would	would	AUX
cblr-13005	632	21	raise	raise	VERB
cblr-13005	632	22	their	their	PRON
cblr-13005	632	23	risk	risk	NOUN
cblr-13005	632	24	of	of	ADP
cblr-13005	632	25	facing	face	VERB
cblr-13005	632	26	antitrust	antitrust	ADJ
cblr-13005	632	27	liability	liability	NOUN
cblr-13005	632	28	and	and	CCONJ
cblr-13005	632	29	being	be	AUX
cblr-13005	632	30	considered	consider	VERB
cblr-13005	632	31	“	"	PUNCT
cblr-13005	632	32	controllers	controller	NOUN
cblr-13005	632	33	”	"	PUNCT
cblr-13005	632	34	for	for	ADP
cblr-13005	632	35	purposes	purpose	NOUN
cblr-13005	632	36	of	of	ADP
cblr-13005	632	37	the	the	DET
cblr-13005	632	38	corporate	corporate	ADJ
cblr-13005	632	39	and	and	CCONJ
cblr-13005	632	40	securities	security	NOUN
cblr-13005	632	41	laws.142	laws.142	PROPN
cblr-13005	632	42	index	index	NOUN
cblr-13005	632	43	fund	fund	NOUN
cblr-13005	632	44	managers	manager	NOUN
cblr-13005	632	45	also	also	ADV
cblr-13005	632	46	lack	lack	VERB
cblr-13005	632	47	the	the	DET
cblr-13005	632	48	capacity	capacity	NOUN
cblr-13005	632	49	to	to	PART
cblr-13005	632	50	assign	assign	VERB
cblr-13005	632	51	formal	formal	ADJ
cblr-13005	632	52	property	property	NOUN
cblr-13005	632	53	rights	right	NOUN
cblr-13005	632	54	as	as	ADP
cblr-13005	632	55	a	a	DET
cblr-13005	632	56	way	way	NOUN
cblr-13005	632	57	to	to	PART
cblr-13005	632	58	deal	deal	VERB
cblr-13005	632	59	with	with	ADP
cblr-13005	632	60	intraportfolio	intraportfolio	ADJ
cblr-13005	632	61	externalities	externality	NOUN
cblr-13005	632	62	.	.	PUNCT
cblr-13005	633	1	as	as	ADP
cblr-13005	633	2	with	with	ADP
cblr-13005	633	3	any	any	DET
cblr-13005	633	4	attempt	attempt	NOUN
cblr-13005	633	5	to	to	PART
cblr-13005	633	6	mimic	mimic	VERB
cblr-13005	633	7	pigouvian	pigouvian	ADJ
cblr-13005	633	8	taxes	taxis	NOUN
cblr-13005	633	9	through	through	ADP
cblr-13005	633	10	executive	executive	ADJ
cblr-13005	633	11	pay	pay	NOUN
cblr-13005	633	12	,	,	PUNCT
cblr-13005	633	13	devising	devise	VERB
cblr-13005	633	14	a	a	DET
cblr-13005	633	15	way	way	NOUN
cblr-13005	633	16	to	to	PART
cblr-13005	633	17	mimic	mimic	VERB
cblr-13005	633	18	a	a	DET
cblr-13005	633	19	property	property	NOUN
cblr-13005	633	20	rights	right	NOUN
cblr-13005	633	21	regime	regime	NOUN
cblr-13005	633	22	within	within	ADP
cblr-13005	633	23	the	the	DET
cblr-13005	633	24	portfolio	portfolio	NOUN
cblr-13005	633	25	would	would	AUX
cblr-13005	633	26	be	be	AUX
cblr-13005	633	27	immensely	immensely	ADV
cblr-13005	633	28	complicated	complicate	VERB
cblr-13005	633	29	,	,	PUNCT
cblr-13005	633	30	and	and	CCONJ
cblr-13005	633	31	overseeing	oversee	VERB
cblr-13005	633	32	such	such	DET
cblr-13005	633	33	a	a	DET
cblr-13005	633	34	scheme	scheme	NOUN
cblr-13005	633	35	would	would	AUX
cblr-13005	633	36	require	require	VERB
cblr-13005	633	37	index	index	NOUN
cblr-13005	633	38	fund	fund	NOUN
cblr-13005	633	39	managers	manager	NOUN
cblr-13005	633	40	to	to	PART
cblr-13005	633	41	assert	assert	VERB
cblr-13005	633	42	a	a	DET
cblr-13005	633	43	level	level	NOUN
cblr-13005	633	44	of	of	ADP
cblr-13005	633	45	control	control	NOUN
cblr-13005	633	46	that	that	PRON
cblr-13005	633	47	would	would	AUX
cblr-13005	633	48	leave	leave	VERB
cblr-13005	633	49	them	they	PRON
cblr-13005	633	50	legally	legally	ADV
cblr-13005	633	51	vulnerable	vulnerable	ADJ
cblr-13005	633	52	.	.	PUNCT
cblr-13005	634	1	thus	thus	ADV
cblr-13005	634	2	,	,	PUNCT
cblr-13005	634	3	even	even	ADV
cblr-13005	634	4	if	if	SCONJ
cblr-13005	634	5	theoretically	theoretically	ADV
cblr-13005	634	6	possible	possible	ADJ
cblr-13005	634	7	,	,	PUNCT
cblr-13005	634	8	it	it	PRON
cblr-13005	634	9	is	be	AUX
cblr-13005	634	10	not	not	PART
cblr-13005	634	11	plausible	plausible	ADJ
cblr-13005	634	12	that	that	SCONJ
cblr-13005	634	13	they	they	PRON
cblr-13005	634	14	would	would	AUX
cblr-13005	634	15	pursue	pursue	VERB
cblr-13005	634	16	this	this	DET
cblr-13005	634	17	approach.143	approach.143	NOUN
cblr-13005	634	18	that	that	SCONJ
cblr-13005	634	19	leaves	leave	VERB
cblr-13005	634	20	just	just	ADV
cblr-13005	634	21	two	two	NUM
cblr-13005	634	22	instruments	instrument	NOUN
cblr-13005	634	23	that	that	SCONJ
cblr-13005	634	24	index	index	NOUN
cblr-13005	634	25	fund	fund	NOUN
cblr-13005	634	26	managers	manager	NOUN
cblr-13005	634	27	might	might	AUX
cblr-13005	634	28	plausibly	plausibly	ADV
cblr-13005	634	29	utilize	utilize	VERB
cblr-13005	634	30	in	in	ADP
cblr-13005	634	31	an	an	DET
cblr-13005	634	32	effort	effort	NOUN
cblr-13005	634	33	to	to	PART
cblr-13005	634	34	cause	cause	VERB
cblr-13005	634	35	portfolio	portfolio	NOUN
cblr-13005	634	36	firms	firm	NOUN
cblr-13005	634	37	to	to	PART
cblr-13005	634	38	internalize	internalize	VERB
cblr-13005	634	39	their	their	PRON
cblr-13005	634	40	intraportfolio	intraportfolio	ADJ
cblr-13005	634	41	externalities	externality	NOUN
cblr-13005	634	42	:	:	PUNCT
cblr-13005	634	43	(	(	PUNCT
cblr-13005	634	44	1	1	X
cblr-13005	634	45	)	)	PUNCT
cblr-13005	634	46	commandand	commandand	NOUN
cblr-13005	634	47	-	-	PUNCT
cblr-13005	634	48	control	control	NOUN
cblr-13005	634	49	style	style	NOUN
cblr-13005	634	50	regulation	regulation	NOUN
cblr-13005	634	51	(	(	PUNCT
cblr-13005	634	52	i.e.	i.e.	X
cblr-13005	634	53	,	,	PUNCT
cblr-13005	634	54	demands	demand	VERB
cblr-13005	634	55	that	that	SCONJ
cblr-13005	634	56	portfolio	portfolio	NOUN
cblr-13005	634	57	firms	firm	NOUN
cblr-13005	634	58	adjust	adjust	VERB
cblr-13005	634	59	their	their	PRON
cblr-13005	634	60	business	business	NOUN
cblr-13005	634	61	practices	practice	NOUN
cblr-13005	634	62	in	in	ADP
cblr-13005	634	63	specified	specify	VERB
cblr-13005	634	64	ways144	ways144	PROPN
cblr-13005	634	65	)	)	PUNCT
cblr-13005	634	66	and	and	CCONJ
cblr-13005	634	67	(	(	PUNCT
cblr-13005	634	68	2	2	X
cblr-13005	634	69	)	)	PUNCT
cblr-13005	634	70	disclosure	disclosure	NOUN
cblr-13005	634	71	regulation	regulation	NOUN
cblr-13005	634	72	.	.	PUNCT
cblr-13005	635	1	each	each	PRON
cblr-13005	635	2	is	be	AUX
cblr-13005	635	3	briefly	briefly	ADV
cblr-13005	635	4	discussed	discuss	VERB
cblr-13005	635	5	below	below	ADV
cblr-13005	635	6	.	.	PUNCT
cblr-13005	636	1	142	142	NUM
cblr-13005	636	2	see	see	VERB
cblr-13005	636	3	supra	supra	PROPN
cblr-13005	636	4	note	note	NOUN
cblr-13005	636	5	75	75	NUM
cblr-13005	636	6	.	.	PUNCT
cblr-13005	637	1	it	it	PRON
cblr-13005	637	2	is	be	AUX
cblr-13005	637	3	telling	tell	VERB
cblr-13005	637	4	that	that	SCONJ
cblr-13005	637	5	companies	company	NOUN
cblr-13005	637	6	incorporating	incorporate	VERB
cblr-13005	637	7	esg	esg	NOUN
cblr-13005	637	8	metrics	metric	NOUN
cblr-13005	637	9	into	into	ADP
cblr-13005	637	10	executive	executive	ADJ
cblr-13005	637	11	pay	pay	NOUN
cblr-13005	637	12	packages	package	NOUN
cblr-13005	637	13	have	have	AUX
cblr-13005	637	14	taken	take	VERB
cblr-13005	637	15	a	a	DET
cblr-13005	637	16	very	very	ADV
cblr-13005	637	17	different	different	ADJ
cblr-13005	637	18	approach	approach	NOUN
cblr-13005	637	19	;	;	PUNCT
cblr-13005	637	20	rather	rather	ADV
cblr-13005	637	21	than	than	ADP
cblr-13005	637	22	mimicking	mimic	VERB
cblr-13005	637	23	a	a	DET
cblr-13005	637	24	pigouvian	pigouvian	ADJ
cblr-13005	637	25	approach	approach	NOUN
cblr-13005	637	26	,	,	PUNCT
cblr-13005	637	27	they	they	PRON
cblr-13005	637	28	set	set	VERB
cblr-13005	637	29	a	a	DET
cblr-13005	637	30	(	(	PUNCT
cblr-13005	637	31	typically	typically	ADV
cblr-13005	637	32	vague	vague	ADJ
cblr-13005	637	33	)	)	PUNCT
cblr-13005	637	34	esg	esg	PROPN
cblr-13005	637	35	-	-	PUNCT
cblr-13005	637	36	linked	link	VERB
cblr-13005	637	37	command	command	NOUN
cblr-13005	637	38	-	-	PUNCT
cblr-13005	637	39	and	and	CCONJ
cblr-13005	637	40	-	-	PUNCT
cblr-13005	637	41	control	control	NOUN
cblr-13005	637	42	style	style	NOUN
cblr-13005	637	43	performance	performance	NOUN
cblr-13005	637	44	target	target	NOUN
cblr-13005	637	45	and	and	CCONJ
cblr-13005	637	46	then	then	ADV
cblr-13005	637	47	adjust	adjust	VERB
cblr-13005	637	48	the	the	DET
cblr-13005	637	49	executive	executive	NOUN
cblr-13005	637	50	’s	’s	PART
cblr-13005	637	51	annual	annual	ADJ
cblr-13005	637	52	cash	cash	NOUN
cblr-13005	637	53	bonus	bonus	NOUN
cblr-13005	637	54	based	base	VERB
cblr-13005	637	55	on	on	ADP
cblr-13005	637	56	the	the	DET
cblr-13005	637	57	board	board	NOUN
cblr-13005	637	58	’s	’s	PART
cblr-13005	637	59	assessment	assessment	NOUN
cblr-13005	637	60	of	of	ADP
cblr-13005	637	61	whether	whether	SCONJ
cblr-13005	637	62	it	it	PRON
cblr-13005	637	63	has	have	AUX
cblr-13005	637	64	been	be	AUX
cblr-13005	637	65	met	meet	VERB
cblr-13005	637	66	.	.	PUNCT
cblr-13005	638	1	see	see	VERB
cblr-13005	638	2	bebchuk	bebchuk	PROPN
cblr-13005	638	3	&	&	CCONJ
cblr-13005	638	4	tallarita	tallarita	PROPN
cblr-13005	638	5	,	,	PUNCT
cblr-13005	638	6	supra	supra	PROPN
cblr-13005	638	7	note	note	PROPN
cblr-13005	638	8	57	57	NUM
cblr-13005	638	9	(	(	PUNCT
cblr-13005	638	10	providing	provide	VERB
cblr-13005	638	11	an	an	DET
cblr-13005	638	12	empirical	empirical	ADJ
cblr-13005	638	13	analysis	analysis	NOUN
cblr-13005	638	14	of	of	ADP
cblr-13005	638	15	esg	esg	NOUN
cblr-13005	638	16	metrics	metric	NOUN
cblr-13005	638	17	in	in	ADP
cblr-13005	638	18	executive	executive	ADJ
cblr-13005	638	19	pay	pay	NOUN
cblr-13005	638	20	and	and	CCONJ
cblr-13005	638	21	warning	warn	VERB
cblr-13005	638	22	that	that	SCONJ
cblr-13005	638	23	the	the	DET
cblr-13005	638	24	esg	esg	PROPN
cblr-13005	638	25	compensation	compensation	NOUN
cblr-13005	638	26	trend	trend	NOUN
cblr-13005	638	27	“	"	PUNCT
cblr-13005	638	28	poses	pose	VERB
cblr-13005	638	29	the	the	DET
cblr-13005	638	30	danger	danger	NOUN
cblr-13005	638	31	of	of	ADP
cblr-13005	638	32	creating	create	VERB
cblr-13005	638	33	vague	vague	ADJ
cblr-13005	638	34	,	,	PUNCT
cblr-13005	638	35	opaque	opaque	ADJ
cblr-13005	638	36	,	,	PUNCT
cblr-13005	638	37	and	and	CCONJ
cblr-13005	638	38	easy	easy	ADJ
cblr-13005	638	39	-	-	PUNCT
cblr-13005	638	40	to	to	ADP
cblr-13005	638	41	-	-	PUNCT
cblr-13005	638	42	manipulate	manipulate	VERB
cblr-13005	638	43	compensation	compensation	NOUN
cblr-13005	638	44	components	component	NOUN
cblr-13005	638	45	,	,	PUNCT
cblr-13005	638	46	which	which	PRON
cblr-13005	638	47	self	self	NOUN
cblr-13005	638	48	-	-	PUNCT
cblr-13005	638	49	interested	interest	VERB
cblr-13005	638	50	ceos	ceos	NOUN
cblr-13005	638	51	can	can	AUX
cblr-13005	638	52	exploit	exploit	VERB
cblr-13005	638	53	to	to	PART
cblr-13005	638	54	inflate	inflate	VERB
cblr-13005	638	55	their	their	PRON
cblr-13005	638	56	payoffs	payoff	NOUN
cblr-13005	638	57	,	,	PUNCT
cblr-13005	638	58	with	with	ADP
cblr-13005	638	59	little	little	ADJ
cblr-13005	638	60	or	or	CCONJ
cblr-13005	638	61	no	no	PRON
cblr-13005	638	62	accountability	accountability	NOUN
cblr-13005	638	63	for	for	ADP
cblr-13005	638	64	actual	actual	ADJ
cblr-13005	638	65	performance	performance	NOUN
cblr-13005	638	66	”	"	PUNCT
cblr-13005	638	67	)	)	PUNCT
cblr-13005	638	68	.	.	PUNCT
cblr-13005	639	1	143	143	NUM
cblr-13005	639	2	a	a	DET
cblr-13005	639	3	portfolio	portfolio	NOUN
cblr-13005	639	4	firm	firm	NOUN
cblr-13005	639	5	could	could	AUX
cblr-13005	639	6	,	,	PUNCT
cblr-13005	639	7	however	however	ADV
cblr-13005	639	8	,	,	PUNCT
cblr-13005	639	9	assign	assign	VERB
cblr-13005	639	10	property	property	NOUN
cblr-13005	639	11	rights	right	NOUN
cblr-13005	639	12	within	within	ADP
cblr-13005	639	13	the	the	DET
cblr-13005	639	14	firm	firm	NOUN
cblr-13005	639	15	as	as	ADP
cblr-13005	639	16	a	a	DET
cblr-13005	639	17	means	means	NOUN
cblr-13005	639	18	of	of	ADP
cblr-13005	639	19	achieving	achieve	VERB
cblr-13005	639	20	compliance	compliance	NOUN
cblr-13005	639	21	with	with	ADP
cblr-13005	639	22	command	command	NOUN
cblr-13005	639	23	-	-	PUNCT
cblr-13005	639	24	and	and	CCONJ
cblr-13005	639	25	-	-	PUNCT
cblr-13005	639	26	control	control	NOUN
cblr-13005	639	27	style	style	NOUN
cblr-13005	639	28	edicts	edict	NOUN
cblr-13005	639	29	handed	hand	VERB
cblr-13005	639	30	down	down	ADP
cblr-13005	639	31	by	by	ADP
cblr-13005	639	32	index	index	NOUN
cblr-13005	639	33	fund	fund	NOUN
cblr-13005	639	34	managers	manager	NOUN
cblr-13005	639	35	.	.	PUNCT
cblr-13005	640	1	cf	cf	NOUN
cblr-13005	640	2	.	.	PUNCT
cblr-13005	641	1	light	light	PROPN
cblr-13005	641	2	&	&	CCONJ
cblr-13005	641	3	orts	orts	PROPN
cblr-13005	641	4	,	,	PUNCT
cblr-13005	641	5	supra	supra	PROPN
cblr-13005	641	6	note	note	PROPN
cblr-13005	641	7	122	122	NUM
cblr-13005	641	8	,	,	PUNCT
cblr-13005	641	9	at	at	ADP
cblr-13005	641	10	30–32	30–32	NUM
cblr-13005	641	11	(	(	PUNCT
cblr-13005	641	12	explaining	explain	VERB
cblr-13005	641	13	a	a	DET
cblr-13005	641	14	private	private	ADJ
cblr-13005	641	15	governance	governance	NOUN
cblr-13005	641	16	form	form	NOUN
cblr-13005	641	17	of	of	ADP
cblr-13005	641	18	the	the	DET
cblr-13005	641	19	property	property	NOUN
cblr-13005	641	20	approach	approach	NOUN
cblr-13005	641	21	to	to	ADP
cblr-13005	641	22	environmental	environmental	ADJ
cblr-13005	641	23	regulation	regulation	NOUN
cblr-13005	641	24	that	that	PRON
cblr-13005	641	25	involves	involve	VERB
cblr-13005	641	26	allocating	allocate	VERB
cblr-13005	641	27	internal	internal	ADJ
cblr-13005	641	28	property	property	NOUN
cblr-13005	641	29	rights	right	NOUN
cblr-13005	641	30	to	to	ADP
cblr-13005	641	31	business	business	NOUN
cblr-13005	641	32	units	unit	NOUN
cblr-13005	641	33	within	within	ADP
cblr-13005	641	34	a	a	DET
cblr-13005	641	35	single	single	ADJ
cblr-13005	641	36	firm	firm	NOUN
cblr-13005	641	37	)	)	PUNCT
cblr-13005	641	38	.	.	PUNCT
cblr-13005	642	1	they	they	PRON
cblr-13005	642	2	could	could	AUX
cblr-13005	642	3	likewise	likewise	ADV
cblr-13005	642	4	impose	impose	VERB
cblr-13005	642	5	pigouvian	pigouvian	ADJ
cblr-13005	642	6	taxes	taxis	NOUN
cblr-13005	642	7	on	on	ADP
cblr-13005	642	8	units	unit	NOUN
cblr-13005	642	9	within	within	ADP
cblr-13005	642	10	the	the	DET
cblr-13005	642	11	firm	firm	NOUN
cblr-13005	642	12	with	with	ADP
cblr-13005	642	13	the	the	DET
cblr-13005	642	14	same	same	ADJ
cblr-13005	642	15	aim	aim	NOUN
cblr-13005	642	16	.	.	PUNCT
cblr-13005	643	1	see	see	VERB
cblr-13005	643	2	i	i	PRON
cblr-13005	643	3	d.	d.	PROPN
cblr-13005	643	4	at	at	ADP
cblr-13005	643	5	34–35	34–35	NUM
cblr-13005	643	6	(	(	PUNCT
cblr-13005	643	7	discussing	discuss	VERB
cblr-13005	643	8	how	how	SCONJ
cblr-13005	643	9	disney	disney	PROPN
cblr-13005	643	10	and	and	CCONJ
cblr-13005	643	11	microsoft	microsoft	PROPN
cblr-13005	643	12	have	have	AUX
cblr-13005	643	13	adopted	adopt	VERB
cblr-13005	643	14	internal	internal	ADJ
cblr-13005	643	15	carbon	carbon	NOUN
cblr-13005	643	16	fees	fee	NOUN
cblr-13005	643	17	to	to	PART
cblr-13005	643	18	support	support	VERB
cblr-13005	643	19	efforts	effort	NOUN
cblr-13005	643	20	to	to	PART
cblr-13005	643	21	achieve	achieve	VERB
cblr-13005	643	22	their	their	PRON
cblr-13005	643	23	goal	goal	NOUN
cblr-13005	643	24	of	of	ADP
cblr-13005	643	25	carbon	carbon	NOUN
cblr-13005	643	26	neutrality	neutrality	NOUN
cblr-13005	643	27	)	)	PUNCT
cblr-13005	643	28	.	.	PUNCT
cblr-13005	644	1	144	144	NUM
cblr-13005	645	1	some	some	DET
cblr-13005	645	2	scholars	scholar	NOUN
cblr-13005	645	3	treat	treat	VERB
cblr-13005	645	4	regulations	regulation	NOUN
cblr-13005	645	5	that	that	PRON
cblr-13005	645	6	tell	tell	VERB
cblr-13005	645	7	firms	firm	NOUN
cblr-13005	645	8	what	what	PRON
cblr-13005	645	9	they	they	PRON
cblr-13005	645	10	must	must	AUX
cblr-13005	645	11	accomplish	accomplish	VERB
cblr-13005	645	12	but	but	CCONJ
cblr-13005	645	13	leave	leave	VERB
cblr-13005	645	14	them	they	PRON
cblr-13005	645	15	to	to	PART
cblr-13005	645	16	decide	decide	VERB
cblr-13005	645	17	how	how	SCONJ
cblr-13005	645	18	best	good	ADJ
cblr-13005	645	19	to	to	PART
cblr-13005	645	20	do	do	VERB
cblr-13005	645	21	so	so	ADV
cblr-13005	645	22	as	as	ADP
cblr-13005	645	23	a	a	DET
cblr-13005	645	24	distinct	distinct	ADJ
cblr-13005	645	25	instrument	instrument	NOUN
cblr-13005	645	26	no	no	INTJ
cblr-13005	645	27	.	.	NOUN
cblr-13005	645	28	1	1	NUM
cblr-13005	645	29	]	]	PUNCT
cblr-13005	645	30	a	a	DET
cblr-13005	645	31	hard	hard	ADJ
cblr-13005	645	32	look	look	NOUN
cblr-13005	645	33	at	at	ADP
cblr-13005	645	34	portfolio	portfolio	NOUN
cblr-13005	645	35	focused	focused	ADJ
cblr-13005	645	36	stewardship	stewardship	NOUN
cblr-13005	645	37	363	363	NUM
cblr-13005	645	38	1	1	NUM
cblr-13005	645	39	.	.	PUNCT
cblr-13005	645	40	command	command	NOUN
cblr-13005	645	41	-	-	PUNCT
cblr-13005	645	42	and	and	CCONJ
cblr-13005	645	43	-	-	PUNCT
cblr-13005	645	44	control	control	NOUN
cblr-13005	645	45	regulation	regulation	NOUN
cblr-13005	645	46	in	in	ADP
cblr-13005	645	47	the	the	DET
cblr-13005	645	48	instrument	instrument	NOUN
cblr-13005	645	49	choice	choice	NOUN
cblr-13005	645	50	literature	literature	PROPN
cblr-13005	645	51	,	,	PUNCT
cblr-13005	645	52	command	command	NOUN
cblr-13005	645	53	-	-	PUNCT
cblr-13005	645	54	and	and	CCONJ
cblr-13005	645	55	control	control	NOUN
cblr-13005	645	56	style	style	NOUN
cblr-13005	645	57	regulation	regulation	NOUN
cblr-13005	645	58	has	have	AUX
cblr-13005	645	59	been	be	AUX
cblr-13005	645	60	heavily	heavily	ADV
cblr-13005	645	61	criticized	criticize	VERB
cblr-13005	645	62	,	,	PUNCT
cblr-13005	645	63	particularly	particularly	ADV
cblr-13005	645	64	in	in	ADP
cblr-13005	645	65	comparison	comparison	NOUN
cblr-13005	645	66	to	to	ADP
cblr-13005	645	67	pigouvian	pigouvian	VERB
cblr-13005	645	68	taxes.145	taxes.145	PRON
cblr-13005	645	69	the	the	DET
cblr-13005	645	70	most	most	ADV
cblr-13005	645	71	fundamental	fundamental	ADJ
cblr-13005	645	72	critique	critique	NOUN
cblr-13005	645	73	concerns	concern	VERB
cblr-13005	645	74	the	the	DET
cblr-13005	645	75	tremendous	tremendous	ADJ
cblr-13005	645	76	amount	amount	NOUN
cblr-13005	645	77	of	of	ADP
cblr-13005	645	78	information	information	NOUN
cblr-13005	645	79	lawmakers	lawmaker	NOUN
cblr-13005	645	80	must	must	AUX
cblr-13005	645	81	acquire	acquire	VERB
cblr-13005	645	82	and	and	CCONJ
cblr-13005	645	83	process	process	VERB
cblr-13005	645	84	in	in	ADP
cblr-13005	645	85	order	order	NOUN
cblr-13005	645	86	to	to	PART
cblr-13005	645	87	craft	craft	VERB
cblr-13005	645	88	commandand	commandand	NOUN
cblr-13005	645	89	-	-	PUNCT
cblr-13005	645	90	control	control	NOUN
cblr-13005	645	91	style	style	NOUN
cblr-13005	645	92	regulations	regulation	NOUN
cblr-13005	645	93	that	that	PRON
cblr-13005	645	94	are	be	AUX
cblr-13005	645	95	even	even	ADV
cblr-13005	645	96	nominally	nominally	ADV
cblr-13005	645	97	efficient.146	efficient.146	ADJ
cblr-13005	645	98	expert	expert	NOUN
cblr-13005	645	99	agencies	agency	NOUN
cblr-13005	645	100	are	be	AUX
cblr-13005	645	101	generally	generally	ADV
cblr-13005	645	102	relied	rely	VERB
cblr-13005	645	103	upon	upon	SCONJ
cblr-13005	645	104	to	to	PART
cblr-13005	645	105	conduct	conduct	VERB
cblr-13005	645	106	(	(	PUNCT
cblr-13005	645	107	sometimes	sometimes	ADV
cblr-13005	645	108	called	call	VERB
cblr-13005	645	109	“	"	PUNCT
cblr-13005	645	110	performance	performance	NOUN
cblr-13005	645	111	-	-	PUNCT
cblr-13005	645	112	based	base	VERB
cblr-13005	645	113	standards	standard	NOUN
cblr-13005	645	114	”	"	PUNCT
cblr-13005	645	115	)	)	PUNCT
cblr-13005	645	116	.	.	PUNCT
cblr-13005	646	1	see	see	VERB
cblr-13005	646	2	jon	jon	PROPN
cblr-13005	646	3	d.	d.	PROPN
cblr-13005	646	4	hanson	hanson	PROPN
cblr-13005	646	5	&	&	CCONJ
cblr-13005	646	6	kyle	kyle	PROPN
cblr-13005	646	7	d.	d.	PROPN
cblr-13005	646	8	logue	logue	PROPN
cblr-13005	646	9	,	,	PUNCT
cblr-13005	646	10	the	the	DET
cblr-13005	646	11	costs	cost	NOUN
cblr-13005	646	12	of	of	ADP
cblr-13005	646	13	cigarettes	cigarette	NOUN
cblr-13005	646	14	:	:	PUNCT
cblr-13005	646	15	the	the	DET
cblr-13005	646	16	economic	economic	ADJ
cblr-13005	646	17	case	case	NOUN
cblr-13005	646	18	for	for	ADP
cblr-13005	646	19	ex	ex	ADJ
cblr-13005	646	20	post	post	VERB
cblr-13005	646	21	incentive	incentive	NOUN
cblr-13005	646	22	-	-	PUNCT
cblr-13005	646	23	based	base	VERB
cblr-13005	646	24	regulation	regulation	NOUN
cblr-13005	646	25	,	,	PUNCT
cblr-13005	646	26	107	107	NUM
cblr-13005	646	27	yale	yale	PROPN
cblr-13005	646	28	l.j	l.j	PROPN
cblr-13005	646	29	.	.	PROPN
cblr-13005	646	30	1163	1163	NUM
cblr-13005	646	31	,	,	PUNCT
cblr-13005	646	32	1273–74	1273–74	NUM
cblr-13005	646	33	(	(	PUNCT
cblr-13005	646	34	1998	1998	NUM
cblr-13005	646	35	)	)	PUNCT
cblr-13005	646	36	(	(	PUNCT
cblr-13005	646	37	taking	take	VERB
cblr-13005	646	38	this	this	DET
cblr-13005	646	39	approach	approach	NOUN
cblr-13005	646	40	and	and	CCONJ
cblr-13005	646	41	limiting	limit	VERB
cblr-13005	646	42	use	use	NOUN
cblr-13005	646	43	of	of	ADP
cblr-13005	646	44	the	the	DET
cblr-13005	646	45	term	term	NOUN
cblr-13005	646	46	“	"	PUNCT
cblr-13005	646	47	command	command	NOUN
cblr-13005	646	48	-	-	PUNCT
cblr-13005	646	49	and	and	CCONJ
cblr-13005	646	50	-	-	PUNCT
cblr-13005	646	51	control	control	NOUN
cblr-13005	646	52	”	"	PUNCT
cblr-13005	646	53	to	to	ADP
cblr-13005	646	54	rules	rule	NOUN
cblr-13005	646	55	that	that	PRON
cblr-13005	646	56	impose	impose	VERB
cblr-13005	646	57	specific	specific	ADJ
cblr-13005	646	58	requirements	requirement	NOUN
cblr-13005	646	59	on	on	ADP
cblr-13005	646	60	regulated	regulated	ADJ
cblr-13005	646	61	firms	firm	NOUN
cblr-13005	646	62	,	,	PUNCT
cblr-13005	646	63	such	such	ADJ
cblr-13005	646	64	as	as	ADP
cblr-13005	646	65	a	a	DET
cblr-13005	646	66	rule	rule	NOUN
cblr-13005	646	67	requiring	require	VERB
cblr-13005	646	68	a	a	DET
cblr-13005	646	69	polluter	polluter	NOUN
cblr-13005	646	70	to	to	PART
cblr-13005	646	71	adopt	adopt	VERB
cblr-13005	646	72	a	a	DET
cblr-13005	646	73	particular	particular	ADJ
cblr-13005	646	74	type	type	NOUN
cblr-13005	646	75	of	of	ADP
cblr-13005	646	76	pollution	pollution	NOUN
cblr-13005	646	77	-	-	PUNCT
cblr-13005	646	78	reducing	reduce	VERB
cblr-13005	646	79	technology	technology	NOUN
cblr-13005	646	80	)	)	PUNCT
cblr-13005	646	81	.	.	PUNCT
cblr-13005	647	1	this	this	DET
cblr-13005	647	2	article	article	NOUN
cblr-13005	647	3	treats	treat	VERB
cblr-13005	647	4	such	such	ADJ
cblr-13005	647	5	performance	performance	NOUN
cblr-13005	647	6	-	-	PUNCT
cblr-13005	647	7	based	base	VERB
cblr-13005	647	8	standards	standard	NOUN
cblr-13005	647	9	as	as	ADP
cblr-13005	647	10	a	a	DET
cblr-13005	647	11	species	species	NOUN
cblr-13005	647	12	of	of	ADP
cblr-13005	647	13	commandand	commandand	NOUN
cblr-13005	647	14	-	-	PUNCT
cblr-13005	647	15	control	control	NOUN
cblr-13005	647	16	style	style	NOUN
cblr-13005	647	17	regulation	regulation	NOUN
cblr-13005	647	18	.	.	PUNCT
cblr-13005	648	1	see	see	VERB
cblr-13005	648	2	i	i	PRON
cblr-13005	648	3	d.	d.	PROPN
cblr-13005	648	4	at	at	ADP
cblr-13005	648	5	1267	1267	NUM
cblr-13005	648	6	(	(	PUNCT
cblr-13005	648	7	noting	note	VERB
cblr-13005	648	8	that	that	SCONJ
cblr-13005	648	9	the	the	DET
cblr-13005	648	10	informational	informational	ADJ
cblr-13005	648	11	needs	need	NOUN
cblr-13005	648	12	of	of	ADP
cblr-13005	648	13	regulators	regulator	NOUN
cblr-13005	648	14	in	in	ADP
cblr-13005	648	15	both	both	DET
cblr-13005	648	16	contexts	context	NOUN
cblr-13005	648	17	are	be	AUX
cblr-13005	648	18	the	the	DET
cblr-13005	648	19	same	same	ADJ
cblr-13005	648	20	)	)	PUNCT
cblr-13005	648	21	.	.	PUNCT
cblr-13005	649	1	145	145	NUM
cblr-13005	649	2	see	see	VERB
cblr-13005	649	3	,	,	PUNCT
cblr-13005	649	4	e.g.	e.g.	ADV
cblr-13005	649	5	,	,	PUNCT
cblr-13005	649	6	rena	rena	PROPN
cblr-13005	649	7	i.	i.	PROPN
cblr-13005	649	8	steinzor	steinzor	PROPN
cblr-13005	649	9	,	,	PUNCT
cblr-13005	649	10	reinventing	reinvent	VERB
cblr-13005	649	11	environmental	environmental	ADJ
cblr-13005	649	12	regulation	regulation	NOUN
cblr-13005	649	13	:	:	PUNCT
cblr-13005	649	14	the	the	DET
cblr-13005	649	15	dangerous	dangerous	ADJ
cblr-13005	649	16	journey	journey	NOUN
cblr-13005	649	17	from	from	ADP
cblr-13005	649	18	command	command	NOUN
cblr-13005	649	19	to	to	ADP
cblr-13005	649	20	self	self	NOUN
cblr-13005	649	21	-	-	PUNCT
cblr-13005	649	22	control	control	NOUN
cblr-13005	649	23	,	,	PUNCT
cblr-13005	649	24	22	22	NUM
cblr-13005	649	25	harv	harv	NOUN
cblr-13005	649	26	.	.	PUNCT
cblr-13005	650	1	env’t	env’t	X
cblr-13005	650	2	l.	l.	PROPN
cblr-13005	650	3	rev	rev	PROPN
cblr-13005	650	4	.	.	PROPN
cblr-13005	650	5	103	103	NUM
cblr-13005	650	6	,	,	PUNCT
cblr-13005	650	7	103	103	NUM
cblr-13005	650	8	&	&	CCONJ
cblr-13005	650	9	n.1	n.1	PROPN
cblr-13005	650	10	(	(	PUNCT
cblr-13005	650	11	1998	1998	NUM
cblr-13005	650	12	)	)	PUNCT
cblr-13005	650	13	(	(	PUNCT
cblr-13005	650	14	citing	cite	VERB
cblr-13005	650	15	academic	academic	ADJ
cblr-13005	650	16	and	and	CCONJ
cblr-13005	650	17	popular	popular	ADJ
cblr-13005	650	18	works	work	NOUN
cblr-13005	650	19	critiquing	critique	VERB
cblr-13005	650	20	command	command	NOUN
cblr-13005	650	21	-	-	PUNCT
cblr-13005	650	22	and	and	CCONJ
cblr-13005	650	23	-	-	PUNCT
cblr-13005	650	24	control	control	NOUN
cblr-13005	650	25	regulation	regulation	NOUN
cblr-13005	650	26	as	as	ADP
cblr-13005	650	27	economically	economically	ADV
cblr-13005	650	28	inefficient	inefficient	ADJ
cblr-13005	650	29	and	and	CCONJ
cblr-13005	650	30	observing	observe	VERB
cblr-13005	650	31	that	that	SCONJ
cblr-13005	650	32	these	these	DET
cblr-13005	650	33	critiques	critique	NOUN
cblr-13005	650	34	“	"	PUNCT
cblr-13005	650	35	have	have	AUX
cblr-13005	650	36	gained	gain	VERB
cblr-13005	650	37	widespread	widespread	ADJ
cblr-13005	650	38	acceptance	acceptance	NOUN
cblr-13005	650	39	among	among	ADP
cblr-13005	650	40	participants	participant	NOUN
cblr-13005	650	41	in	in	ADP
cblr-13005	650	42	the	the	DET
cblr-13005	650	43	policymaking	policymake	VERB
cblr-13005	650	44	process	process	NOUN
cblr-13005	650	45	”	"	PUNCT
cblr-13005	650	46	)	)	PUNCT
cblr-13005	650	47	;	;	PUNCT
cblr-13005	650	48	howard	howard	PROPN
cblr-13005	650	49	latin	latin	PROPN
cblr-13005	650	50	,	,	PUNCT
cblr-13005	650	51	ideal	ideal	ADJ
cblr-13005	650	52	versus	versus	ADP
cblr-13005	650	53	real	real	ADJ
cblr-13005	650	54	regulatory	regulatory	ADJ
cblr-13005	650	55	efficiency	efficiency	NOUN
cblr-13005	650	56	:	:	PUNCT
cblr-13005	650	57	implementation	implementation	NOUN
cblr-13005	650	58	of	of	ADP
cblr-13005	650	59	uniform	uniform	ADJ
cblr-13005	650	60	standards	standard	NOUN
cblr-13005	650	61	and	and	CCONJ
cblr-13005	650	62	“	"	PUNCT
cblr-13005	650	63	fine	fine	ADJ
cblr-13005	650	64	-	-	PUNCT
cblr-13005	650	65	tuning	tuning	NOUN
cblr-13005	650	66	”	"	PUNCT
cblr-13005	650	67	regulatory	regulatory	ADJ
cblr-13005	650	68	reform	reform	NOUN
cblr-13005	650	69	,	,	PUNCT
cblr-13005	650	70	37	37	NUM
cblr-13005	650	71	stan	stan	PROPN
cblr-13005	650	72	.	.	PUNCT
cblr-13005	651	1	l.	l.	PROPN
cblr-13005	651	2	rev	rev	PROPN
cblr-13005	651	3	.	.	PROPN
cblr-13005	651	4	1267	1267	NUM
cblr-13005	651	5	,	,	PUNCT
cblr-13005	651	6	1268	1268	NUM
cblr-13005	651	7	(	(	PUNCT
cblr-13005	651	8	1985	1985	NUM
cblr-13005	651	9	)	)	PUNCT
cblr-13005	651	10	(	(	PUNCT
cblr-13005	651	11	“	"	PUNCT
cblr-13005	651	12	[	[	X
cblr-13005	651	13	p]rominent	p]rominent	ADJ
cblr-13005	651	14	legal	legal	ADJ
cblr-13005	651	15	scholars	scholar	NOUN
cblr-13005	651	16	such	such	ADJ
cblr-13005	651	17	as	as	ADP
cblr-13005	651	18	bruce	bruce	PROPN
cblr-13005	651	19	ackerman	ackerman	PROPN
cblr-13005	651	20	,	,	PUNCT
cblr-13005	651	21	steven	steven	PROPN
cblr-13005	651	22	breyer	breyer	PROPN
cblr-13005	651	23	,	,	PUNCT
cblr-13005	651	24	and	and	CCONJ
cblr-13005	651	25	richard	richard	PROPN
cblr-13005	651	26	stewart	stewart	PROPN
cblr-13005	651	27	have	have	AUX
cblr-13005	651	28	concluded	conclude	VERB
cblr-13005	651	29	that	that	SCONJ
cblr-13005	651	30	command	command	NOUN
cblr-13005	651	31	-	-	PUNCT
cblr-13005	651	32	and	and	CCONJ
cblr-13005	651	33	-	-	PUNCT
cblr-13005	651	34	control	control	NOUN
cblr-13005	651	35	regulation	regulation	NOUN
cblr-13005	651	36	is	be	AUX
cblr-13005	651	37	inefficient	inefficient	ADJ
cblr-13005	651	38	and	and	CCONJ
cblr-13005	651	39	should	should	AUX
cblr-13005	651	40	be	be	AUX
cblr-13005	651	41	replaced	replace	VERB
cblr-13005	651	42	by	by	ADP
cblr-13005	651	43	more	more	ADJ
cblr-13005	651	44	flexible	flexible	ADJ
cblr-13005	651	45	strategies	strategy	NOUN
cblr-13005	651	46	.	.	PUNCT
cblr-13005	651	47	”	"	PUNCT
cblr-13005	651	48	)	)	PUNCT
cblr-13005	651	49	;	;	PUNCT
cblr-13005	651	50	bruce	bruce	PROPN
cblr-13005	651	51	a.	a.	PROPN
cblr-13005	651	52	ackerman	ackerman	PROPN
cblr-13005	651	53	&	&	CCONJ
cblr-13005	651	54	richard	richard	PROPN
cblr-13005	651	55	b.	b.	PROPN
cblr-13005	651	56	stewart	stewart	PROPN
cblr-13005	651	57	,	,	PUNCT
cblr-13005	651	58	comment	comment	NOUN
cblr-13005	651	59	:	:	PUNCT
cblr-13005	651	60	reforming	reform	VERB
cblr-13005	651	61	environmental	environmental	ADJ
cblr-13005	651	62	law	law	NOUN
cblr-13005	651	63	,	,	PUNCT
cblr-13005	651	64	37	37	NUM
cblr-13005	651	65	stan	stan	PROPN
cblr-13005	651	66	.	.	PUNCT
cblr-13005	652	1	l.	l.	PROPN
cblr-13005	652	2	rev	rev	PROPN
cblr-13005	652	3	.	.	PROPN
cblr-13005	652	4	1333	1333	NUM
cblr-13005	652	5	,	,	PUNCT
cblr-13005	652	6	1341–51	1341–51	NUM
cblr-13005	652	7	(	(	PUNCT
cblr-13005	652	8	1985	1985	NUM
cblr-13005	652	9	)	)	PUNCT
cblr-13005	652	10	(	(	PUNCT
cblr-13005	652	11	critiquing	critique	VERB
cblr-13005	652	12	command	command	NOUN
cblr-13005	652	13	-	-	PUNCT
cblr-13005	652	14	and	and	CCONJ
cblr-13005	652	15	-	-	PUNCT
cblr-13005	652	16	control	control	NOUN
cblr-13005	652	17	regulation	regulation	NOUN
cblr-13005	652	18	and	and	CCONJ
cblr-13005	652	19	advocating	advocate	VERB
cblr-13005	652	20	for	for	ADP
cblr-13005	652	21	greater	great	ADJ
cblr-13005	652	22	use	use	NOUN
cblr-13005	652	23	of	of	ADP
cblr-13005	652	24	market	market	NOUN
cblr-13005	652	25	mechanisms	mechanism	NOUN
cblr-13005	652	26	)	)	PUNCT
cblr-13005	652	27	.	.	PUNCT
cblr-13005	653	1	146	146	NUM
cblr-13005	653	2	see	see	VERB
cblr-13005	653	3	,	,	PUNCT
cblr-13005	653	4	e.g.	e.g.	ADV
cblr-13005	653	5	,	,	PUNCT
cblr-13005	653	6	supra	supra	PROPN
cblr-13005	653	7	note	note	NOUN
cblr-13005	653	8	129	129	NUM
cblr-13005	653	9	;	;	PUNCT
cblr-13005	653	10	kyle	kyle	PROPN
cblr-13005	653	11	d.	d.	PROPN
cblr-13005	653	12	logue	logue	PROPN
cblr-13005	653	13	,	,	PUNCT
cblr-13005	653	14	in	in	ADP
cblr-13005	653	15	praise	praise	NOUN
cblr-13005	653	16	of	of	ADP
cblr-13005	653	17	(	(	PUNCT
cblr-13005	653	18	some	some	PRON
cblr-13005	653	19	)	)	PUNCT
cblr-13005	653	20	ex	ex	PRON
cblr-13005	653	21	post	post	NOUN
cblr-13005	653	22	regulation	regulation	NOUN
cblr-13005	653	23	:	:	PUNCT
cblr-13005	653	24	a	a	DET
cblr-13005	653	25	response	response	NOUN
cblr-13005	653	26	to	to	ADP
cblr-13005	653	27	professor	professor	NOUN
cblr-13005	653	28	galle	galle	PROPN
cblr-13005	653	29	,	,	PUNCT
cblr-13005	653	30	69	69	NUM
cblr-13005	653	31	vand	vand	NOUN
cblr-13005	653	32	.	.	PUNCT
cblr-13005	654	1	l.	l.	PROPN
cblr-13005	654	2	rev	rev	PROPN
cblr-13005	654	3	.	.	PROPN
cblr-13005	655	1	en	en	PROPN
cblr-13005	655	2	banc	banc	PROPN
cblr-13005	655	3	97	97	NUM
cblr-13005	655	4	,	,	PUNCT
cblr-13005	655	5	103	103	NUM
cblr-13005	655	6	,	,	PUNCT
cblr-13005	655	7	105	105	NUM
cblr-13005	655	8	(	(	PUNCT
cblr-13005	655	9	2016	2016	NUM
cblr-13005	655	10	)	)	PUNCT
cblr-13005	655	11	(	(	PUNCT
cblr-13005	655	12	discussing	discuss	VERB
cblr-13005	655	13	the	the	DET
cblr-13005	655	14	“	"	PUNCT
cblr-13005	655	15	enormous	enormous	ADJ
cblr-13005	655	16	informational	informational	ADJ
cblr-13005	655	17	burden	burden	NOUN
cblr-13005	655	18	”	"	PUNCT
cblr-13005	655	19	crafting	craft	VERB
cblr-13005	655	20	command	command	NOUN
cblr-13005	655	21	-	-	PUNCT
cblr-13005	655	22	and	and	CCONJ
cblr-13005	655	23	-	-	PUNCT
cblr-13005	655	24	control	control	NOUN
cblr-13005	655	25	style	style	NOUN
cblr-13005	655	26	regulations	regulation	NOUN
cblr-13005	655	27	imposes	impose	VERB
cblr-13005	655	28	on	on	ADP
cblr-13005	655	29	the	the	DET
cblr-13005	655	30	regulator	regulator	NOUN
cblr-13005	655	31	,	,	PUNCT
cblr-13005	655	32	while	while	SCONJ
cblr-13005	655	33	recognizing	recognize	VERB
cblr-13005	655	34	that	that	SCONJ
cblr-13005	655	35	even	even	ADV
cblr-13005	655	36	though	though	SCONJ
cblr-13005	655	37	“	"	PUNCT
cblr-13005	655	38	command	command	NOUN
cblr-13005	655	39	-	-	PUNCT
cblr-13005	655	40	and	and	CCONJ
cblr-13005	655	41	-	-	PUNCT
cblr-13005	655	42	control	control	NOUN
cblr-13005	655	43	regulation	regulation	NOUN
cblr-13005	655	44	is	be	AUX
cblr-13005	655	45	difficult	difficult	ADJ
cblr-13005	655	46	to	to	PART
cblr-13005	655	47	implement	implement	VERB
cblr-13005	655	48	effectively	effectively	ADV
cblr-13005	655	49	and	and	CCONJ
cblr-13005	655	50	requires	require	VERB
cblr-13005	655	51	a	a	DET
cblr-13005	655	52	great	great	ADJ
cblr-13005	655	53	deal	deal	NOUN
cblr-13005	655	54	of	of	ADP
cblr-13005	655	55	information	information	NOUN
cblr-13005	655	56	on	on	ADP
cblr-13005	655	57	the	the	DET
cblr-13005	655	58	part	part	NOUN
cblr-13005	655	59	of	of	ADP
cblr-13005	655	60	the	the	DET
cblr-13005	655	61	regulator	regulator	NOUN
cblr-13005	655	62	,	,	PUNCT
cblr-13005	655	63	”	"	PUNCT
cblr-13005	655	64	“	"	PUNCT
cblr-13005	655	65	there	there	PRON
cblr-13005	655	66	are	be	VERB
cblr-13005	655	67	plenty	plenty	NOUN
cblr-13005	655	68	of	of	ADP
cblr-13005	655	69	situations	situation	NOUN
cblr-13005	655	70	in	in	ADP
cblr-13005	655	71	which	which	PRON
cblr-13005	655	72	specific	specific	ADJ
cblr-13005	655	73	regulatory	regulatory	ADJ
cblr-13005	655	74	mandates	mandate	NOUN
cblr-13005	655	75	,	,	PUNCT
cblr-13005	655	76	despite	despite	SCONJ
cblr-13005	655	77	the	the	DET
cblr-13005	655	78	difficulty	difficulty	NOUN
cblr-13005	655	79	of	of	ADP
cblr-13005	655	80	getting	get	VERB
cblr-13005	655	81	them	they	PRON
cblr-13005	655	82	right	right	ADJ
cblr-13005	655	83	,	,	PUNCT
cblr-13005	655	84	may	may	AUX
cblr-13005	655	85	be	be	AUX
cblr-13005	655	86	optimal	optimal	ADJ
cblr-13005	655	87	”	"	PUNCT
cblr-13005	655	88	)	)	PUNCT
cblr-13005	655	89	;	;	PUNCT
cblr-13005	655	90	hanson	hanson	PROPN
cblr-13005	655	91	&	&	CCONJ
cblr-13005	655	92	logue	logue	PROPN
cblr-13005	655	93	,	,	PUNCT
cblr-13005	655	94	supra	supra	PROPN
cblr-13005	655	95	note	note	NOUN
cblr-13005	655	96	144	144	NUM
cblr-13005	655	97	,	,	PUNCT
cblr-13005	655	98	at	at	ADP
cblr-13005	655	99	1264–1265	1264–1265	NUM
cblr-13005	655	100	(	(	PUNCT
cblr-13005	655	101	discussing	discuss	VERB
cblr-13005	655	102	the	the	DET
cblr-13005	655	103	massive	massive	ADJ
cblr-13005	655	104	amount	amount	NOUN
cblr-13005	655	105	of	of	ADP
cblr-13005	655	106	information	information	NOUN
cblr-13005	655	107	regulators	regulator	NOUN
cblr-13005	655	108	would	would	AUX
cblr-13005	655	109	need	need	VERB
cblr-13005	655	110	to	to	PART
cblr-13005	655	111	craft	craft	VERB
cblr-13005	655	112	command	command	NOUN
cblr-13005	655	113	-	-	PUNCT
cblr-13005	655	114	and	and	CCONJ
cblr-13005	655	115	-	-	PUNCT
cblr-13005	655	116	control	control	NOUN
cblr-13005	655	117	style	style	NOUN
cblr-13005	655	118	regulations	regulation	NOUN
cblr-13005	655	119	designed	design	VERB
cblr-13005	655	120	to	to	PART
cblr-13005	655	121	address	address	VERB
cblr-13005	655	122	smoking	smoking	NOUN
cblr-13005	655	123	externalities	externality	NOUN
cblr-13005	655	124	)	)	PUNCT
cblr-13005	655	125	.	.	PUNCT
cblr-13005	656	1	there	there	PRON
cblr-13005	656	2	is	be	VERB
cblr-13005	656	3	significant	significant	ADJ
cblr-13005	656	4	literature	literature	NOUN
cblr-13005	656	5	debating	debate	VERB
cblr-13005	656	6	the	the	DET
cblr-13005	656	7	relative	relative	ADJ
cblr-13005	656	8	merits	merit	NOUN
cblr-13005	656	9	of	of	ADP
cblr-13005	656	10	command	command	NOUN
cblr-13005	656	11	-	-	PUNCT
cblr-13005	656	12	and	and	CCONJ
cblr-13005	656	13	-	-	PUNCT
cblr-13005	656	14	control	control	NOUN
cblr-13005	656	15	364	364	NUM
cblr-13005	656	16	columbia	columbia	PROPN
cblr-13005	656	17	business	business	NOUN
cblr-13005	656	18	law	law	PROPN
cblr-13005	656	19	review	review	NOUN
cblr-13005	656	20	[	[	X
cblr-13005	656	21	vol	vol	NOUN
cblr-13005	656	22	.	.	NOUN
cblr-13005	656	23	2024	2024	NUM
cblr-13005	656	24	the	the	DET
cblr-13005	656	25	intensive	intensive	ADJ
cblr-13005	656	26	information	information	NOUN
cblr-13005	656	27	gathering	gathering	NOUN
cblr-13005	656	28	and	and	CCONJ
cblr-13005	656	29	analysis	analysis	NOUN
cblr-13005	656	30	needed	need	VERB
cblr-13005	656	31	to	to	PART
cblr-13005	656	32	draw	draw	VERB
cblr-13005	656	33	the	the	DET
cblr-13005	656	34	lines	line	NOUN
cblr-13005	656	35	correctly	correctly	ADV
cblr-13005	656	36	.	.	PUNCT
cblr-13005	657	1	but	but	CCONJ
cblr-13005	657	2	,	,	PUNCT
cblr-13005	657	3	as	as	SCONJ
cblr-13005	657	4	the	the	DET
cblr-13005	657	5	public	public	ADJ
cblr-13005	657	6	choice	choice	NOUN
cblr-13005	657	7	literature	literature	NOUN
cblr-13005	657	8	has	have	VERB
cblr-13005	657	9	emphasized,147	emphasized,147	PROPN
cblr-13005	657	10	the	the	DET
cblr-13005	657	11	process	process	NOUN
cblr-13005	657	12	of	of	ADP
cblr-13005	657	13	crafting	craft	VERB
cblr-13005	657	14	command	command	NOUN
cblr-13005	657	15	-	-	PUNCT
cblr-13005	657	16	and	and	CCONJ
cblr-13005	657	17	-	-	PUNCT
cblr-13005	657	18	control	control	NOUN
cblr-13005	657	19	style	style	NOUN
cblr-13005	657	20	regulations	regulation	NOUN
cblr-13005	657	21	is	be	AUX
cblr-13005	657	22	subject	subject	ADJ
cblr-13005	657	23	to	to	ADP
cblr-13005	657	24	predictable	predictable	ADJ
cblr-13005	657	25	pathologies	pathology	NOUN
cblr-13005	657	26	which	which	PRON
cblr-13005	657	27	can	can	AUX
cblr-13005	657	28	lead	lead	VERB
cblr-13005	657	29	to	to	ADP
cblr-13005	657	30	inefficient	inefficient	ADJ
cblr-13005	657	31	rules	rule	NOUN
cblr-13005	657	32	that	that	PRON
cblr-13005	657	33	stifle	stifle	VERB
cblr-13005	657	34	innovation148	innovation148	PROPN
cblr-13005	657	35	and	and	CCONJ
cblr-13005	657	36	suppress	suppress	VERB
cblr-13005	657	37	competition.149	competition.149	NOUN
cblr-13005	657	38	various	various	ADJ
cblr-13005	657	39	safeguards	safeguard	NOUN
cblr-13005	657	40	exist	exist	VERB
cblr-13005	657	41	that	that	DET
cblr-13005	657	42	help	help	NOUN
cblr-13005	657	43	to	to	PART
cblr-13005	657	44	style	style	VERB
cblr-13005	657	45	regulations	regulation	NOUN
cblr-13005	657	46	versus	versus	ADP
cblr-13005	657	47	pigouvian	pigouvian	ADJ
cblr-13005	657	48	taxes	taxis	NOUN
cblr-13005	657	49	as	as	ADP
cblr-13005	657	50	instruments	instrument	NOUN
cblr-13005	657	51	for	for	ADP
cblr-13005	657	52	dealing	deal	VERB
cblr-13005	657	53	with	with	ADP
cblr-13005	657	54	environmental	environmental	ADJ
cblr-13005	657	55	externalities	externality	NOUN
cblr-13005	657	56	;	;	PUNCT
cblr-13005	657	57	as	as	SCONJ
cblr-13005	657	58	noted	note	VERB
cblr-13005	657	59	above	above	ADV
cblr-13005	657	60	,	,	PUNCT
cblr-13005	657	61	most	most	ADJ
cblr-13005	657	62	economists	economist	NOUN
cblr-13005	657	63	view	view	VERB
cblr-13005	657	64	pigouvian	pigouvian	ADJ
cblr-13005	657	65	taxes	taxis	NOUN
cblr-13005	657	66	as	as	ADV
cblr-13005	657	67	superior	superior	ADJ
cblr-13005	657	68	.	.	PUNCT
cblr-13005	658	1	in	in	ADP
cblr-13005	658	2	an	an	DET
cblr-13005	658	3	article	article	NOUN
cblr-13005	658	4	defending	defend	VERB
cblr-13005	658	5	command	command	NOUN
cblr-13005	658	6	-	-	PUNCT
cblr-13005	658	7	and	and	CCONJ
cblr-13005	658	8	-	-	PUNCT
cblr-13005	658	9	control	control	NOUN
cblr-13005	658	10	style	style	NOUN
cblr-13005	658	11	regulations	regulation	NOUN
cblr-13005	658	12	,	,	PUNCT
cblr-13005	658	13	professors	professor	NOUN
cblr-13005	658	14	cole	cole	PROPN
cblr-13005	658	15	and	and	CCONJ
cblr-13005	658	16	grossman	grossman	PROPN
cblr-13005	658	17	observe	observe	VERB
cblr-13005	658	18	that	that	SCONJ
cblr-13005	658	19	this	this	DET
cblr-13005	658	20	literature	literature	NOUN
cblr-13005	658	21	tends	tend	VERB
cblr-13005	658	22	to	to	PART
cblr-13005	658	23	conflate	conflate	VERB
cblr-13005	658	24	nominal	nominal	ADJ
cblr-13005	658	25	and	and	CCONJ
cblr-13005	658	26	relative	relative	ADJ
cblr-13005	658	27	efficiency	efficiency	NOUN
cblr-13005	658	28	.	.	PUNCT
cblr-13005	659	1	they	they	PRON
cblr-13005	659	2	explain	explain	VERB
cblr-13005	659	3	that	that	SCONJ
cblr-13005	659	4	the	the	DET
cblr-13005	659	5	nominal	nominal	ADJ
cblr-13005	659	6	efficiency	efficiency	NOUN
cblr-13005	659	7	of	of	ADP
cblr-13005	659	8	a	a	DET
cblr-13005	659	9	regulatory	regulatory	ADJ
cblr-13005	659	10	regime	regime	NOUN
cblr-13005	659	11	is	be	AUX
cblr-13005	659	12	determined	determine	VERB
cblr-13005	659	13	by	by	ADP
cblr-13005	659	14	comparing	compare	VERB
cblr-13005	659	15	its	its	PRON
cblr-13005	659	16	social	social	ADJ
cblr-13005	659	17	costs	cost	NOUN
cblr-13005	659	18	and	and	CCONJ
cblr-13005	659	19	benefits	benefit	NOUN
cblr-13005	659	20	;	;	PUNCT
cblr-13005	659	21	the	the	DET
cblr-13005	659	22	regime	regime	NOUN
cblr-13005	659	23	is	be	AUX
cblr-13005	659	24	nominally	nominally	ADV
cblr-13005	659	25	efficient	efficient	ADJ
cblr-13005	659	26	if	if	SCONJ
cblr-13005	659	27	it	it	PRON
cblr-13005	659	28	produces	produce	VERB
cblr-13005	659	29	benefits	benefit	NOUN
cblr-13005	659	30	in	in	ADP
cblr-13005	659	31	excess	excess	NOUN
cblr-13005	659	32	of	of	ADP
cblr-13005	659	33	its	its	PRON
cblr-13005	659	34	costs	cost	NOUN
cblr-13005	659	35	.	.	PUNCT
cblr-13005	660	1	and	and	CCONJ
cblr-13005	660	2	it	it	PRON
cblr-13005	660	3	remains	remain	VERB
cblr-13005	660	4	nominally	nominally	ADV
cblr-13005	660	5	efficient	efficient	ADJ
cblr-13005	660	6	even	even	ADV
cblr-13005	660	7	if	if	SCONJ
cblr-13005	660	8	it	it	PRON
cblr-13005	660	9	turns	turn	VERB
cblr-13005	660	10	out	out	ADP
cblr-13005	660	11	to	to	PART
cblr-13005	660	12	be	be	AUX
cblr-13005	660	13	less	less	ADV
cblr-13005	660	14	efficient	efficient	ADJ
cblr-13005	660	15	than	than	ADP
cblr-13005	660	16	(	(	PUNCT
cblr-13005	660	17	or	or	CCONJ
cblr-13005	660	18	relatively	relatively	ADV
cblr-13005	660	19	inefficient	inefficient	ADJ
cblr-13005	660	20	compared	compare	VERB
cblr-13005	660	21	to	to	ADP
cblr-13005	660	22	)	)	PUNCT
cblr-13005	660	23	some	some	DET
cblr-13005	660	24	real	real	ADJ
cblr-13005	660	25	or	or	CCONJ
cblr-13005	660	26	imagined	imagine	VERB
cblr-13005	660	27	alternative	alternative	ADJ
cblr-13005	660	28	regulatory	regulatory	ADJ
cblr-13005	660	29	regime	regime	NOUN
cblr-13005	660	30	.	.	PUNCT
cblr-13005	661	1	daniel	daniel	PROPN
cblr-13005	661	2	h.	h.	PROPN
cblr-13005	661	3	cole	cole	PROPN
cblr-13005	661	4	&	&	CCONJ
cblr-13005	661	5	peter	peter	PROPN
cblr-13005	661	6	z.	z.	PROPN
cblr-13005	661	7	grossman	grossman	PROPN
cblr-13005	661	8	,	,	PUNCT
cblr-13005	661	9	when	when	SCONJ
cblr-13005	661	10	is	be	AUX
cblr-13005	661	11	command	command	NOUN
cblr-13005	661	12	-	-	PUNCT
cblr-13005	661	13	and	and	CCONJ
cblr-13005	661	14	-	-	PUNCT
cblr-13005	661	15	control	control	NOUN
cblr-13005	661	16	efficient	efficient	ADJ
cblr-13005	661	17	?	?	PUNCT
cblr-13005	662	1	institutions	institution	NOUN
cblr-13005	662	2	,	,	PUNCT
cblr-13005	662	3	technology	technology	NOUN
cblr-13005	662	4	,	,	PUNCT
cblr-13005	662	5	and	and	CCONJ
cblr-13005	662	6	the	the	DET
cblr-13005	662	7	comparative	comparative	ADJ
cblr-13005	662	8	efficiency	efficiency	NOUN
cblr-13005	662	9	of	of	ADP
cblr-13005	662	10	alternative	alternative	ADJ
cblr-13005	662	11	regulatory	regulatory	ADJ
cblr-13005	662	12	regimes	regime	NOUN
cblr-13005	662	13	for	for	ADP
cblr-13005	662	14	environmental	environmental	ADJ
cblr-13005	662	15	protection	protection	NOUN
cblr-13005	662	16	,	,	PUNCT
cblr-13005	662	17	1999	1999	NUM
cblr-13005	662	18	wis	wis	NOUN
cblr-13005	662	19	.	.	PUNCT
cblr-13005	663	1	l.	l.	PROPN
cblr-13005	663	2	rev	rev	PROPN
cblr-13005	663	3	.	.	PROPN
cblr-13005	663	4	887	887	NUM
cblr-13005	663	5	,	,	PUNCT
cblr-13005	663	6	893	893	NUM
cblr-13005	663	7	(	(	PUNCT
cblr-13005	663	8	1999	1999	NUM
cblr-13005	663	9	)	)	PUNCT
cblr-13005	663	10	.	.	PUNCT
cblr-13005	664	1	see	see	VERB
cblr-13005	664	2	also	also	ADV
cblr-13005	664	3	latin	latin	ADJ
cblr-13005	664	4	,	,	PUNCT
cblr-13005	664	5	supra	supra	PROPN
cblr-13005	664	6	note	note	NOUN
cblr-13005	664	7	145	145	NUM
cblr-13005	664	8	,	,	PUNCT
cblr-13005	664	9	at	at	ADP
cblr-13005	664	10	1272	1272	NUM
cblr-13005	664	11	(	(	PUNCT
cblr-13005	664	12	warning	warn	VERB
cblr-13005	664	13	that	that	SCONJ
cblr-13005	664	14	“	"	PUNCT
cblr-13005	664	15	intemperate	intemperate	ADJ
cblr-13005	664	16	academic	academic	ADJ
cblr-13005	664	17	criticisms	criticism	NOUN
cblr-13005	664	18	of	of	ADP
cblr-13005	664	19	command	command	NOUN
cblr-13005	664	20	-	-	PUNCT
cblr-13005	664	21	and	and	CCONJ
cblr-13005	664	22	-	-	PUNCT
cblr-13005	664	23	control	control	NOUN
cblr-13005	664	24	standards	standard	NOUN
cblr-13005	664	25	combined	combine	VERB
cblr-13005	664	26	with	with	ADP
cblr-13005	664	27	support	support	NOUN
cblr-13005	664	28	of	of	ADP
cblr-13005	664	29	unrealistic	unrealistic	ADJ
cblr-13005	664	30	‘	'	PUNCT
cblr-13005	664	31	finetuning	finetuning	NOUN
cblr-13005	664	32	’	'	PUNCT
cblr-13005	664	33	strategies	strategy	NOUN
cblr-13005	664	34	may	may	AUX
cblr-13005	664	35	lend	lend	VERB
cblr-13005	664	36	an	an	DET
cblr-13005	664	37	aura	aura	NOUN
cblr-13005	664	38	of	of	ADP
cblr-13005	664	39	intellectual	intellectual	ADJ
cblr-13005	664	40	credibility	credibility	NOUN
cblr-13005	664	41	to	to	ADP
cblr-13005	664	42	political	political	ADJ
cblr-13005	664	43	initiatives	initiative	NOUN
cblr-13005	664	44	designed	design	VERB
cblr-13005	664	45	to	to	PART
cblr-13005	664	46	achieve	achieve	VERB
cblr-13005	664	47	less	less	ADJ
cblr-13005	664	48	regulation	regulation	NOUN
cblr-13005	664	49	,	,	PUNCT
cblr-13005	664	50	not	not	PART
cblr-13005	664	51	better	well	ADJ
cblr-13005	664	52	regulation	regulation	NOUN
cblr-13005	664	53	”	"	PUNCT
cblr-13005	664	54	)	)	PUNCT
cblr-13005	664	55	.	.	PUNCT
cblr-13005	665	1	while	while	SCONJ
cblr-13005	665	2	the	the	DET
cblr-13005	665	3	efficiency	efficiency	NOUN
cblr-13005	665	4	of	of	ADP
cblr-13005	665	5	command	command	NOUN
cblr-13005	665	6	-	-	PUNCT
cblr-13005	665	7	and	and	CCONJ
cblr-13005	665	8	-	-	PUNCT
cblr-13005	665	9	control	control	NOUN
cblr-13005	665	10	style	style	NOUN
cblr-13005	665	11	portfolio	portfolio	NOUN
cblr-13005	665	12	focused	focus	VERB
cblr-13005	665	13	stewardship	stewardship	NOUN
cblr-13005	665	14	interventions	intervention	NOUN
cblr-13005	665	15	relative	relative	ADJ
cblr-13005	665	16	to	to	ADP
cblr-13005	665	17	(	(	PUNCT
cblr-13005	665	18	realistically	realistically	ADV
cblr-13005	665	19	attainable	attainable	ADJ
cblr-13005	665	20	)	)	PUNCT
cblr-13005	665	21	political	political	ADJ
cblr-13005	665	22	alternatives	alternative	NOUN
cblr-13005	665	23	is	be	AUX
cblr-13005	665	24	relevant	relevant	ADJ
cblr-13005	665	25	to	to	ADP
cblr-13005	665	26	whether	whether	SCONJ
cblr-13005	665	27	financially	financially	ADV
cblr-13005	665	28	motivated	motivated	ADJ
cblr-13005	665	29	diversified	diversified	ADJ
cblr-13005	665	30	investors	investor	NOUN
cblr-13005	665	31	would	would	AUX
cblr-13005	665	32	support	support	VERB
cblr-13005	665	33	them	they	PRON
cblr-13005	665	34	(	(	PUNCT
cblr-13005	665	35	see	see	VERB
cblr-13005	665	36	infra	infra	NOUN
cblr-13005	665	37	part	part	NOUN
cblr-13005	665	38	v	v	NOUN
cblr-13005	665	39	)	)	PUNCT
cblr-13005	665	40	,	,	PUNCT
cblr-13005	665	41	the	the	DET
cblr-13005	665	42	present	present	ADJ
cblr-13005	665	43	discussion	discussion	NOUN
cblr-13005	665	44	is	be	AUX
cblr-13005	665	45	focused	focus	VERB
cblr-13005	665	46	on	on	ADP
cblr-13005	665	47	nominal	nominal	ADJ
cblr-13005	665	48	efficiency	efficiency	NOUN
cblr-13005	665	49	.	.	PUNCT
cblr-13005	666	1	147	147	NUM
cblr-13005	666	2	for	for	ADP
cblr-13005	666	3	a	a	DET
cblr-13005	666	4	general	general	ADJ
cblr-13005	666	5	introduction	introduction	NOUN
cblr-13005	666	6	to	to	ADP
cblr-13005	666	7	the	the	DET
cblr-13005	666	8	public	public	ADJ
cblr-13005	666	9	choice	choice	NOUN
cblr-13005	666	10	literature	literature	NOUN
cblr-13005	666	11	,	,	PUNCT
cblr-13005	666	12	see	see	VERB
cblr-13005	666	13	daniel	daniel	PROPN
cblr-13005	666	14	a.	a.	PROPN
cblr-13005	666	15	farber	farber	PROPN
cblr-13005	666	16	&	&	CCONJ
cblr-13005	666	17	philip	philip	PROPN
cblr-13005	666	18	p.	p.	PROPN
cblr-13005	666	19	frickey	frickey	NOUN
cblr-13005	666	20	,	,	PUNCT
cblr-13005	666	21	law	law	NOUN
cblr-13005	666	22	and	and	CCONJ
cblr-13005	666	23	public	public	ADJ
cblr-13005	666	24	choice	choice	NOUN
cblr-13005	666	25	:	:	PUNCT
cblr-13005	666	26	a	a	DET
cblr-13005	666	27	critical	critical	ADJ
cblr-13005	666	28	introduction	introduction	NOUN
cblr-13005	666	29	(	(	PUNCT
cblr-13005	666	30	1991	1991	NUM
cblr-13005	666	31	)	)	PUNCT
cblr-13005	666	32	.	.	PUNCT
cblr-13005	667	1	148	148	NUM
cblr-13005	667	2	see	see	VERB
cblr-13005	667	3	generally	generally	ADV
cblr-13005	667	4	richard	richard	PROPN
cblr-13005	667	5	b.	b.	PROPN
cblr-13005	667	6	stewart	stewart	PROPN
cblr-13005	667	7	,	,	PUNCT
cblr-13005	667	8	regulation	regulation	NOUN
cblr-13005	667	9	,	,	PUNCT
cblr-13005	667	10	innovation	innovation	NOUN
cblr-13005	667	11	,	,	PUNCT
cblr-13005	667	12	and	and	CCONJ
cblr-13005	667	13	administrative	administrative	ADJ
cblr-13005	667	14	law	law	NOUN
cblr-13005	667	15	:	:	PUNCT
cblr-13005	667	16	a	a	DET
cblr-13005	667	17	conceptual	conceptual	ADJ
cblr-13005	667	18	framework	framework	NOUN
cblr-13005	667	19	,	,	PUNCT
cblr-13005	667	20	69	69	NUM
cblr-13005	667	21	calif	calif	NOUN
cblr-13005	667	22	.	.	PUNCT
cblr-13005	668	1	l.	l.	PROPN
cblr-13005	668	2	rev	rev	PROPN
cblr-13005	668	3	.	.	PROPN
cblr-13005	668	4	1256	1256	NUM
cblr-13005	668	5	,	,	PUNCT
cblr-13005	668	6	1264	1264	NUM
cblr-13005	668	7	(	(	PUNCT
cblr-13005	668	8	1981	1981	NUM
cblr-13005	668	9	)	)	PUNCT
cblr-13005	668	10	.	.	PUNCT
cblr-13005	669	1	this	this	DET
cblr-13005	669	2	critique	critique	NOUN
cblr-13005	669	3	has	have	VERB
cblr-13005	669	4	less	less	ADJ
cblr-13005	669	5	force	force	NOUN
cblr-13005	669	6	when	when	SCONJ
cblr-13005	669	7	the	the	DET
cblr-13005	669	8	regulation	regulation	NOUN
cblr-13005	669	9	sets	set	VERB
cblr-13005	669	10	a	a	DET
cblr-13005	669	11	performance	performance	NOUN
cblr-13005	669	12	standard	standard	NOUN
cblr-13005	669	13	.	.	PUNCT
cblr-13005	670	1	see	see	VERB
cblr-13005	670	2	david	david	PROPN
cblr-13005	670	3	m.	m.	PROPN
cblr-13005	670	4	driesen	driesen	PROPN
cblr-13005	670	5	,	,	PUNCT
cblr-13005	670	6	does	do	AUX
cblr-13005	670	7	emissions	emission	NOUN
cblr-13005	670	8	trading	trading	NOUN
cblr-13005	670	9	encourage	encourage	VERB
cblr-13005	670	10	innovation	innovation	NOUN
cblr-13005	670	11	?	?	PUNCT
cblr-13005	670	12	,	,	PUNCT
cblr-13005	670	13	33	33	NUM
cblr-13005	670	14	env’t	env’t	NUM
cblr-13005	670	15	l.	l.	PROPN
cblr-13005	670	16	rep	rep	PROPN
cblr-13005	670	17	.	.	PROPN
cblr-13005	670	18	10094	10094	NUM
cblr-13005	670	19	(	(	PUNCT
cblr-13005	670	20	2003	2003	NUM
cblr-13005	670	21	)	)	PUNCT
cblr-13005	670	22	(	(	PUNCT
cblr-13005	670	23	drawing	draw	VERB
cblr-13005	670	24	this	this	DET
cblr-13005	670	25	distinction	distinction	NOUN
cblr-13005	670	26	)	)	PUNCT
cblr-13005	670	27	.	.	PUNCT
cblr-13005	670	28	149	149	NUM
cblr-13005	670	29	for	for	ADP
cblr-13005	670	30	arguments	argument	NOUN
cblr-13005	670	31	along	along	ADP
cblr-13005	670	32	this	this	DET
cblr-13005	670	33	line	line	NOUN
cblr-13005	670	34	directed	direct	VERB
cblr-13005	670	35	at	at	ADP
cblr-13005	670	36	environmental	environmental	ADJ
cblr-13005	670	37	regulation	regulation	NOUN
cblr-13005	670	38	,	,	PUNCT
cblr-13005	670	39	see	see	VERB
cblr-13005	670	40	nathaniel	nathaniel	PROPN
cblr-13005	670	41	o.	o.	PROPN
cblr-13005	670	42	keohane	keohane	PROPN
cblr-13005	670	43	,	,	PUNCT
cblr-13005	670	44	richard	richard	PROPN
cblr-13005	670	45	l.	l.	PROPN
cblr-13005	670	46	revesz	revesz	PROPN
cblr-13005	670	47	&	&	CCONJ
cblr-13005	670	48	robert	robert	PROPN
cblr-13005	670	49	n.	n.	PROPN
cblr-13005	670	50	stavins	stavin	VERB
cblr-13005	670	51	,	,	PUNCT
cblr-13005	670	52	the	the	DET
cblr-13005	670	53	choice	choice	NOUN
cblr-13005	670	54	of	of	ADP
cblr-13005	670	55	regulatory	regulatory	ADJ
cblr-13005	670	56	instruments	instrument	NOUN
cblr-13005	670	57	in	in	ADP
cblr-13005	670	58	environmental	environmental	ADJ
cblr-13005	670	59	policy	policy	NOUN
cblr-13005	670	60	,	,	PUNCT
cblr-13005	670	61	22	22	NUM
cblr-13005	670	62	harv	harv	NOUN
cblr-13005	670	63	.	.	PUNCT
cblr-13005	671	1	env’t	env’t	X
cblr-13005	671	2	l.	l.	PROPN
cblr-13005	671	3	rev	rev	PROPN
cblr-13005	671	4	.	.	PROPN
cblr-13005	671	5	313	313	NUM
cblr-13005	671	6	,	,	PUNCT
cblr-13005	671	7	348–50	348–50	NUM
cblr-13005	671	8	(	(	PUNCT
cblr-13005	671	9	1998	1998	NUM
cblr-13005	671	10	)	)	PUNCT
cblr-13005	671	11	(	(	PUNCT
cblr-13005	671	12	explaining	explain	VERB
cblr-13005	671	13	“	"	PUNCT
cblr-13005	671	14	why	why	SCONJ
cblr-13005	671	15	private	private	ADJ
cblr-13005	671	16	firms	firm	NOUN
cblr-13005	671	17	(	(	PUNCT
cblr-13005	671	18	and	and	CCONJ
cblr-13005	671	19	their	their	PRON
cblr-13005	671	20	trade	trade	NOUN
cblr-13005	671	21	associations	association	NOUN
cblr-13005	671	22	)	)	PUNCT
cblr-13005	671	23	may	may	AUX
cblr-13005	671	24	have	have	VERB
cblr-13005	671	25	a	a	DET
cblr-13005	671	26	strong	strong	ADJ
cblr-13005	671	27	preference	preference	NOUN
cblr-13005	671	28	for	for	ADP
cblr-13005	671	29	command	command	NOUN
cblr-13005	671	30	-	-	PUNCT
cblr-13005	671	31	and	and	CCONJ
cblr-13005	671	32	-	-	PUNCT
cblr-13005	671	33	control	control	NOUN
cblr-13005	671	34	standards	standard	NOUN
cblr-13005	671	35	,	,	PUNCT
cblr-13005	671	36	which	which	PRON
cblr-13005	671	37	may	may	AUX
cblr-13005	671	38	create	create	VERB
cblr-13005	671	39	rents	rent	NOUN
cblr-13005	671	40	,	,	PUNCT
cblr-13005	671	41	and	and	CCONJ
cblr-13005	671	42	especially	especially	ADV
cblr-13005	671	43	for	for	ADP
cblr-13005	671	44	considerably	considerably	ADV
cblr-13005	671	45	more	more	ADV
cblr-13005	671	46	stringent	stringent	ADJ
cblr-13005	671	47	command	command	NOUN
cblr-13005	671	48	-	-	PUNCT
cblr-13005	671	49	and	and	CCONJ
cblr-13005	671	50	-	-	PUNCT
cblr-13005	671	51	control	control	NOUN
cblr-13005	671	52	standards	standard	NOUN
cblr-13005	671	53	for	for	ADP
cblr-13005	671	54	new	new	ADJ
cblr-13005	671	55	pollution	pollution	NOUN
cblr-13005	671	56	sources	source	NOUN
cblr-13005	671	57	,	,	PUNCT
cblr-13005	671	58	which	which	PRON
cblr-13005	671	59	create	create	VERB
cblr-13005	671	60	barriers	barrier	NOUN
cblr-13005	671	61	to	to	ADP
cblr-13005	671	62	entry	entry	NOUN
cblr-13005	671	63	”	"	PUNCT
cblr-13005	671	64	)	)	PUNCT
cblr-13005	671	65	;	;	PUNCT
cblr-13005	671	66	todd	todd	PROPN
cblr-13005	671	67	j.	j.	PROPN
cblr-13005	671	68	zywicki	zywicki	PROPN
cblr-13005	671	69	,	,	PUNCT
cblr-13005	671	70	environmental	environmental	ADJ
cblr-13005	671	71	externalities	externality	NOUN
cblr-13005	671	72	and	and	CCONJ
cblr-13005	671	73	no	no	INTJ
cblr-13005	671	74	.	.	NOUN
cblr-13005	672	1	1	1	NUM
cblr-13005	672	2	]	]	PUNCT
cblr-13005	672	3	a	a	DET
cblr-13005	672	4	hard	hard	ADJ
cblr-13005	672	5	look	look	NOUN
cblr-13005	672	6	at	at	ADP
cblr-13005	672	7	portfolio	portfolio	NOUN
cblr-13005	672	8	focused	focused	ADJ
cblr-13005	672	9	stewardship	stewardship	NOUN
cblr-13005	672	10	365	365	NUM
cblr-13005	672	11	protect	protect	NOUN
cblr-13005	672	12	against	against	ADP
cblr-13005	672	13	this	this	PRON
cblr-13005	672	14	,	,	PUNCT
cblr-13005	672	15	and	and	CCONJ
cblr-13005	672	16	to	to	PART
cblr-13005	672	17	promote	promote	VERB
cblr-13005	672	18	efficient	efficient	ADJ
cblr-13005	672	19	lawmaking	lawmaking	NOUN
cblr-13005	672	20	more	more	ADV
cblr-13005	672	21	generally	generally	ADV
cblr-13005	672	22	.	.	PUNCT
cblr-13005	673	1	these	these	PRON
cblr-13005	673	2	include	include	VERB
cblr-13005	673	3	oversight	oversight	NOUN
cblr-13005	673	4	of	of	ADP
cblr-13005	673	5	administrative	administrative	ADJ
cblr-13005	673	6	agencies	agency	NOUN
cblr-13005	673	7	by	by	ADP
cblr-13005	673	8	democratically	democratically	ADV
cblr-13005	673	9	accountable	accountable	ADJ
cblr-13005	673	10	bodies	body	NOUN
cblr-13005	673	11	,	,	PUNCT
cblr-13005	673	12	requirements	requirement	NOUN
cblr-13005	673	13	that	that	SCONJ
cblr-13005	673	14	agencies	agency	NOUN
cblr-13005	673	15	engage	engage	VERB
cblr-13005	673	16	in	in	ADP
cblr-13005	673	17	notice	notice	NOUN
cblr-13005	673	18	-	-	PUNCT
cblr-13005	673	19	and	and	CCONJ
cblr-13005	673	20	-	-	PUNCT
cblr-13005	673	21	comment	comment	NOUN
cblr-13005	673	22	rulemaking	rulemaking	NOUN
cblr-13005	673	23	,	,	PUNCT
cblr-13005	673	24	and	and	CCONJ
cblr-13005	673	25	the	the	DET
cblr-13005	673	26	specter	specter	NOUN
cblr-13005	673	27	of	of	ADP
cblr-13005	673	28	judicial	judicial	ADJ
cblr-13005	673	29	review	review	NOUN
cblr-13005	673	30	.	.	PUNCT
cblr-13005	674	1	but	but	CCONJ
cblr-13005	674	2	,	,	PUNCT
cblr-13005	674	3	the	the	DET
cblr-13005	674	4	efficacy	efficacy	NOUN
cblr-13005	674	5	of	of	ADP
cblr-13005	674	6	these	these	DET
cblr-13005	674	7	safeguards	safeguard	NOUN
cblr-13005	674	8	is	be	AUX
cblr-13005	674	9	hotly	hotly	ADV
cblr-13005	674	10	contested	contest	VERB
cblr-13005	674	11	.	.	PUNCT
cblr-13005	675	1	regardless	regardless	ADV
cblr-13005	675	2	of	of	ADP
cblr-13005	675	3	one	one	PRON
cblr-13005	675	4	’s	’s	PART
cblr-13005	675	5	views	view	NOUN
cblr-13005	675	6	on	on	ADP
cblr-13005	675	7	the	the	DET
cblr-13005	675	8	capacity	capacity	NOUN
cblr-13005	675	9	of	of	ADP
cblr-13005	675	10	the	the	DET
cblr-13005	675	11	administrative	administrative	ADJ
cblr-13005	675	12	state	state	NOUN
cblr-13005	675	13	to	to	PART
cblr-13005	675	14	craft	craft	VERB
cblr-13005	675	15	efficient	efficient	ADJ
cblr-13005	675	16	command	command	NOUN
cblr-13005	675	17	-	-	PUNCT
cblr-13005	675	18	and	and	CCONJ
cblr-13005	675	19	-	-	PUNCT
cblr-13005	675	20	control	control	NOUN
cblr-13005	675	21	style	style	NOUN
cblr-13005	675	22	regulations	regulation	NOUN
cblr-13005	675	23	,	,	PUNCT
cblr-13005	675	24	there	there	PRON
cblr-13005	675	25	are	be	VERB
cblr-13005	675	26	good	good	ADJ
cblr-13005	675	27	reasons	reason	NOUN
cblr-13005	675	28	for	for	ADP
cblr-13005	675	29	one	one	NUM
cblr-13005	675	30	to	to	PART
cblr-13005	675	31	take	take	VERB
cblr-13005	675	32	concerns	concern	NOUN
cblr-13005	675	33	about	about	ADP
cblr-13005	675	34	the	the	DET
cblr-13005	675	35	informational	informational	ADJ
cblr-13005	675	36	burden	burden	NOUN
cblr-13005	675	37	this	this	DET
cblr-13005	675	38	sort	sort	NOUN
cblr-13005	675	39	of	of	ADP
cblr-13005	675	40	regulation	regulation	NOUN
cblr-13005	675	41	places	place	NOUN
cblr-13005	675	42	on	on	ADP
cblr-13005	675	43	lawmakers	lawmaker	NOUN
cblr-13005	675	44	more	more	ADV
cblr-13005	675	45	seriously	seriously	ADV
cblr-13005	675	46	in	in	ADP
cblr-13005	675	47	the	the	DET
cblr-13005	675	48	context	context	NOUN
cblr-13005	675	49	of	of	ADP
cblr-13005	675	50	portfolio	portfolio	NOUN
cblr-13005	675	51	-	-	PUNCT
cblr-13005	675	52	focused	focus	VERB
cblr-13005	675	53	stewardship	stewardship	NOUN
cblr-13005	675	54	.	.	PUNCT
cblr-13005	676	1	index	index	NOUN
cblr-13005	676	2	fund	fund	NOUN
cblr-13005	676	3	managers	manager	NOUN
cblr-13005	676	4	have	have	VERB
cblr-13005	676	5	nothing	nothing	PRON
cblr-13005	676	6	akin	akin	ADJ
cblr-13005	676	7	the	the	DET
cblr-13005	676	8	expertise	expertise	NOUN
cblr-13005	676	9	of	of	ADP
cblr-13005	676	10	the	the	DET
cblr-13005	676	11	administrative	administrative	ADJ
cblr-13005	676	12	state	state	NOUN
cblr-13005	676	13	at	at	ADP
cblr-13005	676	14	their	their	PRON
cblr-13005	676	15	disposal	disposal	NOUN
cblr-13005	676	16	to	to	PART
cblr-13005	676	17	assist	assist	VERB
cblr-13005	676	18	them	they	PRON
cblr-13005	676	19	in	in	ADP
cblr-13005	676	20	gathering	gather	VERB
cblr-13005	676	21	and	and	CCONJ
cblr-13005	676	22	analyzing	analyze	VERB
cblr-13005	676	23	the	the	DET
cblr-13005	676	24	information	information	NOUN
cblr-13005	676	25	needed	need	VERB
cblr-13005	676	26	to	to	PART
cblr-13005	676	27	judge	judge	VERB
cblr-13005	676	28	whether	whether	SCONJ
cblr-13005	676	29	a	a	DET
cblr-13005	676	30	command	command	NOUN
cblr-13005	676	31	-	-	PUNCT
cblr-13005	676	32	and	and	CCONJ
cblr-13005	676	33	-	-	PUNCT
cblr-13005	676	34	control	control	NOUN
cblr-13005	676	35	style	style	NOUN
cblr-13005	676	36	stewardship	stewardship	NOUN
cblr-13005	676	37	intervention	intervention	NOUN
cblr-13005	676	38	is	be	AUX
cblr-13005	676	39	likely	likely	ADJ
cblr-13005	676	40	to	to	PART
cblr-13005	676	41	increase	increase	VERB
cblr-13005	676	42	risk	risk	NOUN
cblr-13005	676	43	-	-	PUNCT
cblr-13005	676	44	adjusted	adjust	VERB
cblr-13005	676	45	portfolio	portfolio	NOUN
cblr-13005	676	46	value.150	value.150	NOUN
cblr-13005	676	47	this	this	PRON
cblr-13005	676	48	means	mean	VERB
cblr-13005	676	49	they	they	PRON
cblr-13005	676	50	would	would	AUX
cblr-13005	676	51	have	have	VERB
cblr-13005	676	52	to	to	PART
cblr-13005	676	53	develop	develop	VERB
cblr-13005	676	54	or	or	CCONJ
cblr-13005	676	55	hire	hire	VERB
cblr-13005	676	56	the	the	DET
cblr-13005	676	57	requisite	requisite	ADJ
cblr-13005	676	58	expertise	expertise	NOUN
cblr-13005	676	59	if	if	SCONJ
cblr-13005	676	60	they	they	PRON
cblr-13005	676	61	wanted	want	VERB
cblr-13005	676	62	to	to	PART
cblr-13005	676	63	make	make	VERB
cblr-13005	676	64	intelligent	intelligent	ADJ
cblr-13005	676	65	decisions	decision	NOUN
cblr-13005	676	66	—	—	PUNCT
cblr-13005	676	67	something	something	PRON
cblr-13005	676	68	that	that	PRON
cblr-13005	676	69	cuts	cut	VERB
cblr-13005	676	70	against	against	ADP
cblr-13005	676	71	their	their	PRON
cblr-13005	676	72	financial	financial	ADJ
cblr-13005	676	73	incentives	incentive	NOUN
cblr-13005	676	74	to	to	PART
cblr-13005	676	75	keep	keep	VERB
cblr-13005	676	76	costs	cost	NOUN
cblr-13005	676	77	low.151	low.151	NOUN
cblr-13005	676	78	as	as	SCONJ
cblr-13005	676	79	already	already	ADV
cblr-13005	676	80	discussed	discuss	VERB
cblr-13005	676	81	,	,	PUNCT
cblr-13005	676	82	the	the	DET
cblr-13005	676	83	assistance	assistance	NOUN
cblr-13005	676	84	that	that	PRON
cblr-13005	676	85	esg	esg	PROPN
cblr-13005	676	86	activists	activist	NOUN
cblr-13005	676	87	political	political	ADJ
cblr-13005	676	88	externalities	externality	NOUN
cblr-13005	676	89	:	:	PUNCT
cblr-13005	676	90	the	the	DET
cblr-13005	676	91	political	political	ADJ
cblr-13005	676	92	economy	economy	NOUN
cblr-13005	676	93	of	of	ADP
cblr-13005	676	94	environmental	environmental	ADJ
cblr-13005	676	95	regulation	regulation	NOUN
cblr-13005	676	96	and	and	CCONJ
cblr-13005	676	97	reform	reform	NOUN
cblr-13005	676	98	,	,	PUNCT
cblr-13005	676	99	73	73	NUM
cblr-13005	676	100	tul	tul	NOUN
cblr-13005	676	101	.	.	PUNCT
cblr-13005	676	102	l.	l.	PROPN
cblr-13005	676	103	rev	rev	PROPN
cblr-13005	676	104	.	.	PROPN
cblr-13005	676	105	845	845	NUM
cblr-13005	676	106	,	,	PUNCT
cblr-13005	676	107	911	911	NUM
cblr-13005	676	108	(	(	PUNCT
cblr-13005	676	109	1999	1999	NUM
cblr-13005	676	110	)	)	PUNCT
cblr-13005	676	111	(	(	PUNCT
cblr-13005	676	112	arguing	argue	VERB
cblr-13005	676	113	that	that	SCONJ
cblr-13005	676	114	“	"	PUNCT
cblr-13005	676	115	[	[	X
cblr-13005	676	116	l]arge	l]arge	NOUN
cblr-13005	676	117	,	,	PUNCT
cblr-13005	676	118	politically	politically	ADV
cblr-13005	676	119	connected	connected	ADJ
cblr-13005	676	120	corporations	corporation	NOUN
cblr-13005	676	121	and	and	CCONJ
cblr-13005	676	122	industries	industry	NOUN
cblr-13005	676	123	”	"	PUNCT
cblr-13005	676	124	use	use	VERB
cblr-13005	676	125	command	command	NOUN
cblr-13005	676	126	-	-	PUNCT
cblr-13005	676	127	and	and	CCONJ
cblr-13005	676	128	-	-	PUNCT
cblr-13005	676	129	control	control	NOUN
cblr-13005	676	130	style	style	NOUN
cblr-13005	676	131	environmental	environmental	ADJ
cblr-13005	676	132	regulation	regulation	NOUN
cblr-13005	676	133	“	"	PUNCT
cblr-13005	676	134	as	as	ADP
cblr-13005	676	135	a	a	DET
cblr-13005	676	136	method	method	NOUN
cblr-13005	676	137	to	to	PART
cblr-13005	676	138	impose	impose	VERB
cblr-13005	676	139	costs	cost	NOUN
cblr-13005	676	140	on	on	ADP
cblr-13005	676	141	and	and	CCONJ
cblr-13005	676	142	create	create	VERB
cblr-13005	676	143	barriers	barrier	NOUN
cblr-13005	676	144	to	to	ADP
cblr-13005	676	145	entry	entry	NOUN
cblr-13005	676	146	for	for	ADP
cblr-13005	676	147	new	new	ADJ
cblr-13005	676	148	,	,	PUNCT
cblr-13005	676	149	smaller	small	ADJ
cblr-13005	676	150	businesses	business	NOUN
cblr-13005	676	151	”	"	PUNCT
cblr-13005	676	152	)	)	PUNCT
cblr-13005	676	153	.	.	PUNCT
cblr-13005	677	1	150	150	NUM
cblr-13005	677	2	see	see	VERB
cblr-13005	677	3	,	,	PUNCT
cblr-13005	677	4	e.g.	e.g.	ADV
cblr-13005	677	5	,	,	PUNCT
cblr-13005	677	6	lund	lund	PROPN
cblr-13005	677	7	,	,	PUNCT
cblr-13005	677	8	supra	supra	PROPN
cblr-13005	677	9	note	note	PROPN
cblr-13005	677	10	19	19	NUM
cblr-13005	677	11	,	,	PUNCT
cblr-13005	677	12	at	at	ADP
cblr-13005	677	13	141	141	NUM
cblr-13005	677	14	(	(	PUNCT
cblr-13005	677	15	observing	observe	VERB
cblr-13005	677	16	that	that	SCONJ
cblr-13005	677	17	“	"	PUNCT
cblr-13005	677	18	the	the	DET
cblr-13005	677	19	people	people	NOUN
cblr-13005	677	20	at	at	ADP
cblr-13005	677	21	the	the	DET
cblr-13005	677	22	big	big	ADJ
cblr-13005	677	23	three	three	NUM
cblr-13005	677	24	who	who	PRON
cblr-13005	677	25	make	make	VERB
cblr-13005	677	26	the	the	DET
cblr-13005	677	27	rules	rule	NOUN
cblr-13005	677	28	are	be	AUX
cblr-13005	677	29	salaried	salary	VERB
cblr-13005	677	30	employees	employee	NOUN
cblr-13005	677	31	with	with	ADP
cblr-13005	677	32	backgrounds	background	NOUN
cblr-13005	677	33	in	in	ADP
cblr-13005	677	34	investing	investing	NOUN
cblr-13005	677	35	and	and	CCONJ
cblr-13005	677	36	corporate	corporate	ADJ
cblr-13005	677	37	governance	governance	NOUN
cblr-13005	677	38	,	,	PUNCT
cblr-13005	677	39	”	"	PUNCT
cblr-13005	677	40	and	and	CCONJ
cblr-13005	677	41	thus	thus	ADV
cblr-13005	677	42	“	"	PUNCT
cblr-13005	677	43	lack	lack	NOUN
cblr-13005	677	44	expertise	expertise	NOUN
cblr-13005	677	45	in	in	ADP
cblr-13005	677	46	regulatory	regulatory	ADJ
cblr-13005	677	47	policy	policy	NOUN
cblr-13005	677	48	that	that	PRON
cblr-13005	677	49	seasoned	season	VERB
cblr-13005	677	50	public	public	ADJ
cblr-13005	677	51	officials	official	NOUN
cblr-13005	677	52	bring	bring	VERB
cblr-13005	677	53	to	to	ADP
cblr-13005	677	54	the	the	DET
cblr-13005	677	55	table	table	NOUN
cblr-13005	677	56	”	"	PUNCT
cblr-13005	677	57	)	)	PUNCT
cblr-13005	677	58	;	;	PUNCT
cblr-13005	677	59	see	see	VERB
cblr-13005	677	60	also	also	ADV
cblr-13005	677	61	enriques	enrique	NOUN
cblr-13005	677	62	&	&	CCONJ
cblr-13005	677	63	romano	romano	NOUN
cblr-13005	677	64	,	,	PUNCT
cblr-13005	677	65	supra	supra	PROPN
cblr-13005	677	66	note	note	NOUN
cblr-13005	677	67	41	41	NUM
cblr-13005	677	68	,	,	PUNCT
cblr-13005	677	69	at	at	ADP
cblr-13005	677	70	18	18	NUM
cblr-13005	677	71	(	(	PUNCT
cblr-13005	677	72	“	"	PUNCT
cblr-13005	677	73	estimating	estimate	VERB
cblr-13005	677	74	interfirm	interfirm	NOUN
cblr-13005	677	75	spillovers	spillover	NOUN
cblr-13005	677	76	can	can	AUX
cblr-13005	677	77	be	be	AUX
cblr-13005	677	78	a	a	DET
cblr-13005	677	79	very	very	ADV
cblr-13005	677	80	complex	complex	ADJ
cblr-13005	677	81	endeavor	endeavor	NOUN
cblr-13005	677	82	,	,	PUNCT
cblr-13005	677	83	especially	especially	ADV
cblr-13005	677	84	for	for	ADP
cblr-13005	677	85	institutional	institutional	ADJ
cblr-13005	677	86	investors	investor	NOUN
cblr-13005	677	87	that	that	PRON
cblr-13005	677	88	hold	hold	VERB
cblr-13005	677	89	stakes	stake	NOUN
cblr-13005	677	90	in	in	ADP
cblr-13005	677	91	thousands	thousand	NOUN
cblr-13005	677	92	of	of	ADP
cblr-13005	677	93	corporations	corporation	NOUN
cblr-13005	677	94	”	"	PUNCT
cblr-13005	677	95	)	)	PUNCT
cblr-13005	677	96	.	.	PUNCT
cblr-13005	678	1	151	151	NUM
cblr-13005	678	2	see	see	VERB
cblr-13005	678	3	supra	supra	PROPN
cblr-13005	678	4	note	note	NOUN
cblr-13005	678	5	71	71	NUM
cblr-13005	678	6	and	and	CCONJ
cblr-13005	678	7	accompanying	accompany	VERB
cblr-13005	678	8	text	text	NOUN
cblr-13005	678	9	;	;	PUNCT
cblr-13005	678	10	see	see	VERB
cblr-13005	678	11	also	also	ADV
cblr-13005	678	12	lund	lund	PROPN
cblr-13005	678	13	,	,	PUNCT
cblr-13005	678	14	supra	supra	PROPN
cblr-13005	678	15	note	note	PROPN
cblr-13005	678	16	19	19	NUM
cblr-13005	678	17	,	,	PUNCT
cblr-13005	678	18	at	at	ADP
cblr-13005	678	19	141–42	141–42	PROPN
cblr-13005	678	20	&	&	CCONJ
cblr-13005	678	21	n.	n.	PROPN
cblr-13005	678	22	318	318	NUM
cblr-13005	678	23	(	(	PUNCT
cblr-13005	678	24	“	"	PUNCT
cblr-13005	678	25	[	[	X
cblr-13005	678	26	t]he	t]he	ADV
cblr-13005	678	27	big	big	ADJ
cblr-13005	678	28	three	three	NUM
cblr-13005	678	29	devote	devote	VERB
cblr-13005	678	30	far	far	ADV
cblr-13005	678	31	fewer	few	ADJ
cblr-13005	678	32	staff	staff	NOUN
cblr-13005	678	33	and	and	CCONJ
cblr-13005	678	34	resources	resource	NOUN
cblr-13005	678	35	to	to	PART
cblr-13005	678	36	stewardship	stewardship	VERB
cblr-13005	678	37	than	than	ADP
cblr-13005	678	38	the	the	DET
cblr-13005	678	39	typical	typical	ADJ
cblr-13005	678	40	administrative	administrative	ADJ
cblr-13005	678	41	agency	agency	NOUN
cblr-13005	678	42	.	.	PUNCT
cblr-13005	678	43	”	"	PUNCT
cblr-13005	678	44	)	)	PUNCT
cblr-13005	678	45	.	.	PUNCT
cblr-13005	679	1	the	the	DET
cblr-13005	679	2	big	big	ADJ
cblr-13005	679	3	three	three	NUM
cblr-13005	679	4	rarely	rarely	ADV
cblr-13005	679	5	even	even	ADV
cblr-13005	679	6	provide	provide	VERB
cblr-13005	679	7	comments	comment	NOUN
cblr-13005	679	8	on	on	ADP
cblr-13005	679	9	sec	sec	PROPN
cblr-13005	679	10	proposed	propose	VERB
cblr-13005	679	11	rules	rule	NOUN
cblr-13005	679	12	that	that	PRON
cblr-13005	679	13	will	will	AUX
cblr-13005	679	14	impact	impact	VERB
cblr-13005	679	15	portfolio	portfolio	NOUN
cblr-13005	679	16	value	value	NOUN
cblr-13005	679	17	,	,	PUNCT
cblr-13005	679	18	or	or	CCONJ
cblr-13005	679	19	chime	chime	VERB
cblr-13005	679	20	in	in	ADP
cblr-13005	679	21	as	as	ADP
cblr-13005	679	22	amicus	amicus	NOUN
cblr-13005	679	23	curiae	curiae	NOUN
cblr-13005	679	24	in	in	ADP
cblr-13005	679	25	significant	significant	ADJ
cblr-13005	679	26	litigation	litigation	NOUN
cblr-13005	679	27	.	.	PUNCT
cblr-13005	680	1	bebchuk	bebchuk	PROPN
cblr-13005	680	2	&	&	CCONJ
cblr-13005	680	3	hirst	hirst	PROPN
cblr-13005	680	4	,	,	PUNCT
cblr-13005	680	5	index	index	NOUN
cblr-13005	680	6	funds	fund	NOUN
cblr-13005	680	7	and	and	CCONJ
cblr-13005	680	8	the	the	DET
cblr-13005	680	9	future	future	NOUN
cblr-13005	680	10	of	of	ADP
cblr-13005	680	11	corporate	corporate	ADJ
cblr-13005	680	12	governance	governance	NOUN
cblr-13005	680	13	,	,	PUNCT
cblr-13005	680	14	supra	supra	PROPN
cblr-13005	680	15	note	note	NOUN
cblr-13005	680	16	16	16	NUM
cblr-13005	680	17	,	,	PUNCT
cblr-13005	680	18	at	at	ADP
cblr-13005	680	19	2095–2112	2095–2112	NUM
cblr-13005	680	20	;	;	PUNCT
cblr-13005	680	21	but	but	CCONJ
cblr-13005	680	22	see	see	VERB
cblr-13005	680	23	fisch	fisch	PROPN
cblr-13005	680	24	,	,	PUNCT
cblr-13005	680	25	et	et	PROPN
cblr-13005	680	26	al	al	PROPN
cblr-13005	680	27	.	.	PROPN
cblr-13005	680	28	,	,	PUNCT
cblr-13005	680	29	supra	supra	PROPN
cblr-13005	680	30	note	note	PROPN
cblr-13005	680	31	85	85	NUM
cblr-13005	680	32	,	,	PUNCT
cblr-13005	680	33	at	at	ADP
cblr-13005	680	34	54–55	54–55	NUM
cblr-13005	680	35	(	(	PUNCT
cblr-13005	680	36	presenting	present	VERB
cblr-13005	680	37	data	datum	NOUN
cblr-13005	680	38	that	that	SCONJ
cblr-13005	680	39	the	the	DET
cblr-13005	680	40	authors	author	NOUN
cblr-13005	680	41	contend	contend	VERB
cblr-13005	680	42	demonstrate	demonstrate	NOUN
cblr-13005	680	43	index	index	NOUN
cblr-13005	680	44	fund	fund	NOUN
cblr-13005	680	45	managers	manager	NOUN
cblr-13005	680	46	’	'	PUNCT
cblr-13005	680	47	active	active	ADJ
cblr-13005	680	48	366	366	NUM
cblr-13005	680	49	columbia	columbia	PROPN
cblr-13005	680	50	business	business	NOUN
cblr-13005	680	51	law	law	PROPN
cblr-13005	680	52	review	review	NOUN
cblr-13005	681	1	[	[	X
cblr-13005	681	2	vol	vol	NOUN
cblr-13005	681	3	.	.	NOUN
cblr-13005	681	4	2024	2024	NUM
cblr-13005	681	5	and	and	CCONJ
cblr-13005	681	6	investor	investor	NOUN
cblr-13005	681	7	coalitions	coalition	NOUN
cblr-13005	681	8	might	might	AUX
cblr-13005	681	9	offer	offer	VERB
cblr-13005	681	10	is	be	AUX
cblr-13005	681	11	limited	limit	VERB
cblr-13005	681	12	in	in	ADP
cblr-13005	681	13	important	important	ADJ
cblr-13005	681	14	ways.152	ways.152	PROPN
cblr-13005	681	15	moreover	moreover	ADV
cblr-13005	681	16	,	,	PUNCT
cblr-13005	681	17	index	index	NOUN
cblr-13005	681	18	fund	fund	NOUN
cblr-13005	681	19	managers	manager	NOUN
cblr-13005	681	20	who	who	PRON
cblr-13005	681	21	cut	cut	VERB
cblr-13005	681	22	corners	corner	NOUN
cblr-13005	681	23	or	or	CCONJ
cblr-13005	681	24	allow	allow	VERB
cblr-13005	681	25	self	self	NOUN
cblr-13005	681	26	-	-	PUNCT
cblr-13005	681	27	interest	interest	NOUN
cblr-13005	681	28	to	to	PART
cblr-13005	681	29	infect	infect	VERB
cblr-13005	681	30	their	their	PRON
cblr-13005	681	31	decisions	decision	NOUN
cblr-13005	681	32	face	face	VERB
cblr-13005	681	33	far	far	ADV
cblr-13005	681	34	less	less	ADJ
cblr-13005	681	35	accountability	accountability	NOUN
cblr-13005	681	36	than	than	SCONJ
cblr-13005	681	37	government	government	NOUN
cblr-13005	681	38	actors.153	actors.153	VERB
cblr-13005	681	39	index	index	NOUN
cblr-13005	681	40	fund	fund	NOUN
cblr-13005	681	41	shareholders	shareholder	NOUN
cblr-13005	681	42	lack	lack	VERB
cblr-13005	681	43	meaningful	meaningful	ADJ
cblr-13005	681	44	voting	voting	NOUN
cblr-13005	681	45	rights.154	rights.154	VERB
cblr-13005	681	46	the	the	DET
cblr-13005	681	47	policies	policy	NOUN
cblr-13005	681	48	index	index	NOUN
cblr-13005	681	49	fund	fund	NOUN
cblr-13005	681	50	managers	manager	NOUN
cblr-13005	681	51	adopt	adopt	VERB
cblr-13005	681	52	are	be	AUX
cblr-13005	681	53	not	not	PART
cblr-13005	681	54	subject	subject	ADJ
cblr-13005	681	55	to	to	ADP
cblr-13005	681	56	anything	anything	PRON
cblr-13005	681	57	resembling	resemble	VERB
cblr-13005	681	58	notice	notice	NOUN
cblr-13005	681	59	-	-	PUNCT
cblr-13005	681	60	and	and	CCONJ
cblr-13005	681	61	-	-	PUNCT
cblr-13005	681	62	comment	comment	NOUN
cblr-13005	681	63	rulemaking	rulemaking	NOUN
cblr-13005	681	64	.	.	PUNCT
cblr-13005	682	1	judicial	judicial	ADJ
cblr-13005	682	2	review	review	NOUN
cblr-13005	682	3	is	be	AUX
cblr-13005	682	4	weak	weak	ADJ
cblr-13005	682	5	—	—	PUNCT
cblr-13005	682	6	while	while	SCONJ
cblr-13005	682	7	index	index	NOUN
cblr-13005	682	8	fund	fund	NOUN
cblr-13005	682	9	managers	manager	NOUN
cblr-13005	682	10	technically	technically	ADV
cblr-13005	682	11	owe	owe	VERB
cblr-13005	682	12	fiduciary	fiduciary	ADJ
cblr-13005	682	13	duties	duty	NOUN
cblr-13005	682	14	to	to	ADP
cblr-13005	682	15	the	the	DET
cblr-13005	682	16	funds	fund	NOUN
cblr-13005	682	17	they	they	PRON
cblr-13005	682	18	manage	manage	VERB
cblr-13005	682	19	,	,	PUNCT
cblr-13005	682	20	they	they	PRON
cblr-13005	682	21	face	face	VERB
cblr-13005	682	22	essentially	essentially	ADV
cblr-13005	682	23	no	no	DET
cblr-13005	682	24	liability	liability	NOUN
cblr-13005	682	25	risk	risk	NOUN
cblr-13005	682	26	for	for	SCONJ
cblr-13005	682	27	their	their	PRON
cblr-13005	682	28	stewardship	stewardship	NOUN
cblr-13005	682	29	decisions.155	decisions.155	PROPN
cblr-13005	682	30	index	index	NOUN
cblr-13005	682	31	fund	fund	NOUN
cblr-13005	682	32	investors	investor	NOUN
cblr-13005	682	33	do	do	AUX
cblr-13005	682	34	have	have	VERB
cblr-13005	682	35	the	the	DET
cblr-13005	682	36	capacity	capacity	NOUN
cblr-13005	682	37	to	to	PART
cblr-13005	682	38	discipline	discipline	VERB
cblr-13005	682	39	a	a	DET
cblr-13005	682	40	fund	fund	NOUN
cblr-13005	682	41	manager	manager	NOUN
cblr-13005	682	42	who	who	PRON
cblr-13005	682	43	engages	engage	VERB
cblr-13005	682	44	in	in	ADP
cblr-13005	682	45	value	value	NOUN
cblr-13005	682	46	-	-	PUNCT
cblr-13005	682	47	destroying	destroy	VERB
cblr-13005	682	48	stewardship	stewardship	NOUN
cblr-13005	682	49	activities	activity	NOUN
cblr-13005	682	50	by	by	ADP
cblr-13005	682	51	switching	switch	VERB
cblr-13005	682	52	to	to	ADP
cblr-13005	682	53	a	a	DET
cblr-13005	682	54	fund	fund	NOUN
cblr-13005	682	55	with	with	ADP
cblr-13005	682	56	a	a	DET
cblr-13005	682	57	different	different	ADJ
cblr-13005	682	58	advisor	advisor	NOUN
cblr-13005	682	59	,	,	PUNCT
cblr-13005	682	60	thereby	thereby	ADV
cblr-13005	682	61	reducing	reduce	VERB
cblr-13005	682	62	the	the	DET
cblr-13005	682	63	fund	fund	NOUN
cblr-13005	682	64	manager	manager	NOUN
cblr-13005	682	65	’s	’s	PART
cblr-13005	682	66	compensation	compensation	NOUN
cblr-13005	682	67	by	by	ADP
cblr-13005	682	68	lowering	lower	VERB
cblr-13005	682	69	the	the	DET
cblr-13005	682	70	value	value	NOUN
cblr-13005	682	71	of	of	ADP
cblr-13005	682	72	its	its	PRON
cblr-13005	682	73	assets	asset	NOUN
cblr-13005	682	74	under	under	ADP
cblr-13005	682	75	management	management	NOUN
cblr-13005	682	76	.	.	PUNCT
cblr-13005	683	1	but	but	CCONJ
cblr-13005	683	2	index	index	NOUN
cblr-13005	683	3	fund	fund	NOUN
cblr-13005	683	4	investors	investor	NOUN
cblr-13005	683	5	are	be	AUX
cblr-13005	683	6	rationally	rationally	ADV
cblr-13005	683	7	apathetic	apathetic	ADJ
cblr-13005	683	8	and	and	CCONJ
cblr-13005	683	9	can	can	AUX
cblr-13005	683	10	not	not	PART
cblr-13005	683	11	be	be	AUX
cblr-13005	683	12	expected	expect	VERB
cblr-13005	683	13	to	to	PART
cblr-13005	683	14	pay	pay	VERB
cblr-13005	683	15	attention	attention	NOUN
cblr-13005	683	16	to	to	ADP
cblr-13005	683	17	stewardship.156	stewardship.156	PROPN
cblr-13005	683	18	moreover	moreover	ADV
cblr-13005	683	19	,	,	PUNCT
cblr-13005	683	20	command	command	NOUN
cblr-13005	683	21	-	-	PUNCT
cblr-13005	683	22	and	and	CCONJ
cblr-13005	683	23	-	-	PUNCT
cblr-13005	683	24	control	control	NOUN
cblr-13005	683	25	style	style	NOUN
cblr-13005	683	26	portfolio	portfolio	NOUN
cblr-13005	683	27	stewardship	stewardship	NOUN
cblr-13005	683	28	engagement	engagement	NOUN
cblr-13005	683	29	in	in	ADP
cblr-13005	683	30	policy	policy	NOUN
cblr-13005	683	31	discussions	discussion	NOUN
cblr-13005	683	32	related	relate	VERB
cblr-13005	683	33	to	to	ADP
cblr-13005	683	34	investor	investor	NOUN
cblr-13005	683	35	voice	voice	NOUN
cblr-13005	683	36	as	as	ADV
cblr-13005	683	37	well	well	ADV
cblr-13005	683	38	as	as	ADP
cblr-13005	683	39	issues	issue	NOUN
cblr-13005	683	40	beyond	beyond	ADP
cblr-13005	683	41	corporate	corporate	ADJ
cblr-13005	683	42	governance	governance	NOUN
cblr-13005	683	43	)	)	PUNCT
cblr-13005	683	44	.	.	PUNCT
cblr-13005	684	1	152	152	NUM
cblr-13005	684	2	see	see	VERB
cblr-13005	684	3	supra	supra	PROPN
cblr-13005	684	4	notes	note	NOUN
cblr-13005	684	5	94–97	94–97	NUM
cblr-13005	684	6	and	and	CCONJ
cblr-13005	684	7	accompanying	accompany	VERB
cblr-13005	684	8	text	text	NOUN
cblr-13005	684	9	.	.	PUNCT
cblr-13005	685	1	153	153	NUM
cblr-13005	685	2	see	see	NOUN
cblr-13005	685	3	,	,	PUNCT
cblr-13005	685	4	e.g.	e.g.	ADV
cblr-13005	685	5	,	,	PUNCT
cblr-13005	685	6	lund	lund	PROPN
cblr-13005	685	7	,	,	PUNCT
cblr-13005	685	8	supra	supra	PROPN
cblr-13005	685	9	note	note	PROPN
cblr-13005	685	10	19	19	NUM
cblr-13005	685	11	,	,	PUNCT
cblr-13005	685	12	at	at	ADP
cblr-13005	685	13	129	129	NUM
cblr-13005	685	14	(	(	PUNCT
cblr-13005	685	15	“	"	PUNCT
cblr-13005	685	16	[	[	X
cblr-13005	685	17	t]he	t]he	ADV
cblr-13005	685	18	big	big	ADJ
cblr-13005	685	19	three	three	NUM
cblr-13005	685	20	’s	’s	PART
cblr-13005	685	21	regulatory	regulatory	ADJ
cblr-13005	685	22	power	power	NOUN
cblr-13005	685	23	exceeds	exceed	VERB
cblr-13005	685	24	that	that	PRON
cblr-13005	685	25	of	of	ADP
cblr-13005	685	26	the	the	DET
cblr-13005	685	27	typical	typical	ADJ
cblr-13005	685	28	government	government	NOUN
cblr-13005	685	29	agency	agency	NOUN
cblr-13005	685	30	,	,	PUNCT
cblr-13005	685	31	despite	despite	SCONJ
cblr-13005	685	32	a	a	DET
cblr-13005	685	33	near	near	ADJ
cblr-13005	685	34	total	total	ADJ
cblr-13005	685	35	lack	lack	NOUN
cblr-13005	685	36	of	of	ADP
cblr-13005	685	37	oversight	oversight	NOUN
cblr-13005	685	38	.	.	PUNCT
cblr-13005	685	39	”	"	PUNCT
cblr-13005	685	40	)	)	PUNCT
cblr-13005	685	41	.	.	PUNCT
cblr-13005	686	1	154	154	NUM
cblr-13005	686	2	see	see	VERB
cblr-13005	686	3	morley	morley	PROPN
cblr-13005	686	4	&	&	CCONJ
cblr-13005	686	5	curtis	curtis	PROPN
cblr-13005	686	6	,	,	PUNCT
cblr-13005	686	7	supra	supra	PROPN
cblr-13005	686	8	note	note	PROPN
cblr-13005	686	9	66	66	NUM
cblr-13005	686	10	,	,	PUNCT
cblr-13005	686	11	at	at	ADP
cblr-13005	686	12	92–93	92–93	NUM
cblr-13005	686	13	,	,	PUNCT
cblr-13005	686	14	106–08	106–08	NUM
cblr-13005	686	15	.	.	NOUN
cblr-13005	686	16	155	155	NUM
cblr-13005	686	17	see	see	VERB
cblr-13005	686	18	supra	supra	PROPN
cblr-13005	686	19	note	note	PROPN
cblr-13005	686	20	67	67	NUM
cblr-13005	686	21	.	.	PUNCT
cblr-13005	687	1	156	156	NUM
cblr-13005	687	2	see	see	NOUN
cblr-13005	687	3	,	,	PUNCT
cblr-13005	687	4	e.g.	e.g.	ADV
cblr-13005	687	5	,	,	PUNCT
cblr-13005	687	6	bebchuk	bebchuk	PROPN
cblr-13005	687	7	&	&	CCONJ
cblr-13005	687	8	hirst	hirst	PROPN
cblr-13005	687	9	,	,	PUNCT
cblr-13005	687	10	index	index	NOUN
cblr-13005	687	11	funds	fund	NOUN
cblr-13005	687	12	and	and	CCONJ
cblr-13005	687	13	the	the	DET
cblr-13005	687	14	future	future	NOUN
cblr-13005	687	15	of	of	ADP
cblr-13005	687	16	corporate	corporate	ADJ
cblr-13005	687	17	governance	governance	NOUN
cblr-13005	687	18	,	,	PUNCT
cblr-13005	687	19	supra	supra	PROPN
cblr-13005	687	20	note	note	NOUN
cblr-13005	687	21	16	16	NUM
cblr-13005	687	22	,	,	PUNCT
cblr-13005	687	23	at	at	ADP
cblr-13005	687	24	2073	2073	NUM
cblr-13005	687	25	(	(	PUNCT
cblr-13005	687	26	“	"	PUNCT
cblr-13005	687	27	[	[	X
cblr-13005	687	28	m]ost	m]ost	NOUN
cblr-13005	687	29	investors	investor	NOUN
cblr-13005	687	30	are	be	AUX
cblr-13005	687	31	unlikely	unlikely	ADJ
cblr-13005	687	32	to	to	PART
cblr-13005	687	33	have	have	VERB
cblr-13005	687	34	sufficient	sufficient	ADJ
cblr-13005	687	35	expertise	expertise	NOUN
cblr-13005	687	36	or	or	CCONJ
cblr-13005	687	37	resources	resource	NOUN
cblr-13005	687	38	to	to	PART
cblr-13005	687	39	evaluate	evaluate	VERB
cblr-13005	687	40	the	the	DET
cblr-13005	687	41	many	many	ADJ
cblr-13005	687	42	stewardship	stewardship	NOUN
cblr-13005	687	43	decisions	decision	NOUN
cblr-13005	687	44	made	make	VERB
cblr-13005	687	45	by	by	ADP
cblr-13005	687	46	index	index	NOUN
cblr-13005	687	47	fund	fund	NOUN
cblr-13005	687	48	managers	manager	NOUN
cblr-13005	687	49	.	.	PUNCT
cblr-13005	687	50	”	"	PUNCT
cblr-13005	687	51	)	)	PUNCT
cblr-13005	687	52	.	.	PUNCT
cblr-13005	688	1	even	even	ADV
cblr-13005	688	2	if	if	SCONJ
cblr-13005	688	3	index	index	NOUN
cblr-13005	688	4	fund	fund	NOUN
cblr-13005	688	5	investors	investor	NOUN
cblr-13005	688	6	did	do	AUX
cblr-13005	688	7	pay	pay	VERB
cblr-13005	688	8	attention	attention	NOUN
cblr-13005	688	9	to	to	ADP
cblr-13005	688	10	stewardship	stewardship	NOUN
cblr-13005	688	11	,	,	PUNCT
cblr-13005	688	12	switching	switch	VERB
cblr-13005	688	13	can	can	AUX
cblr-13005	688	14	be	be	AUX
cblr-13005	688	15	costly	costly	ADJ
cblr-13005	688	16	.	.	PUNCT
cblr-13005	689	1	company	company	NOUN
cblr-13005	689	2	401(k	401(k	PROPN
cblr-13005	689	3	)	)	PUNCT
cblr-13005	689	4	plans	plan	NOUN
cblr-13005	689	5	usually	usually	ADV
cblr-13005	689	6	do	do	AUX
cblr-13005	689	7	not	not	PART
cblr-13005	689	8	offer	offer	VERB
cblr-13005	689	9	employees	employee	NOUN
cblr-13005	689	10	multiple	multiple	ADJ
cblr-13005	689	11	competing	compete	VERB
cblr-13005	689	12	funds	fund	NOUN
cblr-13005	689	13	of	of	ADP
cblr-13005	689	14	the	the	DET
cblr-13005	689	15	same	same	ADJ
cblr-13005	689	16	type	type	NOUN
cblr-13005	689	17	to	to	PART
cblr-13005	689	18	choose	choose	VERB
cblr-13005	689	19	from	from	ADP
cblr-13005	689	20	.	.	PUNCT
cblr-13005	690	1	moreover	moreover	ADV
cblr-13005	690	2	,	,	PUNCT
cblr-13005	690	3	if	if	SCONJ
cblr-13005	690	4	the	the	DET
cblr-13005	690	5	big	big	ADJ
cblr-13005	690	6	three	three	NUM
cblr-13005	690	7	take	take	VERB
cblr-13005	690	8	the	the	DET
cblr-13005	690	9	same	same	ADJ
cblr-13005	690	10	position	position	NOUN
cblr-13005	690	11	on	on	ADP
cblr-13005	690	12	stewardship	stewardship	NOUN
cblr-13005	690	13	interventions	intervention	NOUN
cblr-13005	690	14	,	,	PUNCT
cblr-13005	690	15	fund	fund	NOUN
cblr-13005	690	16	investors	investor	NOUN
cblr-13005	690	17	may	may	AUX
cblr-13005	690	18	have	have	VERB
cblr-13005	690	19	no	no	DET
cblr-13005	690	20	funds	fund	NOUN
cblr-13005	690	21	they	they	PRON
cblr-13005	690	22	can	can	AUX
cblr-13005	690	23	flee	flee	VERB
cblr-13005	690	24	to	to	ADP
cblr-13005	690	25	without	without	ADP
cblr-13005	690	26	sacrificing	sacrifice	VERB
cblr-13005	690	27	the	the	DET
cblr-13005	690	28	lower	low	ADJ
cblr-13005	690	29	fees	fee	NOUN
cblr-13005	690	30	that	that	SCONJ
cblr-13005	690	31	the	the	DET
cblr-13005	690	32	big	big	ADJ
cblr-13005	690	33	three	three	NUM
cblr-13005	690	34	can	can	AUX
cblr-13005	690	35	offer	offer	VERB
cblr-13005	690	36	due	due	ADP
cblr-13005	690	37	to	to	ADP
cblr-13005	690	38	their	their	PRON
cblr-13005	690	39	economies	economy	NOUN
cblr-13005	690	40	of	of	ADP
cblr-13005	690	41	scale	scale	NOUN
cblr-13005	690	42	.	.	PUNCT
cblr-13005	691	1	see	see	VERB
cblr-13005	691	2	i	i	PRON
cblr-13005	691	3	d.	d.	PROPN
cblr-13005	691	4	at	at	ADP
cblr-13005	691	5	2130	2130	NUM
cblr-13005	691	6	(	(	PUNCT
cblr-13005	691	7	“	"	PUNCT
cblr-13005	691	8	there	there	PRON
cblr-13005	691	9	is	be	VERB
cblr-13005	691	10	.	.	PUNCT
cblr-13005	691	11	.	.	PUNCT
cblr-13005	691	12	.	.	PUNCT
cblr-13005	692	1	no	no	DET
cblr-13005	692	2	market	market	NOUN
cblr-13005	692	3	mechanism	mechanism	NOUN
cblr-13005	692	4	that	that	PRON
cblr-13005	692	5	rewards	reward	VERB
cblr-13005	692	6	index	index	NOUN
cblr-13005	692	7	fund	fund	NOUN
cblr-13005	692	8	managers	manager	NOUN
cblr-13005	692	9	for	for	ADP
cblr-13005	692	10	good	good	ADJ
cblr-13005	692	11	judgement	judgement	NOUN
cblr-13005	692	12	about	about	ADP
cblr-13005	692	13	stewardship	stewardship	NOUN
cblr-13005	692	14	for	for	ADP
cblr-13005	692	15	their	their	PRON
cblr-13005	692	16	portfolio	portfolio	NOUN
cblr-13005	692	17	companies	company	NOUN
cblr-13005	692	18	.	.	PUNCT
cblr-13005	692	19	”	"	PUNCT
cblr-13005	692	20	)	)	PUNCT
cblr-13005	692	21	;	;	PUNCT
cblr-13005	692	22	fisch	fisch	PROPN
cblr-13005	692	23	&	&	CCONJ
cblr-13005	692	24	schwartz	schwartz	PROPN
cblr-13005	692	25	,	,	PUNCT
cblr-13005	692	26	supra	supra	PROPN
cblr-13005	692	27	note	note	PROPN
cblr-13005	692	28	19	19	NUM
cblr-13005	692	29	,	,	PUNCT
cblr-13005	692	30	at	at	ADP
cblr-13005	692	31	26	26	NUM
cblr-13005	692	32	,	,	PUNCT
cblr-13005	692	33	41	41	NUM
cblr-13005	692	34	(	(	PUNCT
cblr-13005	692	35	noting	note	VERB
cblr-13005	692	36	“	"	PUNCT
cblr-13005	692	37	many	many	ADJ
cblr-13005	692	38	fund	fund	NOUN
cblr-13005	692	39	managers	manager	NOUN
cblr-13005	692	40	appear	appear	VERB
cblr-13005	692	41	to	to	PART
cblr-13005	692	42	be	be	AUX
cblr-13005	692	43	herding	herd	VERB
cblr-13005	692	44	on	on	ADP
cblr-13005	692	45	esg	esg	PROPN
cblr-13005	692	46	issues	issue	NOUN
cblr-13005	692	47	”	"	PUNCT
cblr-13005	692	48	and	and	CCONJ
cblr-13005	692	49	observing	observe	VERB
cblr-13005	692	50	that	that	PRON
cblr-13005	692	51	,	,	PUNCT
cblr-13005	692	52	“	"	PUNCT
cblr-13005	692	53	[	[	X
cblr-13005	692	54	a]lthough	a]lthough	SCONJ
cblr-13005	692	55	a	a	DET
cblr-13005	692	56	handful	handful	NOUN
cblr-13005	692	57	of	of	ADP
cblr-13005	692	58	anti	anti	ADJ
cblr-13005	692	59	-	-	ADJ
cblr-13005	692	60	esg	esg	ADJ
cblr-13005	692	61	funds	fund	NOUN
cblr-13005	692	62	are	be	AUX
cblr-13005	692	63	now	now	ADV
cblr-13005	692	64	available	available	ADJ
cblr-13005	692	65	,	,	PUNCT
cblr-13005	692	66	they	they	PRON
cblr-13005	692	67	are	be	AUX
cblr-13005	692	68	new	new	ADJ
cblr-13005	692	69	,	,	PUNCT
cblr-13005	692	70	small	small	ADJ
cblr-13005	692	71	,	,	PUNCT
cblr-13005	692	72	and	and	CCONJ
cblr-13005	692	73	higher	high	ADJ
cblr-13005	692	74	cost	cost	NOUN
cblr-13005	692	75	than	than	ADP
cblr-13005	692	76	broad	broad	ADV
cblr-13005	692	77	-	-	PUNCT
cblr-13005	692	78	based	base	VERB
cblr-13005	692	79	index	index	NOUN
cblr-13005	692	80	funds	fund	NOUN
cblr-13005	692	81	”	"	PUNCT
cblr-13005	692	82	)	)	PUNCT
cblr-13005	692	83	.	.	PUNCT
cblr-13005	693	1	no	no	INTJ
cblr-13005	693	2	.	.	NOUN
cblr-13005	694	1	1	1	NUM
cblr-13005	694	2	]	]	PUNCT
cblr-13005	694	3	a	a	DET
cblr-13005	694	4	hard	hard	ADJ
cblr-13005	694	5	look	look	NOUN
cblr-13005	694	6	at	at	ADP
cblr-13005	694	7	portfolio	portfolio	NOUN
cblr-13005	694	8	focused	focused	ADJ
cblr-13005	694	9	stewardship	stewardship	NOUN
cblr-13005	694	10	367	367	NUM
cblr-13005	694	11	interventions	intervention	NOUN
cblr-13005	694	12	may	may	AUX
cblr-13005	694	13	take	take	VERB
cblr-13005	694	14	place	place	NOUN
cblr-13005	694	15	entirely	entirely	ADV
cblr-13005	694	16	outside	outside	ADV
cblr-13005	694	17	of	of	ADP
cblr-13005	694	18	public	public	ADJ
cblr-13005	694	19	view	view	NOUN
cblr-13005	694	20	,	,	PUNCT
cblr-13005	694	21	or	or	CCONJ
cblr-13005	694	22	may	may	AUX
cblr-13005	694	23	be	be	AUX
cblr-13005	694	24	intentionally	intentionally	ADV
cblr-13005	694	25	obfuscated	obfuscate	VERB
cblr-13005	694	26	by	by	ADP
cblr-13005	694	27	index	index	NOUN
cblr-13005	694	28	fund	fund	NOUN
cblr-13005	694	29	managers	manager	NOUN
cblr-13005	694	30	,	,	PUNCT
cblr-13005	694	31	making	make	VERB
cblr-13005	694	32	monitoring	monitoring	NOUN
cblr-13005	694	33	by	by	ADP
cblr-13005	694	34	even	even	ADV
cblr-13005	694	35	interested	interested	ADJ
cblr-13005	694	36	parties	party	NOUN
cblr-13005	694	37	difficult.157	difficult.157	VERB
cblr-13005	694	38	theoretically	theoretically	ADV
cblr-13005	694	39	,	,	PUNCT
cblr-13005	694	40	command	command	NOUN
cblr-13005	694	41	-	-	PUNCT
cblr-13005	694	42	and	and	CCONJ
cblr-13005	694	43	-	-	PUNCT
cblr-13005	694	44	control	control	NOUN
cblr-13005	694	45	style	style	NOUN
cblr-13005	694	46	regulation	regulation	NOUN
cblr-13005	694	47	can	can	AUX
cblr-13005	694	48	be	be	AUX
cblr-13005	694	49	more	more	ADV
cblr-13005	694	50	easily	easily	ADV
cblr-13005	694	51	corrected	correct	VERB
cblr-13005	694	52	when	when	SCONJ
cblr-13005	694	53	implemented	implement	VERB
cblr-13005	694	54	by	by	ADP
cblr-13005	694	55	index	index	NOUN
cblr-13005	694	56	fund	fund	NOUN
cblr-13005	694	57	managers	manager	NOUN
cblr-13005	694	58	than	than	SCONJ
cblr-13005	694	59	it	it	PRON
cblr-13005	694	60	can	can	AUX
cblr-13005	694	61	be	be	AUX
cblr-13005	694	62	when	when	SCONJ
cblr-13005	694	63	implemented	implement	VERB
cblr-13005	694	64	by	by	ADP
cblr-13005	694	65	government	government	NOUN
cblr-13005	694	66	:	:	PUNCT
cblr-13005	694	67	in	in	ADP
cblr-13005	694	68	the	the	DET
cblr-13005	694	69	unlikely	unlikely	ADJ
cblr-13005	694	70	event	event	NOUN
cblr-13005	694	71	fund	fund	NOUN
cblr-13005	694	72	managers	manager	NOUN
cblr-13005	694	73	are	be	AUX
cblr-13005	694	74	willing	willing	ADJ
cblr-13005	694	75	to	to	PART
cblr-13005	694	76	acknowledge	acknowledge	VERB
cblr-13005	694	77	they	they	PRON
cblr-13005	694	78	have	have	AUX
cblr-13005	694	79	made	make	VERB
cblr-13005	694	80	a	a	DET
cblr-13005	694	81	mistake	mistake	NOUN
cblr-13005	694	82	,	,	PUNCT
cblr-13005	694	83	it	it	PRON
cblr-13005	694	84	is	be	AUX
cblr-13005	694	85	simpler	simple	ADJ
cblr-13005	694	86	to	to	PART
cblr-13005	694	87	change	change	VERB
cblr-13005	694	88	course	course	NOUN
cblr-13005	694	89	.	.	PUNCT
cblr-13005	695	1	but	but	CCONJ
cblr-13005	695	2	even	even	ADV
cblr-13005	695	3	then	then	ADV
cblr-13005	695	4	,	,	PUNCT
cblr-13005	695	5	if	if	SCONJ
cblr-13005	695	6	the	the	DET
cblr-13005	695	7	initial	initial	ADJ
cblr-13005	695	8	intervention	intervention	NOUN
cblr-13005	695	9	required	require	VERB
cblr-13005	695	10	that	that	SCONJ
cblr-13005	695	11	portfolio	portfolio	NOUN
cblr-13005	695	12	companies	company	NOUN
cblr-13005	695	13	make	make	VERB
cblr-13005	695	14	substantial	substantial	ADJ
cblr-13005	695	15	investments	investment	NOUN
cblr-13005	695	16	or	or	CCONJ
cblr-13005	695	17	alter	alter	VERB
cblr-13005	695	18	their	their	PRON
cblr-13005	695	19	business	business	NOUN
cblr-13005	695	20	operations	operation	NOUN
cblr-13005	695	21	,	,	PUNCT
cblr-13005	695	22	the	the	DET
cblr-13005	695	23	ease	ease	NOUN
cblr-13005	695	24	of	of	ADP
cblr-13005	695	25	ex	ex	ADJ
cblr-13005	695	26	post	post	NOUN
cblr-13005	695	27	revision	revision	NOUN
cblr-13005	695	28	may	may	AUX
cblr-13005	695	29	be	be	AUX
cblr-13005	695	30	of	of	ADP
cblr-13005	695	31	little	little	ADJ
cblr-13005	695	32	value	value	NOUN
cblr-13005	695	33	.	.	PUNCT
cblr-13005	696	1	unlike	unlike	ADP
cblr-13005	696	2	public	public	ADJ
cblr-13005	696	3	lawmakers	lawmaker	NOUN
cblr-13005	696	4	,	,	PUNCT
cblr-13005	696	5	asset	asset	NOUN
cblr-13005	696	6	managers	manager	NOUN
cblr-13005	696	7	also	also	ADV
cblr-13005	696	8	do	do	AUX
cblr-13005	696	9	not	not	PART
cblr-13005	696	10	face	face	VERB
cblr-13005	696	11	constitutional	constitutional	ADJ
cblr-13005	696	12	limitations	limitation	NOUN
cblr-13005	696	13	on	on	ADP
cblr-13005	696	14	their	their	PRON
cblr-13005	696	15	authority	authority	NOUN
cblr-13005	696	16	.	.	PUNCT
cblr-13005	697	1	they	they	PRON
cblr-13005	697	2	can	can	AUX
cblr-13005	697	3	therefore	therefore	ADV
cblr-13005	697	4	impose	impose	VERB
cblr-13005	697	5	regulations	regulation	NOUN
cblr-13005	697	6	on	on	ADP
cblr-13005	697	7	large	large	ADJ
cblr-13005	697	8	sectors	sector	NOUN
cblr-13005	697	9	of	of	ADP
cblr-13005	697	10	the	the	DET
cblr-13005	697	11	economy	economy	NOUN
cblr-13005	697	12	that	that	PRON
cblr-13005	697	13	government	government	NOUN
cblr-13005	697	14	could	could	AUX
cblr-13005	697	15	not	not	PART
cblr-13005	697	16	,	,	PUNCT
cblr-13005	697	17	such	such	ADJ
cblr-13005	697	18	as	as	ADP
cblr-13005	697	19	gender	gender	NOUN
cblr-13005	697	20	or	or	CCONJ
cblr-13005	697	21	racial	racial	ADJ
cblr-13005	697	22	quotas	quota	NOUN
cblr-13005	697	23	that	that	PRON
cblr-13005	697	24	would	would	AUX
cblr-13005	697	25	violate	violate	VERB
cblr-13005	697	26	the	the	DET
cblr-13005	697	27	equal	equal	ADJ
cblr-13005	697	28	protection	protection	NOUN
cblr-13005	697	29	clause	clause	NOUN
cblr-13005	697	30	if	if	SCONJ
cblr-13005	697	31	adopted	adopt	VERB
cblr-13005	697	32	by	by	ADP
cblr-13005	697	33	government	government	NOUN
cblr-13005	697	34	,	,	PUNCT
cblr-13005	697	35	and	and	CCONJ
cblr-13005	697	36	restrictions	restriction	NOUN
cblr-13005	697	37	on	on	ADP
cblr-13005	697	38	corporate	corporate	ADJ
cblr-13005	697	39	speech	speech	NOUN
cblr-13005	697	40	that	that	SCONJ
cblr-13005	697	41	if	if	SCONJ
cblr-13005	697	42	adopted	adopt	VERB
cblr-13005	697	43	by	by	ADP
cblr-13005	697	44	government	government	NOUN
cblr-13005	697	45	would	would	AUX
cblr-13005	697	46	violate	violate	VERB
cblr-13005	697	47	the	the	DET
cblr-13005	697	48	first	first	ADJ
cblr-13005	697	49	amendment	amendment	NOUN
cblr-13005	697	50	.	.	PUNCT
cblr-13005	698	1	the	the	DET
cblr-13005	698	2	issues	issue	NOUN
cblr-13005	698	3	raised	raise	VERB
cblr-13005	698	4	by	by	ADP
cblr-13005	698	5	this	this	PRON
cblr-13005	698	6	,	,	PUNCT
cblr-13005	698	7	like	like	ADP
cblr-13005	698	8	the	the	DET
cblr-13005	698	9	issues	issue	NOUN
cblr-13005	698	10	raised	raise	VERB
cblr-13005	698	11	by	by	ADP
cblr-13005	698	12	the	the	DET
cblr-13005	698	13	potential	potential	NOUN
cblr-13005	698	14	for	for	SCONJ
cblr-13005	698	15	asset	asset	NOUN
cblr-13005	698	16	managers	manager	NOUN
cblr-13005	698	17	to	to	PART
cblr-13005	698	18	promote	promote	VERB
cblr-13005	698	19	anticompetitive	anticompetitive	ADJ
cblr-13005	698	20	behavior,158	behavior,158	NOUN
cblr-13005	698	21	are	be	AUX
cblr-13005	698	22	not	not	PART
cblr-13005	698	23	strictly	strictly	ADV
cblr-13005	698	24	relevant	relevant	ADJ
cblr-13005	698	25	to	to	ADP
cblr-13005	698	26	the	the	DET
cblr-13005	698	27	preferences	preference	NOUN
cblr-13005	698	28	of	of	ADP
cblr-13005	698	29	our	our	PRON
cblr-13005	698	30	hypothesized	hypothesize	VERB
cblr-13005	698	31	diversified	diversified	ADJ
cblr-13005	698	32	investor	investor	NOUN
cblr-13005	698	33	concerned	concern	VERB
cblr-13005	698	34	purely	purely	ADV
cblr-13005	698	35	with	with	ADP
cblr-13005	698	36	financial	financial	ADJ
cblr-13005	698	37	returns.159	returns.159	PROPN
cblr-13005	698	38	but	but	CCONJ
cblr-13005	698	39	they	they	PRON
cblr-13005	698	40	are	be	AUX
cblr-13005	698	41	certainly	certainly	ADV
cblr-13005	698	42	relevant	relevant	ADJ
cblr-13005	698	43	to	to	ADP
cblr-13005	698	44	a	a	DET
cblr-13005	698	45	broader	broad	ADJ
cblr-13005	698	46	public	public	ADJ
cblr-13005	698	47	policy	policy	NOUN
cblr-13005	698	48	discussion	discussion	NOUN
cblr-13005	698	49	regarding	regard	VERB
cblr-13005	698	50	the	the	DET
cblr-13005	698	51	power	power	NOUN
cblr-13005	698	52	of	of	ADP
cblr-13005	698	53	the	the	DET
cblr-13005	698	54	big	big	ADJ
cblr-13005	698	55	three	three	NUM
cblr-13005	698	56	.	.	PUNCT
cblr-13005	699	1	even	even	ADV
cblr-13005	699	2	if	if	SCONJ
cblr-13005	699	3	portfolio	portfolio	NOUN
cblr-13005	699	4	-	-	PUNCT
cblr-13005	699	5	focused	focus	VERB
cblr-13005	699	6	stewardship	stewardship	NOUN
cblr-13005	699	7	were	be	AUX
cblr-13005	699	8	good	good	ADJ
cblr-13005	699	9	for	for	ADP
cblr-13005	699	10	financially	financially	ADV
cblr-13005	699	11	motivated	motivated	ADJ
cblr-13005	699	12	diversified	diversified	ADJ
cblr-13005	699	13	investors	investor	NOUN
cblr-13005	699	14	,	,	PUNCT
cblr-13005	699	15	it	it	PRON
cblr-13005	699	16	may	may	AUX
cblr-13005	699	17	still	still	ADV
cblr-13005	699	18	be	be	AUX
cblr-13005	699	19	something	something	PRON
cblr-13005	699	20	society	society	NOUN
cblr-13005	699	21	would	would	AUX
cblr-13005	699	22	not	not	PART
cblr-13005	699	23	want	want	VERB
cblr-13005	699	24	to	to	PART
cblr-13005	699	25	permit	permit	VERB
cblr-13005	699	26	or	or	CCONJ
cblr-13005	699	27	encourage.160	encourage.160	NOUN
cblr-13005	699	28	157	157	NUM
cblr-13005	699	29	see	see	VERB
cblr-13005	699	30	bebchuk	bebchuk	NOUN
cblr-13005	699	31	&	&	CCONJ
cblr-13005	699	32	hirst	hirst	PROPN
cblr-13005	699	33	,	,	PUNCT
cblr-13005	699	34	index	index	NOUN
cblr-13005	699	35	funds	fund	NOUN
cblr-13005	699	36	and	and	CCONJ
cblr-13005	699	37	the	the	DET
cblr-13005	699	38	future	future	NOUN
cblr-13005	699	39	of	of	ADP
cblr-13005	699	40	corporate	corporate	ADJ
cblr-13005	699	41	governance	governance	NOUN
cblr-13005	699	42	,	,	PUNCT
cblr-13005	699	43	supra	supra	PROPN
cblr-13005	699	44	note	note	NOUN
cblr-13005	699	45	16	16	NUM
cblr-13005	699	46	,	,	PUNCT
cblr-13005	699	47	at	at	ADP
cblr-13005	699	48	2123–26	2123–26	NUM
cblr-13005	699	49	(	(	PUNCT
cblr-13005	699	50	advocating	advocate	VERB
cblr-13005	699	51	for	for	ADP
cblr-13005	699	52	reforms	reform	NOUN
cblr-13005	699	53	that	that	PRON
cblr-13005	699	54	would	would	AUX
cblr-13005	699	55	increase	increase	VERB
cblr-13005	699	56	transparency	transparency	NOUN
cblr-13005	699	57	surrounding	surround	VERB
cblr-13005	699	58	engagement	engagement	NOUN
cblr-13005	699	59	by	by	ADP
cblr-13005	699	60	the	the	DET
cblr-13005	699	61	big	big	ADJ
cblr-13005	699	62	three	three	NUM
cblr-13005	699	63	with	with	ADP
cblr-13005	699	64	portfolio	portfolio	NOUN
cblr-13005	699	65	companies	company	NOUN
cblr-13005	699	66	)	)	PUNCT
cblr-13005	699	67	;	;	PUNCT
cblr-13005	699	68	kahan	kahan	PROPN
cblr-13005	699	69	&	&	CCONJ
cblr-13005	699	70	rock	rock	PROPN
cblr-13005	699	71	,	,	PUNCT
cblr-13005	699	72	supra	supra	PROPN
cblr-13005	699	73	note	note	PROPN
cblr-13005	699	74	19	19	NUM
cblr-13005	699	75	,	,	PUNCT
cblr-13005	699	76	at	at	ADP
cblr-13005	699	77	534	534	NUM
cblr-13005	699	78	(	(	PUNCT
cblr-13005	699	79	explaining	explain	VERB
cblr-13005	699	80	index	index	NOUN
cblr-13005	699	81	fund	fund	NOUN
cblr-13005	699	82	managers	manager	NOUN
cblr-13005	699	83	’	'	PUNCT
cblr-13005	699	84	incentives	incentive	NOUN
cblr-13005	699	85	to	to	PART
cblr-13005	699	86	cloak	cloak	VERB
cblr-13005	699	87	portfolio	portfolio	NOUN
cblr-13005	699	88	-	-	PUNCT
cblr-13005	699	89	focused	focus	VERB
cblr-13005	699	90	stewardship	stewardship	NOUN
cblr-13005	699	91	interventions	intervention	NOUN
cblr-13005	699	92	in	in	ADP
cblr-13005	699	93	the	the	DET
cblr-13005	699	94	language	language	NOUN
cblr-13005	699	95	of	of	ADP
cblr-13005	699	96	firm	firm	ADJ
cblr-13005	699	97	value	value	NOUN
cblr-13005	699	98	maximization	maximization	NOUN
cblr-13005	699	99	)	)	PUNCT
cblr-13005	699	100	.	.	PUNCT
cblr-13005	700	1	158	158	NUM
cblr-13005	700	2	see	see	VERB
cblr-13005	700	3	supra	supra	PROPN
cblr-13005	700	4	note	note	PROPN
cblr-13005	700	5	61	61	NUM
cblr-13005	700	6	.	.	NOUN
cblr-13005	700	7	159	159	NUM
cblr-13005	700	8	see	see	VERB
cblr-13005	700	9	supra	supra	PROPN
cblr-13005	700	10	note	note	PROPN
cblr-13005	700	11	18	18	NUM
cblr-13005	700	12	and	and	CCONJ
cblr-13005	700	13	accompanying	accompany	VERB
cblr-13005	700	14	text	text	NOUN
cblr-13005	700	15	.	.	PUNCT
cblr-13005	701	1	160	160	NUM
cblr-13005	701	2	professor	professor	NOUN
cblr-13005	701	3	sean	sean	PROPN
cblr-13005	701	4	griffith	griffith	PROPN
cblr-13005	701	5	has	have	AUX
cblr-13005	701	6	observed	observe	VERB
cblr-13005	701	7	that	that	SCONJ
cblr-13005	701	8	when	when	SCONJ
cblr-13005	701	9	a	a	DET
cblr-13005	701	10	determination	determination	NOUN
cblr-13005	701	11	as	as	ADP
cblr-13005	701	12	to	to	ADP
cblr-13005	701	13	whether	whether	SCONJ
cblr-13005	701	14	a	a	DET
cblr-13005	701	15	portfolio	portfolio	NOUN
cblr-13005	701	16	-	-	PUNCT
cblr-13005	701	17	focused	focus	VERB
cblr-13005	701	18	stewardship	stewardship	NOUN
cblr-13005	701	19	intervention	intervention	NOUN
cblr-13005	701	20	will	will	AUX
cblr-13005	701	21	create	create	VERB
cblr-13005	701	22	more	more	ADJ
cblr-13005	701	23	benefit	benefit	NOUN
cblr-13005	701	24	than	than	SCONJ
cblr-13005	701	25	cost	cost	NOUN
cblr-13005	701	26	must	must	AUX
cblr-13005	701	27	be	be	AUX
cblr-13005	701	28	made	make	VERB
cblr-13005	701	29	based	base	VERB
cblr-13005	701	30	on	on	ADP
cblr-13005	701	31	incomplete	incomplete	ADJ
cblr-13005	701	32	information	information	NOUN
cblr-13005	701	33	about	about	ADP
cblr-13005	701	34	the	the	DET
cblr-13005	701	35	proposed	propose	VERB
cblr-13005	701	36	intervention	intervention	NOUN
cblr-13005	701	37	’s	’s	PART
cblr-13005	701	38	ultimate	ultimate	ADJ
cblr-13005	701	39	effects	effect	NOUN
cblr-13005	701	40	on	on	ADP
cblr-13005	701	41	portfolio	portfolio	NOUN
cblr-13005	701	42	value	value	NOUN
cblr-13005	701	43	,	,	PUNCT
cblr-13005	701	44	the	the	DET
cblr-13005	701	45	decision	decision	NOUN
cblr-13005	701	46	can	can	AUX
cblr-13005	701	47	be	be	AUX
cblr-13005	701	48	viewed	view	VERB
cblr-13005	701	49	as	as	ADP
cblr-13005	701	50	coming	come	VERB
cblr-13005	701	51	down	down	ADP
cblr-13005	701	52	to	to	ADP
cblr-13005	701	53	tradeoffs	tradeoff	NOUN
cblr-13005	701	54	between	between	ADP
cblr-13005	701	55	competing	compete	VERB
cblr-13005	701	56	values	value	NOUN
cblr-13005	701	57	.	.	PUNCT
cblr-13005	702	1	griffith	griffith	PROPN
cblr-13005	702	2	,	,	PUNCT
cblr-13005	702	3	368	368	NUM
cblr-13005	702	4	columbia	columbia	PROPN
cblr-13005	702	5	business	business	NOUN
cblr-13005	702	6	law	law	PROPN
cblr-13005	702	7	review	review	NOUN
cblr-13005	702	8	[	[	X
cblr-13005	702	9	vol	vol	NOUN
cblr-13005	702	10	.	.	PUNCT
cblr-13005	702	11	2024	2024	NUM
cblr-13005	702	12	2	2	NUM
cblr-13005	702	13	.	.	PUNCT
cblr-13005	702	14	disclosure	disclosure	NOUN
cblr-13005	702	15	regulation	regulation	NOUN
cblr-13005	702	16	while	while	SCONJ
cblr-13005	702	17	its	its	PRON
cblr-13005	702	18	use	use	NOUN
cblr-13005	702	19	by	by	ADP
cblr-13005	702	20	index	index	NOUN
cblr-13005	702	21	fund	fund	NOUN
cblr-13005	702	22	managers	manager	NOUN
cblr-13005	702	23	is	be	AUX
cblr-13005	702	24	beset	beset	VERB
cblr-13005	702	25	by	by	ADP
cblr-13005	702	26	the	the	DET
cblr-13005	702	27	same	same	ADJ
cblr-13005	702	28	accountability	accountability	NOUN
cblr-13005	702	29	problems	problem	NOUN
cblr-13005	702	30	as	as	ADP
cblr-13005	702	31	command	command	NOUN
cblr-13005	702	32	-	-	PUNCT
cblr-13005	702	33	and	and	CCONJ
cblr-13005	702	34	-	-	PUNCT
cblr-13005	702	35	control	control	NOUN
cblr-13005	702	36	style	style	NOUN
cblr-13005	702	37	regulation	regulation	NOUN
cblr-13005	702	38	,	,	PUNCT
cblr-13005	702	39	disclosure	disclosure	NOUN
cblr-13005	702	40	regulation	regulation	NOUN
cblr-13005	702	41	may	may	AUX
cblr-13005	702	42	be	be	AUX
cblr-13005	702	43	a	a	DET
cblr-13005	702	44	relatively	relatively	ADV
cblr-13005	702	45	more	more	ADV
cblr-13005	702	46	attractive	attractive	ADJ
cblr-13005	702	47	instrument	instrument	NOUN
cblr-13005	702	48	from	from	ADP
cblr-13005	702	49	the	the	DET
cblr-13005	702	50	perspective	perspective	NOUN
cblr-13005	702	51	of	of	ADP
cblr-13005	702	52	financially	financially	ADV
cblr-13005	702	53	motivated	motivated	ADJ
cblr-13005	702	54	diversified	diversified	ADJ
cblr-13005	702	55	investors	investor	NOUN
cblr-13005	702	56	because	because	SCONJ
cblr-13005	702	57	it	it	PRON
cblr-13005	702	58	is	be	AUX
cblr-13005	702	59	less	less	ADV
cblr-13005	702	60	expensive	expensive	ADJ
cblr-13005	702	61	to	to	PART
cblr-13005	702	62	comply	comply	VERB
cblr-13005	702	63	with	with	ADP
cblr-13005	702	64	,	,	PUNCT
cblr-13005	702	65	is	be	AUX
cblr-13005	702	66	more	more	ADV
cblr-13005	702	67	flexible	flexible	ADJ
cblr-13005	702	68	,	,	PUNCT
cblr-13005	702	69	and	and	CCONJ
cblr-13005	702	70	presents	present	VERB
cblr-13005	702	71	less	less	ADJ
cblr-13005	702	72	risk	risk	NOUN
cblr-13005	702	73	of	of	ADP
cblr-13005	702	74	distortion	distortion	NOUN
cblr-13005	702	75	than	than	ADP
cblr-13005	702	76	prescriptive	prescriptive	ADJ
cblr-13005	702	77	regulatory	regulatory	ADJ
cblr-13005	702	78	commands.161	commands.161	NOUN
cblr-13005	702	79	but	but	CCONJ
cblr-13005	702	80	just	just	ADV
cblr-13005	702	81	because	because	SCONJ
cblr-13005	702	82	supra	supra	PROPN
cblr-13005	702	83	note	note	PROPN
cblr-13005	702	84	18	18	NUM
cblr-13005	702	85	,	,	PUNCT
cblr-13005	702	86	at	at	ADP
cblr-13005	702	87	1019	1019	NUM
cblr-13005	702	88	.	.	PUNCT
cblr-13005	703	1	he	he	PRON
cblr-13005	703	2	argues	argue	VERB
cblr-13005	703	3	that	that	SCONJ
cblr-13005	703	4	individual	individual	ADJ
cblr-13005	703	5	fund	fund	NOUN
cblr-13005	703	6	investors	investor	NOUN
cblr-13005	703	7	are	be	AUX
cblr-13005	703	8	better	well	ADV
cblr-13005	703	9	suited	suited	ADJ
cblr-13005	703	10	to	to	PART
cblr-13005	703	11	make	make	VERB
cblr-13005	703	12	these	these	DET
cblr-13005	703	13	tradeoffs	tradeoff	NOUN
cblr-13005	703	14	relative	relative	ADJ
cblr-13005	703	15	to	to	ADP
cblr-13005	703	16	fund	fund	NOUN
cblr-13005	703	17	managers	manager	NOUN
cblr-13005	703	18	and	and	CCONJ
cblr-13005	703	19	argues	argue	VERB
cblr-13005	703	20	more	more	ADV
cblr-13005	703	21	generally	generally	ADV
cblr-13005	703	22	that	that	SCONJ
cblr-13005	703	23	index	index	NOUN
cblr-13005	703	24	fund	fund	NOUN
cblr-13005	703	25	managers	manager	NOUN
cblr-13005	703	26	should	should	AUX
cblr-13005	703	27	be	be	AUX
cblr-13005	703	28	stripped	strip	VERB
cblr-13005	703	29	of	of	ADP
cblr-13005	703	30	discretionary	discretionary	ADJ
cblr-13005	703	31	voting	voting	NOUN
cblr-13005	703	32	power	power	NOUN
cblr-13005	703	33	with	with	ADP
cblr-13005	703	34	respect	respect	NOUN
cblr-13005	703	35	to	to	ADP
cblr-13005	703	36	environmental	environmental	ADJ
cblr-13005	703	37	and	and	CCONJ
cblr-13005	703	38	social	social	ADJ
cblr-13005	703	39	proposals	proposal	NOUN
cblr-13005	703	40	.	.	PUNCT
cblr-13005	704	1	in	in	ADP
cblr-13005	704	2	the	the	DET
cblr-13005	704	3	event	event	NOUN
cblr-13005	704	4	fund	fund	NOUN
cblr-13005	704	5	investors	investor	NOUN
cblr-13005	704	6	failed	fail	VERB
cblr-13005	704	7	to	to	PART
cblr-13005	704	8	provide	provide	VERB
cblr-13005	704	9	instructions	instruction	NOUN
cblr-13005	704	10	on	on	ADP
cblr-13005	704	11	how	how	SCONJ
cblr-13005	704	12	to	to	PART
cblr-13005	704	13	vote	vote	VERB
cblr-13005	704	14	,	,	PUNCT
cblr-13005	704	15	he	he	PRON
cblr-13005	704	16	would	would	AUX
cblr-13005	704	17	require	require	VERB
cblr-13005	704	18	fund	fund	NOUN
cblr-13005	704	19	managers	manager	NOUN
cblr-13005	704	20	to	to	PART
cblr-13005	704	21	vote	vote	VERB
cblr-13005	704	22	the	the	DET
cblr-13005	704	23	non	non	ADJ
cblr-13005	704	24	-	-	ADJ
cblr-13005	704	25	instructed	instructed	ADJ
cblr-13005	704	26	shares	share	NOUN
cblr-13005	704	27	in	in	ADP
cblr-13005	704	28	line	line	NOUN
cblr-13005	704	29	with	with	ADP
cblr-13005	704	30	the	the	DET
cblr-13005	704	31	recommendations	recommendation	NOUN
cblr-13005	704	32	of	of	ADP
cblr-13005	704	33	portfolio	portfolio	NOUN
cblr-13005	704	34	firm	firm	NOUN
cblr-13005	704	35	managers	manager	NOUN
cblr-13005	704	36	.	.	PUNCT
cblr-13005	705	1	professors	professor	NOUN
cblr-13005	705	2	fisch	fisch	PROPN
cblr-13005	705	3	and	and	CCONJ
cblr-13005	705	4	schwartz	schwartz	PROPN
cblr-13005	705	5	express	express	VERB
cblr-13005	705	6	similar	similar	ADJ
cblr-13005	705	7	concern	concern	NOUN
cblr-13005	705	8	over	over	ADP
cblr-13005	705	9	fund	fund	NOUN
cblr-13005	705	10	managers	manager	NOUN
cblr-13005	705	11	making	make	VERB
cblr-13005	705	12	values	value	NOUN
cblr-13005	705	13	-	-	PUNCT
cblr-13005	705	14	based	base	VERB
cblr-13005	705	15	voting	voting	NOUN
cblr-13005	705	16	decisions	decision	NOUN
cblr-13005	705	17	that	that	PRON
cblr-13005	705	18	may	may	AUX
cblr-13005	705	19	not	not	PART
cblr-13005	705	20	reflect	reflect	VERB
cblr-13005	705	21	the	the	DET
cblr-13005	705	22	ideological	ideological	ADJ
cblr-13005	705	23	preferences	preference	NOUN
cblr-13005	705	24	of	of	ADP
cblr-13005	705	25	fund	fund	NOUN
cblr-13005	705	26	investors	investor	NOUN
cblr-13005	705	27	.	.	PUNCT
cblr-13005	706	1	fisch	fisch	PROPN
cblr-13005	706	2	&	&	CCONJ
cblr-13005	706	3	schwartz	schwartz	PROPN
cblr-13005	706	4	,	,	PUNCT
cblr-13005	706	5	supra	supra	PROPN
cblr-13005	706	6	note	note	PROPN
cblr-13005	706	7	19	19	NUM
cblr-13005	706	8	,	,	PUNCT
cblr-13005	706	9	at	at	ADP
cblr-13005	706	10	26	26	NUM
cblr-13005	706	11	(	(	PUNCT
cblr-13005	706	12	“	"	PUNCT
cblr-13005	706	13	how	how	SCONJ
cblr-13005	706	14	one	one	NUM
cblr-13005	706	15	views	view	VERB
cblr-13005	706	16	the	the	DET
cblr-13005	706	17	impact	impact	NOUN
cblr-13005	706	18	of	of	ADP
cblr-13005	706	19	environmental	environmental	ADJ
cblr-13005	706	20	and	and	CCONJ
cblr-13005	706	21	social	social	ADJ
cblr-13005	706	22	proposals	proposal	NOUN
cblr-13005	706	23	on	on	ADP
cblr-13005	706	24	firm	firm	ADJ
cblr-13005	706	25	performance	performance	NOUN
cblr-13005	706	26	is	be	AUX
cblr-13005	706	27	largely	largely	ADV
cblr-13005	706	28	a	a	DET
cblr-13005	706	29	function	function	NOUN
cblr-13005	706	30	of	of	ADP
cblr-13005	706	31	values	value	NOUN
cblr-13005	706	32	and	and	CCONJ
cblr-13005	706	33	political	political	ADJ
cblr-13005	706	34	leanings	leaning	NOUN
cblr-13005	706	35	,	,	PUNCT
cblr-13005	706	36	not	not	PART
cblr-13005	706	37	finance	finance	NOUN
cblr-13005	706	38	.	.	PUNCT
cblr-13005	707	1	because	because	SCONJ
cblr-13005	707	2	support	support	NOUN
cblr-13005	707	3	for	for	ADP
cblr-13005	707	4	such	such	ADJ
cblr-13005	707	5	measures	measure	NOUN
cblr-13005	707	6	is	be	AUX
cblr-13005	707	7	based	base	VERB
cblr-13005	707	8	on	on	ADP
cblr-13005	707	9	contested	contest	VERB
cblr-13005	707	10	values	value	NOUN
cblr-13005	707	11	,	,	PUNCT
cblr-13005	707	12	not	not	PART
cblr-13005	707	13	just	just	ADV
cblr-13005	707	14	financial	financial	ADJ
cblr-13005	707	15	analysis	analysis	NOUN
cblr-13005	707	16	,	,	PUNCT
cblr-13005	707	17	fund	fund	NOUN
cblr-13005	707	18	managers	manager	NOUN
cblr-13005	707	19	can	can	AUX
cblr-13005	707	20	not	not	PART
cblr-13005	707	21	,	,	PUNCT
cblr-13005	707	22	at	at	ADP
cblr-13005	707	23	the	the	DET
cblr-13005	707	24	same	same	ADJ
cblr-13005	707	25	time	time	NOUN
cblr-13005	707	26	,	,	PUNCT
cblr-13005	707	27	ignore	ignore	VERB
cblr-13005	707	28	beneficiary	beneficiary	ADJ
cblr-13005	707	29	views	view	NOUN
cblr-13005	707	30	and	and	CCONJ
cblr-13005	707	31	claim	claim	NOUN
cblr-13005	707	32	to	to	PART
cblr-13005	707	33	faithfully	faithfully	ADV
cblr-13005	707	34	represent	represent	VERB
cblr-13005	707	35	them	they	PRON
cblr-13005	707	36	.	.	PUNCT
cblr-13005	707	37	”	"	PUNCT
cblr-13005	707	38	)	)	PUNCT
cblr-13005	707	39	;	;	PUNCT
cblr-13005	707	40	i	i	PRON
cblr-13005	707	41	d.	d.	PROPN
cblr-13005	707	42	at	at	ADP
cblr-13005	707	43	27	27	NUM
cblr-13005	707	44	(	(	PUNCT
cblr-13005	707	45	“	"	PUNCT
cblr-13005	707	46	it	it	PRON
cblr-13005	707	47	is	be	AUX
cblr-13005	707	48	undemocratic	undemocratic	ADJ
cblr-13005	707	49	to	to	PART
cblr-13005	707	50	rely	rely	VERB
cblr-13005	707	51	on	on	ADP
cblr-13005	707	52	unelected	unelected	ADJ
cblr-13005	707	53	,	,	PUNCT
cblr-13005	707	54	largely	largely	ADV
cblr-13005	707	55	unaccountable	unaccountable	ADJ
cblr-13005	707	56	,	,	PUNCT
cblr-13005	707	57	financial	financial	ADJ
cblr-13005	707	58	institutions	institution	NOUN
cblr-13005	707	59	to	to	PART
cblr-13005	707	60	set	set	VERB
cblr-13005	707	61	public	public	ADJ
cblr-13005	707	62	policy	policy	NOUN
cblr-13005	707	63	without	without	ADP
cblr-13005	707	64	any	any	DET
cblr-13005	707	65	input	input	NOUN
cblr-13005	707	66	from	from	ADP
cblr-13005	707	67	the	the	DET
cblr-13005	707	68	public	public	NOUN
cblr-13005	707	69	.	.	PUNCT
cblr-13005	707	70	”	"	PUNCT
cblr-13005	707	71	)	)	PUNCT
cblr-13005	707	72	.	.	PUNCT
cblr-13005	708	1	their	their	PRON
cblr-13005	708	2	proposed	propose	VERB
cblr-13005	708	3	solution	solution	NOUN
cblr-13005	708	4	is	be	AUX
cblr-13005	708	5	to	to	PART
cblr-13005	708	6	not	not	PART
cblr-13005	708	7	to	to	PART
cblr-13005	708	8	strip	strip	VERB
cblr-13005	708	9	fund	fund	NOUN
cblr-13005	708	10	managers	manager	NOUN
cblr-13005	708	11	of	of	ADP
cblr-13005	708	12	voting	voting	NOUN
cblr-13005	708	13	power	power	NOUN
cblr-13005	708	14	,	,	PUNCT
cblr-13005	708	15	but	but	CCONJ
cblr-13005	708	16	rather	rather	ADV
cblr-13005	708	17	to	to	PART
cblr-13005	708	18	require	require	VERB
cblr-13005	708	19	fund	fund	NOUN
cblr-13005	708	20	managers	manager	NOUN
cblr-13005	708	21	to	to	PART
cblr-13005	708	22	solicit	solicit	VERB
cblr-13005	708	23	input	input	NOUN
cblr-13005	708	24	from	from	ADP
cblr-13005	708	25	fund	fund	NOUN
cblr-13005	708	26	investors	investor	NOUN
cblr-13005	708	27	on	on	ADP
cblr-13005	708	28	their	their	PRON
cblr-13005	708	29	voting	voting	NOUN
cblr-13005	708	30	preferences	preference	NOUN
cblr-13005	708	31	and	and	CCONJ
cblr-13005	708	32	to	to	PART
cblr-13005	708	33	incorporate	incorporate	VERB
cblr-13005	708	34	the	the	DET
cblr-13005	708	35	feedback	feedback	NOUN
cblr-13005	708	36	received	receive	VERB
cblr-13005	708	37	into	into	ADP
cblr-13005	708	38	the	the	DET
cblr-13005	708	39	fund	fund	NOUN
cblr-13005	708	40	managers	manager	NOUN
cblr-13005	708	41	’	’	PART
cblr-13005	708	42	stewardship	stewardship	NOUN
cblr-13005	708	43	decisions	decision	NOUN
cblr-13005	708	44	.	.	PUNCT
cblr-13005	709	1	161	161	NUM
cblr-13005	709	2	see	see	NOUN
cblr-13005	709	3	,	,	PUNCT
cblr-13005	709	4	e.g.	e.g.	ADV
cblr-13005	709	5	,	,	PUNCT
cblr-13005	709	6	cass	cass	PROPN
cblr-13005	709	7	r.	r.	PROPN
cblr-13005	709	8	sunstein	sunstein	PROPN
cblr-13005	709	9	,	,	PUNCT
cblr-13005	709	10	informational	informational	ADJ
cblr-13005	709	11	regulation	regulation	NOUN
cblr-13005	709	12	and	and	CCONJ
cblr-13005	709	13	informational	informational	ADJ
cblr-13005	709	14	standing	standing	NOUN
cblr-13005	709	15	:	:	PUNCT
cblr-13005	709	16	akins	akin	NOUN
cblr-13005	709	17	and	and	CCONJ
cblr-13005	709	18	beyond	beyond	ADP
cblr-13005	709	19	,	,	PUNCT
cblr-13005	709	20	147	147	NUM
cblr-13005	709	21	u.	u.	PROPN
cblr-13005	709	22	pa	pa	PROPN
cblr-13005	709	23	.	.	PUNCT
cblr-13005	709	24	l.	l.	PROPN
cblr-13005	709	25	rev	rev	PROPN
cblr-13005	709	26	.	.	PROPN
cblr-13005	710	1	613	613	NUM
cblr-13005	710	2	,	,	PUNCT
cblr-13005	710	3	626	626	NUM
cblr-13005	710	4	(	(	PUNCT
cblr-13005	710	5	1999	1999	NUM
cblr-13005	710	6	)	)	PUNCT
cblr-13005	711	1	(	(	PUNCT
cblr-13005	711	2	observing	observe	VERB
cblr-13005	711	3	that	that	SCONJ
cblr-13005	711	4	it	it	PRON
cblr-13005	711	5	“	"	PUNCT
cblr-13005	711	6	is	be	AUX
cblr-13005	711	7	increasingly	increasingly	ADV
cblr-13005	711	8	recognized	recognize	VERB
cblr-13005	711	9	that	that	SCONJ
cblr-13005	711	10	information	information	NOUN
cblr-13005	711	11	is	be	AUX
cblr-13005	711	12	often	often	ADV
cblr-13005	711	13	a	a	DET
cblr-13005	711	14	far	far	ADV
cblr-13005	711	15	less	less	ADV
cblr-13005	711	16	expensive	expensive	ADJ
cblr-13005	711	17	and	and	CCONJ
cblr-13005	711	18	more	more	ADV
cblr-13005	711	19	efficient	efficient	ADJ
cblr-13005	711	20	strategy	strategy	NOUN
cblr-13005	711	21	than	than	ADP
cblr-13005	711	22	command	command	NOUN
cblr-13005	711	23	-	-	PUNCT
cblr-13005	711	24	and	and	CCONJ
cblr-13005	711	25	-	-	PUNCT
cblr-13005	711	26	control	control	NOUN
cblr-13005	711	27	,	,	PUNCT
cblr-13005	711	28	which	which	PRON
cblr-13005	711	29	consists	consist	VERB
cblr-13005	711	30	of	of	ADP
cblr-13005	711	31	rigid	rigid	ADJ
cblr-13005	711	32	mandates	mandate	NOUN
cblr-13005	711	33	about	about	ADP
cblr-13005	711	34	regulatory	regulatory	ADJ
cblr-13005	711	35	ends	end	NOUN
cblr-13005	711	36	(	(	PUNCT
cblr-13005	711	37	a	a	DET
cblr-13005	711	38	certain	certain	ADJ
cblr-13005	711	39	percentage	percentage	NOUN
cblr-13005	711	40	reduction	reduction	NOUN
cblr-13005	711	41	in	in	ADP
cblr-13005	711	42	sulfur	sulfur	NOUN
cblr-13005	711	43	dioxide	dioxide	NOUN
cblr-13005	711	44	,	,	PUNCT
cblr-13005	711	45	for	for	ADP
cblr-13005	711	46	example	example	NOUN
cblr-13005	711	47	)	)	PUNCT
cblr-13005	711	48	,	,	PUNCT
cblr-13005	711	49	regulatory	regulatory	ADJ
cblr-13005	711	50	means	mean	NOUN
cblr-13005	711	51	(	(	PUNCT
cblr-13005	711	52	a	a	DET
cblr-13005	711	53	technological	technological	ADJ
cblr-13005	711	54	mandate	mandate	NOUN
cblr-13005	711	55	for	for	ADP
cblr-13005	711	56	cars	car	NOUN
cblr-13005	711	57	,	,	PUNCT
cblr-13005	711	58	for	for	ADP
cblr-13005	711	59	example	example	NOUN
cblr-13005	711	60	)	)	PUNCT
cblr-13005	711	61	,	,	PUNCT
cblr-13005	711	62	or	or	CCONJ
cblr-13005	711	63	both	both	PRON
cblr-13005	711	64	,	,	PUNCT
cblr-13005	711	65	”	"	PUNCT
cblr-13005	711	66	and	and	CCONJ
cblr-13005	711	67	noting	note	VERB
cblr-13005	711	68	its	its	PRON
cblr-13005	711	69	comparative	comparative	ADJ
cblr-13005	711	70	flexibility	flexibility	NOUN
cblr-13005	711	71	)	)	PUNCT
cblr-13005	711	72	;	;	PUNCT
cblr-13005	712	1	michael	michael	PROPN
cblr-13005	712	2	vandenbergh	vandenbergh	PROPN
cblr-13005	712	3	,	,	PUNCT
cblr-13005	712	4	from	from	ADP
cblr-13005	712	5	smokestack	smokestack	NOUN
cblr-13005	712	6	to	to	ADP
cblr-13005	712	7	suv	suv	PROPN
cblr-13005	712	8	:	:	PUNCT
cblr-13005	712	9	the	the	DET
cblr-13005	712	10	individual	individual	NOUN
cblr-13005	712	11	as	as	ADP
cblr-13005	712	12	regulated	regulated	ADJ
cblr-13005	712	13	entity	entity	NOUN
cblr-13005	712	14	in	in	ADP
cblr-13005	712	15	the	the	DET
cblr-13005	712	16	new	new	ADJ
cblr-13005	712	17	era	era	NOUN
cblr-13005	712	18	of	of	ADP
cblr-13005	712	19	environmental	environmental	ADJ
cblr-13005	712	20	law	law	NOUN
cblr-13005	712	21	,	,	PUNCT
cblr-13005	712	22	57	57	NUM
cblr-13005	712	23	vand	vand	NOUN
cblr-13005	712	24	.	.	PUNCT
cblr-13005	713	1	l.	l.	PROPN
cblr-13005	713	2	rev	rev	PROPN
cblr-13005	713	3	.	.	PROPN
cblr-13005	713	4	515	515	NUM
cblr-13005	713	5	,	,	PUNCT
cblr-13005	713	6	530–31	530–31	NUM
cblr-13005	713	7	(	(	PUNCT
cblr-13005	713	8	2004	2004	NUM
cblr-13005	713	9	)	)	PUNCT
cblr-13005	713	10	(	(	PUNCT
cblr-13005	713	11	explaining	explain	VERB
cblr-13005	713	12	that	that	SCONJ
cblr-13005	713	13	information	information	NOUN
cblr-13005	713	14	disclosure	disclosure	NOUN
cblr-13005	713	15	may	may	AUX
cblr-13005	713	16	be	be	AUX
cblr-13005	713	17	less	less	ADV
cblr-13005	713	18	expensive	expensive	ADJ
cblr-13005	713	19	for	for	ADP
cblr-13005	713	20	regulators	regulator	NOUN
cblr-13005	713	21	and	and	CCONJ
cblr-13005	713	22	regulated	regulated	ADJ
cblr-13005	713	23	entities	entity	NOUN
cblr-13005	713	24	,	,	PUNCT
cblr-13005	713	25	and	and	CCONJ
cblr-13005	713	26	more	more	ADV
cblr-13005	713	27	flexible	flexible	ADJ
cblr-13005	713	28	and	and	CCONJ
cblr-13005	713	29	efficient	efficient	ADJ
cblr-13005	713	30	,	,	PUNCT
cblr-13005	713	31	than	than	ADP
cblr-13005	713	32	command	command	NOUN
cblr-13005	713	33	and	and	CCONJ
cblr-13005	713	34	control	control	NOUN
cblr-13005	713	35	requirements	requirement	NOUN
cblr-13005	713	36	)	)	PUNCT
cblr-13005	713	37	;	;	PUNCT
cblr-13005	713	38	george	george	PROPN
cblr-13005	713	39	loewenstein	loewenstein	PROPN
cblr-13005	713	40	,	,	PUNCT
cblr-13005	713	41	cass	cass	PROPN
cblr-13005	713	42	r.	r.	PROPN
cblr-13005	713	43	sunstein	sunstein	PROPN
cblr-13005	713	44	&	&	CCONJ
cblr-13005	713	45	russell	russell	PROPN
cblr-13005	713	46	golman	golman	PROPN
cblr-13005	713	47	,	,	PUNCT
cblr-13005	713	48	disclosure	disclosure	NOUN
cblr-13005	713	49	:	:	PUNCT
cblr-13005	713	50	psychology	psychology	NOUN
cblr-13005	713	51	changes	change	VERB
cblr-13005	713	52	everything	everything	PRON
cblr-13005	713	53	,	,	PUNCT
cblr-13005	713	54	6	6	NUM
cblr-13005	713	55	ann	ann	PROPN
cblr-13005	713	56	.	.	PUNCT
cblr-13005	714	1	rev	rev	PROPN
cblr-13005	714	2	.	.	PROPN
cblr-13005	714	3	econ	econ	PROPN
cblr-13005	714	4	.	.	PROPN
cblr-13005	715	1	391	391	NUM
cblr-13005	715	2	,	,	PUNCT
cblr-13005	715	3	392	392	NUM
cblr-13005	715	4	(	(	PUNCT
cblr-13005	715	5	2014	2014	NUM
cblr-13005	715	6	)	)	PUNCT
cblr-13005	716	1	(	(	PUNCT
cblr-13005	716	2	explaining	explain	VERB
cblr-13005	716	3	that	that	SCONJ
cblr-13005	716	4	“	"	PUNCT
cblr-13005	716	5	[	[	X
cblr-13005	716	6	an	an	X
cblr-13005	716	7	]	]	X
cblr-13005	716	8	important	important	ADJ
cblr-13005	716	9	advantage	advantage	NOUN
cblr-13005	716	10	of	of	ADP
cblr-13005	716	11	disclosure	disclosure	NOUN
cblr-13005	716	12	requirements	requirement	NOUN
cblr-13005	716	13	,	,	PUNCT
cblr-13005	716	14	as	as	SCONJ
cblr-13005	716	15	opposed	oppose	VERB
cblr-13005	716	16	to	to	ADP
cblr-13005	716	17	harder	hard	ADJ
cblr-13005	716	18	forms	form	NOUN
cblr-13005	716	19	of	of	ADP
cblr-13005	716	20	no	no	NOUN
cblr-13005	716	21	.	.	NOUN
cblr-13005	716	22	1	1	NUM
cblr-13005	716	23	]	]	PUNCT
cblr-13005	716	24	a	a	DET
cblr-13005	716	25	hard	hard	ADJ
cblr-13005	716	26	look	look	NOUN
cblr-13005	716	27	at	at	ADP
cblr-13005	716	28	portfolio	portfolio	NOUN
cblr-13005	716	29	focused	focused	ADJ
cblr-13005	716	30	stewardship	stewardship	NOUN
cblr-13005	716	31	369	369	NUM
cblr-13005	716	32	disclosure	disclosure	NOUN
cblr-13005	716	33	regulation	regulation	NOUN
cblr-13005	716	34	may	may	AUX
cblr-13005	716	35	be	be	AUX
cblr-13005	716	36	less	less	ADV
cblr-13005	716	37	costly	costly	ADJ
cblr-13005	716	38	than	than	SCONJ
cblr-13005	716	39	command	command	NOUN
cblr-13005	716	40	-	-	PUNCT
cblr-13005	716	41	andcontrol	andcontrol	NOUN
cblr-13005	716	42	style	style	NOUN
cblr-13005	716	43	regulation	regulation	NOUN
cblr-13005	716	44	does	do	AUX
cblr-13005	716	45	not	not	PART
cblr-13005	716	46	mean	mean	VERB
cblr-13005	716	47	that	that	SCONJ
cblr-13005	716	48	it	it	PRON
cblr-13005	716	49	is	be	AUX
cblr-13005	716	50	costless	costless	NOUN
cblr-13005	716	51	,	,	PUNCT
cblr-13005	716	52	or	or	CCONJ
cblr-13005	716	53	effective	effective	ADJ
cblr-13005	716	54	.	.	PUNCT
cblr-13005	717	1	as	as	ADP
cblr-13005	717	2	for	for	ADP
cblr-13005	717	3	costs	cost	NOUN
cblr-13005	717	4	,	,	PUNCT
cblr-13005	717	5	information	information	NOUN
cblr-13005	717	6	disclosure	disclosure	NOUN
cblr-13005	717	7	can	can	AUX
cblr-13005	717	8	in	in	ADP
cblr-13005	717	9	fact	fact	NOUN
cblr-13005	717	10	be	be	AUX
cblr-13005	717	11	quite	quite	ADV
cblr-13005	717	12	expensive	expensive	ADJ
cblr-13005	717	13	—	—	PUNCT
cblr-13005	717	14	particularly	particularly	ADV
cblr-13005	717	15	given	give	VERB
cblr-13005	717	16	the	the	DET
cblr-13005	717	17	liability	liability	NOUN
cblr-13005	717	18	risk	risk	NOUN
cblr-13005	717	19	that	that	SCONJ
cblr-13005	717	20	u.s	u.s	PROPN
cblr-13005	717	21	.	.	PROPN
cblr-13005	717	22	public	public	ADJ
cblr-13005	717	23	companies	company	NOUN
cblr-13005	717	24	face	face	VERB
cblr-13005	717	25	for	for	ADP
cblr-13005	717	26	disclosure	disclosure	NOUN
cblr-13005	717	27	missteps.162	missteps.162	NUM
cblr-13005	717	28	to	to	PART
cblr-13005	717	29	evaluate	evaluate	VERB
cblr-13005	717	30	the	the	DET
cblr-13005	717	31	likely	likely	ADJ
cblr-13005	717	32	effectiveness	effectiveness	NOUN
cblr-13005	717	33	of	of	ADP
cblr-13005	717	34	disclosure	disclosure	NOUN
cblr-13005	717	35	regulation	regulation	NOUN
cblr-13005	717	36	as	as	ADP
cblr-13005	717	37	a	a	DET
cblr-13005	717	38	portfolio	portfolio	NOUN
cblr-13005	717	39	-	-	PUNCT
cblr-13005	717	40	focused	focus	VERB
cblr-13005	717	41	stewardship	stewardship	NOUN
cblr-13005	717	42	technique	technique	NOUN
cblr-13005	717	43	requires	require	VERB
cblr-13005	717	44	clarity	clarity	NOUN
cblr-13005	717	45	as	as	ADP
cblr-13005	717	46	to	to	ADP
cblr-13005	717	47	the	the	DET
cblr-13005	717	48	mechanism	mechanism	NOUN
cblr-13005	717	49	through	through	ADP
cblr-13005	717	50	which	which	PRON
cblr-13005	717	51	the	the	DET
cblr-13005	717	52	mandated	mandate	VERB
cblr-13005	717	53	disclosure	disclosure	NOUN
cblr-13005	717	54	is	be	AUX
cblr-13005	717	55	supposed	suppose	VERB
cblr-13005	717	56	to	to	PART
cblr-13005	717	57	lead	lead	VERB
cblr-13005	717	58	portfolio	portfolio	NOUN
cblr-13005	717	59	firms	firm	NOUN
cblr-13005	717	60	to	to	PART
cblr-13005	717	61	internalize	internalize	VERB
cblr-13005	717	62	their	their	PRON
cblr-13005	717	63	intraportfolio	intraportfolio	ADJ
cblr-13005	717	64	externalities	externality	NOUN
cblr-13005	717	65	.	.	PUNCT
cblr-13005	718	1	after	after	ADV
cblr-13005	718	2	all	all	ADV
cblr-13005	718	3	,	,	PUNCT
cblr-13005	718	4	disclosure	disclosure	NOUN
cblr-13005	718	5	regulation	regulation	NOUN
cblr-13005	718	6	alone	alone	ADV
cblr-13005	718	7	does	do	AUX
cblr-13005	718	8	not	not	PART
cblr-13005	718	9	magically	magically	ADV
cblr-13005	718	10	internalize	internalize	VERB
cblr-13005	718	11	externalities	externality	NOUN
cblr-13005	718	12	;	;	PUNCT
cblr-13005	718	13	its	its	PRON
cblr-13005	718	14	success	success	NOUN
cblr-13005	718	15	as	as	ADP
cblr-13005	718	16	a	a	DET
cblr-13005	718	17	regulatory	regulatory	ADJ
cblr-13005	718	18	technique	technique	NOUN
cblr-13005	718	19	requires	require	VERB
cblr-13005	718	20	that	that	SCONJ
cblr-13005	718	21	the	the	DET
cblr-13005	718	22	disclosures	disclosure	NOUN
cblr-13005	718	23	produced	produce	VERB
cblr-13005	718	24	by	by	ADP
cblr-13005	718	25	it	it	PRON
cblr-13005	718	26	catalyze	catalyze	NOUN
cblr-13005	718	27	(	(	PUNCT
cblr-13005	718	28	or	or	CCONJ
cblr-13005	718	29	that	that	SCONJ
cblr-13005	718	30	portfolio	portfolio	NOUN
cblr-13005	718	31	firms	firm	NOUN
cblr-13005	718	32	anticipate	anticipate	VERB
cblr-13005	718	33	that	that	SCONJ
cblr-13005	718	34	they	they	PRON
cblr-13005	718	35	will	will	AUX
cblr-13005	718	36	catalyze	catalyze	VERB
cblr-13005	718	37	)	)	PUNCT
cblr-13005	718	38	action	action	NOUN
cblr-13005	718	39	by	by	ADP
cblr-13005	718	40	others	other	NOUN
cblr-13005	718	41	that	that	SCONJ
cblr-13005	718	42	,	,	PUNCT
cblr-13005	718	43	in	in	ADP
cblr-13005	718	44	turn	turn	NOUN
cblr-13005	718	45	,	,	PUNCT
cblr-13005	718	46	cause	cause	VERB
cblr-13005	718	47	portfolio	portfolio	NOUN
cblr-13005	718	48	firms	firm	NOUN
cblr-13005	718	49	to	to	PART
cblr-13005	718	50	take	take	VERB
cblr-13005	718	51	account	account	NOUN
cblr-13005	718	52	of	of	ADP
cblr-13005	718	53	the	the	DET
cblr-13005	718	54	external	external	ADJ
cblr-13005	718	55	effects	effect	NOUN
cblr-13005	718	56	of	of	ADP
cblr-13005	718	57	their	their	PRON
cblr-13005	718	58	behavior.163	behavior.163	NOUN
cblr-13005	718	59	this	this	PRON
cblr-13005	718	60	requires	require	VERB
cblr-13005	718	61	that	that	SCONJ
cblr-13005	718	62	the	the	DET
cblr-13005	718	63	disclosure	disclosure	NOUN
cblr-13005	718	64	mandates	mandate	NOUN
cblr-13005	718	65	target	target	VERB
cblr-13005	718	66	relevant	relevant	ADJ
cblr-13005	718	67	information	information	NOUN
cblr-13005	718	68	,	,	PUNCT
cblr-13005	718	69	that	that	SCONJ
cblr-13005	718	70	firms	firm	NOUN
cblr-13005	718	71	credibly	credibly	ADV
cblr-13005	718	72	comply	comply	VERB
cblr-13005	718	73	with	with	ADP
cblr-13005	718	74	those	those	DET
cblr-13005	718	75	mandates	mandate	NOUN
cblr-13005	718	76	,	,	PUNCT
cblr-13005	718	77	and	and	CCONJ
cblr-13005	718	78	—	—	PUNCT
cblr-13005	718	79	importantly	importantly	ADV
cblr-13005	718	80	—	—	PUNCT
cblr-13005	718	81	that	that	SCONJ
cblr-13005	718	82	the	the	DET
cblr-13005	718	83	disclosures	disclosure	NOUN
cblr-13005	718	84	trigger	trigger	VERB
cblr-13005	718	85	the	the	DET
cblr-13005	718	86	desired	desire	VERB
cblr-13005	718	87	response	response	NOUN
cblr-13005	718	88	by	by	ADP
cblr-13005	718	89	those	those	PRON
cblr-13005	718	90	who	who	PRON
cblr-13005	718	91	are	be	AUX
cblr-13005	718	92	meant	mean	VERB
cblr-13005	718	93	to	to	PART
cblr-13005	718	94	consume	consume	VERB
cblr-13005	718	95	them.164	them.164	NOUN
cblr-13005	718	96	the	the	DET
cblr-13005	718	97	last	last	ADJ
cblr-13005	718	98	requirement	requirement	NOUN
cblr-13005	718	99	is	be	AUX
cblr-13005	718	100	regulation	regulation	NOUN
cblr-13005	718	101	,	,	PUNCT
cblr-13005	718	102	is	be	AUX
cblr-13005	718	103	their	their	PRON
cblr-13005	718	104	flexibility	flexibility	NOUN
cblr-13005	718	105	and	and	CCONJ
cblr-13005	718	106	respect	respect	NOUN
cblr-13005	718	107	for	for	ADP
cblr-13005	718	108	the	the	DET
cblr-13005	718	109	operation	operation	NOUN
cblr-13005	718	110	of	of	ADP
cblr-13005	718	111	markets	market	NOUN
cblr-13005	718	112	”	"	PUNCT
cblr-13005	718	113	and	and	CCONJ
cblr-13005	718	114	observing	observe	VERB
cblr-13005	718	115	that	that	SCONJ
cblr-13005	718	116	“	"	PUNCT
cblr-13005	718	117	[	[	X
cblr-13005	718	118	r]egulatory	r]egulatory	NOUN
cblr-13005	718	119	mandates	mandate	NOUN
cblr-13005	718	120	are	be	AUX
cblr-13005	718	121	blunt	blunt	ADJ
cblr-13005	718	122	swords	sword	NOUN
cblr-13005	718	123	;	;	PUNCT
cblr-13005	718	124	they	they	PRON
cblr-13005	718	125	tend	tend	VERB
cblr-13005	718	126	to	to	PART
cblr-13005	718	127	neglect	neglect	VERB
cblr-13005	718	128	heterogeneity	heterogeneity	NOUN
cblr-13005	718	129	and	and	CCONJ
cblr-13005	718	130	may	may	AUX
cblr-13005	718	131	have	have	VERB
cblr-13005	718	132	serious	serious	ADJ
cblr-13005	718	133	unintended	unintended	ADJ
cblr-13005	718	134	adverse	adverse	ADJ
cblr-13005	718	135	effects	effect	NOUN
cblr-13005	718	136	”	"	PUNCT
cblr-13005	718	137	)	)	PUNCT
cblr-13005	718	138	.	.	PUNCT
cblr-13005	719	1	162	162	NUM
cblr-13005	719	2	actual	actual	ADJ
cblr-13005	719	3	costs	cost	NOUN
cblr-13005	719	4	will	will	AUX
cblr-13005	719	5	vary	vary	VERB
cblr-13005	719	6	significantly	significantly	ADV
cblr-13005	719	7	depending	depend	VERB
cblr-13005	719	8	on	on	ADP
cblr-13005	719	9	the	the	DET
cblr-13005	719	10	nature	nature	NOUN
cblr-13005	719	11	of	of	ADP
cblr-13005	719	12	the	the	DET
cblr-13005	719	13	disclosure	disclosure	NOUN
cblr-13005	719	14	mandates	mandate	NOUN
cblr-13005	719	15	.	.	PUNCT
cblr-13005	720	1	c.f	c.f	PROPN
cblr-13005	720	2	.	.	PROPN
cblr-13005	720	3	rose	rise	VERB
cblr-13005	720	4	,	,	PUNCT
cblr-13005	720	5	supra	supra	PROPN
cblr-13005	720	6	note	note	NOUN
cblr-13005	720	7	2	2	NUM
cblr-13005	720	8	,	,	PUNCT
cblr-13005	720	9	at	at	ADP
cblr-13005	720	10	1834	1834	NUM
cblr-13005	720	11	(	(	PUNCT
cblr-13005	720	12	discussing	discuss	VERB
cblr-13005	720	13	factors	factor	NOUN
cblr-13005	720	14	that	that	PRON
cblr-13005	720	15	affect	affect	VERB
cblr-13005	720	16	the	the	DET
cblr-13005	720	17	cost	cost	NOUN
cblr-13005	720	18	of	of	ADP
cblr-13005	720	19	sec	sec	PROPN
cblr-13005	720	20	disclosure	disclosure	NOUN
cblr-13005	720	21	mandates	mandate	NOUN
cblr-13005	720	22	)	)	PUNCT
cblr-13005	720	23	.	.	PUNCT
cblr-13005	721	1	163	163	NUM
cblr-13005	721	2	see	see	VERB
cblr-13005	721	3	,	,	PUNCT
cblr-13005	721	4	e.g.	e.g.	ADV
cblr-13005	721	5	,	,	PUNCT
cblr-13005	721	6	paula	paula	PROPN
cblr-13005	721	7	j.	j.	PROPN
cblr-13005	721	8	dalley	dalley	PROPN
cblr-13005	721	9	,	,	PUNCT
cblr-13005	721	10	the	the	DET
cblr-13005	721	11	use	use	NOUN
cblr-13005	721	12	and	and	CCONJ
cblr-13005	721	13	misuse	misuse	NOUN
cblr-13005	721	14	of	of	ADP
cblr-13005	721	15	disclosure	disclosure	NOUN
cblr-13005	721	16	as	as	ADP
cblr-13005	721	17	a	a	DET
cblr-13005	721	18	regulatory	regulatory	ADJ
cblr-13005	721	19	system	system	NOUN
cblr-13005	721	20	,	,	PUNCT
cblr-13005	721	21	34	34	NUM
cblr-13005	721	22	fla	fla	PROPN
cblr-13005	721	23	.	.	PUNCT
cblr-13005	722	1	st	st	PROPN
cblr-13005	722	2	.	.	PROPN
cblr-13005	722	3	u.	u.	PROPN
cblr-13005	722	4	l.	l.	PROPN
cblr-13005	722	5	rev	rev	PROPN
cblr-13005	722	6	.	.	PROPN
cblr-13005	722	7	1089	1089	NUM
cblr-13005	722	8	,	,	PUNCT
cblr-13005	722	9	1108	1108	NUM
cblr-13005	722	10	-	-	SYM
cblr-13005	722	11	1113	1113	NUM
cblr-13005	722	12	(	(	PUNCT
cblr-13005	722	13	2007	2007	NUM
cblr-13005	722	14	)	)	PUNCT
cblr-13005	722	15	(	(	PUNCT
cblr-13005	722	16	discussing	discuss	VERB
cblr-13005	722	17	how	how	SCONJ
cblr-13005	722	18	disclosure	disclosure	NOUN
cblr-13005	722	19	regulation	regulation	NOUN
cblr-13005	722	20	works	work	VERB
cblr-13005	722	21	and	and	CCONJ
cblr-13005	722	22	its	its	PRON
cblr-13005	722	23	benefits	benefit	NOUN
cblr-13005	722	24	)	)	PUNCT
cblr-13005	722	25	.	.	PUNCT
cblr-13005	723	1	disclosers	discloser	NOUN
cblr-13005	723	2	may	may	AUX
cblr-13005	723	3	sometimes	sometimes	ADV
cblr-13005	723	4	adjust	adjust	VERB
cblr-13005	723	5	their	their	PRON
cblr-13005	723	6	behavior	behavior	NOUN
cblr-13005	723	7	more	more	ADV
cblr-13005	723	8	than	than	ADP
cblr-13005	723	9	disclosee	disclosee	PROPN
cblr-13005	723	10	’s	’s	PART
cblr-13005	723	11	reactions	reaction	NOUN
cblr-13005	723	12	to	to	ADP
cblr-13005	723	13	the	the	DET
cblr-13005	723	14	information	information	NOUN
cblr-13005	723	15	would	would	AUX
cblr-13005	723	16	rationally	rationally	ADV
cblr-13005	723	17	warrant	warrant	VERB
cblr-13005	723	18	,	,	PUNCT
cblr-13005	723	19	in	in	ADP
cblr-13005	723	20	an	an	DET
cblr-13005	723	21	example	example	NOUN
cblr-13005	723	22	of	of	ADP
cblr-13005	723	23	what	what	PRON
cblr-13005	723	24	has	have	AUX
cblr-13005	723	25	been	be	AUX
cblr-13005	723	26	referred	refer	VERB
cblr-13005	723	27	to	to	ADP
cblr-13005	723	28	in	in	ADP
cblr-13005	723	29	the	the	DET
cblr-13005	723	30	behavioral	behavioral	ADJ
cblr-13005	723	31	economics	economic	NOUN
cblr-13005	723	32	literature	literature	NOUN
cblr-13005	723	33	as	as	ADP
cblr-13005	723	34	the	the	DET
cblr-13005	723	35	“	"	PUNCT
cblr-13005	723	36	telltale	telltale	ADJ
cblr-13005	723	37	heart	heart	NOUN
cblr-13005	723	38	effect	effect	NOUN
cblr-13005	723	39	.	.	PUNCT
cblr-13005	723	40	”	"	PUNCT
cblr-13005	724	1	see	see	VERB
cblr-13005	724	2	,	,	PUNCT
cblr-13005	724	3	e.g.	e.g.	ADV
cblr-13005	724	4	,	,	PUNCT
cblr-13005	724	5	loewenstein	loewenstein	PROPN
cblr-13005	724	6	,	,	PUNCT
cblr-13005	724	7	et	et	PROPN
cblr-13005	724	8	al	al	PROPN
cblr-13005	724	9	.	.	PROPN
cblr-13005	724	10	,	,	PUNCT
cblr-13005	724	11	supra	supra	PROPN
cblr-13005	724	12	note	note	PROPN
cblr-13005	724	13	161	161	NUM
cblr-13005	724	14	,	,	PUNCT
cblr-13005	724	15	at	at	ADP
cblr-13005	724	16	403	403	NUM
cblr-13005	724	17	-	-	SYM
cblr-13005	724	18	404	404	NUM
cblr-13005	724	19	(	(	PUNCT
cblr-13005	724	20	describing	describe	VERB
cblr-13005	724	21	this	this	DET
cblr-13005	724	22	phenomenon	phenomenon	NOUN
cblr-13005	724	23	)	)	PUNCT
cblr-13005	724	24	;	;	PUNCT
cblr-13005	724	25	see	see	VERB
cblr-13005	724	26	also	also	ADV
cblr-13005	724	27	stephanie	stephanie	PROPN
cblr-13005	724	28	bornstein	bornstein	PROPN
cblr-13005	724	29	,	,	PUNCT
cblr-13005	724	30	the	the	DET
cblr-13005	724	31	enforcement	enforcement	NOUN
cblr-13005	724	32	value	value	NOUN
cblr-13005	724	33	of	of	ADP
cblr-13005	724	34	disclosure	disclosure	NOUN
cblr-13005	724	35	,	,	PUNCT
cblr-13005	724	36	72	72	NUM
cblr-13005	724	37	duke	duke	PROPN
cblr-13005	724	38	l.j	l.j	PROPN
cblr-13005	724	39	.	.	PROPN
cblr-13005	724	40	1771	1771	NUM
cblr-13005	724	41	(	(	PUNCT
cblr-13005	724	42	2023	2023	NUM
cblr-13005	724	43	)	)	PUNCT
cblr-13005	724	44	(	(	PUNCT
cblr-13005	724	45	discussing	discuss	VERB
cblr-13005	724	46	how	how	SCONJ
cblr-13005	724	47	disclosure	disclosure	NOUN
cblr-13005	724	48	regulation	regulation	NOUN
cblr-13005	724	49	can	can	AUX
cblr-13005	724	50	operate	operate	VERB
cblr-13005	724	51	as	as	ADP
cblr-13005	724	52	a	a	DET
cblr-13005	724	53	“	"	PUNCT
cblr-13005	724	54	nudge	nudge	NOUN
cblr-13005	724	55	”	"	PUNCT
cblr-13005	724	56	on	on	ADP
cblr-13005	724	57	the	the	DET
cblr-13005	724	58	discloser	discloser	NOUN
cblr-13005	724	59	)	)	PUNCT
cblr-13005	724	60	.	.	PUNCT
cblr-13005	725	1	164	164	NUM
cblr-13005	725	2	dalley	dalley	NOUN
cblr-13005	725	3	,	,	PUNCT
cblr-13005	725	4	supra	supra	PROPN
cblr-13005	725	5	note	note	PROPN
cblr-13005	725	6	163	163	NUM
cblr-13005	725	7	,	,	PUNCT
cblr-13005	725	8	at	at	ADP
cblr-13005	725	9	1113	1113	NUM
cblr-13005	725	10	-	-	SYM
cblr-13005	725	11	19	19	NUM
cblr-13005	725	12	(	(	PUNCT
cblr-13005	725	13	discussing	discuss	VERB
cblr-13005	725	14	limitations	limitation	NOUN
cblr-13005	725	15	of	of	ADP
cblr-13005	725	16	disclosure	disclosure	NOUN
cblr-13005	725	17	regulation	regulation	NOUN
cblr-13005	725	18	,	,	PUNCT
cblr-13005	725	19	including	include	VERB
cblr-13005	725	20	“	"	PUNCT
cblr-13005	725	21	the	the	DET
cblr-13005	725	22	ability	ability	NOUN
cblr-13005	725	23	of	of	ADP
cblr-13005	725	24	individuals	individual	NOUN
cblr-13005	725	25	to	to	PART
cblr-13005	725	26	process	process	VERB
cblr-13005	725	27	information	information	NOUN
cblr-13005	725	28	”	"	PUNCT
cblr-13005	725	29	as	as	ADV
cblr-13005	725	30	well	well	ADV
cblr-13005	725	31	as	as	ADP
cblr-13005	725	32	“	"	PUNCT
cblr-13005	725	33	the	the	DET
cblr-13005	725	34	way	way	NOUN
cblr-13005	725	35	information	information	NOUN
cblr-13005	725	36	affects	affect	VERB
cblr-13005	725	37	individuals	individual	NOUN
cblr-13005	725	38	’	'	PUNCT
cblr-13005	725	39	behavior	behavior	NOUN
cblr-13005	725	40	”	"	PUNCT
cblr-13005	725	41	)	)	PUNCT
cblr-13005	725	42	;	;	PUNCT
cblr-13005	725	43	david	david	PROPN
cblr-13005	725	44	weil	weil	PROPN
cblr-13005	725	45	,	,	PUNCT
cblr-13005	725	46	elena	elena	PROPN
cblr-13005	725	47	fagotto	fagotto	PROPN
cblr-13005	725	48	,	,	PUNCT
cblr-13005	725	49	archon	archon	PROPN
cblr-13005	725	50	fung	fung	PROPN
cblr-13005	725	51	&	&	CCONJ
cblr-13005	725	52	mary	mary	PROPN
cblr-13005	725	53	graham	graham	PROPN
cblr-13005	725	54	,	,	PUNCT
cblr-13005	725	55	the	the	DET
cblr-13005	725	56	effectiveness	effectiveness	NOUN
cblr-13005	725	57	of	of	ADP
cblr-13005	725	58	regulatory	regulatory	ADJ
cblr-13005	725	59	disclosure	disclosure	NOUN
cblr-13005	725	60	policies	policy	NOUN
cblr-13005	725	61	,	,	PUNCT
cblr-13005	725	62	25	25	NUM
cblr-13005	725	63	j.	j.	PROPN
cblr-13005	725	64	pol’y	pol’y	NOUN
cblr-13005	725	65	analysis	analysis	NOUN
cblr-13005	725	66	and	and	CCONJ
cblr-13005	725	67	mgmt	mgmt	NOUN
cblr-13005	725	68	.	.	PROPN
cblr-13005	725	69	155	155	NUM
cblr-13005	725	70	,	,	PUNCT
cblr-13005	725	71	157	157	NUM
cblr-13005	725	72	(	(	PUNCT
cblr-13005	725	73	2006	2006	NUM
cblr-13005	725	74	)	)	PUNCT
cblr-13005	725	75	370	370	NUM
cblr-13005	725	76	columbia	columbia	PROPN
cblr-13005	725	77	business	business	NOUN
cblr-13005	725	78	law	law	PROPN
cblr-13005	725	79	review	review	NOUN
cblr-13005	725	80	[	[	X
cblr-13005	725	81	vol	vol	NOUN
cblr-13005	725	82	.	.	NOUN
cblr-13005	725	83	2024	2024	NUM
cblr-13005	725	84	perhaps	perhaps	ADV
cblr-13005	725	85	the	the	DET
cblr-13005	725	86	biggest	big	ADJ
cblr-13005	725	87	wildcard	wildcard	NOUN
cblr-13005	725	88	,	,	PUNCT
cblr-13005	725	89	given	give	VERB
cblr-13005	725	90	that	that	SCONJ
cblr-13005	725	91	cognitive	cognitive	ADJ
cblr-13005	725	92	biases	bias	NOUN
cblr-13005	725	93	make	make	VERB
cblr-13005	725	94	predicting	predict	VERB
cblr-13005	725	95	human	human	ADJ
cblr-13005	725	96	behavior	behavior	NOUN
cblr-13005	725	97	fraught	fraught	ADV
cblr-13005	725	98	,	,	PUNCT
cblr-13005	725	99	and	and	CCONJ
cblr-13005	725	100	even	even	ADV
cblr-13005	725	101	if	if	SCONJ
cblr-13005	725	102	a	a	DET
cblr-13005	725	103	disclosure	disclosure	NOUN
cblr-13005	725	104	audience	audience	NOUN
cblr-13005	725	105	responds	respond	VERB
cblr-13005	725	106	rationally	rationally	ADV
cblr-13005	725	107	to	to	PART
cblr-13005	725	108	information	information	VERB
cblr-13005	725	109	it	it	PRON
cblr-13005	725	110	may	may	AUX
cblr-13005	725	111	not	not	PART
cblr-13005	725	112	have	have	VERB
cblr-13005	725	113	the	the	DET
cblr-13005	725	114	power	power	NOUN
cblr-13005	725	115	to	to	PART
cblr-13005	725	116	change	change	VERB
cblr-13005	725	117	firm	firm	ADJ
cblr-13005	725	118	behavior.165	behavior.165	PROPN
cblr-13005	725	119	scholars	scholar	NOUN
cblr-13005	725	120	who	who	PRON
cblr-13005	725	121	have	have	AUX
cblr-13005	725	122	studied	study	VERB
cblr-13005	725	123	disclosure	disclosure	NOUN
cblr-13005	725	124	regulation	regulation	NOUN
cblr-13005	725	125	have	have	AUX
cblr-13005	725	126	concluded	conclude	VERB
cblr-13005	725	127	that	that	SCONJ
cblr-13005	725	128	the	the	DET
cblr-13005	725	129	“	"	PUNCT
cblr-13005	725	130	conditions	condition	NOUN
cblr-13005	725	131	for	for	ADP
cblr-13005	725	132	effectiveness	effectiveness	NOUN
cblr-13005	725	133	are	be	AUX
cblr-13005	725	134	quite	quite	ADV
cblr-13005	725	135	demanding	demanding	ADJ
cblr-13005	725	136	and	and	CCONJ
cblr-13005	725	137	therefore	therefore	ADV
cblr-13005	725	138	not	not	PART
cblr-13005	725	139	easily	easily	ADV
cblr-13005	725	140	met	meet	VERB
cblr-13005	725	141	.	.	PUNCT
cblr-13005	725	142	”166	”166	PUNCT
cblr-13005	725	143	with	with	ADP
cblr-13005	725	144	respect	respect	NOUN
cblr-13005	725	145	to	to	ADP
cblr-13005	725	146	disclosure	disclosure	NOUN
cblr-13005	725	147	-	-	PUNCT
cblr-13005	725	148	style	style	NOUN
cblr-13005	725	149	portfolio	portfolio	NOUN
cblr-13005	725	150	-	-	PUNCT
cblr-13005	725	151	focused	focus	VERB
cblr-13005	725	152	stewardship	stewardship	NOUN
cblr-13005	725	153	interventions	intervention	NOUN
cblr-13005	725	154	,	,	PUNCT
cblr-13005	725	155	one	one	PRON
cblr-13005	725	156	could	could	AUX
cblr-13005	725	157	imagine	imagine	VERB
cblr-13005	725	158	three	three	NUM
cblr-13005	725	159	potential	potential	ADJ
cblr-13005	725	160	groups	group	NOUN
cblr-13005	725	161	whose	whose	DET
cblr-13005	725	162	behavior	behavior	NOUN
cblr-13005	725	163	the	the	DET
cblr-13005	725	164	disclosures	disclosure	NOUN
cblr-13005	725	165	could	could	AUX
cblr-13005	725	166	be	be	AUX
cblr-13005	725	167	meant	mean	VERB
cblr-13005	725	168	to	to	PART
cblr-13005	725	169	influence	influence	VERB
cblr-13005	725	170	.	.	PUNCT
cblr-13005	726	1	in	in	ADP
cblr-13005	726	2	the	the	DET
cblr-13005	726	3	first	first	ADJ
cblr-13005	726	4	category	category	NOUN
cblr-13005	726	5	are	be	AUX
cblr-13005	726	6	market	market	NOUN
cblr-13005	726	7	actors	actor	NOUN
cblr-13005	726	8	who	who	PRON
cblr-13005	726	9	might	might	AUX
cblr-13005	726	10	adjust	adjust	VERB
cblr-13005	726	11	their	their	PRON
cblr-13005	726	12	market	market	NOUN
cblr-13005	726	13	behavior	behavior	NOUN
cblr-13005	726	14	by	by	ADP
cblr-13005	726	15	virtue	virtue	NOUN
cblr-13005	726	16	of	of	ADP
cblr-13005	726	17	the	the	DET
cblr-13005	726	18	disclosures	disclosure	NOUN
cblr-13005	726	19	in	in	ADP
cblr-13005	726	20	a	a	DET
cblr-13005	726	21	way	way	NOUN
cblr-13005	726	22	that	that	PRON
cblr-13005	726	23	forces	force	VERB
cblr-13005	726	24	companies	company	NOUN
cblr-13005	726	25	to	to	PART
cblr-13005	726	26	take	take	VERB
cblr-13005	726	27	account	account	NOUN
cblr-13005	726	28	of	of	ADP
cblr-13005	726	29	the	the	DET
cblr-13005	726	30	external	external	ADJ
cblr-13005	726	31	costs	cost	NOUN
cblr-13005	726	32	of	of	ADP
cblr-13005	726	33	their	their	PRON
cblr-13005	726	34	actions	action	NOUN
cblr-13005	726	35	.	.	PUNCT
cblr-13005	727	1	this	this	PRON
cblr-13005	727	2	could	could	AUX
cblr-13005	727	3	include	include	VERB
cblr-13005	727	4	consumers	consumer	NOUN
cblr-13005	727	5	,	,	PUNCT
cblr-13005	727	6	suppliers	supplier	NOUN
cblr-13005	727	7	,	,	PUNCT
cblr-13005	727	8	as	as	ADV
cblr-13005	727	9	well	well	ADV
cblr-13005	727	10	as	as	ADP
cblr-13005	727	11	non	non	ADJ
cblr-13005	727	12	-	-	ADJ
cblr-13005	727	13	index	index	ADJ
cblr-13005	727	14	investors	investor	NOUN
cblr-13005	727	15	and	and	CCONJ
cblr-13005	727	16	their	their	PRON
cblr-13005	727	17	fund	fund	NOUN
cblr-13005	727	18	managers	manager	NOUN
cblr-13005	727	19	.	.	PUNCT
cblr-13005	728	1	these	these	DET
cblr-13005	728	2	actors	actor	NOUN
cblr-13005	728	3	could	could	AUX
cblr-13005	728	4	modify	modify	VERB
cblr-13005	728	5	their	their	PRON
cblr-13005	728	6	market	market	NOUN
cblr-13005	728	7	behavior	behavior	NOUN
cblr-13005	728	8	based	base	VERB
cblr-13005	728	9	on	on	ADP
cblr-13005	728	10	their	their	PRON
cblr-13005	728	11	own	own	ADJ
cblr-13005	728	12	digestion	digestion	NOUN
cblr-13005	728	13	of	of	ADP
cblr-13005	728	14	the	the	DET
cblr-13005	728	15	disclosures	disclosure	NOUN
cblr-13005	728	16	or	or	CCONJ
cblr-13005	728	17	based	base	VERB
cblr-13005	728	18	on	on	ADP
cblr-13005	728	19	their	their	PRON
cblr-13005	728	20	reaction	reaction	NOUN
cblr-13005	728	21	to	to	ADP
cblr-13005	728	22	others	other	NOUN
cblr-13005	728	23	’	'	PUNCT
cblr-13005	728	24	responses	response	NOUN
cblr-13005	728	25	to	to	ADP
cblr-13005	728	26	those	those	DET
cblr-13005	728	27	disclosures	disclosure	NOUN
cblr-13005	728	28	,	,	PUNCT
cblr-13005	728	29	such	such	ADJ
cblr-13005	728	30	as	as	ADP
cblr-13005	728	31	campaigns	campaign	NOUN
cblr-13005	728	32	organized	organize	VERB
cblr-13005	728	33	by	by	ADP
cblr-13005	728	34	various	various	ADJ
cblr-13005	728	35	advocacy	advocacy	NOUN
cblr-13005	728	36	groups	group	NOUN
cblr-13005	728	37	,	,	PUNCT
cblr-13005	728	38	media	medium	NOUN
cblr-13005	728	39	coverage	coverage	NOUN
cblr-13005	728	40	,	,	PUNCT
cblr-13005	728	41	etc.167	etc.167	ADV
cblr-13005	728	42	in	in	ADP
cblr-13005	728	43	the	the	DET
cblr-13005	728	44	second	second	ADJ
cblr-13005	728	45	category	category	NOUN
cblr-13005	728	46	are	be	AUX
cblr-13005	728	47	government	government	NOUN
cblr-13005	728	48	actors	actor	NOUN
cblr-13005	728	49	who	who	PRON
cblr-13005	728	50	may	may	AUX
cblr-13005	728	51	be	be	AUX
cblr-13005	728	52	catalyzed	catalyze	VERB
cblr-13005	728	53	to	to	ADP
cblr-13005	728	54	(	(	PUNCT
cblr-13005	728	55	explaining	explain	VERB
cblr-13005	728	56	that	that	SCONJ
cblr-13005	728	57	“	"	PUNCT
cblr-13005	728	58	[	[	X
cblr-13005	728	59	w]hether	w]hether	X
cblr-13005	728	60	and	and	CCONJ
cblr-13005	728	61	how	how	SCONJ
cblr-13005	728	62	new	new	ADJ
cblr-13005	728	63	information	information	NOUN
cblr-13005	728	64	is	be	AUX
cblr-13005	728	65	used	use	VERB
cblr-13005	728	66	to	to	PART
cblr-13005	728	67	further	further	VERB
cblr-13005	728	68	public	public	ADJ
cblr-13005	728	69	objectives	objective	NOUN
cblr-13005	728	70	depends	depend	VERB
cblr-13005	728	71	upon	upon	SCONJ
cblr-13005	728	72	its	its	PRON
cblr-13005	728	73	incorporation	incorporation	NOUN
cblr-13005	728	74	into	into	ADP
cblr-13005	728	75	complex	complex	ADJ
cblr-13005	728	76	chains	chain	NOUN
cblr-13005	728	77	of	of	ADP
cblr-13005	728	78	comprehension	comprehension	NOUN
cblr-13005	728	79	,	,	PUNCT
cblr-13005	728	80	action	action	NOUN
cblr-13005	728	81	,	,	PUNCT
cblr-13005	728	82	and	and	CCONJ
cblr-13005	728	83	response	response	NOUN
cblr-13005	728	84	”	"	PUNCT
cblr-13005	728	85	)	)	PUNCT
cblr-13005	728	86	;	;	PUNCT
cblr-13005	728	87	sunstein	sunstein	PROPN
cblr-13005	728	88	,	,	PUNCT
cblr-13005	728	89	supra	supra	PROPN
cblr-13005	728	90	note	note	NOUN
cblr-13005	728	91	161	161	NUM
cblr-13005	728	92	,	,	PUNCT
cblr-13005	728	93	at	at	ADP
cblr-13005	728	94	627	627	NUM
cblr-13005	728	95	(	(	PUNCT
cblr-13005	728	96	noting	note	VERB
cblr-13005	728	97	that	that	SCONJ
cblr-13005	728	98	even	even	ADV
cblr-13005	728	99	when	when	SCONJ
cblr-13005	728	100	disclosure	disclosure	NOUN
cblr-13005	728	101	mandates	mandate	NOUN
cblr-13005	728	102	“	"	PUNCT
cblr-13005	728	103	are	be	AUX
cblr-13005	728	104	not	not	PART
cblr-13005	728	105	prohibitively	prohibitively	ADV
cblr-13005	728	106	expensive	expensive	ADJ
cblr-13005	728	107	,	,	PUNCT
cblr-13005	728	108	they	they	PRON
cblr-13005	728	109	may	may	AUX
cblr-13005	728	110	be	be	AUX
cblr-13005	728	111	ineffectual	ineffectual	ADJ
cblr-13005	728	112	and	and	CCONJ
cblr-13005	728	113	thus	thus	ADV
cblr-13005	728	114	have	have	VERB
cblr-13005	728	115	low	low	ADJ
cblr-13005	728	116	benefits	benefit	NOUN
cblr-13005	728	117	;	;	PUNCT
cblr-13005	728	118	they	they	PRON
cblr-13005	728	119	may	may	AUX
cblr-13005	728	120	even	even	ADV
cblr-13005	728	121	be	be	AUX
cblr-13005	728	122	counterproductive	counterproductive	ADJ
cblr-13005	728	123	”	"	PUNCT
cblr-13005	728	124	)	)	PUNCT
cblr-13005	728	125	.	.	PUNCT
cblr-13005	729	1	165	165	NUM
cblr-13005	729	2	dalley	dalley	NOUN
cblr-13005	729	3	,	,	PUNCT
cblr-13005	729	4	supra	supra	PROPN
cblr-13005	729	5	note	note	PROPN
cblr-13005	729	6	164	164	NUM
cblr-13005	729	7	,	,	PUNCT
cblr-13005	729	8	at	at	ADP
cblr-13005	729	9	1130	1130	NUM
cblr-13005	729	10	;	;	PUNCT
cblr-13005	729	11	see	see	VERB
cblr-13005	729	12	generally	generally	ADV
cblr-13005	729	13	loewenstein	loewenstein	ADJ
cblr-13005	729	14	,	,	PUNCT
cblr-13005	729	15	et	et	PROPN
cblr-13005	729	16	al	al	PROPN
cblr-13005	729	17	.	.	PROPN
cblr-13005	729	18	,	,	PUNCT
cblr-13005	729	19	supra	supra	PROPN
cblr-13005	729	20	note	note	PROPN
cblr-13005	729	21	161	161	NUM
cblr-13005	729	22	,	,	PUNCT
cblr-13005	729	23	at	at	ADP
cblr-13005	729	24	398	398	NUM
cblr-13005	729	25	-	-	SYM
cblr-13005	729	26	404	404	NUM
cblr-13005	729	27	(	(	PUNCT
cblr-13005	729	28	cataloguing	catalogue	VERB
cblr-13005	729	29	the	the	DET
cblr-13005	729	30	biases	bias	NOUN
cblr-13005	729	31	that	that	PRON
cblr-13005	729	32	can	can	AUX
cblr-13005	729	33	render	render	VERB
cblr-13005	729	34	disclosure	disclosure	NOUN
cblr-13005	729	35	regulation	regulation	NOUN
cblr-13005	729	36	ineffective	ineffective	ADJ
cblr-13005	729	37	and	and	CCONJ
cblr-13005	729	38	even	even	ADV
cblr-13005	729	39	counterproductive	counterproductive	ADJ
cblr-13005	729	40	)	)	PUNCT
cblr-13005	729	41	.	.	PUNCT
cblr-13005	730	1	166	166	NUM
cblr-13005	730	2	weil	weil	PROPN
cblr-13005	730	3	et	et	PROPN
cblr-13005	730	4	al	al	PROPN
cblr-13005	730	5	.	.	PROPN
cblr-13005	730	6	,	,	PUNCT
cblr-13005	730	7	supra	supra	PROPN
cblr-13005	730	8	note	note	VERB
cblr-13005	730	9	164	164	NUM
cblr-13005	730	10	,	,	PUNCT
cblr-13005	730	11	at	at	ADP
cblr-13005	730	12	175	175	NUM
cblr-13005	730	13	;	;	PUNCT
cblr-13005	730	14	see	see	AUX
cblr-13005	730	15	also	also	ADV
cblr-13005	730	16	loewenstein	loewenstein	VERB
cblr-13005	730	17	et	et	PROPN
cblr-13005	730	18	al	al	PROPN
cblr-13005	730	19	.	.	PROPN
cblr-13005	730	20	,	,	PUNCT
cblr-13005	730	21	supra	supra	PROPN
cblr-13005	730	22	note	note	PROPN
cblr-13005	730	23	161	161	NUM
cblr-13005	730	24	,	,	PUNCT
cblr-13005	730	25	at	at	ADP
cblr-13005	730	26	413	413	NUM
cblr-13005	730	27	(	(	PUNCT
cblr-13005	730	28	explaining	explain	VERB
cblr-13005	730	29	that	that	SCONJ
cblr-13005	730	30	“	"	PUNCT
cblr-13005	730	31	[	[	X
cblr-13005	730	32	p]sychological	p]sychological	ADJ
cblr-13005	730	33	factors	factor	NOUN
cblr-13005	730	34	severely	severely	ADV
cblr-13005	730	35	complicate	complicate	VERB
cblr-13005	730	36	the	the	DET
cblr-13005	730	37	standard	standard	ADJ
cblr-13005	730	38	arguments	argument	NOUN
cblr-13005	730	39	for	for	ADP
cblr-13005	730	40	the	the	DET
cblr-13005	730	41	efficacy	efficacy	NOUN
cblr-13005	730	42	of	of	ADP
cblr-13005	730	43	disclosure	disclosure	NOUN
cblr-13005	730	44	requirements	requirement	NOUN
cblr-13005	730	45	”	"	PUNCT
cblr-13005	730	46	and	and	CCONJ
cblr-13005	730	47	concluding	conclude	VERB
cblr-13005	730	48	that	that	SCONJ
cblr-13005	730	49	“	"	PUNCT
cblr-13005	730	50	disclosure	disclosure	NOUN
cblr-13005	730	51	requirements	requirement	NOUN
cblr-13005	730	52	appear	appear	VERB
cblr-13005	730	53	to	to	PART
cblr-13005	730	54	have	have	AUX
cblr-13005	730	55	been	be	AUX
cblr-13005	730	56	less	less	ADV
cblr-13005	730	57	effective	effective	ADJ
cblr-13005	730	58	in	in	ADP
cblr-13005	730	59	changing	change	VERB
cblr-13005	730	60	recipient	recipient	NOUN
cblr-13005	730	61	behavior	behavior	NOUN
cblr-13005	730	62	than	than	SCONJ
cblr-13005	730	63	their	their	PRON
cblr-13005	730	64	proponents	proponent	NOUN
cblr-13005	730	65	seem	seem	VERB
cblr-13005	730	66	to	to	PART
cblr-13005	730	67	assume	assume	VERB
cblr-13005	730	68	”	"	PUNCT
cblr-13005	730	69	)	)	PUNCT
cblr-13005	730	70	.	.	PUNCT
cblr-13005	731	1	167	167	NUM
cblr-13005	731	2	cf	cf	NOUN
cblr-13005	731	3	.	.	PUNCT
cblr-13005	732	1	michael	michael	PROPN
cblr-13005	732	2	p.	p.	PROPN
cblr-13005	732	3	vanderburgh	vanderburgh	PROPN
cblr-13005	732	4	,	,	PUNCT
cblr-13005	732	5	private	private	ADJ
cblr-13005	732	6	environmental	environmental	ADJ
cblr-13005	732	7	governance	governance	NOUN
cblr-13005	732	8	,	,	PUNCT
cblr-13005	732	9	99	99	NUM
cblr-13005	732	10	cornell	cornell	PROPN
cblr-13005	732	11	l.	l.	PROPN
cblr-13005	732	12	rev	rev	PROPN
cblr-13005	732	13	.	.	PROPN
cblr-13005	732	14	129	129	NUM
cblr-13005	732	15	,	,	PUNCT
cblr-13005	732	16	137–38	137–38	NUM
cblr-13005	732	17	(	(	PUNCT
cblr-13005	732	18	2013	2013	NUM
cblr-13005	732	19	)	)	PUNCT
cblr-13005	732	20	(	(	PUNCT
cblr-13005	732	21	explaining	explain	VERB
cblr-13005	732	22	how	how	SCONJ
cblr-13005	732	23	environmental	environmental	ADJ
cblr-13005	732	24	goals	goal	NOUN
cblr-13005	732	25	can	can	AUX
cblr-13005	732	26	be	be	AUX
cblr-13005	732	27	advanced	advanced	ADJ
cblr-13005	732	28	through	through	ADP
cblr-13005	732	29	private	private	ADJ
cblr-13005	732	30	preferences	preference	NOUN
cblr-13005	732	31	“	"	PUNCT
cblr-13005	732	32	expressed	express	VERB
cblr-13005	732	33	in	in	ADP
cblr-13005	732	34	purchasing	purchasing	NOUN
cblr-13005	732	35	,	,	PUNCT
cblr-13005	732	36	lending	lending	NOUN
cblr-13005	732	37	,	,	PUNCT
cblr-13005	732	38	investing	investing	NOUN
cblr-13005	732	39	,	,	PUNCT
cblr-13005	732	40	and	and	CCONJ
cblr-13005	732	41	supply	supply	NOUN
cblr-13005	732	42	chain	chain	NOUN
cblr-13005	732	43	contracting	contracting	NOUN
cblr-13005	732	44	decisions	decision	NOUN
cblr-13005	732	45	,	,	PUNCT
cblr-13005	732	46	not	not	PART
cblr-13005	732	47	just	just	ADV
cblr-13005	732	48	at	at	ADP
cblr-13005	732	49	the	the	DET
cblr-13005	732	50	ballot	ballot	NOUN
cblr-13005	732	51	box	box	NOUN
cblr-13005	732	52	or	or	CCONJ
cblr-13005	732	53	through	through	ADP
cblr-13005	732	54	lobbying	lobby	VERB
cblr-13005	732	55	public	public	ADJ
cblr-13005	732	56	officials	official	NOUN
cblr-13005	732	57	”	"	PUNCT
cblr-13005	732	58	)	)	PUNCT
cblr-13005	732	59	.	.	PUNCT
cblr-13005	733	1	for	for	ADP
cblr-13005	733	2	an	an	DET
cblr-13005	733	3	extensive	extensive	ADJ
cblr-13005	733	4	discussion	discussion	NOUN
cblr-13005	733	5	of	of	ADP
cblr-13005	733	6	the	the	DET
cblr-13005	733	7	ways	way	NOUN
cblr-13005	733	8	that	that	PRON
cblr-13005	733	9	non	non	ADJ
cblr-13005	733	10	-	-	ADJ
cblr-13005	733	11	investor	investor	ADJ
cblr-13005	733	12	audiences	audience	NOUN
cblr-13005	733	13	may	may	AUX
cblr-13005	733	14	use	use	VERB
cblr-13005	733	15	corporate	corporate	ADJ
cblr-13005	733	16	disclosures	disclosure	NOUN
cblr-13005	733	17	to	to	PART
cblr-13005	733	18	affect	affect	VERB
cblr-13005	733	19	corporate	corporate	ADJ
cblr-13005	733	20	behavior	behavior	NOUN
cblr-13005	733	21	,	,	PUNCT
cblr-13005	733	22	see	see	VERB
cblr-13005	733	23	lipton	lipton	PROPN
cblr-13005	733	24	,	,	PUNCT
cblr-13005	733	25	supra	supra	PROPN
cblr-13005	733	26	note	note	NOUN
cblr-13005	733	27	51	51	NUM
cblr-13005	733	28	,	,	PUNCT
cblr-13005	733	29	at	at	ADP
cblr-13005	733	30	511–19	511–19	PROPN
cblr-13005	733	31	.	.	PUNCT
cblr-13005	734	1	no	no	INTJ
cblr-13005	734	2	.	.	NOUN
cblr-13005	735	1	1	1	NUM
cblr-13005	735	2	]	]	PUNCT
cblr-13005	735	3	a	a	DET
cblr-13005	735	4	hard	hard	ADJ
cblr-13005	735	5	look	look	NOUN
cblr-13005	735	6	at	at	ADP
cblr-13005	735	7	portfolio	portfolio	NOUN
cblr-13005	735	8	focused	focused	ADJ
cblr-13005	735	9	stewardship	stewardship	NOUN
cblr-13005	735	10	371	371	NUM
cblr-13005	735	11	adopt	adopt	VERB
cblr-13005	735	12	new	new	ADJ
cblr-13005	735	13	regulations	regulation	NOUN
cblr-13005	735	14	(	(	PUNCT
cblr-13005	735	15	or	or	CCONJ
cblr-13005	735	16	better	well	ADV
cblr-13005	735	17	enforce	enforce	VERB
cblr-13005	735	18	existing	exist	VERB
cblr-13005	735	19	ones	one	NOUN
cblr-13005	735	20	)	)	PUNCT
cblr-13005	735	21	in	in	ADP
cblr-13005	735	22	light	light	NOUN
cblr-13005	735	23	of	of	ADP
cblr-13005	735	24	the	the	DET
cblr-13005	735	25	disclosures.168	disclosures.168	NOUN
cblr-13005	735	26	third	third	NOUN
cblr-13005	735	27	are	be	AUX
cblr-13005	735	28	the	the	DET
cblr-13005	735	29	index	index	NOUN
cblr-13005	735	30	fund	fund	NOUN
cblr-13005	735	31	managers	manager	NOUN
cblr-13005	735	32	themselves	themselves	PRON
cblr-13005	735	33	,	,	PUNCT
cblr-13005	735	34	who	who	PRON
cblr-13005	735	35	might	might	AUX
cblr-13005	735	36	use	use	VERB
cblr-13005	735	37	the	the	DET
cblr-13005	735	38	information	information	NOUN
cblr-13005	735	39	to	to	PART
cblr-13005	735	40	help	help	VERB
cblr-13005	735	41	them	they	PRON
cblr-13005	735	42	craft	craft	VERB
cblr-13005	735	43	new	new	ADJ
cblr-13005	735	44	command	command	NOUN
cblr-13005	735	45	-	-	PUNCT
cblr-13005	735	46	and	and	CCONJ
cblr-13005	735	47	-	-	PUNCT
cblr-13005	735	48	control	control	NOUN
cblr-13005	735	49	style	style	NOUN
cblr-13005	735	50	policies	policy	NOUN
cblr-13005	735	51	(	(	PUNCT
cblr-13005	735	52	or	or	CCONJ
cblr-13005	735	53	better	well	ADV
cblr-13005	735	54	enforce	enforce	VERB
cblr-13005	735	55	existing	exist	VERB
cblr-13005	735	56	ones	one	NOUN
cblr-13005	735	57	)	)	PUNCT
cblr-13005	735	58	.	.	PUNCT
cblr-13005	736	1	note	note	VERB
cblr-13005	736	2	that	that	SCONJ
cblr-13005	736	3	the	the	DET
cblr-13005	736	4	interests	interest	NOUN
cblr-13005	736	5	of	of	ADP
cblr-13005	736	6	the	the	DET
cblr-13005	736	7	actors	actor	NOUN
cblr-13005	736	8	in	in	ADP
cblr-13005	736	9	each	each	PRON
cblr-13005	736	10	of	of	ADP
cblr-13005	736	11	these	these	DET
cblr-13005	736	12	categories	category	NOUN
cblr-13005	736	13	clearly	clearly	ADV
cblr-13005	736	14	deviate	deviate	VERB
cblr-13005	736	15	from	from	ADP
cblr-13005	736	16	the	the	DET
cblr-13005	736	17	interests	interest	NOUN
cblr-13005	736	18	of	of	ADP
cblr-13005	736	19	financially	financially	ADV
cblr-13005	736	20	motivated	motivated	ADJ
cblr-13005	736	21	diversified	diversified	ADJ
cblr-13005	736	22	investors	investor	NOUN
cblr-13005	736	23	.	.	PUNCT
cblr-13005	737	1	there	there	PRON
cblr-13005	737	2	is	be	VERB
cblr-13005	737	3	no	no	DET
cblr-13005	737	4	guarantee	guarantee	NOUN
cblr-13005	737	5	that	that	SCONJ
cblr-13005	737	6	their	their	PRON
cblr-13005	737	7	reactions	reaction	NOUN
cblr-13005	737	8	(	(	PUNCT
cblr-13005	737	9	or	or	CCONJ
cblr-13005	737	10	anticipated	anticipate	VERB
cblr-13005	737	11	reactions)—even	reactions)—even	VERB
cblr-13005	737	12	if	if	SCONJ
cblr-13005	737	13	entirely	entirely	ADV
cblr-13005	737	14	rational	rational	ADJ
cblr-13005	737	15	—	—	PUNCT
cblr-13005	737	16	will	will	AUX
cblr-13005	737	17	result	result	VERB
cblr-13005	737	18	in	in	ADP
cblr-13005	737	19	an	an	DET
cblr-13005	737	20	increase	increase	NOUN
cblr-13005	737	21	in	in	ADP
cblr-13005	737	22	risk	risk	NOUN
cblr-13005	737	23	-	-	PUNCT
cblr-13005	737	24	adjusted	adjust	VERB
cblr-13005	737	25	portfolio	portfolio	NOUN
cblr-13005	737	26	value	value	NOUN
cblr-13005	737	27	net	net	NOUN
cblr-13005	737	28	of	of	ADP
cblr-13005	737	29	compliance	compliance	NOUN
cblr-13005	737	30	costs	cost	NOUN
cblr-13005	737	31	,	,	PUNCT
cblr-13005	737	32	and	and	CCONJ
cblr-13005	737	33	it	it	PRON
cblr-13005	737	34	is	be	AUX
cblr-13005	737	35	possible	possible	ADJ
cblr-13005	737	36	that	that	SCONJ
cblr-13005	737	37	the	the	DET
cblr-13005	737	38	net	net	ADJ
cblr-13005	737	39	result	result	NOUN
cblr-13005	737	40	could	could	AUX
cblr-13005	737	41	be	be	AUX
cblr-13005	737	42	a	a	DET
cblr-13005	737	43	reduction	reduction	NOUN
cblr-13005	737	44	in	in	ADP
cblr-13005	737	45	risk	risk	NOUN
cblr-13005	737	46	-	-	PUNCT
cblr-13005	737	47	adjusted	adjust	VERB
cblr-13005	737	48	portfolio	portfolio	NOUN
cblr-13005	737	49	value.169	value.169	PROPN
cblr-13005	737	50	d.	d.	PROPN
cblr-13005	737	51	real	real	PROPN
cblr-13005	737	52	world	world	PROPN
cblr-13005	737	53	friction	friction	NOUN
cblr-13005	737	54	#	#	SYM
cblr-13005	737	55	4	4	NUM
cblr-13005	737	56	:	:	PUNCT
cblr-13005	737	57	market	market	NOUN
cblr-13005	737	58	dynamism	dynamism	NOUN
cblr-13005	737	59	in	in	ADP
cblr-13005	737	60	addition	addition	NOUN
cblr-13005	737	61	to	to	ADP
cblr-13005	737	62	assuming	assume	VERB
cblr-13005	737	63	away	away	ADP
cblr-13005	737	64	managerial	managerial	ADJ
cblr-13005	737	65	agency	agency	NOUN
cblr-13005	737	66	costs	cost	NOUN
cblr-13005	737	67	,	,	PUNCT
cblr-13005	737	68	intermediary	intermediary	ADJ
cblr-13005	737	69	agency	agency	NOUN
cblr-13005	737	70	costs	cost	NOUN
cblr-13005	737	71	,	,	PUNCT
cblr-13005	737	72	and	and	CCONJ
cblr-13005	737	73	information	information	NOUN
cblr-13005	737	74	deficits	deficit	NOUN
cblr-13005	737	75	,	,	PUNCT
cblr-13005	737	76	early	early	ADJ
cblr-13005	737	77	economic	economic	ADJ
cblr-13005	737	78	proofs	proof	NOUN
cblr-13005	737	79	that	that	SCONJ
cblr-13005	737	80	firms	firm	NOUN
cblr-13005	737	81	owned	own	VERB
cblr-13005	737	82	by	by	ADP
cblr-13005	737	83	diversified	diversified	ADJ
cblr-13005	737	84	investors	investor	NOUN
cblr-13005	737	85	would	would	AUX
cblr-13005	737	86	seek	seek	VERB
cblr-13005	737	87	to	to	PART
cblr-13005	737	88	maximize	maximize	VERB
cblr-13005	737	89	portfolio	portfolio	NOUN
cblr-13005	737	90	rather	rather	ADV
cblr-13005	737	91	than	than	ADP
cblr-13005	737	92	firm	firm	ADJ
cblr-13005	737	93	value	value	NOUN
cblr-13005	737	94	made	make	VERB
cblr-13005	737	95	one	one	NUM
cblr-13005	737	96	additional	additional	ADJ
cblr-13005	737	97	key	key	ADJ
cblr-13005	737	98	assumption	assumption	NOUN
cblr-13005	737	99	:	:	PUNCT
cblr-13005	737	100	a	a	DET
cblr-13005	737	101	static	static	ADJ
cblr-13005	737	102	marketplace.170	marketplace.170	NOUN
cblr-13005	737	103	this	this	DET
cblr-13005	737	104	assumption	assumption	NOUN
cblr-13005	737	105	is	be	AUX
cblr-13005	737	106	critical	critical	ADJ
cblr-13005	737	107	,	,	PUNCT
cblr-13005	737	108	because	because	SCONJ
cblr-13005	737	109	if	if	SCONJ
cblr-13005	737	110	diversified	diversified	ADJ
cblr-13005	737	111	investors	investor	NOUN
cblr-13005	737	112	“	"	PUNCT
cblr-13005	737	113	are	be	AUX
cblr-13005	737	114	successful	successful	ADJ
cblr-13005	737	115	in	in	ADP
cblr-13005	737	116	maximizing	maximize	VERB
cblr-13005	737	117	portfolio	portfolio	NOUN
cblr-13005	737	118	value	value	NOUN
cblr-13005	737	119	rather	rather	ADV
cblr-13005	737	120	than	than	ADP
cblr-13005	737	121	firm	firm	ADJ
cblr-13005	737	122	value	value	NOUN
cblr-13005	737	123	,	,	PUNCT
cblr-13005	737	124	corporate	corporate	ADJ
cblr-13005	737	125	profits	profit	NOUN
cblr-13005	737	126	will	will	AUX
cblr-13005	737	127	decline	decline	VERB
cblr-13005	737	128	.	.	PUNCT
cblr-13005	737	129	”171	”171	PROPN
cblr-13005	737	130	in	in	ADP
cblr-13005	737	131	a	a	DET
cblr-13005	737	132	dynamic	dynamic	ADJ
cblr-13005	737	133	market	market	NOUN
cblr-13005	737	134	,	,	PUNCT
cblr-13005	737	135	this	this	PRON
cblr-13005	737	136	would	would	AUX
cblr-13005	737	137	create	create	VERB
cblr-13005	737	138	an	an	DET
cblr-13005	737	139	incentive	incentive	NOUN
cblr-13005	737	140	for	for	ADP
cblr-13005	737	141	an	an	DET
cblr-13005	737	142	investor	investor	NOUN
cblr-13005	737	143	“	"	PUNCT
cblr-13005	737	144	to	to	PART
cblr-13005	737	145	become	become	VERB
cblr-13005	737	146	undiversified	undiversified	ADJ
cblr-13005	737	147	and	and	CCONJ
cblr-13005	737	148	acquire	acquire	VERB
cblr-13005	737	149	a	a	DET
cblr-13005	737	150	controlling	control	VERB
cblr-13005	737	151	interest	interest	NOUN
cblr-13005	737	152	in	in	ADP
cblr-13005	737	153	the	the	DET
cblr-13005	737	154	company	company	NOUN
cblr-13005	737	155	,	,	PUNCT
cblr-13005	737	156	change	change	VERB
cblr-13005	737	157	its	its	PRON
cblr-13005	737	158	policies	policy	NOUN
cblr-13005	737	159	,	,	PUNCT
cblr-13005	737	160	and	and	CCONJ
cblr-13005	737	161	reap	reap	VERB
cblr-13005	737	162	the	the	DET
cblr-13005	737	163	gains	gain	NOUN
cblr-13005	737	164	of	of	ADP
cblr-13005	737	165	increased	increase	VERB
cblr-13005	737	166	profits	profit	NOUN
cblr-13005	737	167	.	.	PUNCT
cblr-13005	738	1	”172	”172	PUNCT
cblr-13005	738	2	declining	decline	VERB
cblr-13005	738	3	profits	profit	NOUN
cblr-13005	738	4	would	would	AUX
cblr-13005	738	5	also	also	ADV
cblr-13005	738	6	create	create	VERB
cblr-13005	738	7	incentives	incentive	NOUN
cblr-13005	738	8	for	for	ADP
cblr-13005	738	9	activist	activist	ADJ
cblr-13005	738	10	hedge	hedge	NOUN
cblr-13005	738	11	funds	fund	NOUN
cblr-13005	738	12	to	to	PART
cblr-13005	738	13	team	team	VERB
cblr-13005	738	14	up	up	ADP
cblr-13005	738	15	with	with	ADP
cblr-13005	738	16	non	non	ADJ
cblr-13005	738	17	-	-	ADJ
cblr-13005	738	18	indexed	indexed	ADJ
cblr-13005	738	19	(	(	PUNCT
cblr-13005	738	20	or	or	CCONJ
cblr-13005	738	21	differently	differently	ADV
cblr-13005	738	22	168	168	NUM
cblr-13005	738	23	but	but	CCONJ
cblr-13005	738	24	see	see	VERB
cblr-13005	738	25	omri	omri	PROPN
cblr-13005	738	26	ben	ben	PROPN
cblr-13005	738	27	-	-	PROPN
cblr-13005	738	28	shahar	shahar	PROPN
cblr-13005	738	29	&	&	CCONJ
cblr-13005	738	30	carl	carl	PROPN
cblr-13005	738	31	e.	e.	PROPN
cblr-13005	738	32	schneider	schneider	PROPN
cblr-13005	738	33	,	,	PUNCT
cblr-13005	738	34	more	more	ADJ
cblr-13005	738	35	than	than	SCONJ
cblr-13005	738	36	you	you	PRON
cblr-13005	738	37	wanted	want	VERB
cblr-13005	738	38	to	to	PART
cblr-13005	738	39	know	know	VERB
cblr-13005	738	40	:	:	PUNCT
cblr-13005	738	41	the	the	DET
cblr-13005	738	42	failure	failure	NOUN
cblr-13005	738	43	of	of	ADP
cblr-13005	738	44	mandated	mandate	VERB
cblr-13005	738	45	disclosure	disclosure	NOUN
cblr-13005	738	46	(	(	PUNCT
cblr-13005	738	47	2014	2014	NUM
cblr-13005	738	48	)	)	PUNCT
cblr-13005	738	49	(	(	PUNCT
cblr-13005	738	50	warning	warn	VERB
cblr-13005	738	51	that	that	SCONJ
cblr-13005	738	52	disclosure	disclosure	NOUN
cblr-13005	738	53	regulation	regulation	NOUN
cblr-13005	738	54	is	be	AUX
cblr-13005	738	55	often	often	ADV
cblr-13005	738	56	politically	politically	ADV
cblr-13005	738	57	expedient	expedient	ADJ
cblr-13005	738	58	to	to	PART
cblr-13005	738	59	adopt	adopt	VERB
cblr-13005	738	60	as	as	ADP
cblr-13005	738	61	a	a	DET
cblr-13005	738	62	compromise	compromise	NOUN
cblr-13005	738	63	against	against	ADP
cblr-13005	738	64	more	more	ADV
cblr-13005	738	65	effective	effective	ADJ
cblr-13005	738	66	alternatives	alternative	NOUN
cblr-13005	738	67	)	)	PUNCT
cblr-13005	738	68	.	.	PUNCT
cblr-13005	739	1	169	169	NUM
cblr-13005	739	2	cf	cf	NOUN
cblr-13005	739	3	.	.	PUNCT
cblr-13005	740	1	hans	hans	PROPN
cblr-13005	740	2	b.	b.	PROPN
cblr-13005	740	3	christensen	christensen	PROPN
cblr-13005	740	4	,	,	PUNCT
cblr-13005	740	5	luzi	luzi	PROPN
cblr-13005	740	6	hail	hail	PROPN
cblr-13005	740	7	&	&	CCONJ
cblr-13005	740	8	christian	christian	PROPN
cblr-13005	740	9	leuz	leuz	PROPN
cblr-13005	740	10	,	,	PUNCT
cblr-13005	740	11	mandatory	mandatory	ADJ
cblr-13005	740	12	csr	csr	X
cblr-13005	740	13	and	and	CCONJ
cblr-13005	740	14	sustainability	sustainability	NOUN
cblr-13005	740	15	reporting	reporting	NOUN
cblr-13005	740	16	:	:	PUNCT
cblr-13005	740	17	economic	economic	ADJ
cblr-13005	740	18	analysis	analysis	NOUN
cblr-13005	740	19	and	and	CCONJ
cblr-13005	740	20	literature	literature	NOUN
cblr-13005	740	21	review	review	PROPN
cblr-13005	740	22	,	,	PUNCT
cblr-13005	740	23	26	26	NUM
cblr-13005	740	24	rev	rev	X
cblr-13005	740	25	.	.	PROPN
cblr-13005	741	1	acct	acct	NOUN
cblr-13005	741	2	.	.	PUNCT
cblr-13005	741	3	stud	stud	PROPN
cblr-13005	741	4	.	.	PUNCT
cblr-13005	742	1	1176	1176	NUM
cblr-13005	742	2	(	(	PUNCT
cblr-13005	742	3	2021	2021	NUM
cblr-13005	742	4	)	)	PUNCT
cblr-13005	742	5	(	(	PUNCT
cblr-13005	742	6	warning	warn	VERB
cblr-13005	742	7	that	that	SCONJ
cblr-13005	742	8	mandatory	mandatory	ADJ
cblr-13005	742	9	disclosure	disclosure	NOUN
cblr-13005	742	10	regimes	regime	NOUN
cblr-13005	742	11	can	can	AUX
cblr-13005	742	12	have	have	VERB
cblr-13005	742	13	negative	negative	ADJ
cblr-13005	742	14	unintended	unintended	ADJ
cblr-13005	742	15	consequences	consequence	NOUN
cblr-13005	742	16	and	and	CCONJ
cblr-13005	742	17	outlining	outline	VERB
cblr-13005	742	18	the	the	DET
cblr-13005	742	19	potential	potential	ADJ
cblr-13005	742	20	effects	effect	NOUN
cblr-13005	742	21	on	on	ADP
cblr-13005	742	22	firm	firm	ADJ
cblr-13005	742	23	behavior	behavior	NOUN
cblr-13005	742	24	of	of	ADP
cblr-13005	742	25	mandatory	mandatory	ADJ
cblr-13005	742	26	esg	esg	PROPN
cblr-13005	742	27	disclosure	disclosure	NOUN
cblr-13005	742	28	mandates	mandate	NOUN
cblr-13005	742	29	)	)	PUNCT
cblr-13005	742	30	.	.	PUNCT
cblr-13005	743	1	170	170	NUM
cblr-13005	743	2	see	see	VERB
cblr-13005	743	3	supra	supra	PROPN
cblr-13005	743	4	note	note	PROPN
cblr-13005	743	5	42	42	NUM
cblr-13005	743	6	and	and	CCONJ
cblr-13005	743	7	accompanying	accompany	VERB
cblr-13005	743	8	text	text	NOUN
cblr-13005	743	9	.	.	PUNCT
cblr-13005	744	1	171	171	NUM
cblr-13005	744	2	hansen	hansen	PROPN
cblr-13005	744	3	&	&	CCONJ
cblr-13005	744	4	lott	lott	PROPN
cblr-13005	744	5	,	,	PUNCT
cblr-13005	744	6	supra	supra	PROPN
cblr-13005	744	7	note	note	PROPN
cblr-13005	744	8	42	42	NUM
cblr-13005	744	9	,	,	PUNCT
cblr-13005	744	10	at	at	ADP
cblr-13005	744	11	54	54	NUM
cblr-13005	744	12	.	.	PUNCT
cblr-13005	745	1	172	172	NUM
cblr-13005	746	1	i	i	PROPN
cblr-13005	746	2	d.	d.	PROPN
cblr-13005	746	3	372	372	NUM
cblr-13005	746	4	columbia	columbia	PROPN
cblr-13005	746	5	business	business	PROPN
cblr-13005	746	6	law	law	PROPN
cblr-13005	746	7	review	review	NOUN
cblr-13005	746	8	[	[	X
cblr-13005	746	9	vol	vol	NOUN
cblr-13005	746	10	.	.	NOUN
cblr-13005	746	11	2024	2024	NUM
cblr-13005	746	12	indexed	index	VERB
cblr-13005	746	13	)	)	PUNCT
cblr-13005	746	14	institutional	institutional	ADJ
cblr-13005	746	15	investors	investor	NOUN
cblr-13005	746	16	to	to	PART
cblr-13005	746	17	force	force	VERB
cblr-13005	746	18	such	such	ADJ
cblr-13005	746	19	changes.173	changes.173	NOUN
cblr-13005	746	20	this	this	DET
cblr-13005	746	21	reality	reality	NOUN
cblr-13005	746	22	means	mean	VERB
cblr-13005	746	23	that	that	SCONJ
cblr-13005	746	24	any	any	DET
cblr-13005	746	25	positive	positive	ADJ
cblr-13005	746	26	effects	effect	NOUN
cblr-13005	746	27	of	of	ADP
cblr-13005	746	28	portfolio	portfolio	NOUN
cblr-13005	746	29	-	-	PUNCT
cblr-13005	746	30	focused	focus	VERB
cblr-13005	746	31	stewardship	stewardship	NOUN
cblr-13005	746	32	on	on	ADP
cblr-13005	746	33	portfolio	portfolio	NOUN
cblr-13005	746	34	value	value	NOUN
cblr-13005	746	35	may	may	AUX
cblr-13005	746	36	prove	prove	VERB
cblr-13005	746	37	fleeting	fleeting	ADJ
cblr-13005	746	38	.	.	PUNCT
cblr-13005	747	1	as	as	SCONJ
cblr-13005	747	2	previously	previously	ADV
cblr-13005	747	3	discussed	discuss	VERB
cblr-13005	747	4	,	,	PUNCT
cblr-13005	747	5	a	a	DET
cblr-13005	747	6	financially	financially	ADV
cblr-13005	747	7	motivated	motivated	ADJ
cblr-13005	747	8	diversified	diversified	ADJ
cblr-13005	747	9	investor	investor	NOUN
cblr-13005	747	10	would	would	AUX
cblr-13005	747	11	not	not	PART
cblr-13005	747	12	favor	favor	VERB
cblr-13005	747	13	insulating	insulate	VERB
cblr-13005	747	14	firm	firm	ADJ
cblr-13005	747	15	managers	manager	NOUN
cblr-13005	747	16	from	from	ADP
cblr-13005	747	17	market	market	NOUN
cblr-13005	747	18	discipline	discipline	NOUN
cblr-13005	747	19	as	as	ADP
cblr-13005	747	20	a	a	DET
cblr-13005	747	21	solution	solution	NOUN
cblr-13005	747	22	to	to	ADP
cblr-13005	747	23	this	this	DET
cblr-13005	747	24	problem	problem	NOUN
cblr-13005	747	25	,	,	PUNCT
cblr-13005	747	26	because	because	SCONJ
cblr-13005	747	27	doing	do	VERB
cblr-13005	747	28	so	so	ADV
cblr-13005	747	29	would	would	AUX
cblr-13005	747	30	exacerbate	exacerbate	VERB
cblr-13005	747	31	managerial	managerial	ADJ
cblr-13005	747	32	agency	agency	NOUN
cblr-13005	748	1	costs.174	costs.174	PROPN
cblr-13005	748	2	moreover	moreover	ADV
cblr-13005	748	3	,	,	PUNCT
cblr-13005	748	4	even	even	ADV
cblr-13005	748	5	if	if	SCONJ
cblr-13005	748	6	firm	firm	ADJ
cblr-13005	748	7	managers	manager	NOUN
cblr-13005	748	8	were	be	AUX
cblr-13005	748	9	insulated	insulate	VERB
cblr-13005	748	10	from	from	ADP
cblr-13005	748	11	the	the	DET
cblr-13005	748	12	market	market	NOUN
cblr-13005	748	13	for	for	ADP
cblr-13005	748	14	corporate	corporate	ADJ
cblr-13005	748	15	control	control	NOUN
cblr-13005	748	16	and	and	CCONJ
cblr-13005	748	17	hedge	hedge	NOUN
cblr-13005	748	18	fund	fund	NOUN
cblr-13005	748	19	activism	activism	NOUN
cblr-13005	748	20	,	,	PUNCT
cblr-13005	748	21	if	if	SCONJ
cblr-13005	748	22	they	they	PRON
cblr-13005	748	23	prioritize	prioritize	VERB
cblr-13005	748	24	portfolio	portfolio	NOUN
cblr-13005	748	25	over	over	ADP
cblr-13005	748	26	firm	firm	ADJ
cblr-13005	748	27	value	value	NOUN
cblr-13005	748	28	they	they	PRON
cblr-13005	748	29	may	may	AUX
cblr-13005	748	30	cede	cede	VERB
cblr-13005	748	31	market	market	NOUN
cblr-13005	748	32	share	share	NOUN
cblr-13005	748	33	to	to	ADP
cblr-13005	748	34	firm	firm	ADJ
cblr-13005	748	35	-	-	PUNCT
cblr-13005	748	36	value	value	NOUN
cblr-13005	748	37	maximizing	maximize	VERB
cblr-13005	748	38	firms	firm	NOUN
cblr-13005	748	39	outside	outside	ADP
cblr-13005	748	40	the	the	DET
cblr-13005	748	41	portfolio	portfolio	NOUN
cblr-13005	748	42	.	.	PUNCT
cblr-13005	749	1	non	non	ADJ
cblr-13005	749	2	-	-	ADJ
cblr-13005	749	3	portfolio	portfolio	ADJ
cblr-13005	749	4	firms	firm	NOUN
cblr-13005	749	5	might	might	AUX
cblr-13005	749	6	increase	increase	VERB
cblr-13005	749	7	their	their	PRON
cblr-13005	749	8	production	production	NOUN
cblr-13005	749	9	of	of	ADP
cblr-13005	749	10	an	an	DET
cblr-13005	749	11	externality	externality	NOUN
cblr-13005	749	12	in	in	ADP
cblr-13005	749	13	response	response	NOUN
cblr-13005	749	14	,	,	PUNCT
cblr-13005	749	15	leading	lead	VERB
cblr-13005	749	16	to	to	ADP
cblr-13005	749	17	offsetting	offset	VERB
cblr-13005	749	18	harms	harm	NOUN
cblr-13005	749	19	to	to	ADP
cblr-13005	749	20	portfolio	portfolio	NOUN
cblr-13005	749	21	value	value	NOUN
cblr-13005	749	22	.	.	PUNCT
cblr-13005	750	1	after	after	ADV
cblr-13005	750	2	all	all	ADV
cblr-13005	750	3	,	,	PUNCT
cblr-13005	750	4	there	there	PRON
cblr-13005	750	5	is	be	VERB
cblr-13005	750	6	no	no	DET
cblr-13005	750	7	magic	magic	ADJ
cblr-13005	750	8	bubble	bubble	NOUN
cblr-13005	750	9	that	that	PRON
cblr-13005	750	10	limits	limit	VERB
cblr-13005	750	11	the	the	DET
cblr-13005	750	12	exposure	exposure	NOUN
cblr-13005	750	13	of	of	ADP
cblr-13005	750	14	portfolio	portfolio	NOUN
cblr-13005	750	15	firms	firm	NOUN
cblr-13005	750	16	to	to	ADP
cblr-13005	750	17	only	only	ADV
cblr-13005	750	18	the	the	DET
cblr-13005	750	19	externalities	externality	NOUN
cblr-13005	750	20	produced	produce	VERB
cblr-13005	750	21	by	by	ADP
cblr-13005	750	22	other	other	ADJ
cblr-13005	750	23	firms	firm	NOUN
cblr-13005	750	24	in	in	ADP
cblr-13005	750	25	the	the	DET
cblr-13005	750	26	same	same	ADJ
cblr-13005	750	27	portfolio	portfolio	NOUN
cblr-13005	750	28	.	.	PUNCT
cblr-13005	751	1	the	the	DET
cblr-13005	751	2	portfolio	portfolio	NOUN
cblr-13005	751	3	primacy	primacy	NOUN
cblr-13005	751	4	literature	literature	NOUN
cblr-13005	751	5	sometimes	sometimes	ADV
cblr-13005	751	6	glosses	gloss	VERB
cblr-13005	751	7	over	over	ADP
cblr-13005	751	8	this	this	PRON
cblr-13005	751	9	by	by	ADP
cblr-13005	751	10	assuming	assume	VERB
cblr-13005	751	11	that	that	SCONJ
cblr-13005	751	12	diversified	diversified	ADJ
cblr-13005	751	13	investors	investor	NOUN
cblr-13005	751	14	own	own	VERB
cblr-13005	751	15	the	the	DET
cblr-13005	751	16	entire	entire	ADJ
cblr-13005	751	17	global	global	ADJ
cblr-13005	751	18	economy	economy	NOUN
cblr-13005	751	19	,	,	PUNCT
cblr-13005	751	20	but	but	CCONJ
cblr-13005	751	21	they	they	PRON
cblr-13005	751	22	do	do	VERB
cblr-13005	751	23	not	not	PART
cblr-13005	751	24	:	:	PUNCT
cblr-13005	751	25	most	most	ADJ
cblr-13005	751	26	are	be	AUX
cblr-13005	751	27	invested	invest	VERB
cblr-13005	751	28	in	in	ADP
cblr-13005	751	29	only	only	ADV
cblr-13005	751	30	a	a	DET
cblr-13005	751	31	subset	subset	NOUN
cblr-13005	751	32	of	of	ADP
cblr-13005	751	33	u.s	u.s	PROPN
cblr-13005	751	34	.	.	PROPN
cblr-13005	751	35	public	public	ADJ
cblr-13005	751	36	companies	company	NOUN
cblr-13005	751	37	—	—	PUNCT
cblr-13005	751	38	there	there	PRON
cblr-13005	751	39	are	be	VERB
cblr-13005	751	40	no	no	DET
cblr-13005	751	41	true	true	ADJ
cblr-13005	751	42	“	"	PUNCT
cblr-13005	751	43	universal	universal	ADJ
cblr-13005	751	44	owners	owner	NOUN
cblr-13005	751	45	.	.	PUNCT
cblr-13005	752	1	”175	”175	PUNCT
cblr-13005	752	2	in	in	ADP
cblr-13005	752	3	systemic	systemic	ADJ
cblr-13005	752	4	stewardship	stewardship	NOUN
cblr-13005	752	5	with	with	ADP
cblr-13005	752	6	tradeoffs	tradeoff	NOUN
cblr-13005	752	7	,	,	PUNCT
cblr-13005	752	8	professors	professor	NOUN
cblr-13005	752	9	kahan	kahan	VERB
cblr-13005	752	10	and	and	CCONJ
cblr-13005	752	11	rock	rock	NOUN
cblr-13005	752	12	detail	detail	NOUN
cblr-13005	752	13	how	how	SCONJ
cblr-13005	752	14	competitive	competitive	ADJ
cblr-13005	752	15	responses	response	NOUN
cblr-13005	752	16	in	in	ADP
cblr-13005	752	17	the	the	DET
cblr-13005	752	18	marketplace	marketplace	NOUN
cblr-13005	752	19	can	can	AUX
cblr-13005	752	20	detract	detract	VERB
cblr-13005	752	21	from	from	ADP
cblr-13005	752	22	the	the	DET
cblr-13005	752	23	potential	potential	NOUN
cblr-13005	752	24	for	for	ADP
cblr-13005	752	25	portfolio	portfolio	NOUN
cblr-13005	752	26	-	-	PUNCT
cblr-13005	752	27	focused	focus	VERB
cblr-13005	752	28	stewardship	stewardship	NOUN
cblr-13005	752	29	interventions	intervention	NOUN
cblr-13005	752	30	to	to	PART
cblr-13005	752	31	increase	increase	VERB
cblr-13005	752	32	risk	risk	NOUN
cblr-13005	752	33	-	-	PUNCT
cblr-13005	752	34	adjusted	adjust	VERB
cblr-13005	752	35	portfolio	portfolio	NOUN
cblr-13005	752	36	value.176	value.176	NOUN
cblr-13005	752	37	173	173	NUM
cblr-13005	752	38	see	see	VERB
cblr-13005	752	39	generally	generally	ADV
cblr-13005	752	40	gilson	gilson	PROPN
cblr-13005	752	41	&	&	CCONJ
cblr-13005	752	42	gordon	gordon	PROPN
cblr-13005	752	43	,	,	PUNCT
cblr-13005	752	44	supra	supra	PROPN
cblr-13005	752	45	note	note	PROPN
cblr-13005	752	46	89	89	NUM
cblr-13005	752	47	.	.	PUNCT
cblr-13005	752	48	174	174	NUM
cblr-13005	752	49	see	see	VERB
cblr-13005	752	50	supra	supra	PROPN
cblr-13005	752	51	section	section	PROPN
cblr-13005	752	52	iii.a	iii.a	PROPN
cblr-13005	752	53	.	.	PROPN
cblr-13005	753	1	175	175	NUM
cblr-13005	753	2	kahan	kahan	PROPN
cblr-13005	753	3	&	&	CCONJ
cblr-13005	753	4	rock	rock	PROPN
cblr-13005	753	5	,	,	PUNCT
cblr-13005	753	6	supra	supra	PROPN
cblr-13005	753	7	note	note	PROPN
cblr-13005	753	8	19	19	NUM
cblr-13005	753	9	,	,	PUNCT
cblr-13005	753	10	at	at	ADP
cblr-13005	753	11	504	504	NUM
cblr-13005	753	12	.	.	PUNCT
cblr-13005	754	1	it	it	PRON
cblr-13005	754	2	is	be	AUX
cblr-13005	754	3	also	also	ADV
cblr-13005	754	4	the	the	DET
cblr-13005	754	5	case	case	NOUN
cblr-13005	754	6	that	that	SCONJ
cblr-13005	754	7	some	some	DET
cblr-13005	754	8	portfolio	portfolio	NOUN
cblr-13005	754	9	firms	firm	NOUN
cblr-13005	754	10	will	will	AUX
cblr-13005	754	11	be	be	AUX
cblr-13005	754	12	immune	immune	ADJ
cblr-13005	754	13	from	from	ADP
cblr-13005	754	14	index	index	NOUN
cblr-13005	754	15	fund	fund	NOUN
cblr-13005	754	16	managers	manager	NOUN
cblr-13005	754	17	’	’	PART
cblr-13005	754	18	portfolio	portfolio	NOUN
cblr-13005	754	19	-	-	PUNCT
cblr-13005	754	20	focused	focus	VERB
cblr-13005	754	21	stewardship	stewardship	NOUN
cblr-13005	754	22	efforts	effort	NOUN
cblr-13005	754	23	because	because	SCONJ
cblr-13005	754	24	they	they	PRON
cblr-13005	754	25	have	have	AUX
cblr-13005	754	26	controlling	control	VERB
cblr-13005	754	27	shareholders	shareholder	NOUN
cblr-13005	754	28	or	or	CCONJ
cblr-13005	754	29	significant	significant	ADJ
cblr-13005	754	30	blockholders	blockholder	NOUN
cblr-13005	754	31	;	;	PUNCT
cblr-13005	754	32	these	these	DET
cblr-13005	754	33	firms	firm	NOUN
cblr-13005	754	34	’	'	PUNCT
cblr-13005	754	35	competitive	competitive	ADJ
cblr-13005	754	36	responses	response	NOUN
cblr-13005	754	37	might	might	AUX
cblr-13005	754	38	also	also	ADV
cblr-13005	754	39	offset	offset	VERB
cblr-13005	754	40	anticipated	anticipate	VERB
cblr-13005	754	41	portfolio	portfolio	NOUN
cblr-13005	754	42	gains	gain	NOUN
cblr-13005	754	43	.	.	PUNCT
cblr-13005	755	1	see	see	VERB
cblr-13005	755	2	tallarita	tallarita	PROPN
cblr-13005	755	3	,	,	PUNCT
cblr-13005	755	4	supra	supra	PROPN
cblr-13005	755	5	note	note	PROPN
cblr-13005	755	6	15	15	NUM
cblr-13005	755	7	,	,	PUNCT
cblr-13005	755	8	at	at	ADP
cblr-13005	755	9	517	517	NUM
cblr-13005	755	10	(	(	PUNCT
cblr-13005	755	11	observing	observe	VERB
cblr-13005	755	12	that	that	SCONJ
cblr-13005	755	13	even	even	ADV
cblr-13005	755	14	among	among	ADP
cblr-13005	755	15	publicly	publicly	ADV
cblr-13005	755	16	traded	trade	VERB
cblr-13005	755	17	companies	company	NOUN
cblr-13005	755	18	,	,	PUNCT
cblr-13005	755	19	the	the	DET
cblr-13005	755	20	target	target	NOUN
cblr-13005	755	21	of	of	ADP
cblr-13005	755	22	index	index	NOUN
cblr-13005	755	23	fund	fund	NOUN
cblr-13005	755	24	stewardship	stewardship	NOUN
cblr-13005	755	25	,	,	PUNCT
cblr-13005	755	26	“	"	PUNCT
cblr-13005	755	27	most	most	ADJ
cblr-13005	755	28	companies	company	NOUN
cblr-13005	755	29	have	have	VERB
cblr-13005	755	30	a	a	DET
cblr-13005	755	31	controlling	control	VERB
cblr-13005	755	32	shareholder	shareholder	NOUN
cblr-13005	755	33	or	or	CCONJ
cblr-13005	755	34	an	an	DET
cblr-13005	755	35	influential	influential	ADJ
cblr-13005	755	36	blockholder	blockholder	NOUN
cblr-13005	755	37	who	who	PRON
cblr-13005	755	38	can	can	AUX
cblr-13005	755	39	frustrate	frustrate	VERB
cblr-13005	755	40	stewardship	stewardship	NOUN
cblr-13005	755	41	initiatives	initiative	NOUN
cblr-13005	755	42	”	"	PUNCT
cblr-13005	755	43	)	)	PUNCT
cblr-13005	755	44	;	;	PUNCT
cblr-13005	755	45	dhammika	dhammika	NOUN
cblr-13005	755	46	dharmapala	dharmapala	PROPN
cblr-13005	755	47	&	&	CCONJ
cblr-13005	755	48	vikramaditya	vikramaditya	PROPN
cblr-13005	755	49	s.	s.	PROPN
cblr-13005	755	50	khanna	khanna	PROPN
cblr-13005	755	51	,	,	PUNCT
cblr-13005	755	52	controlling	control	VERB
cblr-13005	755	53	externalities	externality	NOUN
cblr-13005	755	54	:	:	PUNCT
cblr-13005	755	55	ownership	ownership	NOUN
cblr-13005	755	56	structure	structure	NOUN
cblr-13005	755	57	and	and	CCONJ
cblr-13005	755	58	cross	cross	ADJ
cblr-13005	755	59	-	-	ADJ
cblr-13005	755	60	firm	firm	ADJ
cblr-13005	755	61	externalities	externality	NOUN
cblr-13005	755	62	1	1	NUM
cblr-13005	755	63	,	,	PUNCT
cblr-13005	755	64	(	(	PUNCT
cblr-13005	755	65	eur	eur	PROPN
cblr-13005	755	66	.	.	PROPN
cblr-13005	755	67	corp	corp	PROPN
cblr-13005	755	68	.	.	PROPN
cblr-13005	755	69	governance	governance	PROPN
cblr-13005	755	70	inst	inst	PROPN
cblr-13005	755	71	.	.	PROPN
cblr-13005	755	72	,	,	PUNCT
cblr-13005	755	73	working	work	VERB
cblr-13005	755	74	paper	paper	NOUN
cblr-13005	755	75	no	no	NOUN
cblr-13005	755	76	.	.	PROPN
cblr-13005	755	77	603/2021	603/2021	NUM
cblr-13005	755	78	,	,	PUNCT
cblr-13005	755	79	2021	2021	NUM
cblr-13005	755	80	)	)	PUNCT
cblr-13005	755	81	(	(	PUNCT
cblr-13005	755	82	“	"	PUNCT
cblr-13005	755	83	[	[	X
cblr-13005	755	84	t]he	t]he	ADV
cblr-13005	755	85	widespread	widespread	ADJ
cblr-13005	755	86	prevalence	prevalence	NOUN
cblr-13005	755	87	of	of	ADP
cblr-13005	755	88	controlled	control	VERB
cblr-13005	755	89	firms	firm	NOUN
cblr-13005	755	90	with	with	ADP
cblr-13005	755	91	undiversified	undiversified	ADJ
cblr-13005	755	92	controlling	control	VERB
cblr-13005	755	93	shareholders	shareholder	NOUN
cblr-13005	755	94	constitutes	constitute	VERB
cblr-13005	755	95	a	a	DET
cblr-13005	755	96	significant	significant	ADJ
cblr-13005	755	97	obstacle	obstacle	NOUN
cblr-13005	755	98	to	to	ADP
cblr-13005	755	99	the	the	DET
cblr-13005	755	100	internalization	internalization	NOUN
cblr-13005	755	101	of	of	ADP
cblr-13005	755	102	cross	cross	ADJ
cblr-13005	755	103	-	-	ADJ
cblr-13005	755	104	firm	firm	ADJ
cblr-13005	755	105	externalities	externality	NOUN
cblr-13005	755	106	.	.	PUNCT
cblr-13005	755	107	”	"	PUNCT
cblr-13005	755	108	)	)	PUNCT
cblr-13005	755	109	.	.	PUNCT
cblr-13005	756	1	176	176	NUM
cblr-13005	756	2	kahan	kahan	PROPN
cblr-13005	756	3	&	&	CCONJ
cblr-13005	756	4	rock	rock	PROPN
cblr-13005	756	5	,	,	PUNCT
cblr-13005	756	6	supra	supra	PROPN
cblr-13005	756	7	note	note	PROPN
cblr-13005	756	8	19	19	NUM
cblr-13005	756	9	,	,	PUNCT
cblr-13005	756	10	at	at	ADP
cblr-13005	756	11	505	505	NUM
cblr-13005	756	12	-	-	SYM
cblr-13005	756	13	08	08	NUM
cblr-13005	756	14	.	.	PUNCT
cblr-13005	757	1	no	no	INTJ
cblr-13005	757	2	.	.	NOUN
cblr-13005	758	1	1	1	NUM
cblr-13005	758	2	]	]	PUNCT
cblr-13005	758	3	a	a	DET
cblr-13005	758	4	hard	hard	ADJ
cblr-13005	758	5	look	look	NOUN
cblr-13005	758	6	at	at	ADP
cblr-13005	758	7	portfolio	portfolio	NOUN
cblr-13005	758	8	focused	focused	ADJ
cblr-13005	758	9	stewardship	stewardship	NOUN
cblr-13005	758	10	373	373	NUM
cblr-13005	758	11	they	they	PRON
cblr-13005	758	12	provide	provide	VERB
cblr-13005	758	13	examples	example	NOUN
cblr-13005	758	14	to	to	PART
cblr-13005	758	15	illustrate	illustrate	VERB
cblr-13005	758	16	how	how	SCONJ
cblr-13005	758	17	such	such	ADJ
cblr-13005	758	18	responses	response	NOUN
cblr-13005	758	19	“	"	PUNCT
cblr-13005	758	20	can	can	AUX
cblr-13005	758	21	,	,	PUNCT
cblr-13005	758	22	depending	depend	VERB
cblr-13005	758	23	on	on	ADP
cblr-13005	758	24	the	the	DET
cblr-13005	758	25	circumstances	circumstance	NOUN
cblr-13005	758	26	,	,	PUNCT
cblr-13005	758	27	eliminate	eliminate	VERB
cblr-13005	758	28	or	or	CCONJ
cblr-13005	758	29	greatly	greatly	ADV
cblr-13005	758	30	reduce	reduce	VERB
cblr-13005	758	31	any	any	DET
cblr-13005	758	32	benefits	benefit	NOUN
cblr-13005	758	33	”	"	PUNCT
cblr-13005	758	34	from	from	ADP
cblr-13005	758	35	such	such	ADJ
cblr-13005	758	36	interventions	intervention	NOUN
cblr-13005	758	37	,	,	PUNCT
cblr-13005	758	38	leaving	leave	VERB
cblr-13005	758	39	diversified	diversified	ADJ
cblr-13005	758	40	investors	investor	NOUN
cblr-13005	758	41	“	"	PUNCT
cblr-13005	758	42	with	with	ADP
cblr-13005	758	43	a	a	DET
cblr-13005	758	44	portfolio	portfolio	NOUN
cblr-13005	758	45	loss	loss	NOUN
cblr-13005	758	46	rather	rather	ADV
cblr-13005	758	47	than	than	ADP
cblr-13005	758	48	the	the	DET
cblr-13005	758	49	gain	gain	NOUN
cblr-13005	758	50	they	they	PRON
cblr-13005	758	51	had	have	AUX
cblr-13005	758	52	hoped	hope	VERB
cblr-13005	758	53	to	to	PART
cblr-13005	758	54	reap	reap	VERB
cblr-13005	758	55	.	.	PUNCT
cblr-13005	759	1	”177	”177	PROPN
cblr-13005	759	2	professors	professor	NOUN
cblr-13005	759	3	fisch	fisch	PROPN
cblr-13005	759	4	and	and	CCONJ
cblr-13005	759	5	schwartz	schwartz	PROPN
cblr-13005	759	6	similarly	similarly	ADV
cblr-13005	759	7	warn	warn	VERB
cblr-13005	759	8	that	that	SCONJ
cblr-13005	759	9	because	because	SCONJ
cblr-13005	759	10	the	the	DET
cblr-13005	759	11	impact	impact	NOUN
cblr-13005	759	12	of	of	ADP
cblr-13005	759	13	fund	fund	NOUN
cblr-13005	759	14	managers	manager	NOUN
cblr-13005	759	15	’	’	PART
cblr-13005	759	16	efforts	effort	NOUN
cblr-13005	759	17	to	to	PART
cblr-13005	759	18	address	address	VERB
cblr-13005	759	19	environmental	environmental	ADJ
cblr-13005	759	20	externalities	externality	NOUN
cblr-13005	759	21	“	"	PUNCT
cblr-13005	759	22	is	be	AUX
cblr-13005	759	23	limited	limit	VERB
cblr-13005	759	24	to	to	ADP
cblr-13005	759	25	the	the	DET
cblr-13005	759	26	companies	company	NOUN
cblr-13005	759	27	in	in	ADP
cblr-13005	759	28	which	which	PRON
cblr-13005	759	29	their	their	PRON
cblr-13005	759	30	funds	fund	NOUN
cblr-13005	759	31	invest	invest	VERB
cblr-13005	759	32	,	,	PUNCT
cblr-13005	759	33	”	"	PUNCT
cblr-13005	759	34	“	"	PUNCT
cblr-13005	759	35	pollution	pollution	NOUN
cblr-13005	759	36	producing	produce	VERB
cblr-13005	759	37	activities	activity	NOUN
cblr-13005	759	38	can	can	AUX
cblr-13005	759	39	migrate	migrate	VERB
cblr-13005	759	40	offshore	offshore	ADV
cblr-13005	759	41	or	or	CCONJ
cblr-13005	759	42	to	to	ADP
cblr-13005	759	43	private	private	ADJ
cblr-13005	759	44	companies	company	NOUN
cblr-13005	759	45	rather	rather	ADV
cblr-13005	759	46	than	than	ADP
cblr-13005	759	47	disappear	disappear	VERB
cblr-13005	759	48	,	,	PUNCT
cblr-13005	759	49	”	"	PUNCT
cblr-13005	759	50	with	with	ADP
cblr-13005	759	51	the	the	DET
cblr-13005	759	52	result	result	NOUN
cblr-13005	759	53	that	that	SCONJ
cblr-13005	759	54	“	"	PUNCT
cblr-13005	759	55	public	public	ADJ
cblr-13005	759	56	investors	investor	NOUN
cblr-13005	759	57	continue	continue	VERB
cblr-13005	759	58	to	to	PART
cblr-13005	759	59	bear	bear	VERB
cblr-13005	759	60	the	the	DET
cblr-13005	759	61	costs	cost	NOUN
cblr-13005	759	62	of	of	ADP
cblr-13005	759	63	the	the	DET
cblr-13005	759	64	pollution	pollution	NOUN
cblr-13005	759	65	but	but	CCONJ
cblr-13005	759	66	do	do	AUX
cblr-13005	759	67	not	not	PART
cblr-13005	759	68	share	share	VERB
cblr-13005	759	69	in	in	ADP
cblr-13005	759	70	the	the	DET
cblr-13005	759	71	benefits	benefit	NOUN
cblr-13005	759	72	.	.	PUNCT
cblr-13005	760	1	”178	”178	ADJ
cblr-13005	760	2	market	market	NOUN
cblr-13005	760	3	dynamism	dynamism	NOUN
cblr-13005	760	4	thus	thus	ADV
cblr-13005	760	5	further	far	ADV
cblr-13005	760	6	complicates	complicate	VERB
cblr-13005	760	7	the	the	DET
cblr-13005	760	8	task	task	NOUN
cblr-13005	760	9	of	of	ADP
cblr-13005	760	10	predicting	predict	VERB
cblr-13005	760	11	the	the	DET
cblr-13005	760	12	effects	effect	NOUN
cblr-13005	760	13	a	a	DET
cblr-13005	760	14	portfolio	portfolio	NOUN
cblr-13005	760	15	-	-	PUNCT
cblr-13005	760	16	focused	focus	VERB
cblr-13005	760	17	stewardship	stewardship	NOUN
cblr-13005	760	18	intervention	intervention	NOUN
cblr-13005	760	19	will	will	AUX
cblr-13005	760	20	have	have	VERB
cblr-13005	760	21	on	on	ADP
cblr-13005	760	22	risk	risk	NOUN
cblr-13005	760	23	-	-	PUNCT
cblr-13005	760	24	adjusted	adjust	VERB
cblr-13005	760	25	portfolio	portfolio	NOUN
cblr-13005	760	26	value	value	NOUN
cblr-13005	760	27	,	,	PUNCT
cblr-13005	760	28	whether	whether	SCONJ
cblr-13005	760	29	that	that	DET
cblr-13005	760	30	intervention	intervention	NOUN
cblr-13005	760	31	takes	take	VERB
cblr-13005	760	32	the	the	DET
cblr-13005	760	33	form	form	NOUN
cblr-13005	760	34	of	of	ADP
cblr-13005	760	35	a	a	DET
cblr-13005	760	36	command	command	NOUN
cblr-13005	760	37	-	-	PUNCT
cblr-13005	760	38	and	and	CCONJ
cblr-13005	760	39	-	-	PUNCT
cblr-13005	760	40	control	control	NOUN
cblr-13005	760	41	style	style	NOUN
cblr-13005	760	42	regulation	regulation	NOUN
cblr-13005	760	43	or	or	CCONJ
cblr-13005	760	44	disclosure	disclosure	NOUN
cblr-13005	760	45	regulation	regulation	NOUN
cblr-13005	760	46	.	.	PUNCT
cblr-13005	761	1	iv	iv	X
cblr-13005	761	2	.	.	PUNCT
cblr-13005	762	1	evaluating	evaluate	VERB
cblr-13005	762	2	the	the	DET
cblr-13005	762	3	big	big	ADJ
cblr-13005	762	4	three	three	NUM
cblr-13005	762	5	’s	’s	PART
cblr-13005	762	6	efforts	effort	NOUN
cblr-13005	762	7	there	there	PRON
cblr-13005	762	8	are	be	VERB
cblr-13005	762	9	several	several	ADJ
cblr-13005	762	10	points	point	NOUN
cblr-13005	762	11	to	to	PART
cblr-13005	762	12	take	take	VERB
cblr-13005	762	13	away	away	ADV
cblr-13005	762	14	from	from	ADP
cblr-13005	762	15	part	part	NOUN
cblr-13005	762	16	iii	iii	PROPN
cblr-13005	762	17	’s	’s	PART
cblr-13005	762	18	discussion	discussion	NOUN
cblr-13005	762	19	of	of	ADP
cblr-13005	762	20	the	the	DET
cblr-13005	762	21	real	real	ADJ
cblr-13005	762	22	-	-	PUNCT
cblr-13005	762	23	world	world	NOUN
cblr-13005	762	24	frictions	friction	NOUN
cblr-13005	762	25	that	that	PRON
cblr-13005	762	26	affect	affect	VERB
cblr-13005	762	27	portfolio	portfolio	NOUN
cblr-13005	762	28	-	-	PUNCT
cblr-13005	762	29	focused	focus	VERB
cblr-13005	762	30	stewardship	stewardship	NOUN
cblr-13005	762	31	.	.	PUNCT
cblr-13005	763	1	to	to	ADP
cblr-13005	763	2	wit	wit	NOUN
cblr-13005	763	3	:	:	PUNCT
cblr-13005	763	4	•	•	NUM
cblr-13005	763	5	interventions	intervention	NOUN
cblr-13005	763	6	which	which	PRON
cblr-13005	763	7	operate	operate	VERB
cblr-13005	763	8	by	by	ADP
cblr-13005	763	9	generally	generally	ADV
cblr-13005	763	10	eroding	erode	VERB
cblr-13005	763	11	managerial	managerial	ADJ
cblr-13005	763	12	sensitivity	sensitivity	NOUN
cblr-13005	763	13	to	to	PART
cblr-13005	763	14	firm	firm	ADJ
cblr-13005	763	15	value	value	NOUN
cblr-13005	763	16	will	will	AUX
cblr-13005	763	17	likely	likely	ADV
cblr-13005	763	18	do	do	VERB
cblr-13005	763	19	more	more	ADJ
cblr-13005	763	20	harm	harm	NOUN
cblr-13005	763	21	to	to	ADP
cblr-13005	763	22	portfolio	portfolio	NOUN
cblr-13005	763	23	value	value	NOUN
cblr-13005	763	24	(	(	PUNCT
cblr-13005	763	25	by	by	ADP
cblr-13005	763	26	increasing	increase	VERB
cblr-13005	763	27	managerial	managerial	ADJ
cblr-13005	763	28	agency	agency	NOUN
cblr-13005	763	29	costs	cost	NOUN
cblr-13005	763	30	)	)	PUNCT
cblr-13005	763	31	than	than	ADP
cblr-13005	763	32	good	good	ADJ
cblr-13005	763	33	(	(	PUNCT
cblr-13005	763	34	by	by	ADP
cblr-13005	763	35	reducing	reduce	VERB
cblr-13005	763	36	intraportfolio	intraportfolio	ADJ
cblr-13005	763	37	externalities	externality	NOUN
cblr-13005	763	38	)	)	PUNCT
cblr-13005	763	39	.	.	PUNCT
cblr-13005	764	1	•	•	NUM
cblr-13005	764	2	interventions	intervention	NOUN
cblr-13005	764	3	which	which	PRON
cblr-13005	764	4	impose	impose	VERB
cblr-13005	764	5	vague	vague	ADJ
cblr-13005	764	6	,	,	PUNCT
cblr-13005	764	7	discretionary	discretionary	ADJ
cblr-13005	764	8	policies	policy	NOUN
cblr-13005	764	9	on	on	ADP
cblr-13005	764	10	portfolio	portfolio	NOUN
cblr-13005	764	11	firms	firm	NOUN
cblr-13005	764	12	,	,	PUNCT
cblr-13005	764	13	or	or	CCONJ
cblr-13005	764	14	policies	policy	NOUN
cblr-13005	764	15	that	that	PRON
cblr-13005	764	16	are	be	AUX
cblr-13005	764	17	otherwise	otherwise	ADV
cblr-13005	764	18	difficult	difficult	ADJ
cblr-13005	764	19	to	to	PART
cblr-13005	764	20	monitor	monitor	VERB
cblr-13005	764	21	compliance	compliance	NOUN
cblr-13005	764	22	with	with	ADP
cblr-13005	764	23	,	,	PUNCT
cblr-13005	764	24	are	be	AUX
cblr-13005	764	25	unlikely	unlikely	ADJ
cblr-13005	764	26	to	to	PART
cblr-13005	764	27	work	work	VERB
cblr-13005	764	28	given	give	VERB
cblr-13005	764	29	the	the	DET
cblr-13005	764	30	firm	firm	NOUN
cblr-13005	764	31	-	-	PUNCT
cblr-13005	764	32	focused	focus	VERB
cblr-13005	764	33	incentives	incentive	NOUN
cblr-13005	764	34	portfolio	portfolio	NOUN
cblr-13005	764	35	firm	firm	NOUN
cblr-13005	764	36	managers	manager	NOUN
cblr-13005	764	37	face	face	VERB
cblr-13005	764	38	.	.	PUNCT
cblr-13005	765	1	•	•	NUM
cblr-13005	765	2	index	index	NOUN
cblr-13005	765	3	fund	fund	NOUN
cblr-13005	765	4	managers	manager	NOUN
cblr-13005	765	5	may	may	AUX
cblr-13005	765	6	find	find	VERB
cblr-13005	765	7	stewardship	stewardship	NOUN
cblr-13005	765	8	interventions	intervention	NOUN
cblr-13005	765	9	that	that	PRON
cblr-13005	765	10	decrease	decrease	VERB
cblr-13005	765	11	risk	risk	NOUN
cblr-13005	765	12	-	-	PUNCT
cblr-13005	765	13	adjusted	adjust	VERB
cblr-13005	765	14	portfolio	portfolio	NOUN
cblr-13005	765	15	value	value	NOUN
cblr-13005	765	16	compatible	compatible	ADJ
cblr-13005	765	17	with	with	ADP
cblr-13005	765	18	their	their	PRON
cblr-13005	765	19	private	private	ADJ
cblr-13005	765	20	incentives	incentive	NOUN
cblr-13005	765	21	.	.	PUNCT
cblr-13005	766	1	if	if	SCONJ
cblr-13005	766	2	a	a	DET
cblr-13005	766	3	motive	motive	NOUN
cblr-13005	766	4	other	other	ADJ
cblr-13005	766	5	than	than	ADP
cblr-13005	766	6	increasing	increase	VERB
cblr-13005	766	7	risk	risk	NOUN
cblr-13005	766	8	-	-	PUNCT
cblr-13005	766	9	adjusted	adjust	VERB
cblr-13005	766	10	portfolio	portfolio	NOUN
cblr-13005	766	11	value	value	NOUN
cblr-13005	766	12	(	(	PUNCT
cblr-13005	766	13	and	and	CCONJ
cblr-13005	766	14	in	in	ADP
cblr-13005	766	15	turn	turn	NOUN
cblr-13005	766	16	management	management	NOUN
cblr-13005	766	17	fees	fee	NOUN
cblr-13005	766	18	)	)	PUNCT
cblr-13005	766	19	could	could	AUX
cblr-13005	766	20	explain	explain	VERB
cblr-13005	766	21	a	a	DET
cblr-13005	766	22	purported	purport	VERB
cblr-13005	766	23	177	177	NUM
cblr-13005	766	24	i	i	PRON
cblr-13005	766	25	d.	d.	PROPN
cblr-13005	766	26	at	at	ADP
cblr-13005	766	27	8	8	NUM
cblr-13005	766	28	.	.	NOUN
cblr-13005	766	29	178	178	NUM
cblr-13005	766	30	fisch	fisch	PROPN
cblr-13005	766	31	&	&	CCONJ
cblr-13005	766	32	schwartz	schwartz	PROPN
cblr-13005	766	33	,	,	PUNCT
cblr-13005	766	34	supra	supra	PROPN
cblr-13005	766	35	note	note	PROPN
cblr-13005	766	36	19	19	NUM
cblr-13005	766	37	,	,	PUNCT
cblr-13005	766	38	at	at	ADP
cblr-13005	766	39	28	28	NUM
cblr-13005	766	40	.	.	PUNCT
cblr-13005	766	41	374	374	NUM
cblr-13005	766	42	columbia	columbia	PROPN
cblr-13005	766	43	business	business	NOUN
cblr-13005	766	44	law	law	PROPN
cblr-13005	766	45	review	review	NOUN
cblr-13005	767	1	[	[	X
cblr-13005	767	2	vol	vol	NOUN
cblr-13005	767	3	.	.	NOUN
cblr-13005	767	4	2024	2024	NUM
cblr-13005	767	5	portfolio	portfolio	NOUN
cblr-13005	767	6	-	-	PUNCT
cblr-13005	767	7	focused	focus	VERB
cblr-13005	767	8	stewardship	stewardship	NOUN
cblr-13005	767	9	intervention	intervention	NOUN
cblr-13005	767	10	,	,	PUNCT
cblr-13005	767	11	and	and	CCONJ
cblr-13005	767	12	the	the	DET
cblr-13005	767	13	impact	impact	NOUN
cblr-13005	767	14	of	of	ADP
cblr-13005	767	15	the	the	DET
cblr-13005	767	16	intervention	intervention	NOUN
cblr-13005	767	17	on	on	ADP
cblr-13005	767	18	risk	risk	NOUN
cblr-13005	767	19	-	-	PUNCT
cblr-13005	767	20	adjusted	adjust	VERB
cblr-13005	767	21	portfolio	portfolio	NOUN
cblr-13005	767	22	value	value	NOUN
cblr-13005	767	23	is	be	AUX
cblr-13005	767	24	difficult	difficult	ADJ
cblr-13005	767	25	to	to	PART
cblr-13005	767	26	verify	verify	VERB
cblr-13005	767	27	,	,	PUNCT
cblr-13005	767	28	financially	financially	ADV
cblr-13005	767	29	motivated	motivated	ADJ
cblr-13005	767	30	diversified	diversified	ADJ
cblr-13005	767	31	investors	investor	NOUN
cblr-13005	767	32	would	would	AUX
cblr-13005	767	33	question	question	VERB
cblr-13005	767	34	its	its	PRON
cblr-13005	767	35	worth	worth	NOUN
cblr-13005	767	36	.	.	PUNCT
cblr-13005	768	1	verification	verification	NOUN
cblr-13005	768	2	of	of	ADP
cblr-13005	768	3	the	the	DET
cblr-13005	768	4	intervention	intervention	NOUN
cblr-13005	768	5	’s	’s	PART
cblr-13005	768	6	value	value	NOUN
cblr-13005	768	7	might	might	AUX
cblr-13005	768	8	be	be	AUX
cblr-13005	768	9	difficult	difficult	ADJ
cblr-13005	768	10	because	because	SCONJ
cblr-13005	768	11	(	(	PUNCT
cblr-13005	768	12	a	a	X
cblr-13005	768	13	)	)	PUNCT
cblr-13005	768	14	the	the	DET
cblr-13005	768	15	relationship	relationship	NOUN
cblr-13005	768	16	between	between	ADP
cblr-13005	768	17	the	the	DET
cblr-13005	768	18	portfolio	portfolio	NOUN
cblr-13005	768	19	firm	firm	ADJ
cblr-13005	768	20	behavior	behavior	NOUN
cblr-13005	768	21	sought	seek	VERB
cblr-13005	768	22	to	to	PART
cblr-13005	768	23	be	be	AUX
cblr-13005	768	24	modified	modify	VERB
cblr-13005	768	25	and	and	CCONJ
cblr-13005	768	26	risk	risk	NOUN
cblr-13005	768	27	-	-	PUNCT
cblr-13005	768	28	adjusted	adjust	VERB
cblr-13005	768	29	portfolio	portfolio	NOUN
cblr-13005	768	30	value	value	NOUN
cblr-13005	768	31	is	be	AUX
cblr-13005	768	32	opaque	opaque	ADJ
cblr-13005	768	33	,	,	PUNCT
cblr-13005	768	34	or	or	CCONJ
cblr-13005	768	35	(	(	PUNCT
cblr-13005	768	36	b	b	X
cblr-13005	768	37	)	)	PUNCT
cblr-13005	768	38	the	the	DET
cblr-13005	768	39	effect	effect	NOUN
cblr-13005	768	40	of	of	ADP
cblr-13005	768	41	the	the	DET
cblr-13005	768	42	specific	specific	ADJ
cblr-13005	768	43	intervention	intervention	NOUN
cblr-13005	768	44	on	on	ADP
cblr-13005	768	45	portfolio	portfolio	NOUN
cblr-13005	768	46	value	value	NOUN
cblr-13005	768	47	is	be	AUX
cblr-13005	768	48	hard	hard	ADJ
cblr-13005	768	49	to	to	PART
cblr-13005	768	50	predict	predict	VERB
cblr-13005	768	51	.	.	PUNCT
cblr-13005	769	1	•	•	NOUN
cblr-13005	769	2	relative	relative	ADJ
cblr-13005	769	3	to	to	ADP
cblr-13005	769	4	public	public	ADJ
cblr-13005	769	5	lawmakers	lawmaker	NOUN
cblr-13005	769	6	,	,	PUNCT
cblr-13005	769	7	index	index	NOUN
cblr-13005	769	8	fund	fund	NOUN
cblr-13005	769	9	managers	manager	NOUN
cblr-13005	769	10	have	have	VERB
cblr-13005	769	11	far	far	ADV
cblr-13005	769	12	fewer	few	ADJ
cblr-13005	769	13	instruments	instrument	NOUN
cblr-13005	769	14	they	they	PRON
cblr-13005	769	15	can	can	AUX
cblr-13005	769	16	use	use	VERB
cblr-13005	769	17	to	to	PART
cblr-13005	769	18	force	force	VERB
cblr-13005	769	19	the	the	DET
cblr-13005	769	20	internalization	internalization	NOUN
cblr-13005	769	21	of	of	ADP
cblr-13005	769	22	externalities	externality	NOUN
cblr-13005	769	23	—	—	PUNCT
cblr-13005	769	24	being	be	AUX
cblr-13005	769	25	practically	practically	ADV
cblr-13005	769	26	limited	limited	ADJ
cblr-13005	769	27	to	to	ADP
cblr-13005	769	28	command	command	NOUN
cblr-13005	769	29	-	-	PUNCT
cblr-13005	769	30	and	and	CCONJ
cblr-13005	769	31	control	control	NOUN
cblr-13005	769	32	style	style	NOUN
cblr-13005	769	33	regulation	regulation	NOUN
cblr-13005	769	34	and	and	CCONJ
cblr-13005	769	35	disclosure	disclosure	NOUN
cblr-13005	769	36	regulation	regulation	NOUN
cblr-13005	769	37	—	—	PUNCT
cblr-13005	769	38	and	and	CCONJ
cblr-13005	769	39	they	they	PRON
cblr-13005	769	40	face	face	VERB
cblr-13005	769	41	far	far	ADV
cblr-13005	769	42	less	less	ADJ
cblr-13005	769	43	accountability	accountability	NOUN
cblr-13005	769	44	for	for	ADP
cblr-13005	769	45	their	their	PRON
cblr-13005	769	46	policies	policy	NOUN
cblr-13005	769	47	.	.	PUNCT
cblr-13005	770	1	•	•	NUM
cblr-13005	770	2	crafting	craft	VERB
cblr-13005	770	3	efficient	efficient	ADJ
cblr-13005	770	4	command	command	NOUN
cblr-13005	770	5	-	-	PUNCT
cblr-13005	770	6	and	and	CCONJ
cblr-13005	770	7	-	-	PUNCT
cblr-13005	770	8	control	control	NOUN
cblr-13005	770	9	style	style	NOUN
cblr-13005	770	10	regulation	regulation	NOUN
cblr-13005	770	11	is	be	AUX
cblr-13005	770	12	very	very	ADV
cblr-13005	770	13	information	information	NOUN
cblr-13005	770	14	intensive	intensive	ADJ
cblr-13005	770	15	,	,	PUNCT
cblr-13005	770	16	and	and	CCONJ
cblr-13005	770	17	the	the	DET
cblr-13005	770	18	efficiency	efficiency	NOUN
cblr-13005	770	19	of	of	ADP
cblr-13005	770	20	disclosure	disclosure	NOUN
cblr-13005	770	21	regulation	regulation	NOUN
cblr-13005	770	22	will	will	AUX
cblr-13005	770	23	depend	depend	VERB
cblr-13005	770	24	on	on	ADP
cblr-13005	770	25	how	how	SCONJ
cblr-13005	770	26	others	other	NOUN
cblr-13005	770	27	(	(	PUNCT
cblr-13005	770	28	with	with	ADP
cblr-13005	770	29	different	different	ADJ
cblr-13005	770	30	incentives	incentive	NOUN
cblr-13005	770	31	than	than	ADP
cblr-13005	770	32	financially	financially	ADV
cblr-13005	770	33	motivated	motivated	ADJ
cblr-13005	770	34	diversified	diversified	ADJ
cblr-13005	770	35	investors	investor	NOUN
cblr-13005	770	36	)	)	PUNCT
cblr-13005	770	37	react	react	VERB
cblr-13005	770	38	to	to	ADP
cblr-13005	770	39	it	it	PRON
cblr-13005	770	40	,	,	PUNCT
cblr-13005	770	41	which	which	PRON
cblr-13005	770	42	can	can	AUX
cblr-13005	770	43	be	be	AUX
cblr-13005	770	44	difficult	difficult	ADJ
cblr-13005	770	45	to	to	PART
cblr-13005	770	46	predict	predict	VERB
cblr-13005	770	47	.	.	PUNCT
cblr-13005	771	1	•	•	PUNCT
cblr-13005	771	2	judging	judge	VERB
cblr-13005	771	3	the	the	DET
cblr-13005	771	4	likely	likely	ADJ
cblr-13005	771	5	effect	effect	NOUN
cblr-13005	771	6	of	of	ADP
cblr-13005	771	7	any	any	DET
cblr-13005	771	8	type	type	NOUN
cblr-13005	771	9	of	of	ADP
cblr-13005	771	10	stewardship	stewardship	NOUN
cblr-13005	771	11	intervention	intervention	NOUN
cblr-13005	771	12	on	on	ADP
cblr-13005	771	13	portfolio	portfolio	NOUN
cblr-13005	771	14	value	value	NOUN
cblr-13005	771	15	is	be	AUX
cblr-13005	771	16	complicated	complicate	VERB
cblr-13005	771	17	by	by	ADP
cblr-13005	771	18	the	the	DET
cblr-13005	771	19	dynamic	dynamic	ADJ
cblr-13005	771	20	nature	nature	NOUN
cblr-13005	771	21	of	of	ADP
cblr-13005	771	22	the	the	DET
cblr-13005	771	23	marketplace	marketplace	NOUN
cblr-13005	771	24	,	,	PUNCT
cblr-13005	771	25	as	as	SCONJ
cblr-13005	771	26	portfolio	portfolio	NOUN
cblr-13005	771	27	gains	gain	NOUN
cblr-13005	771	28	can	can	AUX
cblr-13005	771	29	be	be	AUX
cblr-13005	771	30	erased	erase	VERB
cblr-13005	771	31	through	through	ADP
cblr-13005	771	32	changes	change	NOUN
cblr-13005	771	33	in	in	ADP
cblr-13005	771	34	ownership	ownership	NOUN
cblr-13005	771	35	or	or	CCONJ
cblr-13005	771	36	competitive	competitive	ADJ
cblr-13005	771	37	responses	response	NOUN
cblr-13005	771	38	by	by	ADP
cblr-13005	771	39	other	other	ADJ
cblr-13005	771	40	firms	firm	NOUN
cblr-13005	771	41	.	.	PUNCT
cblr-13005	772	1	with	with	ADP
cblr-13005	772	2	these	these	DET
cblr-13005	772	3	points	point	NOUN
cblr-13005	772	4	in	in	ADP
cblr-13005	772	5	mind	mind	NOUN
cblr-13005	772	6	,	,	PUNCT
cblr-13005	772	7	let	let	VERB
cblr-13005	772	8	us	we	PRON
cblr-13005	772	9	turn	turn	VERB
cblr-13005	772	10	to	to	PART
cblr-13005	772	11	evaluate	evaluate	VERB
cblr-13005	772	12	some	some	PRON
cblr-13005	772	13	of	of	ADP
cblr-13005	772	14	the	the	DET
cblr-13005	772	15	big	big	ADJ
cblr-13005	772	16	three	three	NUM
cblr-13005	772	17	’s	’s	PART
cblr-13005	772	18	recent	recent	ADJ
cblr-13005	772	19	stewardship	stewardship	NOUN
cblr-13005	772	20	interventions	intervention	NOUN
cblr-13005	772	21	that	that	PRON
cblr-13005	772	22	might	might	AUX
cblr-13005	772	23	be	be	AUX
cblr-13005	772	24	characterized	characterize	VERB
cblr-13005	772	25	as	as	ADP
cblr-13005	772	26	“	"	PUNCT
cblr-13005	772	27	portfolio	portfolio	NOUN
cblr-13005	772	28	focused	focus	VERB
cblr-13005	772	29	.	.	PUNCT
cblr-13005	772	30	”	"	PUNCT
cblr-13005	772	31	would	would	AUX
cblr-13005	772	32	rational	rational	ADJ
cblr-13005	772	33	,	,	PUNCT
cblr-13005	772	34	financially	financially	ADV
cblr-13005	772	35	motivated	motivated	ADJ
cblr-13005	772	36	diversified	diversified	ADJ
cblr-13005	772	37	investors	investor	NOUN
cblr-13005	772	38	expect	expect	VERB
cblr-13005	772	39	these	these	DET
cblr-13005	772	40	interventions	intervention	NOUN
cblr-13005	772	41	to	to	PART
cblr-13005	772	42	lead	lead	VERB
cblr-13005	772	43	to	to	ADP
cblr-13005	772	44	a	a	DET
cblr-13005	772	45	net	net	ADJ
cblr-13005	772	46	increase	increase	NOUN
cblr-13005	772	47	in	in	ADP
cblr-13005	772	48	risk	risk	NOUN
cblr-13005	772	49	-	-	PUNCT
cblr-13005	772	50	adjusted	adjust	VERB
cblr-13005	772	51	portfolio	portfolio	NOUN
cblr-13005	772	52	value	value	NOUN
cblr-13005	772	53	through	through	ADP
cblr-13005	772	54	the	the	DET
cblr-13005	772	55	forced	force	VERB
cblr-13005	772	56	internalization	internalization	NOUN
cblr-13005	772	57	of	of	ADP
cblr-13005	772	58	intraportfolio	intraportfolio	ADJ
cblr-13005	772	59	externalities	externality	NOUN
cblr-13005	772	60	?	?	PUNCT
cblr-13005	773	1	a.	a.	NOUN
cblr-13005	773	2	statements	statement	NOUN
cblr-13005	773	3	of	of	ADP
cblr-13005	773	4	corporate	corporate	ADJ
cblr-13005	773	5	purpose	purpose	NOUN
cblr-13005	773	6	starting	start	VERB
cblr-13005	773	7	in	in	ADP
cblr-13005	773	8	2018	2018	NUM
cblr-13005	773	9	,	,	PUNCT
cblr-13005	773	10	blackrock	blackrock	NOUN
cblr-13005	773	11	began	begin	VERB
cblr-13005	773	12	asking	ask	VERB
cblr-13005	773	13	the	the	DET
cblr-13005	773	14	ceos	ceos	NOUN
cblr-13005	773	15	of	of	ADP
cblr-13005	773	16	its	its	PRON
cblr-13005	773	17	funds	fund	NOUN
cblr-13005	773	18	’	'	PUNCT
cblr-13005	773	19	portfolio	portfolio	NOUN
cblr-13005	773	20	firms	firm	NOUN
cblr-13005	773	21	to	to	PART
cblr-13005	773	22	express	express	VERB
cblr-13005	773	23	their	their	PRON
cblr-13005	773	24	firm	firm	NOUN
cblr-13005	773	25	’s	’s	PART
cblr-13005	773	26	“	"	PUNCT
cblr-13005	773	27	corporate	corporate	ADJ
cblr-13005	773	28	purpose	purpose	NOUN
cblr-13005	773	29	,	,	PUNCT
cblr-13005	773	30	”	"	PUNCT
cblr-13005	773	31	while	while	SCONJ
cblr-13005	773	32	emphasizing	emphasize	VERB
cblr-13005	773	33	that	that	SCONJ
cblr-13005	773	34	a	a	DET
cblr-13005	773	35	corporation	corporation	NOUN
cblr-13005	773	36	’s	’s	PART
cblr-13005	773	37	purpose	purpose	NOUN
cblr-13005	773	38	should	should	AUX
cblr-13005	773	39	be	be	AUX
cblr-13005	773	40	to	to	PART
cblr-13005	773	41	“	"	PUNCT
cblr-13005	773	42	benefit	benefit	VERB
cblr-13005	773	43	all	all	PRON
cblr-13005	773	44	of	of	ADP
cblr-13005	773	45	[	[	X
cblr-13005	773	46	its	its	PRON
cblr-13005	773	47	]	]	X
cblr-13005	773	48	stakeholders	stakeholder	NOUN
cblr-13005	773	49	,	,	PUNCT
cblr-13005	773	50	including	include	VERB
cblr-13005	773	51	shareholders	shareholder	NOUN
cblr-13005	773	52	,	,	PUNCT
cblr-13005	773	53	no	no	INTJ
cblr-13005	773	54	.	.	NOUN
cblr-13005	773	55	1	1	NUM
cblr-13005	773	56	]	]	PUNCT
cblr-13005	773	57	a	a	DET
cblr-13005	773	58	hard	hard	ADJ
cblr-13005	773	59	look	look	NOUN
cblr-13005	773	60	at	at	ADP
cblr-13005	773	61	portfolio	portfolio	NOUN
cblr-13005	773	62	focused	focused	ADJ
cblr-13005	773	63	stewardship	stewardship	NOUN
cblr-13005	773	64	375	375	NUM
cblr-13005	773	65	employees	employee	NOUN
cblr-13005	773	66	,	,	PUNCT
cblr-13005	773	67	customers	customer	NOUN
cblr-13005	773	68	,	,	PUNCT
cblr-13005	773	69	and	and	CCONJ
cblr-13005	773	70	the	the	DET
cblr-13005	773	71	communities	community	NOUN
cblr-13005	773	72	in	in	ADP
cblr-13005	773	73	which	which	PRON
cblr-13005	773	74	[	[	X
cblr-13005	773	75	it	it	PRON
cblr-13005	773	76	]	]	X
cblr-13005	773	77	operate[s].”179	operate[s].”179	NOUN
cblr-13005	773	78	in	in	ADP
cblr-13005	773	79	2019	2019	NUM
cblr-13005	773	80	,	,	PUNCT
cblr-13005	773	81	181	181	NUM
cblr-13005	773	82	ceos	ceo	NOUN
cblr-13005	773	83	of	of	ADP
cblr-13005	773	84	america	america	PROPN
cblr-13005	773	85	’s	’s	PART
cblr-13005	773	86	largest	large	ADJ
cblr-13005	773	87	public	public	ADJ
cblr-13005	773	88	companies	company	NOUN
cblr-13005	773	89	signed	sign	VERB
cblr-13005	773	90	a	a	DET
cblr-13005	773	91	letter	letter	NOUN
cblr-13005	773	92	put	put	VERB
cblr-13005	773	93	out	out	ADP
cblr-13005	773	94	by	by	ADP
cblr-13005	773	95	the	the	DET
cblr-13005	773	96	business	business	NOUN
cblr-13005	773	97	roundtable	roundtable	NOUN
cblr-13005	773	98	stating	state	VERB
cblr-13005	773	99	that	that	SCONJ
cblr-13005	773	100	the	the	DET
cblr-13005	773	101	purpose	purpose	NOUN
cblr-13005	773	102	of	of	ADP
cblr-13005	773	103	a	a	DET
cblr-13005	773	104	corporation	corporation	NOUN
cblr-13005	773	105	is	be	AUX
cblr-13005	773	106	to	to	PART
cblr-13005	773	107	serve	serve	VERB
cblr-13005	773	108	all	all	DET
cblr-13005	773	109	stakeholders	stakeholder	NOUN
cblr-13005	773	110	,	,	PUNCT
cblr-13005	773	111	not	not	PART
cblr-13005	773	112	merely	merely	ADV
cblr-13005	773	113	to	to	PART
cblr-13005	773	114	maximize	maximize	VERB
cblr-13005	773	115	shareholders	shareholder	NOUN
cblr-13005	773	116	’	'	PUNCT
cblr-13005	773	117	firm	firm	ADJ
cblr-13005	773	118	-	-	PUNCT
cblr-13005	773	119	specific	specific	ADJ
cblr-13005	773	120	returns.180	returns.180	NOUN
cblr-13005	773	121	the	the	DET
cblr-13005	773	122	statement	statement	NOUN
cblr-13005	773	123	contained	contain	VERB
cblr-13005	773	124	vague	vague	ADJ
cblr-13005	773	125	commitments	commitment	NOUN
cblr-13005	773	126	by	by	ADP
cblr-13005	773	127	the	the	DET
cblr-13005	773	128	signatories	signatory	NOUN
cblr-13005	773	129	,	,	PUNCT
cblr-13005	773	130	such	such	ADJ
cblr-13005	773	131	as	as	ADP
cblr-13005	773	132	to	to	PART
cblr-13005	773	133	:	:	PUNCT
cblr-13005	773	134	“	"	PUNCT
cblr-13005	773	135	meet	meet	VERB
cblr-13005	773	136	[	[	X
cblr-13005	773	137	]	]	X
cblr-13005	773	138	or	or	CCONJ
cblr-13005	773	139	exceed	exceed	VERB
cblr-13005	773	140	[	[	X
cblr-13005	773	141	]	]	X
cblr-13005	773	142	customer	customer	NOUN
cblr-13005	773	143	expectations	expectation	NOUN
cblr-13005	773	144	”	"	PUNCT
cblr-13005	773	145	;	;	PUNCT
cblr-13005	773	146	compensate	compensate	VERB
cblr-13005	773	147	employees	employee	NOUN
cblr-13005	773	148	“	"	PUNCT
cblr-13005	773	149	fairly	fairly	ADV
cblr-13005	773	150	”	"	PUNCT
cblr-13005	773	151	and	and	CCONJ
cblr-13005	773	152	provide	provide	VERB
cblr-13005	773	153	them	they	PRON
cblr-13005	773	154	with	with	ADP
cblr-13005	773	155	“	"	PUNCT
cblr-13005	773	156	important	important	ADJ
cblr-13005	773	157	benefits	benefit	NOUN
cblr-13005	773	158	”	"	PUNCT
cblr-13005	773	159	;	;	PUNCT
cblr-13005	773	160	foster	foster	ADJ
cblr-13005	773	161	“	"	PUNCT
cblr-13005	773	162	diversity	diversity	NOUN
cblr-13005	773	163	and	and	CCONJ
cblr-13005	773	164	inclusion	inclusion	NOUN
cblr-13005	773	165	”	"	PUNCT
cblr-13005	773	166	;	;	PUNCT
cblr-13005	773	167	and	and	CCONJ
cblr-13005	773	168	“	"	PUNCT
cblr-13005	773	169	embrac[e	embrac[e	PROPN
cblr-13005	773	170	]	]	X
cblr-13005	773	171	sustainable	sustainable	ADJ
cblr-13005	773	172	practices	practice	NOUN
cblr-13005	773	173	.	.	PUNCT
cblr-13005	774	1	”181	”181	NOUN
cblr-13005	774	2	many	many	ADJ
cblr-13005	774	3	public	public	ADJ
cblr-13005	774	4	companies	company	NOUN
cblr-13005	774	5	have	have	AUX
cblr-13005	774	6	followed	follow	VERB
cblr-13005	774	7	up	up	ADP
cblr-13005	774	8	with	with	ADP
cblr-13005	774	9	firm	firm	ADJ
cblr-13005	774	10	-	-	PUNCT
cblr-13005	774	11	specific	specific	ADJ
cblr-13005	774	12	statements	statement	NOUN
cblr-13005	774	13	of	of	ADP
cblr-13005	774	14	corporate	corporate	ADJ
cblr-13005	774	15	purpose	purpose	NOUN
cblr-13005	774	16	,	,	PUNCT
cblr-13005	774	17	which	which	PRON
cblr-13005	774	18	tend	tend	VERB
cblr-13005	774	19	to	to	PART
cblr-13005	774	20	be	be	AUX
cblr-13005	774	21	equally	equally	ADV
cblr-13005	774	22	vague	vague	ADJ
cblr-13005	774	23	.	.	PUNCT
cblr-13005	775	1	for	for	ADP
cblr-13005	775	2	example	example	NOUN
cblr-13005	775	3	,	,	PUNCT
cblr-13005	775	4	cocacola	cocacola	PROPN
cblr-13005	775	5	’s	’s	PART
cblr-13005	775	6	corporate	corporate	ADJ
cblr-13005	775	7	purpose	purpose	NOUN
cblr-13005	775	8	is	be	AUX
cblr-13005	775	9	“	"	PUNCT
cblr-13005	775	10	[	[	X
cblr-13005	775	11	t]o	t]o	NOUN
cblr-13005	775	12	refresh	refresh	VERB
cblr-13005	775	13	the	the	DET
cblr-13005	775	14	world	world	NOUN
cblr-13005	775	15	and	and	CCONJ
cblr-13005	775	16	make	make	VERB
cblr-13005	775	17	a	a	DET
cblr-13005	775	18	difference,”182	difference,”182	NOUN
cblr-13005	775	19	and	and	CCONJ
cblr-13005	775	20	nike	nike	PROPN
cblr-13005	775	21	’s	’s	PART
cblr-13005	775	22	is	be	AUX
cblr-13005	775	23	“	"	PUNCT
cblr-13005	775	24	to	to	PART
cblr-13005	775	25	unite	unite	VERB
cblr-13005	775	26	the	the	DET
cblr-13005	775	27	world	world	NOUN
cblr-13005	775	28	through	through	ADP
cblr-13005	775	29	sport	sport	NOUN
cblr-13005	775	30	to	to	PART
cblr-13005	775	31	create	create	VERB
cblr-13005	775	32	a	a	DET
cblr-13005	775	33	healthy	healthy	ADJ
cblr-13005	775	34	planet	planet	NOUN
cblr-13005	775	35	,	,	PUNCT
cblr-13005	775	36	active	active	ADJ
cblr-13005	775	37	communities	community	NOUN
cblr-13005	775	38	,	,	PUNCT
cblr-13005	775	39	and	and	CCONJ
cblr-13005	775	40	an	an	DET
cblr-13005	775	41	equal	equal	ADJ
cblr-13005	775	42	playing	playing	NOUN
cblr-13005	775	43	field	field	NOUN
cblr-13005	775	44	for	for	ADP
cblr-13005	775	45	all	all	PRON
cblr-13005	775	46	.	.	PUNCT
cblr-13005	775	47	”183	”183	PUNCT
cblr-13005	776	1	because	because	SCONJ
cblr-13005	776	2	such	such	ADJ
cblr-13005	776	3	vague	vague	ADJ
cblr-13005	776	4	commitments	commitment	NOUN
cblr-13005	776	5	do	do	AUX
cblr-13005	776	6	not	not	PART
cblr-13005	776	7	meaningfully	meaningfully	ADV
cblr-13005	776	8	limit	limit	VERB
cblr-13005	776	9	managerial	managerial	ADJ
cblr-13005	776	10	discretion	discretion	NOUN
cblr-13005	776	11	,	,	PUNCT
cblr-13005	776	12	they	they	PRON
cblr-13005	776	13	can	can	AUX
cblr-13005	776	14	not	not	PART
cblr-13005	776	15	be	be	AUX
cblr-13005	776	16	expected	expect	VERB
cblr-13005	776	17	to	to	PART
cblr-13005	776	18	cause	cause	VERB
cblr-13005	776	19	portfolio	portfolio	NOUN
cblr-13005	776	20	firm	firm	NOUN
cblr-13005	776	21	managers	manager	NOUN
cblr-13005	776	22	to	to	PART
cblr-13005	776	23	ignore	ignore	VERB
cblr-13005	776	24	their	their	PRON
cblr-13005	776	25	strong	strong	ADJ
cblr-13005	776	26	firm	firm	ADJ
cblr-13005	776	27	-	-	PUNCT
cblr-13005	776	28	focused	focus	VERB
cblr-13005	776	29	incentives	incentive	NOUN
cblr-13005	776	30	and	and	CCONJ
cblr-13005	776	31	act	act	VERB
cblr-13005	776	32	to	to	PART
cblr-13005	776	33	prioritize	prioritize	VERB
cblr-13005	776	34	portfolio	portfolio	NOUN
cblr-13005	776	35	over	over	ADP
cblr-13005	776	36	firm	firm	ADJ
cblr-13005	776	37	value.184	value.184	NOUN
cblr-13005	776	38	thus	thus	ADV
cblr-13005	776	39	,	,	PUNCT
cblr-13005	776	40	financially	financially	ADV
cblr-13005	776	41	motivated	motivated	ADJ
cblr-13005	776	42	diversified	diversified	ADJ
cblr-13005	776	43	investors	investor	NOUN
cblr-13005	776	44	would	would	AUX
cblr-13005	776	45	not	not	PART
cblr-13005	776	46	179	179	NUM
cblr-13005	776	47	larry	larry	PROPN
cblr-13005	776	48	fink	fink	PROPN
cblr-13005	776	49	,	,	PUNCT
cblr-13005	776	50	larry	larry	PROPN
cblr-13005	776	51	fink	fink	PROPN
cblr-13005	776	52	’s	’s	PART
cblr-13005	776	53	2018	2018	NUM
cblr-13005	776	54	letter	letter	NOUN
cblr-13005	776	55	to	to	ADP
cblr-13005	776	56	ceos	ceos	PROPN
cblr-13005	776	57	:	:	PUNCT
cblr-13005	776	58	a	a	DET
cblr-13005	776	59	sense	sense	NOUN
cblr-13005	776	60	of	of	ADP
cblr-13005	776	61	purpose	purpose	NOUN
cblr-13005	776	62	,	,	PUNCT
cblr-13005	776	63	blackrock	blackrock	NOUN
cblr-13005	776	64	(	(	PUNCT
cblr-13005	776	65	2018	2018	NUM
cblr-13005	776	66	)	)	PUNCT
cblr-13005	776	67	,	,	PUNCT
cblr-13005	777	1	https://www.blackrock.com/corporate/investor-relations/2018-larry-fink-ceo-letter	https://www.blackrock.com/corporate/investor-relations/2018-larry-fink-ceo-letter	PROPN
cblr-13005	778	1	[	[	X
cblr-13005	778	2	https://perma.cc/4x6t-3uyu	https://perma.cc/4x6t-3uyu	X
cblr-13005	778	3	]	]	X
cblr-13005	778	4	;	;	PUNCT
cblr-13005	778	5	see	see	VERB
cblr-13005	778	6	also	also	ADV
cblr-13005	778	7	larry	larry	PROPN
cblr-13005	778	8	fink	fink	PROPN
cblr-13005	778	9	,	,	PUNCT
cblr-13005	778	10	larry	larry	PROPN
cblr-13005	778	11	fink	fink	PROPN
cblr-13005	778	12	’s	’s	PART
cblr-13005	778	13	2019	2019	NUM
cblr-13005	778	14	letter	letter	NOUN
cblr-13005	778	15	to	to	ADP
cblr-13005	778	16	ceos	ceos	PROPN
cblr-13005	778	17	:	:	PUNCT
cblr-13005	778	18	purpose	purpose	NOUN
cblr-13005	778	19	and	and	CCONJ
cblr-13005	778	20	profits	profit	NOUN
cblr-13005	778	21	,	,	PUNCT
cblr-13005	778	22	blackrock	blackrock	NOUN
cblr-13005	778	23	(	(	PUNCT
cblr-13005	778	24	2019	2019	NUM
cblr-13005	778	25	)	)	PUNCT
cblr-13005	778	26	,	,	PUNCT
cblr-13005	778	27	https://www.blackrock.com/corporate/investor-relations/2019-larry-fink-ceo-letter	https://www.blackrock.com/corporate/investor-relations/2019-larry-fink-ceo-letter	PUNCT
cblr-13005	778	28	[	[	X
cblr-13005	778	29	https://perma.cc/xu66-tepd	https://perma.cc/xu66-tepd	X
cblr-13005	778	30	]	]	X
cblr-13005	778	31	.	.	PUNCT
cblr-13005	779	1	180	180	NUM
cblr-13005	779	2	business	business	NOUN
cblr-13005	779	3	roundtable	roundtable	NOUN
cblr-13005	779	4	,	,	PUNCT
cblr-13005	779	5	statement	statement	NOUN
cblr-13005	779	6	on	on	ADP
cblr-13005	779	7	the	the	DET
cblr-13005	779	8	purpose	purpose	NOUN
cblr-13005	779	9	of	of	ADP
cblr-13005	779	10	a	a	DET
cblr-13005	779	11	corporation	corporation	NOUN
cblr-13005	779	12	(	(	PUNCT
cblr-13005	779	13	aug	aug	PROPN
cblr-13005	779	14	.	.	PROPN
cblr-13005	779	15	19	19	NUM
cblr-13005	779	16	,	,	PUNCT
cblr-13005	779	17	2019	2019	NUM
cblr-13005	779	18	)	)	PUNCT
cblr-13005	779	19	,	,	PUNCT
cblr-13005	779	20	https://system.businessroundtable.org/app/uploads/sites/5/2023/02/wsj_brt_poc_ad.pdf	https://system.businessroundtable.org/app/uploads/sites/5/2023/02/wsj_brt_poc_ad.pdf	PROPN
cblr-13005	780	1	[	[	X
cblr-13005	780	2	https://perma.cc/ylm3kf6a	https://perma.cc/ylm3kf6a	PROPN
cblr-13005	780	3	]	]	PUNCT
cblr-13005	780	4	.	.	PUNCT
cblr-13005	781	1	181	181	NUM
cblr-13005	782	1	i	i	PRON
cblr-13005	782	2	d.	d.	PROPN
cblr-13005	782	3	182	182	NUM
cblr-13005	782	4	does	do	AUX
cblr-13005	782	5	the	the	DET
cblr-13005	782	6	coca	coca	PROPN
cblr-13005	782	7	-	-	PUNCT
cblr-13005	782	8	cola	cola	PROPN
cblr-13005	782	9	company	company	NOUN
cblr-13005	782	10	strive	strive	VERB
cblr-13005	782	11	to	to	PART
cblr-13005	782	12	operate	operate	VERB
cblr-13005	782	13	its	its	PRON
cblr-13005	782	14	business	business	NOUN
cblr-13005	782	15	responsibly	responsibly	ADV
cblr-13005	782	16	?	?	PUNCT
cblr-13005	782	17	,	,	PUNCT
cblr-13005	782	18	the	the	DET
cblr-13005	782	19	coca	coca	PROPN
cblr-13005	782	20	-	-	PUNCT
cblr-13005	782	21	cola	cola	PROPN
cblr-13005	782	22	co.	co.	PROPN
cblr-13005	782	23	,	,	PUNCT
cblr-13005	783	1	https://www.coca-cola.com/us/en/aboutus/faq/does-the-coca-cola-company-strive-to-operate-its-business-respon	https://www.coca-cola.com/us/en/aboutus/faq/does-the-coca-cola-company-strive-to-operate-its-business-respon	ADV
cblr-13005	783	2	[	[	X
cblr-13005	783	3	https://perma.cc/5ebn-e5ug	https://perma.cc/5ebn-e5ug	NOUN
cblr-13005	783	4	]	]	X
cblr-13005	783	5	.	.	PUNCT
cblr-13005	784	1	183	183	NUM
cblr-13005	784	2	nike	nike	PROPN
cblr-13005	784	3	,	,	PUNCT
cblr-13005	784	4	the	the	DET
cblr-13005	784	5	alumni	alumnus	NOUN
cblr-13005	784	6	soc’y	soc’y	VERB
cblr-13005	784	7	,	,	PUNCT
cblr-13005	784	8	https://thealumnisociety.com/partners/nike	https://thealumnisociety.com/partners/nike	ADP
cblr-13005	785	1	[	[	X
cblr-13005	785	2	https://perma.cc/j46c-xkwx	https://perma.cc/j46c-xkwx	PROPN
cblr-13005	785	3	]	]	X
cblr-13005	785	4	.	.	PUNCT
cblr-13005	786	1	184	184	NUM
cblr-13005	786	2	see	see	VERB
cblr-13005	786	3	supra	supra	PROPN
cblr-13005	786	4	section	section	PROPN
cblr-13005	786	5	iii.a	iii.a	PROPN
cblr-13005	786	6	.	.	PROPN
cblr-13005	786	7	376	376	NUM
cblr-13005	786	8	columbia	columbia	PROPN
cblr-13005	786	9	business	business	NOUN
cblr-13005	786	10	law	law	PROPN
cblr-13005	786	11	review	review	NOUN
cblr-13005	786	12	[	[	X
cblr-13005	786	13	vol	vol	NOUN
cblr-13005	786	14	.	.	NOUN
cblr-13005	786	15	2024	2024	NUM
cblr-13005	786	16	view	view	NOUN
cblr-13005	786	17	blackrock	blackrock	NOUN
cblr-13005	786	18	’s	’s	PART
cblr-13005	786	19	intervention	intervention	NOUN
cblr-13005	786	20	on	on	ADP
cblr-13005	786	21	corporate	corporate	ADJ
cblr-13005	786	22	purpose	purpose	NOUN
cblr-13005	786	23	as	as	ADP
cblr-13005	786	24	effective	effective	ADJ
cblr-13005	786	25	portfolio	portfolio	NOUN
cblr-13005	786	26	-	-	PUNCT
cblr-13005	786	27	focused	focus	VERB
cblr-13005	786	28	stewardship	stewardship	NOUN
cblr-13005	786	29	.	.	PUNCT
cblr-13005	787	1	b.	b.	PROPN
cblr-13005	787	2	gender	gender	NOUN
cblr-13005	787	3	quotas	quota	NOUN
cblr-13005	787	4	for	for	ADP
cblr-13005	787	5	corporate	corporate	ADJ
cblr-13005	787	6	boards	board	NOUN
cblr-13005	787	7	the	the	DET
cblr-13005	787	8	big	big	ADJ
cblr-13005	787	9	three	three	NUM
cblr-13005	787	10	have	have	AUX
cblr-13005	787	11	each	each	PRON
cblr-13005	787	12	threatened	threaten	VERB
cblr-13005	787	13	to	to	PART
cblr-13005	787	14	vote	vote	VERB
cblr-13005	787	15	against	against	ADP
cblr-13005	787	16	directors	director	NOUN
cblr-13005	787	17	of	of	ADP
cblr-13005	787	18	portfolio	portfolio	NOUN
cblr-13005	787	19	companies	company	NOUN
cblr-13005	787	20	that	that	PRON
cblr-13005	787	21	fail	fail	VERB
cblr-13005	787	22	to	to	PART
cblr-13005	787	23	increase	increase	VERB
cblr-13005	787	24	female	female	ADJ
cblr-13005	787	25	representation	representation	NOUN
cblr-13005	787	26	on	on	ADP
cblr-13005	787	27	the	the	DET
cblr-13005	787	28	board.185	board.185	NOUN
cblr-13005	787	29	unlike	unlike	ADP
cblr-13005	787	30	requests	request	NOUN
cblr-13005	787	31	for	for	ADP
cblr-13005	787	32	statements	statement	NOUN
cblr-13005	787	33	of	of	ADP
cblr-13005	787	34	corporate	corporate	ADJ
cblr-13005	787	35	purpose	purpose	NOUN
cblr-13005	787	36	,	,	PUNCT
cblr-13005	787	37	this	this	DET
cblr-13005	787	38	type	type	NOUN
cblr-13005	787	39	of	of	ADP
cblr-13005	787	40	intervention	intervention	NOUN
cblr-13005	787	41	imposes	impose	VERB
cblr-13005	787	42	specific	specific	ADJ
cblr-13005	787	43	and	and	CCONJ
cblr-13005	787	44	easily	easily	ADV
cblr-13005	787	45	enforceable	enforceable	ADJ
cblr-13005	787	46	obligations	obligation	NOUN
cblr-13005	787	47	on	on	ADP
cblr-13005	787	48	portfolio	portfolio	NOUN
cblr-13005	787	49	companies	company	NOUN
cblr-13005	787	50	.	.	PUNCT
cblr-13005	788	1	moreover	moreover	ADV
cblr-13005	788	2	,	,	PUNCT
cblr-13005	788	3	the	the	DET
cblr-13005	788	4	intervention	intervention	NOUN
cblr-13005	788	5	does	do	AUX
cblr-13005	788	6	not	not	PART
cblr-13005	788	7	generally	generally	ADV
cblr-13005	788	8	undermine	undermine	VERB
cblr-13005	788	9	firm	firm	ADJ
cblr-13005	788	10	-	-	PUNCT
cblr-13005	788	11	focused	focus	VERB
cblr-13005	788	12	managerial	managerial	ADJ
cblr-13005	788	13	incentives	incentive	NOUN
cblr-13005	788	14	.	.	PUNCT
cblr-13005	789	1	but	but	CCONJ
cblr-13005	789	2	financially	financially	ADV
cblr-13005	789	3	motivated	motivated	ADJ
cblr-13005	789	4	diversified	diversified	ADJ
cblr-13005	789	5	investors	investor	NOUN
cblr-13005	789	6	would	would	AUX
cblr-13005	789	7	nevertheless	nevertheless	ADV
cblr-13005	789	8	doubt	doubt	VERB
cblr-13005	789	9	that	that	SCONJ
cblr-13005	789	10	it	it	PRON
cblr-13005	789	11	would	would	AUX
cblr-13005	789	12	lead	lead	VERB
cblr-13005	789	13	to	to	ADP
cblr-13005	789	14	a	a	DET
cblr-13005	789	15	net	net	ADJ
cblr-13005	789	16	increase	increase	NOUN
cblr-13005	789	17	in	in	ADP
cblr-13005	789	18	risk	risk	NOUN
cblr-13005	789	19	-	-	PUNCT
cblr-13005	789	20	adjusted	adjust	VERB
cblr-13005	789	21	portfolio	portfolio	NOUN
cblr-13005	789	22	value	value	NOUN
cblr-13005	789	23	,	,	PUNCT
cblr-13005	789	24	because	because	SCONJ
cblr-13005	789	25	there	there	PRON
cblr-13005	789	26	are	be	VERB
cblr-13005	789	27	obvious	obvious	ADJ
cblr-13005	789	28	self	self	NOUN
cblr-13005	789	29	-	-	PUNCT
cblr-13005	789	30	serving	serve	VERB
cblr-13005	789	31	marketing	marketing	NOUN
cblr-13005	789	32	reasons	reason	NOUN
cblr-13005	789	33	why	why	SCONJ
cblr-13005	789	34	the	the	DET
cblr-13005	789	35	big	big	ADJ
cblr-13005	789	36	three	three	NUM
cblr-13005	789	37	might	might	AUX
cblr-13005	789	38	want	want	VERB
cblr-13005	789	39	to	to	PART
cblr-13005	789	40	champion	champion	VERB
cblr-13005	789	41	the	the	DET
cblr-13005	789	42	policy,186	policy,186	PROPN
cblr-13005	789	43	and	and	CCONJ
cblr-13005	789	44	the	the	DET
cblr-13005	789	45	link	link	NOUN
cblr-13005	789	46	between	between	ADP
cblr-13005	789	47	gender	gender	NOUN
cblr-13005	789	48	representation	representation	NOUN
cblr-13005	789	49	on	on	ADP
cblr-13005	789	50	corporate	corporate	ADJ
cblr-13005	789	51	boards	board	NOUN
cblr-13005	789	52	and	and	CCONJ
cblr-13005	789	53	portfolio	portfolio	NOUN
cblr-13005	789	54	value	value	NOUN
cblr-13005	789	55	is	be	AUX
cblr-13005	789	56	not	not	PART
cblr-13005	789	57	well	well	ADV
cblr-13005	789	58	established.187	established.187	ADJ
cblr-13005	789	59	c.	c.	NOUN
cblr-13005	789	60	emissions	emission	NOUN
cblr-13005	789	61	reductions	reduction	VERB
cblr-13005	789	62	what	what	PRON
cblr-13005	789	63	about	about	ADP
cblr-13005	789	64	the	the	DET
cblr-13005	789	65	big	big	ADJ
cblr-13005	789	66	three	three	NUM
cblr-13005	789	67	’s	’s	PART
cblr-13005	789	68	demands	demand	NOUN
cblr-13005	789	69	that	that	SCONJ
cblr-13005	789	70	portfolio	portfolio	NOUN
cblr-13005	789	71	companies	company	NOUN
cblr-13005	789	72	cut	cut	VERB
cblr-13005	789	73	greenhouse	greenhouse	NOUN
cblr-13005	789	74	gas	gas	NOUN
cblr-13005	789	75	emissions	emission	NOUN
cblr-13005	789	76	?	?	PUNCT
cblr-13005	790	1	first	first	ADV
cblr-13005	790	2	off	off	ADV
cblr-13005	790	3	,	,	PUNCT
cblr-13005	790	4	it	it	PRON
cblr-13005	790	5	is	be	AUX
cblr-13005	790	6	not	not	PART
cblr-13005	790	7	clear	clear	ADJ
cblr-13005	790	8	that	that	SCONJ
cblr-13005	790	9	the	the	DET
cblr-13005	790	10	big	big	ADJ
cblr-13005	790	11	three	three	NUM
cblr-13005	790	12	are	be	AUX
cblr-13005	790	13	committed	commit	VERB
cblr-13005	790	14	to	to	ADP
cblr-13005	790	15	making	make	VERB
cblr-13005	790	16	such	such	ADJ
cblr-13005	790	17	demands	demand	NOUN
cblr-13005	790	18	.	.	PUNCT
cblr-13005	791	1	they	they	PRON
cblr-13005	791	2	have	have	AUX
cblr-13005	791	3	recently	recently	ADV
cblr-13005	791	4	taken	take	VERB
cblr-13005	791	5	pains	pain	NOUN
cblr-13005	791	6	to	to	PART
cblr-13005	791	7	say	say	VERB
cblr-13005	791	8	that	that	SCONJ
cblr-13005	791	9	they	they	PRON
cblr-13005	791	10	do	do	AUX
cblr-13005	791	11	not	not	PART
cblr-13005	791	12	require	require	VERB
cblr-13005	791	13	185	185	NUM
cblr-13005	791	14	barzuza	barzuza	NOUN
cblr-13005	791	15	et	et	PROPN
cblr-13005	791	16	al	al	PROPN
cblr-13005	791	17	.	.	PROPN
cblr-13005	791	18	,	,	PUNCT
cblr-13005	791	19	supra	supra	PROPN
cblr-13005	791	20	note	note	PROPN
cblr-13005	791	21	19	19	NUM
cblr-13005	791	22	,	,	PUNCT
cblr-13005	791	23	at	at	ADP
cblr-13005	791	24	1265–69	1265–69	NUM
cblr-13005	791	25	(	(	PUNCT
cblr-13005	791	26	detailing	detail	VERB
cblr-13005	791	27	the	the	DET
cblr-13005	791	28	big	big	ADJ
cblr-13005	791	29	three	three	NUM
cblr-13005	791	30	’s	’s	PART
cblr-13005	791	31	efforts	effort	NOUN
cblr-13005	791	32	at	at	ADP
cblr-13005	791	33	increasing	increase	VERB
cblr-13005	791	34	female	female	ADJ
cblr-13005	791	35	representation	representation	NOUN
cblr-13005	791	36	on	on	ADP
cblr-13005	791	37	the	the	DET
cblr-13005	791	38	boards	board	NOUN
cblr-13005	791	39	of	of	ADP
cblr-13005	791	40	portfolio	portfolio	NOUN
cblr-13005	791	41	firms	firm	NOUN
cblr-13005	791	42	)	)	PUNCT
cblr-13005	791	43	.	.	PUNCT
cblr-13005	792	1	186	186	NUM
cblr-13005	792	2	i	i	PROPN
cblr-13005	792	3	d.	d.	PROPN
cblr-13005	792	4	(	(	PUNCT
cblr-13005	792	5	arguing	argue	VERB
cblr-13005	792	6	that	that	SCONJ
cblr-13005	792	7	marketing	marketing	NOUN
cblr-13005	792	8	incentives	incentive	NOUN
cblr-13005	792	9	best	well	ADV
cblr-13005	792	10	explain	explain	VERB
cblr-13005	792	11	the	the	DET
cblr-13005	792	12	big	big	ADJ
cblr-13005	792	13	three	three	NUM
cblr-13005	792	14	’s	’s	PART
cblr-13005	792	15	efforts	effort	NOUN
cblr-13005	792	16	to	to	PART
cblr-13005	792	17	promote	promote	VERB
cblr-13005	792	18	diversity	diversity	NOUN
cblr-13005	792	19	)	)	PUNCT
cblr-13005	792	20	.	.	PUNCT
cblr-13005	793	1	187	187	NUM
cblr-13005	793	2	see	see	VERB
cblr-13005	793	3	order	order	NOUN
cblr-13005	793	4	approving	approve	VERB
cblr-13005	793	5	proposed	propose	VERB
cblr-13005	793	6	rule	rule	NOUN
cblr-13005	793	7	changes	change	NOUN
cblr-13005	793	8	related	relate	VERB
cblr-13005	793	9	to	to	ADP
cblr-13005	793	10	board	board	NOUN
cblr-13005	793	11	diversity	diversity	NOUN
cblr-13005	793	12	and	and	CCONJ
cblr-13005	793	13	to	to	PART
cblr-13005	793	14	offer	offer	VERB
cblr-13005	793	15	certain	certain	ADJ
cblr-13005	793	16	listed	list	VERB
cblr-13005	793	17	companies	company	NOUN
cblr-13005	793	18	access	access	VERB
cblr-13005	793	19	to	to	ADP
cblr-13005	793	20	a	a	DET
cblr-13005	793	21	complimentary	complimentary	ADJ
cblr-13005	793	22	board	board	NOUN
cblr-13005	793	23	recruiting	recruiting	NOUN
cblr-13005	793	24	service	service	NOUN
cblr-13005	793	25	,	,	PUNCT
cblr-13005	793	26	86	86	NUM
cblr-13005	793	27	fed	fed	PROPN
cblr-13005	793	28	.	.	PUNCT
cblr-13005	794	1	reg	reg	PROPN
cblr-13005	794	2	.	.	PROPN
cblr-13005	795	1	44424	44424	NUM
cblr-13005	795	2	,	,	PUNCT
cblr-13005	795	3	44432	44432	NUM
cblr-13005	795	4	(	(	PUNCT
cblr-13005	795	5	aug	aug	PROPN
cblr-13005	795	6	.	.	PROPN
cblr-13005	795	7	6	6	NUM
cblr-13005	795	8	,	,	PUNCT
cblr-13005	795	9	2021	2021	NUM
cblr-13005	795	10	)	)	PUNCT
cblr-13005	796	1	(	(	PUNCT
cblr-13005	796	2	noting	note	VERB
cblr-13005	796	3	that	that	SCONJ
cblr-13005	796	4	studies	study	NOUN
cblr-13005	796	5	on	on	ADP
cblr-13005	796	6	the	the	DET
cblr-13005	796	7	“	"	PUNCT
cblr-13005	796	8	effects	effect	NOUN
cblr-13005	796	9	of	of	ADP
cblr-13005	796	10	board	board	NOUN
cblr-13005	796	11	diversity	diversity	NOUN
cblr-13005	796	12	are	be	AUX
cblr-13005	796	13	generally	generally	ADV
cblr-13005	796	14	inconclusive	inconclusive	ADJ
cblr-13005	796	15	”	"	PUNCT
cblr-13005	796	16	)	)	PUNCT
cblr-13005	796	17	;	;	PUNCT
cblr-13005	796	18	see	see	AUX
cblr-13005	796	19	fried	fry	VERB
cblr-13005	796	20	,	,	PUNCT
cblr-13005	796	21	supra	supra	PROPN
cblr-13005	796	22	note	note	PROPN
cblr-13005	796	23	100	100	NUM
cblr-13005	796	24	,	,	PUNCT
cblr-13005	796	25	at	at	ADP
cblr-13005	796	26	1	1	NUM
cblr-13005	796	27	(	(	PUNCT
cblr-13005	796	28	reviewing	review	VERB
cblr-13005	796	29	empirical	empirical	ADJ
cblr-13005	796	30	evidence	evidence	NOUN
cblr-13005	796	31	and	and	CCONJ
cblr-13005	796	32	finding	find	VERB
cblr-13005	796	33	that	that	SCONJ
cblr-13005	796	34	increasing	increase	VERB
cblr-13005	796	35	board	board	NOUN
cblr-13005	796	36	diversity	diversity	NOUN
cblr-13005	796	37	may	may	AUX
cblr-13005	796	38	reduce	reduce	VERB
cblr-13005	796	39	investor	investor	NOUN
cblr-13005	796	40	returns	return	NOUN
cblr-13005	796	41	,	,	PUNCT
cblr-13005	796	42	but	but	CCONJ
cblr-13005	796	43	positing	posit	VERB
cblr-13005	796	44	that	that	SCONJ
cblr-13005	796	45	doing	do	VERB
cblr-13005	796	46	so	so	ADV
cblr-13005	796	47	could	could	AUX
cblr-13005	796	48	nevertheless	nevertheless	ADV
cblr-13005	796	49	be	be	AUX
cblr-13005	796	50	in	in	ADP
cblr-13005	796	51	asset	asset	NOUN
cblr-13005	796	52	managers	manager	NOUN
cblr-13005	796	53	’	’	PART
cblr-13005	796	54	selfish	selfish	ADJ
cblr-13005	796	55	interest	interest	NOUN
cblr-13005	796	56	by	by	ADP
cblr-13005	796	57	helping	help	VERB
cblr-13005	796	58	them	they	PRON
cblr-13005	796	59	attract	attract	VERB
cblr-13005	796	60	socially	socially	ADV
cblr-13005	796	61	minded	minded	ADJ
cblr-13005	796	62	millennial	millennial	ADJ
cblr-13005	796	63	investors	investor	NOUN
cblr-13005	796	64	and	and	CCONJ
cblr-13005	796	65	pensions	pension	NOUN
cblr-13005	796	66	funds	fund	NOUN
cblr-13005	796	67	,	,	PUNCT
cblr-13005	796	68	leading	lead	VERB
cblr-13005	796	69	to	to	ADP
cblr-13005	796	70	increased	increase	VERB
cblr-13005	796	71	aum	aum	PROPN
cblr-13005	796	72	and	and	CCONJ
cblr-13005	796	73	hence	hence	ADV
cblr-13005	796	74	management	management	NOUN
cblr-13005	796	75	fees	fee	NOUN
cblr-13005	796	76	)	)	PUNCT
cblr-13005	796	77	;	;	PUNCT
cblr-13005	796	78	sharfman	sharfman	NOUN
cblr-13005	796	79	,	,	PUNCT
cblr-13005	796	80	supra	supra	PROPN
cblr-13005	796	81	note	note	PROPN
cblr-13005	796	82	19	19	NUM
cblr-13005	796	83	,	,	PUNCT
cblr-13005	796	84	at	at	ADP
cblr-13005	796	85	480	480	NUM
cblr-13005	796	86	-	-	SYM
cblr-13005	796	87	87	87	NUM
cblr-13005	796	88	(	(	PUNCT
cblr-13005	796	89	arguing	argue	VERB
cblr-13005	796	90	that	that	SCONJ
cblr-13005	796	91	a	a	DET
cblr-13005	796	92	business	business	NOUN
cblr-13005	796	93	case	case	NOUN
cblr-13005	796	94	can	can	AUX
cblr-13005	796	95	not	not	PART
cblr-13005	796	96	be	be	AUX
cblr-13005	796	97	made	make	VERB
cblr-13005	796	98	for	for	ADP
cblr-13005	796	99	gender	gender	NOUN
cblr-13005	796	100	diversity	diversity	NOUN
cblr-13005	796	101	mandates	mandate	NOUN
cblr-13005	796	102	and	and	CCONJ
cblr-13005	796	103	attributing	attribute	VERB
cblr-13005	796	104	the	the	DET
cblr-13005	796	105	big	big	ADJ
cblr-13005	796	106	three	three	NUM
cblr-13005	796	107	’s	’s	NOUN
cblr-13005	796	108	support	support	NOUN
cblr-13005	796	109	therefore	therefore	ADV
cblr-13005	796	110	to	to	ADP
cblr-13005	796	111	a	a	DET
cblr-13005	796	112	millennial	millennial	ADJ
cblr-13005	796	113	marketing	marketing	NOUN
cblr-13005	796	114	strategy	strategy	NOUN
cblr-13005	796	115	)	)	PUNCT
cblr-13005	796	116	.	.	PUNCT
cblr-13005	797	1	no	no	INTJ
cblr-13005	797	2	.	.	NOUN
cblr-13005	798	1	1	1	NUM
cblr-13005	798	2	]	]	PUNCT
cblr-13005	798	3	a	a	DET
cblr-13005	798	4	hard	hard	ADJ
cblr-13005	798	5	look	look	NOUN
cblr-13005	798	6	at	at	ADP
cblr-13005	798	7	portfolio	portfolio	NOUN
cblr-13005	798	8	focused	focused	ADJ
cblr-13005	798	9	stewardship	stewardship	NOUN
cblr-13005	798	10	377	377	NUM
cblr-13005	798	11	portfolio	portfolio	NOUN
cblr-13005	798	12	companies	company	NOUN
cblr-13005	798	13	to	to	PART
cblr-13005	798	14	meet	meet	VERB
cblr-13005	798	15	specific	specific	ADJ
cblr-13005	798	16	climate	climate	NOUN
cblr-13005	798	17	targets	target	NOUN
cblr-13005	798	18	or	or	CCONJ
cblr-13005	798	19	otherwise	otherwise	ADV
cblr-13005	798	20	tell	tell	VERB
cblr-13005	798	21	them	they	PRON
cblr-13005	798	22	what	what	PRON
cblr-13005	798	23	to	to	PART
cblr-13005	798	24	do	do	VERB
cblr-13005	798	25	to	to	PART
cblr-13005	798	26	address	address	VERB
cblr-13005	798	27	climate	climate	NOUN
cblr-13005	798	28	change	change	NOUN
cblr-13005	798	29	;	;	PUNCT
cblr-13005	798	30	in	in	ADP
cblr-13005	798	31	other	other	ADJ
cblr-13005	798	32	words	word	NOUN
cblr-13005	798	33	,	,	PUNCT
cblr-13005	798	34	they	they	PRON
cblr-13005	798	35	have	have	AUX
cblr-13005	798	36	expressly	expressly	ADV
cblr-13005	798	37	disavowed	disavow	VERB
cblr-13005	798	38	that	that	SCONJ
cblr-13005	798	39	they	they	PRON
cblr-13005	798	40	are	be	AUX
cblr-13005	798	41	engaged	engage	VERB
cblr-13005	798	42	in	in	ADP
cblr-13005	798	43	command	command	NOUN
cblr-13005	798	44	-	-	PUNCT
cblr-13005	798	45	and	and	CCONJ
cblr-13005	798	46	-	-	PUNCT
cblr-13005	798	47	control	control	NOUN
cblr-13005	798	48	style	style	NOUN
cblr-13005	798	49	regulation.188	regulation.188	VERB
cblr-13005	798	50	earlier	early	ADJ
cblr-13005	798	51	statements	statement	NOUN
cblr-13005	798	52	suggested	suggest	VERB
cblr-13005	798	53	that	that	SCONJ
cblr-13005	798	54	they	they	PRON
cblr-13005	798	55	expected	expect	VERB
cblr-13005	798	56	commitments	commitment	NOUN
cblr-13005	798	57	from	from	ADP
cblr-13005	798	58	portfolio	portfolio	NOUN
cblr-13005	798	59	firms	firm	NOUN
cblr-13005	798	60	related	relate	VERB
cblr-13005	798	61	to	to	ADP
cblr-13005	798	62	emissions	emission	NOUN
cblr-13005	798	63	and	and	CCONJ
cblr-13005	798	64	were	be	AUX
cblr-13005	798	65	willing	willing	ADJ
cblr-13005	798	66	to	to	PART
cblr-13005	798	67	punish	punish	VERB
cblr-13005	798	68	firms	firm	NOUN
cblr-13005	798	69	that	that	PRON
cblr-13005	798	70	did	do	AUX
cblr-13005	798	71	not	not	PART
cblr-13005	798	72	make	make	VERB
cblr-13005	798	73	adequate	adequate	ADJ
cblr-13005	798	74	progress	progress	NOUN
cblr-13005	798	75	toward	toward	ADP
cblr-13005	798	76	reductions189	reductions189	PROPN
cblr-13005	798	77	—	—	PUNCT
cblr-13005	798	78	a	a	DET
cblr-13005	798	79	threat	threat	NOUN
cblr-13005	798	80	some	some	PRON
cblr-13005	798	81	believe	believe	VERB
cblr-13005	798	82	they	they	PRON
cblr-13005	798	83	followed	follow	VERB
cblr-13005	798	84	through	through	ADP
cblr-13005	798	85	on	on	ADP
cblr-13005	798	86	in	in	ADP
cblr-13005	798	87	2021	2021	NUM
cblr-13005	798	88	,	,	PUNCT
cblr-13005	798	89	when	when	SCONJ
cblr-13005	798	90	they	they	PRON
cblr-13005	798	91	supported	support	VERB
cblr-13005	798	92	engine	engine	NOUN
cblr-13005	798	93	no	no	NOUN
cblr-13005	798	94	.	.	NOUN
cblr-13005	799	1	1	1	NUM
cblr-13005	799	2	’s	’s	NOUN
cblr-13005	799	3	proxy	proxy	NOUN
cblr-13005	799	4	campaign	campaign	NOUN
cblr-13005	799	5	to	to	PART
cblr-13005	799	6	replace	replace	VERB
cblr-13005	799	7	three	three	NUM
cblr-13005	799	8	directors	director	NOUN
cblr-13005	799	9	at	at	ADP
cblr-13005	799	10	exxonmobil.190	exxonmobil.190	NOUN
cblr-13005	799	11	some	some	PRON
cblr-13005	799	12	have	have	AUX
cblr-13005	799	13	critiqued	critique	VERB
cblr-13005	799	14	this	this	DET
cblr-13005	799	15	seeming	seem	VERB
cblr-13005	799	16	change	change	NOUN
cblr-13005	799	17	in	in	ADP
cblr-13005	799	18	position	position	NOUN
cblr-13005	799	19	,	,	PUNCT
cblr-13005	799	20	demanding	demand	VERB
cblr-13005	799	21	the	the	DET
cblr-13005	799	22	big	big	ADJ
cblr-13005	799	23	three	three	NUM
cblr-13005	799	24	“	"	PUNCT
cblr-13005	799	25	recommit	recommit	NOUN
cblr-13005	799	26	”	"	PUNCT
cblr-13005	799	27	to	to	ADP
cblr-13005	799	28	command	command	NOUN
cblr-13005	799	29	-	-	PUNCT
cblr-13005	799	30	and	and	CCONJ
cblr-13005	799	31	-	-	PUNCT
cblr-13005	799	32	control	control	NOUN
cblr-13005	799	33	style	style	NOUN
cblr-13005	799	34	climate	climate	NOUN
cblr-13005	799	35	interventions.191	interventions.191	NOUN
cblr-13005	799	36	what	what	PRON
cblr-13005	799	37	might	might	AUX
cblr-13005	799	38	explain	explain	VERB
cblr-13005	799	39	this	this	DET
cblr-13005	799	40	apparent	apparent	ADJ
cblr-13005	799	41	retrenchment	retrenchment	NOUN
cblr-13005	799	42	?	?	PUNCT
cblr-13005	800	1	one	one	NUM
cblr-13005	800	2	possibility	possibility	NOUN
cblr-13005	800	3	is	be	AUX
cblr-13005	800	4	that	that	SCONJ
cblr-13005	800	5	the	the	DET
cblr-13005	800	6	big	big	ADJ
cblr-13005	800	7	three	three	NUM
cblr-13005	800	8	now	now	ADV
cblr-13005	800	9	recognize	recognize	VERB
cblr-13005	800	10	that	that	PRON
cblr-13005	800	11	prescriptive	prescriptive	ADJ
cblr-13005	800	12	stewardship	stewardship	NOUN
cblr-13005	800	13	interventions	intervention	NOUN
cblr-13005	800	14	are	be	AUX
cblr-13005	800	15	dangerous	dangerous	ADJ
cblr-13005	800	16	because	because	SCONJ
cblr-13005	800	17	their	their	PRON
cblr-13005	800	18	188	188	NUM
cblr-13005	800	19	see	see	NOUN
cblr-13005	800	20	larry	larry	PROPN
cblr-13005	800	21	fink	fink	PROPN
cblr-13005	800	22	,	,	PUNCT
cblr-13005	800	23	larry	larry	PROPN
cblr-13005	800	24	fink	fink	PROPN
cblr-13005	800	25	’s	’s	PART
cblr-13005	800	26	2023	2023	NUM
cblr-13005	800	27	annual	annual	ADJ
cblr-13005	800	28	chairman	chairman	NOUN
cblr-13005	800	29	’s	’s	PART
cblr-13005	800	30	letter	letter	NOUN
cblr-13005	800	31	to	to	ADP
cblr-13005	800	32	investors	investor	NOUN
cblr-13005	800	33	,	,	PUNCT
cblr-13005	800	34	blackrock	blackrock	NOUN
cblr-13005	800	35	(	(	PUNCT
cblr-13005	800	36	2023	2023	NUM
cblr-13005	800	37	)	)	PUNCT
cblr-13005	800	38	,	,	PUNCT
cblr-13005	800	39	https://www.blackrock.com/corporate/investorrelations/larry-fink-annual-chairmans-letter	https://www.blackrock.com/corporate/investorrelations/larry-fink-annual-chairmans-letter	X
cblr-13005	801	1	[	[	X
cblr-13005	801	2	https://perma.cc/9l6de9pw	https://perma.cc/9l6de9pw	NOUN
cblr-13005	801	3	]	]	PUNCT
cblr-13005	801	4	(	(	PUNCT
cblr-13005	801	5	“	"	PUNCT
cblr-13005	801	6	it	it	PRON
cblr-13005	801	7	is	be	AUX
cblr-13005	801	8	not	not	PART
cblr-13005	801	9	the	the	DET
cblr-13005	801	10	role	role	NOUN
cblr-13005	801	11	of	of	ADP
cblr-13005	801	12	an	an	DET
cblr-13005	801	13	asset	asset	NOUN
cblr-13005	801	14	manager	manager	NOUN
cblr-13005	801	15	like	like	ADP
cblr-13005	801	16	blackrock	blackrock	NOUN
cblr-13005	801	17	to	to	PART
cblr-13005	801	18	engineer	engineer	VERB
cblr-13005	801	19	a	a	DET
cblr-13005	801	20	particular	particular	ADJ
cblr-13005	801	21	outcome	outcome	NOUN
cblr-13005	801	22	in	in	ADP
cblr-13005	801	23	the	the	DET
cblr-13005	801	24	economy	economy	NOUN
cblr-13005	801	25	,	,	PUNCT
cblr-13005	801	26	and	and	CCONJ
cblr-13005	801	27	we	we	PRON
cblr-13005	801	28	do	do	AUX
cblr-13005	801	29	n’t	not	PART
cblr-13005	801	30	know	know	VERB
cblr-13005	801	31	the	the	DET
cblr-13005	801	32	ultimate	ultimate	ADJ
cblr-13005	801	33	path	path	NOUN
cblr-13005	801	34	and	and	CCONJ
cblr-13005	801	35	timing	timing	NOUN
cblr-13005	801	36	of	of	ADP
cblr-13005	801	37	the	the	DET
cblr-13005	801	38	transition	transition	NOUN
cblr-13005	801	39	.	.	PUNCT
cblr-13005	801	40	.	.	PUNCT
cblr-13005	801	41	.	.	PUNCT
cblr-13005	802	1	.	.	PUNCT
cblr-13005	803	1	as	as	ADP
cblr-13005	803	2	minority	minority	NOUN
cblr-13005	803	3	shareholders	shareholder	NOUN
cblr-13005	803	4	,	,	PUNCT
cblr-13005	803	5	it	it	PRON
cblr-13005	803	6	’s	’	VERB
cblr-13005	803	7	not	not	PART
cblr-13005	803	8	our	our	PRON
cblr-13005	803	9	place	place	NOUN
cblr-13005	803	10	to	to	PART
cblr-13005	803	11	be	be	AUX
cblr-13005	803	12	telling	tell	VERB
cblr-13005	803	13	companies	company	NOUN
cblr-13005	803	14	what	what	PRON
cblr-13005	803	15	to	to	PART
cblr-13005	803	16	do	do	VERB
cblr-13005	803	17	.	.	PUNCT
cblr-13005	803	18	.	.	PUNCT
cblr-13005	804	1	.	.	PUNCT
cblr-13005	805	1	it	it	PRON
cblr-13005	805	2	is	be	AUX
cblr-13005	805	3	for	for	SCONJ
cblr-13005	805	4	governments	government	NOUN
cblr-13005	805	5	to	to	PART
cblr-13005	805	6	make	make	VERB
cblr-13005	805	7	policy	policy	NOUN
cblr-13005	805	8	and	and	CCONJ
cblr-13005	805	9	enact	enact	VERB
cblr-13005	805	10	legislation	legislation	NOUN
cblr-13005	805	11	,	,	PUNCT
cblr-13005	805	12	and	and	CCONJ
cblr-13005	805	13	not	not	PART
cblr-13005	805	14	for	for	ADP
cblr-13005	805	15	companies	company	NOUN
cblr-13005	805	16	,	,	PUNCT
cblr-13005	805	17	including	include	VERB
cblr-13005	805	18	asset	asset	NOUN
cblr-13005	805	19	managers	manager	NOUN
cblr-13005	805	20	,	,	PUNCT
cblr-13005	805	21	to	to	PART
cblr-13005	805	22	be	be	AUX
cblr-13005	805	23	the	the	DET
cblr-13005	805	24	environmental	environmental	ADJ
cblr-13005	805	25	police	police	NOUN
cblr-13005	805	26	.	.	PUNCT
cblr-13005	805	27	.	.	PUNCT
cblr-13005	805	28	.	.	PUNCT
cblr-13005	805	29	.	.	PUNCT
cblr-13005	806	1	transition	transition	NOUN
cblr-13005	806	2	toward	toward	ADP
cblr-13005	806	3	lower	low	ADJ
cblr-13005	806	4	carbon	carbon	NOUN
cblr-13005	806	5	emissions	emission	NOUN
cblr-13005	806	6	will	will	AUX
cblr-13005	806	7	reflect	reflect	VERB
cblr-13005	806	8	the	the	DET
cblr-13005	806	9	regulatory	regulatory	ADJ
cblr-13005	806	10	and	and	CCONJ
cblr-13005	806	11	legislative	legislative	ADJ
cblr-13005	806	12	choices	choice	NOUN
cblr-13005	806	13	governments	government	NOUN
cblr-13005	806	14	make	make	VERB
cblr-13005	806	15	to	to	PART
cblr-13005	806	16	balance	balance	VERB
cblr-13005	806	17	the	the	DET
cblr-13005	806	18	need	need	NOUN
cblr-13005	806	19	for	for	ADP
cblr-13005	806	20	secure	secure	ADJ
cblr-13005	806	21	,	,	PUNCT
cblr-13005	806	22	reliable	reliable	ADJ
cblr-13005	806	23	and	and	CCONJ
cblr-13005	806	24	affordable	affordable	ADJ
cblr-13005	806	25	energy	energy	NOUN
cblr-13005	806	26	with	with	ADP
cblr-13005	806	27	orderly	orderly	ADJ
cblr-13005	806	28	decarbonization	decarbonization	NOUN
cblr-13005	806	29	.	.	PUNCT
cblr-13005	806	30	”	"	PUNCT
cblr-13005	806	31	)	)	PUNCT
cblr-13005	806	32	.	.	PUNCT
cblr-13005	807	1	189	189	NUM
cblr-13005	807	2	see	see	NOUN
cblr-13005	807	3	,	,	PUNCT
cblr-13005	807	4	e.g.	e.g.	ADV
cblr-13005	807	5	,	,	PUNCT
cblr-13005	807	6	larry	larry	PROPN
cblr-13005	807	7	fink	fink	PROPN
cblr-13005	807	8	,	,	PUNCT
cblr-13005	807	9	larry	larry	PROPN
cblr-13005	807	10	fink	fink	PROPN
cblr-13005	807	11	’s	’s	PART
cblr-13005	807	12	2020	2020	NUM
cblr-13005	807	13	letter	letter	NOUN
cblr-13005	807	14	to	to	ADP
cblr-13005	807	15	ceos	ceos	PROPN
cblr-13005	807	16	:	:	PUNCT
cblr-13005	807	17	a	a	DET
cblr-13005	807	18	fundamental	fundamental	ADJ
cblr-13005	807	19	reshaping	reshaping	NOUN
cblr-13005	807	20	of	of	ADP
cblr-13005	807	21	finance	finance	NOUN
cblr-13005	807	22	,	,	PUNCT
cblr-13005	807	23	blackrock	blackrock	NOUN
cblr-13005	807	24	(	(	PUNCT
cblr-13005	807	25	2020	2020	NUM
cblr-13005	807	26	)	)	PUNCT
cblr-13005	807	27	,	,	PUNCT
cblr-13005	807	28	https://www.blackrock.com/americas-offshore/en/larry-fink-ceo-letter	https://www.blackrock.com/americas-offshore/en/larry-fink-ceo-letter	X
cblr-13005	808	1	[	[	X
cblr-13005	808	2	https://perma.cc/3vtd-2v69	https://perma.cc/3vtd-2v69	NOUN
cblr-13005	808	3	]	]	X
cblr-13005	808	4	.	.	PUNCT
cblr-13005	809	1	190	190	NUM
cblr-13005	809	2	it	it	PRON
cblr-13005	809	3	is	be	AUX
cblr-13005	809	4	possible	possible	ADJ
cblr-13005	809	5	,	,	PUNCT
cblr-13005	809	6	of	of	ADP
cblr-13005	809	7	course	course	NOUN
cblr-13005	809	8	,	,	PUNCT
cblr-13005	809	9	that	that	DET
cblr-13005	809	10	big	big	ADJ
cblr-13005	809	11	three	three	NUM
cblr-13005	809	12	support	support	NOUN
cblr-13005	809	13	for	for	ADP
cblr-13005	809	14	engine	engine	NOUN
cblr-13005	809	15	no	no	NOUN
cblr-13005	809	16	.	.	NOUN
cblr-13005	810	1	1	1	NUM
cblr-13005	810	2	’s	’s	NOUN
cblr-13005	810	3	proxy	proxy	NOUN
cblr-13005	810	4	campaign	campaign	NOUN
cblr-13005	810	5	was	be	AUX
cblr-13005	810	6	driven	drive	VERB
cblr-13005	810	7	not	not	PART
cblr-13005	810	8	by	by	ADP
cblr-13005	810	9	climate	climate	NOUN
cblr-13005	810	10	concerns	concern	NOUN
cblr-13005	810	11	but	but	CCONJ
cblr-13005	810	12	rather	rather	ADV
cblr-13005	810	13	by	by	ADP
cblr-13005	810	14	more	more	ADV
cblr-13005	810	15	traditional	traditional	ADJ
cblr-13005	810	16	concerns	concern	NOUN
cblr-13005	810	17	about	about	ADP
cblr-13005	810	18	firm	firm	ADJ
cblr-13005	810	19	performance	performance	NOUN
cblr-13005	810	20	.	.	PUNCT
cblr-13005	811	1	191	191	NUM
cblr-13005	811	2	see	see	VERB
cblr-13005	811	3	,	,	PUNCT
cblr-13005	811	4	e.g.	e.g.	ADV
cblr-13005	811	5	,	,	PUNCT
cblr-13005	811	6	angel	angel	NOUN
cblr-13005	811	7	au	au	PROPN
cblr-13005	811	8	-	-	PUNCT
cblr-13005	811	9	yeung	yeung	PROPN
cblr-13005	811	10	,	,	PUNCT
cblr-13005	811	11	blackrock	blackrock	PROPN
cblr-13005	811	12	takes	take	VERB
cblr-13005	811	13	heat	heat	NOUN
cblr-13005	811	14	from	from	ADP
cblr-13005	811	15	new	new	PROPN
cblr-13005	811	16	york	york	PROPN
cblr-13005	811	17	city	city	PROPN
cblr-13005	811	18	over	over	ADP
cblr-13005	811	19	climate	climate	NOUN
cblr-13005	811	20	stance	stance	NOUN
cblr-13005	811	21	,	,	PUNCT
cblr-13005	811	22	wall	wall	PROPN
cblr-13005	811	23	st	st	PROPN
cblr-13005	811	24	.	.	PROPN
cblr-13005	811	25	j.	j.	PROPN
cblr-13005	811	26	(	(	PUNCT
cblr-13005	811	27	sept	sept	PROPN
cblr-13005	811	28	.	.	PROPN
cblr-13005	811	29	22	22	NUM
cblr-13005	811	30	,	,	PUNCT
cblr-13005	811	31	2022	2022	NUM
cblr-13005	811	32	)	)	PUNCT
cblr-13005	811	33	,	,	PUNCT
cblr-13005	811	34	https://www.wsj.com/articles/blackrock-takes-heat-from-new-york-cityover-climate-stance-11663864059	https://www.wsj.com/articles/blackrock-takes-heat-from-new-york-cityover-climate-stance-11663864059	PROPN
cblr-13005	811	35	[	[	X
cblr-13005	811	36	on	on	ADP
cblr-13005	811	37	file	file	NOUN
cblr-13005	811	38	with	with	ADP
cblr-13005	811	39	the	the	DET
cblr-13005	811	40	columbia	columbia	PROPN
cblr-13005	811	41	business	business	PROPN
cblr-13005	811	42	law	law	PROPN
cblr-13005	811	43	review	review	PROPN
cblr-13005	811	44	]	]	X
cblr-13005	811	45	(	(	PUNCT
cblr-13005	811	46	quoting	quote	VERB
cblr-13005	811	47	the	the	DET
cblr-13005	811	48	new	new	PROPN
cblr-13005	811	49	york	york	PROPN
cblr-13005	811	50	city	city	PROPN
cblr-13005	811	51	comptroller	comptroller	NOUN
cblr-13005	811	52	as	as	ADP
cblr-13005	811	53	writing	write	VERB
cblr-13005	811	54	that	that	SCONJ
cblr-13005	811	55	“	"	PUNCT
cblr-13005	811	56	blackrock	blackrock	PROPN
cblr-13005	811	57	now	now	ADV
cblr-13005	811	58	abdicates	abdicate	VERB
cblr-13005	811	59	responsibility	responsibility	NOUN
cblr-13005	811	60	for	for	ADP
cblr-13005	811	61	driving	drive	VERB
cblr-13005	811	62	net	net	ADJ
cblr-13005	811	63	zero	zero	NUM
cblr-13005	811	64	alignment	alignment	NOUN
cblr-13005	811	65	on	on	ADP
cblr-13005	811	66	its	its	PRON
cblr-13005	811	67	own	own	ADJ
cblr-13005	811	68	portfolio	portfolio	NOUN
cblr-13005	811	69	by	by	ADP
cblr-13005	811	70	saying	say	VERB
cblr-13005	811	71	that	that	SCONJ
cblr-13005	811	72	it	it	PRON
cblr-13005	811	73	does	do	AUX
cblr-13005	811	74	not	not	PART
cblr-13005	811	75	ask	ask	VERB
cblr-13005	811	76	companies	company	NOUN
cblr-13005	811	77	to	to	PART
cblr-13005	811	78	set	set	VERB
cblr-13005	811	79	specific	specific	ADJ
cblr-13005	811	80	targets	target	NOUN
cblr-13005	811	81	”	"	PUNCT
cblr-13005	811	82	)	)	PUNCT
cblr-13005	811	83	.	.	PUNCT
cblr-13005	812	1	378	378	NUM
cblr-13005	812	2	columbia	columbia	PROPN
cblr-13005	812	3	business	business	NOUN
cblr-13005	812	4	law	law	PROPN
cblr-13005	812	5	review	review	NOUN
cblr-13005	812	6	[	[	X
cblr-13005	812	7	vol	vol	NOUN
cblr-13005	812	8	.	.	NOUN
cblr-13005	812	9	2024	2024	NUM
cblr-13005	812	10	stewardship	stewardship	NOUN
cblr-13005	812	11	teams	team	NOUN
cblr-13005	812	12	do	do	AUX
cblr-13005	812	13	not	not	PART
cblr-13005	812	14	possess	possess	VERB
cblr-13005	812	15	the	the	DET
cblr-13005	812	16	necessary	necessary	ADJ
cblr-13005	812	17	information	information	NOUN
cblr-13005	812	18	or	or	CCONJ
cblr-13005	812	19	expertise	expertise	NOUN
cblr-13005	812	20	to	to	PART
cblr-13005	812	21	determine	determine	VERB
cblr-13005	812	22	whether	whether	SCONJ
cblr-13005	812	23	they	they	PRON
cblr-13005	812	24	will	will	AUX
cblr-13005	812	25	have	have	VERB
cblr-13005	812	26	a	a	DET
cblr-13005	812	27	positive	positive	ADJ
cblr-13005	812	28	effect	effect	NOUN
cblr-13005	812	29	on	on	ADP
cblr-13005	812	30	risk	risk	NOUN
cblr-13005	812	31	-	-	PUNCT
cblr-13005	812	32	adjusted	adjust	VERB
cblr-13005	812	33	portfolio	portfolio	NOUN
cblr-13005	812	34	value	value	NOUN
cblr-13005	812	35	.	.	PUNCT
cblr-13005	813	1	this	this	DET
cblr-13005	813	2	realization	realization	NOUN
cblr-13005	813	3	may	may	AUX
cblr-13005	813	4	have	have	AUX
cblr-13005	813	5	been	be	AUX
cblr-13005	813	6	helped	help	VERB
cblr-13005	813	7	along	along	ADP
cblr-13005	813	8	by	by	ADP
cblr-13005	813	9	russia	russia	PROPN
cblr-13005	813	10	’s	’s	PART
cblr-13005	813	11	invasion	invasion	NOUN
cblr-13005	813	12	of	of	ADP
cblr-13005	813	13	the	the	DET
cblr-13005	813	14	ukraine	ukraine	NOUN
cblr-13005	813	15	,	,	PUNCT
cblr-13005	813	16	which	which	PRON
cblr-13005	813	17	increased	increase	VERB
cblr-13005	813	18	the	the	DET
cblr-13005	813	19	salience	salience	NOUN
cblr-13005	813	20	of	of	ADP
cblr-13005	813	21	dangers	danger	NOUN
cblr-13005	813	22	associated	associate	VERB
cblr-13005	813	23	with	with	ADP
cblr-13005	813	24	too	too	ADV
cblr-13005	813	25	quickly	quickly	ADV
cblr-13005	813	26	abandoning	abandon	VERB
cblr-13005	813	27	domestic	domestic	ADJ
cblr-13005	813	28	fossil	fossil	NOUN
cblr-13005	813	29	fuel	fuel	NOUN
cblr-13005	813	30	production,192	production,192	NOUN
cblr-13005	813	31	or	or	CCONJ
cblr-13005	813	32	by	by	ADP
cblr-13005	813	33	cogent	cogent	ADJ
cblr-13005	813	34	academic	academic	ADJ
cblr-13005	813	35	arguments	argument	NOUN
cblr-13005	813	36	as	as	ADP
cblr-13005	813	37	to	to	ADP
cblr-13005	813	38	the	the	DET
cblr-13005	813	39	uncertain	uncertain	ADJ
cblr-13005	813	40	likelihood	likelihood	NOUN
cblr-13005	813	41	that	that	SCONJ
cblr-13005	813	42	the	the	DET
cblr-13005	813	43	big	big	ADJ
cblr-13005	813	44	three	three	NUM
cblr-13005	813	45	’s	’s	PART
cblr-13005	813	46	efforts	effort	NOUN
cblr-13005	813	47	could	could	AUX
cblr-13005	813	48	actually	actually	ADV
cblr-13005	813	49	affect	affect	VERB
cblr-13005	813	50	the	the	DET
cblr-13005	813	51	trajectory	trajectory	NOUN
cblr-13005	813	52	of	of	ADP
cblr-13005	813	53	climate	climate	NOUN
cblr-13005	813	54	change.193	change.193	NOUN
cblr-13005	813	55	another	another	DET
cblr-13005	813	56	possibility	possibility	NOUN
cblr-13005	813	57	is	be	AUX
cblr-13005	813	58	that	that	SCONJ
cblr-13005	813	59	the	the	DET
cblr-13005	813	60	big	big	ADJ
cblr-13005	813	61	three	three	NUM
cblr-13005	813	62	’s	’s	NOUN
cblr-13005	813	63	private	private	ADJ
cblr-13005	813	64	cost	cost	NOUN
cblr-13005	813	65	-	-	PUNCT
cblr-13005	813	66	benefit	benefit	NOUN
cblr-13005	813	67	calculation	calculation	NOUN
cblr-13005	813	68	has	have	AUX
cblr-13005	813	69	shifted	shift	VERB
cblr-13005	813	70	in	in	ADP
cblr-13005	813	71	ways	way	NOUN
cblr-13005	813	72	that	that	PRON
cblr-13005	813	73	make	make	VERB
cblr-13005	813	74	such	such	ADJ
cblr-13005	813	75	interventions	intervention	NOUN
cblr-13005	813	76	no	no	ADV
cblr-13005	813	77	longer	long	ADV
cblr-13005	813	78	attractive	attractive	ADJ
cblr-13005	813	79	.	.	PUNCT
cblr-13005	814	1	whereas	whereas	SCONJ
cblr-13005	814	2	environmental	environmental	ADJ
cblr-13005	814	3	activism	activism	NOUN
cblr-13005	814	4	may	may	AUX
cblr-13005	814	5	have	have	AUX
cblr-13005	814	6	previously	previously	ADV
cblr-13005	814	7	paid	pay	VERB
cblr-13005	814	8	political	political	ADJ
cblr-13005	814	9	dividends	dividend	NOUN
cblr-13005	814	10	by	by	ADP
cblr-13005	814	11	muting	mute	VERB
cblr-13005	814	12	common	common	ADJ
cblr-13005	814	13	ownership	ownership	NOUN
cblr-13005	814	14	criticism	criticism	NOUN
cblr-13005	814	15	from	from	ADP
cblr-13005	814	16	the	the	DET
cblr-13005	814	17	left	left	NOUN
cblr-13005	814	18	,	,	PUNCT
cblr-13005	814	19	recent	recent	ADJ
cblr-13005	814	20	pushback	pushback	NOUN
cblr-13005	814	21	by	by	ADP
cblr-13005	814	22	republicans	republicans	PROPN
cblr-13005	814	23	in	in	ADP
cblr-13005	814	24	congress	congress	PROPN
cblr-13005	814	25	and	and	CCONJ
cblr-13005	814	26	by	by	ADP
cblr-13005	814	27	officials	official	NOUN
cblr-13005	814	28	in	in	ADP
cblr-13005	814	29	conservative	conservative	ADJ
cblr-13005	814	30	states	state	NOUN
cblr-13005	814	31	has	have	AUX
cblr-13005	814	32	now	now	ADV
cblr-13005	814	33	made	make	VERB
cblr-13005	814	34	it	it	PRON
cblr-13005	814	35	a	a	DET
cblr-13005	814	36	political	political	ADJ
cblr-13005	814	37	and	and	CCONJ
cblr-13005	814	38	financial	financial	ADJ
cblr-13005	814	39	liability	liability	NOUN
cblr-13005	814	40	for	for	ADP
cblr-13005	814	41	the	the	DET
cblr-13005	814	42	big	big	ADJ
cblr-13005	814	43	three.194	three.194	NOUN
cblr-13005	814	44	it	it	PRON
cblr-13005	814	45	is	be	AUX
cblr-13005	814	46	also	also	ADV
cblr-13005	814	47	the	the	DET
cblr-13005	814	48	case	case	NOUN
cblr-13005	814	49	that	that	SCONJ
cblr-13005	814	50	the	the	DET
cblr-13005	814	51	potential	potential	NOUN
cblr-13005	814	52	to	to	PART
cblr-13005	814	53	profit	profit	VERB
cblr-13005	814	54	from	from	ADP
cblr-13005	814	55	such	such	ADJ
cblr-13005	814	56	activism	activism	NOUN
cblr-13005	814	57	by	by	ADP
cblr-13005	814	58	attracting	attract	VERB
cblr-13005	814	59	millennial	millennial	ADJ
cblr-13005	814	60	192	192	NUM
cblr-13005	814	61	cf	cf	NOUN
cblr-13005	814	62	.	.	PUNCT
cblr-13005	814	63	alon	alon	PROPN
cblr-13005	814	64	brav	brav	PROPN
cblr-13005	814	65	&	&	CCONJ
cblr-13005	814	66	j.b	j.b	PROPN
cblr-13005	814	67	.	.	PUNCT
cblr-13005	814	68	heaton	heaton	PROPN
cblr-13005	814	69	,	,	PUNCT
cblr-13005	814	70	brown	brown	ADJ
cblr-13005	814	71	assets	asset	NOUN
cblr-13005	814	72	for	for	ADP
cblr-13005	814	73	the	the	DET
cblr-13005	814	74	prudent	prudent	ADJ
cblr-13005	814	75	investor	investor	NOUN
cblr-13005	814	76	,	,	PUNCT
cblr-13005	814	77	12	12	NUM
cblr-13005	814	78	harv	harv	NOUN
cblr-13005	814	79	.	.	PUNCT
cblr-13005	815	1	bus	bus	NOUN
cblr-13005	815	2	.	.	PUNCT
cblr-13005	816	1	l.	l.	PROPN
cblr-13005	816	2	rev	rev	PROPN
cblr-13005	816	3	.	.	PROPN
cblr-13005	817	1	online	online	PROPN
cblr-13005	817	2	,	,	PUNCT
cblr-13005	817	3	art	art	NOUN
cblr-13005	817	4	.	.	PUNCT
cblr-13005	818	1	2	2	NUM
cblr-13005	818	2	,	,	PUNCT
cblr-13005	818	3	2021	2021	NUM
cblr-13005	818	4	,	,	PUNCT
cblr-13005	818	5	at	at	ADP
cblr-13005	818	6	7	7	NUM
cblr-13005	818	7	(	(	PUNCT
cblr-13005	818	8	noting	note	VERB
cblr-13005	818	9	the	the	DET
cblr-13005	818	10	“	"	PUNCT
cblr-13005	818	11	national	national	ADJ
cblr-13005	818	12	security	security	NOUN
cblr-13005	818	13	and	and	CCONJ
cblr-13005	818	14	economic	economic	ADJ
cblr-13005	818	15	security	security	NOUN
cblr-13005	818	16	implications	implication	NOUN
cblr-13005	818	17	of	of	ADP
cblr-13005	818	18	ceding	cede	VERB
cblr-13005	818	19	fossil	fossil	NOUN
cblr-13005	818	20	fuel	fuel	NOUN
cblr-13005	818	21	production	production	NOUN
cblr-13005	818	22	to	to	ADP
cblr-13005	818	23	foreign	foreign	ADJ
cblr-13005	818	24	adversaries	adversary	NOUN
cblr-13005	818	25	”	"	PUNCT
cblr-13005	818	26	)	)	PUNCT
cblr-13005	818	27	.	.	PUNCT
cblr-13005	819	1	193	193	NUM
cblr-13005	819	2	see	see	VERB
cblr-13005	819	3	generally	generally	ADV
cblr-13005	819	4	tallarita	tallarita	PROPN
cblr-13005	819	5	,	,	PUNCT
cblr-13005	819	6	supra	supra	PROPN
cblr-13005	819	7	note	note	PROPN
cblr-13005	819	8	15	15	NUM
cblr-13005	819	9	.	.	SYM
cblr-13005	819	10	194	194	NUM
cblr-13005	819	11	see	see	VERB
cblr-13005	819	12	,	,	PUNCT
cblr-13005	819	13	e.g.	e.g.	ADV
cblr-13005	819	14	,	,	PUNCT
cblr-13005	819	15	fisch	fisch	PROPN
cblr-13005	819	16	&	&	CCONJ
cblr-13005	819	17	schwartz	schwartz	PROPN
cblr-13005	819	18	,	,	PUNCT
cblr-13005	819	19	supra	supra	PROPN
cblr-13005	819	20	note	note	PROPN
cblr-13005	819	21	19	19	NUM
cblr-13005	819	22	,	,	PUNCT
cblr-13005	819	23	at	at	ADP
cblr-13005	819	24	29	29	NUM
cblr-13005	819	25	(	(	PUNCT
cblr-13005	819	26	describing	describe	VERB
cblr-13005	819	27	the	the	DET
cblr-13005	819	28	recent	recent	ADJ
cblr-13005	819	29	“	"	PUNCT
cblr-13005	819	30	political	political	ADJ
cblr-13005	819	31	backlash	backlash	NOUN
cblr-13005	819	32	”	"	PUNCT
cblr-13005	819	33	and	and	CCONJ
cblr-13005	819	34	divestment	divestment	NOUN
cblr-13005	819	35	threats	threat	NOUN
cblr-13005	819	36	by	by	ADP
cblr-13005	819	37	red	red	ADJ
cblr-13005	819	38	states	state	NOUN
cblr-13005	819	39	and	and	CCONJ
cblr-13005	819	40	suggesting	suggest	VERB
cblr-13005	819	41	that	that	SCONJ
cblr-13005	819	42	this	this	DET
cblr-13005	819	43	pressure	pressure	NOUN
cblr-13005	819	44	may	may	AUX
cblr-13005	819	45	have	have	AUX
cblr-13005	819	46	caused	cause	VERB
cblr-13005	819	47	blackrock	blackrock	NOUN
cblr-13005	819	48	“	"	PUNCT
cblr-13005	819	49	to	to	PART
cblr-13005	819	50	reevaluate	reevaluate	VERB
cblr-13005	819	51	its	its	PRON
cblr-13005	819	52	esg	esg	NOUN
cblr-13005	819	53	stance	stance	NOUN
cblr-13005	819	54	”	"	PUNCT
cblr-13005	819	55	)	)	PUNCT
cblr-13005	819	56	;	;	PUNCT
cblr-13005	819	57	saijel	saijel	VERB
cblr-13005	819	58	kishan	kishan	PROPN
cblr-13005	819	59	&	&	CCONJ
cblr-13005	819	60	jeff	jeff	PROPN
cblr-13005	819	61	green	green	PROPN
cblr-13005	819	62	,	,	PUNCT
cblr-13005	819	63	onetime	onetime	ADJ
cblr-13005	819	64	trump	trump	NOUN
cblr-13005	819	65	appointee	appointee	NOUN
cblr-13005	819	66	helps	help	VERB
cblr-13005	819	67	spark	spark	VERB
cblr-13005	819	68	sweeping	sweeping	ADJ
cblr-13005	819	69	esg	esg	NOUN
cblr-13005	819	70	backlash	backlash	NOUN
cblr-13005	819	71	,	,	PUNCT
cblr-13005	819	72	bloomberg	bloomberg	PROPN
cblr-13005	819	73	(	(	PUNCT
cblr-13005	819	74	nov	nov	PROPN
cblr-13005	819	75	.	.	PROPN
cblr-13005	819	76	20	20	NUM
cblr-13005	819	77	,	,	PUNCT
cblr-13005	819	78	2022	2022	NUM
cblr-13005	819	79	)	)	PUNCT
cblr-13005	819	80	,	,	PUNCT
cblr-13005	819	81	https://www.bloomberg.com/news/articles/2022-11-20/onetime-trump-appointee-helps-spark-sweeping-esg-backlash	https://www.bloomberg.com/news/articles/2022-11-20/onetime-trump-appointee-helps-spark-sweeping-esg-backlash	PUNCT
cblr-13005	819	82	[	[	X
cblr-13005	819	83	on	on	ADP
cblr-13005	819	84	file	file	NOUN
cblr-13005	819	85	with	with	ADP
cblr-13005	819	86	the	the	DET
cblr-13005	819	87	columbia	columbia	PROPN
cblr-13005	819	88	business	business	PROPN
cblr-13005	819	89	law	law	PROPN
cblr-13005	819	90	review	review	PROPN
cblr-13005	819	91	]	]	X
cblr-13005	819	92	(	(	PUNCT
cblr-13005	819	93	describing	describe	VERB
cblr-13005	819	94	the	the	DET
cblr-13005	819	95	“	"	PUNCT
cblr-13005	819	96	esg	esg	NOUN
cblr-13005	819	97	backlash	backlash	NOUN
cblr-13005	819	98	”	"	PUNCT
cblr-13005	819	99	against	against	ADP
cblr-13005	819	100	blackrock	blackrock	NOUN
cblr-13005	819	101	and	and	CCONJ
cblr-13005	819	102	other	other	ADJ
cblr-13005	819	103	asset	asset	NOUN
cblr-13005	819	104	managers	manager	NOUN
cblr-13005	819	105	)	)	PUNCT
cblr-13005	819	106	.	.	PUNCT
cblr-13005	820	1	in	in	ADP
cblr-13005	820	2	addition	addition	NOUN
cblr-13005	820	3	to	to	ADP
cblr-13005	820	4	disclaiming	disclaim	VERB
cblr-13005	820	5	placing	place	VERB
cblr-13005	820	6	environmental	environmental	ADJ
cblr-13005	820	7	demands	demand	NOUN
cblr-13005	820	8	of	of	ADP
cblr-13005	820	9	portfolio	portfolio	NOUN
cblr-13005	820	10	firms	firm	NOUN
cblr-13005	820	11	,	,	PUNCT
cblr-13005	820	12	blackrock	blackrock	PROPN
cblr-13005	820	13	has	have	AUX
cblr-13005	820	14	reportedly	reportedly	ADV
cblr-13005	820	15	lessened	lessen	VERB
cblr-13005	820	16	its	its	PRON
cblr-13005	820	17	support	support	NOUN
cblr-13005	820	18	for	for	ADP
cblr-13005	820	19	environmental	environmental	ADJ
cblr-13005	820	20	and	and	CCONJ
cblr-13005	820	21	social	social	ADJ
cblr-13005	820	22	proposals	proposal	NOUN
cblr-13005	820	23	recently	recently	ADV
cblr-13005	820	24	.	.	PUNCT
cblr-13005	821	1	see	see	VERB
cblr-13005	821	2	brook	brook	NOUN
cblr-13005	821	3	masters	master	NOUN
cblr-13005	821	4	,	,	PUNCT
cblr-13005	821	5	blackrock	blackrock	NOUN
cblr-13005	821	6	pulls	pull	VERB
cblr-13005	821	7	back	back	ADV
cblr-13005	821	8	support	support	NOUN
cblr-13005	821	9	for	for	ADP
cblr-13005	821	10	climate	climate	NOUN
cblr-13005	821	11	and	and	CCONJ
cblr-13005	821	12	social	social	ADJ
cblr-13005	821	13	resolutions	resolution	NOUN
cblr-13005	821	14	,	,	PUNCT
cblr-13005	821	15	fin	fin	NOUN
cblr-13005	821	16	.	.	PUNCT
cblr-13005	822	1	times	times	PROPN
cblr-13005	822	2	(	(	PUNCT
cblr-13005	822	3	july	july	PROPN
cblr-13005	822	4	26	26	NUM
cblr-13005	822	5	,	,	PUNCT
cblr-13005	822	6	2022	2022	NUM
cblr-13005	822	7	)	)	PUNCT
cblr-13005	822	8	,	,	PUNCT
cblr-13005	822	9	https://www.ft.com/content/48084b34-888a-48ff-8ff3226f4e87af30	https://www.ft.com/content/48084b34-888a-48ff-8ff3226f4e87af30	NOUN
cblr-13005	823	1	[	[	X
cblr-13005	823	2	https://perma.cc/ray2-3jby	https://perma.cc/ray2-3jby	X
cblr-13005	823	3	]	]	X
cblr-13005	823	4	.	.	PUNCT
cblr-13005	824	1	as	as	ADP
cblr-13005	824	2	noted	note	VERB
cblr-13005	824	3	supra	supra	PROPN
cblr-13005	824	4	,	,	PUNCT
cblr-13005	824	5	vanguard	vanguard	NOUN
cblr-13005	824	6	also	also	ADV
cblr-13005	824	7	recently	recently	ADV
cblr-13005	824	8	quit	quit	VERB
cblr-13005	824	9	the	the	DET
cblr-13005	824	10	net	net	ADJ
cblr-13005	824	11	zero	zero	NUM
cblr-13005	824	12	asset	asset	NOUN
cblr-13005	824	13	managers	manager	NOUN
cblr-13005	824	14	initiative	initiative	NOUN
cblr-13005	824	15	.	.	PUNCT
cblr-13005	825	1	see	see	VERB
cblr-13005	825	2	supra	supra	PROPN
cblr-13005	825	3	note	note	PROPN
cblr-13005	825	4	97	97	NUM
cblr-13005	825	5	and	and	CCONJ
cblr-13005	825	6	accompanying	accompany	VERB
cblr-13005	825	7	text	text	NOUN
cblr-13005	825	8	;	;	PUNCT
cblr-13005	825	9	ross	ross	PROPN
cblr-13005	825	10	kerber	kerber	PROPN
cblr-13005	825	11	&	&	CCONJ
cblr-13005	825	12	noor	noor	PROPN
cblr-13005	825	13	zainab	zainab	PROPN
cblr-13005	825	14	hussain	hussain	PROPN
cblr-13005	825	15	,	,	PUNCT
cblr-13005	825	16	vanguard	vanguard	PROPN
cblr-13005	825	17	quits	quit	VERB
cblr-13005	825	18	net	net	ADJ
cblr-13005	825	19	zero	zero	NUM
cblr-13005	825	20	climate	climate	NOUN
cblr-13005	825	21	effort	effort	NOUN
cblr-13005	825	22	,	,	PUNCT
cblr-13005	825	23	citing	cite	VERB
cblr-13005	825	24	need	need	NOUN
cblr-13005	825	25	for	for	ADP
cblr-13005	825	26	independence	independence	NOUN
cblr-13005	825	27	,	,	PUNCT
cblr-13005	825	28	reuters	reuters	PROPN
cblr-13005	825	29	(	(	PUNCT
cblr-13005	825	30	dec	dec	PROPN
cblr-13005	825	31	.	.	PROPN
cblr-13005	825	32	7	7	NUM
cblr-13005	825	33	,	,	PUNCT
cblr-13005	825	34	2022	2022	NUM
cblr-13005	825	35	)	)	PUNCT
cblr-13005	825	36	,	,	PUNCT
cblr-13005	825	37	https://www.reuters.com/business/sustainable-business/vanguardquits-net-zero-climate-alliance-2022-12-07/	https://www.reuters.com/business/sustainable-business/vanguardquits-net-zero-climate-alliance-2022-12-07/	PROPN
cblr-13005	826	1	[	[	X
cblr-13005	826	2	on	on	ADP
cblr-13005	826	3	file	file	NOUN
cblr-13005	826	4	with	with	ADP
cblr-13005	826	5	the	the	DET
cblr-13005	826	6	columbia	columbia	PROPN
cblr-13005	826	7	business	business	PROPN
cblr-13005	826	8	law	law	PROPN
cblr-13005	826	9	review	review	NOUN
cblr-13005	826	10	]	]	PUNCT
cblr-13005	826	11	.	.	PUNCT
cblr-13005	827	1	no	no	INTJ
cblr-13005	827	2	.	.	NOUN
cblr-13005	828	1	1	1	NUM
cblr-13005	828	2	]	]	PUNCT
cblr-13005	828	3	a	a	DET
cblr-13005	828	4	hard	hard	ADJ
cblr-13005	828	5	look	look	NOUN
cblr-13005	828	6	at	at	ADP
cblr-13005	828	7	portfolio	portfolio	NOUN
cblr-13005	828	8	focused	focused	ADJ
cblr-13005	828	9	stewardship	stewardship	NOUN
cblr-13005	828	10	379	379	NUM
cblr-13005	828	11	investment	investment	NOUN
cblr-13005	828	12	has	have	AUX
cblr-13005	828	13	decreased	decrease	VERB
cblr-13005	828	14	,	,	PUNCT
cblr-13005	828	15	as	as	SCONJ
cblr-13005	828	16	the	the	DET
cblr-13005	828	17	popularity	popularity	NOUN
cblr-13005	828	18	of	of	ADP
cblr-13005	828	19	esg	esg	PROPN
cblr-13005	828	20	products	product	NOUN
cblr-13005	828	21	has	have	VERB
cblr-13005	828	22	waned.195	waned.195	NOUN
cblr-13005	828	23	whatever	whatever	PRON
cblr-13005	828	24	the	the	DET
cblr-13005	828	25	cause	cause	NOUN
cblr-13005	828	26	,	,	PUNCT
cblr-13005	828	27	financially	financially	ADV
cblr-13005	828	28	motivated	motivated	ADJ
cblr-13005	828	29	diversified	diversified	ADJ
cblr-13005	828	30	investors	investor	NOUN
cblr-13005	828	31	would	would	AUX
cblr-13005	828	32	likely	likely	ADV
cblr-13005	828	33	support	support	VERB
cblr-13005	828	34	the	the	DET
cblr-13005	828	35	big	big	ADJ
cblr-13005	828	36	three	three	NUM
cblr-13005	828	37	’s	’s	NOUN
cblr-13005	828	38	recent	recent	ADJ
cblr-13005	828	39	turn	turn	NOUN
cblr-13005	828	40	against	against	ADP
cblr-13005	828	41	prescriptive	prescriptive	ADJ
cblr-13005	828	42	climate	climate	NOUN
cblr-13005	828	43	interventions	intervention	NOUN
cblr-13005	828	44	.	.	PUNCT
cblr-13005	829	1	while	while	SCONJ
cblr-13005	829	2	such	such	ADJ
cblr-13005	829	3	investors	investor	NOUN
cblr-13005	829	4	would	would	AUX
cblr-13005	829	5	recognize	recognize	VERB
cblr-13005	829	6	that	that	SCONJ
cblr-13005	829	7	portfolio	portfolio	NOUN
cblr-13005	829	8	firms	firm	NOUN
cblr-13005	829	9	contribute	contribute	VERB
cblr-13005	829	10	to	to	ADP
cblr-13005	829	11	climate	climate	NOUN
cblr-13005	829	12	change	change	NOUN
cblr-13005	829	13	,	,	PUNCT
cblr-13005	829	14	and	and	CCONJ
cblr-13005	829	15	that	that	DET
cblr-13005	829	16	climate	climate	NOUN
cblr-13005	829	17	change	change	NOUN
cblr-13005	829	18	poses	pose	VERB
cblr-13005	829	19	risks	risk	NOUN
cblr-13005	829	20	to	to	ADP
cblr-13005	829	21	a	a	DET
cblr-13005	829	22	diversified	diversified	ADJ
cblr-13005	829	23	portfolio	portfolio	NOUN
cblr-13005	829	24	,	,	PUNCT
cblr-13005	829	25	the	the	DET
cblr-13005	829	26	impact	impact	NOUN
cblr-13005	829	27	particular	particular	ADJ
cblr-13005	829	28	climate	climate	NOUN
cblr-13005	829	29	interventions	intervention	NOUN
cblr-13005	829	30	would	would	AUX
cblr-13005	829	31	have	have	VERB
cblr-13005	829	32	on	on	ADP
cblr-13005	829	33	risk	risk	NOUN
cblr-13005	829	34	-	-	PUNCT
cblr-13005	829	35	adjusted	adjust	VERB
cblr-13005	829	36	portfolio	portfolio	NOUN
cblr-13005	829	37	value	value	NOUN
cblr-13005	829	38	is	be	AUX
cblr-13005	829	39	very	very	ADV
cblr-13005	829	40	difficult	difficult	ADJ
cblr-13005	829	41	to	to	PART
cblr-13005	829	42	determine	determine	VERB
cblr-13005	829	43	.	.	PUNCT
cblr-13005	830	1	as	as	SCONJ
cblr-13005	830	2	professor	professor	PROPN
cblr-13005	830	3	tallarita	tallarita	PROPN
cblr-13005	830	4	has	have	AUX
cblr-13005	830	5	explained	explain	VERB
cblr-13005	830	6	,	,	PUNCT
cblr-13005	830	7	such	such	ADJ
cblr-13005	830	8	interventions	intervention	NOUN
cblr-13005	830	9	could	could	AUX
cblr-13005	830	10	impose	impose	VERB
cblr-13005	830	11	costs	cost	NOUN
cblr-13005	830	12	on	on	ADP
cblr-13005	830	13	portfolio	portfolio	NOUN
cblr-13005	830	14	firms	firm	NOUN
cblr-13005	830	15	without	without	ADP
cblr-13005	830	16	actually	actually	ADV
cblr-13005	830	17	achieving	achieve	VERB
cblr-13005	830	18	any	any	DET
cblr-13005	830	19	reduction	reduction	NOUN
cblr-13005	830	20	in	in	ADP
cblr-13005	830	21	portfolio	portfolio	NOUN
cblr-13005	830	22	risk	risk	NOUN
cblr-13005	830	23	,	,	PUNCT
cblr-13005	830	24	given	give	VERB
cblr-13005	830	25	that	that	SCONJ
cblr-13005	830	26	some	some	PRON
cblr-13005	830	27	of	of	ADP
cblr-13005	830	28	the	the	DET
cblr-13005	830	29	largest	large	ADJ
cblr-13005	830	30	contributors	contributor	NOUN
cblr-13005	830	31	to	to	PART
cblr-13005	830	32	climate	climate	NOUN
cblr-13005	830	33	change	change	NOUN
cblr-13005	830	34	are	be	AUX
cblr-13005	830	35	firms	firm	NOUN
cblr-13005	830	36	outside	outside	ADP
cblr-13005	830	37	the	the	DET
cblr-13005	830	38	portfolio.196	portfolio.196	NOUN
cblr-13005	830	39	moreover	moreover	ADV
cblr-13005	830	40	,	,	PUNCT
cblr-13005	830	41	the	the	DET
cblr-13005	830	42	market	market	NOUN
cblr-13005	830	43	could	could	AUX
cblr-13005	830	44	react	react	VERB
cblr-13005	830	45	in	in	ADP
cblr-13005	830	46	ways	way	NOUN
cblr-13005	830	47	that	that	PRON
cblr-13005	830	48	mute	mute	VERB
cblr-13005	830	49	the	the	DET
cblr-13005	830	50	impact	impact	NOUN
cblr-13005	830	51	of	of	ADP
cblr-13005	830	52	the	the	DET
cblr-13005	830	53	intervention	intervention	NOUN
cblr-13005	830	54	—	—	PUNCT
cblr-13005	830	55	for	for	ADP
cblr-13005	830	56	example	example	NOUN
cblr-13005	830	57	,	,	PUNCT
cblr-13005	830	58	portfolio	portfolio	NOUN
cblr-13005	830	59	firms	firm	NOUN
cblr-13005	830	60	could	could	AUX
cblr-13005	830	61	go	go	VERB
cblr-13005	830	62	private	private	ADJ
cblr-13005	830	63	or	or	CCONJ
cblr-13005	830	64	sell	sell	VERB
cblr-13005	830	65	dirty	dirty	ADJ
cblr-13005	830	66	assets	asset	NOUN
cblr-13005	830	67	to	to	ADP
cblr-13005	830	68	firms	firm	NOUN
cblr-13005	830	69	outside	outside	ADP
cblr-13005	830	70	the	the	DET
cblr-13005	830	71	portfolio	portfolio	NOUN
cblr-13005	830	72	,	,	PUNCT
cblr-13005	830	73	or	or	CCONJ
cblr-13005	830	74	non	non	ADJ
cblr-13005	830	75	-	-	ADJ
cblr-13005	830	76	portfolio	portfolio	ADJ
cblr-13005	830	77	firms	firm	NOUN
cblr-13005	830	78	could	could	AUX
cblr-13005	830	79	gain	gain	VERB
cblr-13005	830	80	greater	great	ADJ
cblr-13005	830	81	market	market	NOUN
cblr-13005	830	82	share	share	NOUN
cblr-13005	830	83	,	,	PUNCT
cblr-13005	830	84	leading	lead	VERB
cblr-13005	830	85	to	to	ADP
cblr-13005	830	86	potentially	potentially	ADV
cblr-13005	830	87	worse	bad	ADJ
cblr-13005	830	88	climate	climate	NOUN
cblr-13005	830	89	outcomes	outcome	NOUN
cblr-13005	830	90	and	and	CCONJ
cblr-13005	830	91	greater	great	ADJ
cblr-13005	830	92	portfolio	portfolio	NOUN
cblr-13005	830	93	risk.197	risk.197	NOUN
cblr-13005	830	94	it	it	PRON
cblr-13005	830	95	is	be	AUX
cblr-13005	830	96	also	also	ADV
cblr-13005	830	97	hard	hard	ADJ
cblr-13005	830	98	to	to	PART
cblr-13005	830	99	anticipate	anticipate	VERB
cblr-13005	830	100	the	the	DET
cblr-13005	830	101	possible	possible	ADJ
cblr-13005	830	102	unintended	unintended	ADJ
cblr-13005	830	103	consequences	consequence	NOUN
cblr-13005	830	104	of	of	ADP
cblr-13005	830	105	such	such	ADJ
cblr-13005	830	106	interventions	intervention	NOUN
cblr-13005	830	107	on	on	ADP
cblr-13005	830	108	technological	technological	ADJ
cblr-13005	830	109	innovation	innovation	NOUN
cblr-13005	830	110	,	,	PUNCT
cblr-13005	830	111	domestic	domestic	ADJ
cblr-13005	830	112	energy	energy	NOUN
cblr-13005	830	113	security	security	NOUN
cblr-13005	830	114	and	and	CCONJ
cblr-13005	830	115	geopolitical	geopolitical	ADJ
cblr-13005	830	116	stability	stability	NOUN
cblr-13005	830	117	—	—	PUNCT
cblr-13005	830	118	consequences	consequence	NOUN
cblr-13005	830	119	that	that	PRON
cblr-13005	830	120	could	could	AUX
cblr-13005	830	121	negatively	negatively	ADV
cblr-13005	830	122	impact	impact	VERB
cblr-13005	830	123	risk	risk	NOUN
cblr-13005	830	124	-	-	PUNCT
cblr-13005	830	125	adjusted	adjust	VERB
cblr-13005	830	126	portfolio	portfolio	NOUN
cblr-13005	830	127	value	value	NOUN
cblr-13005	830	128	.	.	PUNCT
cblr-13005	831	1	in	in	ADP
cblr-13005	831	2	addition	addition	NOUN
cblr-13005	831	3	,	,	PUNCT
cblr-13005	831	4	such	such	ADJ
cblr-13005	831	5	interventions	intervention	NOUN
cblr-13005	831	6	could	could	AUX
cblr-13005	831	7	alter	alter	VERB
cblr-13005	831	8	political	political	ADJ
cblr-13005	831	9	dynamics	dynamic	NOUN
cblr-13005	831	10	in	in	ADP
cblr-13005	831	11	ways	way	NOUN
cblr-13005	831	12	that	that	PRON
cblr-13005	831	13	reduce	reduce	VERB
cblr-13005	831	14	the	the	DET
cblr-13005	831	15	likelihood	likelihood	NOUN
cblr-13005	831	16	of	of	ADP
cblr-13005	831	17	government	government	NOUN
cblr-13005	831	18	action	action	NOUN
cblr-13005	831	19	that	that	PRON
cblr-13005	831	20	would	would	AUX
cblr-13005	831	21	more	more	ADV
cblr-13005	831	22	effectively	effectively	ADV
cblr-13005	831	23	address	address	VERB
cblr-13005	831	24	climate	climate	NOUN
cblr-13005	831	25	change.198	change.198	PROPN
cblr-13005	831	26	given	give	VERB
cblr-13005	831	27	fund	fund	NOUN
cblr-13005	831	28	managers	manager	NOUN
cblr-13005	831	29	’	'	PUNCT
cblr-13005	831	30	incentives	incentive	NOUN
cblr-13005	831	31	to	to	PART
cblr-13005	831	32	keep	keep	VERB
cblr-13005	831	33	195	195	NUM
cblr-13005	831	34	lauren	lauren	NOUN
cblr-13005	831	35	foster	foster	NOUN
cblr-13005	831	36	,	,	PUNCT
cblr-13005	831	37	u.s	u.s	PROPN
cblr-13005	831	38	.	.	PROPN
cblr-13005	831	39	esg	esg	PROPN
cblr-13005	831	40	funds	fund	NOUN
cblr-13005	831	41	suffer	suffer	VERB
cblr-13005	831	42	worst	bad	ADJ
cblr-13005	831	43	quarterly	quarterly	ADJ
cblr-13005	831	44	outflows	outflow	NOUN
cblr-13005	831	45	in	in	ADP
cblr-13005	831	46	more	more	ADJ
cblr-13005	831	47	than	than	ADP
cblr-13005	831	48	5	5	NUM
cblr-13005	831	49	years	year	NOUN
cblr-13005	831	50	,	,	PUNCT
cblr-13005	831	51	barron	barron	PROPN
cblr-13005	831	52	’s	’s	PART
cblr-13005	831	53	(	(	PUNCT
cblr-13005	831	54	jan	jan	PROPN
cblr-13005	831	55	.	.	PROPN
cblr-13005	831	56	27	27	NUM
cblr-13005	831	57	,	,	PUNCT
cblr-13005	831	58	2022	2022	NUM
cblr-13005	831	59	)	)	PUNCT
cblr-13005	831	60	https://www.barrons.com/articles/us-esg-sustainable-funds-outflows-51674767507	https://www.barrons.com/articles/us-esg-sustainable-funds-outflows-51674767507	NOUN
cblr-13005	832	1	[	[	X
cblr-13005	832	2	on	on	ADP
cblr-13005	832	3	file	file	NOUN
cblr-13005	832	4	with	with	ADP
cblr-13005	832	5	the	the	DET
cblr-13005	832	6	columbia	columbia	PROPN
cblr-13005	832	7	business	business	PROPN
cblr-13005	832	8	law	law	PROPN
cblr-13005	832	9	review	review	NOUN
cblr-13005	832	10	]	]	PUNCT
cblr-13005	832	11	.	.	PUNCT
cblr-13005	833	1	196	196	NUM
cblr-13005	833	2	tallarita	tallarita	NOUN
cblr-13005	833	3	,	,	PUNCT
cblr-13005	833	4	supra	supra	PROPN
cblr-13005	833	5	note	note	PROPN
cblr-13005	833	6	15	15	NUM
cblr-13005	833	7	,	,	PUNCT
cblr-13005	833	8	at	at	ADP
cblr-13005	833	9	517	517	NUM
cblr-13005	833	10	-	-	SYM
cblr-13005	833	11	18	18	NUM
cblr-13005	833	12	.	.	NOUN
cblr-13005	833	13	197	197	NUM
cblr-13005	833	14	see	see	NOUN
cblr-13005	833	15	infra	infra	NOUN
cblr-13005	833	16	section	section	NOUN
cblr-13005	833	17	iii.d	iii.d	PROPN
cblr-13005	833	18	.	.	PROPN
cblr-13005	833	19	198	198	NUM
cblr-13005	833	20	see	see	NOUN
cblr-13005	833	21	,	,	PUNCT
cblr-13005	833	22	e.g.	e.g.	ADV
cblr-13005	833	23	,	,	PUNCT
cblr-13005	833	24	tariq	tariq	PROPN
cblr-13005	833	25	fancy	fancy	NOUN
cblr-13005	833	26	,	,	PUNCT
cblr-13005	833	27	blackrock	blackrock	PROPN
cblr-13005	833	28	hired	hire	VERB
cblr-13005	833	29	me	i	PRON
cblr-13005	833	30	to	to	PART
cblr-13005	833	31	make	make	VERB
cblr-13005	833	32	sustainable	sustainable	ADJ
cblr-13005	833	33	investing	investing	NOUN
cblr-13005	833	34	mainstream	mainstream	NOUN
cblr-13005	833	35	.	.	PUNCT
cblr-13005	834	1	now	now	ADV
cblr-13005	834	2	i	i	PRON
cblr-13005	834	3	realize	realize	VERB
cblr-13005	834	4	it	it	PRON
cblr-13005	834	5	’s	’	VERB
cblr-13005	834	6	a	a	DET
cblr-13005	834	7	deadly	deadly	ADJ
cblr-13005	834	8	distraction	distraction	NOUN
cblr-13005	834	9	from	from	ADP
cblr-13005	834	10	the	the	DET
cblr-13005	834	11	climate	climate	NOUN
cblr-13005	834	12	-	-	PUNCT
cblr-13005	834	13	change	change	NOUN
cblr-13005	834	14	threat	threat	NOUN
cblr-13005	834	15	,	,	PUNCT
cblr-13005	834	16	globe	globe	PROPN
cblr-13005	834	17	&	&	CCONJ
cblr-13005	834	18	mail	mail	PROPN
cblr-13005	834	19	(	(	PUNCT
cblr-13005	834	20	mar	mar	PROPN
cblr-13005	834	21	.	.	PROPN
cblr-13005	834	22	30	30	NUM
cblr-13005	834	23	,	,	PUNCT
cblr-13005	834	24	2021	2021	NUM
cblr-13005	834	25	)	)	PUNCT
cblr-13005	834	26	,	,	PUNCT
cblr-13005	834	27	https://www.theglobeandmail.com/business/commentary/article-sustainable-investing-is-adeadly-distraction-from-actually-averting	https://www.theglobeandmail.com/business/commentary/article-sustainable-investing-is-adeadly-distraction-from-actually-averte	VERB
cblr-13005	834	28	[	[	X
cblr-13005	834	29	https://perma.cc/g9br-d97h	https://perma.cc/g9br-d97h	X
cblr-13005	834	30	]	]	PUNCT
cblr-13005	834	31	(	(	PUNCT
cblr-13005	834	32	asserting	assert	VERB
cblr-13005	834	33	that	that	SCONJ
cblr-13005	834	34	government	government	NOUN
cblr-13005	834	35	action	action	NOUN
cblr-13005	834	36	required	require	VERB
cblr-13005	834	37	to	to	PART
cblr-13005	834	38	effectively	effectively	ADV
cblr-13005	834	39	address	address	VERB
cblr-13005	834	40	climate	climate	NOUN
cblr-13005	834	41	change	change	NOUN
cblr-13005	834	42	“	"	PUNCT
cblr-13005	834	43	is	be	AUX
cblr-13005	834	44	still	still	ADV
cblr-13005	834	45	being	be	AUX
cblr-13005	834	46	held	hold	VERB
cblr-13005	834	47	up	up	ADP
cblr-13005	834	48	by	by	ADP
cblr-13005	834	49	the	the	DET
cblr-13005	834	50	illusion	illusion	NOUN
cblr-13005	834	51	promoted	promote	VERB
cblr-13005	834	52	by	by	ADP
cblr-13005	834	53	many	many	ADJ
cblr-13005	834	54	global	global	ADJ
cblr-13005	834	55	business	business	NOUN
cblr-13005	834	56	leaders	leader	NOUN
cblr-13005	834	57	that	that	SCONJ
cblr-13005	834	58	the	the	DET
cblr-13005	834	59	free	free	ADJ
cblr-13005	834	60	market	market	NOUN
cblr-13005	834	61	will	will	AUX
cblr-13005	834	62	somehow	somehow	ADV
cblr-13005	834	63	correct	correct	VERB
cblr-13005	834	64	itself	itself	PRON
cblr-13005	834	65	and	and	CCONJ
cblr-13005	834	66	the	the	DET
cblr-13005	834	67	climate	climate	NOUN
cblr-13005	834	68	380	380	NUM
cblr-13005	834	69	columbia	columbia	PROPN
cblr-13005	834	70	business	business	NOUN
cblr-13005	834	71	law	law	PROPN
cblr-13005	834	72	review	review	NOUN
cblr-13005	835	1	[	[	X
cblr-13005	835	2	vol	vol	NOUN
cblr-13005	835	3	.	.	NOUN
cblr-13005	836	1	2024	2024	NUM
cblr-13005	837	1	costs	cost	NOUN
cblr-13005	837	2	low	low	ADJ
cblr-13005	837	3	and	and	CCONJ
cblr-13005	837	4	their	their	PRON
cblr-13005	837	5	lack	lack	NOUN
cblr-13005	837	6	of	of	ADP
cblr-13005	837	7	both	both	DET
cblr-13005	837	8	expertise	expertise	NOUN
cblr-13005	837	9	and	and	CCONJ
cblr-13005	837	10	accountability	accountability	NOUN
cblr-13005	837	11	,	,	PUNCT
cblr-13005	837	12	financially	financially	ADV
cblr-13005	837	13	motivated	motivated	ADJ
cblr-13005	837	14	diversified	diversified	ADJ
cblr-13005	837	15	investors	investor	NOUN
cblr-13005	837	16	are	be	AUX
cblr-13005	837	17	unlikely	unlikely	ADJ
cblr-13005	837	18	to	to	PART
cblr-13005	837	19	trust	trust	VERB
cblr-13005	837	20	them	they	PRON
cblr-13005	837	21	with	with	ADP
cblr-13005	837	22	such	such	DET
cblr-13005	837	23	a	a	DET
cblr-13005	837	24	difficult	difficult	ADJ
cblr-13005	837	25	calculus	calculus	NOUN
cblr-13005	837	26	.	.	PUNCT
cblr-13005	838	1	similar	similar	ADJ
cblr-13005	838	2	points	point	NOUN
cblr-13005	838	3	could	could	AUX
cblr-13005	838	4	be	be	AUX
cblr-13005	838	5	made	make	VERB
cblr-13005	838	6	about	about	ADP
cblr-13005	838	7	most	most	ADJ
cblr-13005	838	8	command	command	NOUN
cblr-13005	838	9	-	-	PUNCT
cblr-13005	838	10	andcontrol	andcontrol	NOUN
cblr-13005	838	11	style	style	NOUN
cblr-13005	838	12	interventions	intervention	NOUN
cblr-13005	838	13	.	.	PUNCT
cblr-13005	839	1	importantly	importantly	ADV
cblr-13005	839	2	,	,	PUNCT
cblr-13005	839	3	when	when	SCONJ
cblr-13005	839	4	the	the	DET
cblr-13005	839	5	expected	expect	VERB
cblr-13005	839	6	impact	impact	NOUN
cblr-13005	839	7	of	of	ADP
cblr-13005	839	8	a	a	DET
cblr-13005	839	9	command	command	NOUN
cblr-13005	839	10	-	-	PUNCT
cblr-13005	839	11	and	and	CCONJ
cblr-13005	839	12	-	-	PUNCT
cblr-13005	839	13	control	control	NOUN
cblr-13005	839	14	style	style	NOUN
cblr-13005	839	15	intervention	intervention	NOUN
cblr-13005	839	16	on	on	ADP
cblr-13005	839	17	portfolio	portfolio	NOUN
cblr-13005	839	18	value	value	NOUN
cblr-13005	839	19	is	be	AUX
cblr-13005	839	20	easy	easy	ADJ
cblr-13005	839	21	to	to	PART
cblr-13005	839	22	determine	determine	VERB
cblr-13005	839	23	,	,	PUNCT
cblr-13005	839	24	its	its	PRON
cblr-13005	839	25	adoption	adoption	NOUN
cblr-13005	839	26	via	via	ADP
cblr-13005	839	27	government	government	NOUN
cblr-13005	839	28	channels	channel	NOUN
cblr-13005	839	29	should	should	AUX
cblr-13005	839	30	be	be	AUX
cblr-13005	839	31	both	both	CCONJ
cblr-13005	839	32	feasible	feasible	ADJ
cblr-13005	839	33	and	and	CCONJ
cblr-13005	839	34	,	,	PUNCT
cblr-13005	839	35	for	for	ADP
cblr-13005	839	36	reasons	reason	NOUN
cblr-13005	839	37	discussed	discuss	VERB
cblr-13005	839	38	in	in	ADP
cblr-13005	839	39	the	the	DET
cblr-13005	839	40	next	next	ADJ
cblr-13005	839	41	section	section	NOUN
cblr-13005	839	42	,	,	PUNCT
cblr-13005	839	43	preferable	preferable	ADJ
cblr-13005	839	44	.	.	PUNCT
cblr-13005	840	1	thus	thus	ADV
cblr-13005	840	2	,	,	PUNCT
cblr-13005	840	3	financially	financially	ADV
cblr-13005	840	4	motivated	motivated	ADJ
cblr-13005	840	5	diversified	diversified	ADJ
cblr-13005	840	6	investors	investor	NOUN
cblr-13005	840	7	—	—	PUNCT
cblr-13005	840	8	whose	whose	DET
cblr-13005	840	9	rational	rational	ADJ
cblr-13005	840	10	apathy	apathy	NOUN
cblr-13005	840	11	precludes	preclude	VERB
cblr-13005	840	12	case	case	NOUN
cblr-13005	840	13	-	-	PUNCT
cblr-13005	840	14	bycase	bycase	PRON
cblr-13005	840	15	monitoring	monitoring	NOUN
cblr-13005	840	16	of	of	ADP
cblr-13005	840	17	stewardship	stewardship	NOUN
cblr-13005	840	18	interventions	intervention	NOUN
cblr-13005	840	19	—	—	PUNCT
cblr-13005	840	20	would	would	AUX
cblr-13005	840	21	likely	likely	ADV
cblr-13005	840	22	categorically	categorically	ADV
cblr-13005	840	23	prefer	prefer	VERB
cblr-13005	840	24	index	index	NOUN
cblr-13005	840	25	fund	fund	NOUN
cblr-13005	840	26	managers	manager	NOUN
cblr-13005	840	27	to	to	PART
cblr-13005	840	28	avoid	avoid	VERB
cblr-13005	840	29	commandand	commandand	NOUN
cblr-13005	840	30	-	-	PUNCT
cblr-13005	840	31	control	control	NOUN
cblr-13005	840	32	style	style	NOUN
cblr-13005	840	33	portfolio	portfolio	NOUN
cblr-13005	840	34	-	-	PUNCT
cblr-13005	840	35	focused	focus	VERB
cblr-13005	840	36	stewardship	stewardship	NOUN
cblr-13005	840	37	interventions	intervention	NOUN
cblr-13005	840	38	.	.	PUNCT
cblr-13005	841	1	notably	notably	ADV
cblr-13005	841	2	,	,	PUNCT
cblr-13005	841	3	blackrock	blackrock	PROPN
cblr-13005	841	4	appears	appear	VERB
cblr-13005	841	5	to	to	PART
cblr-13005	841	6	share	share	VERB
cblr-13005	841	7	this	this	DET
cblr-13005	841	8	view	view	NOUN
cblr-13005	841	9	.	.	PUNCT
cblr-13005	842	1	larry	larry	PROPN
cblr-13005	842	2	fink	fink	PROPN
cblr-13005	842	3	’s	’s	PART
cblr-13005	842	4	recent	recent	ADJ
cblr-13005	842	5	statement	statement	NOUN
cblr-13005	842	6	that	that	SCONJ
cblr-13005	842	7	it	it	PRON
cblr-13005	842	8	is	be	AUX
cblr-13005	842	9	not	not	PART
cblr-13005	842	10	the	the	DET
cblr-13005	842	11	role	role	NOUN
cblr-13005	842	12	of	of	ADP
cblr-13005	842	13	an	an	DET
cblr-13005	842	14	asset	asset	NOUN
cblr-13005	842	15	manager	manager	NOUN
cblr-13005	842	16	“	"	PUNCT
cblr-13005	842	17	to	to	PART
cblr-13005	842	18	engineer	engineer	VERB
cblr-13005	842	19	a	a	DET
cblr-13005	842	20	particular	particular	ADJ
cblr-13005	842	21	outcome	outcome	NOUN
cblr-13005	842	22	in	in	ADP
cblr-13005	842	23	the	the	DET
cblr-13005	842	24	economy	economy	NOUN
cblr-13005	842	25	”	"	PUNCT
cblr-13005	842	26	or	or	CCONJ
cblr-13005	842	27	to	to	PART
cblr-13005	842	28	“	"	PUNCT
cblr-13005	842	29	tell	tell	VERB
cblr-13005	842	30	[	[	X
cblr-13005	842	31	]	]	X
cblr-13005	842	32	companies	company	NOUN
cblr-13005	842	33	what	what	PRON
cblr-13005	842	34	to	to	PART
cblr-13005	842	35	do	do	VERB
cblr-13005	842	36	”	"	PUNCT
cblr-13005	842	37	has	have	VERB
cblr-13005	842	38	implications	implication	NOUN
cblr-13005	842	39	beyond	beyond	ADP
cblr-13005	842	40	climate	climate	NOUN
cblr-13005	842	41	—	—	PUNCT
cblr-13005	842	42	it	it	PRON
cblr-13005	842	43	expresses	express	VERB
cblr-13005	842	44	disapproval	disapproval	NOUN
cblr-13005	842	45	of	of	ADP
cblr-13005	842	46	command	command	NOUN
cblr-13005	842	47	-	-	PUNCT
cblr-13005	842	48	and	and	CCONJ
cblr-13005	842	49	-	-	PUNCT
cblr-13005	842	50	control	control	NOUN
cblr-13005	842	51	style	style	NOUN
cblr-13005	842	52	stewardship	stewardship	NOUN
cblr-13005	842	53	interventions	intervention	NOUN
cblr-13005	842	54	on	on	ADP
cblr-13005	842	55	any	any	DET
cblr-13005	842	56	topic.199	topic.199	NOUN
cblr-13005	842	57	crisis	crisis	NOUN
cblr-13005	842	58	without	without	ADP
cblr-13005	842	59	government	government	NOUN
cblr-13005	842	60	action	action	NOUN
cblr-13005	842	61	”	"	PUNCT
cblr-13005	842	62	)	)	PUNCT
cblr-13005	842	63	;	;	PUNCT
cblr-13005	842	64	tallarita	tallarita	PROPN
cblr-13005	842	65	,	,	PUNCT
cblr-13005	842	66	supra	supra	PROPN
cblr-13005	842	67	note	note	PROPN
cblr-13005	842	68	15	15	NUM
cblr-13005	842	69	,	,	PUNCT
cblr-13005	842	70	at	at	ADP
cblr-13005	842	71	567	567	NUM
cblr-13005	842	72	(	(	PUNCT
cblr-13005	842	73	warning	warn	VERB
cblr-13005	842	74	that	that	SCONJ
cblr-13005	842	75	“	"	PUNCT
cblr-13005	842	76	portfolio	portfolio	NOUN
cblr-13005	842	77	primacy	primacy	NOUN
cblr-13005	842	78	’s	’s	PART
cblr-13005	842	79	flawed	flawed	ADJ
cblr-13005	842	80	promise	promise	NOUN
cblr-13005	842	81	of	of	ADP
cblr-13005	842	82	an	an	DET
cblr-13005	842	83	internalization	internalization	NOUN
cblr-13005	842	84	mechanism	mechanism	NOUN
cblr-13005	842	85	might	might	AUX
cblr-13005	842	86	become	become	VERB
cblr-13005	842	87	a	a	DET
cblr-13005	842	88	political	political	ADJ
cblr-13005	842	89	argument	argument	NOUN
cblr-13005	842	90	to	to	PART
cblr-13005	842	91	justify	justify	VERB
cblr-13005	842	92	weaker	weak	ADJ
cblr-13005	842	93	support	support	NOUN
cblr-13005	842	94	for	for	ADP
cblr-13005	842	95	painful	painful	ADJ
cblr-13005	842	96	but	but	CCONJ
cblr-13005	842	97	necessary	necessary	ADJ
cblr-13005	842	98	regulation	regulation	NOUN
cblr-13005	842	99	”	"	PUNCT
cblr-13005	842	100	to	to	PART
cblr-13005	842	101	address	address	VERB
cblr-13005	842	102	climate	climate	NOUN
cblr-13005	842	103	change	change	NOUN
cblr-13005	842	104	)	)	PUNCT
cblr-13005	842	105	;	;	PUNCT
cblr-13005	843	1	cf	cf	X
cblr-13005	843	2	.	.	PUNCT
cblr-13005	844	1	kahan	kahan	PROPN
cblr-13005	844	2	&	&	CCONJ
cblr-13005	844	3	rock	rock	PROPN
cblr-13005	844	4	,	,	PUNCT
cblr-13005	844	5	supra	supra	PROPN
cblr-13005	844	6	note	note	PROPN
cblr-13005	844	7	19	19	NUM
cblr-13005	844	8	,	,	PUNCT
cblr-13005	844	9	at	at	ADP
cblr-13005	844	10	539	539	NUM
cblr-13005	844	11	(	(	PUNCT
cblr-13005	844	12	suggesting	suggest	VERB
cblr-13005	844	13	that	that	SCONJ
cblr-13005	844	14	imposing	impose	VERB
cblr-13005	844	15	regulatory	regulatory	ADJ
cblr-13005	844	16	costs	cost	NOUN
cblr-13005	844	17	on	on	ADP
cblr-13005	844	18	portfolio	portfolio	NOUN
cblr-13005	844	19	firms	firm	NOUN
cblr-13005	844	20	through	through	ADP
cblr-13005	844	21	stewardship	stewardship	NOUN
cblr-13005	844	22	might	might	AUX
cblr-13005	844	23	serve	serve	VERB
cblr-13005	844	24	as	as	ADP
cblr-13005	844	25	a	a	DET
cblr-13005	844	26	catalyst	catalyst	NOUN
cblr-13005	844	27	for	for	ADP
cblr-13005	844	28	political	political	ADJ
cblr-13005	844	29	change	change	NOUN
cblr-13005	844	30	)	)	PUNCT
cblr-13005	844	31	;	;	PUNCT
cblr-13005	844	32	vandenbergh	vandenbergh	NOUN
cblr-13005	844	33	,	,	PUNCT
cblr-13005	844	34	supra	supra	PROPN
cblr-13005	844	35	note	note	NOUN
cblr-13005	844	36	167	167	NUM
cblr-13005	844	37	,	,	PUNCT
cblr-13005	844	38	at	at	ADP
cblr-13005	844	39	186–87	186–87	PROPN
cblr-13005	844	40	(	(	PUNCT
cblr-13005	844	41	warning	warn	VERB
cblr-13005	844	42	against	against	ADP
cblr-13005	844	43	assuming	assume	VERB
cblr-13005	844	44	that	that	SCONJ
cblr-13005	844	45	private	private	ADJ
cblr-13005	844	46	governance	governance	NOUN
cblr-13005	844	47	efforts	effort	NOUN
cblr-13005	844	48	will	will	AUX
cblr-13005	844	49	detract	detract	VERB
cblr-13005	844	50	from	from	ADP
cblr-13005	844	51	,	,	PUNCT
cblr-13005	844	52	rather	rather	ADV
cblr-13005	844	53	than	than	ADP
cblr-13005	844	54	promote	promote	VERB
cblr-13005	844	55	,	,	PUNCT
cblr-13005	844	56	the	the	DET
cblr-13005	844	57	likelihood	likelihood	NOUN
cblr-13005	844	58	of	of	ADP
cblr-13005	844	59	additional	additional	ADJ
cblr-13005	844	60	regulation	regulation	NOUN
cblr-13005	844	61	)	)	PUNCT
cblr-13005	844	62	;	;	PUNCT
cblr-13005	844	63	aneil	aneil	NOUN
cblr-13005	844	64	kovvali	kovvali	PROPN
cblr-13005	844	65	,	,	PUNCT
cblr-13005	844	66	stark	stark	ADJ
cblr-13005	844	67	choices	choice	NOUN
cblr-13005	844	68	for	for	ADP
cblr-13005	844	69	corporate	corporate	ADJ
cblr-13005	844	70	reform	reform	NOUN
cblr-13005	844	71	,	,	PUNCT
cblr-13005	844	72	123	123	NUM
cblr-13005	844	73	colum	colum	NOUN
cblr-13005	844	74	.	.	PUNCT
cblr-13005	845	1	l.	l.	PROPN
cblr-13005	845	2	rev	rev	PROPN
cblr-13005	845	3	.	.	PROPN
cblr-13005	845	4	693	693	NUM
cblr-13005	845	5	(	(	PUNCT
cblr-13005	845	6	2023	2023	NUM
cblr-13005	845	7	)	)	PUNCT
cblr-13005	845	8	(	(	PUNCT
cblr-13005	845	9	presenting	present	VERB
cblr-13005	845	10	theoretical	theoretical	ADJ
cblr-13005	845	11	arguments	argument	NOUN
cblr-13005	845	12	in	in	ADP
cblr-13005	845	13	opposition	opposition	NOUN
cblr-13005	845	14	to	to	ADP
cblr-13005	845	15	the	the	DET
cblr-13005	845	16	claim	claim	NOUN
cblr-13005	845	17	that	that	SCONJ
cblr-13005	845	18	corporate	corporate	ADJ
cblr-13005	845	19	governance	governance	NOUN
cblr-13005	845	20	measure	measure	NOUN
cblr-13005	845	21	to	to	PART
cblr-13005	845	22	promote	promote	VERB
cblr-13005	845	23	stakeholder	stakeholder	NOUN
cblr-13005	845	24	interests	interest	NOUN
cblr-13005	845	25	will	will	AUX
cblr-13005	845	26	impede	impede	VERB
cblr-13005	845	27	stakeholder	stakeholder	NOUN
cblr-13005	845	28	-	-	PUNCT
cblr-13005	845	29	oriented	orient	VERB
cblr-13005	845	30	governmental	governmental	ADJ
cblr-13005	845	31	reforms	reform	NOUN
cblr-13005	845	32	)	)	PUNCT
cblr-13005	845	33	.	.	PUNCT
cblr-13005	846	1	there	there	PRON
cblr-13005	846	2	is	be	VERB
cblr-13005	846	3	a	a	DET
cblr-13005	846	4	growing	grow	VERB
cblr-13005	846	5	empirical	empirical	ADJ
cblr-13005	846	6	literature	literature	NOUN
cblr-13005	846	7	testing	test	VERB
cblr-13005	846	8	this	this	DET
cblr-13005	846	9	contention	contention	NOUN
cblr-13005	846	10	.	.	PUNCT
cblr-13005	847	1	see	see	VERB
cblr-13005	847	2	kovvali	kovvali	NOUN
cblr-13005	847	3	,	,	PUNCT
cblr-13005	847	4	supra	supra	NOUN
cblr-13005	847	5	,	,	PUNCT
cblr-13005	847	6	at	at	ADP
cblr-13005	847	7	734	734	NUM
cblr-13005	847	8	n.180	n.180	NOUN
cblr-13005	847	9	(	(	PUNCT
cblr-13005	847	10	collecting	collect	VERB
cblr-13005	847	11	studies	study	NOUN
cblr-13005	847	12	)	)	PUNCT
cblr-13005	847	13	;	;	PUNCT
cblr-13005	847	14	hajin	hajin	PROPN
cblr-13005	847	15	kim	kim	PROPN
cblr-13005	847	16	,	,	PUNCT
cblr-13005	847	17	joshua	joshua	PROPN
cblr-13005	847	18	macey	macey	PROPN
cblr-13005	847	19	&	&	CCONJ
cblr-13005	847	20	kristen	kristen	PROPN
cblr-13005	847	21	underhill	underhill	PROPN
cblr-13005	847	22	,	,	PUNCT
cblr-13005	847	23	does	do	AUX
cblr-13005	847	24	esg	esg	PROPN
cblr-13005	847	25	crowd	crowd	VERB
cblr-13005	847	26	out	out	ADP
cblr-13005	847	27	support	support	NOUN
cblr-13005	847	28	for	for	ADP
cblr-13005	847	29	government	government	NOUN
cblr-13005	847	30	regulation	regulation	NOUN
cblr-13005	847	31	?	?	PUNCT
cblr-13005	848	1	(	(	PUNCT
cblr-13005	848	2	univ	univ	PROPN
cblr-13005	848	3	.	.	PROPN
cblr-13005	848	4	of	of	ADP
cblr-13005	848	5	chi	chi	PROPN
cblr-13005	848	6	.	.	PUNCT
cblr-13005	849	1	coase	coase	PROPN
cblr-13005	849	2	-	-	PUNCT
cblr-13005	849	3	sandor	sandor	PROPN
cblr-13005	849	4	inst	inst	PROPN
cblr-13005	849	5	.	.	PROPN
cblr-13005	850	1	for	for	ADP
cblr-13005	850	2	law	law	PROPN
cblr-13005	850	3	&	&	CCONJ
cblr-13005	850	4	econ	econ	PROPN
cblr-13005	850	5	.	.	PUNCT
cblr-13005	851	1	rsch	rsch	PROPN
cblr-13005	851	2	.	.	PUNCT
cblr-13005	852	1	paper	paper	NOUN
cblr-13005	852	2	no	no	INTJ
cblr-13005	852	3	.	.	PROPN
cblr-13005	852	4	983	983	NUM
cblr-13005	852	5	,	,	PUNCT
cblr-13005	852	6	2023	2023	NUM
cblr-13005	852	7	)	)	PUNCT
cblr-13005	852	8	,	,	PUNCT
cblr-13005	853	1	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4521781	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4521781	PROPN
cblr-13005	854	1	[	[	X
cblr-13005	854	2	https://perma.cc/j64w-nld4	https://perma.cc/j64w-nld4	NOUN
cblr-13005	854	3	]	]	X
cblr-13005	854	4	.	.	PUNCT
cblr-13005	855	1	199	199	NUM
cblr-13005	855	2	see	see	VERB
cblr-13005	855	3	supra	supra	PROPN
cblr-13005	855	4	note	note	PROPN
cblr-13005	855	5	188	188	NUM
cblr-13005	855	6	.	.	PUNCT
cblr-13005	856	1	no	no	INTJ
cblr-13005	856	2	.	.	NOUN
cblr-13005	857	1	1	1	NUM
cblr-13005	857	2	]	]	PUNCT
cblr-13005	857	3	a	a	DET
cblr-13005	857	4	hard	hard	ADJ
cblr-13005	857	5	look	look	NOUN
cblr-13005	857	6	at	at	ADP
cblr-13005	857	7	portfolio	portfolio	NOUN
cblr-13005	857	8	focused	focused	ADJ
cblr-13005	857	9	stewardship	stewardship	NOUN
cblr-13005	857	10	381	381	NUM
cblr-13005	857	11	d.	d.	PROPN
cblr-13005	857	12	disclosure	disclosure	PROPN
cblr-13005	857	13	initiatives	initiative	NOUN
cblr-13005	857	14	what	what	PRON
cblr-13005	857	15	about	about	ADP
cblr-13005	857	16	disclosure	disclosure	NOUN
cblr-13005	857	17	regulation	regulation	NOUN
cblr-13005	857	18	?	?	PUNCT
cblr-13005	858	1	index	index	NOUN
cblr-13005	858	2	fund	fund	NOUN
cblr-13005	858	3	managers	manager	NOUN
cblr-13005	858	4	have	have	AUX
cblr-13005	858	5	been	be	AUX
cblr-13005	858	6	active	active	ADJ
cblr-13005	858	7	in	in	ADP
cblr-13005	858	8	pursuing	pursue	VERB
cblr-13005	858	9	this	this	DET
cblr-13005	858	10	sort	sort	NOUN
cblr-13005	858	11	of	of	ADP
cblr-13005	858	12	intervention	intervention	NOUN
cblr-13005	858	13	in	in	ADP
cblr-13005	858	14	recent	recent	ADJ
cblr-13005	858	15	years	year	NOUN
cblr-13005	858	16	on	on	ADP
cblr-13005	858	17	a	a	DET
cblr-13005	858	18	range	range	NOUN
cblr-13005	858	19	of	of	ADP
cblr-13005	858	20	topics	topic	NOUN
cblr-13005	858	21	.	.	PUNCT
cblr-13005	859	1	for	for	ADP
cblr-13005	859	2	example	example	NOUN
cblr-13005	859	3	,	,	PUNCT
cblr-13005	859	4	blackrock	blackrock	NOUN
cblr-13005	859	5	,	,	PUNCT
cblr-13005	859	6	state	state	NOUN
cblr-13005	859	7	street	street	NOUN
cblr-13005	859	8	and	and	CCONJ
cblr-13005	859	9	vanguard	vanguard	NOUN
cblr-13005	859	10	have	have	AUX
cblr-13005	859	11	all	all	PRON
cblr-13005	859	12	demanded	demand	VERB
cblr-13005	859	13	that	that	SCONJ
cblr-13005	859	14	portfolio	portfolio	NOUN
cblr-13005	859	15	firms	firm	NOUN
cblr-13005	859	16	publish	publish	VERB
cblr-13005	859	17	disclosures	disclosure	NOUN
cblr-13005	859	18	in	in	ADP
cblr-13005	859	19	line	line	NOUN
cblr-13005	859	20	with	with	ADP
cblr-13005	859	21	both	both	CCONJ
cblr-13005	859	22	the	the	DET
cblr-13005	859	23	industry	industry	NOUN
cblr-13005	859	24	-	-	PUNCT
cblr-13005	859	25	specific	specific	ADJ
cblr-13005	859	26	guidelines	guideline	NOUN
cblr-13005	859	27	promulgated	promulgate	VERB
cblr-13005	859	28	by	by	ADP
cblr-13005	859	29	the	the	DET
cblr-13005	859	30	sustainability	sustainability	NOUN
cblr-13005	859	31	accounting	accounting	NOUN
cblr-13005	859	32	standards	standard	NOUN
cblr-13005	859	33	board	board	NOUN
cblr-13005	859	34	(	(	PUNCT
cblr-13005	859	35	“	"	PUNCT
cblr-13005	859	36	sasb	sasb	NOUN
cblr-13005	859	37	”	"	PUNCT
cblr-13005	859	38	)	)	PUNCT
cblr-13005	859	39	and	and	CCONJ
cblr-13005	859	40	the	the	DET
cblr-13005	859	41	recommendations	recommendation	NOUN
cblr-13005	859	42	of	of	ADP
cblr-13005	859	43	the	the	DET
cblr-13005	859	44	task	task	NOUN
cblr-13005	859	45	force	force	NOUN
cblr-13005	859	46	on	on	ADP
cblr-13005	859	47	climate	climate	NOUN
cblr-13005	859	48	-	-	PUNCT
cblr-13005	859	49	related	relate	VERB
cblr-13005	859	50	financial	financial	ADJ
cblr-13005	859	51	disclosures	disclosure	NOUN
cblr-13005	859	52	(	(	PUNCT
cblr-13005	859	53	“	"	PUNCT
cblr-13005	859	54	tcfd”).200	tcfd”).200	X
cblr-13005	859	55	they	they	PRON
cblr-13005	859	56	have	have	AUX
cblr-13005	859	57	also	also	ADV
cblr-13005	859	58	demanded	demand	VERB
cblr-13005	859	59	information	information	NOUN
cblr-13005	859	60	related	relate	VERB
cblr-13005	859	61	to	to	ADP
cblr-13005	859	62	companies	company	NOUN
cblr-13005	859	63	’	'	PUNCT
cblr-13005	859	64	diversity	diversity	NOUN
cblr-13005	859	65	,	,	PUNCT
cblr-13005	859	66	equity	equity	NOUN
cblr-13005	859	67	and	and	CCONJ
cblr-13005	859	68	inclusion	inclusion	NOUN
cblr-13005	859	69	(	(	PUNCT
cblr-13005	859	70	“	"	PUNCT
cblr-13005	859	71	dei	dei	NOUN
cblr-13005	859	72	”	"	PUNCT
cblr-13005	859	73	)	)	PUNCT
cblr-13005	859	74	efforts	effort	NOUN
cblr-13005	859	75	,	,	PUNCT
cblr-13005	859	76	as	as	ADV
cblr-13005	859	77	well	well	ADV
cblr-13005	859	78	a	a	DET
cblr-13005	859	79	variety	variety	NOUN
cblr-13005	859	80	of	of	ADP
cblr-13005	859	81	other	other	ADJ
cblr-13005	859	82	topics	topic	NOUN
cblr-13005	859	83	spanning	span	VERB
cblr-13005	859	84	from	from	ADP
cblr-13005	859	85	human	human	ADJ
cblr-13005	859	86	capital	capital	NOUN
cblr-13005	859	87	management	management	NOUN
cblr-13005	859	88	to	to	ADP
cblr-13005	859	89	human	human	ADJ
cblr-13005	859	90	rights.201	rights.201	ADJ
cblr-13005	859	91	portfolio	portfolio	NOUN
cblr-13005	859	92	-	-	PUNCT
cblr-13005	859	93	focused	focus	VERB
cblr-13005	859	94	stewardship	stewardship	NOUN
cblr-13005	859	95	interventions	intervention	NOUN
cblr-13005	859	96	that	that	PRON
cblr-13005	859	97	take	take	VERB
cblr-13005	859	98	the	the	DET
cblr-13005	859	99	form	form	NOUN
cblr-13005	859	100	of	of	ADP
cblr-13005	859	101	disclosure	disclosure	NOUN
cblr-13005	859	102	regulation	regulation	NOUN
cblr-13005	859	103	are	be	AUX
cblr-13005	859	104	specific	specific	ADJ
cblr-13005	859	105	and	and	CCONJ
cblr-13005	859	106	enforceable	enforceable	ADJ
cblr-13005	859	107	,	,	PUNCT
cblr-13005	859	108	and	and	CCONJ
cblr-13005	859	109	they	they	PRON
cblr-13005	859	110	do	do	AUX
cblr-13005	859	111	not	not	PART
cblr-13005	859	112	directly	directly	ADV
cblr-13005	859	113	undermine	undermine	VERB
cblr-13005	859	114	firm	firm	ADJ
cblr-13005	859	115	managers	manager	NOUN
cblr-13005	859	116	’	’	PART
cblr-13005	859	117	sensitivity	sensitivity	NOUN
cblr-13005	859	118	to	to	ADP
cblr-13005	859	119	firm	firm	ADJ
cblr-13005	859	120	value	value	NOUN
cblr-13005	859	121	.	.	PUNCT
cblr-13005	860	1	such	such	ADJ
cblr-13005	860	2	interventions	intervention	NOUN
cblr-13005	860	3	are	be	AUX
cblr-13005	860	4	also	also	ADV
cblr-13005	860	5	less	less	ADV
cblr-13005	860	6	likely	likely	ADJ
cblr-13005	860	7	to	to	PART
cblr-13005	860	8	land	land	NOUN
cblr-13005	860	9	index	index	NOUN
cblr-13005	860	10	fund	fund	NOUN
cblr-13005	860	11	managers	manager	NOUN
cblr-13005	860	12	in	in	ADP
cblr-13005	860	13	the	the	DET
cblr-13005	860	14	crosshairs	crosshair	NOUN
cblr-13005	860	15	of	of	ADP
cblr-13005	860	16	regulators	regulator	NOUN
cblr-13005	860	17	or	or	CCONJ
cblr-13005	860	18	ruffle	ruffle	VERB
cblr-13005	860	19	the	the	DET
cblr-13005	860	20	feathers	feather	NOUN
cblr-13005	860	21	of	of	ADP
cblr-13005	860	22	investors	investor	NOUN
cblr-13005	860	23	in	in	ADP
cblr-13005	860	24	the	the	DET
cblr-13005	860	25	fund	fund	NOUN
cblr-13005	860	26	’s	’s	PART
cblr-13005	860	27	other	other	ADJ
cblr-13005	860	28	portfolios	portfolio	NOUN
cblr-13005	860	29	,	,	PUNCT
cblr-13005	860	30	so	so	SCONJ
cblr-13005	860	31	they	they	PRON
cblr-13005	860	32	have	have	VERB
cblr-13005	860	33	fewer	few	ADJ
cblr-13005	860	34	disincentives	disincentive	NOUN
cblr-13005	860	35	to	to	PART
cblr-13005	860	36	pursue	pursue	VERB
cblr-13005	860	37	this	this	DET
cblr-13005	860	38	type	type	NOUN
cblr-13005	860	39	of	of	ADP
cblr-13005	860	40	intervention	intervention	NOUN
cblr-13005	860	41	relative	relative	ADJ
cblr-13005	860	42	to	to	ADP
cblr-13005	860	43	command	command	NOUN
cblr-13005	860	44	-	-	PUNCT
cblr-13005	860	45	and	and	CCONJ
cblr-13005	860	46	-	-	PUNCT
cblr-13005	860	47	control	control	NOUN
cblr-13005	860	48	style	style	NOUN
cblr-13005	860	49	interventions	intervention	NOUN
cblr-13005	860	50	.	.	PUNCT
cblr-13005	861	1	this	this	DET
cblr-13005	861	2	200	200	NUM
cblr-13005	861	3	rose	rise	VERB
cblr-13005	861	4	,	,	PUNCT
cblr-13005	861	5	supra	supra	PROPN
cblr-13005	861	6	note	note	NOUN
cblr-13005	861	7	2	2	NUM
cblr-13005	861	8	,	,	PUNCT
cblr-13005	861	9	at	at	ADP
cblr-13005	861	10	1854–55	1854–55	NUM
cblr-13005	861	11	.	.	PUNCT
cblr-13005	862	1	201	201	NUM
cblr-13005	862	2	see	see	NOUN
cblr-13005	862	3	,	,	PUNCT
cblr-13005	862	4	e.g.	e.g.	ADV
cblr-13005	862	5	,	,	PUNCT
cblr-13005	862	6	eric	eric	PROPN
cblr-13005	862	7	knox	knox	PROPN
cblr-13005	862	8	,	,	PUNCT
cblr-13005	862	9	sehrish	sehrish	PROPN
cblr-13005	862	10	siddiqui	siddiqui	PROPN
cblr-13005	862	11	&	&	CCONJ
cblr-13005	862	12	david	david	PROPN
cblr-13005	862	13	venturella	venturella	PROPN
cblr-13005	862	14	,	,	PUNCT
cblr-13005	862	15	the	the	DET
cblr-13005	862	16	big	big	ADJ
cblr-13005	862	17	three	three	NUM
cblr-13005	862	18	remain	remain	VERB
cblr-13005	862	19	big	big	ADJ
cblr-13005	862	20	on	on	ADP
cblr-13005	862	21	esg	esg	PROPN
cblr-13005	862	22	,	,	PUNCT
cblr-13005	862	23	dei	dei	NOUN
cblr-13005	862	24	–	–	PUNCT
cblr-13005	862	25	2021	2021	NUM
cblr-13005	862	26	proxy	proxy	NOUN
cblr-13005	862	27	season	season	NOUN
cblr-13005	862	28	in	in	ADP
cblr-13005	862	29	review	review	NOUN
cblr-13005	862	30	,	,	PUNCT
cblr-13005	862	31	corporate	corporate	ADJ
cblr-13005	862	32	compliance	compliance	NOUN
cblr-13005	862	33	insights	insight	NOUN
cblr-13005	862	34	(	(	PUNCT
cblr-13005	862	35	sep	sep	PROPN
cblr-13005	862	36	.	.	PROPN
cblr-13005	862	37	14	14	NUM
cblr-13005	862	38	,	,	PUNCT
cblr-13005	862	39	2021	2021	NUM
cblr-13005	862	40	)	)	PUNCT
cblr-13005	862	41	,	,	PUNCT
cblr-13005	862	42	https://www.corporatecomplianceinsights.com/year-in-review-big-three-voting-trends/	https://www.corporatecomplianceinsights.com/year-in-review-big-three-voting-trends/	PUNCT
cblr-13005	863	1	[	[	X
cblr-13005	863	2	https://perma.cc/9zu942cb	https://perma.cc/9zu942cb	X
cblr-13005	863	3	]	]	X
cblr-13005	863	4	(	(	PUNCT
cblr-13005	863	5	reporting	report	VERB
cblr-13005	863	6	on	on	ADP
cblr-13005	863	7	state	state	PROPN
cblr-13005	863	8	street	street	NOUN
cblr-13005	863	9	’s	’s	PART
cblr-13005	863	10	“	"	PUNCT
cblr-13005	863	11	expectations	expectation	NOUN
cblr-13005	863	12	”	"	PUNCT
cblr-13005	863	13	that	that	PRON
cblr-13005	863	14	portfolio	portfolio	NOUN
cblr-13005	863	15	companies	company	NOUN
cblr-13005	863	16	will	will	AUX
cblr-13005	863	17	provide	provide	VERB
cblr-13005	863	18	“	"	PUNCT
cblr-13005	863	19	enhanced	enhance	VERB
cblr-13005	863	20	disclosure	disclosure	NOUN
cblr-13005	863	21	regarding	regard	VERB
cblr-13005	863	22	the	the	DET
cblr-13005	863	23	role	role	NOUN
cblr-13005	863	24	of	of	ADP
cblr-13005	863	25	diversity	diversity	NOUN
cblr-13005	863	26	in	in	ADP
cblr-13005	863	27	human	human	ADJ
cblr-13005	863	28	capital	capital	NOUN
cblr-13005	863	29	management	management	NOUN
cblr-13005	863	30	practices	practice	NOUN
cblr-13005	863	31	,	,	PUNCT
cblr-13005	863	32	diversity	diversity	NOUN
cblr-13005	863	33	-	-	PUNCT
cblr-13005	863	34	related	relate	VERB
cblr-13005	863	35	goals	goal	NOUN
cblr-13005	863	36	,	,	PUNCT
cblr-13005	863	37	measures	measure	NOUN
cblr-13005	863	38	of	of	ADP
cblr-13005	863	39	diversity	diversity	NOUN
cblr-13005	863	40	(	(	PUNCT
cblr-13005	863	41	including	include	VERB
cblr-13005	863	42	eeo-1	eeo-1	NUM
cblr-13005	863	43	report	report	NOUN
cblr-13005	863	44	data	datum	NOUN
cblr-13005	863	45	)	)	PUNCT
cblr-13005	863	46	,	,	PUNCT
cblr-13005	863	47	board	board	NOUN
cblr-13005	863	48	-	-	PUNCT
cblr-13005	863	49	level	level	NOUN
cblr-13005	863	50	diversity	diversity	NOUN
cblr-13005	863	51	and	and	CCONJ
cblr-13005	863	52	board	board	NOUN
cblr-13005	863	53	oversight	oversight	NOUN
cblr-13005	863	54	over	over	ADP
cblr-13005	863	55	diversity	diversity	NOUN
cblr-13005	863	56	and	and	CCONJ
cblr-13005	863	57	inclusion	inclusion	NOUN
cblr-13005	863	58	”	"	PUNCT
cblr-13005	863	59	)	)	PUNCT
cblr-13005	863	60	;	;	PUNCT
cblr-13005	863	61	state	state	NOUN
cblr-13005	863	62	street	street	NOUN
cblr-13005	863	63	global	global	ADJ
cblr-13005	863	64	advisors	advisor	NOUN
cblr-13005	863	65	,	,	PUNCT
cblr-13005	863	66	stewardship	stewardship	NOUN
cblr-13005	863	67	activity	activity	NOUN
cblr-13005	863	68	report	report	NOUN
cblr-13005	863	69	q42022	q42022	PROPN
cblr-13005	863	70	(	(	PUNCT
cblr-13005	863	71	2022	2022	NUM
cblr-13005	863	72	)	)	PUNCT
cblr-13005	863	73	reporting	report	VERB
cblr-13005	863	74	that	that	SCONJ
cblr-13005	863	75	state	state	PROPN
cblr-13005	863	76	street	street	NOUN
cblr-13005	863	77	voted	vote	VERB
cblr-13005	863	78	against	against	ADP
cblr-13005	863	79	certain	certain	ADJ
cblr-13005	863	80	directors	director	NOUN
cblr-13005	863	81	at	at	ADP
cblr-13005	863	82	moderna	moderna	PROPN
cblr-13005	863	83	,	,	PUNCT
cblr-13005	863	84	inc	inc	PROPN
cblr-13005	863	85	.	.	PROPN
cblr-13005	863	86	after	after	SCONJ
cblr-13005	863	87	the	the	DET
cblr-13005	863	88	company	company	NOUN
cblr-13005	863	89	failed	fail	VERB
cblr-13005	863	90	to	to	PART
cblr-13005	863	91	acquiesce	acquiesce	VERB
cblr-13005	863	92	to	to	ADP
cblr-13005	863	93	requests	request	NOUN
cblr-13005	863	94	to	to	PART
cblr-13005	863	95	publish	publish	VERB
cblr-13005	863	96	its	its	PRON
cblr-13005	863	97	eeo-1	eeo-1	NUM
cblr-13005	863	98	report	report	NOUN
cblr-13005	863	99	and	and	CCONJ
cblr-13005	863	100	sasb	sasb	ADJ
cblr-13005	863	101	-	-	PUNCT
cblr-13005	863	102	aligned	align	VERB
cblr-13005	863	103	disclosures	disclosure	NOUN
cblr-13005	863	104	,	,	PUNCT
cblr-13005	863	105	and	and	CCONJ
cblr-13005	863	106	that	that	SCONJ
cblr-13005	863	107	it	it	PRON
cblr-13005	863	108	has	have	AUX
cblr-13005	863	109	communicated	communicate	VERB
cblr-13005	863	110	with	with	ADP
cblr-13005	863	111	walt	walt	PROPN
cblr-13005	863	112	disney	disney	PROPN
cblr-13005	863	113	company	company	PROPN
cblr-13005	863	114	regarding	regard	VERB
cblr-13005	863	115	“	"	PUNCT
cblr-13005	863	116	opportunities	opportunity	NOUN
cblr-13005	863	117	for	for	SCONJ
cblr-13005	863	118	disney	disney	PROPN
cblr-13005	863	119	to	to	PART
cblr-13005	863	120	enhance	enhance	VERB
cblr-13005	863	121	its	its	PRON
cblr-13005	863	122	human	human	ADJ
cblr-13005	863	123	rights	right	NOUN
cblr-13005	863	124	-	-	PUNCT
cblr-13005	863	125	related	relate	VERB
cblr-13005	863	126	disclosures	disclosure	NOUN
cblr-13005	863	127	”	"	PUNCT
cblr-13005	863	128	)	)	PUNCT
cblr-13005	863	129	;	;	PUNCT
cblr-13005	863	130	state	state	NOUN
cblr-13005	863	131	street	street	NOUN
cblr-13005	863	132	global	global	ADJ
cblr-13005	863	133	advisors	advisor	NOUN
cblr-13005	863	134	,	,	PUNCT
cblr-13005	863	135	asset	asset	NOUN
cblr-13005	863	136	stewardship	stewardship	NOUN
cblr-13005	863	137	:	:	PUNCT
cblr-13005	863	138	guidance	guidance	NOUN
cblr-13005	863	139	on	on	ADP
cblr-13005	863	140	disclosure	disclosure	NOUN
cblr-13005	863	141	expectations	expectation	NOUN
cblr-13005	863	142	for	for	ADP
cblr-13005	863	143	effective	effective	ADJ
cblr-13005	863	144	climate	climate	NOUN
cblr-13005	863	145	transition	transition	NOUN
cblr-13005	863	146	plans	plan	NOUN
cblr-13005	863	147	(	(	PUNCT
cblr-13005	863	148	2023	2023	NUM
cblr-13005	863	149	)	)	PUNCT
cblr-13005	863	150	(	(	PUNCT
cblr-13005	863	151	providing	provide	VERB
cblr-13005	863	152	“	"	PUNCT
cblr-13005	863	153	portfolio	portfolio	NOUN
cblr-13005	863	154	companies	company	NOUN
cblr-13005	863	155	with	with	ADP
cblr-13005	863	156	clarity	clarity	NOUN
cblr-13005	863	157	on	on	ADP
cblr-13005	863	158	our	our	PRON
cblr-13005	863	159	expectations	expectation	NOUN
cblr-13005	863	160	for	for	ADP
cblr-13005	863	161	effective	effective	ADJ
cblr-13005	863	162	climate	climate	NOUN
cblr-13005	863	163	transition	transition	NOUN
cblr-13005	863	164	plan	plan	NOUN
cblr-13005	863	165	disclosure	disclosure	NOUN
cblr-13005	863	166	”	"	PUNCT
cblr-13005	863	167	)	)	PUNCT
cblr-13005	863	168	.	.	PUNCT
cblr-13005	864	1	382	382	NUM
cblr-13005	864	2	columbia	columbia	PROPN
cblr-13005	864	3	business	business	NOUN
cblr-13005	864	4	law	law	PROPN
cblr-13005	864	5	review	review	NOUN
cblr-13005	864	6	[	[	X
cblr-13005	864	7	vol	vol	NOUN
cblr-13005	864	8	.	.	NOUN
cblr-13005	864	9	2024	2024	NUM
cblr-13005	864	10	does	do	AUX
cblr-13005	864	11	not	not	PART
cblr-13005	864	12	mean	mean	VERB
cblr-13005	864	13	that	that	SCONJ
cblr-13005	864	14	disclosure	disclosure	NOUN
cblr-13005	864	15	regulation	regulation	NOUN
cblr-13005	864	16	will	will	AUX
cblr-13005	864	17	only	only	ADV
cblr-13005	864	18	be	be	AUX
cblr-13005	864	19	pursued	pursue	VERB
cblr-13005	864	20	when	when	SCONJ
cblr-13005	864	21	index	index	NOUN
cblr-13005	864	22	fund	fund	NOUN
cblr-13005	864	23	managers	manager	NOUN
cblr-13005	864	24	perceive	perceive	VERB
cblr-13005	864	25	that	that	SCONJ
cblr-13005	864	26	it	it	PRON
cblr-13005	864	27	will	will	AUX
cblr-13005	864	28	increase	increase	VERB
cblr-13005	864	29	riskadjusted	riskadjuste	VERB
cblr-13005	864	30	portfolio	portfolio	NOUN
cblr-13005	864	31	value	value	NOUN
cblr-13005	864	32	,	,	PUNCT
cblr-13005	864	33	however	however	ADV
cblr-13005	864	34	,	,	PUNCT
cblr-13005	864	35	given	give	VERB
cblr-13005	864	36	that	that	PRON
cblr-13005	864	37	index	index	NOUN
cblr-13005	864	38	fund	fund	NOUN
cblr-13005	864	39	managers	manager	NOUN
cblr-13005	864	40	may	may	AUX
cblr-13005	864	41	have	have	AUX
cblr-13005	864	42	selfish	selfish	ADJ
cblr-13005	864	43	motives	motive	NOUN
cblr-13005	864	44	for	for	ADP
cblr-13005	864	45	pushing	push	VERB
cblr-13005	864	46	disclosure	disclosure	NOUN
cblr-13005	864	47	regulation	regulation	NOUN
cblr-13005	864	48	.	.	PUNCT
cblr-13005	865	1	for	for	ADP
cblr-13005	865	2	example	example	NOUN
cblr-13005	865	3	,	,	PUNCT
cblr-13005	865	4	doing	do	VERB
cblr-13005	865	5	so	so	ADV
cblr-13005	865	6	may	may	AUX
cblr-13005	865	7	allow	allow	VERB
cblr-13005	865	8	index	index	NOUN
cblr-13005	865	9	fund	fund	NOUN
cblr-13005	865	10	managers	manager	NOUN
cblr-13005	865	11	to	to	PART
cblr-13005	865	12	create	create	VERB
cblr-13005	865	13	an	an	DET
cblr-13005	865	14	appearance	appearance	NOUN
cblr-13005	865	15	that	that	PRON
cblr-13005	865	16	they	they	PRON
cblr-13005	865	17	are	be	AUX
cblr-13005	865	18	doing	do	VERB
cblr-13005	865	19	something	something	PRON
cblr-13005	865	20	,	,	PUNCT
cblr-13005	865	21	which	which	PRON
cblr-13005	865	22	may	may	AUX
cblr-13005	865	23	produce	produce	VERB
cblr-13005	865	24	benefits	benefit	NOUN
cblr-13005	865	25	for	for	ADP
cblr-13005	865	26	them	they	PRON
cblr-13005	865	27	regardless	regardless	ADV
cblr-13005	865	28	of	of	ADP
cblr-13005	865	29	whether	whether	SCONJ
cblr-13005	865	30	it	it	PRON
cblr-13005	865	31	improves	improve	VERB
cblr-13005	865	32	(	(	PUNCT
cblr-13005	865	33	or	or	CCONJ
cblr-13005	865	34	even	even	ADV
cblr-13005	865	35	harms	harm	NOUN
cblr-13005	865	36	)	)	PUNCT
cblr-13005	865	37	portfolio	portfolio	NOUN
cblr-13005	865	38	value	value	NOUN
cblr-13005	865	39	.	.	PUNCT
cblr-13005	866	1	the	the	DET
cblr-13005	866	2	disclosures	disclosure	NOUN
cblr-13005	866	3	may	may	AUX
cblr-13005	866	4	also	also	ADV
cblr-13005	866	5	subsidize	subsidize	VERB
cblr-13005	866	6	their	their	PRON
cblr-13005	866	7	management	management	NOUN
cblr-13005	866	8	of	of	ADP
cblr-13005	866	9	esg	esg	PROPN
cblr-13005	866	10	-	-	PUNCT
cblr-13005	866	11	themed	theme	VERB
cblr-13005	866	12	financial	financial	ADJ
cblr-13005	866	13	products	product	NOUN
cblr-13005	866	14	.	.	PUNCT
cblr-13005	867	1	financially	financially	ADV
cblr-13005	867	2	motivated	motivate	VERB
cblr-13005	867	3	diversified	diversified	ADJ
cblr-13005	867	4	investors	investor	NOUN
cblr-13005	867	5	would	would	AUX
cblr-13005	867	6	therefore	therefore	ADV
cblr-13005	867	7	likely	likely	ADV
cblr-13005	867	8	expect	expect	VERB
cblr-13005	867	9	such	such	ADJ
cblr-13005	867	10	interventions	intervention	NOUN
cblr-13005	867	11	to	to	PART
cblr-13005	867	12	increase	increase	VERB
cblr-13005	867	13	portfolio	portfolio	NOUN
cblr-13005	867	14	value	value	NOUN
cblr-13005	867	15	only	only	ADV
cblr-13005	867	16	if	if	SCONJ
cblr-13005	867	17	there	there	PRON
cblr-13005	867	18	was	be	VERB
cblr-13005	867	19	a	a	DET
cblr-13005	867	20	clear	clear	ADJ
cblr-13005	867	21	link	link	NOUN
cblr-13005	867	22	between	between	ADP
cblr-13005	867	23	the	the	DET
cblr-13005	867	24	topic	topic	NOUN
cblr-13005	867	25	of	of	ADP
cblr-13005	867	26	the	the	DET
cblr-13005	867	27	disclosure	disclosure	NOUN
cblr-13005	867	28	regulation	regulation	NOUN
cblr-13005	867	29	and	and	CCONJ
cblr-13005	867	30	portfolio	portfolio	NOUN
cblr-13005	867	31	value.202	value.202	PROPN
cblr-13005	867	32	if	if	SCONJ
cblr-13005	867	33	such	such	DET
cblr-13005	867	34	a	a	DET
cblr-13005	867	35	link	link	NOUN
cblr-13005	867	36	exits	exit	NOUN
cblr-13005	867	37	,	,	PUNCT
cblr-13005	867	38	they	they	PRON
cblr-13005	867	39	would	would	AUX
cblr-13005	867	40	also	also	ADV
cblr-13005	867	41	consider	consider	VERB
cblr-13005	867	42	how	how	SCONJ
cblr-13005	867	43	likely	likely	ADJ
cblr-13005	867	44	it	it	PRON
cblr-13005	867	45	is	be	AUX
cblr-13005	867	46	that	that	SCONJ
cblr-13005	867	47	that	that	SCONJ
cblr-13005	867	48	the	the	DET
cblr-13005	867	49	disclosures	disclosure	NOUN
cblr-13005	867	50	would	would	AUX
cblr-13005	867	51	lead	lead	VERB
cblr-13005	867	52	to	to	ADP
cblr-13005	867	53	improvements	improvement	NOUN
cblr-13005	867	54	in	in	ADP
cblr-13005	867	55	risk	risk	NOUN
cblr-13005	867	56	-	-	PUNCT
cblr-13005	867	57	adjusted	adjust	VERB
cblr-13005	867	58	portfolio	portfolio	NOUN
cblr-13005	867	59	value	value	NOUN
cblr-13005	867	60	.	.	PUNCT
cblr-13005	868	1	as	as	SCONJ
cblr-13005	868	2	already	already	ADV
cblr-13005	868	3	discussed	discuss	VERB
cblr-13005	868	4	,	,	PUNCT
cblr-13005	868	5	the	the	DET
cblr-13005	868	6	impact	impact	NOUN
cblr-13005	868	7	of	of	ADP
cblr-13005	868	8	disclosure	disclosure	NOUN
cblr-13005	868	9	regulation	regulation	NOUN
cblr-13005	868	10	on	on	ADP
cblr-13005	868	11	portfolio	portfolio	NOUN
cblr-13005	868	12	value	value	NOUN
cblr-13005	868	13	can	can	AUX
cblr-13005	868	14	be	be	AUX
cblr-13005	868	15	difficult	difficult	ADJ
cblr-13005	868	16	to	to	PART
cblr-13005	868	17	predict	predict	VERB
cblr-13005	868	18	.	.	PUNCT
cblr-13005	869	1	in	in	ADP
cblr-13005	869	2	the	the	DET
cblr-13005	869	3	portfolio	portfolio	NOUN
cblr-13005	869	4	-	-	PUNCT
cblr-13005	869	5	focused	focus	VERB
cblr-13005	869	6	stewardship	stewardship	NOUN
cblr-13005	869	7	context	context	NOUN
cblr-13005	869	8	,	,	PUNCT
cblr-13005	869	9	the	the	DET
cblr-13005	869	10	hope	hope	NOUN
cblr-13005	869	11	of	of	ADP
cblr-13005	869	12	disclosure	disclosure	NOUN
cblr-13005	869	13	regulation	regulation	NOUN
cblr-13005	869	14	is	be	AUX
cblr-13005	869	15	that	that	SCONJ
cblr-13005	869	16	it	it	PRON
cblr-13005	869	17	will	will	AUX
cblr-13005	869	18	cause	cause	VERB
cblr-13005	869	19	certain	certain	ADJ
cblr-13005	869	20	actors	actor	NOUN
cblr-13005	869	21	to	to	PART
cblr-13005	869	22	react	react	VERB
cblr-13005	869	23	in	in	ADP
cblr-13005	869	24	ways	way	NOUN
cblr-13005	869	25	that	that	PRON
cblr-13005	869	26	will	will	AUX
cblr-13005	869	27	force	force	VERB
cblr-13005	869	28	portfolio	portfolio	NOUN
cblr-13005	869	29	companies	company	NOUN
cblr-13005	869	30	to	to	PART
cblr-13005	869	31	internalize	internalize	VERB
cblr-13005	869	32	their	their	PRON
cblr-13005	869	33	intraportfolio	intraportfolio	ADJ
cblr-13005	869	34	externalities	externality	NOUN
cblr-13005	869	35	,	,	PUNCT
cblr-13005	869	36	leading	lead	VERB
cblr-13005	869	37	to	to	ADP
cblr-13005	869	38	net	net	ADJ
cblr-13005	869	39	increases	increase	NOUN
cblr-13005	869	40	in	in	ADP
cblr-13005	869	41	risk	risk	NOUN
cblr-13005	869	42	-	-	PUNCT
cblr-13005	869	43	adjusted	adjust	VERB
cblr-13005	869	44	portfolio	portfolio	NOUN
cblr-13005	869	45	value	value	NOUN
cblr-13005	869	46	.	.	PUNCT
cblr-13005	870	1	but	but	CCONJ
cblr-13005	870	2	it	it	PRON
cblr-13005	870	3	can	can	AUX
cblr-13005	870	4	fail	fail	VERB
cblr-13005	870	5	to	to	PART
cblr-13005	870	6	do	do	VERB
cblr-13005	870	7	that	that	PRON
cblr-13005	870	8	and	and	CCONJ
cblr-13005	870	9	may	may	AUX
cblr-13005	870	10	even	even	ADV
cblr-13005	870	11	have	have	VERB
cblr-13005	870	12	the	the	DET
cblr-13005	870	13	opposite	opposite	ADJ
cblr-13005	870	14	effect	effect	NOUN
cblr-13005	870	15	by	by	ADP
cblr-13005	870	16	triggering	trigger	VERB
cblr-13005	870	17	reactions	reaction	NOUN
cblr-13005	870	18	that	that	PRON
cblr-13005	870	19	reduce	reduce	VERB
cblr-13005	870	20	risk	risk	NOUN
cblr-13005	870	21	-	-	PUNCT
cblr-13005	870	22	adjusted	adjust	VERB
cblr-13005	870	23	portfolio	portfolio	NOUN
cblr-13005	870	24	value	value	NOUN
cblr-13005	870	25	.	.	PUNCT
cblr-13005	871	1	recall	recall	VERB
cblr-13005	871	2	that	that	SCONJ
cblr-13005	871	3	potentially	potentially	ADV
cblr-13005	871	4	affected	affect	VERB
cblr-13005	871	5	actors	actor	NOUN
cblr-13005	871	6	fall	fall	VERB
cblr-13005	871	7	into	into	ADP
cblr-13005	871	8	three	three	NUM
cblr-13005	871	9	groups	group	NOUN
cblr-13005	871	10	:	:	PUNCT
cblr-13005	871	11	(	(	PUNCT
cblr-13005	871	12	1	1	X
cblr-13005	871	13	)	)	PUNCT
cblr-13005	871	14	market	market	NOUN
cblr-13005	871	15	actors	actor	NOUN
cblr-13005	871	16	,	,	PUNCT
cblr-13005	871	17	such	such	ADJ
cblr-13005	871	18	as	as	ADP
cblr-13005	871	19	consumers	consumer	NOUN
cblr-13005	871	20	,	,	PUNCT
cblr-13005	871	21	suppliers	supplier	NOUN
cblr-13005	871	22	,	,	PUNCT
cblr-13005	871	23	and	and	CCONJ
cblr-13005	871	24	non	non	ADJ
cblr-13005	871	25	-	-	ADJ
cblr-13005	871	26	index	index	ADJ
cblr-13005	871	27	investors	investor	NOUN
cblr-13005	871	28	and	and	CCONJ
cblr-13005	871	29	their	their	PRON
cblr-13005	871	30	fund	fund	NOUN
cblr-13005	871	31	managers	manager	NOUN
cblr-13005	871	32	,	,	PUNCT
cblr-13005	871	33	who	who	PRON
cblr-13005	871	34	may	may	AUX
cblr-13005	871	35	adjust	adjust	VERB
cblr-13005	871	36	their	their	PRON
cblr-13005	871	37	market	market	NOUN
cblr-13005	871	38	behavior	behavior	NOUN
cblr-13005	871	39	by	by	ADP
cblr-13005	871	40	virtue	virtue	NOUN
cblr-13005	871	41	of	of	ADP
cblr-13005	871	42	the	the	DET
cblr-13005	871	43	disclosures	disclosure	NOUN
cblr-13005	871	44	in	in	ADP
cblr-13005	871	45	a	a	DET
cblr-13005	871	46	way	way	NOUN
cblr-13005	871	47	that	that	PRON
cblr-13005	871	48	forces	force	VERB
cblr-13005	871	49	companies	company	NOUN
cblr-13005	871	50	to	to	PART
cblr-13005	871	51	take	take	VERB
cblr-13005	871	52	account	account	NOUN
cblr-13005	871	53	of	of	ADP
cblr-13005	871	54	the	the	DET
cblr-13005	871	55	external	external	ADJ
cblr-13005	871	56	costs	cost	NOUN
cblr-13005	871	57	of	of	ADP
cblr-13005	871	58	their	their	PRON
cblr-13005	871	59	actions	action	NOUN
cblr-13005	871	60	;	;	PUNCT
cblr-13005	871	61	(	(	PUNCT
cblr-13005	871	62	2	2	X
cblr-13005	871	63	)	)	PUNCT
cblr-13005	871	64	government	government	NOUN
cblr-13005	871	65	actors	actor	NOUN
cblr-13005	871	66	who	who	PRON
cblr-13005	871	67	may	may	AUX
cblr-13005	871	68	be	be	AUX
cblr-13005	871	69	catalyzed	catalyze	VERB
cblr-13005	871	70	to	to	PART
cblr-13005	871	71	adopt	adopt	VERB
cblr-13005	871	72	new	new	ADJ
cblr-13005	871	73	regulations	regulation	NOUN
cblr-13005	871	74	(	(	PUNCT
cblr-13005	871	75	or	or	CCONJ
cblr-13005	871	76	better	well	ADV
cblr-13005	871	77	enforce	enforce	VERB
cblr-13005	871	78	existing	exist	VERB
cblr-13005	871	79	ones	one	NOUN
cblr-13005	871	80	)	)	PUNCT
cblr-13005	871	81	in	in	ADP
cblr-13005	871	82	light	light	NOUN
cblr-13005	871	83	of	of	ADP
cblr-13005	871	84	the	the	DET
cblr-13005	871	85	disclosures	disclosure	NOUN
cblr-13005	871	86	;	;	PUNCT
cblr-13005	871	87	and	and	CCONJ
cblr-13005	871	88	(	(	PUNCT
cblr-13005	871	89	3	3	X
cblr-13005	871	90	)	)	PUNCT
cblr-13005	871	91	index	index	NOUN
cblr-13005	871	92	fund	fund	NOUN
cblr-13005	871	93	managers	manager	NOUN
cblr-13005	871	94	,	,	PUNCT
cblr-13005	871	95	who	who	PRON
cblr-13005	871	96	may	may	AUX
cblr-13005	871	97	use	use	VERB
cblr-13005	871	98	the	the	DET
cblr-13005	871	99	information	information	NOUN
cblr-13005	871	100	to	to	PART
cblr-13005	871	101	help	help	VERB
cblr-13005	871	102	them	they	PRON
cblr-13005	871	103	craft	craft	VERB
cblr-13005	871	104	new	new	ADJ
cblr-13005	871	105	command	command	NOUN
cblr-13005	871	106	-	-	PUNCT
cblr-13005	871	107	and	and	CCONJ
cblr-13005	871	108	-	-	PUNCT
cblr-13005	871	109	control	control	NOUN
cblr-13005	871	110	style	style	NOUN
cblr-13005	871	111	portfolio	portfolio	NOUN
cblr-13005	871	112	-	-	PUNCT
cblr-13005	871	113	focused	focus	VERB
cblr-13005	871	114	stewardship	stewardship	NOUN
cblr-13005	871	115	policies	policy	NOUN
cblr-13005	871	116	(	(	PUNCT
cblr-13005	871	117	or	or	CCONJ
cblr-13005	871	118	better	well	ADJ
cblr-13005	871	119	enforce	enforce	VERB
cblr-13005	871	120	202	202	NUM
cblr-13005	871	121	see	see	NOUN
cblr-13005	871	122	supra	supra	PROPN
cblr-13005	871	123	note	note	PROPN
cblr-13005	871	124	187	187	NUM
cblr-13005	871	125	.	.	PUNCT
cblr-13005	872	1	this	this	DET
cblr-13005	872	2	test	test	NOUN
cblr-13005	872	3	is	be	AUX
cblr-13005	872	4	far	far	ADV
cblr-13005	872	5	more	more	ADV
cblr-13005	872	6	likely	likely	ADJ
cblr-13005	872	7	to	to	PART
cblr-13005	872	8	be	be	AUX
cblr-13005	872	9	met	meet	VERB
cblr-13005	872	10	with	with	ADP
cblr-13005	872	11	respect	respect	NOUN
cblr-13005	872	12	to	to	ADP
cblr-13005	872	13	the	the	DET
cblr-13005	872	14	big	big	ADJ
cblr-13005	872	15	three	three	NUM
cblr-13005	872	16	’s	’s	NOUN
cblr-13005	872	17	demands	demand	NOUN
cblr-13005	872	18	for	for	ADP
cblr-13005	872	19	climate	climate	NOUN
cblr-13005	872	20	-	-	PUNCT
cblr-13005	872	21	change	change	NOUN
cblr-13005	872	22	related	relate	VERB
cblr-13005	872	23	disclosures	disclosure	NOUN
cblr-13005	872	24	than	than	ADP
cblr-13005	872	25	with	with	ADP
cblr-13005	872	26	respect	respect	NOUN
cblr-13005	872	27	to	to	ADP
cblr-13005	872	28	their	their	PRON
cblr-13005	872	29	demands	demand	NOUN
cblr-13005	872	30	on	on	ADP
cblr-13005	872	31	various	various	ADJ
cblr-13005	872	32	disclosure	disclosure	NOUN
cblr-13005	872	33	topics	topic	NOUN
cblr-13005	872	34	that	that	PRON
cblr-13005	872	35	fall	fall	VERB
cblr-13005	872	36	under	under	ADP
cblr-13005	872	37	the	the	DET
cblr-13005	872	38	“	"	PUNCT
cblr-13005	872	39	s	s	NOUN
cblr-13005	872	40	”	"	PUNCT
cblr-13005	872	41	in	in	ADP
cblr-13005	872	42	“	"	PUNCT
cblr-13005	872	43	esg	esg	PROPN
cblr-13005	872	44	.	.	PUNCT
cblr-13005	872	45	”	"	PUNCT
cblr-13005	873	1	no	no	INTJ
cblr-13005	873	2	.	.	NOUN
cblr-13005	873	3	1	1	NUM
cblr-13005	873	4	]	]	PUNCT
cblr-13005	873	5	a	a	DET
cblr-13005	873	6	hard	hard	ADJ
cblr-13005	873	7	look	look	NOUN
cblr-13005	873	8	at	at	ADP
cblr-13005	873	9	portfolio	portfolio	NOUN
cblr-13005	873	10	focused	focused	ADJ
cblr-13005	873	11	stewardship	stewardship	NOUN
cblr-13005	873	12	383	383	NUM
cblr-13005	873	13	existing	exist	VERB
cblr-13005	873	14	ones	one	NOUN
cblr-13005	873	15	)	)	PUNCT
cblr-13005	873	16	.	.	PUNCT
cblr-13005	874	1	it	it	PRON
cblr-13005	874	2	seems	seem	VERB
cblr-13005	874	3	unlikely	unlikely	ADJ
cblr-13005	874	4	that	that	SCONJ
cblr-13005	874	5	financially	financially	ADV
cblr-13005	874	6	motivated	motivated	ADJ
cblr-13005	874	7	diversified	diversified	ADJ
cblr-13005	874	8	investors	investor	NOUN
cblr-13005	874	9	would	would	AUX
cblr-13005	874	10	want	want	VERB
cblr-13005	874	11	their	their	PRON
cblr-13005	874	12	index	index	NOUN
cblr-13005	874	13	fund	fund	NOUN
cblr-13005	874	14	managers	manager	NOUN
cblr-13005	874	15	to	to	PART
cblr-13005	874	16	promulgate	promulgate	VERB
cblr-13005	874	17	command	command	NOUN
cblr-13005	874	18	-	-	PUNCT
cblr-13005	874	19	and	and	CCONJ
cblr-13005	874	20	-	-	PUNCT
cblr-13005	874	21	control	control	NOUN
cblr-13005	874	22	style	style	NOUN
cblr-13005	874	23	interventions	intervention	NOUN
cblr-13005	874	24	even	even	ADV
cblr-13005	874	25	with	with	ADP
cblr-13005	874	26	the	the	DET
cblr-13005	874	27	help	help	NOUN
cblr-13005	874	28	of	of	ADP
cblr-13005	874	29	additional	additional	ADJ
cblr-13005	874	30	disclosures	disclosure	NOUN
cblr-13005	874	31	,	,	PUNCT
cblr-13005	874	32	and	and	CCONJ
cblr-13005	874	33	as	as	SCONJ
cblr-13005	874	34	just	just	ADV
cblr-13005	874	35	explained	explain	VERB
cblr-13005	874	36	the	the	DET
cblr-13005	874	37	big	big	ADJ
cblr-13005	874	38	three	three	NUM
cblr-13005	874	39	have	have	AUX
cblr-13005	874	40	seemingly	seemingly	ADV
cblr-13005	874	41	disavowed	disavow	VERB
cblr-13005	874	42	any	any	DET
cblr-13005	874	43	intention	intention	NOUN
cblr-13005	874	44	to	to	PART
cblr-13005	874	45	do	do	AUX
cblr-13005	874	46	so.203	so.203	NOUN
cblr-13005	874	47	thus	thus	ADV
cblr-13005	874	48	,	,	PUNCT
cblr-13005	874	49	we	we	PRON
cblr-13005	874	50	can	can	AUX
cblr-13005	874	51	eliminate	eliminate	VERB
cblr-13005	874	52	the	the	DET
cblr-13005	874	53	third	third	ADJ
cblr-13005	874	54	group	group	NOUN
cblr-13005	874	55	from	from	ADP
cblr-13005	874	56	our	our	PRON
cblr-13005	874	57	analysis	analysis	NOUN
cblr-13005	874	58	and	and	CCONJ
cblr-13005	874	59	conclude	conclude	VERB
cblr-13005	874	60	that	that	PRON
cblr-13005	874	61	financially	financially	ADV
cblr-13005	874	62	motivated	motivated	ADJ
cblr-13005	874	63	diversified	diversified	ADJ
cblr-13005	874	64	investors	investor	NOUN
cblr-13005	874	65	might	might	AUX
cblr-13005	874	66	support	support	VERB
cblr-13005	874	67	portfolio	portfolio	NOUN
cblr-13005	874	68	-	-	PUNCT
cblr-13005	874	69	focused	focus	VERB
cblr-13005	874	70	stewardship	stewardship	NOUN
cblr-13005	874	71	interventions	intervention	NOUN
cblr-13005	874	72	that	that	PRON
cblr-13005	874	73	take	take	VERB
cblr-13005	874	74	the	the	DET
cblr-13005	874	75	form	form	NOUN
cblr-13005	874	76	of	of	ADP
cblr-13005	874	77	disclosure	disclosure	NOUN
cblr-13005	874	78	regulation	regulation	NOUN
cblr-13005	874	79	,	,	PUNCT
cblr-13005	874	80	but	but	CCONJ
cblr-13005	874	81	only	only	ADV
cblr-13005	874	82	if	if	SCONJ
cblr-13005	874	83	the	the	DET
cblr-13005	874	84	disclosure	disclosure	NOUN
cblr-13005	874	85	topic	topic	NOUN
cblr-13005	874	86	bears	bear	VERB
cblr-13005	874	87	a	a	DET
cblr-13005	874	88	clear	clear	ADJ
cblr-13005	874	89	relationship	relationship	NOUN
cblr-13005	874	90	to	to	ADP
cblr-13005	874	91	portfolio	portfolio	NOUN
cblr-13005	874	92	value	value	NOUN
cblr-13005	874	93	and	and	CCONJ
cblr-13005	874	94	it	it	PRON
cblr-13005	874	95	seems	seem	VERB
cblr-13005	874	96	likely	likely	ADJ
cblr-13005	874	97	that	that	SCONJ
cblr-13005	874	98	the	the	DET
cblr-13005	874	99	disclosures	disclosure	NOUN
cblr-13005	874	100	will	will	AUX
cblr-13005	874	101	prod	prod	VERB
cblr-13005	874	102	either	either	CCONJ
cblr-13005	874	103	(	(	PUNCT
cblr-13005	874	104	1	1	X
cblr-13005	874	105	)	)	PUNCT
cblr-13005	874	106	market	market	NOUN
cblr-13005	874	107	or	or	CCONJ
cblr-13005	874	108	(	(	PUNCT
cblr-13005	874	109	2	2	X
cblr-13005	874	110	)	)	PUNCT
cblr-13005	874	111	government	government	NOUN
cblr-13005	874	112	actors	actor	NOUN
cblr-13005	874	113	to	to	PART
cblr-13005	874	114	take	take	VERB
cblr-13005	874	115	steps	step	NOUN
cblr-13005	874	116	that	that	PRON
cblr-13005	874	117	have	have	VERB
cblr-13005	874	118	the	the	DET
cblr-13005	874	119	effect	effect	NOUN
cblr-13005	874	120	of	of	ADP
cblr-13005	874	121	causing	cause	VERB
cblr-13005	874	122	portfolio	portfolio	NOUN
cblr-13005	874	123	firms	firm	NOUN
cblr-13005	874	124	to	to	PART
cblr-13005	874	125	internalize	internalize	VERB
cblr-13005	874	126	their	their	PRON
cblr-13005	874	127	intraportfolio	intraportfolio	ADJ
cblr-13005	874	128	externalities	externality	NOUN
cblr-13005	874	129	,	,	PUNCT
cblr-13005	874	130	leading	lead	VERB
cblr-13005	874	131	to	to	ADP
cblr-13005	874	132	increases	increase	NOUN
cblr-13005	874	133	in	in	ADP
cblr-13005	874	134	risk	risk	NOUN
cblr-13005	874	135	-	-	PUNCT
cblr-13005	874	136	adjusted	adjust	VERB
cblr-13005	874	137	portfolio	portfolio	NOUN
cblr-13005	874	138	value	value	NOUN
cblr-13005	874	139	net	net	NOUN
cblr-13005	874	140	of	of	ADP
cblr-13005	874	141	compliance	compliance	NOUN
cblr-13005	874	142	costs	cost	NOUN
cblr-13005	874	143	.	.	PUNCT
cblr-13005	875	1	a	a	DET
cblr-13005	875	2	full	full	ADJ
cblr-13005	875	3	analysis	analysis	NOUN
cblr-13005	875	4	of	of	ADP
cblr-13005	875	5	whether	whether	SCONJ
cblr-13005	875	6	the	the	DET
cblr-13005	875	7	myriad	myriad	ADJ
cblr-13005	875	8	disclosure	disclosure	NOUN
cblr-13005	875	9	demands	demand	VERB
cblr-13005	875	10	the	the	DET
cblr-13005	875	11	big	big	ADJ
cblr-13005	875	12	three	three	NUM
cblr-13005	875	13	have	have	AUX
cblr-13005	875	14	placed	place	VERB
cblr-13005	875	15	on	on	ADP
cblr-13005	875	16	their	their	PRON
cblr-13005	875	17	portfolio	portfolio	NOUN
cblr-13005	875	18	companies	company	NOUN
cblr-13005	875	19	in	in	ADP
cblr-13005	875	20	recent	recent	ADJ
cblr-13005	875	21	years	year	NOUN
cblr-13005	875	22	pass	pass	VERB
cblr-13005	875	23	this	this	DET
cblr-13005	875	24	test	test	NOUN
cblr-13005	875	25	would	would	AUX
cblr-13005	875	26	take	take	VERB
cblr-13005	875	27	us	we	PRON
cblr-13005	875	28	far	far	ADV
cblr-13005	875	29	beyond	beyond	ADP
cblr-13005	875	30	the	the	DET
cblr-13005	875	31	scope	scope	NOUN
cblr-13005	875	32	of	of	ADP
cblr-13005	875	33	this	this	DET
cblr-13005	875	34	article	article	NOUN
cblr-13005	875	35	.	.	PUNCT
cblr-13005	876	1	suffice	suffice	VERB
cblr-13005	876	2	it	it	PRON
cblr-13005	876	3	to	to	PART
cblr-13005	876	4	say	say	VERB
cblr-13005	876	5	that	that	SCONJ
cblr-13005	876	6	many	many	ADJ
cblr-13005	876	7	probably	probably	ADV
cblr-13005	876	8	would	would	AUX
cblr-13005	876	9	not	not	PART
cblr-13005	876	10	.	.	PUNCT
cblr-13005	877	1	with	with	ADP
cblr-13005	877	2	respect	respect	NOUN
cblr-13005	877	3	to	to	ADP
cblr-13005	877	4	some	some	PRON
cblr-13005	877	5	,	,	PUNCT
cblr-13005	877	6	reasonable	reasonable	ADJ
cblr-13005	877	7	minds	mind	NOUN
cblr-13005	877	8	might	might	AUX
cblr-13005	877	9	disagree	disagree	VERB
cblr-13005	877	10	.	.	PUNCT
cblr-13005	878	1	v.	v.	ADP
cblr-13005	878	2	available	available	ADJ
cblr-13005	878	3	alternatives	alternative	NOUN
cblr-13005	878	4	the	the	DET
cblr-13005	878	5	foregoing	foregoing	NOUN
cblr-13005	878	6	suggests	suggest	VERB
cblr-13005	878	7	that	that	SCONJ
cblr-13005	878	8	rational	rational	ADJ
cblr-13005	878	9	,	,	PUNCT
cblr-13005	878	10	financially	financially	ADV
cblr-13005	878	11	motivated	motivated	ADJ
cblr-13005	878	12	diversified	diversified	ADJ
cblr-13005	878	13	investors	investor	NOUN
cblr-13005	878	14	would	would	AUX
cblr-13005	878	15	discount	discount	VERB
cblr-13005	878	16	the	the	DET
cblr-13005	878	17	benefits	benefit	NOUN
cblr-13005	878	18	of	of	ADP
cblr-13005	878	19	a	a	DET
cblr-13005	878	20	portfoliofocused	portfoliofocuse	VERB
cblr-13005	878	21	stewardship	stewardship	NOUN
cblr-13005	878	22	intervention	intervention	NOUN
cblr-13005	878	23	touted	tout	VERB
cblr-13005	878	24	by	by	ADP
cblr-13005	878	25	asset	asset	NOUN
cblr-13005	878	26	managers	manager	NOUN
cblr-13005	878	27	,	,	PUNCT
cblr-13005	878	28	to	to	ADP
cblr-13005	878	29	varying	vary	VERB
cblr-13005	878	30	degrees	degree	NOUN
cblr-13005	878	31	depending	depend	VERB
cblr-13005	878	32	on	on	ADP
cblr-13005	878	33	the	the	DET
cblr-13005	878	34	intervention	intervention	NOUN
cblr-13005	878	35	’s	’s	PART
cblr-13005	878	36	characteristics	characteristic	NOUN
cblr-13005	878	37	.	.	PUNCT
cblr-13005	879	1	they	they	PRON
cblr-13005	879	2	would	would	AUX
cblr-13005	879	3	also	also	ADV
cblr-13005	879	4	consider	consider	VERB
cblr-13005	879	5	the	the	DET
cblr-13005	879	6	alternatives	alternative	NOUN
cblr-13005	879	7	available	available	ADJ
cblr-13005	879	8	to	to	ADP
cblr-13005	879	9	them	they	PRON
cblr-13005	879	10	for	for	ADP
cblr-13005	879	11	achieving	achieve	VERB
cblr-13005	879	12	the	the	DET
cblr-13005	879	13	internalization	internalization	NOUN
cblr-13005	879	14	of	of	ADP
cblr-13005	879	15	intraportfolio	intraportfolio	ADJ
cblr-13005	879	16	externalities	externality	NOUN
cblr-13005	879	17	.	.	PUNCT
cblr-13005	880	1	if	if	SCONJ
cblr-13005	880	2	those	those	DET
cblr-13005	880	3	alternatives	alternative	NOUN
cblr-13005	880	4	were	be	AUX
cblr-13005	880	5	expected	expect	VERB
cblr-13005	880	6	to	to	PART
cblr-13005	880	7	lead	lead	VERB
cblr-13005	880	8	to	to	ADP
cblr-13005	880	9	a	a	DET
cblr-13005	880	10	greater	great	ADJ
cblr-13005	880	11	net	net	ADJ
cblr-13005	880	12	increase	increase	NOUN
cblr-13005	880	13	in	in	ADP
cblr-13005	880	14	risk	risk	NOUN
cblr-13005	880	15	-	-	PUNCT
cblr-13005	880	16	adjusted	adjust	VERB
cblr-13005	880	17	portfolio	portfolio	NOUN
cblr-13005	880	18	value	value	NOUN
cblr-13005	880	19	if	if	SCONJ
cblr-13005	880	20	pursued	pursue	VERB
cblr-13005	880	21	alone	alone	ADV
cblr-13005	880	22	,	,	PUNCT
cblr-13005	880	23	financially	financially	ADV
cblr-13005	880	24	motivated	motivated	ADJ
cblr-13005	880	25	diversified	diversified	ADJ
cblr-13005	880	26	investors	investor	NOUN
cblr-13005	880	27	would	would	AUX
cblr-13005	880	28	rationally	rationally	ADV
cblr-13005	880	29	prefer	prefer	VERB
cblr-13005	880	30	them	they	PRON
cblr-13005	880	31	.	.	PUNCT
cblr-13005	881	1	alternatives	alternative	NOUN
cblr-13005	881	2	include	include	VERB
cblr-13005	881	3	direct	direct	ADJ
cblr-13005	881	4	advocacy	advocacy	NOUN
cblr-13005	881	5	by	by	ADP
cblr-13005	881	6	diversified	diversified	ADJ
cblr-13005	881	7	investors	investor	NOUN
cblr-13005	881	8	for	for	ADP
cblr-13005	881	9	government	government	NOUN
cblr-13005	881	10	actors	actor	NOUN
cblr-13005	881	11	to	to	PART
cblr-13005	881	12	address	address	VERB
cblr-13005	881	13	intraportfolio	intraportfolio	VERB
cblr-13005	881	14	externalities	externality	NOUN
cblr-13005	881	15	through	through	ADP
cblr-13005	881	16	legal	legal	ADJ
cblr-13005	881	17	change	change	NOUN
cblr-13005	881	18	,	,	PUNCT
cblr-13005	881	19	as	as	ADV
cblr-13005	881	20	well	well	ADV
cblr-13005	881	21	as	as	ADP
cblr-13005	881	22	delegated	delegate	VERB
cblr-13005	881	23	advocacy	advocacy	NOUN
cblr-13005	881	24	for	for	ADP
cblr-13005	881	25	203	203	NUM
cblr-13005	881	26	see	see	ADJ
cblr-13005	881	27	infra	infra	NOUN
cblr-13005	881	28	section	section	NOUN
cblr-13005	881	29	iv.c	iv.c	VERB
cblr-13005	881	30	.	.	PUNCT
cblr-13005	882	1	384	384	NUM
cblr-13005	882	2	columbia	columbia	PROPN
cblr-13005	882	3	business	business	NOUN
cblr-13005	882	4	law	law	PROPN
cblr-13005	882	5	review	review	NOUN
cblr-13005	882	6	[	[	X
cblr-13005	882	7	vol	vol	NOUN
cblr-13005	882	8	.	.	PUNCT
cblr-13005	882	9	2024	2024	NUM
cblr-13005	882	10	the	the	DET
cblr-13005	882	11	same	same	ADJ
cblr-13005	882	12	by	by	ADP
cblr-13005	882	13	asset	asset	NOUN
cblr-13005	882	14	managers.204	managers.204	NOUN
cblr-13005	882	15	just	just	ADV
cblr-13005	882	16	as	as	ADV
cblr-13005	882	17	financially	financially	ADV
cblr-13005	882	18	motivated	motivated	ADJ
cblr-13005	882	19	diversified	diversified	ADJ
cblr-13005	882	20	investors	investor	NOUN
cblr-13005	882	21	would	would	AUX
cblr-13005	882	22	likely	likely	ADV
cblr-13005	882	23	not	not	PART
cblr-13005	882	24	support	support	VERB
cblr-13005	882	25	command	command	NOUN
cblr-13005	882	26	-	-	PUNCT
cblr-13005	882	27	andcontrol	andcontrol	NOUN
cblr-13005	882	28	style	style	NOUN
cblr-13005	882	29	portfolio	portfolio	NOUN
cblr-13005	882	30	-	-	PUNCT
cblr-13005	882	31	focused	focus	VERB
cblr-13005	882	32	stewardship	stewardship	NOUN
cblr-13005	882	33	interventions	intervention	NOUN
cblr-13005	882	34	,	,	PUNCT
cblr-13005	882	35	they	they	PRON
cblr-13005	882	36	would	would	AUX
cblr-13005	882	37	likely	likely	ADV
cblr-13005	882	38	not	not	PART
cblr-13005	882	39	want	want	VERB
cblr-13005	882	40	index	index	NOUN
cblr-13005	882	41	fund	fund	NOUN
cblr-13005	882	42	managers	manager	NOUN
cblr-13005	882	43	to	to	PART
cblr-13005	882	44	advocate	advocate	VERB
cblr-13005	882	45	for	for	ADP
cblr-13005	882	46	specific	specific	ADJ
cblr-13005	882	47	regulatory	regulatory	ADJ
cblr-13005	882	48	solutions	solution	NOUN
cblr-13005	882	49	.	.	PUNCT
cblr-13005	883	1	but	but	CCONJ
cblr-13005	883	2	they	they	PRON
cblr-13005	883	3	might	might	AUX
cblr-13005	883	4	support	support	VERB
cblr-13005	883	5	advocacy	advocacy	NOUN
cblr-13005	883	6	by	by	ADP
cblr-13005	883	7	index	index	NOUN
cblr-13005	883	8	fund	fund	NOUN
cblr-13005	883	9	managers	manager	NOUN
cblr-13005	883	10	designed	design	VERB
cblr-13005	883	11	to	to	PART
cblr-13005	883	12	raise	raise	VERB
cblr-13005	883	13	awareness	awareness	NOUN
cblr-13005	883	14	of	of	ADP
cblr-13005	883	15	problems	problem	NOUN
cblr-13005	883	16	that	that	PRON
cblr-13005	883	17	negatively	negatively	ADV
cblr-13005	883	18	impact	impact	VERB
cblr-13005	883	19	portfolio	portfolio	NOUN
cblr-13005	883	20	value	value	NOUN
cblr-13005	883	21	and	and	CCONJ
cblr-13005	883	22	to	to	PART
cblr-13005	883	23	encourage	encourage	VERB
cblr-13005	883	24	legislative	legislative	ADJ
cblr-13005	883	25	or	or	CCONJ
cblr-13005	883	26	administrative	administrative	ADJ
cblr-13005	883	27	attention	attention	NOUN
cblr-13005	883	28	be	be	AUX
cblr-13005	883	29	paid	pay	VERB
cblr-13005	883	30	to	to	ADP
cblr-13005	883	31	those	those	DET
cblr-13005	883	32	problems	problem	NOUN
cblr-13005	883	33	.	.	PUNCT
cblr-13005	884	1	indeed	indeed	ADV
cblr-13005	884	2	,	,	PUNCT
cblr-13005	884	3	this	this	DET
cblr-13005	884	4	approach	approach	NOUN
cblr-13005	884	5	could	could	AUX
cblr-13005	884	6	complement	complement	VERB
cblr-13005	884	7	disclosure	disclosure	NOUN
cblr-13005	884	8	regulation	regulation	NOUN
cblr-13005	884	9	imposed	impose	VERB
cblr-13005	884	10	by	by	ADP
cblr-13005	884	11	asset	asset	NOUN
cblr-13005	884	12	managers	manager	NOUN
cblr-13005	884	13	with	with	ADP
cblr-13005	884	14	the	the	DET
cblr-13005	884	15	goal	goal	NOUN
cblr-13005	884	16	of	of	ADP
cblr-13005	884	17	prodding	prod	VERB
cblr-13005	884	18	government	government	NOUN
cblr-13005	884	19	action	action	NOUN
cblr-13005	884	20	.	.	PUNCT
cblr-13005	885	1	advocating	advocate	VERB
cblr-13005	885	2	for	for	ADP
cblr-13005	885	3	legal	legal	ADJ
cblr-13005	885	4	change	change	NOUN
cblr-13005	885	5	may	may	AUX
cblr-13005	885	6	be	be	AUX
cblr-13005	885	7	preferable	preferable	ADJ
cblr-13005	885	8	to	to	ADP
cblr-13005	885	9	portfolio	portfolio	NOUN
cblr-13005	885	10	focused	focused	ADJ
cblr-13005	885	11	stewardship	stewardship	NOUN
cblr-13005	885	12	because	because	SCONJ
cblr-13005	885	13	,	,	PUNCT
cblr-13005	885	14	as	as	SCONJ
cblr-13005	885	15	explained	explain	VERB
cblr-13005	885	16	above	above	ADV
cblr-13005	885	17	,	,	PUNCT
cblr-13005	885	18	government	government	NOUN
cblr-13005	885	19	lawmakers	lawmaker	NOUN
cblr-13005	885	20	have	have	VERB
cblr-13005	885	21	a	a	DET
cblr-13005	885	22	broader	broad	ADJ
cblr-13005	885	23	array	array	NOUN
cblr-13005	885	24	of	of	ADP
cblr-13005	885	25	instruments	instrument	NOUN
cblr-13005	885	26	available	available	ADJ
cblr-13005	885	27	to	to	ADP
cblr-13005	885	28	them	they	PRON
cblr-13005	885	29	,	,	PUNCT
cblr-13005	885	30	often	often	ADV
cblr-13005	885	31	have	have	AUX
cblr-13005	885	32	expertise	expertise	NOUN
cblr-13005	885	33	that	that	PRON
cblr-13005	885	34	index	index	NOUN
cblr-13005	885	35	fund	fund	NOUN
cblr-13005	885	36	managers	manager	NOUN
cblr-13005	885	37	lack	lack	VERB
cblr-13005	885	38	,	,	PUNCT
cblr-13005	885	39	and	and	CCONJ
cblr-13005	885	40	are	be	AUX
cblr-13005	885	41	subject	subject	ADJ
cblr-13005	885	42	to	to	ADP
cblr-13005	885	43	a	a	DET
cblr-13005	885	44	much	much	ADV
cblr-13005	885	45	greater	great	ADJ
cblr-13005	885	46	degree	degree	NOUN
cblr-13005	885	47	of	of	ADP
cblr-13005	885	48	accountability	accountability	NOUN
cblr-13005	885	49	that	that	PRON
cblr-13005	885	50	serves	serve	VERB
cblr-13005	885	51	as	as	ADP
cblr-13005	885	52	a	a	DET
cblr-13005	885	53	constraint	constraint	NOUN
cblr-13005	885	54	on	on	ADP
cblr-13005	885	55	opportunism	opportunism	NOUN
cblr-13005	885	56	.	.	PUNCT
cblr-13005	886	1	moreover	moreover	ADV
cblr-13005	886	2	,	,	PUNCT
cblr-13005	886	3	laws	law	NOUN
cblr-13005	886	4	avoid	avoid	VERB
cblr-13005	886	5	the	the	DET
cblr-13005	886	6	gordian	gordian	ADJ
cblr-13005	886	7	knot	knot	NOUN
cblr-13005	886	8	that	that	PRON
cblr-13005	886	9	portfolio	portfolio	NOUN
cblr-13005	886	10	focused	focused	ADJ
cblr-13005	886	11	stewardship	stewardship	NOUN
cblr-13005	886	12	interventions	intervention	NOUN
cblr-13005	886	13	face	face	VERB
cblr-13005	886	14	because	because	SCONJ
cblr-13005	886	15	complying	comply	VERB
cblr-13005	886	16	with	with	ADP
cblr-13005	886	17	laws	law	NOUN
cblr-13005	886	18	is	be	AUX
cblr-13005	886	19	consistent	consistent	ADJ
cblr-13005	886	20	with	with	ADP
cblr-13005	886	21	firm	firm	ADJ
cblr-13005	886	22	managers	manager	NOUN
cblr-13005	886	23	’	’	PART
cblr-13005	886	24	fiduciary	fiduciary	ADJ
cblr-13005	886	25	duties	duty	NOUN
cblr-13005	886	26	.	.	PUNCT
cblr-13005	887	1	to	to	PART
cblr-13005	887	2	be	be	AUX
cblr-13005	887	3	sure	sure	ADJ
cblr-13005	887	4	,	,	PUNCT
cblr-13005	887	5	laws	law	NOUN
cblr-13005	887	6	should	should	AUX
cblr-13005	887	7	be	be	AUX
cblr-13005	887	8	designed	design	VERB
cblr-13005	887	9	to	to	PART
cblr-13005	887	10	maximize	maximize	VERB
cblr-13005	887	11	social	social	ADJ
cblr-13005	887	12	welfare	welfare	NOUN
cblr-13005	887	13	,	,	PUNCT
cblr-13005	887	14	not	not	PART
cblr-13005	887	15	risk	risk	NOUN
cblr-13005	887	16	-	-	PUNCT
cblr-13005	887	17	adjusted	adjust	VERB
cblr-13005	887	18	portfolio	portfolio	NOUN
cblr-13005	887	19	value	value	NOUN
cblr-13005	887	20	,	,	PUNCT
cblr-13005	887	21	and	and	CCONJ
cblr-13005	887	22	the	the	DET
cblr-13005	887	23	two	two	NUM
cblr-13005	887	24	are	be	AUX
cblr-13005	887	25	not	not	PART
cblr-13005	887	26	the	the	DET
cblr-13005	887	27	same	same	ADJ
cblr-13005	887	28	.	.	PUNCT
cblr-13005	888	1	but	but	CCONJ
cblr-13005	888	2	given	give	VERB
cblr-13005	888	3	the	the	DET
cblr-13005	888	4	foregoing	forego	VERB
cblr-13005	888	5	advantages	advantage	NOUN
cblr-13005	888	6	,	,	PUNCT
cblr-13005	888	7	legal	legal	ADJ
cblr-13005	888	8	interventions	intervention	NOUN
cblr-13005	888	9	may	may	AUX
cblr-13005	888	10	nevertheless	nevertheless	ADV
cblr-13005	888	11	result	result	VERB
cblr-13005	888	12	in	in	ADP
cblr-13005	888	13	greater	great	ADJ
cblr-13005	888	14	increases	increase	NOUN
cblr-13005	888	15	in	in	ADP
cblr-13005	888	16	risk	risk	NOUN
cblr-13005	888	17	-	-	PUNCT
cblr-13005	888	18	adjusted	adjust	VERB
cblr-13005	888	19	portfolio	portfolio	NOUN
cblr-13005	888	20	value	value	NOUN
cblr-13005	888	21	than	than	ADP
cblr-13005	888	22	portfolio	portfolio	NOUN
cblr-13005	888	23	-	-	PUNCT
cblr-13005	888	24	focused	focus	VERB
cblr-13005	888	25	stewardship	stewardship	NOUN
cblr-13005	888	26	interventions	intervention	NOUN
cblr-13005	888	27	.	.	PUNCT
cblr-13005	889	1	what	what	PRON
cblr-13005	889	2	if	if	SCONJ
cblr-13005	889	3	pathologies	pathology	NOUN
cblr-13005	889	4	were	be	AUX
cblr-13005	889	5	expected	expect	VERB
cblr-13005	889	6	to	to	PART
cblr-13005	889	7	preclude	preclude	VERB
cblr-13005	889	8	effective	effective	ADJ
cblr-13005	889	9	government	government	NOUN
cblr-13005	889	10	action	action	NOUN
cblr-13005	889	11	?	?	PUNCT
cblr-13005	890	1	if	if	SCONJ
cblr-13005	890	2	that	that	PRON
cblr-13005	890	3	were	be	AUX
cblr-13005	890	4	the	the	DET
cblr-13005	890	5	case	case	NOUN
cblr-13005	890	6	,	,	PUNCT
cblr-13005	890	7	then	then	ADV
cblr-13005	890	8	obviously	obviously	ADV
cblr-13005	890	9	advocating	advocate	VERB
cblr-13005	890	10	for	for	ADP
cblr-13005	890	11	government	government	NOUN
cblr-13005	890	12	action	action	NOUN
cblr-13005	890	13	would	would	AUX
cblr-13005	890	14	not	not	PART
cblr-13005	890	15	be	be	AUX
cblr-13005	890	16	an	an	DET
cblr-13005	890	17	attractive	attractive	ADJ
cblr-13005	890	18	alternative	alternative	NOUN
cblr-13005	890	19	to	to	ADP
cblr-13005	890	20	portfolio	portfolio	NOUN
cblr-13005	890	21	-	-	PUNCT
cblr-13005	890	22	focused	focus	VERB
cblr-13005	890	23	stewardship	stewardship	NOUN
cblr-13005	890	24	as	as	ADP
cblr-13005	890	25	a	a	DET
cblr-13005	890	26	way	way	NOUN
cblr-13005	890	27	to	to	PART
cblr-13005	890	28	deal	deal	VERB
cblr-13005	890	29	with	with	ADP
cblr-13005	890	30	intraportfolio	intraportfolio	ADJ
cblr-13005	890	31	externalities	externality	NOUN
cblr-13005	890	32	.	.	PUNCT
cblr-13005	891	1	but	but	CCONJ
cblr-13005	891	2	the	the	DET
cblr-13005	891	3	absence	absence	NOUN
cblr-13005	891	4	of	of	ADP
cblr-13005	891	5	a	a	DET
cblr-13005	891	6	viable	viable	ADJ
cblr-13005	891	7	government	government	NOUN
cblr-13005	891	8	alternative	alternative	NOUN
cblr-13005	891	9	would	would	AUX
cblr-13005	891	10	not	not	PART
cblr-13005	891	11	make	make	VERB
cblr-13005	891	12	portfolio	portfolio	NOUN
cblr-13005	891	13	focused	focused	ADJ
cblr-13005	891	14	stewardship	stewardship	NOUN
cblr-13005	891	15	interventions	intervention	NOUN
cblr-13005	891	16	that	that	PRON
cblr-13005	891	17	are	be	AUX
cblr-13005	891	18	unlikely	unlikely	ADJ
cblr-13005	891	19	to	to	PART
cblr-13005	891	20	increase	increase	VERB
cblr-13005	891	21	riskadjusted	riskadjusted	ADJ
cblr-13005	891	22	portfolio	portfolio	NOUN
cblr-13005	891	23	value	value	NOUN
cblr-13005	891	24	suddenly	suddenly	ADV
cblr-13005	891	25	attractive	attractive	ADJ
cblr-13005	891	26	to	to	ADP
cblr-13005	891	27	financially	financially	ADV
cblr-13005	891	28	motivated	motivated	ADJ
cblr-13005	891	29	diversified	diversified	ADJ
cblr-13005	891	30	investors	investor	NOUN
cblr-13005	891	31	.	.	PUNCT
cblr-13005	892	1	as	as	SCONJ
cblr-13005	892	2	discussed	discuss	VERB
cblr-13005	892	3	above	above	ADV
cblr-13005	892	4	,	,	PUNCT
cblr-13005	892	5	most	most	ADJ
cblr-13005	892	6	command	command	NOUN
cblr-13005	892	7	-	-	PUNCT
cblr-13005	892	8	and	and	CCONJ
cblr-13005	892	9	-	-	PUNCT
cblr-13005	892	10	control	control	NOUN
cblr-13005	892	11	style	style	NOUN
cblr-13005	892	12	portfolio	portfolio	NOUN
cblr-13005	892	13	-	-	PUNCT
cblr-13005	892	14	focused	focus	VERB
cblr-13005	892	15	stewardship	stewardship	NOUN
cblr-13005	892	16	interventions	intervention	NOUN
cblr-13005	892	17	would	would	AUX
cblr-13005	892	18	not	not	PART
cblr-13005	892	19	be	be	AUX
cblr-13005	892	20	trusted	trust	VERB
cblr-13005	892	21	to	to	PART
cblr-13005	892	22	have	have	VERB
cblr-13005	892	23	a	a	DET
cblr-13005	892	24	positive	positive	ADJ
cblr-13005	892	25	effect	effect	NOUN
cblr-13005	892	26	on	on	ADP
cblr-13005	892	27	204	204	NUM
cblr-13005	892	28	cf	cf	NOUN
cblr-13005	892	29	.	.	PUNCT
cblr-13005	893	1	armour	armour	NOUN
cblr-13005	893	2	and	and	CCONJ
cblr-13005	893	3	gordon	gordon	PROPN
cblr-13005	893	4	,	,	PUNCT
cblr-13005	893	5	supra	supra	PROPN
cblr-13005	893	6	note	note	PROPN
cblr-13005	893	7	40	40	NUM
cblr-13005	893	8	,	,	PUNCT
cblr-13005	893	9	at	at	ADP
cblr-13005	893	10	61	61	NUM
cblr-13005	893	11	(	(	PUNCT
cblr-13005	893	12	remarking	remark	VERB
cblr-13005	893	13	that	that	SCONJ
cblr-13005	893	14	“	"	PUNCT
cblr-13005	893	15	there	there	PRON
cblr-13005	893	16	may	may	AUX
cblr-13005	893	17	be	be	AUX
cblr-13005	893	18	grounds	ground	NOUN
cblr-13005	893	19	for	for	SCONJ
cblr-13005	893	20	institutional	institutional	ADJ
cblr-13005	893	21	investors	investor	NOUN
cblr-13005	893	22	to	to	PART
cblr-13005	893	23	influence	influence	VERB
cblr-13005	893	24	governance	governance	NOUN
cblr-13005	893	25	in	in	ADP
cblr-13005	893	26	systemic	systemic	ADJ
cblr-13005	893	27	firms	firm	NOUN
cblr-13005	893	28	through	through	ADP
cblr-13005	893	29	political	political	ADJ
cblr-13005	893	30	,	,	PUNCT
cblr-13005	893	31	rather	rather	ADV
cblr-13005	893	32	than	than	ADP
cblr-13005	893	33	firm	firm	ADJ
cblr-13005	893	34	-	-	PUNCT
cblr-13005	893	35	level	level	NOUN
cblr-13005	893	36	,	,	PUNCT
cblr-13005	893	37	channels	channel	NOUN
cblr-13005	893	38	”	"	PUNCT
cblr-13005	893	39	)	)	PUNCT
cblr-13005	893	40	.	.	PUNCT
cblr-13005	894	1	no	no	INTJ
cblr-13005	894	2	.	.	NOUN
cblr-13005	895	1	1	1	NUM
cblr-13005	895	2	]	]	PUNCT
cblr-13005	895	3	a	a	DET
cblr-13005	895	4	hard	hard	ADJ
cblr-13005	895	5	look	look	NOUN
cblr-13005	895	6	at	at	ADP
cblr-13005	895	7	portfolio	portfolio	NOUN
cblr-13005	895	8	focused	focused	ADJ
cblr-13005	895	9	stewardship	stewardship	NOUN
cblr-13005	895	10	385	385	NUM
cblr-13005	895	11	portfolio	portfolio	NOUN
cblr-13005	895	12	value	value	NOUN
cblr-13005	895	13	.	.	PUNCT
cblr-13005	896	1	those	those	PRON
cblr-13005	896	2	that	that	PRON
cblr-13005	896	3	would	would	AUX
cblr-13005	896	4	are	are	VERB
cblr-13005	896	5	the	the	DET
cblr-13005	896	6	sort	sort	NOUN
cblr-13005	896	7	that	that	PRON
cblr-13005	896	8	would	would	AUX
cblr-13005	896	9	produce	produce	VERB
cblr-13005	896	10	clear	clear	ADJ
cblr-13005	896	11	portfolio	portfolio	NOUN
cblr-13005	896	12	payoffs	payoff	NOUN
cblr-13005	896	13	with	with	ADP
cblr-13005	896	14	little	little	ADJ
cblr-13005	896	15	risk	risk	NOUN
cblr-13005	896	16	,	,	PUNCT
cblr-13005	896	17	and	and	CCONJ
cblr-13005	896	18	thus	thus	ADV
cblr-13005	896	19	would	would	AUX
cblr-13005	896	20	likely	likely	ADV
cblr-13005	896	21	garner	garner	VERB
cblr-13005	896	22	broad	broad	ADJ
cblr-13005	896	23	bipartisan	bipartisan	ADJ
cblr-13005	896	24	support	support	NOUN
cblr-13005	896	25	if	if	SCONJ
cblr-13005	896	26	a	a	DET
cblr-13005	896	27	government	government	NOUN
cblr-13005	896	28	alternative	alternative	NOUN
cblr-13005	896	29	was	be	AUX
cblr-13005	896	30	pursued.205	pursued.205	NOUN
cblr-13005	896	31	moreover	moreover	ADV
cblr-13005	896	32	,	,	PUNCT
cblr-13005	896	33	disclosure	disclosure	NOUN
cblr-13005	896	34	regulation	regulation	NOUN
cblr-13005	896	35	by	by	ADP
cblr-13005	896	36	index	index	NOUN
cblr-13005	896	37	fund	fund	NOUN
cblr-13005	896	38	managers	manager	NOUN
cblr-13005	896	39	will	will	AUX
cblr-13005	896	40	often	often	ADV
cblr-13005	896	41	fail	fail	VERB
cblr-13005	896	42	to	to	PART
cblr-13005	896	43	effectively	effectively	ADV
cblr-13005	896	44	address	address	VERB
cblr-13005	896	45	intraportfolio	intraportfolio	VERB
cblr-13005	896	46	externalities	externality	NOUN
cblr-13005	896	47	.	.	PUNCT
cblr-13005	897	1	therefore	therefore	ADV
cblr-13005	897	2	,	,	PUNCT
cblr-13005	897	3	a	a	DET
cblr-13005	897	4	more	more	ADV
cblr-13005	897	5	promising	promising	ADJ
cblr-13005	897	6	approach	approach	NOUN
cblr-13005	897	7	to	to	ADP
cblr-13005	897	8	the	the	DET
cblr-13005	897	9	issue	issue	NOUN
cblr-13005	897	10	of	of	ADP
cblr-13005	897	11	government	government	NOUN
cblr-13005	897	12	failure	failure	NOUN
cblr-13005	897	13	might	might	AUX
cblr-13005	897	14	be	be	AUX
cblr-13005	897	15	to	to	PART
cblr-13005	897	16	try	try	VERB
cblr-13005	897	17	to	to	PART
cblr-13005	897	18	correct	correct	VERB
cblr-13005	897	19	the	the	DET
cblr-13005	897	20	underlying	underlie	VERB
cblr-13005	897	21	pathologies	pathology	NOUN
cblr-13005	897	22	that	that	PRON
cblr-13005	897	23	interfere	interfere	VERB
cblr-13005	897	24	with	with	ADP
cblr-13005	897	25	effective	effective	ADJ
cblr-13005	897	26	government	government	NOUN
cblr-13005	897	27	action	action	NOUN
cblr-13005	897	28	.	.	PUNCT
cblr-13005	898	1	index	index	NOUN
cblr-13005	898	2	fund	fund	NOUN
cblr-13005	898	3	managers	manager	NOUN
cblr-13005	898	4	could	could	AUX
cblr-13005	898	5	be	be	AUX
cblr-13005	898	6	viewed	view	VERB
cblr-13005	898	7	as	as	ADP
cblr-13005	898	8	having	have	VERB
cblr-13005	898	9	a	a	DET
cblr-13005	898	10	role	role	NOUN
cblr-13005	898	11	to	to	PART
cblr-13005	898	12	play	play	VERB
cblr-13005	898	13	in	in	ADP
cblr-13005	898	14	this	this	DET
cblr-13005	898	15	endeavor	endeavor	NOUN
cblr-13005	898	16	,	,	PUNCT
cblr-13005	898	17	although	although	SCONJ
cblr-13005	898	18	it	it	PRON
cblr-13005	898	19	is	be	AUX
cblr-13005	898	20	debatable	debatable	ADJ
cblr-13005	898	21	whether	whether	SCONJ
cblr-13005	898	22	financially	financially	ADV
cblr-13005	898	23	motivated	motivated	ADJ
cblr-13005	898	24	diversified	diversified	ADJ
cblr-13005	898	25	investors	investor	NOUN
cblr-13005	898	26	would	would	AUX
cblr-13005	898	27	want	want	VERB
cblr-13005	898	28	them	they	PRON
cblr-13005	898	29	to	to	PART
cblr-13005	898	30	.	.	PUNCT
cblr-13005	899	1	specifically	specifically	ADV
cblr-13005	899	2	,	,	PUNCT
cblr-13005	899	3	index	index	NOUN
cblr-13005	899	4	fund	fund	NOUN
cblr-13005	899	5	managers	manager	NOUN
cblr-13005	899	6	could	could	AUX
cblr-13005	899	7	use	use	VERB
cblr-13005	899	8	fund	fund	NOUN
cblr-13005	899	9	influence	influence	NOUN
cblr-13005	899	10	over	over	ADP
cblr-13005	899	11	portfolio	portfolio	NOUN
cblr-13005	899	12	firm	firm	NOUN
cblr-13005	899	13	managers	manager	NOUN
cblr-13005	899	14	to	to	PART
cblr-13005	899	15	disable	disable	VERB
cblr-13005	899	16	the	the	DET
cblr-13005	899	17	latter	latter	ADJ
cblr-13005	899	18	from	from	ADP
cblr-13005	899	19	using	use	VERB
cblr-13005	899	20	corporate	corporate	ADJ
cblr-13005	899	21	resources	resource	NOUN
cblr-13005	899	22	to	to	PART
cblr-13005	899	23	fight	fight	VERB
cblr-13005	899	24	legal	legal	ADJ
cblr-13005	899	25	changes	change	NOUN
cblr-13005	899	26	that	that	PRON
cblr-13005	899	27	might	might	AUX
cblr-13005	899	28	operate	operate	VERB
cblr-13005	899	29	to	to	PART
cblr-13005	899	30	force	force	VERB
cblr-13005	899	31	the	the	DET
cblr-13005	899	32	internalization	internalization	NOUN
cblr-13005	899	33	of	of	ADP
cblr-13005	899	34	intraportfolio	intraportfolio	ADJ
cblr-13005	899	35	harms	harm	NOUN
cblr-13005	899	36	.	.	PUNCT
cblr-13005	900	1	while	while	SCONJ
cblr-13005	900	2	this	this	PRON
cblr-13005	900	3	might	might	AUX
cblr-13005	900	4	be	be	AUX
cblr-13005	900	5	thought	think	VERB
cblr-13005	900	6	of	of	ADP
cblr-13005	900	7	as	as	ADP
cblr-13005	900	8	an	an	DET
cblr-13005	900	9	example	example	NOUN
cblr-13005	900	10	of	of	ADP
cblr-13005	900	11	a	a	DET
cblr-13005	900	12	command	command	NOUN
cblr-13005	900	13	-	-	PUNCT
cblr-13005	900	14	and	and	CCONJ
cblr-13005	900	15	-	-	PUNCT
cblr-13005	900	16	control	control	NOUN
cblr-13005	900	17	style	style	NOUN
cblr-13005	900	18	portfolio	portfolio	NOUN
cblr-13005	900	19	-	-	PUNCT
cblr-13005	900	20	focused	focus	VERB
cblr-13005	900	21	stewardship	stewardship	NOUN
cblr-13005	900	22	intervention	intervention	NOUN
cblr-13005	900	23	,	,	PUNCT
cblr-13005	900	24	it	it	PRON
cblr-13005	900	25	is	be	AUX
cblr-13005	900	26	distinguishable	distinguishable	ADJ
cblr-13005	900	27	in	in	ADP
cblr-13005	900	28	one	one	NUM
cblr-13005	900	29	critical	critical	ADJ
cblr-13005	900	30	respect	respect	NOUN
cblr-13005	900	31	:	:	PUNCT
cblr-13005	900	32	it	it	PRON
cblr-13005	900	33	leaves	leave	VERB
cblr-13005	900	34	the	the	DET
cblr-13005	900	35	crafting	crafting	NOUN
cblr-13005	900	36	of	of	ADP
cblr-13005	900	37	the	the	DET
cblr-13005	900	38	internalization	internalization	NOUN
cblr-13005	900	39	solution	solution	NOUN
cblr-13005	900	40	to	to	ADP
cblr-13005	900	41	the	the	DET
cblr-13005	900	42	public	public	ADJ
cblr-13005	900	43	lawmaking	lawmaking	NOUN
cblr-13005	900	44	process	process	NOUN
cblr-13005	900	45	.	.	PUNCT
cblr-13005	901	1	they	they	PRON
cblr-13005	901	2	could	could	AUX
cblr-13005	901	3	,	,	PUNCT
cblr-13005	901	4	more	more	ADV
cblr-13005	901	5	softly	softly	ADV
cblr-13005	901	6	,	,	PUNCT
cblr-13005	901	7	demand	demand	VERB
cblr-13005	901	8	disclosure	disclosure	NOUN
cblr-13005	901	9	about	about	ADP
cblr-13005	901	10	corporate	corporate	ADJ
cblr-13005	901	11	political	political	ADJ
cblr-13005	901	12	spending	spending	NOUN
cblr-13005	901	13	and	and	CCONJ
cblr-13005	901	14	lobbying	lobbying	NOUN
cblr-13005	901	15	efforts	effort	NOUN
cblr-13005	901	16	.	.	PUNCT
cblr-13005	902	1	this	this	PRON
cblr-13005	902	2	could	could	AUX
cblr-13005	902	3	be	be	AUX
cblr-13005	902	4	viewed	view	VERB
cblr-13005	902	5	as	as	ADP
cblr-13005	902	6	disclosure	disclosure	NOUN
cblr-13005	902	7	regulation	regulation	NOUN
cblr-13005	902	8	of	of	ADP
cblr-13005	902	9	the	the	DET
cblr-13005	902	10	sort	sort	NOUN
cblr-13005	902	11	discussed	discuss	VERB
cblr-13005	902	12	above	above	ADV
cblr-13005	902	13	,	,	PUNCT
cblr-13005	902	14	but	but	CCONJ
cblr-13005	902	15	again	again	ADV
cblr-13005	902	16	it	it	PRON
cblr-13005	902	17	is	be	AUX
cblr-13005	902	18	slightly	slightly	ADV
cblr-13005	902	19	different	different	ADJ
cblr-13005	902	20	.	.	PUNCT
cblr-13005	903	1	when	when	SCONJ
cblr-13005	903	2	disclosure	disclosure	NOUN
cblr-13005	903	3	regulation	regulation	NOUN
cblr-13005	903	4	was	be	AUX
cblr-13005	903	5	explained	explain	VERB
cblr-13005	903	6	supra	supra	PROPN
cblr-13005	903	7	,	,	PUNCT
cblr-13005	903	8	the	the	DET
cblr-13005	903	9	assumption	assumption	NOUN
cblr-13005	903	10	was	be	AUX
cblr-13005	903	11	that	that	SCONJ
cblr-13005	903	12	the	the	DET
cblr-13005	903	13	disclosed	disclose	VERB
cblr-13005	903	14	information	information	NOUN
cblr-13005	903	15	would	would	AUX
cblr-13005	903	16	directly	directly	ADV
cblr-13005	903	17	prod	prod	VERB
cblr-13005	903	18	actions	action	NOUN
cblr-13005	903	19	that	that	PRON
cblr-13005	903	20	would	would	AUX
cblr-13005	903	21	in	in	ADP
cblr-13005	903	22	turn	turn	NOUN
cblr-13005	903	23	force	force	VERB
cblr-13005	903	24	the	the	DET
cblr-13005	903	25	internalization	internalization	NOUN
cblr-13005	903	26	of	of	ADP
cblr-13005	903	27	intraportfolio	intraportfolio	ADJ
cblr-13005	903	28	externalities	externality	NOUN
cblr-13005	903	29	.	.	PUNCT
cblr-13005	904	1	here	here	ADV
cblr-13005	904	2	,	,	PUNCT
cblr-13005	904	3	the	the	DET
cblr-13005	904	4	chain	chain	NOUN
cblr-13005	904	5	is	be	AUX
cblr-13005	904	6	more	more	ADV
cblr-13005	904	7	attenuated	attenuate	VERB
cblr-13005	904	8	:	:	PUNCT
cblr-13005	904	9	the	the	DET
cblr-13005	904	10	information	information	NOUN
cblr-13005	904	11	would	would	AUX
cblr-13005	904	12	be	be	AUX
cblr-13005	904	13	designed	design	VERB
cblr-13005	904	14	to	to	PART
cblr-13005	904	15	prod	prod	VERB
cblr-13005	904	16	—	—	PUNCT
cblr-13005	904	17	through	through	ADP
cblr-13005	904	18	market	market	NOUN
cblr-13005	904	19	actors	actor	NOUN
cblr-13005	904	20	’	'	PUNCT
cblr-13005	904	21	response	response	NOUN
cblr-13005	904	22	(	(	PUNCT
cblr-13005	904	23	or	or	CCONJ
cblr-13005	904	24	anticipated	anticipate	VERB
cblr-13005	904	25	response	response	NOUN
cblr-13005	904	26	)	)	PUNCT
cblr-13005	904	27	to	to	ADP
cblr-13005	904	28	the	the	DET
cblr-13005	904	29	disclosures	disclosure	NOUN
cblr-13005	904	30	—	—	PUNCT
cblr-13005	904	31	a	a	DET
cblr-13005	904	32	reduction	reduction	NOUN
cblr-13005	904	33	in	in	ADP
cblr-13005	904	34	corporate	corporate	ADJ
cblr-13005	904	35	political	political	ADJ
cblr-13005	904	36	spending	spending	NOUN
cblr-13005	904	37	and	and	CCONJ
cblr-13005	904	38	lobbying	lobbying	NOUN
cblr-13005	904	39	efforts	effort	NOUN
cblr-13005	904	40	,	,	PUNCT
cblr-13005	904	41	which	which	PRON
cblr-13005	904	42	in	in	ADP
cblr-13005	904	43	turn	turn	NOUN
cblr-13005	904	44	could	could	AUX
cblr-13005	904	45	make	make	VERB
cblr-13005	904	46	government	government	NOUN
cblr-13005	904	47	intervention	intervention	NOUN
cblr-13005	904	48	to	to	PART
cblr-13005	904	49	address	address	VERB
cblr-13005	904	50	the	the	DET
cblr-13005	904	51	externality	externality	NOUN
cblr-13005	904	52	more	more	ADV
cblr-13005	904	53	likely	likely	ADJ
cblr-13005	904	54	.	.	PUNCT
cblr-13005	905	1	whether	whether	SCONJ
cblr-13005	905	2	financially	financially	ADV
cblr-13005	905	3	motivated	motivated	ADJ
cblr-13005	905	4	diversified	diversified	ADJ
cblr-13005	905	5	investors	investor	NOUN
cblr-13005	905	6	would	would	AUX
cblr-13005	905	7	205	205	NUM
cblr-13005	905	8	moreover	moreover	ADV
cblr-13005	905	9	,	,	PUNCT
cblr-13005	905	10	it	it	PRON
cblr-13005	905	11	must	must	AUX
cblr-13005	905	12	be	be	AUX
cblr-13005	905	13	remembered	remember	VERB
cblr-13005	905	14	that	that	SCONJ
cblr-13005	905	15	index	index	NOUN
cblr-13005	905	16	fund	fund	NOUN
cblr-13005	905	17	managers	manager	NOUN
cblr-13005	905	18	are	be	AUX
cblr-13005	905	19	unlikely	unlikely	ADJ
cblr-13005	905	20	to	to	PART
cblr-13005	905	21	push	push	VERB
cblr-13005	905	22	command	command	NOUN
cblr-13005	905	23	-	-	PUNCT
cblr-13005	905	24	and	and	CCONJ
cblr-13005	905	25	-	-	PUNCT
cblr-13005	905	26	control	control	NOUN
cblr-13005	905	27	style	style	NOUN
cblr-13005	905	28	regulations	regulation	NOUN
cblr-13005	905	29	of	of	ADP
cblr-13005	905	30	any	any	DET
cblr-13005	905	31	sort	sort	NOUN
cblr-13005	905	32	,	,	PUNCT
cblr-13005	905	33	given	give	VERB
cblr-13005	905	34	the	the	DET
cblr-13005	905	35	numerous	numerous	ADJ
cblr-13005	905	36	incentives	incentive	NOUN
cblr-13005	905	37	they	they	PRON
cblr-13005	905	38	face	face	VERB
cblr-13005	905	39	to	to	PART
cblr-13005	905	40	remain	remain	VERB
cblr-13005	905	41	passive	passive	ADJ
cblr-13005	905	42	,	,	PUNCT
cblr-13005	905	43	and	and	CCONJ
cblr-13005	905	44	the	the	DET
cblr-13005	905	45	big	big	ADJ
cblr-13005	905	46	three	three	NUM
cblr-13005	905	47	have	have	AUX
cblr-13005	905	48	recently	recently	ADV
cblr-13005	905	49	declared	declare	VERB
cblr-13005	905	50	that	that	SCONJ
cblr-13005	905	51	they	they	PRON
cblr-13005	905	52	view	view	VERB
cblr-13005	905	53	doing	do	VERB
cblr-13005	905	54	so	so	ADV
cblr-13005	905	55	as	as	ADP
cblr-13005	905	56	inconsistent	inconsistent	ADJ
cblr-13005	905	57	with	with	ADP
cblr-13005	905	58	the	the	DET
cblr-13005	905	59	proper	proper	ADJ
cblr-13005	905	60	role	role	NOUN
cblr-13005	905	61	of	of	ADP
cblr-13005	905	62	an	an	DET
cblr-13005	905	63	asset	asset	NOUN
cblr-13005	905	64	manager	manager	NOUN
cblr-13005	905	65	.	.	PUNCT
cblr-13005	906	1	386	386	NUM
cblr-13005	906	2	columbia	columbia	PROPN
cblr-13005	906	3	business	business	NOUN
cblr-13005	906	4	law	law	PROPN
cblr-13005	906	5	review	review	NOUN
cblr-13005	906	6	[	[	X
cblr-13005	906	7	vol	vol	NOUN
cblr-13005	906	8	.	.	NOUN
cblr-13005	906	9	2024	2024	NUM
cblr-13005	906	10	rationally	rationally	ADV
cblr-13005	906	11	support	support	VERB
cblr-13005	906	12	these	these	DET
cblr-13005	906	13	sorts	sort	NOUN
cblr-13005	906	14	of	of	ADP
cblr-13005	906	15	interventions	intervention	NOUN
cblr-13005	906	16	is	be	AUX
cblr-13005	906	17	contestable	contestable	ADJ
cblr-13005	906	18	for	for	ADP
cblr-13005	906	19	at	at	ADV
cblr-13005	906	20	least	least	ADV
cblr-13005	906	21	two	two	NUM
cblr-13005	906	22	reasons	reason	NOUN
cblr-13005	906	23	.	.	PUNCT
cblr-13005	907	1	first	first	ADV
cblr-13005	907	2	,	,	PUNCT
cblr-13005	907	3	there	there	PRON
cblr-13005	907	4	may	may	AUX
cblr-13005	907	5	be	be	AUX
cblr-13005	907	6	uncertainty	uncertainty	NOUN
cblr-13005	907	7	regarding	regard	VERB
cblr-13005	907	8	the	the	DET
cblr-13005	907	9	premise	premise	NOUN
cblr-13005	907	10	that	that	SCONJ
cblr-13005	907	11	corporate	corporate	ADJ
cblr-13005	907	12	political	political	ADJ
cblr-13005	907	13	spending	spending	NOUN
cblr-13005	907	14	or	or	CCONJ
cblr-13005	907	15	corporate	corporate	ADJ
cblr-13005	907	16	lobbying	lobbying	NOUN
cblr-13005	907	17	have	have	AUX
cblr-13005	907	18	led	lead	VERB
cblr-13005	907	19	to	to	ADP
cblr-13005	907	20	a	a	DET
cblr-13005	907	21	government	government	NOUN
cblr-13005	907	22	failure	failure	NOUN
cblr-13005	907	23	that	that	SCONJ
cblr-13005	907	24	in	in	ADP
cblr-13005	907	25	turn	turn	NOUN
cblr-13005	907	26	has	have	AUX
cblr-13005	907	27	negatively	negatively	ADV
cblr-13005	907	28	impacted	impact	VERB
cblr-13005	907	29	risk	risk	NOUN
cblr-13005	907	30	-	-	PUNCT
cblr-13005	907	31	adjusted	adjust	VERB
cblr-13005	907	32	portfolio	portfolio	NOUN
cblr-13005	907	33	value	value	NOUN
cblr-13005	907	34	.	.	PUNCT
cblr-13005	908	1	arguments	argument	NOUN
cblr-13005	908	2	of	of	ADP
cblr-13005	908	3	government	government	NOUN
cblr-13005	908	4	failure	failure	NOUN
cblr-13005	908	5	must	must	AUX
cblr-13005	908	6	be	be	AUX
cblr-13005	908	7	analyzed	analyze	VERB
cblr-13005	908	8	rigorously	rigorously	ADV
cblr-13005	908	9	because	because	SCONJ
cblr-13005	908	10	what	what	PRON
cblr-13005	908	11	one	one	NUM
cblr-13005	908	12	views	view	NOUN
cblr-13005	908	13	as	as	ADP
cblr-13005	908	14	government	government	NOUN
cblr-13005	908	15	dysfunction	dysfunction	NOUN
cblr-13005	908	16	another	another	PRON
cblr-13005	908	17	may	may	AUX
cblr-13005	908	18	view	view	VERB
cblr-13005	908	19	as	as	ADP
cblr-13005	908	20	government	government	NOUN
cblr-13005	908	21	working	work	VERB
cblr-13005	908	22	by	by	ADP
cblr-13005	908	23	design	design	NOUN
cblr-13005	908	24	.	.	PUNCT
cblr-13005	909	1	whenever	whenever	SCONJ
cblr-13005	909	2	political	political	ADJ
cblr-13005	909	3	roadblocks	roadblock	NOUN
cblr-13005	909	4	are	be	AUX
cblr-13005	909	5	hit	hit	VERB
cblr-13005	909	6	that	that	PRON
cblr-13005	909	7	stall	stall	VERB
cblr-13005	909	8	a	a	DET
cblr-13005	909	9	government	government	NOUN
cblr-13005	909	10	response	response	NOUN
cblr-13005	909	11	to	to	ADP
cblr-13005	909	12	an	an	DET
cblr-13005	909	13	externality	externality	NOUN
cblr-13005	909	14	-	-	PUNCT
cblr-13005	909	15	generating	generate	VERB
cblr-13005	909	16	behavior	behavior	NOUN
cblr-13005	909	17	,	,	PUNCT
cblr-13005	909	18	it	it	PRON
cblr-13005	909	19	may	may	AUX
cblr-13005	909	20	be	be	AUX
cblr-13005	909	21	the	the	DET
cblr-13005	909	22	result	result	NOUN
cblr-13005	909	23	of	of	ADP
cblr-13005	909	24	rent	rent	NOUN
cblr-13005	909	25	-	-	PUNCT
cblr-13005	909	26	seeking	seek	VERB
cblr-13005	909	27	behavior	behavior	NOUN
cblr-13005	909	28	by	by	ADP
cblr-13005	909	29	special	special	ADJ
cblr-13005	909	30	interests	interest	NOUN
cblr-13005	909	31	,	,	PUNCT
cblr-13005	909	32	or	or	CCONJ
cblr-13005	909	33	it	it	PRON
cblr-13005	909	34	may	may	AUX
cblr-13005	909	35	reflect	reflect	VERB
cblr-13005	909	36	genuine	genuine	ADJ
cblr-13005	909	37	disagreements	disagreement	NOUN
cblr-13005	909	38	about	about	ADP
cblr-13005	909	39	the	the	DET
cblr-13005	909	40	correct	correct	ADJ
cblr-13005	909	41	intervention	intervention	NOUN
cblr-13005	909	42	operating	operate	VERB
cblr-13005	909	43	against	against	ADP
cblr-13005	909	44	a	a	DET
cblr-13005	909	45	government	government	NOUN
cblr-13005	909	46	design	design	NOUN
cblr-13005	909	47	meant	mean	VERB
cblr-13005	909	48	to	to	PART
cblr-13005	909	49	stall	stall	VERB
cblr-13005	909	50	lawmaking	lawmaking	NOUN
cblr-13005	909	51	in	in	ADP
cblr-13005	909	52	such	such	DET
cblr-13005	909	53	a	a	DET
cblr-13005	909	54	situation	situation	NOUN
cblr-13005	909	55	.	.	PUNCT
cblr-13005	910	1	second	second	ADJ
cblr-13005	910	2	,	,	PUNCT
cblr-13005	910	3	and	and	CCONJ
cblr-13005	910	4	relatedly	relatedly	ADV
cblr-13005	910	5	,	,	PUNCT
cblr-13005	910	6	corporate	corporate	ADJ
cblr-13005	910	7	lobbying	lobbying	NOUN
cblr-13005	910	8	as	as	ADV
cblr-13005	910	9	well	well	ADV
cblr-13005	910	10	as	as	ADP
cblr-13005	910	11	corporate	corporate	ADJ
cblr-13005	910	12	political	political	ADJ
cblr-13005	910	13	spending	spending	NOUN
cblr-13005	910	14	can	can	AUX
cblr-13005	910	15	be	be	AUX
cblr-13005	910	16	both	both	ADV
cblr-13005	910	17	good	good	ADJ
cblr-13005	910	18	and	and	CCONJ
cblr-13005	910	19	bad	bad	ADJ
cblr-13005	910	20	from	from	ADP
cblr-13005	910	21	the	the	DET
cblr-13005	910	22	perspective	perspective	NOUN
cblr-13005	910	23	of	of	ADP
cblr-13005	910	24	financially	financially	ADV
cblr-13005	910	25	motivated	motivated	ADJ
cblr-13005	910	26	diversified	diversified	ADJ
cblr-13005	910	27	investors	investor	NOUN
cblr-13005	910	28	.	.	PUNCT
cblr-13005	911	1	such	such	ADJ
cblr-13005	911	2	activities	activity	NOUN
cblr-13005	911	3	would	would	AUX
cblr-13005	911	4	be	be	AUX
cblr-13005	911	5	viewed	view	VERB
cblr-13005	911	6	negatively	negatively	ADV
cblr-13005	911	7	if	if	SCONJ
cblr-13005	911	8	they	they	PRON
cblr-13005	911	9	stymied	stymie	VERB
cblr-13005	911	10	the	the	DET
cblr-13005	911	11	crafting	crafting	NOUN
cblr-13005	911	12	of	of	ADP
cblr-13005	911	13	laws	law	NOUN
cblr-13005	911	14	that	that	PRON
cblr-13005	911	15	would	would	AUX
cblr-13005	911	16	cause	cause	VERB
cblr-13005	911	17	portfolio	portfolio	NOUN
cblr-13005	911	18	firms	firm	NOUN
cblr-13005	911	19	to	to	PART
cblr-13005	911	20	internalize	internalize	VERB
cblr-13005	911	21	intraportfolio	intraportfolio	ADJ
cblr-13005	911	22	externalities	externality	NOUN
cblr-13005	911	23	.	.	PUNCT
cblr-13005	912	1	but	but	CCONJ
cblr-13005	912	2	such	such	ADJ
cblr-13005	912	3	activities	activity	NOUN
cblr-13005	912	4	would	would	AUX
cblr-13005	912	5	be	be	AUX
cblr-13005	912	6	viewed	view	VERB
cblr-13005	912	7	positively	positively	ADV
cblr-13005	912	8	if	if	SCONJ
cblr-13005	912	9	the	the	DET
cblr-13005	912	10	efforts	effort	NOUN
cblr-13005	912	11	prevented	prevent	VERB
cblr-13005	912	12	the	the	DET
cblr-13005	912	13	passage	passage	NOUN
cblr-13005	912	14	of	of	ADP
cblr-13005	912	15	laws	law	NOUN
cblr-13005	912	16	that	that	PRON
cblr-13005	912	17	are	be	AUX
cblr-13005	912	18	bad	bad	ADJ
cblr-13005	912	19	for	for	ADP
cblr-13005	912	20	the	the	DET
cblr-13005	912	21	portfolio	portfolio	NOUN
cblr-13005	912	22	.	.	PUNCT
cblr-13005	913	1	corporate	corporate	ADJ
cblr-13005	913	2	lobbying	lobbying	NOUN
cblr-13005	913	3	,	,	PUNCT
cblr-13005	913	4	for	for	ADP
cblr-13005	913	5	example	example	NOUN
cblr-13005	913	6	,	,	PUNCT
cblr-13005	913	7	can	can	AUX
cblr-13005	913	8	help	help	VERB
cblr-13005	913	9	reduce	reduce	VERB
cblr-13005	913	10	regulatory	regulatory	ADJ
cblr-13005	913	11	misunderstandings	misunderstanding	NOUN
cblr-13005	913	12	about	about	ADP
cblr-13005	913	13	what	what	PRON
cblr-13005	913	14	companies	company	NOUN
cblr-13005	913	15	are	be	AUX
cblr-13005	913	16	actually	actually	ADV
cblr-13005	913	17	doing	do	VERB
cblr-13005	913	18	and	and	CCONJ
cblr-13005	913	19	the	the	DET
cblr-13005	913	20	effect	effect	NOUN
cblr-13005	913	21	regulatory	regulatory	ADJ
cblr-13005	913	22	interventions	intervention	NOUN
cblr-13005	913	23	would	would	AUX
cblr-13005	913	24	have	have	VERB
cblr-13005	913	25	on	on	ADP
cblr-13005	913	26	their	their	PRON
cblr-13005	913	27	operations	operation	NOUN
cblr-13005	913	28	and	and	CCONJ
cblr-13005	913	29	the	the	DET
cblr-13005	913	30	economy	economy	NOUN
cblr-13005	913	31	more	more	ADV
cblr-13005	913	32	broadly	broadly	ADV
cblr-13005	913	33	;	;	PUNCT
cblr-13005	913	34	it	it	PRON
cblr-13005	913	35	can	can	AUX
cblr-13005	913	36	also	also	ADV
cblr-13005	913	37	counteract	counteract	VERB
cblr-13005	913	38	the	the	DET
cblr-13005	913	39	influence	influence	NOUN
cblr-13005	913	40	of	of	ADP
cblr-13005	913	41	other	other	ADJ
cblr-13005	913	42	special	special	ADJ
cblr-13005	913	43	interest	interest	NOUN
cblr-13005	913	44	groups	group	NOUN
cblr-13005	913	45	.	.	PUNCT
cblr-13005	914	1	whether	whether	SCONJ
cblr-13005	914	2	reducing	reduce	VERB
cblr-13005	914	3	corporate	corporate	ADJ
cblr-13005	914	4	influence	influence	NOUN
cblr-13005	914	5	in	in	ADP
cblr-13005	914	6	politics	politic	NOUN
cblr-13005	914	7	is	be	AUX
cblr-13005	914	8	desirable	desirable	ADJ
cblr-13005	914	9	from	from	ADP
cblr-13005	914	10	the	the	DET
cblr-13005	914	11	perspective	perspective	NOUN
cblr-13005	914	12	of	of	ADP
cblr-13005	914	13	a	a	DET
cblr-13005	914	14	financially	financially	ADV
cblr-13005	914	15	motivated	motivated	ADJ
cblr-13005	914	16	diversified	diversified	ADJ
cblr-13005	914	17	investor	investor	NOUN
cblr-13005	914	18	thus	thus	ADV
cblr-13005	914	19	turns	turn	VERB
cblr-13005	914	20	on	on	ADP
cblr-13005	914	21	a	a	DET
cblr-13005	914	22	complicated	complicated	ADJ
cblr-13005	914	23	balancing	balancing	NOUN
cblr-13005	914	24	of	of	ADP
cblr-13005	914	25	likely	likely	ADJ
cblr-13005	914	26	effects	effect	NOUN
cblr-13005	914	27	,	,	PUNCT
cblr-13005	914	28	including	include	VERB
cblr-13005	914	29	whether	whether	SCONJ
cblr-13005	914	30	other	other	ADJ
cblr-13005	914	31	groups	group	NOUN
cblr-13005	914	32	with	with	ADP
cblr-13005	914	33	knowledge	knowledge	NOUN
cblr-13005	914	34	about	about	ADP
cblr-13005	914	35	corporate	corporate	ADJ
cblr-13005	914	36	realities	reality	NOUN
cblr-13005	914	37	could	could	AUX
cblr-13005	914	38	be	be	AUX
cblr-13005	914	39	relied	rely	VERB
cblr-13005	914	40	upon	upon	SCONJ
cblr-13005	914	41	to	to	PART
cblr-13005	914	42	educate	educate	VERB
cblr-13005	914	43	policymakers	policymaker	NOUN
cblr-13005	914	44	when	when	SCONJ
cblr-13005	914	45	other	other	ADJ
cblr-13005	914	46	special	special	ADJ
cblr-13005	914	47	interest	interest	NOUN
cblr-13005	914	48	groups	group	NOUN
cblr-13005	914	49	overreach	overreach	VERB
cblr-13005	914	50	.	.	PUNCT
cblr-13005	915	1	notably	notably	ADV
cblr-13005	915	2	,	,	PUNCT
cblr-13005	915	3	the	the	DET
cblr-13005	915	4	big	big	ADJ
cblr-13005	915	5	three	three	NUM
cblr-13005	915	6	have	have	AUX
cblr-13005	915	7	not	not	PART
cblr-13005	915	8	been	be	AUX
cblr-13005	915	9	strong	strong	ADJ
cblr-13005	915	10	supporters	supporter	NOUN
cblr-13005	915	11	of	of	ADP
cblr-13005	915	12	efforts	effort	NOUN
cblr-13005	915	13	to	to	PART
cblr-13005	915	14	constrain	constrain	VERB
cblr-13005	915	15	corporate	corporate	ADJ
cblr-13005	915	16	political	political	ADJ
cblr-13005	915	17	spending	spending	NOUN
cblr-13005	915	18	or	or	CCONJ
cblr-13005	915	19	corporate	corporate	ADJ
cblr-13005	915	20	lobbying.206	lobbying.206	NOUN
cblr-13005	915	21	this	this	PRON
cblr-13005	915	22	could	could	AUX
cblr-13005	915	23	reflect	reflect	VERB
cblr-13005	915	24	their	their	PRON
cblr-13005	915	25	view	view	NOUN
cblr-13005	915	26	that	that	SCONJ
cblr-13005	915	27	limiting	limit	VERB
cblr-13005	915	28	206	206	NUM
cblr-13005	915	29	lund	lund	NOUN
cblr-13005	915	30	,	,	PUNCT
cblr-13005	915	31	supra	supra	PROPN
cblr-13005	915	32	note	note	PROPN
cblr-13005	915	33	19	19	NUM
cblr-13005	915	34	,	,	PUNCT
cblr-13005	915	35	at	at	ADP
cblr-13005	915	36	86	86	NUM
cblr-13005	915	37	(	(	PUNCT
cblr-13005	915	38	“	"	PUNCT
cblr-13005	915	39	[	[	X
cblr-13005	915	40	t]he	t]he	ADV
cblr-13005	915	41	big	big	ADJ
cblr-13005	915	42	three	three	NUM
cblr-13005	915	43	generally	generally	ADV
cblr-13005	915	44	vote	vote	NOUN
cblr-13005	915	45	against	against	ADP
cblr-13005	915	46	shareholder	shareholder	NOUN
cblr-13005	915	47	proposals	proposal	NOUN
cblr-13005	915	48	aimed	aim	VERB
cblr-13005	915	49	at	at	ADP
cblr-13005	915	50	limiting	limit	VERB
cblr-13005	915	51	corporate	corporate	ADJ
cblr-13005	915	52	influence	influence	NOUN
cblr-13005	915	53	in	in	ADP
cblr-13005	915	54	the	the	DET
cblr-13005	915	55	political	political	ADJ
cblr-13005	915	56	process	process	NOUN
cblr-13005	915	57	.	.	PUNCT
cblr-13005	915	58	”	"	PUNCT
cblr-13005	915	59	)	)	PUNCT
cblr-13005	915	60	;	;	PUNCT
cblr-13005	915	61	leo	leo	PROPN
cblr-13005	915	62	e.	e.	PROPN
cblr-13005	915	63	strine	strine	PROPN
cblr-13005	915	64	,	,	PUNCT
cblr-13005	915	65	jr	jr	PROPN
cblr-13005	915	66	.	.	PROPN
cblr-13005	915	67	,	,	PUNCT
cblr-13005	915	68	fiduciary	fiduciary	ADJ
cblr-13005	915	69	blind	blind	ADJ
cblr-13005	915	70	spot	spot	NOUN
cblr-13005	915	71	:	:	PUNCT
cblr-13005	915	72	the	the	DET
cblr-13005	915	73	failure	failure	NOUN
cblr-13005	915	74	of	of	ADP
cblr-13005	915	75	no	no	NOUN
cblr-13005	915	76	.	.	NOUN
cblr-13005	915	77	1	1	NUM
cblr-13005	915	78	]	]	PUNCT
cblr-13005	915	79	a	a	DET
cblr-13005	915	80	hard	hard	ADJ
cblr-13005	915	81	look	look	NOUN
cblr-13005	915	82	at	at	ADP
cblr-13005	915	83	portfolio	portfolio	NOUN
cblr-13005	915	84	focused	focused	ADJ
cblr-13005	915	85	stewardship	stewardship	NOUN
cblr-13005	915	86	387	387	NUM
cblr-13005	915	87	corporate	corporate	ADJ
cblr-13005	915	88	voice	voice	NOUN
cblr-13005	915	89	in	in	ADP
cblr-13005	915	90	politics	politic	NOUN
cblr-13005	915	91	would	would	AUX
cblr-13005	915	92	not	not	PART
cblr-13005	915	93	in	in	ADP
cblr-13005	915	94	fact	fact	NOUN
cblr-13005	915	95	increase	increase	VERB
cblr-13005	915	96	risk	risk	NOUN
cblr-13005	915	97	-	-	PUNCT
cblr-13005	915	98	adjusted	adjust	VERB
cblr-13005	915	99	portfolio	portfolio	NOUN
cblr-13005	915	100	value	value	NOUN
cblr-13005	915	101	,	,	PUNCT
cblr-13005	915	102	perhaps	perhaps	ADV
cblr-13005	915	103	because	because	SCONJ
cblr-13005	915	104	it	it	PRON
cblr-13005	915	105	would	would	AUX
cblr-13005	915	106	do	do	VERB
cblr-13005	915	107	more	more	ADJ
cblr-13005	915	108	harm	harm	NOUN
cblr-13005	915	109	to	to	ADP
cblr-13005	915	110	the	the	DET
cblr-13005	915	111	lawmaking	lawmaking	NOUN
cblr-13005	915	112	process	process	NOUN
cblr-13005	915	113	than	than	ADP
cblr-13005	915	114	good	good	ADJ
cblr-13005	915	115	,	,	PUNCT
cblr-13005	915	116	or	or	CCONJ
cblr-13005	915	117	perhaps	perhaps	ADV
cblr-13005	915	118	because	because	SCONJ
cblr-13005	915	119	it	it	PRON
cblr-13005	915	120	is	be	AUX
cblr-13005	915	121	not	not	PART
cblr-13005	915	122	the	the	DET
cblr-13005	915	123	source	source	NOUN
cblr-13005	915	124	of	of	ADP
cblr-13005	915	125	the	the	DET
cblr-13005	915	126	government	government	NOUN
cblr-13005	915	127	gridlock	gridlock	NOUN
cblr-13005	915	128	.	.	PUNCT
cblr-13005	916	1	alternatively	alternatively	ADV
cblr-13005	916	2	,	,	PUNCT
cblr-13005	916	3	it	it	PRON
cblr-13005	916	4	could	could	AUX
cblr-13005	916	5	be	be	AUX
cblr-13005	916	6	explained	explain	VERB
cblr-13005	916	7	by	by	ADP
cblr-13005	916	8	intermediary	intermediary	ADJ
cblr-13005	916	9	agency	agency	NOUN
cblr-13005	916	10	costs	cost	NOUN
cblr-13005	916	11	:	:	PUNCT
cblr-13005	916	12	the	the	DET
cblr-13005	916	13	impact	impact	NOUN
cblr-13005	916	14	of	of	ADP
cblr-13005	916	15	such	such	ADJ
cblr-13005	916	16	efforts	effort	NOUN
cblr-13005	916	17	on	on	ADP
cblr-13005	916	18	portfolio	portfolio	NOUN
cblr-13005	916	19	value	value	NOUN
cblr-13005	916	20	may	may	AUX
cblr-13005	916	21	not	not	PART
cblr-13005	916	22	be	be	AUX
cblr-13005	916	23	significant	significant	ADJ
cblr-13005	916	24	enough	enough	ADV
cblr-13005	916	25	to	to	ADP
cblr-13005	916	26	index	index	NOUN
cblr-13005	916	27	fund	fund	NOUN
cblr-13005	916	28	managers	manager	NOUN
cblr-13005	916	29	’	'	PUNCT
cblr-13005	916	30	compensation	compensation	NOUN
cblr-13005	916	31	to	to	PART
cblr-13005	916	32	warrant	warrant	VERB
cblr-13005	916	33	the	the	DET
cblr-13005	916	34	undertaking	undertaking	NOUN
cblr-13005	916	35	.	.	PUNCT
cblr-13005	917	1	figuring	figure	VERB
cblr-13005	917	2	out	out	ADP
cblr-13005	917	3	whether	whether	SCONJ
cblr-13005	917	4	the	the	DET
cblr-13005	917	5	effort	effort	NOUN
cblr-13005	917	6	would	would	AUX
cblr-13005	917	7	actually	actually	ADV
cblr-13005	917	8	benefit	benefit	VERB
cblr-13005	917	9	the	the	DET
cblr-13005	917	10	portfolio	portfolio	NOUN
cblr-13005	917	11	would	would	AUX
cblr-13005	917	12	be	be	AUX
cblr-13005	917	13	difficult	difficult	ADJ
cblr-13005	917	14	and	and	CCONJ
cblr-13005	917	15	hence	hence	ADV
cblr-13005	917	16	costly	costly	ADJ
cblr-13005	917	17	.	.	PUNCT
cblr-13005	918	1	moreover	moreover	ADV
cblr-13005	918	2	,	,	PUNCT
cblr-13005	918	3	supporting	support	VERB
cblr-13005	918	4	efforts	effort	NOUN
cblr-13005	918	5	to	to	PART
cblr-13005	918	6	reduce	reduce	VERB
cblr-13005	918	7	corporate	corporate	ADJ
cblr-13005	918	8	influence	influence	NOUN
cblr-13005	918	9	in	in	ADP
cblr-13005	918	10	politics	politic	NOUN
cblr-13005	918	11	could	could	AUX
cblr-13005	918	12	alienate	alienate	VERB
cblr-13005	918	13	portfolio	portfolio	NOUN
cblr-13005	918	14	firm	firm	NOUN
cblr-13005	918	15	managers	manager	NOUN
cblr-13005	918	16	,	,	PUNCT
cblr-13005	918	17	jeopardizing	jeopardize	VERB
cblr-13005	918	18	401(k	401(k	NOUN
cblr-13005	918	19	)	)	PUNCT
cblr-13005	918	20	business	business	NOUN
cblr-13005	918	21	,	,	PUNCT
cblr-13005	918	22	and	and	CCONJ
cblr-13005	918	23	risks	risk	NOUN
cblr-13005	918	24	triggering	trigger	VERB
cblr-13005	918	25	political	political	ADJ
cblr-13005	918	26	backlash	backlash	NOUN
cblr-13005	918	27	.	.	PUNCT
cblr-13005	919	1	the	the	DET
cblr-13005	919	2	big	big	ADJ
cblr-13005	919	3	three	three	NUM
cblr-13005	919	4	may	may	AUX
cblr-13005	919	5	also	also	ADV
cblr-13005	919	6	wish	wish	VERB
cblr-13005	919	7	to	to	PART
cblr-13005	919	8	preserve	preserve	VERB
cblr-13005	919	9	their	their	PRON
cblr-13005	919	10	own	own	ADJ
cblr-13005	919	11	ability	ability	NOUN
cblr-13005	919	12	to	to	PART
cblr-13005	919	13	engage	engage	VERB
cblr-13005	919	14	in	in	ADP
cblr-13005	919	15	lobbying	lobbying	NOUN
cblr-13005	919	16	and	and	CCONJ
cblr-13005	919	17	political	political	ADJ
cblr-13005	919	18	spending	spending	NOUN
cblr-13005	919	19	.	.	PUNCT
cblr-13005	920	1	professor	professor	NOUN
cblr-13005	920	2	lund	lund	PROPN
cblr-13005	920	3	offers	offer	VERB
cblr-13005	920	4	another	another	DET
cblr-13005	920	5	possibility	possibility	NOUN
cblr-13005	920	6	.	.	PUNCT
cblr-13005	921	1	she	she	PRON
cblr-13005	921	2	writes	write	VERB
cblr-13005	921	3	that	that	SCONJ
cblr-13005	921	4	“	"	PUNCT
cblr-13005	921	5	the	the	DET
cblr-13005	921	6	big	big	ADJ
cblr-13005	921	7	three	three	NUM
cblr-13005	921	8	appear	appear	VERB
cblr-13005	921	9	to	to	PART
cblr-13005	921	10	enjoy	enjoy	VERB
cblr-13005	921	11	exercising	exercise	VERB
cblr-13005	921	12	regulatory	regulatory	ADJ
cblr-13005	921	13	heft	heft	NOUN
cblr-13005	921	14	as	as	ADP
cblr-13005	921	15	a	a	DET
cblr-13005	921	16	result	result	NOUN
cblr-13005	921	17	of	of	ADP
cblr-13005	921	18	government	government	NOUN
cblr-13005	921	19	dysfunction	dysfunction	NOUN
cblr-13005	921	20	,	,	PUNCT
cblr-13005	921	21	”	"	PUNCT
cblr-13005	921	22	noting	note	VERB
cblr-13005	921	23	that	that	SCONJ
cblr-13005	921	24	“	"	PUNCT
cblr-13005	921	25	[	[	X
cblr-13005	921	26	r]ather	r]ather	NOUN
cblr-13005	921	27	than	than	ADP
cblr-13005	921	28	using	use	VERB
cblr-13005	921	29	their	their	PRON
cblr-13005	921	30	power	power	NOUN
cblr-13005	921	31	to	to	PART
cblr-13005	921	32	alleviate	alleviate	VERB
cblr-13005	921	33	rent	rent	NOUN
cblr-13005	921	34	-	-	PUNCT
cblr-13005	921	35	seeking	seeking	NOUN
cblr-13005	921	36	by	by	ADP
cblr-13005	921	37	industry	industry	NOUN
cblr-13005	921	38	(	(	PUNCT
cblr-13005	921	39	which	which	PRON
cblr-13005	921	40	they	they	PRON
cblr-13005	921	41	also	also	ADV
cblr-13005	921	42	engage	engage	VERB
cblr-13005	921	43	in	in	ADP
cblr-13005	921	44	)	)	PUNCT
cblr-13005	921	45	,	,	PUNCT
cblr-13005	921	46	they	they	PRON
cblr-13005	921	47	choose	choose	VERB
cblr-13005	921	48	to	to	PART
cblr-13005	921	49	maintain	maintain	VERB
cblr-13005	921	50	the	the	DET
cblr-13005	921	51	status	status	NOUN
cblr-13005	921	52	quo	quo	NOUN
cblr-13005	921	53	,	,	PUNCT
cblr-13005	921	54	which	which	PRON
cblr-13005	921	55	positions	position	VERB
cblr-13005	921	56	them	they	PRON
cblr-13005	921	57	well	well	ADV
cblr-13005	921	58	to	to	PART
cblr-13005	921	59	attract	attract	VERB
cblr-13005	921	60	new	new	ADJ
cblr-13005	921	61	clients	client	NOUN
cblr-13005	921	62	and	and	CCONJ
cblr-13005	921	63	satisfy	satisfy	VERB
cblr-13005	921	64	existing	exist	VERB
cblr-13005	921	65	ones	one	NOUN
cblr-13005	921	66	.	.	PUNCT
cblr-13005	921	67	”207	”207	VERB
cblr-13005	921	68	vi	vi	PROPN
cblr-13005	921	69	.	.	PROPN
cblr-13005	921	70	conclusion	conclusion	NOUN
cblr-13005	921	71	:	:	PUNCT
cblr-13005	921	72	implications	implication	NOUN
cblr-13005	921	73	for	for	ADP
cblr-13005	921	74	modern	modern	ADJ
cblr-13005	921	75	debates	debate	NOUN
cblr-13005	921	76	this	this	DET
cblr-13005	921	77	article	article	NOUN
cblr-13005	921	78	’s	’s	PART
cblr-13005	921	79	critical	critical	ADJ
cblr-13005	921	80	examination	examination	NOUN
cblr-13005	921	81	of	of	ADP
cblr-13005	921	82	portfolio	portfolio	NOUN
cblr-13005	921	83	-	-	PUNCT
cblr-13005	921	84	focused	focus	VERB
cblr-13005	921	85	stewardship	stewardship	NOUN
cblr-13005	921	86	sheds	shed	VERB
cblr-13005	921	87	light	light	NOUN
cblr-13005	921	88	on	on	ADP
cblr-13005	921	89	several	several	ADJ
cblr-13005	921	90	contemporary	contemporary	ADJ
cblr-13005	921	91	debates	debate	NOUN
cblr-13005	921	92	.	.	PUNCT
cblr-13005	922	1	most	most	ADV
cblr-13005	922	2	directly	directly	ADV
cblr-13005	922	3	,	,	PUNCT
cblr-13005	922	4	it	it	PRON
cblr-13005	922	5	offers	offer	VERB
cblr-13005	922	6	guidance	guidance	NOUN
cblr-13005	922	7	on	on	ADP
cblr-13005	922	8	how	how	SCONJ
cblr-13005	922	9	index	index	NOUN
cblr-13005	922	10	fund	fund	NOUN
cblr-13005	922	11	managers	manager	NOUN
cblr-13005	922	12	’	’	PART
cblr-13005	922	13	fiduciary	fiduciary	ADJ
cblr-13005	922	14	duties	duty	NOUN
cblr-13005	922	15	should	should	AUX
cblr-13005	922	16	be	be	AUX
cblr-13005	922	17	understood	understand	VERB
cblr-13005	922	18	in	in	ADP
cblr-13005	922	19	relation	relation	NOUN
cblr-13005	922	20	to	to	PART
cblr-13005	922	21	stewardship	stewardship	VERB
cblr-13005	922	22	—	—	PUNCT
cblr-13005	922	23	a	a	DET
cblr-13005	922	24	timely	timely	ADJ
cblr-13005	922	25	contribution	contribution	NOUN
cblr-13005	922	26	,	,	PUNCT
cblr-13005	922	27	given	give	VERB
cblr-13005	922	28	that	that	SCONJ
cblr-13005	922	29	congress	congress	PROPN
cblr-13005	922	30	is	be	AUX
cblr-13005	922	31	currently	currently	ADV
cblr-13005	922	32	investigating	investigate	VERB
cblr-13005	922	33	whether	whether	SCONJ
cblr-13005	922	34	the	the	DET
cblr-13005	922	35	big	big	ADJ
cblr-13005	922	36	three	three	NUM
cblr-13005	922	37	’s	’s	PART
cblr-13005	922	38	esg	esg	PROPN
cblr-13005	922	39	-	-	PUNCT
cblr-13005	922	40	related	relate	VERB
cblr-13005	922	41	stewardship	stewardship	NOUN
cblr-13005	922	42	efforts	effort	NOUN
cblr-13005	922	43	conform	conform	VERB
cblr-13005	922	44	with	with	ADP
cblr-13005	922	45	their	their	PRON
cblr-13005	922	46	fiduciary	fiduciary	ADJ
cblr-13005	922	47	responsibilities.208	responsibilities.208	VERB
cblr-13005	922	48	the	the	DET
cblr-13005	922	49	analysis	analysis	NOUN
cblr-13005	922	50	suggests	suggest	VERB
cblr-13005	922	51	that	that	SCONJ
cblr-13005	922	52	the	the	DET
cblr-13005	922	53	financially	financially	ADV
cblr-13005	922	54	motivated	motivated	ADJ
cblr-13005	922	55	diversified	diversified	ADJ
cblr-13005	922	56	investors	investor	NOUN
cblr-13005	922	57	to	to	PART
cblr-13005	922	58	whom	whom	PRON
cblr-13005	922	59	index	index	NOUN
cblr-13005	922	60	fund	fund	NOUN
cblr-13005	922	61	managers	manager	NOUN
cblr-13005	922	62	owe	owe	VERB
cblr-13005	922	63	their	their	PRON
cblr-13005	922	64	duties	duty	NOUN
cblr-13005	922	65	institutional	institutional	ADJ
cblr-13005	922	66	investors	investor	NOUN
cblr-13005	922	67	to	to	PART
cblr-13005	922	68	prevent	prevent	VERB
cblr-13005	922	69	the	the	DET
cblr-13005	922	70	illegitimate	illegitimate	ADJ
cblr-13005	922	71	use	use	NOUN
cblr-13005	922	72	of	of	ADP
cblr-13005	922	73	working	working	PROPN
cblr-13005	922	74	americans	americans	PROPN
cblr-13005	922	75	’	'	PUNCT
cblr-13005	922	76	savings	saving	NOUN
cblr-13005	922	77	for	for	ADP
cblr-13005	922	78	corporate	corporate	ADJ
cblr-13005	922	79	political	political	ADJ
cblr-13005	922	80	spending	spending	NOUN
cblr-13005	922	81	,	,	PUNCT
cblr-13005	922	82	97	97	NUM
cblr-13005	922	83	wash	wash	NOUN
cblr-13005	922	84	.	.	PUNCT
cblr-13005	923	1	u.	u.	PROPN
cblr-13005	923	2	l.	l.	PROPN
cblr-13005	923	3	rev	rev	PROPN
cblr-13005	923	4	.	.	PROPN
cblr-13005	923	5	1007	1007	NUM
cblr-13005	923	6	,	,	PUNCT
cblr-13005	923	7	1019	1019	NUM
cblr-13005	923	8	(	(	PUNCT
cblr-13005	923	9	2020	2020	NUM
cblr-13005	923	10	)	)	PUNCT
cblr-13005	923	11	(	(	PUNCT
cblr-13005	923	12	asserting	assert	VERB
cblr-13005	923	13	that	that	SCONJ
cblr-13005	923	14	the	the	DET
cblr-13005	923	15	big	big	ADJ
cblr-13005	923	16	three	three	NUM
cblr-13005	923	17	“	"	PUNCT
cblr-13005	923	18	have	have	AUX
cblr-13005	923	19	opted	opt	VERB
cblr-13005	923	20	for	for	ADP
cblr-13005	923	21	a	a	DET
cblr-13005	923	22	policy	policy	NOUN
cblr-13005	923	23	of	of	ADP
cblr-13005	923	24	total	total	ADJ
cblr-13005	923	25	deference	deference	NOUN
cblr-13005	923	26	to	to	ADP
cblr-13005	923	27	management	management	NOUN
cblr-13005	923	28	”	"	PUNCT
cblr-13005	923	29	on	on	ADP
cblr-13005	923	30	political	political	ADJ
cblr-13005	923	31	spending	spending	NOUN
cblr-13005	923	32	issues	issue	NOUN
cblr-13005	923	33	)	)	PUNCT
cblr-13005	923	34	.	.	PUNCT
cblr-13005	924	1	207	207	NUM
cblr-13005	924	2	lund	lund	PROPN
cblr-13005	924	3	,	,	PUNCT
cblr-13005	924	4	supra	supra	PROPN
cblr-13005	924	5	note	note	PROPN
cblr-13005	924	6	19	19	NUM
cblr-13005	924	7	,	,	PUNCT
cblr-13005	924	8	at	at	ADP
cblr-13005	924	9	125	125	NUM
cblr-13005	924	10	.	.	PUNCT
cblr-13005	924	11	208	208	NUM
cblr-13005	924	12	see	see	VERB
cblr-13005	924	13	supra	supra	PROPN
cblr-13005	924	14	note	note	PROPN
cblr-13005	924	15	21	21	NUM
cblr-13005	924	16	.	.	PUNCT
cblr-13005	925	1	388	388	NUM
cblr-13005	925	2	columbia	columbia	PROPN
cblr-13005	925	3	business	business	NOUN
cblr-13005	925	4	law	law	PROPN
cblr-13005	925	5	review	review	NOUN
cblr-13005	926	1	[	[	X
cblr-13005	926	2	vol	vol	NOUN
cblr-13005	926	3	.	.	NOUN
cblr-13005	926	4	2024	2024	NUM
cblr-13005	926	5	would	would	AUX
cblr-13005	926	6	likely	likely	ADV
cblr-13005	926	7	support	support	VERB
cblr-13005	926	8	only	only	ADV
cblr-13005	926	9	a	a	DET
cblr-13005	926	10	narrow	narrow	ADJ
cblr-13005	926	11	band	band	NOUN
cblr-13005	926	12	of	of	ADP
cblr-13005	926	13	portfolio	portfolio	NOUN
cblr-13005	926	14	-	-	PUNCT
cblr-13005	926	15	focused	focus	VERB
cblr-13005	926	16	stewardship	stewardship	NOUN
cblr-13005	926	17	interventions	intervention	NOUN
cblr-13005	926	18	.	.	PUNCT
cblr-13005	927	1	index	index	NOUN
cblr-13005	927	2	fund	fund	NOUN
cblr-13005	927	3	managers	manager	NOUN
cblr-13005	927	4	should	should	AUX
cblr-13005	927	5	therefore	therefore	ADV
cblr-13005	927	6	not	not	PART
cblr-13005	927	7	be	be	AUX
cblr-13005	927	8	viewed	view	VERB
cblr-13005	927	9	as	as	ADP
cblr-13005	927	10	possessing	possess	VERB
cblr-13005	927	11	broad	broad	ADJ
cblr-13005	927	12	license	license	NOUN
cblr-13005	927	13	to	to	PART
cblr-13005	927	14	wield	wield	VERB
cblr-13005	927	15	their	their	PRON
cblr-13005	927	16	influence	influence	NOUN
cblr-13005	927	17	over	over	ADP
cblr-13005	927	18	portfolio	portfolio	NOUN
cblr-13005	927	19	firms	firm	NOUN
cblr-13005	927	20	in	in	ADP
cblr-13005	927	21	a	a	DET
cblr-13005	927	22	manner	manner	NOUN
cblr-13005	927	23	that	that	PRON
cblr-13005	927	24	purports	purport	VERB
cblr-13005	927	25	to	to	PART
cblr-13005	927	26	prioritize	prioritize	VERB
cblr-13005	927	27	portfolio	portfolio	NOUN
cblr-13005	927	28	over	over	ADP
cblr-13005	927	29	firm	firm	ADJ
cblr-13005	927	30	value	value	NOUN
cblr-13005	927	31	.	.	PUNCT
cblr-13005	928	1	in	in	ADP
cblr-13005	928	2	particular	particular	ADJ
cblr-13005	928	3	,	,	PUNCT
cblr-13005	928	4	the	the	DET
cblr-13005	928	5	analysis	analysis	NOUN
cblr-13005	928	6	suggests	suggest	VERB
cblr-13005	928	7	that	that	SCONJ
cblr-13005	928	8	index	index	NOUN
cblr-13005	928	9	fund	fund	NOUN
cblr-13005	928	10	managers	manager	NOUN
cblr-13005	928	11	should	should	AUX
cblr-13005	928	12	generally	generally	ADV
cblr-13005	928	13	avoid	avoid	VERB
cblr-13005	928	14	command	command	NOUN
cblr-13005	928	15	-	-	PUNCT
cblr-13005	928	16	and	and	CCONJ
cblr-13005	928	17	-	-	PUNCT
cblr-13005	928	18	control	control	NOUN
cblr-13005	928	19	style	style	NOUN
cblr-13005	928	20	portfolio	portfolio	NOUN
cblr-13005	928	21	-	-	PUNCT
cblr-13005	928	22	focused	focus	VERB
cblr-13005	928	23	stewardship	stewardship	NOUN
cblr-13005	928	24	interventions	intervention	NOUN
cblr-13005	928	25	and	and	CCONJ
cblr-13005	928	26	should	should	AUX
cblr-13005	928	27	carefully	carefully	ADV
cblr-13005	928	28	consider	consider	VERB
cblr-13005	928	29	the	the	DET
cblr-13005	928	30	likely	likely	ADJ
cblr-13005	928	31	effect	effect	NOUN
cblr-13005	928	32	of	of	ADP
cblr-13005	928	33	disclosure	disclosure	NOUN
cblr-13005	928	34	-	-	PUNCT
cblr-13005	928	35	based	base	VERB
cblr-13005	928	36	interventions	intervention	NOUN
cblr-13005	928	37	on	on	ADP
cblr-13005	928	38	portfolio	portfolio	NOUN
cblr-13005	928	39	value	value	NOUN
cblr-13005	928	40	.	.	PUNCT
cblr-13005	929	1	the	the	DET
cblr-13005	929	2	article	article	NOUN
cblr-13005	929	3	’s	’s	PART
cblr-13005	929	4	analysis	analysis	NOUN
cblr-13005	929	5	also	also	ADV
cblr-13005	929	6	has	have	VERB
cblr-13005	929	7	significant	significant	ADJ
cblr-13005	929	8	implications	implication	NOUN
cblr-13005	929	9	for	for	ADP
cblr-13005	929	10	the	the	DET
cblr-13005	929	11	contemporary	contemporary	ADJ
cblr-13005	929	12	debate	debate	NOUN
cblr-13005	929	13	over	over	ADP
cblr-13005	929	14	sec	sec	PROPN
cblr-13005	929	15	-	-	PUNCT
cblr-13005	929	16	mandated	mandate	VERB
cblr-13005	929	17	esg	esg	NOUN
cblr-13005	929	18	disclosure	disclosure	NOUN
cblr-13005	929	19	.	.	PUNCT
cblr-13005	930	1	it	it	PRON
cblr-13005	930	2	demonstrates	demonstrate	VERB
cblr-13005	930	3	that	that	PRON
cblr-13005	930	4	financially	financially	ADV
cblr-13005	930	5	motivated	motivated	ADJ
cblr-13005	930	6	diversified	diversified	ADJ
cblr-13005	930	7	investors	investor	NOUN
cblr-13005	930	8	would	would	AUX
cblr-13005	930	9	likely	likely	ADV
cblr-13005	930	10	limit	limit	VERB
cblr-13005	930	11	their	their	PRON
cblr-13005	930	12	support	support	NOUN
cblr-13005	930	13	of	of	ADP
cblr-13005	930	14	portfolio	portfolio	NOUN
cblr-13005	930	15	-	-	PUNCT
cblr-13005	930	16	focused	focus	VERB
cblr-13005	930	17	stewardship	stewardship	NOUN
cblr-13005	930	18	to	to	ADP
cblr-13005	930	19	interventions	intervention	NOUN
cblr-13005	930	20	that	that	PRON
cblr-13005	930	21	take	take	VERB
cblr-13005	930	22	the	the	DET
cblr-13005	930	23	form	form	NOUN
cblr-13005	930	24	of	of	ADP
cblr-13005	930	25	disclosure	disclosure	NOUN
cblr-13005	930	26	regulation	regulation	NOUN
cblr-13005	930	27	(	(	PUNCT
cblr-13005	930	28	if	if	SCONJ
cblr-13005	930	29	they	they	PRON
cblr-13005	930	30	support	support	VERB
cblr-13005	930	31	portfolio	portfolio	NOUN
cblr-13005	930	32	-	-	PUNCT
cblr-13005	930	33	focused	focus	VERB
cblr-13005	930	34	stewardship	stewardship	NOUN
cblr-13005	930	35	interventions	intervention	NOUN
cblr-13005	930	36	at	at	ADV
cblr-13005	930	37	all	all	ADV
cblr-13005	930	38	)	)	PUNCT
cblr-13005	930	39	.	.	PUNCT
cblr-13005	931	1	one	one	NUM
cblr-13005	931	2	threshold	threshold	NOUN
cblr-13005	931	3	question	question	NOUN
cblr-13005	931	4	this	this	PRON
cblr-13005	931	5	raises	raise	VERB
cblr-13005	931	6	for	for	ADP
cblr-13005	931	7	sec	sec	PROPN
cblr-13005	931	8	-	-	PUNCT
cblr-13005	931	9	imposed	impose	VERB
cblr-13005	931	10	esg	esg	NOUN
cblr-13005	931	11	disclosure	disclosure	NOUN
cblr-13005	931	12	mandates	mandate	NOUN
cblr-13005	931	13	is	be	AUX
cblr-13005	931	14	why	why	SCONJ
cblr-13005	931	15	/	/	PUNCT
cblr-13005	931	16	whether	whether	SCONJ
cblr-13005	931	17	financially	financially	ADV
cblr-13005	931	18	motivated	motivated	ADJ
cblr-13005	931	19	diversified	diversified	ADJ
cblr-13005	931	20	investors	investor	NOUN
cblr-13005	931	21	would	would	AUX
cblr-13005	931	22	support	support	VERB
cblr-13005	931	23	those	those	DET
cblr-13005	931	24	mandates	mandate	NOUN
cblr-13005	931	25	,	,	PUNCT
cblr-13005	931	26	given	give	VERB
cblr-13005	931	27	the	the	DET
cblr-13005	931	28	ability	ability	NOUN
cblr-13005	931	29	of	of	ADP
cblr-13005	931	30	their	their	PRON
cblr-13005	931	31	index	index	NOUN
cblr-13005	931	32	fund	fund	NOUN
cblr-13005	931	33	managers	manager	NOUN
cblr-13005	931	34	to	to	PART
cblr-13005	931	35	directly	directly	ADV
cblr-13005	931	36	impose	impose	VERB
cblr-13005	931	37	disclosure	disclosure	NOUN
cblr-13005	931	38	regulation	regulation	NOUN
cblr-13005	931	39	on	on	ADP
cblr-13005	931	40	portfolio	portfolio	NOUN
cblr-13005	931	41	firms	firm	NOUN
cblr-13005	931	42	through	through	ADP
cblr-13005	931	43	portfolio	portfolio	NOUN
cblr-13005	931	44	-	-	PUNCT
cblr-13005	931	45	focused	focus	VERB
cblr-13005	931	46	stewardship	stewardship	NOUN
cblr-13005	931	47	efforts	effort	NOUN
cblr-13005	931	48	.	.	PUNCT
cblr-13005	932	1	the	the	DET
cblr-13005	932	2	answer	answer	NOUN
cblr-13005	932	3	that	that	PRON
cblr-13005	932	4	esg	esg	PROPN
cblr-13005	932	5	disclosure	disclosure	NOUN
cblr-13005	932	6	advocates	advocate	NOUN
cblr-13005	932	7	would	would	AUX
cblr-13005	932	8	likely	likely	ADV
cblr-13005	932	9	offer	offer	VERB
cblr-13005	932	10	is	be	AUX
cblr-13005	932	11	that	that	SCONJ
cblr-13005	932	12	sec	sec	PROPN
cblr-13005	932	13	disclosure	disclosure	NOUN
cblr-13005	932	14	mandates	mandate	NOUN
cblr-13005	932	15	provide	provide	VERB
cblr-13005	932	16	a	a	DET
cblr-13005	932	17	comparability	comparability	NOUN
cblr-13005	932	18	and	and	CCONJ
cblr-13005	932	19	credibility	credibility	NOUN
cblr-13005	932	20	that	that	PRON
cblr-13005	932	21	can	can	AUX
cblr-13005	932	22	not	not	PART
cblr-13005	932	23	be	be	AUX
cblr-13005	932	24	achieved	achieve	VERB
cblr-13005	932	25	through	through	ADP
cblr-13005	932	26	the	the	DET
cblr-13005	932	27	private	private	ADJ
cblr-13005	932	28	efforts	effort	NOUN
cblr-13005	932	29	of	of	ADP
cblr-13005	932	30	index	index	NOUN
cblr-13005	932	31	fund	fund	NOUN
cblr-13005	932	32	managers	manager	NOUN
cblr-13005	932	33	.	.	PUNCT
cblr-13005	933	1	reasonable	reasonable	ADJ
cblr-13005	933	2	minds	mind	NOUN
cblr-13005	933	3	might	might	AUX
cblr-13005	933	4	differ	differ	VERB
cblr-13005	933	5	on	on	ADP
cblr-13005	933	6	how	how	SCONJ
cblr-13005	933	7	convincing	convincing	ADJ
cblr-13005	933	8	such	such	DET
cblr-13005	933	9	a	a	DET
cblr-13005	933	10	response	response	NOUN
cblr-13005	933	11	is	be	AUX
cblr-13005	933	12	.	.	PUNCT
cblr-13005	934	1	the	the	DET
cblr-13005	934	2	sasb	sasb	NOUN
cblr-13005	934	3	and	and	CCONJ
cblr-13005	934	4	tcfd	tcfd	NOUN
cblr-13005	934	5	disclosure	disclosure	NOUN
cblr-13005	934	6	frameworks	framework	NOUN
cblr-13005	934	7	that	that	PRON
cblr-13005	934	8	the	the	DET
cblr-13005	934	9	big	big	ADJ
cblr-13005	934	10	three	three	NUM
cblr-13005	934	11	have	have	AUX
cblr-13005	934	12	pushed	push	VERB
cblr-13005	934	13	on	on	ADP
cblr-13005	934	14	portfolio	portfolio	NOUN
cblr-13005	934	15	companies	company	NOUN
cblr-13005	934	16	are	be	AUX
cblr-13005	934	17	specifically	specifically	ADV
cblr-13005	934	18	meant	mean	VERB
cblr-13005	934	19	to	to	PART
cblr-13005	934	20	foster	foster	VERB
cblr-13005	934	21	comparability	comparability	NOUN
cblr-13005	934	22	,	,	PUNCT
cblr-13005	934	23	and	and	CCONJ
cblr-13005	934	24	index	index	NOUN
cblr-13005	934	25	fund	fund	NOUN
cblr-13005	934	26	managers	manager	NOUN
cblr-13005	934	27	could	could	AUX
cblr-13005	934	28	insist	insist	VERB
cblr-13005	934	29	that	that	SCONJ
cblr-13005	934	30	portfolio	portfolio	NOUN
cblr-13005	934	31	firms	firm	NOUN
cblr-13005	934	32	include	include	VERB
cblr-13005	934	33	sasb	sasb	NOUN
cblr-13005	934	34	and	and	CCONJ
cblr-13005	934	35	tcfd	tcfd	NOUN
cblr-13005	934	36	disclosures	disclosure	NOUN
cblr-13005	934	37	in	in	ADP
cblr-13005	934	38	sec	sec	PROPN
cblr-13005	934	39	filings	filing	NOUN
cblr-13005	934	40	.	.	PUNCT
cblr-13005	935	1	moreover	moreover	ADV
cblr-13005	935	2	,	,	PUNCT
cblr-13005	935	3	codifying	codify	VERB
cblr-13005	935	4	disclosure	disclosure	NOUN
cblr-13005	935	5	in	in	ADP
cblr-13005	935	6	sec	sec	PROPN
cblr-13005	935	7	regulations	regulation	NOUN
cblr-13005	935	8	undermines	undermine	VERB
cblr-13005	935	9	one	one	NUM
cblr-13005	935	10	of	of	ADP
cblr-13005	935	11	the	the	DET
cblr-13005	935	12	main	main	ADJ
cblr-13005	935	13	benefits	benefit	NOUN
cblr-13005	935	14	of	of	ADP
cblr-13005	935	15	a	a	DET
cblr-13005	935	16	privatized	privatized	ADJ
cblr-13005	935	17	regulatory	regulatory	ADJ
cblr-13005	935	18	approach	approach	NOUN
cblr-13005	935	19	—	—	PUNCT
cblr-13005	935	20	flexibility	flexibility	NOUN
cblr-13005	935	21	to	to	PART
cblr-13005	935	22	change	change	VERB
cblr-13005	935	23	and	and	CCONJ
cblr-13005	935	24	adjust	adjust	VERB
cblr-13005	935	25	over	over	ADP
cblr-13005	935	26	time	time	NOUN
cblr-13005	935	27	at	at	ADP
cblr-13005	935	28	low	low	ADJ
cblr-13005	935	29	cost.209	cost.209	NOUN
cblr-13005	935	30	but	but	CCONJ
cblr-13005	935	31	a	a	DET
cblr-13005	935	32	more	more	ADV
cblr-13005	935	33	fundamental	fundamental	ADJ
cblr-13005	935	34	question	question	NOUN
cblr-13005	935	35	is	be	AUX
cblr-13005	935	36	lurking	lurk	VERB
cblr-13005	935	37	.	.	PUNCT
cblr-13005	936	1	the	the	DET
cblr-13005	936	2	benefits	benefit	NOUN
cblr-13005	936	3	of	of	ADP
cblr-13005	936	4	comparability	comparability	NOUN
cblr-13005	936	5	and	and	CCONJ
cblr-13005	936	6	credibility	credibility	NOUN
cblr-13005	936	7	,	,	PUNCT
cblr-13005	936	8	while	while	SCONJ
cblr-13005	936	9	often	often	ADV
cblr-13005	936	10	cited	cite	VERB
cblr-13005	936	11	as	as	ADP
cblr-13005	936	12	a	a	DET
cblr-13005	936	13	reason	reason	NOUN
cblr-13005	936	14	favoring	favor	VERB
cblr-13005	936	15	mandatory	mandatory	ADJ
cblr-13005	936	16	as	as	SCONJ
cblr-13005	936	17	opposed	oppose	VERB
cblr-13005	936	18	to	to	ADP
cblr-13005	936	19	voluntary	voluntary	ADJ
cblr-13005	936	20	disclosure	disclosure	NOUN
cblr-13005	936	21	,	,	PUNCT
cblr-13005	936	22	are	be	AUX
cblr-13005	936	23	209	209	NUM
cblr-13005	936	24	for	for	ADP
cblr-13005	936	25	an	an	DET
cblr-13005	936	26	argument	argument	NOUN
cblr-13005	936	27	that	that	SCONJ
cblr-13005	936	28	the	the	DET
cblr-13005	936	29	sec	sec	PROPN
cblr-13005	936	30	should	should	AUX
cblr-13005	936	31	make	make	VERB
cblr-13005	936	32	its	its	PRON
cblr-13005	936	33	climate	climate	NOUN
cblr-13005	936	34	-	-	PUNCT
cblr-13005	936	35	related	relate	VERB
cblr-13005	936	36	disclosure	disclosure	NOUN
cblr-13005	936	37	mandates	mandate	NOUN
cblr-13005	936	38	optional	optional	ADJ
cblr-13005	936	39	,	,	PUNCT
cblr-13005	936	40	see	see	VERB
cblr-13005	936	41	scott	scott	PROPN
cblr-13005	936	42	hirst	hirst	PROPN
cblr-13005	936	43	,	,	PUNCT
cblr-13005	936	44	saving	save	VERB
cblr-13005	936	45	climate	climate	NOUN
cblr-13005	936	46	disclosure	disclosure	NOUN
cblr-13005	936	47	,	,	PUNCT
cblr-13005	936	48	28	28	NUM
cblr-13005	936	49	stan	stan	PROPN
cblr-13005	936	50	.	.	PUNCT
cblr-13005	937	1	j.l	j.l	PROPN
cblr-13005	937	2	.	.	PROPN
cblr-13005	937	3	bus	bus	PROPN
cblr-13005	937	4	.	.	PUNCT
cblr-13005	937	5	&	&	CCONJ
cblr-13005	937	6	fin	fin	PROPN
cblr-13005	937	7	.	.	PUNCT
cblr-13005	938	1	91	91	NUM
cblr-13005	938	2	(	(	PUNCT
cblr-13005	938	3	2023	2023	NUM
cblr-13005	938	4	)	)	PUNCT
cblr-13005	938	5	.	.	PUNCT
cblr-13005	939	1	no	no	INTJ
cblr-13005	939	2	.	.	NOUN
cblr-13005	940	1	1	1	NUM
cblr-13005	940	2	]	]	PUNCT
cblr-13005	940	3	a	a	DET
cblr-13005	940	4	hard	hard	ADJ
cblr-13005	940	5	look	look	NOUN
cblr-13005	940	6	at	at	ADP
cblr-13005	940	7	portfolio	portfolio	NOUN
cblr-13005	940	8	focused	focused	ADJ
cblr-13005	940	9	stewardship	stewardship	NOUN
cblr-13005	940	10	389	389	NUM
cblr-13005	940	11	not	not	PART
cblr-13005	940	12	a	a	DET
cblr-13005	940	13	sufficient	sufficient	ADJ
cblr-13005	940	14	basis	basis	NOUN
cblr-13005	940	15	for	for	ADP
cblr-13005	940	16	sec	sec	PROPN
cblr-13005	940	17	disclosure	disclosure	NOUN
cblr-13005	940	18	mandates	mandate	NOUN
cblr-13005	940	19	.	.	PUNCT
cblr-13005	941	1	the	the	DET
cblr-13005	941	2	disclosures	disclosure	NOUN
cblr-13005	941	3	that	that	PRON
cblr-13005	941	4	sec	sec	PROPN
cblr-13005	941	5	mandates	mandate	NOUN
cblr-13005	941	6	would	would	AUX
cblr-13005	941	7	standardize	standardize	VERB
cblr-13005	941	8	,	,	PUNCT
cblr-13005	941	9	and	and	CCONJ
cblr-13005	941	10	whose	whose	DET
cblr-13005	941	11	credibility	credibility	NOUN
cblr-13005	941	12	they	they	PRON
cblr-13005	941	13	would	would	AUX
cblr-13005	941	14	enhance	enhance	VERB
cblr-13005	941	15	,	,	PUNCT
cblr-13005	941	16	must	must	AUX
cblr-13005	941	17	be	be	AUX
cblr-13005	941	18	of	of	ADP
cblr-13005	941	19	the	the	DET
cblr-13005	941	20	sort	sort	NOUN
cblr-13005	941	21	that	that	PRON
cblr-13005	941	22	the	the	DET
cblr-13005	941	23	sec	sec	PROPN
cblr-13005	941	24	has	have	VERB
cblr-13005	941	25	the	the	DET
cblr-13005	941	26	authority	authority	NOUN
cblr-13005	941	27	to	to	PART
cblr-13005	941	28	compel	compel	VERB
cblr-13005	941	29	.	.	PUNCT
cblr-13005	942	1	the	the	DET
cblr-13005	942	2	foregoing	forego	VERB
cblr-13005	942	3	analysis	analysis	NOUN
cblr-13005	942	4	suggests	suggest	VERB
cblr-13005	942	5	that	that	SCONJ
cblr-13005	942	6	if	if	SCONJ
cblr-13005	942	7	financially	financially	ADV
cblr-13005	942	8	motivated	motivated	ADJ
cblr-13005	942	9	diversified	diversified	ADJ
cblr-13005	942	10	investors	investor	NOUN
cblr-13005	942	11	were	be	AUX
cblr-13005	942	12	to	to	PART
cblr-13005	942	13	support	support	VERB
cblr-13005	942	14	portfolio	portfolio	NOUN
cblr-13005	942	15	-	-	PUNCT
cblr-13005	942	16	focused	focus	VERB
cblr-13005	942	17	disclosure	disclosure	NOUN
cblr-13005	942	18	regulation	regulation	NOUN
cblr-13005	942	19	,	,	PUNCT
cblr-13005	942	20	the	the	DET
cblr-13005	942	21	goal	goal	NOUN
cblr-13005	942	22	would	would	AUX
cblr-13005	942	23	not	not	PART
cblr-13005	942	24	be	be	AUX
cblr-13005	942	25	to	to	PART
cblr-13005	942	26	provide	provide	VERB
cblr-13005	942	27	index	index	NOUN
cblr-13005	942	28	fund	fund	NOUN
cblr-13005	942	29	managers	manager	NOUN
cblr-13005	942	30	with	with	ADP
cblr-13005	942	31	the	the	DET
cblr-13005	942	32	information	information	NOUN
cblr-13005	942	33	they	they	PRON
cblr-13005	942	34	need	need	VERB
cblr-13005	942	35	to	to	PART
cblr-13005	942	36	craft	craft	VERB
cblr-13005	942	37	more	more	ADJ
cblr-13005	942	38	prescriptive	prescriptive	ADJ
cblr-13005	942	39	portfolio	portfolio	NOUN
cblr-13005	942	40	-	-	PUNCT
cblr-13005	942	41	focused	focus	VERB
cblr-13005	942	42	stewardship	stewardship	NOUN
cblr-13005	942	43	interventions	intervention	NOUN
cblr-13005	942	44	in	in	ADP
cblr-13005	942	45	the	the	DET
cblr-13005	942	46	future	future	NOUN
cblr-13005	942	47	.	.	PUNCT
cblr-13005	943	1	in	in	ADP
cblr-13005	943	2	other	other	ADJ
cblr-13005	943	3	words	word	NOUN
cblr-13005	943	4	,	,	PUNCT
cblr-13005	943	5	they	they	PRON
cblr-13005	943	6	would	would	AUX
cblr-13005	943	7	not	not	PART
cblr-13005	943	8	consider	consider	VERB
cblr-13005	943	9	the	the	DET
cblr-13005	943	10	information	information	NOUN
cblr-13005	943	11	,	,	PUNCT
cblr-13005	943	12	to	to	PART
cblr-13005	943	13	use	use	VERB
cblr-13005	943	14	the	the	DET
cblr-13005	943	15	materiality	materiality	NOUN
cblr-13005	943	16	test	test	NOUN
cblr-13005	943	17	set	set	VERB
cblr-13005	943	18	forth	forth	ADP
cblr-13005	943	19	in	in	ADP
cblr-13005	943	20	tsc	tsc	PROPN
cblr-13005	943	21	industries	industry	NOUN
cblr-13005	943	22	,	,	PUNCT
cblr-13005	943	23	inc	inc	PROPN
cblr-13005	943	24	.	.	PROPN
cblr-13005	944	1	v.	v.	PROPN
cblr-13005	944	2	northway	northway	PROPN
cblr-13005	944	3	inc	inc	PROPN
cblr-13005	944	4	.	.	PROPN
cblr-13005	944	5	,	,	PUNCT
cblr-13005	944	6	“	"	PUNCT
cblr-13005	944	7	important	important	ADJ
cblr-13005	944	8	in	in	ADP
cblr-13005	944	9	deciding	decide	VERB
cblr-13005	944	10	how	how	SCONJ
cblr-13005	944	11	to	to	PART
cblr-13005	944	12	vote	vote	VERB
cblr-13005	944	13	.	.	PUNCT
cblr-13005	944	14	”210	”210	PROPN
cblr-13005	945	1	rather	rather	ADV
cblr-13005	945	2	,	,	PUNCT
cblr-13005	945	3	the	the	DET
cblr-13005	945	4	goal	goal	NOUN
cblr-13005	945	5	of	of	ADP
cblr-13005	945	6	the	the	DET
cblr-13005	945	7	disclosure	disclosure	NOUN
cblr-13005	945	8	regulation	regulation	NOUN
cblr-13005	945	9	would	would	AUX
cblr-13005	945	10	be	be	AUX
cblr-13005	945	11	to	to	PART
cblr-13005	945	12	prod	prod	VERB
cblr-13005	945	13	other	other	ADJ
cblr-13005	945	14	market	market	NOUN
cblr-13005	945	15	actors	actor	NOUN
cblr-13005	945	16	or	or	CCONJ
cblr-13005	945	17	,	,	PUNCT
cblr-13005	945	18	alternatively	alternatively	ADV
cblr-13005	945	19	,	,	PUNCT
cblr-13005	945	20	government	government	NOUN
cblr-13005	945	21	actors	actor	NOUN
cblr-13005	945	22	(	(	PUNCT
cblr-13005	945	23	e.g.	e.g.	ADV
cblr-13005	945	24	,	,	PUNCT
cblr-13005	945	25	congress	congress	PROPN
cblr-13005	945	26	or	or	CCONJ
cblr-13005	945	27	the	the	DET
cblr-13005	945	28	epa	epa	PROPN
cblr-13005	945	29	)	)	PUNCT
cblr-13005	945	30	,	,	PUNCT
cblr-13005	945	31	to	to	PART
cblr-13005	945	32	take	take	VERB
cblr-13005	945	33	steps	step	NOUN
cblr-13005	945	34	that	that	PRON
cblr-13005	945	35	have	have	VERB
cblr-13005	945	36	the	the	DET
cblr-13005	945	37	effect	effect	NOUN
cblr-13005	945	38	of	of	ADP
cblr-13005	945	39	forcing	force	VERB
cblr-13005	945	40	portfolio	portfolio	NOUN
cblr-13005	945	41	companies	company	NOUN
cblr-13005	945	42	to	to	PART
cblr-13005	945	43	internalize	internalize	VERB
cblr-13005	945	44	the	the	DET
cblr-13005	945	45	costs	cost	NOUN
cblr-13005	945	46	their	their	PRON
cblr-13005	945	47	actions	action	NOUN
cblr-13005	945	48	impose	impose	VERB
cblr-13005	945	49	on	on	ADP
cblr-13005	945	50	other	other	ADJ
cblr-13005	945	51	portfolio	portfolio	NOUN
cblr-13005	945	52	firms	firm	NOUN
cblr-13005	945	53	.	.	PUNCT
cblr-13005	946	1	should	should	AUX
cblr-13005	946	2	the	the	DET
cblr-13005	946	3	sec	sec	PROPN
cblr-13005	946	4	view	view	NOUN
cblr-13005	946	5	disclosure	disclosure	NOUN
cblr-13005	946	6	designed	design	VERB
cblr-13005	946	7	for	for	ADP
cblr-13005	946	8	this	this	DET
cblr-13005	946	9	purpose	purpose	NOUN
cblr-13005	946	10	as	as	ADP
cblr-13005	946	11	within	within	ADP
cblr-13005	946	12	its	its	PRON
cblr-13005	946	13	mandate	mandate	NOUN
cblr-13005	946	14	?	?	PUNCT
cblr-13005	947	1	should	should	AUX
cblr-13005	947	2	the	the	DET
cblr-13005	947	3	courts	court	NOUN
cblr-13005	947	4	condone	condone	VERB
cblr-13005	947	5	such	such	DET
cblr-13005	947	6	a	a	DET
cblr-13005	947	7	view	view	NOUN
cblr-13005	947	8	?	?	PUNCT
cblr-13005	948	1	while	while	SCONJ
cblr-13005	948	2	ultimately	ultimately	ADV
cblr-13005	948	3	serving	serve	VERB
cblr-13005	948	4	the	the	DET
cblr-13005	948	5	interests	interest	NOUN
cblr-13005	948	6	of	of	ADP
cblr-13005	948	7	diversified	diversified	ADJ
cblr-13005	948	8	investors	investor	NOUN
cblr-13005	948	9	,	,	PUNCT
cblr-13005	948	10	such	such	ADJ
cblr-13005	948	11	disclosures	disclosure	NOUN
cblr-13005	948	12	would	would	AUX
cblr-13005	948	13	be	be	AUX
cblr-13005	948	14	directly	directly	ADV
cblr-13005	948	15	aimed	aim	VERB
cblr-13005	948	16	at	at	ADP
cblr-13005	948	17	different	different	ADJ
cblr-13005	948	18	audiences	audience	NOUN
cblr-13005	948	19	,	,	PUNCT
cblr-13005	948	20	including	include	VERB
cblr-13005	948	21	non	non	ADJ
cblr-13005	948	22	-	-	ADJ
cblr-13005	948	23	financially	financially	ADV
cblr-13005	948	24	motivated	motivated	ADJ
cblr-13005	948	25	investors	investor	NOUN
cblr-13005	948	26	and	and	CCONJ
cblr-13005	948	27	various	various	ADJ
cblr-13005	948	28	non	non	ADJ
cblr-13005	948	29	-	-	ADJ
cblr-13005	948	30	investor	investor	ADJ
cblr-13005	948	31	groups	group	NOUN
cblr-13005	948	32	like	like	ADP
cblr-13005	948	33	consumers	consumer	NOUN
cblr-13005	948	34	,	,	PUNCT
cblr-13005	948	35	labor	labor	NOUN
cblr-13005	948	36	unions	union	NOUN
cblr-13005	948	37	,	,	PUNCT
cblr-13005	948	38	regulators	regulator	NOUN
cblr-13005	948	39	and	and	CCONJ
cblr-13005	948	40	legislators	legislator	NOUN
cblr-13005	948	41	.	.	PUNCT
cblr-13005	949	1	this	this	PRON
cblr-13005	949	2	represents	represent	VERB
cblr-13005	949	3	a	a	DET
cblr-13005	949	4	significant	significant	ADJ
cblr-13005	949	5	departure	departure	NOUN
cblr-13005	949	6	from	from	ADP
cblr-13005	949	7	the	the	DET
cblr-13005	949	8	traditional	traditional	ADJ
cblr-13005	949	9	use	use	NOUN
cblr-13005	949	10	of	of	ADP
cblr-13005	949	11	sec	sec	PROPN
cblr-13005	949	12	disclosure	disclosure	NOUN
cblr-13005	949	13	mandates	mandate	NOUN
cblr-13005	949	14	to	to	PART
cblr-13005	949	15	assist	assist	VERB
cblr-13005	949	16	investors	investor	NOUN
cblr-13005	949	17	in	in	ADP
cblr-13005	949	18	making	make	VERB
cblr-13005	949	19	investment	investment	NOUN
cblr-13005	949	20	and	and	CCONJ
cblr-13005	949	21	voting	vote	VERB
cblr-13005	949	22	decisions.211	decisions.211	NOUN
cblr-13005	949	23	accepting	accept	VERB
cblr-13005	949	24	it	it	PRON
cblr-13005	949	25	could	could	AUX
cblr-13005	949	26	lead	lead	VERB
cblr-13005	949	27	to	to	ADP
cblr-13005	949	28	a	a	DET
cblr-13005	949	29	broad	broad	ADJ
cblr-13005	949	30	expansion	expansion	NOUN
cblr-13005	949	31	of	of	ADP
cblr-13005	949	32	the	the	DET
cblr-13005	949	33	scope	scope	NOUN
cblr-13005	949	34	of	of	ADP
cblr-13005	949	35	the	the	DET
cblr-13005	949	36	agency	agency	NOUN
cblr-13005	949	37	’s	’s	PART
cblr-13005	949	38	authority	authority	NOUN
cblr-13005	949	39	.	.	PUNCT
cblr-13005	950	1	finally	finally	ADV
cblr-13005	950	2	,	,	PUNCT
cblr-13005	950	3	this	this	DET
cblr-13005	950	4	article	article	NOUN
cblr-13005	950	5	’s	’s	PART
cblr-13005	950	6	analysis	analysis	NOUN
cblr-13005	950	7	helps	help	VERB
cblr-13005	950	8	to	to	PART
cblr-13005	950	9	contextualize	contextualize	VERB
cblr-13005	950	10	calls	call	NOUN
cblr-13005	950	11	for	for	SCONJ
cblr-13005	950	12	index	index	NOUN
cblr-13005	950	13	funds	fund	NOUN
cblr-13005	950	14	to	to	PART
cblr-13005	950	15	adopt	adopt	VERB
cblr-13005	950	16	pass	pass	VERB
cblr-13005	950	17	-	-	PUNCT
cblr-13005	950	18	through	through	ADP
cblr-13005	950	19	voting	voting	NOUN
cblr-13005	950	20	regimes	regime	NOUN
cblr-13005	950	21	.	.	PUNCT
cblr-13005	951	1	many	many	ADJ
cblr-13005	951	2	recent	recent	ADJ
cblr-13005	951	3	proposals	proposal	NOUN
cblr-13005	951	4	recommend	recommend	VERB
cblr-13005	951	5	that	that	SCONJ
cblr-13005	951	6	index	index	NOUN
cblr-13005	951	7	funds	fund	NOUN
cblr-13005	951	8	’	'	PUNCT
cblr-13005	951	9	beneficial	beneficial	ADJ
cblr-13005	951	10	210	210	NUM
cblr-13005	951	11	tsc	tsc	PROPN
cblr-13005	951	12	indus	indus	NOUN
cblr-13005	951	13	.	.	PUNCT
cblr-13005	952	1	v.	v.	ADP
cblr-13005	952	2	northway	northway	PROPN
cblr-13005	952	3	,	,	PUNCT
cblr-13005	952	4	426	426	NUM
cblr-13005	952	5	u.s	u.s	PROPN
cblr-13005	952	6	.	.	PROPN
cblr-13005	952	7	438	438	NUM
cblr-13005	952	8	,	,	PUNCT
cblr-13005	952	9	440	440	NUM
cblr-13005	952	10	(	(	PUNCT
cblr-13005	952	11	1976	1976	NUM
cblr-13005	952	12	)	)	PUNCT
cblr-13005	952	13	.	.	PUNCT
cblr-13005	953	1	211	211	NUM
cblr-13005	953	2	cf	cf	NOUN
cblr-13005	953	3	.	.	PUNCT
cblr-13005	954	1	kahan	kahan	PROPN
cblr-13005	954	2	&	&	CCONJ
cblr-13005	954	3	rock	rock	PROPN
cblr-13005	954	4	,	,	PUNCT
cblr-13005	954	5	supra	supra	PROPN
cblr-13005	954	6	note	note	NOUN
cblr-13005	954	7	3	3	NUM
cblr-13005	954	8	,	,	PUNCT
cblr-13005	954	9	at	at	ADP
cblr-13005	954	10	122	122	NUM
cblr-13005	954	11	(	(	PUNCT
cblr-13005	954	12	stating	state	VERB
cblr-13005	954	13	that	that	SCONJ
cblr-13005	954	14	the	the	DET
cblr-13005	954	15	sec	sec	PROPN
cblr-13005	954	16	’s	’s	PART
cblr-13005	954	17	mandate	mandate	NOUN
cblr-13005	954	18	“	"	PUNCT
cblr-13005	954	19	does	do	AUX
cblr-13005	954	20	not	not	PART
cblr-13005	954	21	include	include	VERB
cblr-13005	954	22	supplying	supply	VERB
cblr-13005	954	23	product	product	NOUN
cblr-13005	954	24	information	information	NOUN
cblr-13005	954	25	to	to	ADP
cblr-13005	954	26	consumer	consumer	NOUN
cblr-13005	954	27	[	[	X
cblr-13005	954	28	sic	sic	ADJ
cblr-13005	954	29	]	]	X
cblr-13005	954	30	or	or	CCONJ
cblr-13005	954	31	work	work	NOUN
cblr-13005	954	32	-	-	PUNCT
cblr-13005	954	33	related	relate	VERB
cblr-13005	954	34	information	information	NOUN
cblr-13005	954	35	to	to	ADP
cblr-13005	954	36	employees	employee	NOUN
cblr-13005	954	37	”	"	PUNCT
cblr-13005	954	38	)	)	PUNCT
cblr-13005	954	39	.	.	PUNCT
cblr-13005	955	1	as	as	SCONJ
cblr-13005	955	2	noted	note	VERB
cblr-13005	955	3	in	in	ADP
cblr-13005	955	4	the	the	DET
cblr-13005	955	5	introduction	introduction	NOUN
cblr-13005	955	6	,	,	PUNCT
cblr-13005	955	7	if	if	SCONJ
cblr-13005	955	8	the	the	DET
cblr-13005	955	9	disclosures	disclosure	NOUN
cblr-13005	955	10	were	be	AUX
cblr-13005	955	11	aimed	aim	VERB
cblr-13005	955	12	at	at	ADP
cblr-13005	955	13	influencing	influence	VERB
cblr-13005	955	14	the	the	DET
cblr-13005	955	15	behavior	behavior	NOUN
cblr-13005	955	16	of	of	ADP
cblr-13005	955	17	financially	financially	ADV
cblr-13005	955	18	motivated	motivated	ADJ
cblr-13005	955	19	non	non	ADJ
cblr-13005	955	20	-	-	ADJ
cblr-13005	955	21	index	index	ADJ
cblr-13005	955	22	investors	investor	NOUN
cblr-13005	955	23	,	,	PUNCT
cblr-13005	955	24	portfolio	portfolio	NOUN
cblr-13005	955	25	primacy	primacy	NOUN
cblr-13005	955	26	theory	theory	NOUN
cblr-13005	955	27	would	would	AUX
cblr-13005	955	28	add	add	VERB
cblr-13005	955	29	nothing	nothing	PRON
cblr-13005	955	30	to	to	ADP
cblr-13005	955	31	the	the	DET
cblr-13005	955	32	other	other	ADJ
cblr-13005	955	33	two	two	NUM
cblr-13005	955	34	financial	financial	ADJ
cblr-13005	955	35	arguments	argument	NOUN
cblr-13005	955	36	that	that	PRON
cblr-13005	955	37	have	have	AUX
cblr-13005	955	38	been	be	AUX
cblr-13005	955	39	advanced	advance	VERB
cblr-13005	955	40	in	in	ADP
cblr-13005	955	41	favor	favor	NOUN
cblr-13005	955	42	of	of	ADP
cblr-13005	955	43	secmandated	secmandated	ADJ
cblr-13005	955	44	esg	esg	NOUN
cblr-13005	955	45	disclosure	disclosure	NOUN
cblr-13005	955	46	—	—	PUNCT
cblr-13005	955	47	namely	namely	ADV
cblr-13005	955	48	,	,	PUNCT
cblr-13005	955	49	that	that	DET
cblr-13005	955	50	mandated	mandate	VERB
cblr-13005	955	51	esg	esg	PROPN
cblr-13005	955	52	disclosure	disclosure	NOUN
cblr-13005	955	53	may	may	AUX
cblr-13005	955	54	be	be	AUX
cblr-13005	955	55	warranted	warrant	VERB
cblr-13005	955	56	to	to	ADP
cblr-13005	955	57	the	the	DET
cblr-13005	955	58	extent	extent	NOUN
cblr-13005	955	59	that	that	SCONJ
cblr-13005	955	60	it	it	PRON
cblr-13005	955	61	helps	help	VERB
cblr-13005	955	62	investors	investor	NOUN
cblr-13005	955	63	better	well	ADJ
cblr-13005	955	64	estimate	estimate	VERB
cblr-13005	955	65	firms	firm	NOUN
cblr-13005	955	66	’	'	PUNCT
cblr-13005	955	67	future	future	ADJ
cblr-13005	955	68	expected	expect	VERB
cblr-13005	955	69	cash	cash	NOUN
cblr-13005	955	70	flows	flow	NOUN
cblr-13005	955	71	or	or	CCONJ
cblr-13005	955	72	their	their	PRON
cblr-13005	955	73	systematic	systematic	ADJ
cblr-13005	955	74	risk	risk	NOUN
cblr-13005	955	75	exposure	exposure	NOUN
cblr-13005	955	76	.	.	PUNCT
cblr-13005	956	1	390	390	NUM
cblr-13005	956	2	columbia	columbia	PROPN
cblr-13005	956	3	business	business	NOUN
cblr-13005	956	4	law	law	PROPN
cblr-13005	956	5	review	review	NOUN
cblr-13005	957	1	[	[	X
cblr-13005	957	2	vol	vol	NOUN
cblr-13005	957	3	.	.	NOUN
cblr-13005	957	4	2024	2024	NUM
cblr-13005	957	5	owners	owner	NOUN
cblr-13005	957	6	,	,	PUNCT
cblr-13005	957	7	rather	rather	ADV
cblr-13005	957	8	than	than	ADP
cblr-13005	957	9	their	their	PRON
cblr-13005	957	10	fund	fund	NOUN
cblr-13005	957	11	managers	manager	NOUN
cblr-13005	957	12	,	,	PUNCT
cblr-13005	957	13	be	be	AUX
cblr-13005	957	14	given	give	VERB
cblr-13005	957	15	the	the	DET
cblr-13005	957	16	right	right	NOUN
cblr-13005	957	17	to	to	PART
cblr-13005	957	18	vote	vote	VERB
cblr-13005	957	19	fund	fund	NOUN
cblr-13005	957	20	shares	share	NOUN
cblr-13005	957	21	in	in	ADP
cblr-13005	957	22	proportion	proportion	NOUN
cblr-13005	957	23	to	to	ADP
cblr-13005	957	24	their	their	PRON
cblr-13005	957	25	beneficial	beneficial	ADJ
cblr-13005	957	26	ownership	ownership	NOUN
cblr-13005	957	27	;	;	PUNCT
cblr-13005	957	28	legislation	legislation	NOUN
cblr-13005	957	29	has	have	AUX
cblr-13005	957	30	been	be	AUX
cblr-13005	957	31	proposed	propose	VERB
cblr-13005	957	32	that	that	PRON
cblr-13005	957	33	would	would	AUX
cblr-13005	957	34	require	require	VERB
cblr-13005	957	35	this212	this212	PROPN
cblr-13005	957	36	;	;	PUNCT
cblr-13005	957	37	and	and	CCONJ
cblr-13005	957	38	the	the	DET
cblr-13005	957	39	big	big	ADJ
cblr-13005	957	40	three	three	NUM
cblr-13005	957	41	have	have	AUX
cblr-13005	957	42	begun	begin	VERB
cblr-13005	957	43	some	some	DET
cblr-13005	957	44	experimentation	experimentation	NOUN
cblr-13005	957	45	with	with	ADP
cblr-13005	957	46	the	the	DET
cblr-13005	957	47	idea.213	idea.213	NOUN
cblr-13005	957	48	the	the	DET
cblr-13005	957	49	clout	clout	NOUN
cblr-13005	957	50	of	of	ADP
cblr-13005	957	51	the	the	DET
cblr-13005	957	52	big	big	ADJ
cblr-13005	957	53	three	three	NUM
cblr-13005	957	54	—	—	PUNCT
cblr-13005	957	55	their	their	PRON
cblr-13005	957	56	ability	ability	NOUN
cblr-13005	957	57	to	to	PART
cblr-13005	957	58	impose	impose	VERB
cblr-13005	957	59	policies	policy	NOUN
cblr-13005	957	60	that	that	PRON
cblr-13005	957	61	could	could	AUX
cblr-13005	957	62	potentially	potentially	ADV
cblr-13005	957	63	have	have	VERB
cblr-13005	957	64	portfolio	portfolio	NOUN
cblr-13005	957	65	-	-	PUNCT
cblr-13005	957	66	wide	wide	ADJ
cblr-13005	957	67	effects	effect	NOUN
cblr-13005	957	68	—	—	PUNCT
cblr-13005	957	69	stems	stem	VERB
cblr-13005	957	70	from	from	ADP
cblr-13005	957	71	their	their	PRON
cblr-13005	957	72	ability	ability	NOUN
cblr-13005	957	73	to	to	PART
cblr-13005	957	74	collectively	collectively	ADV
cblr-13005	957	75	direct	direct	VERB
cblr-13005	957	76	the	the	DET
cblr-13005	957	77	votes	vote	NOUN
cblr-13005	957	78	of	of	ADP
cblr-13005	957	79	the	the	DET
cblr-13005	957	80	shares	share	NOUN
cblr-13005	957	81	owned	own	VERB
cblr-13005	957	82	by	by	ADP
cblr-13005	957	83	the	the	DET
cblr-13005	957	84	index	index	NOUN
cblr-13005	957	85	funds	fund	NOUN
cblr-13005	957	86	they	they	PRON
cblr-13005	957	87	manage	manage	VERB
cblr-13005	957	88	.	.	PUNCT
cblr-13005	958	1	if	if	SCONJ
cblr-13005	958	2	voting	voting	NOUN
cblr-13005	958	3	rights	right	NOUN
cblr-13005	958	4	instead	instead	ADV
cblr-13005	958	5	passed	pass	VERB
cblr-13005	958	6	through	through	ADP
cblr-13005	958	7	to	to	ADP
cblr-13005	958	8	the	the	DET
cblr-13005	958	9	funds	fund	NOUN
cblr-13005	958	10	’	'	PUNCT
cblr-13005	958	11	beneficial	beneficial	ADJ
cblr-13005	958	12	owners	owner	NOUN
cblr-13005	958	13	,	,	PUNCT
cblr-13005	958	14	it	it	PRON
cblr-13005	958	15	could	could	AUX
cblr-13005	958	16	eliminate	eliminate	VERB
cblr-13005	958	17	the	the	DET
cblr-13005	958	18	potential	potential	NOUN
cblr-13005	958	19	for	for	ADP
cblr-13005	958	20	portfolio	portfolio	NOUN
cblr-13005	958	21	-	-	PUNCT
cblr-13005	958	22	focused	focus	VERB
cblr-13005	958	23	stewardship	stewardship	NOUN
cblr-13005	958	24	.	.	PUNCT
cblr-13005	959	1	the	the	DET
cblr-13005	959	2	analysis	analysis	NOUN
cblr-13005	959	3	herein	herein	NOUN
cblr-13005	959	4	suggests	suggest	VERB
cblr-13005	959	5	that	that	SCONJ
cblr-13005	959	6	hamstringing	hamstring	VERB
cblr-13005	959	7	portfolio	portfolio	NOUN
cblr-13005	959	8	-	-	PUNCT
cblr-13005	959	9	focused	focus	VERB
cblr-13005	959	10	stewardship	stewardship	NOUN
cblr-13005	959	11	would	would	AUX
cblr-13005	959	12	likely	likely	ADV
cblr-13005	959	13	be	be	AUX
cblr-13005	959	14	perceived	perceive	VERB
cblr-13005	959	15	by	by	ADP
cblr-13005	959	16	financially	financially	ADV
cblr-13005	959	17	motivated	motivated	ADJ
cblr-13005	959	18	diversified	diversified	ADJ
cblr-13005	959	19	investors	investor	NOUN
cblr-13005	959	20	as	as	ADP
cblr-13005	959	21	a	a	DET
cblr-13005	959	22	benefit	benefit	NOUN
cblr-13005	959	23	,	,	PUNCT
cblr-13005	959	24	rather	rather	ADV
cblr-13005	959	25	than	than	ADP
cblr-13005	959	26	a	a	DET
cblr-13005	959	27	cost	cost	NOUN
cblr-13005	959	28	,	,	PUNCT
cblr-13005	959	29	of	of	ADP
cblr-13005	959	30	pass	pass	NOUN
cblr-13005	959	31	-	-	PUNCT
cblr-13005	959	32	through	through	ADP
cblr-13005	959	33	voting	voting	NOUN
cblr-13005	959	34	.	.	PUNCT
cblr-13005	960	1	but	but	CCONJ
cblr-13005	960	2	,	,	PUNCT
cblr-13005	960	3	depending	depend	VERB
cblr-13005	960	4	on	on	ADP
cblr-13005	960	5	how	how	SCONJ
cblr-13005	960	6	it	it	PRON
cblr-13005	960	7	is	be	AUX
cblr-13005	960	8	designed	design	VERB
cblr-13005	960	9	,	,	PUNCT
cblr-13005	960	10	pass	pass	VERB
cblr-13005	960	11	-	-	PUNCT
cblr-13005	960	12	through	through	ADP
cblr-13005	960	13	voting	voting	NOUN
cblr-13005	960	14	could	could	AUX
cblr-13005	960	15	also	also	ADV
cblr-13005	960	16	diminish	diminish	VERB
cblr-13005	960	17	the	the	DET
cblr-13005	960	18	ability	ability	NOUN
cblr-13005	960	19	of	of	ADP
cblr-13005	960	20	index	index	NOUN
cblr-13005	960	21	fund	fund	NOUN
cblr-13005	960	22	managers	manager	NOUN
cblr-13005	960	23	to	to	ADP
cblr-13005	960	24	police	police	NOUN
cblr-13005	960	25	portfolio	portfolio	NOUN
cblr-13005	960	26	firms	firm	NOUN
cblr-13005	960	27	for	for	ADP
cblr-13005	960	28	managerial	managerial	ADJ
cblr-13005	960	29	agency	agency	NOUN
cblr-13005	960	30	costs	cost	NOUN
cblr-13005	960	31	.	.	PUNCT
cblr-13005	961	1	whether	whether	SCONJ
cblr-13005	961	2	,	,	PUNCT
cblr-13005	961	3	or	or	CCONJ
cblr-13005	961	4	under	under	ADP
cblr-13005	961	5	what	what	DET
cblr-13005	961	6	circumstances	circumstance	NOUN
cblr-13005	961	7	,	,	PUNCT
cblr-13005	961	8	financially	financially	ADV
cblr-13005	961	9	motivated	motivated	ADJ
cblr-13005	961	10	diversified	diversified	ADJ
cblr-13005	961	11	investors	investor	NOUN
cblr-13005	961	12	would	would	AUX
cblr-13005	961	13	support	support	VERB
cblr-13005	961	14	pass	pass	VERB
cblr-13005	961	15	-	-	PUNCT
cblr-13005	961	16	through	through	ADP
cblr-13005	961	17	voting	voting	NOUN
cblr-13005	961	18	given	give	VERB
cblr-13005	961	19	this	this	DET
cblr-13005	961	20	tradeoff	tradeoff	NOUN
cblr-13005	961	21	is	be	AUX
cblr-13005	961	22	an	an	DET
cblr-13005	961	23	important	important	ADJ
cblr-13005	961	24	topic	topic	NOUN
cblr-13005	961	25	for	for	ADP
cblr-13005	961	26	future	future	ADJ
cblr-13005	961	27	research	research	NOUN
cblr-13005	961	28	.	.	PUNCT
cblr-13005	962	1	212	212	NUM
cblr-13005	962	2	see	see	VERB
cblr-13005	962	3	supra	supra	PROPN
cblr-13005	962	4	notes	note	VERB
cblr-13005	962	5	107	107	NUM
cblr-13005	962	6	&	&	CCONJ
cblr-13005	962	7	160	160	NUM
cblr-13005	962	8	;	;	PUNCT
cblr-13005	962	9	see	see	VERB
cblr-13005	962	10	also	also	ADV
cblr-13005	962	11	investor	investor	NOUN
cblr-13005	962	12	democracy	democracy	PROPN
cblr-13005	962	13	act	act	PROPN
cblr-13005	962	14	,	,	PUNCT
cblr-13005	962	15	s.4241	s.4241	PROPN
cblr-13005	962	16	,	,	PUNCT
cblr-13005	962	17	117th	117th	ADJ
cblr-13005	962	18	cong	cong	NOUN
cblr-13005	962	19	.	.	PUNCT
cblr-13005	963	1	2d	2d	PROPN
cblr-13005	963	2	sess	sess	PROPN
cblr-13005	963	3	.	.	PUNCT
cblr-13005	964	1	(	(	PUNCT
cblr-13005	964	2	2022	2022	NUM
cblr-13005	964	3	)	)	PUNCT
cblr-13005	964	4	.	.	PUNCT
cblr-13005	965	1	213	213	NUM
cblr-13005	965	2	see	see	VERB
cblr-13005	965	3	,	,	PUNCT
cblr-13005	965	4	e.g.	e.g.	ADV
cblr-13005	965	5	,	,	PUNCT
cblr-13005	965	6	larry	larry	PROPN
cblr-13005	965	7	fink	fink	PROPN
cblr-13005	965	8	,	,	PUNCT
cblr-13005	965	9	letter	letter	NOUN
cblr-13005	965	10	to	to	ADP
cblr-13005	965	11	blackrock	blackrock	NOUN
cblr-13005	965	12	clients	client	NOUN
cblr-13005	965	13	and	and	CCONJ
cblr-13005	965	14	corporate	corporate	ADJ
cblr-13005	965	15	ceos	ceo	NOUN
cblr-13005	965	16	:	:	PUNCT
cblr-13005	965	17	the	the	DET
cblr-13005	965	18	transformative	transformative	ADJ
cblr-13005	965	19	power	power	NOUN
cblr-13005	965	20	of	of	ADP
cblr-13005	965	21	choice	choice	NOUN
cblr-13005	965	22	in	in	ADP
cblr-13005	965	23	proxy	proxy	ADJ
cblr-13005	965	24	voting	voting	NOUN
cblr-13005	965	25	,	,	PUNCT
cblr-13005	965	26	blackrock	blackrock	NOUN
cblr-13005	965	27	(	(	PUNCT
cblr-13005	965	28	nov	nov	PROPN
cblr-13005	965	29	.	.	PROPN
cblr-13005	965	30	3	3	NUM
cblr-13005	965	31	,	,	PUNCT
cblr-13005	965	32	2022	2022	NUM
cblr-13005	965	33	)	)	PUNCT
cblr-13005	965	34	,	,	PUNCT
cblr-13005	965	35	https://www.blackrock.com/corporate/about-us/investmentstewardship/blackrock-voting-choice/proxy-voting-power-of-choice	https://www.blackrock.com/corporate/about-us/investmentstewardship/blackrock-voting-choice/proxy-voting-power-of-choice	NOUN
cblr-13005	966	1	[	[	X
cblr-13005	966	2	https://perma.cc/99hr-hlll	https://perma.cc/99hr-hlll	X
cblr-13005	966	3	]	]	PUNCT
cblr-13005	966	4	;	;	PUNCT
cblr-13005	966	5	ross	ross	PROPN
cblr-13005	966	6	kerber	kerber	PROPN
cblr-13005	966	7	,	,	PUNCT
cblr-13005	966	8	state	state	NOUN
cblr-13005	966	9	street	street	NOUN
cblr-13005	966	10	to	to	PART
cblr-13005	966	11	offer	offer	VERB
cblr-13005	966	12	proxy	proxy	ADJ
cblr-13005	966	13	voting	voting	NOUN
cblr-13005	966	14	choices	choice	NOUN
cblr-13005	966	15	to	to	ADP
cblr-13005	966	16	retail	retail	ADJ
cblr-13005	966	17	investors	investor	NOUN
cblr-13005	966	18	,	,	PUNCT
cblr-13005	966	19	reuters	reuters	PROPN
cblr-13005	966	20	(	(	PUNCT
cblr-13005	966	21	may	may	PROPN
cblr-13005	966	22	22	22	NUM
cblr-13005	966	23	,	,	PUNCT
cblr-13005	966	24	2023	2023	NUM
cblr-13005	966	25	)	)	PUNCT
cblr-13005	966	26	,	,	PUNCT
cblr-13005	966	27	https://www.reuters.com/business/finance/state-street-offer-proxy-voting-choices-retail-investors-2023-05-22/	https://www.reuters.com/business/finance/state-street-offer-proxy-voting-choices-retail-investors-2023-05-22/	X
cblr-13005	966	28	[	[	X
cblr-13005	966	29	on	on	ADP
cblr-13005	966	30	file	file	NOUN
cblr-13005	966	31	with	with	ADP
cblr-13005	966	32	the	the	DET
cblr-13005	966	33	columbia	columbia	PROPN
cblr-13005	966	34	business	business	PROPN
cblr-13005	966	35	law	law	PROPN
cblr-13005	966	36	review	review	PROPN
cblr-13005	966	37	]	]	X
cblr-13005	966	38	;	;	PUNCT
cblr-13005	966	39	empowering	empower	VERB
cblr-13005	966	40	everyday	everyday	ADJ
cblr-13005	966	41	investors	investor	NOUN
cblr-13005	966	42	through	through	ADP
cblr-13005	966	43	proxy	proxy	ADJ
cblr-13005	966	44	voting	voting	NOUN
cblr-13005	966	45	choice	choice	NOUN
cblr-13005	966	46	,	,	PUNCT
cblr-13005	966	47	vanguard	vanguard	PROPN
cblr-13005	966	48	(	(	PUNCT
cblr-13005	966	49	feb	feb	PROPN
cblr-13005	966	50	.	.	PROPN
cblr-13005	966	51	1	1	NUM
cblr-13005	966	52	,	,	PUNCT
cblr-13005	966	53	2023	2023	NUM
cblr-13005	966	54	)	)	PUNCT
cblr-13005	966	55	,	,	PUNCT
cblr-13005	966	56	https://investor.vanguard.com/investor-resources-education/article/empowering-everyday-investors-through-proxy-voting-choice	https://investor.vanguard.com/investor-resources-education/article/empowering-everyday-investors-through-proxy-voting-choice	VERB
cblr-13005	967	1	[	[	X
cblr-13005	967	2	https://perma.cc/pt88-r48y	https://perma.cc/pt88-r48y	NOUN
cblr-13005	967	3	]	]	PUNCT
cblr-13005	967	4	.	.	PUNCT