id	sid	tid	token	lemma	pos
cblr-14238	1	1	6	6	NUM
cblr-14238	1	2	.	.	PUNCT
cblr-14238	1	3	winden	winden	ADJ
cblr-14238	1	4	regulation	regulation	NOUN
cblr-14238	1	5	by	by	ADP
cblr-14238	1	6	indexation	indexation	NOUN
cblr-14238	1	7	(	(	PUNCT
cblr-14238	1	8	print	print	NOUN
cblr-14238	1	9	)	)	PUNCT
cblr-14238	1	10	article	article	NOUN
cblr-14238	1	11	regulation	regulation	NOUN
cblr-14238	1	12	by	by	ADP
cblr-14238	1	13	indexation	indexation	NOUN
cblr-14238	1	14	?	?	PUNCT
cblr-14238	2	1	andrew	andrew	PROPN
cblr-14238	2	2	winden	winden	PROPN
cblr-14238	2	3	*	*	PUNCT
cblr-14238	2	4	if	if	SCONJ
cblr-14238	2	5	index	index	NOUN
cblr-14238	2	6	fund	fund	NOUN
cblr-14238	2	7	asset	asset	NOUN
cblr-14238	2	8	managers	manager	NOUN
cblr-14238	2	9	are	be	AUX
cblr-14238	2	10	the	the	DET
cblr-14238	2	11	new	new	ADJ
cblr-14238	2	12	“	"	PUNCT
cblr-14238	2	13	emperors	emperor	NOUN
cblr-14238	2	14	”	"	PUNCT
cblr-14238	2	15	of	of	ADP
cblr-14238	2	16	wall	wall	PROPN
cblr-14238	2	17	street	street	PROPN
cblr-14238	2	18	,	,	PUNCT
cblr-14238	2	19	are	be	AUX
cblr-14238	2	20	index	index	NOUN
cblr-14238	2	21	providers	provider	NOUN
cblr-14238	2	22	the	the	DET
cblr-14238	2	23	power	power	NOUN
cblr-14238	2	24	behind	behind	ADP
cblr-14238	2	25	the	the	DET
cblr-14238	2	26	throne	throne	NOUN
cblr-14238	2	27	?	?	PUNCT
cblr-14238	3	1	the	the	DET
cblr-14238	3	2	financial	financial	ADJ
cblr-14238	3	3	press	press	NOUN
cblr-14238	3	4	has	have	AUX
cblr-14238	3	5	called	call	VERB
cblr-14238	3	6	the	the	DET
cblr-14238	3	7	indexers	indexer	NOUN
cblr-14238	3	8	“	"	PUNCT
cblr-14238	3	9	kingmakers	kingmaker	NOUN
cblr-14238	3	10	”	"	PUNCT
cblr-14238	3	11	and	and	CCONJ
cblr-14238	3	12	suggested	suggest	VERB
cblr-14238	3	13	they	they	PRON
cblr-14238	3	14	may	may	AUX
cblr-14238	3	15	soon	soon	ADV
cblr-14238	3	16	“	"	PUNCT
cblr-14238	3	17	rule	rule	VERB
cblr-14238	3	18	the	the	DET
cblr-14238	3	19	world	world	NOUN
cblr-14238	3	20	.	.	PUNCT
cblr-14238	3	21	”	"	PUNCT
cblr-14238	4	1	if	if	SCONJ
cblr-14238	4	2	so	so	ADV
cblr-14238	4	3	,	,	PUNCT
cblr-14238	4	4	why	why	SCONJ
cblr-14238	4	5	do	do	AUX
cblr-14238	4	6	they	they	PRON
cblr-14238	4	7	seem	seem	VERB
cblr-14238	4	8	to	to	PART
cblr-14238	4	9	have	have	VERB
cblr-14238	4	10	more	more	ADJ
cblr-14238	4	11	influence	influence	NOUN
cblr-14238	4	12	over	over	ADP
cblr-14238	4	13	sovereign	sovereign	ADJ
cblr-14238	4	14	governments	government	NOUN
cblr-14238	4	15	than	than	ADP
cblr-14238	4	16	corporate	corporate	ADJ
cblr-14238	4	17	executives	executive	NOUN
cblr-14238	4	18	?	?	PUNCT
cblr-14238	5	1	is	be	AUX
cblr-14238	5	2	it	it	PRON
cblr-14238	5	3	appropriate	appropriate	ADJ
cblr-14238	5	4	to	to	PART
cblr-14238	5	5	think	think	VERB
cblr-14238	5	6	of	of	ADP
cblr-14238	5	7	indexers	indexer	NOUN
cblr-14238	5	8	as	as	ADP
cblr-14238	5	9	private	private	ADJ
cblr-14238	5	10	regulators	regulator	NOUN
cblr-14238	5	11	?	?	PUNCT
cblr-14238	6	1	if	if	SCONJ
cblr-14238	6	2	so	so	ADV
cblr-14238	6	3	,	,	PUNCT
cblr-14238	6	4	what	what	PRON
cblr-14238	6	5	is	be	AUX
cblr-14238	6	6	the	the	DET
cblr-14238	6	7	source	source	NOUN
cblr-14238	6	8	of	of	ADP
cblr-14238	6	9	their	their	PRON
cblr-14238	6	10	regulatory	regulatory	ADJ
cblr-14238	6	11	power	power	NOUN
cblr-14238	6	12	?	?	PUNCT
cblr-14238	7	1	this	this	DET
cblr-14238	7	2	article	article	NOUN
cblr-14238	7	3	answers	answer	VERB
cblr-14238	7	4	these	these	DET
cblr-14238	7	5	questions	question	NOUN
cblr-14238	7	6	with	with	ADP
cblr-14238	7	7	the	the	DET
cblr-14238	7	8	first	first	ADJ
cblr-14238	7	9	theoretical	theoretical	ADJ
cblr-14238	7	10	model	model	NOUN
cblr-14238	7	11	and	and	CCONJ
cblr-14238	7	12	empirical	empirical	ADJ
cblr-14238	7	13	review	review	NOUN
cblr-14238	7	14	assessing	assess	VERB
cblr-14238	7	15	the	the	DET
cblr-14238	7	16	regulatory	regulatory	ADJ
cblr-14238	7	17	capacity	capacity	NOUN
cblr-14238	7	18	of	of	ADP
cblr-14238	7	19	global	global	ADJ
cblr-14238	7	20	equity	equity	NOUN
cblr-14238	7	21	index	index	NOUN
cblr-14238	7	22	providers	provider	NOUN
cblr-14238	7	23	.	.	PUNCT
cblr-14238	8	1	i	i	PRON
cblr-14238	8	2	propose	propose	VERB
cblr-14238	8	3	three	three	NUM
cblr-14238	8	4	regulatory	regulatory	ADJ
cblr-14238	8	5	roles	role	NOUN
cblr-14238	8	6	through	through	ADP
cblr-14238	8	7	which	which	PRON
cblr-14238	8	8	indexers	indexer	NOUN
cblr-14238	8	9	might	might	AUX
cblr-14238	8	10	deliver	deliver	VERB
cblr-14238	8	11	incentives	incentive	NOUN
cblr-14238	8	12	or	or	CCONJ
cblr-14238	8	13	sanctions	sanction	NOUN
cblr-14238	8	14	sufficient	sufficient	ADJ
cblr-14238	8	15	to	to	PART
cblr-14238	8	16	exercise	exercise	VERB
cblr-14238	8	17	regulatory	regulatory	ADJ
cblr-14238	8	18	power	power	NOUN
cblr-14238	8	19	:	:	PUNCT
cblr-14238	8	20	(	(	PUNCT
cblr-14238	8	21	1	1	X
cblr-14238	8	22	)	)	PUNCT
cblr-14238	8	23	subsidizers	subsidizer	NOUN
cblr-14238	8	24	,	,	PUNCT
cblr-14238	8	25	delivering	deliver	VERB
cblr-14238	8	26	financial	financial	ADJ
cblr-14238	8	27	benefits	benefit	NOUN
cblr-14238	8	28	to	to	ADP
cblr-14238	8	29	parties	party	NOUN
cblr-14238	8	30	who	who	PRON
cblr-14238	8	31	follow	follow	VERB
cblr-14238	8	32	their	their	PRON
cblr-14238	8	33	rules	rule	NOUN
cblr-14238	8	34	for	for	ADP
cblr-14238	8	35	index	index	NOUN
cblr-14238	8	36	inclusion	inclusion	NOUN
cblr-14238	8	37	,	,	PUNCT
cblr-14238	8	38	(	(	PUNCT
cblr-14238	8	39	2	2	X
cblr-14238	8	40	)	)	PUNCT
cblr-14238	8	41	certifiers	certifier	NOUN
cblr-14238	8	42	,	,	PUNCT
cblr-14238	8	43	delivering	deliver	VERB
cblr-14238	8	44	reputational	reputational	ADJ
cblr-14238	8	45	benefits	benefit	NOUN
cblr-14238	8	46	to	to	ADP
cblr-14238	8	47	parties	party	NOUN
cblr-14238	8	48	who	who	PRON
cblr-14238	8	49	follow	follow	VERB
cblr-14238	8	50	their	their	PRON
cblr-14238	8	51	rules	rule	NOUN
cblr-14238	8	52	,	,	PUNCT
cblr-14238	8	53	and	and	CCONJ
cblr-14238	8	54	(	(	PUNCT
cblr-14238	8	55	3	3	X
cblr-14238	8	56	)	)	PUNCT
cblr-14238	8	57	gatekeepers	gatekeeper	NOUN
cblr-14238	8	58	,	,	PUNCT
cblr-14238	8	59	delivering	deliver	VERB
cblr-14238	8	60	access	access	NOUN
cblr-14238	8	61	to	to	ADP
cblr-14238	8	62	benefits	benefit	NOUN
cblr-14238	8	63	(	(	PUNCT
cblr-14238	8	64	e.g.	e.g.	ADV
cblr-14238	8	65	,	,	PUNCT
cblr-14238	8	66	capital	capital	NOUN
cblr-14238	8	67	,	,	PUNCT
cblr-14238	8	68	licenses	license	NOUN
cblr-14238	8	69	,	,	PUNCT
cblr-14238	8	70	markets	market	NOUN
cblr-14238	8	71	)	)	PUNCT
cblr-14238	8	72	that	that	PRON
cblr-14238	8	73	are	be	AUX
cblr-14238	8	74	otherwise	otherwise	ADV
cblr-14238	8	75	unavailable	unavailable	ADJ
cblr-14238	8	76	.	.	PUNCT
cblr-14238	9	1	i	i	PRON
cblr-14238	9	2	assess	assess	VERB
cblr-14238	9	3	the	the	DET
cblr-14238	9	4	influence	influence	NOUN
cblr-14238	9	5	of	of	ADP
cblr-14238	9	6	these	these	DET
cblr-14238	9	7	regulatory	regulatory	ADJ
cblr-14238	9	8	channels	channel	NOUN
cblr-14238	9	9	on	on	ADP
cblr-14238	9	10	two	two	NUM
cblr-14238	9	11	groups	group	NOUN
cblr-14238	9	12	—	—	PUNCT
cblr-14238	9	13	corporate	corporate	ADJ
cblr-14238	9	14	managers	manager	NOUN
cblr-14238	9	15	,	,	PUNCT
cblr-14238	9	16	considering	consider	VERB
cblr-14238	9	17	whether	whether	SCONJ
cblr-14238	9	18	indexers	indexer	NOUN
cblr-14238	9	19	can	can	AUX
cblr-14238	9	20	regulate	regulate	VERB
cblr-14238	9	21	corporate	corporate	ADJ
cblr-14238	9	22	governance	governance	NOUN
cblr-14238	9	23	and	and	CCONJ
cblr-14238	9	24	sustainability	sustainability	NOUN
cblr-14238	9	25	choices	choice	NOUN
cblr-14238	9	26	,	,	PUNCT
cblr-14238	9	27	and	and	CCONJ
cblr-14238	9	28	sovereign	sovereign	ADJ
cblr-14238	9	29	governments	government	NOUN
cblr-14238	9	30	,	,	PUNCT
cblr-14238	9	31	considering	consider	VERB
cblr-14238	9	32	whether	whether	SCONJ
cblr-14238	9	33	indexers	indexer	NOUN
cblr-14238	9	34	can	can	AUX
cblr-14238	9	35	influence	influence	VERB
cblr-14238	9	36	sovereign	sovereign	ADJ
cblr-14238	9	37	choices	choice	NOUN
cblr-14238	9	38	about	about	ADP
cblr-14238	9	39	financial	financial	ADJ
cblr-14238	9	40	market	market	NOUN
cblr-14238	9	41	rules	rule	NOUN
cblr-14238	9	42	.	.	PUNCT
cblr-14238	10	1	after	after	ADP
cblr-14238	10	2	establishing	establish	VERB
cblr-14238	10	3	the	the	DET
cblr-14238	10	4	theoretical	theoretical	ADJ
cblr-14238	10	5	frame	frame	NOUN
cblr-14238	10	6	,	,	PUNCT
cblr-14238	10	7	i	i	PRON
cblr-14238	10	8	review	review	VERB
cblr-14238	10	9	the	the	DET
cblr-14238	10	10	empirical	empirical	ADJ
cblr-14238	10	11	literature	literature	NOUN
cblr-14238	10	12	to	to	PART
cblr-14238	10	13	assess	assess	VERB
cblr-14238	10	14	the	the	DET
cblr-14238	10	15	theoretical	theoretical	ADJ
cblr-14238	10	16	roles	role	NOUN
cblr-14238	10	17	in	in	ADP
cblr-14238	10	18	three	three	NUM
cblr-14238	10	19	*	*	NOUN
cblr-14238	10	20	assistant	assistant	NOUN
cblr-14238	10	21	professor	professor	NOUN
cblr-14238	10	22	,	,	PUNCT
cblr-14238	10	23	university	university	NOUN
cblr-14238	10	24	of	of	ADP
cblr-14238	10	25	oregon	oregon	PROPN
cblr-14238	10	26	school	school	PROPN
cblr-14238	10	27	of	of	ADP
cblr-14238	10	28	law	law	NOUN
cblr-14238	10	29	.	.	PUNCT
cblr-14238	11	1	i	i	PRON
cblr-14238	11	2	am	be	AUX
cblr-14238	11	3	grateful	grateful	ADJ
cblr-14238	11	4	to	to	ADP
cblr-14238	11	5	joe	joe	PROPN
cblr-14238	11	6	grundfest	grundfest	PROPN
cblr-14238	11	7	,	,	PUNCT
cblr-14238	11	8	christopher	christopher	PROPN
cblr-14238	11	9	havasy	havasy	PROPN
cblr-14238	11	10	,	,	PUNCT
cblr-14238	11	11	mohsen	mohsen	PROPN
cblr-14238	11	12	manesh	manesh	PROPN
cblr-14238	11	13	,	,	PUNCT
cblr-14238	11	14	participants	participant	NOUN
cblr-14238	11	15	in	in	ADP
cblr-14238	11	16	the	the	DET
cblr-14238	11	17	2023	2023	NUM
cblr-14238	11	18	junior	junior	ADJ
cblr-14238	11	19	business	business	NOUN
cblr-14238	11	20	law	law	NOUN
cblr-14238	11	21	colloquium	colloquium	NOUN
cblr-14238	11	22	and	and	CCONJ
cblr-14238	11	23	faculty	faculty	NOUN
cblr-14238	11	24	workshops	workshop	NOUN
cblr-14238	11	25	at	at	ADP
cblr-14238	11	26	seton	seton	PROPN
cblr-14238	11	27	hall	hall	PROPN
cblr-14238	11	28	,	,	PUNCT
cblr-14238	11	29	st	st	PROPN
cblr-14238	11	30	.	.	PROPN
cblr-14238	11	31	john	john	PROPN
cblr-14238	11	32	’s	’s	PROPN
cblr-14238	11	33	,	,	PUNCT
cblr-14238	11	34	washington	washington	PROPN
cblr-14238	11	35	university	university	PROPN
cblr-14238	11	36	in	in	ADP
cblr-14238	11	37	st	st	PROPN
cblr-14238	11	38	.	.	PROPN
cblr-14238	11	39	louis	louis	PROPN
cblr-14238	11	40	and	and	CCONJ
cblr-14238	11	41	the	the	DET
cblr-14238	11	42	universities	university	NOUN
cblr-14238	11	43	of	of	ADP
cblr-14238	11	44	alabama	alabama	PROPN
cblr-14238	11	45	,	,	PUNCT
cblr-14238	11	46	colorado	colorado	PROPN
cblr-14238	11	47	,	,	PUNCT
cblr-14238	11	48	florida	florida	PROPN
cblr-14238	11	49	and	and	CCONJ
cblr-14238	11	50	oregon	oregon	PROPN
cblr-14238	11	51	for	for	ADP
cblr-14238	11	52	insightful	insightful	ADJ
cblr-14238	11	53	comments	comment	NOUN
cblr-14238	11	54	.	.	PUNCT
cblr-14238	12	1	ahmad	ahmad	PROPN
cblr-14238	12	2	ibsais	ibsais	PROPN
cblr-14238	12	3	and	and	CCONJ
cblr-14238	12	4	jared	jared	PROPN
cblr-14238	12	5	kleber	kleber	PROPN
cblr-14238	12	6	provided	provide	VERB
cblr-14238	12	7	excellent	excellent	ADJ
cblr-14238	12	8	research	research	NOUN
cblr-14238	12	9	assistance	assistance	NOUN
cblr-14238	12	10	.	.	PUNCT
cblr-14238	13	1	716	716	NUM
cblr-14238	13	2	columbia	columbia	PROPN
cblr-14238	13	3	business	business	NOUN
cblr-14238	13	4	law	law	NOUN
cblr-14238	13	5	review	review	NOUN
cblr-14238	13	6	[	[	X
cblr-14238	13	7	vol	vol	NOUN
cblr-14238	13	8	.	.	NOUN
cblr-14238	13	9	2024	2024	NUM
cblr-14238	13	10	contexts	contexts	NOUN
cblr-14238	13	11	:	:	PUNCT
cblr-14238	13	12	(	(	PUNCT
cblr-14238	13	13	1	1	X
cblr-14238	13	14	)	)	PUNCT
cblr-14238	13	15	corporate	corporate	ADJ
cblr-14238	13	16	governance	governance	NOUN
cblr-14238	13	17	restrictions	restriction	NOUN
cblr-14238	13	18	on	on	ADP
cblr-14238	13	19	inclusion	inclusion	NOUN
cblr-14238	13	20	in	in	ADP
cblr-14238	13	21	benchmark	benchmark	ADJ
cblr-14238	13	22	equity	equity	NOUN
cblr-14238	13	23	indices	index	NOUN
cblr-14238	13	24	,	,	PUNCT
cblr-14238	13	25	(	(	PUNCT
cblr-14238	13	26	2	2	X
cblr-14238	13	27	)	)	PUNCT
cblr-14238	13	28	eligibility	eligibility	NOUN
cblr-14238	13	29	criteria	criterion	NOUN
cblr-14238	13	30	for	for	ADP
cblr-14238	13	31	inclusion	inclusion	NOUN
cblr-14238	13	32	in	in	ADP
cblr-14238	13	33	esg	esg	PROPN
cblr-14238	13	34	indices	index	NOUN
cblr-14238	13	35	and	and	CCONJ
cblr-14238	13	36	(	(	PUNCT
cblr-14238	13	37	3	3	X
cblr-14238	13	38	)	)	PUNCT
cblr-14238	13	39	market	market	NOUN
cblr-14238	13	40	requirements	requirement	NOUN
cblr-14238	13	41	for	for	ADP
cblr-14238	13	42	inclusion	inclusion	NOUN
cblr-14238	13	43	in	in	ADP
cblr-14238	13	44	emerging	emerge	VERB
cblr-14238	13	45	markets	market	NOUN
cblr-14238	13	46	indices	index	NOUN
cblr-14238	13	47	.	.	PUNCT
cblr-14238	14	1	empirical	empirical	ADJ
cblr-14238	14	2	studies	study	NOUN
cblr-14238	14	3	suggest	suggest	VERB
cblr-14238	14	4	that	that	SCONJ
cblr-14238	14	5	the	the	DET
cblr-14238	14	6	subsidizer	subsidizer	NOUN
cblr-14238	14	7	role	role	NOUN
cblr-14238	14	8	is	be	AUX
cblr-14238	14	9	ineffective	ineffective	ADJ
cblr-14238	14	10	,	,	PUNCT
cblr-14238	14	11	the	the	DET
cblr-14238	14	12	certifier	certifier	NOUN
cblr-14238	14	13	role	role	NOUN
cblr-14238	14	14	may	may	AUX
cblr-14238	14	15	provide	provide	VERB
cblr-14238	14	16	sufficient	sufficient	ADJ
cblr-14238	14	17	incentives	incentive	NOUN
cblr-14238	14	18	to	to	PART
cblr-14238	14	19	meet	meet	VERB
cblr-14238	14	20	eligibility	eligibility	NOUN
cblr-14238	14	21	criteria	criterion	NOUN
cblr-14238	14	22	in	in	ADP
cblr-14238	14	23	some	some	DET
cblr-14238	14	24	contexts	contexts	NOUN
cblr-14238	14	25	if	if	SCONJ
cblr-14238	14	26	the	the	DET
cblr-14238	14	27	costs	cost	NOUN
cblr-14238	14	28	are	be	AUX
cblr-14238	14	29	not	not	PART
cblr-14238	14	30	too	too	ADV
cblr-14238	14	31	high	high	ADJ
cblr-14238	14	32	,	,	PUNCT
cblr-14238	14	33	and	and	CCONJ
cblr-14238	14	34	the	the	DET
cblr-14238	14	35	gatekeeper	gatekeeper	NOUN
cblr-14238	14	36	role	role	NOUN
cblr-14238	14	37	can	can	AUX
cblr-14238	14	38	be	be	AUX
cblr-14238	14	39	very	very	ADV
cblr-14238	14	40	effective	effective	ADJ
cblr-14238	14	41	,	,	PUNCT
cblr-14238	14	42	even	even	ADV
cblr-14238	14	43	with	with	ADP
cblr-14238	14	44	high	high	ADJ
cblr-14238	14	45	costs	cost	NOUN
cblr-14238	14	46	,	,	PUNCT
cblr-14238	14	47	but	but	CCONJ
cblr-14238	14	48	only	only	ADV
cblr-14238	14	49	if	if	SCONJ
cblr-14238	14	50	the	the	DET
cblr-14238	14	51	indexers	indexer	NOUN
cblr-14238	14	52	hold	hold	VERB
cblr-14238	14	53	the	the	DET
cblr-14238	14	54	keys	key	NOUN
cblr-14238	14	55	to	to	PART
cblr-14238	14	56	sufficiently	sufficiently	ADV
cblr-14238	14	57	valuable	valuable	ADJ
cblr-14238	14	58	,	,	PUNCT
cblr-14238	14	59	otherwise	otherwise	ADV
cblr-14238	14	60	unavailable	unavailable	ADJ
cblr-14238	14	61	assets	asset	NOUN
cblr-14238	14	62	.	.	PUNCT
cblr-14238	15	1	introduction	introduction	NOUN
cblr-14238	15	2	..........................................................................	..........................................................................	PUNCT
cblr-14238	16	1	717	717	NUM
cblr-14238	16	2	i.	i.	NOUN
cblr-14238	16	3	the	the	DET
cblr-14238	16	4	indexing	indexing	NOUN
cblr-14238	16	5	business	business	NOUN
cblr-14238	16	6	.....................................................	.....................................................	PUNCT
cblr-14238	16	7	728	728	NUM
cblr-14238	16	8	a.	a.	NOUN
cblr-14238	16	9	indexing	indexing	NOUN
cblr-14238	16	10	...................................................................	...................................................................	PUNCT
cblr-14238	16	11	728	728	NUM
cblr-14238	16	12	b.	b.	NOUN
cblr-14238	16	13	indexers	indexer	NOUN
cblr-14238	16	14	...................................................................	...................................................................	PUNCT
cblr-14238	16	15	730	730	NUM
cblr-14238	16	16	c.	c.	NOUN
cblr-14238	16	17	indexes	index	NOUN
cblr-14238	16	18	.....................................................................	.....................................................................	PUNCT
cblr-14238	17	1	733	733	NUM
cblr-14238	17	2	1	1	NUM
cblr-14238	17	3	.	.	PUNCT
cblr-14238	17	4	benchmark	benchmark	NOUN
cblr-14238	17	5	equity	equity	NOUN
cblr-14238	17	6	indices	index	NOUN
cblr-14238	17	7	—	—	PUNCT
cblr-14238	17	8	including	include	VERB
cblr-14238	17	9	the	the	DET
cblr-14238	17	10	s&p	s&p	PROPN
cblr-14238	17	11	500	500	NUM
cblr-14238	17	12	.........................................................................	.........................................................................	PUNCT
cblr-14238	17	13	733	733	NUM
cblr-14238	17	14	2	2	NUM
cblr-14238	17	15	.	.	PUNCT
cblr-14238	17	16	factor	factor	NOUN
cblr-14238	17	17	indices	index	NOUN
cblr-14238	17	18	—	—	PUNCT
cblr-14238	17	19	including	include	VERB
cblr-14238	17	20	esg	esg	PROPN
cblr-14238	17	21	indices	index	NOUN
cblr-14238	17	22	..............	..............	PUNCT
cblr-14238	18	1	734	734	NUM
cblr-14238	18	2	3	3	NUM
cblr-14238	18	3	.	.	PUNCT
cblr-14238	19	1	geographic	geographic	ADJ
cblr-14238	19	2	indices	index	NOUN
cblr-14238	19	3	—	—	PUNCT
cblr-14238	19	4	including	include	VERB
cblr-14238	19	5	emerging	emerge	VERB
cblr-14238	19	6	markets	market	NOUN
cblr-14238	19	7	indices	index	NOUN
cblr-14238	19	8	...................................................................	...................................................................	PUNCT
cblr-14238	20	1	736	736	NUM
cblr-14238	20	2	d.	d.	NOUN
cblr-14238	20	3	the	the	DET
cblr-14238	20	4	indexplosion	indexplosion	NOUN
cblr-14238	20	5	.....................................................	.....................................................	PUNCT
cblr-14238	20	6	739	739	NUM
cblr-14238	20	7	ii	ii	NOUN
cblr-14238	20	8	.	.	PUNCT
cblr-14238	21	1	indexers	indexer	NOUN
cblr-14238	21	2	as	as	ADP
cblr-14238	21	3	regulators	regulator	NOUN
cblr-14238	21	4	....................................................	....................................................	PUNCT
cblr-14238	21	5	741	741	NUM
cblr-14238	21	6	a.	a.	NOUN
cblr-14238	21	7	indexers	indexer	NOUN
cblr-14238	21	8	as	as	ADP
cblr-14238	21	9	subsidizers	subsidizer	NOUN
cblr-14238	21	10	..........................................	..........................................	PUNCT
cblr-14238	21	11	743	743	NUM
cblr-14238	21	12	b.	b.	NOUN
cblr-14238	21	13	indexers	indexer	NOUN
cblr-14238	21	14	as	as	ADP
cblr-14238	21	15	certifiers	certifier	NOUN
cblr-14238	21	16	..............................................	..............................................	PUNCT
cblr-14238	21	17	748	748	NUM
cblr-14238	21	18	c.	c.	NOUN
cblr-14238	21	19	indexers	indexer	NOUN
cblr-14238	21	20	as	as	ADP
cblr-14238	21	21	gatekeepers	gatekeeper	NOUN
cblr-14238	21	22	.........................................	.........................................	PUNCT
cblr-14238	21	23	752	752	NUM
cblr-14238	21	24	1	1	NUM
cblr-14238	21	25	.	.	PUNCT
cblr-14238	21	26	gatekeepers	gatekeeper	NOUN
cblr-14238	21	27	and	and	CCONJ
cblr-14238	21	28	market	market	NOUN
cblr-14238	21	29	power	power	NOUN
cblr-14238	21	30	..........................	..........................	PUNCT
cblr-14238	22	1	752	752	NUM
cblr-14238	22	2	2	2	NUM
cblr-14238	22	3	.	.	PUNCT
cblr-14238	23	1	indexers	indexer	NOUN
cblr-14238	23	2	and	and	CCONJ
cblr-14238	23	3	market	market	NOUN
cblr-14238	23	4	power	power	NOUN
cblr-14238	23	5	................................	................................	PUNCT
cblr-14238	23	6	759	759	NUM
cblr-14238	23	7	iii	iii	NOUN
cblr-14238	23	8	.	.	PUNCT
cblr-14238	23	9	regulation	regulation	NOUN
cblr-14238	23	10	by	by	ADP
cblr-14238	23	11	indexation	indexation	NOUN
cblr-14238	23	12	in	in	ADP
cblr-14238	23	13	practice	practice	NOUN
cblr-14238	23	14	............................	............................	PUNCT
cblr-14238	23	15	761	761	NUM
cblr-14238	23	16	a.	a.	NOUN
cblr-14238	23	17	subsidy	subsidy	NOUN
cblr-14238	23	18	failure	failure	NOUN
cblr-14238	23	19	.......................................................	.......................................................	PUNCT
cblr-14238	23	20	761	761	NUM
cblr-14238	23	21	1	1	NUM
cblr-14238	23	22	.	.	PUNCT
cblr-14238	23	23	benchmark	benchmark	NOUN
cblr-14238	23	24	equity	equity	NOUN
cblr-14238	23	25	indices	index	NOUN
cblr-14238	23	26	:	:	PUNCT
cblr-14238	23	27	multi	multi	ADJ
cblr-14238	23	28	-	-	ADJ
cblr-14238	23	29	class	class	ADJ
cblr-14238	23	30	stock	stock	NOUN
cblr-14238	23	31	exclusion	exclusion	NOUN
cblr-14238	23	32	..............................................................	..............................................................	PUNCT
cblr-14238	23	33	762	762	NUM
cblr-14238	23	34	2	2	NUM
cblr-14238	23	35	.	.	PUNCT
cblr-14238	23	36	esg	esg	PROPN
cblr-14238	23	37	index	index	NOUN
cblr-14238	23	38	inclusion	inclusion	NOUN
cblr-14238	23	39	............................................	............................................	PUNCT
cblr-14238	23	40	769	769	NUM
cblr-14238	23	41	3	3	X
cblr-14238	23	42	.	.	PUNCT
cblr-14238	23	43	emerging	emerge	VERB
cblr-14238	23	44	markets	market	NOUN
cblr-14238	23	45	index	index	NOUN
cblr-14238	23	46	inclusion	inclusion	NOUN
cblr-14238	23	47	....................	....................	PUNCT
cblr-14238	23	48	772	772	NUM
cblr-14238	23	49	b.	b.	PROPN
cblr-14238	23	50	certification	certification	NOUN
cblr-14238	23	51	possibilities	possibility	NOUN
cblr-14238	23	52	in	in	ADP
cblr-14238	23	53	esg	esg	PROPN
cblr-14238	23	54	indexes	index	NOUN
cblr-14238	23	55	.............	.............	PUNCT
cblr-14238	24	1	773	773	NUM
cblr-14238	24	2	c.	c.	NOUN
cblr-14238	24	3	gatekeeping	gatekeepe	VERB
cblr-14238	24	4	success	success	NOUN
cblr-14238	24	5	in	in	ADP
cblr-14238	24	6	emerging	emerge	VERB
cblr-14238	24	7	markets	market	NOUN
cblr-14238	24	8	..........	..........	PUNCT
cblr-14238	25	1	780	780	NUM
cblr-14238	25	2	1	1	NUM
cblr-14238	25	3	.	.	PUNCT
cblr-14238	25	4	including	include	VERB
cblr-14238	25	5	china	china	PROPN
cblr-14238	25	6	a	a	DET
cblr-14238	25	7	-	-	PUNCT
cblr-14238	25	8	shares	share	NOUN
cblr-14238	25	9	in	in	ADP
cblr-14238	25	10	emerging	emerge	VERB
cblr-14238	25	11	markets	market	NOUN
cblr-14238	25	12	indices	indice	VERB
cblr-14238	25	13	...................................................................	...................................................................	PUNCT
cblr-14238	26	1	782	782	NUM
cblr-14238	26	2	conclusion	conclusion	NOUN
cblr-14238	26	3	.............................................................................	.............................................................................	PUNCT
cblr-14238	26	4	789	789	NUM
cblr-14238	26	5	no	no	NOUN
cblr-14238	26	6	.	.	NOUN
cblr-14238	26	7	2	2	NUM
cblr-14238	26	8	]	]	PUNCT
cblr-14238	26	9	regulation	regulation	NOUN
cblr-14238	26	10	by	by	ADP
cblr-14238	26	11	indexation	indexation	NOUN
cblr-14238	26	12	?	?	PUNCT
cblr-14238	27	1	717	717	NUM
cblr-14238	27	2	introduction	introduction	NOUN
cblr-14238	27	3	imagine	imagine	VERB
cblr-14238	27	4	for	for	ADP
cblr-14238	27	5	a	a	DET
cblr-14238	27	6	moment	moment	NOUN
cblr-14238	27	7	that	that	SCONJ
cblr-14238	27	8	you	you	PRON
cblr-14238	27	9	are	be	AUX
cblr-14238	27	10	the	the	DET
cblr-14238	27	11	finance	finance	NOUN
cblr-14238	27	12	minister	minister	NOUN
cblr-14238	27	13	of	of	ADP
cblr-14238	27	14	a	a	DET
cblr-14238	27	15	middle	middle	ADJ
cblr-14238	27	16	-	-	PUNCT
cblr-14238	27	17	income	income	NOUN
cblr-14238	27	18	country	country	NOUN
cblr-14238	27	19	with	with	ADP
cblr-14238	27	20	a	a	DET
cblr-14238	27	21	population	population	NOUN
cblr-14238	27	22	of	of	ADP
cblr-14238	27	23	32	32	NUM
cblr-14238	27	24	million	million	NUM
cblr-14238	27	25	and	and	CCONJ
cblr-14238	27	26	a	a	DET
cblr-14238	27	27	nominal	nominal	ADJ
cblr-14238	27	28	gdp	gdp	NOUN
cblr-14238	27	29	of	of	ADP
cblr-14238	27	30	around	around	ADP
cblr-14238	27	31	usd	usd	NOUN
cblr-14238	27	32	$	$	SYM
cblr-14238	27	33	200	200	NUM
cblr-14238	27	34	billion	billion	NUM
cblr-14238	27	35	and	and	CCONJ
cblr-14238	27	36	you	you	PRON
cblr-14238	27	37	learn	learn	VERB
cblr-14238	27	38	that	that	SCONJ
cblr-14238	27	39	a	a	DET
cblr-14238	27	40	small	small	ADJ
cblr-14238	27	41	committee	committee	NOUN
cblr-14238	27	42	of	of	ADP
cblr-14238	27	43	individuals	individual	NOUN
cblr-14238	27	44	in	in	ADP
cblr-14238	27	45	new	new	PROPN
cblr-14238	27	46	york	york	PROPN
cblr-14238	27	47	are	be	AUX
cblr-14238	27	48	about	about	ADJ
cblr-14238	27	49	to	to	PART
cblr-14238	27	50	make	make	VERB
cblr-14238	27	51	a	a	DET
cblr-14238	27	52	decision	decision	NOUN
cblr-14238	27	53	that	that	PRON
cblr-14238	27	54	could	could	AUX
cblr-14238	27	55	pull	pull	VERB
cblr-14238	27	56	billions	billion	NOUN
cblr-14238	27	57	of	of	ADP
cblr-14238	27	58	dollars	dollar	NOUN
cblr-14238	27	59	out	out	ADP
cblr-14238	27	60	of	of	ADP
cblr-14238	27	61	your	your	PRON
cblr-14238	27	62	economy	economy	NOUN
cblr-14238	27	63	.	.	PUNCT
cblr-14238	28	1	what	what	PRON
cblr-14238	28	2	do	do	AUX
cblr-14238	28	3	you	you	PRON
cblr-14238	28	4	do	do	VERB
cblr-14238	28	5	?	?	PUNCT
cblr-14238	29	1	take	take	VERB
cblr-14238	29	2	the	the	DET
cblr-14238	29	3	next	next	ADJ
cblr-14238	29	4	plane	plane	NOUN
cblr-14238	29	5	to	to	ADP
cblr-14238	29	6	new	new	PROPN
cblr-14238	29	7	york	york	PROPN
cblr-14238	29	8	?	?	PUNCT
cblr-14238	30	1	that	that	PRON
cblr-14238	30	2	is	be	AUX
cblr-14238	30	3	precisely	precisely	ADV
cblr-14238	30	4	what	what	PRON
cblr-14238	30	5	alonso	alonso	PROPN
cblr-14238	30	6	segura	segura	PROPN
cblr-14238	30	7	vasi	vasi	PROPN
cblr-14238	30	8	,	,	PUNCT
cblr-14238	30	9	the	the	DET
cblr-14238	30	10	former	former	ADJ
cblr-14238	30	11	finance	finance	NOUN
cblr-14238	30	12	minister	minister	NOUN
cblr-14238	30	13	of	of	ADP
cblr-14238	30	14	peru	peru	PROPN
cblr-14238	30	15	,	,	PUNCT
cblr-14238	30	16	did	do	VERB
cblr-14238	30	17	when	when	SCONJ
cblr-14238	30	18	he	he	PRON
cblr-14238	30	19	learned	learn	VERB
cblr-14238	30	20	that	that	SCONJ
cblr-14238	30	21	msci	msci	PROPN
cblr-14238	30	22	,	,	PUNCT
cblr-14238	30	23	inc	inc	PROPN
cblr-14238	30	24	.	.	PROPN
cblr-14238	30	25	,	,	PUNCT
cblr-14238	30	26	one	one	NUM
cblr-14238	30	27	of	of	ADP
cblr-14238	30	28	the	the	DET
cblr-14238	30	29	largest	large	ADJ
cblr-14238	30	30	index	index	NOUN
cblr-14238	30	31	providers	provider	NOUN
cblr-14238	30	32	in	in	ADP
cblr-14238	30	33	the	the	DET
cblr-14238	30	34	world	world	NOUN
cblr-14238	30	35	,	,	PUNCT
cblr-14238	30	36	was	be	AUX
cblr-14238	30	37	considering	consider	VERB
cblr-14238	30	38	downgrading	downgrade	VERB
cblr-14238	30	39	peru	peru	PROPN
cblr-14238	30	40	from	from	ADP
cblr-14238	30	41	its	its	PRON
cblr-14238	30	42	emerging	emerge	VERB
cblr-14238	30	43	markets	market	NOUN
cblr-14238	30	44	index	index	NOUN
cblr-14238	30	45	to	to	ADP
cblr-14238	30	46	its	its	PRON
cblr-14238	30	47	frontier	frontier	NOUN
cblr-14238	30	48	markets	market	NOUN
cblr-14238	30	49	index	index	NOUN
cblr-14238	30	50	in	in	ADP
cblr-14238	30	51	2015.1	2015.1	NUM
cblr-14238	30	52	fearing	fear	VERB
cblr-14238	30	53	cataclysmic	cataclysmic	ADJ
cblr-14238	30	54	outflows	outflow	NOUN
cblr-14238	30	55	of	of	ADP
cblr-14238	30	56	capital	capital	NOUN
cblr-14238	30	57	from	from	ADP
cblr-14238	30	58	their	their	PRON
cblr-14238	30	59	country	country	NOUN
cblr-14238	30	60	,	,	PUNCT
cblr-14238	30	61	vasi	vasi	PROPN
cblr-14238	30	62	and	and	CCONJ
cblr-14238	30	63	a	a	DET
cblr-14238	30	64	team	team	NOUN
cblr-14238	30	65	of	of	ADP
cblr-14238	30	66	officials	official	NOUN
cblr-14238	30	67	from	from	ADP
cblr-14238	30	68	peru	peru	PROPN
cblr-14238	30	69	’s	’s	PART
cblr-14238	30	70	financial	financial	ADJ
cblr-14238	30	71	market	market	NOUN
cblr-14238	30	72	regulators	regulator	NOUN
cblr-14238	30	73	successfully	successfully	ADV
cblr-14238	30	74	convinced	convince	VERB
cblr-14238	30	75	msci	msci	PROPN
cblr-14238	30	76	not	not	PART
cblr-14238	30	77	to	to	PART
cblr-14238	30	78	delete	delete	VERB
cblr-14238	30	79	peru	peru	PROPN
cblr-14238	30	80	from	from	ADP
cblr-14238	30	81	the	the	DET
cblr-14238	30	82	emerging	emerge	VERB
cblr-14238	30	83	markets	market	NOUN
cblr-14238	30	84	index	index	NOUN
cblr-14238	30	85	after	after	ADP
cblr-14238	30	86	sharing	share	VERB
cblr-14238	30	87	their	their	PRON
cblr-14238	30	88	plans	plan	NOUN
cblr-14238	30	89	for	for	ADP
cblr-14238	30	90	market	market	NOUN
cblr-14238	30	91	reforms.2	reforms.2	NOUN
cblr-14238	30	92	now	now	ADV
cblr-14238	30	93	imagine	imagine	VERB
cblr-14238	30	94	that	that	SCONJ
cblr-14238	30	95	you	you	PRON
cblr-14238	30	96	are	be	AUX
cblr-14238	30	97	the	the	DET
cblr-14238	30	98	founder	founder	NOUN
cblr-14238	30	99	and	and	CCONJ
cblr-14238	30	100	ceo	ceo	NOUN
cblr-14238	30	101	of	of	ADP
cblr-14238	30	102	a	a	DET
cblr-14238	30	103	leading	lead	VERB
cblr-14238	30	104	decacorn	decacorn	ADJ
cblr-14238	30	105	start	start	NOUN
cblr-14238	30	106	-	-	PUNCT
cblr-14238	30	107	up	up	NOUN
cblr-14238	30	108	planning	plan	VERB
cblr-14238	30	109	an	an	DET
cblr-14238	30	110	initial	initial	ADJ
cblr-14238	30	111	public	public	ADJ
cblr-14238	30	112	offering	offering	NOUN
cblr-14238	30	113	.	.	PUNCT
cblr-14238	31	1	as	as	SCONJ
cblr-14238	31	2	you	you	PRON
cblr-14238	31	3	prepare	prepare	VERB
cblr-14238	31	4	for	for	ADP
cblr-14238	31	5	the	the	DET
cblr-14238	31	6	ipo	ipo	NOUN
cblr-14238	31	7	,	,	PUNCT
cblr-14238	31	8	you	you	PRON
cblr-14238	31	9	learn	learn	VERB
cblr-14238	31	10	that	that	SCONJ
cblr-14238	31	11	s&p	s&p	PROPN
cblr-14238	31	12	global	global	NOUN
cblr-14238	31	13	,	,	PUNCT
cblr-14238	31	14	purveyor	purveyor	NOUN
cblr-14238	31	15	of	of	ADP
cblr-14238	31	16	the	the	DET
cblr-14238	31	17	s&p	s&p	PROPN
cblr-14238	31	18	500	500	NUM
cblr-14238	31	19	index	index	NOUN
cblr-14238	31	20	,	,	PUNCT
cblr-14238	31	21	has	have	AUX
cblr-14238	31	22	declared	declare	VERB
cblr-14238	31	23	that	that	SCONJ
cblr-14238	31	24	companies	company	NOUN
cblr-14238	31	25	with	with	ADP
cblr-14238	31	26	a	a	DET
cblr-14238	31	27	dual	dual	ADJ
cblr-14238	31	28	-	-	PUNCT
cblr-14238	31	29	class	class	NOUN
cblr-14238	31	30	stock	stock	NOUN
cblr-14238	31	31	structure	structure	NOUN
cblr-14238	31	32	will	will	AUX
cblr-14238	31	33	never	never	ADV
cblr-14238	31	34	be	be	AUX
cblr-14238	31	35	included	include	VERB
cblr-14238	31	36	in	in	ADP
cblr-14238	31	37	the	the	DET
cblr-14238	31	38	index	index	NOUN
cblr-14238	31	39	.	.	PUNCT
cblr-14238	32	1	the	the	DET
cblr-14238	32	2	s&p	s&p	PROPN
cblr-14238	32	3	500	500	NUM
cblr-14238	32	4	is	be	AUX
cblr-14238	32	5	the	the	DET
cblr-14238	32	6	largest	large	ADJ
cblr-14238	32	7	equity	equity	NOUN
cblr-14238	32	8	index	index	NOUN
cblr-14238	32	9	in	in	ADP
cblr-14238	32	10	the	the	DET
cblr-14238	32	11	world	world	NOUN
cblr-14238	32	12	,	,	PUNCT
cblr-14238	32	13	with	with	ADP
cblr-14238	32	14	$	$	SYM
cblr-14238	32	15	5.4	5.4	NUM
cblr-14238	32	16	trillion	trillion	NUM
cblr-14238	32	17	dollars	dollar	NOUN
cblr-14238	32	18	of	of	ADP
cblr-14238	32	19	passive	passive	ADJ
cblr-14238	32	20	investment	investment	NOUN
cblr-14238	32	21	assets	asset	NOUN
cblr-14238	32	22	following	follow	VERB
cblr-14238	32	23	the	the	DET
cblr-14238	32	24	index	index	NOUN
cblr-14238	32	25	and	and	CCONJ
cblr-14238	32	26	an	an	DET
cblr-14238	32	27	additional	additional	ADJ
cblr-14238	32	28	$	$	SYM
cblr-14238	32	29	8	8	NUM
cblr-14238	32	30	trillion	trillion	NUM
cblr-14238	32	31	dollars	dollar	NOUN
cblr-14238	32	32	of	of	ADP
cblr-14238	32	33	actively	actively	ADV
cblr-14238	32	34	managed	manage	VERB
cblr-14238	32	35	funds	fund	NOUN
cblr-14238	32	36	benchmarking	benchmarke	VERB
cblr-14238	32	37	to	to	ADP
cblr-14238	32	38	the	the	DET
cblr-14238	32	39	index	index	NOUN
cblr-14238	32	40	as	as	ADP
cblr-14238	32	41	of	of	ADP
cblr-14238	32	42	1	1	NUM
cblr-14238	32	43	tracy	tracy	PROPN
cblr-14238	32	44	alloway	alloway	PROPN
cblr-14238	32	45	,	,	PUNCT
cblr-14238	32	46	dani	dani	PROPN
cblr-14238	32	47	burger	burger	PROPN
cblr-14238	32	48	&	&	CCONJ
cblr-14238	32	49	rachel	rachel	PROPN
cblr-14238	32	50	evans	evans	PROPN
cblr-14238	32	51	,	,	PUNCT
cblr-14238	32	52	index	index	NOUN
cblr-14238	32	53	providers	provider	NOUN
cblr-14238	32	54	rule	rule	VERB
cblr-14238	32	55	the	the	DET
cblr-14238	32	56	world	world	NOUN
cblr-14238	32	57	–	–	PUNCT
cblr-14238	32	58	for	for	ADP
cblr-14238	32	59	now	now	ADV
cblr-14238	32	60	,	,	PUNCT
cblr-14238	32	61	at	at	ADP
cblr-14238	32	62	least	least	ADJ
cblr-14238	32	63	,	,	PUNCT
cblr-14238	32	64	bloomberg	bloomberg	NOUN
cblr-14238	32	65	markets	market	NOUN
cblr-14238	32	66	(	(	PUNCT
cblr-14238	32	67	nov	nov	PROPN
cblr-14238	32	68	.	.	PROPN
cblr-14238	32	69	26	26	NUM
cblr-14238	32	70	,	,	PUNCT
cblr-14238	32	71	2017	2017	NUM
cblr-14238	32	72	,	,	PUNCT
cblr-14238	32	73	7:00	7:00	NUM
cblr-14238	32	74	pm	pm	NOUN
cblr-14238	32	75	est	est	X
cblr-14238	32	76	)	)	PUNCT
cblr-14238	32	77	,	,	PUNCT
cblr-14238	32	78	https://www.bloomberg.com/news/articles/2017-11-27/indexproviders-rule-the-world-for-now-at-least	https://www.bloomberg.com/news/articles/2017-11-27/indexproviders-rule-the-world-for-now-at-least	NOUN
cblr-14238	32	79	[	[	X
cblr-14238	32	80	https://perma.cc/w37p-2wlz	https://perma.cc/w37p-2wlz	X
cblr-14238	32	81	]	]	PUNCT
cblr-14238	32	82	.	.	PUNCT
cblr-14238	33	1	2	2	NUM
cblr-14238	33	2	i	i	PROPN
cblr-14238	33	3	d.	d.	PROPN
cblr-14238	33	4	peru	peru	PROPN
cblr-14238	33	5	was	be	AUX
cblr-14238	33	6	added	add	VERB
cblr-14238	33	7	to	to	ADP
cblr-14238	33	8	the	the	DET
cblr-14238	33	9	msci	msci	NOUN
cblr-14238	33	10	emerging	emerge	VERB
cblr-14238	33	11	markets	market	NOUN
cblr-14238	33	12	index	index	NOUN
cblr-14238	33	13	in	in	ADP
cblr-14238	33	14	1994	1994	NUM
cblr-14238	33	15	and	and	CCONJ
cblr-14238	33	16	remains	remain	VERB
cblr-14238	33	17	a	a	DET
cblr-14238	33	18	constituent	constituent	NOUN
cblr-14238	33	19	of	of	ADP
cblr-14238	33	20	the	the	DET
cblr-14238	33	21	index	index	NOUN
cblr-14238	33	22	to	to	ADP
cblr-14238	33	23	this	this	DET
cblr-14238	33	24	day	day	NOUN
cblr-14238	33	25	.	.	PUNCT
cblr-14238	34	1	msci	msci	PROPN
cblr-14238	34	2	,	,	PUNCT
cblr-14238	34	3	emerging	emerge	VERB
cblr-14238	34	4	markets	market	NOUN
cblr-14238	34	5	indexes	index	VERB
cblr-14238	34	6	3–4	3–4	NUM
cblr-14238	34	7	(	(	PUNCT
cblr-14238	34	8	2023	2023	NUM
cblr-14238	34	9	)	)	PUNCT
cblr-14238	34	10	,	,	PUNCT
cblr-14238	34	11	https://www.msci.com/documents/1296102/38312924/msci+emerging+ma	https://www.msci.com/documents/1296102/38312924/msci+emerging+ma	X
cblr-14238	34	12	rkets+indexes.pdf	rkets+indexes.pdf	PROPN
cblr-14238	34	13	[	[	X
cblr-14238	34	14	https://perma.cc/7spf-58um	https://perma.cc/7spf-58um	X
cblr-14238	34	15	]	]	X
cblr-14238	34	16	.	.	PUNCT
cblr-14238	35	1	argentina	argentina	PROPN
cblr-14238	35	2	and	and	CCONJ
cblr-14238	35	3	pakistan	pakistan	PROPN
cblr-14238	35	4	have	have	AUX
cblr-14238	35	5	had	have	VERB
cblr-14238	35	6	very	very	ADV
cblr-14238	35	7	different	different	ADJ
cblr-14238	35	8	experiences	experience	NOUN
cblr-14238	35	9	.	.	PUNCT
cblr-14238	36	1	argentina	argentina	PROPN
cblr-14238	36	2	,	,	PUNCT
cblr-14238	36	3	an	an	DET
cblr-14238	36	4	inaugural	inaugural	ADJ
cblr-14238	36	5	constituent	constituent	NOUN
cblr-14238	36	6	of	of	ADP
cblr-14238	36	7	the	the	DET
cblr-14238	36	8	index	index	NOUN
cblr-14238	36	9	in	in	ADP
cblr-14238	36	10	1988	1988	NUM
cblr-14238	36	11	,	,	PUNCT
cblr-14238	36	12	was	be	AUX
cblr-14238	36	13	deleted	delete	VERB
cblr-14238	36	14	in	in	ADP
cblr-14238	36	15	2009	2009	NUM
cblr-14238	36	16	,	,	PUNCT
cblr-14238	36	17	re	re	VERB
cblr-14238	36	18	-	-	VERB
cblr-14238	36	19	added	add	VERB
cblr-14238	36	20	in	in	ADP
cblr-14238	36	21	2019	2019	NUM
cblr-14238	36	22	,	,	PUNCT
cblr-14238	36	23	and	and	CCONJ
cblr-14238	36	24	re	re	VERB
cblr-14238	36	25	-	-	VERB
cblr-14238	36	26	deleted	delete	VERB
cblr-14238	36	27	in	in	ADP
cblr-14238	36	28	2021	2021	NUM
cblr-14238	36	29	.	.	PUNCT
cblr-14238	37	1	pakistan	pakistan	PROPN
cblr-14238	37	2	was	be	AUX
cblr-14238	37	3	added	add	VERB
cblr-14238	37	4	in	in	ADP
cblr-14238	37	5	1994	1994	NUM
cblr-14238	37	6	,	,	PUNCT
cblr-14238	37	7	deleted	delete	VERB
cblr-14238	37	8	in	in	ADP
cblr-14238	37	9	2008	2008	NUM
cblr-14238	37	10	,	,	PUNCT
cblr-14238	37	11	re	re	VERB
cblr-14238	37	12	-	-	VERB
cblr-14238	37	13	added	add	VERB
cblr-14238	37	14	in	in	ADP
cblr-14238	37	15	2017	2017	NUM
cblr-14238	37	16	and	and	CCONJ
cblr-14238	37	17	re	re	VERB
cblr-14238	37	18	-	-	VERB
cblr-14238	37	19	deleted	delete	VERB
cblr-14238	37	20	in	in	ADP
cblr-14238	37	21	2021	2021	NUM
cblr-14238	37	22	.	.	PUNCT
cblr-14238	38	1	i	i	PRON
cblr-14238	38	2	d.	d.	PROPN
cblr-14238	38	3	718	718	NUM
cblr-14238	38	4	columbia	columbia	PROPN
cblr-14238	38	5	business	business	NOUN
cblr-14238	38	6	law	law	PROPN
cblr-14238	38	7	review	review	NOUN
cblr-14238	38	8	[	[	X
cblr-14238	38	9	vol	vol	NOUN
cblr-14238	38	10	.	.	PUNCT
cblr-14238	38	11	2024	2024	NUM
cblr-14238	38	12	december	december	PROPN
cblr-14238	38	13	31	31	NUM
cblr-14238	38	14	,	,	PUNCT
cblr-14238	38	15	2020.3	2020.3	NUM
cblr-14238	38	16	as	as	ADP
cblr-14238	38	17	the	the	DET
cblr-14238	38	18	founder	founder	NOUN
cblr-14238	38	19	of	of	ADP
cblr-14238	38	20	the	the	DET
cblr-14238	38	21	start	start	NOUN
cblr-14238	38	22	-	-	PUNCT
cblr-14238	38	23	up	up	NOUN
cblr-14238	38	24	,	,	PUNCT
cblr-14238	38	25	do	do	AUX
cblr-14238	38	26	you	you	PRON
cblr-14238	38	27	give	give	VERB
cblr-14238	38	28	up	up	ADP
cblr-14238	38	29	the	the	DET
cblr-14238	38	30	dual	dual	ADJ
cblr-14238	38	31	-	-	PUNCT
cblr-14238	38	32	class	class	NOUN
cblr-14238	38	33	stock	stock	NOUN
cblr-14238	38	34	structure	structure	NOUN
cblr-14238	38	35	,	,	PUNCT
cblr-14238	38	36	or	or	CCONJ
cblr-14238	38	37	permanently	permanently	ADV
cblr-14238	38	38	pass	pass	VERB
cblr-14238	38	39	on	on	ADP
cblr-14238	38	40	more	more	ADJ
cblr-14238	38	41	than	than	ADP
cblr-14238	38	42	$	$	SYM
cblr-14238	38	43	13	13	NUM
cblr-14238	38	44	trillion	trillion	NUM
cblr-14238	38	45	in	in	ADP
cblr-14238	38	46	investment	investment	NOUN
cblr-14238	38	47	assets	asset	NOUN
cblr-14238	38	48	in	in	ADP
cblr-14238	38	49	order	order	NOUN
cblr-14238	38	50	to	to	PART
cblr-14238	38	51	retain	retain	VERB
cblr-14238	38	52	control	control	NOUN
cblr-14238	38	53	of	of	ADP
cblr-14238	38	54	your	your	PRON
cblr-14238	38	55	company	company	NOUN
cblr-14238	38	56	following	follow	VERB
cblr-14238	38	57	the	the	DET
cblr-14238	38	58	ipo	ipo	PROPN
cblr-14238	38	59	?	?	PUNCT
cblr-14238	39	1	brian	brian	PROPN
cblr-14238	39	2	chesky	chesky	PROPN
cblr-14238	39	3	,	,	PUNCT
cblr-14238	39	4	ceo	ceo	PROPN
cblr-14238	39	5	of	of	ADP
cblr-14238	39	6	airbnb	airbnb	PROPN
cblr-14238	39	7	chose	choose	VERB
cblr-14238	39	8	to	to	PART
cblr-14238	39	9	retain	retain	VERB
cblr-14238	39	10	its	its	PRON
cblr-14238	39	11	dual	dual	ADJ
cblr-14238	39	12	-	-	PUNCT
cblr-14238	39	13	class	class	NOUN
cblr-14238	39	14	stock	stock	NOUN
cblr-14238	39	15	structure	structure	NOUN
cblr-14238	39	16	when	when	SCONJ
cblr-14238	39	17	airbnb	airbnb	PROPN
cblr-14238	39	18	completed	complete	VERB
cblr-14238	39	19	its	its	PRON
cblr-14238	39	20	ipo	ipo	NOUN
cblr-14238	39	21	in	in	ADP
cblr-14238	39	22	2020	2020	NUM
cblr-14238	39	23	,	,	PUNCT
cblr-14238	39	24	the	the	DET
cblr-14238	39	25	largest	large	ADJ
cblr-14238	39	26	ipo	ipo	NOUN
cblr-14238	39	27	of	of	ADP
cblr-14238	39	28	the	the	DET
cblr-14238	39	29	year	year	NOUN
cblr-14238	39	30	,	,	PUNCT
cblr-14238	39	31	despite	despite	SCONJ
cblr-14238	39	32	the	the	DET
cblr-14238	39	33	s&p	s&p	PROPN
cblr-14238	39	34	500	500	NUM
cblr-14238	39	35	ban	ban	NOUN
cblr-14238	39	36	on	on	ADP
cblr-14238	39	37	dual	dual	ADJ
cblr-14238	39	38	-	-	PUNCT
cblr-14238	39	39	class	class	NOUN
cblr-14238	39	40	stocks	stock	NOUN
cblr-14238	39	41	.	.	PUNCT
cblr-14238	40	1	chesky	chesky	NOUN
cblr-14238	40	2	made	make	VERB
cblr-14238	40	3	the	the	DET
cblr-14238	40	4	right	right	ADJ
cblr-14238	40	5	choice	choice	NOUN
cblr-14238	40	6	.	.	PUNCT
cblr-14238	41	1	in	in	ADP
cblr-14238	41	2	april	april	PROPN
cblr-14238	41	3	2023	2023	NUM
cblr-14238	41	4	,	,	PUNCT
cblr-14238	41	5	s&p	s&p	PROPN
cblr-14238	41	6	global	global	NOUN
cblr-14238	41	7	rescinded	rescind	VERB
cblr-14238	41	8	the	the	DET
cblr-14238	41	9	exclusion	exclusion	NOUN
cblr-14238	41	10	of	of	ADP
cblr-14238	41	11	dual	dual	ADJ
cblr-14238	41	12	-	-	PUNCT
cblr-14238	41	13	class	class	NOUN
cblr-14238	41	14	stocks	stock	NOUN
cblr-14238	41	15	from	from	ADP
cblr-14238	41	16	the	the	DET
cblr-14238	41	17	s&p	s&p	PROPN
cblr-14238	41	18	500,4	500,4	NOUN
cblr-14238	41	19	and	and	CCONJ
cblr-14238	41	20	airbnb	airbnb	PROPN
cblr-14238	41	21	was	be	AUX
cblr-14238	41	22	added	add	VERB
cblr-14238	41	23	to	to	ADP
cblr-14238	41	24	the	the	DET
cblr-14238	41	25	s&p	s&p	PROPN
cblr-14238	41	26	500	500	NUM
cblr-14238	41	27	in	in	ADP
cblr-14238	41	28	september	september	PROPN
cblr-14238	41	29	2023.5	2023.5	NUM
cblr-14238	41	30	what	what	PRON
cblr-14238	41	31	makes	make	VERB
cblr-14238	41	32	index	index	NOUN
cblr-14238	41	33	providers	provider	NOUN
cblr-14238	41	34	more	more	ADV
cblr-14238	41	35	effective	effective	ADJ
cblr-14238	41	36	regulators	regulator	NOUN
cblr-14238	41	37	of	of	ADP
cblr-14238	41	38	sovereign	sovereign	ADJ
cblr-14238	41	39	governments	government	NOUN
cblr-14238	41	40	than	than	ADP
cblr-14238	41	41	corporations	corporation	NOUN
cblr-14238	41	42	?	?	PUNCT
cblr-14238	42	1	there	there	PRON
cblr-14238	42	2	has	have	AUX
cblr-14238	42	3	been	be	AUX
cblr-14238	42	4	a	a	DET
cblr-14238	42	5	seismic	seismic	ADJ
cblr-14238	42	6	shift	shift	NOUN
cblr-14238	42	7	from	from	ADP
cblr-14238	42	8	active	active	ADJ
cblr-14238	42	9	to	to	ADP
cblr-14238	42	10	passive	passive	ADJ
cblr-14238	42	11	investing	investing	NOUN
cblr-14238	42	12	in	in	ADP
cblr-14238	42	13	global	global	ADJ
cblr-14238	42	14	equity	equity	NOUN
cblr-14238	42	15	markets	market	NOUN
cblr-14238	42	16	in	in	ADP
cblr-14238	42	17	the	the	DET
cblr-14238	42	18	last	last	ADJ
cblr-14238	42	19	decade	decade	NOUN
cblr-14238	42	20	.	.	PUNCT
cblr-14238	43	1	according	accord	VERB
cblr-14238	43	2	to	to	ADP
cblr-14238	43	3	the	the	DET
cblr-14238	43	4	investment	investment	NOUN
cblr-14238	43	5	company	company	NOUN
cblr-14238	43	6	institute	institute	PROPN
cblr-14238	43	7	,	,	PUNCT
cblr-14238	43	8	u.s	u.s	PROPN
cblr-14238	43	9	.	.	PROPN
cblr-14238	43	10	domestic	domestic	ADJ
cblr-14238	43	11	equity	equity	NOUN
cblr-14238	43	12	index	index	NOUN
cblr-14238	43	13	funds	fund	NOUN
cblr-14238	43	14	received	receive	VERB
cblr-14238	43	15	$	$	SYM
cblr-14238	43	16	2.5	2.5	NUM
cblr-14238	43	17	trillion	trillion	NUM
cblr-14238	43	18	in	in	ADP
cblr-14238	43	19	net	net	ADJ
cblr-14238	43	20	new	new	ADJ
cblr-14238	43	21	investments	investment	NOUN
cblr-14238	43	22	from	from	ADP
cblr-14238	43	23	2013	2013	NUM
cblr-14238	43	24	through	through	ADP
cblr-14238	43	25	2022	2022	NUM
cblr-14238	43	26	,	,	PUNCT
cblr-14238	43	27	while	while	SCONJ
cblr-14238	43	28	actively	actively	ADV
cblr-14238	43	29	managed	manage	VERB
cblr-14238	43	30	funds	fund	NOUN
cblr-14238	43	31	experienced	experience	VERB
cblr-14238	43	32	net	net	ADJ
cblr-14238	43	33	outflows	outflow	NOUN
cblr-14238	43	34	of	of	ADP
cblr-14238	43	35	$	$	SYM
cblr-14238	43	36	2.3	2.3	NUM
cblr-14238	43	37	trillion.6	trillion.6	NOUN
cblr-14238	43	38	as	as	ADP
cblr-14238	43	39	a	a	DET
cblr-14238	43	40	result	result	NOUN
cblr-14238	43	41	,	,	PUNCT
cblr-14238	43	42	index	index	NOUN
cblr-14238	43	43	funds	fund	NOUN
cblr-14238	43	44	grew	grow	VERB
cblr-14238	43	45	from	from	ADP
cblr-14238	43	46	holding	hold	VERB
cblr-14238	43	47	8	8	NUM
cblr-14238	43	48	%	%	NOUN
cblr-14238	43	49	of	of	ADP
cblr-14238	43	50	the	the	DET
cblr-14238	43	51	3	3	NUM
cblr-14238	43	52	s&p	s&p	PROPN
cblr-14238	43	53	global	global	NOUN
cblr-14238	43	54	,	,	PUNCT
cblr-14238	43	55	2021	2021	NUM
cblr-14238	43	56	investor	investor	NOUN
cblr-14238	43	57	fact	fact	NOUN
cblr-14238	43	58	book	book	NOUN
cblr-14238	43	59	:	:	PUNCT
cblr-14238	43	60	accelerating	accelerate	VERB
cblr-14238	43	61	progress	progress	NOUN
cblr-14238	43	62	in	in	ADP
cblr-14238	43	63	the	the	DET
cblr-14238	43	64	world	world	NOUN
cblr-14238	43	65	49	49	NUM
cblr-14238	43	66	(	(	PUNCT
cblr-14238	43	67	2021	2021	NUM
cblr-14238	43	68	)	)	PUNCT
cblr-14238	43	69	,	,	PUNCT
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cblr-14238	44	1	[	[	X
cblr-14238	44	2	https://perma.cc/7cxp-qnfa	https://perma.cc/7cxp-qnfa	PROPN
cblr-14238	44	3	]	]	X
cblr-14238	44	4	.	.	PUNCT
cblr-14238	45	1	active	active	ADJ
cblr-14238	45	2	funds	fund	NOUN
cblr-14238	45	3	that	that	PRON
cblr-14238	45	4	benchmark	benchmark	NOUN
cblr-14238	45	5	to	to	ADP
cblr-14238	45	6	an	an	DET
cblr-14238	45	7	index	index	NOUN
cblr-14238	45	8	typically	typically	ADV
cblr-14238	45	9	invest	invest	VERB
cblr-14238	45	10	in	in	ADP
cblr-14238	45	11	many	many	ADJ
cblr-14238	45	12	of	of	ADP
cblr-14238	45	13	the	the	DET
cblr-14238	45	14	stocks	stock	NOUN
cblr-14238	45	15	included	include	VERB
cblr-14238	45	16	in	in	ADP
cblr-14238	45	17	the	the	DET
cblr-14238	45	18	index	index	NOUN
cblr-14238	45	19	as	as	ADP
cblr-14238	45	20	part	part	NOUN
cblr-14238	45	21	of	of	ADP
cblr-14238	45	22	their	their	PRON
cblr-14238	45	23	strategy	strategy	NOUN
cblr-14238	45	24	to	to	PART
cblr-14238	45	25	at	at	ADV
cblr-14238	45	26	least	least	ADJ
cblr-14238	45	27	equal	equal	ADJ
cblr-14238	45	28	,	,	PUNCT
cblr-14238	45	29	if	if	SCONJ
cblr-14238	45	30	not	not	PART
cblr-14238	45	31	beat	beat	VERB
cblr-14238	45	32	,	,	PUNCT
cblr-14238	45	33	the	the	DET
cblr-14238	45	34	results	result	NOUN
cblr-14238	45	35	of	of	ADP
cblr-14238	45	36	the	the	DET
cblr-14238	45	37	index	index	NOUN
cblr-14238	45	38	.	.	PUNCT
cblr-14238	46	1	4	4	NUM
cblr-14238	46	2	press	press	NOUN
cblr-14238	46	3	release	release	NOUN
cblr-14238	46	4	,	,	PUNCT
cblr-14238	46	5	s&p	s&p	PROPN
cblr-14238	46	6	dow	dow	PROPN
cblr-14238	46	7	jones	jones	PROPN
cblr-14238	46	8	indices	index	NOUN
cblr-14238	46	9	,	,	PUNCT
cblr-14238	46	10	s&p	s&p	PROPN
cblr-14238	46	11	dow	dow	PROPN
cblr-14238	46	12	jones	jones	PROPN
cblr-14238	46	13	indices	indices	PROPN
cblr-14238	46	14	announces	announce	VERB
cblr-14238	46	15	results	result	NOUN
cblr-14238	46	16	of	of	ADP
cblr-14238	46	17	s&p	s&p	PROPN
cblr-14238	46	18	composite	composite	ADJ
cblr-14238	46	19	1500	1500	NUM
cblr-14238	46	20	index	index	NOUN
cblr-14238	46	21	consultation	consultation	NOUN
cblr-14238	46	22	on	on	ADP
cblr-14238	46	23	share	share	NOUN
cblr-14238	46	24	class	class	NOUN
cblr-14238	46	25	eligibility	eligibility	NOUN
cblr-14238	46	26	rules	rule	NOUN
cblr-14238	46	27	(	(	PUNCT
cblr-14238	46	28	apr	apr	PROPN
cblr-14238	46	29	.	.	PROPN
cblr-14238	46	30	17	17	NUM
cblr-14238	46	31	,	,	PUNCT
cblr-14238	46	32	2023	2023	NUM
cblr-14238	46	33	)	)	PUNCT
cblr-14238	46	34	,	,	PUNCT
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cblr-14238	46	36	0230417	0230417	NUM
cblr-14238	46	37	-	-	SYM
cblr-14238	46	38	1463543/1463543_prapril20231500shareclassconsultresults.pdf	1463543/1463543_prapril20231500shareclassconsultresults.pdf	NUM
cblr-14238	46	39	[	[	X
cblr-14238	46	40	https://perma.cc/vtw4-el6u	https://perma.cc/vtw4-el6u	NOUN
cblr-14238	46	41	]	]	PUNCT
cblr-14238	46	42	.	.	PUNCT
cblr-14238	46	43	5	5	NUM
cblr-14238	46	44	press	press	NOUN
cblr-14238	46	45	release	release	NOUN
cblr-14238	46	46	,	,	PUNCT
cblr-14238	46	47	s&p	s&p	PROPN
cblr-14238	46	48	dow	dow	PROPN
cblr-14238	46	49	jones	jones	PROPN
cblr-14238	46	50	indices	index	NOUN
cblr-14238	46	51	,	,	PUNCT
cblr-14238	46	52	blackstone	blackstone	NOUN
cblr-14238	46	53	and	and	CCONJ
cblr-14238	46	54	airbnb	airbnb	PROPN
cblr-14238	46	55	set	set	VERB
cblr-14238	46	56	to	to	PART
cblr-14238	46	57	join	join	VERB
cblr-14238	46	58	s&p	s&p	PROPN
cblr-14238	46	59	500	500	NUM
cblr-14238	46	60	;	;	PUNCT
cblr-14238	46	61	others	other	NOUN
cblr-14238	46	62	to	to	PART
cblr-14238	46	63	join	join	VERB
cblr-14238	46	64	s&p	s&p	PROPN
cblr-14238	46	65	100	100	NUM
cblr-14238	46	66	,	,	PUNCT
cblr-14238	46	67	s&p	s&p	PROPN
cblr-14238	46	68	midcap	midcap	NOUN
cblr-14238	46	69	400	400	NUM
cblr-14238	46	70	and	and	CCONJ
cblr-14238	46	71	s&p	s&p	PROPN
cblr-14238	46	72	smallcap	smallcap	NOUN
cblr-14238	46	73	600	600	NUM
cblr-14238	46	74	(	(	PUNCT
cblr-14238	46	75	sept	sept	PROPN
cblr-14238	46	76	.	.	PROPN
cblr-14238	46	77	1	1	NUM
cblr-14238	46	78	,	,	PUNCT
cblr-14238	46	79	2023	2023	NUM
cblr-14238	46	80	)	)	PUNCT
cblr-14238	46	81	,	,	PUNCT
cblr-14238	46	82	https://press.spglobal.com/2023-09-01blackstone-and-airbnb-set-to-join-s-p-500-others-to-join-s-p-100,-s-pmidcap-400-and-s-p-smallcap-600	https://press.spglobal.com/2023-09-01blackstone-and-airbnb-set-to-join-s-p-500-others-to-join-s-p-100,-s-pmidcap-400-and-s-p-smallcap-600	PROPN
cblr-14238	47	1	[	[	X
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cblr-14238	47	3	]	]	X
cblr-14238	47	4	.	.	PUNCT
cblr-14238	48	1	6	6	NUM
cblr-14238	48	2	inv	inv	X
cblr-14238	48	3	.	.	PUNCT
cblr-14238	48	4	co.	co.	PROPN
cblr-14238	48	5	inst	inst	PROPN
cblr-14238	48	6	.	.	PROPN
cblr-14238	48	7	,	,	PUNCT
cblr-14238	48	8	2023	2023	NUM
cblr-14238	48	9	investment	investment	NOUN
cblr-14238	48	10	company	company	NOUN
cblr-14238	48	11	fact	fact	NOUN
cblr-14238	48	12	book	book	NOUN
cblr-14238	48	13	48	48	NUM
cblr-14238	48	14	(	(	PUNCT
cblr-14238	48	15	2023	2023	NUM
cblr-14238	48	16	)	)	PUNCT
cblr-14238	48	17	,	,	PUNCT
cblr-14238	48	18	https://www.ici.org/system/files/2023-05/2023-factbook.pdf	https://www.ici.org/system/files/2023-05/2023-factbook.pdf	NOUN
cblr-14238	48	19	[	[	X
cblr-14238	48	20	hereinafter	hereinafter	NOUN
cblr-14238	48	21	“	"	PUNCT
cblr-14238	48	22	2023	2023	NUM
cblr-14238	48	23	fact	fact	NOUN
cblr-14238	48	24	book	book	NOUN
cblr-14238	48	25	”	"	PUNCT
cblr-14238	48	26	]	]	PUNCT
cblr-14238	48	27	.	.	PUNCT
cblr-14238	49	1	index	index	NOUN
cblr-14238	49	2	mutual	mutual	ADJ
cblr-14238	49	3	funds	fund	NOUN
cblr-14238	49	4	’	'	PUNCT
cblr-14238	49	5	(	(	PUNCT
cblr-14238	49	6	excluding	exclude	VERB
cblr-14238	49	7	etfs	etfs	NOUN
cblr-14238	49	8	)	)	PUNCT
cblr-14238	49	9	total	total	ADJ
cblr-14238	49	10	net	net	ADJ
cblr-14238	49	11	assets	asset	NOUN
cblr-14238	49	12	grew	grow	VERB
cblr-14238	49	13	from	from	ADP
cblr-14238	49	14	$	$	SYM
cblr-14238	49	15	384	384	NUM
cblr-14238	49	16	billion	billion	NUM
cblr-14238	49	17	to	to	PART
cblr-14238	49	18	$	$	SYM
cblr-14238	49	19	4.8	4.8	NUM
cblr-14238	49	20	trillion	trillion	NUM
cblr-14238	49	21	from	from	ADP
cblr-14238	49	22	2000	2000	NUM
cblr-14238	49	23	to	to	ADP
cblr-14238	49	24	2022	2022	NUM
cblr-14238	49	25	,	,	PUNCT
cblr-14238	49	26	and	and	CCONJ
cblr-14238	49	27	index	index	NOUN
cblr-14238	49	28	mutual	mutual	ADJ
cblr-14238	49	29	no	no	NOUN
cblr-14238	49	30	.	.	NOUN
cblr-14238	49	31	2	2	NUM
cblr-14238	49	32	]	]	PUNCT
cblr-14238	49	33	regulation	regulation	NOUN
cblr-14238	49	34	by	by	ADP
cblr-14238	49	35	indexation	indexation	NOUN
cblr-14238	49	36	?	?	PUNCT
cblr-14238	50	1	719	719	NUM
cblr-14238	50	2	total	total	ADJ
cblr-14238	50	3	market	market	NOUN
cblr-14238	50	4	capitalization	capitalization	NOUN
cblr-14238	50	5	of	of	ADP
cblr-14238	50	6	u.s	u.s	PROPN
cblr-14238	50	7	.	.	PROPN
cblr-14238	50	8	stocks	stock	NOUN
cblr-14238	50	9	at	at	ADP
cblr-14238	50	10	the	the	DET
cblr-14238	50	11	end	end	NOUN
cblr-14238	50	12	of	of	ADP
cblr-14238	50	13	2012	2012	NUM
cblr-14238	50	14	to	to	ADP
cblr-14238	50	15	holding	hold	VERB
cblr-14238	50	16	18	18	NUM
cblr-14238	50	17	%	%	NOUN
cblr-14238	50	18	of	of	ADP
cblr-14238	50	19	the	the	DET
cblr-14238	50	20	market	market	NOUN
cblr-14238	50	21	cap	cap	NOUN
cblr-14238	50	22	at	at	ADP
cblr-14238	50	23	the	the	DET
cblr-14238	50	24	end	end	NOUN
cblr-14238	50	25	of	of	ADP
cblr-14238	50	26	2022.7	2022.7	NUM
cblr-14238	50	27	global	global	ADJ
cblr-14238	50	28	passive	passive	ADJ
cblr-14238	50	29	equity	equity	NOUN
cblr-14238	50	30	funds	fund	NOUN
cblr-14238	50	31	surpassed	surpass	VERB
cblr-14238	50	32	active	active	ADJ
cblr-14238	50	33	equity	equity	NOUN
cblr-14238	50	34	funds	fund	NOUN
cblr-14238	50	35	for	for	ADP
cblr-14238	50	36	the	the	DET
cblr-14238	50	37	first	first	ADJ
cblr-14238	50	38	time	time	NOUN
cblr-14238	50	39	in	in	ADP
cblr-14238	50	40	2023	2023	NUM
cblr-14238	50	41	,	,	PUNCT
cblr-14238	50	42	with	with	ADP
cblr-14238	50	43	$	$	SYM
cblr-14238	50	44	15.1	15.1	NUM
cblr-14238	50	45	trillion	trillion	NUM
cblr-14238	50	46	in	in	ADP
cblr-14238	50	47	assets	asset	NOUN
cblr-14238	50	48	under	under	ADP
cblr-14238	50	49	management	management	NOUN
cblr-14238	50	50	versus	versus	ADP
cblr-14238	50	51	$	$	SYM
cblr-14238	50	52	14.3	14.3	NUM
cblr-14238	50	53	trillion	trillion	NUM
cblr-14238	50	54	for	for	ADP
cblr-14238	50	55	active	active	ADJ
cblr-14238	50	56	funds	fund	NOUN
cblr-14238	50	57	at	at	ADP
cblr-14238	50	58	the	the	DET
cblr-14238	50	59	end	end	NOUN
cblr-14238	50	60	of	of	ADP
cblr-14238	50	61	december	december	PROPN
cblr-14238	50	62	2023.8	2023.8	NUM
cblr-14238	50	63	the	the	DET
cblr-14238	50	64	rapid	rapid	ADJ
cblr-14238	50	65	growth	growth	NOUN
cblr-14238	50	66	of	of	ADP
cblr-14238	50	67	equity	equity	NOUN
cblr-14238	50	68	index	index	NOUN
cblr-14238	50	69	funds	fund	NOUN
cblr-14238	50	70	,	,	PUNCT
cblr-14238	50	71	coupled	couple	VERB
cblr-14238	50	72	with	with	ADP
cblr-14238	50	73	muscular	muscular	ADJ
cblr-14238	50	74	moves	move	NOUN
cblr-14238	50	75	in	in	ADP
cblr-14238	50	76	corporate	corporate	ADJ
cblr-14238	50	77	governance	governance	NOUN
cblr-14238	50	78	and	and	CCONJ
cblr-14238	50	79	emerging	emerge	VERB
cblr-14238	50	80	markets	market	NOUN
cblr-14238	50	81	regulation	regulation	NOUN
cblr-14238	50	82	by	by	ADP
cblr-14238	50	83	index	index	NOUN
cblr-14238	50	84	providers	provider	NOUN
cblr-14238	50	85	have	have	AUX
cblr-14238	50	86	left	leave	VERB
cblr-14238	50	87	the	the	DET
cblr-14238	50	88	financial	financial	ADJ
cblr-14238	50	89	press	press	NOUN
cblr-14238	50	90	breathless	breathless	NOUN
cblr-14238	50	91	in	in	ADP
cblr-14238	50	92	its	its	PRON
cblr-14238	50	93	exaltation	exaltation	NOUN
cblr-14238	50	94	of	of	ADP
cblr-14238	50	95	the	the	DET
cblr-14238	50	96	indexers	indexer	NOUN
cblr-14238	50	97	.	.	PUNCT
cblr-14238	51	1	the	the	DET
cblr-14238	51	2	economist	economist	NOUN
cblr-14238	51	3	declared	declare	VERB
cblr-14238	51	4	indexers	indexer	NOUN
cblr-14238	51	5	“	"	PUNCT
cblr-14238	51	6	finance	finance	PROPN
cblr-14238	51	7	’s	’s	PART
cblr-14238	51	8	new	new	ADJ
cblr-14238	51	9	kingmakers	kingmaker	NOUN
cblr-14238	51	10	:	:	PUNCT
cblr-14238	51	11	arbiters	arbiter	NOUN
cblr-14238	51	12	of	of	ADP
cblr-14238	51	13	how	how	SCONJ
cblr-14238	51	14	investors	investor	NOUN
cblr-14238	51	15	should	should	AUX
cblr-14238	51	16	allocate	allocate	VERB
cblr-14238	51	17	their	their	PRON
cblr-14238	51	18	money;”9	money;”9	NOUN
cblr-14238	51	19	the	the	DET
cblr-14238	51	20	funds	fund	NOUN
cblr-14238	51	21	’	'	PUNCT
cblr-14238	51	22	share	share	NOUN
cblr-14238	51	23	of	of	ADP
cblr-14238	51	24	long	long	ADJ
cblr-14238	51	25	-	-	PUNCT
cblr-14238	51	26	term	term	NOUN
cblr-14238	51	27	mutual	mutual	ADJ
cblr-14238	51	28	fund	fund	NOUN
cblr-14238	51	29	net	net	ADJ
cblr-14238	51	30	assets	asset	NOUN
cblr-14238	51	31	more	more	ADJ
cblr-14238	51	32	than	than	ADP
cblr-14238	51	33	tripled	triple	VERB
cblr-14238	51	34	,	,	PUNCT
cblr-14238	51	35	from	from	ADP
cblr-14238	51	36	7.5	7.5	NUM
cblr-14238	51	37	%	%	NOUN
cblr-14238	51	38	to	to	PART
cblr-14238	51	39	27.9	27.9	NUM
cblr-14238	51	40	%	%	NOUN
cblr-14238	51	41	.	.	PUNCT
cblr-14238	52	1	i	i	PRON
cblr-14238	52	2	d.	d.	PROPN
cblr-14238	52	3	at	at	ADP
cblr-14238	52	4	80	80	NUM
cblr-14238	52	5	.	.	PUNCT
cblr-14238	53	1	etf	etf	NOUN
cblr-14238	53	2	total	total	ADJ
cblr-14238	53	3	net	net	ADJ
cblr-14238	53	4	assets	asset	NOUN
cblr-14238	53	5	have	have	AUX
cblr-14238	53	6	grown	grow	VERB
cblr-14238	53	7	even	even	ADV
cblr-14238	53	8	faster	fast	ADV
cblr-14238	53	9	,	,	PUNCT
cblr-14238	53	10	from	from	ADP
cblr-14238	53	11	$	$	SYM
cblr-14238	53	12	992	992	NUM
cblr-14238	53	13	billion	billion	NUM
cblr-14238	53	14	at	at	ADP
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cblr-14238	53	17	of	of	ADP
cblr-14238	53	18	2010	2010	NUM
cblr-14238	53	19	to	to	ADP
cblr-14238	53	20	$	$	SYM
cblr-14238	53	21	6.5	6.5	NUM
cblr-14238	53	22	trillion	trillion	NUM
cblr-14238	53	23	at	at	ADP
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cblr-14238	53	25	end	end	NOUN
cblr-14238	53	26	of	of	ADP
cblr-14238	53	27	2022	2022	NUM
cblr-14238	53	28	.	.	PUNCT
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cblr-14238	54	3	at	at	ADP
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cblr-14238	54	5	.	.	PUNCT
cblr-14238	55	1	index	index	NOUN
cblr-14238	55	2	etf	etf	NOUN
cblr-14238	55	3	funds	fund	NOUN
cblr-14238	55	4	hold	hold	VERB
cblr-14238	55	5	more	more	ADJ
cblr-14238	55	6	than	than	ADP
cblr-14238	55	7	94	94	NUM
cblr-14238	55	8	%	%	NOUN
cblr-14238	55	9	of	of	ADP
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cblr-14238	55	12	.	.	PUNCT
cblr-14238	56	1	i	i	PRON
cblr-14238	56	2	d.	d.	PROPN
cblr-14238	56	3	7	7	NUM
cblr-14238	57	1	i	i	PROPN
cblr-14238	57	2	d.	d.	PROPN
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cblr-14238	58	1	it	it	PRON
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cblr-14238	58	4	to	to	PART
cblr-14238	58	5	note	note	VERB
cblr-14238	58	6	that	that	SCONJ
cblr-14238	58	7	the	the	DET
cblr-14238	58	8	remaining	remain	VERB
cblr-14238	58	9	shares	share	NOUN
cblr-14238	58	10	—	—	PUNCT
cblr-14238	58	11	69	69	NUM
cblr-14238	58	12	%	%	NOUN
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cblr-14238	58	14	the	the	DET
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cblr-14238	58	16	market	market	NOUN
cblr-14238	58	17	capitalization	capitalization	NOUN
cblr-14238	58	18	—	—	PUNCT
cblr-14238	58	19	remained	remain	VERB
cblr-14238	58	20	in	in	ADP
cblr-14238	58	21	the	the	DET
cblr-14238	58	22	hands	hand	NOUN
cblr-14238	58	23	of	of	ADP
cblr-14238	58	24	investors	investor	NOUN
cblr-14238	58	25	other	other	ADJ
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cblr-14238	58	37	funds	fund	NOUN
cblr-14238	58	38	,	,	PUNCT
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cblr-14238	58	41	companies	company	NOUN
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cblr-14238	59	4	,	,	PUNCT
cblr-14238	59	5	chinco	chinco	NOUN
cblr-14238	59	6	and	and	CCONJ
cblr-14238	59	7	sammon	sammon	PROPN
cblr-14238	59	8	have	have	AUX
cblr-14238	59	9	argued	argue	VERB
cblr-14238	59	10	that	that	SCONJ
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cblr-14238	59	12	official	official	ADJ
cblr-14238	59	13	statistics	statistic	NOUN
cblr-14238	59	14	understate	understate	VERB
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cblr-14238	59	16	total	total	ADJ
cblr-14238	59	17	amount	amount	NOUN
cblr-14238	59	18	of	of	ADP
cblr-14238	59	19	funds	fund	NOUN
cblr-14238	59	20	held	hold	VERB
cblr-14238	59	21	in	in	ADP
cblr-14238	59	22	passive	passive	ADJ
cblr-14238	59	23	investment	investment	NOUN
cblr-14238	59	24	strategies	strategy	NOUN
cblr-14238	59	25	.	.	PUNCT
cblr-14238	60	1	they	they	PRON
cblr-14238	60	2	estimated	estimate	VERB
cblr-14238	60	3	that	that	SCONJ
cblr-14238	60	4	passive	passive	ADJ
cblr-14238	60	5	investors	investor	NOUN
cblr-14238	60	6	held	hold	VERB
cblr-14238	60	7	33.5	33.5	NUM
cblr-14238	60	8	%	%	NOUN
cblr-14238	60	9	of	of	ADP
cblr-14238	60	10	the	the	DET
cblr-14238	60	11	equity	equity	NOUN
cblr-14238	60	12	in	in	ADP
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cblr-14238	60	14	u.s	u.s	PROPN
cblr-14238	60	15	.	.	PROPN
cblr-14238	60	16	stock	stock	NOUN
cblr-14238	60	17	market	market	NOUN
cblr-14238	60	18	at	at	ADP
cblr-14238	60	19	the	the	DET
cblr-14238	60	20	end	end	NOUN
cblr-14238	60	21	of	of	ADP
cblr-14238	60	22	2021	2021	NUM
cblr-14238	60	23	.	.	PUNCT
cblr-14238	61	1	alex	alex	PROPN
cblr-14238	61	2	chinco	chinco	PROPN
cblr-14238	61	3	&	&	CCONJ
cblr-14238	61	4	marco	marco	PROPN
cblr-14238	61	5	sammon	sammon	PROPN
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cblr-14238	61	15	you	you	PRON
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cblr-14238	61	17	it	it	PRON
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cblr-14238	61	19	,	,	PUNCT
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cblr-14238	61	21	of	of	ADP
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cblr-14238	61	23	.	.	PUNCT
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cblr-14238	62	7	,	,	PUNCT
cblr-14238	62	8	at	at	ADP
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cblr-14238	62	10	,	,	PUNCT
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cblr-14238	62	13	implying	imply	VERB
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cblr-14238	62	17	through	through	ADP
cblr-14238	62	18	index	index	NOUN
cblr-14238	62	19	reconstitution	reconstitution	NOUN
cblr-14238	62	20	day	day	NOUN
cblr-14238	62	21	trading	trading	NOUN
cblr-14238	62	22	volumes	volume	NOUN
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cblr-14238	63	6	passive	passive	ADJ
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cblr-14238	63	8	funds	fund	NOUN
cblr-14238	63	9	’	'	PUNCT
cblr-14238	63	10	assets	asset	NOUN
cblr-14238	63	11	eclipsed	eclipse	VERB
cblr-14238	63	12	active	active	ADJ
cblr-14238	63	13	in	in	ADP
cblr-14238	63	14	2023	2023	NUM
cblr-14238	63	15	for	for	ADP
cblr-14238	63	16	first	first	ADJ
cblr-14238	63	17	time	time	NOUN
cblr-14238	63	18	,	,	PUNCT
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cblr-14238	63	20	(	(	PUNCT
cblr-14238	63	21	feb	feb	PROPN
cblr-14238	63	22	.	.	PROPN
cblr-14238	63	23	1	1	NUM
cblr-14238	63	24	,	,	PUNCT
cblr-14238	63	25	2024	2024	NUM
cblr-14238	63	26	,	,	PUNCT
cblr-14238	63	27	4:58	4:58	NUM
cblr-14238	63	28	am	be	AUX
cblr-14238	63	29	pst	pst	ADJ
cblr-14238	63	30	)	)	PUNCT
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cblr-14238	64	1	[	[	X
cblr-14238	64	2	https://perma.cc/2bwu-dz44	https://perma.cc/2bwu-dz44	X
cblr-14238	64	3	]	]	X
cblr-14238	64	4	(	(	PUNCT
cblr-14238	64	5	statistics	statistic	NOUN
cblr-14238	64	6	according	accord	VERB
cblr-14238	64	7	to	to	ADP
cblr-14238	64	8	lseg	lseg	PROPN
cblr-14238	64	9	lipper	lipper	NOUN
cblr-14238	64	10	)	)	PUNCT
cblr-14238	64	11	.	.	PUNCT
cblr-14238	65	1	passive	passive	ADJ
cblr-14238	65	2	funds	fund	NOUN
cblr-14238	65	3	attracted	attract	VERB
cblr-14238	65	4	inflows	inflow	NOUN
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cblr-14238	65	7	466	466	NUM
cblr-14238	65	8	billion	billion	NUM
cblr-14238	65	9	over	over	ADP
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cblr-14238	65	22	.	.	PUNCT
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cblr-14238	66	8	,	,	PUNCT
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cblr-14238	67	15	in	in	ADP
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cblr-14238	67	17	,	,	PUNCT
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cblr-14238	67	22	,	,	PUNCT
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cblr-14238	67	27	18	18	NUM
cblr-14238	67	28	,	,	PUNCT
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cblr-14238	67	30	,	,	PUNCT
cblr-14238	67	31	12:53	12:53	NUM
cblr-14238	67	32	pm	pm	NOUN
cblr-14238	67	33	est	est	X
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cblr-14238	68	1	[	[	X
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cblr-14238	68	4	(	(	PUNCT
cblr-14238	68	5	morningstar	morningstar	PROPN
cblr-14238	68	6	reported	report	VERB
cblr-14238	68	7	passive	passive	ADJ
cblr-14238	68	8	equity	equity	NOUN
cblr-14238	68	9	assets	asset	NOUN
cblr-14238	68	10	under	under	ADP
cblr-14238	68	11	management	management	NOUN
cblr-14238	68	12	as	as	ADP
cblr-14238	68	13	of	of	ADP
cblr-14238	68	14	december	december	PROPN
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cblr-14238	68	16	,	,	PUNCT
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cblr-14238	69	9	,	,	PUNCT
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cblr-14238	69	21	,	,	PUNCT
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cblr-14238	69	23	,	,	PUNCT
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cblr-14238	69	26	.	.	PUNCT
cblr-14238	70	1	see	see	VERB
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cblr-14238	70	5	&	&	CCONJ
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cblr-14238	71	1	[	[	X
cblr-14238	71	2	vol	vol	NOUN
cblr-14238	71	3	.	.	NOUN
cblr-14238	71	4	2024	2024	NUM
cblr-14238	71	5	financial	financial	ADJ
cblr-14238	71	6	times	time	NOUN
cblr-14238	71	7	listed	list	VERB
cblr-14238	71	8	the	the	DET
cblr-14238	71	9	ceos	ceos	NOUN
cblr-14238	71	10	of	of	ADP
cblr-14238	71	11	ftse	ftse	PROPN
cblr-14238	71	12	russell	russell	PROPN
cblr-14238	71	13	,	,	PUNCT
cblr-14238	71	14	msci	msci	PROPN
cblr-14238	71	15	and	and	CCONJ
cblr-14238	71	16	s&p	s&p	PROPN
cblr-14238	71	17	among	among	ADP
cblr-14238	71	18	the	the	DET
cblr-14238	71	19	twelve	twelve	NUM
cblr-14238	71	20	most	most	ADV
cblr-14238	71	21	powerful	powerful	ADJ
cblr-14238	71	22	people	people	NOUN
cblr-14238	71	23	in	in	ADP
cblr-14238	71	24	global	global	ADJ
cblr-14238	71	25	finance;10	finance;10	PROPN
cblr-14238	71	26	and	and	CCONJ
cblr-14238	71	27	bloomberg	bloomberg	PROPN
cblr-14238	71	28	published	publish	VERB
cblr-14238	71	29	an	an	DET
cblr-14238	71	30	article	article	NOUN
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cblr-14238	71	32	,	,	PUNCT
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cblr-14238	71	43	and	and	CCONJ
cblr-14238	71	44	at	at	ADP
cblr-14238	71	45	least	least	ADJ
cblr-14238	71	46	some	some	PRON
cblr-14238	71	47	corporate	corporate	ADJ
cblr-14238	71	48	managers	manager	NOUN
cblr-14238	71	49	and	and	CCONJ
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cblr-14238	71	51	governments	government	NOUN
cblr-14238	71	52	appear	appear	VERB
cblr-14238	71	53	to	to	PART
cblr-14238	71	54	believe	believe	VERB
cblr-14238	71	55	that	that	SCONJ
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cblr-14238	71	61	in	in	ADP
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cblr-14238	71	80	—	—	PUNCT
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cblr-14238	71	82	directing	direct	VERB
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cblr-14238	71	84	flows	flow	NOUN
cblr-14238	71	85	into	into	ADP
cblr-14238	71	86	and	and	CCONJ
cblr-14238	71	87	out	out	ADP
cblr-14238	71	88	of	of	ADP
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cblr-14238	71	91	the	the	DET
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cblr-14238	72	4	of	of	ADP
cblr-14238	72	5	the	the	DET
cblr-14238	72	6	indexing	indexing	NOUN
cblr-14238	72	7	business	business	NOUN
cblr-14238	72	8	has	have	AUX
cblr-14238	72	9	led	lead	VERB
cblr-14238	72	10	to	to	ADP
cblr-14238	72	11	a	a	DET
cblr-14238	72	12	competition	competition	NOUN
cblr-14238	72	13	law	law	NOUN
cblr-14238	72	14	investigation	investigation	NOUN
cblr-14238	72	15	landmark	landmark	NOUN
cblr-14238	72	16	for	for	ADP
cblr-14238	72	17	saudi	saudi	ADJ
cblr-14238	72	18	stocks	stock	NOUN
cblr-14238	72	19	as	as	SCONJ
cblr-14238	72	20	index	index	NOUN
cblr-14238	72	21	providers	provider	NOUN
cblr-14238	72	22	become	become	VERB
cblr-14238	72	23	kingmakers	kingmaker	NOUN
cblr-14238	72	24	,	,	PUNCT
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cblr-14238	73	9	(	(	PUNCT
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cblr-14238	73	11	file	file	NOUN
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cblr-14238	74	7	of	of	ADP
cblr-14238	74	8	twelve	twelve	NOUN
cblr-14238	74	9	:	:	PUNCT
cblr-14238	74	10	the	the	DET
cblr-14238	74	11	financial	financial	ADJ
cblr-14238	74	12	industry	industry	NOUN
cblr-14238	74	13	’s	’s	PART
cblr-14238	74	14	new	new	ADJ
cblr-14238	74	15	emperors	emperor	NOUN
cblr-14238	74	16	,	,	PUNCT
cblr-14238	74	17	fin	fin	NOUN
cblr-14238	74	18	.	.	PUNCT
cblr-14238	74	19	times	times	PROPN
cblr-14238	74	20	(	(	PUNCT
cblr-14238	74	21	june	june	PROPN
cblr-14238	74	22	17	17	NUM
cblr-14238	74	23	,	,	PUNCT
cblr-14238	74	24	2022	2022	NUM
cblr-14238	74	25	)	)	PUNCT
cblr-14238	74	26	(	(	PUNCT
cblr-14238	74	27	on	on	ADP
cblr-14238	74	28	file	file	NOUN
cblr-14238	74	29	with	with	ADP
cblr-14238	74	30	the	the	DET
cblr-14238	74	31	columbia	columbia	PROPN
cblr-14238	74	32	business	business	PROPN
cblr-14238	74	33	law	law	PROPN
cblr-14238	74	34	review	review	PROPN
cblr-14238	74	35	)	)	PUNCT
cblr-14238	74	36	(	(	PUNCT
cblr-14238	74	37	discussing	discuss	VERB
cblr-14238	74	38	john	john	PROPN
cblr-14238	74	39	c.	c.	PROPN
cblr-14238	74	40	coates	coates	PROPN
cblr-14238	74	41	’	'	PUNCT
cblr-14238	74	42	the	the	DET
cblr-14238	74	43	power	power	NOUN
cblr-14238	74	44	of	of	ADP
cblr-14238	74	45	twelve	twelve	NUM
cblr-14238	74	46	and	and	CCONJ
cblr-14238	74	47	declaring	declare	VERB
cblr-14238	74	48	“	"	PUNCT
cblr-14238	74	49	some	some	PRON
cblr-14238	74	50	think	think	VERB
cblr-14238	74	51	.	.	PUNCT
cblr-14238	74	52	.	.	PUNCT
cblr-14238	74	53	.	.	PUNCT
cblr-14238	75	1	just	just	ADV
cblr-14238	75	2	a	a	DET
cblr-14238	75	3	dozen	dozen	NOUN
cblr-14238	75	4	or	or	CCONJ
cblr-14238	75	5	so	so	ADV
cblr-14238	75	6	people	people	NOUN
cblr-14238	75	7	could	could	AUX
cblr-14238	75	8	end	end	VERB
cblr-14238	75	9	up	up	ADP
cblr-14238	75	10	enjoying	enjoy	VERB
cblr-14238	75	11	de	de	X
cblr-14238	75	12	facto	facto	X
cblr-14238	75	13	control	control	NOUN
cblr-14238	75	14	over	over	ADP
cblr-14238	75	15	most	most	ADJ
cblr-14238	75	16	public	public	ADJ
cblr-14238	75	17	companies	company	NOUN
cblr-14238	75	18	in	in	ADP
cblr-14238	75	19	the	the	DET
cblr-14238	75	20	us	us	PROPN
cblr-14238	75	21	–	–	PUNCT
cblr-14238	75	22	and	and	CCONJ
cblr-14238	75	23	even	even	ADV
cblr-14238	75	24	perhaps	perhaps	ADV
cblr-14238	75	25	the	the	DET
cblr-14238	75	26	world	world	NOUN
cblr-14238	75	27	”	"	PUNCT
cblr-14238	75	28	)	)	PUNCT
cblr-14238	75	29	.	.	PUNCT
cblr-14238	76	1	see	see	VERB
cblr-14238	76	2	also	also	ADV
cblr-14238	76	3	robin	robin	PROPN
cblr-14238	76	4	wigglesworth	wigglesworth	PROPN
cblr-14238	76	5	,	,	PUNCT
cblr-14238	76	6	opinion	opinion	NOUN
cblr-14238	76	7	,	,	PUNCT
cblr-14238	76	8	the	the	DET
cblr-14238	76	9	index	index	NOUN
cblr-14238	76	10	providers	provider	NOUN
cblr-14238	76	11	are	be	AUX
cblr-14238	76	12	quietly	quietly	ADV
cblr-14238	76	13	building	build	VERB
cblr-14238	76	14	up	up	ADP
cblr-14238	76	15	enormous	enormous	ADJ
cblr-14238	76	16	powers	power	NOUN
cblr-14238	76	17	,	,	PUNCT
cblr-14238	76	18	fin	fin	NOUN
cblr-14238	76	19	.	.	PUNCT
cblr-14238	77	1	times	times	PROPN
cblr-14238	77	2	(	(	PUNCT
cblr-14238	77	3	jan	jan	PROPN
cblr-14238	77	4	.	.	PROPN
cblr-14238	77	5	20	20	NUM
cblr-14238	77	6	,	,	PUNCT
cblr-14238	77	7	2020	2020	NUM
cblr-14238	77	8	)	)	PUNCT
cblr-14238	77	9	(	(	PUNCT
cblr-14238	77	10	on	on	ADP
cblr-14238	77	11	file	file	NOUN
cblr-14238	77	12	with	with	ADP
cblr-14238	77	13	the	the	DET
cblr-14238	77	14	columbia	columbia	PROPN
cblr-14238	77	15	business	business	PROPN
cblr-14238	77	16	law	law	PROPN
cblr-14238	77	17	review	review	PROPN
cblr-14238	77	18	)	)	PUNCT
cblr-14238	77	19	(	(	PUNCT
cblr-14238	77	20	“	"	PUNCT
cblr-14238	77	21	index	index	NOUN
cblr-14238	77	22	providers	provider	NOUN
cblr-14238	77	23	are	be	AUX
cblr-14238	77	24	an	an	DET
cblr-14238	77	25	underappreciated	underappreciated	ADJ
cblr-14238	77	26	power	power	NOUN
cblr-14238	77	27	in	in	ADP
cblr-14238	77	28	finance	finance	NOUN
cblr-14238	77	29	,	,	PUNCT
cblr-14238	77	30	and	and	CCONJ
cblr-14238	77	31	that	that	PRON
cblr-14238	77	32	power	power	NOUN
cblr-14238	77	33	is	be	AUX
cblr-14238	77	34	only	only	ADV
cblr-14238	77	35	likely	likely	ADJ
cblr-14238	77	36	to	to	PART
cblr-14238	77	37	grow	grow	VERB
cblr-14238	77	38	.	.	PUNCT
cblr-14238	78	1	at	at	ADP
cblr-14238	78	2	some	some	DET
cblr-14238	78	3	point	point	NOUN
cblr-14238	78	4	,	,	PUNCT
cblr-14238	78	5	politicians	politician	NOUN
cblr-14238	78	6	and	and	CCONJ
cblr-14238	78	7	regulators	regulator	NOUN
cblr-14238	78	8	will	will	AUX
cblr-14238	78	9	have	have	VERB
cblr-14238	78	10	to	to	PART
cblr-14238	78	11	stop	stop	VERB
cblr-14238	78	12	scrambling	scramble	VERB
cblr-14238	78	13	after	after	ADP
cblr-14238	78	14	facile	facile	ADJ
cblr-14238	78	15	headlines	headline	NOUN
cblr-14238	78	16	,	,	PUNCT
cblr-14238	78	17	and	and	CCONJ
cblr-14238	78	18	attempt	attempt	VERB
cblr-14238	78	19	to	to	PART
cblr-14238	78	20	tackle	tackle	VERB
cblr-14238	78	21	this	this	DET
cblr-14238	78	22	far	far	ADV
cblr-14238	78	23	thornier	thorny	ADJ
cblr-14238	78	24	,	,	PUNCT
cblr-14238	78	25	more	more	ADV
cblr-14238	78	26	complex	complex	ADJ
cblr-14238	78	27	issue	issue	NOUN
cblr-14238	78	28	.	.	PUNCT
cblr-14238	78	29	”	"	PUNCT
cblr-14238	78	30	)	)	PUNCT
cblr-14238	78	31	.	.	PUNCT
cblr-14238	79	1	11	11	NUM
cblr-14238	79	2	justin	justin	PROPN
cblr-14238	79	3	fox	fox	PROPN
cblr-14238	79	4	,	,	PUNCT
cblr-14238	79	5	opinion	opinion	NOUN
cblr-14238	79	6	,	,	PUNCT
cblr-14238	79	7	when	when	SCONJ
cblr-14238	79	8	msci	msci	PROPN
cblr-14238	79	9	and	and	CCONJ
cblr-14238	79	10	s&p	s&p	PROPN
cblr-14238	79	11	rule	rule	VERB
cblr-14238	79	12	the	the	DET
cblr-14238	79	13	world	world	NOUN
cblr-14238	79	14	,	,	PUNCT
cblr-14238	79	15	bloomberg	bloomberg	PROPN
cblr-14238	79	16	(	(	PUNCT
cblr-14238	79	17	june	june	PROPN
cblr-14238	79	18	23	23	NUM
cblr-14238	79	19	,	,	PUNCT
cblr-14238	79	20	2017	2017	NUM
cblr-14238	79	21	,	,	PUNCT
cblr-14238	79	22	7:00	7:00	NUM
cblr-14238	79	23	am	am	NOUN
cblr-14238	79	24	pdt	pdt	NOUN
cblr-14238	79	25	)	)	PUNCT
cblr-14238	79	26	(	(	PUNCT
cblr-14238	79	27	on	on	ADP
cblr-14238	79	28	file	file	NOUN
cblr-14238	79	29	with	with	ADP
cblr-14238	79	30	the	the	DET
cblr-14238	79	31	columbia	columbia	PROPN
cblr-14238	79	32	business	business	PROPN
cblr-14238	79	33	law	law	PROPN
cblr-14238	79	34	review	review	PROPN
cblr-14238	79	35	)	)	PUNCT
cblr-14238	79	36	.	.	PUNCT
cblr-14238	79	37	12	12	NUM
cblr-14238	79	38	index	index	NOUN
cblr-14238	79	39	providers	provider	NOUN
cblr-14238	79	40	and	and	CCONJ
cblr-14238	79	41	dual	dual	ADJ
cblr-14238	79	42	-	-	PUNCT
cblr-14238	79	43	class	class	NOUN
cblr-14238	79	44	stock	stock	NOUN
cblr-14238	79	45	,	,	PUNCT
cblr-14238	79	46	council	council	PROPN
cblr-14238	79	47	of	of	ADP
cblr-14238	79	48	inst’l	inst’l	NOUN
cblr-14238	79	49	invs	invs	PROPN
cblr-14238	79	50	.	.	PUNCT
cblr-14238	79	51	,	,	PUNCT
cblr-14238	79	52	https://www.cii.org/index-providers-dual-class-stock	https://www.cii.org/index-providers-dual-class-stock	PROPN
cblr-14238	80	1	[	[	X
cblr-14238	80	2	https://perma.cc/vxx8-hz9r	https://perma.cc/vxx8-hz9r	X
cblr-14238	80	3	]	]	X
cblr-14238	80	4	(	(	PUNCT
cblr-14238	80	5	last	last	ADV
cblr-14238	80	6	visited	visit	VERB
cblr-14238	80	7	sept	sept	PROPN
cblr-14238	80	8	.	.	PROPN
cblr-14238	80	9	21	21	NUM
cblr-14238	80	10	,	,	PUNCT
cblr-14238	80	11	2024	2024	NUM
cblr-14238	80	12	)	)	PUNCT
cblr-14238	80	13	(	(	PUNCT
cblr-14238	80	14	“	"	PUNCT
cblr-14238	80	15	why	why	SCONJ
cblr-14238	80	16	do	do	AUX
cblr-14238	80	17	index	index	NOUN
cblr-14238	80	18	providers	provider	NOUN
cblr-14238	80	19	have	have	VERB
cblr-14238	80	20	an	an	DET
cblr-14238	80	21	appropriate	appropriate	ADJ
cblr-14238	80	22	role	role	NOUN
cblr-14238	80	23	on	on	ADP
cblr-14238	80	24	[	[	PUNCT
cblr-14238	80	25	the	the	DET
cblr-14238	80	26	dual	dual	ADJ
cblr-14238	80	27	-	-	PUNCT
cblr-14238	80	28	class	class	NOUN
cblr-14238	80	29	stock	stock	NOUN
cblr-14238	80	30	]	]	PUNCT
cblr-14238	80	31	issue	issue	NOUN
cblr-14238	80	32	?	?	PUNCT
cblr-14238	80	33	.	.	PUNCT
cblr-14238	80	34	.	.	PUNCT
cblr-14238	80	35	.	.	PUNCT
cblr-14238	81	1	[	[	X
cblr-14238	81	2	i]t	i]t	PROPN
cblr-14238	81	3	is	be	AUX
cblr-14238	81	4	important	important	ADJ
cblr-14238	81	5	to	to	PART
cblr-14238	81	6	recognize	recognize	VERB
cblr-14238	81	7	the	the	DET
cblr-14238	81	8	role	role	NOUN
cblr-14238	81	9	of	of	ADP
cblr-14238	81	10	indexes	index	NOUN
cblr-14238	81	11	within	within	ADP
cblr-14238	81	12	the	the	DET
cblr-14238	81	13	context	context	NOUN
cblr-14238	81	14	of	of	ADP
cblr-14238	81	15	deep	deep	ADJ
cblr-14238	81	16	impediments	impediment	NOUN
cblr-14238	81	17	to	to	PART
cblr-14238	81	18	addressing	address	VERB
cblr-14238	81	19	this	this	DET
cblr-14238	81	20	issue	issue	NOUN
cblr-14238	81	21	elsewhere	elsewhere	ADV
cblr-14238	81	22	in	in	ADP
cblr-14238	81	23	a	a	DET
cblr-14238	81	24	substantive	substantive	ADJ
cblr-14238	81	25	way	way	NOUN
cblr-14238	81	26	.	.	PUNCT
cblr-14238	81	27	”	"	PUNCT
cblr-14238	81	28	)	)	PUNCT
cblr-14238	81	29	.	.	PUNCT
cblr-14238	82	1	13	13	NUM
cblr-14238	82	2	alloway	alloway	PROPN
cblr-14238	82	3	,	,	PUNCT
cblr-14238	82	4	supra	supra	PROPN
cblr-14238	82	5	note	note	PROPN
cblr-14238	82	6	1	1	NUM
cblr-14238	82	7	;	;	PUNCT
cblr-14238	82	8	fox	fox	PROPN
cblr-14238	82	9	,	,	PUNCT
cblr-14238	82	10	supra	supra	PROPN
cblr-14238	82	11	note	note	NOUN
cblr-14238	82	12	11	11	NUM
cblr-14238	82	13	.	.	PUNCT
cblr-14238	83	1	14	14	NUM
cblr-14238	83	2	johannes	johannes	PROPN
cblr-14238	83	3	petry	petry	NOUN
cblr-14238	83	4	,	,	PUNCT
cblr-14238	83	5	jan	jan	PROPN
cblr-14238	83	6	fichtner	fichtner	PROPN
cblr-14238	83	7	&	&	CCONJ
cblr-14238	83	8	eelke	eelke	ADJ
cblr-14238	83	9	heemskerk	heemskerk	NOUN
cblr-14238	83	10	,	,	PUNCT
cblr-14238	83	11	steering	steering	NOUN
cblr-14238	83	12	capital	capital	NOUN
cblr-14238	83	13	:	:	PUNCT
cblr-14238	83	14	the	the	DET
cblr-14238	83	15	growing	grow	VERB
cblr-14238	83	16	private	private	ADJ
cblr-14238	83	17	authority	authority	NOUN
cblr-14238	83	18	of	of	ADP
cblr-14238	83	19	index	index	NOUN
cblr-14238	83	20	providers	provider	NOUN
cblr-14238	83	21	in	in	ADP
cblr-14238	83	22	the	the	DET
cblr-14238	83	23	age	age	NOUN
cblr-14238	83	24	of	of	ADP
cblr-14238	83	25	passive	passive	ADJ
cblr-14238	83	26	asset	asset	NOUN
cblr-14238	83	27	management	management	NOUN
cblr-14238	83	28	,	,	PUNCT
cblr-14238	83	29	28	28	NUM
cblr-14238	83	30	rev	rev	X
cblr-14238	83	31	.	.	PROPN
cblr-14238	83	32	of	of	ADP
cblr-14238	83	33	int’l	int’l	NUM
cblr-14238	83	34	pol	pol	PROPN
cblr-14238	83	35	.	.	PUNCT
cblr-14238	84	1	econ	econ	PROPN
cblr-14238	84	2	.	.	PUNCT
cblr-14238	85	1	152	152	NUM
cblr-14238	85	2	,	,	PUNCT
cblr-14238	85	3	153	153	NUM
cblr-14238	85	4	(	(	PUNCT
cblr-14238	85	5	2021	2021	NUM
cblr-14238	85	6	)	)	PUNCT
cblr-14238	85	7	.	.	PUNCT
cblr-14238	86	1	see	see	VERB
cblr-14238	86	2	also	also	ADV
cblr-14238	86	3	wigglesworth	wigglesworth	PROPN
cblr-14238	86	4	,	,	PUNCT
cblr-14238	86	5	supra	supra	PROPN
cblr-14238	86	6	note	note	NOUN
cblr-14238	86	7	10	10	NUM
cblr-14238	86	8	(	(	PUNCT
cblr-14238	86	9	citing	cite	VERB
cblr-14238	86	10	petry	petry	PROPN
cblr-14238	86	11	et	et	PROPN
cblr-14238	86	12	al	al	PROPN
cblr-14238	86	13	.	.	PROPN
cblr-14238	86	14	)	)	PUNCT
cblr-14238	86	15	;	;	PUNCT
cblr-14238	86	16	mark	mark	PROPN
cblr-14238	86	17	andriola	andriola	PROPN
cblr-14238	86	18	,	,	PUNCT
cblr-14238	86	19	indexmaker	indexmaker	ADJ
cblr-14238	86	20	activism	activism	NOUN
cblr-14238	86	21	and	and	CCONJ
cblr-14238	86	22	private	private	ADJ
cblr-14238	86	23	rulemakers	rulemaker	NOUN
cblr-14238	86	24	,	,	PUNCT
cblr-14238	86	25	1	1	NUM
cblr-14238	86	26	corp	corp	PROPN
cblr-14238	86	27	&	&	CCONJ
cblr-14238	86	28	bus	bus	PROPN
cblr-14238	86	29	.	.	PUNCT
cblr-14238	87	1	l.	l.	PROPN
cblr-14238	87	2	j.	j.	PROPN
cblr-14238	87	3	1	1	PROPN
cblr-14238	87	4	,	,	PUNCT
cblr-14238	87	5	2–3	2–3	NUM
cblr-14238	87	6	(	(	PUNCT
cblr-14238	87	7	2020	2020	NUM
cblr-14238	87	8	)	)	PUNCT
cblr-14238	87	9	.	.	PUNCT
cblr-14238	88	1	no	no	INTJ
cblr-14238	88	2	.	.	NOUN
cblr-14238	88	3	2	2	NUM
cblr-14238	88	4	]	]	PUNCT
cblr-14238	88	5	regulation	regulation	NOUN
cblr-14238	88	6	by	by	ADP
cblr-14238	88	7	indexation	indexation	NOUN
cblr-14238	88	8	?	?	PUNCT
cblr-14238	89	1	721	721	NUM
cblr-14238	89	2	by	by	ADP
cblr-14238	89	3	the	the	DET
cblr-14238	89	4	uk	uk	PROPN
cblr-14238	89	5	fca,15	fca,15	ADJ
cblr-14238	89	6	and	and	CCONJ
cblr-14238	89	7	possible	possible	ADJ
cblr-14238	89	8	regulation	regulation	NOUN
cblr-14238	89	9	by	by	ADP
cblr-14238	89	10	the	the	DET
cblr-14238	89	11	u.s	u.s	PROPN
cblr-14238	89	12	.	.	PROPN
cblr-14238	89	13	securities	securities	PROPN
cblr-14238	89	14	and	and	CCONJ
cblr-14238	89	15	exchange	exchange	PROPN
cblr-14238	89	16	commission.16	commission.16	PROPN
cblr-14238	90	1	but	but	CCONJ
cblr-14238	90	2	how	how	SCONJ
cblr-14238	90	3	much	much	ADJ
cblr-14238	90	4	influence	influence	NOUN
cblr-14238	90	5	do	do	VERB
cblr-14238	90	6	the	the	DET
cblr-14238	90	7	index	index	NOUN
cblr-14238	90	8	providers	provider	NOUN
cblr-14238	90	9	really	really	ADV
cblr-14238	90	10	have	have	VERB
cblr-14238	90	11	over	over	ADP
cblr-14238	90	12	other	other	ADJ
cblr-14238	90	13	actors	actor	NOUN
cblr-14238	90	14	in	in	ADP
cblr-14238	90	15	the	the	DET
cblr-14238	90	16	world	world	NOUN
cblr-14238	90	17	economy	economy	NOUN
cblr-14238	90	18	?	?	PUNCT
cblr-14238	91	1	is	be	AUX
cblr-14238	91	2	it	it	PRON
cblr-14238	91	3	appropriate	appropriate	ADJ
cblr-14238	91	4	to	to	PART
cblr-14238	91	5	think	think	VERB
cblr-14238	91	6	of	of	ADP
cblr-14238	91	7	them	they	PRON
cblr-14238	91	8	as	as	ADP
cblr-14238	91	9	private	private	ADJ
cblr-14238	91	10	regulators	regulator	NOUN
cblr-14238	91	11	?	?	PUNCT
cblr-14238	92	1	if	if	SCONJ
cblr-14238	92	2	so	so	ADV
cblr-14238	92	3	,	,	PUNCT
cblr-14238	92	4	what	what	PRON
cblr-14238	92	5	is	be	AUX
cblr-14238	92	6	the	the	DET
cblr-14238	92	7	source	source	NOUN
cblr-14238	92	8	of	of	ADP
cblr-14238	92	9	their	their	PRON
cblr-14238	92	10	regulatory	regulatory	ADJ
cblr-14238	92	11	power	power	NOUN
cblr-14238	92	12	?	?	PUNCT
cblr-14238	93	1	this	this	DET
cblr-14238	93	2	article	article	NOUN
cblr-14238	93	3	is	be	AUX
cblr-14238	93	4	the	the	DET
cblr-14238	93	5	first	first	ADJ
cblr-14238	93	6	to	to	PART
cblr-14238	93	7	provide	provide	VERB
cblr-14238	93	8	a	a	DET
cblr-14238	93	9	model	model	NOUN
cblr-14238	93	10	for	for	ADP
cblr-14238	93	11	thinking	think	VERB
cblr-14238	93	12	about	about	ADP
cblr-14238	93	13	the	the	DET
cblr-14238	93	14	regulatory	regulatory	ADJ
cblr-14238	93	15	capacity	capacity	NOUN
cblr-14238	93	16	of	of	ADP
cblr-14238	93	17	global	global	ADJ
cblr-14238	93	18	equity	equity	PROPN
cblr-14238	93	19	index	index	NOUN
cblr-14238	93	20	providers.17	providers.17	NOUN
cblr-14238	93	21	one	one	PRON
cblr-14238	93	22	might	might	AUX
cblr-14238	93	23	be	be	AUX
cblr-14238	93	24	inclined	incline	VERB
cblr-14238	93	25	to	to	PART
cblr-14238	93	26	link	link	VERB
cblr-14238	93	27	the	the	DET
cblr-14238	93	28	influence	influence	NOUN
cblr-14238	93	29	of	of	ADP
cblr-14238	93	30	index	index	NOUN
cblr-14238	93	31	providers	provider	NOUN
cblr-14238	93	32	to	to	ADP
cblr-14238	93	33	the	the	DET
cblr-14238	93	34	power	power	NOUN
cblr-14238	93	35	of	of	ADP
cblr-14238	93	36	index	index	NOUN
cblr-14238	93	37	fund	fund	NOUN
cblr-14238	93	38	asset	asset	NOUN
cblr-14238	93	39	managers	manager	NOUN
cblr-14238	93	40	.	.	PUNCT
cblr-14238	94	1	the	the	DET
cblr-14238	94	2	rise	rise	NOUN
cblr-14238	94	3	of	of	ADP
cblr-14238	94	4	index	index	NOUN
cblr-14238	94	5	investing	investing	NOUN
cblr-14238	94	6	and	and	CCONJ
cblr-14238	94	7	concentration	concentration	NOUN
cblr-14238	94	8	of	of	ADP
cblr-14238	94	9	corporate	corporate	ADJ
cblr-14238	94	10	voting	voting	NOUN
cblr-14238	94	11	power	power	NOUN
cblr-14238	94	12	in	in	ADP
cblr-14238	94	13	the	the	DET
cblr-14238	94	14	hands	hand	NOUN
cblr-14238	94	15	of	of	ADP
cblr-14238	94	16	the	the	DET
cblr-14238	94	17	big	big	ADJ
cblr-14238	94	18	three	three	NUM
cblr-14238	94	19	index	index	NOUN
cblr-14238	94	20	fund	fund	NOUN
cblr-14238	94	21	asset	asset	NOUN
cblr-14238	94	22	managers	manager	NOUN
cblr-14238	94	23	—	—	PUNCT
cblr-14238	94	24	blackrock	blackrock	NOUN
cblr-14238	94	25	,	,	PUNCT
cblr-14238	94	26	vanguard	vanguard	NOUN
cblr-14238	94	27	and	and	CCONJ
cblr-14238	94	28	state	state	PROPN
cblr-14238	94	29	street	street	NOUN
cblr-14238	94	30	—	—	PUNCT
cblr-14238	94	31	caused	cause	VERB
cblr-14238	94	32	charlie	charlie	PROPN
cblr-14238	94	33	15	15	NUM
cblr-14238	94	34	sandra	sandra	PROPN
cblr-14238	94	35	heistruvers	heistruvers	PROPN
cblr-14238	94	36	&	&	CCONJ
cblr-14238	94	37	ed	ed	PROPN
cblr-14238	94	38	moisson	moisson	PROPN
cblr-14238	94	39	,	,	PUNCT
cblr-14238	94	40	fca	fca	PROPN
cblr-14238	94	41	to	to	PART
cblr-14238	94	42	probe	probe	VERB
cblr-14238	94	43	index	index	NOUN
cblr-14238	94	44	providers	provider	NOUN
cblr-14238	94	45	over	over	ADP
cblr-14238	94	46	potential	potential	ADJ
cblr-14238	94	47	competition	competition	NOUN
cblr-14238	94	48	law	law	NOUN
cblr-14238	94	49	breaches	breach	NOUN
cblr-14238	94	50	,	,	PUNCT
cblr-14238	94	51	fin	fin	NOUN
cblr-14238	94	52	.	.	PUNCT
cblr-14238	95	1	times	times	PROPN
cblr-14238	95	2	(	(	PUNCT
cblr-14238	95	3	jan	jan	PROPN
cblr-14238	95	4	.	.	PROPN
cblr-14238	95	5	18	18	NUM
cblr-14238	95	6	,	,	PUNCT
cblr-14238	95	7	2022	2022	NUM
cblr-14238	95	8	)	)	PUNCT
cblr-14238	96	1	https://www.ft.com/content/58946854-72b8-4c0d-9507-b9ec1c350a85	https://www.ft.com/content/58946854-72b8-4c0d-9507-b9ec1c350a85	NOUN
cblr-14238	97	1	[	[	X
cblr-14238	97	2	https://perma.cc/xns2-wbnb	https://perma.cc/xns2-wbnb	PROPN
cblr-14238	97	3	]	]	X
cblr-14238	97	4	(	(	PUNCT
cblr-14238	97	5	noting	note	VERB
cblr-14238	97	6	fca	fca	PROPN
cblr-14238	97	7	concern	concern	NOUN
cblr-14238	97	8	that	that	SCONJ
cblr-14238	97	9	“	"	PUNCT
cblr-14238	97	10	competition	competition	NOUN
cblr-14238	97	11	problems	problem	NOUN
cblr-14238	97	12	may	may	AUX
cblr-14238	97	13	be	be	AUX
cblr-14238	97	14	causing	cause	VERB
cblr-14238	97	15	users	user	NOUN
cblr-14238	97	16	to	to	PART
cblr-14238	97	17	pay	pay	VERB
cblr-14238	97	18	prices	price	NOUN
cblr-14238	97	19	above	above	ADP
cblr-14238	97	20	the	the	DET
cblr-14238	97	21	competitive	competitive	ADJ
cblr-14238	97	22	level	level	NOUN
cblr-14238	97	23	,	,	PUNCT
cblr-14238	97	24	which	which	PRON
cblr-14238	97	25	could	could	AUX
cblr-14238	97	26	potentially	potentially	ADV
cblr-14238	97	27	translate	translate	VERB
cblr-14238	97	28	into	into	ADP
cblr-14238	97	29	higher	high	ADJ
cblr-14238	97	30	costs	cost	NOUN
cblr-14238	97	31	for	for	ADP
cblr-14238	97	32	end	end	NOUN
cblr-14238	97	33	investors	investor	NOUN
cblr-14238	97	34	”	"	PUNCT
cblr-14238	97	35	)	)	PUNCT
cblr-14238	97	36	.	.	PUNCT
cblr-14238	98	1	16	16	NUM
cblr-14238	98	2	see	see	VERB
cblr-14238	98	3	request	request	NOUN
cblr-14238	98	4	for	for	ADP
cblr-14238	98	5	comment	comment	NOUN
cblr-14238	98	6	on	on	ADP
cblr-14238	98	7	certain	certain	ADJ
cblr-14238	98	8	information	information	NOUN
cblr-14238	98	9	providers	provider	NOUN
cblr-14238	98	10	acting	act	VERB
cblr-14238	98	11	as	as	ADP
cblr-14238	98	12	investment	investment	NOUN
cblr-14238	98	13	advisors	advisor	NOUN
cblr-14238	98	14	,	,	PUNCT
cblr-14238	98	15	87	87	NUM
cblr-14238	98	16	fed	fed	PROPN
cblr-14238	98	17	.	.	PUNCT
cblr-14238	99	1	reg	reg	PROPN
cblr-14238	99	2	.	.	PUNCT
cblr-14238	100	1	37254	37254	NUM
cblr-14238	100	2	(	(	PUNCT
cblr-14238	100	3	proposed	propose	VERB
cblr-14238	100	4	june	june	PROPN
cblr-14238	100	5	22	22	NUM
cblr-14238	100	6	,	,	PUNCT
cblr-14238	100	7	2022	2022	NUM
cblr-14238	100	8	)	)	PUNCT
cblr-14238	100	9	(	(	PUNCT
cblr-14238	100	10	citing	cite	VERB
cblr-14238	100	11	paul	paul	PROPN
cblr-14238	100	12	mahoney	mahoney	PROPN
cblr-14238	100	13	&	&	CCONJ
cblr-14238	100	14	adriana	adriana	PROPN
cblr-14238	100	15	robertson	robertson	PROPN
cblr-14238	100	16	,	,	PUNCT
cblr-14238	100	17	advisers	adviser	NOUN
cblr-14238	100	18	by	by	ADP
cblr-14238	100	19	another	another	DET
cblr-14238	100	20	name	name	NOUN
cblr-14238	100	21	,	,	PUNCT
cblr-14238	100	22	univ	univ	PROPN
cblr-14238	100	23	.	.	PROPN
cblr-14238	100	24	of	of	ADP
cblr-14238	100	25	va	va	PROPN
cblr-14238	100	26	.	.	PUNCT
cblr-14238	101	1	sch	sch	PROPN
cblr-14238	101	2	.	.	PROPN
cblr-14238	101	3	of	of	ADP
cblr-14238	101	4	l.	l.	PROPN
cblr-14238	101	5	(	(	PUNCT
cblr-14238	101	6	l.	l.	PROPN
cblr-14238	101	7	&	&	CCONJ
cblr-14238	101	8	econ	econ	PROPN
cblr-14238	101	9	.	.	PUNCT
cblr-14238	102	1	paper	paper	NOUN
cblr-14238	102	2	series	series	PROPN
cblr-14238	102	3	,	,	PUNCT
cblr-14238	102	4	jan	jan	PROPN
cblr-14238	102	5	.	.	PROPN
cblr-14238	102	6	2021	2021	NUM
cblr-14238	102	7	)	)	PUNCT
cblr-14238	102	8	)	)	PUNCT
cblr-14238	102	9	.	.	PUNCT
cblr-14238	103	1	paul	paul	PROPN
cblr-14238	103	2	mahoney	mahoney	PROPN
cblr-14238	103	3	and	and	CCONJ
cblr-14238	103	4	adriana	adriana	PROPN
cblr-14238	103	5	robertson	robertson	PROPN
cblr-14238	103	6	have	have	AUX
cblr-14238	103	7	suggested	suggest	VERB
cblr-14238	103	8	that	that	SCONJ
cblr-14238	103	9	“	"	PUNCT
cblr-14238	103	10	the	the	DET
cblr-14238	103	11	sec	sec	PROPN
cblr-14238	103	12	should	should	AUX
cblr-14238	103	13	create	create	VERB
cblr-14238	103	14	a	a	DET
cblr-14238	103	15	nonexclusive	nonexclusive	ADJ
cblr-14238	103	16	,	,	PUNCT
cblr-14238	103	17	conditional	conditional	ADJ
cblr-14238	103	18	safe	safe	ADJ
cblr-14238	103	19	harbor	harbor	NOUN
cblr-14238	103	20	giving	give	VERB
cblr-14238	103	21	index	index	NOUN
cblr-14238	103	22	providers	provider	NOUN
cblr-14238	103	23	guidance	guidance	NOUN
cblr-14238	103	24	on	on	ADP
cblr-14238	103	25	what	what	DET
cblr-14238	103	26	activities	activity	NOUN
cblr-14238	103	27	will	will	AUX
cblr-14238	103	28	and	and	CCONJ
cblr-14238	103	29	will	will	AUX
cblr-14238	103	30	not	not	PART
cblr-14238	103	31	make	make	VERB
cblr-14238	103	32	them	they	PRON
cblr-14238	103	33	subject	subject	ADJ
cblr-14238	103	34	to	to	ADP
cblr-14238	103	35	regulation	regulation	NOUN
cblr-14238	103	36	as	as	ADP
cblr-14238	103	37	investment	investment	NOUN
cblr-14238	103	38	advisors	advisor	NOUN
cblr-14238	103	39	.	.	PUNCT
cblr-14238	103	40	”	"	PUNCT
cblr-14238	104	1	paul	paul	PROPN
cblr-14238	104	2	mahoney	mahoney	PROPN
cblr-14238	104	3	&	&	CCONJ
cblr-14238	104	4	adriana	adriana	PROPN
cblr-14238	104	5	robertson	robertson	PROPN
cblr-14238	104	6	,	,	PUNCT
cblr-14238	104	7	advisers	adviser	NOUN
cblr-14238	104	8	by	by	ADP
cblr-14238	104	9	another	another	DET
cblr-14238	104	10	name	name	NOUN
cblr-14238	104	11	,	,	PUNCT
cblr-14238	104	12	univ	univ	PROPN
cblr-14238	104	13	.	.	PROPN
cblr-14238	104	14	of	of	ADP
cblr-14238	104	15	va	va	PROPN
cblr-14238	104	16	.	.	PUNCT
cblr-14238	105	1	sch	sch	PROPN
cblr-14238	105	2	.	.	PROPN
cblr-14238	105	3	of	of	ADP
cblr-14238	105	4	l.	l.	PROPN
cblr-14238	105	5	(	(	PUNCT
cblr-14238	105	6	l.	l.	PROPN
cblr-14238	105	7	&	&	CCONJ
cblr-14238	105	8	econ	econ	PROPN
cblr-14238	105	9	.	.	PUNCT
cblr-14238	106	1	paper	paper	NOUN
cblr-14238	106	2	series	series	PROPN
cblr-14238	106	3	,	,	PUNCT
cblr-14238	106	4	jan	jan	PROPN
cblr-14238	106	5	.	.	PROPN
cblr-14238	106	6	2021	2021	NUM
cblr-14238	106	7	)	)	PUNCT
cblr-14238	106	8	.	.	PUNCT
cblr-14238	107	1	17	17	NUM
cblr-14238	108	1	the	the	DET
cblr-14238	108	2	existing	exist	VERB
cblr-14238	108	3	literature	literature	NOUN
cblr-14238	108	4	has	have	AUX
cblr-14238	108	5	examined	examine	VERB
cblr-14238	108	6	aspects	aspect	NOUN
cblr-14238	108	7	of	of	ADP
cblr-14238	108	8	index	index	NOUN
cblr-14238	108	9	provider	provider	NOUN
cblr-14238	108	10	regulatory	regulatory	ADJ
cblr-14238	108	11	influence	influence	NOUN
cblr-14238	108	12	,	,	PUNCT
cblr-14238	108	13	but	but	CCONJ
cblr-14238	108	14	has	have	AUX
cblr-14238	108	15	not	not	PART
cblr-14238	108	16	offered	offer	VERB
cblr-14238	108	17	a	a	DET
cblr-14238	108	18	comprehensive	comprehensive	ADJ
cblr-14238	108	19	theory	theory	NOUN
cblr-14238	108	20	of	of	ADP
cblr-14238	108	21	how	how	SCONJ
cblr-14238	108	22	indexers	indexer	NOUN
cblr-14238	108	23	may	may	AUX
cblr-14238	108	24	or	or	CCONJ
cblr-14238	108	25	may	may	AUX
cblr-14238	108	26	not	not	PART
cblr-14238	108	27	act	act	VERB
cblr-14238	108	28	as	as	ADP
cblr-14238	108	29	regulators	regulator	NOUN
cblr-14238	108	30	.	.	PUNCT
cblr-14238	109	1	see	see	VERB
cblr-14238	109	2	,	,	PUNCT
cblr-14238	109	3	e.g.	e.g.	ADV
cblr-14238	109	4	,	,	PUNCT
cblr-14238	109	5	petry	petry	PROPN
cblr-14238	109	6	,	,	PUNCT
cblr-14238	109	7	fichtner	fichtner	NOUN
cblr-14238	109	8	&	&	CCONJ
cblr-14238	109	9	heemskerk	heemskerk	NOUN
cblr-14238	109	10	,	,	PUNCT
cblr-14238	109	11	supra	supra	PROPN
cblr-14238	109	12	note	note	PROPN
cblr-14238	109	13	14	14	NUM
cblr-14238	109	14	,	,	PUNCT
cblr-14238	109	15	at	at	ADP
cblr-14238	109	16	152	152	NUM
cblr-14238	109	17	,	,	PUNCT
cblr-14238	109	18	155	155	NUM
cblr-14238	109	19	(	(	PUNCT
cblr-14238	109	20	assessing	assess	VERB
cblr-14238	109	21	the	the	DET
cblr-14238	109	22	authority	authority	NOUN
cblr-14238	109	23	of	of	ADP
cblr-14238	109	24	index	index	NOUN
cblr-14238	109	25	providers	provider	NOUN
cblr-14238	109	26	from	from	ADP
cblr-14238	109	27	an	an	DET
cblr-14238	109	28	international	international	ADJ
cblr-14238	109	29	political	political	ADJ
cblr-14238	109	30	economy	economy	NOUN
cblr-14238	109	31	perspective	perspective	NOUN
cblr-14238	109	32	)	)	PUNCT
cblr-14238	109	33	;	;	PUNCT
cblr-14238	110	1	scott	scott	PROPN
cblr-14238	110	2	hirst	hirst	PROPN
cblr-14238	110	3	&	&	CCONJ
cblr-14238	110	4	kobi	kobi	PROPN
cblr-14238	110	5	kastiel	kastiel	PROPN
cblr-14238	110	6	,	,	PUNCT
cblr-14238	110	7	corporate	corporate	ADJ
cblr-14238	110	8	governance	governance	NOUN
cblr-14238	110	9	by	by	ADP
cblr-14238	110	10	index	index	NOUN
cblr-14238	110	11	exclusion	exclusion	NOUN
cblr-14238	110	12	,	,	PUNCT
cblr-14238	110	13	99	99	NUM
cblr-14238	110	14	b.u	b.u	PROPN
cblr-14238	110	15	.	.	PROPN
cblr-14238	110	16	l.	l.	PROPN
cblr-14238	110	17	rev	rev	PROPN
cblr-14238	110	18	.	.	PROPN
cblr-14238	110	19	1229	1229	NUM
cblr-14238	110	20	,	,	PUNCT
cblr-14238	110	21	1229	1229	NUM
cblr-14238	110	22	(	(	PUNCT
cblr-14238	110	23	2019	2019	NUM
cblr-14238	110	24	)	)	PUNCT
cblr-14238	110	25	(	(	PUNCT
cblr-14238	110	26	describing	describe	VERB
cblr-14238	110	27	index	index	NOUN
cblr-14238	110	28	providers	provider	NOUN
cblr-14238	110	29	as	as	ADP
cblr-14238	110	30	reluctant	reluctant	ADJ
cblr-14238	110	31	regulators	regulator	NOUN
cblr-14238	110	32	,	,	PUNCT
cblr-14238	110	33	exploring	explore	VERB
cblr-14238	110	34	their	their	PRON
cblr-14238	110	35	incentives	incentive	NOUN
cblr-14238	110	36	,	,	PUNCT
cblr-14238	110	37	and	and	CCONJ
cblr-14238	110	38	theorizing	theorize	VERB
cblr-14238	110	39	the	the	DET
cblr-14238	110	40	effects	effect	NOUN
cblr-14238	110	41	of	of	ADP
cblr-14238	110	42	index	index	NOUN
cblr-14238	110	43	exclusion	exclusion	NOUN
cblr-14238	110	44	generally	generally	ADV
cblr-14238	110	45	and	and	CCONJ
cblr-14238	110	46	in	in	ADP
cblr-14238	110	47	the	the	DET
cblr-14238	110	48	case	case	NOUN
cblr-14238	110	49	of	of	ADP
cblr-14238	110	50	dual	dual	ADJ
cblr-14238	110	51	-	-	PUNCT
cblr-14238	110	52	class	class	NOUN
cblr-14238	110	53	shares	share	NOUN
cblr-14238	110	54	)	)	PUNCT
cblr-14238	110	55	;	;	PUNCT
cblr-14238	110	56	andrew	andrew	PROPN
cblr-14238	110	57	winden	winden	PROPN
cblr-14238	110	58	&	&	CCONJ
cblr-14238	110	59	andrew	andrew	PROPN
cblr-14238	110	60	baker	baker	PROPN
cblr-14238	110	61	,	,	PUNCT
cblr-14238	110	62	dual	dual	ADJ
cblr-14238	110	63	-	-	PUNCT
cblr-14238	110	64	class	class	NOUN
cblr-14238	110	65	index	index	NOUN
cblr-14238	110	66	exclusion	exclusion	NOUN
cblr-14238	110	67	,	,	PUNCT
cblr-14238	110	68	13	13	NUM
cblr-14238	110	69	va	va	NOUN
cblr-14238	110	70	.	.	PUNCT
cblr-14238	110	71	l.	l.	PROPN
cblr-14238	110	72	&	&	CCONJ
cblr-14238	110	73	bus	bus	PROPN
cblr-14238	110	74	.	.	PUNCT
cblr-14238	110	75	rev	rev	PROPN
cblr-14238	110	76	.	.	PROPN
cblr-14238	110	77	101	101	NUM
cblr-14238	110	78	,	,	PUNCT
cblr-14238	110	79	101–02	101–02	NUM
cblr-14238	110	80	(	(	PUNCT
cblr-14238	110	81	2019	2019	NUM
cblr-14238	110	82	)	)	PUNCT
cblr-14238	110	83	(	(	PUNCT
cblr-14238	110	84	skeptically	skeptically	ADV
cblr-14238	110	85	assessing	assess	VERB
cblr-14238	110	86	the	the	DET
cblr-14238	110	87	regulatory	regulatory	ADJ
cblr-14238	110	88	influence	influence	NOUN
cblr-14238	110	89	of	of	ADP
cblr-14238	110	90	index	index	NOUN
cblr-14238	110	91	providers	provider	NOUN
cblr-14238	110	92	in	in	ADP
cblr-14238	110	93	connection	connection	NOUN
cblr-14238	110	94	with	with	ADP
cblr-14238	110	95	dual	dual	ADJ
cblr-14238	110	96	-	-	PUNCT
cblr-14238	110	97	class	class	NOUN
cblr-14238	110	98	exclusion	exclusion	NOUN
cblr-14238	110	99	)	)	PUNCT
cblr-14238	110	100	.	.	PUNCT
cblr-14238	111	1	722	722	NUM
cblr-14238	111	2	columbia	columbia	PROPN
cblr-14238	111	3	business	business	NOUN
cblr-14238	111	4	law	law	PROPN
cblr-14238	111	5	review	review	NOUN
cblr-14238	111	6	[	[	X
cblr-14238	111	7	vol	vol	NOUN
cblr-14238	111	8	.	.	PUNCT
cblr-14238	111	9	2024	2024	NUM
cblr-14238	111	10	munger	munger	NOUN
cblr-14238	111	11	to	to	PART
cblr-14238	111	12	refer	refer	VERB
cblr-14238	111	13	to	to	ADP
cblr-14238	111	14	them	they	PRON
cblr-14238	111	15	as	as	ADP
cblr-14238	111	16	the	the	DET
cblr-14238	111	17	new	new	ADJ
cblr-14238	111	18	“	"	PUNCT
cblr-14238	111	19	emperors”18	emperors”18	NOUN
cblr-14238	111	20	and	and	CCONJ
cblr-14238	111	21	led	lead	VERB
cblr-14238	111	22	some	some	DET
cblr-14238	111	23	scholars	scholar	NOUN
cblr-14238	111	24	to	to	PART
cblr-14238	111	25	raise	raise	VERB
cblr-14238	111	26	alarm	alarm	NOUN
cblr-14238	111	27	bells	bell	NOUN
cblr-14238	111	28	about	about	ADP
cblr-14238	111	29	their	their	PRON
cblr-14238	111	30	power	power	NOUN
cblr-14238	111	31	in	in	ADP
cblr-14238	111	32	the	the	DET
cblr-14238	111	33	global	global	ADJ
cblr-14238	111	34	economy.19	economy.19	NOUN
cblr-14238	111	35	there	there	PRON
cblr-14238	111	36	are	be	VERB
cblr-14238	111	37	vigorous	vigorous	ADJ
cblr-14238	111	38	debates	debate	NOUN
cblr-14238	111	39	about	about	ADP
cblr-14238	111	40	whether	whether	SCONJ
cblr-14238	111	41	passive	passive	ADJ
cblr-14238	111	42	asset	asset	NOUN
cblr-14238	111	43	managers	manager	NOUN
cblr-14238	111	44	should	should	AUX
cblr-14238	111	45	be	be	AUX
cblr-14238	111	46	permitted	permit	VERB
cblr-14238	111	47	to	to	PART
cblr-14238	111	48	vote	vote	VERB
cblr-14238	111	49	in	in	ADP
cblr-14238	111	50	corporate	corporate	ADJ
cblr-14238	111	51	elections,20	elections,20	NOUN
cblr-14238	111	52	and	and	CCONJ
cblr-14238	111	53	whether	whether	SCONJ
cblr-14238	111	54	the	the	DET
cblr-14238	111	55	concentration	concentration	NOUN
cblr-14238	111	56	of	of	ADP
cblr-14238	111	57	ownership	ownership	NOUN
cblr-14238	111	58	in	in	ADP
cblr-14238	111	59	a	a	DET
cblr-14238	111	60	small	small	ADJ
cblr-14238	111	61	number	number	NOUN
cblr-14238	111	62	of	of	ADP
cblr-14238	111	63	hands	hand	NOUN
cblr-14238	111	64	adversely	adversely	ADV
cblr-14238	111	65	effects	effect	NOUN
cblr-14238	111	66	competition	competition	NOUN
cblr-14238	111	67	among	among	ADP
cblr-14238	111	68	corporations	corporation	NOUN
cblr-14238	111	69	owned	own	VERB
cblr-14238	111	70	in	in	ADP
cblr-14238	111	71	more	more	ADV
cblr-14238	111	72	-	-	PUNCT
cblr-14238	111	73	or	or	CCONJ
cblr-14238	111	74	-	-	PUNCT
cblr-14238	111	75	less	less	ADV
cblr-14238	111	76	equal	equal	ADJ
cblr-14238	111	77	measures	measure	NOUN
cblr-14238	111	78	—	—	PUNCT
cblr-14238	111	79	“	"	PUNCT
cblr-14238	111	80	common	common	ADJ
cblr-14238	111	81	ownership”—by	ownership”—by	NOUN
cblr-14238	111	82	such	such	ADJ
cblr-14238	111	83	asset	asset	NOUN
cblr-14238	111	84	managers.21	managers.21	NOUN
cblr-14238	111	85	if	if	SCONJ
cblr-14238	111	86	index	index	NOUN
cblr-14238	111	87	fund	fund	NOUN
cblr-14238	111	88	18	18	NUM
cblr-14238	111	89	wigglesworth	wigglesworth	NOUN
cblr-14238	111	90	,	,	PUNCT
cblr-14238	111	91	the	the	DET
cblr-14238	111	92	power	power	NOUN
cblr-14238	111	93	of	of	ADP
cblr-14238	111	94	twelve	twelve	NUM
cblr-14238	111	95	,	,	PUNCT
cblr-14238	111	96	supra	supra	NOUN
cblr-14238	111	97	note	note	NOUN
cblr-14238	111	98	10	10	NUM
cblr-14238	111	99	(	(	PUNCT
cblr-14238	111	100	quoting	quote	VERB
cblr-14238	111	101	charlie	charlie	PROPN
cblr-14238	111	102	munger	munger	PROPN
cblr-14238	111	103	,	,	PUNCT
cblr-14238	111	104	“	"	PUNCT
cblr-14238	111	105	[	[	X
cblr-14238	111	106	w]e	w]e	NOUN
cblr-14238	111	107	have	have	VERB
cblr-14238	111	108	a	a	DET
cblr-14238	111	109	new	new	ADJ
cblr-14238	111	110	bunch	bunch	NOUN
cblr-14238	111	111	of	of	ADP
cblr-14238	111	112	emperors	emperor	NOUN
cblr-14238	111	113	and	and	CCONJ
cblr-14238	111	114	they	they	PRON
cblr-14238	111	115	’re	’re	VERB
cblr-14238	111	116	the	the	DET
cblr-14238	111	117	people	people	NOUN
cblr-14238	111	118	who	who	PRON
cblr-14238	111	119	vote	vote	VERB
cblr-14238	111	120	the	the	DET
cblr-14238	111	121	shares	share	NOUN
cblr-14238	111	122	in	in	ADP
cblr-14238	111	123	the	the	DET
cblr-14238	111	124	index	index	NOUN
cblr-14238	111	125	funds	fund	NOUN
cblr-14238	111	126	.	.	PUNCT
cblr-14238	111	127	.	.	PUNCT
cblr-14238	112	1	.	.	PUNCT
cblr-14238	113	1	.	.	PUNCT
cblr-14238	114	1	i	i	PRON
cblr-14238	114	2	think	think	VERB
cblr-14238	114	3	the	the	DET
cblr-14238	114	4	world	world	NOUN
cblr-14238	114	5	of	of	ADP
cblr-14238	114	6	larry	larry	PROPN
cblr-14238	114	7	fink	fink	PROPN
cblr-14238	114	8	,	,	PUNCT
cblr-14238	114	9	but	but	CCONJ
cblr-14238	114	10	i	i	PRON
cblr-14238	114	11	’m	’m	VERB
cblr-14238	114	12	not	not	PART
cblr-14238	114	13	sure	sure	ADJ
cblr-14238	114	14	i	i	PRON
cblr-14238	114	15	want	want	VERB
cblr-14238	114	16	him	he	PRON
cblr-14238	114	17	to	to	PART
cblr-14238	114	18	be	be	AUX
cblr-14238	114	19	my	my	PRON
cblr-14238	114	20	emperor	emperor	NOUN
cblr-14238	114	21	.	.	PUNCT
cblr-14238	114	22	”	"	PUNCT
cblr-14238	114	23	)	)	PUNCT
cblr-14238	114	24	.	.	PUNCT
cblr-14238	115	1	19	19	NUM
cblr-14238	115	2	see	see	VERB
cblr-14238	115	3	,	,	PUNCT
cblr-14238	115	4	e.g.	e.g.	ADV
cblr-14238	115	5	,	,	PUNCT
cblr-14238	115	6	john	john	PROPN
cblr-14238	115	7	c.	c.	PROPN
cblr-14238	115	8	coates	coates	PROPN
cblr-14238	115	9	,	,	PUNCT
cblr-14238	115	10	iv	iv	NUM
cblr-14238	115	11	,	,	PUNCT
cblr-14238	115	12	the	the	DET
cblr-14238	115	13	problem	problem	NOUN
cblr-14238	115	14	of	of	ADP
cblr-14238	115	15	twelve	twelve	NOUN
cblr-14238	115	16	:	:	PUNCT
cblr-14238	115	17	when	when	SCONJ
cblr-14238	115	18	a	a	DET
cblr-14238	115	19	few	few	ADJ
cblr-14238	115	20	financial	financial	ADJ
cblr-14238	115	21	institutions	institution	NOUN
cblr-14238	115	22	control	control	VERB
cblr-14238	115	23	everything	everything	PRON
cblr-14238	115	24	1392	1392	NUM
cblr-14238	115	25	(	(	PUNCT
cblr-14238	115	26	2023	2023	NUM
cblr-14238	115	27	)	)	PUNCT
cblr-14238	115	28	;	;	PUNCT
cblr-14238	115	29	lucian	lucian	PROPN
cblr-14238	115	30	bebchuk	bebchuk	PROPN
cblr-14238	115	31	&	&	CCONJ
cblr-14238	115	32	scott	scott	PROPN
cblr-14238	115	33	hirst	hirst	PROPN
cblr-14238	115	34	,	,	PUNCT
cblr-14238	115	35	big	big	ADJ
cblr-14238	115	36	three	three	NUM
cblr-14238	115	37	power	power	NOUN
cblr-14238	115	38	,	,	PUNCT
cblr-14238	115	39	and	and	CCONJ
cblr-14238	115	40	why	why	SCONJ
cblr-14238	115	41	it	it	PRON
cblr-14238	115	42	matters	matter	VERB
cblr-14238	115	43	,	,	PUNCT
cblr-14238	115	44	102	102	NUM
cblr-14238	115	45	b.u	b.u	PROPN
cblr-14238	115	46	.	.	PROPN
cblr-14238	115	47	l.	l.	PROPN
cblr-14238	115	48	rev	rev	PROPN
cblr-14238	115	49	.	.	PROPN
cblr-14238	115	50	1547	1547	NUM
cblr-14238	115	51	(	(	PUNCT
cblr-14238	115	52	2022	2022	NUM
cblr-14238	115	53	)	)	PUNCT
cblr-14238	115	54	.	.	PUNCT
cblr-14238	116	1	see	see	VERB
cblr-14238	116	2	also	also	ADV
cblr-14238	116	3	alon	alon	PROPN
cblr-14238	116	4	brav	brav	PROPN
cblr-14238	116	5	,	,	PUNCT
cblr-14238	116	6	andrey	andrey	PROPN
cblr-14238	116	7	malenko	malenko	PROPN
cblr-14238	116	8	and	and	CCONJ
cblr-14238	116	9	&	&	CCONJ
cblr-14238	116	10	nadya	nadya	PROPN
cblr-14238	116	11	malenko	malenko	PROPN
cblr-14238	116	12	,	,	PUNCT
cblr-14238	116	13	corporate	corporate	ADJ
cblr-14238	116	14	governance	governance	NOUN
cblr-14238	116	15	implications	implication	NOUN
cblr-14238	116	16	of	of	ADP
cblr-14238	116	17	the	the	DET
cblr-14238	116	18	growth	growth	NOUN
cblr-14238	116	19	of	of	ADP
cblr-14238	116	20	indexing	indexing	NOUN
cblr-14238	116	21	1–2	1–2	NUM
cblr-14238	116	22	,	,	PUNCT
cblr-14238	116	23	26	26	NUM
cblr-14238	116	24	,	,	PUNCT
cblr-14238	116	25	29	29	NUM
cblr-14238	116	26	(	(	PUNCT
cblr-14238	116	27	eur	eur	PROPN
cblr-14238	116	28	.	.	PROPN
cblr-14238	116	29	corp	corp	PROPN
cblr-14238	116	30	.	.	PROPN
cblr-14238	116	31	governance	governance	PROPN
cblr-14238	116	32	inst	inst	PROPN
cblr-14238	116	33	.	.	PROPN
cblr-14238	116	34	,	,	PUNCT
cblr-14238	116	35	finance	finance	NOUN
cblr-14238	116	36	working	working	NOUN
cblr-14238	116	37	paper	paper	NOUN
cblr-14238	116	38	no	no	NOUN
cblr-14238	116	39	.	.	PUNCT
cblr-14238	116	40	849/2023	849/2023	NUM
cblr-14238	116	41	,	,	PUNCT
cblr-14238	116	42	2023	2023	NUM
cblr-14238	116	43	)	)	PUNCT
cblr-14238	116	44	,	,	PUNCT
cblr-14238	116	45	https://ssrn.com/abstract=4222402	https://ssrn.com/abstract=4222402	X
cblr-14238	117	1	[	[	X
cblr-14238	117	2	https://perma.cc/w7rf-26ba	https://perma.cc/w7rf-26ba	X
cblr-14238	117	3	]	]	X
cblr-14238	117	4	.	.	PUNCT
cblr-14238	118	1	20	20	NUM
cblr-14238	118	2	see	see	VERB
cblr-14238	118	3	,	,	PUNCT
cblr-14238	118	4	e.g.	e.g.	ADV
cblr-14238	118	5	,	,	PUNCT
cblr-14238	118	6	dorothy	dorothy	PROPN
cblr-14238	118	7	s.	s.	PROPN
cblr-14238	118	8	lund	lund	PROPN
cblr-14238	118	9	,	,	PUNCT
cblr-14238	118	10	the	the	DET
cblr-14238	118	11	case	case	NOUN
cblr-14238	118	12	against	against	ADP
cblr-14238	118	13	passive	passive	ADJ
cblr-14238	118	14	shareholder	shareholder	NOUN
cblr-14238	118	15	voting	voting	NOUN
cblr-14238	118	16	,	,	PUNCT
cblr-14238	118	17	43	43	NUM
cblr-14238	118	18	j.	j.	PROPN
cblr-14238	118	19	corp	corp	PROPN
cblr-14238	118	20	.	.	PROPN
cblr-14238	118	21	l.	l.	PROPN
cblr-14238	118	22	493	493	NUM
cblr-14238	118	23	,	,	PUNCT
cblr-14238	118	24	516–17	516–17	NUM
cblr-14238	118	25	(	(	PUNCT
cblr-14238	118	26	2018	2018	NUM
cblr-14238	118	27	)	)	PUNCT
cblr-14238	118	28	(	(	PUNCT
cblr-14238	118	29	proposing	propose	VERB
cblr-14238	118	30	that	that	SCONJ
cblr-14238	118	31	index	index	NOUN
cblr-14238	118	32	funds	fund	NOUN
cblr-14238	118	33	be	be	AUX
cblr-14238	118	34	prohibited	prohibit	VERB
cblr-14238	118	35	from	from	ADP
cblr-14238	118	36	voting	vote	VERB
cblr-14238	118	37	or	or	CCONJ
cblr-14238	118	38	be	be	AUX
cblr-14238	118	39	required	require	VERB
cblr-14238	118	40	to	to	PART
cblr-14238	118	41	pass	pass	VERB
cblr-14238	118	42	through	through	ADP
cblr-14238	118	43	votes	vote	NOUN
cblr-14238	118	44	)	)	PUNCT
cblr-14238	118	45	;	;	PUNCT
cblr-14238	118	46	jill	jill	PROPN
cblr-14238	118	47	e.	e.	PROPN
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cblr-14238	118	49	&	&	CCONJ
cblr-14238	118	50	jeff	jeff	PROPN
cblr-14238	118	51	schwartz	schwartz	PROPN
cblr-14238	118	52	,	,	PUNCT
cblr-14238	118	53	corporate	corporate	ADJ
cblr-14238	118	54	democracy	democracy	NOUN
cblr-14238	118	55	and	and	CCONJ
cblr-14238	118	56	the	the	DET
cblr-14238	118	57	intermediary	intermediary	ADJ
cblr-14238	118	58	voting	voting	NOUN
cblr-14238	118	59	dilemma	dilemma	NOUN
cblr-14238	118	60	5	5	NUM
cblr-14238	118	61	(	(	PUNCT
cblr-14238	118	62	eur	eur	PROPN
cblr-14238	118	63	.	.	PROPN
cblr-14238	118	64	corp	corp	PROPN
cblr-14238	118	65	.	.	PROPN
cblr-14238	118	66	governance	governance	PROPN
cblr-14238	118	67	inst	inst	PROPN
cblr-14238	118	68	.	.	PROPN
cblr-14238	118	69	,	,	PUNCT
cblr-14238	118	70	law	law	NOUN
cblr-14238	118	71	working	working	NOUN
cblr-14238	118	72	paper	paper	NOUN
cblr-14238	118	73	685/2023	685/2023	NUM
cblr-14238	118	74	,	,	PUNCT
cblr-14238	118	75	2023	2023	NUM
cblr-14238	118	76	)	)	PUNCT
cblr-14238	118	77	,	,	PUNCT
cblr-14238	118	78	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4360428	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4360428	PROPN
cblr-14238	119	1	[	[	X
cblr-14238	119	2	https://perma.cc/e6wn-fw9b	https://perma.cc/e6wn-fw9b	NOUN
cblr-14238	119	3	]	]	X
cblr-14238	119	4	;	;	PUNCT
cblr-14238	119	5	jill	jill	PROPN
cblr-14238	119	6	e.	e.	PROPN
cblr-14238	119	7	fisch	fisch	PROPN
cblr-14238	119	8	,	,	PUNCT
cblr-14238	119	9	mutual	mutual	ADJ
cblr-14238	119	10	fund	fund	NOUN
cblr-14238	119	11	stewardship	stewardship	NOUN
cblr-14238	119	12	and	and	CCONJ
cblr-14238	119	13	the	the	DET
cblr-14238	119	14	empty	empty	ADJ
cblr-14238	119	15	voting	voting	NOUN
cblr-14238	119	16	problem	problem	NOUN
cblr-14238	119	17	,	,	PUNCT
cblr-14238	119	18	16	16	NUM
cblr-14238	119	19	brook	brook	NOUN
cblr-14238	119	20	.	.	PUNCT
cblr-14238	120	1	j.	j.	PROPN
cblr-14238	120	2	corp	corp	PROPN
cblr-14238	120	3	.	.	PROPN
cblr-14238	120	4	fin	fin	PROPN
cblr-14238	120	5	.	.	PUNCT
cblr-14238	120	6	&	&	CCONJ
cblr-14238	120	7	com	com	PROPN
cblr-14238	120	8	.	.	PROPN
cblr-14238	120	9	l.	l.	PROPN
cblr-14238	120	10	71	71	NUM
cblr-14238	120	11	,	,	PUNCT
cblr-14238	120	12	90	90	NUM
cblr-14238	120	13	–	–	PUNCT
cblr-14238	120	14	92	92	NUM
cblr-14238	120	15	(	(	PUNCT
cblr-14238	120	16	2021	2021	NUM
cblr-14238	120	17	)	)	PUNCT
cblr-14238	120	18	(	(	PUNCT
cblr-14238	120	19	advocating	advocate	VERB
cblr-14238	120	20	for	for	ADP
cblr-14238	120	21	"	"	PUNCT
cblr-14238	120	22	pass	pass	VERB
cblr-14238	120	23	-	-	PUNCT
cblr-14238	120	24	through	through	ADP
cblr-14238	120	25	voting	voting	NOUN
cblr-14238	120	26	"	"	PUNCT
cblr-14238	120	27	for	for	ADP
cblr-14238	120	28	mutual	mutual	ADJ
cblr-14238	120	29	funds	fund	NOUN
cblr-14238	120	30	)	)	PUNCT
cblr-14238	120	31	;	;	PUNCT
cblr-14238	120	32	caleb	caleb	PROPN
cblr-14238	120	33	griffin	griffin	PROPN
cblr-14238	120	34	,	,	PUNCT
cblr-14238	120	35	we	we	PRON
cblr-14238	120	36	three	three	NUM
cblr-14238	120	37	kings	king	NOUN
cblr-14238	120	38	:	:	PUNCT
cblr-14238	120	39	disintermediating	disintermediate	VERB
cblr-14238	120	40	voting	voting	NOUN
cblr-14238	120	41	at	at	ADP
cblr-14238	120	42	the	the	DET
cblr-14238	120	43	index	index	NOUN
cblr-14238	120	44	fund	fund	NOUN
cblr-14238	120	45	giants	giant	NOUN
cblr-14238	120	46	,	,	PUNCT
cblr-14238	120	47	79	79	NUM
cblr-14238	120	48	md	md	PROPN
cblr-14238	120	49	.	.	PUNCT
cblr-14238	121	1	l.	l.	PROPN
cblr-14238	121	2	rev	rev	PROPN
cblr-14238	121	3	.	.	PROPN
cblr-14238	121	4	954	954	NUM
cblr-14238	121	5	,	,	PUNCT
cblr-14238	121	6	983	983	NUM
cblr-14238	121	7	(	(	PUNCT
cblr-14238	121	8	2020	2020	NUM
cblr-14238	121	9	)	)	PUNCT
cblr-14238	121	10	(	(	PUNCT
cblr-14238	121	11	proposing	propose	VERB
cblr-14238	121	12	diluting	dilute	VERB
cblr-14238	121	13	index	index	NOUN
cblr-14238	121	14	fund	fund	NOUN
cblr-14238	121	15	votes	vote	NOUN
cblr-14238	121	16	by	by	ADP
cblr-14238	121	17	altering	alter	VERB
cblr-14238	121	18	their	their	PRON
cblr-14238	121	19	weight	weight	NOUN
cblr-14238	121	20	)	)	PUNCT
cblr-14238	121	21	;	;	PUNCT
cblr-14238	121	22	sean	sean	PROPN
cblr-14238	121	23	griffith	griffith	PROPN
cblr-14238	121	24	,	,	PUNCT
cblr-14238	121	25	opt	opt	NOUN
cblr-14238	121	26	-	-	PUNCT
cblr-14238	121	27	in	in	ADP
cblr-14238	121	28	stewardship	stewardship	NOUN
cblr-14238	121	29	:	:	PUNCT
cblr-14238	121	30	toward	toward	ADP
cblr-14238	121	31	an	an	DET
cblr-14238	121	32	optimal	optimal	ADJ
cblr-14238	121	33	delegation	delegation	NOUN
cblr-14238	121	34	of	of	ADP
cblr-14238	121	35	mutual	mutual	ADJ
cblr-14238	121	36	fund	fund	NOUN
cblr-14238	121	37	voting	voting	NOUN
cblr-14238	121	38	authority	authority	NOUN
cblr-14238	121	39	,	,	PUNCT
cblr-14238	121	40	98	98	NUM
cblr-14238	121	41	tex	tex	PROPN
cblr-14238	121	42	.	.	PROPN
cblr-14238	121	43	l.	l.	PROPN
cblr-14238	121	44	rev	rev	PROPN
cblr-14238	121	45	.	.	PROPN
cblr-14238	121	46	983	983	NUM
cblr-14238	121	47	,	,	PUNCT
cblr-14238	121	48	990	990	NUM
cblr-14238	121	49	(	(	PUNCT
cblr-14238	121	50	2020	2020	NUM
cblr-14238	121	51	)	)	PUNCT
cblr-14238	121	52	(	(	PUNCT
cblr-14238	121	53	proposing	propose	VERB
cblr-14238	121	54	that	that	SCONJ
cblr-14238	121	55	mutual	mutual	ADJ
cblr-14238	121	56	fund	fund	NOUN
cblr-14238	121	57	voting	vote	VERB
cblr-14238	121	58	on	on	ADP
cblr-14238	121	59	certain	certain	ADJ
cblr-14238	121	60	issues	issue	NOUN
cblr-14238	121	61	should	should	AUX
cblr-14238	121	62	be	be	AUX
cblr-14238	121	63	restricted	restrict	VERB
cblr-14238	121	64	)	)	PUNCT
cblr-14238	121	65	;	;	PUNCT
cblr-14238	121	66	dick	dick	PROPN
cblr-14238	121	67	weil	weil	PROPN
cblr-14238	121	68	,	,	PUNCT
cblr-14238	121	69	opinion	opinion	NOUN
cblr-14238	121	70	,	,	PUNCT
cblr-14238	121	71	passive	passive	ADJ
cblr-14238	121	72	investors	investor	NOUN
cblr-14238	121	73	,	,	PUNCT
cblr-14238	121	74	do	do	AUX
cblr-14238	121	75	n't	not	PART
cblr-14238	121	76	vote	vote	VERB
cblr-14238	121	77	,	,	PUNCT
cblr-14238	122	1	wall	wall	PROPN
cblr-14238	122	2	st	st	PROPN
cblr-14238	122	3	.	.	PROPN
cblr-14238	122	4	j.	j.	PROPN
cblr-14238	122	5	(	(	PUNCT
cblr-14238	122	6	mar	mar	PROPN
cblr-14238	122	7	.	.	PROPN
cblr-14238	122	8	8	8	NUM
cblr-14238	122	9	,	,	PUNCT
cblr-14238	122	10	2018	2018	NUM
cblr-14238	122	11	,	,	PUNCT
cblr-14238	122	12	6:44	6:44	NUM
cblr-14238	122	13	pm	pm	NOUN
cblr-14238	122	14	)	)	PUNCT
cblr-14238	122	15	,	,	PUNCT
cblr-14238	122	16	https://www.wsj.com/articles/passive-investorsdont-vote-1520552657	https://www.wsj.com/articles/passive-investorsdont-vote-1520552657	PROPN
cblr-14238	123	1	[	[	X
cblr-14238	123	2	https://perma.cc/22ft-mjmy	https://perma.cc/22ft-mjmy	X
cblr-14238	123	3	]	]	X
cblr-14238	123	4	(	(	PUNCT
cblr-14238	123	5	arguing	argue	VERB
cblr-14238	123	6	that	that	SCONJ
cblr-14238	123	7	passive	passive	ADJ
cblr-14238	123	8	fund	fund	NOUN
cblr-14238	123	9	managers	manager	NOUN
cblr-14238	123	10	should	should	AUX
cblr-14238	123	11	not	not	PART
cblr-14238	123	12	vote	vote	VERB
cblr-14238	123	13	)	)	PUNCT
cblr-14238	123	14	.	.	PUNCT
cblr-14238	124	1	21	21	NUM
cblr-14238	124	2	some	some	DET
cblr-14238	124	3	papers	paper	NOUN
cblr-14238	124	4	argue	argue	VERB
cblr-14238	124	5	that	that	SCONJ
cblr-14238	124	6	common	common	ADJ
cblr-14238	124	7	ownership	ownership	NOUN
cblr-14238	124	8	is	be	AUX
cblr-14238	124	9	a	a	DET
cblr-14238	124	10	significant	significant	ADJ
cblr-14238	124	11	hindrance	hindrance	NOUN
cblr-14238	124	12	to	to	ADP
cblr-14238	124	13	competition	competition	NOUN
cblr-14238	124	14	.	.	PUNCT
cblr-14238	125	1	see	see	VERB
cblr-14238	125	2	,	,	PUNCT
cblr-14238	125	3	e.g.	e.g.	ADV
cblr-14238	125	4	,	,	PUNCT
cblr-14238	125	5	einer	einer	NOUN
cblr-14238	125	6	elhauge	elhauge	NOUN
cblr-14238	125	7	,	,	PUNCT
cblr-14238	125	8	horizontal	horizontal	ADJ
cblr-14238	125	9	shareholding	shareholding	NOUN
cblr-14238	125	10	,	,	PUNCT
cblr-14238	125	11	129	129	NUM
cblr-14238	125	12	harv	harv	NOUN
cblr-14238	125	13	.	.	PUNCT
cblr-14238	126	1	l.	l.	PROPN
cblr-14238	126	2	rev	rev	PROPN
cblr-14238	126	3	.	.	PROPN
cblr-14238	126	4	1268	1268	NUM
cblr-14238	126	5	,	,	PUNCT
cblr-14238	126	6	1269–71	1269–71	NUM
cblr-14238	126	7	(	(	PUNCT
cblr-14238	126	8	2016	2016	NUM
cblr-14238	126	9	)	)	PUNCT
cblr-14238	126	10	;	;	PUNCT
cblr-14238	126	11	eric	eric	PROPN
cblr-14238	126	12	a.	a.	PROPN
cblr-14238	126	13	posner	posner	PROPN
cblr-14238	126	14	,	,	PUNCT
cblr-14238	126	15	fiona	fiona	PROPN
cblr-14238	126	16	m.	m.	PROPN
cblr-14238	126	17	scott	scott	PROPN
cblr-14238	126	18	morton	morton	PROPN
cblr-14238	126	19	&	&	CCONJ
cblr-14238	126	20	e.	e.	PROPN
cblr-14238	126	21	glen	glen	PROPN
cblr-14238	126	22	weyl	weyl	PROPN
cblr-14238	126	23	,	,	PUNCT
cblr-14238	126	24	a	a	DET
cblr-14238	126	25	proposal	proposal	NOUN
cblr-14238	126	26	to	to	PART
cblr-14238	126	27	limit	limit	VERB
cblr-14238	126	28	the	the	DET
cblr-14238	126	29	anti	anti	ADJ
cblr-14238	126	30	-	-	ADJ
cblr-14238	126	31	competitive	competitive	ADJ
cblr-14238	126	32	power	power	NOUN
cblr-14238	126	33	of	of	ADP
cblr-14238	126	34	institutional	institutional	ADJ
cblr-14238	126	35	investors	investor	NOUN
cblr-14238	126	36	,	,	PUNCT
cblr-14238	126	37	81	81	NUM
cblr-14238	126	38	antitrust	antitrust	ADJ
cblr-14238	126	39	l.j	l.j	PROPN
cblr-14238	126	40	.	.	PROPN
cblr-14238	126	41	669	669	NUM
cblr-14238	126	42	,	,	PUNCT
cblr-14238	126	43	669–70	669–70	PROPN
cblr-14238	126	44	(	(	PUNCT
cblr-14238	126	45	2017	2017	NUM
cblr-14238	126	46	)	)	PUNCT
cblr-14238	126	47	(	(	PUNCT
cblr-14238	126	48	proposing	propose	VERB
cblr-14238	126	49	antitrust	antitrust	ADJ
cblr-14238	126	50	enforcement	enforcement	NOUN
cblr-14238	126	51	agencies	agency	NOUN
cblr-14238	126	52	enforce	enforce	VERB
cblr-14238	126	53	the	the	DET
cblr-14238	126	54	clayton	clayton	PROPN
cblr-14238	126	55	act	act	NOUN
cblr-14238	126	56	against	against	ADP
cblr-14238	126	57	no	no	NOUN
cblr-14238	126	58	.	.	NOUN
cblr-14238	126	59	2	2	NUM
cblr-14238	126	60	]	]	PUNCT
cblr-14238	126	61	regulation	regulation	NOUN
cblr-14238	126	62	by	by	ADP
cblr-14238	126	63	indexation	indexation	NOUN
cblr-14238	126	64	?	?	PUNCT
cblr-14238	127	1	723	723	NUM
cblr-14238	127	2	asset	asset	NOUN
cblr-14238	127	3	managers	manager	NOUN
cblr-14238	127	4	are	be	AUX
cblr-14238	127	5	the	the	DET
cblr-14238	127	6	new	new	ADJ
cblr-14238	127	7	emperors	emperor	NOUN
cblr-14238	127	8	,	,	PUNCT
cblr-14238	127	9	are	be	AUX
cblr-14238	127	10	the	the	DET
cblr-14238	127	11	indexers	indexer	NOUN
cblr-14238	127	12	the	the	DET
cblr-14238	127	13	power	power	NOUN
cblr-14238	127	14	behind	behind	ADP
cblr-14238	127	15	the	the	DET
cblr-14238	127	16	throne	throne	NOUN
cblr-14238	127	17	?	?	PUNCT
cblr-14238	128	1	it	it	PRON
cblr-14238	128	2	would	would	AUX
cblr-14238	128	3	be	be	AUX
cblr-14238	128	4	a	a	DET
cblr-14238	128	5	mistake	mistake	NOUN
cblr-14238	128	6	to	to	PART
cblr-14238	128	7	ascribe	ascribe	VERB
cblr-14238	128	8	the	the	DET
cblr-14238	128	9	power	power	NOUN
cblr-14238	128	10	of	of	ADP
cblr-14238	128	11	the	the	DET
cblr-14238	128	12	asset	asset	NOUN
cblr-14238	128	13	managers	manager	NOUN
cblr-14238	128	14	to	to	ADP
cblr-14238	128	15	the	the	DET
cblr-14238	128	16	index	index	NOUN
cblr-14238	128	17	providers	provider	NOUN
cblr-14238	128	18	behind	behind	ADP
cblr-14238	128	19	them	they	PRON
cblr-14238	128	20	.	.	PUNCT
cblr-14238	129	1	the	the	DET
cblr-14238	129	2	regulatory	regulatory	ADJ
cblr-14238	129	3	capacity	capacity	NOUN
cblr-14238	129	4	of	of	ADP
cblr-14238	129	5	asset	asset	NOUN
cblr-14238	129	6	managers	manager	NOUN
cblr-14238	129	7	is	be	AUX
cblr-14238	129	8	derived	derive	VERB
cblr-14238	129	9	from	from	ADP
cblr-14238	129	10	their	their	PRON
cblr-14238	129	11	ability	ability	NOUN
cblr-14238	129	12	to	to	PART
cblr-14238	129	13	directly	directly	ADV
cblr-14238	129	14	penalize	penalize	VERB
cblr-14238	129	15	corporate	corporate	ADJ
cblr-14238	129	16	managers	manager	NOUN
cblr-14238	129	17	by	by	ADP
cblr-14238	129	18	voting	vote	VERB
cblr-14238	129	19	against	against	ADP
cblr-14238	129	20	directors	director	NOUN
cblr-14238	129	21	and	and	CCONJ
cblr-14238	129	22	other	other	ADJ
cblr-14238	129	23	management	management	NOUN
cblr-14238	129	24	initiatives	initiative	NOUN
cblr-14238	129	25	as	as	ADP
cblr-14238	129	26	the	the	DET
cblr-14238	129	27	largest	large	ADJ
cblr-14238	129	28	shareholders	shareholder	NOUN
cblr-14238	129	29	,	,	PUNCT
cblr-14238	129	30	in	in	ADP
cblr-14238	129	31	aggregate	aggregate	NOUN
cblr-14238	129	32	,	,	PUNCT
cblr-14238	129	33	of	of	ADP
cblr-14238	129	34	most	most	ADJ
cblr-14238	129	35	public	public	ADJ
cblr-14238	129	36	companies.22	companies.22	NOUN
cblr-14238	129	37	while	while	SCONJ
cblr-14238	129	38	the	the	DET
cblr-14238	129	39	index	index	NOUN
cblr-14238	129	40	providers	provider	NOUN
cblr-14238	129	41	determine	determine	VERB
cblr-14238	129	42	which	which	DET
cblr-14238	129	43	companies	company	NOUN
cblr-14238	129	44	the	the	DET
cblr-14238	129	45	index	index	NOUN
cblr-14238	129	46	fund	fund	NOUN
cblr-14238	129	47	asset	asset	NOUN
cblr-14238	129	48	managers	manager	NOUN
cblr-14238	129	49	invest	invest	VERB
cblr-14238	129	50	in	in	ADP
cblr-14238	129	51	,	,	PUNCT
cblr-14238	129	52	they	they	PRON
cblr-14238	129	53	have	have	VERB
cblr-14238	129	54	no	no	DET
cblr-14238	129	55	control	control	NOUN
cblr-14238	129	56	over	over	ADP
cblr-14238	129	57	share	share	NOUN
cblr-14238	129	58	voting	voting	NOUN
cblr-14238	129	59	and	and	CCONJ
cblr-14238	129	60	no	no	DET
cblr-14238	129	61	regulatory	regulatory	ADJ
cblr-14238	129	62	tools	tool	NOUN
cblr-14238	129	63	that	that	PRON
cblr-14238	129	64	so	so	ADV
cblr-14238	129	65	clearly	clearly	ADV
cblr-14238	129	66	affect	affect	VERB
cblr-14238	129	67	the	the	DET
cblr-14238	129	68	interests	interest	NOUN
cblr-14238	129	69	of	of	ADP
cblr-14238	129	70	corporate	corporate	ADJ
cblr-14238	129	71	managers	manager	NOUN
cblr-14238	129	72	.	.	PUNCT
cblr-14238	130	1	i	i	PRON
cblr-14238	130	2	propose	propose	VERB
cblr-14238	130	3	three	three	NUM
cblr-14238	130	4	regulatory	regulatory	ADJ
cblr-14238	130	5	roles	role	NOUN
cblr-14238	130	6	through	through	ADP
cblr-14238	130	7	which	which	PRON
cblr-14238	130	8	indexers	indexer	NOUN
cblr-14238	130	9	might	might	AUX
cblr-14238	130	10	deliver	deliver	VERB
cblr-14238	130	11	incentives	incentive	NOUN
cblr-14238	130	12	or	or	CCONJ
cblr-14238	130	13	sanctions	sanction	NOUN
cblr-14238	130	14	sufficient	sufficient	ADJ
cblr-14238	130	15	to	to	PART
cblr-14238	130	16	exercise	exercise	VERB
cblr-14238	130	17	regulatory	regulatory	ADJ
cblr-14238	130	18	power	power	NOUN
cblr-14238	130	19	:	:	PUNCT
cblr-14238	130	20	(	(	PUNCT
cblr-14238	130	21	1	1	X
cblr-14238	130	22	)	)	PUNCT
cblr-14238	130	23	subsidizers	subsidizer	NOUN
cblr-14238	130	24	who	who	PRON
cblr-14238	130	25	deliver	deliver	VERB
cblr-14238	130	26	financial	financial	ADJ
cblr-14238	130	27	benefits	benefit	NOUN
cblr-14238	130	28	to	to	ADP
cblr-14238	130	29	parties	party	NOUN
cblr-14238	130	30	who	who	PRON
cblr-14238	130	31	follow	follow	VERB
cblr-14238	130	32	their	their	PRON
cblr-14238	130	33	rules	rule	NOUN
cblr-14238	130	34	for	for	ADP
cblr-14238	130	35	index	index	NOUN
cblr-14238	130	36	inclusion	inclusion	NOUN
cblr-14238	130	37	,	,	PUNCT
cblr-14238	130	38	(	(	PUNCT
cblr-14238	130	39	2	2	X
cblr-14238	130	40	)	)	PUNCT
cblr-14238	130	41	certifiers	certifier	NOUN
cblr-14238	130	42	who	who	PRON
cblr-14238	130	43	deliver	deliver	VERB
cblr-14238	130	44	reputational	reputational	ADJ
cblr-14238	130	45	benefits	benefit	NOUN
cblr-14238	130	46	to	to	ADP
cblr-14238	130	47	parties	party	NOUN
cblr-14238	130	48	who	who	PRON
cblr-14238	130	49	follow	follow	VERB
cblr-14238	130	50	their	their	PRON
cblr-14238	130	51	rules	rule	NOUN
cblr-14238	130	52	,	,	PUNCT
cblr-14238	130	53	and	and	CCONJ
cblr-14238	130	54	(	(	PUNCT
cblr-14238	130	55	3	3	X
cblr-14238	130	56	)	)	PUNCT
cblr-14238	130	57	gatekeepers	gatekeeper	NOUN
cblr-14238	130	58	who	who	PRON
cblr-14238	130	59	deliver	deliver	VERB
cblr-14238	130	60	access	access	NOUN
cblr-14238	130	61	to	to	ADP
cblr-14238	130	62	benefits	benefit	NOUN
cblr-14238	130	63	(	(	PUNCT
cblr-14238	130	64	e.g.	e.g.	ADV
cblr-14238	130	65	,	,	PUNCT
cblr-14238	130	66	capital	capital	NOUN
cblr-14238	130	67	,	,	PUNCT
cblr-14238	130	68	licenses	license	NOUN
cblr-14238	130	69	,	,	PUNCT
cblr-14238	130	70	markets	market	NOUN
cblr-14238	130	71	)	)	PUNCT
cblr-14238	130	72	that	that	PRON
cblr-14238	130	73	are	be	AUX
cblr-14238	130	74	otherwise	otherwise	ADV
cblr-14238	130	75	unavailable	unavailable	ADJ
cblr-14238	130	76	.	.	PUNCT
cblr-14238	131	1	i	i	PRON
cblr-14238	131	2	assess	assess	VERB
cblr-14238	131	3	the	the	DET
cblr-14238	131	4	influence	influence	NOUN
cblr-14238	131	5	of	of	ADP
cblr-14238	131	6	these	these	DET
cblr-14238	131	7	regulatory	regulatory	ADJ
cblr-14238	131	8	channels	channel	NOUN
cblr-14238	131	9	on	on	ADP
cblr-14238	131	10	two	two	NUM
cblr-14238	131	11	groups	group	NOUN
cblr-14238	131	12	:	:	PUNCT
cblr-14238	131	13	(	(	PUNCT
cblr-14238	131	14	1	1	X
cblr-14238	131	15	)	)	PUNCT
cblr-14238	131	16	corporate	corporate	ADJ
cblr-14238	131	17	managers	manager	NOUN
cblr-14238	131	18	who	who	PRON
cblr-14238	131	19	consider	consider	VERB
cblr-14238	131	20	whether	whether	SCONJ
cblr-14238	131	21	indexers	indexer	NOUN
cblr-14238	131	22	can	can	AUX
cblr-14238	131	23	regulate	regulate	VERB
cblr-14238	131	24	corporate	corporate	ADJ
cblr-14238	131	25	governance	governance	NOUN
cblr-14238	131	26	and	and	CCONJ
cblr-14238	131	27	sustainability	sustainability	NOUN
cblr-14238	131	28	choices	choice	NOUN
cblr-14238	131	29	,	,	PUNCT
cblr-14238	131	30	and	and	CCONJ
cblr-14238	131	31	(	(	PUNCT
cblr-14238	131	32	2	2	X
cblr-14238	131	33	)	)	PUNCT
cblr-14238	131	34	sovereign	sovereign	ADJ
cblr-14238	131	35	governments	government	NOUN
cblr-14238	131	36	that	that	PRON
cblr-14238	131	37	consider	consider	VERB
cblr-14238	131	38	whether	whether	SCONJ
cblr-14238	131	39	indexers	indexer	NOUN
cblr-14238	131	40	can	can	AUX
cblr-14238	131	41	influence	influence	VERB
cblr-14238	131	42	sovereign	sovereign	ADJ
cblr-14238	131	43	choices	choice	NOUN
cblr-14238	131	44	institutional	institutional	ADJ
cblr-14238	131	45	investors	investor	NOUN
cblr-14238	131	46	with	with	ADP
cblr-14238	131	47	large	large	ADJ
cblr-14238	131	48	cross	cros	NOUN
cblr-14238	131	49	-	-	NOUN
cblr-14238	131	50	holdings	holding	NOUN
cblr-14238	131	51	unless	unless	SCONJ
cblr-14238	131	52	those	those	DET
cblr-14238	131	53	institutions	institution	NOUN
cblr-14238	131	54	limit	limit	VERB
cblr-14238	131	55	their	their	PRON
cblr-14238	131	56	stake	stake	NOUN
cblr-14238	131	57	to	to	ADP
cblr-14238	131	58	1	1	NUM
cblr-14238	131	59	%	%	NOUN
cblr-14238	131	60	of	of	ADP
cblr-14238	131	61	the	the	DET
cblr-14238	131	62	industry	industry	NOUN
cblr-14238	131	63	or	or	CCONJ
cblr-14238	131	64	commit	commit	VERB
cblr-14238	131	65	to	to	ADP
cblr-14238	131	66	passivity	passivity	NOUN
cblr-14238	131	67	)	)	PUNCT
cblr-14238	131	68	;	;	PUNCT
cblr-14238	132	1	jose	jose	PROPN
cblr-14238	132	2	azar	azar	PROPN
cblr-14238	132	3	,	,	PUNCT
cblr-14238	132	4	martin	martin	PROPN
cblr-14238	132	5	c.	c.	PROPN
cblr-14238	132	6	schmalz	schmalz	PROPN
cblr-14238	132	7	&	&	CCONJ
cblr-14238	132	8	isabel	isabel	PROPN
cblr-14238	132	9	tecu	tecu	PROPN
cblr-14238	132	10	,	,	PUNCT
cblr-14238	132	11	anticompetitive	anticompetitive	ADJ
cblr-14238	132	12	effects	effect	NOUN
cblr-14238	132	13	of	of	ADP
cblr-14238	132	14	common	common	ADJ
cblr-14238	132	15	ownership	ownership	NOUN
cblr-14238	132	16	,	,	PUNCT
cblr-14238	132	17	73	73	NUM
cblr-14238	132	18	j.	j.	PROPN
cblr-14238	132	19	fin	fin	PROPN
cblr-14238	132	20	.	.	PUNCT
cblr-14238	132	21	1513	1513	NUM
cblr-14238	132	22	,	,	PUNCT
cblr-14238	132	23	1517	1517	NUM
cblr-14238	132	24	(	(	PUNCT
cblr-14238	132	25	2018	2018	NUM
cblr-14238	132	26	)	)	PUNCT
cblr-14238	132	27	(	(	PUNCT
cblr-14238	132	28	finding	find	VERB
cblr-14238	132	29	that	that	SCONJ
cblr-14238	132	30	institutional	institutional	ADJ
cblr-14238	132	31	investor	investor	NOUN
cblr-14238	132	32	cross	cross	NOUN
cblr-14238	132	33	-	-	NOUN
cblr-14238	132	34	ownership	ownership	NOUN
cblr-14238	132	35	correlates	correlate	VERB
cblr-14238	132	36	with	with	ADP
cblr-14238	132	37	higher	high	ADJ
cblr-14238	132	38	ticket	ticket	NOUN
cblr-14238	132	39	prices	price	NOUN
cblr-14238	132	40	in	in	ADP
cblr-14238	132	41	the	the	DET
cblr-14238	132	42	airline	airline	NOUN
cblr-14238	132	43	industry	industry	NOUN
cblr-14238	132	44	)	)	PUNCT
cblr-14238	132	45	.	.	PUNCT
cblr-14238	133	1	other	other	ADJ
cblr-14238	133	2	papers	paper	NOUN
cblr-14238	133	3	argue	argue	VERB
cblr-14238	133	4	that	that	SCONJ
cblr-14238	133	5	concentrated	concentrate	VERB
cblr-14238	133	6	ownership	ownership	NOUN
cblr-14238	133	7	among	among	ADP
cblr-14238	133	8	passive	passive	ADJ
cblr-14238	133	9	investors	investor	NOUN
cblr-14238	133	10	is	be	AUX
cblr-14238	133	11	not	not	PART
cblr-14238	133	12	as	as	ADV
cblr-14238	133	13	problematic	problematic	ADJ
cblr-14238	133	14	as	as	SCONJ
cblr-14238	133	15	suggested	suggest	VERB
cblr-14238	133	16	by	by	ADP
cblr-14238	133	17	the	the	DET
cblr-14238	133	18	“	"	PUNCT
cblr-14238	133	19	common	common	ADJ
cblr-14238	133	20	ownership	ownership	NOUN
cblr-14238	133	21	”	"	PUNCT
cblr-14238	133	22	literature	literature	NOUN
cblr-14238	133	23	.	.	PUNCT
cblr-14238	134	1	see	see	VERB
cblr-14238	134	2	,	,	PUNCT
cblr-14238	134	3	e.g.	e.g.	ADV
cblr-14238	134	4	,	,	PUNCT
cblr-14238	134	5	patrick	patrick	PROPN
cblr-14238	134	6	dennis	dennis	PROPN
cblr-14238	134	7	,	,	PUNCT
cblr-14238	134	8	kristopher	kristopher	PROPN
cblr-14238	134	9	gerardi	gerardi	PROPN
cblr-14238	134	10	&	&	CCONJ
cblr-14238	134	11	carola	carola	PROPN
cblr-14238	134	12	schenone	schenone	PROPN
cblr-14238	134	13	,	,	PUNCT
cblr-14238	134	14	common	common	ADJ
cblr-14238	134	15	ownership	ownership	NOUN
cblr-14238	134	16	does	do	AUX
cblr-14238	134	17	not	not	PART
cblr-14238	134	18	have	have	VERB
cblr-14238	134	19	anti	anti	ADJ
cblr-14238	134	20	-	-	ADJ
cblr-14238	134	21	competitive	competitive	ADJ
cblr-14238	134	22	effects	effect	NOUN
cblr-14238	134	23	in	in	ADP
cblr-14238	134	24	the	the	DET
cblr-14238	134	25	airline	airline	NOUN
cblr-14238	134	26	industry	industry	NOUN
cblr-14238	134	27	,	,	PUNCT
cblr-14238	134	28	78	78	NUM
cblr-14238	134	29	j.	j.	PROPN
cblr-14238	134	30	fin	fin	PROPN
cblr-14238	134	31	.	.	PUNCT
cblr-14238	135	1	2765	2765	NUM
cblr-14238	135	2	,	,	PUNCT
cblr-14238	135	3	2767–68	2767–68	NUM
cblr-14238	135	4	(	(	PUNCT
cblr-14238	135	5	2022	2022	NUM
cblr-14238	135	6	)	)	PUNCT
cblr-14238	135	7	;	;	PUNCT
cblr-14238	135	8	daniel	daniel	PROPN
cblr-14238	135	9	p.	p.	PROPN
cblr-14238	135	10	o’brien	o’brien	PROPN
cblr-14238	135	11	&	&	CCONJ
cblr-14238	135	12	keith	keith	PROPN
cblr-14238	135	13	waehrer	waehrer	PROPN
cblr-14238	135	14	,	,	PUNCT
cblr-14238	135	15	the	the	DET
cblr-14238	135	16	competitive	competitive	ADJ
cblr-14238	135	17	effect	effect	NOUN
cblr-14238	135	18	of	of	ADP
cblr-14238	135	19	common	common	ADJ
cblr-14238	135	20	ownership	ownership	NOUN
cblr-14238	136	1	:	:	PUNCT
cblr-14238	136	2	we	we	PRON
cblr-14238	136	3	know	know	VERB
cblr-14238	136	4	less	less	ADJ
cblr-14238	136	5	than	than	SCONJ
cblr-14238	136	6	we	we	PRON
cblr-14238	136	7	think	think	VERB
cblr-14238	136	8	,	,	PUNCT
cblr-14238	136	9	81	81	NUM
cblr-14238	136	10	antitrust	antitrust	ADJ
cblr-14238	136	11	l.j	l.j	NOUN
cblr-14238	136	12	.	.	PROPN
cblr-14238	136	13	729	729	NUM
cblr-14238	136	14	,	,	PUNCT
cblr-14238	136	15	730	730	NUM
cblr-14238	136	16	,	,	PUNCT
cblr-14238	136	17	734	734	NUM
cblr-14238	136	18	(	(	PUNCT
cblr-14238	136	19	2017	2017	NUM
cblr-14238	136	20	)	)	PUNCT
cblr-14238	136	21	;	;	PUNCT
cblr-14238	136	22	edward	edward	PROPN
cblr-14238	136	23	b.	b.	PROPN
cblr-14238	136	24	rock	rock	PROPN
cblr-14238	136	25	and	and	CCONJ
cblr-14238	136	26	daniel	daniel	PROPN
cblr-14238	136	27	l.	l.	PROPN
cblr-14238	136	28	rubinfeld	rubinfeld	PROPN
cblr-14238	136	29	,	,	PUNCT
cblr-14238	136	30	antitrust	antitrust	NOUN
cblr-14238	136	31	for	for	ADP
cblr-14238	136	32	institutional	institutional	ADJ
cblr-14238	136	33	investors	investor	NOUN
cblr-14238	136	34	,	,	PUNCT
cblr-14238	136	35	82	82	NUM
cblr-14238	136	36	antitrust	antitrust	ADJ
cblr-14238	136	37	l.j	l.j	NOUN
cblr-14238	136	38	.	.	PROPN
cblr-14238	136	39	221	221	NUM
cblr-14238	136	40	,	,	PUNCT
cblr-14238	136	41	277–78	277–78	PROPN
cblr-14238	136	42	(	(	PUNCT
cblr-14238	136	43	november	november	PROPN
cblr-14238	136	44	2018	2018	NUM
cblr-14238	136	45	)	)	PUNCT
cblr-14238	136	46	.	.	PUNCT
cblr-14238	137	1	22	22	NUM
cblr-14238	137	2	see	see	VERB
cblr-14238	137	3	,	,	PUNCT
cblr-14238	137	4	e.g.	e.g.	ADV
cblr-14238	137	5	,	,	PUNCT
cblr-14238	137	6	dorothy	dorothy	PROPN
cblr-14238	137	7	s.	s.	PROPN
cblr-14238	137	8	lund	lund	PROPN
cblr-14238	137	9	,	,	PUNCT
cblr-14238	137	10	asset	asset	NOUN
cblr-14238	137	11	managers	manager	NOUN
cblr-14238	137	12	as	as	ADP
cblr-14238	137	13	regulators	regulator	NOUN
cblr-14238	137	14	,	,	PUNCT
cblr-14238	137	15	177	177	NUM
cblr-14238	137	16	u.	u.	PROPN
cblr-14238	137	17	penn	penn	PROPN
cblr-14238	137	18	.	.	PUNCT
cblr-14238	138	1	l.	l.	PROPN
cblr-14238	138	2	rev	rev	PROPN
cblr-14238	138	3	.	.	PROPN
cblr-14238	138	4	77	77	NUM
cblr-14238	138	5	,	,	PUNCT
cblr-14238	138	6	82	82	NUM
cblr-14238	138	7	,	,	PUNCT
cblr-14238	138	8	128–29	128–29	PROPN
cblr-14238	138	9	(	(	PUNCT
cblr-14238	138	10	2023	2023	NUM
cblr-14238	138	11	)	)	PUNCT
cblr-14238	138	12	.	.	PUNCT
cblr-14238	139	1	724	724	NUM
cblr-14238	139	2	columbia	columbia	PROPN
cblr-14238	139	3	business	business	NOUN
cblr-14238	139	4	law	law	PROPN
cblr-14238	139	5	review	review	NOUN
cblr-14238	139	6	[	[	X
cblr-14238	139	7	vol	vol	NOUN
cblr-14238	139	8	.	.	NOUN
cblr-14238	139	9	2024	2024	NUM
cblr-14238	139	10	about	about	ADP
cblr-14238	139	11	financial	financial	ADJ
cblr-14238	139	12	market	market	NOUN
cblr-14238	139	13	rules	rule	NOUN
cblr-14238	139	14	.	.	PUNCT
cblr-14238	140	1	i	i	PRON
cblr-14238	140	2	argue	argue	VERB
cblr-14238	140	3	that	that	SCONJ
cblr-14238	140	4	because	because	SCONJ
cblr-14238	140	5	the	the	DET
cblr-14238	140	6	index	index	NOUN
cblr-14238	140	7	providers	provider	NOUN
cblr-14238	140	8	’	'	PUNCT
cblr-14238	140	9	power	power	NOUN
cblr-14238	140	10	is	be	AUX
cblr-14238	140	11	mostly	mostly	ADV
cblr-14238	140	12	levied	levy	VERB
cblr-14238	140	13	through	through	ADP
cblr-14238	140	14	public	public	ADJ
cblr-14238	140	15	financial	financial	ADJ
cblr-14238	140	16	markets	market	NOUN
cblr-14238	140	17	,	,	PUNCT
cblr-14238	140	18	their	their	PRON
cblr-14238	140	19	influence	influence	NOUN
cblr-14238	140	20	is	be	AUX
cblr-14238	140	21	limited	limited	ADJ
cblr-14238	140	22	.	.	PUNCT
cblr-14238	141	1	to	to	PART
cblr-14238	141	2	be	be	AUX
cblr-14238	141	3	effective	effective	ADJ
cblr-14238	141	4	,	,	PUNCT
cblr-14238	141	5	regulators	regulator	NOUN
cblr-14238	141	6	must	must	AUX
cblr-14238	141	7	combine	combine	VERB
cblr-14238	141	8	rules	rule	NOUN
cblr-14238	141	9	with	with	ADP
cblr-14238	141	10	sufficient	sufficient	ADJ
cblr-14238	141	11	incentives	incentive	NOUN
cblr-14238	141	12	or	or	CCONJ
cblr-14238	141	13	sanctions	sanction	NOUN
cblr-14238	141	14	to	to	PART
cblr-14238	141	15	induce	induce	VERB
cblr-14238	141	16	compliance.23	compliance.23	PART
cblr-14238	141	17	corporate	corporate	ADJ
cblr-14238	141	18	managers	manager	NOUN
cblr-14238	141	19	and	and	CCONJ
cblr-14238	141	20	sovereign	sovereign	ADJ
cblr-14238	141	21	states	state	NOUN
cblr-14238	141	22	will	will	AUX
cblr-14238	141	23	only	only	ADV
cblr-14238	141	24	comply	comply	VERB
cblr-14238	141	25	with	with	ADP
cblr-14238	141	26	rules	rule	NOUN
cblr-14238	141	27	established	establish	VERB
cblr-14238	141	28	by	by	ADP
cblr-14238	141	29	index	index	NOUN
cblr-14238	141	30	providers	provider	NOUN
cblr-14238	141	31	—	—	PUNCT
cblr-14238	141	32	the	the	DET
cblr-14238	141	33	requirements	requirement	NOUN
cblr-14238	141	34	for	for	ADP
cblr-14238	141	35	index	index	NOUN
cblr-14238	141	36	eligibility	eligibility	NOUN
cblr-14238	141	37	—	—	PUNCT
cblr-14238	141	38	if	if	SCONJ
cblr-14238	141	39	the	the	DET
cblr-14238	141	40	benefits	benefit	NOUN
cblr-14238	141	41	of	of	ADP
cblr-14238	141	42	index	index	NOUN
cblr-14238	141	43	inclusion	inclusion	NOUN
cblr-14238	141	44	or	or	CCONJ
cblr-14238	141	45	losses	loss	NOUN
cblr-14238	141	46	from	from	ADP
cblr-14238	141	47	deletion	deletion	NOUN
cblr-14238	141	48	or	or	CCONJ
cblr-14238	141	49	exclusion	exclusion	NOUN
cblr-14238	141	50	outweigh	outweigh	VERB
cblr-14238	141	51	the	the	DET
cblr-14238	141	52	costs	cost	NOUN
cblr-14238	141	53	(	(	PUNCT
cblr-14238	141	54	economic	economic	ADJ
cblr-14238	141	55	,	,	PUNCT
cblr-14238	141	56	political	political	ADJ
cblr-14238	141	57	or	or	CCONJ
cblr-14238	141	58	otherwise	otherwise	ADV
cblr-14238	141	59	)	)	PUNCT
cblr-14238	141	60	of	of	ADP
cblr-14238	141	61	following	follow	VERB
cblr-14238	141	62	the	the	DET
cblr-14238	141	63	rules	rule	NOUN
cblr-14238	141	64	.	.	PUNCT
cblr-14238	142	1	index	index	NOUN
cblr-14238	142	2	providers	provider	NOUN
cblr-14238	142	3	are	be	AUX
cblr-14238	142	4	unlikely	unlikely	ADJ
cblr-14238	142	5	to	to	PART
cblr-14238	142	6	be	be	AUX
cblr-14238	142	7	effective	effective	ADJ
cblr-14238	142	8	in	in	ADP
cblr-14238	142	9	the	the	DET
cblr-14238	142	10	subsidizer	subsidizer	NOUN
cblr-14238	142	11	role	role	NOUN
cblr-14238	142	12	.	.	PUNCT
cblr-14238	143	1	as	as	SCONJ
cblr-14238	143	2	noted	note	VERB
cblr-14238	143	3	above	above	ADV
cblr-14238	143	4	,	,	PUNCT
cblr-14238	143	5	many	many	ADJ
cblr-14238	143	6	market	market	NOUN
cblr-14238	143	7	participants	participant	NOUN
cblr-14238	143	8	and	and	CCONJ
cblr-14238	143	9	observers	observer	NOUN
cblr-14238	143	10	seem	seem	VERB
cblr-14238	143	11	to	to	PART
cblr-14238	143	12	believe	believe	VERB
cblr-14238	143	13	that	that	SCONJ
cblr-14238	143	14	index	index	NOUN
cblr-14238	143	15	providers	provider	NOUN
cblr-14238	143	16	wield	wield	VERB
cblr-14238	143	17	tremendous	tremendous	ADJ
cblr-14238	143	18	power	power	NOUN
cblr-14238	143	19	through	through	ADP
cblr-14238	143	20	the	the	DET
cblr-14238	143	21	indirect	indirect	ADJ
cblr-14238	143	22	allocation	allocation	NOUN
cblr-14238	143	23	of	of	ADP
cblr-14238	143	24	capital	capital	NOUN
cblr-14238	143	25	.	.	PUNCT
cblr-14238	144	1	indexing	indexing	NOUN
cblr-14238	144	2	decisions	decision	NOUN
cblr-14238	144	3	sometimes	sometimes	ADV
cblr-14238	144	4	have	have	VERB
cblr-14238	144	5	dramatic	dramatic	ADJ
cblr-14238	144	6	impacts	impact	NOUN
cblr-14238	144	7	on	on	ADP
cblr-14238	144	8	the	the	DET
cblr-14238	144	9	stock	stock	NOUN
cblr-14238	144	10	prices	price	NOUN
cblr-14238	144	11	of	of	ADP
cblr-14238	144	12	companies	company	NOUN
cblr-14238	144	13	newly	newly	ADV
cblr-14238	144	14	added	add	VERB
cblr-14238	144	15	to	to	ADP
cblr-14238	144	16	an	an	DET
cblr-14238	144	17	index,24	index,24	NOUN
cblr-14238	144	18	and	and	CCONJ
cblr-14238	144	19	might	might	AUX
cblr-14238	144	20	be	be	AUX
cblr-14238	144	21	expected	expect	VERB
cblr-14238	144	22	to	to	PART
cblr-14238	144	23	benefit	benefit	VERB
cblr-14238	144	24	companies	company	NOUN
cblr-14238	144	25	’	'	PUNCT
cblr-14238	144	26	costs	cost	NOUN
cblr-14238	144	27	of	of	ADP
cblr-14238	144	28	capital	capital	NOUN
cblr-14238	144	29	.	.	PUNCT
cblr-14238	145	1	this	this	DET
cblr-14238	145	2	belief	belief	NOUN
cblr-14238	145	3	derives	derive	VERB
cblr-14238	145	4	in	in	ADP
cblr-14238	145	5	part	part	NOUN
cblr-14238	145	6	from	from	ADP
cblr-14238	145	7	a	a	DET
cblr-14238	145	8	long	long	ADJ
cblr-14238	145	9	line	line	NOUN
cblr-14238	145	10	of	of	ADP
cblr-14238	145	11	scholarship	scholarship	NOUN
cblr-14238	145	12	,	,	PUNCT
cblr-14238	145	13	starting	start	VERB
cblr-14238	145	14	with	with	ADP
cblr-14238	145	15	andrei	andrei	PROPN
cblr-14238	145	16	shleifer	shleifer	PROPN
cblr-14238	145	17	’s	’s	PART
cblr-14238	145	18	1986	1986	NUM
cblr-14238	145	19	article25	article25	NOUN
cblr-14238	145	20	that	that	PRON
cblr-14238	145	21	shows	show	VERB
cblr-14238	145	22	significant	significant	ADJ
cblr-14238	145	23	stock	stock	NOUN
cblr-14238	145	24	price	price	NOUN
cblr-14238	145	25	increases	increase	NOUN
cblr-14238	145	26	in	in	ADP
cblr-14238	145	27	response	response	NOUN
cblr-14238	145	28	to	to	ADP
cblr-14238	145	29	index	index	NOUN
cblr-14238	145	30	inclusion	inclusion	NOUN
cblr-14238	145	31	—	—	PUNCT
cblr-14238	145	32	called	call	VERB
cblr-14238	145	33	the	the	DET
cblr-14238	145	34	“	"	PUNCT
cblr-14238	145	35	index	index	NOUN
cblr-14238	145	36	inclusion	inclusion	NOUN
cblr-14238	145	37	effect	effect	NOUN
cblr-14238	145	38	.	.	PUNCT
cblr-14238	145	39	”	"	PUNCT
cblr-14238	146	1	however	however	ADV
cblr-14238	146	2	,	,	PUNCT
cblr-14238	146	3	such	such	ADJ
cblr-14238	146	4	events	event	NOUN
cblr-14238	146	5	are	be	AUX
cblr-14238	146	6	unlikely	unlikely	ADJ
cblr-14238	146	7	to	to	PART
cblr-14238	146	8	produce	produce	VERB
cblr-14238	146	9	durable	durable	ADJ
cblr-14238	146	10	stock	stock	NOUN
cblr-14238	146	11	price	price	NOUN
cblr-14238	146	12	improvements	improvement	NOUN
cblr-14238	146	13	(	(	PUNCT
cblr-14238	146	14	and	and	CCONJ
cblr-14238	146	15	therefore	therefore	ADV
cblr-14238	146	16	cost	cost	NOUN
cblr-14238	146	17	of	of	ADP
cblr-14238	146	18	capital	capital	NOUN
cblr-14238	146	19	and	and	CCONJ
cblr-14238	146	20	stock	stock	NOUN
cblr-14238	146	21	compensation	compensation	NOUN
cblr-14238	146	22	benefits	benefit	NOUN
cblr-14238	146	23	)	)	PUNCT
cblr-14238	146	24	because	because	SCONJ
cblr-14238	146	25	,	,	PUNCT
cblr-14238	146	26	as	as	SCONJ
cblr-14238	146	27	efficient	efficient	ADJ
cblr-14238	146	28	markets	market	NOUN
cblr-14238	146	29	theory	theory	NOUN
cblr-14238	146	30	posits	posit	NOUN
cblr-14238	146	31	,	,	PUNCT
cblr-14238	146	32	stocks	stock	NOUN
cblr-14238	146	33	in	in	ADP
cblr-14238	146	34	public	public	ADJ
cblr-14238	146	35	markets	market	NOUN
cblr-14238	146	36	generally	generally	ADV
cblr-14238	146	37	revert	revert	VERB
cblr-14238	146	38	to	to	ADP
cblr-14238	146	39	their	their	PRON
cblr-14238	146	40	intrinsic	intrinsic	ADJ
cblr-14238	146	41	economic	economic	ADJ
cblr-14238	146	42	value	value	NOUN
cblr-14238	146	43	.	.	PUNCT
cblr-14238	147	1	scholars	scholar	NOUN
cblr-14238	147	2	have	have	AUX
cblr-14238	147	3	noted	note	VERB
cblr-14238	147	4	,	,	PUNCT
cblr-14238	147	5	for	for	ADP
cblr-14238	147	6	example	example	NOUN
cblr-14238	147	7	,	,	PUNCT
cblr-14238	147	8	that	that	SCONJ
cblr-14238	147	9	it	it	PRON
cblr-14238	147	10	is	be	AUX
cblr-14238	147	11	very	very	ADV
cblr-14238	147	12	difficult	difficult	ADJ
cblr-14238	147	13	for	for	SCONJ
cblr-14238	147	14	impact	impact	NOUN
cblr-14238	147	15	investors	investor	NOUN
cblr-14238	147	16	to	to	PART
cblr-14238	147	17	subsidize	subsidize	VERB
cblr-14238	147	18	a	a	DET
cblr-14238	147	19	socially	socially	ADV
cblr-14238	147	20	beneficial	beneficial	ADJ
cblr-14238	147	21	corporation	corporation	NOUN
cblr-14238	147	22	through	through	ADP
cblr-14238	147	23	public	public	ADJ
cblr-14238	147	24	equity	equity	NOUN
cblr-14238	147	25	market	market	NOUN
cblr-14238	147	26	investments	investment	NOUN
cblr-14238	147	27	or	or	CCONJ
cblr-14238	147	28	penalize	penalize	VERB
cblr-14238	147	29	a	a	DET
cblr-14238	147	30	socially	socially	ADV
cblr-14238	147	31	harmful	harmful	ADJ
cblr-14238	147	32	corporation	corporation	NOUN
cblr-14238	147	33	through	through	ADP
cblr-14238	147	34	adverse	adverse	ADJ
cblr-14238	147	35	divestments	divestment	NOUN
cblr-14238	147	36	,	,	PUNCT
cblr-14238	147	37	because	because	SCONJ
cblr-14238	147	38	other	other	ADJ
cblr-14238	147	39	values	value	NOUN
cblr-14238	147	40	-	-	PUNCT
cblr-14238	147	41	neutral	neutral	ADJ
cblr-14238	147	42	investors	investor	NOUN
cblr-14238	147	43	will	will	AUX
cblr-14238	147	44	often	often	ADV
cblr-14238	147	45	take	take	VERB
cblr-14238	147	46	the	the	DET
cblr-14238	147	47	other	other	ADJ
cblr-14238	147	48	side	side	NOUN
cblr-14238	147	49	of	of	ADP
cblr-14238	147	50	23	23	NUM
cblr-14238	147	51	george	george	PROPN
cblr-14238	147	52	j.	j.	PROPN
cblr-14238	147	53	stigler	stigler	PROPN
cblr-14238	147	54	,	,	PUNCT
cblr-14238	147	55	the	the	DET
cblr-14238	147	56	theory	theory	NOUN
cblr-14238	147	57	of	of	ADP
cblr-14238	147	58	economic	economic	ADJ
cblr-14238	147	59	regulation	regulation	NOUN
cblr-14238	147	60	,	,	PUNCT
cblr-14238	147	61	2	2	NUM
cblr-14238	147	62	bell	bell	PROPN
cblr-14238	147	63	j.	j.	PROPN
cblr-14238	147	64	econ	econ	PROPN
cblr-14238	147	65	.	.	PROPN
cblr-14238	147	66	&	&	CCONJ
cblr-14238	147	67	mgmt	mgmt	PROPN
cblr-14238	147	68	.	.	PUNCT
cblr-14238	148	1	sci	sci	PROPN
cblr-14238	148	2	.	.	PROPN
cblr-14238	149	1	3	3	NUM
cblr-14238	149	2	,	,	PUNCT
cblr-14238	149	3	6	6	NUM
cblr-14238	149	4	(	(	PUNCT
cblr-14238	149	5	1971	1971	NUM
cblr-14238	149	6	)	)	PUNCT
cblr-14238	149	7	(	(	PUNCT
cblr-14238	149	8	discussing	discuss	VERB
cblr-14238	149	9	the	the	DET
cblr-14238	149	10	importance	importance	NOUN
cblr-14238	149	11	of	of	ADP
cblr-14238	149	12	coercive	coercive	ADJ
cblr-14238	149	13	power	power	NOUN
cblr-14238	149	14	)	)	PUNCT
cblr-14238	149	15	.	.	PUNCT
cblr-14238	150	1	24	24	NUM
cblr-14238	150	2	tesla	tesla	PROPN
cblr-14238	150	3	’s	’s	PART
cblr-14238	150	4	stock	stock	NOUN
cblr-14238	150	5	price	price	NOUN
cblr-14238	150	6	increased	increase	VERB
cblr-14238	150	7	dramatically	dramatically	ADV
cblr-14238	150	8	when	when	SCONJ
cblr-14238	150	9	it	it	PRON
cblr-14238	150	10	was	be	AUX
cblr-14238	150	11	added	add	VERB
cblr-14238	150	12	to	to	ADP
cblr-14238	150	13	the	the	DET
cblr-14238	150	14	s&p	s&p	PROPN
cblr-14238	150	15	500	500	NUM
cblr-14238	150	16	.	.	PUNCT
cblr-14238	151	1	pippa	pippa	PROPN
cblr-14238	151	2	stevens	stevens	PROPN
cblr-14238	151	3	&	&	CCONJ
cblr-14238	151	4	todd	todd	PROPN
cblr-14238	151	5	haselton	haselton	PROPN
cblr-14238	151	6	,	,	PUNCT
cblr-14238	151	7	tesla	tesla	PROPN
cblr-14238	151	8	stock	stock	NOUN
cblr-14238	151	9	jumps	jump	VERB
cblr-14238	151	10	on	on	ADP
cblr-14238	151	11	carmaker	carmaker	NOUN
cblr-14238	151	12	’s	’s	PART
cblr-14238	151	13	addition	addition	NOUN
cblr-14238	151	14	to	to	ADP
cblr-14238	151	15	the	the	DET
cblr-14238	151	16	s&p	s&p	PROPN
cblr-14238	151	17	500	500	NUM
cblr-14238	151	18	,	,	PUNCT
cblr-14238	151	19	cnbc	cnbc	PROPN
cblr-14238	151	20	(	(	PUNCT
cblr-14238	151	21	nov	nov	PROPN
cblr-14238	151	22	.	.	PROPN
cblr-14238	151	23	16	16	NUM
cblr-14238	151	24	,	,	PUNCT
cblr-14238	151	25	2020	2020	NUM
cblr-14238	151	26	,	,	PUNCT
cblr-14238	151	27	5:21	5:21	NUM
cblr-14238	151	28	pm	pm	NOUN
cblr-14238	151	29	)	)	PUNCT
cblr-14238	151	30	,	,	PUNCT
cblr-14238	151	31	https://www.cnbc.com/2020/11/16/tesla-stock-jumps-on-news-company-isjoining-sp-500.html	https://www.cnbc.com/2020/11/16/tesla-stock-jumps-on-news-company-isjoining-sp-500.html	PROPN
cblr-14238	152	1	[	[	X
cblr-14238	152	2	https://perma.cc/8r52-mevl	https://perma.cc/8r52-mevl	PROPN
cblr-14238	152	3	]	]	X
cblr-14238	152	4	.	.	PUNCT
cblr-14238	153	1	25	25	NUM
cblr-14238	153	2	andrei	andrei	NOUN
cblr-14238	153	3	shleifer	shleifer	NOUN
cblr-14238	153	4	,	,	PUNCT
cblr-14238	153	5	do	do	AUX
cblr-14238	153	6	demand	demand	VERB
cblr-14238	153	7	curves	curve	NOUN
cblr-14238	153	8	for	for	ADP
cblr-14238	153	9	stocks	stock	NOUN
cblr-14238	153	10	slope	slope	VERB
cblr-14238	153	11	down	down	ADP
cblr-14238	153	12	?	?	PUNCT
cblr-14238	153	13	,	,	PUNCT
cblr-14238	153	14	41	41	NUM
cblr-14238	153	15	j.	j.	PROPN
cblr-14238	153	16	fin	fin	PROPN
cblr-14238	153	17	.	.	PUNCT
cblr-14238	154	1	579	579	NUM
cblr-14238	154	2	,	,	PUNCT
cblr-14238	154	3	582	582	NUM
cblr-14238	154	4	(	(	PUNCT
cblr-14238	154	5	1986	1986	NUM
cblr-14238	154	6	)	)	PUNCT
cblr-14238	154	7	.	.	PUNCT
cblr-14238	155	1	no	no	INTJ
cblr-14238	155	2	.	.	NOUN
cblr-14238	155	3	2	2	NUM
cblr-14238	155	4	]	]	PUNCT
cblr-14238	155	5	regulation	regulation	NOUN
cblr-14238	155	6	by	by	ADP
cblr-14238	155	7	indexation	indexation	NOUN
cblr-14238	155	8	?	?	PUNCT
cblr-14238	156	1	725	725	NUM
cblr-14238	156	2	the	the	DET
cblr-14238	156	3	trade	trade	NOUN
cblr-14238	156	4	,	,	PUNCT
cblr-14238	156	5	driving	drive	VERB
cblr-14238	156	6	the	the	DET
cblr-14238	156	7	market	market	NOUN
cblr-14238	156	8	price	price	NOUN
cblr-14238	156	9	of	of	ADP
cblr-14238	156	10	the	the	DET
cblr-14238	156	11	corporation	corporation	NOUN
cblr-14238	156	12	’s	’s	PART
cblr-14238	156	13	stock	stock	NOUN
cblr-14238	156	14	back	back	ADV
cblr-14238	156	15	to	to	ADP
cblr-14238	156	16	its	its	PRON
cblr-14238	156	17	intrinsic	intrinsic	ADJ
cblr-14238	156	18	value	value	NOUN
cblr-14238	156	19	.	.	PUNCT
cblr-14238	157	1	26	26	NUM
cblr-14238	157	2	since	since	SCONJ
cblr-14238	157	3	index	index	NOUN
cblr-14238	157	4	providers	provider	NOUN
cblr-14238	157	5	establish	establish	VERB
cblr-14238	157	6	rules	rule	NOUN
cblr-14238	157	7	for	for	ADP
cblr-14238	157	8	investments	investment	NOUN
cblr-14238	157	9	in	in	ADP
cblr-14238	157	10	public	public	ADJ
cblr-14238	157	11	companies	company	NOUN
cblr-14238	157	12	,	,	PUNCT
cblr-14238	157	13	the	the	DET
cblr-14238	157	14	same	same	ADJ
cblr-14238	157	15	dynamic	dynamic	NOUN
cblr-14238	157	16	should	should	AUX
cblr-14238	157	17	apply	apply	VERB
cblr-14238	157	18	to	to	ADP
cblr-14238	157	19	inclusion	inclusion	NOUN
cblr-14238	157	20	and	and	CCONJ
cblr-14238	157	21	deletion	deletion	NOUN
cblr-14238	157	22	decisions	decision	NOUN
cblr-14238	157	23	made	make	VERB
cblr-14238	157	24	on	on	ADP
cblr-14238	157	25	the	the	DET
cblr-14238	157	26	basis	basis	NOUN
cblr-14238	157	27	of	of	ADP
cblr-14238	157	28	index	index	NOUN
cblr-14238	157	29	eligibility	eligibility	NOUN
cblr-14238	157	30	rules	rule	NOUN
cblr-14238	157	31	—	—	PUNCT
cblr-14238	157	32	the	the	DET
cblr-14238	157	33	value	value	NOUN
cblr-14238	157	34	of	of	ADP
cblr-14238	157	35	firms	firm	NOUN
cblr-14238	157	36	included	include	VERB
cblr-14238	157	37	should	should	AUX
cblr-14238	157	38	settle	settle	VERB
cblr-14238	157	39	back	back	ADV
cblr-14238	157	40	down	down	ADP
cblr-14238	157	41	to	to	ADP
cblr-14238	157	42	intrinsic	intrinsic	ADJ
cblr-14238	157	43	value	value	NOUN
cblr-14238	157	44	and	and	CCONJ
cblr-14238	157	45	the	the	DET
cblr-14238	157	46	value	value	NOUN
cblr-14238	157	47	of	of	ADP
cblr-14238	157	48	firms	firm	NOUN
cblr-14238	157	49	excluded	exclude	VERB
cblr-14238	157	50	from	from	ADP
cblr-14238	157	51	indices	index	NOUN
cblr-14238	157	52	should	should	AUX
cblr-14238	157	53	rise	rise	VERB
cblr-14238	157	54	back	back	ADV
cblr-14238	157	55	up	up	ADP
cblr-14238	157	56	to	to	ADP
cblr-14238	157	57	intrinsic	intrinsic	ADJ
cblr-14238	157	58	value	value	NOUN
cblr-14238	157	59	any	any	DET
cblr-14238	157	60	time	time	NOUN
cblr-14238	157	61	that	that	PRON
cblr-14238	157	62	large	large	ADJ
cblr-14238	157	63	flows	flow	NOUN
cblr-14238	157	64	of	of	ADP
cblr-14238	157	65	passive	passive	ADJ
cblr-14238	157	66	index	index	NOUN
cblr-14238	157	67	fund	fund	NOUN
cblr-14238	157	68	dollars	dollar	NOUN
cblr-14238	157	69	flow	flow	VERB
cblr-14238	157	70	into	into	ADP
cblr-14238	157	71	and	and	CCONJ
cblr-14238	157	72	out	out	ADP
cblr-14238	157	73	of	of	ADP
cblr-14238	157	74	such	such	ADJ
cblr-14238	157	75	companies	company	NOUN
cblr-14238	157	76	as	as	ADP
cblr-14238	157	77	a	a	DET
cblr-14238	157	78	result	result	NOUN
cblr-14238	157	79	of	of	ADP
cblr-14238	157	80	index	index	NOUN
cblr-14238	157	81	changes	change	NOUN
cblr-14238	157	82	.	.	PUNCT
cblr-14238	158	1	if	if	SCONJ
cblr-14238	158	2	the	the	DET
cblr-14238	158	3	subsidizer	subsidizer	NOUN
cblr-14238	158	4	role	role	NOUN
cblr-14238	158	5	is	be	AUX
cblr-14238	158	6	likely	likely	ADJ
cblr-14238	158	7	to	to	PART
cblr-14238	158	8	be	be	AUX
cblr-14238	158	9	a	a	DET
cblr-14238	158	10	failure	failure	NOUN
cblr-14238	158	11	,	,	PUNCT
cblr-14238	158	12	indexers	indexer	NOUN
cblr-14238	158	13	may	may	AUX
cblr-14238	158	14	have	have	VERB
cblr-14238	158	15	more	more	ADJ
cblr-14238	158	16	regulatory	regulatory	ADJ
cblr-14238	158	17	influence	influence	NOUN
cblr-14238	158	18	as	as	ADP
cblr-14238	158	19	certifiers	certifier	NOUN
cblr-14238	158	20	of	of	ADP
cblr-14238	158	21	corporate	corporate	ADJ
cblr-14238	158	22	(	(	PUNCT
cblr-14238	158	23	or	or	CCONJ
cblr-14238	158	24	financial	financial	ADJ
cblr-14238	158	25	market	market	NOUN
cblr-14238	158	26	)	)	PUNCT
cblr-14238	158	27	quality	quality	NOUN
cblr-14238	158	28	.	.	PUNCT
cblr-14238	159	1	reputation	reputation	NOUN
cblr-14238	159	2	is	be	AUX
cblr-14238	159	3	an	an	DET
cblr-14238	159	4	important	important	ADJ
cblr-14238	159	5	part	part	NOUN
cblr-14238	159	6	of	of	ADP
cblr-14238	159	7	firm	firm	PROPN
cblr-14238	159	8	value.27	value.27	PROPN
cblr-14238	159	9	third	third	ADJ
cblr-14238	159	10	-	-	PUNCT
cblr-14238	159	11	party	party	NOUN
cblr-14238	159	12	certifications	certification	NOUN
cblr-14238	159	13	and	and	CCONJ
cblr-14238	159	14	rankings	ranking	NOUN
cblr-14238	159	15	can	can	AUX
cblr-14238	159	16	act	act	VERB
cblr-14238	159	17	as	as	ADP
cblr-14238	159	18	a	a	DET
cblr-14238	159	19	credible	credible	ADJ
cblr-14238	159	20	signaling	signal	VERB
cblr-14238	159	21	device	device	NOUN
cblr-14238	159	22	for	for	SCONJ
cblr-14238	159	23	corporations	corporation	NOUN
cblr-14238	159	24	to	to	PART
cblr-14238	159	25	differentiate	differentiate	VERB
cblr-14238	159	26	themselves	themselves	PRON
cblr-14238	159	27	based	base	VERB
cblr-14238	159	28	on	on	ADP
cblr-14238	159	29	reputational	reputational	ADJ
cblr-14238	159	30	matters.28	matters.28	PROPN
cblr-14238	159	31	when	when	SCONJ
cblr-14238	159	32	such	such	ADJ
cblr-14238	159	33	certifications	certification	NOUN
cblr-14238	159	34	have	have	VERB
cblr-14238	159	35	sufficient	sufficient	ADJ
cblr-14238	159	36	influence	influence	NOUN
cblr-14238	159	37	to	to	PART
cblr-14238	159	38	alter	alter	VERB
cblr-14238	159	39	the	the	DET
cblr-14238	159	40	behavior	behavior	NOUN
cblr-14238	159	41	of	of	ADP
cblr-14238	159	42	corporate	corporate	ADJ
cblr-14238	159	43	officers	officer	NOUN
cblr-14238	159	44	or	or	CCONJ
cblr-14238	159	45	government	government	NOUN
cblr-14238	159	46	officials	official	NOUN
cblr-14238	159	47	,	,	PUNCT
cblr-14238	159	48	they	they	PRON
cblr-14238	159	49	can	can	AUX
cblr-14238	159	50	have	have	VERB
cblr-14238	159	51	a	a	DET
cblr-14238	159	52	regulatory	regulatory	ADJ
cblr-14238	159	53	effect.29	effect.29	NOUN
cblr-14238	159	54	indexers	indexer	NOUN
cblr-14238	159	55	may	may	AUX
cblr-14238	159	56	provide	provide	VERB
cblr-14238	159	57	certification	certification	NOUN
cblr-14238	159	58	through	through	ADP
cblr-14238	159	59	index	index	NOUN
cblr-14238	159	60	inclusion	inclusion	NOUN
cblr-14238	159	61	or	or	CCONJ
cblr-14238	159	62	de	de	NOUN
cblr-14238	159	63	-	-	NOUN
cblr-14238	159	64	certification	certification	NOUN
cblr-14238	159	65	through	through	ADP
cblr-14238	159	66	index	index	NOUN
cblr-14238	159	67	deletion	deletion	NOUN
cblr-14238	159	68	.	.	PUNCT
cblr-14238	160	1	corporate	corporate	ADJ
cblr-14238	160	2	managers	manager	NOUN
cblr-14238	160	3	may	may	AUX
cblr-14238	160	4	believe	believe	VERB
cblr-14238	160	5	that	that	SCONJ
cblr-14238	160	6	index	index	NOUN
cblr-14238	160	7	inclusion	inclusion	NOUN
cblr-14238	160	8	leads	lead	VERB
cblr-14238	160	9	to	to	ADP
cblr-14238	160	10	improved	improve	VERB
cblr-14238	160	11	stock	stock	NOUN
cblr-14238	160	12	prices	price	NOUN
cblr-14238	160	13	through	through	ADP
cblr-14238	160	14	certification	certification	NOUN
cblr-14238	160	15	of	of	ADP
cblr-14238	160	16	26	26	NUM
cblr-14238	160	17	see	see	VERB
cblr-14238	160	18	paul	paul	PROPN
cblr-14238	160	19	brest	brest	PROPN
cblr-14238	160	20	,	,	PUNCT
cblr-14238	160	21	ron	ron	PROPN
cblr-14238	160	22	gilson	gilson	PROPN
cblr-14238	160	23	&	&	CCONJ
cblr-14238	160	24	mark	mark	PROPN
cblr-14238	160	25	wolfson	wolfson	PROPN
cblr-14238	160	26	,	,	PUNCT
cblr-14238	160	27	essay	essay	VERB
cblr-14238	160	28	:	:	PUNCT
cblr-14238	160	29	how	how	SCONJ
cblr-14238	160	30	investors	investor	NOUN
cblr-14238	160	31	can	can	AUX
cblr-14238	160	32	(	(	PUNCT
cblr-14238	160	33	and	and	CCONJ
cblr-14238	160	34	ca	can	AUX
cblr-14238	160	35	n’t	not	PART
cblr-14238	160	36	)	)	PUNCT
cblr-14238	160	37	create	create	VERB
cblr-14238	160	38	social	social	ADJ
cblr-14238	160	39	value	value	NOUN
cblr-14238	160	40	,	,	PUNCT
cblr-14238	160	41	44	44	NUM
cblr-14238	160	42	j.	j.	PROPN
cblr-14238	160	43	corp	corp	PROPN
cblr-14238	160	44	.	.	PROPN
cblr-14238	160	45	l.	l.	PROPN
cblr-14238	160	46	205	205	NUM
cblr-14238	160	47	,	,	PUNCT
cblr-14238	160	48	210	210	NUM
cblr-14238	160	49	,	,	PUNCT
cblr-14238	160	50	218	218	NUM
cblr-14238	160	51	(	(	PUNCT
cblr-14238	160	52	2018	2018	NUM
cblr-14238	160	53	)	)	PUNCT
cblr-14238	160	54	;	;	PUNCT
cblr-14238	160	55	eleonora	eleonora	PROPN
cblr-14238	160	56	broccardo	broccardo	PROPN
cblr-14238	160	57	,	,	PUNCT
cblr-14238	160	58	oliver	oliver	PROPN
cblr-14238	160	59	hart	hart	PROPN
cblr-14238	160	60	&	&	CCONJ
cblr-14238	160	61	luigi	luigi	PROPN
cblr-14238	160	62	zingales	zingales	PROPN
cblr-14238	160	63	,	,	PUNCT
cblr-14238	160	64	exit	exit	NOUN
cblr-14238	160	65	versus	versus	ADP
cblr-14238	160	66	voice	voice	NOUN
cblr-14238	160	67	,	,	PUNCT
cblr-14238	160	68	130	130	NUM
cblr-14238	160	69	j.	j.	PROPN
cblr-14238	160	70	pol	pol	PROPN
cblr-14238	160	71	.	.	PUNCT
cblr-14238	160	72	econ	econ	PROPN
cblr-14238	160	73	.	.	PUNCT
cblr-14238	160	74	3101	3101	NUM
cblr-14238	160	75	,	,	PUNCT
cblr-14238	160	76	3137	3137	NUM
cblr-14238	160	77	(	(	PUNCT
cblr-14238	160	78	2022	2022	NUM
cblr-14238	160	79	)	)	PUNCT
cblr-14238	160	80	(	(	PUNCT
cblr-14238	160	81	finding	find	VERB
cblr-14238	160	82	that	that	SCONJ
cblr-14238	160	83	investors	investor	NOUN
cblr-14238	160	84	exercising	exercise	VERB
cblr-14238	160	85	voice	voice	NOUN
cblr-14238	160	86	(	(	PUNCT
cblr-14238	160	87	engagement	engagement	NOUN
cblr-14238	160	88	)	)	PUNCT
cblr-14238	160	89	are	be	AUX
cblr-14238	160	90	more	more	ADV
cblr-14238	160	91	likely	likely	ADJ
cblr-14238	160	92	to	to	PART
cblr-14238	160	93	achieve	achieve	VERB
cblr-14238	160	94	a	a	DET
cblr-14238	160	95	socially	socially	ADV
cblr-14238	160	96	optimal	optimal	ADJ
cblr-14238	160	97	outcome	outcome	NOUN
cblr-14238	160	98	than	than	ADP
cblr-14238	160	99	those	those	PRON
cblr-14238	160	100	exercising	exercise	VERB
cblr-14238	160	101	exit	exit	NOUN
cblr-14238	160	102	(	(	PUNCT
cblr-14238	160	103	divestment	divestment	NOUN
cblr-14238	160	104	and	and	CCONJ
cblr-14238	160	105	boycott	boycott	NOUN
cblr-14238	160	106	)	)	PUNCT
cblr-14238	160	107	)	)	PUNCT
cblr-14238	160	108	.	.	PUNCT
cblr-14238	161	1	27	27	NUM
cblr-14238	161	2	see	see	VERB
cblr-14238	161	3	,	,	PUNCT
cblr-14238	161	4	e.g.	e.g.	ADV
cblr-14238	161	5	,	,	PUNCT
cblr-14238	161	6	charles	charles	PROPN
cblr-14238	161	7	fombrun	fombrun	PROPN
cblr-14238	161	8	&	&	CCONJ
cblr-14238	161	9	mark	mark	PROPN
cblr-14238	161	10	shanley	shanley	PROPN
cblr-14238	161	11	,	,	PUNCT
cblr-14238	161	12	what	what	PRON
cblr-14238	161	13	’s	’	VERB
cblr-14238	161	14	in	in	ADP
cblr-14238	161	15	a	a	DET
cblr-14238	161	16	name	name	NOUN
cblr-14238	161	17	?	?	PUNCT
cblr-14238	161	18	reputation	reputation	NOUN
cblr-14238	161	19	building	building	NOUN
cblr-14238	161	20	and	and	CCONJ
cblr-14238	161	21	corporate	corporate	ADJ
cblr-14238	161	22	strategy	strategy	NOUN
cblr-14238	161	23	,	,	PUNCT
cblr-14238	161	24	33	33	NUM
cblr-14238	161	25	acad	acad	NOUN
cblr-14238	161	26	.	.	PUNCT
cblr-14238	161	27	of	of	ADP
cblr-14238	161	28	mgmt	mgmt	PROPN
cblr-14238	161	29	.	.	PUNCT
cblr-14238	162	1	j.	j.	PROPN
cblr-14238	162	2	233	233	PROPN
cblr-14238	162	3	,	,	PUNCT
cblr-14238	162	4	234	234	NUM
cblr-14238	162	5	(	(	PUNCT
cblr-14238	162	6	june	june	PROPN
cblr-14238	162	7	1990	1990	NUM
cblr-14238	162	8	)	)	PUNCT
cblr-14238	162	9	(	(	PUNCT
cblr-14238	162	10	concluding	conclude	VERB
cblr-14238	162	11	that	that	SCONJ
cblr-14238	162	12	companies	company	NOUN
cblr-14238	162	13	construct	construct	VERB
cblr-14238	162	14	reputations	reputation	NOUN
cblr-14238	162	15	based	base	VERB
cblr-14238	162	16	on	on	ADP
cblr-14238	162	17	information	information	NOUN
cblr-14238	162	18	about	about	ADP
cblr-14238	162	19	firms	firm	NOUN
cblr-14238	162	20	’	'	PUNCT
cblr-14238	162	21	relative	relative	ADJ
cblr-14238	162	22	positions	position	NOUN
cblr-14238	162	23	through	through	ADP
cblr-14238	162	24	market	market	NOUN
cblr-14238	162	25	and	and	CCONJ
cblr-14238	162	26	accounting	accounting	NOUN
cblr-14238	162	27	signals	signal	NOUN
cblr-14238	162	28	,	,	PUNCT
cblr-14238	162	29	institutional	institutional	ADJ
cblr-14238	162	30	signals	signal	NOUN
cblr-14238	162	31	regarding	regard	VERB
cblr-14238	162	32	conformity	conformity	NOUN
cblr-14238	162	33	to	to	ADP
cblr-14238	162	34	social	social	ADJ
cblr-14238	162	35	norms	norm	NOUN
cblr-14238	162	36	and	and	CCONJ
cblr-14238	162	37	strategy	strategy	NOUN
cblr-14238	162	38	signals	signal	NOUN
cblr-14238	162	39	indicating	indicate	VERB
cblr-14238	162	40	strategic	strategic	ADJ
cblr-14238	162	41	postures	posture	NOUN
cblr-14238	162	42	)	)	PUNCT
cblr-14238	162	43	.	.	PUNCT
cblr-14238	163	1	28	28	NUM
cblr-14238	163	2	see	see	VERB
cblr-14238	163	3	,	,	PUNCT
cblr-14238	163	4	e.g.	e.g.	ADV
cblr-14238	163	5	,	,	PUNCT
cblr-14238	163	6	tim	tim	PROPN
cblr-14238	163	7	bartley	bartley	PROPN
cblr-14238	163	8	,	,	PUNCT
cblr-14238	163	9	certification	certification	NOUN
cblr-14238	163	10	as	as	ADP
cblr-14238	163	11	a	a	DET
cblr-14238	163	12	mode	mode	NOUN
cblr-14238	163	13	of	of	ADP
cblr-14238	163	14	social	social	ADJ
cblr-14238	163	15	regulation	regulation	NOUN
cblr-14238	163	16	,	,	PUNCT
cblr-14238	163	17	in	in	ADP
cblr-14238	163	18	handbook	handbook	NOUN
cblr-14238	163	19	on	on	ADP
cblr-14238	163	20	the	the	DET
cblr-14238	163	21	politics	politic	NOUN
cblr-14238	163	22	of	of	ADP
cblr-14238	163	23	regulation	regulation	NOUN
cblr-14238	163	24	441	441	NUM
cblr-14238	163	25	(	(	PUNCT
cblr-14238	163	26	david	david	PROPN
cblr-14238	163	27	levi	levi	PROPN
cblr-14238	163	28	-	-	PUNCT
cblr-14238	163	29	faur	faur	PROPN
cblr-14238	163	30	ed	ed	PROPN
cblr-14238	163	31	.	.	PROPN
cblr-14238	163	32	,	,	PUNCT
cblr-14238	163	33	2011	2011	NUM
cblr-14238	163	34	)	)	PUNCT
cblr-14238	163	35	.	.	PUNCT
cblr-14238	164	1	29	29	NUM
cblr-14238	164	2	cherie	cherie	PROPN
cblr-14238	164	3	metcalf	metcalf	PROPN
cblr-14238	164	4	,	,	PUNCT
cblr-14238	164	5	corporate	corporate	ADJ
cblr-14238	164	6	social	social	ADJ
cblr-14238	164	7	responsibility	responsibility	NOUN
cblr-14238	164	8	as	as	ADP
cblr-14238	164	9	global	global	ADJ
cblr-14238	164	10	public	public	ADJ
cblr-14238	164	11	law	law	NOUN
cblr-14238	164	12	:	:	PUNCT
cblr-14238	164	13	third	third	ADJ
cblr-14238	164	14	party	party	NOUN
cblr-14238	164	15	rankings	ranking	NOUN
cblr-14238	164	16	as	as	ADP
cblr-14238	164	17	regulation	regulation	NOUN
cblr-14238	164	18	by	by	ADP
cblr-14238	164	19	information	information	NOUN
cblr-14238	164	20	,	,	PUNCT
cblr-14238	164	21	28	28	NUM
cblr-14238	164	22	pace	pace	NOUN
cblr-14238	164	23	env’tl	env’tl	PROPN
cblr-14238	164	24	l.	l.	PROPN
cblr-14238	164	25	rev	rev	PROPN
cblr-14238	164	26	.	.	PROPN
cblr-14238	164	27	145	145	NUM
cblr-14238	164	28	,	,	PUNCT
cblr-14238	164	29	161	161	NUM
cblr-14238	164	30	,	,	PUNCT
cblr-14238	164	31	165–66	165–66	NUM
cblr-14238	164	32	(	(	PUNCT
cblr-14238	164	33	2010	2010	NUM
cblr-14238	164	34	)	)	PUNCT
cblr-14238	164	35	.	.	PUNCT
cblr-14238	165	1	726	726	NUM
cblr-14238	165	2	columbia	columbia	PROPN
cblr-14238	165	3	business	business	NOUN
cblr-14238	165	4	law	law	PROPN
cblr-14238	165	5	review	review	NOUN
cblr-14238	166	1	[	[	X
cblr-14238	166	2	vol	vol	NOUN
cblr-14238	166	3	.	.	NOUN
cblr-14238	166	4	2024	2024	NUM
cblr-14238	166	5	corporate	corporate	ADJ
cblr-14238	166	6	quality	quality	NOUN
cblr-14238	166	7	or	or	CCONJ
cblr-14238	166	8	sustainability	sustainability	NOUN
cblr-14238	166	9	commitments.30	commitments.30	NOUN
cblr-14238	166	10	as	as	SCONJ
cblr-14238	166	11	the	the	DET
cblr-14238	166	12	below	below	ADJ
cblr-14238	166	13	discussion	discussion	NOUN
cblr-14238	166	14	of	of	ADP
cblr-14238	166	15	the	the	DET
cblr-14238	166	16	subsidizer	subsidizer	NOUN
cblr-14238	166	17	role	role	NOUN
cblr-14238	166	18	suggests	suggest	VERB
cblr-14238	166	19	,	,	PUNCT
cblr-14238	166	20	however	however	ADV
cblr-14238	166	21	,	,	PUNCT
cblr-14238	166	22	that	that	PRON
cblr-14238	166	23	would	would	AUX
cblr-14238	166	24	be	be	AUX
cblr-14238	166	25	a	a	DET
cblr-14238	166	26	mistake	mistake	NOUN
cblr-14238	166	27	—	—	PUNCT
cblr-14238	166	28	index	index	NOUN
cblr-14238	166	29	inclusion	inclusion	NOUN
cblr-14238	166	30	is	be	AUX
cblr-14238	166	31	unlikely	unlikely	ADJ
cblr-14238	166	32	to	to	PART
cblr-14238	166	33	have	have	VERB
cblr-14238	166	34	positive	positive	ADJ
cblr-14238	166	35	long	long	ADJ
cblr-14238	166	36	-	-	PUNCT
cblr-14238	166	37	term	term	NOUN
cblr-14238	166	38	cost	cost	NOUN
cblr-14238	166	39	of	of	ADP
cblr-14238	166	40	capital	capital	NOUN
cblr-14238	166	41	effects	effect	NOUN
cblr-14238	166	42	.	.	PUNCT
cblr-14238	167	1	if	if	SCONJ
cblr-14238	167	2	indexers	indexer	NOUN
cblr-14238	167	3	are	be	AUX
cblr-14238	167	4	to	to	PART
cblr-14238	167	5	influence	influence	VERB
cblr-14238	167	6	corporate	corporate	ADJ
cblr-14238	167	7	managers	manager	NOUN
cblr-14238	167	8	through	through	ADP
cblr-14238	167	9	certification	certification	NOUN
cblr-14238	167	10	,	,	PUNCT
cblr-14238	167	11	it	it	PRON
cblr-14238	167	12	will	will	AUX
cblr-14238	167	13	have	have	VERB
cblr-14238	167	14	to	to	PART
cblr-14238	167	15	be	be	AUX
cblr-14238	167	16	due	due	ADJ
cblr-14238	167	17	to	to	ADP
cblr-14238	167	18	a	a	DET
cblr-14238	167	19	belief	belief	NOUN
cblr-14238	167	20	that	that	SCONJ
cblr-14238	167	21	index	index	NOUN
cblr-14238	167	22	inclusion	inclusion	NOUN
cblr-14238	167	23	delivers	deliver	VERB
cblr-14238	167	24	reputational	reputational	ADJ
cblr-14238	167	25	benefits	benefit	NOUN
cblr-14238	167	26	outside	outside	ADP
cblr-14238	167	27	the	the	DET
cblr-14238	167	28	stock	stock	NOUN
cblr-14238	167	29	markets	market	NOUN
cblr-14238	167	30	.	.	PUNCT
cblr-14238	168	1	managers	manager	NOUN
cblr-14238	168	2	may	may	AUX
cblr-14238	168	3	believe	believe	VERB
cblr-14238	168	4	that	that	SCONJ
cblr-14238	168	5	index	index	NOUN
cblr-14238	168	6	inclusion	inclusion	NOUN
cblr-14238	168	7	is	be	AUX
cblr-14238	168	8	useful	useful	ADJ
cblr-14238	168	9	to	to	ADP
cblr-14238	168	10	relationships	relationship	NOUN
cblr-14238	168	11	with	with	ADP
cblr-14238	168	12	shareholders	shareholder	NOUN
cblr-14238	168	13	,	,	PUNCT
cblr-14238	168	14	customers	customer	NOUN
cblr-14238	168	15	,	,	PUNCT
cblr-14238	168	16	employees	employee	NOUN
cblr-14238	168	17	or	or	CCONJ
cblr-14238	168	18	suppliers	supplier	NOUN
cblr-14238	168	19	.	.	PUNCT
cblr-14238	169	1	alternatively	alternatively	ADV
cblr-14238	169	2	,	,	PUNCT
cblr-14238	169	3	there	there	PRON
cblr-14238	169	4	may	may	AUX
cblr-14238	169	5	be	be	AUX
cblr-14238	169	6	private	private	ADJ
cblr-14238	169	7	non	non	ADJ
cblr-14238	169	8	-	-	ADJ
cblr-14238	169	9	pecuniary	pecuniary	ADJ
cblr-14238	169	10	benefits	benefit	NOUN
cblr-14238	169	11	for	for	ADP
cblr-14238	169	12	corporate	corporate	ADJ
cblr-14238	169	13	managers	manager	NOUN
cblr-14238	169	14	from	from	ADP
cblr-14238	169	15	index	index	NOUN
cblr-14238	169	16	inclusion—“country	inclusion—“country	PROPN
cblr-14238	169	17	-	-	PUNCT
cblr-14238	169	18	club	club	NOUN
cblr-14238	169	19	cache	cache	NOUN
cblr-14238	169	20	.	.	PUNCT
cblr-14238	169	21	”	"	PUNCT
cblr-14238	170	1	however	however	ADV
cblr-14238	170	2	,	,	PUNCT
cblr-14238	170	3	for	for	SCONJ
cblr-14238	170	4	certification	certification	NOUN
cblr-14238	170	5	to	to	PART
cblr-14238	170	6	have	have	VERB
cblr-14238	170	7	regulatory	regulatory	ADJ
cblr-14238	170	8	effect	effect	NOUN
cblr-14238	170	9	,	,	PUNCT
cblr-14238	170	10	it	it	PRON
cblr-14238	170	11	must	must	AUX
cblr-14238	170	12	be	be	AUX
cblr-14238	170	13	considered	consider	VERB
cblr-14238	170	14	both	both	CCONJ
cblr-14238	170	15	credible	credible	ADJ
cblr-14238	170	16	and	and	CCONJ
cblr-14238	170	17	relevant.31	relevant.31	NOUN
cblr-14238	170	18	managers	manager	NOUN
cblr-14238	170	19	would	would	AUX
cblr-14238	170	20	have	have	VERB
cblr-14238	170	21	to	to	PART
cblr-14238	170	22	believe	believe	VERB
cblr-14238	170	23	that	that	SCONJ
cblr-14238	170	24	the	the	DET
cblr-14238	170	25	index	index	NOUN
cblr-14238	170	26	is	be	AUX
cblr-14238	170	27	both	both	PRON
cblr-14238	170	28	salient	salient	ADJ
cblr-14238	170	29	to	to	ADP
cblr-14238	170	30	and	and	CCONJ
cblr-14238	170	31	respected	respect	VERB
cblr-14238	170	32	by	by	ADP
cblr-14238	170	33	the	the	DET
cblr-14238	170	34	relevant	relevant	ADJ
cblr-14238	170	35	target	target	NOUN
cblr-14238	170	36	audience	audience	NOUN
cblr-14238	170	37	.	.	PUNCT
cblr-14238	171	1	one	one	PRON
cblr-14238	171	2	might	might	AUX
cblr-14238	171	3	reasonably	reasonably	ADV
cblr-14238	171	4	question	question	VERB
cblr-14238	171	5	the	the	DET
cblr-14238	171	6	credibility	credibility	NOUN
cblr-14238	171	7	of	of	ADP
cblr-14238	171	8	esg	esg	PROPN
cblr-14238	171	9	index	index	NOUN
cblr-14238	171	10	inclusion	inclusion	NOUN
cblr-14238	171	11	decisions	decision	NOUN
cblr-14238	171	12	among	among	ADP
cblr-14238	171	13	stakeholders	stakeholder	NOUN
cblr-14238	171	14	,	,	PUNCT
cblr-14238	171	15	for	for	ADP
cblr-14238	171	16	instance	instance	NOUN
cblr-14238	171	17	,	,	PUNCT
cblr-14238	171	18	because	because	SCONJ
cblr-14238	171	19	of	of	ADP
cblr-14238	171	20	the	the	DET
cblr-14238	171	21	substantial	substantial	ADJ
cblr-14238	171	22	variability	variability	NOUN
cblr-14238	171	23	of	of	ADP
cblr-14238	171	24	corporate	corporate	ADJ
cblr-14238	171	25	esg	esg	NOUN
cblr-14238	171	26	ratings	rating	NOUN
cblr-14238	171	27	among	among	ADP
cblr-14238	171	28	esg	esg	NOUN
cblr-14238	171	29	rating	rating	NOUN
cblr-14238	171	30	firms	firm	NOUN
cblr-14238	171	31	,	,	PUNCT
cblr-14238	171	32	including	include	VERB
cblr-14238	171	33	indexers.32	indexers.32	PROPN
cblr-14238	171	34	also	also	ADV
cblr-14238	171	35	,	,	PUNCT
cblr-14238	171	36	if	if	SCONJ
cblr-14238	171	37	the	the	DET
cblr-14238	171	38	cost	cost	NOUN
cblr-14238	171	39	of	of	ADP
cblr-14238	171	40	meeting	meet	VERB
cblr-14238	171	41	index	index	NOUN
cblr-14238	171	42	eligibility	eligibility	NOUN
cblr-14238	171	43	criteria	criterion	NOUN
cblr-14238	171	44	is	be	AUX
cblr-14238	171	45	high	high	ADJ
cblr-14238	171	46	,	,	PUNCT
cblr-14238	171	47	it	it	PRON
cblr-14238	171	48	is	be	AUX
cblr-14238	171	49	unlikely	unlikely	ADJ
cblr-14238	171	50	that	that	SCONJ
cblr-14238	171	51	index	index	NOUN
cblr-14238	171	52	inclusion	inclusion	NOUN
cblr-14238	171	53	will	will	AUX
cblr-14238	171	54	deliver	deliver	VERB
cblr-14238	171	55	sufficient	sufficient	ADJ
cblr-14238	171	56	reputational	reputational	ADJ
cblr-14238	171	57	benefits	benefit	NOUN
cblr-14238	171	58	to	to	PART
cblr-14238	171	59	alter	alter	VERB
cblr-14238	171	60	manager	manager	NOUN
cblr-14238	171	61	behavior.33	behavior.33	NOUN
cblr-14238	171	62	in	in	ADP
cblr-14238	171	63	the	the	DET
cblr-14238	171	64	context	context	NOUN
cblr-14238	171	65	of	of	ADP
cblr-14238	171	66	emerging	emerge	VERB
cblr-14238	171	67	market	market	NOUN
cblr-14238	171	68	sovereigns	sovereign	NOUN
cblr-14238	171	69	,	,	PUNCT
cblr-14238	171	70	however	however	ADV
cblr-14238	171	71	,	,	PUNCT
cblr-14238	171	72	it	it	PRON
cblr-14238	171	73	is	be	AUX
cblr-14238	171	74	possible	possible	ADJ
cblr-14238	171	75	that	that	SCONJ
cblr-14238	171	76	index	index	NOUN
cblr-14238	171	77	inclusion	inclusion	NOUN
cblr-14238	171	78	may	may	AUX
cblr-14238	171	79	30	30	NUM
cblr-14238	171	80	i	i	NOUN
cblr-14238	171	81	d.	d.	NOUN
cblr-14238	171	82	at	at	ADP
cblr-14238	171	83	161–66	161–66	NUM
cblr-14238	171	84	.	.	PUNCT
cblr-14238	172	1	see	see	VERB
cblr-14238	172	2	also	also	ADV
cblr-14238	172	3	maria	maria	PROPN
cblr-14238	172	4	j.	j.	PROPN
cblr-14238	172	5	charlo	charlo	PROPN
cblr-14238	172	6	,	,	PUNCT
cblr-14238	172	7	ismael	ismael	PROPN
cblr-14238	172	8	moya	moya	PROPN
cblr-14238	172	9	&	&	CCONJ
cblr-14238	172	10	anna	anna	PROPN
cblr-14238	172	11	m.	m.	PROPN
cblr-14238	172	12	munoz	munoz	PROPN
cblr-14238	172	13	,	,	PUNCT
cblr-14238	172	14	sustainable	sustainable	ADJ
cblr-14238	172	15	development	development	NOUN
cblr-14238	172	16	and	and	CCONJ
cblr-14238	172	17	corporate	corporate	ADJ
cblr-14238	172	18	financial	financial	ADJ
cblr-14238	172	19	performance	performance	NOUN
cblr-14238	172	20	:	:	PUNCT
cblr-14238	172	21	a	a	DET
cblr-14238	172	22	study	study	NOUN
cblr-14238	172	23	based	base	VERB
cblr-14238	172	24	on	on	ADP
cblr-14238	172	25	the	the	DET
cblr-14238	172	26	ftse4good	ftse4good	PROPN
cblr-14238	172	27	ibex	ibex	PROPN
cblr-14238	172	28	index	index	PROPN
cblr-14238	172	29	,	,	PUNCT
cblr-14238	172	30	24	24	NUM
cblr-14238	172	31	bus	bus	NOUN
cblr-14238	172	32	.	.	PUNCT
cblr-14238	173	1	strategy	strategy	NOUN
cblr-14238	173	2	&	&	CCONJ
cblr-14238	173	3	env’t	env’t	NUM
cblr-14238	173	4	277	277	NUM
cblr-14238	173	5	,	,	PUNCT
cblr-14238	173	6	278–79	278–79	NOUN
cblr-14238	173	7	(	(	PUNCT
cblr-14238	173	8	2015	2015	NUM
cblr-14238	173	9	)	)	PUNCT
cblr-14238	174	1	(	(	PUNCT
cblr-14238	174	2	“	"	PUNCT
cblr-14238	174	3	there	there	PRON
cblr-14238	174	4	is	be	VERB
cblr-14238	174	5	no	no	DET
cblr-14238	174	6	doubt	doubt	NOUN
cblr-14238	174	7	that	that	SCONJ
cblr-14238	174	8	the	the	DET
cblr-14238	174	9	stock	stock	NOUN
cblr-14238	174	10	exchange	exchange	NOUN
cblr-14238	174	11	indices	index	NOUN
cblr-14238	174	12	are	be	AUX
cblr-14238	174	13	a	a	DET
cblr-14238	174	14	communications	communication	NOUN
cblr-14238	174	15	tool	tool	NOUN
cblr-14238	174	16	and	and	CCONJ
cblr-14238	174	17	compose	compose	VERB
cblr-14238	174	18	a	a	DET
cblr-14238	174	19	kind	kind	NOUN
cblr-14238	174	20	of	of	ADP
cblr-14238	174	21	seal	seal	NOUN
cblr-14238	174	22	,	,	PUNCT
cblr-14238	174	23	or	or	CCONJ
cblr-14238	174	24	standard	standard	NOUN
cblr-14238	174	25	[	[	X
cblr-14238	174	26	.	.	X
cblr-14238	174	27	]	]	PUNCT
cblr-14238	174	28	.	.	PUNCT
cblr-14238	174	29	.	.	PUNCT
cblr-14238	174	30	.	.	PUNCT
cblr-14238	175	1	business	business	NOUN
cblr-14238	175	2	companies	company	NOUN
cblr-14238	175	3	are	be	AUX
cblr-14238	175	4	thus	thus	ADV
cblr-14238	175	5	interested	interested	ADJ
cblr-14238	175	6	in	in	ADP
cblr-14238	175	7	belonging	belong	VERB
cblr-14238	175	8	to	to	ADP
cblr-14238	175	9	a	a	DET
cblr-14238	175	10	sustainability	sustainability	NOUN
cblr-14238	175	11	index	index	NOUN
cblr-14238	175	12	that	that	SCONJ
cblr-14238	175	13	not	not	PART
cblr-14238	175	14	only	only	ADV
cblr-14238	175	15	will	will	AUX
cblr-14238	175	16	allow	allow	VERB
cblr-14238	175	17	them	they	PRON
cblr-14238	175	18	to	to	PART
cblr-14238	175	19	publicize	publicize	VERB
cblr-14238	175	20	their	their	PRON
cblr-14238	175	21	results	result	NOUN
cblr-14238	175	22	,	,	PUNCT
cblr-14238	175	23	but	but	CCONJ
cblr-14238	175	24	also	also	ADV
cblr-14238	175	25	will	will	AUX
cblr-14238	175	26	be	be	AUX
cblr-14238	175	27	seen	see	VERB
cblr-14238	175	28	as	as	ADP
cblr-14238	175	29	a	a	DET
cblr-14238	175	30	seal	seal	NOUN
cblr-14238	175	31	of	of	ADP
cblr-14238	175	32	quality	quality	NOUN
cblr-14238	175	33	that	that	PRON
cblr-14238	175	34	will	will	AUX
cblr-14238	175	35	boost	boost	VERB
cblr-14238	175	36	their	their	PRON
cblr-14238	175	37	reputation	reputation	NOUN
cblr-14238	175	38	.	.	PUNCT
cblr-14238	175	39	”	"	PUNCT
cblr-14238	175	40	)	)	PUNCT
cblr-14238	175	41	.	.	PUNCT
cblr-14238	176	1	31	31	NUM
cblr-14238	176	2	metcalf	metcalf	NOUN
cblr-14238	176	3	,	,	PUNCT
cblr-14238	176	4	supra	supra	PROPN
cblr-14238	176	5	note	note	PROPN
cblr-14238	176	6	29	29	NUM
cblr-14238	176	7	,	,	PUNCT
cblr-14238	176	8	at	at	ADP
cblr-14238	176	9	196	196	NUM
cblr-14238	176	10	.	.	PUNCT
cblr-14238	176	11	32	32	NUM
cblr-14238	177	1	the	the	DET
cblr-14238	177	2	variability	variability	NOUN
cblr-14238	177	3	of	of	ADP
cblr-14238	177	4	esg	esg	NOUN
cblr-14238	177	5	definitions	definition	NOUN
cblr-14238	177	6	and	and	CCONJ
cblr-14238	177	7	judgments	judgment	NOUN
cblr-14238	177	8	has	have	AUX
cblr-14238	177	9	led	lead	VERB
cblr-14238	177	10	to	to	ADP
cblr-14238	177	11	significant	significant	ADJ
cblr-14238	177	12	diversity	diversity	NOUN
cblr-14238	177	13	in	in	ADP
cblr-14238	177	14	esg	esg	PROPN
cblr-14238	177	15	ratings	rating	NOUN
cblr-14238	177	16	for	for	ADP
cblr-14238	177	17	the	the	DET
cblr-14238	177	18	same	same	ADJ
cblr-14238	177	19	firm	firm	NOUN
cblr-14238	177	20	among	among	ADP
cblr-14238	177	21	different	different	ADJ
cblr-14238	177	22	esg	esg	NOUN
cblr-14238	177	23	rating	rating	NOUN
cblr-14238	177	24	agencies	agency	NOUN
cblr-14238	177	25	.	.	PUNCT
cblr-14238	178	1	see	see	VERB
cblr-14238	178	2	,	,	PUNCT
cblr-14238	178	3	e.g.	e.g.	ADV
cblr-14238	178	4	,	,	PUNCT
cblr-14238	178	5	florian	florian	PROPN
cblr-14238	178	6	berg	berg	PROPN
cblr-14238	178	7	,	,	PUNCT
cblr-14238	178	8	julian	julian	PROPN
cblr-14238	178	9	f.	f.	PROPN
cblr-14238	178	10	kölbel	kölbel	PROPN
cblr-14238	178	11	&	&	CCONJ
cblr-14238	178	12	roberto	roberto	PROPN
cblr-14238	178	13	rigobon	rigobon	PROPN
cblr-14238	178	14	,	,	PUNCT
cblr-14238	178	15	aggregate	aggregate	ADJ
cblr-14238	178	16	confusion	confusion	NOUN
cblr-14238	178	17	:	:	PUNCT
cblr-14238	178	18	the	the	DET
cblr-14238	178	19	divergence	divergence	NOUN
cblr-14238	178	20	of	of	ADP
cblr-14238	178	21	esg	esg	PROPN
cblr-14238	178	22	ratings	rating	NOUN
cblr-14238	178	23	,	,	PUNCT
cblr-14238	178	24	26	26	NUM
cblr-14238	178	25	rev	rev	X
cblr-14238	178	26	.	.	PROPN
cblr-14238	178	27	fin	fin	NOUN
cblr-14238	178	28	.	.	PUNCT
cblr-14238	179	1	1315	1315	NUM
cblr-14238	179	2	,	,	PUNCT
cblr-14238	179	3	1335	1335	NUM
cblr-14238	179	4	(	(	PUNCT
cblr-14238	179	5	2022	2022	NUM
cblr-14238	179	6	)	)	PUNCT
cblr-14238	179	7	(	(	PUNCT
cblr-14238	179	8	concluding	conclude	VERB
cblr-14238	179	9	that	that	DET
cblr-14238	179	10	divergence	divergence	NOUN
cblr-14238	179	11	in	in	ADP
cblr-14238	179	12	esg	esg	NOUN
cblr-14238	179	13	ratings	rating	NOUN
cblr-14238	179	14	among	among	ADP
cblr-14238	179	15	sustainalytics	sustainalytic	NOUN
cblr-14238	179	16	,	,	PUNCT
cblr-14238	179	17	moody	moody	PROPN
cblr-14238	179	18	’s	’s	PART
cblr-14238	179	19	,	,	PUNCT
cblr-14238	179	20	s&p	s&p	PROPN
cblr-14238	179	21	global	global	NOUN
cblr-14238	179	22	and	and	CCONJ
cblr-14238	179	23	msci	msci	PROPN
cblr-14238	179	24	,	,	PUNCT
cblr-14238	179	25	among	among	ADP
cblr-14238	179	26	others	other	NOUN
cblr-14238	179	27	,	,	PUNCT
cblr-14238	179	28	is	be	AUX
cblr-14238	179	29	due	due	ADJ
cblr-14238	179	30	to	to	PART
cblr-14238	179	31	divergence	divergence	NOUN
cblr-14238	179	32	in	in	ADP
cblr-14238	179	33	measurement	measurement	NOUN
cblr-14238	179	34	(	(	PUNCT
cblr-14238	179	35	56	56	NUM
cblr-14238	179	36	%	%	NOUN
cblr-14238	179	37	)	)	PUNCT
cblr-14238	179	38	,	,	PUNCT
cblr-14238	179	39	scope	scope	NOUN
cblr-14238	179	40	(	(	PUNCT
cblr-14238	179	41	38	38	NUM
cblr-14238	179	42	%	%	NOUN
cblr-14238	179	43	)	)	PUNCT
cblr-14238	179	44	and	and	CCONJ
cblr-14238	179	45	weight	weight	NOUN
cblr-14238	179	46	(	(	PUNCT
cblr-14238	179	47	6	6	NUM
cblr-14238	179	48	%	%	NOUN
cblr-14238	179	49	)	)	PUNCT
cblr-14238	179	50	of	of	ADP
cblr-14238	179	51	esg	esg	PROPN
cblr-14238	179	52	factors	factor	NOUN
cblr-14238	179	53	considered	consider	VERB
cblr-14238	179	54	)	)	PUNCT
cblr-14238	179	55	.	.	PUNCT
cblr-14238	180	1	33	33	NUM
cblr-14238	180	2	metcalf	metcalf	NOUN
cblr-14238	180	3	,	,	PUNCT
cblr-14238	180	4	supra	supra	PROPN
cblr-14238	180	5	note	note	PROPN
cblr-14238	180	6	29	29	NUM
cblr-14238	180	7	,	,	PUNCT
cblr-14238	180	8	at	at	ADP
cblr-14238	180	9	160–61	160–61	NUM
cblr-14238	180	10	.	.	PUNCT
cblr-14238	181	1	no	no	INTJ
cblr-14238	181	2	.	.	NOUN
cblr-14238	181	3	2	2	NUM
cblr-14238	181	4	]	]	PUNCT
cblr-14238	181	5	regulation	regulation	NOUN
cblr-14238	181	6	by	by	ADP
cblr-14238	181	7	indexation	indexation	NOUN
cblr-14238	181	8	?	?	PUNCT
cblr-14238	182	1	727	727	NUM
cblr-14238	182	2	have	have	VERB
cblr-14238	182	3	certification	certification	NOUN
cblr-14238	182	4	effects	effect	NOUN
cblr-14238	182	5	that	that	PRON
cblr-14238	182	6	make	make	VERB
cblr-14238	182	7	efforts	effort	NOUN
cblr-14238	182	8	to	to	PART
cblr-14238	182	9	meet	meet	VERB
cblr-14238	182	10	index	index	NOUN
cblr-14238	182	11	eligibility	eligibility	NOUN
cblr-14238	182	12	criteria	criterion	NOUN
cblr-14238	182	13	highly	highly	ADV
cblr-14238	182	14	valuable	valuable	ADJ
cblr-14238	182	15	and	and	CCONJ
cblr-14238	182	16	worth	worth	ADJ
cblr-14238	182	17	the	the	DET
cblr-14238	182	18	political	political	ADJ
cblr-14238	182	19	cost	cost	NOUN
cblr-14238	182	20	.	.	PUNCT
cblr-14238	183	1	it	it	PRON
cblr-14238	183	2	is	be	AUX
cblr-14238	183	3	in	in	ADP
cblr-14238	183	4	the	the	DET
cblr-14238	183	5	context	context	NOUN
cblr-14238	183	6	of	of	ADP
cblr-14238	183	7	emerging	emerge	VERB
cblr-14238	183	8	markets	market	NOUN
cblr-14238	183	9	that	that	PRON
cblr-14238	183	10	we	we	PRON
cblr-14238	183	11	also	also	ADV
cblr-14238	183	12	encounter	encounter	VERB
cblr-14238	183	13	the	the	DET
cblr-14238	183	14	potential	potential	ADJ
cblr-14238	183	15	power	power	NOUN
cblr-14238	183	16	of	of	ADP
cblr-14238	183	17	the	the	DET
cblr-14238	183	18	indexer	indexer	NOUN
cblr-14238	183	19	’s	’s	PART
cblr-14238	183	20	role	role	NOUN
cblr-14238	183	21	as	as	ADP
cblr-14238	183	22	gatekeepers	gatekeeper	NOUN
cblr-14238	183	23	.	.	PUNCT
cblr-14238	184	1	namely	namely	ADV
cblr-14238	184	2	,	,	PUNCT
cblr-14238	184	3	indexers	indexer	NOUN
cblr-14238	184	4	can	can	AUX
cblr-14238	184	5	limit	limit	VERB
cblr-14238	184	6	access	access	NOUN
cblr-14238	184	7	to	to	ADP
cblr-14238	184	8	highly	highly	ADV
cblr-14238	184	9	valuable	valuable	ADJ
cblr-14238	184	10	assets	asset	NOUN
cblr-14238	184	11	.	.	PUNCT
cblr-14238	185	1	stock	stock	NOUN
cblr-14238	185	2	exchanges	exchange	NOUN
cblr-14238	185	3	,	,	PUNCT
cblr-14238	185	4	credit	credit	NOUN
cblr-14238	185	5	rating	rating	NOUN
cblr-14238	185	6	agencies	agency	NOUN
cblr-14238	185	7	,	,	PUNCT
cblr-14238	185	8	and	and	CCONJ
cblr-14238	185	9	some	some	DET
cblr-14238	185	10	standard	standard	ADJ
cblr-14238	185	11	-	-	PUNCT
cblr-14238	185	12	setting	set	VERB
cblr-14238	185	13	organizations	organization	NOUN
cblr-14238	185	14	have	have	VERB
cblr-14238	185	15	private	private	ADJ
cblr-14238	185	16	regulatory	regulatory	ADJ
cblr-14238	185	17	power	power	NOUN
cblr-14238	185	18	as	as	ADP
cblr-14238	185	19	gatekeepers	gatekeeper	NOUN
cblr-14238	185	20	.	.	PUNCT
cblr-14238	186	1	they	they	PRON
cblr-14238	186	2	offer	offer	VERB
cblr-14238	186	3	significant	significant	ADJ
cblr-14238	186	4	benefits	benefit	NOUN
cblr-14238	186	5	,	,	PUNCT
cblr-14238	186	6	not	not	PART
cblr-14238	186	7	otherwise	otherwise	ADV
cblr-14238	186	8	available	available	ADJ
cblr-14238	186	9	,	,	PUNCT
cblr-14238	186	10	to	to	ADP
cblr-14238	186	11	corporations	corporation	NOUN
cblr-14238	186	12	that	that	PRON
cblr-14238	186	13	follow	follow	VERB
cblr-14238	186	14	their	their	PRON
cblr-14238	186	15	rules	rule	NOUN
cblr-14238	186	16	.	.	PUNCT
cblr-14238	187	1	to	to	PART
cblr-14238	187	2	have	have	VERB
cblr-14238	187	3	regulatory	regulatory	ADJ
cblr-14238	187	4	influence	influence	NOUN
cblr-14238	187	5	,	,	PUNCT
cblr-14238	187	6	however	however	ADV
cblr-14238	187	7	,	,	PUNCT
cblr-14238	187	8	gatekeepers	gatekeeper	NOUN
cblr-14238	187	9	must	must	AUX
cblr-14238	187	10	have	have	VERB
cblr-14238	187	11	substantial	substantial	ADJ
cblr-14238	187	12	market	market	NOUN
cblr-14238	187	13	power	power	NOUN
cblr-14238	187	14	—	—	PUNCT
cblr-14238	187	15	that	that	ADV
cblr-14238	187	16	is	is	ADV
cblr-14238	187	17	,	,	PUNCT
cblr-14238	187	18	there	there	PRON
cblr-14238	187	19	can	can	AUX
cblr-14238	187	20	not	not	PART
cblr-14238	187	21	be	be	AUX
cblr-14238	187	22	alternative	alternative	ADJ
cblr-14238	187	23	avenues	avenue	NOUN
cblr-14238	187	24	to	to	ADP
cblr-14238	187	25	the	the	DET
cblr-14238	187	26	resources	resource	NOUN
cblr-14238	187	27	they	they	PRON
cblr-14238	187	28	guard.34	guard.34	VERB
cblr-14238	187	29	the	the	DET
cblr-14238	187	30	resources	resource	NOUN
cblr-14238	187	31	for	for	ADP
cblr-14238	187	32	which	which	PRON
cblr-14238	187	33	index	index	NOUN
cblr-14238	187	34	providers	provider	NOUN
cblr-14238	187	35	keep	keep	VERB
cblr-14238	187	36	the	the	DET
cblr-14238	187	37	keys	key	NOUN
cblr-14238	187	38	—	—	PUNCT
cblr-14238	187	39	capital	capital	NOUN
cblr-14238	187	40	flows	flow	NOUN
cblr-14238	187	41	to	to	ADP
cblr-14238	187	42	index	index	NOUN
cblr-14238	187	43	funds	fund	NOUN
cblr-14238	187	44	—	—	PUNCT
cblr-14238	187	45	do	do	AUX
cblr-14238	187	46	not	not	PART
cblr-14238	187	47	give	give	VERB
cblr-14238	187	48	them	they	PRON
cblr-14238	187	49	market	market	NOUN
cblr-14238	187	50	power	power	NOUN
cblr-14238	187	51	with	with	ADP
cblr-14238	187	52	respect	respect	NOUN
cblr-14238	187	53	to	to	ADP
cblr-14238	187	54	public	public	ADJ
cblr-14238	187	55	corporations	corporation	NOUN
cblr-14238	187	56	.	.	PUNCT
cblr-14238	188	1	since	since	SCONJ
cblr-14238	188	2	index	index	NOUN
cblr-14238	188	3	funds	fund	NOUN
cblr-14238	188	4	control	control	VERB
cblr-14238	188	5	in	in	ADP
cblr-14238	188	6	aggregate	aggregate	NOUN
cblr-14238	188	7	only	only	ADV
cblr-14238	188	8	a	a	DET
cblr-14238	188	9	fraction	fraction	NOUN
cblr-14238	188	10	of	of	ADP
cblr-14238	188	11	total	total	ADJ
cblr-14238	188	12	market	market	NOUN
cblr-14238	188	13	capitalization	capitalization	NOUN
cblr-14238	188	14	,	,	PUNCT
cblr-14238	188	15	there	there	PRON
cblr-14238	188	16	are	be	VERB
cblr-14238	188	17	always	always	ADV
cblr-14238	188	18	alternative	alternative	ADJ
cblr-14238	188	19	sources	source	NOUN
cblr-14238	188	20	of	of	ADP
cblr-14238	188	21	capital	capital	NOUN
cblr-14238	188	22	.	.	PUNCT
cblr-14238	189	1	however	however	ADV
cblr-14238	189	2	,	,	PUNCT
cblr-14238	189	3	they	they	PRON
cblr-14238	189	4	may	may	AUX
cblr-14238	189	5	function	function	VERB
cblr-14238	189	6	as	as	ADP
cblr-14238	189	7	gatekeepers	gatekeeper	NOUN
cblr-14238	189	8	to	to	ADP
cblr-14238	189	9	foreign	foreign	ADJ
cblr-14238	189	10	capital	capital	NOUN
cblr-14238	189	11	that	that	PRON
cblr-14238	189	12	is	be	AUX
cblr-14238	189	13	not	not	PART
cblr-14238	189	14	otherwise	otherwise	ADV
cblr-14238	189	15	available	available	ADJ
cblr-14238	189	16	to	to	ADP
cblr-14238	189	17	emerging	emerge	VERB
cblr-14238	189	18	markets	market	NOUN
cblr-14238	189	19	,	,	PUNCT
cblr-14238	189	20	giving	give	VERB
cblr-14238	189	21	them	they	PRON
cblr-14238	189	22	more	more	ADJ
cblr-14238	189	23	influence	influence	NOUN
cblr-14238	189	24	over	over	ADP
cblr-14238	189	25	the	the	DET
cblr-14238	189	26	financial	financial	ADJ
cblr-14238	189	27	market	market	NOUN
cblr-14238	189	28	regulatory	regulatory	ADJ
cblr-14238	189	29	choices	choice	NOUN
cblr-14238	189	30	of	of	ADP
cblr-14238	189	31	emerging	emerge	VERB
cblr-14238	189	32	markets	market	NOUN
cblr-14238	189	33	’	'	PUNCT
cblr-14238	189	34	governments.35	governments.35	NOUN
cblr-14238	189	35	to	to	PART
cblr-14238	189	36	tell	tell	VERB
cblr-14238	189	37	the	the	DET
cblr-14238	189	38	story	story	NOUN
cblr-14238	189	39	of	of	ADP
cblr-14238	189	40	index	index	NOUN
cblr-14238	189	41	providers	provider	NOUN
cblr-14238	189	42	and	and	CCONJ
cblr-14238	189	43	their	their	PRON
cblr-14238	189	44	potential	potential	NOUN
cblr-14238	189	45	for	for	ADP
cblr-14238	189	46	regulatory	regulatory	ADJ
cblr-14238	189	47	influence	influence	NOUN
cblr-14238	189	48	in	in	ADP
cblr-14238	189	49	the	the	DET
cblr-14238	189	50	world	world	NOUN
cblr-14238	189	51	economy	economy	NOUN
cblr-14238	189	52	,	,	PUNCT
cblr-14238	189	53	i	i	PRON
cblr-14238	189	54	begin	begin	VERB
cblr-14238	189	55	,	,	PUNCT
cblr-14238	189	56	in	in	ADP
cblr-14238	189	57	part	part	NOUN
cblr-14238	189	58	i	i	PROPN
cblr-14238	189	59	,	,	PUNCT
cblr-14238	189	60	with	with	ADP
cblr-14238	189	61	a	a	DET
cblr-14238	189	62	description	description	NOUN
cblr-14238	189	63	of	of	ADP
cblr-14238	189	64	the	the	DET
cblr-14238	189	65	indexing	indexing	NOUN
cblr-14238	189	66	business	business	NOUN
cblr-14238	189	67	—	—	PUNCT
cblr-14238	189	68	the	the	DET
cblr-14238	189	69	indices	index	NOUN
cblr-14238	189	70	,	,	PUNCT
cblr-14238	189	71	the	the	DET
cblr-14238	189	72	indexers	indexer	NOUN
cblr-14238	189	73	,	,	PUNCT
cblr-14238	189	74	and	and	CCONJ
cblr-14238	189	75	the	the	DET
cblr-14238	189	76	explosion	explosion	NOUN
cblr-14238	189	77	of	of	ADP
cblr-14238	189	78	index	index	NOUN
cblr-14238	189	79	investments	investment	NOUN
cblr-14238	189	80	in	in	ADP
cblr-14238	189	81	the	the	DET
cblr-14238	189	82	last	last	ADJ
cblr-14238	189	83	decade	decade	NOUN
cblr-14238	189	84	.	.	PUNCT
cblr-14238	190	1	in	in	ADP
cblr-14238	190	2	part	part	PROPN
cblr-14238	190	3	ii	ii	PROPN
cblr-14238	190	4	,	,	PUNCT
cblr-14238	190	5	i	i	PRON
cblr-14238	190	6	discuss	discuss	VERB
cblr-14238	190	7	the	the	DET
cblr-14238	190	8	theoretical	theoretical	ADJ
cblr-14238	190	9	frame	frame	NOUN
cblr-14238	190	10	for	for	ADP
cblr-14238	190	11	thinking	think	VERB
cblr-14238	190	12	about	about	ADP
cblr-14238	190	13	index	index	NOUN
cblr-14238	190	14	providers	provider	NOUN
cblr-14238	190	15	as	as	ADP
cblr-14238	190	16	private	private	ADJ
cblr-14238	190	17	regulators	regulator	NOUN
cblr-14238	190	18	in	in	ADP
cblr-14238	190	19	the	the	DET
cblr-14238	190	20	global	global	ADJ
cblr-14238	190	21	economy	economy	NOUN
cblr-14238	190	22	.	.	PUNCT
cblr-14238	191	1	in	in	ADP
cblr-14238	191	2	part	part	PROPN
cblr-14238	191	3	iii	iii	NOUN
cblr-14238	191	4	,	,	PUNCT
cblr-14238	191	5	i	i	PRON
cblr-14238	191	6	study	study	VERB
cblr-14238	191	7	the	the	DET
cblr-14238	191	8	three	three	NUM
cblr-14238	191	9	possible	possible	ADJ
cblr-14238	191	10	regulatory	regulatory	ADJ
cblr-14238	191	11	roles	role	NOUN
cblr-14238	191	12	of	of	ADP
cblr-14238	191	13	indexers	indexer	NOUN
cblr-14238	191	14	as	as	SCONJ
cblr-14238	191	15	applied	apply	VERB
cblr-14238	191	16	to	to	ADP
cblr-14238	191	17	three	three	NUM
cblr-14238	191	18	different	different	ADJ
cblr-14238	191	19	contexts	contexts	NOUN
cblr-14238	191	20	:	:	PUNCT
cblr-14238	191	21	(	(	PUNCT
cblr-14238	191	22	1	1	X
cblr-14238	191	23	)	)	PUNCT
cblr-14238	191	24	the	the	DET
cblr-14238	191	25	exclusion	exclusion	NOUN
cblr-14238	191	26	of	of	ADP
cblr-14238	191	27	multi	multi	ADJ
cblr-14238	191	28	-	-	ADJ
cblr-14238	191	29	class	class	ADJ
cblr-14238	191	30	stock	stock	NOUN
cblr-14238	191	31	companies	company	NOUN
cblr-14238	191	32	from	from	ADP
cblr-14238	191	33	benchmark	benchmark	NOUN
cblr-14238	191	34	equity	equity	NOUN
cblr-14238	191	35	indices	index	NOUN
cblr-14238	191	36	,	,	PUNCT
cblr-14238	191	37	(	(	PUNCT
cblr-14238	191	38	2	2	X
cblr-14238	191	39	)	)	PUNCT
cblr-14238	191	40	eligibility	eligibility	NOUN
cblr-14238	191	41	criteria	criterion	NOUN
cblr-14238	191	42	for	for	ADP
cblr-14238	191	43	inclusion	inclusion	NOUN
cblr-14238	191	44	in	in	ADP
cblr-14238	191	45	esg	esg	PROPN
cblr-14238	191	46	indices	index	NOUN
cblr-14238	191	47	,	,	PUNCT
cblr-14238	191	48	and	and	CCONJ
cblr-14238	191	49	(	(	PUNCT
cblr-14238	191	50	3	3	X
cblr-14238	191	51	)	)	PUNCT
cblr-14238	191	52	requirements	requirement	NOUN
cblr-14238	191	53	for	for	ADP
cblr-14238	191	54	inclusion	inclusion	NOUN
cblr-14238	191	55	in	in	ADP
cblr-14238	191	56	emerging	emerge	VERB
cblr-14238	191	57	markets	market	NOUN
cblr-14238	191	58	indices	index	NOUN
cblr-14238	191	59	.	.	PUNCT
cblr-14238	192	1	empirical	empirical	ADJ
cblr-14238	192	2	studies	study	NOUN
cblr-14238	192	3	in	in	ADP
cblr-14238	192	4	each	each	PRON
cblr-14238	192	5	of	of	ADP
cblr-14238	192	6	these	these	DET
cblr-14238	192	7	contexts	context	NOUN
cblr-14238	192	8	show	show	VERB
cblr-14238	192	9	that	that	SCONJ
cblr-14238	192	10	index	index	NOUN
cblr-14238	192	11	providers	provider	NOUN
cblr-14238	192	12	have	have	AUX
cblr-14238	192	13	limited	limit	VERB
cblr-14238	192	14	influence	influence	NOUN
cblr-14238	192	15	on	on	ADP
cblr-14238	192	16	corporate	corporate	ADJ
cblr-14238	192	17	decision	decision	NOUN
cblr-14238	192	18	-	-	PUNCT
cblr-14238	192	19	makers	maker	NOUN
cblr-14238	192	20	because	because	SCONJ
cblr-14238	192	21	the	the	DET
cblr-14238	192	22	benefits	benefit	NOUN
cblr-14238	192	23	of	of	ADP
cblr-14238	192	24	index	index	NOUN
cblr-14238	192	25	inclusion	inclusion	NOUN
cblr-14238	192	26	are	be	AUX
cblr-14238	192	27	unlikely	unlikely	ADJ
cblr-14238	192	28	to	to	PART
cblr-14238	192	29	be	be	AUX
cblr-14238	192	30	greater	great	ADJ
cblr-14238	192	31	than	than	ADP
cblr-14238	192	32	the	the	DET
cblr-14238	192	33	costs	cost	NOUN
cblr-14238	192	34	unless	unless	SCONJ
cblr-14238	192	35	the	the	DET
cblr-14238	192	36	latter	latter	ADJ
cblr-14238	192	37	are	be	AUX
cblr-14238	192	38	34	34	NUM
cblr-14238	192	39	see	see	NOUN
cblr-14238	192	40	infra	infra	NOUN
cblr-14238	192	41	section	section	NOUN
cblr-14238	192	42	ii.c	ii.c	VERB
cblr-14238	192	43	.	.	PUNCT
cblr-14238	193	1	35	35	NUM
cblr-14238	193	2	see	see	NOUN
cblr-14238	193	3	infra	infra	NOUN
cblr-14238	193	4	section	section	NOUN
cblr-14238	193	5	iii.c	iii.c	PROPN
cblr-14238	193	6	.	.	PUNCT
cblr-14238	193	7	728	728	NUM
cblr-14238	193	8	columbia	columbia	PROPN
cblr-14238	193	9	business	business	NOUN
cblr-14238	193	10	law	law	PROPN
cblr-14238	193	11	review	review	NOUN
cblr-14238	193	12	[	[	X
cblr-14238	193	13	vol	vol	NOUN
cblr-14238	193	14	.	.	PUNCT
cblr-14238	193	15	2024	2024	NUM
cblr-14238	193	16	limited	limited	ADJ
cblr-14238	193	17	.	.	PUNCT
cblr-14238	194	1	on	on	ADP
cblr-14238	194	2	the	the	DET
cblr-14238	194	3	other	other	ADJ
cblr-14238	194	4	hand	hand	NOUN
cblr-14238	194	5	,	,	PUNCT
cblr-14238	194	6	index	index	NOUN
cblr-14238	194	7	providers	provider	NOUN
cblr-14238	194	8	may	may	AUX
cblr-14238	194	9	have	have	VERB
cblr-14238	194	10	significant	significant	ADJ
cblr-14238	194	11	influence	influence	NOUN
cblr-14238	194	12	on	on	ADP
cblr-14238	194	13	the	the	DET
cblr-14238	194	14	governments	government	NOUN
cblr-14238	194	15	of	of	ADP
cblr-14238	194	16	countries	country	NOUN
cblr-14238	194	17	seeking	seek	VERB
cblr-14238	194	18	to	to	PART
cblr-14238	194	19	attract	attract	VERB
cblr-14238	194	20	foreign	foreign	ADJ
cblr-14238	194	21	capital	capital	NOUN
cblr-14238	194	22	to	to	ADP
cblr-14238	194	23	their	their	PRON
cblr-14238	194	24	domestic	domestic	ADJ
cblr-14238	194	25	capital	capital	NOUN
cblr-14238	194	26	markets	market	NOUN
cblr-14238	194	27	.	.	PUNCT
cblr-14238	195	1	i.	i.	PROPN
cblr-14238	195	2	the	the	DET
cblr-14238	195	3	indexing	indexing	NOUN
cblr-14238	195	4	business	business	NOUN
cblr-14238	195	5	a.	a.	NOUN
cblr-14238	195	6	indexing	indexing	NOUN
cblr-14238	195	7	indices	index	NOUN
cblr-14238	195	8	track	track	VERB
cblr-14238	195	9	the	the	DET
cblr-14238	195	10	value	value	NOUN
cblr-14238	195	11	of	of	ADP
cblr-14238	195	12	an	an	DET
cblr-14238	195	13	underlying	underlying	ADJ
cblr-14238	195	14	basket	basket	NOUN
cblr-14238	195	15	of	of	ADP
cblr-14238	195	16	assets	asset	NOUN
cblr-14238	195	17	over	over	ADP
cblr-14238	195	18	time	time	NOUN
cblr-14238	195	19	.	.	PUNCT
cblr-14238	196	1	rauterberg	rauterberg	PROPN
cblr-14238	196	2	and	and	CCONJ
cblr-14238	196	3	verstein	verstein	NOUN
cblr-14238	196	4	helpfully	helpfully	ADV
cblr-14238	196	5	describe	describe	VERB
cblr-14238	196	6	an	an	DET
cblr-14238	196	7	index	index	NOUN
cblr-14238	196	8	as	as	SCONJ
cblr-14238	196	9	an	an	DET
cblr-14238	196	10	investment	investment	NOUN
cblr-14238	196	11	blueprint.36	blueprint.36	NOUN
cblr-14238	196	12	investors	investor	NOUN
cblr-14238	196	13	can	can	AUX
cblr-14238	196	14	obtain	obtain	VERB
cblr-14238	196	15	the	the	DET
cblr-14238	196	16	performance	performance	NOUN
cblr-14238	196	17	offered	offer	VERB
cblr-14238	196	18	by	by	ADP
cblr-14238	196	19	the	the	DET
cblr-14238	196	20	index	index	NOUN
cblr-14238	196	21	or	or	CCONJ
cblr-14238	196	22	get	get	VERB
cblr-14238	196	23	exposure	exposure	NOUN
cblr-14238	196	24	to	to	ADP
cblr-14238	196	25	the	the	DET
cblr-14238	196	26	risks	risk	NOUN
cblr-14238	196	27	modeled	model	VERB
cblr-14238	196	28	by	by	ADP
cblr-14238	196	29	an	an	DET
cblr-14238	196	30	index	index	NOUN
cblr-14238	196	31	by	by	ADP
cblr-14238	196	32	adopting	adopt	VERB
cblr-14238	196	33	an	an	DET
cblr-14238	196	34	investment	investment	NOUN
cblr-14238	196	35	strategy	strategy	NOUN
cblr-14238	196	36	that	that	PRON
cblr-14238	196	37	includes	include	VERB
cblr-14238	196	38	the	the	DET
cblr-14238	196	39	securities	security	NOUN
cblr-14238	196	40	included	include	VERB
cblr-14238	196	41	in	in	ADP
cblr-14238	196	42	the	the	DET
cblr-14238	196	43	index	index	NOUN
cblr-14238	196	44	.	.	PUNCT
cblr-14238	197	1	the	the	DET
cblr-14238	197	2	performance	performance	NOUN
cblr-14238	197	3	of	of	ADP
cblr-14238	197	4	an	an	DET
cblr-14238	197	5	index	index	NOUN
cblr-14238	197	6	(	(	PUNCT
cblr-14238	197	7	or	or	CCONJ
cblr-14238	197	8	set	set	VERB
cblr-14238	197	9	of	of	ADP
cblr-14238	197	10	risk	risk	NOUN
cblr-14238	197	11	exposures	exposure	NOUN
cblr-14238	197	12	)	)	PUNCT
cblr-14238	197	13	can	can	AUX
cblr-14238	197	14	be	be	AUX
cblr-14238	197	15	compared	compare	VERB
cblr-14238	197	16	to	to	ADP
cblr-14238	197	17	the	the	DET
cblr-14238	197	18	performance	performance	NOUN
cblr-14238	197	19	of	of	ADP
cblr-14238	197	20	other	other	ADJ
cblr-14238	197	21	baskets	basket	NOUN
cblr-14238	197	22	of	of	ADP
cblr-14238	197	23	assets	asset	NOUN
cblr-14238	197	24	over	over	ADP
cblr-14238	197	25	time	time	NOUN
cblr-14238	197	26	,	,	PUNCT
cblr-14238	197	27	which	which	PRON
cblr-14238	197	28	makes	make	VERB
cblr-14238	197	29	indices	indice	VERB
cblr-14238	197	30	a	a	DET
cblr-14238	197	31	useful	useful	ADJ
cblr-14238	197	32	tool	tool	NOUN
cblr-14238	197	33	for	for	ADP
cblr-14238	197	34	assessing	assess	VERB
cblr-14238	197	35	or	or	CCONJ
cblr-14238	197	36	measuring	measure	VERB
cblr-14238	197	37	the	the	DET
cblr-14238	197	38	value	value	NOUN
cblr-14238	197	39	of	of	ADP
cblr-14238	197	40	investments	investment	NOUN
cblr-14238	197	41	that	that	PRON
cblr-14238	197	42	are	be	AUX
cblr-14238	197	43	not	not	PART
cblr-14238	197	44	technically	technically	ADV
cblr-14238	197	45	following	follow	VERB
cblr-14238	197	46	the	the	DET
cblr-14238	197	47	index	index	NOUN
cblr-14238	197	48	(	(	PUNCT
cblr-14238	197	49	referred	refer	VERB
cblr-14238	197	50	to	to	ADP
cblr-14238	197	51	as	as	ADP
cblr-14238	197	52	“	"	PUNCT
cblr-14238	197	53	benchmarking	benchmarke	VERB
cblr-14238	197	54	”	"	PUNCT
cblr-14238	197	55	)	)	PUNCT
cblr-14238	197	56	.	.	PUNCT
cblr-14238	198	1	financial	financial	ADJ
cblr-14238	198	2	indices	index	NOUN
cblr-14238	198	3	follow	follow	VERB
cblr-14238	198	4	the	the	DET
cblr-14238	198	5	value	value	NOUN
cblr-14238	198	6	of	of	ADP
cblr-14238	198	7	a	a	DET
cblr-14238	198	8	variety	variety	NOUN
cblr-14238	198	9	of	of	ADP
cblr-14238	198	10	assets	asset	NOUN
cblr-14238	198	11	,	,	PUNCT
cblr-14238	198	12	including	include	VERB
cblr-14238	198	13	commodities	commodity	NOUN
cblr-14238	198	14	,	,	PUNCT
cblr-14238	198	15	debt	debt	NOUN
cblr-14238	198	16	securities	security	NOUN
cblr-14238	198	17	and	and	CCONJ
cblr-14238	198	18	equity	equity	NOUN
cblr-14238	198	19	securities	security	NOUN
cblr-14238	198	20	.	.	PUNCT
cblr-14238	199	1	in	in	ADP
cblr-14238	199	2	this	this	DET
cblr-14238	199	3	article	article	NOUN
cblr-14238	199	4	,	,	PUNCT
cblr-14238	199	5	i	i	PRON
cblr-14238	199	6	focus	focus	VERB
cblr-14238	199	7	on	on	ADP
cblr-14238	199	8	the	the	DET
cblr-14238	199	9	regulatory	regulatory	ADJ
cblr-14238	199	10	potential	potential	NOUN
cblr-14238	199	11	of	of	ADP
cblr-14238	199	12	equity	equity	NOUN
cblr-14238	199	13	index	index	NOUN
cblr-14238	199	14	providers	provider	NOUN
cblr-14238	199	15	.	.	PUNCT
cblr-14238	200	1	the	the	DET
cblr-14238	200	2	core	core	NOUN
cblr-14238	200	3	business	business	NOUN
cblr-14238	200	4	of	of	ADP
cblr-14238	200	5	index	index	NOUN
cblr-14238	200	6	providers	provider	NOUN
cblr-14238	200	7	is	be	AUX
cblr-14238	200	8	to	to	PART
cblr-14238	200	9	segment	segment	VERB
cblr-14238	200	10	market	market	NOUN
cblr-14238	200	11	risks	risk	NOUN
cblr-14238	200	12	into	into	ADP
cblr-14238	200	13	investable	investable	ADJ
cblr-14238	200	14	baskets	basket	NOUN
cblr-14238	200	15	to	to	PART
cblr-14238	200	16	permit	permit	VERB
cblr-14238	200	17	investors	investor	NOUN
cblr-14238	200	18	to	to	PART
cblr-14238	200	19	obtain	obtain	VERB
cblr-14238	200	20	exposure	exposure	NOUN
cblr-14238	200	21	to	to	ADP
cblr-14238	200	22	specific	specific	ADJ
cblr-14238	200	23	risks	risk	NOUN
cblr-14238	200	24	.	.	PUNCT
cblr-14238	201	1	as	as	SCONJ
cblr-14238	201	2	explained	explain	VERB
cblr-14238	201	3	further	far	ADV
cblr-14238	201	4	below	below	ADV
cblr-14238	201	5	,	,	PUNCT
cblr-14238	201	6	some	some	DET
cblr-14238	201	7	equity	equity	NOUN
cblr-14238	201	8	indices	index	NOUN
cblr-14238	201	9	provide	provide	VERB
cblr-14238	201	10	exposure	exposure	NOUN
cblr-14238	201	11	to	to	ADP
cblr-14238	201	12	the	the	DET
cblr-14238	201	13	entire	entire	ADJ
cblr-14238	201	14	u.s	u.s	PROPN
cblr-14238	201	15	.	.	PROPN
cblr-14238	201	16	or	or	CCONJ
cblr-14238	201	17	world	world	NOUN
cblr-14238	201	18	economy	economy	NOUN
cblr-14238	201	19	.	.	PUNCT
cblr-14238	202	1	other	other	ADJ
cblr-14238	202	2	equity	equity	NOUN
cblr-14238	202	3	indices	index	NOUN
cblr-14238	202	4	offer	offer	VERB
cblr-14238	202	5	geographic	geographic	ADJ
cblr-14238	202	6	,	,	PUNCT
cblr-14238	202	7	industry	industry	NOUN
cblr-14238	202	8	and	and	CCONJ
cblr-14238	202	9	factor	factor	NOUN
cblr-14238	202	10	exposures	exposure	NOUN
cblr-14238	202	11	.	.	PUNCT
cblr-14238	203	1	securities	security	NOUN
cblr-14238	203	2	are	be	AUX
cblr-14238	203	3	selected	select	VERB
cblr-14238	203	4	for	for	ADP
cblr-14238	203	5	inclusion	inclusion	NOUN
cblr-14238	203	6	in	in	ADP
cblr-14238	203	7	an	an	DET
cblr-14238	203	8	index	index	NOUN
cblr-14238	203	9	based	base	VERB
cblr-14238	203	10	on	on	ADP
cblr-14238	203	11	eligibility	eligibility	NOUN
cblr-14238	203	12	rules	rule	NOUN
cblr-14238	203	13	,	,	PUNCT
cblr-14238	203	14	which	which	PRON
cblr-14238	203	15	can	can	AUX
cblr-14238	203	16	be	be	AUX
cblr-14238	203	17	completely	completely	ADV
cblr-14238	203	18	objective	objective	ADJ
cblr-14238	203	19	or	or	CCONJ
cblr-14238	203	20	“	"	PUNCT
cblr-14238	203	21	rules	rule	NOUN
cblr-14238	203	22	-	-	PUNCT
cblr-14238	203	23	based	base	VERB
cblr-14238	203	24	,	,	PUNCT
cblr-14238	203	25	”	"	PUNCT
cblr-14238	203	26	or	or	CCONJ
cblr-14238	203	27	somewhat	somewhat	ADV
cblr-14238	203	28	subjective	subjective	ADJ
cblr-14238	203	29	,	,	PUNCT
cblr-14238	203	30	giving	give	VERB
cblr-14238	203	31	the	the	DET
cblr-14238	203	32	index	index	NOUN
cblr-14238	203	33	committee	committee	NOUN
cblr-14238	203	34	some	some	DET
cblr-14238	203	35	discretion	discretion	NOUN
cblr-14238	203	36	in	in	ADP
cblr-14238	203	37	selecting	select	VERB
cblr-14238	203	38	securities	security	NOUN
cblr-14238	203	39	for	for	ADP
cblr-14238	203	40	inclusion.37	inclusion.37	NOUN
cblr-14238	203	41	the	the	DET
cblr-14238	203	42	russell	russell	PROPN
cblr-14238	203	43	1000	1000	NUM
cblr-14238	203	44	,	,	PUNCT
cblr-14238	203	45	2000	2000	NUM
cblr-14238	203	46	and	and	CCONJ
cblr-14238	203	47	3000	3000	NUM
cblr-14238	203	48	indices	index	NOUN
cblr-14238	203	49	are	be	AUX
cblr-14238	203	50	strictly	strictly	ADV
cblr-14238	203	51	rules	rule	NOUN
cblr-14238	203	52	-	-	PUNCT
cblr-14238	203	53	based	base	VERB
cblr-14238	203	54	indices	index	NOUN
cblr-14238	203	55	that	that	PRON
cblr-14238	203	56	effectively	effectively	ADV
cblr-14238	203	57	include	include	VERB
cblr-14238	203	58	all	all	DET
cblr-14238	203	59	listed	list	VERB
cblr-14238	203	60	equity	equity	NOUN
cblr-14238	203	61	securities	security	NOUN
cblr-14238	203	62	in	in	ADP
cblr-14238	203	63	the	the	DET
cblr-14238	203	64	u.s	u.s	PROPN
cblr-14238	203	65	.	.	PROPN
cblr-14238	203	66	market	market	NOUN
cblr-14238	203	67	above	above	ADP
cblr-14238	203	68	a	a	DET
cblr-14238	203	69	certain	certain	ADJ
cblr-14238	203	70	market	market	NOUN
cblr-14238	203	71	capitalization	capitalization	NOUN
cblr-14238	203	72	on	on	ADP
cblr-14238	203	73	each	each	PRON
cblr-14238	203	74	of	of	ADP
cblr-14238	203	75	two	two	NUM
cblr-14238	203	76	dates	date	NOUN
cblr-14238	203	77	every	every	DET
cblr-14238	203	78	year	year	NOUN
cblr-14238	203	79	.	.	PUNCT
cblr-14238	204	1	the	the	DET
cblr-14238	204	2	index	index	NOUN
cblr-14238	204	3	36	36	NUM
cblr-14238	204	4	gabriel	gabriel	PROPN
cblr-14238	204	5	rauterberg	rauterberg	PROPN
cblr-14238	204	6	&	&	CCONJ
cblr-14238	204	7	andrew	andrew	PROPN
cblr-14238	204	8	verstein	verstein	PROPN
cblr-14238	204	9	,	,	PUNCT
cblr-14238	204	10	index	index	NOUN
cblr-14238	204	11	theory	theory	NOUN
cblr-14238	204	12	:	:	PUNCT
cblr-14238	204	13	the	the	DET
cblr-14238	204	14	law	law	NOUN
cblr-14238	204	15	,	,	PUNCT
cblr-14238	204	16	promise	promise	NOUN
cblr-14238	204	17	and	and	CCONJ
cblr-14238	204	18	failure	failure	NOUN
cblr-14238	204	19	of	of	ADP
cblr-14238	204	20	financial	financial	ADJ
cblr-14238	204	21	indices	index	NOUN
cblr-14238	204	22	,	,	PUNCT
cblr-14238	204	23	30	30	NUM
cblr-14238	204	24	yale	yale	PROPN
cblr-14238	204	25	j.	j.	PROPN
cblr-14238	204	26	reg	reg	PROPN
cblr-14238	204	27	.	.	PROPN
cblr-14238	204	28	1	1	NUM
cblr-14238	204	29	,	,	PUNCT
cblr-14238	204	30	6	6	NUM
cblr-14238	204	31	(	(	PUNCT
cblr-14238	204	32	2013	2013	NUM
cblr-14238	204	33	)	)	PUNCT
cblr-14238	204	34	.	.	PUNCT
cblr-14238	205	1	37	37	NUM
cblr-14238	205	2	adriana	adriana	PROPN
cblr-14238	205	3	z.	z.	PROPN
cblr-14238	205	4	robertson	robertson	PROPN
cblr-14238	205	5	,	,	PUNCT
cblr-14238	205	6	passive	passive	ADJ
cblr-14238	205	7	in	in	ADP
cblr-14238	205	8	name	name	NOUN
cblr-14238	205	9	only	only	ADV
cblr-14238	205	10	:	:	PUNCT
cblr-14238	205	11	delegated	delegate	VERB
cblr-14238	205	12	management	management	NOUN
cblr-14238	205	13	and	and	CCONJ
cblr-14238	205	14	“	"	PUNCT
cblr-14238	205	15	index	index	NOUN
cblr-14238	205	16	”	"	PUNCT
cblr-14238	205	17	investing	investing	NOUN
cblr-14238	205	18	,	,	PUNCT
cblr-14238	205	19	36	36	NUM
cblr-14238	205	20	yale	yale	PROPN
cblr-14238	205	21	j.	j.	PROPN
cblr-14238	205	22	reg	reg	PROPN
cblr-14238	205	23	.	.	PROPN
cblr-14238	205	24	795	795	NUM
cblr-14238	205	25	(	(	PUNCT
cblr-14238	205	26	2019	2019	NUM
cblr-14238	205	27	)	)	PUNCT
cblr-14238	205	28	.	.	PUNCT
cblr-14238	206	1	no	no	INTJ
cblr-14238	206	2	.	.	NOUN
cblr-14238	206	3	2	2	NUM
cblr-14238	206	4	]	]	PUNCT
cblr-14238	206	5	regulation	regulation	NOUN
cblr-14238	206	6	by	by	ADP
cblr-14238	206	7	indexation	indexation	NOUN
cblr-14238	206	8	?	?	PUNCT
cblr-14238	207	1	729	729	NUM
cblr-14238	207	2	committee	committee	NOUN
cblr-14238	207	3	for	for	ADP
cblr-14238	207	4	the	the	DET
cblr-14238	207	5	s&p	s&p	PROPN
cblr-14238	207	6	500	500	NUM
cblr-14238	207	7	,	,	PUNCT
cblr-14238	207	8	on	on	ADP
cblr-14238	207	9	the	the	DET
cblr-14238	207	10	other	other	ADJ
cblr-14238	207	11	hand	hand	NOUN
cblr-14238	207	12	,	,	PUNCT
cblr-14238	207	13	has	have	VERB
cblr-14238	207	14	complete	complete	ADJ
cblr-14238	207	15	discretion	discretion	NOUN
cblr-14238	207	16	in	in	ADP
cblr-14238	207	17	choosing	choose	VERB
cblr-14238	207	18	new	new	ADJ
cblr-14238	207	19	constituent	constituent	NOUN
cblr-14238	207	20	companies	company	NOUN
cblr-14238	207	21	from	from	ADP
cblr-14238	207	22	among	among	ADP
cblr-14238	207	23	the	the	DET
cblr-14238	207	24	many	many	ADJ
cblr-14238	207	25	companies	company	NOUN
cblr-14238	207	26	that	that	PRON
cblr-14238	207	27	satisfy	satisfy	VERB
cblr-14238	207	28	the	the	DET
cblr-14238	207	29	objective	objective	ADJ
cblr-14238	207	30	market	market	NOUN
cblr-14238	207	31	cap	cap	NOUN
cblr-14238	207	32	,	,	PUNCT
cblr-14238	207	33	liquidity	liquidity	NOUN
cblr-14238	207	34	,	,	PUNCT
cblr-14238	207	35	income	income	NOUN
cblr-14238	207	36	and	and	CCONJ
cblr-14238	207	37	seasoning	seasoning	NOUN
cblr-14238	207	38	criteria	criterion	NOUN
cblr-14238	207	39	for	for	ADP
cblr-14238	207	40	inclusion	inclusion	NOUN
cblr-14238	207	41	at	at	ADP
cblr-14238	207	42	any	any	DET
cblr-14238	207	43	time.38	time.38	NOUN
cblr-14238	207	44	equity	equity	NOUN
cblr-14238	207	45	indices	index	NOUN
cblr-14238	207	46	are	be	AUX
cblr-14238	207	47	used	use	VERB
cblr-14238	207	48	as	as	ADP
cblr-14238	207	49	both	both	DET
cblr-14238	207	50	benchmarks	benchmark	NOUN
cblr-14238	207	51	against	against	ADP
cblr-14238	207	52	which	which	PRON
cblr-14238	207	53	the	the	DET
cblr-14238	207	54	performance	performance	NOUN
cblr-14238	207	55	of	of	ADP
cblr-14238	207	56	active	active	ADJ
cblr-14238	207	57	asset	asset	NOUN
cblr-14238	207	58	managers	manager	NOUN
cblr-14238	207	59	or	or	CCONJ
cblr-14238	207	60	the	the	DET
cblr-14238	207	61	funds	fund	NOUN
cblr-14238	207	62	and	and	CCONJ
cblr-14238	207	63	portfolios	portfolio	NOUN
cblr-14238	207	64	they	they	PRON
cblr-14238	207	65	manage	manage	VERB
cblr-14238	207	66	are	be	AUX
cblr-14238	207	67	measured	measure	VERB
cblr-14238	207	68	and	and	CCONJ
cblr-14238	207	69	the	the	DET
cblr-14238	207	70	foundation	foundation	NOUN
cblr-14238	207	71	on	on	ADP
cblr-14238	207	72	which	which	PRON
cblr-14238	207	73	passive	passive	ADJ
cblr-14238	207	74	index	index	NOUN
cblr-14238	207	75	funds	fund	NOUN
cblr-14238	207	76	are	be	AUX
cblr-14238	207	77	created	create	VERB
cblr-14238	207	78	to	to	PART
cblr-14238	207	79	invest	invest	VERB
cblr-14238	207	80	assets	asset	NOUN
cblr-14238	207	81	tracking	track	VERB
cblr-14238	207	82	the	the	DET
cblr-14238	207	83	performance	performance	NOUN
cblr-14238	207	84	of	of	ADP
cblr-14238	207	85	the	the	DET
cblr-14238	207	86	index	index	NOUN
cblr-14238	207	87	as	as	ADV
cblr-14238	207	88	closely	closely	ADV
cblr-14238	207	89	as	as	ADP
cblr-14238	207	90	possible	possible	ADJ
cblr-14238	207	91	.	.	PUNCT
cblr-14238	208	1	funds	fund	NOUN
cblr-14238	208	2	that	that	PRON
cblr-14238	208	3	follow	follow	VERB
cblr-14238	208	4	an	an	DET
cblr-14238	208	5	index	index	NOUN
cblr-14238	208	6	(	(	PUNCT
cblr-14238	208	7	index	index	NOUN
cblr-14238	208	8	funds	fund	NOUN
cblr-14238	208	9	)	)	PUNCT
cblr-14238	208	10	represent	represent	VERB
cblr-14238	208	11	an	an	DET
cblr-14238	208	12	alternative	alternative	ADJ
cblr-14238	208	13	investment	investment	NOUN
cblr-14238	208	14	value	value	NOUN
cblr-14238	208	15	proposition	proposition	NOUN
cblr-14238	208	16	to	to	ADP
cblr-14238	208	17	active	active	ADJ
cblr-14238	208	18	funds	fund	NOUN
cblr-14238	208	19	.	.	PUNCT
cblr-14238	209	1	instead	instead	ADV
cblr-14238	209	2	of	of	ADP
cblr-14238	209	3	seeking	seek	VERB
cblr-14238	209	4	to	to	PART
cblr-14238	209	5	outperform	outperform	VERB
cblr-14238	209	6	a	a	DET
cblr-14238	209	7	market	market	NOUN
cblr-14238	209	8	index	index	NOUN
cblr-14238	209	9	through	through	ADP
cblr-14238	209	10	active	active	ADJ
cblr-14238	209	11	stock	stock	NOUN
cblr-14238	209	12	selection	selection	NOUN
cblr-14238	209	13	,	,	PUNCT
cblr-14238	209	14	index	index	NOUN
cblr-14238	209	15	funds	fund	NOUN
cblr-14238	209	16	seek	seek	VERB
cblr-14238	209	17	to	to	PART
cblr-14238	209	18	track	track	VERB
cblr-14238	209	19	the	the	DET
cblr-14238	209	20	composition	composition	NOUN
cblr-14238	209	21	and	and	CCONJ
cblr-14238	209	22	performance	performance	NOUN
cblr-14238	209	23	of	of	ADP
cblr-14238	209	24	an	an	DET
cblr-14238	209	25	index	index	NOUN
cblr-14238	209	26	as	as	ADV
cblr-14238	209	27	closely	closely	ADV
cblr-14238	209	28	as	as	ADP
cblr-14238	209	29	possible	possible	ADJ
cblr-14238	209	30	,	,	PUNCT
cblr-14238	209	31	thus	thus	ADV
cblr-14238	209	32	providing	provide	VERB
cblr-14238	209	33	low	low	ADJ
cblr-14238	209	34	cost	cost	NOUN
cblr-14238	209	35	exposure	exposure	NOUN
cblr-14238	209	36	to	to	PART
cblr-14238	209	37	risk	risk	VERB
cblr-14238	209	38	arising	arise	VERB
cblr-14238	209	39	from	from	ADP
cblr-14238	209	40	general	general	ADJ
cblr-14238	209	41	market	market	NOUN
cblr-14238	209	42	movements	movement	NOUN
cblr-14238	209	43	(	(	PUNCT
cblr-14238	209	44	beta	beta	NOUN
cblr-14238	209	45	)	)	PUNCT
cblr-14238	209	46	,	,	PUNCT
cblr-14238	209	47	or	or	CCONJ
cblr-14238	209	48	other	other	ADJ
cblr-14238	209	49	collections	collection	NOUN
cblr-14238	209	50	of	of	ADP
cblr-14238	209	51	risk	risk	NOUN
cblr-14238	209	52	exposures	exposure	NOUN
cblr-14238	209	53	(	(	PUNCT
cblr-14238	209	54	factors).39	factors).39	NOUN
cblr-14238	209	55	while	while	SCONJ
cblr-14238	209	56	portfolio	portfolio	NOUN
cblr-14238	209	57	managers	manager	NOUN
cblr-14238	209	58	engaged	engage	VERB
cblr-14238	209	59	in	in	ADP
cblr-14238	209	60	active	active	ADJ
cblr-14238	209	61	investing	investing	NOUN
cblr-14238	209	62	need	need	NOUN
cblr-14238	209	63	to	to	PART
cblr-14238	209	64	understand	understand	VERB
cblr-14238	209	65	the	the	DET
cblr-14238	209	66	rules	rule	NOUN
cblr-14238	209	67	and	and	CCONJ
cblr-14238	209	68	the	the	DET
cblr-14238	209	69	investment	investment	NOUN
cblr-14238	209	70	theses	these	VERB
cblr-14238	209	71	for	for	ADP
cblr-14238	209	72	investing	invest	VERB
cblr-14238	209	73	in	in	ADP
cblr-14238	209	74	various	various	ADJ
cblr-14238	209	75	indices	index	NOUN
cblr-14238	209	76	,	,	PUNCT
cblr-14238	209	77	the	the	DET
cblr-14238	209	78	portfolio	portfolio	NOUN
cblr-14238	209	79	management	management	NOUN
cblr-14238	209	80	process	process	NOUN
cblr-14238	209	81	for	for	ADP
cblr-14238	209	82	index	index	NOUN
cblr-14238	209	83	investments	investment	NOUN
cblr-14238	209	84	does	do	AUX
cblr-14238	209	85	not	not	PART
cblr-14238	209	86	rely	rely	VERB
cblr-14238	209	87	on	on	ADP
cblr-14238	209	88	fundamental	fundamental	ADJ
cblr-14238	209	89	analysis	analysis	NOUN
cblr-14238	209	90	of	of	ADP
cblr-14238	209	91	individual	individual	ADJ
cblr-14238	209	92	stocks	stock	NOUN
cblr-14238	209	93	and	and	CCONJ
cblr-14238	209	94	maintains	maintain	VERB
cblr-14238	209	95	economies	economy	NOUN
cblr-14238	209	96	of	of	ADP
cblr-14238	209	97	scale	scale	NOUN
cblr-14238	209	98	that	that	PRON
cblr-14238	209	99	tend	tend	VERB
cblr-14238	209	100	to	to	PART
cblr-14238	209	101	facilitate	facilitate	VERB
cblr-14238	209	102	lower	low	ADJ
cblr-14238	209	103	expense	expense	NOUN
cblr-14238	209	104	ratios.40	ratios.40	NOUN
cblr-14238	209	105	there	there	PRON
cblr-14238	209	106	are	be	VERB
cblr-14238	209	107	an	an	DET
cblr-14238	209	108	enormous	enormous	ADJ
cblr-14238	209	109	number	number	NOUN
cblr-14238	209	110	of	of	ADP
cblr-14238	209	111	indices	index	NOUN
cblr-14238	209	112	available	available	ADJ
cblr-14238	209	113	for	for	ADP
cblr-14238	209	114	replication	replication	NOUN
cblr-14238	209	115	or	or	CCONJ
cblr-14238	209	116	benchmarking	benchmarking	NOUN
cblr-14238	209	117	.	.	PUNCT
cblr-14238	210	1	there	there	PRON
cblr-14238	210	2	are	be	VERB
cblr-14238	210	3	now	now	ADV
cblr-14238	210	4	many	many	ADJ
cblr-14238	210	5	times	time	NOUN
cblr-14238	210	6	more	more	ADJ
cblr-14238	210	7	38	38	NUM
cblr-14238	210	8	s&p	s&p	PROPN
cblr-14238	210	9	waited	wait	VERB
cblr-14238	210	10	several	several	ADJ
cblr-14238	210	11	years	year	NOUN
cblr-14238	210	12	,	,	PUNCT
cblr-14238	210	13	for	for	ADP
cblr-14238	210	14	example	example	NOUN
cblr-14238	210	15	,	,	PUNCT
cblr-14238	210	16	before	before	ADP
cblr-14238	210	17	including	include	VERB
cblr-14238	210	18	tesla	tesla	PROPN
cblr-14238	210	19	in	in	ADP
cblr-14238	210	20	the	the	DET
cblr-14238	210	21	s&p	s&p	PROPN
cblr-14238	210	22	500	500	NUM
cblr-14238	210	23	,	,	PUNCT
cblr-14238	210	24	possibly	possibly	ADV
cblr-14238	210	25	to	to	PART
cblr-14238	210	26	avoid	avoid	VERB
cblr-14238	210	27	volatility	volatility	NOUN
cblr-14238	210	28	in	in	ADP
cblr-14238	210	29	the	the	DET
cblr-14238	210	30	index	index	NOUN
cblr-14238	210	31	.	.	PUNCT
cblr-14238	211	1	investors	investor	NOUN
cblr-14238	211	2	in	in	ADP
cblr-14238	211	3	the	the	DET
cblr-14238	211	4	index	index	NOUN
cblr-14238	211	5	arguably	arguably	ADV
cblr-14238	211	6	lost	lose	VERB
cblr-14238	211	7	billions	billion	NOUN
cblr-14238	211	8	of	of	ADP
cblr-14238	211	9	dollars	dollar	NOUN
cblr-14238	211	10	in	in	ADP
cblr-14238	211	11	value	value	NOUN
cblr-14238	211	12	as	as	SCONJ
cblr-14238	211	13	tesla	tesla	PROPN
cblr-14238	211	14	became	become	VERB
cblr-14238	211	15	one	one	NUM
cblr-14238	211	16	of	of	ADP
cblr-14238	211	17	the	the	DET
cblr-14238	211	18	most	most	ADV
cblr-14238	211	19	valuable	valuable	ADJ
cblr-14238	211	20	stocks	stock	NOUN
cblr-14238	211	21	in	in	ADP
cblr-14238	211	22	the	the	DET
cblr-14238	211	23	world	world	NOUN
cblr-14238	211	24	.	.	PUNCT
cblr-14238	212	1	see	see	VERB
cblr-14238	212	2	bernard	bernard	PROPN
cblr-14238	212	3	s.	s.	PROPN
cblr-14238	212	4	sharfman	sharfman	PROPN
cblr-14238	212	5	&	&	CCONJ
cblr-14238	212	6	vincent	vincent	PROPN
cblr-14238	212	7	deluard	deluard	PROPN
cblr-14238	212	8	,	,	PUNCT
cblr-14238	212	9	how	how	SCONJ
cblr-14238	212	10	discretionary	discretionary	ADJ
cblr-14238	212	11	decision	decision	NOUN
cblr-14238	212	12	-	-	PUNCT
cblr-14238	212	13	making	making	NOUN
cblr-14238	212	14	impacts	impact	NOUN
cblr-14238	212	15	the	the	DET
cblr-14238	212	16	financial	financial	ADJ
cblr-14238	212	17	performance	performance	NOUN
cblr-14238	212	18	and	and	CCONJ
cblr-14238	212	19	legal	legal	ADJ
cblr-14238	212	20	disclosures	disclosure	NOUN
cblr-14238	212	21	of	of	ADP
cblr-14238	212	22	s&p	s&p	PROPN
cblr-14238	212	23	500	500	NUM
cblr-14238	212	24	funds	fund	NOUN
cblr-14238	212	25	,	,	PUNCT
cblr-14238	212	26	87	87	NUM
cblr-14238	212	27	brook	brook	NOUN
cblr-14238	212	28	.	.	PUNCT
cblr-14238	213	1	l.	l.	PROPN
cblr-14238	213	2	rev	rev	PROPN
cblr-14238	213	3	.	.	PROPN
cblr-14238	213	4	915	915	NUM
cblr-14238	213	5	,	,	PUNCT
cblr-14238	213	6	917	917	NUM
cblr-14238	213	7	,	,	PUNCT
cblr-14238	213	8	923	923	NUM
cblr-14238	213	9	,	,	PUNCT
cblr-14238	213	10	927–28	927–28	NUM
cblr-14238	213	11	(	(	PUNCT
cblr-14238	213	12	2022	2022	NUM
cblr-14238	213	13	)	)	PUNCT
cblr-14238	213	14	;	;	PUNCT
cblr-14238	213	15	allen	allen	PROPN
cblr-14238	213	16	sloan	sloan	PROPN
cblr-14238	213	17	,	,	PUNCT
cblr-14238	213	18	tesla	tesla	PROPN
cblr-14238	213	19	has	have	AUX
cblr-14238	213	20	taken	take	VERB
cblr-14238	213	21	the	the	DET
cblr-14238	213	22	s&p	s&p	PROPN
cblr-14238	213	23	on	on	ADP
cblr-14238	213	24	a	a	DET
cblr-14238	213	25	wild	wild	ADJ
cblr-14238	213	26	ride	ride	NOUN
cblr-14238	213	27	to	to	ADP
cblr-14238	213	28	nowhere	nowhere	ADV
cblr-14238	213	29	,	,	PUNCT
cblr-14238	213	30	barrons	barron	NOUN
cblr-14238	213	31	,	,	PUNCT
cblr-14238	213	32	nov	nov	PROPN
cblr-14238	213	33	.	.	PROPN
cblr-14238	213	34	20	20	NUM
cblr-14238	213	35	,	,	PUNCT
cblr-14238	213	36	2023	2023	NUM
cblr-14238	213	37	,	,	PUNCT
cblr-14238	213	38	at	at	ADP
cblr-14238	213	39	26	26	NUM
cblr-14238	213	40	(	(	PUNCT
cblr-14238	213	41	on	on	ADP
cblr-14238	213	42	file	file	NOUN
cblr-14238	213	43	with	with	ADP
cblr-14238	213	44	the	the	DET
cblr-14238	213	45	columbia	columbia	PROPN
cblr-14238	213	46	business	business	PROPN
cblr-14238	213	47	law	law	PROPN
cblr-14238	213	48	review	review	PROPN
cblr-14238	213	49	)	)	PUNCT
cblr-14238	213	50	;	;	PUNCT
cblr-14238	213	51	see	see	VERB
cblr-14238	213	52	also	also	ADV
cblr-14238	213	53	adriana	adriana	PROPN
cblr-14238	213	54	z.	z.	PROPN
cblr-14238	213	55	robertson	robertson	PROPN
cblr-14238	213	56	,	,	PUNCT
cblr-14238	213	57	the	the	DET
cblr-14238	213	58	(	(	PUNCT
cblr-14238	213	59	mis)uses	mis)uses	PROPN
cblr-14238	213	60	of	of	ADP
cblr-14238	213	61	the	the	DET
cblr-14238	213	62	s&p	s&p	PROPN
cblr-14238	213	63	500	500	NUM
cblr-14238	213	64	,	,	PUNCT
cblr-14238	213	65	2	2	NUM
cblr-14238	213	66	u.	u.	NOUN
cblr-14238	213	67	chi	chi	PROPN
cblr-14238	213	68	.	.	PUNCT
cblr-14238	214	1	bus	bus	NOUN
cblr-14238	214	2	.	.	PUNCT
cblr-14238	215	1	l.	l.	PROPN
cblr-14238	215	2	rev	rev	PROPN
cblr-14238	215	3	.	.	PROPN
cblr-14238	215	4	137	137	NUM
cblr-14238	215	5	,	,	PUNCT
cblr-14238	215	6	140–41	140–41	NUM
cblr-14238	215	7	,	,	PUNCT
cblr-14238	215	8	145	145	NUM
cblr-14238	215	9	,	,	PUNCT
cblr-14238	215	10	148	148	NUM
cblr-14238	215	11	(	(	PUNCT
cblr-14238	215	12	2023	2023	NUM
cblr-14238	215	13	)	)	PUNCT
cblr-14238	215	14	.	.	PUNCT
cblr-14238	216	1	39	39	NUM
cblr-14238	216	2	laurence	laurence	PROPN
cblr-14238	216	3	fink	fink	PROPN
cblr-14238	216	4	&	&	CCONJ
cblr-14238	216	5	barbara	barbara	PROPN
cblr-14238	216	6	novick	novick	PROPN
cblr-14238	216	7	,	,	PUNCT
cblr-14238	216	8	trends	trend	NOUN
cblr-14238	216	9	in	in	ADP
cblr-14238	216	10	global	global	ADJ
cblr-14238	216	11	asset	asset	NOUN
cblr-14238	216	12	management	management	NOUN
cblr-14238	216	13	:	:	PUNCT
cblr-14238	216	14	the	the	DET
cblr-14238	216	15	rise	rise	NOUN
cblr-14238	216	16	of	of	ADP
cblr-14238	216	17	index	index	NOUN
cblr-14238	216	18	investing	investing	NOUN
cblr-14238	216	19	,	,	PUNCT
cblr-14238	216	20	in	in	ADP
cblr-14238	216	21	non	non	ADJ
cblr-14238	216	22	-	-	ADJ
cblr-14238	216	23	bank	bank	ADJ
cblr-14238	216	24	finance	finance	NOUN
cblr-14238	216	25	:	:	PUNCT
cblr-14238	216	26	trends	trend	NOUN
cblr-14238	216	27	and	and	CCONJ
cblr-14238	216	28	challenges	challenge	NOUN
cblr-14238	216	29	52	52	NUM
cblr-14238	216	30	(	(	PUNCT
cblr-14238	216	31	banque	banque	PROPN
cblr-14238	216	32	de	de	PROPN
cblr-14238	216	33	france	france	PROPN
cblr-14238	216	34	ed	ed	PROPN
cblr-14238	216	35	.	.	PROPN
cblr-14238	216	36	,	,	PUNCT
cblr-14238	216	37	2018	2018	NUM
cblr-14238	216	38	)	)	PUNCT
cblr-14238	216	39	.	.	PUNCT
cblr-14238	217	1	40	40	NUM
cblr-14238	218	1	i	i	PRON
cblr-14238	218	2	d.	d.	VERB
cblr-14238	218	3	at	at	ADP
cblr-14238	218	4	52–53	52–53	NUM
cblr-14238	218	5	.	.	PUNCT
cblr-14238	219	1	730	730	NUM
cblr-14238	219	2	columbia	columbia	PROPN
cblr-14238	219	3	business	business	NOUN
cblr-14238	219	4	law	law	PROPN
cblr-14238	219	5	review	review	NOUN
cblr-14238	219	6	[	[	X
cblr-14238	219	7	vol	vol	NOUN
cblr-14238	219	8	.	.	NOUN
cblr-14238	219	9	2024	2024	NUM
cblr-14238	219	10	equity	equity	NOUN
cblr-14238	219	11	indices	index	NOUN
cblr-14238	219	12	than	than	ADP
cblr-14238	219	13	public	public	ADJ
cblr-14238	219	14	company	company	NOUN
cblr-14238	219	15	stocks.41	stocks.41	PROPN
cblr-14238	219	16	one	one	NUM
cblr-14238	219	17	scholar	scholar	NOUN
cblr-14238	219	18	has	have	AUX
cblr-14238	219	19	counted	count	VERB
cblr-14238	219	20	over	over	ADP
cblr-14238	219	21	29,000	29,000	NUM
cblr-14238	219	22	independent	independent	ADJ
cblr-14238	219	23	indices	index	NOUN
cblr-14238	219	24	in	in	ADP
cblr-14238	219	25	a	a	DET
cblr-14238	219	26	search	search	NOUN
cblr-14238	219	27	of	of	ADP
cblr-14238	219	28	morningstar	morningstar	NOUN
cblr-14238	219	29	’s	’s	PART
cblr-14238	219	30	website.42	website.42	PROPN
cblr-14238	219	31	msci	msci	PROPN
cblr-14238	219	32	,	,	PUNCT
cblr-14238	219	33	inc	inc	PROPN
cblr-14238	219	34	.	.	PROPN
cblr-14238	219	35	,	,	PUNCT
cblr-14238	219	36	one	one	NUM
cblr-14238	219	37	of	of	ADP
cblr-14238	219	38	the	the	DET
cblr-14238	219	39	three	three	NUM
cblr-14238	219	40	largest	large	ADJ
cblr-14238	219	41	equity	equity	NOUN
cblr-14238	219	42	index	index	NOUN
cblr-14238	219	43	providers	provider	NOUN
cblr-14238	219	44	,	,	PUNCT
cblr-14238	219	45	claims	claim	VERB
cblr-14238	219	46	that	that	SCONJ
cblr-14238	219	47	it	it	PRON
cblr-14238	219	48	calculates	calculate	VERB
cblr-14238	219	49	the	the	DET
cblr-14238	219	50	value	value	NOUN
cblr-14238	219	51	of	of	ADP
cblr-14238	219	52	more	more	ADJ
cblr-14238	219	53	than	than	ADP
cblr-14238	219	54	190,000	190,000	NUM
cblr-14238	219	55	equity	equity	NOUN
cblr-14238	219	56	indices	index	NOUN
cblr-14238	219	57	daily.43	daily.43	PROPN
cblr-14238	219	58	it	it	PRON
cblr-14238	219	59	seems	seem	VERB
cblr-14238	219	60	safe	safe	ADJ
cblr-14238	219	61	to	to	PART
cblr-14238	219	62	say	say	VERB
cblr-14238	219	63	that	that	SCONJ
cblr-14238	219	64	index	index	NOUN
cblr-14238	219	65	investing	investing	NOUN
cblr-14238	219	66	is	be	AUX
cblr-14238	219	67	here	here	ADV
cblr-14238	219	68	to	to	PART
cblr-14238	219	69	stay	stay	VERB
cblr-14238	219	70	.	.	PUNCT
cblr-14238	220	1	and	and	CCONJ
cblr-14238	220	2	that	that	PRON
cblr-14238	220	3	may	may	AUX
cblr-14238	220	4	give	give	VERB
cblr-14238	220	5	sustained	sustain	VERB
cblr-14238	220	6	economic	economic	ADJ
cblr-14238	220	7	influence	influence	NOUN
cblr-14238	220	8	to	to	ADP
cblr-14238	220	9	the	the	DET
cblr-14238	220	10	three	three	NUM
cblr-14238	220	11	largest	large	ADJ
cblr-14238	220	12	index	index	NOUN
cblr-14238	220	13	providers	provider	NOUN
cblr-14238	220	14	.	.	PUNCT
cblr-14238	221	1	b.	b.	PROPN
cblr-14238	221	2	indexers	indexers	PROPN
cblr-14238	221	3	equity	equity	PROPN
cblr-14238	221	4	index	index	NOUN
cblr-14238	221	5	providers	provider	NOUN
cblr-14238	221	6	are	be	AUX
cblr-14238	221	7	primarily	primarily	ADV
cblr-14238	221	8	private	private	ADJ
cblr-14238	221	9	for	for	ADP
cblr-14238	221	10	-	-	PUNCT
cblr-14238	221	11	profit	profit	NOUN
cblr-14238	221	12	corporations	corporation	NOUN
cblr-14238	221	13	that	that	PRON
cblr-14238	221	14	develop	develop	VERB
cblr-14238	221	15	indices	index	NOUN
cblr-14238	221	16	to	to	PART
cblr-14238	221	17	license	license	VERB
cblr-14238	221	18	to	to	ADP
cblr-14238	221	19	third	third	ADJ
cblr-14238	221	20	parties	party	NOUN
cblr-14238	221	21	,	,	PUNCT
cblr-14238	221	22	or	or	CCONJ
cblr-14238	221	23	for	for	ADP
cblr-14238	221	24	use	use	NOUN
cblr-14238	221	25	with	with	ADP
cblr-14238	221	26	their	their	PRON
cblr-14238	221	27	own	own	ADJ
cblr-14238	221	28	investment	investment	NOUN
cblr-14238	221	29	products.44	products.44	VERB
cblr-14238	221	30	the	the	DET
cblr-14238	221	31	equity	equity	NOUN
cblr-14238	221	32	indexing	indexing	NOUN
cblr-14238	221	33	business	business	NOUN
cblr-14238	221	34	is	be	AUX
cblr-14238	221	35	dominated	dominate	VERB
cblr-14238	221	36	by	by	ADP
cblr-14238	221	37	three	three	NUM
cblr-14238	221	38	global	global	ADJ
cblr-14238	221	39	players	player	NOUN
cblr-14238	221	40	:	:	PUNCT
cblr-14238	221	41	ftse	ftse	PROPN
cblr-14238	221	42	international	international	PROPN
cblr-14238	221	43	limited	limit	VERB
cblr-14238	221	44	,	,	PUNCT
cblr-14238	221	45	which	which	PRON
cblr-14238	221	46	does	do	VERB
cblr-14238	221	47	business	business	NOUN
cblr-14238	221	48	as	as	ADP
cblr-14238	221	49	ftse	ftse	PROPN
cblr-14238	221	50	russell	russell	PROPN
cblr-14238	221	51	,	,	PUNCT
cblr-14238	221	52	a	a	DET
cblr-14238	221	53	wholly	wholly	ADV
cblr-14238	221	54	-	-	PUNCT
cblr-14238	221	55	owned	own	VERB
cblr-14238	221	56	subsidiary	subsidiary	NOUN
cblr-14238	221	57	of	of	ADP
cblr-14238	221	58	the	the	DET
cblr-14238	221	59	london	london	PROPN
cblr-14238	221	60	stock	stock	PROPN
cblr-14238	221	61	exchange	exchange	PROPN
cblr-14238	221	62	group	group	NOUN
cblr-14238	221	63	;	;	PUNCT
cblr-14238	221	64	msci	msci	PROPN
cblr-14238	221	65	,	,	PUNCT
cblr-14238	221	66	inc	inc	PROPN
cblr-14238	221	67	.	.	PROPN
cblr-14238	221	68	,	,	PUNCT
cblr-14238	221	69	formerly	formerly	ADV
cblr-14238	221	70	morgan	morgan	PROPN
cblr-14238	221	71	stanley	stanley	PROPN
cblr-14238	221	72	capital	capital	PROPN
cblr-14238	221	73	international,45	international,45	VERB
cblr-14238	221	74	a	a	DET
cblr-14238	221	75	public	public	ADJ
cblr-14238	221	76	company	company	NOUN
cblr-14238	221	77	listed	list	VERB
cblr-14238	221	78	on	on	ADP
cblr-14238	221	79	the	the	DET
cblr-14238	221	80	new	new	PROPN
cblr-14238	221	81	york	york	PROPN
cblr-14238	221	82	stock	stock	PROPN
cblr-14238	221	83	exchange	exchange	NOUN
cblr-14238	221	84	;	;	PUNCT
cblr-14238	221	85	and	and	CCONJ
cblr-14238	221	86	s&p	s&p	PROPN
cblr-14238	221	87	dow	dow	PROPN
cblr-14238	221	88	jones	jones	PROPN
cblr-14238	221	89	indices	indices	PROPN
cblr-14238	221	90	,	,	PUNCT
cblr-14238	221	91	inc	inc	PROPN
cblr-14238	221	92	.	.	PROPN
cblr-14238	221	93	,	,	PUNCT
cblr-14238	221	94	a	a	DET
cblr-14238	221	95	whollyowned	whollyowne	VERB
cblr-14238	221	96	subsidiary	subsidiary	NOUN
cblr-14238	221	97	of	of	ADP
cblr-14238	221	98	s&p	s&p	PROPN
cblr-14238	221	99	global	global	NOUN
cblr-14238	221	100	,	,	PUNCT
cblr-14238	222	1	inc.46	inc.46	PRON
cblr-14238	222	2	each	each	PRON
cblr-14238	222	3	of	of	ADP
cblr-14238	222	4	these	these	DET
cblr-14238	222	5	index	index	NOUN
cblr-14238	222	6	41	41	NUM
cblr-14238	222	7	see	see	NOUN
cblr-14238	222	8	,	,	PUNCT
cblr-14238	222	9	e.g.	e.g.	ADV
cblr-14238	222	10	,	,	PUNCT
cblr-14238	222	11	there	there	PRON
cblr-14238	222	12	are	be	VERB
cblr-14238	222	13	now	now	ADV
cblr-14238	222	14	more	more	ADJ
cblr-14238	222	15	indices	index	NOUN
cblr-14238	222	16	than	than	ADP
cblr-14238	222	17	stocks	stock	NOUN
cblr-14238	222	18	,	,	PUNCT
cblr-14238	222	19	bloomberg	bloomberg	PROPN
cblr-14238	222	20	news	news	PROPN
cblr-14238	222	21	(	(	PUNCT
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cblr-14238	222	24	,	,	PUNCT
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cblr-14238	222	26	)	)	PUNCT
cblr-14238	222	27	(	(	PUNCT
cblr-14238	222	28	on	on	ADP
cblr-14238	222	29	file	file	NOUN
cblr-14238	222	30	with	with	ADP
cblr-14238	222	31	the	the	DET
cblr-14238	222	32	columbia	columbia	PROPN
cblr-14238	222	33	business	business	PROPN
cblr-14238	222	34	law	law	PROPN
cblr-14238	222	35	review	review	PROPN
cblr-14238	222	36	)	)	PUNCT
cblr-14238	222	37	(	(	PUNCT
cblr-14238	222	38	documenting	document	VERB
cblr-14238	222	39	that	that	SCONJ
cblr-14238	222	40	,	,	PUNCT
cblr-14238	222	41	as	as	ADP
cblr-14238	222	42	of	of	ADP
cblr-14238	222	43	may	may	PROPN
cblr-14238	222	44	2017	2017	NUM
cblr-14238	222	45	,	,	PUNCT
cblr-14238	222	46	there	there	PRON
cblr-14238	222	47	were	be	VERB
cblr-14238	222	48	almost	almost	ADV
cblr-14238	222	49	5,000	5,000	NUM
cblr-14238	222	50	stock	stock	NOUN
cblr-14238	222	51	indices	index	NOUN
cblr-14238	222	52	)	)	PUNCT
cblr-14238	222	53	.	.	PUNCT
cblr-14238	223	1	42	42	NUM
cblr-14238	223	2	robertson	robertson	PROPN
cblr-14238	223	3	,	,	PUNCT
cblr-14238	223	4	supra	supra	PROPN
cblr-14238	223	5	note	note	VERB
cblr-14238	223	6	37	37	NUM
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cblr-14238	223	8	810	810	NUM
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cblr-14238	224	5	#	#	SYM
cblr-14238	224	6	1	1	NUM
cblr-14238	224	7	index	index	NOUN
cblr-14238	224	8	choice	choice	NOUN
cblr-14238	224	9	for	for	ADP
cblr-14238	224	10	international	international	ADJ
cblr-14238	224	11	investing	investing	NOUN
cblr-14238	224	12	,	,	PUNCT
cblr-14238	224	13	msci	msci	PROPN
cblr-14238	224	14	,	,	PUNCT
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cblr-14238	224	17	(	(	PUNCT
cblr-14238	224	18	last	last	ADJ
cblr-14238	224	19	visited	visit	VERB
cblr-14238	224	20	sept	sept	PROPN
cblr-14238	224	21	.	.	PROPN
cblr-14238	224	22	26	26	NUM
cblr-14238	224	23	,	,	PUNCT
cblr-14238	224	24	2024	2024	NUM
cblr-14238	224	25	)	)	PUNCT
cblr-14238	225	1	[	[	X
cblr-14238	225	2	https://perma.cc/kdk3-huj7	https://perma.cc/kdk3-huj7	X
cblr-14238	225	3	]	]	SYM
cblr-14238	225	4	.	.	PUNCT
cblr-14238	225	5	44	44	NUM
cblr-14238	225	6	a	a	DET
cblr-14238	225	7	growing	grow	VERB
cblr-14238	225	8	number	number	NOUN
cblr-14238	225	9	of	of	ADP
cblr-14238	225	10	financial	financial	ADJ
cblr-14238	225	11	institutions	institution	NOUN
cblr-14238	225	12	are	be	AUX
cblr-14238	225	13	creating	create	VERB
cblr-14238	225	14	indices	index	NOUN
cblr-14238	225	15	to	to	PART
cblr-14238	225	16	use	use	VERB
cblr-14238	225	17	as	as	ADP
cblr-14238	225	18	benchmarks	benchmark	NOUN
cblr-14238	225	19	for	for	ADP
cblr-14238	225	20	their	their	PRON
cblr-14238	225	21	own	own	ADJ
cblr-14238	225	22	investment	investment	NOUN
cblr-14238	225	23	funds	fund	NOUN
cblr-14238	225	24	or	or	CCONJ
cblr-14238	225	25	etfs	etfs	NOUN
cblr-14238	225	26	.	.	PUNCT
cblr-14238	226	1	this	this	PRON
cblr-14238	226	2	creates	create	VERB
cblr-14238	226	3	an	an	DET
cblr-14238	226	4	increasing	increase	VERB
cblr-14238	226	5	number	number	NOUN
cblr-14238	226	6	of	of	ADP
cblr-14238	226	7	paradoxical	paradoxical	ADJ
cblr-14238	226	8	situations	situation	NOUN
cblr-14238	226	9	where	where	SCONJ
cblr-14238	226	10	an	an	DET
cblr-14238	226	11	index	index	NOUN
cblr-14238	226	12	is	be	AUX
cblr-14238	226	13	used	use	VERB
cblr-14238	226	14	for	for	ADP
cblr-14238	226	15	one	one	NUM
cblr-14238	226	16	fund	fund	NOUN
cblr-14238	226	17	and	and	CCONJ
cblr-14238	226	18	one	one	NUM
cblr-14238	226	19	fund	fund	NOUN
cblr-14238	226	20	only	only	ADV
cblr-14238	226	21	.	.	PUNCT
cblr-14238	227	1	robertson	robertson	PROPN
cblr-14238	227	2	,	,	PUNCT
cblr-14238	227	3	supra	supra	PROPN
cblr-14238	227	4	note	note	PROPN
cblr-14238	227	5	38	38	NUM
cblr-14238	227	6	,	,	PUNCT
cblr-14238	227	7	at	at	ADP
cblr-14238	227	8	810	810	NUM
cblr-14238	227	9	.	.	PUNCT
cblr-14238	228	1	45	45	NUM
cblr-14238	228	2	msci	msci	PROPN
cblr-14238	228	3	was	be	AUX
cblr-14238	228	4	originally	originally	ADV
cblr-14238	228	5	a	a	DET
cblr-14238	228	6	joint	joint	ADJ
cblr-14238	228	7	venture	venture	NOUN
cblr-14238	228	8	between	between	ADP
cblr-14238	228	9	morgan	morgan	PROPN
cblr-14238	228	10	stanley	stanley	PROPN
cblr-14238	228	11	and	and	CCONJ
cblr-14238	228	12	capital	capital	NOUN
cblr-14238	228	13	group	group	NOUN
cblr-14238	228	14	.	.	PUNCT
cblr-14238	229	1	q&a	q&a	PROPN
cblr-14238	229	2	with	with	ADP
cblr-14238	229	3	henry	henry	PROPN
cblr-14238	229	4	a.	a.	PROPN
cblr-14238	229	5	fernandez	fernandez	PROPN
cblr-14238	229	6	,	,	PUNCT
cblr-14238	229	7	chairman	chairman	NOUN
cblr-14238	229	8	and	and	CCONJ
cblr-14238	229	9	chief	chief	ADJ
cblr-14238	229	10	executive	executive	ADJ
cblr-14238	229	11	officer	officer	NOUN
cblr-14238	229	12	of	of	ADP
cblr-14238	229	13	msci	msci	PROPN
cblr-14238	229	14	,	,	PUNCT
cblr-14238	229	15	morgan	morgan	PROPN
cblr-14238	229	16	stanley	stanley	PROPN
cblr-14238	229	17	(	(	PUNCT
cblr-14238	229	18	last	last	ADV
cblr-14238	229	19	visited	visit	VERB
cblr-14238	229	20	dec	dec	PROPN
cblr-14238	229	21	.	.	PROPN
cblr-14238	229	22	24	24	NUM
cblr-14238	229	23	,	,	PUNCT
cblr-14238	229	24	2024	2024	NUM
cblr-14238	229	25	)	)	PUNCT
cblr-14238	229	26	,	,	PUNCT
cblr-14238	229	27	https://www.morganstanleyalumni.com/s/1651/newsdetail.aspx?sid=1651&gid=1&pgid=741&cid=3698&ecid=3698&crid=0&cal	https://www.morganstanleyalumni.com/s/1651/newsdetail.aspx?sid=1651&gid=1&pgid=741&cid=3698&ecid=3698&crid=0&cal	PROPN
cblr-14238	229	28	pgid=512&calcid=3066	pgid=512&calcid=3066	PROPN
cblr-14238	229	29	.	.	PROPN
cblr-14238	230	1	46	46	NUM
cblr-14238	230	2	there	there	PRON
cblr-14238	230	3	are	be	VERB
cblr-14238	230	4	hundreds	hundred	NOUN
cblr-14238	230	5	of	of	ADP
cblr-14238	230	6	smaller	small	ADJ
cblr-14238	230	7	index	index	NOUN
cblr-14238	230	8	providers	provider	NOUN
cblr-14238	230	9	.	.	PUNCT
cblr-14238	231	1	in	in	ADP
cblr-14238	231	2	a	a	DET
cblr-14238	231	3	search	search	NOUN
cblr-14238	231	4	of	of	ADP
cblr-14238	231	5	morningstar	morningstar	PROPN
cblr-14238	231	6	direct	direct	PROPN
cblr-14238	231	7	,	,	PUNCT
cblr-14238	231	8	one	one	NUM
cblr-14238	231	9	scholar	scholar	NOUN
cblr-14238	231	10	found	find	VERB
cblr-14238	231	11	206	206	NUM
cblr-14238	231	12	index	index	NOUN
cblr-14238	231	13	providers	provider	NOUN
cblr-14238	231	14	with	with	ADP
cblr-14238	231	15	fewer	few	ADJ
cblr-14238	231	16	than	than	ADP
cblr-14238	231	17	no	no	NOUN
cblr-14238	231	18	.	.	NOUN
cblr-14238	231	19	2	2	NUM
cblr-14238	231	20	]	]	PUNCT
cblr-14238	231	21	regulation	regulation	NOUN
cblr-14238	231	22	by	by	ADP
cblr-14238	231	23	indexation	indexation	NOUN
cblr-14238	231	24	?	?	PUNCT
cblr-14238	232	1	731	731	NUM
cblr-14238	232	2	providers	provider	NOUN
cblr-14238	232	3	generate	generate	VERB
cblr-14238	232	4	and	and	CCONJ
cblr-14238	232	5	track	track	VERB
cblr-14238	232	6	thousands	thousand	NOUN
cblr-14238	232	7	or	or	CCONJ
cblr-14238	232	8	even	even	ADV
cblr-14238	232	9	tens	ten	NOUN
cblr-14238	232	10	of	of	ADP
cblr-14238	232	11	thousands	thousand	NOUN
cblr-14238	232	12	of	of	ADP
cblr-14238	232	13	indices	index	NOUN
cblr-14238	232	14	on	on	ADP
cblr-14238	232	15	a	a	DET
cblr-14238	232	16	daily	daily	ADJ
cblr-14238	232	17	basis	basis	NOUN
cblr-14238	232	18	,	,	PUNCT
cblr-14238	232	19	but	but	CCONJ
cblr-14238	232	20	they	they	PRON
cblr-14238	232	21	derive	derive	VERB
cblr-14238	232	22	most	most	ADJ
cblr-14238	232	23	of	of	ADP
cblr-14238	232	24	their	their	PRON
cblr-14238	232	25	revenue	revenue	NOUN
cblr-14238	232	26	from	from	ADP
cblr-14238	232	27	licensing	license	VERB
cblr-14238	232	28	a	a	DET
cblr-14238	232	29	few	few	ADJ
cblr-14238	232	30	highly	highly	ADV
cblr-14238	232	31	followed	follow	VERB
cblr-14238	232	32	indices	index	NOUN
cblr-14238	232	33	.	.	PUNCT
cblr-14238	233	1	ftse	ftse	PROPN
cblr-14238	233	2	russell	russell	PROPN
cblr-14238	233	3	and	and	CCONJ
cblr-14238	233	4	s&p	s&p	PROPN
cblr-14238	233	5	dominate	dominate	VERB
cblr-14238	233	6	the	the	DET
cblr-14238	233	7	market	market	NOUN
cblr-14238	233	8	for	for	ADP
cblr-14238	233	9	u.s	u.s	PROPN
cblr-14238	233	10	.	.	PROPN
cblr-14238	233	11	benchmark	benchmark	PROPN
cblr-14238	233	12	equity	equity	NOUN
cblr-14238	233	13	indices.47	indices.47	PROPN
cblr-14238	233	14	the	the	DET
cblr-14238	233	15	s&p	s&p	PROPN
cblr-14238	233	16	500	500	NUM
cblr-14238	233	17	is	be	AUX
cblr-14238	233	18	the	the	DET
cblr-14238	233	19	most	most	ADV
cblr-14238	233	20	popular	popular	ADJ
cblr-14238	233	21	equity	equity	NOUN
cblr-14238	233	22	index	index	NOUN
cblr-14238	233	23	in	in	ADP
cblr-14238	233	24	the	the	DET
cblr-14238	233	25	world	world	NOUN
cblr-14238	233	26	.	.	PUNCT
cblr-14238	234	1	among	among	ADP
cblr-14238	234	2	a	a	DET
cblr-14238	234	3	total	total	NOUN
cblr-14238	234	4	of	of	ADP
cblr-14238	234	5	3,209	3,209	NUM
cblr-14238	234	6	u.s	u.s	PROPN
cblr-14238	234	7	.	.	PROPN
cblr-14238	234	8	equity	equity	NOUN
cblr-14238	234	9	funds	fund	NOUN
cblr-14238	234	10	in	in	ADP
cblr-14238	234	11	one	one	NUM
cblr-14238	234	12	study	study	NOUN
cblr-14238	234	13	,	,	PUNCT
cblr-14238	234	14	842	842	NUM
cblr-14238	234	15	(	(	PUNCT
cblr-14238	234	16	26	26	NUM
cblr-14238	234	17	%	%	NOUN
cblr-14238	234	18	)	)	PUNCT
cblr-14238	234	19	were	be	AUX
cblr-14238	234	20	benchmarked	benchmarke	VERB
cblr-14238	234	21	to	to	ADP
cblr-14238	234	22	the	the	DET
cblr-14238	234	23	s&p	s&p	PROPN
cblr-14238	234	24	500	500	NUM
cblr-14238	234	25	,	,	PUNCT
cblr-14238	234	26	and	and	CCONJ
cblr-14238	234	27	usd	usd	NOUN
cblr-14238	234	28	$	$	SYM
cblr-14238	234	29	4	4	NUM
cblr-14238	234	30	trillion	trillion	NUM
cblr-14238	234	31	or	or	CCONJ
cblr-14238	234	32	41	41	NUM
cblr-14238	234	33	%	%	NOUN
cblr-14238	234	34	of	of	ADP
cblr-14238	234	35	the	the	DET
cblr-14238	234	36	total	total	ADJ
cblr-14238	234	37	assets	asset	NOUN
cblr-14238	234	38	under	under	ADP
cblr-14238	234	39	management	management	NOUN
cblr-14238	234	40	by	by	ADP
cblr-14238	234	41	all	all	DET
cblr-14238	234	42	funds	fund	NOUN
cblr-14238	234	43	were	be	AUX
cblr-14238	234	44	benchmarked	benchmarke	VERB
cblr-14238	234	45	to	to	ADP
cblr-14238	234	46	the	the	DET
cblr-14238	234	47	s&p	s&p	PROPN
cblr-14238	234	48	500.48	500.48	NUM
cblr-14238	234	49	the	the	DET
cblr-14238	234	50	ftse	ftse	NOUN
cblr-14238	234	51	1000	1000	NUM
cblr-14238	234	52	,	,	PUNCT
cblr-14238	234	53	2000	2000	NUM
cblr-14238	234	54	and	and	CCONJ
cblr-14238	234	55	3000	3000	NUM
cblr-14238	234	56	give	give	VERB
cblr-14238	234	57	exposure	exposure	NOUN
cblr-14238	234	58	to	to	ADP
cblr-14238	234	59	a	a	DET
cblr-14238	234	60	much	much	ADV
cblr-14238	234	61	broader	broad	ADJ
cblr-14238	234	62	cross	cross	NOUN
cblr-14238	234	63	-	-	NOUN
cblr-14238	234	64	section	section	NOUN
cblr-14238	234	65	of	of	ADP
cblr-14238	234	66	the	the	DET
cblr-14238	234	67	u.s	u.s	PROPN
cblr-14238	234	68	.	.	PROPN
cblr-14238	234	69	equity	equity	NOUN
cblr-14238	234	70	capital	capital	NOUN
cblr-14238	234	71	markets	market	NOUN
cblr-14238	234	72	,	,	PUNCT
cblr-14238	234	73	including	include	VERB
cblr-14238	234	74	many	many	ADJ
cblr-14238	234	75	small	small	ADJ
cblr-14238	234	76	-	-	PUNCT
cblr-14238	234	77	cap	cap	NOUN
cblr-14238	234	78	stocks	stock	NOUN
cblr-14238	234	79	.	.	PUNCT
cblr-14238	235	1	msci	msci	PROPN
cblr-14238	235	2	is	be	AUX
cblr-14238	235	3	the	the	DET
cblr-14238	235	4	leading	lead	VERB
cblr-14238	235	5	equity	equity	NOUN
cblr-14238	235	6	index	index	NOUN
cblr-14238	235	7	provider	provider	NOUN
cblr-14238	235	8	for	for	ADP
cblr-14238	235	9	capital	capital	NOUN
cblr-14238	235	10	markets	market	NOUN
cblr-14238	235	11	outside	outside	ADP
cblr-14238	235	12	the	the	DET
cblr-14238	235	13	united	united	PROPN
cblr-14238	235	14	kingdom	kingdom	PROPN
cblr-14238	235	15	and	and	CCONJ
cblr-14238	235	16	the	the	DET
cblr-14238	235	17	united	united	PROPN
cblr-14238	235	18	states	states	PROPN
cblr-14238	235	19	.	.	PUNCT
cblr-14238	236	1	funds	fund	NOUN
cblr-14238	236	2	holding	hold	VERB
cblr-14238	236	3	usd	usd	NOUN
cblr-14238	236	4	$	$	SYM
cblr-14238	236	5	4.6	4.6	NUM
cblr-14238	236	6	trillion	trillion	NUM
cblr-14238	236	7	in	in	ADP
cblr-14238	236	8	assets	asset	NOUN
cblr-14238	236	9	follow	follow	VERB
cblr-14238	236	10	or	or	CCONJ
cblr-14238	236	11	benchmark	benchmark	NOUN
cblr-14238	236	12	against	against	ADP
cblr-14238	236	13	msci	msci	PROPN
cblr-14238	236	14	’s	’s	PART
cblr-14238	236	15	suite	suite	NOUN
cblr-14238	236	16	of	of	ADP
cblr-14238	236	17	indices	index	NOUN
cblr-14238	236	18	related	relate	VERB
cblr-14238	236	19	to	to	ADP
cblr-14238	236	20	its	its	PRON
cblr-14238	236	21	acwi	acwi	NOUN
cblr-14238	236	22	index	index	NOUN
cblr-14238	236	23	covering	cover	VERB
cblr-14238	236	24	global	global	ADJ
cblr-14238	236	25	equity	equity	NOUN
cblr-14238	236	26	markets	market	NOUN
cblr-14238	236	27	as	as	ADP
cblr-14238	236	28	of	of	ADP
cblr-14238	236	29	december	december	PROPN
cblr-14238	236	30	31	31	NUM
cblr-14238	236	31	,	,	PUNCT
cblr-14238	237	1	2023.49	2023.49	NUM
cblr-14238	237	2	msci	msci	PROPN
cblr-14238	237	3	’s	’s	PART
cblr-14238	237	4	emerging	emerge	VERB
cblr-14238	237	5	markets	market	NOUN
cblr-14238	237	6	index	index	NOUN
cblr-14238	237	7	is	be	AUX
cblr-14238	237	8	the	the	DET
cblr-14238	237	9	most	most	ADV
cblr-14238	237	10	widely	widely	ADV
cblr-14238	237	11	used	use	VERB
cblr-14238	237	12	emerging	emerge	VERB
cblr-14238	237	13	markets	market	NOUN
cblr-14238	237	14	benchmark.50	benchmark.50	PROPN
cblr-14238	237	15	msci	msci	PROPN
cblr-14238	237	16	believes	believe	VERB
cblr-14238	237	17	that	that	SCONJ
cblr-14238	237	18	usd	usd	NOUN
cblr-14238	237	19	$	$	SYM
cblr-14238	237	20	1.3	1.3	NUM
cblr-14238	237	21	trillion	trillion	NUM
cblr-14238	237	22	of	of	ADP
cblr-14238	237	23	global	global	ADJ
cblr-14238	237	24	investment	investment	NOUN
cblr-14238	237	25	assets	asset	NOUN
cblr-14238	237	26	follow	follow	VERB
cblr-14238	237	27	or	or	CCONJ
cblr-14238	237	28	are	be	AUX
cblr-14238	237	29	benchmarked	benchmarke	VERB
cblr-14238	237	30	against	against	ADP
cblr-14238	237	31	indices	index	NOUN
cblr-14238	237	32	in	in	ADP
cblr-14238	237	33	its	its	PRON
cblr-14238	237	34	suite	suite	NOUN
cblr-14238	237	35	of	of	ADP
cblr-14238	237	36	indices	index	NOUN
cblr-14238	237	37	related	relate	VERB
cblr-14238	237	38	to	to	ADP
cblr-14238	237	39	its	its	PRON
cblr-14238	237	40	emerging	emerge	VERB
cblr-14238	237	41	markets	market	NOUN
cblr-14238	237	42	index.51	index.51	ADP
cblr-14238	237	43	institutional	institutional	ADJ
cblr-14238	237	44	funds	fund	NOUN
cblr-14238	237	45	managing	manage	VERB
cblr-14238	237	46	10	10	NUM
cblr-14238	237	47	indices	index	NOUN
cblr-14238	237	48	and	and	CCONJ
cblr-14238	237	49	another	another	DET
cblr-14238	237	50	282	282	NUM
cblr-14238	237	51	index	index	NOUN
cblr-14238	237	52	providers	provider	NOUN
cblr-14238	237	53	with	with	ADP
cblr-14238	237	54	fewer	few	ADJ
cblr-14238	237	55	than	than	ADP
cblr-14238	237	56	100	100	NUM
cblr-14238	237	57	indices	index	NOUN
cblr-14238	237	58	.	.	PUNCT
cblr-14238	238	1	robertson	robertson	PROPN
cblr-14238	238	2	,	,	PUNCT
cblr-14238	238	3	supra	supra	PROPN
cblr-14238	238	4	note	note	PROPN
cblr-14238	238	5	37	37	NUM
cblr-14238	238	6	,	,	PUNCT
cblr-14238	238	7	at	at	ADP
cblr-14238	238	8	810	810	NUM
cblr-14238	238	9	n.59	n.59	NOUN
cblr-14238	238	10	.	.	PUNCT
cblr-14238	238	11	47	47	NUM
cblr-14238	239	1	the	the	DET
cblr-14238	239	2	ftse	ftse	PROPN
cblr-14238	239	3	russell	russell	PROPN
cblr-14238	239	4	u.s	u.s	PROPN
cblr-14238	239	5	.	.	PROPN
cblr-14238	239	6	equity	equity	NOUN
cblr-14238	239	7	indices	index	NOUN
cblr-14238	239	8	,	,	PUNCT
cblr-14238	239	9	including	include	VERB
cblr-14238	239	10	the	the	DET
cblr-14238	239	11	russell	russell	PROPN
cblr-14238	239	12	1000	1000	NUM
cblr-14238	239	13	and	and	CCONJ
cblr-14238	239	14	russell	russell	PROPN
cblr-14238	239	15	2000	2000	NUM
cblr-14238	239	16	(	(	PUNCT
cblr-14238	239	17	which	which	PRON
cblr-14238	239	18	together	together	ADV
cblr-14238	239	19	form	form	VERB
cblr-14238	239	20	the	the	DET
cblr-14238	239	21	russell	russell	PROPN
cblr-14238	239	22	3000	3000	NUM
cblr-14238	239	23	)	)	PUNCT
cblr-14238	239	24	,	,	PUNCT
cblr-14238	239	25	and	and	CCONJ
cblr-14238	239	26	the	the	DET
cblr-14238	239	27	s&p	s&p	PROPN
cblr-14238	239	28	1500	1500	NUM
cblr-14238	239	29	composite	composite	ADJ
cblr-14238	239	30	index	index	NOUN
cblr-14238	239	31	and	and	CCONJ
cblr-14238	239	32	its	its	PRON
cblr-14238	239	33	sub	sub	NOUN
cblr-14238	239	34	-	-	NOUN
cblr-14238	239	35	indices	index	NOUN
cblr-14238	239	36	,	,	PUNCT
cblr-14238	239	37	including	include	VERB
cblr-14238	239	38	the	the	DET
cblr-14238	239	39	s&p	s&p	PROPN
cblr-14238	239	40	500	500	NUM
cblr-14238	239	41	,	,	PUNCT
cblr-14238	239	42	s&p	s&p	PROPN
cblr-14238	239	43	400	400	NUM
cblr-14238	239	44	midcap	midcap	NOUN
cblr-14238	239	45	and	and	CCONJ
cblr-14238	239	46	s&p	s&p	PROPN
cblr-14238	239	47	600	600	NUM
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cblr-14238	239	49	-	-	PUNCT
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cblr-14238	239	51	indices	index	NOUN
cblr-14238	239	52	,	,	PUNCT
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cblr-14238	239	54	18	18	NUM
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cblr-14238	239	57	20	20	NUM
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cblr-14238	239	59	popular	popular	ADJ
cblr-14238	239	60	benchmark	benchmark	NOUN
cblr-14238	239	61	equity	equity	NOUN
cblr-14238	239	62	indices	index	NOUN
cblr-14238	239	63	by	by	ADP
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cblr-14238	239	67	following	follow	VERB
cblr-14238	239	68	them	they	PRON
cblr-14238	239	69	and	and	CCONJ
cblr-14238	239	70	15	15	NUM
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cblr-14238	239	73	20	20	NUM
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cblr-14238	240	5	.	.	PUNCT
cblr-14238	241	1	48	48	NUM
cblr-14238	242	1	i	i	PROPN
cblr-14238	242	2	d.	d.	PROPN
cblr-14238	242	3	at	at	ADP
cblr-14238	242	4	813	813	NUM
cblr-14238	242	5	.	.	PUNCT
cblr-14238	242	6	49	49	NUM
cblr-14238	242	7	acwi	acwi	VERB
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cblr-14238	242	13	,	,	PUNCT
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cblr-14238	242	15	(	(	PUNCT
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cblr-14238	242	17	.	.	PROPN
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cblr-14238	242	19	,	,	PUNCT
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cblr-14238	243	4	.	.	PUNCT
cblr-14238	244	1	50	50	NUM
cblr-14238	244	2	john	john	PROPN
cblr-14238	244	3	authers	auther	NOUN
cblr-14238	244	4	,	,	PUNCT
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cblr-14238	244	6	,	,	PUNCT
cblr-14238	244	7	china	china	PROPN
cblr-14238	244	8	a	a	PROPN
cblr-14238	244	9	-	-	PUNCT
cblr-14238	244	10	shares	share	NOUN
cblr-14238	244	11	offer	offer	VERB
cblr-14238	244	12	conflicting	conflicting	ADJ
cblr-14238	244	13	bets	bet	NOUN
cblr-14238	244	14	over	over	ADP
cblr-14238	244	15	time	time	NOUN
cblr-14238	244	16	,	,	PUNCT
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cblr-14238	244	18	.	.	PUNCT
cblr-14238	245	1	times	times	PROPN
cblr-14238	245	2	(	(	PUNCT
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cblr-14238	245	4	16	16	NUM
cblr-14238	245	5	,	,	PUNCT
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cblr-14238	247	4	.	.	PUNCT
cblr-14238	248	1	51	51	NUM
cblr-14238	248	2	emerging	emerge	VERB
cblr-14238	248	3	markets	market	NOUN
cblr-14238	248	4	indexes	index	NOUN
cblr-14238	248	5	,	,	PUNCT
cblr-14238	248	6	msci	msci	PROPN
cblr-14238	248	7	,	,	PUNCT
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cblr-14238	248	9	(	(	PUNCT
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cblr-14238	249	4	.	.	PUNCT
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cblr-14238	249	10	[	[	X
cblr-14238	249	11	vol	vol	NOUN
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cblr-14238	249	16	15.6	15.6	NUM
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cblr-14238	249	23	to	to	ADP
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cblr-14238	249	26	indexes.52	indexes.52	NOUN
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cblr-14238	249	48	(	(	PUNCT
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cblr-14238	249	58	index	index	NOUN
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cblr-14238	249	70	in	in	ADP
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cblr-14238	249	76	,	,	PUNCT
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cblr-14238	249	82	$	$	SYM
cblr-14238	249	83	10	10	NUM
cblr-14238	249	84	trillion	trillion	NUM
cblr-14238	249	85	in	in	ADP
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cblr-14238	249	128	in	in	ADP
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cblr-14238	249	135	,	,	PUNCT
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cblr-14238	249	144	assets	asset	NOUN
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cblr-14238	249	147	tracking	track	VERB
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cblr-14238	249	150	,	,	PUNCT
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cblr-14238	249	155	and	and	CCONJ
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cblr-14238	249	157	as	as	ADP
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cblr-14238	249	160	amount	amount	NOUN
cblr-14238	249	161	of	of	ADP
cblr-14238	249	162	assets	asset	NOUN
cblr-14238	249	163	in	in	ADP
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cblr-14238	249	165	index	index	NOUN
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cblr-14238	249	194	£	£	SYM
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cblr-14238	249	220	s&p	s&p	PROPN
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cblr-14238	253	18	,	,	PUNCT
cblr-14238	253	19	2023	2023	NUM
cblr-14238	253	20	)	)	PUNCT
cblr-14238	253	21	;	;	PUNCT
cblr-14238	253	22	s&p	s&p	PROPN
cblr-14238	253	23	global	global	PROPN
cblr-14238	253	24	inc	inc	PROPN
cblr-14238	253	25	.	.	PROPN
cblr-14238	253	26	,	,	PUNCT
cblr-14238	253	27	annual	annual	ADJ
cblr-14238	253	28	report	report	NOUN
cblr-14238	253	29	(	(	PUNCT
cblr-14238	253	30	form	form	NOUN
cblr-14238	253	31	10	10	NUM
cblr-14238	253	32	-	-	PUNCT
cblr-14238	253	33	k	k	NOUN
cblr-14238	253	34	)	)	PUNCT
cblr-14238	253	35	(	(	PUNCT
cblr-14238	253	36	feb	feb	PROPN
cblr-14238	253	37	.	.	PROPN
cblr-14238	253	38	10	10	NUM
cblr-14238	253	39	,	,	PUNCT
cblr-14238	253	40	2023	2023	NUM
cblr-14238	253	41	)	)	PUNCT
cblr-14238	253	42	.	.	PUNCT
cblr-14238	254	1	55	55	NUM
cblr-14238	254	2	yu	yu	PROPN
cblr-14238	254	3	an	an	PROPN
cblr-14238	254	4	,	,	PUNCT
cblr-14238	254	5	matteo	matteo	PROPN
cblr-14238	254	6	benetton	benetton	PROPN
cblr-14238	254	7	&	&	CCONJ
cblr-14238	254	8	yang	yang	PROPN
cblr-14238	254	9	song	song	PROPN
cblr-14238	254	10	,	,	PUNCT
cblr-14238	254	11	index	index	NOUN
cblr-14238	254	12	providers	provider	NOUN
cblr-14238	254	13	:	:	PUNCT
cblr-14238	254	14	whales	whale	NOUN
cblr-14238	254	15	behind	behind	ADP
cblr-14238	254	16	the	the	DET
cblr-14238	254	17	scenes	scene	NOUN
cblr-14238	254	18	of	of	ADP
cblr-14238	254	19	etfs	etfs	PROPN
cblr-14238	254	20	,	,	PUNCT
cblr-14238	254	21	149	149	NUM
cblr-14238	254	22	j.	j.	PROPN
cblr-14238	254	23	fin	fin	PROPN
cblr-14238	254	24	.	.	PUNCT
cblr-14238	254	25	econ	econ	PROPN
cblr-14238	254	26	.	.	PUNCT
cblr-14238	254	27	407	407	NUM
cblr-14238	254	28	,	,	PUNCT
cblr-14238	254	29	409	409	NUM
cblr-14238	254	30	(	(	PUNCT
cblr-14238	254	31	2022	2022	NUM
cblr-14238	254	32	)	)	PUNCT
cblr-14238	254	33	(	(	PUNCT
cblr-14238	254	34	index	index	NOUN
cblr-14238	254	35	provider	provider	NOUN
cblr-14238	254	36	index	index	NOUN
cblr-14238	254	37	licensing	licensing	NOUN
cblr-14238	254	38	fees	fee	NOUN
cblr-14238	254	39	have	have	AUX
cblr-14238	254	40	been	be	AUX
cblr-14238	254	41	estimated	estimate	VERB
cblr-14238	254	42	to	to	PART
cblr-14238	254	43	constitute	constitute	VERB
cblr-14238	254	44	one	one	NUM
cblr-14238	254	45	-	-	PUNCT
cblr-14238	254	46	third	third	NOUN
cblr-14238	254	47	of	of	ADP
cblr-14238	254	48	all	all	DET
cblr-14238	254	49	etf	etf	NOUN
cblr-14238	254	50	expense	expense	NOUN
cblr-14238	254	51	ratios	ratio	NOUN
cblr-14238	254	52	that	that	PRON
cblr-14238	254	53	etf	etf	NOUN
cblr-14238	254	54	issuers	issuer	NOUN
cblr-14238	254	55	collect	collect	VERB
cblr-14238	254	56	from	from	ADP
cblr-14238	254	57	etf	etf	NOUN
cblr-14238	254	58	investors	investor	NOUN
cblr-14238	254	59	)	)	PUNCT
cblr-14238	254	60	.	.	PUNCT
cblr-14238	255	1	56	56	NUM
cblr-14238	255	2	london	london	PROPN
cblr-14238	255	3	stock	stock	PROPN
cblr-14238	255	4	exchange	exchange	PROPN
cblr-14238	255	5	group	group	NOUN
cblr-14238	255	6	,	,	PUNCT
cblr-14238	255	7	annual	annual	ADJ
cblr-14238	255	8	report	report	NOUN
cblr-14238	255	9	2022	2022	NUM
cblr-14238	255	10	(	(	PUNCT
cblr-14238	255	11	2022	2022	NUM
cblr-14238	255	12	)	)	PUNCT
cblr-14238	255	13	,	,	PUNCT
cblr-14238	255	14	at	at	ADP
cblr-14238	255	15	36	36	NUM
cblr-14238	255	16	.	.	PUNCT
cblr-14238	255	17	57	57	NUM
cblr-14238	255	18	msci	msci	PROPN
cblr-14238	255	19	inc	inc	PROPN
cblr-14238	255	20	.	.	PROPN
cblr-14238	255	21	,	,	PUNCT
cblr-14238	255	22	annual	annual	ADJ
cblr-14238	255	23	report	report	NOUN
cblr-14238	255	24	58	58	NUM
cblr-14238	255	25	(	(	PUNCT
cblr-14238	255	26	form	form	NOUN
cblr-14238	255	27	10	10	NUM
cblr-14238	255	28	-	-	PUNCT
cblr-14238	255	29	k	k	NOUN
cblr-14238	255	30	)	)	PUNCT
cblr-14238	255	31	(	(	PUNCT
cblr-14238	255	32	feb	feb	PROPN
cblr-14238	255	33	.	.	PROPN
cblr-14238	255	34	10	10	NUM
cblr-14238	255	35	,	,	PUNCT
cblr-14238	255	36	2023	2023	NUM
cblr-14238	255	37	)	)	PUNCT
cblr-14238	255	38	.	.	PUNCT
cblr-14238	256	1	58	58	NUM
cblr-14238	256	2	press	press	NOUN
cblr-14238	256	3	release	release	NOUN
cblr-14238	256	4	,	,	PUNCT
cblr-14238	256	5	s&p	s&p	PROPN
cblr-14238	256	6	global	global	NOUN
cblr-14238	256	7	,	,	PUNCT
cblr-14238	256	8	s&p	s&p	PROPN
cblr-14238	256	9	dow	dow	PROPN
cblr-14238	256	10	jones	jones	PROPN
cblr-14238	256	11	indices	indice	VERB
cblr-14238	256	12	annual	annual	ADJ
cblr-14238	256	13	survey	survey	NOUN
cblr-14238	256	14	of	of	ADP
cblr-14238	256	15	assets	asset	NOUN
cblr-14238	256	16	as	as	ADP
cblr-14238	256	17	of	of	ADP
cblr-14238	256	18	december	december	PROPN
cblr-14238	256	19	31	31	NUM
cblr-14238	256	20	,	,	PUNCT
cblr-14238	256	21	2022	2022	NUM
cblr-14238	256	22	(	(	PUNCT
cblr-14238	256	23	dec	dec	PROPN
cblr-14238	256	24	.	.	PROPN
cblr-14238	256	25	31	31	NUM
cblr-14238	256	26	,	,	PUNCT
cblr-14238	256	27	2022	2022	NUM
cblr-14238	256	28	)	)	PUNCT
cblr-14238	256	29	.	.	PUNCT
cblr-14238	257	1	59	59	NUM
cblr-14238	257	2	s&p	s&p	PROPN
cblr-14238	257	3	global	global	PROPN
cblr-14238	257	4	inc	inc	PROPN
cblr-14238	257	5	.	.	PROPN
cblr-14238	257	6	,	,	PUNCT
cblr-14238	257	7	annual	annual	ADJ
cblr-14238	257	8	report	report	NOUN
cblr-14238	257	9	39	39	NUM
cblr-14238	257	10	(	(	PUNCT
cblr-14238	257	11	form	form	NOUN
cblr-14238	257	12	10	10	NUM
cblr-14238	257	13	-	-	PUNCT
cblr-14238	257	14	k	k	NOUN
cblr-14238	257	15	)	)	PUNCT
cblr-14238	257	16	(	(	PUNCT
cblr-14238	257	17	feb	feb	PROPN
cblr-14238	257	18	.	.	PROPN
cblr-14238	257	19	10	10	NUM
cblr-14238	257	20	,	,	PUNCT
cblr-14238	257	21	2023	2023	NUM
cblr-14238	257	22	)	)	PUNCT
cblr-14238	257	23	.	.	PUNCT
cblr-14238	258	1	no	no	INTJ
cblr-14238	258	2	.	.	NOUN
cblr-14238	258	3	2	2	NUM
cblr-14238	258	4	]	]	PUNCT
cblr-14238	258	5	regulation	regulation	NOUN
cblr-14238	258	6	by	by	ADP
cblr-14238	258	7	indexation	indexation	NOUN
cblr-14238	258	8	?	?	PUNCT
cblr-14238	259	1	733	733	NUM
cblr-14238	259	2	while	while	SCONJ
cblr-14238	259	3	investing	invest	VERB
cblr-14238	259	4	in	in	ADP
cblr-14238	259	5	an	an	DET
cblr-14238	259	6	index	index	NOUN
cblr-14238	259	7	is	be	AUX
cblr-14238	259	8	a	a	DET
cblr-14238	259	9	passive	passive	ADJ
cblr-14238	259	10	activity	activity	NOUN
cblr-14238	259	11	,	,	PUNCT
cblr-14238	259	12	constructing	construct	VERB
cblr-14238	259	13	an	an	DET
cblr-14238	259	14	index	index	NOUN
cblr-14238	259	15	is	be	AUX
cblr-14238	259	16	anything	anything	PRON
cblr-14238	259	17	but	but	SCONJ
cblr-14238	259	18	passive.60	passive.60	PROPN
cblr-14238	259	19	index	index	NOUN
cblr-14238	259	20	providers	provider	NOUN
cblr-14238	259	21	make	make	VERB
cblr-14238	259	22	numerous	numerous	ADJ
cblr-14238	259	23	subjective	subjective	ADJ
cblr-14238	259	24	,	,	PUNCT
cblr-14238	259	25	discretionary	discretionary	ADJ
cblr-14238	259	26	decisions	decision	NOUN
cblr-14238	259	27	in	in	ADP
cblr-14238	259	28	constructing	construct	VERB
cblr-14238	259	29	an	an	DET
cblr-14238	259	30	index	index	NOUN
cblr-14238	259	31	.	.	PUNCT
cblr-14238	260	1	they	they	PRON
cblr-14238	260	2	constantly	constantly	ADV
cblr-14238	260	3	consult	consult	VERB
cblr-14238	260	4	their	their	PRON
cblr-14238	260	5	clients	client	NOUN
cblr-14238	260	6	—	—	PUNCT
cblr-14238	260	7	asset	asset	NOUN
cblr-14238	260	8	owners	owner	NOUN
cblr-14238	260	9	(	(	PUNCT
cblr-14238	260	10	e.g.	e.g.	ADV
cblr-14238	260	11	,	,	PUNCT
cblr-14238	260	12	pension	pension	NOUN
cblr-14238	260	13	funds	fund	NOUN
cblr-14238	260	14	)	)	PUNCT
cblr-14238	260	15	and	and	CCONJ
cblr-14238	260	16	asset	asset	NOUN
cblr-14238	260	17	managers	manager	NOUN
cblr-14238	260	18	(	(	PUNCT
cblr-14238	260	19	such	such	ADJ
cblr-14238	260	20	as	as	ADP
cblr-14238	260	21	blackrock	blackrock	NOUN
cblr-14238	260	22	and	and	CCONJ
cblr-14238	260	23	vanguard)—in	vanguard)—in	ADP
cblr-14238	260	24	both	both	CCONJ
cblr-14238	260	25	the	the	DET
cblr-14238	260	26	subject	subject	ADJ
cblr-14238	260	27	matter	matter	NOUN
cblr-14238	260	28	and	and	CCONJ
cblr-14238	260	29	design	design	NOUN
cblr-14238	260	30	of	of	ADP
cblr-14238	260	31	the	the	DET
cblr-14238	260	32	indices	index	NOUN
cblr-14238	260	33	they	they	PRON
cblr-14238	260	34	create	create	VERB
cblr-14238	260	35	.	.	PUNCT
cblr-14238	261	1	investors	investor	NOUN
cblr-14238	261	2	provide	provide	VERB
cblr-14238	261	3	input	input	NOUN
cblr-14238	261	4	on	on	ADP
cblr-14238	261	5	what	what	PRON
cblr-14238	261	6	kinds	kind	NOUN
cblr-14238	261	7	of	of	ADP
cblr-14238	261	8	investment	investment	NOUN
cblr-14238	261	9	exposures	exposure	NOUN
cblr-14238	261	10	are	be	AUX
cblr-14238	261	11	desired	desire	VERB
cblr-14238	261	12	and	and	CCONJ
cblr-14238	261	13	therefore	therefore	ADV
cblr-14238	261	14	what	what	DET
cblr-14238	261	15	kinds	kind	NOUN
cblr-14238	261	16	of	of	ADP
cblr-14238	261	17	investment	investment	NOUN
cblr-14238	261	18	indices	index	NOUN
cblr-14238	261	19	should	should	AUX
cblr-14238	261	20	be	be	AUX
cblr-14238	261	21	created.61	created.61	NOUN
cblr-14238	261	22	in	in	ADP
cblr-14238	261	23	establishing	establish	VERB
cblr-14238	261	24	the	the	DET
cblr-14238	261	25	criteria	criterion	NOUN
cblr-14238	261	26	for	for	SCONJ
cblr-14238	261	27	stocks	stock	NOUN
cblr-14238	261	28	to	to	PART
cblr-14238	261	29	be	be	AUX
cblr-14238	261	30	included	include	VERB
cblr-14238	261	31	in	in	ADP
cblr-14238	261	32	an	an	DET
cblr-14238	261	33	index	index	NOUN
cblr-14238	261	34	(	(	PUNCT
cblr-14238	261	35	the	the	DET
cblr-14238	261	36	“	"	PUNCT
cblr-14238	261	37	eligibility	eligibility	NOUN
cblr-14238	261	38	criteria	criterion	NOUN
cblr-14238	261	39	”	"	PUNCT
cblr-14238	261	40	)	)	PUNCT
cblr-14238	261	41	,	,	PUNCT
cblr-14238	261	42	index	index	NOUN
cblr-14238	261	43	providers	provider	NOUN
cblr-14238	261	44	typically	typically	ADV
cblr-14238	261	45	conduct	conduct	VERB
cblr-14238	261	46	a	a	DET
cblr-14238	261	47	consultation	consultation	NOUN
cblr-14238	261	48	with	with	ADP
cblr-14238	261	49	their	their	PRON
cblr-14238	261	50	customers	customer	NOUN
cblr-14238	261	51	or	or	CCONJ
cblr-14238	261	52	the	the	DET
cblr-14238	261	53	broader	broad	ADJ
cblr-14238	261	54	investment	investment	NOUN
cblr-14238	261	55	community	community	NOUN
cblr-14238	261	56	to	to	PART
cblr-14238	261	57	solicit	solicit	VERB
cblr-14238	261	58	views	view	NOUN
cblr-14238	261	59	on	on	ADP
cblr-14238	261	60	how	how	SCONJ
cblr-14238	261	61	factors	factor	NOUN
cblr-14238	261	62	should	should	AUX
cblr-14238	261	63	be	be	AUX
cblr-14238	261	64	measured	measure	VERB
cblr-14238	261	65	or	or	CCONJ
cblr-14238	261	66	which	which	DET
cblr-14238	261	67	kinds	kind	NOUN
cblr-14238	261	68	of	of	ADP
cblr-14238	261	69	companies	company	NOUN
cblr-14238	261	70	or	or	CCONJ
cblr-14238	261	71	countries	country	NOUN
cblr-14238	261	72	should	should	AUX
cblr-14238	261	73	be	be	AUX
cblr-14238	261	74	included	include	VERB
cblr-14238	261	75	in	in	ADP
cblr-14238	261	76	the	the	DET
cblr-14238	261	77	index	index	NOUN
cblr-14238	261	78	.	.	PUNCT
cblr-14238	262	1	in	in	ADP
cblr-14238	262	2	a	a	DET
cblr-14238	262	3	sense	sense	NOUN
cblr-14238	262	4	,	,	PUNCT
cblr-14238	262	5	the	the	DET
cblr-14238	262	6	index	index	NOUN
cblr-14238	262	7	providers	provider	NOUN
cblr-14238	262	8	are	be	AUX
cblr-14238	262	9	a	a	DET
cblr-14238	262	10	voice	voice	NOUN
cblr-14238	262	11	for	for	ADP
cblr-14238	262	12	the	the	DET
cblr-14238	262	13	international	international	ADJ
cblr-14238	262	14	institutional	institutional	ADJ
cblr-14238	262	15	investor	investor	NOUN
cblr-14238	262	16	community.62	community.62	NOUN
cblr-14238	262	17	index	index	NOUN
cblr-14238	262	18	providers	provider	NOUN
cblr-14238	262	19	are	be	AUX
cblr-14238	262	20	increasingly	increasingly	ADV
cblr-14238	262	21	articulating	articulate	VERB
cblr-14238	262	22	the	the	DET
cblr-14238	262	23	policy	policy	NOUN
cblr-14238	262	24	preferences	preference	NOUN
cblr-14238	262	25	as	as	ADV
cblr-14238	262	26	well	well	ADV
cblr-14238	262	27	as	as	ADP
cblr-14238	262	28	the	the	DET
cblr-14238	262	29	investment	investment	NOUN
cblr-14238	262	30	preferences	preference	NOUN
cblr-14238	262	31	of	of	ADP
cblr-14238	262	32	institutional	institutional	ADJ
cblr-14238	262	33	investors	investor	NOUN
cblr-14238	262	34	by	by	ADP
cblr-14238	262	35	establishing	establish	VERB
cblr-14238	262	36	index	index	NOUN
cblr-14238	262	37	inclusion	inclusion	NOUN
cblr-14238	262	38	eligibility	eligibility	NOUN
cblr-14238	262	39	rules	rule	NOUN
cblr-14238	262	40	that	that	PRON
cblr-14238	262	41	reflect	reflect	VERB
cblr-14238	262	42	the	the	DET
cblr-14238	262	43	policy	policy	NOUN
cblr-14238	262	44	preferences	preference	NOUN
cblr-14238	262	45	of	of	ADP
cblr-14238	262	46	institutional	institutional	ADJ
cblr-14238	262	47	investors	investor	NOUN
cblr-14238	262	48	.	.	PUNCT
cblr-14238	263	1	c.	c.	NOUN
cblr-14238	263	2	indexes	index	VERB
cblr-14238	263	3	1	1	NUM
cblr-14238	263	4	.	.	PUNCT
cblr-14238	263	5	benchmark	benchmark	NOUN
cblr-14238	263	6	equity	equity	NOUN
cblr-14238	263	7	indices	index	NOUN
cblr-14238	263	8	—	—	PUNCT
cblr-14238	263	9	including	include	VERB
cblr-14238	263	10	the	the	DET
cblr-14238	263	11	s&p	s&p	PROPN
cblr-14238	263	12	500	500	NUM
cblr-14238	263	13	popular	popular	ADJ
cblr-14238	263	14	benchmark	benchmark	NOUN
cblr-14238	263	15	equity	equity	NOUN
cblr-14238	263	16	indices	index	NOUN
cblr-14238	263	17	such	such	ADJ
cblr-14238	263	18	as	as	ADP
cblr-14238	263	19	the	the	DET
cblr-14238	263	20	s&p	s&p	PROPN
cblr-14238	263	21	500	500	NUM
cblr-14238	263	22	and	and	CCONJ
cblr-14238	263	23	the	the	DET
cblr-14238	263	24	russell	russell	PROPN
cblr-14238	263	25	2000	2000	NUM
cblr-14238	263	26	permit	permit	VERB
cblr-14238	263	27	investors	investor	NOUN
cblr-14238	263	28	to	to	PART
cblr-14238	263	29	obtain	obtain	VERB
cblr-14238	263	30	exposure	exposure	NOUN
cblr-14238	263	31	to	to	ADP
cblr-14238	263	32	a	a	DET
cblr-14238	263	33	broad	broad	ADJ
cblr-14238	263	34	swath	swath	NOUN
cblr-14238	263	35	of	of	ADP
cblr-14238	263	36	the	the	DET
cblr-14238	263	37	u.s	u.s	PROPN
cblr-14238	263	38	.	.	PROPN
cblr-14238	263	39	equity	equity	NOUN
cblr-14238	263	40	market	market	NOUN
cblr-14238	263	41	.	.	PUNCT
cblr-14238	264	1	s&p	s&p	PROPN
cblr-14238	264	2	states	state	VERB
cblr-14238	264	3	that	that	SCONJ
cblr-14238	264	4	the	the	DET
cblr-14238	264	5	s&p	s&p	PROPN
cblr-14238	264	6	500	500	NUM
cblr-14238	264	7	,	,	PUNCT
cblr-14238	264	8	which	which	PRON
cblr-14238	264	9	measures	measure	VERB
cblr-14238	264	10	the	the	DET
cblr-14238	264	11	performance	performance	NOUN
cblr-14238	264	12	of	of	ADP
cblr-14238	264	13	approximately	approximately	ADV
cblr-14238	264	14	500	500	NUM
cblr-14238	264	15	companies	company	NOUN
cblr-14238	264	16	in	in	ADP
cblr-14238	264	17	the	the	DET
cblr-14238	264	18	large	large	ADJ
cblr-14238	264	19	-	-	PUNCT
cblr-14238	264	20	cap	cap	NOUN
cblr-14238	264	21	segment	segment	NOUN
cblr-14238	264	22	of	of	ADP
cblr-14238	264	23	the	the	DET
cblr-14238	264	24	u.s	u.s	PROPN
cblr-14238	264	25	.	.	PROPN
cblr-14238	264	26	market	market	NOUN
cblr-14238	264	27	,	,	PUNCT
cblr-14238	264	28	is	be	AUX
cblr-14238	264	29	60	60	NUM
cblr-14238	264	30	robertson	robertson	PROPN
cblr-14238	264	31	,	,	PUNCT
cblr-14238	264	32	supra	supra	PROPN
cblr-14238	264	33	note	note	PROPN
cblr-14238	264	34	37	37	NUM
cblr-14238	264	35	,	,	PUNCT
cblr-14238	264	36	at	at	ADP
cblr-14238	264	37	797–98	797–98	PROPN
cblr-14238	264	38	.	.	PUNCT
cblr-14238	265	1	61	61	NUM
cblr-14238	265	2	jenna	jenna	PROPN
cblr-14238	265	3	mccarthy	mccarthy	PROPN
cblr-14238	265	4	,	,	PUNCT
cblr-14238	265	5	note	note	NOUN
cblr-14238	265	6	,	,	PUNCT
cblr-14238	265	7	benchmarking	benchmarke	VERB
cblr-14238	265	8	the	the	DET
cblr-14238	265	9	world	world	NOUN
cblr-14238	265	10	:	:	PUNCT
cblr-14238	265	11	a	a	DET
cblr-14238	265	12	proposal	proposal	NOUN
cblr-14238	265	13	for	for	ADP
cblr-14238	265	14	regulatory	regulatory	ADJ
cblr-14238	265	15	oversight	oversight	NOUN
cblr-14238	265	16	of	of	ADP
cblr-14238	265	17	index	index	NOUN
cblr-14238	265	18	providers	provider	NOUN
cblr-14238	265	19	,	,	PUNCT
cblr-14238	265	20	51	51	NUM
cblr-14238	265	21	vand	vand	NOUN
cblr-14238	265	22	.	.	PUNCT
cblr-14238	266	1	j.	j.	PROPN
cblr-14238	266	2	transnat’l	transnat’l	PROPN
cblr-14238	266	3	l.	l.	PROPN
cblr-14238	266	4	1191	1191	NUM
cblr-14238	266	5	,	,	PUNCT
cblr-14238	266	6	1191	1191	NUM
cblr-14238	266	7	,	,	PUNCT
cblr-14238	266	8	1223	1223	NUM
cblr-14238	266	9	(	(	PUNCT
cblr-14238	266	10	2018	2018	NUM
cblr-14238	266	11	)	)	PUNCT
cblr-14238	266	12	.	.	PUNCT
cblr-14238	267	1	62	62	NUM
cblr-14238	267	2	matt	matt	PROPN
cblr-14238	267	3	levine	levine	PROPN
cblr-14238	267	4	,	,	PUNCT
cblr-14238	267	5	iss	iss	PROPN
cblr-14238	267	6	knows	know	VERB
cblr-14238	267	7	how	how	SCONJ
cblr-14238	267	8	investors	investor	NOUN
cblr-14238	267	9	want	want	VERB
cblr-14238	267	10	to	to	PART
cblr-14238	267	11	vote	vote	VERB
cblr-14238	267	12	,	,	PUNCT
cblr-14238	267	13	bloomberg	bloomberg	PROPN
cblr-14238	267	14	view	view	NOUN
cblr-14238	267	15	:	:	PUNCT
cblr-14238	267	16	money	money	NOUN
cblr-14238	267	17	stuff	stuff	NOUN
cblr-14238	267	18	(	(	PUNCT
cblr-14238	267	19	jan	jan	PROPN
cblr-14238	267	20	.	.	PROPN
cblr-14238	267	21	30	30	NUM
cblr-14238	267	22	,	,	PUNCT
cblr-14238	267	23	2018	2018	NUM
cblr-14238	267	24	,	,	PUNCT
cblr-14238	267	25	7:05	7:05	NUM
cblr-14238	267	26	am	be	AUX
cblr-14238	267	27	pst	pst	ADJ
cblr-14238	267	28	)	)	PUNCT
cblr-14238	267	29	(	(	PUNCT
cblr-14238	267	30	on	on	ADP
cblr-14238	267	31	file	file	NOUN
cblr-14238	267	32	with	with	ADP
cblr-14238	267	33	the	the	DET
cblr-14238	267	34	columbia	columbia	PROPN
cblr-14238	267	35	business	business	PROPN
cblr-14238	267	36	law	law	PROPN
cblr-14238	267	37	review	review	PROPN
cblr-14238	267	38	)	)	PUNCT
cblr-14238	267	39	.	.	PUNCT
cblr-14238	268	1	734	734	NUM
cblr-14238	268	2	columbia	columbia	PROPN
cblr-14238	268	3	business	business	NOUN
cblr-14238	268	4	law	law	PROPN
cblr-14238	268	5	review	review	NOUN
cblr-14238	268	6	[	[	X
cblr-14238	268	7	vol	vol	NOUN
cblr-14238	268	8	.	.	NOUN
cblr-14238	268	9	2024	2024	NUM
cblr-14238	268	10	“	"	PUNCT
cblr-14238	268	11	considered	consider	VERB
cblr-14238	268	12	a	a	DET
cblr-14238	268	13	proxy	proxy	NOUN
cblr-14238	268	14	for	for	ADP
cblr-14238	268	15	the	the	DET
cblr-14238	268	16	u.s	u.s	PROPN
cblr-14238	268	17	.	.	PROPN
cblr-14238	268	18	market	market	NOUN
cblr-14238	268	19	.	.	PUNCT
cblr-14238	269	1	”63	”63	PROPN
cblr-14238	269	2	ftse	ftse	PROPN
cblr-14238	269	3	russell	russell	PROPN
cblr-14238	269	4	claims	claim	VERB
cblr-14238	269	5	that	that	SCONJ
cblr-14238	269	6	the	the	DET
cblr-14238	269	7	russell	russell	PROPN
cblr-14238	269	8	2000	2000	NUM
cblr-14238	269	9	,	,	PUNCT
cblr-14238	269	10	which	which	PRON
cblr-14238	269	11	measures	measure	VERB
cblr-14238	269	12	the	the	DET
cblr-14238	269	13	performance	performance	NOUN
cblr-14238	269	14	of	of	ADP
cblr-14238	269	15	approximately	approximately	ADV
cblr-14238	269	16	2000	2000	NUM
cblr-14238	269	17	small	small	ADJ
cblr-14238	269	18	-	-	PUNCT
cblr-14238	269	19	cap	cap	NOUN
cblr-14238	269	20	u.s	u.s	PROPN
cblr-14238	269	21	.	.	PROPN
cblr-14238	269	22	equities	equity	NOUN
cblr-14238	269	23	and	and	CCONJ
cblr-14238	269	24	has	have	VERB
cblr-14238	269	25	usd	usd	PROPN
cblr-14238	269	26	$	$	SYM
cblr-14238	269	27	1.674	1.674	NUM
cblr-14238	269	28	trillion	trillion	NUM
cblr-14238	269	29	benchmarked	benchmarke	VERB
cblr-14238	269	30	to	to	ADP
cblr-14238	269	31	its	its	PRON
cblr-14238	269	32	returns	return	NOUN
cblr-14238	269	33	,	,	PUNCT
cblr-14238	269	34	is	be	AUX
cblr-14238	269	35	“	"	PUNCT
cblr-14238	269	36	the	the	DET
cblr-14238	269	37	leading	lead	VERB
cblr-14238	269	38	small	small	ADJ
cblr-14238	269	39	-	-	PUNCT
cblr-14238	269	40	cap	cap	NOUN
cblr-14238	269	41	index	index	NOUN
cblr-14238	269	42	among	among	ADP
cblr-14238	269	43	sophisticated	sophisticated	ADJ
cblr-14238	269	44	investors	investor	NOUN
cblr-14238	269	45	.	.	PUNCT
cblr-14238	270	1	”64	”64	VERB
cblr-14238	270	2	the	the	DET
cblr-14238	270	3	msci	msci	PROPN
cblr-14238	270	4	acwi	acwi	VERB
cblr-14238	270	5	index	index	NOUN
cblr-14238	270	6	,	,	PUNCT
cblr-14238	270	7	msci	msci	PROPN
cblr-14238	270	8	’s	’s	PART
cblr-14238	270	9	flagship	flagship	PROPN
cblr-14238	270	10	global	global	PROPN
cblr-14238	270	11	equity	equity	NOUN
cblr-14238	270	12	benchmark	benchmark	NOUN
cblr-14238	270	13	,	,	PUNCT
cblr-14238	270	14	is	be	AUX
cblr-14238	270	15	designed	design	VERB
cblr-14238	270	16	to	to	PART
cblr-14238	270	17	represent	represent	VERB
cblr-14238	270	18	performance	performance	NOUN
cblr-14238	270	19	of	of	ADP
cblr-14238	270	20	the	the	DET
cblr-14238	270	21	full	full	ADJ
cblr-14238	270	22	opportunity	opportunity	NOUN
cblr-14238	270	23	set	set	NOUN
cblr-14238	270	24	of	of	ADP
cblr-14238	270	25	largeand	largeand	ADJ
cblr-14238	270	26	mid	mid	ADJ
cblr-14238	270	27	-	-	NOUN
cblr-14238	270	28	cap	cap	ADJ
cblr-14238	270	29	stocks	stock	NOUN
cblr-14238	270	30	across	across	ADP
cblr-14238	270	31	23	23	NUM
cblr-14238	270	32	developed	developed	ADJ
cblr-14238	270	33	and	and	CCONJ
cblr-14238	270	34	24	24	NUM
cblr-14238	270	35	emerging	emerge	VERB
cblr-14238	270	36	markets	market	NOUN
cblr-14238	270	37	around	around	ADP
cblr-14238	270	38	the	the	DET
cblr-14238	270	39	world	world	NOUN
cblr-14238	270	40	.	.	PUNCT
cblr-14238	271	1	as	as	ADP
cblr-14238	271	2	of	of	ADP
cblr-14238	271	3	march	march	PROPN
cblr-14238	271	4	2018	2018	NUM
cblr-14238	271	5	,	,	PUNCT
cblr-14238	271	6	it	it	PRON
cblr-14238	271	7	covered	cover	VERB
cblr-14238	271	8	more	more	ADJ
cblr-14238	271	9	than	than	ADP
cblr-14238	271	10	2,400	2,400	NUM
cblr-14238	271	11	constituents	constituent	NOUN
cblr-14238	271	12	across	across	ADP
cblr-14238	271	13	11	11	NUM
cblr-14238	271	14	sectors	sector	NOUN
cblr-14238	271	15	and	and	CCONJ
cblr-14238	271	16	represented	represent	VERB
cblr-14238	271	17	approximately	approximately	ADV
cblr-14238	271	18	85	85	NUM
cblr-14238	271	19	%	%	NOUN
cblr-14238	271	20	of	of	ADP
cblr-14238	271	21	the	the	DET
cblr-14238	271	22	free	free	ADJ
cblr-14238	271	23	float	float	NOUN
cblr-14238	271	24	adjusted	adjust	VERB
cblr-14238	271	25	market	market	NOUN
cblr-14238	271	26	capitalization	capitalization	NOUN
cblr-14238	271	27	in	in	ADP
cblr-14238	271	28	each	each	DET
cblr-14238	271	29	market.65	market.65	ADJ
cblr-14238	271	30	2	2	NUM
cblr-14238	271	31	.	.	PUNCT
cblr-14238	271	32	factor	factor	NOUN
cblr-14238	271	33	indices	index	NOUN
cblr-14238	271	34	—	—	PUNCT
cblr-14238	271	35	including	include	VERB
cblr-14238	271	36	esg	esg	PROPN
cblr-14238	271	37	indices	index	NOUN
cblr-14238	271	38	indices	index	NOUN
cblr-14238	271	39	can	can	AUX
cblr-14238	271	40	also	also	ADV
cblr-14238	271	41	be	be	AUX
cblr-14238	271	42	compiled	compile	VERB
cblr-14238	271	43	according	accord	VERB
cblr-14238	271	44	to	to	ADP
cblr-14238	271	45	methodologies	methodology	NOUN
cblr-14238	271	46	and	and	CCONJ
cblr-14238	271	47	eligibility	eligibility	NOUN
cblr-14238	271	48	criteria	criterion	NOUN
cblr-14238	271	49	that	that	PRON
cblr-14238	271	50	extend	extend	VERB
cblr-14238	271	51	beyond	beyond	ADP
cblr-14238	271	52	traditional	traditional	ADJ
cblr-14238	271	53	equity	equity	NOUN
cblr-14238	271	54	indices	index	NOUN
cblr-14238	271	55	.	.	PUNCT
cblr-14238	272	1	such	such	ADJ
cblr-14238	272	2	traditional	traditional	ADJ
cblr-14238	272	3	indices	index	NOUN
cblr-14238	272	4	weight	weight	NOUN
cblr-14238	272	5	stocks	stock	NOUN
cblr-14238	272	6	by	by	ADP
cblr-14238	272	7	marketcapitalization	marketcapitalization	NOUN
cblr-14238	272	8	.	.	PUNCT
cblr-14238	273	1	but	but	CCONJ
cblr-14238	273	2	other	other	ADJ
cblr-14238	273	3	indices	index	NOUN
cblr-14238	273	4	may	may	AUX
cblr-14238	273	5	opt	opt	VERB
cblr-14238	273	6	to	to	ADP
cblr-14238	273	7	weight	weight	NOUN
cblr-14238	273	8	stocks	stock	NOUN
cblr-14238	273	9	equally	equally	ADV
cblr-14238	273	10	;	;	PUNCT
cblr-14238	273	11	by	by	ADP
cblr-14238	273	12	price	price	NOUN
cblr-14238	273	13	;	;	PUNCT
cblr-14238	273	14	according	accord	VERB
cblr-14238	273	15	to	to	ADP
cblr-14238	273	16	fundamental	fundamental	ADJ
cblr-14238	273	17	metrics	metric	NOUN
cblr-14238	273	18	;	;	PUNCT
cblr-14238	273	19	or	or	CCONJ
cblr-14238	273	20	other	other	ADJ
cblr-14238	273	21	factors	factor	NOUN
cblr-14238	273	22	,	,	PUNCT
cblr-14238	273	23	such	such	ADJ
cblr-14238	273	24	as	as	ADP
cblr-14238	273	25	growth	growth	NOUN
cblr-14238	273	26	,	,	PUNCT
cblr-14238	273	27	value	value	NOUN
cblr-14238	273	28	,	,	PUNCT
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cblr-14238	273	30	and	and	CCONJ
cblr-14238	273	31	other	other	ADJ
cblr-14238	273	32	investment	investment	NOUN
cblr-14238	273	33	theses.66	theses.66	NOUN
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cblr-14238	273	35	strategies	strategy	NOUN
cblr-14238	273	36	have	have	AUX
cblr-14238	273	37	generated	generate	VERB
cblr-14238	273	38	increased	increase	VERB
cblr-14238	273	39	interest	interest	NOUN
cblr-14238	273	40	as	as	SCONJ
cblr-14238	273	41	investors	investor	NOUN
cblr-14238	273	42	try	try	VERB
cblr-14238	273	43	to	to	PART
cblr-14238	273	44	implement	implement	VERB
cblr-14238	273	45	investment	investment	NOUN
cblr-14238	273	46	exposures	exposure	NOUN
cblr-14238	273	47	that	that	SCONJ
cblr-14238	273	48	63	63	NUM
cblr-14238	273	49	s&p	s&p	PROPN
cblr-14238	273	50	dow	dow	PROPN
cblr-14238	273	51	jones	jones	PROPN
cblr-14238	273	52	indices	index	NOUN
cblr-14238	273	53	,	,	PUNCT
cblr-14238	273	54	s&p	s&p	PROPN
cblr-14238	273	55	u.s	u.s	PROPN
cblr-14238	273	56	.	.	PROPN
cblr-14238	273	57	indices	indices	PROPN
cblr-14238	273	58	methodology	methodology	NOUN
cblr-14238	273	59	4	4	NUM
cblr-14238	273	60	(	(	PUNCT
cblr-14238	273	61	2024	2024	NUM
cblr-14238	273	62	)	)	PUNCT
cblr-14238	273	63	,	,	PUNCT
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cblr-14238	273	65	[	[	X
cblr-14238	273	66	https://perma.cc/xf2j-cbsg	https://perma.cc/xf2j-cbsg	SYM
cblr-14238	273	67	]	]	X
cblr-14238	273	68	.	.	PUNCT
cblr-14238	274	1	64	64	NUM
cblr-14238	274	2	russell	russell	PROPN
cblr-14238	274	3	us	us	PROPN
cblr-14238	274	4	indices	indice	VERB
cblr-14238	274	5	:	:	PUNCT
cblr-14238	274	6	russell	russell	PROPN
cblr-14238	274	7	2000	2000	NUM
cblr-14238	274	8	(	(	PUNCT
cblr-14238	274	9	factsheet	factsheet	NOUN
cblr-14238	274	10	)	)	PUNCT
cblr-14238	274	11	,	,	PUNCT
cblr-14238	274	12	ftse	ftse	PROPN
cblr-14238	274	13	russell	russell	PROPN
cblr-14238	274	14	(	(	PUNCT
cblr-14238	274	15	aug	aug	PROPN
cblr-14238	274	16	.	.	PROPN
cblr-14238	274	17	31	31	NUM
cblr-14238	274	18	,	,	PUNCT
cblr-14238	274	19	2024	2024	NUM
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cblr-14238	274	21	,	,	PUNCT
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cblr-14238	275	1	[	[	X
cblr-14238	275	2	https://perma.cc/cq8y-3nff	https://perma.cc/cq8y-3nff	PROPN
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cblr-14238	275	4	.	.	PUNCT
cblr-14238	276	1	65	65	NUM
cblr-14238	276	2	msci	msci	PROPN
cblr-14238	276	3	,	,	PUNCT
cblr-14238	276	4	acwi	acwi	VERB
cblr-14238	276	5	:	:	PUNCT
cblr-14238	276	6	it	it	PRON
cblr-14238	276	7	only	only	ADV
cblr-14238	276	8	takes	take	VERB
cblr-14238	276	9	one	one	NUM
cblr-14238	276	10	index	index	NOUN
cblr-14238	276	11	to	to	PART
cblr-14238	276	12	capture	capture	VERB
cblr-14238	276	13	the	the	DET
cblr-14238	276	14	world	world	NOUN
cblr-14238	276	15	2	2	NUM
cblr-14238	276	16	(	(	PUNCT
cblr-14238	276	17	2018	2018	NUM
cblr-14238	276	18	)	)	PUNCT
cblr-14238	276	19	(	(	PUNCT
cblr-14238	276	20	on	on	ADP
cblr-14238	276	21	file	file	NOUN
cblr-14238	276	22	with	with	ADP
cblr-14238	276	23	the	the	DET
cblr-14238	276	24	columbia	columbia	PROPN
cblr-14238	276	25	business	business	PROPN
cblr-14238	276	26	law	law	PROPN
cblr-14238	276	27	review	review	PROPN
cblr-14238	276	28	)	)	PUNCT
cblr-14238	276	29	.	.	PUNCT
cblr-14238	277	1	66	66	NUM
cblr-14238	277	2	investment	investment	NOUN
cblr-14238	277	3	strategies	strategy	NOUN
cblr-14238	277	4	focusing	focus	VERB
cblr-14238	277	5	on	on	ADP
cblr-14238	277	6	the	the	DET
cblr-14238	277	7	size	size	NOUN
cblr-14238	277	8	of	of	ADP
cblr-14238	277	9	issuers	issuer	NOUN
cblr-14238	277	10	and	and	CCONJ
cblr-14238	277	11	style	style	NOUN
cblr-14238	277	12	of	of	ADP
cblr-14238	277	13	investment	investment	NOUN
cblr-14238	277	14	—	—	PUNCT
cblr-14238	277	15	such	such	ADJ
cblr-14238	277	16	as	as	ADP
cblr-14238	277	17	small	small	ADJ
cblr-14238	277	18	-	-	PUNCT
cblr-14238	277	19	cap	cap	NOUN
cblr-14238	277	20	and	and	CCONJ
cblr-14238	277	21	“	"	PUNCT
cblr-14238	277	22	value	value	NOUN
cblr-14238	277	23	”	"	PUNCT
cblr-14238	277	24	stocks	stock	NOUN
cblr-14238	277	25	—	—	PUNCT
cblr-14238	277	26	have	have	AUX
cblr-14238	277	27	been	be	AUX
cblr-14238	277	28	used	use	VERB
cblr-14238	277	29	by	by	ADP
cblr-14238	277	30	investors	investor	NOUN
cblr-14238	277	31	for	for	ADP
cblr-14238	277	32	decades	decade	NOUN
cblr-14238	277	33	,	,	PUNCT
cblr-14238	277	34	based	base	VERB
cblr-14238	277	35	on	on	ADP
cblr-14238	277	36	the	the	DET
cblr-14238	277	37	work	work	NOUN
cblr-14238	277	38	of	of	ADP
cblr-14238	277	39	benjamin	benjamin	PROPN
cblr-14238	277	40	graham	graham	PROPN
cblr-14238	277	41	and	and	CCONJ
cblr-14238	277	42	david	david	PROPN
cblr-14238	277	43	dodd	dodd	PROPN
cblr-14238	277	44	in	in	ADP
cblr-14238	277	45	the	the	DET
cblr-14238	277	46	1930s	1930s	NUM
cblr-14238	277	47	.	.	PUNCT
cblr-14238	278	1	blackrock	blackrock	NOUN
cblr-14238	278	2	,	,	PUNCT
cblr-14238	278	3	index	index	NOUN
cblr-14238	278	4	investing	investing	NOUN
cblr-14238	278	5	supports	support	VERB
cblr-14238	278	6	vibrant	vibrant	ADJ
cblr-14238	278	7	capital	capital	NOUN
cblr-14238	278	8	markets	market	NOUN
cblr-14238	278	9	4	4	NUM
cblr-14238	278	10	(	(	PUNCT
cblr-14238	278	11	2017	2017	NUM
cblr-14238	278	12	)	)	PUNCT
cblr-14238	278	13	,	,	PUNCT
cblr-14238	278	14	https://www.blackrock.com/corporate/literature/whitepaper/viewpointindex-investing-supports-vibrant-capital-markets-oct-2017.pdf	https://www.blackrock.com/corporate/literature/whitepaper/viewpointindex-investing-supports-vibrant-capital-markets-oct-2017.pdf	PROPN
cblr-14238	278	15	.	.	PUNCT
cblr-14238	279	1	indices	index	NOUN
cblr-14238	279	2	focused	focus	VERB
cblr-14238	279	3	on	on	ADP
cblr-14238	279	4	other	other	ADJ
cblr-14238	279	5	factors	factor	NOUN
cblr-14238	279	6	are	be	AUX
cblr-14238	279	7	relatively	relatively	ADV
cblr-14238	279	8	new	new	ADJ
cblr-14238	279	9	,	,	PUNCT
cblr-14238	279	10	however	however	ADV
cblr-14238	279	11	.	.	PUNCT
cblr-14238	280	1	andrew	andrew	PROPN
cblr-14238	280	2	ang	ang	PROPN
cblr-14238	280	3	,	,	PUNCT
cblr-14238	280	4	asset	asset	NOUN
cblr-14238	280	5	management	management	NOUN
cblr-14238	280	6	:	:	PUNCT
cblr-14238	280	7	a	a	DET
cblr-14238	280	8	systematic	systematic	ADJ
cblr-14238	280	9	approach	approach	NOUN
cblr-14238	280	10	to	to	ADP
cblr-14238	280	11	factor	factor	NOUN
cblr-14238	280	12	investing	investing	NOUN
cblr-14238	280	13	(	(	PUNCT
cblr-14238	280	14	2014	2014	NUM
cblr-14238	280	15	)	)	PUNCT
cblr-14238	280	16	.	.	PUNCT
cblr-14238	281	1	no	no	INTJ
cblr-14238	281	2	.	.	NOUN
cblr-14238	281	3	2	2	NUM
cblr-14238	281	4	]	]	PUNCT
cblr-14238	281	5	regulation	regulation	NOUN
cblr-14238	281	6	by	by	ADP
cblr-14238	281	7	indexation	indexation	NOUN
cblr-14238	281	8	?	?	PUNCT
cblr-14238	282	1	735	735	NUM
cblr-14238	282	2	target	target	NOUN
cblr-14238	282	3	risk	risk	NOUN
cblr-14238	282	4	and	and	CCONJ
cblr-14238	282	5	return	return	VERB
cblr-14238	282	6	profiles	profile	NOUN
cblr-14238	282	7	that	that	PRON
cblr-14238	282	8	differ	differ	VERB
cblr-14238	282	9	from	from	ADP
cblr-14238	282	10	traditional	traditional	ADJ
cblr-14238	282	11	market	market	NOUN
cblr-14238	282	12	capitalization	capitalization	NOUN
cblr-14238	282	13	indices.67	indices.67	VERB
cblr-14238	282	14	the	the	DET
cblr-14238	282	15	index	index	NOUN
cblr-14238	282	16	providers	provider	NOUN
cblr-14238	282	17	determine	determine	VERB
cblr-14238	282	18	which	which	PRON
cblr-14238	282	19	companies	company	NOUN
cblr-14238	282	20	should	should	AUX
cblr-14238	282	21	be	be	AUX
cblr-14238	282	22	included	include	VERB
cblr-14238	282	23	in	in	ADP
cblr-14238	282	24	a	a	DET
cblr-14238	282	25	factor	factor	NOUN
cblr-14238	282	26	index	index	NOUN
cblr-14238	282	27	based	base	VERB
cblr-14238	282	28	on	on	ADP
cblr-14238	282	29	the	the	DET
cblr-14238	282	30	extent	extent	NOUN
cblr-14238	282	31	to	to	PART
cblr-14238	282	32	which	which	PRON
cblr-14238	282	33	they	they	PRON
cblr-14238	282	34	satisfy	satisfy	VERB
cblr-14238	282	35	the	the	DET
cblr-14238	282	36	relevant	relevant	ADJ
cblr-14238	282	37	investment	investment	NOUN
cblr-14238	282	38	theme	theme	NOUN
cblr-14238	282	39	,	,	PUNCT
cblr-14238	282	40	or	or	CCONJ
cblr-14238	282	41	factor	factor	NOUN
cblr-14238	282	42	.	.	PUNCT
cblr-14238	283	1	deciding	decide	VERB
cblr-14238	283	2	upon	upon	SCONJ
cblr-14238	283	3	and	and	CCONJ
cblr-14238	283	4	designing	design	VERB
cblr-14238	283	5	the	the	DET
cblr-14238	283	6	criteria	criterion	NOUN
cblr-14238	283	7	for	for	ADP
cblr-14238	283	8	a	a	DET
cblr-14238	283	9	factor	factor	NOUN
cblr-14238	283	10	fund	fund	NOUN
cblr-14238	283	11	is	be	AUX
cblr-14238	283	12	an	an	DET
cblr-14238	283	13	active	active	ADJ
cblr-14238	283	14	investment	investment	NOUN
cblr-14238	283	15	activity	activity	NOUN
cblr-14238	283	16	,	,	PUNCT
cblr-14238	283	17	but	but	CCONJ
cblr-14238	283	18	once	once	SCONJ
cblr-14238	283	19	the	the	DET
cblr-14238	283	20	criteria	criterion	NOUN
cblr-14238	283	21	are	be	AUX
cblr-14238	283	22	applied	apply	VERB
cblr-14238	283	23	and	and	CCONJ
cblr-14238	283	24	the	the	DET
cblr-14238	283	25	constituent	constituent	NOUN
cblr-14238	283	26	securities	security	NOUN
cblr-14238	283	27	for	for	ADP
cblr-14238	283	28	an	an	DET
cblr-14238	283	29	index	index	NOUN
cblr-14238	283	30	are	be	AUX
cblr-14238	283	31	chosen	choose	VERB
cblr-14238	283	32	,	,	PUNCT
cblr-14238	283	33	investors	investor	NOUN
cblr-14238	283	34	and	and	CCONJ
cblr-14238	283	35	asset	asset	NOUN
cblr-14238	283	36	managers	manager	NOUN
cblr-14238	283	37	need	need	AUX
cblr-14238	283	38	only	only	ADV
cblr-14238	283	39	copy	copy	VERB
cblr-14238	283	40	the	the	DET
cblr-14238	283	41	index	index	NOUN
cblr-14238	283	42	constituents	constituent	NOUN
cblr-14238	283	43	in	in	ADP
cblr-14238	283	44	a	a	DET
cblr-14238	283	45	passive	passive	ADJ
cblr-14238	283	46	index	index	NOUN
cblr-14238	283	47	fund	fund	NOUN
cblr-14238	283	48	.	.	PUNCT
cblr-14238	284	1	factor	factor	NOUN
cblr-14238	284	2	index	index	NOUN
cblr-14238	284	3	funds	fund	NOUN
cblr-14238	284	4	can	can	AUX
cblr-14238	284	5	be	be	AUX
cblr-14238	284	6	perceived	perceive	VERB
cblr-14238	284	7	as	as	ADP
cblr-14238	284	8	putting	put	VERB
cblr-14238	284	9	an	an	DET
cblr-14238	284	10	active	active	ADJ
cblr-14238	284	11	strategy	strategy	NOUN
cblr-14238	284	12	in	in	ADP
cblr-14238	284	13	a	a	DET
cblr-14238	284	14	passive	passive	ADJ
cblr-14238	284	15	bottle	bottle	NOUN
cblr-14238	284	16	.	.	PUNCT
cblr-14238	285	1	in	in	ADP
cblr-14238	285	2	recent	recent	ADJ
cblr-14238	285	3	years	year	NOUN
cblr-14238	285	4	,	,	PUNCT
cblr-14238	285	5	there	there	PRON
cblr-14238	285	6	has	have	AUX
cblr-14238	285	7	been	be	AUX
cblr-14238	285	8	a	a	DET
cblr-14238	285	9	significant	significant	ADJ
cblr-14238	285	10	increase	increase	NOUN
cblr-14238	285	11	in	in	ADP
cblr-14238	285	12	interest	interest	NOUN
cblr-14238	285	13	among	among	ADP
cblr-14238	285	14	institutional	institutional	ADJ
cblr-14238	285	15	investors	investor	NOUN
cblr-14238	285	16	in	in	ADP
cblr-14238	285	17	environmental	environmental	ADJ
cblr-14238	285	18	,	,	PUNCT
cblr-14238	285	19	social	social	ADJ
cblr-14238	285	20	and	and	CCONJ
cblr-14238	285	21	governance	governance	NOUN
cblr-14238	285	22	(	(	PUNCT
cblr-14238	285	23	“	"	PUNCT
cblr-14238	285	24	esg	esg	PROPN
cblr-14238	285	25	”	"	PUNCT
cblr-14238	285	26	)	)	PUNCT
cblr-14238	285	27	factors	factor	NOUN
cblr-14238	285	28	in	in	ADP
cblr-14238	285	29	investing.68	investing.68	PROPN
cblr-14238	285	30	this	this	PRON
cblr-14238	285	31	is	be	AUX
cblr-14238	285	32	related	relate	VERB
cblr-14238	285	33	in	in	ADP
cblr-14238	285	34	part	part	NOUN
cblr-14238	285	35	to	to	ADP
cblr-14238	285	36	increased	increase	VERB
cblr-14238	285	37	demands	demand	NOUN
cblr-14238	285	38	on	on	ADP
cblr-14238	285	39	asset	asset	NOUN
cblr-14238	285	40	owners	owner	NOUN
cblr-14238	285	41	and	and	CCONJ
cblr-14238	285	42	asset	asset	NOUN
cblr-14238	285	43	managers	manager	NOUN
cblr-14238	285	44	to	to	PART
cblr-14238	285	45	engage	engage	VERB
cblr-14238	285	46	in	in	ADP
cblr-14238	285	47	greater	great	ADJ
cblr-14238	285	48	investment	investment	NOUN
cblr-14238	285	49	stewardship.69	stewardship.69	NOUN
cblr-14238	285	50	although	although	SCONJ
cblr-14238	285	51	government	government	NOUN
cblr-14238	285	52	and	and	CCONJ
cblr-14238	285	53	private	private	ADJ
cblr-14238	285	54	efforts	effort	NOUN
cblr-14238	285	55	to	to	PART
cblr-14238	285	56	promote	promote	VERB
cblr-14238	285	57	stewardship	stewardship	NOUN
cblr-14238	285	58	are	be	AUX
cblr-14238	285	59	important	important	ADJ
cblr-14238	285	60	,	,	PUNCT
cblr-14238	285	61	client	client	NOUN
cblr-14238	285	62	demand	demand	NOUN
cblr-14238	285	63	is	be	AUX
cblr-14238	285	64	the	the	DET
cblr-14238	285	65	factor	factor	NOUN
cblr-14238	285	66	asset	asset	NOUN
cblr-14238	285	67	managers	manager	NOUN
cblr-14238	285	68	cite	cite	VERB
cblr-14238	285	69	most	most	ADV
cblr-14238	285	70	frequently	frequently	ADV
cblr-14238	285	71	for	for	ADP
cblr-14238	285	72	increasing	increase	VERB
cblr-14238	285	73	the	the	DET
cblr-14238	285	74	amount	amount	NOUN
cblr-14238	285	75	of	of	ADP
cblr-14238	285	76	assets	asset	NOUN
cblr-14238	285	77	under	under	ADP
cblr-14238	285	78	management	management	NOUN
cblr-14238	285	79	incorporating	incorporate	VERB
cblr-14238	285	80	esg	esg	PROPN
cblr-14238	285	81	exposures.70	exposures.70	PROPN
cblr-14238	285	82	according	accord	VERB
cblr-14238	285	83	to	to	ADP
cblr-14238	285	84	pwc	pwc	PROPN
cblr-14238	285	85	,	,	PUNCT
cblr-14238	285	86	esg	esg	NOUN
cblr-14238	285	87	-	-	PUNCT
cblr-14238	285	88	related	relate	VERB
cblr-14238	285	89	assets	asset	NOUN
cblr-14238	285	90	under	under	ADP
cblr-14238	285	91	management	management	NOUN
cblr-14238	285	92	globally	globally	ADV
cblr-14238	285	93	are	be	AUX
cblr-14238	285	94	expected	expect	VERB
cblr-14238	285	95	to	to	PART
cblr-14238	285	96	increase	increase	VERB
cblr-14238	285	97	from	from	ADP
cblr-14238	285	98	usd	usd	NOUN
cblr-14238	285	99	$	$	SYM
cblr-14238	285	100	19.4	19.4	NUM
cblr-14238	285	101	trillion	trillion	NUM
cblr-14238	285	102	in	in	ADP
cblr-14238	285	103	2021	2021	NUM
cblr-14238	285	104	to	to	PART
cblr-14238	285	105	usd	usd	VERB
cblr-14238	285	106	$	$	SYM
cblr-14238	285	107	33.9	33.9	NUM
cblr-14238	285	108	trillion	trillion	NUM
cblr-14238	285	109	by	by	ADP
cblr-14238	285	110	2026	2026	NUM
cblr-14238	285	111	,	,	PUNCT
cblr-14238	285	112	constituting	constitute	VERB
cblr-14238	285	113	21.5	21.5	NUM
cblr-14238	285	114	%	%	NOUN
cblr-14238	285	115	of	of	ADP
cblr-14238	285	116	all	all	DET
cblr-14238	285	117	assets	asset	NOUN
cblr-14238	285	118	under	under	ADP
cblr-14238	285	119	management	management	NOUN
cblr-14238	285	120	,	,	PUNCT
cblr-14238	285	121	with	with	ADP
cblr-14238	285	122	esg	esg	NOUN
cblr-14238	285	123	assets	asset	NOUN
cblr-14238	285	124	in	in	ADP
cblr-14238	285	125	the	the	DET
cblr-14238	285	126	united	united	PROPN
cblr-14238	285	127	states	states	PROPN
cblr-14238	285	128	increasing	increase	VERB
cblr-14238	285	129	from	from	ADP
cblr-14238	285	130	usd	usd	NOUN
cblr-14238	285	131	$	$	SYM
cblr-14238	285	132	4.5	4.5	NUM
cblr-14238	285	133	trillion	trillion	NUM
cblr-14238	285	134	in	in	ADP
cblr-14238	285	135	2021	2021	NUM
cblr-14238	285	136	to	to	PART
cblr-14238	285	137	usd	usd	VERB
cblr-14238	285	138	$	$	SYM
cblr-14238	285	139	10.5	10.5	NUM
cblr-14238	285	140	trillion	trillion	NUM
cblr-14238	285	141	in	in	ADP
cblr-14238	285	142	2026.71	2026.71	NUM
cblr-14238	285	143	67	67	NUM
cblr-14238	285	144	blackrock	blackrock	NOUN
cblr-14238	285	145	,	,	PUNCT
cblr-14238	286	1	supra	supra	PROPN
cblr-14238	286	2	note	note	PROPN
cblr-14238	286	3	66	66	NUM
cblr-14238	286	4	,	,	PUNCT
cblr-14238	286	5	at	at	ADP
cblr-14238	286	6	6	6	NUM
cblr-14238	286	7	.	.	SYM
cblr-14238	286	8	68	68	NUM
cblr-14238	286	9	fink	fink	PROPN
cblr-14238	286	10	&	&	CCONJ
cblr-14238	286	11	novick	novick	PROPN
cblr-14238	286	12	,	,	PUNCT
cblr-14238	286	13	supra	supra	PROPN
cblr-14238	286	14	note	note	NOUN
cblr-14238	286	15	39	39	NUM
cblr-14238	286	16	,	,	PUNCT
cblr-14238	286	17	at	at	ADP
cblr-14238	286	18	49	49	NUM
cblr-14238	286	19	.	.	PUNCT
cblr-14238	287	1	69	69	NUM
cblr-14238	288	1	i	i	PRON
cblr-14238	288	2	d.	d.	PROPN
cblr-14238	288	3	(	(	PUNCT
cblr-14238	288	4	noting	note	VERB
cblr-14238	288	5	the	the	DET
cblr-14238	288	6	promulgation	promulgation	NOUN
cblr-14238	288	7	of	of	ADP
cblr-14238	288	8	government	government	NOUN
cblr-14238	288	9	requirements	requirement	NOUN
cblr-14238	288	10	for	for	ADP
cblr-14238	288	11	investor	investor	NOUN
cblr-14238	288	12	stewardship	stewardship	NOUN
cblr-14238	288	13	in	in	ADP
cblr-14238	288	14	the	the	DET
cblr-14238	288	15	eu	eu	PROPN
cblr-14238	288	16	,	,	PUNCT
cblr-14238	288	17	the	the	DET
cblr-14238	288	18	uk	uk	PROPN
cblr-14238	288	19	,	,	PUNCT
cblr-14238	288	20	japan	japan	PROPN
cblr-14238	288	21	and	and	CCONJ
cblr-14238	288	22	the	the	DET
cblr-14238	288	23	netherlands	netherlands	PROPN
cblr-14238	288	24	,	,	PUNCT
cblr-14238	288	25	and	and	CCONJ
cblr-14238	288	26	the	the	DET
cblr-14238	288	27	2017	2017	NUM
cblr-14238	288	28	establishment	establishment	NOUN
cblr-14238	288	29	of	of	ADP
cblr-14238	288	30	the	the	DET
cblr-14238	288	31	investor	investor	NOUN
cblr-14238	288	32	stewardship	stewardship	NOUN
cblr-14238	288	33	group	group	NOUN
cblr-14238	288	34	,	,	PUNCT
cblr-14238	288	35	with	with	ADP
cblr-14238	288	36	initial	initial	ADJ
cblr-14238	288	37	members	member	NOUN
cblr-14238	288	38	including	include	VERB
cblr-14238	288	39	all	all	DET
cblr-14238	288	40	three	three	NUM
cblr-14238	288	41	of	of	ADP
cblr-14238	288	42	the	the	DET
cblr-14238	288	43	big	big	ADJ
cblr-14238	288	44	three	three	NUM
cblr-14238	288	45	asset	asset	NOUN
cblr-14238	288	46	managers	manager	NOUN
cblr-14238	288	47	and	and	CCONJ
cblr-14238	288	48	multiple	multiple	ADJ
cblr-14238	288	49	government	government	NOUN
cblr-14238	288	50	pension	pension	NOUN
cblr-14238	288	51	funds	fund	NOUN
cblr-14238	288	52	)	)	PUNCT
cblr-14238	288	53	.	.	PUNCT
cblr-14238	289	1	70	70	NUM
cblr-14238	289	2	global	global	ADJ
cblr-14238	289	3	sustainable	sustainable	ADJ
cblr-14238	289	4	investment	investment	NOUN
cblr-14238	289	5	alliance	alliance	NOUN
cblr-14238	289	6	,	,	PUNCT
cblr-14238	289	7	global	global	ADJ
cblr-14238	289	8	sustainable	sustainable	ADJ
cblr-14238	289	9	investment	investment	NOUN
cblr-14238	289	10	review	review	NOUN
cblr-14238	289	11	2020	2020	NUM
cblr-14238	289	12	,	,	PUNCT
cblr-14238	289	13	at	at	ADP
cblr-14238	289	14	21	21	NUM
cblr-14238	289	15	(	(	PUNCT
cblr-14238	289	16	2021	2021	NUM
cblr-14238	289	17	)	)	PUNCT
cblr-14238	289	18	,	,	PUNCT
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cblr-14238	290	1	71	71	NUM
cblr-14238	290	2	pwc	pwc	NOUN
cblr-14238	290	3	,	,	PUNCT
cblr-14238	290	4	asset	asset	NOUN
cblr-14238	290	5	and	and	CCONJ
cblr-14238	290	6	wealth	wealth	NOUN
cblr-14238	290	7	management	management	NOUN
cblr-14238	290	8	revolution	revolution	PROPN
cblr-14238	290	9	2022	2022	NUM
cblr-14238	290	10	:	:	PUNCT
cblr-14238	290	11	exponential	exponential	ADJ
cblr-14238	290	12	expectations	expectation	NOUN
cblr-14238	290	13	for	for	ADP
cblr-14238	290	14	esg	esg	PROPN
cblr-14238	290	15	3–4	3–4	NUM
cblr-14238	290	16	(	(	PUNCT
cblr-14238	290	17	2022	2022	NUM
cblr-14238	290	18	)	)	PUNCT
cblr-14238	290	19	,	,	PUNCT
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cblr-14238	291	2	https://perma.cc/6llm-7k7n	https://perma.cc/6llm-7k7n	X
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cblr-14238	291	4	.	.	PUNCT
cblr-14238	292	1	736	736	NUM
cblr-14238	292	2	columbia	columbia	PROPN
cblr-14238	292	3	business	business	NOUN
cblr-14238	292	4	law	law	PROPN
cblr-14238	292	5	review	review	NOUN
cblr-14238	292	6	[	[	X
cblr-14238	292	7	vol	vol	NOUN
cblr-14238	292	8	.	.	NOUN
cblr-14238	292	9	2024	2024	NUM
cblr-14238	292	10	in	in	ADP
cblr-14238	292	11	response	response	NOUN
cblr-14238	292	12	to	to	ADP
cblr-14238	292	13	increasing	increase	VERB
cblr-14238	292	14	demand	demand	NOUN
cblr-14238	292	15	from	from	ADP
cblr-14238	292	16	investors	investor	NOUN
cblr-14238	292	17	for	for	ADP
cblr-14238	292	18	responsible	responsible	ADJ
cblr-14238	292	19	investment	investment	NOUN
cblr-14238	292	20	opportunities	opportunity	NOUN
cblr-14238	292	21	,	,	PUNCT
cblr-14238	292	22	the	the	DET
cblr-14238	292	23	index	index	NOUN
cblr-14238	292	24	providers	provider	NOUN
cblr-14238	292	25	have	have	AUX
cblr-14238	292	26	developed	develop	VERB
cblr-14238	292	27	esg	esg	PROPN
cblr-14238	292	28	indices	index	NOUN
cblr-14238	292	29	that	that	PRON
cblr-14238	292	30	include	include	VERB
cblr-14238	292	31	companies	company	NOUN
cblr-14238	292	32	with	with	ADP
cblr-14238	292	33	acceptably	acceptably	ADV
cblr-14238	292	34	high	high	ADJ
cblr-14238	292	35	scores	score	NOUN
cblr-14238	292	36	on	on	ADP
cblr-14238	292	37	complex	complex	ADJ
cblr-14238	292	38	,	,	PUNCT
cblr-14238	292	39	industry	industry	NOUN
cblr-14238	292	40	-	-	PUNCT
cblr-14238	292	41	specific	specific	ADJ
cblr-14238	292	42	esg	esg	NOUN
cblr-14238	292	43	criteria	criterion	NOUN
cblr-14238	292	44	established	establish	VERB
cblr-14238	292	45	by	by	ADP
cblr-14238	292	46	the	the	DET
cblr-14238	292	47	index	index	NOUN
cblr-14238	292	48	providers	provider	NOUN
cblr-14238	292	49	through	through	ADP
cblr-14238	292	50	consultation	consultation	NOUN
cblr-14238	292	51	with	with	ADP
cblr-14238	292	52	investors	investor	NOUN
cblr-14238	292	53	and	and	CCONJ
cblr-14238	292	54	sustainability	sustainability	NOUN
cblr-14238	292	55	experts	expert	NOUN
cblr-14238	292	56	.	.	PUNCT
cblr-14238	293	1	these	these	DET
cblr-14238	293	2	indices	index	NOUN
cblr-14238	293	3	identify	identify	VERB
cblr-14238	293	4	a	a	DET
cblr-14238	293	5	segment	segment	NOUN
cblr-14238	293	6	of	of	ADP
cblr-14238	293	7	the	the	DET
cblr-14238	293	8	investable	investable	ADJ
cblr-14238	293	9	market	market	NOUN
cblr-14238	293	10	that	that	PRON
cblr-14238	293	11	is	be	AUX
cblr-14238	293	12	deemed	deem	VERB
cblr-14238	293	13	to	to	PART
cblr-14238	293	14	be	be	AUX
cblr-14238	293	15	appropriate	appropriate	ADJ
cblr-14238	293	16	for	for	ADP
cblr-14238	293	17	responsible	responsible	ADJ
cblr-14238	293	18	investors	investor	NOUN
cblr-14238	293	19	.	.	PUNCT
cblr-14238	294	1	for	for	ADP
cblr-14238	294	2	investors	investor	NOUN
cblr-14238	294	3	with	with	ADP
cblr-14238	294	4	an	an	DET
cblr-14238	294	5	investment	investment	NOUN
cblr-14238	294	6	thesis	thesis	NOUN
cblr-14238	294	7	based	base	VERB
cblr-14238	294	8	on	on	ADP
cblr-14238	294	9	the	the	DET
cblr-14238	294	10	belief	belief	NOUN
cblr-14238	294	11	that	that	SCONJ
cblr-14238	294	12	good	good	ADJ
cblr-14238	294	13	governance	governance	NOUN
cblr-14238	294	14	leads	lead	VERB
cblr-14238	294	15	to	to	ADP
cblr-14238	294	16	better	well	ADJ
cblr-14238	294	17	returns	return	NOUN
cblr-14238	294	18	,	,	PUNCT
cblr-14238	294	19	these	these	DET
cblr-14238	294	20	indices	index	NOUN
cblr-14238	294	21	also	also	ADV
cblr-14238	294	22	provide	provide	VERB
cblr-14238	294	23	an	an	DET
cblr-14238	294	24	opportunity	opportunity	NOUN
cblr-14238	294	25	to	to	PART
cblr-14238	294	26	make	make	VERB
cblr-14238	294	27	passive	passive	ADJ
cblr-14238	294	28	investments	investment	NOUN
cblr-14238	294	29	based	base	VERB
cblr-14238	294	30	on	on	ADP
cblr-14238	294	31	that	that	DET
cblr-14238	294	32	belief	belief	NOUN
cblr-14238	294	33	.	.	PUNCT
cblr-14238	295	1	3	3	X
cblr-14238	295	2	.	.	X
cblr-14238	295	3	geographic	geographic	ADJ
cblr-14238	295	4	indices	index	NOUN
cblr-14238	295	5	—	—	PUNCT
cblr-14238	295	6	including	include	VERB
cblr-14238	295	7	emerging	emerge	VERB
cblr-14238	295	8	markets	market	NOUN
cblr-14238	295	9	indices	indice	VERB
cblr-14238	295	10	other	other	ADJ
cblr-14238	295	11	equity	equity	NOUN
cblr-14238	295	12	indices	index	NOUN
cblr-14238	295	13	segment	segment	VERB
cblr-14238	295	14	the	the	DET
cblr-14238	295	15	risks	risk	NOUN
cblr-14238	295	16	available	available	ADJ
cblr-14238	295	17	in	in	ADP
cblr-14238	295	18	the	the	DET
cblr-14238	295	19	investable	investable	ADJ
cblr-14238	295	20	universe	universe	NOUN
cblr-14238	295	21	into	into	ADP
cblr-14238	295	22	geographic	geographic	ADJ
cblr-14238	295	23	markets	market	NOUN
cblr-14238	295	24	for	for	ADP
cblr-14238	295	25	investors	investor	NOUN
cblr-14238	295	26	wishing	wish	VERB
cblr-14238	295	27	to	to	PART
cblr-14238	295	28	take	take	VERB
cblr-14238	295	29	a	a	DET
cblr-14238	295	30	view	view	NOUN
cblr-14238	295	31	on	on	ADP
cblr-14238	295	32	particular	particular	ADJ
cblr-14238	295	33	economies	economy	NOUN
cblr-14238	295	34	.	.	PUNCT
cblr-14238	296	1	in	in	ADP
cblr-14238	296	2	addition	addition	NOUN
cblr-14238	296	3	to	to	ADP
cblr-14238	296	4	the	the	DET
cblr-14238	296	5	well	well	ADV
cblr-14238	296	6	-	-	PUNCT
cblr-14238	296	7	known	know	VERB
cblr-14238	296	8	benchmark	benchmark	NOUN
cblr-14238	296	9	indices	index	NOUN
cblr-14238	296	10	focusing	focus	VERB
cblr-14238	296	11	on	on	ADP
cblr-14238	296	12	the	the	DET
cblr-14238	296	13	u.s	u.s	PROPN
cblr-14238	296	14	.	.	PROPN
cblr-14238	296	15	equity	equity	NOUN
cblr-14238	296	16	market	market	NOUN
cblr-14238	296	17	,	,	PUNCT
cblr-14238	296	18	discussed	discuss	VERB
cblr-14238	296	19	above	above	ADV
cblr-14238	296	20	,	,	PUNCT
cblr-14238	296	21	there	there	PRON
cblr-14238	296	22	are	be	VERB
cblr-14238	296	23	indices	index	NOUN
cblr-14238	296	24	focusing	focus	VERB
cblr-14238	296	25	on	on	ADP
cblr-14238	296	26	japanese	japanese	ADJ
cblr-14238	296	27	equities	equity	NOUN
cblr-14238	296	28	such	such	ADJ
cblr-14238	296	29	as	as	ADP
cblr-14238	296	30	topix	topix	PROPN
cblr-14238	296	31	and	and	CCONJ
cblr-14238	296	32	the	the	DET
cblr-14238	296	33	nikkei	nikkei	PROPN
cblr-14238	296	34	225	225	NUM
cblr-14238	296	35	,	,	PUNCT
cblr-14238	296	36	london	london	PROPN
cblr-14238	296	37	listed	list	VERB
cblr-14238	296	38	companies	company	NOUN
cblr-14238	296	39	such	such	ADJ
cblr-14238	296	40	as	as	ADP
cblr-14238	296	41	the	the	DET
cblr-14238	296	42	ftse	ftse	PROPN
cblr-14238	296	43	100	100	NUM
cblr-14238	296	44	,	,	PUNCT
cblr-14238	296	45	european	european	ADJ
cblr-14238	296	46	equities	equity	NOUN
cblr-14238	296	47	,	,	PUNCT
cblr-14238	296	48	asian	asian	ADJ
cblr-14238	296	49	equities	equity	NOUN
cblr-14238	296	50	,	,	PUNCT
cblr-14238	296	51	and	and	CCONJ
cblr-14238	296	52	developing	develop	VERB
cblr-14238	296	53	economies	economy	NOUN
cblr-14238	296	54	,	,	PUNCT
cblr-14238	296	55	often	often	ADV
cblr-14238	296	56	segmented	segment	VERB
cblr-14238	296	57	into	into	ADP
cblr-14238	296	58	emerging	emerge	VERB
cblr-14238	296	59	markets	market	NOUN
cblr-14238	296	60	and	and	CCONJ
cblr-14238	296	61	frontier	frontier	NOUN
cblr-14238	296	62	markets	market	NOUN
cblr-14238	296	63	.	.	PUNCT
cblr-14238	297	1	s&p	s&p	PROPN
cblr-14238	297	2	currently	currently	ADV
cblr-14238	297	3	has	have	VERB
cblr-14238	297	4	79	79	NUM
cblr-14238	297	5	emerging	emerge	VERB
cblr-14238	297	6	markets	market	NOUN
cblr-14238	297	7	indices	index	NOUN
cblr-14238	297	8	and	and	CCONJ
cblr-14238	297	9	4	4	NUM
cblr-14238	297	10	frontier	frontier	NOUN
cblr-14238	297	11	markets	market	NOUN
cblr-14238	297	12	indices.72	indices.72	PROPN
cblr-14238	297	13	ftse	ftse	PROPN
cblr-14238	297	14	russell	russell	PROPN
cblr-14238	297	15	offers	offer	VERB
cblr-14238	297	16	the	the	DET
cblr-14238	297	17	ftse	ftse	NOUN
cblr-14238	297	18	emerging	emerge	VERB
cblr-14238	297	19	index	index	NOUN
cblr-14238	297	20	and	and	CCONJ
cblr-14238	297	21	a	a	DET
cblr-14238	297	22	few	few	ADJ
cblr-14238	297	23	regional	regional	ADJ
cblr-14238	297	24	emerging	emerge	VERB
cblr-14238	297	25	markets	market	NOUN
cblr-14238	297	26	indices	index	NOUN
cblr-14238	297	27	,	,	PUNCT
cblr-14238	297	28	as	as	ADV
cblr-14238	297	29	well	well	ADV
cblr-14238	297	30	as	as	ADP
cblr-14238	297	31	russell	russell	PROPN
cblr-14238	297	32	frontier	frontier	NOUN
cblr-14238	297	33	markets	market	NOUN
cblr-14238	297	34	indices.73	indices.73	PROPN
cblr-14238	297	35	msci	msci	PROPN
cblr-14238	297	36	’s	’s	PART
cblr-14238	297	37	leading	lead	VERB
cblr-14238	297	38	72	72	NUM
cblr-14238	297	39	s&p	s&p	PROPN
cblr-14238	297	40	dow	dow	PROPN
cblr-14238	297	41	jones	jones	PROPN
cblr-14238	297	42	indices	index	NOUN
cblr-14238	297	43	:	:	PUNCT
cblr-14238	297	44	emerging	emerge	VERB
cblr-14238	297	45	,	,	PUNCT
cblr-14238	297	46	s&p	s&p	PROPN
cblr-14238	297	47	global	global	NOUN
cblr-14238	297	48	(	(	PUNCT
cblr-14238	297	49	last	last	ADV
cblr-14238	297	50	visited	visit	VERB
cblr-14238	297	51	sept	sept	PROPN
cblr-14238	297	52	.	.	PROPN
cblr-14238	297	53	26	26	NUM
cblr-14238	297	54	,	,	PUNCT
cblr-14238	297	55	2024	2024	NUM
cblr-14238	297	56	)	)	PUNCT
cblr-14238	297	57	,	,	PUNCT
cblr-14238	297	58	https://www.spglobal.com/spdji/en/regionalexposure/global/emerging/#indices	https://www.spglobal.com/spdji/en/regionalexposure/global/emerging/#indice	NOUN
cblr-14238	297	59	[	[	X
cblr-14238	297	60	https://perma.cc/efs8-sn7k	https://perma.cc/efs8-sn7k	X
cblr-14238	297	61	]	]	X
cblr-14238	297	62	;	;	PUNCT
cblr-14238	297	63	s&p	s&p	PROPN
cblr-14238	297	64	dow	dow	PROPN
cblr-14238	297	65	jones	jones	PROPN
cblr-14238	297	66	indices	index	NOUN
cblr-14238	297	67	:	:	PUNCT
cblr-14238	297	68	frontier	frontier	NOUN
cblr-14238	297	69	,	,	PUNCT
cblr-14238	297	70	s&p	s&p	PROPN
cblr-14238	297	71	global	global	NOUN
cblr-14238	297	72	(	(	PUNCT
cblr-14238	297	73	last	last	ADV
cblr-14238	297	74	visited	visit	VERB
cblr-14238	297	75	sept	sept	PROPN
cblr-14238	297	76	.	.	PROPN
cblr-14238	297	77	26	26	NUM
cblr-14238	297	78	,	,	PUNCT
cblr-14238	297	79	2024	2024	NUM
cblr-14238	297	80	)	)	PUNCT
cblr-14238	297	81	,	,	PUNCT
cblr-14238	297	82	https://www.spglobal.com/spdji/en/regionalexposure/global/frontier/#indices	https://www.spglobal.com/spdji/en/regionalexposure/global/frontier/#indice	VERB
cblr-14238	297	83	[	[	X
cblr-14238	297	84	https://perma.cc/6tdq-hg5r	https://perma.cc/6tdq-hg5r	ADP
cblr-14238	297	85	]	]	PUNCT
cblr-14238	297	86	.	.	PUNCT
cblr-14238	298	1	73	73	NUM
cblr-14238	298	2	ftse	ftse	PROPN
cblr-14238	298	3	global	global	PROPN
cblr-14238	298	4	china	china	PROPN
cblr-14238	298	5	a	a	DET
cblr-14238	298	6	inclusion	inclusion	NOUN
cblr-14238	298	7	index	index	NOUN
cblr-14238	298	8	series	series	NOUN
cblr-14238	298	9	:	:	PUNCT
cblr-14238	298	10	emerging	emerge	VERB
cblr-14238	298	11	markets	market	NOUN
cblr-14238	298	12	index	index	NOUN
cblr-14238	298	13	(	(	PUNCT
cblr-14238	298	14	factsheet	factsheet	NOUN
cblr-14238	298	15	)	)	PUNCT
cblr-14238	298	16	,	,	PUNCT
cblr-14238	298	17	ftse	ftse	PROPN
cblr-14238	298	18	russell	russell	PROPN
cblr-14238	298	19	(	(	PUNCT
cblr-14238	298	20	aug	aug	PROPN
cblr-14238	298	21	.	.	PROPN
cblr-14238	298	22	30	30	NUM
cblr-14238	298	23	,	,	PUNCT
cblr-14238	298	24	2024	2024	NUM
cblr-14238	298	25	)	)	PUNCT
cblr-14238	298	26	.	.	PUNCT
cblr-14238	299	1	the	the	DET
cblr-14238	299	2	countries	country	NOUN
cblr-14238	299	3	included	include	VERB
cblr-14238	299	4	as	as	ADP
cblr-14238	299	5	emerging	emerge	VERB
cblr-14238	299	6	markets	market	NOUN
cblr-14238	299	7	in	in	ADP
cblr-14238	299	8	ftse	ftse	PROPN
cblr-14238	299	9	russell	russell	PROPN
cblr-14238	299	10	’s	’s	PART
cblr-14238	299	11	ftse	ftse	PROPN
cblr-14238	299	12	emerging	emerge	VERB
cblr-14238	299	13	index	index	NOUN
cblr-14238	299	14	include	include	VERB
cblr-14238	299	15	brazil	brazil	PROPN
cblr-14238	299	16	,	,	PUNCT
cblr-14238	299	17	chile	chile	PROPN
cblr-14238	299	18	,	,	PUNCT
cblr-14238	299	19	china	china	PROPN
cblr-14238	299	20	,	,	PUNCT
cblr-14238	299	21	colombia	colombia	PROPN
cblr-14238	299	22	,	,	PUNCT
cblr-14238	299	23	czech	czech	PROPN
cblr-14238	299	24	republic	republic	PROPN
cblr-14238	299	25	,	,	PUNCT
cblr-14238	299	26	egypt	egypt	PROPN
cblr-14238	299	27	,	,	PUNCT
cblr-14238	299	28	greece	greece	PROPN
cblr-14238	299	29	,	,	PUNCT
cblr-14238	299	30	hungary	hungary	PROPN
cblr-14238	299	31	,	,	PUNCT
cblr-14238	299	32	india	india	PROPN
cblr-14238	299	33	,	,	PUNCT
cblr-14238	299	34	no	no	INTJ
cblr-14238	299	35	.	.	NOUN
cblr-14238	299	36	2	2	NUM
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cblr-14238	299	38	regulation	regulation	NOUN
cblr-14238	299	39	by	by	ADP
cblr-14238	299	40	indexation	indexation	NOUN
cblr-14238	299	41	?	?	PUNCT
cblr-14238	300	1	737	737	NUM
cblr-14238	300	2	emerging	emerge	VERB
cblr-14238	300	3	markets	market	NOUN
cblr-14238	300	4	and	and	CCONJ
cblr-14238	300	5	frontier	frontier	NOUN
cblr-14238	300	6	markets	market	NOUN
cblr-14238	300	7	indices	index	NOUN
cblr-14238	300	8	include	include	VERB
cblr-14238	300	9	its	its	PRON
cblr-14238	300	10	msci	msci	NOUN
cblr-14238	300	11	emerging	emerge	VERB
cblr-14238	300	12	markets	market	NOUN
cblr-14238	300	13	index	index	NOUN
cblr-14238	300	14	(	(	PUNCT
cblr-14238	300	15	which	which	PRON
cblr-14238	300	16	aims	aim	VERB
cblr-14238	300	17	to	to	PART
cblr-14238	300	18	cover	cover	VERB
cblr-14238	300	19	85	85	NUM
cblr-14238	300	20	%	%	NOUN
cblr-14238	300	21	of	of	ADP
cblr-14238	300	22	the	the	DET
cblr-14238	300	23	market	market	NOUN
cblr-14238	300	24	capitalization	capitalization	NOUN
cblr-14238	300	25	of	of	ADP
cblr-14238	300	26	companies	company	NOUN
cblr-14238	300	27	in	in	ADP
cblr-14238	300	28	the	the	DET
cblr-14238	300	29	emerging	emerge	VERB
cblr-14238	300	30	markets	market	NOUN
cblr-14238	300	31	countries	country	NOUN
cblr-14238	300	32	)	)	PUNCT
cblr-14238	300	33	,	,	PUNCT
cblr-14238	300	34	msci	msci	PROPN
cblr-14238	300	35	emerging	emerge	VERB
cblr-14238	300	36	markets	market	NOUN
cblr-14238	300	37	imi	imi	PROPN
cblr-14238	300	38	index	index	NOUN
cblr-14238	300	39	(	(	PUNCT
cblr-14238	300	40	which	which	PRON
cblr-14238	300	41	aims	aim	VERB
cblr-14238	300	42	to	to	PART
cblr-14238	300	43	cover	cover	VERB
cblr-14238	300	44	99	99	NUM
cblr-14238	300	45	%	%	NOUN
cblr-14238	300	46	of	of	ADP
cblr-14238	300	47	the	the	DET
cblr-14238	300	48	market	market	NOUN
cblr-14238	300	49	capitalization	capitalization	NOUN
cblr-14238	300	50	in	in	ADP
cblr-14238	300	51	the	the	DET
cblr-14238	300	52	emerging	emerge	VERB
cblr-14238	300	53	markets	market	NOUN
cblr-14238	300	54	countries	country	NOUN
cblr-14238	300	55	)	)	PUNCT
cblr-14238	300	56	,	,	PUNCT
cblr-14238	300	57	msci	msci	PROPN
cblr-14238	300	58	frontier	frontier	NOUN
cblr-14238	300	59	markets	market	NOUN
cblr-14238	300	60	imi	imi	PROPN
cblr-14238	300	61	,	,	PUNCT
cblr-14238	300	62	msci	msci	PROPN
cblr-14238	300	63	frontier	frontier	NOUN
cblr-14238	300	64	markets	market	NOUN
cblr-14238	300	65	100	100	NUM
cblr-14238	300	66	index	index	NOUN
cblr-14238	300	67	,	,	PUNCT
cblr-14238	300	68	and	and	CCONJ
cblr-14238	300	69	msci	msci	PROPN
cblr-14238	300	70	emerging+frontier	emerging+frontier	PROPN
cblr-14238	300	71	markets	market	NOUN
cblr-14238	300	72	index.74	index.74	ADJ
cblr-14238	300	73	msci	msci	PROPN
cblr-14238	300	74	states	state	NOUN
cblr-14238	300	75	on	on	ADP
cblr-14238	300	76	its	its	PRON
cblr-14238	300	77	website	website	NOUN
cblr-14238	300	78	that	that	SCONJ
cblr-14238	300	79	usd	usd	NOUN
cblr-14238	300	80	$	$	SYM
cblr-14238	300	81	1.3	1.3	NUM
cblr-14238	300	82	trillion	trillion	NUM
cblr-14238	300	83	in	in	ADP
cblr-14238	300	84	global	global	ADJ
cblr-14238	300	85	investment	investment	NOUN
cblr-14238	300	86	capital	capital	NOUN
cblr-14238	300	87	either	either	CCONJ
cblr-14238	300	88	follows	follow	VERB
cblr-14238	300	89	or	or	CCONJ
cblr-14238	300	90	benchmarks	benchmark	NOUN
cblr-14238	300	91	to	to	ADP
cblr-14238	300	92	its	its	PRON
cblr-14238	300	93	emerging	emerge	VERB
cblr-14238	300	94	markets	market	NOUN
cblr-14238	300	95	indices.75	indices.75	ADV
cblr-14238	300	96	as	as	ADP
cblr-14238	300	97	of	of	ADP
cblr-14238	300	98	october	october	PROPN
cblr-14238	300	99	2023	2023	NUM
cblr-14238	300	100	,	,	PUNCT
cblr-14238	300	101	the	the	DET
cblr-14238	300	102	four	four	NUM
cblr-14238	300	103	largest	large	ADJ
cblr-14238	300	104	emerging	emerge	VERB
cblr-14238	300	105	markets	market	NOUN
cblr-14238	300	106	etfs	etfs	NOUN
cblr-14238	300	107	by	by	ADP
cblr-14238	300	108	assets	asset	NOUN
cblr-14238	300	109	under	under	ADP
cblr-14238	300	110	management	management	NOUN
cblr-14238	300	111	were	be	AUX
cblr-14238	300	112	the	the	DET
cblr-14238	300	113	vanguard	vanguard	PROPN
cblr-14238	300	114	ftse	ftse	PROPN
cblr-14238	300	115	emerging	emerge	VERB
cblr-14238	300	116	markets	market	NOUN
cblr-14238	300	117	etf	etf	NOUN
cblr-14238	300	118	(	(	PUNCT
cblr-14238	300	119	vwo	vwo	PROPN
cblr-14238	300	120	)	)	PUNCT
cblr-14238	300	121	,	,	PUNCT
cblr-14238	300	122	with	with	ADP
cblr-14238	300	123	usd	usd	NOUN
cblr-14238	300	124	$	$	SYM
cblr-14238	300	125	69	69	NUM
cblr-14238	300	126	billion	billion	NUM
cblr-14238	300	127	;	;	PUNCT
cblr-14238	300	128	blackrock	blackrock	PROPN
cblr-14238	300	129	’s	’s	PART
cblr-14238	300	130	ishares	ishares	PROPN
cblr-14238	300	131	core	core	PROPN
cblr-14238	300	132	msci	msci	PROPN
cblr-14238	300	133	emerging	emerge	VERB
cblr-14238	300	134	markets	market	NOUN
cblr-14238	300	135	etf	etf	NOUN
cblr-14238	300	136	(	(	PUNCT
cblr-14238	300	137	iemg	iemg	NOUN
cblr-14238	300	138	)	)	PUNCT
cblr-14238	300	139	,	,	PUNCT
cblr-14238	300	140	with	with	ADP
cblr-14238	300	141	usd	usd	NOUN
cblr-14238	300	142	$	$	SYM
cblr-14238	300	143	68	68	NUM
cblr-14238	300	144	billion	billion	NUM
cblr-14238	300	145	;	;	PUNCT
cblr-14238	300	146	blackrock	blackrock	PROPN
cblr-14238	300	147	’s	’s	PART
cblr-14238	300	148	ishares	ishares	PROPN
cblr-14238	300	149	msci	msci	PROPN
cblr-14238	300	150	emerging	emerge	VERB
cblr-14238	300	151	markets	market	NOUN
cblr-14238	300	152	etf	etf	NOUN
cblr-14238	300	153	(	(	PUNCT
cblr-14238	300	154	eem	eem	PROPN
cblr-14238	300	155	)	)	PUNCT
cblr-14238	300	156	,	,	PUNCT
cblr-14238	300	157	with	with	ADP
cblr-14238	300	158	usd	usd	NOUN
cblr-14238	300	159	$	$	SYM
cblr-14238	300	160	16	16	NUM
cblr-14238	300	161	billion	billion	NUM
cblr-14238	300	162	;	;	PUNCT
cblr-14238	300	163	and	and	CCONJ
cblr-14238	300	164	the	the	DET
cblr-14238	300	165	schwab	schwab	NOUN
cblr-14238	300	166	emerging	emerge	VERB
cblr-14238	300	167	markets	market	NOUN
cblr-14238	300	168	equity	equity	NOUN
cblr-14238	300	169	etf	etf	NOUN
cblr-14238	300	170	(	(	PUNCT
cblr-14238	300	171	sche	sche	NOUN
cblr-14238	300	172	)	)	PUNCT
cblr-14238	300	173	,	,	PUNCT
cblr-14238	300	174	with	with	ADP
cblr-14238	300	175	usd	usd	NOUN
cblr-14238	300	176	$	$	SYM
cblr-14238	300	177	8	8	NUM
cblr-14238	300	178	billion.76	billion.76	ADP
cblr-14238	300	179	the	the	DET
cblr-14238	300	180	four	four	NUM
cblr-14238	300	181	funds	fund	NOUN
cblr-14238	300	182	follow	follow	VERB
cblr-14238	300	183	the	the	DET
cblr-14238	300	184	ftse	ftse	NOUN
cblr-14238	300	185	custom	custom	NOUN
cblr-14238	300	186	emerging	emerge	VERB
cblr-14238	300	187	markets	market	NOUN
cblr-14238	300	188	all	all	PRON
cblr-14238	300	189	cap	cap	VERB
cblr-14238	300	190	china	china	PROPN
cblr-14238	300	191	a	a	DET
cblr-14238	300	192	inclusion	inclusion	NOUN
cblr-14238	300	193	net	net	ADJ
cblr-14238	300	194	tax	tax	NOUN
cblr-14238	300	195	(	(	PUNCT
cblr-14238	300	196	us	us	PROPN
cblr-14238	300	197	ric	ric	PROPN
cblr-14238	300	198	)	)	PUNCT
cblr-14238	300	199	index	index	NOUN
cblr-14238	300	200	,	,	PUNCT
cblr-14238	300	201	the	the	DET
cblr-14238	300	202	msci	msci	NOUN
cblr-14238	300	203	emerging	emerge	VERB
cblr-14238	300	204	markets	market	NOUN
cblr-14238	300	205	investable	investable	ADJ
cblr-14238	300	206	market	market	NOUN
cblr-14238	300	207	index	index	NOUN
cblr-14238	300	208	,	,	PUNCT
cblr-14238	300	209	the	the	DET
cblr-14238	300	210	msci	msci	NOUN
cblr-14238	300	211	emerging	emerge	VERB
cblr-14238	300	212	markets	market	NOUN
cblr-14238	300	213	index	index	NOUN
cblr-14238	300	214	,	,	PUNCT
cblr-14238	300	215	and	and	CCONJ
cblr-14238	300	216	the	the	DET
cblr-14238	300	217	ftse	ftse	PROPN
cblr-14238	300	218	all	all	DET
cblr-14238	300	219	-	-	PUNCT
cblr-14238	300	220	world	world	NOUN
cblr-14238	300	221	emerging	emerge	VERB
cblr-14238	300	222	index	index	NOUN
cblr-14238	300	223	,	,	PUNCT
cblr-14238	300	224	respectively.77	respectively.77	PROPN
cblr-14238	300	225	indonesia	indonesia	PROPN
cblr-14238	300	226	,	,	PUNCT
cblr-14238	300	227	malaysia	malaysia	PROPN
cblr-14238	300	228	,	,	PUNCT
cblr-14238	300	229	mexico	mexico	PROPN
cblr-14238	300	230	,	,	PUNCT
cblr-14238	300	231	pakistan	pakistan	PROPN
cblr-14238	300	232	,	,	PUNCT
cblr-14238	300	233	peru	peru	PROPN
cblr-14238	300	234	,	,	PUNCT
cblr-14238	300	235	philippines	philippine	NOUN
cblr-14238	300	236	,	,	PUNCT
cblr-14238	300	237	poland	poland	PROPN
cblr-14238	300	238	,	,	PUNCT
cblr-14238	300	239	qatar	qatar	PROPN
cblr-14238	300	240	,	,	PUNCT
cblr-14238	300	241	russia	russia	PROPN
cblr-14238	300	242	,	,	PUNCT
cblr-14238	300	243	south	south	PROPN
cblr-14238	300	244	africa	africa	PROPN
cblr-14238	300	245	,	,	PUNCT
cblr-14238	300	246	taiwan	taiwan	PROPN
cblr-14238	300	247	,	,	PUNCT
cblr-14238	300	248	thailand	thailand	PROPN
cblr-14238	300	249	,	,	PUNCT
cblr-14238	300	250	turkey	turkey	PROPN
cblr-14238	300	251	and	and	CCONJ
cblr-14238	300	252	the	the	DET
cblr-14238	300	253	uae	uae	PROPN
cblr-14238	300	254	.	.	PROPN
cblr-14238	300	255	74	74	NUM
cblr-14238	300	256	in	in	ADP
cblr-14238	300	257	the	the	DET
cblr-14238	300	258	msci	msci	PROPN
cblr-14238	300	259	emerging	emerge	VERB
cblr-14238	300	260	and	and	CCONJ
cblr-14238	300	261	frontier	frontier	NOUN
cblr-14238	300	262	markets	market	NOUN
cblr-14238	300	263	indices	index	NOUN
cblr-14238	300	264	,	,	PUNCT
cblr-14238	300	265	emerging	emerge	VERB
cblr-14238	300	266	markets	market	NOUN
cblr-14238	300	267	countries	country	NOUN
cblr-14238	300	268	include	include	VERB
cblr-14238	300	269	brazil	brazil	PROPN
cblr-14238	300	270	,	,	PUNCT
cblr-14238	300	271	chile	chile	PROPN
cblr-14238	300	272	,	,	PUNCT
cblr-14238	300	273	china	china	PROPN
cblr-14238	300	274	,	,	PUNCT
cblr-14238	300	275	colombia	colombia	PROPN
cblr-14238	300	276	,	,	PUNCT
cblr-14238	300	277	czech	czech	PROPN
cblr-14238	300	278	republic	republic	PROPN
cblr-14238	300	279	,	,	PUNCT
cblr-14238	300	280	egypt	egypt	PROPN
cblr-14238	300	281	,	,	PUNCT
cblr-14238	300	282	greece	greece	PROPN
cblr-14238	300	283	,	,	PUNCT
cblr-14238	300	284	hungary	hungary	PROPN
cblr-14238	300	285	,	,	PUNCT
cblr-14238	300	286	india	india	PROPN
cblr-14238	300	287	,	,	PUNCT
cblr-14238	300	288	indonesia	indonesia	PROPN
cblr-14238	300	289	,	,	PUNCT
cblr-14238	300	290	south	south	PROPN
cblr-14238	300	291	korea	korea	PROPN
cblr-14238	300	292	,	,	PUNCT
cblr-14238	300	293	malaysia	malaysia	PROPN
cblr-14238	300	294	,	,	PUNCT
cblr-14238	300	295	mexico	mexico	PROPN
cblr-14238	300	296	,	,	PUNCT
cblr-14238	300	297	pakistan	pakistan	PROPN
cblr-14238	300	298	,	,	PUNCT
cblr-14238	300	299	peru	peru	PROPN
cblr-14238	300	300	,	,	PUNCT
cblr-14238	300	301	philippines	philippine	NOUN
cblr-14238	300	302	,	,	PUNCT
cblr-14238	300	303	poland	poland	PROPN
cblr-14238	300	304	,	,	PUNCT
cblr-14238	300	305	qatar	qatar	PROPN
cblr-14238	300	306	,	,	PUNCT
cblr-14238	300	307	russia	russia	PROPN
cblr-14238	300	308	,	,	PUNCT
cblr-14238	300	309	south	south	PROPN
cblr-14238	300	310	africa	africa	PROPN
cblr-14238	300	311	,	,	PUNCT
cblr-14238	300	312	taiwan	taiwan	PROPN
cblr-14238	300	313	,	,	PUNCT
cblr-14238	300	314	thailand	thailand	PROPN
cblr-14238	300	315	,	,	PUNCT
cblr-14238	300	316	turkey	turkey	PROPN
cblr-14238	300	317	and	and	CCONJ
cblr-14238	300	318	united	united	PROPN
cblr-14238	300	319	arab	arab	PROPN
cblr-14238	300	320	emirates	emirates	PROPN
cblr-14238	300	321	.	.	PUNCT
cblr-14238	301	1	msci	msci	PROPN
cblr-14238	301	2	classifies	classify	VERB
cblr-14238	301	3	south	south	PROPN
cblr-14238	301	4	korea	korea	PROPN
cblr-14238	301	5	as	as	ADP
cblr-14238	301	6	an	an	DET
cblr-14238	301	7	emerging	emerge	VERB
cblr-14238	301	8	market	market	NOUN
cblr-14238	301	9	.	.	PUNCT
cblr-14238	302	1	ftse	ftse	PROPN
cblr-14238	302	2	and	and	CCONJ
cblr-14238	302	3	s&p	s&p	PROPN
cblr-14238	302	4	do	do	VERB
cblr-14238	302	5	not	not	PART
cblr-14238	302	6	.	.	PUNCT
cblr-14238	303	1	frontier	frontier	NOUN
cblr-14238	303	2	markets	market	NOUN
cblr-14238	303	3	countries	country	NOUN
cblr-14238	303	4	include	include	VERB
cblr-14238	303	5	argentina	argentina	PROPN
cblr-14238	303	6	,	,	PUNCT
cblr-14238	303	7	bahrain	bahrain	NOUN
cblr-14238	303	8	,	,	PUNCT
cblr-14238	303	9	bangladesh	bangladesh	PROPN
cblr-14238	303	10	,	,	PUNCT
cblr-14238	303	11	burkina	burkina	PROPN
cblr-14238	303	12	faso	faso	PROPN
cblr-14238	303	13	,	,	PUNCT
cblr-14238	303	14	benin	benin	PROPN
cblr-14238	303	15	,	,	PUNCT
cblr-14238	303	16	croatia	croatia	PROPN
cblr-14238	303	17	,	,	PUNCT
cblr-14238	303	18	estonia	estonia	PROPN
cblr-14238	303	19	,	,	PUNCT
cblr-14238	303	20	guinea	guinea	NOUN
cblr-14238	303	21	-	-	PUNCT
cblr-14238	303	22	bissau	bissau	NOUN
cblr-14238	303	23	,	,	PUNCT
cblr-14238	303	24	ivory	ivory	PROPN
cblr-14238	303	25	coast	coast	PROPN
cblr-14238	303	26	,	,	PUNCT
cblr-14238	303	27	jordan	jordan	PROPN
cblr-14238	303	28	,	,	PUNCT
cblr-14238	303	29	kenya	kenya	PROPN
cblr-14238	303	30	,	,	PUNCT
cblr-14238	303	31	kuwait	kuwait	PROPN
cblr-14238	303	32	,	,	PUNCT
cblr-14238	303	33	lebanon	lebanon	PROPN
cblr-14238	303	34	,	,	PUNCT
cblr-14238	303	35	lithuania	lithuania	PROPN
cblr-14238	303	36	,	,	PUNCT
cblr-14238	303	37	kazakhstan	kazakhstan	PROPN
cblr-14238	303	38	,	,	PUNCT
cblr-14238	303	39	mauritius	mauritius	PROPN
cblr-14238	303	40	,	,	PUNCT
cblr-14238	303	41	mali	mali	PROPN
cblr-14238	303	42	,	,	PUNCT
cblr-14238	303	43	morocco	morocco	PROPN
cblr-14238	303	44	,	,	PUNCT
cblr-14238	303	45	niger	niger	PROPN
cblr-14238	303	46	,	,	PUNCT
cblr-14238	303	47	nigeria	nigeria	PROPN
cblr-14238	303	48	,	,	PUNCT
cblr-14238	303	49	oman	oman	PROPN
cblr-14238	303	50	,	,	PUNCT
cblr-14238	303	51	romania	romania	PROPN
cblr-14238	303	52	,	,	PUNCT
cblr-14238	303	53	serbia	serbia	PROPN
cblr-14238	303	54	,	,	PUNCT
cblr-14238	303	55	senegal	senegal	NOUN
cblr-14238	303	56	,	,	PUNCT
cblr-14238	303	57	slovenia	slovenia	PROPN
cblr-14238	303	58	,	,	PUNCT
cblr-14238	303	59	sri	sri	PROPN
cblr-14238	303	60	lanka	lanka	PROPN
cblr-14238	303	61	,	,	PUNCT
cblr-14238	303	62	togo	togo	PROPN
cblr-14238	303	63	,	,	PUNCT
cblr-14238	303	64	tunisia	tunisia	PROPN
cblr-14238	303	65	and	and	CCONJ
cblr-14238	303	66	vietnam	vietnam	PROPN
cblr-14238	303	67	.	.	PUNCT
cblr-14238	304	1	msci	msci	PROPN
cblr-14238	304	2	,	,	PUNCT
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cblr-14238	304	4	note	note	PROPN
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cblr-14238	304	6	.	.	PUNCT
cblr-14238	305	1	75	75	NUM
cblr-14238	305	2	msci	msci	PROPN
cblr-14238	305	3	,	,	PUNCT
cblr-14238	305	4	supra	supra	PROPN
cblr-14238	305	5	note	note	PROPN
cblr-14238	305	6	51	51	NUM
cblr-14238	305	7	.	.	PUNCT
cblr-14238	305	8	76	76	NUM
cblr-14238	305	9	emerging	emerge	VERB
cblr-14238	305	10	markets	market	NOUN
cblr-14238	305	11	equities	equity	NOUN
cblr-14238	305	12	etfs	etfs	PROPN
cblr-14238	305	13	,	,	PUNCT
cblr-14238	305	14	vettafi	vettafi	X
cblr-14238	305	15	(	(	PUNCT
cblr-14238	305	16	last	last	ADJ
cblr-14238	305	17	visited	visit	VERB
cblr-14238	305	18	sept	sept	PROPN
cblr-14238	305	19	.	.	PROPN
cblr-14238	305	20	26	26	NUM
cblr-14238	305	21	,	,	PUNCT
cblr-14238	305	22	2024	2024	NUM
cblr-14238	305	23	)	)	PUNCT
cblr-14238	305	24	,	,	PUNCT
cblr-14238	305	25	https://etfdb.com/etfdb-category/emerging-markets-equities/	https://etfdb.com/etfdb-category/emerging-markets-equities/	PROPN
cblr-14238	306	1	[	[	X
cblr-14238	306	2	https://perma.cc/h9xn-trzq	https://perma.cc/h9xn-trzq	ADJ
cblr-14238	306	3	]	]	X
cblr-14238	306	4	.	.	PUNCT
cblr-14238	307	1	77	77	NUM
cblr-14238	308	1	i	i	PRON
cblr-14238	308	2	d.	d.	PROPN
cblr-14238	308	3	738	738	NUM
cblr-14238	308	4	columbia	columbia	PROPN
cblr-14238	308	5	business	business	NOUN
cblr-14238	308	6	law	law	PROPN
cblr-14238	308	7	review	review	NOUN
cblr-14238	308	8	[	[	X
cblr-14238	308	9	vol	vol	NOUN
cblr-14238	308	10	.	.	NOUN
cblr-14238	308	11	2024	2024	NUM
cblr-14238	308	12	in	in	ADP
cblr-14238	308	13	determining	determine	VERB
cblr-14238	308	14	which	which	DET
cblr-14238	308	15	countries	country	NOUN
cblr-14238	308	16	to	to	PART
cblr-14238	308	17	include	include	VERB
cblr-14238	308	18	in	in	ADP
cblr-14238	308	19	emerging	emerge	VERB
cblr-14238	308	20	markets	market	NOUN
cblr-14238	308	21	and	and	CCONJ
cblr-14238	308	22	frontier	frontier	NOUN
cblr-14238	308	23	markets	market	NOUN
cblr-14238	308	24	indices	index	NOUN
cblr-14238	308	25	,	,	PUNCT
cblr-14238	308	26	index	index	NOUN
cblr-14238	308	27	providers	provider	NOUN
cblr-14238	308	28	use	use	VERB
cblr-14238	308	29	eligibility	eligibility	NOUN
cblr-14238	308	30	criteria	criterion	NOUN
cblr-14238	308	31	that	that	PRON
cblr-14238	308	32	categorize	categorize	VERB
cblr-14238	308	33	countries	country	NOUN
cblr-14238	308	34	based	base	VERB
cblr-14238	308	35	on	on	ADP
cblr-14238	308	36	the	the	DET
cblr-14238	308	37	size	size	NOUN
cblr-14238	308	38	of	of	ADP
cblr-14238	308	39	their	their	PRON
cblr-14238	308	40	economies	economy	NOUN
cblr-14238	308	41	,	,	PUNCT
cblr-14238	308	42	the	the	DET
cblr-14238	308	43	market	market	NOUN
cblr-14238	308	44	capitalization	capitalization	NOUN
cblr-14238	308	45	of	of	ADP
cblr-14238	308	46	their	their	PRON
cblr-14238	308	47	public	public	ADJ
cblr-14238	308	48	stock	stock	NOUN
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cblr-14238	308	53	of	of	ADP
cblr-14238	308	54	equity	equity	NOUN
cblr-14238	308	55	securities	security	NOUN
cblr-14238	308	56	in	in	ADP
cblr-14238	308	57	their	their	PRON
cblr-14238	308	58	markets	market	NOUN
cblr-14238	308	59	.	.	PUNCT
cblr-14238	309	1	investability	investability	NOUN
cblr-14238	309	2	is	be	AUX
cblr-14238	309	3	determined	determine	VERB
cblr-14238	309	4	based	base	VERB
cblr-14238	309	5	on	on	ADP
cblr-14238	309	6	(	(	PUNCT
cblr-14238	309	7	1	1	X
cblr-14238	309	8	)	)	PUNCT
cblr-14238	309	9	restrictions	restriction	NOUN
cblr-14238	309	10	on	on	ADP
cblr-14238	309	11	foreign	foreign	ADJ
cblr-14238	309	12	ownership	ownership	NOUN
cblr-14238	309	13	of	of	ADP
cblr-14238	309	14	domestic	domestic	ADJ
cblr-14238	309	15	securities	security	NOUN
cblr-14238	309	16	;	;	PUNCT
cblr-14238	309	17	(	(	PUNCT
cblr-14238	309	18	2	2	X
cblr-14238	309	19	)	)	PUNCT
cblr-14238	309	20	ease	ease	NOUN
cblr-14238	309	21	of	of	ADP
cblr-14238	309	22	capital	capital	NOUN
cblr-14238	309	23	flows	flow	NOUN
cblr-14238	309	24	into	into	ADP
cblr-14238	309	25	and	and	CCONJ
cblr-14238	309	26	out	out	ADP
cblr-14238	309	27	of	of	ADP
cblr-14238	309	28	the	the	DET
cblr-14238	309	29	country	country	NOUN
cblr-14238	309	30	,	,	PUNCT
cblr-14238	309	31	including	include	VERB
cblr-14238	309	32	exchange	exchange	NOUN
cblr-14238	309	33	restrictions	restriction	NOUN
cblr-14238	309	34	by	by	ADP
cblr-14238	309	35	which	which	PRON
cblr-14238	309	36	securities	security	NOUN
cblr-14238	309	37	can	can	AUX
cblr-14238	309	38	be	be	AUX
cblr-14238	309	39	traded	trade	VERB
cblr-14238	309	40	only	only	ADV
cblr-14238	309	41	in	in	ADP
cblr-14238	309	42	local	local	ADJ
cblr-14238	309	43	currencies	currency	NOUN
cblr-14238	309	44	;	;	PUNCT
cblr-14238	309	45	(	(	PUNCT
cblr-14238	309	46	3	3	X
cblr-14238	309	47	)	)	PUNCT
cblr-14238	309	48	the	the	DET
cblr-14238	309	49	operational	operational	ADJ
cblr-14238	309	50	frameworks	framework	NOUN
cblr-14238	309	51	of	of	ADP
cblr-14238	309	52	the	the	DET
cblr-14238	309	53	capital	capital	NOUN
cblr-14238	309	54	markets	market	NOUN
cblr-14238	309	55	;	;	PUNCT
cblr-14238	309	56	(	(	PUNCT
cblr-14238	309	57	4	4	X
cblr-14238	309	58	)	)	PUNCT
cblr-14238	309	59	the	the	DET
cblr-14238	309	60	institutional	institutional	ADJ
cblr-14238	309	61	frameworks	framework	NOUN
cblr-14238	309	62	in	in	ADP
cblr-14238	309	63	the	the	DET
cblr-14238	309	64	country	country	NOUN
cblr-14238	309	65	;	;	PUNCT
cblr-14238	309	66	and	and	CCONJ
cblr-14238	309	67	(	(	PUNCT
cblr-14238	309	68	5	5	X
cblr-14238	309	69	)	)	PUNCT
cblr-14238	309	70	corporate	corporate	ADJ
cblr-14238	309	71	governance	governance	NOUN
cblr-14238	309	72	norms	norm	NOUN
cblr-14238	309	73	.	.	PUNCT
cblr-14238	310	1	classifications	classification	NOUN
cblr-14238	310	2	of	of	ADP
cblr-14238	310	3	countries	country	NOUN
cblr-14238	310	4	among	among	ADP
cblr-14238	310	5	the	the	DET
cblr-14238	310	6	developed	developed	ADJ
cblr-14238	310	7	,	,	PUNCT
cblr-14238	310	8	emerging	emerge	VERB
cblr-14238	310	9	and	and	CCONJ
cblr-14238	310	10	frontier	frontier	NOUN
cblr-14238	310	11	market	market	NOUN
cblr-14238	310	12	indices	index	NOUN
cblr-14238	310	13	change	change	VERB
cblr-14238	310	14	when	when	SCONJ
cblr-14238	310	15	there	there	PRON
cblr-14238	310	16	are	be	VERB
cblr-14238	310	17	material	material	ADJ
cblr-14238	310	18	changes	change	NOUN
cblr-14238	310	19	in	in	ADP
cblr-14238	310	20	a	a	DET
cblr-14238	310	21	country	country	NOUN
cblr-14238	310	22	’s	’s	PART
cblr-14238	310	23	economy	economy	NOUN
cblr-14238	310	24	or	or	CCONJ
cblr-14238	310	25	investability.78	investability.78	NOUN
cblr-14238	310	26	while	while	SCONJ
cblr-14238	310	27	there	there	PRON
cblr-14238	310	28	are	be	VERB
cblr-14238	310	29	78	78	NUM
cblr-14238	310	30	the	the	DET
cblr-14238	310	31	ftse	ftse	NOUN
cblr-14238	310	32	country	country	NOUN
cblr-14238	310	33	classification	classification	NOUN
cblr-14238	310	34	process	process	NOUN
cblr-14238	310	35	is	be	AUX
cblr-14238	310	36	carried	carry	VERB
cblr-14238	310	37	out	out	ADP
cblr-14238	310	38	annually	annually	ADV
cblr-14238	310	39	in	in	ADP
cblr-14238	310	40	september	september	PROPN
cblr-14238	310	41	and	and	CCONJ
cblr-14238	310	42	classifies	classify	VERB
cblr-14238	310	43	all	all	DET
cblr-14238	310	44	countries	country	NOUN
cblr-14238	310	45	contained	contain	VERB
cblr-14238	310	46	in	in	ADP
cblr-14238	310	47	ftse	ftse	PROPN
cblr-14238	310	48	’s	’s	PART
cblr-14238	310	49	global	global	ADJ
cblr-14238	310	50	benchmarks	benchmark	NOUN
cblr-14238	310	51	as	as	ADP
cblr-14238	310	52	developed	develop	VERB
cblr-14238	310	53	,	,	PUNCT
cblr-14238	310	54	advanced	advanced	ADJ
cblr-14238	310	55	emerging	emerge	VERB
cblr-14238	310	56	,	,	PUNCT
cblr-14238	310	57	secondary	secondary	ADJ
cblr-14238	310	58	emerging	emerging	NOUN
cblr-14238	310	59	or	or	CCONJ
cblr-14238	310	60	frontier	frontier	NOUN
cblr-14238	310	61	.	.	PUNCT
cblr-14238	311	1	the	the	DET
cblr-14238	311	2	ftse	ftse	PROPN
cblr-14238	311	3	country	country	NOUN
cblr-14238	311	4	classification	classification	NOUN
cblr-14238	311	5	advisory	advisory	ADJ
cblr-14238	311	6	committee	committee	NOUN
cblr-14238	311	7	,	,	PUNCT
cblr-14238	311	8	a	a	DET
cblr-14238	311	9	group	group	NOUN
cblr-14238	311	10	of	of	ADP
cblr-14238	311	11	independent	independent	ADJ
cblr-14238	311	12	and	and	CCONJ
cblr-14238	311	13	experienced	experienced	ADJ
cblr-14238	311	14	market	market	NOUN
cblr-14238	311	15	practitioners	practitioner	NOUN
cblr-14238	311	16	,	,	PUNCT
cblr-14238	311	17	assesses	assess	VERB
cblr-14238	311	18	each	each	DET
cblr-14238	311	19	country	country	NOUN
cblr-14238	311	20	on	on	ADP
cblr-14238	311	21	twenty	twenty	NUM
cblr-14238	311	22	-	-	PUNCT
cblr-14238	311	23	one	one	NUM
cblr-14238	311	24	“	"	PUNCT
cblr-14238	311	25	quality	quality	NOUN
cblr-14238	311	26	of	of	ADP
cblr-14238	311	27	markets	market	NOUN
cblr-14238	311	28	”	"	PUNCT
cblr-14238	311	29	criteria	criterion	NOUN
cblr-14238	311	30	,	,	PUNCT
cblr-14238	311	31	and	and	CCONJ
cblr-14238	311	32	on	on	ADP
cblr-14238	311	33	the	the	DET
cblr-14238	311	34	country	country	NOUN
cblr-14238	311	35	’s	’s	PART
cblr-14238	311	36	economic	economic	ADJ
cblr-14238	311	37	status	status	NOUN
cblr-14238	311	38	as	as	SCONJ
cblr-14238	311	39	measured	measure	VERB
cblr-14238	311	40	by	by	ADP
cblr-14238	311	41	gni	gni	NOUN
cblr-14238	311	42	per	per	ADP
cblr-14238	311	43	capita	capita	NOUN
cblr-14238	311	44	.	.	PUNCT
cblr-14238	312	1	based	base	VERB
cblr-14238	312	2	on	on	ADP
cblr-14238	312	3	this	this	DET
cblr-14238	312	4	framework	framework	NOUN
cblr-14238	312	5	,	,	PUNCT
cblr-14238	312	6	ftse	ftse	PROPN
cblr-14238	312	7	russell	russell	PROPN
cblr-14238	312	8	presents	present	VERB
cblr-14238	312	9	its	its	PRON
cblr-14238	312	10	assessments	assessment	NOUN
cblr-14238	312	11	to	to	ADP
cblr-14238	312	12	the	the	DET
cblr-14238	312	13	ftse	ftse	PROPN
cblr-14238	312	14	policy	policy	NOUN
cblr-14238	312	15	group	group	NOUN
cblr-14238	312	16	for	for	ADP
cblr-14238	312	17	further	further	ADJ
cblr-14238	312	18	discussion	discussion	NOUN
cblr-14238	312	19	.	.	PUNCT
cblr-14238	313	1	september	september	PROPN
cblr-14238	313	2	’s	’s	PART
cblr-14238	313	3	annual	annual	ADJ
cblr-14238	313	4	country	country	NOUN
cblr-14238	313	5	classification	classification	NOUN
cblr-14238	313	6	announcement	announcement	NOUN
cblr-14238	313	7	is	be	AUX
cblr-14238	313	8	approved	approve	VERB
cblr-14238	313	9	by	by	ADP
cblr-14238	313	10	ftse	ftse	PROPN
cblr-14238	313	11	’s	’s	PART
cblr-14238	313	12	internal	internal	ADJ
cblr-14238	313	13	governance	governance	NOUN
cblr-14238	313	14	board	board	NOUN
cblr-14238	313	15	taking	take	VERB
cblr-14238	313	16	the	the	DET
cblr-14238	313	17	ftse	ftse	NOUN
cblr-14238	313	18	country	country	NOUN
cblr-14238	313	19	classification	classification	NOUN
cblr-14238	313	20	advisory	advisory	ADJ
cblr-14238	313	21	committee	committee	NOUN
cblr-14238	313	22	and	and	CCONJ
cblr-14238	313	23	policy	policy	NOUN
cblr-14238	313	24	group	group	NOUN
cblr-14238	313	25	recommendations	recommendation	NOUN
cblr-14238	313	26	into	into	ADP
cblr-14238	313	27	consideration	consideration	NOUN
cblr-14238	313	28	.	.	PUNCT
cblr-14238	314	1	ftse	ftse	PROPN
cblr-14238	314	2	russell	russell	PROPN
cblr-14238	314	3	,	,	PUNCT
cblr-14238	314	4	preparing	prepare	VERB
cblr-14238	314	5	for	for	ADP
cblr-14238	314	6	china	china	PROPN
cblr-14238	314	7	’s	’s	PART
cblr-14238	314	8	inclusion	inclusion	NOUN
cblr-14238	314	9	in	in	ADP
cblr-14238	314	10	global	global	ADJ
cblr-14238	314	11	benchmarks	benchmark	NOUN
cblr-14238	314	12	9	9	NUM
cblr-14238	314	13	(	(	PUNCT
cblr-14238	314	14	may	may	PROPN
cblr-14238	314	15	2015	2015	NUM
cblr-14238	314	16	)	)	PUNCT
cblr-14238	314	17	,	,	PUNCT
cblr-14238	314	18	https://www.lseg.com/content/dam/ftserussell/en_us/documents/other/preparing-for-chinas-inclusion-in-globalbenchmarks.pdf	https://www.lseg.com/content/dam/ftserussell/en_us/documents/other/preparing-for-chinas-inclusion-in-globalbenchmarks.pdf	NOUN
cblr-14238	315	1	[	[	X
cblr-14238	315	2	https://perma.cc/6r6f-da9x	https://perma.cc/6r6f-da9x	X
cblr-14238	315	3	]	]	PUNCT
cblr-14238	316	1	[	[	X
cblr-14238	316	2	hereinafter	hereinafter	NOUN
cblr-14238	316	3	preparing	prepare	VERB
cblr-14238	316	4	for	for	ADP
cblr-14238	316	5	china	china	PROPN
cblr-14238	316	6	’s	’s	PART
cblr-14238	316	7	inclusion	inclusion	NOUN
cblr-14238	316	8	]	]	PUNCT
cblr-14238	316	9	.	.	PUNCT
cblr-14238	317	1	the	the	DET
cblr-14238	317	2	msci	msci	PROPN
cblr-14238	317	3	’s	’s	PART
cblr-14238	317	4	annual	annual	ADJ
cblr-14238	317	5	market	market	NOUN
cblr-14238	317	6	classification	classification	NOUN
cblr-14238	317	7	review	review	NOUN
cblr-14238	317	8	is	be	AUX
cblr-14238	317	9	based	base	VERB
cblr-14238	317	10	on	on	ADP
cblr-14238	317	11	the	the	DET
cblr-14238	317	12	msci	msci	PROPN
cblr-14238	317	13	market	market	NOUN
cblr-14238	317	14	classification	classification	NOUN
cblr-14238	317	15	framework	framework	NOUN
cblr-14238	317	16	,	,	PUNCT
cblr-14238	317	17	which	which	PRON
cblr-14238	317	18	aims	aim	VERB
cblr-14238	317	19	to	to	PART
cblr-14238	317	20	reflect	reflect	VERB
cblr-14238	317	21	the	the	DET
cblr-14238	317	22	views	view	NOUN
cblr-14238	317	23	and	and	CCONJ
cblr-14238	317	24	practices	practice	NOUN
cblr-14238	317	25	of	of	ADP
cblr-14238	317	26	the	the	DET
cblr-14238	317	27	international	international	ADJ
cblr-14238	317	28	investment	investment	NOUN
cblr-14238	317	29	community	community	NOUN
cblr-14238	317	30	by	by	ADP
cblr-14238	317	31	striking	strike	VERB
cblr-14238	317	32	a	a	DET
cblr-14238	317	33	balance	balance	NOUN
cblr-14238	317	34	between	between	ADP
cblr-14238	317	35	a	a	DET
cblr-14238	317	36	country	country	NOUN
cblr-14238	317	37	’s	’s	PART
cblr-14238	317	38	economic	economic	ADJ
cblr-14238	317	39	development	development	NOUN
cblr-14238	317	40	and	and	CCONJ
cblr-14238	317	41	the	the	DET
cblr-14238	317	42	accessibility	accessibility	NOUN
cblr-14238	317	43	of	of	ADP
cblr-14238	317	44	its	its	PRON
cblr-14238	317	45	market	market	NOUN
cblr-14238	317	46	while	while	SCONJ
cblr-14238	317	47	preserving	preserve	VERB
cblr-14238	317	48	index	index	NOUN
cblr-14238	317	49	stability	stability	NOUN
cblr-14238	317	50	.	.	PUNCT
cblr-14238	318	1	the	the	DET
cblr-14238	318	2	framework	framework	NOUN
cblr-14238	318	3	focuses	focus	VERB
cblr-14238	318	4	on	on	ADP
cblr-14238	318	5	economic	economic	ADJ
cblr-14238	318	6	development	development	NOUN
cblr-14238	318	7	(	(	PUNCT
cblr-14238	318	8	used	use	VERB
cblr-14238	318	9	only	only	ADV
cblr-14238	318	10	to	to	PART
cblr-14238	318	11	further	far	ADV
cblr-14238	318	12	classify	classify	VERB
cblr-14238	318	13	developed	develop	VERB
cblr-14238	318	14	markets	market	NOUN
cblr-14238	318	15	)	)	PUNCT
cblr-14238	318	16	,	,	PUNCT
cblr-14238	318	17	market	market	NOUN
cblr-14238	318	18	size	size	NOUN
cblr-14238	318	19	and	and	CCONJ
cblr-14238	318	20	liquidity	liquidity	NOUN
cblr-14238	318	21	(	(	PUNCT
cblr-14238	318	22	to	to	PART
cblr-14238	318	23	determine	determine	VERB
cblr-14238	318	24	practical	practical	ADJ
cblr-14238	318	25	investability	investability	NOUN
cblr-14238	318	26	by	by	ADP
cblr-14238	318	27	the	the	DET
cblr-14238	318	28	international	international	ADJ
cblr-14238	318	29	investment	investment	NOUN
cblr-14238	318	30	community	community	NOUN
cblr-14238	318	31	)	)	PUNCT
cblr-14238	318	32	,	,	PUNCT
cblr-14238	318	33	market	market	NOUN
cblr-14238	318	34	accessibility	accessibility	NOUN
cblr-14238	318	35	issues	issue	NOUN
cblr-14238	318	36	(	(	PUNCT
cblr-14238	318	37	including	include	VERB
cblr-14238	318	38	criteria	criterion	NOUN
cblr-14238	318	39	such	such	ADJ
cblr-14238	318	40	as	as	ADP
cblr-14238	318	41	openness	openness	NOUN
cblr-14238	318	42	to	to	ADP
cblr-14238	318	43	foreign	foreign	ADJ
cblr-14238	318	44	ownership	ownership	NOUN
cblr-14238	318	45	,	,	PUNCT
cblr-14238	318	46	ease	ease	NOUN
cblr-14238	318	47	of	of	ADP
cblr-14238	318	48	capital	capital	NOUN
cblr-14238	318	49	flows	flow	NOUN
cblr-14238	318	50	,	,	PUNCT
cblr-14238	318	51	operational	operational	ADJ
cblr-14238	318	52	efficiency	efficiency	NOUN
cblr-14238	318	53	and	and	CCONJ
cblr-14238	318	54	institutional	institutional	ADJ
cblr-14238	318	55	stability	stability	NOUN
cblr-14238	318	56	.	.	PUNCT
cblr-14238	319	1	msci	msci	PROPN
cblr-14238	319	2	market	market	NOUN
cblr-14238	319	3	classification	classification	NOUN
cblr-14238	319	4	,	,	PUNCT
cblr-14238	319	5	msci	msci	PROPN
cblr-14238	319	6	(	(	PUNCT
cblr-14238	319	7	last	last	ADV
cblr-14238	319	8	visited	visit	VERB
cblr-14238	319	9	sept	sept	PROPN
cblr-14238	319	10	.	.	PROPN
cblr-14238	319	11	26	26	NUM
cblr-14238	319	12	,	,	PUNCT
cblr-14238	319	13	2024	2024	NUM
cblr-14238	319	14	)	)	PUNCT
cblr-14238	319	15	,	,	PUNCT
cblr-14238	319	16	https://www.msci.com/market-classification	https://www.msci.com/market-classification	NOUN
cblr-14238	320	1	[	[	X
cblr-14238	320	2	https://perma.cc/c3rj-237c	https://perma.cc/c3rj-237c	NOUN
cblr-14238	320	3	]	]	PUNCT
cblr-14238	320	4	.	.	PUNCT
cblr-14238	321	1	see	see	VERB
cblr-14238	321	2	no	no	INTJ
cblr-14238	321	3	.	.	NOUN
cblr-14238	321	4	2	2	NUM
cblr-14238	321	5	]	]	PUNCT
cblr-14238	321	6	regulation	regulation	NOUN
cblr-14238	321	7	by	by	ADP
cblr-14238	321	8	indexation	indexation	NOUN
cblr-14238	321	9	?	?	PUNCT
cblr-14238	322	1	739	739	NUM
cblr-14238	322	2	discrepancies	discrepancy	NOUN
cblr-14238	322	3	in	in	ADP
cblr-14238	322	4	how	how	SCONJ
cblr-14238	322	5	the	the	DET
cblr-14238	322	6	major	major	ADJ
cblr-14238	322	7	indexers	indexer	NOUN
cblr-14238	322	8	divide	divide	VERB
cblr-14238	322	9	the	the	DET
cblr-14238	322	10	markets	market	NOUN
cblr-14238	322	11	,	,	PUNCT
cblr-14238	322	12	there	there	PRON
cblr-14238	322	13	is	be	VERB
cblr-14238	322	14	broad	broad	ADJ
cblr-14238	322	15	consensus	consensus	NOUN
cblr-14238	322	16	as	as	ADP
cblr-14238	322	17	to	to	ADP
cblr-14238	322	18	which	which	PRON
cblr-14238	322	19	countries	country	NOUN
cblr-14238	322	20	belong	belong	VERB
cblr-14238	322	21	in	in	ADP
cblr-14238	322	22	which	which	PRON
cblr-14238	322	23	index	index	NOUN
cblr-14238	322	24	.	.	PUNCT
cblr-14238	323	1	d.	d.	PROPN
cblr-14238	323	2	the	the	DET
cblr-14238	323	3	indexplosion	indexplosion	NOUN
cblr-14238	323	4	in	in	ADP
cblr-14238	323	5	recent	recent	ADJ
cblr-14238	323	6	years	year	NOUN
cblr-14238	323	7	,	,	PUNCT
cblr-14238	323	8	there	there	PRON
cblr-14238	323	9	has	have	AUX
cblr-14238	323	10	been	be	AUX
cblr-14238	323	11	explosive	explosive	ADJ
cblr-14238	323	12	growth	growth	NOUN
cblr-14238	323	13	in	in	ADP
cblr-14238	323	14	the	the	DET
cblr-14238	323	15	amount	amount	NOUN
cblr-14238	323	16	of	of	ADP
cblr-14238	323	17	assets	asset	NOUN
cblr-14238	323	18	invested	invest	VERB
cblr-14238	323	19	in	in	ADP
cblr-14238	323	20	funds	fund	NOUN
cblr-14238	323	21	following	follow	VERB
cblr-14238	323	22	equity	equity	NOUN
cblr-14238	323	23	indices	index	NOUN
cblr-14238	323	24	—	—	PUNCT
cblr-14238	323	25	often	often	ADV
cblr-14238	323	26	referred	refer	VERB
cblr-14238	323	27	to	to	ADP
cblr-14238	323	28	as	as	ADP
cblr-14238	323	29	“	"	PUNCT
cblr-14238	323	30	passive	passive	ADJ
cblr-14238	323	31	index	index	NOUN
cblr-14238	323	32	funds	fund	NOUN
cblr-14238	323	33	.	.	PUNCT
cblr-14238	323	34	”	"	PUNCT
cblr-14238	324	1	because	because	SCONJ
cblr-14238	324	2	they	they	PRON
cblr-14238	324	3	are	be	AUX
cblr-14238	324	4	cheaper	cheap	ADJ
cblr-14238	324	5	to	to	PART
cblr-14238	324	6	operate	operate	VERB
cblr-14238	324	7	,	,	PUNCT
cblr-14238	324	8	index	index	NOUN
cblr-14238	324	9	funds	fund	NOUN
cblr-14238	324	10	typically	typically	ADV
cblr-14238	324	11	have	have	VERB
cblr-14238	324	12	much	much	ADV
cblr-14238	324	13	lower	low	ADJ
cblr-14238	324	14	fees	fee	NOUN
cblr-14238	324	15	than	than	SCONJ
cblr-14238	324	16	active	active	ADJ
cblr-14238	324	17	funds.79	funds.79	NOUN
cblr-14238	324	18	index	index	NOUN
cblr-14238	324	19	funds	fund	NOUN
cblr-14238	324	20	are	be	AUX
cblr-14238	324	21	scalable	scalable	ADJ
cblr-14238	324	22	,	,	PUNCT
cblr-14238	324	23	allowing	allow	VERB
cblr-14238	324	24	already	already	ADV
cblr-14238	324	25	comparatively	comparatively	ADV
cblr-14238	324	26	limited	limited	ADJ
cblr-14238	324	27	costs	cost	NOUN
cblr-14238	324	28	to	to	PART
cblr-14238	324	29	be	be	AUX
cblr-14238	324	30	spread	spread	VERB
cblr-14238	324	31	among	among	ADP
cblr-14238	324	32	many	many	ADJ
cblr-14238	324	33	investors	investor	NOUN
cblr-14238	324	34	.	.	PUNCT
cblr-14238	325	1	scalability	scalability	NOUN
cblr-14238	325	2	,	,	PUNCT
cblr-14238	325	3	combined	combine	VERB
cblr-14238	325	4	with	with	ADP
cblr-14238	325	5	the	the	DET
cblr-14238	325	6	difficulty	difficulty	NOUN
cblr-14238	325	7	of	of	ADP
cblr-14238	325	8	beating	beat	VERB
cblr-14238	325	9	the	the	DET
cblr-14238	325	10	performance	performance	NOUN
cblr-14238	325	11	of	of	ADP
cblr-14238	325	12	a	a	DET
cblr-14238	325	13	benchmark	benchmark	ADJ
cblr-14238	325	14	equity	equity	NOUN
cblr-14238	325	15	market	market	NOUN
cblr-14238	325	16	index	index	NOUN
cblr-14238	325	17	fund	fund	NOUN
cblr-14238	325	18	through	through	ADP
cblr-14238	325	19	active	active	ADJ
cblr-14238	325	20	management	management	NOUN
cblr-14238	325	21	,	,	PUNCT
cblr-14238	325	22	has	have	AUX
cblr-14238	325	23	made	make	VERB
cblr-14238	325	24	index	index	NOUN
cblr-14238	325	25	funds	fund	NOUN
cblr-14238	325	26	an	an	DET
cblr-14238	325	27	increasingly	increasingly	ADV
cblr-14238	325	28	popular	popular	ADJ
cblr-14238	325	29	investment	investment	NOUN
cblr-14238	325	30	approach.80	approach.80	NOUN
cblr-14238	325	31	investors	investor	NOUN
cblr-14238	325	32	have	have	VERB
cblr-14238	325	33	also	also	ADV
cblr-14238	325	34	msci	msci	PROPN
cblr-14238	325	35	,	,	PUNCT
cblr-14238	325	36	msci	msci	PROPN
cblr-14238	325	37	global	global	ADJ
cblr-14238	325	38	market	market	NOUN
cblr-14238	325	39	accessibility	accessibility	NOUN
cblr-14238	325	40	review	review	NOUN
cblr-14238	325	41	1	1	NUM
cblr-14238	325	42	(	(	PUNCT
cblr-14238	325	43	june	june	PROPN
cblr-14238	325	44	2018	2018	NUM
cblr-14238	325	45	)	)	PUNCT
cblr-14238	325	46	,	,	PUNCT
cblr-14238	325	47	https://www.msci.com/documents/1296102/1330218/msci_global_market	https://www.msci.com/documents/1296102/1330218/msci_global_market	NOUN
cblr-14238	325	48	_	_	PRON
cblr-14238	325	49	accessibility_review_june_2018_%28final%29.pdf/04dd3b70	accessibility_review_june_2018_%28final%29.pdf/04dd3b70	NOUN
cblr-14238	325	50	-	-	PUNCT
cblr-14238	325	51	487a8395	487a8395	PROPN
cblr-14238	325	52	-	-	PUNCT
cblr-14238	325	53	912c-89a202b5b4fa	912c-89a202b5b4fa	NUM
cblr-14238	326	1	[	[	X
cblr-14238	326	2	https://perma.cc/qcp7-2ydk	https://perma.cc/qcp7-2ydk	X
cblr-14238	326	3	]	]	X
cblr-14238	326	4	.	.	PUNCT
cblr-14238	327	1	79	79	NUM
cblr-14238	327	2	jill	jill	NOUN
cblr-14238	327	3	fish	fish	NOUN
cblr-14238	327	4	,	,	PUNCT
cblr-14238	327	5	assaf	assaf	PROPN
cblr-14238	327	6	hamdani	hamdani	PROPN
cblr-14238	327	7	&	&	CCONJ
cblr-14238	327	8	steven	steven	PROPN
cblr-14238	327	9	davidoff	davidoff	PROPN
cblr-14238	327	10	solomon	solomon	PROPN
cblr-14238	327	11	,	,	PUNCT
cblr-14238	327	12	the	the	DET
cblr-14238	327	13	new	new	ADJ
cblr-14238	327	14	titans	titan	NOUN
cblr-14238	327	15	of	of	ADP
cblr-14238	327	16	wall	wall	PROPN
cblr-14238	327	17	street	street	PROPN
cblr-14238	327	18	:	:	PUNCT
cblr-14238	327	19	a	a	DET
cblr-14238	327	20	theoretical	theoretical	ADJ
cblr-14238	327	21	framework	framework	NOUN
cblr-14238	327	22	for	for	ADP
cblr-14238	327	23	passive	passive	ADJ
cblr-14238	327	24	investors	investor	NOUN
cblr-14238	327	25	,	,	PUNCT
cblr-14238	327	26	168	168	NUM
cblr-14238	327	27	u.	u.	NOUN
cblr-14238	327	28	pa	pa	PROPN
cblr-14238	327	29	.	.	PUNCT
cblr-14238	327	30	l.	l.	PROPN
cblr-14238	327	31	rev	rev	PROPN
cblr-14238	327	32	.	.	PROPN
cblr-14238	327	33	17	17	NUM
cblr-14238	327	34	,	,	PUNCT
cblr-14238	327	35	38–39	38–39	NUM
cblr-14238	327	36	(	(	PUNCT
cblr-14238	327	37	2019	2019	NUM
cblr-14238	327	38	)	)	PUNCT
cblr-14238	327	39	.	.	PUNCT
cblr-14238	328	1	80	80	NUM
cblr-14238	329	1	it	it	PRON
cblr-14238	329	2	is	be	AUX
cblr-14238	329	3	very	very	ADV
cblr-14238	329	4	difficult	difficult	ADJ
cblr-14238	329	5	for	for	SCONJ
cblr-14238	329	6	actively	actively	ADV
cblr-14238	329	7	managed	manage	VERB
cblr-14238	329	8	investment	investment	NOUN
cblr-14238	329	9	funds	fund	NOUN
cblr-14238	329	10	to	to	PART
cblr-14238	329	11	outperform	outperform	VERB
cblr-14238	329	12	passive	passive	ADJ
cblr-14238	329	13	index	index	NOUN
cblr-14238	329	14	funds	fund	NOUN
cblr-14238	329	15	net	net	NOUN
cblr-14238	329	16	of	of	ADP
cblr-14238	329	17	fees	fee	NOUN
cblr-14238	329	18	charged	charge	VERB
cblr-14238	329	19	to	to	PART
cblr-14238	329	20	recover	recover	VERB
cblr-14238	329	21	costs	cost	NOUN
cblr-14238	329	22	.	.	PUNCT
cblr-14238	330	1	in	in	ADP
cblr-14238	330	2	2016	2016	NUM
cblr-14238	330	3	,	,	PUNCT
cblr-14238	330	4	two	two	NUM
cblr-14238	330	5	-	-	PUNCT
cblr-14238	330	6	thirds	third	NOUN
cblr-14238	330	7	of	of	ADP
cblr-14238	330	8	active	active	ADJ
cblr-14238	330	9	managers	manager	NOUN
cblr-14238	330	10	of	of	ADP
cblr-14238	330	11	large	large	ADJ
cblr-14238	330	12	-	-	PUNCT
cblr-14238	330	13	capitalization	capitalization	NOUN
cblr-14238	330	14	u.s	u.s	PROPN
cblr-14238	330	15	.	.	PROPN
cblr-14238	330	16	stocks	stock	NOUN
cblr-14238	330	17	underperformed	underperform	VERB
cblr-14238	330	18	the	the	DET
cblr-14238	330	19	s&p	s&p	PROPN
cblr-14238	330	20	500	500	NUM
cblr-14238	330	21	large	large	ADJ
cblr-14238	330	22	-	-	PUNCT
cblr-14238	330	23	cap	cap	NOUN
cblr-14238	330	24	index	index	NOUN
cblr-14238	330	25	,	,	PUNCT
cblr-14238	330	26	while	while	SCONJ
cblr-14238	330	27	more	more	ADJ
cblr-14238	330	28	than	than	ADP
cblr-14238	330	29	90	90	NUM
cblr-14238	330	30	%	%	NOUN
cblr-14238	330	31	of	of	ADP
cblr-14238	330	32	active	active	ADJ
cblr-14238	330	33	managers	manager	NOUN
cblr-14238	330	34	underperformed	underperform	VERB
cblr-14238	330	35	their	their	PRON
cblr-14238	330	36	benchmark	benchmark	NOUN
cblr-14238	330	37	indices	index	NOUN
cblr-14238	330	38	over	over	ADP
cblr-14238	330	39	a	a	DET
cblr-14238	330	40	15	15	NUM
cblr-14238	330	41	-	-	PUNCT
cblr-14238	330	42	year	year	NOUN
cblr-14238	330	43	period	period	NOUN
cblr-14238	330	44	.	.	PUNCT
cblr-14238	331	1	burton	burton	PROPN
cblr-14238	331	2	g.	g.	PROPN
cblr-14238	331	3	malkiel	malkiel	PROPN
cblr-14238	331	4	,	,	PUNCT
cblr-14238	331	5	opinion	opinion	NOUN
cblr-14238	331	6	,	,	PUNCT
cblr-14238	331	7	index	index	NOUN
cblr-14238	331	8	funds	fund	NOUN
cblr-14238	331	9	still	still	ADV
cblr-14238	331	10	beat	beat	VERB
cblr-14238	331	11	“	"	PUNCT
cblr-14238	331	12	active	active	ADJ
cblr-14238	331	13	”	"	PUNCT
cblr-14238	331	14	portfolio	portfolio	NOUN
cblr-14238	331	15	management	management	NOUN
cblr-14238	331	16	,	,	PUNCT
cblr-14238	331	17	wall	wall	PROPN
cblr-14238	331	18	st	st	PROPN
cblr-14238	331	19	.	.	PROPN
cblr-14238	331	20	j.	j.	PROPN
cblr-14238	331	21	,	,	PUNCT
cblr-14238	331	22	june	june	PROPN
cblr-14238	331	23	6	6	NUM
cblr-14238	331	24	,	,	PUNCT
cblr-14238	331	25	2017	2017	NUM
cblr-14238	331	26	,	,	PUNCT
cblr-14238	331	27	at	at	ADP
cblr-14238	331	28	a17	a17	NOUN
cblr-14238	331	29	.	.	PUNCT
cblr-14238	332	1	this	this	PRON
cblr-14238	332	2	is	be	AUX
cblr-14238	332	3	because	because	SCONJ
cblr-14238	332	4	benchmark	benchmark	ADJ
cblr-14238	332	5	equity	equity	NOUN
cblr-14238	332	6	index	index	NOUN
cblr-14238	332	7	funds	fund	NOUN
cblr-14238	332	8	are	be	AUX
cblr-14238	332	9	well	well	ADV
cblr-14238	332	10	diversified	diversified	ADJ
cblr-14238	332	11	and	and	CCONJ
cblr-14238	332	12	more	more	ADV
cblr-14238	332	13	likely	likely	ADJ
cblr-14238	332	14	to	to	PART
cblr-14238	332	15	capture	capture	VERB
cblr-14238	332	16	the	the	DET
cblr-14238	332	17	growth	growth	NOUN
cblr-14238	332	18	provided	provide	VERB
cblr-14238	332	19	by	by	ADP
cblr-14238	332	20	positive	positive	ADJ
cblr-14238	332	21	outliers	outlier	NOUN
cblr-14238	332	22	and	and	CCONJ
cblr-14238	332	23	because	because	SCONJ
cblr-14238	332	24	they	they	PRON
cblr-14238	332	25	have	have	VERB
cblr-14238	332	26	significantly	significantly	ADV
cblr-14238	332	27	lower	low	ADJ
cblr-14238	332	28	costs	cost	NOUN
cblr-14238	332	29	than	than	ADP
cblr-14238	332	30	actively	actively	ADV
cblr-14238	332	31	managed	manage	VERB
cblr-14238	332	32	funds	fund	NOUN
cblr-14238	332	33	.	.	PUNCT
cblr-14238	333	1	christopher	christopher	PROPN
cblr-14238	333	2	b.	b.	PROPN
cblr-14238	333	3	philips	philips	PROPN
cblr-14238	333	4	,	,	PUNCT
cblr-14238	333	5	the	the	DET
cblr-14238	333	6	case	case	NOUN
cblr-14238	333	7	for	for	ADP
cblr-14238	333	8	indexing	indexing	NOUN
cblr-14238	333	9	,	,	PUNCT
cblr-14238	333	10	vanguard	vanguard	NOUN
cblr-14238	333	11	rsch	rsch	PROPN
cblr-14238	333	12	.	.	PUNCT
cblr-14238	334	1	(	(	PUNCT
cblr-14238	334	2	feb	feb	PROPN
cblr-14238	334	3	.	.	PROPN
cblr-14238	334	4	2011	2011	NUM
cblr-14238	334	5	)	)	PUNCT
cblr-14238	334	6	.	.	PUNCT
cblr-14238	335	1	the	the	DET
cblr-14238	335	2	entire	entire	ADJ
cblr-14238	335	3	capital	capital	NOUN
cblr-14238	335	4	gain	gain	NOUN
cblr-14238	335	5	of	of	ADP
cblr-14238	335	6	usd	usd	NOUN
cblr-14238	335	7	$	$	SYM
cblr-14238	335	8	35	35	NUM
cblr-14238	335	9	trillion	trillion	NUM
cblr-14238	335	10	in	in	ADP
cblr-14238	335	11	us	us	PROPN
cblr-14238	335	12	equity	equity	NOUN
cblr-14238	335	13	markets	market	NOUN
cblr-14238	335	14	from	from	ADP
cblr-14238	335	15	1926	1926	NUM
cblr-14238	335	16	to	to	ADP
cblr-14238	335	17	2015	2015	NUM
cblr-14238	335	18	is	be	AUX
cblr-14238	335	19	attributable	attributable	ADJ
cblr-14238	335	20	to	to	ADP
cblr-14238	335	21	only	only	ADV
cblr-14238	335	22	4	4	NUM
cblr-14238	335	23	%	%	NOUN
cblr-14238	335	24	of	of	ADP
cblr-14238	335	25	the	the	DET
cblr-14238	335	26	listed	list	VERB
cblr-14238	335	27	stocks	stock	NOUN
cblr-14238	335	28	—	—	PUNCT
cblr-14238	335	29	the	the	DET
cblr-14238	335	30	top	top	ADJ
cblr-14238	335	31	86	86	NUM
cblr-14238	335	32	stocks	stock	NOUN
cblr-14238	335	33	created	create	VERB
cblr-14238	335	34	50	50	NUM
cblr-14238	335	35	%	%	NOUN
cblr-14238	335	36	of	of	ADP
cblr-14238	335	37	the	the	DET
cblr-14238	335	38	growth	growth	NOUN
cblr-14238	335	39	.	.	PUNCT
cblr-14238	336	1	more	more	ADJ
cblr-14238	336	2	than	than	ADP
cblr-14238	336	3	half	half	NOUN
cblr-14238	336	4	of	of	ADP
cblr-14238	336	5	the	the	DET
cblr-14238	336	6	stocks	stock	NOUN
cblr-14238	336	7	in	in	ADP
cblr-14238	336	8	the	the	DET
cblr-14238	336	9	university	university	PROPN
cblr-14238	336	10	of	of	ADP
cblr-14238	336	11	chicago	chicago	PROPN
cblr-14238	336	12	’s	’s	PART
cblr-14238	336	13	center	center	NOUN
cblr-14238	336	14	for	for	ADP
cblr-14238	336	15	research	research	NOUN
cblr-14238	336	16	in	in	ADP
cblr-14238	336	17	security	security	NOUN
cblr-14238	336	18	prices	price	NOUN
cblr-14238	336	19	(	(	PUNCT
cblr-14238	336	20	crsp	crsp	NOUN
cblr-14238	336	21	)	)	PUNCT
cblr-14238	336	22	database	database	NOUN
cblr-14238	336	23	of	of	ADP
cblr-14238	336	24	historical	historical	ADJ
cblr-14238	336	25	securities	security	NOUN
cblr-14238	336	26	prices	price	NOUN
cblr-14238	336	27	for	for	ADP
cblr-14238	336	28	all	all	DET
cblr-14238	336	29	publicly	publicly	ADV
cblr-14238	336	30	listed	list	VERB
cblr-14238	336	31	equities	equity	NOUN
cblr-14238	336	32	in	in	ADP
cblr-14238	336	33	the	the	DET
cblr-14238	336	34	united	united	PROPN
cblr-14238	336	35	states	states	PROPN
cblr-14238	336	36	delivered	deliver	VERB
cblr-14238	336	37	negative	negative	ADJ
cblr-14238	336	38	lifetime	lifetime	NOUN
cblr-14238	336	39	returns	return	NOUN
cblr-14238	336	40	.	.	PUNCT
cblr-14238	337	1	hendrik	hendrik	PROPN
cblr-14238	337	2	bessembinder	bessembinder	PROPN
cblr-14238	337	3	,	,	PUNCT
cblr-14238	337	4	do	do	AUX
cblr-14238	337	5	stocks	stock	NOUN
cblr-14238	337	6	outperform	outperform	VERB
cblr-14238	337	7	treasury	treasury	NOUN
cblr-14238	337	8	bills	bill	NOUN
cblr-14238	337	9	?	?	PUNCT
cblr-14238	337	10	,	,	PUNCT
cblr-14238	337	11	129	129	NUM
cblr-14238	337	12	j.	j.	PROPN
cblr-14238	337	13	fin	fin	PROPN
cblr-14238	337	14	.	.	PUNCT
cblr-14238	337	15	econ	econ	PROPN
cblr-14238	337	16	.	.	PUNCT
cblr-14238	338	1	440	440	NUM
cblr-14238	338	2	,	,	PUNCT
cblr-14238	338	3	441	441	NUM
cblr-14238	338	4	(	(	PUNCT
cblr-14238	338	5	2018	2018	NUM
cblr-14238	338	6	)	)	PUNCT
cblr-14238	338	7	,	,	PUNCT
cblr-14238	339	1	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2900447	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2900447	PROPN
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cblr-14238	340	3	business	business	NOUN
cblr-14238	340	4	law	law	PROPN
cblr-14238	340	5	review	review	NOUN
cblr-14238	340	6	[	[	X
cblr-14238	340	7	vol	vol	NOUN
cblr-14238	340	8	.	.	NOUN
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cblr-14238	340	10	taken	take	VERB
cblr-14238	340	11	note	note	NOUN
cblr-14238	340	12	of	of	ADP
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cblr-14238	340	18	into	into	ADP
cblr-14238	340	19	passive	passive	ADJ
cblr-14238	340	20	index	index	NOUN
cblr-14238	340	21	investment	investment	NOUN
cblr-14238	340	22	funds.81	funds.81	NOUN
cblr-14238	340	23	index	index	NOUN
cblr-14238	340	24	mutual	mutual	ADJ
cblr-14238	340	25	funds	fund	NOUN
cblr-14238	340	26	and	and	CCONJ
cblr-14238	340	27	exchangetraded	exchangetrade	VERB
cblr-14238	340	28	funds	fund	NOUN
cblr-14238	340	29	(	(	PUNCT
cblr-14238	340	30	etfs	etfs	PROPN
cblr-14238	340	31	)	)	PUNCT
cblr-14238	340	32	have	have	AUX
cblr-14238	340	33	democratized	democratize	VERB
cblr-14238	340	34	access	access	NOUN
cblr-14238	340	35	to	to	ADP
cblr-14238	340	36	low	low	ADJ
cblr-14238	340	37	-	-	PUNCT
cblr-14238	340	38	cost	cost	NOUN
cblr-14238	340	39	,	,	PUNCT
cblr-14238	340	40	diversified	diversified	ADJ
cblr-14238	340	41	portfolios.82	portfolios.82	NOUN
cblr-14238	340	42	the	the	DET
cblr-14238	340	43	investment	investment	NOUN
cblr-14238	340	44	company	company	NOUN
cblr-14238	340	45	institute	institute	PROPN
cblr-14238	340	46	(	(	PUNCT
cblr-14238	340	47	ici	ici	PROPN
cblr-14238	340	48	)	)	PUNCT
cblr-14238	340	49	has	have	AUX
cblr-14238	340	50	recorded	record	VERB
cblr-14238	340	51	explosive	explosive	ADJ
cblr-14238	340	52	growth	growth	NOUN
cblr-14238	340	53	in	in	ADP
cblr-14238	340	54	indexing	indexing	NOUN
cblr-14238	340	55	and	and	CCONJ
cblr-14238	340	56	a	a	DET
cblr-14238	340	57	seismic	seismic	ADJ
cblr-14238	340	58	shift	shift	NOUN
cblr-14238	340	59	from	from	ADP
cblr-14238	340	60	active	active	ADJ
cblr-14238	340	61	to	to	ADP
cblr-14238	340	62	passive	passive	ADJ
cblr-14238	340	63	index	index	NOUN
cblr-14238	340	64	investing	invest	VERB
cblr-14238	340	65	in	in	ADP
cblr-14238	340	66	the	the	DET
cblr-14238	340	67	last	last	ADJ
cblr-14238	340	68	decade	decade	NOUN
cblr-14238	340	69	.	.	PUNCT
cblr-14238	341	1	according	accord	VERB
cblr-14238	341	2	to	to	ADP
cblr-14238	341	3	the	the	PRON
cblr-14238	341	4	ici	ici	PROPN
cblr-14238	341	5	,	,	PUNCT
cblr-14238	341	6	u.s	u.s	PROPN
cblr-14238	341	7	.	.	PROPN
cblr-14238	341	8	domestic	domestic	ADJ
cblr-14238	341	9	equity	equity	NOUN
cblr-14238	341	10	index	index	NOUN
cblr-14238	341	11	funds	fund	NOUN
cblr-14238	341	12	received	receive	VERB
cblr-14238	341	13	usd	usd	NOUN
cblr-14238	341	14	$	$	SYM
cblr-14238	341	15	2.5	2.5	NUM
cblr-14238	341	16	trillion	trillion	NUM
cblr-14238	341	17	in	in	ADP
cblr-14238	341	18	net	net	ADJ
cblr-14238	341	19	new	new	ADJ
cblr-14238	341	20	investments	investment	NOUN
cblr-14238	341	21	from	from	ADP
cblr-14238	341	22	2013	2013	NUM
cblr-14238	341	23	through	through	ADP
cblr-14238	341	24	2022	2022	NUM
cblr-14238	341	25	,	,	PUNCT
cblr-14238	341	26	while	while	SCONJ
cblr-14238	341	27	actively	actively	ADV
cblr-14238	341	28	managed	manage	VERB
cblr-14238	341	29	funds	fund	NOUN
cblr-14238	341	30	experienced	experience	VERB
cblr-14238	341	31	net	net	ADJ
cblr-14238	341	32	outflows	outflow	NOUN
cblr-14238	341	33	of	of	ADP
cblr-14238	341	34	usd	usd	NOUN
cblr-14238	341	35	$	$	SYM
cblr-14238	341	36	2.3	2.3	NUM
cblr-14238	341	37	trillion	trillion	NUM
cblr-14238	341	38	during	during	ADP
cblr-14238	341	39	the	the	DET
cblr-14238	341	40	same	same	ADJ
cblr-14238	341	41	period.83	period.83	NOUN
cblr-14238	341	42	as	as	ADP
cblr-14238	341	43	a	a	DET
cblr-14238	341	44	result	result	NOUN
cblr-14238	341	45	,	,	PUNCT
cblr-14238	341	46	index	index	NOUN
cblr-14238	341	47	funds	fund	NOUN
cblr-14238	341	48	grew	grow	VERB
cblr-14238	341	49	from	from	ADP
cblr-14238	341	50	holding	hold	VERB
cblr-14238	341	51	8	8	NUM
cblr-14238	341	52	%	%	NOUN
cblr-14238	341	53	of	of	ADP
cblr-14238	341	54	the	the	DET
cblr-14238	341	55	total	total	ADJ
cblr-14238	341	56	market	market	NOUN
cblr-14238	341	57	capitalization	capitalization	NOUN
cblr-14238	341	58	of	of	ADP
cblr-14238	341	59	public	public	ADJ
cblr-14238	341	60	u.s	u.s	PROPN
cblr-14238	341	61	.	.	PROPN
cblr-14238	341	62	stocks	stock	NOUN
cblr-14238	341	63	at	at	ADP
cblr-14238	341	64	the	the	DET
cblr-14238	341	65	end	end	NOUN
cblr-14238	341	66	of	of	ADP
cblr-14238	341	67	2012	2012	NUM
cblr-14238	341	68	to	to	ADP
cblr-14238	341	69	holding	hold	VERB
cblr-14238	341	70	18	18	NUM
cblr-14238	341	71	%	%	NOUN
cblr-14238	341	72	of	of	ADP
cblr-14238	341	73	the	the	DET
cblr-14238	341	74	market	market	NOUN
cblr-14238	341	75	cap	cap	NOUN
cblr-14238	341	76	at	at	ADP
cblr-14238	341	77	the	the	DET
cblr-14238	341	78	end	end	NOUN
cblr-14238	341	79	of	of	ADP
cblr-14238	341	80	2022	2022	NUM
cblr-14238	341	81	,	,	PUNCT
cblr-14238	341	82	while	while	SCONJ
cblr-14238	341	83	active	active	ADJ
cblr-14238	341	84	fund	fund	NOUN
cblr-14238	341	85	holdings	holding	NOUN
cblr-14238	341	86	declined	decline	VERB
cblr-14238	341	87	from	from	ADP
cblr-14238	341	88	18	18	NUM
cblr-14238	341	89	%	%	NOUN
cblr-14238	341	90	to	to	ADP
cblr-14238	341	91	14%.84	14%.84	NUM
cblr-14238	341	92	index	index	NOUN
cblr-14238	341	93	funds	fund	NOUN
cblr-14238	341	94	held	hold	VERB
cblr-14238	341	95	$	$	SYM
cblr-14238	341	96	7.2	7.2	NUM
cblr-14238	341	97	trillion	trillion	NUM
cblr-14238	341	98	in	in	ADP
cblr-14238	341	99	domestic	domestic	ADJ
cblr-14238	341	100	equity	equity	NOUN
cblr-14238	341	101	assets	asset	NOUN
cblr-14238	341	102	at	at	ADP
cblr-14238	341	103	the	the	DET
cblr-14238	341	104	end	end	NOUN
cblr-14238	341	105	of	of	ADP
cblr-14238	341	106	2022.85	2022.85	NUM
cblr-14238	341	107	globally	globally	ADV
cblr-14238	341	108	,	,	PUNCT
cblr-14238	341	109	blackrock	blackrock	PROPN
cblr-14238	341	110	estimated	estimate	VERB
cblr-14238	341	111	that	that	SCONJ
cblr-14238	341	112	,	,	PUNCT
cblr-14238	341	113	as	as	ADP
cblr-14238	341	114	of	of	ADP
cblr-14238	341	115	december	december	PROPN
cblr-14238	341	116	2016	2016	NUM
cblr-14238	341	117	,	,	PUNCT
cblr-14238	341	118	the	the	DET
cblr-14238	341	119	global	global	ADJ
cblr-14238	341	120	investable	investable	ADJ
cblr-14238	341	121	universe	universe	NOUN
cblr-14238	341	122	for	for	ADP
cblr-14238	341	123	equity	equity	NOUN
cblr-14238	341	124	securities	security	NOUN
cblr-14238	341	125	was	be	AUX
cblr-14238	341	126	usd	usd	NOUN
cblr-14238	341	127	$	$	SYM
cblr-14238	341	128	68	68	NUM
cblr-14238	341	129	trillion	trillion	NUM
cblr-14238	341	130	in	in	ADP
cblr-14238	341	131	market	market	NOUN
cblr-14238	341	132	capitalization	capitalization	NOUN
cblr-14238	341	133	,	,	PUNCT
cblr-14238	341	134	of	of	ADP
cblr-14238	341	135	which	which	PRON
cblr-14238	341	136	usd	usd	NOUN
cblr-14238	341	137	$	$	SYM
cblr-14238	341	138	11.9	11.9	NUM
cblr-14238	341	139	trillion	trillion	NUM
cblr-14238	341	140	,	,	PUNCT
cblr-14238	341	141	or	or	CCONJ
cblr-14238	341	142	17.5	17.5	NUM
cblr-14238	341	143	%	%	NOUN
cblr-14238	341	144	of	of	ADP
cblr-14238	341	145	total	total	ADJ
cblr-14238	341	146	market	market	NOUN
cblr-14238	341	147	capitalization	capitalization	NOUN
cblr-14238	341	148	of	of	ADP
cblr-14238	341	149	global	global	ADJ
cblr-14238	341	150	equity	equity	NOUN
cblr-14238	341	151	stocks	stock	NOUN
cblr-14238	341	152	,	,	PUNCT
cblr-14238	341	153	was	be	AUX
cblr-14238	341	154	invested	invest	VERB
cblr-14238	341	155	in	in	ADP
cblr-14238	341	156	index	index	NOUN
cblr-14238	341	157	strategies	strategy	NOUN
cblr-14238	341	158	,	,	PUNCT
cblr-14238	341	159	with	with	ADP
cblr-14238	341	160	usd	usd	NOUN
cblr-14238	341	161	$	$	SYM
cblr-14238	341	162	5	5	NUM
cblr-14238	341	163	trillion	trillion	NUM
cblr-14238	341	164	,	,	PUNCT
cblr-14238	341	165	81	81	NUM
cblr-14238	341	166	pension	pension	NOUN
cblr-14238	341	167	funds	fund	NOUN
cblr-14238	341	168	led	lead	VERB
cblr-14238	341	169	the	the	DET
cblr-14238	341	170	way	way	NOUN
cblr-14238	341	171	into	into	ADP
cblr-14238	341	172	index	index	NOUN
cblr-14238	341	173	investing	investing	NOUN
cblr-14238	341	174	,	,	PUNCT
cblr-14238	341	175	followed	follow	VERB
cblr-14238	341	176	by	by	ADP
cblr-14238	341	177	other	other	ADJ
cblr-14238	341	178	institutional	institutional	ADJ
cblr-14238	341	179	investors	investor	NOUN
cblr-14238	341	180	and	and	CCONJ
cblr-14238	341	181	,	,	PUNCT
cblr-14238	341	182	ultimately	ultimately	ADV
cblr-14238	341	183	,	,	PUNCT
cblr-14238	341	184	retail	retail	ADJ
cblr-14238	341	185	investors	investor	NOUN
cblr-14238	341	186	.	.	PUNCT
cblr-14238	342	1	fink	fink	PROPN
cblr-14238	342	2	&	&	CCONJ
cblr-14238	342	3	novick	novick	PROPN
cblr-14238	342	4	,	,	PUNCT
cblr-14238	342	5	supra	supra	PROPN
cblr-14238	342	6	note	note	NOUN
cblr-14238	342	7	39	39	NUM
cblr-14238	342	8	,	,	PUNCT
cblr-14238	342	9	at	at	ADP
cblr-14238	342	10	52	52	NUM
cblr-14238	342	11	.	.	PUNCT
cblr-14238	343	1	82	82	NUM
cblr-14238	343	2	fink	fink	PROPN
cblr-14238	343	3	&	&	CCONJ
cblr-14238	343	4	novick	novick	PROPN
cblr-14238	343	5	,	,	PUNCT
cblr-14238	343	6	supra	supra	PROPN
cblr-14238	343	7	note	note	NOUN
cblr-14238	343	8	39	39	NUM
cblr-14238	343	9	,	,	PUNCT
cblr-14238	343	10	at	at	ADP
cblr-14238	343	11	50	50	NUM
cblr-14238	343	12	.	.	PUNCT
cblr-14238	344	1	83	83	NUM
cblr-14238	344	2	2023	2023	NUM
cblr-14238	344	3	fact	fact	NOUN
cblr-14238	344	4	book	book	NOUN
cblr-14238	344	5	at	at	ADP
cblr-14238	344	6	48	48	NUM
cblr-14238	344	7	.	.	PUNCT
cblr-14238	345	1	index	index	NOUN
cblr-14238	345	2	mutual	mutual	ADJ
cblr-14238	345	3	funds	fund	NOUN
cblr-14238	345	4	(	(	PUNCT
cblr-14238	345	5	excluding	exclude	VERB
cblr-14238	345	6	etfs	etfs	NOUN
cblr-14238	345	7	)	)	PUNCT
cblr-14238	345	8	total	total	ADJ
cblr-14238	345	9	net	net	ADJ
cblr-14238	345	10	assets	asset	NOUN
cblr-14238	345	11	grew	grow	VERB
cblr-14238	345	12	from	from	ADP
cblr-14238	345	13	usd	usd	NOUN
cblr-14238	345	14	$	$	SYM
cblr-14238	345	15	384	384	NUM
cblr-14238	345	16	billion	billion	NUM
cblr-14238	345	17	to	to	PART
cblr-14238	345	18	usd	usd	NOUN
cblr-14238	345	19	$	$	SYM
cblr-14238	345	20	4.8	4.8	NUM
cblr-14238	345	21	trillion	trillion	NUM
cblr-14238	345	22	from	from	ADP
cblr-14238	345	23	2000	2000	NUM
cblr-14238	345	24	to	to	ADP
cblr-14238	345	25	2022	2022	NUM
cblr-14238	345	26	,	,	PUNCT
cblr-14238	345	27	and	and	CCONJ
cblr-14238	345	28	index	index	NOUN
cblr-14238	345	29	mutual	mutual	ADJ
cblr-14238	345	30	funds	fund	NOUN
cblr-14238	345	31	’	'	PUNCT
cblr-14238	345	32	share	share	NOUN
cblr-14238	345	33	of	of	ADP
cblr-14238	345	34	long	long	ADJ
cblr-14238	345	35	-	-	PUNCT
cblr-14238	345	36	term	term	NOUN
cblr-14238	345	37	mutual	mutual	ADJ
cblr-14238	345	38	fund	fund	NOUN
cblr-14238	345	39	net	net	ADJ
cblr-14238	345	40	assets	asset	NOUN
cblr-14238	345	41	more	more	ADJ
cblr-14238	345	42	than	than	ADP
cblr-14238	345	43	tripled	triple	VERB
cblr-14238	345	44	,	,	PUNCT
cblr-14238	345	45	from	from	ADP
cblr-14238	345	46	7.5	7.5	NUM
cblr-14238	345	47	%	%	NOUN
cblr-14238	345	48	to	to	PART
cblr-14238	345	49	27.9	27.9	NUM
cblr-14238	345	50	%	%	NOUN
cblr-14238	345	51	.	.	PUNCT
cblr-14238	346	1	i	i	PRON
cblr-14238	346	2	d.	d.	PROPN
cblr-14238	346	3	at	at	ADP
cblr-14238	346	4	80	80	NUM
cblr-14238	346	5	.	.	PUNCT
cblr-14238	347	1	etf	etf	NOUN
cblr-14238	347	2	total	total	ADJ
cblr-14238	347	3	net	net	ADJ
cblr-14238	347	4	assets	asset	NOUN
cblr-14238	347	5	have	have	AUX
cblr-14238	347	6	grown	grow	VERB
cblr-14238	347	7	even	even	ADV
cblr-14238	347	8	faster	fast	ADV
cblr-14238	347	9	,	,	PUNCT
cblr-14238	347	10	from	from	ADP
cblr-14238	347	11	usd	usd	NOUN
cblr-14238	347	12	$	$	SYM
cblr-14238	347	13	992	992	NUM
cblr-14238	347	14	billion	billion	NUM
cblr-14238	347	15	at	at	ADP
cblr-14238	347	16	the	the	DET
cblr-14238	347	17	end	end	NOUN
cblr-14238	347	18	of	of	ADP
cblr-14238	347	19	2010	2010	NUM
cblr-14238	347	20	to	to	ADP
cblr-14238	347	21	usd	usd	NOUN
cblr-14238	347	22	$	$	SYM
cblr-14238	347	23	6.5	6.5	NUM
cblr-14238	347	24	trillion	trillion	NUM
cblr-14238	347	25	at	at	ADP
cblr-14238	347	26	the	the	DET
cblr-14238	347	27	end	end	NOUN
cblr-14238	347	28	of	of	ADP
cblr-14238	347	29	2022	2022	NUM
cblr-14238	347	30	.	.	PUNCT
cblr-14238	348	1	i	i	PRON
cblr-14238	348	2	d.	d.	PROPN
cblr-14238	348	3	at	at	ADP
cblr-14238	348	4	82	82	NUM
cblr-14238	348	5	.	.	PUNCT
cblr-14238	349	1	index	index	NOUN
cblr-14238	349	2	etf	etf	NOUN
cblr-14238	349	3	funds	fund	NOUN
cblr-14238	349	4	hold	hold	VERB
cblr-14238	349	5	more	more	ADJ
cblr-14238	349	6	than	than	ADP
cblr-14238	349	7	94	94	NUM
cblr-14238	349	8	%	%	NOUN
cblr-14238	349	9	of	of	ADP
cblr-14238	349	10	etf	etf	NOUN
cblr-14238	349	11	assets	asset	NOUN
cblr-14238	349	12	.	.	PUNCT
cblr-14238	350	1	i	i	PRON
cblr-14238	350	2	d.	d.	PROPN
cblr-14238	350	3	84	84	NUM
cblr-14238	351	1	i	i	PRON
cblr-14238	351	2	d.	d.	PROPN
cblr-14238	351	3	at	at	ADP
cblr-14238	351	4	23	23	NUM
cblr-14238	351	5	.	.	PUNCT
cblr-14238	352	1	it	it	PRON
cblr-14238	352	2	is	be	AUX
cblr-14238	352	3	important	important	ADJ
cblr-14238	352	4	to	to	PART
cblr-14238	352	5	note	note	VERB
cblr-14238	352	6	that	that	SCONJ
cblr-14238	352	7	the	the	DET
cblr-14238	352	8	remaining	remain	VERB
cblr-14238	352	9	shares—69	shares—69	NOUN
cblr-14238	352	10	%	%	NOUN
cblr-14238	352	11	of	of	ADP
cblr-14238	352	12	the	the	DET
cblr-14238	352	13	total	total	ADJ
cblr-14238	352	14	market	market	NOUN
cblr-14238	352	15	capitalization	capitalization	NOUN
cblr-14238	352	16	,	,	PUNCT
cblr-14238	352	17	remained	remain	VERB
cblr-14238	352	18	in	in	ADP
cblr-14238	352	19	the	the	DET
cblr-14238	352	20	hands	hand	NOUN
cblr-14238	352	21	of	of	ADP
cblr-14238	352	22	investors	investor	NOUN
cblr-14238	352	23	other	other	ADJ
cblr-14238	352	24	than	than	ADP
cblr-14238	352	25	public	public	ADJ
cblr-14238	352	26	investment	investment	NOUN
cblr-14238	352	27	funds	fund	NOUN
cblr-14238	352	28	—	—	PUNCT
cblr-14238	352	29	hedge	hedge	NOUN
cblr-14238	352	30	funds	fund	NOUN
cblr-14238	352	31	,	,	PUNCT
cblr-14238	352	32	pension	pension	NOUN
cblr-14238	352	33	funds	fund	NOUN
cblr-14238	352	34	,	,	PUNCT
cblr-14238	352	35	life	life	NOUN
cblr-14238	352	36	insurance	insurance	NOUN
cblr-14238	352	37	companies	company	NOUN
cblr-14238	352	38	and	and	CCONJ
cblr-14238	352	39	individuals	individual	NOUN
cblr-14238	352	40	.	.	PUNCT
cblr-14238	353	1	i	i	PRON
cblr-14238	353	2	d.	d.	PROPN
cblr-14238	353	3	85	85	NUM
cblr-14238	353	4	calculated	calculate	VERB
cblr-14238	353	5	from	from	ADP
cblr-14238	353	6	statistics	statistic	NOUN
cblr-14238	353	7	in	in	ADP
cblr-14238	353	8	the	the	DET
cblr-14238	353	9	2023	2023	NUM
cblr-14238	353	10	fact	fact	NOUN
cblr-14238	353	11	book	book	NOUN
cblr-14238	353	12	.	.	PUNCT
cblr-14238	354	1	i	i	PRON
cblr-14238	354	2	d.	d.	PROPN
cblr-14238	354	3	at	at	ADP
cblr-14238	354	4	18	18	NUM
cblr-14238	354	5	,	,	PUNCT
cblr-14238	354	6	23	23	NUM
cblr-14238	354	7	.	.	PUNCT
cblr-14238	355	1	total	total	ADJ
cblr-14238	355	2	index	index	NOUN
cblr-14238	355	3	fund	fund	NOUN
cblr-14238	355	4	asset	asset	NOUN
cblr-14238	355	5	holdings	holding	NOUN
cblr-14238	355	6	grew	grow	VERB
cblr-14238	355	7	to	to	PART
cblr-14238	355	8	usd	usd	VERB
cblr-14238	355	9	$	$	SYM
cblr-14238	355	10	10.9	10.9	NUM
cblr-14238	355	11	trillion	trillion	NUM
cblr-14238	355	12	at	at	ADP
cblr-14238	355	13	the	the	DET
cblr-14238	355	14	end	end	NOUN
cblr-14238	355	15	of	of	ADP
cblr-14238	355	16	2022	2022	NUM
cblr-14238	355	17	.	.	PUNCT
cblr-14238	356	1	i	i	PRON
cblr-14238	356	2	d.	d.	PROPN
cblr-14238	356	3	at	at	ADP
cblr-14238	356	4	22	22	NUM
cblr-14238	356	5	.	.	PUNCT
cblr-14238	357	1	no	no	INTJ
cblr-14238	357	2	.	.	NOUN
cblr-14238	358	1	2	2	NUM
cblr-14238	358	2	]	]	PUNCT
cblr-14238	358	3	regulation	regulation	NOUN
cblr-14238	358	4	by	by	ADP
cblr-14238	358	5	indexation	indexation	NOUN
cblr-14238	358	6	?	?	PUNCT
cblr-14238	359	1	741	741	NUM
cblr-14238	359	2	or	or	CCONJ
cblr-14238	359	3	7.4	7.4	NUM
cblr-14238	359	4	%	%	NOUN
cblr-14238	359	5	of	of	ADP
cblr-14238	359	6	market	market	NOUN
cblr-14238	359	7	capitalization	capitalization	NOUN
cblr-14238	359	8	,	,	PUNCT
cblr-14238	359	9	invested	invest	VERB
cblr-14238	359	10	in	in	ADP
cblr-14238	359	11	index	index	NOUN
cblr-14238	359	12	mutual	mutual	ADJ
cblr-14238	359	13	funds	fund	NOUN
cblr-14238	359	14	or	or	CCONJ
cblr-14238	359	15	etfs.86	etfs.86	PROPN
cblr-14238	359	16	ii	ii	PROPN
cblr-14238	359	17	.	.	PUNCT
cblr-14238	360	1	indexers	indexer	NOUN
cblr-14238	360	2	as	as	ADP
cblr-14238	360	3	regulators	regulator	NOUN
cblr-14238	360	4	with	with	ADP
cblr-14238	360	5	so	so	ADV
cblr-14238	360	6	much	much	ADJ
cblr-14238	360	7	money	money	NOUN
cblr-14238	360	8	flowing	flow	VERB
cblr-14238	360	9	into	into	ADP
cblr-14238	360	10	passive	passive	ADJ
cblr-14238	360	11	index	index	NOUN
cblr-14238	360	12	funds	fund	NOUN
cblr-14238	360	13	based	base	VERB
cblr-14238	360	14	on	on	ADP
cblr-14238	360	15	rules	rule	NOUN
cblr-14238	360	16	established	establish	VERB
cblr-14238	360	17	by	by	ADP
cblr-14238	360	18	index	index	NOUN
cblr-14238	360	19	providers	provider	NOUN
cblr-14238	360	20	,	,	PUNCT
cblr-14238	360	21	it	it	PRON
cblr-14238	360	22	is	be	AUX
cblr-14238	360	23	easy	easy	ADJ
cblr-14238	360	24	to	to	PART
cblr-14238	360	25	imagine	imagine	VERB
cblr-14238	360	26	indexers	indexer	NOUN
cblr-14238	360	27	wielding	wield	VERB
cblr-14238	360	28	significant	significant	ADJ
cblr-14238	360	29	power	power	NOUN
cblr-14238	360	30	in	in	ADP
cblr-14238	360	31	the	the	DET
cblr-14238	360	32	global	global	ADJ
cblr-14238	360	33	economy	economy	NOUN
cblr-14238	360	34	.	.	PUNCT
cblr-14238	361	1	after	after	ADV
cblr-14238	361	2	all	all	ADV
cblr-14238	361	3	,	,	PUNCT
cblr-14238	361	4	they	they	PRON
cblr-14238	361	5	decide	decide	VERB
cblr-14238	361	6	which	which	PRON
cblr-14238	361	7	companies	company	NOUN
cblr-14238	361	8	will	will	AUX
cblr-14238	361	9	receive	receive	VERB
cblr-14238	361	10	trillions	trillion	NOUN
cblr-14238	361	11	of	of	ADP
cblr-14238	361	12	dollars	dollar	NOUN
cblr-14238	361	13	from	from	ADP
cblr-14238	361	14	investors	investor	NOUN
cblr-14238	361	15	following	follow	VERB
cblr-14238	361	16	passive	passive	ADJ
cblr-14238	361	17	index	index	NOUN
cblr-14238	361	18	investment	investment	NOUN
cblr-14238	361	19	strategies.87	strategies.87	VERB
cblr-14238	361	20	the	the	DET
cblr-14238	361	21	financial	financial	ADJ
cblr-14238	361	22	press	press	NOUN
cblr-14238	361	23	has	have	AUX
cblr-14238	361	24	fanned	fan	VERB
cblr-14238	361	25	the	the	DET
cblr-14238	361	26	flames	flame	NOUN
cblr-14238	361	27	of	of	ADP
cblr-14238	361	28	this	this	DET
cblr-14238	361	29	impression	impression	NOUN
cblr-14238	361	30	with	with	ADP
cblr-14238	361	31	attention	attention	NOUN
cblr-14238	361	32	-	-	PUNCT
cblr-14238	361	33	grabbing	grab	VERB
cblr-14238	361	34	headlines	headline	NOUN
cblr-14238	361	35	such	such	ADJ
cblr-14238	361	36	as	as	ADP
cblr-14238	361	37	“	"	PUNCT
cblr-14238	361	38	when	when	SCONJ
cblr-14238	361	39	msci	msci	PROPN
cblr-14238	361	40	and	and	CCONJ
cblr-14238	361	41	s&p	s&p	PROPN
cblr-14238	361	42	rule	rule	VERB
cblr-14238	361	43	the	the	DET
cblr-14238	361	44	world	world	NOUN
cblr-14238	361	45	.	.	PUNCT
cblr-14238	362	1	”88	”88	ADJ
cblr-14238	362	2	institutional	institutional	ADJ
cblr-14238	362	3	investors	investor	NOUN
cblr-14238	362	4	clearly	clearly	ADV
cblr-14238	362	5	believed	believe	VERB
cblr-14238	362	6	in	in	ADP
cblr-14238	362	7	the	the	DET
cblr-14238	362	8	prospects	prospect	NOUN
cblr-14238	362	9	of	of	ADP
cblr-14238	362	10	regulation	regulation	NOUN
cblr-14238	362	11	by	by	ADP
cblr-14238	362	12	indexation	indexation	NOUN
cblr-14238	362	13	when	when	SCONJ
cblr-14238	362	14	they	they	PRON
cblr-14238	362	15	requested	request	VERB
cblr-14238	362	16	that	that	SCONJ
cblr-14238	362	17	leading	lead	VERB
cblr-14238	362	18	index	index	NOUN
cblr-14238	362	19	providers	provider	NOUN
cblr-14238	362	20	exclude	exclude	VERB
cblr-14238	362	21	first	first	ADJ
cblr-14238	362	22	non	non	ADJ
cblr-14238	362	23	-	-	ADJ
cblr-14238	362	24	voting	voting	ADJ
cblr-14238	362	25	shares	share	NOUN
cblr-14238	362	26	—	—	PUNCT
cblr-14238	362	27	and	and	CCONJ
cblr-14238	362	28	subsequently	subsequently	ADV
cblr-14238	362	29	all	all	DET
cblr-14238	362	30	companies	company	NOUN
cblr-14238	362	31	adopting	adopt	VERB
cblr-14238	362	32	multi	multi	ADJ
cblr-14238	362	33	-	-	ADJ
cblr-14238	362	34	class	class	ADJ
cblr-14238	362	35	share	share	NOUN
cblr-14238	362	36	structures	structure	NOUN
cblr-14238	362	37	—	—	PUNCT
cblr-14238	362	38	from	from	ADP
cblr-14238	362	39	their	their	PRON
cblr-14238	362	40	benchmark	benchmark	NOUN
cblr-14238	362	41	equity	equity	NOUN
cblr-14238	362	42	indices.89	indices.89	PROPN
cblr-14238	362	43	private	private	ADJ
cblr-14238	362	44	actors	actor	NOUN
cblr-14238	362	45	can	can	AUX
cblr-14238	362	46	have	have	VERB
cblr-14238	362	47	regulatory	regulatory	ADJ
cblr-14238	362	48	influence	influence	NOUN
cblr-14238	362	49	by	by	ADP
cblr-14238	362	50	offering	offer	VERB
cblr-14238	362	51	incentives	incentive	NOUN
cblr-14238	362	52	to	to	ADP
cblr-14238	362	53	third	third	ADJ
cblr-14238	362	54	parties	party	NOUN
cblr-14238	362	55	to	to	PART
cblr-14238	362	56	comply	comply	VERB
cblr-14238	362	57	with	with	ADP
cblr-14238	362	58	rules	rule	NOUN
cblr-14238	362	59	established	establish	VERB
cblr-14238	362	60	by	by	ADP
cblr-14238	362	61	the	the	DET
cblr-14238	362	62	private	private	ADJ
cblr-14238	362	63	party	party	NOUN
cblr-14238	362	64	acting	act	VERB
cblr-14238	362	65	in	in	ADP
cblr-14238	362	66	a	a	DET
cblr-14238	362	67	regulatory	regulatory	ADJ
cblr-14238	362	68	capacity	capacity	NOUN
cblr-14238	362	69	.	.	PUNCT
cblr-14238	363	1	they	they	PRON
cblr-14238	363	2	may	may	AUX
cblr-14238	363	3	86	86	NUM
cblr-14238	363	4	blackrock	blackrock	NOUN
cblr-14238	363	5	,	,	PUNCT
cblr-14238	363	6	supra	supra	PROPN
cblr-14238	363	7	note	note	PROPN
cblr-14238	363	8	66	66	NUM
cblr-14238	363	9	,	,	PUNCT
cblr-14238	363	10	at	at	ADP
cblr-14238	363	11	6	6	NUM
cblr-14238	363	12	.	.	PUNCT
cblr-14238	364	1	a	a	DET
cblr-14238	364	2	report	report	NOUN
cblr-14238	364	3	published	publish	VERB
cblr-14238	364	4	by	by	ADP
cblr-14238	364	5	the	the	DET
cblr-14238	364	6	bank	bank	NOUN
cblr-14238	364	7	for	for	ADP
cblr-14238	364	8	international	international	ADJ
cblr-14238	364	9	settlements	settlement	NOUN
cblr-14238	364	10	found	find	VERB
cblr-14238	364	11	that	that	SCONJ
cblr-14238	364	12	passive	passive	ADJ
cblr-14238	364	13	funds	fund	NOUN
cblr-14238	364	14	managed	manage	VERB
cblr-14238	364	15	about	about	ADV
cblr-14238	364	16	20	20	NUM
cblr-14238	364	17	%	%	NOUN
cblr-14238	364	18	of	of	ADP
cblr-14238	364	19	aggregate	aggregate	ADJ
cblr-14238	364	20	global	global	ADJ
cblr-14238	364	21	investment	investment	NOUN
cblr-14238	364	22	assets	asset	NOUN
cblr-14238	364	23	invested	invest	VERB
cblr-14238	364	24	in	in	ADP
cblr-14238	364	25	investment	investment	NOUN
cblr-14238	364	26	funds	fund	NOUN
cblr-14238	364	27	as	as	ADP
cblr-14238	364	28	of	of	ADP
cblr-14238	364	29	june	june	PROPN
cblr-14238	364	30	2017	2017	NUM
cblr-14238	364	31	,	,	PUNCT
cblr-14238	364	32	up	up	ADV
cblr-14238	364	33	from	from	ADP
cblr-14238	364	34	8	8	NUM
cblr-14238	364	35	%	%	NOUN
cblr-14238	364	36	in	in	ADP
cblr-14238	364	37	2007	2007	NUM
cblr-14238	364	38	.	.	PUNCT
cblr-14238	365	1	the	the	DET
cblr-14238	365	2	same	same	ADJ
cblr-14238	365	3	report	report	NOUN
cblr-14238	365	4	estimated	estimate	VERB
cblr-14238	365	5	that	that	SCONJ
cblr-14238	365	6	passive	passive	ADJ
cblr-14238	365	7	funds	fund	NOUN
cblr-14238	365	8	constitute	constitute	VERB
cblr-14238	365	9	43	43	NUM
cblr-14238	365	10	%	%	NOUN
cblr-14238	365	11	of	of	ADP
cblr-14238	365	12	u.s	u.s	PROPN
cblr-14238	365	13	.	.	PROPN
cblr-14238	365	14	equity	equity	PROPN
cblr-14238	365	15	fund	fund	NOUN
cblr-14238	365	16	assets	asset	NOUN
cblr-14238	365	17	.	.	PUNCT
cblr-14238	366	1	vladyslav	vladyslav	NOUN
cblr-14238	366	2	sushko	sushko	PROPN
cblr-14238	366	3	&	&	CCONJ
cblr-14238	366	4	grant	grant	PROPN
cblr-14238	366	5	turner	turner	PROPN
cblr-14238	366	6	,	,	PUNCT
cblr-14238	366	7	the	the	DET
cblr-14238	366	8	implications	implication	NOUN
cblr-14238	366	9	of	of	ADP
cblr-14238	366	10	passive	passive	ADJ
cblr-14238	366	11	investing	investing	NOUN
cblr-14238	366	12	for	for	ADP
cblr-14238	366	13	securities	security	NOUN
cblr-14238	366	14	markets	market	NOUN
cblr-14238	366	15	113	113	NUM
cblr-14238	366	16	,	,	PUNCT
cblr-14238	366	17	bis	bis	PROPN
cblr-14238	366	18	q.	q.	PROPN
cblr-14238	366	19	rev	rev	PROPN
cblr-14238	366	20	.	.	PROPN
cblr-14238	367	1	(	(	PUNCT
cblr-14238	367	2	mar	mar	PROPN
cblr-14238	367	3	.	.	PROPN
cblr-14238	367	4	2018	2018	NUM
cblr-14238	367	5	)	)	PUNCT
cblr-14238	367	6	,	,	PUNCT
cblr-14238	367	7	https://www.bis.org/publ/qtrpdf/r_qt1803j.pdf	https://www.bis.org/publ/qtrpdf/r_qt1803j.pdf	PRON
cblr-14238	368	1	[	[	X
cblr-14238	368	2	https://perma.cc/msp7-sm6e	https://perma.cc/msp7-sm6e	X
cblr-14238	368	3	]	]	PUNCT
cblr-14238	368	4	.	.	PUNCT
cblr-14238	369	1	it	it	PRON
cblr-14238	369	2	is	be	AUX
cblr-14238	369	3	difficult	difficult	ADJ
cblr-14238	369	4	to	to	PART
cblr-14238	369	5	know	know	VERB
cblr-14238	369	6	precisely	precisely	ADV
cblr-14238	369	7	how	how	SCONJ
cblr-14238	369	8	much	much	ADJ
cblr-14238	369	9	money	money	NOUN
cblr-14238	369	10	is	be	AUX
cblr-14238	369	11	either	either	CCONJ
cblr-14238	369	12	invested	invest	VERB
cblr-14238	369	13	in	in	ADP
cblr-14238	369	14	index	index	NOUN
cblr-14238	369	15	funds	fund	NOUN
cblr-14238	369	16	or	or	CCONJ
cblr-14238	369	17	benchmarked	benchmarke	VERB
cblr-14238	369	18	to	to	ADP
cblr-14238	369	19	indices	index	NOUN
cblr-14238	369	20	since	since	SCONJ
cblr-14238	369	21	a	a	DET
cblr-14238	369	22	significant	significant	ADJ
cblr-14238	369	23	portion	portion	NOUN
cblr-14238	369	24	of	of	ADP
cblr-14238	369	25	all	all	DET
cblr-14238	369	26	financial	financial	ADJ
cblr-14238	369	27	assets	asset	NOUN
cblr-14238	369	28	are	be	AUX
cblr-14238	369	29	privately	privately	ADV
cblr-14238	369	30	held	hold	VERB
cblr-14238	369	31	and	and	CCONJ
cblr-14238	369	32	independently	independently	ADV
cblr-14238	369	33	managed	manage	VERB
cblr-14238	369	34	.	.	PUNCT
cblr-14238	370	1	asset	asset	NOUN
cblr-14238	370	2	managers	manager	NOUN
cblr-14238	370	3	,	,	PUNCT
cblr-14238	370	4	as	as	SCONJ
cblr-14238	370	5	opposed	oppose	VERB
cblr-14238	370	6	to	to	ADP
cblr-14238	370	7	asset	asset	NOUN
cblr-14238	370	8	owners	owner	NOUN
cblr-14238	370	9	,	,	PUNCT
cblr-14238	370	10	manage	manage	VERB
cblr-14238	370	11	something	something	PRON
cblr-14238	370	12	between	between	ADP
cblr-14238	370	13	24	24	NUM
cblr-14238	370	14	%	%	NOUN
cblr-14238	370	15	and	and	CCONJ
cblr-14238	370	16	40	40	NUM
cblr-14238	370	17	%	%	NOUN
cblr-14238	370	18	of	of	ADP
cblr-14238	370	19	global	global	ADJ
cblr-14238	370	20	financial	financial	ADJ
cblr-14238	370	21	assets	asset	NOUN
cblr-14238	370	22	(	(	PUNCT
cblr-14238	370	23	not	not	PART
cblr-14238	370	24	counting	count	VERB
cblr-14238	370	25	loans	loan	NOUN
cblr-14238	370	26	)	)	PUNCT
cblr-14238	370	27	.	.	PUNCT
cblr-14238	371	1	fink	fink	PROPN
cblr-14238	371	2	&	&	CCONJ
cblr-14238	371	3	novick	novick	PROPN
cblr-14238	371	4	,	,	PUNCT
cblr-14238	371	5	supra	supra	PROPN
cblr-14238	371	6	note	note	NOUN
cblr-14238	371	7	39	39	NUM
cblr-14238	371	8	,	,	PUNCT
cblr-14238	371	9	at	at	ADP
cblr-14238	371	10	51	51	NUM
cblr-14238	371	11	(	(	PUNCT
cblr-14238	371	12	citing	cite	VERB
cblr-14238	371	13	mckinsey	mckinsey	NOUN
cblr-14238	371	14	&	&	CCONJ
cblr-14238	371	15	company	company	PROPN
cblr-14238	371	16	and	and	CCONJ
cblr-14238	371	17	imf	imf	PROPN
cblr-14238	371	18	global	global	ADJ
cblr-14238	371	19	financial	financial	ADJ
cblr-14238	371	20	stability	stability	PROPN
cblr-14238	371	21	report	report	NOUN
cblr-14238	371	22	(	(	PUNCT
cblr-14238	371	23	2015	2015	NUM
cblr-14238	371	24	)	)	PUNCT
cblr-14238	371	25	.	.	PUNCT
cblr-14238	372	1	87	87	NUM
cblr-14238	372	2	technically	technically	ADV
cblr-14238	372	3	,	,	PUNCT
cblr-14238	372	4	when	when	SCONJ
cblr-14238	372	5	a	a	DET
cblr-14238	372	6	company	company	NOUN
cblr-14238	372	7	is	be	AUX
cblr-14238	372	8	newly	newly	ADV
cblr-14238	372	9	added	add	VERB
cblr-14238	372	10	to	to	ADP
cblr-14238	372	11	an	an	DET
cblr-14238	372	12	index	index	NOUN
cblr-14238	372	13	,	,	PUNCT
cblr-14238	372	14	indexing	indexing	NOUN
cblr-14238	372	15	investors	investor	NOUN
cblr-14238	372	16	following	follow	VERB
cblr-14238	372	17	that	that	DET
cblr-14238	372	18	index	index	NOUN
cblr-14238	372	19	have	have	VERB
cblr-14238	372	20	an	an	DET
cblr-14238	372	21	incentive	incentive	NOUN
cblr-14238	372	22	to	to	PART
cblr-14238	372	23	purchase	purchase	VERB
cblr-14238	372	24	the	the	DET
cblr-14238	372	25	shares	share	NOUN
cblr-14238	372	26	of	of	ADP
cblr-14238	372	27	that	that	DET
cblr-14238	372	28	company	company	NOUN
cblr-14238	372	29	on	on	ADP
cblr-14238	372	30	the	the	DET
cblr-14238	372	31	public	public	ADJ
cblr-14238	372	32	stock	stock	NOUN
cblr-14238	372	33	markets	market	NOUN
cblr-14238	372	34	,	,	PUNCT
cblr-14238	372	35	but	but	CCONJ
cblr-14238	372	36	the	the	DET
cblr-14238	372	37	company	company	NOUN
cblr-14238	372	38	itself	itself	PRON
cblr-14238	372	39	does	do	AUX
cblr-14238	372	40	not	not	PART
cblr-14238	372	41	receive	receive	VERB
cblr-14238	372	42	any	any	DET
cblr-14238	372	43	new	new	ADJ
cblr-14238	372	44	capital	capital	NOUN
cblr-14238	372	45	.	.	PUNCT
cblr-14238	373	1	88	88	NUM
cblr-14238	373	2	fox	fox	NOUN
cblr-14238	373	3	,	,	PUNCT
cblr-14238	373	4	supra	supra	PROPN
cblr-14238	373	5	note	note	PROPN
cblr-14238	373	6	11	11	NUM
cblr-14238	373	7	.	.	SYM
cblr-14238	373	8	89	89	NUM
cblr-14238	374	1	see	see	VERB
cblr-14238	374	2	infra	infra	NOUN
cblr-14238	374	3	section	section	NOUN
cblr-14238	374	4	iii.a	iii.a	PROPN
cblr-14238	374	5	.	.	PROPN
cblr-14238	374	6	742	742	NUM
cblr-14238	374	7	columbia	columbia	PROPN
cblr-14238	374	8	business	business	NOUN
cblr-14238	374	9	law	law	PROPN
cblr-14238	374	10	review	review	NOUN
cblr-14238	374	11	[	[	X
cblr-14238	374	12	vol	vol	NOUN
cblr-14238	374	13	.	.	NOUN
cblr-14238	374	14	2024	2024	NUM
cblr-14238	374	15	engage	engage	VERB
cblr-14238	374	16	in	in	ADP
cblr-14238	374	17	rule	rule	NOUN
cblr-14238	374	18	-	-	PUNCT
cblr-14238	374	19	making	making	NOUN
cblr-14238	374	20	or	or	CCONJ
cblr-14238	374	21	standard	standard	NOUN
cblr-14238	374	22	-	-	PUNCT
cblr-14238	374	23	setting	setting	NOUN
cblr-14238	374	24	that	that	PRON
cblr-14238	374	25	is	be	AUX
cblr-14238	374	26	specifically	specifically	ADV
cblr-14238	374	27	intended	intend	VERB
cblr-14238	374	28	to	to	PART
cblr-14238	374	29	affect	affect	VERB
cblr-14238	374	30	the	the	DET
cblr-14238	374	31	operational	operational	ADJ
cblr-14238	374	32	choices	choice	NOUN
cblr-14238	374	33	of	of	ADP
cblr-14238	374	34	other	other	ADJ
cblr-14238	374	35	private	private	ADJ
cblr-14238	374	36	actors	actor	NOUN
cblr-14238	374	37	.	.	PUNCT
cblr-14238	375	1	the	the	DET
cblr-14238	375	2	parties	party	NOUN
cblr-14238	375	3	targeted	target	VERB
cblr-14238	375	4	by	by	ADP
cblr-14238	375	5	such	such	ADJ
cblr-14238	375	6	standards	standard	NOUN
cblr-14238	375	7	must	must	AUX
cblr-14238	375	8	have	have	VERB
cblr-14238	375	9	sufficient	sufficient	ADJ
cblr-14238	375	10	economic	economic	ADJ
cblr-14238	375	11	or	or	CCONJ
cblr-14238	375	12	non	non	ADJ
cblr-14238	375	13	-	-	ADJ
cblr-14238	375	14	economic	economic	ADJ
cblr-14238	375	15	incentives	incentive	NOUN
cblr-14238	375	16	to	to	PART
cblr-14238	375	17	accept	accept	VERB
cblr-14238	375	18	the	the	DET
cblr-14238	375	19	standards	standard	NOUN
cblr-14238	375	20	proposed	propose	VERB
cblr-14238	375	21	by	by	ADP
cblr-14238	375	22	the	the	DET
cblr-14238	375	23	private	private	ADJ
cblr-14238	375	24	regulator	regulator	NOUN
cblr-14238	375	25	for	for	ADP
cblr-14238	375	26	the	the	DET
cblr-14238	375	27	regulations	regulation	NOUN
cblr-14238	375	28	—	—	PUNCT
cblr-14238	375	29	in	in	ADP
cblr-14238	375	30	this	this	DET
cblr-14238	375	31	case	case	NOUN
cblr-14238	375	32	,	,	PUNCT
cblr-14238	375	33	eligibility	eligibility	NOUN
cblr-14238	375	34	rules	rule	NOUN
cblr-14238	375	35	for	for	ADP
cblr-14238	375	36	index	index	NOUN
cblr-14238	375	37	inclusion	inclusion	NOUN
cblr-14238	375	38	—	—	PUNCT
cblr-14238	375	39	to	to	PART
cblr-14238	375	40	have	have	VERB
cblr-14238	375	41	any	any	DET
cblr-14238	375	42	effect	effect	NOUN
cblr-14238	375	43	on	on	ADP
cblr-14238	375	44	their	their	PRON
cblr-14238	375	45	choices	choice	NOUN
cblr-14238	375	46	.	.	PUNCT
cblr-14238	376	1	the	the	DET
cblr-14238	376	2	regulations	regulation	NOUN
cblr-14238	376	3	must	must	AUX
cblr-14238	376	4	have	have	VERB
cblr-14238	376	5	normative	normative	ADJ
cblr-14238	376	6	force	force	NOUN
cblr-14238	376	7	and	and	CCONJ
cblr-14238	376	8	either	either	CCONJ
cblr-14238	376	9	adequate	adequate	ADJ
cblr-14238	376	10	benefits	benefit	NOUN
cblr-14238	376	11	for	for	ADP
cblr-14238	376	12	compliance	compliance	NOUN
cblr-14238	376	13	or	or	CCONJ
cblr-14238	376	14	consequences	consequence	NOUN
cblr-14238	376	15	for	for	ADP
cblr-14238	376	16	non	non	ADJ
cblr-14238	376	17	-	-	ADJ
cblr-14238	376	18	compliance.90	compliance.90	ADV
cblr-14238	376	19	regardless	regardless	ADV
cblr-14238	376	20	of	of	ADP
cblr-14238	376	21	the	the	DET
cblr-14238	376	22	nature	nature	NOUN
cblr-14238	376	23	of	of	ADP
cblr-14238	376	24	the	the	DET
cblr-14238	376	25	incentives	incentive	NOUN
cblr-14238	376	26	offered	offer	VERB
cblr-14238	376	27	by	by	ADP
cblr-14238	376	28	private	private	ADJ
cblr-14238	376	29	regulators	regulator	NOUN
cblr-14238	376	30	to	to	PART
cblr-14238	376	31	influence	influence	VERB
cblr-14238	376	32	the	the	DET
cblr-14238	376	33	behavior	behavior	NOUN
cblr-14238	376	34	of	of	ADP
cblr-14238	376	35	third	third	ADJ
cblr-14238	376	36	parties	party	NOUN
cblr-14238	376	37	,	,	PUNCT
cblr-14238	376	38	the	the	DET
cblr-14238	376	39	value	value	NOUN
cblr-14238	376	40	of	of	ADP
cblr-14238	376	41	the	the	DET
cblr-14238	376	42	incentives	incentive	NOUN
cblr-14238	376	43	is	be	AUX
cblr-14238	376	44	likely	likely	ADJ
cblr-14238	376	45	to	to	PART
cblr-14238	376	46	have	have	VERB
cblr-14238	376	47	a	a	DET
cblr-14238	376	48	significant	significant	ADJ
cblr-14238	376	49	impact	impact	NOUN
cblr-14238	376	50	on	on	ADP
cblr-14238	376	51	the	the	DET
cblr-14238	376	52	willingness	willingness	NOUN
cblr-14238	376	53	of	of	ADP
cblr-14238	376	54	such	such	ADJ
cblr-14238	376	55	third	third	ADJ
cblr-14238	376	56	parties	party	NOUN
cblr-14238	376	57	to	to	PART
cblr-14238	376	58	abide	abide	VERB
cblr-14238	376	59	by	by	ADP
cblr-14238	376	60	the	the	DET
cblr-14238	376	61	rules	rule	NOUN
cblr-14238	376	62	proposed	propose	VERB
cblr-14238	376	63	.	.	PUNCT
cblr-14238	377	1	the	the	DET
cblr-14238	377	2	cost	cost	NOUN
cblr-14238	377	3	of	of	ADP
cblr-14238	377	4	accepting	accept	VERB
cblr-14238	377	5	the	the	DET
cblr-14238	377	6	rule	rule	NOUN
cblr-14238	377	7	will	will	AUX
cblr-14238	377	8	also	also	ADV
cblr-14238	377	9	affect	affect	VERB
cblr-14238	377	10	third	third	ADJ
cblr-14238	377	11	party	party	NOUN
cblr-14238	377	12	choices	choice	NOUN
cblr-14238	377	13	.	.	PUNCT
cblr-14238	378	1	thus	thus	ADV
cblr-14238	378	2	,	,	PUNCT
cblr-14238	378	3	the	the	DET
cblr-14238	378	4	strength	strength	NOUN
cblr-14238	378	5	of	of	ADP
cblr-14238	378	6	the	the	DET
cblr-14238	378	7	private	private	ADJ
cblr-14238	378	8	regulatory	regulatory	ADJ
cblr-14238	378	9	regime	regime	NOUN
cblr-14238	378	10	will	will	AUX
cblr-14238	378	11	depend	depend	VERB
cblr-14238	378	12	on	on	ADP
cblr-14238	378	13	the	the	DET
cblr-14238	378	14	cost	cost	NOUN
cblr-14238	378	15	-	-	PUNCT
cblr-14238	378	16	benefit	benefit	NOUN
cblr-14238	378	17	analysis	analysis	NOUN
cblr-14238	378	18	of	of	ADP
cblr-14238	378	19	compliance	compliance	NOUN
cblr-14238	378	20	.	.	PUNCT
cblr-14238	379	1	if	if	SCONJ
cblr-14238	379	2	the	the	DET
cblr-14238	379	3	benefit	benefit	NOUN
cblr-14238	379	4	is	be	AUX
cblr-14238	379	5	too	too	ADV
cblr-14238	379	6	small	small	ADJ
cblr-14238	379	7	or	or	CCONJ
cblr-14238	379	8	the	the	DET
cblr-14238	379	9	cost	cost	NOUN
cblr-14238	379	10	is	be	AUX
cblr-14238	379	11	too	too	ADV
cblr-14238	379	12	high	high	ADJ
cblr-14238	379	13	,	,	PUNCT
cblr-14238	379	14	the	the	DET
cblr-14238	379	15	regulatory	regulatory	ADJ
cblr-14238	379	16	influence	influence	NOUN
cblr-14238	379	17	of	of	ADP
cblr-14238	379	18	the	the	DET
cblr-14238	379	19	private	private	ADJ
cblr-14238	379	20	regulator	regulator	NOUN
cblr-14238	379	21	will	will	AUX
cblr-14238	379	22	be	be	AUX
cblr-14238	379	23	insignificant	insignificant	ADJ
cblr-14238	379	24	.	.	PUNCT
cblr-14238	380	1	if	if	SCONJ
cblr-14238	380	2	the	the	DET
cblr-14238	380	3	benefit	benefit	NOUN
cblr-14238	380	4	is	be	AUX
cblr-14238	380	5	significant	significant	ADJ
cblr-14238	380	6	and	and	CCONJ
cblr-14238	380	7	outweighs	outweigh	VERB
cblr-14238	380	8	the	the	DET
cblr-14238	380	9	cost	cost	NOUN
cblr-14238	380	10	,	,	PUNCT
cblr-14238	380	11	third	third	ADJ
cblr-14238	380	12	parties	party	NOUN
cblr-14238	380	13	can	can	AUX
cblr-14238	380	14	be	be	AUX
cblr-14238	380	15	expected	expect	VERB
cblr-14238	380	16	to	to	PART
cblr-14238	380	17	conform	conform	VERB
cblr-14238	380	18	to	to	ADP
cblr-14238	380	19	the	the	DET
cblr-14238	380	20	expectations	expectation	NOUN
cblr-14238	380	21	of	of	ADP
cblr-14238	380	22	the	the	DET
cblr-14238	380	23	private	private	ADJ
cblr-14238	380	24	regulator	regulator	NOUN
cblr-14238	380	25	.	.	PUNCT
cblr-14238	381	1	this	this	DET
cblr-14238	381	2	section	section	NOUN
cblr-14238	381	3	discusses	discuss	VERB
cblr-14238	381	4	the	the	DET
cblr-14238	381	5	prospects	prospect	NOUN
cblr-14238	381	6	for	for	ADP
cblr-14238	381	7	regulation	regulation	NOUN
cblr-14238	381	8	by	by	ADP
cblr-14238	381	9	index	index	NOUN
cblr-14238	381	10	providers	provider	NOUN
cblr-14238	381	11	,	,	PUNCT
cblr-14238	381	12	exploring	explore	VERB
cblr-14238	381	13	possible	possible	ADJ
cblr-14238	381	14	mechanisms	mechanism	NOUN
cblr-14238	381	15	of	of	ADP
cblr-14238	381	16	regulatory	regulatory	ADJ
cblr-14238	381	17	influence	influence	NOUN
cblr-14238	381	18	before	before	ADP
cblr-14238	381	19	testing	test	VERB
cblr-14238	381	20	them	they	PRON
cblr-14238	381	21	in	in	ADP
cblr-14238	381	22	section	section	NOUN
cblr-14238	381	23	iii	iii	PROPN
cblr-14238	381	24	.	.	PUNCT
cblr-14238	382	1	i	i	PRON
cblr-14238	382	2	propose	propose	VERB
cblr-14238	382	3	and	and	CCONJ
cblr-14238	382	4	assess	assess	VERB
cblr-14238	382	5	three	three	NUM
cblr-14238	382	6	regulatory	regulatory	ADJ
cblr-14238	382	7	roles	role	NOUN
cblr-14238	382	8	,	,	PUNCT
cblr-14238	382	9	or	or	CCONJ
cblr-14238	382	10	channels	channel	NOUN
cblr-14238	382	11	,	,	PUNCT
cblr-14238	382	12	through	through	ADP
cblr-14238	382	13	which	which	PRON
cblr-14238	382	14	indexers	indexer	NOUN
cblr-14238	382	15	might	might	AUX
cblr-14238	382	16	exercise	exercise	VERB
cblr-14238	382	17	regulatory	regulatory	ADJ
cblr-14238	382	18	influence	influence	NOUN
cblr-14238	382	19	:	:	PUNCT
cblr-14238	382	20	(	(	PUNCT
cblr-14238	382	21	1	1	X
cblr-14238	382	22	)	)	PUNCT
cblr-14238	382	23	subsidizers	subsidizer	NOUN
cblr-14238	382	24	who	who	PRON
cblr-14238	382	25	deliver	deliver	VERB
cblr-14238	382	26	financial	financial	ADJ
cblr-14238	382	27	benefits	benefit	NOUN
cblr-14238	382	28	to	to	ADP
cblr-14238	382	29	parties	party	NOUN
cblr-14238	382	30	who	who	PRON
cblr-14238	382	31	follow	follow	VERB
cblr-14238	382	32	their	their	PRON
cblr-14238	382	33	rules	rule	NOUN
cblr-14238	382	34	for	for	ADP
cblr-14238	382	35	index	index	NOUN
cblr-14238	382	36	inclusion	inclusion	NOUN
cblr-14238	382	37	,	,	PUNCT
cblr-14238	382	38	(	(	PUNCT
cblr-14238	382	39	2	2	X
cblr-14238	382	40	)	)	PUNCT
cblr-14238	382	41	certifiers	certifier	NOUN
cblr-14238	382	42	who	who	PRON
cblr-14238	382	43	deliver	deliver	VERB
cblr-14238	382	44	reputational	reputational	ADJ
cblr-14238	382	45	benefits	benefit	NOUN
cblr-14238	382	46	to	to	ADP
cblr-14238	382	47	parties	party	NOUN
cblr-14238	382	48	who	who	PRON
cblr-14238	382	49	follow	follow	VERB
cblr-14238	382	50	their	their	PRON
cblr-14238	382	51	rules	rule	NOUN
cblr-14238	382	52	,	,	PUNCT
cblr-14238	382	53	and	and	CCONJ
cblr-14238	382	54	(	(	PUNCT
cblr-14238	382	55	3	3	X
cblr-14238	382	56	)	)	PUNCT
cblr-14238	382	57	gatekeepers	gatekeeper	NOUN
cblr-14238	382	58	who	who	PRON
cblr-14238	382	59	deliver	deliver	VERB
cblr-14238	382	60	access	access	NOUN
cblr-14238	382	61	to	to	ADP
cblr-14238	382	62	benefits	benefit	NOUN
cblr-14238	382	63	(	(	PUNCT
cblr-14238	382	64	e.g.	e.g.	ADV
cblr-14238	382	65	,	,	PUNCT
cblr-14238	382	66	capital	capital	NOUN
cblr-14238	382	67	,	,	PUNCT
cblr-14238	382	68	licenses	license	NOUN
cblr-14238	382	69	,	,	PUNCT
cblr-14238	382	70	markets	market	NOUN
cblr-14238	382	71	)	)	PUNCT
cblr-14238	382	72	that	that	PRON
cblr-14238	382	73	are	be	AUX
cblr-14238	382	74	otherwise	otherwise	ADV
cblr-14238	382	75	unavailable	unavailable	ADJ
cblr-14238	382	76	.	.	PUNCT
cblr-14238	383	1	i	i	PRON
cblr-14238	383	2	will	will	AUX
cblr-14238	383	3	consider	consider	VERB
cblr-14238	383	4	the	the	DET
cblr-14238	383	5	influence	influence	NOUN
cblr-14238	383	6	of	of	ADP
cblr-14238	383	7	these	these	DET
cblr-14238	383	8	regulatory	regulatory	ADJ
cblr-14238	383	9	channels	channel	NOUN
cblr-14238	383	10	on	on	ADP
cblr-14238	383	11	two	two	NUM
cblr-14238	383	12	groups	group	NOUN
cblr-14238	383	13	:	:	PUNCT
cblr-14238	383	14	corporate	corporate	ADJ
cblr-14238	383	15	managers	manager	NOUN
cblr-14238	383	16	and	and	CCONJ
cblr-14238	383	17	sovereign	sovereign	ADJ
cblr-14238	383	18	governments	government	NOUN
cblr-14238	383	19	.	.	PUNCT
cblr-14238	384	1	i	i	PRON
cblr-14238	384	2	will	will	AUX
cblr-14238	384	3	consider	consider	VERB
cblr-14238	384	4	whether	whether	SCONJ
cblr-14238	384	5	indexers	indexer	NOUN
cblr-14238	384	6	can	can	AUX
cblr-14238	384	7	regulate	regulate	VERB
cblr-14238	384	8	corporate	corporate	ADJ
cblr-14238	384	9	governance	governance	NOUN
cblr-14238	384	10	and	and	CCONJ
cblr-14238	384	11	sustainability	sustainability	NOUN
cblr-14238	384	12	choices	choice	NOUN
cblr-14238	384	13	90	90	NUM
cblr-14238	384	14	cary	cary	PROPN
cblr-14238	384	15	coglianese	coglianese	NOUN
cblr-14238	384	16	,	,	PUNCT
cblr-14238	384	17	regulation	regulation	NOUN
cblr-14238	384	18	’s	’s	PART
cblr-14238	384	19	four	four	NUM
cblr-14238	384	20	core	core	NOUN
cblr-14238	384	21	components	component	NOUN
cblr-14238	384	22	,	,	PUNCT
cblr-14238	384	23	regul	regul	NOUN
cblr-14238	384	24	.	.	PUNCT
cblr-14238	385	1	rev	rev	PROPN
cblr-14238	385	2	.	.	PROPN
cblr-14238	386	1	(	(	PUNCT
cblr-14238	386	2	sept	sept	PROPN
cblr-14238	386	3	.	.	PROPN
cblr-14238	386	4	17	17	NUM
cblr-14238	386	5	,	,	PUNCT
cblr-14238	386	6	2012	2012	NUM
cblr-14238	386	7	)	)	PUNCT
cblr-14238	386	8	,	,	PUNCT
cblr-14238	386	9	https://www.theregreview.org/2012/09/17/regulations-fourcore-components	https://www.theregreview.org/2012/09/17/regulations-fourcore-component	VERB
cblr-14238	387	1	[	[	X
cblr-14238	387	2	https://perma.cc/gtj6-qcf5	https://perma.cc/gtj6-qcf5	X
cblr-14238	387	3	]	]	X
cblr-14238	387	4	(	(	PUNCT
cblr-14238	387	5	“	"	PUNCT
cblr-14238	387	6	all	all	DET
cblr-14238	387	7	regulatory	regulatory	ADJ
cblr-14238	387	8	instruments	instrument	NOUN
cblr-14238	387	9	consist	consist	VERB
cblr-14238	387	10	of	of	ADP
cblr-14238	387	11	some	some	DET
cblr-14238	387	12	rule	rule	NOUN
cblr-14238	387	13	or	or	CCONJ
cblr-14238	387	14	rule	rule	NOUN
cblr-14238	387	15	-	-	PUNCT
cblr-14238	387	16	like	like	ADJ
cblr-14238	387	17	statement	statement	NOUN
cblr-14238	387	18	having	have	VERB
cblr-14238	387	19	normative	normative	ADJ
cblr-14238	387	20	force	force	NOUN
cblr-14238	387	21	and	and	CCONJ
cblr-14238	387	22	backed	back	VERB
cblr-14238	387	23	up	up	ADP
cblr-14238	387	24	with	with	ADP
cblr-14238	387	25	some	some	DET
cblr-14238	387	26	type	type	NOUN
cblr-14238	387	27	of	of	ADP
cblr-14238	387	28	consequences	consequence	NOUN
cblr-14238	387	29	.	.	PUNCT
cblr-14238	387	30	”	"	PUNCT
cblr-14238	387	31	)	)	PUNCT
cblr-14238	387	32	.	.	PUNCT
cblr-14238	388	1	no	no	INTJ
cblr-14238	388	2	.	.	NOUN
cblr-14238	388	3	2	2	NUM
cblr-14238	388	4	]	]	PUNCT
cblr-14238	388	5	regulation	regulation	NOUN
cblr-14238	388	6	by	by	ADP
cblr-14238	388	7	indexation	indexation	NOUN
cblr-14238	388	8	?	?	PUNCT
cblr-14238	389	1	743	743	NUM
cblr-14238	389	2	and	and	CCONJ
cblr-14238	389	3	whether	whether	SCONJ
cblr-14238	389	4	indexers	indexer	NOUN
cblr-14238	389	5	can	can	AUX
cblr-14238	389	6	influence	influence	VERB
cblr-14238	389	7	sovereign	sovereign	ADJ
cblr-14238	389	8	choices	choice	NOUN
cblr-14238	389	9	about	about	ADP
cblr-14238	389	10	financial	financial	ADJ
cblr-14238	389	11	market	market	NOUN
cblr-14238	389	12	rules	rule	NOUN
cblr-14238	389	13	,	,	PUNCT
cblr-14238	389	14	respectively	respectively	ADV
cblr-14238	389	15	.	.	PUNCT
cblr-14238	390	1	a.	a.	NOUN
cblr-14238	390	2	indexers	indexer	NOUN
cblr-14238	390	3	as	as	ADP
cblr-14238	390	4	subsidizers	subsidizer	NOUN
cblr-14238	390	5	a	a	DET
cblr-14238	390	6	variety	variety	NOUN
cblr-14238	390	7	of	of	ADP
cblr-14238	390	8	market	market	NOUN
cblr-14238	390	9	participants	participant	NOUN
cblr-14238	390	10	and	and	CCONJ
cblr-14238	390	11	financial	financial	ADJ
cblr-14238	390	12	journalists	journalist	NOUN
cblr-14238	390	13	have	have	AUX
cblr-14238	390	14	assumed	assume	VERB
cblr-14238	390	15	that	that	SCONJ
cblr-14238	390	16	individual	individual	ADJ
cblr-14238	390	17	companies	company	NOUN
cblr-14238	390	18	have	have	VERB
cblr-14238	390	19	an	an	DET
cblr-14238	390	20	incentive	incentive	NOUN
cblr-14238	390	21	to	to	PART
cblr-14238	390	22	comply	comply	VERB
cblr-14238	390	23	with	with	ADP
cblr-14238	390	24	index	index	NOUN
cblr-14238	390	25	eligibility	eligibility	NOUN
cblr-14238	390	26	criteria	criterion	NOUN
cblr-14238	390	27	to	to	PART
cblr-14238	390	28	obtain	obtain	VERB
cblr-14238	390	29	lower	low	ADJ
cblr-14238	390	30	costs	cost	NOUN
cblr-14238	390	31	of	of	ADP
cblr-14238	390	32	capital	capital	NOUN
cblr-14238	390	33	.	.	PUNCT
cblr-14238	391	1	this	this	DET
cblr-14238	391	2	expected	expect	VERB
cblr-14238	391	3	discount	discount	NOUN
cblr-14238	391	4	is	be	AUX
cblr-14238	391	5	due	due	ADJ
cblr-14238	391	6	to	to	ADP
cblr-14238	391	7	additional	additional	ADJ
cblr-14238	391	8	demand	demand	NOUN
cblr-14238	391	9	from	from	ADP
cblr-14238	391	10	locked	lock	VERB
cblr-14238	391	11	-	-	PUNCT
cblr-14238	391	12	in	in	ADP
cblr-14238	391	13	index	index	NOUN
cblr-14238	391	14	investors	investor	NOUN
cblr-14238	391	15	who	who	PRON
cblr-14238	391	16	are	be	AUX
cblr-14238	391	17	expected	expect	VERB
cblr-14238	391	18	to	to	PART
cblr-14238	391	19	hold	hold	VERB
cblr-14238	391	20	the	the	DET
cblr-14238	391	21	stock	stock	NOUN
cblr-14238	391	22	if	if	SCONJ
cblr-14238	391	23	it	it	PRON
cblr-14238	391	24	is	be	AUX
cblr-14238	391	25	in	in	ADP
cblr-14238	391	26	the	the	DET
cblr-14238	391	27	index	index	NOUN
cblr-14238	391	28	.	.	PUNCT
cblr-14238	392	1	if	if	SCONJ
cblr-14238	392	2	this	this	PRON
cblr-14238	392	3	is	be	AUX
cblr-14238	392	4	true	true	ADJ
cblr-14238	392	5	,	,	PUNCT
cblr-14238	392	6	indexers	indexer	NOUN
cblr-14238	392	7	are	be	AUX
cblr-14238	392	8	acting	act	VERB
cblr-14238	392	9	as	as	ADP
cblr-14238	392	10	subsidizers	subsidizer	NOUN
cblr-14238	392	11	,	,	PUNCT
cblr-14238	392	12	granting	grant	VERB
cblr-14238	392	13	subsidies	subsidy	NOUN
cblr-14238	392	14	in	in	ADP
cblr-14238	392	15	the	the	DET
cblr-14238	392	16	form	form	NOUN
cblr-14238	392	17	of	of	ADP
cblr-14238	392	18	lower	low	ADJ
cblr-14238	392	19	capital	capital	NOUN
cblr-14238	392	20	costs	cost	NOUN
cblr-14238	392	21	to	to	ADP
cblr-14238	392	22	managers	manager	NOUN
cblr-14238	392	23	or	or	CCONJ
cblr-14238	392	24	sovereigns	sovereign	NOUN
cblr-14238	392	25	who	who	PRON
cblr-14238	392	26	choose	choose	VERB
cblr-14238	392	27	to	to	PART
cblr-14238	392	28	comply	comply	VERB
cblr-14238	392	29	with	with	ADP
cblr-14238	392	30	their	their	PRON
cblr-14238	392	31	index	index	NOUN
cblr-14238	392	32	eligibility	eligibility	NOUN
cblr-14238	392	33	criteria	criterion	NOUN
cblr-14238	392	34	.	.	PUNCT
cblr-14238	393	1	as	as	SCONJ
cblr-14238	393	2	noted	note	VERB
cblr-14238	393	3	above	above	ADV
cblr-14238	393	4	,	,	PUNCT
cblr-14238	393	5	many	many	ADJ
cblr-14238	393	6	participants	participant	NOUN
cblr-14238	393	7	in	in	ADP
cblr-14238	393	8	and	and	CCONJ
cblr-14238	393	9	commentators	commentator	NOUN
cblr-14238	393	10	on	on	ADP
cblr-14238	393	11	the	the	DET
cblr-14238	393	12	public	public	ADJ
cblr-14238	393	13	capital	capital	NOUN
cblr-14238	393	14	markets	market	NOUN
cblr-14238	393	15	believe	believe	VERB
cblr-14238	393	16	that	that	SCONJ
cblr-14238	393	17	index	index	NOUN
cblr-14238	393	18	inclusion	inclusion	NOUN
cblr-14238	393	19	can	can	AUX
cblr-14238	393	20	have	have	VERB
cblr-14238	393	21	positive	positive	ADJ
cblr-14238	393	22	cost	cost	NOUN
cblr-14238	393	23	of	of	ADP
cblr-14238	393	24	capital	capital	NOUN
cblr-14238	393	25	effects	effect	NOUN
cblr-14238	393	26	for	for	ADP
cblr-14238	393	27	included	include	VERB
cblr-14238	393	28	companies	company	NOUN
cblr-14238	393	29	.	.	PUNCT
cblr-14238	394	1	this	this	DET
cblr-14238	394	2	misperception	misperception	NOUN
cblr-14238	394	3	may	may	AUX
cblr-14238	394	4	arise	arise	VERB
cblr-14238	394	5	for	for	ADP
cblr-14238	394	6	several	several	ADJ
cblr-14238	394	7	reasons	reason	NOUN
cblr-14238	394	8	,	,	PUNCT
cblr-14238	394	9	including	include	VERB
cblr-14238	394	10	inadequate	inadequate	ADJ
cblr-14238	394	11	information	information	NOUN
cblr-14238	394	12	about	about	ADP
cblr-14238	394	13	the	the	DET
cblr-14238	394	14	limited	limited	ADJ
cblr-14238	394	15	portion	portion	NOUN
cblr-14238	394	16	of	of	ADP
cblr-14238	394	17	aggregate	aggregate	ADJ
cblr-14238	394	18	equity	equity	NOUN
cblr-14238	394	19	market	market	NOUN
cblr-14238	394	20	capitalization	capitalization	NOUN
cblr-14238	394	21	held	hold	VERB
cblr-14238	394	22	by	by	ADP
cblr-14238	394	23	index	index	NOUN
cblr-14238	394	24	investors	investor	NOUN
cblr-14238	394	25	following	follow	VERB
cblr-14238	394	26	indexing	indexing	NOUN
cblr-14238	394	27	strategies	strategy	NOUN
cblr-14238	394	28	.	.	PUNCT
cblr-14238	395	1	it	it	PRON
cblr-14238	395	2	is	be	AUX
cblr-14238	395	3	primarily	primarily	ADV
cblr-14238	395	4	based	base	VERB
cblr-14238	395	5	,	,	PUNCT
cblr-14238	395	6	however	however	ADV
cblr-14238	395	7	,	,	PUNCT
cblr-14238	395	8	on	on	ADP
cblr-14238	395	9	numerous	numerous	ADJ
cblr-14238	395	10	finance	finance	NOUN
cblr-14238	395	11	papers	paper	NOUN
cblr-14238	395	12	suggesting	suggest	VERB
cblr-14238	395	13	that	that	SCONJ
cblr-14238	395	14	index	index	NOUN
cblr-14238	395	15	inclusion	inclusion	NOUN
cblr-14238	395	16	has	have	VERB
cblr-14238	395	17	positive	positive	ADJ
cblr-14238	395	18	pricing	pricing	NOUN
cblr-14238	395	19	effects	effect	NOUN
cblr-14238	395	20	,	,	PUNCT
cblr-14238	395	21	the	the	DET
cblr-14238	395	22	conclusions	conclusion	NOUN
cblr-14238	395	23	of	of	ADP
cblr-14238	395	24	which	which	PRON
cblr-14238	395	25	have	have	AUX
cblr-14238	395	26	only	only	ADV
cblr-14238	395	27	recently	recently	ADV
cblr-14238	395	28	been	be	AUX
cblr-14238	395	29	called	call	VERB
cblr-14238	395	30	into	into	ADP
cblr-14238	395	31	question	question	NOUN
cblr-14238	395	32	by	by	ADP
cblr-14238	395	33	more	more	ADJ
cblr-14238	395	34	extensive	extensive	ADJ
cblr-14238	395	35	studies	study	NOUN
cblr-14238	395	36	with	with	ADP
cblr-14238	395	37	longer	long	ADJ
cblr-14238	395	38	and	and	CCONJ
cblr-14238	395	39	more	more	ADV
cblr-14238	395	40	recent	recent	ADJ
cblr-14238	395	41	time	time	NOUN
cblr-14238	395	42	horizons	horizon	NOUN
cblr-14238	395	43	.	.	PUNCT
cblr-14238	396	1	financial	financial	ADJ
cblr-14238	396	2	journalists	journalist	NOUN
cblr-14238	396	3	perpetuate	perpetuate	VERB
cblr-14238	396	4	the	the	DET
cblr-14238	396	5	conventional	conventional	ADJ
cblr-14238	396	6	wisdom	wisdom	NOUN
cblr-14238	396	7	that	that	PRON
cblr-14238	396	8	addition	addition	NOUN
cblr-14238	396	9	to	to	ADP
cblr-14238	396	10	benchmark	benchmark	NOUN
cblr-14238	396	11	equity	equity	NOUN
cblr-14238	396	12	indices	index	NOUN
cblr-14238	396	13	benefits	benefit	VERB
cblr-14238	396	14	companies	company	NOUN
cblr-14238	396	15	because	because	SCONJ
cblr-14238	396	16	index	index	NOUN
cblr-14238	396	17	portfolio	portfolio	NOUN
cblr-14238	396	18	managers	manager	NOUN
cblr-14238	396	19	and	and	CCONJ
cblr-14238	396	20	other	other	ADJ
cblr-14238	396	21	investors	investor	NOUN
cblr-14238	396	22	benchmarking	benchmarke	VERB
cblr-14238	396	23	against	against	ADP
cblr-14238	396	24	such	such	ADJ
cblr-14238	396	25	indices	index	NOUN
cblr-14238	396	26	will	will	AUX
cblr-14238	396	27	be	be	AUX
cblr-14238	396	28	forced	force	VERB
cblr-14238	396	29	to	to	PART
cblr-14238	396	30	buy	buy	VERB
cblr-14238	396	31	their	their	PRON
cblr-14238	396	32	shares.91	shares.91	ADJ
cblr-14238	396	33	anecdotal	anecdotal	ADJ
cblr-14238	396	34	evidence	evidence	NOUN
cblr-14238	396	35	often	often	ADV
cblr-14238	396	36	supports	support	VERB
cblr-14238	396	37	these	these	DET
cblr-14238	396	38	expectations	expectation	NOUN
cblr-14238	396	39	.	.	PUNCT
cblr-14238	397	1	tesla	tesla	PROPN
cblr-14238	397	2	’s	’s	PART
cblr-14238	397	3	stock	stock	NOUN
cblr-14238	397	4	price	price	NOUN
cblr-14238	397	5	experienced	experience	VERB
cblr-14238	397	6	a	a	DET
cblr-14238	397	7	13	13	NUM
cblr-14238	397	8	%	%	NOUN
cblr-14238	397	9	bump	bump	NOUN
cblr-14238	397	10	the	the	DET
cblr-14238	397	11	day	day	NOUN
cblr-14238	397	12	s&p	s&p	PROPN
cblr-14238	397	13	announced	announce	VERB
cblr-14238	397	14	it	it	PRON
cblr-14238	397	15	would	would	AUX
cblr-14238	397	16	be	be	AUX
cblr-14238	397	17	added	add	VERB
cblr-14238	397	18	to	to	ADP
cblr-14238	397	19	the	the	DET
cblr-14238	397	20	s&p	s&p	PROPN
cblr-14238	397	21	500	500	NUM
cblr-14238	397	22	,	,	PUNCT
cblr-14238	397	23	for	for	ADP
cblr-14238	397	24	instance.92	instance.92	NOUN
cblr-14238	397	25	91	91	NUM
cblr-14238	397	26	see	see	NOUN
cblr-14238	397	27	,	,	PUNCT
cblr-14238	397	28	e.g.	e.g.	ADV
cblr-14238	397	29	,	,	PUNCT
cblr-14238	397	30	ross	ross	PROPN
cblr-14238	397	31	kerber	kerber	PROPN
cblr-14238	397	32	,	,	PUNCT
cblr-14238	397	33	ftse	ftse	PROPN
cblr-14238	397	34	russell	russell	PROPN
cblr-14238	397	35	turns	turn	VERB
cblr-14238	397	36	to	to	ADP
cblr-14238	397	37	investors	investor	NOUN
cblr-14238	397	38	on	on	ADP
cblr-14238	397	39	snap	snap	ADJ
cblr-14238	397	40	voting	voting	NOUN
cblr-14238	397	41	rights	right	NOUN
cblr-14238	397	42	quandary	quandary	NOUN
cblr-14238	397	43	,	,	PUNCT
cblr-14238	397	44	reuters	reuters	PROPN
cblr-14238	397	45	(	(	PUNCT
cblr-14238	397	46	mar	mar	PROPN
cblr-14238	397	47	.	.	PROPN
cblr-14238	397	48	8	8	NUM
cblr-14238	397	49	,	,	PUNCT
cblr-14238	397	50	2017	2017	NUM
cblr-14238	397	51	,	,	PUNCT
cblr-14238	397	52	1:35	1:35	NUM
cblr-14238	397	53	pm	pm	NOUN
cblr-14238	397	54	)	)	PUNCT
cblr-14238	397	55	,	,	PUNCT
cblr-14238	397	56	https://www.reuters.com/article/technology/ftse-russell-turns-to-investorson-snap-voting-rights-quandary-idusl2n1gk1u0/	https://www.reuters.com/article/technology/ftse-russell-turns-to-investorson-snap-voting-rights-quandary-idusl2n1gk1u0/	NOUN
cblr-14238	397	57	[	[	X
cblr-14238	397	58	https://perma.cc/p3hz-5az9	https://perma.cc/p3hz-5az9	X
cblr-14238	397	59	]	]	PUNCT
cblr-14238	397	60	.	.	PUNCT
cblr-14238	398	1	92	92	NUM
cblr-14238	398	2	pippa	pippa	PROPN
cblr-14238	398	3	stevens	stevens	PROPN
cblr-14238	398	4	&	&	CCONJ
cblr-14238	398	5	todd	todd	PROPN
cblr-14238	398	6	haselton	haselton	PROPN
cblr-14238	398	7	,	,	PUNCT
cblr-14238	398	8	tesla	tesla	PROPN
cblr-14238	398	9	stock	stock	NOUN
cblr-14238	398	10	jumps	jump	VERB
cblr-14238	398	11	on	on	ADP
cblr-14238	398	12	carmaker	carmaker	NOUN
cblr-14238	398	13	’s	’s	PART
cblr-14238	398	14	addition	addition	NOUN
cblr-14238	398	15	to	to	ADP
cblr-14238	398	16	the	the	DET
cblr-14238	398	17	s&p	s&p	PROPN
cblr-14238	398	18	500	500	NUM
cblr-14238	398	19	,	,	PUNCT
cblr-14238	398	20	cnbc	cnbc	PROPN
cblr-14238	398	21	(	(	PUNCT
cblr-14238	398	22	nov	nov	PROPN
cblr-14238	398	23	.	.	PROPN
cblr-14238	398	24	16	16	NUM
cblr-14238	398	25	,	,	PUNCT
cblr-14238	398	26	2020	2020	NUM
cblr-14238	398	27	,	,	PUNCT
cblr-14238	398	28	5:21	5:21	NUM
cblr-14238	398	29	pm	pm	NOUN
cblr-14238	398	30	est	est	X
cblr-14238	398	31	)	)	PUNCT
cblr-14238	398	32	,	,	PUNCT
cblr-14238	398	33	744	744	NUM
cblr-14238	398	34	columbia	columbia	PROPN
cblr-14238	398	35	business	business	NOUN
cblr-14238	398	36	law	law	PROPN
cblr-14238	398	37	review	review	NOUN
cblr-14238	398	38	[	[	X
cblr-14238	398	39	vol	vol	NOUN
cblr-14238	398	40	.	.	NOUN
cblr-14238	398	41	2024	2024	NUM
cblr-14238	399	1	the	the	DET
cblr-14238	399	2	genesis	genesis	NOUN
cblr-14238	399	3	of	of	ADP
cblr-14238	399	4	these	these	DET
cblr-14238	399	5	expectations	expectation	NOUN
cblr-14238	399	6	around	around	ADP
cblr-14238	399	7	index	index	NOUN
cblr-14238	399	8	inclusion	inclusion	NOUN
cblr-14238	399	9	was	be	AUX
cblr-14238	399	10	andrei	andrei	PROPN
cblr-14238	399	11	shleifer	shleifer	PROPN
cblr-14238	399	12	’s	’s	PART
cblr-14238	399	13	seminal	seminal	ADJ
cblr-14238	399	14	1986	1986	NUM
cblr-14238	399	15	study	study	NOUN
cblr-14238	399	16	,	,	PUNCT
cblr-14238	399	17	which	which	PRON
cblr-14238	399	18	determined	determine	VERB
cblr-14238	399	19	that	that	SCONJ
cblr-14238	399	20	between	between	ADP
cblr-14238	399	21	1976	1976	NUM
cblr-14238	399	22	and	and	CCONJ
cblr-14238	399	23	1983	1983	NUM
cblr-14238	399	24	stocks	stock	NOUN
cblr-14238	399	25	added	add	VERB
cblr-14238	399	26	to	to	ADP
cblr-14238	399	27	the	the	DET
cblr-14238	399	28	s&p	s&p	PROPN
cblr-14238	399	29	500	500	NUM
cblr-14238	399	30	experienced	experience	VERB
cblr-14238	399	31	abnormal	abnormal	ADJ
cblr-14238	399	32	returns	return	NOUN
cblr-14238	399	33	of	of	ADP
cblr-14238	399	34	about	about	ADV
cblr-14238	399	35	3	3	NUM
cblr-14238	399	36	%	%	NOUN
cblr-14238	399	37	on	on	ADP
cblr-14238	399	38	the	the	DET
cblr-14238	399	39	day	day	NOUN
cblr-14238	399	40	after	after	ADP
cblr-14238	399	41	the	the	DET
cblr-14238	399	42	announcement	announcement	NOUN
cblr-14238	399	43	day	day	NOUN
cblr-14238	399	44	of	of	ADP
cblr-14238	399	45	the	the	DET
cblr-14238	399	46	addition	addition	NOUN
cblr-14238	399	47	—	—	PUNCT
cblr-14238	399	48	the	the	DET
cblr-14238	399	49	index	index	NOUN
cblr-14238	399	50	inclusion	inclusion	NOUN
cblr-14238	399	51	effect.93	effect.93	NOUN
cblr-14238	399	52	later	later	ADV
cblr-14238	399	53	studies	study	NOUN
cblr-14238	399	54	found	find	VERB
cblr-14238	399	55	that	that	SCONJ
cblr-14238	399	56	the	the	DET
cblr-14238	399	57	s&p	s&p	PROPN
cblr-14238	399	58	500	500	NUM
cblr-14238	399	59	inclusion	inclusion	NOUN
cblr-14238	399	60	effect	effect	NOUN
cblr-14238	399	61	increased	increase	VERB
cblr-14238	399	62	to	to	ADP
cblr-14238	399	63	5–9	5–9	NUM
cblr-14238	399	64	%	%	NOUN
cblr-14238	399	65	in	in	ADP
cblr-14238	399	66	the	the	DET
cblr-14238	399	67	1990s	1990	NOUN
cblr-14238	399	68	and	and	CCONJ
cblr-14238	399	69	early	early	ADJ
cblr-14238	399	70	2000s	2000s	NUM
cblr-14238	399	71	as	as	SCONJ
cblr-14238	399	72	the	the	DET
cblr-14238	399	73	amount	amount	NOUN
cblr-14238	399	74	of	of	ADP
cblr-14238	399	75	capital	capital	NOUN
cblr-14238	399	76	invested	invest	VERB
cblr-14238	399	77	in	in	ADP
cblr-14238	399	78	s&p	s&p	PROPN
cblr-14238	399	79	500	500	NUM
cblr-14238	399	80	index	index	NOUN
cblr-14238	399	81	funds	fund	NOUN
cblr-14238	399	82	rapidly	rapidly	ADV
cblr-14238	399	83	expanded.94	expanded.94	VERB
cblr-14238	399	84	the	the	DET
cblr-14238	399	85	basic	basic	ADJ
cblr-14238	399	86	argument	argument	NOUN
cblr-14238	399	87	is	be	AUX
cblr-14238	399	88	that	that	SCONJ
cblr-14238	399	89	adding	add	VERB
cblr-14238	399	90	a	a	DET
cblr-14238	399	91	stock	stock	NOUN
cblr-14238	399	92	to	to	ADP
cblr-14238	399	93	an	an	DET
cblr-14238	399	94	index	index	NOUN
cblr-14238	399	95	will	will	AUX
cblr-14238	399	96	create	create	VERB
cblr-14238	399	97	increased	increased	ADJ
cblr-14238	399	98	demand	demand	NOUN
cblr-14238	399	99	from	from	ADP
cblr-14238	399	100	index	index	NOUN
cblr-14238	399	101	-	-	PUNCT
cblr-14238	399	102	tracking	track	VERB
cblr-14238	399	103	investors	investor	NOUN
cblr-14238	399	104	,	,	PUNCT
cblr-14238	399	105	putting	put	VERB
cblr-14238	399	106	upward	upward	ADJ
cblr-14238	399	107	pressure	pressure	NOUN
cblr-14238	399	108	on	on	ADP
cblr-14238	399	109	the	the	DET
cblr-14238	399	110	price	price	NOUN
cblr-14238	399	111	,	,	PUNCT
cblr-14238	399	112	despite	despite	SCONJ
cblr-14238	399	113	the	the	DET
cblr-14238	399	114	fact	fact	NOUN
cblr-14238	399	115	that	that	SCONJ
cblr-14238	399	116	a	a	DET
cblr-14238	399	117	company	company	NOUN
cblr-14238	399	118	’s	’s	PART
cblr-14238	399	119	fundamentals	fundamental	NOUN
cblr-14238	399	120	have	have	AUX
cblr-14238	399	121	not	not	PART
cblr-14238	399	122	changed	change	VERB
cblr-14238	399	123	.	.	PUNCT
cblr-14238	400	1	this	this	PRON
cblr-14238	400	2	is	be	AUX
cblr-14238	400	3	in	in	ADP
cblr-14238	400	4	contrast	contrast	NOUN
cblr-14238	400	5	to	to	ADP
cblr-14238	400	6	the	the	DET
cblr-14238	400	7	efficient	efficient	ADJ
cblr-14238	400	8	markets	market	NOUN
cblr-14238	400	9	theory	theory	NOUN
cblr-14238	400	10	and	and	CCONJ
cblr-14238	400	11	the	the	DET
cblr-14238	400	12	capital	capital	NOUN
cblr-14238	400	13	asset	asset	NOUN
cblr-14238	400	14	pricing	pricing	NOUN
cblr-14238	400	15	model	model	NOUN
cblr-14238	400	16	,	,	PUNCT
cblr-14238	400	17	which	which	PRON
cblr-14238	400	18	model	model	VERB
cblr-14238	400	19	stock	stock	NOUN
cblr-14238	400	20	prices	price	NOUN
cblr-14238	400	21	as	as	ADP
cblr-14238	400	22	a	a	DET
cblr-14238	400	23	function	function	NOUN
cblr-14238	400	24	of	of	ADP
cblr-14238	400	25	future	future	ADJ
cblr-14238	400	26	expected	expect	VERB
cblr-14238	400	27	cash	cash	NOUN
cblr-14238	400	28	flows	flow	NOUN
cblr-14238	400	29	discounted	discount	VERB
cblr-14238	400	30	by	by	ADP
cblr-14238	400	31	their	their	PRON
cblr-14238	400	32	systematic	systematic	ADJ
cblr-14238	400	33	risk.95	risk.95	NOUN
cblr-14238	400	34	https://www.cnbc.com/2020/11/16/tesla-stock-jumps-on-news-company-isjoining-sp-500.html	https://www.cnbc.com/2020/11/16/tesla-stock-jumps-on-news-company-isjoining-sp-500.html	PROPN
cblr-14238	401	1	[	[	X
cblr-14238	401	2	https://perma.cc/k43b-h5s3	https://perma.cc/k43b-h5s3	X
cblr-14238	401	3	]	]	X
cblr-14238	401	4	.	.	PUNCT
cblr-14238	402	1	the	the	DET
cblr-14238	402	2	reasons	reason	NOUN
cblr-14238	402	3	tesla	tesla	PROPN
cblr-14238	402	4	was	be	AUX
cblr-14238	402	5	an	an	DET
cblr-14238	402	6	unusual	unusual	ADJ
cblr-14238	402	7	outlier	outlier	NOUN
cblr-14238	402	8	are	be	AUX
cblr-14238	402	9	discussed	discuss	VERB
cblr-14238	402	10	in	in	ADP
cblr-14238	402	11	chinco	chinco	NOUN
cblr-14238	402	12	and	and	CCONJ
cblr-14238	402	13	sammon	sammon	PROPN
cblr-14238	402	14	.	.	PUNCT
cblr-14238	403	1	alex	alex	PROPN
cblr-14238	403	2	chinco	chinco	PROPN
cblr-14238	403	3	&	&	CCONJ
cblr-14238	403	4	marco	marco	PROPN
cblr-14238	403	5	sammon	sammon	PROPN
cblr-14238	403	6	,	,	PUNCT
cblr-14238	403	7	the	the	DET
cblr-14238	403	8	passive	passive	ADJ
cblr-14238	403	9	-	-	PUNCT
cblr-14238	403	10	ownership	ownership	NOUN
cblr-14238	403	11	share	share	NOUN
cblr-14238	403	12	is	be	AUX
cblr-14238	403	13	double	double	ADV
cblr-14238	403	14	what	what	PRON
cblr-14238	403	15	you	you	PRON
cblr-14238	403	16	think	think	VERB
cblr-14238	403	17	it	it	PRON
cblr-14238	403	18	is	be	AUX
cblr-14238	403	19	,	,	PUNCT
cblr-14238	403	20	157	157	NUM
cblr-14238	403	21	j.	j.	PROPN
cblr-14238	403	22	fin	fin	PROPN
cblr-14238	403	23	.	.	PUNCT
cblr-14238	403	24	econ	econ	PROPN
cblr-14238	403	25	.	.	PUNCT
cblr-14238	404	1	1	1	NUM
cblr-14238	404	2	,	,	PUNCT
cblr-14238	404	3	14	14	NUM
cblr-14238	404	4	(	(	PUNCT
cblr-14238	404	5	2024	2024	NUM
cblr-14238	404	6	)	)	PUNCT
cblr-14238	404	7	.	.	PUNCT
cblr-14238	405	1	93	93	NUM
cblr-14238	405	2	shleifer	shleifer	NOUN
cblr-14238	405	3	,	,	PUNCT
cblr-14238	405	4	supra	supra	PROPN
cblr-14238	405	5	note	note	PROPN
cblr-14238	405	6	25	25	NUM
cblr-14238	405	7	.	.	PUNCT
cblr-14238	405	8	94	94	NUM
cblr-14238	405	9	see	see	VERB
cblr-14238	405	10	,	,	PUNCT
cblr-14238	405	11	e.g.	e.g.	ADV
cblr-14238	405	12	,	,	PUNCT
cblr-14238	405	13	messod	messod	PROPN
cblr-14238	405	14	d.	d.	PROPN
cblr-14238	405	15	beneish	beneish	PROPN
cblr-14238	405	16	&	&	CCONJ
cblr-14238	405	17	robert	robert	PROPN
cblr-14238	405	18	e.	e.	PROPN
cblr-14238	405	19	whaley	whaley	PROPN
cblr-14238	405	20	,	,	PUNCT
cblr-14238	405	21	an	an	DET
cblr-14238	405	22	anatomy	anatomy	NOUN
cblr-14238	405	23	of	of	ADP
cblr-14238	405	24	the	the	DET
cblr-14238	405	25	‘	'	PUNCT
cblr-14238	405	26	s&p	s&p	PROPN
cblr-14238	405	27	game	game	NOUN
cblr-14238	405	28	’	'	PUNCT
cblr-14238	405	29	:	:	PUNCT
cblr-14238	405	30	the	the	DET
cblr-14238	405	31	effect	effect	NOUN
cblr-14238	405	32	of	of	ADP
cblr-14238	405	33	changing	change	VERB
cblr-14238	405	34	the	the	DET
cblr-14238	405	35	rules	rule	NOUN
cblr-14238	405	36	,	,	PUNCT
cblr-14238	405	37	51	51	NUM
cblr-14238	405	38	j.	j.	PROPN
cblr-14238	405	39	fin	fin	PROPN
cblr-14238	405	40	.	.	PUNCT
cblr-14238	406	1	1909	1909	NUM
cblr-14238	406	2	,	,	PUNCT
cblr-14238	406	3	1925	1925	NUM
cblr-14238	406	4	,	,	PUNCT
cblr-14238	406	5	1929	1929	NUM
cblr-14238	406	6	(	(	PUNCT
cblr-14238	406	7	1996	1996	NUM
cblr-14238	406	8	)	)	PUNCT
cblr-14238	407	1	;	;	PUNCT
cblr-14238	407	2	anthony	anthony	PROPN
cblr-14238	407	3	w.	w.	PROPN
cblr-14238	407	4	lynch	lynch	PROPN
cblr-14238	407	5	&	&	CCONJ
cblr-14238	407	6	richard	richard	PROPN
cblr-14238	407	7	r.	r.	PROPN
cblr-14238	407	8	mendenhall	mendenhall	PROPN
cblr-14238	407	9	,	,	PUNCT
cblr-14238	407	10	new	new	ADJ
cblr-14238	407	11	evidence	evidence	NOUN
cblr-14238	407	12	on	on	ADP
cblr-14238	407	13	stock	stock	NOUN
cblr-14238	407	14	price	price	NOUN
cblr-14238	407	15	effects	effect	NOUN
cblr-14238	407	16	associated	associate	VERB
cblr-14238	407	17	with	with	ADP
cblr-14238	407	18	changes	change	NOUN
cblr-14238	407	19	in	in	ADP
cblr-14238	407	20	the	the	DET
cblr-14238	407	21	s&p	s&p	PROPN
cblr-14238	407	22	500	500	NUM
cblr-14238	407	23	index	index	NOUN
cblr-14238	407	24	,	,	PUNCT
cblr-14238	407	25	70	70	NUM
cblr-14238	407	26	j.	j.	PROPN
cblr-14238	407	27	bus	bus	PROPN
cblr-14238	407	28	.	.	PUNCT
cblr-14238	408	1	351	351	NUM
cblr-14238	408	2	,	,	PUNCT
cblr-14238	408	3	352	352	NUM
cblr-14238	408	4	(	(	PUNCT
cblr-14238	408	5	1997	1997	NUM
cblr-14238	408	6	)	)	PUNCT
cblr-14238	408	7	(	(	PUNCT
cblr-14238	408	8	1990–1995	1990–1995	NUM
cblr-14238	408	9	=	=	SYM
cblr-14238	408	10	3.80	3.80	NUM
cblr-14238	408	11	%	%	NOUN
cblr-14238	408	12	)	)	PUNCT
cblr-14238	408	13	;	;	PUNCT
cblr-14238	408	14	honghui	honghui	PROPN
cblr-14238	408	15	chen	chen	PROPN
cblr-14238	408	16	,	,	PUNCT
cblr-14238	408	17	gregory	gregory	PROPN
cblr-14238	408	18	noronha	noronha	PROPN
cblr-14238	408	19	&	&	CCONJ
cblr-14238	408	20	vijay	vijay	PROPN
cblr-14238	408	21	singal	singal	PROPN
cblr-14238	408	22	,	,	PUNCT
cblr-14238	408	23	the	the	DET
cblr-14238	408	24	price	price	NOUN
cblr-14238	408	25	response	response	NOUN
cblr-14238	408	26	to	to	ADP
cblr-14238	408	27	s&p	s&p	PROPN
cblr-14238	408	28	500	500	NUM
cblr-14238	408	29	index	index	NOUN
cblr-14238	408	30	additions	addition	NOUN
cblr-14238	408	31	and	and	CCONJ
cblr-14238	408	32	deletions	deletion	NOUN
cblr-14238	408	33	:	:	PUNCT
cblr-14238	408	34	evidence	evidence	NOUN
cblr-14238	408	35	of	of	ADP
cblr-14238	408	36	asymmetry	asymmetry	NOUN
cblr-14238	408	37	and	and	CCONJ
cblr-14238	408	38	a	a	DET
cblr-14238	408	39	new	new	ADJ
cblr-14238	408	40	explanation	explanation	NOUN
cblr-14238	408	41	,	,	PUNCT
cblr-14238	408	42	59	59	NUM
cblr-14238	408	43	fin	fin	NOUN
cblr-14238	408	44	.	.	PUNCT
cblr-14238	409	1	analysts	analyst	NOUN
cblr-14238	409	2	j.	j.	PROPN
cblr-14238	409	3	1901	1901	PROPN
cblr-14238	409	4	,	,	PUNCT
cblr-14238	409	5	1908	1908	NUM
cblr-14238	409	6	(	(	PUNCT
cblr-14238	409	7	2004	2004	NUM
cblr-14238	409	8	)	)	PUNCT
cblr-14238	409	9	(	(	PUNCT
cblr-14238	409	10	1976–1989	1976–1989	NUM
cblr-14238	409	11	=	=	SYM
cblr-14238	409	12	3.17	3.17	NUM
cblr-14238	409	13	%	%	NOUN
cblr-14238	409	14	,	,	PUNCT
cblr-14238	409	15	1990–2000	1990–2000	NUM
cblr-14238	409	16	=	=	SYM
cblr-14238	409	17	5.45	5.45	NUM
cblr-14238	409	18	%	%	NOUN
cblr-14238	409	19	)	)	PUNCT
cblr-14238	409	20	;	;	PUNCT
cblr-14238	409	21	william	william	PROPN
cblr-14238	409	22	b.	b.	PROPN
cblr-14238	409	23	elliott	elliott	PROPN
cblr-14238	409	24	et	et	PROPN
cblr-14238	409	25	al	al	PROPN
cblr-14238	409	26	.	.	PROPN
cblr-14238	409	27	,	,	PUNCT
cblr-14238	409	28	what	what	PRON
cblr-14238	409	29	drives	drive	VERB
cblr-14238	409	30	the	the	DET
cblr-14238	409	31	s&p	s&p	PROPN
cblr-14238	409	32	inclusion	inclusion	NOUN
cblr-14238	409	33	effect	effect	NOUN
cblr-14238	409	34	?	?	PUNCT
cblr-14238	410	1	an	an	DET
cblr-14238	410	2	analytical	analytical	ADJ
cblr-14238	410	3	survey	survey	NOUN
cblr-14238	410	4	,	,	PUNCT
cblr-14238	410	5	35	35	NUM
cblr-14238	410	6	fin	fin	NOUN
cblr-14238	410	7	.	.	PUNCT
cblr-14238	411	1	mgmt	mgmt	PROPN
cblr-14238	411	2	.	.	PUNCT
cblr-14238	412	1	31	31	NUM
cblr-14238	412	2	,	,	PUNCT
cblr-14238	412	3	32	32	NUM
cblr-14238	412	4	(	(	PUNCT
cblr-14238	412	5	2006	2006	NUM
cblr-14238	412	6	)	)	PUNCT
cblr-14238	412	7	(	(	PUNCT
cblr-14238	412	8	finding	find	VERB
cblr-14238	412	9	support	support	NOUN
cblr-14238	412	10	for	for	ADP
cblr-14238	412	11	investor	investor	NOUN
cblr-14238	412	12	awareness	awareness	NOUN
cblr-14238	412	13	and	and	CCONJ
cblr-14238	412	14	price	price	NOUN
cblr-14238	412	15	pressure	pressure	NOUN
cblr-14238	412	16	theories	theory	NOUN
cblr-14238	412	17	of	of	ADP
cblr-14238	412	18	cross	cross	ADJ
cblr-14238	412	19	-	-	ADJ
cblr-14238	412	20	sectional	sectional	ADJ
cblr-14238	412	21	abnormal	abnormal	ADJ
cblr-14238	412	22	returns	return	NOUN
cblr-14238	412	23	upon	upon	SCONJ
cblr-14238	412	24	index	index	NOUN
cblr-14238	412	25	inclusion	inclusion	NOUN
cblr-14238	412	26	and	and	CCONJ
cblr-14238	412	27	rejecting	reject	VERB
cblr-14238	412	28	imperfect	imperfect	ADJ
cblr-14238	412	29	substitutes	substitute	NOUN
cblr-14238	412	30	,	,	PUNCT
cblr-14238	412	31	improved	improve	VERB
cblr-14238	412	32	liquidity	liquidity	NOUN
cblr-14238	412	33	,	,	PUNCT
cblr-14238	412	34	and	and	CCONJ
cblr-14238	412	35	improved	improved	ADJ
cblr-14238	412	36	operating	operating	NOUN
cblr-14238	412	37	performance	performance	NOUN
cblr-14238	412	38	explanations	explanation	NOUN
cblr-14238	412	39	for	for	ADP
cblr-14238	412	40	stock	stock	NOUN
cblr-14238	412	41	price	price	NOUN
cblr-14238	412	42	increases	increase	NOUN
cblr-14238	412	43	)	)	PUNCT
cblr-14238	412	44	;	;	PUNCT
cblr-14238	412	45	(	(	PUNCT
cblr-14238	412	46	1993–2001	1993–2001	NUM
cblr-14238	412	47	=	=	SYM
cblr-14238	412	48	5.67	5.67	NUM
cblr-14238	412	49	%	%	NOUN
cblr-14238	412	50	)	)	PUNCT
cblr-14238	412	51	;	;	PUNCT
cblr-14238	413	1	antti	antti	PROPN
cblr-14238	413	2	petajisto	petajisto	PROPN
cblr-14238	413	3	,	,	PUNCT
cblr-14238	413	4	the	the	DET
cblr-14238	413	5	index	index	NOUN
cblr-14238	413	6	premium	premium	NOUN
cblr-14238	413	7	and	and	CCONJ
cblr-14238	413	8	its	its	PRON
cblr-14238	413	9	hidden	hide	VERB
cblr-14238	413	10	cost	cost	NOUN
cblr-14238	413	11	for	for	ADP
cblr-14238	413	12	index	index	NOUN
cblr-14238	413	13	funds	fund	NOUN
cblr-14238	413	14	,	,	PUNCT
cblr-14238	413	15	18	18	NUM
cblr-14238	413	16	j.	j.	PROPN
cblr-14238	413	17	empirical	empirical	ADJ
cblr-14238	413	18	fin	fin	PROPN
cblr-14238	413	19	.	.	PUNCT
cblr-14238	413	20	271	271	NUM
cblr-14238	413	21	,	,	PUNCT
cblr-14238	413	22	275	275	NUM
cblr-14238	413	23	(	(	PUNCT
cblr-14238	413	24	2011	2011	NUM
cblr-14238	413	25	)	)	PUNCT
cblr-14238	413	26	(	(	PUNCT
cblr-14238	413	27	1990–2005	1990–2005	NUM
cblr-14238	413	28	=	=	SYM
cblr-14238	413	29	8.8	8.8	NUM
cblr-14238	413	30	%	%	NOUN
cblr-14238	413	31	,	,	PUNCT
cblr-14238	413	32	2001–2005	2001–2005	NUM
cblr-14238	413	33	=	=	SYM
cblr-14238	413	34	4.5	4.5	NUM
cblr-14238	413	35	%	%	NOUN
cblr-14238	413	36	)	)	PUNCT
cblr-14238	413	37	.	.	PUNCT
cblr-14238	414	1	95	95	NUM
cblr-14238	414	2	william	william	PROPN
cblr-14238	414	3	f.	f.	PROPN
cblr-14238	414	4	sharpe	sharpe	PROPN
cblr-14238	414	5	,	,	PUNCT
cblr-14238	414	6	capital	capital	NOUN
cblr-14238	414	7	asset	asset	NOUN
cblr-14238	414	8	prices	price	NOUN
cblr-14238	414	9	:	:	PUNCT
cblr-14238	414	10	a	a	DET
cblr-14238	414	11	theory	theory	NOUN
cblr-14238	414	12	of	of	ADP
cblr-14238	414	13	market	market	NOUN
cblr-14238	414	14	equilibrium	equilibrium	NOUN
cblr-14238	414	15	under	under	ADP
cblr-14238	414	16	conditions	condition	NOUN
cblr-14238	414	17	of	of	ADP
cblr-14238	414	18	risk	risk	NOUN
cblr-14238	414	19	,	,	PUNCT
cblr-14238	414	20	19	19	NUM
cblr-14238	414	21	j.	j.	PROPN
cblr-14238	414	22	fin	fin	PROPN
cblr-14238	414	23	.	.	PROPN
cblr-14238	414	24	425	425	NUM
cblr-14238	414	25	,	,	PUNCT
cblr-14238	414	26	436	436	NUM
cblr-14238	414	27	(	(	PUNCT
cblr-14238	414	28	1964	1964	NUM
cblr-14238	414	29	)	)	PUNCT
cblr-14238	414	30	;	;	PUNCT
cblr-14238	414	31	pyemo	pyemo	NOUN
cblr-14238	414	32	n.	n.	PROPN
cblr-14238	414	33	afego	afego	PROPN
cblr-14238	414	34	,	,	PUNCT
cblr-14238	414	35	effects	effect	NOUN
cblr-14238	414	36	of	of	ADP
cblr-14238	414	37	changes	change	NOUN
cblr-14238	414	38	in	in	ADP
cblr-14238	414	39	stock	stock	NOUN
cblr-14238	414	40	index	index	NOUN
cblr-14238	414	41	compositions	composition	NOUN
cblr-14238	414	42	:	:	PUNCT
cblr-14238	414	43	a	a	DET
cblr-14238	414	44	literature	literature	NOUN
cblr-14238	414	45	survey	survey	NOUN
cblr-14238	414	46	,	,	PUNCT
cblr-14238	414	47	52	52	NUM
cblr-14238	414	48	int’l	int’l	PRON
cblr-14238	414	49	rev	rev	VERB
cblr-14238	414	50	.	.	PROPN
cblr-14238	415	1	fin	fin	PROPN
cblr-14238	415	2	.	.	PUNCT
cblr-14238	416	1	analysis	analysis	NOUN
cblr-14238	416	2	228	228	NUM
cblr-14238	416	3	,	,	PUNCT
cblr-14238	416	4	230	230	NUM
cblr-14238	416	5	(	(	PUNCT
cblr-14238	416	6	2017	2017	NUM
cblr-14238	416	7	)	)	PUNCT
cblr-14238	416	8	(	(	PUNCT
cblr-14238	416	9	noting	note	VERB
cblr-14238	416	10	that	that	SCONJ
cblr-14238	416	11	systematic	systematic	ADJ
cblr-14238	416	12	nature	nature	NOUN
cblr-14238	416	13	no	no	INTJ
cblr-14238	416	14	.	.	NOUN
cblr-14238	416	15	2	2	NUM
cblr-14238	416	16	]	]	PUNCT
cblr-14238	416	17	regulation	regulation	NOUN
cblr-14238	416	18	by	by	ADP
cblr-14238	416	19	indexation	indexation	NOUN
cblr-14238	416	20	?	?	PUNCT
cblr-14238	417	1	745	745	NUM
cblr-14238	417	2	countless	countless	ADJ
cblr-14238	417	3	papers	paper	NOUN
cblr-14238	417	4	have	have	AUX
cblr-14238	417	5	proposed	propose	VERB
cblr-14238	417	6	numerous	numerous	ADJ
cblr-14238	417	7	explanations	explanation	NOUN
cblr-14238	417	8	of	of	ADP
cblr-14238	417	9	the	the	DET
cblr-14238	417	10	index	index	NOUN
cblr-14238	417	11	inclusion	inclusion	NOUN
cblr-14238	417	12	effect	effect	NOUN
cblr-14238	417	13	,	,	PUNCT
cblr-14238	417	14	but	but	CCONJ
cblr-14238	417	15	the	the	DET
cblr-14238	417	16	most	most	ADV
cblr-14238	417	17	compelling	compelling	ADJ
cblr-14238	417	18	argument	argument	NOUN
cblr-14238	417	19	is	be	AUX
cblr-14238	417	20	that	that	PRON
cblr-14238	417	21	short	short	ADJ
cblr-14238	417	22	-	-	PUNCT
cblr-14238	417	23	term	term	NOUN
cblr-14238	417	24	price	price	NOUN
cblr-14238	417	25	pressures	pressure	NOUN
cblr-14238	417	26	push	push	VERB
cblr-14238	417	27	prices	price	NOUN
cblr-14238	417	28	up	up	ADP
cblr-14238	417	29	as	as	ADP
cblr-14238	417	30	a	a	DET
cblr-14238	417	31	result	result	NOUN
cblr-14238	417	32	of	of	ADP
cblr-14238	417	33	a	a	DET
cblr-14238	417	34	sudden	sudden	ADJ
cblr-14238	417	35	increase	increase	NOUN
cblr-14238	417	36	in	in	ADP
cblr-14238	417	37	demand	demand	NOUN
cblr-14238	417	38	for	for	ADP
cblr-14238	417	39	shares	share	NOUN
cblr-14238	417	40	from	from	ADP
cblr-14238	417	41	index	index	NOUN
cblr-14238	417	42	funds	fund	NOUN
cblr-14238	417	43	and	and	CCONJ
cblr-14238	417	44	short	short	ADJ
cblr-14238	417	45	-	-	PUNCT
cblr-14238	417	46	term	term	NOUN
cblr-14238	417	47	supply	supply	NOUN
cblr-14238	417	48	constraints	constraint	NOUN
cblr-14238	417	49	if	if	SCONJ
cblr-14238	417	50	there	there	PRON
cblr-14238	417	51	are	be	VERB
cblr-14238	417	52	not	not	PART
cblr-14238	417	53	enough	enough	ADJ
cblr-14238	417	54	sellers	seller	NOUN
cblr-14238	417	55	at	at	ADP
cblr-14238	417	56	the	the	DET
cblr-14238	417	57	time	time	NOUN
cblr-14238	417	58	index	index	NOUN
cblr-14238	417	59	funds	fund	NOUN
cblr-14238	417	60	need	need	VERB
cblr-14238	417	61	to	to	PART
cblr-14238	417	62	start	start	VERB
cblr-14238	417	63	including	include	VERB
cblr-14238	417	64	the	the	DET
cblr-14238	417	65	shares	share	NOUN
cblr-14238	417	66	of	of	ADP
cblr-14238	417	67	a	a	DET
cblr-14238	417	68	company	company	NOUN
cblr-14238	417	69	newly	newly	ADV
cblr-14238	417	70	added	add	VERB
cblr-14238	417	71	to	to	ADP
cblr-14238	417	72	an	an	DET
cblr-14238	417	73	index.96	index.96	NOUN
cblr-14238	417	74	to	to	PART
cblr-14238	417	75	be	be	AUX
cblr-14238	417	76	useful	useful	ADJ
cblr-14238	417	77	to	to	ADP
cblr-14238	417	78	corporate	corporate	ADJ
cblr-14238	417	79	managers	manager	NOUN
cblr-14238	417	80	seeking	seek	VERB
cblr-14238	417	81	to	to	PART
cblr-14238	417	82	raise	raise	VERB
cblr-14238	417	83	capital	capital	NOUN
cblr-14238	417	84	,	,	PUNCT
cblr-14238	417	85	however	however	ADV
cblr-14238	417	86	,	,	PUNCT
cblr-14238	417	87	a	a	DET
cblr-14238	417	88	capital	capital	NOUN
cblr-14238	417	89	pricing	pricing	NOUN
cblr-14238	417	90	subsidy	subsidy	NOUN
cblr-14238	417	91	needs	need	VERB
cblr-14238	417	92	to	to	PART
cblr-14238	417	93	be	be	AUX
cblr-14238	417	94	durable	durable	ADJ
cblr-14238	417	95	.	.	PUNCT
cblr-14238	418	1	if	if	SCONJ
cblr-14238	418	2	the	the	DET
cblr-14238	418	3	subsidy	subsidy	NOUN
cblr-14238	418	4	is	be	AUX
cblr-14238	418	5	not	not	PART
cblr-14238	418	6	durable	durable	ADJ
cblr-14238	418	7	,	,	PUNCT
cblr-14238	418	8	regulation	regulation	NOUN
cblr-14238	418	9	by	by	ADP
cblr-14238	418	10	indexation	indexation	NOUN
cblr-14238	418	11	through	through	ADP
cblr-14238	418	12	subsidies	subsidy	NOUN
cblr-14238	418	13	would	would	AUX
cblr-14238	418	14	fail	fail	VERB
cblr-14238	418	15	.	.	PUNCT
cblr-14238	419	1	because	because	SCONJ
cblr-14238	419	2	the	the	DET
cblr-14238	419	3	indexer	indexer	NOUN
cblr-14238	419	4	subsidy	subsidy	NOUN
cblr-14238	419	5	is	be	AUX
cblr-14238	419	6	intermediated	intermediate	VERB
cblr-14238	419	7	through	through	ADP
cblr-14238	419	8	the	the	DET
cblr-14238	419	9	public	public	ADJ
cblr-14238	419	10	capital	capital	NOUN
cblr-14238	419	11	markets	market	NOUN
cblr-14238	419	12	,	,	PUNCT
cblr-14238	419	13	there	there	PRON
cblr-14238	419	14	is	be	VERB
cblr-14238	419	15	ample	ample	ADJ
cblr-14238	419	16	reason	reason	NOUN
cblr-14238	419	17	to	to	PART
cblr-14238	419	18	be	be	AUX
cblr-14238	419	19	skeptical	skeptical	ADJ
cblr-14238	419	20	of	of	ADP
cblr-14238	419	21	its	its	PRON
cblr-14238	419	22	success	success	NOUN
cblr-14238	419	23	.	.	PUNCT
cblr-14238	420	1	even	even	ADV
cblr-14238	420	2	if	if	SCONJ
cblr-14238	420	3	index	index	NOUN
cblr-14238	420	4	investors	investor	NOUN
cblr-14238	420	5	buy	buy	VERB
cblr-14238	420	6	a	a	DET
cblr-14238	420	7	stock	stock	NOUN
cblr-14238	420	8	upon	upon	SCONJ
cblr-14238	420	9	addition	addition	NOUN
cblr-14238	420	10	to	to	ADP
cblr-14238	420	11	an	an	DET
cblr-14238	420	12	index	index	NOUN
cblr-14238	420	13	or	or	CCONJ
cblr-14238	420	14	sell	sell	VERB
cblr-14238	420	15	a	a	DET
cblr-14238	420	16	stock	stock	NOUN
cblr-14238	420	17	upon	upon	SCONJ
cblr-14238	420	18	deletion	deletion	NOUN
cblr-14238	420	19	from	from	ADP
cblr-14238	420	20	an	an	DET
cblr-14238	420	21	index	index	NOUN
cblr-14238	420	22	,	,	PUNCT
cblr-14238	420	23	the	the	DET
cblr-14238	420	24	impact	impact	NOUN
cblr-14238	420	25	of	of	ADP
cblr-14238	420	26	those	those	DET
cblr-14238	420	27	transactions	transaction	NOUN
cblr-14238	420	28	on	on	ADP
cblr-14238	420	29	the	the	DET
cblr-14238	420	30	market	market	NOUN
cblr-14238	420	31	price	price	NOUN
cblr-14238	420	32	of	of	ADP
cblr-14238	420	33	the	the	DET
cblr-14238	420	34	security	security	NOUN
cblr-14238	420	35	will	will	AUX
cblr-14238	420	36	depend	depend	VERB
cblr-14238	420	37	on	on	ADP
cblr-14238	420	38	the	the	DET
cblr-14238	420	39	concurrent	concurrent	ADJ
cblr-14238	420	40	market	market	NOUN
cblr-14238	420	41	for	for	ADP
cblr-14238	420	42	sellers	seller	NOUN
cblr-14238	420	43	or	or	CCONJ
cblr-14238	420	44	buyers	buyer	NOUN
cblr-14238	420	45	of	of	ADP
cblr-14238	420	46	the	the	DET
cblr-14238	420	47	same	same	ADJ
cblr-14238	420	48	stock	stock	NOUN
cblr-14238	420	49	.	.	PUNCT
cblr-14238	421	1	for	for	ADP
cblr-14238	421	2	a	a	DET
cblr-14238	421	3	stock	stock	NOUN
cblr-14238	421	4	trading	trading	NOUN
cblr-14238	421	5	in	in	ADP
cblr-14238	421	6	the	the	DET
cblr-14238	421	7	public	public	ADJ
cblr-14238	421	8	markets	market	NOUN
cblr-14238	421	9	,	,	PUNCT
cblr-14238	421	10	that	that	PRON
cblr-14238	421	11	should	should	AUX
cblr-14238	421	12	ultimately	ultimately	ADV
cblr-14238	421	13	depend	depend	VERB
cblr-14238	421	14	upon	upon	SCONJ
cblr-14238	421	15	the	the	DET
cblr-14238	421	16	extent	extent	NOUN
cblr-14238	421	17	to	to	PART
cblr-14238	421	18	which	which	PRON
cblr-14238	421	19	the	the	DET
cblr-14238	421	20	market	market	NOUN
cblr-14238	421	21	price	price	NOUN
cblr-14238	421	22	reflects	reflect	VERB
cblr-14238	421	23	the	the	DET
cblr-14238	421	24	intrinsic	intrinsic	ADJ
cblr-14238	421	25	value	value	NOUN
cblr-14238	421	26	of	of	ADP
cblr-14238	421	27	the	the	DET
cblr-14238	421	28	stock.97	stock.97	NOUN
cblr-14238	421	29	thus	thus	ADV
cblr-14238	421	30	,	,	PUNCT
cblr-14238	421	31	it	it	PRON
cblr-14238	421	32	is	be	AUX
cblr-14238	421	33	difficult	difficult	ADJ
cblr-14238	421	34	for	for	SCONJ
cblr-14238	421	35	index	index	NOUN
cblr-14238	421	36	providers	provider	NOUN
cblr-14238	421	37	to	to	PART
cblr-14238	421	38	deliver	deliver	VERB
cblr-14238	421	39	material	material	NOUN
cblr-14238	421	40	benefits	benefit	NOUN
cblr-14238	421	41	in	in	ADP
cblr-14238	421	42	the	the	DET
cblr-14238	421	43	form	form	NOUN
cblr-14238	421	44	of	of	ADP
cblr-14238	421	45	cost	cost	NOUN
cblr-14238	421	46	of	of	ADP
cblr-14238	421	47	capital	capital	NOUN
cblr-14238	421	48	improvements	improvement	NOUN
cblr-14238	421	49	to	to	ADP
cblr-14238	421	50	companies	company	NOUN
cblr-14238	421	51	that	that	PRON
cblr-14238	421	52	change	change	VERB
cblr-14238	421	53	their	their	PRON
cblr-14238	421	54	governance	governance	NOUN
cblr-14238	421	55	or	or	CCONJ
cblr-14238	421	56	environmental	environmental	ADJ
cblr-14238	421	57	practices	practice	NOUN
cblr-14238	421	58	to	to	PART
cblr-14238	421	59	become	become	VERB
cblr-14238	421	60	eligible	eligible	ADJ
cblr-14238	421	61	for	for	ADP
cblr-14238	421	62	index	index	NOUN
cblr-14238	421	63	inclusion	inclusion	NOUN
cblr-14238	421	64	.	.	PUNCT
cblr-14238	422	1	in	in	ADP
cblr-14238	422	2	their	their	PRON
cblr-14238	422	3	essay	essay	NOUN
cblr-14238	422	4	,	,	PUNCT
cblr-14238	422	5	how	how	SCONJ
cblr-14238	422	6	investors	investor	NOUN
cblr-14238	422	7	can	can	AUX
cblr-14238	422	8	(	(	PUNCT
cblr-14238	422	9	and	and	CCONJ
cblr-14238	422	10	ca	can	AUX
cblr-14238	422	11	n’t	not	PART
cblr-14238	422	12	)	)	PUNCT
cblr-14238	422	13	create	create	VERB
cblr-14238	422	14	social	social	ADJ
cblr-14238	422	15	value	value	NOUN
cblr-14238	422	16	,	,	PUNCT
cblr-14238	422	17	paul	paul	PROPN
cblr-14238	422	18	brest	brest	PROPN
cblr-14238	422	19	,	,	PUNCT
cblr-14238	422	20	ronald	ronald	PROPN
cblr-14238	422	21	gilson	gilson	PROPN
cblr-14238	422	22	and	and	CCONJ
cblr-14238	422	23	mark	mark	PROPN
cblr-14238	422	24	wolfson	wolfson	PROPN
cblr-14238	422	25	explain	explain	VERB
cblr-14238	422	26	the	the	DET
cblr-14238	422	27	challenge	challenge	NOUN
cblr-14238	422	28	of	of	ADP
cblr-14238	422	29	creating	create	VERB
cblr-14238	422	30	social	social	ADJ
cblr-14238	422	31	value	value	NOUN
cblr-14238	422	32	through	through	ADP
cblr-14238	422	33	impact	impact	NOUN
cblr-14238	422	34	investing	invest	VERB
cblr-14238	422	35	in	in	ADP
cblr-14238	422	36	public	public	ADJ
cblr-14238	422	37	capital	capital	NOUN
cblr-14238	423	1	markets.98	markets.98	INTJ
cblr-14238	423	2	they	they	PRON
cblr-14238	423	3	note	note	VERB
cblr-14238	423	4	that	that	SCONJ
cblr-14238	423	5	it	it	PRON
cblr-14238	423	6	is	be	AUX
cblr-14238	423	7	virtually	virtually	ADV
cblr-14238	423	8	impossible	impossible	ADJ
cblr-14238	423	9	to	to	PART
cblr-14238	423	10	subsidize	subsidize	VERB
cblr-14238	423	11	socially	socially	ADV
cblr-14238	423	12	valuable	valuable	ADJ
cblr-14238	423	13	activities	activity	NOUN
cblr-14238	423	14	or	or	CCONJ
cblr-14238	423	15	of	of	ADP
cblr-14238	423	16	observed	observed	ADJ
cblr-14238	423	17	price	price	NOUN
cblr-14238	423	18	and	and	CCONJ
cblr-14238	423	19	volume	volume	NOUN
cblr-14238	423	20	effects	effect	NOUN
cblr-14238	423	21	of	of	ADP
cblr-14238	423	22	index	index	NOUN
cblr-14238	423	23	additions	addition	NOUN
cblr-14238	423	24	is	be	AUX
cblr-14238	423	25	inconsistent	inconsistent	ADJ
cblr-14238	423	26	with	with	ADP
cblr-14238	423	27	the	the	DET
cblr-14238	423	28	efficient	efficient	ADJ
cblr-14238	423	29	market	market	NOUN
cblr-14238	423	30	hypothesis	hypothesis	NOUN
cblr-14238	423	31	)	)	PUNCT
cblr-14238	423	32	.	.	PUNCT
cblr-14238	424	1	96	96	NUM
cblr-14238	424	2	jan	jan	PROPN
cblr-14238	424	3	schitzler	schitzler	NOUN
cblr-14238	424	4	,	,	PUNCT
cblr-14238	424	5	s&p	s&p	PROPN
cblr-14238	424	6	500	500	NUM
cblr-14238	424	7	inclusions	inclusion	NOUN
cblr-14238	424	8	and	and	CCONJ
cblr-14238	424	9	stock	stock	NOUN
cblr-14238	424	10	supply	supply	NOUN
cblr-14238	424	11	,	,	PUNCT
cblr-14238	424	12	48	48	NUM
cblr-14238	424	13	j.	j.	PROPN
cblr-14238	424	14	empirical	empirical	ADJ
cblr-14238	424	15	fin	fin	PROPN
cblr-14238	424	16	.	.	PUNCT
cblr-14238	425	1	341	341	NUM
cblr-14238	425	2	,	,	PUNCT
cblr-14238	425	3	356	356	NUM
cblr-14238	425	4	(	(	PUNCT
cblr-14238	425	5	2018	2018	NUM
cblr-14238	425	6	)	)	PUNCT
cblr-14238	425	7	(	(	PUNCT
cblr-14238	425	8	finding	find	VERB
cblr-14238	425	9	that	that	SCONJ
cblr-14238	425	10	stock	stock	NOUN
cblr-14238	425	11	supply	supply	NOUN
cblr-14238	425	12	has	have	VERB
cblr-14238	425	13	a	a	DET
cblr-14238	425	14	significant	significant	ADJ
cblr-14238	425	15	impact	impact	NOUN
cblr-14238	425	16	on	on	ADP
cblr-14238	425	17	the	the	DET
cblr-14238	425	18	cross	cross	ADJ
cblr-14238	425	19	-	-	ADJ
cblr-14238	425	20	sectional	sectional	ADJ
cblr-14238	425	21	size	size	NOUN
cblr-14238	425	22	of	of	ADP
cblr-14238	425	23	the	the	DET
cblr-14238	425	24	index	index	NOUN
cblr-14238	425	25	inclusion	inclusion	NOUN
cblr-14238	425	26	effect	effect	NOUN
cblr-14238	425	27	)	)	PUNCT
cblr-14238	425	28	.	.	PUNCT
cblr-14238	426	1	as	as	ADP
cblr-14238	426	2	of	of	ADP
cblr-14238	426	3	december	december	PROPN
cblr-14238	426	4	31	31	NUM
cblr-14238	426	5	,	,	PUNCT
cblr-14238	426	6	2017	2017	NUM
cblr-14238	426	7	,	,	PUNCT
cblr-14238	426	8	14.8	14.8	NUM
cblr-14238	426	9	%	%	NOUN
cblr-14238	426	10	of	of	ADP
cblr-14238	426	11	the	the	DET
cblr-14238	426	12	shares	share	NOUN
cblr-14238	426	13	of	of	ADP
cblr-14238	426	14	a	a	DET
cblr-14238	426	15	company	company	NOUN
cblr-14238	426	16	added	add	VERB
cblr-14238	426	17	to	to	ADP
cblr-14238	426	18	the	the	DET
cblr-14238	426	19	s&p	s&p	PROPN
cblr-14238	426	20	500	500	NUM
cblr-14238	426	21	would	would	AUX
cblr-14238	426	22	have	have	VERB
cblr-14238	426	23	to	to	PART
cblr-14238	426	24	change	change	VERB
cblr-14238	426	25	hands	hand	NOUN
cblr-14238	426	26	to	to	PART
cblr-14238	426	27	satisfy	satisfy	VERB
cblr-14238	426	28	the	the	DET
cblr-14238	426	29	anticipated	anticipate	VERB
cblr-14238	426	30	demand	demand	NOUN
cblr-14238	426	31	from	from	ADP
cblr-14238	426	32	index	index	NOUN
cblr-14238	426	33	funds	fund	NOUN
cblr-14238	426	34	,	,	PUNCT
cblr-14238	426	35	which	which	PRON
cblr-14238	426	36	could	could	AUX
cblr-14238	426	37	put	put	VERB
cblr-14238	426	38	significant	significant	ADJ
cblr-14238	426	39	short	short	ADJ
cblr-14238	426	40	-	-	PUNCT
cblr-14238	426	41	term	term	NOUN
cblr-14238	426	42	price	price	NOUN
cblr-14238	426	43	pressure	pressure	NOUN
cblr-14238	426	44	on	on	ADP
cblr-14238	426	45	its	its	PRON
cblr-14238	426	46	stock	stock	NOUN
cblr-14238	426	47	price	price	NOUN
cblr-14238	426	48	.	.	PUNCT
cblr-14238	427	1	i	i	PRON
cblr-14238	427	2	d.	d.	PROPN
cblr-14238	427	3	97	97	NUM
cblr-14238	427	4	sharpe	sharpe	PROPN
cblr-14238	427	5	,	,	PUNCT
cblr-14238	427	6	supra	supra	PROPN
cblr-14238	427	7	note	note	PROPN
cblr-14238	427	8	95	95	NUM
cblr-14238	427	9	,	,	PUNCT
cblr-14238	427	10	at	at	ADP
cblr-14238	427	11	441–42	441–42	PROPN
cblr-14238	427	12	.	.	PROPN
cblr-14238	427	13	98	98	NUM
cblr-14238	427	14	paul	paul	PROPN
cblr-14238	427	15	brest	brest	PROPN
cblr-14238	427	16	,	,	PUNCT
cblr-14238	427	17	ronald	ronald	PROPN
cblr-14238	427	18	gilson	gilson	PROPN
cblr-14238	427	19	&	&	CCONJ
cblr-14238	427	20	paul	paul	PROPN
cblr-14238	427	21	wolfson	wolfson	PROPN
cblr-14238	427	22	,	,	PUNCT
cblr-14238	427	23	essay	essay	VERB
cblr-14238	427	24	:	:	PUNCT
cblr-14238	427	25	how	how	SCONJ
cblr-14238	427	26	investors	investor	NOUN
cblr-14238	427	27	can	can	AUX
cblr-14238	427	28	(	(	PUNCT
cblr-14238	427	29	and	and	CCONJ
cblr-14238	427	30	ca	can	AUX
cblr-14238	427	31	n’t	not	PART
cblr-14238	427	32	)	)	PUNCT
cblr-14238	427	33	create	create	VERB
cblr-14238	427	34	social	social	ADJ
cblr-14238	427	35	value	value	NOUN
cblr-14238	427	36	,	,	PUNCT
cblr-14238	427	37	44	44	NUM
cblr-14238	427	38	j.	j.	PROPN
cblr-14238	427	39	corp	corp	PROPN
cblr-14238	427	40	.	.	PROPN
cblr-14238	427	41	l.	l.	PROPN
cblr-14238	427	42	205	205	NUM
cblr-14238	427	43	,	,	PUNCT
cblr-14238	427	44	209	209	NUM
cblr-14238	427	45	(	(	PUNCT
cblr-14238	427	46	2018	2018	NUM
cblr-14238	427	47	)	)	PUNCT
cblr-14238	427	48	.	.	PUNCT
cblr-14238	428	1	746	746	NUM
cblr-14238	428	2	columbia	columbia	PROPN
cblr-14238	428	3	business	business	NOUN
cblr-14238	428	4	law	law	PROPN
cblr-14238	428	5	review	review	NOUN
cblr-14238	429	1	[	[	X
cblr-14238	429	2	vol	vol	NOUN
cblr-14238	429	3	.	.	PUNCT
cblr-14238	429	4	2024	2024	NUM
cblr-14238	429	5	penalize	penalize	VERB
cblr-14238	429	6	socially	socially	ADV
cblr-14238	429	7	adverse	adverse	ADJ
cblr-14238	429	8	activities	activity	NOUN
cblr-14238	429	9	through	through	ADP
cblr-14238	429	10	public	public	ADJ
cblr-14238	429	11	market	market	NOUN
cblr-14238	429	12	investments	investment	NOUN
cblr-14238	429	13	and	and	CCONJ
cblr-14238	429	14	divestments	divestment	NOUN
cblr-14238	429	15	.	.	PUNCT
cblr-14238	430	1	if	if	SCONJ
cblr-14238	430	2	investors	investor	NOUN
cblr-14238	430	3	seek	seek	VERB
cblr-14238	430	4	to	to	PART
cblr-14238	430	5	lower	lower	VERB
cblr-14238	430	6	the	the	DET
cblr-14238	430	7	cost	cost	NOUN
cblr-14238	430	8	of	of	ADP
cblr-14238	430	9	capital	capital	NOUN
cblr-14238	430	10	of	of	ADP
cblr-14238	430	11	socially	socially	ADV
cblr-14238	430	12	beneficial	beneficial	ADJ
cblr-14238	430	13	corporations	corporation	NOUN
cblr-14238	430	14	by	by	ADP
cblr-14238	430	15	investing	invest	VERB
cblr-14238	430	16	in	in	ADP
cblr-14238	430	17	their	their	PRON
cblr-14238	430	18	shares	share	NOUN
cblr-14238	430	19	,	,	PUNCT
cblr-14238	430	20	values	value	NOUN
cblr-14238	430	21	-	-	PUNCT
cblr-14238	430	22	neutral	neutral	ADJ
cblr-14238	430	23	investors	investor	NOUN
cblr-14238	430	24	will	will	AUX
cblr-14238	430	25	sell	sell	VERB
cblr-14238	430	26	the	the	DET
cblr-14238	430	27	shares	share	NOUN
cblr-14238	430	28	at	at	ADP
cblr-14238	430	29	a	a	DET
cblr-14238	430	30	premium	premium	NOUN
cblr-14238	430	31	,	,	PUNCT
cblr-14238	430	32	returning	return	VERB
cblr-14238	430	33	the	the	DET
cblr-14238	430	34	stock	stock	NOUN
cblr-14238	430	35	price	price	NOUN
cblr-14238	430	36	to	to	ADP
cblr-14238	430	37	its	its	PRON
cblr-14238	430	38	unsubsidized	unsubsidized	ADJ
cblr-14238	430	39	level	level	NOUN
cblr-14238	430	40	.	.	PUNCT
cblr-14238	431	1	similarly	similarly	ADV
cblr-14238	431	2	,	,	PUNCT
cblr-14238	431	3	if	if	SCONJ
cblr-14238	431	4	investors	investor	NOUN
cblr-14238	431	5	seek	seek	VERB
cblr-14238	431	6	to	to	PART
cblr-14238	431	7	penalize	penalize	VERB
cblr-14238	431	8	socially	socially	ADV
cblr-14238	431	9	adverse	adverse	ADJ
cblr-14238	431	10	corporate	corporate	ADJ
cblr-14238	431	11	behavior	behavior	NOUN
cblr-14238	431	12	by	by	ADP
cblr-14238	431	13	divesting	divest	VERB
cblr-14238	431	14	the	the	DET
cblr-14238	431	15	stock	stock	NOUN
cblr-14238	431	16	of	of	ADP
cblr-14238	431	17	a	a	DET
cblr-14238	431	18	socially	socially	ADV
cblr-14238	431	19	harmful	harmful	ADJ
cblr-14238	431	20	company	company	NOUN
cblr-14238	431	21	,	,	PUNCT
cblr-14238	431	22	values	value	NOUN
cblr-14238	431	23	-	-	PUNCT
cblr-14238	431	24	neutral	neutral	ADJ
cblr-14238	431	25	investors	investor	NOUN
cblr-14238	431	26	will	will	AUX
cblr-14238	431	27	bid	bid	VERB
cblr-14238	431	28	the	the	DET
cblr-14238	431	29	price	price	NOUN
cblr-14238	431	30	back	back	ADV
cblr-14238	431	31	up	up	ADP
cblr-14238	431	32	to	to	ADP
cblr-14238	431	33	its	its	PRON
cblr-14238	431	34	fundamental	fundamental	ADJ
cblr-14238	431	35	value	value	NOUN
cblr-14238	431	36	-	-	PUNCT
cblr-14238	431	37	based	base	VERB
cblr-14238	431	38	price	price	NOUN
cblr-14238	431	39	,	,	PUNCT
cblr-14238	431	40	reaping	reap	VERB
cblr-14238	431	41	outsized	outsized	ADJ
cblr-14238	431	42	profits	profit	NOUN
cblr-14238	431	43	in	in	ADP
cblr-14238	431	44	the	the	DET
cblr-14238	431	45	process	process	NOUN
cblr-14238	431	46	,	,	PUNCT
cblr-14238	431	47	and	and	CCONJ
cblr-14238	431	48	the	the	DET
cblr-14238	431	49	company	company	NOUN
cblr-14238	431	50	’s	’s	PART
cblr-14238	431	51	cost	cost	NOUN
cblr-14238	431	52	of	of	ADP
cblr-14238	431	53	capital	capital	NOUN
cblr-14238	431	54	will	will	AUX
cblr-14238	431	55	not	not	PART
cblr-14238	431	56	be	be	AUX
cblr-14238	431	57	adversely	adversely	ADV
cblr-14238	431	58	affected.99	affected.99	NOUN
cblr-14238	431	59	99	99	NUM
cblr-14238	432	1	i	i	PRON
cblr-14238	432	2	d.	d.	PROPN
cblr-14238	432	3	at	at	ADP
cblr-14238	432	4	213–15	213–15	NUM
cblr-14238	432	5	.	.	PUNCT
cblr-14238	433	1	recent	recent	ADJ
cblr-14238	433	2	studies	study	NOUN
cblr-14238	433	3	in	in	ADP
cblr-14238	433	4	the	the	DET
cblr-14238	433	5	financial	financial	ADJ
cblr-14238	433	6	literature	literature	NOUN
cblr-14238	433	7	support	support	VERB
cblr-14238	433	8	the	the	DET
cblr-14238	433	9	brest	brest	NOUN
cblr-14238	433	10	,	,	PUNCT
cblr-14238	433	11	gilson	gilson	PROPN
cblr-14238	433	12	&	&	CCONJ
cblr-14238	433	13	wolfson	wolfson	PROPN
cblr-14238	433	14	thesis	thesis	PROPN
cblr-14238	433	15	.	.	PUNCT
cblr-14238	434	1	see	see	VERB
cblr-14238	434	2	,	,	PUNCT
cblr-14238	434	3	e.g.	e.g.	ADV
cblr-14238	434	4	,	,	PUNCT
cblr-14238	434	5	alex	alex	PROPN
cblr-14238	434	6	edmans	edmans	PROPN
cblr-14238	434	7	,	,	PUNCT
cblr-14238	434	8	doron	doron	PROPN
cblr-14238	434	9	levit	levit	PROPN
cblr-14238	434	10	&	&	CCONJ
cblr-14238	434	11	jan	jan	PROPN
cblr-14238	434	12	schneemeier	schneemeier	PROPN
cblr-14238	434	13	,	,	PUNCT
cblr-14238	434	14	socially	socially	ADV
cblr-14238	434	15	responsible	responsible	ADJ
cblr-14238	434	16	divestment	divestment	NOUN
cblr-14238	434	17	28	28	NUM
cblr-14238	434	18	(	(	PUNCT
cblr-14238	434	19	eur	eur	PROPN
cblr-14238	434	20	.	.	PROPN
cblr-14238	434	21	corp	corp	PROPN
cblr-14238	434	22	.	.	PROPN
cblr-14238	434	23	governance	governance	PROPN
cblr-14238	434	24	inst	inst	PROPN
cblr-14238	434	25	.	.	PROPN
cblr-14238	434	26	,	,	PUNCT
cblr-14238	434	27	finance	finance	NOUN
cblr-14238	434	28	working	working	NOUN
cblr-14238	434	29	paper	paper	NOUN
cblr-14238	434	30	no	no	INTJ
cblr-14238	434	31	.	.	PUNCT
cblr-14238	435	1	823/2022	823/2022	NUM
cblr-14238	435	2	,	,	PUNCT
cblr-14238	435	3	2023	2023	NUM
cblr-14238	435	4	)	)	PUNCT
cblr-14238	435	5	,	,	PUNCT
cblr-14238	436	1	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4093518	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4093518	PROPN
cblr-14238	437	1	[	[	X
cblr-14238	437	2	https://perma.cc/p7en-r3ku	https://perma.cc/p7en-r3ku	X
cblr-14238	437	3	]	]	X
cblr-14238	437	4	(	(	PUNCT
cblr-14238	437	5	the	the	DET
cblr-14238	437	6	presence	presence	NOUN
cblr-14238	437	7	of	of	ADP
cblr-14238	437	8	an	an	DET
cblr-14238	437	9	arbitrageur	arbitrageur	NOUN
cblr-14238	437	10	who	who	PRON
cblr-14238	437	11	buys	buy	VERB
cblr-14238	437	12	underpriced	underpriced	ADJ
cblr-14238	437	13	stocks	stock	NOUN
cblr-14238	437	14	increases	increase	VERB
cblr-14238	437	15	the	the	DET
cblr-14238	437	16	relative	relative	ADJ
cblr-14238	437	17	effectiveness	effectiveness	NOUN
cblr-14238	437	18	of	of	ADP
cblr-14238	437	19	a	a	DET
cblr-14238	437	20	tilting	tilting	NOUN
cblr-14238	437	21	strategy	strategy	NOUN
cblr-14238	437	22	over	over	ADP
cblr-14238	437	23	a	a	DET
cblr-14238	437	24	divestment	divestment	NOUN
cblr-14238	437	25	strategy	strategy	NOUN
cblr-14238	437	26	to	to	PART
cblr-14238	437	27	encourage	encourage	VERB
cblr-14238	437	28	brown	brown	ADJ
cblr-14238	437	29	industries	industry	NOUN
cblr-14238	437	30	to	to	PART
cblr-14238	437	31	become	become	VERB
cblr-14238	437	32	greener	green	ADJ
cblr-14238	437	33	)	)	PUNCT
cblr-14238	437	34	;	;	PUNCT
cblr-14238	437	35	erika	erika	PROPN
cblr-14238	437	36	berle	berle	PROPN
cblr-14238	437	37	,	,	PUNCT
cblr-14238	437	38	wanwei	wanwei	PROPN
cblr-14238	437	39	(	(	PUNCT
cblr-14238	437	40	angela	angela	PROPN
cblr-14238	437	41	)	)	PUNCT
cblr-14238	437	42	he	he	PRON
cblr-14238	437	43	&	&	CCONJ
cblr-14238	437	44	bernt	bernt	VERB
cblr-14238	437	45	arne	arne	PROPN
cblr-14238	437	46	odegaard	odegaard	NOUN
cblr-14238	437	47	,	,	PUNCT
cblr-14238	437	48	the	the	DET
cblr-14238	437	49	expected	expect	VERB
cblr-14238	437	50	returns	return	NOUN
cblr-14238	437	51	of	of	ADP
cblr-14238	437	52	esg	esg	NOUN
cblr-14238	437	53	excluded	exclude	VERB
cblr-14238	437	54	stocks	stock	NOUN
cblr-14238	437	55	.	.	PUNCT
cblr-14238	438	1	shocks	shock	NOUN
cblr-14238	438	2	to	to	ADP
cblr-14238	438	3	firms	firm	NOUN
cblr-14238	438	4	’	'	PUNCT
cblr-14238	438	5	costs	cost	NOUN
cblr-14238	438	6	of	of	ADP
cblr-14238	438	7	capital	capital	NOUN
cblr-14238	438	8	?	?	PUNCT
cblr-14238	439	1	evidence	evidence	NOUN
cblr-14238	439	2	from	from	ADP
cblr-14238	439	3	the	the	DET
cblr-14238	439	4	world	world	NOUN
cblr-14238	439	5	’s	’s	PART
cblr-14238	439	6	largest	large	ADJ
cblr-14238	439	7	fund	fund	NOUN
cblr-14238	439	8	37	37	NUM
cblr-14238	439	9	(	(	PUNCT
cblr-14238	439	10	working	working	NOUN
cblr-14238	439	11	paper	paper	NOUN
cblr-14238	439	12	,	,	PUNCT
cblr-14238	439	13	2024	2024	NUM
cblr-14238	439	14	)	)	PUNCT
cblr-14238	439	15	,	,	PUNCT
cblr-14238	439	16	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4095395	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4095395	PROPN
cblr-14238	440	1	[	[	X
cblr-14238	440	2	https://perma.cc/x6wy-gw5y	https://perma.cc/x6wy-gw5y	X
cblr-14238	440	3	]	]	X
cblr-14238	440	4	(	(	PUNCT
cblr-14238	440	5	finding	find	VERB
cblr-14238	440	6	that	that	SCONJ
cblr-14238	440	7	firms	firm	NOUN
cblr-14238	440	8	excluded	exclude	VERB
cblr-14238	440	9	from	from	ADP
cblr-14238	440	10	norway	norway	PROPN
cblr-14238	440	11	’s	’s	PART
cblr-14238	440	12	sovereign	sovereign	ADJ
cblr-14238	440	13	wealth	wealth	NOUN
cblr-14238	440	14	fund	fund	NOUN
cblr-14238	440	15	for	for	ADP
cblr-14238	440	16	poor	poor	ADJ
cblr-14238	440	17	esg	esg	NOUN
cblr-14238	440	18	records	record	NOUN
cblr-14238	440	19	have	have	VERB
cblr-14238	440	20	superior	superior	ADJ
cblr-14238	440	21	performance	performance	NOUN
cblr-14238	440	22	post	post	NOUN
cblr-14238	440	23	-	-	NOUN
cblr-14238	440	24	exclusion	exclusion	NOUN
cblr-14238	440	25	of	of	ADP
cblr-14238	440	26	about	about	ADV
cblr-14238	440	27	5	5	NUM
cblr-14238	440	28	%	%	NOUN
cblr-14238	440	29	;	;	PUNCT
cblr-14238	440	30	most	most	ADJ
cblr-14238	440	31	firms	firm	NOUN
cblr-14238	440	32	do	do	AUX
cblr-14238	440	33	not	not	PART
cblr-14238	440	34	get	get	VERB
cblr-14238	440	35	their	their	PRON
cblr-14238	440	36	exclusion	exclusion	NOUN
cblr-14238	440	37	revoked	revoke	VERB
cblr-14238	440	38	;	;	PUNCT
cblr-14238	440	39	and	and	CCONJ
cblr-14238	440	40	the	the	DET
cblr-14238	440	41	firms	firm	NOUN
cblr-14238	440	42	that	that	PRON
cblr-14238	440	43	do	do	AUX
cblr-14238	440	44	make	make	VERB
cblr-14238	440	45	efforts	effort	NOUN
cblr-14238	440	46	to	to	PART
cblr-14238	440	47	get	get	VERB
cblr-14238	440	48	their	their	PRON
cblr-14238	440	49	exclusion	exclusion	NOUN
cblr-14238	440	50	revoked	revoke	VERB
cblr-14238	440	51	(	(	PUNCT
cblr-14238	440	52	perhaps	perhaps	ADV
cblr-14238	440	53	believing	believe	VERB
cblr-14238	440	54	that	that	SCONJ
cblr-14238	440	55	it	it	PRON
cblr-14238	440	56	will	will	AUX
cblr-14238	440	57	improve	improve	VERB
cblr-14238	440	58	their	their	PRON
cblr-14238	440	59	cost	cost	NOUN
cblr-14238	440	60	of	of	ADP
cblr-14238	440	61	capital	capital	NOUN
cblr-14238	440	62	)	)	PUNCT
cblr-14238	440	63	have	have	VERB
cblr-14238	440	64	low	low	ADJ
cblr-14238	440	65	esg	esg	PROPN
cblr-14238	440	66	scores	score	NOUN
cblr-14238	440	67	(	(	PUNCT
cblr-14238	440	68	scope	scope	NOUN
cblr-14238	440	69	for	for	ADP
cblr-14238	440	70	improvement	improvement	NOUN
cblr-14238	440	71	)	)	PUNCT
cblr-14238	440	72	,	,	PUNCT
cblr-14238	440	73	higher	high	ADJ
cblr-14238	440	74	revenue	revenue	NOUN
cblr-14238	440	75	growth	growth	NOUN
cblr-14238	440	76	(	(	PUNCT
cblr-14238	440	77	need	need	VERB
cblr-14238	440	78	for	for	ADP
cblr-14238	440	79	investment	investment	NOUN
cblr-14238	440	80	)	)	PUNCT
cblr-14238	440	81	and	and	CCONJ
cblr-14238	440	82	an	an	DET
cblr-14238	440	83	absence	absence	NOUN
cblr-14238	440	84	of	of	ADP
cblr-14238	440	85	superior	superior	ADJ
cblr-14238	440	86	performance	performance	NOUN
cblr-14238	440	87	post	post	NOUN
cblr-14238	440	88	-	-	NOUN
cblr-14238	440	89	reinclusion	reinclusion	NOUN
cblr-14238	440	90	)	)	PUNCT
cblr-14238	440	91	.	.	PUNCT
cblr-14238	441	1	other	other	ADJ
cblr-14238	441	2	scholars	scholar	NOUN
cblr-14238	441	3	argue	argue	VERB
cblr-14238	441	4	that	that	SCONJ
cblr-14238	441	5	coordinated	coordinated	ADJ
cblr-14238	441	6	divestment	divestment	NOUN
cblr-14238	441	7	campaigns	campaign	NOUN
cblr-14238	441	8	are	be	AUX
cblr-14238	441	9	valuable	valuable	ADJ
cblr-14238	441	10	as	as	ADP
cblr-14238	441	11	an	an	DET
cblr-14238	441	12	exercise	exercise	NOUN
cblr-14238	441	13	of	of	ADP
cblr-14238	441	14	voice	voice	NOUN
cblr-14238	441	15	by	by	ADP
cblr-14238	441	16	investors	investor	NOUN
cblr-14238	441	17	,	,	PUNCT
cblr-14238	441	18	potentially	potentially	ADV
cblr-14238	441	19	leading	lead	VERB
cblr-14238	441	20	to	to	ADP
cblr-14238	441	21	increased	increase	VERB
cblr-14238	441	22	costs	cost	NOUN
cblr-14238	441	23	of	of	ADP
cblr-14238	441	24	capital	capital	NOUN
cblr-14238	441	25	and	and	CCONJ
cblr-14238	441	26	decreased	decrease	VERB
cblr-14238	441	27	profits	profit	NOUN
cblr-14238	441	28	in	in	ADP
cblr-14238	441	29	the	the	DET
cblr-14238	441	30	long	long	ADJ
cblr-14238	441	31	-	-	PUNCT
cblr-14238	441	32	term	term	NOUN
cblr-14238	441	33	,	,	PUNCT
cblr-14238	441	34	as	as	SCONJ
cblr-14238	441	35	they	they	PRON
cblr-14238	441	36	resonate	resonate	VERB
cblr-14238	441	37	through	through	ADP
cblr-14238	441	38	the	the	DET
cblr-14238	441	39	economy	economy	NOUN
cblr-14238	441	40	,	,	PUNCT
cblr-14238	441	41	even	even	ADV
cblr-14238	441	42	if	if	SCONJ
cblr-14238	441	43	they	they	PRON
cblr-14238	441	44	do	do	AUX
cblr-14238	441	45	not	not	PART
cblr-14238	441	46	have	have	VERB
cblr-14238	441	47	immediate	immediate	ADJ
cblr-14238	441	48	cost	cost	NOUN
cblr-14238	441	49	of	of	ADP
cblr-14238	441	50	capital	capital	NOUN
cblr-14238	441	51	effects	effect	NOUN
cblr-14238	441	52	.	.	PUNCT
cblr-14238	442	1	see	see	VERB
cblr-14238	442	2	,	,	PUNCT
cblr-14238	442	3	e.g.	e.g.	ADV
cblr-14238	442	4	,	,	PUNCT
cblr-14238	442	5	marco	marco	PROPN
cblr-14238	442	6	brecht	brecht	PROPN
cblr-14238	442	7	,	,	PUNCT
cblr-14238	442	8	anete	anete	ADJ
cblr-14238	442	9	pajuste	pajuste	PROPN
cblr-14238	442	10	&	&	CCONJ
cblr-14238	442	11	anna	anna	PROPN
cblr-14238	442	12	toniolo	toniolo	PROPN
cblr-14238	442	13	,	,	PUNCT
cblr-14238	442	14	voice	voice	NOUN
cblr-14238	442	15	through	through	ADP
cblr-14238	442	16	divestment	divestment	NOUN
cblr-14238	442	17	29–30	29–30	PROPN
cblr-14238	442	18	(	(	PUNCT
cblr-14238	442	19	eur	eur	PROPN
cblr-14238	442	20	.	.	PROPN
cblr-14238	442	21	corp	corp	PROPN
cblr-14238	442	22	.	.	PROPN
cblr-14238	442	23	governance	governance	PROPN
cblr-14238	442	24	inst	inst	PROPN
cblr-14238	442	25	.	.	PROPN
cblr-14238	442	26	,	,	PUNCT
cblr-14238	442	27	finance	finance	NOUN
cblr-14238	442	28	working	working	NOUN
cblr-14238	442	29	paper	paper	NOUN
cblr-14238	442	30	no	no	INTJ
cblr-14238	442	31	.	.	PUNCT
cblr-14238	443	1	900/2023	900/2023	NUM
cblr-14238	443	2	,	,	PUNCT
cblr-14238	443	3	2023	2023	NUM
cblr-14238	443	4	)	)	PUNCT
cblr-14238	443	5	,	,	PUNCT
cblr-14238	443	6	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4386469	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4386469	X
cblr-14238	444	1	[	[	X
cblr-14238	444	2	https://perma.cc/k548-8hu5	https://perma.cc/k548-8hu5	X
cblr-14238	444	3	]	]	X
cblr-14238	444	4	;	;	PUNCT
cblr-14238	444	5	eleonora	eleonora	PROPN
cblr-14238	444	6	broccardo	broccardo	PROPN
cblr-14238	444	7	,	,	PUNCT
cblr-14238	444	8	oliver	oliver	PROPN
cblr-14238	444	9	hart	hart	PROPN
cblr-14238	444	10	&	&	CCONJ
cblr-14238	444	11	luigi	luigi	PROPN
cblr-14238	444	12	zingales	zingales	PROPN
cblr-14238	444	13	,	,	PUNCT
cblr-14238	444	14	exit	exit	NOUN
cblr-14238	444	15	versus	versus	ADP
cblr-14238	444	16	voice	voice	NOUN
cblr-14238	444	17	,	,	PUNCT
cblr-14238	444	18	130	130	NUM
cblr-14238	444	19	j.	j.	PROPN
cblr-14238	444	20	pol	pol	PROPN
cblr-14238	444	21	.	.	PUNCT
cblr-14238	444	22	econ	econ	PROPN
cblr-14238	444	23	.	.	PUNCT
cblr-14238	444	24	3101	3101	NUM
cblr-14238	444	25	,	,	PUNCT
cblr-14238	444	26	3137	3137	NUM
cblr-14238	444	27	(	(	PUNCT
cblr-14238	444	28	2022	2022	NUM
cblr-14238	444	29	)	)	PUNCT
cblr-14238	444	30	(	(	PUNCT
cblr-14238	444	31	noting	note	VERB
cblr-14238	444	32	that	that	SCONJ
cblr-14238	444	33	exit	exit	NOUN
cblr-14238	444	34	is	be	AUX
cblr-14238	444	35	superior	superior	ADJ
cblr-14238	444	36	to	to	PART
cblr-14238	444	37	voice	voice	VERB
cblr-14238	444	38	for	for	ADP
cblr-14238	444	39	impacting	impact	VERB
cblr-14238	444	40	the	the	DET
cblr-14238	444	41	preferences	preference	NOUN
cblr-14238	444	42	of	of	ADP
cblr-14238	444	43	purely	purely	ADV
cblr-14238	444	44	selfish	selfish	ADJ
cblr-14238	444	45	individuals	individual	NOUN
cblr-14238	444	46	who	who	PRON
cblr-14238	444	47	would	would	AUX
cblr-14238	444	48	otherwise	otherwise	ADV
cblr-14238	444	49	take	take	VERB
cblr-14238	444	50	advantage	advantage	NOUN
cblr-14238	444	51	of	of	ADP
cblr-14238	444	52	cheaper	cheap	ADJ
cblr-14238	444	53	prices	price	NOUN
cblr-14238	444	54	and	and	CCONJ
cblr-14238	444	55	affecting	affect	VERB
cblr-14238	444	56	social	social	ADJ
cblr-14238	444	57	preferences	preference	NOUN
cblr-14238	444	58	more	more	ADV
cblr-14238	444	59	generally	generally	ADV
cblr-14238	444	60	in	in	ADP
cblr-14238	444	61	the	the	DET
cblr-14238	444	62	economy	economy	NOUN
cblr-14238	444	63	)	)	PUNCT
cblr-14238	444	64	.	.	PUNCT
cblr-14238	445	1	another	another	DET
cblr-14238	445	2	recent	recent	ADJ
cblr-14238	445	3	study	study	NOUN
cblr-14238	445	4	suggests	suggest	VERB
cblr-14238	445	5	,	,	PUNCT
cblr-14238	445	6	however	however	ADV
cblr-14238	445	7	,	,	PUNCT
cblr-14238	445	8	that	that	SCONJ
cblr-14238	445	9	because	because	SCONJ
cblr-14238	445	10	the	the	DET
cblr-14238	445	11	impact	impact	NOUN
cblr-14238	445	12	of	of	ADP
cblr-14238	445	13	divestment	divestment	NOUN
cblr-14238	445	14	campaigns	campaign	NOUN
cblr-14238	445	15	no	no	INTJ
cblr-14238	445	16	.	.	NOUN
cblr-14238	445	17	2	2	NUM
cblr-14238	445	18	]	]	PUNCT
cblr-14238	445	19	regulation	regulation	NOUN
cblr-14238	445	20	by	by	ADP
cblr-14238	445	21	indexation	indexation	NOUN
cblr-14238	445	22	?	?	PUNCT
cblr-14238	445	23	747	747	NUM
cblr-14238	445	24	a	a	DET
cblr-14238	445	25	similar	similar	ADJ
cblr-14238	445	26	dynamic	dynamic	NOUN
cblr-14238	445	27	would	would	AUX
cblr-14238	445	28	play	play	VERB
cblr-14238	445	29	out	out	ADP
cblr-14238	445	30	in	in	ADP
cblr-14238	445	31	the	the	DET
cblr-14238	445	32	context	context	NOUN
cblr-14238	445	33	of	of	ADP
cblr-14238	445	34	index	index	NOUN
cblr-14238	445	35	eligibility	eligibility	NOUN
cblr-14238	445	36	rules	rule	NOUN
cblr-14238	445	37	.	.	PUNCT
cblr-14238	446	1	if	if	SCONJ
cblr-14238	446	2	a	a	DET
cblr-14238	446	3	company	company	NOUN
cblr-14238	446	4	is	be	AUX
cblr-14238	446	5	deleted	delete	VERB
cblr-14238	446	6	or	or	CCONJ
cblr-14238	446	7	excluded	exclude	VERB
cblr-14238	446	8	from	from	ADP
cblr-14238	446	9	an	an	DET
cblr-14238	446	10	index	index	NOUN
cblr-14238	446	11	,	,	PUNCT
cblr-14238	446	12	even	even	ADV
cblr-14238	446	13	if	if	SCONJ
cblr-14238	446	14	that	that	PRON
cblr-14238	446	15	did	do	AUX
cblr-14238	446	16	have	have	VERB
cblr-14238	446	17	an	an	DET
cblr-14238	446	18	adverse	adverse	ADJ
cblr-14238	446	19	demand	demand	NOUN
cblr-14238	446	20	effect	effect	NOUN
cblr-14238	446	21	on	on	ADP
cblr-14238	446	22	the	the	DET
cblr-14238	446	23	company	company	NOUN
cblr-14238	446	24	’s	’s	PART
cblr-14238	446	25	shares	share	NOUN
cblr-14238	446	26	because	because	SCONJ
cblr-14238	446	27	of	of	ADP
cblr-14238	446	28	index	index	NOUN
cblr-14238	446	29	fund	fund	NOUN
cblr-14238	446	30	divestment	divestment	NOUN
cblr-14238	446	31	,	,	PUNCT
cblr-14238	446	32	active	active	ADJ
cblr-14238	446	33	investors	investor	NOUN
cblr-14238	446	34	will	will	AUX
cblr-14238	446	35	purchase	purchase	VERB
cblr-14238	446	36	the	the	DET
cblr-14238	446	37	shares	share	NOUN
cblr-14238	446	38	of	of	ADP
cblr-14238	446	39	the	the	DET
cblr-14238	446	40	company	company	NOUN
cblr-14238	446	41	divested	divest	VERB
cblr-14238	446	42	by	by	ADP
cblr-14238	446	43	(	(	PUNCT
cblr-14238	446	44	or	or	CCONJ
cblr-14238	446	45	never	never	ADV
cblr-14238	446	46	purchased	purchase	VERB
cblr-14238	446	47	by	by	ADP
cblr-14238	446	48	)	)	PUNCT
cblr-14238	446	49	index	index	NOUN
cblr-14238	446	50	funds	fund	NOUN
cblr-14238	446	51	if	if	SCONJ
cblr-14238	446	52	the	the	DET
cblr-14238	446	53	shares	share	NOUN
cblr-14238	446	54	are	be	AUX
cblr-14238	446	55	underpriced	underprice	VERB
cblr-14238	446	56	because	because	SCONJ
cblr-14238	446	57	of	of	ADP
cblr-14238	446	58	the	the	DET
cblr-14238	446	59	decrease	decrease	NOUN
cblr-14238	446	60	in	in	ADP
cblr-14238	446	61	demand	demand	NOUN
cblr-14238	446	62	.	.	PUNCT
cblr-14238	447	1	if	if	SCONJ
cblr-14238	447	2	a	a	DET
cblr-14238	447	3	company	company	NOUN
cblr-14238	447	4	is	be	AUX
cblr-14238	447	5	added	add	VERB
cblr-14238	447	6	to	to	ADP
cblr-14238	447	7	an	an	DET
cblr-14238	447	8	index	index	NOUN
cblr-14238	447	9	and	and	CCONJ
cblr-14238	447	10	investors	investor	NOUN
cblr-14238	447	11	following	follow	VERB
cblr-14238	447	12	or	or	CCONJ
cblr-14238	447	13	benchmarking	benchmarke	VERB
cblr-14238	447	14	against	against	ADP
cblr-14238	447	15	the	the	DET
cblr-14238	447	16	index	index	NOUN
cblr-14238	447	17	buy	buy	VERB
cblr-14238	447	18	the	the	DET
cblr-14238	447	19	company	company	NOUN
cblr-14238	447	20	’s	’s	PART
cblr-14238	447	21	shares	share	NOUN
cblr-14238	447	22	as	as	ADP
cblr-14238	447	23	a	a	DET
cblr-14238	447	24	result	result	NOUN
cblr-14238	447	25	,	,	PUNCT
cblr-14238	447	26	active	active	ADJ
cblr-14238	447	27	investors	investor	NOUN
cblr-14238	447	28	will	will	AUX
cblr-14238	447	29	sell	sell	VERB
cblr-14238	447	30	the	the	DET
cblr-14238	447	31	shares	share	NOUN
cblr-14238	447	32	if	if	SCONJ
cblr-14238	447	33	they	they	PRON
cblr-14238	447	34	are	be	AUX
cblr-14238	447	35	overpriced	overpriced	ADJ
cblr-14238	447	36	due	due	ADP
cblr-14238	447	37	to	to	ADP
cblr-14238	447	38	the	the	DET
cblr-14238	447	39	additional	additional	ADJ
cblr-14238	447	40	demand	demand	NOUN
cblr-14238	447	41	from	from	ADP
cblr-14238	447	42	index	index	NOUN
cblr-14238	447	43	strategy	strategy	NOUN
cblr-14238	447	44	investors	investor	NOUN
cblr-14238	447	45	.	.	PUNCT
cblr-14238	448	1	thus	thus	ADV
cblr-14238	448	2	,	,	PUNCT
cblr-14238	448	3	we	we	PRON
cblr-14238	448	4	should	should	AUX
cblr-14238	448	5	expect	expect	VERB
cblr-14238	448	6	that	that	SCONJ
cblr-14238	448	7	it	it	PRON
cblr-14238	448	8	will	will	AUX
cblr-14238	448	9	be	be	AUX
cblr-14238	448	10	very	very	ADV
cblr-14238	448	11	difficult	difficult	ADJ
cblr-14238	448	12	to	to	PART
cblr-14238	448	13	impact	impact	VERB
cblr-14238	448	14	the	the	DET
cblr-14238	448	15	behavior	behavior	NOUN
cblr-14238	448	16	of	of	ADP
cblr-14238	448	17	firms	firm	NOUN
cblr-14238	448	18	whose	whose	DET
cblr-14238	448	19	securities	security	NOUN
cblr-14238	448	20	trade	trade	VERB
cblr-14238	448	21	in	in	ADP
cblr-14238	448	22	public	public	ADJ
cblr-14238	448	23	markets	market	NOUN
cblr-14238	448	24	through	through	ADP
cblr-14238	448	25	inclusion	inclusion	NOUN
cblr-14238	448	26	in	in	ADP
cblr-14238	448	27	or	or	CCONJ
cblr-14238	448	28	exclusion	exclusion	NOUN
cblr-14238	448	29	from	from	ADP
cblr-14238	448	30	equity	equity	NOUN
cblr-14238	448	31	indices	index	NOUN
cblr-14238	448	32	based	base	VERB
cblr-14238	448	33	on	on	ADP
cblr-14238	448	34	their	their	PRON
cblr-14238	448	35	corporate	corporate	ADJ
cblr-14238	448	36	governance	governance	NOUN
cblr-14238	448	37	,	,	PUNCT
cblr-14238	448	38	environmental	environmental	ADJ
cblr-14238	448	39	,	,	PUNCT
cblr-14238	448	40	labor	labor	NOUN
cblr-14238	448	41	or	or	CCONJ
cblr-14238	448	42	other	other	ADJ
cblr-14238	448	43	policies	policy	NOUN
cblr-14238	448	44	and	and	CCONJ
cblr-14238	448	45	operational	operational	ADJ
cblr-14238	448	46	choices	choice	NOUN
cblr-14238	448	47	.	.	PUNCT
cblr-14238	449	1	on	on	ADP
cblr-14238	449	2	the	the	DET
cblr-14238	449	3	other	other	ADJ
cblr-14238	449	4	hand	hand	NOUN
cblr-14238	449	5	,	,	PUNCT
cblr-14238	449	6	it	it	PRON
cblr-14238	449	7	is	be	AUX
cblr-14238	449	8	possible	possible	ADJ
cblr-14238	449	9	that	that	SCONJ
cblr-14238	449	10	index	index	NOUN
cblr-14238	449	11	providers	provider	NOUN
cblr-14238	449	12	can	can	AUX
cblr-14238	449	13	have	have	VERB
cblr-14238	449	14	influence	influence	NOUN
cblr-14238	449	15	through	through	ADP
cblr-14238	449	16	other	other	ADJ
cblr-14238	449	17	means	mean	NOUN
cblr-14238	449	18	—	—	PUNCT
cblr-14238	449	19	primarily	primarily	ADV
cblr-14238	449	20	,	,	PUNCT
cblr-14238	449	21	the	the	DET
cblr-14238	449	22	reputation	reputation	NOUN
cblr-14238	449	23	effects	effect	NOUN
cblr-14238	449	24	of	of	ADP
cblr-14238	449	25	index	index	NOUN
cblr-14238	449	26	certification	certification	NOUN
cblr-14238	449	27	,	,	PUNCT
cblr-14238	449	28	which	which	PRON
cblr-14238	449	29	can	can	AUX
cblr-14238	449	30	affect	affect	VERB
cblr-14238	449	31	perceptions	perception	NOUN
cblr-14238	449	32	of	of	ADP
cblr-14238	449	33	corporate	corporate	ADJ
cblr-14238	449	34	value	value	NOUN
cblr-14238	449	35	,	,	PUNCT
cblr-14238	449	36	customer	customer	NOUN
cblr-14238	449	37	relations	relation	NOUN
cblr-14238	449	38	,	,	PUNCT
cblr-14238	449	39	and	and	CCONJ
cblr-14238	449	40	shareholder	shareholder	NOUN
cblr-14238	449	41	engagement	engagement	NOUN
cblr-14238	449	42	,	,	PUNCT
cblr-14238	449	43	all	all	PRON
cblr-14238	449	44	of	of	ADP
cblr-14238	449	45	which	which	PRON
cblr-14238	449	46	can	can	AUX
cblr-14238	449	47	affect	affect	VERB
cblr-14238	449	48	market	market	NOUN
cblr-14238	449	49	price	price	NOUN
cblr-14238	449	50	and	and	CCONJ
cblr-14238	449	51	otherwise	otherwise	ADV
cblr-14238	449	52	impact	impact	NOUN
cblr-14238	449	53	executive	executive	NOUN
cblr-14238	449	54	choices.100	choices.100	NOUN
cblr-14238	449	55	depends	depend	VERB
cblr-14238	449	56	on	on	ADP
cblr-14238	449	57	the	the	DET
cblr-14238	449	58	fraction	fraction	NOUN
cblr-14238	449	59	of	of	ADP
cblr-14238	449	60	socially	socially	ADV
cblr-14238	449	61	conscious	conscious	ADJ
cblr-14238	449	62	capital	capital	NOUN
cblr-14238	449	63	in	in	ADP
cblr-14238	449	64	the	the	DET
cblr-14238	449	65	financial	financial	ADJ
cblr-14238	449	66	market	market	NOUN
cblr-14238	449	67	,	,	PUNCT
cblr-14238	449	68	the	the	DET
cblr-14238	449	69	fraction	fraction	NOUN
cblr-14238	449	70	of	of	ADP
cblr-14238	449	71	targeted	target	VERB
cblr-14238	449	72	firms	firm	NOUN
cblr-14238	449	73	in	in	ADP
cblr-14238	449	74	the	the	DET
cblr-14238	449	75	economy	economy	NOUN
cblr-14238	449	76	and	and	CCONJ
cblr-14238	449	77	the	the	DET
cblr-14238	449	78	return	return	NOUN
cblr-14238	449	79	correlation	correlation	NOUN
cblr-14238	449	80	between	between	ADP
cblr-14238	449	81	the	the	DET
cblr-14238	449	82	targeted	target	VERB
cblr-14238	449	83	firms	firm	NOUN
cblr-14238	449	84	and	and	CCONJ
cblr-14238	449	85	the	the	DET
cblr-14238	449	86	rest	rest	NOUN
cblr-14238	449	87	of	of	ADP
cblr-14238	449	88	the	the	DET
cblr-14238	449	89	stock	stock	NOUN
cblr-14238	449	90	market	market	NOUN
cblr-14238	449	91	,	,	PUNCT
cblr-14238	449	92	the	the	DET
cblr-14238	449	93	cost	cost	NOUN
cblr-14238	449	94	of	of	ADP
cblr-14238	449	95	capital	capital	NOUN
cblr-14238	449	96	impact	impact	NOUN
cblr-14238	449	97	of	of	ADP
cblr-14238	449	98	divestment	divestment	NOUN
cblr-14238	449	99	campaigns	campaign	NOUN
cblr-14238	449	100	is	be	AUX
cblr-14238	449	101	too	too	ADV
cblr-14238	449	102	small	small	ADJ
cblr-14238	449	103	to	to	PART
cblr-14238	449	104	meaningfully	meaningfully	ADV
cblr-14238	449	105	affect	affect	VERB
cblr-14238	449	106	real	real	ADJ
cblr-14238	449	107	investment	investment	NOUN
cblr-14238	449	108	decisions	decision	NOUN
cblr-14238	449	109	by	by	ADP
cblr-14238	449	110	management	management	NOUN
cblr-14238	449	111	.	.	PUNCT
cblr-14238	450	1	see	see	VERB
cblr-14238	450	2	jonathan	jonathan	PROPN
cblr-14238	450	3	b.	b.	PROPN
cblr-14238	450	4	berk	berk	PROPN
cblr-14238	450	5	&	&	CCONJ
cblr-14238	450	6	jules	jules	PROPN
cblr-14238	450	7	h.	h.	PROPN
cblr-14238	450	8	van	van	PROPN
cblr-14238	450	9	binsbergen	binsbergen	PROPN
cblr-14238	450	10	,	,	PUNCT
cblr-14238	450	11	the	the	DET
cblr-14238	450	12	impact	impact	NOUN
cblr-14238	450	13	of	of	ADP
cblr-14238	450	14	impact	impact	NOUN
cblr-14238	450	15	investing	invest	VERB
cblr-14238	450	16	(	(	PUNCT
cblr-14238	450	17	working	working	NOUN
cblr-14238	450	18	paper	paper	NOUN
cblr-14238	450	19	,	,	PUNCT
cblr-14238	450	20	2021	2021	NUM
cblr-14238	450	21	)	)	PUNCT
cblr-14238	450	22	,	,	PUNCT
cblr-14238	451	1	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3909166	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3909166	PROPN
cblr-14238	452	1	[	[	X
cblr-14238	452	2	https://perma.cc/p5ue-s243	https://perma.cc/p5ue-s243	PROPN
cblr-14238	452	3	]	]	X
cblr-14238	452	4	(	(	PUNCT
cblr-14238	452	5	concluding	conclude	VERB
cblr-14238	452	6	that	that	PRON
cblr-14238	452	7	instead	instead	ADV
cblr-14238	452	8	of	of	ADP
cblr-14238	452	9	divesting	divest	VERB
cblr-14238	452	10	,	,	PUNCT
cblr-14238	452	11	investors	investor	NOUN
cblr-14238	452	12	should	should	AUX
cblr-14238	452	13	exercise	exercise	VERB
cblr-14238	452	14	voice	voice	NOUN
cblr-14238	452	15	)	)	PUNCT
cblr-14238	452	16	.	.	PUNCT
cblr-14238	453	1	100	100	NUM
cblr-14238	453	2	to	to	PART
cblr-14238	453	3	affect	affect	VERB
cblr-14238	453	4	the	the	DET
cblr-14238	453	5	behavior	behavior	NOUN
cblr-14238	453	6	of	of	ADP
cblr-14238	453	7	public	public	ADJ
cblr-14238	453	8	companies	company	NOUN
cblr-14238	453	9	that	that	PRON
cblr-14238	453	10	are	be	AUX
cblr-14238	453	11	deemed	deem	VERB
cblr-14238	453	12	socially	socially	ADV
cblr-14238	453	13	harmful	harmful	ADJ
cblr-14238	453	14	,	,	PUNCT
cblr-14238	453	15	brest	brest	NOUN
cblr-14238	453	16	,	,	PUNCT
cblr-14238	453	17	gilson	gilson	PROPN
cblr-14238	453	18	&	&	CCONJ
cblr-14238	453	19	wolfson	wolfson	PROPN
cblr-14238	453	20	suggest	suggest	VERB
cblr-14238	453	21	it	it	PRON
cblr-14238	453	22	is	be	AUX
cblr-14238	453	23	necessary	necessary	ADJ
cblr-14238	453	24	to	to	PART
cblr-14238	453	25	activate	activate	VERB
cblr-14238	453	26	multiple	multiple	ADJ
cblr-14238	453	27	kinds	kind	NOUN
cblr-14238	453	28	of	of	ADP
cblr-14238	453	29	stakeholders	stakeholder	NOUN
cblr-14238	453	30	,	,	PUNCT
cblr-14238	453	31	with	with	ADP
cblr-14238	453	32	the	the	DET
cblr-14238	453	33	most	most	ADV
cblr-14238	453	34	effective	effective	ADJ
cblr-14238	453	35	levers	lever	NOUN
cblr-14238	453	36	being	be	AUX
cblr-14238	453	37	the	the	DET
cblr-14238	453	38	power	power	NOUN
cblr-14238	453	39	of	of	ADP
cblr-14238	453	40	public	public	ADJ
cblr-14238	453	41	awareness	awareness	NOUN
cblr-14238	453	42	,	,	PUNCT
cblr-14238	453	43	reputation	reputation	NOUN
cblr-14238	453	44	,	,	PUNCT
cblr-14238	453	45	shame	shame	NOUN
cblr-14238	453	46	and	and	CCONJ
cblr-14238	453	47	new	new	ADJ
cblr-14238	453	48	ways	way	NOUN
cblr-14238	453	49	to	to	PART
cblr-14238	453	50	appeal	appeal	VERB
cblr-14238	453	51	to	to	ADP
cblr-14238	453	52	the	the	DET
cblr-14238	453	53	interests	interest	NOUN
cblr-14238	453	54	of	of	ADP
cblr-14238	453	55	values	value	NOUN
cblr-14238	453	56	-	-	PUNCT
cblr-14238	453	57	neutral	neutral	ADJ
cblr-14238	453	58	investors	investor	NOUN
cblr-14238	453	59	(	(	PUNCT
cblr-14238	453	60	by	by	ADP
cblr-14238	453	61	persuading	persuade	VERB
cblr-14238	453	62	them	they	PRON
cblr-14238	453	63	the	the	DET
cblr-14238	453	64	hoped	hope	VERB
cblr-14238	453	65	-	-	PUNCT
cblr-14238	453	66	for	for	ADP
cblr-14238	453	67	outcome	outcome	NOUN
cblr-14238	453	68	is	be	AUX
cblr-14238	453	69	value	value	NOUN
cblr-14238	453	70	positive	positive	ADJ
cblr-14238	453	71	)	)	PUNCT
cblr-14238	453	72	.	.	PUNCT
cblr-14238	454	1	brest	brest	PROPN
cblr-14238	454	2	,	,	PUNCT
cblr-14238	454	3	gibson	gibson	PROPN
cblr-14238	454	4	&	&	CCONJ
cblr-14238	454	5	wolfson	wolfson	PROPN
cblr-14238	454	6	,	,	PUNCT
cblr-14238	454	7	supra	supra	PROPN
cblr-14238	454	8	note	note	NOUN
cblr-14238	454	9	98	98	NUM
cblr-14238	454	10	,	,	PUNCT
cblr-14238	454	11	at	at	ADP
cblr-14238	454	12	228	228	NUM
cblr-14238	454	13	.	.	PUNCT
cblr-14238	455	1	recent	recent	ADJ
cblr-14238	455	2	work	work	NOUN
cblr-14238	455	3	in	in	ADP
cblr-14238	455	4	the	the	DET
cblr-14238	455	5	financial	financial	ADJ
cblr-14238	455	6	literature	literature	PROPN
cblr-14238	455	7	supports	support	VERB
cblr-14238	455	8	this	this	DET
cblr-14238	455	9	view	view	NOUN
cblr-14238	455	10	.	.	PUNCT
cblr-14238	456	1	see	see	VERB
cblr-14238	456	2	,	,	PUNCT
cblr-14238	456	3	e.g.	e.g.	ADV
cblr-14238	456	4	,	,	PUNCT
cblr-14238	456	5	samuel	samuel	PROPN
cblr-14238	456	6	m.	m.	PROPN
cblr-14238	456	7	hartzmark	hartzmark	PROPN
cblr-14238	456	8	&	&	CCONJ
cblr-14238	456	9	kelly	kelly	PROPN
cblr-14238	456	10	shue	shue	PROPN
cblr-14238	456	11	,	,	PUNCT
cblr-14238	456	12	counterproductive	counterproductive	ADJ
cblr-14238	456	13	sustainable	sustainable	ADJ
cblr-14238	456	14	investing	investing	NOUN
cblr-14238	456	15	:	:	PUNCT
cblr-14238	456	16	the	the	DET
cblr-14238	456	17	impact	impact	NOUN
cblr-14238	456	18	elasticity	elasticity	NOUN
cblr-14238	456	19	of	of	ADP
cblr-14238	456	20	brown	brown	ADJ
cblr-14238	456	21	and	and	CCONJ
cblr-14238	456	22	green	green	ADJ
cblr-14238	456	23	firms	firm	NOUN
cblr-14238	456	24	(	(	PUNCT
cblr-14238	456	25	working	working	NOUN
cblr-14238	456	26	paper	paper	NOUN
cblr-14238	456	27	,	,	PUNCT
cblr-14238	456	28	2023	2023	NUM
cblr-14238	456	29	)	)	PUNCT
cblr-14238	456	30	,	,	PUNCT
cblr-14238	456	31	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4359282	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4359282	PROPN
cblr-14238	456	32	748	748	NUM
cblr-14238	456	33	columbia	columbia	PROPN
cblr-14238	456	34	business	business	NOUN
cblr-14238	456	35	law	law	PROPN
cblr-14238	456	36	review	review	NOUN
cblr-14238	456	37	[	[	X
cblr-14238	456	38	vol	vol	NOUN
cblr-14238	456	39	.	.	NOUN
cblr-14238	456	40	2024	2024	NUM
cblr-14238	456	41	b.	b.	PROPN
cblr-14238	456	42	indexers	indexer	NOUN
cblr-14238	456	43	as	as	ADP
cblr-14238	456	44	certifiers	certifier	NOUN
cblr-14238	456	45	even	even	ADV
cblr-14238	456	46	if	if	SCONJ
cblr-14238	456	47	they	they	PRON
cblr-14238	456	48	can	can	AUX
cblr-14238	456	49	not	not	PART
cblr-14238	456	50	act	act	VERB
cblr-14238	456	51	as	as	ADP
cblr-14238	456	52	effective	effective	ADJ
cblr-14238	456	53	subsidizers	subsidizer	NOUN
cblr-14238	456	54	,	,	PUNCT
cblr-14238	456	55	index	index	NOUN
cblr-14238	456	56	providers	provider	NOUN
cblr-14238	456	57	may	may	AUX
cblr-14238	456	58	be	be	AUX
cblr-14238	456	59	able	able	ADJ
cblr-14238	456	60	to	to	PART
cblr-14238	456	61	act	act	VERB
cblr-14238	456	62	as	as	ADP
cblr-14238	456	63	certifiers	certifier	NOUN
cblr-14238	456	64	,	,	PUNCT
cblr-14238	456	65	delivering	deliver	VERB
cblr-14238	456	66	reputational	reputational	ADJ
cblr-14238	456	67	incentives	incentive	NOUN
cblr-14238	456	68	to	to	PART
cblr-14238	456	69	encourage	encourage	VERB
cblr-14238	456	70	compliance	compliance	NOUN
cblr-14238	456	71	with	with	ADP
cblr-14238	456	72	index	index	NOUN
cblr-14238	456	73	eligibility	eligibility	NOUN
cblr-14238	456	74	criteria	criterion	NOUN
cblr-14238	456	75	.	.	PUNCT
cblr-14238	457	1	reputation	reputation	NOUN
cblr-14238	457	2	is	be	AUX
cblr-14238	457	3	an	an	DET
cblr-14238	457	4	important	important	ADJ
cblr-14238	457	5	part	part	NOUN
cblr-14238	457	6	of	of	ADP
cblr-14238	457	7	firm	firm	ADJ
cblr-14238	457	8	value.101	value.101	NOUN
cblr-14238	457	9	as	as	ADP
cblr-14238	457	10	a	a	DET
cblr-14238	457	11	result	result	NOUN
cblr-14238	457	12	,	,	PUNCT
cblr-14238	457	13	the	the	DET
cblr-14238	457	14	managers	manager	NOUN
cblr-14238	457	15	of	of	ADP
cblr-14238	457	16	corporations	corporation	NOUN
cblr-14238	457	17	can	can	AUX
cblr-14238	457	18	be	be	AUX
cblr-14238	457	19	expected	expect	VERB
cblr-14238	457	20	to	to	PART
cblr-14238	457	21	take	take	VERB
cblr-14238	457	22	steps	step	NOUN
cblr-14238	457	23	to	to	PART
cblr-14238	457	24	enhance	enhance	VERB
cblr-14238	457	25	and	and	CCONJ
cblr-14238	457	26	preserve	preserve	VERB
cblr-14238	457	27	firm	firm	ADJ
cblr-14238	457	28	reputation	reputation	NOUN
cblr-14238	457	29	,	,	PUNCT
cblr-14238	457	30	and	and	CCONJ
cblr-14238	457	31	managers	manager	NOUN
cblr-14238	457	32	have	have	AUX
cblr-14238	457	33	responded	respond	VERB
cblr-14238	457	34	positively	positively	ADV
cblr-14238	457	35	to	to	ADP
cblr-14238	457	36	certification	certification	NOUN
cblr-14238	457	37	incentives	incentive	NOUN
cblr-14238	457	38	from	from	ADP
cblr-14238	457	39	rankings	ranking	NOUN
cblr-14238	457	40	in	in	ADP
cblr-14238	457	41	some	some	DET
cblr-14238	457	42	contexts.102	contexts.102	NOUN
cblr-14238	457	43	third	third	ADJ
cblr-14238	457	44	-	-	PUNCT
cblr-14238	457	45	party	party	NOUN
cblr-14238	457	46	certifications	certification	NOUN
cblr-14238	457	47	and	and	CCONJ
cblr-14238	457	48	rankings	ranking	NOUN
cblr-14238	457	49	can	can	AUX
cblr-14238	457	50	act	act	VERB
cblr-14238	457	51	as	as	ADP
cblr-14238	457	52	a	a	DET
cblr-14238	457	53	credible	credible	ADJ
cblr-14238	457	54	signaling	signal	VERB
cblr-14238	457	55	device	device	NOUN
cblr-14238	457	56	for	for	SCONJ
cblr-14238	457	57	corporations	corporation	NOUN
cblr-14238	457	58	to	to	PART
cblr-14238	457	59	differentiate	differentiate	VERB
cblr-14238	457	60	themselves	themselves	PRON
cblr-14238	458	1	[	[	X
cblr-14238	458	2	https://perma.cc/6lc4-xavy	https://perma.cc/6lc4-xavy	X
cblr-14238	458	3	]	]	X
cblr-14238	458	4	(	(	PUNCT
cblr-14238	458	5	finding	find	VERB
cblr-14238	458	6	that	that	SCONJ
cblr-14238	458	7	sustainable	sustainable	ADJ
cblr-14238	458	8	investing	investing	NOUN
cblr-14238	458	9	that	that	PRON
cblr-14238	458	10	directs	direct	VERB
cblr-14238	458	11	capital	capital	NOUN
cblr-14238	458	12	away	away	ADV
cblr-14238	458	13	from	from	ADP
cblr-14238	458	14	brown	brown	ADJ
cblr-14238	458	15	firms	firm	NOUN
cblr-14238	458	16	and	and	CCONJ
cblr-14238	458	17	toward	toward	ADP
cblr-14238	458	18	green	green	ADJ
cblr-14238	458	19	firms	firm	NOUN
cblr-14238	458	20	may	may	AUX
cblr-14238	458	21	be	be	AUX
cblr-14238	458	22	counterproductive	counterproductive	ADJ
cblr-14238	458	23	because	because	SCONJ
cblr-14238	458	24	it	it	PRON
cblr-14238	458	25	makes	make	VERB
cblr-14238	458	26	brown	brown	ADJ
cblr-14238	458	27	firms	firm	NOUN
cblr-14238	458	28	more	more	ADV
cblr-14238	458	29	brown	brown	ADJ
cblr-14238	458	30	without	without	ADP
cblr-14238	458	31	making	make	VERB
cblr-14238	458	32	green	green	ADJ
cblr-14238	458	33	firms	firm	NOUN
cblr-14238	458	34	more	more	ADV
cblr-14238	458	35	green	green	ADJ
cblr-14238	458	36	,	,	PUNCT
cblr-14238	458	37	and	and	CCONJ
cblr-14238	458	38	a	a	DET
cblr-14238	458	39	mistaken	mistaken	ADJ
cblr-14238	458	40	focus	focus	NOUN
cblr-14238	458	41	on	on	ADP
cblr-14238	458	42	percentage	percentage	NOUN
cblr-14238	458	43	(	(	PUNCT
cblr-14238	458	44	as	as	SCONJ
cblr-14238	458	45	opposed	oppose	VERB
cblr-14238	458	46	to	to	ADP
cblr-14238	458	47	absolute	absolute	ADJ
cblr-14238	458	48	)	)	PUNCT
cblr-14238	458	49	reductions	reduction	NOUN
cblr-14238	458	50	in	in	ADP
cblr-14238	458	51	emissions	emission	NOUN
cblr-14238	458	52	primarily	primarily	ADV
cblr-14238	458	53	rewards	reward	VERB
cblr-14238	458	54	green	green	ADJ
cblr-14238	458	55	firms	firm	NOUN
cblr-14238	458	56	for	for	ADP
cblr-14238	458	57	trivial	trivial	ADJ
cblr-14238	458	58	reductions	reduction	NOUN
cblr-14238	458	59	in	in	ADP
cblr-14238	458	60	already	already	ADV
cblr-14238	458	61	low	low	ADJ
cblr-14238	458	62	emissions	emission	NOUN
cblr-14238	458	63	)	)	PUNCT
cblr-14238	458	64	.	.	PUNCT
cblr-14238	459	1	101	101	NUM
cblr-14238	459	2	see	see	VERB
cblr-14238	459	3	,	,	PUNCT
cblr-14238	459	4	e.g.	e.g.	ADV
cblr-14238	459	5	,	,	PUNCT
cblr-14238	459	6	charles	charles	PROPN
cblr-14238	459	7	fombrun	fombrun	PROPN
cblr-14238	459	8	&	&	CCONJ
cblr-14238	459	9	mark	mark	PROPN
cblr-14238	459	10	shanley	shanley	PROPN
cblr-14238	459	11	,	,	PUNCT
cblr-14238	459	12	what	what	PRON
cblr-14238	459	13	’s	’	VERB
cblr-14238	459	14	in	in	ADP
cblr-14238	459	15	a	a	DET
cblr-14238	459	16	name	name	NOUN
cblr-14238	459	17	?	?	PUNCT
cblr-14238	460	1	reputation	reputation	NOUN
cblr-14238	460	2	building	building	NOUN
cblr-14238	460	3	and	and	CCONJ
cblr-14238	460	4	corporate	corporate	ADJ
cblr-14238	460	5	strategy	strategy	NOUN
cblr-14238	460	6	,	,	PUNCT
cblr-14238	460	7	33	33	NUM
cblr-14238	460	8	acad	acad	NOUN
cblr-14238	460	9	.	.	PUNCT
cblr-14238	461	1	mgmt	mgmt	PROPN
cblr-14238	461	2	.	.	PUNCT
cblr-14238	462	1	j.	j.	PROPN
cblr-14238	462	2	233	233	PROPN
cblr-14238	462	3	,	,	PUNCT
cblr-14238	462	4	234	234	NUM
cblr-14238	462	5	(	(	PUNCT
cblr-14238	462	6	1990	1990	NUM
cblr-14238	462	7	)	)	PUNCT
cblr-14238	462	8	(	(	PUNCT
cblr-14238	462	9	concluding	conclude	VERB
cblr-14238	462	10	that	that	SCONJ
cblr-14238	462	11	companies	company	NOUN
cblr-14238	462	12	construct	construct	VERB
cblr-14238	462	13	reputations	reputation	NOUN
cblr-14238	462	14	based	base	VERB
cblr-14238	462	15	on	on	ADP
cblr-14238	462	16	information	information	NOUN
cblr-14238	462	17	about	about	ADP
cblr-14238	462	18	firms	firm	NOUN
cblr-14238	462	19	’	'	PUNCT
cblr-14238	462	20	relative	relative	ADJ
cblr-14238	462	21	positions	position	NOUN
cblr-14238	462	22	through	through	ADP
cblr-14238	462	23	market	market	NOUN
cblr-14238	462	24	and	and	CCONJ
cblr-14238	462	25	accounting	accounting	NOUN
cblr-14238	462	26	signals	signal	NOUN
cblr-14238	462	27	,	,	PUNCT
cblr-14238	462	28	institutional	institutional	ADJ
cblr-14238	462	29	signals	signal	NOUN
cblr-14238	462	30	regarding	regard	VERB
cblr-14238	462	31	conformity	conformity	NOUN
cblr-14238	462	32	to	to	ADP
cblr-14238	462	33	social	social	ADJ
cblr-14238	462	34	norms	norm	NOUN
cblr-14238	462	35	,	,	PUNCT
cblr-14238	462	36	and	and	CCONJ
cblr-14238	462	37	strategy	strategy	NOUN
cblr-14238	462	38	signals	signal	NOUN
cblr-14238	462	39	indicating	indicate	VERB
cblr-14238	462	40	strategic	strategic	ADJ
cblr-14238	462	41	postures	posture	NOUN
cblr-14238	462	42	)	)	PUNCT
cblr-14238	462	43	;	;	PUNCT
cblr-14238	462	44	ying	ying	PROPN
cblr-14238	462	45	cao	cao	PROPN
cblr-14238	462	46	,	,	PUNCT
cblr-14238	462	47	james	james	PROPN
cblr-14238	462	48	n.	n.	PROPN
cblr-14238	462	49	myers	myers	PROPN
cblr-14238	462	50	,	,	PUNCT
cblr-14238	462	51	linda	linda	PROPN
cblr-14238	462	52	a.	a.	PROPN
cblr-14238	462	53	myers	myers	PROPN
cblr-14238	462	54	&	&	CCONJ
cblr-14238	462	55	thomas	thomas	PROPN
cblr-14238	462	56	c.	c.	PROPN
cblr-14238	462	57	omer	omer	PROPN
cblr-14238	462	58	,	,	PUNCT
cblr-14238	462	59	company	company	NOUN
cblr-14238	462	60	reputation	reputation	NOUN
cblr-14238	462	61	and	and	CCONJ
cblr-14238	462	62	the	the	DET
cblr-14238	462	63	cost	cost	NOUN
cblr-14238	462	64	of	of	ADP
cblr-14238	462	65	equity	equity	NOUN
cblr-14238	462	66	capital	capital	NOUN
cblr-14238	462	67	,	,	PUNCT
cblr-14238	462	68	20	20	NUM
cblr-14238	462	69	rev	rev	X
cblr-14238	462	70	.	.	PROPN
cblr-14238	463	1	acct	acct	NOUN
cblr-14238	463	2	.	.	PUNCT
cblr-14238	464	1	stud	stud	PROPN
cblr-14238	464	2	.	.	PUNCT
cblr-14238	465	1	42	42	NUM
cblr-14238	465	2	,	,	PUNCT
cblr-14238	465	3	73	73	NUM
cblr-14238	465	4	(	(	PUNCT
cblr-14238	465	5	2015	2015	NUM
cblr-14238	465	6	)	)	PUNCT
cblr-14238	465	7	(	(	PUNCT
cblr-14238	465	8	finding	find	VERB
cblr-14238	465	9	in	in	ADP
cblr-14238	465	10	a	a	DET
cblr-14238	465	11	study	study	NOUN
cblr-14238	465	12	of	of	ADP
cblr-14238	465	13	9,276	9,276	NUM
cblr-14238	465	14	us	us	PROPN
cblr-14238	465	15	companies	company	NOUN
cblr-14238	465	16	included	include	VERB
cblr-14238	465	17	in	in	ADP
cblr-14238	465	18	fortune	fortune	NOUN
cblr-14238	465	19	’s	’s	PART
cblr-14238	465	20	reputation	reputation	NOUN
cblr-14238	465	21	rankings	ranking	NOUN
cblr-14238	465	22	from	from	ADP
cblr-14238	465	23	1987	1987	NUM
cblr-14238	465	24	to	to	ADP
cblr-14238	465	25	2011	2011	NUM
cblr-14238	465	26	that	that	SCONJ
cblr-14238	465	27	companies	company	NOUN
cblr-14238	465	28	with	with	ADP
cblr-14238	465	29	higher	high	ADJ
cblr-14238	465	30	reputation	reputation	NOUN
cblr-14238	465	31	scores	score	NOUN
cblr-14238	465	32	enjoy	enjoy	VERB
cblr-14238	465	33	a	a	DET
cblr-14238	465	34	lower	low	ADJ
cblr-14238	465	35	cost	cost	NOUN
cblr-14238	465	36	of	of	ADP
cblr-14238	465	37	equity	equity	NOUN
cblr-14238	465	38	capital	capital	NOUN
cblr-14238	465	39	even	even	ADV
cblr-14238	465	40	after	after	ADP
cblr-14238	465	41	controlling	control	VERB
cblr-14238	465	42	for	for	ADP
cblr-14238	465	43	other	other	ADJ
cblr-14238	465	44	factors	factor	NOUN
cblr-14238	465	45	that	that	PRON
cblr-14238	465	46	determine	determine	VERB
cblr-14238	465	47	the	the	DET
cblr-14238	465	48	cost	cost	NOUN
cblr-14238	465	49	of	of	ADP
cblr-14238	465	50	equity	equity	NOUN
cblr-14238	465	51	)	)	PUNCT
cblr-14238	465	52	.	.	PUNCT
cblr-14238	466	1	102	102	NUM
cblr-14238	466	2	sascha	sascha	PROPN
cblr-14238	466	3	raithel	raithel	PROPN
cblr-14238	466	4	&	&	CCONJ
cblr-14238	466	5	manfred	manfred	PROPN
cblr-14238	466	6	schwaiger	schwaiger	PROPN
cblr-14238	466	7	,	,	PUNCT
cblr-14238	466	8	the	the	DET
cblr-14238	466	9	effects	effect	NOUN
cblr-14238	466	10	of	of	ADP
cblr-14238	466	11	corporate	corporate	ADJ
cblr-14238	466	12	reputation	reputation	NOUN
cblr-14238	466	13	perceptions	perception	NOUN
cblr-14238	466	14	of	of	ADP
cblr-14238	466	15	the	the	DET
cblr-14238	466	16	general	general	ADJ
cblr-14238	466	17	public	public	NOUN
cblr-14238	466	18	on	on	ADP
cblr-14238	466	19	shareholder	shareholder	NOUN
cblr-14238	466	20	value	value	NOUN
cblr-14238	466	21	,	,	PUNCT
cblr-14238	466	22	36	36	NUM
cblr-14238	466	23	strategic	strategic	ADJ
cblr-14238	466	24	mgmt	mgmt	NOUN
cblr-14238	466	25	.	.	PUNCT
cblr-14238	467	1	j.	j.	PROPN
cblr-14238	467	2	945	945	NUM
cblr-14238	467	3	,	,	PUNCT
cblr-14238	467	4	952–54	952–54	NUM
cblr-14238	467	5	(	(	PUNCT
cblr-14238	467	6	2015	2015	NUM
cblr-14238	467	7	)	)	PUNCT
cblr-14238	468	1	(	(	PUNCT
cblr-14238	468	2	concluding	conclude	VERB
cblr-14238	468	3	that	that	SCONJ
cblr-14238	468	4	among	among	ADP
cblr-14238	468	5	german	german	ADJ
cblr-14238	468	6	firms	firm	NOUN
cblr-14238	468	7	superior	superior	ADJ
cblr-14238	468	8	reputation	reputation	NOUN
cblr-14238	468	9	perceptions	perception	NOUN
cblr-14238	468	10	among	among	ADP
cblr-14238	468	11	the	the	DET
cblr-14238	468	12	public	public	ADJ
cblr-14238	468	13	increase	increase	NOUN
cblr-14238	468	14	shareholder	shareholder	NOUN
cblr-14238	468	15	value	value	NOUN
cblr-14238	468	16	measured	measure	VERB
cblr-14238	468	17	by	by	ADP
cblr-14238	468	18	future	future	ADJ
cblr-14238	468	19	stock	stock	NOUN
cblr-14238	468	20	returns	return	NOUN
cblr-14238	468	21	and	and	CCONJ
cblr-14238	468	22	nonfinancial	nonfinancial	ADJ
cblr-14238	468	23	aspects	aspect	NOUN
cblr-14238	468	24	of	of	ADP
cblr-14238	468	25	reputation	reputation	NOUN
cblr-14238	468	26	are	be	AUX
cblr-14238	468	27	more	more	ADJ
cblr-14238	468	28	value	value	NOUN
cblr-14238	468	29	relevant	relevant	ADJ
cblr-14238	468	30	in	in	ADP
cblr-14238	468	31	the	the	DET
cblr-14238	468	32	future	future	NOUN
cblr-14238	468	33	than	than	ADP
cblr-14238	468	34	perceptions	perception	NOUN
cblr-14238	468	35	driven	drive	VERB
cblr-14238	468	36	by	by	ADP
cblr-14238	468	37	past	past	ADJ
cblr-14238	468	38	financial	financial	ADJ
cblr-14238	468	39	performance	performance	NOUN
cblr-14238	468	40	)	)	PUNCT
cblr-14238	468	41	;	;	PUNCT
cblr-14238	468	42	aaron	aaron	PROPN
cblr-14238	468	43	k.	k.	PROPN
cblr-14238	468	44	chatterji	chatterji	PROPN
cblr-14238	468	45	&	&	CCONJ
cblr-14238	468	46	michael	michael	PROPN
cblr-14238	468	47	w.	w.	PROPN
cblr-14238	468	48	toffel	toffel	PROPN
cblr-14238	468	49	,	,	PUNCT
cblr-14238	468	50	how	how	SCONJ
cblr-14238	468	51	firms	firm	NOUN
cblr-14238	468	52	respond	respond	VERB
cblr-14238	468	53	to	to	ADP
cblr-14238	468	54	being	be	AUX
cblr-14238	468	55	rated	rate	VERB
cblr-14238	468	56	,	,	PUNCT
cblr-14238	468	57	31	31	NUM
cblr-14238	468	58	strategic	strategic	ADJ
cblr-14238	468	59	mgmt	mgmt	NOUN
cblr-14238	468	60	.	.	PUNCT
cblr-14238	469	1	j.	j.	PROPN
cblr-14238	469	2	917	917	PROPN
cblr-14238	469	3	,	,	PUNCT
cblr-14238	469	4	918	918	NUM
cblr-14238	469	5	(	(	PUNCT
cblr-14238	469	6	2010	2010	NUM
cblr-14238	469	7	)	)	PUNCT
cblr-14238	469	8	.	.	PUNCT
cblr-14238	470	1	no	no	INTJ
cblr-14238	470	2	.	.	NOUN
cblr-14238	470	3	2	2	NUM
cblr-14238	470	4	]	]	PUNCT
cblr-14238	470	5	regulation	regulation	NOUN
cblr-14238	470	6	by	by	ADP
cblr-14238	470	7	indexation	indexation	NOUN
cblr-14238	470	8	?	?	PUNCT
cblr-14238	471	1	749	749	NUM
cblr-14238	471	2	based	base	VERB
cblr-14238	471	3	on	on	ADP
cblr-14238	471	4	reputational	reputational	ADJ
cblr-14238	471	5	matters.103	matters.103	NOUN
cblr-14238	471	6	when	when	SCONJ
cblr-14238	471	7	such	such	ADJ
cblr-14238	471	8	third	third	ADJ
cblr-14238	471	9	-	-	PUNCT
cblr-14238	471	10	party	party	NOUN
cblr-14238	471	11	certifications	certification	NOUN
cblr-14238	471	12	have	have	VERB
cblr-14238	471	13	sufficient	sufficient	ADJ
cblr-14238	471	14	influence	influence	NOUN
cblr-14238	471	15	to	to	PART
cblr-14238	471	16	alter	alter	VERB
cblr-14238	471	17	the	the	DET
cblr-14238	471	18	behavior	behavior	NOUN
cblr-14238	471	19	of	of	ADP
cblr-14238	471	20	corporate	corporate	ADJ
cblr-14238	471	21	officers	officer	NOUN
cblr-14238	471	22	,	,	PUNCT
cblr-14238	471	23	they	they	PRON
cblr-14238	471	24	can	can	AUX
cblr-14238	471	25	be	be	AUX
cblr-14238	471	26	considered	consider	VERB
cblr-14238	471	27	to	to	PART
cblr-14238	471	28	have	have	VERB
cblr-14238	471	29	a	a	DET
cblr-14238	471	30	regulatory	regulatory	ADJ
cblr-14238	471	31	character	character	NOUN
cblr-14238	471	32	.	.	PUNCT
cblr-14238	472	1	bartley	bartley	PROPN
cblr-14238	472	2	has	have	AUX
cblr-14238	472	3	referred	refer	VERB
cblr-14238	472	4	to	to	ADP
cblr-14238	472	5	this	this	DET
cblr-14238	472	6	process	process	NOUN
cblr-14238	472	7	as	as	ADP
cblr-14238	472	8	“	"	PUNCT
cblr-14238	472	9	regulation	regulation	NOUN
cblr-14238	472	10	by	by	ADP
cblr-14238	472	11	information	information	NOUN
cblr-14238	472	12	.	.	PUNCT
cblr-14238	473	1	”104	”104	PUNCT
cblr-14238	474	1	it	it	PRON
cblr-14238	474	2	is	be	AUX
cblr-14238	474	3	possible	possible	ADJ
cblr-14238	474	4	that	that	SCONJ
cblr-14238	474	5	indexation	indexation	NOUN
cblr-14238	474	6	can	can	AUX
cblr-14238	474	7	be	be	AUX
cblr-14238	474	8	a	a	DET
cblr-14238	474	9	form	form	NOUN
cblr-14238	474	10	of	of	ADP
cblr-14238	474	11	regulation	regulation	NOUN
cblr-14238	474	12	by	by	ADP
cblr-14238	474	13	information	information	NOUN
cblr-14238	474	14	,	,	PUNCT
cblr-14238	474	15	with	with	ADP
cblr-14238	474	16	indexers	indexer	NOUN
cblr-14238	474	17	acting	act	VERB
cblr-14238	474	18	as	as	ADP
cblr-14238	474	19	certifiers	certifier	NOUN
cblr-14238	474	20	of	of	ADP
cblr-14238	474	21	reputation	reputation	NOUN
cblr-14238	474	22	.	.	PUNCT
cblr-14238	475	1	indexers	indexer	NOUN
cblr-14238	475	2	may	may	AUX
cblr-14238	475	3	provide	provide	VERB
cblr-14238	475	4	certification	certification	NOUN
cblr-14238	475	5	through	through	ADP
cblr-14238	475	6	index	index	NOUN
cblr-14238	475	7	inclusion	inclusion	NOUN
cblr-14238	475	8	or	or	CCONJ
cblr-14238	475	9	de	de	NOUN
cblr-14238	475	10	-	-	NOUN
cblr-14238	475	11	certification	certification	NOUN
cblr-14238	475	12	through	through	ADP
cblr-14238	475	13	index	index	NOUN
cblr-14238	475	14	deletion	deletion	NOUN
cblr-14238	475	15	and	and	CCONJ
cblr-14238	475	16	exclusion	exclusion	NOUN
cblr-14238	475	17	,	,	PUNCT
cblr-14238	475	18	that	that	PRON
cblr-14238	475	19	encourages	encourage	VERB
cblr-14238	475	20	targeted	targeted	ADJ
cblr-14238	475	21	parties	party	NOUN
cblr-14238	475	22	to	to	PART
cblr-14238	475	23	make	make	VERB
cblr-14238	475	24	operational	operational	ADJ
cblr-14238	475	25	and	and	CCONJ
cblr-14238	475	26	policy	policy	NOUN
cblr-14238	475	27	choices	choice	NOUN
cblr-14238	475	28	to	to	PART
cblr-14238	475	29	comply	comply	VERB
cblr-14238	475	30	with	with	ADP
cblr-14238	475	31	index	index	NOUN
cblr-14238	475	32	eligibility	eligibility	NOUN
cblr-14238	475	33	criteria	criterion	NOUN
cblr-14238	475	34	.	.	PUNCT
cblr-14238	476	1	in	in	ADP
cblr-14238	476	2	the	the	DET
cblr-14238	476	3	corporate	corporate	ADJ
cblr-14238	476	4	context	context	NOUN
cblr-14238	476	5	,	,	PUNCT
cblr-14238	476	6	depending	depend	VERB
cblr-14238	476	7	on	on	ADP
cblr-14238	476	8	the	the	DET
cblr-14238	476	9	nature	nature	NOUN
cblr-14238	476	10	of	of	ADP
cblr-14238	476	11	the	the	DET
cblr-14238	476	12	index	index	NOUN
cblr-14238	476	13	and	and	CCONJ
cblr-14238	476	14	the	the	DET
cblr-14238	476	15	criteria	criterion	NOUN
cblr-14238	476	16	for	for	ADP
cblr-14238	476	17	inclusion	inclusion	NOUN
cblr-14238	476	18	,	,	PUNCT
cblr-14238	476	19	certification	certification	NOUN
cblr-14238	476	20	by	by	ADP
cblr-14238	476	21	indexers	indexer	NOUN
cblr-14238	476	22	may	may	AUX
cblr-14238	476	23	be	be	AUX
cblr-14238	476	24	perceived	perceive	VERB
cblr-14238	476	25	as	as	ADP
cblr-14238	476	26	useful	useful	ADJ
cblr-14238	476	27	to	to	ADP
cblr-14238	476	28	relationships	relationship	NOUN
cblr-14238	476	29	with	with	ADP
cblr-14238	476	30	shareholders	shareholder	NOUN
cblr-14238	476	31	,	,	PUNCT
cblr-14238	476	32	customers	customer	NOUN
cblr-14238	476	33	,	,	PUNCT
cblr-14238	476	34	employees	employee	NOUN
cblr-14238	476	35	or	or	CCONJ
cblr-14238	476	36	suppliers	supplier	NOUN
cblr-14238	476	37	.	.	PUNCT
cblr-14238	477	1	executives	executive	NOUN
cblr-14238	477	2	might	might	AUX
cblr-14238	477	3	believe	believe	VERB
cblr-14238	477	4	inclusion	inclusion	NOUN
cblr-14238	477	5	in	in	ADP
cblr-14238	477	6	a	a	DET
cblr-14238	477	7	well	well	ADV
cblr-14238	477	8	-	-	PUNCT
cblr-14238	477	9	known	know	VERB
cblr-14238	477	10	esg	esg	NOUN
cblr-14238	477	11	index	index	NOUN
cblr-14238	477	12	,	,	PUNCT
cblr-14238	477	13	for	for	ADP
cblr-14238	477	14	example	example	NOUN
cblr-14238	477	15	,	,	PUNCT
cblr-14238	477	16	certifies	certify	VERB
cblr-14238	477	17	the	the	DET
cblr-14238	477	18	company	company	NOUN
cblr-14238	477	19	as	as	ADP
cblr-14238	477	20	a	a	DET
cblr-14238	477	21	sustainable	sustainable	ADJ
cblr-14238	477	22	enterprise.105	enterprise.105	NOUN
cblr-14238	477	23	however	however	ADV
cblr-14238	477	24	,	,	PUNCT
cblr-14238	477	25	for	for	SCONJ
cblr-14238	477	26	certification	certification	NOUN
cblr-14238	477	27	to	to	PART
cblr-14238	477	28	have	have	VERB
cblr-14238	477	29	regulatory	regulatory	ADJ
cblr-14238	477	30	effect	effect	NOUN
cblr-14238	477	31	,	,	PUNCT
cblr-14238	477	32	it	it	PRON
cblr-14238	477	33	must	must	AUX
cblr-14238	477	34	be	be	AUX
cblr-14238	477	35	considered	consider	VERB
cblr-14238	477	36	both	both	CCONJ
cblr-14238	477	37	credible	credible	ADJ
cblr-14238	477	38	and	and	CCONJ
cblr-14238	477	39	relevant.106	relevant.106	NOUN
cblr-14238	477	40	one	one	NUM
cblr-14238	477	41	way	way	NOUN
cblr-14238	477	42	that	that	PRON
cblr-14238	477	43	index	index	NOUN
cblr-14238	477	44	inclusion	inclusion	NOUN
cblr-14238	477	45	might	might	AUX
cblr-14238	477	46	be	be	AUX
cblr-14238	477	47	considered	consider	VERB
cblr-14238	477	48	relevant	relevant	ADJ
cblr-14238	477	49	to	to	ADP
cblr-14238	477	50	corporate	corporate	ADJ
cblr-14238	477	51	executives	executive	NOUN
cblr-14238	477	52	is	be	AUX
cblr-14238	477	53	if	if	SCONJ
cblr-14238	477	54	it	it	PRON
cblr-14238	477	55	provides	provide	VERB
cblr-14238	477	56	financial	financial	ADJ
cblr-14238	477	57	benefits	benefit	NOUN
cblr-14238	477	58	.	.	PUNCT
cblr-14238	478	1	hartzmark	hartzmark	PROPN
cblr-14238	478	2	and	and	CCONJ
cblr-14238	478	3	sussman	sussman	NOUN
cblr-14238	478	4	showed	show	VERB
cblr-14238	478	5	,	,	PUNCT
cblr-14238	478	6	for	for	ADP
cblr-14238	478	7	example	example	NOUN
cblr-14238	478	8	,	,	PUNCT
cblr-14238	478	9	that	that	SCONJ
cblr-14238	478	10	esg	esg	PROPN
cblr-14238	478	11	ratings	rating	NOUN
cblr-14238	478	12	(	(	PUNCT
cblr-14238	478	13	“	"	PUNCT
cblr-14238	478	14	globe	globe	NOUN
cblr-14238	478	15	ratings	rating	NOUN
cblr-14238	478	16	”	"	PUNCT
cblr-14238	478	17	)	)	PUNCT
cblr-14238	478	18	provided	provide	VERB
cblr-14238	478	19	to	to	ADP
cblr-14238	478	20	investment	investment	NOUN
cblr-14238	478	21	funds	fund	NOUN
cblr-14238	478	22	by	by	ADP
cblr-14238	478	23	103	103	NUM
cblr-14238	478	24	see	see	NOUN
cblr-14238	478	25	,	,	PUNCT
cblr-14238	478	26	e.g.	e.g.	ADV
cblr-14238	478	27	,	,	PUNCT
cblr-14238	478	28	bartley	bartley	PROPN
cblr-14238	478	29	,	,	PUNCT
cblr-14238	478	30	supra	supra	PROPN
cblr-14238	478	31	note	note	PROPN
cblr-14238	478	32	28	28	NUM
cblr-14238	478	33	;	;	PUNCT
cblr-14238	478	34	metcalf	metcalf	NOUN
cblr-14238	478	35	notes	note	VERB
cblr-14238	478	36	that	that	SCONJ
cblr-14238	478	37	studies	study	NOUN
cblr-14238	478	38	show	show	VERB
cblr-14238	478	39	morningstar	morningstar	NOUN
cblr-14238	478	40	ratings	rating	NOUN
cblr-14238	478	41	and	and	CCONJ
cblr-14238	478	42	credit	credit	NOUN
cblr-14238	478	43	ratings	rating	NOUN
cblr-14238	478	44	have	have	VERB
cblr-14238	478	45	effects	effect	NOUN
cblr-14238	478	46	on	on	ADP
cblr-14238	478	47	returns	return	NOUN
cblr-14238	478	48	of	of	ADP
cblr-14238	478	49	affected	affected	ADJ
cblr-14238	478	50	funds	fund	NOUN
cblr-14238	478	51	and	and	CCONJ
cblr-14238	478	52	companies	company	NOUN
cblr-14238	478	53	,	,	PUNCT
cblr-14238	478	54	suggesting	suggest	VERB
cblr-14238	478	55	that	that	SCONJ
cblr-14238	478	56	third	third	ADJ
cblr-14238	478	57	party	party	NOUN
cblr-14238	478	58	rankings	ranking	NOUN
cblr-14238	478	59	regarding	regard	VERB
cblr-14238	478	60	corporate	corporate	ADJ
cblr-14238	478	61	social	social	ADJ
cblr-14238	478	62	responsibility	responsibility	NOUN
cblr-14238	478	63	may	may	AUX
cblr-14238	478	64	provide	provide	VERB
cblr-14238	478	65	credible	credible	ADJ
cblr-14238	478	66	signals	signal	NOUN
cblr-14238	478	67	that	that	PRON
cblr-14238	478	68	can	can	AUX
cblr-14238	478	69	inspire	inspire	VERB
cblr-14238	478	70	corporate	corporate	ADJ
cblr-14238	478	71	investments	investment	NOUN
cblr-14238	478	72	if	if	SCONJ
cblr-14238	478	73	they	they	PRON
cblr-14238	478	74	are	be	AUX
cblr-14238	478	75	rewarded	reward	VERB
cblr-14238	478	76	by	by	ADP
cblr-14238	478	77	the	the	DET
cblr-14238	478	78	markets	market	NOUN
cblr-14238	478	79	.	.	PUNCT
cblr-14238	479	1	metcalf	metcalf	PROPN
cblr-14238	479	2	,	,	PUNCT
cblr-14238	479	3	supra	supra	PROPN
cblr-14238	479	4	note	note	PROPN
cblr-14238	479	5	29	29	NUM
cblr-14238	479	6	,	,	PUNCT
cblr-14238	479	7	at	at	ADP
cblr-14238	479	8	161	161	NUM
cblr-14238	479	9	,	,	PUNCT
cblr-14238	479	10	165–166	165–166	NUM
cblr-14238	479	11	.	.	PUNCT
cblr-14238	480	1	however	however	ADV
cblr-14238	480	2	,	,	PUNCT
cblr-14238	480	3	metcalf	metcalf	PROPN
cblr-14238	480	4	also	also	ADV
cblr-14238	480	5	found	find	VERB
cblr-14238	480	6	equivocal	equivocal	ADJ
cblr-14238	480	7	results	result	NOUN
cblr-14238	480	8	from	from	ADP
cblr-14238	480	9	an	an	DET
cblr-14238	480	10	event	event	NOUN
cblr-14238	480	11	study	study	NOUN
cblr-14238	480	12	of	of	ADP
cblr-14238	480	13	market	market	NOUN
cblr-14238	480	14	returns	return	NOUN
cblr-14238	480	15	following	follow	VERB
cblr-14238	480	16	announcements	announcement	NOUN
cblr-14238	480	17	of	of	ADP
cblr-14238	480	18	the	the	DET
cblr-14238	480	19	fortune	fortune	NOUN
cblr-14238	480	20	sustainability	sustainability	NOUN
cblr-14238	480	21	rankings	ranking	NOUN
cblr-14238	480	22	from	from	ADP
cblr-14238	480	23	2004–2006	2004–2006	NUM
cblr-14238	480	24	,	,	PUNCT
cblr-14238	480	25	suggesting	suggest	VERB
cblr-14238	480	26	those	those	DET
cblr-14238	480	27	rankings	ranking	NOUN
cblr-14238	480	28	do	do	AUX
cblr-14238	480	29	not	not	PART
cblr-14238	480	30	provide	provide	VERB
cblr-14238	480	31	valuable	valuable	ADJ
cblr-14238	480	32	signals	signal	NOUN
cblr-14238	480	33	to	to	ADP
cblr-14238	480	34	the	the	DET
cblr-14238	480	35	market	market	NOUN
cblr-14238	480	36	.	.	PUNCT
cblr-14238	481	1	i	i	PRON
cblr-14238	481	2	d.	d.	PROPN
cblr-14238	481	3	104	104	NUM
cblr-14238	481	4	bartley	bartley	PROPN
cblr-14238	481	5	,	,	PUNCT
cblr-14238	481	6	supra	supra	PROPN
cblr-14238	481	7	note	note	PROPN
cblr-14238	481	8	28	28	NUM
cblr-14238	481	9	;	;	PUNCT
cblr-14238	481	10	metcalf	metcalf	PROPN
cblr-14238	481	11	,	,	PUNCT
cblr-14238	481	12	supra	supra	PROPN
cblr-14238	481	13	note	note	NOUN
cblr-14238	481	14	29	29	NUM
cblr-14238	481	15	.	.	X
cblr-14238	481	16	105	105	NUM
cblr-14238	481	17	charlo	charlo	NOUN
cblr-14238	481	18	et	et	PROPN
cblr-14238	481	19	al	al	PROPN
cblr-14238	481	20	.	.	PROPN
cblr-14238	481	21	,	,	PUNCT
cblr-14238	481	22	supra	supra	PROPN
cblr-14238	481	23	note	note	NOUN
cblr-14238	481	24	30	30	NUM
cblr-14238	481	25	,	,	PUNCT
cblr-14238	481	26	at	at	ADP
cblr-14238	481	27	278–79	278–79	NOUN
cblr-14238	481	28	(	(	PUNCT
cblr-14238	481	29	“	"	PUNCT
cblr-14238	481	30	there	there	PRON
cblr-14238	481	31	is	be	VERB
cblr-14238	481	32	no	no	DET
cblr-14238	481	33	doubt	doubt	NOUN
cblr-14238	481	34	that	that	SCONJ
cblr-14238	481	35	the	the	DET
cblr-14238	481	36	stock	stock	NOUN
cblr-14238	481	37	exchange	exchange	NOUN
cblr-14238	481	38	indices	index	NOUN
cblr-14238	481	39	are	be	AUX
cblr-14238	481	40	a	a	DET
cblr-14238	481	41	communications	communication	NOUN
cblr-14238	481	42	tool	tool	NOUN
cblr-14238	481	43	and	and	CCONJ
cblr-14238	481	44	compose	compose	VERB
cblr-14238	481	45	a	a	DET
cblr-14238	481	46	kind	kind	NOUN
cblr-14238	481	47	of	of	ADP
cblr-14238	481	48	seal	seal	NOUN
cblr-14238	481	49	,	,	PUNCT
cblr-14238	481	50	or	or	CCONJ
cblr-14238	481	51	standard	standard	NOUN
cblr-14238	481	52	[	[	X
cblr-14238	481	53	.	.	X
cblr-14238	481	54	]	]	PUNCT
cblr-14238	481	55	.	.	PUNCT
cblr-14238	481	56	.	.	PUNCT
cblr-14238	481	57	.	.	PUNCT
cblr-14238	482	1	business	business	NOUN
cblr-14238	482	2	companies	company	NOUN
cblr-14238	482	3	are	be	AUX
cblr-14238	482	4	thus	thus	ADV
cblr-14238	482	5	interested	interested	ADJ
cblr-14238	482	6	in	in	ADP
cblr-14238	482	7	belonging	belong	VERB
cblr-14238	482	8	to	to	ADP
cblr-14238	482	9	a	a	DET
cblr-14238	482	10	sustainability	sustainability	NOUN
cblr-14238	482	11	index	index	NOUN
cblr-14238	482	12	that	that	SCONJ
cblr-14238	482	13	not	not	PART
cblr-14238	482	14	only	only	ADV
cblr-14238	482	15	will	will	AUX
cblr-14238	482	16	allow	allow	VERB
cblr-14238	482	17	them	they	PRON
cblr-14238	482	18	to	to	PART
cblr-14238	482	19	publicize	publicize	VERB
cblr-14238	482	20	their	their	PRON
cblr-14238	482	21	results	result	NOUN
cblr-14238	482	22	,	,	PUNCT
cblr-14238	482	23	but	but	CCONJ
cblr-14238	482	24	also	also	ADV
cblr-14238	482	25	will	will	AUX
cblr-14238	482	26	be	be	AUX
cblr-14238	482	27	seen	see	VERB
cblr-14238	482	28	as	as	ADP
cblr-14238	482	29	a	a	DET
cblr-14238	482	30	seal	seal	NOUN
cblr-14238	482	31	of	of	ADP
cblr-14238	482	32	quality	quality	NOUN
cblr-14238	482	33	that	that	PRON
cblr-14238	482	34	will	will	AUX
cblr-14238	482	35	boost	boost	VERB
cblr-14238	482	36	their	their	PRON
cblr-14238	482	37	reputation	reputation	NOUN
cblr-14238	482	38	.	.	PUNCT
cblr-14238	482	39	”	"	PUNCT
cblr-14238	482	40	)	)	PUNCT
cblr-14238	482	41	.	.	PUNCT
cblr-14238	483	1	106	106	NUM
cblr-14238	483	2	metcalf	metcalf	NOUN
cblr-14238	483	3	,	,	PUNCT
cblr-14238	483	4	supra	supra	PROPN
cblr-14238	483	5	note	note	NOUN
cblr-14238	483	6	29	29	NUM
cblr-14238	483	7	.	.	X
cblr-14238	483	8	750	750	NUM
cblr-14238	483	9	columbia	columbia	PROPN
cblr-14238	483	10	business	business	NOUN
cblr-14238	483	11	law	law	PROPN
cblr-14238	483	12	review	review	NOUN
cblr-14238	484	1	[	[	X
cblr-14238	484	2	vol	vol	NOUN
cblr-14238	484	3	.	.	NOUN
cblr-14238	484	4	2024	2024	NUM
cblr-14238	484	5	morningstar	morningstar	PROPN
cblr-14238	484	6	increased	increase	VERB
cblr-14238	484	7	the	the	DET
cblr-14238	484	8	amount	amount	NOUN
cblr-14238	484	9	of	of	ADP
cblr-14238	484	10	assets	asset	NOUN
cblr-14238	484	11	flowing	flow	VERB
cblr-14238	484	12	into	into	ADP
cblr-14238	484	13	funds	fund	NOUN
cblr-14238	484	14	with	with	ADP
cblr-14238	484	15	higher	high	ADJ
cblr-14238	484	16	ratings.107	ratings.107	NOUN
cblr-14238	484	17	as	as	SCONJ
cblr-14238	484	18	discussed	discuss	VERB
cblr-14238	484	19	in	in	ADP
cblr-14238	484	20	section	section	PROPN
cblr-14238	484	21	ii	ii	PROPN
cblr-14238	484	22	.	.	PUNCT
cblr-14238	485	1	a.	a.	PROPN
cblr-14238	485	2	,	,	PUNCT
cblr-14238	485	3	however	however	ADV
cblr-14238	485	4	,	,	PUNCT
cblr-14238	485	5	efficient	efficient	ADJ
cblr-14238	485	6	markets	market	NOUN
cblr-14238	485	7	theory	theory	NOUN
cblr-14238	485	8	suggests	suggest	VERB
cblr-14238	485	9	that	that	SCONJ
cblr-14238	485	10	firms	firm	NOUN
cblr-14238	485	11	will	will	AUX
cblr-14238	485	12	not	not	PART
cblr-14238	485	13	obtain	obtain	VERB
cblr-14238	485	14	cost	cost	NOUN
cblr-14238	485	15	of	of	ADP
cblr-14238	485	16	capital	capital	NOUN
cblr-14238	485	17	benefits	benefit	NOUN
cblr-14238	485	18	from	from	ADP
cblr-14238	485	19	inclusion	inclusion	NOUN
cblr-14238	485	20	in	in	ADP
cblr-14238	485	21	an	an	DET
cblr-14238	485	22	index	index	NOUN
cblr-14238	485	23	(	(	PUNCT
cblr-14238	485	24	esg	esg	NOUN
cblr-14238	485	25	or	or	CCONJ
cblr-14238	485	26	otherwise).108	otherwise).108	NOUN
cblr-14238	485	27	as	as	ADP
cblr-14238	485	28	a	a	DET
cblr-14238	485	29	result	result	NOUN
cblr-14238	485	30	,	,	PUNCT
cblr-14238	485	31	managers	manager	NOUN
cblr-14238	485	32	must	must	AUX
cblr-14238	485	33	either	either	CCONJ
cblr-14238	485	34	be	be	AUX
cblr-14238	485	35	ignorant	ignorant	ADJ
cblr-14238	485	36	of	of	ADP
cblr-14238	485	37	the	the	DET
cblr-14238	485	38	limited	limited	ADJ
cblr-14238	485	39	cost	cost	NOUN
cblr-14238	485	40	of	of	ADP
cblr-14238	485	41	capital	capital	NOUN
cblr-14238	485	42	benefits	benefit	NOUN
cblr-14238	485	43	from	from	ADP
cblr-14238	485	44	index	index	NOUN
cblr-14238	485	45	inclusion	inclusion	NOUN
cblr-14238	485	46	or	or	CCONJ
cblr-14238	485	47	believe	believe	VERB
cblr-14238	485	48	that	that	SCONJ
cblr-14238	485	49	there	there	PRON
cblr-14238	485	50	are	be	VERB
cblr-14238	485	51	other	other	ADJ
cblr-14238	485	52	reputational	reputational	ADJ
cblr-14238	485	53	benefits	benefit	NOUN
cblr-14238	485	54	from	from	ADP
cblr-14238	485	55	addition	addition	NOUN
cblr-14238	485	56	to	to	ADP
cblr-14238	485	57	an	an	DET
cblr-14238	485	58	index	index	NOUN
cblr-14238	485	59	.	.	PUNCT
cblr-14238	486	1	they	they	PRON
cblr-14238	486	2	may	may	AUX
cblr-14238	486	3	believe	believe	VERB
cblr-14238	486	4	,	,	PUNCT
cblr-14238	486	5	for	for	ADP
cblr-14238	486	6	example	example	NOUN
cblr-14238	486	7	,	,	PUNCT
cblr-14238	486	8	that	that	DET
cblr-14238	486	9	certification	certification	NOUN
cblr-14238	486	10	as	as	ADP
cblr-14238	486	11	a	a	DET
cblr-14238	486	12	sustainable	sustainable	ADJ
cblr-14238	486	13	firm	firm	NOUN
cblr-14238	486	14	through	through	ADP
cblr-14238	486	15	inclusion	inclusion	NOUN
cblr-14238	486	16	in	in	ADP
cblr-14238	486	17	a	a	DET
cblr-14238	486	18	wellknown	wellknown	ADJ
cblr-14238	486	19	esg	esg	PROPN
cblr-14238	486	20	index	index	NOUN
cblr-14238	486	21	will	will	AUX
cblr-14238	486	22	appeal	appeal	VERB
cblr-14238	486	23	to	to	ADP
cblr-14238	486	24	consumers	consumer	NOUN
cblr-14238	486	25	,	,	PUNCT
cblr-14238	486	26	employees	employee	NOUN
cblr-14238	486	27	,	,	PUNCT
cblr-14238	486	28	suppliers	supplier	NOUN
cblr-14238	486	29	,	,	PUNCT
cblr-14238	486	30	or	or	CCONJ
cblr-14238	486	31	other	other	ADJ
cblr-14238	486	32	stakeholders	stakeholder	NOUN
cblr-14238	486	33	in	in	ADP
cblr-14238	486	34	ways	way	NOUN
cblr-14238	486	35	that	that	PRON
cblr-14238	486	36	enhance	enhance	VERB
cblr-14238	486	37	firm	firm	ADJ
cblr-14238	486	38	value	value	NOUN
cblr-14238	486	39	over	over	ADV
cblr-14238	486	40	time.109	time.109	ADJ
cblr-14238	486	41	in	in	ADP
cblr-14238	486	42	order	order	NOUN
cblr-14238	486	43	for	for	SCONJ
cblr-14238	486	44	that	that	PRON
cblr-14238	486	45	to	to	PART
cblr-14238	486	46	work	work	VERB
cblr-14238	486	47	,	,	PUNCT
cblr-14238	486	48	corporate	corporate	ADJ
cblr-14238	486	49	managers	manager	NOUN
cblr-14238	486	50	would	would	AUX
cblr-14238	486	51	have	have	VERB
cblr-14238	486	52	to	to	PART
cblr-14238	486	53	believe	believe	VERB
cblr-14238	486	54	that	that	SCONJ
cblr-14238	486	55	the	the	DET
cblr-14238	486	56	relevant	relevant	ADJ
cblr-14238	486	57	107	107	NUM
cblr-14238	486	58	samuel	samuel	PROPN
cblr-14238	486	59	m.	m.	PROPN
cblr-14238	486	60	hartzmark	hartzmark	PROPN
cblr-14238	486	61	&	&	CCONJ
cblr-14238	486	62	abigail	abigail	PROPN
cblr-14238	486	63	b.	b.	PROPN
cblr-14238	486	64	sussman	sussman	PROPN
cblr-14238	486	65	,	,	PUNCT
cblr-14238	486	66	do	do	AUX
cblr-14238	486	67	investors	investor	NOUN
cblr-14238	486	68	value	value	VERB
cblr-14238	486	69	sustainability	sustainability	NOUN
cblr-14238	486	70	?	?	PUNCT
cblr-14238	487	1	a	a	DET
cblr-14238	487	2	natural	natural	ADJ
cblr-14238	487	3	experiment	experiment	NOUN
cblr-14238	487	4	examining	examine	VERB
cblr-14238	487	5	ranking	ranking	NOUN
cblr-14238	487	6	and	and	CCONJ
cblr-14238	487	7	fund	fund	NOUN
cblr-14238	487	8	flows	flow	NOUN
cblr-14238	487	9	,	,	PUNCT
cblr-14238	487	10	74	74	NUM
cblr-14238	487	11	j.	j.	PROPN
cblr-14238	487	12	fin	fin	PROPN
cblr-14238	487	13	.	.	PROPN
cblr-14238	488	1	2789	2789	NUM
cblr-14238	488	2	,	,	PUNCT
cblr-14238	488	3	2790	2790	NUM
cblr-14238	488	4	(	(	PUNCT
cblr-14238	488	5	2019	2019	NUM
cblr-14238	488	6	)	)	PUNCT
cblr-14238	488	7	.	.	PUNCT
cblr-14238	489	1	subsequent	subsequent	ADJ
cblr-14238	489	2	research	research	NOUN
cblr-14238	489	3	has	have	AUX
cblr-14238	489	4	shown	show	VERB
cblr-14238	489	5	,	,	PUNCT
cblr-14238	489	6	however	however	ADV
cblr-14238	489	7	,	,	PUNCT
cblr-14238	489	8	that	that	SCONJ
cblr-14238	489	9	after	after	SCONJ
cblr-14238	489	10	funds	fund	NOUN
cblr-14238	489	11	with	with	ADP
cblr-14238	489	12	higher	high	ADJ
cblr-14238	489	13	globe	globe	NOUN
cblr-14238	489	14	ratings	rating	NOUN
cblr-14238	489	15	underperformed	underperform	VERB
cblr-14238	489	16	,	,	PUNCT
cblr-14238	489	17	investors	investor	NOUN
cblr-14238	489	18	shifted	shift	VERB
cblr-14238	489	19	to	to	ADP
cblr-14238	489	20	funds	fund	NOUN
cblr-14238	489	21	with	with	ADP
cblr-14238	489	22	higher	high	ADJ
cblr-14238	489	23	returns	return	NOUN
cblr-14238	489	24	,	,	PUNCT
cblr-14238	489	25	suggesting	suggest	VERB
cblr-14238	489	26	that	that	SCONJ
cblr-14238	489	27	investors	investor	NOUN
cblr-14238	489	28	had	have	AUX
cblr-14238	489	29	moved	move	VERB
cblr-14238	489	30	into	into	ADP
cblr-14238	489	31	funds	fund	NOUN
cblr-14238	489	32	with	with	ADP
cblr-14238	489	33	higher	high	ADJ
cblr-14238	489	34	sustainability	sustainability	NOUN
cblr-14238	489	35	ratings	rating	NOUN
cblr-14238	489	36	on	on	ADP
cblr-14238	489	37	the	the	DET
cblr-14238	489	38	assumption	assumption	NOUN
cblr-14238	489	39	they	they	PRON
cblr-14238	489	40	would	would	AUX
cblr-14238	489	41	lead	lead	VERB
cblr-14238	489	42	to	to	ADP
cblr-14238	489	43	higher	high	ADJ
cblr-14238	489	44	returns	return	NOUN
cblr-14238	489	45	,	,	PUNCT
cblr-14238	489	46	and	and	CCONJ
cblr-14238	489	47	not	not	PART
cblr-14238	489	48	because	because	SCONJ
cblr-14238	489	49	they	they	PRON
cblr-14238	489	50	wanted	want	VERB
cblr-14238	489	51	to	to	PART
cblr-14238	489	52	support	support	VERB
cblr-14238	489	53	sustainable	sustainable	ADJ
cblr-14238	489	54	firms	firm	NOUN
cblr-14238	489	55	,	,	PUNCT
cblr-14238	489	56	so	so	SCONJ
cblr-14238	489	57	fund	fund	NOUN
cblr-14238	489	58	managers	manager	NOUN
cblr-14238	489	59	stopped	stop	VERB
cblr-14238	489	60	trading	trade	VERB
cblr-14238	489	61	to	to	PART
cblr-14238	489	62	improve	improve	VERB
cblr-14238	489	63	their	their	PRON
cblr-14238	489	64	globe	globe	NOUN
cblr-14238	489	65	ratings	rating	NOUN
cblr-14238	489	66	.	.	PUNCT
cblr-14238	490	1	nickolay	nickolay	PROPN
cblr-14238	490	2	gantchev	gantchev	PROPN
cblr-14238	490	3	,	,	PUNCT
cblr-14238	490	4	mariassunta	mariassunta	PROPN
cblr-14238	490	5	giannetti	giannetti	PROPN
cblr-14238	490	6	&	&	CCONJ
cblr-14238	490	7	rachel	rachel	PROPN
cblr-14238	490	8	li	li	PROPN
cblr-14238	490	9	,	,	PUNCT
cblr-14238	490	10	sustainability	sustainability	NOUN
cblr-14238	490	11	or	or	CCONJ
cblr-14238	490	12	performance	performance	NOUN
cblr-14238	490	13	?	?	PUNCT
cblr-14238	491	1	ratings	rating	NOUN
cblr-14238	491	2	and	and	CCONJ
cblr-14238	491	3	fund	fund	NOUN
cblr-14238	491	4	managers	manager	NOUN
cblr-14238	491	5	’	’	PART
cblr-14238	491	6	incentives	incentive	NOUN
cblr-14238	491	7	,	,	PUNCT
cblr-14238	491	8	155	155	NUM
cblr-14238	491	9	j.	j.	PROPN
cblr-14238	491	10	fin	fin	PROPN
cblr-14238	491	11	.	.	PUNCT
cblr-14238	491	12	econ	econ	PROPN
cblr-14238	491	13	.	.	PUNCT
cblr-14238	492	1	103831	103831	NUM
cblr-14238	492	2	(	(	PUNCT
cblr-14238	492	3	2024	2024	NUM
cblr-14238	492	4	)	)	PUNCT
cblr-14238	492	5	.	.	PUNCT
cblr-14238	493	1	108	108	NUM
cblr-14238	493	2	in	in	ADP
cblr-14238	493	3	fact	fact	NOUN
cblr-14238	493	4	,	,	PUNCT
cblr-14238	493	5	one	one	NUM
cblr-14238	493	6	recent	recent	ADJ
cblr-14238	493	7	study	study	NOUN
cblr-14238	493	8	suggests	suggest	VERB
cblr-14238	493	9	that	that	SCONJ
cblr-14238	493	10	higher	high	ADJ
cblr-14238	493	11	esg	esg	PROPN
cblr-14238	493	12	ratings	rating	NOUN
cblr-14238	493	13	lead	lead	NOUN
cblr-14238	493	14	,	,	PUNCT
cblr-14238	493	15	on	on	ADP
cblr-14238	493	16	average	average	ADJ
cblr-14238	493	17	,	,	PUNCT
cblr-14238	493	18	to	to	ADP
cblr-14238	493	19	a	a	DET
cblr-14238	493	20	higher	high	ADJ
cblr-14238	493	21	cost	cost	NOUN
cblr-14238	493	22	of	of	ADP
cblr-14238	493	23	equity	equity	NOUN
cblr-14238	493	24	.	.	PUNCT
cblr-14238	494	1	alessio	alessio	PROPN
cblr-14238	494	2	galluzzi	galluzzi	PROPN
cblr-14238	494	3	,	,	PUNCT
cblr-14238	494	4	fergus	fergus	PROPN
cblr-14238	494	5	o’donnell	o’donnell	PROPN
cblr-14238	494	6	&	&	CCONJ
cblr-14238	494	7	reuben	reuben	PROPN
cblr-14238	494	8	segara	segara	PROPN
cblr-14238	494	9	,	,	PUNCT
cblr-14238	494	10	the	the	DET
cblr-14238	494	11	cost	cost	NOUN
cblr-14238	494	12	of	of	ADP
cblr-14238	494	13	being	be	AUX
cblr-14238	494	14	green	green	ADJ
cblr-14238	494	15	:	:	PUNCT
cblr-14238	494	16	how	how	SCONJ
cblr-14238	494	17	esg	esg	PROPN
cblr-14238	494	18	ratings	rating	NOUN
cblr-14238	494	19	affect	affect	VERB
cblr-14238	494	20	a	a	DET
cblr-14238	494	21	firm	firm	NOUN
cblr-14238	494	22	’s	’s	PART
cblr-14238	494	23	cost	cost	NOUN
cblr-14238	494	24	of	of	ADP
cblr-14238	494	25	equity	equity	NOUN
cblr-14238	494	26	(	(	PUNCT
cblr-14238	494	27	working	working	NOUN
cblr-14238	494	28	paper	paper	NOUN
cblr-14238	494	29	,	,	PUNCT
cblr-14238	494	30	2023	2023	NUM
cblr-14238	494	31	)	)	PUNCT
cblr-14238	494	32	,	,	PUNCT
cblr-14238	494	33	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4495822	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4495822	NOUN
cblr-14238	494	34	[	[	X
cblr-14238	494	35	https://perma.cc/8bxd-37xj	https://perma.cc/8bxd-37xj	X
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cblr-14238	494	37	(	(	PUNCT
cblr-14238	494	38	finding	find	VERB
cblr-14238	494	39	a	a	DET
cblr-14238	494	40	one	one	NUM
cblr-14238	494	41	standard	standard	ADJ
cblr-14238	494	42	deviation	deviation	NOUN
cblr-14238	494	43	increase	increase	NOUN
cblr-14238	494	44	in	in	ADP
cblr-14238	494	45	esg	esg	PROPN
cblr-14238	494	46	ratings	rating	NOUN
cblr-14238	494	47	is	be	AUX
cblr-14238	494	48	linked	link	VERB
cblr-14238	494	49	,	,	PUNCT
cblr-14238	494	50	on	on	ADP
cblr-14238	494	51	average	average	ADJ
cblr-14238	494	52	,	,	PUNCT
cblr-14238	494	53	to	to	ADP
cblr-14238	494	54	a	a	DET
cblr-14238	494	55	15	15	NUM
cblr-14238	494	56	basis	basis	NOUN
cblr-14238	494	57	points	point	NOUN
cblr-14238	494	58	increase	increase	NOUN
cblr-14238	494	59	in	in	ADP
cblr-14238	494	60	a	a	DET
cblr-14238	494	61	firm	firm	NOUN
cblr-14238	494	62	’s	’s	PART
cblr-14238	494	63	cost	cost	NOUN
cblr-14238	494	64	of	of	ADP
cblr-14238	494	65	equity	equity	NOUN
cblr-14238	494	66	)	)	PUNCT
cblr-14238	494	67	.	.	PUNCT
cblr-14238	495	1	109	109	NUM
cblr-14238	495	2	recent	recent	ADJ
cblr-14238	495	3	scholarship	scholarship	NOUN
cblr-14238	495	4	supports	support	VERB
cblr-14238	495	5	the	the	DET
cblr-14238	495	6	theory	theory	NOUN
cblr-14238	495	7	that	that	SCONJ
cblr-14238	495	8	consumers	consumer	NOUN
cblr-14238	495	9	care	care	VERB
cblr-14238	495	10	about	about	ADP
cblr-14238	495	11	esg	esg	PROPN
cblr-14238	495	12	issues	issue	NOUN
cblr-14238	495	13	.	.	PUNCT
cblr-14238	496	1	see	see	VERB
cblr-14238	496	2	e.g.	e.g.	ADV
cblr-14238	496	3	,	,	PUNCT
cblr-14238	496	4	jean	jean	PROPN
cblr-14238	496	5	-	-	PUNCT
cblr-14238	496	6	marie	marie	PROPN
cblr-14238	496	7	meier	meier	PROPN
cblr-14238	496	8	,	,	PUNCT
cblr-14238	496	9	henri	henri	PROPN
cblr-14238	496	10	servaes	servaes	PROPN
cblr-14238	496	11	,	,	PUNCT
cblr-14238	496	12	jiaying	jiaying	PROPN
cblr-14238	496	13	wei	wei	PROPN
cblr-14238	496	14	&	&	CCONJ
cblr-14238	496	15	steven	steven	PROPN
cblr-14238	496	16	chong	chong	PROPN
cblr-14238	496	17	xiao	xiao	PROPN
cblr-14238	496	18	,	,	PUNCT
cblr-14238	496	19	do	do	AUX
cblr-14238	496	20	consumers	consumer	NOUN
cblr-14238	496	21	care	care	VERB
cblr-14238	496	22	about	about	ADP
cblr-14238	496	23	esg	esg	PROPN
cblr-14238	496	24	?	?	PUNCT
cblr-14238	496	25	evidence	evidence	NOUN
cblr-14238	496	26	from	from	ADP
cblr-14238	496	27	barcode	barcode	NOUN
cblr-14238	496	28	-	-	PUNCT
cblr-14238	496	29	level	level	NOUN
cblr-14238	496	30	sales	sale	NOUN
cblr-14238	496	31	data	datum	NOUN
cblr-14238	496	32	(	(	PUNCT
cblr-14238	496	33	eur	eur	PROPN
cblr-14238	496	34	.	.	PROPN
cblr-14238	496	35	corp	corp	PROPN
cblr-14238	496	36	.	.	PROPN
cblr-14238	496	37	governance	governance	PROPN
cblr-14238	496	38	inst	inst	PROPN
cblr-14238	496	39	.	.	PROPN
cblr-14238	496	40	,	,	PUNCT
cblr-14238	496	41	finance	finance	NOUN
cblr-14238	496	42	working	working	NOUN
cblr-14238	496	43	paper	paper	NOUN
cblr-14238	496	44	no	no	INTJ
cblr-14238	496	45	.	.	PROPN
cblr-14238	496	46	926/2023	926/2023	NUM
cblr-14238	496	47	,	,	PUNCT
cblr-14238	496	48	2023	2023	NUM
cblr-14238	496	49	)	)	PUNCT
cblr-14238	496	50	,	,	PUNCT
cblr-14238	496	51	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4260716	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4260716	PROPN
cblr-14238	497	1	[	[	X
cblr-14238	497	2	https://perma.cc/8jc2-nqdm	https://perma.cc/8jc2-nqdm	X
cblr-14238	497	3	]	]	X
cblr-14238	497	4	(	(	PUNCT
cblr-14238	497	5	finding	find	VERB
cblr-14238	497	6	that	that	SCONJ
cblr-14238	497	7	higher	high	ADJ
cblr-14238	497	8	esg	esg	NOUN
cblr-14238	497	9	ratings	rating	NOUN
cblr-14238	497	10	of	of	ADP
cblr-14238	497	11	product	product	NOUN
cblr-14238	497	12	market	market	NOUN
cblr-14238	497	13	rivals	rival	NOUN
cblr-14238	497	14	negatively	negatively	ADV
cblr-14238	497	15	affect	affect	VERB
cblr-14238	497	16	sales	sale	NOUN
cblr-14238	497	17	,	,	PUNCT
cblr-14238	497	18	monthly	monthly	ADJ
cblr-14238	497	19	product	product	NOUN
cblr-14238	497	20	sales	sale	NOUN
cblr-14238	497	21	decline	decline	NOUN
cblr-14238	497	22	following	follow	VERB
cblr-14238	497	23	negative	negative	ADJ
cblr-14238	497	24	firm	firm	ADJ
cblr-14238	497	25	news	news	NOUN
cblr-14238	497	26	on	on	ADP
cblr-14238	497	27	e&s	e&s	PROPN
cblr-14238	497	28	issues	issue	NOUN
cblr-14238	497	29	,	,	PUNCT
cblr-14238	497	30	and	and	CCONJ
cblr-14238	497	31	sales	sale	NOUN
cblr-14238	497	32	in	in	ADP
cblr-14238	497	33	counties	county	NOUN
cblr-14238	497	34	close	close	ADJ
cblr-14238	497	35	to	to	ADP
cblr-14238	497	36	natural	natural	ADJ
cblr-14238	497	37	and	and	CCONJ
cblr-14238	497	38	environmental	environmental	ADJ
cblr-14238	497	39	disasters	disaster	NOUN
cblr-14238	497	40	decline	decline	VERB
cblr-14238	497	41	following	follow	VERB
cblr-14238	497	42	such	such	ADJ
cblr-14238	497	43	events	event	NOUN
cblr-14238	497	44	)	)	PUNCT
cblr-14238	497	45	.	.	PUNCT
cblr-14238	498	1	no	no	INTJ
cblr-14238	498	2	.	.	NOUN
cblr-14238	498	3	2	2	NUM
cblr-14238	498	4	]	]	PUNCT
cblr-14238	498	5	regulation	regulation	NOUN
cblr-14238	498	6	by	by	ADP
cblr-14238	498	7	indexation	indexation	NOUN
cblr-14238	498	8	?	?	PUNCT
cblr-14238	499	1	751	751	NUM
cblr-14238	499	2	stakeholders	stakeholder	NOUN
cblr-14238	499	3	pay	pay	VERB
cblr-14238	499	4	attention	attention	NOUN
cblr-14238	499	5	to	to	ADP
cblr-14238	499	6	index	index	NOUN
cblr-14238	499	7	inclusion	inclusion	NOUN
cblr-14238	499	8	(	(	PUNCT
cblr-14238	499	9	as	as	SCONJ
cblr-14238	499	10	opposed	oppose	VERB
cblr-14238	499	11	to	to	ADP
cblr-14238	499	12	other	other	ADJ
cblr-14238	499	13	esg	esg	PROPN
cblr-14238	499	14	ratings	rating	NOUN
cblr-14238	499	15	,	,	PUNCT
cblr-14238	499	16	for	for	ADP
cblr-14238	499	17	example	example	NOUN
cblr-14238	499	18	)	)	PUNCT
cblr-14238	499	19	and	and	CCONJ
cblr-14238	499	20	that	that	PRON
cblr-14238	499	21	indexer	indexer	NOUN
cblr-14238	499	22	certification	certification	NOUN
cblr-14238	499	23	is	be	AUX
cblr-14238	499	24	credible	credible	ADJ
cblr-14238	499	25	and	and	CCONJ
cblr-14238	499	26	relevant	relevant	ADJ
cblr-14238	499	27	.	.	PUNCT
cblr-14238	500	1	one	one	PRON
cblr-14238	500	2	might	might	AUX
cblr-14238	500	3	reasonably	reasonably	ADV
cblr-14238	500	4	question	question	VERB
cblr-14238	500	5	the	the	DET
cblr-14238	500	6	credibility	credibility	NOUN
cblr-14238	500	7	of	of	ADP
cblr-14238	500	8	esg	esg	PROPN
cblr-14238	500	9	index	index	NOUN
cblr-14238	500	10	inclusion	inclusion	NOUN
cblr-14238	500	11	decisions	decision	NOUN
cblr-14238	500	12	among	among	ADP
cblr-14238	500	13	stakeholders	stakeholder	NOUN
cblr-14238	500	14	because	because	SCONJ
cblr-14238	500	15	of	of	ADP
cblr-14238	500	16	the	the	DET
cblr-14238	500	17	substantial	substantial	ADJ
cblr-14238	500	18	variability	variability	NOUN
cblr-14238	500	19	of	of	ADP
cblr-14238	500	20	corporate	corporate	ADJ
cblr-14238	500	21	esg	esg	NOUN
cblr-14238	500	22	ratings	rating	NOUN
cblr-14238	500	23	among	among	ADP
cblr-14238	500	24	esg	esg	NOUN
cblr-14238	500	25	rating	rating	NOUN
cblr-14238	500	26	firms	firm	NOUN
cblr-14238	500	27	,	,	PUNCT
cblr-14238	500	28	including	include	VERB
cblr-14238	500	29	indexers	indexer	NOUN
cblr-14238	500	30	.	.	PUNCT
cblr-14238	501	1	110	110	NUM
cblr-14238	501	2	third	third	ADJ
cblr-14238	501	3	-	-	PUNCT
cblr-14238	501	4	party	party	NOUN
cblr-14238	501	5	certifications	certification	NOUN
cblr-14238	501	6	can	can	AUX
cblr-14238	501	7	bolster	bolster	VERB
cblr-14238	501	8	an	an	DET
cblr-14238	501	9	organization	organization	NOUN
cblr-14238	501	10	’s	’s	PART
cblr-14238	501	11	reputation	reputation	NOUN
cblr-14238	501	12	,	,	PUNCT
cblr-14238	501	13	though	though	SCONJ
cblr-14238	501	14	efforts	effort	NOUN
cblr-14238	501	15	to	to	PART
cblr-14238	501	16	obtain	obtain	VERB
cblr-14238	501	17	and	and	CCONJ
cblr-14238	501	18	publicize	publicize	VERB
cblr-14238	501	19	certifications	certification	NOUN
cblr-14238	501	20	can	can	AUX
cblr-14238	501	21	also	also	ADV
cblr-14238	501	22	be	be	AUX
cblr-14238	501	23	perceived	perceive	VERB
cblr-14238	501	24	as	as	ADP
cblr-14238	501	25	hypocritical	hypocritical	ADJ
cblr-14238	501	26	if	if	SCONJ
cblr-14238	501	27	they	they	PRON
cblr-14238	501	28	are	be	AUX
cblr-14238	501	29	inconsistent	inconsistent	ADJ
cblr-14238	501	30	with	with	ADP
cblr-14238	501	31	other	other	ADJ
cblr-14238	501	32	corporate	corporate	ADJ
cblr-14238	501	33	actions.111	actions.111	NOUN
cblr-14238	501	34	110	110	NUM
cblr-14238	501	35	the	the	DET
cblr-14238	501	36	variability	variability	NOUN
cblr-14238	501	37	of	of	ADP
cblr-14238	501	38	esg	esg	NOUN
cblr-14238	501	39	definitions	definition	NOUN
cblr-14238	501	40	and	and	CCONJ
cblr-14238	501	41	judgments	judgment	NOUN
cblr-14238	501	42	has	have	AUX
cblr-14238	501	43	led	lead	VERB
cblr-14238	501	44	to	to	ADP
cblr-14238	501	45	significant	significant	ADJ
cblr-14238	501	46	diversity	diversity	NOUN
cblr-14238	501	47	in	in	ADP
cblr-14238	501	48	esg	esg	PROPN
cblr-14238	501	49	ratings	rating	NOUN
cblr-14238	501	50	for	for	ADP
cblr-14238	501	51	the	the	DET
cblr-14238	501	52	same	same	ADJ
cblr-14238	501	53	firm	firm	NOUN
cblr-14238	501	54	among	among	ADP
cblr-14238	501	55	different	different	ADJ
cblr-14238	501	56	esg	esg	NOUN
cblr-14238	501	57	rating	rating	NOUN
cblr-14238	501	58	agencies	agency	NOUN
cblr-14238	501	59	.	.	PUNCT
cblr-14238	502	1	see	see	VERB
cblr-14238	502	2	,	,	PUNCT
cblr-14238	502	3	e.g.	e.g.	ADV
cblr-14238	502	4	,	,	PUNCT
cblr-14238	502	5	florian	florian	PROPN
cblr-14238	502	6	berg	berg	PROPN
cblr-14238	502	7	,	,	PUNCT
cblr-14238	502	8	julian	julian	PROPN
cblr-14238	502	9	f	f	PROPN
cblr-14238	502	10	kolbel	kolbel	PROPN
cblr-14238	502	11	&	&	CCONJ
cblr-14238	502	12	roberto	roberto	PROPN
cblr-14238	502	13	rigobon	rigobon	PROPN
cblr-14238	502	14	,	,	PUNCT
cblr-14238	502	15	aggregate	aggregate	ADJ
cblr-14238	502	16	confusion	confusion	NOUN
cblr-14238	502	17	:	:	PUNCT
cblr-14238	502	18	the	the	DET
cblr-14238	502	19	divergence	divergence	NOUN
cblr-14238	502	20	of	of	ADP
cblr-14238	502	21	esg	esg	NOUN
cblr-14238	502	22	ratings	rating	NOUN
cblr-14238	502	23	,	,	PUNCT
cblr-14238	502	24	2022	2022	NUM
cblr-14238	502	25	rev	rev	VERB
cblr-14238	502	26	.	.	PROPN
cblr-14238	502	27	fin	fin	PROPN
cblr-14238	502	28	.	.	PUNCT
cblr-14238	503	1	1315	1315	NUM
cblr-14238	503	2	,	,	PUNCT
cblr-14238	503	3	1317	1317	NUM
cblr-14238	503	4	(	(	PUNCT
cblr-14238	503	5	2022	2022	NUM
cblr-14238	503	6	)	)	PUNCT
cblr-14238	503	7	(	(	PUNCT
cblr-14238	503	8	concluding	conclude	VERB
cblr-14238	503	9	that	that	DET
cblr-14238	503	10	divergence	divergence	NOUN
cblr-14238	503	11	in	in	ADP
cblr-14238	503	12	esg	esg	NOUN
cblr-14238	503	13	ratings	rating	NOUN
cblr-14238	503	14	among	among	ADP
cblr-14238	503	15	sustainalytics	sustainalytic	NOUN
cblr-14238	503	16	,	,	PUNCT
cblr-14238	503	17	moody	moody	PROPN
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cblr-14238	503	19	,	,	PUNCT
cblr-14238	503	20	s&p	s&p	PROPN
cblr-14238	503	21	global	global	NOUN
cblr-14238	503	22	and	and	CCONJ
cblr-14238	503	23	msci	msci	PROPN
cblr-14238	503	24	,	,	PUNCT
cblr-14238	503	25	among	among	ADP
cblr-14238	503	26	others	other	NOUN
cblr-14238	503	27	,	,	PUNCT
cblr-14238	503	28	is	be	AUX
cblr-14238	503	29	due	due	ADJ
cblr-14238	503	30	to	to	PART
cblr-14238	503	31	divergence	divergence	NOUN
cblr-14238	503	32	in	in	ADP
cblr-14238	503	33	measurement	measurement	NOUN
cblr-14238	503	34	(	(	PUNCT
cblr-14238	503	35	56	56	NUM
cblr-14238	503	36	%	%	NOUN
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cblr-14238	503	38	,	,	PUNCT
cblr-14238	503	39	scope	scope	NOUN
cblr-14238	503	40	(	(	PUNCT
cblr-14238	503	41	38	38	NUM
cblr-14238	503	42	%	%	NOUN
cblr-14238	503	43	)	)	PUNCT
cblr-14238	503	44	and	and	CCONJ
cblr-14238	503	45	weight	weight	NOUN
cblr-14238	503	46	(	(	PUNCT
cblr-14238	503	47	6	6	NUM
cblr-14238	503	48	%	%	NOUN
cblr-14238	503	49	)	)	PUNCT
cblr-14238	503	50	of	of	ADP
cblr-14238	503	51	esg	esg	PROPN
cblr-14238	503	52	factors	factor	NOUN
cblr-14238	503	53	considered	consider	VERB
cblr-14238	503	54	)	)	PUNCT
cblr-14238	503	55	;	;	PUNCT
cblr-14238	503	56	dennis	dennis	PROPN
cblr-14238	503	57	bams	bams	PROPN
cblr-14238	503	58	&	&	CCONJ
cblr-14238	503	59	bram	bram	PROPN
cblr-14238	503	60	van	van	PROPN
cblr-14238	503	61	der	der	PROPN
cblr-14238	503	62	kroft	kroft	PROPN
cblr-14238	503	63	,	,	PUNCT
cblr-14238	503	64	tilting	tilt	VERB
cblr-14238	503	65	the	the	DET
cblr-14238	503	66	wrong	wrong	ADJ
cblr-14238	503	67	firms	firm	NOUN
cblr-14238	503	68	?	?	PUNCT
cblr-14238	504	1	how	how	SCONJ
cblr-14238	504	2	inflated	inflated	ADJ
cblr-14238	504	3	esg	esg	PROPN
cblr-14238	504	4	ratings	rating	NOUN
cblr-14238	504	5	negate	negate	VERB
cblr-14238	504	6	socially	socially	ADV
cblr-14238	504	7	responsible	responsible	ADJ
cblr-14238	504	8	investing	invest	VERB
cblr-14238	504	9	under	under	ADP
cblr-14238	504	10	information	information	NOUN
cblr-14238	504	11	asymmetries	asymmetry	NOUN
cblr-14238	504	12	(	(	PUNCT
cblr-14238	504	13	mit	mit	PROPN
cblr-14238	504	14	ctr	ctr	PROPN
cblr-14238	504	15	.	.	PUNCT
cblr-14238	505	1	for	for	ADP
cblr-14238	505	2	real	real	ADJ
cblr-14238	505	3	est	est	NOUN
cblr-14238	505	4	.	.	PUNCT
cblr-14238	506	1	rsch	rsch	NOUN
cblr-14238	506	2	.	.	PUNCT
cblr-14238	507	1	paper	paper	NOUN
cblr-14238	507	2	no	no	INTJ
cblr-14238	507	3	.	.	PUNCT
cblr-14238	508	1	22/12	22/12	NUM
cblr-14238	508	2	,	,	PUNCT
cblr-14238	508	3	2022	2022	NUM
cblr-14238	508	4	)	)	PUNCT
cblr-14238	509	1	;	;	PUNCT
cblr-14238	509	2	dane	dane	PROPN
cblr-14238	509	3	christensen	christensen	PROPN
cblr-14238	509	4	,	,	PUNCT
cblr-14238	509	5	george	george	PROPN
cblr-14238	509	6	serafeim	serafeim	PROPN
cblr-14238	509	7	&	&	CCONJ
cblr-14238	509	8	anywhere	anywhere	PROPN
cblr-14238	509	9	sikochi	sikochi	PROPN
cblr-14238	509	10	,	,	PUNCT
cblr-14238	509	11	why	why	SCONJ
cblr-14238	509	12	is	be	AUX
cblr-14238	509	13	corporate	corporate	ADJ
cblr-14238	509	14	virtue	virtue	NOUN
cblr-14238	509	15	in	in	ADP
cblr-14238	509	16	the	the	DET
cblr-14238	509	17	eye	eye	NOUN
cblr-14238	509	18	of	of	ADP
cblr-14238	509	19	the	the	DET
cblr-14238	509	20	beholder	beholder	NOUN
cblr-14238	509	21	?	?	PUNCT
cblr-14238	510	1	the	the	DET
cblr-14238	510	2	case	case	NOUN
cblr-14238	510	3	of	of	ADP
cblr-14238	510	4	esg	esg	PROPN
cblr-14238	510	5	ratings	rating	NOUN
cblr-14238	510	6	,	,	PUNCT
cblr-14238	510	7	97	97	NUM
cblr-14238	510	8	acct	acct	NOUN
cblr-14238	510	9	.	.	PUNCT
cblr-14238	511	1	rev	rev	PROPN
cblr-14238	511	2	.	.	PROPN
cblr-14238	511	3	147	147	NUM
cblr-14238	511	4	(	(	PUNCT
cblr-14238	511	5	2022	2022	NUM
cblr-14238	511	6	)	)	PUNCT
cblr-14238	511	7	(	(	PUNCT
cblr-14238	511	8	finding	find	VERB
cblr-14238	511	9	that	that	SCONJ
cblr-14238	511	10	raters	rater	NOUN
cblr-14238	511	11	disagree	disagree	VERB
cblr-14238	511	12	more	more	ADJ
cblr-14238	511	13	about	about	ADP
cblr-14238	511	14	esg	esg	NOUN
cblr-14238	511	15	outcome	outcome	NOUN
cblr-14238	511	16	metrics	metric	NOUN
cblr-14238	511	17	than	than	ADP
cblr-14238	511	18	input	input	NOUN
cblr-14238	511	19	metrics	metric	NOUN
cblr-14238	511	20	(	(	PUNCT
cblr-14238	511	21	policies	policy	NOUN
cblr-14238	511	22	)	)	PUNCT
cblr-14238	511	23	,	,	PUNCT
cblr-14238	511	24	that	that	DET
cblr-14238	511	25	disclosure	disclosure	NOUN
cblr-14238	511	26	appears	appear	VERB
cblr-14238	511	27	to	to	PART
cblr-14238	511	28	amplify	amplify	VERB
cblr-14238	511	29	disagreement	disagreement	NOUN
cblr-14238	511	30	more	more	ADV
cblr-14238	511	31	,	,	PUNCT
cblr-14238	511	32	and	and	CCONJ
cblr-14238	511	33	greater	great	ADJ
cblr-14238	511	34	esg	esg	NOUN
cblr-14238	511	35	disagreement	disagreement	NOUN
cblr-14238	511	36	is	be	AUX
cblr-14238	511	37	associated	associate	VERB
cblr-14238	511	38	with	with	ADP
cblr-14238	511	39	higher	high	ADJ
cblr-14238	511	40	return	return	NOUN
cblr-14238	511	41	volatility	volatility	NOUN
cblr-14238	511	42	,	,	PUNCT
cblr-14238	511	43	larger	large	ADJ
cblr-14238	511	44	absolute	absolute	ADJ
cblr-14238	511	45	price	price	NOUN
cblr-14238	511	46	movements	movement	NOUN
cblr-14238	511	47	,	,	PUNCT
cblr-14238	511	48	and	and	CCONJ
cblr-14238	511	49	a	a	DET
cblr-14238	511	50	lower	low	ADJ
cblr-14238	511	51	likelihood	likelihood	NOUN
cblr-14238	511	52	of	of	ADP
cblr-14238	511	53	issuing	issue	VERB
cblr-14238	511	54	external	external	ADJ
cblr-14238	511	55	financing	financing	NOUN
cblr-14238	511	56	)	)	PUNCT
cblr-14238	511	57	;	;	PUNCT
cblr-14238	511	58	david	david	PROPN
cblr-14238	511	59	f.	f.	PROPN
cblr-14238	511	60	larcker	larcker	PROPN
cblr-14238	511	61	,	,	PUNCT
cblr-14238	511	62	lukasz	lukasz	PROPN
cblr-14238	511	63	pomorski	pomorski	PROPN
cblr-14238	511	64	,	,	PUNCT
cblr-14238	511	65	brian	brian	PROPN
cblr-14238	511	66	tayan	tayan	PROPN
cblr-14238	511	67	&	&	CCONJ
cblr-14238	511	68	edward	edward	PROPN
cblr-14238	511	69	m.	m.	PROPN
cblr-14238	511	70	watts	watts	PROPN
cblr-14238	511	71	,	,	PUNCT
cblr-14238	511	72	esg	esg	PROPN
cblr-14238	511	73	ratings	rating	NOUN
cblr-14238	511	74	:	:	PUNCT
cblr-14238	511	75	a	a	DET
cblr-14238	511	76	compass	compass	NOUN
cblr-14238	511	77	without	without	ADP
cblr-14238	511	78	direction	direction	NOUN
cblr-14238	511	79	(	(	PUNCT
cblr-14238	511	80	stan	stan	PROPN
cblr-14238	511	81	.	.	PUNCT
cblr-14238	512	1	closer	close	ADJ
cblr-14238	512	2	look	look	NOUN
cblr-14238	512	3	series	series	NOUN
cblr-14238	512	4	,	,	PUNCT
cblr-14238	512	5	2022	2022	NUM
cblr-14238	512	6	)	)	PUNCT
cblr-14238	512	7	(	(	PUNCT
cblr-14238	512	8	finding	find	VERB
cblr-14238	512	9	that	that	SCONJ
cblr-14238	512	10	while	while	SCONJ
cblr-14238	512	11	esg	esg	PROPN
cblr-14238	512	12	ratings	rating	NOUN
cblr-14238	512	13	providers	provider	NOUN
cblr-14238	512	14	may	may	AUX
cblr-14238	512	15	convey	convey	VERB
cblr-14238	512	16	important	important	ADJ
cblr-14238	512	17	insights	insight	NOUN
cblr-14238	512	18	into	into	ADP
cblr-14238	512	19	the	the	DET
cblr-14238	512	20	nonfinancial	nonfinancial	ADJ
cblr-14238	512	21	impact	impact	NOUN
cblr-14238	512	22	of	of	ADP
cblr-14238	512	23	companies	company	NOUN
cblr-14238	512	24	,	,	PUNCT
cblr-14238	512	25	significant	significant	ADJ
cblr-14238	512	26	shortcomings	shortcoming	NOUN
cblr-14238	512	27	exist	exist	VERB
cblr-14238	512	28	in	in	ADP
cblr-14238	512	29	their	their	PRON
cblr-14238	512	30	objectives	objective	NOUN
cblr-14238	512	31	,	,	PUNCT
cblr-14238	512	32	methodologies	methodology	NOUN
cblr-14238	512	33	,	,	PUNCT
cblr-14238	512	34	and	and	CCONJ
cblr-14238	512	35	incentives	incentive	NOUN
cblr-14238	512	36	which	which	PRON
cblr-14238	512	37	detract	detract	VERB
cblr-14238	512	38	from	from	ADP
cblr-14238	512	39	the	the	DET
cblr-14238	512	40	informativeness	informativeness	NOUN
cblr-14238	512	41	of	of	ADP
cblr-14238	512	42	their	their	PRON
cblr-14238	512	43	assessments	assessment	NOUN
cblr-14238	512	44	)	)	PUNCT
cblr-14238	512	45	.	.	PUNCT
cblr-14238	513	1	but	but	CCONJ
cblr-14238	513	2	see	see	VERB
cblr-14238	513	3	pierre	pierre	PROPN
cblr-14238	513	4	chaigneau	chaigneau	PROPN
cblr-14238	513	5	&	&	CCONJ
cblr-14238	513	6	nicolas	nicolas	PROPN
cblr-14238	513	7	sahuguet	sahuguet	PROPN
cblr-14238	513	8	,	,	PUNCT
cblr-14238	513	9	executive	executive	ADJ
cblr-14238	513	10	compensation	compensation	NOUN
cblr-14238	513	11	with	with	ADP
cblr-14238	513	12	social	social	ADJ
cblr-14238	513	13	and	and	CCONJ
cblr-14238	513	14	environmental	environmental	ADJ
cblr-14238	513	15	performance	performance	NOUN
cblr-14238	513	16	(	(	PUNCT
cblr-14238	513	17	working	working	NOUN
cblr-14238	513	18	paper	paper	NOUN
cblr-14238	513	19	,	,	PUNCT
cblr-14238	513	20	2024	2024	NUM
cblr-14238	513	21	)	)	PUNCT
cblr-14238	513	22	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4345102	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4345102	PROPN
cblr-14238	514	1	[	[	X
cblr-14238	514	2	https://perma.cc/6p7f-89e9	https://perma.cc/6p7f-89e9	X
cblr-14238	514	3	]	]	X
cblr-14238	514	4	(	(	PUNCT
cblr-14238	514	5	arguing	argue	VERB
cblr-14238	514	6	that	that	SCONJ
cblr-14238	514	7	multiple	multiple	ADJ
cblr-14238	514	8	and	and	CCONJ
cblr-14238	514	9	disparate	disparate	ADJ
cblr-14238	514	10	esg	esg	NOUN
cblr-14238	514	11	ratings	rating	NOUN
cblr-14238	514	12	are	be	AUX
cblr-14238	514	13	valuable	valuable	ADJ
cblr-14238	514	14	means	mean	NOUN
cblr-14238	514	15	to	to	PART
cblr-14238	514	16	prevent	prevent	VERB
cblr-14238	514	17	gaming	gaming	NOUN
cblr-14238	514	18	of	of	ADP
cblr-14238	514	19	esg	esg	PROPN
cblr-14238	514	20	outcomes	outcome	NOUN
cblr-14238	514	21	and	and	CCONJ
cblr-14238	514	22	promote	promote	VERB
cblr-14238	514	23	socially	socially	ADV
cblr-14238	514	24	and	and	CCONJ
cblr-14238	514	25	environmentally	environmentally	ADV
cblr-14238	514	26	beneficial	beneficial	ADJ
cblr-14238	514	27	outcomes	outcome	NOUN
cblr-14238	514	28	at	at	ADP
cblr-14238	514	29	firms	firm	NOUN
cblr-14238	514	30	rather	rather	ADV
cblr-14238	514	31	than	than	ADP
cblr-14238	514	32	“	"	PUNCT
cblr-14238	514	33	managing	manage	VERB
cblr-14238	514	34	to	to	ADP
cblr-14238	514	35	the	the	DET
cblr-14238	514	36	rating	rating	NOUN
cblr-14238	514	37	”	"	PUNCT
cblr-14238	514	38	)	)	PUNCT
cblr-14238	514	39	.	.	PUNCT
cblr-14238	515	1	111	111	NUM
cblr-14238	515	2	w.	w.	PROPN
cblr-14238	515	3	chad	chad	PROPN
cblr-14238	515	4	carlos	carlos	PROPN
cblr-14238	515	5	&	&	CCONJ
cblr-14238	515	6	ben	ben	PROPN
cblr-14238	515	7	w.	w.	PROPN
cblr-14238	515	8	lewis	lewis	PROPN
cblr-14238	515	9	,	,	PUNCT
cblr-14238	515	10	strategic	strategic	ADJ
cblr-14238	515	11	silence	silence	NOUN
cblr-14238	515	12	:	:	PUNCT
cblr-14238	515	13	withholding	withholding	NOUN
cblr-14238	515	14	certification	certification	NOUN
cblr-14238	515	15	status	status	NOUN
cblr-14238	515	16	as	as	ADP
cblr-14238	515	17	a	a	DET
cblr-14238	515	18	hypocrisy	hypocrisy	NOUN
cblr-14238	515	19	avoidance	avoidance	NOUN
cblr-14238	515	20	tactic	tactic	NOUN
cblr-14238	515	21	,	,	PUNCT
cblr-14238	515	22	63	63	NUM
cblr-14238	515	23	admin	admin	ADJ
cblr-14238	515	24	.	.	PUNCT
cblr-14238	516	1	sci	sci	PROPN
cblr-14238	516	2	.	.	PUNCT
cblr-14238	516	3	q.	q.	PROPN
cblr-14238	516	4	130	130	NUM
cblr-14238	516	5	,	,	PUNCT
cblr-14238	516	6	132–33	132–33	NUM
cblr-14238	516	7	(	(	PUNCT
cblr-14238	516	8	2018	2018	NUM
cblr-14238	516	9	)	)	PUNCT
cblr-14238	516	10	.	.	PUNCT
cblr-14238	517	1	752	752	NUM
cblr-14238	517	2	columbia	columbia	PROPN
cblr-14238	517	3	business	business	NOUN
cblr-14238	517	4	law	law	NOUN
cblr-14238	517	5	review	review	NOUN
cblr-14238	517	6	[	[	X
cblr-14238	517	7	vol	vol	NOUN
cblr-14238	517	8	.	.	PUNCT
cblr-14238	517	9	2024	2024	NUM
cblr-14238	517	10	alternatively	alternatively	ADV
cblr-14238	517	11	,	,	PUNCT
cblr-14238	517	12	indexer	indexer	NOUN
cblr-14238	517	13	certifications	certification	NOUN
cblr-14238	517	14	could	could	AUX
cblr-14238	517	15	give	give	VERB
cblr-14238	517	16	private	private	ADJ
cblr-14238	517	17	benefits	benefit	NOUN
cblr-14238	517	18	to	to	ADP
cblr-14238	517	19	the	the	DET
cblr-14238	517	20	managers	manager	NOUN
cblr-14238	517	21	of	of	ADP
cblr-14238	517	22	indexed	indexed	ADJ
cblr-14238	517	23	firms	firm	NOUN
cblr-14238	517	24	.	.	PUNCT
cblr-14238	518	1	they	they	PRON
cblr-14238	518	2	may	may	AUX
cblr-14238	518	3	,	,	PUNCT
cblr-14238	518	4	for	for	ADP
cblr-14238	518	5	example	example	NOUN
cblr-14238	518	6	,	,	PUNCT
cblr-14238	518	7	have	have	VERB
cblr-14238	518	8	“	"	PUNCT
cblr-14238	518	9	country	country	NOUN
cblr-14238	518	10	club	club	NOUN
cblr-14238	518	11	cachet	cachet	NOUN
cblr-14238	518	12	”	"	PUNCT
cblr-14238	518	13	for	for	ADP
cblr-14238	518	14	officers	officer	NOUN
cblr-14238	518	15	and	and	CCONJ
cblr-14238	518	16	directors	director	NOUN
cblr-14238	518	17	.	.	PUNCT
cblr-14238	519	1	there	there	PRON
cblr-14238	519	2	is	be	VERB
cblr-14238	519	3	evidence	evidence	NOUN
cblr-14238	519	4	that	that	SCONJ
cblr-14238	519	5	,	,	PUNCT
cblr-14238	519	6	in	in	ADP
cblr-14238	519	7	at	at	ADP
cblr-14238	519	8	least	least	ADJ
cblr-14238	519	9	some	some	PRON
cblr-14238	519	10	circumstances	circumstance	NOUN
cblr-14238	519	11	,	,	PUNCT
cblr-14238	519	12	index	index	NOUN
cblr-14238	519	13	providers	provider	NOUN
cblr-14238	519	14	can	can	AUX
cblr-14238	519	15	have	have	AUX
cblr-14238	519	16	significant	significant	ADJ
cblr-14238	519	17	influence	influence	NOUN
cblr-14238	519	18	through	through	ADP
cblr-14238	519	19	private	private	ADJ
cblr-14238	519	20	,	,	PUNCT
cblr-14238	519	21	nonpecuniary	nonpecuniary	ADJ
cblr-14238	519	22	benefits	benefit	NOUN
cblr-14238	519	23	for	for	ADP
cblr-14238	519	24	management	management	NOUN
cblr-14238	519	25	,	,	PUNCT
cblr-14238	519	26	without	without	ADP
cblr-14238	519	27	direct	direct	ADJ
cblr-14238	519	28	economic	economic	ADJ
cblr-14238	519	29	incentives	incentive	NOUN
cblr-14238	519	30	for	for	ADP
cblr-14238	519	31	firms	firm	NOUN
cblr-14238	519	32	(	(	PUNCT
cblr-14238	519	33	e.g.	e.g.	ADV
cblr-14238	519	34	,	,	PUNCT
cblr-14238	519	35	lower	low	ADJ
cblr-14238	519	36	costs	cost	NOUN
cblr-14238	519	37	of	of	ADP
cblr-14238	519	38	capital	capital	NOUN
cblr-14238	519	39	)	)	PUNCT
cblr-14238	519	40	or	or	CCONJ
cblr-14238	519	41	individual	individual	ADJ
cblr-14238	519	42	managers	manager	NOUN
cblr-14238	519	43	(	(	PUNCT
cblr-14238	519	44	e.g.	e.g.	ADV
cblr-14238	519	45	,	,	PUNCT
cblr-14238	519	46	higher	high	ADJ
cblr-14238	519	47	compensation	compensation	NOUN
cblr-14238	519	48	)	)	PUNCT
cblr-14238	519	49	.	.	PUNCT
cblr-14238	520	1	one	one	NUM
cblr-14238	520	2	recent	recent	ADJ
cblr-14238	520	3	study	study	NOUN
cblr-14238	520	4	shows	show	VERB
cblr-14238	520	5	that	that	SCONJ
cblr-14238	520	6	the	the	DET
cblr-14238	520	7	managers	manager	NOUN
cblr-14238	520	8	of	of	ADP
cblr-14238	520	9	japanese	japanese	ADJ
cblr-14238	520	10	firms	firm	NOUN
cblr-14238	520	11	were	be	AUX
cblr-14238	520	12	incentivized	incentivize	VERB
cblr-14238	520	13	to	to	PART
cblr-14238	520	14	make	make	VERB
cblr-14238	520	15	difficult	difficult	ADJ
cblr-14238	520	16	management	management	NOUN
cblr-14238	520	17	choices	choice	NOUN
cblr-14238	520	18	to	to	PART
cblr-14238	520	19	improve	improve	VERB
cblr-14238	520	20	return	return	NOUN
cblr-14238	520	21	on	on	ADP
cblr-14238	520	22	equity	equity	NOUN
cblr-14238	520	23	in	in	SCONJ
cblr-14238	520	24	order	order	NOUN
cblr-14238	520	25	to	to	PART
cblr-14238	520	26	be	be	AUX
cblr-14238	520	27	included	include	VERB
cblr-14238	520	28	in	in	ADP
cblr-14238	520	29	a	a	DET
cblr-14238	520	30	new	new	ADJ
cblr-14238	520	31	equity	equity	NOUN
cblr-14238	520	32	index	index	NOUN
cblr-14238	520	33	created	create	VERB
cblr-14238	520	34	in	in	ADP
cblr-14238	520	35	2014	2014	NUM
cblr-14238	520	36	to	to	PART
cblr-14238	520	37	highlight	highlight	VERB
cblr-14238	520	38	the	the	DET
cblr-14238	520	39	“	"	PUNCT
cblr-14238	520	40	best	good	ADJ
cblr-14238	520	41	-	-	PUNCT
cblr-14238	520	42	run	run	NOUN
cblr-14238	520	43	”	"	PUNCT
cblr-14238	520	44	companies	company	NOUN
cblr-14238	520	45	listed	list	VERB
cblr-14238	520	46	in	in	ADP
cblr-14238	520	47	japan.112	japan.112	PROPN
cblr-14238	520	48	the	the	DET
cblr-14238	520	49	authors	author	NOUN
cblr-14238	520	50	estimate	estimate	VERB
cblr-14238	520	51	that	that	SCONJ
cblr-14238	520	52	the	the	DET
cblr-14238	520	53	incentive	incentive	NOUN
cblr-14238	520	54	for	for	ADP
cblr-14238	520	55	inclusion	inclusion	NOUN
cblr-14238	520	56	in	in	ADP
cblr-14238	520	57	the	the	DET
cblr-14238	520	58	index	index	NOUN
cblr-14238	520	59	caused	cause	VERB
cblr-14238	520	60	firms	firm	NOUN
cblr-14238	520	61	around	around	ADP
cblr-14238	520	62	the	the	DET
cblr-14238	520	63	cut	cut	NOUN
cblr-14238	520	64	-	-	PUNCT
cblr-14238	520	65	off	off	NOUN
cblr-14238	520	66	for	for	ADP
cblr-14238	520	67	inclusion	inclusion	NOUN
cblr-14238	520	68	to	to	PART
cblr-14238	520	69	increase	increase	VERB
cblr-14238	520	70	return	return	NOUN
cblr-14238	520	71	on	on	ADP
cblr-14238	520	72	equity	equity	NOUN
cblr-14238	520	73	proportionally	proportionally	ADV
cblr-14238	520	74	by	by	ADP
cblr-14238	520	75	41	41	NUM
cblr-14238	520	76	%	%	NOUN
cblr-14238	520	77	,	,	PUNCT
cblr-14238	520	78	though	though	SCONJ
cblr-14238	520	79	they	they	PRON
cblr-14238	520	80	did	do	AUX
cblr-14238	520	81	not	not	PART
cblr-14238	520	82	realize	realize	VERB
cblr-14238	520	83	significant	significant	ADJ
cblr-14238	520	84	capital	capital	NOUN
cblr-14238	520	85	-	-	PUNCT
cblr-14238	520	86	market	market	NOUN
cblr-14238	520	87	or	or	CCONJ
cblr-14238	520	88	product	product	NOUN
cblr-14238	520	89	-	-	PUNCT
cblr-14238	520	90	market	market	NOUN
cblr-14238	520	91	benefits	benefit	NOUN
cblr-14238	520	92	from	from	ADP
cblr-14238	520	93	inclusion	inclusion	NOUN
cblr-14238	520	94	.	.	PUNCT
cblr-14238	521	1	they	they	PRON
cblr-14238	521	2	suggest	suggest	VERB
cblr-14238	521	3	that	that	SCONJ
cblr-14238	521	4	the	the	DET
cblr-14238	521	5	reputational	reputational	ADJ
cblr-14238	521	6	value	value	NOUN
cblr-14238	521	7	of	of	ADP
cblr-14238	521	8	being	be	AUX
cblr-14238	521	9	included	include	VERB
cblr-14238	521	10	in	in	ADP
cblr-14238	521	11	the	the	DET
cblr-14238	521	12	index	index	NOUN
cblr-14238	521	13	created	create	VERB
cblr-14238	521	14	status	status	NOUN
cblr-14238	521	15	incentives	incentive	VERB
cblr-14238	521	16	that	that	SCONJ
cblr-14238	521	17	motivated	motivated	ADJ
cblr-14238	521	18	management	management	NOUN
cblr-14238	521	19	,	,	PUNCT
cblr-14238	521	20	even	even	ADV
cblr-14238	521	21	without	without	ADP
cblr-14238	521	22	direct	direct	ADJ
cblr-14238	521	23	economic	economic	ADJ
cblr-14238	521	24	benefits	benefit	NOUN
cblr-14238	521	25	for	for	ADP
cblr-14238	521	26	the	the	DET
cblr-14238	521	27	managers	manager	NOUN
cblr-14238	521	28	or	or	CCONJ
cblr-14238	521	29	the	the	DET
cblr-14238	521	30	firm	firm	NOUN
cblr-14238	521	31	.	.	PUNCT
cblr-14238	522	1	c.	c.	NOUN
cblr-14238	522	2	indexers	indexer	NOUN
cblr-14238	522	3	as	as	ADP
cblr-14238	522	4	gatekeepers	gatekeeper	NOUN
cblr-14238	522	5	a	a	DET
cblr-14238	522	6	final	final	ADJ
cblr-14238	522	7	channel	channel	NOUN
cblr-14238	522	8	through	through	ADP
cblr-14238	522	9	which	which	PRON
cblr-14238	522	10	indexers	indexer	NOUN
cblr-14238	522	11	might	might	AUX
cblr-14238	522	12	act	act	VERB
cblr-14238	522	13	as	as	SCONJ
cblr-14238	522	14	regulators	regulator	NOUN
cblr-14238	522	15	is	be	AUX
cblr-14238	522	16	through	through	ADP
cblr-14238	522	17	a	a	DET
cblr-14238	522	18	position	position	NOUN
cblr-14238	522	19	as	as	ADP
cblr-14238	522	20	a	a	DET
cblr-14238	522	21	gatekeeper	gatekeeper	NOUN
cblr-14238	522	22	to	to	ADP
cblr-14238	522	23	valuable	valuable	ADJ
cblr-14238	522	24	markets	market	NOUN
cblr-14238	522	25	or	or	CCONJ
cblr-14238	522	26	assets	asset	NOUN
cblr-14238	522	27	.	.	PUNCT
cblr-14238	523	1	as	as	SCONJ
cblr-14238	523	2	discussed	discuss	VERB
cblr-14238	523	3	below	below	ADV
cblr-14238	523	4	,	,	PUNCT
cblr-14238	523	5	gatekeepers	gatekeeper	NOUN
cblr-14238	523	6	derive	derive	VERB
cblr-14238	523	7	their	their	PRON
cblr-14238	523	8	influence	influence	NOUN
cblr-14238	523	9	from	from	ADP
cblr-14238	523	10	granting	grant	VERB
cblr-14238	523	11	access	access	NOUN
cblr-14238	523	12	to	to	ADP
cblr-14238	523	13	important	important	ADJ
cblr-14238	523	14	assets	asset	NOUN
cblr-14238	523	15	or	or	CCONJ
cblr-14238	523	16	markets	market	NOUN
cblr-14238	523	17	that	that	PRON
cblr-14238	523	18	can	can	AUX
cblr-14238	523	19	not	not	PART
cblr-14238	523	20	otherwise	otherwise	ADV
cblr-14238	523	21	be	be	AUX
cblr-14238	523	22	obtained	obtain	VERB
cblr-14238	523	23	.	.	PUNCT
cblr-14238	524	1	private	private	ADJ
cblr-14238	524	2	regulators	regulator	NOUN
cblr-14238	524	3	acting	act	VERB
cblr-14238	524	4	as	as	SCONJ
cblr-14238	524	5	gatekeepers	gatekeeper	NOUN
cblr-14238	524	6	typically	typically	ADV
cblr-14238	524	7	have	have	VERB
cblr-14238	524	8	some	some	DET
cblr-14238	524	9	kind	kind	NOUN
cblr-14238	524	10	of	of	ADP
cblr-14238	524	11	market	market	NOUN
cblr-14238	524	12	power	power	NOUN
cblr-14238	524	13	.	.	PUNCT
cblr-14238	525	1	when	when	SCONJ
cblr-14238	525	2	considering	consider	VERB
cblr-14238	525	3	whether	whether	SCONJ
cblr-14238	525	4	indexers	indexer	NOUN
cblr-14238	525	5	can	can	AUX
cblr-14238	525	6	exercise	exercise	VERB
cblr-14238	525	7	regulatory	regulatory	ADJ
cblr-14238	525	8	influence	influence	NOUN
cblr-14238	525	9	as	as	ADP
cblr-14238	525	10	a	a	DET
cblr-14238	525	11	gatekeeper	gatekeeper	NOUN
cblr-14238	525	12	,	,	PUNCT
cblr-14238	525	13	the	the	DET
cblr-14238	525	14	definition	definition	NOUN
cblr-14238	525	15	of	of	ADP
cblr-14238	525	16	the	the	DET
cblr-14238	525	17	market	market	NOUN
cblr-14238	525	18	and	and	CCONJ
cblr-14238	525	19	the	the	DET
cblr-14238	525	20	market	market	NOUN
cblr-14238	525	21	power	power	NOUN
cblr-14238	525	22	of	of	ADP
cblr-14238	525	23	the	the	DET
cblr-14238	525	24	indexers	indexer	NOUN
cblr-14238	525	25	will	will	AUX
cblr-14238	525	26	be	be	AUX
cblr-14238	525	27	crucial	crucial	ADJ
cblr-14238	525	28	.	.	PUNCT
cblr-14238	526	1	1	1	X
cblr-14238	526	2	.	.	X
cblr-14238	526	3	gatekeepers	gatekeeper	NOUN
cblr-14238	526	4	and	and	CCONJ
cblr-14238	526	5	market	market	NOUN
cblr-14238	526	6	power	power	NOUN
cblr-14238	526	7	112	112	NUM
cblr-14238	526	8	akash	akash	NOUN
cblr-14238	526	9	chattopadhyay	chattopadhyay	PROPN
cblr-14238	526	10	,	,	PUNCT
cblr-14238	526	11	matthew	matthew	PROPN
cblr-14238	526	12	d.	d.	PROPN
cblr-14238	526	13	shaffer	shaffer	PROPN
cblr-14238	526	14	&	&	CCONJ
cblr-14238	526	15	charles	charles	PROPN
cblr-14238	526	16	c.y	c.y	PROPN
cblr-14238	526	17	.	.	PROPN
cblr-14238	526	18	wang	wang	PROPN
cblr-14238	526	19	,	,	PUNCT
cblr-14238	526	20	governance	governance	NOUN
cblr-14238	526	21	through	through	ADP
cblr-14238	526	22	shame	shame	NOUN
cblr-14238	526	23	and	and	CCONJ
cblr-14238	526	24	aspiration	aspiration	NOUN
cblr-14238	526	25	:	:	PUNCT
cblr-14238	526	26	index	index	NOUN
cblr-14238	526	27	creation	creation	NOUN
cblr-14238	526	28	and	and	CCONJ
cblr-14238	526	29	corporate	corporate	ADJ
cblr-14238	526	30	behavior	behavior	NOUN
cblr-14238	526	31	,	,	PUNCT
cblr-14238	526	32	135	135	NUM
cblr-14238	526	33	j.	j.	PROPN
cblr-14238	526	34	fin	fin	PROPN
cblr-14238	526	35	.	.	PUNCT
cblr-14238	526	36	econ	econ	PROPN
cblr-14238	526	37	.	.	PUNCT
cblr-14238	526	38	704	704	NUM
cblr-14238	526	39	,	,	PUNCT
cblr-14238	526	40	706	706	NUM
cblr-14238	526	41	(	(	PUNCT
cblr-14238	526	42	2020	2020	NUM
cblr-14238	526	43	)	)	PUNCT
cblr-14238	526	44	.	.	PUNCT
cblr-14238	527	1	no	no	INTJ
cblr-14238	527	2	.	.	NOUN
cblr-14238	527	3	2	2	NUM
cblr-14238	527	4	]	]	PUNCT
cblr-14238	527	5	regulation	regulation	NOUN
cblr-14238	527	6	by	by	ADP
cblr-14238	527	7	indexation	indexation	NOUN
cblr-14238	527	8	?	?	PUNCT
cblr-14238	528	1	753	753	NUM
cblr-14238	528	2	a	a	DET
cblr-14238	528	3	private	private	ADJ
cblr-14238	528	4	regulator	regulator	NOUN
cblr-14238	528	5	can	can	AUX
cblr-14238	528	6	have	have	VERB
cblr-14238	528	7	significant	significant	ADJ
cblr-14238	528	8	influence	influence	NOUN
cblr-14238	528	9	over	over	ADP
cblr-14238	528	10	the	the	DET
cblr-14238	528	11	choices	choice	NOUN
cblr-14238	528	12	of	of	ADP
cblr-14238	528	13	other	other	ADJ
cblr-14238	528	14	private	private	ADJ
cblr-14238	528	15	actors	actor	NOUN
cblr-14238	528	16	if	if	SCONJ
cblr-14238	528	17	the	the	DET
cblr-14238	528	18	private	private	ADJ
cblr-14238	528	19	regulator	regulator	NOUN
cblr-14238	528	20	has	have	VERB
cblr-14238	528	21	market	market	NOUN
cblr-14238	528	22	power	power	NOUN
cblr-14238	528	23	,	,	PUNCT
cblr-14238	528	24	or	or	CCONJ
cblr-14238	528	25	otherwise	otherwise	ADV
cblr-14238	528	26	acts	act	VERB
cblr-14238	528	27	as	as	ADP
cblr-14238	528	28	a	a	DET
cblr-14238	528	29	gatekeeper	gatekeeper	NOUN
cblr-14238	528	30	,	,	PUNCT
cblr-14238	528	31	with	with	ADP
cblr-14238	528	32	respect	respect	NOUN
cblr-14238	528	33	to	to	ADP
cblr-14238	528	34	valuable	valuable	ADJ
cblr-14238	528	35	markets	market	NOUN
cblr-14238	528	36	.	.	PUNCT
cblr-14238	529	1	if	if	SCONJ
cblr-14238	529	2	the	the	DET
cblr-14238	529	3	private	private	ADJ
cblr-14238	529	4	regulator	regulator	NOUN
cblr-14238	529	5	has	have	VERB
cblr-14238	529	6	market	market	NOUN
cblr-14238	529	7	power	power	NOUN
cblr-14238	529	8	over	over	ADP
cblr-14238	529	9	a	a	DET
cblr-14238	529	10	valuable	valuable	ADJ
cblr-14238	529	11	market	market	NOUN
cblr-14238	529	12	,	,	PUNCT
cblr-14238	529	13	parties	party	NOUN
cblr-14238	529	14	seeking	seek	VERB
cblr-14238	529	15	access	access	NOUN
cblr-14238	529	16	to	to	ADP
cblr-14238	529	17	the	the	DET
cblr-14238	529	18	market	market	NOUN
cblr-14238	529	19	have	have	VERB
cblr-14238	529	20	high	high	ADJ
cblr-14238	529	21	incentives	incentive	NOUN
cblr-14238	529	22	to	to	PART
cblr-14238	529	23	comply	comply	VERB
cblr-14238	529	24	with	with	ADP
cblr-14238	529	25	the	the	DET
cblr-14238	529	26	private	private	ADJ
cblr-14238	529	27	regulator	regulator	NOUN
cblr-14238	529	28	’s	’s	PART
cblr-14238	529	29	rules	rule	NOUN
cblr-14238	529	30	for	for	ADP
cblr-14238	529	31	admission	admission	NOUN
cblr-14238	529	32	.	.	PUNCT
cblr-14238	530	1	if	if	SCONJ
cblr-14238	530	2	they	they	PRON
cblr-14238	530	3	do	do	AUX
cblr-14238	530	4	not	not	PART
cblr-14238	530	5	have	have	VERB
cblr-14238	530	6	market	market	NOUN
cblr-14238	530	7	power	power	NOUN
cblr-14238	530	8	,	,	PUNCT
cblr-14238	530	9	there	there	PRON
cblr-14238	530	10	are	be	VERB
cblr-14238	530	11	significant	significant	ADJ
cblr-14238	530	12	incentives	incentive	NOUN
cblr-14238	530	13	for	for	SCONJ
cblr-14238	530	14	defectors	defector	NOUN
cblr-14238	530	15	to	to	PART
cblr-14238	530	16	challenge	challenge	VERB
cblr-14238	530	17	norms	norm	NOUN
cblr-14238	530	18	proposed	propose	VERB
cblr-14238	530	19	by	by	ADP
cblr-14238	530	20	the	the	DET
cblr-14238	530	21	private	private	ADJ
cblr-14238	530	22	regulator	regulator	NOUN
cblr-14238	530	23	and	and	CCONJ
cblr-14238	530	24	ignore	ignore	VERB
cblr-14238	530	25	the	the	DET
cblr-14238	530	26	benefits	benefit	NOUN
cblr-14238	530	27	of	of	ADP
cblr-14238	530	28	compliance	compliance	NOUN
cblr-14238	530	29	,	,	PUNCT
cblr-14238	530	30	which	which	PRON
cblr-14238	530	31	may	may	AUX
cblr-14238	530	32	be	be	AUX
cblr-14238	530	33	significantly	significantly	ADV
cblr-14238	530	34	lower	low	ADJ
cblr-14238	530	35	.	.	PUNCT
cblr-14238	531	1	the	the	DET
cblr-14238	531	2	value	value	NOUN
cblr-14238	531	3	of	of	ADP
cblr-14238	531	4	market	market	NOUN
cblr-14238	531	5	power	power	NOUN
cblr-14238	531	6	can	can	AUX
cblr-14238	531	7	be	be	AUX
cblr-14238	531	8	understood	understand	VERB
cblr-14238	531	9	by	by	ADP
cblr-14238	531	10	reviewing	review	VERB
cblr-14238	531	11	the	the	DET
cblr-14238	531	12	private	private	ADJ
cblr-14238	531	13	regulatory	regulatory	ADJ
cblr-14238	531	14	functions	function	NOUN
cblr-14238	531	15	of	of	ADP
cblr-14238	531	16	stock	stock	NOUN
cblr-14238	531	17	exchanges	exchange	NOUN
cblr-14238	531	18	,	,	PUNCT
cblr-14238	531	19	credit	credit	NOUN
cblr-14238	531	20	rating	rating	NOUN
cblr-14238	531	21	agencies	agency	NOUN
cblr-14238	531	22	,	,	PUNCT
cblr-14238	531	23	and	and	CCONJ
cblr-14238	531	24	standard	standard	ADJ
cblr-14238	531	25	-	-	PUNCT
cblr-14238	531	26	setting	set	VERB
cblr-14238	531	27	organizations	organization	NOUN
cblr-14238	531	28	,	,	PUNCT
cblr-14238	531	29	all	all	PRON
cblr-14238	531	30	of	of	ADP
cblr-14238	531	31	which	which	PRON
cblr-14238	531	32	have	have	AUX
cblr-14238	531	33	benefitted	benefit	VERB
cblr-14238	531	34	from	from	ADP
cblr-14238	531	35	market	market	NOUN
cblr-14238	531	36	power	power	NOUN
cblr-14238	531	37	in	in	ADP
cblr-14238	531	38	one	one	NUM
cblr-14238	531	39	form	form	NOUN
cblr-14238	531	40	or	or	CCONJ
cblr-14238	531	41	another	another	PRON
cblr-14238	531	42	,	,	PUNCT
cblr-14238	531	43	typically	typically	ADV
cblr-14238	531	44	as	as	SCONJ
cblr-14238	531	45	gatekeepers	gatekeeper	NOUN
cblr-14238	531	46	guarding	guard	VERB
cblr-14238	531	47	access	access	NOUN
cblr-14238	531	48	to	to	ADP
cblr-14238	531	49	a	a	DET
cblr-14238	531	50	valuable	valuable	ADJ
cblr-14238	531	51	market	market	NOUN
cblr-14238	531	52	with	with	ADP
cblr-14238	531	53	few	few	ADJ
cblr-14238	531	54	,	,	PUNCT
cblr-14238	531	55	if	if	SCONJ
cblr-14238	531	56	any	any	PRON
cblr-14238	531	57	,	,	PUNCT
cblr-14238	531	58	substitutes	substitute	NOUN
cblr-14238	531	59	.	.	PUNCT
cblr-14238	532	1	a.	a.	NOUN
cblr-14238	532	2	stock	stock	PROPN
cblr-14238	532	3	exchanges	exchange	NOUN
cblr-14238	532	4	stock	stock	NOUN
cblr-14238	532	5	exchanges	exchange	NOUN
cblr-14238	532	6	such	such	ADJ
cblr-14238	532	7	as	as	ADP
cblr-14238	532	8	the	the	DET
cblr-14238	532	9	new	new	PROPN
cblr-14238	532	10	york	york	PROPN
cblr-14238	532	11	stock	stock	PROPN
cblr-14238	532	12	exchange	exchange	PROPN
cblr-14238	532	13	and	and	CCONJ
cblr-14238	532	14	nasdaq	nasdaq	PROPN
cblr-14238	532	15	are	be	AUX
cblr-14238	532	16	private	private	ADJ
cblr-14238	532	17	,	,	PUNCT
cblr-14238	532	18	non	non	ADJ
cblr-14238	532	19	-	-	ADJ
cblr-14238	532	20	governmental	governmental	ADJ
cblr-14238	532	21	organizations	organization	NOUN
cblr-14238	532	22	that	that	PRON
cblr-14238	532	23	have	have	VERB
cblr-14238	532	24	the	the	DET
cblr-14238	532	25	power	power	NOUN
cblr-14238	532	26	to	to	PART
cblr-14238	532	27	create	create	VERB
cblr-14238	532	28	and	and	CCONJ
cblr-14238	532	29	enforce	enforce	VERB
cblr-14238	532	30	rules	rule	NOUN
cblr-14238	532	31	for	for	ADP
cblr-14238	532	32	participation	participation	NOUN
cblr-14238	532	33	in	in	ADP
cblr-14238	532	34	the	the	DET
cblr-14238	532	35	public	public	ADJ
cblr-14238	532	36	capital	capital	NOUN
cblr-14238	532	37	markets	market	NOUN
cblr-14238	532	38	.	.	PUNCT
cblr-14238	533	1	historically	historically	ADV
cblr-14238	533	2	,	,	PUNCT
cblr-14238	533	3	they	they	PRON
cblr-14238	533	4	have	have	AUX
cblr-14238	533	5	also	also	ADV
cblr-14238	533	6	regulated	regulate	VERB
cblr-14238	533	7	participants	participant	NOUN
cblr-14238	533	8	in	in	ADP
cblr-14238	533	9	the	the	DET
cblr-14238	533	10	markets	market	NOUN
cblr-14238	533	11	they	they	PRON
cblr-14238	533	12	create	create	VERB
cblr-14238	533	13	.	.	PUNCT
cblr-14238	534	1	hence	hence	ADV
cblr-14238	534	2	,	,	PUNCT
cblr-14238	534	3	they	they	PRON
cblr-14238	534	4	are	be	AUX
cblr-14238	534	5	referred	refer	VERB
cblr-14238	534	6	to	to	ADP
cblr-14238	534	7	as	as	ADP
cblr-14238	534	8	self	self	NOUN
cblr-14238	534	9	-	-	PUNCT
cblr-14238	534	10	regulatory	regulatory	ADJ
cblr-14238	534	11	organizations	organization	NOUN
cblr-14238	534	12	,	,	PUNCT
cblr-14238	534	13	or	or	CCONJ
cblr-14238	534	14	sros.113	sros.113	VERB
cblr-14238	534	15	the	the	DET
cblr-14238	534	16	“	"	PUNCT
cblr-14238	534	17	self	self	NOUN
cblr-14238	534	18	”	"	PUNCT
cblr-14238	534	19	in	in	ADP
cblr-14238	534	20	self	self	NOUN
cblr-14238	534	21	-	-	PUNCT
cblr-14238	534	22	regulatory	regulatory	ADJ
cblr-14238	534	23	is	be	AUX
cblr-14238	534	24	somewhat	somewhat	ADV
cblr-14238	534	25	misleading	misleading	ADJ
cblr-14238	534	26	.	.	PUNCT
cblr-14238	535	1	stock	stock	NOUN
cblr-14238	535	2	exchanges	exchange	NOUN
cblr-14238	535	3	are	be	AUX
cblr-14238	535	4	required	require	VERB
cblr-14238	535	5	to	to	PART
cblr-14238	535	6	register	register	VERB
cblr-14238	535	7	with	with	ADP
cblr-14238	535	8	the	the	DET
cblr-14238	535	9	securities	security	NOUN
cblr-14238	535	10	and	and	CCONJ
cblr-14238	535	11	exchange	exchange	PROPN
cblr-14238	535	12	commission	commission	PROPN
cblr-14238	535	13	(	(	PUNCT
cblr-14238	535	14	sec	sec	PROPN
cblr-14238	535	15	)	)	PUNCT
cblr-14238	535	16	and	and	CCONJ
cblr-14238	535	17	their	their	PRON
cblr-14238	535	18	rules	rule	NOUN
cblr-14238	535	19	are	be	AUX
cblr-14238	535	20	subject	subject	ADJ
cblr-14238	535	21	to	to	ADP
cblr-14238	535	22	review	review	NOUN
cblr-14238	535	23	and	and	CCONJ
cblr-14238	535	24	approval	approval	NOUN
cblr-14238	535	25	by	by	ADP
cblr-14238	535	26	the	the	DET
cblr-14238	535	27	sec	sec	PROPN
cblr-14238	535	28	.	.	PUNCT
cblr-14238	536	1	exchanges	exchange	NOUN
cblr-14238	536	2	can	can	AUX
cblr-14238	536	3	not	not	PART
cblr-14238	536	4	make	make	VERB
cblr-14238	536	5	material	material	ADJ
cblr-14238	536	6	changes	change	NOUN
cblr-14238	536	7	to	to	ADP
cblr-14238	536	8	listing	list	VERB
cblr-14238	536	9	standards	standard	NOUN
cblr-14238	536	10	without	without	ADP
cblr-14238	536	11	sec	sec	PROPN
cblr-14238	536	12	113	113	NUM
cblr-14238	536	13	stock	stock	NOUN
cblr-14238	536	14	exchanges	exchange	NOUN
cblr-14238	536	15	,	,	PUNCT
cblr-14238	536	16	such	such	ADJ
cblr-14238	536	17	as	as	ADP
cblr-14238	536	18	the	the	DET
cblr-14238	536	19	new	new	PROPN
cblr-14238	536	20	york	york	PROPN
cblr-14238	536	21	stock	stock	PROPN
cblr-14238	536	22	exchange	exchange	PROPN
cblr-14238	536	23	,	,	PUNCT
cblr-14238	536	24	have	have	AUX
cblr-14238	536	25	been	be	AUX
cblr-14238	536	26	self	self	NOUN
cblr-14238	536	27	-	-	PUNCT
cblr-14238	536	28	regulatory	regulatory	ADJ
cblr-14238	536	29	in	in	ADP
cblr-14238	536	30	part	part	NOUN
cblr-14238	536	31	because	because	SCONJ
cblr-14238	536	32	in	in	ADP
cblr-14238	536	33	many	many	ADJ
cblr-14238	536	34	cases	case	NOUN
cblr-14238	536	35	they	they	PRON
cblr-14238	536	36	were	be	AUX
cblr-14238	536	37	created	create	VERB
cblr-14238	536	38	privately	privately	ADV
cblr-14238	536	39	(	(	PUNCT
cblr-14238	536	40	typically	typically	ADV
cblr-14238	536	41	as	as	ADP
cblr-14238	536	42	member	member	NOUN
cblr-14238	536	43	-	-	PUNCT
cblr-14238	536	44	owned	own	VERB
cblr-14238	536	45	“	"	PUNCT
cblr-14238	536	46	mutual	mutual	ADJ
cblr-14238	536	47	”	"	PUNCT
cblr-14238	536	48	organizations	organization	NOUN
cblr-14238	536	49	)	)	PUNCT
cblr-14238	536	50	and	and	CCONJ
cblr-14238	536	51	regulated	regulate	VERB
cblr-14238	536	52	equity	equity	NOUN
cblr-14238	536	53	markets	market	NOUN
cblr-14238	536	54	before	before	SCONJ
cblr-14238	536	55	government	government	NOUN
cblr-14238	536	56	agencies	agency	NOUN
cblr-14238	536	57	created	create	VERB
cblr-14238	536	58	by	by	ADP
cblr-14238	536	59	legislatures	legislature	NOUN
cblr-14238	536	60	to	to	PART
cblr-14238	536	61	regulate	regulate	VERB
cblr-14238	536	62	securities	security	NOUN
cblr-14238	536	63	markets	market	NOUN
cblr-14238	536	64	,	,	PUNCT
cblr-14238	536	65	such	such	ADJ
cblr-14238	536	66	as	as	ADP
cblr-14238	536	67	the	the	DET
cblr-14238	536	68	u.s	u.s	PROPN
cblr-14238	536	69	.	.	PROPN
cblr-14238	536	70	securities	securities	PROPN
cblr-14238	536	71	exchange	exchange	PROPN
cblr-14238	536	72	commission	commission	PROPN
cblr-14238	536	73	,	,	PUNCT
cblr-14238	536	74	existed	exist	VERB
cblr-14238	536	75	.	.	PUNCT
cblr-14238	537	1	stavros	stavros	PROPN
cblr-14238	537	2	gadinis	gadinis	PROPN
cblr-14238	537	3	&	&	CCONJ
cblr-14238	537	4	howell	howell	PROPN
cblr-14238	537	5	e.	e.	PROPN
cblr-14238	537	6	jackson	jackson	PROPN
cblr-14238	537	7	,	,	PUNCT
cblr-14238	537	8	markets	market	NOUN
cblr-14238	537	9	as	as	ADP
cblr-14238	537	10	regulators	regulator	NOUN
cblr-14238	537	11	:	:	PUNCT
cblr-14238	537	12	a	a	DET
cblr-14238	537	13	survey	survey	NOUN
cblr-14238	537	14	,	,	PUNCT
cblr-14238	537	15	80	80	NUM
cblr-14238	537	16	s.	s.	PROPN
cblr-14238	537	17	cal	cal	PROPN
cblr-14238	537	18	.	.	PUNCT
cblr-14238	538	1	l.	l.	PROPN
cblr-14238	538	2	rev	rev	PROPN
cblr-14238	538	3	.	.	PROPN
cblr-14238	538	4	1239	1239	NUM
cblr-14238	538	5	,	,	PUNCT
cblr-14238	538	6	1246	1246	NUM
cblr-14238	538	7	(	(	PUNCT
cblr-14238	538	8	2007	2007	NUM
cblr-14238	538	9	)	)	PUNCT
cblr-14238	538	10	.	.	PUNCT
cblr-14238	539	1	see	see	VERB
cblr-14238	539	2	also	also	ADV
cblr-14238	539	3	paul	paul	PROPN
cblr-14238	539	4	g.	g.	PROPN
cblr-14238	539	5	mahoney	mahoney	PROPN
cblr-14238	539	6	,	,	PUNCT
cblr-14238	539	7	the	the	DET
cblr-14238	539	8	exchange	exchange	NOUN
cblr-14238	539	9	as	as	ADP
cblr-14238	539	10	regulator	regulator	NOUN
cblr-14238	539	11	,	,	PUNCT
cblr-14238	539	12	83	83	NUM
cblr-14238	539	13	va	va	NOUN
cblr-14238	539	14	.	.	PUNCT
cblr-14238	540	1	l.	l.	PROPN
cblr-14238	540	2	rev	rev	PROPN
cblr-14238	540	3	.	.	PROPN
cblr-14238	540	4	1453	1453	NUM
cblr-14238	540	5	,	,	PUNCT
cblr-14238	540	6	1460	1460	NUM
cblr-14238	540	7	(	(	PUNCT
cblr-14238	540	8	1997	1997	NUM
cblr-14238	540	9	)	)	PUNCT
cblr-14238	540	10	.	.	PUNCT
cblr-14238	541	1	754	754	NUM
cblr-14238	541	2	columbia	columbia	PROPN
cblr-14238	541	3	business	business	NOUN
cblr-14238	541	4	law	law	NOUN
cblr-14238	541	5	review	review	NOUN
cblr-14238	541	6	[	[	X
cblr-14238	541	7	vol	vol	NOUN
cblr-14238	541	8	.	.	NOUN
cblr-14238	541	9	2024	2024	NUM
cblr-14238	541	10	approval.114	approval.114	X
cblr-14238	541	11	nevertheless	nevertheless	ADV
cblr-14238	541	12	,	,	PUNCT
cblr-14238	541	13	they	they	PRON
cblr-14238	541	14	have	have	VERB
cblr-14238	541	15	significant	significant	ADJ
cblr-14238	541	16	autonomy	autonomy	NOUN
cblr-14238	541	17	in	in	ADP
cblr-14238	541	18	the	the	DET
cblr-14238	541	19	development	development	NOUN
cblr-14238	541	20	and	and	CCONJ
cblr-14238	541	21	enforcement	enforcement	NOUN
cblr-14238	541	22	of	of	ADP
cblr-14238	541	23	their	their	PRON
cblr-14238	541	24	rules	rule	NOUN
cblr-14238	541	25	.	.	PUNCT
cblr-14238	542	1	the	the	DET
cblr-14238	542	2	exchanges	exchange	NOUN
cblr-14238	542	3	have	have	VERB
cblr-14238	542	4	private	private	ADJ
cblr-14238	542	5	regulatory	regulatory	ADJ
cblr-14238	542	6	roles	role	NOUN
cblr-14238	542	7	supervising	supervise	VERB
cblr-14238	542	8	members	member	NOUN
cblr-14238	542	9	trading	trade	VERB
cblr-14238	542	10	on	on	ADP
cblr-14238	542	11	their	their	PRON
cblr-14238	542	12	exchanges	exchange	NOUN
cblr-14238	542	13	and	and	CCONJ
cblr-14238	542	14	establishing	establish	VERB
cblr-14238	542	15	corporate	corporate	ADJ
cblr-14238	542	16	governance	governance	NOUN
cblr-14238	542	17	and	and	CCONJ
cblr-14238	542	18	reporting	report	VERB
cblr-14238	542	19	rules	rule	NOUN
cblr-14238	542	20	for	for	ADP
cblr-14238	542	21	companies	company	NOUN
cblr-14238	542	22	seeking	seek	VERB
cblr-14238	542	23	a	a	DET
cblr-14238	542	24	listing	listing	NOUN
cblr-14238	542	25	.	.	PUNCT
cblr-14238	543	1	the	the	DET
cblr-14238	543	2	concept	concept	NOUN
cblr-14238	543	3	of	of	ADP
cblr-14238	543	4	self	self	NOUN
cblr-14238	543	5	-	-	PUNCT
cblr-14238	543	6	regulation	regulation	NOUN
cblr-14238	543	7	is	be	AUX
cblr-14238	543	8	premised	premise	VERB
cblr-14238	543	9	upon	upon	SCONJ
cblr-14238	543	10	an	an	DET
cblr-14238	543	11	exchange	exchange	NOUN
cblr-14238	543	12	's	's	PART
cblr-14238	543	13	ability	ability	NOUN
cblr-14238	543	14	to	to	PART
cblr-14238	543	15	use	use	VERB
cblr-14238	543	16	its	its	PRON
cblr-14238	543	17	market	market	NOUN
cblr-14238	543	18	power	power	NOUN
cblr-14238	543	19	for	for	ADP
cblr-14238	543	20	regulatory	regulatory	ADJ
cblr-14238	543	21	purposes	purpose	NOUN
cblr-14238	543	22	,	,	PUNCT
cblr-14238	543	23	mainly	mainly	ADV
cblr-14238	543	24	by	by	ADP
cblr-14238	543	25	threatening	threaten	VERB
cblr-14238	543	26	individual	individual	ADJ
cblr-14238	543	27	members	member	NOUN
cblr-14238	543	28	and	and	CCONJ
cblr-14238	543	29	listed	list	VERB
cblr-14238	543	30	issuers	issuer	NOUN
cblr-14238	543	31	with	with	ADP
cblr-14238	543	32	termination	termination	NOUN
cblr-14238	543	33	of	of	ADP
cblr-14238	543	34	their	their	PRON
cblr-14238	543	35	contractual	contractual	ADJ
cblr-14238	543	36	arrangements	arrangement	NOUN
cblr-14238	543	37	in	in	ADP
cblr-14238	543	38	case	case	NOUN
cblr-14238	543	39	of	of	ADP
cblr-14238	543	40	noncompliance	noncompliance	NOUN
cblr-14238	543	41	with	with	ADP
cblr-14238	543	42	the	the	DET
cblr-14238	543	43	rules	rule	NOUN
cblr-14238	543	44	of	of	ADP
cblr-14238	543	45	the	the	DET
cblr-14238	543	46	“	"	PUNCT
cblr-14238	543	47	club	club	NOUN
cblr-14238	543	48	.	.	PUNCT
cblr-14238	543	49	”115	”115	PUNCT
cblr-14238	544	1	in	in	ADP
cblr-14238	544	2	their	their	PRON
cblr-14238	544	3	roles	role	NOUN
cblr-14238	544	4	as	as	ADP
cblr-14238	544	5	private	private	ADJ
cblr-14238	544	6	regulators	regulator	NOUN
cblr-14238	544	7	with	with	ADP
cblr-14238	544	8	respect	respect	NOUN
cblr-14238	544	9	to	to	ADP
cblr-14238	544	10	listed	list	VERB
cblr-14238	544	11	companies	company	NOUN
cblr-14238	544	12	,	,	PUNCT
cblr-14238	544	13	sros	sros	PROPN
cblr-14238	544	14	have	have	VERB
cblr-14238	544	15	the	the	DET
cblr-14238	544	16	power	power	NOUN
cblr-14238	544	17	to	to	PART
cblr-14238	544	18	determine	determine	VERB
cblr-14238	544	19	whether	whether	SCONJ
cblr-14238	544	20	a	a	DET
cblr-14238	544	21	company	company	NOUN
cblr-14238	544	22	can	can	AUX
cblr-14238	544	23	participate	participate	VERB
cblr-14238	544	24	in	in	ADP
cblr-14238	544	25	the	the	DET
cblr-14238	544	26	public	public	ADJ
cblr-14238	544	27	capital	capital	NOUN
cblr-14238	544	28	markets	market	NOUN
cblr-14238	544	29	.	.	PUNCT
cblr-14238	545	1	listing	list	VERB
cblr-14238	545	2	is	be	AUX
cblr-14238	545	3	the	the	DET
cblr-14238	545	4	gateway	gateway	NOUN
cblr-14238	545	5	to	to	ADP
cblr-14238	545	6	public	public	ADJ
cblr-14238	545	7	markets	market	NOUN
cblr-14238	545	8	and	and	CCONJ
cblr-14238	545	9	retail	retail	ADJ
cblr-14238	545	10	investors.116	investors.116	ADJ
cblr-14238	545	11	exchange	exchange	NOUN
cblr-14238	545	12	listing	list	VERB
cblr-14238	545	13	gives	give	VERB
cblr-14238	545	14	issuers	issuer	NOUN
cblr-14238	545	15	access	access	NOUN
cblr-14238	545	16	to	to	ADP
cblr-14238	545	17	the	the	DET
cblr-14238	545	18	broad	broad	ADJ
cblr-14238	545	19	and	and	CCONJ
cblr-14238	545	20	deep	deep	ADJ
cblr-14238	545	21	retail	retail	ADJ
cblr-14238	545	22	equity	equity	NOUN
cblr-14238	545	23	markets	market	NOUN
cblr-14238	545	24	,	,	PUNCT
cblr-14238	545	25	creating	create	VERB
cblr-14238	545	26	greater	great	ADJ
cblr-14238	545	27	opportunities	opportunity	NOUN
cblr-14238	545	28	for	for	ADP
cblr-14238	545	29	successful	successful	ADJ
cblr-14238	545	30	subsequent	subsequent	ADJ
cblr-14238	545	31	issues	issue	NOUN
cblr-14238	545	32	of	of	ADP
cblr-14238	545	33	equity	equity	NOUN
cblr-14238	545	34	and	and	CCONJ
cblr-14238	545	35	debt	debt	NOUN
cblr-14238	545	36	securities	security	NOUN
cblr-14238	545	37	for	for	ADP
cblr-14238	545	38	capital	capital	NOUN
cblr-14238	545	39	raising.117	raising.117	PROPN
cblr-14238	545	40	thus	thus	ADV
cblr-14238	545	41	,	,	PUNCT
cblr-14238	545	42	historically	historically	ADV
cblr-14238	545	43	,	,	PUNCT
cblr-14238	545	44	stock	stock	NOUN
cblr-14238	545	45	exchanges	exchange	NOUN
cblr-14238	545	46	have	have	AUX
cblr-14238	545	47	played	play	VERB
cblr-14238	545	48	a	a	DET
cblr-14238	545	49	decisive	decisive	ADJ
cblr-14238	545	50	role	role	NOUN
cblr-14238	545	51	in	in	ADP
cblr-14238	545	52	capital	capital	NOUN
cblr-14238	545	53	formation	formation	NOUN
cblr-14238	545	54	and	and	CCONJ
cblr-14238	545	55	countries	country	NOUN
cblr-14238	545	56	have	have	AUX
cblr-14238	545	57	established	establish	VERB
cblr-14238	545	58	strict	strict	ADJ
cblr-14238	545	59	regulatory	regulatory	ADJ
cblr-14238	545	60	frameworks	framework	NOUN
cblr-14238	545	61	to	to	PART
cblr-14238	545	62	safeguard	safeguard	VERB
cblr-14238	545	63	the	the	DET
cblr-14238	545	64	operations	operation	NOUN
cblr-14238	545	65	of	of	ADP
cblr-14238	545	66	their	their	PRON
cblr-14238	545	67	stock	stock	NOUN
cblr-14238	545	68	markets.118	markets.118	NOUN
cblr-14238	545	69	generations	generation	NOUN
cblr-14238	545	70	of	of	ADP
cblr-14238	545	71	entrepreneurs	entrepreneur	NOUN
cblr-14238	545	72	and	and	CCONJ
cblr-14238	545	73	corporate	corporate	ADJ
cblr-14238	545	74	directors	director	NOUN
cblr-14238	545	75	have	have	AUX
cblr-14238	545	76	complied	comply	VERB
cblr-14238	545	77	with	with	ADP
cblr-14238	545	78	the	the	DET
cblr-14238	545	79	corporate	corporate	ADJ
cblr-14238	545	80	governance	governance	NOUN
cblr-14238	545	81	and	and	CCONJ
cblr-14238	545	82	other	other	ADJ
cblr-14238	545	83	requirements	requirement	NOUN
cblr-14238	545	84	of	of	ADP
cblr-14238	545	85	u.s	u.s	PROPN
cblr-14238	545	86	.	.	PROPN
cblr-14238	545	87	stock	stock	NOUN
cblr-14238	545	88	exchanges	exchange	NOUN
cblr-14238	545	89	in	in	ADP
cblr-14238	545	90	order	order	NOUN
cblr-14238	545	91	to	to	PART
cblr-14238	545	92	gain	gain	VERB
cblr-14238	545	93	access	access	NOUN
cblr-14238	545	94	to	to	ADP
cblr-14238	545	95	the	the	DET
cblr-14238	545	96	massive	massive	ADJ
cblr-14238	545	97	pool	pool	NOUN
cblr-14238	545	98	of	of	ADP
cblr-14238	545	99	capital	capital	NOUN
cblr-14238	545	100	held	hold	VERB
cblr-14238	545	101	by	by	ADP
cblr-14238	545	102	retail	retail	PROPN
cblr-14238	545	103	investors.119	investors.119	PROPN
cblr-14238	545	104	114	114	NUM
cblr-14238	545	105	see	see	VERB
cblr-14238	545	106	15	15	NUM
cblr-14238	545	107	u.s.c	u.s.c	ADJ
cblr-14238	545	108	.	.	PUNCT
cblr-14238	546	1	§	§	PROPN
cblr-14238	546	2	78s(b)(2)(c)(i	78s(b)(2)(c)(i	NUM
cblr-14238	546	3	)	)	PUNCT
cblr-14238	546	4	(	(	PUNCT
cblr-14238	546	5	2012	2012	NUM
cblr-14238	546	6	)	)	PUNCT
cblr-14238	546	7	.	.	PUNCT
cblr-14238	547	1	see	see	VERB
cblr-14238	547	2	also	also	ADV
cblr-14238	547	3	17	17	NUM
cblr-14238	547	4	c.f.r	c.f.r	NOUN
cblr-14238	547	5	.	.	PUNCT
cblr-14238	548	1	§	§	PROPN
cblr-14238	548	2	240.19b-4	240.19b-4	NUM
cblr-14238	548	3	(	(	PUNCT
cblr-14238	548	4	2014	2014	NUM
cblr-14238	548	5	)	)	PUNCT
cblr-14238	548	6	(	(	PUNCT
cblr-14238	548	7	establishing	establish	VERB
cblr-14238	548	8	the	the	DET
cblr-14238	548	9	process	process	NOUN
cblr-14238	548	10	by	by	ADP
cblr-14238	548	11	which	which	PRON
cblr-14238	548	12	the	the	DET
cblr-14238	548	13	sec	sec	PROPN
cblr-14238	548	14	approves	approve	VERB
cblr-14238	548	15	or	or	CCONJ
cblr-14238	548	16	disapproves	disapprove	VERB
cblr-14238	548	17	of	of	ADP
cblr-14238	548	18	rule	rule	NOUN
cblr-14238	548	19	changes	change	NOUN
cblr-14238	548	20	for	for	ADP
cblr-14238	548	21	sros	sro	NOUN
cblr-14238	548	22	)	)	PUNCT
cblr-14238	548	23	.	.	PUNCT
cblr-14238	549	1	115	115	NUM
cblr-14238	549	2	gadinis	gadinis	PROPN
cblr-14238	549	3	&	&	CCONJ
cblr-14238	549	4	jackson	jackson	PROPN
cblr-14238	549	5	,	,	PUNCT
cblr-14238	549	6	supra	supra	PROPN
cblr-14238	549	7	note	note	PROPN
cblr-14238	549	8	113	113	NUM
cblr-14238	549	9	,	,	PUNCT
cblr-14238	549	10	at	at	ADP
cblr-14238	549	11	1254	1254	NUM
cblr-14238	549	12	.	.	PUNCT
cblr-14238	550	1	116	116	NUM
cblr-14238	551	1	i	i	PRON
cblr-14238	551	2	d.	d.	PROPN
cblr-14238	551	3	at	at	ADP
cblr-14238	551	4	1249	1249	NUM
cblr-14238	551	5	.	.	PUNCT
cblr-14238	552	1	117	117	NUM
cblr-14238	552	2	onnig	onnig	PROPN
cblr-14238	552	3	h.	h.	PROPN
cblr-14238	552	4	dombalagian	dombalagian	PROPN
cblr-14238	552	5	,	,	PUNCT
cblr-14238	552	6	demythologizing	demythologize	VERB
cblr-14238	552	7	the	the	DET
cblr-14238	552	8	stock	stock	NOUN
cblr-14238	552	9	exchange	exchange	NOUN
cblr-14238	552	10	:	:	PUNCT
cblr-14238	552	11	reconciling	reconcile	VERB
cblr-14238	552	12	self	self	NOUN
cblr-14238	552	13	-	-	PUNCT
cblr-14238	552	14	regulation	regulation	NOUN
cblr-14238	552	15	and	and	CCONJ
cblr-14238	552	16	the	the	DET
cblr-14238	552	17	national	national	ADJ
cblr-14238	552	18	market	market	NOUN
cblr-14238	552	19	system	system	NOUN
cblr-14238	552	20	,	,	PUNCT
cblr-14238	552	21	39	39	NUM
cblr-14238	552	22	u.	u.	ADV
cblr-14238	552	23	rich	rich	ADJ
cblr-14238	552	24	.	.	PUNCT
cblr-14238	553	1	l.	l.	PROPN
cblr-14238	553	2	rev	rev	PROPN
cblr-14238	553	3	.	.	PROPN
cblr-14238	553	4	1069	1069	NUM
cblr-14238	553	5	,	,	PUNCT
cblr-14238	553	6	1114	1114	NUM
cblr-14238	553	7	(	(	PUNCT
cblr-14238	553	8	2005	2005	NUM
cblr-14238	553	9	)	)	PUNCT
cblr-14238	553	10	.	.	PUNCT
cblr-14238	554	1	118	118	NUM
cblr-14238	554	2	gadinis	gadinis	PROPN
cblr-14238	554	3	&	&	CCONJ
cblr-14238	554	4	jackson	jackson	PROPN
cblr-14238	554	5	,	,	PUNCT
cblr-14238	554	6	supra	supra	PROPN
cblr-14238	554	7	note	note	PROPN
cblr-14238	554	8	113	113	NUM
cblr-14238	554	9	,	,	PUNCT
cblr-14238	554	10	at	at	ADP
cblr-14238	554	11	1242	1242	NUM
cblr-14238	554	12	.	.	PUNCT
cblr-14238	554	13	119	119	NUM
cblr-14238	554	14	with	with	ADP
cblr-14238	554	15	the	the	DET
cblr-14238	554	16	liberalization	liberalization	NOUN
cblr-14238	554	17	of	of	ADP
cblr-14238	554	18	rules	rule	NOUN
cblr-14238	554	19	relating	relate	VERB
cblr-14238	554	20	to	to	ADP
cblr-14238	554	21	the	the	DET
cblr-14238	554	22	aggregation	aggregation	NOUN
cblr-14238	554	23	and	and	CCONJ
cblr-14238	554	24	trading	trading	NOUN
cblr-14238	554	25	of	of	ADP
cblr-14238	554	26	private	private	ADJ
cblr-14238	554	27	capital	capital	NOUN
cblr-14238	554	28	,	,	PUNCT
cblr-14238	554	29	which	which	PRON
cblr-14238	554	30	have	have	AUX
cblr-14238	554	31	permitted	permit	VERB
cblr-14238	554	32	large	large	ADJ
cblr-14238	554	33	companies	company	NOUN
cblr-14238	554	34	to	to	PART
cblr-14238	554	35	remain	remain	VERB
cblr-14238	554	36	private	private	ADJ
cblr-14238	554	37	much	much	ADV
cblr-14238	554	38	longer	long	ADV
cblr-14238	554	39	than	than	SCONJ
cblr-14238	554	40	they	they	PRON
cblr-14238	554	41	have	have	VERB
cblr-14238	554	42	in	in	ADP
cblr-14238	554	43	the	the	DET
cblr-14238	554	44	past	past	NOUN
cblr-14238	554	45	,	,	PUNCT
cblr-14238	554	46	it	it	PRON
cblr-14238	554	47	is	be	AUX
cblr-14238	554	48	possible	possible	ADJ
cblr-14238	554	49	that	that	SCONJ
cblr-14238	554	50	the	the	DET
cblr-14238	554	51	role	role	NOUN
cblr-14238	554	52	of	of	ADP
cblr-14238	554	53	sros	sro	NOUN
cblr-14238	554	54	as	as	ADP
cblr-14238	554	55	gatekeepers	gatekeeper	NOUN
cblr-14238	554	56	to	to	ADP
cblr-14238	554	57	the	the	DET
cblr-14238	554	58	public	public	ADJ
cblr-14238	554	59	markets	market	NOUN
cblr-14238	554	60	will	will	AUX
cblr-14238	554	61	have	have	VERB
cblr-14238	554	62	less	less	ADJ
cblr-14238	554	63	importance	importance	NOUN
cblr-14238	554	64	as	as	ADP
cblr-14238	554	65	a	a	DET
cblr-14238	554	66	source	source	NOUN
cblr-14238	554	67	of	of	ADP
cblr-14238	554	68	regulatory	regulatory	ADJ
cblr-14238	554	69	power	power	NOUN
cblr-14238	554	70	.	.	PUNCT
cblr-14238	555	1	increasingly	increasingly	ADV
cblr-14238	555	2	,	,	PUNCT
cblr-14238	555	3	companies	company	NOUN
cblr-14238	555	4	can	can	AUX
cblr-14238	555	5	choose	choose	VERB
cblr-14238	555	6	to	to	PART
cblr-14238	555	7	remain	remain	VERB
cblr-14238	555	8	no	no	NOUN
cblr-14238	555	9	.	.	NOUN
cblr-14238	555	10	2	2	NUM
cblr-14238	555	11	]	]	PUNCT
cblr-14238	555	12	regulation	regulation	NOUN
cblr-14238	555	13	by	by	ADP
cblr-14238	555	14	indexation	indexation	NOUN
cblr-14238	555	15	?	?	PUNCT
cblr-14238	556	1	755	755	NUM
cblr-14238	556	2	the	the	DET
cblr-14238	556	3	ultimate	ultimate	ADJ
cblr-14238	556	4	sanction	sanction	NOUN
cblr-14238	556	5	for	for	ADP
cblr-14238	556	6	failure	failure	NOUN
cblr-14238	556	7	to	to	PART
cblr-14238	556	8	satisfy	satisfy	VERB
cblr-14238	556	9	the	the	DET
cblr-14238	556	10	disclosure	disclosure	NOUN
cblr-14238	556	11	or	or	CCONJ
cblr-14238	556	12	corporate	corporate	ADJ
cblr-14238	556	13	governance	governance	NOUN
cblr-14238	556	14	requirements	requirement	NOUN
cblr-14238	556	15	of	of	ADP
cblr-14238	556	16	a	a	DET
cblr-14238	556	17	stock	stock	NOUN
cblr-14238	556	18	exchange	exchange	NOUN
cblr-14238	556	19	in	in	ADP
cblr-14238	556	20	the	the	DET
cblr-14238	556	21	u.s	u.s	PROPN
cblr-14238	556	22	.	.	PROPN
cblr-14238	556	23	is	be	AUX
cblr-14238	556	24	delisting.120	delisting.120	ADJ
cblr-14238	556	25	removal	removal	NOUN
cblr-14238	556	26	from	from	ADP
cblr-14238	556	27	listing	list	VERB
cblr-14238	556	28	is	be	AUX
cblr-14238	556	29	debilitating	debilitate	VERB
cblr-14238	556	30	since	since	SCONJ
cblr-14238	556	31	it	it	PRON
cblr-14238	556	32	connotes	connote	VERB
cblr-14238	556	33	fraud	fraud	NOUN
cblr-14238	556	34	,	,	PUNCT
cblr-14238	556	35	shrinking	shrink	VERB
cblr-14238	556	36	market	market	NOUN
cblr-14238	556	37	capitalization	capitalization	NOUN
cblr-14238	556	38	,	,	PUNCT
cblr-14238	556	39	or	or	CCONJ
cblr-14238	556	40	both	both	PRON
cblr-14238	556	41	.	.	PUNCT
cblr-14238	557	1	delisting	delist	VERB
cblr-14238	557	2	generally	generally	ADV
cblr-14238	557	3	has	have	VERB
cblr-14238	557	4	severe	severe	ADJ
cblr-14238	557	5	adverse	adverse	ADJ
cblr-14238	557	6	effects	effect	NOUN
cblr-14238	557	7	on	on	ADP
cblr-14238	557	8	the	the	DET
cblr-14238	557	9	liquidity	liquidity	NOUN
cblr-14238	557	10	of	of	ADP
cblr-14238	557	11	delisted	delisted	ADJ
cblr-14238	557	12	shares	share	NOUN
cblr-14238	557	13	and	and	CCONJ
cblr-14238	557	14	adversely	adversely	ADV
cblr-14238	557	15	affects	affect	VERB
cblr-14238	557	16	corporate	corporate	ADJ
cblr-14238	557	17	access	access	NOUN
cblr-14238	557	18	to	to	ADP
cblr-14238	557	19	capital	capital	NOUN
cblr-14238	557	20	due	due	ADP
cblr-14238	557	21	to	to	ADP
cblr-14238	557	22	the	the	DET
cblr-14238	557	23	absence	absence	NOUN
cblr-14238	557	24	of	of	ADP
cblr-14238	557	25	alternative	alternative	ADJ
cblr-14238	557	26	trading	trading	NOUN
cblr-14238	557	27	venues	venue	NOUN
cblr-14238	557	28	for	for	ADP
cblr-14238	557	29	shares	share	NOUN
cblr-14238	557	30	in	in	ADP
cblr-14238	557	31	public	public	ADJ
cblr-14238	557	32	companies	company	NOUN
cblr-14238	557	33	.	.	PUNCT
cblr-14238	558	1	b.	b.	PROPN
cblr-14238	558	2	credit	credit	NOUN
cblr-14238	558	3	rating	rating	NOUN
cblr-14238	558	4	agencies	agency	NOUN
cblr-14238	558	5	credit	credit	NOUN
cblr-14238	558	6	rating	rating	NOUN
cblr-14238	558	7	agencies	agency	NOUN
cblr-14238	558	8	(	(	PUNCT
cblr-14238	558	9	cras	cras	X
cblr-14238	558	10	)	)	PUNCT
cblr-14238	558	11	are	be	AUX
cblr-14238	558	12	private	private	ADJ
cblr-14238	558	13	companies	company	NOUN
cblr-14238	558	14	that	that	PRON
cblr-14238	558	15	provide	provide	VERB
cblr-14238	558	16	credit	credit	NOUN
cblr-14238	558	17	ratings	rating	NOUN
cblr-14238	558	18	for	for	ADP
cblr-14238	558	19	securities	security	NOUN
cblr-14238	558	20	issued	issue	VERB
cblr-14238	558	21	by	by	ADP
cblr-14238	558	22	corporate	corporate	ADJ
cblr-14238	558	23	and	and	CCONJ
cblr-14238	558	24	sovereign	sovereign	ADJ
cblr-14238	558	25	issuers	issuer	NOUN
cblr-14238	558	26	based	base	VERB
cblr-14238	558	27	on	on	ADP
cblr-14238	558	28	information	information	NOUN
cblr-14238	558	29	provided	provide	VERB
cblr-14238	558	30	by	by	ADP
cblr-14238	558	31	the	the	DET
cblr-14238	558	32	issuer	issuer	NOUN
cblr-14238	558	33	.	.	PUNCT
cblr-14238	559	1	issuers	issuer	NOUN
cblr-14238	559	2	pay	pay	VERB
cblr-14238	559	3	fees	fee	NOUN
cblr-14238	559	4	to	to	ADP
cblr-14238	559	5	the	the	DET
cblr-14238	559	6	cras	cras	PROPN
cblr-14238	559	7	for	for	ADP
cblr-14238	559	8	the	the	DET
cblr-14238	559	9	ratings	rating	NOUN
cblr-14238	559	10	on	on	ADP
cblr-14238	559	11	their	their	PRON
cblr-14238	559	12	securities	security	NOUN
cblr-14238	559	13	.	.	PUNCT
cblr-14238	560	1	it	it	PRON
cblr-14238	560	2	is	be	AUX
cblr-14238	560	3	possible	possible	ADJ
cblr-14238	560	4	to	to	PART
cblr-14238	560	5	issue	issue	VERB
cblr-14238	560	6	securities	security	NOUN
cblr-14238	560	7	without	without	ADP
cblr-14238	560	8	a	a	DET
cblr-14238	560	9	rating	rating	NOUN
cblr-14238	560	10	,	,	PUNCT
cblr-14238	560	11	and	and	CCONJ
cblr-14238	560	12	ratings	rating	NOUN
cblr-14238	560	13	are	be	AUX
cblr-14238	560	14	used	use	VERB
cblr-14238	560	15	less	less	ADV
cblr-14238	560	16	frequently	frequently	ADV
cblr-14238	560	17	in	in	ADP
cblr-14238	560	18	some	some	DET
cblr-14238	560	19	markets	market	NOUN
cblr-14238	560	20	than	than	ADP
cblr-14238	560	21	others	other	NOUN
cblr-14238	560	22	.	.	PUNCT
cblr-14238	561	1	u.s	u.s	PROPN
cblr-14238	561	2	.	.	PROPN
cblr-14238	561	3	regulators	regulator	NOUN
cblr-14238	561	4	,	,	PUNCT
cblr-14238	561	5	though	though	ADV
cblr-14238	561	6	,	,	PUNCT
cblr-14238	561	7	have	have	AUX
cblr-14238	561	8	issued	issue	VERB
cblr-14238	561	9	regulations	regulation	NOUN
cblr-14238	561	10	that	that	PRON
cblr-14238	561	11	encourage	encourage	VERB
cblr-14238	561	12	investors	investor	NOUN
cblr-14238	561	13	to	to	PART
cblr-14238	561	14	invest	invest	VERB
cblr-14238	561	15	in	in	ADP
cblr-14238	561	16	rated	rate	VERB
cblr-14238	561	17	securities	security	NOUN
cblr-14238	561	18	and	and	CCONJ
cblr-14238	561	19	therefore	therefore	ADV
cblr-14238	561	20	encourage	encourage	VERB
cblr-14238	561	21	issuers	issuer	NOUN
cblr-14238	561	22	to	to	PART
cblr-14238	561	23	obtain	obtain	VERB
cblr-14238	561	24	ratings	rating	NOUN
cblr-14238	561	25	for	for	ADP
cblr-14238	561	26	their	their	PRON
cblr-14238	561	27	securities	security	NOUN
cblr-14238	561	28	,	,	PUNCT
cblr-14238	561	29	at	at	ADP
cblr-14238	561	30	least	least	ADJ
cblr-14238	561	31	in	in	ADP
cblr-14238	561	32	the	the	DET
cblr-14238	561	33	united	united	PROPN
cblr-14238	561	34	states	states	PROPN
cblr-14238	561	35	.	.	PUNCT
cblr-14238	562	1	these	these	DET
cblr-14238	562	2	incentives	incentive	NOUN
cblr-14238	562	3	are	be	AUX
cblr-14238	562	4	sufficiently	sufficiently	ADV
cblr-14238	562	5	large	large	ADJ
cblr-14238	562	6	to	to	PART
cblr-14238	562	7	cause	cause	VERB
cblr-14238	562	8	the	the	DET
cblr-14238	562	9	management	management	NOUN
cblr-14238	562	10	of	of	ADP
cblr-14238	562	11	companies	company	NOUN
cblr-14238	562	12	issuing	issue	VERB
cblr-14238	562	13	rated	rate	VERB
cblr-14238	562	14	securities	security	NOUN
cblr-14238	562	15	to	to	PART
cblr-14238	562	16	make	make	VERB
cblr-14238	562	17	changes	change	NOUN
cblr-14238	562	18	to	to	ADP
cblr-14238	562	19	their	their	PRON
cblr-14238	562	20	capital	capital	NOUN
cblr-14238	562	21	structure	structure	NOUN
cblr-14238	562	22	and	and	CCONJ
cblr-14238	562	23	corporate	corporate	ADJ
cblr-14238	562	24	governance	governance	NOUN
cblr-14238	562	25	sufficient	sufficient	ADJ
cblr-14238	562	26	to	to	PART
cblr-14238	562	27	obtain	obtain	VERB
cblr-14238	562	28	a	a	DET
cblr-14238	562	29	higher	high	ADJ
cblr-14238	562	30	rating	rating	NOUN
cblr-14238	562	31	,	,	PUNCT
cblr-14238	562	32	if	if	SCONJ
cblr-14238	562	33	necessary	necessary	ADJ
cblr-14238	562	34	.	.	PUNCT
cblr-14238	563	1	private	private	ADJ
cblr-14238	563	2	instead	instead	ADV
cblr-14238	563	3	of	of	ADP
cblr-14238	563	4	submitting	submit	VERB
cblr-14238	563	5	to	to	ADP
cblr-14238	563	6	the	the	DET
cblr-14238	563	7	corporate	corporate	ADJ
cblr-14238	563	8	governance	governance	NOUN
cblr-14238	563	9	requirements	requirement	NOUN
cblr-14238	563	10	of	of	ADP
cblr-14238	563	11	the	the	DET
cblr-14238	563	12	exchanges	exchange	NOUN
cblr-14238	563	13	.	.	PUNCT
cblr-14238	564	1	many	many	ADJ
cblr-14238	564	2	companies	company	NOUN
cblr-14238	564	3	registered	register	VERB
cblr-14238	564	4	with	with	ADP
cblr-14238	564	5	the	the	DET
cblr-14238	564	6	sec	sec	PROPN
cblr-14238	564	7	under	under	ADP
cblr-14238	564	8	the	the	DET
cblr-14238	564	9	securities	security	NOUN
cblr-14238	564	10	exchange	exchange	PROPN
cblr-14238	564	11	act	act	NOUN
cblr-14238	564	12	are	be	AUX
cblr-14238	564	13	not	not	PART
cblr-14238	564	14	listed	list	VERB
cblr-14238	564	15	.	.	PUNCT
cblr-14238	565	1	onnig	onnig	PROPN
cblr-14238	565	2	h.	h.	PROPN
cblr-14238	565	3	dombalagian	dombalagian	PROPN
cblr-14238	565	4	,	,	PUNCT
cblr-14238	565	5	exchanges	exchange	NOUN
cblr-14238	565	6	,	,	PUNCT
cblr-14238	565	7	listless	listless	ADJ
cblr-14238	565	8	?	?	PUNCT
cblr-14238	565	9	:	:	PUNCT
cblr-14238	565	10	the	the	DET
cblr-14238	565	11	disintermediation	disintermediation	NOUN
cblr-14238	565	12	of	of	ADP
cblr-14238	565	13	the	the	DET
cblr-14238	565	14	listing	listing	NOUN
cblr-14238	565	15	function	function	NOUN
cblr-14238	565	16	,	,	PUNCT
cblr-14238	565	17	50	50	NUM
cblr-14238	565	18	wake	wake	VERB
cblr-14238	565	19	forest	forest	PROPN
cblr-14238	565	20	l.	l.	PROPN
cblr-14238	565	21	rev	rev	PROPN
cblr-14238	565	22	.	.	PROPN
cblr-14238	565	23	579	579	NUM
cblr-14238	565	24	,	,	PUNCT
cblr-14238	565	25	580	580	NUM
cblr-14238	565	26	,	,	PUNCT
cblr-14238	565	27	587	587	NUM
cblr-14238	565	28	n.50	n.50	NOUN
cblr-14238	565	29	(	(	PUNCT
cblr-14238	565	30	2015	2015	NUM
cblr-14238	565	31	)	)	PUNCT
cblr-14238	565	32	(	(	PUNCT
cblr-14238	565	33	“	"	PUNCT
cblr-14238	565	34	according	accord	VERB
cblr-14238	565	35	to	to	ADP
cblr-14238	565	36	a	a	DET
cblr-14238	565	37	recent	recent	ADJ
cblr-14238	565	38	sec	sec	PROPN
cblr-14238	565	39	release	release	NOUN
cblr-14238	565	40	,	,	PUNCT
cblr-14238	565	41	there	there	PRON
cblr-14238	565	42	are	be	VERB
cblr-14238	565	43	approximately	approximately	ADV
cblr-14238	565	44	7447	7447	NUM
cblr-14238	565	45	companies	company	NOUN
cblr-14238	565	46	registered	register	VERB
cblr-14238	565	47	under	under	ADP
cblr-14238	565	48	section	section	NOUN
cblr-14238	565	49	12	12	NUM
cblr-14238	565	50	of	of	ADP
cblr-14238	565	51	the	the	DET
cblr-14238	565	52	exchange	exchange	NOUN
cblr-14238	565	53	act	act	NOUN
cblr-14238	565	54	,	,	PUNCT
cblr-14238	565	55	including	include	VERB
cblr-14238	565	56	4620	4620	NUM
cblr-14238	565	57	listed	list	VERB
cblr-14238	565	58	companies	company	NOUN
cblr-14238	565	59	(	(	PUNCT
cblr-14238	565	60	of	of	ADP
cblr-14238	565	61	which	which	PRON
cblr-14238	565	62	916	916	NUM
cblr-14238	565	63	are	be	AUX
cblr-14238	565	64	smaller	small	ADJ
cblr-14238	565	65	reporting	reporting	NOUN
cblr-14238	565	66	companies	company	NOUN
cblr-14238	565	67	or	or	CCONJ
cblr-14238	565	68	emerging	emerge	VERB
cblr-14238	565	69	growth	growth	NOUN
cblr-14238	565	70	companies	company	NOUN
cblr-14238	565	71	and	and	CCONJ
cblr-14238	565	72	602	602	NUM
cblr-14238	565	73	are	be	AUX
cblr-14238	565	74	listed	list	VERB
cblr-14238	565	75	closed	closed	ADJ
cblr-14238	565	76	-	-	PUNCT
cblr-14238	565	77	end	end	NOUN
cblr-14238	565	78	funds	fund	NOUN
cblr-14238	565	79	)	)	PUNCT
cblr-14238	565	80	and	and	CCONJ
cblr-14238	565	81	2827	2827	NUM
cblr-14238	565	82	unlisted	unlisted	ADJ
cblr-14238	565	83	companies	company	NOUN
cblr-14238	565	84	(	(	PUNCT
cblr-14238	565	85	of	of	ADP
cblr-14238	565	86	which	which	PRON
cblr-14238	565	87	2220	2220	NUM
cblr-14238	565	88	are	be	AUX
cblr-14238	565	89	smaller	small	ADJ
cblr-14238	565	90	reporting	reporting	NOUN
cblr-14238	565	91	companies	company	NOUN
cblr-14238	565	92	or	or	CCONJ
cblr-14238	565	93	emerging	emerge	VERB
cblr-14238	565	94	growth	growth	NOUN
cblr-14238	565	95	companies	company	NOUN
cblr-14238	565	96	)	)	PUNCT
cblr-14238	565	97	.	.	PUNCT
cblr-14238	565	98	”	"	PUNCT
cblr-14238	565	99	)	)	PUNCT
cblr-14238	565	100	(	(	PUNCT
cblr-14238	565	101	internal	internal	ADJ
cblr-14238	565	102	citation	citation	NOUN
cblr-14238	565	103	omitted	omit	VERB
cblr-14238	565	104	)	)	PUNCT
cblr-14238	565	105	.	.	PUNCT
cblr-14238	566	1	120	120	NUM
cblr-14238	566	2	see	see	VERB
cblr-14238	566	3	generally	generally	ADV
cblr-14238	566	4	nyse	nyse	PROPN
cblr-14238	566	5	,	,	PUNCT
cblr-14238	566	6	nyse	nyse	PROPN
cblr-14238	566	7	listed	list	VERB
cblr-14238	566	8	company	company	NOUN
cblr-14238	566	9	manual	manual	NOUN
cblr-14238	566	10	§	§	PROPN
cblr-14238	566	11	801.00	801.00	NUM
cblr-14238	566	12	,	,	PUNCT
cblr-14238	566	13	https://nyseguide.srorules.com/listed-company-manual	https://nyseguide.srorules.com/listed-company-manual	PROPN
cblr-14238	566	14	[	[	X
cblr-14238	566	15	https://perma.cc/nq6k-lmx8	https://perma.cc/nq6k-lmx8	X
cblr-14238	566	16	]	]	X
cblr-14238	566	17	;	;	PUNCT
cblr-14238	566	18	nasdaq	nasdaq	PROPN
cblr-14238	566	19	,	,	PUNCT
cblr-14238	566	20	nasdaq	nasdaq	PROPN
cblr-14238	566	21	stock	stock	NOUN
cblr-14238	566	22	market	market	NOUN
cblr-14238	566	23	rules	rule	NOUN
cblr-14238	566	24	,	,	PUNCT
cblr-14238	566	25	§	§	PROPN
cblr-14238	566	26	5800	5800	NUM
cblr-14238	566	27	,	,	PUNCT
cblr-14238	566	28	https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/nasdaq%205800%2	https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/nasdaq%205800%2	PROPN
cblr-14238	566	29	0series	0serie	NOUN
cblr-14238	567	1	[	[	X
cblr-14238	567	2	https://perma.cc/a895-bqjk	https://perma.cc/a895-bqjk	X
cblr-14238	567	3	]	]	X
cblr-14238	567	4	.	.	PUNCT
cblr-14238	568	1	756	756	NUM
cblr-14238	568	2	columbia	columbia	PROPN
cblr-14238	568	3	business	business	NOUN
cblr-14238	568	4	law	law	PROPN
cblr-14238	568	5	review	review	NOUN
cblr-14238	568	6	[	[	X
cblr-14238	568	7	vol	vol	NOUN
cblr-14238	568	8	.	.	PUNCT
cblr-14238	569	1	2024	2024	NUM
cblr-14238	569	2	frank	frank	PROPN
cblr-14238	569	3	partnoy	partnoy	PROPN
cblr-14238	569	4	has	have	AUX
cblr-14238	569	5	pointed	point	VERB
cblr-14238	569	6	out	out	ADP
cblr-14238	569	7	that	that	SCONJ
cblr-14238	569	8	the	the	DET
cblr-14238	569	9	sec	sec	PROPN
cblr-14238	569	10	has	have	AUX
cblr-14238	569	11	given	give	VERB
cblr-14238	569	12	the	the	DET
cblr-14238	569	13	small	small	ADJ
cblr-14238	569	14	number	number	NOUN
cblr-14238	569	15	of	of	ADP
cblr-14238	569	16	firms	firm	NOUN
cblr-14238	569	17	it	it	PRON
cblr-14238	569	18	has	have	AUX
cblr-14238	569	19	approved	approve	VERB
cblr-14238	569	20	as	as	ADP
cblr-14238	569	21	nationally	nationally	ADV
cblr-14238	569	22	recognized	recognize	VERB
cblr-14238	569	23	statistical	statistical	ADJ
cblr-14238	569	24	rating	rating	NOUN
cblr-14238	569	25	organizations	organization	NOUN
cblr-14238	569	26	(	(	PUNCT
cblr-14238	569	27	nrsros	nrsros	PROPN
cblr-14238	569	28	)	)	PUNCT
cblr-14238	569	29	significant	significant	ADJ
cblr-14238	569	30	market	market	NOUN
cblr-14238	569	31	power	power	NOUN
cblr-14238	569	32	by	by	ADP
cblr-14238	569	33	promulgating	promulgate	VERB
cblr-14238	569	34	rules	rule	NOUN
cblr-14238	569	35	that	that	SCONJ
cblr-14238	569	36	(	(	PUNCT
cblr-14238	569	37	1	1	X
cblr-14238	569	38	)	)	PUNCT
cblr-14238	569	39	identify	identify	VERB
cblr-14238	569	40	certain	certain	ADJ
cblr-14238	569	41	parties	party	NOUN
cblr-14238	569	42	as	as	ADP
cblr-14238	569	43	officially	officially	ADV
cblr-14238	569	44	sanctioned	sanction	VERB
cblr-14238	569	45	credit	credit	NOUN
cblr-14238	569	46	ratings	rating	NOUN
cblr-14238	569	47	agencies	agency	NOUN
cblr-14238	569	48	and	and	CCONJ
cblr-14238	569	49	(	(	PUNCT
cblr-14238	569	50	2	2	X
cblr-14238	569	51	)	)	PUNCT
cblr-14238	569	52	create	create	VERB
cblr-14238	569	53	significant	significant	ADJ
cblr-14238	569	54	incentives	incentive	NOUN
cblr-14238	569	55	for	for	SCONJ
cblr-14238	569	56	participants	participant	NOUN
cblr-14238	569	57	in	in	ADP
cblr-14238	569	58	the	the	DET
cblr-14238	569	59	financial	financial	ADJ
cblr-14238	569	60	markets	market	NOUN
cblr-14238	569	61	to	to	PART
cblr-14238	569	62	invest	invest	VERB
cblr-14238	569	63	only	only	ADV
cblr-14238	569	64	in	in	ADP
cblr-14238	569	65	securities	security	NOUN
cblr-14238	569	66	that	that	PRON
cblr-14238	569	67	have	have	AUX
cblr-14238	569	68	obtained	obtain	VERB
cblr-14238	569	69	a	a	DET
cblr-14238	569	70	credit	credit	NOUN
cblr-14238	569	71	rating	rating	NOUN
cblr-14238	569	72	above	above	ADP
cblr-14238	569	73	a	a	DET
cblr-14238	569	74	certain	certain	ADJ
cblr-14238	569	75	level	level	NOUN
cblr-14238	569	76	from	from	ADP
cblr-14238	569	77	an	an	DET
cblr-14238	569	78	nrsro.121	nrsro.121	ADJ
cblr-14238	569	79	partnoy	partnoy	NOUN
cblr-14238	569	80	argues	argue	VERB
cblr-14238	569	81	that	that	SCONJ
cblr-14238	569	82	instead	instead	ADV
cblr-14238	569	83	of	of	ADP
cblr-14238	569	84	providing	provide	VERB
cblr-14238	569	85	valuable	valuable	ADJ
cblr-14238	569	86	credit	credit	NOUN
cblr-14238	569	87	information	information	NOUN
cblr-14238	569	88	to	to	ADP
cblr-14238	569	89	the	the	DET
cblr-14238	569	90	market	market	NOUN
cblr-14238	569	91	,	,	PUNCT
cblr-14238	569	92	credit	credit	NOUN
cblr-14238	569	93	rating	rating	NOUN
cblr-14238	569	94	agencies	agency	NOUN
cblr-14238	569	95	sell	sell	VERB
cblr-14238	569	96	regulatory	regulatory	ADJ
cblr-14238	569	97	licenses	license	NOUN
cblr-14238	569	98	—	—	PUNCT
cblr-14238	569	99	valuable	valuable	ADJ
cblr-14238	569	100	property	property	NOUN
cblr-14238	569	101	rights	right	NOUN
cblr-14238	569	102	associated	associate	VERB
cblr-14238	569	103	with	with	ADP
cblr-14238	569	104	the	the	DET
cblr-14238	569	105	ability	ability	NOUN
cblr-14238	569	106	of	of	ADP
cblr-14238	569	107	a	a	DET
cblr-14238	569	108	private	private	ADJ
cblr-14238	569	109	entity	entity	NOUN
cblr-14238	569	110	,	,	PUNCT
cblr-14238	569	111	rather	rather	ADV
cblr-14238	569	112	than	than	ADP
cblr-14238	569	113	the	the	DET
cblr-14238	569	114	regulator	regulator	NOUN
cblr-14238	569	115	,	,	PUNCT
cblr-14238	569	116	to	to	PART
cblr-14238	569	117	determine	determine	VERB
cblr-14238	569	118	the	the	DET
cblr-14238	569	119	substantive	substantive	ADJ
cblr-14238	569	120	effect	effect	NOUN
cblr-14238	569	121	of	of	ADP
cblr-14238	569	122	legal	legal	ADJ
cblr-14238	569	123	rules	rule	NOUN
cblr-14238	569	124	.	.	PUNCT
cblr-14238	570	1	in	in	ADP
cblr-14238	570	2	this	this	DET
cblr-14238	570	3	case	case	NOUN
cblr-14238	570	4	,	,	PUNCT
cblr-14238	570	5	cras	cras	X
cblr-14238	570	6	license	license	VERB
cblr-14238	570	7	the	the	DET
cblr-14238	570	8	ability	ability	NOUN
cblr-14238	570	9	to	to	PART
cblr-14238	570	10	market	market	VERB
cblr-14238	570	11	debt	debt	NOUN
cblr-14238	570	12	securities	security	NOUN
cblr-14238	570	13	to	to	ADP
cblr-14238	570	14	investors	investor	NOUN
cblr-14238	570	15	who	who	PRON
cblr-14238	570	16	have	have	VERB
cblr-14238	570	17	regulatory	regulatory	ADJ
cblr-14238	570	18	incentives	incentive	NOUN
cblr-14238	570	19	to	to	PART
cblr-14238	570	20	purchase	purchase	VERB
cblr-14238	570	21	securities	security	NOUN
cblr-14238	570	22	that	that	PRON
cblr-14238	570	23	have	have	AUX
cblr-14238	570	24	received	receive	VERB
cblr-14238	570	25	a	a	DET
cblr-14238	570	26	credit	credit	NOUN
cblr-14238	570	27	rating	rating	NOUN
cblr-14238	570	28	from	from	ADP
cblr-14238	570	29	an	an	DET
cblr-14238	570	30	nrsro.122	nrsro.122	NOUN
cblr-14238	570	31	the	the	DET
cblr-14238	570	32	government	government	NOUN
cblr-14238	570	33	imprimatur	imprimatur	NOUN
cblr-14238	570	34	received	receive	VERB
cblr-14238	570	35	by	by	ADP
cblr-14238	570	36	credit	credit	NOUN
cblr-14238	570	37	-	-	PUNCT
cblr-14238	570	38	rating	rating	NOUN
cblr-14238	570	39	agencies	agency	NOUN
cblr-14238	570	40	significantly	significantly	ADV
cblr-14238	570	41	increase	increase	VERB
cblr-14238	570	42	their	their	PRON
cblr-14238	570	43	influence	influence	NOUN
cblr-14238	570	44	in	in	ADP
cblr-14238	570	45	the	the	DET
cblr-14238	570	46	market	market	NOUN
cblr-14238	570	47	.	.	PUNCT
cblr-14238	571	1	as	as	ADP
cblr-14238	571	2	a	a	DET
cblr-14238	571	3	result	result	NOUN
cblr-14238	571	4	of	of	ADP
cblr-14238	571	5	the	the	DET
cblr-14238	571	6	regulatory	regulatory	ADJ
cblr-14238	571	7	licenses	license	NOUN
cblr-14238	571	8	,	,	PUNCT
cblr-14238	571	9	issuers	issuer	NOUN
cblr-14238	571	10	of	of	ADP
cblr-14238	571	11	securities	security	NOUN
cblr-14238	571	12	have	have	VERB
cblr-14238	571	13	a	a	DET
cblr-14238	571	14	strong	strong	ADJ
cblr-14238	571	15	interest	interest	NOUN
cblr-14238	571	16	in	in	ADP
cblr-14238	571	17	satisfying	satisfy	VERB
cblr-14238	571	18	the	the	DET
cblr-14238	571	19	requirements	requirement	NOUN
cblr-14238	571	20	to	to	PART
cblr-14238	571	21	obtain	obtain	VERB
cblr-14238	571	22	an	an	DET
cblr-14238	571	23	investment	investment	NOUN
cblr-14238	571	24	grade	grade	NOUN
cblr-14238	571	25	rating	rating	NOUN
cblr-14238	571	26	from	from	ADP
cblr-14238	571	27	the	the	DET
cblr-14238	571	28	cras	cras	X
cblr-14238	571	29	.	.	PUNCT
cblr-14238	572	1	this	this	PRON
cblr-14238	572	2	gives	give	VERB
cblr-14238	572	3	cras	cras	PROPN
cblr-14238	572	4	regulatory	regulatory	ADJ
cblr-14238	572	5	power	power	NOUN
cblr-14238	572	6	;	;	PUNCT
cblr-14238	572	7	through	through	ADP
cblr-14238	572	8	their	their	PRON
cblr-14238	572	9	ratings	rating	NOUN
cblr-14238	572	10	criteria	criterion	NOUN
cblr-14238	572	11	,	,	PUNCT
cblr-14238	572	12	cras	cras	PROPN
cblr-14238	572	13	can	can	AUX
cblr-14238	572	14	121	121	NUM
cblr-14238	572	15	frank	frank	ADJ
cblr-14238	572	16	partnoy	partnoy	ADJ
cblr-14238	572	17	,	,	PUNCT
cblr-14238	572	18	the	the	DET
cblr-14238	572	19	siskel	siskel	NOUN
cblr-14238	572	20	and	and	CCONJ
cblr-14238	572	21	ebert	ebert	NOUN
cblr-14238	572	22	of	of	ADP
cblr-14238	572	23	financial	financial	ADJ
cblr-14238	572	24	markets	market	NOUN
cblr-14238	572	25	?	?	PUNCT
cblr-14238	572	26	:	:	PUNCT
cblr-14238	572	27	two	two	NUM
cblr-14238	572	28	thumbs	thumb	NOUN
cblr-14238	572	29	down	down	ADP
cblr-14238	572	30	for	for	ADP
cblr-14238	572	31	the	the	DET
cblr-14238	572	32	credit	credit	NOUN
cblr-14238	572	33	rating	rating	NOUN
cblr-14238	572	34	agencies	agency	NOUN
cblr-14238	572	35	,	,	PUNCT
cblr-14238	572	36	77	77	NUM
cblr-14238	572	37	wash	wash	NOUN
cblr-14238	572	38	.	.	PUNCT
cblr-14238	573	1	u.	u.	PROPN
cblr-14238	573	2	l.	l.	PROPN
cblr-14238	573	3	q.	q.	PROPN
cblr-14238	573	4	619	619	NUM
cblr-14238	573	5	,	,	PUNCT
cblr-14238	573	6	623	623	NUM
cblr-14238	573	7	(	(	PUNCT
cblr-14238	573	8	1999	1999	NUM
cblr-14238	573	9	)	)	PUNCT
cblr-14238	573	10	.	.	PUNCT
cblr-14238	574	1	u.s	u.s	PROPN
cblr-14238	574	2	.	.	PROPN
cblr-14238	574	3	regulators	regulator	NOUN
cblr-14238	574	4	began	begin	VERB
cblr-14238	574	5	to	to	PART
cblr-14238	574	6	give	give	VERB
cblr-14238	574	7	credit	credit	NOUN
cblr-14238	574	8	rating	rating	NOUN
cblr-14238	574	9	agencies	agency	NOUN
cblr-14238	574	10	the	the	DET
cblr-14238	574	11	power	power	NOUN
cblr-14238	574	12	to	to	PART
cblr-14238	574	13	grant	grant	VERB
cblr-14238	574	14	regulatory	regulatory	ADJ
cblr-14238	574	15	licenses	license	NOUN
cblr-14238	574	16	to	to	ADP
cblr-14238	574	17	issuers	issuer	NOUN
cblr-14238	574	18	when	when	SCONJ
cblr-14238	574	19	the	the	DET
cblr-14238	574	20	federal	federal	PROPN
cblr-14238	574	21	reserve	reserve	PROPN
cblr-14238	574	22	,	,	PUNCT
cblr-14238	574	23	the	the	DET
cblr-14238	574	24	office	office	NOUN
cblr-14238	574	25	of	of	ADP
cblr-14238	574	26	the	the	DET
cblr-14238	574	27	comptroller	comptroller	NOUN
cblr-14238	574	28	of	of	ADP
cblr-14238	574	29	the	the	DET
cblr-14238	574	30	currency	currency	NOUN
cblr-14238	574	31	,	,	PUNCT
cblr-14238	574	32	and	and	CCONJ
cblr-14238	574	33	state	state	PROPN
cblr-14238	574	34	bank	bank	NOUN
cblr-14238	574	35	regulators	regulator	NOUN
cblr-14238	574	36	issued	issue	VERB
cblr-14238	574	37	rules	rule	NOUN
cblr-14238	574	38	for	for	ADP
cblr-14238	574	39	permissible	permissible	ADJ
cblr-14238	574	40	bank	bank	NOUN
cblr-14238	574	41	assets	asset	NOUN
cblr-14238	574	42	in	in	ADP
cblr-14238	574	43	the	the	DET
cblr-14238	574	44	1930s	1930	NOUN
cblr-14238	574	45	.	.	PUNCT
cblr-14238	575	1	i	i	PRON
cblr-14238	575	2	d.	d.	PROPN
cblr-14238	575	3	at	at	ADP
cblr-14238	575	4	668–703	668–703	NUM
cblr-14238	575	5	.	.	PUNCT
cblr-14238	576	1	they	they	PRON
cblr-14238	576	2	expanded	expand	VERB
cblr-14238	576	3	exponentially	exponentially	ADV
cblr-14238	576	4	in	in	ADP
cblr-14238	576	5	the	the	DET
cblr-14238	576	6	1970s	1970	NOUN
cblr-14238	576	7	when	when	SCONJ
cblr-14238	576	8	the	the	DET
cblr-14238	576	9	sec	sec	PROPN
cblr-14238	576	10	and	and	CCONJ
cblr-14238	576	11	state	state	NOUN
cblr-14238	576	12	insurance	insurance	NOUN
cblr-14238	576	13	regulators	regulator	NOUN
cblr-14238	576	14	introduced	introduce	VERB
cblr-14238	576	15	rules	rule	NOUN
cblr-14238	576	16	creating	create	VERB
cblr-14238	576	17	incentives	incentive	NOUN
cblr-14238	576	18	for	for	SCONJ
cblr-14238	576	19	broker	broker	NOUN
cblr-14238	576	20	-	-	PUNCT
cblr-14238	576	21	dealers	dealer	NOUN
cblr-14238	576	22	,	,	PUNCT
cblr-14238	576	23	money	money	NOUN
cblr-14238	576	24	market	market	NOUN
cblr-14238	576	25	mutual	mutual	ADJ
cblr-14238	576	26	funds	fund	NOUN
cblr-14238	576	27	,	,	PUNCT
cblr-14238	576	28	insurance	insurance	NOUN
cblr-14238	576	29	companies	company	NOUN
cblr-14238	576	30	,	,	PUNCT
cblr-14238	576	31	and	and	CCONJ
cblr-14238	576	32	other	other	ADJ
cblr-14238	576	33	parties	party	NOUN
cblr-14238	576	34	to	to	PART
cblr-14238	576	35	invest	invest	VERB
cblr-14238	576	36	in	in	ADP
cblr-14238	576	37	securities	security	NOUN
cblr-14238	576	38	identified	identify	VERB
cblr-14238	576	39	as	as	ADP
cblr-14238	576	40	“	"	PUNCT
cblr-14238	576	41	investment	investment	NOUN
cblr-14238	576	42	grade	grade	NOUN
cblr-14238	576	43	”	"	PUNCT
cblr-14238	576	44	by	by	ADP
cblr-14238	576	45	credit	credit	NOUN
cblr-14238	576	46	rating	rating	NOUN
cblr-14238	576	47	agencies	agency	NOUN
cblr-14238	576	48	and	and	CCONJ
cblr-14238	576	49	the	the	DET
cblr-14238	576	50	sec	sec	PROPN
cblr-14238	576	51	created	create	VERB
cblr-14238	576	52	the	the	DET
cblr-14238	576	53	concept	concept	NOUN
cblr-14238	576	54	of	of	ADP
cblr-14238	576	55	nrsros	nrsros	PROPN
cblr-14238	576	56	as	as	ADP
cblr-14238	576	57	approved	approve	VERB
cblr-14238	576	58	credit	credit	NOUN
cblr-14238	576	59	rating	rating	NOUN
cblr-14238	576	60	agencies	agency	NOUN
cblr-14238	576	61	for	for	ADP
cblr-14238	576	62	purposes	purpose	NOUN
cblr-14238	576	63	of	of	ADP
cblr-14238	576	64	the	the	DET
cblr-14238	576	65	asset	asset	NOUN
cblr-14238	576	66	rules	rule	NOUN
cblr-14238	576	67	.	.	PUNCT
cblr-14238	577	1	i	i	PRON
cblr-14238	577	2	d.	d.	PROPN
cblr-14238	577	3	122	122	NUM
cblr-14238	578	1	i	i	PRON
cblr-14238	578	2	d.	d.	PROPN
cblr-14238	578	3	at	at	ADP
cblr-14238	578	4	623	623	NUM
cblr-14238	578	5	.	.	PUNCT
cblr-14238	579	1	cras	cras	PROPN
cblr-14238	579	2	have	have	VERB
cblr-14238	579	3	market	market	NOUN
cblr-14238	579	4	power	power	NOUN
cblr-14238	579	5	in	in	ADP
cblr-14238	579	6	the	the	DET
cblr-14238	579	7	sale	sale	NOUN
cblr-14238	579	8	of	of	ADP
cblr-14238	579	9	regulatory	regulatory	ADJ
cblr-14238	579	10	licenses	license	NOUN
cblr-14238	579	11	in	in	ADP
cblr-14238	579	12	the	the	DET
cblr-14238	579	13	u.s	u.s	PROPN
cblr-14238	579	14	.	.	PROPN
cblr-14238	579	15	since	since	SCONJ
cblr-14238	579	16	the	the	DET
cblr-14238	579	17	sec	sec	PROPN
cblr-14238	579	18	has	have	AUX
cblr-14238	579	19	issued	issue	VERB
cblr-14238	579	20	only	only	ADV
cblr-14238	579	21	a	a	DET
cblr-14238	579	22	small	small	ADJ
cblr-14238	579	23	number	number	NOUN
cblr-14238	579	24	of	of	ADP
cblr-14238	579	25	licenses	license	NOUN
cblr-14238	579	26	and	and	CCONJ
cblr-14238	579	27	has	have	AUX
cblr-14238	579	28	imposed	impose	VERB
cblr-14238	579	29	costs	cost	NOUN
cblr-14238	579	30	on	on	ADP
cblr-14238	579	31	new	new	ADJ
cblr-14238	579	32	raters	rater	NOUN
cblr-14238	579	33	that	that	PRON
cblr-14238	579	34	raise	raise	VERB
cblr-14238	579	35	barriers	barrier	NOUN
cblr-14238	579	36	to	to	ADP
cblr-14238	579	37	entry	entry	NOUN
cblr-14238	579	38	.	.	PUNCT
cblr-14238	580	1	it	it	PRON
cblr-14238	580	2	is	be	AUX
cblr-14238	580	3	unlikely	unlikely	ADJ
cblr-14238	580	4	that	that	SCONJ
cblr-14238	580	5	cras	cras	PROPN
cblr-14238	580	6	would	would	AUX
cblr-14238	580	7	have	have	VERB
cblr-14238	580	8	such	such	ADJ
cblr-14238	580	9	market	market	NOUN
cblr-14238	580	10	power	power	NOUN
cblr-14238	580	11	if	if	SCONJ
cblr-14238	580	12	they	they	PRON
cblr-14238	580	13	were	be	AUX
cblr-14238	580	14	just	just	ADV
cblr-14238	580	15	providing	provide	VERB
cblr-14238	580	16	information	information	NOUN
cblr-14238	580	17	to	to	ADP
cblr-14238	580	18	the	the	DET
cblr-14238	580	19	market	market	NOUN
cblr-14238	580	20	without	without	ADP
cblr-14238	580	21	regulatory	regulatory	ADJ
cblr-14238	580	22	licenses	license	NOUN
cblr-14238	580	23	.	.	PUNCT
cblr-14238	581	1	investors	investor	NOUN
cblr-14238	581	2	care	care	VERB
cblr-14238	581	3	more	more	ADJ
cblr-14238	581	4	about	about	ADP
cblr-14238	581	5	the	the	DET
cblr-14238	581	6	regulatory	regulatory	ADJ
cblr-14238	581	7	stamp	stamp	NOUN
cblr-14238	581	8	of	of	ADP
cblr-14238	581	9	approval	approval	NOUN
cblr-14238	581	10	provided	provide	VERB
cblr-14238	581	11	by	by	ADP
cblr-14238	581	12	the	the	DET
cblr-14238	581	13	credit	credit	NOUN
cblr-14238	581	14	rating	rating	NOUN
cblr-14238	581	15	than	than	ADP
cblr-14238	581	16	about	about	ADP
cblr-14238	581	17	the	the	DET
cblr-14238	581	18	informational	informational	ADJ
cblr-14238	581	19	content	content	NOUN
cblr-14238	581	20	of	of	ADP
cblr-14238	581	21	the	the	DET
cblr-14238	581	22	rating	rating	NOUN
cblr-14238	581	23	.	.	PUNCT
cblr-14238	582	1	i	i	PRON
cblr-14238	582	2	d.	d.	PROPN
cblr-14238	582	3	at	at	ADP
cblr-14238	582	4	684	684	NUM
cblr-14238	582	5	.	.	PUNCT
cblr-14238	583	1	no	no	INTJ
cblr-14238	583	2	.	.	NOUN
cblr-14238	583	3	2	2	NUM
cblr-14238	583	4	]	]	PUNCT
cblr-14238	583	5	regulation	regulation	NOUN
cblr-14238	583	6	by	by	ADP
cblr-14238	583	7	indexation	indexation	NOUN
cblr-14238	583	8	?	?	PUNCT
cblr-14238	584	1	757	757	NUM
cblr-14238	584	2	persuade	persuade	VERB
cblr-14238	584	3	issuers	issuer	NOUN
cblr-14238	584	4	to	to	PART
cblr-14238	584	5	change	change	VERB
cblr-14238	584	6	the	the	DET
cblr-14238	584	7	way	way	NOUN
cblr-14238	584	8	they	they	PRON
cblr-14238	584	9	do	do	VERB
cblr-14238	584	10	business	business	NOUN
cblr-14238	584	11	to	to	PART
cblr-14238	584	12	satisfy	satisfy	VERB
cblr-14238	584	13	the	the	DET
cblr-14238	584	14	ratings	rating	NOUN
cblr-14238	584	15	criteria	criterion	NOUN
cblr-14238	584	16	.	.	PUNCT
cblr-14238	585	1	poor	poor	ADJ
cblr-14238	585	2	ratings	rating	NOUN
cblr-14238	585	3	can	can	AUX
cblr-14238	585	4	drive	drive	VERB
cblr-14238	585	5	up	up	ADP
cblr-14238	585	6	an	an	DET
cblr-14238	585	7	issuer	issuer	NOUN
cblr-14238	585	8	’s	’s	PART
cblr-14238	585	9	borrowing	borrowing	NOUN
cblr-14238	585	10	costs	cost	NOUN
cblr-14238	585	11	or	or	CCONJ
cblr-14238	585	12	drive	drive	VERB
cblr-14238	585	13	it	it	PRON
cblr-14238	585	14	out	out	ADP
cblr-14238	585	15	of	of	ADP
cblr-14238	585	16	business.123	business.123	NOUN
cblr-14238	585	17	the	the	DET
cblr-14238	585	18	stakes	stake	NOUN
cblr-14238	585	19	are	be	AUX
cblr-14238	585	20	high	high	ADJ
cblr-14238	585	21	.	.	PUNCT
cblr-14238	586	1	c.	c.	PROPN
cblr-14238	586	2	standard	standard	PROPN
cblr-14238	586	3	-	-	PUNCT
cblr-14238	586	4	setting	set	VERB
cblr-14238	586	5	organizations	organization	NOUN
cblr-14238	586	6	private	private	ADJ
cblr-14238	586	7	standard	standard	ADJ
cblr-14238	586	8	-	-	PUNCT
cblr-14238	586	9	setting	set	VERB
cblr-14238	586	10	organizations	organization	NOUN
cblr-14238	586	11	(	(	PUNCT
cblr-14238	586	12	ssos	ssos	PROPN
cblr-14238	586	13	)	)	PUNCT
cblr-14238	586	14	are	be	AUX
cblr-14238	586	15	private	private	ADJ
cblr-14238	586	16	regulators	regulator	NOUN
cblr-14238	586	17	that	that	PRON
cblr-14238	586	18	establish	establish	VERB
cblr-14238	586	19	common	common	ADJ
cblr-14238	586	20	standards	standard	NOUN
cblr-14238	586	21	and	and	CCONJ
cblr-14238	586	22	specifications	specification	NOUN
cblr-14238	586	23	for	for	ADP
cblr-14238	586	24	products	product	NOUN
cblr-14238	586	25	and	and	CCONJ
cblr-14238	586	26	services	service	NOUN
cblr-14238	586	27	that	that	PRON
cblr-14238	586	28	the	the	DET
cblr-14238	586	29	members	member	NOUN
cblr-14238	586	30	of	of	ADP
cblr-14238	586	31	the	the	DET
cblr-14238	586	32	organization	organization	NOUN
cblr-14238	586	33	(	(	PUNCT
cblr-14238	586	34	and	and	CCONJ
cblr-14238	586	35	in	in	ADP
cblr-14238	586	36	some	some	DET
cblr-14238	586	37	cases	case	NOUN
cblr-14238	586	38	,	,	PUNCT
cblr-14238	586	39	all	all	DET
cblr-14238	586	40	participants	participant	NOUN
cblr-14238	586	41	in	in	ADP
cblr-14238	586	42	an	an	DET
cblr-14238	586	43	industry	industry	NOUN
cblr-14238	586	44	)	)	PUNCT
cblr-14238	586	45	are	be	AUX
cblr-14238	586	46	expected	expect	VERB
cblr-14238	586	47	to	to	PART
cblr-14238	586	48	follow	follow	VERB
cblr-14238	586	49	in	in	ADP
cblr-14238	586	50	producing	produce	VERB
cblr-14238	586	51	goods	good	NOUN
cblr-14238	586	52	or	or	CCONJ
cblr-14238	586	53	providing	provide	VERB
cblr-14238	586	54	services	service	NOUN
cblr-14238	586	55	.	.	PUNCT
cblr-14238	587	1	the	the	DET
cblr-14238	587	2	standards	standard	NOUN
cblr-14238	587	3	established	establish	VERB
cblr-14238	587	4	by	by	ADP
cblr-14238	587	5	ssos	ssos	PROPN
cblr-14238	587	6	can	can	AUX
cblr-14238	587	7	be	be	AUX
cblr-14238	587	8	described	describe	VERB
cblr-14238	587	9	as	as	ADP
cblr-14238	587	10	any	any	DET
cblr-14238	587	11	set	set	NOUN
cblr-14238	587	12	of	of	ADP
cblr-14238	587	13	technical	technical	ADJ
cblr-14238	587	14	specifications	specification	NOUN
cblr-14238	587	15	that	that	PRON
cblr-14238	587	16	either	either	CCONJ
cblr-14238	587	17	provide	provide	VERB
cblr-14238	587	18	or	or	CCONJ
cblr-14238	587	19	are	be	AUX
cblr-14238	587	20	intended	intend	VERB
cblr-14238	587	21	to	to	PART
cblr-14238	587	22	provide	provide	VERB
cblr-14238	587	23	a	a	DET
cblr-14238	587	24	common	common	ADJ
cblr-14238	587	25	design	design	NOUN
cblr-14238	587	26	for	for	ADP
cblr-14238	587	27	products	product	NOUN
cblr-14238	587	28	or	or	CCONJ
cblr-14238	587	29	processes.124	processes.124	NOUN
cblr-14238	587	30	electric	electric	ADJ
cblr-14238	587	31	plugs	plug	NOUN
cblr-14238	587	32	and	and	CCONJ
cblr-14238	587	33	outlets	outlet	NOUN
cblr-14238	587	34	are	be	AUX
cblr-14238	587	35	built	build	VERB
cblr-14238	587	36	to	to	ADP
cblr-14238	587	37	standards	standard	NOUN
cblr-14238	587	38	for	for	ADP
cblr-14238	587	39	voltage	voltage	NOUN
cblr-14238	587	40	,	,	PUNCT
cblr-14238	587	41	impedance	impedance	NOUN
cblr-14238	587	42	and	and	CCONJ
cblr-14238	587	43	plug	plug	NOUN
cblr-14238	587	44	shape	shape	NOUN
cblr-14238	587	45	.	.	PUNCT
cblr-14238	588	1	other	other	ADJ
cblr-14238	588	2	examples	example	NOUN
cblr-14238	588	3	include	include	VERB
cblr-14238	588	4	telephone	telephone	NOUN
cblr-14238	588	5	service	service	NOUN
cblr-14238	588	6	,	,	PUNCT
cblr-14238	588	7	computer	computer	NOUN
cblr-14238	588	8	communication	communication	NOUN
cblr-14238	588	9	protocols	protocol	NOUN
cblr-14238	588	10	,	,	PUNCT
cblr-14238	588	11	and	and	CCONJ
cblr-14238	588	12	automobile	automobile	NOUN
cblr-14238	588	13	ignition	ignition	NOUN
cblr-14238	588	14	and	and	CCONJ
cblr-14238	588	15	transmission	transmission	NOUN
cblr-14238	588	16	systems	system	NOUN
cblr-14238	588	17	.	.	PUNCT
cblr-14238	589	1	different	different	ADJ
cblr-14238	589	2	standards	standard	NOUN
cblr-14238	589	3	play	play	VERB
cblr-14238	589	4	different	different	ADJ
cblr-14238	589	5	roles	role	NOUN
cblr-14238	589	6	in	in	ADP
cblr-14238	589	7	society	society	NOUN
cblr-14238	589	8	.	.	PUNCT
cblr-14238	590	1	some	some	PRON
cblr-14238	590	2	allow	allow	VERB
cblr-14238	590	3	compatibility	compatibility	NOUN
cblr-14238	590	4	between	between	ADP
cblr-14238	590	5	products	product	NOUN
cblr-14238	590	6	made	make	VERB
cblr-14238	590	7	by	by	ADP
cblr-14238	590	8	different	different	ADJ
cblr-14238	590	9	manufacturers	manufacturer	NOUN
cblr-14238	590	10	;	;	PUNCT
cblr-14238	590	11	others	other	NOUN
cblr-14238	590	12	establish	establish	VERB
cblr-14238	590	13	safety	safety	NOUN
cblr-14238	590	14	requirements	requirement	NOUN
cblr-14238	590	15	that	that	PRON
cblr-14238	590	16	are	be	AUX
cblr-14238	590	17	sometimes	sometimes	ADV
cblr-14238	590	18	endorsed	endorse	VERB
cblr-14238	590	19	and	and	CCONJ
cblr-14238	590	20	enforced	enforce	VERB
cblr-14238	590	21	by	by	ADP
cblr-14238	590	22	governments	government	NOUN
cblr-14238	590	23	;	;	PUNCT
cblr-14238	590	24	and	and	CCONJ
cblr-14238	590	25	others	other	NOUN
cblr-14238	590	26	establish	establish	VERB
cblr-14238	590	27	minimum	minimum	ADJ
cblr-14238	590	28	standards	standard	NOUN
cblr-14238	590	29	of	of	ADP
cblr-14238	590	30	qualifications	qualification	NOUN
cblr-14238	590	31	,	,	PUNCT
cblr-14238	590	32	operations	operation	NOUN
cblr-14238	590	33	,	,	PUNCT
cblr-14238	590	34	or	or	CCONJ
cblr-14238	590	35	services	service	NOUN
cblr-14238	590	36	to	to	PART
cblr-14238	590	37	reflect	reflect	VERB
cblr-14238	590	38	the	the	DET
cblr-14238	590	39	expectations	expectation	NOUN
cblr-14238	590	40	of	of	ADP
cblr-14238	590	41	society	society	NOUN
cblr-14238	590	42	regarding	regard	VERB
cblr-14238	590	43	the	the	DET
cblr-14238	590	44	conduct	conduct	NOUN
cblr-14238	590	45	of	of	ADP
cblr-14238	590	46	business.125	business.125	NOUN
cblr-14238	590	47	though	though	SCONJ
cblr-14238	590	48	these	these	DET
cblr-14238	590	49	standards	standard	NOUN
cblr-14238	590	50	may	may	AUX
cblr-14238	590	51	123	123	NUM
cblr-14238	590	52	i	i	PRON
cblr-14238	590	53	d.	d.	PROPN
cblr-14238	590	54	at	at	ADP
cblr-14238	590	55	622	622	NUM
cblr-14238	590	56	n.	n.	NOUN
cblr-14238	590	57	12	12	NUM
cblr-14238	590	58	.	.	PUNCT
cblr-14238	590	59	124	124	NUM
cblr-14238	590	60	starting	start	VERB
cblr-14238	590	61	with	with	ADP
cblr-14238	590	62	the	the	DET
cblr-14238	590	63	first	first	ADJ
cblr-14238	590	64	issuance	issuance	NOUN
cblr-14238	590	65	of	of	ADP
cblr-14238	590	66	its	its	PRON
cblr-14238	590	67	legendary	legendary	ADJ
cblr-14238	590	68	boiler	boiler	NOUN
cblr-14238	590	69	&	&	CCONJ
cblr-14238	590	70	pressure	pressure	NOUN
cblr-14238	590	71	vessel	vessel	NOUN
cblr-14238	590	72	code	code	NOUN
cblr-14238	590	73	in	in	ADP
cblr-14238	590	74	1914	1914	NUM
cblr-14238	590	75	,	,	PUNCT
cblr-14238	590	76	the	the	DET
cblr-14238	590	77	american	american	ADJ
cblr-14238	590	78	society	society	NOUN
cblr-14238	590	79	of	of	ADP
cblr-14238	590	80	mechanical	mechanical	ADJ
cblr-14238	590	81	engineers	engineer	NOUN
cblr-14238	590	82	,	,	PUNCT
cblr-14238	590	83	or	or	CCONJ
cblr-14238	590	84	asme	asme	PROPN
cblr-14238	590	85	,	,	PUNCT
cblr-14238	590	86	has	have	AUX
cblr-14238	590	87	established	establish	VERB
cblr-14238	590	88	function	function	NOUN
cblr-14238	590	89	and	and	CCONJ
cblr-14238	590	90	safety	safety	NOUN
cblr-14238	590	91	standards	standard	NOUN
cblr-14238	590	92	for	for	ADP
cblr-14238	590	93	nearly	nearly	ADV
cblr-14238	590	94	600	600	NUM
cblr-14238	590	95	technologies	technology	NOUN
cblr-14238	590	96	in	in	ADP
cblr-14238	590	97	a	a	DET
cblr-14238	590	98	variety	variety	NOUN
cblr-14238	590	99	of	of	ADP
cblr-14238	590	100	industries	industry	NOUN
cblr-14238	590	101	,	,	PUNCT
cblr-14238	590	102	including	include	VERB
cblr-14238	590	103	pressure	pressure	NOUN
cblr-14238	590	104	technology	technology	NOUN
cblr-14238	590	105	,	,	PUNCT
cblr-14238	590	106	nuclear	nuclear	ADJ
cblr-14238	590	107	plants	plant	NOUN
cblr-14238	590	108	,	,	PUNCT
cblr-14238	590	109	elevators	elevator	NOUN
cblr-14238	590	110	and	and	CCONJ
cblr-14238	590	111	escalators	escalator	NOUN
cblr-14238	590	112	,	,	PUNCT
cblr-14238	590	113	construction	construction	NOUN
cblr-14238	590	114	,	,	PUNCT
cblr-14238	590	115	engineering	engineering	NOUN
cblr-14238	590	116	design	design	NOUN
cblr-14238	590	117	and	and	CCONJ
cblr-14238	590	118	performance	performance	NOUN
cblr-14238	590	119	testing	testing	NOUN
cblr-14238	590	120	.	.	PUNCT
cblr-14238	591	1	about	about	ADP
cblr-14238	591	2	asme	asme	PROPN
cblr-14238	591	3	standards	standard	NOUN
cblr-14238	591	4	and	and	CCONJ
cblr-14238	591	5	certification	certification	NOUN
cblr-14238	591	6	,	,	PUNCT
cblr-14238	591	7	asme	asme	PROPN
cblr-14238	591	8	(	(	PUNCT
cblr-14238	591	9	last	last	ADV
cblr-14238	591	10	visited	visit	VERB
cblr-14238	591	11	sept	sept	PROPN
cblr-14238	591	12	.	.	PROPN
cblr-14238	591	13	26	26	NUM
cblr-14238	591	14	,	,	PUNCT
cblr-14238	591	15	2024	2024	NUM
cblr-14238	591	16	)	)	PUNCT
cblr-14238	591	17	,	,	PUNCT
cblr-14238	591	18	https://www.asme.org/about-asme/standards	https://www.asme.org/about-asme/standard	NOUN
cblr-14238	592	1	[	[	X
cblr-14238	592	2	https://perma.cc/jd7f-dcqf	https://perma.cc/jd7f-dcqf	X
cblr-14238	592	3	]	]	X
cblr-14238	592	4	.	.	PUNCT
cblr-14238	593	1	the	the	DET
cblr-14238	593	2	asme	asme	PROPN
cblr-14238	593	3	describes	describe	VERB
cblr-14238	593	4	its	its	PRON
cblr-14238	593	5	standards	standard	NOUN
cblr-14238	593	6	and	and	CCONJ
cblr-14238	593	7	certification	certification	NOUN
cblr-14238	593	8	mission	mission	NOUN
cblr-14238	593	9	as	as	ADP
cblr-14238	593	10	“	"	PUNCT
cblr-14238	593	11	[	[	X
cblr-14238	593	12	d]evelop[ing	d]evelop[ing	NOUN
cblr-14238	593	13	]	]	PUNCT
cblr-14238	593	14	the	the	DET
cblr-14238	593	15	best	good	ADJ
cblr-14238	593	16	,	,	PUNCT
cblr-14238	593	17	most	most	ADV
cblr-14238	593	18	applicable	applicable	ADJ
cblr-14238	593	19	code	code	NOUN
cblr-14238	593	20	,	,	PUNCT
cblr-14238	593	21	standards	standard	NOUN
cblr-14238	593	22	,	,	PUNCT
cblr-14238	593	23	conformity	conformity	NOUN
cblr-14238	593	24	assessment	assessment	NOUN
cblr-14238	593	25	programs	program	NOUN
cblr-14238	593	26	,	,	PUNCT
cblr-14238	593	27	and	and	CCONJ
cblr-14238	593	28	related	related	ADJ
cblr-14238	593	29	products	product	NOUN
cblr-14238	593	30	and	and	CCONJ
cblr-14238	593	31	services	service	NOUN
cblr-14238	593	32	in	in	ADP
cblr-14238	593	33	the	the	DET
cblr-14238	593	34	world	world	NOUN
cblr-14238	593	35	for	for	ADP
cblr-14238	593	36	the	the	DET
cblr-14238	593	37	benefit	benefit	NOUN
cblr-14238	593	38	of	of	ADP
cblr-14238	593	39	humanity	humanity	NOUN
cblr-14238	593	40	.	.	PUNCT
cblr-14238	593	41	”	"	PUNCT
cblr-14238	594	1	i	i	PRON
cblr-14238	594	2	d.	d.	PROPN
cblr-14238	594	3	125	125	NUM
cblr-14238	594	4	mark	mark	PROPN
cblr-14238	594	5	a.	a.	PROPN
cblr-14238	594	6	lemley	lemley	PROPN
cblr-14238	594	7	,	,	PUNCT
cblr-14238	594	8	intellectual	intellectual	ADJ
cblr-14238	594	9	property	property	NOUN
cblr-14238	594	10	rights	right	NOUN
cblr-14238	594	11	and	and	CCONJ
cblr-14238	594	12	standard	standard	ADJ
cblr-14238	594	13	-	-	PUNCT
cblr-14238	594	14	setting	set	VERB
cblr-14238	594	15	organizations	organization	NOUN
cblr-14238	594	16	,	,	PUNCT
cblr-14238	594	17	90	90	NUM
cblr-14238	594	18	cal	cal	NOUN
cblr-14238	594	19	.	.	PUNCT
cblr-14238	595	1	l.	l.	PROPN
cblr-14238	595	2	rev	rev	PROPN
cblr-14238	595	3	.	.	PROPN
cblr-14238	595	4	1889	1889	NUM
cblr-14238	595	5	,	,	PUNCT
cblr-14238	595	6	1892–93	1892–93	NUM
cblr-14238	595	7	(	(	PUNCT
cblr-14238	595	8	2002	2002	NUM
cblr-14238	595	9	)	)	PUNCT
cblr-14238	595	10	.	.	PUNCT
cblr-14238	596	1	758	758	NUM
cblr-14238	596	2	columbia	columbia	PROPN
cblr-14238	596	3	business	business	NOUN
cblr-14238	596	4	law	law	NOUN
cblr-14238	596	5	review	review	NOUN
cblr-14238	596	6	[	[	X
cblr-14238	596	7	vol	vol	NOUN
cblr-14238	596	8	.	.	NOUN
cblr-14238	596	9	2024	2024	NUM
cblr-14238	596	10	sometimes	sometimes	ADV
cblr-14238	596	11	be	be	VERB
cblr-14238	596	12	anti	anti	ADJ
cblr-14238	596	13	-	-	ADJ
cblr-14238	596	14	competitive	competitive	ADJ
cblr-14238	596	15	,	,	PUNCT
cblr-14238	596	16	they	they	PRON
cblr-14238	596	17	often	often	ADV
cblr-14238	596	18	promote	promote	VERB
cblr-14238	596	19	other	other	ADJ
cblr-14238	596	20	social	social	ADJ
cblr-14238	596	21	-	-	PUNCT
cblr-14238	596	22	welfare	welfare	NOUN
cblr-14238	596	23	interests	interest	NOUN
cblr-14238	596	24	by	by	ADP
cblr-14238	596	25	ensuring	ensure	VERB
cblr-14238	596	26	that	that	SCONJ
cblr-14238	596	27	imperfect	imperfect	ADJ
cblr-14238	596	28	information	information	NOUN
cblr-14238	596	29	does	do	AUX
cblr-14238	596	30	not	not	PART
cblr-14238	596	31	cause	cause	VERB
cblr-14238	596	32	consumers	consumer	NOUN
cblr-14238	596	33	to	to	PART
cblr-14238	596	34	purchase	purchase	VERB
cblr-14238	596	35	unsafe	unsafe	ADJ
cblr-14238	596	36	products	product	NOUN
cblr-14238	596	37	or	or	CCONJ
cblr-14238	596	38	unqualified	unqualified	ADJ
cblr-14238	596	39	services.126	services.126	NOUN
cblr-14238	596	40	state	state	NOUN
cblr-14238	596	41	bar	bar	NOUN
cblr-14238	596	42	associations	association	NOUN
cblr-14238	596	43	in	in	ADP
cblr-14238	596	44	the	the	DET
cblr-14238	596	45	united	united	PROPN
cblr-14238	596	46	states	states	PROPN
cblr-14238	596	47	are	be	AUX
cblr-14238	596	48	another	another	DET
cblr-14238	596	49	kind	kind	NOUN
cblr-14238	596	50	of	of	ADP
cblr-14238	596	51	standard	standard	ADJ
cblr-14238	596	52	setting	set	VERB
cblr-14238	596	53	organization	organization	NOUN
cblr-14238	596	54	—	—	PUNCT
cblr-14238	596	55	they	they	PRON
cblr-14238	596	56	establish	establish	VERB
cblr-14238	596	57	qualifications	qualification	NOUN
cblr-14238	596	58	for	for	ADP
cblr-14238	596	59	becoming	become	VERB
cblr-14238	596	60	a	a	DET
cblr-14238	596	61	member	member	NOUN
cblr-14238	596	62	of	of	ADP
cblr-14238	596	63	the	the	DET
cblr-14238	596	64	bar	bar	NOUN
cblr-14238	596	65	and	and	CCONJ
cblr-14238	596	66	ethical	ethical	ADJ
cblr-14238	596	67	and	and	CCONJ
cblr-14238	596	68	other	other	ADJ
cblr-14238	596	69	standards	standard	NOUN
cblr-14238	596	70	for	for	ADP
cblr-14238	596	71	practicing	practice	VERB
cblr-14238	596	72	law	law	NOUN
cblr-14238	596	73	.	.	PUNCT
cblr-14238	597	1	doctors	doctor	NOUN
cblr-14238	597	2	,	,	PUNCT
cblr-14238	597	3	lawyers	lawyer	NOUN
cblr-14238	597	4	,	,	PUNCT
cblr-14238	597	5	and	and	CCONJ
cblr-14238	597	6	other	other	ADJ
cblr-14238	597	7	professionals	professional	NOUN
cblr-14238	597	8	must	must	AUX
cblr-14238	597	9	meet	meet	VERB
cblr-14238	597	10	minimum	minimum	NOUN
cblr-14238	597	11	licensing	licensing	NOUN
cblr-14238	597	12	standards.127	standards.127	NOUN
cblr-14238	597	13	for	for	ADP
cblr-14238	597	14	present	present	ADJ
cblr-14238	597	15	purposes	purpose	NOUN
cblr-14238	597	16	,	,	PUNCT
cblr-14238	597	17	the	the	DET
cblr-14238	597	18	most	most	ADV
cblr-14238	597	19	important	important	ADJ
cblr-14238	597	20	feature	feature	NOUN
cblr-14238	597	21	of	of	ADP
cblr-14238	597	22	standard	standard	ADJ
cblr-14238	597	23	-	-	PUNCT
cblr-14238	597	24	setting	set	VERB
cblr-14238	597	25	organizations	organization	NOUN
cblr-14238	597	26	is	be	AUX
cblr-14238	597	27	that	that	SCONJ
cblr-14238	597	28	some	some	PRON
cblr-14238	597	29	of	of	ADP
cblr-14238	597	30	them	they	PRON
cblr-14238	597	31	have	have	VERB
cblr-14238	597	32	sufficient	sufficient	ADJ
cblr-14238	597	33	market	market	NOUN
cblr-14238	597	34	power	power	NOUN
cblr-14238	597	35	to	to	PART
cblr-14238	597	36	act	act	VERB
cblr-14238	597	37	like	like	ADP
cblr-14238	597	38	gatekeepers	gatekeeper	NOUN
cblr-14238	597	39	to	to	ADP
cblr-14238	597	40	the	the	DET
cblr-14238	597	41	market	market	NOUN
cblr-14238	597	42	—	—	PUNCT
cblr-14238	597	43	either	either	CCONJ
cblr-14238	597	44	you	you	PRON
cblr-14238	597	45	obtain	obtain	VERB
cblr-14238	597	46	the	the	DET
cblr-14238	597	47	license	license	NOUN
cblr-14238	597	48	required	require	VERB
cblr-14238	597	49	,	,	PUNCT
cblr-14238	597	50	satisfy	satisfy	VERB
cblr-14238	597	51	the	the	DET
cblr-14238	597	52	established	establish	VERB
cblr-14238	597	53	safety	safety	NOUN
cblr-14238	597	54	requirements	requirement	NOUN
cblr-14238	597	55	,	,	PUNCT
cblr-14238	597	56	use	use	VERB
cblr-14238	597	57	the	the	DET
cblr-14238	597	58	technology	technology	NOUN
cblr-14238	597	59	specified	specify	VERB
cblr-14238	597	60	,	,	PUNCT
cblr-14238	597	61	or	or	CCONJ
cblr-14238	597	62	you	you	PRON
cblr-14238	597	63	are	be	AUX
cblr-14238	597	64	effectively	effectively	ADV
cblr-14238	597	65	shut	shut	VERB
cblr-14238	597	66	out	out	ADP
cblr-14238	597	67	of	of	ADP
cblr-14238	597	68	the	the	DET
cblr-14238	597	69	market.128	market.128	NOUN
cblr-14238	597	70	in	in	ADP
cblr-14238	597	71	some	some	DET
cblr-14238	597	72	cases	case	NOUN
cblr-14238	597	73	,	,	PUNCT
cblr-14238	597	74	ssos	ssos	PROPN
cblr-14238	597	75	may	may	AUX
cblr-14238	597	76	impede	impede	VERB
cblr-14238	597	77	competition	competition	NOUN
cblr-14238	597	78	,	,	PUNCT
cblr-14238	597	79	acting	act	VERB
cblr-14238	597	80	as	as	ADP
cblr-14238	597	81	a	a	DET
cblr-14238	597	82	cartel	cartel	NOUN
cblr-14238	597	83	with	with	ADP
cblr-14238	597	84	the	the	DET
cblr-14238	597	85	power	power	NOUN
cblr-14238	597	86	to	to	PART
cblr-14238	597	87	reduce	reduce	VERB
cblr-14238	597	88	output	output	NOUN
cblr-14238	597	89	and	and	CCONJ
cblr-14238	597	90	consumer	consumer	NOUN
cblr-14238	597	91	choice	choice	NOUN
cblr-14238	597	92	by	by	ADP
cblr-14238	597	93	excluding	exclude	VERB
cblr-14238	597	94	products	product	NOUN
cblr-14238	597	95	that	that	PRON
cblr-14238	597	96	do	do	AUX
cblr-14238	597	97	not	not	PART
cblr-14238	597	98	meet	meet	VERB
cblr-14238	597	99	the	the	DET
cblr-14238	597	100	standard	standard	NOUN
cblr-14238	597	101	established	establish	VERB
cblr-14238	597	102	by	by	ADP
cblr-14238	597	103	the	the	DET
cblr-14238	597	104	sso.129	sso.129	NOUN
cblr-14238	597	105	this	this	PRON
cblr-14238	597	106	is	be	AUX
cblr-14238	597	107	a	a	DET
cblr-14238	597	108	charge	charge	NOUN
cblr-14238	597	109	that	that	PRON
cblr-14238	597	110	is	be	AUX
cblr-14238	597	111	sometimes	sometimes	ADV
cblr-14238	597	112	leveled	level	VERB
cblr-14238	597	113	against	against	ADP
cblr-14238	597	114	professional	professional	ADJ
cblr-14238	597	115	licensing	licensing	NOUN
cblr-14238	597	116	organizations	organization	NOUN
cblr-14238	597	117	,	,	PUNCT
cblr-14238	597	118	such	such	ADJ
cblr-14238	597	119	as	as	ADP
cblr-14238	597	120	state	state	NOUN
cblr-14238	597	121	bar	bar	NOUN
cblr-14238	597	122	associations	association	NOUN
cblr-14238	597	123	,	,	PUNCT
cblr-14238	597	124	as	as	ADV
cblr-14238	597	125	well	well	ADV
cblr-14238	597	126	.	.	PUNCT
cblr-14238	598	1	ssos	ssos	PROPN
cblr-14238	598	2	can	can	AUX
cblr-14238	598	3	facilitate	facilitate	VERB
cblr-14238	598	4	innovation	innovation	NOUN
cblr-14238	598	5	and	and	CCONJ
cblr-14238	598	6	protection	protection	NOUN
cblr-14238	598	7	of	of	ADP
cblr-14238	598	8	the	the	DET
cblr-14238	598	9	public	public	NOUN
cblr-14238	598	10	,	,	PUNCT
cblr-14238	598	11	but	but	CCONJ
cblr-14238	598	12	their	their	PRON
cblr-14238	598	13	standards	standard	NOUN
cblr-14238	598	14	are	be	AUX
cblr-14238	598	15	also	also	ADV
cblr-14238	598	16	subject	subject	ADJ
cblr-14238	598	17	126	126	NUM
cblr-14238	599	1	i	i	PROPN
cblr-14238	599	2	d.	d.	PROPN
cblr-14238	599	3	at	at	ADP
cblr-14238	599	4	1897	1897	NUM
cblr-14238	599	5	.	.	PUNCT
cblr-14238	600	1	sometimes	sometimes	ADV
cblr-14238	600	2	a	a	DET
cblr-14238	600	3	group	group	NOUN
cblr-14238	600	4	of	of	ADP
cblr-14238	600	5	companies	company	NOUN
cblr-14238	600	6	in	in	ADP
cblr-14238	600	7	the	the	DET
cblr-14238	600	8	same	same	ADJ
cblr-14238	600	9	industry	industry	NOUN
cblr-14238	600	10	or	or	CCONJ
cblr-14238	600	11	related	related	ADJ
cblr-14238	600	12	industries	industry	NOUN
cblr-14238	600	13	form	form	VERB
cblr-14238	600	14	an	an	DET
cblr-14238	600	15	sso	sso	NOUN
cblr-14238	600	16	to	to	PART
cblr-14238	600	17	establish	establish	VERB
cblr-14238	600	18	a	a	DET
cblr-14238	600	19	single	single	ADJ
cblr-14238	600	20	standard	standard	NOUN
cblr-14238	600	21	for	for	ADP
cblr-14238	600	22	interoperability	interoperability	NOUN
cblr-14238	600	23	,	,	PUNCT
cblr-14238	600	24	and	and	CCONJ
cblr-14238	600	25	if	if	SCONJ
cblr-14238	600	26	they	they	PRON
cblr-14238	600	27	collectively	collectively	ADV
cblr-14238	600	28	have	have	VERB
cblr-14238	600	29	significant	significant	ADJ
cblr-14238	600	30	market	market	NOUN
cblr-14238	600	31	share	share	NOUN
cblr-14238	600	32	,	,	PUNCT
cblr-14238	600	33	the	the	DET
cblr-14238	600	34	adoption	adoption	NOUN
cblr-14238	600	35	of	of	ADP
cblr-14238	600	36	the	the	DET
cblr-14238	600	37	standard	standard	NOUN
cblr-14238	600	38	can	can	AUX
cblr-14238	600	39	cause	cause	VERB
cblr-14238	600	40	the	the	DET
cblr-14238	600	41	remainder	remainder	NOUN
cblr-14238	600	42	of	of	ADP
cblr-14238	600	43	the	the	DET
cblr-14238	600	44	industry	industry	NOUN
cblr-14238	600	45	or	or	CCONJ
cblr-14238	600	46	industries	industry	NOUN
cblr-14238	600	47	to	to	PART
cblr-14238	600	48	adopt	adopt	VERB
cblr-14238	600	49	the	the	DET
cblr-14238	600	50	same	same	ADJ
cblr-14238	600	51	standard	standard	NOUN
cblr-14238	600	52	.	.	PUNCT
cblr-14238	601	1	i	i	PRON
cblr-14238	601	2	d.	d.	PROPN
cblr-14238	601	3	at	at	ADP
cblr-14238	601	4	1898	1898	NUM
cblr-14238	601	5	.	.	PUNCT
cblr-14238	602	1	127	127	NUM
cblr-14238	602	2	i	i	PROPN
cblr-14238	602	3	d.	d.	PROPN
cblr-14238	602	4	at	at	ADP
cblr-14238	602	5	1897	1897	NUM
cblr-14238	602	6	.	.	PUNCT
cblr-14238	603	1	128	128	NUM
cblr-14238	603	2	standards	standard	NOUN
cblr-14238	603	3	may	may	AUX
cblr-14238	603	4	be	be	AUX
cblr-14238	603	5	used	use	VERB
cblr-14238	603	6	to	to	PART
cblr-14238	603	7	establish	establish	VERB
cblr-14238	603	8	terms	term	NOUN
cblr-14238	603	9	for	for	ADP
cblr-14238	603	10	inter	inter	NOUN
cblr-14238	603	11	-	-	NOUN
cblr-14238	603	12	operability	operability	NOUN
cblr-14238	603	13	of	of	ADP
cblr-14238	603	14	technologies	technology	NOUN
cblr-14238	603	15	,	,	PUNCT
cblr-14238	603	16	such	such	ADJ
cblr-14238	603	17	as	as	ADP
cblr-14238	603	18	inter	inter	NOUN
cblr-14238	603	19	-	-	NOUN
cblr-14238	603	20	operability	operability	NOUN
cblr-14238	603	21	with	with	ADP
cblr-14238	603	22	the	the	DET
cblr-14238	603	23	microsoft	microsoft	PROPN
cblr-14238	603	24	windows	windows	PROPN
cblr-14238	603	25	operating	operating	NOUN
cblr-14238	603	26	system	system	NOUN
cblr-14238	603	27	software	software	NOUN
cblr-14238	603	28	or	or	CCONJ
cblr-14238	603	29	application	application	NOUN
cblr-14238	603	30	inter	inter	NOUN
cblr-14238	603	31	-	-	NOUN
cblr-14238	603	32	operability	operability	NOUN
cblr-14238	603	33	with	with	ADP
cblr-14238	603	34	apple	apple	NOUN
cblr-14238	603	35	ios	ios	NOUN
cblr-14238	603	36	operating	operating	NOUN
cblr-14238	603	37	systems	system	NOUN
cblr-14238	603	38	.	.	PUNCT
cblr-14238	604	1	in	in	ADP
cblr-14238	604	2	those	those	DET
cblr-14238	604	3	cases	case	NOUN
cblr-14238	604	4	,	,	PUNCT
cblr-14238	604	5	the	the	DET
cblr-14238	604	6	standard	standard	NOUN
cblr-14238	604	7	does	do	AUX
cblr-14238	604	8	not	not	PART
cblr-14238	604	9	determine	determine	VERB
cblr-14238	604	10	access	access	NOUN
cblr-14238	604	11	to	to	ADP
cblr-14238	604	12	the	the	DET
cblr-14238	604	13	market	market	NOUN
cblr-14238	604	14	—	—	PUNCT
cblr-14238	604	15	it	it	PRON
cblr-14238	604	16	is	be	AUX
cblr-14238	604	17	possible	possible	ADJ
cblr-14238	604	18	to	to	PART
cblr-14238	604	19	ignore	ignore	VERB
cblr-14238	604	20	the	the	DET
cblr-14238	604	21	standard	standard	NOUN
cblr-14238	604	22	and	and	CCONJ
cblr-14238	604	23	offer	offer	VERB
cblr-14238	604	24	alternative	alternative	ADJ
cblr-14238	604	25	products	product	NOUN
cblr-14238	604	26	or	or	CCONJ
cblr-14238	604	27	services	service	NOUN
cblr-14238	604	28	,	,	PUNCT
cblr-14238	604	29	but	but	CCONJ
cblr-14238	604	30	there	there	PRON
cblr-14238	604	31	is	be	VERB
cblr-14238	604	32	a	a	DET
cblr-14238	604	33	significant	significant	ADJ
cblr-14238	604	34	market	market	NOUN
cblr-14238	604	35	share	share	NOUN
cblr-14238	604	36	penalty	penalty	NOUN
cblr-14238	604	37	associated	associate	VERB
cblr-14238	604	38	with	with	ADP
cblr-14238	604	39	ignoring	ignore	VERB
cblr-14238	604	40	the	the	DET
cblr-14238	604	41	de	de	X
cblr-14238	604	42	facto	facto	X
cblr-14238	604	43	market	market	NOUN
cblr-14238	604	44	standard	standard	NOUN
cblr-14238	604	45	.	.	PUNCT
cblr-14238	605	1	i	i	PRON
cblr-14238	605	2	d.	d.	PROPN
cblr-14238	605	3	at	at	ADP
cblr-14238	605	4	1896	1896	NUM
cblr-14238	605	5	.	.	PUNCT
cblr-14238	606	1	129	129	NUM
cblr-14238	606	2	thomas	thomas	PROPN
cblr-14238	606	3	a.	a.	NOUN
cblr-14238	606	4	piraino	piraino	PROPN
cblr-14238	606	5	,	,	PUNCT
cblr-14238	606	6	jr	jr	PROPN
cblr-14238	606	7	.	.	PROPN
cblr-14238	606	8	,	,	PUNCT
cblr-14238	606	9	a	a	DET
cblr-14238	606	10	proposed	propose	VERB
cblr-14238	606	11	antitrust	antitrust	ADJ
cblr-14238	606	12	approach	approach	NOUN
cblr-14238	606	13	to	to	ADP
cblr-14238	606	14	collaborations	collaboration	NOUN
cblr-14238	606	15	among	among	ADP
cblr-14238	606	16	competitors	competitor	NOUN
cblr-14238	606	17	,	,	PUNCT
cblr-14238	606	18	86	86	NUM
cblr-14238	606	19	iowa	iowa	PROPN
cblr-14238	606	20	l.	l.	PROPN
cblr-14238	606	21	rev	rev	PROPN
cblr-14238	606	22	.	.	PROPN
cblr-14238	606	23	1137	1137	NUM
cblr-14238	606	24	,	,	PUNCT
cblr-14238	606	25	1204	1204	NUM
cblr-14238	606	26	(	(	PUNCT
cblr-14238	606	27	2001	2001	NUM
cblr-14238	606	28	)	)	PUNCT
cblr-14238	606	29	;	;	PUNCT
cblr-14238	606	30	elbert	elbert	PROPN
cblr-14238	606	31	l.	l.	PROPN
cblr-14238	606	32	robertson	robertson	PROPN
cblr-14238	606	33	,	,	PUNCT
cblr-14238	606	34	a	a	DET
cblr-14238	606	35	corrective	corrective	ADJ
cblr-14238	606	36	justice	justice	NOUN
cblr-14238	606	37	theory	theory	NOUN
cblr-14238	606	38	of	of	ADP
cblr-14238	606	39	antitrust	antitrust	ADJ
cblr-14238	606	40	regulation	regulation	NOUN
cblr-14238	606	41	,	,	PUNCT
cblr-14238	606	42	49	49	NUM
cblr-14238	606	43	cath	cath	NOUN
cblr-14238	606	44	.	.	PUNCT
cblr-14238	607	1	u.	u.	PROPN
cblr-14238	607	2	l.	l.	PROPN
cblr-14238	607	3	rev	rev	PROPN
cblr-14238	607	4	.	.	PROPN
cblr-14238	607	5	741	741	NUM
cblr-14238	607	6	,	,	PUNCT
cblr-14238	607	7	760–63	760–63	NUM
cblr-14238	607	8	(	(	PUNCT
cblr-14238	607	9	2000	2000	NUM
cblr-14238	607	10	)	)	PUNCT
cblr-14238	607	11	.	.	PUNCT
cblr-14238	608	1	no	no	INTJ
cblr-14238	608	2	.	.	NOUN
cblr-14238	608	3	2	2	NUM
cblr-14238	608	4	]	]	PUNCT
cblr-14238	608	5	regulation	regulation	NOUN
cblr-14238	608	6	by	by	ADP
cblr-14238	608	7	indexation	indexation	NOUN
cblr-14238	608	8	?	?	PUNCT
cblr-14238	609	1	759	759	NUM
cblr-14238	609	2	to	to	PART
cblr-14238	609	3	abuse.130	abuse.130	VERB
cblr-14238	609	4	in	in	ADP
cblr-14238	609	5	fact	fact	NOUN
cblr-14238	609	6	,	,	PUNCT
cblr-14238	609	7	the	the	DET
cblr-14238	609	8	gatekeeping	gatekeepe	VERB
cblr-14238	609	9	power	power	NOUN
cblr-14238	609	10	of	of	ADP
cblr-14238	609	11	some	some	DET
cblr-14238	609	12	ssos	ssos	NOUN
cblr-14238	609	13	is	be	AUX
cblr-14238	609	14	sufficiently	sufficiently	ADV
cblr-14238	609	15	strong	strong	ADJ
cblr-14238	609	16	that	that	SCONJ
cblr-14238	609	17	they	they	PRON
cblr-14238	609	18	have	have	AUX
cblr-14238	609	19	historically	historically	ADV
cblr-14238	609	20	been	be	AUX
cblr-14238	609	21	subject	subject	ADJ
cblr-14238	609	22	to	to	ADP
cblr-14238	609	23	significant	significant	ADJ
cblr-14238	609	24	scrutiny	scrutiny	NOUN
cblr-14238	609	25	and	and	CCONJ
cblr-14238	609	26	occasional	occasional	ADJ
cblr-14238	609	27	claims	claim	NOUN
cblr-14238	609	28	under	under	ADP
cblr-14238	609	29	antitrust	antitrust	ADJ
cblr-14238	610	1	laws.131	laws.131	PROPN
cblr-14238	610	2	2	2	NUM
cblr-14238	610	3	.	.	PUNCT
cblr-14238	610	4	indexers	indexer	NOUN
cblr-14238	610	5	and	and	CCONJ
cblr-14238	610	6	market	market	NOUN
cblr-14238	610	7	power	power	NOUN
cblr-14238	610	8	unlike	unlike	ADP
cblr-14238	610	9	sros	sros	PROPN
cblr-14238	610	10	,	,	PUNCT
cblr-14238	610	11	cras	cras	PROPN
cblr-14238	610	12	,	,	PUNCT
cblr-14238	610	13	and	and	CCONJ
cblr-14238	610	14	some	some	DET
cblr-14238	610	15	ssos	sso	NOUN
cblr-14238	610	16	,	,	PUNCT
cblr-14238	610	17	index	index	NOUN
cblr-14238	610	18	providers	provider	NOUN
cblr-14238	610	19	are	be	AUX
cblr-14238	610	20	not	not	PART
cblr-14238	610	21	market	market	NOUN
cblr-14238	610	22	gatekeepers	gatekeeper	NOUN
cblr-14238	610	23	for	for	ADP
cblr-14238	610	24	corporations	corporation	NOUN
cblr-14238	610	25	.	.	PUNCT
cblr-14238	611	1	as	as	SCONJ
cblr-14238	611	2	noted	note	VERB
cblr-14238	611	3	above	above	ADP
cblr-14238	611	4	,	,	PUNCT
cblr-14238	611	5	index	index	NOUN
cblr-14238	611	6	providers	provider	NOUN
cblr-14238	611	7	segment	segment	VERB
cblr-14238	611	8	public	public	ADJ
cblr-14238	611	9	equity	equity	NOUN
cblr-14238	611	10	securities	security	NOUN
cblr-14238	611	11	into	into	ADP
cblr-14238	611	12	investable	investable	ADJ
cblr-14238	611	13	baskets	basket	NOUN
cblr-14238	611	14	.	.	PUNCT
cblr-14238	612	1	unlike	unlike	ADP
cblr-14238	612	2	sros	sros	PROPN
cblr-14238	612	3	,	,	PUNCT
cblr-14238	612	4	which	which	PRON
cblr-14238	612	5	provide	provide	VERB
cblr-14238	612	6	access	access	NOUN
cblr-14238	612	7	to	to	ADP
cblr-14238	612	8	vast	vast	ADJ
cblr-14238	612	9	pools	pool	NOUN
cblr-14238	612	10	of	of	ADP
cblr-14238	612	11	retail	retail	ADJ
cblr-14238	612	12	capital	capital	NOUN
cblr-14238	612	13	available	available	ADJ
cblr-14238	612	14	in	in	ADP
cblr-14238	612	15	public	public	ADJ
cblr-14238	612	16	capital	capital	NOUN
cblr-14238	612	17	markets	market	NOUN
cblr-14238	612	18	and	and	CCONJ
cblr-14238	612	19	cras	cra	NOUN
cblr-14238	612	20	,	,	PUNCT
cblr-14238	612	21	which	which	PRON
cblr-14238	612	22	provide	provide	VERB
cblr-14238	612	23	access	access	NOUN
cblr-14238	612	24	to	to	ADP
cblr-14238	612	25	debt	debt	NOUN
cblr-14238	612	26	investors	investor	NOUN
cblr-14238	612	27	that	that	PRON
cblr-14238	612	28	can	can	AUX
cblr-14238	612	29	not	not	PART
cblr-14238	612	30	invest	invest	VERB
cblr-14238	612	31	in	in	ADP
cblr-14238	612	32	debt	debt	NOUN
cblr-14238	612	33	securities	security	NOUN
cblr-14238	612	34	without	without	ADP
cblr-14238	612	35	a	a	DET
cblr-14238	612	36	bbb	bbb	NOUN
cblr-14238	612	37	or	or	CCONJ
cblr-14238	612	38	better	well	ADJ
cblr-14238	612	39	rating	rating	NOUN
cblr-14238	612	40	from	from	ADP
cblr-14238	612	41	an	an	DET
cblr-14238	612	42	nrsro	nrsro	ADJ
cblr-14238	612	43	,	,	PUNCT
cblr-14238	612	44	index	index	NOUN
cblr-14238	612	45	providers	provider	NOUN
cblr-14238	612	46	do	do	AUX
cblr-14238	612	47	not	not	PART
cblr-14238	612	48	have	have	VERB
cblr-14238	612	49	the	the	DET
cblr-14238	612	50	market	market	NOUN
cblr-14238	612	51	power	power	NOUN
cblr-14238	612	52	that	that	PRON
cblr-14238	612	53	comes	come	VERB
cblr-14238	612	54	with	with	ADP
cblr-14238	612	55	the	the	DET
cblr-14238	612	56	keys	key	NOUN
cblr-14238	612	57	to	to	ADP
cblr-14238	612	58	a	a	DET
cblr-14238	612	59	vast	vast	ADJ
cblr-14238	612	60	,	,	PUNCT
cblr-14238	612	61	otherwise	otherwise	ADV
cblr-14238	612	62	untappable	untappable	ADJ
cblr-14238	612	63	,	,	PUNCT
cblr-14238	612	64	capital	capital	NOUN
cblr-14238	612	65	source	source	NOUN
cblr-14238	612	66	.	.	PUNCT
cblr-14238	613	1	while	while	SCONJ
cblr-14238	613	2	index	index	NOUN
cblr-14238	613	3	providers	provider	NOUN
cblr-14238	613	4	hold	hold	VERB
cblr-14238	613	5	the	the	DET
cblr-14238	613	6	keys	key	NOUN
cblr-14238	613	7	to	to	ADP
cblr-14238	613	8	the	the	DET
cblr-14238	613	9	gate	gate	NOUN
cblr-14238	613	10	accessing	access	VERB
cblr-14238	613	11	index	index	NOUN
cblr-14238	613	12	investors	investor	NOUN
cblr-14238	613	13	,	,	PUNCT
cblr-14238	613	14	the	the	DET
cblr-14238	613	15	latter	latter	ADJ
cblr-14238	613	16	presently	presently	ADV
cblr-14238	613	17	hold	hold	VERB
cblr-14238	613	18	only	only	ADV
cblr-14238	613	19	13	13	NUM
cblr-14238	613	20	%	%	NOUN
cblr-14238	613	21	of	of	ADP
cblr-14238	613	22	public	public	ADJ
cblr-14238	613	23	market	market	NOUN
cblr-14238	613	24	capital	capital	NOUN
cblr-14238	613	25	in	in	ADP
cblr-14238	613	26	the	the	DET
cblr-14238	613	27	united	united	PROPN
cblr-14238	613	28	states	states	PROPN
cblr-14238	613	29	and	and	CCONJ
cblr-14238	613	30	less	less	ADJ
cblr-14238	613	31	in	in	ADP
cblr-14238	613	32	other	other	ADJ
cblr-14238	613	33	developed	develop	VERB
cblr-14238	613	34	markets	market	NOUN
cblr-14238	613	35	.	.	PUNCT
cblr-14238	614	1	corporations	corporation	NOUN
cblr-14238	614	2	can	can	AUX
cblr-14238	614	3	get	get	VERB
cblr-14238	614	4	the	the	DET
cblr-14238	614	5	capital	capital	NOUN
cblr-14238	614	6	they	they	PRON
cblr-14238	614	7	need	need	VERB
cblr-14238	614	8	without	without	ADP
cblr-14238	614	9	accessing	access	VERB
cblr-14238	614	10	index	index	NOUN
cblr-14238	614	11	investors.132	investors.132	PROPN
cblr-14238	614	12	130	130	NUM
cblr-14238	614	13	robert	robert	PROPN
cblr-14238	614	14	pitofsky	pitofsky	PROPN
cblr-14238	614	15	,	,	PUNCT
cblr-14238	614	16	antitrust	antitrust	ADJ
cblr-14238	614	17	and	and	CCONJ
cblr-14238	614	18	intellectual	intellectual	ADJ
cblr-14238	614	19	property	property	NOUN
cblr-14238	614	20	;	;	PUNCT
cblr-14238	614	21	unresolved	unresolved	ADJ
cblr-14238	614	22	issues	issue	NOUN
cblr-14238	614	23	at	at	ADP
cblr-14238	614	24	the	the	DET
cblr-14238	614	25	heart	heart	NOUN
cblr-14238	614	26	of	of	ADP
cblr-14238	614	27	the	the	DET
cblr-14238	614	28	new	new	ADJ
cblr-14238	614	29	economy	economy	NOUN
cblr-14238	614	30	,	,	PUNCT
cblr-14238	614	31	16	16	NUM
cblr-14238	614	32	berkeley	berkeley	PROPN
cblr-14238	614	33	tech	tech	NOUN
cblr-14238	614	34	.	.	PUNCT
cblr-14238	615	1	l.j	l.j	PROPN
cblr-14238	615	2	.	.	PROPN
cblr-14238	615	3	535	535	NUM
cblr-14238	615	4	,	,	PUNCT
cblr-14238	615	5	550	550	NUM
cblr-14238	615	6	(	(	PUNCT
cblr-14238	615	7	2001	2001	NUM
cblr-14238	615	8	)	)	PUNCT
cblr-14238	615	9	.	.	PUNCT
cblr-14238	616	1	131	131	NUM
cblr-14238	616	2	see	see	VERB
cblr-14238	616	3	,	,	PUNCT
cblr-14238	616	4	e.g.	e.g.	ADV
cblr-14238	616	5	,	,	PUNCT
cblr-14238	616	6	am	be	AUX
cblr-14238	616	7	.	.	PUNCT
cblr-14238	616	8	soc’y	soc’y	NOUN
cblr-14238	616	9	of	of	ADP
cblr-14238	616	10	mech	mech	NOUN
cblr-14238	616	11	.	.	PUNCT
cblr-14238	617	1	eng’rs	eng’rs	PROPN
cblr-14238	618	1	v.	v.	ADP
cblr-14238	618	2	hydrolevel	hydrolevel	PROPN
cblr-14238	618	3	corp	corp	PROPN
cblr-14238	618	4	.	.	PROPN
cblr-14238	618	5	,	,	PUNCT
cblr-14238	618	6	456	456	PROPN
cblr-14238	618	7	u.s	u.s	PROPN
cblr-14238	618	8	.	.	PROPN
cblr-14238	618	9	556	556	NUM
cblr-14238	618	10	(	(	PUNCT
cblr-14238	618	11	1982	1982	NUM
cblr-14238	618	12	)	)	PUNCT
cblr-14238	618	13	;	;	PUNCT
cblr-14238	618	14	nat’l	nat’l	NOUN
cblr-14238	618	15	soc’y	soc’y	NOUN
cblr-14238	618	16	of	of	ADP
cblr-14238	618	17	pro	pro	ADJ
cblr-14238	618	18	.	.	PROPN
cblr-14238	618	19	eng’rs	eng’rs	PROPN
cblr-14238	618	20	v.	v.	PROPN
cblr-14238	618	21	united	united	PROPN
cblr-14238	618	22	states	states	PROPN
cblr-14238	618	23	,	,	PUNCT
cblr-14238	618	24	435	435	NUM
cblr-14238	618	25	u.s	u.s	PROPN
cblr-14238	618	26	.	.	PROPN
cblr-14238	618	27	679	679	NUM
cblr-14238	618	28	(	(	PUNCT
cblr-14238	618	29	1978	1978	NUM
cblr-14238	618	30	)	)	PUNCT
cblr-14238	618	31	;	;	PUNCT
cblr-14238	618	32	radiant	radiant	ADJ
cblr-14238	618	33	burners	burner	NOUN
cblr-14238	618	34	v.	v.	ADP
cblr-14238	618	35	people	people	NOUN
cblr-14238	618	36	’s	’s	PART
cblr-14238	618	37	gas	gas	NOUN
cblr-14238	618	38	light	light	NOUN
cblr-14238	618	39	&	&	CCONJ
cblr-14238	618	40	coke	coke	PROPN
cblr-14238	618	41	co.	co.	PROPN
cblr-14238	618	42	,	,	PUNCT
cblr-14238	618	43	364	364	NUM
cblr-14238	618	44	u.s	u.s	PROPN
cblr-14238	618	45	.	.	PROPN
cblr-14238	618	46	656	656	NUM
cblr-14238	618	47	(	(	PUNCT
cblr-14238	618	48	1961	1961	NUM
cblr-14238	618	49	)	)	PUNCT
cblr-14238	618	50	.	.	PUNCT
cblr-14238	619	1	see	see	VERB
cblr-14238	619	2	also	also	ADV
cblr-14238	619	3	herbert	herbert	PROPN
cblr-14238	619	4	hovenkamp	hovenkamp	PROPN
cblr-14238	619	5	,	,	PUNCT
cblr-14238	619	6	standards	standard	VERB
cblr-14238	619	7	ownership	ownership	NOUN
cblr-14238	619	8	and	and	CCONJ
cblr-14238	619	9	competition	competition	NOUN
cblr-14238	619	10	policy	policy	NOUN
cblr-14238	619	11	,	,	PUNCT
cblr-14238	619	12	48	48	NUM
cblr-14238	619	13	b.c	b.c	PROPN
cblr-14238	619	14	.	.	PROPN
cblr-14238	619	15	l.	l.	PROPN
cblr-14238	619	16	rev	rev	PROPN
cblr-14238	619	17	.	.	PROPN
cblr-14238	620	1	87	87	NUM
cblr-14238	620	2	(	(	PUNCT
cblr-14238	620	3	2007	2007	NUM
cblr-14238	620	4	)	)	PUNCT
cblr-14238	620	5	;	;	PUNCT
cblr-14238	621	1	sean	sean	PROPN
cblr-14238	621	2	p.	p.	PROPN
cblr-14238	621	3	gates	gates	PROPN
cblr-14238	621	4	,	,	PUNCT
cblr-14238	621	5	standards	standard	NOUN
cblr-14238	621	6	,	,	PUNCT
cblr-14238	621	7	innovation	innovation	NOUN
cblr-14238	621	8	,	,	PUNCT
cblr-14238	621	9	and	and	CCONJ
cblr-14238	621	10	antitrust	antitrust	ADJ
cblr-14238	621	11	:	:	PUNCT
cblr-14238	621	12	integrating	integrate	VERB
cblr-14238	621	13	innovation	innovation	NOUN
cblr-14238	621	14	concerns	concern	NOUN
cblr-14238	621	15	into	into	ADP
cblr-14238	621	16	the	the	DET
cblr-14238	621	17	analysis	analysis	NOUN
cblr-14238	621	18	of	of	ADP
cblr-14238	621	19	collaborative	collaborative	ADJ
cblr-14238	621	20	standard	standard	ADJ
cblr-14238	621	21	setting	setting	NOUN
cblr-14238	621	22	,	,	PUNCT
cblr-14238	621	23	47	47	NUM
cblr-14238	621	24	emory	emory	PROPN
cblr-14238	621	25	l.j	l.j	PROPN
cblr-14238	621	26	.	.	PROPN
cblr-14238	621	27	583	583	NUM
cblr-14238	621	28	(	(	PUNCT
cblr-14238	621	29	1998	1998	NUM
cblr-14238	621	30	)	)	PUNCT
cblr-14238	621	31	;	;	PUNCT
cblr-14238	621	32	james	james	PROPN
cblr-14238	621	33	j.	j.	PROPN
cblr-14238	621	34	anton	anton	PROPN
cblr-14238	621	35	&	&	CCONJ
cblr-14238	621	36	dennis	dennis	PROPN
cblr-14238	621	37	a.	a.	PROPN
cblr-14238	621	38	yao	yao	PROPN
cblr-14238	621	39	,	,	PUNCT
cblr-14238	621	40	standard	standard	NOUN
cblr-14238	621	41	-	-	PUNCT
cblr-14238	621	42	setting	set	VERB
cblr-14238	621	43	consortia	consortia	NOUN
cblr-14238	621	44	,	,	PUNCT
cblr-14238	621	45	antitrust	antitrust	ADJ
cblr-14238	621	46	,	,	PUNCT
cblr-14238	621	47	and	and	CCONJ
cblr-14238	621	48	high	high	ADJ
cblr-14238	621	49	-	-	PUNCT
cblr-14238	621	50	technology	technology	NOUN
cblr-14238	621	51	industries	industry	NOUN
cblr-14238	621	52	,	,	PUNCT
cblr-14238	621	53	64	64	NUM
cblr-14238	621	54	antitrust	antitrust	ADJ
cblr-14238	621	55	l	l	NOUN
cblr-14238	621	56	j.	j.	PROPN
cblr-14238	621	57	247	247	NUM
cblr-14238	621	58	(	(	PUNCT
cblr-14238	621	59	1995	1995	NUM
cblr-14238	621	60	)	)	PUNCT
cblr-14238	621	61	;	;	PUNCT
cblr-14238	621	62	h.s	h.s	PROPN
cblr-14238	621	63	.	.	PROPN
cblr-14238	621	64	gerla	gerla	PROPN
cblr-14238	621	65	,	,	PUNCT
cblr-14238	621	66	federal	federal	ADJ
cblr-14238	621	67	antitrust	antitrust	ADJ
cblr-14238	621	68	law	law	NOUN
cblr-14238	621	69	and	and	CCONJ
cblr-14238	621	70	trade	trade	NOUN
cblr-14238	621	71	and	and	CCONJ
cblr-14238	621	72	professional	professional	ADJ
cblr-14238	621	73	association	association	NOUN
cblr-14238	621	74	standards	standard	NOUN
cblr-14238	621	75	and	and	CCONJ
cblr-14238	621	76	certification	certification	NOUN
cblr-14238	621	77	,	,	PUNCT
cblr-14238	621	78	19	19	NUM
cblr-14238	621	79	u.	u.	PROPN
cblr-14238	621	80	dayton	dayton	PROPN
cblr-14238	621	81	l.	l.	PROPN
cblr-14238	621	82	rev	rev	PROPN
cblr-14238	621	83	.	.	PROPN
cblr-14238	621	84	471	471	NUM
cblr-14238	621	85	(	(	PUNCT
cblr-14238	621	86	1994	1994	NUM
cblr-14238	621	87	)	)	PUNCT
cblr-14238	621	88	;	;	PUNCT
cblr-14238	621	89	jonathan	jonathan	PROPN
cblr-14238	621	90	t.	t.	PROPN
cblr-14238	621	91	howe	howe	PROPN
cblr-14238	621	92	&	&	CCONJ
cblr-14238	621	93	leland	leland	PROPN
cblr-14238	621	94	badger	badger	PROPN
cblr-14238	621	95	,	,	PUNCT
cblr-14238	621	96	the	the	DET
cblr-14238	621	97	antitrust	antitrust	ADJ
cblr-14238	621	98	challenge	challenge	NOUN
cblr-14238	621	99	to	to	ADP
cblr-14238	621	100	non	non	ADJ
cblr-14238	621	101	-	-	ADJ
cblr-14238	621	102	profit	profit	ADJ
cblr-14238	621	103	certification	certification	NOUN
cblr-14238	621	104	organizations	organization	NOUN
cblr-14238	621	105	:	:	PUNCT
cblr-14238	621	106	conflicts	conflict	NOUN
cblr-14238	621	107	of	of	ADP
cblr-14238	621	108	interest	interest	NOUN
cblr-14238	621	109	and	and	CCONJ
cblr-14238	621	110	a	a	DET
cblr-14238	621	111	practical	practical	ADJ
cblr-14238	621	112	rule	rule	NOUN
cblr-14238	621	113	of	of	ADP
cblr-14238	621	114	reason	reason	NOUN
cblr-14238	621	115	approach	approach	NOUN
cblr-14238	621	116	to	to	ADP
cblr-14238	621	117	certification	certification	NOUN
cblr-14238	621	118	programs	program	NOUN
cblr-14238	621	119	as	as	ADP
cblr-14238	621	120	industry	industry	NOUN
cblr-14238	621	121	-	-	PUNCT
cblr-14238	621	122	wide	wide	ADJ
cblr-14238	621	123	builders	builder	NOUN
cblr-14238	621	124	of	of	ADP
cblr-14238	621	125	competition	competition	NOUN
cblr-14238	621	126	and	and	CCONJ
cblr-14238	621	127	efficiency	efficiency	NOUN
cblr-14238	621	128	,	,	PUNCT
cblr-14238	621	129	60	60	NUM
cblr-14238	621	130	wash	wash	NOUN
cblr-14238	621	131	.	.	PUNCT
cblr-14238	622	1	u.	u.	PROPN
cblr-14238	622	2	l.q	l.q	PROPN
cblr-14238	622	3	.	.	PROPN
cblr-14238	622	4	357	357	NUM
cblr-14238	622	5	(	(	PUNCT
cblr-14238	622	6	1982	1982	NUM
cblr-14238	622	7	)	)	PUNCT
cblr-14238	622	8	.	.	PUNCT
cblr-14238	623	1	132	132	NUM
cblr-14238	623	2	if	if	SCONJ
cblr-14238	623	3	the	the	DET
cblr-14238	623	4	percentage	percentage	NOUN
cblr-14238	623	5	of	of	ADP
cblr-14238	623	6	equity	equity	NOUN
cblr-14238	623	7	market	market	NOUN
cblr-14238	623	8	capitalization	capitalization	NOUN
cblr-14238	623	9	held	hold	VERB
cblr-14238	623	10	by	by	ADP
cblr-14238	623	11	index	index	NOUN
cblr-14238	623	12	investors	investor	NOUN
cblr-14238	623	13	increases	increase	VERB
cblr-14238	623	14	dramatically	dramatically	ADV
cblr-14238	623	15	,	,	PUNCT
cblr-14238	624	1	the	the	DET
cblr-14238	624	2	value	value	NOUN
cblr-14238	624	3	of	of	ADP
cblr-14238	624	4	index	index	NOUN
cblr-14238	624	5	inclusion	inclusion	NOUN
cblr-14238	624	6	could	could	AUX
cblr-14238	624	7	760	760	NUM
cblr-14238	624	8	columbia	columbia	PROPN
cblr-14238	624	9	business	business	NOUN
cblr-14238	624	10	law	law	PROPN
cblr-14238	624	11	review	review	NOUN
cblr-14238	624	12	[	[	X
cblr-14238	624	13	vol	vol	NOUN
cblr-14238	624	14	.	.	NOUN
cblr-14238	624	15	2024	2024	NUM
cblr-14238	624	16	on	on	ADP
cblr-14238	624	17	the	the	DET
cblr-14238	624	18	other	other	ADJ
cblr-14238	624	19	hand	hand	NOUN
cblr-14238	624	20	,	,	PUNCT
cblr-14238	624	21	index	index	NOUN
cblr-14238	624	22	providers	provider	NOUN
cblr-14238	624	23	may	may	AUX
cblr-14238	624	24	have	have	VERB
cblr-14238	624	25	a	a	DET
cblr-14238	624	26	role	role	NOUN
cblr-14238	624	27	as	as	ADP
cblr-14238	624	28	gatekeepers	gatekeeper	NOUN
cblr-14238	624	29	with	with	ADP
cblr-14238	624	30	significant	significant	ADJ
cblr-14238	624	31	market	market	NOUN
cblr-14238	624	32	power	power	NOUN
cblr-14238	624	33	when	when	SCONJ
cblr-14238	624	34	it	it	PRON
cblr-14238	624	35	comes	come	VERB
cblr-14238	624	36	to	to	ADP
cblr-14238	624	37	the	the	DET
cblr-14238	624	38	availability	availability	NOUN
cblr-14238	624	39	of	of	ADP
cblr-14238	624	40	foreign	foreign	ADJ
cblr-14238	624	41	capital	capital	NOUN
cblr-14238	624	42	in	in	ADP
cblr-14238	624	43	emerging	emerge	VERB
cblr-14238	624	44	market	market	NOUN
cblr-14238	624	45	economies	economy	NOUN
cblr-14238	624	46	.	.	PUNCT
cblr-14238	625	1	index	index	NOUN
cblr-14238	625	2	funds	fund	NOUN
cblr-14238	625	3	do	do	AUX
cblr-14238	625	4	not	not	PART
cblr-14238	625	5	purchase	purchase	VERB
cblr-14238	625	6	shares	share	NOUN
cblr-14238	625	7	of	of	ADP
cblr-14238	625	8	companies	company	NOUN
cblr-14238	625	9	in	in	ADP
cblr-14238	625	10	emerging	emerge	VERB
cblr-14238	625	11	markets	market	NOUN
cblr-14238	625	12	unless	unless	SCONJ
cblr-14238	625	13	the	the	DET
cblr-14238	625	14	market	market	NOUN
cblr-14238	625	15	is	be	AUX
cblr-14238	625	16	included	include	VERB
cblr-14238	625	17	in	in	ADP
cblr-14238	625	18	an	an	DET
cblr-14238	625	19	emerging	emerge	VERB
cblr-14238	625	20	markets	market	NOUN
cblr-14238	625	21	index	index	NOUN
cblr-14238	625	22	.	.	PUNCT
cblr-14238	626	1	active	active	ADJ
cblr-14238	626	2	funds	fund	NOUN
cblr-14238	626	3	benchmarked	benchmarke	VERB
cblr-14238	626	4	to	to	ADP
cblr-14238	626	5	indexes	index	NOUN
cblr-14238	626	6	are	be	AUX
cblr-14238	626	7	also	also	ADV
cblr-14238	626	8	unlikely	unlikely	ADJ
cblr-14238	626	9	to	to	PART
cblr-14238	626	10	purchase	purchase	VERB
cblr-14238	626	11	equities	equity	NOUN
cblr-14238	626	12	in	in	ADP
cblr-14238	626	13	emerging	emerge	VERB
cblr-14238	626	14	markets	market	NOUN
cblr-14238	626	15	that	that	PRON
cblr-14238	626	16	are	be	AUX
cblr-14238	626	17	not	not	PART
cblr-14238	626	18	included	include	VERB
cblr-14238	626	19	in	in	ADP
cblr-14238	626	20	an	an	DET
cblr-14238	626	21	index	index	NOUN
cblr-14238	626	22	.	.	PUNCT
cblr-14238	627	1	furthermore	furthermore	ADV
cblr-14238	627	2	,	,	PUNCT
cblr-14238	627	3	since	since	SCONJ
cblr-14238	627	4	the	the	DET
cblr-14238	627	5	index	index	NOUN
cblr-14238	627	6	inclusion	inclusion	NOUN
cblr-14238	627	7	criteria	criterion	NOUN
cblr-14238	627	8	for	for	ADP
cblr-14238	627	9	emerging	emerge	VERB
cblr-14238	627	10	markets	market	NOUN
cblr-14238	627	11	indexes	index	NOUN
cblr-14238	627	12	focus	focus	VERB
cblr-14238	627	13	on	on	ADP
cblr-14238	627	14	investability,133	investability,133	PROPN
cblr-14238	627	15	even	even	ADV
cblr-14238	627	16	active	active	ADJ
cblr-14238	627	17	funds	fund	NOUN
cblr-14238	627	18	that	that	PRON
cblr-14238	627	19	are	be	AUX
cblr-14238	627	20	not	not	PART
cblr-14238	627	21	benchmarking	benchmarke	VERB
cblr-14238	627	22	to	to	ADP
cblr-14238	627	23	an	an	DET
cblr-14238	627	24	emerging	emerge	VERB
cblr-14238	627	25	markets	market	NOUN
cblr-14238	627	26	index	index	NOUN
cblr-14238	627	27	may	may	AUX
cblr-14238	627	28	take	take	VERB
cblr-14238	627	29	cues	cue	NOUN
cblr-14238	627	30	from	from	ADP
cblr-14238	627	31	index	index	NOUN
cblr-14238	627	32	provider	provider	NOUN
cblr-14238	627	33	decisions	decision	NOUN
cblr-14238	627	34	about	about	ADP
cblr-14238	627	35	index	index	NOUN
cblr-14238	627	36	inclusion	inclusion	NOUN
cblr-14238	627	37	,	,	PUNCT
cblr-14238	627	38	withholding	withholding	NOUN
cblr-14238	627	39	investments	investment	NOUN
cblr-14238	627	40	from	from	ADP
cblr-14238	627	41	excluded	exclude	VERB
cblr-14238	627	42	markets	market	NOUN
cblr-14238	627	43	until	until	SCONJ
cblr-14238	627	44	they	they	PRON
cblr-14238	627	45	are	be	AUX
cblr-14238	627	46	“	"	PUNCT
cblr-14238	627	47	certified	certify	VERB
cblr-14238	627	48	”	"	PUNCT
cblr-14238	627	49	for	for	ADP
cblr-14238	627	50	investment	investment	NOUN
cblr-14238	627	51	by	by	ADP
cblr-14238	627	52	an	an	DET
cblr-14238	627	53	index	index	NOUN
cblr-14238	627	54	provider	provider	NOUN
cblr-14238	627	55	through	through	ADP
cblr-14238	627	56	index	index	NOUN
cblr-14238	627	57	inclusion	inclusion	NOUN
cblr-14238	627	58	.	.	PUNCT
cblr-14238	628	1	when	when	SCONJ
cblr-14238	628	2	indexers	indexer	NOUN
cblr-14238	628	3	add	add	VERB
cblr-14238	628	4	a	a	DET
cblr-14238	628	5	country	country	NOUN
cblr-14238	628	6	to	to	ADP
cblr-14238	628	7	a	a	DET
cblr-14238	628	8	major	major	ADJ
cblr-14238	628	9	emerging	emerge	VERB
cblr-14238	628	10	markets	market	NOUN
cblr-14238	628	11	index	index	NOUN
cblr-14238	628	12	or	or	CCONJ
cblr-14238	628	13	delete	delete	VERB
cblr-14238	628	14	a	a	DET
cblr-14238	628	15	country	country	NOUN
cblr-14238	628	16	from	from	ADP
cblr-14238	628	17	an	an	DET
cblr-14238	628	18	index	index	NOUN
cblr-14238	628	19	,	,	PUNCT
cblr-14238	628	20	billions	billion	NOUN
cblr-14238	628	21	of	of	ADP
cblr-14238	628	22	dollars	dollar	NOUN
cblr-14238	628	23	of	of	ADP
cblr-14238	628	24	investment	investment	NOUN
cblr-14238	628	25	can	can	AUX
cblr-14238	628	26	flow	flow	VERB
cblr-14238	628	27	into	into	ADP
cblr-14238	628	28	or	or	CCONJ
cblr-14238	628	29	out	out	ADP
cblr-14238	628	30	of	of	ADP
cblr-14238	628	31	the	the	DET
cblr-14238	628	32	companies	company	NOUN
cblr-14238	628	33	listed	list	VERB
cblr-14238	628	34	on	on	ADP
cblr-14238	628	35	the	the	DET
cblr-14238	628	36	stock	stock	NOUN
cblr-14238	628	37	markets	market	NOUN
cblr-14238	628	38	of	of	ADP
cblr-14238	628	39	that	that	DET
cblr-14238	628	40	country.134	country.134	PROPN
cblr-14238	628	41	this	this	DET
cblr-14238	628	42	increase	increase	NOUN
cblr-14238	628	43	,	,	PUNCT
cblr-14238	628	44	but	but	CCONJ
cblr-14238	628	45	only	only	ADV
cblr-14238	628	46	if	if	SCONJ
cblr-14238	628	47	there	there	PRON
cblr-14238	628	48	are	be	VERB
cblr-14238	628	49	not	not	PART
cblr-14238	628	50	enough	enough	ADJ
cblr-14238	628	51	ready	ready	ADJ
cblr-14238	628	52	buyers	buyer	NOUN
cblr-14238	628	53	among	among	ADP
cblr-14238	628	54	active	active	ADJ
cblr-14238	628	55	investors	investor	NOUN
cblr-14238	628	56	available	available	ADJ
cblr-14238	628	57	to	to	PART
cblr-14238	628	58	purchase	purchase	VERB
cblr-14238	628	59	any	any	DET
cblr-14238	628	60	shares	share	NOUN
cblr-14238	628	61	sold	sell	VERB
cblr-14238	628	62	(	(	PUNCT
cblr-14238	628	63	or	or	CCONJ
cblr-14238	628	64	never	never	ADV
cblr-14238	628	65	purchased	purchase	VERB
cblr-14238	628	66	)	)	PUNCT
cblr-14238	628	67	by	by	ADP
cblr-14238	628	68	index	index	NOUN
cblr-14238	628	69	investors	investor	NOUN
cblr-14238	628	70	.	.	PUNCT
cblr-14238	629	1	that	that	PRON
cblr-14238	629	2	would	would	AUX
cblr-14238	629	3	presumably	presumably	ADV
cblr-14238	629	4	require	require	VERB
cblr-14238	629	5	a	a	DET
cblr-14238	629	6	very	very	ADV
cblr-14238	629	7	high	high	ADJ
cblr-14238	629	8	level	level	NOUN
cblr-14238	629	9	of	of	ADP
cblr-14238	629	10	market	market	NOUN
cblr-14238	629	11	concentration	concentration	NOUN
cblr-14238	629	12	among	among	ADP
cblr-14238	629	13	index	index	NOUN
cblr-14238	629	14	investors	investor	NOUN
cblr-14238	629	15	.	.	PUNCT
cblr-14238	630	1	it	it	PRON
cblr-14238	630	2	has	have	AUX
cblr-14238	630	3	been	be	AUX
cblr-14238	630	4	suggested	suggest	VERB
cblr-14238	630	5	that	that	SCONJ
cblr-14238	630	6	even	even	ADV
cblr-14238	630	7	with	with	ADP
cblr-14238	630	8	as	as	ADV
cblr-14238	630	9	much	much	ADJ
cblr-14238	630	10	as	as	ADP
cblr-14238	630	11	60	60	NUM
cblr-14238	630	12	to	to	PART
cblr-14238	630	13	70	70	NUM
cblr-14238	630	14	%	%	NOUN
cblr-14238	630	15	passive	passive	ADJ
cblr-14238	630	16	ownership	ownership	NOUN
cblr-14238	630	17	,	,	PUNCT
cblr-14238	630	18	active	active	ADJ
cblr-14238	630	19	investors	investor	NOUN
cblr-14238	630	20	are	be	AUX
cblr-14238	630	21	still	still	ADV
cblr-14238	630	22	likely	likely	ADJ
cblr-14238	630	23	to	to	PART
cblr-14238	630	24	be	be	AUX
cblr-14238	630	25	able	able	ADJ
cblr-14238	630	26	to	to	PART
cblr-14238	630	27	establish	establish	VERB
cblr-14238	630	28	efficient	efficient	ADJ
cblr-14238	630	29	prices	price	NOUN
cblr-14238	630	30	for	for	ADP
cblr-14238	630	31	listed	list	VERB
cblr-14238	630	32	stocks	stock	NOUN
cblr-14238	630	33	.	.	PUNCT
cblr-14238	631	1	fisch	fisch	PROPN
cblr-14238	631	2	,	,	PUNCT
cblr-14238	631	3	hamdani	hamdani	PROPN
cblr-14238	631	4	&	&	CCONJ
cblr-14238	631	5	solomon	solomon	PROPN
cblr-14238	631	6	,	,	PUNCT
cblr-14238	631	7	supra	supra	PROPN
cblr-14238	631	8	note	note	PROPN
cblr-14238	631	9	79	79	NUM
cblr-14238	631	10	,	,	PUNCT
cblr-14238	631	11	at	at	ADP
cblr-14238	631	12	40	40	NUM
cblr-14238	631	13	.	.	PUNCT
cblr-14238	632	1	when	when	SCONJ
cblr-14238	632	2	considering	consider	VERB
cblr-14238	632	3	the	the	DET
cblr-14238	632	4	prospect	prospect	NOUN
cblr-14238	632	5	of	of	ADP
cblr-14238	632	6	market	market	NOUN
cblr-14238	632	7	gatekeeping	gatekeeping	NOUN
cblr-14238	632	8	by	by	ADP
cblr-14238	632	9	index	index	NOUN
cblr-14238	632	10	providers	provider	NOUN
cblr-14238	632	11	,	,	PUNCT
cblr-14238	632	12	it	it	PRON
cblr-14238	632	13	is	be	AUX
cblr-14238	632	14	important	important	ADJ
cblr-14238	632	15	to	to	PART
cblr-14238	632	16	acknowledge	acknowledge	VERB
cblr-14238	632	17	that	that	SCONJ
cblr-14238	632	18	capital	capital	NOUN
cblr-14238	632	19	flows	flow	VERB
cblr-14238	632	20	following	follow	VERB
cblr-14238	632	21	indexing	indexing	NOUN
cblr-14238	632	22	decisions	decision	NOUN
cblr-14238	632	23	are	be	AUX
cblr-14238	632	24	not	not	PART
cblr-14238	632	25	limited	limit	VERB
cblr-14238	632	26	to	to	ADP
cblr-14238	632	27	flows	flow	NOUN
cblr-14238	632	28	into	into	ADP
cblr-14238	632	29	passive	passive	ADJ
cblr-14238	632	30	index	index	NOUN
cblr-14238	632	31	funds	fund	NOUN
cblr-14238	632	32	,	,	PUNCT
cblr-14238	632	33	however	however	ADV
cblr-14238	632	34	.	.	PUNCT
cblr-14238	633	1	many	many	ADJ
cblr-14238	633	2	active	active	ADJ
cblr-14238	633	3	funds	fund	NOUN
cblr-14238	633	4	also	also	ADV
cblr-14238	633	5	use	use	VERB
cblr-14238	633	6	indices	index	NOUN
cblr-14238	633	7	as	as	ADP
cblr-14238	633	8	performance	performance	NOUN
cblr-14238	633	9	benchmarks	benchmark	NOUN
cblr-14238	633	10	and	and	CCONJ
cblr-14238	633	11	invest	invest	VERB
cblr-14238	633	12	in	in	ADP
cblr-14238	633	13	stocks	stock	NOUN
cblr-14238	633	14	following	follow	VERB
cblr-14238	633	15	index	index	NOUN
cblr-14238	633	16	decisions	decision	NOUN
cblr-14238	633	17	to	to	PART
cblr-14238	633	18	decrease	decrease	VERB
cblr-14238	633	19	their	their	PRON
cblr-14238	633	20	risk	risk	NOUN
cblr-14238	633	21	of	of	ADP
cblr-14238	633	22	underperforming	underperform	VERB
cblr-14238	633	23	the	the	DET
cblr-14238	633	24	benchmark	benchmark	NOUN
cblr-14238	633	25	index	index	NOUN
cblr-14238	633	26	,	,	PUNCT
cblr-14238	633	27	much	much	ADV
cblr-14238	633	28	as	as	ADP
cblr-14238	633	29	passive	passive	ADJ
cblr-14238	633	30	funds	fund	NOUN
cblr-14238	633	31	purchase	purchase	VERB
cblr-14238	633	32	newly	newly	ADV
cblr-14238	633	33	added	add	VERB
cblr-14238	633	34	securities	security	NOUN
cblr-14238	633	35	to	to	PART
cblr-14238	633	36	decrease	decrease	VERB
cblr-14238	633	37	their	their	PRON
cblr-14238	633	38	tracking	tracking	NOUN
cblr-14238	633	39	error	error	NOUN
cblr-14238	633	40	.	.	PUNCT
cblr-14238	634	1	longshort	longshort	PROPN
cblr-14238	634	2	manager	manager	NOUN
cblr-14238	634	3	,	,	PUNCT
cblr-14238	634	4	china	china	PROPN
cblr-14238	634	5	a	a	PROPN
cblr-14238	634	6	-	-	PUNCT
cblr-14238	634	7	shares	share	NOUN
cblr-14238	634	8	in	in	ADP
cblr-14238	634	9	msci	msci	PROPN
cblr-14238	634	10	indices	index	NOUN
cblr-14238	634	11	:	:	PUNCT
cblr-14238	634	12	a	a	DET
cblr-14238	634	13	big	big	ADJ
cblr-14238	634	14	deal	deal	NOUN
cblr-14238	634	15	,	,	PUNCT
cblr-14238	634	16	seeking	seek	VERB
cblr-14238	634	17	alpha	alpha	NOUN
cblr-14238	634	18	(	(	PUNCT
cblr-14238	634	19	june	june	PROPN
cblr-14238	634	20	2	2	NUM
cblr-14238	634	21	,	,	PUNCT
cblr-14238	634	22	2018	2018	NUM
cblr-14238	634	23	,	,	PUNCT
cblr-14238	634	24	9:25	9:25	NUM
cblr-14238	634	25	am	am	NOUN
cblr-14238	634	26	et	et	NOUN
cblr-14238	634	27	)	)	PUNCT
cblr-14238	634	28	(	(	PUNCT
cblr-14238	634	29	on	on	ADP
cblr-14238	634	30	file	file	NOUN
cblr-14238	634	31	with	with	ADP
cblr-14238	634	32	the	the	DET
cblr-14238	634	33	columbia	columbia	PROPN
cblr-14238	634	34	business	business	PROPN
cblr-14238	634	35	law	law	PROPN
cblr-14238	634	36	review	review	PROPN
cblr-14238	634	37	)	)	PUNCT
cblr-14238	634	38	,	,	PUNCT
cblr-14238	634	39	https://seekingalpha.com/article/4178987-china-shares-in-msciindices-big-deal	https://seekingalpha.com/article/4178987-china-shares-in-msciindices-big-deal	NOUN
cblr-14238	634	40	(	(	PUNCT
cblr-14238	634	41	noting	note	VERB
cblr-14238	634	42	that	that	SCONJ
cblr-14238	634	43	active	active	ADJ
cblr-14238	634	44	managers	manager	NOUN
cblr-14238	634	45	are	be	AUX
cblr-14238	634	46	paid	pay	VERB
cblr-14238	634	47	to	to	PART
cblr-14238	634	48	manage	manage	VERB
cblr-14238	634	49	money	money	NOUN
cblr-14238	634	50	relative	relative	ADJ
cblr-14238	634	51	to	to	ADP
cblr-14238	634	52	a	a	DET
cblr-14238	634	53	benchmark	benchmark	ADJ
cblr-14238	634	54	index	index	NOUN
cblr-14238	634	55	and	and	CCONJ
cblr-14238	634	56	usually	usually	ADV
cblr-14238	634	57	compensated	compensate	VERB
cblr-14238	634	58	based	base	VERB
cblr-14238	634	59	on	on	ADP
cblr-14238	634	60	their	their	PRON
cblr-14238	634	61	performance	performance	NOUN
cblr-14238	634	62	relative	relative	ADJ
cblr-14238	634	63	to	to	ADP
cblr-14238	634	64	an	an	DET
cblr-14238	634	65	index	index	NOUN
cblr-14238	634	66	,	,	PUNCT
cblr-14238	634	67	which	which	PRON
cblr-14238	634	68	gives	give	VERB
cblr-14238	634	69	index	index	NOUN
cblr-14238	634	70	creators	creator	NOUN
cblr-14238	634	71	enormous	enormous	ADJ
cblr-14238	634	72	power	power	NOUN
cblr-14238	634	73	)	)	PUNCT
cblr-14238	634	74	.	.	PUNCT
cblr-14238	635	1	however	however	ADV
cblr-14238	635	2	,	,	PUNCT
cblr-14238	635	3	managed	manage	VERB
cblr-14238	635	4	assets	asset	NOUN
cblr-14238	635	5	benchmarked	benchmarke	VERB
cblr-14238	635	6	to	to	ADP
cblr-14238	635	7	indexes	index	NOUN
cblr-14238	635	8	also	also	ADV
cblr-14238	635	9	are	be	AUX
cblr-14238	635	10	not	not	PART
cblr-14238	635	11	sufficient	sufficient	ADJ
cblr-14238	635	12	to	to	PART
cblr-14238	635	13	limit	limit	VERB
cblr-14238	635	14	access	access	NOUN
cblr-14238	635	15	to	to	ADP
cblr-14238	635	16	necessary	necessary	ADJ
cblr-14238	635	17	capital	capital	NOUN
cblr-14238	635	18	for	for	ADP
cblr-14238	635	19	companies	company	NOUN
cblr-14238	635	20	excluded	exclude	VERB
cblr-14238	635	21	from	from	ADP
cblr-14238	635	22	an	an	DET
cblr-14238	635	23	index	index	NOUN
cblr-14238	635	24	.	.	PUNCT
cblr-14238	636	1	133	133	NUM
cblr-14238	636	2	see	see	VERB
cblr-14238	636	3	supra	supra	PROPN
cblr-14238	636	4	section	section	PROPN
cblr-14238	636	5	i.c.3	i.c.3	PROPN
cblr-14238	636	6	.	.	PUNCT
cblr-14238	637	1	134	134	NUM
cblr-14238	637	2	see	see	VERB
cblr-14238	637	3	discussion	discussion	NOUN
cblr-14238	637	4	of	of	ADP
cblr-14238	637	5	china	china	PROPN
cblr-14238	637	6	infra	infra	NOUN
cblr-14238	637	7	section	section	NOUN
cblr-14238	637	8	iii.c	iii.c	PROPN
cblr-14238	637	9	.	.	PUNCT
cblr-14238	638	1	no	no	INTJ
cblr-14238	638	2	.	.	NOUN
cblr-14238	638	3	2	2	NUM
cblr-14238	638	4	]	]	PUNCT
cblr-14238	638	5	regulation	regulation	NOUN
cblr-14238	638	6	by	by	ADP
cblr-14238	638	7	indexation	indexation	NOUN
cblr-14238	638	8	?	?	PUNCT
cblr-14238	639	1	761	761	NUM
cblr-14238	639	2	aggregated	aggregate	VERB
cblr-14238	639	3	impact	impact	NOUN
cblr-14238	639	4	can	can	AUX
cblr-14238	639	5	have	have	VERB
cblr-14238	639	6	macroeconomic	macroeconomic	ADJ
cblr-14238	639	7	implications	implication	NOUN
cblr-14238	639	8	and	and	CCONJ
cblr-14238	639	9	can	can	AUX
cblr-14238	639	10	presumably	presumably	ADV
cblr-14238	639	11	have	have	VERB
cblr-14238	639	12	more	more	ADJ
cblr-14238	639	13	persuasive	persuasive	ADJ
cblr-14238	639	14	influence	influence	NOUN
cblr-14238	639	15	on	on	ADP
cblr-14238	639	16	the	the	DET
cblr-14238	639	17	governments	government	NOUN
cblr-14238	639	18	of	of	ADP
cblr-14238	639	19	emerging	emerge	VERB
cblr-14238	639	20	market	market	NOUN
cblr-14238	639	21	countries	country	NOUN
cblr-14238	639	22	than	than	ADP
cblr-14238	639	23	the	the	DET
cblr-14238	639	24	limited	limited	ADJ
cblr-14238	639	25	capital	capital	NOUN
cblr-14238	639	26	pricing	pricing	NOUN
cblr-14238	639	27	impact	impact	NOUN
cblr-14238	639	28	on	on	ADP
cblr-14238	639	29	individual	individual	ADJ
cblr-14238	639	30	corporations	corporation	NOUN
cblr-14238	639	31	in	in	ADP
cblr-14238	639	32	highly	highly	ADV
cblr-14238	639	33	liquid	liquid	ADJ
cblr-14238	639	34	markets	market	NOUN
cblr-14238	639	35	.	.	PUNCT
cblr-14238	640	1	iii	iii	X
cblr-14238	640	2	.	.	PUNCT
cblr-14238	640	3	regulation	regulation	NOUN
cblr-14238	640	4	by	by	ADP
cblr-14238	640	5	indexation	indexation	NOUN
cblr-14238	640	6	in	in	ADP
cblr-14238	640	7	practice	practice	NOUN
cblr-14238	640	8	in	in	ADP
cblr-14238	640	9	this	this	DET
cblr-14238	640	10	section	section	NOUN
cblr-14238	640	11	,	,	PUNCT
cblr-14238	640	12	i	i	PRON
cblr-14238	640	13	will	will	AUX
cblr-14238	640	14	assess	assess	VERB
cblr-14238	640	15	the	the	DET
cblr-14238	640	16	prospects	prospect	NOUN
cblr-14238	640	17	for	for	ADP
cblr-14238	640	18	index	index	NOUN
cblr-14238	640	19	providers	provider	NOUN
cblr-14238	640	20	acting	act	VERB
cblr-14238	640	21	as	as	ADP
cblr-14238	640	22	private	private	ADJ
cblr-14238	640	23	regulators	regulator	NOUN
cblr-14238	640	24	through	through	ADP
cblr-14238	640	25	the	the	DET
cblr-14238	640	26	three	three	NUM
cblr-14238	640	27	channels	channel	NOUN
cblr-14238	640	28	discussed	discuss	VERB
cblr-14238	640	29	in	in	ADP
cblr-14238	640	30	section	section	PROPN
cblr-14238	640	31	ii	ii	PROPN
cblr-14238	640	32	.	.	PUNCT
cblr-14238	641	1	i	i	PRON
cblr-14238	641	2	will	will	AUX
cblr-14238	641	3	consider	consider	VERB
cblr-14238	641	4	the	the	DET
cblr-14238	641	5	subsidizer	subsidizer	NOUN
cblr-14238	641	6	role	role	NOUN
cblr-14238	641	7	by	by	ADP
cblr-14238	641	8	exploring	explore	VERB
cblr-14238	641	9	index	index	NOUN
cblr-14238	641	10	inclusion	inclusion	NOUN
cblr-14238	641	11	in	in	ADP
cblr-14238	641	12	the	the	DET
cblr-14238	641	13	context	context	NOUN
cblr-14238	641	14	of	of	ADP
cblr-14238	641	15	benchmark	benchmark	NOUN
cblr-14238	641	16	equity	equity	NOUN
cblr-14238	641	17	indices	index	NOUN
cblr-14238	641	18	,	,	PUNCT
cblr-14238	641	19	esg	esg	PROPN
cblr-14238	641	20	indices	index	NOUN
cblr-14238	641	21	and	and	CCONJ
cblr-14238	641	22	emerging	emerge	VERB
cblr-14238	641	23	markets	market	NOUN
cblr-14238	641	24	indices	index	NOUN
cblr-14238	641	25	.	.	PUNCT
cblr-14238	642	1	i	i	PRON
cblr-14238	642	2	will	will	AUX
cblr-14238	642	3	assess	assess	VERB
cblr-14238	642	4	the	the	DET
cblr-14238	642	5	certifier	certifier	NOUN
cblr-14238	642	6	role	role	NOUN
cblr-14238	642	7	using	use	VERB
cblr-14238	642	8	the	the	DET
cblr-14238	642	9	literature	literature	NOUN
cblr-14238	642	10	on	on	ADP
cblr-14238	642	11	esg	esg	PROPN
cblr-14238	642	12	indices	index	NOUN
cblr-14238	642	13	,	,	PUNCT
cblr-14238	642	14	and	and	CCONJ
cblr-14238	642	15	i	i	PRON
cblr-14238	642	16	will	will	AUX
cblr-14238	642	17	review	review	VERB
cblr-14238	642	18	the	the	DET
cblr-14238	642	19	gatekeeper	gatekeeper	NOUN
cblr-14238	642	20	role	role	NOUN
cblr-14238	642	21	in	in	ADP
cblr-14238	642	22	the	the	DET
cblr-14238	642	23	context	context	NOUN
cblr-14238	642	24	of	of	ADP
cblr-14238	642	25	emerging	emerge	VERB
cblr-14238	642	26	markets	market	NOUN
cblr-14238	642	27	indices	index	NOUN
cblr-14238	642	28	.	.	PUNCT
cblr-14238	643	1	a.	a.	NOUN
cblr-14238	643	2	subsidy	subsidy	NOUN
cblr-14238	643	3	failure	failure	NOUN
cblr-14238	643	4	in	in	ADP
cblr-14238	643	5	this	this	DET
cblr-14238	643	6	section	section	NOUN
cblr-14238	643	7	,	,	PUNCT
cblr-14238	643	8	i	i	PRON
cblr-14238	643	9	examine	examine	VERB
cblr-14238	643	10	the	the	DET
cblr-14238	643	11	practical	practical	ADJ
cblr-14238	643	12	ability	ability	NOUN
cblr-14238	643	13	of	of	ADP
cblr-14238	643	14	index	index	NOUN
cblr-14238	643	15	providers	provider	NOUN
cblr-14238	643	16	to	to	PART
cblr-14238	643	17	act	act	VERB
cblr-14238	643	18	as	as	ADP
cblr-14238	643	19	subsidizing	subsidize	VERB
cblr-14238	643	20	regulators	regulator	NOUN
cblr-14238	643	21	by	by	ADP
cblr-14238	643	22	supplying	supply	VERB
cblr-14238	643	23	(	(	PUNCT
cblr-14238	643	24	or	or	CCONJ
cblr-14238	643	25	denying	deny	VERB
cblr-14238	643	26	)	)	PUNCT
cblr-14238	643	27	cost	cost	NOUN
cblr-14238	643	28	of	of	ADP
cblr-14238	643	29	capital	capital	NOUN
cblr-14238	643	30	benefits	benefit	NOUN
cblr-14238	643	31	to	to	ADP
cblr-14238	643	32	corporations	corporation	NOUN
cblr-14238	643	33	and	and	CCONJ
cblr-14238	643	34	possible	possible	ADJ
cblr-14238	643	35	compensation	compensation	NOUN
cblr-14238	643	36	benefits	benefit	NOUN
cblr-14238	643	37	in	in	ADP
cblr-14238	643	38	the	the	DET
cblr-14238	643	39	form	form	NOUN
cblr-14238	643	40	of	of	ADP
cblr-14238	643	41	stock	stock	NOUN
cblr-14238	643	42	options	option	NOUN
cblr-14238	643	43	to	to	ADP
cblr-14238	643	44	managers	manager	NOUN
cblr-14238	643	45	of	of	ADP
cblr-14238	643	46	corporations	corporation	NOUN
cblr-14238	643	47	that	that	PRON
cblr-14238	643	48	take	take	VERB
cblr-14238	643	49	steps	step	NOUN
cblr-14238	643	50	(	(	PUNCT
cblr-14238	643	51	or	or	CCONJ
cblr-14238	643	52	do	do	AUX
cblr-14238	643	53	not	not	PART
cblr-14238	643	54	take	take	VERB
cblr-14238	643	55	steps	step	NOUN
cblr-14238	643	56	)	)	PUNCT
cblr-14238	643	57	to	to	PART
cblr-14238	643	58	satisfy	satisfy	VERB
cblr-14238	643	59	index	index	NOUN
cblr-14238	643	60	inclusion	inclusion	NOUN
cblr-14238	643	61	criteria	criterion	NOUN
cblr-14238	643	62	in	in	ADP
cblr-14238	643	63	three	three	NUM
cblr-14238	643	64	different	different	ADJ
cblr-14238	643	65	settings	setting	NOUN
cblr-14238	643	66	:	:	PUNCT
cblr-14238	643	67	(	(	PUNCT
cblr-14238	643	68	1	1	X
cblr-14238	643	69	)	)	PUNCT
cblr-14238	643	70	corporate	corporate	ADJ
cblr-14238	643	71	governance	governance	NOUN
cblr-14238	643	72	criteria	criterion	NOUN
cblr-14238	643	73	for	for	ADP
cblr-14238	643	74	inclusion	inclusion	NOUN
cblr-14238	643	75	in	in	ADP
cblr-14238	643	76	benchmark	benchmark	ADJ
cblr-14238	643	77	equity	equity	NOUN
cblr-14238	643	78	indices	index	NOUN
cblr-14238	643	79	,	,	PUNCT
cblr-14238	643	80	(	(	PUNCT
cblr-14238	643	81	2	2	X
cblr-14238	643	82	)	)	PUNCT
cblr-14238	643	83	esg	esg	NOUN
cblr-14238	643	84	performance	performance	NOUN
cblr-14238	643	85	criteria	criterion	NOUN
cblr-14238	643	86	for	for	ADP
cblr-14238	643	87	inclusion	inclusion	NOUN
cblr-14238	643	88	in	in	ADP
cblr-14238	643	89	esg	esg	PROPN
cblr-14238	643	90	indices	index	NOUN
cblr-14238	643	91	,	,	PUNCT
cblr-14238	643	92	and	and	CCONJ
cblr-14238	643	93	(	(	PUNCT
cblr-14238	643	94	3	3	X
cblr-14238	643	95	)	)	PUNCT
cblr-14238	643	96	investability	investability	NOUN
cblr-14238	643	97	criteria	criterion	NOUN
cblr-14238	643	98	for	for	ADP
cblr-14238	643	99	inclusion	inclusion	NOUN
cblr-14238	643	100	of	of	ADP
cblr-14238	643	101	domestic	domestic	ADJ
cblr-14238	643	102	stocks	stock	NOUN
cblr-14238	643	103	in	in	ADP
cblr-14238	643	104	a	a	DET
cblr-14238	643	105	given	give	VERB
cblr-14238	643	106	nation	nation	NOUN
cblr-14238	643	107	in	in	ADP
cblr-14238	643	108	emerging	emerge	VERB
cblr-14238	643	109	markets	market	NOUN
cblr-14238	643	110	indices	index	NOUN
cblr-14238	643	111	.	.	PUNCT
cblr-14238	644	1	in	in	ADP
cblr-14238	644	2	all	all	DET
cblr-14238	644	3	three	three	NUM
cblr-14238	644	4	cases	case	NOUN
cblr-14238	644	5	,	,	PUNCT
cblr-14238	644	6	the	the	DET
cblr-14238	644	7	empirical	empirical	ADJ
cblr-14238	644	8	financial	financial	ADJ
cblr-14238	644	9	literature	literature	NOUN
cblr-14238	644	10	suggests	suggest	VERB
cblr-14238	644	11	that	that	SCONJ
cblr-14238	644	12	regulation	regulation	NOUN
cblr-14238	644	13	through	through	ADP
cblr-14238	644	14	subsidization	subsidization	NOUN
cblr-14238	644	15	is	be	AUX
cblr-14238	644	16	ineffective	ineffective	ADJ
cblr-14238	644	17	,	,	PUNCT
cblr-14238	644	18	consistent	consistent	ADJ
cblr-14238	644	19	with	with	ADP
cblr-14238	644	20	the	the	DET
cblr-14238	644	21	expectations	expectation	NOUN
cblr-14238	644	22	discussed	discuss	VERB
cblr-14238	644	23	in	in	ADP
cblr-14238	644	24	section	section	NOUN
cblr-14238	644	25	ii.a	ii.a	PROPN
cblr-14238	644	26	.	.	PUNCT
cblr-14238	645	1	based	base	VERB
cblr-14238	645	2	on	on	ADP
cblr-14238	645	3	the	the	DET
cblr-14238	645	4	impact	impact	NOUN
cblr-14238	645	5	investing	investing	NOUN
cblr-14238	645	6	theory	theory	NOUN
cblr-14238	645	7	of	of	ADP
cblr-14238	645	8	brest	brest	NOUN
cblr-14238	645	9	,	,	PUNCT
cblr-14238	645	10	gilson	gilson	NOUN
cblr-14238	645	11	and	and	CCONJ
cblr-14238	645	12	wolfson	wolfson	PROPN
cblr-14238	645	13	.	.	PUNCT
cblr-14238	646	1	precisely	precisely	ADV
cblr-14238	646	2	because	because	SCONJ
cblr-14238	646	3	index	index	NOUN
cblr-14238	646	4	providers	provider	NOUN
cblr-14238	646	5	license	license	VERB
cblr-14238	646	6	investment	investment	NOUN
cblr-14238	646	7	templates	template	NOUN
cblr-14238	646	8	for	for	ADP
cblr-14238	646	9	the	the	DET
cblr-14238	646	10	public	public	ADJ
cblr-14238	646	11	capital	capital	NOUN
cblr-14238	646	12	markets	market	NOUN
cblr-14238	646	13	,	,	PUNCT
cblr-14238	646	14	they	they	PRON
cblr-14238	646	15	can	can	AUX
cblr-14238	646	16	not	not	PART
cblr-14238	646	17	provide	provide	VERB
cblr-14238	646	18	effective	effective	ADJ
cblr-14238	646	19	cost	cost	NOUN
cblr-14238	646	20	of	of	ADP
cblr-14238	646	21	capital	capital	NOUN
cblr-14238	646	22	incentives	incentive	NOUN
cblr-14238	646	23	to	to	ADP
cblr-14238	646	24	corporate	corporate	ADJ
cblr-14238	646	25	executives	executive	NOUN
cblr-14238	646	26	and	and	CCONJ
cblr-14238	646	27	sovereign	sovereign	ADJ
cblr-14238	646	28	governments	government	NOUN
cblr-14238	646	29	.	.	PUNCT
cblr-14238	647	1	762	762	NUM
cblr-14238	647	2	columbia	columbia	PROPN
cblr-14238	647	3	business	business	NOUN
cblr-14238	647	4	law	law	PROPN
cblr-14238	647	5	review	review	NOUN
cblr-14238	647	6	[	[	X
cblr-14238	647	7	vol	vol	NOUN
cblr-14238	647	8	.	.	PUNCT
cblr-14238	647	9	2024	2024	NUM
cblr-14238	647	10	1	1	NUM
cblr-14238	647	11	.	.	PUNCT
cblr-14238	647	12	benchmark	benchmark	NOUN
cblr-14238	647	13	equity	equity	NOUN
cblr-14238	647	14	indices	index	NOUN
cblr-14238	647	15	:	:	PUNCT
cblr-14238	647	16	multi	multi	ADJ
cblr-14238	647	17	-	-	ADJ
cblr-14238	647	18	class	class	ADJ
cblr-14238	647	19	stock	stock	NOUN
cblr-14238	647	20	exclusion	exclusion	NOUN
cblr-14238	647	21	at	at	ADP
cblr-14238	647	22	the	the	DET
cblr-14238	647	23	behest	behest	NOUN
cblr-14238	647	24	of	of	ADP
cblr-14238	647	25	institutional	institutional	ADJ
cblr-14238	647	26	investors	investor	NOUN
cblr-14238	647	27	,	,	PUNCT
cblr-14238	647	28	two	two	NUM
cblr-14238	647	29	of	of	ADP
cblr-14238	647	30	the	the	DET
cblr-14238	647	31	big	big	ADJ
cblr-14238	647	32	three	three	NUM
cblr-14238	647	33	index	index	NOUN
cblr-14238	647	34	providers	provider	NOUN
cblr-14238	647	35	changed	change	VERB
cblr-14238	647	36	the	the	DET
cblr-14238	647	37	eligibility	eligibility	NOUN
cblr-14238	647	38	rules	rule	NOUN
cblr-14238	647	39	for	for	ADP
cblr-14238	647	40	their	their	PRON
cblr-14238	647	41	u.s	u.s	PROPN
cblr-14238	647	42	.	.	PROPN
cblr-14238	647	43	benchmark	benchmark	PROPN
cblr-14238	647	44	equity	equity	NOUN
cblr-14238	647	45	indices	index	NOUN
cblr-14238	647	46	in	in	ADP
cblr-14238	647	47	2017	2017	NUM
cblr-14238	647	48	to	to	PART
cblr-14238	647	49	exclude	exclude	VERB
cblr-14238	647	50	,	,	PUNCT
cblr-14238	647	51	limit	limit	VERB
cblr-14238	647	52	or	or	CCONJ
cblr-14238	647	53	underweight	underweight	VERB
cblr-14238	647	54	the	the	DET
cblr-14238	647	55	listed	list	VERB
cblr-14238	647	56	shares	share	NOUN
cblr-14238	647	57	of	of	ADP
cblr-14238	647	58	companies	company	NOUN
cblr-14238	647	59	with	with	ADP
cblr-14238	647	60	multi	multi	ADJ
cblr-14238	647	61	-	-	ADJ
cblr-14238	647	62	class	class	ADJ
cblr-14238	647	63	stock	stock	NOUN
cblr-14238	647	64	structures	structure	NOUN
cblr-14238	647	65	,	,	PUNCT
cblr-14238	647	66	often	often	ADV
cblr-14238	647	67	referred	refer	VERB
cblr-14238	647	68	to	to	ADP
cblr-14238	647	69	as	as	ADP
cblr-14238	647	70	“	"	PUNCT
cblr-14238	647	71	dual	dual	ADJ
cblr-14238	647	72	-	-	PUNCT
cblr-14238	647	73	class	class	NOUN
cblr-14238	647	74	stock	stock	NOUN
cblr-14238	647	75	”	"	PUNCT
cblr-14238	647	76	companies	company	NOUN
cblr-14238	647	77	.	.	PUNCT
cblr-14238	648	1	the	the	DET
cblr-14238	648	2	intention	intention	NOUN
cblr-14238	648	3	of	of	ADP
cblr-14238	648	4	the	the	DET
cblr-14238	648	5	investors	investor	NOUN
cblr-14238	648	6	and	and	CCONJ
cblr-14238	648	7	index	index	NOUN
cblr-14238	648	8	providers	provider	NOUN
cblr-14238	648	9	was	be	AUX
cblr-14238	648	10	to	to	PART
cblr-14238	648	11	discourage	discourage	VERB
cblr-14238	648	12	companies	company	NOUN
cblr-14238	648	13	from	from	ADP
cblr-14238	648	14	adopting	adopt	VERB
cblr-14238	648	15	and	and	CCONJ
cblr-14238	648	16	retaining	retain	VERB
cblr-14238	648	17	multiclass	multiclass	ADJ
cblr-14238	648	18	stock	stock	NOUN
cblr-14238	648	19	structures	structure	NOUN
cblr-14238	648	20	that	that	PRON
cblr-14238	648	21	give	give	VERB
cblr-14238	648	22	founders	founder	NOUN
cblr-14238	648	23	and	and	CCONJ
cblr-14238	648	24	other	other	ADJ
cblr-14238	648	25	insiders	insider	NOUN
cblr-14238	648	26	uncontested	uncontested	ADJ
cblr-14238	648	27	control	control	NOUN
cblr-14238	648	28	over	over	ADP
cblr-14238	648	29	the	the	DET
cblr-14238	648	30	company	company	NOUN
cblr-14238	648	31	through	through	ADP
cblr-14238	648	32	shares	share	NOUN
cblr-14238	648	33	with	with	ADP
cblr-14238	648	34	significantly	significantly	ADV
cblr-14238	648	35	greater	great	ADJ
cblr-14238	648	36	voting	voting	NOUN
cblr-14238	648	37	rights	right	NOUN
cblr-14238	648	38	than	than	ADP
cblr-14238	648	39	the	the	DET
cblr-14238	648	40	shares	share	NOUN
cblr-14238	648	41	held	hold	VERB
cblr-14238	648	42	by	by	ADP
cblr-14238	648	43	public	public	ADJ
cblr-14238	648	44	shareholders	shareholder	NOUN
cblr-14238	648	45	.	.	PUNCT
cblr-14238	649	1	institutional	institutional	ADJ
cblr-14238	649	2	investors	investor	NOUN
cblr-14238	649	3	have	have	AUX
cblr-14238	649	4	long	long	ADV
cblr-14238	649	5	had	have	VERB
cblr-14238	649	6	an	an	DET
cblr-14238	649	7	antipathy	antipathy	ADJ
cblr-14238	649	8	towards	towards	ADP
cblr-14238	649	9	multi	multi	ADJ
cblr-14238	649	10	-	-	ADJ
cblr-14238	649	11	class	class	ADJ
cblr-14238	649	12	stock	stock	NOUN
cblr-14238	649	13	structures	structure	NOUN
cblr-14238	649	14	,	,	PUNCT
cblr-14238	649	15	which	which	PRON
cblr-14238	649	16	give	give	VERB
cblr-14238	649	17	common	common	ADJ
cblr-14238	649	18	stock	stock	NOUN
cblr-14238	649	19	held	hold	VERB
cblr-14238	649	20	by	by	ADP
cblr-14238	649	21	corporate	corporate	ADJ
cblr-14238	649	22	insiders	insider	NOUN
cblr-14238	649	23	more	more	ADJ
cblr-14238	649	24	votes	vote	NOUN
cblr-14238	649	25	than	than	ADP
cblr-14238	649	26	stock	stock	NOUN
cblr-14238	649	27	held	hold	VERB
cblr-14238	649	28	by	by	ADP
cblr-14238	649	29	public	public	ADJ
cblr-14238	649	30	investors	investor	NOUN
cblr-14238	649	31	,	,	PUNCT
cblr-14238	649	32	preferring	prefer	VERB
cblr-14238	649	33	that	that	SCONJ
cblr-14238	649	34	public	public	ADJ
cblr-14238	649	35	companies	company	NOUN
cblr-14238	649	36	adopt	adopt	VERB
cblr-14238	649	37	the	the	DET
cblr-14238	649	38	oneshare	oneshare	NOUN
cblr-14238	649	39	,	,	PUNCT
cblr-14238	649	40	one	one	NUM
cblr-14238	649	41	-	-	PUNCT
cblr-14238	649	42	vote	vote	NOUN
cblr-14238	649	43	stock	stock	NOUN
cblr-14238	649	44	structures	structure	NOUN
cblr-14238	649	45	generally	generally	ADV
cblr-14238	649	46	required	require	VERB
cblr-14238	649	47	by	by	ADP
cblr-14238	649	48	the	the	DET
cblr-14238	649	49	nyse	nyse	PROPN
cblr-14238	649	50	until	until	ADP
cblr-14238	649	51	1984.135	1984.135	NUM
cblr-14238	649	52	they	they	PRON
cblr-14238	649	53	have	have	AUX
cblr-14238	649	54	tried	try	VERB
cblr-14238	649	55	to	to	PART
cblr-14238	649	56	persuade	persuade	VERB
cblr-14238	649	57	congress	congress	PROPN
cblr-14238	649	58	,	,	PUNCT
cblr-14238	649	59	the	the	DET
cblr-14238	649	60	sec	sec	PROPN
cblr-14238	649	61	,	,	PUNCT
cblr-14238	649	62	the	the	DET
cblr-14238	649	63	nyse	nyse	PROPN
cblr-14238	649	64	and	and	CCONJ
cblr-14238	649	65	nasdaq	nasdaq	PROPN
cblr-14238	649	66	to	to	PART
cblr-14238	649	67	prohibit	prohibit	VERB
cblr-14238	649	68	companies	company	NOUN
cblr-14238	649	69	from	from	ADP
cblr-14238	649	70	going	go	VERB
cblr-14238	649	71	public	public	ADJ
cblr-14238	649	72	with	with	ADP
cblr-14238	649	73	multi	multi	ADJ
cblr-14238	649	74	-	-	ADJ
cblr-14238	649	75	class	class	ADJ
cblr-14238	649	76	stock	stock	NOUN
cblr-14238	649	77	structures	structure	NOUN
cblr-14238	649	78	for	for	ADP
cblr-14238	649	79	decades	decade	NOUN
cblr-14238	649	80	to	to	ADP
cblr-14238	649	81	no	no	DET
cblr-14238	649	82	avail	avail	NOUN
cblr-14238	649	83	.	.	PUNCT
cblr-14238	650	1	following	follow	VERB
cblr-14238	650	2	snap	snap	PROPN
cblr-14238	650	3	inc	inc	PROPN
cblr-14238	650	4	.	.	PROPN
cblr-14238	650	5	’s	’s	PART
cblr-14238	650	6	march	march	PROPN
cblr-14238	650	7	2017	2017	NUM
cblr-14238	650	8	initial	initial	ADJ
cblr-14238	650	9	public	public	ADJ
cblr-14238	650	10	offering	offering	NOUN
cblr-14238	650	11	in	in	ADP
cblr-14238	650	12	which	which	PRON
cblr-14238	650	13	snap	snap	VERB
cblr-14238	650	14	listed	list	VERB
cblr-14238	650	15	and	and	CCONJ
cblr-14238	650	16	distributed	distribute	VERB
cblr-14238	650	17	only	only	ADV
cblr-14238	650	18	non	non	ADJ
cblr-14238	650	19	-	-	ADJ
cblr-14238	650	20	voting	voting	ADJ
cblr-14238	650	21	shares	share	NOUN
cblr-14238	650	22	to	to	ADP
cblr-14238	650	23	new	new	ADJ
cblr-14238	650	24	public	public	ADJ
cblr-14238	650	25	investors	investor	NOUN
cblr-14238	650	26	,	,	PUNCT
cblr-14238	650	27	institutional	institutional	ADJ
cblr-14238	650	28	investors	investor	NOUN
cblr-14238	650	29	turned	turn	VERB
cblr-14238	650	30	to	to	ADP
cblr-14238	650	31	index	index	NOUN
cblr-14238	650	32	providers	provider	NOUN
cblr-14238	650	33	to	to	PART
cblr-14238	650	34	proffer	proffer	VERB
cblr-14238	650	35	a	a	DET
cblr-14238	650	36	solution	solution	NOUN
cblr-14238	650	37	,	,	PUNCT
cblr-14238	650	38	calling	call	VERB
cblr-14238	650	39	on	on	ADP
cblr-14238	650	40	them	they	PRON
cblr-14238	650	41	to	to	PART
cblr-14238	650	42	exclude	exclude	VERB
cblr-14238	650	43	nonvoting	nonvoting	ADJ
cblr-14238	650	44	shares	share	NOUN
cblr-14238	650	45	from	from	ADP
cblr-14238	650	46	their	their	PRON
cblr-14238	650	47	benchmark	benchmark	ADJ
cblr-14238	650	48	equity	equity	NOUN
cblr-14238	650	49	indices.136	indices.136	ADJ
cblr-14238	650	50	135	135	NUM
cblr-14238	650	51	see	see	VERB
cblr-14238	650	52	andrew	andrew	PROPN
cblr-14238	650	53	winden	winden	PROPN
cblr-14238	650	54	,	,	PUNCT
cblr-14238	650	55	sunrise	sunrise	NOUN
cblr-14238	650	56	,	,	PUNCT
cblr-14238	650	57	sunset	sunset	NOUN
cblr-14238	650	58	:	:	PUNCT
cblr-14238	650	59	an	an	DET
cblr-14238	650	60	empirical	empirical	ADJ
cblr-14238	650	61	and	and	CCONJ
cblr-14238	650	62	theoretical	theoretical	ADJ
cblr-14238	650	63	assessment	assessment	NOUN
cblr-14238	650	64	of	of	ADP
cblr-14238	650	65	dual	dual	ADJ
cblr-14238	650	66	-	-	PUNCT
cblr-14238	650	67	class	class	NOUN
cblr-14238	650	68	stock	stock	NOUN
cblr-14238	650	69	structures	structure	NOUN
cblr-14238	650	70	,	,	PUNCT
cblr-14238	650	71	2018	2018	NUM
cblr-14238	650	72	colum	colum	NOUN
cblr-14238	650	73	.	.	PUNCT
cblr-14238	651	1	bus	bus	NOUN
cblr-14238	651	2	.	.	PUNCT
cblr-14238	652	1	l.	l.	PROPN
cblr-14238	652	2	rev	rev	PROPN
cblr-14238	652	3	.	.	PROPN
cblr-14238	652	4	852	852	NUM
cblr-14238	652	5	,	,	PUNCT
cblr-14238	652	6	893	893	NUM
cblr-14238	652	7	,	,	PUNCT
cblr-14238	652	8	899	899	NUM
cblr-14238	652	9	(	(	PUNCT
cblr-14238	652	10	2018	2018	NUM
cblr-14238	652	11	)	)	PUNCT
cblr-14238	652	12	;	;	PUNCT
cblr-14238	652	13	winden	winden	PROPN
cblr-14238	652	14	&	&	CCONJ
cblr-14238	652	15	baker	baker	PROPN
cblr-14238	652	16	,	,	PUNCT
cblr-14238	652	17	supra	supra	PROPN
cblr-14238	652	18	note	note	PROPN
cblr-14238	652	19	17	17	NUM
cblr-14238	653	1	.	.	NOUN
cblr-14238	653	2	136	136	NUM
cblr-14238	653	3	ronald	ronald	NOUN
cblr-14238	653	4	orol	orol	NOUN
cblr-14238	653	5	,	,	PUNCT
cblr-14238	653	6	activists	activist	NOUN
cblr-14238	653	7	urge	urge	VERB
cblr-14238	653	8	exchanges	exchange	NOUN
cblr-14238	653	9	to	to	PART
cblr-14238	653	10	end	end	VERB
cblr-14238	653	11	no	no	DET
cblr-14238	653	12	-	-	PUNCT
cblr-14238	653	13	vote	vote	NOUN
cblr-14238	653	14	ipos	ipos	NOUN
cblr-14238	653	15	like	like	ADP
cblr-14238	653	16	snap	snap	PROPN
cblr-14238	653	17	,	,	PUNCT
cblr-14238	653	18	thestreet	thestreet	PROPN
cblr-14238	653	19	(	(	PUNCT
cblr-14238	653	20	february	february	PROPN
cblr-14238	653	21	28	28	NUM
cblr-14238	653	22	,	,	PUNCT
cblr-14238	653	23	2017	2017	NUM
cblr-14238	653	24	,	,	PUNCT
cblr-14238	653	25	3:07	3:07	NUM
cblr-14238	653	26	pm	pm	NOUN
cblr-14238	653	27	est	est	X
cblr-14238	653	28	)	)	PUNCT
cblr-14238	654	1	https://www.thestreet.com/markets/activists-urge-exchanges-to-end-novote-ipos-like-snap-14019899	https://www.thestreet.com/markets/activists-urge-exchanges-to-end-novote-ipos-like-snap-14019899	PROPN
cblr-14238	655	1	[	[	X
cblr-14238	655	2	https://perma.cc/2w3n-wctt	https://perma.cc/2w3n-wctt	NUM
cblr-14238	655	3	]	]	X
cblr-14238	655	4	(	(	PUNCT
cblr-14238	655	5	“	"	PUNCT
cblr-14238	655	6	[	[	X
cblr-14238	655	7	i]nstitutional	i]nstitutional	ADJ
cblr-14238	655	8	investors	investor	NOUN
cblr-14238	655	9	have	have	VERB
cblr-14238	655	10	a	a	DET
cblr-14238	655	11	multi	multi	ADJ
cblr-14238	655	12	-	-	ADJ
cblr-14238	655	13	fold	fold	ADJ
cblr-14238	655	14	retaliation	retaliation	NOUN
cblr-14238	655	15	strategy	strategy	NOUN
cblr-14238	655	16	that	that	PRON
cblr-14238	655	17	includes	include	VERB
cblr-14238	655	18	putting	put	VERB
cblr-14238	655	19	pressure	pressure	NOUN
cblr-14238	655	20	on	on	ADP
cblr-14238	655	21	exchanges	exchange	NOUN
cblr-14238	655	22	to	to	PART
cblr-14238	655	23	change	change	VERB
cblr-14238	655	24	their	their	PRON
cblr-14238	655	25	listing	listing	NOUN
cblr-14238	655	26	rules	rule	NOUN
cblr-14238	655	27	prohibiting	prohibit	VERB
cblr-14238	655	28	companies	company	NOUN
cblr-14238	655	29	from	from	ADP
cblr-14238	655	30	listing	list	VERB
cblr-14238	655	31	with	with	ADP
cblr-14238	655	32	non	non	ADJ
cblr-14238	655	33	-	-	ADJ
cblr-14238	655	34	voting	voting	ADJ
cblr-14238	655	35	shares	share	NOUN
cblr-14238	655	36	.	.	PUNCT
cblr-14238	655	37	.	.	PUNCT
cblr-14238	655	38	.	.	PUNCT
cblr-14238	656	1	[	[	X
cblr-14238	656	2	t]hey	t]hey	PRON
cblr-14238	656	3	are	be	AUX
cblr-14238	656	4	also	also	ADV
cblr-14238	656	5	nudging	nudge	VERB
cblr-14238	656	6	indices	index	NOUN
cblr-14238	656	7	that	that	SCONJ
cblr-14238	656	8	they	they	PRON
cblr-14238	656	9	base	base	VERB
cblr-14238	656	10	their	their	PRON
cblr-14238	656	11	investments	investment	NOUN
cblr-14238	656	12	on	on	ADP
cblr-14238	656	13	,	,	PUNCT
cblr-14238	656	14	such	such	ADJ
cblr-14238	656	15	as	as	ADP
cblr-14238	656	16	the	the	DET
cblr-14238	656	17	s&p	s&p	PROPN
cblr-14238	656	18	500	500	NUM
cblr-14238	656	19	and	and	CCONJ
cblr-14238	656	20	the	the	DET
cblr-14238	656	21	russell	russell	PROPN
cblr-14238	656	22	3000	3000	NUM
cblr-14238	656	23	,	,	PUNCT
cblr-14238	656	24	to	to	PART
cblr-14238	656	25	set	set	VERB
cblr-14238	656	26	up	up	ADP
cblr-14238	656	27	a	a	DET
cblr-14238	656	28	new	new	ADJ
cblr-14238	656	29	index	index	NOUN
cblr-14238	656	30	they	they	PRON
cblr-14238	656	31	can	can	AUX
cblr-14238	656	32	follow	follow	VERB
cblr-14238	656	33	that	that	SCONJ
cblr-14238	656	34	only	only	ADV
cblr-14238	656	35	lists	list	VERB
cblr-14238	656	36	corporations	corporation	NOUN
cblr-14238	656	37	with	with	ADP
cblr-14238	656	38	voting	vote	VERB
cblr-14238	656	39	share	share	NOUN
cblr-14238	656	40	structures	structure	NOUN
cblr-14238	656	41	.	.	PUNCT
cblr-14238	656	42	”	"	PUNCT
cblr-14238	656	43	)	)	PUNCT
cblr-14238	656	44	;	;	PUNCT
cblr-14238	656	45	michael	michael	PROPN
cblr-14238	656	46	greene	greene	PROPN
cblr-14238	656	47	,	,	PUNCT
cblr-14238	656	48	snap	snap	VERB
cblr-14238	656	49	no	no	INTJ
cblr-14238	656	50	.	.	NOUN
cblr-14238	656	51	2	2	NUM
cblr-14238	656	52	]	]	PUNCT
cblr-14238	656	53	regulation	regulation	NOUN
cblr-14238	656	54	by	by	ADP
cblr-14238	656	55	indexation	indexation	NOUN
cblr-14238	656	56	?	?	PUNCT
cblr-14238	657	1	763	763	NUM
cblr-14238	657	2	the	the	DET
cblr-14238	657	3	three	three	NUM
cblr-14238	657	4	largest	large	ADJ
cblr-14238	657	5	index	index	NOUN
cblr-14238	657	6	providers	provider	NOUN
cblr-14238	657	7	,	,	PUNCT
cblr-14238	657	8	s&p	s&p	PROPN
cblr-14238	657	9	dow	dow	PROPN
cblr-14238	657	10	jones	jones	PROPN
cblr-14238	657	11	,	,	PUNCT
cblr-14238	657	12	ftse	ftse	PROPN
cblr-14238	657	13	russell	russell	PROPN
cblr-14238	657	14	and	and	CCONJ
cblr-14238	657	15	msci	msci	PROPN
cblr-14238	657	16	,	,	PUNCT
cblr-14238	657	17	responded	respond	VERB
cblr-14238	657	18	to	to	ADP
cblr-14238	657	19	the	the	DET
cblr-14238	657	20	entreaties	entreaty	NOUN
cblr-14238	657	21	from	from	ADP
cblr-14238	657	22	their	their	PRON
cblr-14238	657	23	institutional	institutional	ADJ
cblr-14238	657	24	investor	investor	NOUN
cblr-14238	657	25	clients	client	NOUN
cblr-14238	657	26	by	by	ADP
cblr-14238	657	27	announcing	announce	VERB
cblr-14238	657	28	the	the	DET
cblr-14238	657	29	commencement	commencement	NOUN
cblr-14238	657	30	of	of	ADP
cblr-14238	657	31	consultations	consultation	NOUN
cblr-14238	657	32	regarding	regard	VERB
cblr-14238	657	33	the	the	DET
cblr-14238	657	34	eligibility	eligibility	NOUN
cblr-14238	657	35	of	of	ADP
cblr-14238	657	36	non	non	ADJ
cblr-14238	657	37	-	-	ADJ
cblr-14238	657	38	voting	voting	ADJ
cblr-14238	657	39	shares	share	NOUN
cblr-14238	657	40	for	for	ADP
cblr-14238	657	41	inclusion	inclusion	NOUN
cblr-14238	657	42	in	in	ADP
cblr-14238	657	43	their	their	PRON
cblr-14238	657	44	benchmark	benchmark	ADJ
cblr-14238	657	45	equity	equity	NOUN
cblr-14238	657	46	indices.137	indices.137	NOUN
cblr-14238	657	47	representatives	representative	NOUN
cblr-14238	657	48	of	of	ADP
cblr-14238	657	49	index	index	NOUN
cblr-14238	657	50	providers	provider	NOUN
cblr-14238	657	51	noted	note	VERB
cblr-14238	657	52	that	that	SCONJ
cblr-14238	657	53	clients	client	NOUN
cblr-14238	657	54	voiced	voice	VERB
cblr-14238	657	55	concerns	concern	NOUN
cblr-14238	657	56	over	over	ADP
cblr-14238	657	57	the	the	DET
cblr-14238	657	58	use	use	NOUN
cblr-14238	657	59	of	of	ADP
cblr-14238	657	60	dual	dual	ADJ
cblr-14238	657	61	-	-	PUNCT
cblr-14238	657	62	class	class	NOUN
cblr-14238	657	63	stock	stock	NOUN
cblr-14238	657	64	structures	structure	NOUN
cblr-14238	657	65	,	,	PUNCT
cblr-14238	657	66	and	and	CCONJ
cblr-14238	657	67	it	it	PRON
cblr-14238	657	68	was	be	AUX
cblr-14238	657	69	clear	clear	ADJ
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cblr-14238	657	72	wanted	want	VERB
cblr-14238	657	73	to	to	PART
cblr-14238	657	74	exclude	exclude	VERB
cblr-14238	657	75	companies	company	NOUN
cblr-14238	657	76	with	with	ADP
cblr-14238	657	77	very	very	ADV
cblr-14238	657	78	low	low	ADJ
cblr-14238	657	79	voting	voting	NOUN
cblr-14238	657	80	rights	right	NOUN
cblr-14238	657	81	from	from	ADP
cblr-14238	657	82	benchmark	benchmark	NOUN
cblr-14238	657	83	indices.138	indices.138	PROPN
cblr-14238	657	84	subsequently	subsequently	ADV
cblr-14238	657	85	,	,	PUNCT
cblr-14238	657	86	in	in	ADP
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cblr-14238	657	89	,	,	PUNCT
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cblr-14238	657	92	and	and	CCONJ
cblr-14238	657	93	s&p	s&p	PROPN
cblr-14238	657	94	both	both	DET
cblr-14238	657	95	announced	announce	VERB
cblr-14238	657	96	decisions	decision	NOUN
cblr-14238	657	97	covering	cover	VERB
cblr-14238	657	98	not	not	PART
cblr-14238	657	99	only	only	ADV
cblr-14238	657	100	non	non	ADJ
cblr-14238	657	101	-	-	ADJ
cblr-14238	657	102	voting	voting	ADJ
cblr-14238	657	103	shares	share	NOUN
cblr-14238	657	104	but	but	CCONJ
cblr-14238	657	105	all	all	DET
cblr-14238	657	106	multi	multi	ADJ
cblr-14238	657	107	-	-	ADJ
cblr-14238	657	108	class	class	ADJ
cblr-14238	657	109	share	share	NOUN
cblr-14238	657	110	structures	structure	NOUN
cblr-14238	657	111	.	.	PUNCT
cblr-14238	658	1	s&p	s&p	PROPN
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cblr-14238	658	3	jones	jones	PROPN
cblr-14238	658	4	indices	indices	PROPN
cblr-14238	658	5	ipo	ipo	PROPN
cblr-14238	658	6	gets	get	VERB
cblr-14238	658	7	investors	investor	NOUN
cblr-14238	658	8	fired	fire	VERB
cblr-14238	658	9	up	up	ADP
cblr-14238	658	10	over	over	ADP
cblr-14238	658	11	dual	dual	ADJ
cblr-14238	658	12	-	-	PUNCT
cblr-14238	658	13	class	class	NOUN
cblr-14238	658	14	stock	stock	NOUN
cblr-14238	658	15	,	,	PUNCT
cblr-14238	658	16	bloomberg	bloomberg	PROPN
cblr-14238	658	17	bna	bna	PROPN
cblr-14238	658	18	(	(	PUNCT
cblr-14238	658	19	mar	mar	PROPN
cblr-14238	658	20	.	.	PROPN
cblr-14238	658	21	9	9	NUM
cblr-14238	658	22	,	,	PUNCT
cblr-14238	658	23	2017	2017	NUM
cblr-14238	658	24	)	)	PUNCT
cblr-14238	658	25	(	(	PUNCT
cblr-14238	658	26	reporting	report	VERB
cblr-14238	658	27	that	that	SCONJ
cblr-14238	658	28	the	the	DET
cblr-14238	658	29	council	council	NOUN
cblr-14238	658	30	of	of	ADP
cblr-14238	658	31	institutional	institutional	ADJ
cblr-14238	658	32	investors	investor	NOUN
cblr-14238	658	33	met	meet	VERB
cblr-14238	658	34	with	with	ADP
cblr-14238	658	35	s&p	s&p	PROPN
cblr-14238	658	36	dow	dow	PROPN
cblr-14238	658	37	jones	jones	PROPN
cblr-14238	658	38	indices	indices	PROPN
cblr-14238	658	39	llc	llc	PROPN
cblr-14238	658	40	and	and	CCONJ
cblr-14238	658	41	msci	msci	PROPN
cblr-14238	658	42	inc	inc	PROPN
cblr-14238	658	43	.	.	PROPN
cblr-14238	658	44	to	to	PART
cblr-14238	658	45	persuade	persuade	VERB
cblr-14238	658	46	them	they	PRON
cblr-14238	658	47	to	to	PART
cblr-14238	658	48	exclude	exclude	VERB
cblr-14238	658	49	companies	company	NOUN
cblr-14238	658	50	with	with	ADP
cblr-14238	658	51	non	non	ADJ
cblr-14238	658	52	-	-	ADJ
cblr-14238	658	53	voting	voting	ADJ
cblr-14238	658	54	stock	stock	NOUN
cblr-14238	658	55	from	from	ADP
cblr-14238	658	56	their	their	PRON
cblr-14238	658	57	indices	index	NOUN
cblr-14238	658	58	)	)	PUNCT
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cblr-14238	659	1	137	137	NUM
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cblr-14238	659	4	,	,	PUNCT
cblr-14238	659	5	s&p	s&p	PROPN
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cblr-14238	659	8	indices	index	NOUN
cblr-14238	659	9	,	,	PUNCT
cblr-14238	659	10	s&p	s&p	PROPN
cblr-14238	659	11	dow	dow	PROPN
cblr-14238	659	12	jones	jones	PROPN
cblr-14238	659	13	indices	indices	PROPN
cblr-14238	659	14	announces	announce	VERB
cblr-14238	659	15	a	a	DET
cblr-14238	659	16	consultation	consultation	NOUN
cblr-14238	659	17	on	on	ADP
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cblr-14238	659	20	of	of	ADP
cblr-14238	659	21	non	non	ADJ
cblr-14238	659	22	-	-	ADJ
cblr-14238	659	23	voting	voting	ADJ
cblr-14238	659	24	share	share	NOUN
cblr-14238	659	25	classes	class	NOUN
cblr-14238	659	26	(	(	PUNCT
cblr-14238	659	27	apr	apr	NOUN
cblr-14238	659	28	.	.	PROPN
cblr-14238	659	29	3	3	NUM
cblr-14238	659	30	,	,	PUNCT
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cblr-14238	659	33	,	,	PUNCT
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cblr-14238	660	5	;	;	PUNCT
cblr-14238	660	6	announcement	announcement	NOUN
cblr-14238	660	7	,	,	PUNCT
cblr-14238	660	8	ftse	ftse	PROPN
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cblr-14238	660	10	,	,	PUNCT
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cblr-14238	660	12	of	of	ADP
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cblr-14238	660	14	with	with	ADP
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cblr-14238	660	18	(	(	PUNCT
cblr-14238	660	19	apr	apr	NOUN
cblr-14238	660	20	.	.	PROPN
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cblr-14238	660	22	,	,	PUNCT
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cblr-14238	660	25	,	,	PUNCT
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cblr-14238	660	28	-	-	SYM
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cblr-14238	661	20	,	,	PUNCT
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cblr-14238	661	25	,	,	PUNCT
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cblr-14238	661	37	;	;	PUNCT
cblr-14238	661	38	richard	richard	PROPN
cblr-14238	661	39	teitelbaum	teitelbaum	PROPN
cblr-14238	661	40	,	,	PUNCT
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cblr-14238	661	43	questioned	question	VERB
cblr-14238	661	44	,	,	PUNCT
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cblr-14238	662	94	client	client	NOUN
cblr-14238	662	95	concerns	concern	NOUN
cblr-14238	662	96	about	about	ADP
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cblr-14238	662	99	voting	voting	ADJ
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cblr-14238	663	73	public	public	ADJ
cblr-14238	663	74	investors	investor	NOUN
cblr-14238	663	75	to	to	PART
cblr-14238	663	76	be	be	AUX
cblr-14238	663	77	eligible	eligible	ADJ
cblr-14238	663	78	for	for	ADP
cblr-14238	663	79	inclusion	inclusion	NOUN
cblr-14238	663	80	in	in	ADP
cblr-14238	663	81	certain	certain	ADJ
cblr-14238	663	82	ftse	ftse	PROPN
cblr-14238	663	83	russell	russell	PROPN
cblr-14238	663	84	equity	equity	PROPN
cblr-14238	663	85	indices	index	NOUN
cblr-14238	663	86	,	,	PUNCT
cblr-14238	663	87	including	include	VERB
cblr-14238	663	88	the	the	DET
cblr-14238	663	89	popular	popular	ADJ
cblr-14238	663	90	russell	russell	NOUN
cblr-14238	663	91	1000	1000	NUM
cblr-14238	663	92	,	,	PUNCT
cblr-14238	663	93	2000	2000	NUM
cblr-14238	663	94	,	,	PUNCT
cblr-14238	663	95	and	and	CCONJ
cblr-14238	663	96	3000	3000	NUM
cblr-14238	663	97	indices.140	indices.140	NOUN
cblr-14238	663	98	ftse	ftse	PROPN
cblr-14238	663	99	russell	russell	PROPN
cblr-14238	663	100	grandfathered	grandfathere	VERB
cblr-14238	663	101	existing	exist	VERB
cblr-14238	663	102	constituents	constituent	NOUN
cblr-14238	663	103	for	for	ADP
cblr-14238	663	104	only	only	ADV
cblr-14238	663	105	five	five	NUM
cblr-14238	663	106	years	year	NOUN
cblr-14238	663	107	rather	rather	ADV
cblr-14238	663	108	than	than	ADP
cblr-14238	663	109	indefinitely.141	indefinitely.141	NOUN
cblr-14238	663	110	msci	msci	PROPN
cblr-14238	663	111	deliberated	deliberate	VERB
cblr-14238	663	112	much	much	ADV
cblr-14238	663	113	longer	long	ADV
cblr-14238	663	114	than	than	ADP
cblr-14238	663	115	ftse	ftse	PROPN
cblr-14238	663	116	russell	russell	PROPN
cblr-14238	663	117	and	and	CCONJ
cblr-14238	663	118	s&p	s&p	PROPN
cblr-14238	663	119	before	before	ADP
cblr-14238	663	120	establishing	establish	VERB
cblr-14238	663	121	a	a	DET
cblr-14238	663	122	policy	policy	NOUN
cblr-14238	663	123	on	on	ADP
cblr-14238	663	124	dual	dual	ADJ
cblr-14238	663	125	-	-	PUNCT
cblr-14238	663	126	class	class	NOUN
cblr-14238	663	127	companies	company	NOUN
cblr-14238	663	128	.	.	PUNCT
cblr-14238	664	1	after	after	ADP
cblr-14238	664	2	spending	spend	VERB
cblr-14238	664	3	18	18	NUM
cblr-14238	664	4	months	month	NOUN
cblr-14238	664	5	engaging	engage	VERB
cblr-14238	664	6	in	in	ADP
cblr-14238	664	7	multiple	multiple	ADJ
cblr-14238	664	8	consultations	consultation	NOUN
cblr-14238	664	9	with	with	ADP
cblr-14238	664	10	investors	investor	NOUN
cblr-14238	664	11	and	and	CCONJ
cblr-14238	664	12	other	other	ADJ
cblr-14238	664	13	interested	interested	ADJ
cblr-14238	664	14	parties	party	NOUN
cblr-14238	664	15	around	around	ADP
cblr-14238	664	16	the	the	DET
cblr-14238	664	17	world,142	world,142	PROPN
cblr-14238	664	18	msci	msci	PROPN
cblr-14238	664	19	finally	finally	ADV
cblr-14238	664	20	announced	announce	VERB
cblr-14238	664	21	that	that	SCONJ
cblr-14238	664	22	it	it	PRON
cblr-14238	664	23	would	would	AUX
cblr-14238	664	24	not	not	PART
cblr-14238	664	25	exclude	exclude	VERB
cblr-14238	664	26	139	139	NUM
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cblr-14238	664	28	release	release	NOUN
cblr-14238	664	29	,	,	PUNCT
cblr-14238	664	30	s&p	s&p	PROPN
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cblr-14238	664	33	indices	index	NOUN
cblr-14238	664	34	,	,	PUNCT
cblr-14238	664	35	s&p	s&p	PROPN
cblr-14238	664	36	dow	dow	PROPN
cblr-14238	664	37	jones	jones	PROPN
cblr-14238	664	38	indices	indices	PROPN
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cblr-14238	664	40	decision	decision	NOUN
cblr-14238	664	41	on	on	ADP
cblr-14238	664	42	multi	multi	ADJ
cblr-14238	664	43	-	-	ADJ
cblr-14238	664	44	class	class	ADJ
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cblr-14238	664	46	and	and	CCONJ
cblr-14238	664	47	voting	voting	NOUN
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cblr-14238	664	49	(	(	PUNCT
cblr-14238	664	50	july	july	PROPN
cblr-14238	664	51	31	31	NUM
cblr-14238	664	52	,	,	PUNCT
cblr-14238	664	53	2017	2017	NUM
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cblr-14238	664	55	,	,	PUNCT
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cblr-14238	665	1	[	[	X
cblr-14238	665	2	https://perma.cc/e3gq-ugbn	https://perma.cc/e3gq-ugbn	NOUN
cblr-14238	665	3	]	]	X
cblr-14238	665	4	.	.	PUNCT
cblr-14238	666	1	140	140	NUM
cblr-14238	666	2	ftse	ftse	PROPN
cblr-14238	666	3	russell	russell	PROPN
cblr-14238	666	4	,	,	PUNCT
cblr-14238	666	5	ftse	ftse	PROPN
cblr-14238	666	6	russell	russell	PROPN
cblr-14238	666	7	voting	voting	NOUN
cblr-14238	666	8	rights	right	NOUN
cblr-14238	666	9	consultation	consultation	NOUN
cblr-14238	666	10	results	result	NOUN
cblr-14238	666	11	2	2	NUM
cblr-14238	666	12	,	,	PUNCT
cblr-14238	666	13	3	3	NUM
cblr-14238	666	14	(	(	PUNCT
cblr-14238	666	15	july	july	PROPN
cblr-14238	666	16	2017	2017	NUM
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cblr-14238	666	18	(	(	PUNCT
cblr-14238	666	19	on	on	ADP
cblr-14238	666	20	file	file	NOUN
cblr-14238	666	21	with	with	ADP
cblr-14238	666	22	the	the	DET
cblr-14238	666	23	columbia	columbia	PROPN
cblr-14238	666	24	business	business	PROPN
cblr-14238	666	25	law	law	PROPN
cblr-14238	666	26	review	review	PROPN
cblr-14238	666	27	)	)	PUNCT
cblr-14238	666	28	.	.	PUNCT
cblr-14238	667	1	141	141	NUM
cblr-14238	668	1	i	i	PRON
cblr-14238	668	2	d.	d.	NOUN
cblr-14238	668	3	at	at	ADP
cblr-14238	668	4	6	6	NUM
cblr-14238	668	5	.	.	NOUN
cblr-14238	668	6	142	142	NUM
cblr-14238	668	7	in	in	ADP
cblr-14238	668	8	november	november	PROPN
cblr-14238	668	9	2017	2017	NUM
cblr-14238	668	10	,	,	PUNCT
cblr-14238	668	11	msci	msci	PROPN
cblr-14238	668	12	announced	announce	VERB
cblr-14238	668	13	that	that	SCONJ
cblr-14238	668	14	it	it	PRON
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cblr-14238	668	16	broaden	broaden	VERB
cblr-14238	668	17	its	its	PRON
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cblr-14238	668	20	non	non	ADJ
cblr-14238	668	21	-	-	ADJ
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cblr-14238	668	23	share	share	NOUN
cblr-14238	668	24	index	index	NOUN
cblr-14238	668	25	eligibility	eligibility	NOUN
cblr-14238	668	26	to	to	PART
cblr-14238	668	27	include	include	VERB
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cblr-14238	668	29	types	type	NOUN
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cblr-14238	668	34	,	,	PUNCT
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cblr-14238	668	50	,	,	PUNCT
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cblr-14238	668	54	principle	principle	NOUN
cblr-14238	668	55	to	to	ADP
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cblr-14238	668	58	opportunity	opportunity	NOUN
cblr-14238	668	59	set	set	NOUN
cblr-14238	668	60	of	of	ADP
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cblr-14238	669	3	,	,	PUNCT
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cblr-14238	669	22	(	(	PUNCT
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cblr-14238	671	4	that	that	SCONJ
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cblr-14238	671	8	new	new	ADJ
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cblr-14238	676	79	to	to	PART
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cblr-14238	676	81	the	the	DET
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cblr-14238	676	83	of	of	ADP
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cblr-14238	676	87	voting	voting	NOUN
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cblr-14238	676	89	in	in	ADP
cblr-14238	676	90	its	its	PRON
cblr-14238	676	91	indices	index	NOUN
cblr-14238	676	92	to	to	PART
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cblr-14238	676	94	company	company	NOUN
cblr-14238	676	95	level	level	NOUN
cblr-14238	676	96	listed	list	VERB
cblr-14238	676	97	voting	voting	NOUN
cblr-14238	676	98	power	power	NOUN
cblr-14238	676	99	in	in	ADP
cblr-14238	676	100	addition	addition	NOUN
cblr-14238	676	101	to	to	ADP
cblr-14238	676	102	free	free	ADJ
cblr-14238	676	103	float	float	NOUN
cblr-14238	676	104	.	.	PUNCT
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cblr-14238	677	8	on	on	ADP
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cblr-14238	677	11	of	of	ADP
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cblr-14238	677	15	in	in	ADP
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cblr-14238	677	19	indices	indice	VERB
cblr-14238	677	20	7	7	NUM
cblr-14238	677	21	(	(	PUNCT
cblr-14238	677	22	january	january	PROPN
cblr-14238	677	23	2018	2018	NUM
cblr-14238	677	24	)	)	PUNCT
cblr-14238	677	25	,	,	PUNCT
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cblr-14238	678	5	msci	msci	PROPN
cblr-14238	678	6	,	,	PUNCT
cblr-14238	678	7	should	should	AUX
cblr-14238	678	8	equity	equity	NOUN
cblr-14238	678	9	indices	index	NOUN
cblr-14238	678	10	include	include	VERB
cblr-14238	678	11	stocks	stock	NOUN
cblr-14238	678	12	of	of	ADP
cblr-14238	678	13	companies	company	NOUN
cblr-14238	678	14	with	with	ADP
cblr-14238	678	15	share	share	NOUN
cblr-14238	678	16	classes	class	NOUN
cblr-14238	678	17	having	have	VERB
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cblr-14238	678	19	voting	voting	NOUN
cblr-14238	678	20	rights	right	NOUN
cblr-14238	678	21	?	?	PUNCT
cblr-14238	679	1	12	12	NUM
cblr-14238	679	2	(	(	PUNCT
cblr-14238	679	3	january	january	PROPN
cblr-14238	679	4	2018	2018	NUM
cblr-14238	679	5	)	)	PUNCT
cblr-14238	679	6	,	,	PUNCT
cblr-14238	680	1	https://www.msci.com/documents/1296102/8328554/discussion+paper_vot	https://www.msci.com/documents/1296102/8328554/discussion+paper_vot	PROPN
cblr-14238	680	2	ing+rights.pdf	ing+rights.pdf	PROPN
cblr-14238	681	1	[	[	X
cblr-14238	681	2	https://perma.cc/e7fs-lb5e	https://perma.cc/e7fs-lb5e	ADJ
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cblr-14238	681	4	;	;	PUNCT
cblr-14238	681	5	index	index	NOUN
cblr-14238	681	6	consultations	consultation	NOUN
cblr-14238	681	7	,	,	PUNCT
cblr-14238	681	8	msci	msci	PROPN
cblr-14238	681	9	(	(	PUNCT
cblr-14238	681	10	last	last	ADV
cblr-14238	681	11	visited	visit	VERB
cblr-14238	681	12	sept	sept	PROPN
cblr-14238	681	13	.	.	PROPN
cblr-14238	681	14	26	26	NUM
cblr-14238	681	15	,	,	PUNCT
cblr-14238	681	16	2024	2024	NUM
cblr-14238	681	17	)	)	PUNCT
cblr-14238	681	18	,	,	PUNCT
cblr-14238	681	19	https://www.msci.com/index-consultations	https://www.msci.com/index-consultation	NOUN
cblr-14238	681	20	[	[	X
cblr-14238	681	21	https://perma.cc/2wyz-jw3d	https://perma.cc/2wyz-jw3d	NOUN
cblr-14238	681	22	]	]	X
cblr-14238	681	23	.	.	PUNCT
cblr-14238	682	1	thus	thus	ADV
cblr-14238	682	2	,	,	PUNCT
cblr-14238	682	3	msci	msci	PROPN
cblr-14238	682	4	proposed	propose	VERB
cblr-14238	682	5	to	to	PART
cblr-14238	682	6	include	include	VERB
cblr-14238	682	7	differential	differential	ADJ
cblr-14238	682	8	voting	voting	NOUN
cblr-14238	682	9	rights	right	NOUN
cblr-14238	682	10	shares	share	NOUN
cblr-14238	682	11	in	in	ADP
cblr-14238	682	12	its	its	PRON
cblr-14238	682	13	benchmark	benchmark	NOUN
cblr-14238	682	14	indices	index	NOUN
cblr-14238	682	15	to	to	PART
cblr-14238	682	16	maintain	maintain	VERB
cblr-14238	682	17	comprehensive	comprehensive	ADJ
cblr-14238	682	18	coverage	coverage	NOUN
cblr-14238	682	19	of	of	ADP
cblr-14238	682	20	the	the	DET
cblr-14238	682	21	equity	equity	NOUN
cblr-14238	682	22	universe	universe	NOUN
cblr-14238	682	23	,	,	PUNCT
cblr-14238	682	24	while	while	SCONJ
cblr-14238	682	25	appropriately	appropriately	ADV
cblr-14238	682	26	reflecting	reflect	VERB
cblr-14238	682	27	the	the	DET
cblr-14238	682	28	reduced	reduced	ADJ
cblr-14238	682	29	voting	voting	NOUN
cblr-14238	682	30	power	power	NOUN
cblr-14238	682	31	characteristics	characteristic	NOUN
cblr-14238	682	32	of	of	ADP
cblr-14238	682	33	these	these	DET
cblr-14238	682	34	securities	security	NOUN
cblr-14238	682	35	in	in	ADP
cblr-14238	682	36	index	index	NOUN
cblr-14238	682	37	weights	weight	NOUN
cblr-14238	682	38	.	.	PUNCT
cblr-14238	683	1	143	143	NUM
cblr-14238	683	2	press	press	NOUN
cblr-14238	683	3	release	release	NOUN
cblr-14238	683	4	,	,	PUNCT
cblr-14238	683	5	msci	msci	PROPN
cblr-14238	683	6	,	,	PUNCT
cblr-14238	683	7	msci	msci	PROPN
cblr-14238	683	8	will	will	AUX
cblr-14238	683	9	retain	retain	VERB
cblr-14238	683	10	the	the	DET
cblr-14238	683	11	msci	msci	PROPN
cblr-14238	683	12	global	global	ADJ
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cblr-14238	683	14	market	market	NOUN
cblr-14238	683	15	indexes	index	NOUN
cblr-14238	683	16	unchanged	unchanged	ADJ
cblr-14238	683	17	and	and	CCONJ
cblr-14238	683	18	launch	launch	VERB
cblr-14238	683	19	a	a	DET
cblr-14238	683	20	new	new	ADJ
cblr-14238	683	21	index	index	NOUN
cblr-14238	683	22	series	series	NOUN
cblr-14238	683	23	reflecting	reflect	VERB
cblr-14238	683	24	the	the	DET
cblr-14238	683	25	preferences	preference	NOUN
cblr-14238	683	26	and	and	CCONJ
cblr-14238	683	27	launch	launch	VERB
cblr-14238	683	28	a	a	DET
cblr-14238	683	29	new	new	ADJ
cblr-14238	683	30	index	index	NOUN
cblr-14238	683	31	series	series	NOUN
cblr-14238	683	32	reflecting	reflect	VERB
cblr-14238	683	33	the	the	DET
cblr-14238	683	34	preferences	preference	NOUN
cblr-14238	683	35	of	of	ADP
cblr-14238	683	36	investors	investor	NOUN
cblr-14238	683	37	on	on	ADP
cblr-14238	683	38	unequal	unequal	ADJ
cblr-14238	683	39	voting	voting	NOUN
cblr-14238	683	40	structures	structure	NOUN
cblr-14238	683	41	(	(	PUNCT
cblr-14238	683	42	oct	oct	PROPN
cblr-14238	683	43	.	.	PROPN
cblr-14238	683	44	30	30	NUM
cblr-14238	683	45	,	,	PUNCT
cblr-14238	683	46	2018	2018	NUM
cblr-14238	683	47	)	)	PUNCT
cblr-14238	683	48	,	,	PUNCT
cblr-14238	683	49	https://www.msci.com/documents/10199/238444/pr_voting_results.pdf/0b	https://www.msci.com/documents/10199/238444/pr_voting_results.pdf/0b	NOUN
cblr-14238	683	50	548379	548379	NUM
cblr-14238	683	51	-	-	PUNCT
cblr-14238	683	52	fbe7	fbe7	PROPN
cblr-14238	683	53	-	-	PUNCT
cblr-14238	683	54	71c7	71c7	NUM
cblr-14238	683	55	-	-	PUNCT
cblr-14238	683	56	b392	b392	NOUN
cblr-14238	683	57	-	-	PUNCT
cblr-14238	683	58	7140b2215cc9	7140b2215cc9	PROPN
cblr-14238	683	59	[	[	X
cblr-14238	683	60	https://perma.cc/2vuy-ja9u	https://perma.cc/2vuy-ja9u	NOUN
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cblr-14238	683	62	.	.	PUNCT
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cblr-14238	684	2	msci	msci	PROPN
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cblr-14238	684	4	sympathetic	sympathetic	ADJ
cblr-14238	684	5	with	with	ADP
cblr-14238	684	6	the	the	DET
cblr-14238	684	7	principle	principle	NOUN
cblr-14238	684	8	of	of	ADP
cblr-14238	684	9	“	"	PUNCT
cblr-14238	684	10	one	one	NUM
cblr-14238	684	11	share	share	NOUN
cblr-14238	684	12	one	one	NUM
cblr-14238	684	13	vote	vote	NOUN
cblr-14238	684	14	,	,	PUNCT
cblr-14238	684	15	”	"	PUNCT
cblr-14238	684	16	it	it	PRON
cblr-14238	684	17	concluded	conclude	VERB
cblr-14238	684	18	that	that	SCONJ
cblr-14238	684	19	its	its	PRON
cblr-14238	684	20	benchmark	benchmark	NOUN
cblr-14238	684	21	equity	equity	NOUN
cblr-14238	684	22	indices	index	NOUN
cblr-14238	684	23	“	"	PUNCT
cblr-14238	684	24	should	should	AUX
cblr-14238	684	25	aim	aim	VERB
cblr-14238	684	26	to	to	PART
cblr-14238	684	27	represent	represent	VERB
cblr-14238	684	28	the	the	DET
cblr-14238	684	29	broadest	broad	ADJ
cblr-14238	684	30	investment	investment	NOUN
cblr-14238	684	31	opportunity	opportunity	NOUN
cblr-14238	684	32	set	set	VERB
cblr-14238	684	33	available	available	ADJ
cblr-14238	684	34	to	to	ADP
cblr-14238	684	35	international	international	ADJ
cblr-14238	684	36	institutional	institutional	ADJ
cblr-14238	684	37	investors	investor	NOUN
cblr-14238	684	38	based	base	VERB
cblr-14238	684	39	solely	solely	ADV
cblr-14238	684	40	on	on	ADP
cblr-14238	684	41	the	the	DET
cblr-14238	684	42	investability	investability	NOUN
cblr-14238	684	43	of	of	ADP
cblr-14238	684	44	the	the	DET
cblr-14238	684	45	underlying	underlie	VERB
cblr-14238	684	46	markets	market	NOUN
cblr-14238	684	47	.	.	PUNCT
cblr-14238	685	1	investable	investable	ADJ
cblr-14238	685	2	market	market	NOUN
cblr-14238	685	3	benchmarks	benchmark	NOUN
cblr-14238	685	4	should	should	AUX
cblr-14238	685	5	not	not	PART
cblr-14238	685	6	be	be	AUX
cblr-14238	685	7	constrained	constrain	VERB
cblr-14238	685	8	by	by	ADP
cblr-14238	685	9	specific	specific	ADJ
cblr-14238	685	10	investor	investor	NOUN
cblr-14238	685	11	opinions	opinion	NOUN
cblr-14238	685	12	,	,	PUNCT
cblr-14238	685	13	preferences	preference	NOUN
cblr-14238	685	14	or	or	CCONJ
cblr-14238	685	15	constraints	constraint	NOUN
cblr-14238	685	16	including	include	VERB
cblr-14238	685	17	governance	governance	NOUN
cblr-14238	685	18	issues	issue	NOUN
cblr-14238	685	19	.	.	PUNCT
cblr-14238	685	20	”	"	PUNCT
cblr-14238	686	1	i	i	PRON
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cblr-14238	687	2	d.	d.	PROPN
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cblr-14238	687	4	chose	choose	VERB
cblr-14238	687	5	instead	instead	ADV
cblr-14238	687	6	to	to	PART
cblr-14238	687	7	create	create	VERB
cblr-14238	687	8	alternative	alternative	ADJ
cblr-14238	687	9	benchmark	benchmark	NOUN
cblr-14238	687	10	indices	index	NOUN
cblr-14238	687	11	weighted	weight	VERB
cblr-14238	687	12	by	by	ADP
cblr-14238	687	13	the	the	DET
cblr-14238	687	14	value	value	NOUN
cblr-14238	687	15	of	of	ADP
cblr-14238	687	16	the	the	DET
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cblr-14238	687	19	in	in	ADP
cblr-14238	687	20	the	the	DET
cblr-14238	687	21	publicly	publicly	ADV
cblr-14238	687	22	traded	trade	VERB
cblr-14238	687	23	shares	share	NOUN
cblr-14238	687	24	for	for	ADP
cblr-14238	687	25	those	those	DET
cblr-14238	687	26	investors	investor	NOUN
cblr-14238	687	27	who	who	PRON
cblr-14238	687	28	wanted	want	VERB
cblr-14238	687	29	to	to	PART
cblr-14238	687	30	invest	invest	VERB
cblr-14238	687	31	based	base	VERB
cblr-14238	687	32	on	on	ADP
cblr-14238	687	33	voting	vote	VERB
cblr-14238	687	34	rights	right	NOUN
cblr-14238	687	35	.	.	PUNCT
cblr-14238	688	1	but	but	CCONJ
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cblr-14238	688	5	a	a	DET
cblr-14238	688	6	satisfying	satisfying	ADJ
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cblr-14238	688	8	for	for	ADP
cblr-14238	688	9	investors	investor	NOUN
cblr-14238	688	10	who	who	PRON
cblr-14238	688	11	hoped	hope	VERB
cblr-14238	688	12	to	to	PART
cblr-14238	688	13	use	use	VERB
cblr-14238	688	14	the	the	DET
cblr-14238	688	15	leverage	leverage	NOUN
cblr-14238	688	16	of	of	ADP
cblr-14238	688	17	index	index	NOUN
cblr-14238	688	18	766	766	NUM
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cblr-14238	688	23	[	[	X
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cblr-14238	688	32	index	index	NOUN
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cblr-14238	688	36	differently	differently	ADV
cblr-14238	688	37	to	to	ADP
cblr-14238	688	38	entreaties	entreaty	NOUN
cblr-14238	688	39	from	from	ADP
cblr-14238	688	40	institutional	institutional	ADJ
cblr-14238	688	41	investors	investor	NOUN
cblr-14238	688	42	to	to	PART
cblr-14238	688	43	exclude	exclude	VERB
cblr-14238	688	44	dual	dual	ADJ
cblr-14238	688	45	-	-	PUNCT
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cblr-14238	689	7	,	,	PUNCT
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cblr-14238	689	11	-	-	PUNCT
cblr-14238	689	12	class	class	NOUN
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cblr-14238	689	16	in	in	ADP
cblr-14238	689	17	the	the	DET
cblr-14238	689	18	s&p	s&p	PROPN
cblr-14238	689	19	500	500	NUM
cblr-14238	689	20	,	,	PUNCT
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cblr-14238	689	22	as	as	ADP
cblr-14238	689	23	google	google	PROPN
cblr-14238	689	24	.	.	PUNCT
cblr-14238	690	1	msci	msci	PROPN
cblr-14238	690	2	decided	decide	VERB
cblr-14238	690	3	not	not	PART
cblr-14238	690	4	to	to	PART
cblr-14238	690	5	exclude	exclude	VERB
cblr-14238	690	6	dualclass	dualclass	NOUN
cblr-14238	690	7	companies	company	NOUN
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cblr-14238	690	10	.	.	PUNCT
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cblr-14238	691	5	a	a	DET
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cblr-14238	691	8	,	,	PUNCT
cblr-14238	691	9	imposing	impose	VERB
cblr-14238	691	10	a	a	DET
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cblr-14238	691	12	rights	right	NOUN
cblr-14238	691	13	hurdle	hurdle	NOUN
cblr-14238	691	14	for	for	ADP
cblr-14238	691	15	eligibility	eligibility	NOUN
cblr-14238	691	16	to	to	ADP
cblr-14238	691	17	its	its	PRON
cblr-14238	691	18	benchmark	benchmark	ADJ
cblr-14238	691	19	equity	equity	NOUN
cblr-14238	691	20	indices	index	NOUN
cblr-14238	691	21	.	.	PUNCT
cblr-14238	692	1	even	even	ADV
cblr-14238	692	2	though	though	SCONJ
cblr-14238	692	3	the	the	DET
cblr-14238	692	4	s&p	s&p	PROPN
cblr-14238	692	5	500	500	NUM
cblr-14238	692	6	is	be	AUX
cblr-14238	692	7	the	the	DET
cblr-14238	692	8	most	most	ADV
cblr-14238	692	9	popular	popular	ADJ
cblr-14238	692	10	investment	investment	NOUN
cblr-14238	692	11	index	index	NOUN
cblr-14238	692	12	in	in	ADP
cblr-14238	692	13	the	the	DET
cblr-14238	692	14	world	world	NOUN
cblr-14238	692	15	,	,	PUNCT
cblr-14238	692	16	s&p	s&p	PROPN
cblr-14238	692	17	’s	’s	PART
cblr-14238	692	18	effort	effort	NOUN
cblr-14238	692	19	to	to	PART
cblr-14238	692	20	use	use	VERB
cblr-14238	692	21	the	the	DET
cblr-14238	692	22	assumed	assumed	ADJ
cblr-14238	692	23	market	market	NOUN
cblr-14238	692	24	power	power	NOUN
cblr-14238	692	25	of	of	ADP
cblr-14238	692	26	the	the	DET
cblr-14238	692	27	s&p	s&p	PROPN
cblr-14238	692	28	500	500	NUM
cblr-14238	692	29	to	to	PART
cblr-14238	692	30	regulate	regulate	VERB
cblr-14238	692	31	entrepreneur	entrepreneur	NOUN
cblr-14238	692	32	’s	’s	PART
cblr-14238	692	33	corporate	corporate	ADJ
cblr-14238	692	34	governance	governance	NOUN
cblr-14238	692	35	choices	choice	NOUN
cblr-14238	692	36	was	be	AUX
cblr-14238	692	37	a	a	DET
cblr-14238	692	38	failure	failure	NOUN
cblr-14238	692	39	.	.	PUNCT
cblr-14238	693	1	despite	despite	SCONJ
cblr-14238	693	2	the	the	DET
cblr-14238	693	3	prospect	prospect	NOUN
cblr-14238	693	4	of	of	ADP
cblr-14238	693	5	eternal	eternal	ADJ
cblr-14238	693	6	exclusion	exclusion	NOUN
cblr-14238	693	7	from	from	ADP
cblr-14238	693	8	the	the	DET
cblr-14238	693	9	s&p	s&p	PROPN
cblr-14238	693	10	500	500	NUM
cblr-14238	693	11	,	,	PUNCT
cblr-14238	693	12	more	more	ADJ
cblr-14238	693	13	than	than	ADP
cblr-14238	693	14	140	140	NUM
cblr-14238	693	15	companies	company	NOUN
cblr-14238	693	16	,	,	PUNCT
cblr-14238	693	17	including	include	VERB
cblr-14238	693	18	airbnb	airbnb	PROPN
cblr-14238	693	19	,	,	PUNCT
cblr-14238	693	20	nonetheless	nonetheless	ADV
cblr-14238	693	21	chose	choose	VERB
cblr-14238	693	22	to	to	PART
cblr-14238	693	23	go	go	VERB
cblr-14238	693	24	public	public	ADJ
cblr-14238	693	25	with	with	ADP
cblr-14238	693	26	a	a	DET
cblr-14238	693	27	dual	dual	ADJ
cblr-14238	693	28	-	-	PUNCT
cblr-14238	693	29	class	class	NOUN
cblr-14238	693	30	stock	stock	NOUN
cblr-14238	693	31	structure	structure	NOUN
cblr-14238	693	32	following	follow	VERB
cblr-14238	693	33	the	the	DET
cblr-14238	693	34	s&p	s&p	PROPN
cblr-14238	693	35	500	500	NUM
cblr-14238	693	36	rule	rule	NOUN
cblr-14238	693	37	change	change	NOUN
cblr-14238	693	38	in	in	ADP
cblr-14238	693	39	july	july	PROPN
cblr-14238	693	40	2017.145	2017.145	NUM
cblr-14238	693	41	for	for	ADP
cblr-14238	693	42	the	the	DET
cblr-14238	693	43	founders	founder	NOUN
cblr-14238	693	44	of	of	ADP
cblr-14238	693	45	those	those	DET
cblr-14238	693	46	companies	company	NOUN
cblr-14238	693	47	,	,	PUNCT
cblr-14238	693	48	the	the	DET
cblr-14238	693	49	prospect	prospect	NOUN
cblr-14238	693	50	of	of	ADP
cblr-14238	693	51	a	a	DET
cblr-14238	693	52	capital	capital	NOUN
cblr-14238	693	53	pricing	pricing	NOUN
cblr-14238	693	54	subsidy	subsidy	NOUN
cblr-14238	693	55	from	from	ADP
cblr-14238	693	56	index	index	NOUN
cblr-14238	693	57	inclusion	inclusion	NOUN
cblr-14238	693	58	was	be	AUX
cblr-14238	693	59	not	not	PART
cblr-14238	693	60	a	a	DET
cblr-14238	693	61	sufficiently	sufficiently	ADV
cblr-14238	693	62	attractive	attractive	ADJ
cblr-14238	693	63	benefit	benefit	NOUN
cblr-14238	693	64	to	to	PART
cblr-14238	693	65	outweigh	outweigh	VERB
cblr-14238	693	66	the	the	DET
cblr-14238	693	67	cost	cost	NOUN
cblr-14238	693	68	of	of	ADP
cblr-14238	693	69	losing	lose	VERB
cblr-14238	693	70	control	control	NOUN
cblr-14238	693	71	over	over	ADP
cblr-14238	693	72	their	their	PRON
cblr-14238	693	73	company	company	NOUN
cblr-14238	693	74	post	post	NOUN
cblr-14238	693	75	-	-	NOUN
cblr-14238	693	76	ipo	ipo	NOUN
cblr-14238	693	77	.	.	PUNCT
cblr-14238	694	1	in	in	ADP
cblr-14238	694	2	april	april	PROPN
cblr-14238	694	3	2023	2023	NUM
cblr-14238	694	4	,	,	PUNCT
cblr-14238	694	5	s&p	s&p	PROPN
cblr-14238	694	6	announced	announce	VERB
cblr-14238	694	7	that	that	SCONJ
cblr-14238	694	8	it	it	PRON
cblr-14238	694	9	was	be	AUX
cblr-14238	694	10	reversing	reverse	VERB
cblr-14238	694	11	its	its	PRON
cblr-14238	694	12	policy	policy	NOUN
cblr-14238	694	13	excluding	exclude	VERB
cblr-14238	694	14	dual	dual	ADJ
cblr-14238	694	15	-	-	PUNCT
cblr-14238	694	16	class	class	NOUN
cblr-14238	694	17	companies	company	NOUN
cblr-14238	694	18	from	from	ADP
cblr-14238	694	19	the	the	DET
cblr-14238	694	20	s&p500	s&p500	NOUN
cblr-14238	694	21	,	,	PUNCT
cblr-14238	694	22	ending	end	VERB
cblr-14238	694	23	its	its	PRON
cblr-14238	694	24	experiment	experiment	NOUN
cblr-14238	694	25	in	in	ADP
cblr-14238	694	26	corporate	corporate	ADJ
cblr-14238	694	27	governance	governance	NOUN
cblr-14238	694	28	regulation	regulation	NOUN
cblr-14238	694	29	as	as	ADP
cblr-14238	694	30	a	a	DET
cblr-14238	694	31	subsidizer	subsidizer	NOUN
cblr-14238	694	32	denying	deny	VERB
cblr-14238	694	33	capital	capital	NOUN
cblr-14238	694	34	pricing	pricing	NOUN
cblr-14238	694	35	subsidies	subsidy	NOUN
cblr-14238	694	36	to	to	ADP
cblr-14238	694	37	firms	firm	NOUN
cblr-14238	694	38	that	that	PRON
cblr-14238	694	39	refused	refuse	VERB
cblr-14238	694	40	to	to	PART
cblr-14238	694	41	comply	comply	VERB
cblr-14238	694	42	with	with	ADP
cblr-14238	694	43	its	its	PRON
cblr-14238	694	44	index	index	NOUN
cblr-14238	694	45	eligibility	eligibility	NOUN
cblr-14238	694	46	rules.146	rules.146	PROPN
cblr-14238	694	47	s&p	s&p	PROPN
cblr-14238	694	48	should	should	AUX
cblr-14238	694	49	have	have	AUX
cblr-14238	694	50	anticipated	anticipate	VERB
cblr-14238	694	51	this	this	DET
cblr-14238	694	52	failure	failure	NOUN
cblr-14238	694	53	.	.	PUNCT
cblr-14238	695	1	despite	despite	SCONJ
cblr-14238	695	2	the	the	DET
cblr-14238	695	3	intuitive	intuitive	ADJ
cblr-14238	695	4	appeal	appeal	NOUN
cblr-14238	695	5	of	of	ADP
cblr-14238	695	6	the	the	DET
cblr-14238	695	7	notion	notion	NOUN
cblr-14238	695	8	that	that	SCONJ
cblr-14238	695	9	the	the	DET
cblr-14238	695	10	ongoing	ongoing	ADJ
cblr-14238	695	11	increase	increase	NOUN
cblr-14238	695	12	in	in	ADP
cblr-14238	695	13	assets	asset	NOUN
cblr-14238	695	14	under	under	ADP
cblr-14238	695	15	management	management	NOUN
cblr-14238	695	16	at	at	ADP
cblr-14238	695	17	passive	passive	ADJ
cblr-14238	695	18	index	index	NOUN
cblr-14238	695	19	funds	fund	NOUN
cblr-14238	695	20	will	will	AUX
cblr-14238	695	21	perpetuate	perpetuate	VERB
cblr-14238	695	22	and	and	CCONJ
cblr-14238	695	23	increase	increase	VERB
cblr-14238	695	24	the	the	DET
cblr-14238	695	25	index	index	NOUN
cblr-14238	695	26	inclusion	inclusion	NOUN
cblr-14238	695	27	effect	effect	NOUN
cblr-14238	695	28	,	,	PUNCT
cblr-14238	695	29	several	several	ADJ
cblr-14238	695	30	exclusion	exclusion	NOUN
cblr-14238	695	31	to	to	PART
cblr-14238	695	32	convince	convince	VERB
cblr-14238	695	33	start	start	VERB
cblr-14238	695	34	-	-	PUNCT
cblr-14238	695	35	up	up	ADP
cblr-14238	695	36	executives	executive	NOUN
cblr-14238	695	37	to	to	PART
cblr-14238	695	38	give	give	VERB
cblr-14238	695	39	up	up	ADP
cblr-14238	695	40	dual	dual	ADJ
cblr-14238	695	41	-	-	PUNCT
cblr-14238	695	42	class	class	NOUN
cblr-14238	695	43	stock	stock	NOUN
cblr-14238	695	44	structures	structure	NOUN
cblr-14238	695	45	before	before	ADP
cblr-14238	695	46	going	go	VERB
cblr-14238	695	47	public	public	ADJ
cblr-14238	695	48	.	.	PUNCT
cblr-14238	696	1	hirst	hirst	PROPN
cblr-14238	696	2	&	&	CCONJ
cblr-14238	696	3	kastiel	kastiel	PROPN
cblr-14238	696	4	,	,	PUNCT
cblr-14238	696	5	supra	supra	PROPN
cblr-14238	696	6	note	note	PROPN
cblr-14238	696	7	17	17	NUM
cblr-14238	696	8	.	.	NOUN
cblr-14238	696	9	145	145	NUM
cblr-14238	696	10	hand	hand	NOUN
cblr-14238	696	11	-	-	PUNCT
cblr-14238	696	12	collected	collect	VERB
cblr-14238	696	13	data	datum	NOUN
cblr-14238	696	14	based	base	VERB
cblr-14238	696	15	on	on	ADP
cblr-14238	696	16	information	information	NOUN
cblr-14238	696	17	compiled	compile	VERB
cblr-14238	696	18	by	by	ADP
cblr-14238	696	19	the	the	DET
cblr-14238	696	20	council	council	NOUN
cblr-14238	696	21	on	on	ADP
cblr-14238	696	22	institutional	institutional	ADJ
cblr-14238	696	23	investors	investor	NOUN
cblr-14238	696	24	and	and	CCONJ
cblr-14238	696	25	public	public	ADJ
cblr-14238	696	26	filings	filing	NOUN
cblr-14238	696	27	(	(	PUNCT
cblr-14238	696	28	on	on	ADP
cblr-14238	696	29	file	file	NOUN
cblr-14238	696	30	with	with	ADP
cblr-14238	696	31	the	the	DET
cblr-14238	696	32	columbia	columbia	PROPN
cblr-14238	696	33	business	business	PROPN
cblr-14238	696	34	law	law	PROPN
cblr-14238	696	35	review	review	PROPN
cblr-14238	696	36	)	)	PUNCT
cblr-14238	696	37	.	.	PUNCT
cblr-14238	697	1	146	146	NUM
cblr-14238	697	2	press	press	NOUN
cblr-14238	697	3	release	release	NOUN
cblr-14238	697	4	,	,	PUNCT
cblr-14238	697	5	s&p	s&p	PROPN
cblr-14238	697	6	dow	dow	PROPN
cblr-14238	697	7	jones	jones	PROPN
cblr-14238	697	8	indices	index	NOUN
cblr-14238	697	9	,	,	PUNCT
cblr-14238	697	10	s&p	s&p	PROPN
cblr-14238	697	11	dow	dow	PROPN
cblr-14238	697	12	jones	jones	PROPN
cblr-14238	697	13	indices	indices	PROPN
cblr-14238	697	14	announces	announce	VERB
cblr-14238	697	15	results	result	NOUN
cblr-14238	697	16	of	of	ADP
cblr-14238	697	17	s&p	s&p	PROPN
cblr-14238	697	18	composite	composite	ADJ
cblr-14238	697	19	1500	1500	NUM
cblr-14238	697	20	index	index	NOUN
cblr-14238	697	21	consultation	consultation	NOUN
cblr-14238	697	22	on	on	ADP
cblr-14238	697	23	share	share	NOUN
cblr-14238	697	24	class	class	NOUN
cblr-14238	697	25	eligibility	eligibility	NOUN
cblr-14238	697	26	rules	rule	NOUN
cblr-14238	697	27	(	(	PUNCT
cblr-14238	697	28	apr	apr	PROPN
cblr-14238	697	29	.	.	PROPN
cblr-14238	697	30	17	17	NUM
cblr-14238	697	31	,	,	PUNCT
cblr-14238	697	32	2023	2023	NUM
cblr-14238	697	33	)	)	PUNCT
cblr-14238	697	34	,	,	PUNCT
cblr-14238	697	35	https://press.spglobal.com/2023-0417-s-p-dow-jones-indices-announces-results-of-s-p-composite-1500index-consultation-on-share-class-eligibility-rules	https://press.spglobal.com/2023-0417-s-p-dow-jones-indices-announces-results-of-s-p-composite-1500index-consultation-on-share-class-eligibility-rule	VERB
cblr-14238	697	36	[	[	X
cblr-14238	697	37	https://perma.cc/grh2-7g62	https://perma.cc/grh2-7g62	NOUN
cblr-14238	697	38	]	]	PUNCT
cblr-14238	697	39	.	.	PUNCT
cblr-14238	698	1	no	no	INTJ
cblr-14238	698	2	.	.	NOUN
cblr-14238	698	3	2	2	NUM
cblr-14238	698	4	]	]	PUNCT
cblr-14238	698	5	regulation	regulation	NOUN
cblr-14238	698	6	by	by	ADP
cblr-14238	698	7	indexation	indexation	NOUN
cblr-14238	698	8	?	?	PUNCT
cblr-14238	699	1	767	767	NUM
cblr-14238	699	2	recent	recent	ADJ
cblr-14238	699	3	studies	study	NOUN
cblr-14238	699	4	have	have	AUX
cblr-14238	699	5	shown	show	VERB
cblr-14238	699	6	that	that	SCONJ
cblr-14238	699	7	precisely	precisely	ADV
cblr-14238	699	8	the	the	DET
cblr-14238	699	9	opposite	opposite	ADJ
cblr-14238	699	10	trend	trend	NOUN
cblr-14238	699	11	is	be	AUX
cblr-14238	699	12	occurring	occur	VERB
cblr-14238	699	13	.	.	PUNCT
cblr-14238	700	1	increasing	increase	VERB
cblr-14238	700	2	passive	passive	ADJ
cblr-14238	700	3	investment	investment	NOUN
cblr-14238	700	4	management	management	NOUN
cblr-14238	700	5	is	be	AUX
cblr-14238	700	6	not	not	PART
cblr-14238	700	7	increasing	increase	VERB
cblr-14238	700	8	the	the	DET
cblr-14238	700	9	index	index	NOUN
cblr-14238	700	10	inclusion	inclusion	NOUN
cblr-14238	700	11	effect	effect	NOUN
cblr-14238	700	12	.	.	PUNCT
cblr-14238	701	1	on	on	ADP
cblr-14238	701	2	the	the	DET
cblr-14238	701	3	contrary	contrary	NOUN
cblr-14238	701	4	,	,	PUNCT
cblr-14238	701	5	the	the	DET
cblr-14238	701	6	index	index	NOUN
cblr-14238	701	7	inclusion	inclusion	NOUN
cblr-14238	701	8	effect	effect	NOUN
cblr-14238	701	9	appears	appear	VERB
cblr-14238	701	10	to	to	PART
cblr-14238	701	11	be	be	AUX
cblr-14238	701	12	diminishing	diminish	VERB
cblr-14238	701	13	to	to	ADP
cblr-14238	701	14	the	the	DET
cblr-14238	701	15	vanishing	vanish	VERB
cblr-14238	701	16	point	point	NOUN
cblr-14238	701	17	despite	despite	SCONJ
cblr-14238	701	18	increased	increase	VERB
cblr-14238	701	19	flows	flow	NOUN
cblr-14238	701	20	of	of	ADP
cblr-14238	701	21	capital	capital	NOUN
cblr-14238	701	22	into	into	ADP
cblr-14238	701	23	passive	passive	ADJ
cblr-14238	701	24	index	index	NOUN
cblr-14238	701	25	fund	fund	NOUN
cblr-14238	701	26	investments.147	investments.147	ADV
cblr-14238	701	27	in	in	ADP
cblr-14238	701	28	their	their	PRON
cblr-14238	701	29	2017	2017	NUM
cblr-14238	701	30	paper	paper	NOUN
cblr-14238	701	31	,	,	PUNCT
cblr-14238	701	32	extended	extend	VERB
cblr-14238	701	33	stock	stock	NOUN
cblr-14238	701	34	returns	return	NOUN
cblr-14238	701	35	in	in	ADP
cblr-14238	701	36	response	response	NOUN
cblr-14238	701	37	to	to	ADP
cblr-14238	701	38	s&p	s&p	PROPN
cblr-14238	701	39	500	500	NUM
cblr-14238	701	40	changes	change	NOUN
cblr-14238	701	41	,	,	PUNCT
cblr-14238	701	42	nimesh	nimesh	ADJ
cblr-14238	701	43	patel	patel	NOUN
cblr-14238	701	44	and	and	CCONJ
cblr-14238	701	45	ivo	ivo	PROPN
cblr-14238	701	46	welch	welch	PROPN
cblr-14238	701	47	comprehensively	comprehensively	ADV
cblr-14238	701	48	review	review	VERB
cblr-14238	701	49	the	the	DET
cblr-14238	701	50	s&p	s&p	PROPN
cblr-14238	701	51	500	500	NUM
cblr-14238	701	52	index	index	NOUN
cblr-14238	701	53	inclusion	inclusion	NOUN
cblr-14238	701	54	effect	effect	NOUN
cblr-14238	701	55	using	use	VERB
cblr-14238	701	56	more	more	ADV
cblr-14238	701	57	advanced	advanced	ADJ
cblr-14238	701	58	abnormal	abnormal	ADJ
cblr-14238	701	59	return	return	NOUN
cblr-14238	701	60	modelling	model	VERB
cblr-14238	701	61	techniques	technique	NOUN
cblr-14238	701	62	than	than	SCONJ
cblr-14238	701	63	were	be	AUX
cblr-14238	701	64	available	available	ADJ
cblr-14238	701	65	for	for	ADP
cblr-14238	701	66	use	use	NOUN
cblr-14238	701	67	in	in	ADP
cblr-14238	701	68	earlier	early	ADJ
cblr-14238	701	69	papers	paper	NOUN
cblr-14238	701	70	.	.	PUNCT
cblr-14238	702	1	utilizing	utilize	VERB
cblr-14238	702	2	these	these	DET
cblr-14238	702	3	techniques	technique	NOUN
cblr-14238	702	4	to	to	PART
cblr-14238	702	5	test	test	VERB
cblr-14238	702	6	the	the	DET
cblr-14238	702	7	effect	effect	NOUN
cblr-14238	702	8	over	over	ADP
cblr-14238	702	9	longer	long	ADJ
cblr-14238	702	10	time	time	NOUN
cblr-14238	702	11	periods	period	NOUN
cblr-14238	702	12	than	than	ADP
cblr-14238	702	13	prior	prior	ADJ
cblr-14238	702	14	papers	paper	NOUN
cblr-14238	702	15	,	,	PUNCT
cblr-14238	702	16	the	the	DET
cblr-14238	702	17	authors	author	NOUN
cblr-14238	702	18	conclude	conclude	VERB
cblr-14238	702	19	that	that	SCONJ
cblr-14238	702	20	the	the	DET
cblr-14238	702	21	investor	investor	NOUN
cblr-14238	702	22	demand	demand	NOUN
cblr-14238	702	23	shift	shift	VERB
cblr-14238	702	24	upon	upon	SCONJ
cblr-14238	702	25	addition	addition	NOUN
cblr-14238	702	26	to	to	ADP
cblr-14238	702	27	the	the	DET
cblr-14238	702	28	s&p	s&p	PROPN
cblr-14238	702	29	500	500	NUM
cblr-14238	702	30	has	have	AUX
cblr-14238	702	31	always	always	ADV
cblr-14238	702	32	been	be	AUX
cblr-14238	702	33	temporary	temporary	ADJ
cblr-14238	702	34	,	,	PUNCT
cblr-14238	702	35	not	not	PART
cblr-14238	702	36	long	long	ADJ
cblr-14238	702	37	-	-	PUNCT
cblr-14238	702	38	term	term	NOUN
cblr-14238	702	39	,	,	PUNCT
cblr-14238	702	40	and	and	CCONJ
cblr-14238	702	41	firms	firm	NOUN
cblr-14238	702	42	should	should	AUX
cblr-14238	702	43	not	not	PART
cblr-14238	702	44	expect	expect	VERB
cblr-14238	702	45	147	147	NUM
cblr-14238	702	46	nimesh	nimesh	ADJ
cblr-14238	702	47	patel	patel	PROPN
cblr-14238	702	48	&	&	CCONJ
cblr-14238	702	49	ivo	ivo	PROPN
cblr-14238	702	50	welch	welch	PROPN
cblr-14238	702	51	,	,	PUNCT
cblr-14238	702	52	extended	extend	VERB
cblr-14238	702	53	stock	stock	NOUN
cblr-14238	702	54	returns	return	NOUN
cblr-14238	702	55	in	in	ADP
cblr-14238	702	56	response	response	NOUN
cblr-14238	702	57	to	to	ADP
cblr-14238	702	58	s&p	s&p	PROPN
cblr-14238	702	59	500	500	NUM
cblr-14238	702	60	changes	change	NOUN
cblr-14238	702	61	,	,	PUNCT
cblr-14238	702	62	7	7	NUM
cblr-14238	702	63	rev	rev	X
cblr-14238	702	64	.	.	PUNCT
cblr-14238	703	1	asset	asset	NOUN
cblr-14238	703	2	pricing	pricing	NOUN
cblr-14238	703	3	stud	stud	NOUN
cblr-14238	703	4	.	.	PUNCT
cblr-14238	704	1	172	172	NUM
cblr-14238	704	2	,	,	PUNCT
cblr-14238	704	3	173	173	NUM
cblr-14238	704	4	(	(	PUNCT
cblr-14238	704	5	2017	2017	NUM
cblr-14238	704	6	)	)	PUNCT
cblr-14238	704	7	;	;	PUNCT
cblr-14238	704	8	chan	chan	PROPN
cblr-14238	704	9	wung	wung	PROPN
cblr-14238	704	10	kim	kim	PROPN
cblr-14238	704	11	,	,	PUNCT
cblr-14238	704	12	xiao	xiao	PROPN
cblr-14238	704	13	li	li	PROPN
cblr-14238	704	14	&	&	CCONJ
cblr-14238	704	15	timothy	timothy	PROPN
cblr-14238	704	16	t.	t.	PROPN
cblr-14238	704	17	perry	perry	PROPN
cblr-14238	704	18	,	,	PUNCT
cblr-14238	704	19	adaptation	adaptation	NOUN
cblr-14238	704	20	of	of	ADP
cblr-14238	704	21	the	the	DET
cblr-14238	704	22	s&p	s&p	PROPN
cblr-14238	704	23	500	500	NUM
cblr-14238	704	24	index	index	NOUN
cblr-14238	704	25	effect	effect	NOUN
cblr-14238	704	26	,	,	PUNCT
cblr-14238	704	27	8	8	NUM
cblr-14238	704	28	j.	j.	PROPN
cblr-14238	704	29	index	index	PROPN
cblr-14238	704	30	inv	inv	NOUN
cblr-14238	704	31	.	.	PUNCT
cblr-14238	705	1	29	29	NUM
cblr-14238	705	2	,	,	PUNCT
cblr-14238	705	3	33–34	33–34	NUM
cblr-14238	705	4	(	(	PUNCT
cblr-14238	705	5	2017	2017	NUM
cblr-14238	705	6	)	)	PUNCT
cblr-14238	705	7	(	(	PUNCT
cblr-14238	705	8	finding	find	VERB
cblr-14238	705	9	no	no	DET
cblr-14238	705	10	evidence	evidence	NOUN
cblr-14238	705	11	of	of	ADP
cblr-14238	705	12	a	a	DET
cblr-14238	705	13	positive	positive	ADJ
cblr-14238	705	14	price	price	NOUN
cblr-14238	705	15	drift	drift	NOUN
cblr-14238	705	16	between	between	ADP
cblr-14238	705	17	the	the	DET
cblr-14238	705	18	announcement	announcement	NOUN
cblr-14238	705	19	date	date	NOUN
cblr-14238	705	20	and	and	CCONJ
cblr-14238	705	21	the	the	DET
cblr-14238	705	22	effective	effective	ADJ
cblr-14238	705	23	date	date	NOUN
cblr-14238	705	24	for	for	ADP
cblr-14238	705	25	newly	newly	ADV
cblr-14238	705	26	added	add	VERB
cblr-14238	705	27	stocks	stock	NOUN
cblr-14238	705	28	from	from	ADP
cblr-14238	705	29	2010	2010	NUM
cblr-14238	705	30	to	to	ADP
cblr-14238	705	31	2013	2013	NUM
cblr-14238	705	32	,	,	PUNCT
cblr-14238	705	33	nearly	nearly	ADV
cblr-14238	705	34	all	all	PRON
cblr-14238	705	35	of	of	ADP
cblr-14238	705	36	the	the	DET
cblr-14238	705	37	price	price	NOUN
cblr-14238	705	38	impact	impact	NOUN
cblr-14238	705	39	for	for	ADP
cblr-14238	705	40	newly	newly	ADV
cblr-14238	705	41	added	add	VERB
cblr-14238	705	42	stocks	stock	NOUN
cblr-14238	705	43	occurred	occur	VERB
cblr-14238	705	44	prior	prior	ADV
cblr-14238	705	45	to	to	ADP
cblr-14238	705	46	the	the	DET
cblr-14238	705	47	opening	opening	NOUN
cblr-14238	705	48	of	of	ADP
cblr-14238	705	49	the	the	DET
cblr-14238	705	50	market	market	NOUN
cblr-14238	705	51	on	on	ADP
cblr-14238	705	52	the	the	DET
cblr-14238	705	53	day	day	NOUN
cblr-14238	705	54	immediately	immediately	ADV
cblr-14238	705	55	following	follow	VERB
cblr-14238	705	56	the	the	DET
cblr-14238	705	57	announcement	announcement	NOUN
cblr-14238	705	58	,	,	PUNCT
cblr-14238	705	59	and	and	CCONJ
cblr-14238	705	60	afterward	afterward	ADV
cblr-14238	705	61	stocks	stock	NOUN
cblr-14238	705	62	actually	actually	ADV
cblr-14238	705	63	tended	tend	VERB
cblr-14238	705	64	to	to	PART
cblr-14238	705	65	drift	drift	VERB
cblr-14238	705	66	downward	downward	ADV
cblr-14238	705	67	)	)	PUNCT
cblr-14238	705	68	;	;	PUNCT
cblr-14238	705	69	konstantina	konstantina	PROPN
cblr-14238	705	70	kappou	kappou	PROPN
cblr-14238	705	71	,	,	PUNCT
cblr-14238	705	72	the	the	DET
cblr-14238	705	73	diminished	diminished	ADJ
cblr-14238	705	74	effect	effect	NOUN
cblr-14238	705	75	of	of	ADP
cblr-14238	705	76	index	index	NOUN
cblr-14238	705	77	rebalances	rebalance	NOUN
cblr-14238	705	78	(	(	PUNCT
cblr-14238	705	79	working	working	NOUN
cblr-14238	705	80	paper	paper	NOUN
cblr-14238	705	81	,	,	PUNCT
cblr-14238	705	82	2017	2017	NUM
cblr-14238	705	83	)	)	PUNCT
cblr-14238	705	84	,	,	PUNCT
cblr-14238	705	85	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2971211	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2971211	VERB
cblr-14238	705	86	[	[	X
cblr-14238	705	87	https://perma.cc/pm99-cuv8	https://perma.cc/pm99-cuv8	X
cblr-14238	705	88	]	]	X
cblr-14238	705	89	(	(	PUNCT
cblr-14238	705	90	finding	find	VERB
cblr-14238	705	91	there	there	PRON
cblr-14238	705	92	are	be	VERB
cblr-14238	705	93	currently	currently	ADV
cblr-14238	705	94	no	no	DET
cblr-14238	705	95	tradable	tradable	ADJ
cblr-14238	705	96	abnormal	abnormal	ADJ
cblr-14238	705	97	returns	return	NOUN
cblr-14238	705	98	between	between	ADP
cblr-14238	705	99	announcement	announcement	NOUN
cblr-14238	705	100	and	and	CCONJ
cblr-14238	705	101	event	event	NOUN
cblr-14238	705	102	dates	date	NOUN
cblr-14238	705	103	,	,	PUNCT
cblr-14238	705	104	indicating	indicate	VERB
cblr-14238	705	105	smoother	smooth	ADJ
cblr-14238	705	106	rebalancing	rebalancing	NOUN
cblr-14238	705	107	by	by	ADP
cblr-14238	705	108	banks	bank	NOUN
cblr-14238	705	109	)	)	PUNCT
cblr-14238	705	110	;	;	PUNCT
cblr-14238	705	111	jan	jan	PROPN
cblr-14238	705	112	schitzler	schitzler	PROPN
cblr-14238	705	113	,	,	PUNCT
cblr-14238	705	114	s&p	s&p	PROPN
cblr-14238	705	115	500	500	NUM
cblr-14238	705	116	inclusions	inclusion	NOUN
cblr-14238	705	117	and	and	CCONJ
cblr-14238	705	118	stock	stock	NOUN
cblr-14238	705	119	supply	supply	NOUN
cblr-14238	705	120	,	,	PUNCT
cblr-14238	705	121	48	48	NUM
cblr-14238	705	122	j.	j.	PROPN
cblr-14238	705	123	empirical	empirical	ADJ
cblr-14238	705	124	fin	fin	PROPN
cblr-14238	705	125	.	.	PUNCT
cblr-14238	706	1	341	341	NUM
cblr-14238	706	2	,	,	PUNCT
cblr-14238	706	3	354	354	NUM
cblr-14238	706	4	(	(	PUNCT
cblr-14238	706	5	2016	2016	NUM
cblr-14238	706	6	)	)	PUNCT
cblr-14238	706	7	(	(	PUNCT
cblr-14238	706	8	finding	find	VERB
cblr-14238	706	9	that	that	DET
cblr-14238	706	10	evidence	evidence	NOUN
cblr-14238	706	11	from	from	ADP
cblr-14238	706	12	the	the	DET
cblr-14238	706	13	most	most	ADV
cblr-14238	706	14	recent	recent	ADJ
cblr-14238	706	15	decade	decade	NOUN
cblr-14238	706	16	shows	show	VERB
cblr-14238	706	17	that	that	SCONJ
cblr-14238	706	18	any	any	DET
cblr-14238	706	19	persistence	persistence	NOUN
cblr-14238	706	20	of	of	ADP
cblr-14238	706	21	the	the	DET
cblr-14238	706	22	index	index	NOUN
cblr-14238	706	23	inclusion	inclusion	NOUN
cblr-14238	706	24	effect	effect	NOUN
cblr-14238	706	25	based	base	VERB
cblr-14238	706	26	on	on	ADP
cblr-14238	706	27	stock	stock	NOUN
cblr-14238	706	28	supply	supply	NOUN
cblr-14238	706	29	has	have	AUX
cblr-14238	706	30	disappeared	disappear	VERB
cblr-14238	706	31	)	)	PUNCT
cblr-14238	706	32	;	;	PUNCT
cblr-14238	707	1	cameron	cameron	PROPN
cblr-14238	707	2	scari	scari	PROPN
cblr-14238	707	3	,	,	PUNCT
cblr-14238	707	4	on	on	ADP
cblr-14238	707	5	the	the	DET
cblr-14238	707	6	changes	change	NOUN
cblr-14238	707	7	to	to	ADP
cblr-14238	707	8	the	the	DET
cblr-14238	707	9	index	index	NOUN
cblr-14238	707	10	inclusion	inclusion	NOUN
cblr-14238	707	11	effect	effect	NOUN
cblr-14238	707	12	with	with	ADP
cblr-14238	707	13	increasing	increase	VERB
cblr-14238	707	14	passive	passive	ADJ
cblr-14238	707	15	investment	investment	NOUN
cblr-14238	707	16	management	management	NOUN
cblr-14238	707	17	(	(	PUNCT
cblr-14238	707	18	2016	2016	NUM
cblr-14238	707	19	)	)	PUNCT
cblr-14238	707	20	(	(	PUNCT
cblr-14238	707	21	b.s	b.s	PROPN
cblr-14238	707	22	.	.	NOUN
cblr-14238	707	23	dissertation	dissertation	NOUN
cblr-14238	707	24	,	,	PUNCT
cblr-14238	707	25	university	university	NOUN
cblr-14238	707	26	of	of	ADP
cblr-14238	707	27	pennsylvania	pennsylvania	PROPN
cblr-14238	707	28	)	)	PUNCT
cblr-14238	707	29	,	,	PUNCT
cblr-14238	707	30	https://repository.upenn.edu/server/api/core/bitstreams/91f18b52-cbd54877-ab52-d427386da65e/content	https://repository.upenn.edu/server/api/core/bitstreams/91f18b52-cbd54877-ab52-d427386da65e/content	X
cblr-14238	708	1	[	[	X
cblr-14238	708	2	https://perma.cc/bs7c-849d	https://perma.cc/bs7c-849d	PROPN
cblr-14238	708	3	]	]	PUNCT
cblr-14238	708	4	.	.	PUNCT
cblr-14238	709	1	one	one	NUM
cblr-14238	709	2	explanation	explanation	NOUN
cblr-14238	709	3	for	for	ADP
cblr-14238	709	4	the	the	DET
cblr-14238	709	5	decline	decline	NOUN
cblr-14238	709	6	of	of	ADP
cblr-14238	709	7	the	the	DET
cblr-14238	709	8	index	index	NOUN
cblr-14238	709	9	inclusion	inclusion	NOUN
cblr-14238	709	10	effect	effect	NOUN
cblr-14238	709	11	while	while	SCONJ
cblr-14238	709	12	assets	asset	NOUN
cblr-14238	709	13	invested	invest	VERB
cblr-14238	709	14	in	in	ADP
cblr-14238	709	15	index	index	NOUN
cblr-14238	709	16	funds	fund	NOUN
cblr-14238	709	17	are	be	AUX
cblr-14238	709	18	growing	grow	VERB
cblr-14238	709	19	dramatically	dramatically	ADV
cblr-14238	709	20	is	be	AUX
cblr-14238	709	21	that	that	SCONJ
cblr-14238	709	22	the	the	DET
cblr-14238	709	23	shift	shift	NOUN
cblr-14238	709	24	into	into	ADP
cblr-14238	709	25	passive	passive	ADJ
cblr-14238	709	26	index	index	NOUN
cblr-14238	709	27	funds	fund	NOUN
cblr-14238	709	28	may	may	AUX
cblr-14238	709	29	primarily	primarily	ADV
cblr-14238	709	30	reflect	reflect	VERB
cblr-14238	709	31	movement	movement	NOUN
cblr-14238	709	32	from	from	ADP
cblr-14238	709	33	active	active	ADJ
cblr-14238	709	34	funds	fund	NOUN
cblr-14238	709	35	benchmarked	benchmarke	VERB
cblr-14238	709	36	to	to	ADP
cblr-14238	709	37	an	an	DET
cblr-14238	709	38	index	index	NOUN
cblr-14238	709	39	to	to	ADP
cblr-14238	709	40	passive	passive	ADJ
cblr-14238	709	41	funds	fund	NOUN
cblr-14238	709	42	following	follow	VERB
cblr-14238	709	43	the	the	DET
cblr-14238	709	44	same	same	ADJ
cblr-14238	709	45	index	index	NOUN
cblr-14238	709	46	,	,	PUNCT
cblr-14238	709	47	with	with	ADP
cblr-14238	709	48	no	no	DET
cblr-14238	709	49	net	net	ADJ
cblr-14238	709	50	change	change	NOUN
cblr-14238	709	51	in	in	ADP
cblr-14238	709	52	the	the	DET
cblr-14238	709	53	demand	demand	NOUN
cblr-14238	709	54	for	for	ADP
cblr-14238	709	55	stocks	stock	NOUN
cblr-14238	709	56	included	include	VERB
cblr-14238	709	57	in	in	ADP
cblr-14238	709	58	indices	index	NOUN
cblr-14238	709	59	.	.	PUNCT
cblr-14238	710	1	blackrock	blackrock	PROPN
cblr-14238	710	2	,	,	PUNCT
cblr-14238	710	3	supra	supra	PROPN
cblr-14238	710	4	note	note	PROPN
cblr-14238	710	5	66	66	NUM
cblr-14238	710	6	,	,	PUNCT
cblr-14238	710	7	at	at	ADP
cblr-14238	710	8	7	7	NUM
cblr-14238	710	9	.	.	NOUN
cblr-14238	710	10	768	768	NUM
cblr-14238	710	11	columbia	columbia	PROPN
cblr-14238	710	12	business	business	NOUN
cblr-14238	710	13	law	law	NOUN
cblr-14238	710	14	review	review	NOUN
cblr-14238	710	15	[	[	X
cblr-14238	710	16	vol	vol	NOUN
cblr-14238	710	17	.	.	NOUN
cblr-14238	710	18	2024	2024	NUM
cblr-14238	710	19	meaningfully	meaningfully	ADV
cblr-14238	710	20	reduced	reduce	VERB
cblr-14238	710	21	costs	cost	NOUN
cblr-14238	710	22	of	of	ADP
cblr-14238	710	23	capital	capital	NOUN
cblr-14238	710	24	through	through	ADP
cblr-14238	710	25	index	index	NOUN
cblr-14238	710	26	inclusion.148	inclusion.148	NOUN
cblr-14238	710	27	in	in	ADP
cblr-14238	710	28	contrast	contrast	NOUN
cblr-14238	710	29	with	with	ADP
cblr-14238	710	30	prior	prior	ADJ
cblr-14238	710	31	studies	study	NOUN
cblr-14238	710	32	,	,	PUNCT
cblr-14238	710	33	patel	patel	PROPN
cblr-14238	710	34	and	and	CCONJ
cblr-14238	710	35	welch	welch	PROPN
cblr-14238	710	36	also	also	ADV
cblr-14238	710	37	found	find	VERB
cblr-14238	710	38	that	that	SCONJ
cblr-14238	710	39	companies	company	NOUN
cblr-14238	710	40	removed	remove	VERB
cblr-14238	710	41	from	from	ADP
cblr-14238	710	42	the	the	DET
cblr-14238	710	43	s&p	s&p	PROPN
cblr-14238	710	44	500	500	NUM
cblr-14238	710	45	at	at	ADP
cblr-14238	710	46	the	the	DET
cblr-14238	710	47	discretion	discretion	NOUN
cblr-14238	710	48	of	of	ADP
cblr-14238	710	49	s&p	s&p	PROPN
cblr-14238	710	50	(	(	PUNCT
cblr-14238	710	51	that	that	PRON
cblr-14238	710	52	is	is	ADV
cblr-14238	710	53	,	,	PUNCT
cblr-14238	710	54	not	not	PART
cblr-14238	710	55	in	in	ADP
cblr-14238	710	56	connection	connection	NOUN
cblr-14238	710	57	with	with	ADP
cblr-14238	710	58	an	an	DET
cblr-14238	710	59	m&a	m&a	PROPN
cblr-14238	710	60	transaction	transaction	NOUN
cblr-14238	710	61	or	or	CCONJ
cblr-14238	710	62	bankruptcy	bankruptcy	NOUN
cblr-14238	710	63	but	but	CCONJ
cblr-14238	710	64	rather	rather	ADV
cblr-14238	710	65	,	,	PUNCT
cblr-14238	710	66	as	as	ADP
cblr-14238	710	67	a	a	DET
cblr-14238	710	68	result	result	NOUN
cblr-14238	710	69	of	of	ADP
cblr-14238	710	70	declining	decline	VERB
cblr-14238	710	71	capitalization	capitalization	NOUN
cblr-14238	710	72	or	or	CCONJ
cblr-14238	710	73	other	other	ADJ
cblr-14238	710	74	set	set	NOUN
cblr-14238	710	75	-	-	PUNCT
cblr-14238	710	76	backs	back	NOUN
cblr-14238	710	77	)	)	PUNCT
cblr-14238	710	78	actually	actually	ADV
cblr-14238	710	79	experienced	experience	VERB
cblr-14238	710	80	positive	positive	ADJ
cblr-14238	710	81	abnormal	abnormal	ADJ
cblr-14238	710	82	returns	return	NOUN
cblr-14238	710	83	after	after	ADP
cblr-14238	710	84	an	an	DET
cblr-14238	710	85	initial	initial	ADJ
cblr-14238	710	86	stock	stock	NOUN
cblr-14238	710	87	price	price	NOUN
cblr-14238	710	88	setback.149	setback.149	NOUN
cblr-14238	710	89	more	more	ADV
cblr-14238	710	90	recent	recent	ADJ
cblr-14238	710	91	work	work	NOUN
cblr-14238	710	92	by	by	ADP
cblr-14238	710	93	greenwood	greenwood	PROPN
cblr-14238	710	94	and	and	CCONJ
cblr-14238	710	95	sammon	sammon	PROPN
cblr-14238	710	96	confirms	confirm	VERB
cblr-14238	710	97	the	the	DET
cblr-14238	710	98	disappearance	disappearance	NOUN
cblr-14238	710	99	of	of	ADP
cblr-14238	710	100	the	the	DET
cblr-14238	710	101	index	index	NOUN
cblr-14238	710	102	inclusion	inclusion	NOUN
cblr-14238	710	103	effect	effect	NOUN
cblr-14238	710	104	for	for	ADP
cblr-14238	710	105	the	the	DET
cblr-14238	710	106	s&p	s&p	PROPN
cblr-14238	710	107	500	500	NUM
cblr-14238	710	108	despite	despite	SCONJ
cblr-14238	710	109	the	the	DET
cblr-14238	710	110	ongoing	ongoing	ADJ
cblr-14238	710	111	increase	increase	NOUN
cblr-14238	710	112	in	in	ADP
cblr-14238	710	113	the	the	DET
cblr-14238	710	114	amount	amount	NOUN
cblr-14238	710	115	of	of	ADP
cblr-14238	710	116	assets	asset	NOUN
cblr-14238	710	117	held	hold	VERB
cblr-14238	710	118	in	in	ADP
cblr-14238	710	119	s&p	s&p	PROPN
cblr-14238	710	120	500	500	NUM
cblr-14238	710	121	funds.150	funds.150	NOUN
cblr-14238	710	122	market	market	NOUN
cblr-14238	710	123	participants	participant	NOUN
cblr-14238	710	124	seemed	seem	VERB
cblr-14238	710	125	to	to	PART
cblr-14238	710	126	anticipate	anticipate	VERB
cblr-14238	710	127	that	that	SCONJ
cblr-14238	710	128	index	index	NOUN
cblr-14238	710	129	exclusion	exclusion	NOUN
cblr-14238	710	130	would	would	AUX
cblr-14238	710	131	not	not	PART
cblr-14238	710	132	have	have	VERB
cblr-14238	710	133	adverse	adverse	ADJ
cblr-14238	710	134	capital	capital	NOUN
cblr-14238	710	135	pricing	pricing	NOUN
cblr-14238	710	136	effects	effect	NOUN
cblr-14238	710	137	for	for	ADP
cblr-14238	710	138	excluded	exclude	VERB
cblr-14238	710	139	companies	company	NOUN
cblr-14238	710	140	.	.	PUNCT
cblr-14238	711	1	following	follow	VERB
cblr-14238	711	2	the	the	DET
cblr-14238	711	3	ftse	ftse	PROPN
cblr-14238	711	4	russell	russell	PROPN
cblr-14238	711	5	and	and	CCONJ
cblr-14238	711	6	s&p	s&p	PROPN
cblr-14238	711	7	announcements	announcement	NOUN
cblr-14238	711	8	of	of	ADP
cblr-14238	711	9	their	their	PRON
cblr-14238	711	10	exclusion	exclusion	NOUN
cblr-14238	711	11	policies	policy	NOUN
cblr-14238	711	12	,	,	PUNCT
cblr-14238	711	13	andrew	andrew	PROPN
cblr-14238	711	14	baker	baker	PROPN
cblr-14238	711	15	and	and	CCONJ
cblr-14238	711	16	i	i	PRON
cblr-14238	711	17	conducted	conduct	VERB
cblr-14238	711	18	an	an	DET
cblr-14238	711	19	event	event	NOUN
cblr-14238	711	20	study	study	NOUN
cblr-14238	711	21	,	,	PUNCT
cblr-14238	711	22	described	describe	VERB
cblr-14238	711	23	in	in	ADP
cblr-14238	711	24	our	our	PRON
cblr-14238	711	25	paper	paper	NOUN
cblr-14238	711	26	,	,	PUNCT
cblr-14238	711	27	dualclass	dualclass	NOUN
cblr-14238	711	28	index	index	NOUN
cblr-14238	711	29	exclusion	exclusion	NOUN
cblr-14238	711	30	,	,	PUNCT
cblr-14238	711	31	of	of	ADP
cblr-14238	711	32	the	the	DET
cblr-14238	711	33	market	market	NOUN
cblr-14238	711	34	prices	price	NOUN
cblr-14238	711	35	of	of	ADP
cblr-14238	711	36	the	the	DET
cblr-14238	711	37	shares	share	NOUN
cblr-14238	711	38	of	of	ADP
cblr-14238	711	39	companies	company	NOUN
cblr-14238	711	40	with	with	ADP
cblr-14238	711	41	multi	multi	ADJ
cblr-14238	711	42	-	-	ADJ
cblr-14238	711	43	class	class	ADJ
cblr-14238	711	44	structures	structure	NOUN
cblr-14238	711	45	on	on	ADP
cblr-14238	711	46	the	the	DET
cblr-14238	711	47	dates	date	NOUN
cblr-14238	711	48	surrounding	surround	VERB
cblr-14238	711	49	the	the	DET
cblr-14238	711	50	s&p	s&p	PROPN
cblr-14238	711	51	announcement.151	announcement.151	NOUN
cblr-14238	711	52	we	we	PRON
cblr-14238	711	53	found	find	VERB
cblr-14238	711	54	that	that	SCONJ
cblr-14238	711	55	none	none	NOUN
cblr-14238	711	56	of	of	ADP
cblr-14238	711	57	the	the	DET
cblr-14238	711	58	abnormal	abnormal	ADJ
cblr-14238	711	59	or	or	CCONJ
cblr-14238	711	60	cumulative	cumulative	ADJ
cblr-14238	711	61	abnormal	abnormal	ADJ
cblr-14238	711	62	returns	return	NOUN
cblr-14238	711	63	in	in	ADP
cblr-14238	711	64	the	the	DET
cblr-14238	711	65	trading	trading	NOUN
cblr-14238	711	66	prices	price	NOUN
cblr-14238	711	67	of	of	ADP
cblr-14238	711	68	the	the	DET
cblr-14238	711	69	shares	share	NOUN
cblr-14238	711	70	of	of	ADP
cblr-14238	711	71	companies	company	NOUN
cblr-14238	711	72	excluded	exclude	VERB
cblr-14238	711	73	from	from	ADP
cblr-14238	711	74	the	the	DET
cblr-14238	711	75	s&p	s&p	PROPN
cblr-14238	711	76	composite	composite	NOUN
cblr-14238	711	77	1500	1500	NUM
cblr-14238	711	78	were	be	AUX
cblr-14238	711	79	statistically	statistically	ADV
cblr-14238	711	80	significant	significant	ADJ
cblr-14238	711	81	at	at	ADP
cblr-14238	711	82	conventional	conventional	ADJ
cblr-14238	711	83	levels	level	NOUN
cblr-14238	711	84	,	,	PUNCT
cblr-14238	711	85	implying	imply	VERB
cblr-14238	711	86	that	that	DET
cblr-14238	711	87	exclusion	exclusion	NOUN
cblr-14238	711	88	would	would	AUX
cblr-14238	711	89	not	not	PART
cblr-14238	711	90	be	be	AUX
cblr-14238	711	91	expected	expect	VERB
cblr-14238	711	92	to	to	ADP
cblr-14238	711	93	148	148	NUM
cblr-14238	711	94	patel	patel	NOUN
cblr-14238	711	95	&	&	CCONJ
cblr-14238	711	96	welch	welch	PROPN
cblr-14238	711	97	,	,	PUNCT
cblr-14238	711	98	supra	supra	PROPN
cblr-14238	711	99	note	note	PROPN
cblr-14238	711	100	147	147	NUM
cblr-14238	711	101	,	,	PUNCT
cblr-14238	711	102	at	at	ADP
cblr-14238	711	103	173	173	NUM
cblr-14238	711	104	,	,	PUNCT
cblr-14238	711	105	192	192	NUM
cblr-14238	711	106	,	,	PUNCT
cblr-14238	711	107	207	207	NUM
cblr-14238	711	108	(	(	PUNCT
cblr-14238	711	109	“	"	PUNCT
cblr-14238	711	110	[	[	X
cblr-14238	711	111	t]he	t]he	X
cblr-14238	711	112	data	datum	NOUN
cblr-14238	711	113	no	no	ADV
cblr-14238	711	114	longer	long	ADV
cblr-14238	711	115	suggests	suggest	VERB
cblr-14238	711	116	a	a	DET
cblr-14238	711	117	cost	cost	NOUN
cblr-14238	711	118	-	-	PUNCT
cblr-14238	711	119	of	of	ADP
cblr-14238	711	120	-	-	PUNCT
cblr-14238	711	121	capital	capital	NOUN
cblr-14238	711	122	advantage	advantage	NOUN
cblr-14238	711	123	for	for	ADP
cblr-14238	711	124	corporations	corporation	NOUN
cblr-14238	711	125	when	when	SCONJ
cblr-14238	711	126	they	they	PRON
cblr-14238	711	127	are	be	AUX
cblr-14238	711	128	included	include	VERB
cblr-14238	711	129	in	in	ADP
cblr-14238	711	130	the	the	DET
cblr-14238	711	131	s&p	s&p	PROPN
cblr-14238	711	132	500	500	NUM
cblr-14238	711	133	.	.	PUNCT
cblr-14238	711	134	”	"	PUNCT
cblr-14238	711	135	)	)	PUNCT
cblr-14238	711	136	.	.	PUNCT
cblr-14238	712	1	149	149	NUM
cblr-14238	713	1	i	i	PRON
cblr-14238	713	2	d.	d.	PROPN
cblr-14238	713	3	at	at	ADP
cblr-14238	713	4	173	173	NUM
cblr-14238	713	5	,	,	PUNCT
cblr-14238	713	6	197	197	NUM
cblr-14238	713	7	.	.	X
cblr-14238	713	8	150	150	NUM
cblr-14238	713	9	greenwood	greenwood	PROPN
cblr-14238	713	10	and	and	CCONJ
cblr-14238	713	11	sammon	sammon	PROPN
cblr-14238	713	12	conclude	conclude	VERB
cblr-14238	713	13	that	that	SCONJ
cblr-14238	713	14	the	the	DET
cblr-14238	713	15	disappearance	disappearance	NOUN
cblr-14238	713	16	of	of	ADP
cblr-14238	713	17	the	the	DET
cblr-14238	713	18	index	index	NOUN
cblr-14238	713	19	inclusion	inclusion	NOUN
cblr-14238	713	20	effect	effect	NOUN
cblr-14238	713	21	is	be	AUX
cblr-14238	713	22	a	a	DET
cblr-14238	713	23	result	result	NOUN
cblr-14238	713	24	of	of	ADP
cblr-14238	713	25	an	an	DET
cblr-14238	713	26	increase	increase	NOUN
cblr-14238	713	27	in	in	ADP
cblr-14238	713	28	migrations	migration	NOUN
cblr-14238	713	29	from	from	ADP
cblr-14238	713	30	the	the	DET
cblr-14238	713	31	midcap	midcap	NOUN
cblr-14238	713	32	index	index	NOUN
cblr-14238	713	33	to	to	ADP
cblr-14238	713	34	the	the	DET
cblr-14238	713	35	s&p	s&p	PROPN
cblr-14238	713	36	500	500	NUM
cblr-14238	713	37	,	,	PUNCT
cblr-14238	713	38	an	an	DET
cblr-14238	713	39	increase	increase	NOUN
cblr-14238	713	40	in	in	ADP
cblr-14238	713	41	the	the	DET
cblr-14238	713	42	market	market	NOUN
cblr-14238	713	43	’s	’s	PART
cblr-14238	713	44	ability	ability	NOUN
cblr-14238	713	45	to	to	PART
cblr-14238	713	46	provide	provide	VERB
cblr-14238	713	47	liquidity	liquidity	NOUN
cblr-14238	713	48	to	to	ADP
cblr-14238	713	49	index	index	NOUN
cblr-14238	713	50	changes	change	NOUN
cblr-14238	713	51	,	,	PUNCT
cblr-14238	713	52	and	and	CCONJ
cblr-14238	713	53	possibly	possibly	ADV
cblr-14238	713	54	increased	increase	VERB
cblr-14238	713	55	predictability	predictability	NOUN
cblr-14238	713	56	of	of	ADP
cblr-14238	713	57	index	index	NOUN
cblr-14238	713	58	changes	change	NOUN
cblr-14238	713	59	.	.	PUNCT
cblr-14238	714	1	robin	robin	PROPN
cblr-14238	714	2	greenwood	greenwood	PROPN
cblr-14238	714	3	&	&	CCONJ
cblr-14238	714	4	marco	marco	PROPN
cblr-14238	714	5	c.	c.	PROPN
cblr-14238	714	6	sammon	sammon	PROPN
cblr-14238	714	7	,	,	PUNCT
cblr-14238	714	8	the	the	DET
cblr-14238	714	9	disappearing	disappear	VERB
cblr-14238	714	10	index	index	NOUN
cblr-14238	714	11	effect	effect	NOUN
cblr-14238	714	12	3	3	NUM
cblr-14238	714	13	(	(	PUNCT
cblr-14238	714	14	nat’l	nat’l	NUM
cblr-14238	714	15	bureau	bureau	PROPN
cblr-14238	714	16	econ	econ	PROPN
cblr-14238	714	17	.	.	PUNCT
cblr-14238	715	1	rsch	rsch	PROPN
cblr-14238	715	2	.	.	PUNCT
cblr-14238	715	3	,	,	PUNCT
cblr-14238	715	4	working	work	VERB
cblr-14238	715	5	paper	paper	NOUN
cblr-14238	715	6	no	no	NOUN
cblr-14238	715	7	.	.	PROPN
cblr-14238	715	8	30748	30748	NUM
cblr-14238	715	9	,	,	PUNCT
cblr-14238	715	10	2022	2022	NUM
cblr-14238	715	11	)	)	PUNCT
cblr-14238	715	12	,	,	PUNCT
cblr-14238	715	13	https://www.nber.org/system/files/working_papers/w30748/w30748.pdf	https://www.nber.org/system/files/working_papers/w30748/w30748.pdf	NOUN
cblr-14238	715	14	(	(	PUNCT
cblr-14238	715	15	concluding	conclude	VERB
cblr-14238	715	16	that	that	SCONJ
cblr-14238	715	17	the	the	DET
cblr-14238	715	18	abnormal	abnormal	ADJ
cblr-14238	715	19	return	return	NOUN
cblr-14238	715	20	on	on	ADP
cblr-14238	715	21	additions	addition	NOUN
cblr-14238	715	22	has	have	AUX
cblr-14238	715	23	fallen	fall	VERB
cblr-14238	715	24	from	from	ADP
cblr-14238	715	25	an	an	DET
cblr-14238	715	26	average	average	NOUN
cblr-14238	715	27	of	of	ADP
cblr-14238	715	28	3.4	3.4	NUM
cblr-14238	715	29	%	%	NOUN
cblr-14238	715	30	in	in	ADP
cblr-14238	715	31	the	the	DET
cblr-14238	715	32	1980s	1980	NOUN
cblr-14238	715	33	and	and	CCONJ
cblr-14238	715	34	7.6	7.6	NUM
cblr-14238	715	35	%	%	NOUN
cblr-14238	715	36	in	in	ADP
cblr-14238	715	37	the	the	DET
cblr-14238	715	38	1990s	1990s	NUM
cblr-14238	715	39	to	to	ADP
cblr-14238	715	40	0.8	0.8	NUM
cblr-14238	715	41	%	%	NOUN
cblr-14238	715	42	from	from	ADP
cblr-14238	715	43	2010	2010	NUM
cblr-14238	715	44	to	to	ADP
cblr-14238	715	45	2020	2020	NUM
cblr-14238	715	46	,	,	PUNCT
cblr-14238	715	47	and	and	CCONJ
cblr-14238	715	48	negative	negative	ADJ
cblr-14238	715	49	abnormal	abnormal	ADJ
cblr-14238	715	50	returns	return	NOUN
cblr-14238	715	51	on	on	ADP
cblr-14238	715	52	deletions	deletion	NOUN
cblr-14238	715	53	have	have	AUX
cblr-14238	715	54	fallen	fall	VERB
cblr-14238	715	55	to	to	ADP
cblr-14238	715	56	0.6	0.6	NUM
cblr-14238	715	57	%	%	NOUN
cblr-14238	715	58	between	between	ADP
cblr-14238	715	59	2010	2010	NUM
cblr-14238	715	60	and	and	CCONJ
cblr-14238	715	61	2020	2020	NUM
cblr-14238	715	62	)	)	PUNCT
cblr-14238	715	63	.	.	PUNCT
cblr-14238	716	1	sammon	sammon	PROPN
cblr-14238	716	2	found	find	VERB
cblr-14238	716	3	a	a	DET
cblr-14238	716	4	similar	similar	ADJ
cblr-14238	716	5	trend	trend	NOUN
cblr-14238	716	6	in	in	ADP
cblr-14238	716	7	the	the	DET
cblr-14238	716	8	russell	russell	PROPN
cblr-14238	716	9	1000	1000	NUM
cblr-14238	716	10	and	and	CCONJ
cblr-14238	716	11	2000	2000	NUM
cblr-14238	716	12	indices	index	NOUN
cblr-14238	716	13	.	.	PUNCT
cblr-14238	717	1	see	see	VERB
cblr-14238	717	2	chinco	chinco	NOUN
cblr-14238	717	3	&	&	CCONJ
cblr-14238	717	4	sammon	sammon	PROPN
cblr-14238	717	5	,	,	PUNCT
cblr-14238	717	6	supra	supra	PROPN
cblr-14238	717	7	note	note	PROPN
cblr-14238	717	8	7	7	NUM
cblr-14238	717	9	,	,	PUNCT
cblr-14238	717	10	at	at	ADP
cblr-14238	717	11	43	43	NUM
cblr-14238	717	12	.	.	PUNCT
cblr-14238	718	1	151	151	NUM
cblr-14238	718	2	winden	winden	PROPN
cblr-14238	718	3	&	&	CCONJ
cblr-14238	718	4	baker	baker	PROPN
cblr-14238	718	5	,	,	PUNCT
cblr-14238	718	6	supra	supra	PROPN
cblr-14238	718	7	note	note	PROPN
cblr-14238	718	8	17	17	NUM
cblr-14238	718	9	.	.	PUNCT
cblr-14238	719	1	no	no	INTJ
cblr-14238	719	2	.	.	NOUN
cblr-14238	719	3	2	2	NUM
cblr-14238	719	4	]	]	PUNCT
cblr-14238	719	5	regulation	regulation	NOUN
cblr-14238	719	6	by	by	ADP
cblr-14238	719	7	indexation	indexation	NOUN
cblr-14238	719	8	?	?	PUNCT
cblr-14238	720	1	769	769	NUM
cblr-14238	720	2	materially	materially	ADV
cblr-14238	720	3	adversely	adversely	ADV
cblr-14238	720	4	affect	affect	VERB
cblr-14238	720	5	the	the	DET
cblr-14238	720	6	cost	cost	NOUN
cblr-14238	720	7	of	of	ADP
cblr-14238	720	8	capital	capital	NOUN
cblr-14238	720	9	of	of	ADP
cblr-14238	720	10	excluded	exclude	VERB
cblr-14238	720	11	firms	firm	NOUN
cblr-14238	720	12	,	,	PUNCT
cblr-14238	720	13	and	and	CCONJ
cblr-14238	720	14	was	be	AUX
cblr-14238	720	15	not	not	PART
cblr-14238	720	16	an	an	DET
cblr-14238	720	17	adequate	adequate	ADJ
cblr-14238	720	18	sanctioning	sanction	VERB
cblr-14238	720	19	mechanism	mechanism	NOUN
cblr-14238	720	20	to	to	PART
cblr-14238	720	21	discourage	discourage	VERB
cblr-14238	720	22	multi	multi	ADJ
cblr-14238	720	23	-	-	ADJ
cblr-14238	720	24	class	class	ADJ
cblr-14238	720	25	stock	stock	NOUN
cblr-14238	720	26	listings.152	listings.152	PROPN
cblr-14238	720	27	thus	thus	ADV
cblr-14238	720	28	,	,	PUNCT
cblr-14238	720	29	we	we	PRON
cblr-14238	720	30	would	would	AUX
cblr-14238	720	31	expect	expect	VERB
cblr-14238	720	32	to	to	PART
cblr-14238	720	33	see	see	VERB
cblr-14238	720	34	little	little	ADJ
cblr-14238	720	35	regulatory	regulatory	ADJ
cblr-14238	720	36	impact	impact	NOUN
cblr-14238	720	37	on	on	ADP
cblr-14238	720	38	corporate	corporate	ADJ
cblr-14238	720	39	governance	governance	NOUN
cblr-14238	720	40	decisions	decision	NOUN
cblr-14238	720	41	by	by	ADP
cblr-14238	720	42	founders	founder	NOUN
cblr-14238	720	43	and	and	CCONJ
cblr-14238	720	44	their	their	PRON
cblr-14238	720	45	boards	board	NOUN
cblr-14238	720	46	of	of	ADP
cblr-14238	720	47	directors	director	NOUN
cblr-14238	720	48	.	.	PUNCT
cblr-14238	721	1	2	2	X
cblr-14238	721	2	.	.	X
cblr-14238	721	3	esg	esg	PROPN
cblr-14238	721	4	index	index	NOUN
cblr-14238	721	5	inclusion	inclusion	NOUN
cblr-14238	721	6	due	due	ADP
cblr-14238	721	7	to	to	ADP
cblr-14238	721	8	the	the	DET
cblr-14238	721	9	strong	strong	ADJ
cblr-14238	721	10	investor	investor	NOUN
cblr-14238	721	11	interest	interest	NOUN
cblr-14238	721	12	in	in	ADP
cblr-14238	721	13	esg	esg	PROPN
cblr-14238	721	14	investment	investment	NOUN
cblr-14238	721	15	factors	factor	NOUN
cblr-14238	721	16	,	,	PUNCT
cblr-14238	721	17	executives	executive	NOUN
cblr-14238	721	18	may	may	AUX
cblr-14238	721	19	believe	believe	VERB
cblr-14238	721	20	that	that	SCONJ
cblr-14238	721	21	being	be	AUX
cblr-14238	721	22	included	include	VERB
cblr-14238	721	23	in	in	ADP
cblr-14238	721	24	esg	esg	PROPN
cblr-14238	721	25	indices	index	NOUN
cblr-14238	721	26	such	such	ADJ
cblr-14238	721	27	as	as	ADP
cblr-14238	721	28	the	the	DET
cblr-14238	721	29	dow	dow	PROPN
cblr-14238	721	30	jones	jones	PROPN
cblr-14238	721	31	sustainability	sustainability	PROPN
cblr-14238	721	32	indicies	indicie	NOUN
cblr-14238	721	33	(	(	PUNCT
cblr-14238	721	34	“	"	PUNCT
cblr-14238	721	35	djsi	djsi	PROPN
cblr-14238	721	36	”	"	PUNCT
cblr-14238	721	37	)	)	PUNCT
cblr-14238	721	38	will	will	AUX
cblr-14238	721	39	generate	generate	VERB
cblr-14238	721	40	financial	financial	ADJ
cblr-14238	721	41	benefits.153	benefits.153	VERB
cblr-14238	721	42	in	in	ADP
cblr-14238	721	43	fact	fact	NOUN
cblr-14238	721	44	,	,	PUNCT
cblr-14238	721	45	a	a	DET
cblr-14238	721	46	number	number	NOUN
cblr-14238	721	47	of	of	ADP
cblr-14238	721	48	studies	study	NOUN
cblr-14238	721	49	suggest	suggest	VERB
cblr-14238	721	50	that	that	SCONJ
cblr-14238	721	51	management	management	NOUN
cblr-14238	721	52	at	at	ADP
cblr-14238	721	53	many	many	ADJ
cblr-14238	721	54	firms	firm	NOUN
cblr-14238	721	55	assume	assume	VERB
cblr-14238	721	56	that	that	SCONJ
cblr-14238	721	57	external	external	ADJ
cblr-14238	721	58	validation	validation	NOUN
cblr-14238	721	59	of	of	ADP
cblr-14238	721	60	their	their	PRON
cblr-14238	721	61	sustainability	sustainability	NOUN
cblr-14238	721	62	efforts	effort	NOUN
cblr-14238	721	63	can	can	AUX
cblr-14238	721	64	lead	lead	VERB
cblr-14238	721	65	to	to	ADP
cblr-14238	721	66	higher	high	ADJ
cblr-14238	721	67	corporate	corporate	ADJ
cblr-14238	721	68	valuations	valuation	NOUN
cblr-14238	721	69	and	and	CCONJ
cblr-14238	721	70	long	long	ADJ
cblr-14238	721	71	-	-	PUNCT
cblr-14238	721	72	term	term	NOUN
cblr-14238	721	73	value	value	NOUN
cblr-14238	721	74	enhancement	enhancement	NOUN
cblr-14238	721	75	—	—	PUNCT
cblr-14238	721	76	and	and	CCONJ
cblr-14238	721	77	some	some	PRON
cblr-14238	721	78	of	of	ADP
cblr-14238	721	79	those	those	DET
cblr-14238	721	80	studies	study	NOUN
cblr-14238	721	81	suggest	suggest	VERB
cblr-14238	721	82	that	that	SCONJ
cblr-14238	721	83	esg	esg	PROPN
cblr-14238	721	84	index	index	NOUN
cblr-14238	721	85	inclusion	inclusion	NOUN
cblr-14238	721	86	leads	lead	VERB
cblr-14238	721	87	to	to	ADP
cblr-14238	721	88	higher	high	ADJ
cblr-14238	721	89	share	share	NOUN
cblr-14238	721	90	prices.154	prices.154	NOUN
cblr-14238	721	91	they	they	PRON
cblr-14238	721	92	are	be	AUX
cblr-14238	721	93	not	not	PART
cblr-14238	721	94	alone	alone	ADJ
cblr-14238	721	95	.	.	PUNCT
cblr-14238	722	1	some	some	DET
cblr-14238	722	2	investors	investor	NOUN
cblr-14238	722	3	also	also	ADV
cblr-14238	722	4	believe	believe	VERB
cblr-14238	722	5	that	that	SCONJ
cblr-14238	722	6	companies	company	NOUN
cblr-14238	722	7	satisfying	satisfy	VERB
cblr-14238	722	8	esg	esg	NOUN
cblr-14238	722	9	investment	investment	NOUN
cblr-14238	722	10	criteria	criterion	NOUN
cblr-14238	722	11	can	can	AUX
cblr-14238	722	12	obtain	obtain	VERB
cblr-14238	722	13	lower	low	ADJ
cblr-14238	722	14	costs	cost	NOUN
cblr-14238	722	15	of	of	ADP
cblr-14238	722	16	capital	capital	NOUN
cblr-14238	722	17	as	as	ADP
cblr-14238	722	18	152	152	NUM
cblr-14238	722	19	i	i	PROPN
cblr-14238	722	20	d.	d.	PROPN
cblr-14238	722	21	this	this	DET
cblr-14238	722	22	result	result	NOUN
cblr-14238	722	23	is	be	AUX
cblr-14238	722	24	consistent	consistent	ADJ
cblr-14238	722	25	with	with	ADP
cblr-14238	722	26	brest	brest	NOUN
cblr-14238	722	27	,	,	PUNCT
cblr-14238	722	28	gilson	gilson	PROPN
cblr-14238	722	29	and	and	CCONJ
cblr-14238	722	30	wolfson	wolfson	PROPN
cblr-14238	722	31	’s	’s	PART
cblr-14238	722	32	theory	theory	NOUN
cblr-14238	722	33	that	that	SCONJ
cblr-14238	722	34	it	it	PRON
cblr-14238	722	35	is	be	AUX
cblr-14238	722	36	very	very	ADV
cblr-14238	722	37	difficult	difficult	ADJ
cblr-14238	722	38	to	to	PART
cblr-14238	722	39	create	create	VERB
cblr-14238	722	40	governance	governance	NOUN
cblr-14238	722	41	incentives	incentive	NOUN
cblr-14238	722	42	through	through	ADP
cblr-14238	722	43	the	the	DET
cblr-14238	722	44	public	public	ADJ
cblr-14238	722	45	capital	capital	NOUN
cblr-14238	722	46	markets	market	NOUN
cblr-14238	722	47	.	.	PUNCT
cblr-14238	723	1	153	153	NUM
cblr-14238	723	2	see	see	VERB
cblr-14238	723	3	carlos	carlos	PROPN
cblr-14238	723	4	&	&	CCONJ
cblr-14238	723	5	lewis	lewis	PROPN
cblr-14238	723	6	,	,	PUNCT
cblr-14238	723	7	supra	supra	PROPN
cblr-14238	723	8	note	note	NOUN
cblr-14238	723	9	111	111	NUM
cblr-14238	723	10	.	.	PUNCT
cblr-14238	724	1	154	154	NUM
cblr-14238	724	2	john	john	PROPN
cblr-14238	724	3	peloza	peloza	PROPN
cblr-14238	724	4	et	et	PROPN
cblr-14238	724	5	al	al	PROPN
cblr-14238	724	6	.	.	PROPN
cblr-14238	724	7	,	,	PUNCT
cblr-14238	724	8	sustainability	sustainability	NOUN
cblr-14238	724	9	:	:	PUNCT
cblr-14238	724	10	how	how	SCONJ
cblr-14238	724	11	stakeholder	stakeholder	NOUN
cblr-14238	724	12	perceptions	perception	NOUN
cblr-14238	724	13	differ	differ	VERB
cblr-14238	724	14	from	from	ADP
cblr-14238	724	15	corporate	corporate	ADJ
cblr-14238	724	16	reality	reality	NOUN
cblr-14238	724	17	,	,	PUNCT
cblr-14238	724	18	55	55	NUM
cblr-14238	724	19	cal	cal	NOUN
cblr-14238	724	20	.	.	PUNCT
cblr-14238	725	1	mgmt	mgmt	PROPN
cblr-14238	725	2	.	.	PUNCT
cblr-14238	725	3	rev	rev	PROPN
cblr-14238	725	4	.	.	PROPN
cblr-14238	725	5	74	74	NUM
cblr-14238	725	6	(	(	PUNCT
cblr-14238	725	7	2012	2012	NUM
cblr-14238	725	8	)	)	PUNCT
cblr-14238	725	9	;	;	PUNCT
cblr-14238	725	10	marc	marc	PROPN
cblr-14238	725	11	orlitzky	orlitzky	PROPN
cblr-14238	725	12	,	,	PUNCT
cblr-14238	725	13	frank	frank	PROPN
cblr-14238	725	14	schmidt	schmidt	PROPN
cblr-14238	725	15	&	&	CCONJ
cblr-14238	725	16	sara	sara	PROPN
cblr-14238	725	17	rynes	ryne	NOUN
cblr-14238	725	18	,	,	PUNCT
cblr-14238	725	19	corporate	corporate	ADJ
cblr-14238	725	20	social	social	ADJ
cblr-14238	725	21	and	and	CCONJ
cblr-14238	725	22	financial	financial	ADJ
cblr-14238	725	23	performance	performance	NOUN
cblr-14238	725	24	:	:	PUNCT
cblr-14238	725	25	a	a	DET
cblr-14238	725	26	meta	meta	ADJ
cblr-14238	725	27	-	-	PUNCT
cblr-14238	725	28	analysis	analysis	NOUN
cblr-14238	725	29	,	,	PUNCT
cblr-14238	725	30	24	24	NUM
cblr-14238	725	31	org	org	NOUN
cblr-14238	725	32	.	.	PUNCT
cblr-14238	725	33	stud	stud	PROPN
cblr-14238	725	34	.	.	PUNCT
cblr-14238	726	1	403	403	NUM
cblr-14238	726	2	(	(	PUNCT
cblr-14238	726	3	2003	2003	NUM
cblr-14238	726	4	)	)	PUNCT
cblr-14238	726	5	(	(	PUNCT
cblr-14238	726	6	concluding	conclude	VERB
cblr-14238	726	7	that	that	SCONJ
cblr-14238	726	8	executives	executive	NOUN
cblr-14238	726	9	understand	understand	VERB
cblr-14238	726	10	the	the	DET
cblr-14238	726	11	importance	importance	NOUN
cblr-14238	726	12	of	of	ADP
cblr-14238	726	13	sustainability	sustainability	NOUN
cblr-14238	726	14	to	to	ADP
cblr-14238	726	15	reputation	reputation	NOUN
cblr-14238	726	16	but	but	CCONJ
cblr-14238	726	17	do	do	AUX
cblr-14238	726	18	not	not	PART
cblr-14238	726	19	know	know	VERB
cblr-14238	726	20	how	how	SCONJ
cblr-14238	726	21	to	to	PART
cblr-14238	726	22	use	use	VERB
cblr-14238	726	23	positive	positive	ADJ
cblr-14238	726	24	performance	performance	NOUN
cblr-14238	726	25	to	to	PART
cblr-14238	726	26	differentiate	differentiate	VERB
cblr-14238	726	27	themselves	themselves	PRON
cblr-14238	726	28	from	from	ADP
cblr-14238	726	29	competitors	competitor	NOUN
cblr-14238	726	30	)	)	PUNCT
cblr-14238	726	31	;	;	PUNCT
cblr-14238	726	32	michael	michael	PROPN
cblr-14238	726	33	robinson	robinson	PROPN
cblr-14238	726	34	,	,	PUNCT
cblr-14238	726	35	anne	anne	PROPN
cblr-14238	726	36	kleffner	kleffner	PROPN
cblr-14238	726	37	&	&	CCONJ
cblr-14238	726	38	stephanie	stephanie	PROPN
cblr-14238	726	39	bertels	bertels	PROPN
cblr-14238	726	40	,	,	PUNCT
cblr-14238	726	41	signaling	signal	VERB
cblr-14238	726	42	sustainability	sustainability	NOUN
cblr-14238	726	43	leadership	leadership	NOUN
cblr-14238	726	44	:	:	PUNCT
cblr-14238	726	45	empirical	empirical	ADJ
cblr-14238	726	46	evidence	evidence	NOUN
cblr-14238	726	47	of	of	ADP
cblr-14238	726	48	the	the	DET
cblr-14238	726	49	value	value	NOUN
cblr-14238	726	50	of	of	ADP
cblr-14238	726	51	djsi	djsi	NUM
cblr-14238	726	52	membership	membership	NOUN
cblr-14238	726	53	,	,	PUNCT
cblr-14238	726	54	101	101	NUM
cblr-14238	726	55	j.	j.	PROPN
cblr-14238	726	56	bus	bus	PROPN
cblr-14238	726	57	.	.	PUNCT
cblr-14238	727	1	ethics	ethic	NOUN
cblr-14238	727	2	,	,	PUNCT
cblr-14238	727	3	493	493	NUM
cblr-14238	727	4	(	(	PUNCT
cblr-14238	727	5	july	july	PROPN
cblr-14238	727	6	2011	2011	NUM
cblr-14238	727	7	)	)	PUNCT
cblr-14238	728	1	(	(	PUNCT
cblr-14238	728	2	showing	show	VERB
cblr-14238	728	3	that	that	DET
cblr-14238	728	4	addition	addition	NOUN
cblr-14238	728	5	to	to	ADP
cblr-14238	728	6	the	the	DET
cblr-14238	728	7	djsi	djsi	NOUN
cblr-14238	728	8	results	result	NOUN
cblr-14238	728	9	in	in	ADP
cblr-14238	728	10	a	a	DET
cblr-14238	728	11	sustained	sustained	ADJ
cblr-14238	728	12	increase	increase	NOUN
cblr-14238	728	13	in	in	ADP
cblr-14238	728	14	a	a	DET
cblr-14238	728	15	firm	firm	NOUN
cblr-14238	728	16	’s	’s	PART
cblr-14238	728	17	share	share	NOUN
cblr-14238	728	18	price	price	NOUN
cblr-14238	728	19	and	and	CCONJ
cblr-14238	728	20	concluding	conclude	VERB
cblr-14238	728	21	the	the	DET
cblr-14238	728	22	benefits	benefit	NOUN
cblr-14238	728	23	of	of	ADP
cblr-14238	728	24	inclusion	inclusion	NOUN
cblr-14238	728	25	outweigh	outweigh	VERB
cblr-14238	728	26	the	the	DET
cblr-14238	728	27	costs	cost	NOUN
cblr-14238	728	28	of	of	ADP
cblr-14238	728	29	complying	comply	VERB
cblr-14238	728	30	with	with	ADP
cblr-14238	728	31	eligibility	eligibility	NOUN
cblr-14238	728	32	criteria	criterion	NOUN
cblr-14238	728	33	)	)	PUNCT
cblr-14238	728	34	;	;	PUNCT
cblr-14238	728	35	david	david	PROPN
cblr-14238	728	36	j.	j.	PROPN
cblr-14238	728	37	vogel	vogel	PROPN
cblr-14238	728	38	,	,	PUNCT
cblr-14238	728	39	is	be	AUX
cblr-14238	728	40	there	there	PRON
cblr-14238	728	41	a	a	DET
cblr-14238	728	42	market	market	NOUN
cblr-14238	728	43	for	for	ADP
cblr-14238	728	44	virtue	virtue	NOUN
cblr-14238	728	45	?	?	PUNCT
cblr-14238	729	1	the	the	DET
cblr-14238	729	2	business	business	NOUN
cblr-14238	729	3	case	case	NOUN
cblr-14238	729	4	for	for	ADP
cblr-14238	729	5	corporate	corporate	ADJ
cblr-14238	729	6	social	social	ADJ
cblr-14238	729	7	responsibility	responsibility	NOUN
cblr-14238	729	8	,	,	PUNCT
cblr-14238	729	9	47	47	NUM
cblr-14238	729	10	cal	cal	NOUN
cblr-14238	729	11	.	.	PUNCT
cblr-14238	730	1	mgmt	mgmt	PROPN
cblr-14238	730	2	.	.	PUNCT
cblr-14238	731	1	rev	rev	PROPN
cblr-14238	731	2	.	.	PROPN
cblr-14238	731	3	19	19	NUM
cblr-14238	731	4	(	(	PUNCT
cblr-14238	731	5	summer	summer	NOUN
cblr-14238	731	6	2005	2005	NUM
cblr-14238	731	7	)	)	PUNCT
cblr-14238	731	8	(	(	PUNCT
cblr-14238	731	9	finding	find	VERB
cblr-14238	731	10	little	little	ADJ
cblr-14238	731	11	support	support	NOUN
cblr-14238	731	12	for	for	ADP
cblr-14238	731	13	the	the	DET
cblr-14238	731	14	claim	claim	NOUN
cblr-14238	731	15	that	that	SCONJ
cblr-14238	731	16	responsible	responsible	ADJ
cblr-14238	731	17	firms	firm	NOUN
cblr-14238	731	18	are	be	AUX
cblr-14238	731	19	more	more	ADV
cblr-14238	731	20	profitable	profitable	ADJ
cblr-14238	731	21	,	,	PUNCT
cblr-14238	731	22	but	but	CCONJ
cblr-14238	731	23	that	that	SCONJ
cblr-14238	731	24	corporate	corporate	ADJ
cblr-14238	731	25	social	social	ADJ
cblr-14238	731	26	responsibility	responsibility	NOUN
cblr-14238	731	27	makes	make	VERB
cblr-14238	731	28	business	business	NOUN
cblr-14238	731	29	sense	sense	NOUN
cblr-14238	731	30	for	for	ADP
cblr-14238	731	31	some	some	DET
cblr-14238	731	32	firms	firm	NOUN
cblr-14238	731	33	in	in	ADP
cblr-14238	731	34	some	some	DET
cblr-14238	731	35	circumstances	circumstance	NOUN
cblr-14238	731	36	)	)	PUNCT
cblr-14238	731	37	.	.	PUNCT
cblr-14238	732	1	770	770	NUM
cblr-14238	732	2	columbia	columbia	PROPN
cblr-14238	732	3	business	business	NOUN
cblr-14238	732	4	law	law	PROPN
cblr-14238	732	5	review	review	NOUN
cblr-14238	732	6	[	[	X
cblr-14238	732	7	vol	vol	NOUN
cblr-14238	732	8	.	.	NOUN
cblr-14238	732	9	2024	2024	NUM
cblr-14238	732	10	they	they	PRON
cblr-14238	732	11	are	be	AUX
cblr-14238	732	12	rewarded	reward	VERB
cblr-14238	732	13	by	by	ADP
cblr-14238	732	14	investors	investor	NOUN
cblr-14238	732	15	for	for	ADP
cblr-14238	732	16	being	be	AUX
cblr-14238	732	17	“	"	PUNCT
cblr-14238	732	18	greener	green	ADJ
cblr-14238	732	19	”	"	PUNCT
cblr-14238	732	20	than	than	ADP
cblr-14238	732	21	their	their	PRON
cblr-14238	732	22	peers.155	peers.155	NOUN
cblr-14238	732	23	however	however	ADV
cblr-14238	732	24	,	,	PUNCT
cblr-14238	732	25	as	as	SCONJ
cblr-14238	732	26	discussed	discuss	VERB
cblr-14238	732	27	above	above	ADV
cblr-14238	732	28	,	,	PUNCT
cblr-14238	732	29	values	value	NOUN
cblr-14238	732	30	-	-	PUNCT
cblr-14238	732	31	neutral	neutral	ADJ
cblr-14238	732	32	investors	investor	NOUN
cblr-14238	732	33	can	can	AUX
cblr-14238	732	34	be	be	AUX
cblr-14238	732	35	expected	expect	VERB
cblr-14238	732	36	to	to	PART
cblr-14238	732	37	absorb	absorb	VERB
cblr-14238	732	38	most	most	ADJ
cblr-14238	732	39	of	of	ADP
cblr-14238	732	40	the	the	DET
cblr-14238	732	41	benefit	benefit	NOUN
cblr-14238	732	42	from	from	ADP
cblr-14238	732	43	inclusion	inclusion	NOUN
cblr-14238	732	44	in	in	ADP
cblr-14238	732	45	or	or	CCONJ
cblr-14238	732	46	diminish	diminish	VERB
cblr-14238	732	47	the	the	DET
cblr-14238	732	48	cost	cost	NOUN
cblr-14238	732	49	of	of	ADP
cblr-14238	732	50	exclusion	exclusion	NOUN
cblr-14238	732	51	from	from	ADP
cblr-14238	732	52	esg	esg	PROPN
cblr-14238	732	53	indices	index	NOUN
cblr-14238	732	54	to	to	ADP
cblr-14238	732	55	the	the	DET
cblr-14238	732	56	extent	extent	NOUN
cblr-14238	732	57	such	such	ADJ
cblr-14238	732	58	benefits	benefit	NOUN
cblr-14238	732	59	and	and	CCONJ
cblr-14238	732	60	costs	cost	NOUN
cblr-14238	732	61	are	be	AUX
cblr-14238	732	62	inconsistent	inconsistent	ADJ
cblr-14238	732	63	with	with	ADP
cblr-14238	732	64	the	the	DET
cblr-14238	732	65	intrinsic	intrinsic	ADJ
cblr-14238	732	66	value	value	NOUN
cblr-14238	732	67	of	of	ADP
cblr-14238	732	68	the	the	DET
cblr-14238	732	69	companies	company	NOUN
cblr-14238	732	70	concerned	concern	VERB
cblr-14238	732	71	.	.	PUNCT
cblr-14238	733	1	thus	thus	ADV
cblr-14238	733	2	,	,	PUNCT
cblr-14238	733	3	inclusion	inclusion	NOUN
cblr-14238	733	4	is	be	AUX
cblr-14238	733	5	unlikely	unlikely	ADJ
cblr-14238	733	6	to	to	PART
cblr-14238	733	7	be	be	AUX
cblr-14238	733	8	a	a	DET
cblr-14238	733	9	sufficient	sufficient	ADJ
cblr-14238	733	10	subsidy	subsidy	NOUN
cblr-14238	733	11	and	and	CCONJ
cblr-14238	733	12	exclusion	exclusion	NOUN
cblr-14238	733	13	is	be	AUX
cblr-14238	733	14	unlikely	unlikely	ADJ
cblr-14238	733	15	to	to	PART
cblr-14238	733	16	be	be	AUX
cblr-14238	733	17	a	a	DET
cblr-14238	733	18	sufficient	sufficient	ADJ
cblr-14238	733	19	cost	cost	NOUN
cblr-14238	733	20	to	to	PART
cblr-14238	733	21	affect	affect	VERB
cblr-14238	733	22	the	the	DET
cblr-14238	733	23	choices	choice	NOUN
cblr-14238	733	24	of	of	ADP
cblr-14238	733	25	founders	founder	NOUN
cblr-14238	733	26	and/or	and/or	CCONJ
cblr-14238	733	27	managers	manager	NOUN
cblr-14238	733	28	.	.	PUNCT
cblr-14238	734	1	the	the	DET
cblr-14238	734	2	economics	economic	NOUN
cblr-14238	734	3	should	should	AUX
cblr-14238	734	4	be	be	AUX
cblr-14238	734	5	similar	similar	ADJ
cblr-14238	734	6	to	to	ADP
cblr-14238	734	7	(	(	PUNCT
cblr-14238	734	8	but	but	CCONJ
cblr-14238	734	9	due	due	ADP
cblr-14238	734	10	to	to	ADP
cblr-14238	734	11	smaller	small	ADJ
cblr-14238	734	12	amounts	amount	NOUN
cblr-14238	734	13	invested	invest	VERB
cblr-14238	734	14	in	in	ADP
cblr-14238	734	15	esg	esg	PROPN
cblr-14238	734	16	funds	fund	NOUN
cblr-14238	734	17	,	,	PUNCT
cblr-14238	734	18	even	even	ADV
cblr-14238	734	19	more	more	ADV
cblr-14238	734	20	attenuated	attenuated	ADJ
cblr-14238	734	21	than	than	ADP
cblr-14238	734	22	)	)	PUNCT
cblr-14238	734	23	inclusion	inclusion	NOUN
cblr-14238	734	24	in	in	ADP
cblr-14238	734	25	and	and	CCONJ
cblr-14238	734	26	exclusion	exclusion	NOUN
cblr-14238	734	27	from	from	ADP
cblr-14238	734	28	benchmark	benchmark	ADJ
cblr-14238	734	29	equity	equity	NOUN
cblr-14238	734	30	indices	index	NOUN
cblr-14238	734	31	.	.	PUNCT
cblr-14238	735	1	while	while	SCONJ
cblr-14238	735	2	some	some	DET
cblr-14238	735	3	short	short	ADJ
cblr-14238	735	4	-	-	PUNCT
cblr-14238	735	5	term	term	NOUN
cblr-14238	735	6	studies	study	NOUN
cblr-14238	735	7	in	in	ADP
cblr-14238	735	8	limited	limited	ADJ
cblr-14238	735	9	markets	market	NOUN
cblr-14238	735	10	have	have	AUX
cblr-14238	735	11	suggested	suggest	VERB
cblr-14238	735	12	that	that	SCONJ
cblr-14238	735	13	inclusion	inclusion	NOUN
cblr-14238	735	14	in	in	ADP
cblr-14238	735	15	an	an	DET
cblr-14238	735	16	esg	esg	NOUN
cblr-14238	735	17	index	index	NOUN
cblr-14238	735	18	can	can	AUX
cblr-14238	735	19	have	have	VERB
cblr-14238	735	20	positive	positive	ADJ
cblr-14238	735	21	effects	effect	NOUN
cblr-14238	735	22	for	for	ADP
cblr-14238	735	23	companies,156	companies,156	PROPN
cblr-14238	735	24	and	and	CCONJ
cblr-14238	735	25	exclusion	exclusion	NOUN
cblr-14238	735	26	from	from	ADP
cblr-14238	735	27	an	an	DET
cblr-14238	735	28	esg	esg	NOUN
cblr-14238	735	29	index	index	NOUN
cblr-14238	735	30	can	can	AUX
cblr-14238	735	31	have	have	VERB
cblr-14238	735	32	negative	negative	ADJ
cblr-14238	735	33	price	price	NOUN
cblr-14238	735	34	effects,157	effects,157	ADV
cblr-14238	735	35	a	a	DET
cblr-14238	735	36	more	more	ADV
cblr-14238	735	37	recent	recent	ADJ
cblr-14238	735	38	,	,	PUNCT
cblr-14238	735	39	broader	broad	ADJ
cblr-14238	735	40	study	study	NOUN
cblr-14238	735	41	has	have	AUX
cblr-14238	735	42	cast	cast	VERB
cblr-14238	735	43	doubt	doubt	NOUN
cblr-14238	735	44	on	on	ADP
cblr-14238	735	45	the	the	DET
cblr-14238	735	46	earlier	early	ADJ
cblr-14238	735	47	studies	study	NOUN
cblr-14238	735	48	.	.	PUNCT
cblr-14238	736	1	in	in	ADP
cblr-14238	736	2	a	a	DET
cblr-14238	736	3	longitudinal	longitudinal	ADJ
cblr-14238	736	4	financial	financial	ADJ
cblr-14238	736	5	event	event	NOUN
cblr-14238	736	6	study	study	NOUN
cblr-14238	736	7	of	of	ADP
cblr-14238	736	8	how	how	SCONJ
cblr-14238	736	9	investors	investor	NOUN
cblr-14238	736	10	react	react	VERB
cblr-14238	736	11	to	to	ADP
cblr-14238	736	12	the	the	DET
cblr-14238	736	13	news	news	NOUN
cblr-14238	736	14	about	about	ADP
cblr-14238	736	15	firms	firm	NOUN
cblr-14238	736	16	being	be	AUX
cblr-14238	736	17	added	add	VERB
cblr-14238	736	18	,	,	PUNCT
cblr-14238	736	19	deleted	delete	VERB
cblr-14238	736	20	,	,	PUNCT
cblr-14238	736	21	or	or	CCONJ
cblr-14238	736	22	retained	retain	VERB
cblr-14238	736	23	on	on	ADP
cblr-14238	736	24	the	the	DET
cblr-14238	736	25	first	first	ADJ
cblr-14238	736	26	globally	globally	ADV
cblr-14238	736	27	representative	representative	ADJ
cblr-14238	736	28	sustainability	sustainability	NOUN
cblr-14238	736	29	index	index	NOUN
cblr-14238	736	30	,	,	PUNCT
cblr-14238	736	31	the	the	DET
cblr-14238	736	32	djsi	djsi	NUM
cblr-14238	736	33	world	world	NOUN
cblr-14238	736	34	index	index	NOUN
cblr-14238	736	35	from	from	ADP
cblr-14238	736	36	1999	1999	NUM
cblr-14238	736	37	to	to	ADP
cblr-14238	736	38	2015	2015	NUM
cblr-14238	736	39	,	,	PUNCT
cblr-14238	736	40	olga	olga	PROPN
cblr-14238	736	41	hawn	hawn	PROPN
cblr-14238	736	42	,	,	PUNCT
cblr-14238	736	43	aaron	aaron	PROPN
cblr-14238	736	44	k.	k.	PROPN
cblr-14238	736	45	chatterji	chatterji	PROPN
cblr-14238	736	46	and	and	CCONJ
cblr-14238	736	47	will	will	AUX
cblr-14238	736	48	mitchell	mitchell	PROPN
cblr-14238	736	49	found	find	VERB
cblr-14238	736	50	evidence	evidence	NOUN
cblr-14238	736	51	that	that	SCONJ
cblr-14238	736	52	investors	investor	NOUN
cblr-14238	736	53	do	do	AUX
cblr-14238	736	54	not	not	PART
cblr-14238	736	55	consider	consider	VERB
cblr-14238	736	56	additions	addition	NOUN
cblr-14238	736	57	to	to	PART
cblr-14238	736	58	and	and	CCONJ
cblr-14238	736	59	deletions	deletion	NOUN
cblr-14238	736	60	from	from	ADP
cblr-14238	736	61	esg	esg	PROPN
cblr-14238	736	62	indices	index	NOUN
cblr-14238	736	63	significant	significant	ADJ
cblr-14238	736	64	from	from	ADP
cblr-14238	736	65	an	an	DET
cblr-14238	736	66	investment	investment	NOUN
cblr-14238	736	67	point	point	NOUN
cblr-14238	736	68	of	of	ADP
cblr-14238	736	69	view.158	view.158	NOUN
cblr-14238	736	70	155	155	NUM
cblr-14238	736	71	pictet	pictet	NOUN
cblr-14238	736	72	asset	asset	NOUN
cblr-14238	736	73	management	management	NOUN
cblr-14238	736	74	,	,	PUNCT
cblr-14238	736	75	a	a	DET
cblr-14238	736	76	secular	secular	ADJ
cblr-14238	736	77	outlook	outlook	NOUN
cblr-14238	736	78	2018	2018	NUM
cblr-14238	736	79	,	,	PUNCT
cblr-14238	736	80	19	19	NUM
cblr-14238	736	81	(	(	PUNCT
cblr-14238	736	82	2018	2018	NUM
cblr-14238	736	83	)	)	PUNCT
cblr-14238	736	84	.	.	PUNCT
cblr-14238	737	1	156	156	NUM
cblr-14238	737	2	see	see	VERB
cblr-14238	737	3	hartzmark	hartzmark	NOUN
cblr-14238	737	4	&	&	CCONJ
cblr-14238	737	5	sussman	sussman	PROPN
cblr-14238	737	6	,	,	PUNCT
cblr-14238	737	7	supra	supra	PROPN
cblr-14238	737	8	note	note	VERB
cblr-14238	737	9	107	107	NUM
cblr-14238	737	10	.	.	PUNCT
cblr-14238	738	1	157	157	NUM
cblr-14238	738	2	jonathan	jonathan	PROPN
cblr-14238	738	3	p.	p.	PROPN
cblr-14238	738	4	doh	doh	PROPN
cblr-14238	738	5	,	,	PUNCT
cblr-14238	738	6	et	et	PROPN
cblr-14238	738	7	al	al	PROPN
cblr-14238	738	8	.	.	PROPN
cblr-14238	738	9	,	,	PUNCT
cblr-14238	738	10	does	do	AUX
cblr-14238	738	11	the	the	DET
cblr-14238	738	12	market	market	NOUN
cblr-14238	738	13	respond	respond	VERB
cblr-14238	738	14	to	to	ADP
cblr-14238	738	15	an	an	DET
cblr-14238	738	16	endorsement	endorsement	NOUN
cblr-14238	738	17	of	of	ADP
cblr-14238	738	18	social	social	ADJ
cblr-14238	738	19	responsibility	responsibility	NOUN
cblr-14238	738	20	?	?	PUNCT
cblr-14238	739	1	the	the	DET
cblr-14238	739	2	role	role	NOUN
cblr-14238	739	3	of	of	ADP
cblr-14238	739	4	institutions	institution	NOUN
cblr-14238	739	5	,	,	PUNCT
cblr-14238	739	6	information	information	NOUN
cblr-14238	739	7	and	and	CCONJ
cblr-14238	739	8	legitimacy	legitimacy	NOUN
cblr-14238	739	9	,	,	PUNCT
cblr-14238	739	10	36	36	NUM
cblr-14238	739	11	j.	j.	PROPN
cblr-14238	739	12	mgmt	mgmt	PROPN
cblr-14238	739	13	.	.	PROPN
cblr-14238	739	14	1461	1461	NUM
cblr-14238	739	15	(	(	PUNCT
cblr-14238	739	16	2010	2010	NUM
cblr-14238	739	17	)	)	PUNCT
cblr-14238	739	18	(	(	PUNCT
cblr-14238	739	19	concluding	conclude	VERB
cblr-14238	739	20	that	that	DET
cblr-14238	739	21	deletion	deletion	NOUN
cblr-14238	739	22	from	from	ADP
cblr-14238	739	23	the	the	DET
cblr-14238	739	24	calvert	calvert	NOUN
cblr-14238	739	25	social	social	ADJ
cblr-14238	739	26	index	index	NOUN
cblr-14238	739	27	has	have	VERB
cblr-14238	739	28	an	an	DET
cblr-14238	739	29	adverse	adverse	ADJ
cblr-14238	739	30	effect	effect	NOUN
cblr-14238	739	31	on	on	ADP
cblr-14238	739	32	stock	stock	NOUN
cblr-14238	739	33	price	price	NOUN
cblr-14238	739	34	of	of	ADP
cblr-14238	739	35	deleted	delete	VERB
cblr-14238	739	36	firms	firm	NOUN
cblr-14238	739	37	)	)	PUNCT
cblr-14238	739	38	.	.	PUNCT
cblr-14238	740	1	158	158	NUM
cblr-14238	740	2	olga	olga	PROPN
cblr-14238	740	3	hawn	hawn	PROPN
cblr-14238	740	4	,	,	PUNCT
cblr-14238	740	5	aaron	aaron	PROPN
cblr-14238	740	6	k.	k.	PROPN
cblr-14238	740	7	chatterji	chatterji	PROPN
cblr-14238	740	8	&	&	CCONJ
cblr-14238	740	9	will	will	PROPN
cblr-14238	740	10	mitchell	mitchell	PROPN
cblr-14238	740	11	,	,	PUNCT
cblr-14238	740	12	do	do	AUX
cblr-14238	740	13	investors	investor	NOUN
cblr-14238	740	14	actually	actually	ADV
cblr-14238	740	15	value	value	VERB
cblr-14238	740	16	sustainability	sustainability	NOUN
cblr-14238	740	17	?	?	PUNCT
cblr-14238	741	1	new	new	ADJ
cblr-14238	741	2	evidence	evidence	NOUN
cblr-14238	741	3	from	from	ADP
cblr-14238	741	4	investor	investor	NOUN
cblr-14238	741	5	reactions	reaction	NOUN
cblr-14238	741	6	to	to	ADP
cblr-14238	741	7	the	the	DET
cblr-14238	741	8	dow	dow	PROPN
cblr-14238	741	9	jones	jones	PROPN
cblr-14238	741	10	sustainability	sustainability	PROPN
cblr-14238	741	11	index	index	NOUN
cblr-14238	741	12	(	(	PUNCT
cblr-14238	741	13	djsi	djsi	NUM
cblr-14238	741	14	)	)	PUNCT
cblr-14238	741	15	,	,	PUNCT
cblr-14238	741	16	39	39	NUM
cblr-14238	741	17	strat	strat	NOUN
cblr-14238	741	18	.	.	PUNCT
cblr-14238	741	19	mgmt	mgmt	PROPN
cblr-14238	741	20	.	.	PUNCT
cblr-14238	742	1	j.	j.	PROPN
cblr-14238	742	2	949	949	PROPN
cblr-14238	742	3	(	(	PUNCT
cblr-14238	742	4	2018	2018	NUM
cblr-14238	742	5	)	)	PUNCT
cblr-14238	742	6	(	(	PUNCT
cblr-14238	742	7	examining	examine	VERB
cblr-14238	742	8	investor	investor	NOUN
cblr-14238	742	9	reactions	reaction	NOUN
cblr-14238	742	10	from	from	ADP
cblr-14238	742	11	27	27	NUM
cblr-14238	742	12	countries	country	NOUN
cblr-14238	742	13	over	over	ADP
cblr-14238	742	14	17	17	NUM
cblr-14238	742	15	years	year	NOUN
cblr-14238	742	16	to	to	ADP
cblr-14238	742	17	additions	addition	NOUN
cblr-14238	742	18	and	and	CCONJ
cblr-14238	742	19	deletions	deletion	NOUN
cblr-14238	742	20	from	from	ADP
cblr-14238	742	21	the	the	DET
cblr-14238	742	22	djsi	djsi	NUM
cblr-14238	742	23	world	world	NOUN
cblr-14238	742	24	index	index	NOUN
cblr-14238	742	25	and	and	CCONJ
cblr-14238	742	26	concluding	conclude	VERB
cblr-14238	742	27	djsi	djsi	ADJ
cblr-14238	742	28	events	event	NOUN
cblr-14238	742	29	have	have	VERB
cblr-14238	742	30	only	only	ADV
cblr-14238	742	31	limited	limited	ADJ
cblr-14238	742	32	significance	significance	NOUN
cblr-14238	742	33	and/or	and/or	CCONJ
cblr-14238	742	34	materiality	materiality	NOUN
cblr-14238	742	35	to	to	ADP
cblr-14238	742	36	investors	investor	NOUN
cblr-14238	742	37	,	,	PUNCT
cblr-14238	742	38	although	although	SCONJ
cblr-14238	742	39	there	there	PRON
cblr-14238	742	40	is	be	VERB
cblr-14238	742	41	some	some	DET
cblr-14238	742	42	evidence	evidence	NOUN
cblr-14238	742	43	that	that	SCONJ
cblr-14238	742	44	investors	investor	NOUN
cblr-14238	742	45	may	may	AUX
cblr-14238	742	46	be	be	AUX
cblr-14238	742	47	increasingly	increasingly	ADV
cblr-14238	742	48	valuing	value	VERB
cblr-14238	742	49	continued	continue	VERB
cblr-14238	742	50	listing	list	VERB
cblr-14238	742	51	in	in	ADP
cblr-14238	742	52	the	the	DET
cblr-14238	742	53	djsi	djsi	NUM
cblr-14238	742	54	)	)	PUNCT
cblr-14238	742	55	.	.	PUNCT
cblr-14238	743	1	no	no	INTJ
cblr-14238	743	2	.	.	NOUN
cblr-14238	743	3	2	2	NUM
cblr-14238	743	4	]	]	PUNCT
cblr-14238	743	5	regulation	regulation	NOUN
cblr-14238	743	6	by	by	ADP
cblr-14238	743	7	indexation	indexation	NOUN
cblr-14238	743	8	?	?	PUNCT
cblr-14238	744	1	771	771	NUM
cblr-14238	744	2	on	on	ADP
cblr-14238	744	3	average	average	ADJ
cblr-14238	744	4	,	,	PUNCT
cblr-14238	744	5	shareholders	shareholder	NOUN
cblr-14238	744	6	had	have	VERB
cblr-14238	744	7	a	a	DET
cblr-14238	744	8	negative	negative	ADJ
cblr-14238	744	9	reaction	reaction	NOUN
cblr-14238	744	10	to	to	ADP
cblr-14238	744	11	additions	addition	NOUN
cblr-14238	744	12	and	and	CCONJ
cblr-14238	744	13	continuations	continuation	NOUN
cblr-14238	744	14	of	of	ADP
cblr-14238	744	15	listings	listing	NOUN
cblr-14238	744	16	in	in	ADP
cblr-14238	744	17	the	the	DET
cblr-14238	744	18	first	first	ADJ
cblr-14238	744	19	ten	ten	NUM
cblr-14238	744	20	years	year	NOUN
cblr-14238	744	21	of	of	ADP
cblr-14238	744	22	the	the	DET
cblr-14238	744	23	study	study	NOUN
cblr-14238	744	24	(	(	PUNCT
cblr-14238	744	25	1999–2009	1999–2009	NUM
cblr-14238	744	26	)	)	PUNCT
cblr-14238	744	27	,	,	PUNCT
cblr-14238	744	28	but	but	CCONJ
cblr-14238	744	29	changed	change	VERB
cblr-14238	744	30	to	to	ADP
cblr-14238	744	31	a	a	DET
cblr-14238	744	32	slightly	slightly	ADV
cblr-14238	744	33	positive	positive	ADJ
cblr-14238	744	34	reaction	reaction	NOUN
cblr-14238	744	35	in	in	ADP
cblr-14238	744	36	the	the	DET
cblr-14238	744	37	last	last	ADJ
cblr-14238	744	38	five	five	NUM
cblr-14238	744	39	years	year	NOUN
cblr-14238	744	40	(	(	PUNCT
cblr-14238	744	41	2010–2015),159	2010–2015),159	NUM
cblr-14238	744	42	although	although	SCONJ
cblr-14238	744	43	the	the	DET
cblr-14238	744	44	effects	effect	NOUN
cblr-14238	744	45	are	be	AUX
cblr-14238	744	46	small	small	ADJ
cblr-14238	744	47	(	(	PUNCT
cblr-14238	744	48	less	less	ADJ
cblr-14238	744	49	than	than	ADP
cblr-14238	744	50	1	1	NUM
cblr-14238	744	51	%	%	NOUN
cblr-14238	744	52	)	)	PUNCT
cblr-14238	744	53	in	in	ADP
cblr-14238	744	54	all	all	DET
cblr-14238	744	55	cases	case	NOUN
cblr-14238	744	56	and	and	CCONJ
cblr-14238	744	57	the	the	DET
cblr-14238	744	58	statistical	statistical	ADJ
cblr-14238	744	59	significance	significance	NOUN
cblr-14238	744	60	is	be	AUX
cblr-14238	744	61	low	low	ADJ
cblr-14238	744	62	for	for	ADP
cblr-14238	744	63	all	all	PRON
cblr-14238	744	64	but	but	SCONJ
cblr-14238	744	65	the	the	DET
cblr-14238	744	66	negative	negative	ADJ
cblr-14238	744	67	result	result	NOUN
cblr-14238	744	68	upon	upon	SCONJ
cblr-14238	744	69	additions	addition	NOUN
cblr-14238	744	70	in	in	ADP
cblr-14238	744	71	the	the	DET
cblr-14238	744	72	first	first	ADJ
cblr-14238	744	73	five	five	NUM
cblr-14238	744	74	years	year	NOUN
cblr-14238	744	75	(	(	PUNCT
cblr-14238	744	76	1999–2004	1999–2004	NUM
cblr-14238	744	77	)	)	PUNCT
cblr-14238	744	78	and	and	CCONJ
cblr-14238	744	79	the	the	DET
cblr-14238	744	80	negative	negative	ADJ
cblr-14238	744	81	reactions	reaction	NOUN
cblr-14238	744	82	to	to	ADP
cblr-14238	744	83	continuations	continuation	NOUN
cblr-14238	744	84	in	in	ADP
cblr-14238	744	85	the	the	DET
cblr-14238	744	86	first	first	ADJ
cblr-14238	744	87	and	and	CCONJ
cblr-14238	744	88	second	second	ADJ
cblr-14238	744	89	five	five	NUM
cblr-14238	744	90	-	-	PUNCT
cblr-14238	744	91	year	year	NOUN
cblr-14238	744	92	periods	period	NOUN
cblr-14238	744	93	.	.	PUNCT
cblr-14238	745	1	additional	additional	ADJ
cblr-14238	745	2	regression	regression	NOUN
cblr-14238	745	3	analyses	analysis	NOUN
cblr-14238	745	4	including	include	VERB
cblr-14238	745	5	relevant	relevant	ADJ
cblr-14238	745	6	controls	control	NOUN
cblr-14238	745	7	and	and	CCONJ
cblr-14238	745	8	comparisons	comparison	NOUN
cblr-14238	745	9	to	to	ADP
cblr-14238	745	10	observationally	observationally	ADV
cblr-14238	745	11	equivalent	equivalent	ADJ
cblr-14238	745	12	firms	firm	NOUN
cblr-14238	745	13	beyond	beyond	ADP
cblr-14238	745	14	the	the	DET
cblr-14238	745	15	index	index	NOUN
cblr-14238	745	16	suggest	suggest	VERB
cblr-14238	745	17	that	that	SCONJ
cblr-14238	745	18	investor	investor	NOUN
cblr-14238	745	19	response	response	NOUN
cblr-14238	745	20	to	to	ADP
cblr-14238	745	21	djsi	djsi	NOUN
cblr-14238	745	22	events	event	NOUN
cblr-14238	745	23	is	be	AUX
cblr-14238	745	24	limited	limited	ADJ
cblr-14238	745	25	—	—	PUNCT
cblr-14238	745	26	there	there	PRON
cblr-14238	745	27	are	be	VERB
cblr-14238	745	28	no	no	DET
cblr-14238	745	29	statistically	statistically	ADV
cblr-14238	745	30	significant	significant	ADJ
cblr-14238	745	31	cumulative	cumulative	ADJ
cblr-14238	745	32	abnormal	abnormal	ADJ
cblr-14238	745	33	returns	return	NOUN
cblr-14238	745	34	in	in	ADP
cblr-14238	745	35	the	the	DET
cblr-14238	745	36	market	market	NOUN
cblr-14238	745	37	values	value	NOUN
cblr-14238	745	38	of	of	ADP
cblr-14238	745	39	the	the	DET
cblr-14238	745	40	firms	firm	NOUN
cblr-14238	745	41	affected	affect	VERB
cblr-14238	745	42	by	by	ADP
cblr-14238	745	43	such	such	ADJ
cblr-14238	745	44	events.160	events.160	NOUN
cblr-14238	745	45	further	further	ADJ
cblr-14238	745	46	regression	regression	NOUN
cblr-14238	745	47	results	result	NOUN
cblr-14238	745	48	of	of	ADP
cblr-14238	745	49	the	the	DET
cblr-14238	745	50	longitudinal	longitudinal	ADJ
cblr-14238	745	51	djsi	djsi	NUM
cblr-14238	745	52	study	study	NOUN
cblr-14238	745	53	suggest	suggest	VERB
cblr-14238	745	54	that	that	SCONJ
cblr-14238	745	55	there	there	PRON
cblr-14238	745	56	is	be	VERB
cblr-14238	745	57	no	no	DET
cblr-14238	745	58	market	market	NOUN
cblr-14238	745	59	penalty	penalty	NOUN
cblr-14238	745	60	paid	pay	VERB
cblr-14238	745	61	by	by	ADP
cblr-14238	745	62	firms	firm	NOUN
cblr-14238	745	63	that	that	PRON
cblr-14238	745	64	are	be	AUX
cblr-14238	745	65	deleted	delete	VERB
cblr-14238	745	66	from	from	ADP
cblr-14238	745	67	the	the	DET
cblr-14238	745	68	esg	esg	NOUN
cblr-14238	745	69	index.161	index.161	VERB
cblr-14238	745	70	on	on	ADP
cblr-14238	745	71	the	the	DET
cblr-14238	745	72	other	other	ADJ
cblr-14238	745	73	hand	hand	NOUN
cblr-14238	745	74	,	,	PUNCT
cblr-14238	745	75	it	it	PRON
cblr-14238	745	76	is	be	AUX
cblr-14238	745	77	159	159	NUM
cblr-14238	745	78	the	the	DET
cblr-14238	745	79	positive	positive	ADJ
cblr-14238	745	80	trend	trend	NOUN
cblr-14238	745	81	over	over	ADP
cblr-14238	745	82	time	time	NOUN
cblr-14238	745	83	,	,	PUNCT
cblr-14238	745	84	though	though	SCONJ
cblr-14238	745	85	small	small	ADJ
cblr-14238	745	86	in	in	ADP
cblr-14238	745	87	size	size	NOUN
cblr-14238	745	88	and	and	CCONJ
cblr-14238	745	89	statistical	statistical	ADJ
cblr-14238	745	90	significance	significance	NOUN
cblr-14238	745	91	,	,	PUNCT
cblr-14238	745	92	supports	support	VERB
cblr-14238	745	93	recent	recent	ADJ
cblr-14238	745	94	suggestions	suggestion	NOUN
cblr-14238	745	95	that	that	SCONJ
cblr-14238	745	96	evaluating	evaluate	VERB
cblr-14238	745	97	sustainability	sustainability	NOUN
cblr-14238	745	98	is	be	AUX
cblr-14238	745	99	increasingly	increasingly	ADV
cblr-14238	745	100	relevant	relevant	ADJ
cblr-14238	745	101	for	for	ADP
cblr-14238	745	102	market	market	NOUN
cblr-14238	745	103	valuation	valuation	NOUN
cblr-14238	745	104	.	.	PUNCT
cblr-14238	746	1	i	i	PRON
cblr-14238	746	2	d.	d.	PROPN
cblr-14238	746	3	at	at	ADP
cblr-14238	746	4	971	971	NUM
cblr-14238	746	5	(	(	PUNCT
cblr-14238	746	6	citing	cite	VERB
cblr-14238	746	7	mckinsey	mckinsey	NOUN
cblr-14238	746	8	&	&	CCONJ
cblr-14238	746	9	company	company	PROPN
cblr-14238	746	10	,	,	PUNCT
cblr-14238	746	11	when	when	SCONJ
cblr-14238	746	12	sustainability	sustainability	NOUN
cblr-14238	746	13	becomes	become	VERB
cblr-14238	746	14	a	a	DET
cblr-14238	746	15	factor	factor	NOUN
cblr-14238	746	16	in	in	ADP
cblr-14238	746	17	valuation	valuation	NOUN
cblr-14238	746	18	(	(	PUNCT
cblr-14238	746	19	mar	mar	PROPN
cblr-14238	746	20	.	.	PROPN
cblr-14238	746	21	23	23	NUM
cblr-14238	746	22	,	,	PUNCT
cblr-14238	746	23	2017	2017	NUM
cblr-14238	746	24	)	)	PUNCT
cblr-14238	746	25	,	,	PUNCT
cblr-14238	746	26	http://www.mckinsey.com/business-functions/strategy-andcorporate-finance/our-insights/when-sustainability-becomes-a-factor-invaluation	http://www.mckinsey.com/business-functions/strategy-andcorporate-finance/our-insights/when-sustainability-becomes-a-factor-invaluation	NOUN
cblr-14238	746	27	.	.	PUNCT
cblr-14238	746	28	)	)	PUNCT
cblr-14238	747	1	160	160	NUM
cblr-14238	747	2	hawn	hawn	NOUN
cblr-14238	747	3	et	et	PROPN
cblr-14238	747	4	al	al	PROPN
cblr-14238	747	5	.	.	PROPN
cblr-14238	747	6	,	,	PUNCT
cblr-14238	747	7	supra	supra	PROPN
cblr-14238	747	8	note	note	VERB
cblr-14238	747	9	158	158	NUM
cblr-14238	747	10	,	,	PUNCT
cblr-14238	747	11	at	at	ADP
cblr-14238	747	12	970–71	970–71	PROPN
cblr-14238	747	13	.	.	PUNCT
cblr-14238	748	1	like	like	ADP
cblr-14238	748	2	the	the	DET
cblr-14238	748	3	patel	patel	NOUN
cblr-14238	748	4	and	and	CCONJ
cblr-14238	748	5	welsh	welsh	PROPN
cblr-14238	748	6	study	study	NOUN
cblr-14238	748	7	of	of	ADP
cblr-14238	748	8	the	the	DET
cblr-14238	748	9	s&p	s&p	PROPN
cblr-14238	748	10	500	500	NUM
cblr-14238	748	11	,	,	PUNCT
cblr-14238	748	12	the	the	DET
cblr-14238	748	13	hawn	hawn	NOUN
cblr-14238	748	14	,	,	PUNCT
cblr-14238	748	15	chatterji	chatterji	PROPN
cblr-14238	748	16	and	and	CCONJ
cblr-14238	748	17	mitchell	mitchell	PROPN
cblr-14238	748	18	study	study	PROPN
cblr-14238	748	19	has	have	AUX
cblr-14238	748	20	been	be	AUX
cblr-14238	748	21	replicated	replicate	VERB
cblr-14238	748	22	and	and	CCONJ
cblr-14238	748	23	reconfirmed	reconfirm	VERB
cblr-14238	748	24	more	more	ADV
cblr-14238	748	25	recently	recently	ADV
cblr-14238	748	26	.	.	PUNCT
cblr-14238	749	1	see	see	VERB
cblr-14238	749	2	rodolphe	rodolphe	PROPN
cblr-14238	749	3	durand	durand	PROPN
cblr-14238	749	4	,	,	PUNCT
cblr-14238	749	5	luc	luc	PROPN
cblr-14238	749	6	paugam	paugam	PROPN
cblr-14238	749	7	&	&	CCONJ
cblr-14238	749	8	herve	herve	PROPN
cblr-14238	749	9	stolowy	stolowy	PROPN
cblr-14238	749	10	,	,	PUNCT
cblr-14238	749	11	do	do	AUX
cblr-14238	749	12	investors	investor	NOUN
cblr-14238	749	13	actually	actually	ADV
cblr-14238	749	14	value	value	VERB
cblr-14238	749	15	sustainability	sustainability	NOUN
cblr-14238	749	16	indices	index	NOUN
cblr-14238	749	17	?	?	PUNCT
cblr-14238	750	1	replication	replication	NOUN
cblr-14238	750	2	,	,	PUNCT
cblr-14238	750	3	development	development	NOUN
cblr-14238	750	4	,	,	PUNCT
cblr-14238	750	5	and	and	CCONJ
cblr-14238	750	6	new	new	ADJ
cblr-14238	750	7	evidence	evidence	NOUN
cblr-14238	750	8	on	on	ADP
cblr-14238	750	9	csr	csr	NOUN
cblr-14238	750	10	visibility	visibility	NOUN
cblr-14238	750	11	,	,	PUNCT
cblr-14238	750	12	40	40	NUM
cblr-14238	750	13	strat	strat	NOUN
cblr-14238	750	14	.	.	PUNCT
cblr-14238	750	15	mgmt	mgmt	PROPN
cblr-14238	750	16	.	.	PUNCT
cblr-14238	751	1	j.	j.	PROPN
cblr-14238	751	2	1471	1471	NUM
cblr-14238	751	3	(	(	PUNCT
cblr-14238	751	4	2019	2019	NUM
cblr-14238	751	5	)	)	PUNCT
cblr-14238	751	6	(	(	PUNCT
cblr-14238	751	7	finding	find	VERB
cblr-14238	751	8	no	no	DET
cblr-14238	751	9	impact	impact	NOUN
cblr-14238	751	10	on	on	ADP
cblr-14238	751	11	stock	stock	NOUN
cblr-14238	751	12	price	price	NOUN
cblr-14238	751	13	and	and	CCONJ
cblr-14238	751	14	trading	trading	NOUN
cblr-14238	751	15	volume	volume	NOUN
cblr-14238	751	16	incident	incident	NOUN
cblr-14238	751	17	to	to	ADP
cblr-14238	751	18	index	index	NOUN
cblr-14238	751	19	changes	change	NOUN
cblr-14238	751	20	but	but	CCONJ
cblr-14238	751	21	finding	find	VERB
cblr-14238	751	22	that	that	SCONJ
cblr-14238	751	23	additions	addition	NOUN
cblr-14238	751	24	to	to	ADP
cblr-14238	751	25	the	the	DET
cblr-14238	751	26	djsi	djsi	NOUN
cblr-14238	751	27	lead	lead	NOUN
cblr-14238	751	28	to	to	ADP
cblr-14238	751	29	more	more	ADJ
cblr-14238	751	30	analyst	analyst	NOUN
cblr-14238	751	31	coverage	coverage	NOUN
cblr-14238	751	32	of	of	ADP
cblr-14238	751	33	firms	firm	NOUN
cblr-14238	751	34	)	)	PUNCT
cblr-14238	751	35	.	.	PUNCT
cblr-14238	752	1	but	but	CCONJ
cblr-14238	752	2	see	see	VERB
cblr-14238	752	3	wanling	wanling	NOUN
cblr-14238	752	4	rudkin	rudkin	PROPN
cblr-14238	752	5	&	&	CCONJ
cblr-14238	752	6	charlie	charlie	PROPN
cblr-14238	752	7	k.	k.	PROPN
cblr-14238	752	8	cai	cai	PROPN
cblr-14238	752	9	,	,	PUNCT
cblr-14238	752	10	information	information	NOUN
cblr-14238	752	11	content	content	NOUN
cblr-14238	752	12	of	of	ADP
cblr-14238	752	13	sustainability	sustainability	NOUN
cblr-14238	752	14	index	index	NOUN
cblr-14238	752	15	recomposition	recomposition	NOUN
cblr-14238	752	16	:	:	PUNCT
cblr-14238	752	17	a	a	DET
cblr-14238	752	18	synthetic	synthetic	ADJ
cblr-14238	752	19	portfolio	portfolio	NOUN
cblr-14238	752	20	approach	approach	NOUN
cblr-14238	752	21	,	,	PUNCT
cblr-14238	752	22	88	88	NUM
cblr-14238	752	23	int’l	int’l	PRON
cblr-14238	752	24	rev	rev	VERB
cblr-14238	752	25	.	.	PROPN
cblr-14238	753	1	fin	fin	NOUN
cblr-14238	753	2	.	.	PUNCT
cblr-14238	754	1	analysis	analysis	NOUN
cblr-14238	754	2	102676	102676	NUM
cblr-14238	754	3	(	(	PUNCT
cblr-14238	754	4	2023	2023	NUM
cblr-14238	754	5	)	)	PUNCT
cblr-14238	754	6	(	(	PUNCT
cblr-14238	754	7	finding	find	VERB
cblr-14238	754	8	significant	significant	ADJ
cblr-14238	754	9	positive	positive	ADJ
cblr-14238	754	10	pre	pre	ADJ
cblr-14238	754	11	-	-	ADJ
cblr-14238	754	12	announcement	announcement	ADJ
cblr-14238	754	13	effects	effect	NOUN
cblr-14238	754	14	,	,	PUNCT
cblr-14238	754	15	as	as	ADV
cblr-14238	754	16	well	well	ADV
cblr-14238	754	17	as	as	ADP
cblr-14238	754	18	persistence	persistence	NOUN
cblr-14238	754	19	of	of	ADP
cblr-14238	754	20	positive	positive	ADJ
cblr-14238	754	21	abnormal	abnormal	ADJ
cblr-14238	754	22	returns	return	NOUN
cblr-14238	754	23	,	,	PUNCT
cblr-14238	754	24	for	for	ADP
cblr-14238	754	25	additions	addition	NOUN
cblr-14238	754	26	to	to	ADP
cblr-14238	754	27	the	the	DET
cblr-14238	754	28	djsi	djsi	NOUN
cblr-14238	754	29	from	from	ADP
cblr-14238	754	30	2005	2005	NUM
cblr-14238	754	31	to	to	ADP
cblr-14238	754	32	2021	2021	NUM
cblr-14238	754	33	,	,	PUNCT
cblr-14238	754	34	with	with	ADP
cblr-14238	754	35	a	a	DET
cblr-14238	754	36	stronger	strong	ADJ
cblr-14238	754	37	affect	affect	NOUN
cblr-14238	754	38	for	for	ADP
cblr-14238	754	39	non	non	ADJ
cblr-14238	754	40	-	-	ADJ
cblr-14238	754	41	s&p	s&p	ADJ
cblr-14238	754	42	500	500	NUM
cblr-14238	754	43	firms	firm	NOUN
cblr-14238	754	44	included	include	VERB
cblr-14238	754	45	in	in	ADP
cblr-14238	754	46	the	the	DET
cblr-14238	754	47	djsi	djsi	NOUN
cblr-14238	754	48	,	,	PUNCT
cblr-14238	754	49	suggesting	suggest	VERB
cblr-14238	754	50	it	it	PRON
cblr-14238	754	51	is	be	AUX
cblr-14238	754	52	more	more	ADV
cblr-14238	754	53	important	important	ADJ
cblr-14238	754	54	for	for	ADP
cblr-14238	754	55	firms	firm	NOUN
cblr-14238	754	56	with	with	ADP
cblr-14238	754	57	lower	low	ADJ
cblr-14238	754	58	investor	investor	NOUN
cblr-14238	754	59	recognition	recognition	NOUN
cblr-14238	754	60	)	)	PUNCT
cblr-14238	754	61	.	.	PUNCT
cblr-14238	755	1	161	161	NUM
cblr-14238	755	2	hawn	hawn	PROPN
cblr-14238	755	3	et	et	PROPN
cblr-14238	755	4	al	al	PROPN
cblr-14238	755	5	.	.	PROPN
cblr-14238	755	6	,	,	PUNCT
cblr-14238	755	7	supra	supra	PROPN
cblr-14238	755	8	note	note	VERB
cblr-14238	755	9	158	158	NUM
cblr-14238	755	10	,	,	PUNCT
cblr-14238	755	11	at	at	ADP
cblr-14238	755	12	972	972	NUM
cblr-14238	755	13	.	.	PUNCT
cblr-14238	756	1	but	but	CCONJ
cblr-14238	756	2	see	see	VERB
cblr-14238	756	3	emil	emil	NOUN
cblr-14238	756	4	lakkis	lakki	NOUN
cblr-14238	756	5	,	,	PUNCT
cblr-14238	756	6	real	real	ADJ
cblr-14238	756	7	effects	effect	NOUN
cblr-14238	756	8	of	of	ADP
cblr-14238	756	9	esg	esg	PROPN
cblr-14238	756	10	investing	investing	NOUN
cblr-14238	756	11	(	(	PUNCT
cblr-14238	756	12	unpublished	unpublished	ADJ
cblr-14238	756	13	manuscript	manuscript	NOUN
cblr-14238	756	14	)	)	PUNCT
cblr-14238	756	15	(	(	PUNCT
cblr-14238	756	16	on	on	ADP
cblr-14238	756	17	file	file	NOUN
cblr-14238	756	18	with	with	ADP
cblr-14238	756	19	the	the	DET
cblr-14238	756	20	columbia	columbia	PROPN
cblr-14238	756	21	business	business	PROPN
cblr-14238	756	22	law	law	PROPN
cblr-14238	756	23	review	review	PROPN
cblr-14238	756	24	)	)	PUNCT
cblr-14238	756	25	(	(	PUNCT
cblr-14238	756	26	finding	find	VERB
cblr-14238	756	27	that	that	SCONJ
cblr-14238	756	28	firms	firm	NOUN
cblr-14238	756	29	deleted	delete	VERB
cblr-14238	756	30	from	from	ADP
cblr-14238	756	31	the	the	DET
cblr-14238	756	32	msci	msci	PROPN
cblr-14238	756	33	esg	esg	PROPN
cblr-14238	756	34	772	772	PROPN
cblr-14238	756	35	columbia	columbia	PROPN
cblr-14238	756	36	business	business	NOUN
cblr-14238	756	37	law	law	PROPN
cblr-14238	756	38	review	review	NOUN
cblr-14238	756	39	[	[	X
cblr-14238	756	40	vol	vol	NOUN
cblr-14238	756	41	.	.	PUNCT
cblr-14238	756	42	2024	2024	NUM
cblr-14238	756	43	possible	possible	ADJ
cblr-14238	756	44	that	that	SCONJ
cblr-14238	756	45	exclusion	exclusion	NOUN
cblr-14238	756	46	from	from	ADP
cblr-14238	756	47	an	an	DET
cblr-14238	756	48	esg	esg	NOUN
cblr-14238	756	49	index	index	NOUN
cblr-14238	756	50	could	could	AUX
cblr-14238	756	51	have	have	VERB
cblr-14238	756	52	direct	direct	ADJ
cblr-14238	756	53	cost	cost	NOUN
cblr-14238	756	54	of	of	ADP
cblr-14238	756	55	capital	capital	NOUN
cblr-14238	756	56	consequences	consequence	NOUN
cblr-14238	756	57	if	if	SCONJ
cblr-14238	756	58	it	it	PRON
cblr-14238	756	59	triggers	trigger	VERB
cblr-14238	756	60	a	a	DET
cblr-14238	756	61	credit	credit	NOUN
cblr-14238	756	62	rating	rating	NOUN
cblr-14238	756	63	review	review	NOUN
cblr-14238	756	64	.	.	PUNCT
cblr-14238	757	1	s&p	s&p	PROPN
cblr-14238	757	2	has	have	AUX
cblr-14238	757	3	cited	cite	VERB
cblr-14238	757	4	environmental	environmental	ADJ
cblr-14238	757	5	risks	risk	NOUN
cblr-14238	757	6	as	as	ADP
cblr-14238	757	7	the	the	DET
cblr-14238	757	8	main	main	ADJ
cblr-14238	757	9	or	or	CCONJ
cblr-14238	757	10	contributing	contribute	VERB
cblr-14238	757	11	reason	reason	NOUN
cblr-14238	757	12	for	for	ADP
cblr-14238	757	13	717	717	NUM
cblr-14238	757	14	corporate	corporate	ADJ
cblr-14238	757	15	rating	rating	NOUN
cblr-14238	757	16	revisions	revision	NOUN
cblr-14238	757	17	over	over	ADP
cblr-14238	757	18	a	a	DET
cblr-14238	757	19	two	two	NUM
cblr-14238	757	20	-	-	PUNCT
cblr-14238	757	21	year	year	NOUN
cblr-14238	757	22	period.162	period.162	NOUN
cblr-14238	757	23	so	so	SCONJ
cblr-14238	757	24	there	there	PRON
cblr-14238	757	25	may	may	AUX
cblr-14238	757	26	be	be	AUX
cblr-14238	757	27	some	some	DET
cblr-14238	757	28	indirect	indirect	ADJ
cblr-14238	757	29	financial	financial	ADJ
cblr-14238	757	30	benefits	benefit	NOUN
cblr-14238	757	31	from	from	ADP
cblr-14238	757	32	remaining	remain	VERB
cblr-14238	757	33	in	in	ADP
cblr-14238	757	34	an	an	DET
cblr-14238	757	35	esg	esg	NOUN
cblr-14238	757	36	index	index	NOUN
cblr-14238	757	37	based	base	VERB
cblr-14238	757	38	on	on	ADP
cblr-14238	757	39	the	the	DET
cblr-14238	757	40	certifying	certify	VERB
cblr-14238	757	41	role	role	NOUN
cblr-14238	757	42	of	of	ADP
cblr-14238	757	43	the	the	DET
cblr-14238	757	44	index	index	NOUN
cblr-14238	757	45	.	.	PUNCT
cblr-14238	758	1	as	as	SCONJ
cblr-14238	758	2	discussed	discuss	VERB
cblr-14238	758	3	in	in	ADP
cblr-14238	758	4	section	section	NOUN
cblr-14238	758	5	ii.a	ii.a	PROPN
cblr-14238	758	6	.	.	PROPN
cblr-14238	758	7	,	,	PUNCT
cblr-14238	758	8	it	it	PRON
cblr-14238	758	9	is	be	AUX
cblr-14238	758	10	this	this	DET
cblr-14238	758	11	certifying	certify	VERB
cblr-14238	758	12	role	role	NOUN
cblr-14238	758	13	that	that	PRON
cblr-14238	758	14	may	may	AUX
cblr-14238	758	15	encourage	encourage	VERB
cblr-14238	758	16	corporate	corporate	ADJ
cblr-14238	758	17	managers	manager	NOUN
cblr-14238	758	18	to	to	PART
cblr-14238	758	19	satisfy	satisfy	VERB
cblr-14238	758	20	index	index	NOUN
cblr-14238	758	21	eligibility	eligibility	NOUN
cblr-14238	758	22	criteria	criterion	NOUN
cblr-14238	758	23	.	.	PUNCT
cblr-14238	759	1	3	3	X
cblr-14238	759	2	.	.	X
cblr-14238	759	3	emerging	emerge	VERB
cblr-14238	759	4	markets	market	NOUN
cblr-14238	759	5	index	index	NOUN
cblr-14238	759	6	inclusion	inclusion	NOUN
cblr-14238	759	7	governments	government	NOUN
cblr-14238	759	8	of	of	ADP
cblr-14238	759	9	emerging	emerge	VERB
cblr-14238	759	10	markets	market	NOUN
cblr-14238	759	11	countries	country	NOUN
cblr-14238	759	12	could	could	AUX
cblr-14238	759	13	conceivably	conceivably	ADV
cblr-14238	759	14	be	be	AUX
cblr-14238	759	15	willing	willing	ADJ
cblr-14238	759	16	to	to	PART
cblr-14238	759	17	make	make	VERB
cblr-14238	759	18	changes	change	NOUN
cblr-14238	759	19	to	to	ADP
cblr-14238	759	20	their	their	PRON
cblr-14238	759	21	financial	financial	ADJ
cblr-14238	759	22	markets	market	NOUN
cblr-14238	759	23	rules	rule	NOUN
cblr-14238	759	24	necessary	necessary	ADJ
cblr-14238	759	25	to	to	PART
cblr-14238	759	26	obtain	obtain	VERB
cblr-14238	759	27	inclusion	inclusion	NOUN
cblr-14238	759	28	in	in	ADP
cblr-14238	759	29	an	an	DET
cblr-14238	759	30	important	important	ADJ
cblr-14238	759	31	emerging	emerge	VERB
cblr-14238	759	32	markets	market	NOUN
cblr-14238	759	33	index	index	NOUN
cblr-14238	759	34	if	if	SCONJ
cblr-14238	759	35	there	there	PRON
cblr-14238	759	36	were	be	VERB
cblr-14238	759	37	evidence	evidence	NOUN
cblr-14238	759	38	that	that	SCONJ
cblr-14238	759	39	inclusion	inclusion	NOUN
cblr-14238	759	40	would	would	AUX
cblr-14238	759	41	deliver	deliver	VERB
cblr-14238	759	42	a	a	DET
cblr-14238	759	43	cost	cost	NOUN
cblr-14238	759	44	of	of	ADP
cblr-14238	759	45	capital	capital	NOUN
cblr-14238	759	46	subsidy	subsidy	NOUN
cblr-14238	759	47	to	to	ADP
cblr-14238	759	48	the	the	DET
cblr-14238	759	49	domestic	domestic	ADJ
cblr-14238	759	50	companies	company	NOUN
cblr-14238	759	51	listed	list	VERB
cblr-14238	759	52	on	on	ADP
cblr-14238	759	53	national	national	ADJ
cblr-14238	759	54	stock	stock	NOUN
cblr-14238	759	55	markets	market	NOUN
cblr-14238	759	56	in	in	ADP
cblr-14238	759	57	their	their	PRON
cblr-14238	759	58	country	country	NOUN
cblr-14238	759	59	.	.	PUNCT
cblr-14238	760	1	the	the	DET
cblr-14238	760	2	latest	late	ADJ
cblr-14238	760	3	evidence	evidence	NOUN
cblr-14238	760	4	from	from	ADP
cblr-14238	760	5	the	the	DET
cblr-14238	760	6	financial	financial	ADJ
cblr-14238	760	7	literature	literature	NOUN
cblr-14238	760	8	,	,	PUNCT
cblr-14238	760	9	however	however	ADV
cblr-14238	760	10	,	,	PUNCT
cblr-14238	760	11	suggests	suggest	VERB
cblr-14238	760	12	that	that	SCONJ
cblr-14238	760	13	inclusion	inclusion	NOUN
cblr-14238	760	14	in	in	ADP
cblr-14238	760	15	emerging	emerge	VERB
cblr-14238	760	16	markets	market	NOUN
cblr-14238	760	17	indices	index	NOUN
cblr-14238	760	18	has	have	VERB
cblr-14238	760	19	price	price	NOUN
cblr-14238	760	20	effects	effect	NOUN
cblr-14238	760	21	very	very	ADV
cblr-14238	760	22	similar	similar	ADJ
cblr-14238	760	23	to	to	ADP
cblr-14238	760	24	inclusion	inclusion	NOUN
cblr-14238	760	25	in	in	ADP
cblr-14238	760	26	developed	develop	VERB
cblr-14238	760	27	market	market	NOUN
cblr-14238	760	28	benchmark	benchmark	NOUN
cblr-14238	760	29	equity	equity	NOUN
cblr-14238	760	30	indices	index	NOUN
cblr-14238	760	31	and	and	CCONJ
cblr-14238	760	32	esg	esg	NOUN
cblr-14238	760	33	indices	index	NOUN
cblr-14238	760	34	.	.	PUNCT
cblr-14238	761	1	in	in	ADP
cblr-14238	761	2	particular	particular	ADJ
cblr-14238	761	3	,	,	PUNCT
cblr-14238	761	4	there	there	PRON
cblr-14238	761	5	are	be	VERB
cblr-14238	761	6	no	no	DET
cblr-14238	761	7	long	long	ADJ
cblr-14238	761	8	-	-	PUNCT
cblr-14238	761	9	term	term	NOUN
cblr-14238	761	10	capital	capital	NOUN
cblr-14238	761	11	cost	cost	NOUN
cblr-14238	761	12	benefits	benefit	NOUN
cblr-14238	761	13	.	.	PUNCT
cblr-14238	762	1	in	in	ADP
cblr-14238	762	2	a	a	DET
cblr-14238	762	3	review	review	NOUN
cblr-14238	762	4	of	of	ADP
cblr-14238	762	5	17	17	NUM
cblr-14238	762	6	reclassifications	reclassification	NOUN
cblr-14238	762	7	of	of	ADP
cblr-14238	762	8	countries	country	NOUN
cblr-14238	762	9	into	into	ADP
cblr-14238	762	10	and	and	CCONJ
cblr-14238	762	11	out	out	ADP
cblr-14238	762	12	of	of	ADP
cblr-14238	762	13	msci	msci	PROPN
cblr-14238	762	14	’s	’s	PART
cblr-14238	762	15	developed	develop	VERB
cblr-14238	762	16	markets	market	NOUN
cblr-14238	762	17	,	,	PUNCT
cblr-14238	762	18	emerging	emerge	VERB
cblr-14238	762	19	markets	market	NOUN
cblr-14238	762	20	and	and	CCONJ
cblr-14238	762	21	frontier	frontier	NOUN
cblr-14238	762	22	markets	market	NOUN
cblr-14238	762	23	indices	index	NOUN
cblr-14238	762	24	,	,	PUNCT
cblr-14238	762	25	terence	terence	PROPN
cblr-14238	762	26	burnham	burnham	PROPN
cblr-14238	762	27	,	,	PUNCT
cblr-14238	762	28	harry	harry	PROPN
cblr-14238	762	29	gakidis	gakidis	PROPN
cblr-14238	762	30	and	and	CCONJ
cblr-14238	762	31	jeffrey	jeffrey	PROPN
cblr-14238	762	32	wurgler	wurgler	PROPN
cblr-14238	762	33	found	find	VERB
cblr-14238	762	34	that	that	SCONJ
cblr-14238	762	35	,	,	PUNCT
cblr-14238	762	36	on	on	ADP
cblr-14238	762	37	average	average	ADJ
cblr-14238	762	38	,	,	PUNCT
cblr-14238	762	39	the	the	DET
cblr-14238	762	40	prices	price	NOUN
cblr-14238	762	41	of	of	ADP
cblr-14238	762	42	stock	stock	NOUN
cblr-14238	762	43	in	in	ADP
cblr-14238	762	44	reclassified	reclassify	VERB
cblr-14238	762	45	markets	market	NOUN
cblr-14238	762	46	’	'	PUNCT
cblr-14238	762	47	substantially	substantially	ADV
cblr-14238	762	48	overshoot	overshoot	NOUN
cblr-14238	762	49	between	between	ADP
cblr-14238	762	50	the	the	DET
cblr-14238	762	51	date	date	NOUN
cblr-14238	762	52	the	the	DET
cblr-14238	762	53	index	index	NOUN
cblr-14238	762	54	change	change	NOUN
cblr-14238	762	55	is	be	AUX
cblr-14238	762	56	announced	announce	VERB
cblr-14238	762	57	and	and	CCONJ
cblr-14238	762	58	the	the	DET
cblr-14238	762	59	effective	effective	ADJ
cblr-14238	762	60	date	date	NOUN
cblr-14238	762	61	of	of	ADP
cblr-14238	762	62	leaders	leader	NOUN
cblr-14238	762	63	index	index	NOUN
cblr-14238	762	64	are	be	AUX
cblr-14238	762	65	more	more	ADV
cblr-14238	762	66	likely	likely	ADJ
cblr-14238	762	67	to	to	PART
cblr-14238	762	68	increase	increase	VERB
cblr-14238	762	69	toxic	toxic	ADJ
cblr-14238	762	70	releases	release	NOUN
cblr-14238	762	71	because	because	SCONJ
cblr-14238	762	72	they	they	PRON
cblr-14238	762	73	are	be	AUX
cblr-14238	762	74	subject	subject	ADJ
cblr-14238	762	75	to	to	ADP
cblr-14238	762	76	lower	low	ADJ
cblr-14238	762	77	monitoring	monitoring	NOUN
cblr-14238	762	78	efforts	effort	NOUN
cblr-14238	762	79	by	by	ADP
cblr-14238	762	80	institutional	institutional	ADJ
cblr-14238	762	81	investors	investor	NOUN
cblr-14238	762	82	)	)	PUNCT
cblr-14238	762	83	.	.	PUNCT
cblr-14238	763	1	162	162	NUM
cblr-14238	763	2	s&p	s&p	PROPN
cblr-14238	763	3	global	global	ADJ
cblr-14238	763	4	ratings	rating	NOUN
cblr-14238	763	5	,	,	PUNCT
cblr-14238	763	6	how	how	SCONJ
cblr-14238	763	7	environmental	environmental	ADJ
cblr-14238	763	8	and	and	CCONJ
cblr-14238	763	9	climate	climate	NOUN
cblr-14238	763	10	risks	risk	NOUN
cblr-14238	763	11	factor	factor	NOUN
cblr-14238	763	12	into	into	ADP
cblr-14238	763	13	global	global	ADJ
cblr-14238	763	14	corporate	corporate	ADJ
cblr-14238	763	15	ratings	rating	NOUN
cblr-14238	763	16	–	–	PUNCT
cblr-14238	763	17	an	an	DET
cblr-14238	763	18	update	update	NOUN
cblr-14238	763	19	(	(	PUNCT
cblr-14238	763	20	nov	nov	PROPN
cblr-14238	763	21	.	.	PROPN
cblr-14238	763	22	9	9	NUM
cblr-14238	763	23	,	,	PUNCT
cblr-14238	763	24	2017	2017	NUM
cblr-14238	763	25	)	)	PUNCT
cblr-14238	763	26	,	,	PUNCT
cblr-14238	763	27	https://www.spglobal.com/_assets/documents/ratings/research/howenvironmental-and-climate-risks-and-opportunities-factor-into-globalcorporate-ratings-an-update.pdf	https://www.spglobal.com/_assets/documents/ratings/research/howenvironmental-and-climate-risks-and-opportunities-factor-into-globalcorporate-ratings-an-update.pdf	PUNCT
cblr-14238	764	1	[	[	X
cblr-14238	764	2	https://perma.cc/a7wg-zyt6	https://perma.cc/a7wg-zyt6	X
cblr-14238	764	3	]	]	X
cblr-14238	764	4	.	.	PUNCT
cblr-14238	765	1	no	no	INTJ
cblr-14238	765	2	.	.	NOUN
cblr-14238	765	3	2	2	NUM
cblr-14238	765	4	]	]	PUNCT
cblr-14238	765	5	regulation	regulation	NOUN
cblr-14238	765	6	by	by	ADP
cblr-14238	765	7	indexation	indexation	NOUN
cblr-14238	765	8	?	?	PUNCT
cblr-14238	766	1	773	773	NUM
cblr-14238	766	2	the	the	DET
cblr-14238	766	3	change	change	NOUN
cblr-14238	766	4	.	.	PUNCT
cblr-14238	767	1	163	163	NUM
cblr-14238	767	2	the	the	DET
cblr-14238	767	3	stock	stock	NOUN
cblr-14238	767	4	prices	price	NOUN
cblr-14238	767	5	of	of	ADP
cblr-14238	767	6	companies	company	NOUN
cblr-14238	767	7	listed	list	VERB
cblr-14238	767	8	in	in	ADP
cblr-14238	767	9	a	a	DET
cblr-14238	767	10	country	country	NOUN
cblr-14238	767	11	included	include	VERB
cblr-14238	767	12	in	in	ADP
cblr-14238	767	13	an	an	DET
cblr-14238	767	14	index	index	NOUN
cblr-14238	767	15	fall	fall	NOUN
cblr-14238	767	16	when	when	SCONJ
cblr-14238	767	17	the	the	DET
cblr-14238	767	18	country	country	NOUN
cblr-14238	767	19	moves	move	VERB
cblr-14238	767	20	from	from	ADP
cblr-14238	767	21	an	an	DET
cblr-14238	767	22	index	index	NOUN
cblr-14238	767	23	with	with	ADP
cblr-14238	767	24	more	more	ADJ
cblr-14238	767	25	benchmarked	benchmarked	ADJ
cblr-14238	767	26	ownership	ownership	NOUN
cblr-14238	767	27	to	to	ADP
cblr-14238	767	28	one	one	NUM
cblr-14238	767	29	with	with	ADP
cblr-14238	767	30	less	less	ADJ
cblr-14238	767	31	(	(	PUNCT
cblr-14238	767	32	such	such	ADJ
cblr-14238	767	33	as	as	ADP
cblr-14238	767	34	emerging	emerge	VERB
cblr-14238	767	35	markets	market	NOUN
cblr-14238	767	36	to	to	ADP
cblr-14238	767	37	frontier	frontier	NOUN
cblr-14238	767	38	markets	market	NOUN
cblr-14238	767	39	)	)	PUNCT
cblr-14238	767	40	,	,	PUNCT
cblr-14238	767	41	and	and	CCONJ
cblr-14238	767	42	viceversa	viceversa	ADJ
cblr-14238	767	43	,	,	PUNCT
cblr-14238	767	44	but	but	CCONJ
cblr-14238	767	45	the	the	DET
cblr-14238	767	46	prices	price	NOUN
cblr-14238	767	47	typically	typically	ADV
cblr-14238	767	48	revert	revert	VERB
cblr-14238	767	49	within	within	ADP
cblr-14238	767	50	a	a	DET
cblr-14238	767	51	year.164	year.164	NOUN
cblr-14238	767	52	while	while	SCONJ
cblr-14238	767	53	this	this	PRON
cblr-14238	767	54	is	be	AUX
cblr-14238	767	55	a	a	DET
cblr-14238	767	56	significantly	significantly	ADV
cblr-14238	767	57	longer	long	ADJ
cblr-14238	767	58	reversal	reversal	NOUN
cblr-14238	767	59	time	time	NOUN
cblr-14238	767	60	than	than	ADP
cblr-14238	767	61	in	in	ADP
cblr-14238	767	62	developed	developed	ADJ
cblr-14238	767	63	market	market	NOUN
cblr-14238	767	64	indices	index	NOUN
cblr-14238	767	65	such	such	ADJ
cblr-14238	767	66	as	as	ADP
cblr-14238	767	67	the	the	DET
cblr-14238	767	68	s&p	s&p	PROPN
cblr-14238	767	69	500	500	NUM
cblr-14238	767	70	,	,	PUNCT
cblr-14238	767	71	it	it	PRON
cblr-14238	767	72	is	be	AUX
cblr-14238	767	73	nonetheless	nonetheless	ADV
cblr-14238	767	74	notable	notable	ADJ
cblr-14238	767	75	that	that	SCONJ
cblr-14238	767	76	capital	capital	NOUN
cblr-14238	767	77	eventually	eventually	ADV
cblr-14238	767	78	returns	return	VERB
cblr-14238	767	79	to	to	ADP
cblr-14238	767	80	stocks	stock	NOUN
cblr-14238	767	81	abandoned	abandon	VERB
cblr-14238	767	82	by	by	ADP
cblr-14238	767	83	emerging	emerge	VERB
cblr-14238	767	84	markets	market	NOUN
cblr-14238	767	85	indices	index	NOUN
cblr-14238	767	86	and	and	CCONJ
cblr-14238	767	87	resettles	resettle	VERB
cblr-14238	767	88	corporate	corporate	ADJ
cblr-14238	767	89	stock	stock	NOUN
cblr-14238	767	90	prices	price	NOUN
cblr-14238	767	91	at	at	ADP
cblr-14238	767	92	intrinsic	intrinsic	ADJ
cblr-14238	767	93	value	value	NOUN
cblr-14238	767	94	.	.	PUNCT
cblr-14238	768	1	this	this	DET
cblr-14238	768	2	study	study	NOUN
cblr-14238	768	3	suggests	suggest	VERB
cblr-14238	768	4	that	that	SCONJ
cblr-14238	768	5	any	any	DET
cblr-14238	768	6	willingness	willingness	NOUN
cblr-14238	768	7	of	of	ADP
cblr-14238	768	8	emerging	emerge	VERB
cblr-14238	768	9	market	market	NOUN
cblr-14238	768	10	economy	economy	NOUN
cblr-14238	768	11	governments	government	NOUN
cblr-14238	768	12	to	to	PART
cblr-14238	768	13	make	make	VERB
cblr-14238	768	14	regulatory	regulatory	ADJ
cblr-14238	768	15	changes	change	NOUN
cblr-14238	768	16	necessary	necessary	ADJ
cblr-14238	768	17	to	to	PART
cblr-14238	768	18	be	be	AUX
cblr-14238	768	19	included	include	VERB
cblr-14238	768	20	in	in	ADP
cblr-14238	768	21	emerging	emerge	VERB
cblr-14238	768	22	markets	market	NOUN
cblr-14238	768	23	indices	index	NOUN
cblr-14238	768	24	are	be	AUX
cblr-14238	768	25	based	base	VERB
cblr-14238	768	26	on	on	ADP
cblr-14238	768	27	a	a	DET
cblr-14238	768	28	hope	hope	NOUN
cblr-14238	768	29	that	that	SCONJ
cblr-14238	768	30	local	local	ADJ
cblr-14238	768	31	companies	company	NOUN
cblr-14238	768	32	will	will	AUX
cblr-14238	768	33	obtain	obtain	VERB
cblr-14238	768	34	a	a	DET
cblr-14238	768	35	cost	cost	NOUN
cblr-14238	768	36	of	of	ADP
cblr-14238	768	37	capital	capital	NOUN
cblr-14238	768	38	benefit	benefit	NOUN
cblr-14238	768	39	.	.	PUNCT
cblr-14238	769	1	however	however	ADV
cblr-14238	769	2	,	,	PUNCT
cblr-14238	769	3	as	as	SCONJ
cblr-14238	769	4	discussed	discuss	VERB
cblr-14238	769	5	in	in	ADP
cblr-14238	769	6	section	section	NOUN
cblr-14238	769	7	iii.c	iii.c	PROPN
cblr-14238	769	8	.	.	PUNCT
cblr-14238	770	1	below	below	ADV
cblr-14238	770	2	,	,	PUNCT
cblr-14238	770	3	it	it	PRON
cblr-14238	770	4	is	be	AUX
cblr-14238	770	5	possible	possible	ADJ
cblr-14238	770	6	that	that	SCONJ
cblr-14238	770	7	the	the	DET
cblr-14238	770	8	prospect	prospect	NOUN
cblr-14238	770	9	of	of	ADP
cblr-14238	770	10	attracting	attract	VERB
cblr-14238	770	11	“	"	PUNCT
cblr-14238	770	12	new	new	ADJ
cblr-14238	770	13	”	"	PUNCT
cblr-14238	770	14	capital	capital	NOUN
cblr-14238	770	15	,	,	PUNCT
cblr-14238	770	16	at	at	ADP
cblr-14238	770	17	least	least	ADJ
cblr-14238	770	18	in	in	ADP
cblr-14238	770	19	the	the	DET
cblr-14238	770	20	initial	initial	ADJ
cblr-14238	770	21	instance	instance	NOUN
cblr-14238	770	22	,	,	PUNCT
cblr-14238	770	23	when	when	SCONJ
cblr-14238	770	24	a	a	DET
cblr-14238	770	25	market	market	NOUN
cblr-14238	770	26	is	be	AUX
cblr-14238	770	27	opening	open	VERB
cblr-14238	770	28	to	to	ADP
cblr-14238	770	29	index	index	NOUN
cblr-14238	770	30	investors	investor	NOUN
cblr-14238	770	31	for	for	ADP
cblr-14238	770	32	the	the	DET
cblr-14238	770	33	first	first	ADJ
cblr-14238	770	34	time	time	NOUN
cblr-14238	770	35	,	,	PUNCT
cblr-14238	770	36	has	have	AUX
cblr-14238	770	37	appeal	appeal	NOUN
cblr-14238	770	38	to	to	ADP
cblr-14238	770	39	finance	finance	NOUN
cblr-14238	770	40	ministers	minister	NOUN
cblr-14238	770	41	of	of	ADP
cblr-14238	770	42	emerging	emerge	VERB
cblr-14238	770	43	markets	market	NOUN
cblr-14238	770	44	countries	country	NOUN
cblr-14238	770	45	even	even	ADV
cblr-14238	770	46	in	in	ADP
cblr-14238	770	47	the	the	DET
cblr-14238	770	48	absence	absence	NOUN
cblr-14238	770	49	of	of	ADP
cblr-14238	770	50	a	a	DET
cblr-14238	770	51	cost	cost	NOUN
cblr-14238	770	52	of	of	ADP
cblr-14238	770	53	capital	capital	NOUN
cblr-14238	770	54	subsidy	subsidy	NOUN
cblr-14238	770	55	for	for	ADP
cblr-14238	770	56	domestic	domestic	ADJ
cblr-14238	770	57	companies	company	NOUN
cblr-14238	770	58	.	.	PUNCT
cblr-14238	771	1	b.	b.	PROPN
cblr-14238	771	2	certification	certification	NOUN
cblr-14238	771	3	possibilities	possibility	NOUN
cblr-14238	771	4	in	in	ADP
cblr-14238	771	5	esg	esg	PROPN
cblr-14238	771	6	indexes	index	NOUN
cblr-14238	771	7	while	while	SCONJ
cblr-14238	771	8	index	index	NOUN
cblr-14238	771	9	investing	investing	NOUN
cblr-14238	771	10	has	have	AUX
cblr-14238	771	11	grown	grow	VERB
cblr-14238	771	12	rapidly	rapidly	ADV
cblr-14238	771	13	in	in	ADP
cblr-14238	771	14	recent	recent	ADJ
cblr-14238	771	15	years	year	NOUN
cblr-14238	771	16	,	,	PUNCT
cblr-14238	771	17	esg	esg	PROPN
cblr-14238	771	18	investing	investing	NOUN
cblr-14238	771	19	,	,	PUNCT
cblr-14238	771	20	including	include	VERB
cblr-14238	771	21	through	through	ADP
cblr-14238	771	22	esg	esg	PROPN
cblr-14238	771	23	index	index	NOUN
cblr-14238	771	24	funds	fund	NOUN
cblr-14238	771	25	,	,	PUNCT
cblr-14238	771	26	has	have	AUX
cblr-14238	771	27	grown	grow	VERB
cblr-14238	771	28	even	even	ADV
cblr-14238	771	29	faster.165	faster.165	ADJ
cblr-14238	771	30	investor	investor	NOUN
cblr-14238	771	31	interest	interest	NOUN
cblr-14238	771	32	in	in	ADP
cblr-14238	771	33	esg	esg	PROPN
cblr-14238	771	34	investing	investing	NOUN
cblr-14238	771	35	has	have	AUX
cblr-14238	771	36	been	be	AUX
cblr-14238	771	37	driven	drive	VERB
cblr-14238	771	38	by	by	ADP
cblr-14238	771	39	a	a	DET
cblr-14238	771	40	combination	combination	NOUN
cblr-14238	771	41	of	of	ADP
cblr-14238	771	42	global	global	ADJ
cblr-14238	771	43	alarm	alarm	NOUN
cblr-14238	771	44	about	about	ADP
cblr-14238	771	45	climate	climate	NOUN
cblr-14238	771	46	change	change	NOUN
cblr-14238	771	47	and	and	CCONJ
cblr-14238	771	48	a	a	DET
cblr-14238	771	49	burgeoning	burgeon	VERB
cblr-14238	771	50	academic	academic	ADJ
cblr-14238	771	51	literature	literature	NOUN
cblr-14238	771	52	suggesting	suggest	VERB
cblr-14238	771	53	that	that	SCONJ
cblr-14238	771	54	esg	esg	PROPN
cblr-14238	771	55	investment	investment	NOUN
cblr-14238	771	56	strategies	strategy	NOUN
cblr-14238	771	57	may	may	AUX
cblr-14238	771	58	outperform	outperform	VERB
cblr-14238	771	59	traditional	traditional	ADJ
cblr-14238	771	60	investment	investment	NOUN
cblr-14238	771	61	strategies.166	strategies.166	NOUN
cblr-14238	771	62	however	however	ADV
cblr-14238	771	63	,	,	PUNCT
cblr-14238	771	64	because	because	SCONJ
cblr-14238	771	65	esg	esg	PROPN
cblr-14238	771	66	indices	index	NOUN
cblr-14238	771	67	are	be	AUX
cblr-14238	771	68	163	163	NUM
cblr-14238	771	69	terence	terence	PROPN
cblr-14238	771	70	c.	c.	PROPN
cblr-14238	771	71	burnham	burnham	PROPN
cblr-14238	771	72	,	,	PUNCT
cblr-14238	771	73	harry	harry	PROPN
cblr-14238	771	74	gakidis	gakidis	PROPN
cblr-14238	771	75	&	&	CCONJ
cblr-14238	771	76	jeffrey	jeffrey	PROPN
cblr-14238	771	77	wurgler	wurgler	PROPN
cblr-14238	771	78	,	,	PUNCT
cblr-14238	771	79	investing	invest	VERB
cblr-14238	771	80	in	in	ADP
cblr-14238	771	81	the	the	DET
cblr-14238	771	82	presence	presence	NOUN
cblr-14238	771	83	of	of	ADP
cblr-14238	771	84	massive	massive	ADJ
cblr-14238	771	85	flows	flow	NOUN
cblr-14238	771	86	:	:	PUNCT
cblr-14238	771	87	the	the	DET
cblr-14238	771	88	case	case	NOUN
cblr-14238	771	89	of	of	ADP
cblr-14238	771	90	msci	msci	PROPN
cblr-14238	771	91	country	country	NOUN
cblr-14238	771	92	reclassifications	reclassification	NOUN
cblr-14238	771	93	,	,	PUNCT
cblr-14238	771	94	74	74	NUM
cblr-14238	771	95	fin	fin	NOUN
cblr-14238	771	96	.	.	PUNCT
cblr-14238	772	1	analysts	analyst	NOUN
cblr-14238	772	2	j.	j.	PROPN
cblr-14238	772	3	77	77	NUM
cblr-14238	772	4	(	(	PUNCT
cblr-14238	772	5	2018	2018	NUM
cblr-14238	772	6	)	)	PUNCT
cblr-14238	772	7	.	.	PUNCT
cblr-14238	773	1	164	164	NUM
cblr-14238	774	1	i	i	PROPN
cblr-14238	774	2	d.	d.	PROPN
cblr-14238	774	3	165	165	NUM
cblr-14238	774	4	see	see	VERB
cblr-14238	774	5	supra	supra	PROPN
cblr-14238	774	6	section	section	PROPN
cblr-14238	774	7	i.c.2	i.c.2	PROPN
cblr-14238	774	8	.	.	PUNCT
cblr-14238	775	1	166	166	NUM
cblr-14238	775	2	many	many	ADJ
cblr-14238	775	3	asset	asset	NOUN
cblr-14238	775	4	managers	manager	NOUN
cblr-14238	775	5	view	view	VERB
cblr-14238	775	6	esg	esg	NOUN
cblr-14238	775	7	investment	investment	NOUN
cblr-14238	775	8	as	as	ADP
cblr-14238	775	9	primarily	primarily	ADV
cblr-14238	775	10	a	a	DET
cblr-14238	775	11	clientrelations	clientrelation	NOUN
cblr-14238	775	12	issue	issue	NOUN
cblr-14238	775	13	and	and	CCONJ
cblr-14238	775	14	some	some	PRON
cblr-14238	775	15	are	be	AUX
cblr-14238	775	16	hesitant	hesitant	ADJ
cblr-14238	775	17	to	to	PART
cblr-14238	775	18	speak	speak	VERB
cblr-14238	775	19	about	about	ADP
cblr-14238	775	20	any	any	DET
cblr-14238	775	21	efforts	effort	NOUN
cblr-14238	775	22	they	they	PRON
cblr-14238	775	23	make	make	VERB
cblr-14238	775	24	for	for	ADP
cblr-14238	775	25	fear	fear	NOUN
cblr-14238	775	26	of	of	ADP
cblr-14238	775	27	being	be	AUX
cblr-14238	775	28	criticized	criticize	VERB
cblr-14238	775	29	for	for	ADP
cblr-14238	775	30	either	either	CCONJ
cblr-14238	775	31	insufficient	insufficient	ADJ
cblr-14238	775	32	efforts	effort	NOUN
cblr-14238	775	33	or	or	CCONJ
cblr-14238	775	34	,	,	PUNCT
cblr-14238	775	35	in	in	ADP
cblr-14238	775	36	the	the	DET
cblr-14238	775	37	case	case	NOUN
cblr-14238	775	38	of	of	ADP
cblr-14238	775	39	774	774	NUM
cblr-14238	775	40	columbia	columbia	PROPN
cblr-14238	775	41	business	business	NOUN
cblr-14238	775	42	law	law	PROPN
cblr-14238	775	43	review	review	NOUN
cblr-14238	775	44	[	[	X
cblr-14238	775	45	vol	vol	NOUN
cblr-14238	775	46	.	.	PUNCT
cblr-14238	775	47	2024	2024	NUM
cblr-14238	775	48	subject	subject	NOUN
cblr-14238	775	49	to	to	ADP
cblr-14238	775	50	the	the	DET
cblr-14238	775	51	same	same	ADJ
cblr-14238	775	52	public	public	ADJ
cblr-14238	775	53	capital	capital	NOUN
cblr-14238	775	54	markets	market	NOUN
cblr-14238	775	55	dynamics	dynamic	NOUN
cblr-14238	775	56	as	as	ADP
cblr-14238	775	57	benchmark	benchmark	NOUN
cblr-14238	775	58	indices	index	NOUN
cblr-14238	775	59	,	,	PUNCT
cblr-14238	775	60	inclusion	inclusion	NOUN
cblr-14238	775	61	in	in	ADP
cblr-14238	775	62	an	an	DET
cblr-14238	775	63	esg	esg	NOUN
cblr-14238	775	64	index	index	NOUN
cblr-14238	775	65	is	be	AUX
cblr-14238	775	66	unlikely	unlikely	ADJ
cblr-14238	775	67	to	to	PART
cblr-14238	775	68	provide	provide	VERB
cblr-14238	775	69	significant	significant	ADJ
cblr-14238	775	70	cost	cost	NOUN
cblr-14238	775	71	of	of	ADP
cblr-14238	775	72	capital	capital	NOUN
cblr-14238	775	73	benefits	benefit	NOUN
cblr-14238	775	74	for	for	SCONJ
cblr-14238	775	75	included	include	VERB
cblr-14238	775	76	firms.167	firms.167	ADV
cblr-14238	775	77	nonetheless	nonetheless	ADV
cblr-14238	775	78	,	,	PUNCT
cblr-14238	775	79	it	it	PRON
cblr-14238	775	80	is	be	AUX
cblr-14238	775	81	possible	possible	ADJ
cblr-14238	775	82	that	that	SCONJ
cblr-14238	775	83	corporate	corporate	ADJ
cblr-14238	775	84	managers	manager	NOUN
cblr-14238	775	85	will	will	AUX
cblr-14238	775	86	be	be	AUX
cblr-14238	775	87	motivated	motivate	VERB
cblr-14238	775	88	to	to	PART
cblr-14238	775	89	satisfy	satisfy	VERB
cblr-14238	775	90	esg	esg	PROPN
cblr-14238	775	91	index	index	NOUN
cblr-14238	775	92	eligibility	eligibility	NOUN
cblr-14238	775	93	criteria	criterion	NOUN
cblr-14238	775	94	as	as	ADP
cblr-14238	775	95	a	a	DET
cblr-14238	775	96	result	result	NOUN
cblr-14238	775	97	of	of	ADP
cblr-14238	775	98	the	the	DET
cblr-14238	775	99	rapidly	rapidly	ADV
cblr-14238	775	100	increasing	increase	VERB
cblr-14238	775	101	investor	investor	NOUN
cblr-14238	775	102	interest	interest	NOUN
cblr-14238	775	103	in	in	ADP
cblr-14238	775	104	esg	esg	NOUN
cblr-14238	775	105	factors	factor	NOUN
cblr-14238	775	106	,	,	PUNCT
cblr-14238	775	107	under	under	ADP
cblr-14238	775	108	the	the	DET
cblr-14238	775	109	incorrect	incorrect	ADJ
cblr-14238	775	110	impression	impression	NOUN
cblr-14238	775	111	that	that	SCONJ
cblr-14238	775	112	they	they	PRON
cblr-14238	775	113	can	can	AUX
cblr-14238	775	114	obtain	obtain	VERB
cblr-14238	775	115	a	a	DET
cblr-14238	775	116	lower	low	ADJ
cblr-14238	775	117	cost	cost	NOUN
cblr-14238	775	118	of	of	ADP
cblr-14238	775	119	capital	capital	NOUN
cblr-14238	775	120	through	through	ADP
cblr-14238	775	121	esg	esg	PROPN
cblr-14238	775	122	index	index	NOUN
cblr-14238	775	123	inclusion.168	inclusion.168	NOUN
cblr-14238	775	124	alternatively	alternatively	ADV
cblr-14238	775	125	,	,	PUNCT
cblr-14238	775	126	firms	firm	NOUN
cblr-14238	775	127	may	may	AUX
cblr-14238	775	128	believe	believe	VERB
cblr-14238	775	129	that	that	SCONJ
cblr-14238	775	130	inclusion	inclusion	NOUN
cblr-14238	775	131	in	in	ADP
cblr-14238	775	132	a	a	DET
cblr-14238	775	133	prominent	prominent	ADJ
cblr-14238	775	134	esg	esg	NOUN
cblr-14238	775	135	index	index	NOUN
cblr-14238	775	136	would	would	AUX
cblr-14238	775	137	provide	provide	VERB
cblr-14238	775	138	reputational	reputational	ADJ
cblr-14238	775	139	benefits	benefit	NOUN
cblr-14238	775	140	sufficient	sufficient	ADJ
cblr-14238	775	141	to	to	PART
cblr-14238	775	142	justify	justify	VERB
cblr-14238	775	143	efforts	effort	NOUN
cblr-14238	775	144	to	to	PART
cblr-14238	775	145	satisfy	satisfy	VERB
cblr-14238	775	146	the	the	DET
cblr-14238	775	147	eligibility	eligibility	NOUN
cblr-14238	775	148	criteria	criterion	NOUN
cblr-14238	775	149	for	for	ADP
cblr-14238	775	150	inclusion	inclusion	NOUN
cblr-14238	775	151	or	or	CCONJ
cblr-14238	775	152	to	to	PART
cblr-14238	775	153	avoid	avoid	VERB
cblr-14238	775	154	exclusion	exclusion	NOUN
cblr-14238	775	155	.	.	PUNCT
cblr-14238	776	1	esg	esg	PROPN
cblr-14238	776	2	index	index	NOUN
cblr-14238	776	3	inclusion	inclusion	NOUN
cblr-14238	776	4	might	might	AUX
cblr-14238	776	5	be	be	AUX
cblr-14238	776	6	perceived	perceive	VERB
cblr-14238	776	7	as	as	ADP
cblr-14238	776	8	a	a	DET
cblr-14238	776	9	credible	credible	ADJ
cblr-14238	776	10	signal	signal	NOUN
cblr-14238	776	11	of	of	ADP
cblr-14238	776	12	commitment	commitment	NOUN
cblr-14238	776	13	to	to	ADP
cblr-14238	776	14	esg	esg	PROPN
cblr-14238	776	15	goals	goal	NOUN
cblr-14238	776	16	.	.	PUNCT
cblr-14238	777	1	esg	esg	ADJ
cblr-14238	777	2	-	-	ADJ
cblr-14238	777	3	skeptical	skeptical	ADJ
cblr-14238	777	4	clients	client	NOUN
cblr-14238	777	5	,	,	PUNCT
cblr-14238	777	6	wrong	wrong	ADJ
cblr-14238	777	7	efforts	effort	NOUN
cblr-14238	777	8	.	.	PUNCT
cblr-14238	778	1	michael	michael	PROPN
cblr-14238	778	2	cappucci	cappucci	PROPN
cblr-14238	778	3	,	,	PUNCT
cblr-14238	778	4	the	the	DET
cblr-14238	778	5	esg	esg	NOUN
cblr-14238	778	6	integration	integration	NOUN
cblr-14238	778	7	paradox	paradox	NOUN
cblr-14238	778	8	,	,	PUNCT
cblr-14238	778	9	30	30	NUM
cblr-14238	778	10	j.	j.	PROPN
cblr-14238	778	11	applied	applied	PROPN
cblr-14238	778	12	corp	corp	PROPN
cblr-14238	778	13	.	.	PROPN
cblr-14238	778	14	fin	fin	PROPN
cblr-14238	778	15	.	.	PUNCT
cblr-14238	779	1	22	22	NUM
cblr-14238	779	2	(	(	PUNCT
cblr-14238	779	3	2018	2018	NUM
cblr-14238	779	4	)	)	PUNCT
cblr-14238	779	5	.	.	PUNCT
cblr-14238	780	1	167	167	NUM
cblr-14238	780	2	see	see	VERB
cblr-14238	780	3	supra	supra	PROPN
cblr-14238	780	4	section	section	PROPN
cblr-14238	780	5	iii.a.2	iii.a.2	PROPN
cblr-14238	780	6	.	.	PUNCT
cblr-14238	781	1	see	see	VERB
cblr-14238	781	2	also	also	ADV
cblr-14238	781	3	,	,	PUNCT
cblr-14238	781	4	jan	jan	PROPN
cblr-14238	781	5	fichtner	fichtner	PROPN
cblr-14238	781	6	,	,	PUNCT
cblr-14238	781	7	robin	robin	PROPN
cblr-14238	781	8	jasper	jasper	PROPN
cblr-14238	781	9	&	&	CCONJ
cblr-14238	781	10	johannes	johannes	PROPN
cblr-14238	781	11	petry	petry	PROPN
cblr-14238	781	12	,	,	PUNCT
cblr-14238	781	13	mind	mind	VERB
cblr-14238	781	14	the	the	DET
cblr-14238	781	15	esg	esg	PROPN
cblr-14238	781	16	capital	capital	NOUN
cblr-14238	781	17	allocation	allocation	NOUN
cblr-14238	781	18	gap	gap	NOUN
cblr-14238	781	19	:	:	PUNCT
cblr-14238	781	20	the	the	DET
cblr-14238	781	21	role	role	NOUN
cblr-14238	781	22	of	of	ADP
cblr-14238	781	23	index	index	NOUN
cblr-14238	781	24	providers	provider	NOUN
cblr-14238	781	25	,	,	PUNCT
cblr-14238	781	26	standard	standard	NOUN
cblr-14238	781	27	-	-	PUNCT
cblr-14238	781	28	setting	setting	NOUN
cblr-14238	781	29	,	,	PUNCT
cblr-14238	781	30	and	and	CCONJ
cblr-14238	781	31	“	"	PUNCT
cblr-14238	781	32	green	green	ADJ
cblr-14238	781	33	”	"	PUNCT
cblr-14238	781	34	indices	index	NOUN
cblr-14238	781	35	for	for	ADP
cblr-14238	781	36	the	the	DET
cblr-14238	781	37	creation	creation	NOUN
cblr-14238	781	38	of	of	ADP
cblr-14238	781	39	sustainability	sustainability	NOUN
cblr-14238	781	40	impact	impact	NOUN
cblr-14238	781	41	,	,	PUNCT
cblr-14238	781	42	18	18	NUM
cblr-14238	781	43	regulation	regulation	NOUN
cblr-14238	781	44	&	&	CCONJ
cblr-14238	781	45	governance	governance	NOUN
cblr-14238	781	46	479	479	NUM
cblr-14238	781	47	(	(	PUNCT
cblr-14238	781	48	2024	2024	NUM
cblr-14238	781	49	)	)	PUNCT
cblr-14238	781	50	(	(	PUNCT
cblr-14238	781	51	finding	find	VERB
cblr-14238	781	52	that	that	DET
cblr-14238	781	53	broad	broad	ADJ
cblr-14238	781	54	esg	esg	PROPN
cblr-14238	781	55	indices	index	NOUN
cblr-14238	781	56	,	,	PUNCT
cblr-14238	781	57	which	which	PRON
cblr-14238	781	58	dominate	dominate	VERB
cblr-14238	781	59	esg	esg	PROPN
cblr-14238	781	60	investing	investing	NOUN
cblr-14238	781	61	,	,	PUNCT
cblr-14238	781	62	do	do	AUX
cblr-14238	781	63	not	not	PART
cblr-14238	781	64	meaningfully	meaningfully	ADV
cblr-14238	781	65	facilitate	facilitate	VERB
cblr-14238	781	66	sustainability	sustainability	NOUN
cblr-14238	781	67	,	,	PUNCT
cblr-14238	781	68	although	although	SCONJ
cblr-14238	781	69	“	"	PUNCT
cblr-14238	781	70	dark	dark	ADJ
cblr-14238	781	71	green	green	ADJ
cblr-14238	781	72	”	"	PUNCT
cblr-14238	781	73	indices	index	NOUN
cblr-14238	781	74	might	might	AUX
cblr-14238	781	75	promote	promote	VERB
cblr-14238	781	76	more	more	ADJ
cblr-14238	781	77	capital	capital	NOUN
cblr-14238	781	78	allocation	allocation	NOUN
cblr-14238	781	79	to	to	ADP
cblr-14238	781	80	sustainability	sustainability	NOUN
cblr-14238	781	81	)	)	PUNCT
cblr-14238	781	82	.	.	PUNCT
cblr-14238	782	1	168	168	NUM
cblr-14238	782	2	a	a	DET
cblr-14238	782	3	recent	recent	ADJ
cblr-14238	782	4	study	study	NOUN
cblr-14238	782	5	finds	find	VERB
cblr-14238	782	6	that	that	SCONJ
cblr-14238	782	7	firms	firm	NOUN
cblr-14238	782	8	receiving	receive	VERB
cblr-14238	782	9	msci	msci	PROPN
cblr-14238	782	10	esg	esg	PROPN
cblr-14238	782	11	ratings	rating	NOUN
cblr-14238	782	12	downgrades	downgrade	VERB
cblr-14238	782	13	experience	experience	NOUN
cblr-14238	782	14	reductions	reduction	NOUN
cblr-14238	782	15	in	in	ADP
cblr-14238	782	16	ownership	ownership	NOUN
cblr-14238	782	17	by	by	ADP
cblr-14238	782	18	esg	esg	NOUN
cblr-14238	782	19	funds	fund	NOUN
cblr-14238	782	20	that	that	PRON
cblr-14238	782	21	create	create	VERB
cblr-14238	782	22	negative	negative	ADJ
cblr-14238	782	23	abnormal	abnormal	ADJ
cblr-14238	782	24	returns	return	NOUN
cblr-14238	782	25	in	in	ADP
cblr-14238	782	26	a	a	DET
cblr-14238	782	27	one	one	NUM
cblr-14238	782	28	-	-	PUNCT
cblr-14238	782	29	year	year	NOUN
cblr-14238	782	30	holding	holding	NOUN
cblr-14238	782	31	period	period	NOUN
cblr-14238	782	32	.	.	PUNCT
cblr-14238	783	1	florian	florian	PROPN
cblr-14238	783	2	berg	berg	PROPN
cblr-14238	783	3	,	,	PUNCT
cblr-14238	783	4	florian	florian	PROPN
cblr-14238	783	5	heeb	heeb	PROPN
cblr-14238	783	6	&	&	CCONJ
cblr-14238	783	7	julian	julian	PROPN
cblr-14238	783	8	kolbel	kolbel	PROPN
cblr-14238	783	9	,	,	PUNCT
cblr-14238	783	10	the	the	DET
cblr-14238	783	11	economic	economic	ADJ
cblr-14238	783	12	impact	impact	NOUN
cblr-14238	783	13	of	of	ADP
cblr-14238	783	14	esg	esg	PROPN
cblr-14238	783	15	ratings	rating	NOUN
cblr-14238	783	16	(	(	PUNCT
cblr-14238	783	17	working	work	VERB
cblr-14238	783	18	manuscript	manuscript	NOUN
cblr-14238	783	19	)	)	PUNCT
cblr-14238	783	20	(	(	PUNCT
cblr-14238	783	21	on	on	ADP
cblr-14238	783	22	file	file	NOUN
cblr-14238	783	23	with	with	ADP
cblr-14238	783	24	the	the	DET
cblr-14238	783	25	columbia	columbia	PROPN
cblr-14238	783	26	business	business	PROPN
cblr-14238	783	27	law	law	PROPN
cblr-14238	783	28	review	review	PROPN
cblr-14238	783	29	)	)	PUNCT
cblr-14238	783	30	,	,	PUNCT
cblr-14238	783	31	https://ssrn.com/abstract=4088545	https://ssrn.com/abstract=4088545	PROPN
cblr-14238	783	32	.	.	PUNCT
cblr-14238	783	33	see	see	VERB
cblr-14238	783	34	also	also	ADV
cblr-14238	783	35	,	,	PUNCT
cblr-14238	783	36	rients	rient	NOUN
cblr-14238	783	37	galema	galema	PROPN
cblr-14238	783	38	&	&	CCONJ
cblr-14238	783	39	dirk	dirk	PROPN
cblr-14238	783	40	gerritsen	gerritsen	PROPN
cblr-14238	783	41	,	,	PUNCT
cblr-14238	783	42	esg	esg	PROPN
cblr-14238	783	43	rating	rating	NOUN
cblr-14238	783	44	score	score	NOUN
cblr-14238	783	45	revisions	revision	NOUN
cblr-14238	783	46	and	and	CCONJ
cblr-14238	783	47	stock	stock	NOUN
cblr-14238	783	48	returns	return	NOUN
cblr-14238	783	49	(	(	PUNCT
cblr-14238	783	50	unpublished	unpublished	ADJ
cblr-14238	783	51	manuscript	manuscript	NOUN
cblr-14238	783	52	)	)	PUNCT
cblr-14238	783	53	(	(	PUNCT
cblr-14238	783	54	on	on	ADP
cblr-14238	783	55	file	file	NOUN
cblr-14238	783	56	with	with	ADP
cblr-14238	783	57	the	the	DET
cblr-14238	783	58	columbia	columbia	PROPN
cblr-14238	783	59	business	business	PROPN
cblr-14238	783	60	law	law	PROPN
cblr-14238	783	61	review	review	PROPN
cblr-14238	783	62	)	)	PUNCT
cblr-14238	783	63	(	(	PUNCT
cblr-14238	783	64	finding	find	VERB
cblr-14238	783	65	that	that	DET
cblr-14238	783	66	negative	negative	ADJ
cblr-14238	783	67	esg	esg	NOUN
cblr-14238	783	68	rating	rating	NOUN
cblr-14238	783	69	revisions	revision	NOUN
cblr-14238	783	70	lead	lead	VERB
cblr-14238	783	71	to	to	ADP
cblr-14238	783	72	adverse	adverse	ADJ
cblr-14238	783	73	stock	stock	NOUN
cblr-14238	783	74	price	price	NOUN
cblr-14238	783	75	adjustments	adjustment	NOUN
cblr-14238	783	76	in	in	ADP
cblr-14238	783	77	the	the	DET
cblr-14238	783	78	long	long	ADJ
cblr-14238	783	79	term	term	NOUN
cblr-14238	783	80	,	,	PUNCT
cblr-14238	783	81	showing	show	VERB
cblr-14238	783	82	annualized	annualize	VERB
cblr-14238	783	83	negative	negative	ADJ
cblr-14238	783	84	abnormal	abnormal	ADJ
cblr-14238	783	85	returns	return	NOUN
cblr-14238	783	86	of	of	ADP
cblr-14238	783	87	approximately	approximately	ADV
cblr-14238	783	88	3	3	NUM
cblr-14238	783	89	%	%	NOUN
cblr-14238	783	90	)	)	PUNCT
cblr-14238	783	91	,	,	PUNCT
cblr-14238	783	92	https://ssrn.com/abstract=4218969	https://ssrn.com/abstract=4218969	ADV
cblr-14238	783	93	;	;	PUNCT
cblr-14238	783	94	sahand	sahand	NOUN
cblr-14238	783	95	davani	davani	PROPN
cblr-14238	783	96	,	,	PUNCT
cblr-14238	783	97	the	the	DET
cblr-14238	783	98	power	power	NOUN
cblr-14238	783	99	of	of	ADP
cblr-14238	783	100	esg	esg	PROPN
cblr-14238	783	101	labels	label	NOUN
cblr-14238	783	102	(	(	PUNCT
cblr-14238	783	103	unpublished	unpublished	ADJ
cblr-14238	783	104	manuscript	manuscript	NOUN
cblr-14238	783	105	)	)	PUNCT
cblr-14238	783	106	(	(	PUNCT
cblr-14238	783	107	on	on	ADP
cblr-14238	783	108	file	file	NOUN
cblr-14238	783	109	with	with	ADP
cblr-14238	783	110	the	the	DET
cblr-14238	783	111	columbia	columbia	PROPN
cblr-14238	783	112	business	business	PROPN
cblr-14238	783	113	law	law	PROPN
cblr-14238	783	114	review	review	PROPN
cblr-14238	783	115	)	)	PUNCT
cblr-14238	783	116	(	(	PUNCT
cblr-14238	783	117	finding	find	VERB
cblr-14238	783	118	that	that	SCONJ
cblr-14238	783	119	firms	firm	NOUN
cblr-14238	783	120	with	with	ADP
cblr-14238	783	121	high	high	ADJ
cblr-14238	783	122	msci	msci	PROPN
cblr-14238	783	123	esg	esg	PROPN
cblr-14238	783	124	scores	score	NOUN
cblr-14238	783	125	and	and	CCONJ
cblr-14238	783	126	better	well	ADJ
cblr-14238	783	127	esg	esg	NOUN
cblr-14238	783	128	labels	label	NOUN
cblr-14238	783	129	and	and	CCONJ
cblr-14238	783	130	firms	firm	NOUN
cblr-14238	783	131	with	with	ADP
cblr-14238	783	132	low	low	ADJ
cblr-14238	783	133	msci	msci	PROPN
cblr-14238	783	134	esg	esg	PROPN
cblr-14238	783	135	scores	score	NOUN
cblr-14238	783	136	and	and	CCONJ
cblr-14238	783	137	worse	bad	ADJ
cblr-14238	783	138	esg	esg	NOUN
cblr-14238	783	139	labels	label	NOUN
cblr-14238	783	140	have	have	VERB
cblr-14238	783	141	higher	high	ADJ
cblr-14238	783	142	ownership	ownership	NOUN
cblr-14238	783	143	among	among	ADP
cblr-14238	783	144	esg	esg	PROPN
cblr-14238	783	145	institutional	institutional	ADJ
cblr-14238	783	146	investors	investor	NOUN
cblr-14238	783	147	compared	compare	VERB
cblr-14238	783	148	to	to	ADP
cblr-14238	783	149	similar	similar	ADJ
cblr-14238	783	150	firms	firm	NOUN
cblr-14238	783	151	with	with	ADP
cblr-14238	783	152	worse	bad	ADJ
cblr-14238	783	153	(	(	PUNCT
cblr-14238	783	154	better	well	ADJ
cblr-14238	783	155	)	)	PUNCT
cblr-14238	783	156	esg	esg	NOUN
cblr-14238	783	157	labels	label	NOUN
cblr-14238	783	158	)	)	PUNCT
cblr-14238	783	159	,	,	PUNCT
cblr-14238	783	160	https://ssrn.com/abstract=4889856	https://ssrn.com/abstract=4889856	PROPN
cblr-14238	783	161	.	.	PUNCT
cblr-14238	784	1	but	but	CCONJ
cblr-14238	784	2	see	see	VERB
cblr-14238	784	3	,	,	PUNCT
cblr-14238	784	4	thomas	thomas	PROPN
cblr-14238	784	5	cauthorn	cauthorn	PROPN
cblr-14238	784	6	,	,	PUNCT
cblr-14238	784	7	maurice	maurice	PROPN
cblr-14238	784	8	dumrose	dumrose	PROPN
cblr-14238	784	9	,	,	PUNCT
cblr-14238	784	10	julia	julia	PROPN
cblr-14238	784	11	eckert	eckert	PROPN
cblr-14238	784	12	,	,	PUNCT
cblr-14238	784	13	christian	christian	PROPN
cblr-14238	784	14	klein	klein	PROPN
cblr-14238	784	15	&	&	CCONJ
cblr-14238	784	16	bernhard	bernhard	PROPN
cblr-14238	784	17	zwergel	zwergel	PROPN
cblr-14238	784	18	,	,	PUNCT
cblr-14238	784	19	rating	rating	NOUN
cblr-14238	784	20	changes	change	NOUN
cblr-14238	784	21	revisited	revisit	VERB
cblr-14238	784	22	:	:	PUNCT
cblr-14238	784	23	new	new	ADJ
cblr-14238	784	24	evidence	evidence	NOUN
cblr-14238	784	25	on	on	ADP
cblr-14238	784	26	short	short	ADJ
cblr-14238	784	27	-	-	PUNCT
cblr-14238	784	28	term	term	NOUN
cblr-14238	784	29	esg	esg	PROPN
cblr-14238	784	30	momentum	momentum	NOUN
cblr-14238	784	31	,	,	PUNCT
cblr-14238	784	32	54	54	NUM
cblr-14238	784	33	finance	finance	NOUN
cblr-14238	784	34	research	research	NOUN
cblr-14238	784	35	letters	letter	NOUN
cblr-14238	784	36	(	(	PUNCT
cblr-14238	784	37	2023	2023	NUM
cblr-14238	784	38	)	)	PUNCT
cblr-14238	784	39	(	(	PUNCT
cblr-14238	784	40	finding	find	VERB
cblr-14238	784	41	that	that	SCONJ
cblr-14238	784	42	ratings	rating	NOUN
cblr-14238	784	43	changes	change	NOUN
cblr-14238	784	44	do	do	AUX
cblr-14238	784	45	not	not	PART
cblr-14238	784	46	significantly	significantly	ADV
cblr-14238	784	47	affect	affect	VERB
cblr-14238	784	48	stock	stock	NOUN
cblr-14238	784	49	prices	price	NOUN
cblr-14238	784	50	in	in	ADP
cblr-14238	784	51	the	the	DET
cblr-14238	784	52	short	short	ADJ
cblr-14238	784	53	-	-	PUNCT
cblr-14238	784	54	term	term	NOUN
cblr-14238	784	55	)	)	PUNCT
cblr-14238	784	56	.	.	PUNCT
cblr-14238	785	1	no	no	INTJ
cblr-14238	785	2	.	.	NOUN
cblr-14238	785	3	2	2	NUM
cblr-14238	785	4	]	]	PUNCT
cblr-14238	785	5	regulation	regulation	NOUN
cblr-14238	785	6	by	by	ADP
cblr-14238	785	7	indexation	indexation	NOUN
cblr-14238	785	8	?	?	PUNCT
cblr-14238	786	1	775	775	NUM
cblr-14238	786	2	corporate	corporate	ADJ
cblr-14238	786	3	managers	manager	NOUN
cblr-14238	786	4	have	have	AUX
cblr-14238	786	5	noticed	notice	VERB
cblr-14238	786	6	the	the	DET
cblr-14238	786	7	trend	trend	NOUN
cblr-14238	786	8	towards	towards	ADP
cblr-14238	786	9	esg	esg	PROPN
cblr-14238	786	10	investing.169	investing.169	PROPN
cblr-14238	786	11	the	the	DET
cblr-14238	786	12	number	number	NOUN
cblr-14238	786	13	of	of	ADP
cblr-14238	786	14	public	public	ADJ
cblr-14238	786	15	companies	company	NOUN
cblr-14238	786	16	reporting	report	VERB
cblr-14238	786	17	esg	esg	PROPN
cblr-14238	786	18	information	information	NOUN
cblr-14238	786	19	grew	grow	VERB
cblr-14238	786	20	from	from	ADP
cblr-14238	786	21	fewer	few	ADJ
cblr-14238	786	22	than	than	ADP
cblr-14238	786	23	20	20	NUM
cblr-14238	786	24	in	in	ADP
cblr-14238	786	25	the	the	DET
cblr-14238	786	26	early	early	ADJ
cblr-14238	786	27	1990s	1990	NOUN
cblr-14238	786	28	to	to	ADP
cblr-14238	786	29	more	more	ADJ
cblr-14238	786	30	than	than	ADP
cblr-14238	786	31	10,000	10,000	NUM
cblr-14238	786	32	by	by	ADP
cblr-14238	786	33	2020.170	2020.170	NUM
cblr-14238	786	34	by	by	ADP
cblr-14238	786	35	2023	2023	NUM
cblr-14238	786	36	,	,	PUNCT
cblr-14238	786	37	99	99	NUM
cblr-14238	786	38	%	%	NOUN
cblr-14238	786	39	of	of	ADP
cblr-14238	786	40	s&p	s&p	PROPN
cblr-14238	786	41	500	500	NUM
cblr-14238	786	42	companies	company	NOUN
cblr-14238	786	43	were	be	AUX
cblr-14238	786	44	reporting	report	VERB
cblr-14238	786	45	esg	esg	PROPN
cblr-14238	786	46	information.171	information.171	PROPN
cblr-14238	786	47	according	accord	VERB
cblr-14238	786	48	to	to	ADP
cblr-14238	786	49	kpmg	kpmg	PROPN
cblr-14238	786	50	,	,	PUNCT
cblr-14238	786	51	the	the	DET
cblr-14238	786	52	gri	gri	PROPN
cblr-14238	786	53	guidelines	guideline	NOUN
cblr-14238	786	54	dominate	dominate	VERB
cblr-14238	786	55	global	global	ADJ
cblr-14238	786	56	sustainability	sustainability	NOUN
cblr-14238	786	57	reporting	reporting	NOUN
cblr-14238	786	58	,	,	PUNCT
cblr-14238	786	59	with	with	ADP
cblr-14238	786	60	63	63	NUM
cblr-14238	786	61	%	%	NOUN
cblr-14238	786	62	of	of	ADP
cblr-14238	786	63	the	the	DET
cblr-14238	786	64	n100	n100	PROPN
cblr-14238	786	65	(	(	PUNCT
cblr-14238	786	66	largest	large	ADJ
cblr-14238	786	67	100	100	NUM
cblr-14238	786	68	companies	company	NOUN
cblr-14238	786	69	by	by	ADP
cblr-14238	786	70	market	market	NOUN
cblr-14238	786	71	capitalization	capitalization	NOUN
cblr-14238	786	72	in	in	ADP
cblr-14238	786	73	each	each	DET
cblr-14238	786	74	country	country	NOUN
cblr-14238	786	75	)	)	PUNCT
cblr-14238	786	76	referencing	reference	VERB
cblr-14238	786	77	the	the	DET
cblr-14238	786	78	gri	gri	PROPN
cblr-14238	786	79	guidelines	guideline	NOUN
cblr-14238	786	80	when	when	SCONJ
cblr-14238	786	81	reporting	report	VERB
cblr-14238	786	82	esg	esg	NOUN
cblr-14238	786	83	measures	measure	NOUN
cblr-14238	786	84	,	,	PUNCT
cblr-14238	786	85	and	and	CCONJ
cblr-14238	786	86	75	75	NUM
cblr-14238	786	87	%	%	NOUN
cblr-14238	786	88	of	of	ADP
cblr-14238	786	89	the	the	DET
cblr-14238	786	90	250	250	NUM
cblr-14238	786	91	largest	large	ADJ
cblr-14238	786	92	companies	company	NOUN
cblr-14238	786	93	globally	globally	ADV
cblr-14238	786	94	referring	refer	VERB
cblr-14238	786	95	to	to	ADP
cblr-14238	786	96	the	the	DET
cblr-14238	786	97	guidelines.172	guidelines.172	NOUN
cblr-14238	786	98	sustainability	sustainability	NOUN
cblr-14238	786	99	has	have	AUX
cblr-14238	786	100	become	become	VERB
cblr-14238	786	101	one	one	NUM
cblr-14238	786	102	of	of	ADP
cblr-14238	786	103	the	the	DET
cblr-14238	786	104	most	most	ADV
cblr-14238	786	105	important	important	ADJ
cblr-14238	786	106	components	component	NOUN
cblr-14238	786	107	of	of	ADP
cblr-14238	786	108	corporate	corporate	ADJ
cblr-14238	786	109	reputation	reputation	NOUN
cblr-14238	786	110	,	,	PUNCT
cblr-14238	786	111	which	which	PRON
cblr-14238	786	112	is	be	AUX
cblr-14238	786	113	a	a	DET
cblr-14238	786	114	valuable	valuable	ADJ
cblr-14238	786	115	asset	asset	NOUN
cblr-14238	786	116	of	of	ADP
cblr-14238	786	117	the	the	DET
cblr-14238	786	118	firm	firm	NOUN
cblr-14238	786	119	—	—	PUNCT
cblr-14238	786	120	building	build	VERB
cblr-14238	786	121	brand	brand	NOUN
cblr-14238	786	122	potential.173	potential.173	VERB
cblr-14238	786	123	some	some	DET
cblr-14238	786	124	studies	study	NOUN
cblr-14238	786	125	have	have	VERB
cblr-14238	786	126	169	169	NUM
cblr-14238	786	127	corporate	corporate	ADJ
cblr-14238	786	128	managers	manager	NOUN
cblr-14238	786	129	are	be	AUX
cblr-14238	786	130	increasingly	increasingly	ADV
cblr-14238	786	131	aware	aware	ADJ
cblr-14238	786	132	of	of	ADP
cblr-14238	786	133	investor	investor	NOUN
cblr-14238	786	134	interest	interest	NOUN
cblr-14238	786	135	in	in	ADP
cblr-14238	786	136	esg	esg	NOUN
cblr-14238	786	137	matters	matter	NOUN
cblr-14238	786	138	,	,	PUNCT
cblr-14238	786	139	and	and	CCONJ
cblr-14238	786	140	therefore	therefore	ADV
cblr-14238	786	141	at	at	ADP
cblr-14238	786	142	least	least	ADJ
cblr-14238	786	143	some	some	PRON
cblr-14238	786	144	of	of	ADP
cblr-14238	786	145	them	they	PRON
cblr-14238	786	146	are	be	AUX
cblr-14238	786	147	increasingly	increasingly	ADV
cblr-14238	786	148	interested	interested	ADJ
cblr-14238	786	149	in	in	ADP
cblr-14238	786	150	their	their	PRON
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cblr-14238	786	153	.	.	PUNCT
cblr-14238	787	1	from	from	ADP
cblr-14238	787	2	2014	2014	NUM
cblr-14238	787	3	to	to	ADP
cblr-14238	787	4	2018	2018	NUM
cblr-14238	787	5	,	,	PUNCT
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cblr-14238	787	10	to	to	ADP
cblr-14238	787	11	msci	msci	PROPN
cblr-14238	787	12	from	from	ADP
cblr-14238	787	13	companies	company	NOUN
cblr-14238	787	14	included	include	VERB
cblr-14238	787	15	in	in	ADP
cblr-14238	787	16	the	the	DET
cblr-14238	787	17	msci	msci	PROPN
cblr-14238	787	18	acwi	acwi	NOUN
cblr-14238	787	19	index	index	NOUN
cblr-14238	787	20	regarding	regard	VERB
cblr-14238	787	21	their	their	PRON
cblr-14238	787	22	esg	esg	NOUN
cblr-14238	787	23	assessments	assessment	NOUN
cblr-14238	787	24	almost	almost	ADV
cblr-14238	787	25	tripled	triple	VERB
cblr-14238	787	26	,	,	PUNCT
cblr-14238	787	27	suggesting	suggest	VERB
cblr-14238	787	28	that	that	SCONJ
cblr-14238	787	29	companies	company	NOUN
cblr-14238	787	30	are	be	AUX
cblr-14238	787	31	much	much	ADV
cblr-14238	787	32	more	more	ADV
cblr-14238	787	33	interested	interested	ADJ
cblr-14238	787	34	in	in	ADP
cblr-14238	787	35	their	their	PRON
cblr-14238	787	36	esg	esg	NOUN
cblr-14238	787	37	ratings	rating	NOUN
cblr-14238	787	38	than	than	SCONJ
cblr-14238	787	39	they	they	PRON
cblr-14238	787	40	have	have	AUX
cblr-14238	787	41	been	be	AUX
cblr-14238	787	42	in	in	ADP
cblr-14238	787	43	the	the	DET
cblr-14238	787	44	past	past	NOUN
cblr-14238	787	45	.	.	PUNCT
cblr-14238	788	1	see	see	VERB
cblr-14238	788	2	linda	linda	PROPN
cblr-14238	788	3	-	-	PUNCT
cblr-14238	788	4	eling	eling	PROPN
cblr-14238	788	5	lee	lee	PROPN
cblr-14238	788	6	&	&	CCONJ
cblr-14238	788	7	matt	matt	PROPN
cblr-14238	788	8	moscardi	moscardi	PROPN
cblr-14238	788	9	,	,	PUNCT
cblr-14238	788	10	msci	msci	PROPN
cblr-14238	788	11	esg	esg	PROPN
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cblr-14238	788	13	llc	llc	PROPN
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cblr-14238	788	18	:	:	PUNCT
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cblr-14238	788	21	trends	trend	NOUN
cblr-14238	788	22	to	to	PART
cblr-14238	788	23	watch	watch	VERB
cblr-14238	788	24	19	19	NUM
cblr-14238	788	25	(	(	PUNCT
cblr-14238	788	26	2018	2018	NUM
cblr-14238	788	27	)	)	PUNCT
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cblr-14238	789	1	170	170	NUM
cblr-14238	789	2	david	david	PROPN
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cblr-14238	789	9	esg	esg	PROPN
cblr-14238	789	10	disclosure	disclosure	NOUN
cblr-14238	789	11	standards	standard	NOUN
cblr-14238	789	12	,	,	PUNCT
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cblr-14238	790	1	l.	l.	PROPN
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cblr-14238	791	2	on	on	ADP
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cblr-14238	791	4	.	.	PROPN
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cblr-14238	791	6	&	&	CCONJ
cblr-14238	791	7	fin	fin	PROPN
cblr-14238	791	8	.	.	PUNCT
cblr-14238	792	1	reg	reg	PROPN
cblr-14238	792	2	.	.	PUNCT
cblr-14238	793	1	(	(	PUNCT
cblr-14238	793	2	june	june	PROPN
cblr-14238	793	3	23	23	NUM
cblr-14238	793	4	,	,	PUNCT
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cblr-14238	795	1	[	[	X
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cblr-14238	796	4	audit	audit	NOUN
cblr-14238	796	5	quality	quality	NOUN
cblr-14238	796	6	,	,	PUNCT
cblr-14238	796	7	https://www.thecaq.org	https://www.thecaq.org	PUNCT
cblr-14238	796	8	[	[	X
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cblr-14238	796	11	(	(	PUNCT
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cblr-14238	796	13	visited	visit	VERB
cblr-14238	796	14	sept	sept	PROPN
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cblr-14238	796	16	26	26	NUM
cblr-14238	796	17	,	,	PUNCT
cblr-14238	796	18	2024	2024	NUM
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cblr-14238	796	20	.	.	PUNCT
cblr-14238	797	1	172	172	NUM
cblr-14238	797	2	kpmg	kpmg	PROPN
cblr-14238	797	3	,	,	PUNCT
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cblr-14238	797	5	kpmg	kpmg	PROPN
cblr-14238	797	6	survey	survey	NOUN
cblr-14238	797	7	of	of	ADP
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cblr-14238	797	10	reporting	report	VERB
cblr-14238	797	11	2017	2017	NUM
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cblr-14238	797	13	at	at	ADP
cblr-14238	797	14	28	28	NUM
cblr-14238	797	15	(	(	PUNCT
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cblr-14238	797	18	,	,	PUNCT
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cblr-14238	799	1	these	these	DET
cblr-14238	799	2	percentages	percentage	NOUN
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cblr-14238	800	1	kpmg	kpmg	PROPN
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cblr-14238	800	5	%	%	NOUN
cblr-14238	800	6	of	of	ADP
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cblr-14238	800	10	78	78	NUM
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cblr-14238	800	19	as	as	ADP
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cblr-14238	801	7	2022	2022	NUM
cblr-14238	801	8	,	,	PUNCT
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cblr-14238	801	10	24	24	NUM
cblr-14238	801	11	(	(	PUNCT
cblr-14238	801	12	2022	2022	NUM
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cblr-14238	802	4	.	.	PUNCT
cblr-14238	803	1	173	173	NUM
cblr-14238	803	2	peloza	peloza	NOUN
cblr-14238	803	3	et	et	PROPN
cblr-14238	803	4	al	al	PROPN
cblr-14238	803	5	.	.	PROPN
cblr-14238	803	6	,	,	PUNCT
cblr-14238	803	7	supra	supra	PROPN
cblr-14238	803	8	note	note	PROPN
cblr-14238	803	9	154	154	NUM
cblr-14238	803	10	,	,	PUNCT
cblr-14238	803	11	at	at	ADP
cblr-14238	803	12	74	74	NUM
cblr-14238	803	13	;	;	PUNCT
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cblr-14238	803	28	,	,	PUNCT
cblr-14238	803	29	53	53	NUM
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cblr-14238	803	31	.	.	PUNCT
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cblr-14238	805	9	;	;	PUNCT
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cblr-14238	805	36	.	.	PUNCT
cblr-14238	806	1	776	776	NUM
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cblr-14238	806	4	law	law	PROPN
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cblr-14238	806	6	[	[	X
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cblr-14238	806	8	.	.	PUNCT
cblr-14238	806	9	2024	2024	NUM
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cblr-14238	806	11	that	that	SCONJ
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cblr-14238	806	13	is	be	VERB
cblr-14238	806	14	reputational	reputational	ADJ
cblr-14238	806	15	,	,	PUNCT
cblr-14238	806	16	and	and	CCONJ
cblr-14238	806	17	possibly	possibly	ADV
cblr-14238	806	18	market	market	NOUN
cblr-14238	806	19	,	,	PUNCT
cblr-14238	806	20	value	value	NOUN
cblr-14238	806	21	in	in	ADP
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cblr-14238	806	23	included	include	VERB
cblr-14238	806	24	in	in	ADP
cblr-14238	806	25	esg	esg	PROPN
cblr-14238	806	26	indices.174	indices.174	ADJ
cblr-14238	806	27	poor	poor	ADJ
cblr-14238	806	28	ratings	rating	NOUN
cblr-14238	806	29	shame	shame	NOUN
cblr-14238	806	30	firms	firm	NOUN
cblr-14238	806	31	and	and	CCONJ
cblr-14238	806	32	threaten	threaten	VERB
cblr-14238	806	33	their	their	PRON
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cblr-14238	806	44	covet	covet	VERB
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cblr-14238	806	46	in	in	ADP
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cblr-14238	806	48	indices	index	NOUN
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cblr-14238	807	7	as	as	ADP
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cblr-14238	807	10	of	of	ADP
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cblr-14238	807	64	in	in	ADP
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cblr-14238	807	67	for	for	ADP
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cblr-14238	807	78	a	a	DET
cblr-14238	807	79	reputational	reputational	ADJ
cblr-14238	807	80	badge	badge	NOUN
cblr-14238	807	81	of	of	ADP
cblr-14238	807	82	honor.177	honor.177	NUM
cblr-14238	807	83	several	several	ADJ
cblr-14238	807	84	major	major	ADJ
cblr-14238	807	85	corporations	corporation	NOUN
cblr-14238	807	86	,	,	PUNCT
cblr-14238	807	87	174	174	NUM
cblr-14238	807	88	see	see	VERB
cblr-14238	807	89	,	,	PUNCT
cblr-14238	807	90	e.g.	e.g.	ADV
cblr-14238	807	91	,	,	PUNCT
cblr-14238	807	92	isabel	isabel	PROPN
cblr-14238	807	93	costa	costa	PROPN
cblr-14238	807	94	lourenço	lourenço	VERB
cblr-14238	807	95	et	et	PROPN
cblr-14238	807	96	al	al	PROPN
cblr-14238	807	97	.	.	PROPN
cblr-14238	807	98	,	,	PUNCT
cblr-14238	807	99	the	the	DET
cblr-14238	807	100	value	value	NOUN
cblr-14238	807	101	relevance	relevance	NOUN
cblr-14238	807	102	of	of	ADP
cblr-14238	807	103	reputation	reputation	NOUN
cblr-14238	807	104	for	for	ADP
cblr-14238	807	105	sustainability	sustainability	NOUN
cblr-14238	807	106	leadership	leadership	NOUN
cblr-14238	807	107	,	,	PUNCT
cblr-14238	807	108	119	119	NUM
cblr-14238	807	109	j.	j.	PROPN
cblr-14238	807	110	bus	bus	PROPN
cblr-14238	807	111	.	.	PUNCT
cblr-14238	808	1	ethics	ethic	NOUN
cblr-14238	808	2	17	17	NUM
cblr-14238	808	3	,	,	PUNCT
cblr-14238	808	4	25	25	NUM
cblr-14238	808	5	(	(	PUNCT
cblr-14238	808	6	2014	2014	NUM
cblr-14238	808	7	)	)	PUNCT
cblr-14238	808	8	;	;	PUNCT
cblr-14238	808	9	craig	craig	PROPN
cblr-14238	808	10	mackenzie	mackenzie	PROPN
cblr-14238	808	11	,	,	PUNCT
cblr-14238	808	12	william	william	PROPN
cblr-14238	808	13	rees	rees	PROPN
cblr-14238	808	14	&	&	CCONJ
cblr-14238	808	15	tatiana	tatiana	PROPN
cblr-14238	808	16	rodionova	rodionova	PROPN
cblr-14238	808	17	,	,	PUNCT
cblr-14238	808	18	do	do	AUX
cblr-14238	808	19	responsible	responsible	ADJ
cblr-14238	808	20	investment	investment	NOUN
cblr-14238	808	21	indices	index	NOUN
cblr-14238	808	22	improve	improve	VERB
cblr-14238	808	23	corporate	corporate	ADJ
cblr-14238	808	24	social	social	ADJ
cblr-14238	808	25	responsibility	responsibility	NOUN
cblr-14238	808	26	?	?	PUNCT
cblr-14238	809	1	ftse4good	ftse4good	PROPN
cblr-14238	809	2	’s	’s	PART
cblr-14238	809	3	impact	impact	NOUN
cblr-14238	809	4	on	on	ADP
cblr-14238	809	5	environmental	environmental	ADJ
cblr-14238	809	6	management	management	NOUN
cblr-14238	809	7	,	,	PUNCT
cblr-14238	809	8	21	21	NUM
cblr-14238	809	9	corp	corp	PROPN
cblr-14238	809	10	.	.	PROPN
cblr-14238	809	11	governance	governance	PROPN
cblr-14238	809	12	,	,	PUNCT
cblr-14238	809	13	495	495	NUM
cblr-14238	809	14	,	,	PUNCT
cblr-14238	809	15	510	510	NUM
cblr-14238	809	16	(	(	PUNCT
cblr-14238	809	17	2013	2013	NUM
cblr-14238	809	18	)	)	PUNCT
cblr-14238	809	19	;	;	PUNCT
cblr-14238	809	20	michael	michael	PROPN
cblr-14238	809	21	robinson	robinson	PROPN
cblr-14238	809	22	,	,	PUNCT
cblr-14238	809	23	anne	anne	PROPN
cblr-14238	809	24	kleffner	kleffner	PROPN
cblr-14238	809	25	&	&	CCONJ
cblr-14238	809	26	stephanie	stephanie	PROPN
cblr-14238	809	27	bertels	bertels	PROPN
cblr-14238	809	28	,	,	PUNCT
cblr-14238	809	29	signaling	signal	VERB
cblr-14238	809	30	sustainability	sustainability	NOUN
cblr-14238	809	31	leadership	leadership	NOUN
cblr-14238	809	32	:	:	PUNCT
cblr-14238	809	33	empirical	empirical	ADJ
cblr-14238	809	34	evidence	evidence	NOUN
cblr-14238	809	35	of	of	ADP
cblr-14238	809	36	the	the	DET
cblr-14238	809	37	value	value	NOUN
cblr-14238	809	38	of	of	ADP
cblr-14238	809	39	djsi	djsi	NUM
cblr-14238	809	40	membership	membership	NOUN
cblr-14238	809	41	,	,	PUNCT
cblr-14238	809	42	101	101	NUM
cblr-14238	809	43	j.	j.	PROPN
cblr-14238	809	44	bus	bus	PROPN
cblr-14238	809	45	.	.	PUNCT
cblr-14238	810	1	ethics	ethic	NOUN
cblr-14238	810	2	493	493	NUM
cblr-14238	810	3	,	,	PUNCT
cblr-14238	810	4	503–04	503–04	NUM
cblr-14238	810	5	(	(	PUNCT
cblr-14238	810	6	2011	2011	NUM
cblr-14238	810	7	)	)	PUNCT
cblr-14238	810	8	;	;	PUNCT
cblr-14238	810	9	chatterji	chatterji	PROPN
cblr-14238	810	10	&	&	CCONJ
cblr-14238	810	11	toffel	toffel	PROPN
cblr-14238	810	12	,	,	PUNCT
cblr-14238	810	13	supra	supra	PROPN
cblr-14238	810	14	note	note	NOUN
cblr-14238	810	15	102	102	NUM
cblr-14238	810	16	,	,	PUNCT
cblr-14238	810	17	at	at	ADP
cblr-14238	810	18	918	918	NUM
cblr-14238	810	19	(	(	PUNCT
cblr-14238	810	20	noting	note	VERB
cblr-14238	810	21	that	that	SCONJ
cblr-14238	810	22	firms	firm	NOUN
cblr-14238	810	23	respond	respond	VERB
cblr-14238	810	24	positively	positively	ADV
cblr-14238	810	25	to	to	ADP
cblr-14238	810	26	environmental	environmental	ADJ
cblr-14238	810	27	ratings	rating	NOUN
cblr-14238	810	28	)	)	PUNCT
cblr-14238	810	29	.	.	PUNCT
cblr-14238	811	1	but	but	CCONJ
cblr-14238	811	2	see	see	VERB
cblr-14238	811	3	,	,	PUNCT
cblr-14238	811	4	e.g.	e.g.	ADV
cblr-14238	811	5	,	,	PUNCT
cblr-14238	811	6	charles	charles	PROPN
cblr-14238	811	7	h.	h.	PROPN
cblr-14238	811	8	cho	cho	PROPN
cblr-14238	811	9	et	et	PROPN
cblr-14238	811	10	al	al	PROPN
cblr-14238	811	11	.	.	PROPN
cblr-14238	811	12	,	,	PUNCT
cblr-14238	811	13	do	do	AUX
cblr-14238	811	14	actions	action	NOUN
cblr-14238	811	15	speak	speak	VERB
cblr-14238	811	16	louder	louder	ADV
cblr-14238	811	17	than	than	ADP
cblr-14238	811	18	words	word	NOUN
cblr-14238	811	19	?	?	PUNCT
cblr-14238	812	1	an	an	DET
cblr-14238	812	2	empirical	empirical	ADJ
cblr-14238	812	3	investigation	investigation	NOUN
cblr-14238	812	4	of	of	ADP
cblr-14238	812	5	corporate	corporate	ADJ
cblr-14238	812	6	environmental	environmental	ADJ
cblr-14238	812	7	reputation	reputation	NOUN
cblr-14238	812	8	,	,	PUNCT
cblr-14238	812	9	37	37	NUM
cblr-14238	812	10	acct	acct	NOUN
cblr-14238	812	11	.	.	PUNCT
cblr-14238	812	12	,	,	PUNCT
cblr-14238	812	13	org	org	PROPN
cblr-14238	812	14	.	.	PROPN
cblr-14238	812	15	&	&	CCONJ
cblr-14238	812	16	soc’y	soc’y	PROPN
cblr-14238	812	17	14	14	NUM
cblr-14238	812	18	,	,	PUNCT
cblr-14238	812	19	23	23	NUM
cblr-14238	812	20	(	(	PUNCT
cblr-14238	812	21	2012	2012	NUM
cblr-14238	812	22	)	)	PUNCT
cblr-14238	812	23	;	;	PUNCT
cblr-14238	812	24	steven	steven	PROPN
cblr-14238	812	25	scalet	scalet	PROPN
cblr-14238	812	26	&	&	CCONJ
cblr-14238	812	27	thomas	thomas	PROPN
cblr-14238	812	28	f.	f.	PROPN
cblr-14238	812	29	kelly	kelly	PROPN
cblr-14238	812	30	,	,	PUNCT
cblr-14238	812	31	csr	csr	NOUN
cblr-14238	812	32	rating	rating	NOUN
cblr-14238	812	33	agencies	agency	NOUN
cblr-14238	812	34	:	:	PUNCT
cblr-14238	812	35	what	what	PRON
cblr-14238	812	36	is	be	AUX
cblr-14238	812	37	their	their	PRON
cblr-14238	812	38	global	global	ADJ
cblr-14238	812	39	impact	impact	NOUN
cblr-14238	812	40	?	?	PUNCT
cblr-14238	812	41	,	,	PUNCT
cblr-14238	812	42	94	94	NUM
cblr-14238	812	43	j.	j.	PROPN
cblr-14238	812	44	bus	bus	PROPN
cblr-14238	812	45	.	.	PUNCT
cblr-14238	813	1	ethics	ethic	NOUN
cblr-14238	813	2	69	69	NUM
cblr-14238	813	3	,	,	PUNCT
cblr-14238	813	4	77	77	NUM
cblr-14238	813	5	(	(	PUNCT
cblr-14238	813	6	2009	2009	NUM
cblr-14238	813	7	)	)	PUNCT
cblr-14238	813	8	(	(	PUNCT
cblr-14238	813	9	finding	find	VERB
cblr-14238	813	10	that	that	SCONJ
cblr-14238	813	11	being	be	AUX
cblr-14238	813	12	dropped	drop	VERB
cblr-14238	813	13	from	from	ADP
cblr-14238	813	14	a	a	DET
cblr-14238	813	15	corporate	corporate	ADJ
cblr-14238	813	16	social	social	ADJ
cblr-14238	813	17	responsibility	responsibility	NOUN
cblr-14238	813	18	ranking	ranking	NOUN
cblr-14238	813	19	appears	appear	VERB
cblr-14238	813	20	to	to	PART
cblr-14238	813	21	do	do	VERB
cblr-14238	813	22	little	little	ADJ
cblr-14238	813	23	to	to	PART
cblr-14238	813	24	encourage	encourage	VERB
cblr-14238	813	25	firms	firm	NOUN
cblr-14238	813	26	to	to	PART
cblr-14238	813	27	acknowledge	acknowledge	VERB
cblr-14238	813	28	and	and	CCONJ
cblr-14238	813	29	address	address	VERB
cblr-14238	813	30	problems	problem	NOUN
cblr-14238	813	31	related	relate	VERB
cblr-14238	813	32	to	to	ADP
cblr-14238	813	33	their	their	PRON
cblr-14238	813	34	social	social	ADJ
cblr-14238	813	35	and	and	CCONJ
cblr-14238	813	36	environmental	environmental	ADJ
cblr-14238	813	37	performance	performance	NOUN
cblr-14238	813	38	)	)	PUNCT
cblr-14238	813	39	.	.	PUNCT
cblr-14238	814	1	175	175	NUM
cblr-14238	814	2	chatterji	chatterji	PROPN
cblr-14238	814	3	&	&	CCONJ
cblr-14238	814	4	toffel	toffel	PROPN
cblr-14238	814	5	,	,	PUNCT
cblr-14238	814	6	supra	supra	PROPN
cblr-14238	814	7	note	note	NOUN
cblr-14238	814	8	102	102	NUM
cblr-14238	814	9	,	,	PUNCT
cblr-14238	814	10	at	at	ADP
cblr-14238	814	11	918	918	NUM
cblr-14238	814	12	.	.	PUNCT
cblr-14238	814	13	see	see	VERB
cblr-14238	814	14	also	also	ADV
cblr-14238	814	15	stavros	stavros	PROPN
cblr-14238	814	16	gadinis	gadinis	PROPN
cblr-14238	814	17	&	&	CCONJ
cblr-14238	814	18	christopher	christopher	PROPN
cblr-14238	814	19	havasy	havasy	PROPN
cblr-14238	814	20	,	,	PUNCT
cblr-14238	814	21	the	the	DET
cblr-14238	814	22	quest	quest	NOUN
cblr-14238	814	23	for	for	ADP
cblr-14238	814	24	legitimacy	legitimacy	NOUN
cblr-14238	814	25	:	:	PUNCT
cblr-14238	814	26	a	a	DET
cblr-14238	814	27	public	public	ADJ
cblr-14238	814	28	law	law	NOUN
cblr-14238	814	29	blueprint	blueprint	NOUN
cblr-14238	814	30	for	for	ADP
cblr-14238	814	31	corporate	corporate	ADJ
cblr-14238	814	32	governance	governance	NOUN
cblr-14238	814	33	,	,	PUNCT
cblr-14238	814	34	57	57	NUM
cblr-14238	814	35	u.c	u.c	PROPN
cblr-14238	814	36	.	.	PROPN
cblr-14238	815	1	davis	davis	PROPN
cblr-14238	815	2	l.	l.	PROPN
cblr-14238	815	3	rev	rev	PROPN
cblr-14238	815	4	.	.	PROPN
cblr-14238	815	5	1581	1581	NUM
cblr-14238	815	6	,	,	PUNCT
cblr-14238	815	7	1582	1582	NUM
cblr-14238	815	8	(	(	PUNCT
cblr-14238	815	9	2024	2024	NUM
cblr-14238	815	10	)	)	PUNCT
cblr-14238	815	11	,	,	PUNCT
cblr-14238	815	12	https://lawreview.law.ucdavis.edu/sites/g/files/dgvnsk15026/files/202402/57-3_gadinis_havasy.pdf	https://lawreview.law.ucdavis.edu/sites/g/files/dgvnsk15026/files/202402/57-3_gadinis_havasy.pdf	PROPN
cblr-14238	815	13	[	[	X
cblr-14238	815	14	https://perma.cc/v4px-aeb3	https://perma.cc/v4px-aeb3	NOUN
cblr-14238	815	15	]	]	X
cblr-14238	815	16	.	.	PUNCT
cblr-14238	816	1	176	176	NUM
cblr-14238	816	2	douglas	douglas	PROPN
cblr-14238	816	3	a.	a.	PROPN
cblr-14238	816	4	schuler	schuler	PROPN
cblr-14238	816	5	&	&	CCONJ
cblr-14238	816	6	margaret	margaret	PROPN
cblr-14238	816	7	cording	cording	PROPN
cblr-14238	816	8	,	,	PUNCT
cblr-14238	816	9	a	a	DET
cblr-14238	816	10	corporate	corporate	ADJ
cblr-14238	816	11	social	social	ADJ
cblr-14238	816	12	performance	performance	NOUN
cblr-14238	816	13	-	-	PUNCT
cblr-14238	816	14	corporate	corporate	ADJ
cblr-14238	816	15	financial	financial	ADJ
cblr-14238	816	16	performance	performance	NOUN
cblr-14238	816	17	behavioral	behavioral	ADJ
cblr-14238	816	18	model	model	NOUN
cblr-14238	816	19	for	for	ADP
cblr-14238	816	20	consumers	consumer	NOUN
cblr-14238	816	21	,	,	PUNCT
cblr-14238	816	22	31	31	NUM
cblr-14238	816	23	acad	acad	NOUN
cblr-14238	816	24	.	.	PUNCT
cblr-14238	817	1	mgmt	mgmt	PROPN
cblr-14238	817	2	.	.	PUNCT
cblr-14238	818	1	rev	rev	PROPN
cblr-14238	818	2	.	.	PROPN
cblr-14238	818	3	540	540	NUM
cblr-14238	818	4	,	,	PUNCT
cblr-14238	818	5	542	542	NUM
cblr-14238	818	6	(	(	PUNCT
cblr-14238	818	7	2006	2006	NUM
cblr-14238	818	8	)	)	PUNCT
cblr-14238	818	9	.	.	PUNCT
cblr-14238	819	1	177	177	NUM
cblr-14238	819	2	the	the	DET
cblr-14238	819	3	influence	influence	NOUN
cblr-14238	819	4	of	of	ADP
cblr-14238	819	5	index	index	NOUN
cblr-14238	819	6	inclusion	inclusion	NOUN
cblr-14238	819	7	or	or	CCONJ
cblr-14238	819	8	exclusion	exclusion	NOUN
cblr-14238	819	9	from	from	ADP
cblr-14238	819	10	a	a	DET
cblr-14238	819	11	corporate	corporate	ADJ
cblr-14238	819	12	or	or	CCONJ
cblr-14238	819	13	management	management	NOUN
cblr-14238	819	14	reputation	reputation	NOUN
cblr-14238	819	15	perspective	perspective	NOUN
cblr-14238	819	16	will	will	AUX
cblr-14238	819	17	depend	depend	VERB
cblr-14238	819	18	upon	upon	SCONJ
cblr-14238	819	19	the	the	DET
cblr-14238	819	20	prominence	prominence	NOUN
cblr-14238	819	21	of	of	ADP
cblr-14238	819	22	the	the	DET
cblr-14238	819	23	index	index	NOUN
cblr-14238	819	24	.	.	PUNCT
cblr-14238	820	1	when	when	SCONJ
cblr-14238	820	2	there	there	PRON
cblr-14238	820	3	are	be	VERB
cblr-14238	820	4	many	many	ADJ
cblr-14238	820	5	esg	esg	NOUN
cblr-14238	820	6	indices	index	NOUN
cblr-14238	820	7	with	with	ADP
cblr-14238	820	8	many	many	ADJ
cblr-14238	820	9	different	different	ADJ
cblr-14238	820	10	eligibility	eligibility	NOUN
cblr-14238	820	11	criteria	criterion	NOUN
cblr-14238	820	12	for	for	ADP
cblr-14238	820	13	inclusion	inclusion	NOUN
cblr-14238	820	14	,	,	PUNCT
cblr-14238	820	15	the	the	DET
cblr-14238	820	16	incentive	incentive	NOUN
cblr-14238	820	17	to	to	PART
cblr-14238	820	18	satisfy	satisfy	VERB
cblr-14238	820	19	the	the	DET
cblr-14238	820	20	eligibility	eligibility	NOUN
cblr-14238	820	21	criteria	criterion	NOUN
cblr-14238	820	22	for	for	ADP
cblr-14238	820	23	any	any	DET
cblr-14238	820	24	no	no	NOUN
cblr-14238	820	25	.	.	NOUN
cblr-14238	820	26	2	2	NUM
cblr-14238	820	27	]	]	PUNCT
cblr-14238	820	28	regulation	regulation	NOUN
cblr-14238	820	29	by	by	ADP
cblr-14238	820	30	indexation	indexation	NOUN
cblr-14238	820	31	?	?	PUNCT
cblr-14238	821	1	777	777	NUM
cblr-14238	821	2	such	such	ADJ
cblr-14238	821	3	as	as	ADP
cblr-14238	821	4	hewlett	hewlett	PROPN
cblr-14238	821	5	-	-	PUNCT
cblr-14238	821	6	packard	packard	PROPN
cblr-14238	821	7	,	,	PUNCT
cblr-14238	821	8	ford	ford	PROPN
cblr-14238	821	9	motor	motor	PROPN
cblr-14238	821	10	company	company	NOUN
cblr-14238	821	11	,	,	PUNCT
cblr-14238	821	12	and	and	CCONJ
cblr-14238	821	13	state	state	NOUN
cblr-14238	821	14	street	street	NOUN
cblr-14238	821	15	have	have	AUX
cblr-14238	821	16	expressed	express	VERB
cblr-14238	821	17	the	the	DET
cblr-14238	821	18	aspiration	aspiration	NOUN
cblr-14238	821	19	to	to	PART
cblr-14238	821	20	be	be	AUX
cblr-14238	821	21	added	add	VERB
cblr-14238	821	22	to	to	ADP
cblr-14238	821	23	or	or	CCONJ
cblr-14238	821	24	continue	continue	VERB
cblr-14238	821	25	being	be	AUX
cblr-14238	821	26	included	include	VERB
cblr-14238	821	27	in	in	ADP
cblr-14238	821	28	the	the	DET
cblr-14238	821	29	djsi.178	djsi.178	NOUN
cblr-14238	821	30	thus	thus	ADV
cblr-14238	821	31	,	,	PUNCT
cblr-14238	821	32	even	even	ADV
cblr-14238	821	33	if	if	SCONJ
cblr-14238	821	34	inclusion	inclusion	NOUN
cblr-14238	821	35	in	in	ADP
cblr-14238	821	36	a	a	DET
cblr-14238	821	37	heavily	heavily	ADV
cblr-14238	821	38	followed	follow	VERB
cblr-14238	821	39	esg	esg	PROPN
cblr-14238	821	40	index	index	NOUN
cblr-14238	821	41	does	do	AUX
cblr-14238	821	42	not	not	PART
cblr-14238	821	43	provide	provide	VERB
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cblr-14238	821	45	-	-	PUNCT
cblr-14238	821	46	of	of	ADP
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cblr-14238	821	50	for	for	SCONJ
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cblr-14238	821	53	to	to	PART
cblr-14238	821	54	adopt	adopt	VERB
cblr-14238	821	55	the	the	DET
cblr-14238	821	56	policies	policy	NOUN
cblr-14238	821	57	or	or	CCONJ
cblr-14238	821	58	governance	governance	NOUN
cblr-14238	821	59	structures	structure	NOUN
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cblr-14238	821	64	,	,	PUNCT
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cblr-14238	822	1	however	however	ADV
cblr-14238	822	2	,	,	PUNCT
cblr-14238	822	3	in	in	ADP
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cblr-14238	822	5	to	to	PART
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cblr-14238	822	8	,	,	PUNCT
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cblr-14238	822	11	must	must	AUX
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cblr-14238	822	18	,	,	PUNCT
cblr-14238	822	19	esg	esg	PROPN
cblr-14238	822	20	index	index	NOUN
cblr-14238	822	21	eligibility	eligibility	NOUN
cblr-14238	822	22	criteria	criterion	NOUN
cblr-14238	822	23	are	be	AUX
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cblr-14238	822	25	to	to	ADP
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cblr-14238	822	30	questions	question	NOUN
cblr-14238	822	31	about	about	ADP
cblr-14238	822	32	consistency	consistency	NOUN
cblr-14238	822	33	and	and	CCONJ
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cblr-14238	822	35	that	that	PRON
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cblr-14238	822	37	the	the	DET
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cblr-14238	822	40	community.180	community.180	NOUN
cblr-14238	822	41	if	if	SCONJ
cblr-14238	822	42	that	that	PRON
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cblr-14238	822	45	one	one	NUM
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cblr-14238	822	53	power	power	NOUN
cblr-14238	822	54	of	of	ADP
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cblr-14238	822	56	one	one	NUM
cblr-14238	822	57	index	index	NOUN
cblr-14238	822	58	is	be	AUX
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cblr-14238	822	60	.	.	PUNCT
cblr-14238	823	1	178	178	NUM
cblr-14238	823	2	carlos	carlos	PROPN
cblr-14238	823	3	&	&	CCONJ
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cblr-14238	823	5	,	,	PUNCT
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cblr-14238	823	8	111	111	NUM
cblr-14238	823	9	,	,	PUNCT
cblr-14238	823	10	at	at	ADP
cblr-14238	823	11	140	140	NUM
cblr-14238	823	12	.	.	PUNCT
cblr-14238	824	1	for	for	ADP
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cblr-14238	824	3	other	other	ADJ
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cblr-14238	824	5	social	social	ADJ
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cblr-14238	824	7	environmental	environmental	ADJ
cblr-14238	824	8	indices	index	NOUN
cblr-14238	824	9	,	,	PUNCT
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cblr-14238	824	13	,	,	PUNCT
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cblr-14238	824	24	,	,	PUNCT
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cblr-14238	825	1	[	[	X
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cblr-14238	825	5	euronext	euronext	PROPN
cblr-14238	825	6	eurozone	eurozone	PROPN
cblr-14238	825	7	esg	esg	PROPN
cblr-14238	825	8	large	large	ADJ
cblr-14238	825	9	80	80	NUM
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cblr-14238	825	11	,	,	PUNCT
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cblr-14238	825	15	[	[	X
cblr-14238	825	16	https://perma.cc/mm2r-h63l	https://perma.cc/mm2r-h63l	NOUN
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cblr-14238	825	18	(	(	PUNCT
cblr-14238	825	19	last	last	ADV
cblr-14238	825	20	visited	visit	VERB
cblr-14238	825	21	nov	nov	PROPN
cblr-14238	825	22	.	.	PROPN
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cblr-14238	825	24	,	,	PUNCT
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cblr-14238	825	27	;	;	PUNCT
cblr-14238	825	28	jantzi	jantzi	PROPN
cblr-14238	825	29	social	social	PROPN
cblr-14238	825	30	index	index	PROPN
cblr-14238	825	31	,	,	PUNCT
cblr-14238	825	32	morningstar	morningstar	NOUN
cblr-14238	825	33	indexes	index	NOUN
cblr-14238	825	34	,	,	PUNCT
cblr-14238	825	35	https://indexes.morningstar.com/indexes/details/jantzi-socialfs0000ilmp?currency=usd&variant=tr&tab=overview	https://indexes.morningstar.com/indexes/details/jantzi-socialfs0000ilmp?currency=usd&variant=tr&tab=overview	VERB
cblr-14238	826	1	[	[	X
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cblr-14238	826	4	(	(	PUNCT
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cblr-14238	826	10	,	,	PUNCT
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cblr-14238	826	13	.	.	PUNCT
cblr-14238	827	1	the	the	DET
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cblr-14238	827	4	the	the	DET
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cblr-14238	827	6	and	and	CCONJ
cblr-14238	827	7	djsi	djsi	NUM
cblr-14238	827	8	indices	index	NOUN
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cblr-14238	827	25	decisions	decision	NOUN
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cblr-14238	827	27	them	they	PRON
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cblr-14238	827	30	.	.	PUNCT
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cblr-14238	828	6	.	.	PUNCT
cblr-14238	829	1	180	180	NUM
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cblr-14238	829	4	,	,	PUNCT
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cblr-14238	829	8	a	a	DET
cblr-14238	829	9	pinch	pinch	NOUN
cblr-14238	829	10	of	of	ADP
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cblr-14238	829	12	–	–	PUNCT
cblr-14238	829	13	esg	esg	NOUN
cblr-14238	829	14	rating	rating	NOUN
cblr-14238	829	15	of	of	ADP
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cblr-14238	829	19	indices	index	NOUN
cblr-14238	829	20	,	,	PUNCT
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cblr-14238	829	24	.	.	PROPN
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cblr-14238	830	2	.	.	PUNCT
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cblr-14238	831	2	102308	102308	NUM
cblr-14238	831	3	(	(	PUNCT
cblr-14238	831	4	2022	2022	NUM
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cblr-14238	831	6	(	(	PUNCT
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cblr-14238	831	10	of	of	ADP
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cblr-14238	831	12	among	among	ADP
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cblr-14238	831	14	same	same	ADJ
cblr-14238	831	15	stocks	stock	NOUN
cblr-14238	831	16	in	in	ADP
cblr-14238	831	17	different	different	ADJ
cblr-14238	831	18	stock	stock	NOUN
cblr-14238	831	19	exchange	exchange	NOUN
cblr-14238	831	20	indices	index	NOUN
cblr-14238	831	21	due	due	ADP
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cblr-14238	831	25	among	among	ADP
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cblr-14238	831	30	(	(	PUNCT
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cblr-14238	831	36	;	;	PUNCT
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cblr-14238	831	46	,	,	PUNCT
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cblr-14238	831	52	(	(	PUNCT
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cblr-14238	831	56	&	&	CCONJ
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cblr-14238	831	67	(	(	PUNCT
cblr-14238	831	68	colum	colum	NOUN
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cblr-14238	834	1	rsch	rsch	PROPN
cblr-14238	834	2	.	.	PUNCT
cblr-14238	835	1	paper	paper	NOUN
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cblr-14238	835	3	.	.	PROPN
cblr-14238	835	4	4468531	4468531	NUM
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cblr-14238	835	6	2023	2023	NUM
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cblr-14238	835	8	,	,	PUNCT
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cblr-14238	835	10	#	#	NOUN
cblr-14238	835	11	[	[	X
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cblr-14238	835	14	(	(	PUNCT
cblr-14238	835	15	finding	find	VERB
cblr-14238	835	16	that	that	SCONJ
cblr-14238	835	17	esg	esg	NOUN
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cblr-14238	837	12	,	,	PUNCT
cblr-14238	837	13	one	one	PRON
cblr-14238	837	14	must	must	AUX
cblr-14238	837	15	consider	consider	VERB
cblr-14238	837	16	the	the	DET
cblr-14238	837	17	cost	cost	NOUN
cblr-14238	837	18	of	of	ADP
cblr-14238	837	19	satisfying	satisfy	VERB
cblr-14238	837	20	the	the	DET
cblr-14238	837	21	criteria	criterion	NOUN
cblr-14238	837	22	.	.	PUNCT
cblr-14238	838	1	despite	despite	SCONJ
cblr-14238	838	2	the	the	DET
cblr-14238	838	3	significant	significant	ADJ
cblr-14238	838	4	attention	attention	NOUN
cblr-14238	838	5	paid	pay	VERB
cblr-14238	838	6	to	to	ADP
cblr-14238	838	7	esg	esg	PROPN
cblr-14238	838	8	issues	issue	NOUN
cblr-14238	838	9	by	by	ADP
cblr-14238	838	10	institutional	institutional	ADJ
cblr-14238	838	11	investors	investor	NOUN
cblr-14238	838	12	in	in	ADP
cblr-14238	838	13	recent	recent	ADJ
cblr-14238	838	14	years	year	NOUN
cblr-14238	838	15	,	,	PUNCT
cblr-14238	838	16	it	it	PRON
cblr-14238	838	17	is	be	AUX
cblr-14238	838	18	not	not	PART
cblr-14238	838	19	clear	clear	ADJ
cblr-14238	838	20	whether	whether	SCONJ
cblr-14238	838	21	corporate	corporate	ADJ
cblr-14238	838	22	managers	manager	NOUN
cblr-14238	838	23	are	be	AUX
cblr-14238	838	24	sufficiently	sufficiently	ADV
cblr-14238	838	25	concerned	concerned	ADJ
cblr-14238	838	26	about	about	ADP
cblr-14238	838	27	the	the	DET
cblr-14238	838	28	reputational	reputational	ADJ
cblr-14238	838	29	benefits	benefit	NOUN
cblr-14238	838	30	of	of	ADP
cblr-14238	838	31	inclusion	inclusion	NOUN
cblr-14238	838	32	in	in	ADP
cblr-14238	838	33	esg	esg	PROPN
cblr-14238	838	34	indices	index	NOUN
cblr-14238	838	35	to	to	PART
cblr-14238	838	36	make	make	VERB
cblr-14238	838	37	costly	costly	ADJ
cblr-14238	838	38	managerial	managerial	ADJ
cblr-14238	838	39	changes	change	NOUN
cblr-14238	838	40	.	.	PUNCT
cblr-14238	839	1	if	if	SCONJ
cblr-14238	839	2	the	the	DET
cblr-14238	839	3	costs	cost	NOUN
cblr-14238	839	4	of	of	ADP
cblr-14238	839	5	sustainability	sustainability	NOUN
cblr-14238	839	6	measures	measure	NOUN
cblr-14238	839	7	outweigh	outweigh	VERB
cblr-14238	839	8	the	the	DET
cblr-14238	839	9	benefits	benefit	NOUN
cblr-14238	839	10	of	of	ADP
cblr-14238	839	11	esg	esg	PROPN
cblr-14238	839	12	index	index	NOUN
cblr-14238	839	13	inclusion	inclusion	NOUN
cblr-14238	839	14	,	,	PUNCT
cblr-14238	839	15	corporate	corporate	ADJ
cblr-14238	839	16	managers	manager	NOUN
cblr-14238	839	17	are	be	AUX
cblr-14238	839	18	unlikely	unlikely	ADJ
cblr-14238	839	19	to	to	PART
cblr-14238	839	20	take	take	VERB
cblr-14238	839	21	steps	step	NOUN
cblr-14238	839	22	to	to	PART
cblr-14238	839	23	satisfy	satisfy	VERB
cblr-14238	839	24	the	the	DET
cblr-14238	839	25	eligibility	eligibility	NOUN
cblr-14238	839	26	criteria	criterion	NOUN
cblr-14238	839	27	for	for	ADP
cblr-14238	839	28	index	index	NOUN
cblr-14238	839	29	inclusion	inclusion	NOUN
cblr-14238	839	30	and	and	CCONJ
cblr-14238	839	31	the	the	DET
cblr-14238	839	32	regulatory	regulatory	ADJ
cblr-14238	839	33	impact	impact	NOUN
cblr-14238	839	34	of	of	ADP
cblr-14238	839	35	esg	esg	PROPN
cblr-14238	839	36	indices	index	NOUN
cblr-14238	839	37	may	may	AUX
cblr-14238	839	38	be	be	AUX
cblr-14238	839	39	limited.181	limited.181	NOUN
cblr-14238	839	40	firms	firm	NOUN
cblr-14238	839	41	with	with	ADP
cblr-14238	839	42	lower	low	ADJ
cblr-14238	839	43	-	-	PUNCT
cblr-14238	839	44	cost	cost	NOUN
cblr-14238	839	45	improvement	improvement	NOUN
cblr-14238	839	46	opportunities	opportunity	NOUN
cblr-14238	839	47	are	be	AUX
cblr-14238	839	48	more	more	ADV
cblr-14238	839	49	likely	likely	ADJ
cblr-14238	839	50	than	than	ADP
cblr-14238	839	51	others	other	NOUN
cblr-14238	839	52	to	to	PART
cblr-14238	839	53	make	make	VERB
cblr-14238	839	54	the	the	DET
cblr-14238	839	55	investments	investment	NOUN
cblr-14238	839	56	needed	need	VERB
cblr-14238	839	57	to	to	PART
cblr-14238	839	58	improve	improve	VERB
cblr-14238	839	59	their	their	PRON
cblr-14238	839	60	ratings.182	ratings.182	NOUN
cblr-14238	839	61	corporate	corporate	ADJ
cblr-14238	839	62	management	management	NOUN
cblr-14238	839	63	responses	response	NOUN
cblr-14238	839	64	to	to	ADP
cblr-14238	839	65	esg	esg	NOUN
cblr-14238	839	66	index	index	NOUN
cblr-14238	839	67	addition	addition	NOUN
cblr-14238	839	68	and	and	CCONJ
cblr-14238	839	69	deletion	deletion	NOUN
cblr-14238	839	70	choices	choice	NOUN
cblr-14238	839	71	is	be	AUX
cblr-14238	839	72	an	an	DET
cblr-14238	839	73	understudied	understudied	ADJ
cblr-14238	839	74	area	area	NOUN
cblr-14238	839	75	,	,	PUNCT
cblr-14238	839	76	but	but	CCONJ
cblr-14238	839	77	there	there	PRON
cblr-14238	839	78	is	be	VERB
cblr-14238	839	79	one	one	NUM
cblr-14238	839	80	helpful	helpful	ADJ
cblr-14238	839	81	empirical	empirical	ADJ
cblr-14238	839	82	study	study	NOUN
cblr-14238	839	83	investigating	investigate	VERB
cblr-14238	839	84	that	that	DET
cblr-14238	839	85	dynamic.183	dynamic.183	NOUN
cblr-14238	839	86	when	when	SCONJ
cblr-14238	839	87	ftse	ftse	NOUN
cblr-14238	839	88	engaged	engage	VERB
cblr-14238	839	89	with	with	ADP
cblr-14238	839	90	firms	firm	NOUN
cblr-14238	839	91	included	include	VERB
cblr-14238	839	92	in	in	ADP
cblr-14238	839	93	the	the	DET
cblr-14238	839	94	ftse4good	ftse4good	PROPN
cblr-14238	839	95	index	index	NOUN
cblr-14238	839	96	that	that	PRON
cblr-14238	839	97	were	be	AUX
cblr-14238	839	98	likely	likely	ADJ
cblr-14238	839	99	to	to	PART
cblr-14238	839	100	be	be	AUX
cblr-14238	839	101	deleted	delete	VERB
cblr-14238	839	102	as	as	ADP
cblr-14238	839	103	a	a	DET
cblr-14238	839	104	result	result	NOUN
cblr-14238	839	105	of	of	ADP
cblr-14238	839	106	new	new	ADJ
cblr-14238	839	107	environmental	environmental	ADJ
cblr-14238	839	108	181	181	NUM
cblr-14238	839	109	scholars	scholar	NOUN
cblr-14238	839	110	have	have	AUX
cblr-14238	839	111	argued	argue	VERB
cblr-14238	839	112	that	that	SCONJ
cblr-14238	839	113	firms	firm	NOUN
cblr-14238	839	114	take	take	VERB
cblr-14238	839	115	beyond	beyond	ADP
cblr-14238	839	116	-	-	PUNCT
cblr-14238	839	117	compliance	compliance	NOUN
cblr-14238	839	118	actions	action	NOUN
cblr-14238	839	119	(	(	PUNCT
cblr-14238	839	120	such	such	ADJ
cblr-14238	839	121	as	as	ADP
cblr-14238	839	122	taking	take	VERB
cblr-14238	839	123	steps	step	NOUN
cblr-14238	839	124	to	to	PART
cblr-14238	839	125	improve	improve	VERB
cblr-14238	839	126	their	their	PRON
cblr-14238	839	127	esg	esg	NOUN
cblr-14238	839	128	scores	score	NOUN
cblr-14238	839	129	)	)	PUNCT
cblr-14238	839	130	if	if	SCONJ
cblr-14238	839	131	the	the	DET
cblr-14238	839	132	esg	esg	PROPN
cblr-14238	839	133	actions	action	NOUN
cblr-14238	839	134	either	either	CCONJ
cblr-14238	839	135	(	(	PUNCT
cblr-14238	839	136	1	1	X
cblr-14238	839	137	)	)	PUNCT
cblr-14238	839	138	improve	improve	VERB
cblr-14238	839	139	processes	process	NOUN
cblr-14238	839	140	that	that	PRON
cblr-14238	839	141	otherwise	otherwise	ADV
cblr-14238	839	142	lead	lead	VERB
cblr-14238	839	143	to	to	ADP
cblr-14238	839	144	sub	sub	ADJ
cblr-14238	839	145	-	-	ADJ
cblr-14238	839	146	optimal	optimal	ADJ
cblr-14238	839	147	financial	financial	ADJ
cblr-14238	839	148	results	result	NOUN
cblr-14238	839	149	(	(	PUNCT
cblr-14238	839	150	e.g.	e.g.	ADV
cblr-14238	839	151	efficient	efficient	ADJ
cblr-14238	839	152	energy	energy	NOUN
cblr-14238	839	153	use	use	NOUN
cblr-14238	839	154	)	)	PUNCT
cblr-14238	839	155	or	or	CCONJ
cblr-14238	839	156	(	(	PUNCT
cblr-14238	839	157	2	2	X
cblr-14238	839	158	)	)	PUNCT
cblr-14238	839	159	produce	produce	VERB
cblr-14238	839	160	reputational	reputational	ADJ
cblr-14238	839	161	gains	gain	NOUN
cblr-14238	839	162	that	that	PRON
cblr-14238	839	163	outweigh	outweigh	VERB
cblr-14238	839	164	the	the	DET
cblr-14238	839	165	associated	associated	ADJ
cblr-14238	839	166	costs	cost	NOUN
cblr-14238	839	167	.	.	PUNCT
cblr-14238	840	1	see	see	VERB
cblr-14238	840	2	,	,	PUNCT
cblr-14238	840	3	e.g.	e.g.	ADV
cblr-14238	840	4	,	,	PUNCT
cblr-14238	840	5	neil	neil	PROPN
cblr-14238	840	6	gunningham	gunningham	PROPN
cblr-14238	840	7	,	,	PUNCT
cblr-14238	840	8	robert	robert	PROPN
cblr-14238	840	9	a.	a.	PROPN
cblr-14238	840	10	kagan	kagan	PROPN
cblr-14238	840	11	&	&	CCONJ
cblr-14238	840	12	dorothy	dorothy	PROPN
cblr-14238	840	13	thornton	thornton	PROPN
cblr-14238	840	14	,	,	PUNCT
cblr-14238	840	15	social	social	ADJ
cblr-14238	840	16	license	license	NOUN
cblr-14238	840	17	and	and	CCONJ
cblr-14238	840	18	environmental	environmental	ADJ
cblr-14238	840	19	protection	protection	NOUN
cblr-14238	840	20	:	:	PUNCT
cblr-14238	840	21	why	why	SCONJ
cblr-14238	840	22	businesses	business	NOUN
cblr-14238	840	23	go	go	VERB
cblr-14238	840	24	beyond	beyond	ADP
cblr-14238	840	25	compliance	compliance	NOUN
cblr-14238	840	26	,	,	PUNCT
cblr-14238	840	27	29	29	NUM
cblr-14238	840	28	l.	l.	PROPN
cblr-14238	840	29	&	&	CCONJ
cblr-14238	840	30	soc	soc	PROPN
cblr-14238	840	31	.	.	PUNCT
cblr-14238	841	1	inquiry	inquiry	NOUN
cblr-14238	841	2	307	307	NUM
cblr-14238	841	3	(	(	PUNCT
cblr-14238	841	4	2004	2004	NUM
cblr-14238	841	5	)	)	PUNCT
cblr-14238	841	6	(	(	PUNCT
cblr-14238	841	7	investigating	investigate	VERB
cblr-14238	841	8	why	why	SCONJ
cblr-14238	841	9	some	some	DET
cblr-14238	841	10	factories	factory	NOUN
cblr-14238	841	11	emit	emit	VERB
cblr-14238	841	12	pollution	pollution	NOUN
cblr-14238	841	13	at	at	ADP
cblr-14238	841	14	levels	level	NOUN
cblr-14238	841	15	lower	low	ADJ
cblr-14238	841	16	than	than	ADP
cblr-14238	841	17	legal	legal	ADJ
cblr-14238	841	18	limits	limit	NOUN
cblr-14238	841	19	and	and	CCONJ
cblr-14238	841	20	otherwise	otherwise	ADV
cblr-14238	841	21	go	go	VERB
cblr-14238	841	22	beyond	beyond	ADP
cblr-14238	841	23	mere	mere	ADJ
cblr-14238	841	24	compliance	compliance	NOUN
cblr-14238	841	25	with	with	ADP
cblr-14238	841	26	regulatory	regulatory	ADJ
cblr-14238	841	27	requirements	requirement	NOUN
cblr-14238	841	28	)	)	PUNCT
cblr-14238	841	29	.	.	PUNCT
cblr-14238	842	1	the	the	DET
cblr-14238	842	2	interest	interest	NOUN
cblr-14238	842	3	in	in	ADP
cblr-14238	842	4	reputation	reputation	NOUN
cblr-14238	842	5	improvement	improvement	NOUN
cblr-14238	842	6	is	be	AUX
cblr-14238	842	7	probably	probably	ADV
cblr-14238	842	8	primarily	primarily	ADV
cblr-14238	842	9	rooted	root	VERB
cblr-14238	842	10	in	in	ADP
cblr-14238	842	11	economic	economic	ADJ
cblr-14238	842	12	interests	interest	NOUN
cblr-14238	842	13	as	as	SCONJ
cblr-14238	842	14	opposed	oppose	VERB
cblr-14238	842	15	to	to	ADP
cblr-14238	842	16	altruism	altruism	NOUN
cblr-14238	842	17	.	.	PUNCT
cblr-14238	843	1	forest	forest	PROPN
cblr-14238	843	2	l.	l.	PROPN
cblr-14238	843	3	reinhardt	reinhardt	PROPN
cblr-14238	843	4	,	,	PUNCT
cblr-14238	843	5	robert	robert	PROPN
cblr-14238	843	6	n.	n.	PROPN
cblr-14238	843	7	stavins	stavins	PROPN
cblr-14238	843	8	&	&	CCONJ
cblr-14238	843	9	richard	richard	PROPN
cblr-14238	843	10	h.	h.	PROPN
cblr-14238	843	11	k.	k.	PROPN
cblr-14238	843	12	vietor	vietor	PROPN
cblr-14238	843	13	,	,	PUNCT
cblr-14238	843	14	corporate	corporate	ADJ
cblr-14238	843	15	social	social	ADJ
cblr-14238	843	16	responsibility	responsibility	NOUN
cblr-14238	843	17	through	through	ADP
cblr-14238	843	18	an	an	DET
cblr-14238	843	19	economic	economic	ADJ
cblr-14238	843	20	lens	len	NOUN
cblr-14238	843	21	,	,	PUNCT
cblr-14238	843	22	2	2	NUM
cblr-14238	843	23	rev	rev	VERB
cblr-14238	843	24	.	.	PUNCT
cblr-14238	844	1	env't	env't	ADJ
cblr-14238	844	2	econ	econ	PROPN
cblr-14238	844	3	.	.	PUNCT
cblr-14238	845	1	pol’y	pol’y	NOUN
cblr-14238	845	2	219	219	NUM
cblr-14238	845	3	,	,	PUNCT
cblr-14238	845	4	232	232	NUM
cblr-14238	845	5	(	(	PUNCT
cblr-14238	845	6	2008	2008	NUM
cblr-14238	845	7	)	)	PUNCT
cblr-14238	845	8	(	(	PUNCT
cblr-14238	845	9	“	"	PUNCT
cblr-14238	845	10	the	the	DET
cblr-14238	845	11	bulk	bulk	NOUN
cblr-14238	845	12	of	of	ADP
cblr-14238	845	13	the	the	DET
cblr-14238	845	14	available	available	ADJ
cblr-14238	845	15	evidence	evidence	NOUN
cblr-14238	845	16	suggests	suggest	VERB
cblr-14238	845	17	that	that	SCONJ
cblr-14238	845	18	most	most	ADJ
cblr-14238	845	19	firms	firm	NOUN
cblr-14238	845	20	view	view	VERB
cblr-14238	845	21	socially	socially	ADV
cblr-14238	845	22	responsible	responsible	ADJ
cblr-14238	845	23	actions	action	NOUN
cblr-14238	845	24	in	in	ADP
cblr-14238	845	25	the	the	DET
cblr-14238	845	26	same	same	ADJ
cblr-14238	845	27	way	way	NOUN
cblr-14238	845	28	that	that	PRON
cblr-14238	845	29	they	they	PRON
cblr-14238	845	30	view	view	VERB
cblr-14238	845	31	more	more	ADV
cblr-14238	845	32	traditional	traditional	ADJ
cblr-14238	845	33	business	business	NOUN
cblr-14238	845	34	activities	activity	NOUN
cblr-14238	845	35	,	,	PUNCT
cblr-14238	845	36	such	such	ADJ
cblr-14238	845	37	as	as	ADP
cblr-14238	845	38	advertising	advertising	NOUN
cblr-14238	845	39	and	and	CCONJ
cblr-14238	845	40	r&d	r&d	NOUN
cblr-14238	845	41	.	.	PUNCT
cblr-14238	846	1	instead	instead	ADV
cblr-14238	846	2	of	of	ADP
cblr-14238	846	3	altruistically	altruistically	ADV
cblr-14238	846	4	sacrificing	sacrifice	VERB
cblr-14238	846	5	profits	profit	NOUN
cblr-14238	846	6	,	,	PUNCT
cblr-14238	846	7	they	they	PRON
cblr-14238	846	8	engage	engage	VERB
cblr-14238	846	9	in	in	ADP
cblr-14238	846	10	a	a	DET
cblr-14238	846	11	more	more	ADV
cblr-14238	846	12	limited	limited	ADJ
cblr-14238	846	13	but	but	CCONJ
cblr-14238	846	14	more	more	ADV
cblr-14238	846	15	profitable	profitable	ADJ
cblr-14238	846	16	set	set	NOUN
cblr-14238	846	17	of	of	ADP
cblr-14238	846	18	socially	socially	ADV
cblr-14238	846	19	beneficial	beneficial	ADJ
cblr-14238	846	20	activities	activity	NOUN
cblr-14238	846	21	that	that	PRON
cblr-14238	846	22	contributes	contribute	VERB
cblr-14238	846	23	to	to	ADP
cblr-14238	846	24	their	their	PRON
cblr-14238	846	25	financial	financial	ADJ
cblr-14238	846	26	goals	goal	NOUN
cblr-14238	846	27	.	.	PUNCT
cblr-14238	846	28	”	"	PUNCT
cblr-14238	846	29	)	)	PUNCT
cblr-14238	846	30	.	.	PUNCT
cblr-14238	847	1	182	182	NUM
cblr-14238	847	2	chatterji	chatterji	PROPN
cblr-14238	847	3	&	&	CCONJ
cblr-14238	847	4	toffel	toffel	PROPN
cblr-14238	847	5	,	,	PUNCT
cblr-14238	847	6	supra	supra	PROPN
cblr-14238	847	7	note	note	NOUN
cblr-14238	847	8	102	102	NUM
cblr-14238	847	9	,	,	PUNCT
cblr-14238	847	10	at	at	ADP
cblr-14238	847	11	918	918	NUM
cblr-14238	847	12	,	,	PUNCT
cblr-14238	847	13	920–22	920–22	NUM
cblr-14238	847	14	.	.	PUNCT
cblr-14238	847	15	183	183	NUM
cblr-14238	847	16	mackenzie	mackenzie	NOUN
cblr-14238	847	17	et	et	PROPN
cblr-14238	847	18	al	al	PROPN
cblr-14238	847	19	.	.	PROPN
cblr-14238	847	20	,	,	PUNCT
cblr-14238	847	21	supra	supra	PROPN
cblr-14238	847	22	note	note	PROPN
cblr-14238	847	23	174	174	NUM
cblr-14238	847	24	,	,	PUNCT
cblr-14238	847	25	at	at	ADP
cblr-14238	847	26	500	500	NUM
cblr-14238	847	27	.	.	PUNCT
cblr-14238	848	1	no	no	INTJ
cblr-14238	848	2	.	.	NOUN
cblr-14238	848	3	2	2	NUM
cblr-14238	848	4	]	]	PUNCT
cblr-14238	848	5	regulation	regulation	NOUN
cblr-14238	848	6	by	by	ADP
cblr-14238	848	7	indexation	indexation	NOUN
cblr-14238	848	8	?	?	PUNCT
cblr-14238	849	1	779	779	NUM
cblr-14238	849	2	management	management	NOUN
cblr-14238	849	3	requirements	requirement	NOUN
cblr-14238	849	4	added	add	VERB
cblr-14238	849	5	to	to	ADP
cblr-14238	849	6	the	the	DET
cblr-14238	849	7	eligibility	eligibility	NOUN
cblr-14238	849	8	criteria	criterion	NOUN
cblr-14238	849	9	in	in	ADP
cblr-14238	849	10	2002	2002	NUM
cblr-14238	849	11	,	,	PUNCT
cblr-14238	849	12	49	49	NUM
cblr-14238	849	13	%	%	NOUN
cblr-14238	849	14	of	of	ADP
cblr-14238	849	15	the	the	DET
cblr-14238	849	16	377	377	NUM
cblr-14238	849	17	firms	firm	NOUN
cblr-14238	849	18	engaged	engage	VERB
cblr-14238	849	19	by	by	ADP
cblr-14238	849	20	the	the	DET
cblr-14238	849	21	index	index	NOUN
cblr-14238	849	22	provider	provider	NOUN
cblr-14238	849	23	made	make	VERB
cblr-14238	849	24	the	the	DET
cblr-14238	849	25	necessary	necessary	ADJ
cblr-14238	849	26	changes	change	NOUN
cblr-14238	849	27	while	while	SCONJ
cblr-14238	849	28	only	only	ADV
cblr-14238	849	29	24	24	NUM
cblr-14238	849	30	%	%	NOUN
cblr-14238	849	31	of	of	ADP
cblr-14238	849	32	652	652	NUM
cblr-14238	849	33	firms	firm	NOUN
cblr-14238	849	34	not	not	PART
cblr-14238	849	35	engaged	engage	VERB
cblr-14238	849	36	satisfied	satisfied	ADJ
cblr-14238	849	37	the	the	DET
cblr-14238	849	38	new	new	ADJ
cblr-14238	849	39	requirements.184	requirements.184	NOUN
cblr-14238	849	40	thus	thus	ADV
cblr-14238	849	41	,	,	PUNCT
cblr-14238	849	42	the	the	DET
cblr-14238	849	43	threat	threat	NOUN
cblr-14238	849	44	of	of	ADP
cblr-14238	849	45	deletion	deletion	NOUN
cblr-14238	849	46	from	from	ADP
cblr-14238	849	47	the	the	DET
cblr-14238	849	48	index	index	NOUN
cblr-14238	849	49	and	and	CCONJ
cblr-14238	849	50	the	the	DET
cblr-14238	849	51	active	active	ADJ
cblr-14238	849	52	engagement	engagement	NOUN
cblr-14238	849	53	process	process	NOUN
cblr-14238	849	54	by	by	ADP
cblr-14238	849	55	the	the	DET
cblr-14238	849	56	indexer	indexer	NOUN
cblr-14238	849	57	appears	appear	VERB
cblr-14238	849	58	to	to	PART
cblr-14238	849	59	have	have	AUX
cblr-14238	849	60	had	have	VERB
cblr-14238	849	61	a	a	DET
cblr-14238	849	62	material	material	ADJ
cblr-14238	849	63	impact	impact	NOUN
cblr-14238	849	64	on	on	ADP
cblr-14238	849	65	firm	firm	ADJ
cblr-14238	849	66	choices	choice	NOUN
cblr-14238	849	67	,	,	PUNCT
cblr-14238	849	68	although	although	SCONJ
cblr-14238	849	69	it	it	PRON
cblr-14238	849	70	is	be	AUX
cblr-14238	849	71	n’t	not	PART
cblr-14238	849	72	clear	clear	ADJ
cblr-14238	849	73	what	what	PRON
cblr-14238	849	74	other	other	ADJ
cblr-14238	849	75	costs	cost	NOUN
cblr-14238	849	76	and	and	CCONJ
cblr-14238	849	77	benefits	benefit	NOUN
cblr-14238	849	78	were	be	AUX
cblr-14238	849	79	weighed	weigh	VERB
cblr-14238	849	80	by	by	ADP
cblr-14238	849	81	management	management	NOUN
cblr-14238	849	82	in	in	ADP
cblr-14238	849	83	the	the	DET
cblr-14238	849	84	effort	effort	NOUN
cblr-14238	849	85	to	to	PART
cblr-14238	849	86	be	be	AUX
cblr-14238	849	87	compliant	compliant	ADJ
cblr-14238	849	88	with	with	ADP
cblr-14238	849	89	the	the	DET
cblr-14238	849	90	eligibility	eligibility	NOUN
cblr-14238	849	91	criteria.185	criteria.185	VERB
cblr-14238	849	92	a	a	DET
cblr-14238	849	93	more	more	ADV
cblr-14238	849	94	recent	recent	ADJ
cblr-14238	849	95	paper	paper	NOUN
cblr-14238	849	96	suggests	suggest	VERB
cblr-14238	849	97	that	that	SCONJ
cblr-14238	849	98	corporate	corporate	ADJ
cblr-14238	849	99	managers	manager	NOUN
cblr-14238	849	100	may	may	AUX
cblr-14238	849	101	engage	engage	VERB
cblr-14238	849	102	in	in	ADP
cblr-14238	849	103	esg	esg	PROPN
cblr-14238	849	104	ratings	rating	NOUN
cblr-14238	849	105	management	management	NOUN
cblr-14238	849	106	in	in	ADP
cblr-14238	849	107	response	response	NOUN
cblr-14238	849	108	to	to	ADP
cblr-14238	849	109	ratings	rating	NOUN
cblr-14238	849	110	changes.186	changes.186	ADJ
cblr-14238	849	111	firms	firm	NOUN
cblr-14238	849	112	’	'	PUNCT
cblr-14238	849	113	reported	report	VERB
cblr-14238	849	114	performance	performance	NOUN
cblr-14238	849	115	on	on	ADP
cblr-14238	849	116	esg	esg	PROPN
cblr-14238	849	117	criteria	criterion	NOUN
cblr-14238	849	118	improved	improve	VERB
cblr-14238	849	119	when	when	SCONJ
cblr-14238	849	120	raters	rater	NOUN
cblr-14238	849	121	placed	place	VERB
cblr-14238	849	122	more	more	ADJ
cblr-14238	849	123	emphasis	emphasis	NOUN
cblr-14238	849	124	on	on	ADP
cblr-14238	849	125	the	the	DET
cblr-14238	849	126	criteria	criterion	NOUN
cblr-14238	849	127	in	in	ADP
cblr-14238	849	128	their	their	PRON
cblr-14238	849	129	ratings	rating	NOUN
cblr-14238	849	130	.	.	PUNCT
cblr-14238	850	1	the	the	DET
cblr-14238	850	2	authors	author	NOUN
cblr-14238	850	3	found	find	VERB
cblr-14238	850	4	no	no	DET
cblr-14238	850	5	evidence	evidence	NOUN
cblr-14238	850	6	,	,	PUNCT
cblr-14238	850	7	however	however	ADV
cblr-14238	850	8	,	,	PUNCT
cblr-14238	850	9	that	that	PRON
cblr-14238	850	10	reported	report	VERB
cblr-14238	850	11	performance	performance	NOUN
cblr-14238	850	12	led	lead	VERB
cblr-14238	850	13	to	to	ADP
cblr-14238	850	14	real	real	ADJ
cblr-14238	850	15	changes	change	NOUN
cblr-14238	850	16	in	in	ADP
cblr-14238	850	17	firms	firm	NOUN
cblr-14238	850	18	’	'	PUNCT
cblr-14238	850	19	esg	esg	PROPN
cblr-14238	850	20	behavior	behavior	NOUN
cblr-14238	850	21	,	,	PUNCT
cblr-14238	850	22	suggesting	suggest	VERB
cblr-14238	850	23	that	that	SCONJ
cblr-14238	850	24	improvements	improvement	NOUN
cblr-14238	850	25	were	be	AUX
cblr-14238	850	26	intended	intend	VERB
cblr-14238	850	27	to	to	PART
cblr-14238	850	28	gain	gain	VERB
cblr-14238	850	29	benefits	benefit	NOUN
cblr-14238	850	30	from	from	ADP
cblr-14238	850	31	ratings	rating	NOUN
cblr-14238	850	32	increases	increase	NOUN
cblr-14238	850	33	without	without	ADP
cblr-14238	850	34	stronger	strong	ADJ
cblr-14238	850	35	commitments	commitment	NOUN
cblr-14238	850	36	to	to	ADP
cblr-14238	850	37	sustainability	sustainability	NOUN
cblr-14238	850	38	.	.	PUNCT
cblr-14238	851	1	these	these	DET
cblr-14238	851	2	efforts	effort	NOUN
cblr-14238	851	3	may	may	AUX
cblr-14238	851	4	ultimately	ultimately	ADV
cblr-14238	851	5	backfire	backfire	VERB
cblr-14238	851	6	since	since	SCONJ
cblr-14238	851	7	efforts	effort	NOUN
cblr-14238	851	8	to	to	PART
cblr-14238	851	9	obtain	obtain	VERB
cblr-14238	851	10	and	and	CCONJ
cblr-14238	851	11	publicize	publicize	VERB
cblr-14238	851	12	certifications	certification	NOUN
cblr-14238	851	13	can	can	AUX
cblr-14238	851	14	be	be	AUX
cblr-14238	851	15	perceived	perceive	VERB
cblr-14238	851	16	as	as	ADP
cblr-14238	851	17	hypocritical	hypocritical	ADJ
cblr-14238	851	18	if	if	SCONJ
cblr-14238	851	19	they	they	PRON
cblr-14238	851	20	are	be	AUX
cblr-14238	851	21	inconsistent	inconsistent	ADJ
cblr-14238	851	22	with	with	ADP
cblr-14238	851	23	other	other	ADJ
cblr-14238	851	24	corporate	corporate	ADJ
cblr-14238	851	25	actions.187	actions.187	NOUN
cblr-14238	851	26	finally	finally	ADV
cblr-14238	851	27	,	,	PUNCT
cblr-14238	851	28	one	one	NUM
cblr-14238	851	29	important	important	ADJ
cblr-14238	851	30	byproduct	byproduct	NOUN
cblr-14238	851	31	of	of	ADP
cblr-14238	851	32	esg	esg	PROPN
cblr-14238	851	33	indexing	indexing	NOUN
cblr-14238	851	34	may	may	AUX
cblr-14238	851	35	be	be	AUX
cblr-14238	851	36	the	the	DET
cblr-14238	851	37	use	use	NOUN
cblr-14238	851	38	of	of	ADP
cblr-14238	851	39	esg	esg	PROPN
cblr-14238	851	40	index	index	NOUN
cblr-14238	851	41	status	status	NOUN
cblr-14238	851	42	in	in	ADP
cblr-14238	851	43	shareholder	shareholder	NOUN
cblr-14238	851	44	engagement	engagement	NOUN
cblr-14238	851	45	184	184	NUM
cblr-14238	851	46	i	i	PROPN
cblr-14238	851	47	d.	d.	PROPN
cblr-14238	851	48	at	at	ADP
cblr-14238	851	49	501	501	NUM
cblr-14238	851	50	.	.	PUNCT
cblr-14238	851	51	185	185	NUM
cblr-14238	851	52	see	see	VERB
cblr-14238	851	53	also	also	ADV
cblr-14238	851	54	,	,	PUNCT
cblr-14238	851	55	florian	florian	PROPN
cblr-14238	851	56	kissel	kissel	PROPN
cblr-14238	851	57	&	&	CCONJ
cblr-14238	851	58	jan	jan	PROPN
cblr-14238	851	59	schnitzler	schnitzler	PROPN
cblr-14238	851	60	,	,	PUNCT
cblr-14238	851	61	do	do	AUX
cblr-14238	851	62	firms	firm	NOUN
cblr-14238	851	63	care	care	VERB
cblr-14238	851	64	about	about	ADP
cblr-14238	851	65	esg	esg	NOUN
cblr-14238	851	66	ratings	rating	NOUN
cblr-14238	851	67	?	?	PUNCT
cblr-14238	852	1	evidence	evidence	NOUN
cblr-14238	852	2	from	from	ADP
cblr-14238	852	3	refinitiv	refinitiv	PROPN
cblr-14238	852	4	’s	’s	PART
cblr-14238	852	5	scoring	scoring	NOUN
cblr-14238	852	6	adjustment	adjustment	NOUN
cblr-14238	852	7	(	(	PUNCT
cblr-14238	852	8	unpublished	unpublished	ADJ
cblr-14238	852	9	manuscript	manuscript	NOUN
cblr-14238	852	10	)	)	PUNCT
cblr-14238	852	11	(	(	PUNCT
cblr-14238	852	12	on	on	ADP
cblr-14238	852	13	file	file	NOUN
cblr-14238	852	14	with	with	ADP
cblr-14238	852	15	the	the	DET
cblr-14238	852	16	columbia	columbia	PROPN
cblr-14238	852	17	business	business	PROPN
cblr-14238	852	18	law	law	PROPN
cblr-14238	852	19	review	review	PROPN
cblr-14238	852	20	)	)	PUNCT
cblr-14238	852	21	(	(	PUNCT
cblr-14238	852	22	finding	find	VERB
cblr-14238	852	23	that	that	SCONJ
cblr-14238	852	24	firms	firm	NOUN
cblr-14238	852	25	with	with	ADP
cblr-14238	852	26	large	large	ADJ
cblr-14238	852	27	negative	negative	ADJ
cblr-14238	852	28	esg	esg	NOUN
cblr-14238	852	29	score	score	NOUN
cblr-14238	852	30	revisions	revision	NOUN
cblr-14238	852	31	from	from	ADP
cblr-14238	852	32	refinitiv	refinitiv	NOUN
cblr-14238	852	33	showed	show	VERB
cblr-14238	852	34	significant	significant	ADJ
cblr-14238	852	35	subsequent	subsequent	ADJ
cblr-14238	852	36	improvements	improvement	NOUN
cblr-14238	852	37	in	in	ADP
cblr-14238	852	38	their	their	PRON
cblr-14238	852	39	scores	score	NOUN
cblr-14238	852	40	,	,	PUNCT
cblr-14238	852	41	typically	typically	ADV
cblr-14238	852	42	by	by	ADP
cblr-14238	852	43	professionalizing	professionalize	VERB
cblr-14238	852	44	esg	esg	NOUN
cblr-14238	852	45	disclosures	disclosure	NOUN
cblr-14238	852	46	and	and	CCONJ
cblr-14238	852	47	processes	process	NOUN
cblr-14238	852	48	,	,	PUNCT
cblr-14238	852	49	introducing	introduce	VERB
cblr-14238	852	50	sustainability	sustainability	NOUN
cblr-14238	852	51	reports	report	NOUN
cblr-14238	852	52	,	,	PUNCT
cblr-14238	852	53	establishing	establish	VERB
cblr-14238	852	54	csr	csr	NOUN
cblr-14238	852	55	committees	committee	NOUN
cblr-14238	852	56	,	,	PUNCT
cblr-14238	852	57	and	and	CCONJ
cblr-14238	852	58	participating	participate	VERB
cblr-14238	852	59	in	in	ADP
cblr-14238	852	60	esg	esg	PROPN
cblr-14238	852	61	surveys	survey	NOUN
cblr-14238	852	62	)	)	PUNCT
cblr-14238	852	63	,	,	PUNCT
cblr-14238	852	64	https://ssrn.com/abstract=4912669	https://ssrn.com/abstract=4912669	PROPN
cblr-14238	852	65	.	.	PUNCT
cblr-14238	853	1	but	but	CCONJ
cblr-14238	853	2	see	see	VERB
cblr-14238	853	3	,	,	PUNCT
cblr-14238	853	4	berg	berg	PROPN
cblr-14238	853	5	et	et	PROPN
cblr-14238	853	6	.	.	PUNCT
cblr-14238	854	1	al	al	PROPN
cblr-14238	854	2	.	.	PROPN
cblr-14238	854	3	,	,	PUNCT
cblr-14238	854	4	supra	supra	PROPN
cblr-14238	854	5	note	note	PROPN
cblr-14238	854	6	168	168	NUM
cblr-14238	854	7	(	(	PUNCT
cblr-14238	854	8	finding	find	VERB
cblr-14238	854	9	that	that	SCONJ
cblr-14238	854	10	there	there	PRON
cblr-14238	854	11	were	be	VERB
cblr-14238	854	12	no	no	DET
cblr-14238	854	13	significant	significant	ADJ
cblr-14238	854	14	changes	change	NOUN
cblr-14238	854	15	in	in	ADP
cblr-14238	854	16	firms	firm	NOUN
cblr-14238	854	17	’	’	PART
cblr-14238	854	18	capital	capital	NOUN
cblr-14238	854	19	expenditures	expenditure	NOUN
cblr-14238	854	20	following	follow	VERB
cblr-14238	854	21	esg	esg	PROPN
cblr-14238	854	22	ratings	rating	NOUN
cblr-14238	854	23	upgrades	upgrade	NOUN
cblr-14238	854	24	or	or	CCONJ
cblr-14238	854	25	downgrades	downgrade	NOUN
cblr-14238	854	26	,	,	PUNCT
cblr-14238	854	27	even	even	ADV
cblr-14238	854	28	where	where	SCONJ
cblr-14238	854	29	those	those	DET
cblr-14238	854	30	changes	change	NOUN
cblr-14238	854	31	caused	cause	VERB
cblr-14238	854	32	changes	change	NOUN
cblr-14238	854	33	in	in	ADP
cblr-14238	854	34	abnormal	abnormal	ADJ
cblr-14238	854	35	returns	return	NOUN
cblr-14238	854	36	in	in	ADP
cblr-14238	854	37	firm	firm	ADJ
cblr-14238	854	38	stock	stock	NOUN
cblr-14238	854	39	prices	price	NOUN
cblr-14238	854	40	,	,	PUNCT
cblr-14238	854	41	and	and	CCONJ
cblr-14238	854	42	that	that	SCONJ
cblr-14238	854	43	firms	firm	NOUN
cblr-14238	854	44	only	only	ADV
cblr-14238	854	45	changed	change	VERB
cblr-14238	854	46	their	their	PRON
cblr-14238	854	47	practices	practice	NOUN
cblr-14238	854	48	after	after	ADP
cblr-14238	854	49	changes	change	NOUN
cblr-14238	854	50	in	in	ADP
cblr-14238	854	51	governance	governance	NOUN
cblr-14238	854	52	ratings	rating	NOUN
cblr-14238	854	53	)	)	PUNCT
cblr-14238	854	54	.	.	PUNCT
cblr-14238	855	1	186	186	NUM
cblr-14238	855	2	jess	jess	PROPN
cblr-14238	855	3	cornaggia	cornaggia	PROPN
cblr-14238	855	4	&	&	CCONJ
cblr-14238	855	5	kimberly	kimberly	PROPN
cblr-14238	855	6	cornaggia	cornaggia	PROPN
cblr-14238	855	7	,	,	PUNCT
cblr-14238	855	8	esg	esg	PROPN
cblr-14238	855	9	ratings	rating	NOUN
cblr-14238	855	10	management	management	NOUN
cblr-14238	855	11	(	(	PUNCT
cblr-14238	855	12	unpublished	unpublished	ADJ
cblr-14238	855	13	manuscript	manuscript	NOUN
cblr-14238	855	14	)	)	PUNCT
cblr-14238	855	15	(	(	PUNCT
cblr-14238	855	16	on	on	ADP
cblr-14238	855	17	file	file	NOUN
cblr-14238	855	18	with	with	ADP
cblr-14238	855	19	the	the	DET
cblr-14238	855	20	columbia	columbia	PROPN
cblr-14238	855	21	business	business	PROPN
cblr-14238	855	22	law	law	PROPN
cblr-14238	855	23	review	review	PROPN
cblr-14238	855	24	)	)	PUNCT
cblr-14238	855	25	,	,	PUNCT
cblr-14238	855	26	https://ssrn.com/abstract=4520688	https://ssrn.com/abstract=4520688	NOUN
cblr-14238	855	27	.	.	PUNCT
cblr-14238	856	1	187	187	NUM
cblr-14238	856	2	carlos	carlos	PROPN
cblr-14238	856	3	&	&	CCONJ
cblr-14238	856	4	lewis	lewis	PROPN
cblr-14238	856	5	,	,	PUNCT
cblr-14238	856	6	supra	supra	PROPN
cblr-14238	856	7	note	note	NOUN
cblr-14238	856	8	111	111	NUM
cblr-14238	856	9	,	,	PUNCT
cblr-14238	856	10	at	at	ADP
cblr-14238	856	11	132–33	132–33	NUM
cblr-14238	856	12	.	.	PUNCT
cblr-14238	857	1	780	780	NUM
cblr-14238	857	2	columbia	columbia	PROPN
cblr-14238	857	3	business	business	NOUN
cblr-14238	857	4	law	law	NOUN
cblr-14238	857	5	review	review	NOUN
cblr-14238	857	6	[	[	X
cblr-14238	857	7	vol	vol	NOUN
cblr-14238	857	8	.	.	PUNCT
cblr-14238	858	1	2024	2024	NUM
cblr-14238	858	2	discussions	discussion	NOUN
cblr-14238	858	3	between	between	ADP
cblr-14238	858	4	managers	manager	NOUN
cblr-14238	858	5	and	and	CCONJ
cblr-14238	858	6	shareholders	shareholder	NOUN
cblr-14238	858	7	.	.	PUNCT
cblr-14238	859	1	in	in	ADP
cblr-14238	859	2	this	this	DET
cblr-14238	859	3	regard	regard	NOUN
cblr-14238	859	4	,	,	PUNCT
cblr-14238	859	5	index	index	NOUN
cblr-14238	859	6	providers	provider	NOUN
cblr-14238	859	7	act	act	VERB
cblr-14238	859	8	as	as	ADP
cblr-14238	859	9	a	a	DET
cblr-14238	859	10	source	source	NOUN
cblr-14238	859	11	of	of	ADP
cblr-14238	859	12	third	third	ADJ
cblr-14238	859	13	-	-	PUNCT
cblr-14238	859	14	party	party	NOUN
cblr-14238	859	15	assessment	assessment	NOUN
cblr-14238	859	16	or	or	CCONJ
cblr-14238	859	17	certification	certification	NOUN
cblr-14238	859	18	,	,	PUNCT
cblr-14238	859	19	which	which	PRON
cblr-14238	859	20	gives	give	VERB
cblr-14238	859	21	them	they	PRON
cblr-14238	859	22	some	some	DET
cblr-14238	859	23	regulatory	regulatory	ADJ
cblr-14238	859	24	,	,	PUNCT
cblr-14238	859	25	or	or	CCONJ
cblr-14238	859	26	governance	governance	NOUN
cblr-14238	859	27	,	,	PUNCT
cblr-14238	859	28	influence	influence	NOUN
cblr-14238	859	29	.	.	PUNCT
cblr-14238	860	1	both	both	DET
cblr-14238	860	2	management	management	NOUN
cblr-14238	860	3	and	and	CCONJ
cblr-14238	860	4	shareholders	shareholder	NOUN
cblr-14238	860	5	can	can	AUX
cblr-14238	860	6	conceivably	conceivably	ADV
cblr-14238	860	7	utilize	utilize	VERB
cblr-14238	860	8	esg	esg	NOUN
cblr-14238	860	9	indexing	indexing	NOUN
cblr-14238	860	10	status	status	NOUN
cblr-14238	860	11	as	as	ADP
cblr-14238	860	12	a	a	DET
cblr-14238	860	13	rhetorical	rhetorical	ADJ
cblr-14238	860	14	device	device	NOUN
cblr-14238	860	15	in	in	ADP
cblr-14238	860	16	shareholder	shareholder	NOUN
cblr-14238	860	17	engagement	engagement	NOUN
cblr-14238	860	18	around	around	ADP
cblr-14238	860	19	esg	esg	PROPN
cblr-14238	860	20	issues	issue	NOUN
cblr-14238	860	21	.	.	PUNCT
cblr-14238	861	1	if	if	SCONJ
cblr-14238	861	2	a	a	DET
cblr-14238	861	3	firm	firm	NOUN
cblr-14238	861	4	is	be	AUX
cblr-14238	861	5	included	include	VERB
cblr-14238	861	6	in	in	ADP
cblr-14238	861	7	prominent	prominent	ADJ
cblr-14238	861	8	esg	esg	PROPN
cblr-14238	861	9	indices	index	NOUN
cblr-14238	861	10	,	,	PUNCT
cblr-14238	861	11	management	management	NOUN
cblr-14238	861	12	can	can	AUX
cblr-14238	861	13	point	point	VERB
cblr-14238	861	14	to	to	ADP
cblr-14238	861	15	that	that	DET
cblr-14238	861	16	fact	fact	NOUN
cblr-14238	861	17	if	if	SCONJ
cblr-14238	861	18	questioned	question	VERB
cblr-14238	861	19	by	by	ADP
cblr-14238	861	20	shareholders	shareholder	NOUN
cblr-14238	861	21	about	about	ADP
cblr-14238	861	22	the	the	DET
cblr-14238	861	23	firm	firm	NOUN
cblr-14238	861	24	’s	’s	PART
cblr-14238	861	25	esg	esg	PROPN
cblr-14238	861	26	record	record	NOUN
cblr-14238	861	27	.	.	PUNCT
cblr-14238	862	1	if	if	SCONJ
cblr-14238	862	2	a	a	DET
cblr-14238	862	3	firm	firm	NOUN
cblr-14238	862	4	is	be	AUX
cblr-14238	862	5	excluded	exclude	VERB
cblr-14238	862	6	or	or	CCONJ
cblr-14238	862	7	deleted	delete	VERB
cblr-14238	862	8	from	from	ADP
cblr-14238	862	9	an	an	DET
cblr-14238	862	10	important	important	ADJ
cblr-14238	862	11	esg	esg	PROPN
cblr-14238	862	12	index	index	NOUN
cblr-14238	862	13	,	,	PUNCT
cblr-14238	862	14	shareholders	shareholder	NOUN
cblr-14238	862	15	can	can	AUX
cblr-14238	862	16	point	point	VERB
cblr-14238	862	17	to	to	ADP
cblr-14238	862	18	that	that	DET
cblr-14238	862	19	fact	fact	NOUN
cblr-14238	862	20	to	to	PART
cblr-14238	862	21	demand	demand	VERB
cblr-14238	862	22	sustainability	sustainability	NOUN
cblr-14238	862	23	improvements	improvement	NOUN
cblr-14238	862	24	from	from	ADP
cblr-14238	862	25	management	management	NOUN
cblr-14238	862	26	.	.	PUNCT
cblr-14238	863	1	to	to	ADP
cblr-14238	863	2	the	the	DET
cblr-14238	863	3	extent	extent	NOUN
cblr-14238	863	4	that	that	SCONJ
cblr-14238	863	5	corporate	corporate	ADJ
cblr-14238	863	6	managers	manager	NOUN
cblr-14238	863	7	are	be	AUX
cblr-14238	863	8	making	make	VERB
cblr-14238	863	9	improvements	improvement	NOUN
cblr-14238	863	10	in	in	ADP
cblr-14238	863	11	their	their	PRON
cblr-14238	863	12	esg	esg	NOUN
cblr-14238	863	13	postures	posture	NOUN
cblr-14238	863	14	,	,	PUNCT
cblr-14238	863	15	it	it	PRON
cblr-14238	863	16	is	be	AUX
cblr-14238	863	17	not	not	PART
cblr-14238	863	18	clear	clear	ADJ
cblr-14238	863	19	whether	whether	SCONJ
cblr-14238	863	20	that	that	PRON
cblr-14238	863	21	is	be	AUX
cblr-14238	863	22	due	due	ADJ
cblr-14238	863	23	to	to	ADP
cblr-14238	863	24	incentives	incentive	NOUN
cblr-14238	863	25	related	relate	VERB
cblr-14238	863	26	to	to	ADP
cblr-14238	863	27	inclusion	inclusion	NOUN
cblr-14238	863	28	in	in	ADP
cblr-14238	863	29	esg	esg	PROPN
cblr-14238	863	30	indices	index	NOUN
cblr-14238	863	31	or	or	CCONJ
cblr-14238	863	32	responses	response	NOUN
cblr-14238	863	33	to	to	ADP
cblr-14238	863	34	the	the	DET
cblr-14238	863	35	threat	threat	NOUN
cblr-14238	863	36	of	of	ADP
cblr-14238	863	37	active	active	ADJ
cblr-14238	863	38	engagement	engagement	NOUN
cblr-14238	863	39	or	or	CCONJ
cblr-14238	863	40	actual	actual	ADJ
cblr-14238	863	41	active	active	ADJ
cblr-14238	863	42	engagement	engagement	NOUN
cblr-14238	863	43	from	from	ADP
cblr-14238	863	44	institutional	institutional	ADJ
cblr-14238	863	45	investors	investor	NOUN
cblr-14238	863	46	.	.	PUNCT
cblr-14238	864	1	in	in	ADP
cblr-14238	864	2	the	the	DET
cblr-14238	864	3	last	last	ADJ
cblr-14238	864	4	few	few	ADJ
cblr-14238	864	5	years	year	NOUN
cblr-14238	864	6	,	,	PUNCT
cblr-14238	864	7	investors	investor	NOUN
cblr-14238	864	8	focused	focus	VERB
cblr-14238	864	9	on	on	ADP
cblr-14238	864	10	esg	esg	PROPN
cblr-14238	864	11	issues	issue	NOUN
cblr-14238	864	12	have	have	AUX
cblr-14238	864	13	been	be	AUX
cblr-14238	864	14	proposing	propose	VERB
cblr-14238	864	15	more	more	ADJ
cblr-14238	864	16	shareholder	shareholder	NOUN
cblr-14238	864	17	resolutions	resolution	NOUN
cblr-14238	864	18	on	on	ADP
cblr-14238	864	19	esg	esg	NOUN
cblr-14238	864	20	matters	matter	NOUN
cblr-14238	864	21	and	and	CCONJ
cblr-14238	864	22	major	major	ADJ
cblr-14238	864	23	institutional	institutional	ADJ
cblr-14238	864	24	investors	investor	NOUN
cblr-14238	864	25	have	have	AUX
cblr-14238	864	26	started	start	VERB
cblr-14238	864	27	voting	vote	VERB
cblr-14238	864	28	for	for	ADP
cblr-14238	864	29	some	some	PRON
cblr-14238	864	30	of	of	ADP
cblr-14238	864	31	them	they	PRON
cblr-14238	864	32	.	.	PUNCT
cblr-14238	865	1	the	the	DET
cblr-14238	865	2	desire	desire	NOUN
cblr-14238	865	3	to	to	PART
cblr-14238	865	4	avoid	avoid	VERB
cblr-14238	865	5	being	be	AUX
cblr-14238	865	6	on	on	ADP
cblr-14238	865	7	the	the	DET
cblr-14238	865	8	wrong	wrong	ADJ
cblr-14238	865	9	side	side	NOUN
cblr-14238	865	10	of	of	ADP
cblr-14238	865	11	a	a	DET
cblr-14238	865	12	successful	successful	ADJ
cblr-14238	865	13	shareholder	shareholder	NOUN
cblr-14238	865	14	resolution	resolution	NOUN
cblr-14238	865	15	may	may	AUX
cblr-14238	865	16	be	be	AUX
cblr-14238	865	17	a	a	DET
cblr-14238	865	18	stronger	strong	ADJ
cblr-14238	865	19	incentive	incentive	NOUN
cblr-14238	865	20	for	for	SCONJ
cblr-14238	865	21	management	management	NOUN
cblr-14238	865	22	to	to	PART
cblr-14238	865	23	make	make	VERB
cblr-14238	865	24	operational	operational	ADJ
cblr-14238	865	25	changes	change	NOUN
cblr-14238	865	26	than	than	ADP
cblr-14238	865	27	inclusion	inclusion	NOUN
cblr-14238	865	28	in	in	ADP
cblr-14238	865	29	one	one	NUM
cblr-14238	865	30	or	or	CCONJ
cblr-14238	865	31	more	more	ADJ
cblr-14238	865	32	esg	esg	NOUN
cblr-14238	865	33	indices	index	NOUN
cblr-14238	865	34	.	.	PUNCT
cblr-14238	866	1	c.	c.	NOUN
cblr-14238	866	2	gatekeeping	gatekeepe	VERB
cblr-14238	866	3	success	success	NOUN
cblr-14238	866	4	in	in	ADP
cblr-14238	866	5	emerging	emerge	VERB
cblr-14238	866	6	markets	market	NOUN
cblr-14238	866	7	the	the	DET
cblr-14238	866	8	key	key	NOUN
cblr-14238	866	9	to	to	ADP
cblr-14238	866	10	private	private	ADJ
cblr-14238	866	11	regulators	regulator	NOUN
cblr-14238	866	12	acting	act	VERB
cblr-14238	866	13	as	as	SCONJ
cblr-14238	866	14	gatekeepers	gatekeeper	NOUN
cblr-14238	866	15	to	to	PART
cblr-14238	866	16	enforce	enforce	VERB
cblr-14238	866	17	compliance	compliance	NOUN
cblr-14238	866	18	with	with	ADP
cblr-14238	866	19	expected	expect	VERB
cblr-14238	866	20	norms	norm	NOUN
cblr-14238	866	21	is	be	AUX
cblr-14238	866	22	the	the	DET
cblr-14238	866	23	presence	presence	NOUN
cblr-14238	866	24	or	or	CCONJ
cblr-14238	866	25	absence	absence	NOUN
cblr-14238	866	26	of	of	ADP
cblr-14238	866	27	market	market	NOUN
cblr-14238	866	28	power.188	power.188	NOUN
cblr-14238	866	29	as	as	SCONJ
cblr-14238	866	30	noted	note	VERB
cblr-14238	866	31	in	in	ADP
cblr-14238	866	32	section	section	NOUN
cblr-14238	866	33	i.d	i.d	PROPN
cblr-14238	866	34	.	.	PROPN
cblr-14238	866	35	,	,	PUNCT
cblr-14238	866	36	index	index	NOUN
cblr-14238	866	37	funds	fund	NOUN
cblr-14238	866	38	held	hold	VERB
cblr-14238	866	39	18	18	NUM
cblr-14238	866	40	%	%	NOUN
cblr-14238	866	41	of	of	ADP
cblr-14238	866	42	all	all	DET
cblr-14238	866	43	the	the	DET
cblr-14238	866	44	equity	equity	NOUN
cblr-14238	866	45	in	in	ADP
cblr-14238	866	46	u.s	u.s	PROPN
cblr-14238	866	47	.	.	PROPN
cblr-14238	866	48	capital	capital	NOUN
cblr-14238	866	49	markets	market	NOUN
cblr-14238	866	50	at	at	ADP
cblr-14238	866	51	the	the	DET
cblr-14238	866	52	end	end	NOUN
cblr-14238	866	53	of	of	ADP
cblr-14238	866	54	2022	2022	NUM
cblr-14238	866	55	.	.	PUNCT
cblr-14238	867	1	that	that	PRON
cblr-14238	867	2	may	may	AUX
cblr-14238	867	3	seem	seem	VERB
cblr-14238	867	4	like	like	ADP
cblr-14238	867	5	a	a	DET
cblr-14238	867	6	large	large	ADJ
cblr-14238	867	7	number	number	NOUN
cblr-14238	867	8	when	when	SCONJ
cblr-14238	867	9	it	it	PRON
cblr-14238	867	10	comes	come	VERB
cblr-14238	867	11	to	to	ADP
cblr-14238	867	12	corporate	corporate	ADJ
cblr-14238	867	13	votes	vote	NOUN
cblr-14238	867	14	.	.	PUNCT
cblr-14238	868	1	however	however	ADV
cblr-14238	868	2	,	,	PUNCT
cblr-14238	868	3	for	for	ADP
cblr-14238	868	4	purposes	purpose	NOUN
cblr-14238	868	5	of	of	ADP
cblr-14238	868	6	establishing	establish	VERB
cblr-14238	868	7	market	market	NOUN
cblr-14238	868	8	power	power	NOUN
cblr-14238	868	9	,	,	PUNCT
cblr-14238	868	10	that	that	PRON
cblr-14238	868	11	is	be	AUX
cblr-14238	868	12	too	too	ADV
cblr-14238	868	13	small	small	ADJ
cblr-14238	868	14	.	.	PUNCT
cblr-14238	869	1	index	index	NOUN
cblr-14238	869	2	providers	provider	NOUN
cblr-14238	869	3	do	do	AUX
cblr-14238	869	4	not	not	PART
cblr-14238	869	5	have	have	VERB
cblr-14238	869	6	the	the	DET
cblr-14238	869	7	power	power	NOUN
cblr-14238	869	8	to	to	PART
cblr-14238	869	9	act	act	VERB
cblr-14238	869	10	as	as	ADP
cblr-14238	869	11	gatekeepers	gatekeeper	NOUN
cblr-14238	869	12	to	to	ADP
cblr-14238	869	13	any	any	DET
cblr-14238	869	14	otherwise	otherwise	ADV
cblr-14238	869	15	unavailable	unavailable	ADJ
cblr-14238	869	16	critical	critical	ADJ
cblr-14238	869	17	source	source	NOUN
cblr-14238	869	18	of	of	ADP
cblr-14238	869	19	capital	capital	NOUN
cblr-14238	869	20	in	in	ADP
cblr-14238	869	21	the	the	DET
cblr-14238	869	22	united	united	PROPN
cblr-14238	869	23	states	states	PROPN
cblr-14238	869	24	and	and	CCONJ
cblr-14238	869	25	other	other	ADJ
cblr-14238	869	26	advanced	advanced	ADJ
cblr-14238	869	27	industrialized	industrialize	VERB
cblr-14238	869	28	economies	economy	NOUN
cblr-14238	869	29	with	with	ADP
cblr-14238	869	30	deep	deep	ADJ
cblr-14238	869	31	,	,	PUNCT
cblr-14238	869	32	global	global	ADJ
cblr-14238	869	33	capital	capital	NOUN
cblr-14238	869	34	188	188	NUM
cblr-14238	869	35	see	see	NOUN
cblr-14238	869	36	supra	supra	PROPN
cblr-14238	869	37	section	section	NOUN
cblr-14238	869	38	ii.c	ii.c	VERB
cblr-14238	869	39	.	.	PUNCT
cblr-14238	870	1	no	no	INTJ
cblr-14238	870	2	.	.	NOUN
cblr-14238	870	3	2	2	NUM
cblr-14238	870	4	]	]	PUNCT
cblr-14238	870	5	regulation	regulation	NOUN
cblr-14238	870	6	by	by	ADP
cblr-14238	870	7	indexation	indexation	NOUN
cblr-14238	870	8	?	?	PUNCT
cblr-14238	871	1	781	781	NUM
cblr-14238	871	2	markets	market	NOUN
cblr-14238	871	3	.	.	PUNCT
cblr-14238	872	1	however	however	ADV
cblr-14238	872	2	,	,	PUNCT
cblr-14238	872	3	in	in	ADP
cblr-14238	872	4	the	the	DET
cblr-14238	872	5	case	case	NOUN
cblr-14238	872	6	of	of	ADP
cblr-14238	872	7	emerging	emerge	VERB
cblr-14238	872	8	markets	market	NOUN
cblr-14238	872	9	,	,	PUNCT
cblr-14238	872	10	it	it	PRON
cblr-14238	872	11	is	be	AUX
cblr-14238	872	12	possible	possible	ADJ
cblr-14238	872	13	for	for	SCONJ
cblr-14238	872	14	index	index	NOUN
cblr-14238	872	15	providers	provider	NOUN
cblr-14238	872	16	to	to	PART
cblr-14238	872	17	play	play	VERB
cblr-14238	872	18	a	a	DET
cblr-14238	872	19	gatekeeping	gatekeepe	VERB
cblr-14238	872	20	role	role	NOUN
cblr-14238	872	21	with	with	ADP
cblr-14238	872	22	respect	respect	NOUN
cblr-14238	872	23	to	to	ADP
cblr-14238	872	24	large	large	ADJ
cblr-14238	872	25	pools	pool	NOUN
cblr-14238	872	26	of	of	ADP
cblr-14238	872	27	foreign	foreign	ADJ
cblr-14238	872	28	capital	capital	NOUN
cblr-14238	872	29	that	that	PRON
cblr-14238	872	30	would	would	AUX
cblr-14238	872	31	not	not	PART
cblr-14238	872	32	be	be	AUX
cblr-14238	872	33	available	available	ADJ
cblr-14238	872	34	to	to	ADP
cblr-14238	872	35	the	the	DET
cblr-14238	872	36	emerging	emerge	VERB
cblr-14238	872	37	market	market	NOUN
cblr-14238	872	38	country	country	NOUN
cblr-14238	872	39	without	without	ADP
cblr-14238	872	40	being	be	AUX
cblr-14238	872	41	included	include	VERB
cblr-14238	872	42	in	in	ADP
cblr-14238	872	43	an	an	DET
cblr-14238	872	44	emerging	emerge	VERB
cblr-14238	872	45	markets	market	NOUN
cblr-14238	872	46	index	index	NOUN
cblr-14238	872	47	.	.	PUNCT
cblr-14238	873	1	the	the	DET
cblr-14238	873	2	financial	financial	ADJ
cblr-14238	873	3	press	press	NOUN
cblr-14238	873	4	has	have	AUX
cblr-14238	873	5	expressed	express	VERB
cblr-14238	873	6	concerns	concern	NOUN
cblr-14238	873	7	that	that	SCONJ
cblr-14238	873	8	emerging	emerge	VERB
cblr-14238	873	9	markets	market	NOUN
cblr-14238	873	10	indices	index	NOUN
cblr-14238	873	11	lead	lead	VERB
cblr-14238	873	12	to	to	ADP
cblr-14238	873	13	large	large	ADJ
cblr-14238	873	14	swings	swing	NOUN
cblr-14238	873	15	in	in	ADP
cblr-14238	873	16	capital	capital	NOUN
cblr-14238	873	17	available	available	ADJ
cblr-14238	873	18	to	to	ADP
cblr-14238	873	19	different	different	ADJ
cblr-14238	873	20	emerging	emerge	VERB
cblr-14238	873	21	market	market	NOUN
cblr-14238	873	22	economies	economy	NOUN
cblr-14238	873	23	as	as	SCONJ
cblr-14238	873	24	countries	country	NOUN
cblr-14238	873	25	are	be	AUX
cblr-14238	873	26	included	include	VERB
cblr-14238	873	27	and	and	CCONJ
cblr-14238	873	28	removed	remove	VERB
cblr-14238	873	29	from	from	ADP
cblr-14238	873	30	emerging	emerge	VERB
cblr-14238	873	31	markets	market	NOUN
cblr-14238	873	32	indices.189	indices.189	ADV
cblr-14238	873	33	in	in	ADP
cblr-14238	873	34	the	the	DET
cblr-14238	873	35	case	case	NOUN
cblr-14238	873	36	of	of	ADP
cblr-14238	873	37	sovereigns	sovereign	NOUN
cblr-14238	873	38	,	,	PUNCT
cblr-14238	873	39	the	the	DET
cblr-14238	873	40	calculus	calculus	NOUN
cblr-14238	873	41	is	be	AUX
cblr-14238	873	42	whether	whether	SCONJ
cblr-14238	873	43	there	there	PRON
cblr-14238	873	44	is	be	VERB
cblr-14238	873	45	a	a	DET
cblr-14238	873	46	durable	durable	ADJ
cblr-14238	873	47	increase	increase	NOUN
cblr-14238	873	48	in	in	ADP
cblr-14238	873	49	the	the	DET
cblr-14238	873	50	amount	amount	NOUN
cblr-14238	873	51	of	of	ADP
cblr-14238	873	52	foreign	foreign	ADJ
cblr-14238	873	53	capital	capital	NOUN
cblr-14238	873	54	invested	invest	VERB
cblr-14238	873	55	in	in	ADP
cblr-14238	873	56	domestic	domestic	ADJ
cblr-14238	873	57	companies	company	NOUN
cblr-14238	873	58	due	due	ADP
cblr-14238	873	59	to	to	ADP
cblr-14238	873	60	index	index	NOUN
cblr-14238	873	61	inclusion	inclusion	NOUN
cblr-14238	873	62	.	.	PUNCT
cblr-14238	874	1	the	the	DET
cblr-14238	874	2	influence	influence	NOUN
cblr-14238	874	3	of	of	ADP
cblr-14238	874	4	inclusion	inclusion	NOUN
cblr-14238	874	5	in	in	ADP
cblr-14238	874	6	emerging	emerge	VERB
cblr-14238	874	7	market	market	NOUN
cblr-14238	874	8	indices	index	NOUN
cblr-14238	874	9	may	may	AUX
cblr-14238	874	10	depend	depend	VERB
cblr-14238	874	11	on	on	ADP
cblr-14238	874	12	the	the	DET
cblr-14238	874	13	extent	extent	NOUN
cblr-14238	874	14	to	to	PART
cblr-14238	874	15	which	which	PRON
cblr-14238	874	16	the	the	DET
cblr-14238	874	17	affected	affect	VERB
cblr-14238	874	18	economies	economy	NOUN
cblr-14238	874	19	have	have	VERB
cblr-14238	874	20	alternative	alternative	ADJ
cblr-14238	874	21	sources	source	NOUN
cblr-14238	874	22	of	of	ADP
cblr-14238	874	23	capital	capital	NOUN
cblr-14238	874	24	.	.	PUNCT
cblr-14238	875	1	in	in	ADP
cblr-14238	875	2	other	other	ADJ
cblr-14238	875	3	words	word	NOUN
cblr-14238	875	4	,	,	PUNCT
cblr-14238	875	5	how	how	SCONJ
cblr-14238	875	6	important	important	ADJ
cblr-14238	875	7	to	to	ADP
cblr-14238	875	8	the	the	DET
cblr-14238	875	9	economy	economy	NOUN
cblr-14238	875	10	are	be	AUX
cblr-14238	875	11	the	the	DET
cblr-14238	875	12	capital	capital	NOUN
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cblr-14238	875	14	from	from	ADP
cblr-14238	875	15	index	index	NOUN
cblr-14238	875	16	investors	investor	NOUN
cblr-14238	875	17	.	.	PUNCT
cblr-14238	876	1	in	in	ADP
cblr-14238	876	2	the	the	DET
cblr-14238	876	3	absence	absence	NOUN
cblr-14238	876	4	of	of	ADP
cblr-14238	876	5	index	index	NOUN
cblr-14238	876	6	funds	fund	NOUN
cblr-14238	876	7	,	,	PUNCT
cblr-14238	876	8	it	it	PRON
cblr-14238	876	9	is	be	AUX
cblr-14238	876	10	possible	possible	ADJ
cblr-14238	876	11	that	that	SCONJ
cblr-14238	876	12	asset	asset	NOUN
cblr-14238	876	13	allocation	allocation	NOUN
cblr-14238	876	14	decisions	decision	NOUN
cblr-14238	876	15	would	would	AUX
cblr-14238	876	16	be	be	AUX
cblr-14238	876	17	executed	execute	VERB
cblr-14238	876	18	via	via	ADP
cblr-14238	876	19	an	an	DET
cblr-14238	876	20	alternative	alternative	ADJ
cblr-14238	876	21	means	mean	NOUN
cblr-14238	876	22	,	,	PUNCT
cblr-14238	876	23	such	such	ADJ
cblr-14238	876	24	as	as	ADP
cblr-14238	876	25	individual	individual	ADJ
cblr-14238	876	26	stocks	stock	NOUN
cblr-14238	876	27	or	or	CCONJ
cblr-14238	876	28	active	active	ADJ
cblr-14238	876	29	funds	fund	NOUN
cblr-14238	876	30	,	,	PUNCT
cblr-14238	876	31	to	to	ADP
cblr-14238	876	32	the	the	DET
cblr-14238	876	33	extent	extent	NOUN
cblr-14238	876	34	available	available	ADJ
cblr-14238	876	35	in	in	ADP
cblr-14238	876	36	different	different	ADJ
cblr-14238	876	37	markets	market	NOUN
cblr-14238	876	38	.	.	PUNCT
cblr-14238	877	1	drivers	driver	NOUN
cblr-14238	877	2	for	for	ADP
cblr-14238	877	3	asset	asset	NOUN
cblr-14238	877	4	allocation	allocation	NOUN
cblr-14238	877	5	decisions	decision	NOUN
cblr-14238	877	6	include	include	VERB
cblr-14238	877	7	macroeconomic	macroeconomic	ADJ
cblr-14238	877	8	developments	development	NOUN
cblr-14238	877	9	and	and	CCONJ
cblr-14238	877	10	interest	interest	NOUN
cblr-14238	877	11	rate	rate	NOUN
cblr-14238	877	12	policy	policy	NOUN
cblr-14238	877	13	,	,	PUNCT
cblr-14238	877	14	not	not	PART
cblr-14238	877	15	just	just	ADV
cblr-14238	877	16	the	the	DET
cblr-14238	877	17	choice	choice	NOUN
cblr-14238	877	18	of	of	ADP
cblr-14238	877	19	equity	equity	NOUN
cblr-14238	877	20	investment	investment	NOUN
cblr-14238	877	21	options.190	options.190	NOUN
cblr-14238	877	22	there	there	PRON
cblr-14238	877	23	have	have	AUX
cblr-14238	877	24	been	be	AUX
cblr-14238	877	25	several	several	ADJ
cblr-14238	877	26	examples	example	NOUN
cblr-14238	877	27	of	of	ADP
cblr-14238	877	28	countries	country	NOUN
cblr-14238	877	29	changing	change	VERB
cblr-14238	877	30	their	their	PRON
cblr-14238	877	31	capital	capital	NOUN
cblr-14238	877	32	markets	market	NOUN
cblr-14238	877	33	rules	rule	NOUN
cblr-14238	877	34	and	and	CCONJ
cblr-14238	877	35	related	related	ADJ
cblr-14238	877	36	laws	law	NOUN
cblr-14238	877	37	and	and	CCONJ
cblr-14238	877	38	infrastructure	infrastructure	NOUN
cblr-14238	877	39	to	to	PART
cblr-14238	877	40	satisfy	satisfy	VERB
cblr-14238	877	41	the	the	DET
cblr-14238	877	42	eligibility	eligibility	NOUN
cblr-14238	877	43	criteria	criterion	NOUN
cblr-14238	877	44	for	for	ADP
cblr-14238	877	45	inclusion	inclusion	NOUN
cblr-14238	877	46	in	in	ADP
cblr-14238	877	47	emerging	emerge	VERB
cblr-14238	877	48	markets	market	NOUN
cblr-14238	877	49	indices	index	NOUN
cblr-14238	877	50	.	.	PUNCT
cblr-14238	878	1	in	in	ADP
cblr-14238	878	2	section	section	NOUN
cblr-14238	878	3	i.c.3	i.c.3	PROPN
cblr-14238	878	4	.	.	PUNCT
cblr-14238	878	5	,	,	PUNCT
cblr-14238	878	6	i	i	PRON
cblr-14238	878	7	describe	describe	VERB
cblr-14238	878	8	emerging	emerge	VERB
cblr-14238	878	9	markets	market	NOUN
cblr-14238	878	10	indices	index	NOUN
cblr-14238	878	11	and	and	CCONJ
cblr-14238	878	12	the	the	DET
cblr-14238	878	13	eligibility	eligibility	NOUN
cblr-14238	878	14	criteria	criterion	NOUN
cblr-14238	878	15	used	use	VERB
cblr-14238	878	16	by	by	ADP
cblr-14238	878	17	the	the	DET
cblr-14238	878	18	indexers	indexer	NOUN
cblr-14238	878	19	to	to	PART
cblr-14238	878	20	determine	determine	VERB
cblr-14238	878	21	which	which	DET
cblr-14238	878	22	country	country	NOUN
cblr-14238	878	23	should	should	AUX
cblr-14238	878	24	be	be	AUX
cblr-14238	878	25	in	in	ADP
cblr-14238	878	26	which	which	PRON
cblr-14238	878	27	index	index	NOUN
cblr-14238	878	28	.	.	PUNCT
cblr-14238	879	1	saudi	saudi	PROPN
cblr-14238	879	2	arabia	arabia	PROPN
cblr-14238	879	3	received	receive	VERB
cblr-14238	879	4	multi	multi	ADJ
cblr-14238	879	5	-	-	ADJ
cblr-14238	879	6	billion	billion	NUM
cblr-14238	879	7	dollar	dollar	NOUN
cblr-14238	879	8	flows	flow	NOUN
cblr-14238	879	9	of	of	ADP
cblr-14238	879	10	189	189	NUM
cblr-14238	879	11	citi	citi	NOUN
cblr-14238	879	12	says	say	VERB
cblr-14238	879	13	emerging	emerge	VERB
cblr-14238	879	14	markets	market	NOUN
cblr-14238	879	15	increasingly	increasingly	ADV
cblr-14238	879	16	reliant	reliant	ADJ
cblr-14238	879	17	on	on	ADP
cblr-14238	879	18	etf	etf	NOUN
cblr-14238	879	19	flows	flow	NOUN
cblr-14238	879	20	,	,	PUNCT
cblr-14238	879	21	bus	bus	NOUN
cblr-14238	879	22	.	.	PUNCT
cblr-14238	880	1	times	times	PROPN
cblr-14238	880	2	(	(	PUNCT
cblr-14238	880	3	aug	aug	PROPN
cblr-14238	880	4	.	.	PROPN
cblr-14238	880	5	17	17	NUM
cblr-14238	880	6	,	,	PUNCT
cblr-14238	880	7	2017	2017	NUM
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cblr-14238	881	1	[	[	X
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cblr-14238	881	3	]	]	X
cblr-14238	881	4	;	;	PUNCT
cblr-14238	881	5	robin	robin	PROPN
cblr-14238	881	6	wigglesworth	wigglesworth	PROPN
cblr-14238	881	7	&	&	CCONJ
cblr-14238	881	8	adam	adam	PROPN
cblr-14238	881	9	samson	samson	PROPN
cblr-14238	881	10	,	,	PUNCT
cblr-14238	881	11	em	em	PRON
cblr-14238	881	12	worries	worry	VERB
cblr-14238	881	13	over	over	ADP
cblr-14238	881	14	swelling	swell	VERB
cblr-14238	881	15	influence	influence	NOUN
cblr-14238	881	16	of	of	ADP
cblr-14238	881	17	etf	etf	NOUN
cblr-14238	881	18	flows	flow	NOUN
cblr-14238	881	19	,	,	PUNCT
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cblr-14238	881	21	.	.	PUNCT
cblr-14238	881	22	times	times	PROPN
cblr-14238	881	23	(	(	PUNCT
cblr-14238	881	24	aug	aug	PROPN
cblr-14238	881	25	.	.	PROPN
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cblr-14238	881	30	,	,	PUNCT
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cblr-14238	881	34	]	]	PUNCT
cblr-14238	881	35	;	;	PUNCT
cblr-14238	881	36	chris	chris	PROPN
cblr-14238	881	37	flood	flood	PROPN
cblr-14238	881	38	,	,	PUNCT
cblr-14238	881	39	record	record	NOUN
cblr-14238	881	40	etf	etf	NOUN
cblr-14238	881	41	inflows	inflow	NOUN
cblr-14238	881	42	fuel	fuel	NOUN
cblr-14238	881	43	price	price	NOUN
cblr-14238	881	44	bubble	bubble	NOUN
cblr-14238	881	45	fears	fear	NOUN
cblr-14238	881	46	,	,	PUNCT
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cblr-14238	881	48	.	.	PUNCT
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cblr-14238	881	54	,	,	PUNCT
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cblr-14238	882	1	[	[	X
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cblr-14238	882	3	]	]	X
cblr-14238	882	4	.	.	PUNCT
cblr-14238	883	1	190	190	NUM
cblr-14238	883	2	blackrock	blackrock	NOUN
cblr-14238	883	3	,	,	PUNCT
cblr-14238	883	4	supra	supra	PROPN
cblr-14238	883	5	note	note	PROPN
cblr-14238	883	6	66	66	NUM
cblr-14238	883	7	.	.	PUNCT
cblr-14238	884	1	782	782	NUM
cblr-14238	884	2	columbia	columbia	PROPN
cblr-14238	884	3	business	business	NOUN
cblr-14238	884	4	law	law	PROPN
cblr-14238	884	5	review	review	NOUN
cblr-14238	884	6	[	[	X
cblr-14238	884	7	vol	vol	NOUN
cblr-14238	884	8	.	.	NOUN
cblr-14238	884	9	2024	2024	NUM
cblr-14238	884	10	foreign	foreign	ADJ
cblr-14238	884	11	investment	investment	NOUN
cblr-14238	884	12	into	into	ADP
cblr-14238	884	13	its	its	PRON
cblr-14238	884	14	domestic	domestic	ADJ
cblr-14238	884	15	capital	capital	NOUN
cblr-14238	884	16	markets	market	NOUN
cblr-14238	884	17	in	in	ADP
cblr-14238	884	18	2019	2019	NUM
cblr-14238	884	19	following	follow	VERB
cblr-14238	884	20	successful	successful	ADJ
cblr-14238	884	21	negotiations	negotiation	NOUN
cblr-14238	884	22	with	with	ADP
cblr-14238	884	23	the	the	DET
cblr-14238	884	24	three	three	NUM
cblr-14238	884	25	big	big	ADJ
cblr-14238	884	26	index	index	NOUN
cblr-14238	884	27	providers	provider	NOUN
cblr-14238	884	28	to	to	PART
cblr-14238	884	29	include	include	VERB
cblr-14238	884	30	the	the	DET
cblr-14238	884	31	country	country	NOUN
cblr-14238	884	32	in	in	ADP
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cblr-14238	884	35	emerging	emerge	VERB
cblr-14238	884	36	markets	market	NOUN
cblr-14238	884	37	indices	indice	VERB
cblr-14238	884	38	pursuant	pursuant	ADJ
cblr-14238	884	39	to	to	ADP
cblr-14238	884	40	which	which	PRON
cblr-14238	884	41	it	it	PRON
cblr-14238	884	42	agreed	agree	VERB
cblr-14238	884	43	to	to	PART
cblr-14238	884	44	make	make	VERB
cblr-14238	884	45	significant	significant	ADJ
cblr-14238	884	46	changes	change	NOUN
cblr-14238	884	47	in	in	ADP
cblr-14238	884	48	market	market	NOUN
cblr-14238	884	49	access	access	NOUN
cblr-14238	884	50	and	and	CCONJ
cblr-14238	884	51	liquidity.191	liquidity.191	PROPN
cblr-14238	884	52	china	china	PROPN
cblr-14238	884	53	has	have	AUX
cblr-14238	884	54	also	also	ADV
cblr-14238	884	55	received	receive	VERB
cblr-14238	884	56	massive	massive	ADJ
cblr-14238	884	57	foreign	foreign	ADJ
cblr-14238	884	58	capital	capital	NOUN
cblr-14238	884	59	flows	flow	NOUN
cblr-14238	884	60	into	into	ADP
cblr-14238	884	61	its	its	PRON
cblr-14238	884	62	domestic	domestic	ADJ
cblr-14238	884	63	equity	equity	NOUN
cblr-14238	884	64	capital	capital	NOUN
cblr-14238	884	65	markets	market	NOUN
cblr-14238	884	66	in	in	ADP
cblr-14238	884	67	recent	recent	ADJ
cblr-14238	884	68	years	year	NOUN
cblr-14238	884	69	.	.	PUNCT
cblr-14238	885	1	i	i	PRON
cblr-14238	885	2	describe	describe	VERB
cblr-14238	885	3	the	the	DET
cblr-14238	885	4	iterative	iterative	NOUN
cblr-14238	885	5	process	process	NOUN
cblr-14238	885	6	through	through	ADP
cblr-14238	885	7	which	which	PRON
cblr-14238	885	8	domestically	domestically	ADV
cblr-14238	885	9	listed	list	VERB
cblr-14238	885	10	companies	company	NOUN
cblr-14238	885	11	in	in	ADP
cblr-14238	885	12	china	china	PROPN
cblr-14238	885	13	gained	gain	VERB
cblr-14238	885	14	inclusion	inclusion	NOUN
cblr-14238	885	15	in	in	ADP
cblr-14238	885	16	major	major	ADJ
cblr-14238	885	17	emerging	emerge	VERB
cblr-14238	885	18	markets	market	NOUN
cblr-14238	885	19	indices	indice	VERB
cblr-14238	885	20	below	below	ADV
cblr-14238	885	21	.	.	PUNCT
cblr-14238	886	1	1	1	X
cblr-14238	886	2	.	.	X
cblr-14238	886	3	including	include	VERB
cblr-14238	886	4	china	china	PROPN
cblr-14238	886	5	a	a	DET
cblr-14238	886	6	-	-	PUNCT
cblr-14238	886	7	shares	share	NOUN
cblr-14238	886	8	in	in	ADP
cblr-14238	886	9	emerging	emerge	VERB
cblr-14238	886	10	markets	market	NOUN
cblr-14238	886	11	indices	indice	VERB
cblr-14238	886	12	a.	a.	NOUN
cblr-14238	886	13	background	background	NOUN
cblr-14238	886	14	the	the	DET
cblr-14238	886	15	market	market	NOUN
cblr-14238	886	16	for	for	ADP
cblr-14238	886	17	equity	equity	NOUN
cblr-14238	886	18	investments	investment	NOUN
cblr-14238	886	19	in	in	ADP
cblr-14238	886	20	chinese	chinese	ADJ
cblr-14238	886	21	companies	company	NOUN
cblr-14238	886	22	is	be	AUX
cblr-14238	886	23	byzantine	byzantine	ADJ
cblr-14238	886	24	.	.	PUNCT
cblr-14238	887	1	chinese	chinese	ADJ
cblr-14238	887	2	companies	company	NOUN
cblr-14238	887	3	issue	issue	VERB
cblr-14238	887	4	different	different	ADJ
cblr-14238	887	5	classes	class	NOUN
cblr-14238	887	6	of	of	ADP
cblr-14238	887	7	equity	equity	NOUN
cblr-14238	887	8	shares	share	NOUN
cblr-14238	887	9	depending	depend	VERB
cblr-14238	887	10	on	on	ADP
cblr-14238	887	11	where	where	SCONJ
cblr-14238	887	12	they	they	PRON
cblr-14238	887	13	are	be	AUX
cblr-14238	887	14	incorporated	incorporate	VERB
cblr-14238	887	15	,	,	PUNCT
cblr-14238	887	16	where	where	SCONJ
cblr-14238	887	17	they	they	PRON
cblr-14238	887	18	are	be	AUX
cblr-14238	887	19	listed	list	VERB
cblr-14238	887	20	,	,	PUNCT
cblr-14238	887	21	and	and	CCONJ
cblr-14238	887	22	which	which	PRON
cblr-14238	887	23	investors	investor	NOUN
cblr-14238	887	24	are	be	AUX
cblr-14238	887	25	allowed	allow	VERB
cblr-14238	887	26	to	to	PART
cblr-14238	887	27	own	own	VERB
cblr-14238	887	28	them.192	them.192	NOUN
cblr-14238	887	29	chinese	chinese	ADJ
cblr-14238	887	30	companies	company	NOUN
cblr-14238	887	31	incorporated	incorporate	VERB
cblr-14238	887	32	and	and	CCONJ
cblr-14238	887	33	listed	list	VERB
cblr-14238	887	34	inside	inside	ADP
cblr-14238	887	35	the	the	DET
cblr-14238	887	36	people	people	NOUN
cblr-14238	887	37	’s	’s	PART
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cblr-14238	887	41	(	(	PUNCT
cblr-14238	887	42	prc	prc	PROPN
cblr-14238	887	43	)	)	PUNCT
cblr-14238	887	44	issue	issue	NOUN
cblr-14238	887	45	a	a	DET
cblr-14238	887	46	-	-	PUNCT
cblr-14238	887	47	shares	share	NOUN
cblr-14238	887	48	,	,	PUNCT
cblr-14238	887	49	b	b	NOUN
cblr-14238	887	50	-	-	PUNCT
cblr-14238	887	51	shares	share	NOUN
cblr-14238	887	52	and	and	CCONJ
cblr-14238	887	53	h	h	NOUN
cblr-14238	887	54	-	-	PUNCT
cblr-14238	887	55	shares	share	NOUN
cblr-14238	887	56	.	.	PUNCT
cblr-14238	888	1	china	china	PROPN
cblr-14238	888	2	a	a	DET
cblr-14238	888	3	-	-	PUNCT
cblr-14238	888	4	shares	share	NOUN
cblr-14238	888	5	are	be	AUX
cblr-14238	888	6	listed	list	VERB
cblr-14238	888	7	on	on	ADP
cblr-14238	888	8	domestic	domestic	ADJ
cblr-14238	888	9	191	191	NUM
cblr-14238	888	10	steve	steve	PROPN
cblr-14238	888	11	johnson	johnson	PROPN
cblr-14238	888	12	,	,	PUNCT
cblr-14238	888	13	landmark	landmark	NOUN
cblr-14238	888	14	for	for	ADP
cblr-14238	888	15	saudi	saudi	ADJ
cblr-14238	888	16	stocks	stock	NOUN
cblr-14238	888	17	as	as	SCONJ
cblr-14238	888	18	index	index	NOUN
cblr-14238	888	19	providers	provider	NOUN
cblr-14238	888	20	become	become	VERB
cblr-14238	888	21	kingmakers	kingmaker	NOUN
cblr-14238	888	22	,	,	PUNCT
cblr-14238	888	23	fin	fin	NOUN
cblr-14238	888	24	.	.	PUNCT
cblr-14238	889	1	times	times	PROPN
cblr-14238	889	2	(	(	PUNCT
cblr-14238	889	3	mar	mar	PROPN
cblr-14238	889	4	.	.	PROPN
cblr-14238	889	5	20	20	NUM
cblr-14238	889	6	,	,	PUNCT
cblr-14238	889	7	2019	2019	NUM
cblr-14238	889	8	)	)	PUNCT
cblr-14238	889	9	,	,	PUNCT
cblr-14238	889	10	https://www.ft.com/content/69f5a8ec-4a3a-11e9-bbc9-6917dce3dc62	https://www.ft.com/content/69f5a8ec-4a3a-11e9-bbc9-6917dce3dc62	PROPN
cblr-14238	890	1	[	[	X
cblr-14238	890	2	https://perma.cc/ngm5-vrd3	https://perma.cc/ngm5-vrd3	X
cblr-14238	890	3	]	]	PUNCT
cblr-14238	890	4	.	.	PUNCT
cblr-14238	891	1	192	192	NUM
cblr-14238	891	2	the	the	DET
cblr-14238	891	3	shares	share	NOUN
cblr-14238	891	4	of	of	ADP
cblr-14238	891	5	chinese	chinese	ADJ
cblr-14238	891	6	companies	company	NOUN
cblr-14238	891	7	incorporated	incorporate	VERB
cblr-14238	891	8	and	and	CCONJ
cblr-14238	891	9	listed	list	VERB
cblr-14238	891	10	outside	outside	ADP
cblr-14238	891	11	the	the	DET
cblr-14238	891	12	prc	prc	PROPN
cblr-14238	891	13	are	be	AUX
cblr-14238	891	14	generally	generally	ADV
cblr-14238	891	15	referred	refer	VERB
cblr-14238	891	16	to	to	ADP
cblr-14238	891	17	as	as	ADP
cblr-14238	891	18	“	"	PUNCT
cblr-14238	891	19	red	red	ADJ
cblr-14238	891	20	chips	chip	NOUN
cblr-14238	891	21	,	,	PUNCT
cblr-14238	891	22	”	"	PUNCT
cblr-14238	891	23	“	"	PUNCT
cblr-14238	891	24	p	p	NOUN
cblr-14238	891	25	chips	chip	NOUN
cblr-14238	891	26	,	,	PUNCT
cblr-14238	891	27	”	"	PUNCT
cblr-14238	891	28	“	"	PUNCT
cblr-14238	891	29	s	s	NOUN
cblr-14238	891	30	chips	chip	NOUN
cblr-14238	891	31	,	,	PUNCT
cblr-14238	891	32	”	"	PUNCT
cblr-14238	891	33	or	or	CCONJ
cblr-14238	891	34	“	"	PUNCT
cblr-14238	891	35	n	n	CCONJ
cblr-14238	891	36	shares	share	NOUN
cblr-14238	891	37	.	.	PUNCT
cblr-14238	891	38	”	"	PUNCT
cblr-14238	891	39	red	red	ADJ
cblr-14238	891	40	chips	chip	NOUN
cblr-14238	891	41	and	and	CCONJ
cblr-14238	891	42	p	p	NOUN
cblr-14238	891	43	chips	chip	NOUN
cblr-14238	891	44	are	be	AUX
cblr-14238	891	45	listed	list	VERB
cblr-14238	891	46	in	in	ADP
cblr-14238	891	47	hong	hong	PROPN
cblr-14238	891	48	kong	kong	PROPN
cblr-14238	891	49	and	and	CCONJ
cblr-14238	891	50	trade	trade	NOUN
cblr-14238	891	51	in	in	ADP
cblr-14238	891	52	hong	hong	PROPN
cblr-14238	891	53	kong	kong	PROPN
cblr-14238	891	54	dollars	dollar	NOUN
cblr-14238	891	55	.	.	PUNCT
cblr-14238	892	1	red	red	ADJ
cblr-14238	892	2	chips	chip	NOUN
cblr-14238	892	3	are	be	AUX
cblr-14238	892	4	substantially	substantially	ADV
cblr-14238	892	5	owned	own	VERB
cblr-14238	892	6	(	(	PUNCT
cblr-14238	892	7	at	at	ADP
cblr-14238	892	8	least	least	ADV
cblr-14238	892	9	35	35	NUM
cblr-14238	892	10	%	%	NOUN
cblr-14238	892	11	)	)	PUNCT
cblr-14238	892	12	by	by	ADP
cblr-14238	892	13	prc	prc	PROPN
cblr-14238	892	14	state	state	NOUN
cblr-14238	892	15	entities	entity	NOUN
cblr-14238	892	16	and	and	CCONJ
cblr-14238	892	17	have	have	VERB
cblr-14238	892	18	most	most	ADJ
cblr-14238	892	19	of	of	ADP
cblr-14238	892	20	the	the	DET
cblr-14238	892	21	revenue	revenue	NOUN
cblr-14238	892	22	and	and	CCONJ
cblr-14238	892	23	assets	asset	NOUN
cblr-14238	892	24	derived	derive	VERB
cblr-14238	892	25	from	from	ADP
cblr-14238	892	26	the	the	DET
cblr-14238	892	27	prc	prc	PROPN
cblr-14238	892	28	.	.	PUNCT
cblr-14238	893	1	although	although	SCONJ
cblr-14238	893	2	incorporated	incorporate	VERB
cblr-14238	893	3	outside	outside	ADP
cblr-14238	893	4	the	the	DET
cblr-14238	893	5	prc	prc	PROPN
cblr-14238	893	6	,	,	PUNCT
cblr-14238	893	7	p	p	NOUN
cblr-14238	893	8	chips	chip	NOUN
cblr-14238	893	9	are	be	AUX
cblr-14238	893	10	controlled	control	VERB
cblr-14238	893	11	by	by	ADP
cblr-14238	893	12	prc	prc	PROPN
cblr-14238	893	13	companies	company	NOUN
cblr-14238	893	14	or	or	CCONJ
cblr-14238	893	15	individuals	individual	NOUN
cblr-14238	893	16	,	,	PUNCT
cblr-14238	893	17	originated	originate	VERB
cblr-14238	893	18	in	in	ADP
cblr-14238	893	19	the	the	DET
cblr-14238	893	20	prc	prc	PROPN
cblr-14238	893	21	and	and	CCONJ
cblr-14238	893	22	have	have	VERB
cblr-14238	893	23	most	most	ADJ
cblr-14238	893	24	revenues	revenue	NOUN
cblr-14238	893	25	or	or	CCONJ
cblr-14238	893	26	assets	asset	NOUN
cblr-14238	893	27	in	in	ADP
cblr-14238	893	28	the	the	DET
cblr-14238	893	29	prc	prc	PROPN
cblr-14238	893	30	.	.	PUNCT
cblr-14238	894	1	s	s	PART
cblr-14238	894	2	chips	chip	NOUN
cblr-14238	894	3	are	be	AUX
cblr-14238	894	4	listed	list	VERB
cblr-14238	894	5	in	in	ADP
cblr-14238	894	6	singapore	singapore	PROPN
cblr-14238	894	7	and	and	CCONJ
cblr-14238	894	8	trade	trade	NOUN
cblr-14238	894	9	in	in	ADP
cblr-14238	894	10	singapore	singapore	PROPN
cblr-14238	894	11	dollars	dollar	NOUN
cblr-14238	894	12	and	and	CCONJ
cblr-14238	894	13	n	n	NUM
cblr-14238	894	14	shares	share	NOUN
cblr-14238	894	15	are	be	AUX
cblr-14238	894	16	listed	list	VERB
cblr-14238	894	17	in	in	ADP
cblr-14238	894	18	the	the	DET
cblr-14238	894	19	united	united	PROPN
cblr-14238	894	20	states	states	PROPN
cblr-14238	894	21	and	and	CCONJ
cblr-14238	894	22	trade	trade	NOUN
cblr-14238	894	23	in	in	ADP
cblr-14238	894	24	u.s	u.s	PROPN
cblr-14238	894	25	.	.	PROPN
cblr-14238	894	26	dollars	dollar	NOUN
cblr-14238	894	27	.	.	PUNCT
cblr-14238	895	1	ftse	ftse	PROPN
cblr-14238	895	2	russell	russell	PROPN
cblr-14238	895	3	,	,	PUNCT
cblr-14238	895	4	guide	guide	VERB
cblr-14238	895	5	to	to	ADP
cblr-14238	895	6	chinese	chinese	ADJ
cblr-14238	895	7	share	share	NOUN
cblr-14238	895	8	classes	class	NOUN
cblr-14238	895	9	3	3	NUM
cblr-14238	895	10	(	(	PUNCT
cblr-14238	895	11	sept	sept	PROPN
cblr-14238	895	12	.	.	PROPN
cblr-14238	895	13	2023	2023	NUM
cblr-14238	895	14	)	)	PUNCT
cblr-14238	895	15	,	,	PUNCT
cblr-14238	895	16	https://www.lseg.com/content/dam/ftserussell/en_us/documents/policy-documents/guide-to-chinese-shareclasses.pdf	https://www.lseg.com/content/dam/ftserussell/en_us/documents/policy-documents/guide-to-chinese-shareclasses.pdf	NOUN
cblr-14238	896	1	[	[	X
cblr-14238	896	2	https://perma.cc/9hjz-sdrp	https://perma.cc/9hjz-sdrp	X
cblr-14238	896	3	]	]	X
cblr-14238	896	4	.	.	PUNCT
cblr-14238	897	1	no	no	INTJ
cblr-14238	897	2	.	.	NOUN
cblr-14238	897	3	2	2	NUM
cblr-14238	897	4	]	]	PUNCT
cblr-14238	897	5	regulation	regulation	NOUN
cblr-14238	897	6	by	by	ADP
cblr-14238	897	7	indexation	indexation	NOUN
cblr-14238	897	8	?	?	PUNCT
cblr-14238	898	1	783	783	NUM
cblr-14238	898	2	exchanges	exchange	NOUN
cblr-14238	898	3	in	in	ADP
cblr-14238	898	4	the	the	DET
cblr-14238	898	5	prc	prc	PROPN
cblr-14238	898	6	and	and	CCONJ
cblr-14238	898	7	trade	trade	NOUN
cblr-14238	898	8	in	in	ADP
cblr-14238	898	9	chinese	chinese	PROPN
cblr-14238	898	10	yuan	yuan	PROPN
cblr-14238	898	11	.	.	PUNCT
cblr-14238	899	1	for	for	ADP
cblr-14238	899	2	many	many	ADJ
cblr-14238	899	3	years	year	NOUN
cblr-14238	899	4	they	they	PRON
cblr-14238	899	5	could	could	AUX
cblr-14238	899	6	only	only	ADV
cblr-14238	899	7	be	be	AUX
cblr-14238	899	8	traded	trade	VERB
cblr-14238	899	9	by	by	ADP
cblr-14238	899	10	residents	resident	NOUN
cblr-14238	899	11	of	of	ADP
cblr-14238	899	12	the	the	DET
cblr-14238	899	13	prc	prc	PROPN
cblr-14238	899	14	.	.	PUNCT
cblr-14238	900	1	now	now	ADV
cblr-14238	900	2	,	,	PUNCT
cblr-14238	900	3	they	they	PRON
cblr-14238	900	4	can	can	AUX
cblr-14238	900	5	also	also	ADV
cblr-14238	900	6	be	be	AUX
cblr-14238	900	7	traded	trade	VERB
cblr-14238	900	8	by	by	ADP
cblr-14238	900	9	a	a	DET
cblr-14238	900	10	qualified	qualified	ADJ
cblr-14238	900	11	foreign	foreign	ADJ
cblr-14238	900	12	institutional	institutional	ADJ
cblr-14238	900	13	investor	investor	NOUN
cblr-14238	900	14	(	(	PUNCT
cblr-14238	900	15	qfii	qfii	NOUN
cblr-14238	900	16	)	)	PUNCT
cblr-14238	900	17	,	,	PUNCT
cblr-14238	900	18	by	by	ADP
cblr-14238	900	19	a	a	DET
cblr-14238	900	20	renminbi	renminbi	NOUN
cblr-14238	900	21	qualified	qualified	ADJ
cblr-14238	900	22	foreign	foreign	ADJ
cblr-14238	900	23	institutional	institutional	ADJ
cblr-14238	900	24	investor	investor	NOUN
cblr-14238	900	25	(	(	PUNCT
cblr-14238	900	26	rqfiii	rqfiii	PROPN
cblr-14238	900	27	)	)	PUNCT
cblr-14238	900	28	or	or	CCONJ
cblr-14238	900	29	through	through	ADP
cblr-14238	900	30	stock	stock	NOUN
cblr-14238	900	31	connect	connect	NOUN
cblr-14238	900	32	programs	program	NOUN
cblr-14238	900	33	connecting	connect	VERB
cblr-14238	900	34	the	the	DET
cblr-14238	900	35	hong	hong	PROPN
cblr-14238	900	36	kong	kong	PROPN
cblr-14238	900	37	stock	stock	PROPN
cblr-14238	900	38	exchange	exchange	PROPN
cblr-14238	900	39	with	with	ADP
cblr-14238	900	40	domestic	domestic	ADJ
cblr-14238	900	41	exchanges	exchange	NOUN
cblr-14238	900	42	in	in	ADP
cblr-14238	900	43	the	the	DET
cblr-14238	900	44	prc	prc	PROPN
cblr-14238	900	45	.	.	PUNCT
cblr-14238	901	1	b	b	NOUN
cblr-14238	901	2	shares	share	NOUN
cblr-14238	901	3	are	be	AUX
cblr-14238	901	4	listed	list	VERB
cblr-14238	901	5	in	in	ADP
cblr-14238	901	6	the	the	DET
cblr-14238	901	7	prc	prc	PROPN
cblr-14238	901	8	and	and	CCONJ
cblr-14238	901	9	trade	trade	NOUN
cblr-14238	901	10	in	in	ADP
cblr-14238	901	11	u.s	u.s	PROPN
cblr-14238	901	12	.	.	PROPN
cblr-14238	901	13	dollars	dollar	NOUN
cblr-14238	901	14	or	or	CCONJ
cblr-14238	901	15	hong	hong	PROPN
cblr-14238	901	16	kong	kong	PROPN
cblr-14238	901	17	dollars	dollar	NOUN
cblr-14238	901	18	.	.	PUNCT
cblr-14238	902	1	they	they	PRON
cblr-14238	902	2	can	can	AUX
cblr-14238	902	3	be	be	AUX
cblr-14238	902	4	traded	trade	VERB
cblr-14238	902	5	by	by	ADP
cblr-14238	902	6	non	non	NOUN
cblr-14238	902	7	-	-	NOUN
cblr-14238	902	8	residents	resident	NOUN
cblr-14238	902	9	of	of	ADP
cblr-14238	902	10	the	the	DET
cblr-14238	902	11	prc	prc	PROPN
cblr-14238	902	12	and	and	CCONJ
cblr-14238	902	13	residents	resident	NOUN
cblr-14238	902	14	of	of	ADP
cblr-14238	902	15	the	the	DET
cblr-14238	902	16	prc	prc	PROPN
cblr-14238	902	17	who	who	PRON
cblr-14238	902	18	have	have	VERB
cblr-14238	902	19	appropriate	appropriate	ADJ
cblr-14238	902	20	foreign	foreign	ADJ
cblr-14238	902	21	currency	currency	NOUN
cblr-14238	902	22	dealing	deal	VERB
cblr-14238	902	23	accounts	account	NOUN
cblr-14238	902	24	.	.	PUNCT
cblr-14238	903	1	h	h	NOUN
cblr-14238	903	2	-	-	PUNCT
cblr-14238	903	3	shares	share	NOUN
cblr-14238	903	4	are	be	AUX
cblr-14238	903	5	listed	list	VERB
cblr-14238	903	6	in	in	ADP
cblr-14238	903	7	hong	hong	PROPN
cblr-14238	903	8	kong	kong	PROPN
cblr-14238	903	9	and	and	CCONJ
cblr-14238	903	10	trade	trade	NOUN
cblr-14238	903	11	in	in	ADP
cblr-14238	903	12	hong	hong	PROPN
cblr-14238	903	13	kong	kong	PROPN
cblr-14238	903	14	dollars	dollar	NOUN
cblr-14238	903	15	.	.	PUNCT
cblr-14238	904	1	there	there	PRON
cblr-14238	904	2	are	be	VERB
cblr-14238	904	3	no	no	DET
cblr-14238	904	4	restrictions	restriction	NOUN
cblr-14238	904	5	on	on	ADP
cblr-14238	904	6	who	who	PRON
cblr-14238	904	7	can	can	AUX
cblr-14238	904	8	trade	trade	VERB
cblr-14238	904	9	h	h	NOUN
cblr-14238	904	10	-	-	PUNCT
cblr-14238	904	11	shares	share	NOUN
cblr-14238	904	12	.	.	PUNCT
cblr-14238	905	1	china	china	PROPN
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cblr-14238	905	5	market	market	NOUN
cblr-14238	905	6	—	—	PUNCT
cblr-14238	905	7	the	the	DET
cblr-14238	905	8	market	market	NOUN
cblr-14238	905	9	for	for	ADP
cblr-14238	905	10	a	a	DET
cblr-14238	905	11	-	-	PUNCT
cblr-14238	905	12	shares	share	NOUN
cblr-14238	905	13	—	—	PUNCT
cblr-14238	905	14	is	be	AUX
cblr-14238	905	15	the	the	DET
cblr-14238	905	16	second	second	ADV
cblr-14238	905	17	largest	large	ADJ
cblr-14238	905	18	equity	equity	NOUN
cblr-14238	905	19	market	market	NOUN
cblr-14238	905	20	by	by	ADP
cblr-14238	905	21	total	total	ADJ
cblr-14238	905	22	market	market	NOUN
cblr-14238	905	23	capitalization	capitalization	NOUN
cblr-14238	905	24	globally	globally	ADV
cblr-14238	905	25	after	after	SCONJ
cblr-14238	905	26	the	the	DET
cblr-14238	905	27	united	united	PROPN
cblr-14238	905	28	states.193	states.193	PROPN
cblr-14238	905	29	the	the	DET
cblr-14238	905	30	shanghai	shanghai	PROPN
cblr-14238	905	31	stock	stock	PROPN
cblr-14238	905	32	exchange	exchange	PROPN
cblr-14238	905	33	is	be	AUX
cblr-14238	905	34	the	the	DET
cblr-14238	905	35	fourth	fourth	ADV
cblr-14238	905	36	largest	large	ADJ
cblr-14238	905	37	in	in	ADP
cblr-14238	905	38	the	the	DET
cblr-14238	905	39	world	world	NOUN
cblr-14238	905	40	,	,	PUNCT
cblr-14238	905	41	with	with	ADP
cblr-14238	905	42	a	a	DET
cblr-14238	905	43	market	market	NOUN
cblr-14238	905	44	capitalization	capitalization	NOUN
cblr-14238	905	45	of	of	ADP
cblr-14238	905	46	usd	usd	NOUN
cblr-14238	905	47	$	$	SYM
cblr-14238	905	48	5.2	5.2	NUM
cblr-14238	905	49	trillion	trillion	NUM
cblr-14238	905	50	.	.	PUNCT
cblr-14238	906	1	the	the	DET
cblr-14238	906	2	shenzhen	shenzhen	PROPN
cblr-14238	906	3	stock	stock	PROPN
cblr-14238	906	4	exchange	exchange	PROPN
cblr-14238	906	5	is	be	AUX
cblr-14238	906	6	the	the	DET
cblr-14238	906	7	eighth	eighth	ADV
cblr-14238	906	8	largest	large	ADJ
cblr-14238	906	9	in	in	ADP
cblr-14238	906	10	the	the	DET
cblr-14238	906	11	world	world	NOUN
cblr-14238	906	12	,	,	PUNCT
cblr-14238	906	13	with	with	ADP
cblr-14238	906	14	a	a	DET
cblr-14238	906	15	market	market	NOUN
cblr-14238	906	16	capitalization	capitalization	NOUN
cblr-14238	906	17	of	of	ADP
cblr-14238	906	18	usd	usd	NOUN
cblr-14238	906	19	$	$	SYM
cblr-14238	906	20	3.7	3.7	NUM
cblr-14238	906	21	trillion	trillion	NUM
cblr-14238	906	22	as	as	ADP
cblr-14238	906	23	of	of	ADP
cblr-14238	906	24	2018.194	2018.194	PROPN
cblr-14238	906	25	foreign	foreign	ADJ
cblr-14238	906	26	investors	investor	NOUN
cblr-14238	906	27	have	have	AUX
cblr-14238	906	28	been	be	AUX
cblr-14238	906	29	cautiously	cautiously	ADV
cblr-14238	906	30	interested	interested	ADJ
cblr-14238	906	31	in	in	ADP
cblr-14238	906	32	obtaining	obtain	VERB
cblr-14238	906	33	more	more	ADJ
cblr-14238	906	34	access	access	NOUN
cblr-14238	906	35	to	to	ADP
cblr-14238	906	36	the	the	DET
cblr-14238	906	37	domestic	domestic	ADJ
cblr-14238	906	38	chinese	chinese	ADJ
cblr-14238	906	39	markets	market	NOUN
cblr-14238	906	40	as	as	SCONJ
cblr-14238	906	41	they	they	PRON
cblr-14238	906	42	have	have	AUX
cblr-14238	906	43	matured	mature	VERB
cblr-14238	906	44	and	and	CCONJ
cblr-14238	906	45	grown	grow	VERB
cblr-14238	906	46	.	.	PUNCT
cblr-14238	907	1	but	but	CCONJ
cblr-14238	907	2	getting	get	VERB
cblr-14238	907	3	access	access	NOUN
cblr-14238	907	4	to	to	ADP
cblr-14238	907	5	the	the	DET
cblr-14238	907	6	domestic	domestic	ADJ
cblr-14238	907	7	chinese	chinese	ADJ
cblr-14238	907	8	stock	stock	NOUN
cblr-14238	907	9	market	market	NOUN
cblr-14238	907	10	was	be	AUX
cblr-14238	907	11	complicated	complicate	VERB
cblr-14238	907	12	.	.	PUNCT
cblr-14238	908	1	the	the	DET
cblr-14238	908	2	china	china	PROPN
cblr-14238	908	3	securities	securities	PROPN
cblr-14238	908	4	regulatory	regulatory	PROPN
cblr-14238	908	5	committee	committee	PROPN
cblr-14238	908	6	(	(	PUNCT
cblr-14238	908	7	csrc	csrc	PROPN
cblr-14238	908	8	)	)	PUNCT
cblr-14238	908	9	supervises	supervise	VERB
cblr-14238	908	10	the	the	DET
cblr-14238	908	11	stock	stock	NOUN
cblr-14238	908	12	exchanges	exchange	NOUN
cblr-14238	908	13	,	,	PUNCT
cblr-14238	908	14	which	which	PRON
cblr-14238	908	15	are	be	AUX
cblr-14238	908	16	responsible	responsible	ADJ
cblr-14238	908	17	for	for	ADP
cblr-14238	908	18	direct	direct	ADJ
cblr-14238	908	19	supervision	supervision	NOUN
cblr-14238	908	20	over	over	ADP
cblr-14238	908	21	securities	security	NOUN
cblr-14238	908	22	of	of	ADP
cblr-14238	908	23	listed	list	VERB
cblr-14238	908	24	companies	company	NOUN
cblr-14238	908	25	trading	trade	VERB
cblr-14238	908	26	on	on	ADP
cblr-14238	908	27	the	the	DET
cblr-14238	908	28	exchanges	exchange	NOUN
cblr-14238	908	29	’	’	PART
cblr-14238	908	30	platforms	platform	NOUN
cblr-14238	908	31	.	.	PUNCT
cblr-14238	909	1	for	for	ADP
cblr-14238	909	2	foreign	foreign	ADJ
cblr-14238	909	3	investors	investor	NOUN
cblr-14238	909	4	,	,	PUNCT
cblr-14238	909	5	approval	approval	NOUN
cblr-14238	909	6	of	of	ADP
cblr-14238	909	7	status	status	NOUN
cblr-14238	909	8	as	as	ADP
cblr-14238	909	9	a	a	DET
cblr-14238	909	10	qfii	qfii	NOUN
cblr-14238	909	11	or	or	CCONJ
cblr-14238	909	12	a	a	DET
cblr-14238	909	13	rqfii	rqfii	NOUN
cblr-14238	909	14	is	be	AUX
cblr-14238	909	15	determined	determine	VERB
cblr-14238	909	16	by	by	ADP
cblr-14238	909	17	the	the	DET
cblr-14238	909	18	193	193	NUM
cblr-14238	909	19	preparing	prepare	VERB
cblr-14238	909	20	for	for	ADP
cblr-14238	909	21	china	china	PROPN
cblr-14238	909	22	’s	’s	PART
cblr-14238	909	23	inclusion	inclusion	NOUN
cblr-14238	909	24	2	2	NUM
cblr-14238	909	25	.	.	SYM
cblr-14238	909	26	194	194	NUM
cblr-14238	909	27	kenneth	kenneth	PROPN
cblr-14238	909	28	rapoza	rapoza	PROPN
cblr-14238	909	29	,	,	PUNCT
cblr-14238	909	30	china	china	PROPN
cblr-14238	909	31	a	a	PROPN
cblr-14238	909	32	-	-	PUNCT
cblr-14238	909	33	shares	share	NOUN
cblr-14238	909	34	debut	debut	NOUN
cblr-14238	909	35	still	still	ADV
cblr-14238	909	36	rather	rather	ADV
cblr-14238	909	37	boring	boring	ADJ
cblr-14238	909	38	–	–	PUNCT
cblr-14238	909	39	and	and	CCONJ
cblr-14238	909	40	risky	risky	ADJ
cblr-14238	909	41	,	,	PUNCT
cblr-14238	909	42	forbes	forbes	PROPN
cblr-14238	909	43	(	(	PUNCT
cblr-14238	909	44	june	june	PROPN
cblr-14238	909	45	6	6	NUM
cblr-14238	909	46	,	,	PUNCT
cblr-14238	909	47	2018	2018	NUM
cblr-14238	909	48	,	,	PUNCT
cblr-14238	909	49	9:49	9:49	NUM
cblr-14238	909	50	am	am	NOUN
cblr-14238	909	51	)	)	PUNCT
cblr-14238	909	52	,	,	PUNCT
cblr-14238	909	53	https://www.forbes.com/sites/kenrapoza/2018/06/06/china-a-shares-debutstill-rather-boring-and-risky/	https://www.forbes.com/sites/kenrapoza/2018/06/06/china-a-shares-debutstill-rather-boring-and-risky/	NOUN
cblr-14238	910	1	[	[	X
cblr-14238	910	2	https://perma.cc/8wq4-y29p	https://perma.cc/8wq4-y29p	X
cblr-14238	910	3	]	]	X
cblr-14238	910	4	(	(	PUNCT
cblr-14238	910	5	citing	cite	VERB
cblr-14238	910	6	world	world	PROPN
cblr-14238	910	7	federation	federation	PROPN
cblr-14238	910	8	of	of	ADP
cblr-14238	910	9	exchanges	exchange	NOUN
cblr-14238	910	10	)	)	PUNCT
cblr-14238	910	11	;	;	PUNCT
cblr-14238	910	12	christopher	christopher	PROPN
cblr-14238	910	13	dhanraj	dhanraj	PROPN
cblr-14238	910	14	,	,	PUNCT
cblr-14238	910	15	the	the	DET
cblr-14238	910	16	case	case	NOUN
cblr-14238	910	17	for	for	ADP
cblr-14238	910	18	chinese	chinese	ADJ
cblr-14238	910	19	equities	equity	NOUN
cblr-14238	910	20	:	:	PUNCT
cblr-14238	910	21	a	a	DET
cblr-14238	910	22	shares	share	NOUN
cblr-14238	910	23	inclusion	inclusion	NOUN
cblr-14238	910	24	update	update	NOUN
cblr-14238	910	25	,	,	PUNCT
cblr-14238	910	26	seeking	seek	VERB
cblr-14238	910	27	alpha	alpha	NOUN
cblr-14238	910	28	(	(	PUNCT
cblr-14238	910	29	apr	apr	PROPN
cblr-14238	910	30	.	.	PROPN
cblr-14238	910	31	29	29	NUM
cblr-14238	910	32	,	,	PUNCT
cblr-14238	910	33	2018	2018	NUM
cblr-14238	910	34	,	,	PUNCT
cblr-14238	910	35	5:35	5:35	NUM
cblr-14238	910	36	a.m.	a.m.	NOUN
cblr-14238	910	37	est	est	X
cblr-14238	910	38	)	)	PUNCT
cblr-14238	910	39	,	,	PUNCT
cblr-14238	910	40	https://seekingalpha.com/article/4167304-case-for-chineseequities-shares-inclusionupdate?source=content_type%3areact%7csection%3arelated	https://seekingalpha.com/article/4167304-case-for-chineseequities-shares-inclusionupdate?source=content_type%3areact%7csection%3arelate	VERB
cblr-14238	910	41	(	(	PUNCT
cblr-14238	910	42	on	on	ADP
cblr-14238	910	43	file	file	NOUN
cblr-14238	910	44	with	with	ADP
cblr-14238	910	45	the	the	DET
cblr-14238	910	46	columbia	columbia	PROPN
cblr-14238	910	47	business	business	PROPN
cblr-14238	910	48	law	law	PROPN
cblr-14238	910	49	review	review	PROPN
cblr-14238	910	50	)	)	PUNCT
cblr-14238	910	51	(	(	PUNCT
cblr-14238	910	52	noting	note	VERB
cblr-14238	910	53	that	that	SCONJ
cblr-14238	910	54	china	china	PROPN
cblr-14238	910	55	’s	’s	PART
cblr-14238	910	56	domestic	domestic	ADJ
cblr-14238	910	57	capital	capital	NOUN
cblr-14238	910	58	markets	market	NOUN
cblr-14238	910	59	are	be	AUX
cblr-14238	910	60	the	the	DET
cblr-14238	910	61	second	second	ADV
cblr-14238	910	62	largest	large	ADJ
cblr-14238	910	63	in	in	ADP
cblr-14238	910	64	the	the	DET
cblr-14238	910	65	world	world	NOUN
cblr-14238	910	66	,	,	PUNCT
cblr-14238	910	67	as	as	ADP
cblr-14238	910	68	of	of	ADP
cblr-14238	910	69	april	april	PROPN
cblr-14238	910	70	2018	2018	NUM
cblr-14238	910	71	)	)	PUNCT
cblr-14238	910	72	.	.	PUNCT
cblr-14238	911	1	784	784	NUM
cblr-14238	911	2	columbia	columbia	PROPN
cblr-14238	911	3	business	business	NOUN
cblr-14238	911	4	law	law	PROPN
cblr-14238	911	5	review	review	NOUN
cblr-14238	911	6	[	[	X
cblr-14238	911	7	vol	vol	NOUN
cblr-14238	911	8	.	.	NOUN
cblr-14238	911	9	2024	2024	NUM
cblr-14238	911	10	csrc	csrc	NOUN
cblr-14238	911	11	,	,	PUNCT
cblr-14238	911	12	and	and	CCONJ
cblr-14238	911	13	investment	investment	NOUN
cblr-14238	911	14	quotas	quota	NOUN
cblr-14238	911	15	are	be	AUX
cblr-14238	911	16	set	set	VERB
cblr-14238	911	17	by	by	ADP
cblr-14238	911	18	the	the	DET
cblr-14238	911	19	state	state	PROPN
cblr-14238	911	20	administration	administration	NOUN
cblr-14238	911	21	of	of	ADP
cblr-14238	911	22	foreign	foreign	ADJ
cblr-14238	911	23	exchange	exchange	NOUN
cblr-14238	911	24	(	(	PUNCT
cblr-14238	911	25	safe	safe	ADJ
cblr-14238	911	26	)	)	PUNCT
cblr-14238	911	27	.	.	PUNCT
cblr-14238	912	1	in	in	ADP
cblr-14238	912	2	2015	2015	NUM
cblr-14238	912	3	,	,	PUNCT
cblr-14238	912	4	prior	prior	ADV
cblr-14238	912	5	to	to	ADP
cblr-14238	912	6	the	the	DET
cblr-14238	912	7	inclusion	inclusion	NOUN
cblr-14238	912	8	of	of	ADP
cblr-14238	912	9	chinese	chinese	ADJ
cblr-14238	912	10	a	a	NOUN
cblr-14238	912	11	-	-	PUNCT
cblr-14238	912	12	shares	share	NOUN
cblr-14238	912	13	in	in	ADP
cblr-14238	912	14	global	global	ADJ
cblr-14238	912	15	emerging	emerge	VERB
cblr-14238	912	16	markets	market	NOUN
cblr-14238	912	17	indices	index	NOUN
cblr-14238	912	18	,	,	PUNCT
cblr-14238	912	19	qualifying	qualify	VERB
cblr-14238	912	20	as	as	ADP
cblr-14238	912	21	a	a	DET
cblr-14238	912	22	qfii	qfii	NOUN
cblr-14238	912	23	or	or	CCONJ
cblr-14238	912	24	a	a	DET
cblr-14238	912	25	rqfii	rqfii	NOUN
cblr-14238	912	26	was	be	AUX
cblr-14238	912	27	challenging.195	challenging.195	PROPN
cblr-14238	912	28	b.	b.	PROPN
cblr-14238	912	29	negotiating	negotiate	VERB
cblr-14238	912	30	with	with	ADP
cblr-14238	912	31	ftse	ftse	PROPN
cblr-14238	912	32	and	and	CCONJ
cblr-14238	912	33	msci	msci	PROPN
cblr-14238	912	34	the	the	DET
cblr-14238	912	35	chinese	chinese	ADJ
cblr-14238	912	36	government	government	NOUN
cblr-14238	912	37	lobbied	lobby	VERB
cblr-14238	912	38	ftse	ftse	NOUN
cblr-14238	912	39	and	and	CCONJ
cblr-14238	912	40	msci	msci	PROPN
cblr-14238	912	41	for	for	ADP
cblr-14238	912	42	years	year	NOUN
cblr-14238	912	43	to	to	PART
cblr-14238	912	44	have	have	VERB
cblr-14238	912	45	its	its	PRON
cblr-14238	912	46	domestic	domestic	ADJ
cblr-14238	912	47	equities	equity	NOUN
cblr-14238	912	48	included	include	VERB
cblr-14238	912	49	in	in	ADP
cblr-14238	912	50	their	their	PRON
cblr-14238	912	51	benchmark	benchmark	ADJ
cblr-14238	912	52	emerging	emerge	VERB
cblr-14238	912	53	markets	market	NOUN
cblr-14238	912	54	indices.196	indices.196	ADJ
cblr-14238	912	55	recognition	recognition	NOUN
cblr-14238	912	56	would	would	AUX
cblr-14238	912	57	help	help	VERB
cblr-14238	912	58	establish	establish	VERB
cblr-14238	912	59	shanghai	shanghai	PROPN
cblr-14238	912	60	and	and	CCONJ
cblr-14238	912	61	shenzhen	shenzhen	PROPN
cblr-14238	912	62	as	as	ADP
cblr-14238	912	63	global	global	ADJ
cblr-14238	912	64	financial	financial	ADJ
cblr-14238	912	65	centers	center	NOUN
cblr-14238	912	66	.	.	PUNCT
cblr-14238	913	1	china	china	PROPN
cblr-14238	913	2	market	market	NOUN
cblr-14238	913	3	experts	expert	NOUN
cblr-14238	913	4	noted	note	VERB
cblr-14238	913	5	that	that	SCONJ
cblr-14238	913	6	it	it	PRON
cblr-14238	913	7	would	would	AUX
cblr-14238	913	8	also	also	ADV
cblr-14238	913	9	put	put	VERB
cblr-14238	913	10	pressure	pressure	NOUN
cblr-14238	913	11	on	on	ADP
cblr-14238	913	12	chinese	chinese	ADJ
cblr-14238	913	13	corporate	corporate	ADJ
cblr-14238	913	14	managers	manager	NOUN
cblr-14238	913	15	to	to	PART
cblr-14238	913	16	adopt	adopt	VERB
cblr-14238	913	17	global	global	ADJ
cblr-14238	913	18	best	good	ADJ
cblr-14238	913	19	practices	practice	NOUN
cblr-14238	913	20	in	in	ADP
cblr-14238	913	21	disclosure	disclosure	NOUN
cblr-14238	913	22	and	and	CCONJ
cblr-14238	913	23	insider	insider	NOUN
cblr-14238	913	24	transactions.197	transactions.197	PROPN
cblr-14238	913	25	they	they	PRON
cblr-14238	913	26	also	also	ADV
cblr-14238	913	27	suggested	suggest	VERB
cblr-14238	913	28	that	that	SCONJ
cblr-14238	913	29	the	the	DET
cblr-14238	913	30	chinese	chinese	ADJ
cblr-14238	913	31	government	government	NOUN
cblr-14238	913	32	hoped	hope	VERB
cblr-14238	913	33	to	to	PART
cblr-14238	913	34	obtain	obtain	VERB
cblr-14238	913	35	foreign	foreign	ADJ
cblr-14238	913	36	capital	capital	NOUN
cblr-14238	913	37	to	to	PART
cblr-14238	913	38	replace	replace	VERB
cblr-14238	913	39	domestic	domestic	ADJ
cblr-14238	913	40	capital	capital	NOUN
cblr-14238	913	41	that	that	PRON
cblr-14238	913	42	had	have	AUX
cblr-14238	913	43	moved	move	VERB
cblr-14238	913	44	overseas	overseas	ADV
cblr-14238	913	45	.	.	PUNCT
cblr-14238	914	1	dozens	dozen	NOUN
cblr-14238	914	2	of	of	ADP
cblr-14238	914	3	funds	fund	NOUN
cblr-14238	914	4	,	,	PUNCT
cblr-14238	914	5	including	include	VERB
cblr-14238	914	6	the	the	DET
cblr-14238	914	7	usd	usd	NOUN
cblr-14238	914	8	$	$	SYM
cblr-14238	914	9	68	68	NUM
cblr-14238	914	10	billion	billion	NUM
cblr-14238	914	11	ishares	ishare	NOUN
cblr-14238	914	12	core	core	PROPN
cblr-14238	914	13	msci	msci	PROPN
cblr-14238	914	14	emerging	emerge	VERB
cblr-14238	914	15	markets	market	NOUN
cblr-14238	914	16	etf	etf	NOUN
cblr-14238	914	17	(	(	PUNCT
cblr-14238	914	18	eem	eem	PROPN
cblr-14238	914	19	)	)	PUNCT
cblr-14238	914	20	,	,	PUNCT
cblr-14238	914	21	track	track	NOUN
cblr-14238	914	22	or	or	CCONJ
cblr-14238	914	23	are	be	AUX
cblr-14238	914	24	benchmarked	benchmarke	VERB
cblr-14238	914	25	to	to	ADP
cblr-14238	914	26	the	the	DET
cblr-14238	914	27	msci	msci	PROPN
cblr-14238	914	28	’s	’s	PART
cblr-14238	914	29	emerging	emerge	VERB
cblr-14238	914	30	markets	market	NOUN
cblr-14238	914	31	indices	index	NOUN
cblr-14238	914	32	.	.	PUNCT
cblr-14238	915	1	as	as	ADP
cblr-14238	915	2	a	a	DET
cblr-14238	915	3	result	result	NOUN
cblr-14238	915	4	,	,	PUNCT
cblr-14238	915	5	fund	fund	NOUN
cblr-14238	915	6	managers	manager	NOUN
cblr-14238	915	7	were	be	AUX
cblr-14238	915	8	expected	expect	VERB
cblr-14238	915	9	to	to	PART
cblr-14238	915	10	invest	invest	VERB
cblr-14238	915	11	billions	billion	NOUN
cblr-14238	915	12	into	into	ADP
cblr-14238	915	13	the	the	DET
cblr-14238	915	14	chinese	chinese	ADJ
cblr-14238	915	15	equities	equity	NOUN
cblr-14238	915	16	traded	trade	VERB
cblr-14238	915	17	on	on	ADP
cblr-14238	915	18	china	china	PROPN
cblr-14238	915	19	’s	’s	PART
cblr-14238	915	20	domestic	domestic	PROPN
cblr-14238	915	21	shanghai	shanghai	PROPN
cblr-14238	915	22	and	and	CCONJ
cblr-14238	915	23	shenzhen	shenzhen	PROPN
cblr-14238	915	24	exchanges	exchange	NOUN
cblr-14238	915	25	,	,	PUNCT
cblr-14238	915	26	raising	raise	VERB
cblr-14238	915	27	china	china	PROPN
cblr-14238	915	28	’s	’s	PART
cblr-14238	915	29	profile	profile	NOUN
cblr-14238	915	30	in	in	ADP
cblr-14238	915	31	global	global	ADJ
cblr-14238	915	32	capital	capital	NOUN
cblr-14238	915	33	markets.198	markets.198	NOUN
cblr-14238	915	34	ftse	ftse	PROPN
cblr-14238	915	35	and	and	CCONJ
cblr-14238	915	36	msci	msci	PROPN
cblr-14238	915	37	worked	work	VERB
cblr-14238	915	38	with	with	ADP
cblr-14238	915	39	the	the	DET
cblr-14238	915	40	chinese	chinese	ADJ
cblr-14238	915	41	government	government	NOUN
cblr-14238	915	42	over	over	ADP
cblr-14238	915	43	several	several	ADJ
cblr-14238	915	44	years	year	NOUN
cblr-14238	915	45	to	to	PART
cblr-14238	915	46	agree	agree	VERB
cblr-14238	915	47	to	to	ADP
cblr-14238	915	48	terms	term	NOUN
cblr-14238	915	49	pursuant	pursuant	ADJ
cblr-14238	915	50	to	to	ADP
cblr-14238	915	51	which	which	PRON
cblr-14238	915	52	china	china	PROPN
cblr-14238	915	53	195	195	NUM
cblr-14238	915	54	to	to	PART
cblr-14238	915	55	obtain	obtain	VERB
cblr-14238	915	56	a	a	DET
cblr-14238	915	57	qualification	qualification	NOUN
cblr-14238	915	58	as	as	ADP
cblr-14238	915	59	a	a	DET
cblr-14238	915	60	qfii	qfii	NOUN
cblr-14238	915	61	or	or	CCONJ
cblr-14238	915	62	a	a	DET
cblr-14238	915	63	rqfiii	rqfiii	NOUN
cblr-14238	915	64	investors	investor	NOUN
cblr-14238	915	65	were	be	AUX
cblr-14238	915	66	required	require	VERB
cblr-14238	915	67	to	to	ADP
cblr-14238	915	68	(	(	PUNCT
cblr-14238	915	69	1	1	X
cblr-14238	915	70	)	)	PUNCT
cblr-14238	915	71	apply	apply	VERB
cblr-14238	915	72	for	for	ADP
cblr-14238	915	73	a	a	DET
cblr-14238	915	74	license	license	NOUN
cblr-14238	915	75	from	from	ADP
cblr-14238	915	76	the	the	DET
cblr-14238	915	77	csrc	csrc	NOUN
cblr-14238	915	78	,	,	PUNCT
cblr-14238	915	79	(	(	PUNCT
cblr-14238	915	80	2	2	X
cblr-14238	915	81	)	)	PUNCT
cblr-14238	915	82	apply	apply	VERB
cblr-14238	915	83	for	for	ADP
cblr-14238	915	84	an	an	DET
cblr-14238	915	85	investment	investment	NOUN
cblr-14238	915	86	quota	quota	NOUN
cblr-14238	915	87	after	after	ADP
cblr-14238	915	88	obtaining	obtain	VERB
cblr-14238	915	89	a	a	DET
cblr-14238	915	90	license	license	NOUN
cblr-14238	915	91	,	,	PUNCT
cblr-14238	915	92	(	(	PUNCT
cblr-14238	915	93	3	3	X
cblr-14238	915	94	)	)	PUNCT
cblr-14238	915	95	establish	establish	VERB
cblr-14238	915	96	a	a	DET
cblr-14238	915	97	domestic	domestic	ADJ
cblr-14238	915	98	prc	prc	PROPN
cblr-14238	915	99	trading	trading	NOUN
cblr-14238	915	100	account	account	NOUN
cblr-14238	915	101	,	,	PUNCT
cblr-14238	915	102	and	and	CCONJ
cblr-14238	915	103	(	(	PUNCT
cblr-14238	915	104	4	4	X
cblr-14238	915	105	)	)	PUNCT
cblr-14238	915	106	designate	designate	VERB
cblr-14238	915	107	a	a	DET
cblr-14238	915	108	local	local	ADJ
cblr-14238	915	109	broker	broker	NOUN
cblr-14238	915	110	after	after	ADP
cblr-14238	915	111	injecting	inject	VERB
cblr-14238	915	112	capital	capital	NOUN
cblr-14238	915	113	in	in	ADP
cblr-14238	915	114	the	the	DET
cblr-14238	915	115	local	local	ADJ
cblr-14238	915	116	trading	trading	NOUN
cblr-14238	915	117	entity	entity	NOUN
cblr-14238	915	118	.	.	PUNCT
cblr-14238	916	1	eddie	eddie	PROPN
cblr-14238	916	2	pong	pong	PROPN
cblr-14238	916	3	,	,	PUNCT
cblr-14238	916	4	jamie	jamie	PROPN
cblr-14238	916	5	perrett	perrett	PROPN
cblr-14238	916	6	&	&	CCONJ
cblr-14238	916	7	edwin	edwin	PROPN
cblr-14238	916	8	chan	chan	PROPN
cblr-14238	916	9	,	,	PUNCT
cblr-14238	916	10	preparing	prepare	VERB
cblr-14238	916	11	for	for	ADP
cblr-14238	916	12	china	china	PROPN
cblr-14238	916	13	’s	’s	PART
cblr-14238	916	14	inclusion	inclusion	NOUN
cblr-14238	916	15	in	in	ADP
cblr-14238	916	16	global	global	ADJ
cblr-14238	916	17	benchmarks	benchmark	NOUN
cblr-14238	916	18	,	,	PUNCT
cblr-14238	916	19	5	5	NUM
cblr-14238	916	20	j.	j.	PROPN
cblr-14238	916	21	index	index	PROPN
cblr-14238	916	22	inv	inv	NOUN
cblr-14238	916	23	.	.	PUNCT
cblr-14238	917	1	33	33	NUM
cblr-14238	917	2	(	(	PUNCT
cblr-14238	917	3	2014	2014	NUM
cblr-14238	917	4	)	)	PUNCT
cblr-14238	917	5	.	.	PUNCT
cblr-14238	918	1	as	as	ADP
cblr-14238	918	2	of	of	ADP
cblr-14238	918	3	march	march	PROPN
cblr-14238	918	4	2015	2015	NUM
cblr-14238	918	5	,	,	PUNCT
cblr-14238	918	6	there	there	PRON
cblr-14238	918	7	were	be	VERB
cblr-14238	918	8	still	still	ADV
cblr-14238	918	9	many	many	ADJ
cblr-14238	918	10	restrictions	restriction	NOUN
cblr-14238	918	11	on	on	ADP
cblr-14238	918	12	the	the	DET
cblr-14238	918	13	approval	approval	NOUN
cblr-14238	918	14	process	process	NOUN
cblr-14238	918	15	,	,	PUNCT
cblr-14238	918	16	lock	lock	NOUN
cblr-14238	918	17	-	-	PUNCT
cblr-14238	918	18	up	up	ADP
cblr-14238	918	19	period	period	NOUN
cblr-14238	918	20	,	,	PUNCT
cblr-14238	918	21	and	and	CCONJ
cblr-14238	918	22	capital	capital	NOUN
cblr-14238	918	23	repatriation	repatriation	NOUN
cblr-14238	918	24	for	for	ADP
cblr-14238	918	25	foreign	foreign	ADJ
cblr-14238	918	26	investors	investor	NOUN
cblr-14238	918	27	in	in	ADP
cblr-14238	918	28	china	china	PROPN
cblr-14238	918	29	a	a	PROPN
cblr-14238	918	30	-	-	PUNCT
cblr-14238	918	31	shares	share	NOUN
cblr-14238	918	32	.	.	PUNCT
cblr-14238	919	1	additionally	additionally	ADV
cblr-14238	919	2	,	,	PUNCT
cblr-14238	919	3	there	there	PRON
cblr-14238	919	4	were	be	VERB
cblr-14238	919	5	no	no	DET
cblr-14238	919	6	clear	clear	ADJ
cblr-14238	919	7	rules	rule	NOUN
cblr-14238	919	8	guiding	guide	VERB
cblr-14238	919	9	the	the	DET
cblr-14238	919	10	quota	quota	NOUN
cblr-14238	919	11	size	size	NOUN
cblr-14238	919	12	granted	grant	VERB
cblr-14238	919	13	to	to	ADP
cblr-14238	919	14	successful	successful	ADJ
cblr-14238	919	15	applicants	applicant	NOUN
cblr-14238	919	16	.	.	PUNCT
cblr-14238	920	1	preparing	prepare	VERB
cblr-14238	920	2	for	for	ADP
cblr-14238	920	3	china	china	PROPN
cblr-14238	920	4	’s	’s	PART
cblr-14238	920	5	inclusion	inclusion	NOUN
cblr-14238	920	6	10	10	NUM
cblr-14238	920	7	–	–	PUNCT
cblr-14238	920	8	11	11	NUM
cblr-14238	920	9	.	.	X
cblr-14238	920	10	196	196	NUM
cblr-14238	920	11	keith	keith	PROPN
cblr-14238	920	12	bradsher	bradsher	PROPN
cblr-14238	920	13	&	&	CCONJ
cblr-14238	920	14	alexandra	alexandra	PROPN
cblr-14238	920	15	stevenson	stevenson	PROPN
cblr-14238	920	16	,	,	PUNCT
cblr-14238	920	17	china	china	PROPN
cblr-14238	920	18	will	will	AUX
cblr-14238	920	19	be	be	AUX
cblr-14238	920	20	part	part	NOUN
cblr-14238	920	21	of	of	ADP
cblr-14238	920	22	a	a	DET
cblr-14238	920	23	popular	popular	ADJ
cblr-14238	920	24	stock	stock	NOUN
cblr-14238	920	25	index	index	NOUN
cblr-14238	920	26	,	,	PUNCT
cblr-14238	920	27	opening	open	VERB
cblr-14238	920	28	the	the	DET
cblr-14238	920	29	door	door	NOUN
cblr-14238	920	30	to	to	ADP
cblr-14238	920	31	foreign	foreign	ADJ
cblr-14238	920	32	money	money	NOUN
cblr-14238	920	33	,	,	PUNCT
cblr-14238	920	34	n.y	n.y	PROPN
cblr-14238	920	35	.	.	PROPN
cblr-14238	920	36	times	times	PROPN
cblr-14238	920	37	(	(	PUNCT
cblr-14238	920	38	june	june	PROPN
cblr-14238	920	39	20	20	NUM
cblr-14238	920	40	,	,	PUNCT
cblr-14238	920	41	2017	2017	NUM
cblr-14238	920	42	)	)	PUNCT
cblr-14238	920	43	(	(	PUNCT
cblr-14238	920	44	on	on	ADP
cblr-14238	920	45	file	file	NOUN
cblr-14238	920	46	with	with	ADP
cblr-14238	920	47	the	the	DET
cblr-14238	920	48	columbia	columbia	PROPN
cblr-14238	920	49	business	business	PROPN
cblr-14238	920	50	law	law	PROPN
cblr-14238	920	51	review	review	PROPN
cblr-14238	920	52	)	)	PUNCT
cblr-14238	920	53	.	.	PUNCT
cblr-14238	921	1	197	197	NUM
cblr-14238	922	1	i	i	PRON
cblr-14238	922	2	d.	d.	PROPN
cblr-14238	922	3	198	198	NUM
cblr-14238	922	4	gondo	gondo	NOUN
cblr-14238	922	5	,	,	PUNCT
cblr-14238	922	6	supra	supra	PROPN
cblr-14238	922	7	note	note	NOUN
cblr-14238	922	8	53	53	NUM
cblr-14238	922	9	.	.	PUNCT
cblr-14238	923	1	no	no	INTJ
cblr-14238	923	2	.	.	NOUN
cblr-14238	924	1	2	2	NUM
cblr-14238	924	2	]	]	PUNCT
cblr-14238	924	3	regulation	regulation	NOUN
cblr-14238	924	4	by	by	ADP
cblr-14238	924	5	indexation	indexation	NOUN
cblr-14238	924	6	?	?	PUNCT
cblr-14238	925	1	785	785	NUM
cblr-14238	925	2	a	a	DET
cblr-14238	925	3	-	-	PUNCT
cblr-14238	925	4	shares	share	NOUN
cblr-14238	925	5	could	could	AUX
cblr-14238	925	6	meet	meet	VERB
cblr-14238	925	7	the	the	DET
cblr-14238	925	8	eligibility	eligibility	NOUN
cblr-14238	925	9	requirements	requirement	NOUN
cblr-14238	925	10	for	for	ADP
cblr-14238	925	11	inclusion	inclusion	NOUN
cblr-14238	925	12	in	in	ADP
cblr-14238	925	13	ftse	ftse	PROPN
cblr-14238	925	14	’s	’s	PART
cblr-14238	925	15	and	and	CCONJ
cblr-14238	925	16	msci	msci	PROPN
cblr-14238	925	17	’s	’s	PART
cblr-14238	925	18	emerging	emerge	VERB
cblr-14238	925	19	markets	market	NOUN
cblr-14238	925	20	indices	index	NOUN
cblr-14238	925	21	.	.	PUNCT
cblr-14238	926	1	the	the	DET
cblr-14238	926	2	primary	primary	ADJ
cblr-14238	926	3	issues	issue	NOUN
cblr-14238	926	4	negotiated	negotiate	VERB
cblr-14238	926	5	were	be	AUX
cblr-14238	926	6	(	(	PUNCT
cblr-14238	926	7	1	1	X
cblr-14238	926	8	)	)	PUNCT
cblr-14238	926	9	market	market	NOUN
cblr-14238	926	10	access	access	NOUN
cblr-14238	926	11	;	;	PUNCT
cblr-14238	926	12	(	(	PUNCT
cblr-14238	926	13	2	2	X
cblr-14238	926	14	)	)	PUNCT
cblr-14238	926	15	capital	capital	NOUN
cblr-14238	926	16	mobility;199	mobility;199	NOUN
cblr-14238	926	17	(	(	PUNCT
cblr-14238	926	18	3	3	NUM
cblr-14238	926	19	)	)	PUNCT
cblr-14238	926	20	settlement	settlement	NOUN
cblr-14238	926	21	and	and	CCONJ
cblr-14238	926	22	clearing	clearing	NOUN
cblr-14238	926	23	systems	system	NOUN
cblr-14238	926	24	;	;	PUNCT
cblr-14238	926	25	(	(	PUNCT
cblr-14238	926	26	4	4	X
cblr-14238	926	27	)	)	PUNCT
cblr-14238	926	28	stock	stock	NOUN
cblr-14238	926	29	market	market	NOUN
cblr-14238	926	30	regulatory	regulatory	ADJ
cblr-14238	926	31	monitoring;200	monitoring;200	PROPN
cblr-14238	926	32	and	and	CCONJ
cblr-14238	926	33	(	(	PUNCT
cblr-14238	926	34	5	5	X
cblr-14238	926	35	)	)	PUNCT
cblr-14238	926	36	corporate	corporate	ADJ
cblr-14238	926	37	governance	governance	NOUN
cblr-14238	926	38	issues	issue	NOUN
cblr-14238	926	39	,	,	PUNCT
cblr-14238	926	40	including	include	VERB
cblr-14238	926	41	transparency.201	transparency.201	NOUN
cblr-14238	926	42	with	with	ADP
cblr-14238	926	43	respect	respect	NOUN
cblr-14238	926	44	to	to	ADP
cblr-14238	926	45	market	market	NOUN
cblr-14238	926	46	access	access	NOUN
cblr-14238	926	47	,	,	PUNCT
cblr-14238	926	48	the	the	DET
cblr-14238	926	49	chinese	chinese	ADJ
cblr-14238	926	50	government	government	NOUN
cblr-14238	926	51	increased	increase	VERB
cblr-14238	926	52	the	the	DET
cblr-14238	926	53	ownership	ownership	NOUN
cblr-14238	926	54	quotas	quota	NOUN
cblr-14238	926	55	for	for	ADP
cblr-14238	926	56	qfiis	qfiis	NOUN
cblr-14238	926	57	and	and	CCONJ
cblr-14238	926	58	rqfiis	rqfiis	ADJ
cblr-14238	926	59	and	and	CCONJ
cblr-14238	926	60	established	establish	VERB
cblr-14238	926	61	direct	direct	ADJ
cblr-14238	926	62	trading	trading	NOUN
cblr-14238	926	63	links	link	NOUN
cblr-14238	926	64	between	between	ADP
cblr-14238	926	65	the	the	DET
cblr-14238	926	66	hong	hong	PROPN
cblr-14238	926	67	kong	kong	PROPN
cblr-14238	926	68	exchange	exchange	PROPN
cblr-14238	926	69	and	and	CCONJ
cblr-14238	926	70	the	the	DET
cblr-14238	926	71	shanghai	shanghai	PROPN
cblr-14238	926	72	and	and	CCONJ
cblr-14238	926	73	shenzhen	shenzhen	PROPN
cblr-14238	926	74	exchanges	exchange	NOUN
cblr-14238	926	75	that	that	PRON
cblr-14238	926	76	did	do	AUX
cblr-14238	926	77	not	not	PART
cblr-14238	926	78	require	require	VERB
cblr-14238	926	79	qfii	qfii	ADJ
cblr-14238	926	80	or	or	CCONJ
cblr-14238	926	81	rqfii	rqfii	ADJ
cblr-14238	926	82	qualification	qualification	NOUN
cblr-14238	926	83	for	for	ADP
cblr-14238	926	84	trades	trade	NOUN
cblr-14238	926	85	through	through	ADP
cblr-14238	926	86	the	the	DET
cblr-14238	926	87	hong	hong	PROPN
cblr-14238	926	88	kong	kong	PROPN
cblr-14238	926	89	exchange.202	exchange.202	PROPN
cblr-14238	926	90	at	at	ADP
cblr-14238	926	91	the	the	DET
cblr-14238	926	92	boao	boao	PROPN
cblr-14238	926	93	forum	forum	PROPN
cblr-14238	926	94	on	on	ADP
cblr-14238	926	95	april	april	PROPN
cblr-14238	926	96	10	10	NUM
cblr-14238	926	97	,	,	PUNCT
cblr-14238	926	98	2018	2018	NUM
cblr-14238	926	99	,	,	PUNCT
cblr-14238	926	100	chinese	chinese	ADJ
cblr-14238	926	101	199	199	NUM
cblr-14238	926	102	this	this	PRON
cblr-14238	926	103	was	be	AUX
cblr-14238	926	104	primarily	primarily	ADV
cblr-14238	926	105	an	an	DET
cblr-14238	926	106	issue	issue	NOUN
cblr-14238	926	107	of	of	ADP
cblr-14238	926	108	capital	capital	NOUN
cblr-14238	926	109	repatriation	repatriation	NOUN
cblr-14238	926	110	for	for	ADP
cblr-14238	926	111	foreign	foreign	ADJ
cblr-14238	926	112	investors	investor	NOUN
cblr-14238	926	113	.	.	PUNCT
cblr-14238	927	1	preparing	prepare	VERB
cblr-14238	927	2	for	for	ADP
cblr-14238	927	3	china	china	PROPN
cblr-14238	927	4	’s	’s	PART
cblr-14238	927	5	inclusion	inclusion	NOUN
cblr-14238	927	6	9	9	NUM
cblr-14238	927	7	.	.	NOUN
cblr-14238	928	1	200	200	NUM
cblr-14238	928	2	foreign	foreign	ADJ
cblr-14238	928	3	investors	investor	NOUN
cblr-14238	928	4	were	be	AUX
cblr-14238	928	5	concerned	concerned	ADJ
cblr-14238	928	6	about	about	ADP
cblr-14238	928	7	the	the	DET
cblr-14238	928	8	frequency	frequency	NOUN
cblr-14238	928	9	with	with	ADP
cblr-14238	928	10	which	which	PRON
cblr-14238	928	11	the	the	DET
cblr-14238	928	12	chinese	chinese	ADJ
cblr-14238	928	13	government	government	NOUN
cblr-14238	928	14	instituted	institute	VERB
cblr-14238	928	15	voluntary	voluntary	ADJ
cblr-14238	928	16	trading	trading	NOUN
cblr-14238	928	17	suspensions	suspension	NOUN
cblr-14238	928	18	to	to	PART
cblr-14238	928	19	stabilize	stabilize	VERB
cblr-14238	928	20	trading	trading	NOUN
cblr-14238	928	21	.	.	PUNCT
cblr-14238	929	1	kate	kate	PROPN
cblr-14238	929	2	beioley	beioley	PROPN
cblr-14238	929	3	,	,	PUNCT
cblr-14238	929	4	passive	passive	ADJ
cblr-14238	929	5	investors	investor	NOUN
cblr-14238	929	6	no	no	DET
cblr-14238	929	7	choice	choice	NOUN
cblr-14238	929	8	but	but	SCONJ
cblr-14238	929	9	to	to	PART
cblr-14238	929	10	hold	hold	VERB
cblr-14238	929	11	china	china	PROPN
cblr-14238	929	12	amid	amid	ADP
cblr-14238	929	13	rising	rise	VERB
cblr-14238	929	14	us	us	PROPN
cblr-14238	929	15	tensions	tension	NOUN
cblr-14238	929	16	,	,	PUNCT
cblr-14238	929	17	fin	fin	NOUN
cblr-14238	929	18	.	.	PUNCT
cblr-14238	930	1	times	times	PROPN
cblr-14238	930	2	(	(	PUNCT
cblr-14238	930	3	may	may	PROPN
cblr-14238	930	4	2	2	NUM
cblr-14238	930	5	,	,	PUNCT
cblr-14238	930	6	2018	2018	NUM
cblr-14238	930	7	)	)	PUNCT
cblr-14238	930	8	,	,	PUNCT
cblr-14238	930	9	https://www.ft.com/content/b198c9da-4c85-11e8-8a8e-22951a2d8493	https://www.ft.com/content/b198c9da-4c85-11e8-8a8e-22951a2d8493	VERB
cblr-14238	931	1	[	[	X
cblr-14238	931	2	https://perma.cc/8f8c-la78	https://perma.cc/8f8c-la78	NOUN
cblr-14238	931	3	]	]	PUNCT
cblr-14238	931	4	.	.	PUNCT
cblr-14238	932	1	market	market	NOUN
cblr-14238	932	2	volatility	volatility	NOUN
cblr-14238	932	3	in	in	ADP
cblr-14238	932	4	china	china	PROPN
cblr-14238	932	5	’s	’s	PART
cblr-14238	932	6	domestic	domestic	ADJ
cblr-14238	932	7	stock	stock	NOUN
cblr-14238	932	8	markets	market	NOUN
cblr-14238	932	9	related	relate	VERB
cblr-14238	932	10	in	in	ADP
cblr-14238	932	11	part	part	NOUN
cblr-14238	932	12	to	to	ADP
cblr-14238	932	13	the	the	DET
cblr-14238	932	14	fact	fact	NOUN
cblr-14238	932	15	that	that	SCONJ
cblr-14238	932	16	they	they	PRON
cblr-14238	932	17	were	be	AUX
cblr-14238	932	18	dominated	dominate	VERB
cblr-14238	932	19	by	by	ADP
cblr-14238	932	20	retail	retail	ADJ
cblr-14238	932	21	investors	investor	NOUN
cblr-14238	932	22	,	,	PUNCT
cblr-14238	932	23	who	who	PRON
cblr-14238	932	24	tended	tend	VERB
cblr-14238	932	25	to	to	PART
cblr-14238	932	26	be	be	AUX
cblr-14238	932	27	more	more	ADV
cblr-14238	932	28	skittish	skittish	ADJ
cblr-14238	932	29	than	than	ADP
cblr-14238	932	30	institutional	institutional	ADJ
cblr-14238	932	31	investors	investor	NOUN
cblr-14238	932	32	.	.	PUNCT
cblr-14238	933	1	james	james	PROPN
cblr-14238	933	2	kynge	kynge	PROPN
cblr-14238	933	3	,	,	PUNCT
cblr-14238	933	4	msci	msci	PROPN
cblr-14238	933	5	warns	warn	VERB
cblr-14238	933	6	of	of	ADP
cblr-14238	933	7	investors	investor	NOUN
cblr-14238	933	8	facing	face	VERB
cblr-14238	933	9	challenges	challenge	NOUN
cblr-14238	933	10	over	over	ADP
cblr-14238	933	11	china	china	PROPN
cblr-14238	933	12	ashares	ashare	NOUN
cblr-14238	933	13	,	,	PUNCT
cblr-14238	933	14	fin	fin	PROPN
cblr-14238	933	15	.	.	PUNCT
cblr-14238	933	16	times	times	PROPN
cblr-14238	933	17	(	(	PUNCT
cblr-14238	933	18	may	may	PROPN
cblr-14238	933	19	17	17	NUM
cblr-14238	933	20	,	,	PUNCT
cblr-14238	933	21	2018	2018	NUM
cblr-14238	933	22	)	)	PUNCT
cblr-14238	933	23	,	,	PUNCT
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cblr-14238	933	25	[	[	X
cblr-14238	933	26	https://perma.cc/2wln-b4f3	https://perma.cc/2wln-b4f3	X
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cblr-14238	933	28	.	.	PUNCT
cblr-14238	934	1	the	the	DET
cblr-14238	934	2	government	government	NOUN
cblr-14238	934	3	suspended	suspend	VERB
cblr-14238	934	4	trading	trading	NOUN
cblr-14238	934	5	in	in	ADP
cblr-14238	934	6	hundreds	hundred	NOUN
cblr-14238	934	7	of	of	ADP
cblr-14238	934	8	stocks	stock	NOUN
cblr-14238	934	9	during	during	ADP
cblr-14238	934	10	a	a	DET
cblr-14238	934	11	global	global	ADJ
cblr-14238	934	12	market	market	NOUN
cblr-14238	934	13	rout	rout	NOUN
cblr-14238	934	14	in	in	ADP
cblr-14238	934	15	2015	2015	NUM
cblr-14238	934	16	and	and	CCONJ
cblr-14238	934	17	2016	2016	NUM
cblr-14238	934	18	,	,	PUNCT
cblr-14238	934	19	preventing	prevent	VERB
cblr-14238	934	20	investors	investor	NOUN
cblr-14238	934	21	from	from	ADP
cblr-14238	934	22	trading	trade	VERB
cblr-14238	934	23	to	to	PART
cblr-14238	934	24	stem	stem	VERB
cblr-14238	934	25	further	further	ADJ
cblr-14238	934	26	losses	loss	NOUN
cblr-14238	934	27	.	.	PUNCT
cblr-14238	935	1	as	as	SCONJ
cblr-14238	935	2	msci	msci	PROPN
cblr-14238	935	3	began	begin	VERB
cblr-14238	935	4	including	include	VERB
cblr-14238	935	5	chinese	chinese	ADJ
cblr-14238	935	6	a	a	NOUN
cblr-14238	935	7	-	-	PUNCT
cblr-14238	935	8	shares	share	NOUN
cblr-14238	935	9	in	in	ADP
cblr-14238	935	10	its	its	PRON
cblr-14238	935	11	emerging	emerge	VERB
cblr-14238	935	12	markets	market	NOUN
cblr-14238	935	13	indices	index	NOUN
cblr-14238	935	14	,	,	PUNCT
cblr-14238	935	15	individual	individual	ADJ
cblr-14238	935	16	companies	company	NOUN
cblr-14238	935	17	with	with	ADP
cblr-14238	935	18	an	an	DET
cblr-14238	935	19	undue	undue	ADJ
cblr-14238	935	20	number	number	NOUN
cblr-14238	935	21	of	of	ADP
cblr-14238	935	22	trading	trading	NOUN
cblr-14238	935	23	suspensions	suspension	NOUN
cblr-14238	935	24	were	be	AUX
cblr-14238	935	25	excluded	exclude	VERB
cblr-14238	935	26	from	from	ADP
cblr-14238	935	27	the	the	DET
cblr-14238	935	28	initial	initial	ADJ
cblr-14238	935	29	constituents	constituent	NOUN
cblr-14238	935	30	.	.	PUNCT
cblr-14238	936	1	john	john	PROPN
cblr-14238	936	2	authers	auther	NOUN
cblr-14238	936	3	,	,	PUNCT
cblr-14238	936	4	opinion	opinion	NOUN
cblr-14238	936	5	,	,	PUNCT
cblr-14238	936	6	china	china	PROPN
cblr-14238	936	7	a	a	PROPN
cblr-14238	936	8	-	-	PUNCT
cblr-14238	936	9	shares	share	NOUN
cblr-14238	936	10	offer	offer	VERB
cblr-14238	936	11	conflicting	conflicting	ADJ
cblr-14238	936	12	bets	bet	NOUN
cblr-14238	936	13	over	over	ADP
cblr-14238	936	14	time	time	NOUN
cblr-14238	936	15	,	,	PUNCT
cblr-14238	936	16	fin	fin	NOUN
cblr-14238	936	17	.	.	PUNCT
cblr-14238	937	1	times	times	PROPN
cblr-14238	937	2	(	(	PUNCT
cblr-14238	937	3	may	may	PROPN
cblr-14238	937	4	16	16	NUM
cblr-14238	937	5	,	,	PUNCT
cblr-14238	937	6	2018	2018	NUM
cblr-14238	937	7	)	)	PUNCT
cblr-14238	938	1	https://www.ft.com/content/dca6a064-58e9-11e8-bdb7f6677d2e1ce8	https://www.ft.com/content/dca6a064-58e9-11e8-bdb7f6677d2e1ce8	NOUN
cblr-14238	939	1	[	[	X
cblr-14238	939	2	https://perma.cc/vu9h-4zdw	https://perma.cc/vu9h-4zdw	X
cblr-14238	939	3	]	]	X
cblr-14238	939	4	.	.	PUNCT
cblr-14238	940	1	201	201	NUM
cblr-14238	940	2	key	key	ADJ
cblr-14238	940	3	areas	area	NOUN
cblr-14238	940	4	of	of	ADP
cblr-14238	940	5	concern	concern	NOUN
cblr-14238	940	6	for	for	ADP
cblr-14238	940	7	corporate	corporate	ADJ
cblr-14238	940	8	governance	governance	NOUN
cblr-14238	940	9	in	in	ADP
cblr-14238	940	10	china	china	PROPN
cblr-14238	940	11	included	include	VERB
cblr-14238	940	12	compensation	compensation	NOUN
cblr-14238	940	13	and	and	CCONJ
cblr-14238	940	14	board	board	NOUN
cblr-14238	940	15	composition	composition	NOUN
cblr-14238	940	16	issues	issue	NOUN
cblr-14238	940	17	(	(	PUNCT
cblr-14238	940	18	e.g.	e.g.	ADV
cblr-14238	940	19	,	,	PUNCT
cblr-14238	940	20	the	the	DET
cblr-14238	940	21	absence	absence	NOUN
cblr-14238	940	22	of	of	ADP
cblr-14238	940	23	an	an	DET
cblr-14238	940	24	independent	independent	ADJ
cblr-14238	940	25	chair	chair	NOUN
cblr-14238	940	26	and	and	CCONJ
cblr-14238	940	27	an	an	DET
cblr-14238	940	28	independent	independent	ADJ
cblr-14238	940	29	board	board	NOUN
cblr-14238	940	30	majority	majority	NOUN
cblr-14238	940	31	)	)	PUNCT
cblr-14238	940	32	,	,	PUNCT
cblr-14238	940	33	controlling	control	VERB
cblr-14238	940	34	shareholder	shareholder	NOUN
cblr-14238	940	35	and	and	CCONJ
cblr-14238	940	36	related	relate	VERB
cblr-14238	940	37	party	party	NOUN
cblr-14238	940	38	transaction	transaction	NOUN
cblr-14238	940	39	conflicts	conflict	NOUN
cblr-14238	940	40	,	,	PUNCT
cblr-14238	940	41	and	and	CCONJ
cblr-14238	940	42	limited	limited	ADJ
cblr-14238	940	43	shareholder	shareholder	NOUN
cblr-14238	940	44	protection	protection	NOUN
cblr-14238	940	45	rights	right	NOUN
cblr-14238	940	46	.	.	PUNCT
cblr-14238	941	1	msci	msci	PROPN
cblr-14238	941	2	,	,	PUNCT
cblr-14238	941	3	corporate	corporate	ADJ
cblr-14238	941	4	governance	governance	NOUN
cblr-14238	941	5	in	in	ADP
cblr-14238	941	6	china	china	PROPN
cblr-14238	941	7	,	,	PUNCT
cblr-14238	941	8	at	at	ADP
cblr-14238	941	9	2	2	NUM
cblr-14238	941	10	(	(	PUNCT
cblr-14238	941	11	sept	sept	PROPN
cblr-14238	941	12	.	.	PROPN
cblr-14238	941	13	2017	2017	NUM
cblr-14238	941	14	)	)	PUNCT
cblr-14238	941	15	,	,	PUNCT
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cblr-14238	941	17	[	[	X
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cblr-14238	941	20	.	.	PUNCT
cblr-14238	942	1	202	202	NUM
cblr-14238	942	2	as	as	ADP
cblr-14238	942	3	an	an	DET
cblr-14238	942	4	initial	initial	ADJ
cblr-14238	942	5	step	step	NOUN
cblr-14238	942	6	towards	towards	ADP
cblr-14238	942	7	liberalization	liberalization	NOUN
cblr-14238	942	8	,	,	PUNCT
cblr-14238	942	9	the	the	DET
cblr-14238	942	10	chinese	chinese	ADJ
cblr-14238	942	11	government	government	NOUN
cblr-14238	942	12	significantly	significantly	ADV
cblr-14238	942	13	increased	increase	VERB
cblr-14238	942	14	the	the	DET
cblr-14238	942	15	number	number	NOUN
cblr-14238	942	16	of	of	ADP
cblr-14238	942	17	licenses	license	NOUN
cblr-14238	942	18	and	and	CCONJ
cblr-14238	942	19	the	the	DET
cblr-14238	942	20	total	total	ADJ
cblr-14238	942	21	quota	quota	NOUN
cblr-14238	942	22	of	of	ADP
cblr-14238	942	23	trades	trade	NOUN
cblr-14238	942	24	available	available	ADJ
cblr-14238	942	25	starting	start	VERB
cblr-14238	942	26	in	in	ADP
cblr-14238	942	27	early	early	ADJ
cblr-14238	942	28	2012	2012	NUM
cblr-14238	942	29	,	,	PUNCT
cblr-14238	942	30	but	but	CCONJ
cblr-14238	942	31	access	access	NOUN
cblr-14238	942	32	remained	remain	VERB
cblr-14238	942	33	limited	limited	ADJ
cblr-14238	942	34	and	and	CCONJ
cblr-14238	942	35	786	786	NUM
cblr-14238	942	36	columbia	columbia	PROPN
cblr-14238	942	37	business	business	NOUN
cblr-14238	942	38	law	law	PROPN
cblr-14238	942	39	review	review	NOUN
cblr-14238	942	40	[	[	X
cblr-14238	942	41	vol	vol	NOUN
cblr-14238	942	42	.	.	PUNCT
cblr-14238	942	43	2024	2024	NUM
cblr-14238	942	44	president	president	NOUN
cblr-14238	942	45	xi	xi	PROPN
cblr-14238	943	1	jinping	jinpe	VERB
cblr-14238	943	2	announced	announce	VERB
cblr-14238	943	3	a	a	DET
cblr-14238	943	4	number	number	NOUN
cblr-14238	943	5	of	of	ADP
cblr-14238	943	6	policy	policy	NOUN
cblr-14238	943	7	reforms	reform	NOUN
cblr-14238	943	8	,	,	PUNCT
cblr-14238	943	9	including	include	VERB
cblr-14238	943	10	widening	widen	VERB
cblr-14238	943	11	foreign	foreign	ADJ
cblr-14238	943	12	access	access	NOUN
cblr-14238	943	13	to	to	ADP
cblr-14238	943	14	chinese	chinese	ADJ
cblr-14238	943	15	financial	financial	ADJ
cblr-14238	943	16	markets	market	NOUN
cblr-14238	943	17	by	by	ADP
cblr-14238	943	18	raising	raise	VERB
cblr-14238	943	19	foreign	foreign	ADJ
cblr-14238	943	20	equity	equity	NOUN
cblr-14238	943	21	caps	cap	NOUN
cblr-14238	943	22	,	,	PUNCT
cblr-14238	943	23	easing	ease	VERB
cblr-14238	943	24	restrictions	restriction	NOUN
cblr-14238	943	25	on	on	ADP
cblr-14238	943	26	foreign	foreign	ADJ
cblr-14238	943	27	financial	financial	ADJ
cblr-14238	943	28	institutions	institution	NOUN
cblr-14238	943	29	and	and	CCONJ
cblr-14238	943	30	reducing	reduce	VERB
cblr-14238	943	31	limits	limit	NOUN
cblr-14238	943	32	on	on	ADP
cblr-14238	943	33	foreign	foreign	ADJ
cblr-14238	943	34	investment	investment	NOUN
cblr-14238	943	35	in	in	ADP
cblr-14238	943	36	manufacturing	manufacturing	NOUN
cblr-14238	943	37	industries.203	industries.203	ADV
cblr-14238	943	38	to	to	PART
cblr-14238	943	39	obtain	obtain	VERB
cblr-14238	943	40	inclusion	inclusion	NOUN
cblr-14238	943	41	of	of	ADP
cblr-14238	943	42	a	a	DET
cblr-14238	943	43	-	-	PUNCT
cblr-14238	943	44	shares	share	NOUN
cblr-14238	943	45	at	at	ADP
cblr-14238	943	46	100	100	NUM
cblr-14238	943	47	%	%	NOUN
cblr-14238	943	48	of	of	ADP
cblr-14238	943	49	their	their	PRON
cblr-14238	943	50	market	market	NOUN
cblr-14238	943	51	capitalization	capitalization	NOUN
cblr-14238	943	52	,	,	PUNCT
cblr-14238	943	53	china	china	PROPN
cblr-14238	943	54	would	would	AUX
cblr-14238	943	55	have	have	VERB
cblr-14238	943	56	to	to	PART
cblr-14238	943	57	abolish	abolish	VERB
cblr-14238	943	58	its	its	PRON
cblr-14238	943	59	quota	quota	NOUN
cblr-14238	943	60	system	system	NOUN
cblr-14238	943	61	for	for	ADP
cblr-14238	943	62	foreign	foreign	ADJ
cblr-14238	943	63	ownership	ownership	NOUN
cblr-14238	943	64	of	of	ADP
cblr-14238	943	65	chinese	chinese	ADJ
cblr-14238	943	66	equities	equity	NOUN
cblr-14238	943	67	,	,	PUNCT
cblr-14238	943	68	fully	fully	ADV
cblr-14238	943	69	liberalize	liberalize	VERB
cblr-14238	943	70	its	its	PRON
cblr-14238	943	71	capital	capital	NOUN
cblr-14238	943	72	mobility	mobility	NOUN
cblr-14238	943	73	restrictions	restriction	NOUN
cblr-14238	943	74	,	,	PUNCT
cblr-14238	943	75	and	and	CCONJ
cblr-14238	943	76	align	align	VERB
cblr-14238	943	77	international	international	ADJ
cblr-14238	943	78	accessibility	accessibility	NOUN
cblr-14238	943	79	standards.204	standards.204	NOUN
cblr-14238	943	80	ultimately	ultimately	ADV
cblr-14238	943	81	,	,	PUNCT
cblr-14238	943	82	ftse	ftse	PROPN
cblr-14238	943	83	russell	russell	PROPN
cblr-14238	943	84	and	and	CCONJ
cblr-14238	943	85	msci	msci	PROPN
cblr-14238	943	86	agreed	agree	VERB
cblr-14238	943	87	to	to	ADP
cblr-14238	943	88	a	a	DET
cblr-14238	943	89	phased	phase	VERB
cblr-14238	943	90	inclusion	inclusion	NOUN
cblr-14238	943	91	of	of	ADP
cblr-14238	943	92	china	china	PROPN
cblr-14238	943	93	a	a	PROPN
cblr-14238	943	94	-	-	PUNCT
cblr-14238	943	95	shares	share	NOUN
cblr-14238	943	96	in	in	ADP
cblr-14238	943	97	their	their	PRON
cblr-14238	943	98	emerging	emerge	VERB
cblr-14238	943	99	markets	market	NOUN
cblr-14238	943	100	indices	index	NOUN
cblr-14238	943	101	,	,	PUNCT
cblr-14238	943	102	increasing	increase	VERB
cblr-14238	943	103	the	the	DET
cblr-14238	943	104	percentage	percentage	NOUN
cblr-14238	943	105	of	of	ADP
cblr-14238	943	106	the	the	DET
cblr-14238	943	107	total	total	ADJ
cblr-14238	943	108	china	china	PROPN
cblr-14238	943	109	a	a	DET
cblr-14238	943	110	-	-	PUNCT
cblr-14238	943	111	shares	share	NOUN
cblr-14238	943	112	market	market	NOUN
cblr-14238	943	113	capitalization	capitalization	NOUN
cblr-14238	943	114	that	that	PRON
cblr-14238	943	115	would	would	AUX
cblr-14238	943	116	be	be	AUX
cblr-14238	943	117	included	include	VERB
cblr-14238	943	118	in	in	ADP
cblr-14238	943	119	their	their	PRON
cblr-14238	943	120	emerging	emerge	VERB
cblr-14238	943	121	markets	market	NOUN
cblr-14238	943	122	indices	indice	VERB
cblr-14238	943	123	over	over	ADP
cblr-14238	943	124	time.205	time.205	NUM
cblr-14238	943	125	by	by	ADP
cblr-14238	943	126	august	august	PROPN
cblr-14238	943	127	2020	2020	NUM
cblr-14238	943	128	,	,	PUNCT
cblr-14238	943	129	the	the	DET
cblr-14238	943	130	cumbersome	cumbersome	ADJ
cblr-14238	943	131	.	.	PUNCT
cblr-14238	944	1	pong	pong	PROPN
cblr-14238	944	2	et	et	PROPN
cblr-14238	944	3	al	al	PROPN
cblr-14238	944	4	.	.	PROPN
cblr-14238	944	5	,	,	PUNCT
cblr-14238	944	6	supra	supra	PROPN
cblr-14238	944	7	note	note	VERB
cblr-14238	944	8	195	195	NUM
cblr-14238	944	9	,	,	PUNCT
cblr-14238	944	10	at	at	ADP
cblr-14238	944	11	35–36	35–36	NUM
cblr-14238	944	12	.	.	PUNCT
cblr-14238	944	13	,	,	PUNCT
cblr-14238	944	14	.	.	PUNCT
cblr-14238	945	1	from	from	ADP
cblr-14238	945	2	the	the	DET
cblr-14238	945	3	end	end	NOUN
cblr-14238	945	4	of	of	ADP
cblr-14238	945	5	december	december	PROPN
cblr-14238	945	6	2011	2011	NUM
cblr-14238	945	7	to	to	ADP
cblr-14238	945	8	the	the	DET
cblr-14238	945	9	end	end	NOUN
cblr-14238	945	10	of	of	ADP
cblr-14238	945	11	march	march	PROPN
cblr-14238	945	12	2015	2015	NUM
cblr-14238	945	13	,	,	PUNCT
cblr-14238	945	14	the	the	DET
cblr-14238	945	15	qfii	qfii	ADJ
cblr-14238	945	16	and	and	CCONJ
cblr-14238	945	17	rqfii	rqfii	ADJ
cblr-14238	945	18	quota	quota	NOUN
cblr-14238	945	19	available	available	ADJ
cblr-14238	945	20	to	to	ADP
cblr-14238	945	21	foreign	foreign	ADJ
cblr-14238	945	22	investors	investor	NOUN
cblr-14238	945	23	increased	increase	VERB
cblr-14238	945	24	from	from	ADP
cblr-14238	945	25	usd	usd	NOUN
cblr-14238	945	26	$	$	SYM
cblr-14238	945	27	30	30	NUM
cblr-14238	945	28	billion	billion	NUM
cblr-14238	945	29	to	to	PART
cblr-14238	945	30	usd	usd	NOUN
cblr-14238	945	31	$	$	SYM
cblr-14238	945	32	150	150	NUM
cblr-14238	945	33	billion	billion	NUM
cblr-14238	945	34	and	and	CCONJ
cblr-14238	945	35	from	from	ADP
cblr-14238	945	36	rmb	rmb	PROPN
cblr-14238	945	37	20	20	NUM
cblr-14238	945	38	billion	billion	NUM
cblr-14238	945	39	(	(	PUNCT
cblr-14238	945	40	usd	usd	NOUN
cblr-14238	945	41	$	$	SYM
cblr-14238	945	42	3.2	3.2	NUM
cblr-14238	945	43	billion	billion	NUM
cblr-14238	945	44	)	)	PUNCT
cblr-14238	945	45	to	to	PART
cblr-14238	945	46	rmb	rmb	VERB
cblr-14238	945	47	690	690	NUM
cblr-14238	945	48	billion	billion	NUM
cblr-14238	945	49	(	(	PUNCT
cblr-14238	945	50	usd	usd	NOUN
cblr-14238	945	51	$	$	SYM
cblr-14238	945	52	111	111	NUM
cblr-14238	945	53	billion	billion	NUM
cblr-14238	945	54	)	)	PUNCT
cblr-14238	945	55	,	,	PUNCT
cblr-14238	945	56	respectively	respectively	ADV
cblr-14238	945	57	,	,	PUNCT
cblr-14238	945	58	and	and	CCONJ
cblr-14238	945	59	the	the	DET
cblr-14238	945	60	total	total	ADJ
cblr-14238	945	61	quota	quota	NOUN
cblr-14238	945	62	approved	approve	VERB
cblr-14238	945	63	quadrupled	quadruple	VERB
cblr-14238	945	64	to	to	PART
cblr-14238	945	65	usd	usd	VERB
cblr-14238	945	66	$	$	SYM
cblr-14238	945	67	125.3	125.3	NUM
cblr-14238	945	68	billion	billion	NUM
cblr-14238	945	69	.	.	PUNCT
cblr-14238	946	1	preparing	prepare	VERB
cblr-14238	946	2	for	for	ADP
cblr-14238	946	3	china	china	PROPN
cblr-14238	946	4	’s	’s	PART
cblr-14238	946	5	inclusion	inclusion	NOUN
cblr-14238	946	6	5	5	NUM
cblr-14238	946	7	.	.	PUNCT
cblr-14238	946	8	to	to	PART
cblr-14238	946	9	promote	promote	VERB
cblr-14238	946	10	liquidity	liquidity	NOUN
cblr-14238	946	11	and	and	CCONJ
cblr-14238	946	12	grant	grant	VERB
cblr-14238	946	13	more	more	ADV
cblr-14238	946	14	unrestricted	unrestricted	ADJ
cblr-14238	946	15	access	access	NOUN
cblr-14238	946	16	to	to	ADP
cblr-14238	946	17	domestically	domestically	ADV
cblr-14238	946	18	listed	list	VERB
cblr-14238	946	19	china	china	PROPN
cblr-14238	946	20	a	a	DET
cblr-14238	946	21	-	-	PUNCT
cblr-14238	946	22	shares	share	NOUN
cblr-14238	946	23	,	,	PUNCT
cblr-14238	946	24	the	the	DET
cblr-14238	946	25	chinese	chinese	ADJ
cblr-14238	946	26	authorities	authority	NOUN
cblr-14238	946	27	initiated	initiate	VERB
cblr-14238	946	28	the	the	DET
cblr-14238	946	29	shanghai	shanghai	PROPN
cblr-14238	946	30	-	-	PUNCT
cblr-14238	946	31	hong	hong	PROPN
cblr-14238	946	32	kong	kong	PROPN
cblr-14238	946	33	stock	stock	PROPN
cblr-14238	946	34	connect	connect	PROPN
cblr-14238	946	35	program	program	NOUN
cblr-14238	946	36	in	in	ADP
cblr-14238	946	37	november	november	PROPN
cblr-14238	946	38	2014	2014	NUM
cblr-14238	946	39	,	,	PUNCT
cblr-14238	946	40	and	and	CCONJ
cblr-14238	946	41	the	the	DET
cblr-14238	946	42	shenzhen	shenzhen	PROPN
cblr-14238	946	43	-	-	PUNCT
cblr-14238	946	44	hong	hong	PROPN
cblr-14238	946	45	kong	kong	PROPN
cblr-14238	946	46	connect	connect	NOUN
cblr-14238	946	47	in	in	ADP
cblr-14238	946	48	december	december	PROPN
cblr-14238	946	49	2016	2016	NUM
cblr-14238	946	50	.	.	PUNCT
cblr-14238	947	1	pong	pong	PROPN
cblr-14238	947	2	et	et	PROPN
cblr-14238	947	3	al	al	PROPN
cblr-14238	947	4	.	.	PROPN
cblr-14238	947	5	,	,	PUNCT
cblr-14238	947	6	supra	supra	PROPN
cblr-14238	947	7	note	note	VERB
cblr-14238	947	8	195	195	NUM
cblr-14238	947	9	,	,	PUNCT
cblr-14238	947	10	at	at	ADP
cblr-14238	947	11	36	36	NUM
cblr-14238	947	12	;	;	PUNCT
cblr-14238	947	13	gondo	gondo	NOUN
cblr-14238	947	14	,	,	PUNCT
cblr-14238	947	15	supra	supra	PROPN
cblr-14238	947	16	note	note	PROPN
cblr-14238	947	17	53	53	NUM
cblr-14238	947	18	;	;	PUNCT
cblr-14238	947	19	bernice	bernice	PROPN
cblr-14238	947	20	napaoh	napaoh	PROPN
cblr-14238	947	21	,	,	PUNCT
cblr-14238	947	22	msci	msci	PROPN
cblr-14238	947	23	gets	get	VERB
cblr-14238	947	24	ready	ready	ADJ
cblr-14238	947	25	to	to	PART
cblr-14238	947	26	add	add	VERB
cblr-14238	947	27	china	china	PROPN
cblr-14238	947	28	a	a	DET
cblr-14238	947	29	-	-	PUNCT
cblr-14238	947	30	shares	share	NOUN
cblr-14238	947	31	to	to	PART
cblr-14238	947	32	select	select	VERB
cblr-14238	947	33	indices	index	NOUN
cblr-14238	947	34	,	,	PUNCT
cblr-14238	947	35	thinkadvisor	thinkadvisor	NOUN
cblr-14238	947	36	(	(	PUNCT
cblr-14238	947	37	mar	mar	PROPN
cblr-14238	947	38	.	.	PROPN
cblr-14238	947	39	19	19	NUM
cblr-14238	947	40	,	,	PUNCT
cblr-14238	947	41	2018	2018	NUM
cblr-14238	947	42	,	,	PUNCT
cblr-14238	947	43	11:13	11:13	NUM
cblr-14238	947	44	am	am	NOUN
cblr-14238	947	45	)	)	PUNCT
cblr-14238	947	46	,	,	PUNCT
cblr-14238	947	47	https://www.thinkadvisor.com/2018/03/19/msci-gets-ready-to-add-china-ashares-to-select-indexes/	https://www.thinkadvisor.com/2018/03/19/msci-gets-ready-to-add-china-ashares-to-select-indexes/	VERB
cblr-14238	948	1	[	[	X
cblr-14238	948	2	https://perma.cc/nk8y-uzcl	https://perma.cc/nk8y-uzcl	PROPN
cblr-14238	948	3	]	]	X
cblr-14238	948	4	.	.	PUNCT
cblr-14238	949	1	the	the	DET
cblr-14238	949	2	qfii	qfii	ADJ
cblr-14238	949	3	and	and	CCONJ
cblr-14238	949	4	rqfii	rqfii	ADJ
cblr-14238	949	5	quota	quota	NOUN
cblr-14238	949	6	schemes	scheme	NOUN
cblr-14238	949	7	do	do	AUX
cblr-14238	949	8	not	not	PART
cblr-14238	949	9	apply	apply	VERB
cblr-14238	949	10	to	to	ADP
cblr-14238	949	11	purchases	purchase	NOUN
cblr-14238	949	12	made	make	VERB
cblr-14238	949	13	through	through	ADP
cblr-14238	949	14	the	the	DET
cblr-14238	949	15	stock	stock	NOUN
cblr-14238	949	16	connect	connect	NOUN
cblr-14238	949	17	programs	program	NOUN
cblr-14238	949	18	,	,	PUNCT
cblr-14238	949	19	so	so	ADV
cblr-14238	949	20	all	all	DET
cblr-14238	949	21	foreign	foreign	ADJ
cblr-14238	949	22	investors	investor	NOUN
cblr-14238	949	23	can	can	AUX
cblr-14238	949	24	acquire	acquire	VERB
cblr-14238	949	25	interests	interest	NOUN
cblr-14238	949	26	in	in	ADP
cblr-14238	949	27	domestic	domestic	ADJ
cblr-14238	949	28	chinese	chinese	ADJ
cblr-14238	949	29	stocks	stock	NOUN
cblr-14238	949	30	through	through	ADP
cblr-14238	949	31	brokers	broker	NOUN
cblr-14238	949	32	in	in	ADP
cblr-14238	949	33	hong	hong	PROPN
cblr-14238	949	34	kong	kong	PROPN
cblr-14238	949	35	,	,	PUNCT
cblr-14238	949	36	even	even	ADV
cblr-14238	949	37	without	without	ADP
cblr-14238	949	38	a	a	DET
cblr-14238	949	39	qfii	qfii	ADJ
cblr-14238	949	40	or	or	CCONJ
cblr-14238	949	41	rqfii	rqfii	ADJ
cblr-14238	949	42	license	license	NOUN
cblr-14238	949	43	.	.	PUNCT
cblr-14238	950	1	the	the	DET
cblr-14238	950	2	december	december	PROPN
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cblr-14238	950	4	expansion	expansion	NOUN
cblr-14238	950	5	of	of	ADP
cblr-14238	950	6	the	the	DET
cblr-14238	950	7	stock	stock	NOUN
cblr-14238	950	8	connect	connect	NOUN
cblr-14238	950	9	program	program	NOUN
cblr-14238	950	10	to	to	PART
cblr-14238	950	11	include	include	VERB
cblr-14238	950	12	shenzhen	shenzhen	PROPN
cblr-14238	950	13	-	-	PUNCT
cblr-14238	950	14	traded	trade	VERB
cblr-14238	950	15	shares	share	NOUN
cblr-14238	950	16	provided	provide	VERB
cblr-14238	950	17	the	the	DET
cblr-14238	950	18	breakthrough	breakthrough	NOUN
cblr-14238	950	19	that	that	SCONJ
cblr-14238	950	20	global	global	ADJ
cblr-14238	950	21	investors	investor	NOUN
cblr-14238	950	22	were	be	AUX
cblr-14238	950	23	seeking	seek	VERB
cblr-14238	950	24	—	—	PUNCT
cblr-14238	950	25	a	a	DET
cblr-14238	950	26	market	market	NOUN
cblr-14238	950	27	that	that	PRON
cblr-14238	950	28	afforded	afford	VERB
cblr-14238	950	29	open	open	ADJ
cblr-14238	950	30	accessibility	accessibility	NOUN
cblr-14238	950	31	to	to	ADP
cblr-14238	950	32	all	all	DET
cblr-14238	950	33	investors	investor	NOUN
cblr-14238	950	34	,	,	PUNCT
cblr-14238	950	35	albeit	albeit	SCONJ
cblr-14238	950	36	with	with	ADP
cblr-14238	950	37	daily	daily	ADJ
cblr-14238	950	38	quotas	quota	NOUN
cblr-14238	950	39	.	.	PUNCT
cblr-14238	951	1	203	203	NUM
cblr-14238	951	2	chris	chris	NOUN
cblr-14238	951	3	dhanraj	dhanraj	PROPN
cblr-14238	951	4	,	,	PUNCT
cblr-14238	951	5	the	the	DET
cblr-14238	951	6	case	case	NOUN
cblr-14238	951	7	for	for	ADP
cblr-14238	951	8	chinese	chinese	ADJ
cblr-14238	951	9	equities	equity	NOUN
cblr-14238	951	10	:	:	PUNCT
cblr-14238	951	11	msci	msci	PROPN
cblr-14238	951	12	a	a	PROPN
cblr-14238	951	13	-	-	PUNCT
cblr-14238	951	14	shares	share	NOUN
cblr-14238	951	15	inclusion	inclusion	NOUN
cblr-14238	951	16	update	update	NOUN
cblr-14238	951	17	,	,	PUNCT
cblr-14238	951	18	blackrock	blackrock	NOUN
cblr-14238	951	19	(	(	PUNCT
cblr-14238	951	20	apr	apr	PROPN
cblr-14238	951	21	.	.	PROPN
cblr-14238	951	22	2018	2018	NUM
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cblr-14238	951	24	.	.	PUNCT
cblr-14238	952	1	204	204	NUM
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cblr-14238	953	2	d.	d.	PROPN
cblr-14238	953	3	205	205	NUM
cblr-14238	953	4	bradsher	bradsher	PROPN
cblr-14238	953	5	&	&	CCONJ
cblr-14238	953	6	stevenson	stevenson	PROPN
cblr-14238	953	7	,	,	PUNCT
cblr-14238	953	8	supra	supra	PROPN
cblr-14238	953	9	note	note	PROPN
cblr-14238	953	10	196	196	NUM
cblr-14238	953	11	.	.	PUNCT
cblr-14238	954	1	msci	msci	PROPN
cblr-14238	954	2	,	,	PUNCT
cblr-14238	954	3	for	for	ADP
cblr-14238	954	4	example	example	NOUN
cblr-14238	954	5	,	,	PUNCT
cblr-14238	954	6	started	start	VERB
cblr-14238	954	7	by	by	ADP
cblr-14238	954	8	including	include	VERB
cblr-14238	954	9	235	235	NUM
cblr-14238	954	10	large	large	ADJ
cblr-14238	954	11	-	-	PUNCT
cblr-14238	954	12	cap	cap	NOUN
cblr-14238	954	13	a	a	DET
cblr-14238	954	14	-	-	PUNCT
cblr-14238	954	15	shares	share	NOUN
cblr-14238	954	16	equities	equity	NOUN
cblr-14238	954	17	at	at	ADP
cblr-14238	954	18	2.5	2.5	NUM
cblr-14238	954	19	%	%	NOUN
cblr-14238	954	20	of	of	ADP
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cblr-14238	954	22	market	market	NOUN
cblr-14238	954	23	capitalization	capitalization	NOUN
cblr-14238	954	24	on	on	ADP
cblr-14238	954	25	may	may	PROPN
cblr-14238	954	26	18	18	NUM
cblr-14238	954	27	,	,	PUNCT
cblr-14238	954	28	2018	2018	NUM
cblr-14238	954	29	,	,	PUNCT
cblr-14238	954	30	and	and	CCONJ
cblr-14238	954	31	increased	increase	VERB
cblr-14238	954	32	it	it	PRON
cblr-14238	954	33	to	to	ADP
cblr-14238	954	34	5	5	NUM
cblr-14238	954	35	%	%	NOUN
cblr-14238	954	36	on	on	ADP
cblr-14238	954	37	august	august	PROPN
cblr-14238	954	38	18	18	NUM
cblr-14238	954	39	,	,	PUNCT
cblr-14238	954	40	2018	2018	NUM
cblr-14238	954	41	.	.	PUNCT
cblr-14238	955	1	no	no	INTJ
cblr-14238	955	2	.	.	NOUN
cblr-14238	955	3	2	2	NUM
cblr-14238	955	4	]	]	PUNCT
cblr-14238	955	5	regulation	regulation	NOUN
cblr-14238	955	6	by	by	ADP
cblr-14238	955	7	indexation	indexation	NOUN
cblr-14238	955	8	?	?	PUNCT
cblr-14238	956	1	787	787	NUM
cblr-14238	956	2	msci	msci	PROPN
cblr-14238	956	3	emerging	emerge	VERB
cblr-14238	956	4	markets	market	NOUN
cblr-14238	956	5	index	index	NOUN
cblr-14238	956	6	included	include	VERB
cblr-14238	956	7	20	20	NUM
cblr-14238	956	8	%	%	NOUN
cblr-14238	956	9	of	of	ADP
cblr-14238	956	10	the	the	DET
cblr-14238	956	11	market	market	NOUN
cblr-14238	956	12	value	value	NOUN
cblr-14238	956	13	of	of	ADP
cblr-14238	956	14	a	a	DET
cblr-14238	956	15	-	-	PUNCT
cblr-14238	956	16	shares	share	NOUN
cblr-14238	956	17	in	in	ADP
cblr-14238	956	18	the	the	DET
cblr-14238	956	19	chinese	chinese	ADJ
cblr-14238	956	20	domestic	domestic	ADJ
cblr-14238	956	21	stock	stock	NOUN
cblr-14238	956	22	markets	market	NOUN
cblr-14238	956	23	,	,	PUNCT
cblr-14238	956	24	and	and	CCONJ
cblr-14238	956	25	they	they	PRON
cblr-14238	956	26	comprised	comprise	VERB
cblr-14238	956	27	5.1	5.1	NUM
cblr-14238	956	28	%	%	NOUN
cblr-14238	956	29	of	of	ADP
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cblr-14238	956	31	total	total	ADJ
cblr-14238	956	32	market	market	NOUN
cblr-14238	956	33	value	value	NOUN
cblr-14238	956	34	of	of	ADP
cblr-14238	956	35	the	the	DET
cblr-14238	956	36	emerging	emerge	VERB
cblr-14238	956	37	markets	market	NOUN
cblr-14238	956	38	index.206	index.206	VERB
cblr-14238	956	39	c.	c.	NOUN
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cblr-14238	956	41	of	of	ADP
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cblr-14238	956	43	bargain	bargain	NOUN
cblr-14238	956	44	it	it	PRON
cblr-14238	956	45	appears	appear	VERB
cblr-14238	956	46	that	that	SCONJ
cblr-14238	956	47	the	the	DET
cblr-14238	956	48	chinese	chinese	ADJ
cblr-14238	956	49	authorities	authority	NOUN
cblr-14238	956	50	have	have	AUX
cblr-14238	956	51	obtained	obtain	VERB
cblr-14238	956	52	the	the	DET
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cblr-14238	956	54	of	of	ADP
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cblr-14238	956	56	bargain	bargain	NOUN
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cblr-14238	956	62	.	.	PUNCT
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cblr-14238	957	7	entered	enter	VERB
cblr-14238	957	8	the	the	DET
cblr-14238	957	9	chinese	chinese	ADJ
cblr-14238	957	10	domestic	domestic	ADJ
cblr-14238	957	11	stock	stock	NOUN
cblr-14238	957	12	markets	market	NOUN
cblr-14238	957	13	following	follow	VERB
cblr-14238	957	14	the	the	DET
cblr-14238	957	15	decision	decision	NOUN
cblr-14238	957	16	of	of	ADP
cblr-14238	957	17	the	the	DET
cblr-14238	957	18	index	index	NOUN
cblr-14238	957	19	providers	provider	NOUN
cblr-14238	957	20	to	to	PART
cblr-14238	957	21	include	include	VERB
cblr-14238	957	22	chinese	chinese	PROPN
cblr-14238	957	23	a	a	NOUN
cblr-14238	957	24	-	-	PUNCT
cblr-14238	957	25	shares	share	NOUN
cblr-14238	957	26	in	in	ADP
cblr-14238	957	27	their	their	PRON
cblr-14238	957	28	emerging	emerge	VERB
cblr-14238	957	29	markets	market	NOUN
cblr-14238	957	30	indices	index	NOUN
cblr-14238	957	31	.	.	PUNCT
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cblr-14238	958	3	primarily	primarily	ADV
cblr-14238	958	4	a	a	DET
cblr-14238	958	5	question	question	NOUN
cblr-14238	958	6	of	of	ADP
cblr-14238	958	7	doing	do	VERB
cblr-14238	958	8	the	the	DET
cblr-14238	958	9	math	math	NOUN
cblr-14238	958	10	.	.	PUNCT
cblr-14238	959	1	if	if	SCONJ
cblr-14238	959	2	the	the	DET
cblr-14238	959	3	msci	msci	NOUN
cblr-14238	959	4	emerging	emerge	VERB
cblr-14238	959	5	markets	market	NOUN
cblr-14238	959	6	index	index	NOUN
cblr-14238	959	7	is	be	AUX
cblr-14238	959	8	used	use	VERB
cblr-14238	959	9	by	by	ADP
cblr-14238	959	10	funds	fund	NOUN
cblr-14238	959	11	with	with	ADP
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cblr-14238	959	13	than	than	ADP
cblr-14238	959	14	usd	usd	NOUN
cblr-14238	959	15	$	$	SYM
cblr-14238	959	16	1.3	1.3	NUM
cblr-14238	959	17	trillion	trillion	NUM
cblr-14238	959	18	in	in	ADP
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cblr-14238	959	20	under	under	ADP
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cblr-14238	959	22	,	,	PUNCT
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cblr-14238	959	24	the	the	DET
cblr-14238	959	25	composition	composition	NOUN
cblr-14238	959	26	of	of	ADP
cblr-14238	959	27	the	the	DET
cblr-14238	959	28	index	index	NOUN
cblr-14238	959	29	is	be	AUX
cblr-14238	959	30	changed	change	VERB
cblr-14238	959	31	so	so	SCONJ
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cblr-14238	959	36	20	20	NUM
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cblr-14238	959	41	market	market	NOUN
cblr-14238	959	42	value	value	NOUN
cblr-14238	959	43	msci	msci	PROPN
cblr-14238	959	44	,	,	PUNCT
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cblr-14238	959	46	on	on	ADP
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cblr-14238	959	48	weight	weight	NOUN
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cblr-14238	959	50	of	of	ADP
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cblr-14238	959	52	a	a	DET
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cblr-14238	959	54	in	in	ADP
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cblr-14238	959	56	msci	msci	PROPN
cblr-14238	959	57	indexes	index	VERB
cblr-14238	959	58	7	7	NUM
cblr-14238	959	59	(	(	PUNCT
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cblr-14238	959	64	,	,	PUNCT
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cblr-14238	960	1	[	[	X
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cblr-14238	960	4	;	;	PUNCT
cblr-14238	960	5	john	john	PROPN
cblr-14238	960	6	authers	auther	NOUN
cblr-14238	960	7	,	,	PUNCT
cblr-14238	960	8	opinion	opinion	NOUN
cblr-14238	960	9	,	,	PUNCT
cblr-14238	960	10	china	china	PROPN
cblr-14238	960	11	a	a	PROPN
cblr-14238	960	12	-	-	PUNCT
cblr-14238	960	13	shares	share	NOUN
cblr-14238	960	14	offer	offer	VERB
cblr-14238	960	15	conflicting	conflicting	ADJ
cblr-14238	960	16	bets	bet	NOUN
cblr-14238	960	17	over	over	ADP
cblr-14238	960	18	time	time	NOUN
cblr-14238	960	19	,	,	PUNCT
cblr-14238	960	20	fin	fin	NOUN
cblr-14238	960	21	.	.	PUNCT
cblr-14238	961	1	times	times	PROPN
cblr-14238	961	2	(	(	PUNCT
cblr-14238	961	3	may	may	PROPN
cblr-14238	961	4	16	16	NUM
cblr-14238	961	5	,	,	PUNCT
cblr-14238	961	6	2018	2018	NUM
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cblr-14238	963	1	[	[	X
cblr-14238	963	2	https://perma.cc/vu9h-4zdw	https://perma.cc/vu9h-4zdw	X
cblr-14238	963	3	]	]	X
cblr-14238	963	4	.	.	PUNCT
cblr-14238	964	1	if	if	SCONJ
cblr-14238	964	2	50	50	NUM
cblr-14238	964	3	%	%	NOUN
cblr-14238	964	4	of	of	ADP
cblr-14238	964	5	the	the	DET
cblr-14238	964	6	a	a	PRON
cblr-14238	964	7	-	-	PUNCT
cblr-14238	964	8	shares	share	NOUN
cblr-14238	964	9	were	be	AUX
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cblr-14238	964	11	,	,	PUNCT
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cblr-14238	964	13	would	would	AUX
cblr-14238	964	14	account	account	VERB
cblr-14238	964	15	for	for	ADP
cblr-14238	964	16	9	9	NUM
cblr-14238	964	17	%	%	NOUN
cblr-14238	964	18	of	of	ADP
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cblr-14238	964	20	emerging	emerge	VERB
cblr-14238	964	21	markets	market	NOUN
cblr-14238	964	22	index	index	NOUN
cblr-14238	964	23	,	,	PUNCT
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cblr-14238	964	25	at	at	ADP
cblr-14238	964	26	100	100	NUM
cblr-14238	964	27	%	%	NOUN
cblr-14238	964	28	inclusion	inclusion	NOUN
cblr-14238	964	29	(	(	PUNCT
cblr-14238	964	30	by	by	ADP
cblr-14238	964	31	market	market	NOUN
cblr-14238	964	32	capitalization	capitalization	NOUN
cblr-14238	964	33	)	)	PUNCT
cblr-14238	964	34	,	,	PUNCT
cblr-14238	964	35	china	china	PROPN
cblr-14238	964	36	a	a	PROPN
cblr-14238	964	37	-	-	PUNCT
cblr-14238	964	38	shares	share	NOUN
cblr-14238	964	39	would	would	AUX
cblr-14238	964	40	have	have	AUX
cblr-14238	964	41	represented	represent	VERB
cblr-14238	964	42	17	17	NUM
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cblr-14238	964	51	,	,	PUNCT
cblr-14238	964	52	and	and	CCONJ
cblr-14238	964	53	all	all	DET
cblr-14238	964	54	chinese	chinese	ADJ
cblr-14238	964	55	stocks	stock	NOUN
cblr-14238	964	56	,	,	PUNCT
cblr-14238	964	57	including	include	VERB
cblr-14238	964	58	those	those	PRON
cblr-14238	964	59	listed	list	VERB
cblr-14238	964	60	overseas	overseas	ADV
cblr-14238	964	61	(	(	PUNCT
cblr-14238	964	62	e.g.	e.g.	ADV
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cblr-14238	964	64	in	in	ADP
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cblr-14238	964	70	,	,	PUNCT
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cblr-14238	964	74	,	,	PUNCT
cblr-14238	964	75	would	would	AUX
cblr-14238	964	76	exceed	exceed	VERB
cblr-14238	964	77	40	40	NUM
cblr-14238	964	78	%	%	NOUN
cblr-14238	964	79	of	of	ADP
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cblr-14238	964	81	index	index	NOUN
cblr-14238	964	82	.	.	PUNCT
cblr-14238	965	1	dhanraj	dhanraj	ADJ
cblr-14238	965	2	.	.	PUNCT
cblr-14238	966	1	some	some	DET
cblr-14238	966	2	commentators	commentator	NOUN
cblr-14238	966	3	have	have	AUX
cblr-14238	966	4	suggested	suggest	VERB
cblr-14238	966	5	that	that	SCONJ
cblr-14238	966	6	buying	buy	VERB
cblr-14238	966	7	a	a	DET
cblr-14238	966	8	fund	fund	NOUN
cblr-14238	966	9	tracking	track	VERB
cblr-14238	966	10	the	the	DET
cblr-14238	966	11	msci	msci	NOUN
cblr-14238	966	12	emerging	emerge	VERB
cblr-14238	966	13	markets	market	NOUN
cblr-14238	966	14	index	index	NOUN
cblr-14238	966	15	is	be	AUX
cblr-14238	966	16	increasingly	increasingly	ADV
cblr-14238	966	17	like	like	ADP
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cblr-14238	966	19	china	china	PROPN
cblr-14238	966	20	with	with	ADP
cblr-14238	966	21	a	a	DET
cblr-14238	966	22	hedge	hedge	NOUN
cblr-14238	966	23	to	to	ADP
cblr-14238	966	24	other	other	ADJ
cblr-14238	966	25	emerging	emerge	VERB
cblr-14238	966	26	markets	market	NOUN
cblr-14238	966	27	.	.	PUNCT
cblr-14238	967	1	rapoza	rapoza	PROPN
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cblr-14238	967	6	.	.	PUNCT
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cblr-14238	968	7	in	in	ADP
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cblr-14238	968	9	msci	msci	NOUN
cblr-14238	968	10	emerging	emerge	VERB
cblr-14238	968	11	markets	market	NOUN
cblr-14238	968	12	index	index	NOUN
cblr-14238	968	13	in	in	ADP
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cblr-14238	968	18	accounted	account	VERB
cblr-14238	968	19	for	for	ADP
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cblr-14238	968	21	0.46	0.46	NUM
cblr-14238	968	22	%	%	NOUN
cblr-14238	968	23	of	of	ADP
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cblr-14238	968	28	.	.	PUNCT
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cblr-14238	969	19	.	.	PUNCT
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cblr-14238	970	9	of	of	ADP
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cblr-14238	970	13	,	,	PUNCT
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cblr-14238	971	8	:	:	PUNCT
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cblr-14238	973	6	[	[	X
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cblr-14238	973	76	the	the	DET
cblr-14238	973	77	asset	asset	NOUN
cblr-14238	973	78	mix	mix	NOUN
cblr-14238	973	79	in	in	ADP
cblr-14238	973	80	their	their	PRON
cblr-14238	973	81	portfolio	portfolio	NOUN
cblr-14238	973	82	to	to	PART
cblr-14238	973	83	match	match	VERB
cblr-14238	973	84	or	or	CCONJ
cblr-14238	973	85	mirror	mirror	VERB
cblr-14238	973	86	the	the	DET
cblr-14238	973	87	new	new	ADJ
cblr-14238	973	88	basket	basket	NOUN
cblr-14238	973	89	of	of	ADP
cblr-14238	973	90	stocks	stock	NOUN
cblr-14238	973	91	included	include	VERB
cblr-14238	973	92	in	in	ADP
cblr-14238	973	93	the	the	DET
cblr-14238	973	94	index	index	NOUN
cblr-14238	973	95	as	as	ADP
cblr-14238	973	96	a	a	DET
cblr-14238	973	97	result	result	NOUN
cblr-14238	973	98	of	of	ADP
cblr-14238	973	99	the	the	DET
cblr-14238	973	100	addition	addition	NOUN
cblr-14238	973	101	of	of	ADP
cblr-14238	973	102	the	the	DET
cblr-14238	973	103	china	china	PROPN
cblr-14238	973	104	a	a	X
cblr-14238	973	105	-	-	PUNCT
cblr-14238	973	106	shares	share	NOUN
cblr-14238	973	107	.	.	PUNCT
cblr-14238	974	1	inclusion	inclusion	NOUN
cblr-14238	974	2	of	of	ADP
cblr-14238	974	3	the	the	DET
cblr-14238	974	4	china	china	PROPN
cblr-14238	974	5	a	a	PROPN
cblr-14238	974	6	-	-	PUNCT
cblr-14238	974	7	shares	share	NOUN
cblr-14238	974	8	reduces	reduce	VERB
cblr-14238	974	9	the	the	DET
cblr-14238	974	10	portion	portion	NOUN
cblr-14238	974	11	of	of	ADP
cblr-14238	974	12	the	the	DET
cblr-14238	974	13	value	value	NOUN
cblr-14238	974	14	of	of	ADP
cblr-14238	974	15	all	all	DET
cblr-14238	974	16	the	the	DET
cblr-14238	974	17	stocks	stock	NOUN
cblr-14238	974	18	in	in	ADP
cblr-14238	974	19	the	the	DET
cblr-14238	974	20	index	index	NOUN
cblr-14238	974	21	represented	represent	VERB
cblr-14238	974	22	by	by	ADP
cblr-14238	974	23	stocks	stock	NOUN
cblr-14238	974	24	from	from	ADP
cblr-14238	974	25	other	other	ADJ
cblr-14238	974	26	emerging	emerge	VERB
cblr-14238	974	27	markets.209	markets.209	NOUN
cblr-14238	974	28	that	that	DET
cblr-14238	974	29	effect	effect	NOUN
cblr-14238	974	30	can	can	AUX
cblr-14238	974	31	be	be	AUX
cblr-14238	974	32	even	even	ADV
cblr-14238	974	33	more	more	ADV
cblr-14238	974	34	pronounced	pronounced	ADJ
cblr-14238	974	35	when	when	SCONJ
cblr-14238	974	36	managers	manager	NOUN
cblr-14238	974	37	of	of	ADP
cblr-14238	974	38	active	active	ADJ
cblr-14238	974	39	funds	fund	NOUN
cblr-14238	974	40	benchmarked	benchmarke	VERB
cblr-14238	974	41	to	to	ADP
cblr-14238	974	42	the	the	DET
cblr-14238	974	43	index	index	NOUN
cblr-14238	974	44	also	also	ADV
cblr-14238	974	45	rebalance	rebalance	VERB
cblr-14238	974	46	their	their	PRON
cblr-14238	974	47	portfolio	portfolio	NOUN
cblr-14238	974	48	to	to	PART
cblr-14238	974	49	reflect	reflect	VERB
cblr-14238	974	50	the	the	DET
cblr-14238	974	51	change.210	change.210	ADJ
cblr-14238	974	52	new	new	ADJ
cblr-14238	974	53	capital	capital	NOUN
cblr-14238	974	54	may	may	AUX
cblr-14238	974	55	not	not	PART
cblr-14238	974	56	have	have	AUX
cblr-14238	974	57	been	be	AUX
cblr-14238	974	58	the	the	DET
cblr-14238	974	59	only	only	ADJ
cblr-14238	974	60	benefit	benefit	NOUN
cblr-14238	974	61	of	of	ADP
cblr-14238	974	62	global	global	ADJ
cblr-14238	974	63	index	index	NOUN
cblr-14238	974	64	inclusion	inclusion	NOUN
cblr-14238	974	65	for	for	ADP
cblr-14238	974	66	chinese	chinese	ADJ
cblr-14238	974	67	domestic	domestic	ADJ
cblr-14238	974	68	stock	stock	NOUN
cblr-14238	974	69	markets	market	NOUN
cblr-14238	974	70	.	.	PUNCT
cblr-14238	975	1	there	there	PRON
cblr-14238	975	2	is	be	VERB
cblr-14238	975	3	also	also	ADV
cblr-14238	975	4	evidence	evidence	NOUN
cblr-14238	975	5	that	that	SCONJ
cblr-14238	975	6	inclusion	inclusion	NOUN
cblr-14238	975	7	in	in	ADP
cblr-14238	975	8	the	the	DET
cblr-14238	975	9	msci	msci	NOUN
cblr-14238	975	10	emerging	emerge	VERB
cblr-14238	975	11	markets	market	NOUN
cblr-14238	975	12	207	207	NUM
cblr-14238	975	13	making	make	VERB
cblr-14238	975	14	china	china	PROPN
cblr-14238	975	15	simple	simple	ADJ
cblr-14238	975	16	again	again	ADV
cblr-14238	975	17	,	,	PUNCT
cblr-14238	975	18	msci	msci	PROPN
cblr-14238	975	19	(	(	PUNCT
cblr-14238	975	20	citing	cite	VERB
cblr-14238	975	21	evestment	evestment	NOUN
cblr-14238	975	22	,	,	PUNCT
cblr-14238	975	23	morningstar	morningstar	PROPN
cblr-14238	975	24	and	and	CCONJ
cblr-14238	975	25	bloomberg	bloomberg	PROPN
cblr-14238	975	26	reports	report	NOUN
cblr-14238	975	27	of	of	ADP
cblr-14238	975	28	march	march	PROPN
cblr-14238	975	29	31	31	NUM
cblr-14238	975	30	,	,	PUNCT
cblr-14238	975	31	2018	2018	NUM
cblr-14238	975	32	)	)	PUNCT
cblr-14238	975	33	(	(	PUNCT
cblr-14238	975	34	accessed	access	VERB
cblr-14238	975	35	by	by	ADP
cblr-14238	975	36	the	the	DET
cblr-14238	975	37	author	author	NOUN
cblr-14238	975	38	on	on	ADP
cblr-14238	975	39	x	x	X
cblr-14238	975	40	2023	2023	NUM
cblr-14238	975	41	)	)	PUNCT
cblr-14238	975	42	(	(	PUNCT
cblr-14238	975	43	on	on	ADP
cblr-14238	975	44	file	file	NOUN
cblr-14238	975	45	with	with	ADP
cblr-14238	975	46	the	the	DET
cblr-14238	975	47	columbia	columbia	PROPN
cblr-14238	975	48	business	business	PROPN
cblr-14238	975	49	law	law	PROPN
cblr-14238	975	50	review	review	PROPN
cblr-14238	975	51	)	)	PUNCT
cblr-14238	975	52	.	.	PUNCT
cblr-14238	976	1	this	this	PRON
cblr-14238	976	2	does	do	AUX
cblr-14238	976	3	not	not	PART
cblr-14238	976	4	consider	consider	VERB
cblr-14238	976	5	the	the	DET
cblr-14238	976	6	impact	impact	NOUN
cblr-14238	976	7	of	of	ADP
cblr-14238	976	8	other	other	ADJ
cblr-14238	976	9	emerging	emerge	VERB
cblr-14238	976	10	markets	market	NOUN
cblr-14238	976	11	indices	index	NOUN
cblr-14238	976	12	and	and	CCONJ
cblr-14238	976	13	index	index	NOUN
cblr-14238	976	14	funds	fund	NOUN
cblr-14238	976	15	,	,	PUNCT
cblr-14238	976	16	some	some	PRON
cblr-14238	976	17	of	of	ADP
cblr-14238	976	18	which	which	PRON
cblr-14238	976	19	have	have	AUX
cblr-14238	976	20	already	already	ADV
cblr-14238	976	21	incorporated	incorporate	VERB
cblr-14238	976	22	some	some	DET
cblr-14238	976	23	china	china	PROPN
cblr-14238	976	24	a	a	DET
cblr-14238	976	25	-	-	PUNCT
cblr-14238	976	26	shares	share	NOUN
cblr-14238	976	27	.	.	PUNCT
cblr-14238	977	1	ftse	ftse	NOUN
cblr-14238	977	2	emerging	emerge	VERB
cblr-14238	977	3	markets	market	NOUN
cblr-14238	977	4	all	all	PRON
cblr-14238	977	5	cap	cap	VERB
cblr-14238	977	6	china	china	PROPN
cblr-14238	977	7	a	a	DET
cblr-14238	977	8	inclusion	inclusion	NOUN
cblr-14238	977	9	index	index	NOUN
cblr-14238	977	10	—	—	PUNCT
cblr-14238	977	11	the	the	DET
cblr-14238	977	12	market	market	NOUN
cblr-14238	977	13	capitalization	capitalization	NOUN
cblr-14238	977	14	weighted	weight	VERB
cblr-14238	977	15	benchmark	benchmark	NOUN
cblr-14238	977	16	of	of	ADP
cblr-14238	977	17	vanguard	vanguard	NOUN
cblr-14238	977	18	emerging	emerge	VERB
cblr-14238	977	19	markets	market	NOUN
cblr-14238	977	20	stock	stock	NOUN
cblr-14238	977	21	index	index	NOUN
cblr-14238	977	22	fund	fund	NOUN
cblr-14238	977	23	,	,	PUNCT
cblr-14238	977	24	including	include	VERB
cblr-14238	977	25	its	its	PRON
cblr-14238	977	26	etf	etf	NOUN
cblr-14238	977	27	share	share	NOUN
cblr-14238	977	28	class	class	NOUN
cblr-14238	977	29	(	(	PUNCT
cblr-14238	977	30	vanguard	vanguard	PROPN
cblr-14238	977	31	ftse	ftse	PROPN
cblr-14238	977	32	emerging	emerge	VERB
cblr-14238	977	33	markets	market	NOUN
cblr-14238	977	34	etf	etf	NOUN
cblr-14238	977	35	,	,	PUNCT
cblr-14238	977	36	vwo)—transitioned	vwo)—transitione	VERB
cblr-14238	977	37	into	into	ADP
cblr-14238	977	38	a	a	DET
cblr-14238	977	39	-	-	PUNCT
cblr-14238	977	40	shares	share	NOUN
cblr-14238	977	41	beginning	begin	VERB
cblr-14238	977	42	in	in	ADP
cblr-14238	977	43	2015	2015	NUM
cblr-14238	977	44	.	.	PUNCT
cblr-14238	978	1	china	china	PROPN
cblr-14238	978	2	’s	’s	PART
cblr-14238	978	3	markets	market	NOUN
cblr-14238	978	4	continue	continue	VERB
cblr-14238	978	5	to	to	PART
cblr-14238	978	6	emerge	emerge	VERB
cblr-14238	978	7	,	,	PUNCT
cblr-14238	978	8	vanguard	vanguard	NOUN
cblr-14238	978	9	(	(	PUNCT
cblr-14238	978	10	aug	aug	PROPN
cblr-14238	978	11	.	.	PROPN
cblr-14238	978	12	25	25	NUM
cblr-14238	978	13	,	,	PUNCT
cblr-14238	978	14	2017	2017	NUM
cblr-14238	978	15	)	)	PUNCT
cblr-14238	978	16	(	(	PUNCT
cblr-14238	978	17	on	on	ADP
cblr-14238	978	18	file	file	NOUN
cblr-14238	978	19	with	with	ADP
cblr-14238	978	20	the	the	DET
cblr-14238	978	21	columbia	columbia	PROPN
cblr-14238	978	22	business	business	PROPN
cblr-14238	978	23	law	law	PROPN
cblr-14238	978	24	review	review	PROPN
cblr-14238	978	25	)	)	PUNCT
cblr-14238	978	26	.	.	PUNCT
cblr-14238	979	1	208	208	NUM
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cblr-14238	979	4	,	,	PUNCT
cblr-14238	979	5	flavia	flavia	PROPN
cblr-14238	979	6	corneli	corneli	PROPN
cblr-14238	979	7	,	,	PUNCT
cblr-14238	979	8	fabrizio	fabrizio	PROPN
cblr-14238	979	9	ferriani	ferriani	PROPN
cblr-14238	979	10	&	&	CCONJ
cblr-14238	979	11	andrea	andrea	PROPN
cblr-14238	979	12	gazzani	gazzani	PROPN
cblr-14238	979	13	,	,	PUNCT
cblr-14238	979	14	benchmark	benchmark	NOUN
cblr-14238	979	15	effects	effect	NOUN
cblr-14238	979	16	from	from	ADP
cblr-14238	979	17	the	the	DET
cblr-14238	979	18	inclusion	inclusion	NOUN
cblr-14238	979	19	of	of	ADP
cblr-14238	979	20	chinese	chinese	ADJ
cblr-14238	979	21	a	a	NOUN
cblr-14238	979	22	-	-	PUNCT
cblr-14238	979	23	shares	share	NOUN
cblr-14238	979	24	in	in	ADP
cblr-14238	979	25	the	the	DET
cblr-14238	979	26	msci	msci	PROPN
cblr-14238	979	27	em	em	PROPN
cblr-14238	979	28	index	index	NOUN
cblr-14238	979	29	,	,	PUNCT
cblr-14238	979	30	216	216	NUM
cblr-14238	979	31	econ	econ	NOUN
cblr-14238	979	32	.	.	PUNCT
cblr-14238	980	1	letters	letter	NOUN
cblr-14238	980	2	1	1	NUM
cblr-14238	980	3	(	(	PUNCT
cblr-14238	980	4	2022	2022	NUM
cblr-14238	980	5	)	)	PUNCT
cblr-14238	980	6	.	.	PUNCT
cblr-14238	981	1	209	209	NUM
cblr-14238	982	1	i	i	PRON
cblr-14238	982	2	d.	d.	PROPN
cblr-14238	982	3	210	210	NUM
cblr-14238	983	1	i	i	PRON
cblr-14238	983	2	d.	d.	PROPN
cblr-14238	983	3	see	see	VERB
cblr-14238	983	4	also	also	ADV
cblr-14238	983	5	rapoza	rapoza	VERB
cblr-14238	983	6	,	,	PUNCT
cblr-14238	983	7	supra	supra	PROPN
cblr-14238	983	8	note	note	NOUN
cblr-14238	983	9	194	194	NUM
cblr-14238	983	10	;	;	PUNCT
cblr-14238	983	11	bradsher	bradsher	PROPN
cblr-14238	983	12	&	&	CCONJ
cblr-14238	983	13	stevenson	stevenson	PROPN
cblr-14238	983	14	,	,	PUNCT
cblr-14238	983	15	supra	supra	PROPN
cblr-14238	983	16	note	note	PROPN
cblr-14238	983	17	196	196	NUM
cblr-14238	983	18	;	;	PUNCT
cblr-14238	983	19	jpmorgan	jpmorgan	PROPN
cblr-14238	983	20	predicted	predict	VERB
cblr-14238	983	21	that	that	SCONJ
cblr-14238	983	22	the	the	DET
cblr-14238	983	23	addition	addition	NOUN
cblr-14238	983	24	of	of	ADP
cblr-14238	983	25	china	china	PROPN
cblr-14238	983	26	a	a	PROPN
cblr-14238	983	27	-	-	PUNCT
cblr-14238	983	28	shares	share	NOUN
cblr-14238	983	29	to	to	ADP
cblr-14238	983	30	the	the	DET
cblr-14238	983	31	msci	msci	NOUN
cblr-14238	983	32	emerging	emerge	VERB
cblr-14238	983	33	markets	market	NOUN
cblr-14238	983	34	index	index	NOUN
cblr-14238	983	35	would	would	AUX
cblr-14238	983	36	add	add	VERB
cblr-14238	983	37	about	about	ADP
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cblr-14238	983	39	billion	billion	NUM
cblr-14238	983	40	of	of	ADP
cblr-14238	983	41	capital	capital	NOUN
cblr-14238	983	42	inflows	inflow	NOUN
cblr-14238	983	43	to	to	ADP
cblr-14238	983	44	companies	company	NOUN
cblr-14238	983	45	listed	list	VERB
cblr-14238	983	46	on	on	ADP
cblr-14238	983	47	china	china	PROPN
cblr-14238	983	48	’s	’s	PART
cblr-14238	983	49	domestic	domestic	ADJ
cblr-14238	983	50	stock	stock	NOUN
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cblr-14238	983	55	billion	billion	NUM
cblr-14238	983	56	of	of	ADP
cblr-14238	983	57	passive	passive	ADJ
cblr-14238	983	58	index	index	NOUN
cblr-14238	983	59	investments	investment	NOUN
cblr-14238	983	60	and	and	CCONJ
cblr-14238	983	61	active	active	ADJ
cblr-14238	983	62	flows	flow	NOUN
cblr-14238	983	63	as	as	ADV
cblr-14238	983	64	much	much	ADJ
cblr-14238	983	65	as	as	ADP
cblr-14238	983	66	five	five	NUM
cblr-14238	983	67	times	time	NOUN
cblr-14238	983	68	that	that	DET
cblr-14238	983	69	amount	amount	NOUN
cblr-14238	983	70	.	.	PUNCT
cblr-14238	984	1	zhang	zhang	PROPN
cblr-14238	984	2	yu	yu	PROPN
cblr-14238	984	3	&	&	CCONJ
cblr-14238	984	4	denise	denise	PROPN
cblr-14238	984	5	jia	jia	PROPN
cblr-14238	984	6	,	,	PUNCT
cblr-14238	984	7	china	china	PROPN
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cblr-14238	984	9	in	in	ADP
cblr-14238	984	10	emerging	emerge	VERB
cblr-14238	984	11	markets	market	NOUN
cblr-14238	984	12	index	index	NOUN
cblr-14238	984	13	will	will	AUX
cblr-14238	984	14	attract	attract	VERB
cblr-14238	984	15	$	$	SYM
cblr-14238	984	16	40	40	NUM
cblr-14238	984	17	billion	billion	NUM
cblr-14238	984	18	:	:	PUNCT
cblr-14238	984	19	jpmorgan	jpmorgan	PROPN
cblr-14238	984	20	,	,	PUNCT
cblr-14238	984	21	caixin	caixin	PROPN
cblr-14238	984	22	global	global	PROPN
cblr-14238	984	23	(	(	PUNCT
cblr-14238	984	24	may	may	PROPN
cblr-14238	984	25	7	7	NUM
cblr-14238	984	26	,	,	PUNCT
cblr-14238	984	27	2018	2018	NUM
cblr-14238	984	28	,	,	PUNCT
cblr-14238	984	29	2:24	2:24	NUM
cblr-14238	984	30	pm	pm	NOUN
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cblr-14238	984	32	,	,	PUNCT
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cblr-14238	985	1	[	[	X
cblr-14238	985	2	https://perma.cc/l6t2-kdk7	https://perma.cc/l6t2-kdk7	X
cblr-14238	985	3	]	]	PUNCT
cblr-14238	985	4	.	.	PUNCT
cblr-14238	986	1	no	no	INTJ
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cblr-14238	986	3	2	2	NUM
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cblr-14238	986	5	regulation	regulation	NOUN
cblr-14238	986	6	by	by	ADP
cblr-14238	986	7	indexation	indexation	NOUN
cblr-14238	986	8	?	?	PUNCT
cblr-14238	987	1	789	789	NUM
cblr-14238	987	2	index	index	NOUN
cblr-14238	987	3	reduced	reduce	VERB
cblr-14238	987	4	the	the	DET
cblr-14238	987	5	idiosyncratic	idiosyncratic	ADJ
cblr-14238	987	6	risk	risk	NOUN
cblr-14238	987	7	of	of	ADP
cblr-14238	987	8	the	the	DET
cblr-14238	987	9	china	china	PROPN
cblr-14238	987	10	a	a	PROPN
cblr-14238	987	11	-	-	PUNCT
cblr-14238	987	12	shares	share	NOUN
cblr-14238	987	13	stocks	stock	NOUN
cblr-14238	987	14	that	that	PRON
cblr-14238	987	15	were	be	AUX
cblr-14238	987	16	selected	select	VERB
cblr-14238	987	17	for	for	ADP
cblr-14238	987	18	inclusion	inclusion	NOUN
cblr-14238	987	19	in	in	ADP
cblr-14238	987	20	the	the	DET
cblr-14238	987	21	index	index	NOUN
cblr-14238	987	22	,	,	PUNCT
cblr-14238	987	23	reducing	reduce	VERB
cblr-14238	987	24	the	the	DET
cblr-14238	987	25	volatility	volatility	NOUN
cblr-14238	987	26	of	of	ADP
cblr-14238	987	27	their	their	PRON
cblr-14238	987	28	stock	stock	NOUN
cblr-14238	987	29	prices	price	NOUN
cblr-14238	987	30	and	and	CCONJ
cblr-14238	987	31	having	have	VERB
cblr-14238	987	32	a	a	DET
cblr-14238	987	33	stabilizing	stabilize	VERB
cblr-14238	987	34	effect	effect	NOUN
cblr-14238	987	35	on	on	ADP
cblr-14238	987	36	the	the	DET
cblr-14238	987	37	stock	stock	NOUN
cblr-14238	987	38	market	market	NOUN
cblr-14238	987	39	as	as	ADP
cblr-14238	987	40	a	a	DET
cblr-14238	987	41	whole.211	whole.211	NOUN
cblr-14238	987	42	that	that	PRON
cblr-14238	987	43	may	may	AUX
cblr-14238	987	44	also	also	ADV
cblr-14238	987	45	be	be	AUX
cblr-14238	987	46	considered	consider	VERB
cblr-14238	987	47	a	a	DET
cblr-14238	987	48	benefit	benefit	NOUN
cblr-14238	987	49	from	from	ADP
cblr-14238	987	50	the	the	DET
cblr-14238	987	51	perspective	perspective	NOUN
cblr-14238	987	52	of	of	ADP
cblr-14238	987	53	the	the	DET
cblr-14238	987	54	chinese	chinese	ADJ
cblr-14238	987	55	authorities	authority	NOUN
cblr-14238	987	56	who	who	PRON
cblr-14238	987	57	agreed	agree	VERB
cblr-14238	987	58	to	to	PART
cblr-14238	987	59	liberalization	liberalization	NOUN
cblr-14238	987	60	measures	measure	NOUN
cblr-14238	987	61	to	to	PART
cblr-14238	987	62	satisfy	satisfy	VERB
cblr-14238	987	63	the	the	DET
cblr-14238	987	64	index	index	NOUN
cblr-14238	987	65	eligibility	eligibility	NOUN
cblr-14238	987	66	requirements	requirement	NOUN
cblr-14238	987	67	.	.	PUNCT
cblr-14238	988	1	conclusion	conclusion	VERB
cblr-14238	988	2	the	the	DET
cblr-14238	988	3	growth	growth	NOUN
cblr-14238	988	4	of	of	ADP
cblr-14238	988	5	index	index	NOUN
cblr-14238	988	6	investing	investing	NOUN
cblr-14238	988	7	leads	lead	VERB
cblr-14238	988	8	us	we	PRON
cblr-14238	988	9	to	to	PART
cblr-14238	988	10	question	question	VERB
cblr-14238	988	11	the	the	DET
cblr-14238	988	12	influence	influence	NOUN
cblr-14238	988	13	of	of	ADP
cblr-14238	988	14	index	index	NOUN
cblr-14238	988	15	providers	provider	NOUN
cblr-14238	988	16	,	,	PUNCT
cblr-14238	988	17	who	who	PRON
cblr-14238	988	18	write	write	VERB
cblr-14238	988	19	the	the	DET
cblr-14238	988	20	rules	rule	NOUN
cblr-14238	988	21	for	for	ADP
cblr-14238	988	22	indexing	indexing	NOUN
cblr-14238	988	23	,	,	PUNCT
cblr-14238	988	24	in	in	ADP
cblr-14238	988	25	the	the	DET
cblr-14238	988	26	global	global	ADJ
cblr-14238	988	27	economy	economy	NOUN
cblr-14238	988	28	.	.	PUNCT
cblr-14238	989	1	many	many	ADJ
cblr-14238	989	2	ascribe	ascribe	VERB
cblr-14238	989	3	significant	significant	ADJ
cblr-14238	989	4	power	power	NOUN
cblr-14238	989	5	to	to	ADP
cblr-14238	989	6	index	index	NOUN
cblr-14238	989	7	providers	provider	NOUN
cblr-14238	989	8	on	on	ADP
cblr-14238	989	9	the	the	DET
cblr-14238	989	10	assumption	assumption	NOUN
cblr-14238	989	11	that	that	SCONJ
cblr-14238	989	12	index	index	NOUN
cblr-14238	989	13	inclusion	inclusion	NOUN
cblr-14238	989	14	leads	lead	VERB
cblr-14238	989	15	to	to	ADP
cblr-14238	989	16	massive	massive	ADJ
cblr-14238	989	17	new	new	ADJ
cblr-14238	989	18	flows	flow	NOUN
cblr-14238	989	19	of	of	ADP
cblr-14238	989	20	funds	fund	NOUN
cblr-14238	989	21	into	into	ADP
cblr-14238	989	22	the	the	DET
cblr-14238	989	23	shares	share	NOUN
cblr-14238	989	24	of	of	ADP
cblr-14238	989	25	companies	company	NOUN
cblr-14238	989	26	newly	newly	ADV
cblr-14238	989	27	added	add	VERB
cblr-14238	989	28	to	to	ADP
cblr-14238	989	29	an	an	DET
cblr-14238	989	30	index	index	NOUN
cblr-14238	989	31	.	.	PUNCT
cblr-14238	990	1	i	i	PRON
cblr-14238	990	2	have	have	AUX
cblr-14238	990	3	explained	explain	VERB
cblr-14238	990	4	why	why	SCONJ
cblr-14238	990	5	,	,	PUNCT
cblr-14238	990	6	theoretically	theoretically	ADV
cblr-14238	990	7	,	,	PUNCT
cblr-14238	990	8	flows	flow	VERB
cblr-14238	990	9	into	into	ADP
cblr-14238	990	10	and	and	CCONJ
cblr-14238	990	11	out	out	ADP
cblr-14238	990	12	of	of	ADP
cblr-14238	990	13	index	index	NOUN
cblr-14238	990	14	funds	fund	NOUN
cblr-14238	990	15	should	should	AUX
cblr-14238	990	16	not	not	PART
cblr-14238	990	17	materially	materially	ADV
cblr-14238	990	18	affect	affect	VERB
cblr-14238	990	19	the	the	DET
cblr-14238	990	20	cost	cost	NOUN
cblr-14238	990	21	of	of	ADP
cblr-14238	990	22	capital	capital	NOUN
cblr-14238	990	23	for	for	ADP
cblr-14238	990	24	companies	company	NOUN
cblr-14238	990	25	in	in	ADP
cblr-14238	990	26	public	public	ADJ
cblr-14238	990	27	stock	stock	NOUN
cblr-14238	990	28	markets	market	NOUN
cblr-14238	990	29	.	.	PUNCT
cblr-14238	991	1	that	that	SCONJ
cblr-14238	991	2	theoretical	theoretical	ADJ
cblr-14238	991	3	assumption	assumption	NOUN
cblr-14238	991	4	has	have	AUX
cblr-14238	991	5	been	be	AUX
cblr-14238	991	6	born	bear	VERB
cblr-14238	991	7	out	out	ADP
cblr-14238	991	8	in	in	ADP
cblr-14238	991	9	numerous	numerous	ADJ
cblr-14238	991	10	studies	study	NOUN
cblr-14238	991	11	examining	examine	VERB
cblr-14238	991	12	the	the	DET
cblr-14238	991	13	effects	effect	NOUN
cblr-14238	991	14	of	of	ADP
cblr-14238	991	15	inclusion	inclusion	NOUN
cblr-14238	991	16	or	or	CCONJ
cblr-14238	991	17	deletion	deletion	NOUN
cblr-14238	991	18	from	from	ADP
cblr-14238	991	19	equity	equity	NOUN
cblr-14238	991	20	indices	index	NOUN
cblr-14238	991	21	,	,	PUNCT
cblr-14238	991	22	including	include	VERB
cblr-14238	991	23	benchmark	benchmark	NOUN
cblr-14238	991	24	indices	index	NOUN
cblr-14238	991	25	,	,	PUNCT
cblr-14238	991	26	esg	esg	PROPN
cblr-14238	991	27	indices	index	NOUN
cblr-14238	991	28	and	and	CCONJ
cblr-14238	991	29	emerging	emerge	VERB
cblr-14238	991	30	markets	market	NOUN
cblr-14238	991	31	indices	index	NOUN
cblr-14238	991	32	.	.	PUNCT
cblr-14238	992	1	there	there	PRON
cblr-14238	992	2	is	be	VERB
cblr-14238	992	3	no	no	DET
cblr-14238	992	4	statistically	statistically	ADV
cblr-14238	992	5	significant	significant	ADJ
cblr-14238	992	6	benefit	benefit	NOUN
cblr-14238	992	7	of	of	ADP
cblr-14238	992	8	index	index	NOUN
cblr-14238	992	9	inclusion	inclusion	NOUN
cblr-14238	992	10	or	or	CCONJ
cblr-14238	992	11	cost	cost	NOUN
cblr-14238	992	12	of	of	ADP
cblr-14238	992	13	index	index	NOUN
cblr-14238	992	14	exclusion	exclusion	NOUN
cblr-14238	992	15	.	.	PUNCT
cblr-14238	993	1	still	still	ADV
cblr-14238	993	2	,	,	PUNCT
cblr-14238	993	3	some	some	DET
cblr-14238	993	4	companies	company	NOUN
cblr-14238	993	5	and	and	CCONJ
cblr-14238	993	6	sovereigns	sovereign	NOUN
cblr-14238	993	7	make	make	VERB
cblr-14238	993	8	efforts	effort	NOUN
cblr-14238	993	9	to	to	PART
cblr-14238	993	10	be	be	AUX
cblr-14238	993	11	included	include	VERB
cblr-14238	993	12	in	in	ADP
cblr-14238	993	13	equity	equity	NOUN
cblr-14238	993	14	indices	index	NOUN
cblr-14238	993	15	despite	despite	SCONJ
cblr-14238	993	16	the	the	DET
cblr-14238	993	17	dubious	dubious	ADJ
cblr-14238	993	18	prospects	prospect	NOUN
cblr-14238	993	19	for	for	ADP
cblr-14238	993	20	direct	direct	ADJ
cblr-14238	993	21	economic	economic	ADJ
cblr-14238	993	22	impacts	impact	NOUN
cblr-14238	993	23	.	.	PUNCT
cblr-14238	994	1	this	this	PRON
cblr-14238	994	2	may	may	AUX
cblr-14238	994	3	be	be	AUX
cblr-14238	994	4	due	due	ADJ
cblr-14238	994	5	to	to	ADP
cblr-14238	994	6	a	a	DET
cblr-14238	994	7	lack	lack	NOUN
cblr-14238	994	8	of	of	ADP
cblr-14238	994	9	information	information	NOUN
cblr-14238	994	10	about	about	ADP
cblr-14238	994	11	the	the	DET
cblr-14238	994	12	studies	study	NOUN
cblr-14238	994	13	calling	call	VERB
cblr-14238	994	14	into	into	ADP
cblr-14238	994	15	question	question	NOUN
cblr-14238	994	16	the	the	DET
cblr-14238	994	17	effects	effect	NOUN
cblr-14238	994	18	211	211	NUM
cblr-14238	994	19	chenpeng	chenpeng	PROPN
cblr-14238	994	20	du	du	PROPN
cblr-14238	994	21	,	,	PUNCT
cblr-14238	994	22	the	the	DET
cblr-14238	994	23	impact	impact	NOUN
cblr-14238	994	24	of	of	ADP
cblr-14238	994	25	china	china	PROPN
cblr-14238	994	26	’s	’s	PART
cblr-14238	994	27	capital	capital	NOUN
cblr-14238	994	28	market	market	NOUN
cblr-14238	994	29	opening	opening	NOUN
cblr-14238	994	30	up	up	ADP
cblr-14238	994	31	to	to	ADP
cblr-14238	994	32	domestic	domestic	ADJ
cblr-14238	994	33	stock	stock	NOUN
cblr-14238	994	34	idiosyncratic	idiosyncratic	ADJ
cblr-14238	994	35	risk	risk	NOUN
cblr-14238	994	36	,	,	PUNCT
cblr-14238	994	37	12	12	NUM
cblr-14238	994	38	j.	j.	PROPN
cblr-14238	994	39	applied	apply	VERB
cblr-14238	994	40	fin	fin	PROPN
cblr-14238	994	41	.	.	PUNCT
cblr-14238	995	1	&	&	CCONJ
cblr-14238	995	2	banking	banking	PROPN
cblr-14238	995	3	83	83	NUM
cblr-14238	995	4	,	,	PUNCT
cblr-14238	995	5	98	98	NUM
cblr-14238	995	6	(	(	PUNCT
cblr-14238	995	7	2022	2022	NUM
cblr-14238	995	8	)	)	PUNCT
cblr-14238	995	9	.	.	PUNCT
cblr-14238	996	1	this	this	DET
cblr-14238	996	2	result	result	NOUN
cblr-14238	996	3	may	may	AUX
cblr-14238	996	4	be	be	AUX
cblr-14238	996	5	due	due	ADJ
cblr-14238	996	6	in	in	ADP
cblr-14238	996	7	part	part	NOUN
cblr-14238	996	8	to	to	ADP
cblr-14238	996	9	lower	low	ADJ
cblr-14238	996	10	trading	trading	NOUN
cblr-14238	996	11	volumes	volume	NOUN
cblr-14238	996	12	because	because	SCONJ
cblr-14238	996	13	of	of	ADP
cblr-14238	996	14	more	more	ADV
cblr-14238	996	15	stable	stable	ADJ
cblr-14238	996	16	long	long	ADJ
cblr-14238	996	17	-	-	PUNCT
cblr-14238	996	18	term	term	NOUN
cblr-14238	996	19	indexed	index	VERB
cblr-14238	996	20	institutional	institutional	ADJ
cblr-14238	996	21	investors	investor	NOUN
cblr-14238	996	22	acquiring	acquire	VERB
cblr-14238	996	23	positions	position	NOUN
cblr-14238	996	24	in	in	ADP
cblr-14238	996	25	the	the	DET
cblr-14238	996	26	indexed	indexed	ADJ
cblr-14238	996	27	a	a	PRON
cblr-14238	996	28	-	-	PUNCT
cblr-14238	996	29	shares	share	NOUN
cblr-14238	996	30	.	.	PUNCT
cblr-14238	997	1	see	see	VERB
cblr-14238	997	2	hongbin	hongbin	PROPN
cblr-14238	997	3	deng	deng	PROPN
cblr-14238	997	4	,	,	PUNCT
cblr-14238	997	5	does	do	VERB
cblr-14238	997	6	trading	trading	NOUN
cblr-14238	997	7	activity	activity	NOUN
cblr-14238	997	8	of	of	ADP
cblr-14238	997	9	china	china	PROPN
cblr-14238	997	10	’s	’s	PART
cblr-14238	997	11	a	a	DET
cblr-14238	997	12	-	-	PUNCT
cblr-14238	997	13	share	share	NOUN
cblr-14238	997	14	improve	improve	NOUN
cblr-14238	997	15	after	after	ADP
cblr-14238	997	16	the	the	DET
cblr-14238	997	17	inclusion	inclusion	NOUN
cblr-14238	997	18	of	of	ADP
cblr-14238	997	19	china	china	PROPN
cblr-14238	997	20	’s	’s	PART
cblr-14238	997	21	a	a	DET
cblr-14238	997	22	-	-	PUNCT
cblr-14238	997	23	share	share	NOUN
cblr-14238	997	24	in	in	ADP
cblr-14238	997	25	the	the	DET
cblr-14238	997	26	msci	msci	PROPN
cblr-14238	997	27	index	index	NOUN
cblr-14238	997	28	,	,	PUNCT
cblr-14238	997	29	14	14	NUM
cblr-14238	997	30	j.	j.	PROPN
cblr-14238	997	31	serv	serv	PROPN
cblr-14238	997	32	.	.	PUNCT
cblr-14238	998	1	sci	sci	PROPN
cblr-14238	998	2	.	.	PROPN
cblr-14238	998	3	&	&	CCONJ
cblr-14238	998	4	mgmt	mgmt	PROPN
cblr-14238	998	5	.	.	PUNCT
cblr-14238	999	1	34	34	NUM
cblr-14238	999	2	,	,	PUNCT
cblr-14238	999	3	43	43	NUM
cblr-14238	999	4	(	(	PUNCT
cblr-14238	999	5	2021	2021	NUM
cblr-14238	999	6	)	)	PUNCT
cblr-14238	999	7	.	.	PUNCT
cblr-14238	1000	1	see	see	VERB
cblr-14238	1000	2	also	also	ADV
cblr-14238	1000	3	lennart	lennart	PROPN
cblr-14238	1000	4	dekker	dekker	PROPN
cblr-14238	1000	5	,	,	PUNCT
cblr-14238	1000	6	jasmin	jasmin	PROPN
cblr-14238	1000	7	gider	gider	PROPN
cblr-14238	1000	8	&	&	CCONJ
cblr-14238	1000	9	frank	frank	PROPN
cblr-14238	1000	10	de	de	PROPN
cblr-14238	1000	11	jong	jong	PROPN
cblr-14238	1000	12	,	,	PUNCT
cblr-14238	1000	13	how	how	SCONJ
cblr-14238	1000	14	do	do	AUX
cblr-14238	1000	15	funds	fund	NOUN
cblr-14238	1000	16	deviate	deviate	VERB
cblr-14238	1000	17	from	from	ADP
cblr-14238	1000	18	benchmarks	benchmark	NOUN
cblr-14238	1000	19	?	?	PUNCT
cblr-14238	1001	1	evidence	evidence	NOUN
cblr-14238	1001	2	from	from	ADP
cblr-14238	1001	3	msci	msci	PROPN
cblr-14238	1001	4	’s	’s	PART
cblr-14238	1001	5	inclusion	inclusion	NOUN
cblr-14238	1001	6	of	of	ADP
cblr-14238	1001	7	chinese	chinese	ADJ
cblr-14238	1001	8	a	a	PROPN
cblr-14238	1001	9	-	-	PUNCT
cblr-14238	1001	10	shares	share	NOUN
cblr-14238	1001	11	3	3	NUM
cblr-14238	1001	12	(	(	PUNCT
cblr-14238	1001	13	working	working	NOUN
cblr-14238	1001	14	paper	paper	NOUN
cblr-14238	1001	15	,	,	PUNCT
cblr-14238	1001	16	2023	2023	NUM
cblr-14238	1001	17	)	)	PUNCT
cblr-14238	1001	18	,	,	PUNCT
cblr-14238	1001	19	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3937986	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3937986	PROPN
cblr-14238	1002	1	[	[	X
cblr-14238	1002	2	https://perma.cc/fvr4-y3n5	https://perma.cc/fvr4-y3n5	X
cblr-14238	1002	3	]	]	X
cblr-14238	1002	4	(	(	PUNCT
cblr-14238	1002	5	noting	note	VERB
cblr-14238	1002	6	that	that	SCONJ
cblr-14238	1002	7	trading	trading	NOUN
cblr-14238	1002	8	volume	volume	NOUN
cblr-14238	1002	9	and	and	CCONJ
cblr-14238	1002	10	volatility	volatility	NOUN
cblr-14238	1002	11	decline	decline	NOUN
cblr-14238	1002	12	after	after	ADP
cblr-14238	1002	13	inclusion	inclusion	NOUN
cblr-14238	1002	14	,	,	PUNCT
cblr-14238	1002	15	consistent	consistent	ADJ
cblr-14238	1002	16	with	with	ADP
cblr-14238	1002	17	a	a	DET
cblr-14238	1002	18	hypothesis	hypothesis	NOUN
cblr-14238	1002	19	that	that	PRON
cblr-14238	1002	20	volatile	volatile	ADJ
cblr-14238	1002	21	retail	retail	ADJ
cblr-14238	1002	22	trading	trading	NOUN
cblr-14238	1002	23	is	be	AUX
cblr-14238	1002	24	reduced	reduce	VERB
cblr-14238	1002	25	after	after	ADP
cblr-14238	1002	26	index	index	NOUN
cblr-14238	1002	27	inclusion	inclusion	NOUN
cblr-14238	1002	28	)	)	PUNCT
cblr-14238	1002	29	.	.	PUNCT
cblr-14238	1003	1	790	790	NUM
cblr-14238	1003	2	columbia	columbia	PROPN
cblr-14238	1003	3	business	business	NOUN
cblr-14238	1003	4	law	law	PROPN
cblr-14238	1003	5	review	review	NOUN
cblr-14238	1003	6	[	[	X
cblr-14238	1003	7	vol	vol	NOUN
cblr-14238	1003	8	.	.	NOUN
cblr-14238	1003	9	2024	2024	NUM
cblr-14238	1003	10	of	of	ADP
cblr-14238	1003	11	index	index	NOUN
cblr-14238	1003	12	inclusion	inclusion	NOUN
cblr-14238	1003	13	.	.	PUNCT
cblr-14238	1004	1	it	it	PRON
cblr-14238	1004	2	could	could	AUX
cblr-14238	1004	3	also	also	ADV
cblr-14238	1004	4	be	be	AUX
cblr-14238	1004	5	due	due	ADJ
cblr-14238	1004	6	to	to	ADP
cblr-14238	1004	7	the	the	DET
cblr-14238	1004	8	fact	fact	NOUN
cblr-14238	1004	9	that	that	SCONJ
cblr-14238	1004	10	index	index	NOUN
cblr-14238	1004	11	inclusion	inclusion	NOUN
cblr-14238	1004	12	has	have	AUX
cblr-14238	1004	13	important	important	ADJ
cblr-14238	1004	14	certifying	certify	VERB
cblr-14238	1004	15	effects	effect	NOUN
cblr-14238	1004	16	that	that	PRON
cblr-14238	1004	17	burnish	burnish	VERB
cblr-14238	1004	18	reputations	reputation	NOUN
cblr-14238	1004	19	and	and	CCONJ
cblr-14238	1004	20	increase	increase	VERB
cblr-14238	1004	21	the	the	DET
cblr-14238	1004	22	benefits	benefit	NOUN
cblr-14238	1004	23	of	of	ADP
cblr-14238	1004	24	index	index	NOUN
cblr-14238	1004	25	inclusion	inclusion	NOUN
cblr-14238	1004	26	to	to	ADP
cblr-14238	1004	27	the	the	DET
cblr-14238	1004	28	point	point	NOUN
cblr-14238	1004	29	that	that	PRON
cblr-14238	1004	30	they	they	PRON
cblr-14238	1004	31	outweigh	outweigh	VERB
cblr-14238	1004	32	the	the	DET
cblr-14238	1004	33	costs	cost	NOUN
cblr-14238	1004	34	of	of	ADP
cblr-14238	1004	35	compliance	compliance	NOUN
cblr-14238	1004	36	with	with	ADP
cblr-14238	1004	37	the	the	DET
cblr-14238	1004	38	eligibility	eligibility	NOUN
cblr-14238	1004	39	criteria	criterion	NOUN
cblr-14238	1004	40	.	.	PUNCT
cblr-14238	1005	1	or	or	CCONJ
cblr-14238	1005	2	it	it	PRON
cblr-14238	1005	3	may	may	AUX
cblr-14238	1005	4	be	be	AUX
cblr-14238	1005	5	that	that	SCONJ
cblr-14238	1005	6	the	the	DET
cblr-14238	1005	7	costs	cost	NOUN
cblr-14238	1005	8	of	of	ADP
cblr-14238	1005	9	compliance	compliance	NOUN
cblr-14238	1005	10	are	be	AUX
cblr-14238	1005	11	very	very	ADV
cblr-14238	1005	12	low	low	ADJ
cblr-14238	1005	13	because	because	SCONJ
cblr-14238	1005	14	the	the	DET
cblr-14238	1005	15	relevant	relevant	ADJ
cblr-14238	1005	16	parties	party	NOUN
cblr-14238	1005	17	,	,	PUNCT
cblr-14238	1005	18	whether	whether	SCONJ
cblr-14238	1005	19	corporate	corporate	ADJ
cblr-14238	1005	20	executives	executive	NOUN
cblr-14238	1005	21	or	or	CCONJ
cblr-14238	1005	22	sovereign	sovereign	ADJ
cblr-14238	1005	23	governments	government	NOUN
cblr-14238	1005	24	,	,	PUNCT
cblr-14238	1005	25	have	have	VERB
cblr-14238	1005	26	other	other	ADJ
cblr-14238	1005	27	incentives	incentive	NOUN
cblr-14238	1005	28	to	to	PART
cblr-14238	1005	29	engage	engage	VERB
cblr-14238	1005	30	in	in	ADP
cblr-14238	1005	31	compliant	compliant	ADJ
cblr-14238	1005	32	behavior	behavior	NOUN
cblr-14238	1005	33	so	so	SCONJ
cblr-14238	1005	34	they	they	PRON
cblr-14238	1005	35	will	will	AUX
cblr-14238	1005	36	do	do	VERB
cblr-14238	1005	37	so	so	ADV
cblr-14238	1005	38	anyway	anyway	ADV
cblr-14238	1005	39	.	.	PUNCT
cblr-14238	1006	1	deeper	deep	ADJ
cblr-14238	1006	2	understanding	understanding	NOUN
cblr-14238	1006	3	of	of	ADP
cblr-14238	1006	4	the	the	DET
cblr-14238	1006	5	precise	precise	ADJ
cblr-14238	1006	6	motivations	motivation	NOUN
cblr-14238	1006	7	of	of	ADP
cblr-14238	1006	8	parties	party	NOUN
cblr-14238	1006	9	complying	comply	VERB
cblr-14238	1006	10	with	with	ADP
cblr-14238	1006	11	index	index	NOUN
cblr-14238	1006	12	eligibility	eligibility	NOUN
cblr-14238	1006	13	criteria	criterion	NOUN
cblr-14238	1006	14	will	will	AUX
cblr-14238	1006	15	require	require	VERB
cblr-14238	1006	16	further	further	ADJ
cblr-14238	1006	17	research	research	NOUN
cblr-14238	1006	18	.	.	PUNCT
cblr-14238	1007	1	irrespective	irrespective	ADV
cblr-14238	1007	2	of	of	ADP
cblr-14238	1007	3	parties	party	NOUN
cblr-14238	1007	4	’	'	PUNCT
cblr-14238	1007	5	motivations	motivation	NOUN
cblr-14238	1007	6	,	,	PUNCT
cblr-14238	1007	7	it	it	PRON
cblr-14238	1007	8	is	be	AUX
cblr-14238	1007	9	important	important	ADJ
cblr-14238	1007	10	to	to	PART
cblr-14238	1007	11	recognize	recognize	VERB
cblr-14238	1007	12	the	the	DET
cblr-14238	1007	13	limits	limit	NOUN
cblr-14238	1007	14	of	of	ADP
cblr-14238	1007	15	indexation	indexation	NOUN
cblr-14238	1007	16	as	as	ADP
cblr-14238	1007	17	regulation	regulation	NOUN
cblr-14238	1007	18	and	and	CCONJ
cblr-14238	1007	19	the	the	DET
cblr-14238	1007	20	narrow	narrow	ADJ
cblr-14238	1007	21	circumstances	circumstance	NOUN
cblr-14238	1007	22	in	in	ADP
cblr-14238	1007	23	which	which	PRON
cblr-14238	1007	24	controlling	control	VERB
cblr-14238	1007	25	access	access	NOUN
cblr-14238	1007	26	to	to	ADP
cblr-14238	1007	27	a	a	DET
cblr-14238	1007	28	market	market	NOUN
cblr-14238	1007	29	allows	allow	VERB
cblr-14238	1007	30	indexers	indexer	NOUN
cblr-14238	1007	31	to	to	PART
cblr-14238	1007	32	function	function	VERB
cblr-14238	1007	33	as	as	ADP
cblr-14238	1007	34	private	private	ADJ
cblr-14238	1007	35	regulators	regulator	NOUN
cblr-14238	1007	36	.	.	PUNCT