id	sid	tid	token	lemma	pos
cblr-1691	1	1	unicorn	unicorn	ADJ
cblr-1691	1	2	stock	stock	NOUN
cblr-1691	1	3	options	option	NOUN
cblr-1691	1	4	—	—	PUNCT
cblr-1691	1	5	golden	golden	ADJ
cblr-1691	1	6	goose	goose	NOUN
cblr-1691	1	7	or	or	CCONJ
cblr-1691	1	8	trojan	trojan	NOUN
cblr-1691	1	9	horse	horse	NOUN
cblr-1691	1	10	?	?	PUNCT
cblr-1691	2	1	anat	anat	PROPN
cblr-1691	2	2	alon	alon	PROPN
cblr-1691	2	3	-	-	PUNCT
cblr-1691	2	4	beck	beck	NOUN
cblr-1691	2	5	*	*	PROPN
cblr-1691	2	6	large	large	ADJ
cblr-1691	2	7	privately	privately	ADV
cblr-1691	2	8	held	hold	VERB
cblr-1691	2	9	startups	startup	NOUN
cblr-1691	2	10	valued	value	VERB
cblr-1691	2	11	at	at	ADP
cblr-1691	2	12	$	$	SYM
cblr-1691	2	13	1	1	NUM
cblr-1691	2	14	billion	billion	NUM
cblr-1691	2	15	or	or	CCONJ
cblr-1691	2	16	more	more	ADJ
cblr-1691	2	17	(	(	PUNCT
cblr-1691	2	18	“	"	PUNCT
cblr-1691	2	19	unicorns	unicorn	NOUN
cblr-1691	2	20	”	"	PUNCT
cblr-1691	2	21	)	)	PUNCT
cblr-1691	2	22	are	be	AUX
cblr-1691	2	23	grappling	grapple	VERB
cblr-1691	2	24	with	with	ADP
cblr-1691	2	25	how	how	SCONJ
cblr-1691	2	26	to	to	PART
cblr-1691	2	27	deal	deal	VERB
cblr-1691	2	28	with	with	ADP
cblr-1691	2	29	employees	employee	NOUN
cblr-1691	2	30	’	’	PART
cblr-1691	2	31	expectations	expectation	NOUN
cblr-1691	2	32	caused	cause	VERB
cblr-1691	2	33	by	by	ADP
cblr-1691	2	34	the	the	DET
cblr-1691	2	35	illiquidity	illiquidity	NOUN
cblr-1691	2	36	of	of	ADP
cblr-1691	2	37	the	the	DET
cblr-1691	2	38	shares	share	NOUN
cblr-1691	2	39	of	of	ADP
cblr-1691	2	40	stock	stock	NOUN
cblr-1691	2	41	acquired	acquire	VERB
cblr-1691	2	42	upon	upon	SCONJ
cblr-1691	2	43	exercise	exercise	NOUN
cblr-1691	2	44	of	of	ADP
cblr-1691	2	45	their	their	PRON
cblr-1691	2	46	options	option	NOUN
cblr-1691	2	47	.	.	PUNCT
cblr-1691	3	1	until	until	SCONJ
cblr-1691	3	2	about	about	ADP
cblr-1691	3	3	eight	eight	NUM
cblr-1691	3	4	years	year	NOUN
cblr-1691	3	5	ago	ago	ADV
cblr-1691	3	6	,	,	PUNCT
cblr-1691	3	7	many	many	ADJ
cblr-1691	3	8	talented	talented	ADJ
cblr-1691	3	9	workers	worker	NOUN
cblr-1691	3	10	chose	choose	VERB
cblr-1691	3	11	to	to	PART
cblr-1691	3	12	work	work	VERB
cblr-1691	3	13	for	for	ADP
cblr-1691	3	14	a	a	DET
cblr-1691	3	15	startup	startup	ADJ
cblr-1691	3	16	company	company	NOUN
cblr-1691	3	17	for	for	ADP
cblr-1691	3	18	a	a	DET
cblr-1691	3	19	lower	low	ADJ
cblr-1691	3	20	cash	cash	NOUN
cblr-1691	3	21	salary	salary	NOUN
cblr-1691	3	22	combined	combine	VERB
cblr-1691	3	23	with	with	ADP
cblr-1691	3	24	a	a	DET
cblr-1691	3	25	substantial	substantial	ADJ
cblr-1691	3	26	stock	stock	NOUN
cblr-1691	3	27	option	option	NOUN
cblr-1691	3	28	grant	grant	NOUN
cblr-1691	3	29	and	and	CCONJ
cblr-1691	3	30	the	the	DET
cblr-1691	3	31	dream	dream	NOUN
cblr-1691	3	32	of	of	ADP
cblr-1691	3	33	cashing	cash	VERB
cblr-1691	3	34	out	out	ADP
cblr-1691	3	35	for	for	ADP
cblr-1691	3	36	a	a	DET
cblr-1691	3	37	large	large	ADJ
cblr-1691	3	38	sum	sum	NOUN
cblr-1691	3	39	of	of	ADP
cblr-1691	3	40	money	money	NOUN
cblr-1691	3	41	after	after	ADP
cblr-1691	3	42	an	an	DET
cblr-1691	3	43	initial	initial	ADJ
cblr-1691	3	44	public	public	ADJ
cblr-1691	3	45	offering	offering	NOUN
cblr-1691	3	46	(	(	PUNCT
cblr-1691	3	47	“	"	PUNCT
cblr-1691	3	48	ipo	ipo	NOUN
cblr-1691	3	49	”	"	PUNCT
cblr-1691	3	50	)	)	PUNCT
cblr-1691	3	51	of	of	ADP
cblr-1691	3	52	the	the	DET
cblr-1691	3	53	startup	startup	NOUN
cblr-1691	3	54	’s	’s	PART
cblr-1691	3	55	stock	stock	NOUN
cblr-1691	3	56	.	.	PUNCT
cblr-1691	4	1	*	*	PUNCT
cblr-1691	4	2	jacobson	jacobson	PROPN
cblr-1691	4	3	postdoctoral	postdoctoral	PROPN
cblr-1691	4	4	research	research	NOUN
cblr-1691	4	5	fellow	fellow	NOUN
cblr-1691	4	6	in	in	ADP
cblr-1691	4	7	law	law	NOUN
cblr-1691	4	8	and	and	CCONJ
cblr-1691	4	9	business	business	NOUN
cblr-1691	4	10	,	,	PUNCT
cblr-1691	4	11	new	new	PROPN
cblr-1691	4	12	york	york	PROPN
cblr-1691	4	13	university	university	PROPN
cblr-1691	4	14	school	school	NOUN
cblr-1691	4	15	of	of	ADP
cblr-1691	4	16	law	law	NOUN
cblr-1691	4	17	.	.	PUNCT
cblr-1691	5	1	i	i	PRON
cblr-1691	5	2	will	will	AUX
cblr-1691	5	3	be	be	AUX
cblr-1691	5	4	joining	join	VERB
cblr-1691	5	5	case	case	NOUN
cblr-1691	5	6	western	western	PROPN
cblr-1691	5	7	reserve	reserve	PROPN
cblr-1691	5	8	university	university	PROPN
cblr-1691	5	9	school	school	NOUN
cblr-1691	5	10	of	of	ADP
cblr-1691	5	11	law	law	NOUN
cblr-1691	5	12	as	as	ADP
cblr-1691	5	13	an	an	DET
cblr-1691	5	14	assistant	assistant	NOUN
cblr-1691	5	15	professor	professor	NOUN
cblr-1691	5	16	in	in	ADP
cblr-1691	5	17	the	the	DET
cblr-1691	5	18	fall	fall	NOUN
cblr-1691	5	19	of	of	ADP
cblr-1691	5	20	2019	2019	NUM
cblr-1691	5	21	.	.	PUNCT
cblr-1691	6	1	this	this	DET
cblr-1691	6	2	paper	paper	NOUN
cblr-1691	6	3	is	be	AUX
cblr-1691	6	4	dedicated	dedicate	VERB
cblr-1691	6	5	to	to	ADP
cblr-1691	6	6	my	my	PRON
cblr-1691	6	7	amazing	amazing	ADJ
cblr-1691	6	8	mentor	mentor	NOUN
cblr-1691	6	9	lynn	lynn	PROPN
cblr-1691	6	10	stout	stout	PROPN
cblr-1691	6	11	,	,	PUNCT
cblr-1691	6	12	distinguished	distinguished	ADJ
cblr-1691	6	13	professor	professor	NOUN
cblr-1691	6	14	of	of	ADP
cblr-1691	6	15	corporate	corporate	ADJ
cblr-1691	6	16	and	and	CCONJ
cblr-1691	6	17	business	business	NOUN
cblr-1691	6	18	law	law	NOUN
cblr-1691	6	19	at	at	ADP
cblr-1691	6	20	cornell	cornell	PROPN
cblr-1691	6	21	law	law	NOUN
cblr-1691	6	22	school	school	NOUN
cblr-1691	6	23	,	,	PUNCT
cblr-1691	6	24	who	who	PRON
cblr-1691	6	25	will	will	AUX
cblr-1691	6	26	be	be	AUX
cblr-1691	6	27	sorely	sorely	ADV
cblr-1691	6	28	missed	miss	VERB
cblr-1691	6	29	.	.	PUNCT
cblr-1691	7	1	for	for	ADP
cblr-1691	7	2	comments	comment	NOUN
cblr-1691	7	3	and	and	CCONJ
cblr-1691	7	4	suggestions	suggestion	NOUN
cblr-1691	7	5	,	,	PUNCT
cblr-1691	7	6	thanks	thank	NOUN
cblr-1691	7	7	are	be	AUX
cblr-1691	7	8	due	due	ADJ
cblr-1691	7	9	to	to	ADP
cblr-1691	7	10	jonathan	jonathan	PROPN
cblr-1691	7	11	adler	adler	PROPN
cblr-1691	7	12	,	,	PUNCT
cblr-1691	7	13	yakov	yakov	PROPN
cblr-1691	7	14	amihud	amihud	PROPN
cblr-1691	7	15	,	,	PUNCT
cblr-1691	7	16	constance	constance	PROPN
cblr-1691	7	17	bagley	bagley	PROPN
cblr-1691	7	18	,	,	PUNCT
cblr-1691	7	19	oren	oren	NOUN
cblr-1691	7	20	bar	bar	NOUN
cblr-1691	7	21	-	-	PUNCT
cblr-1691	7	22	gill	gill	NOUN
cblr-1691	7	23	,	,	PUNCT
cblr-1691	7	24	jordan	jordan	PROPN
cblr-1691	7	25	barry	barry	PROPN
cblr-1691	7	26	,	,	PUNCT
cblr-1691	7	27	michal	michal	PROPN
cblr-1691	7	28	barzuza	barzuza	PROPN
cblr-1691	7	29	,	,	PUNCT
cblr-1691	7	30	lucian	lucian	PROPN
cblr-1691	7	31	bebchuk	bebchuk	PROPN
cblr-1691	7	32	,	,	PUNCT
cblr-1691	7	33	karen	karen	PROPN
cblr-1691	7	34	brenner	brenner	PROPN
cblr-1691	7	35	,	,	PUNCT
cblr-1691	7	36	brian	brian	PROPN
cblr-1691	7	37	broughman	broughman	PROPN
cblr-1691	7	38	,	,	PUNCT
cblr-1691	7	39	emiliano	emiliano	PROPN
cblr-1691	7	40	catan	catan	PROPN
cblr-1691	7	41	,	,	PUNCT
cblr-1691	7	42	sergey	sergey	PROPN
cblr-1691	7	43	chernenko	chernenko	PROPN
cblr-1691	7	44	,	,	PUNCT
cblr-1691	7	45	steven	steven	PROPN
cblr-1691	7	46	choi	choi	PROPN
cblr-1691	7	47	,	,	PUNCT
cblr-1691	7	48	alma	alma	PROPN
cblr-1691	7	49	cohen	cohen	PROPN
cblr-1691	7	50	,	,	PUNCT
cblr-1691	7	51	patrick	patrick	PROPN
cblr-1691	7	52	corrigan	corrigan	PROPN
cblr-1691	7	53	,	,	PUNCT
cblr-1691	7	54	ofer	ofer	VERB
cblr-1691	7	55	eldar	eldar	PROPN
cblr-1691	7	56	,	,	PUNCT
cblr-1691	7	57	mirit	mirit	PROPN
cblr-1691	7	58	eyal	eyal	PROPN
cblr-1691	7	59	-	-	PUNCT
cblr-1691	7	60	cohen	cohen	PROPN
cblr-1691	7	61	,	,	PUNCT
cblr-1691	7	62	mireia	mireia	NOUN
cblr-1691	7	63	giné	giné	NOUN
cblr-1691	7	64	,	,	PUNCT
cblr-1691	7	65	elisabeth	elisabeth	PROPN
cblr-1691	7	66	de	de	PROPN
cblr-1691	7	67	fontenay	fontenay	PROPN
cblr-1691	7	68	,	,	PUNCT
cblr-1691	7	69	itai	itai	PROPN
cblr-1691	7	70	fiegenbaum	fiegenbaum	NOUN
cblr-1691	7	71	,	,	PUNCT
cblr-1691	7	72	jill	jill	PROPN
cblr-1691	7	73	fisch	fisch	PROPN
cblr-1691	7	74	,	,	PUNCT
cblr-1691	7	75	edward	edward	PROPN
cblr-1691	7	76	fox	fox	PROPN
cblr-1691	7	77	,	,	PUNCT
cblr-1691	7	78	jessie	jessie	PROPN
cblr-1691	7	79	fried	fried	PROPN
cblr-1691	7	80	,	,	PUNCT
cblr-1691	7	81	itay	itay	PROPN
cblr-1691	7	82	goldstein	goldstein	PROPN
cblr-1691	7	83	,	,	PUNCT
cblr-1691	7	84	will	will	AUX
cblr-1691	7	85	gornall	gornall	PROPN
cblr-1691	7	86	,	,	PUNCT
cblr-1691	7	87	zohar	zohar	PROPN
cblr-1691	7	88	goshen	goshen	PROPN
cblr-1691	7	89	,	,	PUNCT
cblr-1691	7	90	asaf	asaf	PROPN
cblr-1691	7	91	hamdani	hamdani	PROPN
cblr-1691	7	92	,	,	PUNCT
cblr-1691	7	93	sharon	sharon	PROPN
cblr-1691	7	94	hannes	hannes	PROPN
cblr-1691	7	95	,	,	PUNCT
cblr-1691	7	96	henry	henry	PROPN
cblr-1691	7	97	hansmann	hansmann	PROPN
cblr-1691	7	98	,	,	PUNCT
cblr-1691	7	99	joan	joan	PROPN
cblr-1691	7	100	heminway	heminway	PROPN
cblr-1691	7	101	,	,	PUNCT
cblr-1691	7	102	robert	robert	PROPN
cblr-1691	7	103	hockett	hockett	PROPN
cblr-1691	7	104	,	,	PUNCT
cblr-1691	7	105	joseph	joseph	PROPN
cblr-1691	7	106	kalmenovitz	kalmenovitz	PROPN
cblr-1691	7	107	,	,	PUNCT
cblr-1691	7	108	william	william	PROPN
cblr-1691	7	109	kang	kang	PROPN
cblr-1691	7	110	,	,	PUNCT
cblr-1691	7	111	kobi	kobi	PROPN
cblr-1691	7	112	kastiel	kastiel	PROPN
cblr-1691	7	113	,	,	PUNCT
cblr-1691	7	114	charlie	charlie	PROPN
cblr-1691	7	115	korsmo	korsmo	PROPN
cblr-1691	7	116	,	,	PUNCT
cblr-1691	7	117	josh	josh	PROPN
cblr-1691	7	118	lerner	lerner	PROPN
cblr-1691	7	119	,	,	PUNCT
cblr-1691	7	120	saul	saul	PROPN
cblr-1691	7	121	levmore	levmore	PROPN
cblr-1691	7	122	,	,	PUNCT
cblr-1691	7	123	martin	martin	PROPN
cblr-1691	7	124	lipton	lipton	PROPN
cblr-1691	7	125	,	,	PUNCT
cblr-1691	7	126	paul	paul	PROPN
cblr-1691	7	127	mahoney	mahoney	PROPN
cblr-1691	7	128	,	,	PUNCT
cblr-1691	7	129	john	john	PROPN
cblr-1691	7	130	morley	morley	PROPN
cblr-1691	7	131	,	,	PUNCT
cblr-1691	7	132	yaron	yaron	PROPN
cblr-1691	7	133	nili	nili	PROPN
cblr-1691	7	134	,	,	PUNCT
cblr-1691	7	135	nizan	nizan	NOUN
cblr-1691	7	136	packin	packin	PROPN
cblr-1691	7	137	,	,	PUNCT
cblr-1691	7	138	elizabeth	elizabeth	PROPN
cblr-1691	7	139	pollman	pollman	PROPN
cblr-1691	7	140	,	,	PUNCT
cblr-1691	7	141	adam	adam	PROPN
cblr-1691	7	142	pritchard	pritchard	PROPN
cblr-1691	7	143	,	,	PUNCT
cblr-1691	7	144	avraham	avraham	PROPN
cblr-1691	7	145	ravid	ravid	PROPN
cblr-1691	7	146	,	,	PUNCT
cblr-1691	7	147	edward	edward	PROPN
cblr-1691	7	148	rock	rock	PROPN
cblr-1691	7	149	,	,	PUNCT
cblr-1691	7	150	usha	usha	PROPN
cblr-1691	7	151	rodrigez	rodrigez	PROPN
cblr-1691	7	152	,	,	PUNCT
cblr-1691	7	153	roberta	roberta	PROPN
cblr-1691	7	154	romano	romano	PROPN
cblr-1691	7	155	,	,	PUNCT
cblr-1691	7	156	jerry	jerry	PROPN
cblr-1691	7	157	rosenfeld	rosenfeld	PROPN
cblr-1691	7	158	,	,	PUNCT
cblr-1691	7	159	jeff	jeff	PROPN
cblr-1691	7	160	schwartz	schwartz	PROPN
cblr-1691	7	161	,	,	PUNCT
cblr-1691	7	162	helen	helen	PROPN
cblr-1691	7	163	scott	scott	PROPN
cblr-1691	7	164	,	,	PUNCT
cblr-1691	7	165	gal	gal	ADJ
cblr-1691	7	166	shemer	shemer	NOUN
cblr-1691	7	167	,	,	PUNCT
cblr-1691	7	168	steven	steven	PROPN
cblr-1691	7	169	davidoff	davidoff	PROPN
cblr-1691	7	170	solomon	solomon	PROPN
cblr-1691	7	171	,	,	PUNCT
cblr-1691	7	172	ilya	ilya	PROPN
cblr-1691	7	173	strebulaev	strebulaev	PROPN
cblr-1691	7	174	,	,	PUNCT
cblr-1691	7	175	joshua	joshua	PROPN
cblr-1691	7	176	teitelbaum	teitelbaum	PROPN
cblr-1691	7	177	,	,	PUNCT
cblr-1691	7	178	david	david	PROPN
cblr-1691	7	179	webber	webber	PROPN
cblr-1691	7	180	,	,	PUNCT
cblr-1691	7	181	emily	emily	PROPN
cblr-1691	7	182	winston	winston	PROPN
cblr-1691	7	183	,	,	PUNCT
cblr-1691	7	184	david	david	PROPN
cblr-1691	7	185	yermack	yermack	PROPN
cblr-1691	7	186	,	,	PUNCT
cblr-1691	7	187	yao	yao	PROPN
cblr-1691	7	188	zeng	zeng	PROPN
cblr-1691	7	189	,	,	PUNCT
cblr-1691	7	190	and	and	CCONJ
cblr-1691	7	191	the	the	DET
cblr-1691	7	192	participants	participant	NOUN
cblr-1691	7	193	at	at	ADP
cblr-1691	7	194	the	the	DET
cblr-1691	7	195	2018	2018	NUM
cblr-1691	7	196	national	national	ADJ
cblr-1691	7	197	business	business	NOUN
cblr-1691	7	198	law	law	NOUN
cblr-1691	7	199	scholars	scholars	PROPN
cblr-1691	7	200	conference	conference	NOUN
cblr-1691	7	201	,	,	PUNCT
cblr-1691	7	202	university	university	PROPN
cblr-1691	7	203	of	of	ADP
cblr-1691	7	204	georgia	georgia	PROPN
cblr-1691	7	205	school	school	PROPN
cblr-1691	7	206	of	of	ADP
cblr-1691	7	207	law	law	NOUN
cblr-1691	7	208	;	;	PUNCT
cblr-1691	7	209	2018	2018	NUM
cblr-1691	7	210	international	international	ADJ
cblr-1691	7	211	meeting	meeting	NOUN
cblr-1691	7	212	,	,	PUNCT
cblr-1691	7	213	law	law	NOUN
cblr-1691	7	214	and	and	CCONJ
cblr-1691	7	215	society	society	NOUN
cblr-1691	7	216	association	association	PROPN
cblr-1691	7	217	,	,	PUNCT
cblr-1691	7	218	toronto	toronto	PROPN
cblr-1691	7	219	,	,	PUNCT
cblr-1691	7	220	canada	canada	PROPN
cblr-1691	7	221	;	;	PUNCT
cblr-1691	7	222	2018	2018	NUM
cblr-1691	7	223	mid	mid	ADJ
cblr-1691	7	224	-	-	ADJ
cblr-1691	7	225	atlantic	atlantic	ADJ
cblr-1691	7	226	junior	junior	ADJ
cblr-1691	7	227	faculty	faculty	NOUN
cblr-1691	7	228	forum	forum	PROPN
cblr-1691	7	229	,	,	PUNCT
cblr-1691	7	230	richmond	richmond	PROPN
cblr-1691	7	231	school	school	NOUN
cblr-1691	7	232	of	of	ADP
cblr-1691	7	233	law	law	NOUN
cblr-1691	7	234	;	;	PUNCT
cblr-1691	7	235	2018	2018	NUM
cblr-1691	7	236	corporate	corporate	ADJ
cblr-1691	7	237	governance	governance	NOUN
cblr-1691	7	238	lunch	lunch	NOUN
cblr-1691	7	239	,	,	PUNCT
cblr-1691	7	240	new	new	PROPN
cblr-1691	7	241	york	york	PROPN
cblr-1691	7	242	university	university	PROPN
cblr-1691	7	243	stern	stern	ADJ
cblr-1691	7	244	school	school	NOUN
cblr-1691	7	245	of	of	ADP
cblr-1691	7	246	business	business	NOUN
cblr-1691	7	247	;	;	PUNCT
cblr-1691	7	248	and	and	CCONJ
cblr-1691	7	249	the	the	DET
cblr-1691	7	250	2018	2018	NUM
cblr-1691	7	251	annual	annual	ADJ
cblr-1691	7	252	law	law	NOUN
cblr-1691	7	253	and	and	CCONJ
cblr-1691	7	254	entrepreneurship	entrepreneurship	NOUN
cblr-1691	7	255	retreat	retreat	NOUN
cblr-1691	7	256	,	,	PUNCT
cblr-1691	7	257	university	university	PROPN
cblr-1691	7	258	of	of	ADP
cblr-1691	7	259	alabama	alabama	PROPN
cblr-1691	7	260	school	school	PROPN
cblr-1691	7	261	of	of	ADP
cblr-1691	7	262	law	law	NOUN
cblr-1691	7	263	.	.	PUNCT
cblr-1691	8	1	all	all	DET
cblr-1691	8	2	errors	error	NOUN
cblr-1691	8	3	are	be	AUX
cblr-1691	8	4	my	my	PRON
cblr-1691	8	5	own	own	ADJ
cblr-1691	8	6	.	.	PUNCT
cblr-1691	9	1	108	108	NUM
cblr-1691	9	2	columbia	columbia	PROPN
cblr-1691	9	3	business	business	NOUN
cblr-1691	9	4	law	law	PROPN
cblr-1691	9	5	review	review	NOUN
cblr-1691	9	6	[	[	X
cblr-1691	9	7	vol	vol	NOUN
cblr-1691	9	8	.	.	NOUN
cblr-1691	9	9	2019	2019	NUM
cblr-1691	9	10	today	today	NOUN
cblr-1691	9	11	,	,	PUNCT
cblr-1691	9	12	unicorns	unicorn	NOUN
cblr-1691	9	13	remain	remain	VERB
cblr-1691	9	14	private	private	ADJ
cblr-1691	9	15	for	for	ADP
cblr-1691	9	16	extended	extended	ADJ
cblr-1691	9	17	periods	period	NOUN
cblr-1691	9	18	of	of	ADP
cblr-1691	9	19	time	time	NOUN
cblr-1691	9	20	,	,	PUNCT
cblr-1691	9	21	in	in	ADP
cblr-1691	9	22	part	part	NOUN
cblr-1691	9	23	,	,	PUNCT
cblr-1691	9	24	because	because	SCONJ
cblr-1691	9	25	they	they	PRON
cblr-1691	9	26	are	be	AUX
cblr-1691	9	27	often	often	ADV
cblr-1691	9	28	no	no	ADV
cblr-1691	9	29	longer	long	ADV
cblr-1691	9	30	dependent	dependent	ADJ
cblr-1691	9	31	on	on	ADP
cblr-1691	9	32	an	an	DET
cblr-1691	9	33	ipo	ipo	NOUN
cblr-1691	9	34	or	or	CCONJ
cblr-1691	9	35	a	a	DET
cblr-1691	9	36	trade	trade	NOUN
cblr-1691	9	37	sale	sale	NOUN
cblr-1691	9	38	to	to	PART
cblr-1691	9	39	raise	raise	VERB
cblr-1691	9	40	sufficient	sufficient	ADJ
cblr-1691	9	41	capital	capital	NOUN
cblr-1691	9	42	.	.	PUNCT
cblr-1691	10	1	as	as	ADP
cblr-1691	10	2	a	a	DET
cblr-1691	10	3	result	result	NOUN
cblr-1691	10	4	,	,	PUNCT
cblr-1691	10	5	they	they	PRON
cblr-1691	10	6	are	be	AUX
cblr-1691	10	7	delaying	delay	VERB
cblr-1691	10	8	liquidity	liquidity	NOUN
cblr-1691	10	9	events	event	NOUN
cblr-1691	10	10	for	for	ADP
cblr-1691	10	11	their	their	PRON
cblr-1691	10	12	founders	founder	NOUN
cblr-1691	10	13	,	,	PUNCT
cblr-1691	10	14	employees	employee	NOUN
cblr-1691	10	15	,	,	PUNCT
cblr-1691	10	16	and	and	CCONJ
cblr-1691	10	17	investors	investor	NOUN
cblr-1691	10	18	,	,	PUNCT
cblr-1691	10	19	thereby	thereby	ADV
cblr-1691	10	20	causing	cause	VERB
cblr-1691	10	21	their	their	PRON
cblr-1691	10	22	employee	employee	NOUN
cblr-1691	10	23	stock	stock	NOUN
cblr-1691	10	24	options	option	NOUN
cblr-1691	10	25	to	to	PART
cblr-1691	10	26	lose	lose	VERB
cblr-1691	10	27	some	some	PRON
cblr-1691	10	28	of	of	ADP
cblr-1691	10	29	their	their	PRON
cblr-1691	10	30	allure	allure	NOUN
cblr-1691	10	31	as	as	ADP
cblr-1691	10	32	a	a	DET
cblr-1691	10	33	hiring	hiring	NOUN
cblr-1691	10	34	and	and	CCONJ
cblr-1691	10	35	retention	retention	NOUN
cblr-1691	10	36	device	device	NOUN
cblr-1691	10	37	.	.	PUNCT
cblr-1691	11	1	this	this	DET
cblr-1691	11	2	article	article	NOUN
cblr-1691	11	3	examines	examine	VERB
cblr-1691	11	4	a	a	DET
cblr-1691	11	5	contemporary	contemporary	ADJ
cblr-1691	11	6	puzzle	puzzle	NOUN
cblr-1691	11	7	in	in	ADP
cblr-1691	11	8	silicon	silicon	PROPN
cblr-1691	11	9	valley	valley	NOUN
cblr-1691	11	10	:	:	PUNCT
cblr-1691	11	11	is	be	AUX
cblr-1691	11	12	there	there	PRON
cblr-1691	11	13	a	a	DET
cblr-1691	11	14	shift	shift	NOUN
cblr-1691	11	15	in	in	ADP
cblr-1691	11	16	unicorn	unicorn	ADJ
cblr-1691	11	17	employees	employee	NOUN
cblr-1691	11	18	’	’	PART
cblr-1691	11	19	expectations	expectation	NOUN
cblr-1691	11	20	that	that	PRON
cblr-1691	11	21	results	result	VERB
cblr-1691	11	22	in	in	ADP
cblr-1691	11	23	labor	labor	NOUN
cblr-1691	11	24	contract	contract	NOUN
cblr-1691	11	25	renegotiations	renegotiation	NOUN
cblr-1691	11	26	?	?	PUNCT
cblr-1691	12	1	to	to	PART
cblr-1691	12	2	answer	answer	VERB
cblr-1691	12	3	this	this	DET
cblr-1691	12	4	question	question	NOUN
cblr-1691	12	5	,	,	PUNCT
cblr-1691	12	6	this	this	DET
cblr-1691	12	7	article	article	NOUN
cblr-1691	12	8	explores	explore	VERB
cblr-1691	12	9	the	the	DET
cblr-1691	12	10	challenges	challenge	NOUN
cblr-1691	12	11	faced	face	VERB
cblr-1691	12	12	by	by	ADP
cblr-1691	12	13	unicorn	unicorn	ADJ
cblr-1691	12	14	firms	firm	NOUN
cblr-1691	12	15	as	as	ADP
cblr-1691	12	16	repeat	repeat	NOUN
cblr-1691	12	17	players	player	NOUN
cblr-1691	12	18	in	in	ADP
cblr-1691	12	19	competitive	competitive	ADJ
cblr-1691	12	20	technology	technology	NOUN
cblr-1691	12	21	markets	market	NOUN
cblr-1691	12	22	and	and	CCONJ
cblr-1691	12	23	offers	offer	VERB
cblr-1691	12	24	the	the	DET
cblr-1691	12	25	following	follow	VERB
cblr-1691	12	26	possible	possible	ADJ
cblr-1691	12	27	solutions	solution	NOUN
cblr-1691	12	28	.	.	PUNCT
cblr-1691	13	1	first	first	ADV
cblr-1691	13	2	,	,	PUNCT
cblr-1691	13	3	it	it	PRON
cblr-1691	13	4	proposes	propose	VERB
cblr-1691	13	5	new	new	ADJ
cblr-1691	13	6	equity	equity	NOUN
cblr-1691	13	7	-	-	PUNCT
cblr-1691	13	8	based	base	VERB
cblr-1691	13	9	compensation	compensation	NOUN
cblr-1691	13	10	contracts	contract	NOUN
cblr-1691	13	11	,	,	PUNCT
cblr-1691	13	12	and	and	CCONJ
cblr-1691	13	13	critiques	critique	VERB
cblr-1691	13	14	them	they	PRON
cblr-1691	13	15	.	.	PUNCT
cblr-1691	14	1	second	second	ADV
cblr-1691	14	2	,	,	PUNCT
cblr-1691	14	3	it	it	PRON
cblr-1691	14	4	suggests	suggest	VERB
cblr-1691	14	5	alternatives	alternative	NOUN
cblr-1691	14	6	to	to	ADP
cblr-1691	14	7	the	the	DET
cblr-1691	14	8	traditional	traditional	ADJ
cblr-1691	14	9	liquidity	liquidity	NOUN
cblr-1691	14	10	mechanisms	mechanism	NOUN
cblr-1691	14	11	,	,	PUNCT
cblr-1691	14	12	and	and	CCONJ
cblr-1691	14	13	critiques	critique	VERB
cblr-1691	14	14	them	they	PRON
cblr-1691	14	15	.	.	PUNCT
cblr-1691	15	1	unfortunately	unfortunately	ADV
cblr-1691	15	2	,	,	PUNCT
cblr-1691	15	3	current	current	ADJ
cblr-1691	15	4	securities	security	NOUN
cblr-1691	15	5	and	and	CCONJ
cblr-1691	15	6	tax	tax	NOUN
cblr-1691	15	7	laws	law	NOUN
cblr-1691	15	8	create	create	VERB
cblr-1691	15	9	legal	legal	ADJ
cblr-1691	15	10	barriers	barrier	NOUN
cblr-1691	15	11	to	to	ADP
cblr-1691	15	12	private	private	ADJ
cblr-1691	15	13	ordering	ordering	NOUN
cblr-1691	15	14	,	,	PUNCT
cblr-1691	15	15	which	which	PRON
cblr-1691	15	16	prevent	prevent	VERB
cblr-1691	15	17	the	the	DET
cblr-1691	15	18	parties	party	NOUN
cblr-1691	15	19	from	from	ADP
cblr-1691	15	20	solving	solve	VERB
cblr-1691	15	21	these	these	DET
cblr-1691	15	22	issues	issue	NOUN
cblr-1691	15	23	on	on	ADP
cblr-1691	15	24	their	their	PRON
cblr-1691	15	25	own	own	ADJ
cblr-1691	15	26	.	.	PUNCT
cblr-1691	16	1	this	this	DET
cblr-1691	16	2	article	article	NOUN
cblr-1691	16	3	concludes	conclude	VERB
cblr-1691	16	4	with	with	ADP
cblr-1691	16	5	proposals	proposal	NOUN
cblr-1691	16	6	to	to	PART
cblr-1691	16	7	remove	remove	VERB
cblr-1691	16	8	these	these	DET
cblr-1691	16	9	legal	legal	ADJ
cblr-1691	16	10	barriers	barrier	NOUN
cblr-1691	16	11	to	to	ADP
cblr-1691	16	12	private	private	ADJ
cblr-1691	16	13	ordering	ordering	NOUN
cblr-1691	16	14	to	to	PART
cblr-1691	16	15	allow	allow	VERB
cblr-1691	16	16	for	for	SCONJ
cblr-1691	16	17	the	the	DET
cblr-1691	16	18	proposed	propose	VERB
cblr-1691	16	19	solutions	solution	NOUN
cblr-1691	16	20	to	to	PART
cblr-1691	16	21	take	take	VERB
cblr-1691	16	22	hold	hold	NOUN
cblr-1691	16	23	,	,	PUNCT
cblr-1691	16	24	accompanied	accompany	VERB
cblr-1691	16	25	with	with	ADP
cblr-1691	16	26	new	new	ADJ
cblr-1691	16	27	mandatory	mandatory	ADJ
cblr-1691	16	28	disclosure	disclosure	NOUN
cblr-1691	16	29	requirements	requirement	NOUN
cblr-1691	16	30	to	to	PART
cblr-1691	16	31	limit	limit	VERB
cblr-1691	16	32	the	the	DET
cblr-1691	16	33	risks	risk	NOUN
cblr-1691	16	34	.	.	PUNCT
cblr-1691	17	1	i.	i.	NOUN
cblr-1691	17	2	introduction	introduction	NOUN
cblr-1691	17	3	:	:	PUNCT
cblr-1691	17	4	new	new	ADJ
cblr-1691	17	5	“	"	PUNCT
cblr-1691	17	6	tech	tech	NOUN
cblr-1691	17	7	bubble	bubble	NOUN
cblr-1691	17	8	”	"	PUNCT
cblr-1691	17	9	puzzle	puzzle	NOUN
cblr-1691	17	10	..................	..................	PUNCT
cblr-1691	18	1	110	110	NUM
cblr-1691	18	2	ii	ii	NOUN
cblr-1691	18	3	.	.	PUNCT
cblr-1691	19	1	employee	employee	NOUN
cblr-1691	19	2	stock	stock	NOUN
cblr-1691	19	3	option	option	NOUN
cblr-1691	19	4	plans	plan	NOUN
cblr-1691	19	5	....................................	....................................	PUNCT
cblr-1691	19	6	121	121	NUM
cblr-1691	19	7	a.	a.	NOUN
cblr-1691	19	8	standard	standard	ADJ
cblr-1691	19	9	stock	stock	NOUN
cblr-1691	19	10	option	option	NOUN
cblr-1691	19	11	plans	plan	NOUN
cblr-1691	19	12	..............................	..............................	PUNCT
cblr-1691	19	13	125	125	NUM
cblr-1691	19	14	1	1	NUM
cblr-1691	19	15	.	.	PUNCT
cblr-1691	19	16	standard	standard	ADJ
cblr-1691	19	17	stock	stock	NOUN
cblr-1691	19	18	option	option	NOUN
cblr-1691	19	19	process	process	NOUN
cblr-1691	19	20	and	and	CCONJ
cblr-1691	19	21	contract	contract	NOUN
cblr-1691	19	22	............................................................	............................................................	PUNCT
cblr-1691	20	1	127	127	NUM
cblr-1691	20	2	2	2	NUM
cblr-1691	20	3	.	.	X
cblr-1691	20	4	isos	isos	PROPN
cblr-1691	20	5	vs.	vs.	ADP
cblr-1691	20	6	nsos	nsos	X
cblr-1691	20	7	..................................................	..................................................	PUNCT
cblr-1691	20	8	130	130	NUM
cblr-1691	20	9	b.	b.	PROPN
cblr-1691	20	10	traditional	traditional	ADJ
cblr-1691	20	11	governance	governance	NOUN
cblr-1691	20	12	structure	structure	NOUN
cblr-1691	20	13	of	of	ADP
cblr-1691	20	14	vc	vc	PROPN
cblr-1691	20	15	-	-	PUNCT
cblr-1691	20	16	backed	back	VERB
cblr-1691	20	17	startups	startup	NOUN
cblr-1691	20	18	.............................................	.............................................	PUNCT
cblr-1691	20	19	132	132	NUM
cblr-1691	20	20	1	1	NUM
cblr-1691	20	21	.	.	PUNCT
cblr-1691	20	22	traditional	traditional	ADJ
cblr-1691	20	23	pattern	pattern	NOUN
cblr-1691	20	24	of	of	ADP
cblr-1691	20	25	vc	vc	PROPN
cblr-1691	20	26	preferred	prefer	VERB
cblr-1691	20	27	stock	stock	NOUN
cblr-1691	20	28	................................................	................................................	PUNCT
cblr-1691	20	29	134	134	NUM
cblr-1691	20	30	2	2	NUM
cblr-1691	20	31	.	.	PUNCT
cblr-1691	20	32	mitigation	mitigation	NOUN
cblr-1691	20	33	of	of	ADP
cblr-1691	20	34	asymmetric	asymmetric	ADJ
cblr-1691	20	35	information	information	NOUN
cblr-1691	20	36	and	and	CCONJ
cblr-1691	20	37	agency	agency	NOUN
cblr-1691	20	38	costs	cost	NOUN
cblr-1691	20	39	.......................	.......................	PUNCT
cblr-1691	20	40	137	137	NUM
cblr-1691	20	41	c.	c.	NOUN
cblr-1691	20	42	the	the	DET
cblr-1691	20	43	shift	shift	NOUN
cblr-1691	20	44	in	in	ADP
cblr-1691	20	45	employee	employee	NOUN
cblr-1691	20	46	expectations	expectation	NOUN
cblr-1691	20	47	&	&	CCONJ
cblr-1691	20	48	labor	labor	PROPN
cblr-1691	20	49	contract	contract	PROPN
cblr-1691	20	50	renegotiation	renegotiation	NOUN
cblr-1691	20	51	.............................	.............................	PUNCT
cblr-1691	21	1	138	138	NUM
cblr-1691	21	2	iii	iii	NOUN
cblr-1691	21	3	.	.	PUNCT
cblr-1691	22	1	private	private	ADJ
cblr-1691	22	2	markets	market	NOUN
cblr-1691	22	3	are	be	AUX
cblr-1691	22	4	the	the	DET
cblr-1691	22	5	new	new	ADJ
cblr-1691	22	6	public	public	ADJ
cblr-1691	22	7	markets	market	NOUN
cblr-1691	22	8	..........	..........	PUNCT
cblr-1691	23	1	144	144	NUM
cblr-1691	23	2	a.	a.	NOUN
cblr-1691	23	3	decline	decline	NOUN
cblr-1691	23	4	in	in	ADP
cblr-1691	23	5	ipos	ipos	PROPN
cblr-1691	23	6	.....................................................	.....................................................	PUNCT
cblr-1691	24	1	144	144	NUM
cblr-1691	24	2	b.	b.	PROPN
cblr-1691	24	3	new	new	PROPN
cblr-1691	24	4	equity	equity	NOUN
cblr-1691	24	5	capital	capital	NOUN
cblr-1691	24	6	providers	provider	NOUN
cblr-1691	24	7	.............................	.............................	PUNCT
cblr-1691	24	8	150	150	NUM
cblr-1691	24	9	no	no	NOUN
cblr-1691	24	10	.	.	PUNCT
cblr-1691	25	1	1:107	1:107	NUM
cblr-1691	25	2	]	]	X
cblr-1691	25	3	unicorn	unicorn	ADJ
cblr-1691	25	4	stock	stock	NOUN
cblr-1691	25	5	options	option	NOUN
cblr-1691	25	6	109	109	NUM
cblr-1691	25	7	c.	c.	NOUN
cblr-1691	25	8	changes	change	NOUN
cblr-1691	25	9	to	to	ADP
cblr-1691	25	10	governance	governance	NOUN
cblr-1691	25	11	structure	structure	NOUN
cblr-1691	25	12	of	of	ADP
cblr-1691	25	13	unicorns	unicorn	NOUN
cblr-1691	25	14	................................................................	................................................................	PUNCT
cblr-1691	25	15	154	154	NUM
cblr-1691	25	16	iv	iv	NOUN
cblr-1691	25	17	.	.	PUNCT
cblr-1691	25	18	possible	possible	ADJ
cblr-1691	25	19	solutions	solution	NOUN
cblr-1691	25	20	........................................................	........................................................	PUNCT
cblr-1691	25	21	160	160	NUM
cblr-1691	25	22	a.	a.	NOUN
cblr-1691	25	23	contractual	contractual	ADJ
cblr-1691	25	24	alternatives	alternative	NOUN
cblr-1691	25	25	......................................	......................................	PUNCT
cblr-1691	25	26	161	161	NUM
cblr-1691	25	27	1	1	NUM
cblr-1691	25	28	.	.	PUNCT
cblr-1691	26	1	outright	outright	ADJ
cblr-1691	26	2	stock	stock	NOUN
cblr-1691	26	3	grants	grant	NOUN
cblr-1691	26	4	to	to	ADP
cblr-1691	26	5	founders	founder	NOUN
cblr-1691	26	6	...............	...............	PUNCT
cblr-1691	26	7	163	163	NUM
cblr-1691	26	8	2	2	NUM
cblr-1691	26	9	.	.	PUNCT
cblr-1691	26	10	section	section	NOUN
cblr-1691	26	11	83(i	83(i	NUM
cblr-1691	26	12	)	)	PUNCT
cblr-1691	26	13	election	election	NOUN
cblr-1691	26	14	for	for	ADP
cblr-1691	26	15	early	early	ADJ
cblr-1691	26	16	employees	employee	NOUN
cblr-1691	26	17	........................................................	........................................................	PUNCT
cblr-1691	27	1	163	163	NUM
cblr-1691	27	2	3	3	NUM
cblr-1691	27	3	.	.	PUNCT
cblr-1691	27	4	extensions	extension	NOUN
cblr-1691	27	5	to	to	PART
cblr-1691	27	6	post	post	VERB
cblr-1691	27	7	termination	termination	NOUN
cblr-1691	27	8	exercise	exercise	NOUN
cblr-1691	27	9	periods	period	NOUN
cblr-1691	27	10	..............................................	..............................................	PUNCT
cblr-1691	27	11	164	164	NUM
cblr-1691	27	12	4	4	NUM
cblr-1691	27	13	.	.	PUNCT
cblr-1691	28	1	back	back	ADJ
cblr-1691	28	2	-	-	PUNCT
cblr-1691	28	3	end	end	NOUN
cblr-1691	28	4	loaded	load	VERB
cblr-1691	28	5	stock	stock	NOUN
cblr-1691	28	6	vesting	vest	VERB
cblr-1691	28	7	....................	....................	PUNCT
cblr-1691	29	1	167	167	NUM
cblr-1691	29	2	5	5	NUM
cblr-1691	29	3	.	.	PUNCT
cblr-1691	29	4	restricted	restrict	VERB
cblr-1691	29	5	stock	stock	NOUN
cblr-1691	29	6	units	unit	NOUN
cblr-1691	29	7	....................................	....................................	PUNCT
cblr-1691	29	8	169	169	NUM
cblr-1691	29	9	b.	b.	PROPN
cblr-1691	29	10	liquidity	liquidity	NOUN
cblr-1691	29	11	alternatives	alternative	NOUN
cblr-1691	29	12	..........................................	..........................................	PUNCT
cblr-1691	30	1	171	171	NUM
cblr-1691	30	2	1	1	X
cblr-1691	30	3	.	.	PUNCT
cblr-1691	30	4	direct	direct	ADJ
cblr-1691	30	5	listing	listing	NOUN
cblr-1691	30	6	...................................................	...................................................	PUNCT
cblr-1691	30	7	171	171	NUM
cblr-1691	30	8	2	2	X
cblr-1691	30	9	.	.	X
cblr-1691	30	10	electronic	electronic	ADJ
cblr-1691	30	11	secondary	secondary	ADJ
cblr-1691	30	12	markets	market	NOUN
cblr-1691	30	13	.......................	.......................	PUNCT
cblr-1691	31	1	172	172	NUM
cblr-1691	31	2	3	3	NUM
cblr-1691	31	3	.	.	PUNCT
cblr-1691	31	4	secondary	secondary	ADJ
cblr-1691	31	5	sale	sale	NOUN
cblr-1691	31	6	to	to	ADP
cblr-1691	31	7	a	a	DET
cblr-1691	31	8	single	single	ADJ
cblr-1691	31	9	buyer	buyer	NOUN
cblr-1691	31	10	..................	..................	PUNCT
cblr-1691	32	1	174	174	NUM
cblr-1691	32	2	v.	v.	ADP
cblr-1691	32	3	recommendations	recommendation	NOUN
cblr-1691	32	4	........................................................	........................................................	PUNCT
cblr-1691	33	1	175	175	NUM
cblr-1691	33	2	a.	a.	NOUN
cblr-1691	33	3	corporate	corporate	ADJ
cblr-1691	33	4	governance	governance	NOUN
cblr-1691	33	5	and	and	CCONJ
cblr-1691	33	6	protection	protection	NOUN
cblr-1691	33	7	of	of	ADP
cblr-1691	33	8	minority	minority	NOUN
cblr-1691	33	9	shareholders	shareholder	NOUN
cblr-1691	33	10	.........................................	.........................................	PUNCT
cblr-1691	33	11	176	176	NUM
cblr-1691	33	12	b.	b.	PROPN
cblr-1691	33	13	reform	reform	NOUN
cblr-1691	33	14	to	to	ADP
cblr-1691	33	15	recent	recent	ADJ
cblr-1691	33	16	regulatory	regulatory	ADJ
cblr-1691	33	17	&	&	CCONJ
cblr-1691	33	18	legislative	legislative	ADJ
cblr-1691	33	19	developments	development	NOUN
cblr-1691	33	20	....................................	....................................	PUNCT
cblr-1691	33	21	180	180	NUM
cblr-1691	33	22	1	1	NUM
cblr-1691	33	23	.	.	PUNCT
cblr-1691	33	24	economic	economic	ADJ
cblr-1691	33	25	growth	growth	NOUN
cblr-1691	33	26	,	,	PUNCT
cblr-1691	33	27	regulatory	regulatory	ADJ
cblr-1691	33	28	relief	relief	NOUN
cblr-1691	33	29	,	,	PUNCT
cblr-1691	33	30	and	and	CCONJ
cblr-1691	33	31	consumer	consumer	NOUN
cblr-1691	33	32	protection	protection	NOUN
cblr-1691	33	33	act	act	NOUN
cblr-1691	33	34	................................	................................	PUNCT
cblr-1691	33	35	181	181	NUM
cblr-1691	33	36	i.	i.	NOUN
cblr-1691	33	37	mandatory	mandatory	ADJ
cblr-1691	33	38	disclosure	disclosure	NOUN
cblr-1691	33	39	requirements	requirement	NOUN
cblr-1691	33	40	......	......	PUNCT
cblr-1691	33	41	183	183	NUM
cblr-1691	33	42	ii	ii	NOUN
cblr-1691	33	43	.	.	PUNCT
cblr-1691	34	1	naïve	naïve	ADJ
cblr-1691	34	2	employees	employee	NOUN
cblr-1691	34	3	.......................................	.......................................	PUNCT
cblr-1691	34	4	186	186	NUM
cblr-1691	34	5	2	2	NUM
cblr-1691	34	6	.	.	PUNCT
cblr-1691	34	7	tax	tax	NOUN
cblr-1691	34	8	cuts	cut	NOUN
cblr-1691	34	9	and	and	CCONJ
cblr-1691	34	10	jobs	job	NOUN
cblr-1691	34	11	act	act	VERB
cblr-1691	34	12	....................................	....................................	PUNCT
cblr-1691	35	1	187	187	NUM
cblr-1691	35	2	vi	vi	NOUN
cblr-1691	35	3	.	.	PUNCT
cblr-1691	35	4	conclusion	conclusion	NOUN
cblr-1691	35	5	....................................................................	....................................................................	PUNCT
cblr-1691	35	6	191	191	NUM
cblr-1691	35	7	“	"	PUNCT
cblr-1691	35	8	[	[	X
cblr-1691	35	9	w]e	w]e	NOUN
cblr-1691	35	10	have	have	AUX
cblr-1691	35	11	thousands	thousand	NOUN
cblr-1691	35	12	of	of	ADP
cblr-1691	35	13	employees	employee	NOUN
cblr-1691	35	14	that	that	PRON
cblr-1691	35	15	own	own	VERB
cblr-1691	35	16	stock	stock	NOUN
cblr-1691	35	17	[	[	PUNCT
cblr-1691	35	18	who	who	PRON
cblr-1691	35	19	gave	give	VERB
cblr-1691	35	20	]	]	PUNCT
cblr-1691	35	21	their	their	PRON
cblr-1691	35	22	blood	blood	NOUN
cblr-1691	35	23	,	,	PUNCT
cblr-1691	35	24	sweat	sweat	NOUN
cblr-1691	35	25	,	,	PUNCT
cblr-1691	35	26	and	and	CCONJ
cblr-1691	35	27	tears	tear	NOUN
cblr-1691	35	28	to	to	PART
cblr-1691	35	29	make	make	VERB
cblr-1691	35	30	uber	uber	ADJ
cblr-1691	35	31	a	a	DET
cblr-1691	35	32	great	great	ADJ
cblr-1691	35	33	company	company	NOUN
cblr-1691	35	34	.	.	PUNCT
cblr-1691	35	35	.	.	PUNCT
cblr-1691	35	36	.	.	PUNCT
cblr-1691	35	37	.	.	PUNCT
cblr-1691	36	1	i	i	PRON
cblr-1691	36	2	say	say	VERB
cblr-1691	36	3	we	we	PRON
cblr-1691	36	4	are	be	AUX
cblr-1691	36	5	going	go	VERB
cblr-1691	36	6	to	to	ADP
cblr-1691	36	7	ipo	ipo	PROPN
cblr-1691	36	8	as	as	ADV
cblr-1691	36	9	late	late	ADV
cblr-1691	36	10	as	as	SCONJ
cblr-1691	36	11	humanly	humanly	ADV
cblr-1691	36	12	possible	possible	ADJ
cblr-1691	36	13	.	.	PUNCT
cblr-1691	37	1	it	it	PRON
cblr-1691	37	2	’ll	’ll	AUX
cblr-1691	37	3	be	be	AUX
cblr-1691	37	4	one	one	NUM
cblr-1691	37	5	day	day	NOUN
cblr-1691	37	6	before	before	SCONJ
cblr-1691	37	7	my	my	PRON
cblr-1691	37	8	employees	employee	NOUN
cblr-1691	37	9	and	and	CCONJ
cblr-1691	37	10	significant	significant	ADJ
cblr-1691	37	11	others	other	NOUN
cblr-1691	37	12	come	come	VERB
cblr-1691	37	13	to	to	ADP
cblr-1691	37	14	my	my	PRON
cblr-1691	37	15	office	office	NOUN
cblr-1691	37	16	with	with	ADP
cblr-1691	37	17	pitchforks	pitchfork	NOUN
cblr-1691	37	18	and	and	CCONJ
cblr-1691	37	19	torches	torch	NOUN
cblr-1691	37	20	.	.	PUNCT
cblr-1691	37	21	”	"	PUNCT
cblr-1691	38	1	–	–	PUNCT
cblr-1691	38	2	travis	travis	PROPN
cblr-1691	38	3	kalanick	kalanick	PROPN
cblr-1691	38	4	,	,	PUNCT
cblr-1691	38	5	former	former	ADJ
cblr-1691	38	6	ceo	ceo	NOUN
cblr-1691	38	7	of	of	ADP
cblr-1691	38	8	uber1	uber1	NOUN
cblr-1691	38	9	1	1	NUM
cblr-1691	38	10	sam	sam	NOUN
cblr-1691	38	11	shead	shead	NOUN
cblr-1691	38	12	,	,	PUNCT
cblr-1691	38	13	uber	uber	PROPN
cblr-1691	38	14	’s	’s	PART
cblr-1691	38	15	ceo	ceo	NOUN
cblr-1691	38	16	says	say	VERB
cblr-1691	38	17	he	he	PRON
cblr-1691	38	18	’s	’s	AUX
cblr-1691	38	19	leaving	leave	VERB
cblr-1691	38	20	it	it	PRON
cblr-1691	38	21	‘	'	PUNCT
cblr-1691	38	22	as	as	ADV
cblr-1691	38	23	late	late	ADV
cblr-1691	38	24	as	as	SCONJ
cblr-1691	38	25	humanly	humanly	ADV
cblr-1691	38	26	possible	possible	ADJ
cblr-1691	38	27	’	'	PUNCT
cblr-1691	38	28	to	to	PART
cblr-1691	38	29	go	go	VERB
cblr-1691	38	30	public	public	ADJ
cblr-1691	38	31	,	,	PUNCT
cblr-1691	38	32	bus	bus	NOUN
cblr-1691	38	33	.	.	PUNCT
cblr-1691	39	1	insider	insider	NOUN
cblr-1691	39	2	(	(	PUNCT
cblr-1691	39	3	june	june	PROPN
cblr-1691	39	4	9	9	NUM
cblr-1691	39	5	,	,	PUNCT
cblr-1691	39	6	2016	2016	NUM
cblr-1691	39	7	)	)	PUNCT
cblr-1691	39	8	,	,	PUNCT
cblr-1691	39	9	https://www.businessinsider.com/uber-ceo-travis-kalanick-ipo-plan-2016-6	https://www.businessinsider.com/uber-ceo-travis-kalanick-ipo-plan-2016-6	X
cblr-1691	39	10	[	[	X
cblr-1691	39	11	https://perma.cc/6sjg-n8l5	https://perma.cc/6sjg-n8l5	X
cblr-1691	39	12	]	]	PUNCT
cblr-1691	39	13	.	.	PUNCT
cblr-1691	40	1	110	110	NUM
cblr-1691	40	2	columbia	columbia	PROPN
cblr-1691	40	3	business	business	NOUN
cblr-1691	40	4	law	law	PROPN
cblr-1691	40	5	review	review	NOUN
cblr-1691	40	6	[	[	X
cblr-1691	40	7	vol	vol	NOUN
cblr-1691	40	8	.	.	PUNCT
cblr-1691	40	9	2019	2019	NUM
cblr-1691	41	1	“	"	PUNCT
cblr-1691	41	2	one	one	NUM
cblr-1691	41	3	of	of	ADP
cblr-1691	41	4	the	the	DET
cblr-1691	41	5	many	many	ADJ
cblr-1691	41	6	tradeoffs	tradeoff	NOUN
cblr-1691	41	7	that	that	PRON
cblr-1691	41	8	early	early	ADV
cblr-1691	41	9	startup	startup	NOUN
cblr-1691	41	10	employees	employee	NOUN
cblr-1691	41	11	choose	choose	VERB
cblr-1691	41	12	to	to	PART
cblr-1691	41	13	make	make	VERB
cblr-1691	41	14	is	be	AUX
cblr-1691	41	15	between	between	ADP
cblr-1691	41	16	cash	cash	NOUN
cblr-1691	41	17	,	,	PUNCT
cblr-1691	41	18	and	and	CCONJ
cblr-1691	41	19	options	option	NOUN
cblr-1691	41	20	.	.	PUNCT
cblr-1691	42	1	for	for	ADP
cblr-1691	42	2	some	some	DET
cblr-1691	42	3	employees	employee	NOUN
cblr-1691	42	4	,	,	PUNCT
cblr-1691	42	5	however	however	ADV
cblr-1691	42	6	,	,	PUNCT
cblr-1691	42	7	this	this	PRON
cblr-1691	42	8	may	may	AUX
cblr-1691	42	9	end	end	VERB
cblr-1691	42	10	up	up	ADP
cblr-1691	42	11	being	be	AUX
cblr-1691	42	12	a	a	DET
cblr-1691	42	13	faustian	faustian	ADJ
cblr-1691	42	14	bargain	bargain	NOUN
cblr-1691	42	15	of	of	ADP
cblr-1691	42	16	sorts	sort	NOUN
cblr-1691	42	17	.	.	PUNCT
cblr-1691	42	18	”	"	PUNCT
cblr-1691	43	1	–	–	PUNCT
cblr-1691	43	2	scott	scott	PROPN
cblr-1691	43	3	kupor	kupor	NOUN
cblr-1691	43	4	,	,	PUNCT
cblr-1691	43	5	managing	managing	NOUN
cblr-1691	43	6	partner	partner	NOUN
cblr-1691	43	7	of	of	ADP
cblr-1691	43	8	andreessen	andreessen	PROPN
cblr-1691	43	9	horowitz2	horowitz2	PROPN
cblr-1691	43	10	i.	i.	PROPN
cblr-1691	43	11	introduction	introduction	PROPN
cblr-1691	43	12	:	:	PUNCT
cblr-1691	43	13	new	new	ADJ
cblr-1691	43	14	“	"	PUNCT
cblr-1691	43	15	tech	tech	NOUN
cblr-1691	43	16	bubble	bubble	NOUN
cblr-1691	43	17	”	"	PUNCT
cblr-1691	43	18	puzzle	puzzle	NOUN
cblr-1691	43	19	with	with	ADP
cblr-1691	43	20	the	the	DET
cblr-1691	43	21	declining	decline	VERB
cblr-1691	43	22	u.s	u.s	PROPN
cblr-1691	43	23	.	.	PROPN
cblr-1691	43	24	market	market	NOUN
cblr-1691	43	25	for	for	ADP
cblr-1691	43	26	initial	initial	ADJ
cblr-1691	43	27	public	public	ADJ
cblr-1691	43	28	offerings	offering	NOUN
cblr-1691	43	29	(	(	PUNCT
cblr-1691	43	30	“	"	PUNCT
cblr-1691	43	31	ipos”),3	ipos”),3	PROPN
cblr-1691	43	32	caused	cause	VERB
cblr-1691	43	33	in	in	ADP
cblr-1691	43	34	part	part	NOUN
cblr-1691	43	35	by	by	ADP
cblr-1691	43	36	the	the	DET
cblr-1691	43	37	availability	availability	NOUN
cblr-1691	43	38	of	of	ADP
cblr-1691	43	39	new	new	ADJ
cblr-1691	43	40	private	private	ADJ
cblr-1691	43	41	capital	capital	NOUN
cblr-1691	43	42	sources,4	sources,4	NOUN
cblr-1691	43	43	there	there	PRON
cblr-1691	43	44	has	have	AUX
cblr-1691	43	45	been	be	AUX
cblr-1691	43	46	a	a	DET
cblr-1691	43	47	corresponding	corresponding	ADJ
cblr-1691	43	48	rise	rise	NOUN
cblr-1691	43	49	in	in	ADP
cblr-1691	43	50	the	the	DET
cblr-1691	43	51	2	2	NUM
cblr-1691	43	52	scott	scott	NOUN
cblr-1691	43	53	kupor	kupor	NOUN
cblr-1691	43	54	,	,	PUNCT
cblr-1691	43	55	the	the	DET
cblr-1691	43	56	lack	lack	NOUN
cblr-1691	43	57	of	of	ADP
cblr-1691	43	58	options	option	NOUN
cblr-1691	43	59	for	for	ADP
cblr-1691	43	60	(	(	PUNCT
cblr-1691	43	61	startup	startup	PROPN
cblr-1691	43	62	employees	employee	NOUN
cblr-1691	43	63	’	'	PUNCT
cblr-1691	43	64	)	)	PUNCT
cblr-1691	43	65	options	option	NOUN
cblr-1691	43	66	,	,	PUNCT
cblr-1691	43	67	andreessen	andreessen	PROPN
cblr-1691	43	68	horowitz	horowitz	PROPN
cblr-1691	43	69	(	(	PUNCT
cblr-1691	43	70	june	june	PROPN
cblr-1691	43	71	23	23	NUM
cblr-1691	43	72	,	,	PUNCT
cblr-1691	43	73	2013	2013	NUM
cblr-1691	43	74	)	)	PUNCT
cblr-1691	43	75	,	,	PUNCT
cblr-1691	43	76	https://a16z.com/	https://a16z.com/	NOUN
cblr-1691	43	77	2016/06/23	2016/06/23	NOUN
cblr-1691	43	78	/	/	SYM
cblr-1691	43	79	options	option	NOUN
cblr-1691	43	80	-	-	PUNCT
cblr-1691	43	81	timing/	timing/	NUM
cblr-1691	43	82	[	[	X
cblr-1691	43	83	https://perma.cc/zz3d-v4tq	https://perma.cc/zz3d-v4tq	X
cblr-1691	43	84	]	]	X
cblr-1691	43	85	.	.	PUNCT
cblr-1691	44	1	3	3	NUM
cblr-1691	44	2	the	the	DET
cblr-1691	44	3	decline	decline	NOUN
cblr-1691	44	4	in	in	ADP
cblr-1691	44	5	ipos	ipos	NOUN
cblr-1691	44	6	has	have	AUX
cblr-1691	44	7	gained	gain	VERB
cblr-1691	44	8	attention	attention	NOUN
cblr-1691	44	9	from	from	ADP
cblr-1691	44	10	the	the	DET
cblr-1691	44	11	media	medium	NOUN
cblr-1691	44	12	,	,	PUNCT
cblr-1691	44	13	policymakers	policymaker	NOUN
cblr-1691	44	14	,	,	PUNCT
cblr-1691	44	15	and	and	CCONJ
cblr-1691	44	16	academics	academic	NOUN
cblr-1691	44	17	.	.	PUNCT
cblr-1691	45	1	see	see	VERB
cblr-1691	45	2	oversight	oversight	NOUN
cblr-1691	45	3	of	of	ADP
cblr-1691	45	4	the	the	DET
cblr-1691	45	5	u.s	u.s	PROPN
cblr-1691	45	6	.	.	PROPN
cblr-1691	45	7	securities	securities	PROPN
cblr-1691	45	8	and	and	CCONJ
cblr-1691	45	9	exchange	exchange	PROPN
cblr-1691	45	10	commission	commission	PROPN
cblr-1691	45	11	:	:	PUNCT
cblr-1691	45	12	hearing	hear	VERB
cblr-1691	45	13	before	before	ADP
cblr-1691	45	14	the	the	DET
cblr-1691	45	15	comm	comm	NOUN
cblr-1691	45	16	.	.	PUNCT
cblr-1691	46	1	on	on	ADP
cblr-1691	46	2	banking	banking	NOUN
cblr-1691	46	3	,	,	PUNCT
cblr-1691	46	4	hous	hous	ADJ
cblr-1691	46	5	.	.	PUNCT
cblr-1691	46	6	,	,	PUNCT
cblr-1691	46	7	&	&	CCONJ
cblr-1691	46	8	urban	urban	PROPN
cblr-1691	46	9	affairs	affairs	PROPN
cblr-1691	46	10	,	,	PUNCT
cblr-1691	46	11	115th	115th	ADJ
cblr-1691	46	12	cong	cong	NOUN
cblr-1691	46	13	.	.	PUNCT
cblr-1691	47	1	39–41	39–41	NUM
cblr-1691	47	2	(	(	PUNCT
cblr-1691	47	3	2017	2017	NUM
cblr-1691	47	4	)	)	PUNCT
cblr-1691	47	5	(	(	PUNCT
cblr-1691	47	6	statement	statement	NOUN
cblr-1691	47	7	of	of	ADP
cblr-1691	47	8	jay	jay	PROPN
cblr-1691	47	9	clayton	clayton	PROPN
cblr-1691	47	10	,	,	PUNCT
cblr-1691	47	11	chairman	chairman	NOUN
cblr-1691	47	12	,	,	PUNCT
cblr-1691	47	13	securities	security	NOUN
cblr-1691	47	14	and	and	CCONJ
cblr-1691	47	15	exchange	exchange	PROPN
cblr-1691	47	16	commission	commission	PROPN
cblr-1691	47	17	)	)	PUNCT
cblr-1691	47	18	;	;	PUNCT
cblr-1691	47	19	elisabeth	elisabeth	PROPN
cblr-1691	47	20	de	de	PROPN
cblr-1691	47	21	fontenay	fontenay	PROPN
cblr-1691	47	22	,	,	PUNCT
cblr-1691	47	23	the	the	DET
cblr-1691	47	24	deregulation	deregulation	NOUN
cblr-1691	47	25	of	of	ADP
cblr-1691	47	26	private	private	ADJ
cblr-1691	47	27	capital	capital	NOUN
cblr-1691	47	28	and	and	CCONJ
cblr-1691	47	29	the	the	DET
cblr-1691	47	30	decline	decline	NOUN
cblr-1691	47	31	of	of	ADP
cblr-1691	47	32	the	the	DET
cblr-1691	47	33	public	public	ADJ
cblr-1691	47	34	company	company	NOUN
cblr-1691	47	35	,	,	PUNCT
cblr-1691	47	36	68	68	NUM
cblr-1691	47	37	hastings	hastings	PROPN
cblr-1691	47	38	l.j	l.j	PROPN
cblr-1691	47	39	.	.	PROPN
cblr-1691	47	40	445	445	NUM
cblr-1691	47	41	,	,	PUNCT
cblr-1691	47	42	454–55	454–55	NOUN
cblr-1691	47	43	(	(	PUNCT
cblr-1691	47	44	2017	2017	NUM
cblr-1691	47	45	)	)	PUNCT
cblr-1691	47	46	;	;	PUNCT
cblr-1691	47	47	adley	adley	PROPN
cblr-1691	47	48	bowden	bowden	PROPN
cblr-1691	47	49	&	&	CCONJ
cblr-1691	47	50	andy	andy	PROPN
cblr-1691	47	51	white	white	PROPN
cblr-1691	47	52	,	,	PUNCT
cblr-1691	47	53	private	private	ADJ
cblr-1691	47	54	vs.	vs.	X
cblr-1691	47	55	public	public	ADJ
cblr-1691	47	56	market	market	NOUN
cblr-1691	47	57	investors	investor	NOUN
cblr-1691	47	58	:	:	PUNCT
cblr-1691	47	59	who	who	PRON
cblr-1691	47	60	’s	’s	AUX
cblr-1691	47	61	reaping	reap	VERB
cblr-1691	47	62	the	the	DET
cblr-1691	47	63	gains	gain	NOUN
cblr-1691	47	64	from	from	ADP
cblr-1691	47	65	the	the	DET
cblr-1691	47	66	rise	rise	NOUN
cblr-1691	47	67	of	of	ADP
cblr-1691	47	68	unicorns	unicorn	NOUN
cblr-1691	47	69	?	?	PUNCT
cblr-1691	47	70	,	,	PUNCT
cblr-1691	47	71	priv	priv	PROPN
cblr-1691	47	72	.	.	PUNCT
cblr-1691	48	1	mkt	mkt	PROPN
cblr-1691	48	2	.	.	PUNCT
cblr-1691	48	3	playbook	playbook	PROPN
cblr-1691	48	4	,	,	PUNCT
cblr-1691	48	5	q2	q2	NOUN
cblr-1691	48	6	2018	2018	NUM
cblr-1691	48	7	,	,	PUNCT
cblr-1691	48	8	at	at	ADP
cblr-1691	48	9	4–7	4–7	NOUN
cblr-1691	48	10	,	,	PUNCT
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cblr-1691	49	1	_	_	PUNCT
cblr-1691	49	2	digital.pdf	digital.pdf	X
cblr-1691	49	3	[	[	X
cblr-1691	49	4	https://perma.cc/6wf9-l2s5	https://perma.cc/6wf9-l2s5	X
cblr-1691	49	5	]	]	X
cblr-1691	49	6	;	;	PUNCT
cblr-1691	49	7	corrie	corrie	NOUN
cblr-1691	49	8	driebusch	driebusch	PROPN
cblr-1691	49	9	,	,	PUNCT
cblr-1691	49	10	ipo	ipo	NOUN
cblr-1691	49	11	market	market	NOUN
cblr-1691	49	12	is	be	AUX
cblr-1691	49	13	n’t	not	PART
cblr-1691	49	14	quite	quite	ADV
cblr-1691	49	15	back	back	ADV
cblr-1691	49	16	as	as	ADV
cblr-1691	49	17	many	many	ADJ
cblr-1691	49	18	startups	startup	NOUN
cblr-1691	49	19	are	be	AUX
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cblr-1691	49	21	holding	hold	VERB
cblr-1691	49	22	out	out	ADP
cblr-1691	49	23	,	,	PUNCT
cblr-1691	50	1	wall	wall	PROPN
cblr-1691	50	2	st	st	PROPN
cblr-1691	50	3	.	.	PROPN
cblr-1691	50	4	j.	j.	PROPN
cblr-1691	50	5	(	(	PUNCT
cblr-1691	50	6	july	july	PROPN
cblr-1691	50	7	5	5	NUM
cblr-1691	50	8	,	,	PUNCT
cblr-1691	50	9	2017	2017	NUM
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cblr-1691	50	11	,	,	PUNCT
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cblr-1691	50	13	(	(	PUNCT
cblr-1691	50	14	on	on	ADP
cblr-1691	50	15	file	file	NOUN
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cblr-1691	50	17	the	the	DET
cblr-1691	50	18	columbia	columbia	PROPN
cblr-1691	50	19	business	business	PROPN
cblr-1691	50	20	law	law	PROPN
cblr-1691	50	21	review	review	PROPN
cblr-1691	50	22	)	)	PUNCT
cblr-1691	50	23	;	;	PUNCT
cblr-1691	50	24	scott	scott	PROPN
cblr-1691	50	25	kupor	kupor	PROPN
cblr-1691	50	26	,	,	PUNCT
cblr-1691	50	27	where	where	SCONJ
cblr-1691	50	28	have	have	AUX
cblr-1691	50	29	all	all	DET
cblr-1691	50	30	the	the	DET
cblr-1691	50	31	ipos	ipos	NOUN
cblr-1691	50	32	gone	go	VERB
cblr-1691	50	33	,	,	PUNCT
cblr-1691	50	34	andreessen	andreessen	PROPN
cblr-1691	50	35	horowitz	horowitz	PROPN
cblr-1691	50	36	(	(	PUNCT
cblr-1691	50	37	june	june	PROPN
cblr-1691	50	38	19	19	NUM
cblr-1691	50	39	,	,	PUNCT
cblr-1691	50	40	2017	2017	NUM
cblr-1691	50	41	)	)	PUNCT
cblr-1691	50	42	,	,	PUNCT
cblr-1691	51	1	https://a16z.com/2017/06/19/ipos/	https://a16z.com/2017/06/19/ipos/	PROPN
cblr-1691	52	1	[	[	X
cblr-1691	52	2	https://perma.cc/a6mv-y329	https://perma.cc/a6mv-y329	PROPN
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cblr-1691	52	4	;	;	PUNCT
cblr-1691	52	5	keith	keith	PROPN
cblr-1691	52	6	wright	wright	PROPN
cblr-1691	52	7	,	,	PUNCT
cblr-1691	52	8	silicon	silicon	PROPN
cblr-1691	52	9	valley	valley	NOUN
cblr-1691	52	10	tech	tech	NOUN
cblr-1691	52	11	bubble	bubble	NOUN
cblr-1691	52	12	is	be	AUX
cblr-1691	52	13	larger	large	ADJ
cblr-1691	52	14	than	than	SCONJ
cblr-1691	52	15	it	it	PRON
cblr-1691	52	16	was	be	AUX
cblr-1691	52	17	in	in	ADP
cblr-1691	52	18	2000	2000	NUM
cblr-1691	52	19	,	,	PUNCT
cblr-1691	52	20	and	and	CCONJ
cblr-1691	52	21	the	the	DET
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cblr-1691	52	23	is	be	AUX
cblr-1691	52	24	coming	come	VERB
cblr-1691	52	25	,	,	PUNCT
cblr-1691	52	26	cnbc	cnbc	PROPN
cblr-1691	52	27	(	(	PUNCT
cblr-1691	52	28	may	may	PROPN
cblr-1691	52	29	22	22	NUM
cblr-1691	52	30	,	,	PUNCT
cblr-1691	52	31	2018	2018	NUM
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cblr-1691	52	33	,	,	PUNCT
cblr-1691	52	34	https://www.cnbc.com/2018/05/22/tech-bubble-is-larger-than-in-2000-andthe-end-is-coming.html	https://www.cnbc.com/2018/05/22/tech-bubble-is-larger-than-in-2000-andthe-end-is-coming.html	PROPN
cblr-1691	52	35	[	[	X
cblr-1691	52	36	https://perma.cc/v6d7-da5w	https://perma.cc/v6d7-da5w	X
cblr-1691	52	37	]	]	X
cblr-1691	52	38	.	.	PUNCT
cblr-1691	52	39	4	4	NUM
cblr-1691	52	40	see	see	VERB
cblr-1691	52	41	sergey	sergey	PROPN
cblr-1691	52	42	chernenko	chernenko	PROPN
cblr-1691	52	43	,	,	PUNCT
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cblr-1691	52	45	lerner	lerner	PROPN
cblr-1691	52	46	&	&	CCONJ
cblr-1691	52	47	yao	yao	PROPN
cblr-1691	52	48	zeng	zeng	PROPN
cblr-1691	52	49	,	,	PUNCT
cblr-1691	52	50	mutual	mutual	ADJ
cblr-1691	52	51	funds	fund	NOUN
cblr-1691	52	52	as	as	ADP
cblr-1691	52	53	venture	venture	NOUN
cblr-1691	52	54	capitalists	capitalist	NOUN
cblr-1691	52	55	?	?	PUNCT
cblr-1691	53	1	evidence	evidence	NOUN
cblr-1691	53	2	from	from	ADP
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cblr-1691	53	5	harvard	harvard	PROPN
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cblr-1691	53	7	.	.	PUNCT
cblr-1691	54	1	sch	sch	PROPN
cblr-1691	54	2	.	.	PROPN
cblr-1691	54	3	,	,	PUNCT
cblr-1691	54	4	working	work	VERB
cblr-1691	54	5	paper	paper	NOUN
cblr-1691	54	6	no	no	INTJ
cblr-1691	54	7	.	.	PROPN
cblr-1691	54	8	18	18	NUM
cblr-1691	54	9	-	-	PUNCT
cblr-1691	54	10	037	037	NUM
cblr-1691	54	11	,	,	PUNCT
cblr-1691	54	12	2017	2017	NUM
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cblr-1691	54	14	,	,	PUNCT
cblr-1691	54	15	https://www.hbs.edu/faculty/publication%20	https://www.hbs.edu/faculty/publication%20	PROPN
cblr-1691	54	16	files/18	files/18	PROPN
cblr-1691	54	17	-	-	PUNCT
cblr-1691	54	18	037_02aee6d2	037_02aee6d2	NOUN
cblr-1691	54	19	-	-	PUNCT
cblr-1691	54	20	1209	1209	NUM
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cblr-1691	54	23	-	-	PUNCT
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cblr-1691	54	25	[	[	X
cblr-1691	54	26	https://perma.cc/rur9-t2y8	https://perma.cc/rur9-t2y8	X
cblr-1691	54	27	]	]	X
cblr-1691	54	28	;	;	PUNCT
cblr-1691	54	29	les	les	X
cblr-1691	54	30	brorsen	brorsen	PROPN
cblr-1691	54	31	,	,	PUNCT
cblr-1691	54	32	looking	look	VERB
cblr-1691	54	33	behind	behind	ADP
cblr-1691	54	34	the	the	DET
cblr-1691	54	35	declining	decline	VERB
cblr-1691	54	36	number	number	NOUN
cblr-1691	54	37	of	of	ADP
cblr-1691	54	38	public	public	ADJ
cblr-1691	54	39	companies	company	NOUN
cblr-1691	54	40	,	,	PUNCT
cblr-1691	54	41	harv	harv	PROPN
cblr-1691	54	42	.	.	PUNCT
cblr-1691	55	1	l.	l.	PROPN
cblr-1691	55	2	sch	sch	PROPN
cblr-1691	55	3	.	.	PUNCT
cblr-1691	56	1	f.	f.	PROPN
cblr-1691	56	2	on	on	ADP
cblr-1691	56	3	corp	corp	PROPN
cblr-1691	56	4	.	.	PROPN
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cblr-1691	56	6	&	&	CCONJ
cblr-1691	56	7	fin	fin	PROPN
cblr-1691	56	8	.	.	PUNCT
cblr-1691	57	1	reg	reg	PROPN
cblr-1691	57	2	.	.	PUNCT
cblr-1691	58	1	(	(	PUNCT
cblr-1691	58	2	may	may	PROPN
cblr-1691	58	3	18	18	NUM
cblr-1691	58	4	,	,	PUNCT
cblr-1691	58	5	2017	2017	NUM
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cblr-1691	58	7	,	,	PUNCT
cblr-1691	58	8	https://corpgov.law.harvard.edu/2017/05/18/looking	https://corpgov.law.harvard.edu/2017/05/18/looking	PROPN
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cblr-1691	59	3	unicorn	unicorn	ADJ
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cblr-1691	59	5	options	option	NOUN
cblr-1691	59	6	111	111	NUM
cblr-1691	59	7	number	number	NOUN
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cblr-1691	59	15	at	at	ADP
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cblr-1691	59	17	1	1	NUM
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cblr-1691	59	21	(	(	PUNCT
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cblr-1691	59	23	-	-	PUNCT
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cblr-1691	59	28	,	,	PUNCT
cblr-1691	59	29	in	in	ADP
cblr-1691	59	30	the	the	DET
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cblr-1691	59	32	past	past	NOUN
cblr-1691	59	33	,	,	PUNCT
cblr-1691	59	34	startups	startup	NOUN
cblr-1691	59	35	tended	tend	VERB
cblr-1691	59	36	to	to	PART
cblr-1691	59	37	go	go	VERB
cblr-1691	59	38	public	public	ADJ
cblr-1691	59	39	or	or	CCONJ
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cblr-1691	59	61	the	the	DET
cblr-1691	59	62	-	-	PUNCT
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cblr-1691	59	71	companies/	companies/	NUM
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cblr-1691	59	75	;	;	PUNCT
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cblr-1691	60	28	”	"	PUNCT
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cblr-1691	60	42	:	:	PUNCT
cblr-1691	60	43	mckinsey	mckinsey	PROPN
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cblr-1691	60	55	,	,	PUNCT
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cblr-1691	61	21	-	-	PUNCT
cblr-1691	61	22	mckinsey	mckinsey	NOUN
cblr-1691	61	23	-	-	PUNCT
cblr-1691	61	24	global	global	ADJ
cblr-1691	61	25	-	-	PUNCT
cblr-1691	61	26	private	private	ADJ
cblr-1691	61	27	-	-	PUNCT
cblr-1691	61	28	markets	market	NOUN
cblr-1691	61	29	-	-	PUNCT
cblr-1691	61	30	review-2018.ashx	review-2018.ashx	VERB
cblr-1691	61	31	[	[	X
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cblr-1691	61	34	(	(	PUNCT
cblr-1691	61	35	“	"	PUNCT
cblr-1691	61	36	private	private	ADJ
cblr-1691	61	37	asset	asset	NOUN
cblr-1691	61	38	managers	manager	NOUN
cblr-1691	61	39	raised	raise	VERB
cblr-1691	61	40	a	a	DET
cblr-1691	61	41	record	record	NOUN
cblr-1691	61	42	sum	sum	NOUN
cblr-1691	61	43	of	of	ADP
cblr-1691	61	44	nearly	nearly	ADV
cblr-1691	61	45	$	$	SYM
cblr-1691	61	46	750	750	NUM
cblr-1691	61	47	billion	billion	NUM
cblr-1691	61	48	globally	globally	ADV
cblr-1691	61	49	,	,	PUNCT
cblr-1691	61	50	extending	extend	VERB
cblr-1691	61	51	a	a	DET
cblr-1691	61	52	cycle	cycle	NOUN
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cblr-1691	61	55	eight	eight	NUM
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cblr-1691	61	57	ago	ago	ADV
cblr-1691	61	58	.	.	PUNCT
cblr-1691	61	59	”	"	PUNCT
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cblr-1691	61	61	.	.	PUNCT
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cblr-1691	62	2	a	a	DET
cblr-1691	62	3	unicorn	unicorn	NOUN
cblr-1691	62	4	has	have	VERB
cblr-1691	62	5	the	the	DET
cblr-1691	62	6	following	follow	VERB
cblr-1691	62	7	features	feature	NOUN
cblr-1691	62	8	for	for	ADP
cblr-1691	62	9	the	the	DET
cblr-1691	62	10	purposes	purpose	NOUN
cblr-1691	62	11	of	of	ADP
cblr-1691	62	12	this	this	DET
cblr-1691	62	13	article	article	NOUN
cblr-1691	62	14	:	:	PUNCT
cblr-1691	62	15	young	young	ADJ
cblr-1691	62	16	but	but	CCONJ
cblr-1691	62	17	large	large	ADJ
cblr-1691	62	18	,	,	PUNCT
cblr-1691	62	19	privately	privately	ADV
cblr-1691	62	20	owned	own	VERB
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cblr-1691	62	22	“	"	PUNCT
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cblr-1691	62	24	-	-	ADJ
cblr-1691	62	25	public	public	ADJ
cblr-1691	62	26	,	,	PUNCT
cblr-1691	62	27	”	"	PUNCT
cblr-1691	62	28	invests	invest	NOUN
cblr-1691	62	29	in	in	ADP
cblr-1691	62	30	research	research	NOUN
cblr-1691	62	31	and	and	CCONJ
cblr-1691	62	32	development	development	NOUN
cblr-1691	62	33	(	(	PUNCT
cblr-1691	62	34	r&d	r&d	NOUN
cblr-1691	62	35	)	)	PUNCT
cblr-1691	62	36	with	with	ADP
cblr-1691	62	37	intangible	intangible	ADJ
cblr-1691	62	38	assets	asset	NOUN
cblr-1691	62	39	,	,	PUNCT
cblr-1691	62	40	venture	venture	NOUN
cblr-1691	62	41	capital	capital	NOUN
cblr-1691	62	42	-	-	PUNCT
cblr-1691	62	43	backed	back	VERB
cblr-1691	62	44	with	with	ADP
cblr-1691	62	45	concentrated	concentrated	ADJ
cblr-1691	62	46	ownership	ownership	NOUN
cblr-1691	62	47	and	and	CCONJ
cblr-1691	62	48	controlling	control	VERB
cblr-1691	62	49	shareholders	shareholder	NOUN
cblr-1691	62	50	,	,	PUNCT
cblr-1691	62	51	and	and	CCONJ
cblr-1691	62	52	valued	value	VERB
cblr-1691	62	53	at	at	ADP
cblr-1691	62	54	over	over	ADP
cblr-1691	62	55	$	$	SYM
cblr-1691	62	56	1	1	NUM
cblr-1691	62	57	billion	billion	NUM
cblr-1691	62	58	.	.	PUNCT
cblr-1691	63	1	the	the	DET
cblr-1691	63	2	term	term	NOUN
cblr-1691	63	3	“	"	PUNCT
cblr-1691	63	4	unicorn	unicorn	NOUN
cblr-1691	63	5	”	"	PUNCT
cblr-1691	63	6	was	be	AUX
cblr-1691	63	7	coined	coin	VERB
cblr-1691	63	8	in	in	ADP
cblr-1691	63	9	2013	2013	NUM
cblr-1691	63	10	by	by	ADP
cblr-1691	63	11	aileen	aileen	PROPN
cblr-1691	63	12	lee	lee	PROPN
cblr-1691	63	13	.	.	PROPN
cblr-1691	64	1	see	see	VERB
cblr-1691	64	2	aileen	aileen	PROPN
cblr-1691	64	3	lee	lee	PROPN
cblr-1691	64	4	,	,	PUNCT
cblr-1691	64	5	welcome	welcome	ADJ
cblr-1691	64	6	to	to	ADP
cblr-1691	64	7	the	the	DET
cblr-1691	64	8	unicorn	unicorn	ADJ
cblr-1691	64	9	club	club	NOUN
cblr-1691	64	10	:	:	PUNCT
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cblr-1691	64	14	-	-	PUNCT
cblr-1691	64	15	dollar	dollar	NOUN
cblr-1691	64	16	startups	startup	NOUN
cblr-1691	64	17	,	,	PUNCT
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cblr-1691	64	19	(	(	PUNCT
cblr-1691	64	20	nov	nov	PROPN
cblr-1691	64	21	.	.	PROPN
cblr-1691	64	22	2	2	NUM
cblr-1691	64	23	,	,	PUNCT
cblr-1691	64	24	2013	2013	NUM
cblr-1691	64	25	)	)	PUNCT
cblr-1691	64	26	,	,	PUNCT
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cblr-1691	65	1	[	[	X
cblr-1691	65	2	https://perma.cc/7wqp-ng6s	https://perma.cc/7wqp-ng6s	X
cblr-1691	65	3	]	]	PUNCT
cblr-1691	65	4	;	;	PUNCT
cblr-1691	65	5	see	see	VERB
cblr-1691	65	6	also	also	ADV
cblr-1691	65	7	abraham	abraham	PROPN
cblr-1691	65	8	j.b	j.b	PROPN
cblr-1691	65	9	.	.	PUNCT
cblr-1691	65	10	cable	cable	NOUN
cblr-1691	65	11	,	,	PUNCT
cblr-1691	65	12	fool	fool	NOUN
cblr-1691	65	13	’s	’s	PART
cblr-1691	65	14	gold	gold	NOUN
cblr-1691	65	15	?	?	PUNCT
cblr-1691	66	1	equity	equity	NOUN
cblr-1691	66	2	compensation	compensation	PROPN
cblr-1691	66	3	&	&	CCONJ
cblr-1691	66	4	the	the	DET
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cblr-1691	66	7	,	,	PUNCT
cblr-1691	66	8	11	11	NUM
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cblr-1691	66	10	.	.	PUNCT
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cblr-1691	66	12	&	&	CCONJ
cblr-1691	66	13	bus	bus	PROPN
cblr-1691	66	14	.	.	PUNCT
cblr-1691	67	1	rev	rev	PROPN
cblr-1691	67	2	.	.	PROPN
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cblr-1691	67	4	,	,	PUNCT
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cblr-1691	67	6	(	(	PUNCT
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cblr-1691	67	8	)	)	PUNCT
cblr-1691	67	9	;	;	PUNCT
cblr-1691	68	1	jennifer	jennifer	PROPN
cblr-1691	68	2	s.	s.	PROPN
cblr-1691	68	3	fan	fan	PROPN
cblr-1691	68	4	,	,	PUNCT
cblr-1691	68	5	regulating	regulate	VERB
cblr-1691	68	6	unicorns	unicorn	NOUN
cblr-1691	68	7	:	:	PUNCT
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cblr-1691	68	9	and	and	CCONJ
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cblr-1691	68	14	,	,	PUNCT
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cblr-1691	68	16	b.c	b.c	PROPN
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cblr-1691	68	22	,	,	PUNCT
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cblr-1691	69	1	6	6	NUM
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cblr-1691	69	12	?	?	PUNCT
cblr-1691	69	13	,	,	PUNCT
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cblr-1691	69	22	,	,	PUNCT
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cblr-1691	69	25	[	[	X
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cblr-1691	69	28	;	;	PUNCT
cblr-1691	69	29	see	see	VERB
cblr-1691	69	30	also	also	ADV
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cblr-1691	69	33	,	,	PUNCT
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cblr-1691	69	48	:	:	PUNCT
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cblr-1691	69	50	unicorns	unicorn	NOUN
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cblr-1691	69	53	private	private	ADJ
cblr-1691	69	54	,	,	PUNCT
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cblr-1691	69	56	&	&	CCONJ
cblr-1691	69	57	co.	co.	PROPN
cblr-1691	69	58	(	(	PUNCT
cblr-1691	69	59	may	may	PROPN
cblr-1691	69	60	2016	2016	NUM
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cblr-1691	69	62	,	,	PUNCT
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cblr-1691	70	2	[	[	X
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cblr-1691	70	5	;	;	PUNCT
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cblr-1691	70	8	,	,	PUNCT
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cblr-1691	70	14	,	,	PUNCT
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cblr-1691	70	35	.	.	PUNCT
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cblr-1691	72	1	[	[	X
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cblr-1691	72	3	.	.	PUNCT
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cblr-1691	72	13	a	a	DET
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cblr-1691	72	15	capital	capital	NOUN
cblr-1691	72	16	(	(	PUNCT
cblr-1691	72	17	“	"	PUNCT
cblr-1691	72	18	vc”)-backed	vc”)-backe	VERB
cblr-1691	72	19	startup	startup	NOUN
cblr-1691	72	20	could	could	AUX
cblr-1691	72	21	reach	reach	VERB
cblr-1691	72	22	an	an	DET
cblr-1691	72	23	aggressive	aggressive	ADJ
cblr-1691	72	24	valuation	valuation	NOUN
cblr-1691	72	25	of	of	ADP
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cblr-1691	72	27	$	$	SYM
cblr-1691	72	28	1	1	NUM
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cblr-1691	72	31	going	go	VERB
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cblr-1691	72	33	but	but	CCONJ
cblr-1691	72	34	today	today	NOUN
cblr-1691	72	35	cb	cb	PROPN
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cblr-1691	72	37	,	,	PUNCT
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cblr-1691	72	39	,	,	PUNCT
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cblr-1691	72	41	,	,	PUNCT
cblr-1691	72	42	and	and	CCONJ
cblr-1691	72	43	the	the	DET
cblr-1691	72	44	wall	wall	PROPN
cblr-1691	72	45	street	street	PROPN
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cblr-1691	72	48	keep	keep	VERB
cblr-1691	72	49	a	a	DET
cblr-1691	72	50	list	list	NOUN
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cblr-1691	72	61	keep	keep	VERB
cblr-1691	72	62	growing.8	growing.8	ADJ
cblr-1691	72	63	the	the	DET
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cblr-1691	72	65	states	states	PROPN
cblr-1691	72	66	has	have	VERB
cblr-1691	72	67	the	the	DET
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cblr-1691	72	69	concentration	concentration	NOUN
cblr-1691	72	70	of	of	ADP
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cblr-1691	72	72	in	in	ADP
cblr-1691	72	73	the	the	DET
cblr-1691	72	74	world	world	NOUN
cblr-1691	72	75	,	,	PUNCT
cblr-1691	72	76	and	and	CCONJ
cblr-1691	72	77	an	an	DET
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cblr-1691	72	79	$	$	SYM
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cblr-1691	72	82	,	,	PUNCT
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cblr-1691	72	90	&	&	CCONJ
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cblr-1691	72	94	,	,	PUNCT
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cblr-1691	72	96	of	of	ADP
cblr-1691	72	97	the	the	DET
cblr-1691	72	98	public	public	ADJ
cblr-1691	72	99	corporation	corporation	NOUN
cblr-1691	72	100	or	or	CCONJ
cblr-1691	72	101	eclipse	eclipse	NOUN
cblr-1691	72	102	of	of	ADP
cblr-1691	72	103	the	the	DET
cblr-1691	72	104	public	public	ADJ
cblr-1691	72	105	markets	market	NOUN
cblr-1691	72	106	?	?	PUNCT
cblr-1691	72	107	,	,	PUNCT
cblr-1691	72	108	j.	j.	PROPN
cblr-1691	72	109	applied	applied	PROPN
cblr-1691	72	110	corp	corp	PROPN
cblr-1691	72	111	.	.	PROPN
cblr-1691	72	112	fin	fin	PROPN
cblr-1691	72	113	.	.	PUNCT
cblr-1691	72	114	,	,	PUNCT
cblr-1691	72	115	winter	winter	NOUN
cblr-1691	72	116	2018	2018	NUM
cblr-1691	72	117	,	,	PUNCT
cblr-1691	72	118	at	at	ADP
cblr-1691	72	119	8	8	NUM
cblr-1691	72	120	[	[	X
cblr-1691	72	121	hereinafter	hereinafter	NOUN
cblr-1691	72	122	doidge	doidge	NOUN
cblr-1691	72	123	et	et	PROPN
cblr-1691	72	124	al	al	PROPN
cblr-1691	72	125	.	.	PROPN
cblr-1691	72	126	,	,	PUNCT
cblr-1691	72	127	eclipse	eclipse	NOUN
cblr-1691	72	128	of	of	ADP
cblr-1691	72	129	the	the	DET
cblr-1691	72	130	public	public	ADJ
cblr-1691	72	131	corporation	corporation	NOUN
cblr-1691	72	132	]	]	PUNCT
cblr-1691	72	133	;	;	PUNCT
cblr-1691	72	134	craig	craig	PROPN
cblr-1691	72	135	doidge	doidge	PROPN
cblr-1691	72	136	,	,	PUNCT
cblr-1691	72	137	g.	g.	PROPN
cblr-1691	72	138	andrew	andrew	PROPN
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cblr-1691	72	140	&	&	CCONJ
cblr-1691	72	141	rené	rené	PROPN
cblr-1691	72	142	m.	m.	PROPN
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cblr-1691	72	144	,	,	PUNCT
cblr-1691	72	145	the	the	DET
cblr-1691	72	146	u.s	u.s	PROPN
cblr-1691	72	147	.	.	PROPN
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cblr-1691	72	149	behind	behind	ADV
cblr-1691	72	150	?	?	PUNCT
cblr-1691	73	1	financial	financial	ADJ
cblr-1691	73	2	globalization	globalization	NOUN
cblr-1691	73	3	and	and	CCONJ
cblr-1691	73	4	the	the	DET
cblr-1691	73	5	rise	rise	NOUN
cblr-1691	73	6	of	of	ADP
cblr-1691	73	7	ipos	ipos	NOUN
cblr-1691	73	8	outside	outside	ADP
cblr-1691	73	9	the	the	DET
cblr-1691	73	10	u.s	u.s	PROPN
cblr-1691	73	11	.	.	PROPN
cblr-1691	73	12	,	,	PUNCT
cblr-1691	73	13	110	110	NUM
cblr-1691	73	14	j.	j.	PROPN
cblr-1691	73	15	fin	fin	PROPN
cblr-1691	73	16	.	.	PUNCT
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cblr-1691	73	18	.	.	PUNCT
cblr-1691	74	1	546	546	NUM
cblr-1691	74	2	(	(	PUNCT
cblr-1691	74	3	2013	2013	NUM
cblr-1691	74	4	)	)	PUNCT
cblr-1691	75	1	[	[	X
cblr-1691	75	2	hereinafter	hereinafter	NOUN
cblr-1691	75	3	doidge	doidge	NOUN
cblr-1691	75	4	et	et	PROPN
cblr-1691	75	5	al	al	PROPN
cblr-1691	75	6	.	.	PROPN
cblr-1691	75	7	,	,	PUNCT
cblr-1691	75	8	the	the	DET
cblr-1691	75	9	u.s	u.s	PROPN
cblr-1691	75	10	.	.	PROPN
cblr-1691	75	11	left	leave	VERB
cblr-1691	75	12	behind	behind	ADV
cblr-1691	75	13	]	]	PUNCT
cblr-1691	75	14	;	;	PUNCT
cblr-1691	75	15	craig	craig	PROPN
cblr-1691	75	16	doidge	doidge	PROPN
cblr-1691	75	17	,	,	PUNCT
cblr-1691	75	18	g.	g.	PROPN
cblr-1691	75	19	andrew	andrew	PROPN
cblr-1691	75	20	karolyi	karolyi	PROPN
cblr-1691	75	21	&	&	CCONJ
cblr-1691	75	22	rené	rené	PROPN
cblr-1691	75	23	m.	m.	PROPN
cblr-1691	75	24	stulz	stulz	PROPN
cblr-1691	75	25	,	,	PUNCT
cblr-1691	75	26	the	the	DET
cblr-1691	75	27	u.s	u.s	PROPN
cblr-1691	75	28	.	.	PROPN
cblr-1691	75	29	listing	list	VERB
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cblr-1691	75	31	,	,	PUNCT
cblr-1691	75	32	123	123	NUM
cblr-1691	75	33	j.	j.	PROPN
cblr-1691	75	34	fin	fin	PROPN
cblr-1691	75	35	.	.	PUNCT
cblr-1691	75	36	econ	econ	PROPN
cblr-1691	75	37	.	.	PUNCT
cblr-1691	76	1	464	464	NUM
cblr-1691	76	2	(	(	PUNCT
cblr-1691	76	3	2017	2017	NUM
cblr-1691	76	4	)	)	PUNCT
cblr-1691	77	1	[	[	X
cblr-1691	77	2	hereinafter	hereinafter	NOUN
cblr-1691	77	3	doidge	doidge	NOUN
cblr-1691	77	4	et	et	PROPN
cblr-1691	77	5	al	al	PROPN
cblr-1691	77	6	.	.	PROPN
cblr-1691	77	7	,	,	PUNCT
cblr-1691	77	8	the	the	DET
cblr-1691	77	9	u.s	u.s	PROPN
cblr-1691	77	10	.	.	PROPN
cblr-1691	77	11	listing	list	VERB
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cblr-1691	77	13	]	]	PUNCT
cblr-1691	77	14	;	;	PUNCT
cblr-1691	77	15	xiaohui	xiaohui	PROPN
cblr-1691	77	16	gao	gao	PROPN
cblr-1691	77	17	,	,	PUNCT
cblr-1691	77	18	jay	jay	PROPN
cblr-1691	77	19	r.	r.	PROPN
cblr-1691	77	20	ritter	ritter	PROPN
cblr-1691	77	21	&	&	CCONJ
cblr-1691	77	22	zhongyan	zhongyan	PROPN
cblr-1691	77	23	zhu	zhu	PROPN
cblr-1691	77	24	,	,	PUNCT
cblr-1691	77	25	where	where	SCONJ
cblr-1691	77	26	have	have	AUX
cblr-1691	77	27	all	all	DET
cblr-1691	77	28	the	the	DET
cblr-1691	77	29	ipos	ipos	NOUN
cblr-1691	77	30	gone	go	VERB
cblr-1691	77	31	?	?	PUNCT
cblr-1691	77	32	,	,	PUNCT
cblr-1691	77	33	48	48	NUM
cblr-1691	77	34	j.	j.	PROPN
cblr-1691	77	35	fin	fin	PROPN
cblr-1691	77	36	.	.	PUNCT
cblr-1691	78	1	&	&	CCONJ
cblr-1691	78	2	.	.	PUNCT
cblr-1691	79	1	quantitative	quantitative	ADJ
cblr-1691	79	2	analysis	analysis	NOUN
cblr-1691	79	3	1663	1663	NUM
cblr-1691	79	4	(	(	PUNCT
cblr-1691	79	5	2013	2013	NUM
cblr-1691	79	6	)	)	PUNCT
cblr-1691	79	7	.	.	PUNCT
cblr-1691	80	1	7	7	NUM
cblr-1691	80	2	see	see	VERB
cblr-1691	80	3	david	david	PROPN
cblr-1691	80	4	cogman	cogman	PROPN
cblr-1691	80	5	&	&	CCONJ
cblr-1691	80	6	alan	alan	PROPN
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cblr-1691	80	8	,	,	PUNCT
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cblr-1691	80	10	‘	'	PUNCT
cblr-1691	80	11	tech	tech	ADJ
cblr-1691	80	12	bubble	bubble	NOUN
cblr-1691	80	13	’	'	PUNCT
cblr-1691	80	14	puzzle	puzzle	NOUN
cblr-1691	80	15	,	,	PUNCT
cblr-1691	80	16	mckinsey	mckinsey	NOUN
cblr-1691	80	17	q.	q.	PROPN
cblr-1691	80	18	,	,	PUNCT
cblr-1691	80	19	no	no	INTJ
cblr-1691	80	20	.	.	NOUN
cblr-1691	80	21	3	3	NUM
cblr-1691	80	22	,	,	PUNCT
cblr-1691	80	23	at	at	ADP
cblr-1691	80	24	103	103	NUM
cblr-1691	80	25	,	,	PUNCT
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cblr-1691	80	27	(	(	PUNCT
cblr-1691	80	28	2016	2016	NUM
cblr-1691	80	29	)	)	PUNCT
cblr-1691	80	30	.	.	PUNCT
cblr-1691	81	1	8	8	NUM
cblr-1691	81	2	see	see	VERB
cblr-1691	81	3	scott	scott	PROPN
cblr-1691	81	4	austin	austin	PROPN
cblr-1691	81	5	,	,	PUNCT
cblr-1691	81	6	chris	chris	PROPN
cblr-1691	81	7	canipe	canipe	PROPN
cblr-1691	81	8	&	&	CCONJ
cblr-1691	81	9	sarah	sarah	PROPN
cblr-1691	81	10	slobin	slobin	PROPN
cblr-1691	81	11	,	,	PUNCT
cblr-1691	81	12	the	the	DET
cblr-1691	81	13	billion	billion	NUM
cblr-1691	81	14	dollar	dollar	NOUN
cblr-1691	81	15	startup	startup	NOUN
cblr-1691	81	16	club	club	NOUN
cblr-1691	81	17	,	,	PUNCT
cblr-1691	81	18	wall	wall	PROPN
cblr-1691	81	19	st	st	PROPN
cblr-1691	81	20	.	.	PROPN
cblr-1691	81	21	j.	j.	PROPN
cblr-1691	81	22	,	,	PUNCT
cblr-1691	81	23	https://www.wsj.com/graphics/billion-dollar-club/	https://www.wsj.com/graphics/billion-dollar-club/	NOUN
cblr-1691	81	24	(	(	PUNCT
cblr-1691	81	25	on	on	ADP
cblr-1691	81	26	file	file	NOUN
cblr-1691	81	27	with	with	ADP
cblr-1691	81	28	the	the	DET
cblr-1691	81	29	columbia	columbia	PROPN
cblr-1691	81	30	business	business	PROPN
cblr-1691	81	31	law	law	PROPN
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cblr-1691	81	36	updated	update	VERB
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cblr-1691	81	41	(	(	PUNCT
cblr-1691	81	42	showing	show	VERB
cblr-1691	81	43	list	list	NOUN
cblr-1691	81	44	and	and	CCONJ
cblr-1691	81	45	valuation	valuation	NOUN
cblr-1691	81	46	of	of	ADP
cblr-1691	81	47	firms	firm	NOUN
cblr-1691	81	48	as	as	ADP
cblr-1691	81	49	of	of	ADP
cblr-1691	81	50	dec	dec	PROPN
cblr-1691	81	51	.	.	PROPN
cblr-1691	81	52	2018	2018	NUM
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cblr-1691	81	54	;	;	PUNCT
cblr-1691	81	55	billion	billion	NUM
cblr-1691	81	56	dollar	dollar	NOUN
cblr-1691	81	57	startups	startup	NOUN
cblr-1691	81	58	,	,	PUNCT
cblr-1691	81	59	cnn	cnn	PROPN
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cblr-1691	81	61	,	,	PUNCT
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cblr-1691	81	63	billion	billion	NUM
cblr-1691	81	64	-	-	PUNCT
cblr-1691	81	65	dollar	dollar	NOUN
cblr-1691	81	66	-	-	PUNCT
cblr-1691	81	67	startups/	startups/	VERB
cblr-1691	81	68	[	[	X
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cblr-1691	81	71	(	(	PUNCT
cblr-1691	81	72	last	last	ADJ
cblr-1691	81	73	updated	update	VERB
cblr-1691	81	74	june	june	PROPN
cblr-1691	81	75	29	29	NUM
cblr-1691	81	76	,	,	PUNCT
cblr-1691	81	77	2018	2018	NUM
cblr-1691	81	78	)	)	PUNCT
cblr-1691	81	79	;	;	PUNCT
cblr-1691	81	80	the	the	DET
cblr-1691	81	81	global	global	ADJ
cblr-1691	81	82	unicorn	unicorn	PROPN
cblr-1691	81	83	club	club	NOUN
cblr-1691	81	84	,	,	PUNCT
cblr-1691	81	85	cb	cb	PROPN
cblr-1691	81	86	insights	insight	NOUN
cblr-1691	81	87	,	,	PUNCT
cblr-1691	81	88	https://www.cbinsights.com/research-unicorn-companies	https://www.cbinsights.com/research-unicorn-companie	NOUN
cblr-1691	81	89	[	[	X
cblr-1691	81	90	https://perma.cc/4s6h-tzkb	https://perma.cc/4s6h-tzkb	X
cblr-1691	81	91	]	]	PUNCT
cblr-1691	81	92	;	;	PUNCT
cblr-1691	81	93	the	the	DET
cblr-1691	81	94	unicorn	unicorn	ADJ
cblr-1691	81	95	list	list	NOUN
cblr-1691	81	96	,	,	PUNCT
cblr-1691	81	97	fortune	fortune	NOUN
cblr-1691	81	98	,	,	PUNCT
cblr-1691	81	99	http://fortune.com/unicorns/	http://fortune.com/unicorns/	PROPN
cblr-1691	82	1	[	[	X
cblr-1691	82	2	https://perma.cc/f7hc-mx64	https://perma.cc/f7hc-mx64	NOUN
cblr-1691	82	3	]	]	X
cblr-1691	82	4	(	(	PUNCT
cblr-1691	82	5	last	last	ADJ
cblr-1691	82	6	updated	update	VERB
cblr-1691	82	7	jan	jan	PROPN
cblr-1691	82	8	.	.	PROPN
cblr-1691	82	9	19	19	NUM
cblr-1691	82	10	,	,	PUNCT
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cblr-1691	82	13	;	;	PUNCT
cblr-1691	82	14	see	see	VERB
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cblr-1691	82	18	,	,	PUNCT
cblr-1691	82	19	how	how	SCONJ
cblr-1691	82	20	‘	'	PUNCT
cblr-1691	82	21	unicorns	unicorn	NOUN
cblr-1691	82	22	’	'	PUNCT
cblr-1691	82	23	became	become	VERB
cblr-1691	82	24	silicon	silicon	NOUN
cblr-1691	82	25	valley	valley	NOUN
cblr-1691	82	26	companies	company	NOUN
cblr-1691	82	27	,	,	PUNCT
cblr-1691	83	1	wall	wall	PROPN
cblr-1691	83	2	st	st	PROPN
cblr-1691	83	3	.	.	PROPN
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cblr-1691	83	5	(	(	PUNCT
cblr-1691	83	6	mar	mar	PROPN
cblr-1691	83	7	.	.	PROPN
cblr-1691	83	8	20	20	NUM
cblr-1691	83	9	,	,	PUNCT
cblr-1691	83	10	2015	2015	NUM
cblr-1691	83	11	)	)	PUNCT
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cblr-1691	83	20	law	law	PROPN
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cblr-1691	83	23	.	.	PUNCT
cblr-1691	84	1	companies	company	NOUN
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cblr-1691	84	4	valued	value	VERB
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cblr-1691	84	6	over	over	ADP
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cblr-1691	84	8	10	10	NUM
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cblr-1691	84	10	are	be	AUX
cblr-1691	84	11	called	call	VERB
cblr-1691	84	12	“	"	PUNCT
cblr-1691	84	13	decacorns	decacorn	NOUN
cblr-1691	84	14	”	"	PUNCT
cblr-1691	84	15	.	.	PUNCT
cblr-1691	85	1	see	see	VERB
cblr-1691	85	2	sarah	sarah	PROPN
cblr-1691	85	3	frier	frier	PROPN
cblr-1691	85	4	&	&	CCONJ
cblr-1691	85	5	eric	eric	PROPN
cblr-1691	85	6	newcomer	newcomer	PROPN
cblr-1691	85	7	,	,	PUNCT
cblr-1691	85	8	the	the	DET
cblr-1691	85	9	fuzzy	fuzzy	ADJ
cblr-1691	85	10	,	,	PUNCT
cblr-1691	85	11	insane	insane	ADJ
cblr-1691	85	12	math	math	NOUN
cblr-1691	85	13	that	that	PRON
cblr-1691	85	14	’s	’s	AUX
cblr-1691	85	15	creating	create	VERB
cblr-1691	85	16	so	so	ADV
cblr-1691	85	17	many	many	ADJ
cblr-1691	85	18	billion	billion	NUM
cblr-1691	85	19	-	-	PUNCT
cblr-1691	85	20	dollar	dollar	NOUN
cblr-1691	85	21	tech	tech	NOUN
cblr-1691	85	22	companies	company	NOUN
cblr-1691	85	23	,	,	PUNCT
cblr-1691	85	24	bloomberg	bloomberg	PROPN
cblr-1691	85	25	(	(	PUNCT
cblr-1691	85	26	mar	mar	PROPN
cblr-1691	85	27	.	.	PROPN
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cblr-1691	85	29	,	,	PUNCT
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cblr-1691	85	32	,	,	PUNCT
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cblr-1691	85	34	(	(	PUNCT
cblr-1691	85	35	on	on	ADP
cblr-1691	85	36	file	file	NOUN
cblr-1691	85	37	with	with	ADP
cblr-1691	85	38	the	the	DET
cblr-1691	85	39	columbia	columbia	PROPN
cblr-1691	85	40	business	business	PROPN
cblr-1691	85	41	law	law	PROPN
cblr-1691	85	42	review	review	PROPN
cblr-1691	85	43	)	)	PUNCT
cblr-1691	85	44	(	(	PUNCT
cblr-1691	85	45	coining	coin	VERB
cblr-1691	85	46	the	the	DET
cblr-1691	85	47	term	term	NOUN
cblr-1691	85	48	decacorns	decacorn	NOUN
cblr-1691	85	49	)	)	PUNCT
cblr-1691	85	50	;	;	PUNCT
cblr-1691	85	51	see	see	VERB
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cblr-1691	85	57	are	be	VERB
cblr-1691	85	58	so	so	ADV
cblr-1691	85	59	many	many	ADJ
cblr-1691	85	60	$	$	SYM
cblr-1691	85	61	10	10	NUM
cblr-1691	85	62	billion	billion	NUM
cblr-1691	85	63	startups	startup	NOUN
cblr-1691	85	64	that	that	PRON
cblr-1691	85	65	there	there	PRON
cblr-1691	85	66	’s	’	VERB
cblr-1691	85	67	a	a	DET
cblr-1691	85	68	new	new	ADJ
cblr-1691	85	69	name	name	NOUN
cblr-1691	85	70	for	for	ADP
cblr-1691	85	71	them	they	PRON
cblr-1691	85	72	:	:	PUNCT
cblr-1691	85	73	‘	'	PUNCT
cblr-1691	85	74	decacorns	decacorn	NOUN
cblr-1691	85	75	’	'	PUNCT
cblr-1691	85	76	,	,	PUNCT
cblr-1691	85	77	bus	bus	NOUN
cblr-1691	85	78	.	.	PUNCT
cblr-1691	86	1	insider	insider	PROPN
cblr-1691	86	2	(	(	PUNCT
cblr-1691	86	3	mar	mar	PROPN
cblr-1691	86	4	.	.	PROPN
cblr-1691	86	5	18	18	NUM
cblr-1691	86	6	,	,	PUNCT
cblr-1691	86	7	2015	2015	NUM
cblr-1691	86	8	)	)	PUNCT
cblr-1691	86	9	,	,	PUNCT
cblr-1691	86	10	http://www.businessinsider.com/decacorn-is-the-new-unicorn-2015-3	http://www.businessinsider.com/decacorn-is-the-new-unicorn-2015-3	X
cblr-1691	87	1	[	[	X
cblr-1691	87	2	https://perma.cc/8vfs-gdgt	https://perma.cc/8vfs-gdgt	PROPN
cblr-1691	87	3	]	]	PUNCT
cblr-1691	87	4	.	.	PUNCT
cblr-1691	88	1	no	no	INTJ
cblr-1691	88	2	.	.	PUNCT
cblr-1691	89	1	1:107	1:107	NUM
cblr-1691	89	2	]	]	X
cblr-1691	89	3	unicorn	unicorn	ADJ
cblr-1691	89	4	stock	stock	NOUN
cblr-1691	89	5	options	option	NOUN
cblr-1691	89	6	113	113	NUM
cblr-1691	89	7	billion	billion	NUM
cblr-1691	89	8	in	in	ADP
cblr-1691	89	9	unrealized	unrealized	ADJ
cblr-1691	89	10	value	value	NOUN
cblr-1691	89	11	“	"	PUNCT
cblr-1691	89	12	is	be	AUX
cblr-1691	89	13	currently	currently	ADV
cblr-1691	89	14	locked	lock	VERB
cblr-1691	89	15	up	up	ADP
cblr-1691	89	16	in	in	ADP
cblr-1691	89	17	”	"	PUNCT
cblr-1691	89	18	these	these	DET
cblr-1691	89	19	firms.9	firms.9	PROPN
cblr-1691	89	20	by	by	ADP
cblr-1691	89	21	staying	stay	VERB
cblr-1691	89	22	private	private	ADJ
cblr-1691	89	23	and	and	CCONJ
cblr-1691	89	24	not	not	PART
cblr-1691	89	25	pursuing	pursue	VERB
cblr-1691	89	26	an	an	DET
cblr-1691	89	27	ipo	ipo	NOUN
cblr-1691	89	28	or	or	CCONJ
cblr-1691	89	29	sale	sale	NOUN
cblr-1691	89	30	,	,	PUNCT
cblr-1691	89	31	unicorns	unicorn	NOUN
cblr-1691	89	32	are	be	AUX
cblr-1691	89	33	delaying	delay	VERB
cblr-1691	89	34	liquidity	liquidity	NOUN
cblr-1691	89	35	events	event	NOUN
cblr-1691	89	36	for	for	ADP
cblr-1691	89	37	their	their	PRON
cblr-1691	89	38	shareholders	shareholder	NOUN
cblr-1691	89	39	,	,	PUNCT
cblr-1691	89	40	including	include	VERB
cblr-1691	89	41	their	their	PRON
cblr-1691	89	42	employees.10	employees.10	ADJ
cblr-1691	89	43	high	high	ADJ
cblr-1691	89	44	employee	employee	NOUN
cblr-1691	89	45	turnover	turnover	NOUN
cblr-1691	89	46	hurts	hurt	VERB
cblr-1691	89	47	a	a	DET
cblr-1691	89	48	firm	firm	NOUN
cblr-1691	89	49	’s	’s	PART
cblr-1691	89	50	bottom	bottom	ADJ
cblr-1691	89	51	line	line	NOUN
cblr-1691	89	52	.	.	PUNCT
cblr-1691	90	1	unicorn	unicorn	ADJ
cblr-1691	90	2	firms	firm	NOUN
cblr-1691	90	3	are	be	AUX
cblr-1691	90	4	dealing	deal	VERB
cblr-1691	90	5	with	with	ADP
cblr-1691	90	6	the	the	DET
cblr-1691	90	7	highest	high	ADJ
cblr-1691	90	8	turnover	turnover	NOUN
cblr-1691	90	9	rates	rate	NOUN
cblr-1691	90	10	of	of	ADP
cblr-1691	90	11	knowledgeable	knowledgeable	ADJ
cblr-1691	90	12	employees	employee	NOUN
cblr-1691	90	13	among	among	ADP
cblr-1691	90	14	tech	tech	NOUN
cblr-1691	90	15	disruptors.11	disruptors.11	VERB
cblr-1691	90	16	despite	despite	SCONJ
cblr-1691	90	17	the	the	DET
cblr-1691	90	18	fact	fact	NOUN
cblr-1691	90	19	that	that	SCONJ
cblr-1691	90	20	they	they	PRON
cblr-1691	90	21	generally	generally	ADV
cblr-1691	90	22	offer	offer	VERB
cblr-1691	90	23	their	their	PRON
cblr-1691	90	24	employees	employee	NOUN
cblr-1691	90	25	a	a	DET
cblr-1691	90	26	competitive	competitive	ADJ
cblr-1691	90	27	salary	salary	NOUN
cblr-1691	90	28	and	and	CCONJ
cblr-1691	90	29	the	the	DET
cblr-1691	90	30	highest	high	ADJ
cblr-1691	90	31	annual	annual	ADJ
cblr-1691	90	32	equity	equity	NOUN
cblr-1691	90	33	awards.12	awards.12	NOUN
cblr-1691	90	34	this	this	PRON
cblr-1691	90	35	raises	raise	VERB
cblr-1691	90	36	the	the	DET
cblr-1691	90	37	question	question	NOUN
cblr-1691	90	38	—	—	PUNCT
cblr-1691	90	39	even	even	ADV
cblr-1691	90	40	though	though	SCONJ
cblr-1691	90	41	unicorns	unicorn	NOUN
cblr-1691	90	42	do	do	AUX
cblr-1691	90	43	not	not	PART
cblr-1691	90	44	need	need	VERB
cblr-1691	90	45	public	public	ADJ
cblr-1691	90	46	markets	market	NOUN
cblr-1691	90	47	to	to	PART
cblr-1691	90	48	raise	raise	VERB
cblr-1691	90	49	money	money	NOUN
cblr-1691	90	50	,	,	PUNCT
cblr-1691	90	51	do	do	AUX
cblr-1691	90	52	they	they	PRON
cblr-1691	90	53	need	need	VERB
cblr-1691	90	54	them	they	PRON
cblr-1691	90	55	to	to	PART
cblr-1691	90	56	attract	attract	VERB
cblr-1691	90	57	,	,	PUNCT
cblr-1691	90	58	engage	engage	VERB
cblr-1691	90	59	,	,	PUNCT
cblr-1691	90	60	and	and	CCONJ
cblr-1691	90	61	retain	retain	VERB
cblr-1691	90	62	their	their	PRON
cblr-1691	90	63	talent	talent	NOUN
cblr-1691	90	64	?	?	PUNCT
cblr-1691	91	1	this	this	DET
cblr-1691	91	2	article	article	NOUN
cblr-1691	91	3	builds	build	VERB
cblr-1691	91	4	on	on	ADP
cblr-1691	91	5	the	the	DET
cblr-1691	91	6	work	work	NOUN
cblr-1691	91	7	of	of	ADP
cblr-1691	91	8	rock	rock	NOUN
cblr-1691	91	9	and	and	CCONJ
cblr-1691	91	10	wachter13	wachter13	NOUN
cblr-1691	91	11	and	and	CCONJ
cblr-1691	91	12	postulates	postulate	VERB
cblr-1691	91	13	that	that	SCONJ
cblr-1691	91	14	capital	capital	NOUN
cblr-1691	91	15	lock	lock	NOUN
cblr-1691	91	16	-	-	PUNCT
cblr-1691	91	17	in	in	NOUN
cblr-1691	91	18	is	be	AUX
cblr-1691	91	19	important	important	ADJ
cblr-1691	91	20	for	for	ADP
cblr-1691	91	21	startup	startup	NOUN
cblr-1691	91	22	9	9	NUM
cblr-1691	91	23	in	in	ADP
cblr-1691	91	24	2017	2017	NUM
cblr-1691	91	25	alone	alone	ADV
cblr-1691	91	26	,	,	PUNCT
cblr-1691	91	27	“	"	PUNCT
cblr-1691	91	28	22	22	NUM
cblr-1691	91	29	%	%	NOUN
cblr-1691	91	30	of	of	ADP
cblr-1691	91	31	the	the	DET
cblr-1691	91	32	capital	capital	NOUN
cblr-1691	91	33	invested	invest	VERB
cblr-1691	91	34	in	in	ADP
cblr-1691	91	35	the	the	DET
cblr-1691	91	36	us	us	PROPN
cblr-1691	91	37	was	be	AUX
cblr-1691	91	38	part	part	NOUN
cblr-1691	91	39	of	of	ADP
cblr-1691	91	40	a	a	DET
cblr-1691	91	41	deal	deal	NOUN
cblr-1691	91	42	valuing	value	VERB
cblr-1691	91	43	a	a	DET
cblr-1691	91	44	company	company	NOUN
cblr-1691	91	45	at	at	ADP
cblr-1691	91	46	$	$	SYM
cblr-1691	91	47	1	1	NUM
cblr-1691	91	48	billion	billion	NUM
cblr-1691	91	49	or	or	CCONJ
cblr-1691	91	50	more	more	ADJ
cblr-1691	91	51	.	.	PUNCT
cblr-1691	91	52	”	"	PUNCT
cblr-1691	92	1	see	see	VERB
cblr-1691	92	2	pitchbook	pitchbook	NOUN
cblr-1691	92	3	,	,	PUNCT
cblr-1691	92	4	unicorn	unicorn	ADJ
cblr-1691	92	5	report	report	NOUN
cblr-1691	92	6	2017	2017	NUM
cblr-1691	92	7	annual	annual	ADJ
cblr-1691	92	8	3	3	NUM
cblr-1691	92	9	(	(	PUNCT
cblr-1691	92	10	2017	2017	NUM
cblr-1691	92	11	)	)	PUNCT
cblr-1691	92	12	https://pitchbook.com/news/reports/2017annual-unicorn-report	https://pitchbook.com/news/reports/2017annual-unicorn-report	NOUN
cblr-1691	92	13	(	(	PUNCT
cblr-1691	92	14	on	on	ADP
cblr-1691	92	15	file	file	NOUN
cblr-1691	92	16	with	with	ADP
cblr-1691	92	17	the	the	DET
cblr-1691	92	18	columbia	columbia	PROPN
cblr-1691	92	19	business	business	PROPN
cblr-1691	92	20	law	law	PROPN
cblr-1691	92	21	review	review	PROPN
cblr-1691	92	22	)	)	PUNCT
cblr-1691	92	23	.	.	PUNCT
cblr-1691	93	1	10	10	NUM
cblr-1691	93	2	see	see	VERB
cblr-1691	93	3	erdogan	erdogan	PROPN
cblr-1691	93	4	et	et	PROPN
cblr-1691	93	5	al	al	PROPN
cblr-1691	93	6	.	.	PROPN
cblr-1691	93	7	,	,	PUNCT
cblr-1691	93	8	supra	supra	PROPN
cblr-1691	93	9	note	note	VERB
cblr-1691	93	10	6	6	NUM
cblr-1691	93	11	(	(	PUNCT
cblr-1691	93	12	“	"	PUNCT
cblr-1691	93	13	[	[	X
cblr-1691	93	14	p]rivate	p]rivate	ADJ
cblr-1691	93	15	-	-	PUNCT
cblr-1691	93	16	market	market	NOUN
cblr-1691	93	17	activity	activity	NOUN
cblr-1691	93	18	has	have	AUX
cblr-1691	93	19	ticked	tick	VERB
cblr-1691	93	20	up	up	ADP
cblr-1691	93	21	significantly	significantly	ADV
cblr-1691	93	22	as	as	SCONJ
cblr-1691	93	23	employees	employee	NOUN
cblr-1691	93	24	and	and	CCONJ
cblr-1691	93	25	investors	investor	NOUN
cblr-1691	93	26	alike	alike	ADV
cblr-1691	93	27	seek	seek	VERB
cblr-1691	93	28	liquidity	liquidity	NOUN
cblr-1691	93	29	.	.	PUNCT
cblr-1691	93	30	”	"	PUNCT
cblr-1691	93	31	)	)	PUNCT
cblr-1691	93	32	;	;	PUNCT
cblr-1691	93	33	see	see	VERB
cblr-1691	93	34	also	also	ADV
cblr-1691	93	35	andy	andy	PROPN
cblr-1691	93	36	kessler	kessler	PROPN
cblr-1691	93	37	,	,	PUNCT
cblr-1691	93	38	opinion	opinion	NOUN
cblr-1691	93	39	,	,	PUNCT
cblr-1691	93	40	unicorns	unicorn	NOUN
cblr-1691	93	41	need	need	VERB
cblr-1691	93	42	ipos	ipos	PROPN
cblr-1691	93	43	,	,	PUNCT
cblr-1691	93	44	wall	wall	PROPN
cblr-1691	93	45	st	st	PROPN
cblr-1691	93	46	.	.	PROPN
cblr-1691	93	47	j.	j.	PROPN
cblr-1691	93	48	(	(	PUNCT
cblr-1691	93	49	jan	jan	PROPN
cblr-1691	93	50	.	.	PROPN
cblr-1691	93	51	7	7	NUM
cblr-1691	93	52	,	,	PUNCT
cblr-1691	93	53	2018	2018	NUM
cblr-1691	93	54	)	)	PUNCT
cblr-1691	93	55	,	,	PUNCT
cblr-1691	93	56	https://www.wsj.com/articles/unicorns-need-ipos-1515361043	https://www.wsj.com/articles/unicorns-need-ipos-1515361043	NOUN
cblr-1691	93	57	(	(	PUNCT
cblr-1691	93	58	on	on	ADP
cblr-1691	93	59	file	file	NOUN
cblr-1691	93	60	with	with	ADP
cblr-1691	93	61	the	the	DET
cblr-1691	93	62	columbia	columbia	PROPN
cblr-1691	93	63	business	business	PROPN
cblr-1691	93	64	law	law	PROPN
cblr-1691	93	65	review	review	PROPN
cblr-1691	93	66	)	)	PUNCT
cblr-1691	93	67	(	(	PUNCT
cblr-1691	93	68	“	"	PUNCT
cblr-1691	93	69	the	the	DET
cblr-1691	93	70	economy	economy	NOUN
cblr-1691	93	71	needs	need	VERB
cblr-1691	93	72	this	this	PRON
cblr-1691	93	73	.	.	PUNCT
cblr-1691	94	1	the	the	DET
cblr-1691	94	2	more	more	ADJ
cblr-1691	94	3	companies	company	NOUN
cblr-1691	94	4	are	be	AUX
cblr-1691	94	5	publicly	publicly	ADV
cblr-1691	94	6	traded	trade	VERB
cblr-1691	94	7	,	,	PUNCT
cblr-1691	94	8	the	the	DET
cblr-1691	94	9	more	more	ADJ
cblr-1691	94	10	information	information	NOUN
cblr-1691	94	11	quickly	quickly	ADV
cblr-1691	94	12	gets	get	VERB
cblr-1691	94	13	into	into	ADP
cblr-1691	94	14	the	the	DET
cblr-1691	94	15	market	market	NOUN
cblr-1691	94	16	.	.	PUNCT
cblr-1691	95	1	this	this	PRON
cblr-1691	95	2	is	be	AUX
cblr-1691	95	3	especially	especially	ADV
cblr-1691	95	4	important	important	ADJ
cblr-1691	95	5	in	in	ADP
cblr-1691	95	6	innovative	innovative	ADJ
cblr-1691	95	7	industries	industry	NOUN
cblr-1691	95	8	.	.	PUNCT
cblr-1691	96	1	and	and	CCONJ
cblr-1691	96	2	for	for	ADP
cblr-1691	96	3	several	several	ADJ
cblr-1691	96	4	years	year	NOUN
cblr-1691	96	5	now	now	ADV
cblr-1691	96	6	,	,	PUNCT
cblr-1691	96	7	venture	venture	NOUN
cblr-1691	96	8	capitalists	capitalist	NOUN
cblr-1691	96	9	have	have	AUX
cblr-1691	96	10	been	be	AUX
cblr-1691	96	11	putting	put	VERB
cblr-1691	96	12	more	more	ADJ
cblr-1691	96	13	into	into	ADP
cblr-1691	96	14	startups	startup	NOUN
cblr-1691	96	15	than	than	SCONJ
cblr-1691	96	16	they	they	PRON
cblr-1691	96	17	have	have	AUX
cblr-1691	96	18	been	be	AUX
cblr-1691	96	19	taking	take	VERB
cblr-1691	96	20	out	out	ADP
cblr-1691	96	21	in	in	ADP
cblr-1691	96	22	exits	exit	NOUN
cblr-1691	96	23	.	.	PUNCT
cblr-1691	97	1	that	that	PRON
cblr-1691	97	2	ca	can	AUX
cblr-1691	97	3	n’t	not	PART
cblr-1691	97	4	last	last	VERB
cblr-1691	97	5	forever	forever	ADV
cblr-1691	97	6	.	.	PUNCT
cblr-1691	98	1	capitalism	capitalism	NOUN
cblr-1691	98	2	ca	can	AUX
cblr-1691	98	3	n’t	not	PART
cblr-1691	98	4	perform	perform	VERB
cblr-1691	98	5	at	at	ADP
cblr-1691	98	6	its	its	PRON
cblr-1691	98	7	highest	high	ADJ
cblr-1691	98	8	potential	potential	NOUN
cblr-1691	98	9	with	with	ADP
cblr-1691	98	10	large	large	ADJ
cblr-1691	98	11	opaque	opaque	ADJ
cblr-1691	98	12	companies	company	NOUN
cblr-1691	98	13	.	.	PUNCT
cblr-1691	98	14	”	"	PUNCT
cblr-1691	98	15	)	)	PUNCT
cblr-1691	98	16	.	.	PUNCT
cblr-1691	99	1	11	11	NUM
cblr-1691	99	2	see	see	VERB
cblr-1691	99	3	amir	amir	PROPN
cblr-1691	99	4	efrati	efrati	PROPN
cblr-1691	99	5	&	&	CCONJ
cblr-1691	99	6	peter	peter	PROPN
cblr-1691	99	7	schultz	schultz	PROPN
cblr-1691	99	8	,	,	PUNCT
cblr-1691	99	9	how	how	SCONJ
cblr-1691	99	10	tech	tech	NOUN
cblr-1691	99	11	firms	firm	NOUN
cblr-1691	99	12	stack	stack	VERB
cblr-1691	99	13	on	on	ADP
cblr-1691	99	14	pay	pay	NOUN
cblr-1691	99	15	,	,	PUNCT
cblr-1691	99	16	information	information	NOUN
cblr-1691	99	17	(	(	PUNCT
cblr-1691	99	18	sept	sept	PROPN
cblr-1691	99	19	.	.	PROPN
cblr-1691	99	20	13	13	NUM
cblr-1691	99	21	,	,	PUNCT
cblr-1691	99	22	2016	2016	NUM
cblr-1691	99	23	)	)	PUNCT
cblr-1691	99	24	,	,	PUNCT
cblr-1691	99	25	https://www.theinformation.com/articles/	https://www.theinformation.com/articles/	PUNCT
cblr-1691	99	26	how	how	SCONJ
cblr-1691	99	27	-	-	PUNCT
cblr-1691	99	28	tech	tech	NOUN
cblr-1691	99	29	-	-	PUNCT
cblr-1691	99	30	firms	firm	NOUN
cblr-1691	99	31	-	-	PUNCT
cblr-1691	99	32	stack	stack	NOUN
cblr-1691	99	33	-	-	PUNCT
cblr-1691	99	34	up	up	ADP
cblr-1691	99	35	-	-	PUNCT
cblr-1691	99	36	on	on	ADP
cblr-1691	99	37	-	-	PUNCT
cblr-1691	99	38	pay	pay	NOUN
cblr-1691	99	39	[	[	X
cblr-1691	99	40	https://perma.cc/ga3c-rgdy	https://perma.cc/ga3c-rgdy	X
cblr-1691	99	41	]	]	X
cblr-1691	99	42	;	;	PUNCT
cblr-1691	99	43	see	see	VERB
cblr-1691	99	44	also	also	ADV
cblr-1691	99	45	tim	tim	PROPN
cblr-1691	99	46	johnson	johnson	PROPN
cblr-1691	99	47	,	,	PUNCT
cblr-1691	99	48	the	the	DET
cblr-1691	99	49	real	real	ADJ
cblr-1691	99	50	problem	problem	NOUN
cblr-1691	99	51	with	with	ADP
cblr-1691	99	52	tech	tech	NOUN
cblr-1691	99	53	professionals	professional	NOUN
cblr-1691	99	54	:	:	PUNCT
cblr-1691	99	55	high	high	ADJ
cblr-1691	99	56	turnover	turnover	NOUN
cblr-1691	99	57	,	,	PUNCT
cblr-1691	99	58	forbes	forbes	PROPN
cblr-1691	99	59	(	(	PUNCT
cblr-1691	99	60	june	june	PROPN
cblr-1691	99	61	29	29	NUM
cblr-1691	99	62	,	,	PUNCT
cblr-1691	99	63	2018	2018	NUM
cblr-1691	99	64	)	)	PUNCT
cblr-1691	99	65	,	,	PUNCT
cblr-1691	99	66	https://www.forbes.com/sites/forbesbusiness	https://www.forbes.com/sites/forbesbusiness	PROPN
cblr-1691	99	67	developmentcouncil/2018/06/29	developmentcouncil/2018/06/29	NOUN
cblr-1691	99	68	/	/	SYM
cblr-1691	99	69	the	the	DET
cblr-1691	99	70	-	-	PUNCT
cblr-1691	99	71	real	real	ADJ
cblr-1691	99	72	-	-	PUNCT
cblr-1691	99	73	problem	problem	NOUN
cblr-1691	99	74	-	-	PUNCT
cblr-1691	99	75	with	with	ADP
cblr-1691	99	76	-	-	PUNCT
cblr-1691	99	77	tech	tech	NOUN
cblr-1691	99	78	-	-	PUNCT
cblr-1691	99	79	professionalshigh	professionalshigh	NOUN
cblr-1691	99	80	-	-	PUNCT
cblr-1691	99	81	turnover/#37ddb3164201	turnover/#37ddb3164201	NOUN
cblr-1691	99	82	[	[	X
cblr-1691	99	83	https://perma.cc/gre2-bgt4	https://perma.cc/gre2-bgt4	NOUN
cblr-1691	99	84	]	]	PUNCT
cblr-1691	99	85	.	.	PUNCT
cblr-1691	100	1	12	12	NUM
cblr-1691	100	2	this	this	DET
cblr-1691	100	3	article	article	NOUN
cblr-1691	100	4	uses	use	VERB
cblr-1691	100	5	the	the	DET
cblr-1691	100	6	terms	term	NOUN
cblr-1691	100	7	“	"	PUNCT
cblr-1691	100	8	equity	equity	NOUN
cblr-1691	100	9	awards	award	NOUN
cblr-1691	100	10	”	"	PUNCT
cblr-1691	100	11	or	or	CCONJ
cblr-1691	100	12	“	"	PUNCT
cblr-1691	100	13	compensation	compensation	NOUN
cblr-1691	100	14	”	"	PUNCT
cblr-1691	100	15	broadly	broadly	ADV
cblr-1691	100	16	to	to	PART
cblr-1691	100	17	include	include	VERB
cblr-1691	100	18	promises	promise	NOUN
cblr-1691	100	19	of	of	ADP
cblr-1691	100	20	equity	equity	NOUN
cblr-1691	100	21	(	(	PUNCT
cblr-1691	100	22	whether	whether	SCONJ
cblr-1691	100	23	stock	stock	NOUN
cblr-1691	100	24	options	option	NOUN
cblr-1691	100	25	or	or	CCONJ
cblr-1691	100	26	restricted	restrict	VERB
cblr-1691	100	27	stock	stock	NOUN
cblr-1691	100	28	units	unit	NOUN
cblr-1691	100	29	)	)	PUNCT
cblr-1691	100	30	.	.	PUNCT
cblr-1691	101	1	13	13	NUM
cblr-1691	101	2	the	the	DET
cblr-1691	101	3	private	private	ADJ
cblr-1691	101	4	startup	startup	NOUN
cblr-1691	101	5	company	company	NOUN
cblr-1691	101	6	legal	legal	ADJ
cblr-1691	101	7	form	form	NOUN
cblr-1691	101	8	is	be	AUX
cblr-1691	101	9	set	set	VERB
cblr-1691	101	10	to	to	PART
cblr-1691	101	11	“	"	PUNCT
cblr-1691	101	12	lock	lock	VERB
cblr-1691	101	13	-	-	PUNCT
cblr-1691	101	14	in	in	ADP
cblr-1691	101	15	parties	party	NOUN
cblr-1691	101	16	while	while	SCONJ
cblr-1691	101	17	developing	develop	VERB
cblr-1691	101	18	vulnerable	vulnerable	ADJ
cblr-1691	101	19	match	match	NOUN
cblr-1691	101	20	-	-	PUNCT
cblr-1691	101	21	specific	specific	ADJ
cblr-1691	101	22	assets	asset	NOUN
cblr-1691	101	23	.	.	PUNCT
cblr-1691	101	24	”	"	PUNCT
cblr-1691	102	1	edward	edward	PROPN
cblr-1691	102	2	b.	b.	PROPN
cblr-1691	102	3	rock	rock	PROPN
cblr-1691	102	4	&	&	CCONJ
cblr-1691	102	5	michael	michael	PROPN
cblr-1691	102	6	l.	l.	PROPN
cblr-1691	102	7	wachter	wachter	PROPN
cblr-1691	102	8	,	,	PUNCT
cblr-1691	102	9	waiting	wait	VERB
cblr-1691	102	10	for	for	SCONJ
cblr-1691	102	11	the	the	DET
cblr-1691	102	12	omelet	omelet	NOUN
cblr-1691	102	13	to	to	PART
cblr-1691	102	14	set	set	VERB
cblr-1691	102	15	:	:	PUNCT
cblr-1691	102	16	match	match	NOUN
cblr-1691	102	17	-	-	PUNCT
cblr-1691	102	18	specific	specific	ADJ
cblr-1691	102	19	assets	asset	NOUN
cblr-1691	102	20	https://nvca.org/pressreleases/2017-nvca-yearbook-highlights-busy-year-venture-industry-nvca/	https://nvca.org/pressreleases/2017-nvca-yearbook-highlights-busy-year-venture-industry-nvca/	VERB
cblr-1691	102	21	114	114	NUM
cblr-1691	102	22	columbia	columbia	PROPN
cblr-1691	102	23	business	business	NOUN
cblr-1691	102	24	law	law	PROPN
cblr-1691	102	25	review	review	NOUN
cblr-1691	102	26	[	[	X
cblr-1691	102	27	vol	vol	NOUN
cblr-1691	102	28	.	.	NOUN
cblr-1691	102	29	2019	2019	NUM
cblr-1691	102	30	companies	company	NOUN
cblr-1691	102	31	,	,	PUNCT
cblr-1691	102	32	including	include	VERB
cblr-1691	102	33	large	large	ADJ
cblr-1691	102	34	unicorns	unicorn	NOUN
cblr-1691	102	35	,	,	PUNCT
cblr-1691	102	36	because	because	SCONJ
cblr-1691	102	37	the	the	DET
cblr-1691	102	38	cost	cost	NOUN
cblr-1691	102	39	of	of	ADP
cblr-1691	102	40	investing	invest	VERB
cblr-1691	102	41	in	in	ADP
cblr-1691	102	42	innovation	innovation	NOUN
cblr-1691	102	43	-	-	PUNCT
cblr-1691	102	44	driven	drive	VERB
cblr-1691	102	45	products	product	NOUN
cblr-1691	102	46	or	or	CCONJ
cblr-1691	102	47	services	service	NOUN
cblr-1691	102	48	is	be	AUX
cblr-1691	102	49	very	very	ADV
cblr-1691	102	50	high	high	ADJ
cblr-1691	102	51	and	and	CCONJ
cblr-1691	102	52	risky	risky	ADJ
cblr-1691	102	53	.	.	PUNCT
cblr-1691	103	1	in	in	ADP
cblr-1691	103	2	order	order	NOUN
cblr-1691	103	3	to	to	PART
cblr-1691	103	4	allow	allow	VERB
cblr-1691	103	5	startup	startup	NOUN
cblr-1691	103	6	firms	firm	NOUN
cblr-1691	103	7	to	to	PART
cblr-1691	103	8	continue	continue	VERB
cblr-1691	103	9	to	to	PART
cblr-1691	103	10	raise	raise	VERB
cblr-1691	103	11	capital	capital	NOUN
cblr-1691	103	12	,	,	PUNCT
cblr-1691	103	13	investors	investor	NOUN
cblr-1691	103	14	can	can	AUX
cblr-1691	103	15	not	not	PART
cblr-1691	103	16	easily	easily	ADV
cblr-1691	103	17	threaten	threaten	VERB
cblr-1691	103	18	to	to	PART
cblr-1691	103	19	exit	exit	VERB
cblr-1691	103	20	and	and	CCONJ
cblr-1691	103	21	to	to	PART
cblr-1691	103	22	withdraw	withdraw	VERB
cblr-1691	103	23	their	their	PRON
cblr-1691	103	24	investment	investment	NOUN
cblr-1691	103	25	from	from	ADP
cblr-1691	103	26	the	the	DET
cblr-1691	103	27	firm	firm	NOUN
cblr-1691	103	28	.	.	PUNCT
cblr-1691	104	1	it	it	PRON
cblr-1691	104	2	is	be	AUX
cblr-1691	104	3	thus	thus	ADV
cblr-1691	104	4	important	important	ADJ
cblr-1691	104	5	to	to	PART
cblr-1691	104	6	turn	turn	VERB
cblr-1691	104	7	to	to	ADP
cblr-1691	104	8	the	the	DET
cblr-1691	104	9	changes	change	NOUN
cblr-1691	104	10	in	in	ADP
cblr-1691	104	11	the	the	DET
cblr-1691	104	12	market	market	NOUN
cblr-1691	104	13	,	,	PUNCT
cblr-1691	104	14	the	the	DET
cblr-1691	104	15	rise	rise	NOUN
cblr-1691	104	16	in	in	ADP
cblr-1691	104	17	investors	investor	NOUN
cblr-1691	104	18	with	with	ADP
cblr-1691	104	19	aggressive	aggressive	ADJ
cblr-1691	104	20	redemption	redemption	NOUN
cblr-1691	104	21	rights	right	NOUN
cblr-1691	104	22	,	,	PUNCT
cblr-1691	104	23	and	and	CCONJ
cblr-1691	104	24	the	the	DET
cblr-1691	104	25	ways	way	NOUN
cblr-1691	104	26	this	this	DET
cblr-1691	104	27	rise	rise	NOUN
cblr-1691	104	28	changes	change	VERB
cblr-1691	104	29	the	the	DET
cblr-1691	104	30	traditional	traditional	ADJ
cblr-1691	104	31	governance	governance	NOUN
cblr-1691	104	32	structure	structure	NOUN
cblr-1691	104	33	of	of	ADP
cblr-1691	104	34	vc	vc	PROPN
cblr-1691	104	35	-	-	PUNCT
cblr-1691	104	36	backed	back	VERB
cblr-1691	104	37	unicorn	unicorn	ADJ
cblr-1691	104	38	firms	firm	NOUN
cblr-1691	104	39	.	.	PUNCT
cblr-1691	105	1	but	but	CCONJ
cblr-1691	105	2	there	there	PRON
cblr-1691	105	3	has	have	AUX
cblr-1691	105	4	been	be	AUX
cblr-1691	105	5	relatively	relatively	ADV
cblr-1691	105	6	little	little	ADJ
cblr-1691	105	7	discussion	discussion	NOUN
cblr-1691	105	8	in	in	ADP
cblr-1691	105	9	the	the	DET
cblr-1691	105	10	literature	literature	NOUN
cblr-1691	105	11	on	on	ADP
cblr-1691	105	12	how	how	SCONJ
cblr-1691	105	13	changes	change	NOUN
cblr-1691	105	14	to	to	ADP
cblr-1691	105	15	u.s	u.s	PROPN
cblr-1691	105	16	.	.	PROPN
cblr-1691	105	17	capital	capital	NOUN
cblr-1691	105	18	markets	market	NOUN
cblr-1691	105	19	and	and	CCONJ
cblr-1691	105	20	recent	recent	ADJ
cblr-1691	105	21	legislation	legislation	NOUN
cblr-1691	105	22	affect	affect	VERB
cblr-1691	105	23	the	the	DET
cblr-1691	105	24	behavior	behavior	NOUN
cblr-1691	105	25	of	of	ADP
cblr-1691	105	26	unicorns	unicorn	NOUN
cblr-1691	105	27	as	as	ADP
cblr-1691	105	28	a	a	DET
cblr-1691	105	29	repeat	repeat	NOUN
cblr-1691	105	30	player	player	NOUN
cblr-1691	105	31	in	in	ADP
cblr-1691	105	32	competitive	competitive	ADJ
cblr-1691	105	33	technology	technology	NOUN
cblr-1691	105	34	markets	market	NOUN
cblr-1691	105	35	,	,	PUNCT
cblr-1691	105	36	where	where	SCONJ
cblr-1691	105	37	companies	company	NOUN
cblr-1691	105	38	aggressively	aggressively	ADV
cblr-1691	105	39	compete	compete	VERB
cblr-1691	105	40	for	for	ADP
cblr-1691	105	41	talent	talent	NOUN
cblr-1691	105	42	—	—	PUNCT
cblr-1691	105	43	i.e.	i.e.	X
cblr-1691	105	44	,	,	PUNCT
cblr-1691	105	45	knowledgeable	knowledgeable	ADJ
cblr-1691	105	46	employees.14	employees.14	PROPN
cblr-1691	105	47	this	this	DET
cblr-1691	105	48	article	article	NOUN
cblr-1691	105	49	fills	fill	VERB
cblr-1691	105	50	that	that	DET
cblr-1691	105	51	gap	gap	NOUN
cblr-1691	105	52	.	.	PUNCT
cblr-1691	106	1	it	it	PRON
cblr-1691	106	2	explores	explore	VERB
cblr-1691	106	3	how	how	SCONJ
cblr-1691	106	4	u.s	u.s	PROPN
cblr-1691	106	5	.	.	PROPN
cblr-1691	106	6	and	and	CCONJ
cblr-1691	106	7	minority	minority	NOUN
cblr-1691	106	8	oppression	oppression	NOUN
cblr-1691	106	9	in	in	ADP
cblr-1691	106	10	close	close	ADJ
cblr-1691	106	11	corporations	corporation	NOUN
cblr-1691	106	12	,	,	PUNCT
cblr-1691	106	13	24	24	NUM
cblr-1691	106	14	j.	j.	PROPN
cblr-1691	106	15	corp	corp	PROPN
cblr-1691	106	16	.	.	PROPN
cblr-1691	106	17	l.	l.	PROPN
cblr-1691	106	18	913	913	NUM
cblr-1691	106	19	,	,	PUNCT
cblr-1691	106	20	919	919	NUM
cblr-1691	106	21	(	(	PUNCT
cblr-1691	106	22	1999	1999	NUM
cblr-1691	106	23	)	)	PUNCT
cblr-1691	106	24	.	.	PUNCT
cblr-1691	107	1	14	14	NUM
cblr-1691	107	2	for	for	ADP
cblr-1691	107	3	insights	insight	NOUN
cblr-1691	107	4	on	on	ADP
cblr-1691	107	5	equity	equity	NOUN
cblr-1691	107	6	compensation	compensation	NOUN
cblr-1691	107	7	,	,	PUNCT
cblr-1691	107	8	see	see	VERB
cblr-1691	107	9	generally	generally	ADV
cblr-1691	107	10	michael	michael	PROPN
cblr-1691	107	11	b.	b.	PROPN
cblr-1691	107	12	dorff	dorff	PROPN
cblr-1691	107	13	,	,	PUNCT
cblr-1691	107	14	indispensable	indispensable	ADJ
cblr-1691	107	15	and	and	CCONJ
cblr-1691	107	16	other	other	ADJ
cblr-1691	107	17	myths	myth	NOUN
cblr-1691	107	18	:	:	PUNCT
cblr-1691	107	19	why	why	SCONJ
cblr-1691	107	20	the	the	DET
cblr-1691	107	21	ceo	ceo	NOUN
cblr-1691	107	22	pay	pay	NOUN
cblr-1691	107	23	experiment	experiment	NOUN
cblr-1691	107	24	failed	fail	VERB
cblr-1691	107	25	and	and	CCONJ
cblr-1691	107	26	how	how	SCONJ
cblr-1691	107	27	to	to	PART
cblr-1691	107	28	fix	fix	VERB
cblr-1691	107	29	it	it	PRON
cblr-1691	107	30	(	(	PUNCT
cblr-1691	107	31	2014	2014	NUM
cblr-1691	107	32	)	)	PUNCT
cblr-1691	107	33	(	(	PUNCT
cblr-1691	107	34	questioning	question	VERB
cblr-1691	107	35	the	the	DET
cblr-1691	107	36	theoretical	theoretical	ADJ
cblr-1691	107	37	foundation	foundation	NOUN
cblr-1691	107	38	for	for	ADP
cblr-1691	107	39	incentive	incentive	NOUN
cblr-1691	107	40	pay	pay	NOUN
cblr-1691	107	41	and	and	CCONJ
cblr-1691	107	42	advocating	advocate	VERB
cblr-1691	107	43	for	for	ADP
cblr-1691	107	44	salary	salary	NOUN
cblr-1691	107	45	-	-	PUNCT
cblr-1691	107	46	based	base	VERB
cblr-1691	107	47	executive	executive	ADJ
cblr-1691	107	48	pay	pay	NOUN
cblr-1691	107	49	)	)	PUNCT
cblr-1691	107	50	;	;	PUNCT
cblr-1691	107	51	alan	alan	PROPN
cblr-1691	107	52	hyde	hyde	PROPN
cblr-1691	107	53	,	,	PUNCT
cblr-1691	107	54	working	work	VERB
cblr-1691	107	55	in	in	ADP
cblr-1691	107	56	silicon	silicon	NOUN
cblr-1691	107	57	valley	valley	NOUN
cblr-1691	107	58	:	:	PUNCT
cblr-1691	107	59	economic	economic	ADJ
cblr-1691	107	60	and	and	CCONJ
cblr-1691	107	61	legal	legal	ADJ
cblr-1691	107	62	analysis	analysis	NOUN
cblr-1691	107	63	of	of	ADP
cblr-1691	107	64	a	a	DET
cblr-1691	107	65	highvelocity	highvelocity	NOUN
cblr-1691	107	66	labor	labor	NOUN
cblr-1691	107	67	market	market	NOUN
cblr-1691	107	68	(	(	PUNCT
cblr-1691	107	69	2003	2003	NUM
cblr-1691	107	70	)	)	PUNCT
cblr-1691	107	71	(	(	PUNCT
cblr-1691	107	72	providing	provide	VERB
cblr-1691	107	73	a	a	DET
cblr-1691	107	74	comprehensive	comprehensive	ADJ
cblr-1691	107	75	overview	overview	NOUN
cblr-1691	107	76	of	of	ADP
cblr-1691	107	77	the	the	DET
cblr-1691	107	78	silicon	silicon	NOUN
cblr-1691	107	79	valley	valley	NOUN
cblr-1691	107	80	labor	labor	NOUN
cblr-1691	107	81	market	market	NOUN
cblr-1691	107	82	and	and	CCONJ
cblr-1691	107	83	compensation	compensation	NOUN
cblr-1691	107	84	practices	practice	NOUN
cblr-1691	107	85	)	)	PUNCT
cblr-1691	107	86	;	;	PUNCT
cblr-1691	107	87	robert	robert	PROPN
cblr-1691	107	88	anderson	anderson	PROPN
cblr-1691	107	89	iv	iv	PROPN
cblr-1691	107	90	,	,	PUNCT
cblr-1691	107	91	employee	employee	NOUN
cblr-1691	107	92	incentives	incentive	NOUN
cblr-1691	107	93	and	and	CCONJ
cblr-1691	107	94	the	the	DET
cblr-1691	107	95	federal	federal	ADJ
cblr-1691	107	96	securities	security	NOUN
cblr-1691	107	97	laws	law	NOUN
cblr-1691	107	98	,	,	PUNCT
cblr-1691	107	99	57	57	NUM
cblr-1691	107	100	u.	u.	PROPN
cblr-1691	107	101	miami	miami	PROPN
cblr-1691	107	102	l.	l.	PROPN
cblr-1691	107	103	rev	rev	PROPN
cblr-1691	107	104	.	.	PROPN
cblr-1691	107	105	1195	1195	NUM
cblr-1691	107	106	,	,	PUNCT
cblr-1691	107	107	1217–52	1217–52	NUM
cblr-1691	107	108	(	(	PUNCT
cblr-1691	107	109	2003	2003	NUM
cblr-1691	107	110	)	)	PUNCT
cblr-1691	107	111	(	(	PUNCT
cblr-1691	107	112	discussing	discuss	VERB
cblr-1691	107	113	the	the	DET
cblr-1691	107	114	status	status	NOUN
cblr-1691	107	115	of	of	ADP
cblr-1691	107	116	employee	employee	NOUN
cblr-1691	107	117	options	option	NOUN
cblr-1691	107	118	as	as	ADP
cblr-1691	107	119	securities	security	NOUN
cblr-1691	107	120	)	)	PUNCT
cblr-1691	107	121	;	;	PUNCT
cblr-1691	107	122	matthew	matthew	PROPN
cblr-1691	107	123	t.	t.	PROPN
cblr-1691	107	124	bodie	bodie	PROPN
cblr-1691	107	125	,	,	PUNCT
cblr-1691	107	126	aligning	align	VERB
cblr-1691	107	127	incentives	incentive	NOUN
cblr-1691	107	128	with	with	ADP
cblr-1691	107	129	equity	equity	NOUN
cblr-1691	107	130	:	:	PUNCT
cblr-1691	107	131	employee	employee	NOUN
cblr-1691	107	132	stock	stock	NOUN
cblr-1691	107	133	options	option	NOUN
cblr-1691	107	134	and	and	CCONJ
cblr-1691	107	135	rule	rule	NOUN
cblr-1691	107	136	10b-5	10b-5	NUM
cblr-1691	107	137	,	,	PUNCT
cblr-1691	107	138	88	88	NUM
cblr-1691	107	139	iowa	iowa	PROPN
cblr-1691	107	140	l.	l.	PROPN
cblr-1691	107	141	rev	rev	PROPN
cblr-1691	107	142	.	.	PROPN
cblr-1691	108	1	539	539	NUM
cblr-1691	108	2	(	(	PUNCT
cblr-1691	108	3	2003	2003	NUM
cblr-1691	108	4	)	)	PUNCT
cblr-1691	108	5	(	(	PUNCT
cblr-1691	108	6	focusing	focus	VERB
cblr-1691	108	7	on	on	ADP
cblr-1691	108	8	the	the	DET
cblr-1691	108	9	availability	availability	NOUN
cblr-1691	108	10	of	of	ADP
cblr-1691	108	11	rule	rule	NOUN
cblr-1691	108	12	10b-5	10b-5	NUM
cblr-1691	108	13	actions	action	NOUN
cblr-1691	108	14	)	)	PUNCT
cblr-1691	108	15	;	;	PUNCT
cblr-1691	108	16	thomas	thomas	PROPN
cblr-1691	108	17	a.	a.	PROPN
cblr-1691	108	18	smith	smith	PROPN
cblr-1691	108	19	,	,	PUNCT
cblr-1691	108	20	the	the	DET
cblr-1691	108	21	zynga	zynga	NOUN
cblr-1691	108	22	clawback	clawback	NOUN
cblr-1691	108	23	:	:	PUNCT
cblr-1691	108	24	shoring	shore	VERB
cblr-1691	108	25	up	up	ADP
cblr-1691	108	26	the	the	DET
cblr-1691	108	27	central	central	ADJ
cblr-1691	108	28	pillar	pillar	NOUN
cblr-1691	108	29	of	of	ADP
cblr-1691	108	30	innovation	innovation	NOUN
cblr-1691	108	31	,	,	PUNCT
cblr-1691	108	32	53	53	NUM
cblr-1691	108	33	santa	santa	PROPN
cblr-1691	108	34	clara	clara	PROPN
cblr-1691	108	35	l.	l.	PROPN
cblr-1691	108	36	rev	rev	PROPN
cblr-1691	108	37	.	.	PROPN
cblr-1691	108	38	577	577	NUM
cblr-1691	108	39	,	,	PUNCT
cblr-1691	108	40	589–606	589–606	NUM
cblr-1691	108	41	(	(	PUNCT
cblr-1691	108	42	2013	2013	NUM
cblr-1691	108	43	)	)	PUNCT
cblr-1691	108	44	(	(	PUNCT
cblr-1691	108	45	focusing	focus	VERB
cblr-1691	108	46	on	on	ADP
cblr-1691	108	47	the	the	DET
cblr-1691	108	48	law	law	NOUN
cblr-1691	108	49	and	and	CCONJ
cblr-1691	108	50	economics	economic	NOUN
cblr-1691	108	51	of	of	ADP
cblr-1691	108	52	equity	equity	NOUN
cblr-1691	108	53	compensation	compensation	NOUN
cblr-1691	108	54	as	as	ADP
cblr-1691	108	55	private	private	ADJ
cblr-1691	108	56	ordering	ordering	NOUN
cblr-1691	108	57	)	)	PUNCT
cblr-1691	108	58	;	;	PUNCT
cblr-1691	108	59	yifat	yifat	NOUN
cblr-1691	108	60	aran	aran	NOUN
cblr-1691	108	61	,	,	PUNCT
cblr-1691	108	62	note	note	VERB
cblr-1691	108	63	,	,	PUNCT
cblr-1691	108	64	beyond	beyond	ADP
cblr-1691	108	65	covenants	covenant	NOUN
cblr-1691	108	66	not	not	PART
cblr-1691	108	67	to	to	PART
cblr-1691	108	68	compete	compete	VERB
cblr-1691	108	69	:	:	PUNCT
cblr-1691	108	70	equilibrium	equilibrium	NOUN
cblr-1691	108	71	in	in	ADP
cblr-1691	108	72	high	high	ADJ
cblr-1691	108	73	-	-	PUNCT
cblr-1691	108	74	tech	tech	NOUN
cblr-1691	108	75	startup	startup	NOUN
cblr-1691	108	76	labor	labor	NOUN
cblr-1691	108	77	markets	market	NOUN
cblr-1691	108	78	,	,	PUNCT
cblr-1691	108	79	70	70	NUM
cblr-1691	108	80	stan	stan	PROPN
cblr-1691	108	81	.	.	PUNCT
cblr-1691	109	1	l.	l.	PROPN
cblr-1691	109	2	rev	rev	PROPN
cblr-1691	109	3	.	.	PROPN
cblr-1691	109	4	1235	1235	NUM
cblr-1691	109	5	,	,	PUNCT
cblr-1691	109	6	1235	1235	NUM
cblr-1691	109	7	(	(	PUNCT
cblr-1691	109	8	2018	2018	NUM
cblr-1691	109	9	)	)	PUNCT
cblr-1691	109	10	(	(	PUNCT
cblr-1691	109	11	discussing	discuss	VERB
cblr-1691	109	12	california	california	PROPN
cblr-1691	109	13	’s	’s	PART
cblr-1691	109	14	public	public	ADJ
cblr-1691	109	15	policy	policy	NOUN
cblr-1691	109	16	against	against	ADP
cblr-1691	109	17	noncompete	noncompete	NOUN
cblr-1691	109	18	enforcement	enforcement	NOUN
cblr-1691	109	19	and	and	CCONJ
cblr-1691	109	20	the	the	DET
cblr-1691	109	21	new	new	ADJ
cblr-1691	109	22	employee	employee	NOUN
cblr-1691	109	23	stock	stock	NOUN
cblr-1691	109	24	options	option	NOUN
cblr-1691	109	25	market	market	NOUN
cblr-1691	109	26	and	and	CCONJ
cblr-1691	109	27	noting	note	VERB
cblr-1691	109	28	that	that	SCONJ
cblr-1691	109	29	“	"	PUNCT
cblr-1691	109	30	employees	employee	NOUN
cblr-1691	109	31	at	at	ADP
cblr-1691	109	32	less	less	ADV
cblr-1691	109	33	successful	successful	ADJ
cblr-1691	109	34	firms	firm	NOUN
cblr-1691	109	35	can	can	AUX
cblr-1691	109	36	move	move	VERB
cblr-1691	109	37	to	to	ADP
cblr-1691	109	38	competitors	competitor	NOUN
cblr-1691	109	39	at	at	ADP
cblr-1691	109	40	little	little	ADJ
cblr-1691	109	41	or	or	CCONJ
cblr-1691	109	42	no	no	PRON
cblr-1691	109	43	cost	cost	NOUN
cblr-1691	109	44	,	,	PUNCT
cblr-1691	109	45	but	but	CCONJ
cblr-1691	109	46	valuable	valuable	ADJ
cblr-1691	109	47	employees	employee	NOUN
cblr-1691	109	48	of	of	ADP
cblr-1691	109	49	successful	successful	ADJ
cblr-1691	109	50	private	private	ADJ
cblr-1691	109	51	firms	firm	NOUN
cblr-1691	109	52	are	be	AUX
cblr-1691	109	53	,	,	PUNCT
cblr-1691	109	54	practically	practically	ADV
cblr-1691	109	55	,	,	PUNCT
cblr-1691	109	56	handcuffed	handcuff	VERB
cblr-1691	109	57	just	just	ADV
cblr-1691	109	58	as	as	SCONJ
cblr-1691	109	59	if	if	SCONJ
cblr-1691	109	60	they	they	PRON
cblr-1691	109	61	were	be	AUX
cblr-1691	109	62	subject	subject	ADJ
cblr-1691	109	63	to	to	ADP
cblr-1691	109	64	a	a	DET
cblr-1691	109	65	powerful	powerful	ADJ
cblr-1691	109	66	noncompete	noncompete	NOUN
cblr-1691	109	67	.	.	PUNCT
cblr-1691	109	68	”	"	PUNCT
cblr-1691	109	69	)	)	PUNCT
cblr-1691	109	70	;	;	PUNCT
cblr-1691	109	71	michael	michael	PROPN
cblr-1691	109	72	c.	c.	PROPN
cblr-1691	109	73	jensen	jensen	PROPN
cblr-1691	109	74	&	&	CCONJ
cblr-1691	109	75	kevin	kevin	PROPN
cblr-1691	109	76	j.	j.	PROPN
cblr-1691	109	77	murphy	murphy	PROPN
cblr-1691	109	78	,	,	PUNCT
cblr-1691	109	79	ceo	ceo	NOUN
cblr-1691	109	80	incentives	incentive	NOUN
cblr-1691	109	81	—	—	PUNCT
cblr-1691	109	82	it	it	PRON
cblr-1691	109	83	’s	’	VERB
cblr-1691	109	84	not	not	PART
cblr-1691	109	85	how	how	SCONJ
cblr-1691	109	86	much	much	ADJ
cblr-1691	109	87	you	you	PRON
cblr-1691	109	88	pay	pay	VERB
cblr-1691	109	89	,	,	PUNCT
cblr-1691	109	90	but	but	CCONJ
cblr-1691	109	91	how	how	SCONJ
cblr-1691	109	92	,	,	PUNCT
cblr-1691	109	93	harv	harv	NOUN
cblr-1691	109	94	.	.	PUNCT
cblr-1691	110	1	bus	bus	NOUN
cblr-1691	110	2	.	.	PUNCT
cblr-1691	111	1	rev	rev	PROPN
cblr-1691	111	2	.	.	PROPN
cblr-1691	111	3	,	,	PUNCT
cblr-1691	111	4	may	may	PROPN
cblr-1691	111	5	–	–	PUNCT
cblr-1691	111	6	june	june	PROPN
cblr-1691	111	7	1990	1990	NUM
cblr-1691	111	8	,	,	PUNCT
cblr-1691	111	9	at	at	ADP
cblr-1691	111	10	138	138	NUM
cblr-1691	111	11	,	,	PUNCT
cblr-1691	111	12	141	141	NUM
cblr-1691	111	13	(	(	PUNCT
cblr-1691	111	14	advocating	advocate	VERB
cblr-1691	111	15	for	for	ADP
cblr-1691	111	16	equity	equity	NOUN
cblr-1691	111	17	compensation	compensation	NOUN
cblr-1691	111	18	as	as	ADP
cblr-1691	111	19	a	a	DET
cblr-1691	111	20	form	form	NOUN
cblr-1691	111	21	of	of	ADP
cblr-1691	111	22	incentive	incentive	NOUN
cblr-1691	111	23	-	-	PUNCT
cblr-1691	111	24	based	base	VERB
cblr-1691	111	25	executive	executive	ADJ
cblr-1691	111	26	pay	pay	NOUN
cblr-1691	111	27	)	)	PUNCT
cblr-1691	111	28	.	.	PUNCT
cblr-1691	112	1	no	no	INTJ
cblr-1691	112	2	.	.	PUNCT
cblr-1691	113	1	1:107	1:107	NUM
cblr-1691	113	2	]	]	X
cblr-1691	113	3	unicorn	unicorn	ADJ
cblr-1691	113	4	stock	stock	NOUN
cblr-1691	113	5	options	option	NOUN
cblr-1691	113	6	115	115	NUM
cblr-1691	113	7	technology	technology	NOUN
cblr-1691	113	8	companies	company	NOUN
cblr-1691	113	9	engage	engage	VERB
cblr-1691	113	10	in	in	ADP
cblr-1691	113	11	a	a	DET
cblr-1691	113	12	“	"	PUNCT
cblr-1691	113	13	war	war	NOUN
cblr-1691	113	14	for	for	ADP
cblr-1691	113	15	talent,”15	talent,”15	NOUN
cblr-1691	113	16	a	a	DET
cblr-1691	113	17	phenomenon	phenomenon	NOUN
cblr-1691	113	18	that	that	PRON
cblr-1691	113	19	will	will	AUX
cblr-1691	113	20	continue	continue	VERB
cblr-1691	113	21	to	to	PART
cblr-1691	113	22	define	define	VERB
cblr-1691	113	23	the	the	DET
cblr-1691	113	24	industry	industry	NOUN
cblr-1691	113	25	’s	’s	PART
cblr-1691	113	26	competitive	competitive	ADJ
cblr-1691	113	27	landscape	landscape	NOUN
cblr-1691	113	28	for	for	ADP
cblr-1691	113	29	years	year	NOUN
cblr-1691	113	30	to	to	PART
cblr-1691	113	31	come.16	come.16	VERB
cblr-1691	113	32	this	this	DET
cblr-1691	113	33	article	article	NOUN
cblr-1691	113	34	examines	examine	VERB
cblr-1691	113	35	this	this	DET
cblr-1691	113	36	silicon	silicon	NOUN
cblr-1691	113	37	valley	valley	NOUN
cblr-1691	113	38	puzzle	puzzle	NOUN
cblr-1691	113	39	—	—	PUNCT
cblr-1691	113	40	is	be	AUX
cblr-1691	113	41	there	there	PRON
cblr-1691	113	42	a	a	DET
cblr-1691	113	43	shift	shift	NOUN
cblr-1691	113	44	in	in	ADP
cblr-1691	113	45	unicorn	unicorn	ADJ
cblr-1691	113	46	employee	employee	NOUN
cblr-1691	113	47	expectations	expectation	NOUN
cblr-1691	113	48	that	that	PRON
cblr-1691	113	49	results	result	VERB
cblr-1691	113	50	in	in	ADP
cblr-1691	113	51	labor	labor	NOUN
cblr-1691	113	52	contract	contract	NOUN
cblr-1691	113	53	renegotiations	renegotiation	NOUN
cblr-1691	113	54	?	?	PUNCT
cblr-1691	114	1	the	the	DET
cblr-1691	114	2	answer	answer	NOUN
cblr-1691	114	3	is	be	AUX
cblr-1691	114	4	yes	yes	ADV
cblr-1691	114	5	:	:	PUNCT
cblr-1691	114	6	the	the	DET
cblr-1691	114	7	challenges	challenge	NOUN
cblr-1691	114	8	that	that	PRON
cblr-1691	114	9	unicorn	unicorn	ADJ
cblr-1691	114	10	firms	firm	NOUN
cblr-1691	114	11	face	face	VERB
cblr-1691	114	12	as	as	ADP
cblr-1691	114	13	repeat	repeat	NOUN
cblr-1691	114	14	players	player	NOUN
cblr-1691	114	15	in	in	ADP
cblr-1691	114	16	competitive	competitive	ADJ
cblr-1691	114	17	technology	technology	NOUN
cblr-1691	114	18	markets	market	NOUN
cblr-1691	114	19	and	and	CCONJ
cblr-1691	114	20	the	the	DET
cblr-1691	114	21	consequences	consequence	NOUN
cblr-1691	114	22	of	of	ADP
cblr-1691	114	23	failing	fail	VERB
cblr-1691	114	24	to	to	PART
cblr-1691	114	25	meet	meet	VERB
cblr-1691	114	26	their	their	PRON
cblr-1691	114	27	employees	employee	NOUN
cblr-1691	114	28	’	’	PART
cblr-1691	114	29	expectations	expectation	NOUN
cblr-1691	114	30	have	have	AUX
cblr-1691	114	31	resulted	result	VERB
cblr-1691	114	32	in	in	ADP
cblr-1691	114	33	labor	labor	NOUN
cblr-1691	114	34	contract	contract	NOUN
cblr-1691	114	35	renegotiations	renegotiation	NOUN
cblr-1691	114	36	.	.	PUNCT
cblr-1691	115	1	however	however	ADV
cblr-1691	115	2	,	,	PUNCT
cblr-1691	115	3	current	current	ADJ
cblr-1691	115	4	securities	security	NOUN
cblr-1691	115	5	and	and	CCONJ
cblr-1691	115	6	tax	tax	NOUN
cblr-1691	115	7	laws	law	NOUN
cblr-1691	115	8	create	create	VERB
cblr-1691	115	9	legal	legal	ADJ
cblr-1691	115	10	barriers	barrier	NOUN
cblr-1691	115	11	to	to	ADP
cblr-1691	115	12	private	private	ADJ
cblr-1691	115	13	ordering	ordering	NOUN
cblr-1691	115	14	,	,	PUNCT
cblr-1691	115	15	which	which	PRON
cblr-1691	115	16	prevent	prevent	VERB
cblr-1691	115	17	the	the	DET
cblr-1691	115	18	parties	party	NOUN
cblr-1691	115	19	from	from	ADP
cblr-1691	115	20	solving	solve	VERB
cblr-1691	115	21	these	these	DET
cblr-1691	115	22	issues	issue	NOUN
cblr-1691	115	23	on	on	ADP
cblr-1691	115	24	their	their	PRON
cblr-1691	115	25	own	own	ADJ
cblr-1691	115	26	.	.	PUNCT
cblr-1691	116	1	the	the	DET
cblr-1691	116	2	article	article	NOUN
cblr-1691	116	3	offers	offer	VERB
cblr-1691	116	4	the	the	DET
cblr-1691	116	5	following	follow	VERB
cblr-1691	116	6	possible	possible	ADJ
cblr-1691	116	7	solutions	solution	NOUN
cblr-1691	116	8	.	.	PUNCT
cblr-1691	117	1	first	first	ADV
cblr-1691	117	2	,	,	PUNCT
cblr-1691	117	3	it	it	PRON
cblr-1691	117	4	proposes	propose	VERB
cblr-1691	117	5	new	new	ADJ
cblr-1691	117	6	equity	equity	NOUN
cblr-1691	117	7	-	-	PUNCT
cblr-1691	117	8	based	base	VERB
cblr-1691	117	9	compensation	compensation	NOUN
cblr-1691	117	10	contracts	contract	NOUN
cblr-1691	117	11	for	for	ADP
cblr-1691	117	12	different	different	ADJ
cblr-1691	117	13	types	type	NOUN
cblr-1691	117	14	of	of	ADP
cblr-1691	117	15	employees	employee	NOUN
cblr-1691	117	16	(	(	PUNCT
cblr-1691	117	17	rank	rank	NOUN
cblr-1691	117	18	-	-	PUNCT
cblr-1691	117	19	and	and	CCONJ
cblr-1691	117	20	-	-	PUNCT
cblr-1691	117	21	file	file	NOUN
cblr-1691	117	22	,	,	PUNCT
cblr-1691	117	23	managers	manager	NOUN
cblr-1691	117	24	,	,	PUNCT
cblr-1691	117	25	and	and	CCONJ
cblr-1691	117	26	founders	founder	NOUN
cblr-1691	117	27	)	)	PUNCT
cblr-1691	117	28	than	than	ADP
cblr-1691	117	29	those	those	PRON
cblr-1691	117	30	typically	typically	ADV
cblr-1691	117	31	entered	enter	VERB
cblr-1691	117	32	into	into	ADP
cblr-1691	117	33	today	today	NOUN
cblr-1691	117	34	.	.	PUNCT
cblr-1691	118	1	second	second	ADJ
cblr-1691	118	2	,	,	PUNCT
cblr-1691	118	3	it	it	PRON
cblr-1691	118	4	explores	explore	VERB
cblr-1691	118	5	alternatives	alternative	NOUN
cblr-1691	118	6	to	to	ADP
cblr-1691	118	7	the	the	DET
cblr-1691	118	8	traditional	traditional	ADJ
cblr-1691	118	9	liquidity	liquidity	NOUN
cblr-1691	118	10	mechanism	mechanism	NOUN
cblr-1691	118	11	and	and	CCONJ
cblr-1691	118	12	offers	offer	VERB
cblr-1691	118	13	the	the	DET
cblr-1691	118	14	shortcomings	shortcoming	NOUN
cblr-1691	118	15	of	of	ADP
cblr-1691	118	16	these	these	DET
cblr-1691	118	17	possible	possible	ADJ
cblr-1691	118	18	alternatives	alternative	NOUN
cblr-1691	118	19	.	.	PUNCT
cblr-1691	119	1	third	third	ADJ
cblr-1691	119	2	,	,	PUNCT
cblr-1691	119	3	it	it	PRON
cblr-1691	119	4	suggests	suggest	VERB
cblr-1691	119	5	new	new	ADJ
cblr-1691	119	6	mandatory	mandatory	ADJ
cblr-1691	119	7	disclosure	disclosure	NOUN
cblr-1691	119	8	requirements	requirement	NOUN
cblr-1691	119	9	,	,	PUNCT
cblr-1691	119	10	proposals	proposal	NOUN
cblr-1691	119	11	to	to	ADP
cblr-1691	119	12	removing	remove	VERB
cblr-1691	119	13	the	the	DET
cblr-1691	119	14	legal	legal	ADJ
cblr-1691	119	15	barriers	barrier	NOUN
cblr-1691	119	16	to	to	ADP
cblr-1691	119	17	private	private	ADJ
cblr-1691	119	18	ordering	ordering	NOUN
cblr-1691	119	19	,	,	PUNCT
cblr-1691	119	20	and	and	CCONJ
cblr-1691	119	21	the	the	DET
cblr-1691	119	22	solutions	solution	NOUN
cblr-1691	119	23	provided	provide	VERB
cblr-1691	119	24	,	,	PUNCT
cblr-1691	119	25	and	and	CCONJ
cblr-1691	119	26	complications	complication	NOUN
cblr-1691	119	27	created	create	VERB
cblr-1691	119	28	by	by	ADP
cblr-1691	119	29	,	,	PUNCT
cblr-1691	119	30	these	these	PRON
cblr-1691	119	31	suggested	suggest	VERB
cblr-1691	119	32	regulatory	regulatory	ADJ
cblr-1691	119	33	changes	change	NOUN
cblr-1691	119	34	.	.	PUNCT
cblr-1691	120	1	the	the	DET
cblr-1691	120	2	securities	securities	PROPN
cblr-1691	120	3	and	and	CCONJ
cblr-1691	120	4	exchange	exchange	PROPN
cblr-1691	120	5	commission	commission	PROPN
cblr-1691	120	6	(	(	PUNCT
cblr-1691	120	7	“	"	PUNCT
cblr-1691	120	8	sec	sec	PROPN
cblr-1691	120	9	”	"	PUNCT
cblr-1691	120	10	)	)	PUNCT
cblr-1691	120	11	is	be	AUX
cblr-1691	120	12	also	also	ADV
cblr-1691	120	13	concerned	concerned	ADJ
cblr-1691	120	14	with	with	ADP
cblr-1691	120	15	these	these	DET
cblr-1691	120	16	challenges	challenge	NOUN
cblr-1691	120	17	.	.	PUNCT
cblr-1691	121	1	in	in	ADP
cblr-1691	121	2	fact	fact	NOUN
cblr-1691	121	3	,	,	PUNCT
cblr-1691	121	4	the	the	DET
cblr-1691	121	5	agency	agency	NOUN
cblr-1691	121	6	is	be	AUX
cblr-1691	121	7	exploring	explore	VERB
cblr-1691	121	8	new	new	ADJ
cblr-1691	121	9	rules	rule	NOUN
cblr-1691	121	10	that	that	PRON
cblr-1691	121	11	would	would	AUX
cblr-1691	121	12	make	make	VERB
cblr-1691	121	13	it	it	PRON
cblr-1691	121	14	easier	easy	ADJ
cblr-1691	121	15	for	for	ADP
cblr-1691	121	16	unicorns	unicorn	NOUN
cblr-1691	121	17	15	15	NUM
cblr-1691	121	18	“	"	PUNCT
cblr-1691	121	19	the	the	DET
cblr-1691	121	20	term	term	NOUN
cblr-1691	121	21	‘	'	PUNCT
cblr-1691	121	22	war	war	NOUN
cblr-1691	121	23	on	on	ADP
cblr-1691	121	24	talent	talent	NOUN
cblr-1691	121	25	’	'	PUNCT
cblr-1691	121	26	was	be	AUX
cblr-1691	121	27	coined	coin	VERB
cblr-1691	121	28	by	by	ADP
cblr-1691	121	29	mckinsey	mckinsey	PROPN
cblr-1691	121	30	’s	’s	PART
cblr-1691	121	31	steven	steven	PROPN
cblr-1691	121	32	hankin	hankin	PROPN
cblr-1691	121	33	in	in	ADP
cblr-1691	121	34	1997	1997	NUM
cblr-1691	121	35	and	and	CCONJ
cblr-1691	121	36	popularized	popularize	VERB
cblr-1691	121	37	by	by	ADP
cblr-1691	121	38	the	the	DET
cblr-1691	121	39	book	book	NOUN
cblr-1691	121	40	of	of	ADP
cblr-1691	121	41	that	that	DET
cblr-1691	121	42	name	name	NOUN
cblr-1691	121	43	in	in	ADP
cblr-1691	121	44	2001	2001	NUM
cblr-1691	121	45	.	.	PUNCT
cblr-1691	121	46	”	"	PUNCT
cblr-1691	122	1	scott	scott	PROPN
cblr-1691	122	2	keller	keller	PROPN
cblr-1691	122	3	&	&	CCONJ
cblr-1691	122	4	mary	mary	PROPN
cblr-1691	122	5	meaney	meaney	PROPN
cblr-1691	122	6	,	,	PUNCT
cblr-1691	122	7	attracting	attract	VERB
cblr-1691	122	8	and	and	CCONJ
cblr-1691	122	9	retaining	retain	VERB
cblr-1691	122	10	the	the	DET
cblr-1691	122	11	right	right	ADJ
cblr-1691	122	12	talent	talent	NOUN
cblr-1691	122	13	,	,	PUNCT
cblr-1691	122	14	mckinsey	mckinsey	PROPN
cblr-1691	122	15	&	&	CCONJ
cblr-1691	122	16	co.	co.	PROPN
cblr-1691	122	17	(	(	PUNCT
cblr-1691	122	18	nov	nov	PROPN
cblr-1691	122	19	.	.	PROPN
cblr-1691	122	20	2017	2017	NUM
cblr-1691	122	21	)	)	PUNCT
cblr-1691	122	22	,	,	PUNCT
cblr-1691	122	23	https://www.mckinsey.com/business-functions/organization/	https://www.mckinsey.com/business-functions/organization/	NOUN
cblr-1691	122	24	our	our	PRON
cblr-1691	122	25	-	-	PUNCT
cblr-1691	122	26	insights	insight	NOUN
cblr-1691	122	27	/	/	SYM
cblr-1691	122	28	attracting	attract	VERB
cblr-1691	122	29	-	-	PUNCT
cblr-1691	122	30	and	and	CCONJ
cblr-1691	122	31	-	-	PUNCT
cblr-1691	122	32	retaining	retain	VERB
cblr-1691	122	33	-	-	PUNCT
cblr-1691	122	34	the	the	DET
cblr-1691	122	35	-	-	PUNCT
cblr-1691	122	36	right	right	NOUN
cblr-1691	122	37	-	-	PUNCT
cblr-1691	122	38	talent	talent	NOUN
cblr-1691	123	1	[	[	X
cblr-1691	123	2	https://perma.cc/	https://perma.cc/	VERB
cblr-1691	123	3	g4c5	g4c5	NOUN
cblr-1691	123	4	-	-	NOUN
cblr-1691	123	5	293	293	NUM
cblr-1691	123	6	g	g	NOUN
cblr-1691	123	7	]	]	PUNCT
cblr-1691	123	8	;	;	PUNCT
cblr-1691	123	9	see	see	VERB
cblr-1691	123	10	also	also	ADV
cblr-1691	123	11	shira	shira	PROPN
cblr-1691	123	12	ovide	ovide	ADV
cblr-1691	123	13	,	,	PUNCT
cblr-1691	123	14	opinion	opinion	NOUN
cblr-1691	123	15	,	,	PUNCT
cblr-1691	123	16	honey	honey	PROPN
cblr-1691	123	17	,	,	PUNCT
cblr-1691	123	18	i	i	PRON
cblr-1691	123	19	shrunk	shrink	VERB
cblr-1691	123	20	apple	apple	NOUN
cblr-1691	123	21	’s	’s	PART
cblr-1691	123	22	profit	profit	NOUN
cblr-1691	123	23	margins	margin	NOUN
cblr-1691	123	24	,	,	PUNCT
cblr-1691	123	25	bloomberg	bloomberg	PROPN
cblr-1691	123	26	(	(	PUNCT
cblr-1691	123	27	aug	aug	PROPN
cblr-1691	123	28	.	.	PROPN
cblr-1691	123	29	2	2	NUM
cblr-1691	123	30	,	,	PUNCT
cblr-1691	123	31	2018	2018	NUM
cblr-1691	123	32	)	)	PUNCT
cblr-1691	123	33	,	,	PUNCT
cblr-1691	123	34	https://www.bloomberg.com/	https://www.bloomberg.com/	X
cblr-1691	123	35	view	view	NOUN
cblr-1691	123	36	/	/	SYM
cblr-1691	123	37	articles/2018	articles/2018	PROPN
cblr-1691	123	38	-	-	PUNCT
cblr-1691	123	39	08	08	NUM
cblr-1691	123	40	-	-	PUNCT
cblr-1691	123	41	02	02	NUM
cblr-1691	123	42	/	/	SYM
cblr-1691	123	43	apple	apple	NOUN
cblr-1691	123	44	-	-	PUNCT
cblr-1691	123	45	aapl	aapl	NOUN
cblr-1691	123	46	-	-	PUNCT
cblr-1691	123	47	at-1	at-1	NUM
cblr-1691	123	48	-	-	PUNCT
cblr-1691	123	49	trillion	trillion	NUM
cblr-1691	123	50	-	-	PUNCT
cblr-1691	123	51	honey	honey	NOUN
cblr-1691	123	52	-	-	PUNCT
cblr-1691	123	53	i	i	PRON
cblr-1691	123	54	-	-	PUNCT
cblr-1691	123	55	shrunk	shrink	VERB
cblr-1691	123	56	-	-	PUNCT
cblr-1691	123	57	the	the	DET
cblr-1691	123	58	-	-	PUNCT
cblr-1691	123	59	profitmargins	profitmargin	NOUN
cblr-1691	123	60	(	(	PUNCT
cblr-1691	123	61	on	on	ADP
cblr-1691	123	62	file	file	NOUN
cblr-1691	123	63	with	with	ADP
cblr-1691	123	64	the	the	DET
cblr-1691	123	65	columbia	columbia	PROPN
cblr-1691	123	66	business	business	PROPN
cblr-1691	123	67	law	law	PROPN
cblr-1691	123	68	review	review	PROPN
cblr-1691	123	69	)	)	PUNCT
cblr-1691	123	70	(	(	PUNCT
cblr-1691	123	71	“	"	PUNCT
cblr-1691	123	72	u.s	u.s	PROPN
cblr-1691	123	73	.	.	PROPN
cblr-1691	123	74	technology	technology	NOUN
cblr-1691	123	75	titans	titan	NOUN
cblr-1691	123	76	are	be	AUX
cblr-1691	123	77	in	in	ADP
cblr-1691	123	78	an	an	DET
cblr-1691	123	79	arms	arm	NOUN
cblr-1691	123	80	race	race	NOUN
cblr-1691	123	81	[	[	X
cblr-1691	123	82	.	.	X
cblr-1691	123	83	]	]	X
cblr-1691	123	84	“	"	PUNCT
cblr-1691	123	85	)	)	PUNCT
cblr-1691	123	86	.	.	PUNCT
cblr-1691	124	1	16	16	NUM
cblr-1691	124	2	see	see	VERB
cblr-1691	124	3	elizabeth	elizabeth	PROPN
cblr-1691	124	4	g.	g.	PROPN
cblr-1691	124	5	chambers	chambers	PROPN
cblr-1691	124	6	,	,	PUNCT
cblr-1691	124	7	mark	mark	PROPN
cblr-1691	124	8	foulon	foulon	PROPN
cblr-1691	124	9	,	,	PUNCT
cblr-1691	124	10	helen	helen	PROPN
cblr-1691	124	11	handfield	handfield	NOUN
cblr-1691	124	12	-	-	PUNCT
cblr-1691	124	13	jones	jones	PROPN
cblr-1691	124	14	,	,	PUNCT
cblr-1691	124	15	steven	steven	PROPN
cblr-1691	124	16	m.	m.	PROPN
cblr-1691	124	17	hankin	hankin	PROPN
cblr-1691	124	18	&	&	CCONJ
cblr-1691	124	19	edward	edward	PROPN
cblr-1691	124	20	g.	g.	PROPN
cblr-1691	124	21	michaels	michaels	PROPN
cblr-1691	124	22	iii	iii	PROPN
cblr-1691	124	23	,	,	PUNCT
cblr-1691	124	24	the	the	DET
cblr-1691	124	25	war	war	NOUN
cblr-1691	124	26	for	for	ADP
cblr-1691	124	27	talent	talent	NOUN
cblr-1691	124	28	,	,	PUNCT
cblr-1691	124	29	mckinsey	mckinsey	PROPN
cblr-1691	124	30	q.	q.	PROPN
cblr-1691	124	31	,	,	PUNCT
cblr-1691	124	32	1998	1998	NUM
cblr-1691	124	33	number	number	NOUN
cblr-1691	124	34	3	3	NUM
cblr-1691	124	35	,	,	PUNCT
cblr-1691	124	36	at	at	ADP
cblr-1691	124	37	44	44	NUM
cblr-1691	124	38	,	,	PUNCT
cblr-1691	124	39	46	46	NUM
cblr-1691	124	40	;	;	PUNCT
cblr-1691	124	41	see	see	VERB
cblr-1691	124	42	also	also	ADV
cblr-1691	124	43	ovide	ovide	ADV
cblr-1691	124	44	,	,	PUNCT
cblr-1691	124	45	supra	supra	PROPN
cblr-1691	124	46	note	note	NOUN
cblr-1691	124	47	15	15	NUM
cblr-1691	124	48	.	.	SYM
cblr-1691	124	49	116	116	NUM
cblr-1691	124	50	columbia	columbia	PROPN
cblr-1691	124	51	business	business	NOUN
cblr-1691	124	52	law	law	PROPN
cblr-1691	124	53	review	review	NOUN
cblr-1691	125	1	[	[	X
cblr-1691	125	2	vol	vol	NOUN
cblr-1691	125	3	.	.	PUNCT
cblr-1691	125	4	2019	2019	NUM
cblr-1691	125	5	“	"	PUNCT
cblr-1691	125	6	to	to	PART
cblr-1691	125	7	compensate	compensate	VERB
cblr-1691	125	8	their	their	PRON
cblr-1691	125	9	workers	worker	NOUN
cblr-1691	125	10	by	by	ADP
cblr-1691	125	11	giving	give	VERB
cblr-1691	125	12	them	they	PRON
cblr-1691	125	13	stock	stock	NOUN
cblr-1691	125	14	in	in	ADP
cblr-1691	125	15	the	the	DET
cblr-1691	125	16	company	company	NOUN
cblr-1691	125	17	.	.	PUNCT
cblr-1691	126	1	”17	”17	PROPN
cblr-1691	126	2	traditional	traditional	ADJ
cblr-1691	126	3	employee	employee	NOUN
cblr-1691	126	4	equity	equity	NOUN
cblr-1691	126	5	contracts	contract	NOUN
cblr-1691	126	6	were	be	AUX
cblr-1691	126	7	not	not	PART
cblr-1691	126	8	designed	design	VERB
cblr-1691	126	9	to	to	PART
cblr-1691	126	10	prevent	prevent	VERB
cblr-1691	126	11	the	the	DET
cblr-1691	126	12	heretofore	heretofore	PROPN
cblr-1691	126	13	unforeseen	unforeseen	ADJ
cblr-1691	126	14	contingency	contingency	NOUN
cblr-1691	126	15	of	of	ADP
cblr-1691	126	16	startups	startup	NOUN
cblr-1691	126	17	remaining	remain	VERB
cblr-1691	126	18	private	private	ADJ
cblr-1691	126	19	for	for	ADP
cblr-1691	126	20	significantly	significantly	ADV
cblr-1691	126	21	longer	long	ADV
cblr-1691	126	22	.	.	PUNCT
cblr-1691	127	1	this	this	DET
cblr-1691	127	2	delayed	delay	VERB
cblr-1691	127	3	timeline	timeline	NOUN
cblr-1691	127	4	pre	pre	NOUN
cblr-1691	127	5	-	-	ADJ
cblr-1691	127	6	ipo	ipo	NOUN
cblr-1691	127	7	affects	affect	VERB
cblr-1691	127	8	employee	employee	NOUN
cblr-1691	127	9	equity	equity	NOUN
cblr-1691	127	10	contracts	contract	NOUN
cblr-1691	127	11	and	and	CCONJ
cblr-1691	127	12	can	can	AUX
cblr-1691	127	13	trigger	trigger	VERB
cblr-1691	127	14	conflicts	conflict	NOUN
cblr-1691	127	15	between	between	ADP
cblr-1691	127	16	employees	employee	NOUN
cblr-1691	127	17	and	and	CCONJ
cblr-1691	127	18	employers	employer	NOUN
cblr-1691	127	19	.	.	PUNCT
cblr-1691	128	1	specifically	specifically	ADV
cblr-1691	128	2	,	,	PUNCT
cblr-1691	128	3	the	the	DET
cblr-1691	128	4	major	major	ADJ
cblr-1691	128	5	unicorn	unicorn	ADJ
cblr-1691	128	6	common	common	ADJ
cblr-1691	128	7	shareholders	shareholder	NOUN
cblr-1691	128	8	(	(	PUNCT
cblr-1691	128	9	typically	typically	ADV
cblr-1691	128	10	the	the	DET
cblr-1691	128	11	founders)18	founders)18	PROPN
cblr-1691	128	12	have	have	VERB
cblr-1691	128	13	greater	great	ADJ
cblr-1691	128	14	power	power	NOUN
cblr-1691	128	15	vis	vis	X
cblr-1691	128	16	-	-	PUNCT
cblr-1691	128	17	à	à	X
cblr-1691	128	18	-	-	PUNCT
cblr-1691	128	19	vis	vis	X
cblr-1691	128	20	preferred	preferred	ADJ
cblr-1691	128	21	shareholders	shareholder	NOUN
cblr-1691	128	22	and	and	CCONJ
cblr-1691	128	23	minority	minority	NOUN
cblr-1691	128	24	common	common	ADJ
cblr-1691	128	25	shareholders	shareholder	NOUN
cblr-1691	128	26	to	to	PART
cblr-1691	128	27	prevent	prevent	VERB
cblr-1691	128	28	a	a	DET
cblr-1691	128	29	sale	sale	NOUN
cblr-1691	128	30	and	and	CCONJ
cblr-1691	128	31	keep	keep	VERB
cblr-1691	128	32	the	the	DET
cblr-1691	128	33	company	company	NOUN
cblr-1691	128	34	private	private	ADJ
cblr-1691	128	35	longer.19	longer.19	NOUN
cblr-1691	128	36	according	accord	VERB
cblr-1691	128	37	to	to	ADP
cblr-1691	128	38	incomplete	incomplete	ADJ
cblr-1691	128	39	contracting	contracting	NOUN
cblr-1691	128	40	theory,20	theory,20	NOUN
cblr-1691	128	41	this	this	DET
cblr-1691	128	42	conflict	conflict	NOUN
cblr-1691	128	43	,	,	PUNCT
cblr-1691	128	44	which	which	PRON
cblr-1691	128	45	results	result	VERB
cblr-1691	128	46	from	from	ADP
cblr-1691	128	47	new	new	ADJ
cblr-1691	128	48	market	market	NOUN
cblr-1691	128	49	dynamics	dynamic	NOUN
cblr-1691	128	50	and	and	CCONJ
cblr-1691	128	51	changes	change	NOUN
cblr-1691	128	52	to	to	ADP
cblr-1691	128	53	unicorn	unicorn	ADJ
cblr-1691	128	54	startup	startup	NOUN
cblr-1691	128	55	governance	governance	NOUN
cblr-1691	128	56	arrangements	arrangement	NOUN
cblr-1691	128	57	,	,	PUNCT
cblr-1691	128	58	leads	lead	VERB
cblr-1691	128	59	to	to	ADP
cblr-1691	128	60	renegotiation	renegotiation	NOUN
cblr-1691	128	61	of	of	ADP
cblr-1691	128	62	employee	employee	NOUN
cblr-1691	128	63	equity	equity	NOUN
cblr-1691	128	64	compensation	compensation	NOUN
cblr-1691	128	65	agreements	agreement	NOUN
cblr-1691	128	66	.	.	PUNCT
cblr-1691	129	1	equity	equity	NOUN
cblr-1691	129	2	compensation	compensation	NOUN
cblr-1691	129	3	arrangements	arrangement	NOUN
cblr-1691	129	4	are	be	AUX
cblr-1691	129	5	customary	customary	ADJ
cblr-1691	129	6	in	in	ADP
cblr-1691	129	7	california	california	PROPN
cblr-1691	129	8	,	,	PUNCT
cblr-1691	129	9	because	because	SCONJ
cblr-1691	129	10	they	they	PRON
cblr-1691	129	11	can	can	AUX
cblr-1691	129	12	incentivize	incentivize	VERB
cblr-1691	129	13	retention	retention	NOUN
cblr-1691	129	14	and	and	CCONJ
cblr-1691	129	15	california	california	PROPN
cblr-1691	129	16	labor	labor	NOUN
cblr-1691	129	17	law	law	NOUN
cblr-1691	129	18	does	do	AUX
cblr-1691	129	19	not	not	PART
cblr-1691	129	20	enforce	enforce	VERB
cblr-1691	129	21	non	non	ADJ
cblr-1691	129	22	-	-	ADJ
cblr-1691	129	23	compete	compete	ADJ
cblr-1691	129	24	clauses	clause	NOUN
cblr-1691	129	25	in	in	ADP
cblr-1691	129	26	17	17	NUM
cblr-1691	129	27	see	see	VERB
cblr-1691	129	28	dave	dave	PROPN
cblr-1691	129	29	michaels	michaels	PROPN
cblr-1691	129	30	,	,	PUNCT
cblr-1691	129	31	sec	sec	PROPN
cblr-1691	129	32	chairman	chairman	NOUN
cblr-1691	129	33	wants	want	VERB
cblr-1691	129	34	to	to	PART
cblr-1691	129	35	let	let	VERB
cblr-1691	129	36	more	more	ADJ
cblr-1691	129	37	main	main	ADJ
cblr-1691	129	38	street	street	NOUN
cblr-1691	129	39	investors	investor	NOUN
cblr-1691	129	40	in	in	ADP
cblr-1691	129	41	on	on	ADP
cblr-1691	129	42	private	private	ADJ
cblr-1691	129	43	deals	deal	NOUN
cblr-1691	129	44	,	,	PUNCT
cblr-1691	130	1	wall	wall	PROPN
cblr-1691	130	2	st	st	PROPN
cblr-1691	130	3	.	.	PROPN
cblr-1691	130	4	j.	j.	PROPN
cblr-1691	130	5	(	(	PUNCT
cblr-1691	130	6	aug	aug	PROPN
cblr-1691	130	7	.	.	PROPN
cblr-1691	130	8	30	30	NUM
cblr-1691	130	9	,	,	PUNCT
cblr-1691	130	10	2018	2018	NUM
cblr-1691	130	11	)	)	PUNCT
cblr-1691	130	12	,	,	PUNCT
cblr-1691	130	13	https://www.wsj.com/articles/sec-chairman-wants-to-let-more-main-streetinvestors-in-on-private-deals-1535648208	https://www.wsj.com/articles/sec-chairman-wants-to-let-more-main-streetinvestors-in-on-private-deals-1535648208	NOUN
cblr-1691	130	14	(	(	PUNCT
cblr-1691	130	15	on	on	ADP
cblr-1691	130	16	file	file	NOUN
cblr-1691	130	17	with	with	ADP
cblr-1691	130	18	the	the	DET
cblr-1691	130	19	columbia	columbia	PROPN
cblr-1691	130	20	business	business	PROPN
cblr-1691	130	21	law	law	PROPN
cblr-1691	130	22	review	review	PROPN
cblr-1691	130	23	)	)	PUNCT
cblr-1691	130	24	.	.	PUNCT
cblr-1691	131	1	18	18	NUM
cblr-1691	131	2	see	see	VERB
cblr-1691	131	3	michael	michael	PROPN
cblr-1691	131	4	ewens	ewens	PROPN
cblr-1691	131	5	&	&	CCONJ
cblr-1691	131	6	joan	joan	PROPN
cblr-1691	131	7	farre	farre	PROPN
cblr-1691	131	8	-	-	PUNCT
cblr-1691	131	9	mensa	mensa	PROPN
cblr-1691	131	10	,	,	PUNCT
cblr-1691	131	11	the	the	DET
cblr-1691	131	12	deregulation	deregulation	NOUN
cblr-1691	131	13	of	of	ADP
cblr-1691	131	14	the	the	DET
cblr-1691	131	15	private	private	ADJ
cblr-1691	131	16	equity	equity	NOUN
cblr-1691	131	17	markets	market	NOUN
cblr-1691	131	18	and	and	CCONJ
cblr-1691	131	19	the	the	DET
cblr-1691	131	20	decline	decline	NOUN
cblr-1691	131	21	in	in	ADP
cblr-1691	131	22	ipos	ipos	NOUN
cblr-1691	131	23	1	1	NUM
cblr-1691	131	24	(	(	PUNCT
cblr-1691	131	25	dec	dec	PROPN
cblr-1691	131	26	.	.	PROPN
cblr-1691	131	27	26	26	NUM
cblr-1691	131	28	,	,	PUNCT
cblr-1691	131	29	2018	2018	NUM
cblr-1691	131	30	)	)	PUNCT
cblr-1691	131	31	(	(	PUNCT
cblr-1691	131	32	unpublished	unpublished	ADJ
cblr-1691	131	33	manuscript	manuscript	NOUN
cblr-1691	131	34	)	)	PUNCT
cblr-1691	131	35	,	,	PUNCT
cblr-1691	131	36	https://ssrn.com/abstract=3017610	https://ssrn.com/abstract=3017610	VERB
cblr-1691	131	37	[	[	X
cblr-1691	131	38	https://perma.cc/s859-wt5f	https://perma.cc/s859-wt5f	X
cblr-1691	131	39	]	]	X
cblr-1691	131	40	(	(	PUNCT
cblr-1691	131	41	“	"	PUNCT
cblr-1691	131	42	the	the	DET
cblr-1691	131	43	ipo	ipo	NOUN
cblr-1691	131	44	decline	decline	NOUN
cblr-1691	131	45	is	be	AUX
cblr-1691	131	46	.	.	PUNCT
cblr-1691	131	47	.	.	PUNCT
cblr-1691	131	48	.	.	PUNCT
cblr-1691	131	49	.	.	PUNCT
cblr-1691	132	1	the	the	DET
cblr-1691	132	2	result	result	NOUN
cblr-1691	132	3	of	of	ADP
cblr-1691	132	4	founders	founder	NOUN
cblr-1691	132	5	taking	take	VERB
cblr-1691	132	6	advantage	advantage	NOUN
cblr-1691	132	7	of	of	ADP
cblr-1691	132	8	their	their	PRON
cblr-1691	132	9	increased	increase	VERB
cblr-1691	132	10	bargaining	bargaining	NOUN
cblr-1691	132	11	power	power	NOUN
cblr-1691	132	12	and	and	CCONJ
cblr-1691	132	13	lower	low	ADJ
cblr-1691	132	14	cost	cost	NOUN
cblr-1691	132	15	of	of	ADP
cblr-1691	132	16	being	be	AUX
cblr-1691	132	17	private	private	ADJ
cblr-1691	132	18	to	to	PART
cblr-1691	132	19	realize	realize	VERB
cblr-1691	132	20	their	their	PRON
cblr-1691	132	21	preference	preference	NOUN
cblr-1691	132	22	for	for	ADP
cblr-1691	132	23	control	control	NOUN
cblr-1691	132	24	by	by	ADP
cblr-1691	132	25	choosing	choose	VERB
cblr-1691	132	26	to	to	PART
cblr-1691	132	27	remain	remain	VERB
cblr-1691	132	28	private	private	ADJ
cblr-1691	132	29	.	.	PUNCT
cblr-1691	132	30	”	"	PUNCT
cblr-1691	132	31	)	)	PUNCT
cblr-1691	132	32	.	.	PUNCT
cblr-1691	133	1	19	19	NUM
cblr-1691	133	2	see	see	VERB
cblr-1691	133	3	infra	infra	NOUN
cblr-1691	133	4	part	part	PROPN
cblr-1691	133	5	iii	iii	PROPN
cblr-1691	133	6	.	.	PROPN
cblr-1691	133	7	20	20	NUM
cblr-1691	133	8	see	see	VERB
cblr-1691	133	9	philippe	philippe	PROPN
cblr-1691	133	10	aghion	aghion	NOUN
cblr-1691	133	11	&	&	CCONJ
cblr-1691	133	12	patrick	patrick	PROPN
cblr-1691	133	13	bolton	bolton	PROPN
cblr-1691	133	14	,	,	PUNCT
cblr-1691	133	15	an	an	DET
cblr-1691	133	16	incomplete	incomplete	ADJ
cblr-1691	133	17	contracts	contract	NOUN
cblr-1691	133	18	approach	approach	NOUN
cblr-1691	133	19	to	to	ADP
cblr-1691	133	20	financial	financial	ADJ
cblr-1691	133	21	contracting	contracting	NOUN
cblr-1691	133	22	,	,	PUNCT
cblr-1691	133	23	59	59	NUM
cblr-1691	133	24	rev	rev	X
cblr-1691	133	25	.	.	PROPN
cblr-1691	133	26	econ	econ	PROPN
cblr-1691	133	27	.	.	PUNCT
cblr-1691	133	28	stud	stud	PROPN
cblr-1691	133	29	.	.	PUNCT
cblr-1691	134	1	473	473	NUM
cblr-1691	134	2	,	,	PUNCT
cblr-1691	134	3	474	474	NUM
cblr-1691	134	4	(	(	PUNCT
cblr-1691	134	5	1992	1992	NUM
cblr-1691	134	6	)	)	PUNCT
cblr-1691	134	7	(	(	PUNCT
cblr-1691	134	8	explaining	explain	VERB
cblr-1691	134	9	that	that	DET
cblr-1691	134	10	sale	sale	NOUN
cblr-1691	134	11	of	of	ADP
cblr-1691	134	12	the	the	DET
cblr-1691	134	13	firm	firm	NOUN
cblr-1691	134	14	can	can	AUX
cblr-1691	134	15	eliminate	eliminate	VERB
cblr-1691	134	16	managers	manager	NOUN
cblr-1691	134	17	’	'	PUNCT
cblr-1691	134	18	positions	position	NOUN
cblr-1691	134	19	and	and	CCONJ
cblr-1691	134	20	their	their	PRON
cblr-1691	134	21	private	private	ADJ
cblr-1691	134	22	benefits	benefit	NOUN
cblr-1691	134	23	)	)	PUNCT
cblr-1691	134	24	;	;	PUNCT
cblr-1691	134	25	brian	brian	PROPN
cblr-1691	134	26	broughman	broughman	PROPN
cblr-1691	134	27	&	&	CCONJ
cblr-1691	134	28	jesse	jesse	PROPN
cblr-1691	134	29	fried	fried	PROPN
cblr-1691	134	30	,	,	PUNCT
cblr-1691	134	31	renegotiation	renegotiation	NOUN
cblr-1691	134	32	of	of	ADP
cblr-1691	134	33	cash	cash	NOUN
cblr-1691	134	34	flow	flow	NOUN
cblr-1691	134	35	rights	right	NOUN
cblr-1691	134	36	in	in	ADP
cblr-1691	134	37	the	the	DET
cblr-1691	134	38	sale	sale	NOUN
cblr-1691	134	39	of	of	ADP
cblr-1691	134	40	vc	vc	NOUN
cblr-1691	134	41	-	-	PUNCT
cblr-1691	134	42	backed	back	VERB
cblr-1691	134	43	firms	firm	NOUN
cblr-1691	134	44	,	,	PUNCT
cblr-1691	134	45	95	95	NUM
cblr-1691	134	46	j.	j.	PROPN
cblr-1691	134	47	fin	fin	PROPN
cblr-1691	134	48	.	.	PUNCT
cblr-1691	135	1	econ	econ	PROPN
cblr-1691	135	2	.	.	PUNCT
cblr-1691	136	1	384	384	NUM
cblr-1691	136	2	,	,	PUNCT
cblr-1691	136	3	387	387	NUM
cblr-1691	136	4	(	(	PUNCT
cblr-1691	136	5	2009	2009	NUM
cblr-1691	136	6	)	)	PUNCT
cblr-1691	136	7	(	(	PUNCT
cblr-1691	136	8	“	"	PUNCT
cblr-1691	136	9	[	[	X
cblr-1691	136	10	c]ommon	c]ommon	NOUN
cblr-1691	136	11	shareholders	shareholder	NOUN
cblr-1691	136	12	thus	thus	ADV
cblr-1691	136	13	might	might	AUX
cblr-1691	136	14	prefer	prefer	VERB
cblr-1691	136	15	keeping	keep	VERB
cblr-1691	136	16	the	the	DET
cblr-1691	136	17	firm	firm	ADJ
cblr-1691	136	18	independent	independent	NOUN
cblr-1691	136	19	in	in	ADP
cblr-1691	136	20	the	the	DET
cblr-1691	136	21	hope	hope	NOUN
cblr-1691	136	22	that	that	SCONJ
cblr-1691	136	23	it	it	PRON
cblr-1691	136	24	is	be	AUX
cblr-1691	136	25	later	later	ADV
cblr-1691	136	26	sold	sell	VERB
cblr-1691	136	27	for	for	ADP
cblr-1691	136	28	a	a	DET
cblr-1691	136	29	higher	high	ADJ
cblr-1691	136	30	price	price	NOUN
cblr-1691	136	31	or	or	CCONJ
cblr-1691	136	32	undergoes	undergo	VERB
cblr-1691	136	33	an	an	DET
cblr-1691	136	34	ipo	ipo	NOUN
cblr-1691	136	35	in	in	ADP
cblr-1691	136	36	which	which	PRON
cblr-1691	136	37	the	the	DET
cblr-1691	136	38	vcs	vcs	PROPN
cblr-1691	136	39	are	be	AUX
cblr-1691	136	40	forced	force	VERB
cblr-1691	136	41	to	to	PART
cblr-1691	136	42	convert	convert	VERB
cblr-1691	136	43	to	to	ADP
cblr-1691	136	44	common	common	ADJ
cblr-1691	136	45	[	[	X
cblr-1691	136	46	.	.	X
cblr-1691	136	47	]	]	X
cblr-1691	136	48	”	"	PUNCT
cblr-1691	136	49	)	)	PUNCT
cblr-1691	136	50	.	.	PUNCT
cblr-1691	137	1	no	no	INTJ
cblr-1691	137	2	.	.	PUNCT
cblr-1691	138	1	1:107	1:107	NUM
cblr-1691	138	2	]	]	X
cblr-1691	138	3	unicorn	unicorn	ADJ
cblr-1691	138	4	stock	stock	NOUN
cblr-1691	138	5	options	option	NOUN
cblr-1691	138	6	117	117	NUM
cblr-1691	138	7	employment	employment	NOUN
cblr-1691	138	8	agreements.21	agreements.21	PROPN
cblr-1691	138	9	most	most	ADJ
cblr-1691	138	10	unicorns	unicorn	NOUN
cblr-1691	138	11	are	be	AUX
cblr-1691	138	12	located	locate	VERB
cblr-1691	138	13	in	in	ADP
cblr-1691	138	14	silicon	silicon	NOUN
cblr-1691	138	15	valley,22	valley,22	NOUN
cblr-1691	138	16	and	and	CCONJ
cblr-1691	138	17	deal	deal	VERB
cblr-1691	138	18	with	with	ADP
cblr-1691	138	19	employment	employment	NOUN
cblr-1691	138	20	contract	contract	NOUN
cblr-1691	138	21	renegotiations	renegotiation	NOUN
cblr-1691	138	22	because	because	SCONJ
cblr-1691	138	23	of	of	ADP
cblr-1691	138	24	the	the	DET
cblr-1691	138	25	common	common	ADJ
cblr-1691	138	26	use	use	NOUN
cblr-1691	138	27	of	of	ADP
cblr-1691	138	28	incentive	incentive	NOUN
cblr-1691	138	29	equity	equity	NOUN
cblr-1691	138	30	compensation	compensation	NOUN
cblr-1691	138	31	,	,	PUNCT
cblr-1691	138	32	such	such	ADJ
cblr-1691	138	33	as	as	ADP
cblr-1691	138	34	stock	stock	NOUN
cblr-1691	138	35	options.23	options.23	NOUN
cblr-1691	138	36	in	in	ADP
cblr-1691	138	37	the	the	DET
cblr-1691	138	38	past	past	NOUN
cblr-1691	138	39	,	,	PUNCT
cblr-1691	138	40	many	many	ADJ
cblr-1691	138	41	talented	talented	ADJ
cblr-1691	138	42	individuals	individual	NOUN
cblr-1691	138	43	chose	choose	VERB
cblr-1691	138	44	to	to	PART
cblr-1691	138	45	work	work	VERB
cblr-1691	138	46	for	for	ADP
cblr-1691	138	47	a	a	DET
cblr-1691	138	48	startup	startup	ADJ
cblr-1691	138	49	company	company	NOUN
cblr-1691	138	50	for	for	ADP
cblr-1691	138	51	a	a	DET
cblr-1691	138	52	below	below	ADJ
cblr-1691	138	53	-	-	PUNCT
cblr-1691	138	54	market	market	NOUN
cblr-1691	138	55	cash	cash	NOUN
cblr-1691	138	56	salary	salary	NOUN
cblr-1691	138	57	with	with	ADP
cblr-1691	138	58	a	a	DET
cblr-1691	138	59	substantial	substantial	ADJ
cblr-1691	138	60	stock	stock	NOUN
cblr-1691	138	61	option	option	NOUN
cblr-1691	138	62	grant	grant	NOUN
cblr-1691	138	63	,	,	PUNCT
cblr-1691	138	64	dreaming	dream	VERB
cblr-1691	138	65	of	of	ADP
cblr-1691	138	66	cashing	cash	VERB
cblr-1691	138	67	out	out	ADP
cblr-1691	138	68	for	for	ADP
cblr-1691	138	69	a	a	DET
cblr-1691	138	70	large	large	ADJ
cblr-1691	138	71	sum	sum	NOUN
cblr-1691	138	72	of	of	ADP
cblr-1691	138	73	money	money	NOUN
cblr-1691	138	74	after	after	SCONJ
cblr-1691	138	75	the	the	DET
cblr-1691	138	76	startup	startup	NOUN
cblr-1691	138	77	’s	’s	NOUN
cblr-1691	138	78	ipo.24	ipo.24	NOUN
cblr-1691	138	79	yet	yet	ADV
cblr-1691	138	80	,	,	PUNCT
cblr-1691	138	81	today	today	NOUN
cblr-1691	138	82	,	,	PUNCT
cblr-1691	138	83	due	due	ADJ
cblr-1691	138	84	to	to	ADP
cblr-1691	138	85	“	"	PUNCT
cblr-1691	138	86	lock	lock	VERB
cblr-1691	138	87	-	-	PUNCT
cblr-1691	138	88	in	in	NOUN
cblr-1691	138	89	”	"	PUNCT
cblr-1691	138	90	and	and	CCONJ
cblr-1691	138	91	illiquidity	illiquidity	NOUN
cblr-1691	138	92	of	of	ADP
cblr-1691	138	93	unicorn	unicorn	ADJ
cblr-1691	138	94	shares	share	NOUN
cblr-1691	138	95	,	,	PUNCT
cblr-1691	138	96	employees	employee	NOUN
cblr-1691	138	97	are	be	AUX
cblr-1691	138	98	faced	face	VERB
cblr-1691	138	99	with	with	ADP
cblr-1691	138	100	a	a	DET
cblr-1691	138	101	dilemma	dilemma	NOUN
cblr-1691	138	102	—	—	PUNCT
cblr-1691	138	103	if	if	SCONJ
cblr-1691	138	104	their	their	PRON
cblr-1691	138	105	stock	stock	NOUN
cblr-1691	138	106	options	option	NOUN
cblr-1691	138	107	are	be	AUX
cblr-1691	138	108	expiring	expire	VERB
cblr-1691	138	109	,	,	PUNCT
cblr-1691	138	110	they	they	PRON
cblr-1691	138	111	must	must	AUX
cblr-1691	138	112	choose	choose	VERB
cblr-1691	138	113	between	between	ADP
cblr-1691	138	114	forfeiting	forfeit	VERB
cblr-1691	138	115	them	they	PRON
cblr-1691	138	116	(	(	PUNCT
cblr-1691	138	117	and	and	CCONJ
cblr-1691	138	118	consequently	consequently	ADV
cblr-1691	138	119	forfeiting	forfeit	VERB
cblr-1691	138	120	their	their	PRON
cblr-1691	138	121	chances	chance	NOUN
cblr-1691	138	122	of	of	ADP
cblr-1691	138	123	getting	get	VERB
cblr-1691	138	124	rich	rich	ADJ
cblr-1691	138	125	)	)	PUNCT
cblr-1691	138	126	or	or	CCONJ
cblr-1691	138	127	exercising	exercise	VERB
cblr-1691	138	128	them	they	PRON
cblr-1691	138	129	and	and	CCONJ
cblr-1691	138	130	paying	pay	VERB
cblr-1691	138	131	cash	cash	NOUN
cblr-1691	138	132	for	for	ADP
cblr-1691	138	133	shares	share	NOUN
cblr-1691	138	134	that	that	PRON
cblr-1691	138	135	may	may	AUX
cblr-1691	138	136	turn	turn	VERB
cblr-1691	138	137	out	out	ADP
cblr-1691	138	138	to	to	PART
cblr-1691	138	139	be	be	AUX
cblr-1691	138	140	worth	worth	ADJ
cblr-1691	138	141	far	far	ADV
cblr-1691	138	142	less	less	ADJ
cblr-1691	138	143	than	than	ADP
cblr-1691	138	144	the	the	DET
cblr-1691	138	145	exercise	exercise	NOUN
cblr-1691	138	146	price.25	price.25	NOUN
cblr-1691	138	147	because	because	SCONJ
cblr-1691	138	148	pre	pre	ADJ
cblr-1691	138	149	-	-	ADJ
cblr-1691	138	150	ipo	ipo	ADJ
cblr-1691	138	151	unicorn	unicorn	ADJ
cblr-1691	138	152	valuations	valuation	NOUN
cblr-1691	138	153	are	be	AUX
cblr-1691	138	154	very	very	ADV
cblr-1691	138	155	high	high	ADJ
cblr-1691	138	156	,	,	PUNCT
cblr-1691	138	157	many	many	ADJ
cblr-1691	138	158	employees	employee	NOUN
cblr-1691	138	159	find	find	VERB
cblr-1691	138	160	that	that	SCONJ
cblr-1691	138	161	their	their	PRON
cblr-1691	138	162	options	option	NOUN
cblr-1691	138	163	are	be	AUX
cblr-1691	138	164	prohibitively	prohibitively	ADV
cblr-1691	138	165	expensive	expensive	ADJ
cblr-1691	138	166	due	due	ADP
cblr-1691	138	167	to	to	ADP
cblr-1691	138	168	liquidity	liquidity	NOUN
cblr-1691	138	169	constraints	constraint	NOUN
cblr-1691	138	170	and	and	CCONJ
cblr-1691	138	171	tax	tax	NOUN
cblr-1691	138	172	concerns	concern	NOUN
cblr-1691	138	173	.	.	PUNCT
cblr-1691	139	1	there	there	PRON
cblr-1691	139	2	is	be	VERB
cblr-1691	139	3	a	a	DET
cblr-1691	139	4	heated	heated	ADJ
cblr-1691	139	5	debate	debate	NOUN
cblr-1691	139	6	in	in	ADP
cblr-1691	139	7	silicon	silicon	NOUN
cblr-1691	139	8	valley	valley	NOUN
cblr-1691	139	9	about	about	ADP
cblr-1691	139	10	whether	whether	SCONJ
cblr-1691	139	11	the	the	DET
cblr-1691	139	12	use	use	NOUN
cblr-1691	139	13	of	of	ADP
cblr-1691	139	14	so	so	ADV
cblr-1691	139	15	-	-	PUNCT
cblr-1691	139	16	called	call	VERB
cblr-1691	139	17	“	"	PUNCT
cblr-1691	139	18	golden	golden	ADJ
cblr-1691	139	19	handcuffs	handcuff	NOUN
cblr-1691	139	20	,	,	PUNCT
cblr-1691	139	21	”	"	PUNCT
cblr-1691	139	22	the	the	DET
cblr-1691	139	23	ninetyday	ninetyday	PROPN
cblr-1691	139	24	stock	stock	NOUN
cblr-1691	139	25	option	option	NOUN
cblr-1691	139	26	exercise	exercise	NOUN
cblr-1691	139	27	period	period	NOUN
cblr-1691	139	28	applicable	applicable	ADJ
cblr-1691	139	29	to	to	ADP
cblr-1691	139	30	departing	depart	VERB
cblr-1691	139	31	employees	employee	NOUN
cblr-1691	139	32	,	,	PUNCT
cblr-1691	139	33	is	be	AUX
cblr-1691	139	34	fair	fair	ADJ
cblr-1691	139	35	or	or	CCONJ
cblr-1691	139	36	efficient	efficient	ADJ
cblr-1691	139	37	due	due	ADP
cblr-1691	139	38	to	to	ADP
cblr-1691	139	39	these	these	DET
cblr-1691	139	40	new	new	ADJ
cblr-1691	139	41	market	market	NOUN
cblr-1691	139	42	conditions.26	conditions.26	NOUN
cblr-1691	139	43	at	at	ADP
cblr-1691	139	44	a	a	DET
cblr-1691	139	45	minimum	minimum	ADJ
cblr-1691	139	46	,	,	PUNCT
cblr-1691	139	47	golden	golden	ADJ
cblr-1691	139	48	handcuffs	handcuff	NOUN
cblr-1691	139	49	“	"	PUNCT
cblr-1691	139	50	lock	lock	NOUN
cblr-1691	139	51	in	in	ADP
cblr-1691	139	52	”	"	PUNCT
cblr-1691	139	53	employees	employee	NOUN
cblr-1691	139	54	who	who	PRON
cblr-1691	139	55	may	may	AUX
cblr-1691	139	56	prefer	prefer	VERB
cblr-1691	139	57	to	to	PART
cblr-1691	139	58	work	work	VERB
cblr-1691	139	59	for	for	ADP
cblr-1691	139	60	a	a	DET
cblr-1691	139	61	younger	young	ADJ
cblr-1691	139	62	startup	startup	NOUN
cblr-1691	139	63	with	with	ADP
cblr-1691	139	64	21	21	NUM
cblr-1691	139	65	see	see	VERB
cblr-1691	139	66	generally	generally	ADV
cblr-1691	139	67	richard	richard	PROPN
cblr-1691	139	68	a.	a.	PROPN
cblr-1691	139	69	booth	booth	PROPN
cblr-1691	139	70	,	,	PUNCT
cblr-1691	139	71	give	give	VERB
cblr-1691	139	72	me	i	PRON
cblr-1691	139	73	equity	equity	NOUN
cblr-1691	139	74	or	or	CCONJ
cblr-1691	139	75	give	give	VERB
cblr-1691	139	76	me	i	PRON
cblr-1691	139	77	death	death	NOUN
cblr-1691	139	78	–	–	PUNCT
cblr-1691	139	79	the	the	DET
cblr-1691	139	80	role	role	NOUN
cblr-1691	139	81	of	of	ADP
cblr-1691	139	82	competition	competition	NOUN
cblr-1691	139	83	and	and	CCONJ
cblr-1691	139	84	compensation	compensation	NOUN
cblr-1691	139	85	in	in	ADP
cblr-1691	139	86	silicon	silicon	PROPN
cblr-1691	139	87	valley	valley	NOUN
cblr-1691	139	88	,	,	PUNCT
cblr-1691	139	89	1	1	NUM
cblr-1691	139	90	entrepreneurial	entrepreneurial	ADJ
cblr-1691	139	91	bus	bus	NOUN
cblr-1691	139	92	.	.	PUNCT
cblr-1691	140	1	l.j	l.j	PROPN
cblr-1691	140	2	.	.	PROPN
cblr-1691	140	3	265	265	NUM
cblr-1691	140	4	,	,	PUNCT
cblr-1691	140	5	269	269	NUM
cblr-1691	140	6	(	(	PUNCT
cblr-1691	140	7	2006	2006	NUM
cblr-1691	140	8	)	)	PUNCT
cblr-1691	140	9	;	;	PUNCT
cblr-1691	140	10	see	see	VERB
cblr-1691	140	11	also	also	ADV
cblr-1691	140	12	aran	aran	ADJ
cblr-1691	140	13	,	,	PUNCT
cblr-1691	140	14	supra	supra	PROPN
cblr-1691	140	15	note	note	PROPN
cblr-1691	140	16	14	14	NUM
cblr-1691	140	17	,	,	PUNCT
cblr-1691	140	18	at	at	ADP
cblr-1691	140	19	1238	1238	NUM
cblr-1691	140	20	.	.	PUNCT
cblr-1691	141	1	22	22	NUM
cblr-1691	141	2	for	for	ADP
cblr-1691	141	3	a	a	DET
cblr-1691	141	4	list	list	NOUN
cblr-1691	141	5	of	of	ADP
cblr-1691	141	6	states	state	NOUN
cblr-1691	141	7	that	that	PRON
cblr-1691	141	8	have	have	VERB
cblr-1691	141	9	unicorn	unicorn	ADJ
cblr-1691	141	10	firms	firm	NOUN
cblr-1691	141	11	,	,	PUNCT
cblr-1691	141	12	see	see	VERB
cblr-1691	141	13	the	the	DET
cblr-1691	141	14	united	united	PROPN
cblr-1691	141	15	states	states	PROPN
cblr-1691	141	16	of	of	ADP
cblr-1691	141	17	unicorns	unicorn	NOUN
cblr-1691	141	18	:	:	PUNCT
cblr-1691	141	19	every	every	DET
cblr-1691	141	20	us	us	PROPN
cblr-1691	141	21	company	company	NOUN
cblr-1691	141	22	worth	worth	ADJ
cblr-1691	141	23	$	$	SYM
cblr-1691	141	24	1b+	1b+	NUM
cblr-1691	141	25	in	in	ADP
cblr-1691	141	26	one	one	NUM
cblr-1691	141	27	map	map	NOUN
cblr-1691	141	28	,	,	PUNCT
cblr-1691	141	29	cbinsights	cbinsight	NOUN
cblr-1691	141	30	(	(	PUNCT
cblr-1691	141	31	july	july	PROPN
cblr-1691	141	32	25	25	NUM
cblr-1691	141	33	,	,	PUNCT
cblr-1691	141	34	2017	2017	NUM
cblr-1691	141	35	)	)	PUNCT
cblr-1691	141	36	,	,	PUNCT
cblr-1691	141	37	https://www.cbinsights.com/research/startup-unicorns-us-map/	https://www.cbinsights.com/research/startup-unicorns-us-map/	PROPN
cblr-1691	141	38	[	[	X
cblr-1691	141	39	https://perma.cc/3g5t-3d29	https://perma.cc/3g5t-3d29	X
cblr-1691	141	40	]	]	X
cblr-1691	141	41	.	.	PUNCT
cblr-1691	141	42	23	23	NUM
cblr-1691	141	43	in	in	ADP
cblr-1691	141	44	the	the	DET
cblr-1691	141	45	past	past	NOUN
cblr-1691	141	46	,	,	PUNCT
cblr-1691	141	47	renegotiations	renegotiation	NOUN
cblr-1691	141	48	of	of	ADP
cblr-1691	141	49	labor	labor	NOUN
cblr-1691	141	50	contracts	contract	NOUN
cblr-1691	141	51	were	be	AUX
cblr-1691	141	52	driven	drive	VERB
cblr-1691	141	53	mainly	mainly	ADV
cblr-1691	141	54	by	by	ADP
cblr-1691	141	55	debt	debt	NOUN
cblr-1691	141	56	overhang	overhang	NOUN
cblr-1691	141	57	,	,	PUNCT
cblr-1691	141	58	a	a	DET
cblr-1691	141	59	debt	debt	NOUN
cblr-1691	141	60	burden	burden	NOUN
cblr-1691	141	61	so	so	ADV
cblr-1691	141	62	large	large	ADJ
cblr-1691	141	63	that	that	SCONJ
cblr-1691	141	64	an	an	DET
cblr-1691	141	65	entity	entity	NOUN
cblr-1691	141	66	can	can	AUX
cblr-1691	141	67	not	not	PART
cblr-1691	141	68	take	take	VERB
cblr-1691	141	69	on	on	ADP
cblr-1691	141	70	additional	additional	ADJ
cblr-1691	141	71	debt	debt	NOUN
cblr-1691	141	72	to	to	PART
cblr-1691	141	73	finance	finance	VERB
cblr-1691	141	74	future	future	ADJ
cblr-1691	141	75	projects	project	NOUN
cblr-1691	141	76	,	,	PUNCT
cblr-1691	141	77	and	and	CCONJ
cblr-1691	141	78	incentivizing	incentivize	VERB
cblr-1691	141	79	employees	employee	NOUN
cblr-1691	141	80	with	with	ADP
cblr-1691	141	81	underwater	underwater	ADJ
cblr-1691	141	82	options	option	NOUN
cblr-1691	141	83	.	.	PUNCT
cblr-1691	142	1	see	see	VERB
cblr-1691	142	2	broughman	broughman	PROPN
cblr-1691	142	3	&	&	CCONJ
cblr-1691	142	4	fried	fried	PROPN
cblr-1691	142	5	,	,	PUNCT
cblr-1691	142	6	supra	supra	PROPN
cblr-1691	142	7	note	note	NOUN
cblr-1691	142	8	20	20	NUM
cblr-1691	142	9	,	,	PUNCT
cblr-1691	142	10	at	at	ADP
cblr-1691	142	11	385	385	NUM
cblr-1691	142	12	.	.	PUNCT
cblr-1691	143	1	today	today	NOUN
cblr-1691	143	2	,	,	PUNCT
cblr-1691	143	3	as	as	SCONJ
cblr-1691	143	4	will	will	AUX
cblr-1691	143	5	be	be	AUX
cblr-1691	143	6	discussed	discuss	VERB
cblr-1691	143	7	infra	infra	NOUN
cblr-1691	143	8	,	,	PUNCT
cblr-1691	143	9	renegotiations	renegotiation	NOUN
cblr-1691	143	10	are	be	AUX
cblr-1691	143	11	driven	drive	VERB
cblr-1691	143	12	by	by	ADP
cblr-1691	143	13	the	the	DET
cblr-1691	143	14	firm	firm	NOUN
cblr-1691	143	15	’s	’s	PART
cblr-1691	143	16	decision	decision	NOUN
cblr-1691	143	17	to	to	PART
cblr-1691	143	18	remain	remain	VERB
cblr-1691	143	19	private	private	ADJ
cblr-1691	143	20	longer	long	ADV
cblr-1691	143	21	and	and	CCONJ
cblr-1691	143	22	the	the	DET
cblr-1691	143	23	illiquidity	illiquidity	NOUN
cblr-1691	143	24	of	of	ADP
cblr-1691	143	25	its	its	PRON
cblr-1691	143	26	shares	share	NOUN
cblr-1691	143	27	.	.	PUNCT
cblr-1691	144	1	24	24	NUM
cblr-1691	144	2	see	see	VERB
cblr-1691	144	3	infra	infra	NOUN
cblr-1691	144	4	part	part	PROPN
cblr-1691	144	5	ii	ii	PROPN
cblr-1691	144	6	.	.	PROPN
cblr-1691	145	1	25	25	NUM
cblr-1691	145	2	see	see	VERB
cblr-1691	145	3	infra	infra	NOUN
cblr-1691	145	4	part	part	PROPN
cblr-1691	145	5	ii	ii	PROPN
cblr-1691	145	6	.	.	PROPN
cblr-1691	145	7	26	26	NUM
cblr-1691	145	8	see	see	VERB
cblr-1691	145	9	infra	infra	NOUN
cblr-1691	145	10	part	part	PROPN
cblr-1691	145	11	ii	ii	PROPN
cblr-1691	145	12	.	.	PROPN
cblr-1691	146	1	118	118	NUM
cblr-1691	146	2	columbia	columbia	PROPN
cblr-1691	146	3	business	business	NOUN
cblr-1691	146	4	law	law	PROPN
cblr-1691	146	5	review	review	NOUN
cblr-1691	146	6	[	[	X
cblr-1691	146	7	vol	vol	NOUN
cblr-1691	146	8	.	.	NOUN
cblr-1691	146	9	2019	2019	NUM
cblr-1691	146	10	more	more	ADJ
cblr-1691	146	11	cutting	cutting	NOUN
cblr-1691	146	12	-	-	PUNCT
cblr-1691	146	13	edge	edge	NOUN
cblr-1691	146	14	technology	technology	NOUN
cblr-1691	146	15	,	,	PUNCT
cblr-1691	146	16	and	and	CCONJ
cblr-1691	146	17	can	can	AUX
cblr-1691	146	18	thereby	thereby	ADV
cblr-1691	146	19	stifle	stifle	VERB
cblr-1691	146	20	innovation	innovation	NOUN
cblr-1691	146	21	necessary	necessary	ADJ
cblr-1691	146	22	for	for	ADP
cblr-1691	146	23	a	a	DET
cblr-1691	146	24	growing	grow	VERB
cblr-1691	146	25	economy27	economy27	NOUN
cblr-1691	146	26	the	the	DET
cblr-1691	146	27	shift	shift	NOUN
cblr-1691	146	28	in	in	ADP
cblr-1691	146	29	employee	employee	NOUN
cblr-1691	146	30	expectations	expectation	NOUN
cblr-1691	146	31	is	be	AUX
cblr-1691	146	32	evident	evident	ADJ
cblr-1691	146	33	from	from	ADP
cblr-1691	146	34	public	public	ADJ
cblr-1691	146	35	employee	employee	NOUN
cblr-1691	146	36	complaints	complaint	NOUN
cblr-1691	146	37	about	about	ADP
cblr-1691	146	38	their	their	PRON
cblr-1691	146	39	unicorn	unicorn	ADJ
cblr-1691	146	40	employers,28	employers,28	NOUN
cblr-1691	146	41	which	which	PRON
cblr-1691	146	42	not	not	PART
cblr-1691	146	43	only	only	ADV
cblr-1691	146	44	causes	cause	VERB
cblr-1691	146	45	reputational	reputational	ADJ
cblr-1691	146	46	damage	damage	NOUN
cblr-1691	146	47	to	to	ADP
cblr-1691	146	48	employers29	employers29	NOUN
cblr-1691	146	49	but	but	CCONJ
cblr-1691	146	50	also	also	ADV
cblr-1691	146	51	raises	raise	VERB
cblr-1691	146	52	the	the	DET
cblr-1691	146	53	cost	cost	NOUN
cblr-1691	146	54	of	of	ADP
cblr-1691	146	55	employee	employee	NOUN
cblr-1691	146	56	monitoring	monitoring	NOUN
cblr-1691	146	57	due	due	ADP
cblr-1691	146	58	to	to	ADP
cblr-1691	146	59	the	the	DET
cblr-1691	146	60	increased	increase	VERB
cblr-1691	146	61	reputational	reputational	ADJ
cblr-1691	146	62	risk	risk	NOUN
cblr-1691	146	63	.	.	PUNCT
cblr-1691	147	1	these	these	DET
cblr-1691	147	2	complaints	complaint	NOUN
cblr-1691	147	3	are	be	AUX
cblr-1691	147	4	available	available	ADJ
cblr-1691	147	5	in	in	ADP
cblr-1691	147	6	public	public	ADJ
cblr-1691	147	7	reports	report	NOUN
cblr-1691	147	8	from	from	ADP
cblr-1691	147	9	online	online	ADJ
cblr-1691	147	10	data	datum	NOUN
cblr-1691	147	11	sites	site	NOUN
cblr-1691	147	12	such	such	ADJ
cblr-1691	147	13	as	as	ADP
cblr-1691	147	14	glassdoor	glassdoor	NOUN
cblr-1691	147	15	,	,	PUNCT
cblr-1691	147	16	showing	show	VERB
cblr-1691	147	17	dissatisfaction	dissatisfaction	NOUN
cblr-1691	147	18	among	among	ADP
cblr-1691	147	19	unicorn	unicorn	ADJ
cblr-1691	147	20	employees	employee	NOUN
cblr-1691	147	21	,	,	PUNCT
cblr-1691	147	22	especially	especially	ADV
cblr-1691	147	23	about	about	ADP
cblr-1691	147	24	extreme	extreme	ADJ
cblr-1691	147	25	capital	capital	NOUN
cblr-1691	147	26	lock	lock	NOUN
cblr-1691	147	27	-	-	PUNCT
cblr-1691	147	28	in	in	NOUN
cblr-1691	147	29	and	and	CCONJ
cblr-1691	147	30	stock	stock	NOUN
cblr-1691	147	31	illiquidity.30	illiquidity.30	NOUN
cblr-1691	147	32	in	in	ADP
cblr-1691	147	33	an	an	DET
cblr-1691	147	34	effort	effort	NOUN
cblr-1691	147	35	to	to	PART
cblr-1691	147	36	deal	deal	VERB
cblr-1691	147	37	with	with	ADP
cblr-1691	147	38	these	these	DET
cblr-1691	147	39	problems	problem	NOUN
cblr-1691	147	40	,	,	PUNCT
cblr-1691	147	41	various	various	ADJ
cblr-1691	147	42	interest	interest	NOUN
cblr-1691	147	43	groups	group	NOUN
cblr-1691	147	44	,	,	PUNCT
cblr-1691	147	45	including	include	VERB
cblr-1691	147	46	the	the	DET
cblr-1691	147	47	national	national	PROPN
cblr-1691	147	48	venture	venture	PROPN
cblr-1691	147	49	capital	capital	PROPN
cblr-1691	147	50	association	association	PROPN
cblr-1691	147	51	,	,	PUNCT
cblr-1691	147	52	have	have	AUX
cblr-1691	147	53	been	be	AUX
cblr-1691	147	54	successfully	successfully	ADV
cblr-1691	147	55	lobbying	lobby	VERB
cblr-1691	147	56	congress	congress	NOUN
cblr-1691	147	57	for	for	ADP
cblr-1691	147	58	changes	change	NOUN
cblr-1691	147	59	to	to	ADP
cblr-1691	147	60	tax	tax	NOUN
cblr-1691	147	61	and	and	CCONJ
cblr-1691	147	62	securities	security	NOUN
cblr-1691	147	63	laws.31	laws.31	PROPN
cblr-1691	147	64	this	this	DET
cblr-1691	147	65	article	article	NOUN
cblr-1691	147	66	will	will	AUX
cblr-1691	147	67	introduce	introduce	VERB
cblr-1691	147	68	the	the	DET
cblr-1691	147	69	new	new	ADJ
cblr-1691	147	70	substantive	substantive	ADJ
cblr-1691	147	71	legislative	legislative	ADJ
cblr-1691	147	72	changes	change	NOUN
cblr-1691	147	73	,	,	PUNCT
cblr-1691	147	74	including	include	VERB
cblr-1691	147	75	the	the	DET
cblr-1691	147	76	tax	tax	NOUN
cblr-1691	147	77	cuts	cut	NOUN
cblr-1691	147	78	and	and	CCONJ
cblr-1691	147	79	jobs	job	NOUN
cblr-1691	147	80	act	act	NOUN
cblr-1691	147	81	of	of	ADP
cblr-1691	147	82	2017	2017	NUM
cblr-1691	147	83	,	,	PUNCT
cblr-1691	147	84	which	which	PRON
cblr-1691	147	85	provides	provide	VERB
cblr-1691	147	86	an	an	DET
cblr-1691	147	87	extended	extended	ADJ
cblr-1691	147	88	deferral	deferral	ADJ
cblr-1691	147	89	period	period	NOUN
cblr-1691	147	90	to	to	ADP
cblr-1691	147	91	certain	certain	ADJ
cblr-1691	147	92	employees.32	employees.32	NOUN
cblr-1691	147	93	these	these	DET
cblr-1691	147	94	changes	change	NOUN
cblr-1691	147	95	are	be	AUX
cblr-1691	147	96	meant	mean	VERB
cblr-1691	147	97	to	to	PART
cblr-1691	147	98	deal	deal	VERB
cblr-1691	147	99	with	with	ADP
cblr-1691	147	100	27	27	NUM
cblr-1691	147	101	see	see	NOUN
cblr-1691	147	102	,	,	PUNCT
cblr-1691	147	103	e.g.	e.g.	ADV
cblr-1691	147	104	,	,	PUNCT
cblr-1691	147	105	aran	aran	NOUN
cblr-1691	147	106	,	,	PUNCT
cblr-1691	147	107	supra	supra	PROPN
cblr-1691	147	108	note	note	PROPN
cblr-1691	147	109	14	14	NUM
cblr-1691	147	110	,	,	PUNCT
cblr-1691	147	111	at	at	ADP
cblr-1691	147	112	1239–40	1239–40	NUM
cblr-1691	147	113	(	(	PUNCT
cblr-1691	147	114	“	"	PUNCT
cblr-1691	147	115	[	[	X
cblr-1691	147	116	t]he	t]he	ADV
cblr-1691	147	117	lock	lock	VERB
cblr-1691	147	118	-	-	PUNCT
cblr-1691	147	119	in	in	ADP
cblr-1691	147	120	effect	effect	NOUN
cblr-1691	147	121	of	of	ADP
cblr-1691	147	122	stock	stock	NOUN
cblr-1691	147	123	options	option	NOUN
cblr-1691	147	124	might	might	AUX
cblr-1691	147	125	significantly	significantly	ADV
cblr-1691	147	126	impede	impede	VERB
cblr-1691	147	127	the	the	DET
cblr-1691	147	128	departure	departure	NOUN
cblr-1691	147	129	of	of	ADP
cblr-1691	147	130	much	much	ADV
cblr-1691	147	131	-	-	PUNCT
cblr-1691	147	132	needed	need	VERB
cblr-1691	147	133	entrepreneurial	entrepreneurial	ADJ
cblr-1691	147	134	talent	talent	NOUN
cblr-1691	147	135	from	from	ADP
cblr-1691	147	136	the	the	DET
cblr-1691	147	137	most	most	ADV
cblr-1691	147	138	successful	successful	ADJ
cblr-1691	147	139	private	private	ADJ
cblr-1691	147	140	firms	firm	NOUN
cblr-1691	147	141	.	.	PUNCT
cblr-1691	147	142	”	"	PUNCT
cblr-1691	147	143	)	)	PUNCT
cblr-1691	147	144	.	.	PUNCT
cblr-1691	148	1	28	28	NUM
cblr-1691	148	2	judith	judith	PROPN
cblr-1691	148	3	samuelson	samuelson	PROPN
cblr-1691	148	4	,	,	PUNCT
cblr-1691	148	5	why	why	SCONJ
cblr-1691	148	6	do	do	AUX
cblr-1691	148	7	we	we	PRON
cblr-1691	148	8	still	still	ADV
cblr-1691	148	9	call	call	VERB
cblr-1691	148	10	it	it	PRON
cblr-1691	148	11	capitalism	capitalism	NOUN
cblr-1691	148	12	?	?	PUNCT
cblr-1691	148	13	,	,	PUNCT
cblr-1691	148	14	quartz	quartz	NOUN
cblr-1691	148	15	(	(	PUNCT
cblr-1691	148	16	apr	apr	NOUN
cblr-1691	148	17	.	.	PROPN
cblr-1691	148	18	9	9	NUM
cblr-1691	148	19	,	,	PUNCT
cblr-1691	148	20	2018	2018	NUM
cblr-1691	148	21	)	)	PUNCT
cblr-1691	148	22	,	,	PUNCT
cblr-1691	148	23	https://work.qz.com/1247835/spotifys-ipo-should-make-usconsider-why-we-still-use-the-term-capitalism/	https://work.qz.com/1247835/spotifys-ipo-should-make-usconsider-why-we-still-use-the-term-capitalism/	X
cblr-1691	149	1	[	[	X
cblr-1691	149	2	https://perma.cc/h5gk4h4d	https://perma.cc/h5gk4h4d	X
cblr-1691	149	3	]	]	X
cblr-1691	149	4	.	.	PUNCT
cblr-1691	150	1	unicorn	unicorn	ADJ
cblr-1691	150	2	employee	employee	NOUN
cblr-1691	150	3	complaints	complaint	NOUN
cblr-1691	150	4	are	be	AUX
cblr-1691	150	5	not	not	PART
cblr-1691	150	6	private	private	ADJ
cblr-1691	150	7	anymore	anymore	ADV
cblr-1691	150	8	,	,	PUNCT
cblr-1691	150	9	as	as	SCONJ
cblr-1691	150	10	the	the	DET
cblr-1691	150	11	“	"	PUNCT
cblr-1691	150	12	conversation	conversation	NOUN
cblr-1691	150	13	has	have	AUX
cblr-1691	150	14	moved	move	VERB
cblr-1691	150	15	to	to	ADP
cblr-1691	150	16	employee	employee	NOUN
cblr-1691	150	17	hangouts	hangout	NOUN
cblr-1691	150	18	,	,	PUNCT
cblr-1691	150	19	both	both	CCONJ
cblr-1691	150	20	virtual	virtual	ADJ
cblr-1691	150	21	and	and	CCONJ
cblr-1691	150	22	real	real	ADJ
cblr-1691	150	23	,	,	PUNCT
cblr-1691	150	24	to	to	PART
cblr-1691	150	25	interview	interview	VERB
cblr-1691	150	26	rooms	room	NOUN
cblr-1691	150	27	on	on	ADP
cblr-1691	150	28	college	college	NOUN
cblr-1691	150	29	campuses	campus	NOUN
cblr-1691	150	30	,	,	PUNCT
cblr-1691	150	31	and	and	CCONJ
cblr-1691	150	32	to	to	ADP
cblr-1691	150	33	public	public	ADJ
cblr-1691	150	34	conversations	conversation	NOUN
cblr-1691	150	35	about	about	ADP
cblr-1691	150	36	board	board	NOUN
cblr-1691	150	37	diversity	diversity	NOUN
cblr-1691	150	38	,	,	PUNCT
cblr-1691	150	39	the	the	DET
cblr-1691	150	40	glass	glass	NOUN
cblr-1691	150	41	ceiling	ceiling	NOUN
cblr-1691	150	42	,	,	PUNCT
cblr-1691	150	43	and	and	CCONJ
cblr-1691	150	44	in	in	ADP
cblr-1691	150	45	the	the	DET
cblr-1691	150	46	talent	talent	NOUN
cblr-1691	150	47	pool	pool	NOUN
cblr-1691	150	48	.	.	PUNCT
cblr-1691	150	49	”	"	PUNCT
cblr-1691	151	1	i	i	PRON
cblr-1691	151	2	d.	d.	PROPN
cblr-1691	151	3	29	29	NUM
cblr-1691	151	4	for	for	ADP
cblr-1691	151	5	more	more	ADJ
cblr-1691	151	6	on	on	ADP
cblr-1691	151	7	agency	agency	NOUN
cblr-1691	151	8	costs	cost	NOUN
cblr-1691	151	9	and	and	CCONJ
cblr-1691	151	10	reputation	reputation	NOUN
cblr-1691	151	11	,	,	PUNCT
cblr-1691	151	12	see	see	VERB
cblr-1691	151	13	eugene	eugene	PROPN
cblr-1691	151	14	f.	f.	PROPN
cblr-1691	151	15	fama	fama	PROPN
cblr-1691	151	16	,	,	PUNCT
cblr-1691	151	17	agency	agency	NOUN
cblr-1691	151	18	problems	problem	NOUN
cblr-1691	151	19	and	and	CCONJ
cblr-1691	151	20	the	the	DET
cblr-1691	151	21	theory	theory	NOUN
cblr-1691	151	22	of	of	ADP
cblr-1691	151	23	the	the	DET
cblr-1691	151	24	firm	firm	NOUN
cblr-1691	151	25	,	,	PUNCT
cblr-1691	151	26	88	88	NUM
cblr-1691	151	27	j.	j.	PROPN
cblr-1691	151	28	pol	pol	PROPN
cblr-1691	151	29	.	.	PUNCT
cblr-1691	151	30	econ	econ	PROPN
cblr-1691	151	31	.	.	PUNCT
cblr-1691	152	1	288	288	NUM
cblr-1691	152	2	,	,	PUNCT
cblr-1691	152	3	291–92	291–92	NUM
cblr-1691	152	4	(	(	PUNCT
cblr-1691	152	5	1980	1980	NUM
cblr-1691	152	6	)	)	PUNCT
cblr-1691	152	7	.	.	PUNCT
cblr-1691	153	1	30	30	NUM
cblr-1691	154	1	these	these	DET
cblr-1691	154	2	sites	site	NOUN
cblr-1691	154	3	rank	rank	VERB
cblr-1691	154	4	the	the	DET
cblr-1691	154	5	“	"	PUNCT
cblr-1691	154	6	best	good	ADJ
cblr-1691	154	7	companies	company	NOUN
cblr-1691	154	8	to	to	PART
cblr-1691	154	9	work	work	VERB
cblr-1691	154	10	for	for	ADP
cblr-1691	154	11	,	,	PUNCT
cblr-1691	154	12	”	"	PUNCT
cblr-1691	154	13	and	and	CCONJ
cblr-1691	154	14	employees	employee	NOUN
cblr-1691	154	15	pay	pay	VERB
cblr-1691	154	16	“	"	PUNCT
cblr-1691	154	17	careful	careful	ADJ
cblr-1691	154	18	attention	attention	NOUN
cblr-1691	154	19	.	.	PUNCT
cblr-1691	154	20	.	.	PUNCT
cblr-1691	154	21	.	.	PUNCT
cblr-1691	155	1	to	to	ADP
cblr-1691	155	2	employee	employee	NOUN
cblr-1691	155	3	engagement	engagement	NOUN
cblr-1691	155	4	scores	score	NOUN
cblr-1691	155	5	that	that	PRON
cblr-1691	155	6	link	link	VERB
cblr-1691	155	7	corporate	corporate	ADJ
cblr-1691	155	8	reputation	reputation	NOUN
cblr-1691	155	9	,	,	PUNCT
cblr-1691	155	10	employee	employee	NOUN
cblr-1691	155	11	motivation	motivation	NOUN
cblr-1691	155	12	,	,	PUNCT
cblr-1691	155	13	and	and	CCONJ
cblr-1691	155	14	productivity	productivity	NOUN
cblr-1691	155	15	.	.	PUNCT
cblr-1691	155	16	”	"	PUNCT
cblr-1691	156	1	samuelson	samuelson	PROPN
cblr-1691	156	2	,	,	PUNCT
cblr-1691	156	3	supra	supra	PROPN
cblr-1691	156	4	note	note	PROPN
cblr-1691	156	5	28	28	NUM
cblr-1691	156	6	.	.	PUNCT
cblr-1691	156	7	31	31	NUM
cblr-1691	156	8	see	see	VERB
cblr-1691	156	9	infra	infra	NOUN
cblr-1691	156	10	notes	note	VERB
cblr-1691	156	11	180–83	180–83	NOUN
cblr-1691	156	12	and	and	CCONJ
cblr-1691	156	13	accompanying	accompany	VERB
cblr-1691	156	14	text	text	NOUN
cblr-1691	156	15	.	.	PUNCT
cblr-1691	157	1	32	32	NUM
cblr-1691	157	2	see	see	VERB
cblr-1691	157	3	richard	richard	PROPN
cblr-1691	157	4	lieberman	lieberman	PROPN
cblr-1691	157	5	,	,	PUNCT
cblr-1691	157	6	2017	2017	NUM
cblr-1691	157	7	tax	tax	NOUN
cblr-1691	157	8	act	act	NOUN
cblr-1691	157	9	impact	impact	NOUN
cblr-1691	157	10	on	on	ADP
cblr-1691	157	11	employee	employee	NOUN
cblr-1691	157	12	benefits	benefit	NOUN
cblr-1691	157	13	and	and	CCONJ
cblr-1691	157	14	executive	executive	NOUN
cblr-1691	157	15	compensation	compensation	NOUN
cblr-1691	157	16	,	,	PUNCT
cblr-1691	157	17	lexis	lexis	VERB
cblr-1691	157	18	prac	prac	PROPN
cblr-1691	157	19	.	.	PUNCT
cblr-1691	158	1	advisor	advisor	PROPN
cblr-1691	158	2	j.	j.	PROPN
cblr-1691	158	3	(	(	PUNCT
cblr-1691	158	4	apr	apr	PROPN
cblr-1691	158	5	.	.	PROPN
cblr-1691	158	6	18	18	NUM
cblr-1691	158	7	,	,	PUNCT
cblr-1691	158	8	2018	2018	NUM
cblr-1691	158	9	)	)	PUNCT
cblr-1691	158	10	,	,	PUNCT
cblr-1691	158	11	https://www.lexisnexis.com/lexis-practice-advisor/thejournal/b/lpa/archive/2018/04/18/2017-tax-act-impact-on-employee	https://www.lexisnexis.com/lexis-practice-advisor/thejournal/b/lpa/archive/2018/04/18/2017-tax-act-impact-on-employee	X
cblr-1691	158	12	no	no	NOUN
cblr-1691	158	13	.	.	PUNCT
cblr-1691	159	1	1:107	1:107	NUM
cblr-1691	159	2	]	]	X
cblr-1691	159	3	unicorn	unicorn	ADJ
cblr-1691	159	4	stock	stock	NOUN
cblr-1691	159	5	options	option	NOUN
cblr-1691	159	6	119	119	NUM
cblr-1691	159	7	the	the	DET
cblr-1691	159	8	problem	problem	NOUN
cblr-1691	159	9	of	of	ADP
cblr-1691	159	10	inefficient	inefficient	ADJ
cblr-1691	159	11	retention	retention	NOUN
cblr-1691	159	12	function	function	NOUN
cblr-1691	159	13	of	of	ADP
cblr-1691	159	14	unicorn	unicorn	ADJ
cblr-1691	159	15	stock	stock	NOUN
cblr-1691	159	16	option	option	NOUN
cblr-1691	159	17	plans	plan	NOUN
cblr-1691	159	18	.	.	PUNCT
cblr-1691	160	1	uber	uber	ADJ
cblr-1691	160	2	technologies	technology	NOUN
cblr-1691	160	3	,	,	PUNCT
cblr-1691	160	4	inc	inc	PROPN
cblr-1691	160	5	.	.	PROPN
cblr-1691	160	6	(	(	PUNCT
cblr-1691	160	7	“	"	PUNCT
cblr-1691	160	8	uber”)33	uber”)33	PROPN
cblr-1691	160	9	,	,	PUNCT
cblr-1691	160	10	the	the	DET
cblr-1691	160	11	largest	large	ADJ
cblr-1691	160	12	unicorn	unicorn	ADJ
cblr-1691	160	13	firm	firm	NOUN
cblr-1691	160	14	in	in	ADP
cblr-1691	160	15	the	the	DET
cblr-1691	160	16	united	united	PROPN
cblr-1691	160	17	states	states	PROPN
cblr-1691	160	18	by	by	ADP
cblr-1691	160	19	equity	equity	NOUN
cblr-1691	160	20	valuation	valuation	NOUN
cblr-1691	160	21	,	,	PUNCT
cblr-1691	160	22	helps	help	VERB
cblr-1691	160	23	illustrate	illustrate	VERB
cblr-1691	160	24	the	the	DET
cblr-1691	160	25	shift	shift	NOUN
cblr-1691	160	26	in	in	ADP
cblr-1691	160	27	employee	employee	NOUN
cblr-1691	160	28	expectations	expectation	NOUN
cblr-1691	160	29	that	that	PRON
cblr-1691	160	30	has	have	AUX
cblr-1691	160	31	spurred	spur	VERB
cblr-1691	160	32	renegotiations	renegotiation	NOUN
cblr-1691	160	33	and	and	CCONJ
cblr-1691	160	34	high	high	ADJ
cblr-1691	160	35	employee	employee	NOUN
cblr-1691	160	36	turnover	turnover	NOUN
cblr-1691	160	37	at	at	ADP
cblr-1691	160	38	unicorns	unicorn	NOUN
cblr-1691	160	39	.	.	PUNCT
cblr-1691	161	1	uber	uber	ADJ
cblr-1691	161	2	is	be	AUX
cblr-1691	161	3	currently	currently	ADV
cblr-1691	161	4	dealing	deal	VERB
cblr-1691	161	5	with	with	ADP
cblr-1691	161	6	high	high	ADJ
cblr-1691	161	7	turnover	turnover	NOUN
cblr-1691	161	8	rates	rate	NOUN
cblr-1691	161	9	of	of	ADP
cblr-1691	161	10	knowledgeable	knowledgeable	ADJ
cblr-1691	161	11	employees,34	employees,34	NOUN
cblr-1691	161	12	despite	despite	SCONJ
cblr-1691	161	13	generally	generally	ADV
cblr-1691	161	14	offering	offer	VERB
cblr-1691	161	15	a	a	DET
cblr-1691	161	16	competitive	competitive	ADJ
cblr-1691	161	17	salary	salary	NOUN
cblr-1691	161	18	and	and	CCONJ
cblr-1691	161	19	the	the	DET
cblr-1691	161	20	second	second	ADV
cblr-1691	161	21	-	-	PUNCT
cblr-1691	161	22	highest	high	ADJ
cblr-1691	161	23	annual	annual	ADJ
cblr-1691	161	24	equity	equity	NOUN
cblr-1691	161	25	award	award	NOUN
cblr-1691	161	26	in	in	ADP
cblr-1691	161	27	the	the	DET
cblr-1691	161	28	industry.35	industry.35	NOUN
cblr-1691	161	29	software	software	NOUN
cblr-1691	161	30	engineers	engineer	NOUN
cblr-1691	161	31	at	at	ADP
cblr-1691	161	32	uber	uber	ADJ
cblr-1691	161	33	are	be	AUX
cblr-1691	161	34	better	well	ADV
cblr-1691	161	35	compensated	compensate	VERB
cblr-1691	161	36	than	than	ADP
cblr-1691	161	37	those	those	PRON
cblr-1691	161	38	working	work	VERB
cblr-1691	161	39	for	for	ADP
cblr-1691	161	40	google,36	google,36	NOUN
cblr-1691	161	41	microsoft,37	microsoft,37	NOUN
cblr-1691	161	42	amazon,38	amazon,38	NOUN
cblr-1691	161	43	and	and	CCONJ
cblr-1691	161	44	apple.39	apple.39	PROPN
cblr-1691	161	45	uber	uber	PROPN
cblr-1691	161	46	continues	continue	VERB
cblr-1691	161	47	to	to	PART
cblr-1691	161	48	change	change	VERB
cblr-1691	161	49	its	its	PRON
cblr-1691	161	50	equity	equity	NOUN
cblr-1691	161	51	compensation	compensation	NOUN
cblr-1691	161	52	contracts	contract	NOUN
cblr-1691	161	53	,	,	PUNCT
cblr-1691	161	54	however	however	ADV
cblr-1691	161	55	,	,	PUNCT
cblr-1691	161	56	because	because	SCONJ
cblr-1691	161	57	of	of	ADP
cblr-1691	161	58	the	the	DET
cblr-1691	161	59	lock	lock	NOUN
cblr-1691	161	60	-	-	PUNCT
cblr-1691	161	61	in	in	ADP
cblr-1691	161	62	problem	problem	NOUN
cblr-1691	161	63	and	and	CCONJ
cblr-1691	161	64	illiquidity	illiquidity	NOUN
cblr-1691	161	65	of	of	ADP
cblr-1691	161	66	its	its	PRON
cblr-1691	161	67	shares	share	NOUN
cblr-1691	161	68	,	,	PUNCT
cblr-1691	161	69	and	and	CCONJ
cblr-1691	161	70	leads	lead	VERB
cblr-1691	161	71	“	"	PUNCT
cblr-1691	161	72	the	the	DET
cblr-1691	161	73	benefits-and-executivecompensation.aspx	benefits-and-executivecompensation.aspx	NOUN
cblr-1691	162	1	[	[	X
cblr-1691	162	2	https://perma.cc/k6jp-fet7	https://perma.cc/k6jp-fet7	X
cblr-1691	162	3	]	]	X
cblr-1691	162	4	;	;	PUNCT
cblr-1691	162	5	see	see	VERB
cblr-1691	162	6	also	also	ADV
cblr-1691	162	7	infra	infra	VERB
cblr-1691	162	8	section	section	NOUN
cblr-1691	162	9	iv.a.2	iv.a.2	PROPN
cblr-1691	162	10	.	.	PUNCT
cblr-1691	163	1	33	33	NUM
cblr-1691	163	2	uber	uber	NOUN
cblr-1691	163	3	is	be	AUX
cblr-1691	163	4	a	a	DET
cblr-1691	163	5	privately	privately	ADV
cblr-1691	163	6	held	hold	VERB
cblr-1691	163	7	firm	firm	NOUN
cblr-1691	163	8	that	that	PRON
cblr-1691	163	9	was	be	AUX
cblr-1691	163	10	founded	found	VERB
cblr-1691	163	11	in	in	ADP
cblr-1691	163	12	2009	2009	NUM
cblr-1691	163	13	.	.	PUNCT
cblr-1691	164	1	see	see	VERB
cblr-1691	164	2	alison	alison	PROPN
cblr-1691	164	3	griswold	griswold	PROPN
cblr-1691	164	4	,	,	PUNCT
cblr-1691	164	5	former	former	ADJ
cblr-1691	164	6	uber	uber	ADJ
cblr-1691	164	7	employees	employee	NOUN
cblr-1691	164	8	have	have	AUX
cblr-1691	164	9	gone	go	VERB
cblr-1691	164	10	into	into	ADP
cblr-1691	164	11	debt	debt	NOUN
cblr-1691	164	12	to	to	PART
cblr-1691	164	13	hang	hang	VERB
cblr-1691	164	14	onto	onto	ADP
cblr-1691	164	15	shares	share	NOUN
cblr-1691	164	16	they	they	PRON
cblr-1691	164	17	still	still	ADV
cblr-1691	164	18	ca	can	AUX
cblr-1691	164	19	n’t	not	PART
cblr-1691	164	20	sell	sell	VERB
cblr-1691	164	21	,	,	PUNCT
cblr-1691	164	22	quartz	quartz	NOUN
cblr-1691	164	23	(	(	PUNCT
cblr-1691	164	24	dec	dec	PROPN
cblr-1691	164	25	.	.	PROPN
cblr-1691	164	26	10	10	NUM
cblr-1691	164	27	,	,	PUNCT
cblr-1691	164	28	2017	2017	NUM
cblr-1691	164	29	)	)	PUNCT
cblr-1691	164	30	,	,	PUNCT
cblr-1691	165	1	https://qz.com/1149381/ubersoftbank-shares-debt/	https://qz.com/1149381/ubersoftbank-shares-debt/	PROPN
cblr-1691	166	1	[	[	X
cblr-1691	166	2	https://perma.cc/kp8w-lujp	https://perma.cc/kp8w-lujp	X
cblr-1691	166	3	]	]	PUNCT
cblr-1691	166	4	.	.	PUNCT
cblr-1691	167	1	from	from	ADP
cblr-1691	167	2	2013	2013	NUM
cblr-1691	167	3	to	to	ADP
cblr-1691	167	4	2016	2016	NUM
cblr-1691	167	5	,	,	PUNCT
cblr-1691	167	6	uber	uber	PROPN
cblr-1691	167	7	’s	’s	PART
cblr-1691	167	8	valuation	valuation	NOUN
cblr-1691	167	9	increased	increase	VERB
cblr-1691	167	10	from	from	ADP
cblr-1691	167	11	$	$	SYM
cblr-1691	167	12	3.5	3.5	NUM
cblr-1691	167	13	billion	billion	NUM
cblr-1691	167	14	to	to	ADP
cblr-1691	167	15	approximately	approximately	ADV
cblr-1691	167	16	$	$	SYM
cblr-1691	167	17	70	70	NUM
cblr-1691	167	18	billion	billion	NUM
cblr-1691	167	19	.	.	PUNCT
cblr-1691	168	1	i	i	PRON
cblr-1691	168	2	d.	d.	PROPN
cblr-1691	168	3	34	34	NUM
cblr-1691	168	4	this	this	DET
cblr-1691	168	5	paper	paper	NOUN
cblr-1691	168	6	uses	use	VERB
cblr-1691	168	7	the	the	DET
cblr-1691	168	8	term	term	NOUN
cblr-1691	168	9	“	"	PUNCT
cblr-1691	168	10	employee	employee	NOUN
cblr-1691	168	11	”	"	PUNCT
cblr-1691	168	12	very	very	ADV
cblr-1691	168	13	broadly	broadly	ADV
cblr-1691	168	14	to	to	PART
cblr-1691	168	15	include	include	VERB
cblr-1691	168	16	any	any	DET
cblr-1691	168	17	person	person	NOUN
cblr-1691	168	18	who	who	PRON
cblr-1691	168	19	receives	receive	VERB
cblr-1691	168	20	equity	equity	NOUN
cblr-1691	168	21	compensation	compensation	NOUN
cblr-1691	168	22	,	,	PUNCT
cblr-1691	168	23	including	include	VERB
cblr-1691	168	24	rank	rank	NOUN
cblr-1691	168	25	and	and	CCONJ
cblr-1691	168	26	file	file	NOUN
cblr-1691	168	27	staff	staff	NOUN
cblr-1691	168	28	and	and	CCONJ
cblr-1691	168	29	senior	senior	ADJ
cblr-1691	168	30	management	management	NOUN
cblr-1691	168	31	.	.	PUNCT
cblr-1691	169	1	35	35	NUM
cblr-1691	169	2	uber	uber	NOUN
cblr-1691	169	3	pays	pay	VERB
cblr-1691	169	4	a	a	DET
cblr-1691	169	5	software	software	NOUN
cblr-1691	169	6	engineer	engineer	NOUN
cblr-1691	169	7	,	,	PUNCT
cblr-1691	169	8	on	on	ADP
cblr-1691	169	9	average	average	ADJ
cblr-1691	169	10	,	,	PUNCT
cblr-1691	169	11	an	an	DET
cblr-1691	169	12	annual	annual	ADJ
cblr-1691	169	13	equity	equity	NOUN
cblr-1691	169	14	compensation	compensation	NOUN
cblr-1691	169	15	of	of	ADP
cblr-1691	169	16	$	$	SYM
cblr-1691	169	17	157,000	157,000	NUM
cblr-1691	169	18	.	.	PUNCT
cblr-1691	170	1	see	see	VERB
cblr-1691	170	2	efrati	efrati	PROPN
cblr-1691	170	3	&	&	CCONJ
cblr-1691	170	4	schultz	schultz	PROPN
cblr-1691	170	5	,	,	PUNCT
cblr-1691	170	6	supra	supra	PROPN
cblr-1691	170	7	note	note	NOUN
cblr-1691	170	8	11	11	NUM
cblr-1691	170	9	.	.	PUNCT
cblr-1691	171	1	in	in	ADP
cblr-1691	171	2	comparison	comparison	NOUN
cblr-1691	171	3	,	,	PUNCT
cblr-1691	171	4	on	on	ADP
cblr-1691	171	5	average	average	ADJ
cblr-1691	171	6	,	,	PUNCT
cblr-1691	171	7	google	google	PROPN
cblr-1691	171	8	pays	pay	VERB
cblr-1691	171	9	$	$	SYM
cblr-1691	171	10	59,000	59,000	NUM
cblr-1691	171	11	,	,	PUNCT
cblr-1691	171	12	microsoft	microsoft	PROPN
cblr-1691	171	13	pays	pay	VERB
cblr-1691	171	14	$	$	SYM
cblr-1691	171	15	40,000	40,000	NUM
cblr-1691	171	16	,	,	PUNCT
cblr-1691	171	17	apple	apple	NOUN
cblr-1691	171	18	pays	pay	VERB
cblr-1691	171	19	$	$	SYM
cblr-1691	171	20	39,000	39,000	NUM
cblr-1691	171	21	,	,	PUNCT
cblr-1691	171	22	and	and	CCONJ
cblr-1691	171	23	amazon	amazon	NOUN
cblr-1691	171	24	pays	pay	VERB
cblr-1691	171	25	$	$	SYM
cblr-1691	171	26	33,000	33,000	NUM
cblr-1691	171	27	.	.	PUNCT
cblr-1691	172	1	see	see	VERB
cblr-1691	173	1	i	i	PRON
cblr-1691	173	2	d.	d.	PROPN
cblr-1691	173	3	36	36	NUM
cblr-1691	174	1	google	google	PROPN
cblr-1691	174	2	pays	pay	VERB
cblr-1691	174	3	a	a	DET
cblr-1691	174	4	software	software	NOUN
cblr-1691	174	5	engineer	engineer	NOUN
cblr-1691	174	6	an	an	DET
cblr-1691	174	7	average	average	ADJ
cblr-1691	174	8	base	base	NOUN
cblr-1691	174	9	salary	salary	NOUN
cblr-1691	174	10	of	of	ADP
cblr-1691	174	11	$	$	SYM
cblr-1691	174	12	132,000	132,000	NUM
cblr-1691	174	13	,	,	PUNCT
cblr-1691	174	14	an	an	DET
cblr-1691	174	15	average	average	ADJ
cblr-1691	174	16	annual	annual	ADJ
cblr-1691	174	17	equity	equity	NOUN
cblr-1691	174	18	of	of	ADP
cblr-1691	174	19	$	$	SYM
cblr-1691	174	20	59,000	59,000	NUM
cblr-1691	174	21	,	,	PUNCT
cblr-1691	174	22	an	an	DET
cblr-1691	174	23	average	average	ADJ
cblr-1691	174	24	annual	annual	ADJ
cblr-1691	174	25	bonus	bonus	NOUN
cblr-1691	174	26	of	of	ADP
cblr-1691	174	27	$	$	SYM
cblr-1691	174	28	22,000	22,000	NUM
cblr-1691	174	29	,	,	PUNCT
cblr-1691	174	30	and	and	CCONJ
cblr-1691	174	31	an	an	DET
cblr-1691	174	32	average	average	ADJ
cblr-1691	174	33	signing	signing	NOUN
cblr-1691	174	34	bonus	bonus	NOUN
cblr-1691	174	35	of	of	ADP
cblr-1691	174	36	$	$	SYM
cblr-1691	174	37	20,000	20,000	NUM
cblr-1691	174	38	(	(	PUNCT
cblr-1691	174	39	total	total	NOUN
cblr-1691	174	40	:	:	PUNCT
cblr-1691	174	41	$	$	SYM
cblr-1691	174	42	233,000	233,000	NUM
cblr-1691	174	43	)	)	PUNCT
cblr-1691	174	44	.	.	PUNCT
cblr-1691	175	1	i	i	PRON
cblr-1691	175	2	d.	d.	PROPN
cblr-1691	175	3	37	37	NUM
cblr-1691	175	4	microsoft	microsoft	PROPN
cblr-1691	175	5	pays	pay	VERB
cblr-1691	175	6	an	an	DET
cblr-1691	175	7	average	average	ADJ
cblr-1691	175	8	base	base	NOUN
cblr-1691	175	9	salary	salary	NOUN
cblr-1691	175	10	of	of	ADP
cblr-1691	175	11	$	$	SYM
cblr-1691	175	12	135,000	135,000	NUM
cblr-1691	175	13	,	,	PUNCT
cblr-1691	175	14	an	an	DET
cblr-1691	175	15	average	average	ADJ
cblr-1691	175	16	annual	annual	ADJ
cblr-1691	175	17	equity	equity	NOUN
cblr-1691	175	18	of	of	ADP
cblr-1691	175	19	$	$	SYM
cblr-1691	175	20	40,000	40,000	NUM
cblr-1691	175	21	,	,	PUNCT
cblr-1691	175	22	an	an	DET
cblr-1691	175	23	average	average	ADJ
cblr-1691	175	24	annual	annual	ADJ
cblr-1691	175	25	bonus	bonus	NOUN
cblr-1691	175	26	of	of	ADP
cblr-1691	175	27	$	$	SYM
cblr-1691	175	28	30,000	30,000	NUM
cblr-1691	175	29	,	,	PUNCT
cblr-1691	175	30	and	and	CCONJ
cblr-1691	175	31	an	an	DET
cblr-1691	175	32	average	average	ADJ
cblr-1691	175	33	signing	signing	NOUN
cblr-1691	175	34	bonus	bonus	NOUN
cblr-1691	175	35	of	of	ADP
cblr-1691	175	36	$	$	SYM
cblr-1691	175	37	17,000	17,000	NUM
cblr-1691	175	38	(	(	PUNCT
cblr-1691	175	39	total	total	NOUN
cblr-1691	175	40	:	:	PUNCT
cblr-1691	175	41	$	$	SYM
cblr-1691	175	42	222,000	222,000	NUM
cblr-1691	175	43	)	)	PUNCT
cblr-1691	175	44	.	.	PUNCT
cblr-1691	176	1	i	i	PRON
cblr-1691	176	2	d.	d.	PROPN
cblr-1691	176	3	38	38	NUM
cblr-1691	176	4	amazon	amazon	NOUN
cblr-1691	176	5	pays	pay	VERB
cblr-1691	176	6	an	an	DET
cblr-1691	176	7	average	average	ADJ
cblr-1691	176	8	base	base	NOUN
cblr-1691	176	9	salary	salary	NOUN
cblr-1691	176	10	of	of	ADP
cblr-1691	176	11	$	$	SYM
cblr-1691	176	12	121,000	121,000	NUM
cblr-1691	176	13	,	,	PUNCT
cblr-1691	176	14	an	an	DET
cblr-1691	176	15	average	average	ADJ
cblr-1691	176	16	annual	annual	ADJ
cblr-1691	176	17	equity	equity	NOUN
cblr-1691	176	18	of	of	ADP
cblr-1691	176	19	$	$	SYM
cblr-1691	176	20	33,000	33,000	NUM
cblr-1691	176	21	,	,	PUNCT
cblr-1691	176	22	an	an	DET
cblr-1691	176	23	average	average	ADJ
cblr-1691	176	24	annual	annual	ADJ
cblr-1691	176	25	bonus	bonus	NOUN
cblr-1691	176	26	of	of	ADP
cblr-1691	176	27	$	$	SYM
cblr-1691	176	28	19,000	19,000	NUM
cblr-1691	176	29	,	,	PUNCT
cblr-1691	176	30	and	and	CCONJ
cblr-1691	176	31	an	an	DET
cblr-1691	176	32	average	average	ADJ
cblr-1691	176	33	signing	signing	NOUN
cblr-1691	176	34	bonus	bonus	NOUN
cblr-1691	176	35	of	of	ADP
cblr-1691	176	36	$	$	SYM
cblr-1691	176	37	30,000	30,000	NUM
cblr-1691	176	38	(	(	PUNCT
cblr-1691	176	39	total	total	NOUN
cblr-1691	176	40	:	:	PUNCT
cblr-1691	176	41	$	$	SYM
cblr-1691	176	42	203,000	203,000	NUM
cblr-1691	176	43	)	)	PUNCT
cblr-1691	176	44	.	.	PUNCT
cblr-1691	177	1	i	i	PRON
cblr-1691	177	2	d.	d.	PROPN
cblr-1691	177	3	39	39	NUM
cblr-1691	178	1	apple	apple	NOUN
cblr-1691	178	2	pays	pay	VERB
cblr-1691	178	3	an	an	DET
cblr-1691	178	4	average	average	ADJ
cblr-1691	178	5	base	base	NOUN
cblr-1691	178	6	salary	salary	NOUN
cblr-1691	178	7	of	of	ADP
cblr-1691	178	8	$	$	SYM
cblr-1691	178	9	127,000	127,000	NUM
cblr-1691	178	10	,	,	PUNCT
cblr-1691	178	11	an	an	DET
cblr-1691	178	12	average	average	ADJ
cblr-1691	178	13	annual	annual	ADJ
cblr-1691	178	14	equity	equity	NOUN
cblr-1691	178	15	of	of	ADP
cblr-1691	178	16	$	$	SYM
cblr-1691	178	17	39,000	39,000	NUM
cblr-1691	178	18	,	,	PUNCT
cblr-1691	178	19	an	an	DET
cblr-1691	178	20	average	average	ADJ
cblr-1691	178	21	annual	annual	ADJ
cblr-1691	178	22	bonus	bonus	NOUN
cblr-1691	178	23	of	of	ADP
cblr-1691	178	24	$	$	SYM
cblr-1691	178	25	20,000	20,000	NUM
cblr-1691	178	26	,	,	PUNCT
cblr-1691	178	27	and	and	CCONJ
cblr-1691	178	28	an	an	DET
cblr-1691	178	29	average	average	ADJ
cblr-1691	178	30	signing	signing	NOUN
cblr-1691	178	31	bonus	bonus	NOUN
cblr-1691	178	32	of	of	ADP
cblr-1691	178	33	$	$	SYM
cblr-1691	178	34	22,000	22,000	NUM
cblr-1691	178	35	(	(	PUNCT
cblr-1691	178	36	total	total	NOUN
cblr-1691	178	37	:	:	PUNCT
cblr-1691	178	38	$	$	SYM
cblr-1691	178	39	208,000	208,000	NUM
cblr-1691	178	40	)	)	PUNCT
cblr-1691	178	41	.	.	PUNCT
cblr-1691	179	1	i	i	PRON
cblr-1691	179	2	d.	d.	PROPN
cblr-1691	179	3	120	120	NUM
cblr-1691	179	4	columbia	columbia	PROPN
cblr-1691	179	5	business	business	NOUN
cblr-1691	179	6	law	law	PROPN
cblr-1691	179	7	review	review	NOUN
cblr-1691	180	1	[	[	X
cblr-1691	180	2	vol	vol	NOUN
cblr-1691	180	3	.	.	NOUN
cblr-1691	180	4	2019	2019	NUM
cblr-1691	180	5	race	race	NOUN
cblr-1691	180	6	to	to	ADP
cblr-1691	180	7	the	the	DET
cblr-1691	180	8	bottom	bottom	NOUN
cblr-1691	180	9	,	,	PUNCT
cblr-1691	180	10	with	with	ADP
cblr-1691	180	11	1.2	1.2	NUM
cblr-1691	180	12	years	year	NOUN
cblr-1691	180	13	[	[	X
cblr-1691	180	14	as	as	ADP
cblr-1691	180	15	]	]	PUNCT
cblr-1691	180	16	the	the	DET
cblr-1691	180	17	average	average	ADJ
cblr-1691	180	18	employee	employee	NOUN
cblr-1691	180	19	tenure	tenure	NOUN
cblr-1691	180	20	.	.	PUNCT
cblr-1691	181	1	”40	”40	NOUN
cblr-1691	181	2	this	this	DET
cblr-1691	181	3	article	article	NOUN
cblr-1691	181	4	explores	explore	VERB
cblr-1691	181	5	the	the	DET
cblr-1691	181	6	consequences	consequence	NOUN
cblr-1691	181	7	of	of	ADP
cblr-1691	181	8	failing	fail	VERB
cblr-1691	181	9	to	to	PART
cblr-1691	181	10	meet	meet	VERB
cblr-1691	181	11	employee	employee	NOUN
cblr-1691	181	12	expectations	expectation	NOUN
cblr-1691	181	13	and	and	CCONJ
cblr-1691	181	14	offers	offer	VERB
cblr-1691	181	15	possible	possible	ADJ
cblr-1691	181	16	solutions	solution	NOUN
cblr-1691	181	17	.	.	PUNCT
cblr-1691	182	1	part	part	NOUN
cblr-1691	182	2	ii	ii	PROPN
cblr-1691	182	3	introduces	introduce	VERB
cblr-1691	182	4	the	the	DET
cblr-1691	182	5	historical	historical	ADJ
cblr-1691	182	6	,	,	PUNCT
cblr-1691	182	7	economic	economic	ADJ
cblr-1691	182	8	,	,	PUNCT
cblr-1691	182	9	and	and	CCONJ
cblr-1691	182	10	legal	legal	ADJ
cblr-1691	182	11	evolution	evolution	NOUN
cblr-1691	182	12	of	of	ADP
cblr-1691	182	13	employee	employee	NOUN
cblr-1691	182	14	stock	stock	NOUN
cblr-1691	182	15	option	option	NOUN
cblr-1691	182	16	plans	plan	NOUN
cblr-1691	182	17	,	,	PUNCT
cblr-1691	182	18	starting	start	VERB
cblr-1691	182	19	with	with	ADP
cblr-1691	182	20	the	the	DET
cblr-1691	182	21	standard	standard	ADJ
cblr-1691	182	22	stock	stock	NOUN
cblr-1691	182	23	option	option	NOUN
cblr-1691	182	24	plan	plan	NOUN
cblr-1691	182	25	in	in	ADP
cblr-1691	182	26	section	section	NOUN
cblr-1691	182	27	ii.a	ii.a	NOUN
cblr-1691	182	28	and	and	CCONJ
cblr-1691	182	29	the	the	DET
cblr-1691	182	30	traditional	traditional	ADJ
cblr-1691	182	31	governance	governance	NOUN
cblr-1691	182	32	structures	structure	NOUN
cblr-1691	182	33	of	of	ADP
cblr-1691	182	34	vc	vc	NOUN
cblr-1691	182	35	-	-	PUNCT
cblr-1691	182	36	backed	back	VERB
cblr-1691	182	37	startups	startup	NOUN
cblr-1691	182	38	in	in	ADP
cblr-1691	182	39	section	section	NOUN
cblr-1691	182	40	ii.b	ii.b	PROPN
cblr-1691	182	41	.	.	PUNCT
cblr-1691	183	1	section	section	NOUN
cblr-1691	183	2	ii.c	ii.c	VERB
cblr-1691	183	3	describes	describe	VERB
cblr-1691	183	4	the	the	DET
cblr-1691	183	5	shift	shift	NOUN
cblr-1691	183	6	in	in	ADP
cblr-1691	183	7	employee	employee	NOUN
cblr-1691	183	8	expectations	expectation	NOUN
cblr-1691	183	9	,	,	PUNCT
cblr-1691	183	10	which	which	PRON
cblr-1691	183	11	causes	cause	VERB
cblr-1691	183	12	labor	labor	NOUN
cblr-1691	183	13	contract	contract	NOUN
cblr-1691	183	14	renegotiations	renegotiation	NOUN
cblr-1691	183	15	aimed	aim	VERB
cblr-1691	183	16	at	at	ADP
cblr-1691	183	17	addressing	address	VERB
cblr-1691	183	18	the	the	DET
cblr-1691	183	19	problems	problem	NOUN
cblr-1691	183	20	of	of	ADP
cblr-1691	183	21	capital	capital	NOUN
cblr-1691	183	22	lock	lock	NOUN
cblr-1691	183	23	-	-	PUNCT
cblr-1691	183	24	in	in	NOUN
cblr-1691	183	25	and	and	CCONJ
cblr-1691	183	26	illiquidity	illiquidity	NOUN
cblr-1691	183	27	of	of	ADP
cblr-1691	183	28	unicorn	unicorn	ADJ
cblr-1691	183	29	stock	stock	NOUN
cblr-1691	183	30	.	.	PUNCT
cblr-1691	184	1	part	part	NOUN
cblr-1691	184	2	iii	iii	PROPN
cblr-1691	184	3	describes	describe	VERB
cblr-1691	184	4	recent	recent	ADJ
cblr-1691	184	5	changes	change	NOUN
cblr-1691	184	6	to	to	ADP
cblr-1691	184	7	u.s	u.s	PROPN
cblr-1691	184	8	.	.	PROPN
cblr-1691	184	9	capital	capital	NOUN
cblr-1691	184	10	markets	market	NOUN
cblr-1691	184	11	,	,	PUNCT
cblr-1691	184	12	including	include	VERB
cblr-1691	184	13	regulatory	regulatory	ADJ
cblr-1691	184	14	changes	change	NOUN
cblr-1691	184	15	,	,	PUNCT
cblr-1691	184	16	such	such	ADJ
cblr-1691	184	17	as	as	ADP
cblr-1691	184	18	the	the	DET
cblr-1691	184	19	jumpstart	jumpstart	NOUN
cblr-1691	184	20	our	our	PRON
cblr-1691	184	21	business	business	NOUN
cblr-1691	184	22	startups	startup	NOUN
cblr-1691	184	23	(	(	PUNCT
cblr-1691	184	24	“	"	PUNCT
cblr-1691	184	25	jobs	job	NOUN
cblr-1691	184	26	”	"	PUNCT
cblr-1691	184	27	)	)	PUNCT
cblr-1691	184	28	act	act	NOUN
cblr-1691	184	29	of	of	ADP
cblr-1691	184	30	2012	2012	NUM
cblr-1691	184	31	,	,	PUNCT
cblr-1691	184	32	which	which	PRON
cblr-1691	184	33	affect	affect	VERB
cblr-1691	184	34	unicorn	unicorn	ADJ
cblr-1691	184	35	firms	firm	NOUN
cblr-1691	184	36	’	'	PUNCT
cblr-1691	184	37	ability	ability	NOUN
cblr-1691	184	38	to	to	PART
cblr-1691	184	39	stay	stay	VERB
cblr-1691	184	40	private	private	ADJ
cblr-1691	184	41	for	for	ADP
cblr-1691	184	42	longer	long	ADJ
cblr-1691	184	43	periods	period	NOUN
cblr-1691	184	44	of	of	ADP
cblr-1691	184	45	time	time	NOUN
cblr-1691	184	46	.	.	PUNCT
cblr-1691	185	1	section	section	NOUN
cblr-1691	185	2	iii.a	iii.a	PROPN
cblr-1691	185	3	provides	provide	VERB
cblr-1691	185	4	an	an	DET
cblr-1691	185	5	overview	overview	NOUN
cblr-1691	185	6	of	of	ADP
cblr-1691	185	7	the	the	DET
cblr-1691	185	8	decline	decline	NOUN
cblr-1691	185	9	in	in	ADP
cblr-1691	185	10	ipos	ipos	PROPN
cblr-1691	185	11	.	.	PUNCT
cblr-1691	186	1	section	section	NOUN
cblr-1691	186	2	iii.b	iii.b	PROPN
cblr-1691	186	3	presents	present	VERB
cblr-1691	186	4	the	the	DET
cblr-1691	186	5	new	new	ADJ
cblr-1691	186	6	private	private	ADJ
cblr-1691	186	7	market	market	NOUN
cblr-1691	186	8	participants	participant	NOUN
cblr-1691	186	9	,	,	PUNCT
cblr-1691	186	10	mutual	mutual	ADJ
cblr-1691	186	11	funds	fund	NOUN
cblr-1691	186	12	and	and	CCONJ
cblr-1691	186	13	sovereign	sovereign	ADJ
cblr-1691	186	14	wealth	wealth	NOUN
cblr-1691	186	15	funds	fund	NOUN
cblr-1691	186	16	,	,	PUNCT
cblr-1691	186	17	which	which	PRON
cblr-1691	186	18	invest	invest	VERB
cblr-1691	186	19	large	large	ADJ
cblr-1691	186	20	amounts	amount	NOUN
cblr-1691	186	21	of	of	ADP
cblr-1691	186	22	capital	capital	NOUN
cblr-1691	186	23	in	in	ADP
cblr-1691	186	24	unicorn	unicorn	ADJ
cblr-1691	186	25	firms	firm	NOUN
cblr-1691	186	26	.	.	PUNCT
cblr-1691	187	1	section	section	NOUN
cblr-1691	187	2	iii.c	iii.c	PROPN
cblr-1691	187	3	argues	argue	VERB
cblr-1691	187	4	that	that	SCONJ
cblr-1691	187	5	changes	change	NOUN
cblr-1691	187	6	to	to	ADP
cblr-1691	187	7	the	the	DET
cblr-1691	187	8	traditional	traditional	ADJ
cblr-1691	187	9	startup	startup	NOUN
cblr-1691	187	10	financing	financing	NOUN
cblr-1691	187	11	model	model	NOUN
cblr-1691	187	12	and	and	CCONJ
cblr-1691	187	13	to	to	ADP
cblr-1691	187	14	governance	governance	NOUN
cblr-1691	187	15	structures	structure	NOUN
cblr-1691	187	16	of	of	ADP
cblr-1691	187	17	vc	vc	NOUN
cblr-1691	187	18	-	-	PUNCT
cblr-1691	187	19	backed	back	VERB
cblr-1691	187	20	firms	firm	NOUN
cblr-1691	187	21	has	have	AUX
cblr-1691	187	22	increased	increase	VERB
cblr-1691	187	23	the	the	DET
cblr-1691	187	24	founders	founder	NOUN
cblr-1691	187	25	’	’	PART
cblr-1691	187	26	ability	ability	NOUN
cblr-1691	187	27	to	to	PART
cblr-1691	187	28	maintain	maintain	VERB
cblr-1691	187	29	control	control	NOUN
cblr-1691	187	30	over	over	ADP
cblr-1691	187	31	the	the	DET
cblr-1691	187	32	firm	firm	NOUN
cblr-1691	187	33	by	by	ADP
cblr-1691	187	34	preventing	prevent	VERB
cblr-1691	187	35	a	a	DET
cblr-1691	187	36	sale	sale	NOUN
cblr-1691	187	37	,	,	PUNCT
cblr-1691	187	38	especially	especially	ADV
cblr-1691	187	39	when	when	SCONJ
cblr-1691	187	40	vc	vc	NOUN
cblr-1691	187	41	-	-	PUNCT
cblr-1691	187	42	investment	investment	NOUN
cblr-1691	187	43	rounds	round	NOUN
cblr-1691	187	44	are	be	AUX
cblr-1691	187	45	structured	structure	VERB
cblr-1691	187	46	as	as	ADP
cblr-1691	187	47	“	"	PUNCT
cblr-1691	187	48	friendly	friendly	ADJ
cblr-1691	187	49	”	"	PUNCT
cblr-1691	187	50	financing	financing	NOUN
cblr-1691	187	51	rounds	round	NOUN
cblr-1691	187	52	.	.	PUNCT
cblr-1691	188	1	part	part	NOUN
cblr-1691	188	2	iv	iv	NUM
cblr-1691	188	3	discusses	discuss	VERB
cblr-1691	188	4	suggestions	suggestion	NOUN
cblr-1691	188	5	for	for	ADP
cblr-1691	188	6	dealing	deal	VERB
cblr-1691	188	7	with	with	ADP
cblr-1691	188	8	the	the	DET
cblr-1691	188	9	challenges	challenge	NOUN
cblr-1691	188	10	faced	face	VERB
cblr-1691	188	11	by	by	ADP
cblr-1691	188	12	unicorns	unicorn	NOUN
cblr-1691	188	13	,	,	PUNCT
cblr-1691	188	14	their	their	PRON
cblr-1691	188	15	investors	investor	NOUN
cblr-1691	188	16	,	,	PUNCT
cblr-1691	188	17	and	and	CCONJ
cblr-1691	188	18	their	their	PRON
cblr-1691	188	19	employees	employee	NOUN
cblr-1691	188	20	and	and	CCONJ
cblr-1691	188	21	proposes	propose	VERB
cblr-1691	188	22	possible	possible	ADJ
cblr-1691	188	23	solutions	solution	NOUN
cblr-1691	188	24	.	.	PUNCT
cblr-1691	189	1	section	section	NOUN
cblr-1691	189	2	iv.a	iv.a	VERB
cblr-1691	189	3	40	40	NUM
cblr-1691	189	4	uber	uber	NOUN
cblr-1691	189	5	is	be	AUX
cblr-1691	189	6	also	also	ADV
cblr-1691	189	7	dealing	deal	VERB
cblr-1691	189	8	with	with	ADP
cblr-1691	189	9	organizational	organizational	ADJ
cblr-1691	189	10	and	and	CCONJ
cblr-1691	189	11	corporate	corporate	ADJ
cblr-1691	189	12	culture	culture	NOUN
cblr-1691	189	13	problems	problem	NOUN
cblr-1691	189	14	,	,	PUNCT
cblr-1691	189	15	including	include	VERB
cblr-1691	189	16	leadership	leadership	NOUN
cblr-1691	189	17	turnover	turnover	NOUN
cblr-1691	189	18	and	and	CCONJ
cblr-1691	189	19	lawsuits	lawsuit	NOUN
cblr-1691	189	20	over	over	ADP
cblr-1691	189	21	sexual	sexual	ADJ
cblr-1691	189	22	misconduct	misconduct	NOUN
cblr-1691	189	23	.	.	PUNCT
cblr-1691	190	1	see	see	VERB
cblr-1691	190	2	biz	biz	PROPN
cblr-1691	190	3	carson	carson	PROPN
cblr-1691	190	4	,	,	PUNCT
cblr-1691	190	5	inside	inside	ADP
cblr-1691	190	6	uber	uber	NOUN
cblr-1691	190	7	’s	’s	PART
cblr-1691	190	8	effort	effort	NOUN
cblr-1691	190	9	to	to	PART
cblr-1691	190	10	fix	fix	VERB
cblr-1691	190	11	its	its	PRON
cblr-1691	190	12	culture	culture	NOUN
cblr-1691	190	13	through	through	ADP
cblr-1691	190	14	a	a	DET
cblr-1691	190	15	harvard	harvard	NOUN
cblr-1691	190	16	-	-	PUNCT
cblr-1691	190	17	inspired	inspire	VERB
cblr-1691	190	18	‘	'	PUNCT
cblr-1691	190	19	university	university	NOUN
cblr-1691	190	20	’	'	PUNCT
cblr-1691	190	21	,	,	PUNCT
cblr-1691	190	22	forbes	forbes	PROPN
cblr-1691	190	23	(	(	PUNCT
cblr-1691	190	24	feb	feb	PROPN
cblr-1691	190	25	.	.	PROPN
cblr-1691	190	26	3	3	NUM
cblr-1691	190	27	,	,	PUNCT
cblr-1691	190	28	2018	2018	NUM
cblr-1691	190	29	)	)	PUNCT
cblr-1691	190	30	,	,	PUNCT
cblr-1691	190	31	https://www.forbes.com/sites/bizcarson/2018/02/03/inside-ubers-effort-tofix-its-culture-through-a-harvard-inspired-university/#7fcfbc5c1695	https://www.forbes.com/sites/bizcarson/2018/02/03/inside-ubers-effort-tofix-its-culture-through-a-harvard-inspired-university/#7fcfbc5c1695	X
cblr-1691	191	1	[	[	X
cblr-1691	191	2	https://perma.cc/m8g4-mqm5	https://perma.cc/m8g4-mqm5	X
cblr-1691	191	3	]	]	PUNCT
cblr-1691	191	4	.	.	PUNCT
cblr-1691	192	1	airbnb	airbnb	PROPN
cblr-1691	192	2	,	,	PUNCT
cblr-1691	192	3	like	like	ADP
cblr-1691	192	4	uber	uber	NOUN
cblr-1691	192	5	,	,	PUNCT
cblr-1691	192	6	is	be	AUX
cblr-1691	192	7	a	a	DET
cblr-1691	192	8	unicorn	unicorn	NOUN
cblr-1691	192	9	with	with	ADP
cblr-1691	192	10	high	high	ADJ
cblr-1691	192	11	employee	employee	NOUN
cblr-1691	192	12	turnover	turnover	NOUN
cblr-1691	192	13	and	and	CCONJ
cblr-1691	192	14	a	a	DET
cblr-1691	192	15	short	short	ADJ
cblr-1691	192	16	employee	employee	NOUN
cblr-1691	192	17	tenure	tenure	NOUN
cblr-1691	192	18	of	of	ADP
cblr-1691	192	19	1.64	1.64	NUM
cblr-1691	192	20	years	year	NOUN
cblr-1691	192	21	,	,	PUNCT
cblr-1691	192	22	but	but	CCONJ
cblr-1691	192	23	has	have	AUX
cblr-1691	192	24	not	not	PART
cblr-1691	192	25	dealt	deal	VERB
cblr-1691	192	26	with	with	ADP
cblr-1691	192	27	these	these	DET
cblr-1691	192	28	other	other	ADJ
cblr-1691	192	29	problems	problem	NOUN
cblr-1691	192	30	.	.	PUNCT
cblr-1691	193	1	see	see	VERB
cblr-1691	193	2	paysa	paysa	PROPN
cblr-1691	193	3	team	team	NOUN
cblr-1691	193	4	,	,	PUNCT
cblr-1691	193	5	the	the	DET
cblr-1691	193	6	top	top	ADJ
cblr-1691	193	7	talent	talent	NOUN
cblr-1691	193	8	of	of	ADP
cblr-1691	193	9	tech	tech	NOUN
cblr-1691	193	10	disruptors	disruptor	NOUN
cblr-1691	193	11	and	and	CCONJ
cblr-1691	193	12	titans	titan	NOUN
cblr-1691	193	13	,	,	PUNCT
cblr-1691	193	14	paysa	paysa	NOUN
cblr-1691	193	15	(	(	PUNCT
cblr-1691	193	16	july	july	PROPN
cblr-1691	193	17	10	10	NUM
cblr-1691	193	18	,	,	PUNCT
cblr-1691	193	19	2017	2017	NUM
cblr-1691	193	20	)	)	PUNCT
cblr-1691	193	21	,	,	PUNCT
cblr-1691	193	22	https://www.paysa.com/blog/the-top-talent-of-tech-disruptors-and-titans/	https://www.paysa.com/blog/the-top-talent-of-tech-disruptors-and-titans/	X
cblr-1691	194	1	[	[	X
cblr-1691	194	2	https://perma.cc/ajc9-dz5c	https://perma.cc/ajc9-dz5c	NOUN
cblr-1691	194	3	]	]	PUNCT
cblr-1691	194	4	.	.	PUNCT
cblr-1691	195	1	there	there	PRON
cblr-1691	195	2	is	be	VERB
cblr-1691	195	3	also	also	ADV
cblr-1691	195	4	data	datum	NOUN
cblr-1691	195	5	on	on	ADP
cblr-1691	195	6	growth	growth	NOUN
cblr-1691	195	7	and	and	CCONJ
cblr-1691	195	8	number	number	NOUN
cblr-1691	195	9	of	of	ADP
cblr-1691	195	10	employees	employee	NOUN
cblr-1691	195	11	of	of	ADP
cblr-1691	195	12	unicorns	unicorn	NOUN
cblr-1691	195	13	.	.	PUNCT
cblr-1691	196	1	i	i	PRON
cblr-1691	196	2	d.	d.	PROPN
cblr-1691	196	3	no	no	INTJ
cblr-1691	196	4	.	.	PUNCT
cblr-1691	197	1	1:107	1:107	NUM
cblr-1691	197	2	]	]	X
cblr-1691	197	3	unicorn	unicorn	ADJ
cblr-1691	197	4	stock	stock	NOUN
cblr-1691	197	5	options	option	NOUN
cblr-1691	197	6	121	121	NUM
cblr-1691	197	7	presents	present	VERB
cblr-1691	197	8	contractual	contractual	ADJ
cblr-1691	197	9	alternatives	alternative	NOUN
cblr-1691	197	10	to	to	ADP
cblr-1691	197	11	the	the	DET
cblr-1691	197	12	traditional	traditional	ADJ
cblr-1691	197	13	stock	stock	NOUN
cblr-1691	197	14	option	option	NOUN
cblr-1691	197	15	plan	plan	NOUN
cblr-1691	197	16	(	(	PUNCT
cblr-1691	197	17	and	and	CCONJ
cblr-1691	197	18	employee	employee	NOUN
cblr-1691	197	19	contract	contract	NOUN
cblr-1691	197	20	)	)	PUNCT
cblr-1691	197	21	and	and	CCONJ
cblr-1691	197	22	addresses	address	VERB
cblr-1691	197	23	potential	potential	ADJ
cblr-1691	197	24	pitfalls	pitfall	NOUN
cblr-1691	197	25	.	.	PUNCT
cblr-1691	198	1	section	section	NOUN
cblr-1691	198	2	iv.b	iv.b	PROPN
cblr-1691	198	3	describes	describe	VERB
cblr-1691	198	4	alternatives	alternative	NOUN
cblr-1691	198	5	to	to	ADP
cblr-1691	198	6	the	the	DET
cblr-1691	198	7	traditional	traditional	ADJ
cblr-1691	198	8	liquidity	liquidity	NOUN
cblr-1691	198	9	mechanisms	mechanism	NOUN
cblr-1691	198	10	and	and	CCONJ
cblr-1691	198	11	their	their	PRON
cblr-1691	198	12	possible	possible	ADJ
cblr-1691	198	13	issues	issue	NOUN
cblr-1691	198	14	.	.	PUNCT
cblr-1691	199	1	part	part	NOUN
cblr-1691	199	2	v	v	NOUN
cblr-1691	199	3	proposes	propose	VERB
cblr-1691	199	4	new	new	ADJ
cblr-1691	199	5	recommendations	recommendation	NOUN
cblr-1691	199	6	that	that	PRON
cblr-1691	199	7	could	could	AUX
cblr-1691	199	8	operate	operate	VERB
cblr-1691	199	9	alongside	alongside	ADP
cblr-1691	199	10	these	these	DET
cblr-1691	199	11	suggestions	suggestion	NOUN
cblr-1691	199	12	.	.	PUNCT
cblr-1691	200	1	section	section	NOUN
cblr-1691	200	2	v.a	v.a	PROPN
cblr-1691	200	3	calls	call	VERB
cblr-1691	200	4	for	for	ADP
cblr-1691	200	5	protection	protection	NOUN
cblr-1691	200	6	of	of	ADP
cblr-1691	200	7	unicorn	unicorn	ADJ
cblr-1691	200	8	employees	employee	NOUN
cblr-1691	200	9	.	.	PUNCT
cblr-1691	201	1	section	section	NOUN
cblr-1691	201	2	v.b	v.b	PROPN
cblr-1691	201	3	presents	present	VERB
cblr-1691	201	4	recent	recent	ADJ
cblr-1691	201	5	regulatory	regulatory	ADJ
cblr-1691	201	6	and	and	CCONJ
cblr-1691	201	7	legislative	legislative	ADJ
cblr-1691	201	8	developments	development	NOUN
cblr-1691	201	9	,	,	PUNCT
cblr-1691	201	10	including	include	VERB
cblr-1691	201	11	the	the	DET
cblr-1691	201	12	economic	economic	ADJ
cblr-1691	201	13	growth	growth	NOUN
cblr-1691	201	14	,	,	PUNCT
cblr-1691	201	15	regulatory	regulatory	ADJ
cblr-1691	201	16	relief	relief	NOUN
cblr-1691	201	17	,	,	PUNCT
cblr-1691	201	18	and	and	CCONJ
cblr-1691	201	19	consumer	consumer	NOUN
cblr-1691	201	20	protection	protection	NOUN
cblr-1691	201	21	act	act	NOUN
cblr-1691	201	22	and	and	CCONJ
cblr-1691	201	23	the	the	DET
cblr-1691	201	24	tax	tax	NOUN
cblr-1691	201	25	cuts	cut	NOUN
cblr-1691	201	26	and	and	CCONJ
cblr-1691	201	27	jobs	job	NOUN
cblr-1691	201	28	act	act	PROPN
cblr-1691	201	29	,	,	PUNCT
cblr-1691	201	30	and	and	CCONJ
cblr-1691	201	31	provides	provide	VERB
cblr-1691	201	32	constructive	constructive	ADJ
cblr-1691	201	33	criticism	criticism	NOUN
cblr-1691	201	34	of	of	ADP
cblr-1691	201	35	these	these	DET
cblr-1691	201	36	developments	development	NOUN
cblr-1691	201	37	.	.	PUNCT
cblr-1691	202	1	urgent	urgent	ADJ
cblr-1691	202	2	amendments	amendment	NOUN
cblr-1691	202	3	and	and	CCONJ
cblr-1691	202	4	comprehensive	comprehensive	ADJ
cblr-1691	202	5	reform	reform	NOUN
cblr-1691	202	6	to	to	ADP
cblr-1691	202	7	the	the	DET
cblr-1691	202	8	current	current	ADJ
cblr-1691	202	9	regulatory	regulatory	ADJ
cblr-1691	202	10	and	and	CCONJ
cblr-1691	202	11	legislative	legislative	ADJ
cblr-1691	202	12	models	model	NOUN
cblr-1691	202	13	are	be	AUX
cblr-1691	202	14	needed	need	VERB
cblr-1691	202	15	to	to	PART
cblr-1691	202	16	remove	remove	VERB
cblr-1691	202	17	legal	legal	ADJ
cblr-1691	202	18	barriers	barrier	NOUN
cblr-1691	202	19	to	to	ADP
cblr-1691	202	20	private	private	ADJ
cblr-1691	202	21	ordering	ordering	NOUN
cblr-1691	202	22	.	.	PUNCT
cblr-1691	203	1	this	this	DET
cblr-1691	203	2	part	part	NOUN
cblr-1691	203	3	then	then	ADV
cblr-1691	203	4	proposes	propose	VERB
cblr-1691	203	5	new	new	ADJ
cblr-1691	203	6	disclosure	disclosure	NOUN
cblr-1691	203	7	requirements	requirement	NOUN
cblr-1691	203	8	to	to	PART
cblr-1691	203	9	improve	improve	VERB
cblr-1691	203	10	efficiency	efficiency	NOUN
cblr-1691	203	11	and	and	CCONJ
cblr-1691	203	12	reduce	reduce	VERB
cblr-1691	203	13	information	information	NOUN
cblr-1691	203	14	asymmetries	asymmetry	NOUN
cblr-1691	203	15	.	.	PUNCT
cblr-1691	204	1	finally	finally	ADV
cblr-1691	204	2	,	,	PUNCT
cblr-1691	204	3	part	part	PROPN
cblr-1691	204	4	vi	vi	PROPN
cblr-1691	204	5	concludes	conclude	VERB
cblr-1691	204	6	with	with	ADP
cblr-1691	204	7	a	a	DET
cblr-1691	204	8	call	call	NOUN
cblr-1691	204	9	for	for	ADP
cblr-1691	204	10	reform	reform	NOUN
cblr-1691	204	11	to	to	ADP
cblr-1691	204	12	the	the	DET
cblr-1691	204	13	current	current	ADJ
cblr-1691	204	14	regulatory	regulatory	ADJ
cblr-1691	204	15	and	and	CCONJ
cblr-1691	204	16	legislative	legislative	ADJ
cblr-1691	204	17	models	model	NOUN
cblr-1691	204	18	,	,	PUNCT
cblr-1691	204	19	and	and	CCONJ
cblr-1691	204	20	recommends	recommend	VERB
cblr-1691	204	21	providing	provide	VERB
cblr-1691	204	22	unicorn	unicorn	ADJ
cblr-1691	204	23	employees	employee	NOUN
cblr-1691	204	24	with	with	ADP
cblr-1691	204	25	liquidity	liquidity	NOUN
cblr-1691	204	26	opportunities	opportunity	NOUN
cblr-1691	204	27	and	and	CCONJ
cblr-1691	204	28	adequate	adequate	ADJ
cblr-1691	204	29	disclosures	disclosure	NOUN
cblr-1691	204	30	that	that	PRON
cblr-1691	204	31	can	can	AUX
cblr-1691	204	32	improve	improve	VERB
cblr-1691	204	33	efficiency	efficiency	NOUN
cblr-1691	204	34	and	and	CCONJ
cblr-1691	204	35	reduce	reduce	VERB
cblr-1691	204	36	information	information	NOUN
cblr-1691	204	37	asymmetries	asymmetry	NOUN
cblr-1691	204	38	.	.	PUNCT
cblr-1691	205	1	by	by	ADP
cblr-1691	205	2	increasing	increase	VERB
cblr-1691	205	3	equitable	equitable	ADJ
cblr-1691	205	4	and	and	CCONJ
cblr-1691	205	5	more	more	ADV
cblr-1691	205	6	sustainable	sustainable	ADJ
cblr-1691	205	7	employee	employee	NOUN
cblr-1691	205	8	participation	participation	NOUN
cblr-1691	205	9	in	in	ADP
cblr-1691	205	10	the	the	DET
cblr-1691	205	11	operation	operation	NOUN
cblr-1691	205	12	of	of	ADP
cblr-1691	205	13	the	the	DET
cblr-1691	205	14	unicorn	unicorn	ADJ
cblr-1691	205	15	firm	firm	NOUN
cblr-1691	205	16	,	,	PUNCT
cblr-1691	205	17	these	these	DET
cblr-1691	205	18	changes	change	NOUN
cblr-1691	205	19	can	can	AUX
cblr-1691	205	20	improve	improve	VERB
cblr-1691	205	21	the	the	DET
cblr-1691	205	22	prospects	prospect	NOUN
cblr-1691	205	23	for	for	ADP
cblr-1691	205	24	unicorn	unicorn	ADJ
cblr-1691	205	25	companies	company	NOUN
cblr-1691	205	26	.	.	PUNCT
cblr-1691	206	1	ii	ii	PROPN
cblr-1691	206	2	.	.	PUNCT
cblr-1691	206	3	employee	employee	NOUN
cblr-1691	206	4	stock	stock	NOUN
cblr-1691	206	5	option	option	NOUN
cblr-1691	206	6	plans	plan	NOUN
cblr-1691	206	7	in	in	ADP
cblr-1691	206	8	the	the	DET
cblr-1691	206	9	formation	formation	NOUN
cblr-1691	206	10	stages	stage	NOUN
cblr-1691	206	11	of	of	ADP
cblr-1691	206	12	a	a	DET
cblr-1691	206	13	startup	startup	NOUN
cblr-1691	206	14	,	,	PUNCT
cblr-1691	206	15	founders	founder	NOUN
cblr-1691	206	16	“	"	PUNCT
cblr-1691	206	17	split	split	VERB
cblr-1691	206	18	the	the	DET
cblr-1691	206	19	pie	pie	NOUN
cblr-1691	206	20	”	"	PUNCT
cblr-1691	206	21	with	with	ADP
cblr-1691	206	22	employees	employee	NOUN
cblr-1691	206	23	and	and	CCONJ
cblr-1691	206	24	investors	investor	NOUN
cblr-1691	206	25	.	.	PUNCT
cblr-1691	207	1	as	as	SCONJ
cblr-1691	207	2	noted	note	VERB
cblr-1691	207	3	above	above	ADV
cblr-1691	207	4	,	,	PUNCT
cblr-1691	207	5	individuals	individual	NOUN
cblr-1691	207	6	historically	historically	ADV
cblr-1691	207	7	chose	choose	VERB
cblr-1691	207	8	to	to	PART
cblr-1691	207	9	work	work	VERB
cblr-1691	207	10	at	at	ADP
cblr-1691	207	11	high	high	ADJ
cblr-1691	207	12	-	-	PUNCT
cblr-1691	207	13	risk	risk	NOUN
cblr-1691	207	14	startups	startup	NOUN
cblr-1691	207	15	for	for	ADP
cblr-1691	207	16	a	a	DET
cblr-1691	207	17	modest	modest	ADJ
cblr-1691	207	18	cash	cash	NOUN
cblr-1691	207	19	salary	salary	NOUN
cblr-1691	207	20	with	with	ADP
cblr-1691	207	21	significant	significant	ADJ
cblr-1691	207	22	stock	stock	NOUN
cblr-1691	207	23	option	option	NOUN
cblr-1691	207	24	grants	grant	NOUN
cblr-1691	207	25	,	,	PUNCT
cblr-1691	207	26	in	in	ADP
cblr-1691	207	27	the	the	DET
cblr-1691	207	28	hopes	hope	NOUN
cblr-1691	207	29	that	that	SCONJ
cblr-1691	207	30	they	they	PRON
cblr-1691	207	31	could	could	AUX
cblr-1691	207	32	cash	cash	VERB
cblr-1691	207	33	out	out	ADP
cblr-1691	207	34	for	for	ADP
cblr-1691	207	35	a	a	DET
cblr-1691	207	36	large	large	ADJ
cblr-1691	207	37	sum	sum	NOUN
cblr-1691	207	38	of	of	ADP
cblr-1691	207	39	money41	money41	NOUN
cblr-1691	207	40	after	after	ADP
cblr-1691	207	41	an	an	DET
cblr-1691	207	42	41	41	NUM
cblr-1691	207	43	see	see	NOUN
cblr-1691	207	44	ryan	ryan	PROPN
cblr-1691	207	45	decker	decker	PROPN
cblr-1691	207	46	,	,	PUNCT
cblr-1691	207	47	john	john	PROPN
cblr-1691	207	48	haltiwanger	haltiwanger	PROPN
cblr-1691	207	49	,	,	PUNCT
cblr-1691	207	50	ron	ron	PROPN
cblr-1691	207	51	jarmin	jarmin	PROPN
cblr-1691	207	52	&	&	CCONJ
cblr-1691	207	53	javier	javier	PROPN
cblr-1691	207	54	miranda	miranda	PROPN
cblr-1691	207	55	,	,	PUNCT
cblr-1691	207	56	the	the	DET
cblr-1691	207	57	role	role	NOUN
cblr-1691	207	58	of	of	ADP
cblr-1691	207	59	entrepreneurship	entrepreneurship	NOUN
cblr-1691	207	60	in	in	ADP
cblr-1691	207	61	us	we	PRON
cblr-1691	207	62	job	job	NOUN
cblr-1691	207	63	creation	creation	NOUN
cblr-1691	207	64	and	and	CCONJ
cblr-1691	207	65	economic	economic	ADJ
cblr-1691	207	66	dynamism	dynamism	NOUN
cblr-1691	207	67	,	,	PUNCT
cblr-1691	207	68	28	28	NUM
cblr-1691	207	69	j.	j.	PROPN
cblr-1691	207	70	econ	econ	PROPN
cblr-1691	207	71	.	.	PUNCT
cblr-1691	208	1	persp	persp	PROPN
cblr-1691	208	2	.	.	PUNCT
cblr-1691	209	1	3	3	NUM
cblr-1691	209	2	,	,	PUNCT
cblr-1691	209	3	4	4	NUM
cblr-1691	209	4	(	(	PUNCT
cblr-1691	209	5	2014	2014	NUM
cblr-1691	209	6	)	)	PUNCT
cblr-1691	209	7	(	(	PUNCT
cblr-1691	209	8	“	"	PUNCT
cblr-1691	209	9	[	[	X
cblr-1691	209	10	a	a	X
cblr-1691	209	11	]	]	X
cblr-1691	209	12	small	small	ADJ
cblr-1691	209	13	fraction	fraction	NOUN
cblr-1691	209	14	of	of	ADP
cblr-1691	209	15	young	young	ADJ
cblr-1691	209	16	firms	firm	NOUN
cblr-1691	209	17	exhibit	exhibit	VERB
cblr-1691	209	18	very	very	ADV
cblr-1691	209	19	high	high	ADJ
cblr-1691	209	20	growth	growth	NOUN
cblr-1691	209	21	and	and	CCONJ
cblr-1691	209	22	contribute	contribute	VERB
cblr-1691	209	23	substantially	substantially	ADV
cblr-1691	209	24	to	to	PART
cblr-1691	209	25	job	job	NOUN
cblr-1691	209	26	creation	creation	NOUN
cblr-1691	209	27	.	.	PUNCT
cblr-1691	209	28	”	"	PUNCT
cblr-1691	209	29	)	)	PUNCT
cblr-1691	209	30	.	.	PUNCT
cblr-1691	210	1	122	122	NUM
cblr-1691	210	2	columbia	columbia	PROPN
cblr-1691	210	3	business	business	PROPN
cblr-1691	210	4	law	law	PROPN
cblr-1691	210	5	review	review	NOUN
cblr-1691	211	1	[	[	X
cblr-1691	211	2	vol	vol	NOUN
cblr-1691	211	3	.	.	NOUN
cblr-1691	211	4	2019	2019	NUM
cblr-1691	211	5	ipo	ipo	NOUN
cblr-1691	211	6	of	of	ADP
cblr-1691	211	7	the	the	DET
cblr-1691	211	8	startup	startup	NOUN
cblr-1691	211	9	’s	’s	PART
cblr-1691	211	10	stock.42	stock.42	NOUN
cblr-1691	211	11	employee	employee	NOUN
cblr-1691	211	12	option	option	NOUN
cblr-1691	211	13	grants	grant	NOUN
cblr-1691	211	14	made	make	VERB
cblr-1691	211	15	it	it	PRON
cblr-1691	211	16	possible	possible	ADJ
cblr-1691	211	17	for	for	SCONJ
cblr-1691	211	18	employees	employee	NOUN
cblr-1691	211	19	to	to	PART
cblr-1691	211	20	participate	participate	VERB
cblr-1691	211	21	in	in	ADP
cblr-1691	211	22	the	the	DET
cblr-1691	211	23	growth	growth	NOUN
cblr-1691	211	24	of	of	ADP
cblr-1691	211	25	the	the	DET
cblr-1691	211	26	business	business	NOUN
cblr-1691	211	27	without	without	ADP
cblr-1691	211	28	having	have	VERB
cblr-1691	211	29	to	to	PART
cblr-1691	211	30	put	put	VERB
cblr-1691	211	31	significant	significant	ADJ
cblr-1691	211	32	amounts	amount	NOUN
cblr-1691	211	33	of	of	ADP
cblr-1691	211	34	capital	capital	NOUN
cblr-1691	211	35	at	at	ADP
cblr-1691	211	36	risk43	risk43	NOUN
cblr-1691	211	37	or	or	CCONJ
cblr-1691	211	38	to	to	PART
cblr-1691	211	39	pay	pay	VERB
cblr-1691	211	40	income	income	NOUN
cblr-1691	211	41	tax	tax	NOUN
cblr-1691	211	42	that	that	PRON
cblr-1691	211	43	would	would	AUX
cblr-1691	211	44	ordinarily	ordinarily	ADV
cblr-1691	211	45	be	be	AUX
cblr-1691	211	46	due	due	ADJ
cblr-1691	211	47	on	on	ADP
cblr-1691	211	48	additional	additional	ADJ
cblr-1691	211	49	cash	cash	NOUN
cblr-1691	211	50	compensation.44	compensation.44	NOUN
cblr-1691	211	51	this	this	DET
cblr-1691	211	52	mechanism	mechanism	NOUN
cblr-1691	211	53	became	become	VERB
cblr-1691	211	54	popular	popular	ADJ
cblr-1691	211	55	due	due	ADP
cblr-1691	211	56	to	to	ADP
cblr-1691	211	57	the	the	DET
cblr-1691	211	58	recognition	recognition	NOUN
cblr-1691	211	59	that	that	SCONJ
cblr-1691	211	60	employee	employee	NOUN
cblr-1691	211	61	equity	equity	NOUN
cblr-1691	211	62	-	-	PUNCT
cblr-1691	211	63	sharing	sharing	NOUN
cblr-1691	211	64	improves	improve	VERB
cblr-1691	211	65	overall	overall	ADJ
cblr-1691	211	66	firm	firm	ADJ
cblr-1691	211	67	productivity	productivity	NOUN
cblr-1691	211	68	,	,	PUNCT
cblr-1691	211	69	shareholder	shareholder	NOUN
cblr-1691	211	70	returns	return	NOUN
cblr-1691	211	71	,	,	PUNCT
cblr-1691	211	72	and	and	CCONJ
cblr-1691	211	73	profit	profit	NOUN
cblr-1691	211	74	levels.45	levels.45	ADV
cblr-1691	211	75	from	from	ADP
cblr-1691	211	76	the	the	DET
cblr-1691	211	77	employer	employer	NOUN
cblr-1691	211	78	’s	’s	PART
cblr-1691	211	79	perspective	perspective	NOUN
cblr-1691	211	80	,	,	PUNCT
cblr-1691	211	81	equity	equity	NOUN
cblr-1691	211	82	compensation	compensation	NOUN
cblr-1691	211	83	preserves	preserve	VERB
cblr-1691	211	84	cash	cash	NOUN
cblr-1691	211	85	,	,	PUNCT
cblr-1691	211	86	which	which	PRON
cblr-1691	211	87	is	be	AUX
cblr-1691	211	88	a	a	DET
cblr-1691	211	89	precious	precious	ADJ
cblr-1691	211	90	commodity	commodity	NOUN
cblr-1691	211	91	for	for	ADP
cblr-1691	211	92	most	most	ADV
cblr-1691	211	93	early	early	ADJ
cblr-1691	211	94	startup	startup	NOUN
cblr-1691	211	95	firms.46	firms.46	PROPN
cblr-1691	211	96	because	because	SCONJ
cblr-1691	211	97	a	a	DET
cblr-1691	211	98	startup	startup	NOUN
cblr-1691	211	99	firm	firm	NOUN
cblr-1691	211	100	’s	’s	PART
cblr-1691	211	101	internal	internal	ADJ
cblr-1691	211	102	cash	cash	NOUN
cblr-1691	211	103	flow	flow	NOUN
cblr-1691	211	104	is	be	AUX
cblr-1691	211	105	typically	typically	ADV
cblr-1691	211	106	insufficient	insufficient	ADJ
cblr-1691	211	107	to	to	PART
cblr-1691	211	108	support47	support47	VERB
cblr-1691	211	109	the	the	DET
cblr-1691	211	110	firm	firm	NOUN
cblr-1691	211	111	’s	’s	PART
cblr-1691	211	112	expanding	expand	VERB
cblr-1691	211	113	42	42	NUM
cblr-1691	211	114	see	see	NOUN
cblr-1691	211	115	joseph	joseph	PROPN
cblr-1691	211	116	blasi	blasi	PROPN
cblr-1691	211	117	,	,	PUNCT
cblr-1691	211	118	douglas	douglas	PROPN
cblr-1691	211	119	kruse	kruse	PROPN
cblr-1691	211	120	&	&	CCONJ
cblr-1691	211	121	richard	richard	PROPN
cblr-1691	211	122	freeman	freeman	PROPN
cblr-1691	211	123	,	,	PUNCT
cblr-1691	211	124	having	have	VERB
cblr-1691	211	125	a	a	DET
cblr-1691	211	126	stake	stake	NOUN
cblr-1691	211	127	:	:	PUNCT
cblr-1691	211	128	evidence	evidence	NOUN
cblr-1691	211	129	and	and	CCONJ
cblr-1691	211	130	implications	implication	NOUN
cblr-1691	211	131	for	for	ADP
cblr-1691	211	132	broad	broad	ADV
cblr-1691	211	133	-	-	PUNCT
cblr-1691	211	134	based	base	VERB
cblr-1691	211	135	employee	employee	NOUN
cblr-1691	211	136	stock	stock	NOUN
cblr-1691	211	137	ownership	ownership	NOUN
cblr-1691	211	138	and	and	CCONJ
cblr-1691	211	139	profit	profit	NOUN
cblr-1691	211	140	sharing	sharing	NOUN
cblr-1691	211	141	,	,	PUNCT
cblr-1691	211	142	third	third	ADJ
cblr-1691	211	143	way	way	NOUN
cblr-1691	211	144	(	(	PUNCT
cblr-1691	211	145	feb	feb	PROPN
cblr-1691	211	146	.	.	PROPN
cblr-1691	211	147	1	1	NUM
cblr-1691	211	148	,	,	PUNCT
cblr-1691	211	149	2017	2017	NUM
cblr-1691	211	150	)	)	PUNCT
cblr-1691	211	151	,	,	PUNCT
cblr-1691	211	152	https://www.thirdway.org/report/having-a-stake-evidence-andimplications-for-broad-based-employee-stock-ownership-and-profit-sharing	https://www.thirdway.org/report/having-a-stake-evidence-andimplications-for-broad-based-employee-stock-ownership-and-profit-share	VERB
cblr-1691	211	153	[	[	X
cblr-1691	211	154	perma.cc/b9t7-2v8k	perma.cc/b9t7-2v8k	X
cblr-1691	211	155	]	]	X
cblr-1691	211	156	;	;	PUNCT
cblr-1691	211	157	see	see	VERB
cblr-1691	211	158	also	also	ADV
cblr-1691	211	159	douglas	douglas	PROPN
cblr-1691	211	160	l.	l.	PROPN
cblr-1691	211	161	kruse	kruse	PROPN
cblr-1691	211	162	,	,	PUNCT
cblr-1691	211	163	richard	richard	PROPN
cblr-1691	211	164	b.	b.	PROPN
cblr-1691	211	165	freeman	freeman	PROPN
cblr-1691	211	166	&	&	CCONJ
cblr-1691	211	167	joseph	joseph	PROPN
cblr-1691	211	168	r.	r.	PROPN
cblr-1691	211	169	blasi	blasi	PROPN
cblr-1691	211	170	,	,	PUNCT
cblr-1691	211	171	shared	share	VERB
cblr-1691	211	172	capitalism	capitalism	NOUN
cblr-1691	211	173	at	at	ADP
cblr-1691	211	174	work	work	NOUN
cblr-1691	211	175	:	:	PUNCT
cblr-1691	211	176	employee	employee	NOUN
cblr-1691	211	177	ownership	ownership	NOUN
cblr-1691	211	178	,	,	PUNCT
cblr-1691	211	179	profit	profit	NOUN
cblr-1691	211	180	and	and	CCONJ
cblr-1691	211	181	gain	gain	VERB
cblr-1691	211	182	sharing	sharing	NOUN
cblr-1691	211	183	,	,	PUNCT
cblr-1691	211	184	and	and	CCONJ
cblr-1691	211	185	broad	broad	ADV
cblr-1691	211	186	-	-	PUNCT
cblr-1691	211	187	based	base	VERB
cblr-1691	211	188	stock	stock	NOUN
cblr-1691	211	189	options	option	NOUN
cblr-1691	211	190	257–89	257–89	NOUN
cblr-1691	211	191	(	(	PUNCT
cblr-1691	211	192	2010	2010	NUM
cblr-1691	211	193	)	)	PUNCT
cblr-1691	211	194	.	.	PUNCT
cblr-1691	212	1	43	43	NUM
cblr-1691	212	2	in	in	ADP
cblr-1691	212	3	order	order	NOUN
cblr-1691	212	4	to	to	PART
cblr-1691	212	5	attract	attract	VERB
cblr-1691	212	6	labor	labor	NOUN
cblr-1691	212	7	to	to	ADP
cblr-1691	212	8	silicon	silicon	PROPN
cblr-1691	212	9	valley	valley	NOUN
cblr-1691	212	10	,	,	PUNCT
cblr-1691	212	11	startups	startup	NOUN
cblr-1691	212	12	used	use	VERB
cblr-1691	212	13	stock	stock	NOUN
cblr-1691	212	14	option	option	NOUN
cblr-1691	212	15	plans	plan	NOUN
cblr-1691	212	16	.	.	PUNCT
cblr-1691	213	1	see	see	VERB
cblr-1691	213	2	william	william	PROPN
cblr-1691	213	3	lazonick	lazonick	PROPN
cblr-1691	213	4	,	,	PUNCT
cblr-1691	213	5	the	the	DET
cblr-1691	213	6	financialization	financialization	NOUN
cblr-1691	213	7	of	of	ADP
cblr-1691	213	8	the	the	DET
cblr-1691	213	9	u.s	u.s	PROPN
cblr-1691	213	10	.	.	PROPN
cblr-1691	213	11	corporation	corporation	NOUN
cblr-1691	213	12	:	:	PUNCT
cblr-1691	213	13	what	what	PRON
cblr-1691	213	14	has	have	AUX
cblr-1691	213	15	been	be	AUX
cblr-1691	213	16	lost	lose	VERB
cblr-1691	213	17	,	,	PUNCT
cblr-1691	213	18	and	and	CCONJ
cblr-1691	213	19	how	how	SCONJ
cblr-1691	213	20	it	it	PRON
cblr-1691	213	21	can	can	AUX
cblr-1691	213	22	be	be	AUX
cblr-1691	213	23	regained	regain	VERB
cblr-1691	213	24	,	,	PUNCT
cblr-1691	213	25	36	36	NUM
cblr-1691	213	26	seattle	seattle	PROPN
cblr-1691	213	27	u.l	u.l	AUX
cblr-1691	213	28	.	.	PROPN
cblr-1691	213	29	rev	rev	PROPN
cblr-1691	213	30	.	.	PROPN
cblr-1691	213	31	857	857	NUM
cblr-1691	213	32	,	,	PUNCT
cblr-1691	213	33	865	865	NUM
cblr-1691	213	34	(	(	PUNCT
cblr-1691	213	35	2013	2013	NUM
cblr-1691	213	36	)	)	PUNCT
cblr-1691	213	37	;	;	PUNCT
cblr-1691	213	38	see	see	VERB
cblr-1691	213	39	also	also	ADV
cblr-1691	213	40	william	william	PROPN
cblr-1691	213	41	lazonick	lazonick	PROPN
cblr-1691	213	42	,	,	PUNCT
cblr-1691	213	43	sustainable	sustainable	ADJ
cblr-1691	213	44	prosperity	prosperity	NOUN
cblr-1691	213	45	in	in	ADP
cblr-1691	213	46	the	the	DET
cblr-1691	213	47	new	new	ADJ
cblr-1691	213	48	economy	economy	NOUN
cblr-1691	213	49	?	?	PUNCT
cblr-1691	214	1	business	business	NOUN
cblr-1691	214	2	organizations	organization	NOUN
cblr-1691	214	3	and	and	CCONJ
cblr-1691	214	4	high	high	ADJ
cblr-1691	214	5	-	-	PUNCT
cblr-1691	214	6	tech	tech	NOUN
cblr-1691	214	7	employment	employment	NOUN
cblr-1691	214	8	in	in	ADP
cblr-1691	214	9	the	the	DET
cblr-1691	214	10	united	united	PROPN
cblr-1691	214	11	states	states	PROPN
cblr-1691	214	12	51–56	51–56	NUM
cblr-1691	214	13	(	(	PUNCT
cblr-1691	214	14	2009	2009	NUM
cblr-1691	214	15	)	)	PUNCT
cblr-1691	214	16	(	(	PUNCT
cblr-1691	214	17	discussing	discuss	VERB
cblr-1691	214	18	cisco	cisco	PROPN
cblr-1691	214	19	as	as	ADP
cblr-1691	214	20	an	an	DET
cblr-1691	214	21	example	example	NOUN
cblr-1691	214	22	of	of	ADP
cblr-1691	214	23	a	a	DET
cblr-1691	214	24	company	company	NOUN
cblr-1691	214	25	that	that	PRON
cblr-1691	214	26	attracted	attract	VERB
cblr-1691	214	27	employees	employee	NOUN
cblr-1691	214	28	with	with	ADP
cblr-1691	214	29	stock	stock	NOUN
cblr-1691	214	30	options	option	NOUN
cblr-1691	214	31	)	)	PUNCT
cblr-1691	214	32	.	.	PUNCT
cblr-1691	215	1	44	44	NUM
cblr-1691	215	2	see	see	VERB
cblr-1691	215	3	lazonick	lazonick	NOUN
cblr-1691	215	4	,	,	PUNCT
cblr-1691	215	5	supra	supra	PROPN
cblr-1691	215	6	note	note	NOUN
cblr-1691	215	7	43	43	NUM
cblr-1691	215	8	,	,	PUNCT
cblr-1691	215	9	at	at	ADP
cblr-1691	215	10	874–75	874–75	PROPN
cblr-1691	215	11	.	.	PUNCT
cblr-1691	216	1	45	45	NUM
cblr-1691	216	2	see	see	VERB
cblr-1691	216	3	saul	saul	PROPN
cblr-1691	216	4	levmore	levmore	PROPN
cblr-1691	216	5	,	,	PUNCT
cblr-1691	216	6	puzzling	puzzle	VERB
cblr-1691	216	7	stock	stock	NOUN
cblr-1691	216	8	options	option	NOUN
cblr-1691	216	9	and	and	CCONJ
cblr-1691	216	10	compensation	compensation	NOUN
cblr-1691	216	11	norms	norm	NOUN
cblr-1691	216	12	,	,	PUNCT
cblr-1691	216	13	149	149	NUM
cblr-1691	216	14	u.	u.	NOUN
cblr-1691	216	15	pa	pa	PROPN
cblr-1691	216	16	.	.	PUNCT
cblr-1691	216	17	l.	l.	PROPN
cblr-1691	216	18	rev	rev	PROPN
cblr-1691	216	19	.	.	PROPN
cblr-1691	216	20	1901	1901	NUM
cblr-1691	216	21	,	,	PUNCT
cblr-1691	216	22	1901	1901	NUM
cblr-1691	216	23	(	(	PUNCT
cblr-1691	216	24	2001	2001	NUM
cblr-1691	216	25	)	)	PUNCT
cblr-1691	216	26	(	(	PUNCT
cblr-1691	216	27	“	"	PUNCT
cblr-1691	216	28	these	these	DET
cblr-1691	216	29	options	option	NOUN
cblr-1691	216	30	could	could	AUX
cblr-1691	216	31	take	take	VERB
cblr-1691	216	32	many	many	ADJ
cblr-1691	216	33	forms	form	NOUN
cblr-1691	216	34	,	,	PUNCT
cblr-1691	216	35	but	but	CCONJ
cblr-1691	216	36	there	there	PRON
cblr-1691	216	37	is	be	VERB
cblr-1691	216	38	remarkable	remarkable	ADJ
cblr-1691	216	39	conformity	conformity	NOUN
cblr-1691	216	40	in	in	ADP
cblr-1691	216	41	the	the	DET
cblr-1691	216	42	practice	practice	NOUN
cblr-1691	216	43	of	of	ADP
cblr-1691	216	44	giving	give	VERB
cblr-1691	216	45	a	a	DET
cblr-1691	216	46	class	class	NOUN
cblr-1691	216	47	of	of	ADP
cblr-1691	216	48	employees	employee	NOUN
cblr-1691	216	49	a	a	DET
cblr-1691	216	50	large	large	ADJ
cblr-1691	216	51	percentage	percentage	NOUN
cblr-1691	216	52	of	of	ADP
cblr-1691	216	53	compensation	compensation	NOUN
cblr-1691	216	54	(	(	PUNCT
cblr-1691	216	55	in	in	ADP
cblr-1691	216	56	expected	expect	VERB
cblr-1691	216	57	value	value	NOUN
cblr-1691	216	58	terms	term	NOUN
cblr-1691	216	59	)	)	PUNCT
cblr-1691	216	60	in	in	ADP
cblr-1691	216	61	the	the	DET
cblr-1691	216	62	form	form	NOUN
cblr-1691	216	63	of	of	ADP
cblr-1691	216	64	options	option	NOUN
cblr-1691	216	65	[	[	X
cblr-1691	216	66	.	.	X
cblr-1691	216	67	]	]	X
cblr-1691	216	68	”	"	PUNCT
cblr-1691	216	69	)	)	PUNCT
cblr-1691	216	70	;	;	PUNCT
cblr-1691	216	71	see	see	VERB
cblr-1691	216	72	also	also	ADV
cblr-1691	216	73	smith	smith	PROPN
cblr-1691	216	74	,	,	PUNCT
cblr-1691	216	75	supra	supra	PROPN
cblr-1691	216	76	note	note	PROPN
cblr-1691	216	77	14	14	NUM
cblr-1691	216	78	(	(	PUNCT
cblr-1691	216	79	discussing	discuss	VERB
cblr-1691	216	80	at	at	ADP
cblr-1691	216	81	-	-	PUNCT
cblr-1691	216	82	will	will	NOUN
cblr-1691	216	83	contracts	contract	NOUN
cblr-1691	216	84	and	and	CCONJ
cblr-1691	216	85	equity	equity	NOUN
cblr-1691	216	86	compensation	compensation	NOUN
cblr-1691	216	87	)	)	PUNCT
cblr-1691	216	88	.	.	PUNCT
cblr-1691	217	1	46	46	NUM
cblr-1691	217	2	see	see	VERB
cblr-1691	217	3	constance	constance	PROPN
cblr-1691	217	4	e.	e.	PROPN
cblr-1691	217	5	bagley	bagley	PROPN
cblr-1691	217	6	&	&	CCONJ
cblr-1691	217	7	diane	diane	PROPN
cblr-1691	217	8	w.	w.	PROPN
cblr-1691	217	9	savage	savage	PROPN
cblr-1691	217	10	,	,	PUNCT
cblr-1691	217	11	managers	manager	NOUN
cblr-1691	217	12	and	and	CCONJ
cblr-1691	217	13	the	the	DET
cblr-1691	217	14	legal	legal	ADJ
cblr-1691	217	15	environment	environment	NOUN
cblr-1691	217	16	:	:	PUNCT
cblr-1691	217	17	strategies	strategy	NOUN
cblr-1691	217	18	for	for	ADP
cblr-1691	217	19	the	the	DET
cblr-1691	217	20	21st	21st	ADJ
cblr-1691	217	21	century	century	NOUN
cblr-1691	217	22	519	519	NUM
cblr-1691	217	23	(	(	PUNCT
cblr-1691	217	24	2010	2010	NUM
cblr-1691	217	25	)	)	PUNCT
cblr-1691	217	26	.	.	PUNCT
cblr-1691	218	1	47	47	NUM
cblr-1691	218	2	see	see	VERB
cblr-1691	218	3	lars	lars	PROPN
cblr-1691	218	4	ola	ola	PROPN
cblr-1691	218	5	bengtsson	bengtsson	PROPN
cblr-1691	218	6	,	,	PUNCT
cblr-1691	218	7	repeated	repeat	VERB
cblr-1691	218	8	relationships	relationship	NOUN
cblr-1691	218	9	between	between	ADP
cblr-1691	218	10	venture	venture	NOUN
cblr-1691	218	11	capitalists	capitalist	NOUN
cblr-1691	218	12	and	and	CCONJ
cblr-1691	218	13	entrepreneurs	entrepreneur	NOUN
cblr-1691	218	14	3	3	NUM
cblr-1691	218	15	(	(	PUNCT
cblr-1691	218	16	2006	2006	NUM
cblr-1691	218	17	)	)	PUNCT
cblr-1691	218	18	(	(	PUNCT
cblr-1691	218	19	examining	examine	VERB
cblr-1691	218	20	data	datum	NOUN
cblr-1691	218	21	on	on	ADP
cblr-1691	218	22	1500	1500	NUM
cblr-1691	218	23	serial	serial	ADJ
cblr-1691	218	24	entrepreneurs	entrepreneur	NOUN
cblr-1691	218	25	and	and	CCONJ
cblr-1691	218	26	finding	find	VERB
cblr-1691	218	27	that	that	SCONJ
cblr-1691	218	28	a	a	DET
cblr-1691	218	29	failed	fail	VERB
cblr-1691	218	30	entrepreneur	entrepreneur	NOUN
cblr-1691	218	31	is	be	AUX
cblr-1691	218	32	twice	twice	ADV
cblr-1691	218	33	as	as	ADV
cblr-1691	218	34	likely	likely	ADJ
cblr-1691	218	35	to	to	PART
cblr-1691	218	36	repeat	repeat	VERB
cblr-1691	218	37	vc	vc	NOUN
cblr-1691	218	38	relationships	relationship	NOUN
cblr-1691	218	39	)	)	PUNCT
cblr-1691	218	40	.	.	PUNCT
cblr-1691	219	1	various	various	ADJ
cblr-1691	219	2	studies	study	NOUN
cblr-1691	219	3	show	show	VERB
cblr-1691	219	4	that	that	SCONJ
cblr-1691	219	5	approximately	approximately	ADV
cblr-1691	219	6	eighty	eighty	NUM
cblr-1691	219	7	to	to	PART
cblr-1691	219	8	ninety	ninety	NUM
cblr-1691	219	9	percent	percent	NOUN
cblr-1691	219	10	of	of	ADP
cblr-1691	219	11	entrepreneurial	entrepreneurial	ADJ
cblr-1691	219	12	firms	firm	NOUN
cblr-1691	219	13	that	that	PRON
cblr-1691	219	14	are	be	AUX
cblr-1691	219	15	unable	unable	ADJ
cblr-1691	219	16	to	to	PART
cblr-1691	219	17	get	get	VERB
cblr-1691	219	18	no	no	NOUN
cblr-1691	219	19	.	.	PUNCT
cblr-1691	220	1	1:107	1:107	NUM
cblr-1691	220	2	]	]	X
cblr-1691	220	3	unicorn	unicorn	ADJ
cblr-1691	220	4	stock	stock	NOUN
cblr-1691	220	5	options	option	NOUN
cblr-1691	220	6	123	123	NUM
cblr-1691	220	7	technology	technology	NOUN
cblr-1691	220	8	,	,	PUNCT
cblr-1691	220	9	research	research	NOUN
cblr-1691	220	10	,	,	PUNCT
cblr-1691	220	11	and	and	CCONJ
cblr-1691	220	12	development	development	NOUN
cblr-1691	220	13	needs	need	NOUN
cblr-1691	220	14	,	,	PUNCT
cblr-1691	220	15	such	such	ADJ
cblr-1691	220	16	firms	firm	NOUN
cblr-1691	220	17	commonly	commonly	ADV
cblr-1691	220	18	raise	raise	VERB
cblr-1691	220	19	capital	capital	NOUN
cblr-1691	220	20	to	to	PART
cblr-1691	220	21	fund	fund	VERB
cblr-1691	220	22	the	the	DET
cblr-1691	220	23	acquisition	acquisition	NOUN
cblr-1691	220	24	and	and	CCONJ
cblr-1691	220	25	development	development	NOUN
cblr-1691	220	26	of	of	ADP
cblr-1691	220	27	essential	essential	ADJ
cblr-1691	220	28	intangible	intangible	ADJ
cblr-1691	220	29	assets.48	assets.48	NOUN
cblr-1691	220	30	the	the	DET
cblr-1691	220	31	financing	financing	NOUN
cblr-1691	220	32	of	of	ADP
cblr-1691	220	33	young	young	ADJ
cblr-1691	220	34	startup	startup	NOUN
cblr-1691	220	35	firms	firm	NOUN
cblr-1691	220	36	presents	present	VERB
cblr-1691	220	37	challenges	challenge	NOUN
cblr-1691	220	38	to	to	ADP
cblr-1691	220	39	prospective	prospective	ADJ
cblr-1691	220	40	investors	investor	NOUN
cblr-1691	220	41	and	and	CCONJ
cblr-1691	220	42	innovators	innovator	NOUN
cblr-1691	220	43	.	.	PUNCT
cblr-1691	221	1	these	these	DET
cblr-1691	221	2	challenges	challenge	NOUN
cblr-1691	221	3	result	result	VERB
cblr-1691	221	4	from	from	ADP
cblr-1691	221	5	information	information	NOUN
cblr-1691	221	6	barriers	barrier	NOUN
cblr-1691	221	7	that	that	PRON
cblr-1691	221	8	are	be	AUX
cblr-1691	221	9	associated	associate	VERB
cblr-1691	221	10	with	with	ADP
cblr-1691	221	11	investing	invest	VERB
cblr-1691	221	12	in	in	ADP
cblr-1691	221	13	such	such	ADJ
cblr-1691	221	14	firms	firm	NOUN
cblr-1691	221	15	.	.	PUNCT
cblr-1691	222	1	they	they	PRON
cblr-1691	222	2	result	result	VERB
cblr-1691	222	3	from	from	ADP
cblr-1691	222	4	uncertainty,49	uncertainty,49	ADJ
cblr-1691	222	5	venture	venture	NOUN
cblr-1691	222	6	capital	capital	NOUN
cblr-1691	222	7	backing	backing	NOUN
cblr-1691	222	8	fail	fail	VERB
cblr-1691	222	9	within	within	ADP
cblr-1691	222	10	five	five	NUM
cblr-1691	222	11	to	to	PART
cblr-1691	222	12	seven	seven	NUM
cblr-1691	222	13	years	year	NOUN
cblr-1691	222	14	of	of	ADP
cblr-1691	222	15	formation	formation	NOUN
cblr-1691	222	16	.	.	PUNCT
cblr-1691	223	1	see	see	VERB
cblr-1691	223	2	u.s	u.s	PROPN
cblr-1691	223	3	.	.	PROPN
cblr-1691	223	4	gen	gen	PROPN
cblr-1691	223	5	.	.	PROPN
cblr-1691	223	6	accounting	accounting	PROPN
cblr-1691	223	7	office	office	PROPN
cblr-1691	223	8	,	,	PUNCT
cblr-1691	223	9	gao	gao	PROPN
cblr-1691	223	10	/	/	SYM
cblr-1691	223	11	ggd-00	ggd-00	PROPN
cblr-1691	223	12	-	-	PUNCT
cblr-1691	223	13	190	190	NUM
cblr-1691	223	14	,	,	PUNCT
cblr-1691	223	15	small	small	ADJ
cblr-1691	223	16	business	business	NOUN
cblr-1691	223	17	:	:	PUNCT
cblr-1691	223	18	efforts	effort	NOUN
cblr-1691	223	19	to	to	PART
cblr-1691	223	20	facilitate	facilitate	VERB
cblr-1691	223	21	equity	equity	NOUN
cblr-1691	223	22	capital	capital	NOUN
cblr-1691	223	23	formation	formation	NOUN
cblr-1691	223	24	19	19	NUM
cblr-1691	223	25	(	(	PUNCT
cblr-1691	223	26	2000	2000	NUM
cblr-1691	223	27	)	)	PUNCT
cblr-1691	224	1	[	[	X
cblr-1691	224	2	hereinafter	hereinafter	NOUN
cblr-1691	224	3	gao	gao	PROPN
cblr-1691	224	4	report	report	PROPN
cblr-1691	224	5	]	]	PUNCT
cblr-1691	224	6	(	(	PUNCT
cblr-1691	224	7	approximately	approximately	ADV
cblr-1691	224	8	eighty	eighty	NUM
cblr-1691	224	9	percent	percent	NOUN
cblr-1691	224	10	of	of	ADP
cblr-1691	224	11	new	new	ADJ
cblr-1691	224	12	businesses	business	NOUN
cblr-1691	224	13	fail	fail	VERB
cblr-1691	224	14	or	or	CCONJ
cblr-1691	224	15	no	no	ADV
cblr-1691	224	16	longer	long	ADV
cblr-1691	224	17	exist	exist	VERB
cblr-1691	224	18	within	within	ADP
cblr-1691	224	19	five	five	NUM
cblr-1691	224	20	to	to	PART
cblr-1691	224	21	seven	seven	NUM
cblr-1691	224	22	years	year	NOUN
cblr-1691	224	23	of	of	ADP
cblr-1691	224	24	formation	formation	NOUN
cblr-1691	224	25	)	)	PUNCT
cblr-1691	224	26	.	.	PUNCT
cblr-1691	225	1	48	48	NUM
cblr-1691	225	2	if	if	SCONJ
cblr-1691	225	3	a	a	DET
cblr-1691	225	4	startup	startup	NOUN
cblr-1691	225	5	can	can	AUX
cblr-1691	225	6	not	not	PART
cblr-1691	225	7	raise	raise	VERB
cblr-1691	225	8	capital	capital	NOUN
cblr-1691	225	9	to	to	PART
cblr-1691	225	10	support	support	VERB
cblr-1691	225	11	its	its	PRON
cblr-1691	225	12	growth	growth	NOUN
cblr-1691	225	13	,	,	PUNCT
cblr-1691	225	14	it	it	PRON
cblr-1691	225	15	will	will	AUX
cblr-1691	225	16	probably	probably	ADV
cblr-1691	225	17	have	have	VERB
cblr-1691	225	18	to	to	PART
cblr-1691	225	19	go	go	VERB
cblr-1691	225	20	through	through	ADP
cblr-1691	225	21	a	a	DET
cblr-1691	225	22	bankruptcy	bankruptcy	NOUN
cblr-1691	225	23	process	process	NOUN
cblr-1691	225	24	.	.	PUNCT
cblr-1691	226	1	bankruptcy	bankruptcy	NOUN
cblr-1691	226	2	is	be	AUX
cblr-1691	226	3	often	often	ADV
cblr-1691	226	4	the	the	DET
cblr-1691	226	5	result	result	NOUN
cblr-1691	226	6	of	of	ADP
cblr-1691	226	7	a	a	DET
cblr-1691	226	8	financing	financing	NOUN
cblr-1691	226	9	and	and	CCONJ
cblr-1691	226	10	information	information	NOUN
cblr-1691	226	11	gap	gap	NOUN
cblr-1691	226	12	,	,	PUNCT
cblr-1691	226	13	which	which	PRON
cblr-1691	226	14	is	be	AUX
cblr-1691	226	15	termed	term	VERB
cblr-1691	226	16	in	in	ADP
cblr-1691	226	17	silicon	silicon	NOUN
cblr-1691	226	18	valley	valley	NOUN
cblr-1691	226	19	the	the	DET
cblr-1691	226	20	“	"	PUNCT
cblr-1691	226	21	valley	valley	NOUN
cblr-1691	226	22	of	of	ADP
cblr-1691	226	23	death	death	NOUN
cblr-1691	226	24	.	.	PUNCT
cblr-1691	226	25	”	"	PUNCT
cblr-1691	227	1	see	see	VERB
cblr-1691	227	2	josh	josh	PROPN
cblr-1691	227	3	lerner	lerner	PROPN
cblr-1691	227	4	&	&	CCONJ
cblr-1691	227	5	paul	paul	PROPN
cblr-1691	227	6	a.	a.	PROPN
cblr-1691	227	7	gompers	gompers	PROPN
cblr-1691	227	8	,	,	PUNCT
cblr-1691	227	9	the	the	DET
cblr-1691	227	10	money	money	NOUN
cblr-1691	227	11	of	of	ADP
cblr-1691	227	12	invention	invention	NOUN
cblr-1691	227	13	:	:	PUNCT
cblr-1691	227	14	how	how	SCONJ
cblr-1691	227	15	venture	venture	NOUN
cblr-1691	227	16	capital	capital	NOUN
cblr-1691	227	17	creates	create	VERB
cblr-1691	227	18	new	new	ADJ
cblr-1691	227	19	wealth	wealth	NOUN
cblr-1691	227	20	,	,	PUNCT
cblr-1691	227	21	ubiquity	ubiquity	NOUN
cblr-1691	227	22	(	(	PUNCT
cblr-1691	227	23	jan	jan	PROPN
cblr-1691	227	24	.	.	PROPN
cblr-1691	227	25	2002	2002	NUM
cblr-1691	227	26	)	)	PUNCT
cblr-1691	227	27	,	,	PUNCT
cblr-1691	228	1	http://ubiquity.acm.org/article.cfm?id=763904	http://ubiquity.acm.org/article.cfm?id=763904	PROPN
cblr-1691	229	1	[	[	X
cblr-1691	229	2	perma.cc/cx5z-4a4v	perma.cc/cx5z-4a4v	NOUN
cblr-1691	229	3	]	]	X
cblr-1691	229	4	;	;	PUNCT
cblr-1691	229	5	see	see	AUX
cblr-1691	229	6	also	also	ADV
cblr-1691	229	7	phillip	phillip	PROPN
cblr-1691	229	8	e.	e.	PROPN
cblr-1691	229	9	auerswald	auerswald	PROPN
cblr-1691	229	10	,	,	PUNCT
cblr-1691	229	11	lewis	lewis	PROPN
cblr-1691	229	12	m.	m.	PROPN
cblr-1691	229	13	branscomb	branscomb	PROPN
cblr-1691	229	14	,	,	PUNCT
cblr-1691	229	15	nicholas	nicholas	PROPN
cblr-1691	229	16	demos	demos	PROPN
cblr-1691	229	17	&	&	CCONJ
cblr-1691	229	18	brian	brian	PROPN
cblr-1691	229	19	k.	k.	PROPN
cblr-1691	229	20	min	min	PROPN
cblr-1691	229	21	,	,	PUNCT
cblr-1691	229	22	nat’l	nat’l	NOUN
cblr-1691	229	23	inst	inst	NOUN
cblr-1691	229	24	.	.	PROPN
cblr-1691	229	25	of	of	ADP
cblr-1691	229	26	standards	standard	NOUN
cblr-1691	229	27	&	&	CCONJ
cblr-1691	229	28	tech	tech	NOUN
cblr-1691	229	29	.	.	PUNCT
cblr-1691	229	30	,	,	PUNCT
cblr-1691	229	31	nist	nist	NOUN
cblr-1691	229	32	gcr	gcr	PROPN
cblr-1691	229	33	02	02	NUM
cblr-1691	229	34	-	-	PUNCT
cblr-1691	229	35	841a	841a	NOUN
cblr-1691	229	36	,	,	PUNCT
cblr-1691	229	37	understanding	understand	VERB
cblr-1691	229	38	private	private	ADJ
cblr-1691	229	39	-	-	PUNCT
cblr-1691	229	40	sector	sector	NOUN
cblr-1691	229	41	decision	decision	NOUN
cblr-1691	229	42	making	make	VERB
cblr-1691	229	43	for	for	ADP
cblr-1691	229	44	early	early	ADJ
cblr-1691	229	45	-	-	PUNCT
cblr-1691	229	46	stage	stage	NOUN
cblr-1691	229	47	technology	technology	NOUN
cblr-1691	229	48	development	development	NOUN
cblr-1691	229	49	35–38	35–38	PROPN
cblr-1691	229	50	(	(	PUNCT
cblr-1691	229	51	2005	2005	NUM
cblr-1691	229	52	)	)	PUNCT
cblr-1691	229	53	,	,	PUNCT
cblr-1691	229	54	https://www.nist.gov/sites/	https://www.nist.gov/sites/	ADP
cblr-1691	229	55	default	default	NOUN
cblr-1691	229	56	/	/	SYM
cblr-1691	229	57	files	file	NOUN
cblr-1691	229	58	/	/	SYM
cblr-1691	229	59	documents/2017/05/09	documents/2017/05/09	NOUN
cblr-1691	229	60	/	/	SYM
cblr-1691	229	61	gcr02	gcr02	NOUN
cblr-1691	229	62	-	-	PUNCT
cblr-1691	229	63	841a.pdf	841a.pdf	NOUN
cblr-1691	230	1	[	[	X
cblr-1691	230	2	perma.cc/6lbz-4ufx	perma.cc/6lbz-4ufx	X
cblr-1691	230	3	]	]	X
cblr-1691	230	4	;	;	PUNCT
cblr-1691	230	5	lewis	lewis	PROPN
cblr-1691	230	6	m.	m.	PROPN
cblr-1691	230	7	branscomb	branscomb	PROPN
cblr-1691	230	8	&	&	CCONJ
cblr-1691	230	9	phillip	phillip	PROPN
cblr-1691	230	10	e.	e.	PROPN
cblr-1691	230	11	auerswald	auerswald	PROPN
cblr-1691	230	12	,	,	PUNCT
cblr-1691	230	13	nat’l	nat’l	NOUN
cblr-1691	230	14	inst	inst	NOUN
cblr-1691	230	15	.	.	PROPN
cblr-1691	230	16	of	of	ADP
cblr-1691	230	17	standards	standard	NOUN
cblr-1691	230	18	&	&	CCONJ
cblr-1691	230	19	tech	tech	NOUN
cblr-1691	230	20	.	.	PUNCT
cblr-1691	230	21	,	,	PUNCT
cblr-1691	230	22	nist	nist	NOUN
cblr-1691	230	23	gcr	gcr	PROPN
cblr-1691	230	24	02	02	NUM
cblr-1691	230	25	-	-	SYM
cblr-1691	230	26	841	841	NUM
cblr-1691	230	27	,	,	PUNCT
cblr-1691	230	28	between	between	ADP
cblr-1691	230	29	invention	invention	NOUN
cblr-1691	230	30	and	and	CCONJ
cblr-1691	230	31	innovation	innovation	NOUN
cblr-1691	230	32	:	:	PUNCT
cblr-1691	230	33	an	an	DET
cblr-1691	230	34	analysis	analysis	NOUN
cblr-1691	230	35	of	of	ADP
cblr-1691	230	36	funding	funding	NOUN
cblr-1691	230	37	for	for	ADP
cblr-1691	230	38	early	early	ADJ
cblr-1691	230	39	-	-	PUNCT
cblr-1691	230	40	stage	stage	NOUN
cblr-1691	230	41	technology	technology	NOUN
cblr-1691	230	42	development	development	NOUN
cblr-1691	230	43	35–38	35–38	PROPN
cblr-1691	230	44	(	(	PUNCT
cblr-1691	230	45	2002	2002	NUM
cblr-1691	230	46	)	)	PUNCT
cblr-1691	230	47	,	,	PUNCT
cblr-1691	230	48	https://www.nist.gov/sites/default/files/documents/2017/05/09/	https://www.nist.gov/sites/default/files/documents/2017/05/09/	PROPN
cblr-1691	230	49	gcr02-841.pdf	gcr02-841.pdf	NOUN
cblr-1691	231	1	[	[	X
cblr-1691	231	2	perma.cc/nw5f-rrwj	perma.cc/nw5f-rrwj	X
cblr-1691	231	3	]	]	X
cblr-1691	231	4	;	;	PUNCT
cblr-1691	231	5	george	george	PROPN
cblr-1691	231	6	s.	s.	PROPN
cblr-1691	231	7	ford	ford	PROPN
cblr-1691	231	8	,	,	PUNCT
cblr-1691	231	9	thomas	thomas	PROPN
cblr-1691	231	10	m.	m.	PROPN
cblr-1691	231	11	koutsky	koutsky	PROPN
cblr-1691	231	12	&	&	CCONJ
cblr-1691	231	13	lawrence	lawrence	PROPN
cblr-1691	231	14	j.	j.	PROPN
cblr-1691	231	15	spiwak	spiwak	PROPN
cblr-1691	231	16	,	,	PUNCT
cblr-1691	231	17	an	an	DET
cblr-1691	231	18	economic	economic	ADJ
cblr-1691	231	19	investigation	investigation	NOUN
cblr-1691	231	20	of	of	ADP
cblr-1691	231	21	the	the	DET
cblr-1691	231	22	valley	valley	NOUN
cblr-1691	231	23	of	of	ADP
cblr-1691	231	24	death	death	NOUN
cblr-1691	231	25	in	in	ADP
cblr-1691	231	26	the	the	DET
cblr-1691	231	27	innovation	innovation	NOUN
cblr-1691	231	28	sequence	sequence	NOUN
cblr-1691	231	29	3–6	3–6	PROPN
cblr-1691	231	30	(	(	PUNCT
cblr-1691	231	31	phoenix	phoenix	PROPN
cblr-1691	231	32	ctr	ctr	PROPN
cblr-1691	231	33	.	.	PUNCT
cblr-1691	232	1	for	for	ADP
cblr-1691	232	2	advanced	advanced	ADJ
cblr-1691	232	3	legal	legal	ADJ
cblr-1691	232	4	&	&	CCONJ
cblr-1691	232	5	econ	econ	PROPN
cblr-1691	232	6	.	.	PUNCT
cblr-1691	233	1	pub	pub	NOUN
cblr-1691	233	2	.	.	PUNCT
cblr-1691	234	1	policy	policy	NOUN
cblr-1691	234	2	studies	study	NOUN
cblr-1691	234	3	,	,	PUNCT
cblr-1691	234	4	discussion	discussion	NOUN
cblr-1691	234	5	paper	paper	NOUN
cblr-1691	234	6	,	,	PUNCT
cblr-1691	234	7	2007	2007	NUM
cblr-1691	234	8	)	)	PUNCT
cblr-1691	234	9	,	,	PUNCT
cblr-1691	234	10	http://www.osec.doc	http://www.osec.doc	PRON
cblr-1691	234	11	.	.	PUNCT
cblr-1691	235	1	gov	gov	PROPN
cblr-1691	235	2	/	/	SYM
cblr-1691	235	3	reportvalley%20of%20death%20funding%20gap.pdf	reportvalley%20of%20death%20funding%20gap.pdf	PROPN
cblr-1691	236	1	[	[	X
cblr-1691	236	2	perma.cc/	perma.cc/	NOUN
cblr-1691	236	3	k4bb-4lfu	k4bb-4lfu	PROPN
cblr-1691	236	4	]	]	X
cblr-1691	236	5	;	;	PUNCT
cblr-1691	236	6	.	.	PUNCT
cblr-1691	237	1	additionally	additionally	ADV
cblr-1691	237	2	,	,	PUNCT
cblr-1691	237	3	the	the	DET
cblr-1691	237	4	more	more	ADV
cblr-1691	237	5	outside	outside	ADJ
cblr-1691	237	6	capital	capital	NOUN
cblr-1691	237	7	needed	need	VERB
cblr-1691	237	8	,	,	PUNCT
cblr-1691	237	9	the	the	PRON
cblr-1691	237	10	greater	great	ADJ
cblr-1691	237	11	the	the	DET
cblr-1691	237	12	dilution	dilution	NOUN
cblr-1691	237	13	of	of	ADP
cblr-1691	237	14	the	the	DET
cblr-1691	237	15	founders	founder	NOUN
cblr-1691	237	16	’	’	PART
cblr-1691	237	17	interests	interest	NOUN
cblr-1691	237	18	.	.	PUNCT
cblr-1691	238	1	see	see	VERB
cblr-1691	238	2	constance	constance	PROPN
cblr-1691	238	3	e.	e.	PROPN
cblr-1691	238	4	bagley	bagley	PROPN
cblr-1691	238	5	&	&	CCONJ
cblr-1691	238	6	craig	craig	PROPN
cblr-1691	238	7	e.	e.	PROPN
cblr-1691	238	8	dauchy	dauchy	PROPN
cblr-1691	238	9	,	,	PUNCT
cblr-1691	238	10	the	the	DET
cblr-1691	238	11	entrepreneur	entrepreneur	NOUN
cblr-1691	238	12	’s	’s	PART
cblr-1691	238	13	guide	guide	NOUN
cblr-1691	238	14	to	to	ADP
cblr-1691	238	15	law	law	NOUN
cblr-1691	238	16	and	and	CCONJ
cblr-1691	238	17	strategy	strategy	NOUN
cblr-1691	238	18	(	(	PUNCT
cblr-1691	238	19	5th	5th	ADJ
cblr-1691	238	20	ed	ed	NOUN
cblr-1691	238	21	.	.	PROPN
cblr-1691	238	22	2018	2018	NUM
cblr-1691	238	23	)	)	PUNCT
cblr-1691	238	24	.	.	PUNCT
cblr-1691	239	1	49	49	NUM
cblr-1691	239	2	see	see	VERB
cblr-1691	239	3	paul	paul	PROPN
cblr-1691	239	4	gompers	gompers	PROPN
cblr-1691	239	5	&	&	CCONJ
cblr-1691	239	6	josh	josh	PROPN
cblr-1691	239	7	lerner	lerner	PROPN
cblr-1691	239	8	,	,	PUNCT
cblr-1691	239	9	the	the	DET
cblr-1691	239	10	venture	venture	NOUN
cblr-1691	239	11	capital	capital	NOUN
cblr-1691	239	12	cycle	cycle	NOUN
cblr-1691	239	13	157	157	NUM
cblr-1691	239	14	(	(	PUNCT
cblr-1691	239	15	2d	2d	NUM
cblr-1691	239	16	ed	ed	NOUN
cblr-1691	239	17	.	.	PUNCT
cblr-1691	239	18	2004	2004	NUM
cblr-1691	239	19	)	)	PUNCT
cblr-1691	239	20	(	(	PUNCT
cblr-1691	239	21	discussing	discuss	VERB
cblr-1691	239	22	how	how	SCONJ
cblr-1691	239	23	entrepreneurs	entrepreneur	NOUN
cblr-1691	239	24	and	and	CCONJ
cblr-1691	239	25	budding	bud	VERB
cblr-1691	239	26	companies	company	NOUN
cblr-1691	239	27	,	,	PUNCT
cblr-1691	239	28	by	by	ADP
cblr-1691	239	29	their	their	PRON
cblr-1691	239	30	very	very	ADJ
cblr-1691	239	31	nature	nature	NOUN
cblr-1691	239	32	,	,	PUNCT
cblr-1691	239	33	are	be	AUX
cblr-1691	239	34	associated	associate	VERB
cblr-1691	239	35	with	with	ADP
cblr-1691	239	36	considerable	considerable	ADJ
cblr-1691	239	37	levels	level	NOUN
cblr-1691	239	38	of	of	ADP
cblr-1691	239	39	uncertainty	uncertainty	NOUN
cblr-1691	239	40	)	)	PUNCT
cblr-1691	239	41	.	.	PUNCT
cblr-1691	240	1	124	124	NUM
cblr-1691	240	2	columbia	columbia	PROPN
cblr-1691	240	3	business	business	NOUN
cblr-1691	240	4	law	law	PROPN
cblr-1691	240	5	review	review	NOUN
cblr-1691	241	1	[	[	X
cblr-1691	241	2	vol	vol	NOUN
cblr-1691	241	3	.	.	NOUN
cblr-1691	241	4	2019	2019	NUM
cblr-1691	241	5	information	information	NOUN
cblr-1691	241	6	asymmetry,50	asymmetry,50	NOUN
cblr-1691	241	7	and	and	CCONJ
cblr-1691	241	8	agency	agency	NOUN
cblr-1691	241	9	problems,51	problems,51	ADJ
cblr-1691	241	10	all	all	PRON
cblr-1691	241	11	of	of	ADP
cblr-1691	241	12	which	which	PRON
cblr-1691	241	13	contribute	contribute	VERB
cblr-1691	241	14	to	to	ADP
cblr-1691	241	15	“	"	PUNCT
cblr-1691	241	16	adverse	adverse	ADJ
cblr-1691	241	17	selection	selection	NOUN
cblr-1691	241	18	,	,	PUNCT
cblr-1691	241	19	”	"	PUNCT
cblr-1691	241	20	where	where	SCONJ
cblr-1691	241	21	investors	investor	NOUN
cblr-1691	241	22	have	have	VERB
cblr-1691	241	23	difficulty	difficulty	NOUN
cblr-1691	241	24	screening	screen	VERB
cblr-1691	241	25	and	and	CCONJ
cblr-1691	241	26	selecting	select	VERB
cblr-1691	241	27	entrepreneurs.52	entrepreneurs.52	ADV
cblr-1691	241	28	moreover	moreover	ADV
cblr-1691	241	29	,	,	PUNCT
cblr-1691	241	30	the	the	DET
cblr-1691	241	31	markets	market	NOUN
cblr-1691	241	32	for	for	ADP
cblr-1691	241	33	allocating	allocate	VERB
cblr-1691	241	34	risk	risk	NOUN
cblr-1691	241	35	capital	capital	NOUN
cblr-1691	241	36	to	to	ADP
cblr-1691	241	37	startups	startup	NOUN
cblr-1691	241	38	are	be	AUX
cblr-1691	241	39	inefficient,53	inefficient,53	ADJ
cblr-1691	241	40	and	and	CCONJ
cblr-1691	241	41	until	until	SCONJ
cblr-1691	241	42	recently	recently	ADV
cblr-1691	241	43	precluded	preclude	VERB
cblr-1691	241	44	non	non	ADJ
cblr-1691	241	45	-	-	ADJ
cblr-1691	241	46	vc	vc	ADJ
cblr-1691	241	47	investors	investor	NOUN
cblr-1691	241	48	from	from	ADP
cblr-1691	241	49	backing	back	VERB
cblr-1691	241	50	such	such	ADJ
cblr-1691	241	51	firms.54	firms.54	NOUN
cblr-1691	241	52	this	this	DET
cblr-1691	241	53	article	article	NOUN
cblr-1691	241	54	focuses	focus	VERB
cblr-1691	241	55	on	on	ADP
cblr-1691	241	56	vc	vc	NOUN
cblr-1691	241	57	-	-	PUNCT
cblr-1691	241	58	backed	back	VERB
cblr-1691	241	59	startups	startup	NOUN
cblr-1691	241	60	in	in	ADP
cblr-1691	241	61	the	the	DET
cblr-1691	241	62	united	united	PROPN
cblr-1691	241	63	states	states	PROPN
cblr-1691	241	64	.	.	PUNCT
cblr-1691	242	1	traditional	traditional	ADJ
cblr-1691	242	2	vc	vc	PROPN
cblr-1691	242	3	investors	investor	NOUN
cblr-1691	242	4	,	,	PUNCT
cblr-1691	242	5	who	who	PRON
cblr-1691	242	6	invest	invest	VERB
cblr-1691	242	7	in	in	ADP
cblr-1691	242	8	the	the	DET
cblr-1691	242	9	first	first	ADJ
cblr-1691	242	10	significant	significant	ADJ
cblr-1691	242	11	round	round	NOUN
cblr-1691	242	12	of	of	ADP
cblr-1691	242	13	financing	financing	NOUN
cblr-1691	242	14	,	,	PUNCT
cblr-1691	242	15	typically	typically	ADV
cblr-1691	242	16	acquire	acquire	VERB
cblr-1691	242	17	up	up	ADP
cblr-1691	242	18	to	to	PART
cblr-1691	242	19	forty	forty	NUM
cblr-1691	242	20	to	to	PART
cblr-1691	242	21	sixty	sixty	NUM
cblr-1691	242	22	percent	percent	NOUN
cblr-1691	242	23	of	of	ADP
cblr-1691	242	24	a	a	DET
cblr-1691	242	25	given	give	VERB
cblr-1691	242	26	startup	startup	NOUN
cblr-1691	242	27	,	,	PUNCT
cblr-1691	242	28	in	in	ADP
cblr-1691	242	29	the	the	DET
cblr-1691	242	30	form	form	NOUN
cblr-1691	242	31	of	of	ADP
cblr-1691	242	32	preferred	preferred	ADJ
cblr-1691	242	33	stock	stock	NOUN
cblr-1691	242	34	with	with	ADP
cblr-1691	242	35	specified	specified	ADJ
cblr-1691	242	36	rights	right	NOUN
cblr-1691	242	37	and	and	CCONJ
cblr-1691	242	38	preferences.55	preferences.55	NOUN
cblr-1691	242	39	vcs	vcs	PROPN
cblr-1691	242	40	also	also	ADV
cblr-1691	242	41	generally	generally	ADV
cblr-1691	242	42	require	require	VERB
cblr-1691	242	43	that	that	SCONJ
cblr-1691	242	44	startups	startup	NOUN
cblr-1691	242	45	reserve	reserve	VERB
cblr-1691	242	46	about	about	ADV
cblr-1691	242	47	ten	ten	NUM
cblr-1691	242	48	to	to	PART
cblr-1691	242	49	twenty	twenty	NUM
cblr-1691	242	50	percent	percent	NOUN
cblr-1691	242	51	of	of	ADP
cblr-1691	242	52	equity	equity	NOUN
cblr-1691	242	53	for	for	ADP
cblr-1691	242	54	key	key	ADJ
cblr-1691	242	55	hires	hire	NOUN
cblr-1691	242	56	and	and	CCONJ
cblr-1691	242	57	rank	rank	NOUN
cblr-1691	242	58	-	-	PUNCT
cblr-1691	242	59	and	and	CCONJ
cblr-1691	242	60	-	-	PUNCT
cblr-1691	242	61	file	file	NOUN
cblr-1691	242	62	employees.56	employees.56	PROPN
cblr-1691	242	63	vcs	vcs	PROPN
cblr-1691	242	64	are	be	AUX
cblr-1691	242	65	sophisticated	sophisticated	ADJ
cblr-1691	242	66	equity	equity	NOUN
cblr-1691	242	67	capital	capital	NOUN
cblr-1691	242	68	investors57	investors57	NOUN
cblr-1691	242	69	(	(	PUNCT
cblr-1691	242	70	so	so	ADV
cblr-1691	242	71	-	-	PUNCT
cblr-1691	242	72	called	call	VERB
cblr-1691	242	73	“	"	PUNCT
cblr-1691	242	74	smart	smart	ADJ
cblr-1691	242	75	money	money	NOUN
cblr-1691	242	76	”	"	PUNCT
cblr-1691	242	77	)	)	PUNCT
cblr-1691	242	78	,	,	PUNCT
cblr-1691	242	79	and	and	CCONJ
cblr-1691	242	80	they	they	PRON
cblr-1691	242	81	almost	almost	ADV
cblr-1691	242	82	always	always	ADV
cblr-1691	242	83	require	require	VERB
cblr-1691	242	84	tech	tech	NOUN
cblr-1691	242	85	company	company	NOUN
cblr-1691	242	86	50	50	NUM
cblr-1691	242	87	see	see	VERB
cblr-1691	242	88	i	i	PRON
cblr-1691	242	89	d.	d.	PROPN
cblr-1691	242	90	at	at	ADP
cblr-1691	242	91	158	158	NUM
cblr-1691	242	92	;	;	PUNCT
cblr-1691	242	93	laura	laura	PROPN
cblr-1691	242	94	lindsey	lindsey	PROPN
cblr-1691	242	95	,	,	PUNCT
cblr-1691	242	96	blurring	blur	VERB
cblr-1691	242	97	firm	firm	ADJ
cblr-1691	242	98	boundaries	boundary	NOUN
cblr-1691	242	99	:	:	PUNCT
cblr-1691	242	100	the	the	DET
cblr-1691	242	101	role	role	NOUN
cblr-1691	242	102	of	of	ADP
cblr-1691	242	103	venture	venture	NOUN
cblr-1691	242	104	capital	capital	NOUN
cblr-1691	242	105	in	in	ADP
cblr-1691	242	106	strategic	strategic	ADJ
cblr-1691	242	107	alliances	alliance	NOUN
cblr-1691	242	108	,	,	PUNCT
cblr-1691	242	109	63	63	NUM
cblr-1691	242	110	j.	j.	PROPN
cblr-1691	242	111	fin	fin	PROPN
cblr-1691	242	112	.	.	PUNCT
cblr-1691	242	113	1137	1137	NUM
cblr-1691	242	114	,	,	PUNCT
cblr-1691	242	115	1154	1154	NUM
cblr-1691	242	116	(	(	PUNCT
cblr-1691	242	117	2008	2008	NUM
cblr-1691	242	118	)	)	PUNCT
cblr-1691	242	119	.	.	PUNCT
cblr-1691	243	1	51	51	NUM
cblr-1691	243	2	see	see	VERB
cblr-1691	243	3	michael	michael	PROPN
cblr-1691	243	4	c.	c.	PROPN
cblr-1691	243	5	jensen	jensen	PROPN
cblr-1691	243	6	&	&	CCONJ
cblr-1691	243	7	william	william	PROPN
cblr-1691	243	8	h.	h.	PROPN
cblr-1691	243	9	meckling	meckling	PROPN
cblr-1691	243	10	,	,	PUNCT
cblr-1691	243	11	theory	theory	NOUN
cblr-1691	243	12	of	of	ADP
cblr-1691	243	13	the	the	DET
cblr-1691	243	14	firm	firm	NOUN
cblr-1691	243	15	:	:	PUNCT
cblr-1691	243	16	managerial	managerial	ADJ
cblr-1691	243	17	behavior	behavior	NOUN
cblr-1691	243	18	,	,	PUNCT
cblr-1691	243	19	agency	agency	NOUN
cblr-1691	243	20	costs	cost	NOUN
cblr-1691	243	21	and	and	CCONJ
cblr-1691	243	22	ownership	ownership	NOUN
cblr-1691	243	23	structure	structure	NOUN
cblr-1691	243	24	,	,	PUNCT
cblr-1691	243	25	3	3	NUM
cblr-1691	243	26	j.	j.	PROPN
cblr-1691	243	27	fin	fin	PROPN
cblr-1691	243	28	.	.	PUNCT
cblr-1691	243	29	econ	econ	PROPN
cblr-1691	243	30	.	.	PUNCT
cblr-1691	244	1	305	305	NUM
cblr-1691	244	2	,	,	PUNCT
cblr-1691	244	3	309	309	NUM
cblr-1691	244	4	(	(	PUNCT
cblr-1691	244	5	1976	1976	NUM
cblr-1691	244	6	)	)	PUNCT
cblr-1691	244	7	(	(	PUNCT
cblr-1691	244	8	“	"	PUNCT
cblr-1691	244	9	the	the	DET
cblr-1691	244	10	problem	problem	NOUN
cblr-1691	244	11	of	of	ADP
cblr-1691	244	12	inducing	induce	VERB
cblr-1691	244	13	an	an	DET
cblr-1691	244	14	‘	'	PUNCT
cblr-1691	244	15	agent	agent	NOUN
cblr-1691	244	16	’	'	PUNCT
cblr-1691	244	17	to	to	PART
cblr-1691	244	18	behave	behave	VERB
cblr-1691	244	19	as	as	SCONJ
cblr-1691	244	20	if	if	SCONJ
cblr-1691	244	21	he	he	PRON
cblr-1691	244	22	were	be	AUX
cblr-1691	244	23	maximizing	maximize	VERB
cblr-1691	244	24	the	the	DET
cblr-1691	244	25	‘	'	PUNCT
cblr-1691	244	26	principal	principal	ADJ
cblr-1691	244	27	’s	’s	NOUN
cblr-1691	244	28	’	'	PUNCT
cblr-1691	244	29	welfare	welfare	NOUN
cblr-1691	244	30	is	be	AUX
cblr-1691	244	31	quite	quite	ADV
cblr-1691	244	32	general	general	ADJ
cblr-1691	244	33	.	.	PUNCT
cblr-1691	244	34	”	"	PUNCT
cblr-1691	244	35	)	)	PUNCT
cblr-1691	244	36	.	.	PUNCT
cblr-1691	245	1	52	52	NUM
cblr-1691	245	2	see	see	VERB
cblr-1691	245	3	generally	generally	ADV
cblr-1691	245	4	george	george	PROPN
cblr-1691	245	5	a.	a.	NOUN
cblr-1691	245	6	akerlof	akerlof	NOUN
cblr-1691	245	7	,	,	PUNCT
cblr-1691	245	8	the	the	DET
cblr-1691	245	9	market	market	NOUN
cblr-1691	245	10	for	for	ADP
cblr-1691	245	11	“	"	PUNCT
cblr-1691	245	12	lemons	lemon	NOUN
cblr-1691	245	13	”	"	PUNCT
cblr-1691	245	14	:	:	PUNCT
cblr-1691	245	15	quality	quality	NOUN
cblr-1691	245	16	uncertainty	uncertainty	NOUN
cblr-1691	245	17	and	and	CCONJ
cblr-1691	245	18	the	the	DET
cblr-1691	245	19	market	market	NOUN
cblr-1691	245	20	mechanism	mechanism	NOUN
cblr-1691	245	21	,	,	PUNCT
cblr-1691	245	22	84	84	NUM
cblr-1691	245	23	q.j	q.j	PROPN
cblr-1691	245	24	.	.	PROPN
cblr-1691	245	25	econ	econ	PROPN
cblr-1691	245	26	.	.	PUNCT
cblr-1691	246	1	488	488	NUM
cblr-1691	246	2	(	(	PUNCT
cblr-1691	246	3	1970	1970	NUM
cblr-1691	246	4	)	)	PUNCT
cblr-1691	246	5	(	(	PUNCT
cblr-1691	246	6	discussing	discuss	VERB
cblr-1691	246	7	the	the	DET
cblr-1691	246	8	“	"	PUNCT
cblr-1691	246	9	adverse	adverse	ADJ
cblr-1691	246	10	selection	selection	NOUN
cblr-1691	246	11	”	"	PUNCT
cblr-1691	246	12	problem	problem	NOUN
cblr-1691	246	13	and	and	CCONJ
cblr-1691	246	14	focusing	focus	VERB
cblr-1691	246	15	on	on	ADP
cblr-1691	246	16	the	the	DET
cblr-1691	246	17	lemons	lemon	NOUN
cblr-1691	246	18	problem	problem	NOUN
cblr-1691	246	19	)	)	PUNCT
cblr-1691	246	20	;	;	PUNCT
cblr-1691	246	21	see	see	VERB
cblr-1691	246	22	also	also	ADV
cblr-1691	246	23	manuel	manuel	VERB
cblr-1691	246	24	a.	a.	NOUN
cblr-1691	246	25	utset	utset	PROPN
cblr-1691	246	26	,	,	PUNCT
cblr-1691	246	27	reciprocal	reciprocal	ADJ
cblr-1691	246	28	fairness	fairness	NOUN
cblr-1691	246	29	,	,	PUNCT
cblr-1691	246	30	strategic	strategic	ADJ
cblr-1691	246	31	behavior	behavior	NOUN
cblr-1691	246	32	&	&	CCONJ
cblr-1691	246	33	venture	venture	PROPN
cblr-1691	246	34	survival	survival	NOUN
cblr-1691	246	35	:	:	PUNCT
cblr-1691	246	36	a	a	DET
cblr-1691	246	37	theory	theory	NOUN
cblr-1691	246	38	of	of	ADP
cblr-1691	246	39	venture	venture	NOUN
cblr-1691	246	40	capital	capital	NOUN
cblr-1691	246	41	financed	finance	VERB
cblr-1691	246	42	firms	firm	NOUN
cblr-1691	246	43	,	,	PUNCT
cblr-1691	246	44	2002	2002	NUM
cblr-1691	246	45	wis	wis	NOUN
cblr-1691	246	46	.	.	PUNCT
cblr-1691	247	1	l.	l.	PROPN
cblr-1691	247	2	rev	rev	PROPN
cblr-1691	247	3	.	.	PROPN
cblr-1691	247	4	45	45	NUM
cblr-1691	247	5	,	,	PUNCT
cblr-1691	247	6	56	56	NUM
cblr-1691	247	7	(	(	PUNCT
cblr-1691	247	8	2002	2002	NUM
cblr-1691	247	9	)	)	PUNCT
cblr-1691	247	10	.	.	PUNCT
cblr-1691	248	1	53	53	NUM
cblr-1691	248	2	see	see	VERB
cblr-1691	248	3	utset	utset	NOUN
cblr-1691	248	4	,	,	PUNCT
cblr-1691	248	5	supra	supra	PROPN
cblr-1691	248	6	note	note	NOUN
cblr-1691	248	7	52	52	NUM
cblr-1691	248	8	,	,	PUNCT
cblr-1691	248	9	at	at	ADP
cblr-1691	248	10	54–56	54–56	NUM
cblr-1691	248	11	.	.	PUNCT
cblr-1691	249	1	54	54	NUM
cblr-1691	249	2	see	see	VERB
cblr-1691	249	3	branscomb	branscomb	NOUN
cblr-1691	249	4	&	&	CCONJ
cblr-1691	249	5	auerswald	auerswald	PROPN
cblr-1691	249	6	,	,	PUNCT
cblr-1691	249	7	supra	supra	PROPN
cblr-1691	249	8	note	note	NOUN
cblr-1691	249	9	48	48	NUM
cblr-1691	249	10	,	,	PUNCT
cblr-1691	249	11	at	at	ADP
cblr-1691	249	12	35–38	35–38	PROPN
cblr-1691	249	13	.	.	PUNCT
cblr-1691	250	1	55	55	NUM
cblr-1691	250	2	see	see	VERB
cblr-1691	250	3	bagley	bagley	NOUN
cblr-1691	250	4	&	&	CCONJ
cblr-1691	250	5	savage	savage	NOUN
cblr-1691	250	6	,	,	PUNCT
cblr-1691	250	7	supra	supra	ADJ
cblr-1691	250	8	note	note	NOUN
cblr-1691	250	9	46	46	NUM
cblr-1691	250	10	,	,	PUNCT
cblr-1691	250	11	at	at	ADP
cblr-1691	250	12	519	519	NUM
cblr-1691	250	13	;	;	PUNCT
cblr-1691	250	14	see	see	VERB
cblr-1691	250	15	also	also	ADV
cblr-1691	250	16	bagley	bagley	NOUN
cblr-1691	250	17	&	&	CCONJ
cblr-1691	250	18	dauchy	dauchy	PROPN
cblr-1691	250	19	,	,	PUNCT
cblr-1691	250	20	supra	supra	PROPN
cblr-1691	250	21	note	note	NOUN
cblr-1691	250	22	48	48	NUM
cblr-1691	250	23	,	,	PUNCT
cblr-1691	250	24	at	at	ADP
cblr-1691	250	25	79	79	NUM
cblr-1691	250	26	.	.	PUNCT
cblr-1691	251	1	56	56	NUM
cblr-1691	251	2	see	see	VERB
cblr-1691	251	3	bagley	bagley	NOUN
cblr-1691	251	4	&	&	CCONJ
cblr-1691	251	5	savage	savage	NOUN
cblr-1691	251	6	,	,	PUNCT
cblr-1691	251	7	supra	supra	ADJ
cblr-1691	251	8	note	note	NOUN
cblr-1691	251	9	46	46	NUM
cblr-1691	251	10	,	,	PUNCT
cblr-1691	251	11	at	at	ADP
cblr-1691	251	12	519	519	NUM
cblr-1691	251	13	;	;	PUNCT
cblr-1691	251	14	see	see	VERB
cblr-1691	251	15	also	also	ADV
cblr-1691	251	16	bagley	bagley	NOUN
cblr-1691	251	17	&	&	CCONJ
cblr-1691	251	18	dauchy	dauchy	PROPN
cblr-1691	251	19	,	,	PUNCT
cblr-1691	251	20	supra	supra	PROPN
cblr-1691	251	21	note	note	NOUN
cblr-1691	251	22	48	48	NUM
cblr-1691	251	23	,	,	PUNCT
cblr-1691	251	24	at	at	ADP
cblr-1691	251	25	79	79	NUM
cblr-1691	251	26	.	.	PUNCT
cblr-1691	252	1	57	57	NUM
cblr-1691	252	2	vcs	vcs	NOUN
cblr-1691	252	3	are	be	AUX
cblr-1691	252	4	“	"	PUNCT
cblr-1691	252	5	highly	highly	ADV
cblr-1691	252	6	specialized	specialized	ADJ
cblr-1691	252	7	financial	financial	ADJ
cblr-1691	252	8	intermediaries	intermediary	NOUN
cblr-1691	252	9	.	.	PUNCT
cblr-1691	252	10	”	"	PUNCT
cblr-1691	253	1	yinglan	yinglan	PROPN
cblr-1691	253	2	tan	tan	PROPN
cblr-1691	253	3	,	,	PUNCT
cblr-1691	253	4	the	the	DET
cblr-1691	253	5	way	way	NOUN
cblr-1691	253	6	of	of	ADP
cblr-1691	253	7	the	the	DET
cblr-1691	253	8	vc	vc	NOUN
cblr-1691	253	9	:	:	PUNCT
cblr-1691	253	10	having	have	VERB
cblr-1691	253	11	top	top	ADJ
cblr-1691	253	12	venture	venture	NOUN
cblr-1691	253	13	capitalists	capitalist	NOUN
cblr-1691	253	14	on	on	ADP
cblr-1691	253	15	your	your	PRON
cblr-1691	253	16	board	board	NOUN
cblr-1691	253	17	244	244	NUM
cblr-1691	253	18	(	(	PUNCT
cblr-1691	253	19	2010	2010	NUM
cblr-1691	253	20	)	)	PUNCT
cblr-1691	253	21	.	.	PUNCT
cblr-1691	254	1	they	they	PRON
cblr-1691	254	2	offer	offer	VERB
cblr-1691	254	3	“	"	PUNCT
cblr-1691	254	4	optimal	optimal	ADJ
cblr-1691	254	5	services	service	NOUN
cblr-1691	254	6	”	"	PUNCT
cblr-1691	254	7	to	to	ADP
cblr-1691	254	8	an	an	DET
cblr-1691	254	9	entrepreneurial	entrepreneurial	ADJ
cblr-1691	254	10	firm	firm	NOUN
cblr-1691	254	11	that	that	PRON
cblr-1691	254	12	is	be	AUX
cblr-1691	254	13	positioned	position	VERB
cblr-1691	254	14	within	within	ADP
cblr-1691	254	15	the	the	DET
cblr-1691	254	16	fund	fund	NOUN
cblr-1691	254	17	’s	’s	PART
cblr-1691	254	18	concentrated	concentrate	VERB
cblr-1691	254	19	industry	industry	NOUN
cblr-1691	254	20	,	,	PUNCT
cblr-1691	254	21	which	which	PRON
cblr-1691	254	22	is	be	AUX
cblr-1691	254	23	usually	usually	ADV
cblr-1691	254	24	very	very	ADV
cblr-1691	254	25	narrowly	narrowly	ADV
cblr-1691	254	26	defined	define	VERB
cblr-1691	254	27	.	.	PUNCT
cblr-1691	255	1	see	see	VERB
cblr-1691	255	2	erica	erica	PROPN
cblr-1691	255	3	gorga	gorga	PROPN
cblr-1691	255	4	&	&	CCONJ
cblr-1691	255	5	michael	michael	PROPN
cblr-1691	255	6	halberstam	halberstam	PROPN
cblr-1691	255	7	,	,	PUNCT
cblr-1691	255	8	knowledge	knowledge	NOUN
cblr-1691	255	9	inputs	input	NOUN
cblr-1691	255	10	,	,	PUNCT
cblr-1691	255	11	legal	legal	ADJ
cblr-1691	255	12	institutions	institution	NOUN
cblr-1691	255	13	and	and	CCONJ
cblr-1691	255	14	firm	firm	ADJ
cblr-1691	255	15	structure	structure	NOUN
cblr-1691	255	16	:	:	PUNCT
cblr-1691	255	17	towards	towards	ADP
cblr-1691	255	18	a	a	DET
cblr-1691	255	19	knowledge	knowledge	NOUN
cblr-1691	255	20	-	-	PUNCT
cblr-1691	255	21	based	base	VERB
cblr-1691	255	22	theory	theory	NOUN
cblr-1691	255	23	of	of	ADP
cblr-1691	255	24	the	the	DET
cblr-1691	255	25	firm	firm	NOUN
cblr-1691	255	26	,	,	PUNCT
cblr-1691	255	27	101	101	NUM
cblr-1691	255	28	nw	nw	PROPN
cblr-1691	255	29	.	.	PUNCT
cblr-1691	255	30	u.	u.	PROPN
cblr-1691	255	31	l.	l.	PROPN
cblr-1691	255	32	rev	rev	PROPN
cblr-1691	255	33	.	.	PROPN
cblr-1691	255	34	1123	1123	NUM
cblr-1691	255	35	(	(	PUNCT
cblr-1691	255	36	2007	2007	NUM
cblr-1691	255	37	)	)	PUNCT
cblr-1691	255	38	;	;	PUNCT
cblr-1691	255	39	see	see	VERB
cblr-1691	255	40	also	also	ADV
cblr-1691	255	41	bengtsson	bengtsson	PROPN
cblr-1691	255	42	,	,	PUNCT
cblr-1691	255	43	supra	supra	PROPN
cblr-1691	255	44	note	note	NOUN
cblr-1691	255	45	47	47	NUM
cblr-1691	255	46	.	.	PUNCT
cblr-1691	256	1	professional	professional	ADJ
cblr-1691	256	2	vc	vc	PROPN
cblr-1691	256	3	funds	fund	NOUN
cblr-1691	256	4	also	also	ADV
cblr-1691	256	5	face	face	VERB
cblr-1691	256	6	information	information	NOUN
cblr-1691	256	7	asymmetry	asymmetry	NOUN
cblr-1691	256	8	no	no	NOUN
cblr-1691	256	9	.	.	PUNCT
cblr-1691	257	1	1:107	1:107	NUM
cblr-1691	257	2	]	]	X
cblr-1691	257	3	unicorn	unicorn	ADJ
cblr-1691	257	4	stock	stock	NOUN
cblr-1691	257	5	options	option	NOUN
cblr-1691	257	6	125	125	NUM
cblr-1691	257	7	management	management	NOUN
cblr-1691	257	8	to	to	PART
cblr-1691	257	9	issue	issue	VERB
cblr-1691	257	10	options	option	NOUN
cblr-1691	257	11	to	to	ADP
cblr-1691	257	12	employees	employee	NOUN
cblr-1691	257	13	,	,	PUNCT
cblr-1691	257	14	both	both	CCONJ
cblr-1691	257	15	because	because	SCONJ
cblr-1691	257	16	they	they	PRON
cblr-1691	257	17	incentivize	incentivize	VERB
cblr-1691	257	18	the	the	DET
cblr-1691	257	19	labor	labor	NOUN
cblr-1691	257	20	force	force	NOUN
cblr-1691	257	21	to	to	PART
cblr-1691	257	22	maximize	maximize	VERB
cblr-1691	257	23	their	their	PRON
cblr-1691	257	24	efforts	effort	NOUN
cblr-1691	257	25	and	and	CCONJ
cblr-1691	257	26	because	because	SCONJ
cblr-1691	257	27	they	they	PRON
cblr-1691	257	28	mitigate	mitigate	VERB
cblr-1691	257	29	the	the	DET
cblr-1691	257	30	problems	problem	NOUN
cblr-1691	257	31	of	of	ADP
cblr-1691	257	32	asymmetric	asymmetric	ADJ
cblr-1691	257	33	information.58	information.58	PROPN
cblr-1691	257	34	options	option	NOUN
cblr-1691	257	35	help	help	AUX
cblr-1691	257	36	screen	screen	VERB
cblr-1691	257	37	prospective	prospective	ADJ
cblr-1691	257	38	employees	employee	NOUN
cblr-1691	257	39	to	to	PART
cblr-1691	257	40	find	find	VERB
cblr-1691	257	41	those	those	PRON
cblr-1691	257	42	who	who	PRON
cblr-1691	257	43	are	be	AUX
cblr-1691	257	44	committed	committed	ADJ
cblr-1691	257	45	and	and	CCONJ
cblr-1691	257	46	willing	willing	ADJ
cblr-1691	257	47	to	to	PART
cblr-1691	257	48	tie	tie	VERB
cblr-1691	257	49	their	their	PRON
cblr-1691	257	50	fate	fate	NOUN
cblr-1691	257	51	with	with	ADP
cblr-1691	257	52	that	that	PRON
cblr-1691	257	53	of	of	ADP
cblr-1691	257	54	the	the	DET
cblr-1691	257	55	company.59	company.59	NOUN
cblr-1691	257	56	the	the	DET
cblr-1691	257	57	presumption	presumption	NOUN
cblr-1691	257	58	is	be	AUX
cblr-1691	257	59	that	that	SCONJ
cblr-1691	257	60	the	the	DET
cblr-1691	257	61	employees	employee	NOUN
cblr-1691	257	62	are	be	AUX
cblr-1691	257	63	only	only	ADV
cblr-1691	257	64	willing	willing	ADJ
cblr-1691	257	65	to	to	PART
cblr-1691	257	66	take	take	VERB
cblr-1691	257	67	that	that	DET
cblr-1691	257	68	risk	risk	NOUN
cblr-1691	257	69	if	if	SCONJ
cblr-1691	257	70	they	they	PRON
cblr-1691	257	71	believe	believe	VERB
cblr-1691	257	72	in	in	ADP
cblr-1691	257	73	the	the	DET
cblr-1691	257	74	future	future	ADJ
cblr-1691	257	75	success	success	NOUN
cblr-1691	257	76	of	of	ADP
cblr-1691	257	77	the	the	DET
cblr-1691	257	78	business	business	NOUN
cblr-1691	257	79	,	,	PUNCT
cblr-1691	257	80	which	which	PRON
cblr-1691	257	81	can	can	AUX
cblr-1691	257	82	contribute	contribute	VERB
cblr-1691	257	83	to	to	ADP
cblr-1691	257	84	the	the	DET
cblr-1691	257	85	firm	firm	NOUN
cblr-1691	257	86	’s	’s	PART
cblr-1691	257	87	growth.60	growth.60	NOUN
cblr-1691	257	88	this	this	DET
cblr-1691	257	89	article	article	NOUN
cblr-1691	257	90	next	next	ADV
cblr-1691	257	91	briefly	briefly	ADV
cblr-1691	257	92	describes	describe	VERB
cblr-1691	257	93	the	the	DET
cblr-1691	257	94	process	process	NOUN
cblr-1691	257	95	of	of	ADP
cblr-1691	257	96	issuing	issue	VERB
cblr-1691	257	97	equity	equity	NOUN
cblr-1691	257	98	compensation	compensation	NOUN
cblr-1691	257	99	to	to	ADP
cblr-1691	257	100	employees	employee	NOUN
cblr-1691	257	101	.	.	PUNCT
cblr-1691	258	1	it	it	PRON
cblr-1691	258	2	then	then	ADV
cblr-1691	258	3	discusses	discuss	VERB
cblr-1691	258	4	the	the	DET
cblr-1691	258	5	corporate	corporate	ADJ
cblr-1691	258	6	governance	governance	NOUN
cblr-1691	258	7	structure	structure	NOUN
cblr-1691	258	8	of	of	ADP
cblr-1691	258	9	vc	vc	PROPN
cblr-1691	258	10	-	-	PUNCT
cblr-1691	258	11	backed	back	VERB
cblr-1691	258	12	startups	startup	NOUN
cblr-1691	258	13	,	,	PUNCT
cblr-1691	258	14	explaining	explain	VERB
cblr-1691	258	15	the	the	DET
cblr-1691	258	16	pattern	pattern	NOUN
cblr-1691	258	17	and	and	CCONJ
cblr-1691	258	18	purpose	purpose	NOUN
cblr-1691	258	19	behind	behind	ADP
cblr-1691	258	20	the	the	DET
cblr-1691	258	21	widespread	widespread	ADJ
cblr-1691	258	22	use	use	NOUN
cblr-1691	258	23	of	of	ADP
cblr-1691	258	24	preferred	preferred	ADJ
cblr-1691	258	25	stock	stock	NOUN
cblr-1691	258	26	by	by	ADP
cblr-1691	258	27	vcs	vcs	PROPN
cblr-1691	258	28	.	.	PUNCT
cblr-1691	259	1	a.	a.	PROPN
cblr-1691	259	2	standard	standard	PROPN
cblr-1691	259	3	stock	stock	NOUN
cblr-1691	259	4	option	option	NOUN
cblr-1691	259	5	plans	plan	VERB
cblr-1691	259	6	employee	employee	NOUN
cblr-1691	259	7	stock	stock	NOUN
cblr-1691	259	8	options	option	NOUN
cblr-1691	259	9	are	be	AUX
cblr-1691	259	10	very	very	ADV
cblr-1691	259	11	popular	popular	ADJ
cblr-1691	259	12	among	among	ADP
cblr-1691	259	13	growth	growth	NOUN
cblr-1691	259	14	companies	company	NOUN
cblr-1691	259	15	in	in	ADP
cblr-1691	259	16	the	the	DET
cblr-1691	259	17	united	united	PROPN
cblr-1691	259	18	states	states	PROPN
cblr-1691	259	19	—	—	PUNCT
cblr-1691	259	20	so	so	ADV
cblr-1691	259	21	much	much	ADV
cblr-1691	259	22	so	so	SCONJ
cblr-1691	259	23	that	that	SCONJ
cblr-1691	259	24	most	most	ADJ
cblr-1691	259	25	hightech	hightech	ADJ
cblr-1691	259	26	startups	startup	NOUN
cblr-1691	259	27	,	,	PUNCT
cblr-1691	259	28	including	include	VERB
cblr-1691	259	29	google	google	PROPN
cblr-1691	259	30	,	,	PUNCT
cblr-1691	259	31	intel	intel	NOUN
cblr-1691	259	32	,	,	PUNCT
cblr-1691	259	33	and	and	CCONJ
cblr-1691	259	34	microsoft	microsoft	PROPN
cblr-1691	259	35	,	,	PUNCT
cblr-1691	259	36	use	use	VERB
cblr-1691	259	37	issues	issue	NOUN
cblr-1691	259	38	.	.	PUNCT
cblr-1691	260	1	accordingly	accordingly	ADV
cblr-1691	260	2	,	,	PUNCT
cblr-1691	260	3	only	only	ADV
cblr-1691	260	4	ten	ten	NUM
cblr-1691	260	5	percent	percent	NOUN
cblr-1691	260	6	of	of	ADP
cblr-1691	260	7	venture	venture	NOUN
cblr-1691	260	8	capitalists	capitalist	NOUN
cblr-1691	260	9	make	make	VERB
cblr-1691	260	10	their	their	PRON
cblr-1691	260	11	expected	expect	VERB
cblr-1691	260	12	rate	rate	NOUN
cblr-1691	260	13	of	of	ADP
cblr-1691	260	14	return	return	NOUN
cblr-1691	260	15	.	.	PUNCT
cblr-1691	261	1	gao	gao	PROPN
cblr-1691	261	2	report	report	PROPN
cblr-1691	261	3	,	,	PUNCT
cblr-1691	261	4	supra	supra	PROPN
cblr-1691	261	5	note	note	NOUN
cblr-1691	261	6	47	47	NUM
cblr-1691	261	7	,	,	PUNCT
cblr-1691	261	8	at	at	ADP
cblr-1691	261	9	19	19	NUM
cblr-1691	261	10	;	;	PUNCT
cblr-1691	261	11	see	see	VERB
cblr-1691	261	12	also	also	ADV
cblr-1691	261	13	amy	amy	PROPN
cblr-1691	261	14	e.	e.	PROPN
cblr-1691	261	15	knaup	knaup	PROPN
cblr-1691	261	16	,	,	PUNCT
cblr-1691	261	17	survival	survival	NOUN
cblr-1691	261	18	and	and	CCONJ
cblr-1691	261	19	longevity	longevity	NOUN
cblr-1691	261	20	in	in	ADP
cblr-1691	261	21	the	the	DET
cblr-1691	261	22	business	business	NOUN
cblr-1691	261	23	employment	employment	NOUN
cblr-1691	261	24	dynamics	dynamic	NOUN
cblr-1691	261	25	data	datum	NOUN
cblr-1691	261	26	,	,	PUNCT
cblr-1691	261	27	monthly	monthly	ADJ
cblr-1691	261	28	lab	lab	NOUN
cblr-1691	261	29	.	.	PUNCT
cblr-1691	262	1	rev	rev	PROPN
cblr-1691	262	2	.	.	PROPN
cblr-1691	262	3	,	,	PUNCT
cblr-1691	262	4	may	may	PROPN
cblr-1691	262	5	2005	2005	NUM
cblr-1691	262	6	,	,	PUNCT
cblr-1691	262	7	50	50	NUM
cblr-1691	262	8	,	,	PUNCT
cblr-1691	262	9	51	51	NUM
cblr-1691	262	10	(	(	PUNCT
cblr-1691	262	11	stating	state	VERB
cblr-1691	262	12	that	that	SCONJ
cblr-1691	262	13	thirty	thirty	NUM
cblr-1691	262	14	-	-	PUNCT
cblr-1691	262	15	four	four	NUM
cblr-1691	262	16	percent	percent	NOUN
cblr-1691	262	17	of	of	ADP
cblr-1691	262	18	new	new	ADJ
cblr-1691	262	19	businesses	business	NOUN
cblr-1691	262	20	fail	fail	VERB
cblr-1691	262	21	within	within	ADP
cblr-1691	262	22	their	their	PRON
cblr-1691	262	23	first	first	ADJ
cblr-1691	262	24	two	two	NUM
cblr-1691	262	25	years	year	NOUN
cblr-1691	262	26	and	and	CCONJ
cblr-1691	262	27	fifty	fifty	NUM
cblr-1691	262	28	-	-	PUNCT
cblr-1691	262	29	six	six	NUM
cblr-1691	262	30	percent	percent	NOUN
cblr-1691	262	31	fail	fail	ADJ
cblr-1691	262	32	within	within	ADP
cblr-1691	262	33	four	four	NUM
cblr-1691	262	34	years	year	NOUN
cblr-1691	262	35	)	)	PUNCT
cblr-1691	262	36	.	.	PUNCT
cblr-1691	263	1	58	58	NUM
cblr-1691	263	2	see	see	VERB
cblr-1691	263	3	gorga	gorga	NOUN
cblr-1691	263	4	&	&	CCONJ
cblr-1691	263	5	halberstam	halberstam	PROPN
cblr-1691	263	6	,	,	PUNCT
cblr-1691	263	7	supra	supra	PROPN
cblr-1691	263	8	note	note	PROPN
cblr-1691	263	9	57	57	NUM
cblr-1691	263	10	;	;	PUNCT
cblr-1691	263	11	see	see	VERB
cblr-1691	263	12	also	also	ADV
cblr-1691	263	13	james	james	PROPN
cblr-1691	263	14	v.	v.	PROPN
cblr-1691	263	15	delong	delong	PROPN
cblr-1691	263	16	,	,	PUNCT
cblr-1691	263	17	competitive	competitive	ADJ
cblr-1691	263	18	enter	enter	NOUN
cblr-1691	263	19	.	.	PUNCT
cblr-1691	264	1	inst	inst	PROPN
cblr-1691	264	2	.	.	PROPN
cblr-1691	264	3	,	,	PUNCT
cblr-1691	264	4	the	the	DET
cblr-1691	264	5	stock	stock	NOUN
cblr-1691	264	6	options	option	NOUN
cblr-1691	264	7	controversy	controversy	NOUN
cblr-1691	264	8	and	and	CCONJ
cblr-1691	264	9	the	the	DET
cblr-1691	264	10	new	new	ADJ
cblr-1691	264	11	economy	economy	NOUN
cblr-1691	264	12	8	8	NUM
cblr-1691	264	13	(	(	PUNCT
cblr-1691	264	14	2002	2002	NUM
cblr-1691	264	15	)	)	PUNCT
cblr-1691	264	16	,	,	PUNCT
cblr-1691	264	17	https://cei.org/sites/default/files/james%20delong%20%20the%20stock%20options%20controversy%20and%20the%20new%2	https://cei.org/sites/default/files/james%20delong%20%20the%20stock%20options%20controversy%20and%20the%20new%2	NOUN
cblr-1691	264	18	0economy.pdf	0economy.pdf	X
cblr-1691	265	1	[	[	X
cblr-1691	265	2	perma.cc/gy9q-xjft	perma.cc/gy9q-xjft	X
cblr-1691	265	3	]	]	PUNCT
cblr-1691	265	4	.	.	PUNCT
cblr-1691	266	1	59	59	NUM
cblr-1691	266	2	see	see	VERB
cblr-1691	266	3	delong	delong	PROPN
cblr-1691	266	4	,	,	PUNCT
cblr-1691	266	5	supra	supra	PROPN
cblr-1691	266	6	note	note	PROPN
cblr-1691	266	7	58	58	NUM
cblr-1691	266	8	,	,	PUNCT
cblr-1691	266	9	at	at	ADP
cblr-1691	266	10	7–8	7–8	NOUN
cblr-1691	266	11	.	.	PROPN
cblr-1691	266	12	60	60	NUM
cblr-1691	266	13	see	see	VERB
cblr-1691	266	14	i	i	PRON
cblr-1691	266	15	d.	d.	PROPN
cblr-1691	266	16	at	at	ADP
cblr-1691	266	17	8	8	NUM
cblr-1691	266	18	n.15	n.15	PROPN
cblr-1691	266	19	(	(	PUNCT
cblr-1691	266	20	“	"	PUNCT
cblr-1691	266	21	this	this	DET
cblr-1691	266	22	point	point	NOUN
cblr-1691	266	23	is	be	AUX
cblr-1691	266	24	different	different	ADJ
cblr-1691	266	25	from	from	ADP
cblr-1691	266	26	the	the	DET
cblr-1691	266	27	argument	argument	NOUN
cblr-1691	266	28	that	that	SCONJ
cblr-1691	266	29	stock	stock	NOUN
cblr-1691	266	30	options	option	NOUN
cblr-1691	266	31	keep	keep	VERB
cblr-1691	266	32	individual	individual	ADJ
cblr-1691	266	33	incentives	incentive	NOUN
cblr-1691	266	34	aligned	align	VERB
cblr-1691	266	35	with	with	ADP
cblr-1691	266	36	the	the	DET
cblr-1691	266	37	corporate	corporate	ADJ
cblr-1691	266	38	good	good	NOUN
cblr-1691	266	39	.	.	PUNCT
cblr-1691	267	1	the	the	DET
cblr-1691	267	2	point	point	NOUN
cblr-1691	267	3	here	here	ADV
cblr-1691	267	4	is	be	AUX
cblr-1691	267	5	that	that	SCONJ
cblr-1691	267	6	in	in	ADP
cblr-1691	267	7	the	the	DET
cblr-1691	267	8	context	context	NOUN
cblr-1691	267	9	of	of	ADP
cblr-1691	267	10	technical	technical	ADJ
cblr-1691	267	11	products	product	NOUN
cblr-1691	267	12	and	and	CCONJ
cblr-1691	267	13	uncertainty	uncertainty	NOUN
cblr-1691	267	14	,	,	PUNCT
cblr-1691	267	15	a	a	DET
cblr-1691	267	16	process	process	NOUN
cblr-1691	267	17	that	that	PRON
cblr-1691	267	18	pre	pre	ADJ
cblr-1691	267	19	-	-	NOUN
cblr-1691	267	20	selects	select	VERB
cblr-1691	267	21	employees	employee	NOUN
cblr-1691	267	22	for	for	ADP
cblr-1691	267	23	belief	belief	NOUN
cblr-1691	267	24	is	be	AUX
cblr-1691	267	25	a	a	DET
cblr-1691	267	26	good	good	ADJ
cblr-1691	267	27	thing	thing	NOUN
cblr-1691	267	28	for	for	ADP
cblr-1691	267	29	the	the	DET
cblr-1691	267	30	financiers	financier	NOUN
cblr-1691	267	31	.	.	PUNCT
cblr-1691	267	32	”	"	PUNCT
cblr-1691	267	33	)	)	PUNCT
cblr-1691	267	34	;	;	PUNCT
cblr-1691	267	35	edward	edward	PROPN
cblr-1691	267	36	p.	p.	PROPN
cblr-1691	267	37	lazear	lazear	PROPN
cblr-1691	267	38	,	,	PUNCT
cblr-1691	267	39	output	output	NOUN
cblr-1691	267	40	-	-	PUNCT
cblr-1691	267	41	based	base	VERB
cblr-1691	267	42	pay	pay	NOUN
cblr-1691	267	43	:	:	PUNCT
cblr-1691	267	44	incentives	incentive	NOUN
cblr-1691	267	45	or	or	CCONJ
cblr-1691	267	46	sorting	sorting	NOUN
cblr-1691	267	47	?	?	PUNCT
cblr-1691	268	1	4	4	NUM
cblr-1691	268	2	(	(	PUNCT
cblr-1691	268	3	nat’l	nat’l	NUM
cblr-1691	268	4	bureau	bureau	PROPN
cblr-1691	268	5	of	of	ADP
cblr-1691	268	6	econ	econ	PROPN
cblr-1691	268	7	.	.	PUNCT
cblr-1691	269	1	research	research	PROPN
cblr-1691	269	2	,	,	PUNCT
cblr-1691	269	3	working	work	VERB
cblr-1691	269	4	paper	paper	NOUN
cblr-1691	269	5	no	no	INTJ
cblr-1691	269	6	.	.	NOUN
cblr-1691	270	1	7419	7419	NUM
cblr-1691	270	2	,	,	PUNCT
cblr-1691	270	3	1999	1999	NUM
cblr-1691	270	4	)	)	PUNCT
cblr-1691	270	5	,	,	PUNCT
cblr-1691	271	1	https://www.nber.org/papers/w7419.pdf	https://www.nber.org/papers/w7419.pdf	PROPN
cblr-1691	272	1	[	[	X
cblr-1691	272	2	perma.cc/z4z7-qzx6	perma.cc/z4z7-qzx6	PROPN
cblr-1691	272	3	]	]	PUNCT
cblr-1691	272	4	.	.	PUNCT
cblr-1691	273	1	126	126	NUM
cblr-1691	273	2	columbia	columbia	PROPN
cblr-1691	273	3	business	business	NOUN
cblr-1691	273	4	law	law	PROPN
cblr-1691	273	5	review	review	NOUN
cblr-1691	274	1	[	[	X
cblr-1691	274	2	vol	vol	NOUN
cblr-1691	274	3	.	.	NOUN
cblr-1691	274	4	2019	2019	NUM
cblr-1691	274	5	equity	equity	NOUN
cblr-1691	274	6	compensation	compensation	NOUN
cblr-1691	274	7	to	to	PART
cblr-1691	274	8	build	build	VERB
cblr-1691	274	9	their	their	PRON
cblr-1691	274	10	companies.61	companies.61	NOUN
cblr-1691	274	11	stock	stock	NOUN
cblr-1691	274	12	option	option	NOUN
cblr-1691	274	13	plans	plan	NOUN
cblr-1691	274	14	are	be	AUX
cblr-1691	274	15	contracts	contract	NOUN
cblr-1691	274	16	between	between	ADP
cblr-1691	274	17	the	the	DET
cblr-1691	274	18	company	company	NOUN
cblr-1691	274	19	and	and	CCONJ
cblr-1691	274	20	its	its	PRON
cblr-1691	274	21	employees	employee	NOUN
cblr-1691	274	22	.	.	PUNCT
cblr-1691	275	1	these	these	DET
cblr-1691	275	2	contracts	contract	NOUN
cblr-1691	275	3	are	be	AUX
cblr-1691	275	4	designed	design	VERB
cblr-1691	275	5	to	to	PART
cblr-1691	275	6	attract	attract	VERB
cblr-1691	275	7	,	,	PUNCT
cblr-1691	275	8	engage	engage	VERB
cblr-1691	275	9	,	,	PUNCT
cblr-1691	275	10	and	and	CCONJ
cblr-1691	275	11	retain	retain	VERB
cblr-1691	275	12	employees,62	employees,62	NOUN
cblr-1691	275	13	by	by	ADP
cblr-1691	275	14	encouraging	encourage	VERB
cblr-1691	275	15	them	they	PRON
cblr-1691	275	16	to	to	PART
cblr-1691	275	17	share	share	VERB
cblr-1691	275	18	in	in	ADP
cblr-1691	275	19	the	the	DET
cblr-1691	275	20	ownership	ownership	NOUN
cblr-1691	275	21	of	of	ADP
cblr-1691	275	22	their	their	PRON
cblr-1691	275	23	firm	firm	NOUN
cblr-1691	275	24	(	(	PUNCT
cblr-1691	275	25	while	while	SCONJ
cblr-1691	275	26	the	the	DET
cblr-1691	275	27	company	company	NOUN
cblr-1691	275	28	preserves	preserve	VERB
cblr-1691	275	29	its	its	PRON
cblr-1691	275	30	cash).63	cash).63	PRON
cblr-1691	275	31	the	the	DET
cblr-1691	275	32	idea	idea	NOUN
cblr-1691	275	33	that	that	SCONJ
cblr-1691	275	34	employees	employee	NOUN
cblr-1691	275	35	should	should	AUX
cblr-1691	275	36	share	share	VERB
cblr-1691	275	37	in	in	ADP
cblr-1691	275	38	the	the	DET
cblr-1691	275	39	ownership	ownership	NOUN
cblr-1691	275	40	of	of	ADP
cblr-1691	275	41	their	their	PRON
cblr-1691	275	42	firm	firm	NOUN
cblr-1691	275	43	is	be	AUX
cblr-1691	275	44	not	not	PART
cblr-1691	275	45	a	a	DET
cblr-1691	275	46	new	new	ADJ
cblr-1691	275	47	one	one	NOUN
cblr-1691	275	48	,	,	PUNCT
cblr-1691	275	49	and	and	CCONJ
cblr-1691	275	50	indeed	indeed	ADV
cblr-1691	275	51	has	have	VERB
cblr-1691	275	52	a	a	DET
cblr-1691	275	53	strong	strong	ADJ
cblr-1691	275	54	history	history	NOUN
cblr-1691	275	55	in	in	ADP
cblr-1691	275	56	american	american	ADJ
cblr-1691	275	57	entrepreneurship.64	entrepreneurship.64	PROPN
cblr-1691	275	58	tying	tie	VERB
cblr-1691	275	59	a	a	DET
cblr-1691	275	60	worker	worker	NOUN
cblr-1691	275	61	’s	’s	PART
cblr-1691	275	62	pay	pay	NOUN
cblr-1691	275	63	to	to	ADP
cblr-1691	275	64	company	company	NOUN
cblr-1691	275	65	performance	performance	NOUN
cblr-1691	275	66	can	can	AUX
cblr-1691	275	67	make	make	VERB
cblr-1691	275	68	the	the	DET
cblr-1691	275	69	worker	worker	NOUN
cblr-1691	275	70	better	well	ADV
cblr-1691	275	71	off	off	ADV
cblr-1691	275	72	or	or	CCONJ
cblr-1691	275	73	worse	bad	ADJ
cblr-1691	275	74	off	off	ADV
cblr-1691	275	75	,	,	PUNCT
cblr-1691	275	76	depending	depend	VERB
cblr-1691	275	77	on	on	ADP
cblr-1691	275	78	the	the	DET
cblr-1691	275	79	balance	balance	NOUN
cblr-1691	275	80	between	between	ADP
cblr-1691	275	81	risk	risk	NOUN
cblr-1691	275	82	and	and	CCONJ
cblr-1691	275	83	reward	reward	NOUN
cblr-1691	275	84	,	,	PUNCT
cblr-1691	275	85	contractual	contractual	ADJ
cblr-1691	275	86	design	design	NOUN
cblr-1691	275	87	,	,	PUNCT
cblr-1691	275	88	and	and	CCONJ
cblr-1691	275	89	market	market	NOUN
cblr-1691	275	90	conditions	condition	NOUN
cblr-1691	275	91	.	.	PUNCT
cblr-1691	276	1	during	during	ADP
cblr-1691	276	2	the	the	DET
cblr-1691	276	3	1990s	1990	NOUN
cblr-1691	276	4	,	,	PUNCT
cblr-1691	276	5	the	the	DET
cblr-1691	276	6	media	medium	NOUN
cblr-1691	276	7	publicized	publicize	VERB
cblr-1691	276	8	the	the	DET
cblr-1691	276	9	success	success	NOUN
cblr-1691	276	10	stories	story	NOUN
cblr-1691	276	11	of	of	ADP
cblr-1691	276	12	silicon	silicon	PROPN
cblr-1691	276	13	valley	valley	PROPN
cblr-1691	276	14	high	high	ADJ
cblr-1691	276	15	tech	tech	NOUN
cblr-1691	276	16	employees	employee	NOUN
cblr-1691	276	17	who	who	PRON
cblr-1691	276	18	were	be	AUX
cblr-1691	276	19	fortunate	fortunate	ADJ
cblr-1691	276	20	enough	enough	ADV
cblr-1691	276	21	to	to	PART
cblr-1691	276	22	become	become	VERB
cblr-1691	276	23	millionaires	millionaire	NOUN
cblr-1691	276	24	overnight	overnight	ADV
cblr-1691	276	25	following	follow	VERB
cblr-1691	276	26	a	a	DET
cblr-1691	276	27	successful	successful	ADJ
cblr-1691	276	28	ipo.65	ipo.65	NOUN
cblr-1691	276	29	by	by	ADP
cblr-1691	276	30	contrast	contrast	NOUN
cblr-1691	276	31	,	,	PUNCT
cblr-1691	276	32	during	during	ADP
cblr-1691	276	33	the	the	DET
cblr-1691	276	34	early	early	ADJ
cblr-1691	276	35	2000s	2000	NOUN
cblr-1691	276	36	the	the	DET
cblr-1691	276	37	media	medium	NOUN
cblr-1691	276	38	covered	cover	VERB
cblr-1691	276	39	horror	horror	NOUN
cblr-1691	276	40	stories	story	NOUN
cblr-1691	276	41	about	about	ADP
cblr-1691	276	42	large	large	ADJ
cblr-1691	276	43	public	public	ADJ
cblr-1691	276	44	companies	company	NOUN
cblr-1691	276	45	,	,	PUNCT
cblr-1691	276	46	such	such	ADJ
cblr-1691	276	47	as	as	ADP
cblr-1691	276	48	enron	enron	PROPN
cblr-1691	276	49	,	,	PUNCT
cblr-1691	276	50	that	that	PRON
cblr-1691	276	51	engaged	engage	VERB
cblr-1691	276	52	in	in	ADP
cblr-1691	276	53	rampant	rampant	ADJ
cblr-1691	276	54	fraud	fraud	NOUN
cblr-1691	276	55	and	and	CCONJ
cblr-1691	276	56	caused	cause	VERB
cblr-1691	276	57	their	their	PRON
cblr-1691	276	58	employees	employee	NOUN
cblr-1691	276	59	to	to	PART
cblr-1691	276	60	lose	lose	VERB
cblr-1691	276	61	most	most	ADJ
cblr-1691	276	62	of	of	ADP
cblr-1691	276	63	their	their	PRON
cblr-1691	276	64	retirement	retirement	NOUN
cblr-1691	276	65	savings	saving	NOUN
cblr-1691	276	66	,	,	PUNCT
cblr-1691	276	67	which	which	PRON
cblr-1691	276	68	was	be	AUX
cblr-1691	276	69	invested	invest	VERB
cblr-1691	276	70	in	in	ADP
cblr-1691	276	71	company	company	NOUN
cblr-1691	276	72	stock	stock	NOUN
cblr-1691	276	73	or	or	CCONJ
cblr-1691	276	74	tied	tie	VERB
cblr-1691	276	75	to	to	ADP
cblr-1691	276	76	company	company	NOUN
cblr-1691	276	77	performance.66	performance.66	PROPN
cblr-1691	276	78	today	today	NOUN
cblr-1691	276	79	,	,	PUNCT
cblr-1691	276	80	the	the	DET
cblr-1691	276	81	media	media	NOUN
cblr-1691	276	82	covers	cover	VERB
cblr-1691	276	83	stories	story	NOUN
cblr-1691	276	84	on	on	ADP
cblr-1691	276	85	employees	employee	NOUN
cblr-1691	276	86	who	who	PRON
cblr-1691	276	87	work	work	VERB
cblr-1691	276	88	for	for	ADP
cblr-1691	276	89	unicorn	unicorn	ADJ
cblr-1691	276	90	firms	firm	NOUN
cblr-1691	276	91	and	and	CCONJ
cblr-1691	276	92	end	end	VERB
cblr-1691	276	93	up	up	ADP
cblr-1691	276	94	in	in	ADP
cblr-1691	276	95	debt	debt	NOUN
cblr-1691	276	96	when	when	SCONJ
cblr-1691	276	97	they	they	PRON
cblr-1691	276	98	take	take	VERB
cblr-1691	276	99	on	on	ADP
cblr-1691	276	100	loans	loan	NOUN
cblr-1691	276	101	to	to	PART
cblr-1691	276	102	exercise	exercise	VERB
cblr-1691	276	103	their	their	PRON
cblr-1691	276	104	stock	stock	NOUN
cblr-1691	276	105	options	option	NOUN
cblr-1691	276	106	and	and	CCONJ
cblr-1691	276	107	pay	pay	VERB
cblr-1691	276	108	any	any	DET
cblr-1691	276	109	related	related	ADJ
cblr-1691	276	110	taxes.67	taxes.67	NOUN
cblr-1691	276	111	moreover	moreover	ADV
cblr-1691	276	112	,	,	PUNCT
cblr-1691	276	113	as	as	SCONJ
cblr-1691	276	114	noted	note	VERB
cblr-1691	276	115	above	above	ADP
cblr-1691	276	116	,	,	PUNCT
cblr-1691	276	117	unicorn	unicorn	ADJ
cblr-1691	276	118	firms	firm	NOUN
cblr-1691	276	119	and	and	CCONJ
cblr-1691	276	120	vcs	vcs	PROPN
cblr-1691	276	121	in	in	ADP
cblr-1691	276	122	silicon	silicon	PROPN
cblr-1691	276	123	valley	valley	PROPN
cblr-1691	276	124	are	be	AUX
cblr-1691	276	125	publicly	publicly	ADV
cblr-1691	276	126	debating	debate	VERB
cblr-1691	276	127	whether	whether	SCONJ
cblr-1691	276	128	the	the	DET
cblr-1691	276	129	use	use	NOUN
cblr-1691	276	130	of	of	ADP
cblr-1691	276	131	“	"	PUNCT
cblr-1691	276	132	golden	golden	ADJ
cblr-1691	276	133	61	61	NUM
cblr-1691	276	134	blasi	blasi	NOUN
cblr-1691	276	135	et	et	PROPN
cblr-1691	276	136	al	al	PROPN
cblr-1691	276	137	.	.	PROPN
cblr-1691	276	138	,	,	PUNCT
cblr-1691	276	139	supra	supra	PROPN
cblr-1691	276	140	note	note	VERB
cblr-1691	276	141	42	42	NUM
cblr-1691	276	142	.	.	PUNCT
cblr-1691	277	1	62	62	NUM
cblr-1691	277	2	see	see	VERB
cblr-1691	277	3	gorga	gorga	NOUN
cblr-1691	277	4	&	&	CCONJ
cblr-1691	277	5	halberstam	halberstam	PROPN
cblr-1691	277	6	,	,	PUNCT
cblr-1691	277	7	supra	supra	PROPN
cblr-1691	277	8	note	note	NOUN
cblr-1691	277	9	57	57	NUM
cblr-1691	277	10	,	,	PUNCT
cblr-1691	277	11	at	at	ADP
cblr-1691	277	12	1185	1185	NUM
cblr-1691	277	13	(	(	PUNCT
cblr-1691	277	14	“	"	PUNCT
cblr-1691	277	15	stock	stock	NOUN
cblr-1691	277	16	options	option	NOUN
cblr-1691	277	17	are	be	AUX
cblr-1691	277	18	a	a	DET
cblr-1691	277	19	crucial	crucial	ADJ
cblr-1691	277	20	tool	tool	NOUN
cblr-1691	277	21	for	for	ADP
cblr-1691	277	22	startups	startup	NOUN
cblr-1691	277	23	in	in	ADP
cblr-1691	277	24	the	the	DET
cblr-1691	277	25	high	high	ADJ
cblr-1691	277	26	-	-	PUNCT
cblr-1691	277	27	tech	tech	NOUN
cblr-1691	277	28	industry	industry	NOUN
cblr-1691	277	29	to	to	PART
cblr-1691	277	30	retain	retain	VERB
cblr-1691	277	31	knowledgeable	knowledgeable	ADJ
cblr-1691	277	32	employees	employee	NOUN
cblr-1691	277	33	.	.	PUNCT
cblr-1691	277	34	”	"	PUNCT
cblr-1691	277	35	)	)	PUNCT
cblr-1691	277	36	.	.	PUNCT
cblr-1691	278	1	63	63	NUM
cblr-1691	278	2	however	however	ADV
cblr-1691	278	3	,	,	PUNCT
cblr-1691	278	4	there	there	PRON
cblr-1691	278	5	is	be	VERB
cblr-1691	278	6	no	no	DET
cblr-1691	278	7	consensus	consensus	NOUN
cblr-1691	278	8	as	as	ADP
cblr-1691	278	9	to	to	ADP
cblr-1691	278	10	which	which	PRON
cblr-1691	278	11	of	of	ADP
cblr-1691	278	12	the	the	DET
cblr-1691	278	13	designs	design	NOUN
cblr-1691	278	14	achieves	achieve	VERB
cblr-1691	278	15	these	these	DET
cblr-1691	278	16	results	result	NOUN
cblr-1691	278	17	.	.	PUNCT
cblr-1691	279	1	see	see	VERB
cblr-1691	279	2	bagley	bagley	NOUN
cblr-1691	279	3	&	&	CCONJ
cblr-1691	279	4	savage	savage	NOUN
cblr-1691	279	5	,	,	PUNCT
cblr-1691	279	6	supra	supra	ADJ
cblr-1691	279	7	note	note	NOUN
cblr-1691	279	8	46	46	NUM
cblr-1691	279	9	,	,	PUNCT
cblr-1691	279	10	at	at	ADP
cblr-1691	279	11	519	519	NUM
cblr-1691	279	12	.	.	NUM
cblr-1691	279	13	64	64	NUM
cblr-1691	280	1	the	the	DET
cblr-1691	280	2	united	united	PROPN
cblr-1691	280	3	states	states	PROPN
cblr-1691	280	4	has	have	VERB
cblr-1691	280	5	a	a	DET
cblr-1691	280	6	long	long	ADJ
cblr-1691	280	7	history	history	NOUN
cblr-1691	280	8	of	of	ADP
cblr-1691	280	9	promoting	promote	VERB
cblr-1691	280	10	broad	broad	ADV
cblr-1691	280	11	-	-	PUNCT
cblr-1691	280	12	based	base	VERB
cblr-1691	280	13	private	private	ADJ
cblr-1691	280	14	property	property	NOUN
cblr-1691	280	15	ownership	ownership	NOUN
cblr-1691	280	16	.	.	PUNCT
cblr-1691	281	1	see	see	VERB
cblr-1691	281	2	blasi	blasi	PROPN
cblr-1691	281	3	et	et	PROPN
cblr-1691	281	4	al	al	PROPN
cblr-1691	281	5	.	.	PROPN
cblr-1691	281	6	,	,	PUNCT
cblr-1691	281	7	supra	supra	PROPN
cblr-1691	281	8	note	note	VERB
cblr-1691	281	9	42	42	NUM
cblr-1691	281	10	.	.	PUNCT
cblr-1691	282	1	65	65	NUM
cblr-1691	282	2	high	high	ADJ
cblr-1691	282	3	tech	tech	NOUN
cblr-1691	282	4	employees	employee	NOUN
cblr-1691	282	5	usually	usually	ADV
cblr-1691	282	6	get	get	VERB
cblr-1691	282	7	stock	stock	NOUN
cblr-1691	282	8	options	option	NOUN
cblr-1691	282	9	.	.	PUNCT
cblr-1691	283	1	see	see	VERB
cblr-1691	283	2	blasi	blasi	PROPN
cblr-1691	283	3	et	et	PROPN
cblr-1691	283	4	al	al	PROPN
cblr-1691	283	5	.	.	PROPN
cblr-1691	283	6	,	,	PUNCT
cblr-1691	283	7	supra	supra	PROPN
cblr-1691	283	8	note	note	VERB
cblr-1691	283	9	42	42	NUM
cblr-1691	283	10	;	;	PUNCT
cblr-1691	283	11	see	see	VERB
cblr-1691	283	12	also	also	ADV
cblr-1691	283	13	kruse	kruse	PROPN
cblr-1691	283	14	et	et	PROPN
cblr-1691	283	15	al	al	PROPN
cblr-1691	283	16	.	.	PROPN
cblr-1691	283	17	,	,	PUNCT
cblr-1691	283	18	supra	supra	PROPN
cblr-1691	283	19	note	note	VERB
cblr-1691	283	20	42	42	NUM
cblr-1691	283	21	,	,	PUNCT
cblr-1691	283	22	at	at	ADP
cblr-1691	283	23	257–89	257–89	NOUN
cblr-1691	283	24	.	.	PUNCT
cblr-1691	284	1	66	66	NUM
cblr-1691	284	2	enron	enron	PROPN
cblr-1691	284	3	’s	’s	PART
cblr-1691	284	4	employee	employee	NOUN
cblr-1691	284	5	401(k	401(k	PROPN
cblr-1691	284	6	)	)	PUNCT
cblr-1691	284	7	plan	plan	NOUN
cblr-1691	284	8	was	be	AUX
cblr-1691	284	9	heavily	heavily	ADV
cblr-1691	284	10	invested	invest	VERB
cblr-1691	284	11	in	in	ADP
cblr-1691	284	12	its	its	PRON
cblr-1691	284	13	stock	stock	NOUN
cblr-1691	284	14	.	.	PUNCT
cblr-1691	285	1	see	see	VERB
cblr-1691	285	2	blasi	blasi	PROPN
cblr-1691	285	3	et	et	PROPN
cblr-1691	285	4	al	al	PROPN
cblr-1691	285	5	.	.	PROPN
cblr-1691	285	6	,	,	PUNCT
cblr-1691	285	7	supra	supra	PROPN
cblr-1691	285	8	note	note	VERB
cblr-1691	285	9	42	42	NUM
cblr-1691	285	10	.	.	PUNCT
cblr-1691	286	1	67	67	NUM
cblr-1691	286	2	see	see	NOUN
cblr-1691	286	3	,	,	PUNCT
cblr-1691	286	4	e.g.	e.g.	ADV
cblr-1691	286	5	,	,	PUNCT
cblr-1691	286	6	matt	matt	PROPN
cblr-1691	286	7	levine	levine	PROPN
cblr-1691	286	8	,	,	PUNCT
cblr-1691	286	9	opinion	opinion	NOUN
cblr-1691	286	10	,	,	PUNCT
cblr-1691	286	11	work	work	NOUN
cblr-1691	286	12	for	for	ADP
cblr-1691	286	13	uber	uber	NOUN
cblr-1691	286	14	,	,	PUNCT
cblr-1691	286	15	wind	wind	VERB
cblr-1691	286	16	up	up	ADP
cblr-1691	286	17	in	in	ADP
cblr-1691	286	18	debt	debt	NOUN
cblr-1691	286	19	,	,	PUNCT
cblr-1691	286	20	bloomberg	bloomberg	PROPN
cblr-1691	286	21	(	(	PUNCT
cblr-1691	286	22	dec	dec	PROPN
cblr-1691	286	23	.	.	PROPN
cblr-1691	286	24	13	13	NUM
cblr-1691	286	25	,	,	PUNCT
cblr-1691	286	26	2017	2017	NUM
cblr-1691	286	27	)	)	PUNCT
cblr-1691	286	28	,	,	PUNCT
cblr-1691	286	29	https://www.bloomberg.com/view/articles/201712-13/work-for-uber-wind-up-in-debt	https://www.bloomberg.com/view/articles/201712-13/work-for-uber-wind-up-in-debt	X
cblr-1691	287	1	[	[	X
cblr-1691	287	2	perma.cc/5lqy-akxp	perma.cc/5lqy-akxp	X
cblr-1691	287	3	]	]	X
cblr-1691	287	4	.	.	PUNCT
cblr-1691	288	1	no	no	INTJ
cblr-1691	288	2	.	.	PUNCT
cblr-1691	289	1	1:107	1:107	NUM
cblr-1691	289	2	]	]	X
cblr-1691	289	3	unicorn	unicorn	ADJ
cblr-1691	289	4	stock	stock	NOUN
cblr-1691	289	5	options	option	NOUN
cblr-1691	289	6	127	127	NUM
cblr-1691	289	7	handcuffs	handcuff	NOUN
cblr-1691	289	8	”	"	PUNCT
cblr-1691	289	9	is	be	AUX
cblr-1691	289	10	fair	fair	ADJ
cblr-1691	289	11	due	due	ADJ
cblr-1691	289	12	to	to	ADP
cblr-1691	289	13	“	"	PUNCT
cblr-1691	289	14	lock	lock	VERB
cblr-1691	289	15	-	-	PUNCT
cblr-1691	289	16	in	in	NOUN
cblr-1691	289	17	”	"	PUNCT
cblr-1691	289	18	and	and	CCONJ
cblr-1691	289	19	illiquidity	illiquidity	NOUN
cblr-1691	289	20	of	of	ADP
cblr-1691	289	21	unicorn	unicorn	ADJ
cblr-1691	289	22	shares.68	shares.68	NOUN
cblr-1691	289	23	the	the	DET
cblr-1691	289	24	problem	problem	NOUN
cblr-1691	289	25	with	with	ADP
cblr-1691	289	26	using	use	VERB
cblr-1691	289	27	stock	stock	NOUN
cblr-1691	289	28	option	option	NOUN
cblr-1691	289	29	contracts	contract	NOUN
cblr-1691	289	30	to	to	PART
cblr-1691	289	31	attract	attract	VERB
cblr-1691	289	32	,	,	PUNCT
cblr-1691	289	33	engage	engage	VERB
cblr-1691	289	34	and	and	CCONJ
cblr-1691	289	35	retain	retain	VERB
cblr-1691	289	36	unicorn	unicorn	ADJ
cblr-1691	289	37	employees	employee	NOUN
cblr-1691	289	38	is	be	AUX
cblr-1691	289	39	that	that	SCONJ
cblr-1691	289	40	it	it	PRON
cblr-1691	289	41	is	be	AUX
cblr-1691	289	42	difficult	difficult	ADJ
cblr-1691	289	43	to	to	PART
cblr-1691	289	44	create	create	VERB
cblr-1691	289	45	a	a	DET
cblr-1691	289	46	liquid	liquid	ADJ
cblr-1691	289	47	market	market	NOUN
cblr-1691	289	48	for	for	ADP
cblr-1691	289	49	unicorn	unicorn	ADJ
cblr-1691	289	50	shares	share	NOUN
cblr-1691	289	51	.	.	PUNCT
cblr-1691	290	1	unicorns	unicorn	NOUN
cblr-1691	290	2	are	be	AUX
cblr-1691	290	3	large	large	ADJ
cblr-1691	290	4	privately	privately	ADV
cblr-1691	290	5	held	hold	VERB
cblr-1691	290	6	firms	firm	NOUN
cblr-1691	290	7	whose	whose	DET
cblr-1691	290	8	founders	founder	NOUN
cblr-1691	290	9	often	often	ADV
cblr-1691	290	10	do	do	AUX
cblr-1691	290	11	not	not	PART
cblr-1691	290	12	want	want	VERB
cblr-1691	290	13	to	to	PART
cblr-1691	290	14	go	go	VERB
cblr-1691	290	15	public	public	ADJ
cblr-1691	290	16	or	or	CCONJ
cblr-1691	290	17	be	be	AUX
cblr-1691	290	18	sold	sell	VERB
cblr-1691	290	19	.	.	PUNCT
cblr-1691	291	1	as	as	ADP
cblr-1691	291	2	a	a	DET
cblr-1691	291	3	result	result	NOUN
cblr-1691	291	4	,	,	PUNCT
cblr-1691	291	5	traditional	traditional	ADJ
cblr-1691	291	6	stock	stock	NOUN
cblr-1691	291	7	option	option	NOUN
cblr-1691	291	8	contracts	contract	NOUN
cblr-1691	291	9	may	may	AUX
cblr-1691	291	10	be	be	AUX
cblr-1691	291	11	ill	ill	ADV
cblr-1691	291	12	-	-	PUNCT
cblr-1691	291	13	suited	suited	ADJ
cblr-1691	291	14	for	for	ADP
cblr-1691	291	15	employees	employee	NOUN
cblr-1691	291	16	at	at	ADP
cblr-1691	291	17	these	these	DET
cblr-1691	291	18	companies	company	NOUN
cblr-1691	291	19	.	.	PUNCT
cblr-1691	292	1	1	1	X
cblr-1691	292	2	.	.	X
cblr-1691	292	3	standard	standard	ADJ
cblr-1691	292	4	stock	stock	NOUN
cblr-1691	292	5	option	option	NOUN
cblr-1691	292	6	process	process	NOUN
cblr-1691	292	7	and	and	CCONJ
cblr-1691	292	8	contract	contract	NOUN
cblr-1691	292	9	stock	stock	NOUN
cblr-1691	292	10	option	option	NOUN
cblr-1691	292	11	plans	plan	NOUN
cblr-1691	292	12	are	be	AUX
cblr-1691	292	13	contracts	contract	NOUN
cblr-1691	292	14	between	between	ADP
cblr-1691	292	15	a	a	DET
cblr-1691	292	16	company	company	NOUN
cblr-1691	292	17	and	and	CCONJ
cblr-1691	292	18	its	its	PRON
cblr-1691	292	19	employees	employee	NOUN
cblr-1691	292	20	(	(	PUNCT
cblr-1691	292	21	or	or	CCONJ
cblr-1691	292	22	its	its	PRON
cblr-1691	292	23	directors	director	NOUN
cblr-1691	292	24	and	and	CCONJ
cblr-1691	292	25	advisors).69	advisors).69	VERB
cblr-1691	292	26	the	the	DET
cblr-1691	292	27	stock	stock	NOUN
cblr-1691	292	28	option	option	NOUN
cblr-1691	292	29	contract	contract	NOUN
cblr-1691	292	30	gives	give	VERB
cblr-1691	292	31	the	the	DET
cblr-1691	292	32	optionee	optionee	NOUN
cblr-1691	292	33	(	(	PUNCT
cblr-1691	292	34	the	the	DET
cblr-1691	292	35	holder	holder	NOUN
cblr-1691	292	36	who	who	PRON
cblr-1691	292	37	is	be	AUX
cblr-1691	292	38	granted	grant	VERB
cblr-1691	292	39	the	the	DET
cblr-1691	292	40	option	option	NOUN
cblr-1691	292	41	)	)	PUNCT
cblr-1691	292	42	,	,	PUNCT
cblr-1691	292	43	the	the	DET
cblr-1691	292	44	right	right	NOUN
cblr-1691	292	45	to	to	PART
cblr-1691	292	46	buy	buy	VERB
cblr-1691	292	47	a	a	DET
cblr-1691	292	48	certain	certain	ADJ
cblr-1691	292	49	number	number	NOUN
cblr-1691	292	50	of	of	ADP
cblr-1691	292	51	shares	share	NOUN
cblr-1691	292	52	at	at	ADP
cblr-1691	292	53	a	a	DET
cblr-1691	292	54	strike	strike	NOUN
cblr-1691	292	55	price	price	NOUN
cblr-1691	292	56	(	(	PUNCT
cblr-1691	292	57	or	or	CCONJ
cblr-1691	292	58	exercise	exercise	VERB
cblr-1691	292	59	price	price	NOUN
cblr-1691	292	60	)	)	PUNCT
cblr-1691	292	61	,	,	PUNCT
cblr-1691	292	62	which	which	PRON
cblr-1691	292	63	is	be	AUX
cblr-1691	292	64	typically	typically	ADV
cblr-1691	292	65	fixed	fix	VERB
cblr-1691	292	66	at	at	ADP
cblr-1691	292	67	fair	fair	ADJ
cblr-1691	292	68	market	market	NOUN
cblr-1691	292	69	value	value	NOUN
cblr-1691	292	70	of	of	ADP
cblr-1691	292	71	the	the	DET
cblr-1691	292	72	options	option	NOUN
cblr-1691	292	73	at	at	ADP
cblr-1691	292	74	the	the	DET
cblr-1691	292	75	time	time	NOUN
cblr-1691	292	76	of	of	ADP
cblr-1691	292	77	grant.70	grant.70	NOUN
cblr-1691	292	78	the	the	DET
cblr-1691	292	79	option	option	NOUN
cblr-1691	292	80	may	may	AUX
cblr-1691	292	81	be	be	AUX
cblr-1691	292	82	exercised	exercise	VERB
cblr-1691	292	83	for	for	ADP
cblr-1691	292	84	the	the	DET
cblr-1691	292	85	exercise	exercise	NOUN
cblr-1691	292	86	period	period	NOUN
cblr-1691	292	87	,	,	PUNCT
cblr-1691	292	88	which	which	PRON
cblr-1691	292	89	is	be	AUX
cblr-1691	292	90	a	a	DET
cblr-1691	292	91	fixed	fix	VERB
cblr-1691	292	92	number	number	NOUN
cblr-1691	292	93	of	of	ADP
cblr-1691	292	94	years	year	NOUN
cblr-1691	292	95	,	,	PUNCT
cblr-1691	292	96	typically	typically	ADV
cblr-1691	292	97	ten.71	ten.71	VERB
cblr-1691	292	98	the	the	DET
cblr-1691	292	99	stock	stock	NOUN
cblr-1691	292	100	option	option	NOUN
cblr-1691	292	101	contract	contract	NOUN
cblr-1691	292	102	is	be	AUX
cblr-1691	292	103	designed	design	VERB
cblr-1691	292	104	as	as	ADP
cblr-1691	292	105	a	a	DET
cblr-1691	292	106	long	long	ADJ
cblr-1691	292	107	-	-	PUNCT
cblr-1691	292	108	term	term	NOUN
cblr-1691	292	109	contract	contract	NOUN
cblr-1691	292	110	with	with	ADP
cblr-1691	292	111	a	a	DET
cblr-1691	292	112	perpetual	perpetual	ADJ
cblr-1691	292	113	pipeline	pipeline	NOUN
cblr-1691	292	114	of	of	ADP
cblr-1691	292	115	unvested	unvested	ADJ
cblr-1691	292	116	options	option	NOUN
cblr-1691	292	117	to	to	PART
cblr-1691	292	118	prevent	prevent	VERB
cblr-1691	292	119	employees	employee	NOUN
cblr-1691	292	120	from	from	ADP
cblr-1691	292	121	leaving	leave	VERB
cblr-1691	292	122	the	the	DET
cblr-1691	292	123	company.72	company.72	NOUN
cblr-1691	292	124	the	the	DET
cblr-1691	292	125	company	company	NOUN
cblr-1691	292	126	imposes	impose	VERB
cblr-1691	292	127	vesting	vest	VERB
cblr-1691	292	128	restrictions,73	restrictions,73	NOUN
cblr-1691	292	129	which	which	PRON
cblr-1691	292	130	limit	limit	VERB
cblr-1691	292	131	the	the	DET
cblr-1691	292	132	employees	employee	NOUN
cblr-1691	292	133	’	’	PART
cblr-1691	292	134	ability	ability	NOUN
cblr-1691	292	135	to	to	PART
cblr-1691	292	136	exercise	exercise	VERB
cblr-1691	292	137	the	the	DET
cblr-1691	292	138	options	option	NOUN
cblr-1691	292	139	for	for	ADP
cblr-1691	292	140	a	a	DET
cblr-1691	292	141	stated	state	VERB
cblr-1691	292	142	period	period	NOUN
cblr-1691	292	143	of	of	ADP
cblr-1691	292	144	time	time	NOUN
cblr-1691	292	145	,	,	PUNCT
cblr-1691	292	146	usually	usually	ADV
cblr-1691	292	147	four	four	NUM
cblr-1691	292	148	years.74	years.74	NOUN
cblr-1691	292	149	the	the	DET
cblr-1691	292	150	employees	employee	NOUN
cblr-1691	292	151	must	must	AUX
cblr-1691	292	152	be	be	AUX
cblr-1691	292	153	employed	employ	VERB
cblr-1691	292	154	by	by	ADP
cblr-1691	292	155	the	the	DET
cblr-1691	292	156	company	company	NOUN
cblr-1691	292	157	during	during	ADP
cblr-1691	292	158	this	this	DET
cblr-1691	292	159	period	period	NOUN
cblr-1691	292	160	.	.	PUNCT
cblr-1691	293	1	a	a	DET
cblr-1691	293	2	common	common	ADJ
cblr-1691	293	3	vesting	vesting	NOUN
cblr-1691	293	4	schedule	schedule	NOUN
cblr-1691	293	5	is	be	AUX
cblr-1691	293	6	68	68	NUM
cblr-1691	293	7	see	see	NOUN
cblr-1691	293	8	infra	infra	NOUN
cblr-1691	293	9	section	section	NOUN
cblr-1691	293	10	iii.c	iii.c	PROPN
cblr-1691	293	11	.	.	PUNCT
cblr-1691	293	12	69	69	NUM
cblr-1691	293	13	see	see	NOUN
cblr-1691	293	14	levmore	levmore	NOUN
cblr-1691	293	15	,	,	PUNCT
cblr-1691	293	16	supra	supra	PROPN
cblr-1691	293	17	note	note	PROPN
cblr-1691	293	18	45	45	NUM
cblr-1691	293	19	,	,	PUNCT
cblr-1691	293	20	at	at	ADP
cblr-1691	293	21	1901	1901	NUM
cblr-1691	293	22	;	;	PUNCT
cblr-1691	293	23	see	see	VERB
cblr-1691	293	24	also	also	ADV
cblr-1691	293	25	smith	smith	PROPN
cblr-1691	293	26	,	,	PUNCT
cblr-1691	293	27	supra	supra	PROPN
cblr-1691	293	28	note	note	PROPN
cblr-1691	293	29	14	14	NUM
cblr-1691	293	30	,	,	PUNCT
cblr-1691	293	31	at	at	ADP
cblr-1691	293	32	580	580	NUM
cblr-1691	293	33	.	.	PUNCT
cblr-1691	294	1	70	70	NUM
cblr-1691	294	2	see	see	VERB
cblr-1691	294	3	bagley	bagley	NOUN
cblr-1691	294	4	&	&	CCONJ
cblr-1691	294	5	savage	savage	NOUN
cblr-1691	294	6	,	,	PUNCT
cblr-1691	294	7	supra	supra	ADJ
cblr-1691	294	8	note	note	NOUN
cblr-1691	294	9	46	46	NUM
cblr-1691	294	10	,	,	PUNCT
cblr-1691	294	11	at	at	ADP
cblr-1691	294	12	519	519	NUM
cblr-1691	294	13	.	.	PUNCT
cblr-1691	295	1	71	71	NUM
cblr-1691	295	2	see	see	VERB
cblr-1691	295	3	i	i	PRON
cblr-1691	295	4	d.	d.	PROPN
cblr-1691	295	5	72	72	NUM
cblr-1691	295	6	see	see	VERB
cblr-1691	295	7	lazonick	lazonick	NOUN
cblr-1691	295	8	,	,	PUNCT
cblr-1691	295	9	supra	supra	PROPN
cblr-1691	295	10	note	note	NOUN
cblr-1691	295	11	43	43	NUM
cblr-1691	295	12	,	,	PUNCT
cblr-1691	295	13	at	at	ADP
cblr-1691	295	14	865	865	NUM
cblr-1691	295	15	(	(	PUNCT
cblr-1691	295	16	“	"	PUNCT
cblr-1691	295	17	so	so	SCONJ
cblr-1691	295	18	that	that	SCONJ
cblr-1691	295	19	stock	stock	NOUN
cblr-1691	295	20	options	option	NOUN
cblr-1691	295	21	would	would	AUX
cblr-1691	295	22	perform	perform	VERB
cblr-1691	295	23	a	a	DET
cblr-1691	295	24	retention	retention	NOUN
cblr-1691	295	25	function	function	NOUN
cblr-1691	295	26	as	as	ADV
cblr-1691	295	27	well	well	ADV
cblr-1691	295	28	as	as	ADP
cblr-1691	295	29	an	an	DET
cblr-1691	295	30	attraction	attraction	NOUN
cblr-1691	295	31	function	function	NOUN
cblr-1691	295	32	,	,	PUNCT
cblr-1691	295	33	the	the	DET
cblr-1691	295	34	practice	practice	NOUN
cblr-1691	295	35	evolved	evolve	VERB
cblr-1691	295	36	in	in	ADP
cblr-1691	295	37	new	new	ADJ
cblr-1691	295	38	economy	economy	NOUN
cblr-1691	295	39	firms	firm	NOUN
cblr-1691	295	40	of	of	ADP
cblr-1691	295	41	making	make	VERB
cblr-1691	295	42	option	option	NOUN
cblr-1691	295	43	grants	grant	NOUN
cblr-1691	295	44	annually	annually	ADV
cblr-1691	295	45	,	,	PUNCT
cblr-1691	295	46	with	with	ADP
cblr-1691	295	47	the	the	DET
cblr-1691	295	48	vesting	vest	VERB
cblr-1691	295	49	period	period	NOUN
cblr-1691	295	50	for	for	ADP
cblr-1691	295	51	any	any	DET
cblr-1691	295	52	annual	annual	ADJ
cblr-1691	295	53	block	block	NOUN
cblr-1691	295	54	of	of	ADP
cblr-1691	295	55	option	option	NOUN
cblr-1691	295	56	grants	grant	NOUN
cblr-1691	295	57	being	be	AUX
cblr-1691	295	58	25	25	NUM
cblr-1691	295	59	%	%	NOUN
cblr-1691	295	60	of	of	ADP
cblr-1691	295	61	the	the	DET
cblr-1691	295	62	grants	grant	NOUN
cblr-1691	295	63	at	at	ADP
cblr-1691	295	64	the	the	DET
cblr-1691	295	65	end	end	NOUN
cblr-1691	295	66	of	of	ADP
cblr-1691	295	67	each	each	PRON
cblr-1691	295	68	of	of	ADP
cblr-1691	295	69	the	the	DET
cblr-1691	295	70	first	first	ADJ
cblr-1691	295	71	four	four	NUM
cblr-1691	295	72	years	year	NOUN
cblr-1691	295	73	after	after	ADP
cblr-1691	295	74	the	the	DET
cblr-1691	295	75	grant	grant	NOUN
cblr-1691	295	76	date	date	NOUN
cblr-1691	295	77	.	.	PUNCT
cblr-1691	295	78	”	"	PUNCT
cblr-1691	295	79	)	)	PUNCT
cblr-1691	295	80	.	.	PUNCT
cblr-1691	296	1	73	73	NUM
cblr-1691	297	1	i	i	PRON
cblr-1691	297	2	d.	d.	PROPN
cblr-1691	297	3	74	74	NUM
cblr-1691	297	4	see	see	VERB
cblr-1691	297	5	bagley	bagley	NOUN
cblr-1691	297	6	&	&	CCONJ
cblr-1691	297	7	savage	savage	NOUN
cblr-1691	297	8	,	,	PUNCT
cblr-1691	297	9	supra	supra	ADJ
cblr-1691	297	10	note	note	NOUN
cblr-1691	297	11	46	46	NUM
cblr-1691	297	12	,	,	PUNCT
cblr-1691	297	13	at	at	ADP
cblr-1691	297	14	519	519	NUM
cblr-1691	297	15	;	;	PUNCT
cblr-1691	297	16	see	see	VERB
cblr-1691	297	17	also	also	ADV
cblr-1691	297	18	smith	smith	PROPN
cblr-1691	297	19	,	,	PUNCT
cblr-1691	297	20	supra	supra	PROPN
cblr-1691	297	21	note	note	PROPN
cblr-1691	297	22	14	14	NUM
cblr-1691	297	23	,	,	PUNCT
cblr-1691	297	24	at	at	ADP
cblr-1691	297	25	586	586	NUM
cblr-1691	297	26	.	.	NOUN
cblr-1691	297	27	128	128	NUM
cblr-1691	297	28	columbia	columbia	PROPN
cblr-1691	297	29	business	business	NOUN
cblr-1691	297	30	law	law	PROPN
cblr-1691	297	31	review	review	NOUN
cblr-1691	297	32	[	[	X
cblr-1691	297	33	vol	vol	NOUN
cblr-1691	297	34	.	.	PUNCT
cblr-1691	297	35	2019	2019	NUM
cblr-1691	297	36	called	call	VERB
cblr-1691	297	37	“	"	PUNCT
cblr-1691	297	38	cliff	cliff	NOUN
cblr-1691	297	39	vesting	vest	VERB
cblr-1691	297	40	,	,	PUNCT
cblr-1691	297	41	”	"	PUNCT
cblr-1691	297	42	whereby	whereby	SCONJ
cblr-1691	297	43	one	one	NUM
cblr-1691	297	44	-	-	PUNCT
cblr-1691	297	45	fourth	fourth	NOUN
cblr-1691	297	46	of	of	ADP
cblr-1691	297	47	the	the	DET
cblr-1691	297	48	options	option	NOUN
cblr-1691	297	49	vest	vest	NOUN
cblr-1691	297	50	at	at	ADP
cblr-1691	297	51	the	the	DET
cblr-1691	297	52	end	end	NOUN
cblr-1691	297	53	of	of	ADP
cblr-1691	297	54	the	the	DET
cblr-1691	297	55	first	first	ADJ
cblr-1691	297	56	year	year	NOUN
cblr-1691	297	57	,	,	PUNCT
cblr-1691	297	58	with	with	ADP
cblr-1691	297	59	the	the	DET
cblr-1691	297	60	balance	balance	NOUN
cblr-1691	297	61	becoming	become	VERB
cblr-1691	297	62	exercisable	exercisable	ADJ
cblr-1691	297	63	on	on	ADP
cblr-1691	297	64	a	a	DET
cblr-1691	297	65	monthly	monthly	ADJ
cblr-1691	297	66	basis	basis	NOUN
cblr-1691	297	67	,	,	PUNCT
cblr-1691	297	68	over	over	ADP
cblr-1691	297	69	the	the	DET
cblr-1691	297	70	next	next	ADJ
cblr-1691	297	71	three	three	NUM
cblr-1691	297	72	years.75	years.75	NOUN
cblr-1691	297	73	the	the	DET
cblr-1691	297	74	option	option	NOUN
cblr-1691	297	75	is	be	AUX
cblr-1691	297	76	valuable	valuable	ADJ
cblr-1691	297	77	if	if	SCONJ
cblr-1691	297	78	the	the	DET
cblr-1691	297	79	contract	contract	NOUN
cblr-1691	297	80	is	be	AUX
cblr-1691	297	81	designed	design	VERB
cblr-1691	297	82	for	for	ADP
cblr-1691	297	83	a	a	DET
cblr-1691	297	84	long	long	ADJ
cblr-1691	297	85	period	period	NOUN
cblr-1691	297	86	until	until	ADP
cblr-1691	297	87	expiration.76	expiration.76	PROPN
cblr-1691	297	88	as	as	ADV
cblr-1691	297	89	long	long	ADV
cblr-1691	297	90	as	as	SCONJ
cblr-1691	297	91	the	the	DET
cblr-1691	297	92	employee	employee	NOUN
cblr-1691	297	93	continued	continue	VERB
cblr-1691	297	94	to	to	PART
cblr-1691	297	95	work	work	VERB
cblr-1691	297	96	for	for	ADP
cblr-1691	297	97	the	the	DET
cblr-1691	297	98	company	company	NOUN
cblr-1691	297	99	,	,	PUNCT
cblr-1691	297	100	she	she	PRON
cblr-1691	297	101	would	would	AUX
cblr-1691	297	102	typically	typically	ADV
cblr-1691	297	103	have	have	VERB
cblr-1691	297	104	up	up	ADP
cblr-1691	297	105	to	to	PART
cblr-1691	297	106	ten	ten	NUM
cblr-1691	297	107	years	year	NOUN
cblr-1691	297	108	to	to	PART
cblr-1691	297	109	exercise	exercise	VERB
cblr-1691	297	110	the	the	DET
cblr-1691	297	111	options	option	NOUN
cblr-1691	297	112	from	from	ADP
cblr-1691	297	113	the	the	DET
cblr-1691	297	114	grant	grant	NOUN
cblr-1691	297	115	date.77	date.77	NOUN
cblr-1691	297	116	if	if	SCONJ
cblr-1691	297	117	,	,	PUNCT
cblr-1691	297	118	however	however	ADV
cblr-1691	297	119	,	,	PUNCT
cblr-1691	297	120	the	the	DET
cblr-1691	297	121	employee	employee	NOUN
cblr-1691	297	122	left	leave	VERB
cblr-1691	297	123	the	the	DET
cblr-1691	297	124	firm	firm	NOUN
cblr-1691	297	125	,	,	PUNCT
cblr-1691	297	126	the	the	DET
cblr-1691	297	127	option	option	NOUN
cblr-1691	297	128	agreement	agreement	NOUN
cblr-1691	297	129	would	would	AUX
cblr-1691	297	130	typically	typically	ADV
cblr-1691	297	131	give	give	VERB
cblr-1691	297	132	the	the	DET
cblr-1691	297	133	employee	employee	NOUN
cblr-1691	297	134	only	only	ADV
cblr-1691	297	135	ninety	ninety	NUM
cblr-1691	297	136	days	day	NOUN
cblr-1691	297	137	to	to	PART
cblr-1691	297	138	exercise	exercise	VERB
cblr-1691	297	139	any	any	DET
cblr-1691	297	140	vested	vested	ADJ
cblr-1691	297	141	options	option	NOUN
cblr-1691	297	142	,	,	PUNCT
cblr-1691	297	143	a	a	DET
cblr-1691	297	144	practice	practice	NOUN
cblr-1691	297	145	called	call	VERB
cblr-1691	297	146	“	"	PUNCT
cblr-1691	297	147	golden	golden	ADJ
cblr-1691	297	148	handcuffs	handcuff	NOUN
cblr-1691	297	149	.	.	PUNCT
cblr-1691	298	1	”78	”78	ADJ
cblr-1691	298	2	employees	employee	NOUN
cblr-1691	298	3	benefit	benefit	VERB
cblr-1691	298	4	from	from	ADP
cblr-1691	298	5	vested	vested	ADJ
cblr-1691	298	6	options	option	NOUN
cblr-1691	298	7	if	if	SCONJ
cblr-1691	298	8	their	their	PRON
cblr-1691	298	9	company	company	NOUN
cblr-1691	298	10	goes	go	VERB
cblr-1691	298	11	public	public	ADJ
cblr-1691	298	12	,	,	PUNCT
cblr-1691	298	13	as	as	SCONJ
cblr-1691	298	14	they	they	PRON
cblr-1691	298	15	are	be	AUX
cblr-1691	298	16	able	able	ADJ
cblr-1691	298	17	to	to	PART
cblr-1691	298	18	sell	sell	VERB
cblr-1691	298	19	the	the	DET
cblr-1691	298	20	stock	stock	NOUN
cblr-1691	298	21	and	and	CCONJ
cblr-1691	298	22	realize	realize	VERB
cblr-1691	298	23	the	the	DET
cblr-1691	298	24	upside	upside	ADJ
cblr-1691	298	25	value	value	NOUN
cblr-1691	298	26	that	that	PRON
cblr-1691	298	27	they	they	PRON
cblr-1691	298	28	helped	help	VERB
cblr-1691	298	29	create.79	create.79	NOUN
cblr-1691	298	30	but	but	CCONJ
cblr-1691	298	31	today	today	NOUN
cblr-1691	298	32	many	many	ADJ
cblr-1691	298	33	unicorn	unicorn	ADJ
cblr-1691	298	34	companies	company	NOUN
cblr-1691	298	35	remain	remain	VERB
cblr-1691	298	36	private	private	ADJ
cblr-1691	298	37	,	,	PUNCT
cblr-1691	298	38	while	while	SCONJ
cblr-1691	298	39	their	their	PRON
cblr-1691	298	40	employees	employee	NOUN
cblr-1691	298	41	must	must	AUX
cblr-1691	298	42	pay	pay	VERB
cblr-1691	298	43	large	large	ADJ
cblr-1691	298	44	sums	sum	NOUN
cblr-1691	298	45	of	of	ADP
cblr-1691	298	46	money	money	NOUN
cblr-1691	298	47	out	out	ADP
cblr-1691	298	48	-	-	PUNCT
cblr-1691	298	49	of	of	ADP
cblr-1691	298	50	-	-	PUNCT
cblr-1691	298	51	pocket	pocket	NOUN
cblr-1691	298	52	for	for	ADP
cblr-1691	298	53	the	the	DET
cblr-1691	298	54	exercise	exercise	NOUN
cblr-1691	299	1	75	75	NUM
cblr-1691	299	2	see	see	NOUN
cblr-1691	299	3	infra	infra	NOUN
cblr-1691	299	4	part	part	NOUN
cblr-1691	299	5	iii	iii	NOUN
cblr-1691	299	6	;	;	PUNCT
cblr-1691	299	7	see	see	VERB
cblr-1691	299	8	also	also	ADV
cblr-1691	299	9	lazonick	lazonick	VERB
cblr-1691	299	10	,	,	PUNCT
cblr-1691	299	11	supra	supra	PROPN
cblr-1691	299	12	note	note	NOUN
cblr-1691	299	13	43	43	NUM
cblr-1691	299	14	,	,	PUNCT
cblr-1691	299	15	at	at	ADP
cblr-1691	299	16	865	865	NUM
cblr-1691	299	17	.	.	PUNCT
cblr-1691	299	18	76	76	NUM
cblr-1691	299	19	according	accord	VERB
cblr-1691	299	20	to	to	ADP
cblr-1691	299	21	the	the	DET
cblr-1691	299	22	black	black	ADJ
cblr-1691	299	23	-	-	PUNCT
cblr-1691	299	24	scholes	schole	NOUN
cblr-1691	299	25	option	option	NOUN
cblr-1691	299	26	pricing	pricing	NOUN
cblr-1691	299	27	model	model	NOUN
cblr-1691	299	28	,	,	PUNCT
cblr-1691	299	29	an	an	DET
cblr-1691	299	30	option	option	NOUN
cblr-1691	299	31	is	be	AUX
cblr-1691	299	32	more	more	ADV
cblr-1691	299	33	valuable	valuable	ADJ
cblr-1691	299	34	the	the	PRON
cblr-1691	299	35	longer	long	ADJ
cblr-1691	299	36	the	the	DET
cblr-1691	299	37	period	period	NOUN
cblr-1691	299	38	until	until	ADP
cblr-1691	299	39	expiration	expiration	NOUN
cblr-1691	299	40	.	.	PUNCT
cblr-1691	300	1	see	see	VERB
cblr-1691	300	2	fischer	fischer	PROPN
cblr-1691	300	3	black	black	PROPN
cblr-1691	300	4	&	&	CCONJ
cblr-1691	300	5	myron	myron	PROPN
cblr-1691	300	6	scholes	scholes	PROPN
cblr-1691	300	7	,	,	PUNCT
cblr-1691	300	8	the	the	DET
cblr-1691	300	9	pricing	pricing	NOUN
cblr-1691	300	10	of	of	ADP
cblr-1691	300	11	options	option	NOUN
cblr-1691	300	12	and	and	CCONJ
cblr-1691	300	13	corporate	corporate	ADJ
cblr-1691	300	14	liabilities	liability	NOUN
cblr-1691	300	15	,	,	PUNCT
cblr-1691	300	16	81	81	NUM
cblr-1691	300	17	j.	j.	PROPN
cblr-1691	300	18	pol	pol	PROPN
cblr-1691	300	19	.	.	PUNCT
cblr-1691	301	1	econ	econ	PROPN
cblr-1691	301	2	.	.	PUNCT
cblr-1691	302	1	637	637	NUM
cblr-1691	302	2	,	,	PUNCT
cblr-1691	302	3	638	638	NUM
cblr-1691	302	4	(	(	PUNCT
cblr-1691	302	5	1973	1973	NUM
cblr-1691	302	6	)	)	PUNCT
cblr-1691	302	7	.	.	PUNCT
cblr-1691	303	1	77	77	NUM
cblr-1691	303	2	see	see	VERB
cblr-1691	303	3	lazonick	lazonick	NOUN
cblr-1691	303	4	,	,	PUNCT
cblr-1691	303	5	supra	supra	PROPN
cblr-1691	303	6	note	note	NOUN
cblr-1691	303	7	43	43	NUM
cblr-1691	303	8	,	,	PUNCT
cblr-1691	303	9	at	at	ADP
cblr-1691	303	10	865	865	NUM
cblr-1691	303	11	.	.	PUNCT
cblr-1691	304	1	this	this	DET
cblr-1691	304	2	practice	practice	NOUN
cblr-1691	304	3	derives	derive	VERB
cblr-1691	304	4	from	from	ADP
cblr-1691	304	5	section	section	NOUN
cblr-1691	304	6	422(b	422(b	PROPN
cblr-1691	304	7	)	)	PUNCT
cblr-1691	304	8	of	of	ADP
cblr-1691	304	9	the	the	DET
cblr-1691	304	10	internal	internal	ADJ
cblr-1691	304	11	revenue	revenue	NOUN
cblr-1691	304	12	code	code	NOUN
cblr-1691	304	13	,	,	PUNCT
cblr-1691	304	14	which	which	PRON
cblr-1691	304	15	provides	provide	VERB
cblr-1691	304	16	that	that	SCONJ
cblr-1691	304	17	an	an	DET
cblr-1691	304	18	“	"	PUNCT
cblr-1691	304	19	incentive	incentive	ADJ
cblr-1691	304	20	stock	stock	NOUN
cblr-1691	304	21	option	option	NOUN
cblr-1691	304	22	”	"	PUNCT
cblr-1691	304	23	must	must	AUX
cblr-1691	304	24	not	not	PART
cblr-1691	304	25	be	be	AUX
cblr-1691	304	26	“	"	PUNCT
cblr-1691	304	27	exercisable	exercisable	ADJ
cblr-1691	304	28	after	after	ADP
cblr-1691	304	29	the	the	DET
cblr-1691	304	30	expiration	expiration	NOUN
cblr-1691	304	31	of	of	ADP
cblr-1691	304	32	10	10	NUM
cblr-1691	304	33	years	year	NOUN
cblr-1691	304	34	”	"	PUNCT
cblr-1691	304	35	from	from	ADP
cblr-1691	304	36	the	the	DET
cblr-1691	304	37	grant	grant	NOUN
cblr-1691	304	38	date	date	NOUN
cblr-1691	304	39	.	.	PUNCT
cblr-1691	305	1	i.r.c	i.r.c	NOUN
cblr-1691	305	2	.	.	PUNCT
cblr-1691	306	1	§	§	PROPN
cblr-1691	306	2	422	422	NUM
cblr-1691	306	3	(	(	PUNCT
cblr-1691	306	4	west	west	NOUN
cblr-1691	306	5	2017	2017	NUM
cblr-1691	306	6	)	)	PUNCT
cblr-1691	306	7	.	.	PUNCT
cblr-1691	307	1	78	78	NUM
cblr-1691	307	2	see	see	VERB
cblr-1691	307	3	,	,	PUNCT
cblr-1691	307	4	e.g.	e.g.	ADV
cblr-1691	307	5	,	,	PUNCT
cblr-1691	307	6	connie	connie	PROPN
cblr-1691	307	7	loizos	loizos	PROPN
cblr-1691	307	8	,	,	PUNCT
cblr-1691	307	9	handcuffed	handcuff	VERB
cblr-1691	307	10	to	to	PART
cblr-1691	307	11	uber	uber	VERB
cblr-1691	307	12	,	,	PUNCT
cblr-1691	307	13	techcrunch	techcrunch	NOUN
cblr-1691	307	14	(	(	PUNCT
cblr-1691	307	15	apr	apr	PROPN
cblr-1691	307	16	.	.	PROPN
cblr-1691	307	17	29	29	NUM
cblr-1691	307	18	,	,	PUNCT
cblr-1691	307	19	2016	2016	NUM
cblr-1691	307	20	)	)	PUNCT
cblr-1691	307	21	,	,	PUNCT
cblr-1691	307	22	https://techcrunch.com/2016/04/29/handcuffed-to-uber/	https://techcrunch.com/2016/04/29/handcuffed-to-uber/	NOUN
cblr-1691	308	1	[	[	X
cblr-1691	308	2	perma.cc/	perma.cc/	NOUN
cblr-1691	308	3	wrw7	wrw7	VERB
cblr-1691	308	4	-	-	PUNCT
cblr-1691	308	5	x48l	x48l	PROPN
cblr-1691	308	6	]	]	X
cblr-1691	308	7	.	.	PUNCT
cblr-1691	309	1	79	79	NUM
cblr-1691	309	2	see	see	VERB
cblr-1691	309	3	bagley	bagley	NOUN
cblr-1691	309	4	&	&	CCONJ
cblr-1691	309	5	savage	savage	NOUN
cblr-1691	309	6	,	,	PUNCT
cblr-1691	309	7	supra	supra	ADJ
cblr-1691	309	8	note	note	NOUN
cblr-1691	309	9	46	46	NUM
cblr-1691	309	10	,	,	PUNCT
cblr-1691	309	11	at	at	ADP
cblr-1691	309	12	347	347	NUM
cblr-1691	309	13	.	.	PUNCT
cblr-1691	310	1	no	no	INTJ
cblr-1691	310	2	.	.	PUNCT
cblr-1691	311	1	1:107	1:107	NUM
cblr-1691	311	2	]	]	X
cblr-1691	311	3	unicorn	unicorn	ADJ
cblr-1691	311	4	stock	stock	NOUN
cblr-1691	311	5	options	option	NOUN
cblr-1691	311	6	129	129	NUM
cblr-1691	311	7	price	price	NOUN
cblr-1691	311	8	and	and	CCONJ
cblr-1691	311	9	taxes80	taxes80	NOUN
cblr-1691	311	10	on	on	ADP
cblr-1691	311	11	profit	profit	NOUN
cblr-1691	311	12	that	that	PRON
cblr-1691	311	13	may	may	AUX
cblr-1691	311	14	never	never	ADV
cblr-1691	311	15	materialize.81	materialize.81	VERB
cblr-1691	311	16	as	as	ADP
cblr-1691	311	17	a	a	DET
cblr-1691	311	18	result	result	NOUN
cblr-1691	311	19	,	,	PUNCT
cblr-1691	311	20	the	the	DET
cblr-1691	311	21	value	value	NOUN
cblr-1691	311	22	of	of	ADP
cblr-1691	311	23	equity	equity	NOUN
cblr-1691	311	24	options	option	NOUN
cblr-1691	311	25	to	to	ADP
cblr-1691	311	26	employees	employee	NOUN
cblr-1691	311	27	is	be	AUX
cblr-1691	311	28	diminished	diminish	VERB
cblr-1691	311	29	—	—	PUNCT
cblr-1691	311	30	helping	help	VERB
cblr-1691	311	31	to	to	PART
cblr-1691	311	32	explain	explain	VERB
cblr-1691	311	33	why	why	SCONJ
cblr-1691	311	34	unicorn	unicorn	ADJ
cblr-1691	311	35	firms	firm	NOUN
cblr-1691	311	36	are	be	AUX
cblr-1691	311	37	experiencing	experience	VERB
cblr-1691	311	38	difficulties	difficulty	NOUN
cblr-1691	311	39	with	with	ADP
cblr-1691	311	40	attracting	attract	VERB
cblr-1691	311	41	,	,	PUNCT
cblr-1691	311	42	engaging	engage	VERB
cblr-1691	311	43	and	and	CCONJ
cblr-1691	311	44	retaining	retain	VERB
cblr-1691	311	45	talent.82	talent.82	PROPN
cblr-1691	311	46	in	in	ADP
cblr-1691	311	47	general	general	ADJ
cblr-1691	311	48	,	,	PUNCT
cblr-1691	311	49	unicorn	unicorn	ADJ
cblr-1691	311	50	employees	employee	NOUN
cblr-1691	311	51	hope	hope	VERB
cblr-1691	311	52	that	that	SCONJ
cblr-1691	311	53	the	the	DET
cblr-1691	311	54	company	company	NOUN
cblr-1691	311	55	will	will	AUX
cblr-1691	311	56	go	go	VERB
cblr-1691	311	57	public	public	ADJ
cblr-1691	311	58	and	and	CCONJ
cblr-1691	311	59	that	that	SCONJ
cblr-1691	311	60	the	the	DET
cblr-1691	311	61	shares	share	NOUN
cblr-1691	311	62	will	will	AUX
cblr-1691	311	63	be	be	AUX
cblr-1691	311	64	traded	trade	VERB
cblr-1691	311	65	at	at	ADP
cblr-1691	311	66	a	a	DET
cblr-1691	311	67	price	price	NOUN
cblr-1691	311	68	higher	high	ADJ
cblr-1691	311	69	than	than	ADP
cblr-1691	311	70	the	the	DET
cblr-1691	311	71	exercise	exercise	NOUN
cblr-1691	311	72	price	price	NOUN
cblr-1691	311	73	.	.	PUNCT
cblr-1691	312	1	in	in	ADP
cblr-1691	312	2	the	the	DET
cblr-1691	312	3	event	event	NOUN
cblr-1691	312	4	of	of	ADP
cblr-1691	312	5	a	a	DET
cblr-1691	312	6	sale	sale	NOUN
cblr-1691	312	7	of	of	ADP
cblr-1691	312	8	the	the	DET
cblr-1691	312	9	company	company	NOUN
cblr-1691	312	10	,	,	PUNCT
cblr-1691	312	11	employees	employee	NOUN
cblr-1691	312	12	can	can	AUX
cblr-1691	312	13	exercise	exercise	VERB
cblr-1691	312	14	the	the	DET
cblr-1691	312	15	vested	vested	ADJ
cblr-1691	312	16	options	option	NOUN
cblr-1691	312	17	prior	prior	ADV
cblr-1691	312	18	to	to	ADP
cblr-1691	312	19	the	the	DET
cblr-1691	312	20	sale	sale	NOUN
cblr-1691	312	21	.	.	PUNCT
cblr-1691	313	1	after	after	ADP
cblr-1691	313	2	doing	do	VERB
cblr-1691	313	3	so	so	ADV
cblr-1691	313	4	,	,	PUNCT
cblr-1691	313	5	they	they	PRON
cblr-1691	313	6	will	will	AUX
cblr-1691	313	7	either	either	CCONJ
cblr-1691	313	8	be	be	AUX
cblr-1691	313	9	able	able	ADJ
cblr-1691	313	10	to	to	PART
cblr-1691	313	11	sell	sell	VERB
cblr-1691	313	12	their	their	PRON
cblr-1691	313	13	shares	share	NOUN
cblr-1691	313	14	or	or	CCONJ
cblr-1691	313	15	their	their	PRON
cblr-1691	313	16	options	option	NOUN
cblr-1691	313	17	will	will	AUX
cblr-1691	313	18	be	be	AUX
cblr-1691	313	19	canceled	cancel	VERB
cblr-1691	313	20	in	in	ADP
cblr-1691	313	21	exchange	exchange	NOUN
cblr-1691	313	22	for	for	ADP
cblr-1691	313	23	a	a	DET
cblr-1691	313	24	payment	payment	NOUN
cblr-1691	313	25	equal	equal	ADJ
cblr-1691	313	26	to	to	ADP
cblr-1691	313	27	the	the	DET
cblr-1691	313	28	spread	spread	NOUN
cblr-1691	313	29	between	between	ADP
cblr-1691	313	30	the	the	DET
cblr-1691	313	31	exercise	exercise	NOUN
cblr-1691	313	32	price	price	NOUN
cblr-1691	313	33	and	and	CCONJ
cblr-1691	313	34	the	the	DET
cblr-1691	313	35	sale	sale	NOUN
cblr-1691	313	36	price.83	price.83	ADJ
cblr-1691	313	37	80	80	NUM
cblr-1691	313	38	federal	federal	ADJ
cblr-1691	313	39	and	and	CCONJ
cblr-1691	313	40	state	state	NOUN
cblr-1691	313	41	taxes	taxis	NOUN
cblr-1691	313	42	are	be	AUX
cblr-1691	313	43	imposed	impose	VERB
cblr-1691	313	44	on	on	ADP
cblr-1691	313	45	exercise	exercise	NOUN
cblr-1691	313	46	of	of	ADP
cblr-1691	313	47	equity	equity	NOUN
cblr-1691	313	48	options	option	NOUN
cblr-1691	313	49	,	,	PUNCT
cblr-1691	313	50	even	even	ADV
cblr-1691	313	51	when	when	SCONJ
cblr-1691	313	52	there	there	PRON
cblr-1691	313	53	is	be	VERB
cblr-1691	313	54	no	no	DET
cblr-1691	313	55	active	active	ADJ
cblr-1691	313	56	market	market	NOUN
cblr-1691	313	57	to	to	PART
cblr-1691	313	58	sell	sell	VERB
cblr-1691	313	59	them	they	PRON
cblr-1691	313	60	and	and	CCONJ
cblr-1691	313	61	such	such	DET
cblr-1691	313	62	a	a	DET
cblr-1691	313	63	market	market	NOUN
cblr-1691	313	64	might	might	AUX
cblr-1691	313	65	never	never	ADV
cblr-1691	313	66	materialize	materialize	VERB
cblr-1691	313	67	.	.	PUNCT
cblr-1691	314	1	see	see	VERB
cblr-1691	314	2	lieberman	lieberman	PROPN
cblr-1691	314	3	,	,	PUNCT
cblr-1691	314	4	supra	supra	PROPN
cblr-1691	314	5	note	note	PROPN
cblr-1691	314	6	32	32	NUM
cblr-1691	314	7	;	;	PUNCT
cblr-1691	314	8	see	see	VERB
cblr-1691	314	9	also	also	ADV
cblr-1691	314	10	new	new	ADJ
cblr-1691	314	11	tax	tax	NOUN
cblr-1691	314	12	act	act	NOUN
cblr-1691	314	13	provides	provide	VERB
cblr-1691	314	14	tax	tax	NOUN
cblr-1691	314	15	deferral	deferral	ADJ
cblr-1691	314	16	opportunity	opportunity	NOUN
cblr-1691	314	17	for	for	ADP
cblr-1691	314	18	private	private	ADJ
cblr-1691	314	19	company	company	NOUN
cblr-1691	314	20	equity	equity	NOUN
cblr-1691	314	21	compensation	compensation	PROPN
cblr-1691	314	22	awards	award	NOUN
cblr-1691	314	23	,	,	PUNCT
cblr-1691	314	24	davis	davis	PROPN
cblr-1691	314	25	polk	polk	PROPN
cblr-1691	314	26	&	&	CCONJ
cblr-1691	314	27	wardwell	wardwell	PROPN
cblr-1691	314	28	llp	llp	PROPN
cblr-1691	314	29	(	(	PUNCT
cblr-1691	314	30	jan	jan	PROPN
cblr-1691	314	31	.	.	PROPN
cblr-1691	314	32	8	8	NUM
cblr-1691	314	33	,	,	PUNCT
cblr-1691	314	34	2018	2018	NUM
cblr-1691	314	35	)	)	PUNCT
cblr-1691	315	1	[	[	X
cblr-1691	315	2	hereinafter	hereinafter	NOUN
cblr-1691	315	3	new	new	ADJ
cblr-1691	315	4	tax	tax	NOUN
cblr-1691	315	5	act	act	PROPN
cblr-1691	315	6	]	]	PUNCT
cblr-1691	315	7	,	,	PUNCT
cblr-1691	315	8	https://www.davispolk.com/files/2018-0108_tax_act_provides_deferral_opportunity_private_company_equity_comp	https://www.davispolk.com/files/2018-0108_tax_act_provides_deferral_opportunity_private_company_equity_comp	PROPN
cblr-1691	315	9	ensation_awards.pdf	ensation_awards.pdf	NOUN
cblr-1691	315	10	[	[	X
cblr-1691	315	11	perma.cc/378n-fk2v	perma.cc/378n-fk2v	X
cblr-1691	315	12	]	]	X
cblr-1691	315	13	(	(	PUNCT
cblr-1691	315	14	“	"	PUNCT
cblr-1691	315	15	this	this	DET
cblr-1691	315	16	potential	potential	ADJ
cblr-1691	315	17	disconnect	disconnect	NOUN
cblr-1691	315	18	has	have	AUX
cblr-1691	315	19	grown	grow	VERB
cblr-1691	315	20	more	more	ADV
cblr-1691	315	21	prevalent	prevalent	ADJ
cblr-1691	315	22	in	in	ADP
cblr-1691	315	23	recent	recent	ADJ
cblr-1691	315	24	years	year	NOUN
cblr-1691	315	25	as	as	SCONJ
cblr-1691	315	26	many	many	ADJ
cblr-1691	315	27	tech	tech	NOUN
cblr-1691	315	28	companies	company	NOUN
cblr-1691	315	29	have	have	AUX
cblr-1691	315	30	deferred	defer	VERB
cblr-1691	315	31	their	their	PRON
cblr-1691	315	32	initial	initial	ADJ
cblr-1691	315	33	public	public	ADJ
cblr-1691	315	34	offerings	offering	NOUN
cblr-1691	315	35	,	,	PUNCT
cblr-1691	315	36	frustrating	frustrating	ADJ
cblr-1691	315	37	the	the	DET
cblr-1691	315	38	ability	ability	NOUN
cblr-1691	315	39	of	of	ADP
cblr-1691	315	40	employees	employee	NOUN
cblr-1691	315	41	to	to	PART
cblr-1691	315	42	receive	receive	VERB
cblr-1691	315	43	the	the	DET
cblr-1691	315	44	benefit	benefit	NOUN
cblr-1691	315	45	of	of	ADP
cblr-1691	315	46	equity	equity	NOUN
cblr-1691	315	47	awards	award	NOUN
cblr-1691	315	48	without	without	ADP
cblr-1691	315	49	paying	pay	VERB
cblr-1691	315	50	taxes	taxis	NOUN
cblr-1691	315	51	out	out	ADP
cblr-1691	315	52	of	of	ADP
cblr-1691	315	53	pocket	pocket	NOUN
cblr-1691	315	54	.	.	PUNCT
cblr-1691	315	55	”	"	PUNCT
cblr-1691	315	56	)	)	PUNCT
cblr-1691	315	57	;	;	PUNCT
cblr-1691	315	58	kathleen	kathleen	PROPN
cblr-1691	315	59	pender	pender	PROPN
cblr-1691	315	60	,	,	PUNCT
cblr-1691	315	61	bills	bill	NOUN
cblr-1691	315	62	would	would	AUX
cblr-1691	315	63	ease	ease	VERB
cblr-1691	315	64	tax	tax	NOUN
cblr-1691	315	65	burden	burden	NOUN
cblr-1691	315	66	of	of	ADP
cblr-1691	315	67	private	private	ADJ
cblr-1691	315	68	-	-	PUNCT
cblr-1691	315	69	company	company	NOUN
cblr-1691	315	70	stock	stock	NOUN
cblr-1691	315	71	options	option	NOUN
cblr-1691	315	72	,	,	PUNCT
cblr-1691	315	73	s.f	s.f	PROPN
cblr-1691	315	74	.	.	PROPN
cblr-1691	315	75	chron	chron	PROPN
cblr-1691	315	76	.	.	PUNCT
cblr-1691	316	1	(	(	PUNCT
cblr-1691	316	2	aug	aug	AUX
cblr-1691	316	3	.	.	PROPN
cblr-1691	316	4	17	17	NUM
cblr-1691	316	5	,	,	PUNCT
cblr-1691	316	6	2016	2016	NUM
cblr-1691	316	7	)	)	PUNCT
cblr-1691	316	8	,	,	PUNCT
cblr-1691	316	9	https://www.sfchronicle	https://www.sfchronicle	PROPN
cblr-1691	316	10	.	.	PUNCT
cblr-1691	316	11	com	com	NOUN
cblr-1691	316	12	/	/	SYM
cblr-1691	316	13	business	business	NOUN
cblr-1691	316	14	/	/	SYM
cblr-1691	316	15	networth	networth	NOUN
cblr-1691	316	16	/	/	SYM
cblr-1691	316	17	article	article	NOUN
cblr-1691	316	18	/	/	SYM
cblr-1691	316	19	bills	bill	NOUN
cblr-1691	316	20	-	-	PUNCT
cblr-1691	316	21	would	would	AUX
cblr-1691	316	22	-	-	PUNCT
cblr-1691	316	23	ease	ease	VERB
cblr-1691	316	24	-	-	PUNCT
cblr-1691	316	25	tax	tax	NOUN
cblr-1691	316	26	-	-	PUNCT
cblr-1691	316	27	burden	burden	NOUN
cblr-1691	316	28	-	-	PUNCT
cblr-1691	316	29	of	of	ADP
cblr-1691	316	30	-	-	PUNCT
cblr-1691	316	31	privatecompany-9157182.php	privatecompany-9157182.php	PROPN
cblr-1691	317	1	[	[	X
cblr-1691	317	2	perma.cc/7gdt-jmty	perma.cc/7gdt-jmty	NOUN
cblr-1691	317	3	]	]	X
cblr-1691	317	4	;	;	PUNCT
cblr-1691	317	5	tax	tax	NOUN
cblr-1691	317	6	“	"	PUNCT
cblr-1691	317	7	reform	reform	NOUN
cblr-1691	317	8	”	"	PUNCT
cblr-1691	317	9	and	and	CCONJ
cblr-1691	317	10	its	its	PRON
cblr-1691	317	11	impact	impact	NOUN
cblr-1691	317	12	on	on	ADP
cblr-1691	317	13	stock	stock	NOUN
cblr-1691	317	14	compensation	compensation	NOUN
cblr-1691	317	15	,	,	PUNCT
cblr-1691	317	16	mystockoptions.comblog	mystockoptions.comblog	PROPN
cblr-1691	317	17	(	(	PUNCT
cblr-1691	317	18	dec	dec	PROPN
cblr-1691	317	19	.	.	PROPN
cblr-1691	317	20	20	20	NUM
cblr-1691	317	21	,	,	PUNCT
cblr-1691	317	22	2017	2017	NUM
cblr-1691	317	23	)	)	PUNCT
cblr-1691	317	24	,	,	PUNCT
cblr-1691	317	25	http://mystockoptions.typepad.com/blog/2017/12/tax-reform-and-itsimpact-on-stock-compensation.html	http://mystockoptions.typepad.com/blog/2017/12/tax-reform-and-itsimpact-on-stock-compensation.html	VERB
cblr-1691	318	1	[	[	X
cblr-1691	318	2	perma.cc/2rsg-ffz4	perma.cc/2rsg-ffz4	X
cblr-1691	318	3	]	]	PUNCT
cblr-1691	318	4	.	.	PUNCT
cblr-1691	319	1	81	81	NUM
cblr-1691	319	2	this	this	PRON
cblr-1691	319	3	can	can	AUX
cblr-1691	319	4	also	also	ADV
cblr-1691	319	5	lead	lead	VERB
cblr-1691	319	6	to	to	ADP
cblr-1691	319	7	a	a	DET
cblr-1691	319	8	cash	cash	NOUN
cblr-1691	319	9	-	-	PUNCT
cblr-1691	319	10	flow	flow	NOUN
cblr-1691	319	11	issue	issue	NOUN
cblr-1691	319	12	for	for	ADP
cblr-1691	319	13	the	the	DET
cblr-1691	319	14	unicorn	unicorn	ADJ
cblr-1691	319	15	firm	firm	NOUN
cblr-1691	319	16	.	.	PUNCT
cblr-1691	320	1	the	the	DET
cblr-1691	320	2	firm	firm	NOUN
cblr-1691	320	3	is	be	AUX
cblr-1691	320	4	required	require	VERB
cblr-1691	320	5	to	to	PART
cblr-1691	320	6	withhold	withhold	VERB
cblr-1691	320	7	and	and	CCONJ
cblr-1691	320	8	remit	remit	VERB
cblr-1691	320	9	income	income	NOUN
cblr-1691	320	10	and	and	CCONJ
cblr-1691	320	11	employment	employment	NOUN
cblr-1691	320	12	taxes	taxis	NOUN
cblr-1691	320	13	at	at	ADP
cblr-1691	320	14	the	the	DET
cblr-1691	320	15	time	time	NOUN
cblr-1691	320	16	of	of	ADP
cblr-1691	320	17	the	the	DET
cblr-1691	320	18	exercise	exercise	NOUN
cblr-1691	320	19	(	(	PUNCT
cblr-1691	320	20	for	for	ADP
cblr-1691	320	21	nsos	nsos	NUM
cblr-1691	320	22	)	)	PUNCT
cblr-1691	320	23	or	or	CCONJ
cblr-1691	320	24	vesting	vest	VERB
cblr-1691	320	25	(	(	PUNCT
cblr-1691	320	26	for	for	ADP
cblr-1691	320	27	rsus	rsus	NOUN
cblr-1691	320	28	)	)	PUNCT
cblr-1691	320	29	,	,	PUNCT
cblr-1691	320	30	but	but	CCONJ
cblr-1691	320	31	it	it	PRON
cblr-1691	320	32	is	be	AUX
cblr-1691	320	33	not	not	PART
cblr-1691	320	34	transferring	transfer	VERB
cblr-1691	320	35	any	any	DET
cblr-1691	320	36	cash	cash	NOUN
cblr-1691	320	37	to	to	ADP
cblr-1691	320	38	the	the	DET
cblr-1691	320	39	grantee	grantee	NOUN
cblr-1691	320	40	from	from	ADP
cblr-1691	320	41	which	which	PRON
cblr-1691	320	42	it	it	PRON
cblr-1691	320	43	can	can	AUX
cblr-1691	320	44	withhold	withhold	VERB
cblr-1691	320	45	those	those	DET
cblr-1691	320	46	amounts	amount	NOUN
cblr-1691	320	47	.	.	PUNCT
cblr-1691	321	1	see	see	VERB
cblr-1691	321	2	scott	scott	PROPN
cblr-1691	321	3	belsky	belsky	PROPN
cblr-1691	321	4	,	,	PUNCT
cblr-1691	321	5	do	do	AUX
cblr-1691	321	6	n’t	not	PART
cblr-1691	321	7	get	get	AUX
cblr-1691	321	8	trampled	trample	VERB
cblr-1691	321	9	:	:	PUNCT
cblr-1691	321	10	the	the	DET
cblr-1691	321	11	puzzle	puzzle	NOUN
cblr-1691	321	12	for	for	ADP
cblr-1691	321	13	“	"	PUNCT
cblr-1691	321	14	unicorn	unicorn	ADJ
cblr-1691	321	15	”	"	PUNCT
cblr-1691	321	16	employees	employee	NOUN
cblr-1691	321	17	,	,	PUNCT
cblr-1691	321	18	medium	medium	NOUN
cblr-1691	321	19	(	(	PUNCT
cblr-1691	321	20	jan	jan	PROPN
cblr-1691	321	21	.	.	PROPN
cblr-1691	321	22	2	2	NUM
cblr-1691	321	23	,	,	PUNCT
cblr-1691	321	24	2017	2017	NUM
cblr-1691	321	25	)	)	PUNCT
cblr-1691	321	26	,	,	PUNCT
cblr-1691	321	27	https://medium.com/positiveslope/dont-get-trampled-thepuzzle-for-unicorn-employees-8f00f33c784f	https://medium.com/positiveslope/dont-get-trampled-thepuzzle-for-unicorn-employees-8f00f33c784f	PUNCT
cblr-1691	322	1	[	[	X
cblr-1691	322	2	perma.cc/76c3-e9ce	perma.cc/76c3-e9ce	PROPN
cblr-1691	322	3	]	]	PUNCT
cblr-1691	322	4	82	82	NUM
cblr-1691	322	5	see	see	VERB
cblr-1691	322	6	andrew	andrew	PROPN
cblr-1691	322	7	ross	ross	PROPN
cblr-1691	322	8	sorkin	sorkin	PROPN
cblr-1691	322	9	,	,	PUNCT
cblr-1691	322	10	how	how	SCONJ
cblr-1691	322	11	valuable	valuable	ADJ
cblr-1691	322	12	is	be	AUX
cblr-1691	322	13	a	a	DET
cblr-1691	322	14	unicorn	unicorn	NOUN
cblr-1691	322	15	?	?	PUNCT
cblr-1691	323	1	maybe	maybe	ADV
cblr-1691	323	2	not	not	PART
cblr-1691	323	3	as	as	ADV
cblr-1691	323	4	much	much	ADV
cblr-1691	323	5	as	as	SCONJ
cblr-1691	323	6	it	it	PRON
cblr-1691	323	7	claims	claim	VERB
cblr-1691	323	8	to	to	PART
cblr-1691	323	9	be	be	AUX
cblr-1691	323	10	,	,	PUNCT
cblr-1691	323	11	n.y	n.y	PROPN
cblr-1691	323	12	.	.	PROPN
cblr-1691	323	13	times	times	PROPN
cblr-1691	323	14	(	(	PUNCT
cblr-1691	323	15	oct	oct	PROPN
cblr-1691	323	16	.	.	PROPN
cblr-1691	323	17	16	16	NUM
cblr-1691	323	18	,	,	PUNCT
cblr-1691	323	19	2017	2017	NUM
cblr-1691	323	20	)	)	PUNCT
cblr-1691	323	21	,	,	PUNCT
cblr-1691	323	22	https://nyti.ms/2yvpuyk	https://nyti.ms/2yvpuyk	PROPN
cblr-1691	324	1	[	[	X
cblr-1691	324	2	perma.cc/4y7c-3kaa	perma.cc/4y7c-3kaa	NOUN
cblr-1691	324	3	]	]	PUNCT
cblr-1691	324	4	.	.	PUNCT
cblr-1691	324	5	83	83	NUM
cblr-1691	324	6	see	see	VERB
cblr-1691	324	7	ilona	ilona	NOUN
cblr-1691	324	8	babenko	babenko	PROPN
cblr-1691	324	9	,	,	PUNCT
cblr-1691	324	10	fangfang	fangfang	PROPN
cblr-1691	324	11	du	du	PROPN
cblr-1691	324	12	&	&	CCONJ
cblr-1691	324	13	yuri	yuri	PROPN
cblr-1691	324	14	tserlukevich	tserlukevich	PROPN
cblr-1691	324	15	,	,	PUNCT
cblr-1691	324	16	will	will	AUX
cblr-1691	324	17	i	i	PRON
cblr-1691	324	18	get	get	AUX
cblr-1691	324	19	paid	pay	VERB
cblr-1691	324	20	?	?	PUNCT
cblr-1691	325	1	employee	employee	NOUN
cblr-1691	325	2	stock	stock	NOUN
cblr-1691	325	3	options	option	NOUN
cblr-1691	325	4	and	and	CCONJ
cblr-1691	325	5	mergers	merger	NOUN
cblr-1691	325	6	and	and	CCONJ
cblr-1691	325	7	acquisitions	acquisition	NOUN
cblr-1691	325	8	1	1	NUM
cblr-1691	325	9	(	(	PUNCT
cblr-1691	325	10	european	european	ADJ
cblr-1691	325	11	https://www.cnbc.com/andrew-ross-sorkin/	https://www.cnbc.com/andrew-ross-sorkin/	PROPN
cblr-1691	325	12	130	130	NUM
cblr-1691	325	13	columbia	columbia	PROPN
cblr-1691	325	14	business	business	NOUN
cblr-1691	325	15	law	law	PROPN
cblr-1691	325	16	review	review	NOUN
cblr-1691	326	1	[	[	X
cblr-1691	326	2	vol	vol	NOUN
cblr-1691	326	3	.	.	PUNCT
cblr-1691	326	4	2019	2019	NUM
cblr-1691	326	5	2	2	NUM
cblr-1691	326	6	.	.	X
cblr-1691	326	7	isos	isos	PROPN
cblr-1691	326	8	vs.	vs.	ADP
cblr-1691	326	9	nsos	nsos	NOUN
cblr-1691	326	10	there	there	PRON
cblr-1691	326	11	are	be	VERB
cblr-1691	326	12	two	two	NUM
cblr-1691	326	13	types	type	NOUN
cblr-1691	326	14	of	of	ADP
cblr-1691	326	15	stock	stock	NOUN
cblr-1691	326	16	options	option	NOUN
cblr-1691	326	17	,	,	PUNCT
cblr-1691	326	18	incentive	incentive	NOUN
cblr-1691	326	19	stock	stock	NOUN
cblr-1691	326	20	options	option	NOUN
cblr-1691	326	21	(	(	PUNCT
cblr-1691	326	22	“	"	PUNCT
cblr-1691	326	23	isos”)84	isos”)84	NOUN
cblr-1691	326	24	and	and	CCONJ
cblr-1691	326	25	nonstatutory	nonstatutory	ADJ
cblr-1691	326	26	stock	stock	NOUN
cblr-1691	326	27	options	option	NOUN
cblr-1691	326	28	(	(	PUNCT
cblr-1691	326	29	nsos),85	nsos),85	NUM
cblr-1691	326	30	which	which	PRON
cblr-1691	326	31	are	be	AUX
cblr-1691	326	32	treated	treat	VERB
cblr-1691	326	33	differently	differently	ADV
cblr-1691	326	34	for	for	ADP
cblr-1691	326	35	the	the	DET
cblr-1691	326	36	purpose	purpose	NOUN
cblr-1691	326	37	of	of	ADP
cblr-1691	326	38	federal	federal	ADJ
cblr-1691	326	39	income	income	NOUN
cblr-1691	326	40	tax	tax	NOUN
cblr-1691	326	41	.	.	PUNCT
cblr-1691	327	1	isos	isos	PROPN
cblr-1691	327	2	are	be	AUX
cblr-1691	327	3	granted	grant	VERB
cblr-1691	327	4	only	only	ADV
cblr-1691	327	5	to	to	ADP
cblr-1691	327	6	employees	employee	NOUN
cblr-1691	327	7	.	.	PUNCT
cblr-1691	328	1	employees	employee	NOUN
cblr-1691	328	2	can	can	AUX
cblr-1691	328	3	only	only	ADV
cblr-1691	328	4	take	take	VERB
cblr-1691	328	5	advantage	advantage	NOUN
cblr-1691	328	6	of	of	ADP
cblr-1691	328	7	the	the	DET
cblr-1691	328	8	beneficial	beneficial	ADJ
cblr-1691	328	9	tax	tax	NOUN
cblr-1691	328	10	treatment	treatment	NOUN
cblr-1691	328	11	afforded	afford	VERB
cblr-1691	328	12	to	to	PART
cblr-1691	328	13	isos	isos	VERB
cblr-1691	328	14	when	when	SCONJ
cblr-1691	328	15	certain	certain	ADJ
cblr-1691	328	16	requirements	requirement	NOUN
cblr-1691	328	17	are	be	AUX
cblr-1691	328	18	met	meet	VERB
cblr-1691	328	19	.	.	PUNCT
cblr-1691	329	1	first	first	ADV
cblr-1691	329	2	,	,	PUNCT
cblr-1691	329	3	the	the	DET
cblr-1691	329	4	option	option	NOUN
cblr-1691	329	5	’s	’s	PART
cblr-1691	329	6	exercise	exercise	NOUN
cblr-1691	329	7	price	price	NOUN
cblr-1691	329	8	,	,	PUNCT
cblr-1691	329	9	or	or	CCONJ
cblr-1691	329	10	the	the	DET
cblr-1691	329	11	price	price	NOUN
cblr-1691	329	12	per	per	ADP
cblr-1691	329	13	share	share	NOUN
cblr-1691	329	14	at	at	ADP
cblr-1691	329	15	which	which	PRON
cblr-1691	329	16	the	the	DET
cblr-1691	329	17	option	option	NOUN
cblr-1691	329	18	can	can	AUX
cblr-1691	329	19	be	be	AUX
cblr-1691	329	20	purchased	purchase	VERB
cblr-1691	329	21	,	,	PUNCT
cblr-1691	329	22	can	can	AUX
cblr-1691	329	23	not	not	PART
cblr-1691	329	24	be	be	AUX
cblr-1691	329	25	less	less	ADJ
cblr-1691	329	26	than	than	ADP
cblr-1691	329	27	the	the	DET
cblr-1691	329	28	fair	fair	ADJ
cblr-1691	329	29	market	market	NOUN
cblr-1691	329	30	value	value	NOUN
cblr-1691	329	31	on	on	ADP
cblr-1691	329	32	the	the	DET
cblr-1691	329	33	date	date	NOUN
cblr-1691	329	34	of	of	ADP
cblr-1691	329	35	the	the	DET
cblr-1691	329	36	grant.86	grant.86	PROPN
cblr-1691	329	37	second	second	NOUN
cblr-1691	329	38	,	,	PUNCT
cblr-1691	329	39	employees	employee	NOUN
cblr-1691	329	40	can	can	AUX
cblr-1691	329	41	not	not	PART
cblr-1691	329	42	transfer	transfer	VERB
cblr-1691	329	43	isos	isos	ADV
cblr-1691	329	44	to	to	ADP
cblr-1691	329	45	others	other	NOUN
cblr-1691	329	46	,	,	PUNCT
cblr-1691	329	47	except	except	SCONJ
cblr-1691	329	48	on	on	ADP
cblr-1691	329	49	death	death	NOUN
cblr-1691	329	50	.	.	PUNCT
cblr-1691	330	1	third	third	ADJ
cblr-1691	330	2	,	,	PUNCT
cblr-1691	330	3	the	the	DET
cblr-1691	330	4	company	company	NOUN
cblr-1691	330	5	’s	’s	PART
cblr-1691	330	6	board	board	NOUN
cblr-1691	330	7	of	of	ADP
cblr-1691	330	8	directors	director	NOUN
cblr-1691	330	9	and	and	CCONJ
cblr-1691	330	10	shareholders	shareholder	NOUN
cblr-1691	330	11	must	must	AUX
cblr-1691	330	12	approve	approve	VERB
cblr-1691	330	13	the	the	DET
cblr-1691	330	14	written	write	VERB
cblr-1691	330	15	plan	plan	NOUN
cblr-1691	330	16	to	to	PART
cblr-1691	330	17	grant	grant	VERB
cblr-1691	330	18	isos	isos	NOUN
cblr-1691	330	19	.	.	PUNCT
cblr-1691	331	1	fourth	fourth	ADJ
cblr-1691	331	2	,	,	PUNCT
cblr-1691	331	3	as	as	SCONJ
cblr-1691	331	4	noted	note	VERB
cblr-1691	331	5	above	above	ADV
cblr-1691	331	6	,	,	PUNCT
cblr-1691	331	7	the	the	DET
cblr-1691	331	8	employee	employee	NOUN
cblr-1691	331	9	must	must	AUX
cblr-1691	331	10	exercise	exercise	VERB
cblr-1691	331	11	the	the	DET
cblr-1691	331	12	isos	isos	NOUN
cblr-1691	331	13	within	within	ADP
cblr-1691	331	14	the	the	DET
cblr-1691	331	15	earlier	early	ADJ
cblr-1691	331	16	of	of	ADP
cblr-1691	331	17	ten	ten	NUM
cblr-1691	331	18	years	year	NOUN
cblr-1691	331	19	from	from	ADP
cblr-1691	331	20	the	the	DET
cblr-1691	331	21	grant	grant	NOUN
cblr-1691	331	22	date	date	NOUN
cblr-1691	331	23	or	or	CCONJ
cblr-1691	331	24	ninety	ninety	NUM
cblr-1691	331	25	days	day	NOUN
cblr-1691	331	26	of	of	ADP
cblr-1691	331	27	termination	termination	NOUN
cblr-1691	331	28	of	of	ADP
cblr-1691	331	29	employment.87	employment.87	ADJ
cblr-1691	331	30	fifth	fifth	ADJ
cblr-1691	331	31	,	,	PUNCT
cblr-1691	331	32	employees	employee	NOUN
cblr-1691	331	33	may	may	AUX
cblr-1691	331	34	not	not	PART
cblr-1691	331	35	exercise	exercise	VERB
cblr-1691	331	36	more	more	ADJ
cblr-1691	331	37	than	than	ADP
cblr-1691	331	38	a	a	DET
cblr-1691	331	39	$	$	SYM
cblr-1691	331	40	100,000	100,000	NUM
cblr-1691	331	41	value	value	NOUN
cblr-1691	331	42	of	of	ADP
cblr-1691	331	43	isos	isos	NOUN
cblr-1691	331	44	in	in	ADP
cblr-1691	331	45	any	any	DET
cblr-1691	331	46	one	one	NUM
cblr-1691	331	47	calendar	calendar	NOUN
cblr-1691	331	48	year	year	NOUN
cblr-1691	331	49	,	,	PUNCT
cblr-1691	331	50	as	as	SCONJ
cblr-1691	331	51	determined	determine	VERB
cblr-1691	331	52	at	at	ADP
cblr-1691	331	53	the	the	DET
cblr-1691	331	54	time	time	NOUN
cblr-1691	331	55	of	of	ADP
cblr-1691	331	56	grant	grant	NOUN
cblr-1691	331	57	.	.	PUNCT
cblr-1691	332	1	finally	finally	ADV
cblr-1691	332	2	,	,	PUNCT
cblr-1691	332	3	there	there	PRON
cblr-1691	332	4	is	be	VERB
cblr-1691	332	5	a	a	DET
cblr-1691	332	6	holding	hold	VERB
cblr-1691	332	7	requirement	requirement	NOUN
cblr-1691	332	8	:	:	PUNCT
cblr-1691	332	9	employees	employee	NOUN
cblr-1691	332	10	must	must	AUX
cblr-1691	332	11	hold	hold	VERB
cblr-1691	332	12	the	the	DET
cblr-1691	332	13	shares	share	NOUN
cblr-1691	332	14	for	for	ADP
cblr-1691	332	15	at	at	ADV
cblr-1691	332	16	least	least	ADV
cblr-1691	332	17	two	two	NUM
cblr-1691	332	18	years	year	NOUN
cblr-1691	332	19	after	after	ADP
cblr-1691	332	20	the	the	DET
cblr-1691	332	21	grant	grant	NOUN
cblr-1691	332	22	date	date	NOUN
cblr-1691	332	23	and	and	CCONJ
cblr-1691	332	24	one	one	NUM
cblr-1691	332	25	year	year	NOUN
cblr-1691	332	26	after	after	ADP
cblr-1691	332	27	the	the	DET
cblr-1691	332	28	exercise	exercise	NOUN
cblr-1691	332	29	date	date	NOUN
cblr-1691	332	30	.	.	PUNCT
cblr-1691	333	1	if	if	SCONJ
cblr-1691	333	2	all	all	DET
cblr-1691	333	3	the	the	DET
cblr-1691	333	4	conditions	condition	NOUN
cblr-1691	333	5	are	be	AUX
cblr-1691	333	6	met	meet	VERB
cblr-1691	333	7	,	,	PUNCT
cblr-1691	333	8	then	then	ADV
cblr-1691	333	9	the	the	DET
cblr-1691	333	10	employee	employee	NOUN
cblr-1691	333	11	will	will	AUX
cblr-1691	333	12	not	not	PART
cblr-1691	333	13	have	have	VERB
cblr-1691	333	14	any	any	DET
cblr-1691	333	15	tax	tax	NOUN
cblr-1691	333	16	consequences	consequence	NOUN
cblr-1691	333	17	at	at	ADP
cblr-1691	333	18	the	the	DET
cblr-1691	333	19	time	time	NOUN
cblr-1691	333	20	of	of	ADP
cblr-1691	333	21	grant	grant	NOUN
cblr-1691	333	22	or	or	CCONJ
cblr-1691	333	23	when	when	SCONJ
cblr-1691	333	24	the	the	DET
cblr-1691	333	25	options	option	NOUN
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cblr-1691	333	27	exercised.88	exercised.88	NOUN
cblr-1691	333	28	after	after	ADP
cblr-1691	333	29	a	a	DET
cblr-1691	333	30	disposition	disposition	NOUN
cblr-1691	333	31	(	(	PUNCT
cblr-1691	333	32	such	such	ADJ
cblr-1691	333	33	as	as	ADP
cblr-1691	333	34	a	a	DET
cblr-1691	333	35	sale	sale	NOUN
cblr-1691	333	36	)	)	PUNCT
cblr-1691	333	37	of	of	ADP
cblr-1691	333	38	corp	corp	PROPN
cblr-1691	333	39	.	.	PROPN
cblr-1691	333	40	governance	governance	PROPN
cblr-1691	333	41	inst	inst	PROPN
cblr-1691	333	42	.	.	PUNCT
cblr-1691	334	1	working	working	NOUN
cblr-1691	334	2	paper	paper	NOUN
cblr-1691	334	3	no	no	INTJ
cblr-1691	334	4	.	.	PUNCT
cblr-1691	335	1	486/2016	486/2016	NUM
cblr-1691	335	2	,	,	PUNCT
cblr-1691	335	3	2017	2017	NUM
cblr-1691	335	4	)	)	PUNCT
cblr-1691	335	5	(	(	PUNCT
cblr-1691	335	6	“	"	PUNCT
cblr-1691	335	7	in	in	ADP
cblr-1691	335	8	79.9	79.9	NUM
cblr-1691	335	9	%	%	NOUN
cblr-1691	335	10	of	of	ADP
cblr-1691	335	11	all	all	DET
cblr-1691	335	12	completed	complete	VERB
cblr-1691	335	13	m&a	m&a	PROPN
cblr-1691	335	14	deals	deal	NOUN
cblr-1691	335	15	,	,	PUNCT
cblr-1691	335	16	some	some	PRON
cblr-1691	335	17	of	of	ADP
cblr-1691	335	18	the	the	DET
cblr-1691	335	19	target	target	NOUN
cblr-1691	335	20	’s	’s	PART
cblr-1691	335	21	outstanding	outstanding	ADJ
cblr-1691	335	22	employee	employee	NOUN
cblr-1691	335	23	stock	stock	NOUN
cblr-1691	335	24	options	option	NOUN
cblr-1691	335	25	are	be	AUX
cblr-1691	335	26	terminated	terminate	VERB
cblr-1691	335	27	by	by	ADP
cblr-1691	335	28	the	the	DET
cblr-1691	335	29	acquirer	acquirer	NOUN
cblr-1691	335	30	.	.	PUNCT
cblr-1691	335	31	.	.	PUNCT
cblr-1691	335	32	.	.	PUNCT
cblr-1691	335	33	.	.	PUNCT
cblr-1691	336	1	further	far	ADV
cblr-1691	336	2	,	,	PUNCT
cblr-1691	336	3	employees	employee	NOUN
cblr-1691	336	4	are	be	AUX
cblr-1691	336	5	often	often	ADV
cblr-1691	336	6	forced	force	VERB
cblr-1691	336	7	to	to	PART
cblr-1691	336	8	accept	accept	VERB
cblr-1691	336	9	the	the	DET
cblr-1691	336	10	intrinsic	intrinsic	ADJ
cblr-1691	336	11	value	value	NOUN
cblr-1691	336	12	of	of	ADP
cblr-1691	336	13	their	their	PRON
cblr-1691	336	14	vested	vested	ADJ
cblr-1691	336	15	in	in	ADP
cblr-1691	336	16	-	-	PUNCT
cblr-1691	336	17	the	the	DET
cblr-1691	336	18	-	-	PUNCT
cblr-1691	336	19	money	money	NOUN
cblr-1691	336	20	stock	stock	NOUN
cblr-1691	336	21	options	option	NOUN
cblr-1691	336	22	in	in	ADP
cblr-1691	336	23	lieu	lieu	NOUN
cblr-1691	336	24	of	of	ADP
cblr-1691	336	25	the	the	DET
cblr-1691	336	26	black	black	ADJ
cblr-1691	336	27	-	-	PUNCT
cblr-1691	336	28	scholes	schole	NOUN
cblr-1691	336	29	value	value	NOUN
cblr-1691	336	30	[	[	X
cblr-1691	336	31	.	.	X
cblr-1691	336	32	]	]	X
cblr-1691	336	33	”	"	PUNCT
cblr-1691	336	34	)	)	PUNCT
cblr-1691	336	35	84	84	NUM
cblr-1691	336	36	isos	iso	NOUN
cblr-1691	336	37	are	be	AUX
cblr-1691	336	38	mainly	mainly	ADV
cblr-1691	336	39	used	use	VERB
cblr-1691	336	40	by	by	ADP
cblr-1691	336	41	private	private	ADJ
cblr-1691	336	42	companies	company	NOUN
cblr-1691	336	43	.	.	PUNCT
cblr-1691	337	1	see	see	VERB
cblr-1691	337	2	bagley	bagley	NOUN
cblr-1691	337	3	&	&	CCONJ
cblr-1691	337	4	savage	savage	NOUN
cblr-1691	337	5	,	,	PUNCT
cblr-1691	337	6	supra	supra	ADJ
cblr-1691	337	7	note	note	NOUN
cblr-1691	337	8	46	46	NUM
cblr-1691	337	9	,	,	PUNCT
cblr-1691	337	10	at	at	ADP
cblr-1691	337	11	521	521	NUM
cblr-1691	337	12	.	.	NOUN
cblr-1691	337	13	85	85	NUM
cblr-1691	337	14	i	i	PRON
cblr-1691	337	15	d.	d.	PROPN
cblr-1691	337	16	86	86	NUM
cblr-1691	337	17	if	if	SCONJ
cblr-1691	337	18	the	the	DET
cblr-1691	337	19	employee	employee	NOUN
cblr-1691	337	20	is	be	AUX
cblr-1691	337	21	a	a	DET
cblr-1691	337	22	stockholder	stockholder	NOUN
cblr-1691	337	23	of	of	ADP
cblr-1691	337	24	ten	ten	NUM
cblr-1691	337	25	percent	percent	NOUN
cblr-1691	337	26	or	or	CCONJ
cblr-1691	337	27	more	more	ADJ
cblr-1691	337	28	in	in	ADP
cblr-1691	337	29	the	the	DET
cblr-1691	337	30	company	company	NOUN
cblr-1691	337	31	,	,	PUNCT
cblr-1691	337	32	then	then	ADV
cblr-1691	337	33	the	the	DET
cblr-1691	337	34	exercise	exercise	NOUN
cblr-1691	337	35	price	price	NOUN
cblr-1691	337	36	must	must	AUX
cblr-1691	337	37	be	be	AUX
cblr-1691	337	38	equal	equal	ADJ
cblr-1691	337	39	to	to	ADP
cblr-1691	337	40	one	one	NUM
cblr-1691	337	41	hundred	hundred	NUM
cblr-1691	337	42	ten	ten	NUM
cblr-1691	337	43	percent	percent	NOUN
cblr-1691	337	44	of	of	ADP
cblr-1691	337	45	the	the	DET
cblr-1691	337	46	fair	fair	ADJ
cblr-1691	337	47	market	market	NOUN
cblr-1691	337	48	value	value	NOUN
cblr-1691	337	49	of	of	ADP
cblr-1691	337	50	the	the	DET
cblr-1691	337	51	underlying	underlie	VERB
cblr-1691	337	52	security	security	NOUN
cblr-1691	337	53	on	on	ADP
cblr-1691	337	54	the	the	DET
cblr-1691	337	55	date	date	NOUN
cblr-1691	337	56	of	of	ADP
cblr-1691	337	57	grant	grant	NOUN
cblr-1691	337	58	.	.	PUNCT
cblr-1691	338	1	87	87	NUM
cblr-1691	338	2	if	if	SCONJ
cblr-1691	338	3	the	the	DET
cblr-1691	338	4	employee	employee	NOUN
cblr-1691	338	5	is	be	AUX
cblr-1691	338	6	a	a	DET
cblr-1691	338	7	stockholder	stockholder	NOUN
cblr-1691	338	8	of	of	ADP
cblr-1691	338	9	ten	ten	NUM
cblr-1691	338	10	percent	percent	NOUN
cblr-1691	338	11	or	or	CCONJ
cblr-1691	338	12	more	more	ADJ
cblr-1691	338	13	in	in	ADP
cblr-1691	338	14	the	the	DET
cblr-1691	338	15	company	company	NOUN
cblr-1691	338	16	,	,	PUNCT
cblr-1691	338	17	then	then	ADV
cblr-1691	338	18	it	it	PRON
cblr-1691	338	19	is	be	AUX
cblr-1691	338	20	five	five	NUM
cblr-1691	338	21	years	year	NOUN
cblr-1691	338	22	from	from	ADP
cblr-1691	338	23	the	the	DET
cblr-1691	338	24	date	date	NOUN
cblr-1691	338	25	of	of	ADP
cblr-1691	338	26	grant	grant	NOUN
cblr-1691	338	27	.	.	PUNCT
cblr-1691	339	1	the	the	DET
cblr-1691	339	2	ninety	ninety	NUM
cblr-1691	339	3	-	-	PUNCT
cblr-1691	339	4	day	day	NOUN
cblr-1691	339	5	period	period	NOUN
cblr-1691	339	6	can	can	AUX
cblr-1691	339	7	be	be	AUX
cblr-1691	339	8	extended	extend	VERB
cblr-1691	339	9	if	if	SCONJ
cblr-1691	339	10	the	the	DET
cblr-1691	339	11	termination	termination	NOUN
cblr-1691	339	12	is	be	AUX
cblr-1691	339	13	due	due	ADJ
cblr-1691	339	14	to	to	ADP
cblr-1691	339	15	disability	disability	NOUN
cblr-1691	339	16	or	or	CCONJ
cblr-1691	339	17	death	death	NOUN
cblr-1691	339	18	.	.	PUNCT
cblr-1691	340	1	88	88	NUM
cblr-1691	340	2	nsos	nsos	NOUN
cblr-1691	340	3	do	do	AUX
cblr-1691	340	4	not	not	PART
cblr-1691	340	5	have	have	VERB
cblr-1691	340	6	tax	tax	NOUN
cblr-1691	340	7	consequences	consequence	NOUN
cblr-1691	340	8	at	at	ADP
cblr-1691	340	9	the	the	DET
cblr-1691	340	10	time	time	NOUN
cblr-1691	340	11	of	of	ADP
cblr-1691	340	12	grant	grant	NOUN
cblr-1691	340	13	(	(	PUNCT
cblr-1691	340	14	unless	unless	SCONJ
cblr-1691	340	15	options	option	NOUN
cblr-1691	340	16	are	be	AUX
cblr-1691	340	17	granted	grant	VERB
cblr-1691	340	18	below	below	ADP
cblr-1691	340	19	fair	fair	ADJ
cblr-1691	340	20	market	market	NOUN
cblr-1691	340	21	value	value	NOUN
cblr-1691	340	22	)	)	PUNCT
cblr-1691	340	23	.	.	PUNCT
cblr-1691	341	1	no	no	INTJ
cblr-1691	341	2	.	.	PUNCT
cblr-1691	342	1	1:107	1:107	NUM
cblr-1691	342	2	]	]	X
cblr-1691	342	3	unicorn	unicorn	ADJ
cblr-1691	342	4	stock	stock	NOUN
cblr-1691	342	5	options	option	NOUN
cblr-1691	342	6	131	131	NUM
cblr-1691	342	7	the	the	DET
cblr-1691	342	8	stock	stock	NOUN
cblr-1691	342	9	acquired	acquire	VERB
cblr-1691	342	10	upon	upon	SCONJ
cblr-1691	342	11	exercise	exercise	NOUN
cblr-1691	342	12	of	of	ADP
cblr-1691	342	13	the	the	DET
cblr-1691	342	14	options	option	NOUN
cblr-1691	342	15	,	,	PUNCT
cblr-1691	342	16	any	any	DET
cblr-1691	342	17	gain	gain	NOUN
cblr-1691	342	18	or	or	CCONJ
cblr-1691	342	19	loss	loss	NOUN
cblr-1691	342	20	is	be	AUX
cblr-1691	342	21	treated	treat	VERB
cblr-1691	342	22	as	as	ADP
cblr-1691	342	23	a	a	DET
cblr-1691	342	24	long	long	ADJ
cblr-1691	342	25	-	-	PUNCT
cblr-1691	342	26	term	term	NOUN
cblr-1691	342	27	capital	capital	NOUN
cblr-1691	342	28	gain	gain	NOUN
cblr-1691	342	29	or	or	CCONJ
cblr-1691	342	30	loss	loss	NOUN
cblr-1691	342	31	.	.	PUNCT
cblr-1691	343	1	the	the	DET
cblr-1691	343	2	employer	employer	NOUN
cblr-1691	343	3	has	have	VERB
cblr-1691	343	4	no	no	DET
cblr-1691	343	5	withholding	withholding	NOUN
cblr-1691	343	6	at	at	ADP
cblr-1691	343	7	exercise	exercise	NOUN
cblr-1691	343	8	and	and	CCONJ
cblr-1691	343	9	no	no	DET
cblr-1691	343	10	deduction.89	deduction.89	PROPN
cblr-1691	343	11	if	if	SCONJ
cblr-1691	343	12	the	the	DET
cblr-1691	343	13	holding	holding	NOUN
cblr-1691	343	14	requirements	requirement	NOUN
cblr-1691	343	15	are	be	AUX
cblr-1691	343	16	not	not	PART
cblr-1691	343	17	met	meet	VERB
cblr-1691	343	18	,	,	PUNCT
cblr-1691	343	19	then	then	ADV
cblr-1691	343	20	the	the	DET
cblr-1691	343	21	disposition	disposition	NOUN
cblr-1691	343	22	is	be	AUX
cblr-1691	343	23	disqualified	disqualify	VERB
cblr-1691	343	24	,	,	PUNCT
cblr-1691	343	25	and	and	CCONJ
cblr-1691	343	26	the	the	DET
cblr-1691	343	27	isos	isos	NOUN
cblr-1691	343	28	are	be	AUX
cblr-1691	343	29	taxed	tax	VERB
cblr-1691	343	30	as	as	ADP
cblr-1691	343	31	nsos	nso	NOUN
cblr-1691	343	32	.	.	PUNCT
cblr-1691	344	1	also	also	ADV
cblr-1691	344	2	,	,	PUNCT
cblr-1691	344	3	the	the	DET
cblr-1691	344	4	alternative	alternative	ADJ
cblr-1691	344	5	minimum	minimum	ADJ
cblr-1691	344	6	tax	tax	NOUN
cblr-1691	344	7	may	may	AUX
cblr-1691	344	8	be	be	AUX
cblr-1691	344	9	tax	tax	NOUN
cblr-1691	344	10	payable	payable	ADJ
cblr-1691	344	11	upon	upon	SCONJ
cblr-1691	344	12	the	the	DET
cblr-1691	344	13	exercise	exercise	NOUN
cblr-1691	344	14	of	of	ADP
cblr-1691	344	15	even	even	ADV
cblr-1691	344	16	isos.90	isos.90	PROPN
cblr-1691	344	17	nsos	nsos	NOUN
cblr-1691	344	18	have	have	VERB
cblr-1691	344	19	fewer	few	ADJ
cblr-1691	344	20	restrictions	restriction	NOUN
cblr-1691	344	21	and	and	CCONJ
cblr-1691	344	22	are	be	AUX
cblr-1691	344	23	not	not	PART
cblr-1691	344	24	limited	limit	VERB
cblr-1691	344	25	to	to	ADP
cblr-1691	344	26	employees.91	employees.91	PROPN
cblr-1691	344	27	in	in	ADP
cblr-1691	344	28	practice	practice	NOUN
cblr-1691	344	29	,	,	PUNCT
cblr-1691	344	30	nso	nso	PROPN
cblr-1691	344	31	plans	plan	NOUN
cblr-1691	344	32	are	be	AUX
cblr-1691	344	33	usually	usually	ADV
cblr-1691	344	34	written	write	VERB
cblr-1691	344	35	with	with	ADP
cblr-1691	344	36	a	a	DET
cblr-1691	344	37	requirement	requirement	NOUN
cblr-1691	344	38	that	that	SCONJ
cblr-1691	344	39	the	the	DET
cblr-1691	344	40	exercise	exercise	NOUN
cblr-1691	344	41	price	price	NOUN
cblr-1691	344	42	can	can	AUX
cblr-1691	344	43	not	not	PART
cblr-1691	344	44	be	be	AUX
cblr-1691	344	45	less	less	ADJ
cblr-1691	344	46	than	than	ADP
cblr-1691	344	47	the	the	DET
cblr-1691	344	48	fair	fair	ADJ
cblr-1691	344	49	market	market	NOUN
cblr-1691	344	50	value	value	NOUN
cblr-1691	344	51	on	on	ADP
cblr-1691	344	52	the	the	DET
cblr-1691	344	53	date	date	NOUN
cblr-1691	344	54	of	of	ADP
cblr-1691	344	55	the	the	DET
cblr-1691	344	56	grant	grant	NOUN
cblr-1691	344	57	,	,	PUNCT
cblr-1691	344	58	because	because	SCONJ
cblr-1691	344	59	section	section	NOUN
cblr-1691	344	60	409a	409a	NOUN
cblr-1691	344	61	of	of	ADP
cblr-1691	344	62	the	the	DET
cblr-1691	344	63	internal	internal	PROPN
cblr-1691	344	64	revenue	revenue	NOUN
cblr-1691	344	65	code	code	NOUN
cblr-1691	344	66	regulates	regulate	VERB
cblr-1691	344	67	nonqualified	nonqualified	ADJ
cblr-1691	344	68	deferred	defer	VERB
cblr-1691	344	69	compensation	compensation	NOUN
cblr-1691	344	70	paid	pay	VERB
cblr-1691	344	71	by	by	ADP
cblr-1691	344	72	a	a	DET
cblr-1691	344	73	service	service	NOUN
cblr-1691	344	74	recipient	recipient	NOUN
cblr-1691	344	75	to	to	ADP
cblr-1691	344	76	a	a	DET
cblr-1691	344	77	service	service	NOUN
cblr-1691	344	78	provider	provider	NOUN
cblr-1691	344	79	by	by	ADP
cblr-1691	344	80	generally	generally	ADV
cblr-1691	344	81	imposing	impose	VERB
cblr-1691	344	82	a	a	DET
cblr-1691	344	83	twenty	twenty	NUM
cblr-1691	344	84	percent	percent	NOUN
cblr-1691	344	85	excise	excise	NOUN
cblr-1691	344	86	tax	tax	NOUN
cblr-1691	344	87	when	when	SCONJ
cblr-1691	344	88	certain	certain	ADJ
cblr-1691	344	89	design	design	NOUN
cblr-1691	344	90	or	or	CCONJ
cblr-1691	344	91	operational	operational	ADJ
cblr-1691	344	92	rules	rule	NOUN
cblr-1691	344	93	contained	contain	VERB
cblr-1691	344	94	in	in	ADP
cblr-1691	344	95	the	the	DET
cblr-1691	344	96	section	section	NOUN
cblr-1691	344	97	are	be	AUX
cblr-1691	344	98	violated.92	violated.92	PROPN
cblr-1691	344	99	the	the	DET
cblr-1691	344	100	nsos	nsos	PROPN
cblr-1691	344	101	holder	holder	NOUN
cblr-1691	344	102	will	will	AUX
cblr-1691	344	103	be	be	AUX
cblr-1691	344	104	taxed	tax	VERB
cblr-1691	344	105	at	at	ADP
cblr-1691	344	106	the	the	DET
cblr-1691	344	107	time	time	NOUN
cblr-1691	344	108	of	of	ADP
cblr-1691	344	109	exercise	exercise	NOUN
cblr-1691	344	110	but	but	CCONJ
cblr-1691	344	111	not	not	PART
cblr-1691	344	112	at	at	ADP
cblr-1691	344	113	the	the	DET
cblr-1691	344	114	time	time	NOUN
cblr-1691	344	115	of	of	ADP
cblr-1691	344	116	grant.93	grant.93	NOUN
cblr-1691	344	117	the	the	DET
cblr-1691	344	118	difference	difference	NOUN
cblr-1691	344	119	between	between	ADP
cblr-1691	344	120	the	the	DET
cblr-1691	344	121	value	value	NOUN
cblr-1691	344	122	of	of	ADP
cblr-1691	344	123	the	the	DET
cblr-1691	344	124	underlying	underlie	VERB
cblr-1691	344	125	security	security	NOUN
cblr-1691	344	126	at	at	ADP
cblr-1691	344	127	the	the	DET
cblr-1691	344	128	time	time	NOUN
cblr-1691	344	129	of	of	ADP
cblr-1691	344	130	exercise	exercise	NOUN
cblr-1691	344	131	of	of	ADP
cblr-1691	344	132	the	the	DET
cblr-1691	344	133	nsos	nsos	NOUN
cblr-1691	344	134	and	and	CCONJ
cblr-1691	344	135	the	the	DET
cblr-1691	344	136	exercise	exercise	NOUN
cblr-1691	344	137	price	price	NOUN
cblr-1691	344	138	of	of	ADP
cblr-1691	344	139	the	the	DET
cblr-1691	344	140	nsos	nsos	NOUN
cblr-1691	344	141	is	be	AUX
cblr-1691	344	142	taxed	tax	VERB
cblr-1691	344	143	as	as	ADP
cblr-1691	344	144	ordinary	ordinary	ADJ
cblr-1691	344	145	income.94	income.94	NOUN
cblr-1691	344	146	if	if	SCONJ
cblr-1691	344	147	the	the	DET
cblr-1691	344	148	holder	holder	NOUN
cblr-1691	344	149	of	of	ADP
cblr-1691	344	150	the	the	DET
cblr-1691	344	151	nsos	nsos	NOUN
cblr-1691	344	152	is	be	AUX
cblr-1691	344	153	an	an	DET
cblr-1691	344	154	employee	employee	NOUN
cblr-1691	344	155	,	,	PUNCT
cblr-1691	344	156	the	the	DET
cblr-1691	344	157	taxable	taxable	ADJ
cblr-1691	344	158	amount	amount	NOUN
cblr-1691	344	159	is	be	AUX
cblr-1691	344	160	subject	subject	ADJ
cblr-1691	344	161	to	to	ADP
cblr-1691	344	162	withholding	withholding	NOUN
cblr-1691	344	163	and	and	CCONJ
cblr-1691	344	164	employment	employment	NOUN
cblr-1691	344	165	taxes.95	taxes.95	NOUN
cblr-1691	344	166	after	after	ADP
cblr-1691	344	167	a	a	DET
cblr-1691	344	168	sale	sale	NOUN
cblr-1691	344	169	,	,	PUNCT
cblr-1691	344	170	there	there	PRON
cblr-1691	344	171	are	be	VERB
cblr-1691	344	172	different	different	ADJ
cblr-1691	344	173	tax	tax	NOUN
cblr-1691	344	174	treatments	treatment	NOUN
cblr-1691	344	175	of	of	ADP
cblr-1691	344	176	the	the	DET
cblr-1691	344	177	gain	gain	NOUN
cblr-1691	344	178	or	or	CCONJ
cblr-1691	344	179	loss	loss	NOUN
cblr-1691	344	180	depending	depend	VERB
cblr-1691	344	181	on	on	ADP
cblr-1691	344	182	the	the	DET
cblr-1691	344	183	holding	hold	VERB
cblr-1691	344	184	period.96	period.96	NOUN
cblr-1691	344	185	if	if	SCONJ
cblr-1691	344	186	the	the	DET
cblr-1691	344	187	underlying	underlie	VERB
cblr-1691	344	188	securities	security	NOUN
cblr-1691	344	189	are	be	AUX
cblr-1691	344	190	held	hold	VERB
cblr-1691	344	191	for	for	ADP
cblr-1691	344	192	one	one	NUM
cblr-1691	344	193	year	year	NOUN
cblr-1691	344	194	or	or	CCONJ
cblr-1691	344	195	less	less	ADJ
cblr-1691	344	196	after	after	ADP
cblr-1691	344	197	exercise	exercise	NOUN
cblr-1691	344	198	,	,	PUNCT
cblr-1691	344	199	then	then	ADV
cblr-1691	344	200	the	the	DET
cblr-1691	344	201	income	income	NOUN
cblr-1691	344	202	is	be	AUX
cblr-1691	344	203	taxed	tax	VERB
cblr-1691	344	204	as	as	ADP
cblr-1691	344	205	a	a	DET
cblr-1691	344	206	short	short	ADJ
cblr-1691	344	207	-	-	PUNCT
cblr-1691	344	208	term	term	NOUN
cblr-1691	344	209	89	89	NUM
cblr-1691	344	210	with	with	ADP
cblr-1691	344	211	nsos	nso	NOUN
cblr-1691	344	212	,	,	PUNCT
cblr-1691	344	213	there	there	PRON
cblr-1691	344	214	is	be	VERB
cblr-1691	344	215	a	a	DET
cblr-1691	344	216	deduction	deduction	NOUN
cblr-1691	344	217	on	on	ADP
cblr-1691	344	218	the	the	DET
cblr-1691	344	219	spread	spread	NOUN
cblr-1691	344	220	(	(	PUNCT
cblr-1691	344	221	the	the	DET
cblr-1691	344	222	excess	excess	NOUN
cblr-1691	344	223	of	of	ADP
cblr-1691	344	224	the	the	DET
cblr-1691	344	225	fair	fair	ADJ
cblr-1691	344	226	market	market	NOUN
cblr-1691	344	227	value	value	NOUN
cblr-1691	344	228	of	of	ADP
cblr-1691	344	229	the	the	DET
cblr-1691	344	230	stock	stock	NOUN
cblr-1691	344	231	at	at	ADP
cblr-1691	344	232	the	the	DET
cblr-1691	344	233	date	date	NOUN
cblr-1691	344	234	of	of	ADP
cblr-1691	344	235	exercise	exercise	NOUN
cblr-1691	344	236	over	over	ADP
cblr-1691	344	237	the	the	DET
cblr-1691	344	238	exercise	exercise	NOUN
cblr-1691	344	239	period	period	NOUN
cblr-1691	344	240	)	)	PUNCT
cblr-1691	344	241	at	at	ADP
cblr-1691	344	242	exercise	exercise	NOUN
cblr-1691	344	243	.	.	PUNCT
cblr-1691	345	1	90	90	NUM
cblr-1691	345	2	see	see	VERB
cblr-1691	345	3	bagley	bagley	NOUN
cblr-1691	345	4	&	&	CCONJ
cblr-1691	345	5	savage	savage	NOUN
cblr-1691	345	6	,	,	PUNCT
cblr-1691	345	7	supra	supra	ADJ
cblr-1691	345	8	note	note	NOUN
cblr-1691	345	9	46	46	NUM
cblr-1691	345	10	,	,	PUNCT
cblr-1691	345	11	at	at	ADP
cblr-1691	345	12	521	521	NUM
cblr-1691	345	13	.	.	NOUN
cblr-1691	345	14	91	91	NUM
cblr-1691	345	15	see	see	ADJ
cblr-1691	345	16	i.r.c	i.r.c	NOUN
cblr-1691	345	17	.	.	PUNCT
cblr-1691	346	1	§	§	PROPN
cblr-1691	346	2	409a	409a	PROPN
cblr-1691	346	3	(	(	PUNCT
cblr-1691	346	4	2012	2012	NUM
cblr-1691	346	5	)	)	PUNCT
cblr-1691	346	6	.	.	PUNCT
cblr-1691	347	1	92	92	NUM
cblr-1691	348	1	i	i	PRON
cblr-1691	348	2	d.	d.	PROPN
cblr-1691	348	3	noncompliance	noncompliance	PROPN
cblr-1691	348	4	with	with	ADP
cblr-1691	348	5	section	section	NOUN
cblr-1691	348	6	409a	409a	NOUN
cblr-1691	348	7	of	of	ADP
cblr-1691	348	8	the	the	DET
cblr-1691	348	9	internal	internal	PROPN
cblr-1691	348	10	revenue	revenue	NOUN
cblr-1691	348	11	code	code	NOUN
cblr-1691	348	12	can	can	AUX
cblr-1691	348	13	result	result	VERB
cblr-1691	348	14	in	in	ADP
cblr-1691	348	15	adverse	adverse	ADJ
cblr-1691	348	16	tax	tax	NOUN
cblr-1691	348	17	consequences	consequence	NOUN
cblr-1691	348	18	to	to	ADP
cblr-1691	348	19	the	the	DET
cblr-1691	348	20	holder	holder	NOUN
cblr-1691	348	21	of	of	ADP
cblr-1691	348	22	the	the	DET
cblr-1691	348	23	nsos	nsos	NOUN
cblr-1691	348	24	(	(	PUNCT
cblr-1691	348	25	and	and	CCONJ
cblr-1691	348	26	the	the	DET
cblr-1691	348	27	company	company	NOUN
cblr-1691	348	28	)	)	PUNCT
cblr-1691	348	29	.	.	PUNCT
cblr-1691	349	1	see	see	VERB
cblr-1691	350	1	i	i	PRON
cblr-1691	350	2	d.	d.	PROPN
cblr-1691	350	3	93	93	NUM
cblr-1691	351	1	i	i	PRON
cblr-1691	351	2	d.	d.	PROPN
cblr-1691	351	3	94	94	NUM
cblr-1691	352	1	i	i	PRON
cblr-1691	352	2	d.	d.	PROPN
cblr-1691	352	3	95	95	NUM
cblr-1691	353	1	i	i	PRON
cblr-1691	353	2	d.	d.	PROPN
cblr-1691	353	3	96	96	NUM
cblr-1691	354	1	i	i	PRON
cblr-1691	354	2	d.	d.	PROPN
cblr-1691	354	3	132	132	NUM
cblr-1691	354	4	columbia	columbia	PROPN
cblr-1691	354	5	business	business	PROPN
cblr-1691	354	6	law	law	PROPN
cblr-1691	354	7	review	review	NOUN
cblr-1691	354	8	[	[	X
cblr-1691	354	9	vol	vol	NOUN
cblr-1691	354	10	.	.	NOUN
cblr-1691	354	11	2019	2019	NUM
cblr-1691	354	12	capital	capital	NOUN
cblr-1691	354	13	gain	gain	NOUN
cblr-1691	354	14	or	or	CCONJ
cblr-1691	354	15	loss.97	loss.97	NOUN
cblr-1691	354	16	if	if	SCONJ
cblr-1691	354	17	they	they	PRON
cblr-1691	354	18	are	be	AUX
cblr-1691	354	19	held	hold	VERB
cblr-1691	354	20	for	for	ADP
cblr-1691	354	21	more	more	ADJ
cblr-1691	354	22	than	than	ADP
cblr-1691	354	23	one	one	NUM
cblr-1691	354	24	year	year	NOUN
cblr-1691	354	25	,	,	PUNCT
cblr-1691	354	26	then	then	ADV
cblr-1691	354	27	the	the	DET
cblr-1691	354	28	tax	tax	NOUN
cblr-1691	354	29	treatment	treatment	NOUN
cblr-1691	354	30	is	be	AUX
cblr-1691	354	31	for	for	ADP
cblr-1691	354	32	long	long	ADJ
cblr-1691	354	33	-	-	PUNCT
cblr-1691	354	34	term	term	NOUN
cblr-1691	354	35	capital	capital	NOUN
cblr-1691	354	36	gains.98	gains.98	VERB
cblr-1691	354	37	as	as	SCONJ
cblr-1691	354	38	noted	note	VERB
cblr-1691	354	39	above	above	ADV
cblr-1691	354	40	,	,	PUNCT
cblr-1691	354	41	stock	stock	NOUN
cblr-1691	354	42	option	option	NOUN
cblr-1691	354	43	plans	plan	NOUN
cblr-1691	354	44	were	be	AUX
cblr-1691	354	45	designed	design	VERB
cblr-1691	354	46	to	to	PART
cblr-1691	354	47	retain	retain	VERB
cblr-1691	354	48	talent	talent	NOUN
cblr-1691	354	49	and	and	CCONJ
cblr-1691	354	50	prevent	prevent	VERB
cblr-1691	354	51	“	"	PUNCT
cblr-1691	354	52	leakage	leakage	NOUN
cblr-1691	354	53	from	from	ADP
cblr-1691	354	54	firm	firm	ADJ
cblr-1691	354	55	knowledge	knowledge	NOUN
cblr-1691	354	56	resources	resource	NOUN
cblr-1691	354	57	to	to	ADP
cblr-1691	354	58	other	other	ADJ
cblr-1691	354	59	competitors	competitor	NOUN
cblr-1691	354	60	.	.	PUNCT
cblr-1691	355	1	”99	”99	PROPN
cblr-1691	355	2	according	accord	VERB
cblr-1691	355	3	to	to	ADP
cblr-1691	355	4	gorga	gorga	NOUN
cblr-1691	355	5	and	and	CCONJ
cblr-1691	355	6	halberstam	halberstam	NOUN
cblr-1691	355	7	,	,	PUNCT
cblr-1691	355	8	startup	startup	NOUN
cblr-1691	355	9	firms	firm	NOUN
cblr-1691	355	10	wanted	want	VERB
cblr-1691	355	11	to	to	PART
cblr-1691	355	12	avoid	avoid	VERB
cblr-1691	355	13	the	the	DET
cblr-1691	355	14	high	high	ADJ
cblr-1691	355	15	costs	cost	NOUN
cblr-1691	355	16	associated	associate	VERB
cblr-1691	355	17	with	with	ADP
cblr-1691	355	18	employee	employee	NOUN
cblr-1691	355	19	turnover	turnover	NOUN
cblr-1691	355	20	and	and	CCONJ
cblr-1691	355	21	prevent	prevent	VERB
cblr-1691	355	22	the	the	DET
cblr-1691	355	23	negative	negative	ADJ
cblr-1691	355	24	effect	effect	NOUN
cblr-1691	355	25	that	that	SCONJ
cblr-1691	355	26	high	high	ADJ
cblr-1691	355	27	employee	employee	NOUN
cblr-1691	355	28	turnover	turnover	NOUN
cblr-1691	355	29	has	have	VERB
cblr-1691	355	30	on	on	ADP
cblr-1691	355	31	company	company	NOUN
cblr-1691	355	32	morale.100	morale.100	NOUN
cblr-1691	355	33	according	accord	VERB
cblr-1691	355	34	to	to	ADP
cblr-1691	355	35	labor	labor	NOUN
cblr-1691	355	36	market	market	NOUN
cblr-1691	355	37	analysis	analysis	NOUN
cblr-1691	355	38	,	,	PUNCT
cblr-1691	355	39	when	when	SCONJ
cblr-1691	355	40	employees	employee	NOUN
cblr-1691	355	41	receive	receive	VERB
cblr-1691	355	42	specialized	specialized	ADJ
cblr-1691	355	43	training	training	NOUN
cblr-1691	355	44	they	they	PRON
cblr-1691	355	45	become	become	VERB
cblr-1691	355	46	very	very	ADV
cblr-1691	355	47	valuable	valuable	ADJ
cblr-1691	355	48	to	to	ADP
cblr-1691	355	49	the	the	DET
cblr-1691	355	50	firm	firm	NOUN
cblr-1691	355	51	and	and	CCONJ
cblr-1691	355	52	turnover	turnover	NOUN
cblr-1691	355	53	becomes	become	VERB
cblr-1691	355	54	very	very	ADV
cblr-1691	355	55	costly.101	costly.101	NOUN
cblr-1691	355	56	similarly	similarly	ADV
cblr-1691	355	57	qualified	qualified	ADJ
cblr-1691	355	58	—	—	PUNCT
cblr-1691	355	59	but	but	CCONJ
cblr-1691	355	60	inexperienced	inexperienced	ADJ
cblr-1691	355	61	—	—	PUNCT
cblr-1691	355	62	replacements	replacement	NOUN
cblr-1691	355	63	require	require	VERB
cblr-1691	355	64	costly	costly	ADJ
cblr-1691	355	65	training	training	NOUN
cblr-1691	355	66	to	to	PART
cblr-1691	355	67	attain	attain	VERB
cblr-1691	355	68	the	the	DET
cblr-1691	355	69	proficiency	proficiency	NOUN
cblr-1691	355	70	of	of	ADP
cblr-1691	355	71	highly	highly	ADV
cblr-1691	355	72	-	-	PUNCT
cblr-1691	355	73	trained	train	VERB
cblr-1691	355	74	employees	employee	NOUN
cblr-1691	355	75	.	.	PUNCT
cblr-1691	356	1	therefore	therefore	ADV
cblr-1691	356	2	,	,	PUNCT
cblr-1691	356	3	these	these	DET
cblr-1691	356	4	contracts	contract	NOUN
cblr-1691	356	5	were	be	AUX
cblr-1691	356	6	designed	design	VERB
cblr-1691	356	7	as	as	ADP
cblr-1691	356	8	long	long	ADJ
cblr-1691	356	9	-	-	PUNCT
cblr-1691	356	10	term	term	NOUN
cblr-1691	356	11	contracts	contract	NOUN
cblr-1691	356	12	to	to	PART
cblr-1691	356	13	minimize	minimize	VERB
cblr-1691	356	14	departure.102	departure.102	ADP
cblr-1691	356	15	b.	b.	PROPN
cblr-1691	356	16	traditional	traditional	ADJ
cblr-1691	356	17	governance	governance	NOUN
cblr-1691	356	18	structure	structure	NOUN
cblr-1691	356	19	of	of	ADP
cblr-1691	356	20	vc	vc	PROPN
cblr-1691	356	21	-	-	PUNCT
cblr-1691	356	22	backed	back	VERB
cblr-1691	356	23	startups	startup	NOUN
cblr-1691	356	24	while	while	SCONJ
cblr-1691	356	25	startups	startup	NOUN
cblr-1691	356	26	preferred	prefer	VERB
cblr-1691	356	27	equity	equity	NOUN
cblr-1691	356	28	payment	payment	NOUN
cblr-1691	356	29	plans	plan	NOUN
cblr-1691	356	30	for	for	ADP
cblr-1691	356	31	retention	retention	NOUN
cblr-1691	356	32	and	and	CCONJ
cblr-1691	356	33	cash	cash	NOUN
cblr-1691	356	34	-	-	PUNCT
cblr-1691	356	35	flow	flow	NOUN
cblr-1691	356	36	purposes	purpose	NOUN
cblr-1691	356	37	,	,	PUNCT
cblr-1691	356	38	the	the	DET
cblr-1691	356	39	favorable	favorable	ADJ
cblr-1691	356	40	tax	tax	NOUN
cblr-1691	356	41	treatments	treatment	NOUN
cblr-1691	356	42	for	for	ADP
cblr-1691	356	43	isos	isos	ADJ
cblr-1691	356	44	and	and	CCONJ
cblr-1691	356	45	nsos	nsos	NOUN
cblr-1691	356	46	made	make	VERB
cblr-1691	356	47	them	they	PRON
cblr-1691	356	48	appealing	appeal	VERB
cblr-1691	356	49	to	to	ADP
cblr-1691	356	50	employees	employee	NOUN
cblr-1691	356	51	as	as	ADV
cblr-1691	356	52	well	well	ADV
cblr-1691	356	53	.	.	PUNCT
cblr-1691	357	1	however	however	ADV
cblr-1691	357	2	,	,	PUNCT
cblr-1691	357	3	changes	change	NOUN
cblr-1691	357	4	to	to	ADP
cblr-1691	357	5	the	the	DET
cblr-1691	357	6	traditional	traditional	ADJ
cblr-1691	357	7	governance	governance	NOUN
cblr-1691	357	8	structure	structure	NOUN
cblr-1691	357	9	of	of	ADP
cblr-1691	357	10	vc	vc	PROPN
cblr-1691	357	11	-	-	PUNCT
cblr-1691	357	12	backed	back	VERB
cblr-1691	357	13	firms	firm	NOUN
cblr-1691	357	14	caused	cause	VERB
cblr-1691	357	15	a	a	DET
cblr-1691	357	16	shift	shift	NOUN
cblr-1691	357	17	in	in	ADP
cblr-1691	357	18	employee	employee	NOUN
cblr-1691	357	19	expectation	expectation	NOUN
cblr-1691	357	20	that	that	PRON
cblr-1691	357	21	created	create	VERB
cblr-1691	357	22	a	a	DET
cblr-1691	357	23	labor	labor	NOUN
cblr-1691	357	24	contracting	contract	VERB
cblr-1691	357	25	97	97	NUM
cblr-1691	358	1	i	i	PRON
cblr-1691	358	2	d.	d.	PROPN
cblr-1691	358	3	98	98	NUM
cblr-1691	359	1	i	i	PRON
cblr-1691	359	2	d.	d.	PROPN
cblr-1691	359	3	99	99	NUM
cblr-1691	359	4	gorga	gorga	PROPN
cblr-1691	359	5	&	&	CCONJ
cblr-1691	359	6	halberstam	halberstam	PROPN
cblr-1691	359	7	,	,	PUNCT
cblr-1691	359	8	supra	supra	PROPN
cblr-1691	359	9	note	note	NOUN
cblr-1691	359	10	57	57	NUM
cblr-1691	359	11	,	,	PUNCT
cblr-1691	359	12	at	at	ADP
cblr-1691	359	13	1125	1125	NUM
cblr-1691	359	14	(	(	PUNCT
cblr-1691	359	15	“	"	PUNCT
cblr-1691	359	16	[	[	X
cblr-1691	359	17	t]he	t]he	X
cblr-1691	359	18	adoption	adoption	NOUN
cblr-1691	359	19	of	of	ADP
cblr-1691	359	20	stock	stock	NOUN
cblr-1691	359	21	option	option	NOUN
cblr-1691	359	22	plans	plan	NOUN
cblr-1691	359	23	in	in	ADP
cblr-1691	359	24	high	high	ADJ
cblr-1691	359	25	-	-	PUNCT
cblr-1691	359	26	tech	tech	NOUN
cblr-1691	359	27	firms	firm	NOUN
cblr-1691	359	28	controls	control	VERB
cblr-1691	359	29	knowledge	knowledge	NOUN
cblr-1691	359	30	hazards	hazard	NOUN
cblr-1691	359	31	[	[	X
cblr-1691	359	32	.	.	X
cblr-1691	359	33	]	]	X
cblr-1691	359	34	”	"	PUNCT
cblr-1691	359	35	)	)	PUNCT
cblr-1691	359	36	.	.	PUNCT
cblr-1691	360	1	100	100	NUM
cblr-1691	361	1	i	i	PRON
cblr-1691	361	2	d.	d.	PROPN
cblr-1691	361	3	101	101	NUM
cblr-1691	361	4	see	see	VERB
cblr-1691	361	5	generally	generally	ADV
cblr-1691	361	6	edward	edward	PROPN
cblr-1691	361	7	b.	b.	PROPN
cblr-1691	361	8	rock	rock	PROPN
cblr-1691	361	9	&	&	CCONJ
cblr-1691	361	10	michael	michael	PROPN
cblr-1691	361	11	l.	l.	PROPN
cblr-1691	361	12	wachter	wachter	PROPN
cblr-1691	361	13	,	,	PUNCT
cblr-1691	361	14	tailored	tailor	VERB
cblr-1691	361	15	claims	claim	NOUN
cblr-1691	361	16	and	and	CCONJ
cblr-1691	361	17	governance	governance	NOUN
cblr-1691	361	18	:	:	PUNCT
cblr-1691	361	19	the	the	DET
cblr-1691	361	20	fit	fit	NOUN
cblr-1691	361	21	between	between	ADP
cblr-1691	361	22	employees	employee	NOUN
cblr-1691	361	23	and	and	CCONJ
cblr-1691	361	24	shareholders	shareholder	NOUN
cblr-1691	361	25	,	,	PUNCT
cblr-1691	361	26	in	in	ADP
cblr-1691	361	27	employees	employee	NOUN
cblr-1691	361	28	and	and	CCONJ
cblr-1691	361	29	corporate	corporate	ADJ
cblr-1691	361	30	governance	governance	NOUN
cblr-1691	361	31	(	(	PUNCT
cblr-1691	361	32	margaret	margaret	PROPN
cblr-1691	361	33	m.	m.	PROPN
cblr-1691	361	34	blair	blair	PROPN
cblr-1691	361	35	&	&	CCONJ
cblr-1691	361	36	mark	mark	PROPN
cblr-1691	361	37	j.	j.	PROPN
cblr-1691	361	38	roe	roe	PROPN
cblr-1691	361	39	eds	eds	PROPN
cblr-1691	361	40	.	.	PROPN
cblr-1691	361	41	,	,	PUNCT
cblr-1691	361	42	1999	1999	NUM
cblr-1691	361	43	)	)	PUNCT
cblr-1691	361	44	;	;	PUNCT
cblr-1691	361	45	edward	edward	PROPN
cblr-1691	361	46	b.	b.	PROPN
cblr-1691	361	47	rock	rock	PROPN
cblr-1691	361	48	&	&	CCONJ
cblr-1691	361	49	michael	michael	PROPN
cblr-1691	361	50	l.	l.	PROPN
cblr-1691	361	51	wachter	wachter	PROPN
cblr-1691	361	52	,	,	PUNCT
cblr-1691	361	53	islands	island	NOUN
cblr-1691	361	54	of	of	ADP
cblr-1691	361	55	conscious	conscious	ADJ
cblr-1691	361	56	power	power	NOUN
cblr-1691	361	57	:	:	PUNCT
cblr-1691	361	58	law	law	NOUN
cblr-1691	361	59	,	,	PUNCT
cblr-1691	361	60	norms	norm	NOUN
cblr-1691	361	61	,	,	PUNCT
cblr-1691	361	62	and	and	CCONJ
cblr-1691	361	63	the	the	DET
cblr-1691	361	64	self	self	NOUN
cblr-1691	361	65	-	-	PUNCT
cblr-1691	361	66	governing	govern	VERB
cblr-1691	361	67	corporation	corporation	NOUN
cblr-1691	361	68	,	,	PUNCT
cblr-1691	361	69	149	149	NUM
cblr-1691	361	70	u.	u.	PROPN
cblr-1691	361	71	penn	penn	PROPN
cblr-1691	361	72	.	.	PUNCT
cblr-1691	362	1	l.	l.	PROPN
cblr-1691	362	2	rev	rev	PROPN
cblr-1691	362	3	.	.	PROPN
cblr-1691	362	4	1619	1619	NUM
cblr-1691	362	5	(	(	PUNCT
cblr-1691	362	6	2001	2001	NUM
cblr-1691	362	7	)	)	PUNCT
cblr-1691	362	8	.	.	PUNCT
cblr-1691	363	1	102	102	NUM
cblr-1691	363	2	see	see	VERB
cblr-1691	363	3	generally	generally	ADV
cblr-1691	363	4	oliver	oliver	PROPN
cblr-1691	363	5	e.	e.	PROPN
cblr-1691	363	6	williamson	williamson	PROPN
cblr-1691	363	7	,	,	PUNCT
cblr-1691	363	8	michael	michael	PROPN
cblr-1691	363	9	l.	l.	PROPN
cblr-1691	363	10	wachter	wachter	PROPN
cblr-1691	363	11	&	&	CCONJ
cblr-1691	363	12	jeffrey	jeffrey	PROPN
cblr-1691	363	13	e.	e.	PROPN
cblr-1691	363	14	harris	harris	PROPN
cblr-1691	363	15	,	,	PUNCT
cblr-1691	363	16	understanding	understand	VERB
cblr-1691	363	17	the	the	DET
cblr-1691	363	18	employment	employment	NOUN
cblr-1691	363	19	relation	relation	NOUN
cblr-1691	363	20	:	:	PUNCT
cblr-1691	363	21	the	the	DET
cblr-1691	363	22	analysis	analysis	NOUN
cblr-1691	363	23	of	of	ADP
cblr-1691	363	24	idiosyncratic	idiosyncratic	ADJ
cblr-1691	363	25	exchange	exchange	NOUN
cblr-1691	363	26	,	,	PUNCT
cblr-1691	363	27	6	6	NUM
cblr-1691	363	28	bell	bell	PROPN
cblr-1691	363	29	j.	j.	PROPN
cblr-1691	363	30	econ	econ	PROPN
cblr-1691	363	31	.	.	PUNCT
cblr-1691	364	1	250	250	NUM
cblr-1691	364	2	(	(	PUNCT
cblr-1691	364	3	1975	1975	NUM
cblr-1691	364	4	)	)	PUNCT
cblr-1691	364	5	.	.	PUNCT
cblr-1691	365	1	no	no	INTJ
cblr-1691	365	2	.	.	PUNCT
cblr-1691	366	1	1:107	1:107	NUM
cblr-1691	366	2	]	]	X
cblr-1691	366	3	unicorn	unicorn	ADJ
cblr-1691	366	4	stock	stock	NOUN
cblr-1691	366	5	options	option	NOUN
cblr-1691	366	6	133	133	NUM
cblr-1691	366	7	problem	problem	NOUN
cblr-1691	366	8	that	that	PRON
cblr-1691	366	9	will	will	AUX
cblr-1691	366	10	be	be	AUX
cblr-1691	366	11	discussed	discuss	VERB
cblr-1691	366	12	later.103	later.103	NOUN
cblr-1691	366	13	to	to	PART
cblr-1691	366	14	understand	understand	VERB
cblr-1691	366	15	these	these	DET
cblr-1691	366	16	changes	change	NOUN
cblr-1691	366	17	,	,	PUNCT
cblr-1691	366	18	though	though	ADV
cblr-1691	366	19	,	,	PUNCT
cblr-1691	366	20	it	it	PRON
cblr-1691	366	21	is	be	AUX
cblr-1691	366	22	important	important	ADJ
cblr-1691	366	23	to	to	PART
cblr-1691	366	24	first	first	ADV
cblr-1691	366	25	review	review	VERB
cblr-1691	366	26	the	the	DET
cblr-1691	366	27	traditional	traditional	ADJ
cblr-1691	366	28	governance	governance	NOUN
cblr-1691	366	29	structures	structure	NOUN
cblr-1691	366	30	of	of	ADP
cblr-1691	366	31	vc	vc	NOUN
cblr-1691	366	32	-	-	PUNCT
cblr-1691	366	33	backed	back	VERB
cblr-1691	366	34	startups	startup	NOUN
cblr-1691	366	35	.	.	PUNCT
cblr-1691	367	1	entrepreneurial	entrepreneurial	ADJ
cblr-1691	367	2	high	high	ADJ
cblr-1691	367	3	-	-	PUNCT
cblr-1691	367	4	growth	growth	NOUN
cblr-1691	367	5	and	and	CCONJ
cblr-1691	367	6	high	high	ADJ
cblr-1691	367	7	-	-	PUNCT
cblr-1691	367	8	technology	technology	NOUN
cblr-1691	367	9	firms	firm	NOUN
cblr-1691	367	10	(	(	PUNCT
cblr-1691	367	11	“	"	PUNCT
cblr-1691	367	12	startups	startup	NOUN
cblr-1691	367	13	”	"	PUNCT
cblr-1691	367	14	)	)	PUNCT
cblr-1691	367	15	are	be	AUX
cblr-1691	367	16	an	an	DET
cblr-1691	367	17	important	important	ADJ
cblr-1691	367	18	source	source	NOUN
cblr-1691	367	19	of	of	ADP
cblr-1691	367	20	new	new	ADJ
cblr-1691	367	21	experimentation	experimentation	NOUN
cblr-1691	367	22	and	and	CCONJ
cblr-1691	367	23	ideas	idea	NOUN
cblr-1691	367	24	,	,	PUNCT
cblr-1691	367	25	which	which	PRON
cblr-1691	367	26	would	would	AUX
cblr-1691	367	27	otherwise	otherwise	ADV
cblr-1691	367	28	remain	remain	VERB
cblr-1691	367	29	untapped	untapped	ADJ
cblr-1691	367	30	in	in	ADP
cblr-1691	367	31	the	the	DET
cblr-1691	367	32	economy.104	economy.104	NOUN
cblr-1691	367	33	young	young	ADJ
cblr-1691	367	34	(	(	PUNCT
cblr-1691	367	35	both	both	CCONJ
cblr-1691	367	36	large	large	ADJ
cblr-1691	367	37	and	and	CCONJ
cblr-1691	367	38	small	small	ADJ
cblr-1691	367	39	)	)	PUNCT
cblr-1691	367	40	startups	startup	NOUN
cblr-1691	367	41	play	play	VERB
cblr-1691	367	42	an	an	DET
cblr-1691	367	43	important	important	ADJ
cblr-1691	367	44	role	role	NOUN
cblr-1691	367	45	in	in	ADP
cblr-1691	367	46	creating	create	VERB
cblr-1691	367	47	jobs	job	NOUN
cblr-1691	367	48	,	,	PUNCT
cblr-1691	367	49	generating	generate	VERB
cblr-1691	367	50	technological	technological	ADJ
cblr-1691	367	51	innovation	innovation	NOUN
cblr-1691	367	52	and	and	CCONJ
cblr-1691	367	53	stimulating	stimulate	VERB
cblr-1691	367	54	the	the	DET
cblr-1691	367	55	u.s	u.s	PROPN
cblr-1691	367	56	.	.	PROPN
cblr-1691	367	57	economy.105	economy.105	PROPN
cblr-1691	367	58	however	however	ADV
cblr-1691	367	59	,	,	PUNCT
cblr-1691	367	60	many	many	ADJ
cblr-1691	367	61	venture	venture	NOUN
cblr-1691	367	62	capital	capital	NOUN
cblr-1691	367	63	firms	firm	NOUN
cblr-1691	367	64	are	be	AUX
cblr-1691	367	65	concerned	concerned	ADJ
cblr-1691	367	66	about	about	ADP
cblr-1691	367	67	the	the	DET
cblr-1691	367	68	unicorn	unicorn	ADJ
cblr-1691	367	69	phenomenon	phenomenon	NOUN
cblr-1691	367	70	and	and	CCONJ
cblr-1691	367	71	its	its	PRON
cblr-1691	367	72	adverse	adverse	ADJ
cblr-1691	367	73	effect	effect	NOUN
cblr-1691	367	74	on	on	ADP
cblr-1691	367	75	the	the	DET
cblr-1691	367	76	traditional	traditional	ADJ
cblr-1691	367	77	startup	startup	NOUN
cblr-1691	367	78	funding	funding	NOUN
cblr-1691	367	79	model.106	model.106	NOUN
cblr-1691	367	80	103	103	NUM
cblr-1691	367	81	see	see	NOUN
cblr-1691	367	82	infra	infra	NOUN
cblr-1691	367	83	part	part	NOUN
cblr-1691	367	84	iii.c	iii.c	NOUN
cblr-1691	367	85	.	.	PUNCT
cblr-1691	367	86	104	104	NUM
cblr-1691	367	87	for	for	ADP
cblr-1691	367	88	a	a	DET
cblr-1691	367	89	detailed	detailed	ADJ
cblr-1691	367	90	explanation	explanation	NOUN
cblr-1691	367	91	on	on	ADP
cblr-1691	367	92	how	how	SCONJ
cblr-1691	367	93	ideas	idea	NOUN
cblr-1691	367	94	promote	promote	VERB
cblr-1691	367	95	growth	growth	NOUN
cblr-1691	367	96	,	,	PUNCT
cblr-1691	367	97	see	see	VERB
cblr-1691	367	98	generally	generally	ADV
cblr-1691	367	99	charles	charles	PROPN
cblr-1691	367	100	i.	i.	PROPN
cblr-1691	367	101	jones	jones	PROPN
cblr-1691	367	102	,	,	PUNCT
cblr-1691	367	103	growth	growth	NOUN
cblr-1691	367	104	and	and	CCONJ
cblr-1691	367	105	ideas	idea	NOUN
cblr-1691	367	106	,	,	PUNCT
cblr-1691	367	107	in	in	ADP
cblr-1691	367	108	1b	1b	NUM
cblr-1691	367	109	handbook	handbook	NOUN
cblr-1691	367	110	of	of	ADP
cblr-1691	367	111	economic	economic	ADJ
cblr-1691	367	112	growth	growth	NOUN
cblr-1691	367	113	1063	1063	NUM
cblr-1691	367	114	(	(	PUNCT
cblr-1691	367	115	philippe	philippe	PROPN
cblr-1691	367	116	aghion	aghion	NOUN
cblr-1691	367	117	&	&	CCONJ
cblr-1691	367	118	steven	steven	PROPN
cblr-1691	367	119	n.	n.	PROPN
cblr-1691	367	120	durlauf	durlauf	PROPN
cblr-1691	367	121	eds	eds	PROPN
cblr-1691	367	122	.	.	PROPN
cblr-1691	367	123	,	,	PUNCT
cblr-1691	367	124	2005	2005	NUM
cblr-1691	367	125	)	)	PUNCT
cblr-1691	367	126	.	.	PUNCT
cblr-1691	368	1	105	105	NUM
cblr-1691	368	2	empirical	empirical	ADJ
cblr-1691	368	3	evidence	evidence	NOUN
cblr-1691	368	4	tying	tie	VERB
cblr-1691	368	5	startups	startup	NOUN
cblr-1691	368	6	to	to	PART
cblr-1691	368	7	job	job	NOUN
cblr-1691	368	8	creation	creation	NOUN
cblr-1691	368	9	began	begin	VERB
cblr-1691	368	10	developing	develop	VERB
cblr-1691	368	11	in	in	ADP
cblr-1691	368	12	the	the	DET
cblr-1691	368	13	late	late	ADJ
cblr-1691	368	14	1970s	1970	NOUN
cblr-1691	368	15	and	and	CCONJ
cblr-1691	368	16	continued	continue	VERB
cblr-1691	368	17	to	to	PART
cblr-1691	368	18	grow	grow	VERB
cblr-1691	368	19	through	through	ADP
cblr-1691	368	20	the	the	DET
cblr-1691	368	21	1980s	1980s	NUM
cblr-1691	368	22	.	.	PUNCT
cblr-1691	369	1	see	see	VERB
cblr-1691	369	2	,	,	PUNCT
cblr-1691	369	3	e.g.	e.g.	ADV
cblr-1691	369	4	,	,	PUNCT
cblr-1691	369	5	david	david	PROPN
cblr-1691	369	6	l.	l.	PROPN
cblr-1691	369	7	birch	birch	PROPN
cblr-1691	369	8	,	,	PUNCT
cblr-1691	369	9	who	who	PRON
cblr-1691	369	10	creates	create	VERB
cblr-1691	369	11	jobs	job	NOUN
cblr-1691	369	12	?	?	PUNCT
cblr-1691	369	13	,	,	PUNCT
cblr-1691	369	14	65	65	NUM
cblr-1691	369	15	pub	pub	NOUN
cblr-1691	369	16	.	.	PUNCT
cblr-1691	370	1	int	int	NOUN
cblr-1691	370	2	.	.	PUNCT
cblr-1691	371	1	3	3	NUM
cblr-1691	371	2	(	(	PUNCT
cblr-1691	371	3	1981	1981	NUM
cblr-1691	371	4	)	)	PUNCT
cblr-1691	371	5	,	,	PUNCT
cblr-1691	372	1	http://www.nationalaffairs.com/public_interest/detail/who-creates-jobs	http://www.nationalaffairs.com/public_interest/detail/who-creates-job	VERB
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cblr-1691	373	3	]	]	PUNCT
cblr-1691	373	4	;	;	PUNCT
cblr-1691	373	5	see	see	VERB
cblr-1691	373	6	also	also	ADV
cblr-1691	373	7	zoltan	zoltan	PROPN
cblr-1691	373	8	j.	j.	PROPN
cblr-1691	373	9	acs	acs	PROPN
cblr-1691	373	10	&	&	CCONJ
cblr-1691	373	11	david	david	PROPN
cblr-1691	373	12	b.	b.	PROPN
cblr-1691	373	13	audretsch	audretsch	PROPN
cblr-1691	373	14	,	,	PUNCT
cblr-1691	373	15	innovation	innovation	NOUN
cblr-1691	373	16	and	and	CCONJ
cblr-1691	373	17	small	small	ADJ
cblr-1691	373	18	firms	firm	NOUN
cblr-1691	373	19	(	(	PUNCT
cblr-1691	373	20	1990	1990	NUM
cblr-1691	373	21	)	)	PUNCT
cblr-1691	373	22	(	(	PUNCT
cblr-1691	373	23	establishing	establish	VERB
cblr-1691	373	24	the	the	DET
cblr-1691	373	25	greater	great	ADJ
cblr-1691	373	26	weight	weight	NOUN
cblr-1691	373	27	of	of	ADP
cblr-1691	373	28	small	small	ADJ
cblr-1691	373	29	firms	firm	NOUN
cblr-1691	373	30	in	in	ADP
cblr-1691	373	31	contributing	contribute	VERB
cblr-1691	373	32	to	to	ADP
cblr-1691	373	33	the	the	DET
cblr-1691	373	34	u.s	u.s	PROPN
cblr-1691	373	35	.	.	PROPN
cblr-1691	373	36	economy	economy	NOUN
cblr-1691	373	37	and	and	CCONJ
cblr-1691	373	38	in	in	ADP
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cblr-1691	373	40	technological	technological	ADJ
cblr-1691	373	41	innovations	innovation	NOUN
cblr-1691	373	42	relative	relative	ADJ
cblr-1691	373	43	to	to	ADP
cblr-1691	373	44	large	large	ADJ
cblr-1691	373	45	firms	firm	NOUN
cblr-1691	373	46	)	)	PUNCT
cblr-1691	373	47	;	;	PUNCT
cblr-1691	373	48	robert	robert	PROPN
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cblr-1691	373	51	,	,	PUNCT
cblr-1691	373	52	cong	cong	PROPN
cblr-1691	373	53	.	.	PUNCT
cblr-1691	374	1	research	research	NOUN
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cblr-1691	374	4	,	,	PUNCT
cblr-1691	374	5	r41523	r41523	NOUN
cblr-1691	374	6	,	,	PUNCT
cblr-1691	374	7	small	small	ADJ
cblr-1691	374	8	business	business	NOUN
cblr-1691	374	9	administration	administration	NOUN
cblr-1691	374	10	and	and	CCONJ
cblr-1691	374	11	job	job	NOUN
cblr-1691	374	12	creation	creation	NOUN
cblr-1691	374	13	(	(	PUNCT
cblr-1691	374	14	2018	2018	NUM
cblr-1691	374	15	)	)	PUNCT
cblr-1691	374	16	,	,	PUNCT
cblr-1691	375	1	https://fas.org/sgp/crs/misc/r41523.pdf	https://fas.org/sgp/crs/misc/r41523.pdf	X
cblr-1691	376	1	[	[	X
cblr-1691	376	2	https://perma.cc/v4a5-mz68	https://perma.cc/v4a5-mz68	X
cblr-1691	376	3	]	]	X
cblr-1691	376	4	;	;	PUNCT
cblr-1691	376	5	zoltan	zoltan	PROPN
cblr-1691	376	6	j.	j.	PROPN
cblr-1691	376	7	acs	acs	PROPN
cblr-1691	376	8	&	&	CCONJ
cblr-1691	376	9	david	david	PROPN
cblr-1691	376	10	b.	b.	PROPN
cblr-1691	376	11	audretsch	audretsch	PROPN
cblr-1691	376	12	,	,	PUNCT
cblr-1691	376	13	innovation	innovation	NOUN
cblr-1691	376	14	in	in	ADP
cblr-1691	376	15	large	large	ADJ
cblr-1691	376	16	and	and	CCONJ
cblr-1691	376	17	small	small	ADJ
cblr-1691	376	18	firms	firm	NOUN
cblr-1691	376	19	:	:	PUNCT
cblr-1691	376	20	an	an	DET
cblr-1691	376	21	empirical	empirical	ADJ
cblr-1691	376	22	analysis	analysis	NOUN
cblr-1691	376	23	,	,	PUNCT
cblr-1691	376	24	78	78	NUM
cblr-1691	376	25	am	am	NOUN
cblr-1691	376	26	.	.	PUNCT
cblr-1691	377	1	econ	econ	PROPN
cblr-1691	377	2	.	.	PUNCT
cblr-1691	378	1	rev	rev	PROPN
cblr-1691	378	2	.	.	PROPN
cblr-1691	378	3	678	678	NUM
cblr-1691	378	4	(	(	PUNCT
cblr-1691	378	5	1988	1988	NUM
cblr-1691	378	6	)	)	PUNCT
cblr-1691	378	7	.	.	PUNCT
cblr-1691	379	1	entrepreneurship	entrepreneurship	NOUN
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cblr-1691	379	4	to	to	PART
cblr-1691	379	5	be	be	AUX
cblr-1691	379	6	an	an	DET
cblr-1691	379	7	important	important	ADJ
cblr-1691	379	8	mechanism	mechanism	NOUN
cblr-1691	379	9	for	for	ADP
cblr-1691	379	10	economic	economic	ADJ
cblr-1691	379	11	development	development	NOUN
cblr-1691	379	12	through	through	ADP
cblr-1691	379	13	employment	employment	NOUN
cblr-1691	379	14	,	,	PUNCT
cblr-1691	379	15	innovation	innovation	NOUN
cblr-1691	379	16	and	and	CCONJ
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cblr-1691	379	19	.	.	PUNCT
cblr-1691	380	1	see	see	VERB
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cblr-1691	380	3	william	william	PROPN
cblr-1691	380	4	j.	j.	PROPN
cblr-1691	380	5	baumol	baumol	PROPN
cblr-1691	380	6	,	,	PUNCT
cblr-1691	380	7	the	the	DET
cblr-1691	380	8	free	free	ADJ
cblr-1691	380	9	-	-	PUNCT
cblr-1691	380	10	market	market	NOUN
cblr-1691	380	11	innovation	innovation	NOUN
cblr-1691	380	12	machine	machine	NOUN
cblr-1691	380	13	(	(	PUNCT
cblr-1691	380	14	2002	2002	NUM
cblr-1691	380	15	)	)	PUNCT
cblr-1691	380	16	;	;	PUNCT
cblr-1691	380	17	joseph	joseph	PROPN
cblr-1691	380	18	a.	a.	NOUN
cblr-1691	380	19	schumpeter	schumpeter	PROPN
cblr-1691	380	20	,	,	PUNCT
cblr-1691	380	21	the	the	DET
cblr-1691	380	22	theory	theory	NOUN
cblr-1691	380	23	of	of	ADP
cblr-1691	380	24	economic	economic	ADJ
cblr-1691	380	25	development	development	NOUN
cblr-1691	380	26	(	(	PUNCT
cblr-1691	380	27	1934	1934	NUM
cblr-1691	380	28	)	)	PUNCT
cblr-1691	380	29	;	;	PUNCT
cblr-1691	380	30	acs	acs	PROPN
cblr-1691	380	31	&	&	CCONJ
cblr-1691	380	32	audretsch	audretsch	PROPN
cblr-1691	380	33	,	,	PUNCT
cblr-1691	380	34	supra	supra	PROPN
cblr-1691	380	35	;	;	PUNCT
cblr-1691	380	36	sander	sander	PROPN
cblr-1691	380	37	wennekers	wennekers	PROPN
cblr-1691	380	38	&	&	CCONJ
cblr-1691	380	39	roy	roy	PROPN
cblr-1691	380	40	thurik	thurik	PROPN
cblr-1691	380	41	,	,	PUNCT
cblr-1691	380	42	linking	link	VERB
cblr-1691	380	43	entrepreneurship	entrepreneurship	NOUN
cblr-1691	380	44	and	and	CCONJ
cblr-1691	380	45	economic	economic	ADJ
cblr-1691	380	46	growth	growth	NOUN
cblr-1691	380	47	,	,	PUNCT
cblr-1691	380	48	13	13	NUM
cblr-1691	380	49	small	small	ADJ
cblr-1691	380	50	bus	bus	NOUN
cblr-1691	380	51	.	.	PUNCT
cblr-1691	381	1	econ	econ	PROPN
cblr-1691	381	2	.	.	PUNCT
cblr-1691	382	1	27	27	NUM
cblr-1691	382	2	(	(	PUNCT
cblr-1691	382	3	1999	1999	NUM
cblr-1691	382	4	)	)	PUNCT
cblr-1691	382	5	.	.	PUNCT
cblr-1691	383	1	106	106	NUM
cblr-1691	383	2	see	see	VERB
cblr-1691	383	3	pitchbook	pitchbook	NOUN
cblr-1691	383	4	,	,	PUNCT
cblr-1691	383	5	supra	supra	ADJ
cblr-1691	383	6	note	note	NOUN
cblr-1691	383	7	9	9	NUM
cblr-1691	383	8	,	,	PUNCT
cblr-1691	383	9	at	at	ADP
cblr-1691	383	10	3	3	NUM
cblr-1691	383	11	(	(	PUNCT
cblr-1691	383	12	“	"	PUNCT
cblr-1691	383	13	many	many	ADJ
cblr-1691	383	14	venerable	venerable	ADJ
cblr-1691	383	15	vcs	vcs	NOUN
cblr-1691	383	16	view	view	VERB
cblr-1691	383	17	the	the	DET
cblr-1691	383	18	unicorn	unicorn	ADJ
cblr-1691	383	19	phenomenon	phenomenon	NOUN
cblr-1691	383	20	with	with	ADP
cblr-1691	383	21	scorn	scorn	ADJ
cblr-1691	383	22	,	,	PUNCT
cblr-1691	383	23	operating	operate	VERB
cblr-1691	383	24	under	under	ADP
cblr-1691	383	25	the	the	DET
cblr-1691	383	26	assumption	assumption	NOUN
cblr-1691	383	27	that	that	SCONJ
cblr-1691	383	28	billion	billion	NUM
cblr-1691	383	29	-	-	PUNCT
cblr-1691	383	30	dollar	dollar	NOUN
cblr-1691	383	31	valuations	valuation	NOUN
cblr-1691	383	32	are	be	AUX
cblr-1691	383	33	a	a	DET
cblr-1691	383	34	distraction	distraction	NOUN
cblr-1691	383	35	—	—	PUNCT
cblr-1691	383	36	and	and	CCONJ
cblr-1691	383	37	potentially	potentially	ADV
cblr-1691	383	38	a	a	DET
cblr-1691	383	39	detriment	detriment	NOUN
cblr-1691	383	40	—	—	PUNCT
cblr-1691	383	41	to	to	ADP
cblr-1691	383	42	the	the	DET
cblr-1691	383	43	traditional	traditional	ADJ
cblr-1691	383	44	startup	startup	NOUN
cblr-1691	383	45	funding	funding	NOUN
cblr-1691	383	46	model	model	NOUN
cblr-1691	383	47	.	.	PUNCT
cblr-1691	383	48	”	"	PUNCT
cblr-1691	383	49	)	)	PUNCT
cblr-1691	383	50	.	.	PUNCT
cblr-1691	384	1	http://www.nationalaffairs.com/public_interest/detail/who-creates-jobs	http://www.nationalaffairs.com/public_interest/detail/who-creates-jobs	PROPN
cblr-1691	384	2	134	134	NUM
cblr-1691	384	3	columbia	columbia	PROPN
cblr-1691	384	4	business	business	NOUN
cblr-1691	384	5	law	law	PROPN
cblr-1691	384	6	review	review	NOUN
cblr-1691	384	7	[	[	X
cblr-1691	384	8	vol	vol	NOUN
cblr-1691	384	9	.	.	PUNCT
cblr-1691	384	10	2019	2019	NUM
cblr-1691	384	11	1	1	NUM
cblr-1691	384	12	.	.	PUNCT
cblr-1691	384	13	traditional	traditional	ADJ
cblr-1691	384	14	pattern	pattern	NOUN
cblr-1691	384	15	of	of	ADP
cblr-1691	384	16	vc	vc	PROPN
cblr-1691	384	17	preferred	prefer	VERB
cblr-1691	384	18	stock	stock	NOUN
cblr-1691	384	19	the	the	DET
cblr-1691	384	20	typical	typical	ADJ
cblr-1691	384	21	u.s	u.s	PROPN
cblr-1691	384	22	.	.	PROPN
cblr-1691	384	23	vc	vc	PROPN
cblr-1691	384	24	-	-	PUNCT
cblr-1691	384	25	backed	back	VERB
cblr-1691	384	26	start	start	NOUN
cblr-1691	384	27	-	-	PUNCT
cblr-1691	384	28	up	up	NOUN
cblr-1691	384	29	has	have	VERB
cblr-1691	384	30	two	two	NUM
cblr-1691	384	31	classes	class	NOUN
cblr-1691	384	32	of	of	ADP
cblr-1691	384	33	stock	stock	NOUN
cblr-1691	384	34	:	:	PUNCT
cblr-1691	384	35	common	common	ADJ
cblr-1691	384	36	and	and	CCONJ
cblr-1691	384	37	preferred	prefer	VERB
cblr-1691	384	38	,	,	PUNCT
cblr-1691	384	39	which	which	PRON
cblr-1691	384	40	can	can	AUX
cblr-1691	384	41	include	include	VERB
cblr-1691	384	42	multiple	multiple	ADJ
cblr-1691	384	43	series	series	NOUN
cblr-1691	384	44	.	.	PUNCT
cblr-1691	385	1	startups	startup	NOUN
cblr-1691	385	2	usually	usually	ADV
cblr-1691	385	3	issue	issue	VERB
cblr-1691	385	4	preferred	preferred	ADJ
cblr-1691	385	5	stock	stock	NOUN
cblr-1691	385	6	to	to	ADP
cblr-1691	385	7	vcs107	vcs107	PROPN
cblr-1691	385	8	and	and	CCONJ
cblr-1691	385	9	do	do	VERB
cblr-1691	385	10	so	so	ADV
cblr-1691	385	11	after	after	SCONJ
cblr-1691	385	12	each	each	DET
cblr-1691	385	13	new	new	ADJ
cblr-1691	385	14	round	round	NOUN
cblr-1691	385	15	of	of	ADP
cblr-1691	385	16	financing.108	financing.108	NOUN
cblr-1691	385	17	in	in	ADP
cblr-1691	385	18	contrast	contrast	NOUN
cblr-1691	385	19	,	,	PUNCT
cblr-1691	385	20	founders	founder	NOUN
cblr-1691	385	21	,	,	PUNCT
cblr-1691	385	22	employees	employee	NOUN
cblr-1691	385	23	,	,	PUNCT
cblr-1691	385	24	angels	angel	NOUN
cblr-1691	385	25	,	,	PUNCT
cblr-1691	385	26	and	and	CCONJ
cblr-1691	385	27	other	other	ADJ
cblr-1691	385	28	early	early	ADJ
cblr-1691	385	29	investors	investor	NOUN
cblr-1691	385	30	receive	receive	VERB
cblr-1691	385	31	common	common	ADJ
cblr-1691	385	32	stock.109	stock.109	VERB
cblr-1691	385	33	preferred	prefer	VERB
cblr-1691	385	34	stock	stock	NOUN
cblr-1691	385	35	grants	grant	VERB
cblr-1691	385	36	its	its	PRON
cblr-1691	385	37	holders	holder	NOUN
cblr-1691	385	38	priority	priority	NOUN
cblr-1691	385	39	over	over	ADP
cblr-1691	385	40	common	common	ADJ
cblr-1691	385	41	stock	stock	NOUN
cblr-1691	385	42	in	in	ADP
cblr-1691	385	43	the	the	DET
cblr-1691	385	44	event	event	NOUN
cblr-1691	385	45	of	of	ADP
cblr-1691	385	46	sale	sale	NOUN
cblr-1691	385	47	or	or	CCONJ
cblr-1691	385	48	liquidation	liquidation	NOUN
cblr-1691	385	49	and	and	CCONJ
cblr-1691	385	50	in	in	ADP
cblr-1691	385	51	the	the	DET
cblr-1691	385	52	payment	payment	NOUN
cblr-1691	385	53	of	of	ADP
cblr-1691	385	54	dividends.110	dividends.110	PROPN
cblr-1691	385	55	if	if	SCONJ
cblr-1691	385	56	the	the	DET
cblr-1691	385	57	firm	firm	NOUN
cblr-1691	385	58	is	be	AUX
cblr-1691	385	59	sold	sell	VERB
cblr-1691	385	60	or	or	CCONJ
cblr-1691	385	61	dissolves	dissolve	VERB
cblr-1691	385	62	,	,	PUNCT
cblr-1691	385	63	then	then	ADV
cblr-1691	385	64	the	the	DET
cblr-1691	385	65	vcs	vcs	PROPN
cblr-1691	385	66	will	will	AUX
cblr-1691	385	67	receive	receive	VERB
cblr-1691	385	68	an	an	DET
cblr-1691	385	69	amount	amount	NOUN
cblr-1691	385	70	equal	equal	ADJ
cblr-1691	385	71	to	to	ADP
cblr-1691	385	72	their	their	PRON
cblr-1691	385	73	liquidation	liquidation	NOUN
cblr-1691	385	74	preference	preference	NOUN
cblr-1691	385	75	before	before	SCONJ
cblr-1691	385	76	the	the	DET
cblr-1691	385	77	common	common	ADJ
cblr-1691	385	78	shareholders	shareholder	NOUN
cblr-1691	385	79	(	(	PUNCT
cblr-1691	385	80	the	the	DET
cblr-1691	385	81	founders	founder	NOUN
cblr-1691	385	82	,	,	PUNCT
cblr-1691	385	83	employees	employee	NOUN
cblr-1691	385	84	,	,	PUNCT
cblr-1691	385	85	and	and	CCONJ
cblr-1691	385	86	angel	angel	NOUN
cblr-1691	385	87	investors	investor	NOUN
cblr-1691	385	88	)	)	PUNCT
cblr-1691	385	89	receive	receive	VERB
cblr-1691	385	90	anything.111	anything.111	PROPN
cblr-1691	385	91	this	this	PRON
cblr-1691	385	92	is	be	AUX
cblr-1691	385	93	one	one	NUM
cblr-1691	385	94	of	of	ADP
cblr-1691	385	95	the	the	DET
cblr-1691	385	96	reasons	reason	NOUN
cblr-1691	385	97	for	for	ADP
cblr-1691	385	98	107	107	NUM
cblr-1691	385	99	vcs	vcs	PROPN
cblr-1691	385	100	traditionally	traditionally	ADV
cblr-1691	385	101	invest	invest	VERB
cblr-1691	385	102	in	in	ADP
cblr-1691	385	103	startups	startup	NOUN
cblr-1691	385	104	using	use	VERB
cblr-1691	385	105	convertible	convertible	ADJ
cblr-1691	385	106	preferred	preferred	ADJ
cblr-1691	385	107	stock	stock	NOUN
cblr-1691	385	108	.	.	PUNCT
cblr-1691	386	1	see	see	VERB
cblr-1691	386	2	steven	steven	PROPN
cblr-1691	386	3	n.	n.	PROPN
cblr-1691	386	4	kaplan	kaplan	PROPN
cblr-1691	386	5	&	&	CCONJ
cblr-1691	386	6	per	per	ADP
cblr-1691	386	7	strömberg	strömberg	NOUN
cblr-1691	386	8	,	,	PUNCT
cblr-1691	386	9	financial	financial	ADJ
cblr-1691	386	10	contracting	contracting	NOUN
cblr-1691	386	11	theory	theory	NOUN
cblr-1691	386	12	meets	meet	VERB
cblr-1691	386	13	the	the	DET
cblr-1691	386	14	real	real	ADJ
cblr-1691	386	15	world	world	NOUN
cblr-1691	386	16	:	:	PUNCT
cblr-1691	386	17	an	an	DET
cblr-1691	386	18	empirical	empirical	ADJ
cblr-1691	386	19	analysis	analysis	NOUN
cblr-1691	386	20	of	of	ADP
cblr-1691	386	21	venture	venture	NOUN
cblr-1691	386	22	capital	capital	NOUN
cblr-1691	386	23	contracts	contract	NOUN
cblr-1691	386	24	,	,	PUNCT
cblr-1691	386	25	70	70	NUM
cblr-1691	386	26	rev	rev	X
cblr-1691	386	27	.	.	PROPN
cblr-1691	386	28	econ	econ	PROPN
cblr-1691	386	29	.	.	PUNCT
cblr-1691	386	30	stud	stud	PROPN
cblr-1691	386	31	.	.	PUNCT
cblr-1691	387	1	281	281	NUM
cblr-1691	387	2	(	(	PUNCT
cblr-1691	387	3	2003	2003	NUM
cblr-1691	387	4	)	)	PUNCT
cblr-1691	388	1	;	;	PUNCT
cblr-1691	388	2	see	see	VERB
cblr-1691	388	3	also	also	ADV
cblr-1691	388	4	william	william	PROPN
cblr-1691	388	5	a.	a.	NOUN
cblr-1691	388	6	sahlman	sahlman	PROPN
cblr-1691	388	7	,	,	PUNCT
cblr-1691	388	8	the	the	DET
cblr-1691	388	9	structure	structure	NOUN
cblr-1691	388	10	and	and	CCONJ
cblr-1691	388	11	governance	governance	NOUN
cblr-1691	388	12	of	of	ADP
cblr-1691	388	13	venture	venture	NOUN
cblr-1691	388	14	capital	capital	NOUN
cblr-1691	388	15	organizations	organization	NOUN
cblr-1691	388	16	,	,	PUNCT
cblr-1691	388	17	27	27	NUM
cblr-1691	388	18	j.	j.	PROPN
cblr-1691	388	19	fin	fin	PROPN
cblr-1691	388	20	.	.	PUNCT
cblr-1691	388	21	econ	econ	PROPN
cblr-1691	388	22	.	.	PUNCT
cblr-1691	389	1	473	473	NUM
cblr-1691	389	2	(	(	PUNCT
cblr-1691	389	3	1990	1990	NUM
cblr-1691	389	4	)	)	PUNCT
cblr-1691	389	5	.	.	PUNCT
cblr-1691	390	1	108	108	NUM
cblr-1691	390	2	see	see	VERB
cblr-1691	390	3	jesse	jesse	PROPN
cblr-1691	390	4	m.	m.	PROPN
cblr-1691	390	5	fried	fried	PROPN
cblr-1691	390	6	&	&	CCONJ
cblr-1691	390	7	mira	mira	PROPN
cblr-1691	390	8	ganor	ganor	PROPN
cblr-1691	390	9	,	,	PUNCT
cblr-1691	390	10	agency	agency	NOUN
cblr-1691	390	11	costs	cost	NOUN
cblr-1691	390	12	of	of	ADP
cblr-1691	390	13	venture	venture	NOUN
cblr-1691	390	14	capitalist	capitalist	ADJ
cblr-1691	390	15	control	control	NOUN
cblr-1691	390	16	in	in	ADP
cblr-1691	390	17	startups	startup	NOUN
cblr-1691	390	18	,	,	PUNCT
cblr-1691	390	19	81	81	NUM
cblr-1691	390	20	n.y.u	n.y.u	NOUN
cblr-1691	390	21	.	.	PUNCT
cblr-1691	391	1	l.	l.	PROPN
cblr-1691	391	2	rev	rev	PROPN
cblr-1691	391	3	.	.	PROPN
cblr-1691	391	4	967	967	NUM
cblr-1691	391	5	,	,	PUNCT
cblr-1691	391	6	981–82	981–82	NUM
cblr-1691	391	7	(	(	PUNCT
cblr-1691	391	8	2006	2006	NUM
cblr-1691	391	9	)	)	PUNCT
cblr-1691	391	10	.	.	PUNCT
cblr-1691	392	1	109	109	NUM
cblr-1691	392	2	see	see	VERB
cblr-1691	392	3	i	i	PRON
cblr-1691	392	4	d.	d.	PROPN
cblr-1691	392	5	at	at	ADP
cblr-1691	392	6	981	981	NUM
cblr-1691	392	7	.	.	PUNCT
cblr-1691	392	8	110	110	NUM
cblr-1691	392	9	for	for	ADP
cblr-1691	392	10	more	more	ADJ
cblr-1691	392	11	on	on	ADP
cblr-1691	392	12	the	the	DET
cblr-1691	392	13	exit	exit	NOUN
cblr-1691	392	14	strategy	strategy	NOUN
cblr-1691	392	15	of	of	ADP
cblr-1691	392	16	vcs	vcs	PROPN
cblr-1691	392	17	,	,	PUNCT
cblr-1691	392	18	see	see	VERB
cblr-1691	392	19	d.	d.	PROPN
cblr-1691	392	20	gordon	gordon	PROPN
cblr-1691	392	21	smith	smith	PROPN
cblr-1691	392	22	,	,	PUNCT
cblr-1691	392	23	the	the	DET
cblr-1691	392	24	exit	exit	NOUN
cblr-1691	392	25	structure	structure	NOUN
cblr-1691	392	26	of	of	ADP
cblr-1691	392	27	venture	venture	NOUN
cblr-1691	392	28	capital	capital	NOUN
cblr-1691	392	29	,	,	PUNCT
cblr-1691	392	30	53	53	NUM
cblr-1691	392	31	ucla	ucla	PROPN
cblr-1691	392	32	l.	l.	PROPN
cblr-1691	392	33	rev	rev	PROPN
cblr-1691	392	34	.	.	PROPN
cblr-1691	392	35	315	315	NUM
cblr-1691	392	36	,	,	PUNCT
cblr-1691	392	37	316	316	NUM
cblr-1691	392	38	(	(	PUNCT
cblr-1691	392	39	2005	2005	NUM
cblr-1691	392	40	)	)	PUNCT
cblr-1691	392	41	(	(	PUNCT
cblr-1691	392	42	“	"	PUNCT
cblr-1691	392	43	before	before	SCONJ
cblr-1691	392	44	venture	venture	NOUN
cblr-1691	392	45	capitalists	capitalist	NOUN
cblr-1691	392	46	invest	invest	VERB
cblr-1691	392	47	,	,	PUNCT
cblr-1691	392	48	they	they	PRON
cblr-1691	392	49	plan	plan	VERB
cblr-1691	392	50	for	for	ADP
cblr-1691	392	51	exit	exit	NOUN
cblr-1691	392	52	.	.	PUNCT
cblr-1691	392	53	”	"	PUNCT
cblr-1691	392	54	)	)	PUNCT
cblr-1691	392	55	.	.	PUNCT
cblr-1691	393	1	for	for	ADP
cblr-1691	393	2	helpful	helpful	ADJ
cblr-1691	393	3	background	background	NOUN
cblr-1691	393	4	on	on	ADP
cblr-1691	393	5	the	the	DET
cblr-1691	393	6	distinction	distinction	NOUN
cblr-1691	393	7	between	between	ADP
cblr-1691	393	8	cash	cash	NOUN
cblr-1691	393	9	-	-	PUNCT
cblr-1691	393	10	flow	flow	NOUN
cblr-1691	393	11	and	and	CCONJ
cblr-1691	393	12	control	control	NOUN
cblr-1691	393	13	rights	right	NOUN
cblr-1691	393	14	,	,	PUNCT
cblr-1691	393	15	see	see	VERB
cblr-1691	393	16	generally	generally	ADV
cblr-1691	393	17	zohar	zohar	PROPN
cblr-1691	393	18	goshen	goshen	PROPN
cblr-1691	393	19	&	&	CCONJ
cblr-1691	393	20	richard	richard	PROPN
cblr-1691	393	21	squire	squire	PROPN
cblr-1691	393	22	,	,	PUNCT
cblr-1691	393	23	principal	principal	ADJ
cblr-1691	393	24	costs	cost	NOUN
cblr-1691	393	25	:	:	PUNCT
cblr-1691	393	26	a	a	DET
cblr-1691	393	27	new	new	ADJ
cblr-1691	393	28	theory	theory	NOUN
cblr-1691	393	29	for	for	ADP
cblr-1691	393	30	corporate	corporate	ADJ
cblr-1691	393	31	law	law	NOUN
cblr-1691	393	32	and	and	CCONJ
cblr-1691	393	33	governance	governance	NOUN
cblr-1691	393	34	,	,	PUNCT
cblr-1691	393	35	117	117	NUM
cblr-1691	393	36	colum	colum	NOUN
cblr-1691	393	37	.	.	PUNCT
cblr-1691	394	1	l.	l.	PROPN
cblr-1691	394	2	rev	rev	PROPN
cblr-1691	394	3	.	.	PROPN
cblr-1691	394	4	767	767	NUM
cblr-1691	394	5	,	,	PUNCT
cblr-1691	394	6	784–85	784–85	NOUN
cblr-1691	394	7	(	(	PUNCT
cblr-1691	394	8	2017	2017	NUM
cblr-1691	394	9	)	)	PUNCT
cblr-1691	394	10	;	;	PUNCT
cblr-1691	394	11	see	see	VERB
cblr-1691	394	12	also	also	ADV
cblr-1691	394	13	william	william	PROPN
cblr-1691	394	14	w.	w.	PROPN
cblr-1691	394	15	bratton	bratton	PROPN
cblr-1691	394	16	&	&	CCONJ
cblr-1691	394	17	michael	michael	PROPN
cblr-1691	394	18	l.	l.	PROPN
cblr-1691	394	19	wachter	wachter	PROPN
cblr-1691	394	20	,	,	PUNCT
cblr-1691	394	21	a	a	DET
cblr-1691	394	22	theory	theory	NOUN
cblr-1691	394	23	of	of	ADP
cblr-1691	394	24	preferred	preferred	ADJ
cblr-1691	394	25	stock	stock	NOUN
cblr-1691	394	26	,	,	PUNCT
cblr-1691	394	27	161	161	NUM
cblr-1691	394	28	u.	u.	NOUN
cblr-1691	394	29	pa	pa	PROPN
cblr-1691	394	30	.	.	PUNCT
cblr-1691	394	31	l.	l.	PROPN
cblr-1691	394	32	rev	rev	PROPN
cblr-1691	394	33	.	.	PROPN
cblr-1691	394	34	1815	1815	NUM
cblr-1691	394	35	,	,	PUNCT
cblr-1691	394	36	1875	1875	NUM
cblr-1691	394	37	(	(	PUNCT
cblr-1691	394	38	2013	2013	NUM
cblr-1691	394	39	)	)	PUNCT
cblr-1691	394	40	(	(	PUNCT
cblr-1691	394	41	“	"	PUNCT
cblr-1691	394	42	venture	venture	NOUN
cblr-1691	394	43	capitalists	capitalist	NOUN
cblr-1691	394	44	holding	hold	VERB
cblr-1691	394	45	preferred	prefer	VERB
cblr-1691	394	46	sometimes	sometimes	ADV
cblr-1691	394	47	take	take	VERB
cblr-1691	394	48	voting	voting	NOUN
cblr-1691	394	49	control	control	NOUN
cblr-1691	394	50	and	and	CCONJ
cblr-1691	394	51	can	can	AUX
cblr-1691	394	52	dominate	dominate	VERB
cblr-1691	394	53	the	the	DET
cblr-1691	394	54	boards	board	NOUN
cblr-1691	394	55	of	of	ADP
cblr-1691	394	56	directors	director	NOUN
cblr-1691	394	57	even	even	ADV
cblr-1691	394	58	when	when	SCONJ
cblr-1691	394	59	holding	hold	VERB
cblr-1691	394	60	a	a	DET
cblr-1691	394	61	minority	minority	NOUN
cblr-1691	394	62	of	of	ADP
cblr-1691	394	63	the	the	DET
cblr-1691	394	64	votes	vote	NOUN
cblr-1691	394	65	.	.	PUNCT
cblr-1691	394	66	”	"	PUNCT
cblr-1691	394	67	)	)	PUNCT
cblr-1691	394	68	;	;	PUNCT
cblr-1691	394	69	fried	fried	PROPN
cblr-1691	394	70	&	&	CCONJ
cblr-1691	394	71	ganor	ganor	PROPN
cblr-1691	394	72	,	,	PUNCT
cblr-1691	394	73	supra	supra	PROPN
cblr-1691	394	74	note	note	NOUN
cblr-1691	394	75	108	108	NUM
cblr-1691	394	76	,	,	PUNCT
cblr-1691	394	77	at	at	ADP
cblr-1691	394	78	981	981	NUM
cblr-1691	394	79	;	;	PUNCT
cblr-1691	394	80	utset	utset	NOUN
cblr-1691	394	81	,	,	PUNCT
cblr-1691	394	82	supra	supra	PROPN
cblr-1691	394	83	note	note	NOUN
cblr-1691	394	84	52	52	NUM
cblr-1691	394	85	,	,	PUNCT
cblr-1691	394	86	at	at	ADP
cblr-1691	394	87	61	61	NUM
cblr-1691	394	88	(	(	PUNCT
cblr-1691	394	89	“	"	PUNCT
cblr-1691	394	90	venture	venture	NOUN
cblr-1691	394	91	capitalists	capitalist	NOUN
cblr-1691	394	92	in	in	ADP
cblr-1691	394	93	most	most	ADJ
cblr-1691	394	94	instances	instance	NOUN
cblr-1691	394	95	negotiate	negotiate	VERB
cblr-1691	394	96	to	to	PART
cblr-1691	394	97	get	get	VERB
cblr-1691	394	98	outright	outright	ADJ
cblr-1691	394	99	control	control	NOUN
cblr-1691	394	100	of	of	ADP
cblr-1691	394	101	the	the	DET
cblr-1691	394	102	board	board	NOUN
cblr-1691	394	103	.	.	PUNCT
cblr-1691	394	104	”	"	PUNCT
cblr-1691	394	105	)	)	PUNCT
cblr-1691	394	106	.	.	PUNCT
cblr-1691	395	1	111	111	NUM
cblr-1691	395	2	sometimes	sometimes	ADV
cblr-1691	395	3	in	in	ADP
cblr-1691	395	4	a	a	DET
cblr-1691	395	5	subsequent	subsequent	ADJ
cblr-1691	395	6	round	round	NOUN
cblr-1691	395	7	of	of	ADP
cblr-1691	395	8	financing	financing	NOUN
cblr-1691	395	9	,	,	PUNCT
cblr-1691	395	10	liquidation	liquidation	NOUN
cblr-1691	395	11	preferences	preference	NOUN
cblr-1691	395	12	from	from	ADP
cblr-1691	395	13	early	early	ADJ
cblr-1691	395	14	rounds	round	NOUN
cblr-1691	395	15	are	be	AUX
cblr-1691	395	16	waived	waive	VERB
cblr-1691	395	17	or	or	CCONJ
cblr-1691	395	18	reduced	reduce	VERB
cblr-1691	395	19	,	,	PUNCT
cblr-1691	395	20	“	"	PUNCT
cblr-1691	395	21	to	to	PART
cblr-1691	395	22	eliminate	eliminate	VERB
cblr-1691	395	23	debt	debt	NOUN
cblr-1691	395	24	overhang	overhang	NOUN
cblr-1691	395	25	.	.	PUNCT
cblr-1691	395	26	”	"	PUNCT
cblr-1691	396	1	broughman	broughman	PROPN
cblr-1691	396	2	&	&	CCONJ
cblr-1691	396	3	fried	fried	PROPN
cblr-1691	396	4	,	,	PUNCT
cblr-1691	396	5	supra	supra	PROPN
cblr-1691	396	6	note	note	NOUN
cblr-1691	396	7	20	20	NUM
cblr-1691	396	8	,	,	PUNCT
cblr-1691	396	9	at	at	ADP
cblr-1691	396	10	391	391	NUM
cblr-1691	396	11	n.6	n.6	NOUN
cblr-1691	396	12	.	.	PUNCT
cblr-1691	397	1	alternatively	alternatively	ADV
cblr-1691	397	2	,	,	PUNCT
cblr-1691	397	3	a	a	DET
cblr-1691	397	4	vc	vc	NOUN
cblr-1691	397	5	can	can	AUX
cblr-1691	397	6	be	be	AUX
cblr-1691	397	7	forced	force	VERB
cblr-1691	397	8	to	to	PART
cblr-1691	397	9	convert	convert	VERB
cblr-1691	397	10	to	to	ADP
cblr-1691	397	11	common	common	ADJ
cblr-1691	397	12	and	and	CCONJ
cblr-1691	397	13	give	give	VERB
cblr-1691	397	14	up	up	ADP
cblr-1691	397	15	its	its	PRON
cblr-1691	397	16	preferences	preference	NOUN
cblr-1691	397	17	,	,	PUNCT
cblr-1691	397	18	if	if	SCONJ
cblr-1691	397	19	there	there	PRON
cblr-1691	397	20	is	be	VERB
cblr-1691	397	21	a	a	DET
cblr-1691	397	22	pay	pay	VERB
cblr-1691	397	23	-	-	PUNCT
cblr-1691	397	24	to	to	AUX
cblr-1691	397	25	-	-	PUNCT
cblr-1691	397	26	play	play	VERB
cblr-1691	397	27	contractual	contractual	ADJ
cblr-1691	397	28	provision	provision	NOUN
cblr-1691	397	29	and	and	CCONJ
cblr-1691	397	30	it	it	PRON
cblr-1691	397	31	fails	fail	VERB
cblr-1691	397	32	to	to	PART
cblr-1691	397	33	participate	participate	VERB
cblr-1691	397	34	.	.	PUNCT
cblr-1691	398	1	see	see	VERB
cblr-1691	398	2	i	i	PRON
cblr-1691	398	3	d.	d.	PROPN
cblr-1691	398	4	at	at	ADP
cblr-1691	398	5	391	391	NUM
cblr-1691	398	6	n.6	n.6	NOUN
cblr-1691	398	7	.	.	PUNCT
cblr-1691	399	1	no	no	INTJ
cblr-1691	399	2	.	.	PUNCT
cblr-1691	400	1	1:107	1:107	NUM
cblr-1691	400	2	]	]	X
cblr-1691	400	3	unicorn	unicorn	ADJ
cblr-1691	400	4	stock	stock	NOUN
cblr-1691	400	5	options	option	NOUN
cblr-1691	400	6	135	135	NUM
cblr-1691	400	7	recent	recent	ADJ
cblr-1691	400	8	controversial	controversial	ADJ
cblr-1691	400	9	lawsuits	lawsuit	NOUN
cblr-1691	400	10	;	;	PUNCT
cblr-1691	400	11	common	common	ADJ
cblr-1691	400	12	stock	stock	NOUN
cblr-1691	400	13	holders	holder	NOUN
cblr-1691	400	14	,	,	PUNCT
cblr-1691	400	15	such	such	ADJ
cblr-1691	400	16	as	as	ADP
cblr-1691	400	17	mutual	mutual	ADJ
cblr-1691	400	18	funds	fund	NOUN
cblr-1691	400	19	,	,	PUNCT
cblr-1691	400	20	sue	sue	NOUN
cblr-1691	400	21	for	for	ADP
cblr-1691	400	22	breach	breach	NOUN
cblr-1691	400	23	of	of	ADP
cblr-1691	400	24	fiduciary	fiduciary	ADJ
cblr-1691	400	25	duty	duty	NOUN
cblr-1691	400	26	after	after	SCONJ
cblr-1691	400	27	they	they	PRON
cblr-1691	400	28	do	do	AUX
cblr-1691	400	29	not	not	PART
cblr-1691	400	30	get	get	VERB
cblr-1691	400	31	anything	anything	PRON
cblr-1691	400	32	from	from	ADP
cblr-1691	400	33	the	the	DET
cblr-1691	400	34	sale	sale	NOUN
cblr-1691	400	35	of	of	ADP
cblr-1691	400	36	the	the	DET
cblr-1691	400	37	company.112	company.112	PROPN
cblr-1691	400	38	if	if	SCONJ
cblr-1691	400	39	the	the	DET
cblr-1691	400	40	firm	firm	NOUN
cblr-1691	400	41	conducts	conduct	VERB
cblr-1691	400	42	an	an	DET
cblr-1691	400	43	ipo113	ipo113	NOUN
cblr-1691	400	44	(	(	PUNCT
cblr-1691	400	45	or	or	CCONJ
cblr-1691	400	46	is	be	AUX
cblr-1691	400	47	sold	sell	VERB
cblr-1691	400	48	for	for	ADP
cblr-1691	400	49	a	a	DET
cblr-1691	400	50	very	very	ADV
cblr-1691	400	51	high	high	ADJ
cblr-1691	400	52	price	price	NOUN
cblr-1691	400	53	)	)	PUNCT
cblr-1691	400	54	,	,	PUNCT
cblr-1691	400	55	then	then	ADV
cblr-1691	400	56	the	the	DET
cblr-1691	400	57	amount	amount	NOUN
cblr-1691	400	58	a	a	DET
cblr-1691	400	59	vc	vc	NOUN
cblr-1691	400	60	could	could	AUX
cblr-1691	400	61	receive	receive	VERB
cblr-1691	400	62	as	as	ADP
cblr-1691	400	63	a	a	DET
cblr-1691	400	64	common	common	ADJ
cblr-1691	400	65	stockholder	stockholder	NOUN
cblr-1691	400	66	may	may	AUX
cblr-1691	400	67	exceed	exceed	VERB
cblr-1691	400	68	its	its	PRON
cblr-1691	400	69	liquidation	liquidation	NOUN
cblr-1691	400	70	preference	preference	NOUN
cblr-1691	400	71	.	.	PUNCT
cblr-1691	401	1	in	in	ADP
cblr-1691	401	2	this	this	DET
cblr-1691	401	3	case	case	NOUN
cblr-1691	401	4	,	,	PUNCT
cblr-1691	401	5	a	a	DET
cblr-1691	401	6	vc	vc	NOUN
cblr-1691	401	7	will	will	AUX
cblr-1691	401	8	convert	convert	VERB
cblr-1691	401	9	its	its	PRON
cblr-1691	401	10	preferred	preferred	ADJ
cblr-1691	401	11	stock	stock	NOUN
cblr-1691	401	12	to	to	ADP
cblr-1691	401	13	common	common	ADJ
cblr-1691	401	14	at	at	ADP
cblr-1691	401	15	a	a	DET
cblr-1691	401	16	predefined	predefine	VERB
cblr-1691	401	17	ratio.114	ratio.114	NOUN
cblr-1691	401	18	as	as	SCONJ
cblr-1691	401	19	noted	note	VERB
cblr-1691	401	20	,	,	PUNCT
cblr-1691	401	21	most	most	ADJ
cblr-1691	401	22	employees	employee	NOUN
cblr-1691	401	23	dream	dream	VERB
cblr-1691	401	24	of	of	ADP
cblr-1691	401	25	an	an	DET
cblr-1691	401	26	ipo	ipo	NOUN
cblr-1691	401	27	,	,	PUNCT
cblr-1691	401	28	but	but	CCONJ
cblr-1691	401	29	the	the	DET
cblr-1691	401	30	most	most	ADV
cblr-1691	401	31	common	common	ADJ
cblr-1691	401	32	form	form	NOUN
cblr-1691	401	33	of	of	ADP
cblr-1691	401	34	vc	vc	PROPN
cblr-1691	401	35	exit	exit	NOUN
cblr-1691	401	36	is	be	AUX
cblr-1691	401	37	a	a	DET
cblr-1691	401	38	sale.115	sale.115	NOUN
cblr-1691	401	39	in	in	ADP
cblr-1691	401	40	order	order	NOUN
cblr-1691	401	41	to	to	PART
cblr-1691	401	42	gain	gain	VERB
cblr-1691	401	43	from	from	ADP
cblr-1691	401	44	their	their	PRON
cblr-1691	401	45	investment	investment	NOUN
cblr-1691	401	46	and	and	CCONJ
cblr-1691	401	47	provide	provide	VERB
cblr-1691	401	48	liquidity	liquidity	NOUN
cblr-1691	401	49	for	for	ADP
cblr-1691	401	50	the	the	DET
cblr-1691	401	51	investors	investor	NOUN
cblr-1691	401	52	in	in	ADP
cblr-1691	401	53	their	their	PRON
cblr-1691	401	54	fund	fund	NOUN
cblr-1691	401	55	,	,	PUNCT
cblr-1691	401	56	vcs	vcs	PROPN
cblr-1691	401	57	will	will	AUX
cblr-1691	401	58	look	look	VERB
cblr-1691	401	59	for	for	ADP
cblr-1691	401	60	a	a	DET
cblr-1691	401	61	112	112	NUM
cblr-1691	401	62	see	see	NOUN
cblr-1691	401	63	,	,	PUNCT
cblr-1691	401	64	e.g.	e.g.	ADV
cblr-1691	401	65	,	,	PUNCT
cblr-1691	401	66	in	in	ADP
cblr-1691	401	67	re	re	PROPN
cblr-1691	401	68	trados	trados	PROPN
cblr-1691	401	69	inc	inc	PROPN
cblr-1691	401	70	.	.	PROPN
cblr-1691	401	71	s’holder	s’holder	PROPN
cblr-1691	401	72	.	.	PUNCT
cblr-1691	401	73	litig	litig	PROPN
cblr-1691	401	74	.	.	PUNCT
cblr-1691	402	1	,	,	PUNCT
cblr-1691	402	2	73	73	NUM
cblr-1691	402	3	a.3d	a.3d	SYM
cblr-1691	402	4	17	17	NUM
cblr-1691	402	5	(	(	PUNCT
cblr-1691	402	6	del	del	PROPN
cblr-1691	402	7	.	.	PROPN
cblr-1691	402	8	ch	ch	PROPN
cblr-1691	402	9	.	.	PROPN
cblr-1691	402	10	2013	2013	NUM
cblr-1691	402	11	)	)	PUNCT
cblr-1691	402	12	(	(	PUNCT
cblr-1691	402	13	involving	involve	VERB
cblr-1691	402	14	claims	claim	NOUN
cblr-1691	402	15	against	against	ADP
cblr-1691	402	16	the	the	DET
cblr-1691	402	17	board	board	NOUN
cblr-1691	402	18	of	of	ADP
cblr-1691	402	19	a	a	DET
cblr-1691	402	20	startup	startup	NOUN
cblr-1691	402	21	that	that	PRON
cblr-1691	402	22	was	be	AUX
cblr-1691	402	23	sold	sell	VERB
cblr-1691	402	24	in	in	ADP
cblr-1691	402	25	a	a	DET
cblr-1691	402	26	merger	merger	NOUN
cblr-1691	402	27	transaction	transaction	NOUN
cblr-1691	402	28	)	)	PUNCT
cblr-1691	402	29	.	.	PUNCT
cblr-1691	403	1	for	for	ADP
cblr-1691	403	2	an	an	DET
cblr-1691	403	3	example	example	NOUN
cblr-1691	403	4	of	of	ADP
cblr-1691	403	5	a	a	DET
cblr-1691	403	6	subsequent	subsequent	ADJ
cblr-1691	403	7	court	court	NOUN
cblr-1691	403	8	attempting	attempt	VERB
cblr-1691	403	9	to	to	PART
cblr-1691	403	10	interpret	interpret	VERB
cblr-1691	403	11	trados	trado	NOUN
cblr-1691	403	12	’s	’s	PART
cblr-1691	403	13	holding	hold	VERB
cblr-1691	403	14	on	on	ADP
cblr-1691	403	15	the	the	DET
cblr-1691	403	16	mechanics	mechanic	NOUN
cblr-1691	403	17	of	of	ADP
cblr-1691	403	18	fairness	fairness	NOUN
cblr-1691	403	19	review	review	NOUN
cblr-1691	403	20	,	,	PUNCT
cblr-1691	403	21	see	see	VERB
cblr-1691	403	22	in	in	ADP
cblr-1691	403	23	re	re	PROPN
cblr-1691	403	24	nine	nine	NUM
cblr-1691	403	25	systems	systems	PROPN
cblr-1691	403	26	corp	corp	PROPN
cblr-1691	403	27	.	.	PROPN
cblr-1691	403	28	s’holders	s’holders	PROPN
cblr-1691	403	29	.	.	PUNCT
cblr-1691	404	1	litig	litig	PROPN
cblr-1691	404	2	.	.	PUNCT
cblr-1691	404	3	,	,	PUNCT
cblr-1691	404	4	consol	consol	NOUN
cblr-1691	404	5	.	.	PUNCT
cblr-1691	405	1	c.a	c.a	PROPN
cblr-1691	405	2	.	.	PROPN
cblr-1691	406	1	no	no	INTJ
cblr-1691	406	2	.	.	PUNCT
cblr-1691	407	1	3940	3940	NUM
cblr-1691	407	2	-	-	PUNCT
cblr-1691	407	3	vcn	vcn	PROPN
cblr-1691	407	4	,	,	PUNCT
cblr-1691	407	5	2014	2014	NUM
cblr-1691	407	6	wl	wl	NOUN
cblr-1691	407	7	4383127	4383127	NUM
cblr-1691	407	8	(	(	PUNCT
cblr-1691	407	9	del	del	PROPN
cblr-1691	407	10	.	.	PROPN
cblr-1691	407	11	ch	ch	PROPN
cblr-1691	407	12	.	.	PROPN
cblr-1691	407	13	2014	2014	NUM
cblr-1691	407	14	)	)	PUNCT
cblr-1691	408	1	;	;	PUNCT
cblr-1691	408	2	see	see	VERB
cblr-1691	408	3	also	also	ADV
cblr-1691	408	4	bratton	bratton	PROPN
cblr-1691	408	5	&	&	CCONJ
cblr-1691	408	6	wachter	wachter	PROPN
cblr-1691	408	7	,	,	PUNCT
cblr-1691	408	8	supra	supra	PROPN
cblr-1691	408	9	note	note	PROPN
cblr-1691	408	10	110	110	NUM
cblr-1691	408	11	;	;	PUNCT
cblr-1691	409	1	abraham	abraham	PROPN
cblr-1691	409	2	j.b	j.b	PROPN
cblr-1691	409	3	.	.	PROPN
cblr-1691	409	4	cable	cable	NOUN
cblr-1691	409	5	,	,	PUNCT
cblr-1691	409	6	opportunity	opportunity	NOUN
cblr-1691	409	7	-	-	PUNCT
cblr-1691	409	8	cost	cost	NOUN
cblr-1691	409	9	conflicts	conflict	NOUN
cblr-1691	409	10	in	in	ADP
cblr-1691	409	11	corporate	corporate	ADJ
cblr-1691	409	12	law	law	NOUN
cblr-1691	409	13	,	,	PUNCT
cblr-1691	409	14	66	66	NUM
cblr-1691	409	15	case	case	NOUN
cblr-1691	409	16	w.	w.	NOUN
cblr-1691	409	17	res	res	PROPN
cblr-1691	409	18	.	.	PUNCT
cblr-1691	410	1	l.	l.	PROPN
cblr-1691	410	2	rev	rev	PROPN
cblr-1691	410	3	.	.	PROPN
cblr-1691	410	4	51	51	NUM
cblr-1691	410	5	,	,	PUNCT
cblr-1691	410	6	75–76	75–76	NUM
cblr-1691	410	7	(	(	PUNCT
cblr-1691	410	8	2015	2015	NUM
cblr-1691	410	9	)	)	PUNCT
cblr-1691	410	10	;	;	PUNCT
cblr-1691	410	11	adam	adam	PROPN
cblr-1691	410	12	m.	m.	PROPN
cblr-1691	410	13	katz	katz	PROPN
cblr-1691	410	14	,	,	PUNCT
cblr-1691	410	15	comment	comment	NOUN
cblr-1691	410	16	,	,	PUNCT
cblr-1691	410	17	addressing	address	VERB
cblr-1691	410	18	the	the	DET
cblr-1691	410	19	harm	harm	NOUN
cblr-1691	410	20	to	to	ADP
cblr-1691	410	21	common	common	ADJ
cblr-1691	410	22	stockholders	stockholder	NOUN
cblr-1691	410	23	in	in	ADP
cblr-1691	410	24	trados	trado	NOUN
cblr-1691	410	25	and	and	CCONJ
cblr-1691	410	26	nine	nine	NUM
cblr-1691	410	27	systems	system	NOUN
cblr-1691	410	28	,	,	PUNCT
cblr-1691	410	29	118	118	NUM
cblr-1691	410	30	colum	colum	NOUN
cblr-1691	410	31	.	.	PUNCT
cblr-1691	411	1	l.	l.	PROPN
cblr-1691	411	2	rev	rev	PROPN
cblr-1691	411	3	.	.	PROPN
cblr-1691	412	1	online	online	ADJ
cblr-1691	412	2	234	234	NUM
cblr-1691	412	3	(	(	PUNCT
cblr-1691	412	4	2018	2018	NUM
cblr-1691	412	5	)	)	PUNCT
cblr-1691	412	6	.	.	PUNCT
cblr-1691	413	1	113	113	NUM
cblr-1691	413	2	many	many	ADJ
cblr-1691	413	3	have	have	AUX
cblr-1691	413	4	written	write	VERB
cblr-1691	413	5	on	on	ADP
cblr-1691	413	6	vcs	vcs	PROPN
cblr-1691	413	7	exit	exit	NOUN
cblr-1691	413	8	at	at	ADP
cblr-1691	413	9	ipo	ipo	PROPN
cblr-1691	413	10	.	.	PUNCT
cblr-1691	414	1	see	see	VERB
cblr-1691	414	2	,	,	PUNCT
cblr-1691	414	3	e.g.	e.g.	ADV
cblr-1691	414	4	,	,	PUNCT
cblr-1691	414	5	christopher	christopher	PROPN
cblr-1691	414	6	b.	b.	PROPN
cblr-1691	414	7	barry	barry	PROPN
cblr-1691	414	8	,	,	PUNCT
cblr-1691	414	9	chris	chris	PROPN
cblr-1691	414	10	j.	j.	PROPN
cblr-1691	414	11	muscarella	muscarella	PROPN
cblr-1691	414	12	,	,	PUNCT
cblr-1691	414	13	john	john	PROPN
cblr-1691	414	14	w.	w.	PROPN
cblr-1691	414	15	peavy	peavy	PROPN
cblr-1691	414	16	iii	iii	PROPN
cblr-1691	414	17	&	&	CCONJ
cblr-1691	414	18	michael	michael	PROPN
cblr-1691	414	19	r.	r.	PROPN
cblr-1691	414	20	vetsuypens	vetsuypens	PROPN
cblr-1691	414	21	,	,	PUNCT
cblr-1691	414	22	the	the	DET
cblr-1691	414	23	role	role	NOUN
cblr-1691	414	24	of	of	ADP
cblr-1691	414	25	venture	venture	NOUN
cblr-1691	414	26	capital	capital	NOUN
cblr-1691	414	27	in	in	ADP
cblr-1691	414	28	the	the	DET
cblr-1691	414	29	creation	creation	NOUN
cblr-1691	414	30	of	of	ADP
cblr-1691	414	31	public	public	ADJ
cblr-1691	414	32	companies	company	NOUN
cblr-1691	414	33	:	:	PUNCT
cblr-1691	414	34	evidence	evidence	NOUN
cblr-1691	414	35	from	from	ADP
cblr-1691	414	36	the	the	DET
cblr-1691	414	37	going	go	VERB
cblr-1691	414	38	-	-	PUNCT
cblr-1691	414	39	public	public	ADJ
cblr-1691	414	40	process	process	NOUN
cblr-1691	414	41	,	,	PUNCT
cblr-1691	415	1	27	27	NUM
cblr-1691	415	2	j.	j.	PROPN
cblr-1691	415	3	fin	fin	PROPN
cblr-1691	415	4	.	.	PUNCT
cblr-1691	415	5	econ	econ	PROPN
cblr-1691	415	6	.	.	PUNCT
cblr-1691	416	1	447	447	NUM
cblr-1691	416	2	(	(	PUNCT
cblr-1691	416	3	1990	1990	NUM
cblr-1691	416	4	)	)	PUNCT
cblr-1691	416	5	;	;	PUNCT
cblr-1691	416	6	paul	paul	PROPN
cblr-1691	416	7	a.	a.	PROPN
cblr-1691	416	8	gompers	gompers	PROPN
cblr-1691	416	9	,	,	PUNCT
cblr-1691	416	10	grandstanding	grandstand	VERB
cblr-1691	416	11	in	in	ADP
cblr-1691	416	12	the	the	DET
cblr-1691	416	13	venture	venture	NOUN
cblr-1691	416	14	capital	capital	NOUN
cblr-1691	416	15	industry	industry	NOUN
cblr-1691	416	16	,	,	PUNCT
cblr-1691	417	1	42	42	NUM
cblr-1691	417	2	j.	j.	PROPN
cblr-1691	417	3	fin	fin	PROPN
cblr-1691	417	4	.	.	PUNCT
cblr-1691	417	5	econ	econ	PROPN
cblr-1691	417	6	.	.	PUNCT
cblr-1691	418	1	133	133	NUM
cblr-1691	418	2	(	(	PUNCT
cblr-1691	418	3	1996	1996	NUM
cblr-1691	418	4	)	)	PUNCT
cblr-1691	418	5	;	;	PUNCT
cblr-1691	418	6	peggy	peggy	PROPN
cblr-1691	418	7	m.	m.	PROPN
cblr-1691	418	8	lee	lee	PROPN
cblr-1691	418	9	&	&	CCONJ
cblr-1691	418	10	sunil	sunil	PROPN
cblr-1691	418	11	wahal	wahal	PROPN
cblr-1691	418	12	,	,	PUNCT
cblr-1691	418	13	grandstanding	grandstanding	NOUN
cblr-1691	418	14	,	,	PUNCT
cblr-1691	418	15	certification	certification	NOUN
cblr-1691	418	16	,	,	PUNCT
cblr-1691	418	17	and	and	CCONJ
cblr-1691	418	18	the	the	DET
cblr-1691	418	19	underpricing	underpricing	NOUN
cblr-1691	418	20	of	of	ADP
cblr-1691	418	21	venture	venture	NOUN
cblr-1691	418	22	capital	capital	NOUN
cblr-1691	418	23	backed	back	VERB
cblr-1691	418	24	ipos	ipos	PROPN
cblr-1691	418	25	,	,	PUNCT
cblr-1691	418	26	73	73	NUM
cblr-1691	418	27	j.	j.	PROPN
cblr-1691	418	28	fin	fin	PROPN
cblr-1691	418	29	.	.	PUNCT
cblr-1691	419	1	econ	econ	PROPN
cblr-1691	419	2	.	.	PUNCT
cblr-1691	420	1	375	375	NUM
cblr-1691	420	2	(	(	PUNCT
cblr-1691	420	3	2004	2004	NUM
cblr-1691	420	4	)	)	PUNCT
cblr-1691	420	5	;	;	PUNCT
cblr-1691	420	6	william	william	PROPN
cblr-1691	420	7	l.	l.	PROPN
cblr-1691	420	8	megginson	megginson	PROPN
cblr-1691	420	9	&	&	CCONJ
cblr-1691	420	10	kathleen	kathleen	PROPN
cblr-1691	420	11	a.	a.	PROPN
cblr-1691	420	12	weiss	weiss	PROPN
cblr-1691	420	13	,	,	PUNCT
cblr-1691	420	14	venture	venture	NOUN
cblr-1691	420	15	capitalist	capitalist	NOUN
cblr-1691	420	16	certification	certification	NOUN
cblr-1691	420	17	in	in	ADP
cblr-1691	420	18	initial	initial	ADJ
cblr-1691	420	19	public	public	ADJ
cblr-1691	420	20	offerings	offering	NOUN
cblr-1691	420	21	,	,	PUNCT
cblr-1691	420	22	46	46	NUM
cblr-1691	420	23	j.	j.	PROPN
cblr-1691	420	24	fin	fin	PROPN
cblr-1691	420	25	.	.	PUNCT
cblr-1691	421	1	879	879	NUM
cblr-1691	421	2	(	(	PUNCT
cblr-1691	421	3	1991	1991	NUM
cblr-1691	421	4	)	)	PUNCT
cblr-1691	421	5	.	.	PUNCT
cblr-1691	422	1	114	114	NUM
cblr-1691	422	2	see	see	VERB
cblr-1691	422	3	broughman	broughman	NOUN
cblr-1691	422	4	&	&	CCONJ
cblr-1691	422	5	fried	fried	PROPN
cblr-1691	422	6	,	,	PUNCT
cblr-1691	422	7	supra	supra	PROPN
cblr-1691	422	8	note	note	NOUN
cblr-1691	422	9	20	20	NUM
cblr-1691	422	10	(	(	PUNCT
cblr-1691	422	11	contributed	contribute	VERB
cblr-1691	422	12	to	to	ADP
cblr-1691	422	13	the	the	DET
cblr-1691	422	14	literature	literature	NOUN
cblr-1691	422	15	on	on	ADP
cblr-1691	422	16	vc	vc	PROPN
cblr-1691	422	17	exit	exit	NOUN
cblr-1691	422	18	via	via	ADP
cblr-1691	422	19	private	private	ADJ
cblr-1691	422	20	sale	sale	NOUN
cblr-1691	422	21	and	and	CCONJ
cblr-1691	422	22	found	find	VERB
cblr-1691	422	23	that	that	SCONJ
cblr-1691	422	24	renegotiation	renegotiation	NOUN
cblr-1691	422	25	is	be	AUX
cblr-1691	422	26	more	more	ADV
cblr-1691	422	27	likely	likely	ADJ
cblr-1691	422	28	when	when	SCONJ
cblr-1691	422	29	governance	governance	NOUN
cblr-1691	422	30	arrangements	arrangement	NOUN
cblr-1691	422	31	,	,	PUNCT
cblr-1691	422	32	including	include	VERB
cblr-1691	422	33	the	the	DET
cblr-1691	422	34	firm	firm	NOUN
cblr-1691	422	35	’s	’s	PART
cblr-1691	422	36	choice	choice	NOUN
cblr-1691	422	37	of	of	ADP
cblr-1691	422	38	corporate	corporate	ADJ
cblr-1691	422	39	law	law	NOUN
cblr-1691	422	40	,	,	PUNCT
cblr-1691	422	41	give	give	VERB
cblr-1691	422	42	common	common	ADJ
cblr-1691	422	43	shareholders	shareholder	NOUN
cblr-1691	422	44	the	the	DET
cblr-1691	422	45	power	power	NOUN
cblr-1691	422	46	to	to	PART
cblr-1691	422	47	impede	impede	VERB
cblr-1691	422	48	the	the	DET
cblr-1691	422	49	sale	sale	NOUN
cblr-1691	422	50	)	)	PUNCT
cblr-1691	422	51	;	;	PUNCT
cblr-1691	422	52	thomas	thomas	PROPN
cblr-1691	422	53	hellmann	hellmann	PROPN
cblr-1691	422	54	,	,	PUNCT
cblr-1691	422	55	ipos	ipos	NOUN
cblr-1691	422	56	,	,	PUNCT
cblr-1691	422	57	acquisitions	acquisition	NOUN
cblr-1691	422	58	and	and	CCONJ
cblr-1691	422	59	the	the	DET
cblr-1691	422	60	use	use	NOUN
cblr-1691	422	61	of	of	ADP
cblr-1691	422	62	convertible	convertible	ADJ
cblr-1691	422	63	securities	security	NOUN
cblr-1691	422	64	in	in	ADP
cblr-1691	422	65	venture	venture	NOUN
cblr-1691	422	66	capital	capital	NOUN
cblr-1691	422	67	,	,	PUNCT
cblr-1691	422	68	81	81	NUM
cblr-1691	422	69	j.	j.	PROPN
cblr-1691	422	70	fin	fin	PROPN
cblr-1691	422	71	.	.	PUNCT
cblr-1691	422	72	econ	econ	PROPN
cblr-1691	422	73	.	.	PUNCT
cblr-1691	423	1	649	649	NUM
cblr-1691	423	2	(	(	PUNCT
cblr-1691	423	3	2006	2006	NUM
cblr-1691	423	4	)	)	PUNCT
cblr-1691	423	5	.	.	PUNCT
cblr-1691	424	1	115	115	NUM
cblr-1691	424	2	see	see	VERB
cblr-1691	424	3	broughman	broughman	NOUN
cblr-1691	424	4	&	&	CCONJ
cblr-1691	424	5	fried	fried	PROPN
cblr-1691	424	6	,	,	PUNCT
cblr-1691	424	7	supra	supra	PROPN
cblr-1691	424	8	note	note	NOUN
cblr-1691	424	9	20	20	NUM
cblr-1691	424	10	,	,	PUNCT
cblr-1691	424	11	at	at	ADP
cblr-1691	424	12	385	385	NUM
cblr-1691	424	13	(	(	PUNCT
cblr-1691	424	14	noting	note	VERB
cblr-1691	424	15	that	that	SCONJ
cblr-1691	424	16	the	the	DET
cblr-1691	424	17	most	most	ADV
cblr-1691	424	18	common	common	ADJ
cblr-1691	424	19	vc	vc	PROPN
cblr-1691	424	20	exit	exit	NOUN
cblr-1691	424	21	is	be	AUX
cblr-1691	424	22	private	private	ADJ
cblr-1691	424	23	sale	sale	NOUN
cblr-1691	424	24	)	)	PUNCT
cblr-1691	424	25	.	.	PUNCT
cblr-1691	425	1	broughman	broughman	PROPN
cblr-1691	425	2	and	and	CCONJ
cblr-1691	425	3	fried	fry	VERB
cblr-1691	425	4	suggest	suggest	VERB
cblr-1691	425	5	that	that	SCONJ
cblr-1691	425	6	,	,	PUNCT
cblr-1691	425	7	“	"	PUNCT
cblr-1691	425	8	when	when	SCONJ
cblr-1691	425	9	exiting	exit	VERB
cblr-1691	425	10	through	through	ADP
cblr-1691	425	11	a	a	DET
cblr-1691	425	12	sale	sale	NOUN
cblr-1691	425	13	,	,	PUNCT
cblr-1691	425	14	vcs	vcs	PROPN
cblr-1691	425	15	generally	generally	ADV
cblr-1691	425	16	have	have	VERB
cblr-1691	425	17	sufficient	sufficient	ADJ
cblr-1691	425	18	control	control	NOUN
cblr-1691	425	19	to	to	PART
cblr-1691	425	20	realize	realize	VERB
cblr-1691	425	21	their	their	PRON
cblr-1691	425	22	full	full	ADJ
cblr-1691	425	23	cash	cash	NOUN
cblr-1691	425	24	flow	flow	NOUN
cblr-1691	425	25	rights	right	NOUN
cblr-1691	425	26	.	.	PUNCT
cblr-1691	426	1	however	however	ADV
cblr-1691	426	2	,	,	PUNCT
cblr-1691	426	3	vcs	vcs	PROPN
cblr-1691	426	4	sometimes	sometimes	ADV
cblr-1691	426	5	need	need	VERB
cblr-1691	426	6	to	to	PART
cblr-1691	426	7	pay	pay	VERB
cblr-1691	426	8	common	common	ADJ
cblr-1691	426	9	shareholders	shareholder	NOUN
cblr-1691	426	10	to	to	PART
cblr-1691	426	11	obtain	obtain	VERB
cblr-1691	426	12	their	their	PRON
cblr-1691	426	13	support	support	NOUN
cblr-1691	426	14	for	for	ADP
cblr-1691	426	15	the	the	DET
cblr-1691	426	16	proposed	propose	VERB
cblr-1691	426	17	sale	sale	NOUN
cblr-1691	426	18	,	,	PUNCT
cblr-1691	426	19	and	and	CCONJ
cblr-1691	426	20	the	the	DET
cblr-1691	426	21	likelihood	likelihood	NOUN
cblr-1691	426	22	of	of	ADP
cblr-1691	426	23	such	such	ADJ
cblr-1691	426	24	renegotiation	renegotiation	NOUN
cblr-1691	426	25	is	be	AUX
cblr-1691	426	26	higher	high	ADJ
cblr-1691	426	27	when	when	SCONJ
cblr-1691	426	28	vcs	vcs	PROPN
cblr-1691	426	29	have	have	VERB
cblr-1691	426	30	less	less	ADJ
cblr-1691	426	31	control	control	NOUN
cblr-1691	426	32	.	.	PUNCT
cblr-1691	426	33	”	"	PUNCT
cblr-1691	427	1	i	i	PRON
cblr-1691	427	2	d.	d.	PROPN
cblr-1691	427	3	136	136	NUM
cblr-1691	427	4	columbia	columbia	PROPN
cblr-1691	427	5	business	business	NOUN
cblr-1691	427	6	law	law	PROPN
cblr-1691	427	7	review	review	NOUN
cblr-1691	427	8	[	[	X
cblr-1691	427	9	vol	vol	NOUN
cblr-1691	427	10	.	.	PUNCT
cblr-1691	427	11	2019	2019	NUM
cblr-1691	427	12	quick	quick	ADJ
cblr-1691	427	13	exit	exit	NOUN
cblr-1691	427	14	.	.	PUNCT
cblr-1691	428	1	vcs	vcs	PROPN
cblr-1691	428	2	have	have	VERB
cblr-1691	428	3	a	a	DET
cblr-1691	428	4	bias	bias	NOUN
cblr-1691	428	5	towards	towards	ADP
cblr-1691	428	6	early	early	ADJ
cblr-1691	428	7	liquidity	liquidity	NOUN
cblr-1691	428	8	events	event	NOUN
cblr-1691	428	9	,	,	PUNCT
cblr-1691	428	10	even	even	ADV
cblr-1691	428	11	if	if	SCONJ
cblr-1691	428	12	“	"	PUNCT
cblr-1691	428	13	the	the	DET
cblr-1691	428	14	expected	expect	VERB
cblr-1691	428	15	value	value	NOUN
cblr-1691	428	16	of	of	ADP
cblr-1691	428	17	remaining	remain	VERB
cblr-1691	428	18	an	an	DET
cblr-1691	428	19	independent	independent	ADJ
cblr-1691	428	20	private	private	ADJ
cblr-1691	428	21	company	company	NOUN
cblr-1691	428	22	is	be	AUX
cblr-1691	428	23	higher	high	ADJ
cblr-1691	428	24	.	.	PUNCT
cblr-1691	428	25	”116	”116	PUNCT
cblr-1691	429	1	the	the	DET
cblr-1691	429	2	preferred	preferred	ADJ
cblr-1691	429	3	stock	stock	NOUN
cblr-1691	429	4	is	be	AUX
cblr-1691	429	5	therefore	therefore	ADV
cblr-1691	429	6	used	use	VERB
cblr-1691	429	7	as	as	ADP
cblr-1691	429	8	a	a	DET
cblr-1691	429	9	signaling	signal	VERB
cblr-1691	429	10	tool	tool	NOUN
cblr-1691	429	11	to	to	PART
cblr-1691	429	12	vcs	vcs	VERB
cblr-1691	429	13	that	that	SCONJ
cblr-1691	429	14	the	the	DET
cblr-1691	429	15	entrepreneur	entrepreneur	NOUN
cblr-1691	429	16	believes	believe	VERB
cblr-1691	429	17	in	in	ADP
cblr-1691	429	18	the	the	DET
cblr-1691	429	19	worth	worth	NOUN
cblr-1691	429	20	of	of	ADP
cblr-1691	429	21	the	the	DET
cblr-1691	429	22	startup.117	startup.117	NOUN
cblr-1691	429	23	by	by	ADP
cblr-1691	429	24	demanding	demand	VERB
cblr-1691	429	25	preferred	preferred	ADJ
cblr-1691	429	26	stock	stock	NOUN
cblr-1691	429	27	,	,	PUNCT
cblr-1691	429	28	the	the	DET
cblr-1691	429	29	vcs	vcs	NOUN
cblr-1691	429	30	make	make	VERB
cblr-1691	429	31	sure	sure	ADJ
cblr-1691	429	32	that	that	SCONJ
cblr-1691	429	33	the	the	DET
cblr-1691	429	34	entrepreneur	entrepreneur	NOUN
cblr-1691	429	35	will	will	AUX
cblr-1691	429	36	not	not	PART
cblr-1691	429	37	profit	profit	VERB
cblr-1691	429	38	from	from	ADP
cblr-1691	429	39	the	the	DET
cblr-1691	429	40	startup	startup	NOUN
cblr-1691	429	41	until	until	SCONJ
cblr-1691	429	42	the	the	DET
cblr-1691	429	43	proceeds	proceed	NOUN
cblr-1691	429	44	from	from	ADP
cblr-1691	429	45	an	an	DET
cblr-1691	429	46	ipo	ipo	NOUN
cblr-1691	429	47	or	or	CCONJ
cblr-1691	429	48	sale	sale	NOUN
cblr-1691	429	49	are	be	AUX
cblr-1691	429	50	greater	great	ADJ
cblr-1691	429	51	than	than	SCONJ
cblr-1691	429	52	the	the	DET
cblr-1691	429	53	vc	vc	PROPN
cblr-1691	429	54	’s	’s	PART
cblr-1691	429	55	liquidation	liquidation	NOUN
cblr-1691	429	56	preference.118	preference.118	VERB
cblr-1691	429	57	therefore	therefore	ADV
cblr-1691	429	58	,	,	PUNCT
cblr-1691	429	59	the	the	DET
cblr-1691	429	60	typical	typical	ADJ
cblr-1691	429	61	start	start	VERB
cblr-1691	429	62	-	-	PUNCT
cblr-1691	429	63	up	up	ADP
cblr-1691	429	64	lifecycle	lifecycle	NOUN
cblr-1691	429	65	pattern	pattern	NOUN
cblr-1691	429	66	proceeds	proceed	NOUN
cblr-1691	429	67	as	as	SCONJ
cblr-1691	429	68	follows	follow	VERB
cblr-1691	429	69	.	.	PUNCT
cblr-1691	430	1	the	the	DET
cblr-1691	430	2	founders	founder	NOUN
cblr-1691	430	3	,	,	PUNCT
cblr-1691	430	4	backed	back	VERB
cblr-1691	430	5	by	by	ADP
cblr-1691	430	6	early	early	ADJ
cblr-1691	430	7	equity	equity	NOUN
cblr-1691	430	8	capital	capital	NOUN
cblr-1691	430	9	providers	provider	NOUN
cblr-1691	430	10	,	,	PUNCT
cblr-1691	430	11	hire	hire	VERB
cblr-1691	430	12	employees	employee	NOUN
cblr-1691	430	13	(	(	PUNCT
cblr-1691	430	14	the	the	DET
cblr-1691	430	15	factors	factor	NOUN
cblr-1691	430	16	of	of	ADP
cblr-1691	430	17	production)119	production)119	PROPN
cblr-1691	430	18	and	and	CCONJ
cblr-1691	430	19	offer	offer	VERB
cblr-1691	430	20	them	they	PRON
cblr-1691	430	21	equity	equity	NOUN
cblr-1691	430	22	incentives	incentive	NOUN
cblr-1691	430	23	.	.	PUNCT
cblr-1691	431	1	employees	employee	NOUN
cblr-1691	431	2	who	who	PRON
cblr-1691	431	3	are	be	AUX
cblr-1691	431	4	willing	willing	ADJ
cblr-1691	431	5	to	to	PART
cblr-1691	431	6	take	take	VERB
cblr-1691	431	7	a	a	DET
cblr-1691	431	8	risk	risk	NOUN
cblr-1691	431	9	with	with	ADP
cblr-1691	431	10	the	the	DET
cblr-1691	431	11	start	start	VERB
cblr-1691	431	12	-	-	PUNCT
cblr-1691	431	13	up	up	NOUN
cblr-1691	431	14	accept	accept	VERB
cblr-1691	431	15	a	a	DET
cblr-1691	431	16	lower	low	ADJ
cblr-1691	431	17	salary	salary	NOUN
cblr-1691	431	18	and	and	CCONJ
cblr-1691	431	19	a	a	DET
cblr-1691	431	20	substantial	substantial	ADJ
cblr-1691	431	21	stock	stock	NOUN
cblr-1691	431	22	option	option	NOUN
cblr-1691	431	23	grant	grant	NOUN
cblr-1691	431	24	(	(	PUNCT
cblr-1691	431	25	or	or	CCONJ
cblr-1691	431	26	other	other	ADJ
cblr-1691	431	27	equity	equity	NOUN
cblr-1691	431	28	incentive	incentive	NOUN
cblr-1691	431	29	plan).120	plan).120	PROPN
cblr-1691	431	30	finally	finally	ADV
cblr-1691	431	31	,	,	PUNCT
cblr-1691	431	32	vc	vc	PROPN
cblr-1691	431	33	investors	investor	NOUN
cblr-1691	431	34	will	will	AUX
cblr-1691	431	35	look	look	VERB
cblr-1691	431	36	for	for	ADP
cblr-1691	431	37	an	an	DET
cblr-1691	431	38	exit	exit	NOUN
cblr-1691	431	39	opportunity	opportunity	NOUN
cblr-1691	431	40	.	.	PUNCT
cblr-1691	432	1	as	as	SCONJ
cblr-1691	432	2	noted	note	VERB
cblr-1691	432	3	,	,	PUNCT
cblr-1691	432	4	there	there	PRON
cblr-1691	432	5	are	be	VERB
cblr-1691	432	6	three	three	NUM
cblr-1691	432	7	exit	exit	NOUN
cblr-1691	432	8	possibilities	possibility	NOUN
cblr-1691	432	9	.	.	PUNCT
cblr-1691	433	1	first	first	ADV
cblr-1691	433	2	,	,	PUNCT
cblr-1691	433	3	the	the	DET
cblr-1691	433	4	board	board	NOUN
cblr-1691	433	5	of	of	ADP
cblr-1691	433	6	directors	director	NOUN
cblr-1691	433	7	(	(	PUNCT
cblr-1691	433	8	usually	usually	ADV
cblr-1691	433	9	controlled	control	VERB
cblr-1691	433	10	by	by	ADP
cblr-1691	433	11	the	the	DET
cblr-1691	433	12	vcs	vcs	PROPN
cblr-1691	433	13	)	)	PUNCT
cblr-1691	433	14	can	can	AUX
cblr-1691	433	15	choose	choose	VERB
cblr-1691	433	16	to	to	PART
cblr-1691	433	17	go	go	VERB
cblr-1691	433	18	public	public	ADJ
cblr-1691	433	19	through	through	ADP
cblr-1691	433	20	an	an	DET
cblr-1691	433	21	ipo.121	ipo.121	ADJ
cblr-1691	433	22	following	follow	VERB
cblr-1691	433	23	the	the	DET
cblr-1691	433	24	ipo	ipo	NOUN
cblr-1691	433	25	,	,	PUNCT
cblr-1691	433	26	116	116	NUM
cblr-1691	433	27	see	see	VERB
cblr-1691	433	28	fried	fried	PROPN
cblr-1691	433	29	&	&	CCONJ
cblr-1691	433	30	ganor	ganor	PROPN
cblr-1691	433	31	,	,	PUNCT
cblr-1691	433	32	supra	supra	PROPN
cblr-1691	433	33	note	note	NOUN
cblr-1691	433	34	108	108	NUM
cblr-1691	433	35	,	,	PUNCT
cblr-1691	433	36	at	at	ADP
cblr-1691	433	37	994	994	NUM
cblr-1691	433	38	;	;	PUNCT
cblr-1691	433	39	see	see	VERB
cblr-1691	433	40	also	also	ADV
cblr-1691	433	41	i	i	PROPN
cblr-1691	433	42	d.	d.	PROPN
cblr-1691	433	43	at	at	ADP
cblr-1691	433	44	995	995	NUM
cblr-1691	433	45	(	(	PUNCT
cblr-1691	433	46	“	"	PUNCT
cblr-1691	433	47	liquidity	liquidity	NOUN
cblr-1691	433	48	events	event	NOUN
cblr-1691	433	49	promise	promise	VERB
cblr-1691	433	50	a	a	DET
cblr-1691	433	51	certain	certain	ADJ
cblr-1691	433	52	payout	payout	NOUN
cblr-1691	433	53	,	,	PUNCT
cblr-1691	433	54	much	much	ADJ
cblr-1691	433	55	of	of	ADP
cblr-1691	433	56	which	which	PRON
cblr-1691	433	57	the	the	DET
cblr-1691	433	58	preferred	preferred	ADJ
cblr-1691	433	59	shareholders	shareholder	NOUN
cblr-1691	433	60	can	can	AUX
cblr-1691	433	61	capture	capture	VERB
cblr-1691	433	62	through	through	ADP
cblr-1691	433	63	their	their	PRON
cblr-1691	433	64	liquidation	liquidation	NOUN
cblr-1691	433	65	preferences	preference	NOUN
cblr-1691	433	66	.	.	PUNCT
cblr-1691	434	1	continuing	continue	VERB
cblr-1691	434	2	to	to	PART
cblr-1691	434	3	operate	operate	VERB
cblr-1691	434	4	the	the	DET
cblr-1691	434	5	firm	firm	NOUN
cblr-1691	434	6	as	as	ADP
cblr-1691	434	7	an	an	DET
cblr-1691	434	8	independent	independent	ADJ
cblr-1691	434	9	company	company	NOUN
cblr-1691	434	10	may	may	AUX
cblr-1691	434	11	expose	expose	VERB
cblr-1691	434	12	the	the	DET
cblr-1691	434	13	preferredowning	preferredowne	VERB
cblr-1691	434	14	vcs	vcs	NOUN
cblr-1691	434	15	to	to	PART
cblr-1691	434	16	risk	risk	VERB
cblr-1691	434	17	without	without	ADP
cblr-1691	434	18	sufficient	sufficient	ADJ
cblr-1691	434	19	opportunity	opportunity	NOUN
cblr-1691	434	20	for	for	ADP
cblr-1691	434	21	gain	gain	NOUN
cblr-1691	434	22	.	.	PUNCT
cblr-1691	434	23	”	"	PUNCT
cblr-1691	434	24	)	)	PUNCT
cblr-1691	434	25	.	.	PUNCT
cblr-1691	435	1	117	117	NUM
cblr-1691	435	2	see	see	VERB
cblr-1691	435	3	i	i	PROPN
cblr-1691	435	4	d.	d.	PROPN
cblr-1691	435	5	at	at	ADP
cblr-1691	435	6	994–95	994–95	NUM
cblr-1691	435	7	.	.	PUNCT
cblr-1691	436	1	118	118	NUM
cblr-1691	436	2	see	see	VERB
cblr-1691	436	3	i	i	PRON
cblr-1691	436	4	d.	d.	PROPN
cblr-1691	436	5	at	at	ADP
cblr-1691	436	6	983	983	NUM
cblr-1691	436	7	(	(	PUNCT
cblr-1691	436	8	“	"	PUNCT
cblr-1691	436	9	if	if	SCONJ
cblr-1691	436	10	the	the	DET
cblr-1691	436	11	firm	firm	NOUN
cblr-1691	436	12	does	do	VERB
cblr-1691	436	13	poorly	poorly	ADV
cblr-1691	436	14	,	,	PUNCT
cblr-1691	436	15	the	the	DET
cblr-1691	436	16	founder	founder	NOUN
cblr-1691	436	17	will	will	AUX
cblr-1691	436	18	therefore	therefore	ADV
cblr-1691	436	19	get	get	VERB
cblr-1691	436	20	less	less	ADJ
cblr-1691	436	21	than	than	ADP
cblr-1691	436	22	her	her	PRON
cblr-1691	436	23	pro	pro	ADJ
cblr-1691	436	24	rata	rata	ADJ
cblr-1691	436	25	share	share	NOUN
cblr-1691	436	26	of	of	ADP
cblr-1691	436	27	the	the	DET
cblr-1691	436	28	firm	firm	NOUN
cblr-1691	436	29	’s	’s	PART
cblr-1691	436	30	value	value	NOUN
cblr-1691	436	31	,	,	PUNCT
cblr-1691	436	32	and	and	CCONJ
cblr-1691	436	33	nothing	nothing	PRON
cblr-1691	436	34	at	at	ADV
cblr-1691	436	35	all	all	ADV
cblr-1691	436	36	if	if	SCONJ
cblr-1691	436	37	the	the	DET
cblr-1691	436	38	firm	firm	NOUN
cblr-1691	436	39	’s	’s	PART
cblr-1691	436	40	value	value	NOUN
cblr-1691	436	41	is	be	AUX
cblr-1691	436	42	less	less	ADJ
cblr-1691	436	43	than	than	ADP
cblr-1691	436	44	the	the	DET
cblr-1691	436	45	liquidation	liquidation	NOUN
cblr-1691	436	46	preference	preference	NOUN
cblr-1691	436	47	.	.	PUNCT
cblr-1691	437	1	if	if	SCONJ
cblr-1691	437	2	the	the	DET
cblr-1691	437	3	firm	firm	NOUN
cblr-1691	437	4	does	do	VERB
cblr-1691	437	5	well	well	ADV
cblr-1691	437	6	,	,	PUNCT
cblr-1691	437	7	and	and	CCONJ
cblr-1691	437	8	the	the	DET
cblr-1691	437	9	vcs	vcs	PROPN
cblr-1691	437	10	convert	convert	VERB
cblr-1691	437	11	into	into	ADP
cblr-1691	437	12	common	common	ADJ
cblr-1691	437	13	,	,	PUNCT
cblr-1691	437	14	the	the	DET
cblr-1691	437	15	founder	founder	NOUN
cblr-1691	437	16	receives	receive	VERB
cblr-1691	437	17	her	her	PRON
cblr-1691	437	18	pro	pro	ADJ
cblr-1691	437	19	rata	rata	ADJ
cblr-1691	437	20	share	share	NOUN
cblr-1691	437	21	of	of	ADP
cblr-1691	437	22	the	the	DET
cblr-1691	437	23	firm	firm	NOUN
cblr-1691	437	24	’s	’s	PART
cblr-1691	437	25	value	value	NOUN
cblr-1691	437	26	.	.	PUNCT
cblr-1691	438	1	thus	thus	ADV
cblr-1691	438	2	,	,	PUNCT
cblr-1691	438	3	founders	founder	NOUN
cblr-1691	438	4	may	may	AUX
cblr-1691	438	5	have	have	VERB
cblr-1691	438	6	a	a	DET
cblr-1691	438	7	greater	great	ADJ
cblr-1691	438	8	incentive	incentive	NOUN
cblr-1691	438	9	to	to	PART
cblr-1691	438	10	increase	increase	VERB
cblr-1691	438	11	startup	startup	NOUN
cblr-1691	438	12	value	value	NOUN
cblr-1691	438	13	than	than	SCONJ
cblr-1691	438	14	they	they	PRON
cblr-1691	438	15	would	would	AUX
cblr-1691	438	16	under	under	ADP
cblr-1691	438	17	an	an	DET
cblr-1691	438	18	all	all	ADV
cblr-1691	438	19	-	-	PUNCT
cblr-1691	438	20	common	common	ADJ
cblr-1691	438	21	capital	capital	NOUN
cblr-1691	438	22	structure	structure	NOUN
cblr-1691	438	23	.	.	PUNCT
cblr-1691	438	24	”	"	PUNCT
cblr-1691	438	25	)	)	PUNCT
cblr-1691	438	26	.	.	PUNCT
cblr-1691	439	1	119	119	NUM
cblr-1691	439	2	see	see	VERB
cblr-1691	439	3	generally	generally	ADV
cblr-1691	439	4	daniel	daniel	PROPN
cblr-1691	439	5	m.	m.	PROPN
cblr-1691	439	6	cable	cable	PROPN
cblr-1691	439	7	&	&	CCONJ
cblr-1691	439	8	scott	scott	PROPN
cblr-1691	439	9	shane	shane	PROPN
cblr-1691	439	10	,	,	PUNCT
cblr-1691	439	11	a	a	DET
cblr-1691	439	12	prisoner	prisoner	NOUN
cblr-1691	439	13	’s	’s	PART
cblr-1691	439	14	dilemma	dilemma	NOUN
cblr-1691	439	15	approach	approach	NOUN
cblr-1691	439	16	to	to	ADP
cblr-1691	439	17	entrepreneur	entrepreneur	NOUN
cblr-1691	439	18	-	-	ADJ
cblr-1691	439	19	venture	venture	ADJ
cblr-1691	439	20	capitalist	capitalist	ADJ
cblr-1691	439	21	relationships	relationship	NOUN
cblr-1691	439	22	,	,	PUNCT
cblr-1691	439	23	22	22	NUM
cblr-1691	439	24	acad	acad	NOUN
cblr-1691	439	25	.	.	PUNCT
cblr-1691	440	1	mgmt	mgmt	PROPN
cblr-1691	440	2	.	.	PUNCT
cblr-1691	441	1	rev	rev	PROPN
cblr-1691	441	2	.	.	PROPN
cblr-1691	441	3	142	142	NUM
cblr-1691	441	4	(	(	PUNCT
cblr-1691	441	5	1997	1997	NUM
cblr-1691	441	6	)	)	PUNCT
cblr-1691	441	7	;	;	PUNCT
cblr-1691	442	1	d.	d.	PROPN
cblr-1691	442	2	gordon	gordon	PROPN
cblr-1691	442	3	smith	smith	PROPN
cblr-1691	442	4	,	,	PUNCT
cblr-1691	442	5	team	team	NOUN
cblr-1691	442	6	production	production	NOUN
cblr-1691	442	7	in	in	ADP
cblr-1691	442	8	venture	venture	NOUN
cblr-1691	442	9	capital	capital	NOUN
cblr-1691	442	10	investing	investing	NOUN
cblr-1691	442	11	,	,	PUNCT
cblr-1691	442	12	24	24	NUM
cblr-1691	442	13	j.	j.	PROPN
cblr-1691	442	14	corp	corp	PROPN
cblr-1691	442	15	.	.	PROPN
cblr-1691	442	16	l.	l.	PROPN
cblr-1691	442	17	949	949	NUM
cblr-1691	442	18	,	,	PUNCT
cblr-1691	442	19	960	960	NUM
cblr-1691	442	20	(	(	PUNCT
cblr-1691	442	21	1999	1999	NUM
cblr-1691	442	22	)	)	PUNCT
cblr-1691	442	23	.	.	PUNCT
cblr-1691	443	1	120	120	NUM
cblr-1691	443	2	see	see	VERB
cblr-1691	443	3	smith	smith	PROPN
cblr-1691	443	4	,	,	PUNCT
cblr-1691	443	5	supra	supra	PROPN
cblr-1691	443	6	note	note	PROPN
cblr-1691	443	7	14	14	NUM
cblr-1691	443	8	,	,	PUNCT
cblr-1691	443	9	at	at	ADP
cblr-1691	443	10	595	595	NUM
cblr-1691	443	11	.	.	PUNCT
cblr-1691	443	12	121	121	NUM
cblr-1691	443	13	for	for	ADP
cblr-1691	443	14	a	a	DET
cblr-1691	443	15	discussion	discussion	NOUN
cblr-1691	443	16	on	on	ADP
cblr-1691	443	17	the	the	DET
cblr-1691	443	18	motives	motive	NOUN
cblr-1691	443	19	to	to	PART
cblr-1691	443	20	go	go	VERB
cblr-1691	443	21	public	public	ADJ
cblr-1691	443	22	,	,	PUNCT
cblr-1691	443	23	see	see	VERB
cblr-1691	443	24	richard	richard	PROPN
cblr-1691	443	25	a.	a.	PROPN
cblr-1691	443	26	booth	booth	PROPN
cblr-1691	443	27	,	,	PUNCT
cblr-1691	443	28	the	the	DET
cblr-1691	443	29	limited	limited	ADJ
cblr-1691	443	30	liability	liability	NOUN
cblr-1691	443	31	company	company	NOUN
cblr-1691	443	32	and	and	CCONJ
cblr-1691	443	33	the	the	DET
cblr-1691	443	34	search	search	NOUN
cblr-1691	443	35	for	for	ADP
cblr-1691	443	36	a	a	DET
cblr-1691	443	37	bright	bright	ADJ
cblr-1691	443	38	line	line	NOUN
cblr-1691	443	39	between	between	ADP
cblr-1691	443	40	corporations	corporation	NOUN
cblr-1691	443	41	and	and	CCONJ
cblr-1691	443	42	partnerships	partnership	NOUN
cblr-1691	443	43	,	,	PUNCT
cblr-1691	443	44	32	32	NUM
cblr-1691	443	45	wake	wake	VERB
cblr-1691	443	46	forest	forest	PROPN
cblr-1691	443	47	l.	l.	PROPN
cblr-1691	443	48	rev	rev	PROPN
cblr-1691	443	49	.	.	PROPN
cblr-1691	443	50	79	79	NUM
cblr-1691	443	51	,	,	PUNCT
cblr-1691	443	52	89–92	89–92	NUM
cblr-1691	443	53	(	(	PUNCT
cblr-1691	443	54	1997	1997	NUM
cblr-1691	443	55	)	)	PUNCT
cblr-1691	443	56	;	;	PUNCT
cblr-1691	443	57	see	see	VERB
cblr-1691	443	58	also	also	ADV
cblr-1691	443	59	james	james	PROPN
cblr-1691	443	60	c.	c.	PROPN
cblr-1691	443	61	brau	brau	PROPN
cblr-1691	443	62	&	&	CCONJ
cblr-1691	443	63	stanley	stanley	PROPN
cblr-1691	443	64	e.	e.	PROPN
cblr-1691	443	65	fawcett	fawcett	PROPN
cblr-1691	443	66	,	,	PUNCT
cblr-1691	443	67	initial	initial	ADJ
cblr-1691	443	68	public	public	ADJ
cblr-1691	443	69	offerings	offering	NOUN
cblr-1691	443	70	:	:	PUNCT
cblr-1691	443	71	an	an	DET
cblr-1691	443	72	no	no	NOUN
cblr-1691	443	73	.	.	PUNCT
cblr-1691	444	1	1:107	1:107	NUM
cblr-1691	444	2	]	]	X
cblr-1691	444	3	unicorn	unicorn	ADJ
cblr-1691	444	4	stock	stock	NOUN
cblr-1691	444	5	options	option	NOUN
cblr-1691	444	6	137	137	NUM
cblr-1691	444	7	the	the	DET
cblr-1691	444	8	founders	founder	NOUN
cblr-1691	444	9	are	be	AUX
cblr-1691	444	10	often	often	ADV
cblr-1691	444	11	replaced	replace	VERB
cblr-1691	444	12	with	with	ADP
cblr-1691	444	13	professional	professional	ADJ
cblr-1691	444	14	managers	manager	NOUN
cblr-1691	444	15	,	,	PUNCT
cblr-1691	444	16	and	and	CCONJ
cblr-1691	444	17	the	the	DET
cblr-1691	444	18	vc	vc	PROPN
cblr-1691	444	19	-	-	PUNCT
cblr-1691	444	20	controlled	control	VERB
cblr-1691	444	21	board	board	NOUN
cblr-1691	444	22	is	be	AUX
cblr-1691	444	23	replaced	replace	VERB
cblr-1691	444	24	with	with	ADP
cblr-1691	444	25	independent	independent	ADJ
cblr-1691	444	26	directors	director	NOUN
cblr-1691	444	27	.	.	PUNCT
cblr-1691	445	1	the	the	DET
cblr-1691	445	2	capital	capital	NOUN
cblr-1691	445	3	providers	provider	NOUN
cblr-1691	445	4	and	and	CCONJ
cblr-1691	445	5	employees	employee	NOUN
cblr-1691	445	6	are	be	AUX
cblr-1691	445	7	able	able	ADJ
cblr-1691	445	8	to	to	PART
cblr-1691	445	9	liquidate	liquidate	VERB
cblr-1691	445	10	their	their	PRON
cblr-1691	445	11	investments	investment	NOUN
cblr-1691	445	12	in	in	ADP
cblr-1691	445	13	the	the	DET
cblr-1691	445	14	firm	firm	NOUN
cblr-1691	445	15	.	.	PUNCT
cblr-1691	446	1	second	second	ADJ
cblr-1691	446	2	,	,	PUNCT
cblr-1691	446	3	the	the	DET
cblr-1691	446	4	board	board	NOUN
cblr-1691	446	5	can	can	AUX
cblr-1691	446	6	decide	decide	VERB
cblr-1691	446	7	to	to	PART
cblr-1691	446	8	sell	sell	VERB
cblr-1691	446	9	to	to	ADP
cblr-1691	446	10	another	another	DET
cblr-1691	446	11	firm	firm	NOUN
cblr-1691	446	12	.	.	PUNCT
cblr-1691	447	1	in	in	ADP
cblr-1691	447	2	that	that	DET
cblr-1691	447	3	case	case	NOUN
cblr-1691	447	4	,	,	PUNCT
cblr-1691	447	5	the	the	DET
cblr-1691	447	6	capital	capital	NOUN
cblr-1691	447	7	providers	provider	NOUN
cblr-1691	447	8	are	be	AUX
cblr-1691	447	9	able	able	ADJ
cblr-1691	447	10	to	to	PART
cblr-1691	447	11	cash	cash	VERB
cblr-1691	447	12	out	out	ADP
cblr-1691	447	13	according	accord	VERB
cblr-1691	447	14	to	to	ADP
cblr-1691	447	15	their	their	PRON
cblr-1691	447	16	preference	preference	NOUN
cblr-1691	447	17	,	,	PUNCT
cblr-1691	447	18	but	but	CCONJ
cblr-1691	447	19	the	the	DET
cblr-1691	447	20	common	common	ADJ
cblr-1691	447	21	shareholders	shareholder	NOUN
cblr-1691	447	22	,	,	PUNCT
cblr-1691	447	23	such	such	ADJ
cblr-1691	447	24	as	as	ADP
cblr-1691	447	25	employees	employee	NOUN
cblr-1691	447	26	,	,	PUNCT
cblr-1691	447	27	often	often	ADV
cblr-1691	447	28	do	do	AUX
cblr-1691	447	29	not	not	PART
cblr-1691	447	30	receive	receive	VERB
cblr-1691	447	31	much	much	ADJ
cblr-1691	447	32	of	of	ADP
cblr-1691	447	33	the	the	DET
cblr-1691	447	34	profit	profit	NOUN
cblr-1691	447	35	from	from	ADP
cblr-1691	447	36	the	the	DET
cblr-1691	447	37	sale	sale	NOUN
cblr-1691	447	38	,	,	PUNCT
cblr-1691	447	39	depending	depend	VERB
cblr-1691	447	40	on	on	ADP
cblr-1691	447	41	the	the	DET
cblr-1691	447	42	sale	sale	NOUN
cblr-1691	447	43	price	price	NOUN
cblr-1691	447	44	.	.	PUNCT
cblr-1691	448	1	indeed	indeed	ADV
cblr-1691	448	2	,	,	PUNCT
cblr-1691	448	3	their	their	PRON
cblr-1691	448	4	unexercised	unexercised	ADJ
cblr-1691	448	5	options	option	NOUN
cblr-1691	448	6	may	may	AUX
cblr-1691	448	7	be	be	AUX
cblr-1691	448	8	cancelled	cancel	VERB
cblr-1691	448	9	without	without	ADP
cblr-1691	448	10	receiving	receive	VERB
cblr-1691	448	11	anything	anything	PRON
cblr-1691	448	12	in	in	ADP
cblr-1691	448	13	return	return	NOUN
cblr-1691	448	14	,	,	PUNCT
cblr-1691	448	15	even	even	ADV
cblr-1691	448	16	for	for	ADP
cblr-1691	448	17	in	in	ADP
cblr-1691	448	18	-	-	PUNCT
cblr-1691	448	19	the	the	DET
cblr-1691	448	20	-	-	PUNCT
cblr-1691	448	21	money	money	NOUN
cblr-1691	448	22	options.122	options.122	ADJ
cblr-1691	448	23	third	third	NOUN
cblr-1691	448	24	,	,	PUNCT
cblr-1691	448	25	the	the	DET
cblr-1691	448	26	start	start	NOUN
cblr-1691	448	27	-	-	PUNCT
cblr-1691	448	28	up	up	NOUN
cblr-1691	448	29	can	can	AUX
cblr-1691	448	30	be	be	AUX
cblr-1691	448	31	liquidated	liquidate	VERB
cblr-1691	448	32	.	.	PUNCT
cblr-1691	449	1	as	as	ADP
cblr-1691	449	2	with	with	ADP
cblr-1691	449	3	a	a	DET
cblr-1691	449	4	sale	sale	NOUN
cblr-1691	449	5	,	,	PUNCT
cblr-1691	449	6	vcs	vcs	PROPN
cblr-1691	449	7	are	be	AUX
cblr-1691	449	8	able	able	ADJ
cblr-1691	449	9	to	to	PART
cblr-1691	449	10	cash	cash	VERB
cblr-1691	449	11	out	out	ADP
cblr-1691	449	12	according	accord	VERB
cblr-1691	449	13	to	to	ADP
cblr-1691	449	14	their	their	PRON
cblr-1691	449	15	liquidation	liquidation	NOUN
cblr-1691	449	16	preference	preference	NOUN
cblr-1691	449	17	,	,	PUNCT
cblr-1691	449	18	but	but	CCONJ
cblr-1691	449	19	again	again	ADV
cblr-1691	449	20	,	,	PUNCT
cblr-1691	449	21	the	the	DET
cblr-1691	449	22	common	common	ADJ
cblr-1691	449	23	shareholders	shareholder	NOUN
cblr-1691	449	24	,	,	PUNCT
cblr-1691	449	25	such	such	ADJ
cblr-1691	449	26	as	as	ADP
cblr-1691	449	27	employees	employee	NOUN
cblr-1691	449	28	,	,	PUNCT
cblr-1691	449	29	are	be	AUX
cblr-1691	449	30	unlikely	unlikely	ADJ
cblr-1691	449	31	to	to	PART
cblr-1691	449	32	receive	receive	VERB
cblr-1691	449	33	much	much	ADJ
cblr-1691	449	34	of	of	ADP
cblr-1691	449	35	the	the	DET
cblr-1691	449	36	liquidation	liquidation	NOUN
cblr-1691	449	37	proceeds	proceed	NOUN
cblr-1691	449	38	.	.	PUNCT
cblr-1691	450	1	2	2	X
cblr-1691	450	2	.	.	X
cblr-1691	450	3	mitigation	mitigation	NOUN
cblr-1691	450	4	of	of	ADP
cblr-1691	450	5	asymmetric	asymmetric	ADJ
cblr-1691	450	6	information	information	NOUN
cblr-1691	450	7	and	and	CCONJ
cblr-1691	450	8	agency	agency	NOUN
cblr-1691	450	9	costs	cost	VERB
cblr-1691	450	10	venture	venture	NOUN
cblr-1691	450	11	capital	capital	NOUN
cblr-1691	450	12	firms	firm	NOUN
cblr-1691	450	13	are	be	AUX
cblr-1691	450	14	also	also	ADV
cblr-1691	450	15	able	able	ADJ
cblr-1691	450	16	to	to	PART
cblr-1691	450	17	use	use	VERB
cblr-1691	450	18	their	their	PRON
cblr-1691	450	19	preferred	preferred	ADJ
cblr-1691	450	20	stock	stock	NOUN
cblr-1691	450	21	to	to	PART
cblr-1691	450	22	mitigate	mitigate	VERB
cblr-1691	450	23	agency	agency	NOUN
cblr-1691	450	24	costs	cost	NOUN
cblr-1691	450	25	and	and	CCONJ
cblr-1691	450	26	information	information	NOUN
cblr-1691	450	27	asymmetry	asymmetry	NOUN
cblr-1691	450	28	.	.	PUNCT
cblr-1691	451	1	in	in	ADP
cblr-1691	451	2	any	any	DET
cblr-1691	451	3	startup	startup	NOUN
cblr-1691	451	4	,	,	PUNCT
cblr-1691	451	5	there	there	PRON
cblr-1691	451	6	is	be	VERB
cblr-1691	451	7	uncertainty	uncertainty	NOUN
cblr-1691	451	8	concerning	concern	VERB
cblr-1691	451	9	the	the	DET
cblr-1691	451	10	success	success	NOUN
cblr-1691	451	11	of	of	ADP
cblr-1691	451	12	the	the	DET
cblr-1691	451	13	startup	startup	NOUN
cblr-1691	451	14	firm	firm	NOUN
cblr-1691	451	15	’s	’s	PART
cblr-1691	451	16	product	product	NOUN
cblr-1691	451	17	or	or	CCONJ
cblr-1691	451	18	service.123	service.123	NOUN
cblr-1691	451	19	in	in	ADP
cblr-1691	451	20	turn	turn	NOUN
cblr-1691	451	21	,	,	PUNCT
cblr-1691	451	22	this	this	PRON
cblr-1691	451	23	affects	affect	VERB
cblr-1691	451	24	the	the	DET
cblr-1691	451	25	motivation	motivation	NOUN
cblr-1691	451	26	of	of	ADP
cblr-1691	451	27	investors	investor	NOUN
cblr-1691	451	28	to	to	PART
cblr-1691	451	29	advance	advance	VERB
cblr-1691	451	30	capital	capital	NOUN
cblr-1691	451	31	and	and	CCONJ
cblr-1691	451	32	of	of	ADP
cblr-1691	451	33	suppliers	supplier	NOUN
cblr-1691	451	34	to	to	PART
cblr-1691	451	35	extend	extend	VERB
cblr-1691	451	36	credit	credit	NOUN
cblr-1691	451	37	.	.	PUNCT
cblr-1691	452	1	startup	startup	PROPN
cblr-1691	452	2	firms	firm	NOUN
cblr-1691	452	3	traditionally	traditionally	ADV
cblr-1691	452	4	experience	experience	VERB
cblr-1691	452	5	difficulty	difficulty	NOUN
cblr-1691	452	6	raising	raise	VERB
cblr-1691	452	7	capital	capital	NOUN
cblr-1691	452	8	from	from	ADP
cblr-1691	452	9	investors	investor	NOUN
cblr-1691	452	10	due	due	ADP
cblr-1691	452	11	to	to	ADP
cblr-1691	452	12	the	the	DET
cblr-1691	452	13	uncertainty	uncertainty	NOUN
cblr-1691	452	14	of	of	ADP
cblr-1691	452	15	success	success	NOUN
cblr-1691	452	16	and	and	CCONJ
cblr-1691	452	17	analysis	analysis	NOUN
cblr-1691	452	18	of	of	ADP
cblr-1691	452	19	theory	theory	NOUN
cblr-1691	452	20	and	and	CCONJ
cblr-1691	452	21	practice	practice	NOUN
cblr-1691	452	22	,	,	PUNCT
cblr-1691	452	23	61	61	NUM
cblr-1691	452	24	j.	j.	PROPN
cblr-1691	452	25	fin	fin	PROPN
cblr-1691	452	26	.	.	PUNCT
cblr-1691	453	1	399	399	NUM
cblr-1691	453	2	(	(	PUNCT
cblr-1691	453	3	2006	2006	NUM
cblr-1691	453	4	)	)	PUNCT
cblr-1691	453	5	(	(	PUNCT
cblr-1691	453	6	discussing	discuss	VERB
cblr-1691	453	7	a	a	DET
cblr-1691	453	8	survey	survey	NOUN
cblr-1691	453	9	on	on	ADP
cblr-1691	453	10	decisions	decision	NOUN
cblr-1691	453	11	to	to	PART
cblr-1691	453	12	do	do	AUX
cblr-1691	453	13	an	an	DET
cblr-1691	453	14	ipo	ipo	NOUN
cblr-1691	453	15	)	)	PUNCT
cblr-1691	453	16	.	.	PUNCT
cblr-1691	454	1	122	122	NUM
cblr-1691	454	2	see	see	VERB
cblr-1691	454	3	supra	supra	PROPN
cblr-1691	454	4	note	note	PROPN
cblr-1691	454	5	121	121	NUM
cblr-1691	454	6	.	.	PUNCT
cblr-1691	455	1	123	123	NUM
cblr-1691	455	2	see	see	VERB
cblr-1691	455	3	anat	anat	PROPN
cblr-1691	455	4	alon	alon	PROPN
cblr-1691	455	5	-	-	PUNCT
cblr-1691	455	6	beck	beck	PROPN
cblr-1691	455	7	,	,	PUNCT
cblr-1691	455	8	the	the	DET
cblr-1691	455	9	law	law	NOUN
cblr-1691	455	10	of	of	ADP
cblr-1691	455	11	social	social	ADJ
cblr-1691	455	12	entrepreneurship	entrepreneurship	NOUN
cblr-1691	455	13	—	—	PUNCT
cblr-1691	455	14	creating	create	VERB
cblr-1691	455	15	shared	share	VERB
cblr-1691	455	16	value	value	NOUN
cblr-1691	455	17	through	through	ADP
cblr-1691	455	18	the	the	DET
cblr-1691	455	19	lens	lens	NOUN
cblr-1691	455	20	of	of	ADP
cblr-1691	455	21	sandra	sandra	PROPN
cblr-1691	455	22	day	day	PROPN
cblr-1691	455	23	o’connor	o’connor	ADV
cblr-1691	455	24	’s	’s	PART
cblr-1691	455	25	icivics	icivic	NOUN
cblr-1691	455	26	20	20	NUM
cblr-1691	455	27	u.	u.	PROPN
cblr-1691	455	28	pa	pa	PROPN
cblr-1691	455	29	.	.	PUNCT
cblr-1691	456	1	j.	j.	PROPN
cblr-1691	456	2	bus	bus	PROPN
cblr-1691	456	3	.	.	PUNCT
cblr-1691	457	1	l.	l.	PROPN
cblr-1691	457	2	520	520	NUM
cblr-1691	457	3	,	,	PUNCT
cblr-1691	457	4	536	536	NUM
cblr-1691	457	5	(	(	PUNCT
cblr-1691	457	6	2018	2018	NUM
cblr-1691	457	7	)	)	PUNCT
cblr-1691	457	8	.	.	PUNCT
cblr-1691	458	1	(	(	PUNCT
cblr-1691	458	2	“	"	PUNCT
cblr-1691	458	3	[	[	X
cblr-1691	458	4	the	the	X
cblr-1691	458	5	]	]	X
cblr-1691	458	6	information	information	NOUN
cblr-1691	458	7	asymmetry	asymmetry	NOUN
cblr-1691	458	8	and	and	CCONJ
cblr-1691	458	9	uncertainty	uncertainty	NOUN
cblr-1691	458	10	associated	associate	VERB
cblr-1691	458	11	with	with	ADP
cblr-1691	458	12	agency	agency	NOUN
cblr-1691	458	13	issues	issue	NOUN
cblr-1691	458	14	contribute	contribute	VERB
cblr-1691	458	15	to	to	ADP
cblr-1691	458	16	‘	'	PUNCT
cblr-1691	458	17	adverse	adverse	ADJ
cblr-1691	458	18	selection	selection	NOUN
cblr-1691	458	19	,	,	PUNCT
cblr-1691	458	20	’	'	PUNCT
cblr-1691	458	21	where	where	SCONJ
cblr-1691	458	22	impact	impact	NOUN
cblr-1691	458	23	investors	investor	NOUN
cblr-1691	458	24	have	have	VERB
cblr-1691	458	25	difficulty	difficulty	NOUN
cblr-1691	458	26	screening	screen	VERB
cblr-1691	458	27	and	and	CCONJ
cblr-1691	458	28	selecting	select	VERB
cblr-1691	458	29	credible	credible	ADJ
cblr-1691	458	30	,	,	PUNCT
cblr-1691	458	31	highquality	highquality	NOUN
cblr-1691	458	32	entrepreneurs	entrepreneur	NOUN
cblr-1691	458	33	and	and	CCONJ
cblr-1691	458	34	companies	company	NOUN
cblr-1691	458	35	,	,	PUNCT
cblr-1691	458	36	inhibiting	inhibit	VERB
cblr-1691	458	37	investors	investor	NOUN
cblr-1691	458	38	’	’	PART
cblr-1691	458	39	ability	ability	NOUN
cblr-1691	458	40	to	to	PART
cblr-1691	458	41	make	make	VERB
cblr-1691	458	42	sound	sound	ADJ
cblr-1691	458	43	and	and	CCONJ
cblr-1691	458	44	competent	competent	ADJ
cblr-1691	458	45	investment	investment	NOUN
cblr-1691	458	46	decisions	decision	NOUN
cblr-1691	458	47	.	.	PUNCT
cblr-1691	458	48	”	"	PUNCT
cblr-1691	458	49	)	)	PUNCT
cblr-1691	458	50	.	.	PUNCT
cblr-1691	459	1	according	accord	VERB
cblr-1691	459	2	to	to	ADP
cblr-1691	459	3	jensen	jensen	PROPN
cblr-1691	459	4	and	and	CCONJ
cblr-1691	459	5	meckling	meckling	PROPN
cblr-1691	459	6	’s	’s	PART
cblr-1691	459	7	“	"	PUNCT
cblr-1691	459	8	agency	agency	NOUN
cblr-1691	459	9	theory	theory	NOUN
cblr-1691	459	10	,	,	PUNCT
cblr-1691	459	11	”	"	PUNCT
cblr-1691	459	12	there	there	PRON
cblr-1691	459	13	is	be	VERB
cblr-1691	459	14	always	always	ADV
cblr-1691	459	15	uncertainty	uncertainty	NOUN
cblr-1691	459	16	surrounding	surround	VERB
cblr-1691	459	17	the	the	DET
cblr-1691	459	18	agent	agent	NOUN
cblr-1691	459	19	’s	’s	PART
cblr-1691	459	20	(	(	PUNCT
cblr-1691	459	21	or	or	CCONJ
cblr-1691	459	22	entrepreneur	entrepreneur	NOUN
cblr-1691	459	23	’s	’s	PART
cblr-1691	459	24	)	)	PUNCT
cblr-1691	459	25	possible	possible	ADJ
cblr-1691	459	26	mismanagement	mismanagement	NOUN
cblr-1691	459	27	and	and	CCONJ
cblr-1691	459	28	opportunistic	opportunistic	ADJ
cblr-1691	459	29	conduct	conduct	NOUN
cblr-1691	459	30	.	.	PUNCT
cblr-1691	460	1	see	see	VERB
cblr-1691	460	2	generally	generally	ADV
cblr-1691	460	3	jensen	jensen	PROPN
cblr-1691	460	4	&	&	CCONJ
cblr-1691	460	5	meckling	meckling	PROPN
cblr-1691	460	6	,	,	PUNCT
cblr-1691	460	7	supra	supra	PROPN
cblr-1691	460	8	note	note	PROPN
cblr-1691	460	9	51	51	NUM
cblr-1691	460	10	.	.	SYM
cblr-1691	460	11	138	138	NUM
cblr-1691	460	12	columbia	columbia	PROPN
cblr-1691	460	13	business	business	NOUN
cblr-1691	460	14	law	law	PROPN
cblr-1691	460	15	review	review	NOUN
cblr-1691	461	1	[	[	X
cblr-1691	461	2	vol	vol	NOUN
cblr-1691	461	3	.	.	NOUN
cblr-1691	461	4	2019	2019	NUM
cblr-1691	461	5	the	the	DET
cblr-1691	461	6	asymmetric	asymmetric	ADJ
cblr-1691	461	7	information	information	NOUN
cblr-1691	461	8	problem	problem	NOUN
cblr-1691	461	9	.	.	PUNCT
cblr-1691	462	1	as	as	ADP
cblr-1691	462	2	outsiders	outsider	NOUN
cblr-1691	462	3	,	,	PUNCT
cblr-1691	462	4	prospective	prospective	ADJ
cblr-1691	462	5	investors	investor	NOUN
cblr-1691	462	6	do	do	AUX
cblr-1691	462	7	not	not	PART
cblr-1691	462	8	have	have	VERB
cblr-1691	462	9	the	the	DET
cblr-1691	462	10	same	same	ADJ
cblr-1691	462	11	knowledge	knowledge	NOUN
cblr-1691	462	12	about	about	ADP
cblr-1691	462	13	a	a	DET
cblr-1691	462	14	firm	firm	NOUN
cblr-1691	462	15	’s	’s	PART
cblr-1691	462	16	outlook	outlook	NOUN
cblr-1691	462	17	as	as	ADP
cblr-1691	462	18	the	the	DET
cblr-1691	462	19	entrepreneurs	entrepreneur	NOUN
cblr-1691	462	20	who	who	PRON
cblr-1691	462	21	work	work	VERB
cblr-1691	462	22	within	within	ADP
cblr-1691	462	23	the	the	DET
cblr-1691	462	24	firm	firm	NOUN
cblr-1691	462	25	and	and	CCONJ
cblr-1691	462	26	are	be	AUX
cblr-1691	462	27	responsible	responsible	ADJ
cblr-1691	462	28	for	for	ADP
cblr-1691	462	29	decision	decision	NOUN
cblr-1691	462	30	-	-	PUNCT
cblr-1691	462	31	making	making	NOUN
cblr-1691	462	32	.	.	PUNCT
cblr-1691	463	1	investment	investment	NOUN
cblr-1691	463	2	in	in	ADP
cblr-1691	463	3	entrepreneurial	entrepreneurial	ADJ
cblr-1691	463	4	firms	firm	NOUN
cblr-1691	463	5	is	be	AUX
cblr-1691	463	6	an	an	DET
cblr-1691	463	7	investment	investment	NOUN
cblr-1691	463	8	in	in	ADP
cblr-1691	463	9	intangible	intangible	ADJ
cblr-1691	463	10	assets	asset	NOUN
cblr-1691	463	11	,	,	PUNCT
cblr-1691	463	12	such	such	ADJ
cblr-1691	463	13	as	as	ADP
cblr-1691	463	14	ideas	idea	NOUN
cblr-1691	463	15	,	,	PUNCT
cblr-1691	463	16	talents	talent	NOUN
cblr-1691	463	17	or	or	CCONJ
cblr-1691	463	18	trade	trade	NOUN
cblr-1691	463	19	secrets.124	secrets.124	VERB
cblr-1691	463	20	it	it	PRON
cblr-1691	463	21	is	be	AUX
cblr-1691	463	22	very	very	ADV
cblr-1691	463	23	hard	hard	ADJ
cblr-1691	463	24	to	to	PART
cblr-1691	463	25	value	value	VERB
cblr-1691	463	26	the	the	DET
cblr-1691	463	27	intangible	intangible	ADJ
cblr-1691	463	28	assets	asset	NOUN
cblr-1691	463	29	involved	involve	VERB
cblr-1691	463	30	.	.	PUNCT
cblr-1691	464	1	further	far	ADV
cblr-1691	464	2	,	,	PUNCT
cblr-1691	464	3	in	in	ADP
cblr-1691	464	4	the	the	DET
cblr-1691	464	5	event	event	NOUN
cblr-1691	464	6	of	of	ADP
cblr-1691	464	7	default	default	NOUN
cblr-1691	464	8	,	,	PUNCT
cblr-1691	464	9	intangible	intangible	ADJ
cblr-1691	464	10	assets	asset	NOUN
cblr-1691	464	11	are	be	AUX
cblr-1691	464	12	worthless	worthless	ADJ
cblr-1691	464	13	to	to	PART
cblr-1691	464	14	investors.125	investors.125	VERB
cblr-1691	464	15	stock	stock	NOUN
cblr-1691	464	16	options	option	NOUN
cblr-1691	464	17	are	be	AUX
cblr-1691	464	18	used	use	VERB
cblr-1691	464	19	as	as	ADP
cblr-1691	464	20	a	a	DET
cblr-1691	464	21	signaling	signal	VERB
cblr-1691	464	22	tool	tool	NOUN
cblr-1691	464	23	to	to	ADP
cblr-1691	464	24	the	the	DET
cblr-1691	464	25	investors	investor	NOUN
cblr-1691	464	26	and	and	CCONJ
cblr-1691	464	27	outside	outside	ADJ
cblr-1691	464	28	market	market	NOUN
cblr-1691	464	29	to	to	PART
cblr-1691	464	30	help	help	VERB
cblr-1691	464	31	mitigate	mitigate	VERB
cblr-1691	464	32	the	the	DET
cblr-1691	464	33	information	information	NOUN
cblr-1691	464	34	asymmetry	asymmetry	NOUN
cblr-1691	464	35	problem	problem	NOUN
cblr-1691	464	36	.	.	PUNCT
cblr-1691	465	1	to	to	PART
cblr-1691	465	2	reduce	reduce	VERB
cblr-1691	465	3	moral	moral	ADJ
cblr-1691	465	4	hazard	hazard	NOUN
cblr-1691	465	5	employees	employee	NOUN
cblr-1691	465	6	and	and	CCONJ
cblr-1691	465	7	managers	manager	NOUN
cblr-1691	465	8	are	be	AUX
cblr-1691	465	9	given	give	VERB
cblr-1691	465	10	certain	certain	ADJ
cblr-1691	465	11	percentages	percentage	NOUN
cblr-1691	465	12	in	in	ADP
cblr-1691	465	13	the	the	DET
cblr-1691	465	14	company	company	NOUN
cblr-1691	465	15	in	in	ADP
cblr-1691	465	16	the	the	DET
cblr-1691	465	17	form	form	NOUN
cblr-1691	465	18	of	of	ADP
cblr-1691	465	19	stock	stock	NOUN
cblr-1691	465	20	options	option	NOUN
cblr-1691	465	21	,	,	PUNCT
cblr-1691	465	22	as	as	ADP
cblr-1691	465	23	part	part	NOUN
cblr-1691	465	24	of	of	ADP
cblr-1691	465	25	their	their	PRON
cblr-1691	465	26	compensation	compensation	NOUN
cblr-1691	465	27	package	package	NOUN
cblr-1691	465	28	.	.	PUNCT
cblr-1691	466	1	c.	c.	NOUN
cblr-1691	467	1	the	the	DET
cblr-1691	467	2	shift	shift	NOUN
cblr-1691	467	3	in	in	ADP
cblr-1691	467	4	employee	employee	NOUN
cblr-1691	467	5	expectations	expectation	NOUN
cblr-1691	467	6	&	&	CCONJ
cblr-1691	467	7	labor	labor	PROPN
cblr-1691	467	8	contract	contract	PROPN
cblr-1691	467	9	renegotiation	renegotiation	PROPN
cblr-1691	467	10	united	united	PROPN
cblr-1691	467	11	states	states	PROPN
cblr-1691	467	12	tech	tech	NOUN
cblr-1691	467	13	companies	company	NOUN
cblr-1691	467	14	are	be	AUX
cblr-1691	467	15	engaged	engage	VERB
cblr-1691	467	16	in	in	ADP
cblr-1691	467	17	a	a	DET
cblr-1691	467	18	war	war	NOUN
cblr-1691	467	19	for	for	ADP
cblr-1691	467	20	talent,126	talent,126	NOUN
cblr-1691	467	21	and	and	CCONJ
cblr-1691	467	22	unicorn	unicorn	ADJ
cblr-1691	467	23	firms	firm	NOUN
cblr-1691	467	24	in	in	ADP
cblr-1691	467	25	particular	particular	ADJ
cblr-1691	467	26	experience	experience	NOUN
cblr-1691	467	27	difficulty	difficulty	NOUN
cblr-1691	467	28	with	with	ADP
cblr-1691	467	29	attracting	attract	VERB
cblr-1691	467	30	,	,	PUNCT
cblr-1691	467	31	engaging	engaging	ADJ
cblr-1691	467	32	,	,	PUNCT
cblr-1691	467	33	and	and	CCONJ
cblr-1691	467	34	retaining	retain	VERB
cblr-1691	467	35	talent.127	talent.127	NOUN
cblr-1691	467	36	the	the	DET
cblr-1691	467	37	shift	shift	NOUN
cblr-1691	467	38	in	in	ADP
cblr-1691	467	39	employee	employee	NOUN
cblr-1691	467	40	expectations	expectation	NOUN
cblr-1691	467	41	is	be	AUX
cblr-1691	467	42	evident	evident	ADJ
cblr-1691	467	43	from	from	ADP
cblr-1691	467	44	the	the	DET
cblr-1691	467	45	frequent	frequent	ADJ
cblr-1691	467	46	reissue	reissue	NOUN
cblr-1691	467	47	or	or	CCONJ
cblr-1691	467	48	revision	revision	NOUN
cblr-1691	467	49	of	of	ADP
cblr-1691	467	50	equity	equity	NOUN
cblr-1691	467	51	grants	grant	NOUN
cblr-1691	467	52	and	and	CCONJ
cblr-1691	467	53	unicorn	unicorn	ADJ
cblr-1691	467	54	management	management	NOUN
cblr-1691	467	55	’s	’s	PART
cblr-1691	467	56	experimentation	experimentation	NOUN
cblr-1691	467	57	with	with	ADP
cblr-1691	467	58	alternative	alternative	ADJ
cblr-1691	467	59	organizational	organizational	ADJ
cblr-1691	467	60	strategies	strategy	NOUN
cblr-1691	467	61	to	to	PART
cblr-1691	467	62	try	try	VERB
cblr-1691	467	63	to	to	PART
cblr-1691	467	64	provide	provide	VERB
cblr-1691	467	65	liquidity	liquidity	NOUN
cblr-1691	467	66	opportunities	opportunity	NOUN
cblr-1691	467	67	to	to	ADP
cblr-1691	467	68	employees	employee	NOUN
cblr-1691	467	69	and	and	CCONJ
cblr-1691	467	70	early	early	ADJ
cblr-1691	467	71	investors	investor	NOUN
cblr-1691	467	72	.	.	PUNCT
cblr-1691	468	1	as	as	SCONJ
cblr-1691	468	2	noted	note	VERB
cblr-1691	468	3	,	,	PUNCT
cblr-1691	468	4	due	due	ADP
cblr-1691	468	5	to	to	ADP
cblr-1691	468	6	these	these	DET
cblr-1691	468	7	changes	change	NOUN
cblr-1691	468	8	,	,	PUNCT
cblr-1691	468	9	unicorn	unicorn	ADJ
cblr-1691	468	10	employees	employee	NOUN
cblr-1691	468	11	now	now	ADV
cblr-1691	468	12	realize	realize	VERB
cblr-1691	468	13	that	that	SCONJ
cblr-1691	468	14	although	although	SCONJ
cblr-1691	468	15	they	they	PRON
cblr-1691	468	16	are	be	AUX
cblr-1691	468	17	“	"	PUNCT
cblr-1691	468	18	rich	rich	ADJ
cblr-1691	468	19	on	on	ADP
cblr-1691	468	20	paper	paper	NOUN
cblr-1691	468	21	,	,	PUNCT
cblr-1691	468	22	”	"	PUNCT
cblr-1691	468	23	they	they	PRON
cblr-1691	468	24	can	can	AUX
cblr-1691	468	25	not	not	PART
cblr-1691	468	26	liquidate	liquidate	VERB
cblr-1691	468	27	and	and	CCONJ
cblr-1691	468	28	reap	reap	VERB
cblr-1691	468	29	the	the	DET
cblr-1691	468	30	benefits	benefit	NOUN
cblr-1691	468	31	of	of	ADP
cblr-1691	468	32	their	their	PRON
cblr-1691	468	33	hard	hard	ADJ
cblr-1691	468	34	work.128	work.128	NOUN
cblr-1691	468	35	to	to	PART
cblr-1691	468	36	illustrate	illustrate	VERB
cblr-1691	468	37	,	,	PUNCT
cblr-1691	468	38	uber,129	uber,129	PROPN
cblr-1691	468	39	the	the	DET
cblr-1691	468	40	largest	large	ADJ
cblr-1691	468	41	unicorn	unicorn	ADJ
cblr-1691	468	42	firm	firm	NOUN
cblr-1691	468	43	in	in	ADP
cblr-1691	468	44	the	the	DET
cblr-1691	468	45	united	united	PROPN
cblr-1691	468	46	states	states	PROPN
cblr-1691	468	47	,	,	PUNCT
cblr-1691	468	48	has	have	VERB
cblr-1691	468	49	one	one	NUM
cblr-1691	468	50	of	of	ADP
cblr-1691	468	51	the	the	DET
cblr-1691	468	52	highest	high	ADJ
cblr-1691	468	53	turnover	turnover	NOUN
cblr-1691	468	54	rates	rate	NOUN
cblr-1691	468	55	of	of	ADP
cblr-1691	468	56	124	124	NUM
cblr-1691	468	57	see	see	NOUN
cblr-1691	468	58	alon	alon	PROPN
cblr-1691	468	59	-	-	PUNCT
cblr-1691	468	60	beck	beck	PROPN
cblr-1691	468	61	,	,	PUNCT
cblr-1691	468	62	supra	supra	PROPN
cblr-1691	468	63	note	note	NOUN
cblr-1691	468	64	123	123	NUM
cblr-1691	468	65	,	,	PUNCT
cblr-1691	468	66	at	at	ADP
cblr-1691	468	67	536–37	536–37	PROPN
cblr-1691	468	68	.	.	PUNCT
cblr-1691	469	1	125	125	NUM
cblr-1691	469	2	see	see	NOUN
cblr-1691	469	3	lindsey	lindsey	NOUN
cblr-1691	469	4	,	,	PUNCT
cblr-1691	469	5	supra	supra	PROPN
cblr-1691	469	6	note	note	NOUN
cblr-1691	469	7	50	50	NUM
cblr-1691	469	8	,	,	PUNCT
cblr-1691	469	9	at	at	ADP
cblr-1691	469	10	1137	1137	NUM
cblr-1691	469	11	;	;	PUNCT
cblr-1691	469	12	see	see	VERB
cblr-1691	469	13	also	also	ADV
cblr-1691	469	14	gompers	gomper	NOUN
cblr-1691	469	15	&	&	CCONJ
cblr-1691	469	16	lerner	lerner	PROPN
cblr-1691	469	17	,	,	PUNCT
cblr-1691	469	18	supra	supra	PROPN
cblr-1691	469	19	note	note	PROPN
cblr-1691	469	20	49	49	NUM
cblr-1691	469	21	,	,	PUNCT
cblr-1691	469	22	at	at	ADP
cblr-1691	469	23	128	128	NUM
cblr-1691	469	24	(	(	PUNCT
cblr-1691	469	25	discussing	discuss	VERB
cblr-1691	469	26	the	the	DET
cblr-1691	469	27	nature	nature	NOUN
cblr-1691	469	28	of	of	ADP
cblr-1691	469	29	the	the	DET
cblr-1691	469	30	entrepreneur	entrepreneur	NOUN
cblr-1691	469	31	’s	’s	PART
cblr-1691	469	32	asset	asset	NOUN
cblr-1691	469	33	,	,	PUNCT
cblr-1691	469	34	which	which	PRON
cblr-1691	469	35	affect	affect	VERB
cblr-1691	469	36	her	her	PRON
cblr-1691	469	37	firm	firm	NOUN
cblr-1691	469	38	’s	’s	PART
cblr-1691	469	39	financial	financial	ADJ
cblr-1691	469	40	and	and	CCONJ
cblr-1691	469	41	corporate	corporate	ADJ
cblr-1691	469	42	strategy	strategy	NOUN
cblr-1691	469	43	)	)	PUNCT
cblr-1691	469	44	.	.	PUNCT
cblr-1691	470	1	126	126	NUM
cblr-1691	470	2	see	see	VERB
cblr-1691	470	3	elizabeth	elizabeth	PROPN
cblr-1691	470	4	g.	g.	PROPN
cblr-1691	470	5	chambers	chambers	PROPN
cblr-1691	470	6	et	et	PROPN
cblr-1691	470	7	al	al	PROPN
cblr-1691	470	8	.	.	PROPN
cblr-1691	470	9	,	,	PUNCT
cblr-1691	470	10	supra	supra	PROPN
cblr-1691	470	11	note	note	PROPN
cblr-1691	470	12	16	16	NUM
cblr-1691	470	13	,	,	PUNCT
cblr-1691	470	14	at	at	ADP
cblr-1691	470	15	46	46	NUM
cblr-1691	470	16	;	;	PUNCT
cblr-1691	470	17	see	see	VERB
cblr-1691	470	18	also	also	ADV
cblr-1691	470	19	ovide	ovide	ADV
cblr-1691	470	20	,	,	PUNCT
cblr-1691	470	21	supra	supra	PROPN
cblr-1691	470	22	note	note	NOUN
cblr-1691	470	23	15	15	NUM
cblr-1691	470	24	.	.	PUNCT
cblr-1691	471	1	127	127	NUM
cblr-1691	471	2	see	see	NOUN
cblr-1691	471	3	efrati	efrati	PROPN
cblr-1691	471	4	&	&	CCONJ
cblr-1691	471	5	schultz	schultz	PROPN
cblr-1691	471	6	,	,	PUNCT
cblr-1691	471	7	supra	supra	PROPN
cblr-1691	471	8	note	note	NOUN
cblr-1691	471	9	11	11	NUM
cblr-1691	471	10	.	.	SYM
cblr-1691	471	11	128	128	NUM
cblr-1691	471	12	see	see	NOUN
cblr-1691	471	13	infra	infra	NOUN
cblr-1691	471	14	section	section	NOUN
cblr-1691	471	15	iii.c	iii.c	NOUN
cblr-1691	471	16	.	.	PUNCT
cblr-1691	472	1	129	129	NUM
cblr-1691	472	2	employees	employee	NOUN
cblr-1691	472	3	who	who	PRON
cblr-1691	472	4	joined	join	VERB
cblr-1691	472	5	uber	uber	NOUN
cblr-1691	472	6	at	at	ADP
cblr-1691	472	7	its	its	PRON
cblr-1691	472	8	founding	founding	NOUN
cblr-1691	472	9	in	in	ADP
cblr-1691	472	10	2009	2009	NUM
cblr-1691	472	11	are	be	AUX
cblr-1691	472	12	probably	probably	ADV
cblr-1691	472	13	locked	lock	VERB
cblr-1691	472	14	in	in	ADP
cblr-1691	472	15	due	due	ADP
cblr-1691	472	16	to	to	ADP
cblr-1691	472	17	its	its	PRON
cblr-1691	472	18	over	over	NOUN
cblr-1691	472	19	-	-	PUNCT
cblr-1691	472	20	valuation	valuation	NOUN
cblr-1691	472	21	.	.	PUNCT
cblr-1691	473	1	though	though	SCONJ
cblr-1691	473	2	rich	rich	ADJ
cblr-1691	473	3	on	on	ADP
cblr-1691	473	4	paper	paper	NOUN
cblr-1691	473	5	,	,	PUNCT
cblr-1691	473	6	they	they	PRON
cblr-1691	473	7	can	can	AUX
cblr-1691	473	8	not	not	PART
cblr-1691	473	9	no	no	ADV
cblr-1691	473	10	.	.	PUNCT
cblr-1691	474	1	1:107	1:107	NUM
cblr-1691	474	2	]	]	X
cblr-1691	474	3	unicorn	unicorn	ADJ
cblr-1691	474	4	stock	stock	NOUN
cblr-1691	474	5	options	option	NOUN
cblr-1691	474	6	139	139	NUM
cblr-1691	474	7	knowledgeable	knowledgeable	ADJ
cblr-1691	474	8	employees130	employees130	PROPN
cblr-1691	474	9	despite	despite	SCONJ
cblr-1691	474	10	offering	offer	VERB
cblr-1691	474	11	its	its	PRON
cblr-1691	474	12	talent	talent	NOUN
cblr-1691	474	13	,	,	PUNCT
cblr-1691	474	14	on	on	ADP
cblr-1691	474	15	average	average	ADJ
cblr-1691	474	16	,	,	PUNCT
cblr-1691	474	17	the	the	DET
cblr-1691	474	18	highest	high	ADJ
cblr-1691	474	19	annual	annual	ADJ
cblr-1691	474	20	salary	salary	NOUN
cblr-1691	474	21	,	,	PUNCT
cblr-1691	474	22	including	include	VERB
cblr-1691	474	23	the	the	DET
cblr-1691	474	24	highest	high	ADJ
cblr-1691	474	25	equity	equity	NOUN
cblr-1691	474	26	award	award	NOUN
cblr-1691	474	27	,	,	PUNCT
cblr-1691	474	28	among	among	ADP
cblr-1691	474	29	tech	tech	NOUN
cblr-1691	474	30	companies.131	companies.131	PROPN
cblr-1691	474	31	software	software	NOUN
cblr-1691	474	32	engineers	engineer	NOUN
cblr-1691	474	33	at	at	ADP
cblr-1691	474	34	uber	uber	NOUN
cblr-1691	474	35	are	be	AUX
cblr-1691	474	36	,	,	PUNCT
cblr-1691	474	37	on	on	ADP
cblr-1691	474	38	average	average	ADJ
cblr-1691	474	39	,	,	PUNCT
cblr-1691	474	40	better	well	ADV
cblr-1691	474	41	compensated	compensate	VERB
cblr-1691	474	42	than	than	ADP
cblr-1691	474	43	those	those	PRON
cblr-1691	474	44	at	at	ADP
cblr-1691	474	45	google,132	google,132	PROPN
cblr-1691	474	46	microsoft,133	microsoft,133	PROPN
cblr-1691	474	47	amazon.com134	amazon.com134	PROPN
cblr-1691	474	48	and	and	CCONJ
cblr-1691	474	49	apple.135	apple.135	NOUN
cblr-1691	474	50	uber	uber	ADJ
cblr-1691	474	51	is	be	AUX
cblr-1691	474	52	not	not	PART
cblr-1691	474	53	the	the	DET
cblr-1691	474	54	only	only	ADJ
cblr-1691	474	55	unicorn	unicorn	NOUN
cblr-1691	474	56	that	that	PRON
cblr-1691	474	57	experiences	experience	VERB
cblr-1691	474	58	high	high	ADJ
cblr-1691	474	59	turnover	turnover	NOUN
cblr-1691	474	60	,	,	PUNCT
cblr-1691	474	61	but	but	CCONJ
cblr-1691	474	62	is	be	AUX
cblr-1691	474	63	leading	lead	VERB
cblr-1691	474	64	“	"	PUNCT
cblr-1691	474	65	the	the	DET
cblr-1691	474	66	race	race	NOUN
cblr-1691	474	67	to	to	ADP
cblr-1691	474	68	the	the	DET
cblr-1691	474	69	bottom	bottom	NOUN
cblr-1691	474	70	,	,	PUNCT
cblr-1691	474	71	with	with	ADP
cblr-1691	474	72	1.2	1.2	NUM
cblr-1691	474	73	years	year	NOUN
cblr-1691	474	74	of	of	ADP
cblr-1691	474	75	average	average	ADJ
cblr-1691	474	76	employee	employee	NOUN
cblr-1691	474	77	tenure	tenure	NOUN
cblr-1691	474	78	.	.	PUNCT
cblr-1691	474	79	”136	”136	PUNCT
cblr-1691	475	1	thanks	thank	NOUN
cblr-1691	475	2	to	to	ADP
cblr-1691	475	3	online	online	ADJ
cblr-1691	475	4	data	datum	NOUN
cblr-1691	475	5	sites	site	NOUN
cblr-1691	475	6	,	,	PUNCT
cblr-1691	475	7	such	such	ADJ
cblr-1691	475	8	as	as	ADP
cblr-1691	475	9	glassdoor	glassdoor	NOUN
cblr-1691	475	10	and	and	CCONJ
cblr-1691	475	11	paysa	paysa	NOUN
cblr-1691	475	12	,	,	PUNCT
cblr-1691	475	13	as	as	ADV
cblr-1691	475	14	well	well	ADV
cblr-1691	475	15	as	as	ADP
cblr-1691	475	16	news	news	NOUN
cblr-1691	475	17	sites	site	NOUN
cblr-1691	475	18	like	like	ADP
cblr-1691	475	19	cnbc	cnbc	PROPN
cblr-1691	475	20	,	,	PUNCT
cblr-1691	475	21	there	there	PRON
cblr-1691	475	22	are	be	VERB
cblr-1691	475	23	many	many	ADJ
cblr-1691	475	24	public	public	ADJ
cblr-1691	475	25	reports	report	NOUN
cblr-1691	475	26	about	about	ADP
cblr-1691	475	27	the	the	DET
cblr-1691	475	28	fact	fact	NOUN
cblr-1691	475	29	that	that	SCONJ
cblr-1691	475	30	unicorn	unicorn	ADJ
cblr-1691	475	31	employees	employee	NOUN
cblr-1691	475	32	,	,	PUNCT
cblr-1691	475	33	especially	especially	ADV
cblr-1691	475	34	uber	uber	ADJ
cblr-1691	475	35	employees	employee	NOUN
cblr-1691	475	36	,	,	PUNCT
cblr-1691	475	37	complain	complain	VERB
cblr-1691	475	38	about	about	ADP
cblr-1691	475	39	the	the	DET
cblr-1691	475	40	extreme	extreme	ADJ
cblr-1691	475	41	capital	capital	NOUN
cblr-1691	475	42	lock	lock	NOUN
cblr-1691	475	43	-	-	PUNCT
cblr-1691	475	44	in	in	NOUN
cblr-1691	475	45	and	and	CCONJ
cblr-1691	475	46	illiquidity	illiquidity	NOUN
cblr-1691	475	47	of	of	ADP
cblr-1691	475	48	their	their	PRON
cblr-1691	475	49	stock	stock	NOUN
cblr-1691	475	50	options.137	options.137	NOUN
cblr-1691	475	51	on	on	ADP
cblr-1691	475	52	march	march	PROPN
cblr-1691	475	53	6	6	NUM
cblr-1691	475	54	,	,	PUNCT
cblr-1691	475	55	2017	2017	NUM
cblr-1691	475	56	,	,	PUNCT
cblr-1691	475	57	the	the	DET
cblr-1691	475	58	financial	financial	ADJ
cblr-1691	475	59	times	time	NOUN
cblr-1691	475	60	reported	report	VERB
cblr-1691	475	61	that	that	SCONJ
cblr-1691	475	62	uber	uber	ADJ
cblr-1691	475	63	competitors	competitor	NOUN
cblr-1691	475	64	have	have	AUX
cblr-1691	475	65	seen	see	VERB
cblr-1691	475	66	“	"	PUNCT
cblr-1691	475	67	an	an	DET
cblr-1691	475	68	liquidate	liquidate	NOUN
cblr-1691	475	69	.	.	PUNCT
cblr-1691	476	1	additionally	additionally	ADV
cblr-1691	476	2	,	,	PUNCT
cblr-1691	476	3	if	if	SCONJ
cblr-1691	476	4	they	they	PRON
cblr-1691	476	5	joined	join	VERB
cblr-1691	476	6	in	in	ADP
cblr-1691	476	7	2009	2009	NUM
cblr-1691	476	8	,	,	PUNCT
cblr-1691	476	9	now	now	ADV
cblr-1691	476	10	,	,	PUNCT
cblr-1691	476	11	in	in	ADP
cblr-1691	476	12	2019	2019	NUM
cblr-1691	476	13	,	,	PUNCT
cblr-1691	476	14	their	their	PRON
cblr-1691	476	15	options	option	NOUN
cblr-1691	476	16	will	will	AUX
cblr-1691	476	17	soon	soon	ADV
cblr-1691	476	18	expire	expire	VERB
cblr-1691	476	19	under	under	ADP
cblr-1691	476	20	the	the	DET
cblr-1691	476	21	tax	tax	NOUN
cblr-1691	476	22	code	code	NOUN
cblr-1691	476	23	,	,	PUNCT
cblr-1691	476	24	and	and	CCONJ
cblr-1691	476	25	the	the	DET
cblr-1691	476	26	company	company	NOUN
cblr-1691	476	27	can	can	AUX
cblr-1691	476	28	not	not	PART
cblr-1691	476	29	extend	extend	VERB
cblr-1691	476	30	them	they	PRON
cblr-1691	476	31	.	.	PUNCT
cblr-1691	477	1	see	see	VERB
cblr-1691	477	2	generally	generally	ADV
cblr-1691	477	3	supra	supra	ADJ
cblr-1691	477	4	notes	note	NOUN
cblr-1691	477	5	33–40	33–40	NUM
cblr-1691	477	6	.	.	PUNCT
cblr-1691	477	7	130	130	NUM
cblr-1691	477	8	according	accord	VERB
cblr-1691	477	9	to	to	ADP
cblr-1691	477	10	the	the	DET
cblr-1691	477	11	information	information	NOUN
cblr-1691	477	12	’s	’s	PART
cblr-1691	477	13	average	average	ADJ
cblr-1691	477	14	software	software	NOUN
cblr-1691	477	15	engineer	engineer	NOUN
cblr-1691	477	16	compensation	compensation	PROPN
cblr-1691	477	17	chart	chart	NOUN
cblr-1691	477	18	,	,	PUNCT
cblr-1691	477	19	airbnb	airbnb	PROPN
cblr-1691	477	20	pays	pay	VERB
cblr-1691	477	21	an	an	DET
cblr-1691	477	22	average	average	ADJ
cblr-1691	477	23	annual	annual	ADJ
cblr-1691	477	24	equity	equity	NOUN
cblr-1691	477	25	compensation	compensation	NOUN
cblr-1691	477	26	of	of	ADP
cblr-1691	477	27	$	$	SYM
cblr-1691	477	28	158,000	158,000	NUM
cblr-1691	477	29	,	,	PUNCT
cblr-1691	477	30	and	and	CCONJ
cblr-1691	477	31	uber	uber	NOUN
cblr-1691	477	32	pays	pay	VERB
cblr-1691	477	33	an	an	DET
cblr-1691	477	34	average	average	ADJ
cblr-1691	477	35	annual	annual	ADJ
cblr-1691	477	36	equity	equity	NOUN
cblr-1691	477	37	compensation	compensation	NOUN
cblr-1691	477	38	of	of	ADP
cblr-1691	477	39	$	$	SYM
cblr-1691	477	40	157,000	157,000	NUM
cblr-1691	477	41	.	.	PUNCT
cblr-1691	478	1	efrati	efrati	PROPN
cblr-1691	478	2	&	&	CCONJ
cblr-1691	478	3	schultz	schultz	PROPN
cblr-1691	478	4	,	,	PUNCT
cblr-1691	478	5	supra	supra	PROPN
cblr-1691	478	6	note	note	NOUN
cblr-1691	478	7	11	11	NUM
cblr-1691	478	8	.	.	PUNCT
cblr-1691	478	9	131	131	NUM
cblr-1691	478	10	according	accord	VERB
cblr-1691	478	11	to	to	ADP
cblr-1691	478	12	the	the	DET
cblr-1691	478	13	information	information	NOUN
cblr-1691	478	14	’s	’s	PART
cblr-1691	478	15	average	average	ADJ
cblr-1691	478	16	software	software	NOUN
cblr-1691	478	17	engineer	engineer	NOUN
cblr-1691	478	18	compensation	compensation	NOUN
cblr-1691	478	19	chart	chart	NOUN
cblr-1691	478	20	,	,	PUNCT
cblr-1691	478	21	uber	uber	NOUN
cblr-1691	478	22	pays	pay	VERB
cblr-1691	478	23	a	a	DET
cblr-1691	478	24	software	software	NOUN
cblr-1691	478	25	engineer	engineer	NOUN
cblr-1691	478	26	,	,	PUNCT
cblr-1691	478	27	on	on	ADP
cblr-1691	478	28	average	average	ADJ
cblr-1691	478	29	,	,	PUNCT
cblr-1691	478	30	an	an	DET
cblr-1691	478	31	annual	annual	ADJ
cblr-1691	478	32	equity	equity	NOUN
cblr-1691	478	33	compensation	compensation	NOUN
cblr-1691	478	34	of	of	ADP
cblr-1691	478	35	$	$	SYM
cblr-1691	478	36	157,000	157,000	NUM
cblr-1691	478	37	.	.	PUNCT
cblr-1691	479	1	in	in	ADP
cblr-1691	479	2	comparison	comparison	NOUN
cblr-1691	479	3	,	,	PUNCT
cblr-1691	479	4	on	on	ADP
cblr-1691	479	5	average	average	ADJ
cblr-1691	479	6	,	,	PUNCT
cblr-1691	479	7	google	google	PROPN
cblr-1691	479	8	pays	pay	VERB
cblr-1691	479	9	$	$	SYM
cblr-1691	479	10	59,000	59,000	NUM
cblr-1691	479	11	,	,	PUNCT
cblr-1691	479	12	microsoft	microsoft	PROPN
cblr-1691	479	13	pays	pay	VERB
cblr-1691	479	14	$	$	SYM
cblr-1691	479	15	40,000	40,000	NUM
cblr-1691	479	16	,	,	PUNCT
cblr-1691	479	17	amazon	amazon	NOUN
cblr-1691	479	18	pays	pay	VERB
cblr-1691	479	19	$	$	SYM
cblr-1691	479	20	33,000	33,000	NUM
cblr-1691	479	21	,	,	PUNCT
cblr-1691	479	22	and	and	CCONJ
cblr-1691	479	23	apple	apple	NOUN
cblr-1691	479	24	pays	pay	VERB
cblr-1691	479	25	$	$	SYM
cblr-1691	479	26	39,000	39,000	NUM
cblr-1691	479	27	.	.	PUNCT
cblr-1691	480	1	i	i	PRON
cblr-1691	480	2	d.	d.	PROPN
cblr-1691	480	3	132	132	NUM
cblr-1691	480	4	google	google	PROPN
cblr-1691	480	5	pays	pay	VERB
cblr-1691	480	6	a	a	DET
cblr-1691	480	7	software	software	NOUN
cblr-1691	480	8	engineer	engineer	NOUN
cblr-1691	480	9	an	an	DET
cblr-1691	480	10	average	average	ADJ
cblr-1691	480	11	base	base	NOUN
cblr-1691	480	12	salary	salary	NOUN
cblr-1691	480	13	of	of	ADP
cblr-1691	480	14	$	$	SYM
cblr-1691	480	15	132,000	132,000	NUM
cblr-1691	480	16	,	,	PUNCT
cblr-1691	480	17	an	an	DET
cblr-1691	480	18	average	average	ADJ
cblr-1691	480	19	annual	annual	ADJ
cblr-1691	480	20	equity	equity	NOUN
cblr-1691	480	21	compensation	compensation	NOUN
cblr-1691	480	22	of	of	ADP
cblr-1691	480	23	$	$	SYM
cblr-1691	480	24	59,000	59,000	NUM
cblr-1691	480	25	,	,	PUNCT
cblr-1691	480	26	an	an	DET
cblr-1691	480	27	average	average	ADJ
cblr-1691	480	28	annual	annual	ADJ
cblr-1691	480	29	bonus	bonus	NOUN
cblr-1691	480	30	of	of	ADP
cblr-1691	480	31	$	$	SYM
cblr-1691	480	32	22,000	22,000	NUM
cblr-1691	480	33	,	,	PUNCT
cblr-1691	480	34	and	and	CCONJ
cblr-1691	480	35	an	an	DET
cblr-1691	480	36	average	average	ADJ
cblr-1691	480	37	signing	signing	NOUN
cblr-1691	480	38	bonus	bonus	NOUN
cblr-1691	480	39	of	of	ADP
cblr-1691	480	40	$	$	SYM
cblr-1691	480	41	20,000	20,000	NUM
cblr-1691	480	42	(	(	PUNCT
cblr-1691	480	43	total	total	NOUN
cblr-1691	480	44	:	:	PUNCT
cblr-1691	480	45	$	$	SYM
cblr-1691	480	46	233,000	233,000	NUM
cblr-1691	480	47	)	)	PUNCT
cblr-1691	480	48	.	.	PUNCT
cblr-1691	481	1	i	i	PRON
cblr-1691	481	2	d.	d.	PROPN
cblr-1691	481	3	133	133	NUM
cblr-1691	481	4	microsoft	microsoft	PROPN
cblr-1691	481	5	pays	pay	VERB
cblr-1691	481	6	an	an	DET
cblr-1691	481	7	average	average	ADJ
cblr-1691	481	8	base	base	NOUN
cblr-1691	481	9	salary	salary	NOUN
cblr-1691	481	10	of	of	ADP
cblr-1691	481	11	$	$	SYM
cblr-1691	481	12	135,000	135,000	NUM
cblr-1691	481	13	,	,	PUNCT
cblr-1691	481	14	an	an	DET
cblr-1691	481	15	average	average	ADJ
cblr-1691	481	16	annual	annual	ADJ
cblr-1691	481	17	equity	equity	NOUN
cblr-1691	481	18	compensation	compensation	NOUN
cblr-1691	481	19	of	of	ADP
cblr-1691	481	20	$	$	SYM
cblr-1691	481	21	40,000	40,000	NUM
cblr-1691	481	22	,	,	PUNCT
cblr-1691	481	23	an	an	DET
cblr-1691	481	24	average	average	ADJ
cblr-1691	481	25	annual	annual	ADJ
cblr-1691	481	26	bonus	bonus	NOUN
cblr-1691	481	27	of	of	ADP
cblr-1691	481	28	$	$	SYM
cblr-1691	481	29	30,000	30,000	NUM
cblr-1691	481	30	,	,	PUNCT
cblr-1691	481	31	and	and	CCONJ
cblr-1691	481	32	an	an	DET
cblr-1691	481	33	average	average	ADJ
cblr-1691	481	34	signing	signing	NOUN
cblr-1691	481	35	bonus	bonus	NOUN
cblr-1691	481	36	of	of	ADP
cblr-1691	481	37	$	$	SYM
cblr-1691	481	38	17,000	17,000	NUM
cblr-1691	481	39	(	(	PUNCT
cblr-1691	481	40	total	total	NOUN
cblr-1691	481	41	:	:	PUNCT
cblr-1691	481	42	$	$	SYM
cblr-1691	481	43	222,000	222,000	NUM
cblr-1691	481	44	)	)	PUNCT
cblr-1691	481	45	.	.	PUNCT
cblr-1691	482	1	i	i	PRON
cblr-1691	482	2	d.	d.	PROPN
cblr-1691	482	3	134	134	NUM
cblr-1691	482	4	amazon	amazon	NOUN
cblr-1691	482	5	pays	pay	VERB
cblr-1691	482	6	an	an	DET
cblr-1691	482	7	average	average	ADJ
cblr-1691	482	8	base	base	NOUN
cblr-1691	482	9	salary	salary	NOUN
cblr-1691	482	10	of	of	ADP
cblr-1691	482	11	$	$	SYM
cblr-1691	482	12	121,000	121,000	NUM
cblr-1691	482	13	,	,	PUNCT
cblr-1691	482	14	an	an	DET
cblr-1691	482	15	average	average	ADJ
cblr-1691	482	16	annual	annual	ADJ
cblr-1691	482	17	equity	equity	NOUN
cblr-1691	482	18	compensation	compensation	NOUN
cblr-1691	482	19	of	of	ADP
cblr-1691	482	20	$	$	SYM
cblr-1691	482	21	33,000	33,000	NUM
cblr-1691	482	22	,	,	PUNCT
cblr-1691	482	23	an	an	DET
cblr-1691	482	24	average	average	ADJ
cblr-1691	482	25	annual	annual	ADJ
cblr-1691	482	26	bonus	bonus	NOUN
cblr-1691	482	27	of	of	ADP
cblr-1691	482	28	$	$	SYM
cblr-1691	482	29	19,000	19,000	NUM
cblr-1691	482	30	,	,	PUNCT
cblr-1691	482	31	and	and	CCONJ
cblr-1691	482	32	an	an	DET
cblr-1691	482	33	average	average	ADJ
cblr-1691	482	34	signing	signing	NOUN
cblr-1691	482	35	bonus	bonus	NOUN
cblr-1691	482	36	of	of	ADP
cblr-1691	482	37	$	$	SYM
cblr-1691	482	38	30,000	30,000	NUM
cblr-1691	482	39	(	(	PUNCT
cblr-1691	482	40	total	total	NOUN
cblr-1691	482	41	:	:	PUNCT
cblr-1691	482	42	$	$	SYM
cblr-1691	482	43	203,000	203,000	NUM
cblr-1691	482	44	)	)	PUNCT
cblr-1691	482	45	.	.	PUNCT
cblr-1691	483	1	i	i	PRON
cblr-1691	483	2	d.	d.	PROPN
cblr-1691	483	3	135	135	NUM
cblr-1691	483	4	apple	apple	PROPN
cblr-1691	483	5	pays	pay	VERB
cblr-1691	483	6	an	an	DET
cblr-1691	483	7	average	average	ADJ
cblr-1691	483	8	base	base	NOUN
cblr-1691	483	9	salary	salary	NOUN
cblr-1691	483	10	of	of	ADP
cblr-1691	483	11	$	$	SYM
cblr-1691	483	12	127,000	127,000	NUM
cblr-1691	483	13	,	,	PUNCT
cblr-1691	483	14	an	an	DET
cblr-1691	483	15	average	average	ADJ
cblr-1691	483	16	annual	annual	ADJ
cblr-1691	483	17	equity	equity	NOUN
cblr-1691	483	18	compensation	compensation	NOUN
cblr-1691	483	19	of	of	ADP
cblr-1691	483	20	$	$	SYM
cblr-1691	483	21	39,000	39,000	NUM
cblr-1691	483	22	,	,	PUNCT
cblr-1691	483	23	an	an	DET
cblr-1691	483	24	average	average	ADJ
cblr-1691	483	25	annual	annual	ADJ
cblr-1691	483	26	bonus	bonus	NOUN
cblr-1691	483	27	of	of	ADP
cblr-1691	483	28	$	$	SYM
cblr-1691	483	29	20,000	20,000	NUM
cblr-1691	483	30	,	,	PUNCT
cblr-1691	483	31	and	and	CCONJ
cblr-1691	483	32	an	an	DET
cblr-1691	483	33	average	average	ADJ
cblr-1691	483	34	signing	signing	NOUN
cblr-1691	483	35	bonus	bonus	NOUN
cblr-1691	483	36	of	of	ADP
cblr-1691	483	37	$	$	SYM
cblr-1691	483	38	22,000	22,000	NUM
cblr-1691	483	39	total	total	NOUN
cblr-1691	483	40	:	:	PUNCT
cblr-1691	483	41	$	$	SYM
cblr-1691	483	42	208,000	208,000	NUM
cblr-1691	483	43	)	)	PUNCT
cblr-1691	483	44	.	.	PUNCT
cblr-1691	484	1	i	i	PRON
cblr-1691	484	2	d.	d.	PROPN
cblr-1691	484	3	136	136	NUM
cblr-1691	484	4	paysa	paysa	PROPN
cblr-1691	484	5	team	team	NOUN
cblr-1691	484	6	,	,	PUNCT
cblr-1691	484	7	supra	supra	PROPN
cblr-1691	484	8	note	note	PROPN
cblr-1691	484	9	40	40	NUM
cblr-1691	484	10	;	;	PUNCT
cblr-1691	484	11	see	see	VERB
cblr-1691	484	12	also	also	ADV
cblr-1691	484	13	efrati	efrati	PROPN
cblr-1691	484	14	&	&	CCONJ
cblr-1691	484	15	schultz	schultz	PROPN
cblr-1691	484	16	,	,	PUNCT
cblr-1691	484	17	supra	supra	PROPN
cblr-1691	484	18	note	note	NOUN
cblr-1691	484	19	11	11	NUM
cblr-1691	484	20	.	.	SYM
cblr-1691	484	21	137	137	NUM
cblr-1691	484	22	see	see	VERB
cblr-1691	484	23	samuelson	samuelson	PROPN
cblr-1691	484	24	,	,	PUNCT
cblr-1691	484	25	supra	supra	PROPN
cblr-1691	484	26	note	note	PROPN
cblr-1691	485	1	28	28	NUM
cblr-1691	485	2	.	.	SYM
cblr-1691	486	1	140	140	NUM
cblr-1691	486	2	columbia	columbia	PROPN
cblr-1691	486	3	business	business	NOUN
cblr-1691	486	4	law	law	PROPN
cblr-1691	486	5	review	review	NOUN
cblr-1691	487	1	[	[	X
cblr-1691	487	2	vol	vol	NOUN
cblr-1691	487	3	.	.	PUNCT
cblr-1691	487	4	2019	2019	NUM
cblr-1691	487	5	uptick	uptick	NOUN
cblr-1691	487	6	in	in	ADP
cblr-1691	487	7	job	job	NOUN
cblr-1691	487	8	applications	application	NOUN
cblr-1691	487	9	from	from	ADP
cblr-1691	487	10	uber	uber	ADJ
cblr-1691	487	11	employees	employee	NOUN
cblr-1691	487	12	,	,	PUNCT
cblr-1691	487	13	as	as	SCONJ
cblr-1691	487	14	its	its	PRON
cblr-1691	487	15	workers	worker	NOUN
cblr-1691	487	16	lose	lose	VERB
cblr-1691	487	17	faith	faith	NOUN
cblr-1691	487	18	in	in	ADP
cblr-1691	487	19	the	the	DET
cblr-1691	487	20	company	company	NOUN
cblr-1691	487	21	’s	’s	PART
cblr-1691	487	22	leadership	leadership	NOUN
cblr-1691	487	23	and	and	CCONJ
cblr-1691	487	24	start	start	VERB
cblr-1691	487	25	to	to	PART
cblr-1691	487	26	doubt	doubt	VERB
cblr-1691	487	27	the	the	DET
cblr-1691	487	28	value	value	NOUN
cblr-1691	487	29	of	of	ADP
cblr-1691	487	30	their	their	PRON
cblr-1691	487	31	stock	stock	NOUN
cblr-1691	487	32	options	option	NOUN
cblr-1691	487	33	.	.	PUNCT
cblr-1691	488	1	”138	”138	PROPN
cblr-1691	488	2	uber	uber	PROPN
cblr-1691	488	3	is	be	AUX
cblr-1691	488	4	the	the	DET
cblr-1691	488	5	largest	large	ADJ
cblr-1691	488	6	technology	technology	NOUN
cblr-1691	488	7	firm	firm	NOUN
cblr-1691	488	8	in	in	ADP
cblr-1691	488	9	silicon	silicon	NOUN
cblr-1691	488	10	valley139	valley139	PROPN
cblr-1691	488	11	and	and	CCONJ
cblr-1691	488	12	historically	historically	ADV
cblr-1691	488	13	,	,	PUNCT
cblr-1691	488	14	like	like	ADP
cblr-1691	488	15	many	many	ADJ
cblr-1691	488	16	other	other	ADJ
cblr-1691	488	17	california	california	PROPN
cblr-1691	488	18	firms	firm	NOUN
cblr-1691	488	19	,	,	PUNCT
cblr-1691	488	20	has	have	AUX
cblr-1691	488	21	been	be	AUX
cblr-1691	488	22	able	able	ADJ
cblr-1691	488	23	to	to	PART
cblr-1691	488	24	retain	retain	VERB
cblr-1691	488	25	its	its	PRON
cblr-1691	488	26	employees	employee	NOUN
cblr-1691	488	27	by	by	ADP
cblr-1691	488	28	offering	offer	VERB
cblr-1691	488	29	them	they	PRON
cblr-1691	488	30	equity	equity	NOUN
cblr-1691	488	31	and	and	CCONJ
cblr-1691	488	32	stock	stock	NOUN
cblr-1691	488	33	options	option	NOUN
cblr-1691	488	34	,	,	PUNCT
cblr-1691	488	35	thereby	thereby	ADV
cblr-1691	488	36	binding	bind	VERB
cblr-1691	488	37	them	they	PRON
cblr-1691	488	38	with	with	ADP
cblr-1691	488	39	golden	golden	ADJ
cblr-1691	488	40	handcuffs.140	handcuffs.140	PROPN
cblr-1691	488	41	unicorn	unicorn	ADJ
cblr-1691	488	42	firms	firm	NOUN
cblr-1691	488	43	are	be	AUX
cblr-1691	488	44	no	no	ADV
cblr-1691	488	45	longer	long	ADV
cblr-1691	488	46	as	as	ADV
cblr-1691	488	47	rare	rare	ADJ
cblr-1691	488	48	and	and	CCONJ
cblr-1691	488	49	are	be	AUX
cblr-1691	488	50	growing	grow	VERB
cblr-1691	488	51	at	at	ADP
cblr-1691	488	52	a	a	DET
cblr-1691	488	53	rapid	rapid	ADJ
cblr-1691	488	54	pace	pace	NOUN
cblr-1691	488	55	around	around	ADP
cblr-1691	488	56	the	the	DET
cblr-1691	488	57	world	world	NOUN
cblr-1691	488	58	.	.	PUNCT
cblr-1691	489	1	the	the	DET
cblr-1691	489	2	united	united	PROPN
cblr-1691	489	3	states	states	PROPN
cblr-1691	489	4	has	have	VERB
cblr-1691	489	5	the	the	DET
cblr-1691	489	6	largest	large	ADJ
cblr-1691	489	7	concentration	concentration	NOUN
cblr-1691	489	8	of	of	ADP
cblr-1691	489	9	unicorns	unicorn	NOUN
cblr-1691	489	10	in	in	ADP
cblr-1691	489	11	the	the	DET
cblr-1691	489	12	world141	world141	PROPN
cblr-1691	489	13	and	and	CCONJ
cblr-1691	489	14	around	around	ADP
cblr-1691	489	15	“	"	PUNCT
cblr-1691	489	16	$	$	SYM
cblr-1691	489	17	700	700	NUM
cblr-1691	489	18	billion	billion	NUM
cblr-1691	489	19	in	in	ADP
cblr-1691	489	20	unrealized	unrealized	ADJ
cblr-1691	489	21	value	value	NOUN
cblr-1691	489	22	is	be	AUX
cblr-1691	489	23	currently	currently	ADV
cblr-1691	489	24	locked	lock	VERB
cblr-1691	489	25	up	up	ADP
cblr-1691	489	26	in	in	ADP
cblr-1691	489	27	unicorns	unicorn	NOUN
cblr-1691	489	28	.	.	PUNCT
cblr-1691	490	1	”142	”142	NOUN
cblr-1691	490	2	in	in	ADP
cblr-1691	490	3	2017	2017	NUM
cblr-1691	490	4	alone	alone	ADV
cblr-1691	490	5	,	,	PUNCT
cblr-1691	490	6	“	"	PUNCT
cblr-1691	490	7	22	22	NUM
cblr-1691	490	8	%	%	NOUN
cblr-1691	490	9	of	of	ADP
cblr-1691	490	10	the	the	DET
cblr-1691	490	11	capital	capital	NOUN
cblr-1691	490	12	invested	invest	VERB
cblr-1691	490	13	in	in	ADP
cblr-1691	490	14	the	the	DET
cblr-1691	490	15	us	us	PROPN
cblr-1691	490	16	was	be	AUX
cblr-1691	490	17	part	part	NOUN
cblr-1691	490	18	of	of	ADP
cblr-1691	490	19	a	a	DET
cblr-1691	490	20	deal	deal	NOUN
cblr-1691	490	21	valuing	value	VERB
cblr-1691	490	22	a	a	DET
cblr-1691	490	23	company	company	NOUN
cblr-1691	490	24	at	at	ADP
cblr-1691	490	25	$	$	SYM
cblr-1691	490	26	1	1	NUM
cblr-1691	490	27	billion	billion	NUM
cblr-1691	490	28	or	or	CCONJ
cblr-1691	490	29	more	more	ADJ
cblr-1691	490	30	.	.	PUNCT
cblr-1691	490	31	”143	”143	NOUN
cblr-1691	491	1	138	138	NUM
cblr-1691	491	2	leslie	leslie	PROPN
cblr-1691	491	3	hook	hook	NOUN
cblr-1691	491	4	,	,	PUNCT
cblr-1691	491	5	uber	uber	ADJ
cblr-1691	491	6	employees	employee	NOUN
cblr-1691	491	7	lose	lose	VERB
cblr-1691	491	8	faith	faith	NOUN
cblr-1691	491	9	and	and	CCONJ
cblr-1691	491	10	explore	explore	VERB
cblr-1691	491	11	exit	exit	NOUN
cblr-1691	491	12	,	,	PUNCT
cblr-1691	491	13	fin	fin	NOUN
cblr-1691	491	14	.	.	PUNCT
cblr-1691	492	1	times	times	PROPN
cblr-1691	492	2	(	(	PUNCT
cblr-1691	492	3	mar	mar	PROPN
cblr-1691	492	4	.	.	PROPN
cblr-1691	492	5	6	6	NUM
cblr-1691	492	6	,	,	PUNCT
cblr-1691	492	7	2017	2017	NUM
cblr-1691	492	8	)	)	PUNCT
cblr-1691	492	9	,	,	PUNCT
cblr-1691	492	10	https://www.ft.com/content/c6bc4b2c-0012-11e7-8d8ea5e3738f9ae4	https://www.ft.com/content/c6bc4b2c-0012-11e7-8d8ea5e3738f9ae4	PROPN
cblr-1691	492	11	[	[	X
cblr-1691	492	12	https://perma.cc/3tcw-re3	https://perma.cc/3tcw-re3	NOUN
cblr-1691	492	13	m	m	NOUN
cblr-1691	492	14	]	]	X
cblr-1691	492	15	.	.	PUNCT
cblr-1691	493	1	139	139	NUM
cblr-1691	493	2	see	see	VERB
cblr-1691	493	3	supra	supra	PROPN
cblr-1691	493	4	note	note	PROPN
cblr-1691	493	5	33	33	NUM
cblr-1691	493	6	.	.	PUNCT
cblr-1691	494	1	140	140	NUM
cblr-1691	494	2	merriam	merriam	PROPN
cblr-1691	494	3	webster	webster	PROPN
cblr-1691	494	4	defines	define	VERB
cblr-1691	494	5	“	"	PUNCT
cblr-1691	494	6	golden	golden	ADJ
cblr-1691	494	7	handcuffs	handcuff	NOUN
cblr-1691	494	8	”	"	PUNCT
cblr-1691	494	9	as	as	ADP
cblr-1691	494	10	“	"	PUNCT
cblr-1691	494	11	special	special	ADJ
cblr-1691	494	12	benefits	benefit	NOUN
cblr-1691	494	13	offered	offer	VERB
cblr-1691	494	14	to	to	ADP
cblr-1691	494	15	an	an	DET
cblr-1691	494	16	employee	employee	NOUN
cblr-1691	494	17	as	as	ADP
cblr-1691	494	18	an	an	DET
cblr-1691	494	19	inducement	inducement	NOUN
cblr-1691	494	20	to	to	PART
cblr-1691	494	21	continue	continue	VERB
cblr-1691	494	22	service	service	NOUN
cblr-1691	494	23	,	,	PUNCT
cblr-1691	494	24	”	"	PUNCT
cblr-1691	494	25	with	with	ADP
cblr-1691	494	26	the	the	DET
cblr-1691	494	27	first	first	ADJ
cblr-1691	494	28	known	know	VERB
cblr-1691	494	29	use	use	NOUN
cblr-1691	494	30	by	by	ADP
cblr-1691	494	31	1976	1976	NUM
cblr-1691	494	32	.	.	PUNCT
cblr-1691	495	1	golden	golden	ADJ
cblr-1691	495	2	handcuffs	handcuff	NOUN
cblr-1691	495	3	,	,	PUNCT
cblr-1691	495	4	merriam	merriam	PROPN
cblr-1691	495	5	webster	webster	PROPN
cblr-1691	495	6	,	,	PUNCT
cblr-1691	495	7	https://www.merriam-webster.com/dictionary/golden%20handcuffs	https://www.merriam-webster.com/dictionary/golden%20handcuff	NOUN
cblr-1691	495	8	[	[	X
cblr-1691	495	9	https://perma.cc/69nf-l595	https://perma.cc/69nf-l595	X
cblr-1691	495	10	]	]	PUNCT
cblr-1691	495	11	;	;	PUNCT
cblr-1691	495	12	see	see	VERB
cblr-1691	495	13	also	also	ADV
cblr-1691	495	14	booth	booth	NOUN
cblr-1691	495	15	,	,	PUNCT
cblr-1691	495	16	supra	supra	PROPN
cblr-1691	495	17	note	note	PROPN
cblr-1691	495	18	21	21	NUM
cblr-1691	495	19	,	,	PUNCT
cblr-1691	495	20	at	at	ADP
cblr-1691	495	21	271	271	NUM
cblr-1691	495	22	.	.	PUNCT
cblr-1691	496	1	for	for	ADP
cblr-1691	496	2	further	further	ADJ
cblr-1691	496	3	accounts	account	NOUN
cblr-1691	496	4	of	of	ADP
cblr-1691	496	5	uber	uber	NOUN
cblr-1691	496	6	’s	’s	PART
cblr-1691	496	7	use	use	NOUN
cblr-1691	496	8	of	of	ADP
cblr-1691	496	9	golden	golden	ADJ
cblr-1691	496	10	handcuffs	handcuff	NOUN
cblr-1691	496	11	,	,	PUNCT
cblr-1691	496	12	see	see	VERB
cblr-1691	496	13	dan	dan	PROPN
cblr-1691	496	14	primack	primack	PROPN
cblr-1691	496	15	,	,	PUNCT
cblr-1691	496	16	uber	uber	NOUN
cblr-1691	496	17	plays	play	VERB
cblr-1691	496	18	hardball	hardball	PROPN
cblr-1691	496	19	with	with	ADP
cblr-1691	496	20	early	early	ADJ
cblr-1691	496	21	shareholders	shareholder	NOUN
cblr-1691	496	22	,	,	PUNCT
cblr-1691	496	23	fortune	fortune	NOUN
cblr-1691	496	24	(	(	PUNCT
cblr-1691	496	25	june	june	PROPN
cblr-1691	496	26	20	20	NUM
cblr-1691	496	27	,	,	PUNCT
cblr-1691	496	28	2014	2014	NUM
cblr-1691	496	29	)	)	PUNCT
cblr-1691	496	30	,	,	PUNCT
cblr-1691	497	1	http://fortune.com/2014/06/20/uber-plays-hardball-with-earlyshareholders/	http://fortune.com/2014/06/20/uber-plays-hardball-with-earlyshareholders/	PROPN
cblr-1691	498	1	[	[	X
cblr-1691	498	2	https://perma.cc/7s5c-tyge	https://perma.cc/7s5c-tyge	X
cblr-1691	498	3	]	]	X
cblr-1691	498	4	;	;	PUNCT
cblr-1691	498	5	dan	dan	PROPN
cblr-1691	498	6	primack	primack	PROPN
cblr-1691	498	7	,	,	PUNCT
cblr-1691	498	8	early	early	ADJ
cblr-1691	498	9	‘	'	PUNCT
cblr-1691	498	10	unicorn	unicorn	ADJ
cblr-1691	498	11	’	'	PUNCT
cblr-1691	498	12	employees	employee	NOUN
cblr-1691	498	13	ca	can	AUX
cblr-1691	498	14	n’t	not	PART
cblr-1691	498	15	always	always	ADV
cblr-1691	498	16	cash	cash	VERB
cblr-1691	498	17	in	in	ADP
cblr-1691	498	18	,	,	PUNCT
cblr-1691	498	19	fortune	fortune	NOUN
cblr-1691	498	20	(	(	PUNCT
cblr-1691	498	21	aug	aug	PROPN
cblr-1691	498	22	.	.	PROPN
cblr-1691	498	23	19	19	NUM
cblr-1691	498	24	,	,	PUNCT
cblr-1691	498	25	2014	2014	NUM
cblr-1691	498	26	)	)	PUNCT
cblr-1691	498	27	,	,	PUNCT
cblr-1691	498	28	http://fortune.com/2014/08/19/early-unicorn-employees-cant-always-cashin/	http://fortune.com/2014/08/19/early-unicorn-employees-cant-always-cashin/	NOUN
cblr-1691	499	1	[	[	X
cblr-1691	499	2	https://perma.cc/4xpu-swre	https://perma.cc/4xpu-swre	PROPN
cblr-1691	499	3	]	]	X
cblr-1691	499	4	.	.	PUNCT
cblr-1691	499	5	141	141	NUM
cblr-1691	499	6	see	see	NOUN
cblr-1691	499	7	pitchbook	pitchbook	NOUN
cblr-1691	499	8	,	,	PUNCT
cblr-1691	499	9	supra	supra	ADJ
cblr-1691	499	10	note	note	NOUN
cblr-1691	499	11	9	9	NUM
cblr-1691	499	12	(	(	PUNCT
cblr-1691	499	13	“	"	PUNCT
cblr-1691	499	14	the	the	DET
cblr-1691	499	15	aggregate	aggregate	ADJ
cblr-1691	499	16	valuation	valuation	NOUN
cblr-1691	499	17	of	of	ADP
cblr-1691	499	18	unicorns	unicorn	NOUN
cblr-1691	499	19	stood	stand	VERB
cblr-1691	499	20	at	at	ADP
cblr-1691	499	21	just	just	ADV
cblr-1691	499	22	$	$	SYM
cblr-1691	499	23	35	35	NUM
cblr-1691	499	24	billion	billion	NUM
cblr-1691	499	25	in	in	ADP
cblr-1691	499	26	2009	2009	NUM
cblr-1691	499	27	,	,	PUNCT
cblr-1691	499	28	but	but	CCONJ
cblr-1691	499	29	has	have	AUX
cblr-1691	499	30	grown	grow	VERB
cblr-1691	499	31	more	more	ADJ
cblr-1691	499	32	than	than	ADP
cblr-1691	499	33	20x	20x	NOUN
cblr-1691	499	34	since	since	SCONJ
cblr-1691	499	35	.	.	PUNCT
cblr-1691	499	36	”	"	PUNCT
cblr-1691	499	37	)	)	PUNCT
cblr-1691	499	38	.	.	PUNCT
cblr-1691	500	1	for	for	ADP
cblr-1691	500	2	the	the	DET
cblr-1691	500	3	latest	late	ADJ
cblr-1691	500	4	list	list	NOUN
cblr-1691	500	5	of	of	ADP
cblr-1691	500	6	unicorn	unicorn	ADJ
cblr-1691	500	7	companies	company	NOUN
cblr-1691	500	8	,	,	PUNCT
cblr-1691	500	9	see	see	VERB
cblr-1691	500	10	the	the	DET
cblr-1691	500	11	global	global	ADJ
cblr-1691	500	12	unicorn	unicorn	PROPN
cblr-1691	500	13	club	club	NOUN
cblr-1691	500	14	,	,	PUNCT
cblr-1691	500	15	cb	cb	PROPN
cblr-1691	500	16	insights	insight	NOUN
cblr-1691	500	17	,	,	PUNCT
cblr-1691	500	18	https://www.cbinsights.com/research-unicorn-companies	https://www.cbinsights.com/research-unicorn-companie	NOUN
cblr-1691	500	19	[	[	X
cblr-1691	500	20	https://perma.cc/rl7l-w9rl	https://perma.cc/rl7l-w9rl	NOUN
cblr-1691	500	21	]	]	X
cblr-1691	500	22	.	.	PUNCT
cblr-1691	501	1	142	142	NUM
cblr-1691	501	2	pitchbook	pitchbook	ADJ
cblr-1691	501	3	,	,	PUNCT
cblr-1691	501	4	supra	supra	ADJ
cblr-1691	501	5	note	note	NOUN
cblr-1691	501	6	9	9	NUM
cblr-1691	501	7	.	.	X
cblr-1691	501	8	143	143	NUM
cblr-1691	502	1	i	i	PRON
cblr-1691	502	2	d.	d.	PROPN
cblr-1691	502	3	no	no	INTJ
cblr-1691	502	4	.	.	PUNCT
cblr-1691	503	1	1:107	1:107	NUM
cblr-1691	503	2	]	]	X
cblr-1691	503	3	unicorn	unicorn	ADJ
cblr-1691	503	4	stock	stock	NOUN
cblr-1691	503	5	options	option	NOUN
cblr-1691	503	6	141	141	NUM
cblr-1691	503	7	these	these	DET
cblr-1691	503	8	firms	firm	NOUN
cblr-1691	503	9	are	be	AUX
cblr-1691	503	10	growing	grow	VERB
cblr-1691	503	11	“	"	PUNCT
cblr-1691	503	12	twice	twice	ADV
cblr-1691	503	13	as	as	ADV
cblr-1691	503	14	fast	fast	ADV
cblr-1691	503	15	as	as	ADP
cblr-1691	503	16	those	those	PRON
cblr-1691	503	17	founded	found	VERB
cblr-1691	503	18	a	a	DET
cblr-1691	503	19	decade	decade	NOUN
cblr-1691	503	20	ago	ago	ADV
cblr-1691	503	21	.	.	PUNCT
cblr-1691	503	22	”144	”144	PUNCT
cblr-1691	504	1	due	due	ADP
cblr-1691	504	2	to	to	ADP
cblr-1691	504	3	this	this	DET
cblr-1691	504	4	fast	fast	ADV
cblr-1691	504	5	-	-	PUNCT
cblr-1691	504	6	paced	pace	VERB
cblr-1691	504	7	growth	growth	NOUN
cblr-1691	504	8	,	,	PUNCT
cblr-1691	504	9	founders	founder	NOUN
cblr-1691	504	10	and	and	CCONJ
cblr-1691	504	11	managers	manager	NOUN
cblr-1691	504	12	of	of	ADP
cblr-1691	504	13	unicorn	unicorn	ADJ
cblr-1691	504	14	firms	firm	NOUN
cblr-1691	504	15	are	be	AUX
cblr-1691	504	16	dealing	deal	VERB
cblr-1691	504	17	with	with	ADP
cblr-1691	504	18	critical	critical	ADJ
cblr-1691	504	19	problems	problem	NOUN
cblr-1691	504	20	of	of	ADP
cblr-1691	504	21	getting	get	VERB
cblr-1691	504	22	big	big	ADJ
cblr-1691	504	23	fast.145	fast.145	NOUN
cblr-1691	504	24	one	one	NUM
cblr-1691	504	25	such	such	ADJ
cblr-1691	504	26	problem	problem	NOUN
cblr-1691	504	27	associated	associate	VERB
cblr-1691	504	28	with	with	ADP
cblr-1691	504	29	expanding	expand	VERB
cblr-1691	504	30	from	from	ADP
cblr-1691	504	31	a	a	DET
cblr-1691	504	32	small	small	ADJ
cblr-1691	504	33	startup	startup	NOUN
cblr-1691	504	34	team	team	NOUN
cblr-1691	504	35	to	to	ADP
cblr-1691	504	36	a	a	DET
cblr-1691	504	37	large	large	ADJ
cblr-1691	504	38	unicorn	unicorn	NOUN
cblr-1691	504	39	with	with	ADP
cblr-1691	504	40	thousands	thousand	NOUN
cblr-1691	504	41	of	of	ADP
cblr-1691	504	42	employees	employee	NOUN
cblr-1691	504	43	is	be	AUX
cblr-1691	504	44	the	the	DET
cblr-1691	504	45	fight	fight	NOUN
cblr-1691	504	46	to	to	PART
cblr-1691	504	47	recruit	recruit	VERB
cblr-1691	504	48	,	,	PUNCT
cblr-1691	504	49	engage	engage	VERB
cblr-1691	504	50	,	,	PUNCT
cblr-1691	504	51	and	and	CCONJ
cblr-1691	504	52	retain	retain	VERB
cblr-1691	504	53	a	a	DET
cblr-1691	504	54	motivated	motivated	ADJ
cblr-1691	504	55	work	work	NOUN
cblr-1691	505	1	force.146	force.146	ADV
cblr-1691	505	2	however	however	ADV
cblr-1691	505	3	,	,	PUNCT
cblr-1691	505	4	the	the	DET
cblr-1691	505	5	unicorn	unicorn	ADJ
cblr-1691	505	6	firm	firm	NOUN
cblr-1691	505	7	’s	’s	PART
cblr-1691	505	8	and	and	CCONJ
cblr-1691	505	9	its	its	PRON
cblr-1691	505	10	employees	employee	NOUN
cblr-1691	505	11	’	’	PART
cblr-1691	505	12	short	short	ADJ
cblr-1691	505	13	-	-	PUNCT
cblr-1691	505	14	term	term	NOUN
cblr-1691	505	15	economic	economic	ADJ
cblr-1691	505	16	interests	interest	NOUN
cblr-1691	505	17	are	be	AUX
cblr-1691	505	18	in	in	ADP
cblr-1691	505	19	clear	clear	ADJ
cblr-1691	505	20	conflict	conflict	NOUN
cblr-1691	505	21	.	.	PUNCT
cblr-1691	506	1	first	first	ADV
cblr-1691	506	2	,	,	PUNCT
cblr-1691	506	3	unicorn	unicorn	ADJ
cblr-1691	506	4	employees	employee	NOUN
cblr-1691	506	5	now	now	ADV
cblr-1691	506	6	experience	experience	VERB
cblr-1691	506	7	capital	capital	NOUN
cblr-1691	506	8	or	or	CCONJ
cblr-1691	506	9	“	"	PUNCT
cblr-1691	506	10	investor	investor	NOUN
cblr-1691	506	11	”	"	PUNCT
cblr-1691	506	12	lock	lock	NOUN
cblr-1691	506	13	-	-	PUNCT
cblr-1691	506	14	in.147	in.147	NOUN
cblr-1691	506	15	capital	capital	NOUN
cblr-1691	506	16	lock	lock	NOUN
cblr-1691	506	17	-	-	PUNCT
cblr-1691	506	18	in	in	ADP
cblr-1691	506	19	refers	refer	NOUN
cblr-1691	506	20	to	to	ADP
cblr-1691	506	21	when	when	SCONJ
cblr-1691	506	22	equity	equity	NOUN
cblr-1691	506	23	investors	investor	NOUN
cblr-1691	506	24	in	in	ADP
cblr-1691	506	25	a	a	DET
cblr-1691	506	26	corporation	corporation	NOUN
cblr-1691	506	27	are	be	AUX
cblr-1691	506	28	not	not	PART
cblr-1691	506	29	able	able	ADJ
cblr-1691	506	30	to	to	PART
cblr-1691	506	31	withdraw	withdraw	VERB
cblr-1691	506	32	or	or	CCONJ
cblr-1691	506	33	“	"	PUNCT
cblr-1691	506	34	redeem	redeem	VERB
cblr-1691	506	35	”	"	PUNCT
cblr-1691	506	36	the	the	DET
cblr-1691	506	37	capital	capital	NOUN
cblr-1691	506	38	that	that	PRON
cblr-1691	506	39	they	they	PRON
cblr-1691	506	40	contributed.148	contributed.148	VERB
cblr-1691	506	41	they	they	PRON
cblr-1691	506	42	can	can	AUX
cblr-1691	506	43	not	not	PART
cblr-1691	506	44	force	force	VERB
cblr-1691	506	45	the	the	DET
cblr-1691	506	46	corporation	corporation	NOUN
cblr-1691	506	47	to	to	PART
cblr-1691	506	48	distribute	distribute	VERB
cblr-1691	506	49	assets	asset	NOUN
cblr-1691	506	50	or	or	CCONJ
cblr-1691	506	51	buy	buy	VERB
cblr-1691	506	52	back	back	ADV
cblr-1691	506	53	their	their	PRON
cblr-1691	506	54	shares.149	shares.149	NOUN
cblr-1691	506	55	144	144	NUM
cblr-1691	506	56	how	how	SCONJ
cblr-1691	506	57	unicorns	unicorn	NOUN
cblr-1691	506	58	grow	grow	VERB
cblr-1691	506	59	,	,	PUNCT
cblr-1691	506	60	harv	harv	NOUN
cblr-1691	506	61	.	.	PUNCT
cblr-1691	507	1	bus	bus	NOUN
cblr-1691	507	2	.	.	PUNCT
cblr-1691	508	1	rev	rev	PROPN
cblr-1691	508	2	.	.	PROPN
cblr-1691	508	3	,	,	PUNCT
cblr-1691	508	4	jan.–feb	jan.–feb	PROPN
cblr-1691	508	5	.	.	NOUN
cblr-1691	508	6	2016	2016	NUM
cblr-1691	508	7	,	,	PUNCT
cblr-1691	508	8	at	at	ADP
cblr-1691	508	9	28	28	NUM
cblr-1691	508	10	,	,	PUNCT
cblr-1691	508	11	28	28	NUM
cblr-1691	508	12	(	(	PUNCT
cblr-1691	508	13	“	"	PUNCT
cblr-1691	508	14	firms	firm	NOUN
cblr-1691	508	15	founded	found	VERB
cblr-1691	508	16	from	from	ADP
cblr-1691	508	17	2012	2012	NUM
cblr-1691	508	18	to	to	ADP
cblr-1691	508	19	2015	2015	NUM
cblr-1691	508	20	had	have	VERB
cblr-1691	508	21	a	a	DET
cblr-1691	508	22	time	time	NOUN
cblr-1691	508	23	to	to	ADP
cblr-1691	508	24	market	market	NOUN
cblr-1691	508	25	cap	cap	NOUN
cblr-1691	508	26	more	more	ADJ
cblr-1691	508	27	than	than	ADP
cblr-1691	508	28	twice	twice	DET
cblr-1691	508	29	that	that	DET
cblr-1691	508	30	of	of	ADP
cblr-1691	508	31	firms	firm	NOUN
cblr-1691	508	32	founded	found	VERB
cblr-1691	508	33	from	from	ADP
cblr-1691	508	34	2000	2000	NUM
cblr-1691	508	35	to	to	ADP
cblr-1691	508	36	2003	2003	NUM
cblr-1691	508	37	.	.	PUNCT
cblr-1691	508	38	”	"	PUNCT
cblr-1691	508	39	)	)	PUNCT
cblr-1691	508	40	.	.	PUNCT
cblr-1691	509	1	145	145	NUM
cblr-1691	509	2	see	see	VERB
cblr-1691	509	3	zach	zach	PROPN
cblr-1691	509	4	cutler	cutler	PROPN
cblr-1691	509	5	,	,	PUNCT
cblr-1691	509	6	4	4	NUM
cblr-1691	509	7	big	big	ADJ
cblr-1691	509	8	challenges	challenge	NOUN
cblr-1691	509	9	that	that	PRON
cblr-1691	509	10	startups	startup	NOUN
cblr-1691	509	11	face	face	NOUN
cblr-1691	509	12	,	,	PUNCT
cblr-1691	509	13	entrepreneur	entrepreneur	NOUN
cblr-1691	509	14	(	(	PUNCT
cblr-1691	509	15	dec	dec	PROPN
cblr-1691	509	16	.	.	PROPN
cblr-1691	509	17	11	11	NUM
cblr-1691	509	18	,	,	PUNCT
cblr-1691	509	19	2014	2014	NUM
cblr-1691	509	20	)	)	PUNCT
cblr-1691	509	21	,	,	PUNCT
cblr-1691	509	22	https://www.entrepreneur.com/	https://www.entrepreneur.com/	NOUN
cblr-1691	509	23	article/240742	article/240742	PROPN
cblr-1691	510	1	[	[	X
cblr-1691	510	2	https://perma.cc/uz83-2lyu	https://perma.cc/uz83-2lyu	NOUN
cblr-1691	510	3	]	]	PUNCT
cblr-1691	510	4	.	.	PUNCT
cblr-1691	511	1	see	see	VERB
cblr-1691	511	2	generally	generally	ADV
cblr-1691	511	3	wickham	wickham	PROPN
cblr-1691	511	4	skinner	skinner	PROPN
cblr-1691	511	5	,	,	PUNCT
cblr-1691	511	6	big	big	ADJ
cblr-1691	511	7	hat	hat	NOUN
cblr-1691	511	8	,	,	PUNCT
cblr-1691	511	9	no	no	DET
cblr-1691	511	10	cattle	cattle	NOUN
cblr-1691	511	11	:	:	PUNCT
cblr-1691	511	12	managing	manage	VERB
cblr-1691	511	13	human	human	ADJ
cblr-1691	511	14	resources	resource	NOUN
cblr-1691	511	15	,	,	PUNCT
cblr-1691	511	16	harv	harv	NOUN
cblr-1691	511	17	.	.	PUNCT
cblr-1691	512	1	bus	bus	NOUN
cblr-1691	512	2	.	.	PUNCT
cblr-1691	513	1	rev	rev	PROPN
cblr-1691	513	2	.	.	PROPN
cblr-1691	513	3	,	,	PUNCT
cblr-1691	513	4	sept.–oct	sept.–oct	PROPN
cblr-1691	513	5	.	.	PROPN
cblr-1691	513	6	1981	1981	NUM
cblr-1691	513	7	,	,	PUNCT
cblr-1691	513	8	at	at	ADP
cblr-1691	513	9	106	106	NUM
cblr-1691	513	10	.	.	PUNCT
cblr-1691	513	11	146	146	NUM
cblr-1691	513	12	until	until	SCONJ
cblr-1691	513	13	employees	employee	NOUN
cblr-1691	513	14	exercise	exercise	VERB
cblr-1691	513	15	their	their	PRON
cblr-1691	513	16	options	option	NOUN
cblr-1691	513	17	,	,	PUNCT
cblr-1691	513	18	they	they	PRON
cblr-1691	513	19	can	can	AUX
cblr-1691	513	20	not	not	PART
cblr-1691	513	21	vote	vote	VERB
cblr-1691	513	22	on	on	ADP
cblr-1691	513	23	how	how	SCONJ
cblr-1691	513	24	the	the	DET
cblr-1691	513	25	firm	firm	NOUN
cblr-1691	513	26	will	will	AUX
cblr-1691	513	27	operate	operate	VERB
cblr-1691	513	28	,	,	PUNCT
cblr-1691	513	29	and	and	CCONJ
cblr-1691	513	30	many	many	ADJ
cblr-1691	513	31	times	time	NOUN
cblr-1691	513	32	,	,	PUNCT
cblr-1691	513	33	even	even	ADV
cblr-1691	513	34	after	after	SCONJ
cblr-1691	513	35	they	they	PRON
cblr-1691	513	36	exercise	exercise	VERB
cblr-1691	513	37	,	,	PUNCT
cblr-1691	513	38	their	their	PRON
cblr-1691	513	39	voting	voting	NOUN
cblr-1691	513	40	rights	right	NOUN
cblr-1691	513	41	are	be	AUX
cblr-1691	513	42	marginal	marginal	ADJ
cblr-1691	513	43	.	.	PUNCT
cblr-1691	514	1	therefore	therefore	ADV
cblr-1691	514	2	,	,	PUNCT
cblr-1691	514	3	due	due	ADP
cblr-1691	514	4	to	to	ADP
cblr-1691	514	5	the	the	DET
cblr-1691	514	6	large	large	ADJ
cblr-1691	514	7	size	size	NOUN
cblr-1691	514	8	of	of	ADP
cblr-1691	514	9	unicorn	unicorn	ADJ
cblr-1691	514	10	startups	startup	NOUN
cblr-1691	514	11	,	,	PUNCT
cblr-1691	514	12	stock	stock	NOUN
cblr-1691	514	13	-	-	PUNCT
cblr-1691	514	14	holding	hold	VERB
cblr-1691	514	15	employees	employee	NOUN
cblr-1691	514	16	have	have	VERB
cblr-1691	514	17	no	no	DET
cblr-1691	514	18	control	control	NOUN
cblr-1691	514	19	over	over	ADP
cblr-1691	514	20	the	the	DET
cblr-1691	514	21	company	company	NOUN
cblr-1691	514	22	’s	’s	PART
cblr-1691	514	23	strategy	strategy	NOUN
cblr-1691	514	24	or	or	CCONJ
cblr-1691	514	25	senior	senior	ADJ
cblr-1691	514	26	managements	management	NOUN
cblr-1691	514	27	’	'	PUNCT
cblr-1691	514	28	actions	action	NOUN
cblr-1691	514	29	.	.	PUNCT
cblr-1691	515	1	147	147	NUM
cblr-1691	515	2	see	see	VERB
cblr-1691	515	3	darian	darian	PROPN
cblr-1691	515	4	m.	m.	PROPN
cblr-1691	515	5	ibrahim	ibrahim	PROPN
cblr-1691	515	6	,	,	PUNCT
cblr-1691	515	7	the	the	DET
cblr-1691	515	8	new	new	ADJ
cblr-1691	515	9	exit	exit	NOUN
cblr-1691	515	10	in	in	ADP
cblr-1691	515	11	venture	venture	NOUN
cblr-1691	515	12	capital	capital	NOUN
cblr-1691	515	13	,	,	PUNCT
cblr-1691	515	14	65	65	NUM
cblr-1691	515	15	vand	vand	NOUN
cblr-1691	515	16	.	.	PUNCT
cblr-1691	516	1	l.	l.	PROPN
cblr-1691	516	2	rev	rev	PROPN
cblr-1691	516	3	.	.	PROPN
cblr-1691	516	4	1	1	NUM
cblr-1691	516	5	,	,	PUNCT
cblr-1691	516	6	7	7	NUM
cblr-1691	516	7	(	(	PUNCT
cblr-1691	516	8	2012	2012	NUM
cblr-1691	516	9	)	)	PUNCT
cblr-1691	516	10	(	(	PUNCT
cblr-1691	516	11	introducing	introduce	VERB
cblr-1691	516	12	the	the	DET
cblr-1691	516	13	term	term	NOUN
cblr-1691	516	14	“	"	PUNCT
cblr-1691	516	15	investor	investor	NOUN
cblr-1691	516	16	lock	lock	NOUN
cblr-1691	516	17	-	-	PUNCT
cblr-1691	516	18	in	in	NOUN
cblr-1691	516	19	”	"	PUNCT
cblr-1691	516	20	)	)	PUNCT
cblr-1691	516	21	.	.	PUNCT
cblr-1691	517	1	this	this	DET
cblr-1691	517	2	lock	lock	NOUN
cblr-1691	517	3	-	-	PUNCT
cblr-1691	517	4	in	in	ADP
cblr-1691	517	5	effect	effect	NOUN
cblr-1691	517	6	is	be	AUX
cblr-1691	517	7	due	due	ADJ
cblr-1691	517	8	to	to	ADP
cblr-1691	517	9	the	the	DET
cblr-1691	517	10	fact	fact	NOUN
cblr-1691	517	11	that	that	SCONJ
cblr-1691	517	12	founders	founder	NOUN
cblr-1691	517	13	,	,	PUNCT
cblr-1691	517	14	senior	senior	ADJ
cblr-1691	517	15	management	management	NOUN
cblr-1691	517	16	,	,	PUNCT
cblr-1691	517	17	and	and	CCONJ
cblr-1691	517	18	some	some	DET
cblr-1691	517	19	investors	investor	NOUN
cblr-1691	517	20	are	be	AUX
cblr-1691	517	21	not	not	PART
cblr-1691	517	22	in	in	ADP
cblr-1691	517	23	a	a	DET
cblr-1691	517	24	rush	rush	NOUN
cblr-1691	517	25	to	to	PART
cblr-1691	517	26	do	do	AUX
cblr-1691	517	27	an	an	DET
cblr-1691	517	28	ipo	ipo	NOUN
cblr-1691	517	29	.	.	PUNCT
cblr-1691	518	1	see	see	VERB
cblr-1691	518	2	kupor	kupor	NOUN
cblr-1691	518	3	,	,	PUNCT
cblr-1691	518	4	supra	supra	PROPN
cblr-1691	518	5	note	note	NOUN
cblr-1691	518	6	3	3	NUM
cblr-1691	518	7	,	,	PUNCT
cblr-1691	518	8	on	on	ADP
cblr-1691	518	9	the	the	DET
cblr-1691	518	10	decline	decline	NOUN
cblr-1691	518	11	in	in	ADP
cblr-1691	518	12	ipos	ipos	NOUN
cblr-1691	518	13	.	.	PUNCT
cblr-1691	519	1	148	148	NUM
cblr-1691	519	2	see	see	VERB
cblr-1691	519	3	ibrahim	ibrahim	PROPN
cblr-1691	519	4	,	,	PUNCT
cblr-1691	519	5	supra	supra	PROPN
cblr-1691	519	6	note	note	PROPN
cblr-1691	519	7	147	147	NUM
cblr-1691	519	8	,	,	PUNCT
cblr-1691	519	9	at	at	ADP
cblr-1691	519	10	6–7	6–7	NUM
cblr-1691	519	11	;	;	PUNCT
cblr-1691	519	12	see	see	VERB
cblr-1691	519	13	also	also	ADV
cblr-1691	519	14	margaret	margaret	PROPN
cblr-1691	519	15	m.	m.	PROPN
cblr-1691	519	16	blair	blair	PROPN
cblr-1691	519	17	,	,	PUNCT
cblr-1691	519	18	reforming	reform	VERB
cblr-1691	519	19	corporate	corporate	ADJ
cblr-1691	519	20	governance	governance	NOUN
cblr-1691	519	21	:	:	PUNCT
cblr-1691	519	22	what	what	PRON
cblr-1691	519	23	history	history	NOUN
cblr-1691	519	24	can	can	AUX
cblr-1691	519	25	teach	teach	VERB
cblr-1691	519	26	us	we	PRON
cblr-1691	519	27	,	,	PUNCT
cblr-1691	519	28	1	1	NUM
cblr-1691	519	29	berkeley	berkeley	PROPN
cblr-1691	519	30	bus	bus	NOUN
cblr-1691	519	31	.	.	PUNCT
cblr-1691	520	1	l.j	l.j	PROPN
cblr-1691	520	2	.	.	PROPN
cblr-1691	520	3	1	1	NUM
cblr-1691	520	4	,	,	PUNCT
cblr-1691	520	5	26	26	NUM
cblr-1691	520	6	(	(	PUNCT
cblr-1691	520	7	2004	2004	NUM
cblr-1691	520	8	)	)	PUNCT
cblr-1691	520	9	.	.	PUNCT
cblr-1691	521	1	149	149	NUM
cblr-1691	521	2	see	see	VERB
cblr-1691	521	3	ibrahim	ibrahim	PROPN
cblr-1691	521	4	,	,	PUNCT
cblr-1691	521	5	supra	supra	PROPN
cblr-1691	521	6	note	note	PROPN
cblr-1691	521	7	147	147	NUM
cblr-1691	521	8	,	,	PUNCT
cblr-1691	521	9	at	at	ADP
cblr-1691	521	10	6	6	NUM
cblr-1691	521	11	;	;	PUNCT
cblr-1691	521	12	see	see	VERB
cblr-1691	521	13	also	also	ADV
cblr-1691	521	14	blair	blair	PROPN
cblr-1691	521	15	,	,	PUNCT
cblr-1691	521	16	supra	supra	PROPN
cblr-1691	521	17	note	note	PROPN
cblr-1691	521	18	148	148	NUM
cblr-1691	521	19	,	,	PUNCT
cblr-1691	521	20	at	at	ADP
cblr-1691	521	21	14	14	NUM
cblr-1691	521	22	,	,	PUNCT
cblr-1691	521	23	26	26	NUM
cblr-1691	521	24	(	(	PUNCT
cblr-1691	521	25	citing	cite	VERB
cblr-1691	521	26	early	early	ADJ
cblr-1691	521	27	corporate	corporate	ADJ
cblr-1691	521	28	charters	charter	NOUN
cblr-1691	521	29	and	and	CCONJ
cblr-1691	521	30	statutes	statute	NOUN
cblr-1691	521	31	that	that	PRON
cblr-1691	521	32	limited	limit	VERB
cblr-1691	521	33	withdrawals	withdrawal	NOUN
cblr-1691	521	34	to	to	ADP
cblr-1691	521	35	formal	formal	ADJ
cblr-1691	521	36	corporate	corporate	ADJ
cblr-1691	521	37	dissolution	dissolution	NOUN
cblr-1691	521	38	)	)	PUNCT
cblr-1691	521	39	.	.	PUNCT
cblr-1691	522	1	https://hbr.org/archive-toc/br1601	https://hbr.org/archive-toc/br1601	X
cblr-1691	523	1	142	142	NUM
cblr-1691	523	2	columbia	columbia	PROPN
cblr-1691	523	3	business	business	NOUN
cblr-1691	523	4	law	law	PROPN
cblr-1691	523	5	review	review	NOUN
cblr-1691	523	6	[	[	X
cblr-1691	523	7	vol	vol	NOUN
cblr-1691	523	8	.	.	NOUN
cblr-1691	523	9	2019	2019	NUM
cblr-1691	523	10	corporate	corporate	ADJ
cblr-1691	523	11	law	law	NOUN
cblr-1691	523	12	scholars	scholar	NOUN
cblr-1691	523	13	have	have	AUX
cblr-1691	523	14	debated	debate	VERB
cblr-1691	523	15	the	the	DET
cblr-1691	523	16	desirability	desirability	NOUN
cblr-1691	523	17	of	of	ADP
cblr-1691	523	18	this	this	DET
cblr-1691	523	19	capital	capital	NOUN
cblr-1691	523	20	lock	lock	NOUN
cblr-1691	523	21	-	-	PUNCT
cblr-1691	523	22	in	in	NOUN
cblr-1691	523	23	.	.	PUNCT
cblr-1691	524	1	some	some	DET
cblr-1691	524	2	scholars	scholar	NOUN
cblr-1691	524	3	,	,	PUNCT
cblr-1691	524	4	such	such	ADJ
cblr-1691	524	5	as	as	ADP
cblr-1691	524	6	margaret	margaret	PROPN
cblr-1691	524	7	blair	blair	PROPN
cblr-1691	524	8	,	,	PUNCT
cblr-1691	524	9	maintain	maintain	VERB
cblr-1691	524	10	that	that	SCONJ
cblr-1691	524	11	capital	capital	NOUN
cblr-1691	524	12	lock	lock	NOUN
cblr-1691	524	13	-	-	PUNCT
cblr-1691	524	14	in	in	NOUN
cblr-1691	524	15	is	be	AUX
cblr-1691	524	16	desirable	desirable	ADJ
cblr-1691	524	17	because	because	SCONJ
cblr-1691	524	18	it	it	PRON
cblr-1691	524	19	assures	assure	VERB
cblr-1691	524	20	firm	firm	ADJ
cblr-1691	524	21	stability	stability	NOUN
cblr-1691	524	22	,	,	PUNCT
cblr-1691	524	23	as	as	SCONJ
cblr-1691	524	24	investors	investor	NOUN
cblr-1691	524	25	do	do	AUX
cblr-1691	524	26	not	not	PART
cblr-1691	524	27	have	have	VERB
cblr-1691	524	28	the	the	DET
cblr-1691	524	29	power	power	NOUN
cblr-1691	524	30	to	to	PART
cblr-1691	524	31	withdraw	withdraw	VERB
cblr-1691	524	32	their	their	PRON
cblr-1691	524	33	capital	capital	NOUN
cblr-1691	524	34	easily.150	easily.150	PROPN
cblr-1691	524	35	in	in	ADP
cblr-1691	524	36	contrast	contrast	NOUN
cblr-1691	524	37	,	,	PUNCT
cblr-1691	524	38	scholars	scholar	NOUN
cblr-1691	524	39	including	include	VERB
cblr-1691	524	40	larry	larry	PROPN
cblr-1691	524	41	ribstein	ribstein	NOUN
cblr-1691	524	42	and	and	CCONJ
cblr-1691	524	43	darian	darian	PROPN
cblr-1691	524	44	ibrahim	ibrahim	PROPN
cblr-1691	524	45	maintain	maintain	VERB
cblr-1691	524	46	that	that	SCONJ
cblr-1691	524	47	capital	capital	NOUN
cblr-1691	524	48	lock	lock	NOUN
cblr-1691	524	49	-	-	PUNCT
cblr-1691	524	50	in	in	ADP
cblr-1691	524	51	raises	raise	VERB
cblr-1691	524	52	agency	agency	NOUN
cblr-1691	524	53	costs	cost	NOUN
cblr-1691	524	54	,	,	PUNCT
cblr-1691	524	55	as	as	SCONJ
cblr-1691	524	56	investors	investor	NOUN
cblr-1691	524	57	do	do	AUX
cblr-1691	524	58	not	not	PART
cblr-1691	524	59	have	have	VERB
cblr-1691	524	60	a	a	DET
cblr-1691	524	61	way	way	NOUN
cblr-1691	524	62	of	of	ADP
cblr-1691	524	63	disciplining	discipline	VERB
cblr-1691	524	64	the	the	DET
cblr-1691	524	65	firm	firm	NOUN
cblr-1691	524	66	’s	’s	PART
cblr-1691	524	67	managers	manager	NOUN
cblr-1691	524	68	by	by	ADP
cblr-1691	524	69	threatening	threaten	VERB
cblr-1691	524	70	to	to	PART
cblr-1691	524	71	withdraw	withdraw	VERB
cblr-1691	524	72	their	their	PRON
cblr-1691	524	73	capital	capital	NOUN
cblr-1691	524	74	from	from	ADP
cblr-1691	524	75	the	the	DET
cblr-1691	524	76	firm,151	firm,151	NOUN
cblr-1691	524	77	which	which	PRON
cblr-1691	524	78	further	far	ADV
cblr-1691	524	79	contributes	contribute	VERB
cblr-1691	524	80	to	to	ADP
cblr-1691	524	81	governance	governance	NOUN
cblr-1691	524	82	problems	problem	NOUN
cblr-1691	524	83	within	within	ADP
cblr-1691	524	84	the	the	DET
cblr-1691	524	85	firm	firm	NOUN
cblr-1691	524	86	.	.	PUNCT
cblr-1691	525	1	unicorn	unicorn	ADJ
cblr-1691	525	2	employees	employee	NOUN
cblr-1691	525	3	become	become	VERB
cblr-1691	525	4	common	common	ADJ
cblr-1691	525	5	shareholders	shareholder	NOUN
cblr-1691	525	6	when	when	SCONJ
cblr-1691	525	7	they	they	PRON
cblr-1691	525	8	exercise	exercise	VERB
cblr-1691	525	9	their	their	PRON
cblr-1691	525	10	options	option	NOUN
cblr-1691	525	11	.	.	PUNCT
cblr-1691	526	1	as	as	ADP
cblr-1691	526	2	common	common	ADJ
cblr-1691	526	3	shareholders	shareholder	NOUN
cblr-1691	526	4	,	,	PUNCT
cblr-1691	526	5	they	they	PRON
cblr-1691	526	6	do	do	AUX
cblr-1691	526	7	not	not	PART
cblr-1691	526	8	have	have	VERB
cblr-1691	526	9	downside	downside	ADJ
cblr-1691	526	10	protection	protection	NOUN
cblr-1691	526	11	.	.	PUNCT
cblr-1691	527	1	therefore	therefore	ADV
cblr-1691	527	2	,	,	PUNCT
cblr-1691	527	3	their	their	PRON
cblr-1691	527	4	common	common	ADJ
cblr-1691	527	5	shares	share	NOUN
cblr-1691	527	6	will	will	AUX
cblr-1691	527	7	be	be	AUX
cblr-1691	527	8	last	last	ADJ
cblr-1691	527	9	in	in	ADP
cblr-1691	527	10	line	line	NOUN
cblr-1691	527	11	to	to	PART
cblr-1691	527	12	be	be	AUX
cblr-1691	527	13	paid	pay	VERB
cblr-1691	527	14	,	,	PUNCT
cblr-1691	527	15	even	even	ADV
cblr-1691	527	16	if	if	SCONJ
cblr-1691	527	17	there	there	PRON
cblr-1691	527	18	is	be	VERB
cblr-1691	527	19	a	a	DET
cblr-1691	527	20	sale	sale	NOUN
cblr-1691	527	21	in	in	ADP
cblr-1691	527	22	the	the	DET
cblr-1691	527	23	future.152	future.152	PROPN
cblr-1691	527	24	the	the	DET
cblr-1691	527	25	experience	experience	NOUN
cblr-1691	527	26	of	of	ADP
cblr-1691	527	27	good	good	ADJ
cblr-1691	527	28	technology	technology	NOUN
cblr-1691	527	29	(	(	PUNCT
cblr-1691	527	30	“	"	PUNCT
cblr-1691	527	31	good	good	ADJ
cblr-1691	527	32	”	"	PUNCT
cblr-1691	527	33	)	)	PUNCT
cblr-1691	527	34	employee	employee	NOUN
cblr-1691	527	35	compensation	compensation	NOUN
cblr-1691	527	36	illustrates	illustrate	VERB
cblr-1691	527	37	the	the	DET
cblr-1691	527	38	problems	problem	NOUN
cblr-1691	527	39	that	that	PRON
cblr-1691	527	40	arise	arise	VERB
cblr-1691	527	41	when	when	SCONJ
cblr-1691	527	42	this	this	DET
cblr-1691	527	43	lack	lack	NOUN
cblr-1691	527	44	of	of	ADP
cblr-1691	527	45	downside	downside	ADJ
cblr-1691	527	46	protection	protection	NOUN
cblr-1691	527	47	is	be	AUX
cblr-1691	527	48	combined	combine	VERB
cblr-1691	527	49	with	with	ADP
cblr-1691	527	50	the	the	DET
cblr-1691	527	51	lock	lock	NOUN
cblr-1691	527	52	-	-	PUNCT
cblr-1691	527	53	in	in	ADP
cblr-1691	527	54	issues	issue	NOUN
cblr-1691	527	55	described	describe	VERB
cblr-1691	527	56	above.153	above.153	ADP
cblr-1691	527	57	good	good	ADJ
cblr-1691	527	58	was	be	AUX
cblr-1691	527	59	a	a	DET
cblr-1691	527	60	unicorn	unicorn	ADJ
cblr-1691	527	61	startup	startup	NOUN
cblr-1691	527	62	that	that	PRON
cblr-1691	527	63	filed	file	VERB
cblr-1691	527	64	for	for	ADP
cblr-1691	527	65	an	an	DET
cblr-1691	527	66	ipo	ipo	NOUN
cblr-1691	527	67	in	in	ADP
cblr-1691	527	68	may	may	PROPN
cblr-1691	527	69	2014	2014	NUM
cblr-1691	527	70	but	but	CCONJ
cblr-1691	527	71	eventually	eventually	ADV
cblr-1691	527	72	postponed	postpone	VERB
cblr-1691	527	73	it	it	PRON
cblr-1691	527	74	and	and	CCONJ
cblr-1691	527	75	never	never	ADV
cblr-1691	527	76	completed	complete	VERB
cblr-1691	527	77	the	the	DET
cblr-1691	527	78	process.154	process.154	NOUN
cblr-1691	527	79	in	in	ADP
cblr-1691	527	80	march	march	PROPN
cblr-1691	527	81	2015	2015	NUM
cblr-1691	527	82	,	,	PUNCT
cblr-1691	527	83	good	good	PROPN
cblr-1691	527	84	’s	’s	PART
cblr-1691	527	85	board	board	NOUN
cblr-1691	527	86	of	of	ADP
cblr-1691	527	87	directors	director	NOUN
cblr-1691	527	88	declined	decline	VERB
cblr-1691	527	89	an	an	DET
cblr-1691	527	90	acquisition	acquisition	NOUN
cblr-1691	527	91	offer	offer	NOUN
cblr-1691	527	92	for	for	ADP
cblr-1691	527	93	$	$	SYM
cblr-1691	527	94	825	825	NUM
cblr-1691	527	95	million	million	NUM
cblr-1691	527	96	due	due	ADP
cblr-1691	527	97	to	to	ADP
cblr-1691	527	98	their	their	PRON
cblr-1691	527	99	desire	desire	NOUN
cblr-1691	527	100	to	to	PART
cblr-1691	527	101	go	go	VERB
cblr-1691	527	102	public.155	public.155	NOUN
cblr-1691	527	103	after	after	ADP
cblr-1691	527	104	running	run	VERB
cblr-1691	527	105	into	into	ADP
cblr-1691	527	106	financial	financial	ADJ
cblr-1691	527	107	distress	distress	NOUN
cblr-1691	527	108	,	,	PUNCT
cblr-1691	527	109	good	good	ADJ
cblr-1691	527	110	150	150	NUM
cblr-1691	527	111	see	see	NOUN
cblr-1691	527	112	blair	blair	PROPN
cblr-1691	527	113	,	,	PUNCT
cblr-1691	527	114	supra	supra	PROPN
cblr-1691	527	115	note	note	PROPN
cblr-1691	527	116	148	148	NUM
cblr-1691	527	117	,	,	PUNCT
cblr-1691	527	118	at	at	ADP
cblr-1691	527	119	43	43	NUM
cblr-1691	527	120	.	.	PUNCT
cblr-1691	528	1	according	accord	VERB
cblr-1691	528	2	to	to	ADP
cblr-1691	528	3	blair	blair	PROPN
cblr-1691	528	4	,	,	PUNCT
cblr-1691	528	5	capital	capital	NOUN
cblr-1691	528	6	lock	lock	NOUN
cblr-1691	528	7	-	-	PUNCT
cblr-1691	528	8	in	in	NOUN
cblr-1691	528	9	allows	allow	VERB
cblr-1691	528	10	the	the	DET
cblr-1691	528	11	firm	firm	NOUN
cblr-1691	528	12	to	to	PART
cblr-1691	528	13	attract	attract	VERB
cblr-1691	528	14	not	not	PART
cblr-1691	528	15	only	only	ADV
cblr-1691	528	16	investors	investor	NOUN
cblr-1691	528	17	but	but	CCONJ
cblr-1691	528	18	also	also	ADV
cblr-1691	528	19	“	"	PUNCT
cblr-1691	528	20	skilled	skilled	ADJ
cblr-1691	528	21	employees	employee	NOUN
cblr-1691	528	22	[	[	X
cblr-1691	528	23	.	.	X
cblr-1691	528	24	]	]	X
cblr-1691	528	25	”	"	PUNCT
cblr-1691	528	26	i	i	PROPN
cblr-1691	528	27	d.	d.	PROPN
cblr-1691	528	28	151	151	NUM
cblr-1691	528	29	see	see	VERB
cblr-1691	528	30	larry	larry	PROPN
cblr-1691	528	31	e.	e.	PROPN
cblr-1691	528	32	ribstein	ribstein	PROPN
cblr-1691	528	33	,	,	PUNCT
cblr-1691	528	34	should	should	AUX
cblr-1691	528	35	history	history	NOUN
cblr-1691	528	36	lock	lock	VERB
cblr-1691	528	37	in	in	ADP
cblr-1691	528	38	lock	lock	NOUN
cblr-1691	528	39	-	-	PUNCT
cblr-1691	528	40	in	in	ADP
cblr-1691	528	41	?	?	PUNCT
cblr-1691	528	42	,	,	PUNCT
cblr-1691	528	43	41	41	NUM
cblr-1691	528	44	tulsa	tulsa	PROPN
cblr-1691	528	45	l.	l.	PROPN
cblr-1691	528	46	rev	rev	PROPN
cblr-1691	528	47	.	.	PROPN
cblr-1691	528	48	523	523	NUM
cblr-1691	528	49	,	,	PUNCT
cblr-1691	528	50	524–25	524–25	NUM
cblr-1691	528	51	(	(	PUNCT
cblr-1691	528	52	2006	2006	NUM
cblr-1691	528	53	)	)	PUNCT
cblr-1691	528	54	;	;	PUNCT
cblr-1691	528	55	see	see	VERB
cblr-1691	528	56	also	also	ADV
cblr-1691	528	57	ibrahim	ibrahim	PROPN
cblr-1691	528	58	,	,	PUNCT
cblr-1691	528	59	supra	supra	PROPN
cblr-1691	528	60	note	note	PROPN
cblr-1691	528	61	147	147	NUM
cblr-1691	528	62	,	,	PUNCT
cblr-1691	528	63	at	at	ADP
cblr-1691	528	64	6–7	6–7	NUM
cblr-1691	528	65	.	.	NOUN
cblr-1691	528	66	152	152	NUM
cblr-1691	528	67	a	a	DET
cblr-1691	528	68	sale	sale	NOUN
cblr-1691	528	69	of	of	ADP
cblr-1691	528	70	a	a	DET
cblr-1691	528	71	startup	startup	NOUN
cblr-1691	528	72	is	be	AUX
cblr-1691	528	73	more	more	ADV
cblr-1691	528	74	likely	likely	ADJ
cblr-1691	528	75	to	to	PART
cblr-1691	528	76	happen	happen	VERB
cblr-1691	528	77	today	today	NOUN
cblr-1691	528	78	than	than	ADP
cblr-1691	528	79	an	an	DET
cblr-1691	528	80	ipo	ipo	NOUN
cblr-1691	528	81	.	.	PUNCT
cblr-1691	529	1	see	see	VERB
cblr-1691	529	2	3	3	NUM
cblr-1691	529	3	data	datum	NOUN
cblr-1691	529	4	points	point	NOUN
cblr-1691	529	5	that	that	PRON
cblr-1691	529	6	suggest	suggest	VERB
cblr-1691	529	7	the	the	DET
cblr-1691	529	8	ipo	ipo	NOUN
cblr-1691	529	9	market	market	NOUN
cblr-1691	529	10	may	may	AUX
cblr-1691	529	11	never	never	ADV
cblr-1691	529	12	come	come	VERB
cblr-1691	529	13	back	back	ADV
cblr-1691	529	14	,	,	PUNCT
cblr-1691	529	15	cb	cb	PROPN
cblr-1691	529	16	insights	insight	NOUN
cblr-1691	529	17	(	(	PUNCT
cblr-1691	529	18	jan	jan	PROPN
cblr-1691	529	19	.	.	PROPN
cblr-1691	529	20	2	2	NUM
cblr-1691	529	21	,	,	PUNCT
cblr-1691	529	22	2019	2019	NUM
cblr-1691	529	23	)	)	PUNCT
cblr-1691	529	24	,	,	PUNCT
cblr-1691	530	1	https://www.cbinsights.com/research/tech-ipo-dead/	https://www.cbinsights.com/research/tech-ipo-dead/	PROPN
cblr-1691	531	1	[	[	X
cblr-1691	531	2	https://perma.cc/3bm3-jvj9	https://perma.cc/3bm3-jvj9	X
cblr-1691	531	3	]	]	X
cblr-1691	531	4	(	(	PUNCT
cblr-1691	531	5	“	"	PUNCT
cblr-1691	531	6	despite	despite	SCONJ
cblr-1691	531	7	regular	regular	ADJ
cblr-1691	531	8	yearnings	yearning	NOUN
cblr-1691	531	9	for	for	ADP
cblr-1691	531	10	an	an	DET
cblr-1691	531	11	ipo	ipo	NOUN
cblr-1691	531	12	comeback	comeback	NOUN
cblr-1691	531	13	,	,	PUNCT
cblr-1691	531	14	it	it	PRON
cblr-1691	531	15	might	might	AUX
cblr-1691	531	16	be	be	AUX
cblr-1691	531	17	time	time	NOUN
cblr-1691	531	18	to	to	PART
cblr-1691	531	19	accept	accept	VERB
cblr-1691	531	20	that	that	SCONJ
cblr-1691	531	21	it	it	PRON
cblr-1691	531	22	’s	’s	AUX
cblr-1691	531	23	not	not	PART
cblr-1691	531	24	going	go	VERB
cblr-1691	531	25	to	to	PART
cblr-1691	531	26	happen	happen	VERB
cblr-1691	531	27	.	.	PUNCT
cblr-1691	531	28	”	"	PUNCT
cblr-1691	531	29	)	)	PUNCT
cblr-1691	531	30	.	.	PUNCT
cblr-1691	532	1	153	153	NUM
cblr-1691	532	2	see	see	NOUN
cblr-1691	532	3	cable	cable	NOUN
cblr-1691	532	4	,	,	PUNCT
cblr-1691	532	5	supra	supra	PROPN
cblr-1691	532	6	note	note	NOUN
cblr-1691	532	7	5	5	NUM
cblr-1691	532	8	,	,	PUNCT
cblr-1691	532	9	at	at	ADP
cblr-1691	532	10	614–16	614–16	PROPN
cblr-1691	532	11	.	.	PUNCT
cblr-1691	532	12	154	154	NUM
cblr-1691	532	13	see	see	VERB
cblr-1691	532	14	matt	matt	PROPN
cblr-1691	532	15	levine	levine	PROPN
cblr-1691	532	16	,	,	PUNCT
cblr-1691	532	17	opinion	opinion	NOUN
cblr-1691	532	18	,	,	PUNCT
cblr-1691	532	19	good	good	ADJ
cblr-1691	532	20	technology	technology	NOUN
cblr-1691	532	21	was	be	AUX
cblr-1691	532	22	n’t	not	PART
cblr-1691	532	23	so	so	ADV
cblr-1691	532	24	good	good	ADJ
cblr-1691	532	25	for	for	ADP
cblr-1691	532	26	employees	employee	NOUN
cblr-1691	532	27	,	,	PUNCT
cblr-1691	532	28	bloomberg	bloomberg	PROPN
cblr-1691	532	29	(	(	PUNCT
cblr-1691	532	30	dec	dec	PROPN
cblr-1691	532	31	.	.	PROPN
cblr-1691	532	32	23	23	NUM
cblr-1691	532	33	,	,	PUNCT
cblr-1691	532	34	2015	2015	NUM
cblr-1691	532	35	)	)	PUNCT
cblr-1691	532	36	,	,	PUNCT
cblr-1691	532	37	https://www.bloomberg.com/	https://www.bloomberg.com/	NOUN
cblr-1691	532	38	opinion	opinion	NOUN
cblr-1691	532	39	/	/	SYM
cblr-1691	532	40	articles/2015	articles/2015	PROPN
cblr-1691	532	41	-	-	PUNCT
cblr-1691	532	42	12	12	NUM
cblr-1691	532	43	-	-	PUNCT
cblr-1691	532	44	23	23	NUM
cblr-1691	532	45	/	/	SYM
cblr-1691	532	46	good	good	ADJ
cblr-1691	532	47	-	-	PUNCT
cblr-1691	532	48	technology	technology	NOUN
cblr-1691	532	49	-	-	PUNCT
cblr-1691	532	50	wasn	wasn	NOUN
cblr-1691	532	51	-	-	PUNCT
cblr-1691	532	52	t	t	NOUN
cblr-1691	532	53	-	-	PUNCT
cblr-1691	532	54	so	so	ADV
cblr-1691	532	55	-	-	PUNCT
cblr-1691	532	56	good	good	ADJ
cblr-1691	532	57	-	-	PUNCT
cblr-1691	532	58	for	for	ADP
cblr-1691	532	59	-	-	PUNCT
cblr-1691	532	60	employees	employee	NOUN
cblr-1691	532	61	(	(	PUNCT
cblr-1691	532	62	on	on	ADP
cblr-1691	532	63	file	file	NOUN
cblr-1691	532	64	with	with	ADP
cblr-1691	532	65	the	the	DET
cblr-1691	532	66	columbia	columbia	PROPN
cblr-1691	532	67	business	business	PROPN
cblr-1691	532	68	law	law	PROPN
cblr-1691	532	69	review	review	PROPN
cblr-1691	532	70	)	)	PUNCT
cblr-1691	532	71	.	.	PUNCT
cblr-1691	533	1	155	155	NUM
cblr-1691	533	2	see	see	VERB
cblr-1691	533	3	i	i	PRON
cblr-1691	533	4	d.	d.	PROPN
cblr-1691	533	5	no	no	INTJ
cblr-1691	533	6	.	.	PUNCT
cblr-1691	534	1	1:107	1:107	NUM
cblr-1691	534	2	]	]	X
cblr-1691	534	3	unicorn	unicorn	ADJ
cblr-1691	534	4	stock	stock	NOUN
cblr-1691	534	5	options	option	NOUN
cblr-1691	534	6	143	143	NUM
cblr-1691	534	7	ultimately	ultimately	ADV
cblr-1691	534	8	sold	sell	VERB
cblr-1691	534	9	for	for	ADP
cblr-1691	534	10	almost	almost	ADV
cblr-1691	534	11	half	half	DET
cblr-1691	534	12	this	this	DET
cblr-1691	534	13	value	value	NOUN
cblr-1691	534	14	,	,	PUNCT
cblr-1691	534	15	$	$	SYM
cblr-1691	534	16	425	425	NUM
cblr-1691	534	17	million	million	NUM
cblr-1691	534	18	,	,	PUNCT
cblr-1691	534	19	in	in	ADP
cblr-1691	534	20	september	september	PROPN
cblr-1691	534	21	2015.156	2015.156	NUM
cblr-1691	534	22	news	news	NOUN
cblr-1691	534	23	of	of	ADP
cblr-1691	534	24	the	the	DET
cblr-1691	534	25	sale	sale	NOUN
cblr-1691	534	26	came	come	VERB
cblr-1691	534	27	as	as	ADP
cblr-1691	534	28	a	a	DET
cblr-1691	534	29	shock	shock	NOUN
cblr-1691	534	30	to	to	ADP
cblr-1691	534	31	good	good	PROPN
cblr-1691	534	32	’s	’s	PART
cblr-1691	534	33	employees	employee	NOUN
cblr-1691	534	34	,	,	PUNCT
cblr-1691	534	35	who	who	PRON
cblr-1691	534	36	“	"	PUNCT
cblr-1691	534	37	discovered	discover	VERB
cblr-1691	534	38	their	their	PRON
cblr-1691	534	39	good	good	ADJ
cblr-1691	534	40	stock	stock	NOUN
cblr-1691	534	41	was	be	AUX
cblr-1691	534	42	valued	value	VERB
cblr-1691	534	43	at	at	ADP
cblr-1691	534	44	44	44	NUM
cblr-1691	534	45	cents	cent	NOUN
cblr-1691	534	46	a	a	DET
cblr-1691	534	47	share	share	NOUN
cblr-1691	534	48	,	,	PUNCT
cblr-1691	534	49	down	down	ADV
cblr-1691	534	50	from	from	ADP
cblr-1691	534	51	$	$	SYM
cblr-1691	534	52	4.32	4.32	NUM
cblr-1691	534	53	a	a	DET
cblr-1691	534	54	year	year	NOUN
cblr-1691	534	55	earlier	early	ADV
cblr-1691	534	56	.	.	PUNCT
cblr-1691	535	1	”157	”157	PROPN
cblr-1691	535	2	good	good	PROPN
cblr-1691	535	3	’s	’s	PART
cblr-1691	535	4	preferred	preferred	ADJ
cblr-1691	535	5	shareholders	shareholder	NOUN
cblr-1691	535	6	were	be	AUX
cblr-1691	535	7	able	able	ADJ
cblr-1691	535	8	to	to	PART
cblr-1691	535	9	recover	recover	VERB
cblr-1691	535	10	their	their	PRON
cblr-1691	535	11	investment	investment	NOUN
cblr-1691	535	12	.	.	PUNCT
cblr-1691	536	1	however	however	ADV
cblr-1691	536	2	,	,	PUNCT
cblr-1691	536	3	good	good	PROPN
cblr-1691	536	4	’s	’s	PART
cblr-1691	536	5	employees	employee	NOUN
cblr-1691	536	6	,	,	PUNCT
cblr-1691	536	7	who	who	PRON
cblr-1691	536	8	were	be	AUX
cblr-1691	536	9	common	common	ADJ
cblr-1691	536	10	shareholders	shareholder	NOUN
cblr-1691	536	11	,	,	PUNCT
cblr-1691	536	12	“	"	PUNCT
cblr-1691	536	13	ended	end	VERB
cblr-1691	536	14	up	up	ADP
cblr-1691	536	15	paying	pay	VERB
cblr-1691	536	16	to	to	PART
cblr-1691	536	17	work	work	VERB
cblr-1691	536	18	”	"	PUNCT
cblr-1691	536	19	for	for	ADP
cblr-1691	536	20	good.158	good.158	PROPN
cblr-1691	536	21	some	some	DET
cblr-1691	536	22	employees	employee	NOUN
cblr-1691	536	23	had	have	AUX
cblr-1691	536	24	taken	take	VERB
cblr-1691	536	25	on	on	ADP
cblr-1691	536	26	loans	loan	NOUN
cblr-1691	536	27	to	to	PART
cblr-1691	536	28	pay	pay	VERB
cblr-1691	536	29	for	for	ADP
cblr-1691	536	30	the	the	DET
cblr-1691	536	31	taxes	taxis	NOUN
cblr-1691	536	32	to	to	PART
cblr-1691	536	33	exercise	exercise	VERB
cblr-1691	536	34	their	their	PRON
cblr-1691	536	35	stock	stock	NOUN
cblr-1691	536	36	options	option	NOUN
cblr-1691	536	37	,	,	PUNCT
cblr-1691	536	38	but	but	CCONJ
cblr-1691	536	39	never	never	ADV
cblr-1691	536	40	profited	profit	VERB
cblr-1691	536	41	from	from	ADP
cblr-1691	536	42	that	that	DET
cblr-1691	536	43	investment	investment	NOUN
cblr-1691	536	44	as	as	SCONJ
cblr-1691	536	45	the	the	DET
cblr-1691	536	46	loan	loan	NOUN
cblr-1691	536	47	amounts	amount	NOUN
cblr-1691	536	48	were	be	AUX
cblr-1691	536	49	much	much	ADV
cblr-1691	536	50	larger	large	ADJ
cblr-1691	536	51	than	than	ADP
cblr-1691	536	52	what	what	PRON
cblr-1691	536	53	their	their	PRON
cblr-1691	536	54	stock	stock	NOUN
cblr-1691	536	55	was	be	AUX
cblr-1691	536	56	worth	worth	ADJ
cblr-1691	536	57	after	after	ADP
cblr-1691	536	58	the	the	DET
cblr-1691	536	59	sale	sale	NOUN
cblr-1691	536	60	.	.	PUNCT
cblr-1691	537	1	it	it	PRON
cblr-1691	537	2	should	should	AUX
cblr-1691	537	3	be	be	AUX
cblr-1691	537	4	noted	note	VERB
cblr-1691	537	5	that	that	SCONJ
cblr-1691	537	6	,	,	PUNCT
cblr-1691	537	7	prior	prior	ADV
cblr-1691	537	8	to	to	ADP
cblr-1691	537	9	the	the	DET
cblr-1691	537	10	sale	sale	NOUN
cblr-1691	537	11	,	,	PUNCT
cblr-1691	537	12	good	good	PROPN
cblr-1691	537	13	allowed	allow	VERB
cblr-1691	537	14	its	its	PRON
cblr-1691	537	15	employees	employee	NOUN
cblr-1691	537	16	to	to	PART
cblr-1691	537	17	trade	trade	VERB
cblr-1691	537	18	their	their	PRON
cblr-1691	537	19	stock	stock	NOUN
cblr-1691	537	20	on	on	ADP
cblr-1691	537	21	the	the	DET
cblr-1691	537	22	secondary	secondary	ADJ
cblr-1691	537	23	markets	market	NOUN
cblr-1691	537	24	.	.	PUNCT
cblr-1691	538	1	some	some	PRON
cblr-1691	538	2	of	of	ADP
cblr-1691	538	3	good	good	PROPN
cblr-1691	538	4	’s	’s	PART
cblr-1691	538	5	employees	employee	NOUN
cblr-1691	538	6	did	do	AUX
cblr-1691	538	7	not	not	PART
cblr-1691	538	8	use	use	VERB
cblr-1691	538	9	the	the	DET
cblr-1691	538	10	secondary	secondary	ADJ
cblr-1691	538	11	market	market	NOUN
cblr-1691	538	12	as	as	ADP
cblr-1691	538	13	an	an	DET
cblr-1691	538	14	exit	exit	NOUN
cblr-1691	538	15	vehicle	vehicle	NOUN
cblr-1691	538	16	,	,	PUNCT
cblr-1691	538	17	but	but	CCONJ
cblr-1691	538	18	instead	instead	ADV
cblr-1691	538	19	purchased	purchase	VERB
cblr-1691	538	20	additional	additional	ADJ
cblr-1691	538	21	good	good	ADJ
cblr-1691	538	22	stock	stock	NOUN
cblr-1691	538	23	on	on	ADP
cblr-1691	538	24	these	these	DET
cblr-1691	538	25	platforms	platform	NOUN
cblr-1691	538	26	as	as	SCONJ
cblr-1691	538	27	they	they	PRON
cblr-1691	538	28	believed	believe	VERB
cblr-1691	538	29	in	in	ADP
cblr-1691	538	30	the	the	DET
cblr-1691	538	31	company	company	NOUN
cblr-1691	538	32	’s	’s	PART
cblr-1691	538	33	success	success	NOUN
cblr-1691	538	34	and	and	CCONJ
cblr-1691	538	35	in	in	ADP
cblr-1691	538	36	the	the	DET
cblr-1691	538	37	board	board	NOUN
cblr-1691	538	38	’s	’s	PART
cblr-1691	538	39	desire	desire	NOUN
cblr-1691	538	40	to	to	PART
cblr-1691	538	41	follow	follow	VERB
cblr-1691	538	42	-	-	PUNCT
cblr-1691	538	43	through	through	NOUN
cblr-1691	538	44	with	with	ADP
cblr-1691	538	45	an	an	DET
cblr-1691	538	46	ipo	ipo	NOUN
cblr-1691	538	47	.	.	PUNCT
cblr-1691	539	1	good	good	ADJ
cblr-1691	539	2	exhibits	exhibit	VERB
cblr-1691	539	3	the	the	DET
cblr-1691	539	4	risks	risk	NOUN
cblr-1691	539	5	caused	cause	VERB
cblr-1691	539	6	by	by	ADP
cblr-1691	539	7	information	information	NOUN
cblr-1691	539	8	asymmetry	asymmetry	NOUN
cblr-1691	539	9	:	:	PUNCT
cblr-1691	539	10	employee	employee	NOUN
cblr-1691	539	11	-	-	PUNCT
cblr-1691	539	12	investors	investor	NOUN
cblr-1691	539	13	not	not	PART
cblr-1691	539	14	only	only	ADV
cblr-1691	539	15	took	take	VERB
cblr-1691	539	16	on	on	ADP
cblr-1691	539	17	loans	loan	NOUN
cblr-1691	539	18	to	to	PART
cblr-1691	539	19	exercise	exercise	VERB
cblr-1691	539	20	their	their	PRON
cblr-1691	539	21	options	option	NOUN
cblr-1691	539	22	,	,	PUNCT
cblr-1691	539	23	but	but	CCONJ
cblr-1691	539	24	even	even	ADV
cblr-1691	539	25	bought	buy	VERB
cblr-1691	539	26	additional	additional	ADJ
cblr-1691	539	27	shares	share	NOUN
cblr-1691	539	28	on	on	ADP
cblr-1691	539	29	the	the	DET
cblr-1691	539	30	secondary	secondary	ADJ
cblr-1691	539	31	market	market	NOUN
cblr-1691	539	32	because	because	SCONJ
cblr-1691	539	33	they	they	PRON
cblr-1691	539	34	believed	believe	VERB
cblr-1691	539	35	in	in	ADP
cblr-1691	539	36	the	the	DET
cblr-1691	539	37	company	company	NOUN
cblr-1691	539	38	and	and	CCONJ
cblr-1691	539	39	had	have	VERB
cblr-1691	539	40	no	no	DET
cblr-1691	539	41	idea	idea	NOUN
cblr-1691	539	42	about	about	ADP
cblr-1691	539	43	its	its	PRON
cblr-1691	539	44	financial	financial	ADJ
cblr-1691	539	45	distress	distress	NOUN
cblr-1691	539	46	.	.	PUNCT
cblr-1691	540	1	this	this	DET
cblr-1691	540	2	example	example	NOUN
cblr-1691	540	3	illustrates	illustrate	VERB
cblr-1691	540	4	how	how	SCONJ
cblr-1691	540	5	important	important	ADJ
cblr-1691	540	6	ipos	ipos	NOUN
cblr-1691	540	7	are	be	AUX
cblr-1691	540	8	as	as	ADP
cblr-1691	540	9	an	an	DET
cblr-1691	540	10	exit	exit	NOUN
cblr-1691	540	11	tool	tool	NOUN
cblr-1691	540	12	for	for	ADP
cblr-1691	540	13	unicorn	unicorn	ADJ
cblr-1691	540	14	employees	employee	NOUN
cblr-1691	540	15	.	.	PUNCT
cblr-1691	541	1	ipos	ipos	PROPN
cblr-1691	541	2	allow	allow	VERB
cblr-1691	541	3	employees	employee	NOUN
cblr-1691	541	4	to	to	PART
cblr-1691	541	5	start	start	VERB
cblr-1691	541	6	a	a	DET
cblr-1691	541	7	new	new	ADJ
cblr-1691	541	8	firm	firm	NOUN
cblr-1691	541	9	or	or	CCONJ
cblr-1691	541	10	join	join	VERB
cblr-1691	541	11	a	a	DET
cblr-1691	541	12	new	new	ADJ
cblr-1691	541	13	startup	startup	NOUN
cblr-1691	541	14	and	and	CCONJ
cblr-1691	541	15	relax	relax	VERB
cblr-1691	541	16	the	the	DET
cblr-1691	541	17	employees	employee	NOUN
cblr-1691	541	18	’	’	PART
cblr-1691	541	19	financial	financial	ADJ
cblr-1691	541	20	constraints.159	constraints.159	PROPN
cblr-1691	541	21	unfortunately	unfortunately	ADV
cblr-1691	541	22	,	,	PUNCT
cblr-1691	541	23	as	as	SCONJ
cblr-1691	541	24	explained	explain	VERB
cblr-1691	541	25	in	in	ADP
cblr-1691	541	26	part	part	PROPN
cblr-1691	541	27	iii	iii	NOUN
cblr-1691	541	28	,	,	PUNCT
cblr-1691	541	29	there	there	PRON
cblr-1691	541	30	has	have	AUX
cblr-1691	541	31	been	be	AUX
cblr-1691	541	32	a	a	DET
cblr-1691	541	33	steady	steady	ADJ
cblr-1691	541	34	decline	decline	NOUN
cblr-1691	541	35	in	in	ADP
cblr-1691	541	36	ipos	ipos	NOUN
cblr-1691	541	37	.	.	PUNCT
cblr-1691	542	1	156	156	NUM
cblr-1691	542	2	see	see	VERB
cblr-1691	542	3	i	i	PRON
cblr-1691	542	4	d.	d.	PROPN
cblr-1691	542	5	157	157	NUM
cblr-1691	543	1	i	i	PROPN
cblr-1691	543	2	d.	d.	PROPN
cblr-1691	543	3	158	158	NUM
cblr-1691	544	1	i	i	PRON
cblr-1691	544	2	d.	d.	PROPN
cblr-1691	544	3	159	159	NUM
cblr-1691	544	4	see	see	VERB
cblr-1691	544	5	tania	tania	PROPN
cblr-1691	544	6	babina	babina	PROPN
cblr-1691	544	7	,	,	PUNCT
cblr-1691	544	8	paige	paige	PROPN
cblr-1691	544	9	ouimet	ouimet	PROPN
cblr-1691	544	10	&	&	CCONJ
cblr-1691	544	11	rebecca	rebecca	PROPN
cblr-1691	544	12	zarutskie	zarutskie	PROPN
cblr-1691	544	13	,	,	PUNCT
cblr-1691	544	14	going	go	VERB
cblr-1691	544	15	entrepreneurial	entrepreneurial	ADJ
cblr-1691	544	16	?	?	PUNCT
cblr-1691	545	1	ipos	ipos	NOUN
cblr-1691	545	2	and	and	CCONJ
cblr-1691	545	3	new	new	ADJ
cblr-1691	545	4	firm	firm	ADJ
cblr-1691	545	5	creation	creation	NOUN
cblr-1691	545	6	(	(	PUNCT
cblr-1691	545	7	div	div	PROPN
cblr-1691	545	8	.	.	PROPN
cblr-1691	545	9	of	of	ADP
cblr-1691	545	10	research	research	PROPN
cblr-1691	545	11	&	&	CCONJ
cblr-1691	545	12	statistics	statistic	NOUN
cblr-1691	545	13	and	and	CCONJ
cblr-1691	545	14	monetary	monetary	ADJ
cblr-1691	545	15	affairs	affair	NOUN
cblr-1691	545	16	,	,	PUNCT
cblr-1691	545	17	fed	fed	PROPN
cblr-1691	545	18	.	.	PUNCT
cblr-1691	545	19	reserve	reserve	PROPN
cblr-1691	545	20	bd	bd	PROPN
cblr-1691	545	21	.	.	PROPN
cblr-1691	545	22	,	,	PUNCT
cblr-1691	545	23	financial	financial	PROPN
cblr-1691	545	24	&	&	CCONJ
cblr-1691	545	25	economic	economic	ADJ
cblr-1691	545	26	discussion	discussion	NOUN
cblr-1691	545	27	series	series	NOUN
cblr-1691	545	28	,	,	PUNCT
cblr-1691	545	29	no	no	NOUN
cblr-1691	545	30	.	.	NOUN
cblr-1691	545	31	2017	2017	NUM
cblr-1691	545	32	-	-	SYM
cblr-1691	545	33	022	022	NUM
cblr-1691	545	34	,	,	PUNCT
cblr-1691	545	35	2017	2017	NUM
cblr-1691	545	36	)	)	PUNCT
cblr-1691	545	37	,	,	PUNCT
cblr-1691	545	38	https://ssrn.com/abstract=2940133	https://ssrn.com/abstract=2940133	PROPN
cblr-1691	546	1	[	[	X
cblr-1691	546	2	https://perma.cc/ab6r-dmh8	https://perma.cc/ab6r-dmh8	X
cblr-1691	546	3	]	]	PUNCT
cblr-1691	546	4	.	.	PUNCT
cblr-1691	547	1	babina	babina	PROPN
cblr-1691	547	2	et	et	PROPN
cblr-1691	547	3	al	al	PROPN
cblr-1691	547	4	.	.	PROPN
cblr-1691	547	5	’s	’s	PART
cblr-1691	547	6	results	result	NOUN
cblr-1691	547	7	suggest	suggest	VERB
cblr-1691	547	8	a	a	DET
cblr-1691	547	9	new	new	ADJ
cblr-1691	547	10	potential	potential	ADJ
cblr-1691	547	11	cost	cost	NOUN
cblr-1691	547	12	of	of	ADP
cblr-1691	547	13	ipos	ipos	NOUN
cblr-1691	547	14	that	that	SCONJ
cblr-1691	547	15	firms	firm	NOUN
cblr-1691	547	16	should	should	AUX
cblr-1691	547	17	factor	factor	VERB
cblr-1691	547	18	into	into	ADP
cblr-1691	547	19	their	their	PRON
cblr-1691	547	20	ipo	ipo	NOUN
cblr-1691	547	21	decision	decision	NOUN
cblr-1691	547	22	:	:	PUNCT
cblr-1691	547	23	losing	lose	VERB
cblr-1691	547	24	entrepreneurial	entrepreneurial	ADJ
cblr-1691	547	25	-	-	PUNCT
cblr-1691	547	26	minded	minded	ADJ
cblr-1691	547	27	employees	employee	NOUN
cblr-1691	547	28	.	.	PUNCT
cblr-1691	548	1	144	144	NUM
cblr-1691	548	2	columbia	columbia	PROPN
cblr-1691	548	3	business	business	PROPN
cblr-1691	548	4	law	law	PROPN
cblr-1691	548	5	review	review	NOUN
cblr-1691	549	1	[	[	X
cblr-1691	549	2	vol	vol	NOUN
cblr-1691	549	3	.	.	PUNCT
cblr-1691	549	4	2019	2019	NUM
cblr-1691	549	5	iii	iii	NOUN
cblr-1691	549	6	.	.	PUNCT
cblr-1691	550	1	private	private	ADJ
cblr-1691	550	2	markets	market	NOUN
cblr-1691	550	3	are	be	AUX
cblr-1691	550	4	the	the	DET
cblr-1691	550	5	new	new	ADJ
cblr-1691	550	6	public	public	ADJ
cblr-1691	550	7	markets	market	NOUN
cblr-1691	550	8	a	a	DET
cblr-1691	550	9	variety	variety	NOUN
cblr-1691	550	10	of	of	ADP
cblr-1691	550	11	market	market	NOUN
cblr-1691	550	12	conditions	condition	NOUN
cblr-1691	550	13	contribute	contribute	VERB
cblr-1691	550	14	to	to	ADP
cblr-1691	550	15	the	the	DET
cblr-1691	550	16	rise	rise	NOUN
cblr-1691	550	17	in	in	ADP
cblr-1691	550	18	unicorn	unicorn	ADJ
cblr-1691	550	19	firms	firm	NOUN
cblr-1691	550	20	,	,	PUNCT
cblr-1691	550	21	which	which	PRON
cblr-1691	550	22	no	no	ADV
cblr-1691	550	23	longer	long	ADV
cblr-1691	550	24	follow	follow	VERB
cblr-1691	550	25	the	the	DET
cblr-1691	550	26	traditional	traditional	ADJ
cblr-1691	550	27	trajectory	trajectory	NOUN
cblr-1691	550	28	of	of	ADP
cblr-1691	550	29	a	a	DET
cblr-1691	550	30	high	high	ADJ
cblr-1691	550	31	growth	growth	NOUN
cblr-1691	550	32	startup	startup	NOUN
cblr-1691	550	33	or	or	CCONJ
cblr-1691	550	34	grow	grow	VERB
cblr-1691	550	35	as	as	ADP
cblr-1691	550	36	“	"	PUNCT
cblr-1691	550	37	incubators	incubator	NOUN
cblr-1691	550	38	for	for	ADP
cblr-1691	550	39	tomorrow	tomorrow	NOUN
cblr-1691	550	40	’s	’s	PART
cblr-1691	550	41	publicly	publicly	ADV
cblr-1691	550	42	held	hold	VERB
cblr-1691	550	43	corporations	corporation	NOUN
cblr-1691	550	44	.	.	PUNCT
cblr-1691	551	1	”160	”160	VERB
cblr-1691	551	2	the	the	DET
cblr-1691	551	3	corporate	corporate	ADJ
cblr-1691	551	4	patterns	pattern	NOUN
cblr-1691	551	5	and	and	CCONJ
cblr-1691	551	6	theories	theory	NOUN
cblr-1691	551	7	observed	observe	VERB
cblr-1691	551	8	today	today	NOUN
cblr-1691	551	9	are	be	AUX
cblr-1691	551	10	not	not	PART
cblr-1691	551	11	merely	merely	ADV
cblr-1691	551	12	products	product	NOUN
cblr-1691	551	13	and	and	CCONJ
cblr-1691	551	14	consequences	consequence	NOUN
cblr-1691	551	15	of	of	ADP
cblr-1691	551	16	technology	technology	NOUN
cblr-1691	551	17	or	or	CCONJ
cblr-1691	551	18	development	development	NOUN
cblr-1691	551	19	narratives	narrative	NOUN
cblr-1691	551	20	,	,	PUNCT
cblr-1691	551	21	but	but	CCONJ
cblr-1691	551	22	lie	lie	VERB
cblr-1691	551	23	in	in	ADP
cblr-1691	551	24	politics	politic	NOUN
cblr-1691	551	25	and	and	CCONJ
cblr-1691	551	26	economic	economic	ADJ
cblr-1691	551	27	philosophy	philosophy	NOUN
cblr-1691	551	28	as	as	ADP
cblr-1691	551	29	well.161	well.161	ADJ
cblr-1691	551	30	section	section	NOUN
cblr-1691	551	31	iii.a	iii.a	PROPN
cblr-1691	551	32	explains	explain	VERB
cblr-1691	551	33	the	the	DET
cblr-1691	551	34	decline	decline	NOUN
cblr-1691	551	35	of	of	ADP
cblr-1691	551	36	the	the	DET
cblr-1691	551	37	u.s	u.s	PROPN
cblr-1691	551	38	.	.	PROPN
cblr-1691	551	39	public	public	ADJ
cblr-1691	551	40	corporation	corporation	NOUN
cblr-1691	551	41	and	and	CCONJ
cblr-1691	551	42	public	public	ADJ
cblr-1691	551	43	markets	market	NOUN
cblr-1691	551	44	and	and	CCONJ
cblr-1691	551	45	section	section	NOUN
cblr-1691	551	46	iii.b	iii.b	PRON
cblr-1691	551	47	presents	present	VERB
cblr-1691	551	48	some	some	DET
cblr-1691	551	49	changes	change	NOUN
cblr-1691	551	50	to	to	ADP
cblr-1691	551	51	legislation	legislation	NOUN
cblr-1691	551	52	that	that	PRON
cblr-1691	551	53	facilitate	facilitate	VERB
cblr-1691	551	54	the	the	DET
cblr-1691	551	55	raising	raising	NOUN
cblr-1691	551	56	of	of	ADP
cblr-1691	551	57	private	private	ADJ
cblr-1691	551	58	capital	capital	NOUN
cblr-1691	551	59	.	.	PUNCT
cblr-1691	552	1	a.	a.	NOUN
cblr-1691	552	2	decline	decline	NOUN
cblr-1691	552	3	in	in	ADP
cblr-1691	552	4	ipos	ipos	PROPN
cblr-1691	552	5	recently	recently	ADV
cblr-1691	552	6	,	,	PUNCT
cblr-1691	552	7	there	there	PRON
cblr-1691	552	8	has	have	AUX
cblr-1691	552	9	been	be	AUX
cblr-1691	552	10	a	a	DET
cblr-1691	552	11	sharp	sharp	ADJ
cblr-1691	552	12	decline	decline	NOUN
cblr-1691	552	13	in	in	ADP
cblr-1691	552	14	ipos	ipos	NOUN
cblr-1691	552	15	in	in	ADP
cblr-1691	552	16	the	the	DET
cblr-1691	552	17	united	united	PROPN
cblr-1691	552	18	states	states	PROPN
cblr-1691	552	19	,	,	PUNCT
cblr-1691	552	20	which	which	PRON
cblr-1691	552	21	makes	make	VERB
cblr-1691	552	22	“	"	PUNCT
cblr-1691	552	23	our	our	PRON
cblr-1691	552	24	public	public	ADJ
cblr-1691	552	25	capital	capital	NOUN
cblr-1691	552	26	markets	market	NOUN
cblr-1691	552	27	.	.	PUNCT
cblr-1691	552	28	.	.	PUNCT
cblr-1691	553	1	.	.	PUNCT
cblr-1691	554	1	less	less	ADV
cblr-1691	554	2	attractive	attractive	ADJ
cblr-1691	554	3	to	to	ADP
cblr-1691	554	4	growing	grow	VERB
cblr-1691	554	5	businesses	business	NOUN
cblr-1691	554	6	than	than	ADP
cblr-1691	554	7	in	in	ADP
cblr-1691	554	8	the	the	DET
cblr-1691	554	9	past	past	NOUN
cblr-1691	554	10	,	,	PUNCT
cblr-1691	554	11	”	"	PUNCT
cblr-1691	554	12	according	accord	VERB
cblr-1691	554	13	to	to	ADP
cblr-1691	554	14	jay	jay	PROPN
cblr-1691	554	15	clayton	clayton	PROPN
cblr-1691	554	16	,	,	PUNCT
cblr-1691	554	17	chairman	chairman	NOUN
cblr-1691	554	18	of	of	ADP
cblr-1691	554	19	the	the	DET
cblr-1691	554	20	sec.162	sec.162	PROPN
cblr-1691	554	21	policymakers	policymaker	NOUN
cblr-1691	554	22	,	,	PUNCT
cblr-1691	554	23	regulators	regulator	NOUN
cblr-1691	554	24	,	,	PUNCT
cblr-1691	554	25	investors	investor	NOUN
cblr-1691	554	26	,	,	PUNCT
cblr-1691	554	27	academics163	academics163	PROPN
cblr-1691	554	28	and	and	CCONJ
cblr-1691	554	29	the	the	DET
cblr-1691	554	30	160	160	NUM
cblr-1691	554	31	rock	rock	NOUN
cblr-1691	554	32	&	&	CCONJ
cblr-1691	554	33	wachter	wachter	NOUN
cblr-1691	554	34	,	,	PUNCT
cblr-1691	554	35	supra	supra	PROPN
cblr-1691	554	36	note	note	NOUN
cblr-1691	554	37	13	13	NUM
cblr-1691	554	38	,	,	PUNCT
cblr-1691	554	39	at	at	ADP
cblr-1691	554	40	914	914	NUM
cblr-1691	554	41	.	.	PUNCT
cblr-1691	554	42	161	161	NUM
cblr-1691	554	43	an	an	DET
cblr-1691	554	44	examination	examination	NOUN
cblr-1691	554	45	of	of	ADP
cblr-1691	554	46	classic	classic	ADJ
cblr-1691	554	47	corporate	corporate	ADJ
cblr-1691	554	48	governance	governance	NOUN
cblr-1691	554	49	theory	theory	NOUN
cblr-1691	554	50	demonstrates	demonstrate	VERB
cblr-1691	554	51	that	that	SCONJ
cblr-1691	554	52	“	"	PUNCT
cblr-1691	554	53	the	the	DET
cblr-1691	554	54	public	public	ADJ
cblr-1691	554	55	corporation	corporation	NOUN
cblr-1691	554	56	is	be	AUX
cblr-1691	554	57	as	as	ADV
cblr-1691	554	58	much	much	ADJ
cblr-1691	554	59	a	a	DET
cblr-1691	554	60	political	political	ADJ
cblr-1691	554	61	adaptation	adaptation	NOUN
cblr-1691	554	62	as	as	ADP
cblr-1691	554	63	an	an	DET
cblr-1691	554	64	economic	economic	ADJ
cblr-1691	554	65	or	or	CCONJ
cblr-1691	554	66	technological	technological	ADJ
cblr-1691	554	67	necessity	necessity	NOUN
cblr-1691	554	68	.	.	PUNCT
cblr-1691	554	69	”	"	PUNCT
cblr-1691	555	1	mark	mark	PROPN
cblr-1691	555	2	j.	j.	PROPN
cblr-1691	555	3	roe	roe	PROPN
cblr-1691	555	4	,	,	PUNCT
cblr-1691	555	5	a	a	DET
cblr-1691	555	6	political	political	ADJ
cblr-1691	555	7	theory	theory	NOUN
cblr-1691	555	8	of	of	ADP
cblr-1691	555	9	american	american	PROPN
cblr-1691	555	10	corporation	corporation	PROPN
cblr-1691	555	11	finance	finance	NOUN
cblr-1691	555	12	,	,	PUNCT
cblr-1691	555	13	91	91	NUM
cblr-1691	555	14	colum	colum	NOUN
cblr-1691	555	15	.	.	PUNCT
cblr-1691	556	1	l.	l.	PROPN
cblr-1691	556	2	rev	rev	PROPN
cblr-1691	556	3	.	.	PROPN
cblr-1691	556	4	10	10	NUM
cblr-1691	556	5	,	,	PUNCT
cblr-1691	556	6	10	10	NUM
cblr-1691	556	7	(	(	PUNCT
cblr-1691	556	8	1991	1991	NUM
cblr-1691	556	9	)	)	PUNCT
cblr-1691	556	10	.	.	PUNCT
cblr-1691	557	1	162	162	NUM
cblr-1691	557	2	jay	jay	PROPN
cblr-1691	557	3	clayton	clayton	PROPN
cblr-1691	557	4	,	,	PUNCT
cblr-1691	557	5	testimony	testimony	NOUN
cblr-1691	557	6	on	on	ADP
cblr-1691	557	7	“	"	PUNCT
cblr-1691	557	8	oversight	oversight	NOUN
cblr-1691	557	9	of	of	ADP
cblr-1691	557	10	the	the	DET
cblr-1691	557	11	u.s	u.s	PROPN
cblr-1691	557	12	.	.	PROPN
cblr-1691	557	13	securities	securities	PROPN
cblr-1691	557	14	and	and	CCONJ
cblr-1691	557	15	exchange	exchange	PROPN
cblr-1691	557	16	commission	commission	PROPN
cblr-1691	557	17	,	,	PUNCT
cblr-1691	557	18	”	"	PUNCT
cblr-1691	557	19	sec	sec	PROPN
cblr-1691	557	20	.	.	PROPN
cblr-1691	557	21	&	&	CCONJ
cblr-1691	557	22	exchange	exchange	PROPN
cblr-1691	557	23	commission	commission	PROPN
cblr-1691	557	24	(	(	PUNCT
cblr-1691	557	25	sept	sept	PROPN
cblr-1691	557	26	.	.	PROPN
cblr-1691	557	27	26	26	NUM
cblr-1691	557	28	,	,	PUNCT
cblr-1691	557	29	2017	2017	NUM
cblr-1691	557	30	)	)	PUNCT
cblr-1691	557	31	,	,	PUNCT
cblr-1691	557	32	https://www.sec.gov/news/testimony/testimony-clayton-2017-09-26#_ftn1	https://www.sec.gov/news/testimony/testimony-clayton-2017-09-26#_ftn1	VERB
cblr-1691	558	1	[	[	X
cblr-1691	558	2	https://perma.cc/6jdx-u9tk	https://perma.cc/6jdx-u9tk	X
cblr-1691	558	3	]	]	PUNCT
cblr-1691	558	4	163	163	NUM
cblr-1691	558	5	there	there	PRON
cblr-1691	558	6	are	be	VERB
cblr-1691	558	7	many	many	ADJ
cblr-1691	558	8	theories	theory	NOUN
cblr-1691	558	9	that	that	PRON
cblr-1691	558	10	try	try	VERB
cblr-1691	558	11	to	to	PART
cblr-1691	558	12	explain	explain	VERB
cblr-1691	558	13	the	the	DET
cblr-1691	558	14	decline	decline	NOUN
cblr-1691	558	15	in	in	ADP
cblr-1691	558	16	ipos	ipos	PROPN
cblr-1691	558	17	.	.	PUNCT
cblr-1691	559	1	see	see	VERB
cblr-1691	559	2	generally	generally	ADV
cblr-1691	559	3	francesco	francesco	PROPN
cblr-1691	559	4	bova	bova	PROPN
cblr-1691	559	5	,	,	PUNCT
cblr-1691	559	6	miguel	miguel	PROPN
cblr-1691	559	7	minutti	minutti	PROPN
cblr-1691	559	8	-	-	PUNCT
cblr-1691	559	9	meza	meza	NOUN
cblr-1691	559	10	,	,	PUNCT
cblr-1691	559	11	gordon	gordon	PROPN
cblr-1691	559	12	richardson	richardson	PROPN
cblr-1691	559	13	&	&	CCONJ
cblr-1691	559	14	dushyantkumar	dushyantkumar	PROPN
cblr-1691	559	15	vyas	vyas	PROPN
cblr-1691	559	16	,	,	PUNCT
cblr-1691	559	17	the	the	DET
cblr-1691	559	18	sarbanes	sarbanes	PROPN
cblr-1691	559	19	-	-	PUNCT
cblr-1691	559	20	oxley	oxley	ADJ
cblr-1691	559	21	act	act	NOUN
cblr-1691	559	22	and	and	CCONJ
cblr-1691	559	23	exit	exit	NOUN
cblr-1691	559	24	strategies	strategy	NOUN
cblr-1691	559	25	of	of	ADP
cblr-1691	559	26	private	private	ADJ
cblr-1691	559	27	firms	firm	NOUN
cblr-1691	559	28	,	,	PUNCT
cblr-1691	559	29	31	31	NUM
cblr-1691	559	30	contemp	contemp	NOUN
cblr-1691	559	31	.	.	PUNCT
cblr-1691	560	1	acct	acct	NOUN
cblr-1691	560	2	.	.	PUNCT
cblr-1691	561	1	res	re	NOUN
cblr-1691	561	2	.	.	PROPN
cblr-1691	562	1	818	818	NUM
cblr-1691	562	2	(	(	PUNCT
cblr-1691	562	3	2014	2014	NUM
cblr-1691	562	4	)	)	PUNCT
cblr-1691	562	5	;	;	PUNCT
cblr-1691	562	6	see	see	VERB
cblr-1691	562	7	also	also	ADV
cblr-1691	562	8	renee	renee	PROPN
cblr-1691	562	9	m.	m.	PROPN
cblr-1691	562	10	jones	jones	PROPN
cblr-1691	562	11	,	,	PUNCT
cblr-1691	562	12	essay	essay	PROPN
cblr-1691	562	13	,	,	PUNCT
cblr-1691	562	14	the	the	DET
cblr-1691	562	15	unicorn	unicorn	ADJ
cblr-1691	562	16	governance	governance	NOUN
cblr-1691	562	17	trap	trap	NOUN
cblr-1691	562	18	,	,	PUNCT
cblr-1691	562	19	166	166	NUM
cblr-1691	562	20	u.	u.	PROPN
cblr-1691	562	21	pa	pa	PROPN
cblr-1691	562	22	.	.	PUNCT
cblr-1691	562	23	l.	l.	PROPN
cblr-1691	562	24	rev	rev	PROPN
cblr-1691	562	25	.	.	PROPN
cblr-1691	563	1	online	online	PROPN
cblr-1691	563	2	165	165	NUM
cblr-1691	563	3	,	,	PUNCT
cblr-1691	563	4	170	170	NUM
cblr-1691	563	5	(	(	PUNCT
cblr-1691	563	6	2017	2017	NUM
cblr-1691	563	7	)	)	PUNCT
cblr-1691	563	8	(	(	PUNCT
cblr-1691	563	9	showing	show	VERB
cblr-1691	563	10	that	that	SCONJ
cblr-1691	563	11	new	new	ADJ
cblr-1691	563	12	regulations	regulation	NOUN
cblr-1691	563	13	caused	cause	VERB
cblr-1691	563	14	a	a	DET
cblr-1691	563	15	corporate	corporate	ADJ
cblr-1691	563	16	governance	governance	NOUN
cblr-1691	563	17	problem	problem	NOUN
cblr-1691	563	18	,	,	PUNCT
cblr-1691	563	19	by	by	ADP
cblr-1691	563	20	creating	create	VERB
cblr-1691	563	21	unicorns	unicorn	NOUN
cblr-1691	563	22	that	that	PRON
cblr-1691	563	23	are	be	AUX
cblr-1691	563	24	not	not	PART
cblr-1691	563	25	subject	subject	ADJ
cblr-1691	563	26	to	to	ADP
cblr-1691	563	27	the	the	DET
cblr-1691	563	28	oversight	oversight	NOUN
cblr-1691	563	29	of	of	ADP
cblr-1691	563	30	the	the	DET
cblr-1691	563	31	market	market	NOUN
cblr-1691	563	32	or	or	CCONJ
cblr-1691	563	33	supervised	supervise	VERB
cblr-1691	563	34	by	by	ADP
cblr-1691	563	35	regular	regular	ADJ
cblr-1691	563	36	private	private	ADJ
cblr-1691	563	37	company	company	NOUN
cblr-1691	563	38	investors	investor	NOUN
cblr-1691	563	39	)	)	PUNCT
cblr-1691	563	40	.	.	PUNCT
cblr-1691	564	1	bova	bova	PROPN
cblr-1691	564	2	and	and	CCONJ
cblr-1691	564	3	others	other	NOUN
cblr-1691	564	4	claim	claim	VERB
cblr-1691	564	5	that	that	SCONJ
cblr-1691	564	6	the	the	DET
cblr-1691	564	7	expense	expense	NOUN
cblr-1691	564	8	of	of	ADP
cblr-1691	564	9	regulatory	regulatory	ADJ
cblr-1691	564	10	compliance	compliance	NOUN
cblr-1691	564	11	with	with	ADP
cblr-1691	564	12	the	the	DET
cblr-1691	564	13	2002	2002	NUM
cblr-1691	564	14	sarbanes	sarbanes	PROPN
cblr-1691	564	15	-	-	PUNCT
cblr-1691	564	16	oxley	oxley	ADJ
cblr-1691	564	17	act	act	NOUN
cblr-1691	564	18	(	(	PUNCT
cblr-1691	564	19	“	"	PUNCT
cblr-1691	564	20	sox	sox	X
cblr-1691	564	21	”	"	PUNCT
cblr-1691	564	22	)	)	PUNCT
cblr-1691	564	23	is	be	AUX
cblr-1691	564	24	a	a	DET
cblr-1691	564	25	factor	factor	NOUN
cblr-1691	564	26	in	in	ADP
cblr-1691	564	27	the	the	DET
cblr-1691	564	28	decline	decline	NOUN
cblr-1691	564	29	of	of	ADP
cblr-1691	564	30	ipos	ipos	PROPN
cblr-1691	564	31	.	.	PUNCT
cblr-1691	565	1	see	see	VERB
cblr-1691	565	2	sarbanes	sarbane	NOUN
cblr-1691	565	3	no	no	INTJ
cblr-1691	565	4	.	.	PUNCT
cblr-1691	566	1	1:107	1:107	NUM
cblr-1691	566	2	]	]	X
cblr-1691	566	3	unicorn	unicorn	ADJ
cblr-1691	566	4	stock	stock	NOUN
cblr-1691	566	5	options	option	NOUN
cblr-1691	566	6	145	145	NUM
cblr-1691	566	7	press	press	NOUN
cblr-1691	566	8	are	be	AUX
cblr-1691	566	9	concerned	concerned	ADJ
cblr-1691	566	10	about	about	ADP
cblr-1691	566	11	the	the	DET
cblr-1691	566	12	present	present	ADJ
cblr-1691	566	13	decline.164	decline.164	NOUN
cblr-1691	566	14	to	to	PART
cblr-1691	566	15	illustrate	illustrate	VERB
cblr-1691	566	16	this	this	DET
cblr-1691	566	17	decline	decline	NOUN
cblr-1691	566	18	,	,	PUNCT
cblr-1691	566	19	during	during	ADP
cblr-1691	566	20	the	the	DET
cblr-1691	566	21	dot	dot	NOUN
cblr-1691	566	22	-	-	PUNCT
cblr-1691	566	23	com	com	NOUN
cblr-1691	566	24	peak	peak	NOUN
cblr-1691	566	25	in	in	ADP
cblr-1691	566	26	1996	1996	NUM
cblr-1691	566	27	,	,	PUNCT
cblr-1691	566	28	more	more	ADJ
cblr-1691	566	29	than	than	ADP
cblr-1691	566	30	8000	8000	NUM
cblr-1691	566	31	domestic	domestic	ADJ
cblr-1691	566	32	public	public	ADJ
cblr-1691	566	33	companies	company	NOUN
cblr-1691	566	34	were	be	AUX
cblr-1691	566	35	listed	list	VERB
cblr-1691	566	36	on	on	ADP
cblr-1691	566	37	a	a	DET
cblr-1691	566	38	u.s	u.s	PROPN
cblr-1691	566	39	.	.	PROPN
cblr-1691	566	40	stock	stock	PROPN
cblr-1691	566	41	exchange.165	exchange.165	VERB
cblr-1691	566	42	the	the	DET
cblr-1691	566	43	number	number	NOUN
cblr-1691	566	44	was	be	AUX
cblr-1691	566	45	down	down	ADV
cblr-1691	566	46	to	to	ADP
cblr-1691	566	47	3618	3618	NUM
cblr-1691	566	48	companies	company	NOUN
cblr-1691	566	49	by	by	ADP
cblr-1691	566	50	the	the	DET
cblr-1691	566	51	end	end	NOUN
cblr-1691	566	52	of	of	ADP
cblr-1691	566	53	2016.166	2016.166	NUM
cblr-1691	566	54	in	in	ADP
cblr-1691	566	55	the	the	DET
cblr-1691	566	56	united	united	PROPN
cblr-1691	566	57	states	states	PROPN
cblr-1691	566	58	,	,	PUNCT
cblr-1691	566	59	the	the	DET
cblr-1691	566	60	volume	volume	NOUN
cblr-1691	566	61	of	of	ADP
cblr-1691	566	62	ipos	ipos	PROPN
cblr-1691	566	63	is	be	AUX
cblr-1691	566	64	a	a	DET
cblr-1691	566	65	measure	measure	NOUN
cblr-1691	566	66	of	of	ADP
cblr-1691	566	67	success	success	NOUN
cblr-1691	566	68	of	of	ADP
cblr-1691	566	69	the	the	DET
cblr-1691	566	70	innovation	innovation	NOUN
cblr-1691	566	71	economy.167	economy.167	NOUN
cblr-1691	566	72	innovation	innovation	NOUN
cblr-1691	566	73	has	have	VERB
cblr-1691	566	74	a	a	DET
cblr-1691	566	75	very	very	ADV
cblr-1691	566	76	oxley	oxley	ADJ
cblr-1691	566	77	act	act	NOUN
cblr-1691	566	78	of	of	ADP
cblr-1691	566	79	2002	2002	NUM
cblr-1691	566	80	,	,	PUNCT
cblr-1691	566	81	pub	pub	NOUN
cblr-1691	566	82	.	.	PUNCT
cblr-1691	567	1	l.	l.	PROPN
cblr-1691	567	2	107	107	PROPN
cblr-1691	567	3	-	-	SYM
cblr-1691	567	4	204	204	NUM
cblr-1691	567	5	,	,	PUNCT
cblr-1691	567	6	116	116	NUM
cblr-1691	567	7	stat	stat	NOUN
cblr-1691	567	8	.	.	PUNCT
cblr-1691	568	1	745	745	NUM
cblr-1691	568	2	(	(	PUNCT
cblr-1691	568	3	2002	2002	NUM
cblr-1691	568	4	)	)	PUNCT
cblr-1691	568	5	.	.	PUNCT
cblr-1691	569	1	compliance	compliance	NOUN
cblr-1691	569	2	with	with	ADP
cblr-1691	569	3	the	the	DET
cblr-1691	569	4	sox	sox	PROPN
cblr-1691	569	5	requirements	requirement	NOUN
cblr-1691	569	6	shifted	shift	VERB
cblr-1691	569	7	the	the	DET
cblr-1691	569	8	incentive	incentive	NOUN
cblr-1691	569	9	for	for	ADP
cblr-1691	569	10	private	private	ADJ
cblr-1691	569	11	firms	firm	NOUN
cblr-1691	569	12	.	.	PUNCT
cblr-1691	570	1	the	the	DET
cblr-1691	570	2	new	new	ADJ
cblr-1691	570	3	exit	exit	NOUN
cblr-1691	570	4	strategy	strategy	NOUN
cblr-1691	570	5	of	of	ADP
cblr-1691	570	6	private	private	ADJ
cblr-1691	570	7	firms	firm	NOUN
cblr-1691	570	8	is	be	AUX
cblr-1691	570	9	to	to	PART
cblr-1691	570	10	be	be	AUX
cblr-1691	570	11	acquired	acquire	VERB
cblr-1691	570	12	by	by	ADP
cblr-1691	570	13	a	a	DET
cblr-1691	570	14	public	public	ADJ
cblr-1691	570	15	acquirer	acquirer	NOUN
cblr-1691	570	16	,	,	PUNCT
cblr-1691	570	17	as	as	SCONJ
cblr-1691	570	18	opposed	oppose	VERB
cblr-1691	570	19	to	to	ADP
cblr-1691	570	20	doing	do	VERB
cblr-1691	570	21	an	an	DET
cblr-1691	570	22	ipo	ipo	NOUN
cblr-1691	570	23	.	.	PUNCT
cblr-1691	571	1	see	see	VERB
cblr-1691	571	2	bova	bova	PROPN
cblr-1691	571	3	et	et	PROPN
cblr-1691	571	4	al	al	PROPN
cblr-1691	571	5	.	.	PROPN
cblr-1691	571	6	,	,	PUNCT
cblr-1691	571	7	supra	supra	PROPN
cblr-1691	571	8	.	.	PUNCT
cblr-1691	572	1	on	on	ADP
cblr-1691	572	2	the	the	DET
cblr-1691	572	3	other	other	ADJ
cblr-1691	572	4	hand	hand	NOUN
cblr-1691	572	5	,	,	PUNCT
cblr-1691	572	6	the	the	DET
cblr-1691	572	7	following	follow	VERB
cblr-1691	572	8	scholars	scholar	NOUN
cblr-1691	572	9	argue	argue	VERB
cblr-1691	572	10	that	that	SCONJ
cblr-1691	572	11	sox	sox	PROPN
cblr-1691	572	12	and	and	CCONJ
cblr-1691	572	13	other	other	ADJ
cblr-1691	572	14	early-2000s	early-2000s	PROPN
cblr-1691	572	15	regulatory	regulatory	ADJ
cblr-1691	572	16	changes	change	NOUN
cblr-1691	572	17	are	be	AUX
cblr-1691	572	18	not	not	PART
cblr-1691	572	19	the	the	DET
cblr-1691	572	20	cause	cause	NOUN
cblr-1691	572	21	for	for	ADP
cblr-1691	572	22	the	the	DET
cblr-1691	572	23	decline	decline	NOUN
cblr-1691	572	24	in	in	ADP
cblr-1691	572	25	small	small	ADJ
cblr-1691	572	26	firm	firm	ADJ
cblr-1691	572	27	ipos	ipos	PROPN
cblr-1691	572	28	.	.	PUNCT
cblr-1691	573	1	see	see	VERB
cblr-1691	573	2	doidge	doidge	NOUN
cblr-1691	573	3	et	et	PROPN
cblr-1691	573	4	al	al	PROPN
cblr-1691	573	5	.	.	PROPN
cblr-1691	573	6	,	,	PUNCT
cblr-1691	573	7	the	the	DET
cblr-1691	573	8	u.s	u.s	PROPN
cblr-1691	573	9	.	.	PROPN
cblr-1691	573	10	left	leave	VERB
cblr-1691	573	11	behind	behind	ADV
cblr-1691	573	12	,	,	PUNCT
cblr-1691	573	13	supra	supra	PROPN
cblr-1691	573	14	note	note	NOUN
cblr-1691	573	15	6	6	NUM
cblr-1691	573	16	,	,	PUNCT
cblr-1691	573	17	at	at	ADP
cblr-1691	573	18	569	569	NUM
cblr-1691	573	19	;	;	PUNCT
cblr-1691	573	20	doidge	doidge	VERB
cblr-1691	573	21	et	et	PROPN
cblr-1691	573	22	al	al	PROPN
cblr-1691	573	23	.	.	PROPN
cblr-1691	573	24	,	,	PUNCT
cblr-1691	573	25	the	the	DET
cblr-1691	573	26	u.s	u.s	PROPN
cblr-1691	573	27	.	.	PROPN
cblr-1691	573	28	listing	list	VERB
cblr-1691	573	29	gap	gap	NOUN
cblr-1691	573	30	,	,	PUNCT
cblr-1691	573	31	supra	supra	PROPN
cblr-1691	573	32	note	note	NOUN
cblr-1691	573	33	6	6	NUM
cblr-1691	573	34	,	,	PUNCT
cblr-1691	573	35	at	at	ADP
cblr-1691	573	36	486	486	NUM
cblr-1691	573	37	;	;	PUNCT
cblr-1691	573	38	gao	gao	PROPN
cblr-1691	573	39	et	et	PROPN
cblr-1691	573	40	al	al	PROPN
cblr-1691	573	41	.	.	PROPN
cblr-1691	573	42	,	,	PUNCT
cblr-1691	573	43	supra	supra	PROPN
cblr-1691	573	44	note	note	PROPN
cblr-1691	573	45	6	6	NUM
cblr-1691	573	46	,	,	PUNCT
cblr-1691	573	47	at	at	ADP
cblr-1691	573	48	1690	1690	NUM
cblr-1691	573	49	;	;	PUNCT
cblr-1691	573	50	paul	paul	PROPN
cblr-1691	573	51	rose	rise	VERB
cblr-1691	573	52	&	&	CCONJ
cblr-1691	573	53	steven	steven	PROPN
cblr-1691	573	54	davidoff	davidoff	PROPN
cblr-1691	573	55	solomon	solomon	PROPN
cblr-1691	573	56	,	,	PUNCT
cblr-1691	573	57	where	where	SCONJ
cblr-1691	573	58	have	have	AUX
cblr-1691	573	59	all	all	DET
cblr-1691	573	60	the	the	DET
cblr-1691	573	61	ipos	ipos	NOUN
cblr-1691	573	62	gone	go	VERB
cblr-1691	573	63	?	?	PUNCT
cblr-1691	574	1	the	the	DET
cblr-1691	574	2	hard	hard	ADJ
cblr-1691	574	3	life	life	NOUN
cblr-1691	574	4	of	of	ADP
cblr-1691	574	5	the	the	DET
cblr-1691	574	6	small	small	ADJ
cblr-1691	574	7	ipo	ipo	NOUN
cblr-1691	574	8	,	,	PUNCT
cblr-1691	574	9	6	6	NUM
cblr-1691	574	10	harv	harv	NOUN
cblr-1691	574	11	.	.	PUNCT
cblr-1691	575	1	bus	bus	NOUN
cblr-1691	575	2	.	.	PUNCT
cblr-1691	576	1	l.	l.	PROPN
cblr-1691	576	2	rev	rev	PROPN
cblr-1691	576	3	.	.	PROPN
cblr-1691	576	4	83	83	NUM
cblr-1691	576	5	,	,	PUNCT
cblr-1691	576	6	86–87	86–87	NUM
cblr-1691	576	7	(	(	PUNCT
cblr-1691	576	8	2016	2016	NUM
cblr-1691	576	9	)	)	PUNCT
cblr-1691	576	10	.	.	PUNCT
cblr-1691	577	1	164	164	NUM
cblr-1691	577	2	see	see	VERB
cblr-1691	577	3	frank	frank	PROPN
cblr-1691	577	4	partnoy	partnoy	PROPN
cblr-1691	577	5	,	,	PUNCT
cblr-1691	577	6	the	the	DET
cblr-1691	577	7	death	death	NOUN
cblr-1691	577	8	of	of	ADP
cblr-1691	577	9	the	the	DET
cblr-1691	577	10	ipo	ipo	NOUN
cblr-1691	577	11	,	,	PUNCT
cblr-1691	577	12	atlantic	atlantic	PROPN
cblr-1691	577	13	(	(	PUNCT
cblr-1691	577	14	nov	nov	PROPN
cblr-1691	577	15	.	.	PROPN
cblr-1691	577	16	2018	2018	NUM
cblr-1691	577	17	)	)	PUNCT
cblr-1691	577	18	,	,	PUNCT
cblr-1691	577	19	https://www.theatlantic.com/magazine/archive/2018/11/privateinequity/570808/	https://www.theatlantic.com/magazine/archive/2018/11/privateinequity/570808/	NOUN
cblr-1691	578	1	[	[	X
cblr-1691	578	2	https://perma.cc/bsy7-6n7	https://perma.cc/bsy7-6n7	VERB
cblr-1691	578	3	m	m	VERB
cblr-1691	578	4	]	]	X
cblr-1691	578	5	;	;	PUNCT
cblr-1691	578	6	steven	steven	PROPN
cblr-1691	578	7	davidoff	davidoff	PROPN
cblr-1691	578	8	solomon	solomon	PROPN
cblr-1691	578	9	,	,	PUNCT
cblr-1691	578	10	a	a	DET
cblr-1691	578	11	dearth	dearth	NOUN
cblr-1691	578	12	of	of	ADP
cblr-1691	578	13	i.p.o.s	i.p.o.s	PROPN
cblr-1691	578	14	,	,	PUNCT
cblr-1691	578	15	but	but	CCONJ
cblr-1691	578	16	it	it	PRON
cblr-1691	578	17	’s	’	VERB
cblr-1691	578	18	not	not	PART
cblr-1691	578	19	the	the	DET
cblr-1691	578	20	fault	fault	NOUN
cblr-1691	578	21	of	of	ADP
cblr-1691	578	22	red	red	ADJ
cblr-1691	578	23	tape	tape	NOUN
cblr-1691	578	24	,	,	PUNCT
cblr-1691	578	25	n.y	n.y	PROPN
cblr-1691	578	26	.	.	PROPN
cblr-1691	578	27	times	times	PROPN
cblr-1691	578	28	(	(	PUNCT
cblr-1691	578	29	mar	mar	PROPN
cblr-1691	578	30	.	.	PROPN
cblr-1691	578	31	28	28	NUM
cblr-1691	578	32	,	,	PUNCT
cblr-1691	578	33	2017	2017	NUM
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cblr-1691	578	35	,	,	PUNCT
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cblr-1691	579	1	[	[	X
cblr-1691	579	2	https://perma.cc/abd6-fgcr	https://perma.cc/abd6-fgcr	PROPN
cblr-1691	579	3	]	]	PUNCT
cblr-1691	579	4	.	.	PUNCT
cblr-1691	580	1	165	165	NUM
cblr-1691	580	2	see	see	VERB
cblr-1691	580	3	david	david	PROPN
cblr-1691	580	4	brown	brown	PROPN
cblr-1691	580	5	,	,	PUNCT
cblr-1691	580	6	jeff	jeff	PROPN
cblr-1691	580	7	grabow	grabow	PROPN
cblr-1691	580	8	,	,	PUNCT
cblr-1691	580	9	chris	chris	PROPN
cblr-1691	580	10	holmes	holmes	PROPN
cblr-1691	580	11	&	&	CCONJ
cblr-1691	580	12	jackie	jackie	PROPN
cblr-1691	580	13	kelley	kelley	PROPN
cblr-1691	580	14	,	,	PUNCT
cblr-1691	580	15	ernst	ernst	PROPN
cblr-1691	580	16	&	&	CCONJ
cblr-1691	580	17	young	young	PROPN
cblr-1691	580	18	llp	llp	PROPN
cblr-1691	580	19	,	,	PUNCT
cblr-1691	580	20	looking	look	VERB
cblr-1691	580	21	behind	behind	ADP
cblr-1691	580	22	the	the	DET
cblr-1691	580	23	declining	decline	VERB
cblr-1691	580	24	number	number	NOUN
cblr-1691	580	25	of	of	ADP
cblr-1691	580	26	public	public	ADJ
cblr-1691	580	27	companies	company	NOUN
cblr-1691	580	28	:	:	PUNCT
cblr-1691	580	29	an	an	DET
cblr-1691	580	30	analysis	analysis	NOUN
cblr-1691	580	31	of	of	ADP
cblr-1691	580	32	trends	trend	NOUN
cblr-1691	580	33	in	in	ADP
cblr-1691	580	34	the	the	DET
cblr-1691	580	35	us	us	PROPN
cblr-1691	580	36	capital	capital	NOUN
cblr-1691	580	37	markets	market	NOUN
cblr-1691	580	38	2	2	NUM
cblr-1691	580	39	(	(	PUNCT
cblr-1691	580	40	2017	2017	NUM
cblr-1691	580	41	)	)	PUNCT
cblr-1691	581	1	[	[	X
cblr-1691	581	2	hereinafter	hereinafter	VERB
cblr-1691	581	3	ey	ey	PRON
cblr-1691	581	4	report	report	NOUN
cblr-1691	581	5	]	]	PUNCT
cblr-1691	581	6	,	,	PUNCT
cblr-1691	581	7	https://www.ey.com/publication/vwluassets/ananalysis-of-trends-in-the-us-capital-markets/$file/ey-an-analysis-oftrends-in-the-us-capital-markets.pdf	https://www.ey.com/publication/vwluassets/ananalysis-of-trends-in-the-us-capital-markets/$file/ey-an-analysis-oftrends-in-the-us-capital-markets.pdf	PROPN
cblr-1691	582	1	[	[	X
cblr-1691	582	2	https://perma.cc/9nf7-mdf6	https://perma.cc/9nf7-mdf6	NOUN
cblr-1691	582	3	]	]	X
cblr-1691	582	4	(	(	PUNCT
cblr-1691	582	5	“	"	PUNCT
cblr-1691	582	6	us	us	PROPN
cblr-1691	582	7	listings	listing	NOUN
cblr-1691	582	8	hit	hit	VERB
cblr-1691	582	9	a	a	DET
cblr-1691	582	10	record	record	NOUN
cblr-1691	582	11	high	high	NOUN
cblr-1691	582	12	of	of	ADP
cblr-1691	582	13	more	more	ADJ
cblr-1691	582	14	than	than	ADP
cblr-1691	582	15	8,000	8,000	NUM
cblr-1691	582	16	domestically	domestically	ADV
cblr-1691	582	17	incorporated	incorporate	VERB
cblr-1691	582	18	companies	company	NOUN
cblr-1691	582	19	listed	list	VERB
cblr-1691	582	20	on	on	ADP
cblr-1691	582	21	a	a	DET
cblr-1691	582	22	us	us	PROPN
cblr-1691	582	23	stock	stock	NOUN
cblr-1691	582	24	exchange	exchange	NOUN
cblr-1691	582	25	with	with	ADP
cblr-1691	582	26	an	an	DET
cblr-1691	582	27	average	average	ADJ
cblr-1691	582	28	market	market	NOUN
cblr-1691	582	29	capitalization	capitalization	NOUN
cblr-1691	582	30	of	of	ADP
cblr-1691	582	31	$	$	SYM
cblr-1691	582	32	1.8b	1.8b	NUM
cblr-1691	582	33	in	in	ADP
cblr-1691	582	34	today	today	NOUN
cblr-1691	582	35	’s	’s	PART
cblr-1691	582	36	dollars	dollar	NOUN
cblr-1691	582	37	”	"	PUNCT
cblr-1691	582	38	)	)	PUNCT
cblr-1691	582	39	.	.	PUNCT
cblr-1691	583	1	166	166	NUM
cblr-1691	583	2	doidge	doidge	NOUN
cblr-1691	583	3	et	et	PROPN
cblr-1691	583	4	al	al	PROPN
cblr-1691	583	5	.	.	PROPN
cblr-1691	583	6	,	,	PUNCT
cblr-1691	583	7	eclipse	eclipse	NOUN
cblr-1691	583	8	of	of	ADP
cblr-1691	583	9	the	the	DET
cblr-1691	583	10	public	public	ADJ
cblr-1691	583	11	corporation	corporation	NOUN
cblr-1691	583	12	,	,	PUNCT
cblr-1691	583	13	supra	supra	PROPN
cblr-1691	583	14	note	note	NOUN
cblr-1691	583	15	6	6	NUM
cblr-1691	583	16	,	,	PUNCT
cblr-1691	583	17	at	at	ADP
cblr-1691	583	18	8	8	NUM
cblr-1691	583	19	.	.	PUNCT
cblr-1691	584	1	this	this	DET
cblr-1691	584	2	number	number	NOUN
cblr-1691	584	3	decreased	decrease	VERB
cblr-1691	584	4	quickly	quickly	ADV
cblr-1691	584	5	through	through	ADP
cblr-1691	584	6	2003	2003	NUM
cblr-1691	584	7	,	,	PUNCT
cblr-1691	584	8	to	to	ADP
cblr-1691	584	9	5295	5295	NUM
cblr-1691	584	10	domestic	domestic	ADJ
cblr-1691	584	11	u.s.-listed	u.s.-listed	ADJ
cblr-1691	584	12	companies	company	NOUN
cblr-1691	584	13	.	.	PUNCT
cblr-1691	585	1	ey	ey	PRON
cblr-1691	585	2	report	report	NOUN
cblr-1691	585	3	,	,	PUNCT
cblr-1691	585	4	supra	supra	PROPN
cblr-1691	585	5	note	note	NOUN
cblr-1691	585	6	165	165	NUM
cblr-1691	585	7	,	,	PUNCT
cblr-1691	585	8	at	at	ADP
cblr-1691	585	9	2	2	NUM
cblr-1691	585	10	(	(	PUNCT
cblr-1691	585	11	“	"	PUNCT
cblr-1691	585	12	the	the	DET
cblr-1691	585	13	loss	loss	NOUN
cblr-1691	585	14	of	of	ADP
cblr-1691	585	15	domestic	domestic	ADJ
cblr-1691	585	16	us	us	PROPN
cblr-1691	585	17	-	-	PUNCT
cblr-1691	585	18	listed	list	VERB
cblr-1691	585	19	companies	company	NOUN
cblr-1691	585	20	in	in	ADP
cblr-1691	585	21	1996–2003	1996–2003	NUM
cblr-1691	585	22	represents	represent	VERB
cblr-1691	585	23	74	74	NUM
cblr-1691	585	24	%	%	NOUN
cblr-1691	585	25	of	of	ADP
cblr-1691	585	26	the	the	DET
cblr-1691	585	27	loss	loss	NOUN
cblr-1691	585	28	from	from	ADP
cblr-1691	585	29	1996	1996	NUM
cblr-1691	585	30	to	to	ADP
cblr-1691	585	31	date	date	NOUN
cblr-1691	585	32	.	.	PUNCT
cblr-1691	585	33	”	"	PUNCT
cblr-1691	585	34	)	)	PUNCT
cblr-1691	585	35	.	.	PUNCT
cblr-1691	586	1	167	167	NUM
cblr-1691	586	2	shai	shai	PROPN
cblr-1691	586	3	bernstein	bernstein	PROPN
cblr-1691	586	4	,	,	PUNCT
cblr-1691	586	5	innovator	innovator	PROPN
cblr-1691	586	6	’s	’s	PART
cblr-1691	586	7	dilemma	dilemma	NOUN
cblr-1691	586	8	:	:	PUNCT
cblr-1691	586	9	ipo	ipo	NOUN
cblr-1691	586	10	or	or	CCONJ
cblr-1691	586	11	no	no	PRON
cblr-1691	586	12	?	?	NOUN
cblr-1691	586	13	,	,	PUNCT
cblr-1691	586	14	third	third	ADJ
cblr-1691	586	15	way.org	way.org	PROPN
cblr-1691	586	16	(	(	PUNCT
cblr-1691	586	17	aug	aug	PROPN
cblr-1691	586	18	.	.	PROPN
cblr-1691	586	19	22	22	NUM
cblr-1691	586	20	,	,	PUNCT
cblr-1691	586	21	2017	2017	NUM
cblr-1691	586	22	)	)	PUNCT
cblr-1691	586	23	,	,	PUNCT
cblr-1691	586	24	https://www.thirdway.org/report/innovators-dilemma-ipoor-no	https://www.thirdway.org/report/innovators-dilemma-ipoor-no	PROPN
cblr-1691	586	25	(	(	PUNCT
cblr-1691	586	26	on	on	ADP
cblr-1691	586	27	file	file	NOUN
cblr-1691	586	28	with	with	ADP
cblr-1691	586	29	the	the	DET
cblr-1691	586	30	columbia	columbia	PROPN
cblr-1691	586	31	business	business	PROPN
cblr-1691	586	32	law	law	PROPN
cblr-1691	586	33	review	review	PROPN
cblr-1691	586	34	)	)	PUNCT
cblr-1691	586	35	;	;	PUNCT
cblr-1691	586	36	see	see	VERB
cblr-1691	586	37	also	also	ADV
cblr-1691	586	38	andrew	andrew	PROPN
cblr-1691	586	39	metrick	metrick	PROPN
cblr-1691	586	40	&	&	CCONJ
cblr-1691	586	41	ayako	ayako	PROPN
cblr-1691	586	42	yasuda	yasuda	PROPN
cblr-1691	586	43	,	,	PUNCT
cblr-1691	586	44	venture	venture	NOUN
cblr-1691	586	45	capital	capital	NOUN
cblr-1691	586	46	&	&	CCONJ
cblr-1691	586	47	the	the	DET
cblr-1691	586	48	finance	finance	NOUN
cblr-1691	586	49	of	of	ADP
cblr-1691	586	50	innovation	innovation	NOUN
cblr-1691	586	51	(	(	PUNCT
cblr-1691	586	52	2d	2d	NUM
cblr-1691	586	53	ed	ed	NOUN
cblr-1691	586	54	.	.	PROPN
cblr-1691	586	55	2011	2011	NUM
cblr-1691	586	56	)	)	PUNCT
cblr-1691	586	57	;	;	PUNCT
cblr-1691	586	58	craig	craig	PROPN
cblr-1691	586	59	doidge	doidge	VERB
cblr-1691	586	60	et	et	PROPN
cblr-1691	586	61	al	al	PROPN
cblr-1691	586	62	.	.	PROPN
cblr-1691	586	63	,	,	PUNCT
cblr-1691	586	64	eclipse	eclipse	NOUN
cblr-1691	586	65	of	of	ADP
cblr-1691	586	66	the	the	DET
cblr-1691	586	67	public	public	ADJ
cblr-1691	586	68	corporation	corporation	NOUN
cblr-1691	586	69	,	,	PUNCT
cblr-1691	586	70	supra	supra	PROPN
cblr-1691	586	71	note	note	PROPN
cblr-1691	586	72	6	6	NUM
cblr-1691	586	73	;	;	PUNCT
cblr-1691	586	74	xiaohui	xiaohui	PROPN
cblr-1691	586	75	gao	gao	PROPN
cblr-1691	586	76	,	,	PUNCT
cblr-1691	586	77	et	et	PROPN
cblr-1691	586	78	al	al	PROPN
cblr-1691	586	79	.	.	PROPN
cblr-1691	586	80	,	,	PUNCT
cblr-1691	586	81	supra	supra	PROPN
cblr-1691	586	82	note	note	PROPN
cblr-1691	586	83	6	6	NUM
cblr-1691	586	84	;	;	PUNCT
cblr-1691	586	85	manju	manju	PROPN
cblr-1691	586	86	puri	puri	PROPN
cblr-1691	586	87	&	&	CCONJ
cblr-1691	586	88	rebecca	rebecca	PROPN
cblr-1691	586	89	zarutskie	zarutskie	PROPN
cblr-1691	586	90	,	,	PUNCT
cblr-1691	586	91	146	146	NUM
cblr-1691	586	92	columbia	columbia	PROPN
cblr-1691	586	93	business	business	NOUN
cblr-1691	586	94	law	law	PROPN
cblr-1691	586	95	review	review	NOUN
cblr-1691	587	1	[	[	X
cblr-1691	587	2	vol	vol	NOUN
cblr-1691	587	3	.	.	PUNCT
cblr-1691	587	4	2019	2019	NUM
cblr-1691	587	5	important	important	ADJ
cblr-1691	587	6	role	role	NOUN
cblr-1691	587	7	in	in	ADP
cblr-1691	587	8	promoting	promote	VERB
cblr-1691	587	9	growth	growth	NOUN
cblr-1691	587	10	,	,	PUNCT
cblr-1691	587	11	according	accord	VERB
cblr-1691	587	12	to	to	ADP
cblr-1691	587	13	solow	solow	PROPN
cblr-1691	587	14	’s	’s	PART
cblr-1691	587	15	economic	economic	ADJ
cblr-1691	587	16	growth	growth	NOUN
cblr-1691	587	17	theory.168	theory.168	NOUN
cblr-1691	587	18	solow	solow	PROPN
cblr-1691	587	19	postulated	postulate	VERB
cblr-1691	587	20	that	that	SCONJ
cblr-1691	587	21	technological	technological	ADJ
cblr-1691	587	22	innovation	innovation	NOUN
cblr-1691	587	23	is	be	AUX
cblr-1691	587	24	the	the	DET
cblr-1691	587	25	only	only	ADJ
cblr-1691	587	26	reliable	reliable	ADJ
cblr-1691	587	27	engine	engine	NOUN
cblr-1691	587	28	that	that	PRON
cblr-1691	587	29	can	can	AUX
cblr-1691	587	30	drive	drive	VERB
cblr-1691	587	31	change	change	NOUN
cblr-1691	587	32	and	and	CCONJ
cblr-1691	587	33	is	be	AUX
cblr-1691	587	34	the	the	DET
cblr-1691	587	35	fundamental	fundamental	ADJ
cblr-1691	587	36	source	source	NOUN
cblr-1691	587	37	of	of	ADP
cblr-1691	587	38	sustained	sustained	ADJ
cblr-1691	587	39	productivity	productivity	NOUN
cblr-1691	587	40	and	and	CCONJ
cblr-1691	587	41	growth.169	growth.169	NOUN
cblr-1691	587	42	until	until	ADP
cblr-1691	587	43	recently	recently	ADV
cblr-1691	587	44	,	,	PUNCT
cblr-1691	587	45	an	an	DET
cblr-1691	587	46	ipo	ipo	NOUN
cblr-1691	587	47	exit	exit	NOUN
cblr-1691	587	48	was	be	AUX
cblr-1691	587	49	believed	believe	VERB
cblr-1691	587	50	to	to	PART
cblr-1691	587	51	be	be	AUX
cblr-1691	587	52	the	the	DET
cblr-1691	587	53	ultimate	ultimate	ADJ
cblr-1691	587	54	entrepreneur	entrepreneur	NOUN
cblr-1691	587	55	founder	founder	NOUN
cblr-1691	587	56	’s	’s	PART
cblr-1691	587	57	dream	dream	NOUN
cblr-1691	587	58	and	and	CCONJ
cblr-1691	587	59	one	one	NUM
cblr-1691	587	60	of	of	ADP
cblr-1691	587	61	the	the	DET
cblr-1691	587	62	greatest	great	ADJ
cblr-1691	587	63	achievements	achievement	NOUN
cblr-1691	587	64	in	in	ADP
cblr-1691	587	65	the	the	DET
cblr-1691	587	66	lifecycle	lifecycle	NOUN
cblr-1691	587	67	of	of	ADP
cblr-1691	587	68	a	a	DET
cblr-1691	587	69	startup	startup	ADJ
cblr-1691	587	70	company	company	NOUN
cblr-1691	587	71	.	.	PUNCT
cblr-1691	588	1	what	what	PRON
cblr-1691	588	2	changed	change	VERB
cblr-1691	588	3	?	?	PUNCT
cblr-1691	589	1	during	during	ADP
cblr-1691	589	2	the	the	DET
cblr-1691	589	3	ipo	ipo	NOUN
cblr-1691	589	4	process	process	NOUN
cblr-1691	589	5	the	the	DET
cblr-1691	589	6	startup	startup	NOUN
cblr-1691	589	7	company	company	NOUN
cblr-1691	589	8	transforms	transform	VERB
cblr-1691	589	9	from	from	ADP
cblr-1691	589	10	a	a	DET
cblr-1691	589	11	privately	privately	ADV
cblr-1691	589	12	held	hold	VERB
cblr-1691	589	13	corporation	corporation	NOUN
cblr-1691	589	14	to	to	ADP
cblr-1691	589	15	one	one	NUM
cblr-1691	589	16	that	that	PRON
cblr-1691	589	17	is	be	AUX
cblr-1691	589	18	publicly	publicly	ADV
cblr-1691	589	19	traded	trade	VERB
cblr-1691	589	20	on	on	ADP
cblr-1691	589	21	an	an	DET
cblr-1691	589	22	exchange	exchange	NOUN
cblr-1691	589	23	with	with	ADP
cblr-1691	589	24	dispersed	disperse	VERB
cblr-1691	589	25	ownership	ownership	NOUN
cblr-1691	589	26	.	.	PUNCT
cblr-1691	590	1	this	this	DET
cblr-1691	590	2	transformation	transformation	NOUN
cblr-1691	590	3	allows	allow	VERB
cblr-1691	590	4	a	a	DET
cblr-1691	590	5	startup	startup	ADJ
cblr-1691	590	6	company	company	NOUN
cblr-1691	590	7	to	to	PART
cblr-1691	590	8	raise	raise	VERB
cblr-1691	590	9	large	large	ADJ
cblr-1691	590	10	amounts	amount	NOUN
cblr-1691	590	11	of	of	ADP
cblr-1691	590	12	capital	capital	NOUN
cblr-1691	590	13	from	from	ADP
cblr-1691	590	14	the	the	DET
cblr-1691	590	15	public	public	ADJ
cblr-1691	590	16	markets	market	NOUN
cblr-1691	590	17	.	.	PUNCT
cblr-1691	591	1	a	a	DET
cblr-1691	591	2	company	company	NOUN
cblr-1691	591	3	’s	’s	PART
cblr-1691	591	4	transition	transition	NOUN
cblr-1691	591	5	to	to	ADP
cblr-1691	591	6	public	public	ADJ
cblr-1691	591	7	equity	equity	NOUN
cblr-1691	591	8	markets	market	NOUN
cblr-1691	591	9	also	also	ADV
cblr-1691	591	10	may	may	AUX
cblr-1691	591	11	affect	affect	VERB
cblr-1691	591	12	its	its	PRON
cblr-1691	591	13	ability	ability	NOUN
cblr-1691	591	14	to	to	PART
cblr-1691	591	15	attract	attract	VERB
cblr-1691	591	16	human	human	ADJ
cblr-1691	591	17	capital.170	capital.170	NOUN
cblr-1691	591	18	after	after	ADP
cblr-1691	591	19	an	an	DET
cblr-1691	591	20	ipo	ipo	NOUN
cblr-1691	591	21	,	,	PUNCT
cblr-1691	591	22	the	the	DET
cblr-1691	591	23	company	company	NOUN
cblr-1691	591	24	will	will	AUX
cblr-1691	591	25	gain	gain	VERB
cblr-1691	591	26	improved	improved	ADJ
cblr-1691	591	27	access	access	NOUN
cblr-1691	591	28	to	to	ADP
cblr-1691	591	29	capital	capital	NOUN
cblr-1691	591	30	,	,	PUNCT
cblr-1691	591	31	and	and	CCONJ
cblr-1691	591	32	the	the	DET
cblr-1691	591	33	use	use	NOUN
cblr-1691	591	34	of	of	ADP
cblr-1691	591	35	stock	stock	NOUN
cblr-1691	591	36	options	option	NOUN
cblr-1691	591	37	may	may	AUX
cblr-1691	591	38	enable	enable	VERB
cblr-1691	591	39	firms	firm	NOUN
cblr-1691	591	40	to	to	PART
cblr-1691	591	41	attract	attract	VERB
cblr-1691	591	42	new	new	ADJ
cblr-1691	591	43	human	human	ADJ
cblr-1691	591	44	capital.171	capital.171	NOUN
cblr-1691	591	45	as	as	SCONJ
cblr-1691	591	46	noted	note	VERB
cblr-1691	591	47	above	above	ADV
cblr-1691	591	48	,	,	PUNCT
cblr-1691	591	49	startup	startup	NOUN
cblr-1691	591	50	firms	firm	NOUN
cblr-1691	591	51	typically	typically	ADV
cblr-1691	591	52	experience	experience	VERB
cblr-1691	591	53	informational	informational	ADJ
cblr-1691	591	54	and	and	CCONJ
cblr-1691	591	55	financial	financial	ADJ
cblr-1691	591	56	barriers	barrier	NOUN
cblr-1691	591	57	to	to	ADP
cblr-1691	591	58	raising	raise	VERB
cblr-1691	591	59	capital.172	capital.172	PROPN
cblr-1691	591	60	this	this	PRON
cblr-1691	591	61	is	be	AUX
cblr-1691	591	62	especially	especially	ADV
cblr-1691	591	63	true	true	ADJ
cblr-1691	591	64	following	follow	VERB
cblr-1691	591	65	a	a	DET
cblr-1691	591	66	financial	financial	ADJ
cblr-1691	591	67	crisis	crisis	NOUN
cblr-1691	591	68	.	.	PUNCT
cblr-1691	592	1	such	such	ADJ
cblr-1691	592	2	difficulties	difficulty	NOUN
cblr-1691	592	3	are	be	AUX
cblr-1691	592	4	the	the	DET
cblr-1691	592	5	product	product	NOUN
cblr-1691	592	6	of	of	ADP
cblr-1691	592	7	uncertainty	uncertainty	NOUN
cblr-1691	592	8	,	,	PUNCT
cblr-1691	592	9	high	high	ADJ
cblr-1691	592	10	risk	risk	NOUN
cblr-1691	592	11	,	,	PUNCT
cblr-1691	592	12	and	and	CCONJ
cblr-1691	592	13	information	information	NOUN
cblr-1691	592	14	asymmetry	asymmetry	NOUN
cblr-1691	592	15	problems	problem	NOUN
cblr-1691	592	16	,	,	PUNCT
cblr-1691	592	17	and	and	CCONJ
cblr-1691	592	18	in	in	ADP
cblr-1691	592	19	the	the	DET
cblr-1691	592	20	past	past	NOUN
cblr-1691	592	21	precluded	precluded	ADJ
cblr-1691	592	22	non	non	ADJ
cblr-1691	592	23	-	-	ADJ
cblr-1691	592	24	vc	vc	ADJ
cblr-1691	592	25	investors	investor	NOUN
cblr-1691	592	26	from	from	ADP
cblr-1691	592	27	backing	back	VERB
cblr-1691	592	28	such	such	ADJ
cblr-1691	592	29	firms.173	firms.173	NOUN
cblr-1691	592	30	therefore	therefore	ADV
cblr-1691	592	31	,	,	PUNCT
cblr-1691	592	32	academic	academic	ADJ
cblr-1691	592	33	on	on	ADP
cblr-1691	592	34	the	the	DET
cblr-1691	592	35	life	life	NOUN
cblr-1691	592	36	cycle	cycle	NOUN
cblr-1691	592	37	dynamics	dynamic	NOUN
cblr-1691	592	38	of	of	ADP
cblr-1691	592	39	venture	venture	NOUN
cblr-1691	592	40	-	-	PUNCT
cblr-1691	592	41	capital	capital	NOUN
cblr-1691	592	42	-	-	PUNCT
cblr-1691	592	43	and	and	CCONJ
cblr-1691	592	44	non	non	ADJ
cblr-1691	592	45	-	-	ADJ
cblr-1691	592	46	venture	venture	ADJ
cblr-1691	592	47	-	-	PUNCT
cblr-1691	592	48	capitalfinanced	capitalfinance	VERB
cblr-1691	592	49	firms	firm	NOUN
cblr-1691	592	50	,	,	PUNCT
cblr-1691	592	51	67	67	NUM
cblr-1691	592	52	j.	j.	PROPN
cblr-1691	592	53	fin	fin	PROPN
cblr-1691	592	54	.	.	PUNCT
cblr-1691	592	55	2247	2247	NUM
cblr-1691	592	56	(	(	PUNCT
cblr-1691	592	57	2012	2012	NUM
cblr-1691	592	58	)	)	PUNCT
cblr-1691	592	59	;	;	PUNCT
cblr-1691	592	60	brian	brian	PROPN
cblr-1691	592	61	j.	j.	PROPN
cblr-1691	592	62	broughman	broughman	PROPN
cblr-1691	592	63	&	&	CCONJ
cblr-1691	592	64	jesse	jesse	PROPN
cblr-1691	592	65	m.	m.	PROPN
cblr-1691	592	66	fried	fried	PROPN
cblr-1691	592	67	,	,	PUNCT
cblr-1691	592	68	do	do	AUX
cblr-1691	592	69	founders	founder	NOUN
cblr-1691	592	70	control	control	VERB
cblr-1691	592	71	start	start	VERB
cblr-1691	592	72	-	-	PUNCT
cblr-1691	592	73	up	up	ADP
cblr-1691	592	74	firms	firm	NOUN
cblr-1691	592	75	that	that	PRON
cblr-1691	592	76	go	go	VERB
cblr-1691	592	77	public	public	ADJ
cblr-1691	592	78	?	?	PUNCT
cblr-1691	593	1	3	3	NUM
cblr-1691	593	2	(	(	PUNCT
cblr-1691	593	3	european	european	PROPN
cblr-1691	593	4	corp	corp	PROPN
cblr-1691	593	5	.	.	PROPN
cblr-1691	593	6	governance	governance	PROPN
cblr-1691	593	7	inst	inst	PROPN
cblr-1691	593	8	.	.	PUNCT
cblr-1691	593	9	working	work	VERB
cblr-1691	593	10	paper	paper	NOUN
cblr-1691	593	11	,	,	PUNCT
cblr-1691	593	12	no	no	INTJ
cblr-1691	593	13	.	.	NOUN
cblr-1691	593	14	405/2018	405/2018	NUM
cblr-1691	593	15	,	,	PUNCT
cblr-1691	593	16	2018	2018	NUM
cblr-1691	593	17	)	)	PUNCT
cblr-1691	593	18	.	.	PUNCT
cblr-1691	594	1	168	168	NUM
cblr-1691	594	2	see	see	VERB
cblr-1691	594	3	robert	robert	PROPN
cblr-1691	594	4	m.	m.	PROPN
cblr-1691	594	5	solow	solow	PROPN
cblr-1691	594	6	,	,	PUNCT
cblr-1691	594	7	growth	growth	NOUN
cblr-1691	594	8	theory	theory	NOUN
cblr-1691	594	9	and	and	CCONJ
cblr-1691	594	10	after	after	ADP
cblr-1691	594	11	,	,	PUNCT
cblr-1691	594	12	78	78	NUM
cblr-1691	594	13	am	am	NOUN
cblr-1691	594	14	.	.	PUNCT
cblr-1691	595	1	econ	econ	PROPN
cblr-1691	595	2	.	.	PUNCT
cblr-1691	596	1	rev	rev	PROPN
cblr-1691	596	2	.	.	PROPN
cblr-1691	596	3	307	307	NUM
cblr-1691	596	4	,	,	PUNCT
cblr-1691	596	5	309	309	NUM
cblr-1691	596	6	(	(	PUNCT
cblr-1691	596	7	1988	1988	NUM
cblr-1691	596	8	)	)	PUNCT
cblr-1691	596	9	.	.	PUNCT
cblr-1691	597	1	169	169	NUM
cblr-1691	597	2	see	see	VERB
cblr-1691	597	3	i	i	PRON
cblr-1691	597	4	d.	d.	PROPN
cblr-1691	597	5	170	170	NUM
cblr-1691	597	6	see	see	VERB
cblr-1691	597	7	,	,	PUNCT
cblr-1691	597	8	e.g.	e.g.	ADV
cblr-1691	597	9	,	,	PUNCT
cblr-1691	597	10	shai	shai	PROPN
cblr-1691	597	11	bernstein	bernstein	PROPN
cblr-1691	597	12	,	,	PUNCT
cblr-1691	597	13	does	do	AUX
cblr-1691	597	14	going	go	VERB
cblr-1691	597	15	public	public	ADJ
cblr-1691	597	16	affect	affect	VERB
cblr-1691	597	17	innovation	innovation	NOUN
cblr-1691	597	18	?	?	PUNCT
cblr-1691	597	19	,	,	PUNCT
cblr-1691	597	20	70	70	NUM
cblr-1691	597	21	j.	j.	PROPN
cblr-1691	597	22	fin	fin	PROPN
cblr-1691	597	23	.	.	PUNCT
cblr-1691	597	24	1365	1365	NUM
cblr-1691	597	25	,	,	PUNCT
cblr-1691	597	26	1398	1398	NUM
cblr-1691	597	27	(	(	PUNCT
cblr-1691	597	28	2015	2015	NUM
cblr-1691	597	29	)	)	PUNCT
cblr-1691	597	30	.	.	PUNCT
cblr-1691	598	1	171	171	NUM
cblr-1691	598	2	however	however	ADV
cblr-1691	598	3	,	,	PUNCT
cblr-1691	598	4	retention	retention	NOUN
cblr-1691	598	5	of	of	ADP
cblr-1691	598	6	key	key	ADJ
cblr-1691	598	7	employees	employee	NOUN
cblr-1691	598	8	(	(	PUNCT
cblr-1691	598	9	inventors	inventor	NOUN
cblr-1691	598	10	)	)	PUNCT
cblr-1691	598	11	may	may	AUX
cblr-1691	598	12	become	become	VERB
cblr-1691	598	13	difficult	difficult	ADJ
cblr-1691	598	14	as	as	SCONJ
cblr-1691	598	15	options	option	NOUN
cblr-1691	598	16	are	be	AUX
cblr-1691	598	17	vested	vest	VERB
cblr-1691	598	18	,	,	PUNCT
cblr-1691	598	19	ownership	ownership	NOUN
cblr-1691	598	20	is	be	AUX
cblr-1691	598	21	diluted	dilute	VERB
cblr-1691	598	22	,	,	PUNCT
cblr-1691	598	23	and	and	CCONJ
cblr-1691	598	24	changes	change	NOUN
cblr-1691	598	25	in	in	ADP
cblr-1691	598	26	firm	firm	ADJ
cblr-1691	598	27	governance	governance	NOUN
cblr-1691	598	28	affect	affect	VERB
cblr-1691	598	29	employees	employee	NOUN
cblr-1691	598	30	.	.	PUNCT
cblr-1691	599	1	see	see	VERB
cblr-1691	599	2	i	i	PRON
cblr-1691	599	3	d.	d.	PROPN
cblr-1691	599	4	172	172	NUM
cblr-1691	599	5	see	see	VERB
cblr-1691	599	6	supra	supra	PROPN
cblr-1691	599	7	section	section	PROPN
cblr-1691	599	8	ii.b.2	ii.b.2	PROPN
cblr-1691	599	9	.	.	PUNCT
cblr-1691	600	1	173	173	NUM
cblr-1691	600	2	see	see	VERB
cblr-1691	600	3	branscomb	branscomb	NOUN
cblr-1691	600	4	&	&	CCONJ
cblr-1691	600	5	auerswald	auerswald	PROPN
cblr-1691	600	6	,	,	PUNCT
cblr-1691	600	7	supra	supra	PROPN
cblr-1691	600	8	note	note	NOUN
cblr-1691	600	9	48	48	NUM
cblr-1691	600	10	,	,	PUNCT
cblr-1691	600	11	at	at	ADP
cblr-1691	600	12	14–16	14–16	NUM
cblr-1691	600	13	.	.	PUNCT
cblr-1691	601	1	no	no	INTJ
cblr-1691	601	2	.	.	PUNCT
cblr-1691	602	1	1:107	1:107	NUM
cblr-1691	602	2	]	]	X
cblr-1691	602	3	unicorn	unicorn	ADJ
cblr-1691	602	4	stock	stock	NOUN
cblr-1691	602	5	options	option	NOUN
cblr-1691	602	6	147	147	NUM
cblr-1691	602	7	literature	literature	NOUN
cblr-1691	602	8	has	have	AUX
cblr-1691	602	9	focused	focus	VERB
cblr-1691	602	10	on	on	ADP
cblr-1691	602	11	vcs	vcs	PROPN
cblr-1691	602	12	as	as	ADP
cblr-1691	602	13	an	an	DET
cblr-1691	602	14	important	important	ADJ
cblr-1691	602	15	source	source	NOUN
cblr-1691	602	16	of	of	ADP
cblr-1691	602	17	financing	financing	NOUN
cblr-1691	602	18	startups	startup	NOUN
cblr-1691	602	19	over	over	ADP
cblr-1691	602	20	the	the	DET
cblr-1691	602	21	last	last	ADJ
cblr-1691	602	22	thirty	thirty	NUM
cblr-1691	602	23	years.174	years.174	INTJ
cblr-1691	602	24	recently	recently	ADV
cblr-1691	602	25	,	,	PUNCT
cblr-1691	602	26	however	however	ADV
cblr-1691	602	27	,	,	PUNCT
cblr-1691	602	28	there	there	PRON
cblr-1691	602	29	has	have	AUX
cblr-1691	602	30	been	be	AUX
cblr-1691	602	31	a	a	DET
cblr-1691	602	32	dramatic	dramatic	ADJ
cblr-1691	602	33	increase	increase	NOUN
cblr-1691	602	34	in	in	ADP
cblr-1691	602	35	alternative	alternative	ADJ
cblr-1691	602	36	financing	financing	NOUN
cblr-1691	602	37	vehicles	vehicle	NOUN
cblr-1691	602	38	,	,	PUNCT
cblr-1691	602	39	and	and	CCONJ
cblr-1691	602	40	new	new	ADJ
cblr-1691	602	41	market	market	NOUN
cblr-1691	602	42	trends	trend	NOUN
cblr-1691	602	43	have	have	AUX
cblr-1691	602	44	developed	develop	VERB
cblr-1691	602	45	in	in	ADP
cblr-1691	602	46	conjunction	conjunction	NOUN
cblr-1691	602	47	with	with	ADP
cblr-1691	602	48	,	,	PUNCT
cblr-1691	602	49	and	and	CCONJ
cblr-1691	602	50	sometimes	sometimes	ADV
cblr-1691	602	51	in	in	ADP
cblr-1691	602	52	response	response	NOUN
cblr-1691	602	53	to	to	ADP
cblr-1691	602	54	,	,	PUNCT
cblr-1691	602	55	the	the	DET
cblr-1691	602	56	difficulty	difficulty	NOUN
cblr-1691	602	57	of	of	ADP
cblr-1691	602	58	obtaining	obtain	VERB
cblr-1691	602	59	vc	vc	PROPN
cblr-1691	602	60	investments	investment	NOUN
cblr-1691	602	61	.	.	PUNCT
cblr-1691	603	1	new	new	ADJ
cblr-1691	603	2	market	market	NOUN
cblr-1691	603	3	participants	participant	NOUN
cblr-1691	603	4	such	such	ADJ
cblr-1691	603	5	as	as	ADP
cblr-1691	603	6	mutual	mutual	ADJ
cblr-1691	603	7	funds	fund	NOUN
cblr-1691	603	8	and	and	CCONJ
cblr-1691	603	9	sovereign	sovereign	ADJ
cblr-1691	603	10	wealth	wealth	NOUN
cblr-1691	603	11	funds	fund	NOUN
cblr-1691	603	12	now	now	ADV
cblr-1691	603	13	invest	invest	VERB
cblr-1691	603	14	large	large	ADJ
cblr-1691	603	15	amounts	amount	NOUN
cblr-1691	603	16	of	of	ADP
cblr-1691	603	17	capital	capital	NOUN
cblr-1691	603	18	in	in	ADP
cblr-1691	603	19	unicorn	unicorn	ADJ
cblr-1691	603	20	firms.175	firms.175	NOUN
cblr-1691	604	1	this	this	DET
cblr-1691	604	2	article	article	NOUN
cblr-1691	604	3	introduces	introduce	VERB
cblr-1691	604	4	these	these	DET
cblr-1691	604	5	new	new	ADJ
cblr-1691	604	6	players176	players176	NOUN
cblr-1691	604	7	and	and	CCONJ
cblr-1691	604	8	describes	describe	VERB
cblr-1691	604	9	the	the	DET
cblr-1691	604	10	market	market	NOUN
cblr-1691	604	11	dynamics	dynamic	NOUN
cblr-1691	604	12	that	that	PRON
cblr-1691	604	13	contribute	contribute	VERB
cblr-1691	604	14	to	to	ADP
cblr-1691	604	15	the	the	DET
cblr-1691	604	16	trend	trend	NOUN
cblr-1691	604	17	toward	toward	ADP
cblr-1691	604	18	unicorn	unicorn	ADJ
cblr-1691	604	19	firms	firm	NOUN
cblr-1691	604	20	delaying	delay	VERB
cblr-1691	604	21	their	their	PRON
cblr-1691	604	22	ipos.177	ipos.177	NOUN
cblr-1691	604	23	there	there	PRON
cblr-1691	604	24	is	be	VERB
cblr-1691	604	25	a	a	DET
cblr-1691	604	26	heated	heated	ADJ
cblr-1691	604	27	debate	debate	NOUN
cblr-1691	604	28	in	in	ADP
cblr-1691	604	29	silicon	silicon	NOUN
cblr-1691	604	30	valley	valley	NOUN
cblr-1691	604	31	about	about	ADP
cblr-1691	604	32	whether	whether	SCONJ
cblr-1691	604	33	the	the	DET
cblr-1691	604	34	use	use	NOUN
cblr-1691	604	35	of	of	ADP
cblr-1691	604	36	golden	golden	ADJ
cblr-1691	604	37	handcuffs	handcuff	NOUN
cblr-1691	604	38	is	be	AUX
cblr-1691	604	39	fair	fair	ADJ
cblr-1691	604	40	due	due	ADP
cblr-1691	604	41	to	to	ADP
cblr-1691	604	42	these	these	DET
cblr-1691	604	43	new	new	ADJ
cblr-1691	604	44	market	market	NOUN
cblr-1691	604	45	dynamics.178	dynamics.178	PROPN
cblr-1691	604	46	traditional	traditional	ADJ
cblr-1691	604	47	stock	stock	NOUN
cblr-1691	604	48	option	option	NOUN
cblr-1691	604	49	contracts	contract	NOUN
cblr-1691	604	50	were	be	AUX
cblr-1691	604	51	based	base	VERB
cblr-1691	604	52	on	on	ADP
cblr-1691	604	53	the	the	DET
cblr-1691	604	54	principle	principle	NOUN
cblr-1691	604	55	that	that	SCONJ
cblr-1691	604	56	it	it	PRON
cblr-1691	604	57	will	will	AUX
cblr-1691	604	58	take	take	VERB
cblr-1691	604	59	a	a	DET
cblr-1691	604	60	startup	startup	NOUN
cblr-1691	604	61	about	about	ADP
cblr-1691	604	62	four	four	NUM
cblr-1691	604	63	years	year	NOUN
cblr-1691	604	64	to	to	PART
cblr-1691	604	65	go	go	VERB
cblr-1691	604	66	public	public	ADJ
cblr-1691	604	67	;	;	PUNCT
cblr-1691	604	68	however	however	ADV
cblr-1691	604	69	,	,	PUNCT
cblr-1691	604	70	startups	startup	NOUN
cblr-1691	604	71	today	today	NOUN
cblr-1691	604	72	are	be	AUX
cblr-1691	604	73	staying	stay	VERB
cblr-1691	604	74	private	private	ADJ
cblr-1691	604	75	longer	long	ADV
cblr-1691	604	76	,	,	PUNCT
cblr-1691	604	77	174	174	NUM
cblr-1691	604	78	see	see	VERB
cblr-1691	604	79	paul	paul	PROPN
cblr-1691	604	80	gompers	gompers	PROPN
cblr-1691	604	81	,	,	PUNCT
cblr-1691	604	82	william	william	PROPN
cblr-1691	604	83	gornall	gornall	PROPN
cblr-1691	604	84	,	,	PUNCT
cblr-1691	604	85	steven	steven	PROPN
cblr-1691	604	86	n.	n.	PROPN
cblr-1691	604	87	kaplan	kaplan	PROPN
cblr-1691	604	88	&	&	CCONJ
cblr-1691	604	89	ilya	ilya	PROPN
cblr-1691	604	90	a.	a.	PROPN
cblr-1691	604	91	strebulaev	strebulaev	PROPN
cblr-1691	604	92	,	,	PUNCT
cblr-1691	604	93	how	how	SCONJ
cblr-1691	604	94	do	do	AUX
cblr-1691	604	95	venture	venture	NOUN
cblr-1691	604	96	capitalists	capitalist	NOUN
cblr-1691	604	97	make	make	VERB
cblr-1691	604	98	decisions	decision	NOUN
cblr-1691	604	99	?	?	PUNCT
cblr-1691	605	1	2	2	NUM
cblr-1691	605	2	(	(	PUNCT
cblr-1691	605	3	nat’l	nat’l	NUM
cblr-1691	605	4	bureau	bureau	PROPN
cblr-1691	605	5	of	of	ADP
cblr-1691	605	6	econ	econ	PROPN
cblr-1691	605	7	.	.	PUNCT
cblr-1691	606	1	research	research	PROPN
cblr-1691	606	2	,	,	PUNCT
cblr-1691	606	3	working	work	VERB
cblr-1691	606	4	paper	paper	NOUN
cblr-1691	606	5	no	no	NOUN
cblr-1691	606	6	.	.	PROPN
cblr-1691	606	7	22587	22587	NUM
cblr-1691	606	8	,	,	PUNCT
cblr-1691	606	9	2016	2016	NUM
cblr-1691	606	10	)	)	PUNCT
cblr-1691	606	11	.	.	PUNCT
cblr-1691	607	1	175	175	NUM
cblr-1691	607	2	see	see	VERB
cblr-1691	607	3	sungjoung	sungjoung	PROPN
cblr-1691	607	4	kwon	kwon	PROPN
cblr-1691	607	5	,	,	PUNCT
cblr-1691	607	6	michelle	michelle	PROPN
cblr-1691	607	7	lowry	lowry	PROPN
cblr-1691	607	8	&	&	CCONJ
cblr-1691	607	9	yiming	yiming	PROPN
cblr-1691	607	10	qian	qian	PROPN
cblr-1691	607	11	,	,	PUNCT
cblr-1691	607	12	mutual	mutual	ADJ
cblr-1691	607	13	fund	fund	NOUN
cblr-1691	607	14	investments	investment	NOUN
cblr-1691	607	15	in	in	ADP
cblr-1691	607	16	private	private	ADJ
cblr-1691	607	17	firms	firm	NOUN
cblr-1691	607	18	1	1	NUM
cblr-1691	607	19	(	(	PUNCT
cblr-1691	607	20	sept	sept	PROPN
cblr-1691	607	21	.	.	PROPN
cblr-1691	607	22	20	20	NUM
cblr-1691	607	23	,	,	PUNCT
cblr-1691	607	24	2018	2018	NUM
cblr-1691	607	25	)	)	PUNCT
cblr-1691	607	26	(	(	PUNCT
cblr-1691	607	27	unpublished	unpublished	ADJ
cblr-1691	607	28	manuscript	manuscript	NOUN
cblr-1691	607	29	)	)	PUNCT
cblr-1691	607	30	,	,	PUNCT
cblr-1691	607	31	https://ssrn.com/abstract=2941203	https://ssrn.com/abstract=2941203	PROPN
cblr-1691	607	32	[	[	X
cblr-1691	607	33	perma.cc/b65l-4w4s	perma.cc/b65l-4w4s	X
cblr-1691	607	34	]	]	X
cblr-1691	607	35	.	.	PUNCT
cblr-1691	608	1	176	176	NUM
cblr-1691	608	2	chernenko	chernenko	NOUN
cblr-1691	608	3	et	et	PROPN
cblr-1691	608	4	al	al	PROPN
cblr-1691	608	5	.	.	PROPN
cblr-1691	608	6	show	show	VERB
cblr-1691	608	7	that	that	SCONJ
cblr-1691	608	8	:	:	PUNCT
cblr-1691	608	9	[	[	X
cblr-1691	608	10	o]ver	o]ver	ADP
cblr-1691	608	11	the	the	DET
cblr-1691	608	12	2010–2016	2010–2016	NUM
cblr-1691	608	13	period	period	NOUN
cblr-1691	608	14	,	,	PUNCT
cblr-1691	608	15	the	the	DET
cblr-1691	608	16	number	number	NOUN
cblr-1691	608	17	of	of	ADP
cblr-1691	608	18	distinct	distinct	ADJ
cblr-1691	608	19	funds	fund	NOUN
cblr-1691	608	20	directly	directly	ADV
cblr-1691	608	21	investing	invest	VERB
cblr-1691	608	22	in	in	ADP
cblr-1691	608	23	unicorns	unicorn	NOUN
cblr-1691	608	24	has	have	AUX
cblr-1691	608	25	increased	increase	VERB
cblr-1691	608	26	from	from	ADP
cblr-1691	608	27	less	less	ADJ
cblr-1691	608	28	than	than	ADP
cblr-1691	608	29	10	10	NUM
cblr-1691	608	30	to	to	PART
cblr-1691	608	31	more	more	ADJ
cblr-1691	608	32	than	than	ADP
cblr-1691	608	33	140	140	NUM
cblr-1691	608	34	.	.	PUNCT
cblr-1691	608	35	.	.	PUNCT
cblr-1691	608	36	.	.	PUNCT
cblr-1691	608	37	.	.	PUNCT
cblr-1691	609	1	the	the	DET
cblr-1691	609	2	dollar	dollar	NOUN
cblr-1691	609	3	value	value	NOUN
cblr-1691	609	4	of	of	ADP
cblr-1691	609	5	aggregate	aggregate	ADJ
cblr-1691	609	6	holdings	holding	NOUN
cblr-1691	609	7	has	have	AUX
cblr-1691	609	8	also	also	ADV
cblr-1691	609	9	increased	increase	VERB
cblr-1691	609	10	by	by	ADP
cblr-1691	609	11	an	an	DET
cblr-1691	609	12	order	order	NOUN
cblr-1691	609	13	of	of	ADP
cblr-1691	609	14	magnitude	magnitude	NOUN
cblr-1691	609	15	,	,	PUNCT
cblr-1691	609	16	from	from	ADP
cblr-1691	609	17	less	less	ADJ
cblr-1691	609	18	than	than	ADP
cblr-1691	609	19	$	$	SYM
cblr-1691	609	20	1	1	NUM
cblr-1691	609	21	billion	billion	NUM
cblr-1691	609	22	to	to	PART
cblr-1691	609	23	more	more	ADJ
cblr-1691	609	24	than	than	ADP
cblr-1691	609	25	$	$	SYM
cblr-1691	609	26	8	8	NUM
cblr-1691	609	27	billion	billion	NUM
cblr-1691	609	28	.	.	PUNCT
cblr-1691	610	1	these	these	DET
cblr-1691	610	2	results	result	NOUN
cblr-1691	610	3	paint	paint	VERB
cblr-1691	610	4	a	a	DET
cblr-1691	610	5	consistent	consistent	ADJ
cblr-1691	610	6	picture	picture	NOUN
cblr-1691	610	7	of	of	ADP
cblr-1691	610	8	unicorn	unicorn	ADJ
cblr-1691	610	9	investments	investment	NOUN
cblr-1691	610	10	becoming	become	VERB
cblr-1691	610	11	a	a	DET
cblr-1691	610	12	more	more	ADV
cblr-1691	610	13	important	important	ADJ
cblr-1691	610	14	part	part	NOUN
cblr-1691	610	15	of	of	ADP
cblr-1691	610	16	the	the	DET
cblr-1691	610	17	portfolios	portfolio	NOUN
cblr-1691	610	18	of	of	ADP
cblr-1691	610	19	open	open	ADJ
cblr-1691	610	20	-	-	PUNCT
cblr-1691	610	21	end	end	NOUN
cblr-1691	610	22	mutual	mutual	ADJ
cblr-1691	610	23	funds	fund	NOUN
cblr-1691	610	24	.	.	PUNCT
cblr-1691	611	1	chernenko	chernenko	PROPN
cblr-1691	611	2	et	et	PROPN
cblr-1691	612	1	al	al	PROPN
cblr-1691	612	2	.	.	PROPN
cblr-1691	612	3	,	,	PUNCT
cblr-1691	612	4	supra	supra	PROPN
cblr-1691	612	5	note	note	NOUN
cblr-1691	612	6	4	4	NUM
cblr-1691	612	7	,	,	PUNCT
cblr-1691	612	8	at	at	ADP
cblr-1691	612	9	20	20	NUM
cblr-1691	612	10	;	;	PUNCT
cblr-1691	612	11	see	see	VERB
cblr-1691	612	12	also	also	ADV
cblr-1691	612	13	william	william	PROPN
cblr-1691	612	14	gornall	gornall	PROPN
cblr-1691	612	15	&	&	CCONJ
cblr-1691	612	16	ilya	ilya	PROPN
cblr-1691	612	17	a.	a.	PROPN
cblr-1691	612	18	strebulaev	strebulaev	PROPN
cblr-1691	612	19	,	,	PUNCT
cblr-1691	612	20	squaring	square	VERB
cblr-1691	612	21	venture	venture	NOUN
cblr-1691	612	22	capital	capital	NOUN
cblr-1691	612	23	valuations	valuation	NOUN
cblr-1691	612	24	with	with	ADP
cblr-1691	612	25	reality	reality	NOUN
cblr-1691	612	26	2	2	NUM
cblr-1691	612	27	(	(	PUNCT
cblr-1691	612	28	nat’l	nat’l	NUM
cblr-1691	612	29	bureau	bureau	PROPN
cblr-1691	612	30	of	of	ADP
cblr-1691	612	31	econ	econ	PROPN
cblr-1691	612	32	.	.	PUNCT
cblr-1691	613	1	research	research	PROPN
cblr-1691	613	2	,	,	PUNCT
cblr-1691	613	3	working	work	VERB
cblr-1691	613	4	paper	paper	NOUN
cblr-1691	613	5	no	no	INTJ
cblr-1691	613	6	.	.	PROPN
cblr-1691	613	7	23895	23895	NUM
cblr-1691	613	8	,	,	PUNCT
cblr-1691	613	9	2017	2017	NUM
cblr-1691	613	10	)	)	PUNCT
cblr-1691	613	11	(	(	PUNCT
cblr-1691	613	12	“	"	PUNCT
cblr-1691	613	13	a	a	DET
cblr-1691	613	14	number	number	NOUN
cblr-1691	613	15	of	of	ADP
cblr-1691	613	16	the	the	DET
cblr-1691	613	17	largest	large	ADJ
cblr-1691	613	18	u.s	u.s	PROPN
cblr-1691	613	19	.	.	PROPN
cblr-1691	613	20	mutual	mutual	ADJ
cblr-1691	613	21	fund	fund	NOUN
cblr-1691	613	22	providers	provider	NOUN
cblr-1691	613	23	,	,	PUNCT
cblr-1691	613	24	such	such	ADJ
cblr-1691	613	25	as	as	ADP
cblr-1691	613	26	fidelity	fidelity	PROPN
cblr-1691	613	27	investments	investment	NOUN
cblr-1691	613	28	and	and	CCONJ
cblr-1691	613	29	t.	t.	PROPN
cblr-1691	613	30	rowe	rowe	PROPN
cblr-1691	613	31	price	price	PROPN
cblr-1691	613	32	,	,	PUNCT
cblr-1691	613	33	have	have	AUX
cblr-1691	613	34	begun	begin	VERB
cblr-1691	613	35	investing	invest	VERB
cblr-1691	613	36	their	their	PRON
cblr-1691	613	37	assets	asset	NOUN
cblr-1691	613	38	directly	directly	ADV
cblr-1691	613	39	in	in	ADP
cblr-1691	613	40	unicorns	unicorn	NOUN
cblr-1691	613	41	.	.	PUNCT
cblr-1691	613	42	”	"	PUNCT
cblr-1691	613	43	)	)	PUNCT
cblr-1691	613	44	.	.	PUNCT
cblr-1691	614	1	177	177	NUM
cblr-1691	614	2	kwon	kwon	VERB
cblr-1691	614	3	et	et	PROPN
cblr-1691	614	4	al	al	PROPN
cblr-1691	614	5	.	.	PROPN
cblr-1691	614	6	,	,	PUNCT
cblr-1691	614	7	supra	supra	PROPN
cblr-1691	614	8	note	note	PROPN
cblr-1691	614	9	175	175	NUM
cblr-1691	614	10	,	,	PUNCT
cblr-1691	614	11	at	at	ADP
cblr-1691	614	12	2	2	NUM
cblr-1691	614	13	.	.	PUNCT
cblr-1691	614	14	kwon	kwon	VERB
cblr-1691	614	15	et	et	PROPN
cblr-1691	614	16	al	al	PROPN
cblr-1691	614	17	.	.	PUNCT
cblr-1691	614	18	further	further	PROPN
cblr-1691	614	19	show	show	VERB
cblr-1691	614	20	that	that	SCONJ
cblr-1691	614	21	these	these	DET
cblr-1691	614	22	large	large	ADJ
cblr-1691	614	23	amounts	amount	NOUN
cblr-1691	614	24	of	of	ADP
cblr-1691	614	25	capital	capital	NOUN
cblr-1691	614	26	“	"	PUNCT
cblr-1691	614	27	should	should	AUX
cblr-1691	614	28	enable	enable	VERB
cblr-1691	614	29	companies	company	NOUN
cblr-1691	614	30	to	to	PART
cblr-1691	614	31	stay	stay	VERB
cblr-1691	614	32	private	private	ADJ
cblr-1691	614	33	longer	long	ADV
cblr-1691	614	34	.	.	PUNCT
cblr-1691	614	35	”	"	PUNCT
cblr-1691	615	1	i	i	PRON
cblr-1691	615	2	d.	d.	PROPN
cblr-1691	615	3	at	at	ADP
cblr-1691	615	4	27	27	NUM
cblr-1691	615	5	.	.	NOUN
cblr-1691	616	1	178	178	NUM
cblr-1691	616	2	see	see	NOUN
cblr-1691	616	3	infra	infra	NOUN
cblr-1691	616	4	part	part	NOUN
cblr-1691	616	5	iv	iv	NUM
cblr-1691	616	6	.	.	NOUN
cblr-1691	616	7	148	148	NUM
cblr-1691	616	8	columbia	columbia	PROPN
cblr-1691	616	9	business	business	NOUN
cblr-1691	616	10	law	law	PROPN
cblr-1691	616	11	review	review	NOUN
cblr-1691	616	12	[	[	X
cblr-1691	616	13	vol	vol	NOUN
cblr-1691	616	14	.	.	PUNCT
cblr-1691	616	15	2019	2019	NUM
cblr-1691	617	1	averaging	average	VERB
cblr-1691	617	2	about	about	ADP
cblr-1691	617	3	eleven	eleven	NUM
cblr-1691	617	4	years.179	years.179	NOUN
cblr-1691	617	5	this	this	DET
cblr-1691	617	6	delay	delay	NOUN
cblr-1691	617	7	causes	cause	VERB
cblr-1691	617	8	lock	lock	NOUN
cblr-1691	617	9	-	-	PUNCT
cblr-1691	617	10	in	in	NOUN
cblr-1691	617	11	and	and	CCONJ
cblr-1691	617	12	illiquidity	illiquidity	NOUN
cblr-1691	617	13	for	for	ADP
cblr-1691	617	14	unicorn	unicorn	ADJ
cblr-1691	617	15	shares	share	NOUN
cblr-1691	617	16	.	.	PUNCT
cblr-1691	618	1	additionally	additionally	ADV
cblr-1691	618	2	,	,	PUNCT
cblr-1691	618	3	because	because	SCONJ
cblr-1691	618	4	unicorn	unicorn	ADJ
cblr-1691	618	5	valuations	valuation	NOUN
cblr-1691	618	6	are	be	AUX
cblr-1691	618	7	very	very	ADV
cblr-1691	618	8	high	high	ADJ
cblr-1691	618	9	prior	prior	ADV
cblr-1691	618	10	to	to	ADP
cblr-1691	618	11	ipos	ipos	NOUN
cblr-1691	618	12	,	,	PUNCT
cblr-1691	618	13	options	option	NOUN
cblr-1691	618	14	are	be	AUX
cblr-1691	618	15	often	often	ADV
cblr-1691	618	16	prohibitively	prohibitively	ADV
cblr-1691	618	17	expensive	expensive	ADJ
cblr-1691	618	18	to	to	PART
cblr-1691	618	19	exercise	exercise	VERB
cblr-1691	618	20	for	for	ADP
cblr-1691	618	21	some	some	DET
cblr-1691	618	22	employees	employee	NOUN
cblr-1691	618	23	.	.	PUNCT
cblr-1691	619	1	unicorns	unicorn	NOUN
cblr-1691	619	2	accordingly	accordingly	ADV
cblr-1691	619	3	face	face	VERB
cblr-1691	619	4	pressure	pressure	NOUN
cblr-1691	619	5	to	to	PART
cblr-1691	619	6	seek	seek	VERB
cblr-1691	619	7	alternative	alternative	ADJ
cblr-1691	619	8	employee	employee	NOUN
cblr-1691	619	9	compensation	compensation	NOUN
cblr-1691	619	10	mechanisms	mechanism	NOUN
cblr-1691	619	11	and	and	CCONJ
cblr-1691	619	12	contractual	contractual	ADJ
cblr-1691	619	13	arrangements.180	arrangements.180	NOUN
cblr-1691	619	14	unicorn	unicorn	NOUN
cblr-1691	619	15	employees	employee	NOUN
cblr-1691	619	16	are	be	AUX
cblr-1691	619	17	faced	face	VERB
cblr-1691	619	18	with	with	ADP
cblr-1691	619	19	a	a	DET
cblr-1691	619	20	dilemma	dilemma	NOUN
cblr-1691	619	21	—	—	PUNCT
cblr-1691	619	22	if	if	SCONJ
cblr-1691	619	23	their	their	PRON
cblr-1691	619	24	options	option	NOUN
cblr-1691	619	25	are	be	AUX
cblr-1691	619	26	expiring	expire	VERB
cblr-1691	619	27	(	(	PUNCT
cblr-1691	619	28	or	or	CCONJ
cblr-1691	619	29	if	if	SCONJ
cblr-1691	619	30	they	they	PRON
cblr-1691	619	31	leave	leave	VERB
cblr-1691	619	32	the	the	DET
cblr-1691	619	33	firm	firm	NOUN
cblr-1691	619	34	)	)	PUNCT
cblr-1691	619	35	,	,	PUNCT
cblr-1691	619	36	they	they	PRON
cblr-1691	619	37	must	must	AUX
cblr-1691	619	38	choose	choose	VERB
cblr-1691	619	39	between	between	ADP
cblr-1691	619	40	forfeiting	forfeit	VERB
cblr-1691	619	41	their	their	PRON
cblr-1691	619	42	options	option	NOUN
cblr-1691	619	43	and	and	CCONJ
cblr-1691	619	44	thereby	thereby	ADV
cblr-1691	619	45	reducing	reduce	VERB
cblr-1691	619	46	their	their	PRON
cblr-1691	619	47	chances	chance	NOUN
cblr-1691	619	48	of	of	ADP
cblr-1691	619	49	getting	get	VERB
cblr-1691	619	50	rich	rich	ADJ
cblr-1691	619	51	(	(	PUNCT
cblr-1691	619	52	thus	thus	ADV
cblr-1691	619	53	forfeiting	forfeit	VERB
cblr-1691	619	54	a	a	DET
cblr-1691	619	55	significant	significant	ADJ
cblr-1691	619	56	portion	portion	NOUN
cblr-1691	619	57	of	of	ADP
cblr-1691	619	58	the	the	DET
cblr-1691	619	59	compensation	compensation	NOUN
cblr-1691	619	60	package	package	NOUN
cblr-1691	619	61	to	to	PART
cblr-1691	619	62	which	which	PRON
cblr-1691	619	63	they	they	PRON
cblr-1691	619	64	initially	initially	ADV
cblr-1691	619	65	agreed	agree	VERB
cblr-1691	619	66	)	)	PUNCT
cblr-1691	619	67	,	,	PUNCT
cblr-1691	619	68	or	or	CCONJ
cblr-1691	619	69	exercising	exercise	VERB
cblr-1691	619	70	their	their	PRON
cblr-1691	619	71	options	option	NOUN
cblr-1691	619	72	and	and	CCONJ
cblr-1691	619	73	paying	pay	VERB
cblr-1691	619	74	taxes	taxis	NOUN
cblr-1691	619	75	on	on	ADP
cblr-1691	619	76	profit	profit	NOUN
cblr-1691	619	77	that	that	PRON
cblr-1691	619	78	may	may	AUX
cblr-1691	619	79	never	never	ADV
cblr-1691	619	80	materialize	materialize	VERB
cblr-1691	619	81	.	.	PUNCT
cblr-1691	620	1	as	as	ADP
cblr-1691	620	2	a	a	DET
cblr-1691	620	3	result	result	NOUN
cblr-1691	620	4	of	of	ADP
cblr-1691	620	5	this	this	DET
cblr-1691	620	6	crisis	crisis	NOUN
cblr-1691	620	7	,	,	PUNCT
cblr-1691	620	8	the	the	DET
cblr-1691	620	9	national	national	PROPN
cblr-1691	620	10	venture	venture	PROPN
cblr-1691	620	11	capital	capital	PROPN
cblr-1691	620	12	association	association	PROPN
cblr-1691	620	13	and	and	CCONJ
cblr-1691	620	14	palantir	palantir	PROPN
cblr-1691	620	15	technologies	technology	NOUN
cblr-1691	620	16	lobbied	lobby	VERB
cblr-1691	620	17	congress	congress	PROPN
cblr-1691	620	18	on	on	ADP
cblr-1691	620	19	both	both	CCONJ
cblr-1691	620	20	the	the	DET
cblr-1691	620	21	house	house	PROPN
cblr-1691	620	22	and	and	CCONJ
cblr-1691	620	23	senate	senate	PROPN
cblr-1691	620	24	versions	version	NOUN
cblr-1691	620	25	of	of	ADP
cblr-1691	620	26	the	the	DET
cblr-1691	620	27	“	"	PUNCT
cblr-1691	620	28	empowering	empower	VERB
cblr-1691	620	29	employees	employee	NOUN
cblr-1691	620	30	through	through	ADP
cblr-1691	620	31	stock	stock	NOUN
cblr-1691	620	32	ownership	ownership	NOUN
cblr-1691	620	33	act	act	NOUN
cblr-1691	620	34	.	.	PUNCT
cblr-1691	621	1	”181	”181	VERB
cblr-1691	621	2	the	the	DET
cblr-1691	621	3	purpose	purpose	NOUN
cblr-1691	621	4	of	of	ADP
cblr-1691	621	5	the	the	DET
cblr-1691	621	6	act	act	NOUN
cblr-1691	621	7	was	be	AUX
cblr-1691	621	8	to	to	PART
cblr-1691	621	9	provide	provide	VERB
cblr-1691	621	10	an	an	DET
cblr-1691	621	11	extended	extended	ADJ
cblr-1691	621	12	deferral	deferral	ADJ
cblr-1691	621	13	period	period	NOUN
cblr-1691	621	14	and	and	CCONJ
cblr-1691	621	15	to	to	PART
cblr-1691	621	16	ease	ease	VERB
cblr-1691	621	17	the	the	DET
cblr-1691	621	18	tax	tax	NOUN
cblr-1691	621	19	burden	burden	NOUN
cblr-1691	621	20	to	to	ADP
cblr-1691	621	21	employees.182	employees.182	PROPN
cblr-1691	621	22	the	the	DET
cblr-1691	621	23	material	material	NOUN
cblr-1691	621	24	portions	portion	NOUN
cblr-1691	621	25	of	of	ADP
cblr-1691	621	26	these	these	DET
cblr-1691	621	27	bills	bill	NOUN
cblr-1691	621	28	are	be	AUX
cblr-1691	621	29	included	include	VERB
cblr-1691	621	30	in	in	ADP
cblr-1691	621	31	section	section	NOUN
cblr-1691	621	32	13603	13603	NUM
cblr-1691	621	33	of	of	ADP
cblr-1691	621	34	the	the	DET
cblr-1691	621	35	new	new	ADJ
cblr-1691	621	36	tax	tax	NOUN
cblr-1691	621	37	cuts	cut	NOUN
cblr-1691	621	38	and	and	CCONJ
cblr-1691	621	39	jobs	job	NOUN
cblr-1691	621	40	act	act	NOUN
cblr-1691	621	41	(	(	PUNCT
cblr-1691	621	42	the	the	DET
cblr-1691	621	43	“	"	PUNCT
cblr-1691	621	44	tax	tax	NOUN
cblr-1691	621	45	act”).183	act”).183	NOUN
cblr-1691	621	46	new	new	ADJ
cblr-1691	621	47	section	section	NOUN
cblr-1691	621	48	83(i	83(i	NUM
cblr-1691	621	49	)	)	PUNCT
cblr-1691	621	50	of	of	ADP
cblr-1691	621	51	the	the	DET
cblr-1691	621	52	internal	internal	PROPN
cblr-1691	621	53	revenue	revenue	NOUN
cblr-1691	621	54	code	code	NOUN
cblr-1691	621	55	allows	allow	VERB
cblr-1691	621	56	certain	certain	ADJ
cblr-1691	621	57	individuals	individual	NOUN
cblr-1691	621	58	to	to	PART
cblr-1691	621	59	elect	elect	VERB
cblr-1691	621	60	to	to	PART
cblr-1691	621	61	defer	defer	VERB
cblr-1691	621	62	for	for	ADP
cblr-1691	621	63	up	up	ADP
cblr-1691	621	64	to	to	PART
cblr-1691	621	65	five	five	NUM
cblr-1691	621	66	years.184	years.184	PRON
cblr-1691	621	67	this	this	DET
cblr-1691	621	68	legislation	legislation	NOUN
cblr-1691	621	69	is	be	AUX
cblr-1691	621	70	part	part	NOUN
cblr-1691	621	71	of	of	ADP
cblr-1691	621	72	a	a	DET
cblr-1691	621	73	broader	broad	ADJ
cblr-1691	621	74	push	push	NOUN
cblr-1691	621	75	179	179	NUM
cblr-1691	621	76	gao	gao	PROPN
cblr-1691	621	77	et	et	PROPN
cblr-1691	621	78	al	al	PROPN
cblr-1691	621	79	.	.	PROPN
cblr-1691	621	80	,	,	PUNCT
cblr-1691	621	81	supra	supra	PROPN
cblr-1691	621	82	note	note	VERB
cblr-1691	621	83	6	6	NUM
cblr-1691	621	84	;	;	PUNCT
cblr-1691	621	85	doidge	doidge	VERB
cblr-1691	621	86	et	et	PROPN
cblr-1691	621	87	al	al	PROPN
cblr-1691	621	88	.	.	PROPN
cblr-1691	621	89	,	,	PUNCT
cblr-1691	621	90	eclipse	eclipse	NOUN
cblr-1691	621	91	of	of	ADP
cblr-1691	621	92	the	the	DET
cblr-1691	621	93	public	public	ADJ
cblr-1691	621	94	corporation	corporation	NOUN
cblr-1691	621	95	,	,	PUNCT
cblr-1691	621	96	supra	supra	PROPN
cblr-1691	621	97	note	note	NOUN
cblr-1691	622	1	6	6	NUM
cblr-1691	622	2	.	.	SYM
cblr-1691	622	3	180	180	NUM
cblr-1691	622	4	see	see	VERB
cblr-1691	622	5	supra	supra	PROPN
cblr-1691	622	6	section	section	PROPN
cblr-1691	622	7	iii.c	iii.c	PROPN
cblr-1691	622	8	.	.	PUNCT
cblr-1691	622	9	181	181	NUM
cblr-1691	622	10	francine	francine	NOUN
cblr-1691	622	11	mckenna	mckenna	NOUN
cblr-1691	622	12	,	,	PUNCT
cblr-1691	622	13	unicorn	unicorn	ADJ
cblr-1691	622	14	lobby	lobby	NOUN
cblr-1691	622	15	pushes	push	VERB
cblr-1691	622	16	back	back	ADV
cblr-1691	622	17	on	on	ADP
cblr-1691	622	18	stock	stock	NOUN
cblr-1691	622	19	-	-	PUNCT
cblr-1691	622	20	option	option	NOUN
cblr-1691	622	21	move	move	NOUN
cblr-1691	622	22	in	in	ADP
cblr-1691	622	23	republican	republican	ADJ
cblr-1691	622	24	tax	tax	NOUN
cblr-1691	622	25	bill	bill	NOUN
cblr-1691	622	26	,	,	PUNCT
cblr-1691	622	27	market	market	NOUN
cblr-1691	622	28	watch	watch	NOUN
cblr-1691	622	29	(	(	PUNCT
cblr-1691	622	30	nov	nov	PROPN
cblr-1691	622	31	.	.	PROPN
cblr-1691	622	32	13	13	NUM
cblr-1691	622	33	,	,	PUNCT
cblr-1691	622	34	2017	2017	NUM
cblr-1691	622	35	)	)	PUNCT
cblr-1691	622	36	,	,	PUNCT
cblr-1691	622	37	https://www.marketwatch.com/story/unicorn-lobby-pushes-back-onexecutive-compensation-move-in-republican-tax-bill-2017-11-13	https://www.marketwatch.com/story/unicorn-lobby-pushes-back-onexecutive-compensation-move-in-republican-tax-bill-2017-11-13	PROPN
cblr-1691	623	1	[	[	X
cblr-1691	623	2	https://perma.cc/x943-9zgc	https://perma.cc/x943-9zgc	X
cblr-1691	623	3	]	]	X
cblr-1691	623	4	.	.	PUNCT
cblr-1691	624	1	182	182	NUM
cblr-1691	625	1	i	i	PRON
cblr-1691	625	2	d.	d.	NOUN
cblr-1691	625	3	183	183	NUM
cblr-1691	625	4	tax	tax	NOUN
cblr-1691	625	5	cuts	cut	NOUN
cblr-1691	625	6	and	and	CCONJ
cblr-1691	625	7	jobs	job	NOUN
cblr-1691	625	8	act	act	PROPN
cblr-1691	625	9	,	,	PUNCT
cblr-1691	625	10	pub	pub	NOUN
cblr-1691	625	11	.	.	PUNCT
cblr-1691	626	1	l.	l.	PROPN
cblr-1691	626	2	no	no	INTJ
cblr-1691	626	3	.	.	PROPN
cblr-1691	627	1	115	115	NUM
cblr-1691	627	2	-	-	SYM
cblr-1691	627	3	97	97	NUM
cblr-1691	627	4	§	§	PROPN
cblr-1691	627	5	13603	13603	NUM
cblr-1691	627	6	,	,	PUNCT
cblr-1691	627	7	31	31	NUM
cblr-1691	627	8	stat	stat	NOUN
cblr-1691	627	9	.	.	PUNCT
cblr-1691	628	1	2054	2054	NUM
cblr-1691	628	2	,	,	PUNCT
cblr-1691	628	3	2159–64	2159–64	NOUN
cblr-1691	628	4	(	(	PUNCT
cblr-1691	628	5	2017	2017	NUM
cblr-1691	628	6	)	)	PUNCT
cblr-1691	628	7	.	.	PUNCT
cblr-1691	629	1	184	184	NUM
cblr-1691	629	2	new	new	ADJ
cblr-1691	629	3	internal	internal	ADJ
cblr-1691	629	4	revenue	revenue	NOUN
cblr-1691	629	5	code	code	NOUN
cblr-1691	629	6	section	section	NOUN
cblr-1691	629	7	83(i	83(i	NUM
cblr-1691	629	8	)	)	PUNCT
cblr-1691	629	9	allows	allow	VERB
cblr-1691	629	10	certain	certain	ADJ
cblr-1691	629	11	individuals	individual	NOUN
cblr-1691	629	12	to	to	PART
cblr-1691	629	13	elect	elect	VERB
cblr-1691	629	14	to	to	PART
cblr-1691	629	15	defer	defer	VERB
cblr-1691	629	16	recognizing	recognize	VERB
cblr-1691	629	17	income	income	NOUN
cblr-1691	629	18	on	on	ADP
cblr-1691	629	19	qualified	qualified	ADJ
cblr-1691	629	20	stock	stock	NOUN
cblr-1691	629	21	options	option	NOUN
cblr-1691	629	22	and	and	CCONJ
cblr-1691	629	23	restricted	restrict	VERB
cblr-1691	629	24	stock	stock	NOUN
cblr-1691	629	25	units	unit	NOUN
cblr-1691	629	26	for	for	ADP
cblr-1691	629	27	up	up	ADP
cblr-1691	629	28	to	to	PART
cblr-1691	629	29	five	five	NUM
cblr-1691	629	30	years	year	NOUN
cblr-1691	629	31	.	.	PUNCT
cblr-1691	630	1	i.r.c	i.r.c	NOUN
cblr-1691	630	2	.	.	PUNCT
cblr-1691	631	1	§	§	PROPN
cblr-1691	631	2	83(i	83(i	NUM
cblr-1691	631	3	)	)	PUNCT
cblr-1691	631	4	(	(	PUNCT
cblr-1691	631	5	west	west	NOUN
cblr-1691	631	6	2017	2017	NUM
cblr-1691	631	7	)	)	PUNCT
cblr-1691	631	8	.	.	PUNCT
cblr-1691	632	1	the	the	DET
cblr-1691	632	2	new	new	ADJ
cblr-1691	632	3	rule	rule	NOUN
cblr-1691	632	4	evolved	evolve	VERB
cblr-1691	632	5	from	from	ADP
cblr-1691	632	6	a	a	DET
cblr-1691	632	7	2016	2016	NUM
cblr-1691	632	8	senate	senate	PROPN
cblr-1691	632	9	bill	bill	NOUN
cblr-1691	632	10	,	,	PUNCT
cblr-1691	632	11	sponsored	sponsor	VERB
cblr-1691	632	12	by	by	ADP
cblr-1691	632	13	senators	senator	NOUN
cblr-1691	632	14	mark	mark	PROPN
cblr-1691	632	15	warner	warner	PROPN
cblr-1691	632	16	and	and	CCONJ
cblr-1691	632	17	no	no	INTJ
cblr-1691	632	18	.	.	PUNCT
cblr-1691	633	1	1:107	1:107	NUM
cblr-1691	633	2	]	]	X
cblr-1691	633	3	unicorn	unicorn	ADJ
cblr-1691	633	4	stock	stock	NOUN
cblr-1691	633	5	options	option	NOUN
cblr-1691	633	6	149	149	NUM
cblr-1691	633	7	by	by	ADP
cblr-1691	633	8	unicorns	unicorn	NOUN
cblr-1691	633	9	to	to	PART
cblr-1691	633	10	encourage	encourage	VERB
cblr-1691	633	11	their	their	PRON
cblr-1691	633	12	employees	employee	NOUN
cblr-1691	633	13	to	to	PART
cblr-1691	633	14	receive	receive	VERB
cblr-1691	633	15	equity	equity	NOUN
cblr-1691	633	16	compensation	compensation	NOUN
cblr-1691	633	17	.	.	PUNCT
cblr-1691	634	1	is	be	AUX
cblr-1691	634	2	the	the	DET
cblr-1691	634	3	ipo	ipo	NOUN
cblr-1691	634	4	market	market	NOUN
cblr-1691	634	5	broken	break	VERB
cblr-1691	634	6	?	?	PUNCT
cblr-1691	635	1	scholars	scholar	NOUN
cblr-1691	635	2	such	such	ADJ
cblr-1691	635	3	as	as	ADP
cblr-1691	635	4	gao	gao	PROPN
cblr-1691	635	5	,	,	PUNCT
cblr-1691	635	6	ritter	ritter	PROPN
cblr-1691	635	7	,	,	PUNCT
cblr-1691	635	8	and	and	CCONJ
cblr-1691	635	9	zhu	zhu	PROPN
cblr-1691	635	10	,	,	PUNCT
cblr-1691	635	11	maintain	maintain	VERB
cblr-1691	635	12	that	that	SCONJ
cblr-1691	635	13	it	it	PRON
cblr-1691	635	14	is	be	AUX
cblr-1691	635	15	not.185	not.185	ADJ
cblr-1691	635	16	on	on	ADP
cblr-1691	635	17	the	the	DET
cblr-1691	635	18	contrary	contrary	NOUN
cblr-1691	635	19	,	,	PUNCT
cblr-1691	635	20	despite	despite	SCONJ
cblr-1691	635	21	fewer	few	ADJ
cblr-1691	635	22	u.s	u.s	PROPN
cblr-1691	635	23	.	.	PROPN
cblr-1691	635	24	offerings	offering	NOUN
cblr-1691	635	25	today	today	NOUN
cblr-1691	635	26	than	than	ADP
cblr-1691	635	27	in	in	ADP
cblr-1691	635	28	the	the	DET
cblr-1691	635	29	mid-90s	mid-90	NOUN
cblr-1691	635	30	,	,	PUNCT
cblr-1691	635	31	average	average	ADJ
cblr-1691	635	32	annual	annual	ADJ
cblr-1691	635	33	proceeds	proceed	NOUN
cblr-1691	635	34	from	from	ADP
cblr-1691	635	35	u.s	u.s	PROPN
cblr-1691	635	36	.	.	PROPN
cblr-1691	635	37	ipos	ipos	PROPN
cblr-1691	635	38	have	have	AUX
cblr-1691	635	39	greatly	greatly	ADV
cblr-1691	635	40	increased.186	increased.186	VERB
cblr-1691	635	41	today	today	NOUN
cblr-1691	635	42	’s	’s	PART
cblr-1691	635	43	public	public	ADJ
cblr-1691	635	44	companies	company	NOUN
cblr-1691	635	45	not	not	PART
cblr-1691	635	46	only	only	ADV
cblr-1691	635	47	raise	raise	VERB
cblr-1691	635	48	more	more	ADJ
cblr-1691	635	49	capital	capital	NOUN
cblr-1691	635	50	;	;	PUNCT
cblr-1691	635	51	they	they	PRON
cblr-1691	635	52	are	be	AUX
cblr-1691	635	53	also	also	ADV
cblr-1691	635	54	more	more	ADV
cblr-1691	635	55	stable	stable	ADJ
cblr-1691	635	56	,	,	PUNCT
cblr-1691	635	57	as	as	SCONJ
cblr-1691	635	58	evidenced	evidence	VERB
cblr-1691	635	59	by	by	ADP
cblr-1691	635	60	fewer	few	ADJ
cblr-1691	635	61	de	de	NOUN
cblr-1691	635	62	-	-	NOUN
cblr-1691	635	63	listings.187	listings.187	NOUN
cblr-1691	635	64	this	this	DET
cblr-1691	635	65	article	article	NOUN
cblr-1691	635	66	does	do	AUX
cblr-1691	635	67	not	not	PART
cblr-1691	635	68	take	take	VERB
cblr-1691	635	69	a	a	DET
cblr-1691	635	70	stance	stance	NOUN
cblr-1691	635	71	on	on	ADP
cblr-1691	635	72	whether	whether	SCONJ
cblr-1691	635	73	the	the	DET
cblr-1691	635	74	ipo	ipo	NOUN
cblr-1691	635	75	market	market	NOUN
cblr-1691	635	76	is	be	AUX
cblr-1691	635	77	broken	break	VERB
cblr-1691	635	78	or	or	CCONJ
cblr-1691	635	79	not	not	PART
cblr-1691	635	80	.	.	PUNCT
cblr-1691	636	1	rather	rather	ADV
cblr-1691	636	2	,	,	PUNCT
cblr-1691	636	3	building	build	VERB
cblr-1691	636	4	on	on	ADP
cblr-1691	636	5	the	the	DET
cblr-1691	636	6	works	work	NOUN
cblr-1691	636	7	of	of	ADP
cblr-1691	636	8	de	de	X
cblr-1691	636	9	fontenay,188	fontenay,188	NOUN
cblr-1691	636	10	fried	fry	VERB
cblr-1691	636	11	and	and	CCONJ
cblr-1691	636	12	broughman,189	broughman,189	PROPN
cblr-1691	636	13	and	and	CCONJ
cblr-1691	636	14	ewens	ewen	NOUN
cblr-1691	636	15	and	and	CCONJ
cblr-1691	636	16	farremensa,190	farremensa,190	PRON
cblr-1691	636	17	it	it	PRON
cblr-1691	636	18	adopts	adopt	VERB
cblr-1691	636	19	the	the	DET
cblr-1691	636	20	view	view	NOUN
cblr-1691	636	21	that	that	SCONJ
cblr-1691	636	22	there	there	PRON
cblr-1691	636	23	are	be	VERB
cblr-1691	636	24	multiple	multiple	ADJ
cblr-1691	636	25	factors	factor	NOUN
cblr-1691	636	26	that	that	PRON
cblr-1691	636	27	contribute	contribute	VERB
cblr-1691	636	28	to	to	ADP
cblr-1691	636	29	the	the	DET
cblr-1691	636	30	decline	decline	NOUN
cblr-1691	636	31	in	in	ADP
cblr-1691	636	32	ipos	ipos	NOUN
cblr-1691	636	33	.	.	PUNCT
cblr-1691	637	1	this	this	DET
cblr-1691	637	2	article	article	NOUN
cblr-1691	637	3	instead	instead	ADV
cblr-1691	637	4	focuses	focus	VERB
cblr-1691	637	5	on	on	ADP
cblr-1691	637	6	the	the	DET
cblr-1691	637	7	factors	factor	NOUN
cblr-1691	637	8	that	that	PRON
cblr-1691	637	9	contributed	contribute	VERB
cblr-1691	637	10	to	to	ADP
cblr-1691	637	11	the	the	DET
cblr-1691	637	12	rise	rise	NOUN
cblr-1691	637	13	in	in	ADP
cblr-1691	637	14	unicorn	unicorn	ADJ
cblr-1691	637	15	startup	startup	NOUN
cblr-1691	637	16	firms	firm	NOUN
cblr-1691	637	17	,	,	PUNCT
cblr-1691	637	18	especially	especially	ADV
cblr-1691	637	19	factors	factor	NOUN
cblr-1691	637	20	that	that	PRON
cblr-1691	637	21	influence	influence	NOUN
cblr-1691	637	22	founders	founder	NOUN
cblr-1691	637	23	’	’	PART
cblr-1691	637	24	decisions	decision	NOUN
cblr-1691	637	25	to	to	PART
cblr-1691	637	26	go	go	VERB
cblr-1691	637	27	public	public	ADJ
cblr-1691	637	28	or	or	CCONJ
cblr-1691	637	29	continue	continue	VERB
cblr-1691	637	30	to	to	PART
cblr-1691	637	31	grow	grow	VERB
cblr-1691	637	32	while	while	SCONJ
cblr-1691	637	33	staying	stay	VERB
cblr-1691	637	34	private.191	private.191	PROPN
cblr-1691	637	35	dean	dean	PROPN
cblr-1691	637	36	heller	heller	PROPN
cblr-1691	637	37	,	,	PUNCT
cblr-1691	637	38	the	the	DET
cblr-1691	637	39	empowering	empower	VERB
cblr-1691	637	40	employees	employee	NOUN
cblr-1691	637	41	through	through	ADP
cblr-1691	637	42	stock	stock	NOUN
cblr-1691	637	43	ownership	ownership	NOUN
cblr-1691	637	44	act	act	NOUN
cblr-1691	637	45	,	,	PUNCT
cblr-1691	637	46	s.	s.	PROPN
cblr-1691	637	47	3152	3152	NUM
cblr-1691	637	48	,	,	PUNCT
cblr-1691	637	49	114th	114th	PROPN
cblr-1691	637	50	cong	cong	NOUN
cblr-1691	637	51	.	.	PUNCT
cblr-1691	638	1	(	(	PUNCT
cblr-1691	638	2	2016	2016	NUM
cblr-1691	638	3	)	)	PUNCT
cblr-1691	638	4	and	and	CCONJ
cblr-1691	638	5	a	a	DET
cblr-1691	638	6	companion	companion	NOUN
cblr-1691	638	7	house	house	NOUN
cblr-1691	638	8	bill	bill	NOUN
cblr-1691	638	9	,	,	PUNCT
cblr-1691	638	10	h.r	h.r	PROPN
cblr-1691	638	11	.	.	PROPN
cblr-1691	638	12	5719	5719	NUM
cblr-1691	638	13	,	,	PUNCT
cblr-1691	638	14	114th	114th	PROPN
cblr-1691	638	15	cong	cong	NOUN
cblr-1691	638	16	.	.	PUNCT
cblr-1691	639	1	(	(	PUNCT
cblr-1691	639	2	2016	2016	NUM
cblr-1691	639	3	)	)	PUNCT
cblr-1691	639	4	.	.	PUNCT
cblr-1691	640	1	the	the	DET
cblr-1691	640	2	purpose	purpose	NOUN
cblr-1691	640	3	was	be	AUX
cblr-1691	640	4	to	to	PART
cblr-1691	640	5	provide	provide	VERB
cblr-1691	640	6	an	an	DET
cblr-1691	640	7	extended	extended	ADJ
cblr-1691	640	8	deferral	deferral	ADJ
cblr-1691	640	9	period	period	NOUN
cblr-1691	640	10	of	of	ADP
cblr-1691	640	11	up	up	ADP
cblr-1691	640	12	to	to	PART
cblr-1691	640	13	seven	seven	NUM
cblr-1691	640	14	years	year	NOUN
cblr-1691	640	15	for	for	ADP
cblr-1691	640	16	employees	employee	NOUN
cblr-1691	640	17	who	who	PRON
cblr-1691	640	18	exercise	exercise	VERB
cblr-1691	640	19	options	option	NOUN
cblr-1691	640	20	to	to	PART
cblr-1691	640	21	buy	buy	VERB
cblr-1691	640	22	the	the	DET
cblr-1691	640	23	stock	stock	NOUN
cblr-1691	640	24	of	of	ADP
cblr-1691	640	25	private	private	ADJ
cblr-1691	640	26	companies	company	NOUN
cblr-1691	640	27	to	to	PART
cblr-1691	640	28	ease	ease	VERB
cblr-1691	640	29	the	the	DET
cblr-1691	640	30	tax	tax	NOUN
cblr-1691	640	31	burden	burden	NOUN
cblr-1691	640	32	arising	arise	VERB
cblr-1691	640	33	from	from	ADP
cblr-1691	640	34	equity	equity	NOUN
cblr-1691	640	35	grants	grant	NOUN
cblr-1691	640	36	covering	cover	VERB
cblr-1691	640	37	shares	share	NOUN
cblr-1691	640	38	that	that	PRON
cblr-1691	640	39	are	be	AUX
cblr-1691	640	40	not	not	PART
cblr-1691	640	41	publicly	publicly	ADV
cblr-1691	640	42	traded	trade	VERB
cblr-1691	640	43	.	.	PUNCT
cblr-1691	641	1	see	see	VERB
cblr-1691	641	2	mckenna	mckenna	PROPN
cblr-1691	641	3	,	,	PUNCT
cblr-1691	641	4	supra	supra	PROPN
cblr-1691	641	5	note	note	NOUN
cblr-1691	641	6	181	181	NUM
cblr-1691	641	7	.	.	PUNCT
cblr-1691	642	1	185	185	NUM
cblr-1691	642	2	see	see	VERB
cblr-1691	642	3	gao	gao	PROPN
cblr-1691	642	4	et	et	PROPN
cblr-1691	642	5	al	al	PROPN
cblr-1691	642	6	.	.	PROPN
cblr-1691	642	7	,	,	PUNCT
cblr-1691	642	8	supra	supra	PROPN
cblr-1691	642	9	note	note	PROPN
cblr-1691	642	10	6	6	NUM
cblr-1691	642	11	,	,	PUNCT
cblr-1691	642	12	at	at	ADP
cblr-1691	642	13	1691	1691	NUM
cblr-1691	642	14	.	.	PUNCT
cblr-1691	643	1	186	186	NUM
cblr-1691	643	2	ey	ey	PRON
cblr-1691	643	3	report	report	NOUN
cblr-1691	643	4	,	,	PUNCT
cblr-1691	643	5	supra	supra	PROPN
cblr-1691	643	6	note	note	NOUN
cblr-1691	643	7	165	165	NUM
cblr-1691	643	8	,	,	PUNCT
cblr-1691	643	9	at	at	ADP
cblr-1691	643	10	2	2	NUM
cblr-1691	643	11	.	.	NUM
cblr-1691	643	12	187	187	NUM
cblr-1691	643	13	see	see	VERB
cblr-1691	643	14	i	i	PRON
cblr-1691	643	15	d.	d.	PROPN
cblr-1691	643	16	188	188	NUM
cblr-1691	643	17	see	see	NOUN
cblr-1691	643	18	de	de	X
cblr-1691	643	19	fontenay	fontenay	NOUN
cblr-1691	643	20	,	,	PUNCT
cblr-1691	643	21	supra	supra	PROPN
cblr-1691	643	22	note	note	NOUN
cblr-1691	643	23	3	3	NUM
cblr-1691	643	24	,	,	PUNCT
cblr-1691	643	25	at	at	ADP
cblr-1691	643	26	448	448	NUM
cblr-1691	643	27	(	(	PUNCT
cblr-1691	643	28	“	"	PUNCT
cblr-1691	643	29	[	[	X
cblr-1691	643	30	w]hile	w]hile	PROPN
cblr-1691	643	31	critics	critic	NOUN
cblr-1691	643	32	blame	blame	VERB
cblr-1691	643	33	the	the	DET
cblr-1691	643	34	increase	increase	NOUN
cblr-1691	643	35	in	in	ADP
cblr-1691	643	36	regulation	regulation	NOUN
cblr-1691	643	37	for	for	ADP
cblr-1691	643	38	the	the	DET
cblr-1691	643	39	decline	decline	NOUN
cblr-1691	643	40	of	of	ADP
cblr-1691	643	41	public	public	ADJ
cblr-1691	643	42	equity	equity	NOUN
cblr-1691	643	43	,	,	PUNCT
cblr-1691	643	44	the	the	DET
cblr-1691	643	45	ongoing	ongoing	ADJ
cblr-1691	643	46	deregulation	deregulation	NOUN
cblr-1691	643	47	of	of	ADP
cblr-1691	643	48	private	private	ADJ
cblr-1691	643	49	capital	capital	NOUN
cblr-1691	643	50	raising	raise	VERB
cblr-1691	643	51	arguably	arguably	ADV
cblr-1691	643	52	played	play	VERB
cblr-1691	643	53	the	the	DET
cblr-1691	643	54	greater	great	ADJ
cblr-1691	643	55	role	role	NOUN
cblr-1691	643	56	.	.	PUNCT
cblr-1691	643	57	”	"	PUNCT
cblr-1691	643	58	)	)	PUNCT
cblr-1691	643	59	.	.	PUNCT
cblr-1691	644	1	189	189	NUM
cblr-1691	644	2	see	see	VERB
cblr-1691	644	3	broughman	broughman	NOUN
cblr-1691	644	4	&	&	CCONJ
cblr-1691	644	5	fried	fried	PROPN
cblr-1691	644	6	,	,	PUNCT
cblr-1691	644	7	supra	supra	PROPN
cblr-1691	644	8	note	note	NOUN
cblr-1691	644	9	167	167	NUM
cblr-1691	644	10	,	,	PUNCT
cblr-1691	644	11	at	at	ADP
cblr-1691	644	12	2	2	NUM
cblr-1691	644	13	.	.	PUNCT
cblr-1691	644	14	according	accord	VERB
cblr-1691	644	15	to	to	ADP
cblr-1691	644	16	broughman	broughman	NOUN
cblr-1691	644	17	and	and	CCONJ
cblr-1691	644	18	fried	fried	PROPN
cblr-1691	644	19	,	,	PUNCT
cblr-1691	644	20	mark	mark	PROPN
cblr-1691	644	21	zuckerberg	zuckerberg	PROPN
cblr-1691	644	22	is	be	AUX
cblr-1691	644	23	not	not	PART
cblr-1691	644	24	the	the	DET
cblr-1691	644	25	rule	rule	NOUN
cblr-1691	644	26	,	,	PUNCT
cblr-1691	644	27	but	but	CCONJ
cblr-1691	644	28	rather	rather	ADV
cblr-1691	644	29	the	the	DET
cblr-1691	644	30	exception	exception	NOUN
cblr-1691	644	31	.	.	PUNCT
cblr-1691	645	1	i	i	PRON
cblr-1691	645	2	d.	d.	PROPN
cblr-1691	645	3	at	at	ADP
cblr-1691	645	4	1	1	NUM
cblr-1691	645	5	.	.	PUNCT
cblr-1691	646	1	they	they	PRON
cblr-1691	646	2	prove	prove	VERB
cblr-1691	646	3	,	,	PUNCT
cblr-1691	646	4	contrary	contrary	ADV
cblr-1691	646	5	to	to	ADP
cblr-1691	646	6	traditional	traditional	ADJ
cblr-1691	646	7	finance	finance	NOUN
cblr-1691	646	8	theory	theory	NOUN
cblr-1691	646	9	,	,	PUNCT
cblr-1691	646	10	especially	especially	ADV
cblr-1691	646	11	black	black	PROPN
cblr-1691	646	12	&	&	CCONJ
cblr-1691	646	13	gilson	gilson	PROPN
cblr-1691	646	14	’s	’s	PART
cblr-1691	646	15	“	"	PUNCT
cblr-1691	646	16	call	call	NOUN
cblr-1691	646	17	option	option	NOUN
cblr-1691	646	18	on	on	ADP
cblr-1691	646	19	control	control	NOUN
cblr-1691	646	20	”	"	PUNCT
cblr-1691	646	21	theory	theory	NOUN
cblr-1691	646	22	linking	link	VERB
cblr-1691	646	23	vc	vc	PROPN
cblr-1691	646	24	and	and	CCONJ
cblr-1691	646	25	stock	stock	NOUN
cblr-1691	646	26	markets	market	NOUN
cblr-1691	646	27	,	,	PUNCT
cblr-1691	646	28	that	that	SCONJ
cblr-1691	646	29	the	the	DET
cblr-1691	646	30	“	"	PUNCT
cblr-1691	646	31	ex	ex	X
cblr-1691	646	32	ante	ante	NOUN
cblr-1691	646	33	likelihood	likelihood	NOUN
cblr-1691	646	34	of	of	ADP
cblr-1691	646	35	founders	founder	NOUN
cblr-1691	646	36	reacquiring	reacquire	VERB
cblr-1691	646	37	control	control	NOUN
cblr-1691	646	38	at	at	ADP
cblr-1691	646	39	ipo	ipo	PROPN
cblr-1691	646	40	is	be	AUX
cblr-1691	646	41	extremely	extremely	ADV
cblr-1691	646	42	low	low	ADJ
cblr-1691	646	43	[	[	X
cblr-1691	646	44	.	.	PUNCT
cblr-1691	646	45	]	]	X
cblr-1691	646	46	”	"	PUNCT
cblr-1691	646	47	i	i	PRON
cblr-1691	646	48	d.	d.	PROPN
cblr-1691	646	49	at	at	ADP
cblr-1691	646	50	2	2	NUM
cblr-1691	646	51	.	.	PUNCT
cblr-1691	647	1	they	they	PRON
cblr-1691	647	2	focus	focus	VERB
cblr-1691	647	3	on	on	ADP
cblr-1691	647	4	control	control	NOUN
cblr-1691	647	5	that	that	PRON
cblr-1691	647	6	is	be	AUX
cblr-1691	647	7	both	both	ADV
cblr-1691	647	8	strong	strong	ADJ
cblr-1691	647	9	(	(	PUNCT
cblr-1691	647	10	where	where	SCONJ
cblr-1691	647	11	“	"	PUNCT
cblr-1691	647	12	founders	founder	NOUN
cblr-1691	647	13	have	have	VERB
cblr-1691	647	14	enough	enough	ADJ
cblr-1691	647	15	voting	voting	NOUN
cblr-1691	647	16	power	power	NOUN
cblr-1691	647	17	to	to	PART
cblr-1691	647	18	ensure	ensure	VERB
cblr-1691	647	19	they	they	PRON
cblr-1691	647	20	remain	remain	VERB
cblr-1691	647	21	in	in	ADP
cblr-1691	647	22	the	the	DET
cblr-1691	647	23	saddle	saddle	NOUN
cblr-1691	647	24	”	"	PUNCT
cblr-1691	647	25	)	)	PUNCT
cblr-1691	647	26	and	and	CCONJ
cblr-1691	647	27	durable	durable	ADJ
cblr-1691	647	28	(	(	PUNCT
cblr-1691	647	29	control	control	NOUN
cblr-1691	647	30	that	that	PRON
cblr-1691	647	31	lasts	last	VERB
cblr-1691	647	32	at	at	ADV
cblr-1691	647	33	least	least	ADV
cblr-1691	647	34	three	three	NUM
cblr-1691	647	35	years	year	NOUN
cblr-1691	647	36	)	)	PUNCT
cblr-1691	647	37	.	.	PUNCT
cblr-1691	648	1	i	i	PRON
cblr-1691	648	2	d.	d.	PROPN
cblr-1691	648	3	at	at	ADP
cblr-1691	648	4	2	2	NUM
cblr-1691	648	5	,	,	PUNCT
cblr-1691	648	6	6–7	6–7	NUM
cblr-1691	648	7	.	.	NOUN
cblr-1691	648	8	190	190	NUM
cblr-1691	648	9	ewens	ewen	NOUN
cblr-1691	648	10	&	&	CCONJ
cblr-1691	648	11	farre	farre	PROPN
cblr-1691	648	12	-	-	PUNCT
cblr-1691	648	13	mensa	mensa	ADJ
cblr-1691	648	14	,	,	PUNCT
cblr-1691	648	15	supra	supra	PROPN
cblr-1691	648	16	note	note	PROPN
cblr-1691	648	17	18	18	NUM
cblr-1691	648	18	,	,	PUNCT
cblr-1691	648	19	at	at	ADP
cblr-1691	648	20	7	7	NUM
cblr-1691	648	21	.	.	NOUN
cblr-1691	648	22	191	191	NUM
cblr-1691	648	23	empirical	empirical	ADJ
cblr-1691	648	24	evidence	evidence	NOUN
cblr-1691	648	25	suggests	suggest	VERB
cblr-1691	648	26	that	that	SCONJ
cblr-1691	648	27	active	active	ADJ
cblr-1691	648	28	markets	market	NOUN
cblr-1691	648	29	actually	actually	ADV
cblr-1691	648	30	have	have	VERB
cblr-1691	648	31	a	a	DET
cblr-1691	648	32	negative	negative	ADJ
cblr-1691	648	33	effect	effect	NOUN
cblr-1691	648	34	on	on	ADP
cblr-1691	648	35	innovative	innovative	ADJ
cblr-1691	648	36	investment	investment	NOUN
cblr-1691	648	37	strategies	strategy	NOUN
cblr-1691	648	38	.	.	PUNCT
cblr-1691	649	1	see	see	VERB
cblr-1691	649	2	daniel	daniel	PROPN
cblr-1691	649	3	ferreira	ferreira	PROPN
cblr-1691	649	4	,	,	PUNCT
cblr-1691	649	5	150	150	NUM
cblr-1691	649	6	columbia	columbia	PROPN
cblr-1691	649	7	business	business	NOUN
cblr-1691	649	8	law	law	PROPN
cblr-1691	649	9	review	review	NOUN
cblr-1691	650	1	[	[	X
cblr-1691	650	2	vol	vol	NOUN
cblr-1691	650	3	.	.	PUNCT
cblr-1691	650	4	2019	2019	NUM
cblr-1691	650	5	b.	b.	PROPN
cblr-1691	650	6	new	new	ADJ
cblr-1691	650	7	equity	equity	NOUN
cblr-1691	650	8	capital	capital	NOUN
cblr-1691	650	9	providers	provider	NOUN
cblr-1691	650	10	the	the	DET
cblr-1691	650	11	institutional	institutional	ADJ
cblr-1691	650	12	private	private	ADJ
cblr-1691	650	13	market	market	NOUN
cblr-1691	650	14	is	be	AUX
cblr-1691	650	15	robust	robust	ADJ
cblr-1691	650	16	and	and	CCONJ
cblr-1691	650	17	expanding	expand	VERB
cblr-1691	650	18	,	,	PUNCT
cblr-1691	650	19	and	and	CCONJ
cblr-1691	650	20	“	"	PUNCT
cblr-1691	650	21	private	private	ADJ
cblr-1691	650	22	markets	market	NOUN
cblr-1691	650	23	are	be	AUX
cblr-1691	650	24	the	the	DET
cblr-1691	650	25	new	new	ADJ
cblr-1691	650	26	public	public	ADJ
cblr-1691	650	27	markets	market	NOUN
cblr-1691	650	28	,	,	PUNCT
cblr-1691	650	29	”	"	PUNCT
cblr-1691	650	30	according	accord	VERB
cblr-1691	650	31	to	to	ADP
cblr-1691	650	32	matt	matt	PROPN
cblr-1691	650	33	levine.192	levine.192	PROPN
cblr-1691	650	34	unicorn	unicorn	ADJ
cblr-1691	650	35	firms	firm	NOUN
cblr-1691	650	36	now	now	ADV
cblr-1691	650	37	regularly	regularly	ADV
cblr-1691	650	38	raise	raise	VERB
cblr-1691	650	39	substantial	substantial	ADJ
cblr-1691	650	40	funding	funding	NOUN
cblr-1691	650	41	from	from	ADP
cblr-1691	650	42	investors	investor	NOUN
cblr-1691	650	43	who	who	PRON
cblr-1691	650	44	traditionally	traditionally	ADV
cblr-1691	650	45	invested	invest	VERB
cblr-1691	650	46	in	in	ADP
cblr-1691	650	47	public	public	ADJ
cblr-1691	650	48	companies,193	companies,193	NOUN
cblr-1691	650	49	such	such	ADJ
cblr-1691	650	50	as	as	ADP
cblr-1691	650	51	large	large	ADJ
cblr-1691	650	52	u.s	u.s	PROPN
cblr-1691	650	53	.	.	PROPN
cblr-1691	650	54	mutual	mutual	ADJ
cblr-1691	650	55	funds	fund	NOUN
cblr-1691	650	56	(	(	PUNCT
cblr-1691	650	57	e.g.	e.g.	ADV
cblr-1691	650	58	fidelity	fidelity	NOUN
cblr-1691	650	59	and	and	CCONJ
cblr-1691	650	60	t.	t.	PROPN
cblr-1691	650	61	rowe	rowe	PROPN
cblr-1691	650	62	price)194	price)194	PROPN
cblr-1691	650	63	and	and	CCONJ
cblr-1691	650	64	sovereign	sovereign	ADJ
cblr-1691	650	65	wealth	wealth	NOUN
cblr-1691	650	66	funds	fund	NOUN
cblr-1691	650	67	from	from	ADP
cblr-1691	650	68	china	china	PROPN
cblr-1691	650	69	,	,	PUNCT
cblr-1691	650	70	kuwait	kuwait	PROPN
cblr-1691	650	71	,	,	PUNCT
cblr-1691	650	72	saudi	saudi	PROPN
cblr-1691	650	73	arabia	arabia	PROPN
cblr-1691	650	74	,	,	PUNCT
cblr-1691	650	75	and	and	CCONJ
cblr-1691	650	76	other	other	ADJ
cblr-1691	650	77	countries.195	countries.195	NOUN
cblr-1691	650	78	fidelity	fidelity	NOUN
cblr-1691	650	79	,	,	PUNCT
cblr-1691	650	80	for	for	ADP
cblr-1691	650	81	example	example	NOUN
cblr-1691	650	82	,	,	PUNCT
cblr-1691	650	83	holds	hold	VERB
cblr-1691	650	84	the	the	DET
cblr-1691	650	85	second	second	ADV
cblr-1691	650	86	-	-	PUNCT
cblr-1691	650	87	highest	high	ADJ
cblr-1691	650	88	number	number	NOUN
cblr-1691	650	89	of	of	ADP
cblr-1691	650	90	unicorns	unicorn	NOUN
cblr-1691	650	91	in	in	ADP
cblr-1691	650	92	any	any	DET
cblr-1691	650	93	portfolio.196	portfolio.196	ADJ
cblr-1691	650	94	fidelity	fidelity	NOUN
cblr-1691	650	95	joins	join	VERB
cblr-1691	650	96	new	new	ADJ
cblr-1691	650	97	and	and	CCONJ
cblr-1691	650	98	existing	exist	VERB
cblr-1691	650	99	market	market	NOUN
cblr-1691	650	100	players	player	NOUN
cblr-1691	650	101	:	:	PUNCT
cblr-1691	650	102	vcs	vcs	PROPN
cblr-1691	650	103	,	,	PUNCT
cblr-1691	650	104	private	private	ADJ
cblr-1691	650	105	equity	equity	NOUN
cblr-1691	650	106	,	,	PUNCT
cblr-1691	650	107	angel	angel	NOUN
cblr-1691	650	108	investors,197	investors,197	PROPN
cblr-1691	650	109	gustavo	gustavo	PROPN
cblr-1691	650	110	manso	manso	PROPN
cblr-1691	650	111	&	&	CCONJ
cblr-1691	650	112	andré	andré	PROPN
cblr-1691	650	113	c.	c.	PROPN
cblr-1691	650	114	silva	silva	PROPN
cblr-1691	650	115	,	,	PUNCT
cblr-1691	650	116	incentives	incentive	VERB
cblr-1691	650	117	to	to	PART
cblr-1691	650	118	innovate	innovate	VERB
cblr-1691	650	119	and	and	CCONJ
cblr-1691	650	120	the	the	DET
cblr-1691	650	121	decision	decision	NOUN
cblr-1691	650	122	to	to	PART
cblr-1691	650	123	go	go	VERB
cblr-1691	650	124	public	public	ADJ
cblr-1691	650	125	or	or	CCONJ
cblr-1691	650	126	private	private	ADJ
cblr-1691	650	127	,	,	PUNCT
cblr-1691	650	128	27	27	NUM
cblr-1691	650	129	rev	rev	X
cblr-1691	650	130	.	.	PROPN
cblr-1691	650	131	fin	fin	NOUN
cblr-1691	650	132	.	.	PUNCT
cblr-1691	650	133	stud	stud	PROPN
cblr-1691	650	134	.	.	PUNCT
cblr-1691	651	1	256	256	NUM
cblr-1691	651	2	,	,	PUNCT
cblr-1691	651	3	256	256	NUM
cblr-1691	651	4	(	(	PUNCT
cblr-1691	651	5	2014	2014	NUM
cblr-1691	651	6	)	)	PUNCT
cblr-1691	651	7	(	(	PUNCT
cblr-1691	651	8	“	"	PUNCT
cblr-1691	651	9	[	[	X
cblr-1691	651	10	i]t	i]t	NOUN
cblr-1691	651	11	is	be	AUX
cblr-1691	651	12	optimal	optimal	ADJ
cblr-1691	651	13	to	to	PART
cblr-1691	651	14	go	go	VERB
cblr-1691	651	15	public	public	ADJ
cblr-1691	651	16	when	when	SCONJ
cblr-1691	651	17	exploiting	exploit	VERB
cblr-1691	651	18	existing	exist	VERB
cblr-1691	651	19	ideas	idea	NOUN
cblr-1691	651	20	and	and	CCONJ
cblr-1691	651	21	optimal	optimal	ADJ
cblr-1691	651	22	to	to	PART
cblr-1691	651	23	go	go	VERB
cblr-1691	651	24	private	private	ADJ
cblr-1691	651	25	when	when	SCONJ
cblr-1691	651	26	exploring	explore	VERB
cblr-1691	651	27	new	new	ADJ
cblr-1691	651	28	ideas	idea	NOUN
cblr-1691	651	29	.	.	PUNCT
cblr-1691	651	30	”	"	PUNCT
cblr-1691	651	31	)	)	PUNCT
cblr-1691	651	32	;	;	PUNCT
cblr-1691	651	33	see	see	VERB
cblr-1691	651	34	also	also	ADV
cblr-1691	651	35	filippo	filippo	PROPN
cblr-1691	651	36	belloc	belloc	PROPN
cblr-1691	651	37	,	,	PUNCT
cblr-1691	651	38	innovation	innovation	NOUN
cblr-1691	651	39	in	in	ADP
cblr-1691	651	40	state	state	NOUN
cblr-1691	651	41	-	-	PUNCT
cblr-1691	651	42	owned	own	VERB
cblr-1691	651	43	enterprises	enterprise	NOUN
cblr-1691	651	44	:	:	PUNCT
cblr-1691	651	45	reconsidering	reconsider	VERB
cblr-1691	651	46	the	the	DET
cblr-1691	651	47	conventional	conventional	ADJ
cblr-1691	651	48	wisdom	wisdom	NOUN
cblr-1691	651	49	,	,	PUNCT
cblr-1691	651	50	48	48	NUM
cblr-1691	651	51	j.	j.	PROPN
cblr-1691	651	52	econ	econ	PROPN
cblr-1691	651	53	.	.	PUNCT
cblr-1691	652	1	issues	issue	NOUN
cblr-1691	652	2	821	821	NUM
cblr-1691	652	3	,	,	PUNCT
cblr-1691	652	4	827	827	NUM
cblr-1691	652	5	(	(	PUNCT
cblr-1691	652	6	2014	2014	NUM
cblr-1691	652	7	)	)	PUNCT
cblr-1691	652	8	(	(	PUNCT
cblr-1691	652	9	“	"	PUNCT
cblr-1691	652	10	[	[	PUNCT
cblr-1691	652	11	p]ublicly	p]ublicly	ADV
cblr-1691	652	12	traded	trade	VERB
cblr-1691	652	13	securities	security	NOUN
cblr-1691	652	14	require	require	VERB
cblr-1691	652	15	disclosure	disclosure	NOUN
cblr-1691	652	16	of	of	ADP
cblr-1691	652	17	all	all	DET
cblr-1691	652	18	the	the	DET
cblr-1691	652	19	relevant	relevant	ADJ
cblr-1691	652	20	information	information	NOUN
cblr-1691	652	21	and	and	CCONJ
cblr-1691	652	22	their	their	PRON
cblr-1691	652	23	market	market	NOUN
cblr-1691	652	24	prices	price	NOUN
cblr-1691	652	25	quickly	quickly	ADV
cblr-1691	652	26	react	react	VERB
cblr-1691	652	27	to	to	ADP
cblr-1691	652	28	business	business	NOUN
cblr-1691	652	29	successes	success	NOUN
cblr-1691	652	30	and	and	CCONJ
cblr-1691	652	31	failures	failure	NOUN
cblr-1691	652	32	,	,	PUNCT
cblr-1691	652	33	thereby	thereby	ADV
cblr-1691	652	34	encouraging	encourage	VERB
cblr-1691	652	35	insiders	insider	NOUN
cblr-1691	652	36	to	to	PART
cblr-1691	652	37	choose	choose	VERB
cblr-1691	652	38	conventional	conventional	ADJ
cblr-1691	652	39	projects	project	NOUN
cblr-1691	652	40	.	.	PUNCT
cblr-1691	652	41	”	"	PUNCT
cblr-1691	652	42	)	)	PUNCT
cblr-1691	652	43	.	.	PUNCT
cblr-1691	653	1	192	192	NUM
cblr-1691	653	2	matt	matt	PROPN
cblr-1691	653	3	levine	levine	PROPN
cblr-1691	653	4	,	,	PUNCT
cblr-1691	653	5	opinion	opinion	NOUN
cblr-1691	653	6	,	,	PUNCT
cblr-1691	653	7	something	something	PRON
cblr-1691	653	8	is	be	AUX
cblr-1691	653	9	lost	lose	VERB
cblr-1691	653	10	when	when	SCONJ
cblr-1691	653	11	companies	company	NOUN
cblr-1691	653	12	stay	stay	VERB
cblr-1691	653	13	private	private	ADJ
cblr-1691	653	14	,	,	PUNCT
cblr-1691	653	15	bloomberg	bloomberg	PROPN
cblr-1691	653	16	(	(	PUNCT
cblr-1691	653	17	apr	apr	PROPN
cblr-1691	653	18	.	.	PROPN
cblr-1691	653	19	4	4	NUM
cblr-1691	653	20	,	,	PUNCT
cblr-1691	653	21	2018	2018	NUM
cblr-1691	653	22	)	)	PUNCT
cblr-1691	653	23	,	,	PUNCT
cblr-1691	653	24	https://www.bloomberg.com/opinion/	https://www.bloomberg.com/opinion/	NOUN
cblr-1691	653	25	articles/2018	articles/2018	PROPN
cblr-1691	653	26	-	-	PUNCT
cblr-1691	653	27	04	04	NUM
cblr-1691	653	28	-	-	PUNCT
cblr-1691	653	29	04	04	NUM
cblr-1691	653	30	/	/	SYM
cblr-1691	653	31	something	something	PRON
cblr-1691	653	32	-	-	PUNCT
cblr-1691	653	33	is	be	AUX
cblr-1691	653	34	-	-	PUNCT
cblr-1691	653	35	lost	lose	VERB
cblr-1691	653	36	-	-	PUNCT
cblr-1691	653	37	when	when	ADV
cblr-1691	653	38	-	-	PUNCT
cblr-1691	653	39	companies	company	NOUN
cblr-1691	653	40	-	-	PUNCT
cblr-1691	653	41	stay	stay	VERB
cblr-1691	653	42	-	-	PUNCT
cblr-1691	653	43	private	private	ADJ
cblr-1691	653	44	(	(	PUNCT
cblr-1691	653	45	on	on	ADP
cblr-1691	653	46	file	file	NOUN
cblr-1691	653	47	with	with	ADP
cblr-1691	653	48	the	the	DET
cblr-1691	653	49	columbia	columbia	PROPN
cblr-1691	653	50	business	business	PROPN
cblr-1691	653	51	law	law	PROPN
cblr-1691	653	52	review	review	PROPN
cblr-1691	653	53	)	)	PUNCT
cblr-1691	653	54	.	.	PUNCT
cblr-1691	654	1	193	193	NUM
cblr-1691	654	2	see	see	VERB
cblr-1691	654	3	chernenko	chernenko	PROPN
cblr-1691	654	4	et	et	PROPN
cblr-1691	654	5	al	al	PROPN
cblr-1691	654	6	.	.	PROPN
cblr-1691	654	7	,	,	PUNCT
cblr-1691	654	8	supra	supra	PROPN
cblr-1691	654	9	note	note	NOUN
cblr-1691	654	10	4	4	NUM
cblr-1691	654	11	,	,	PUNCT
cblr-1691	654	12	at	at	ADP
cblr-1691	654	13	2	2	NUM
cblr-1691	654	14	;	;	PUNCT
cblr-1691	654	15	see	see	VERB
cblr-1691	654	16	also	also	ADV
cblr-1691	654	17	gornall	gornall	PROPN
cblr-1691	654	18	&	&	CCONJ
cblr-1691	654	19	strebulaev	strebulaev	PROPN
cblr-1691	654	20	,	,	PUNCT
cblr-1691	654	21	supra	supra	PROPN
cblr-1691	654	22	note	note	PROPN
cblr-1691	654	23	176	176	NUM
cblr-1691	654	24	,	,	PUNCT
cblr-1691	654	25	at	at	ADP
cblr-1691	654	26	2	2	NUM
cblr-1691	654	27	;	;	PUNCT
cblr-1691	654	28	kwon	kwon	VERB
cblr-1691	654	29	et	et	PROPN
cblr-1691	654	30	al	al	PROPN
cblr-1691	654	31	.	.	PROPN
cblr-1691	654	32	,	,	PUNCT
cblr-1691	654	33	supra	supra	PROPN
cblr-1691	654	34	note	note	PROPN
cblr-1691	654	35	175	175	NUM
cblr-1691	654	36	,	,	PUNCT
cblr-1691	654	37	at	at	ADP
cblr-1691	654	38	37	37	NUM
cblr-1691	654	39	.	.	NOUN
cblr-1691	654	40	194	194	NUM
cblr-1691	654	41	gornall	gornall	PROPN
cblr-1691	654	42	&	&	CCONJ
cblr-1691	654	43	strebulaev	strebulaev	PROPN
cblr-1691	654	44	,	,	PUNCT
cblr-1691	654	45	supra	supra	PROPN
cblr-1691	654	46	note	note	PROPN
cblr-1691	654	47	176	176	NUM
cblr-1691	654	48	,	,	PUNCT
cblr-1691	654	49	at	at	ADP
cblr-1691	654	50	2	2	NUM
cblr-1691	654	51	.	.	SYM
cblr-1691	654	52	195	195	NUM
cblr-1691	654	53	see	see	NOUN
cblr-1691	654	54	pitchbook	pitchbook	NOUN
cblr-1691	654	55	,	,	PUNCT
cblr-1691	654	56	supra	supra	ADJ
cblr-1691	654	57	note	note	NOUN
cblr-1691	654	58	9	9	NUM
cblr-1691	654	59	,	,	PUNCT
cblr-1691	654	60	at	at	ADP
cblr-1691	654	61	4–5	4–5	PROPN
cblr-1691	654	62	.	.	PROPN
cblr-1691	654	63	196	196	NUM
cblr-1691	654	64	see	see	VERB
cblr-1691	654	65	i	i	PROPN
cblr-1691	654	66	d.	d.	PROPN
cblr-1691	654	67	;	;	PUNCT
cblr-1691	654	68	see	see	VERB
cblr-1691	654	69	also	also	ADV
cblr-1691	654	70	jeff	jeff	PROPN
cblr-1691	654	71	schwartz	schwartz	PROPN
cblr-1691	654	72	,	,	PUNCT
cblr-1691	654	73	should	should	AUX
cblr-1691	654	74	mutual	mutual	ADJ
cblr-1691	654	75	funds	fund	NOUN
cblr-1691	654	76	invest	invest	VERB
cblr-1691	654	77	in	in	ADP
cblr-1691	654	78	startups	startup	NOUN
cblr-1691	654	79	?	?	PUNCT
cblr-1691	655	1	a	a	DET
cblr-1691	655	2	case	case	NOUN
cblr-1691	655	3	study	study	NOUN
cblr-1691	655	4	of	of	ADP
cblr-1691	655	5	fidelity	fidelity	PROPN
cblr-1691	655	6	magellan	magellan	PROPN
cblr-1691	655	7	fund	fund	PROPN
cblr-1691	655	8	’s	’s	PART
cblr-1691	655	9	investments	investment	NOUN
cblr-1691	655	10	in	in	ADP
cblr-1691	655	11	unicorns	unicorn	NOUN
cblr-1691	655	12	(	(	PUNCT
cblr-1691	655	13	and	and	CCONJ
cblr-1691	655	14	other	other	ADJ
cblr-1691	655	15	startups	startup	NOUN
cblr-1691	655	16	)	)	PUNCT
cblr-1691	655	17	and	and	CCONJ
cblr-1691	655	18	the	the	DET
cblr-1691	655	19	regulatory	regulatory	ADJ
cblr-1691	655	20	implications	implication	NOUN
cblr-1691	655	21	,	,	PUNCT
cblr-1691	655	22	95	95	NUM
cblr-1691	655	23	n.c	n.c	PROPN
cblr-1691	655	24	.	.	PROPN
cblr-1691	655	25	l.	l.	PROPN
cblr-1691	655	26	rev	rev	PROPN
cblr-1691	655	27	.	.	PROPN
cblr-1691	655	28	1341	1341	NUM
cblr-1691	655	29	,	,	PUNCT
cblr-1691	655	30	1343	1343	NUM
cblr-1691	655	31	(	(	PUNCT
cblr-1691	655	32	2017	2017	NUM
cblr-1691	655	33	)	)	PUNCT
cblr-1691	655	34	.	.	PUNCT
cblr-1691	656	1	197	197	NUM
cblr-1691	656	2	see	see	VERB
cblr-1691	656	3	mark	mark	PROPN
cblr-1691	656	4	van	van	PROPN
cblr-1691	656	5	osnabrugge	osnabrugge	PROPN
cblr-1691	656	6	&	&	CCONJ
cblr-1691	656	7	robert	robert	PROPN
cblr-1691	656	8	j.	j.	PROPN
cblr-1691	656	9	robinson	robinson	PROPN
cblr-1691	656	10	,	,	PUNCT
cblr-1691	656	11	angel	angel	NOUN
cblr-1691	656	12	investing	investing	NOUN
cblr-1691	656	13	:	:	PUNCT
cblr-1691	656	14	matching	match	VERB
cblr-1691	656	15	startup	startup	NOUN
cblr-1691	656	16	funds	fund	NOUN
cblr-1691	656	17	with	with	ADP
cblr-1691	656	18	startup	startup	NOUN
cblr-1691	656	19	companies	company	NOUN
cblr-1691	656	20	5	5	NUM
cblr-1691	656	21	(	(	PUNCT
cblr-1691	656	22	2000	2000	NUM
cblr-1691	656	23	)	)	PUNCT
cblr-1691	656	24	;	;	PUNCT
cblr-1691	656	25	darian	darian	PROPN
cblr-1691	656	26	m.	m.	PROPN
cblr-1691	656	27	ibrahim	ibrahim	PROPN
cblr-1691	656	28	,	,	PUNCT
cblr-1691	656	29	financing	finance	VERB
cblr-1691	656	30	the	the	DET
cblr-1691	656	31	next	next	ADJ
cblr-1691	656	32	silicon	silicon	NOUN
cblr-1691	656	33	valley	valley	NOUN
cblr-1691	656	34	,	,	PUNCT
cblr-1691	656	35	87	87	NUM
cblr-1691	656	36	wash	wash	NOUN
cblr-1691	656	37	.	.	PUNCT
cblr-1691	657	1	u.	u.	PROPN
cblr-1691	657	2	l.	l.	PROPN
cblr-1691	657	3	rev	rev	PROPN
cblr-1691	657	4	.	.	PROPN
cblr-1691	657	5	717	717	NUM
cblr-1691	657	6	,	,	PUNCT
cblr-1691	657	7	739	739	NUM
cblr-1691	657	8	(	(	PUNCT
cblr-1691	657	9	2010	2010	NUM
cblr-1691	657	10	)	)	PUNCT
cblr-1691	657	11	(	(	PUNCT
cblr-1691	657	12	“	"	PUNCT
cblr-1691	657	13	[	[	X
cblr-1691	657	14	i]nformal	i]nformal	ADJ
cblr-1691	657	15	angel	angel	NOUN
cblr-1691	657	16	investing	investing	AUX
cblr-1691	657	17	financed	finance	VERB
cblr-1691	657	18	many	many	ADJ
cblr-1691	657	19	of	of	ADP
cblr-1691	657	20	the	the	DET
cblr-1691	657	21	foundational	foundational	ADJ
cblr-1691	657	22	start	start	NOUN
cblr-1691	657	23	-	-	PUNCT
cblr-1691	657	24	ups	up	NOUN
cblr-1691	657	25	in	in	ADP
cblr-1691	657	26	silicon	silicon	NOUN
cblr-1691	657	27	valley	valley	NOUN
cblr-1691	657	28	and	and	CCONJ
cblr-1691	657	29	route	route	NOUN
cblr-1691	657	30	128	128	NUM
cblr-1691	657	31	.	.	PUNCT
cblr-1691	657	32	”	"	PUNCT
cblr-1691	657	33	)	)	PUNCT
cblr-1691	657	34	.	.	PUNCT
cblr-1691	658	1	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1272957%20	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1272957%20	PROPN
cblr-1691	659	1	no	no	INTJ
cblr-1691	659	2	.	.	PUNCT
cblr-1691	660	1	1:107	1:107	NUM
cblr-1691	660	2	]	]	X
cblr-1691	660	3	unicorn	unicorn	ADJ
cblr-1691	660	4	stock	stock	NOUN
cblr-1691	660	5	options	option	NOUN
cblr-1691	660	6	151	151	NUM
cblr-1691	660	7	clusters	cluster	NOUN
cblr-1691	660	8	of	of	ADP
cblr-1691	660	9	angel	angel	NOUN
cblr-1691	660	10	investors,198	investors,198	PROPN
cblr-1691	660	11	corporate	corporate	ADJ
cblr-1691	660	12	venture	venture	NOUN
cblr-1691	660	13	capital,199	capital,199	PROPN
cblr-1691	660	14	crowdfunding	crowdfunde	VERB
cblr-1691	660	15	platforms,200	platforms,200	PRON
cblr-1691	660	16	sovereign	sovereign	ADJ
cblr-1691	660	17	wealth	wealth	NOUN
cblr-1691	660	18	funds	fund	NOUN
cblr-1691	660	19	,	,	PUNCT
cblr-1691	660	20	and	and	CCONJ
cblr-1691	660	21	other	other	ADJ
cblr-1691	660	22	institutional	institutional	ADJ
cblr-1691	660	23	investors	investor	NOUN
cblr-1691	660	24	,	,	PUNCT
cblr-1691	660	25	who	who	PRON
cblr-1691	660	26	are	be	AUX
cblr-1691	660	27	aggressively	aggressively	ADV
cblr-1691	660	28	investing	invest	VERB
cblr-1691	660	29	large	large	ADJ
cblr-1691	660	30	amounts	amount	NOUN
cblr-1691	660	31	of	of	ADP
cblr-1691	660	32	capital	capital	NOUN
cblr-1691	660	33	in	in	ADP
cblr-1691	660	34	emerging	emerge	VERB
cblr-1691	660	35	growth	growth	NOUN
cblr-1691	660	36	companies.201	companies.201	VERB
cblr-1691	660	37	in	in	ADP
cblr-1691	660	38	particular	particular	ADJ
cblr-1691	660	39	,	,	PUNCT
cblr-1691	660	40	mutual	mutual	ADJ
cblr-1691	660	41	funds	fund	NOUN
cblr-1691	660	42	have	have	AUX
cblr-1691	660	43	significantly	significantly	ADV
cblr-1691	660	44	expanded	expand	VERB
cblr-1691	660	45	their	their	PRON
cblr-1691	660	46	investments	investment	NOUN
cblr-1691	660	47	in	in	ADP
cblr-1691	660	48	unicorns	unicorn	NOUN
cblr-1691	660	49	since	since	SCONJ
cblr-1691	660	50	2010.202	2010.202	PROPN
cblr-1691	660	51	chernenko	chernenko	PROPN
cblr-1691	660	52	,	,	PUNCT
cblr-1691	660	53	lerner	lerner	PROPN
cblr-1691	660	54	,	,	PUNCT
cblr-1691	660	55	and	and	CCONJ
cblr-1691	660	56	zeng	zeng	PROPN
cblr-1691	660	57	show	show	VERB
cblr-1691	660	58	that	that	SCONJ
cblr-1691	660	59	“	"	PUNCT
cblr-1691	660	60	over	over	ADP
cblr-1691	660	61	the	the	DET
cblr-1691	660	62	2010–2016	2010–2016	NUM
cblr-1691	660	63	period	period	NOUN
cblr-1691	660	64	,	,	PUNCT
cblr-1691	660	65	the	the	DET
cblr-1691	660	66	number	number	NOUN
cblr-1691	660	67	of	of	ADP
cblr-1691	660	68	distinct	distinct	ADJ
cblr-1691	660	69	funds	fund	NOUN
cblr-1691	660	70	directly	directly	ADV
cblr-1691	660	71	investing	invest	VERB
cblr-1691	660	72	in	in	ADP
cblr-1691	660	73	unicorns	unicorn	NOUN
cblr-1691	660	74	has	have	AUX
cblr-1691	660	75	increased	increase	VERB
cblr-1691	660	76	198	198	NUM
cblr-1691	660	77	see	see	NOUN
cblr-1691	660	78	faqs	faq	NOUN
cblr-1691	660	79	for	for	ADP
cblr-1691	660	80	angels	angel	NOUN
cblr-1691	660	81	&	&	CCONJ
cblr-1691	660	82	entrepreneurs	entrepreneur	NOUN
cblr-1691	660	83	,	,	PUNCT
cblr-1691	660	84	angel	angel	NOUN
cblr-1691	660	85	cap	cap	NOUN
cblr-1691	660	86	.	.	PUNCT
cblr-1691	661	1	ass’n	ass’n	ADV
cblr-1691	661	2	,	,	PUNCT
cblr-1691	661	3	https://www.angelcapitalassociation.org/faqs/#what_are_angel_groups	https://www.angelcapitalassociation.org/faqs/#what_are_angel_groups	X
cblr-1691	661	4	_	_	PUNCT
cblr-1691	662	1	[	[	X
cblr-1691	662	2	https://perma.cc/rag3-6rjw	https://perma.cc/rag3-6rjw	X
cblr-1691	662	3	]	]	X
cblr-1691	662	4	(	(	PUNCT
cblr-1691	662	5	“	"	PUNCT
cblr-1691	662	6	many	many	ADJ
cblr-1691	662	7	angel	angel	NOUN
cblr-1691	662	8	groups	group	NOUN
cblr-1691	662	9	co	co	VERB
cblr-1691	662	10	-	-	VERB
cblr-1691	662	11	invest	invest	VERB
cblr-1691	662	12	with	with	ADP
cblr-1691	662	13	other	other	ADJ
cblr-1691	662	14	angel	angel	NOUN
cblr-1691	662	15	groups	group	NOUN
cblr-1691	662	16	,	,	PUNCT
cblr-1691	662	17	individual	individual	ADJ
cblr-1691	662	18	angels	angel	NOUN
cblr-1691	662	19	and	and	CCONJ
cblr-1691	662	20	early	early	ADJ
cblr-1691	662	21	-	-	PUNCT
cblr-1691	662	22	stage	stage	NOUN
cblr-1691	662	23	venture	venture	NOUN
cblr-1691	662	24	capitalists	capitalist	NOUN
cblr-1691	662	25	to	to	PART
cblr-1691	662	26	make	make	VERB
cblr-1691	662	27	investments	investment	NOUN
cblr-1691	662	28	of	of	ADP
cblr-1691	662	29	$	$	SYM
cblr-1691	662	30	500,000	500,000	NUM
cblr-1691	662	31	to	to	PART
cblr-1691	662	32	$	$	SYM
cblr-1691	662	33	2	2	NUM
cblr-1691	662	34	million	million	NUM
cblr-1691	662	35	per	per	ADP
cblr-1691	662	36	round	round	NOUN
cblr-1691	662	37	.	.	PUNCT
cblr-1691	662	38	”	"	PUNCT
cblr-1691	662	39	)	)	PUNCT
cblr-1691	662	40	;	;	PUNCT
cblr-1691	662	41	see	see	VERB
cblr-1691	662	42	also	also	ADV
cblr-1691	662	43	benjamin	benjamin	PROPN
cblr-1691	662	44	gomes	gome	NOUN
cblr-1691	662	45	-	-	PUNCT
cblr-1691	662	46	casseres	cassere	NOUN
cblr-1691	662	47	,	,	PUNCT
cblr-1691	662	48	alliances	alliance	NOUN
cblr-1691	662	49	,	,	PUNCT
cblr-1691	662	50	inter	inter	ADJ
cblr-1691	662	51	-	-	ADJ
cblr-1691	662	52	firm	firm	ADJ
cblr-1691	662	53	,	,	PUNCT
cblr-1691	662	54	routledge	routledge	PROPN
cblr-1691	662	55	encyc	encyc	PROPN
cblr-1691	662	56	.	.	PUNCT
cblr-1691	663	1	of	of	ADP
cblr-1691	663	2	int’l	int’l	NUM
cblr-1691	663	3	pol	pol	PROPN
cblr-1691	663	4	.	.	PUNCT
cblr-1691	663	5	econ	econ	PROPN
cblr-1691	663	6	.	.	PUNCT
cblr-1691	664	1	27	27	NUM
cblr-1691	664	2	(	(	PUNCT
cblr-1691	664	3	r.	r.	PROPN
cblr-1691	664	4	j.	j.	PROPN
cblr-1691	664	5	barry	barry	PROPN
cblr-1691	664	6	jones	jones	PROPN
cblr-1691	665	1	ed	ed	PROPN
cblr-1691	665	2	.	.	PROPN
cblr-1691	665	3	,	,	PUNCT
cblr-1691	665	4	2001	2001	NUM
cblr-1691	665	5	)	)	PUNCT
cblr-1691	665	6	(	(	PUNCT
cblr-1691	665	7	“	"	PUNCT
cblr-1691	665	8	an	an	DET
cblr-1691	665	9	‘	'	PUNCT
cblr-1691	665	10	inter	inter	ADJ
cblr-1691	665	11	-	-	ADJ
cblr-1691	665	12	firm	firm	ADJ
cblr-1691	665	13	alliance	alliance	NOUN
cblr-1691	665	14	’	'	PUNCT
cblr-1691	665	15	is	be	AUX
cblr-1691	665	16	an	an	DET
cblr-1691	665	17	organizational	organizational	ADJ
cblr-1691	665	18	structure	structure	NOUN
cblr-1691	665	19	established	establish	VERB
cblr-1691	665	20	to	to	PART
cblr-1691	665	21	govern	govern	VERB
cblr-1691	665	22	an	an	DET
cblr-1691	665	23	incomplete	incomplete	ADJ
cblr-1691	665	24	contract	contract	NOUN
cblr-1691	665	25	between	between	ADP
cblr-1691	665	26	separate	separate	ADJ
cblr-1691	665	27	firms	firm	NOUN
cblr-1691	665	28	and	and	CCONJ
cblr-1691	665	29	in	in	ADP
cblr-1691	665	30	which	which	PRON
cblr-1691	665	31	each	each	DET
cblr-1691	665	32	firm	firm	NOUN
cblr-1691	665	33	has	have	VERB
cblr-1691	665	34	limited	limit	VERB
cblr-1691	665	35	control	control	NOUN
cblr-1691	665	36	.	.	PUNCT
cblr-1691	665	37	”	"	PUNCT
cblr-1691	665	38	)	)	PUNCT
cblr-1691	665	39	;	;	PUNCT
cblr-1691	665	40	robert	robert	PROPN
cblr-1691	665	41	pitofsky	pitofsky	PROPN
cblr-1691	665	42	,	,	PUNCT
cblr-1691	665	43	a	a	DET
cblr-1691	665	44	framework	framework	NOUN
cblr-1691	665	45	for	for	ADP
cblr-1691	665	46	antitrust	antitrust	ADJ
cblr-1691	665	47	analysis	analysis	NOUN
cblr-1691	665	48	of	of	ADP
cblr-1691	665	49	joint	joint	ADJ
cblr-1691	665	50	ventures	venture	NOUN
cblr-1691	665	51	,	,	PUNCT
cblr-1691	665	52	54	54	NUM
cblr-1691	665	53	antitrust	antitrust	ADJ
cblr-1691	665	54	l.j	l.j	NOUN
cblr-1691	665	55	.	.	PROPN
cblr-1691	665	56	893	893	NUM
cblr-1691	665	57	(	(	PUNCT
cblr-1691	665	58	1985	1985	NUM
cblr-1691	665	59	)	)	PUNCT
cblr-1691	665	60	;	;	PUNCT
cblr-1691	665	61	t	t	PROPN
cblr-1691	665	62	george	george	PROPN
cblr-1691	665	63	harris	harris	PROPN
cblr-1691	665	64	,	,	PUNCT
cblr-1691	665	65	the	the	DET
cblr-1691	665	66	post	post	ADJ
cblr-1691	665	67	-	-	ADJ
cblr-1691	665	68	capitalist	capitalist	ADJ
cblr-1691	665	69	executive	executive	NOUN
cblr-1691	665	70	:	:	PUNCT
cblr-1691	665	71	an	an	DET
cblr-1691	665	72	interview	interview	NOUN
cblr-1691	665	73	with	with	ADP
cblr-1691	665	74	peter	peter	PROPN
cblr-1691	665	75	f.	f.	PROPN
cblr-1691	665	76	drucker	drucker	PROPN
cblr-1691	665	77	,	,	PUNCT
cblr-1691	665	78	harv	harv	PROPN
cblr-1691	665	79	.	.	PUNCT
cblr-1691	666	1	bus	bus	NOUN
cblr-1691	666	2	.	.	PUNCT
cblr-1691	667	1	rev	rev	PROPN
cblr-1691	667	2	.	.	PROPN
cblr-1691	667	3	,	,	PUNCT
cblr-1691	667	4	may	may	PROPN
cblr-1691	667	5	–	–	PUNCT
cblr-1691	667	6	june	june	PROPN
cblr-1691	667	7	1993	1993	NUM
cblr-1691	667	8	,	,	PUNCT
cblr-1691	667	9	at	at	ADP
cblr-1691	667	10	114	114	NUM
cblr-1691	667	11	,	,	PUNCT
cblr-1691	667	12	116	116	NUM
cblr-1691	667	13	(	(	PUNCT
cblr-1691	667	14	“	"	PUNCT
cblr-1691	667	15	today	today	NOUN
cblr-1691	667	16	businesses	business	NOUN
cblr-1691	667	17	grow	grow	VERB
cblr-1691	667	18	through	through	ADP
cblr-1691	667	19	alliances	alliance	NOUN
cblr-1691	667	20	,	,	PUNCT
cblr-1691	667	21	all	all	DET
cblr-1691	667	22	kinds	kind	NOUN
cblr-1691	667	23	of	of	ADP
cblr-1691	667	24	dangerous	dangerous	ADJ
cblr-1691	667	25	liaisons	liaison	NOUN
cblr-1691	667	26	and	and	CCONJ
cblr-1691	667	27	joint	joint	ADJ
cblr-1691	667	28	ventures	venture	NOUN
cblr-1691	667	29	,	,	PUNCT
cblr-1691	667	30	which	which	PRON
cblr-1691	667	31	,	,	PUNCT
cblr-1691	667	32	by	by	ADP
cblr-1691	667	33	the	the	DET
cblr-1691	667	34	way	way	NOUN
cblr-1691	667	35	,	,	PUNCT
cblr-1691	667	36	very	very	ADV
cblr-1691	667	37	few	few	ADJ
cblr-1691	667	38	people	people	NOUN
cblr-1691	667	39	understand	understand	VERB
cblr-1691	667	40	.	.	PUNCT
cblr-1691	667	41	”	"	PUNCT
cblr-1691	667	42	)	)	PUNCT
cblr-1691	667	43	;	;	PUNCT
cblr-1691	667	44	joseph	joseph	PROPN
cblr-1691	667	45	a.	a.	PROPN
cblr-1691	667	46	mccahery	mccahery	PROPN
cblr-1691	667	47	&	&	CCONJ
cblr-1691	667	48	erik	erik	PROPN
cblr-1691	667	49	p.m.	p.m.	PROPN
cblr-1691	668	1	vermeulen	vermeulen	PROPN
cblr-1691	668	2	,	,	PUNCT
cblr-1691	668	3	corporate	corporate	ADJ
cblr-1691	668	4	governance	governance	NOUN
cblr-1691	668	5	and	and	CCONJ
cblr-1691	668	6	innovation	innovation	NOUN
cblr-1691	668	7	:	:	PUNCT
cblr-1691	668	8	venture	venture	NOUN
cblr-1691	668	9	capital	capital	NOUN
cblr-1691	668	10	,	,	PUNCT
cblr-1691	668	11	joint	joint	ADJ
cblr-1691	668	12	ventures	venture	NOUN
cblr-1691	668	13	,	,	PUNCT
cblr-1691	668	14	and	and	CCONJ
cblr-1691	668	15	family	family	NOUN
cblr-1691	668	16	businesses	business	NOUN
cblr-1691	668	17	(	(	PUNCT
cblr-1691	668	18	european	european	PROPN
cblr-1691	668	19	corp	corp	PROPN
cblr-1691	668	20	.	.	PROPN
cblr-1691	668	21	governance	governance	PROPN
cblr-1691	668	22	inst	inst	PROPN
cblr-1691	668	23	.	.	PROPN
cblr-1691	668	24	,	,	PUNCT
cblr-1691	668	25	working	work	VERB
cblr-1691	668	26	paper	paper	NOUN
cblr-1691	668	27	no	no	INTJ
cblr-1691	668	28	.	.	PUNCT
cblr-1691	669	1	65/2006	65/2006	NUM
cblr-1691	669	2	,	,	PUNCT
cblr-1691	669	3	2006	2006	NUM
cblr-1691	669	4	)	)	PUNCT
cblr-1691	670	1	(	(	PUNCT
cblr-1691	670	2	discussing	discuss	VERB
cblr-1691	670	3	corporate	corporate	ADJ
cblr-1691	670	4	governance	governance	NOUN
cblr-1691	670	5	for	for	ADP
cblr-1691	670	6	joint	joint	ADJ
cblr-1691	670	7	ventures	venture	NOUN
cblr-1691	670	8	)	)	PUNCT
cblr-1691	670	9	.	.	PUNCT
cblr-1691	671	1	199	199	NUM
cblr-1691	671	2	see	see	VERB
cblr-1691	671	3	ronald	ronald	PROPN
cblr-1691	671	4	w.	w.	PROPN
cblr-1691	671	5	masulis	masulis	PROPN
cblr-1691	671	6	&	&	CCONJ
cblr-1691	671	7	rajarishi	rajarishi	PROPN
cblr-1691	671	8	nahata	nahata	PROPN
cblr-1691	671	9	,	,	PUNCT
cblr-1691	671	10	financial	financial	ADJ
cblr-1691	671	11	contracting	contracting	NOUN
cblr-1691	671	12	with	with	ADP
cblr-1691	671	13	strategic	strategic	ADJ
cblr-1691	671	14	investors	investor	NOUN
cblr-1691	671	15	:	:	PUNCT
cblr-1691	671	16	evidence	evidence	NOUN
cblr-1691	671	17	from	from	ADP
cblr-1691	671	18	corporate	corporate	ADJ
cblr-1691	671	19	venture	venture	NOUN
cblr-1691	671	20	capital	capital	NOUN
cblr-1691	671	21	backed	back	VERB
cblr-1691	671	22	ipos	ipos	PROPN
cblr-1691	671	23	,	,	PUNCT
cblr-1691	671	24	18	18	NUM
cblr-1691	671	25	j.	j.	PROPN
cblr-1691	671	26	fin	fin	PROPN
cblr-1691	671	27	.	.	PUNCT
cblr-1691	672	1	intermediation	intermediation	NOUN
cblr-1691	672	2	599	599	NUM
cblr-1691	672	3	,	,	PUNCT
cblr-1691	672	4	627	627	NUM
cblr-1691	672	5	(	(	PUNCT
cblr-1691	672	6	2009	2009	NUM
cblr-1691	672	7	)	)	PUNCT
cblr-1691	672	8	(	(	PUNCT
cblr-1691	672	9	“	"	PUNCT
cblr-1691	672	10	[	[	X
cblr-1691	672	11	l]ead	l]ead	NOUN
cblr-1691	672	12	cvcs	cvcs	ADV
cblr-1691	672	13	have	have	AUX
cblr-1691	672	14	lower	low	ADJ
cblr-1691	672	15	board	board	NOUN
cblr-1691	672	16	representation	representation	NOUN
cblr-1691	672	17	than	than	SCONJ
cblr-1691	672	18	lead	lead	VERB
cblr-1691	672	19	traditional	traditional	ADJ
cblr-1691	672	20	vcs	vcs	NOUN
cblr-1691	672	21	,	,	PUNCT
cblr-1691	672	22	which	which	PRON
cblr-1691	672	23	is	be	AUX
cblr-1691	672	24	consistent	consistent	ADJ
cblr-1691	672	25	with	with	ADP
cblr-1691	672	26	the	the	DET
cblr-1691	672	27	entrepreneur	entrepreneur	NOUN
cblr-1691	672	28	’s	’s	PART
cblr-1691	672	29	desire	desire	NOUN
cblr-1691	672	30	to	to	PART
cblr-1691	672	31	limit	limit	VERB
cblr-1691	672	32	cvc	cvc	NOUN
cblr-1691	672	33	influence	influence	NOUN
cblr-1691	672	34	,	,	PUNCT
cblr-1691	672	35	particularly	particularly	ADV
cblr-1691	672	36	at	at	ADP
cblr-1691	672	37	the	the	DET
cblr-1691	672	38	earliest	early	ADJ
cblr-1691	672	39	stages	stage	NOUN
cblr-1691	672	40	of	of	ADP
cblr-1691	672	41	a	a	DET
cblr-1691	672	42	start	start	VERB
cblr-1691	672	43	-	-	PUNCT
cblr-1691	672	44	up	up	NOUN
cblr-1691	672	45	’s	’s	PART
cblr-1691	672	46	life	life	NOUN
cblr-1691	672	47	.	.	PUNCT
cblr-1691	672	48	”	"	PUNCT
cblr-1691	672	49	)	)	PUNCT
cblr-1691	673	1	;	;	PUNCT
cblr-1691	673	2	henry	henry	PROPN
cblr-1691	673	3	w.	w.	PROPN
cblr-1691	673	4	chesbrough	chesbrough	PROPN
cblr-1691	673	5	,	,	PUNCT
cblr-1691	673	6	making	make	VERB
cblr-1691	673	7	sense	sense	NOUN
cblr-1691	673	8	of	of	ADP
cblr-1691	673	9	corporate	corporate	ADJ
cblr-1691	673	10	venture	venture	NOUN
cblr-1691	673	11	capital	capital	NOUN
cblr-1691	673	12	,	,	PUNCT
cblr-1691	673	13	harv	harv	PROPN
cblr-1691	673	14	.	.	PUNCT
cblr-1691	674	1	bus	bus	NOUN
cblr-1691	674	2	.	.	PUNCT
cblr-1691	675	1	rev	rev	PROPN
cblr-1691	675	2	.	.	PROPN
cblr-1691	675	3	,	,	PUNCT
cblr-1691	675	4	mar	mar	PROPN
cblr-1691	675	5	.	.	PROPN
cblr-1691	675	6	2002	2002	NUM
cblr-1691	675	7	,	,	PUNCT
cblr-1691	675	8	at	at	ADP
cblr-1691	675	9	90	90	NUM
cblr-1691	675	10	,	,	PUNCT
cblr-1691	675	11	92	92	NUM
cblr-1691	675	12	(	(	PUNCT
cblr-1691	675	13	“	"	PUNCT
cblr-1691	675	14	[	[	X
cblr-1691	675	15	the	the	DET
cblr-1691	675	16	]	]	X
cblr-1691	675	17	definition	definition	NOUN
cblr-1691	675	18	excludes	exclude	VERB
cblr-1691	675	19	investments	investment	NOUN
cblr-1691	675	20	made	make	VERB
cblr-1691	675	21	through	through	ADP
cblr-1691	675	22	an	an	DET
cblr-1691	675	23	external	external	ADJ
cblr-1691	675	24	fund	fund	NOUN
cblr-1691	675	25	managed	manage	VERB
cblr-1691	675	26	by	by	ADP
cblr-1691	675	27	a	a	DET
cblr-1691	675	28	third	third	ADJ
cblr-1691	675	29	party	party	NOUN
cblr-1691	675	30	,	,	PUNCT
cblr-1691	675	31	even	even	ADV
cblr-1691	675	32	if	if	SCONJ
cblr-1691	675	33	the	the	DET
cblr-1691	675	34	investment	investment	NOUN
cblr-1691	675	35	vehicle	vehicle	NOUN
cblr-1691	675	36	is	be	AUX
cblr-1691	675	37	funded	fund	VERB
cblr-1691	675	38	by	by	ADP
cblr-1691	675	39	and	and	CCONJ
cblr-1691	675	40	specifically	specifically	ADV
cblr-1691	675	41	designed	design	VERB
cblr-1691	675	42	to	to	PART
cblr-1691	675	43	meet	meet	VERB
cblr-1691	675	44	the	the	DET
cblr-1691	675	45	objectives	objective	NOUN
cblr-1691	675	46	of	of	ADP
cblr-1691	675	47	a	a	DET
cblr-1691	675	48	single	single	ADJ
cblr-1691	675	49	investing	investing	NOUN
cblr-1691	675	50	company	company	NOUN
cblr-1691	675	51	.	.	PUNCT
cblr-1691	675	52	”	"	PUNCT
cblr-1691	675	53	)	)	PUNCT
cblr-1691	675	54	.	.	PUNCT
cblr-1691	676	1	200	200	NUM
cblr-1691	676	2	see	see	VERB
cblr-1691	676	3	generally	generally	ADV
cblr-1691	676	4	joan	joan	PROPN
cblr-1691	676	5	macleod	macleod	PROPN
cblr-1691	676	6	heminway	heminway	PROPN
cblr-1691	676	7	,	,	PUNCT
cblr-1691	676	8	securities	security	NOUN
cblr-1691	676	9	crowdfunding	crowdfunding	NOUN
cblr-1691	676	10	and	and	CCONJ
cblr-1691	676	11	investor	investor	NOUN
cblr-1691	676	12	protection	protection	NOUN
cblr-1691	676	13	,	,	PUNCT
cblr-1691	676	14	cesifo	cesifo	PROPN
cblr-1691	676	15	dice	dice	PROPN
cblr-1691	676	16	rep	rep	PROPN
cblr-1691	676	17	.	.	PROPN
cblr-1691	676	18	,	,	PUNCT
cblr-1691	676	19	summer	summer	NOUN
cblr-1691	676	20	2016	2016	NUM
cblr-1691	676	21	,	,	PUNCT
cblr-1691	676	22	at	at	ADP
cblr-1691	676	23	11	11	NUM
cblr-1691	676	24	,	,	PUNCT
cblr-1691	676	25	http://www.cesifo-group.de/docdl/dice-report-2016-2-heminway-june.pdf	http://www.cesifo-group.de/docdl/dice-report-2016-2-heminway-june.pdf	NOUN
cblr-1691	676	26	[	[	X
cblr-1691	676	27	https://perma.cc/c3rv-d23f	https://perma.cc/c3rv-d23f	X
cblr-1691	676	28	]	]	X
cblr-1691	676	29	.	.	PUNCT
cblr-1691	677	1	201	201	NUM
cblr-1691	677	2	see	see	VERB
cblr-1691	677	3	ey	ey	PRON
cblr-1691	677	4	report	report	NOUN
cblr-1691	677	5	,	,	PUNCT
cblr-1691	677	6	supra	supra	PROPN
cblr-1691	677	7	note	note	NOUN
cblr-1691	677	8	165	165	NUM
cblr-1691	677	9	,	,	PUNCT
cblr-1691	677	10	at	at	ADP
cblr-1691	677	11	8	8	NUM
cblr-1691	677	12	.	.	PUNCT
cblr-1691	678	1	202	202	NUM
cblr-1691	678	2	kwon	kwon	VERB
cblr-1691	678	3	et	et	PROPN
cblr-1691	678	4	al	al	PROPN
cblr-1691	678	5	.	.	PROPN
cblr-1691	678	6	,	,	PUNCT
cblr-1691	678	7	supra	supra	PROPN
cblr-1691	678	8	note	note	PROPN
cblr-1691	678	9	175	175	NUM
cblr-1691	678	10	,	,	PUNCT
cblr-1691	678	11	at	at	ADP
cblr-1691	678	12	1	1	NUM
cblr-1691	678	13	.	.	SYM
cblr-1691	678	14	152	152	NUM
cblr-1691	678	15	columbia	columbia	PROPN
cblr-1691	678	16	business	business	NOUN
cblr-1691	678	17	law	law	PROPN
cblr-1691	678	18	review	review	NOUN
cblr-1691	678	19	[	[	X
cblr-1691	678	20	vol	vol	NOUN
cblr-1691	678	21	.	.	NOUN
cblr-1691	678	22	2019	2019	NUM
cblr-1691	678	23	from	from	ADP
cblr-1691	678	24	less	less	ADJ
cblr-1691	678	25	than	than	ADP
cblr-1691	678	26	10	10	NUM
cblr-1691	678	27	to	to	PART
cblr-1691	678	28	more	more	ADJ
cblr-1691	678	29	than	than	ADP
cblr-1691	678	30	140.”203	140.”203	NUM
cblr-1691	678	31	kwon	kwon	NOUN
cblr-1691	678	32	,	,	PUNCT
cblr-1691	678	33	lowery	lowery	PROPN
cblr-1691	678	34	,	,	PUNCT
cblr-1691	678	35	and	and	CCONJ
cblr-1691	678	36	qian	qian	PROPN
cblr-1691	678	37	add	add	VERB
cblr-1691	678	38	that	that	SCONJ
cblr-1691	678	39	unicorn	unicorn	ADJ
cblr-1691	678	40	startups	startup	NOUN
cblr-1691	678	41	are	be	AUX
cblr-1691	678	42	now	now	ADV
cblr-1691	678	43	able	able	ADJ
cblr-1691	678	44	to	to	PART
cblr-1691	678	45	raise	raise	VERB
cblr-1691	678	46	large	large	ADJ
cblr-1691	678	47	amounts	amount	NOUN
cblr-1691	678	48	of	of	ADP
cblr-1691	678	49	capital	capital	NOUN
cblr-1691	678	50	from	from	ADP
cblr-1691	678	51	mutual	mutual	ADJ
cblr-1691	678	52	funds	fund	NOUN
cblr-1691	678	53	,	,	PUNCT
cblr-1691	678	54	and	and	CCONJ
cblr-1691	678	55	this	this	DET
cblr-1691	678	56	capital	capital	NOUN
cblr-1691	678	57	should	should	AUX
cblr-1691	678	58	enable	enable	VERB
cblr-1691	678	59	the	the	DET
cblr-1691	678	60	“	"	PUNCT
cblr-1691	678	61	companies	company	NOUN
cblr-1691	678	62	to	to	PART
cblr-1691	678	63	stay	stay	VERB
cblr-1691	678	64	private	private	ADJ
cblr-1691	678	65	longer	long	ADV
cblr-1691	678	66	.	.	PUNCT
cblr-1691	678	67	”204	”204	PROPN
cblr-1691	679	1	moreover	moreover	ADV
cblr-1691	679	2	,	,	PUNCT
cblr-1691	679	3	mutual	mutual	ADJ
cblr-1691	679	4	funds	fund	NOUN
cblr-1691	679	5	currently	currently	ADV
cblr-1691	679	6	hold	hold	VERB
cblr-1691	679	7	more	more	ADJ
cblr-1691	679	8	than	than	ADP
cblr-1691	679	9	$	$	SYM
cblr-1691	679	10	8	8	NUM
cblr-1691	679	11	billion	billion	NUM
cblr-1691	679	12	in	in	ADP
cblr-1691	679	13	unicorn	unicorn	ADJ
cblr-1691	679	14	firms	firm	NOUN
cblr-1691	679	15	,	,	PUNCT
cblr-1691	679	16	and	and	CCONJ
cblr-1691	679	17	this	this	DET
cblr-1691	679	18	number	number	NOUN
cblr-1691	679	19	is	be	AUX
cblr-1691	679	20	increasing.205	increasing.205	NOUN
cblr-1691	679	21	clearly	clearly	ADV
cblr-1691	679	22	,	,	PUNCT
cblr-1691	679	23	unicorn	unicorn	ADJ
cblr-1691	679	24	investments	investment	NOUN
cblr-1691	679	25	are	be	AUX
cblr-1691	679	26	“	"	PUNCT
cblr-1691	679	27	becoming	become	VERB
cblr-1691	679	28	a	a	DET
cblr-1691	679	29	more	more	ADV
cblr-1691	679	30	important	important	ADJ
cblr-1691	679	31	part	part	NOUN
cblr-1691	679	32	of	of	ADP
cblr-1691	679	33	the	the	DET
cblr-1691	679	34	portfolios	portfolio	NOUN
cblr-1691	679	35	of	of	ADP
cblr-1691	679	36	open	open	ADJ
cblr-1691	679	37	-	-	PUNCT
cblr-1691	679	38	end	end	NOUN
cblr-1691	679	39	mutual	mutual	ADJ
cblr-1691	679	40	funds	fund	NOUN
cblr-1691	679	41	.	.	PUNCT
cblr-1691	680	1	”206	”206	VERB
cblr-1691	680	2	the	the	DET
cblr-1691	680	3	entrance	entrance	NOUN
cblr-1691	680	4	of	of	ADP
cblr-1691	680	5	these	these	DET
cblr-1691	680	6	new	new	ADJ
cblr-1691	680	7	players	player	NOUN
cblr-1691	680	8	changes	change	VERB
cblr-1691	680	9	the	the	DET
cblr-1691	680	10	equilibrium	equilibrium	NOUN
cblr-1691	680	11	,	,	PUNCT
cblr-1691	680	12	allowing	allow	VERB
cblr-1691	680	13	founders	founder	NOUN
cblr-1691	680	14	to	to	PART
cblr-1691	680	15	demand	demand	VERB
cblr-1691	680	16	more	more	ADV
cblr-1691	680	17	founderfriendly	founderfriendly	ADV
cblr-1691	680	18	rounds	round	NOUN
cblr-1691	680	19	.	.	PUNCT
cblr-1691	681	1	raising	raise	VERB
cblr-1691	681	2	capital	capital	NOUN
cblr-1691	681	3	for	for	ADP
cblr-1691	681	4	a	a	DET
cblr-1691	681	5	startup	startup	ADJ
cblr-1691	681	6	company	company	NOUN
cblr-1691	681	7	—	—	PUNCT
cblr-1691	681	8	even	even	ADV
cblr-1691	681	9	if	if	SCONJ
cblr-1691	681	10	it	it	PRON
cblr-1691	681	11	is	be	AUX
cblr-1691	681	12	located	locate	VERB
cblr-1691	681	13	in	in	ADP
cblr-1691	681	14	silicon	silicon	NOUN
cblr-1691	681	15	valley	valley	NOUN
cblr-1691	681	16	and	and	CCONJ
cblr-1691	681	17	is	be	AUX
cblr-1691	681	18	backed	back	VERB
cblr-1691	681	19	by	by	ADP
cblr-1691	681	20	a	a	DET
cblr-1691	681	21	vc	vc	NOUN
cblr-1691	681	22	—	—	PUNCT
cblr-1691	681	23	is	be	AUX
cblr-1691	681	24	an	an	DET
cblr-1691	681	25	extremely	extremely	ADV
cblr-1691	681	26	risky	risky	ADJ
cblr-1691	681	27	and	and	CCONJ
cblr-1691	681	28	challenging	challenging	ADJ
cblr-1691	681	29	endeavor.207	endeavor.207	NOUN
cblr-1691	681	30	the	the	DET
cblr-1691	681	31	investments	investment	NOUN
cblr-1691	681	32	of	of	ADP
cblr-1691	681	33	mutual	mutual	ADJ
cblr-1691	681	34	funds	fund	NOUN
cblr-1691	681	35	thus	thus	ADV
cblr-1691	681	36	enable	enable	VERB
cblr-1691	681	37	unicorn	unicorn	ADJ
cblr-1691	681	38	founders	founder	NOUN
cblr-1691	681	39	to	to	PART
cblr-1691	681	40	stay	stay	VERB
cblr-1691	681	41	private	private	ADJ
cblr-1691	681	42	longer	long	ADV
cblr-1691	681	43	,	,	PUNCT
cblr-1691	681	44	which	which	PRON
cblr-1691	681	45	founders	founder	NOUN
cblr-1691	681	46	prefer	prefer	VERB
cblr-1691	681	47	in	in	ADP
cblr-1691	681	48	order	order	NOUN
cblr-1691	681	49	to	to	PART
cblr-1691	681	50	maintain	maintain	VERB
cblr-1691	681	51	control	control	NOUN
cblr-1691	681	52	over	over	ADP
cblr-1691	681	53	the	the	DET
cblr-1691	681	54	firm	firm	NOUN
cblr-1691	681	55	and	and	CCONJ
cblr-1691	681	56	to	to	PART
cblr-1691	681	57	continue	continue	VERB
cblr-1691	681	58	investing	invest	VERB
cblr-1691	681	59	in	in	ADP
cblr-1691	681	60	innovation	innovation	NOUN
cblr-1691	681	61	.	.	PUNCT
cblr-1691	682	1	there	there	PRON
cblr-1691	682	2	is	be	VERB
cblr-1691	682	3	evidence	evidence	NOUN
cblr-1691	682	4	that	that	SCONJ
cblr-1691	682	5	the	the	DET
cblr-1691	682	6	social	social	ADJ
cblr-1691	682	7	return	return	NOUN
cblr-1691	682	8	on	on	ADP
cblr-1691	682	9	research	research	NOUN
cblr-1691	682	10	and	and	CCONJ
cblr-1691	682	11	development	development	NOUN
cblr-1691	682	12	(	(	PUNCT
cblr-1691	682	13	especially	especially	ADV
cblr-1691	682	14	early	early	ADJ
cblr-1691	682	15	stage	stage	NOUN
cblr-1691	682	16	technology	technology	NOUN
cblr-1691	682	17	development	development	NOUN
cblr-1691	682	18	)	)	PUNCT
cblr-1691	682	19	is	be	AUX
cblr-1691	682	20	much	much	ADV
cblr-1691	682	21	higher	high	ADJ
cblr-1691	682	22	than	than	ADP
cblr-1691	682	23	the	the	DET
cblr-1691	682	24	private	private	ADJ
cblr-1691	682	25	return	return	NOUN
cblr-1691	682	26	on	on	ADP
cblr-1691	682	27	such	such	ADJ
cblr-1691	682	28	203	203	NUM
cblr-1691	682	29	chernenko	chernenko	ADJ
cblr-1691	682	30	et	et	PROPN
cblr-1691	682	31	al	al	PROPN
cblr-1691	682	32	.	.	PROPN
cblr-1691	682	33	,	,	PUNCT
cblr-1691	682	34	supra	supra	PROPN
cblr-1691	682	35	note	note	NOUN
cblr-1691	682	36	4	4	NUM
cblr-1691	682	37	,	,	PUNCT
cblr-1691	682	38	at	at	ADP
cblr-1691	682	39	20	20	NUM
cblr-1691	682	40	.	.	PUNCT
cblr-1691	683	1	204	204	NUM
cblr-1691	683	2	kwon	kwon	VERB
cblr-1691	683	3	et	et	PROPN
cblr-1691	683	4	al	al	PROPN
cblr-1691	683	5	.	.	PROPN
cblr-1691	683	6	,	,	PUNCT
cblr-1691	683	7	supra	supra	PROPN
cblr-1691	683	8	note	note	PROPN
cblr-1691	683	9	175	175	NUM
cblr-1691	683	10	,	,	PUNCT
cblr-1691	683	11	at	at	ADP
cblr-1691	683	12	2	2	NUM
cblr-1691	683	13	.	.	SYM
cblr-1691	683	14	205	205	NUM
cblr-1691	683	15	chernenko	chernenko	NOUN
cblr-1691	683	16	et	et	PROPN
cblr-1691	683	17	al	al	PROPN
cblr-1691	683	18	.	.	PROPN
cblr-1691	683	19	,	,	PUNCT
cblr-1691	683	20	supra	supra	PROPN
cblr-1691	683	21	note	note	NOUN
cblr-1691	683	22	4	4	NUM
cblr-1691	683	23	,	,	PUNCT
cblr-1691	683	24	at	at	ADP
cblr-1691	683	25	20	20	NUM
cblr-1691	683	26	(	(	PUNCT
cblr-1691	683	27	“	"	PUNCT
cblr-1691	683	28	the	the	DET
cblr-1691	683	29	dollar	dollar	NOUN
cblr-1691	683	30	value	value	NOUN
cblr-1691	683	31	of	of	ADP
cblr-1691	683	32	aggregate	aggregate	ADJ
cblr-1691	683	33	holdings	holding	NOUN
cblr-1691	683	34	has	have	AUX
cblr-1691	683	35	also	also	ADV
cblr-1691	683	36	increased	increase	VERB
cblr-1691	683	37	by	by	ADP
cblr-1691	683	38	an	an	DET
cblr-1691	683	39	order	order	NOUN
cblr-1691	683	40	of	of	ADP
cblr-1691	683	41	magnitude	magnitude	NOUN
cblr-1691	683	42	,	,	PUNCT
cblr-1691	683	43	from	from	ADP
cblr-1691	683	44	less	less	ADJ
cblr-1691	683	45	than	than	ADP
cblr-1691	683	46	$	$	SYM
cblr-1691	683	47	1	1	NUM
cblr-1691	683	48	billion	billion	NUM
cblr-1691	683	49	to	to	PART
cblr-1691	683	50	more	more	ADJ
cblr-1691	683	51	than	than	ADP
cblr-1691	683	52	$	$	SYM
cblr-1691	683	53	8	8	NUM
cblr-1691	683	54	billion	billion	NUM
cblr-1691	683	55	.	.	PUNCT
cblr-1691	683	56	”	"	PUNCT
cblr-1691	683	57	)	)	PUNCT
cblr-1691	683	58	;	;	PUNCT
cblr-1691	683	59	see	see	VERB
cblr-1691	683	60	also	also	ADV
cblr-1691	683	61	gornall	gornall	PROPN
cblr-1691	683	62	&	&	CCONJ
cblr-1691	683	63	strabulaev	strabulaev	PROPN
cblr-1691	683	64	,	,	PUNCT
cblr-1691	683	65	supra	supra	PROPN
cblr-1691	683	66	note	note	PROPN
cblr-1691	683	67	176	176	NUM
cblr-1691	683	68	,	,	PUNCT
cblr-1691	683	69	at	at	ADP
cblr-1691	683	70	2	2	NUM
cblr-1691	683	71	(	(	PUNCT
cblr-1691	683	72	“	"	PUNCT
cblr-1691	683	73	while	while	SCONJ
cblr-1691	683	74	the	the	DET
cblr-1691	683	75	total	total	ADJ
cblr-1691	683	76	present	present	NOUN
cblr-1691	683	77	vc	vc	NOUN
cblr-1691	683	78	exposure	exposure	NOUN
cblr-1691	683	79	of	of	ADP
cblr-1691	683	80	mutual	mutual	ADJ
cblr-1691	683	81	funds	fund	NOUN
cblr-1691	683	82	,	,	PUNCT
cblr-1691	683	83	at	at	ADP
cblr-1691	683	84	around	around	ADP
cblr-1691	683	85	$	$	SYM
cblr-1691	683	86	7	7	NUM
cblr-1691	683	87	billion	billion	NUM
cblr-1691	683	88	,	,	PUNCT
cblr-1691	683	89	is	be	AUX
cblr-1691	683	90	small	small	ADJ
cblr-1691	683	91	compared	compare	VERB
cblr-1691	683	92	to	to	ADP
cblr-1691	683	93	the	the	DET
cblr-1691	683	94	size	size	NOUN
cblr-1691	683	95	of	of	ADP
cblr-1691	683	96	the	the	DET
cblr-1691	683	97	mutual	mutual	ADJ
cblr-1691	683	98	fund	fund	NOUN
cblr-1691	683	99	industry	industry	NOUN
cblr-1691	683	100	,	,	PUNCT
cblr-1691	683	101	there	there	PRON
cblr-1691	683	102	has	have	AUX
cblr-1691	683	103	been	be	AUX
cblr-1691	683	104	a	a	DET
cblr-1691	683	105	tenfold	tenfold	ADJ
cblr-1691	683	106	increase	increase	NOUN
cblr-1691	683	107	in	in	ADP
cblr-1691	683	108	just	just	ADV
cblr-1691	683	109	three	three	NUM
cblr-1691	683	110	years	year	NOUN
cblr-1691	683	111	.	.	PUNCT
cblr-1691	683	112	”	"	PUNCT
cblr-1691	683	113	)	)	PUNCT
cblr-1691	683	114	.	.	PUNCT
cblr-1691	684	1	206	206	NUM
cblr-1691	684	2	see	see	VERB
cblr-1691	684	3	chernenko	chernenko	PROPN
cblr-1691	684	4	et	et	PROPN
cblr-1691	684	5	al	al	PROPN
cblr-1691	684	6	.	.	PROPN
cblr-1691	684	7	,	,	PUNCT
cblr-1691	684	8	supra	supra	PROPN
cblr-1691	684	9	note	note	NOUN
cblr-1691	684	10	4	4	NUM
cblr-1691	684	11	,	,	PUNCT
cblr-1691	684	12	at	at	ADP
cblr-1691	684	13	20	20	NUM
cblr-1691	684	14	;	;	PUNCT
cblr-1691	684	15	see	see	VERB
cblr-1691	684	16	also	also	ADV
cblr-1691	684	17	gornall	gornall	PROPN
cblr-1691	684	18	&	&	CCONJ
cblr-1691	684	19	strabulaev	strabulaev	PROPN
cblr-1691	684	20	,	,	PUNCT
cblr-1691	684	21	supra	supra	PROPN
cblr-1691	684	22	note	note	PROPN
cblr-1691	684	23	176	176	NUM
cblr-1691	684	24	.	.	PUNCT
cblr-1691	685	1	additionally	additionally	ADV
cblr-1691	685	2	,	,	PUNCT
cblr-1691	685	3	third	third	ADJ
cblr-1691	685	4	-	-	PUNCT
cblr-1691	685	5	party	party	NOUN
cblr-1691	685	6	equity	equity	NOUN
cblr-1691	685	7	marketplaces	marketplace	NOUN
cblr-1691	685	8	such	such	ADJ
cblr-1691	685	9	as	as	ADP
cblr-1691	685	10	equityzen	equityzen	PROPN
cblr-1691	685	11	allow	allow	VERB
cblr-1691	685	12	individual	individual	ADJ
cblr-1691	685	13	investors	investor	NOUN
cblr-1691	685	14	to	to	PART
cblr-1691	685	15	gain	gain	VERB
cblr-1691	685	16	direct	direct	ADJ
cblr-1691	685	17	exposure	exposure	NOUN
cblr-1691	685	18	to	to	ADP
cblr-1691	685	19	these	these	DET
cblr-1691	685	20	unicorns	unicorn	NOUN
cblr-1691	685	21	.	.	PUNCT
cblr-1691	686	1	see	see	VERB
cblr-1691	686	2	vedant	vedant	PROPN
cblr-1691	686	3	suri	suri	PROPN
cblr-1691	686	4	,	,	PUNCT
cblr-1691	686	5	unicorns	unicorn	NOUN
cblr-1691	686	6	,	,	PUNCT
cblr-1691	686	7	dinosaurs	dinosaur	NOUN
cblr-1691	686	8	&	&	CCONJ
cblr-1691	686	9	the	the	DET
cblr-1691	686	10	elephant	elephant	NOUN
cblr-1691	686	11	room	room	NOUN
cblr-1691	686	12	–	–	PUNCT
cblr-1691	686	13	an	an	DET
cblr-1691	686	14	update	update	NOUN
cblr-1691	686	15	on	on	ADP
cblr-1691	686	16	the	the	DET
cblr-1691	686	17	tech	tech	NOUN
cblr-1691	686	18	animal	animal	NOUN
cblr-1691	686	19	kingdom	kingdom	NOUN
cblr-1691	686	20	,	,	PUNCT
cblr-1691	686	21	equityzen	equityzen	PROPN
cblr-1691	686	22	(	(	PUNCT
cblr-1691	686	23	aug	aug	PROPN
cblr-1691	686	24	.	.	PROPN
cblr-1691	686	25	19	19	NUM
cblr-1691	686	26	,	,	PUNCT
cblr-1691	686	27	2015	2015	NUM
cblr-1691	686	28	)	)	PUNCT
cblr-1691	686	29	,	,	PUNCT
cblr-1691	686	30	https://equityzen.com/knowledge-center/blog/update-tech-animalkingdom	https://equityzen.com/knowledge-center/blog/update-tech-animalkingdom	X
cblr-1691	687	1	[	[	X
cblr-1691	687	2	https://perma.cc/es6x-rz3j	https://perma.cc/es6x-rz3j	X
cblr-1691	687	3	]	]	PUNCT
cblr-1691	687	4	.	.	PUNCT
cblr-1691	688	1	207	207	NUM
cblr-1691	688	2	ola	ola	PROPN
cblr-1691	688	3	bengtsson	bengtsson	PROPN
cblr-1691	688	4	&	&	CCONJ
cblr-1691	688	5	john	john	PROPN
cblr-1691	688	6	r.m	r.m	PROPN
cblr-1691	688	7	.	.	PROPN
cblr-1691	688	8	hand	hand	PROPN
cblr-1691	688	9	,	,	PUNCT
cblr-1691	688	10	ceo	ceo	NOUN
cblr-1691	688	11	compensation	compensation	NOUN
cblr-1691	688	12	in	in	ADP
cblr-1691	688	13	venturebacked	venturebacke	VERB
cblr-1691	688	14	firms	firm	NOUN
cblr-1691	688	15	,	,	PUNCT
cblr-1691	688	16	26	26	NUM
cblr-1691	688	17	j.	j.	PROPN
cblr-1691	688	18	bus	bus	PROPN
cblr-1691	688	19	.	.	PUNCT
cblr-1691	689	1	venturing	venture	VERB
cblr-1691	689	2	391	391	NUM
cblr-1691	689	3	,	,	PUNCT
cblr-1691	689	4	410	410	NUM
cblr-1691	689	5	(	(	PUNCT
cblr-1691	689	6	2011	2011	NUM
cblr-1691	689	7	)	)	PUNCT
cblr-1691	689	8	(	(	PUNCT
cblr-1691	689	9	“	"	PUNCT
cblr-1691	689	10	without	without	ADP
cblr-1691	689	11	multiple	multiple	ADJ
cblr-1691	689	12	injections	injection	NOUN
cblr-1691	689	13	of	of	ADP
cblr-1691	689	14	new	new	ADJ
cblr-1691	689	15	capital	capital	NOUN
cblr-1691	689	16	,	,	PUNCT
cblr-1691	689	17	a	a	DET
cblr-1691	689	18	firm	firm	NOUN
cblr-1691	689	19	of	of	ADP
cblr-1691	689	20	the	the	DET
cblr-1691	689	21	type	type	NOUN
cblr-1691	689	22	backed	back	VERB
cblr-1691	689	23	by	by	ADP
cblr-1691	689	24	venture	venture	NOUN
cblr-1691	689	25	capital	capital	NOUN
cblr-1691	689	26	is	be	AUX
cblr-1691	689	27	likely	likely	ADJ
cblr-1691	689	28	to	to	PART
cblr-1691	689	29	go	go	VERB
cblr-1691	689	30	bankrupt	bankrupt	ADJ
cblr-1691	689	31	rather	rather	ADV
cblr-1691	689	32	than	than	ADP
cblr-1691	689	33	realize	realize	VERB
cblr-1691	689	34	its	its	PRON
cblr-1691	689	35	goal	goal	NOUN
cblr-1691	689	36	of	of	ADP
cblr-1691	689	37	going	go	VERB
cblr-1691	689	38	public	public	ADJ
cblr-1691	689	39	or	or	CCONJ
cblr-1691	689	40	being	be	AUX
cblr-1691	689	41	acquired	acquire	VERB
cblr-1691	689	42	.	.	PUNCT
cblr-1691	689	43	”	"	PUNCT
cblr-1691	689	44	)	)	PUNCT
cblr-1691	689	45	.	.	PUNCT
cblr-1691	690	1	no	no	INTJ
cblr-1691	690	2	.	.	PUNCT
cblr-1691	691	1	1:107	1:107	NUM
cblr-1691	691	2	]	]	X
cblr-1691	691	3	unicorn	unicorn	ADJ
cblr-1691	691	4	stock	stock	NOUN
cblr-1691	691	5	options	option	NOUN
cblr-1691	691	6	153	153	NUM
cblr-1691	691	7	investment.208	investment.208	ADJ
cblr-1691	691	8	private	private	ADJ
cblr-1691	691	9	investment	investment	NOUN
cblr-1691	691	10	allows	allow	VERB
cblr-1691	691	11	the	the	DET
cblr-1691	691	12	firm	firm	NOUN
cblr-1691	691	13	’s	’s	PART
cblr-1691	691	14	founder	founder	NOUN
cblr-1691	691	15	to	to	PART
cblr-1691	691	16	defer	defer	VERB
cblr-1691	691	17	the	the	DET
cblr-1691	691	18	costs	cost	NOUN
cblr-1691	691	19	associated	associate	VERB
cblr-1691	691	20	with	with	ADP
cblr-1691	691	21	going	go	VERB
cblr-1691	691	22	public209	public209	ADV
cblr-1691	691	23	and	and	CCONJ
cblr-1691	691	24	avoid	avoid	VERB
cblr-1691	691	25	the	the	DET
cblr-1691	691	26	pressures	pressure	NOUN
cblr-1691	691	27	associated	associate	VERB
cblr-1691	691	28	with	with	ADP
cblr-1691	691	29	being	be	AUX
cblr-1691	691	30	a	a	DET
cblr-1691	691	31	public	public	ADJ
cblr-1691	691	32	company,210	company,210	NOUN
cblr-1691	691	33	especially	especially	ADV
cblr-1691	691	34	pressures	pressure	NOUN
cblr-1691	691	35	to	to	PART
cblr-1691	691	36	not	not	PART
cblr-1691	691	37	invest	invest	VERB
cblr-1691	691	38	in	in	ADP
cblr-1691	691	39	innovation	innovation	NOUN
cblr-1691	691	40	and	and	CCONJ
cblr-1691	691	41	focus	focus	VERB
cblr-1691	691	42	on	on	ADP
cblr-1691	691	43	208	208	NUM
cblr-1691	691	44	see	see	VERB
cblr-1691	691	45	zvi	zvi	NOUN
cblr-1691	691	46	griliches	griliche	NOUN
cblr-1691	691	47	,	,	PUNCT
cblr-1691	691	48	the	the	DET
cblr-1691	691	49	search	search	NOUN
cblr-1691	691	50	for	for	ADP
cblr-1691	691	51	r&d	r&d	NOUN
cblr-1691	691	52	spillovers	spillover	NOUN
cblr-1691	691	53	,	,	PUNCT
cblr-1691	691	54	94	94	NUM
cblr-1691	691	55	scandinavian	scandinavian	NOUN
cblr-1691	691	56	j.	j.	PROPN
cblr-1691	691	57	econ	econ	PROPN
cblr-1691	691	58	.	.	PROPN
cblr-1691	692	1	29	29	NUM
cblr-1691	692	2	,	,	PUNCT
cblr-1691	692	3	32	32	NUM
cblr-1691	692	4	(	(	PUNCT
cblr-1691	692	5	supp	supp	PROPN
cblr-1691	692	6	.	.	PUNCT
cblr-1691	692	7	1992	1992	NUM
cblr-1691	692	8	)	)	PUNCT
cblr-1691	692	9	.	.	PUNCT
cblr-1691	693	1	209	209	NUM
cblr-1691	693	2	kwon	kwon	VERB
cblr-1691	693	3	et	et	PROPN
cblr-1691	693	4	al	al	PROPN
cblr-1691	693	5	.	.	PROPN
cblr-1691	693	6	,	,	PUNCT
cblr-1691	693	7	supra	supra	PROPN
cblr-1691	693	8	note	note	PROPN
cblr-1691	693	9	175	175	NUM
cblr-1691	693	10	,	,	PUNCT
cblr-1691	693	11	at	at	ADP
cblr-1691	693	12	27	27	NUM
cblr-1691	693	13	.	.	PUNCT
cblr-1691	694	1	on	on	ADP
cblr-1691	694	2	the	the	DET
cblr-1691	694	3	regulatory	regulatory	ADJ
cblr-1691	694	4	costs	cost	NOUN
cblr-1691	694	5	of	of	ADP
cblr-1691	694	6	going	go	VERB
cblr-1691	694	7	public	public	ADJ
cblr-1691	694	8	,	,	PUNCT
cblr-1691	694	9	see	see	VERB
cblr-1691	694	10	generally	generally	ADV
cblr-1691	694	11	anne	anne	PROPN
cblr-1691	694	12	beyer	beyer	PROPN
cblr-1691	694	13	,	,	PUNCT
cblr-1691	694	14	daniel	daniel	PROPN
cblr-1691	694	15	a.	a.	PROPN
cblr-1691	694	16	cohen	cohen	PROPN
cblr-1691	694	17	,	,	PUNCT
cblr-1691	694	18	thomas	thomas	PROPN
cblr-1691	694	19	z.	z.	PROPN
cblr-1691	694	20	lys	lys	PROPN
cblr-1691	694	21	&	&	CCONJ
cblr-1691	694	22	beverly	beverly	PROPN
cblr-1691	694	23	r.	r.	PROPN
cblr-1691	694	24	walther	walther	PROPN
cblr-1691	694	25	,	,	PUNCT
cblr-1691	694	26	the	the	DET
cblr-1691	694	27	financial	financial	ADJ
cblr-1691	694	28	reporting	reporting	NOUN
cblr-1691	694	29	environment	environment	NOUN
cblr-1691	694	30	:	:	PUNCT
cblr-1691	694	31	review	review	NOUN
cblr-1691	694	32	of	of	ADP
cblr-1691	694	33	the	the	DET
cblr-1691	694	34	recent	recent	ADJ
cblr-1691	694	35	literature	literature	NOUN
cblr-1691	694	36	,	,	PUNCT
cblr-1691	694	37	50	50	NUM
cblr-1691	694	38	j.	j.	PROPN
cblr-1691	694	39	acct	acct	PROPN
cblr-1691	694	40	.	.	PROPN
cblr-1691	694	41	&	&	CCONJ
cblr-1691	694	42	econ	econ	PROPN
cblr-1691	694	43	.	.	PUNCT
cblr-1691	695	1	296	296	NUM
cblr-1691	695	2	(	(	PUNCT
cblr-1691	695	3	2010	2010	NUM
cblr-1691	695	4	)	)	PUNCT
cblr-1691	695	5	.	.	PUNCT
cblr-1691	696	1	210	210	NUM
cblr-1691	697	1	another	another	DET
cblr-1691	697	2	plausible	plausible	ADJ
cblr-1691	697	3	cause	cause	NOUN
cblr-1691	697	4	for	for	ADP
cblr-1691	697	5	the	the	DET
cblr-1691	697	6	rise	rise	NOUN
cblr-1691	697	7	of	of	ADP
cblr-1691	697	8	the	the	DET
cblr-1691	697	9	unicorn	unicorn	ADJ
cblr-1691	697	10	firms	firm	NOUN
cblr-1691	697	11	is	be	AUX
cblr-1691	697	12	that	that	PRON
cblr-1691	697	13	lucrative	lucrative	ADJ
cblr-1691	697	14	technology	technology	NOUN
cblr-1691	697	15	companies	company	NOUN
cblr-1691	697	16	choose	choose	VERB
cblr-1691	697	17	to	to	PART
cblr-1691	697	18	stay	stay	VERB
cblr-1691	697	19	private	private	ADJ
cblr-1691	697	20	as	as	ADV
cblr-1691	697	21	long	long	ADV
cblr-1691	697	22	as	as	ADP
cblr-1691	697	23	possible	possible	ADJ
cblr-1691	697	24	in	in	ADP
cblr-1691	697	25	order	order	NOUN
cblr-1691	697	26	to	to	PART
cblr-1691	697	27	escape	escape	VERB
cblr-1691	697	28	the	the	DET
cblr-1691	697	29	pressures	pressure	NOUN
cblr-1691	697	30	toward	toward	ADP
cblr-1691	697	31	short	short	ADJ
cblr-1691	697	32	-	-	PUNCT
cblr-1691	697	33	term	term	NOUN
cblr-1691	697	34	strategies	strategy	NOUN
cblr-1691	697	35	that	that	PRON
cblr-1691	697	36	stem	stem	VERB
cblr-1691	697	37	from	from	ADP
cblr-1691	697	38	public	public	ADJ
cblr-1691	697	39	ownership	ownership	NOUN
cblr-1691	697	40	.	.	PUNCT
cblr-1691	698	1	see	see	VERB
cblr-1691	698	2	the	the	DET
cblr-1691	698	3	endangered	endangered	ADJ
cblr-1691	698	4	public	public	ADJ
cblr-1691	698	5	company	company	NOUN
cblr-1691	698	6	,	,	PUNCT
cblr-1691	698	7	economist	economist	NOUN
cblr-1691	698	8	(	(	PUNCT
cblr-1691	698	9	may	may	PROPN
cblr-1691	698	10	19	19	NUM
cblr-1691	698	11	,	,	PUNCT
cblr-1691	698	12	2012	2012	NUM
cblr-1691	698	13	)	)	PUNCT
cblr-1691	698	14	,	,	PUNCT
cblr-1691	698	15	https://www.economist.com/leaders/2012/05/19/the-endangeredpublic-company	https://www.economist.com/leaders/2012/05/19/the-endangeredpublic-company	PROPN
cblr-1691	698	16	.	.	PUNCT
cblr-1691	699	1	[	[	X
cblr-1691	699	2	https://perma.cc/7hjs-6t5z	https://perma.cc/7hjs-6t5z	X
cblr-1691	699	3	]	]	X
cblr-1691	699	4	;	;	PUNCT
cblr-1691	699	5	see	see	VERB
cblr-1691	699	6	also	also	ADV
cblr-1691	699	7	lynn	lynn	PROPN
cblr-1691	699	8	stout	stout	PROPN
cblr-1691	699	9	,	,	PUNCT
cblr-1691	699	10	the	the	DET
cblr-1691	699	11	shareholder	shareholder	NOUN
cblr-1691	699	12	value	value	NOUN
cblr-1691	699	13	myth	myth	NOUN
cblr-1691	699	14	:	:	PUNCT
cblr-1691	699	15	how	how	SCONJ
cblr-1691	699	16	putting	put	VERB
cblr-1691	699	17	shareholders	shareholder	NOUN
cblr-1691	699	18	first	first	ADV
cblr-1691	699	19	harms	harm	VERB
cblr-1691	699	20	investors	investor	NOUN
cblr-1691	699	21	,	,	PUNCT
cblr-1691	699	22	corporations	corporation	NOUN
cblr-1691	699	23	,	,	PUNCT
cblr-1691	699	24	and	and	CCONJ
cblr-1691	699	25	the	the	DET
cblr-1691	699	26	public	public	ADJ
cblr-1691	699	27	7	7	NUM
cblr-1691	699	28	(	(	PUNCT
cblr-1691	699	29	2012	2012	NUM
cblr-1691	699	30	)	)	PUNCT
cblr-1691	699	31	(	(	PUNCT
cblr-1691	699	32	asserting	assert	VERB
cblr-1691	699	33	the	the	DET
cblr-1691	699	34	shortterm	shortterm	PROPN
cblr-1691	699	35	focus	focus	NOUN
cblr-1691	699	36	of	of	ADP
cblr-1691	699	37	investors	investor	NOUN
cblr-1691	699	38	and	and	CCONJ
cblr-1691	699	39	corporate	corporate	ADJ
cblr-1691	699	40	boards	board	NOUN
cblr-1691	699	41	is	be	AUX
cblr-1691	699	42	currently	currently	ADV
cblr-1691	699	43	one	one	NUM
cblr-1691	699	44	of	of	ADP
cblr-1691	699	45	the	the	DET
cblr-1691	699	46	key	key	ADJ
cblr-1691	699	47	issues	issue	NOUN
cblr-1691	699	48	in	in	ADP
cblr-1691	699	49	the	the	DET
cblr-1691	699	50	corporate	corporate	ADJ
cblr-1691	699	51	governance	governance	NOUN
cblr-1691	699	52	debate	debate	NOUN
cblr-1691	699	53	)	)	PUNCT
cblr-1691	699	54	;	;	PUNCT
cblr-1691	699	55	thomas	thomas	PROPN
cblr-1691	699	56	j.	j.	PROPN
cblr-1691	699	57	chemmanur	chemmanur	PROPN
cblr-1691	699	58	&	&	CCONJ
cblr-1691	699	59	yawen	yawen	PROPN
cblr-1691	699	60	jiao	jiao	PROPN
cblr-1691	699	61	,	,	PUNCT
cblr-1691	699	62	dual	dual	ADJ
cblr-1691	699	63	class	class	NOUN
cblr-1691	699	64	ipos	ipos	PROPN
cblr-1691	699	65	:	:	PUNCT
cblr-1691	699	66	a	a	DET
cblr-1691	699	67	theoretical	theoretical	ADJ
cblr-1691	699	68	analysis	analysis	NOUN
cblr-1691	699	69	,	,	PUNCT
cblr-1691	699	70	36	36	NUM
cblr-1691	699	71	j.	j.	PROPN
cblr-1691	699	72	banking	banking	PROPN
cblr-1691	699	73	&	&	CCONJ
cblr-1691	699	74	fin	fin	PROPN
cblr-1691	699	75	.	.	PUNCT
cblr-1691	700	1	305	305	NUM
cblr-1691	700	2	,	,	PUNCT
cblr-1691	700	3	316	316	NUM
cblr-1691	700	4	(	(	PUNCT
cblr-1691	700	5	2012	2012	NUM
cblr-1691	700	6	)	)	PUNCT
cblr-1691	700	7	.	.	PUNCT
cblr-1691	701	1	for	for	ADP
cblr-1691	701	2	discussion	discussion	NOUN
cblr-1691	701	3	on	on	ADP
cblr-1691	701	4	shareholder	shareholder	NOUN
cblr-1691	701	5	value	value	NOUN
cblr-1691	701	6	,	,	PUNCT
cblr-1691	701	7	see	see	VERB
cblr-1691	701	8	colin	colin	PROPN
cblr-1691	701	9	mayer	mayer	PROPN
cblr-1691	701	10	,	,	PUNCT
cblr-1691	701	11	firm	firm	ADJ
cblr-1691	701	12	commitment	commitment	NOUN
cblr-1691	701	13	(	(	PUNCT
cblr-1691	701	14	2013	2013	NUM
cblr-1691	701	15	)	)	PUNCT
cblr-1691	701	16	;	;	PUNCT
cblr-1691	701	17	see	see	VERB
cblr-1691	701	18	also	also	ADV
cblr-1691	701	19	ira	ira	PROPN
cblr-1691	701	20	m.	m.	PROPN
cblr-1691	701	21	millstein	millstein	ADV
cblr-1691	701	22	,	,	PUNCT
cblr-1691	701	23	re	re	VERB
cblr-1691	701	24	-	-	VERB
cblr-1691	701	25	examining	examine	VERB
cblr-1691	701	26	board	board	NOUN
cblr-1691	701	27	priorities	priority	NOUN
cblr-1691	701	28	in	in	ADP
cblr-1691	701	29	an	an	DET
cblr-1691	701	30	era	era	NOUN
cblr-1691	701	31	of	of	ADP
cblr-1691	701	32	activism	activism	NOUN
cblr-1691	701	33	,	,	PUNCT
cblr-1691	701	34	n.y	n.y	PROPN
cblr-1691	701	35	.	.	PROPN
cblr-1691	701	36	times	times	PROPN
cblr-1691	701	37	(	(	PUNCT
cblr-1691	701	38	mar	mar	PROPN
cblr-1691	701	39	.	.	PROPN
cblr-1691	701	40	8	8	NUM
cblr-1691	701	41	,	,	PUNCT
cblr-1691	701	42	2013	2013	NUM
cblr-1691	701	43	)	)	PUNCT
cblr-1691	702	1	http://dealbook.nytimes.com/2013/03/08/re-examining-board-priorities-inan-era-of-activism/?_r=0	http://dealbook.nytimes.com/2013/03/08/re-examining-board-priorities-inan-era-of-activism/?_r=0	NOUN
cblr-1691	703	1	[	[	X
cblr-1691	703	2	https://perma.cc/t434-pfh8	https://perma.cc/t434-pfh8	X
cblr-1691	703	3	]	]	X
cblr-1691	703	4	(	(	PUNCT
cblr-1691	703	5	“	"	PUNCT
cblr-1691	703	6	[	[	X
cblr-1691	703	7	c]orporate	c]orporate	ADJ
cblr-1691	703	8	boards	board	NOUN
cblr-1691	703	9	around	around	ADP
cblr-1691	703	10	the	the	DET
cblr-1691	703	11	country	country	NOUN
cblr-1691	703	12	should	should	AUX
cblr-1691	703	13	re	re	VERB
cblr-1691	703	14	-	-	VERB
cblr-1691	703	15	examine	examine	VERB
cblr-1691	703	16	their	their	PRON
cblr-1691	703	17	priorities	priority	NOUN
cblr-1691	703	18	and	and	CCONJ
cblr-1691	703	19	figure	figure	VERB
cblr-1691	703	20	out	out	ADP
cblr-1691	703	21	to	to	PART
cblr-1691	703	22	whom	whom	PRON
cblr-1691	703	23	they	they	PRON
cblr-1691	703	24	owe	owe	VERB
cblr-1691	703	25	their	their	PRON
cblr-1691	703	26	fiduciary	fiduciary	ADJ
cblr-1691	703	27	duties	duty	NOUN
cblr-1691	703	28	.	.	PUNCT
cblr-1691	703	29	”	"	PUNCT
cblr-1691	703	30	)	)	PUNCT
cblr-1691	703	31	;	;	PUNCT
cblr-1691	703	32	see	see	VERB
cblr-1691	703	33	also	also	ADV
cblr-1691	703	34	stout	stout	ADJ
cblr-1691	703	35	,	,	PUNCT
cblr-1691	703	36	supra	supra	PROPN
cblr-1691	703	37	,	,	PUNCT
cblr-1691	703	38	at	at	ADP
cblr-1691	703	39	7	7	NUM
cblr-1691	703	40	.	.	PUNCT
cblr-1691	703	41	stout	stout	PROPN
cblr-1691	703	42	also	also	ADV
cblr-1691	703	43	expresses	express	VERB
cblr-1691	703	44	this	this	DET
cblr-1691	703	45	concern	concern	NOUN
cblr-1691	703	46	with	with	ADP
cblr-1691	703	47	regards	regard	NOUN
cblr-1691	703	48	to	to	ADP
cblr-1691	703	49	the	the	DET
cblr-1691	703	50	innovation	innovation	NOUN
cblr-1691	703	51	ability	ability	NOUN
cblr-1691	703	52	of	of	ADP
cblr-1691	703	53	large	large	ADJ
cblr-1691	703	54	public	public	ADJ
cblr-1691	703	55	companies	company	NOUN
cblr-1691	703	56	.	.	PUNCT
cblr-1691	704	1	see	see	VERB
cblr-1691	704	2	lynn	lynn	PROPN
cblr-1691	704	3	a.	a.	PROPN
cblr-1691	704	4	stout	stout	PROPN
cblr-1691	704	5	,	,	PUNCT
cblr-1691	704	6	the	the	DET
cblr-1691	704	7	corporation	corporation	NOUN
cblr-1691	704	8	as	as	ADP
cblr-1691	704	9	a	a	DET
cblr-1691	704	10	time	time	NOUN
cblr-1691	704	11	machine	machine	NOUN
cblr-1691	704	12	:	:	PUNCT
cblr-1691	704	13	intergenerational	intergenerational	ADJ
cblr-1691	704	14	equity	equity	NOUN
cblr-1691	704	15	,	,	PUNCT
cblr-1691	704	16	intergenerational	intergenerational	ADJ
cblr-1691	704	17	efficiency	efficiency	NOUN
cblr-1691	704	18	,	,	PUNCT
cblr-1691	704	19	and	and	CCONJ
cblr-1691	704	20	the	the	DET
cblr-1691	704	21	corporate	corporate	ADJ
cblr-1691	704	22	form	form	NOUN
cblr-1691	704	23	,	,	PUNCT
cblr-1691	704	24	38	38	NUM
cblr-1691	704	25	seattle	seattle	PROPN
cblr-1691	704	26	u.	u.	PROPN
cblr-1691	704	27	l.	l.	PROPN
cblr-1691	704	28	rev	rev	PROPN
cblr-1691	704	29	.	.	PROPN
cblr-1691	704	30	685	685	NUM
cblr-1691	704	31	,	,	PUNCT
cblr-1691	704	32	710–11	710–11	NUM
cblr-1691	704	33	(	(	PUNCT
cblr-1691	704	34	2015	2015	NUM
cblr-1691	704	35	)	)	PUNCT
cblr-1691	704	36	;	;	PUNCT
cblr-1691	704	37	see	see	VERB
cblr-1691	704	38	also	also	ADV
cblr-1691	704	39	john	john	PROPN
cblr-1691	704	40	armour	armour	PROPN
cblr-1691	704	41	,	,	PUNCT
cblr-1691	704	42	henry	henry	PROPN
cblr-1691	704	43	hansmann	hansmann	PROPN
cblr-1691	704	44	&	&	CCONJ
cblr-1691	704	45	reinier	reinier	PROPN
cblr-1691	704	46	kraakman	kraakman	PROPN
cblr-1691	704	47	,	,	PUNCT
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cblr-1691	704	51	law	law	NOUN
cblr-1691	704	52	?	?	PUNCT
cblr-1691	704	53	,	,	PUNCT
cblr-1691	704	54	in	in	ADP
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cblr-1691	704	56	anatomy	anatomy	NOUN
cblr-1691	704	57	of	of	ADP
cblr-1691	704	58	corporate	corporate	ADJ
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cblr-1691	704	60	:	:	PUNCT
cblr-1691	704	61	a	a	DET
cblr-1691	704	62	comparative	comparative	ADJ
cblr-1691	704	63	and	and	CCONJ
cblr-1691	704	64	functional	functional	ADJ
cblr-1691	704	65	approach	approach	NOUN
cblr-1691	704	66	(	(	PUNCT
cblr-1691	704	67	3d	3d	PROPN
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cblr-1691	704	72	;	;	PUNCT
cblr-1691	704	73	david	david	PROPN
cblr-1691	704	74	ciepley	ciepley	PROPN
cblr-1691	704	75	,	,	PUNCT
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cblr-1691	704	79	private	private	ADJ
cblr-1691	704	80	:	:	PUNCT
cblr-1691	704	81	toward	toward	ADP
cblr-1691	704	82	a	a	DET
cblr-1691	704	83	political	political	ADJ
cblr-1691	704	84	theory	theory	NOUN
cblr-1691	704	85	of	of	ADP
cblr-1691	704	86	the	the	DET
cblr-1691	704	87	corporation	corporation	NOUN
cblr-1691	704	88	,	,	PUNCT
cblr-1691	704	89	107	107	NUM
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cblr-1691	707	8	)	)	PUNCT
cblr-1691	707	9	;	;	PUNCT
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cblr-1691	707	21	(	(	PUNCT
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cblr-1691	707	25	,	,	PUNCT
cblr-1691	707	26	2008	2008	NUM
cblr-1691	707	27	)	)	PUNCT
cblr-1691	707	28	,	,	PUNCT
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cblr-1691	709	21	[	[	X
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cblr-1691	710	3	business	business	NOUN
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cblr-1691	711	1	[	[	X
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cblr-1691	711	3	.	.	PUNCT
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cblr-1691	711	8	results.211	results.211	NOUN
cblr-1691	711	9	as	as	ADP
cblr-1691	711	10	a	a	DET
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cblr-1691	711	12	of	of	ADP
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cblr-1691	711	15	of	of	ADP
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cblr-1691	711	26	leverage	leverage	NOUN
cblr-1691	711	27	to	to	PART
cblr-1691	711	28	negotiate	negotiate	VERB
cblr-1691	711	29	founder	founder	NOUN
cblr-1691	711	30	friendly	friendly	ADJ
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cblr-1691	711	32	with	with	ADP
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cblr-1691	711	36	,	,	PUNCT
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cblr-1691	711	38	continue	continue	VERB
cblr-1691	711	39	to	to	PART
cblr-1691	711	40	play	play	VERB
cblr-1691	711	41	an	an	DET
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cblr-1691	711	43	role	role	NOUN
cblr-1691	711	44	in	in	ADP
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cblr-1691	711	46	governance	governance	NOUN
cblr-1691	711	47	structure	structure	NOUN
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cblr-1691	711	51	policymakers	policymaker	NOUN
cblr-1691	711	52	,	,	PUNCT
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cblr-1691	711	56	scholars	scholar	NOUN
cblr-1691	711	57	should	should	AUX
cblr-1691	711	58	take	take	VERB
cblr-1691	711	59	these	these	DET
cblr-1691	711	60	new	new	ADJ
cblr-1691	711	61	market	market	NOUN
cblr-1691	711	62	trends	trend	NOUN
cblr-1691	711	63	into	into	ADP
cblr-1691	711	64	account	account	NOUN
cblr-1691	711	65	and	and	CCONJ
cblr-1691	711	66	advance	advance	VERB
cblr-1691	711	67	the	the	DET
cblr-1691	711	68	traditional	traditional	ADJ
cblr-1691	711	69	entrepreneurship	entrepreneurship	NOUN
cblr-1691	711	70	literature	literature	NOUN
cblr-1691	711	71	,	,	PUNCT
cblr-1691	711	72	which	which	PRON
cblr-1691	711	73	has	have	AUX
cblr-1691	711	74	focused	focus	VERB
cblr-1691	711	75	on	on	ADP
cblr-1691	711	76	vcs	vcs	PROPN
cblr-1691	711	77	as	as	SCONJ
cblr-1691	711	78	the	the	DET
cblr-1691	711	79	dominant	dominant	ADJ
cblr-1691	711	80	source	source	NOUN
cblr-1691	711	81	of	of	ADP
cblr-1691	711	82	financing	finance	VERB
cblr-1691	711	83	start	start	NOUN
cblr-1691	711	84	-	-	PUNCT
cblr-1691	711	85	ups	up	NOUN
cblr-1691	711	86	over	over	ADP
cblr-1691	711	87	the	the	DET
cblr-1691	711	88	last	last	ADJ
cblr-1691	711	89	thirty	thirty	NUM
cblr-1691	711	90	years.213	years.213	NOUN
cblr-1691	711	91	future	future	ADJ
cblr-1691	711	92	research	research	NOUN
cblr-1691	711	93	or	or	CCONJ
cblr-1691	711	94	other	other	ADJ
cblr-1691	711	95	papers	paper	NOUN
cblr-1691	711	96	can	can	AUX
cblr-1691	711	97	address	address	VERB
cblr-1691	711	98	the	the	DET
cblr-1691	711	99	question	question	NOUN
cblr-1691	711	100	of	of	ADP
cblr-1691	711	101	mutual	mutual	ADJ
cblr-1691	711	102	funds	fund	NOUN
cblr-1691	711	103	’	'	PUNCT
cblr-1691	711	104	and	and	CCONJ
cblr-1691	711	105	sovereign	sovereign	ADJ
cblr-1691	711	106	wealth	wealth	NOUN
cblr-1691	711	107	funds	fund	NOUN
cblr-1691	711	108	’	'	PUNCT
cblr-1691	711	109	incentives	incentive	VERB
cblr-1691	711	110	for	for	ADP
cblr-1691	711	111	investing	invest	VERB
cblr-1691	711	112	in	in	ADP
cblr-1691	711	113	early	early	ADJ
cblr-1691	711	114	stage	stage	NOUN
cblr-1691	711	115	technology	technology	NOUN
cblr-1691	711	116	development	development	NOUN
cblr-1691	711	117	when	when	SCONJ
cblr-1691	711	118	they	they	PRON
cblr-1691	711	119	can	can	AUX
cblr-1691	711	120	not	not	PART
cblr-1691	711	121	capture	capture	VERB
cblr-1691	711	122	the	the	DET
cblr-1691	711	123	full	full	ADJ
cblr-1691	711	124	benefits	benefit	NOUN
cblr-1691	711	125	of	of	ADP
cblr-1691	711	126	such	such	ADJ
cblr-1691	711	127	technologies.214	technologies.214	ADJ
cblr-1691	711	128	c.	c.	NOUN
cblr-1691	711	129	changes	change	NOUN
cblr-1691	711	130	to	to	ADP
cblr-1691	711	131	governance	governance	NOUN
cblr-1691	711	132	structure	structure	NOUN
cblr-1691	711	133	of	of	ADP
cblr-1691	711	134	unicorns	unicorns	PROPN
cblr-1691	711	135	new	new	ADJ
cblr-1691	711	136	entrepreneurial	entrepreneurial	ADJ
cblr-1691	711	137	startup	startup	NOUN
cblr-1691	711	138	firms	firm	NOUN
cblr-1691	711	139	aspire	aspire	VERB
cblr-1691	711	140	to	to	PART
cblr-1691	711	141	receive	receive	VERB
cblr-1691	711	142	vc	vc	NOUN
cblr-1691	711	143	backing	backing	NOUN
cblr-1691	711	144	and	and	CCONJ
cblr-1691	711	145	become	become	VERB
cblr-1691	711	146	the	the	DET
cblr-1691	711	147	next	next	ADJ
cblr-1691	711	148	apple	apple	NOUN
cblr-1691	711	149	,	,	PUNCT
cblr-1691	711	150	facebook	facebook	NOUN
cblr-1691	711	151	,	,	PUNCT
cblr-1691	711	152	cisco	cisco	PROPN
cblr-1691	711	153	,	,	PUNCT
cblr-1691	711	154	google	google	PROPN
cblr-1691	711	155	,	,	PUNCT
cblr-1691	711	156	211	211	NUM
cblr-1691	711	157	kwon	kwon	VERB
cblr-1691	711	158	et	et	PROPN
cblr-1691	711	159	al	al	PROPN
cblr-1691	711	160	.	.	PROPN
cblr-1691	711	161	,	,	PUNCT
cblr-1691	711	162	supra	supra	PROPN
cblr-1691	711	163	note	note	PROPN
cblr-1691	711	164	175	175	NUM
cblr-1691	711	165	,	,	PUNCT
cblr-1691	711	166	at	at	ADP
cblr-1691	711	167	38	38	NUM
cblr-1691	711	168	.	.	PUNCT
cblr-1691	712	1	see	see	VERB
cblr-1691	712	2	also	also	ADV
cblr-1691	712	3	john	john	PROPN
cblr-1691	712	4	asker	asker	PROPN
cblr-1691	712	5	,	,	PUNCT
cblr-1691	712	6	joan	joan	PROPN
cblr-1691	712	7	farremensa	farremensa	PROPN
cblr-1691	712	8	&	&	CCONJ
cblr-1691	712	9	alexander	alexander	PROPN
cblr-1691	712	10	ljungqvist	ljungqvist	PROPN
cblr-1691	712	11	,	,	PUNCT
cblr-1691	712	12	corporate	corporate	ADJ
cblr-1691	712	13	investment	investment	NOUN
cblr-1691	712	14	and	and	CCONJ
cblr-1691	712	15	stock	stock	NOUN
cblr-1691	712	16	market	market	NOUN
cblr-1691	712	17	listing	listing	NOUN
cblr-1691	712	18	:	:	PUNCT
cblr-1691	712	19	a	a	DET
cblr-1691	712	20	puzzle	puzzle	NOUN
cblr-1691	712	21	?	?	PUNCT
cblr-1691	712	22	,	,	PUNCT
cblr-1691	712	23	28	28	NUM
cblr-1691	712	24	rev	rev	X
cblr-1691	712	25	.	.	PROPN
cblr-1691	712	26	fin	fin	NOUN
cblr-1691	712	27	.	.	PUNCT
cblr-1691	712	28	stud	stud	PROPN
cblr-1691	712	29	.	.	PUNCT
cblr-1691	713	1	342	342	NUM
cblr-1691	713	2	,	,	PUNCT
cblr-1691	713	3	346	346	NUM
cblr-1691	713	4	(	(	PUNCT
cblr-1691	713	5	2015	2015	NUM
cblr-1691	713	6	)	)	PUNCT
cblr-1691	713	7	(	(	PUNCT
cblr-1691	713	8	showing	show	VERB
cblr-1691	713	9	empirical	empirical	ADJ
cblr-1691	713	10	results	result	NOUN
cblr-1691	713	11	that	that	PRON
cblr-1691	713	12	private	private	ADJ
cblr-1691	713	13	firms	firm	NOUN
cblr-1691	713	14	invest	invest	VERB
cblr-1691	713	15	substantially	substantially	ADV
cblr-1691	713	16	more	more	ADJ
cblr-1691	713	17	than	than	ADP
cblr-1691	713	18	public	public	ADJ
cblr-1691	713	19	ones	one	NOUN
cblr-1691	713	20	,	,	PUNCT
cblr-1691	713	21	and	and	CCONJ
cblr-1691	713	22	that	that	SCONJ
cblr-1691	713	23	private	private	ADJ
cblr-1691	713	24	firms	firm	NOUN
cblr-1691	713	25	’	'	PUNCT
cblr-1691	713	26	investment	investment	NOUN
cblr-1691	713	27	decisions	decision	NOUN
cblr-1691	713	28	are	be	AUX
cblr-1691	713	29	around	around	ADV
cblr-1691	713	30	four	four	NUM
cblr-1691	713	31	times	time	NOUN
cblr-1691	713	32	more	more	ADV
cblr-1691	713	33	responsive	responsive	ADJ
cblr-1691	713	34	to	to	ADP
cblr-1691	713	35	changes	change	NOUN
cblr-1691	713	36	in	in	ADP
cblr-1691	713	37	investment	investment	NOUN
cblr-1691	713	38	opportunities	opportunity	NOUN
cblr-1691	713	39	than	than	SCONJ
cblr-1691	713	40	are	be	AUX
cblr-1691	713	41	those	those	PRON
cblr-1691	713	42	of	of	ADP
cblr-1691	713	43	public	public	ADJ
cblr-1691	713	44	firms	firm	NOUN
cblr-1691	713	45	)	)	PUNCT
cblr-1691	713	46	.	.	PUNCT
cblr-1691	714	1	212	212	NUM
cblr-1691	714	2	see	see	VERB
cblr-1691	714	3	robert	robert	PROPN
cblr-1691	714	4	p.	p.	PROPN
cblr-1691	714	5	bartlett	bartlett	PROPN
cblr-1691	714	6	,	,	PUNCT
cblr-1691	714	7	iii	iii	PROPN
cblr-1691	714	8	,	,	PUNCT
cblr-1691	714	9	venture	venture	NOUN
cblr-1691	714	10	capital	capital	NOUN
cblr-1691	714	11	,	,	PUNCT
cblr-1691	714	12	agency	agency	NOUN
cblr-1691	714	13	costs	cost	NOUN
cblr-1691	714	14	,	,	PUNCT
cblr-1691	714	15	and	and	CCONJ
cblr-1691	714	16	the	the	DET
cblr-1691	714	17	false	false	ADJ
cblr-1691	714	18	dichotomy	dichotomy	NOUN
cblr-1691	714	19	of	of	ADP
cblr-1691	714	20	the	the	DET
cblr-1691	714	21	corporation	corporation	NOUN
cblr-1691	714	22	,	,	PUNCT
cblr-1691	714	23	54	54	NUM
cblr-1691	714	24	ucla	ucla	PROPN
cblr-1691	714	25	l.	l.	PROPN
cblr-1691	714	26	rev	rev	PROPN
cblr-1691	714	27	.	.	PROPN
cblr-1691	714	28	37	37	NUM
cblr-1691	714	29	,	,	PUNCT
cblr-1691	714	30	44	44	NUM
cblr-1691	714	31	(	(	PUNCT
cblr-1691	714	32	2006	2006	NUM
cblr-1691	714	33	)	)	PUNCT
cblr-1691	714	34	(	(	PUNCT
cblr-1691	714	35	proposing	propose	VERB
cblr-1691	714	36	a	a	DET
cblr-1691	714	37	new	new	ADJ
cblr-1691	714	38	dynamic	dynamic	ADJ
cblr-1691	714	39	agency	agency	NOUN
cblr-1691	714	40	cost	cost	NOUN
cblr-1691	714	41	model	model	NOUN
cblr-1691	714	42	of	of	ADP
cblr-1691	714	43	the	the	DET
cblr-1691	714	44	firm	firm	NOUN
cblr-1691	714	45	)	)	PUNCT
cblr-1691	714	46	.	.	PUNCT
cblr-1691	715	1	213	213	NUM
cblr-1691	715	2	see	see	VERB
cblr-1691	715	3	gompers	gomper	NOUN
cblr-1691	715	4	et	et	PROPN
cblr-1691	715	5	al	al	PROPN
cblr-1691	715	6	.	.	PROPN
cblr-1691	715	7	,	,	PUNCT
cblr-1691	715	8	supra	supra	PROPN
cblr-1691	715	9	note	note	PROPN
cblr-1691	715	10	174	174	NUM
cblr-1691	715	11	,	,	PUNCT
cblr-1691	715	12	at	at	ADP
cblr-1691	715	13	2	2	NUM
cblr-1691	715	14	.	.	PUNCT
cblr-1691	715	15	214	214	NUM
cblr-1691	715	16	see	see	NOUN
cblr-1691	715	17	,	,	PUNCT
cblr-1691	715	18	e.g.	e.g.	ADV
cblr-1691	715	19	,	,	PUNCT
cblr-1691	715	20	branscomb	branscomb	PROPN
cblr-1691	715	21	&	&	CCONJ
cblr-1691	715	22	auerswald	auerswald	PROPN
cblr-1691	715	23	,	,	PUNCT
cblr-1691	715	24	supra	supra	PROPN
cblr-1691	715	25	note	note	NOUN
cblr-1691	715	26	48	48	NUM
cblr-1691	715	27	,	,	PUNCT
cblr-1691	715	28	at	at	ADP
cblr-1691	715	29	14–15	14–15	NUM
cblr-1691	715	30	;	;	PUNCT
cblr-1691	715	31	bronwyn	bronwyn	PROPN
cblr-1691	715	32	h.	h.	PROPN
cblr-1691	715	33	hall	hall	PROPN
cblr-1691	715	34	,	,	PUNCT
cblr-1691	715	35	the	the	DET
cblr-1691	715	36	private	private	ADJ
cblr-1691	715	37	and	and	CCONJ
cblr-1691	715	38	social	social	ADJ
cblr-1691	715	39	returns	return	NOUN
cblr-1691	715	40	to	to	ADP
cblr-1691	715	41	research	research	NOUN
cblr-1691	715	42	and	and	CCONJ
cblr-1691	715	43	development	development	NOUN
cblr-1691	715	44	,	,	PUNCT
cblr-1691	715	45	in	in	ADP
cblr-1691	715	46	technology	technology	NOUN
cblr-1691	715	47	,	,	PUNCT
cblr-1691	715	48	r&d	r&d	NOUN
cblr-1691	715	49	,	,	PUNCT
cblr-1691	715	50	and	and	CCONJ
cblr-1691	715	51	the	the	DET
cblr-1691	715	52	economy	economy	NOUN
cblr-1691	715	53	140	140	NUM
cblr-1691	715	54	,	,	PUNCT
cblr-1691	715	55	159–60	159–60	NUM
cblr-1691	715	56	(	(	PUNCT
cblr-1691	715	57	bruce	bruce	PROPN
cblr-1691	715	58	l.r	l.r	PROPN
cblr-1691	715	59	.	.	PROPN
cblr-1691	715	60	smith	smith	PROPN
cblr-1691	715	61	&	&	CCONJ
cblr-1691	715	62	claude	claude	PROPN
cblr-1691	716	1	e.	e.	PROPN
cblr-1691	716	2	barfield	barfield	PROPN
cblr-1691	716	3	eds	eds	PROPN
cblr-1691	716	4	.	.	PROPN
cblr-1691	716	5	,	,	PUNCT
cblr-1691	716	6	1996	1996	NUM
cblr-1691	716	7	)	)	PUNCT
cblr-1691	716	8	(	(	PUNCT
cblr-1691	716	9	providing	provide	VERB
cblr-1691	716	10	evidence	evidence	NOUN
cblr-1691	716	11	that	that	SCONJ
cblr-1691	716	12	the	the	DET
cblr-1691	716	13	social	social	ADJ
cblr-1691	716	14	return	return	NOUN
cblr-1691	716	15	to	to	ADP
cblr-1691	716	16	r&d	r&d	NOUN
cblr-1691	716	17	is	be	AUX
cblr-1691	716	18	much	much	ADV
cblr-1691	716	19	above	above	ADP
cblr-1691	716	20	the	the	DET
cblr-1691	716	21	private	private	ADJ
cblr-1691	716	22	return	return	NOUN
cblr-1691	716	23	)	)	PUNCT
cblr-1691	716	24	;	;	PUNCT
cblr-1691	716	25	griliches	griliche	NOUN
cblr-1691	716	26	,	,	PUNCT
cblr-1691	716	27	supra	supra	PROPN
cblr-1691	716	28	note	note	NOUN
cblr-1691	716	29	208	208	NUM
cblr-1691	716	30	,	,	PUNCT
cblr-1691	716	31	at	at	ADP
cblr-1691	716	32	32–33	32–33	NUM
cblr-1691	716	33	(	(	PUNCT
cblr-1691	716	34	evaluating	evaluate	VERB
cblr-1691	716	35	calculations	calculation	NOUN
cblr-1691	716	36	of	of	ADP
cblr-1691	716	37	the	the	DET
cblr-1691	716	38	social	social	ADJ
cblr-1691	716	39	rates	rate	NOUN
cblr-1691	716	40	of	of	ADP
cblr-1691	716	41	return	return	NOUN
cblr-1691	716	42	for	for	ADP
cblr-1691	716	43	research	research	NOUN
cblr-1691	716	44	and	and	CCONJ
cblr-1691	716	45	development	development	NOUN
cblr-1691	716	46	)	)	PUNCT
cblr-1691	716	47	;	;	PUNCT
cblr-1691	716	48	yoram	yoram	PROPN
cblr-1691	716	49	margalioth	margalioth	PROPN
cblr-1691	716	50	,	,	PUNCT
cblr-1691	716	51	not	not	PART
cblr-1691	716	52	a	a	DET
cblr-1691	716	53	panacea	panacea	NOUN
cblr-1691	716	54	for	for	ADP
cblr-1691	716	55	economic	economic	ADJ
cblr-1691	716	56	growth	growth	NOUN
cblr-1691	716	57	:	:	PUNCT
cblr-1691	716	58	the	the	DET
cblr-1691	716	59	case	case	NOUN
cblr-1691	716	60	of	of	ADP
cblr-1691	716	61	accelerated	accelerated	ADJ
cblr-1691	716	62	depreciation	depreciation	NOUN
cblr-1691	716	63	,	,	PUNCT
cblr-1691	716	64	26	26	NUM
cblr-1691	716	65	va	va	NOUN
cblr-1691	716	66	.	.	PUNCT
cblr-1691	716	67	tax	tax	PROPN
cblr-1691	716	68	rev	rev	PROPN
cblr-1691	716	69	.	.	PROPN
cblr-1691	716	70	493	493	NUM
cblr-1691	716	71	,	,	PUNCT
cblr-1691	716	72	501	501	NUM
cblr-1691	716	73	(	(	PUNCT
cblr-1691	716	74	2007	2007	NUM
cblr-1691	716	75	)	)	PUNCT
cblr-1691	716	76	.	.	PUNCT
cblr-1691	717	1	no	no	INTJ
cblr-1691	717	2	.	.	PUNCT
cblr-1691	718	1	1:107	1:107	NUM
cblr-1691	718	2	]	]	X
cblr-1691	718	3	unicorn	unicorn	ADJ
cblr-1691	718	4	stock	stock	NOUN
cblr-1691	718	5	options	option	NOUN
cblr-1691	718	6	155	155	NUM
cblr-1691	718	7	or	or	CCONJ
cblr-1691	718	8	intel.215	intel.215	VERB
cblr-1691	718	9	vc	vc	PROPN
cblr-1691	718	10	-	-	PUNCT
cblr-1691	718	11	backed	back	VERB
cblr-1691	718	12	startups	startup	NOUN
cblr-1691	718	13	are	be	AUX
cblr-1691	718	14	the	the	DET
cblr-1691	718	15	primary	primary	ADJ
cblr-1691	718	16	force	force	NOUN
cblr-1691	718	17	in	in	ADP
cblr-1691	718	18	the	the	DET
cblr-1691	718	19	economy	economy	NOUN
cblr-1691	718	20	responsible	responsible	ADJ
cblr-1691	718	21	for	for	ADP
cblr-1691	718	22	both	both	DET
cblr-1691	718	23	job	job	NOUN
cblr-1691	718	24	creation	creation	NOUN
cblr-1691	718	25	and	and	CCONJ
cblr-1691	718	26	economic	economic	ADJ
cblr-1691	718	27	growth.216	growth.216	VERB
cblr-1691	718	28	furthermore	furthermore	ADV
cblr-1691	718	29	,	,	PUNCT
cblr-1691	718	30	according	accord	VERB
cblr-1691	718	31	to	to	ADP
cblr-1691	718	32	gompers	gomper	NOUN
cblr-1691	718	33	and	and	CCONJ
cblr-1691	718	34	lerner,217	lerner,217	VERB
cblr-1691	718	35	if	if	SCONJ
cblr-1691	718	36	a	a	DET
cblr-1691	718	37	startup	startup	NOUN
cblr-1691	718	38	firm	firm	NOUN
cblr-1691	718	39	does	do	AUX
cblr-1691	718	40	not	not	PART
cblr-1691	718	41	have	have	VERB
cblr-1691	718	42	vc	vc	NOUN
cblr-1691	718	43	backing	back	VERB
cblr-1691	718	44	,	,	PUNCT
cblr-1691	718	45	the	the	DET
cblr-1691	718	46	chances	chance	NOUN
cblr-1691	718	47	are	be	AUX
cblr-1691	718	48	high	high	ADJ
cblr-1691	718	49	(	(	PUNCT
cblr-1691	718	50	approximately	approximately	ADV
cblr-1691	718	51	ninety	ninety	NUM
cblr-1691	718	52	percent	percent	NOUN
cblr-1691	718	53	)	)	PUNCT
cblr-1691	718	54	that	that	SCONJ
cblr-1691	718	55	the	the	DET
cblr-1691	718	56	firm	firm	NOUN
cblr-1691	718	57	will	will	AUX
cblr-1691	718	58	fail	fail	VERB
cblr-1691	718	59	within	within	ADP
cblr-1691	718	60	three	three	NUM
cblr-1691	718	61	years	year	NOUN
cblr-1691	718	62	from	from	ADP
cblr-1691	718	63	its	its	PRON
cblr-1691	718	64	formation.218	formation.218	ADJ
cblr-1691	718	65	many	many	ADJ
cblr-1691	718	66	scholars	scholar	NOUN
cblr-1691	718	67	consider	consider	VERB
cblr-1691	718	68	the	the	DET
cblr-1691	718	69	american	american	PROPN
cblr-1691	718	70	-	-	PUNCT
cblr-1691	718	71	vc	vc	PROPN
cblr-1691	718	72	market	market	NOUN
cblr-1691	718	73	an	an	DET
cblr-1691	718	74	essential	essential	ADJ
cblr-1691	718	75	element	element	NOUN
cblr-1691	718	76	of	of	ADP
cblr-1691	718	77	the	the	DET
cblr-1691	718	78	u.s	u.s	PROPN
cblr-1691	718	79	.	.	PROPN
cblr-1691	718	80	national	national	PROPN
cblr-1691	718	81	innovation	innovation	NOUN
cblr-1691	718	82	system	system	NOUN
cblr-1691	718	83	,	,	PUNCT
cblr-1691	718	84	and	and	CCONJ
cblr-1691	718	85	it	it	PRON
cblr-1691	718	86	has	have	AUX
cblr-1691	718	87	been	be	AUX
cblr-1691	718	88	extensively	extensively	ADV
cblr-1691	718	89	imitated	imitate	VERB
cblr-1691	718	90	around	around	ADP
cblr-1691	718	91	the	the	DET
cblr-1691	718	92	world.219	world.219	NOUN
cblr-1691	718	93	by	by	ADP
cblr-1691	718	94	financing	finance	VERB
cblr-1691	718	95	capital	capital	NOUN
cblr-1691	718	96	hungry	hungry	ADJ
cblr-1691	718	97	young	young	ADJ
cblr-1691	718	98	start	start	NOUN
cblr-1691	718	99	-	-	PUNCT
cblr-1691	718	100	ups	up	NOUN
cblr-1691	718	101	,	,	PUNCT
cblr-1691	718	102	who	who	PRON
cblr-1691	718	103	present	present	VERB
cblr-1691	718	104	abundant	abundant	ADJ
cblr-1691	718	105	hazards	hazard	NOUN
cblr-1691	718	106	and	and	CCONJ
cblr-1691	718	107	uncertainties	uncertainty	NOUN
cblr-1691	718	108	that	that	PRON
cblr-1691	718	109	often	often	ADV
cblr-1691	718	110	deter	deter	VERB
cblr-1691	718	111	other	other	ADJ
cblr-1691	718	112	“	"	PUNCT
cblr-1691	718	113	regular	regular	ADJ
cblr-1691	718	114	”	"	PUNCT
cblr-1691	718	115	investors	investor	NOUN
cblr-1691	718	116	,	,	PUNCT
cblr-1691	718	117	vc	vc	PROPN
cblr-1691	718	118	investors	investor	NOUN
cblr-1691	718	119	continue	continue	VERB
cblr-1691	718	120	to	to	PART
cblr-1691	718	121	help	help	VERB
cblr-1691	718	122	to	to	PART
cblr-1691	718	123	promote	promote	VERB
cblr-1691	718	124	innovation	innovation	NOUN
cblr-1691	718	125	in	in	ADP
cblr-1691	718	126	the	the	DET
cblr-1691	718	127	u.s	u.s	PROPN
cblr-1691	718	128	.	.	PROPN
cblr-1691	718	129	(	(	PUNCT
cblr-1691	718	130	and	and	CCONJ
cblr-1691	718	131	around	around	ADP
cblr-1691	718	132	the	the	PRON
cblr-1691	718	133	world.)220	world.)220	VERB
cblr-1691	718	134	the	the	DET
cblr-1691	718	135	ways	way	NOUN
cblr-1691	718	136	in	in	ADP
cblr-1691	718	137	which	which	PRON
cblr-1691	718	138	vcs	vcs	PROPN
cblr-1691	718	139	fund	fund	NOUN
cblr-1691	718	140	innovation	innovation	NOUN
cblr-1691	718	141	dominates	dominate	VERB
cblr-1691	718	142	the	the	DET
cblr-1691	718	143	entrepreneurial	entrepreneurial	ADJ
cblr-1691	718	144	finance	finance	NOUN
cblr-1691	718	145	literature.221	literature.221	VERB
cblr-1691	718	146	a	a	DET
cblr-1691	718	147	skillful	skillful	ADJ
cblr-1691	718	148	vc	vc	PROPN
cblr-1691	718	149	fund	fund	NOUN
cblr-1691	718	150	will	will	AUX
cblr-1691	718	151	215	215	NUM
cblr-1691	718	152	see	see	VERB
cblr-1691	718	153	mary	mary	PROPN
cblr-1691	718	154	j.	j.	PROPN
cblr-1691	718	155	dent	dent	PROPN
cblr-1691	718	156	,	,	PUNCT
cblr-1691	718	157	a	a	DET
cblr-1691	718	158	rose	rose	NOUN
cblr-1691	718	159	by	by	ADP
cblr-1691	718	160	any	any	DET
cblr-1691	718	161	other	other	ADJ
cblr-1691	718	162	name	name	NOUN
cblr-1691	718	163	:	:	PUNCT
cblr-1691	718	164	how	how	SCONJ
cblr-1691	718	165	labels	label	NOUN
cblr-1691	718	166	get	get	VERB
cblr-1691	718	167	in	in	ADP
cblr-1691	718	168	the	the	DET
cblr-1691	718	169	way	way	NOUN
cblr-1691	718	170	of	of	ADP
cblr-1691	718	171	u.s	u.s	PROPN
cblr-1691	718	172	.	.	PROPN
cblr-1691	718	173	innovation	innovation	NOUN
cblr-1691	718	174	policy	policy	NOUN
cblr-1691	718	175	,	,	PUNCT
cblr-1691	718	176	8	8	NUM
cblr-1691	718	177	berkeley	berkeley	PROPN
cblr-1691	718	178	bus	bus	NOUN
cblr-1691	718	179	.	.	PUNCT
cblr-1691	719	1	l.j	l.j	PROPN
cblr-1691	719	2	.	.	PROPN
cblr-1691	719	3	128	128	NUM
cblr-1691	719	4	,	,	PUNCT
cblr-1691	719	5	134	134	NUM
cblr-1691	719	6	(	(	PUNCT
cblr-1691	719	7	2011	2011	NUM
cblr-1691	719	8	)	)	PUNCT
cblr-1691	719	9	.	.	PUNCT
cblr-1691	720	1	216	216	NUM
cblr-1691	720	2	see	see	VERB
cblr-1691	720	3	i	i	PROPN
cblr-1691	720	4	d.	d.	PROPN
cblr-1691	720	5	at	at	ADP
cblr-1691	720	6	134–35	134–35	NUM
cblr-1691	720	7	.	.	PUNCT
cblr-1691	721	1	217	217	NUM
cblr-1691	721	2	see	see	VERB
cblr-1691	721	3	lerner	lerner	PROPN
cblr-1691	721	4	&	&	CCONJ
cblr-1691	721	5	gompers	gompers	PROPN
cblr-1691	721	6	,	,	PUNCT
cblr-1691	721	7	supra	supra	PROPN
cblr-1691	721	8	note	note	NOUN
cblr-1691	721	9	48	48	NUM
cblr-1691	721	10	(	(	PUNCT
cblr-1691	721	11	“	"	PUNCT
cblr-1691	721	12	for	for	ADP
cblr-1691	721	13	newly	newly	ADV
cblr-1691	721	14	launched	launch	VERB
cblr-1691	721	15	enterprises	enterprise	NOUN
cblr-1691	721	16	without	without	ADP
cblr-1691	721	17	venture	venture	NOUN
cblr-1691	721	18	capital	capital	NOUN
cblr-1691	721	19	backing	backing	NOUN
cblr-1691	721	20	,	,	PUNCT
cblr-1691	721	21	failure	failure	NOUN
cblr-1691	721	22	is	be	AUX
cblr-1691	721	23	almost	almost	ADV
cblr-1691	721	24	assured	assure	VERB
cblr-1691	721	25	:	:	PUNCT
cblr-1691	721	26	nearly	nearly	ADV
cblr-1691	721	27	90	90	NUM
cblr-1691	721	28	percent	percent	NOUN
cblr-1691	721	29	fail	fail	ADJ
cblr-1691	721	30	within	within	ADP
cblr-1691	721	31	three	three	NUM
cblr-1691	721	32	years	year	NOUN
cblr-1691	721	33	.	.	PUNCT
cblr-1691	721	34	”	"	PUNCT
cblr-1691	721	35	)	)	PUNCT
cblr-1691	721	36	.	.	PUNCT
cblr-1691	722	1	218	218	NUM
cblr-1691	723	1	i	i	PRON
cblr-1691	723	2	d.	d.	VERB
cblr-1691	723	3	this	this	DET
cblr-1691	723	4	alarming	alarming	ADJ
cblr-1691	723	5	study	study	NOUN
cblr-1691	723	6	illustrates	illustrate	VERB
cblr-1691	723	7	the	the	DET
cblr-1691	723	8	authenticity	authenticity	NOUN
cblr-1691	723	9	of	of	ADP
cblr-1691	723	10	a	a	DET
cblr-1691	723	11	well	well	ADV
cblr-1691	723	12	-	-	PUNCT
cblr-1691	723	13	known	know	VERB
cblr-1691	723	14	expression	expression	NOUN
cblr-1691	723	15	about	about	ADP
cblr-1691	723	16	the	the	DET
cblr-1691	723	17	financing	financing	NOUN
cblr-1691	723	18	gap	gap	NOUN
cblr-1691	723	19	in	in	ADP
cblr-1691	723	20	the	the	DET
cblr-1691	723	21	startup	startup	NOUN
cblr-1691	723	22	world	world	NOUN
cblr-1691	723	23	called	call	VERB
cblr-1691	723	24	the	the	DET
cblr-1691	723	25	“	"	PUNCT
cblr-1691	723	26	valley	valley	NOUN
cblr-1691	723	27	of	of	ADP
cblr-1691	723	28	death	death	NOUN
cblr-1691	723	29	.	.	PUNCT
cblr-1691	723	30	”	"	PUNCT
cblr-1691	724	1	see	see	VERB
cblr-1691	724	2	supra	supra	PROPN
cblr-1691	724	3	note	note	PROPN
cblr-1691	724	4	48	48	NUM
cblr-1691	724	5	.	.	PUNCT
cblr-1691	725	1	it	it	PRON
cblr-1691	725	2	refers	refer	VERB
cblr-1691	725	3	to	to	ADP
cblr-1691	725	4	the	the	DET
cblr-1691	725	5	difficulty	difficulty	NOUN
cblr-1691	725	6	of	of	ADP
cblr-1691	725	7	entrepreneurs	entrepreneur	NOUN
cblr-1691	725	8	to	to	PART
cblr-1691	725	9	cover	cover	VERB
cblr-1691	725	10	the	the	DET
cblr-1691	725	11	negative	negative	ADJ
cblr-1691	725	12	cash	cash	NOUN
cblr-1691	725	13	flow	flow	NOUN
cblr-1691	725	14	in	in	ADP
cblr-1691	725	15	the	the	DET
cblr-1691	725	16	early	early	ADJ
cblr-1691	725	17	stages	stage	NOUN
cblr-1691	725	18	of	of	ADP
cblr-1691	725	19	their	their	PRON
cblr-1691	725	20	startup	startup	NOUN
cblr-1691	725	21	firm	firm	NOUN
cblr-1691	725	22	,	,	PUNCT
cblr-1691	725	23	before	before	SCONJ
cblr-1691	725	24	their	their	PRON
cblr-1691	725	25	new	new	ADJ
cblr-1691	725	26	product	product	NOUN
cblr-1691	725	27	or	or	CCONJ
cblr-1691	725	28	service	service	NOUN
cblr-1691	725	29	is	be	AUX
cblr-1691	725	30	commercialized	commercialize	VERB
cblr-1691	725	31	and	and	CCONJ
cblr-1691	725	32	brings	bring	VERB
cblr-1691	725	33	in	in	ADP
cblr-1691	725	34	revenue	revenue	NOUN
cblr-1691	725	35	from	from	ADP
cblr-1691	725	36	real	real	ADJ
cblr-1691	725	37	customers	customer	NOUN
cblr-1691	725	38	or	or	CCONJ
cblr-1691	725	39	investors	investor	NOUN
cblr-1691	725	40	.	.	PUNCT
cblr-1691	726	1	see	see	VERB
cblr-1691	726	2	generally	generally	ADV
cblr-1691	726	3	i	i	PRON
cblr-1691	726	4	d.	d.	PROPN
cblr-1691	726	5	219	219	NUM
cblr-1691	726	6	see	see	VERB
cblr-1691	726	7	david	david	PROPN
cblr-1691	726	8	h.	h.	PROPN
cblr-1691	726	9	hsu	hsu	PROPN
cblr-1691	726	10	&	&	CCONJ
cblr-1691	726	11	martin	martin	PROPN
cblr-1691	726	12	kenney	kenney	PROPN
cblr-1691	726	13	,	,	PUNCT
cblr-1691	726	14	organizing	organize	VERB
cblr-1691	726	15	venture	venture	NOUN
cblr-1691	726	16	capital	capital	NOUN
cblr-1691	726	17	:	:	PUNCT
cblr-1691	726	18	the	the	DET
cblr-1691	726	19	rise	rise	NOUN
cblr-1691	726	20	and	and	CCONJ
cblr-1691	726	21	demise	demise	NOUN
cblr-1691	726	22	of	of	ADP
cblr-1691	726	23	american	american	PROPN
cblr-1691	726	24	research	research	PROPN
cblr-1691	726	25	&	&	CCONJ
cblr-1691	726	26	development	development	PROPN
cblr-1691	726	27	corporation	corporation	PROPN
cblr-1691	726	28	,	,	PUNCT
cblr-1691	726	29	1946–1973	1946–1973	NUM
cblr-1691	726	30	,	,	PUNCT
cblr-1691	726	31	14	14	NUM
cblr-1691	726	32	indus	indus	NOUN
cblr-1691	726	33	.	.	PUNCT
cblr-1691	726	34	&	&	CCONJ
cblr-1691	726	35	corp	corp	PROPN
cblr-1691	726	36	.	.	PROPN
cblr-1691	726	37	change	change	PROPN
cblr-1691	726	38	579	579	NUM
cblr-1691	726	39	,	,	PUNCT
cblr-1691	726	40	579	579	NUM
cblr-1691	726	41	(	(	PUNCT
cblr-1691	726	42	2005	2005	NUM
cblr-1691	726	43	)	)	PUNCT
cblr-1691	726	44	.	.	PUNCT
cblr-1691	727	1	220	220	NUM
cblr-1691	727	2	vcs	vcs	NOUN
cblr-1691	727	3	face	face	VERB
cblr-1691	727	4	similar	similar	ADJ
cblr-1691	727	5	hazards	hazard	NOUN
cblr-1691	727	6	and	and	CCONJ
cblr-1691	727	7	uncertainties	uncertainty	NOUN
cblr-1691	727	8	.	.	PUNCT
cblr-1691	728	1	according	accord	VERB
cblr-1691	728	2	to	to	ADP
cblr-1691	728	3	a	a	DET
cblr-1691	728	4	report	report	NOUN
cblr-1691	728	5	by	by	ADP
cblr-1691	728	6	the	the	DET
cblr-1691	728	7	u.s	u.s	PROPN
cblr-1691	728	8	.	.	PROPN
cblr-1691	728	9	general	general	ADJ
cblr-1691	728	10	accounting	accounting	PROPN
cblr-1691	728	11	office	office	NOUN
cblr-1691	728	12	,	,	PUNCT
cblr-1691	728	13	only	only	ADV
cblr-1691	728	14	ten	ten	NUM
cblr-1691	728	15	percent	percent	NOUN
cblr-1691	728	16	of	of	ADP
cblr-1691	728	17	such	such	ADJ
cblr-1691	728	18	funds	fund	NOUN
cblr-1691	728	19	manage	manage	VERB
cblr-1691	728	20	to	to	PART
cblr-1691	728	21	earn	earn	VERB
cblr-1691	728	22	their	their	PRON
cblr-1691	728	23	expected	expect	VERB
cblr-1691	728	24	return	return	NOUN
cblr-1691	728	25	on	on	ADP
cblr-1691	728	26	their	their	PRON
cblr-1691	728	27	investment	investment	NOUN
cblr-1691	728	28	.	.	PUNCT
cblr-1691	729	1	see	see	VERB
cblr-1691	729	2	gao	gao	PROPN
cblr-1691	729	3	report	report	PROPN
cblr-1691	729	4	,	,	PUNCT
cblr-1691	729	5	supra	supra	PROPN
cblr-1691	729	6	note	note	NOUN
cblr-1691	729	7	47	47	NUM
cblr-1691	729	8	,	,	PUNCT
cblr-1691	729	9	at	at	ADP
cblr-1691	729	10	19	19	NUM
cblr-1691	729	11	(	(	PUNCT
cblr-1691	729	12	citation	citation	NOUN
cblr-1691	729	13	omitted	omit	VERB
cblr-1691	729	14	)	)	PUNCT
cblr-1691	729	15	.	.	PUNCT
cblr-1691	730	1	according	accord	VERB
cblr-1691	730	2	to	to	ADP
cblr-1691	730	3	hsu	hsu	PROPN
cblr-1691	730	4	and	and	CCONJ
cblr-1691	730	5	kenney	kenney	PROPN
cblr-1691	730	6	,	,	PUNCT
cblr-1691	730	7	vc	vc	PROPN
cblr-1691	730	8	has	have	AUX
cblr-1691	730	9	even	even	ADV
cblr-1691	730	10	been	be	AUX
cblr-1691	730	11	developed	develop	VERB
cblr-1691	730	12	into	into	ADP
cblr-1691	730	13	an	an	DET
cblr-1691	730	14	asset	asset	NOUN
cblr-1691	730	15	category	category	NOUN
cblr-1691	730	16	,	,	PUNCT
cblr-1691	730	17	which	which	PRON
cblr-1691	730	18	is	be	AUX
cblr-1691	730	19	commonly	commonly	ADV
cblr-1691	730	20	acknowledged	acknowledge	VERB
cblr-1691	730	21	by	by	ADP
cblr-1691	730	22	large	large	ADJ
cblr-1691	730	23	u.s	u.s	PROPN
cblr-1691	730	24	.	.	PROPN
cblr-1691	730	25	institutional	institutional	ADJ
cblr-1691	730	26	and	and	CCONJ
cblr-1691	730	27	pension	pension	NOUN
cblr-1691	730	28	funds	fund	NOUN
cblr-1691	730	29	.	.	PUNCT
cblr-1691	731	1	hsu	hsu	PROPN
cblr-1691	731	2	&	&	CCONJ
cblr-1691	731	3	kenney	kenney	PROPN
cblr-1691	731	4	,	,	PUNCT
cblr-1691	731	5	supra	supra	PROPN
cblr-1691	731	6	note	note	PROPN
cblr-1691	731	7	219	219	NUM
cblr-1691	731	8	,	,	PUNCT
cblr-1691	731	9	at	at	ADP
cblr-1691	731	10	1	1	NUM
cblr-1691	731	11	.	.	PUNCT
cblr-1691	731	12	221	221	NUM
cblr-1691	731	13	see	see	VERB
cblr-1691	731	14	ibrahim	ibrahim	PROPN
cblr-1691	731	15	,	,	PUNCT
cblr-1691	731	16	supra	supra	PROPN
cblr-1691	731	17	note	note	NOUN
cblr-1691	731	18	197	197	NUM
cblr-1691	731	19	,	,	PUNCT
cblr-1691	731	20	at	at	ADP
cblr-1691	731	21	720	720	NUM
cblr-1691	731	22	.	.	PUNCT
cblr-1691	732	1	http://ubiquity.acm.org/article.cfm?id=763904	http://ubiquity.acm.org/article.cfm?id=763904	PROPN
cblr-1691	732	2	156	156	NUM
cblr-1691	732	3	columbia	columbia	PROPN
cblr-1691	732	4	business	business	NOUN
cblr-1691	732	5	law	law	PROPN
cblr-1691	732	6	review	review	NOUN
cblr-1691	732	7	[	[	X
cblr-1691	732	8	vol	vol	NOUN
cblr-1691	732	9	.	.	PUNCT
cblr-1691	732	10	2019	2019	NUM
cblr-1691	732	11	help	help	VERB
cblr-1691	732	12	the	the	DET
cblr-1691	732	13	startup	startup	NOUN
cblr-1691	732	14	develop	develop	VERB
cblr-1691	732	15	the	the	DET
cblr-1691	732	16	company.222	company.222	NOUN
cblr-1691	732	17	not	not	PART
cblr-1691	732	18	only	only	ADV
cblr-1691	732	19	do	do	AUX
cblr-1691	732	20	vcs	vcs	PROPN
cblr-1691	732	21	provide	provide	VERB
cblr-1691	732	22	a	a	DET
cblr-1691	732	23	startup	startup	NOUN
cblr-1691	732	24	(	(	PUNCT
cblr-1691	732	25	budding	budding	NOUN
cblr-1691	732	26	or	or	CCONJ
cblr-1691	732	27	unicorn	unicorn	ADJ
cblr-1691	732	28	)	)	PUNCT
cblr-1691	732	29	with	with	ADP
cblr-1691	732	30	cash,223	cash,223	NOUN
cblr-1691	732	31	but	but	CCONJ
cblr-1691	732	32	also	also	ADV
cblr-1691	732	33	,	,	PUNCT
cblr-1691	732	34	and	and	CCONJ
cblr-1691	732	35	more	more	ADV
cblr-1691	732	36	importantly	importantly	ADV
cblr-1691	732	37	,	,	PUNCT
cblr-1691	732	38	the	the	DET
cblr-1691	732	39	vc	vc	PROPN
cblr-1691	732	40	managers	manager	NOUN
cblr-1691	732	41	provide	provide	VERB
cblr-1691	732	42	services	service	NOUN
cblr-1691	732	43	such	such	ADJ
cblr-1691	732	44	as	as	ADP
cblr-1691	732	45	mentoring	mentor	VERB
cblr-1691	732	46	to	to	ADP
cblr-1691	732	47	budding	bud	VERB
cblr-1691	732	48	startups	startup	NOUN
cblr-1691	732	49	and	and	CCONJ
cblr-1691	732	50	networks	network	NOUN
cblr-1691	732	51	of	of	ADP
cblr-1691	732	52	additional	additional	ADJ
cblr-1691	732	53	investors	investor	NOUN
cblr-1691	732	54	,	,	PUNCT
cblr-1691	732	55	potential	potential	ADJ
cblr-1691	732	56	acquirers	acquirer	NOUN
cblr-1691	732	57	,	,	PUNCT
cblr-1691	732	58	new	new	ADJ
cblr-1691	732	59	partners	partner	NOUN
cblr-1691	732	60	and	and	CCONJ
cblr-1691	732	61	customers.224	customers.224	NOUN
cblr-1691	732	62	founders	founder	NOUN
cblr-1691	732	63	,	,	PUNCT
cblr-1691	732	64	however	however	ADV
cblr-1691	732	65	,	,	PUNCT
cblr-1691	732	66	may	may	AUX
cblr-1691	732	67	worry	worry	VERB
cblr-1691	732	68	about	about	ADP
cblr-1691	732	69	their	their	PRON
cblr-1691	732	70	ability	ability	NOUN
cblr-1691	732	71	to	to	PART
cblr-1691	732	72	maintain	maintain	VERB
cblr-1691	732	73	control	control	NOUN
cblr-1691	732	74	over	over	ADP
cblr-1691	732	75	the	the	DET
cblr-1691	732	76	firm	firm	NOUN
cblr-1691	732	77	following	follow	VERB
cblr-1691	732	78	new	new	ADJ
cblr-1691	732	79	rounds	round	NOUN
cblr-1691	732	80	of	of	ADP
cblr-1691	732	81	financing	financing	NOUN
cblr-1691	732	82	.	.	PUNCT
cblr-1691	733	1	the	the	DET
cblr-1691	733	2	traditional	traditional	ADJ
cblr-1691	733	3	pattern	pattern	NOUN
cblr-1691	733	4	is	be	AUX
cblr-1691	733	5	that	that	SCONJ
cblr-1691	733	6	the	the	DET
cblr-1691	733	7	founders	founder	NOUN
cblr-1691	733	8	get	get	AUX
cblr-1691	733	9	diluted	dilute	VERB
cblr-1691	733	10	and	and	CCONJ
cblr-1691	733	11	must	must	AUX
cblr-1691	733	12	give	give	VERB
cblr-1691	733	13	up	up	ADP
cblr-1691	733	14	voting	vote	VERB
cblr-1691	733	15	control	control	NOUN
cblr-1691	733	16	to	to	PART
cblr-1691	733	17	secure	secure	VERB
cblr-1691	733	18	more	more	ADJ
cblr-1691	733	19	funding.225	funding.225	PROPN
cblr-1691	733	20	if	if	SCONJ
cblr-1691	733	21	the	the	DET
cblr-1691	733	22	vc	vc	NOUN
cblr-1691	733	23	has	have	VERB
cblr-1691	733	24	control	control	NOUN
cblr-1691	733	25	over	over	ADP
cblr-1691	733	26	the	the	DET
cblr-1691	733	27	board	board	NOUN
cblr-1691	733	28	of	of	ADP
cblr-1691	733	29	directors	director	NOUN
cblr-1691	733	30	,	,	PUNCT
cblr-1691	733	31	it	it	PRON
cblr-1691	733	32	can	can	AUX
cblr-1691	733	33	also	also	ADV
cblr-1691	733	34	fire	fire	VERB
cblr-1691	733	35	the	the	DET
cblr-1691	733	36	founders	founder	NOUN
cblr-1691	733	37	.	.	PUNCT
cblr-1691	734	1	in	in	ADP
cblr-1691	734	2	fact	fact	NOUN
cblr-1691	734	3	,	,	PUNCT
cblr-1691	734	4	fried	fry	VERB
cblr-1691	734	5	and	and	CCONJ
cblr-1691	734	6	broughman	broughman	NOUN
cblr-1691	734	7	show	show	VERB
cblr-1691	734	8	that	that	SCONJ
cblr-1691	734	9	the	the	DET
cblr-1691	734	10	mark	mark	PROPN
cblr-1691	734	11	zuckerberg	zuckerberg	PROPN
cblr-1691	734	12	’s	’s	PART
cblr-1691	734	13	example	example	NOUN
cblr-1691	734	14	(	(	PUNCT
cblr-1691	734	15	of	of	ADP
cblr-1691	734	16	a	a	DET
cblr-1691	734	17	founder	founder	NOUN
cblr-1691	734	18	maintaining	maintain	VERB
cblr-1691	734	19	control	control	NOUN
cblr-1691	734	20	after	after	ADP
cblr-1691	734	21	an	an	DET
cblr-1691	734	22	ipo	ipo	NOUN
cblr-1691	734	23	)	)	PUNCT
cblr-1691	734	24	is	be	AUX
cblr-1691	734	25	an	an	DET
cblr-1691	734	26	exception	exception	NOUN
cblr-1691	734	27	and	and	CCONJ
cblr-1691	734	28	not	not	PART
cblr-1691	734	29	the	the	DET
cblr-1691	734	30	rule.226	rule.226	NOUN
cblr-1691	734	31	fried	fry	VERB
cblr-1691	734	32	and	and	CCONJ
cblr-1691	734	33	broughman	broughman	ADJ
cblr-1691	734	34	challenge	challenge	NOUN
cblr-1691	734	35	black	black	ADJ
cblr-1691	734	36	and	and	CCONJ
cblr-1691	734	37	gilson	gilson	PROPN
cblr-1691	734	38	’s	’s	PART
cblr-1691	734	39	traditional	traditional	ADJ
cblr-1691	734	40	“	"	PUNCT
cblr-1691	734	41	call	call	NOUN
cblr-1691	734	42	option	option	NOUN
cblr-1691	734	43	on	on	ADP
cblr-1691	734	44	control	control	NOUN
cblr-1691	734	45	”	"	PUNCT
cblr-1691	734	46	finance	finance	NOUN
cblr-1691	734	47	theory	theory	NOUN
cblr-1691	734	48	,	,	PUNCT
cblr-1691	734	49	which	which	PRON
cblr-1691	734	50	links	link	VERB
cblr-1691	734	51	vc	vc	NOUN
cblr-1691	734	52	and	and	CCONJ
cblr-1691	734	53	stock	stock	NOUN
cblr-1691	734	54	markets	market	NOUN
cblr-1691	734	55	,	,	PUNCT
cblr-1691	734	56	and	and	CCONJ
cblr-1691	734	57	they	they	PRON
cblr-1691	734	58	further	far	ADV
cblr-1691	734	59	prove	prove	VERB
cblr-1691	734	60	that	that	SCONJ
cblr-1691	734	61	the	the	DET
cblr-1691	734	62	ex	ex	NOUN
cblr-1691	734	63	-	-	NOUN
cblr-1691	734	64	ante	ante	ADJ
cblr-1691	734	65	likelihood	likelihood	NOUN
cblr-1691	734	66	of	of	ADP
cblr-1691	734	67	founders	founder	NOUN
cblr-1691	734	68	reacquiring	reacquire	VERB
cblr-1691	734	69	control	control	NOUN
cblr-1691	734	70	via	via	ADP
cblr-1691	734	71	ipo	ipo	PROPN
cblr-1691	734	72	is	be	AUX
cblr-1691	734	73	extremely	extremely	ADV
cblr-1691	734	74	low.227	low.227	ADJ
cblr-1691	734	75	recent	recent	ADJ
cblr-1691	734	76	research	research	NOUN
cblr-1691	734	77	further	far	ADV
cblr-1691	734	78	shows	show	VERB
cblr-1691	734	79	that	that	SCONJ
cblr-1691	734	80	there	there	PRON
cblr-1691	734	81	is	be	VERB
cblr-1691	734	82	an	an	DET
cblr-1691	734	83	increase	increase	NOUN
cblr-1691	734	84	in	in	ADP
cblr-1691	734	85	the	the	DET
cblr-1691	734	86	number	number	NOUN
cblr-1691	734	87	of	of	ADP
cblr-1691	734	88	technology	technology	NOUN
cblr-1691	734	89	companies	company	NOUN
cblr-1691	734	90	that	that	PRON
cblr-1691	734	91	decide	decide	VERB
cblr-1691	734	92	to	to	PART
cblr-1691	734	93	go	go	VERB
cblr-1691	734	94	public	public	ADJ
cblr-1691	734	95	with	with	ADP
cblr-1691	734	96	dual	dual	ADJ
cblr-1691	734	97	class	class	NOUN
cblr-1691	734	98	of	of	ADP
cblr-1691	734	99	share	share	NOUN
cblr-1691	734	100	structures	structure	NOUN
cblr-1691	734	101	because	because	SCONJ
cblr-1691	734	102	their	their	PRON
cblr-1691	734	103	founders	founder	NOUN
cblr-1691	734	104	222	222	NUM
cblr-1691	734	105	see	see	VERB
cblr-1691	734	106	dan	dan	PROPN
cblr-1691	734	107	senor	senor	PROPN
cblr-1691	734	108	&	&	CCONJ
cblr-1691	734	109	saul	saul	PROPN
cblr-1691	734	110	singer	singer	PROPN
cblr-1691	734	111	,	,	PUNCT
cblr-1691	734	112	start	start	NOUN
cblr-1691	734	113	-	-	PUNCT
cblr-1691	734	114	up	up	ADP
cblr-1691	734	115	nation	nation	NOUN
cblr-1691	734	116	:	:	PUNCT
cblr-1691	734	117	the	the	DET
cblr-1691	734	118	story	story	NOUN
cblr-1691	734	119	of	of	ADP
cblr-1691	734	120	israel	israel	PROPN
cblr-1691	734	121	’s	’s	PART
cblr-1691	734	122	economic	economic	ADJ
cblr-1691	734	123	miracle	miracle	NOUN
cblr-1691	734	124	161	161	NUM
cblr-1691	734	125	(	(	PUNCT
cblr-1691	734	126	2009	2009	NUM
cblr-1691	734	127	)	)	PUNCT
cblr-1691	734	128	;	;	PUNCT
cblr-1691	734	129	see	see	VERB
cblr-1691	734	130	also	also	ADV
cblr-1691	734	131	lindsey	lindsey	NOUN
cblr-1691	734	132	,	,	PUNCT
cblr-1691	734	133	supra	supra	PROPN
cblr-1691	734	134	note	note	NOUN
cblr-1691	734	135	50	50	NUM
cblr-1691	734	136	,	,	PUNCT
cblr-1691	734	137	at	at	ADP
cblr-1691	734	138	1137	1137	NUM
cblr-1691	734	139	(	(	PUNCT
cblr-1691	734	140	noting	note	VERB
cblr-1691	734	141	that	that	SCONJ
cblr-1691	734	142	venture	venture	NOUN
cblr-1691	734	143	capital	capital	NOUN
cblr-1691	734	144	firms	firm	NOUN
cblr-1691	734	145	add	add	VERB
cblr-1691	734	146	value	value	NOUN
cblr-1691	734	147	by	by	ADP
cblr-1691	734	148	facilitating	facilitate	VERB
cblr-1691	734	149	interaction	interaction	NOUN
cblr-1691	734	150	within	within	ADP
cblr-1691	734	151	their	their	PRON
cblr-1691	734	152	networks	network	NOUN
cblr-1691	734	153	)	)	PUNCT
cblr-1691	734	154	;	;	PUNCT
cblr-1691	734	155	ola	ola	PROPN
cblr-1691	734	156	bengtsson	bengtsson	PROPN
cblr-1691	734	157	&	&	CCONJ
cblr-1691	734	158	david	david	PROPN
cblr-1691	734	159	h.	h.	PROPN
cblr-1691	734	160	hsu	hsu	PROPN
cblr-1691	734	161	,	,	PUNCT
cblr-1691	734	162	how	how	SCONJ
cblr-1691	734	163	do	do	AUX
cblr-1691	734	164	venture	venture	NOUN
cblr-1691	734	165	capital	capital	NOUN
cblr-1691	734	166	partners	partner	NOUN
cblr-1691	734	167	match	match	VERB
cblr-1691	734	168	with	with	ADP
cblr-1691	734	169	startup	startup	NOUN
cblr-1691	734	170	founders	founder	NOUN
cblr-1691	734	171	?	?	PUNCT
cblr-1691	735	1	(	(	PUNCT
cblr-1691	735	2	mar	mar	PROPN
cblr-1691	735	3	.	.	PROPN
cblr-1691	735	4	11	11	NUM
cblr-1691	735	5	,	,	PUNCT
cblr-1691	735	6	2010	2010	NUM
cblr-1691	735	7	)	)	PUNCT
cblr-1691	735	8	(	(	PUNCT
cblr-1691	735	9	unpublished	unpublished	ADJ
cblr-1691	735	10	manuscript	manuscript	NOUN
cblr-1691	735	11	)	)	PUNCT
cblr-1691	735	12	(	(	PUNCT
cblr-1691	735	13	finding	find	VERB
cblr-1691	735	14	that	that	SCONJ
cblr-1691	735	15	founders	founder	NOUN
cblr-1691	735	16	seek	seek	VERB
cblr-1691	735	17	vc	vc	NOUN
cblr-1691	735	18	partners	partner	NOUN
cblr-1691	735	19	with	with	ADP
cblr-1691	735	20	complementary	complementary	ADJ
cblr-1691	735	21	experience	experience	NOUN
cblr-1691	735	22	)	)	PUNCT
cblr-1691	735	23	,	,	PUNCT
cblr-1691	735	24	https://papers.ssrn.com/sol3/papers.cfm	https://papers.ssrn.com/sol3/papers.cfm	PROPN
cblr-1691	735	25	?	?	PUNCT
cblr-1691	735	26	abstract_id=1568131	abstract_id=1568131	PROPN
cblr-1691	736	1	[	[	X
cblr-1691	736	2	https://perma.cc/9hs3-9jjw	https://perma.cc/9hs3-9jjw	X
cblr-1691	736	3	]	]	X
cblr-1691	736	4	.	.	PUNCT
cblr-1691	737	1	223	223	NUM
cblr-1691	737	2	senor	senor	PROPN
cblr-1691	737	3	&	&	CCONJ
cblr-1691	737	4	singer	singer	PROPN
cblr-1691	737	5	,	,	PUNCT
cblr-1691	737	6	supra	supra	PROPN
cblr-1691	737	7	note	note	PROPN
cblr-1691	737	8	222	222	NUM
cblr-1691	737	9	,	,	PUNCT
cblr-1691	737	10	at	at	ADP
cblr-1691	737	11	161	161	NUM
cblr-1691	737	12	.	.	PUNCT
cblr-1691	738	1	224	224	NUM
cblr-1691	738	2	see	see	VERB
cblr-1691	738	3	i	i	PROPN
cblr-1691	738	4	d.	d.	PROPN
cblr-1691	738	5	;	;	PUNCT
cblr-1691	738	6	lindsey	lindsey	PROPN
cblr-1691	738	7	,	,	PUNCT
cblr-1691	738	8	supra	supra	PROPN
cblr-1691	738	9	note	note	NOUN
cblr-1691	738	10	50	50	NUM
cblr-1691	738	11	,	,	PUNCT
cblr-1691	738	12	at	at	ADP
cblr-1691	738	13	1139	1139	NUM
cblr-1691	738	14	(	(	PUNCT
cblr-1691	738	15	discussing	discuss	VERB
cblr-1691	738	16	the	the	DET
cblr-1691	738	17	value	value	NOUN
cblr-1691	738	18	venture	venture	NOUN
cblr-1691	738	19	capitalists	capitalist	NOUN
cblr-1691	738	20	add	add	VERB
cblr-1691	738	21	by	by	ADP
cblr-1691	738	22	“	"	PUNCT
cblr-1691	738	23	helping	help	VERB
cblr-1691	738	24	firms	firm	NOUN
cblr-1691	738	25	to	to	PART
cblr-1691	738	26	recruit	recruit	VERB
cblr-1691	738	27	key	key	ADJ
cblr-1691	738	28	managers	manager	NOUN
cblr-1691	738	29	.	.	PUNCT
cblr-1691	738	30	.	.	PUNCT
cblr-1691	738	31	.	.	PUNCT
cblr-1691	739	1	monitoring	monitor	VERB
cblr-1691	739	2	and	and	CCONJ
cblr-1691	739	3	advising	advise	VERB
cblr-1691	739	4	through	through	ADP
cblr-1691	739	5	service	service	NOUN
cblr-1691	739	6	on	on	ADP
cblr-1691	739	7	the	the	DET
cblr-1691	739	8	company	company	NOUN
cblr-1691	739	9	’s	’s	PART
cblr-1691	739	10	board	board	NOUN
cblr-1691	739	11	of	of	ADP
cblr-1691	739	12	directors	director	NOUN
cblr-1691	739	13	.	.	PUNCT
cblr-1691	739	14	.	.	PUNCT
cblr-1691	740	1	.	.	PUNCT
cblr-1691	741	1	implementing	implement	VERB
cblr-1691	741	2	other	other	ADJ
cblr-1691	741	3	strong	strong	ADJ
cblr-1691	741	4	governance	governance	NOUN
cblr-1691	741	5	mechanisms	mechanism	NOUN
cblr-1691	741	6	.	.	PUNCT
cblr-1691	741	7	.	.	PUNCT
cblr-1691	741	8	.	.	PUNCT
cblr-1691	742	1	.	.	PUNCT
cblr-1691	743	1	[	[	X
cblr-1691	743	2	and	and	CCONJ
cblr-1691	743	3	]	]	X
cblr-1691	743	4	[	[	X
cblr-1691	743	5	f]acilitating	f]acilitate	VERB
cblr-1691	743	6	strategic	strategic	ADJ
cblr-1691	743	7	alliances	alliance	NOUN
cblr-1691	743	8	[	[	X
cblr-1691	743	9	.	.	X
cblr-1691	743	10	]	]	X
cblr-1691	743	11	”	"	PUNCT
cblr-1691	743	12	)	)	PUNCT
cblr-1691	743	13	.	.	PUNCT
cblr-1691	744	1	225	225	NUM
cblr-1691	744	2	bob	bob	NOUN
cblr-1691	744	3	zider	zider	NOUN
cblr-1691	744	4	,	,	PUNCT
cblr-1691	744	5	how	how	SCONJ
cblr-1691	744	6	venture	venture	NOUN
cblr-1691	744	7	capital	capital	NOUN
cblr-1691	744	8	works	work	VERB
cblr-1691	744	9	,	,	PUNCT
cblr-1691	744	10	harv	harv	NOUN
cblr-1691	744	11	.	.	PUNCT
cblr-1691	745	1	bus	bus	NOUN
cblr-1691	745	2	.	.	PUNCT
cblr-1691	746	1	rev	rev	PROPN
cblr-1691	746	2	.	.	PROPN
cblr-1691	746	3	,	,	PUNCT
cblr-1691	746	4	nov.–dec	nov.–dec	PROPN
cblr-1691	746	5	.	.	PUNCT
cblr-1691	747	1	1998	1998	NUM
cblr-1691	747	2	,	,	PUNCT
cblr-1691	747	3	https://hbr.org/1998/11/how-venture-capital-works	https://hbr.org/1998/11/how-venture-capital-work	NOUN
cblr-1691	747	4	[	[	X
cblr-1691	747	5	https://perma.cc/	https://perma.cc/	PROPN
cblr-1691	747	6	999w	999w	NUM
cblr-1691	747	7	-	-	PUNCT
cblr-1691	747	8	u7kr	u7kr	PROPN
cblr-1691	747	9	]	]	PUNCT
cblr-1691	747	10	.	.	PUNCT
cblr-1691	748	1	226	226	NUM
cblr-1691	748	2	see	see	VERB
cblr-1691	748	3	broughman	broughman	NOUN
cblr-1691	748	4	&	&	CCONJ
cblr-1691	748	5	fried	fried	PROPN
cblr-1691	748	6	,	,	PUNCT
cblr-1691	748	7	supra	supra	PROPN
cblr-1691	748	8	note	note	NOUN
cblr-1691	748	9	167	167	NUM
cblr-1691	748	10	.	.	PUNCT
cblr-1691	749	1	227	227	NUM
cblr-1691	750	1	i	i	PRON
cblr-1691	750	2	d.	d.	PROPN
cblr-1691	750	3	no	no	INTJ
cblr-1691	750	4	.	.	PUNCT
cblr-1691	751	1	1:107	1:107	NUM
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cblr-1691	751	3	unicorn	unicorn	ADJ
cblr-1691	751	4	stock	stock	NOUN
cblr-1691	751	5	options	option	NOUN
cblr-1691	751	6	157	157	NUM
cblr-1691	751	7	want	want	VERB
cblr-1691	751	8	to	to	PART
cblr-1691	751	9	avoid	avoid	VERB
cblr-1691	751	10	the	the	DET
cblr-1691	751	11	pressures	pressure	NOUN
cblr-1691	751	12	of	of	ADP
cblr-1691	751	13	short	short	ADJ
cblr-1691	751	14	-	-	PUNCT
cblr-1691	751	15	termism	termism	NOUN
cblr-1691	751	16	and	and	CCONJ
cblr-1691	751	17	push	push	VERB
cblr-1691	751	18	to	to	PART
cblr-1691	751	19	retain	retain	VERB
cblr-1691	751	20	more	more	ADJ
cblr-1691	751	21	influence	influence	NOUN
cblr-1691	751	22	over	over	ADP
cblr-1691	751	23	“	"	PUNCT
cblr-1691	751	24	their	their	PRON
cblr-1691	751	25	”	"	PUNCT
cblr-1691	751	26	firms	firm	NOUN
cblr-1691	751	27	,	,	PUNCT
cblr-1691	751	28	the	the	DET
cblr-1691	751	29	management	management	NOUN
cblr-1691	751	30	,	,	PUNCT
cblr-1691	751	31	and	and	CCONJ
cblr-1691	751	32	strategy.228	strategy.228	PROPN
cblr-1691	751	33	recent	recent	ADJ
cblr-1691	751	34	governance	governance	NOUN
cblr-1691	751	35	and	and	CCONJ
cblr-1691	751	36	share	share	NOUN
cblr-1691	751	37	issuance	issuance	NOUN
cblr-1691	751	38	strategies	strategy	NOUN
cblr-1691	751	39	have	have	AUX
cblr-1691	751	40	also	also	ADV
cblr-1691	751	41	enabled	enable	VERB
cblr-1691	751	42	some	some	DET
cblr-1691	751	43	unicorn	unicorn	ADJ
cblr-1691	751	44	founders	founder	NOUN
cblr-1691	751	45	to	to	PART
cblr-1691	751	46	maintain	maintain	VERB
cblr-1691	751	47	control	control	NOUN
cblr-1691	751	48	over	over	ADP
cblr-1691	751	49	their	their	PRON
cblr-1691	751	50	company	company	NOUN
cblr-1691	751	51	.	.	PUNCT
cblr-1691	752	1	changes	change	NOUN
cblr-1691	752	2	have	have	AUX
cblr-1691	752	3	been	be	AUX
cblr-1691	752	4	made	make	VERB
cblr-1691	752	5	to	to	ADP
cblr-1691	752	6	the	the	DET
cblr-1691	752	7	traditional	traditional	ADJ
cblr-1691	752	8	model	model	NOUN
cblr-1691	752	9	of	of	ADP
cblr-1691	752	10	startup	startup	NOUN
cblr-1691	752	11	funding	funding	NOUN
cblr-1691	752	12	and	and	CCONJ
cblr-1691	752	13	the	the	DET
cblr-1691	752	14	governance	governance	NOUN
cblr-1691	752	15	structures	structure	NOUN
cblr-1691	752	16	of	of	ADP
cblr-1691	752	17	vc	vc	NOUN
cblr-1691	752	18	-	-	PUNCT
cblr-1691	752	19	backed	back	VERB
cblr-1691	752	20	firms	firm	NOUN
cblr-1691	752	21	as	as	SCONJ
cblr-1691	752	22	founders	founder	NOUN
cblr-1691	752	23	of	of	ADP
cblr-1691	752	24	unicorn	unicorn	ADJ
cblr-1691	752	25	firms	firm	NOUN
cblr-1691	752	26	push	push	VERB
cblr-1691	752	27	to	to	PART
cblr-1691	752	28	stay	stay	VERB
cblr-1691	752	29	private	private	ADJ
cblr-1691	752	30	longer	long	ADV
cblr-1691	752	31	and	and	CCONJ
cblr-1691	752	32	maintain	maintain	VERB
cblr-1691	752	33	control	control	NOUN
cblr-1691	752	34	over	over	ADP
cblr-1691	752	35	the	the	DET
cblr-1691	752	36	firm	firm	NOUN
cblr-1691	752	37	.	.	PUNCT
cblr-1691	753	1	founders	founder	NOUN
cblr-1691	753	2	are	be	AUX
cblr-1691	753	3	able	able	ADJ
cblr-1691	753	4	to	to	PART
cblr-1691	753	5	do	do	VERB
cblr-1691	753	6	so	so	ADV
cblr-1691	753	7	by	by	ADP
cblr-1691	753	8	impeding	impede	VERB
cblr-1691	753	9	a	a	DET
cblr-1691	753	10	sale	sale	NOUN
cblr-1691	753	11	,	,	PUNCT
cblr-1691	753	12	where	where	SCONJ
cblr-1691	753	13	vc	vc	NOUN
cblr-1691	753	14	-	-	PUNCT
cblr-1691	753	15	investment	investment	NOUN
cblr-1691	753	16	rounds	round	NOUN
cblr-1691	753	17	are	be	AUX
cblr-1691	753	18	structured	structure	VERB
cblr-1691	753	19	as	as	ADP
cblr-1691	753	20	“	"	PUNCT
cblr-1691	753	21	friendly	friendly	ADJ
cblr-1691	753	22	”	"	PUNCT
cblr-1691	753	23	financing	financing	NOUN
cblr-1691	753	24	rounds	round	NOUN
cblr-1691	753	25	.	.	PUNCT
cblr-1691	754	1	as	as	SCONJ
cblr-1691	754	2	noted	note	VERB
cblr-1691	754	3	above	above	ADV
cblr-1691	754	4	,	,	PUNCT
cblr-1691	754	5	vc	vc	NOUN
cblr-1691	754	6	-	-	PUNCT
cblr-1691	754	7	backed	back	VERB
cblr-1691	754	8	startups	startup	NOUN
cblr-1691	754	9	in	in	ADP
cblr-1691	754	10	the	the	DET
cblr-1691	754	11	united	united	PROPN
cblr-1691	754	12	states	states	PROPN
cblr-1691	754	13	have	have	AUX
cblr-1691	754	14	historically	historically	ADV
cblr-1691	754	15	issued	issue	VERB
cblr-1691	754	16	two	two	NUM
cblr-1691	754	17	classes	class	NOUN
cblr-1691	754	18	of	of	ADP
cblr-1691	754	19	stock	stock	NOUN
cblr-1691	754	20	:	:	PUNCT
cblr-1691	754	21	common	common	ADJ
cblr-1691	754	22	and	and	CCONJ
cblr-1691	754	23	preferred	prefer	VERB
cblr-1691	754	24	,	,	PUNCT
cblr-1691	754	25	which	which	PRON
cblr-1691	754	26	includes	include	VERB
cblr-1691	754	27	several	several	ADJ
cblr-1691	754	28	series	series	NOUN
cblr-1691	754	29	with	with	ADP
cblr-1691	754	30	new	new	ADJ
cblr-1691	754	31	rounds	round	NOUN
cblr-1691	754	32	of	of	ADP
cblr-1691	754	33	financing	financing	NOUN
cblr-1691	754	34	.	.	PUNCT
cblr-1691	755	1	new	new	ADJ
cblr-1691	755	2	practices	practice	NOUN
cblr-1691	755	3	have	have	AUX
cblr-1691	755	4	altered	alter	VERB
cblr-1691	755	5	the	the	DET
cblr-1691	755	6	traditional	traditional	ADJ
cblr-1691	755	7	model	model	NOUN
cblr-1691	755	8	of	of	ADP
cblr-1691	755	9	financing	financing	NOUN
cblr-1691	755	10	and	and	CCONJ
cblr-1691	755	11	startup	startup	NOUN
cblr-1691	755	12	governance	governance	NOUN
cblr-1691	755	13	structure	structure	NOUN
cblr-1691	755	14	,	,	PUNCT
cblr-1691	755	15	which	which	PRON
cblr-1691	755	16	have	have	AUX
cblr-1691	755	17	in	in	ADP
cblr-1691	755	18	turn	turn	NOUN
cblr-1691	755	19	have	have	AUX
cblr-1691	755	20	provided	provide	VERB
cblr-1691	755	21	founders	founder	NOUN
cblr-1691	755	22	with	with	ADP
cblr-1691	755	23	leverage	leverage	NOUN
cblr-1691	755	24	in	in	ADP
cblr-1691	755	25	their	their	PRON
cblr-1691	755	26	negotiations	negotiation	NOUN
cblr-1691	755	27	with	with	ADP
cblr-1691	755	28	vcs	vcs	PROPN
cblr-1691	755	29	(	(	PUNCT
cblr-1691	755	30	resulting	result	VERB
cblr-1691	755	31	in	in	ADP
cblr-1691	755	32	founder	founder	NOUN
cblr-1691	755	33	-	-	PUNCT
cblr-1691	755	34	friendly	friendly	ADJ
cblr-1691	755	35	terms	term	NOUN
cblr-1691	755	36	in	in	ADP
cblr-1691	755	37	formation	formation	NOUN
cblr-1691	755	38	and	and	CCONJ
cblr-1691	755	39	financing	financing	NOUN
cblr-1691	755	40	documents	document	NOUN
cblr-1691	755	41	)	)	PUNCT
cblr-1691	755	42	.	.	PUNCT
cblr-1691	756	1	super	super	ADJ
cblr-1691	756	2	-	-	ADJ
cblr-1691	756	3	voting	voting	ADJ
cblr-1691	756	4	stock	stock	NOUN
cblr-1691	756	5	allows	allow	VERB
cblr-1691	756	6	unicorn	unicorn	ADJ
cblr-1691	756	7	founders	founder	NOUN
cblr-1691	756	8	to	to	PART
cblr-1691	756	9	maintain	maintain	VERB
cblr-1691	756	10	control	control	NOUN
cblr-1691	756	11	over	over	ADP
cblr-1691	756	12	the	the	DET
cblr-1691	756	13	company	company	NOUN
cblr-1691	756	14	for	for	ADP
cblr-1691	756	15	a	a	DET
cblr-1691	756	16	longer	long	ADJ
cblr-1691	756	17	period	period	NOUN
cblr-1691	756	18	of	of	ADP
cblr-1691	756	19	time	time	NOUN
cblr-1691	756	20	as	as	SCONJ
cblr-1691	756	21	founder	founder	NOUN
cblr-1691	756	22	approval	approval	NOUN
cblr-1691	756	23	is	be	AUX
cblr-1691	756	24	needed	need	VERB
cblr-1691	756	25	for	for	ADP
cblr-1691	756	26	any	any	DET
cblr-1691	756	27	future	future	ADJ
cblr-1691	756	28	amendments	amendment	NOUN
cblr-1691	756	29	of	of	ADP
cblr-1691	756	30	the	the	DET
cblr-1691	756	31	charter	charter	NOUN
cblr-1691	756	32	(	(	PUNCT
cblr-1691	756	33	such	such	ADJ
cblr-1691	756	34	amendments	amendment	NOUN
cblr-1691	756	35	are	be	AUX
cblr-1691	756	36	required	require	VERB
cblr-1691	756	37	for	for	ADP
cblr-1691	756	38	most	most	ADJ
cblr-1691	756	39	rounds	round	NOUN
cblr-1691	756	40	of	of	ADP
cblr-1691	756	41	financings	financing	NOUN
cblr-1691	756	42	and	and	CCONJ
cblr-1691	756	43	approving	approve	VERB
cblr-1691	756	44	liquidation	liquidation	NOUN
cblr-1691	756	45	events	event	NOUN
cblr-1691	756	46	and	and	CCONJ
cblr-1691	756	47	sales.)229	sales.)229	NOUN
cblr-1691	756	48	unicorn	unicorn	NOUN
cblr-1691	756	49	founders	founder	NOUN
cblr-1691	756	50	wishing	wish	VERB
cblr-1691	756	51	to	to	PART
cblr-1691	756	52	use	use	VERB
cblr-1691	756	53	this	this	DET
cblr-1691	756	54	structure	structure	NOUN
cblr-1691	756	55	will	will	AUX
cblr-1691	756	56	typically	typically	ADV
cblr-1691	756	57	prepare	prepare	VERB
cblr-1691	756	58	the	the	DET
cblr-1691	756	59	company	company	NOUN
cblr-1691	756	60	’s	’s	PART
cblr-1691	756	61	formation	formation	NOUN
cblr-1691	756	62	documents	document	NOUN
cblr-1691	756	63	to	to	ADP
cblr-1691	756	64	228	228	NUM
cblr-1691	756	65	see	see	VERB
cblr-1691	756	66	joann	joann	PROPN
cblr-1691	756	67	s.	s.	PROPN
cblr-1691	756	68	lublin	lublin	PROPN
cblr-1691	756	69	&	&	CCONJ
cblr-1691	756	70	spencer	spencer	PROPN
cblr-1691	756	71	e.	e.	PROPN
cblr-1691	756	72	ante	ante	PROPN
cblr-1691	756	73	,	,	PUNCT
cblr-1691	756	74	a	a	DET
cblr-1691	756	75	fight	fight	NOUN
cblr-1691	756	76	in	in	ADP
cblr-1691	756	77	silicon	silicon	NOUN
cblr-1691	756	78	valley	valley	NOUN
cblr-1691	756	79	:	:	PUNCT
cblr-1691	756	80	founders	founder	NOUN
cblr-1691	756	81	push	push	VERB
cblr-1691	756	82	for	for	ADP
cblr-1691	756	83	control	control	NOUN
cblr-1691	756	84	,	,	PUNCT
cblr-1691	756	85	wall	wall	PROPN
cblr-1691	756	86	st	st	PROPN
cblr-1691	756	87	.	.	PROPN
cblr-1691	756	88	j.	j.	PROPN
cblr-1691	756	89	,	,	PUNCT
cblr-1691	756	90	(	(	PUNCT
cblr-1691	756	91	july	july	PROPN
cblr-1691	756	92	11	11	NUM
cblr-1691	756	93	,	,	PUNCT
cblr-1691	756	94	2012	2012	NUM
cblr-1691	756	95	)	)	PUNCT
cblr-1691	756	96	,	,	PUNCT
cblr-1691	756	97	https://www.wsj.com/articles/sb10001424052702303292204577519134168	https://www.wsj.com/articles/sb10001424052702303292204577519134168	PROPN
cblr-1691	756	98	240996	240996	NUM
cblr-1691	756	99	(	(	PUNCT
cblr-1691	756	100	on	on	ADP
cblr-1691	756	101	file	file	NOUN
cblr-1691	756	102	with	with	ADP
cblr-1691	756	103	the	the	DET
cblr-1691	756	104	columbia	columbia	PROPN
cblr-1691	756	105	business	business	PROPN
cblr-1691	756	106	law	law	PROPN
cblr-1691	756	107	review	review	PROPN
cblr-1691	756	108	)	)	PUNCT
cblr-1691	756	109	.	.	PUNCT
cblr-1691	757	1	according	accord	VERB
cblr-1691	757	2	to	to	ADP
cblr-1691	757	3	broughman	broughman	NOUN
cblr-1691	757	4	and	and	CCONJ
cblr-1691	757	5	fried	fry	VERB
cblr-1691	757	6	,	,	PUNCT
cblr-1691	757	7	however	however	ADV
cblr-1691	757	8	,	,	PUNCT
cblr-1691	757	9	only	only	ADV
cblr-1691	757	10	fifteen	fifteen	NUM
cblr-1691	757	11	percent	percent	NOUN
cblr-1691	757	12	of	of	ADP
cblr-1691	757	13	vc	vc	PROPN
cblr-1691	757	14	-	-	PUNCT
cblr-1691	757	15	backed	back	VERB
cblr-1691	757	16	ipos	ipos	NOUN
cblr-1691	757	17	from	from	ADP
cblr-1691	757	18	2010	2010	NUM
cblr-1691	757	19	to	to	ADP
cblr-1691	757	20	2012	2012	NUM
cblr-1691	757	21	were	be	AUX
cblr-1691	757	22	dual	dual	ADJ
cblr-1691	757	23	class	class	NOUN
cblr-1691	757	24	.	.	PUNCT
cblr-1691	758	1	broughman	broughman	PROPN
cblr-1691	758	2	&	&	CCONJ
cblr-1691	758	3	fried	fried	PROPN
cblr-1691	758	4	,	,	PUNCT
cblr-1691	758	5	supra	supra	PROPN
cblr-1691	758	6	note	note	NOUN
cblr-1691	758	7	167	167	NUM
cblr-1691	758	8	,	,	PUNCT
cblr-1691	758	9	at	at	ADP
cblr-1691	758	10	24	24	NUM
cblr-1691	758	11	tbl.2	tbl.2	PROPN
cblr-1691	758	12	.	.	PUNCT
cblr-1691	759	1	229	229	NUM
cblr-1691	759	2	see	see	VERB
cblr-1691	759	3	jonathan	jonathan	PROPN
cblr-1691	759	4	axelrad	axelrad	PROPN
cblr-1691	759	5	,	,	PUNCT
cblr-1691	759	6	founder	founder	NOUN
cblr-1691	759	7	friendly	friendly	ADJ
cblr-1691	759	8	stock	stock	NOUN
cblr-1691	759	9	alternatives	alternative	NOUN
cblr-1691	760	1	i	i	PRON
cblr-1691	760	2	:	:	PUNCT
cblr-1691	760	3	keeping	keep	VERB
cblr-1691	760	4	control	control	NOUN
cblr-1691	760	5	and	and	CCONJ
cblr-1691	760	6	super	super	ADJ
cblr-1691	760	7	-	-	ADJ
cblr-1691	760	8	voting	voting	ADJ
cblr-1691	760	9	common	common	ADJ
cblr-1691	760	10	stock	stock	NOUN
cblr-1691	760	11	,	,	PUNCT
cblr-1691	760	12	dla	dla	NOUN
cblr-1691	760	13	piper	piper	NOUN
cblr-1691	760	14	,	,	PUNCT
cblr-1691	760	15	https://www.dlapiperaccelerate.com/knowledge/2017/founder-friendlystock-alternatives-keeping-control-and-super-voting-common-stock-.html	https://www.dlapiperaccelerate.com/knowledge/2017/founder-friendlystock-alternatives-keeping-control-and-super-voting-common-stock-.html	VERB
cblr-1691	761	1	[	[	X
cblr-1691	761	2	https://perma.cc/a8a4-ejwp	https://perma.cc/a8a4-ejwp	X
cblr-1691	761	3	]	]	X
cblr-1691	761	4	.	.	PUNCT
cblr-1691	762	1	158	158	NUM
cblr-1691	762	2	columbia	columbia	PROPN
cblr-1691	762	3	business	business	NOUN
cblr-1691	762	4	law	law	PROPN
cblr-1691	762	5	review	review	NOUN
cblr-1691	763	1	[	[	X
cblr-1691	763	2	vol	vol	NOUN
cblr-1691	763	3	.	.	PUNCT
cblr-1691	763	4	2019	2019	NUM
cblr-1691	763	5	provide	provide	VERB
cblr-1691	763	6	for	for	ADP
cblr-1691	763	7	two	two	NUM
cblr-1691	763	8	types	type	NOUN
cblr-1691	763	9	of	of	ADP
cblr-1691	763	10	common	common	ADJ
cblr-1691	763	11	stock	stock	NOUN
cblr-1691	763	12	(	(	PUNCT
cblr-1691	763	13	classes	class	NOUN
cblr-1691	763	14	a	a	PRON
cblr-1691	763	15	and	and	CCONJ
cblr-1691	763	16	b.)230	b.)230	PROPN
cblr-1691	763	17	class	class	NOUN
cblr-1691	763	18	b	b	PROPN
cblr-1691	763	19	will	will	AUX
cblr-1691	763	20	carry	carry	VERB
cblr-1691	763	21	multiple	multiple	ADJ
cblr-1691	763	22	votes	vote	NOUN
cblr-1691	763	23	per	per	ADP
cblr-1691	763	24	share	share	NOUN
cblr-1691	763	25	(	(	PUNCT
cblr-1691	763	26	such	such	ADJ
cblr-1691	763	27	as	as	ADP
cblr-1691	763	28	ten	ten	NUM
cblr-1691	763	29	to	to	PART
cblr-1691	763	30	twenty	twenty	NUM
cblr-1691	763	31	)	)	PUNCT
cblr-1691	763	32	and	and	CCONJ
cblr-1691	763	33	will	will	AUX
cblr-1691	763	34	be	be	AUX
cblr-1691	763	35	granted	grant	VERB
cblr-1691	763	36	to	to	ADP
cblr-1691	763	37	the	the	DET
cblr-1691	763	38	founders.231	founders.231	ADJ
cblr-1691	763	39	class	class	NOUN
cblr-1691	763	40	a	a	PRON
cblr-1691	763	41	will	will	AUX
cblr-1691	763	42	carry	carry	VERB
cblr-1691	763	43	only	only	ADV
cblr-1691	763	44	one	one	NUM
cblr-1691	763	45	vote	vote	NOUN
cblr-1691	763	46	per	per	ADP
cblr-1691	763	47	share	share	NOUN
cblr-1691	763	48	and	and	CCONJ
cblr-1691	763	49	will	will	AUX
cblr-1691	763	50	be	be	AUX
cblr-1691	763	51	reserved	reserve	VERB
cblr-1691	763	52	for	for	ADP
cblr-1691	763	53	issuance	issuance	NOUN
cblr-1691	763	54	,	,	PUNCT
cblr-1691	763	55	under	under	ADP
cblr-1691	763	56	the	the	DET
cblr-1691	763	57	unicorn	unicorn	NOUN
cblr-1691	763	58	’s	’s	PART
cblr-1691	763	59	stock	stock	NOUN
cblr-1691	763	60	option	option	NOUN
cblr-1691	763	61	plan	plan	NOUN
cblr-1691	763	62	,	,	PUNCT
cblr-1691	763	63	to	to	ADP
cblr-1691	763	64	rank	rank	NOUN
cblr-1691	763	65	-	-	PUNCT
cblr-1691	763	66	and	and	CCONJ
cblr-1691	763	67	-	-	PUNCT
cblr-1691	763	68	file	file	NOUN
cblr-1691	763	69	employees.232	employees.232	NOUN
cblr-1691	763	70	this	this	DET
cblr-1691	763	71	structure	structure	NOUN
cblr-1691	763	72	is	be	AUX
cblr-1691	763	73	designed	design	VERB
cblr-1691	763	74	to	to	PART
cblr-1691	763	75	give	give	VERB
cblr-1691	763	76	founders	founder	NOUN
cblr-1691	763	77	control	control	VERB
cblr-1691	763	78	over	over	ADP
cblr-1691	763	79	the	the	DET
cblr-1691	763	80	company	company	NOUN
cblr-1691	763	81	in	in	ADP
cblr-1691	763	82	their	their	PRON
cblr-1691	763	83	capacity	capacity	NOUN
cblr-1691	763	84	as	as	ADP
cblr-1691	763	85	shareholders	shareholder	NOUN
cblr-1691	763	86	,	,	PUNCT
cblr-1691	763	87	even	even	ADV
cblr-1691	763	88	if	if	SCONJ
cblr-1691	763	89	their	their	PRON
cblr-1691	763	90	ownership	ownership	NOUN
cblr-1691	763	91	stake	stake	NOUN
cblr-1691	763	92	is	be	AUX
cblr-1691	763	93	diluted	dilute	VERB
cblr-1691	763	94	in	in	ADP
cblr-1691	763	95	the	the	DET
cblr-1691	763	96	future	future	NOUN
cblr-1691	763	97	through	through	ADP
cblr-1691	763	98	additional	additional	ADJ
cblr-1691	763	99	rounds	round	NOUN
cblr-1691	763	100	of	of	ADP
cblr-1691	763	101	financing	financing	NOUN
cblr-1691	763	102	.	.	PUNCT
cblr-1691	764	1	it	it	PRON
cblr-1691	764	2	should	should	AUX
cblr-1691	764	3	be	be	AUX
cblr-1691	764	4	noted	note	VERB
cblr-1691	764	5	that	that	SCONJ
cblr-1691	764	6	the	the	DET
cblr-1691	764	7	founders	founder	NOUN
cblr-1691	764	8	will	will	AUX
cblr-1691	764	9	have	have	VERB
cblr-1691	764	10	to	to	PART
cblr-1691	764	11	have	have	VERB
cblr-1691	764	12	leverage	leverage	NOUN
cblr-1691	764	13	to	to	PART
cblr-1691	764	14	negotiate	negotiate	VERB
cblr-1691	764	15	this	this	DET
cblr-1691	764	16	friendly	friendly	ADJ
cblr-1691	764	17	-	-	PUNCT
cblr-1691	764	18	term	term	NOUN
cblr-1691	764	19	with	with	ADP
cblr-1691	764	20	vcs	vcs	PROPN
cblr-1691	764	21	and	and	CCONJ
cblr-1691	764	22	other	other	ADJ
cblr-1691	764	23	investors	investor	NOUN
cblr-1691	764	24	in	in	ADP
cblr-1691	764	25	each	each	DET
cblr-1691	764	26	rounds	round	NOUN
cblr-1691	764	27	of	of	ADP
cblr-1691	764	28	financing	financing	NOUN
cblr-1691	764	29	.	.	PUNCT
cblr-1691	765	1	it	it	PRON
cblr-1691	765	2	is	be	AUX
cblr-1691	765	3	not	not	PART
cblr-1691	765	4	guaranteed	guarantee	VERB
cblr-1691	765	5	to	to	PART
cblr-1691	765	6	last	last	VERB
cblr-1691	765	7	forever	forever	ADV
cblr-1691	765	8	,	,	PUNCT
cblr-1691	765	9	even	even	ADV
cblr-1691	765	10	if	if	SCONJ
cblr-1691	765	11	included	include	VERB
cblr-1691	765	12	in	in	ADP
cblr-1691	765	13	formation	formation	NOUN
cblr-1691	765	14	documents	document	NOUN
cblr-1691	765	15	.	.	PUNCT
cblr-1691	766	1	super	super	ADJ
cblr-1691	766	2	-	-	ADJ
cblr-1691	766	3	voting	voting	ADJ
cblr-1691	766	4	stock	stock	NOUN
cblr-1691	766	5	at	at	ADP
cblr-1691	766	6	the	the	DET
cblr-1691	766	7	board	board	NOUN
cblr-1691	766	8	level	level	NOUN
cblr-1691	766	9	is	be	AUX
cblr-1691	766	10	another	another	DET
cblr-1691	766	11	use	use	NOUN
cblr-1691	766	12	of	of	ADP
cblr-1691	766	13	common	common	ADJ
cblr-1691	766	14	stock	stock	NOUN
cblr-1691	766	15	,	,	PUNCT
cblr-1691	766	16	which	which	PRON
cblr-1691	766	17	confers	confer	VERB
cblr-1691	766	18	a	a	DET
cblr-1691	766	19	multiple	multiple	NOUN
cblr-1691	766	20	of	of	ADP
cblr-1691	766	21	votes	vote	NOUN
cblr-1691	766	22	for	for	ADP
cblr-1691	766	23	board	board	NOUN
cblr-1691	766	24	seats	seat	NOUN
cblr-1691	766	25	(	(	PUNCT
cblr-1691	766	26	such	such	ADJ
cblr-1691	766	27	as	as	ADP
cblr-1691	766	28	a	a	DET
cblr-1691	766	29	multiple	multiple	NOUN
cblr-1691	766	30	of	of	ADP
cblr-1691	766	31	two	two	NUM
cblr-1691	766	32	to	to	PART
cblr-1691	766	33	five	five	NUM
cblr-1691	766	34	per	per	ADP
cblr-1691	766	35	vote	vote	NOUN
cblr-1691	766	36	)	)	PUNCT
cblr-1691	766	37	to	to	ADP
cblr-1691	766	38	its	its	PRON
cblr-1691	766	39	holder.233	holder.233	NOUN
cblr-1691	766	40	this	this	DET
cblr-1691	766	41	type	type	NOUN
cblr-1691	766	42	of	of	ADP
cblr-1691	766	43	common	common	ADJ
cblr-1691	766	44	stock	stock	NOUN
cblr-1691	766	45	gives	give	VERB
cblr-1691	766	46	founders	founder	NOUN
cblr-1691	766	47	the	the	DET
cblr-1691	766	48	power	power	NOUN
cblr-1691	766	49	to	to	PART
cblr-1691	766	50	elect	elect	VERB
cblr-1691	766	51	directors	director	NOUN
cblr-1691	766	52	to	to	ADP
cblr-1691	766	53	the	the	DET
cblr-1691	766	54	board	board	NOUN
cblr-1691	766	55	and	and	CCONJ
cblr-1691	766	56	have	have	VERB
cblr-1691	766	57	control	control	NOUN
cblr-1691	766	58	over	over	ADP
cblr-1691	766	59	the	the	DET
cblr-1691	766	60	board	board	NOUN
cblr-1691	766	61	’s	’s	PART
cblr-1691	766	62	major	major	ADJ
cblr-1691	766	63	decisions.234	decisions.234	VERB
cblr-1691	766	64	this	this	DET
cblr-1691	766	65	structure	structure	NOUN
cblr-1691	766	66	can	can	AUX
cblr-1691	766	67	have	have	VERB
cblr-1691	766	68	adverse	adverse	ADJ
cblr-1691	766	69	effects	effect	NOUN
cblr-1691	766	70	on	on	ADP
cblr-1691	766	71	the	the	DET
cblr-1691	766	72	board	board	NOUN
cblr-1691	766	73	’s	’s	PART
cblr-1691	766	74	ability	ability	NOUN
cblr-1691	766	75	to	to	PART
cblr-1691	766	76	follow	follow	VERB
cblr-1691	766	77	its	its	PRON
cblr-1691	766	78	fiduciary	fiduciary	ADJ
cblr-1691	766	79	duties	duty	NOUN
cblr-1691	766	80	,	,	PUNCT
cblr-1691	766	81	but	but	CCONJ
cblr-1691	766	82	those	those	DET
cblr-1691	766	83	issues	issue	NOUN
cblr-1691	766	84	fall	fall	VERB
cblr-1691	766	85	outside	outside	ADP
cblr-1691	766	86	the	the	DET
cblr-1691	766	87	scope	scope	NOUN
cblr-1691	766	88	of	of	ADP
cblr-1691	766	89	this	this	DET
cblr-1691	766	90	article	article	NOUN
cblr-1691	766	91	.	.	PUNCT
cblr-1691	767	1	ff	ff	PROPN
cblr-1691	767	2	preferred	prefer	VERB
cblr-1691	767	3	stock	stock	NOUN
cblr-1691	767	4	is	be	AUX
cblr-1691	767	5	a	a	DET
cblr-1691	767	6	new	new	ADJ
cblr-1691	767	7	type	type	NOUN
cblr-1691	767	8	of	of	ADP
cblr-1691	767	9	common	common	ADJ
cblr-1691	767	10	stock	stock	NOUN
cblr-1691	767	11	that	that	PRON
cblr-1691	767	12	does	do	AUX
cblr-1691	767	13	not	not	PART
cblr-1691	767	14	have	have	VERB
cblr-1691	767	15	the	the	DET
cblr-1691	767	16	traditional	traditional	ADJ
cblr-1691	767	17	lock	lock	NOUN
cblr-1691	767	18	-	-	PUNCT
cblr-1691	767	19	in.235	in.235	PROPN
cblr-1691	767	20	it	it	PRON
cblr-1691	767	21	is	be	AUX
cblr-1691	767	22	issued	issue	VERB
cblr-1691	767	23	to	to	ADP
cblr-1691	767	24	founders	founder	NOUN
cblr-1691	767	25	,	,	PUNCT
cblr-1691	767	26	like	like	ADP
cblr-1691	767	27	230	230	NUM
cblr-1691	767	28	see	see	VERB
cblr-1691	767	29	i	i	PRON
cblr-1691	767	30	d.	d.	PROPN
cblr-1691	767	31	231	231	NUM
cblr-1691	767	32	see	see	VERB
cblr-1691	767	33	i	i	PROPN
cblr-1691	767	34	d.	d.	PROPN
cblr-1691	767	35	232	232	NUM
cblr-1691	767	36	facebook	facebook	PROPN
cblr-1691	767	37	,	,	PUNCT
cblr-1691	767	38	palantir	palantir	NOUN
cblr-1691	767	39	,	,	PUNCT
cblr-1691	767	40	snapchat	snapchat	INTJ
cblr-1691	767	41	,	,	PUNCT
cblr-1691	767	42	uber	uber	NOUN
cblr-1691	767	43	,	,	PUNCT
cblr-1691	767	44	and	and	CCONJ
cblr-1691	767	45	airbnb	airbnb	PROPN
cblr-1691	767	46	each	each	PRON
cblr-1691	767	47	issued	issue	VERB
cblr-1691	767	48	two	two	NUM
cblr-1691	767	49	classes	class	NOUN
cblr-1691	767	50	of	of	ADP
cblr-1691	767	51	common	common	ADJ
cblr-1691	767	52	stock	stock	NOUN
cblr-1691	767	53	with	with	ADP
cblr-1691	767	54	the	the	DET
cblr-1691	767	55	preferred	preferred	ADJ
cblr-1691	767	56	class	class	NOUN
cblr-1691	767	57	in	in	ADP
cblr-1691	767	58	each	each	DET
cblr-1691	767	59	case	case	NOUN
cblr-1691	767	60	carrying	carry	VERB
cblr-1691	767	61	ten	ten	NUM
cblr-1691	767	62	votes	vote	NOUN
cblr-1691	767	63	per	per	ADP
cblr-1691	767	64	share	share	NOUN
cblr-1691	767	65	and	and	CCONJ
cblr-1691	767	66	the	the	DET
cblr-1691	767	67	common	common	ADJ
cblr-1691	767	68	stock	stock	NOUN
cblr-1691	767	69	carrying	carry	VERB
cblr-1691	767	70	one	one	NUM
cblr-1691	767	71	.	.	PUNCT
cblr-1691	768	1	see	see	VERB
cblr-1691	768	2	cytowski	cytowski	PROPN
cblr-1691	768	3	&	&	CCONJ
cblr-1691	768	4	partners	partner	NOUN
cblr-1691	768	5	,	,	PUNCT
cblr-1691	768	6	the	the	DET
cblr-1691	768	7	anatomy	anatomy	NOUN
cblr-1691	768	8	of	of	ADP
cblr-1691	768	9	a	a	DET
cblr-1691	768	10	unicorn	unicorn	ADJ
cblr-1691	768	11	,	,	PUNCT
cblr-1691	768	12	medium	medium	NOUN
cblr-1691	768	13	(	(	PUNCT
cblr-1691	768	14	aug	aug	PROPN
cblr-1691	768	15	.	.	PROPN
cblr-1691	768	16	15	15	NUM
cblr-1691	768	17	,	,	PUNCT
cblr-1691	768	18	2018	2018	NUM
cblr-1691	768	19	)	)	PUNCT
cblr-1691	768	20	,	,	PUNCT
cblr-1691	768	21	https://medium.com/@cytlaw/the-anatomy-of-a-unicorn-3298df383e03	https://medium.com/@cytlaw/the-anatomy-of-a-unicorn-3298df383e03	PUNCT
cblr-1691	769	1	[	[	X
cblr-1691	769	2	https://perma.cc/35v7-3zzx	https://perma.cc/35v7-3zzx	X
cblr-1691	769	3	]	]	X
cblr-1691	769	4	;	;	PUNCT
cblr-1691	769	5	see	see	VERB
cblr-1691	769	6	also	also	ADV
cblr-1691	769	7	caine	caine	PROPN
cblr-1691	769	8	moss	moss	PROPN
cblr-1691	769	9	&	&	CCONJ
cblr-1691	769	10	emma	emma	PROPN
cblr-1691	769	11	mannmeginniss	mannmeginniss	PROPN
cblr-1691	769	12	,	,	PUNCT
cblr-1691	769	13	5	5	NUM
cblr-1691	769	14	founder	founder	NOUN
cblr-1691	769	15	-	-	PUNCT
cblr-1691	769	16	friendly	friendly	ADJ
cblr-1691	769	17	financing	financing	NOUN
cblr-1691	769	18	terms	term	NOUN
cblr-1691	769	19	that	that	PRON
cblr-1691	769	20	give	give	VERB
cblr-1691	769	21	power	power	NOUN
cblr-1691	769	22	to	to	ADP
cblr-1691	769	23	entrepreneurs	entrepreneur	NOUN
cblr-1691	769	24	,	,	PUNCT
cblr-1691	769	25	venture	venture	NOUN
cblr-1691	769	26	beat	beat	NOUN
cblr-1691	769	27	(	(	PUNCT
cblr-1691	769	28	nov	nov	PROPN
cblr-1691	769	29	.	.	PROPN
cblr-1691	769	30	16	16	NUM
cblr-1691	769	31	,	,	PUNCT
cblr-1691	769	32	2014	2014	NUM
cblr-1691	769	33	)	)	PUNCT
cblr-1691	769	34	,	,	PUNCT
cblr-1691	769	35	https://venturebeat.com/2014/11/16/5-founder-friendly-financing-termsthat-give-power-to-entrepreneurs/	https://venturebeat.com/2014/11/16/5-founder-friendly-financing-termsthat-give-power-to-entrepreneurs/	VERB
cblr-1691	770	1	[	[	X
cblr-1691	770	2	https://perma.cc/z5ea-byf7	https://perma.cc/z5ea-byf7	X
cblr-1691	770	3	]	]	X
cblr-1691	770	4	.	.	PUNCT
cblr-1691	771	1	233	233	NUM
cblr-1691	771	2	see	see	VERB
cblr-1691	771	3	moss	moss	NOUN
cblr-1691	771	4	&	&	CCONJ
cblr-1691	771	5	mann	mann	PROPN
cblr-1691	771	6	-	-	PUNCT
cblr-1691	771	7	meginniss	meginniss	PROPN
cblr-1691	771	8	,	,	PUNCT
cblr-1691	771	9	supra	supra	PROPN
cblr-1691	771	10	note	note	NOUN
cblr-1691	771	11	232	232	NUM
cblr-1691	771	12	.	.	NOUN
cblr-1691	771	13	234	234	NUM
cblr-1691	771	14	see	see	VERB
cblr-1691	771	15	i	i	PROPN
cblr-1691	771	16	d.	d.	PROPN
cblr-1691	771	17	235	235	NUM
cblr-1691	771	18	see	see	VERB
cblr-1691	771	19	i	i	PROPN
cblr-1691	771	20	d.	d.	PROPN
cblr-1691	771	21	https://app.box.com/files/0/f/11159242990/1/f_95979488353	https://app.box.com/files/0/f/11159242990/1/f_95979488353	PROPN
cblr-1691	771	22	https://app.box.com/files/0/f/11159242990/1/f_95978625782	https://app.box.com/files/0/f/11159242990/1/f_95978625782	PROPN
cblr-1691	771	23	no	no	INTJ
cblr-1691	771	24	.	.	PUNCT
cblr-1691	772	1	1:107	1:107	NUM
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cblr-1691	772	3	unicorn	unicorn	ADJ
cblr-1691	772	4	stock	stock	NOUN
cblr-1691	772	5	options	option	NOUN
cblr-1691	772	6	159	159	NUM
cblr-1691	772	7	common	common	ADJ
cblr-1691	772	8	stock	stock	NOUN
cblr-1691	772	9	,	,	PUNCT
cblr-1691	772	10	but	but	CCONJ
cblr-1691	772	11	has	have	VERB
cblr-1691	772	12	a	a	DET
cblr-1691	772	13	special	special	ADJ
cblr-1691	772	14	conversion	conversion	NOUN
cblr-1691	772	15	right	right	NOUN
cblr-1691	772	16	that	that	PRON
cblr-1691	772	17	allows	allow	VERB
cblr-1691	772	18	its	its	PRON
cblr-1691	772	19	holder	holder	NOUN
cblr-1691	772	20	to	to	PART
cblr-1691	772	21	cash	cash	VERB
cblr-1691	772	22	out	out	ADP
cblr-1691	772	23	prior	prior	ADV
cblr-1691	772	24	to	to	ADP
cblr-1691	772	25	a	a	DET
cblr-1691	772	26	traditional	traditional	ADJ
cblr-1691	772	27	liquidity	liquidity	NOUN
cblr-1691	772	28	event	event	NOUN
cblr-1691	772	29	such	such	ADJ
cblr-1691	772	30	as	as	ADP
cblr-1691	772	31	an	an	DET
cblr-1691	772	32	ipo	ipo	NOUN
cblr-1691	772	33	or	or	CCONJ
cblr-1691	772	34	sale.236	sale.236	NUM
cblr-1691	772	35	the	the	DET
cblr-1691	772	36	company	company	NOUN
cblr-1691	772	37	will	will	AUX
cblr-1691	772	38	issue	issue	VERB
cblr-1691	772	39	a	a	DET
cblr-1691	772	40	portion	portion	NOUN
cblr-1691	772	41	of	of	ADP
cblr-1691	772	42	the	the	DET
cblr-1691	772	43	founder	founder	NOUN
cblr-1691	772	44	’s	’s	PART
cblr-1691	772	45	equity	equity	NOUN
cblr-1691	772	46	in	in	ADP
cblr-1691	772	47	the	the	DET
cblr-1691	772	48	form	form	NOUN
cblr-1691	772	49	of	of	ADP
cblr-1691	772	50	ff	ff	ADJ
cblr-1691	772	51	preferred	prefer	VERB
cblr-1691	772	52	stock	stock	NOUN
cblr-1691	772	53	,	,	PUNCT
cblr-1691	772	54	and	and	CCONJ
cblr-1691	772	55	the	the	DET
cblr-1691	772	56	rest	rest	NOUN
cblr-1691	772	57	in	in	ADP
cblr-1691	772	58	regular	regular	ADJ
cblr-1691	772	59	common	common	ADJ
cblr-1691	772	60	stock.237	stock.237	NUM
cblr-1691	772	61	the	the	DET
cblr-1691	772	62	ff	ff	PROPN
cblr-1691	772	63	preferred	prefer	VERB
cblr-1691	772	64	stock	stock	NOUN
cblr-1691	772	65	allows	allow	VERB
cblr-1691	772	66	the	the	DET
cblr-1691	772	67	founder	founder	NOUN
cblr-1691	772	68	to	to	PART
cblr-1691	772	69	get	get	VERB
cblr-1691	772	70	liquidity	liquidity	NOUN
cblr-1691	772	71	with	with	ADP
cblr-1691	772	72	future	future	ADJ
cblr-1691	772	73	vc	vc	PROPN
cblr-1691	772	74	investment.238	investment.238	NOUN
cblr-1691	772	75	the	the	DET
cblr-1691	772	76	vc	vc	PROPN
cblr-1691	772	77	can	can	AUX
cblr-1691	772	78	buy	buy	VERB
cblr-1691	772	79	the	the	DET
cblr-1691	772	80	ff	ff	NOUN
cblr-1691	772	81	preferred	prefer	VERB
cblr-1691	772	82	stock	stock	NOUN
cblr-1691	772	83	from	from	ADP
cblr-1691	772	84	the	the	DET
cblr-1691	772	85	founder	founder	NOUN
cblr-1691	772	86	,	,	PUNCT
cblr-1691	772	87	and	and	CCONJ
cblr-1691	772	88	the	the	DET
cblr-1691	772	89	ff	ff	ADJ
cblr-1691	772	90	preferred	prefer	VERB
cblr-1691	772	91	stock	stock	NOUN
cblr-1691	772	92	is	be	AUX
cblr-1691	772	93	then	then	ADV
cblr-1691	772	94	converted	convert	VERB
cblr-1691	772	95	to	to	ADP
cblr-1691	772	96	the	the	DET
cblr-1691	772	97	investor	investor	NOUN
cblr-1691	772	98	’s	’s	PART
cblr-1691	772	99	preferred	prefer	VERB
cblr-1691	772	100	stock.239	stock.239	NOUN
cblr-1691	772	101	this	this	DET
cblr-1691	772	102	practice	practice	NOUN
cblr-1691	772	103	can	can	AUX
cblr-1691	772	104	impact	impact	VERB
cblr-1691	772	105	the	the	DET
cblr-1691	772	106	company	company	NOUN
cblr-1691	772	107	’s	’s	PART
cblr-1691	772	108	option	option	NOUN
cblr-1691	772	109	plan	plan	NOUN
cblr-1691	772	110	(	(	PUNCT
cblr-1691	772	111	affect	affect	VERB
cblr-1691	772	112	the	the	DET
cblr-1691	772	113	price	price	NOUN
cblr-1691	772	114	at	at	ADP
cblr-1691	772	115	which	which	PRON
cblr-1691	772	116	the	the	DET
cblr-1691	772	117	options	option	NOUN
cblr-1691	772	118	are	be	AUX
cblr-1691	772	119	issued	issue	VERB
cblr-1691	772	120	,	,	PUNCT
cblr-1691	772	121	)	)	PUNCT
cblr-1691	772	122	and	and	CCONJ
cblr-1691	772	123	have	have	VERB
cblr-1691	772	124	adverse	adverse	ADJ
cblr-1691	772	125	tax	tax	NOUN
cblr-1691	772	126	consequences	consequence	NOUN
cblr-1691	772	127	for	for	ADP
cblr-1691	772	128	the	the	DET
cblr-1691	772	129	founder	founder	NOUN
cblr-1691	772	130	and	and	CCONJ
cblr-1691	772	131	the	the	DET
cblr-1691	772	132	company.240	company.240	NOUN
cblr-1691	772	133	typically	typically	ADV
cblr-1691	772	134	,	,	PUNCT
cblr-1691	772	135	vcs	vcs	PROPN
cblr-1691	772	136	negotiate	negotiate	VERB
cblr-1691	772	137	for	for	ADP
cblr-1691	772	138	and	and	CCONJ
cblr-1691	772	139	get	get	VERB
cblr-1691	772	140	voting	voting	NOUN
cblr-1691	772	141	-	-	PUNCT
cblr-1691	772	142	control	control	NOUN
cblr-1691	772	143	provisions	provision	NOUN
cblr-1691	772	144	,	,	PUNCT
cblr-1691	772	145	which	which	PRON
cblr-1691	772	146	give	give	VERB
cblr-1691	772	147	them	they	PRON
cblr-1691	772	148	voting	voting	NOUN
cblr-1691	772	149	blocks	block	NOUN
cblr-1691	772	150	on	on	ADP
cblr-1691	772	151	liquidation	liquidation	NOUN
cblr-1691	772	152	and	and	CCONJ
cblr-1691	772	153	raising	raise	VERB
cblr-1691	772	154	additional	additional	ADJ
cblr-1691	772	155	capital.241	capital.241	NOUN
cblr-1691	772	156	by	by	ADP
cblr-1691	772	157	giving	give	VERB
cblr-1691	772	158	common	common	ADJ
cblr-1691	772	159	stock	stock	NOUN
cblr-1691	772	160	holders	holder	NOUN
cblr-1691	772	161	the	the	DET
cblr-1691	772	162	same	same	ADJ
cblr-1691	772	163	voting	voting	NOUN
cblr-1691	772	164	-	-	PUNCT
cblr-1691	772	165	control	control	NOUN
cblr-1691	772	166	provisions	provision	NOUN
cblr-1691	772	167	,	,	PUNCT
cblr-1691	772	168	unicorns	unicorn	NOUN
cblr-1691	772	169	give	give	VERB
cblr-1691	772	170	founders	founder	NOUN
cblr-1691	772	171	the	the	DET
cblr-1691	772	172	freedom	freedom	NOUN
cblr-1691	772	173	to	to	PART
cblr-1691	772	174	dictate	dictate	VERB
cblr-1691	772	175	when	when	SCONJ
cblr-1691	772	176	and	and	CCONJ
cblr-1691	772	177	whether	whether	SCONJ
cblr-1691	772	178	the	the	DET
cblr-1691	772	179	company	company	NOUN
cblr-1691	772	180	sells	sell	VERB
cblr-1691	772	181	or	or	CCONJ
cblr-1691	772	182	raises	raise	VERB
cblr-1691	772	183	capital.242	capital.242	NOUN
cblr-1691	772	184	vcs	vcs	PROPN
cblr-1691	772	185	will	will	AUX
cblr-1691	772	186	always	always	ADV
cblr-1691	772	187	negotiate	negotiate	VERB
cblr-1691	772	188	for	for	ADP
cblr-1691	772	189	and	and	CCONJ
cblr-1691	772	190	receive	receive	VERB
cblr-1691	772	191	some	some	DET
cblr-1691	772	192	protections	protection	NOUN
cblr-1691	772	193	in	in	ADP
cblr-1691	772	194	their	their	PRON
cblr-1691	772	195	investment	investment	NOUN
cblr-1691	772	196	documents	document	NOUN
cblr-1691	772	197	.	.	PUNCT
cblr-1691	773	1	if	if	SCONJ
cblr-1691	773	2	founders	founder	NOUN
cblr-1691	773	3	are	be	AUX
cblr-1691	773	4	able	able	ADJ
cblr-1691	773	5	to	to	PART
cblr-1691	773	6	negotiate	negotiate	VERB
cblr-1691	773	7	for	for	ADP
cblr-1691	773	8	the	the	DET
cblr-1691	773	9	same	same	ADJ
cblr-1691	773	10	protections	protection	NOUN
cblr-1691	773	11	,	,	PUNCT
cblr-1691	773	12	then	then	ADV
cblr-1691	773	13	they	they	PRON
cblr-1691	773	14	will	will	AUX
cblr-1691	773	15	be	be	AUX
cblr-1691	773	16	able	able	ADJ
cblr-1691	773	17	to	to	PART
cblr-1691	773	18	limit	limit	VERB
cblr-1691	773	19	the	the	DET
cblr-1691	773	20	vc	vc	PROPN
cblr-1691	773	21	’s	’s	PART
cblr-1691	773	22	control	control	NOUN
cblr-1691	773	23	over	over	ADP
cblr-1691	773	24	the	the	DET
cblr-1691	773	25	decision	decision	NOUN
cblr-1691	773	26	to	to	PART
cblr-1691	773	27	liquidate	liquidate	VERB
cblr-1691	773	28	the	the	DET
cblr-1691	773	29	company.243	company.243	NOUN
cblr-1691	773	30	founders	founder	NOUN
cblr-1691	773	31	are	be	AUX
cblr-1691	773	32	now	now	ADV
cblr-1691	773	33	also	also	ADV
cblr-1691	773	34	able	able	ADJ
cblr-1691	773	35	to	to	PART
cblr-1691	773	36	negotiate	negotiate	VERB
cblr-1691	773	37	and	and	CCONJ
cblr-1691	773	38	receive	receive	VERB
cblr-1691	773	39	aggressive	aggressive	ADJ
cblr-1691	773	40	founder	founder	NOUN
cblr-1691	773	41	vesting	vest	VERB
cblr-1691	773	42	provisions.244	provisions.244	ADP
cblr-1691	773	43	the	the	DET
cblr-1691	773	44	traditional	traditional	ADJ
cblr-1691	773	45	236	236	NUM
cblr-1691	773	46	see	see	NOUN
cblr-1691	773	47	i	i	PROPN
cblr-1691	773	48	d.	d.	PROPN
cblr-1691	773	49	237	237	NUM
cblr-1691	773	50	see	see	VERB
cblr-1691	773	51	i	i	PRON
cblr-1691	773	52	d.	d.	PROPN
cblr-1691	773	53	238	238	NUM
cblr-1691	773	54	see	see	VERB
cblr-1691	773	55	i	i	PRON
cblr-1691	773	56	d.	d.	PROPN
cblr-1691	773	57	239	239	NUM
cblr-1691	773	58	see	see	VERB
cblr-1691	773	59	i	i	PRON
cblr-1691	773	60	d.	d.	PROPN
cblr-1691	773	61	240	240	NUM
cblr-1691	773	62	see	see	VERB
cblr-1691	773	63	i	i	PROPN
cblr-1691	773	64	d.	d.	PROPN
cblr-1691	773	65	241	241	NUM
cblr-1691	773	66	see	see	VERB
cblr-1691	773	67	trent	trent	NOUN
cblr-1691	773	68	dykes	dyke	NOUN
cblr-1691	773	69	,	,	PUNCT
cblr-1691	773	70	financing	finance	VERB
cblr-1691	773	71	your	your	PRON
cblr-1691	773	72	startup	startup	NOUN
cblr-1691	773	73	:	:	PUNCT
cblr-1691	773	74	understanding	understand	VERB
cblr-1691	773	75	control	control	NOUN
cblr-1691	773	76	and	and	CCONJ
cblr-1691	773	77	voting	voting	NOUN
cblr-1691	773	78	issues	issue	NOUN
cblr-1691	773	79	(	(	PUNCT
cblr-1691	773	80	part	part	NOUN
cblr-1691	773	81	i	i	PROPN
cblr-1691	773	82	,	,	PUNCT
cblr-1691	773	83	board	board	NOUN
cblr-1691	773	84	controls	control	NOUN
cblr-1691	773	85	)	)	PUNCT
cblr-1691	773	86	,	,	PUNCT
cblr-1691	773	87	venture	venture	NOUN
cblr-1691	773	88	alley	alley	NOUN
cblr-1691	773	89	(	(	PUNCT
cblr-1691	773	90	mar	mar	PROPN
cblr-1691	773	91	.	.	PROPN
cblr-1691	773	92	3	3	NUM
cblr-1691	773	93	,	,	PUNCT
cblr-1691	773	94	2011	2011	NUM
cblr-1691	773	95	)	)	PUNCT
cblr-1691	773	96	,	,	PUNCT
cblr-1691	773	97	https://www.theventurealley.com/2011/03/financing-your-startupunderstanding-control-and-voting-issues-part-1-board-controls/	https://www.theventurealley.com/2011/03/financing-your-startupunderstanding-control-and-voting-issues-part-1-board-controls/	VERB
cblr-1691	774	1	[	[	X
cblr-1691	774	2	https://perma.cc/7dv2-pth8	https://perma.cc/7dv2-pth8	X
cblr-1691	774	3	]	]	X
cblr-1691	774	4	.	.	PUNCT
cblr-1691	774	5	242	242	NUM
cblr-1691	774	6	see	see	VERB
cblr-1691	774	7	moss	moss	NOUN
cblr-1691	774	8	&	&	CCONJ
cblr-1691	774	9	mann	mann	PROPN
cblr-1691	774	10	-	-	PUNCT
cblr-1691	774	11	meginniss	meginniss	PROPN
cblr-1691	774	12	,	,	PUNCT
cblr-1691	774	13	supra	supra	PROPN
cblr-1691	774	14	note	note	NOUN
cblr-1691	774	15	232	232	NUM
cblr-1691	774	16	.	.	PUNCT
cblr-1691	775	1	243	243	NUM
cblr-1691	775	2	for	for	ADP
cblr-1691	775	3	example	example	NOUN
cblr-1691	775	4	,	,	PUNCT
cblr-1691	775	5	snapchat	snapchat	PROPN
cblr-1691	775	6	does	do	AUX
cblr-1691	775	7	not	not	PART
cblr-1691	775	8	give	give	VERB
cblr-1691	775	9	its	its	PRON
cblr-1691	775	10	series	series	NOUN
cblr-1691	775	11	c	c	NOUN
cblr-1691	775	12	,	,	PUNCT
cblr-1691	775	13	d	d	NOUN
cblr-1691	775	14	,	,	PUNCT
cblr-1691	775	15	e	e	NOUN
cblr-1691	775	16	,	,	PUNCT
cblr-1691	775	17	or	or	CCONJ
cblr-1691	775	18	f	f	PROPN
cblr-1691	775	19	preferred	preferred	ADJ
cblr-1691	775	20	shareholders	shareholder	NOUN
cblr-1691	775	21	any	any	DET
cblr-1691	775	22	voting	voting	NOUN
cblr-1691	775	23	rights	right	NOUN
cblr-1691	775	24	or	or	CCONJ
cblr-1691	775	25	anti	anti	ADJ
cblr-1691	775	26	-	-	ADJ
cblr-1691	775	27	dilution	dilution	ADJ
cblr-1691	775	28	protection	protection	NOUN
cblr-1691	775	29	,	,	PUNCT
cblr-1691	775	30	“	"	PUNCT
cblr-1691	775	31	essentially	essentially	ADV
cblr-1691	775	32	allowing	allow	VERB
cblr-1691	775	33	them	they	PRON
cblr-1691	775	34	to	to	PART
cblr-1691	775	35	just	just	ADV
cblr-1691	775	36	invest	invest	VERB
cblr-1691	775	37	and	and	CCONJ
cblr-1691	775	38	tag	tag	VERB
cblr-1691	775	39	along	along	ADP
cblr-1691	775	40	for	for	ADP
cblr-1691	775	41	the	the	DET
cblr-1691	775	42	ride	ride	NOUN
cblr-1691	775	43	.	.	PUNCT
cblr-1691	775	44	”	"	PUNCT
cblr-1691	776	1	cytowski	cytowski	PROPN
cblr-1691	776	2	&	&	CCONJ
cblr-1691	776	3	partners	partner	NOUN
cblr-1691	776	4	,	,	PUNCT
cblr-1691	776	5	supra	supra	PROPN
cblr-1691	776	6	note	note	NOUN
cblr-1691	776	7	232	232	NUM
cblr-1691	776	8	.	.	PUNCT
cblr-1691	777	1	244	244	NUM
cblr-1691	777	2	see	see	VERB
cblr-1691	777	3	moss	moss	NOUN
cblr-1691	777	4	&	&	CCONJ
cblr-1691	777	5	mann	mann	PROPN
cblr-1691	777	6	-	-	PUNCT
cblr-1691	777	7	meginniss	meginniss	PROPN
cblr-1691	777	8	,	,	PUNCT
cblr-1691	777	9	supra	supra	PROPN
cblr-1691	777	10	note	note	NOUN
cblr-1691	777	11	232	232	NUM
cblr-1691	777	12	.	.	NOUN
cblr-1691	778	1	160	160	NUM
cblr-1691	778	2	columbia	columbia	PROPN
cblr-1691	778	3	business	business	NOUN
cblr-1691	778	4	law	law	PROPN
cblr-1691	778	5	review	review	NOUN
cblr-1691	779	1	[	[	X
cblr-1691	779	2	vol	vol	NOUN
cblr-1691	779	3	.	.	PUNCT
cblr-1691	779	4	2019	2019	NUM
cblr-1691	779	5	vesting	vesting	NOUN
cblr-1691	779	6	schedule	schedule	NOUN
cblr-1691	779	7	is	be	AUX
cblr-1691	779	8	four	four	NUM
cblr-1691	779	9	-	-	PUNCT
cblr-1691	779	10	year	year	NOUN
cblr-1691	779	11	with	with	ADP
cblr-1691	779	12	a	a	DET
cblr-1691	779	13	one	one	NUM
cblr-1691	779	14	-	-	PUNCT
cblr-1691	779	15	year	year	NOUN
cblr-1691	779	16	cliff	cliff	NOUN
cblr-1691	779	17	vesting.245	vesting.245	VERB
cblr-1691	779	18	certain	certain	ADJ
cblr-1691	779	19	founders	founder	NOUN
cblr-1691	779	20	are	be	AUX
cblr-1691	779	21	negotiating	negotiate	VERB
cblr-1691	779	22	for	for	ADP
cblr-1691	779	23	an	an	DET
cblr-1691	779	24	accelerated	accelerated	ADJ
cblr-1691	779	25	vesting	vesting	NOUN
cblr-1691	779	26	time	time	NOUN
cblr-1691	779	27	frame	frame	NOUN
cblr-1691	779	28	of	of	ADP
cblr-1691	779	29	three	three	NUM
cblr-1691	779	30	years	year	NOUN
cblr-1691	779	31	or	or	CCONJ
cblr-1691	779	32	less	less	ADJ
cblr-1691	779	33	,	,	PUNCT
cblr-1691	779	34	sometimes	sometimes	ADV
cblr-1691	779	35	without	without	ADP
cblr-1691	779	36	the	the	DET
cblr-1691	779	37	cliff	cliff	NOUN
cblr-1691	779	38	vesting.246	vesting.246	PROPN
cblr-1691	779	39	these	these	DET
cblr-1691	779	40	terms	term	NOUN
cblr-1691	779	41	for	for	ADP
cblr-1691	779	42	acceleration	acceleration	NOUN
cblr-1691	779	43	become	become	VERB
cblr-1691	779	44	effective	effective	ADJ
cblr-1691	779	45	in	in	ADP
cblr-1691	779	46	the	the	DET
cblr-1691	779	47	event	event	NOUN
cblr-1691	779	48	of	of	ADP
cblr-1691	779	49	a	a	DET
cblr-1691	779	50	change	change	NOUN
cblr-1691	779	51	of	of	ADP
cblr-1691	779	52	control	control	NOUN
cblr-1691	779	53	provisions	provision	NOUN
cblr-1691	779	54	or	or	CCONJ
cblr-1691	779	55	involuntary	involuntary	ADJ
cblr-1691	779	56	terminations	termination	NOUN
cblr-1691	779	57	of	of	ADP
cblr-1691	779	58	the	the	DET
cblr-1691	779	59	founders	founder	NOUN
cblr-1691	779	60	without	without	ADP
cblr-1691	779	61	cause.247	cause.247	NOUN
cblr-1691	779	62	these	these	DET
cblr-1691	779	63	structures	structure	NOUN
cblr-1691	779	64	can	can	AUX
cblr-1691	779	65	,	,	PUNCT
cblr-1691	779	66	like	like	ADP
cblr-1691	779	67	super	super	ADJ
cblr-1691	779	68	-	-	ADJ
cblr-1691	779	69	voting	voting	ADJ
cblr-1691	779	70	stock	stock	NOUN
cblr-1691	779	71	at	at	ADP
cblr-1691	779	72	the	the	DET
cblr-1691	779	73	board	board	NOUN
cblr-1691	779	74	level	level	NOUN
cblr-1691	779	75	,	,	PUNCT
cblr-1691	779	76	have	have	VERB
cblr-1691	779	77	adverse	adverse	ADJ
cblr-1691	779	78	effects	effect	NOUN
cblr-1691	779	79	on	on	ADP
cblr-1691	779	80	the	the	DET
cblr-1691	779	81	board	board	NOUN
cblr-1691	779	82	’s	’s	PART
cblr-1691	779	83	fiduciary	fiduciary	ADJ
cblr-1691	779	84	duties	duty	NOUN
cblr-1691	779	85	and	and	CCONJ
cblr-1691	779	86	can	can	AUX
cblr-1691	779	87	also	also	ADV
cblr-1691	779	88	subject	subject	VERB
cblr-1691	779	89	the	the	DET
cblr-1691	779	90	investors	investor	NOUN
cblr-1691	779	91	to	to	ADP
cblr-1691	779	92	a	a	DET
cblr-1691	779	93	hold	hold	NOUN
cblr-1691	779	94	up	up	ADP
cblr-1691	779	95	and	and	CCONJ
cblr-1691	779	96	abuse	abuse	NOUN
cblr-1691	779	97	by	by	ADP
cblr-1691	779	98	the	the	DET
cblr-1691	779	99	founders	founder	NOUN
cblr-1691	779	100	.	.	PUNCT
cblr-1691	780	1	however	however	ADV
cblr-1691	780	2	,	,	PUNCT
cblr-1691	780	3	these	these	DET
cblr-1691	780	4	issues	issue	NOUN
cblr-1691	780	5	are	be	AUX
cblr-1691	780	6	outside	outside	ADP
cblr-1691	780	7	the	the	DET
cblr-1691	780	8	scope	scope	NOUN
cblr-1691	780	9	of	of	ADP
cblr-1691	780	10	this	this	DET
cblr-1691	780	11	article	article	NOUN
cblr-1691	780	12	.	.	PUNCT
cblr-1691	781	1	iv	iv	X
cblr-1691	781	2	.	.	PUNCT
cblr-1691	781	3	possible	possible	ADJ
cblr-1691	781	4	solutions	solution	NOUN
cblr-1691	781	5	stock	stock	NOUN
cblr-1691	781	6	option	option	NOUN
cblr-1691	781	7	plans	plan	NOUN
cblr-1691	781	8	and	and	CCONJ
cblr-1691	781	9	equity	equity	NOUN
cblr-1691	781	10	compensation	compensation	NOUN
cblr-1691	781	11	agreements	agreement	NOUN
cblr-1691	781	12	have	have	AUX
cblr-1691	781	13	been	be	AUX
cblr-1691	781	14	used	use	VERB
cblr-1691	781	15	by	by	ADP
cblr-1691	781	16	private	private	ADJ
cblr-1691	781	17	companies	company	NOUN
cblr-1691	781	18	for	for	ADP
cblr-1691	781	19	many	many	ADJ
cblr-1691	781	20	years	year	NOUN
cblr-1691	781	21	.	.	PUNCT
cblr-1691	782	1	options	option	NOUN
cblr-1691	782	2	were	be	AUX
cblr-1691	782	3	traditionally	traditionally	ADV
cblr-1691	782	4	designed	design	VERB
cblr-1691	782	5	with	with	ADP
cblr-1691	782	6	a	a	DET
cblr-1691	782	7	timeframe	timeframe	NOUN
cblr-1691	782	8	of	of	ADP
cblr-1691	782	9	four	four	NUM
cblr-1691	782	10	years	year	NOUN
cblr-1691	782	11	to	to	ADP
cblr-1691	782	12	ipo	ipo	NOUN
cblr-1691	782	13	or	or	CCONJ
cblr-1691	782	14	sale	sale	NOUN
cblr-1691	782	15	.	.	PUNCT
cblr-1691	783	1	today	today	NOUN
cblr-1691	783	2	,	,	PUNCT
cblr-1691	783	3	however	however	ADV
cblr-1691	783	4	,	,	PUNCT
cblr-1691	783	5	unicorns	unicorn	NOUN
cblr-1691	783	6	are	be	AUX
cblr-1691	783	7	staying	stay	VERB
cblr-1691	783	8	private	private	ADJ
cblr-1691	783	9	longer	long	ADV
cblr-1691	783	10	,	,	PUNCT
cblr-1691	783	11	and	and	CCONJ
cblr-1691	783	12	conducting	conduct	VERB
cblr-1691	783	13	an	an	DET
cblr-1691	783	14	ipo	ipo	NOUN
cblr-1691	783	15	or	or	CCONJ
cblr-1691	783	16	a	a	DET
cblr-1691	783	17	sale	sale	NOUN
cblr-1691	783	18	much	much	ADV
cblr-1691	783	19	later	later	ADV
cblr-1691	783	20	:	:	PUNCT
cblr-1691	783	21	on	on	ADP
cblr-1691	783	22	average	average	ADJ
cblr-1691	783	23	after	after	ADP
cblr-1691	783	24	eleven	eleven	NUM
cblr-1691	783	25	years	year	NOUN
cblr-1691	783	26	,	,	PUNCT
cblr-1691	783	27	and	and	CCONJ
cblr-1691	783	28	,	,	PUNCT
cblr-1691	783	29	in	in	ADP
cblr-1691	783	30	many	many	ADJ
cblr-1691	783	31	cases	case	NOUN
cblr-1691	783	32	,	,	PUNCT
cblr-1691	783	33	not	not	PART
cblr-1691	783	34	at	at	ADP
cblr-1691	783	35	all.248	all.248	NOUN
cblr-1691	783	36	during	during	ADP
cblr-1691	783	37	this	this	DET
cblr-1691	783	38	long	long	ADJ
cblr-1691	783	39	period	period	NOUN
cblr-1691	783	40	,	,	PUNCT
cblr-1691	783	41	there	there	PRON
cblr-1691	783	42	is	be	VERB
cblr-1691	783	43	always	always	ADV
cblr-1691	783	44	a	a	DET
cblr-1691	783	45	chance	chance	NOUN
cblr-1691	783	46	that	that	SCONJ
cblr-1691	783	47	the	the	DET
cblr-1691	783	48	value	value	NOUN
cblr-1691	783	49	of	of	ADP
cblr-1691	783	50	the	the	DET
cblr-1691	783	51	unicorn	unicorn	NOUN
cblr-1691	783	52	’s	’s	PART
cblr-1691	783	53	common	common	ADJ
cblr-1691	783	54	stock	stock	NOUN
cblr-1691	783	55	will	will	AUX
cblr-1691	783	56	drop	drop	VERB
cblr-1691	783	57	below	below	ADP
cblr-1691	783	58	the	the	DET
cblr-1691	783	59	strike	strike	NOUN
cblr-1691	783	60	price	price	NOUN
cblr-1691	783	61	,	,	PUNCT
cblr-1691	783	62	rendering	render	VERB
cblr-1691	783	63	the	the	DET
cblr-1691	783	64	options	option	NOUN
cblr-1691	783	65	practically	practically	ADV
cblr-1691	783	66	worthless	worthless	ADJ
cblr-1691	783	67	to	to	ADP
cblr-1691	783	68	their	their	PRON
cblr-1691	783	69	holder	holder	NOUN
cblr-1691	783	70	.	.	PUNCT
cblr-1691	784	1	additionally	additionally	ADV
cblr-1691	784	2	,	,	PUNCT
cblr-1691	784	3	the	the	DET
cblr-1691	784	4	unicorn	unicorn	NOUN
cblr-1691	784	5	’s	’s	PART
cblr-1691	784	6	valuation	valuation	NOUN
cblr-1691	784	7	might	might	AUX
cblr-1691	784	8	fluctuate	fluctuate	VERB
cblr-1691	784	9	after	after	SCONJ
cblr-1691	784	10	the	the	DET
cblr-1691	784	11	firm	firm	NOUN
cblr-1691	784	12	grants	grant	VERB
cblr-1691	784	13	options	option	NOUN
cblr-1691	784	14	to	to	ADP
cblr-1691	784	15	employees	employee	NOUN
cblr-1691	784	16	.	.	PUNCT
cblr-1691	785	1	these	these	DET
cblr-1691	785	2	scenarios	scenario	NOUN
cblr-1691	785	3	can	can	AUX
cblr-1691	785	4	lead	lead	VERB
cblr-1691	785	5	to	to	ADP
cblr-1691	785	6	employees	employee	NOUN
cblr-1691	785	7	with	with	ADP
cblr-1691	785	8	out	out	ADV
cblr-1691	785	9	-	-	PUNCT
cblr-1691	785	10	of	of	ADP
cblr-1691	785	11	-	-	PUNCT
cblr-1691	785	12	the	the	DET
cblr-1691	785	13	-	-	PUNCT
cblr-1691	785	14	money	money	NOUN
cblr-1691	785	15	options	option	NOUN
cblr-1691	785	16	.	.	PUNCT
cblr-1691	786	1	because	because	SCONJ
cblr-1691	786	2	it	it	PRON
cblr-1691	786	3	is	be	AUX
cblr-1691	786	4	245	245	NUM
cblr-1691	786	5	see	see	VERB
cblr-1691	786	6	i	i	PRON
cblr-1691	786	7	d.	d.	PROPN
cblr-1691	786	8	246	246	NUM
cblr-1691	786	9	see	see	VERB
cblr-1691	786	10	generally	generally	ADV
cblr-1691	786	11	founder	founder	NOUN
cblr-1691	786	12	vesting	vesting	NOUN
cblr-1691	786	13	:	:	PUNCT
cblr-1691	786	14	an	an	DET
cblr-1691	786	15	alternative	alternative	ADJ
cblr-1691	786	16	view	view	NOUN
cblr-1691	786	17	,	,	PUNCT
cblr-1691	786	18	medium	medium	NOUN
cblr-1691	786	19	(	(	PUNCT
cblr-1691	786	20	feb	feb	PROPN
cblr-1691	786	21	.	.	PROPN
cblr-1691	786	22	10	10	NUM
cblr-1691	786	23	,	,	PUNCT
cblr-1691	786	24	2017	2017	NUM
cblr-1691	786	25	)	)	PUNCT
cblr-1691	786	26	,	,	PUNCT
cblr-1691	786	27	https://medium.com/@whoneedslaw/some-say-that-vesting-isthe-most-important-thing-for-startup-founders-639b6583d8d2	https://medium.com/@whoneedslaw/some-say-that-vesting-isthe-most-important-thing-for-startup-founders-639b6583d8d2	NOUN
cblr-1691	787	1	[	[	X
cblr-1691	787	2	https://perma.cc/7cl4-q42f	https://perma.cc/7cl4-q42f	X
cblr-1691	787	3	]	]	PUNCT
cblr-1691	787	4	.	.	PUNCT
cblr-1691	788	1	247	247	NUM
cblr-1691	788	2	see	see	VERB
cblr-1691	788	3	moss	moss	NOUN
cblr-1691	788	4	&	&	CCONJ
cblr-1691	788	5	mann	mann	PROPN
cblr-1691	788	6	-	-	PUNCT
cblr-1691	788	7	meginniss	meginniss	PROPN
cblr-1691	788	8	,	,	PUNCT
cblr-1691	788	9	supra	supra	PROPN
cblr-1691	788	10	note	note	NOUN
cblr-1691	788	11	232	232	NUM
cblr-1691	788	12	.	.	PUNCT
cblr-1691	788	13	248	248	NUM
cblr-1691	788	14	see	see	VERB
cblr-1691	788	15	doidge	doidge	NOUN
cblr-1691	788	16	et	et	PROPN
cblr-1691	788	17	al	al	PROPN
cblr-1691	788	18	.	.	PROPN
cblr-1691	788	19	,	,	PUNCT
cblr-1691	788	20	eclipse	eclipse	NOUN
cblr-1691	788	21	of	of	ADP
cblr-1691	788	22	the	the	DET
cblr-1691	788	23	public	public	ADJ
cblr-1691	788	24	corporation	corporation	NOUN
cblr-1691	788	25	,	,	PUNCT
cblr-1691	788	26	supra	supra	PROPN
cblr-1691	788	27	note	note	PROPN
cblr-1691	788	28	6	6	NUM
cblr-1691	788	29	;	;	PUNCT
cblr-1691	788	30	gao	gao	PROPN
cblr-1691	788	31	et	et	PROPN
cblr-1691	788	32	al	al	PROPN
cblr-1691	788	33	.	.	PROPN
cblr-1691	788	34	,	,	PUNCT
cblr-1691	788	35	supra	supra	PROPN
cblr-1691	788	36	note	note	VERB
cblr-1691	788	37	6	6	NUM
cblr-1691	788	38	;	;	PUNCT
cblr-1691	789	1	see	see	AUX
cblr-1691	789	2	also	also	ADV
cblr-1691	789	3	jay	jay	PROPN
cblr-1691	789	4	r.	r.	PROPN
cblr-1691	789	5	ritter	ritter	PROPN
cblr-1691	789	6	,	,	PUNCT
cblr-1691	789	7	initial	initial	ADJ
cblr-1691	789	8	public	public	ADJ
cblr-1691	789	9	offerings	offering	NOUN
cblr-1691	789	10	:	:	PUNCT
cblr-1691	789	11	updated	update	VERB
cblr-1691	789	12	statistics	statistic	NOUN
cblr-1691	789	13	,	,	PUNCT
cblr-1691	789	14	u.	u.	PROPN
cblr-1691	789	15	fla	fla	PROPN
cblr-1691	789	16	.	.	PUNCT
cblr-1691	789	17	,	,	PUNCT
cblr-1691	789	18	https://site.warrington.ufl.edu/ritter/files/	https://site.warrington.ufl.edu/ritter/files/	NOUN
cblr-1691	789	19	2016/03	2016/03	NUM
cblr-1691	789	20	/	/	SYM
cblr-1691	789	21	initial	initial	ADJ
cblr-1691	789	22	-	-	PUNCT
cblr-1691	789	23	public	public	ADJ
cblr-1691	789	24	-	-	PUNCT
cblr-1691	789	25	offerings	offering	NOUN
cblr-1691	789	26	-	-	PUNCT
cblr-1691	789	27	updated	update	VERB
cblr-1691	789	28	-	-	PUNCT
cblr-1691	789	29	statistics-2016	statistics-2016	ADJ
cblr-1691	789	30	-	-	PUNCT
cblr-1691	789	31	03	03	NUM
cblr-1691	789	32	-	-	PUNCT
cblr-1691	789	33	08.pdf	08.pdf	PROPN
cblr-1691	789	34	[	[	X
cblr-1691	789	35	https://perma.cc/dd66-tc3w	https://perma.cc/dd66-tc3w	NUM
cblr-1691	789	36	]	]	PUNCT
cblr-1691	789	37	.	.	PUNCT
cblr-1691	790	1	no	no	INTJ
cblr-1691	790	2	.	.	PUNCT
cblr-1691	791	1	1:107	1:107	NUM
cblr-1691	791	2	]	]	X
cblr-1691	791	3	unicorn	unicorn	ADJ
cblr-1691	791	4	stock	stock	NOUN
cblr-1691	791	5	options	option	NOUN
cblr-1691	791	6	161	161	NUM
cblr-1691	791	7	usually	usually	ADV
cblr-1691	791	8	illegal	illegal	ADJ
cblr-1691	791	9	to	to	PART
cblr-1691	791	10	backdate	backdate	VERB
cblr-1691	791	11	employee	employee	NOUN
cblr-1691	791	12	options,249	options,249	PROPN
cblr-1691	791	13	unicorns	unicorns	PROPN
cblr-1691	791	14	will	will	AUX
cblr-1691	791	15	be	be	AUX
cblr-1691	791	16	compelled	compel	VERB
cblr-1691	791	17	to	to	PART
cblr-1691	791	18	re	re	VERB
cblr-1691	791	19	-	-	NOUN
cblr-1691	791	20	issue	issue	NOUN
cblr-1691	791	21	options	option	NOUN
cblr-1691	791	22	to	to	ADP
cblr-1691	791	23	employees	employee	NOUN
cblr-1691	791	24	in	in	ADP
cblr-1691	791	25	order	order	NOUN
cblr-1691	791	26	to	to	PART
cblr-1691	791	27	keep	keep	VERB
cblr-1691	791	28	them	they	PRON
cblr-1691	791	29	motivated	motivated	ADJ
cblr-1691	791	30	.	.	PUNCT
cblr-1691	792	1	unicorn	unicorn	ADJ
cblr-1691	792	2	firms	firm	NOUN
cblr-1691	792	3	should	should	AUX
cblr-1691	792	4	experiment	experiment	VERB
cblr-1691	792	5	with	with	ADP
cblr-1691	792	6	revisions	revision	NOUN
cblr-1691	792	7	to	to	ADP
cblr-1691	792	8	traditional	traditional	ADJ
cblr-1691	792	9	equity	equity	NOUN
cblr-1691	792	10	compensation	compensation	NOUN
cblr-1691	792	11	plans	plan	NOUN
cblr-1691	792	12	in	in	ADP
cblr-1691	792	13	order	order	NOUN
cblr-1691	792	14	to	to	PART
cblr-1691	792	15	recreate	recreate	VERB
cblr-1691	792	16	the	the	DET
cblr-1691	792	17	incentives	incentive	NOUN
cblr-1691	792	18	and	and	CCONJ
cblr-1691	792	19	alignment	alignment	NOUN
cblr-1691	792	20	of	of	ADP
cblr-1691	792	21	interests	interest	NOUN
cblr-1691	792	22	that	that	PRON
cblr-1691	792	23	were	be	AUX
cblr-1691	792	24	present	present	ADJ
cblr-1691	792	25	before	before	ADP
cblr-1691	792	26	the	the	DET
cblr-1691	792	27	new	new	ADJ
cblr-1691	792	28	equilibrium	equilibrium	NOUN
cblr-1691	792	29	.	.	PUNCT
cblr-1691	793	1	start	start	NOUN
cblr-1691	793	2	-	-	PUNCT
cblr-1691	793	3	ups	up	NOUN
cblr-1691	793	4	can	can	AUX
cblr-1691	793	5	deal	deal	VERB
cblr-1691	793	6	with	with	ADP
cblr-1691	793	7	the	the	DET
cblr-1691	793	8	tax	tax	NOUN
cblr-1691	793	9	considerations	consideration	NOUN
cblr-1691	793	10	and	and	CCONJ
cblr-1691	793	11	illiquidity	illiquidity	NOUN
cblr-1691	793	12	of	of	ADP
cblr-1691	793	13	unicorn	unicorn	ADJ
cblr-1691	793	14	shares	share	NOUN
cblr-1691	793	15	in	in	ADP
cblr-1691	793	16	several	several	ADJ
cblr-1691	793	17	ways	way	NOUN
cblr-1691	793	18	.	.	PUNCT
cblr-1691	794	1	section	section	NOUN
cblr-1691	794	2	iv.a	iv.a	PROPN
cblr-1691	794	3	presents	present	VERB
cblr-1691	794	4	the	the	DET
cblr-1691	794	5	currently	currently	ADV
cblr-1691	794	6	proposed	propose	VERB
cblr-1691	794	7	alternatives	alternative	NOUN
cblr-1691	794	8	to	to	ADP
cblr-1691	794	9	the	the	DET
cblr-1691	794	10	traditional	traditional	ADJ
cblr-1691	794	11	stock	stock	NOUN
cblr-1691	794	12	option	option	NOUN
cblr-1691	794	13	plan	plan	NOUN
cblr-1691	794	14	(	(	PUNCT
cblr-1691	794	15	and	and	CCONJ
cblr-1691	794	16	employee	employee	NOUN
cblr-1691	794	17	contract	contract	NOUN
cblr-1691	794	18	)	)	PUNCT
cblr-1691	794	19	,	,	PUNCT
cblr-1691	794	20	and	and	CCONJ
cblr-1691	794	21	critiques	critique	VERB
cblr-1691	794	22	them	they	PRON
cblr-1691	794	23	.	.	PUNCT
cblr-1691	795	1	section	section	PROPN
cblr-1691	795	2	iv.b	iv.b	PROPN
cblr-1691	795	3	describes	describe	VERB
cblr-1691	795	4	the	the	DET
cblr-1691	795	5	present	present	ADJ
cblr-1691	795	6	alternatives	alternative	NOUN
cblr-1691	795	7	to	to	ADP
cblr-1691	795	8	the	the	DET
cblr-1691	795	9	traditional	traditional	ADJ
cblr-1691	795	10	liquidity	liquidity	NOUN
cblr-1691	795	11	mechanisms	mechanism	NOUN
cblr-1691	795	12	and	and	CCONJ
cblr-1691	795	13	discusses	discuss	VERB
cblr-1691	795	14	their	their	PRON
cblr-1691	795	15	pitfalls	pitfall	NOUN
cblr-1691	795	16	.	.	PUNCT
cblr-1691	796	1	section	section	NOUN
cblr-1691	796	2	iv.c	iv.c	AUX
cblr-1691	796	3	proposes	propose	VERB
cblr-1691	796	4	new	new	ADJ
cblr-1691	796	5	disclosure	disclosure	NOUN
cblr-1691	796	6	requirements	requirement	NOUN
cblr-1691	796	7	as	as	ADP
cblr-1691	796	8	an	an	DET
cblr-1691	796	9	alternative	alternative	ADJ
cblr-1691	796	10	route	route	NOUN
cblr-1691	796	11	to	to	ADP
cblr-1691	796	12	fixing	fix	VERB
cblr-1691	796	13	these	these	DET
cblr-1691	796	14	issues	issue	NOUN
cblr-1691	796	15	.	.	PUNCT
cblr-1691	797	1	a.	a.	PROPN
cblr-1691	797	2	contractual	contractual	PROPN
cblr-1691	797	3	alternatives	alternative	NOUN
cblr-1691	797	4	unicorn	unicorn	ADJ
cblr-1691	797	5	firms	firm	NOUN
cblr-1691	797	6	and	and	CCONJ
cblr-1691	797	7	the	the	DET
cblr-1691	797	8	pool	pool	NOUN
cblr-1691	797	9	of	of	ADP
cblr-1691	797	10	employees	employee	NOUN
cblr-1691	797	11	are	be	AUX
cblr-1691	797	12	repeat	repeat	NOUN
cblr-1691	797	13	players	player	NOUN
cblr-1691	797	14	in	in	ADP
cblr-1691	797	15	aggressive	aggressive	ADJ
cblr-1691	797	16	technology	technology	NOUN
cblr-1691	797	17	markets	market	NOUN
cblr-1691	797	18	.	.	PUNCT
cblr-1691	798	1	the	the	DET
cblr-1691	798	2	unicorn	unicorn	ADJ
cblr-1691	798	3	employees	employee	NOUN
cblr-1691	798	4	are	be	AUX
cblr-1691	798	5	the	the	DET
cblr-1691	798	6	intellectual	intellectual	ADJ
cblr-1691	798	7	“	"	PUNCT
cblr-1691	798	8	assets	asset	NOUN
cblr-1691	798	9	”	"	PUNCT
cblr-1691	798	10	of	of	ADP
cblr-1691	798	11	the	the	DET
cblr-1691	798	12	firm	firm	NOUN
cblr-1691	798	13	,	,	PUNCT
cblr-1691	798	14	and	and	CCONJ
cblr-1691	798	15	the	the	DET
cblr-1691	798	16	firm	firm	NOUN
cblr-1691	798	17	depends	depend	VERB
cblr-1691	798	18	on	on	ADP
cblr-1691	798	19	their	their	PRON
cblr-1691	798	20	talent	talent	NOUN
cblr-1691	798	21	to	to	PART
cblr-1691	798	22	innovate	innovate	VERB
cblr-1691	798	23	and	and	CCONJ
cblr-1691	798	24	grow	grow	VERB
cblr-1691	798	25	.	.	PUNCT
cblr-1691	799	1	high	high	ADJ
cblr-1691	799	2	turnover	turnover	NOUN
cblr-1691	799	3	rates	rate	NOUN
cblr-1691	799	4	are	be	AUX
cblr-1691	799	5	therefore	therefore	ADV
cblr-1691	799	6	detrimental	detrimental	ADJ
cblr-1691	799	7	to	to	ADP
cblr-1691	799	8	a	a	DET
cblr-1691	799	9	unicorn	unicorn	NOUN
cblr-1691	799	10	’s	’s	PART
cblr-1691	799	11	business	business	NOUN
cblr-1691	799	12	model	model	NOUN
cblr-1691	799	13	.	.	PUNCT
cblr-1691	800	1	the	the	DET
cblr-1691	800	2	firm	firm	NOUN
cblr-1691	800	3	also	also	ADV
cblr-1691	800	4	cares	care	VERB
cblr-1691	800	5	a	a	DET
cblr-1691	800	6	great	great	ADJ
cblr-1691	800	7	deal	deal	NOUN
cblr-1691	800	8	about	about	ADP
cblr-1691	800	9	maintaining	maintain	VERB
cblr-1691	800	10	its	its	PRON
cblr-1691	800	11	reputation	reputation	NOUN
cblr-1691	800	12	.	.	PUNCT
cblr-1691	801	1	companies	company	NOUN
cblr-1691	801	2	with	with	ADP
cblr-1691	801	3	a	a	DET
cblr-1691	801	4	bad	bad	ADJ
cblr-1691	801	5	reputation	reputation	NOUN
cblr-1691	801	6	will	will	AUX
cblr-1691	801	7	probably	probably	ADV
cblr-1691	801	8	have	have	VERB
cblr-1691	801	9	a	a	DET
cblr-1691	801	10	harder	hard	ADJ
cblr-1691	801	11	time	time	NOUN
cblr-1691	801	12	attracting	attract	VERB
cblr-1691	801	13	new	new	ADJ
cblr-1691	801	14	talent	talent	NOUN
cblr-1691	801	15	,	,	PUNCT
cblr-1691	801	16	in	in	ADP
cblr-1691	801	17	such	such	ADJ
cblr-1691	801	18	competitive	competitive	ADJ
cblr-1691	801	19	markets	market	NOUN
cblr-1691	801	20	.	.	PUNCT
cblr-1691	802	1	as	as	SCONJ
cblr-1691	802	2	discussed	discuss	VERB
cblr-1691	802	3	above	above	ADV
cblr-1691	802	4	,	,	PUNCT
cblr-1691	802	5	unicorn	unicorn	ADJ
cblr-1691	802	6	employees	employee	NOUN
cblr-1691	802	7	are	be	AUX
cblr-1691	802	8	increasingly	increasingly	ADV
cblr-1691	802	9	discontent	discontent	ADJ
cblr-1691	802	10	with	with	ADP
cblr-1691	802	11	their	their	PRON
cblr-1691	802	12	equity	equity	NOUN
cblr-1691	802	13	compensation	compensation	NOUN
cblr-1691	802	14	because	because	SCONJ
cblr-1691	802	15	of	of	ADP
cblr-1691	802	16	extreme	extreme	ADJ
cblr-1691	802	17	“	"	PUNCT
cblr-1691	802	18	lock	lock	NOUN
cblr-1691	802	19	-	-	PUNCT
cblr-1691	802	20	in	in	NOUN
cblr-1691	802	21	”	"	PUNCT
cblr-1691	802	22	of	of	ADP
cblr-1691	802	23	their	their	PRON
cblr-1691	802	24	capital	capital	NOUN
cblr-1691	802	25	due	due	ADP
cblr-1691	802	26	to	to	ADP
cblr-1691	802	27	the	the	DET
cblr-1691	802	28	illiquidity	illiquidity	NOUN
cblr-1691	802	29	of	of	ADP
cblr-1691	802	30	their	their	PRON
cblr-1691	802	31	stock	stock	NOUN
cblr-1691	802	32	and	and	CCONJ
cblr-1691	802	33	the	the	DET
cblr-1691	802	34	fact	fact	NOUN
cblr-1691	802	35	that	that	SCONJ
cblr-1691	802	36	founders	founder	NOUN
cblr-1691	802	37	,	,	PUNCT
cblr-1691	802	38	senior	senior	ADJ
cblr-1691	802	39	management	management	NOUN
cblr-1691	802	40	,	,	PUNCT
cblr-1691	802	41	and	and	CCONJ
cblr-1691	802	42	some	some	DET
cblr-1691	802	43	investors	investor	NOUN
cblr-1691	802	44	are	be	AUX
cblr-1691	802	45	not	not	PART
cblr-1691	802	46	in	in	ADP
cblr-1691	802	47	a	a	DET
cblr-1691	802	48	rush	rush	NOUN
cblr-1691	802	49	to	to	PART
cblr-1691	802	50	do	do	AUX
cblr-1691	802	51	an	an	DET
cblr-1691	802	52	ipo	ipo	NOUN
cblr-1691	802	53	.	.	PUNCT
cblr-1691	803	1	further	far	ADV
cblr-1691	803	2	,	,	PUNCT
cblr-1691	803	3	several	several	ADJ
cblr-1691	803	4	recent	recent	ADJ
cblr-1691	803	5	changes	change	NOUN
cblr-1691	803	6	to	to	ADP
cblr-1691	803	7	market	market	NOUN
cblr-1691	803	8	dynamics	dynamic	NOUN
cblr-1691	803	9	and	and	CCONJ
cblr-1691	803	10	new	new	ADJ
cblr-1691	803	11	market	market	NOUN
cblr-1691	803	12	players	player	NOUN
cblr-1691	803	13	(	(	PUNCT
cblr-1691	803	14	mutual	mutual	ADJ
cblr-1691	803	15	funds	fund	NOUN
cblr-1691	803	16	and	and	CCONJ
cblr-1691	803	17	sovereign	sovereign	ADJ
cblr-1691	803	18	wealth	wealth	NOUN
cblr-1691	803	19	funds	fund	NOUN
cblr-1691	803	20	)	)	PUNCT
cblr-1691	803	21	give	give	VERB
cblr-1691	803	22	unicorn	unicorn	ADJ
cblr-1691	803	23	founders	founder	NOUN
cblr-1691	803	24	(	(	PUNCT
cblr-1691	803	25	the	the	DET
cblr-1691	803	26	common	common	ADJ
cblr-1691	803	27	shareholders	shareholder	NOUN
cblr-1691	803	28	)	)	PUNCT
cblr-1691	803	29	greater	great	ADJ
cblr-1691	803	30	power	power	NOUN
cblr-1691	803	31	vis	vis	X
cblr-1691	803	32	-	-	PUNCT
cblr-1691	803	33	à	à	X
cblr-1691	803	34	-	-	PUNCT
cblr-1691	803	35	vis	vis	X
cblr-1691	803	36	preferred	preferred	ADJ
cblr-1691	803	37	shareholders	shareholder	NOUN
cblr-1691	803	38	to	to	PART
cblr-1691	803	39	impede	impede	VERB
cblr-1691	803	40	a	a	DET
cblr-1691	803	41	sale	sale	NOUN
cblr-1691	803	42	and	and	CCONJ
cblr-1691	803	43	keep	keep	VERB
cblr-1691	803	44	the	the	DET
cblr-1691	803	45	company	company	NOUN
cblr-1691	803	46	private	private	ADJ
cblr-1691	803	47	longer	long	ADV
cblr-1691	803	48	.	.	PUNCT
cblr-1691	804	1	all	all	DET
cblr-1691	804	2	these	these	DET
cblr-1691	804	3	factors	factor	NOUN
cblr-1691	804	4	contribute	contribute	VERB
cblr-1691	804	5	to	to	ADP
cblr-1691	804	6	the	the	DET
cblr-1691	804	7	shift	shift	NOUN
cblr-1691	804	8	in	in	ADP
cblr-1691	804	9	employees	employee	NOUN
cblr-1691	804	10	’	’	PART
cblr-1691	804	11	expectations	expectation	NOUN
cblr-1691	804	12	.	.	PUNCT
cblr-1691	805	1	249	249	NUM
cblr-1691	805	2	see	see	VERB
cblr-1691	805	3	jesse	jesse	PROPN
cblr-1691	805	4	m.	m.	PROPN
cblr-1691	805	5	fried	fried	PROPN
cblr-1691	805	6	,	,	PUNCT
cblr-1691	805	7	option	option	NOUN
cblr-1691	805	8	backdating	backdating	NOUN
cblr-1691	805	9	and	and	CCONJ
cblr-1691	805	10	its	its	PRON
cblr-1691	805	11	implications	implication	NOUN
cblr-1691	805	12	,	,	PUNCT
cblr-1691	805	13	65	65	NUM
cblr-1691	805	14	wash	wash	NOUN
cblr-1691	805	15	.	.	PUNCT
cblr-1691	805	16	&	&	CCONJ
cblr-1691	805	17	lee	lee	PROPN
cblr-1691	805	18	l.	l.	PROPN
cblr-1691	805	19	rev	rev	PROPN
cblr-1691	805	20	.	.	PROPN
cblr-1691	805	21	853	853	NUM
cblr-1691	805	22	,	,	PUNCT
cblr-1691	805	23	855	855	NUM
cblr-1691	805	24	(	(	PUNCT
cblr-1691	805	25	2008	2008	NUM
cblr-1691	805	26	)	)	PUNCT
cblr-1691	805	27	.	.	PUNCT
cblr-1691	806	1	162	162	NUM
cblr-1691	806	2	columbia	columbia	PROPN
cblr-1691	806	3	business	business	NOUN
cblr-1691	806	4	law	law	PROPN
cblr-1691	806	5	review	review	NOUN
cblr-1691	806	6	[	[	X
cblr-1691	806	7	vol	vol	NOUN
cblr-1691	806	8	.	.	NOUN
cblr-1691	806	9	2019	2019	NUM
cblr-1691	806	10	the	the	DET
cblr-1691	806	11	high	high	ADJ
cblr-1691	806	12	-	-	PUNCT
cblr-1691	806	13	tech	tech	NOUN
cblr-1691	806	14	industry	industry	NOUN
cblr-1691	806	15	is	be	AUX
cblr-1691	806	16	plagued	plague	VERB
cblr-1691	806	17	with	with	ADP
cblr-1691	806	18	uncertainty	uncertainty	NOUN
cblr-1691	806	19	and	and	CCONJ
cblr-1691	806	20	information	information	NOUN
cblr-1691	806	21	asymmetry	asymmetry	NOUN
cblr-1691	806	22	,	,	PUNCT
cblr-1691	806	23	as	as	SCONJ
cblr-1691	806	24	discussed	discuss	VERB
cblr-1691	806	25	above.250	above.250	NOUN
cblr-1691	806	26	there	there	PRON
cblr-1691	806	27	is	be	VERB
cblr-1691	806	28	a	a	DET
cblr-1691	806	29	view	view	NOUN
cblr-1691	806	30	in	in	ADP
cblr-1691	806	31	finance	finance	NOUN
cblr-1691	806	32	and	and	CCONJ
cblr-1691	806	33	economics251	economics251	PROPN
cblr-1691	806	34	that	that	SCONJ
cblr-1691	806	35	contracts	contract	NOUN
cblr-1691	806	36	have	have	AUX
cblr-1691	806	37	limits	limit	NOUN
cblr-1691	806	38	and	and	CCONJ
cblr-1691	806	39	that	that	SCONJ
cblr-1691	806	40	reputational	reputational	ADJ
cblr-1691	806	41	threats	threat	NOUN
cblr-1691	806	42	to	to	ADP
cblr-1691	806	43	parties	party	NOUN
cblr-1691	806	44	serve	serve	VERB
cblr-1691	806	45	as	as	ADP
cblr-1691	806	46	a	a	DET
cblr-1691	806	47	disciplining	discipline	VERB
cblr-1691	806	48	device	device	NOUN
cblr-1691	806	49	.	.	PUNCT
cblr-1691	807	1	according	accord	VERB
cblr-1691	807	2	to	to	ADP
cblr-1691	807	3	incomplete	incomplete	ADJ
cblr-1691	807	4	contracting	contracting	NOUN
cblr-1691	807	5	theory	theory	NOUN
cblr-1691	807	6	,	,	PUNCT
cblr-1691	807	7	the	the	DET
cblr-1691	807	8	stock	stock	NOUN
cblr-1691	807	9	option	option	NOUN
cblr-1691	807	10	plans	plan	NOUN
cblr-1691	807	11	and	and	CCONJ
cblr-1691	807	12	other	other	ADJ
cblr-1691	807	13	equity	equity	NOUN
cblr-1691	807	14	compensation	compensation	NOUN
cblr-1691	807	15	agreements	agreement	NOUN
cblr-1691	807	16	between	between	ADP
cblr-1691	807	17	the	the	DET
cblr-1691	807	18	unicorn	unicorn	ADJ
cblr-1691	807	19	firm	firm	NOUN
cblr-1691	807	20	and	and	CCONJ
cblr-1691	807	21	its	its	PRON
cblr-1691	807	22	employees	employee	NOUN
cblr-1691	807	23	are	be	AUX
cblr-1691	807	24	subject	subject	ADJ
cblr-1691	807	25	to	to	ADP
cblr-1691	807	26	renegotiation	renegotiation	NOUN
cblr-1691	807	27	.	.	PUNCT
cblr-1691	808	1	a	a	DET
cblr-1691	808	2	contract	contract	NOUN
cblr-1691	808	3	can	can	AUX
cblr-1691	808	4	not	not	PART
cblr-1691	808	5	prevent	prevent	VERB
cblr-1691	808	6	unforeseen	unforeseen	ADJ
cblr-1691	808	7	contingencies	contingency	NOUN
cblr-1691	808	8	that	that	PRON
cblr-1691	808	9	can	can	AUX
cblr-1691	808	10	trigger	trigger	VERB
cblr-1691	808	11	conflicts	conflict	NOUN
cblr-1691	808	12	between	between	ADP
cblr-1691	808	13	the	the	DET
cblr-1691	808	14	parties	party	NOUN
cblr-1691	808	15	in	in	ADP
cblr-1691	808	16	the	the	DET
cblr-1691	808	17	future.252	future.252	PROPN
cblr-1691	808	18	renegotiation	renegotiation	NOUN
cblr-1691	808	19	therefore	therefore	ADV
cblr-1691	808	20	is	be	AUX
cblr-1691	808	21	necessary	necessary	ADJ
cblr-1691	808	22	because	because	SCONJ
cblr-1691	808	23	unicorn	unicorn	ADJ
cblr-1691	808	24	firms	firm	NOUN
cblr-1691	808	25	likely	likely	ADV
cblr-1691	808	26	care	care	VERB
cblr-1691	808	27	about	about	ADP
cblr-1691	808	28	their	their	PRON
cblr-1691	808	29	reputation	reputation	NOUN
cblr-1691	808	30	.	.	PUNCT
cblr-1691	809	1	unicorn	unicorn	ADJ
cblr-1691	809	2	firms	firm	NOUN
cblr-1691	809	3	could	could	AUX
cblr-1691	809	4	also	also	ADV
cblr-1691	809	5	experiment	experiment	VERB
cblr-1691	809	6	with	with	ADP
cblr-1691	809	7	alternative	alternative	ADJ
cblr-1691	809	8	contracting	contracting	NOUN
cblr-1691	809	9	and	and	CCONJ
cblr-1691	809	10	organizational	organizational	ADJ
cblr-1691	809	11	solutions	solution	NOUN
cblr-1691	809	12	to	to	PART
cblr-1691	809	13	better	well	ADV
cblr-1691	809	14	monitor	monitor	VERB
cblr-1691	809	15	their	their	PRON
cblr-1691	809	16	labor	labor	NOUN
cblr-1691	809	17	force	force	NOUN
cblr-1691	809	18	and	and	CCONJ
cblr-1691	809	19	deal	deal	VERB
cblr-1691	809	20	with	with	ADP
cblr-1691	809	21	their	their	PRON
cblr-1691	809	22	employees	employee	NOUN
cblr-1691	809	23	’	’	PART
cblr-1691	809	24	public	public	ADJ
cblr-1691	809	25	complaints	complaint	NOUN
cblr-1691	809	26	.	.	PUNCT
cblr-1691	810	1	this	this	DET
cblr-1691	810	2	section	section	NOUN
cblr-1691	810	3	raises	raise	VERB
cblr-1691	810	4	the	the	DET
cblr-1691	810	5	question	question	NOUN
cblr-1691	810	6	of	of	ADP
cblr-1691	810	7	whether	whether	SCONJ
cblr-1691	810	8	such	such	ADJ
cblr-1691	810	9	renegotiations	renegotiation	NOUN
cblr-1691	810	10	can	can	AUX
cblr-1691	810	11	reach	reach	VERB
cblr-1691	810	12	optimal	optimal	ADJ
cblr-1691	810	13	employee	employee	NOUN
cblr-1691	810	14	contract	contract	NOUN
cblr-1691	810	15	for	for	ADP
cblr-1691	810	16	the	the	DET
cblr-1691	810	17	different	different	ADJ
cblr-1691	810	18	types	type	NOUN
cblr-1691	810	19	of	of	ADP
cblr-1691	810	20	unicorn	unicorn	ADJ
cblr-1691	810	21	employees	employee	NOUN
cblr-1691	810	22	,	,	PUNCT
cblr-1691	810	23	including	include	VERB
cblr-1691	810	24	rank	rank	NOUN
cblr-1691	810	25	and	and	CCONJ
cblr-1691	810	26	file	file	NOUN
cblr-1691	810	27	,	,	PUNCT
cblr-1691	810	28	management	management	NOUN
cblr-1691	810	29	,	,	PUNCT
cblr-1691	810	30	and	and	CCONJ
cblr-1691	810	31	founders	founder	NOUN
cblr-1691	810	32	.	.	PUNCT
cblr-1691	811	1	there	there	PRON
cblr-1691	811	2	are	be	VERB
cblr-1691	811	3	many	many	ADJ
cblr-1691	811	4	problems	problem	NOUN
cblr-1691	811	5	that	that	PRON
cblr-1691	811	6	arise	arise	VERB
cblr-1691	811	7	when	when	SCONJ
cblr-1691	811	8	designing	design	VERB
cblr-1691	811	9	employment	employment	NOUN
cblr-1691	811	10	contracts	contract	NOUN
cblr-1691	811	11	and	and	CCONJ
cblr-1691	811	12	aligning	align	VERB
cblr-1691	811	13	employee	employee	NOUN
cblr-1691	811	14	incentives	incentive	NOUN
cblr-1691	811	15	.	.	PUNCT
cblr-1691	812	1	several	several	ADJ
cblr-1691	812	2	incentive	incentive	NOUN
cblr-1691	812	3	problems	problem	NOUN
cblr-1691	812	4	are	be	AUX
cblr-1691	812	5	addressed	address	VERB
cblr-1691	812	6	in	in	ADP
cblr-1691	812	7	the	the	DET
cblr-1691	812	8	following	follow	VERB
cblr-1691	812	9	sections	section	NOUN
cblr-1691	812	10	,	,	PUNCT
cblr-1691	812	11	including	include	VERB
cblr-1691	812	12	those	those	PRON
cblr-1691	812	13	created	create	VERB
cblr-1691	812	14	by	by	ADP
cblr-1691	812	15	preferred	preferred	ADJ
cblr-1691	812	16	stock	stock	NOUN
cblr-1691	812	17	liquidation	liquidation	NOUN
cblr-1691	812	18	preferences	preference	NOUN
cblr-1691	812	19	(	(	PUNCT
cblr-1691	812	20	“	"	PUNCT
cblr-1691	812	21	overhang”)253	overhang”)253	ADJ
cblr-1691	812	22	or	or	CCONJ
cblr-1691	812	23	by	by	ADP
cblr-1691	812	24	lack	lack	NOUN
cblr-1691	812	25	of	of	ADP
cblr-1691	812	26	liquidity	liquidity	NOUN
cblr-1691	812	27	.	.	PUNCT
cblr-1691	813	1	250	250	NUM
cblr-1691	813	2	see	see	VERB
cblr-1691	813	3	supra	supra	PROPN
cblr-1691	813	4	notes	note	NOUN
cblr-1691	813	5	123–26	123–26	PROPN
cblr-1691	813	6	and	and	CCONJ
cblr-1691	813	7	accompanying	accompany	VERB
cblr-1691	813	8	text	text	NOUN
cblr-1691	813	9	.	.	PUNCT
cblr-1691	814	1	251	251	NUM
cblr-1691	815	1	the	the	DET
cblr-1691	815	2	principal	principal	ADJ
cblr-1691	815	3	-	-	PUNCT
cblr-1691	815	4	agent	agent	NOUN
cblr-1691	815	5	problem	problem	NOUN
cblr-1691	815	6	is	be	AUX
cblr-1691	815	7	an	an	DET
cblr-1691	815	8	essential	essential	ADJ
cblr-1691	815	9	element	element	NOUN
cblr-1691	815	10	of	of	ADP
cblr-1691	815	11	the	the	DET
cblr-1691	815	12	“	"	PUNCT
cblr-1691	815	13	incomplete	incomplete	ADJ
cblr-1691	815	14	contracts	contract	NOUN
cblr-1691	815	15	”	"	PUNCT
cblr-1691	815	16	view	view	NOUN
cblr-1691	815	17	of	of	ADP
cblr-1691	815	18	the	the	DET
cblr-1691	815	19	firm	firm	NOUN
cblr-1691	815	20	.	.	PUNCT
cblr-1691	816	1	see	see	VERB
cblr-1691	816	2	,	,	PUNCT
cblr-1691	816	3	e.g.	e.g.	ADV
cblr-1691	816	4	,	,	PUNCT
cblr-1691	816	5	philippe	philippe	PROPN
cblr-1691	816	6	aghion	aghion	NOUN
cblr-1691	816	7	&	&	CCONJ
cblr-1691	816	8	patrick	patrick	PROPN
cblr-1691	816	9	bolton	bolton	PROPN
cblr-1691	816	10	,	,	PUNCT
cblr-1691	816	11	an	an	DET
cblr-1691	816	12	incomplete	incomplete	ADJ
cblr-1691	816	13	contracts	contract	NOUN
cblr-1691	816	14	approach	approach	NOUN
cblr-1691	816	15	to	to	ADP
cblr-1691	816	16	financial	financial	ADJ
cblr-1691	816	17	contracting	contracting	NOUN
cblr-1691	816	18	,	,	PUNCT
cblr-1691	816	19	59	59	NUM
cblr-1691	816	20	rev	rev	X
cblr-1691	816	21	.	.	PROPN
cblr-1691	816	22	econ	econ	PROPN
cblr-1691	816	23	.	.	PUNCT
cblr-1691	816	24	stud	stud	PROPN
cblr-1691	816	25	.	.	PUNCT
cblr-1691	817	1	473	473	NUM
cblr-1691	817	2	(	(	PUNCT
cblr-1691	817	3	1992	1992	NUM
cblr-1691	817	4	)	)	PUNCT
cblr-1691	817	5	;	;	PUNCT
cblr-1691	817	6	r.	r.	PROPN
cblr-1691	817	7	h.	h.	PROPN
cblr-1691	817	8	coase	coase	PROPN
cblr-1691	817	9	,	,	PUNCT
cblr-1691	817	10	the	the	DET
cblr-1691	817	11	nature	nature	NOUN
cblr-1691	817	12	of	of	ADP
cblr-1691	817	13	the	the	DET
cblr-1691	817	14	firm	firm	NOUN
cblr-1691	817	15	,	,	PUNCT
cblr-1691	817	16	4	4	NUM
cblr-1691	817	17	economica	economica	PROPN
cblr-1691	817	18	386	386	NUM
cblr-1691	817	19	(	(	PUNCT
cblr-1691	817	20	1937	1937	NUM
cblr-1691	817	21	)	)	PUNCT
cblr-1691	817	22	;	;	PUNCT
cblr-1691	817	23	eugene	eugene	PROPN
cblr-1691	817	24	f.	f.	PROPN
cblr-1691	817	25	fama	fama	PROPN
cblr-1691	817	26	&	&	CCONJ
cblr-1691	817	27	michael	michael	PROPN
cblr-1691	817	28	c.	c.	PROPN
cblr-1691	817	29	jensen	jensen	PROPN
cblr-1691	817	30	,	,	PUNCT
cblr-1691	817	31	separation	separation	NOUN
cblr-1691	817	32	of	of	ADP
cblr-1691	817	33	ownership	ownership	NOUN
cblr-1691	817	34	and	and	CCONJ
cblr-1691	817	35	control	control	NOUN
cblr-1691	817	36	,	,	PUNCT
cblr-1691	817	37	26	26	NUM
cblr-1691	817	38	j.l	j.l	PROPN
cblr-1691	817	39	.	.	PROPN
cblr-1691	817	40	&	&	CCONJ
cblr-1691	817	41	econ	econ	PROPN
cblr-1691	817	42	.	.	PUNCT
cblr-1691	818	1	301	301	NUM
cblr-1691	818	2	(	(	PUNCT
cblr-1691	818	3	1983	1983	NUM
cblr-1691	818	4	)	)	PUNCT
cblr-1691	818	5	;	;	PUNCT
cblr-1691	818	6	stuart	stuart	PROPN
cblr-1691	818	7	l.	l.	PROPN
cblr-1691	818	8	hart	hart	PROPN
cblr-1691	818	9	,	,	PUNCT
cblr-1691	818	10	a	a	DET
cblr-1691	818	11	natural	natural	ADJ
cblr-1691	818	12	-	-	PUNCT
cblr-1691	818	13	resource	resource	NOUN
cblr-1691	818	14	-	-	PUNCT
cblr-1691	818	15	based	base	VERB
cblr-1691	818	16	view	view	NOUN
cblr-1691	818	17	of	of	ADP
cblr-1691	818	18	the	the	DET
cblr-1691	818	19	firm	firm	NOUN
cblr-1691	818	20	,	,	PUNCT
cblr-1691	818	21	20	20	NUM
cblr-1691	818	22	acad	acad	NOUN
cblr-1691	818	23	.	.	PUNCT
cblr-1691	819	1	mgmt	mgmt	PROPN
cblr-1691	819	2	.	.	PUNCT
cblr-1691	820	1	rev	rev	PROPN
cblr-1691	820	2	.	.	PROPN
cblr-1691	820	3	986	986	NUM
cblr-1691	820	4	(	(	PUNCT
cblr-1691	820	5	1995	1995	NUM
cblr-1691	820	6	)	)	PUNCT
cblr-1691	820	7	;	;	PUNCT
cblr-1691	820	8	jensen	jensen	PROPN
cblr-1691	820	9	&	&	CCONJ
cblr-1691	820	10	meckling	meckling	PROPN
cblr-1691	820	11	,	,	PUNCT
cblr-1691	820	12	supra	supra	PROPN
cblr-1691	820	13	note	note	PROPN
cblr-1691	820	14	51	51	NUM
cblr-1691	820	15	;	;	PUNCT
cblr-1691	820	16	see	see	VERB
cblr-1691	820	17	also	also	ADV
cblr-1691	820	18	w.	w.	PROPN
cblr-1691	820	19	bentley	bentley	PROPN
cblr-1691	820	20	macleod	macleod	PROPN
cblr-1691	820	21	,	,	PUNCT
cblr-1691	820	22	reputations	reputation	NOUN
cblr-1691	820	23	,	,	PUNCT
cblr-1691	820	24	relationships	relationship	NOUN
cblr-1691	820	25	and	and	CCONJ
cblr-1691	820	26	the	the	DET
cblr-1691	820	27	enforcement	enforcement	NOUN
cblr-1691	820	28	of	of	ADP
cblr-1691	820	29	incomplete	incomplete	ADJ
cblr-1691	820	30	contracts	contract	NOUN
cblr-1691	820	31	(	(	PUNCT
cblr-1691	820	32	ctr	ctr	PROPN
cblr-1691	820	33	.	.	PROPN
cblr-1691	821	1	for	for	ADP
cblr-1691	821	2	econ	econ	PROPN
cblr-1691	821	3	.	.	PUNCT
cblr-1691	822	1	studies	study	NOUN
cblr-1691	822	2	&	&	CCONJ
cblr-1691	822	3	ifo	ifo	PROPN
cblr-1691	822	4	inst	inst	PROPN
cblr-1691	822	5	.	.	PUNCT
cblr-1691	823	1	for	for	ADP
cblr-1691	823	2	econ	econ	PROPN
cblr-1691	823	3	.	.	PUNCT
cblr-1691	824	1	research	research	PROPN
cblr-1691	824	2	,	,	PUNCT
cblr-1691	824	3	working	work	VERB
cblr-1691	824	4	paper	paper	NOUN
cblr-1691	824	5	no	no	INTJ
cblr-1691	824	6	.	.	PROPN
cblr-1691	825	1	1730	1730	NUM
cblr-1691	825	2	,	,	PUNCT
cblr-1691	825	3	2006	2006	NUM
cblr-1691	825	4	)	)	PUNCT
cblr-1691	825	5	,	,	PUNCT
cblr-1691	825	6	https://ssrn.com/abstract=885347	https://ssrn.com/abstract=885347	VERB
cblr-1691	826	1	[	[	X
cblr-1691	826	2	https://perma.cc/843txuqe	https://perma.cc/843txuqe	X
cblr-1691	826	3	]	]	X
cblr-1691	826	4	.	.	PUNCT
cblr-1691	827	1	252	252	NUM
cblr-1691	827	2	see	see	VERB
cblr-1691	827	3	robert	robert	PROPN
cblr-1691	827	4	e.	e.	PROPN
cblr-1691	827	5	scott	scott	PROPN
cblr-1691	827	6	,	,	PUNCT
cblr-1691	827	7	conflict	conflict	NOUN
cblr-1691	827	8	and	and	CCONJ
cblr-1691	827	9	cooperation	cooperation	NOUN
cblr-1691	827	10	in	in	ADP
cblr-1691	827	11	long	long	ADJ
cblr-1691	827	12	-	-	PUNCT
cblr-1691	827	13	term	term	NOUN
cblr-1691	827	14	contracts	contract	NOUN
cblr-1691	827	15	,	,	PUNCT
cblr-1691	827	16	75	75	NUM
cblr-1691	827	17	calif	calif	PROPN
cblr-1691	827	18	.	.	PUNCT
cblr-1691	828	1	l.	l.	PROPN
cblr-1691	828	2	rev	rev	PROPN
cblr-1691	828	3	.	.	PROPN
cblr-1691	828	4	2005	2005	NUM
cblr-1691	828	5	(	(	PUNCT
cblr-1691	828	6	1987	1987	NUM
cblr-1691	828	7	)	)	PUNCT
cblr-1691	828	8	.	.	PUNCT
cblr-1691	829	1	253	253	NUM
cblr-1691	829	2	broughman	broughman	PROPN
cblr-1691	829	3	&	&	CCONJ
cblr-1691	829	4	fried	fried	PROPN
cblr-1691	829	5	,	,	PUNCT
cblr-1691	829	6	supra	supra	PROPN
cblr-1691	829	7	note	note	NOUN
cblr-1691	829	8	20	20	NUM
cblr-1691	829	9	,	,	PUNCT
cblr-1691	829	10	at	at	ADP
cblr-1691	829	11	385	385	NUM
cblr-1691	829	12	.	.	PUNCT
cblr-1691	830	1	no	no	INTJ
cblr-1691	830	2	.	.	PUNCT
cblr-1691	831	1	1:107	1:107	NUM
cblr-1691	831	2	]	]	X
cblr-1691	831	3	unicorn	unicorn	ADJ
cblr-1691	831	4	stock	stock	NOUN
cblr-1691	831	5	options	option	NOUN
cblr-1691	831	6	163	163	NUM
cblr-1691	831	7	unicorn	unicorn	ADJ
cblr-1691	831	8	firms	firm	NOUN
cblr-1691	831	9	currently	currently	ADV
cblr-1691	831	10	use	use	VERB
cblr-1691	831	11	(	(	PUNCT
cblr-1691	831	12	and	and	CCONJ
cblr-1691	831	13	will	will	AUX
cblr-1691	831	14	likely	likely	ADV
cblr-1691	831	15	continue	continue	VERB
cblr-1691	831	16	to	to	PART
cblr-1691	831	17	use	use	VERB
cblr-1691	831	18	)	)	PUNCT
cblr-1691	831	19	equity	equity	NOUN
cblr-1691	831	20	compensation	compensation	NOUN
cblr-1691	831	21	aggressively	aggressively	ADV
cblr-1691	831	22	(	(	PUNCT
cblr-1691	831	23	including	include	VERB
cblr-1691	831	24	stock	stock	NOUN
cblr-1691	831	25	option	option	NOUN
cblr-1691	831	26	or	or	CCONJ
cblr-1691	831	27	restricted	restrict	VERB
cblr-1691	831	28	stock	stock	NOUN
cblr-1691	831	29	units	unit	NOUN
cblr-1691	831	30	)	)	PUNCT
cblr-1691	831	31	to	to	PART
cblr-1691	831	32	attract	attract	VERB
cblr-1691	831	33	,	,	PUNCT
cblr-1691	831	34	engage	engage	VERB
cblr-1691	831	35	,	,	PUNCT
cblr-1691	831	36	and	and	CCONJ
cblr-1691	831	37	retain	retain	VERB
cblr-1691	831	38	talent	talent	NOUN
cblr-1691	831	39	.	.	PUNCT
cblr-1691	832	1	the	the	DET
cblr-1691	832	2	following	follow	VERB
cblr-1691	832	3	are	be	AUX
cblr-1691	832	4	some	some	DET
cblr-1691	832	5	alternatives	alternative	NOUN
cblr-1691	832	6	that	that	PRON
cblr-1691	832	7	are	be	AUX
cblr-1691	832	8	used	use	VERB
cblr-1691	832	9	to	to	PART
cblr-1691	832	10	deal	deal	VERB
cblr-1691	832	11	with	with	ADP
cblr-1691	832	12	the	the	DET
cblr-1691	832	13	current	current	ADJ
cblr-1691	832	14	issues	issue	NOUN
cblr-1691	832	15	that	that	PRON
cblr-1691	832	16	arise	arise	VERB
cblr-1691	832	17	concerning	concern	VERB
cblr-1691	832	18	incentive	incentive	NOUN
cblr-1691	832	19	compensation	compensation	NOUN
cblr-1691	832	20	for	for	ADP
cblr-1691	832	21	different	different	ADJ
cblr-1691	832	22	kinds	kind	NOUN
cblr-1691	832	23	of	of	ADP
cblr-1691	832	24	employees	employee	NOUN
cblr-1691	832	25	,	,	PUNCT
cblr-1691	832	26	including	include	VERB
cblr-1691	832	27	those	those	PRON
cblr-1691	832	28	with	with	ADP
cblr-1691	832	29	options	option	NOUN
cblr-1691	832	30	that	that	PRON
cblr-1691	832	31	are	be	AUX
cblr-1691	832	32	about	about	ADJ
cblr-1691	832	33	to	to	PART
cblr-1691	832	34	expire	expire	VERB
cblr-1691	832	35	and	and	CCONJ
cblr-1691	832	36	others	other	NOUN
cblr-1691	832	37	who	who	PRON
cblr-1691	832	38	wish	wish	VERB
cblr-1691	832	39	to	to	PART
cblr-1691	832	40	leave	leave	VERB
cblr-1691	832	41	(	(	PUNCT
cblr-1691	832	42	triggering	trigger	VERB
cblr-1691	832	43	the	the	DET
cblr-1691	832	44	ninety	ninety	NUM
cblr-1691	832	45	-	-	PUNCT
cblr-1691	832	46	day	day	NOUN
cblr-1691	832	47	exercise	exercise	NOUN
cblr-1691	832	48	window	window	NOUN
cblr-1691	832	49	)	)	PUNCT
cblr-1691	832	50	.	.	PUNCT
cblr-1691	833	1	this	this	DET
cblr-1691	833	2	section	section	NOUN
cblr-1691	833	3	presents	present	VERB
cblr-1691	833	4	and	and	CCONJ
cblr-1691	833	5	critiques	critique	NOUN
cblr-1691	833	6	these	these	DET
cblr-1691	833	7	alternatives	alternative	NOUN
cblr-1691	833	8	,	,	PUNCT
cblr-1691	833	9	and	and	CCONJ
cblr-1691	833	10	make	make	VERB
cblr-1691	833	11	suggestions	suggestion	NOUN
cblr-1691	833	12	for	for	ADP
cblr-1691	833	13	the	the	DET
cblr-1691	833	14	future	future	NOUN
cblr-1691	833	15	.	.	PUNCT
cblr-1691	834	1	the	the	DET
cblr-1691	834	2	suggestions	suggestion	NOUN
cblr-1691	834	3	are	be	AUX
cblr-1691	834	4	meant	mean	VERB
cblr-1691	834	5	to	to	PART
cblr-1691	834	6	allow	allow	VERB
cblr-1691	834	7	employees	employee	NOUN
cblr-1691	834	8	to	to	PART
cblr-1691	834	9	maintain	maintain	VERB
cblr-1691	834	10	their	their	PRON
cblr-1691	834	11	incentive	incentive	NOUN
cblr-1691	834	12	compensation	compensation	NOUN
cblr-1691	834	13	and	and	CCONJ
cblr-1691	834	14	perhaps	perhaps	ADV
cblr-1691	834	15	defer	defer	VERB
cblr-1691	834	16	their	their	PRON
cblr-1691	834	17	tax	tax	NOUN
cblr-1691	834	18	liability	liability	NOUN
cblr-1691	834	19	.	.	PUNCT
cblr-1691	835	1	they	they	PRON
cblr-1691	835	2	do	do	AUX
cblr-1691	835	3	not	not	PART
cblr-1691	835	4	solve	solve	VERB
cblr-1691	835	5	the	the	DET
cblr-1691	835	6	liquidity	liquidity	NOUN
cblr-1691	835	7	problem	problem	NOUN
cblr-1691	835	8	,	,	PUNCT
cblr-1691	835	9	but	but	CCONJ
cblr-1691	835	10	liquidity	liquidity	NOUN
cblr-1691	835	11	is	be	AUX
cblr-1691	835	12	also	also	ADV
cblr-1691	835	13	discussed	discuss	VERB
cblr-1691	835	14	herein	herein	NOUN
cblr-1691	835	15	.	.	PUNCT
cblr-1691	836	1	1	1	NUM
cblr-1691	836	2	.	.	X
cblr-1691	836	3	outright	outright	ADJ
cblr-1691	836	4	stock	stock	NOUN
cblr-1691	836	5	grants	grant	NOUN
cblr-1691	836	6	to	to	ADP
cblr-1691	836	7	founders	founder	NOUN
cblr-1691	836	8	for	for	ADP
cblr-1691	836	9	founders	founder	NOUN
cblr-1691	836	10	,	,	PUNCT
cblr-1691	836	11	outright	outright	ADJ
cblr-1691	836	12	stock	stock	NOUN
cblr-1691	836	13	grants	grant	NOUN
cblr-1691	836	14	(	(	PUNCT
cblr-1691	836	15	instead	instead	ADV
cblr-1691	836	16	of	of	ADP
cblr-1691	836	17	options	option	NOUN
cblr-1691	836	18	)	)	PUNCT
cblr-1691	836	19	are	be	AUX
cblr-1691	836	20	typical	typical	ADJ
cblr-1691	836	21	and	and	CCONJ
cblr-1691	836	22	are	be	AUX
cblr-1691	836	23	usually	usually	ADV
cblr-1691	836	24	issued	issue	VERB
cblr-1691	836	25	at	at	ADP
cblr-1691	836	26	the	the	DET
cblr-1691	836	27	formation	formation	NOUN
cblr-1691	836	28	stage	stage	NOUN
cblr-1691	836	29	of	of	ADP
cblr-1691	836	30	the	the	DET
cblr-1691	836	31	business.254	business.254	NOUN
cblr-1691	836	32	the	the	DET
cblr-1691	836	33	advantages	advantage	NOUN
cblr-1691	836	34	of	of	ADP
cblr-1691	836	35	issuing	issue	VERB
cblr-1691	836	36	outright	outright	ADJ
cblr-1691	836	37	stock	stock	NOUN
cblr-1691	836	38	to	to	ADP
cblr-1691	836	39	founders	founder	NOUN
cblr-1691	836	40	is	be	AUX
cblr-1691	836	41	that	that	SCONJ
cblr-1691	836	42	the	the	DET
cblr-1691	836	43	stock	stock	NOUN
cblr-1691	836	44	is	be	AUX
cblr-1691	836	45	issued	issue	VERB
cblr-1691	836	46	at	at	ADP
cblr-1691	836	47	a	a	DET
cblr-1691	836	48	low	low	ADJ
cblr-1691	836	49	price	price	NOUN
cblr-1691	836	50	(	(	PUNCT
cblr-1691	836	51	as	as	SCONJ
cblr-1691	836	52	valuation	valuation	NOUN
cblr-1691	836	53	of	of	ADP
cblr-1691	836	54	the	the	DET
cblr-1691	836	55	company	company	NOUN
cblr-1691	836	56	has	have	VERB
cblr-1691	836	57	yet	yet	ADV
cblr-1691	836	58	to	to	PART
cblr-1691	836	59	take	take	VERB
cblr-1691	836	60	off	off	ADP
cblr-1691	836	61	)	)	PUNCT
cblr-1691	836	62	and	and	CCONJ
cblr-1691	836	63	it	it	PRON
cblr-1691	836	64	gives	give	VERB
cblr-1691	836	65	them	they	PRON
cblr-1691	836	66	certain	certain	ADJ
cblr-1691	836	67	benefits	benefit	NOUN
cblr-1691	836	68	of	of	ADP
cblr-1691	836	69	direct	direct	ADJ
cblr-1691	836	70	stock	stock	NOUN
cblr-1691	836	71	ownership	ownership	NOUN
cblr-1691	836	72	.	.	PUNCT
cblr-1691	837	1	it	it	PRON
cblr-1691	837	2	also	also	ADV
cblr-1691	837	3	avoids	avoid	VERB
cblr-1691	837	4	some	some	PRON
cblr-1691	837	5	of	of	ADP
cblr-1691	837	6	the	the	DET
cblr-1691	837	7	tax	tax	NOUN
cblr-1691	837	8	drawbacks	drawback	NOUN
cblr-1691	837	9	of	of	ADP
cblr-1691	837	10	stock	stock	NOUN
cblr-1691	837	11	options.255	options.255	PROPN
cblr-1691	837	12	as	as	SCONJ
cblr-1691	837	13	noted	note	VERB
cblr-1691	837	14	in	in	ADP
cblr-1691	837	15	part	part	PROPN
cblr-1691	837	16	iii	iii	NOUN
cblr-1691	837	17	,	,	PUNCT
cblr-1691	837	18	the	the	DET
cblr-1691	837	19	founders	founder	NOUN
cblr-1691	837	20	at	at	ADP
cblr-1691	837	21	unicorn	unicorn	ADJ
cblr-1691	837	22	firms	firm	NOUN
cblr-1691	837	23	are	be	AUX
cblr-1691	837	24	already	already	ADV
cblr-1691	837	25	capable	capable	ADJ
cblr-1691	837	26	of	of	ADP
cblr-1691	837	27	protecting	protect	VERB
cblr-1691	837	28	their	their	PRON
cblr-1691	837	29	interests	interest	NOUN
cblr-1691	837	30	.	.	PUNCT
cblr-1691	838	1	often	often	ADV
cblr-1691	838	2	,	,	PUNCT
cblr-1691	838	3	they	they	PRON
cblr-1691	838	4	are	be	AUX
cblr-1691	838	5	the	the	DET
cblr-1691	838	6	ones	one	NOUN
cblr-1691	838	7	who	who	PRON
cblr-1691	838	8	are	be	AUX
cblr-1691	838	9	pushing	push	VERB
cblr-1691	838	10	the	the	DET
cblr-1691	838	11	companies	company	NOUN
cblr-1691	838	12	to	to	PART
cblr-1691	838	13	stay	stay	VERB
cblr-1691	838	14	private	private	ADJ
cblr-1691	838	15	longer	long	ADV
cblr-1691	838	16	.	.	PUNCT
cblr-1691	839	1	accordingly	accordingly	ADV
cblr-1691	839	2	,	,	PUNCT
cblr-1691	839	3	the	the	DET
cblr-1691	839	4	equity	equity	NOUN
cblr-1691	839	5	compensation	compensation	NOUN
cblr-1691	839	6	problems	problem	NOUN
cblr-1691	839	7	discussed	discuss	VERB
cblr-1691	839	8	herein	herein	NOUN
cblr-1691	839	9	are	be	AUX
cblr-1691	839	10	largely	largely	ADV
cblr-1691	839	11	not	not	PART
cblr-1691	839	12	relevant	relevant	ADJ
cblr-1691	839	13	to	to	ADP
cblr-1691	839	14	unicorn	unicorn	ADJ
cblr-1691	839	15	founders	founder	NOUN
cblr-1691	839	16	.	.	PUNCT
cblr-1691	840	1	2	2	X
cblr-1691	840	2	.	.	X
cblr-1691	840	3	section	section	NOUN
cblr-1691	840	4	83(i	83(i	NUM
cblr-1691	840	5	)	)	PUNCT
cblr-1691	840	6	election	election	NOUN
cblr-1691	840	7	for	for	ADP
cblr-1691	840	8	early	early	ADJ
cblr-1691	840	9	employees	employee	NOUN
cblr-1691	840	10	early	early	ADJ
cblr-1691	840	11	employees	employee	NOUN
cblr-1691	840	12	who	who	PRON
cblr-1691	840	13	join	join	VERB
cblr-1691	840	14	a	a	DET
cblr-1691	840	15	startup	startup	NOUN
cblr-1691	840	16	at	at	ADP
cblr-1691	840	17	the	the	DET
cblr-1691	840	18	formation	formation	NOUN
cblr-1691	840	19	stages	stage	NOUN
cblr-1691	840	20	(	(	PUNCT
cblr-1691	840	21	pre	pre	ADJ
cblr-1691	840	22	-	-	ADJ
cblr-1691	840	23	unicorn	unicorn	ADJ
cblr-1691	840	24	status	status	NOUN
cblr-1691	840	25	)	)	PUNCT
cblr-1691	840	26	can	can	AUX
cblr-1691	840	27	make	make	VERB
cblr-1691	840	28	a	a	DET
cblr-1691	840	29	section	section	NOUN
cblr-1691	840	30	83(i	83(i	NUM
cblr-1691	840	31	)	)	PUNCT
cblr-1691	840	32	election	election	NOUN
cblr-1691	840	33	(	(	PUNCT
cblr-1691	840	34	which	which	PRON
cblr-1691	840	35	is	be	AUX
cblr-1691	840	36	analogous	analogous	ADJ
cblr-1691	840	37	to	to	ADP
cblr-1691	840	38	the	the	DET
cblr-1691	840	39	section	section	NOUN
cblr-1691	840	40	83(b	83(b	NUM
cblr-1691	840	41	)	)	PUNCT
cblr-1691	840	42	election	election	NOUN
cblr-1691	840	43	)	)	PUNCT
cblr-1691	840	44	if	if	SCONJ
cblr-1691	840	45	all	all	DET
cblr-1691	840	46	the	the	DET
cblr-1691	840	47	254	254	NUM
cblr-1691	840	48	see	see	NOUN
cblr-1691	840	49	constance	constance	PROPN
cblr-1691	840	50	e.	e.	PROPN
cblr-1691	840	51	bagley	bagley	PROPN
cblr-1691	840	52	&	&	CCONJ
cblr-1691	840	53	craig	craig	PROPN
cblr-1691	840	54	e.	e.	PROPN
cblr-1691	840	55	dauchy	dauchy	PROPN
cblr-1691	840	56	,	,	PUNCT
cblr-1691	840	57	the	the	DET
cblr-1691	840	58	entrepreneur	entrepreneur	NOUN
cblr-1691	840	59	’s	’s	PART
cblr-1691	840	60	guide	guide	NOUN
cblr-1691	840	61	to	to	ADP
cblr-1691	840	62	law	law	NOUN
cblr-1691	840	63	and	and	CCONJ
cblr-1691	840	64	strategy	strategy	NOUN
cblr-1691	840	65	96	96	NUM
cblr-1691	840	66	(	(	PUNCT
cblr-1691	840	67	5th	5th	ADJ
cblr-1691	840	68	ed	ed	NOUN
cblr-1691	840	69	.	.	PROPN
cblr-1691	840	70	2018	2018	NUM
cblr-1691	840	71	)	)	PUNCT
cblr-1691	840	72	.	.	PUNCT
cblr-1691	841	1	255	255	NUM
cblr-1691	842	1	i	i	PRON
cblr-1691	842	2	d.	d.	NOUN
cblr-1691	842	3	at	at	ADP
cblr-1691	842	4	96	96	NUM
cblr-1691	842	5	.	.	SYM
cblr-1691	842	6	164	164	NUM
cblr-1691	842	7	columbia	columbia	PROPN
cblr-1691	842	8	business	business	NOUN
cblr-1691	842	9	law	law	PROPN
cblr-1691	842	10	review	review	NOUN
cblr-1691	842	11	[	[	X
cblr-1691	842	12	vol	vol	NOUN
cblr-1691	842	13	.	.	NOUN
cblr-1691	842	14	2019	2019	NUM
cblr-1691	842	15	requirements	requirement	NOUN
cblr-1691	842	16	are	be	AUX
cblr-1691	842	17	met.256	met.256	ADJ
cblr-1691	842	18	these	these	DET
cblr-1691	842	19	elections	election	NOUN
cblr-1691	842	20	trigger	trigger	VERB
cblr-1691	842	21	the	the	DET
cblr-1691	842	22	holding	hold	VERB
cblr-1691	842	23	period	period	NOUN
cblr-1691	842	24	,	,	PUNCT
cblr-1691	842	25	allowing	allow	VERB
cblr-1691	842	26	employees	employee	NOUN
cblr-1691	842	27	to	to	PART
cblr-1691	842	28	meet	meet	VERB
cblr-1691	842	29	the	the	DET
cblr-1691	842	30	requirements	requirement	NOUN
cblr-1691	842	31	for	for	ADP
cblr-1691	842	32	longterm	longterm	ADJ
cblr-1691	842	33	capital	capital	NOUN
cblr-1691	842	34	gains	gain	NOUN
cblr-1691	842	35	rates	rate	NOUN
cblr-1691	842	36	.	.	PUNCT
cblr-1691	843	1	the	the	DET
cblr-1691	843	2	election	election	NOUN
cblr-1691	843	3	must	must	AUX
cblr-1691	843	4	be	be	AUX
cblr-1691	843	5	made	make	VERB
cblr-1691	843	6	no	no	ADV
cblr-1691	843	7	later	later	ADV
cblr-1691	843	8	than	than	ADP
cblr-1691	843	9	thirty	thirty	NUM
cblr-1691	843	10	days	day	NOUN
cblr-1691	843	11	after	after	ADP
cblr-1691	843	12	the	the	DET
cblr-1691	843	13	option	option	NOUN
cblr-1691	843	14	exercise	exercise	NOUN
cblr-1691	843	15	or	or	CCONJ
cblr-1691	843	16	restricted	restrict	VERB
cblr-1691	843	17	stock	stock	NOUN
cblr-1691	843	18	unit	unit	NOUN
cblr-1691	843	19	vesting	vest	VERB
cblr-1691	843	20	date	date	NOUN
cblr-1691	843	21	.	.	PUNCT
cblr-1691	844	1	while	while	SCONJ
cblr-1691	844	2	use	use	NOUN
cblr-1691	844	3	of	of	ADP
cblr-1691	844	4	the	the	DET
cblr-1691	844	5	section	section	NOUN
cblr-1691	844	6	83(i	83(i	NUM
cblr-1691	844	7	)	)	PUNCT
cblr-1691	844	8	election	election	NOUN
cblr-1691	844	9	does	do	AUX
cblr-1691	844	10	not	not	PART
cblr-1691	844	11	solve	solve	VERB
cblr-1691	844	12	the	the	DET
cblr-1691	844	13	illiquidity	illiquidity	NOUN
cblr-1691	844	14	problem	problem	NOUN
cblr-1691	844	15	,	,	PUNCT
cblr-1691	844	16	it	it	PRON
cblr-1691	844	17	prevents	prevent	VERB
cblr-1691	844	18	early	early	ADJ
cblr-1691	844	19	employees	employee	NOUN
cblr-1691	844	20	from	from	ADP
cblr-1691	844	21	carrying	carry	VERB
cblr-1691	844	22	the	the	DET
cblr-1691	844	23	excessive	excessive	ADJ
cblr-1691	844	24	risk	risk	NOUN
cblr-1691	844	25	of	of	ADP
cblr-1691	844	26	paying	pay	VERB
cblr-1691	844	27	large	large	ADJ
cblr-1691	844	28	amounts	amount	NOUN
cblr-1691	844	29	of	of	ADP
cblr-1691	844	30	money	money	NOUN
cblr-1691	844	31	out	out	ADP
cblr-1691	844	32	-	-	PUNCT
cblr-1691	844	33	ofpocket	ofpocket	NOUN
cblr-1691	844	34	for	for	ADP
cblr-1691	844	35	exercising	exercise	VERB
cblr-1691	844	36	and	and	CCONJ
cblr-1691	844	37	paying	pay	VERB
cblr-1691	844	38	taxes	taxis	NOUN
cblr-1691	844	39	for	for	ADP
cblr-1691	844	40	profit	profit	NOUN
cblr-1691	844	41	that	that	PRON
cblr-1691	844	42	might	might	AUX
cblr-1691	844	43	not	not	PART
cblr-1691	844	44	materialize.257	materialize.257	VERB
cblr-1691	844	45	3	3	NUM
cblr-1691	844	46	.	.	PUNCT
cblr-1691	844	47	extensions	extension	NOUN
cblr-1691	844	48	to	to	PART
cblr-1691	844	49	post	post	VERB
cblr-1691	844	50	termination	termination	NOUN
cblr-1691	844	51	exercise	exercise	NOUN
cblr-1691	844	52	periods	period	NOUN
cblr-1691	844	53	as	as	SCONJ
cblr-1691	844	54	noted	note	VERB
cblr-1691	844	55	above	above	ADV
cblr-1691	844	56	,	,	PUNCT
cblr-1691	844	57	there	there	PRON
cblr-1691	844	58	is	be	VERB
cblr-1691	844	59	a	a	DET
cblr-1691	844	60	heated	heated	ADJ
cblr-1691	844	61	debate	debate	NOUN
cblr-1691	844	62	in	in	ADP
cblr-1691	844	63	silicon	silicon	NOUN
cblr-1691	844	64	valley	valley	NOUN
cblr-1691	844	65	over	over	ADP
cblr-1691	844	66	the	the	DET
cblr-1691	844	67	fairness	fairness	NOUN
cblr-1691	844	68	of	of	ADP
cblr-1691	844	69	the	the	DET
cblr-1691	844	70	ninety	ninety	NUM
cblr-1691	844	71	-	-	PUNCT
cblr-1691	844	72	day	day	NOUN
cblr-1691	844	73	stock	stock	NOUN
cblr-1691	844	74	option	option	NOUN
cblr-1691	844	75	exercise	exercise	NOUN
cblr-1691	844	76	period	period	NOUN
cblr-1691	844	77	for	for	ADP
cblr-1691	844	78	departing	depart	VERB
cblr-1691	844	79	employees.258	employees.258	PROPN
cblr-1691	844	80	ex	ex	NOUN
cblr-1691	844	81	-	-	NOUN
cblr-1691	844	82	employees	employee	NOUN
cblr-1691	844	83	of	of	ADP
cblr-1691	844	84	unicorn	unicorn	ADJ
cblr-1691	844	85	firms	firm	NOUN
cblr-1691	844	86	complain	complain	VERB
cblr-1691	844	87	that	that	SCONJ
cblr-1691	844	88	they	they	PRON
cblr-1691	844	89	helped	help	VERB
cblr-1691	844	90	build	build	VERB
cblr-1691	844	91	the	the	DET
cblr-1691	844	92	unicorn	unicorn	NOUN
cblr-1691	844	93	,	,	PUNCT
cblr-1691	844	94	but	but	CCONJ
cblr-1691	844	95	after	after	ADP
cblr-1691	844	96	leaving	leave	VERB
cblr-1691	844	97	the	the	DET
cblr-1691	844	98	firm	firm	NOUN
cblr-1691	844	99	,	,	PUNCT
cblr-1691	844	100	can	can	AUX
cblr-1691	844	101	not	not	PART
cblr-1691	844	102	enjoy	enjoy	VERB
cblr-1691	844	103	the	the	DET
cblr-1691	844	104	fruits	fruit	NOUN
cblr-1691	844	105	of	of	ADP
cblr-1691	844	106	their	their	PRON
cblr-1691	844	107	labor	labor	NOUN
cblr-1691	844	108	.	.	PUNCT
cblr-1691	845	1	instead	instead	ADV
cblr-1691	845	2	,	,	PUNCT
cblr-1691	845	3	they	they	PRON
cblr-1691	845	4	were	be	AUX
cblr-1691	845	5	faced	face	VERB
cblr-1691	845	6	with	with	ADP
cblr-1691	845	7	a	a	DET
cblr-1691	845	8	dilemma	dilemma	NOUN
cblr-1691	845	9	—	—	PUNCT
cblr-1691	845	10	to	to	PART
cblr-1691	845	11	exercise	exercise	VERB
cblr-1691	845	12	or	or	CCONJ
cblr-1691	845	13	forfeit	forfeit	NOUN
cblr-1691	845	14	?	?	PUNCT
cblr-1691	846	1	the	the	DET
cblr-1691	846	2	256	256	NUM
cblr-1691	846	3	on	on	ADP
cblr-1691	846	4	the	the	DET
cblr-1691	846	5	section	section	NOUN
cblr-1691	846	6	83(b	83(b	NUM
cblr-1691	846	7	)	)	PUNCT
cblr-1691	846	8	election	election	NOUN
cblr-1691	846	9	,	,	PUNCT
cblr-1691	846	10	see	see	VERB
cblr-1691	846	11	i	i	PRON
cblr-1691	846	12	d.	d.	PROPN
cblr-1691	846	13	at	at	ADP
cblr-1691	846	14	485	485	NUM
cblr-1691	846	15	;	;	PUNCT
cblr-1691	846	16	see	see	VERB
cblr-1691	846	17	also	also	ADV
cblr-1691	846	18	ronald	ronald	PROPN
cblr-1691	846	19	j.	j.	PROPN
cblr-1691	846	20	gilson	gilson	PROPN
cblr-1691	846	21	&	&	CCONJ
cblr-1691	846	22	david	david	PROPN
cblr-1691	846	23	m.	m.	PROPN
cblr-1691	846	24	schizer	schizer	PROPN
cblr-1691	846	25	,	,	PUNCT
cblr-1691	846	26	understanding	understand	VERB
cblr-1691	846	27	venture	venture	NOUN
cblr-1691	846	28	capital	capital	NOUN
cblr-1691	846	29	structure	structure	NOUN
cblr-1691	846	30	:	:	PUNCT
cblr-1691	846	31	a	a	DET
cblr-1691	846	32	tax	tax	NOUN
cblr-1691	846	33	explanation	explanation	NOUN
cblr-1691	846	34	for	for	ADP
cblr-1691	846	35	convertible	convertible	ADJ
cblr-1691	846	36	preferred	preferred	ADJ
cblr-1691	846	37	stock	stock	NOUN
cblr-1691	846	38	,	,	PUNCT
cblr-1691	846	39	116	116	NUM
cblr-1691	846	40	harv	harv	NOUN
cblr-1691	846	41	.	.	PUNCT
cblr-1691	847	1	l.	l.	PROPN
cblr-1691	847	2	rev	rev	PROPN
cblr-1691	847	3	.	.	PROPN
cblr-1691	847	4	874	874	NUM
cblr-1691	847	5	,	,	PUNCT
cblr-1691	847	6	894–95	894–95	NUM
cblr-1691	847	7	(	(	PUNCT
cblr-1691	847	8	2003	2003	NUM
cblr-1691	847	9	)	)	PUNCT
cblr-1691	847	10	;	;	PUNCT
cblr-1691	847	11	david	david	PROPN
cblr-1691	847	12	i.	i.	PROPN
cblr-1691	847	13	walker	walker	PROPN
cblr-1691	847	14	,	,	PUNCT
cblr-1691	847	15	the	the	DET
cblr-1691	847	16	non	non	ADJ
cblr-1691	847	17	-	-	NOUN
cblr-1691	847	18	option	option	NOUN
cblr-1691	847	19	:	:	PUNCT
cblr-1691	847	20	understanding	understand	VERB
cblr-1691	847	21	the	the	DET
cblr-1691	847	22	dearth	dearth	NOUN
cblr-1691	847	23	of	of	ADP
cblr-1691	847	24	discounted	discount	VERB
cblr-1691	847	25	employee	employee	NOUN
cblr-1691	847	26	stock	stock	NOUN
cblr-1691	847	27	options	option	NOUN
cblr-1691	847	28	,	,	PUNCT
cblr-1691	847	29	89	89	NUM
cblr-1691	847	30	b.u	b.u	PROPN
cblr-1691	847	31	.	.	PROPN
cblr-1691	847	32	l.	l.	PROPN
cblr-1691	847	33	rev	rev	PROPN
cblr-1691	847	34	.	.	PROPN
cblr-1691	847	35	1505	1505	NUM
cblr-1691	847	36	,	,	PUNCT
cblr-1691	847	37	1556–57	1556–57	NUM
cblr-1691	847	38	(	(	PUNCT
cblr-1691	847	39	2009	2009	NUM
cblr-1691	847	40	)	)	PUNCT
cblr-1691	847	41	.	.	PUNCT
cblr-1691	848	1	257	257	NUM
cblr-1691	848	2	see	see	VERB
cblr-1691	848	3	bruce	bruce	PROPN
cblr-1691	848	4	brumberg	brumberg	PROPN
cblr-1691	848	5	,	,	PUNCT
cblr-1691	848	6	irs	irs	PROPN
cblr-1691	848	7	guidance	guidance	NOUN
cblr-1691	848	8	on	on	ADP
cblr-1691	848	9	private	private	ADJ
cblr-1691	848	10	company	company	NOUN
cblr-1691	848	11	grants	grant	NOUN
cblr-1691	848	12	of	of	ADP
cblr-1691	848	13	stock	stock	NOUN
cblr-1691	848	14	options	option	NOUN
cblr-1691	848	15	and	and	CCONJ
cblr-1691	848	16	rsus	rsus	NOUN
cblr-1691	848	17	provide	provide	VERB
cblr-1691	848	18	limited	limited	ADJ
cblr-1691	848	19	support	support	NOUN
cblr-1691	848	20	,	,	PUNCT
cblr-1691	848	21	forbes	forbes	PROPN
cblr-1691	848	22	(	(	PUNCT
cblr-1691	848	23	dec	dec	PROPN
cblr-1691	848	24	.	.	PROPN
cblr-1691	848	25	10	10	NUM
cblr-1691	848	26	,	,	PUNCT
cblr-1691	848	27	2018	2018	NUM
cblr-1691	848	28	)	)	PUNCT
cblr-1691	848	29	,	,	PUNCT
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cblr-1691	849	1	[	[	X
cblr-1691	849	2	https://perma.cc/6jjs-7awk	https://perma.cc/6jjs-7awk	X
cblr-1691	849	3	]	]	X
cblr-1691	849	4	;	;	PUNCT
cblr-1691	849	5	j.	j.	PROPN
cblr-1691	849	6	marc	marc	PROPN
cblr-1691	849	7	fosse	fosse	PROPN
cblr-1691	849	8	&	&	CCONJ
cblr-1691	849	9	angel	angel	PROPN
cblr-1691	849	10	l.	l.	PROPN
cblr-1691	849	11	garrett	garrett	PROPN
cblr-1691	849	12	,	,	PUNCT
cblr-1691	849	13	section	section	NOUN
cblr-1691	849	14	83(i	83(i	NUM
cblr-1691	849	15	)	)	PUNCT
cblr-1691	849	16	of	of	ADP
cblr-1691	849	17	the	the	DET
cblr-1691	849	18	internal	internal	ADJ
cblr-1691	849	19	revenue	revenue	NOUN
cblr-1691	849	20	code	code	NOUN
cblr-1691	849	21	–	–	PUNCT
cblr-1691	849	22	qualified	qualified	ADJ
cblr-1691	849	23	equity	equity	NOUN
cblr-1691	849	24	grant	grant	NOUN
cblr-1691	849	25	programs	program	NOUN
cblr-1691	849	26	permit	permit	VERB
cblr-1691	849	27	employees	employee	NOUN
cblr-1691	849	28	to	to	PART
cblr-1691	849	29	elect	elect	VERB
cblr-1691	849	30	to	to	PART
cblr-1691	849	31	defer	defer	VERB
cblr-1691	849	32	income	income	NOUN
cblr-1691	849	33	taxes	taxis	NOUN
cblr-1691	849	34	on	on	ADP
cblr-1691	849	35	stock	stock	NOUN
cblr-1691	849	36	options	option	NOUN
cblr-1691	849	37	or	or	CCONJ
cblr-1691	849	38	rsus	rsus	NOUN
cblr-1691	849	39	,	,	PUNCT
cblr-1691	849	40	trucker	trucker	PROPN
cblr-1691	849	41	huss	huss	PROPN
cblr-1691	849	42	(	(	PUNCT
cblr-1691	849	43	jan	jan	PROPN
cblr-1691	849	44	.	.	PROPN
cblr-1691	849	45	11	11	NUM
cblr-1691	849	46	,	,	PUNCT
cblr-1691	849	47	2018	2018	NUM
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cblr-1691	849	49	,	,	PUNCT
cblr-1691	849	50	https://www.truckerhuss.com/2018/01/new-section-83i-of-the-internalrevenue-code-qualified-equity-grant-programs-permit-employees-to-electto-defer-income-taxes-on-stock-options-or-rsus/	https://www.truckerhuss.com/2018/01/new-section-83i-of-the-internalrevenue-code-qualified-equity-grant-programs-permit-employees-to-electto-defer-income-taxes-on-stock-options-or-rsus/	PROPN
cblr-1691	850	1	[	[	X
cblr-1691	850	2	https://perma.cc/s5bykerk	https://perma.cc/s5bykerk	X
cblr-1691	850	3	]	]	X
cblr-1691	850	4	.	.	PUNCT
cblr-1691	851	1	258	258	NUM
cblr-1691	851	2	see	see	VERB
cblr-1691	851	3	,	,	PUNCT
cblr-1691	851	4	e.g.	e.g.	ADV
cblr-1691	851	5	,	,	PUNCT
cblr-1691	851	6	dash	dash	NOUN
cblr-1691	851	7	victor	victor	NOUN
cblr-1691	851	8	,	,	PUNCT
cblr-1691	851	9	extending	extend	VERB
cblr-1691	851	10	the	the	DET
cblr-1691	851	11	option	option	NOUN
cblr-1691	851	12	exercise	exercise	NOUN
cblr-1691	851	13	period	period	NOUN
cblr-1691	851	14	 	 	SPACE
cblr-1691	851	15	—	—	PUNCT
cblr-1691	851	16	 	 	SPACE
cblr-1691	851	17	a	a	DET
cblr-1691	851	18	tactical	tactical	ADJ
cblr-1691	851	19	guide	guide	NOUN
cblr-1691	851	20	,	,	PUNCT
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cblr-1691	851	22	(	(	PUNCT
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cblr-1691	851	24	.	.	PROPN
cblr-1691	851	25	9	9	NUM
cblr-1691	851	26	,	,	PUNCT
cblr-1691	851	27	2016	2016	NUM
cblr-1691	851	28	)	)	PUNCT
cblr-1691	851	29	,	,	PUNCT
cblr-1691	851	30	https://medium.com/	https://medium.com/	PROPN
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cblr-1691	851	33	extending	extend	VERB
cblr-1691	851	34	-	-	PUNCT
cblr-1691	851	35	the	the	DET
cblr-1691	851	36	-	-	PUNCT
cblr-1691	851	37	option	option	NOUN
cblr-1691	851	38	-	-	PUNCT
cblr-1691	851	39	exercise	exercise	NOUN
cblr-1691	851	40	-	-	PUNCT
cblr-1691	851	41	period	period	NOUN
cblr-1691	851	42	-	-	PUNCT
cblr-1691	851	43	a	a	DET
cblr-1691	851	44	-	-	PUNCT
cblr-1691	851	45	tactical	tactical	ADJ
cblr-1691	851	46	-	-	PUNCT
cblr-1691	851	47	guide16e0c10ec46d	guide16e0c10ec46d	NOUN
cblr-1691	851	48	[	[	X
cblr-1691	851	49	https://perma.cc/7z7p-9e3n	https://perma.cc/7z7p-9e3n	NOUN
cblr-1691	851	50	]	]	PUNCT
cblr-1691	851	51	.	.	PUNCT
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cblr-1691	852	2	.	.	PUNCT
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cblr-1691	853	2	]	]	X
cblr-1691	853	3	unicorn	unicorn	ADJ
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cblr-1691	853	6	165	165	NUM
cblr-1691	853	7	unicorns	unicorn	NOUN
cblr-1691	853	8	’	'	PUNCT
cblr-1691	853	9	valuations	valuation	NOUN
cblr-1691	853	10	are	be	AUX
cblr-1691	853	11	by	by	ADP
cblr-1691	853	12	definition	definition	NOUN
cblr-1691	853	13	very	very	ADV
cblr-1691	853	14	high	high	ADJ
cblr-1691	853	15	,	,	PUNCT
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cblr-1691	853	20	not	not	PART
cblr-1691	853	21	afford	afford	VERB
cblr-1691	853	22	to	to	PART
cblr-1691	853	23	pay	pay	VERB
cblr-1691	853	24	for	for	ADP
cblr-1691	853	25	the	the	DET
cblr-1691	853	26	taxes	taxis	NOUN
cblr-1691	853	27	and	and	CCONJ
cblr-1691	853	28	exercise	exercise	NOUN
cblr-1691	853	29	price	price	NOUN
cblr-1691	853	30	.	.	PUNCT
cblr-1691	854	1	even	even	ADV
cblr-1691	854	2	if	if	SCONJ
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cblr-1691	854	4	were	be	AUX
cblr-1691	854	5	able	able	ADJ
cblr-1691	854	6	to	to	PART
cblr-1691	854	7	pay	pay	VERB
cblr-1691	854	8	,	,	PUNCT
cblr-1691	854	9	the	the	DET
cblr-1691	854	10	gain	gain	NOUN
cblr-1691	854	11	may	may	AUX
cblr-1691	854	12	never	never	ADV
cblr-1691	854	13	materialize	materialize	VERB
cblr-1691	854	14	if	if	SCONJ
cblr-1691	854	15	the	the	DET
cblr-1691	854	16	company	company	NOUN
cblr-1691	854	17	never	never	ADV
cblr-1691	854	18	goes	go	VERB
cblr-1691	854	19	public	public	ADJ
cblr-1691	854	20	or	or	CCONJ
cblr-1691	854	21	its	its	PRON
cblr-1691	854	22	value	value	NOUN
cblr-1691	854	23	declines	decline	VERB
cblr-1691	854	24	below	below	ADP
cblr-1691	854	25	the	the	DET
cblr-1691	854	26	strike	strike	NOUN
cblr-1691	854	27	price.259	price.259	NOUN
cblr-1691	854	28	to	to	PART
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cblr-1691	854	30	with	with	ADP
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cblr-1691	854	32	complaints	complaint	NOUN
cblr-1691	854	33	,	,	PUNCT
cblr-1691	854	34	several	several	ADJ
cblr-1691	854	35	companies	company	NOUN
cblr-1691	854	36	including	include	VERB
cblr-1691	854	37	quora,260	quora,260	NOUN
cblr-1691	854	38	pinterest,261	pinterest,261	PROPN
cblr-1691	854	39	and	and	CCONJ
cblr-1691	854	40	coinbase,262	coinbase,262	PROPN
cblr-1691	854	41	have	have	AUX
cblr-1691	854	42	made	make	VERB
cblr-1691	854	43	changes	change	NOUN
cblr-1691	854	44	to	to	ADP
cblr-1691	854	45	their	their	PRON
cblr-1691	854	46	option	option	NOUN
cblr-1691	854	47	plans	plan	NOUN
cblr-1691	854	48	,	,	PUNCT
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cblr-1691	854	50	the	the	DET
cblr-1691	854	51	exercise	exercise	NOUN
cblr-1691	854	52	period	period	NOUN
cblr-1691	854	53	for	for	ADP
cblr-1691	854	54	ex	ex	NOUN
cblr-1691	854	55	-	-	NOUN
cblr-1691	854	56	employees	employee	NOUN
cblr-1691	854	57	to	to	PART
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cblr-1691	854	59	from	from	ADP
cblr-1691	854	60	one	one	NUM
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cblr-1691	854	63	-	-	PUNCT
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cblr-1691	854	66	is	be	VERB
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cblr-1691	854	68	call	call	NOUN
cblr-1691	854	69	in	in	ADP
cblr-1691	854	70	silicon	silicon	NOUN
cblr-1691	854	71	valley	valley	NOUN
cblr-1691	854	72	for	for	ADP
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cblr-1691	854	75	to	to	PART
cblr-1691	854	76	join	join	VERB
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cblr-1691	854	78	firms	firm	NOUN
cblr-1691	854	79	and	and	CCONJ
cblr-1691	854	80	extend	extend	VERB
cblr-1691	854	81	their	their	PRON
cblr-1691	854	82	exercise	exercise	NOUN
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cblr-1691	854	84	by	by	ADP
cblr-1691	854	85	extending	extend	VERB
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cblr-1691	854	89	exercise	exercise	NOUN
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cblr-1691	854	91	,	,	PUNCT
cblr-1691	854	92	companies	company	NOUN
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cblr-1691	854	94	help	help	VERB
cblr-1691	854	95	encourage	encourage	VERB
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cblr-1691	855	8	,	,	PUNCT
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cblr-1691	855	13	:	:	PUNCT
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cblr-1691	855	23	for	for	ADP
cblr-1691	855	24	pre	pre	ADJ
cblr-1691	855	25	-	-	ADJ
cblr-1691	855	26	ipo	ipo	ADJ
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cblr-1691	855	28	,	,	PUNCT
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cblr-1691	856	3	]	]	PUNCT
cblr-1691	856	4	(	(	PUNCT
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cblr-1691	856	26	https://techcrunch.com/2015/07/23/dear-unicorn-exit-please/	https://techcrunch.com/2015/07/23/dear-unicorn-exit-please/	NOUN
cblr-1691	857	1	[	[	X
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cblr-1691	857	4	.	.	PUNCT
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cblr-1691	859	14	to	to	PART
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cblr-1691	859	16	vested	vested	ADJ
cblr-1691	859	17	stock	stock	NOUN
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cblr-1691	859	38	(	(	PUNCT
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cblr-1691	859	43	a	a	DET
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cblr-1691	860	26	.	.	PUNCT
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cblr-1691	863	6	[	[	X
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cblr-1691	863	8	.	.	NOUN
cblr-1691	863	9	2019	2019	NUM
cblr-1691	863	10	would	would	AUX
cblr-1691	863	11	be	be	AUX
cblr-1691	863	12	able	able	ADJ
cblr-1691	863	13	to	to	PART
cblr-1691	863	14	choose	choose	VERB
cblr-1691	863	15	whether	whether	SCONJ
cblr-1691	863	16	or	or	CCONJ
cblr-1691	863	17	not	not	PART
cblr-1691	863	18	to	to	PART
cblr-1691	863	19	exercise	exercise	VERB
cblr-1691	863	20	the	the	DET
cblr-1691	863	21	options	option	NOUN
cblr-1691	863	22	at	at	ADP
cblr-1691	863	23	a	a	DET
cblr-1691	863	24	later	later	ADJ
cblr-1691	863	25	date	date	NOUN
cblr-1691	863	26	,	,	PUNCT
cblr-1691	863	27	taking	take	VERB
cblr-1691	863	28	into	into	ADP
cblr-1691	863	29	consideration	consideration	NOUN
cblr-1691	863	30	liquidity	liquidity	NOUN
cblr-1691	863	31	events	event	NOUN
cblr-1691	863	32	(	(	PUNCT
cblr-1691	863	33	such	such	ADJ
cblr-1691	863	34	as	as	ADP
cblr-1691	863	35	an	an	DET
cblr-1691	863	36	ipo	ipo	NOUN
cblr-1691	863	37	)	)	PUNCT
cblr-1691	863	38	that	that	PRON
cblr-1691	863	39	make	make	VERB
cblr-1691	863	40	exercising	exercise	VERB
cblr-1691	863	41	worthwhile.265	worthwhile.265	NOUN
cblr-1691	863	42	this	this	DET
cblr-1691	863	43	call	call	NOUN
cblr-1691	863	44	for	for	ADP
cblr-1691	863	45	a	a	DET
cblr-1691	863	46	one	one	NUM
cblr-1691	863	47	-	-	PUNCT
cblr-1691	863	48	size	size	NOUN
cblr-1691	863	49	-	-	PUNCT
cblr-1691	863	50	fits	fit	VERB
cblr-1691	863	51	-	-	PUNCT
cblr-1691	863	52	all	all	PRON
cblr-1691	863	53	adoption	adoption	NOUN
cblr-1691	863	54	of	of	ADP
cblr-1691	863	55	extended	extended	ADJ
cblr-1691	863	56	exercise	exercise	NOUN
cblr-1691	863	57	windows	window	NOUN
cblr-1691	863	58	is	be	AUX
cblr-1691	863	59	a	a	DET
cblr-1691	863	60	flawed	flawed	ADJ
cblr-1691	863	61	solution	solution	NOUN
cblr-1691	863	62	,	,	PUNCT
cblr-1691	863	63	though.266	though.266	NOUN
cblr-1691	863	64	the	the	DET
cblr-1691	863	65	extension	extension	NOUN
cblr-1691	863	66	of	of	ADP
cblr-1691	863	67	exercise	exercise	NOUN
cblr-1691	863	68	windows	window	NOUN
cblr-1691	863	69	will	will	AUX
cblr-1691	863	70	benefit	benefit	VERB
cblr-1691	863	71	ex	ex	NOUN
cblr-1691	863	72	-	-	NOUN
cblr-1691	863	73	employees	employee	NOUN
cblr-1691	863	74	(	(	PUNCT
cblr-1691	863	75	who	who	PRON
cblr-1691	863	76	are	be	AUX
cblr-1691	863	77	not	not	PART
cblr-1691	863	78	contributing	contribute	VERB
cblr-1691	863	79	to	to	ADP
cblr-1691	863	80	the	the	DET
cblr-1691	863	81	firm	firm	NOUN
cblr-1691	863	82	any	any	ADV
cblr-1691	863	83	longer	long	ADV
cblr-1691	863	84	)	)	PUNCT
cblr-1691	863	85	,	,	PUNCT
cblr-1691	863	86	but	but	CCONJ
cblr-1691	863	87	will	will	AUX
cblr-1691	863	88	also	also	ADV
cblr-1691	863	89	be	be	AUX
cblr-1691	863	90	to	to	ADP
cblr-1691	863	91	the	the	DET
cblr-1691	863	92	detriment	detriment	NOUN
cblr-1691	863	93	of	of	ADP
cblr-1691	863	94	the	the	DET
cblr-1691	863	95	current	current	ADJ
cblr-1691	863	96	unicorn	unicorn	ADJ
cblr-1691	863	97	employees	employee	NOUN
cblr-1691	863	98	who	who	PRON
cblr-1691	863	99	are	be	AUX
cblr-1691	863	100	still	still	ADV
cblr-1691	863	101	contributing.267	contributing.267	NOUN
cblr-1691	863	102	in	in	ADP
cblr-1691	863	103	other	other	ADJ
cblr-1691	863	104	words	word	NOUN
cblr-1691	863	105	,	,	PUNCT
cblr-1691	863	106	an	an	DET
cblr-1691	863	107	extended	extend	VERB
cblr-1691	863	108	exercise	exercise	NOUN
cblr-1691	863	109	window	window	NOUN
cblr-1691	863	110	will	will	AUX
cblr-1691	863	111	cause	cause	VERB
cblr-1691	863	112	a	a	DET
cblr-1691	863	113	“	"	PUNCT
cblr-1691	863	114	direct	direct	ADJ
cblr-1691	863	115	wealth	wealth	NOUN
cblr-1691	863	116	transfer”268	transfer”268	NOUN
cblr-1691	863	117	from	from	ADP
cblr-1691	863	118	the	the	DET
cblr-1691	863	119	current	current	ADJ
cblr-1691	863	120	employees	employee	NOUN
cblr-1691	863	121	,	,	PUNCT
cblr-1691	863	122	who	who	PRON
cblr-1691	863	123	choose	choose	VERB
cblr-1691	863	124	to	to	PART
cblr-1691	863	125	stay	stay	VERB
cblr-1691	863	126	and	and	CCONJ
cblr-1691	863	127	contribute	contribute	VERB
cblr-1691	863	128	to	to	ADP
cblr-1691	863	129	the	the	DET
cblr-1691	863	130	company	company	NOUN
cblr-1691	863	131	’s	’s	PART
cblr-1691	863	132	growth	growth	NOUN
cblr-1691	863	133	,	,	PUNCT
cblr-1691	863	134	to	to	ADP
cblr-1691	863	135	ex	ex	NOUN
cblr-1691	863	136	-	-	NOUN
cblr-1691	863	137	employees	employee	NOUN
cblr-1691	863	138	,	,	PUNCT
cblr-1691	863	139	who	who	PRON
cblr-1691	863	140	may	may	AUX
cblr-1691	863	141	even	even	ADV
cblr-1691	863	142	be	be	AUX
cblr-1691	863	143	working	work	VERB
cblr-1691	863	144	for	for	ADP
cblr-1691	863	145	a	a	DET
cblr-1691	863	146	competitor.269	competitor.269	NOUN
cblr-1691	863	147	such	such	DET
cblr-1691	863	148	a	a	DET
cblr-1691	863	149	broad	broad	ADJ
cblr-1691	863	150	rule	rule	NOUN
cblr-1691	863	151	is	be	AUX
cblr-1691	863	152	detrimental	detrimental	ADJ
cblr-1691	863	153	to	to	ADP
cblr-1691	863	154	a	a	DET
cblr-1691	863	155	firm	firm	NOUN
cblr-1691	863	156	’s	’s	PART
cblr-1691	863	157	ability	ability	NOUN
cblr-1691	863	158	to	to	PART
cblr-1691	863	159	retain	retain	VERB
cblr-1691	863	160	,	,	PUNCT
cblr-1691	863	161	engage	engage	VERB
cblr-1691	863	162	and	and	CCONJ
cblr-1691	863	163	attract	attract	VERB
cblr-1691	863	164	employees	employee	NOUN
cblr-1691	863	165	.	.	PUNCT
cblr-1691	864	1	if	if	SCONJ
cblr-1691	864	2	such	such	DET
cblr-1691	864	3	a	a	DET
cblr-1691	864	4	rule	rule	NOUN
cblr-1691	864	5	is	be	AUX
cblr-1691	864	6	adopted	adopt	VERB
cblr-1691	864	7	,	,	PUNCT
cblr-1691	864	8	employees	employee	NOUN
cblr-1691	864	9	are	be	AUX
cblr-1691	864	10	incentivized	incentivize	VERB
cblr-1691	864	11	to	to	PART
cblr-1691	864	12	diversify	diversify	VERB
cblr-1691	864	13	their	their	PRON
cblr-1691	864	14	investments	investment	NOUN
cblr-1691	864	15	by	by	ADP
cblr-1691	864	16	quitting	quit	VERB
cblr-1691	864	17	their	their	PRON
cblr-1691	864	18	jobs	job	NOUN
cblr-1691	864	19	immediately	immediately	ADV
cblr-1691	864	20	after	after	ADP
cblr-1691	864	21	receiving	receive	VERB
cblr-1691	864	22	equity	equity	NOUN
cblr-1691	864	23	options	option	NOUN
cblr-1691	864	24	.	.	PUNCT
cblr-1691	865	1	these	these	DET
cblr-1691	865	2	incentives	incentive	NOUN
cblr-1691	865	3	are	be	AUX
cblr-1691	865	4	exacerbated	exacerbate	VERB
cblr-1691	865	5	by	by	ADP
cblr-1691	865	6	the	the	DET
cblr-1691	865	7	real	real	ADJ
cblr-1691	865	8	risk	risk	NOUN
cblr-1691	865	9	that	that	SCONJ
cblr-1691	865	10	the	the	DET
cblr-1691	865	11	unicorn	unicorn	NOUN
cblr-1691	865	12	will	will	AUX
cblr-1691	865	13	never	never	ADV
cblr-1691	865	14	ipo	ipo	VERB
cblr-1691	865	15	,	,	PUNCT
cblr-1691	865	16	will	will	AUX
cblr-1691	865	17	fail	fail	VERB
cblr-1691	865	18	,	,	PUNCT
cblr-1691	865	19	or	or	CCONJ
cblr-1691	865	20	will	will	AUX
cblr-1691	865	21	enter	enter	VERB
cblr-1691	865	22	into	into	ADP
cblr-1691	865	23	a	a	DET
cblr-1691	865	24	trade	trade	NOUN
cblr-1691	865	25	sale	sale	NOUN
cblr-1691	865	26	.	.	PUNCT
cblr-1691	866	1	the	the	DET
cblr-1691	866	2	employees	employee	NOUN
cblr-1691	866	3	will	will	AUX
cblr-1691	866	4	then	then	ADV
cblr-1691	866	5	join	join	VERB
cblr-1691	866	6	another	another	DET
cblr-1691	866	7	tech	tech	NOUN
cblr-1691	866	8	company	company	NOUN
cblr-1691	866	9	to	to	PART
cblr-1691	866	10	get	get	VERB
cblr-1691	866	11	more	more	ADJ
cblr-1691	866	12	options	option	NOUN
cblr-1691	866	13	from	from	ADP
cblr-1691	866	14	the	the	DET
cblr-1691	866	15	new	new	ADJ
cblr-1691	866	16	employer	employer	NOUN
cblr-1691	866	17	,	,	PUNCT
cblr-1691	866	18	while	while	SCONJ
cblr-1691	866	19	maintaining	maintain	VERB
cblr-1691	866	20	a	a	DET
cblr-1691	866	21	ten	ten	NUM
cblr-1691	866	22	-	-	PUNCT
cblr-1691	866	23	year	year	NOUN
cblr-1691	866	24	option	option	NOUN
cblr-1691	866	25	to	to	PART
cblr-1691	866	26	exercise	exercise	VERB
cblr-1691	866	27	from	from	ADP
cblr-1691	866	28	the	the	DET
cblr-1691	866	29	previous	previous	ADJ
cblr-1691	866	30	employer	employer	NOUN
cblr-1691	866	31	,	,	PUNCT
cblr-1691	866	32	without	without	ADP
cblr-1691	866	33	contributing	contribute	VERB
cblr-1691	866	34	to	to	ADP
cblr-1691	866	35	the	the	DET
cblr-1691	866	36	growth	growth	NOUN
cblr-1691	866	37	of	of	ADP
cblr-1691	866	38	the	the	DET
cblr-1691	866	39	company.270	company.270	PROPN
cblr-1691	866	40	moreover	moreover	ADV
cblr-1691	866	41	,	,	PUNCT
cblr-1691	866	42	extending	extend	VERB
cblr-1691	866	43	the	the	DET
cblr-1691	866	44	exercise	exercise	NOUN
cblr-1691	866	45	period	period	NOUN
cblr-1691	866	46	may	may	AUX
cblr-1691	866	47	be	be	AUX
cblr-1691	866	48	cumbersome	cumbersome	ADJ
cblr-1691	866	49	for	for	ADP
cblr-1691	866	50	companies	company	NOUN
cblr-1691	866	51	,	,	PUNCT
cblr-1691	866	52	who	who	PRON
cblr-1691	866	53	will	will	AUX
cblr-1691	866	54	be	be	AUX
cblr-1691	866	55	required	require	VERB
cblr-1691	866	56	to	to	PART
cblr-1691	866	57	keep	keep	VERB
cblr-1691	866	58	track	track	NOUN
cblr-1691	866	59	of	of	ADP
cblr-1691	866	60	a	a	DET
cblr-1691	866	61	larger	large	ADJ
cblr-1691	866	62	number	number	NOUN
cblr-1691	866	63	of	of	ADP
cblr-1691	866	64	common	common	ADJ
cblr-1691	866	65	shareholders	shareholder	NOUN
cblr-1691	866	66	.	.	PUNCT
cblr-1691	867	1	this	this	DET
cblr-1691	867	2	concern	concern	NOUN
cblr-1691	867	3	is	be	AUX
cblr-1691	867	4	especially	especially	ADV
cblr-1691	867	5	relevant	relevant	ADJ
cblr-1691	867	6	when	when	SCONJ
cblr-1691	867	7	common	common	ADJ
cblr-1691	867	8	shareholder	shareholder	NOUN
cblr-1691	867	9	approval	approval	NOUN
cblr-1691	867	10	is	be	AUX
cblr-1691	867	11	needed	need	VERB
cblr-1691	867	12	for	for	ADP
cblr-1691	867	13	authorization	authorization	NOUN
cblr-1691	867	14	for	for	ADP
cblr-1691	867	15	certain	certain	ADJ
cblr-1691	867	16	actions	action	NOUN
cblr-1691	867	17	,	,	PUNCT
cblr-1691	867	18	such	such	ADJ
cblr-1691	867	19	as	as	ADP
cblr-1691	867	20	for	for	ADP
cblr-1691	867	21	265	265	NUM
cblr-1691	867	22	kupor	kupor	NOUN
cblr-1691	867	23	,	,	PUNCT
cblr-1691	867	24	supra	supra	PROPN
cblr-1691	867	25	note	note	NOUN
cblr-1691	867	26	2	2	NUM
cblr-1691	867	27	.	.	NOUN
cblr-1691	867	28	266	266	NUM
cblr-1691	867	29	see	see	VERB
cblr-1691	867	30	taggar	taggar	NOUN
cblr-1691	867	31	,	,	PUNCT
cblr-1691	867	32	supra	supra	PROPN
cblr-1691	867	33	note	note	PROPN
cblr-1691	867	34	264	264	NUM
cblr-1691	867	35	.	.	PUNCT
cblr-1691	868	1	267	267	NUM
cblr-1691	868	2	see	see	VERB
cblr-1691	868	3	kupor	kupor	NOUN
cblr-1691	868	4	,	,	PUNCT
cblr-1691	868	5	supra	supra	PROPN
cblr-1691	868	6	note	note	NOUN
cblr-1691	868	7	2	2	NUM
cblr-1691	868	8	.	.	NOUN
cblr-1691	868	9	268	268	NUM
cblr-1691	868	10	irvin	irvin	PROPN
cblr-1691	868	11	chan	chan	PROPN
cblr-1691	868	12	developed	develop	VERB
cblr-1691	868	13	a	a	DET
cblr-1691	868	14	simple	simple	ADJ
cblr-1691	868	15	model	model	NOUN
cblr-1691	868	16	of	of	ADP
cblr-1691	868	17	this	this	DET
cblr-1691	868	18	wealth	wealth	NOUN
cblr-1691	868	19	transfer	transfer	NOUN
cblr-1691	868	20	.	.	PUNCT
cblr-1691	869	1	see	see	VERB
cblr-1691	869	2	i	i	PRON
cblr-1691	869	3	d.	d.	PROPN
cblr-1691	869	4	his	his	PRON
cblr-1691	869	5	model	model	NOUN
cblr-1691	869	6	shows	show	VERB
cblr-1691	869	7	that	that	SCONJ
cblr-1691	869	8	when	when	SCONJ
cblr-1691	869	9	ninety	ninety	NUM
cblr-1691	869	10	-	-	PUNCT
cblr-1691	869	11	day	day	NOUN
cblr-1691	869	12	windows	window	NOUN
cblr-1691	869	13	are	be	AUX
cblr-1691	869	14	extended	extend	VERB
cblr-1691	869	15	to	to	ADP
cblr-1691	869	16	ten	ten	NUM
cblr-1691	869	17	years	year	NOUN
cblr-1691	869	18	,	,	PUNCT
cblr-1691	869	19	current	current	ADJ
cblr-1691	869	20	employees	employee	NOUN
cblr-1691	869	21	suffer	suffer	VERB
cblr-1691	869	22	an	an	DET
cblr-1691	869	23	eighty	eighty	NUM
cblr-1691	869	24	percent	percent	NOUN
cblr-1691	869	25	dilution	dilution	NOUN
cblr-1691	869	26	,	,	PUNCT
cblr-1691	869	27	while	while	SCONJ
cblr-1691	869	28	former	former	ADJ
cblr-1691	869	29	employees	employee	NOUN
cblr-1691	869	30	,	,	PUNCT
cblr-1691	869	31	who	who	PRON
cblr-1691	869	32	no	no	ADV
cblr-1691	869	33	longer	long	ADV
cblr-1691	869	34	contribute	contribute	VERB
cblr-1691	869	35	to	to	ADP
cblr-1691	869	36	the	the	DET
cblr-1691	869	37	company	company	NOUN
cblr-1691	869	38	’s	’s	PART
cblr-1691	869	39	growth	growth	NOUN
cblr-1691	869	40	,	,	PUNCT
cblr-1691	869	41	get	get	VERB
cblr-1691	869	42	to	to	PART
cblr-1691	869	43	keep	keep	VERB
cblr-1691	869	44	their	their	PRON
cblr-1691	869	45	options	option	NOUN
cblr-1691	869	46	.	.	PUNCT
cblr-1691	870	1	see	see	VERB
cblr-1691	870	2	i	i	PRON
cblr-1691	870	3	d.	d.	PROPN
cblr-1691	870	4	269	269	NUM
cblr-1691	870	5	see	see	VERB
cblr-1691	870	6	i	i	PRON
cblr-1691	870	7	d.	d.	PROPN
cblr-1691	870	8	270	270	NUM
cblr-1691	870	9	see	see	VERB
cblr-1691	870	10	i	i	PRON
cblr-1691	870	11	d.	d.	PROPN
cblr-1691	870	12	no	no	INTJ
cblr-1691	870	13	.	.	PUNCT
cblr-1691	871	1	1:107	1:107	NUM
cblr-1691	871	2	]	]	X
cblr-1691	871	3	unicorn	unicorn	ADJ
cblr-1691	871	4	stock	stock	NOUN
cblr-1691	871	5	options	option	NOUN
cblr-1691	871	6	167	167	NUM
cblr-1691	871	7	issuance	issuance	NOUN
cblr-1691	871	8	of	of	ADP
cblr-1691	871	9	new	new	ADJ
cblr-1691	871	10	shares	share	NOUN
cblr-1691	871	11	to	to	ADP
cblr-1691	871	12	existing	exist	VERB
cblr-1691	871	13	or	or	CCONJ
cblr-1691	871	14	new	new	ADJ
cblr-1691	871	15	employees	employee	NOUN
cblr-1691	871	16	,	,	PUNCT
cblr-1691	871	17	acquisitions	acquisition	NOUN
cblr-1691	871	18	,	,	PUNCT
cblr-1691	871	19	or	or	CCONJ
cblr-1691	871	20	raising	raise	VERB
cblr-1691	871	21	capital	capital	NOUN
cblr-1691	871	22	.	.	PUNCT
cblr-1691	872	1	however	however	ADV
cblr-1691	872	2	,	,	PUNCT
cblr-1691	872	3	this	this	DET
cblr-1691	872	4	approach	approach	NOUN
cblr-1691	872	5	may	may	AUX
cblr-1691	872	6	work	work	VERB
cblr-1691	872	7	better	well	ADV
cblr-1691	872	8	for	for	ADP
cblr-1691	872	9	the	the	DET
cblr-1691	872	10	growing	grow	VERB
cblr-1691	872	11	number	number	NOUN
cblr-1691	872	12	of	of	ADP
cblr-1691	872	13	dual	dual	ADJ
cblr-1691	872	14	-	-	PUNCT
cblr-1691	872	15	class	class	NOUN
cblr-1691	872	16	companies	company	NOUN
cblr-1691	872	17	,	,	PUNCT
cblr-1691	872	18	in	in	ADP
cblr-1691	872	19	which	which	PRON
cblr-1691	872	20	founders	founder	NOUN
cblr-1691	872	21	retain	retain	VERB
cblr-1691	872	22	some	some	DET
cblr-1691	872	23	control	control	NOUN
cblr-1691	872	24	even	even	ADV
cblr-1691	872	25	as	as	SCONJ
cblr-1691	872	26	the	the	DET
cblr-1691	872	27	number	number	NOUN
cblr-1691	872	28	of	of	ADP
cblr-1691	872	29	outstanding	outstanding	ADJ
cblr-1691	872	30	common	common	ADJ
cblr-1691	872	31	shares	share	NOUN
cblr-1691	872	32	grows	grow	VERB
cblr-1691	872	33	.	.	PUNCT
cblr-1691	873	1	this	this	DET
cblr-1691	873	2	practice	practice	NOUN
cblr-1691	873	3	will	will	AUX
cblr-1691	873	4	contribute	contribute	VERB
cblr-1691	873	5	to	to	ADP
cblr-1691	873	6	the	the	DET
cblr-1691	873	7	existing	exist	VERB
cblr-1691	873	8	problem	problem	NOUN
cblr-1691	873	9	of	of	ADP
cblr-1691	873	10	exor	exor	PROPN
cblr-1691	873	11	current	current	ADJ
cblr-1691	873	12	unicorn	unicorn	ADJ
cblr-1691	873	13	employees	employee	NOUN
cblr-1691	873	14	(	(	PUNCT
cblr-1691	873	15	and	and	CCONJ
cblr-1691	873	16	other	other	ADJ
cblr-1691	873	17	investors	investor	NOUN
cblr-1691	873	18	)	)	PUNCT
cblr-1691	873	19	,	,	PUNCT
cblr-1691	873	20	who	who	PRON
cblr-1691	873	21	turn	turn	VERB
cblr-1691	873	22	to	to	ADP
cblr-1691	873	23	secondary	secondary	ADJ
cblr-1691	873	24	markets	market	NOUN
cblr-1691	873	25	for	for	ADP
cblr-1691	873	26	liquidity	liquidity	NOUN
cblr-1691	873	27	.	.	PUNCT
cblr-1691	874	1	under	under	ADP
cblr-1691	874	2	federal	federal	ADJ
cblr-1691	874	3	securities	security	NOUN
cblr-1691	874	4	laws	law	NOUN
cblr-1691	874	5	,	,	PUNCT
cblr-1691	874	6	the	the	DET
cblr-1691	874	7	sale	sale	NOUN
cblr-1691	874	8	on	on	ADP
cblr-1691	874	9	these	these	DET
cblr-1691	874	10	platforms	platform	NOUN
cblr-1691	874	11	can	can	AUX
cblr-1691	874	12	be	be	AUX
cblr-1691	874	13	challenged	challenge	VERB
cblr-1691	874	14	if	if	SCONJ
cblr-1691	874	15	the	the	DET
cblr-1691	874	16	seller	seller	NOUN
cblr-1691	874	17	failed	fail	VERB
cblr-1691	874	18	to	to	PART
cblr-1691	874	19	disclose	disclose	VERB
cblr-1691	874	20	all	all	DET
cblr-1691	874	21	material	material	ADJ
cblr-1691	874	22	information	information	NOUN
cblr-1691	874	23	about	about	ADP
cblr-1691	874	24	the	the	DET
cblr-1691	874	25	stock	stock	NOUN
cblr-1691	874	26	to	to	ADP
cblr-1691	874	27	the	the	DET
cblr-1691	874	28	buyer	buyer	NOUN
cblr-1691	874	29	.	.	PUNCT
cblr-1691	875	1	finally	finally	ADV
cblr-1691	875	2	,	,	PUNCT
cblr-1691	875	3	the	the	DET
cblr-1691	875	4	differing	differ	VERB
cblr-1691	875	5	tax	tax	NOUN
cblr-1691	875	6	treatment	treatment	NOUN
cblr-1691	875	7	between	between	ADP
cblr-1691	875	8	isos	isos	PROPN
cblr-1691	875	9	and	and	CCONJ
cblr-1691	875	10	nsos	nsos	NOUN
cblr-1691	875	11	discussed	discuss	VERB
cblr-1691	875	12	earlier	early	ADV
cblr-1691	875	13	limits	limit	VERB
cblr-1691	875	14	the	the	DET
cblr-1691	875	15	efficacy	efficacy	NOUN
cblr-1691	875	16	of	of	ADP
cblr-1691	875	17	this	this	DET
cblr-1691	875	18	proposal	proposal	NOUN
cblr-1691	875	19	.	.	PUNCT
cblr-1691	876	1	from	from	ADP
cblr-1691	876	2	a	a	DET
cblr-1691	876	3	tax	tax	NOUN
cblr-1691	876	4	implication	implication	NOUN
cblr-1691	876	5	perspective	perspective	NOUN
cblr-1691	876	6	,	,	PUNCT
cblr-1691	876	7	isos	isos	PROPN
cblr-1691	876	8	receive	receive	VERB
cblr-1691	876	9	better	well	ADJ
cblr-1691	876	10	tax	tax	NOUN
cblr-1691	876	11	treatment	treatment	NOUN
cblr-1691	876	12	,	,	PUNCT
cblr-1691	876	13	but	but	CCONJ
cblr-1691	876	14	according	accord	VERB
cblr-1691	876	15	to	to	ADP
cblr-1691	876	16	the	the	DET
cblr-1691	876	17	current	current	ADJ
cblr-1691	876	18	tax	tax	NOUN
cblr-1691	876	19	code	code	NOUN
cblr-1691	876	20	,	,	PUNCT
cblr-1691	876	21	isos	isos	NOUN
cblr-1691	876	22	that	that	PRON
cblr-1691	876	23	are	be	AUX
cblr-1691	876	24	not	not	PART
cblr-1691	876	25	exercised	exercise	VERB
cblr-1691	876	26	within	within	ADP
cblr-1691	876	27	ninety	ninety	NUM
cblr-1691	876	28	-	-	PUNCT
cblr-1691	876	29	days	day	NOUN
cblr-1691	876	30	of	of	ADP
cblr-1691	876	31	departure	departure	NOUN
cblr-1691	876	32	become	become	VERB
cblr-1691	876	33	nsos.271	nsos.271	NOUN
cblr-1691	876	34	extending	extend	VERB
cblr-1691	876	35	the	the	DET
cblr-1691	876	36	exercise	exercise	NOUN
cblr-1691	876	37	period	period	NOUN
cblr-1691	876	38	therefore	therefore	ADV
cblr-1691	876	39	undermines	undermine	VERB
cblr-1691	876	40	the	the	DET
cblr-1691	876	41	benefits	benefit	NOUN
cblr-1691	876	42	of	of	ADP
cblr-1691	876	43	isos	isos	NOUN
cblr-1691	876	44	’	'	PUNCT
cblr-1691	876	45	more	more	ADV
cblr-1691	876	46	favorable	favorable	ADJ
cblr-1691	876	47	tax	tax	NOUN
cblr-1691	876	48	treatment.272	treatment.272	ADJ
cblr-1691	876	49	4	4	NUM
cblr-1691	876	50	.	.	PUNCT
cblr-1691	876	51	back	back	ADJ
cblr-1691	876	52	-	-	PUNCT
cblr-1691	876	53	end	end	NOUN
cblr-1691	876	54	loaded	load	VERB
cblr-1691	876	55	stock	stock	NOUN
cblr-1691	876	56	vesting	vest	VERB
cblr-1691	876	57	another	another	DET
cblr-1691	876	58	suggestion	suggestion	NOUN
cblr-1691	876	59	that	that	PRON
cblr-1691	876	60	has	have	AUX
cblr-1691	876	61	been	be	AUX
cblr-1691	876	62	floated	float	VERB
cblr-1691	876	63	is	be	AUX
cblr-1691	876	64	issuing	issue	VERB
cblr-1691	876	65	backend	backend	NOUN
cblr-1691	876	66	loaded	load	VERB
cblr-1691	876	67	stock	stock	NOUN
cblr-1691	876	68	options.273	options.273	PROPN
cblr-1691	876	69	this	this	DET
cblr-1691	876	70	suggestion	suggestion	NOUN
cblr-1691	876	71	changes	change	VERB
cblr-1691	876	72	the	the	DET
cblr-1691	876	73	traditional	traditional	ADJ
cblr-1691	876	74	cliff	cliff	NOUN
cblr-1691	876	75	vesting	vest	VERB
cblr-1691	876	76	method	method	NOUN
cblr-1691	876	77	to	to	PART
cblr-1691	876	78	discourage	discourage	VERB
cblr-1691	876	79	employees	employee	NOUN
cblr-1691	876	80	from	from	ADP
cblr-1691	876	81	leaving	leave	VERB
cblr-1691	876	82	the	the	DET
cblr-1691	876	83	firm,274	firm,274	PROPN
cblr-1691	876	84	and	and	CCONJ
cblr-1691	876	85	follows	follow	VERB
cblr-1691	876	86	snapchat	snapchat	PROPN
cblr-1691	876	87	’s	’s	PART
cblr-1691	876	88	example	example	NOUN
cblr-1691	876	89	.	.	PUNCT
cblr-1691	877	1	snapchat	snapchat	PROPN
cblr-1691	877	2	structured	structure	VERB
cblr-1691	877	3	their	their	PRON
cblr-1691	877	4	vesting	vest	VERB
cblr-1691	877	5	schedule	schedule	NOUN
cblr-1691	877	6	so	so	SCONJ
cblr-1691	877	7	that	that	SCONJ
cblr-1691	877	8	employees	employee	NOUN
cblr-1691	877	9	vested	vest	VERB
cblr-1691	877	10	ten	ten	NUM
cblr-1691	877	11	percent	percent	NOUN
cblr-1691	877	12	after	after	ADP
cblr-1691	877	13	the	the	DET
cblr-1691	877	14	first	first	ADJ
cblr-1691	877	15	year	year	NOUN
cblr-1691	877	16	,	,	PUNCT
cblr-1691	877	17	twenty	twenty	NUM
cblr-1691	877	18	percent	percent	NOUN
cblr-1691	877	19	after	after	ADP
cblr-1691	877	20	the	the	DET
cblr-1691	877	21	second	second	ADJ
cblr-1691	877	22	271	271	NUM
cblr-1691	877	23	see	see	NOUN
cblr-1691	877	24	supra	supra	PROPN
cblr-1691	877	25	section	section	PROPN
cblr-1691	877	26	ii.a.2	ii.a.2	PROPN
cblr-1691	877	27	.	.	PUNCT
cblr-1691	878	1	272	272	NUM
cblr-1691	878	2	see	see	VERB
cblr-1691	878	3	supra	supra	PROPN
cblr-1691	878	4	section	section	PROPN
cblr-1691	878	5	ii.a.2	ii.a.2	PROPN
cblr-1691	878	6	.	.	PUNCT
cblr-1691	879	1	273	273	NUM
cblr-1691	879	2	see	see	VERB
cblr-1691	879	3	scott	scott	PROPN
cblr-1691	879	4	kupor	kupor	PROPN
cblr-1691	879	5	,	,	PUNCT
cblr-1691	879	6	recommendations	recommendation	NOUN
cblr-1691	879	7	for	for	ADP
cblr-1691	879	8	startup	startup	NOUN
cblr-1691	879	9	employee	employee	NOUN
cblr-1691	879	10	option	option	NOUN
cblr-1691	879	11	plans	plan	NOUN
cblr-1691	879	12	,	,	PUNCT
cblr-1691	879	13	andreessen	andreessen	PROPN
cblr-1691	879	14	horowitz	horowitz	PROPN
cblr-1691	879	15	(	(	PUNCT
cblr-1691	879	16	july	july	PROPN
cblr-1691	879	17	26	26	NUM
cblr-1691	879	18	,	,	PUNCT
cblr-1691	879	19	2016	2016	NUM
cblr-1691	879	20	)	)	PUNCT
cblr-1691	879	21	,	,	PUNCT
cblr-1691	879	22	https://a16z.com/2016/07/26/options-plan/	https://a16z.com/2016/07/26/options-plan/	PROPN
cblr-1691	879	23	[	[	X
cblr-1691	879	24	https://perma.cc/39lh-amp9	https://perma.cc/39lh-amp9	X
cblr-1691	879	25	]	]	PUNCT
cblr-1691	879	26	.	.	PUNCT
cblr-1691	880	1	274	274	NUM
cblr-1691	880	2	a	a	DET
cblr-1691	880	3	clawback	clawback	NOUN
cblr-1691	880	4	provision	provision	NOUN
cblr-1691	880	5	is	be	AUX
cblr-1691	880	6	usually	usually	ADV
cblr-1691	880	7	added	add	VERB
cblr-1691	880	8	to	to	ADP
cblr-1691	880	9	employment	employment	NOUN
cblr-1691	880	10	contracts	contract	NOUN
cblr-1691	880	11	to	to	PART
cblr-1691	880	12	control	control	VERB
cblr-1691	880	13	incentives	incentive	NOUN
cblr-1691	880	14	and	and	CCONJ
cblr-1691	880	15	option	option	NOUN
cblr-1691	880	16	payouts	payout	NOUN
cblr-1691	880	17	.	.	PUNCT
cblr-1691	881	1	if	if	SCONJ
cblr-1691	881	2	the	the	DET
cblr-1691	881	3	performance	performance	NOUN
cblr-1691	881	4	,	,	PUNCT
cblr-1691	881	5	for	for	ADP
cblr-1691	881	6	example	example	NOUN
cblr-1691	881	7	,	,	PUNCT
cblr-1691	881	8	should	should	AUX
cblr-1691	881	9	worsen	worsen	VERB
cblr-1691	881	10	,	,	PUNCT
cblr-1691	881	11	the	the	DET
cblr-1691	881	12	clawback	clawback	NOUN
cblr-1691	881	13	provision	provision	NOUN
cblr-1691	881	14	forces	force	VERB
cblr-1691	881	15	the	the	DET
cblr-1691	881	16	employee	employee	NOUN
cblr-1691	881	17	to	to	PART
cblr-1691	881	18	give	give	VERB
cblr-1691	881	19	a	a	DET
cblr-1691	881	20	portion	portion	NOUN
cblr-1691	881	21	of	of	ADP
cblr-1691	881	22	the	the	DET
cblr-1691	881	23	money	money	NOUN
cblr-1691	881	24	back	back	ADV
cblr-1691	881	25	.	.	PUNCT
cblr-1691	882	1	if	if	SCONJ
cblr-1691	882	2	it	it	PRON
cblr-1691	882	3	is	be	AUX
cblr-1691	882	4	back	back	ADV
cblr-1691	882	5	-	-	PUNCT
cblr-1691	882	6	ended	ended	ADJ
cblr-1691	882	7	,	,	PUNCT
cblr-1691	882	8	the	the	DET
cblr-1691	882	9	employee	employee	NOUN
cblr-1691	882	10	may	may	AUX
cblr-1691	882	11	end	end	VERB
cblr-1691	882	12	up	up	ADP
cblr-1691	882	13	with	with	ADP
cblr-1691	882	14	little	little	ADJ
cblr-1691	882	15	equity	equity	NOUN
cblr-1691	882	16	if	if	SCONJ
cblr-1691	882	17	the	the	DET
cblr-1691	882	18	company	company	NOUN
cblr-1691	882	19	decides	decide	VERB
cblr-1691	882	20	that	that	SCONJ
cblr-1691	882	21	she	she	PRON
cblr-1691	882	22	is	be	AUX
cblr-1691	882	23	not	not	PART
cblr-1691	882	24	performing	perform	VERB
cblr-1691	882	25	at	at	ADP
cblr-1691	882	26	the	the	DET
cblr-1691	882	27	fourth	fourth	ADJ
cblr-1691	882	28	year	year	NOUN
cblr-1691	882	29	.	.	PUNCT
cblr-1691	883	1	168	168	NUM
cblr-1691	883	2	columbia	columbia	PROPN
cblr-1691	883	3	business	business	NOUN
cblr-1691	883	4	law	law	PROPN
cblr-1691	883	5	review	review	NOUN
cblr-1691	883	6	[	[	X
cblr-1691	883	7	vol	vol	NOUN
cblr-1691	883	8	.	.	NOUN
cblr-1691	883	9	2019	2019	NUM
cblr-1691	883	10	year	year	NOUN
cblr-1691	883	11	,	,	PUNCT
cblr-1691	883	12	thirty	thirty	NUM
cblr-1691	883	13	percent	percent	NOUN
cblr-1691	883	14	after	after	ADP
cblr-1691	883	15	the	the	DET
cblr-1691	883	16	third	third	ADJ
cblr-1691	883	17	,	,	PUNCT
cblr-1691	883	18	and	and	CCONJ
cblr-1691	883	19	forty	forty	NUM
cblr-1691	883	20	percent	percent	NOUN
cblr-1691	883	21	at	at	ADP
cblr-1691	883	22	the	the	DET
cblr-1691	883	23	end	end	NOUN
cblr-1691	883	24	of	of	ADP
cblr-1691	883	25	the	the	DET
cblr-1691	883	26	fourth	fourth	ADJ
cblr-1691	883	27	year.275	year.275	PROPN
cblr-1691	883	28	labor	labor	NOUN
cblr-1691	883	29	law	law	NOUN
cblr-1691	883	30	considerations	consideration	NOUN
cblr-1691	883	31	are	be	AUX
cblr-1691	883	32	significant	significant	ADJ
cblr-1691	883	33	for	for	ADP
cblr-1691	883	34	this	this	DET
cblr-1691	883	35	practice	practice	NOUN
cblr-1691	883	36	because	because	SCONJ
cblr-1691	883	37	unicorns	unicorn	NOUN
cblr-1691	883	38	are	be	AUX
cblr-1691	883	39	private	private	ADJ
cblr-1691	883	40	firms	firm	NOUN
cblr-1691	883	41	,	,	PUNCT
cblr-1691	883	42	and	and	CCONJ
cblr-1691	883	43	most	most	ADJ
cblr-1691	883	44	of	of	ADP
cblr-1691	883	45	them	they	PRON
cblr-1691	883	46	are	be	AUX
cblr-1691	883	47	located	locate	VERB
cblr-1691	883	48	in	in	ADP
cblr-1691	883	49	silicon	silicon	NOUN
cblr-1691	883	50	valley.276	valley.276	NOUN
cblr-1691	883	51	therefore	therefore	ADV
cblr-1691	883	52	,	,	PUNCT
cblr-1691	883	53	california	california	PROPN
cblr-1691	883	54	labor	labor	PROPN
cblr-1691	883	55	law	law	NOUN
cblr-1691	883	56	will	will	AUX
cblr-1691	883	57	apply	apply	VERB
cblr-1691	883	58	to	to	ADP
cblr-1691	883	59	companies	company	NOUN
cblr-1691	883	60	and	and	CCONJ
cblr-1691	883	61	employees	employee	NOUN
cblr-1691	883	62	located	locate	VERB
cblr-1691	883	63	in	in	ADP
cblr-1691	883	64	california	california	PROPN
cblr-1691	883	65	,	,	PUNCT
cblr-1691	883	66	considering	consider	VERB
cblr-1691	883	67	that	that	SCONJ
cblr-1691	883	68	“	"	PUNCT
cblr-1691	883	69	labor	labor	NOUN
cblr-1691	883	70	is	be	AUX
cblr-1691	883	71	one	one	NUM
cblr-1691	883	72	of	of	ADP
cblr-1691	883	73	two	two	NUM
cblr-1691	883	74	key	key	ADJ
cblr-1691	883	75	inputs	input	NOUN
cblr-1691	883	76	to	to	ADP
cblr-1691	883	77	the	the	DET
cblr-1691	883	78	firm”.277	firm”.277	PROPN
cblr-1691	883	79	back	back	ADJ
cblr-1691	883	80	-	-	PUNCT
cblr-1691	883	81	end	end	NOUN
cblr-1691	883	82	loaded	load	VERB
cblr-1691	883	83	stock	stock	NOUN
cblr-1691	883	84	vesting	vest	VERB
cblr-1691	883	85	therefore	therefore	ADV
cblr-1691	883	86	exposes	expose	VERB
cblr-1691	883	87	the	the	DET
cblr-1691	883	88	company	company	NOUN
cblr-1691	883	89	to	to	ADP
cblr-1691	883	90	potential	potential	ADJ
cblr-1691	883	91	litigation	litigation	NOUN
cblr-1691	883	92	for	for	ADP
cblr-1691	883	93	wrongful	wrongful	ADJ
cblr-1691	883	94	termination	termination	NOUN
cblr-1691	883	95	.	.	PUNCT
cblr-1691	884	1	one	one	NUM
cblr-1691	884	2	of	of	ADP
cblr-1691	884	3	the	the	DET
cblr-1691	884	4	reasons	reason	NOUN
cblr-1691	884	5	for	for	ADP
cblr-1691	884	6	the	the	DET
cblr-1691	884	7	traditional	traditional	ADJ
cblr-1691	884	8	design	design	NOUN
cblr-1691	884	9	of	of	ADP
cblr-1691	884	10	cliff	cliff	NOUN
cblr-1691	884	11	vesting	vest	VERB
cblr-1691	884	12	is	be	AUX
cblr-1691	884	13	to	to	PART
cblr-1691	884	14	protect	protect	VERB
cblr-1691	884	15	the	the	DET
cblr-1691	884	16	company	company	NOUN
cblr-1691	884	17	from	from	ADP
cblr-1691	884	18	“	"	PUNCT
cblr-1691	884	19	dead	dead	ADJ
cblr-1691	884	20	weight	weight	NOUN
cblr-1691	884	21	”	"	PUNCT
cblr-1691	884	22	lawsuits.278	lawsuits.278	PROPN
cblr-1691	884	23	275	275	NUM
cblr-1691	884	24	see	see	VERB
cblr-1691	884	25	jason	jason	PROPN
cblr-1691	884	26	nazar	nazar	PROPN
cblr-1691	884	27	,	,	PUNCT
cblr-1691	884	28	the	the	DET
cblr-1691	884	29	complete	complete	ADJ
cblr-1691	884	30	guide	guide	NOUN
cblr-1691	884	31	to	to	ADP
cblr-1691	884	32	understanding	understand	VERB
cblr-1691	884	33	equity	equity	NOUN
cblr-1691	884	34	compensation	compensation	NOUN
cblr-1691	884	35	at	at	ADP
cblr-1691	884	36	tech	tech	NOUN
cblr-1691	884	37	companies	company	NOUN
cblr-1691	884	38	,	,	PUNCT
cblr-1691	884	39	fortune	fortune	NOUN
cblr-1691	884	40	(	(	PUNCT
cblr-1691	884	41	sept	sept	PROPN
cblr-1691	884	42	.	.	PROPN
cblr-1691	884	43	27	27	NUM
cblr-1691	884	44	,	,	PUNCT
cblr-1691	884	45	2016	2016	NUM
cblr-1691	884	46	)	)	PUNCT
cblr-1691	884	47	,	,	PUNCT
cblr-1691	884	48	http://fortune.com/2016/09/27/the-complete-guide-to-understanding-equitycompensation-at-tech-companies/	http://fortune.com/2016/09/27/the-complete-guide-to-understanding-equitycompensation-at-tech-companies/	PROPN
cblr-1691	885	1	[	[	X
cblr-1691	885	2	https://perma.cc/7ywj-2ul6	https://perma.cc/7ywj-2ul6	ADJ
cblr-1691	885	3	]	]	X
cblr-1691	885	4	;	;	PUNCT
cblr-1691	885	5	see	see	VERB
cblr-1691	885	6	also	also	ADV
cblr-1691	885	7	kupor	kupor	VERB
cblr-1691	885	8	,	,	PUNCT
cblr-1691	885	9	supra	supra	PROPN
cblr-1691	885	10	note	note	NOUN
cblr-1691	885	11	273	273	NUM
cblr-1691	885	12	.	.	NOUN
cblr-1691	885	13	276	276	NUM
cblr-1691	885	14	silicon	silicon	NOUN
cblr-1691	885	15	valley	valley	NOUN
cblr-1691	885	16	traditionally	traditionally	ADV
cblr-1691	885	17	benefited	benefit	VERB
cblr-1691	885	18	from	from	ADP
cblr-1691	885	19	open	open	ADJ
cblr-1691	885	20	labor	labor	NOUN
cblr-1691	885	21	markets	market	NOUN
cblr-1691	885	22	and	and	CCONJ
cblr-1691	885	23	solid	solid	ADJ
cblr-1691	885	24	social	social	ADJ
cblr-1691	885	25	networks	network	NOUN
cblr-1691	885	26	,	,	PUNCT
cblr-1691	885	27	which	which	PRON
cblr-1691	885	28	drove	drive	VERB
cblr-1691	885	29	entrepreneurship	entrepreneurship	NOUN
cblr-1691	885	30	and	and	CCONJ
cblr-1691	885	31	experimentation	experimentation	NOUN
cblr-1691	885	32	.	.	PUNCT
cblr-1691	886	1	yet	yet	ADV
cblr-1691	886	2	,	,	PUNCT
cblr-1691	886	3	today	today	NOUN
cblr-1691	886	4	,	,	PUNCT
cblr-1691	886	5	silicon	silicon	PROPN
cblr-1691	886	6	valley	valley	NOUN
cblr-1691	886	7	is	be	AUX
cblr-1691	886	8	at	at	ADP
cblr-1691	886	9	the	the	DET
cblr-1691	886	10	center	center	NOUN
cblr-1691	886	11	of	of	ADP
cblr-1691	886	12	a	a	DET
cblr-1691	886	13	diversifying	diversify	VERB
cblr-1691	886	14	network	network	NOUN
cblr-1691	886	15	of	of	ADP
cblr-1691	886	16	economies	economy	NOUN
cblr-1691	886	17	and	and	CCONJ
cblr-1691	886	18	its	its	PRON
cblr-1691	886	19	status	status	NOUN
cblr-1691	886	20	quo	quo	NOUN
cblr-1691	886	21	is	be	AUX
cblr-1691	886	22	changing	change	VERB
cblr-1691	886	23	,	,	PUNCT
cblr-1691	886	24	due	due	ADP
cblr-1691	886	25	to	to	ADP
cblr-1691	886	26	the	the	DET
cblr-1691	886	27	openings	opening	NOUN
cblr-1691	886	28	of	of	ADP
cblr-1691	886	29	new	new	ADJ
cblr-1691	886	30	markets	market	NOUN
cblr-1691	886	31	,	,	PUNCT
cblr-1691	886	32	the	the	DET
cblr-1691	886	33	emergence	emergence	NOUN
cblr-1691	886	34	of	of	ADP
cblr-1691	886	35	new	new	ADJ
cblr-1691	886	36	international	international	ADJ
cblr-1691	886	37	relationships	relationship	NOUN
cblr-1691	886	38	,	,	PUNCT
cblr-1691	886	39	transformation	transformation	NOUN
cblr-1691	886	40	of	of	ADP
cblr-1691	886	41	the	the	DET
cblr-1691	886	42	traditional	traditional	ADJ
cblr-1691	886	43	startup	startup	NOUN
cblr-1691	886	44	financing	financing	NOUN
cblr-1691	886	45	model	model	NOUN
cblr-1691	886	46	,	,	PUNCT
cblr-1691	886	47	and	and	CCONJ
cblr-1691	886	48	the	the	DET
cblr-1691	886	49	rise	rise	NOUN
cblr-1691	886	50	of	of	ADP
cblr-1691	886	51	unicorn	unicorn	ADJ
cblr-1691	886	52	firms	firm	NOUN
cblr-1691	886	53	.	.	PUNCT
cblr-1691	887	1	see	see	VERB
cblr-1691	887	2	annalee	annalee	PROPN
cblr-1691	887	3	saxenian	saxenian	PROPN
cblr-1691	887	4	,	,	PUNCT
cblr-1691	887	5	the	the	DET
cblr-1691	887	6	new	new	ADJ
cblr-1691	887	7	argonauts	argonaut	NOUN
cblr-1691	887	8	,	,	PUNCT
cblr-1691	887	9	words	word	NOUN
cblr-1691	887	10	into	into	ADP
cblr-1691	887	11	action	action	NOUN
cblr-1691	887	12	:	:	PUNCT
cblr-1691	887	13	int’l	int’l	NUM
cblr-1691	887	14	monetary	monetary	ADJ
cblr-1691	887	15	fund	fund	PROPN
cblr-1691	887	16	world	world	PROPN
cblr-1691	887	17	bank	bank	PROPN
cblr-1691	887	18	group	group	PROPN
cblr-1691	887	19	board	board	PROPN
cblr-1691	887	20	of	of	ADP
cblr-1691	887	21	governors	governors	PROPN
cblr-1691	887	22	ann	ann	PROPN
cblr-1691	887	23	.	.	PUNCT
cblr-1691	888	1	meetings	meeting	NOUN
cblr-1691	888	2	,	,	PUNCT
cblr-1691	888	3	sept	sept	PROPN
cblr-1691	888	4	.	.	PROPN
cblr-1691	888	5	11–20	11–20	NUM
cblr-1691	888	6	,	,	PUNCT
cblr-1691	888	7	2006	2006	NUM
cblr-1691	888	8	,	,	PUNCT
cblr-1691	888	9	at	at	ADP
cblr-1691	888	10	99	99	NUM
cblr-1691	888	11	,	,	PUNCT
cblr-1691	888	12	109	109	NUM
cblr-1691	888	13	,	,	PUNCT
cblr-1691	888	14	https://vdocuments.site/anna-lee-saxenianthe-new-argonauts.html	https://vdocuments.site/anna-lee-saxenianthe-new-argonauts.html	VERB
cblr-1691	888	15	[	[	X
cblr-1691	888	16	https://perma.cc/m2se-3rt3	https://perma.cc/m2se-3rt3	X
cblr-1691	888	17	]	]	PUNCT
cblr-1691	888	18	;	;	PUNCT
cblr-1691	888	19	see	see	VERB
cblr-1691	888	20	also	also	ADV
cblr-1691	888	21	annalee	annalee	PROPN
cblr-1691	888	22	saxenian	saxenian	PROPN
cblr-1691	888	23	,	,	PUNCT
cblr-1691	888	24	the	the	DET
cblr-1691	888	25	new	new	ADJ
cblr-1691	888	26	argonauts	argonaut	NOUN
cblr-1691	888	27	:	:	PUNCT
cblr-1691	888	28	regional	regional	ADJ
cblr-1691	888	29	advantage	advantage	NOUN
cblr-1691	888	30	in	in	ADP
cblr-1691	888	31	a	a	DET
cblr-1691	888	32	global	global	ADJ
cblr-1691	888	33	economy	economy	NOUN
cblr-1691	888	34	37	37	NUM
cblr-1691	888	35	(	(	PUNCT
cblr-1691	888	36	2006	2006	NUM
cblr-1691	888	37	)	)	PUNCT
cblr-1691	888	38	.	.	PUNCT
cblr-1691	889	1	277	277	NUM
cblr-1691	889	2	on	on	ADP
cblr-1691	889	3	the	the	DET
cblr-1691	889	4	intersection	intersection	NOUN
cblr-1691	889	5	of	of	ADP
cblr-1691	889	6	labor	labor	NOUN
cblr-1691	889	7	and	and	CCONJ
cblr-1691	889	8	capital	capital	NOUN
cblr-1691	889	9	as	as	ADP
cblr-1691	889	10	two	two	NUM
cblr-1691	889	11	principal	principal	ADJ
cblr-1691	889	12	inputs	input	NOUN
cblr-1691	889	13	to	to	ADP
cblr-1691	889	14	the	the	DET
cblr-1691	889	15	firm	firm	NOUN
cblr-1691	889	16	,	,	PUNCT
cblr-1691	889	17	see	see	VERB
cblr-1691	889	18	rock	rock	NOUN
cblr-1691	889	19	&	&	CCONJ
cblr-1691	889	20	wachter	wachter	NOUN
cblr-1691	889	21	,	,	PUNCT
cblr-1691	889	22	supra	supra	PROPN
cblr-1691	889	23	note	note	NOUN
cblr-1691	889	24	101	101	NUM
cblr-1691	889	25	,	,	PUNCT
cblr-1691	889	26	at	at	ADP
cblr-1691	889	27	121	121	NUM
cblr-1691	889	28	;	;	PUNCT
cblr-1691	889	29	see	see	VERB
cblr-1691	889	30	also	also	ADV
cblr-1691	889	31	edward	edward	PROPN
cblr-1691	889	32	b.	b.	PROPN
cblr-1691	889	33	rock	rock	PROPN
cblr-1691	889	34	&	&	CCONJ
cblr-1691	889	35	michael	michael	PROPN
cblr-1691	889	36	l.	l.	PROPN
cblr-1691	889	37	wachter	wachter	PROPN
cblr-1691	889	38	,	,	PUNCT
cblr-1691	889	39	islands	island	NOUN
cblr-1691	889	40	of	of	ADP
cblr-1691	889	41	conscious	conscious	ADJ
cblr-1691	889	42	power	power	NOUN
cblr-1691	889	43	:	:	PUNCT
cblr-1691	889	44	law	law	NOUN
cblr-1691	889	45	,	,	PUNCT
cblr-1691	889	46	norms	norm	NOUN
cblr-1691	889	47	and	and	CCONJ
cblr-1691	889	48	the	the	DET
cblr-1691	889	49	self	self	NOUN
cblr-1691	889	50	-	-	PUNCT
cblr-1691	889	51	governing	govern	VERB
cblr-1691	889	52	corporation	corporation	NOUN
cblr-1691	889	53	,	,	PUNCT
cblr-1691	889	54	149	149	NUM
cblr-1691	889	55	u.	u.	NOUN
cblr-1691	889	56	pa	pa	PROPN
cblr-1691	889	57	.	.	PUNCT
cblr-1691	889	58	l.	l.	PROPN
cblr-1691	889	59	rev	rev	PROPN
cblr-1691	889	60	.	.	PROPN
cblr-1691	889	61	1619	1619	NUM
cblr-1691	889	62	(	(	PUNCT
cblr-1691	889	63	2001	2001	NUM
cblr-1691	889	64	)	)	PUNCT
cblr-1691	889	65	.	.	PUNCT
cblr-1691	890	1	278	278	NUM
cblr-1691	890	2	with	with	ADP
cblr-1691	890	3	regards	regard	NOUN
cblr-1691	890	4	to	to	ADP
cblr-1691	890	5	“	"	PUNCT
cblr-1691	890	6	dead	dead	ADJ
cblr-1691	890	7	weight	weight	NOUN
cblr-1691	890	8	”	"	PUNCT
cblr-1691	890	9	lawsuits	lawsuit	NOUN
cblr-1691	890	10	,	,	PUNCT
cblr-1691	890	11	the	the	DET
cblr-1691	890	12	california	california	PROPN
cblr-1691	890	13	counsel	counsel	PROPN
cblr-1691	890	14	group	group	NOUN
cblr-1691	890	15	notes	note	VERB
cblr-1691	890	16	:	:	PUNCT
cblr-1691	890	17	no	no	DET
cblr-1691	890	18	one	one	NOUN
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cblr-1691	890	24	in	in	ADP
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cblr-1691	890	27	.	.	PUNCT
cblr-1691	891	1	as	as	SCONJ
cblr-1691	891	2	the	the	DET
cblr-1691	891	3	startup	startup	NOUN
cblr-1691	891	4	team	team	NOUN
cblr-1691	891	5	continues	continue	VERB
cblr-1691	891	6	to	to	PART
cblr-1691	891	7	work	work	VERB
cblr-1691	891	8	hard	hard	ADV
cblr-1691	891	9	creating	create	VERB
cblr-1691	891	10	value	value	NOUN
cblr-1691	891	11	for	for	ADP
cblr-1691	891	12	the	the	DET
cblr-1691	891	13	company	company	NOUN
cblr-1691	891	14	,	,	PUNCT
cblr-1691	891	15	an	an	DET
cblr-1691	891	16	absent	absent	ADJ
cblr-1691	891	17	founder	founder	NOUN
cblr-1691	891	18	can	can	AUX
cblr-1691	891	19	create	create	VERB
cblr-1691	891	20	morale	morale	NOUN
cblr-1691	891	21	and	and	CCONJ
cblr-1691	891	22	motivation	motivation	NOUN
cblr-1691	891	23	issues	issue	NOUN
cblr-1691	891	24	among	among	ADP
cblr-1691	891	25	the	the	DET
cblr-1691	891	26	rest	rest	NOUN
cblr-1691	891	27	of	of	ADP
cblr-1691	891	28	the	the	DET
cblr-1691	891	29	team	team	NOUN
cblr-1691	891	30	.	.	PUNCT
cblr-1691	892	1	why	why	SCONJ
cblr-1691	892	2	should	should	AUX
cblr-1691	892	3	absent	absent	VERB
cblr-1691	892	4	founders	founder	NOUN
cblr-1691	892	5	get	get	VERB
cblr-1691	892	6	to	to	PART
cblr-1691	892	7	share	share	VERB
cblr-1691	892	8	in	in	ADP
cblr-1691	892	9	the	the	DET
cblr-1691	892	10	potential	potential	ADJ
cblr-1691	892	11	upside	upside	NOUN
cblr-1691	892	12	of	of	ADP
cblr-1691	892	13	the	the	DET
cblr-1691	892	14	company	company	NOUN
cblr-1691	892	15	when	when	SCONJ
cblr-1691	892	16	they	they	PRON
cblr-1691	892	17	have	have	AUX
cblr-1691	892	18	stopped	stop	VERB
cblr-1691	892	19	doing	do	VERB
cblr-1691	892	20	what	what	PRON
cblr-1691	892	21	they	they	PRON
cblr-1691	892	22	said	say	VERB
cblr-1691	892	23	that	that	SCONJ
cblr-1691	892	24	they	they	PRON
cblr-1691	892	25	would	would	AUX
cblr-1691	892	26	do	do	VERB
cblr-1691	892	27	to	to	PART
cblr-1691	892	28	create	create	VERB
cblr-1691	892	29	value	value	NOUN
cblr-1691	892	30	for	for	ADP
cblr-1691	892	31	no	no	NOUN
cblr-1691	892	32	.	.	PUNCT
cblr-1691	893	1	1:107	1:107	NUM
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cblr-1691	893	3	unicorn	unicorn	ADJ
cblr-1691	893	4	stock	stock	NOUN
cblr-1691	893	5	options	option	NOUN
cblr-1691	893	6	169	169	NUM
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cblr-1691	893	8	,	,	PUNCT
cblr-1691	893	9	the	the	DET
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cblr-1691	893	11	at	at	ADP
cblr-1691	893	12	-	-	PUNCT
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cblr-1691	893	16	the	the	DET
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cblr-1691	893	18	the	the	DET
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cblr-1691	893	20	to	to	PART
cblr-1691	893	21	discharge	discharge	VERB
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cblr-1691	893	24	anytime	anytime	ADV
cblr-1691	893	25	without	without	ADP
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cblr-1691	893	27	but	but	CCONJ
cblr-1691	893	28	certain	certain	ADJ
cblr-1691	893	29	states	state	NOUN
cblr-1691	893	30	,	,	PUNCT
cblr-1691	893	31	including	include	VERB
cblr-1691	893	32	california	california	PROPN
cblr-1691	893	33	,	,	PUNCT
cblr-1691	893	34	impose	impose	VERB
cblr-1691	893	35	an	an	DET
cblr-1691	893	36	implied	imply	VERB
cblr-1691	893	37	covenant	covenant	NOUN
cblr-1691	893	38	of	of	ADP
cblr-1691	893	39	good	good	ADJ
cblr-1691	893	40	faith	faith	NOUN
cblr-1691	893	41	and	and	CCONJ
cblr-1691	893	42	fair	fair	ADJ
cblr-1691	893	43	dealing	deal	VERB
cblr-1691	893	44	to	to	ADP
cblr-1691	893	45	even	even	ADV
cblr-1691	893	46	at	at	ADP
cblr-1691	893	47	-	-	PUNCT
cblr-1691	893	48	will	will	AUX
cblr-1691	893	49	arrangements.280	arrangements.280	VERB
cblr-1691	893	50	employees	employee	NOUN
cblr-1691	893	51	who	who	PRON
cblr-1691	893	52	are	be	AUX
cblr-1691	893	53	not	not	PART
cblr-1691	893	54	carrying	carry	VERB
cblr-1691	893	55	their	their	PRON
cblr-1691	893	56	weight	weight	NOUN
cblr-1691	893	57	and	and	CCONJ
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cblr-1691	893	59	fired	fire	VERB
cblr-1691	893	60	under	under	ADP
cblr-1691	893	61	the	the	DET
cblr-1691	893	62	proposed	propose	VERB
cblr-1691	893	63	arrangement	arrangement	NOUN
cblr-1691	893	64	can	can	AUX
cblr-1691	893	65	sue	sue	VERB
cblr-1691	893	66	the	the	DET
cblr-1691	893	67	company	company	NOUN
cblr-1691	893	68	for	for	ADP
cblr-1691	893	69	wrongful	wrongful	ADJ
cblr-1691	893	70	termination	termination	NOUN
cblr-1691	893	71	,	,	PUNCT
cblr-1691	893	72	claiming	claim	VERB
cblr-1691	893	73	that	that	SCONJ
cblr-1691	893	74	the	the	DET
cblr-1691	893	75	company	company	NOUN
cblr-1691	893	76	wrongfully	wrongfully	ADV
cblr-1691	893	77	discharged	discharge	VERB
cblr-1691	893	78	them	they	PRON
cblr-1691	893	79	to	to	PART
cblr-1691	893	80	prevent	prevent	VERB
cblr-1691	893	81	a	a	DET
cblr-1691	893	82	significant	significant	ADJ
cblr-1691	893	83	percentage	percentage	NOUN
cblr-1691	893	84	of	of	ADP
cblr-1691	893	85	their	their	PRON
cblr-1691	893	86	options	option	NOUN
cblr-1691	893	87	from	from	ADP
cblr-1691	893	88	vesting	vest	VERB
cblr-1691	893	89	and	and	CCONJ
cblr-1691	893	90	thereby	thereby	ADV
cblr-1691	893	91	deprived	deprive	VERB
cblr-1691	893	92	them	they	PRON
cblr-1691	893	93	of	of	ADP
cblr-1691	893	94	benefits	benefit	NOUN
cblr-1691	893	95	they	they	PRON
cblr-1691	893	96	had	have	AUX
cblr-1691	893	97	already	already	ADV
cblr-1691	893	98	“	"	PUNCT
cblr-1691	893	99	earned	earn	VERB
cblr-1691	893	100	.	.	PUNCT
cblr-1691	893	101	”281	”281	PROPN
cblr-1691	893	102	5	5	NUM
cblr-1691	893	103	.	.	PUNCT
cblr-1691	893	104	restricted	restrict	VERB
cblr-1691	893	105	stock	stock	NOUN
cblr-1691	893	106	units	unit	NOUN
cblr-1691	893	107	many	many	ADJ
cblr-1691	893	108	companies	company	NOUN
cblr-1691	893	109	,	,	PUNCT
cblr-1691	893	110	including	include	VERB
cblr-1691	893	111	uber	uber	NOUN
cblr-1691	893	112	,	,	PUNCT
cblr-1691	893	113	issue	issue	NOUN
cblr-1691	893	114	restricted	restrict	VERB
cblr-1691	893	115	stock	stock	NOUN
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cblr-1691	893	117	(	(	PUNCT
cblr-1691	893	118	“	"	PUNCT
cblr-1691	893	119	rsu”s	rsu”s	NOUN
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cblr-1691	893	121	once	once	SCONJ
cblr-1691	893	122	they	they	PRON
cblr-1691	893	123	reach	reach	VERB
cblr-1691	893	124	the	the	DET
cblr-1691	893	125	one	one	NUM
cblr-1691	893	126	-	-	PUNCT
cblr-1691	893	127	billion	billion	NUM
cblr-1691	893	128	-	-	PUNCT
cblr-1691	893	129	dollar	dollar	NOUN
cblr-1691	893	130	valuation	valuation	NOUN
cblr-1691	893	131	threshold.282	threshold.282	PROPN
cblr-1691	893	132	rsus	rsus	NOUN
cblr-1691	893	133	are	be	AUX
cblr-1691	893	134	a	a	DET
cblr-1691	893	135	company	company	NOUN
cblr-1691	893	136	’s	’s	PART
cblr-1691	893	137	promise	promise	NOUN
cblr-1691	893	138	to	to	PART
cblr-1691	893	139	pay	pay	VERB
cblr-1691	893	140	a	a	DET
cblr-1691	893	141	bonus	bonus	NOUN
cblr-1691	893	142	in	in	ADP
cblr-1691	893	143	the	the	DET
cblr-1691	893	144	form	form	NOUN
cblr-1691	893	145	of	of	ADP
cblr-1691	893	146	shares	share	NOUN
cblr-1691	893	147	or	or	CCONJ
cblr-1691	893	148	cash	cash	NOUN
cblr-1691	893	149	(	(	PUNCT
cblr-1691	893	150	in	in	ADP
cblr-1691	893	151	an	an	DET
cblr-1691	893	152	amount	amount	NOUN
cblr-1691	893	153	equal	equal	ADJ
cblr-1691	893	154	to	to	ADP
cblr-1691	893	155	the	the	DET
cblr-1691	893	156	value	value	NOUN
cblr-1691	893	157	of	of	ADP
cblr-1691	893	158	the	the	DET
cblr-1691	893	159	share	share	NOUN
cblr-1691	893	160	)	)	PUNCT
cblr-1691	893	161	to	to	ADP
cblr-1691	893	162	an	an	DET
cblr-1691	893	163	employee	employee	NOUN
cblr-1691	893	164	in	in	ADP
cblr-1691	893	165	the	the	DET
cblr-1691	893	166	future.283	future.283	PROPN
cblr-1691	893	167	rsus	rsus	NOUN
cblr-1691	893	168	,	,	PUNCT
cblr-1691	893	169	like	like	ADP
cblr-1691	893	170	options	option	NOUN
cblr-1691	893	171	,	,	PUNCT
cblr-1691	893	172	can	can	AUX
cblr-1691	893	173	be	be	AUX
cblr-1691	893	174	structured	structure	VERB
cblr-1691	893	175	so	so	SCONJ
cblr-1691	893	176	that	that	SCONJ
cblr-1691	893	177	they	they	PRON
cblr-1691	893	178	vest	vest	VERB
cblr-1691	893	179	over	over	ADP
cblr-1691	893	180	time	time	NOUN
cblr-1691	893	181	once	once	SCONJ
cblr-1691	893	182	the	the	DET
cblr-1691	893	183	conditions	condition	NOUN
cblr-1691	893	184	are	be	AUX
cblr-1691	893	185	satisfied	satisfied	ADJ
cblr-1691	893	186	.	.	PUNCT
cblr-1691	894	1	there	there	PRON
cblr-1691	894	2	are	be	VERB
cblr-1691	894	3	several	several	ADJ
cblr-1691	894	4	advantages	advantage	NOUN
cblr-1691	894	5	to	to	ADP
cblr-1691	894	6	using	use	VERB
cblr-1691	894	7	rsus	rsus	NOUN
cblr-1691	894	8	.	.	PUNCT
cblr-1691	895	1	first	first	ADV
cblr-1691	895	2	,	,	PUNCT
cblr-1691	895	3	rsus	rsus	NOUN
cblr-1691	895	4	are	be	AUX
cblr-1691	895	5	not	not	PART
cblr-1691	895	6	as	as	ADV
cblr-1691	895	7	risky	risky	ADJ
cblr-1691	895	8	for	for	ADP
cblr-1691	895	9	employees	employee	NOUN
cblr-1691	895	10	;	;	PUNCT
cblr-1691	895	11	unlike	unlike	ADP
cblr-1691	895	12	options	option	NOUN
cblr-1691	895	13	,	,	PUNCT
cblr-1691	895	14	rsus	rsus	NOUN
cblr-1691	895	15	have	have	VERB
cblr-1691	895	16	downside	downside	ADJ
cblr-1691	895	17	protection	protection	NOUN
cblr-1691	895	18	,	,	PUNCT
cblr-1691	895	19	because	because	SCONJ
cblr-1691	895	20	they	they	PRON
cblr-1691	895	21	do	do	AUX
cblr-1691	895	22	not	not	PART
cblr-1691	895	23	have	have	VERB
cblr-1691	895	24	a	a	DET
cblr-1691	895	25	strike	strike	NOUN
cblr-1691	895	26	the	the	DET
cblr-1691	895	27	company	company	NOUN
cblr-1691	895	28	?	?	PUNCT
cblr-1691	896	1	put	put	VERB
cblr-1691	896	2	simply	simply	ADV
cblr-1691	896	3	–	–	PUNCT
cblr-1691	896	4	they	they	PRON
cblr-1691	896	5	should	should	AUX
cblr-1691	896	6	n’t	not	PART
cblr-1691	896	7	.	.	PUNCT
cblr-1691	897	1	and	and	CCONJ
cblr-1691	897	2	that	that	PRON
cblr-1691	897	3	’s	’	VERB
cblr-1691	897	4	why	why	SCONJ
cblr-1691	897	5	it	it	PRON
cblr-1691	897	6	is	be	AUX
cblr-1691	897	7	critical	critical	ADJ
cblr-1691	897	8	that	that	SCONJ
cblr-1691	897	9	each	each	DET
cblr-1691	897	10	startup	startup	NOUN
cblr-1691	897	11	establish	establish	VERB
cblr-1691	897	12	vesting	vest	VERB
cblr-1691	897	13	arrangements	arrangement	NOUN
cblr-1691	897	14	among	among	ADP
cblr-1691	897	15	the	the	DET
cblr-1691	897	16	founders	founder	NOUN
cblr-1691	897	17	from	from	ADP
cblr-1691	897	18	the	the	DET
cblr-1691	897	19	start	start	NOUN
cblr-1691	897	20	.	.	PUNCT
cblr-1691	898	1	stock	stock	NOUN
cblr-1691	898	2	vesting	vest	VERB
cblr-1691	898	3	:	:	PUNCT
cblr-1691	898	4	how	how	SCONJ
cblr-1691	898	5	it	it	PRON
cblr-1691	898	6	works	work	VERB
cblr-1691	898	7	and	and	CCONJ
cblr-1691	898	8	why	why	SCONJ
cblr-1691	898	9	it	it	PRON
cblr-1691	898	10	matters	matter	VERB
cblr-1691	898	11	,	,	PUNCT
cblr-1691	898	12	cal	cal	PROPN
cblr-1691	898	13	.	.	PUNCT
cblr-1691	899	1	couns	couns	PROPN
cblr-1691	899	2	.	.	PUNCT
cblr-1691	900	1	group	group	PROPN
cblr-1691	900	2	,	,	PUNCT
cblr-1691	900	3	https://calcounselgroup.com/2017/05/22/stock-vesting-how-it-works-andwhy-it-matters/	https://calcounselgroup.com/2017/05/22/stock-vesting-how-it-works-andwhy-it-matters/	PROPN
cblr-1691	900	4	[	[	X
cblr-1691	900	5	https://perma.cc/ab5m-beqk	https://perma.cc/ab5m-beqk	X
cblr-1691	900	6	]	]	X
cblr-1691	900	7	(	(	PUNCT
cblr-1691	900	8	emphasis	emphasis	NOUN
cblr-1691	900	9	in	in	ADP
cblr-1691	900	10	original	original	ADJ
cblr-1691	900	11	)	)	PUNCT
cblr-1691	900	12	.	.	PUNCT
cblr-1691	901	1	279	279	NUM
cblr-1691	901	2	see	see	VERB
cblr-1691	901	3	generally	generally	ADV
cblr-1691	901	4	wendy	wendy	PROPN
cblr-1691	901	5	j.	j.	PROPN
cblr-1691	901	6	hannum	hannum	PROPN
cblr-1691	901	7	,	,	PUNCT
cblr-1691	901	8	good	good	ADJ
cblr-1691	901	9	cause	cause	NOUN
cblr-1691	901	10	:	:	PUNCT
cblr-1691	901	11	california	california	PROPN
cblr-1691	901	12	’s	’s	PART
cblr-1691	901	13	new	new	ADJ
cblr-1691	901	14	exception	exception	NOUN
cblr-1691	901	15	to	to	ADP
cblr-1691	901	16	the	the	DET
cblr-1691	901	17	at	at	NOUN
cblr-1691	901	18	-	-	PUNCT
cblr-1691	901	19	will	will	NOUN
cblr-1691	901	20	employment	employment	NOUN
cblr-1691	901	21	doctrine	doctrine	NOUN
cblr-1691	901	22	,	,	PUNCT
cblr-1691	901	23	23	23	NUM
cblr-1691	901	24	santa	santa	PROPN
cblr-1691	901	25	clara	clara	PROPN
cblr-1691	901	26	l.	l.	PROPN
cblr-1691	901	27	rev	rev	PROPN
cblr-1691	901	28	.	.	PROPN
cblr-1691	901	29	263	263	NUM
cblr-1691	901	30	(	(	PUNCT
cblr-1691	901	31	1983	1983	NUM
cblr-1691	901	32	)	)	PUNCT
cblr-1691	901	33	.	.	PUNCT
cblr-1691	902	1	280	280	NUM
cblr-1691	902	2	i	i	PROPN
cblr-1691	902	3	d.	d.	PROPN
cblr-1691	902	4	281	281	NUM
cblr-1691	902	5	see	see	VERB
cblr-1691	902	6	,	,	PUNCT
cblr-1691	902	7	e.g.	e.g.	ADV
cblr-1691	902	8	,	,	PUNCT
cblr-1691	902	9	scully	scully	ADV
cblr-1691	902	10	v.	v.	ADP
cblr-1691	902	11	us	us	PROPN
cblr-1691	902	12	wats	wat	NOUN
cblr-1691	902	13	,	,	PUNCT
cblr-1691	902	14	inc	inc	PROPN
cblr-1691	902	15	.	.	PROPN
cblr-1691	902	16	,	,	PUNCT
cblr-1691	902	17	238	238	NUM
cblr-1691	902	18	f.3d	f.3d	NUM
cblr-1691	902	19	497	497	NUM
cblr-1691	902	20	(	(	PUNCT
cblr-1691	902	21	3d	3d	PROPN
cblr-1691	902	22	cir	cir	NOUN
cblr-1691	902	23	.	.	PROPN
cblr-1691	902	24	2001	2001	NUM
cblr-1691	902	25	)	)	PUNCT
cblr-1691	902	26	.	.	PUNCT
cblr-1691	903	1	282	282	NUM
cblr-1691	903	2	see	see	VERB
cblr-1691	903	3	aj	aj	PROPN
cblr-1691	903	4	frank	frank	PROPN
cblr-1691	903	5	,	,	PUNCT
cblr-1691	903	6	do	do	AUX
cblr-1691	903	7	n’t	not	PART
cblr-1691	903	8	let	let	VERB
cblr-1691	903	9	recruiters	recruiter	NOUN
cblr-1691	903	10	trick	trick	VERB
cblr-1691	903	11	you	you	PRON
cblr-1691	903	12	(	(	PUNCT
cblr-1691	903	13	or	or	CCONJ
cblr-1691	903	14	how	how	SCONJ
cblr-1691	903	15	to	to	PART
cblr-1691	903	16	evaluate	evaluate	VERB
cblr-1691	903	17	an	an	DET
cblr-1691	903	18	offer	offer	NOUN
cblr-1691	903	19	from	from	ADP
cblr-1691	903	20	a	a	DET
cblr-1691	903	21	technology	technology	NOUN
cblr-1691	903	22	company	company	NOUN
cblr-1691	903	23	)	)	PUNCT
cblr-1691	903	24	,	,	PUNCT
cblr-1691	903	25	medium	medium	NOUN
cblr-1691	903	26	(	(	PUNCT
cblr-1691	903	27	jan	jan	PROPN
cblr-1691	903	28	.	.	PROPN
cblr-1691	903	29	9	9	NUM
cblr-1691	903	30	,	,	PUNCT
cblr-1691	903	31	2018	2018	NUM
cblr-1691	903	32	)	)	PUNCT
cblr-1691	903	33	,	,	PUNCT
cblr-1691	903	34	https://medium.com/@ajfrank/dont-let-recruiters-trick-you-or-how-toevaluate-an-offer-from-a-technology-company-d3344b4c07b7	https://medium.com/@ajfrank/dont-let-recruiters-trick-you-or-how-toevaluate-an-offer-from-a-technology-company-d3344b4c07b7	NOUN
cblr-1691	904	1	[	[	X
cblr-1691	904	2	https://perma.cc/4yyc-vk5c	https://perma.cc/4yyc-vk5c	X
cblr-1691	904	3	]	]	X
cblr-1691	904	4	.	.	PUNCT
cblr-1691	905	1	283	283	NUM
cblr-1691	905	2	bagley	bagley	NOUN
cblr-1691	905	3	&	&	CCONJ
cblr-1691	905	4	savage	savage	NOUN
cblr-1691	905	5	,	,	PUNCT
cblr-1691	905	6	supra	supra	ADJ
cblr-1691	905	7	note	note	NOUN
cblr-1691	905	8	46	46	NUM
cblr-1691	905	9	,	,	PUNCT
cblr-1691	905	10	at	at	ADP
cblr-1691	905	11	531	531	NUM
cblr-1691	905	12	.	.	PUNCT
cblr-1691	906	1	https://calcounselgroup.com/2017/05/22/stock-vesting-how-it-works-and-why-it-matters/	https://calcounselgroup.com/2017/05/22/stock-vesting-how-it-works-and-why-it-matters/	X
cblr-1691	907	1	https://calcounselgroup.com/2017/05/22/stock-vesting-how-it-works-and-why-it-matters/	https://calcounselgroup.com/2017/05/22/stock-vesting-how-it-works-and-why-it-matters/	X
cblr-1691	908	1	170	170	NUM
cblr-1691	908	2	columbia	columbia	PROPN
cblr-1691	908	3	business	business	NOUN
cblr-1691	908	4	law	law	PROPN
cblr-1691	908	5	review	review	NOUN
cblr-1691	908	6	[	[	X
cblr-1691	908	7	vol	vol	NOUN
cblr-1691	908	8	.	.	NOUN
cblr-1691	908	9	2019	2019	NUM
cblr-1691	908	10	price.284	price.284	NOUN
cblr-1691	908	11	second	second	ADJ
cblr-1691	908	12	,	,	PUNCT
cblr-1691	908	13	unlike	unlike	ADP
cblr-1691	908	14	options	option	NOUN
cblr-1691	908	15	,	,	PUNCT
cblr-1691	908	16	rsus	rsus	NOUN
cblr-1691	908	17	will	will	AUX
cblr-1691	908	18	not	not	PART
cblr-1691	908	19	be	be	AUX
cblr-1691	908	20	worthless	worthless	ADJ
cblr-1691	908	21	as	as	SCONJ
cblr-1691	908	22	they	they	PRON
cblr-1691	908	23	are	be	AUX
cblr-1691	908	24	not	not	PART
cblr-1691	908	25	subject	subject	ADJ
cblr-1691	908	26	to	to	ADP
cblr-1691	908	27	the	the	DET
cblr-1691	908	28	unicorn	unicorn	ADJ
cblr-1691	908	29	stock	stock	NOUN
cblr-1691	908	30	price	price	NOUN
cblr-1691	908	31	fluctuations	fluctuation	NOUN
cblr-1691	908	32	.	.	PUNCT
cblr-1691	909	1	rsus	rsus	NOUN
cblr-1691	909	2	will	will	AUX
cblr-1691	909	3	always	always	ADV
cblr-1691	909	4	have	have	VERB
cblr-1691	909	5	value	value	NOUN
cblr-1691	909	6	equal	equal	ADJ
cblr-1691	909	7	to	to	ADP
cblr-1691	909	8	the	the	DET
cblr-1691	909	9	price	price	NOUN
cblr-1691	909	10	of	of	ADP
cblr-1691	909	11	the	the	DET
cblr-1691	909	12	stock	stock	NOUN
cblr-1691	909	13	regardless	regardless	ADV
cblr-1691	909	14	of	of	ADP
cblr-1691	909	15	when	when	SCONJ
cblr-1691	909	16	they	they	PRON
cblr-1691	909	17	were	be	AUX
cblr-1691	909	18	granted	grant	VERB
cblr-1691	909	19	to	to	ADP
cblr-1691	909	20	employees	employee	NOUN
cblr-1691	909	21	.	.	PUNCT
cblr-1691	910	1	third	third	ADV
cblr-1691	910	2	,	,	PUNCT
cblr-1691	910	3	granting	grant	VERB
cblr-1691	910	4	rsus	rsus	NOUN
cblr-1691	910	5	helps	help	VERB
cblr-1691	910	6	the	the	DET
cblr-1691	910	7	company	company	NOUN
cblr-1691	910	8	mitigate	mitigate	VERB
cblr-1691	910	9	the	the	DET
cblr-1691	910	10	risk	risk	NOUN
cblr-1691	910	11	of	of	ADP
cblr-1691	910	12	employees	employee	NOUN
cblr-1691	910	13	trading	trade	VERB
cblr-1691	910	14	on	on	ADP
cblr-1691	910	15	secondary	secondary	ADJ
cblr-1691	910	16	markets	market	NOUN
cblr-1691	910	17	,	,	PUNCT
cblr-1691	910	18	as	as	SCONJ
cblr-1691	910	19	rsus	rsus	NOUN
cblr-1691	910	20	can	can	AUX
cblr-1691	910	21	not	not	PART
cblr-1691	910	22	be	be	AUX
cblr-1691	910	23	sold	sell	VERB
cblr-1691	910	24	prior	prior	ADV
cblr-1691	910	25	to	to	ADP
cblr-1691	910	26	an	an	DET
cblr-1691	910	27	ipo.285	ipo.285	PROPN
cblr-1691	910	28	rsus	rsus	NOUN
cblr-1691	910	29	are	be	AUX
cblr-1691	910	30	a	a	DET
cblr-1691	910	31	good	good	ADJ
cblr-1691	910	32	solution	solution	NOUN
cblr-1691	910	33	for	for	ADP
cblr-1691	910	34	wealthy	wealthy	ADJ
cblr-1691	910	35	cash	cash	NOUN
cblr-1691	910	36	-	-	PUNCT
cblr-1691	910	37	hoarding	hoard	VERB
cblr-1691	910	38	unicorns	unicorn	NOUN
cblr-1691	910	39	,	,	PUNCT
cblr-1691	910	40	as	as	SCONJ
cblr-1691	910	41	opposed	oppose	VERB
cblr-1691	910	42	to	to	ADP
cblr-1691	910	43	cash	cash	NOUN
cblr-1691	910	44	-	-	PUNCT
cblr-1691	910	45	poor	poor	ADJ
cblr-1691	910	46	early	early	ADJ
cblr-1691	910	47	startups	startup	NOUN
cblr-1691	910	48	,	,	PUNCT
cblr-1691	910	49	as	as	SCONJ
cblr-1691	910	50	the	the	DET
cblr-1691	910	51	unicorn	unicorn	NOUN
cblr-1691	910	52	can	can	AUX
cblr-1691	910	53	pay	pay	VERB
cblr-1691	910	54	the	the	DET
cblr-1691	910	55	employee	employee	NOUN
cblr-1691	910	56	in	in	ADP
cblr-1691	910	57	cash	cash	NOUN
cblr-1691	910	58	or	or	CCONJ
cblr-1691	910	59	by	by	ADP
cblr-1691	910	60	stock	stock	NOUN
cblr-1691	910	61	upon	upon	SCONJ
cblr-1691	910	62	vesting.286	vesting.286	ADJ
cblr-1691	910	63	unlike	unlike	ADP
cblr-1691	910	64	the	the	DET
cblr-1691	910	65	option	option	NOUN
cblr-1691	910	66	,	,	PUNCT
cblr-1691	910	67	employees	employee	NOUN
cblr-1691	910	68	can	can	AUX
cblr-1691	910	69	hold	hold	VERB
cblr-1691	910	70	on	on	ADP
cblr-1691	910	71	to	to	ADP
cblr-1691	910	72	the	the	DET
cblr-1691	910	73	rsus	rsus	NOUN
cblr-1691	910	74	until	until	SCONJ
cblr-1691	910	75	they	they	PRON
cblr-1691	910	76	fully	fully	ADV
cblr-1691	910	77	vest	vest	VERB
cblr-1691	910	78	upon	upon	SCONJ
cblr-1691	910	79	a	a	DET
cblr-1691	910	80	liquidity	liquidity	NOUN
cblr-1691	910	81	event	event	NOUN
cblr-1691	910	82	even	even	ADV
cblr-1691	910	83	if	if	SCONJ
cblr-1691	910	84	they	they	PRON
cblr-1691	910	85	already	already	ADV
cblr-1691	910	86	left	leave	VERB
cblr-1691	910	87	the	the	DET
cblr-1691	910	88	unicorn.287	unicorn.287	NOUN
cblr-1691	910	89	although	although	SCONJ
cblr-1691	910	90	rsus	rsus	NOUN
cblr-1691	910	91	have	have	VERB
cblr-1691	910	92	greater	great	ADJ
cblr-1691	910	93	downside	downside	ADJ
cblr-1691	910	94	risk	risk	NOUN
cblr-1691	910	95	protection	protection	NOUN
cblr-1691	910	96	,	,	PUNCT
cblr-1691	910	97	they	they	PRON
cblr-1691	910	98	have	have	VERB
cblr-1691	910	99	less	less	ADJ
cblr-1691	910	100	upside	upside	ADJ
cblr-1691	910	101	potential	potential	NOUN
cblr-1691	910	102	.	.	PUNCT
cblr-1691	911	1	employees	employee	NOUN
cblr-1691	911	2	will	will	AUX
cblr-1691	911	3	generally	generally	ADV
cblr-1691	911	4	receive	receive	VERB
cblr-1691	911	5	fewer	few	ADJ
cblr-1691	911	6	rsus	rsus	NOUN
cblr-1691	911	7	for	for	ADP
cblr-1691	911	8	the	the	DET
cblr-1691	911	9	same	same	ADJ
cblr-1691	911	10	maturity	maturity	NOUN
cblr-1691	911	11	because	because	SCONJ
cblr-1691	911	12	rsus	rsus	NOUN
cblr-1691	911	13	have	have	VERB
cblr-1691	911	14	value	value	NOUN
cblr-1691	911	15	regardless	regardless	ADV
cblr-1691	911	16	of	of	ADP
cblr-1691	911	17	how	how	SCONJ
cblr-1691	911	18	well	well	ADV
cblr-1691	911	19	the	the	DET
cblr-1691	911	20	issuing	issue	VERB
cblr-1691	911	21	company	company	NOUN
cblr-1691	911	22	performs	perform	VERB
cblr-1691	911	23	after	after	ADP
cblr-1691	911	24	the	the	DET
cblr-1691	911	25	grant	grant	NOUN
cblr-1691	911	26	.	.	PUNCT
cblr-1691	912	1	additionally	additionally	ADV
cblr-1691	912	2	,	,	PUNCT
cblr-1691	912	3	according	accord	VERB
cblr-1691	912	4	to	to	ADP
cblr-1691	912	5	section	section	NOUN
cblr-1691	912	6	409a	409a	NOUN
cblr-1691	912	7	of	of	ADP
cblr-1691	912	8	the	the	DET
cblr-1691	912	9	internal	internal	ADJ
cblr-1691	912	10	revenue	revenue	NOUN
cblr-1691	912	11	code,288	code,288	ADJ
cblr-1691	912	12	rsus	rsus	NOUN
cblr-1691	912	13	are	be	AUX
cblr-1691	912	14	taxed	tax	VERB
cblr-1691	912	15	as	as	ADP
cblr-1691	912	16	ordinary	ordinary	ADJ
cblr-1691	912	17	income	income	NOUN
cblr-1691	912	18	when	when	SCONJ
cblr-1691	912	19	received	receive	VERB
cblr-1691	912	20	,	,	PUNCT
cblr-1691	912	21	if	if	SCONJ
cblr-1691	912	22	the	the	DET
cblr-1691	912	23	vesting	vesting	NOUN
cblr-1691	912	24	conditions	condition	NOUN
cblr-1691	912	25	are	be	AUX
cblr-1691	912	26	satisfied	satisfied	ADJ
cblr-1691	912	27	.	.	PUNCT
cblr-1691	913	1	the	the	DET
cblr-1691	913	2	employees	employee	NOUN
cblr-1691	913	3	only	only	ADV
cblr-1691	913	4	receive	receive	VERB
cblr-1691	913	5	long	long	ADJ
cblr-1691	913	6	-	-	PUNCT
cblr-1691	913	7	term	term	NOUN
cblr-1691	913	8	capital	capital	NOUN
cblr-1691	913	9	gains	gain	NOUN
cblr-1691	913	10	tax	tax	NOUN
cblr-1691	913	11	treatment	treatment	NOUN
cblr-1691	913	12	if	if	SCONJ
cblr-1691	913	13	they	they	PRON
cblr-1691	913	14	convert	convert	VERB
cblr-1691	913	15	their	their	PRON
cblr-1691	913	16	rsus	rsus	NOUN
cblr-1691	913	17	to	to	ADP
cblr-1691	913	18	stock	stock	VERB
cblr-1691	913	19	and	and	CCONJ
cblr-1691	913	20	hold	hold	VERB
cblr-1691	913	21	the	the	DET
cblr-1691	913	22	stock	stock	NOUN
cblr-1691	913	23	for	for	ADP
cblr-1691	913	24	more	more	ADJ
cblr-1691	913	25	than	than	ADP
cblr-1691	913	26	twelve	twelve	NUM
cblr-1691	913	27	months	month	NOUN
cblr-1691	913	28	.	.	PUNCT
cblr-1691	914	1	additionally	additionally	ADV
cblr-1691	914	2	,	,	PUNCT
cblr-1691	914	3	as	as	SCONJ
cblr-1691	914	4	rsus	rsus	NOUN
cblr-1691	914	5	can	can	AUX
cblr-1691	914	6	not	not	PART
cblr-1691	914	7	be	be	AUX
cblr-1691	914	8	sold	sell	VERB
cblr-1691	914	9	on	on	ADP
cblr-1691	914	10	a	a	DET
cblr-1691	914	11	secondary	secondary	ADJ
cblr-1691	914	12	market	market	NOUN
cblr-1691	914	13	,	,	PUNCT
cblr-1691	914	14	they	they	PRON
cblr-1691	914	15	do	do	AUX
cblr-1691	914	16	not	not	PART
cblr-1691	914	17	solve	solve	VERB
cblr-1691	914	18	the	the	DET
cblr-1691	914	19	illiquidity	illiquidity	NOUN
cblr-1691	914	20	problem	problem	NOUN
cblr-1691	914	21	.	.	PUNCT
cblr-1691	915	1	284	284	NUM
cblr-1691	915	2	see	see	VERB
cblr-1691	915	3	jeron	jeron	PROPN
cblr-1691	915	4	paul	paul	PROPN
cblr-1691	915	5	,	,	PUNCT
cblr-1691	915	6	rsus	rsus	NOUN
cblr-1691	915	7	vs.	vs.	ADP
cblr-1691	915	8	options	option	NOUN
cblr-1691	915	9	:	:	PUNCT
cblr-1691	915	10	why	why	SCONJ
cblr-1691	915	11	rsus	rsus	NOUN
cblr-1691	915	12	(	(	PUNCT
cblr-1691	915	13	restricted	restrict	VERB
cblr-1691	915	14	stock	stock	NOUN
cblr-1691	915	15	units	unit	NOUN
cblr-1691	915	16	)	)	PUNCT
cblr-1691	915	17	could	could	AUX
cblr-1691	915	18	be	be	AUX
cblr-1691	915	19	better	well	ADJ
cblr-1691	915	20	than	than	ADP
cblr-1691	915	21	stock	stock	NOUN
cblr-1691	915	22	options	option	NOUN
cblr-1691	915	23	at	at	ADP
cblr-1691	915	24	your	your	PRON
cblr-1691	915	25	private	private	ADJ
cblr-1691	915	26	company	company	NOUN
cblr-1691	915	27	,	,	PUNCT
cblr-1691	915	28	capshare	capshare	PROPN
cblr-1691	915	29	blog	blog	NOUN
cblr-1691	915	30	(	(	PUNCT
cblr-1691	915	31	july	july	PROPN
cblr-1691	915	32	9	9	NUM
cblr-1691	915	33	,	,	PUNCT
cblr-1691	915	34	2016	2016	NUM
cblr-1691	915	35	)	)	PUNCT
cblr-1691	915	36	,	,	PUNCT
cblr-1691	915	37	https://www.capshare.com/blog/rsus-vsoptions/	https://www.capshare.com/blog/rsus-vsoptions/	X
cblr-1691	916	1	[	[	X
cblr-1691	916	2	http://perma.cc/f9h5-jtb4	http://perma.cc/f9h5-jtb4	X
cblr-1691	916	3	]	]	PUNCT
cblr-1691	916	4	.	.	PUNCT
cblr-1691	917	1	285	285	NUM
cblr-1691	917	2	see	see	VERB
cblr-1691	917	3	generally	generally	ADV
cblr-1691	917	4	a	a	DET
cblr-1691	917	5	guide	guide	NOUN
cblr-1691	917	6	to	to	ADP
cblr-1691	917	7	employee	employee	NOUN
cblr-1691	917	8	liquidity	liquidity	NOUN
cblr-1691	917	9	programs	program	NOUN
cblr-1691	917	10	:	:	PUNCT
cblr-1691	917	11	why	why	SCONJ
cblr-1691	917	12	and	and	CCONJ
cblr-1691	917	13	how	how	SCONJ
cblr-1691	917	14	companies	company	NOUN
cblr-1691	917	15	align	align	VERB
cblr-1691	917	16	the	the	DET
cblr-1691	917	17	interests	interest	NOUN
cblr-1691	917	18	of	of	ADP
cblr-1691	917	19	all	all	DET
cblr-1691	917	20	parties	party	NOUN
cblr-1691	917	21	,	,	PUNCT
cblr-1691	917	22	founders	founder	NOUN
cblr-1691	917	23	circle	circle	VERB
cblr-1691	917	24	,	,	PUNCT
cblr-1691	917	25	http://www.founderscircle.com/secondary-employee-aligned-liquidity-guide	http://www.founderscircle.com/secondary-employee-aligned-liquidity-guide	PROPN
cblr-1691	918	1	[	[	X
cblr-1691	918	2	https://perma.cc/u3pd-4rbw	https://perma.cc/u3pd-4rbw	X
cblr-1691	918	3	]	]	PUNCT
cblr-1691	918	4	.	.	PUNCT
cblr-1691	919	1	286	286	NUM
cblr-1691	919	2	bagley	bagley	NOUN
cblr-1691	919	3	&	&	CCONJ
cblr-1691	919	4	savage	savage	NOUN
cblr-1691	919	5	,	,	PUNCT
cblr-1691	919	6	supra	supra	ADJ
cblr-1691	919	7	note	note	NOUN
cblr-1691	919	8	46	46	NUM
cblr-1691	919	9	,	,	PUNCT
cblr-1691	919	10	at	at	ADP
cblr-1691	919	11	531	531	NUM
cblr-1691	919	12	.	.	PUNCT
cblr-1691	920	1	287	287	NUM
cblr-1691	920	2	rsus	rsus	NOUN
cblr-1691	920	3	are	be	AUX
cblr-1691	920	4	subject	subject	ADJ
cblr-1691	920	5	to	to	ADP
cblr-1691	920	6	section	section	NOUN
cblr-1691	920	7	409a	409a	NOUN
cblr-1691	920	8	of	of	ADP
cblr-1691	920	9	the	the	DET
cblr-1691	920	10	internal	internal	ADJ
cblr-1691	920	11	revenue	revenue	NOUN
cblr-1691	920	12	code	code	NOUN
cblr-1691	920	13	,	,	PUNCT
cblr-1691	920	14	and	and	CCONJ
cblr-1691	920	15	will	will	AUX
cblr-1691	920	16	be	be	AUX
cblr-1691	920	17	taxed	tax	VERB
cblr-1691	920	18	as	as	ADP
cblr-1691	920	19	ordinary	ordinary	ADJ
cblr-1691	920	20	income	income	NOUN
cblr-1691	920	21	,	,	PUNCT
cblr-1691	920	22	when	when	SCONJ
cblr-1691	920	23	the	the	DET
cblr-1691	920	24	stock	stock	NOUN
cblr-1691	920	25	is	be	AUX
cblr-1691	920	26	received	receive	VERB
cblr-1691	920	27	.	.	PUNCT
cblr-1691	921	1	bagley	bagley	NOUN
cblr-1691	921	2	&	&	CCONJ
cblr-1691	921	3	savage	savage	PROPN
cblr-1691	921	4	,	,	PUNCT
cblr-1691	921	5	supra	supra	ADJ
cblr-1691	921	6	note	note	NOUN
cblr-1691	921	7	46	46	NUM
cblr-1691	921	8	,	,	PUNCT
cblr-1691	921	9	at	at	ADP
cblr-1691	921	10	531	531	NUM
cblr-1691	921	11	.	.	PUNCT
cblr-1691	922	1	288	288	NUM
cblr-1691	922	2	i.r.c	i.r.c	NOUN
cblr-1691	922	3	.	.	PUNCT
cblr-1691	923	1	§	§	PROPN
cblr-1691	923	2	409a	409a	PROPN
cblr-1691	923	3	(	(	PUNCT
cblr-1691	923	4	west	west	NOUN
cblr-1691	923	5	2017	2017	NUM
cblr-1691	923	6	)	)	PUNCT
cblr-1691	923	7	(	(	PUNCT
cblr-1691	923	8	including	include	VERB
cblr-1691	923	9	deferred	defer	VERB
cblr-1691	923	10	compensation	compensation	NOUN
cblr-1691	923	11	under	under	ADP
cblr-1691	923	12	nonqualified	nonqualified	ADJ
cblr-1691	923	13	deferred	defer	VERB
cblr-1691	923	14	compensation	compensation	NOUN
cblr-1691	923	15	plans	plan	NOUN
cblr-1691	923	16	in	in	ADP
cblr-1691	923	17	gross	gross	ADJ
cblr-1691	923	18	income	income	NOUN
cblr-1691	923	19	)	)	PUNCT
cblr-1691	923	20	.	.	PUNCT
cblr-1691	924	1	https://www.capshare.com/blog/author/jeronpaul/	https://www.capshare.com/blog/author/jeronpaul/	PROPN
cblr-1691	924	2	https://www.capshare.com/blog/rsus-vs-options/	https://www.capshare.com/blog/rsus-vs-options/	ADV
cblr-1691	924	3	https://www.capshare.com/blog/rsus-vs-options/	https://www.capshare.com/blog/rsus-vs-options/	PROPN
cblr-1691	925	1	no	no	INTJ
cblr-1691	925	2	.	.	PUNCT
cblr-1691	926	1	1:107	1:107	NUM
cblr-1691	926	2	]	]	X
cblr-1691	926	3	unicorn	unicorn	ADJ
cblr-1691	926	4	stock	stock	NOUN
cblr-1691	926	5	options	option	NOUN
cblr-1691	926	6	171	171	NUM
cblr-1691	926	7	b.	b.	PROPN
cblr-1691	926	8	liquidity	liquidity	NOUN
cblr-1691	926	9	alternatives	alternative	NOUN
cblr-1691	926	10	several	several	ADJ
cblr-1691	926	11	alternative	alternative	ADJ
cblr-1691	926	12	approaches	approach	NOUN
cblr-1691	926	13	have	have	AUX
cblr-1691	926	14	also	also	ADV
cblr-1691	926	15	been	be	AUX
cblr-1691	926	16	proposed	propose	VERB
cblr-1691	926	17	to	to	PART
cblr-1691	926	18	solve	solve	VERB
cblr-1691	926	19	the	the	DET
cblr-1691	926	20	illiquidity	illiquidity	NOUN
cblr-1691	926	21	problem	problem	NOUN
cblr-1691	926	22	.	.	PUNCT
cblr-1691	927	1	these	these	DET
cblr-1691	927	2	alternatives	alternative	NOUN
cblr-1691	927	3	include	include	VERB
cblr-1691	927	4	direct	direct	ADJ
cblr-1691	927	5	listing	listing	NOUN
cblr-1691	927	6	,	,	PUNCT
cblr-1691	927	7	the	the	DET
cblr-1691	927	8	use	use	NOUN
cblr-1691	927	9	of	of	ADP
cblr-1691	927	10	electronic	electronic	ADJ
cblr-1691	927	11	secondary	secondary	ADJ
cblr-1691	927	12	markets	market	NOUN
cblr-1691	927	13	,	,	PUNCT
cblr-1691	927	14	secondary	secondary	ADJ
cblr-1691	927	15	sales	sale	NOUN
cblr-1691	927	16	to	to	ADP
cblr-1691	927	17	individual	individual	ADJ
cblr-1691	927	18	buyers	buyer	NOUN
cblr-1691	927	19	,	,	PUNCT
cblr-1691	927	20	and	and	CCONJ
cblr-1691	927	21	efforts	effort	NOUN
cblr-1691	927	22	to	to	PART
cblr-1691	927	23	allow	allow	VERB
cblr-1691	927	24	employees	employee	NOUN
cblr-1691	927	25	to	to	PART
cblr-1691	927	26	gain	gain	VERB
cblr-1691	927	27	liquidity	liquidity	NOUN
cblr-1691	927	28	while	while	SCONJ
cblr-1691	927	29	letting	let	VERB
cblr-1691	927	30	founders	founder	NOUN
cblr-1691	927	31	maintain	maintain	VERB
cblr-1691	927	32	control289	control289	PROPN
cblr-1691	927	33	over	over	ADP
cblr-1691	927	34	the	the	DET
cblr-1691	927	35	management	management	NOUN
cblr-1691	927	36	of	of	ADP
cblr-1691	927	37	their	their	PRON
cblr-1691	927	38	company.290	company.290	PROPN
cblr-1691	927	39	1	1	NUM
cblr-1691	927	40	.	.	PUNCT
cblr-1691	927	41	direct	direct	ADJ
cblr-1691	927	42	listing	listing	NOUN
cblr-1691	927	43	spotify	spotify	NOUN
cblr-1691	927	44	,	,	PUNCT
cblr-1691	927	45	the	the	DET
cblr-1691	927	46	swedish	swedish	ADJ
cblr-1691	927	47	music	music	NOUN
cblr-1691	927	48	-	-	PUNCT
cblr-1691	927	49	streaming	streaming	NOUN
cblr-1691	927	50	-	-	PUNCT
cblr-1691	927	51	technology	technology	NOUN
cblr-1691	927	52	unicorn	unicorn	NOUN
cblr-1691	927	53	,	,	PUNCT
cblr-1691	927	54	went	go	VERB
cblr-1691	927	55	public	public	ADJ
cblr-1691	927	56	last	last	ADJ
cblr-1691	927	57	year	year	NOUN
cblr-1691	927	58	by	by	ADP
cblr-1691	927	59	launching	launch	VERB
cblr-1691	927	60	a	a	DET
cblr-1691	927	61	direct	direct	ADJ
cblr-1691	927	62	listing	listing	NOUN
cblr-1691	927	63	on	on	ADP
cblr-1691	927	64	the	the	DET
cblr-1691	927	65	new	new	ADJ
cblr-1691	927	66	289	289	NUM
cblr-1691	927	67	see	see	VERB
cblr-1691	927	68	nicolas	nicolas	PROPN
cblr-1691	927	69	grabar	grabar	PROPN
cblr-1691	927	70	,	,	PUNCT
cblr-1691	927	71	david	david	PROPN
cblr-1691	927	72	lopez	lopez	PROPN
cblr-1691	927	73	&	&	CCONJ
cblr-1691	927	74	andrea	andrea	PROPN
cblr-1691	927	75	basham	basham	PROPN
cblr-1691	927	76	,	,	PUNCT
cblr-1691	927	77	a	a	DET
cblr-1691	927	78	look	look	NOUN
cblr-1691	927	79	under	under	ADP
cblr-1691	927	80	the	the	DET
cblr-1691	927	81	hood	hood	NOUN
cblr-1691	927	82	of	of	ADP
cblr-1691	927	83	spotify	spotify	NOUN
cblr-1691	927	84	’s	’s	PART
cblr-1691	927	85	direct	direct	ADJ
cblr-1691	927	86	listing	listing	NOUN
cblr-1691	927	87	,	,	PUNCT
cblr-1691	927	88	harv	harv	PROPN
cblr-1691	927	89	.	.	PUNCT
cblr-1691	928	1	l.	l.	PROPN
cblr-1691	928	2	sch	sch	PROPN
cblr-1691	928	3	.	.	PUNCT
cblr-1691	929	1	f.	f.	PROPN
cblr-1691	929	2	on	on	ADP
cblr-1691	929	3	corp	corp	PROPN
cblr-1691	929	4	.	.	PROPN
cblr-1691	929	5	governance	governance	PROPN
cblr-1691	929	6	&	&	CCONJ
cblr-1691	929	7	fin	fin	PROPN
cblr-1691	929	8	.	.	PUNCT
cblr-1691	930	1	reg	reg	PROPN
cblr-1691	930	2	.	.	PUNCT
cblr-1691	931	1	(	(	PUNCT
cblr-1691	931	2	apr	apr	PROPN
cblr-1691	931	3	.	.	PROPN
cblr-1691	931	4	26	26	NUM
cblr-1691	931	5	,	,	PUNCT
cblr-1691	931	6	2018	2018	NUM
cblr-1691	931	7	)	)	PUNCT
cblr-1691	931	8	,	,	PUNCT
cblr-1691	931	9	https://corpgov.law.harvard.edu/2018/04/26/alook-under-the-hood-of-spotifys-direct-listing/	https://corpgov.law.harvard.edu/2018/04/26/alook-under-the-hood-of-spotifys-direct-listing/	VERB
cblr-1691	932	1	[	[	X
cblr-1691	932	2	http://perma.cc/bp3ds24b	http://perma.cc/bp3ds24b	PROPN
cblr-1691	932	3	]	]	X
cblr-1691	932	4	.	.	PUNCT
cblr-1691	932	5	290	290	NUM
cblr-1691	932	6	before	before	ADP
cblr-1691	932	7	direct	direct	ADJ
cblr-1691	932	8	listing	listing	NOUN
cblr-1691	932	9	,	,	PUNCT
cblr-1691	932	10	tech	tech	NOUN
cblr-1691	932	11	founders	founder	NOUN
cblr-1691	932	12	typically	typically	ADV
cblr-1691	932	13	used	use	VERB
cblr-1691	932	14	dual	dual	ADJ
cblr-1691	932	15	class	class	NOUN
cblr-1691	932	16	stock	stock	NOUN
cblr-1691	932	17	.	.	PUNCT
cblr-1691	933	1	for	for	ADP
cblr-1691	933	2	more	more	ADJ
cblr-1691	933	3	on	on	ADP
cblr-1691	933	4	dual	dual	ADJ
cblr-1691	933	5	class	class	NOUN
cblr-1691	933	6	stock	stock	NOUN
cblr-1691	933	7	and	and	CCONJ
cblr-1691	933	8	“	"	PUNCT
cblr-1691	933	9	minority	minority	NOUN
cblr-1691	933	10	controlling	control	VERB
cblr-1691	933	11	shareholders	shareholder	NOUN
cblr-1691	933	12	”	"	PUNCT
cblr-1691	933	13	see	see	VERB
cblr-1691	933	14	lucian	lucian	PROPN
cblr-1691	933	15	a.	a.	PROPN
cblr-1691	933	16	bebchuk	bebchuk	PROPN
cblr-1691	933	17	&	&	CCONJ
cblr-1691	933	18	kobi	kobi	PROPN
cblr-1691	933	19	kastiel	kastiel	PROPN
cblr-1691	933	20	,	,	PUNCT
cblr-1691	933	21	the	the	DET
cblr-1691	933	22	untenable	untenable	ADJ
cblr-1691	933	23	case	case	NOUN
cblr-1691	933	24	for	for	ADP
cblr-1691	933	25	perpetual	perpetual	ADJ
cblr-1691	933	26	dualclass	dualclass	NOUN
cblr-1691	933	27	stock	stock	NOUN
cblr-1691	933	28	,	,	PUNCT
cblr-1691	933	29	103	103	NUM
cblr-1691	933	30	va	va	NOUN
cblr-1691	933	31	.	.	PUNCT
cblr-1691	934	1	l.	l.	PROPN
cblr-1691	934	2	rev	rev	PROPN
cblr-1691	934	3	.	.	PROPN
cblr-1691	934	4	585	585	NUM
cblr-1691	934	5	,	,	PUNCT
cblr-1691	934	6	594–95	594–95	NUM
cblr-1691	934	7	(	(	PUNCT
cblr-1691	934	8	2017	2017	NUM
cblr-1691	934	9	)	)	PUNCT
cblr-1691	934	10	(	(	PUNCT
cblr-1691	934	11	“	"	PUNCT
cblr-1691	934	12	furthermore	furthermore	ADV
cblr-1691	934	13	,	,	PUNCT
cblr-1691	934	14	there	there	PRON
cblr-1691	934	15	has	have	AUX
cblr-1691	934	16	been	be	AUX
cblr-1691	934	17	an	an	DET
cblr-1691	934	18	upward	upward	ADJ
cblr-1691	934	19	trend	trend	NOUN
cblr-1691	934	20	in	in	ADP
cblr-1691	934	21	the	the	DET
cblr-1691	934	22	adoption	adoption	NOUN
cblr-1691	934	23	of	of	ADP
cblr-1691	934	24	dual	dual	ADJ
cblr-1691	934	25	class	class	NOUN
cblr-1691	934	26	stock	stock	NOUN
cblr-1691	934	27	since	since	SCONJ
cblr-1691	934	28	google	google	PROPN
cblr-1691	934	29	went	go	VERB
cblr-1691	934	30	public	public	ADJ
cblr-1691	934	31	with	with	ADP
cblr-1691	934	32	a	a	DET
cblr-1691	934	33	dual	dual	ADJ
cblr-1691	934	34	-	-	PUNCT
cblr-1691	934	35	class	class	NOUN
cblr-1691	934	36	structure	structure	NOUN
cblr-1691	934	37	in	in	ADP
cblr-1691	934	38	2004	2004	NUM
cblr-1691	934	39	and	and	CCONJ
cblr-1691	934	40	was	be	AUX
cblr-1691	934	41	followed	follow	VERB
cblr-1691	934	42	by	by	ADP
cblr-1691	934	43	well	well	ADV
cblr-1691	934	44	-	-	PUNCT
cblr-1691	934	45	known	know	VERB
cblr-1691	934	46	tech	tech	NOUN
cblr-1691	934	47	companies	company	NOUN
cblr-1691	934	48	,	,	PUNCT
cblr-1691	934	49	such	such	ADJ
cblr-1691	934	50	as	as	ADP
cblr-1691	934	51	facebook	facebook	NOUN
cblr-1691	934	52	,	,	PUNCT
cblr-1691	934	53	groupon	groupon	NOUN
cblr-1691	934	54	,	,	PUNCT
cblr-1691	934	55	linkedin	linkedin	NOUN
cblr-1691	934	56	,	,	PUNCT
cblr-1691	934	57	snap	snap	ADJ
cblr-1691	934	58	,	,	PUNCT
cblr-1691	934	59	trip	trip	NOUN
cblr-1691	934	60	advisor	advisor	NOUN
cblr-1691	934	61	,	,	PUNCT
cblr-1691	934	62	and	and	CCONJ
cblr-1691	934	63	zynga	zynga	PROPN
cblr-1691	934	64	.	.	PUNCT
cblr-1691	935	1	indeed	indeed	ADV
cblr-1691	935	2	,	,	PUNCT
cblr-1691	935	3	according	accord	VERB
cblr-1691	935	4	to	to	ADP
cblr-1691	935	5	data	data	NOUN
cblr-1691	935	6	-	-	PUNCT
cblr-1691	935	7	provider	provider	NOUN
cblr-1691	935	8	dealogic	dealogic	NOUN
cblr-1691	935	9	,	,	PUNCT
cblr-1691	935	10	‘	'	PUNCT
cblr-1691	935	11	[	[	X
cblr-1691	935	12	m]ore	m]ore	NOUN
cblr-1691	935	13	than	than	ADP
cblr-1691	935	14	13.5	13.5	NUM
cblr-1691	935	15	percent	percent	NOUN
cblr-1691	935	16	of	of	ADP
cblr-1691	935	17	the	the	DET
cblr-1691	935	18	133	133	NUM
cblr-1691	935	19	companies	company	NOUN
cblr-1691	935	20	listing	list	VERB
cblr-1691	935	21	shares	share	NOUN
cblr-1691	935	22	on	on	ADP
cblr-1691	935	23	united	united	PROPN
cblr-1691	935	24	states	states	PROPN
cblr-1691	935	25	exchanges	exchange	NOUN
cblr-1691	935	26	in	in	ADP
cblr-1691	935	27	2015	2015	NUM
cblr-1691	935	28	have	have	AUX
cblr-1691	935	29	set	set	VERB
cblr-1691	935	30	up	up	ADP
cblr-1691	935	31	a	a	DET
cblr-1691	935	32	dual	dual	ADJ
cblr-1691	935	33	-	-	PUNCT
cblr-1691	935	34	class	class	NOUN
cblr-1691	935	35	structure	structure	NOUN
cblr-1691	935	36	.	.	PUNCT
cblr-1691	935	37	.	.	PUNCT
cblr-1691	935	38	.	.	PUNCT
cblr-1691	936	1	compare[d	compare[d	PROPN
cblr-1691	936	2	]	]	PUNCT
cblr-1691	936	3	with	with	ADP
cblr-1691	936	4	.	.	PUNCT
cblr-1691	936	5	.	.	PUNCT
cblr-1691	936	6	.	.	PUNCT
cblr-1691	937	1	just	just	ADV
cblr-1691	937	2	1	1	NUM
cblr-1691	937	3	percent	percent	NOUN
cblr-1691	937	4	in	in	ADP
cblr-1691	937	5	2005	2005	NUM
cblr-1691	937	6	.	.	PUNCT
cblr-1691	937	7	’	'	PUNCT
cblr-1691	937	8	”	"	PUNCT
cblr-1691	937	9	)	)	PUNCT
cblr-1691	937	10	.	.	PUNCT
cblr-1691	938	1	for	for	ADP
cblr-1691	938	2	a	a	DET
cblr-1691	938	3	detailed	detailed	ADJ
cblr-1691	938	4	account	account	NOUN
cblr-1691	938	5	of	of	ADP
cblr-1691	938	6	the	the	DET
cblr-1691	938	7	history	history	NOUN
cblr-1691	938	8	of	of	ADP
cblr-1691	938	9	dual	dual	ADJ
cblr-1691	938	10	-	-	PUNCT
cblr-1691	938	11	class	class	NOUN
cblr-1691	938	12	structures	structure	NOUN
cblr-1691	938	13	in	in	ADP
cblr-1691	938	14	the	the	DET
cblr-1691	938	15	united	united	PROPN
cblr-1691	938	16	states	states	PROPN
cblr-1691	938	17	,	,	PUNCT
cblr-1691	938	18	see	see	VERB
cblr-1691	938	19	joel	joel	PROPN
cblr-1691	938	20	seligman	seligman	PROPN
cblr-1691	938	21	,	,	PUNCT
cblr-1691	938	22	equal	equal	ADJ
cblr-1691	938	23	protection	protection	NOUN
cblr-1691	938	24	in	in	ADP
cblr-1691	938	25	shareholder	shareholder	NOUN
cblr-1691	938	26	voting	voting	NOUN
cblr-1691	938	27	rights	right	NOUN
cblr-1691	938	28	:	:	PUNCT
cblr-1691	938	29	the	the	DET
cblr-1691	938	30	one	one	NUM
cblr-1691	938	31	common	common	ADJ
cblr-1691	938	32	share	share	NOUN
cblr-1691	938	33	,	,	PUNCT
cblr-1691	938	34	one	one	NUM
cblr-1691	938	35	vote	vote	NOUN
cblr-1691	938	36	controversy	controversy	NOUN
cblr-1691	938	37	,	,	PUNCT
cblr-1691	938	38	54	54	NUM
cblr-1691	938	39	geo	geo	PROPN
cblr-1691	938	40	.	.	PROPN
cblr-1691	938	41	wash	wash	PROPN
cblr-1691	938	42	.	.	PUNCT
cblr-1691	939	1	l.	l.	PROPN
cblr-1691	939	2	rev	rev	PROPN
cblr-1691	939	3	.	.	PROPN
cblr-1691	939	4	687	687	NUM
cblr-1691	939	5	,	,	PUNCT
cblr-1691	939	6	693–707	693–707	NUM
cblr-1691	939	7	(	(	PUNCT
cblr-1691	939	8	1986	1986	NUM
cblr-1691	939	9	)	)	PUNCT
cblr-1691	939	10	.	.	PUNCT
cblr-1691	940	1	for	for	ADP
cblr-1691	940	2	new	new	ADJ
cblr-1691	940	3	stock	stock	NOUN
cblr-1691	940	4	exchange	exchange	NOUN
cblr-1691	940	5	rules	rule	NOUN
cblr-1691	940	6	authorizing	authorize	VERB
cblr-1691	940	7	dual	dual	ADJ
cblr-1691	940	8	class	class	NOUN
cblr-1691	940	9	listings	listing	NOUN
cblr-1691	940	10	,	,	PUNCT
cblr-1691	940	11	see	see	VERB
cblr-1691	940	12	voting	voting	NOUN
cblr-1691	940	13	rights	right	NOUN
cblr-1691	940	14	,	,	PUNCT
cblr-1691	940	15	nyse	nyse	PROPN
cblr-1691	940	16	listed	list	VERB
cblr-1691	940	17	company	company	NOUN
cblr-1691	940	18	manual	manual	NOUN
cblr-1691	940	19	§	§	PROPN
cblr-1691	940	20	313.00	313.00	NUM
cblr-1691	940	21	(	(	PUNCT
cblr-1691	940	22	2018	2018	NUM
cblr-1691	940	23	)	)	PUNCT
cblr-1691	940	24	(	(	PUNCT
cblr-1691	940	25	permitting	permit	VERB
cblr-1691	940	26	the	the	DET
cblr-1691	940	27	issuance	issuance	NOUN
cblr-1691	940	28	of	of	ADP
cblr-1691	940	29	multiple	multiple	ADJ
cblr-1691	940	30	classes	class	NOUN
cblr-1691	940	31	prior	prior	ADV
cblr-1691	940	32	to	to	ADP
cblr-1691	940	33	the	the	DET
cblr-1691	940	34	ipo	ipo	NOUN
cblr-1691	940	35	)	)	PUNCT
cblr-1691	940	36	;	;	PUNCT
cblr-1691	940	37	see	see	VERB
cblr-1691	940	38	also	also	ADV
cblr-1691	940	39	nasdaq	nasdaq	PROPN
cblr-1691	940	40	stock	stock	NOUN
cblr-1691	940	41	market	market	NOUN
cblr-1691	940	42	equity	equity	NOUN
cblr-1691	940	43	rules	rule	NOUN
cblr-1691	940	44	§	§	PROPN
cblr-1691	940	45	5640	5640	NUM
cblr-1691	940	46	,	,	PUNCT
cblr-1691	940	47	im5640	im5640	NOUN
cblr-1691	940	48	,	,	PUNCT
cblr-1691	940	49	voting	voting	NOUN
cblr-1691	940	50	rights	right	NOUN
cblr-1691	940	51	policy	policy	NOUN
cblr-1691	940	52	(	(	PUNCT
cblr-1691	940	53	2018	2018	NUM
cblr-1691	940	54	)	)	PUNCT
cblr-1691	940	55	;	;	PUNCT
cblr-1691	941	1	press	press	NOUN
cblr-1691	941	2	release	release	NOUN
cblr-1691	941	3	,	,	PUNCT
cblr-1691	941	4	council	council	NOUN
cblr-1691	941	5	of	of	ADP
cblr-1691	941	6	institutional	institutional	ADJ
cblr-1691	941	7	inv’rs	inv’rs	NOUN
cblr-1691	941	8	,	,	PUNCT
cblr-1691	941	9	institutional	institutional	ADJ
cblr-1691	941	10	investors	investor	NOUN
cblr-1691	941	11	oppose	oppose	VERB
cblr-1691	941	12	stitch	stitch	VERB
cblr-1691	941	13	fix	fix	VERB
cblr-1691	941	14	dual	dual	ADJ
cblr-1691	941	15	-	-	PUNCT
cblr-1691	941	16	class	class	NOUN
cblr-1691	941	17	structure	structure	NOUN
cblr-1691	941	18	but	but	CCONJ
cblr-1691	941	19	welcome	welcome	ADJ
cblr-1691	941	20	sunset	sunset	NOUN
cblr-1691	941	21	provision	provision	NOUN
cblr-1691	941	22	,	,	PUNCT
cblr-1691	941	23	(	(	PUNCT
cblr-1691	941	24	nov	nov	PROPN
cblr-1691	941	25	.	.	PROPN
cblr-1691	941	26	17	17	NUM
cblr-1691	941	27	,	,	PUNCT
cblr-1691	941	28	2017	2017	NUM
cblr-1691	941	29	)	)	PUNCT
cblr-1691	941	30	,	,	PUNCT
cblr-1691	941	31	https://advisornews.com/	https://advisornews.com/	NOUN
cblr-1691	941	32	oarticle	oarticle	NOUN
cblr-1691	941	33	/	/	SYM
cblr-1691	941	34	institutional	institutional	ADJ
cblr-1691	941	35	-	-	PUNCT
cblr-1691	941	36	investors	investor	NOUN
cblr-1691	941	37	-	-	PUNCT
cblr-1691	941	38	oppose	oppose	NOUN
cblr-1691	941	39	-	-	PUNCT
cblr-1691	941	40	stitch	stitch	VERB
cblr-1691	941	41	-	-	PUNCT
cblr-1691	941	42	fix	fix	NOUN
cblr-1691	941	43	-	-	PUNCT
cblr-1691	941	44	dual	dual	ADJ
cblr-1691	941	45	-	-	PUNCT
cblr-1691	941	46	class	class	NOUN
cblr-1691	941	47	-	-	PUNCT
cblr-1691	941	48	structure	structure	NOUN
cblr-1691	941	49	-	-	PUNCT
cblr-1691	941	50	butwelcome	butwelcome	NOUN
cblr-1691	941	51	-	-	PUNCT
cblr-1691	941	52	sunset	sunset	NOUN
cblr-1691	941	53	-	-	PUNCT
cblr-1691	941	54	provision#.w	provision#.w	NOUN
cblr-1691	941	55	-	-	PUNCT
cblr-1691	941	56	tkzznkjiu	tkzznkjiu	NOUN
cblr-1691	942	1	[	[	X
cblr-1691	942	2	http://perma.cc/8sge-4z4l	http://perma.cc/8sge-4z4l	X
cblr-1691	942	3	]	]	X
cblr-1691	942	4	.	.	PUNCT
cblr-1691	943	1	https://corpgov.law.harvard.edu/2018/04/26/a-look-under-the-hood-of-spotifys-direct-listing/	https://corpgov.law.harvard.edu/2018/04/26/a-look-under-the-hood-of-spotifys-direct-listing/	NOUN
cblr-1691	943	2	https://corpgov.law.harvard.edu/2018/04/26/a-look-under-the-hood-of-spotifys-direct-listing/	https://corpgov.law.harvard.edu/2018/04/26/a-look-under-the-hood-of-spotifys-direct-listing/	VERB
cblr-1691	943	3	172	172	NUM
cblr-1691	943	4	columbia	columbia	PROPN
cblr-1691	943	5	business	business	NOUN
cblr-1691	943	6	law	law	PROPN
cblr-1691	943	7	review	review	NOUN
cblr-1691	944	1	[	[	X
cblr-1691	944	2	vol	vol	NOUN
cblr-1691	944	3	.	.	PUNCT
cblr-1691	944	4	2019	2019	NUM
cblr-1691	944	5	york	york	PROPN
cblr-1691	944	6	stock	stock	NOUN
cblr-1691	944	7	exchange,291	exchange,291	PROPN
cblr-1691	944	8	in	in	ADP
cblr-1691	944	9	order	order	NOUN
cblr-1691	944	10	to	to	PART
cblr-1691	944	11	“	"	PUNCT
cblr-1691	944	12	directly	directly	ADV
cblr-1691	944	13	match	match	VERB
cblr-1691	944	14	public	public	ADJ
cblr-1691	944	15	buyers	buyer	NOUN
cblr-1691	944	16	with	with	ADP
cblr-1691	944	17	private	private	ADJ
cblr-1691	944	18	sellers	seller	NOUN
cblr-1691	944	19	.	.	PUNCT
cblr-1691	945	1	”292	”292	PUNCT
cblr-1691	945	2	the	the	DET
cblr-1691	945	3	direct	direct	ADJ
cblr-1691	945	4	listing	listing	NOUN
cblr-1691	945	5	allows	allow	VERB
cblr-1691	945	6	spotify	spotify	NOUN
cblr-1691	945	7	shareholders	shareholder	NOUN
cblr-1691	945	8	,	,	PUNCT
cblr-1691	945	9	investors	investor	NOUN
cblr-1691	945	10	,	,	PUNCT
cblr-1691	945	11	and	and	CCONJ
cblr-1691	945	12	employees	employee	NOUN
cblr-1691	945	13	to	to	PART
cblr-1691	945	14	sell	sell	VERB
cblr-1691	945	15	shares	share	NOUN
cblr-1691	945	16	in	in	ADP
cblr-1691	945	17	the	the	DET
cblr-1691	945	18	open	open	ADJ
cblr-1691	945	19	public	public	ADJ
cblr-1691	945	20	stock	stock	NOUN
cblr-1691	945	21	market.293	market.293	NOUN
cblr-1691	945	22	however	however	ADV
cblr-1691	945	23	,	,	PUNCT
cblr-1691	945	24	whether	whether	SCONJ
cblr-1691	945	25	unicorn	unicorn	ADJ
cblr-1691	945	26	firms	firm	NOUN
cblr-1691	945	27	should	should	AUX
cblr-1691	945	28	follow	follow	VERB
cblr-1691	945	29	spotify	spotify	NOUN
cblr-1691	945	30	and	and	CCONJ
cblr-1691	945	31	use	use	VERB
cblr-1691	945	32	direct	direct	ADJ
cblr-1691	945	33	listing	listing	NOUN
cblr-1691	945	34	to	to	PART
cblr-1691	945	35	facilitate	facilitate	VERB
cblr-1691	945	36	liquidity	liquidity	NOUN
cblr-1691	945	37	depends	depend	VERB
cblr-1691	945	38	on	on	ADP
cblr-1691	945	39	the	the	DET
cblr-1691	945	40	following	follow	VERB
cblr-1691	945	41	questions	question	NOUN
cblr-1691	945	42	:	:	PUNCT
cblr-1691	945	43	did	do	AUX
cblr-1691	945	44	spotify	spotify	VERB
cblr-1691	945	45	’s	’s	PART
cblr-1691	945	46	direct	direct	ADJ
cblr-1691	945	47	listing	listing	NOUN
cblr-1691	945	48	serve	serve	VERB
cblr-1691	945	49	the	the	DET
cblr-1691	945	50	interests	interest	NOUN
cblr-1691	945	51	of	of	ADP
cblr-1691	945	52	the	the	DET
cblr-1691	945	53	employees	employee	NOUN
cblr-1691	945	54	and	and	CCONJ
cblr-1691	945	55	the	the	DET
cblr-1691	945	56	firm?294	firm?294	PROPN
cblr-1691	945	57	did	do	AUX
cblr-1691	945	58	spotify	spotify	VERB
cblr-1691	945	59	have	have	AUX
cblr-1691	945	60	an	an	DET
cblr-1691	945	61	adequate	adequate	ADJ
cblr-1691	945	62	price	price	NOUN
cblr-1691	945	63	discovery	discovery	NOUN
cblr-1691	945	64	process	process	NOUN
cblr-1691	945	65	?	?	PUNCT
cblr-1691	946	1	these	these	DET
cblr-1691	946	2	questions	question	NOUN
cblr-1691	946	3	warrant	warrant	VERB
cblr-1691	946	4	further	further	ADJ
cblr-1691	946	5	research	research	NOUN
cblr-1691	946	6	.	.	PUNCT
cblr-1691	947	1	in	in	ADP
cblr-1691	947	2	addition	addition	NOUN
cblr-1691	947	3	,	,	PUNCT
cblr-1691	947	4	unlike	unlike	ADP
cblr-1691	947	5	a	a	DET
cblr-1691	947	6	traditional	traditional	ADJ
cblr-1691	947	7	ipo	ipo	NOUN
cblr-1691	947	8	,	,	PUNCT
cblr-1691	947	9	direct	direct	ADJ
cblr-1691	947	10	listing	listing	NOUN
cblr-1691	947	11	has	have	VERB
cblr-1691	947	12	no	no	DET
cblr-1691	947	13	book	book	NOUN
cblr-1691	947	14	building	building	NOUN
cblr-1691	947	15	,	,	PUNCT
cblr-1691	947	16	and	and	CCONJ
cblr-1691	947	17	the	the	DET
cblr-1691	947	18	financial	financial	ADJ
cblr-1691	947	19	advisors	advisor	NOUN
cblr-1691	947	20	do	do	AUX
cblr-1691	947	21	not	not	PART
cblr-1691	947	22	facilitate	facilitate	VERB
cblr-1691	947	23	price	price	NOUN
cblr-1691	947	24	discovery	discovery	NOUN
cblr-1691	947	25	(	(	PUNCT
cblr-1691	947	26	except	except	SCONJ
cblr-1691	947	27	on	on	ADP
cblr-1691	947	28	the	the	DET
cblr-1691	947	29	opening	open	VERB
cblr-1691	947	30	price).295	price).295	NOUN
cblr-1691	947	31	it	it	PRON
cblr-1691	947	32	is	be	AUX
cblr-1691	947	33	unknown	unknown	ADJ
cblr-1691	947	34	whether	whether	SCONJ
cblr-1691	947	35	other	other	ADJ
cblr-1691	947	36	unicorns	unicorn	NOUN
cblr-1691	947	37	will	will	AUX
cblr-1691	947	38	choose	choose	VERB
cblr-1691	947	39	this	this	DET
cblr-1691	947	40	strategy	strategy	NOUN
cblr-1691	947	41	in	in	ADP
cblr-1691	947	42	the	the	DET
cblr-1691	947	43	future.296	future.296	NOUN
cblr-1691	947	44	2	2	NUM
cblr-1691	947	45	.	.	PUNCT
cblr-1691	947	46	electronic	electronic	ADJ
cblr-1691	947	47	secondary	secondary	ADJ
cblr-1691	947	48	markets	market	NOUN
cblr-1691	947	49	the	the	DET
cblr-1691	947	50	current	current	ADJ
cblr-1691	947	51	practice	practice	NOUN
cblr-1691	947	52	of	of	ADP
cblr-1691	947	53	trading	trading	NOUN
cblr-1691	947	54	unicorn	unicorn	ADJ
cblr-1691	947	55	stocks	stock	NOUN
cblr-1691	947	56	on	on	ADP
cblr-1691	947	57	electronic	electronic	ADJ
cblr-1691	947	58	secondary	secondary	ADJ
cblr-1691	947	59	markets	market	NOUN
cblr-1691	947	60	increases	increase	VERB
cblr-1691	947	61	liquidity	liquidity	NOUN
cblr-1691	947	62	for	for	ADP
cblr-1691	947	63	individual	individual	ADJ
cblr-1691	947	64	investors	investor	NOUN
cblr-1691	947	65	but	but	CCONJ
cblr-1691	947	66	raises	raise	VERB
cblr-1691	947	67	several	several	ADJ
cblr-1691	947	68	issues	issue	NOUN
cblr-1691	947	69	.	.	PUNCT
cblr-1691	948	1	certain	certain	ADJ
cblr-1691	948	2	unicorns	unicorn	NOUN
cblr-1691	948	3	allow	allow	VERB
cblr-1691	948	4	their	their	PRON
cblr-1691	948	5	employees	employee	NOUN
cblr-1691	948	6	and	and	CCONJ
cblr-1691	948	7	capital	capital	NOUN
cblr-1691	948	8	investors	investor	NOUN
cblr-1691	948	9	to	to	PART
cblr-1691	948	10	sell	sell	VERB
cblr-1691	948	11	their	their	PRON
cblr-1691	948	12	shares	share	NOUN
cblr-1691	948	13	on	on	ADP
cblr-1691	948	14	291	291	NUM
cblr-1691	948	15	see	see	NOUN
cblr-1691	948	16	spotify	spotify	NOUN
cblr-1691	948	17	case	case	NOUN
cblr-1691	948	18	study	study	NOUN
cblr-1691	948	19	:	:	PUNCT
cblr-1691	948	20	structuring	structure	VERB
cblr-1691	948	21	and	and	CCONJ
cblr-1691	948	22	executing	execute	VERB
cblr-1691	948	23	a	a	DET
cblr-1691	948	24	direct	direct	ADJ
cblr-1691	948	25	listing	listing	NOUN
cblr-1691	948	26	,	,	PUNCT
cblr-1691	948	27	latham	latham	PROPN
cblr-1691	948	28	&	&	CCONJ
cblr-1691	948	29	watkins	watkins	PROPN
cblr-1691	948	30	(	(	PUNCT
cblr-1691	948	31	june	june	PROPN
cblr-1691	948	32	21	21	NUM
cblr-1691	948	33	,	,	PUNCT
cblr-1691	948	34	2018	2018	NUM
cblr-1691	948	35	)	)	PUNCT
cblr-1691	948	36	,	,	PUNCT
cblr-1691	948	37	https://www.lw.com/thought	https://www.lw.com/thought	NOUN
cblr-1691	948	38	leadershipspotify	leadershipspotify	NOUN
cblr-1691	948	39	-	-	PUNCT
cblr-1691	948	40	case	case	NOUN
cblr-1691	948	41	-	-	PUNCT
cblr-1691	948	42	study	study	NOUN
cblr-1691	948	43	-	-	PUNCT
cblr-1691	948	44	structuring	structuring	NOUN
cblr-1691	948	45	-	-	PUNCT
cblr-1691	948	46	executing	execute	VERB
cblr-1691	948	47	-	-	PUNCT
cblr-1691	948	48	direct	direct	ADV
cblr-1691	948	49	-	-	PUNCT
cblr-1691	948	50	listing	listing	NOUN
cblr-1691	948	51	[	[	X
cblr-1691	948	52	https://perma.cc/y6bg-ytas	https://perma.cc/y6bg-yta	NOUN
cblr-1691	948	53	]	]	PUNCT
cblr-1691	948	54	(	(	PUNCT
cblr-1691	948	55	“	"	PUNCT
cblr-1691	948	56	spotify	spotify	VERB
cblr-1691	948	57	technology	technology	PROPN
cblr-1691	948	58	s.a	s.a	PROPN
cblr-1691	948	59	.	.	PROPN
cblr-1691	948	60	went	go	VERB
cblr-1691	948	61	public	public	ADJ
cblr-1691	948	62	on	on	ADP
cblr-1691	948	63	april	april	PROPN
cblr-1691	948	64	3	3	NUM
cblr-1691	948	65	,	,	PUNCT
cblr-1691	948	66	2018	2018	NUM
cblr-1691	948	67	through	through	ADP
cblr-1691	948	68	a	a	DET
cblr-1691	948	69	direct	direct	ADJ
cblr-1691	948	70	listing	listing	NOUN
cblr-1691	948	71	of	of	ADP
cblr-1691	948	72	its	its	PRON
cblr-1691	948	73	shares	share	NOUN
cblr-1691	948	74	on	on	ADP
cblr-1691	948	75	the	the	DET
cblr-1691	948	76	new	new	PROPN
cblr-1691	948	77	york	york	PROPN
cblr-1691	948	78	stock	stock	PROPN
cblr-1691	948	79	exchange	exchange	PROPN
cblr-1691	948	80	.	.	PUNCT
cblr-1691	948	81	”	"	PUNCT
cblr-1691	948	82	)	)	PUNCT
cblr-1691	948	83	.	.	PUNCT
cblr-1691	949	1	292	292	NUM
cblr-1691	949	2	see	see	VERB
cblr-1691	949	3	samuelson	samuelson	PROPN
cblr-1691	949	4	,	,	PUNCT
cblr-1691	949	5	supra	supra	PROPN
cblr-1691	949	6	note	note	PROPN
cblr-1691	949	7	28	28	NUM
cblr-1691	949	8	(	(	PUNCT
cblr-1691	949	9	“	"	PUNCT
cblr-1691	949	10	achieving	achieve	VERB
cblr-1691	949	11	a	a	DET
cblr-1691	949	12	high	high	ADJ
cblr-1691	949	13	price	price	NOUN
cblr-1691	949	14	was	be	AUX
cblr-1691	949	15	nice	nice	ADJ
cblr-1691	949	16	for	for	ADP
cblr-1691	949	17	the	the	DET
cblr-1691	949	18	sellers	seller	NOUN
cblr-1691	949	19	.	.	PUNCT
cblr-1691	950	1	it	it	PRON
cblr-1691	950	2	was	be	AUX
cblr-1691	950	3	n’t	not	PART
cblr-1691	950	4	all	all	DET
cblr-1691	950	5	that	that	DET
cblr-1691	950	6	material	material	NOUN
cblr-1691	950	7	for	for	ADP
cblr-1691	950	8	the	the	DET
cblr-1691	950	9	company	company	NOUN
cblr-1691	950	10	.	.	PUNCT
cblr-1691	950	11	”	"	PUNCT
cblr-1691	950	12	)	)	PUNCT
cblr-1691	950	13	.	.	PUNCT
cblr-1691	951	1	293	293	NUM
cblr-1691	951	2	grabar	grabar	NOUN
cblr-1691	951	3	et	et	PROPN
cblr-1691	951	4	al	al	PROPN
cblr-1691	951	5	.	.	PROPN
cblr-1691	951	6	,	,	PUNCT
cblr-1691	951	7	supra	supra	PROPN
cblr-1691	951	8	note	note	NOUN
cblr-1691	951	9	289	289	NUM
cblr-1691	951	10	(	(	PUNCT
cblr-1691	951	11	“	"	PUNCT
cblr-1691	951	12	spotify	spotify	NOUN
cblr-1691	951	13	has	have	AUX
cblr-1691	951	14	one	one	NUM
cblr-1691	951	15	shareholder	shareholder	NOUN
cblr-1691	951	16	that	that	PRON
cblr-1691	951	17	has	have	AUX
cblr-1691	951	18	agreed	agree	VERB
cblr-1691	951	19	with	with	ADP
cblr-1691	951	20	spotify	spotify	NOUN
cblr-1691	951	21	to	to	PART
cblr-1691	951	22	hold	hold	VERB
cblr-1691	951	23	onto	onto	ADP
cblr-1691	951	24	its	its	PRON
cblr-1691	951	25	shares	share	NOUN
cblr-1691	951	26	until	until	ADP
cblr-1691	951	27	2020	2020	NUM
cblr-1691	951	28	—	—	PUNCT
cblr-1691	951	29	the	the	DET
cblr-1691	951	30	chinese	chinese	ADJ
cblr-1691	951	31	internet	internet	NOUN
cblr-1691	951	32	giant	giant	NOUN
cblr-1691	951	33	tencent	tencent	NOUN
cblr-1691	951	34	,	,	PUNCT
cblr-1691	951	35	which	which	PRON
cblr-1691	951	36	owns	own	VERB
cblr-1691	951	37	about	about	ADP
cblr-1691	951	38	9	9	NUM
cblr-1691	951	39	%	%	NOUN
cblr-1691	951	40	.	.	PUNCT
cblr-1691	952	1	the	the	DET
cblr-1691	952	2	other	other	ADJ
cblr-1691	952	3	shareholders	shareholder	NOUN
cblr-1691	952	4	have	have	VERB
cblr-1691	952	5	no	no	DET
cblr-1691	952	6	similar	similar	ADJ
cblr-1691	952	7	limitations	limitation	NOUN
cblr-1691	952	8	and	and	CCONJ
cblr-1691	952	9	no	no	DET
cblr-1691	952	10	lock	lock	NOUN
cblr-1691	952	11	-	-	PUNCT
cblr-1691	952	12	ups	up	NOUN
cblr-1691	952	13	.	.	PUNCT
cblr-1691	952	14	”	"	PUNCT
cblr-1691	952	15	)	)	PUNCT
cblr-1691	952	16	.	.	PUNCT
cblr-1691	953	1	294	294	NUM
cblr-1691	953	2	see	see	VERB
cblr-1691	953	3	i	i	PRON
cblr-1691	953	4	d.	d.	PROPN
cblr-1691	953	5	295	295	NUM
cblr-1691	953	6	see	see	VERB
cblr-1691	953	7	i	i	PRON
cblr-1691	953	8	d.	d.	PROPN
cblr-1691	953	9	traditionally	traditionally	ADV
cblr-1691	953	10	,	,	PUNCT
cblr-1691	953	11	companies	company	NOUN
cblr-1691	953	12	use	use	VERB
cblr-1691	953	13	book	book	NOUN
cblr-1691	953	14	-	-	PUNCT
cblr-1691	953	15	building	building	NOUN
cblr-1691	953	16	price	price	NOUN
cblr-1691	953	17	discovery	discovery	NOUN
cblr-1691	953	18	mechanism	mechanism	NOUN
cblr-1691	953	19	.	.	PUNCT
cblr-1691	954	1	i	i	PRON
cblr-1691	954	2	d.	d.	PROPN
cblr-1691	954	3	296	296	NUM
cblr-1691	954	4	see	see	VERB
cblr-1691	954	5	john	john	PROPN
cblr-1691	954	6	c.	c.	PROPN
cblr-1691	954	7	coffee	coffee	PROPN
cblr-1691	954	8	,	,	PUNCT
cblr-1691	954	9	jr	jr	PROPN
cblr-1691	954	10	.	.	PROPN
cblr-1691	954	11	,	,	PUNCT
cblr-1691	954	12	the	the	DET
cblr-1691	954	13	spotify	spotify	NOUN
cblr-1691	954	14	listing	list	VERB
cblr-1691	954	15	:	:	PUNCT
cblr-1691	954	16	can	can	AUX
cblr-1691	954	17	an	an	DET
cblr-1691	954	18	“	"	PUNCT
cblr-1691	954	19	underwriterless	underwriterless	ADJ
cblr-1691	954	20	”	"	PUNCT
cblr-1691	954	21	ipo	ipo	NOUN
cblr-1691	954	22	attract	attract	VERB
cblr-1691	954	23	other	other	ADJ
cblr-1691	954	24	unicorns	unicorn	NOUN
cblr-1691	954	25	?	?	PUNCT
cblr-1691	954	26	,	,	PUNCT
cblr-1691	954	27	cls	cls	NOUN
cblr-1691	954	28	blue	blue	ADJ
cblr-1691	954	29	sky	sky	NOUN
cblr-1691	954	30	blog	blog	NOUN
cblr-1691	954	31	(	(	PUNCT
cblr-1691	954	32	jan	jan	PROPN
cblr-1691	954	33	.	.	PROPN
cblr-1691	954	34	16	16	NUM
cblr-1691	954	35	,	,	PUNCT
cblr-1691	954	36	2018	2018	NUM
cblr-1691	954	37	)	)	PUNCT
cblr-1691	954	38	,	,	PUNCT
cblr-1691	954	39	http://clsbluesky.law.columbia.edu/2018/01/16/the-spotify-listing-can-anunderwriter-less-ipo-attract-other-unicorns/	http://clsbluesky.law.columbia.edu/2018/01/16/the-spotify-listing-can-anunderwriter-less-ipo-attract-other-unicorns/	X
cblr-1691	955	1	[	[	X
cblr-1691	955	2	https://perma.cc/w5b96ks9	https://perma.cc/w5b96ks9	X
cblr-1691	955	3	]	]	X
cblr-1691	955	4	.	.	PUNCT
cblr-1691	956	1	http://clsbluesky.law.columbia.edu/author/john-c-coffee-jr/	http://clsbluesky.law.columbia.edu/author/john-c-coffee-jr/	PROPN
cblr-1691	956	2	no	no	NOUN
cblr-1691	956	3	.	.	PUNCT
cblr-1691	957	1	1:107	1:107	NUM
cblr-1691	957	2	]	]	X
cblr-1691	957	3	unicorn	unicorn	ADJ
cblr-1691	957	4	stock	stock	NOUN
cblr-1691	957	5	options	option	NOUN
cblr-1691	957	6	173	173	NUM
cblr-1691	957	7	secondary	secondary	ADJ
cblr-1691	957	8	markets	market	NOUN
cblr-1691	957	9	,	,	PUNCT
cblr-1691	957	10	using	use	VERB
cblr-1691	957	11	electronic	electronic	ADJ
cblr-1691	957	12	platforms	platform	NOUN
cblr-1691	957	13	such	such	ADJ
cblr-1691	957	14	as	as	ADP
cblr-1691	957	15	nasdaq	nasdaq	PROPN
cblr-1691	957	16	private	private	ADJ
cblr-1691	957	17	market	market	NOUN
cblr-1691	957	18	(	(	PUNCT
cblr-1691	957	19	formerly	formerly	ADV
cblr-1691	957	20	secondmarket	secondmarket	NOUN
cblr-1691	957	21	)	)	PUNCT
cblr-1691	957	22	and	and	CCONJ
cblr-1691	957	23	sharespost.297	sharespost.297	ADP
cblr-1691	957	24	on	on	ADP
cblr-1691	957	25	the	the	DET
cblr-1691	957	26	one	one	NUM
cblr-1691	957	27	hand	hand	NOUN
cblr-1691	957	28	,	,	PUNCT
cblr-1691	957	29	the	the	DET
cblr-1691	957	30	“	"	PUNCT
cblr-1691	957	31	direct	direct	ADJ
cblr-1691	957	32	market	market	NOUN
cblr-1691	957	33	is	be	AUX
cblr-1691	957	34	improving	improve	VERB
cblr-1691	957	35	the	the	DET
cblr-1691	957	36	liquidity	liquidity	NOUN
cblr-1691	957	37	of	of	ADP
cblr-1691	957	38	start	start	NOUN
cblr-1691	957	39	-	-	PUNCT
cblr-1691	957	40	up	up	ADP
cblr-1691	957	41	stock	stock	NOUN
cblr-1691	957	42	for	for	ADP
cblr-1691	957	43	locked	lock	VERB
cblr-1691	957	44	-	-	PUNCT
cblr-1691	957	45	in	in	ADP
cblr-1691	957	46	investors	investor	NOUN
cblr-1691	957	47	by	by	ADP
cblr-1691	957	48	lowering	lower	VERB
cblr-1691	957	49	these	these	DET
cblr-1691	957	50	transaction	transaction	NOUN
cblr-1691	957	51	costs	cost	NOUN
cblr-1691	957	52	.	.	PUNCT
cblr-1691	957	53	”298	”298	PUNCT
cblr-1691	957	54	on	on	ADP
cblr-1691	957	55	the	the	DET
cblr-1691	957	56	other	other	ADJ
cblr-1691	957	57	,	,	PUNCT
cblr-1691	957	58	these	these	DET
cblr-1691	957	59	markets	market	NOUN
cblr-1691	957	60	also	also	ADV
cblr-1691	957	61	expose	expose	VERB
cblr-1691	957	62	non	non	ADJ
cblr-1691	957	63	-	-	ADJ
cblr-1691	957	64	accredited	accredited	ADJ
cblr-1691	957	65	investors	investor	NOUN
cblr-1691	957	66	to	to	ADP
cblr-1691	957	67	risks	risk	NOUN
cblr-1691	957	68	and	and	CCONJ
cblr-1691	957	69	uncertainties	uncertainty	NOUN
cblr-1691	957	70	,	,	PUNCT
cblr-1691	957	71	due	due	ADP
cblr-1691	957	72	to	to	ADP
cblr-1691	957	73	current	current	ADJ
cblr-1691	957	74	contractual	contractual	ADJ
cblr-1691	957	75	arrangements	arrangement	NOUN
cblr-1691	957	76	and	and	CCONJ
cblr-1691	957	77	securities	security	NOUN
cblr-1691	957	78	and	and	CCONJ
cblr-1691	957	79	tax	tax	NOUN
cblr-1691	957	80	laws.299	laws.299	NOUN
cblr-1691	957	81	these	these	DET
cblr-1691	957	82	platforms	platform	NOUN
cblr-1691	957	83	also	also	ADV
cblr-1691	957	84	raise	raise	VERB
cblr-1691	957	85	other	other	ADJ
cblr-1691	957	86	issues	issue	NOUN
cblr-1691	957	87	.	.	PUNCT
cblr-1691	958	1	first	first	ADV
cblr-1691	958	2	,	,	PUNCT
cblr-1691	958	3	unicorns	unicorn	NOUN
cblr-1691	958	4	are	be	AUX
cblr-1691	958	5	private	private	ADJ
cblr-1691	958	6	and	and	CCONJ
cblr-1691	958	7	therefore	therefore	ADV
cblr-1691	958	8	their	their	PRON
cblr-1691	958	9	valuations	valuation	NOUN
cblr-1691	958	10	are	be	AUX
cblr-1691	958	11	uncertain	uncertain	ADJ
cblr-1691	958	12	.	.	PUNCT
cblr-1691	959	1	for	for	ADP
cblr-1691	959	2	instance	instance	NOUN
cblr-1691	959	3	,	,	PUNCT
cblr-1691	959	4	a	a	DET
cblr-1691	959	5	recent	recent	ADJ
cblr-1691	959	6	study	study	NOUN
cblr-1691	959	7	by	by	ADP
cblr-1691	959	8	gornall	gornall	PROPN
cblr-1691	959	9	and	and	CCONJ
cblr-1691	959	10	strabulaev	strabulaev	PROPN
cblr-1691	959	11	finds	find	VERB
cblr-1691	959	12	huge	huge	ADJ
cblr-1691	959	13	discrepancies	discrepancy	NOUN
cblr-1691	959	14	in	in	ADP
cblr-1691	959	15	the	the	DET
cblr-1691	959	16	alleged	alleged	ADJ
cblr-1691	959	17	worth	worth	NOUN
cblr-1691	959	18	of	of	ADP
cblr-1691	959	19	some	some	DET
cblr-1691	959	20	unicorns	unicorn	NOUN
cblr-1691	959	21	,	,	PUNCT
cblr-1691	959	22	including	include	VERB
cblr-1691	959	23	uber.300	uber.300	NUM
cblr-1691	959	24	second	second	NOUN
cblr-1691	959	25	,	,	PUNCT
cblr-1691	959	26	both	both	CCONJ
cblr-1691	959	27	the	the	DET
cblr-1691	959	28	sellers	seller	NOUN
cblr-1691	959	29	of	of	ADP
cblr-1691	959	30	the	the	DET
cblr-1691	959	31	shares	share	NOUN
cblr-1691	959	32	(	(	PUNCT
cblr-1691	959	33	whether	whether	SCONJ
cblr-1691	959	34	investors	investor	NOUN
cblr-1691	959	35	or	or	CCONJ
cblr-1691	959	36	employees	employee	NOUN
cblr-1691	959	37	)	)	PUNCT
cblr-1691	959	38	and	and	CCONJ
cblr-1691	959	39	the	the	DET
cblr-1691	959	40	unicorn	unicorn	NOUN
cblr-1691	959	41	are	be	AUX
cblr-1691	959	42	subject	subject	ADJ
cblr-1691	959	43	to	to	ADP
cblr-1691	959	44	the	the	DET
cblr-1691	959	45	risk	risk	NOUN
cblr-1691	959	46	of	of	ADP
cblr-1691	959	47	lawsuits	lawsuit	NOUN
cblr-1691	959	48	by	by	ADP
cblr-1691	959	49	buyers	buyer	NOUN
cblr-1691	959	50	,	,	PUNCT
cblr-1691	959	51	due	due	ADP
cblr-1691	959	52	to	to	ADP
cblr-1691	959	53	omissions	omission	NOUN
cblr-1691	959	54	and	and	CCONJ
cblr-1691	959	55	misstatements	misstatement	NOUN
cblr-1691	959	56	,	,	PUNCT
cblr-1691	959	57	under	under	ADP
cblr-1691	959	58	the	the	DET
cblr-1691	959	59	securities	security	NOUN
cblr-1691	959	60	law	law	NOUN
cblr-1691	959	61	.	.	PUNCT
cblr-1691	960	1	finally	finally	ADV
cblr-1691	960	2	,	,	PUNCT
cblr-1691	960	3	unicorns	unicorn	NOUN
cblr-1691	960	4	are	be	AUX
cblr-1691	960	5	concerned	concerned	ADJ
cblr-1691	960	6	that	that	SCONJ
cblr-1691	960	7	allowing	allow	VERB
cblr-1691	960	8	employees	employee	NOUN
cblr-1691	960	9	to	to	PART
cblr-1691	960	10	trade	trade	VERB
cblr-1691	960	11	on	on	ADP
cblr-1691	960	12	these	these	DET
cblr-1691	960	13	platforms	platform	NOUN
cblr-1691	960	14	will	will	AUX
cblr-1691	960	15	trigger	trigger	VERB
cblr-1691	960	16	public	public	ADJ
cblr-1691	960	17	registration	registration	NOUN
cblr-1691	960	18	requirements	requirement	NOUN
cblr-1691	960	19	under	under	ADP
cblr-1691	960	20	section	section	NOUN
cblr-1691	960	21	12(g	12(g	NUM
cblr-1691	960	22	)	)	PUNCT
cblr-1691	960	23	.	.	PUNCT
cblr-1691	961	1	finally	finally	ADV
cblr-1691	961	2	,	,	PUNCT
cblr-1691	961	3	unicorns	unicorn	NOUN
cblr-1691	961	4	are	be	AUX
cblr-1691	961	5	concerned	concerned	ADJ
cblr-1691	961	6	that	that	SCONJ
cblr-1691	961	7	extensive	extensive	ADJ
cblr-1691	961	8	use	use	NOUN
cblr-1691	961	9	of	of	ADP
cblr-1691	961	10	these	these	DET
cblr-1691	961	11	platforms	platform	NOUN
cblr-1691	961	12	297	297	NUM
cblr-1691	961	13	see	see	VERB
cblr-1691	961	14	ibrahim	ibrahim	PROPN
cblr-1691	961	15	,	,	PUNCT
cblr-1691	962	1	supra	supra	PROPN
cblr-1691	962	2	note	note	PROPN
cblr-1691	962	3	147	147	NUM
cblr-1691	962	4	,	,	PUNCT
cblr-1691	962	5	at	at	ADP
cblr-1691	962	6	22	22	NUM
cblr-1691	962	7	.	.	PUNCT
cblr-1691	963	1	298	298	NUM
cblr-1691	964	1	i	i	PRON
cblr-1691	964	2	d.	d.	PROPN
cblr-1691	964	3	299	299	NUM
cblr-1691	964	4	see	see	VERB
cblr-1691	964	5	adi	adi	PROPN
cblr-1691	964	6	osovsky	osovsky	PROPN
cblr-1691	964	7	,	,	PUNCT
cblr-1691	964	8	the	the	DET
cblr-1691	964	9	curious	curious	ADJ
cblr-1691	964	10	case	case	NOUN
cblr-1691	964	11	of	of	ADP
cblr-1691	964	12	the	the	DET
cblr-1691	964	13	secondary	secondary	ADJ
cblr-1691	964	14	market	market	NOUN
cblr-1691	964	15	with	with	ADP
cblr-1691	964	16	respect	respect	NOUN
cblr-1691	964	17	to	to	ADP
cblr-1691	964	18	investor	investor	NOUN
cblr-1691	964	19	protection	protection	NOUN
cblr-1691	964	20	,	,	PUNCT
cblr-1691	964	21	82	82	NUM
cblr-1691	964	22	tenn	tenn	PROPN
cblr-1691	964	23	.	.	PUNCT
cblr-1691	965	1	l.	l.	PROPN
cblr-1691	965	2	rev	rev	PROPN
cblr-1691	965	3	.	.	PROPN
cblr-1691	965	4	83	83	NUM
cblr-1691	965	5	,	,	PUNCT
cblr-1691	965	6	130	130	NUM
cblr-1691	965	7	(	(	PUNCT
cblr-1691	965	8	2014	2014	NUM
cblr-1691	965	9	)	)	PUNCT
cblr-1691	965	10	(	(	PUNCT
cblr-1691	965	11	“	"	PUNCT
cblr-1691	965	12	[	[	X
cblr-1691	965	13	t]he	t]he	X
cblr-1691	965	14	democratization	democratization	NOUN
cblr-1691	965	15	of	of	ADP
cblr-1691	965	16	secondary	secondary	ADJ
cblr-1691	965	17	market	market	NOUN
cblr-1691	965	18	transactions	transaction	NOUN
cblr-1691	965	19	exposes	expose	VERB
cblr-1691	965	20	non	non	ADJ
cblr-1691	965	21	-	-	ADJ
cblr-1691	965	22	accredited	accredited	ADJ
cblr-1691	965	23	investors	investor	NOUN
cblr-1691	965	24	to	to	ADP
cblr-1691	965	25	new	new	ADJ
cblr-1691	965	26	risks	risk	NOUN
cblr-1691	965	27	and	and	CCONJ
cblr-1691	965	28	uncertainties	uncertainty	NOUN
cblr-1691	965	29	.	.	PUNCT
cblr-1691	965	30	”	"	PUNCT
cblr-1691	965	31	)	)	PUNCT
cblr-1691	965	32	;	;	PUNCT
cblr-1691	965	33	see	see	VERB
cblr-1691	965	34	also	also	ADV
cblr-1691	965	35	elizabeth	elizabeth	PROPN
cblr-1691	965	36	pollman	pollman	PROPN
cblr-1691	965	37	,	,	PUNCT
cblr-1691	965	38	information	information	NOUN
cblr-1691	965	39	issues	issue	NOUN
cblr-1691	965	40	on	on	ADP
cblr-1691	965	41	wall	wall	PROPN
cblr-1691	965	42	street	street	PROPN
cblr-1691	965	43	2.0	2.0	NUM
cblr-1691	965	44	,	,	PUNCT
cblr-1691	965	45	161	161	NUM
cblr-1691	965	46	u.	u.	NOUN
cblr-1691	965	47	pa	pa	PROPN
cblr-1691	965	48	.	.	PUNCT
cblr-1691	965	49	l.	l.	PROPN
cblr-1691	965	50	rev	rev	PROPN
cblr-1691	965	51	.	.	PROPN
cblr-1691	965	52	179	179	NUM
cblr-1691	965	53	,	,	PUNCT
cblr-1691	965	54	182	182	NUM
cblr-1691	965	55	(	(	PUNCT
cblr-1691	965	56	2012	2012	NUM
cblr-1691	965	57	)	)	PUNCT
cblr-1691	965	58	(	(	PUNCT
cblr-1691	965	59	identifying	identify	VERB
cblr-1691	965	60	and	and	CCONJ
cblr-1691	965	61	analyzing	analyze	VERB
cblr-1691	965	62	the	the	DET
cblr-1691	965	63	information	information	NOUN
cblr-1691	965	64	issues	issue	NOUN
cblr-1691	965	65	in	in	ADP
cblr-1691	965	66	the	the	DET
cblr-1691	965	67	new	new	ADJ
cblr-1691	965	68	online	online	ADJ
cblr-1691	965	69	secondary	secondary	ADJ
cblr-1691	965	70	markets	market	NOUN
cblr-1691	965	71	)	)	PUNCT
cblr-1691	965	72	.	.	PUNCT
cblr-1691	966	1	300	300	NUM
cblr-1691	966	2	see	see	VERB
cblr-1691	966	3	gornall	gornall	PROPN
cblr-1691	966	4	&	&	CCONJ
cblr-1691	966	5	strebulaev	strebulaev	PROPN
cblr-1691	966	6	,	,	PUNCT
cblr-1691	966	7	supra	supra	PROPN
cblr-1691	966	8	note	note	PROPN
cblr-1691	966	9	176	176	NUM
cblr-1691	966	10	.	.	PUNCT
cblr-1691	967	1	the	the	DET
cblr-1691	967	2	other	other	ADJ
cblr-1691	967	3	restriction	restriction	NOUN
cblr-1691	967	4	is	be	AUX
cblr-1691	967	5	with	with	ADP
cblr-1691	967	6	regards	regard	NOUN
cblr-1691	967	7	to	to	ADP
cblr-1691	967	8	companies	company	NOUN
cblr-1691	967	9	that	that	PRON
cblr-1691	967	10	use	use	VERB
cblr-1691	967	11	the	the	DET
cblr-1691	967	12	method	method	NOUN
cblr-1691	967	13	of	of	ADP
cblr-1691	967	14	buybacks	buyback	NOUN
cblr-1691	967	15	.	.	PUNCT
cblr-1691	968	1	“	"	PUNCT
cblr-1691	968	2	the	the	DET
cblr-1691	968	3	deferral	deferral	ADJ
cblr-1691	968	4	election	election	NOUN
cblr-1691	968	5	is	be	AUX
cblr-1691	968	6	also	also	ADV
cblr-1691	968	7	not	not	PART
cblr-1691	968	8	available	available	ADJ
cblr-1691	968	9	if	if	SCONJ
cblr-1691	968	10	the	the	DET
cblr-1691	968	11	issuing	issue	VERB
cblr-1691	968	12	corporation	corporation	NOUN
cblr-1691	968	13	bought	buy	VERB
cblr-1691	968	14	back	back	ADP
cblr-1691	968	15	any	any	DET
cblr-1691	968	16	outstanding	outstanding	ADJ
cblr-1691	968	17	stock	stock	NOUN
cblr-1691	968	18	in	in	ADP
cblr-1691	968	19	the	the	DET
cblr-1691	968	20	preceding	precede	VERB
cblr-1691	968	21	calendar	calendar	NOUN
cblr-1691	968	22	year	year	NOUN
cblr-1691	968	23	[	[	X
cblr-1691	968	24	.	.	X
cblr-1691	968	25	]	]	X
cblr-1691	968	26	”	"	PUNCT
cblr-1691	968	27	lieberman	lieberman	PROPN
cblr-1691	968	28	,	,	PUNCT
cblr-1691	968	29	supra	supra	PROPN
cblr-1691	968	30	note	note	PROPN
cblr-1691	968	31	32	32	NUM
cblr-1691	968	32	;	;	PUNCT
cblr-1691	968	33	see	see	VERB
cblr-1691	968	34	new	new	ADJ
cblr-1691	968	35	tax	tax	NOUN
cblr-1691	968	36	act	act	PROPN
cblr-1691	968	37	,	,	PUNCT
cblr-1691	968	38	supra	supra	PROPN
cblr-1691	968	39	note	note	NOUN
cblr-1691	968	40	80	80	NUM
cblr-1691	968	41	(	(	PUNCT
cblr-1691	968	42	“	"	PUNCT
cblr-1691	968	43	the	the	DET
cblr-1691	968	44	legislative	legislative	ADJ
cblr-1691	968	45	history	history	NOUN
cblr-1691	968	46	for	for	ADP
cblr-1691	968	47	the	the	DET
cblr-1691	968	48	tcja	tcja	NOUN
cblr-1691	968	49	is	be	AUX
cblr-1691	968	50	silent	silent	ADJ
cblr-1691	968	51	on	on	ADP
cblr-1691	968	52	why	why	SCONJ
cblr-1691	968	53	section	section	NOUN
cblr-1691	968	54	83(i	83(i	NUM
cblr-1691	968	55	)	)	PUNCT
cblr-1691	968	56	restricts	restrict	VERB
cblr-1691	968	57	share	share	NOUN
cblr-1691	968	58	repurchases	repurchase	NOUN
cblr-1691	968	59	;	;	PUNCT
cblr-1691	968	60	however	however	ADV
cblr-1691	968	61	,	,	PUNCT
cblr-1691	968	62	a	a	DET
cblr-1691	968	63	sponsor	sponsor	NOUN
cblr-1691	968	64	of	of	ADP
cblr-1691	968	65	the	the	DET
cblr-1691	968	66	empowering	empower	VERB
cblr-1691	968	67	employees	employee	NOUN
cblr-1691	968	68	through	through	ADP
cblr-1691	968	69	stock	stock	NOUN
cblr-1691	968	70	ownership	ownership	NOUN
cblr-1691	968	71	act	act	NOUN
cblr-1691	968	72	,	,	PUNCT
cblr-1691	968	73	which	which	PRON
cblr-1691	968	74	is	be	AUX
cblr-1691	968	75	very	very	ADV
cblr-1691	968	76	similar	similar	ADJ
cblr-1691	968	77	to	to	ADP
cblr-1691	968	78	section	section	NOUN
cblr-1691	968	79	83(i	83(i	NUM
cblr-1691	968	80	)	)	PUNCT
cblr-1691	968	81	,	,	PUNCT
cblr-1691	968	82	described	describe	VERB
cblr-1691	968	83	employee	employee	NOUN
cblr-1691	968	84	stock	stock	NOUN
cblr-1691	968	85	ownership	ownership	NOUN
cblr-1691	968	86	as	as	ADP
cblr-1691	968	87	‘	'	PUNCT
cblr-1691	968	88	a	a	DET
cblr-1691	968	89	key	key	ADJ
cblr-1691	968	90	tool	tool	NOUN
cblr-1691	968	91	for	for	ADP
cblr-1691	968	92	startups	startup	NOUN
cblr-1691	968	93	,	,	PUNCT
cblr-1691	968	94	allowing	allow	VERB
cblr-1691	968	95	cash	cash	NOUN
cblr-1691	968	96	-	-	PUNCT
cblr-1691	968	97	poor	poor	ADJ
cblr-1691	968	98	innovators	innovator	NOUN
cblr-1691	968	99	to	to	PART
cblr-1691	968	100	recruit	recruit	VERB
cblr-1691	968	101	top	top	ADJ
cblr-1691	968	102	talent	talent	NOUN
cblr-1691	968	103	.	.	PUNCT
cblr-1691	968	104	’	'	PUNCT
cblr-1691	968	105	”	"	PUNCT
cblr-1691	968	106	)	)	PUNCT
cblr-1691	968	107	;	;	PUNCT
cblr-1691	968	108	see	see	VERB
cblr-1691	968	109	also	also	ADV
cblr-1691	968	110	cable	cable	NOUN
cblr-1691	968	111	,	,	PUNCT
cblr-1691	968	112	supra	supra	PROPN
cblr-1691	968	113	note	note	NOUN
cblr-1691	968	114	5	5	NUM
cblr-1691	968	115	;	;	PUNCT
cblr-1691	968	116	fan	fan	PROPN
cblr-1691	968	117	,	,	PUNCT
cblr-1691	968	118	supra	supra	PROPN
cblr-1691	968	119	note	note	PROPN
cblr-1691	968	120	5	5	NUM
cblr-1691	968	121	;	;	PUNCT
cblr-1691	968	122	frier	frier	NOUN
cblr-1691	968	123	&	&	CCONJ
cblr-1691	968	124	newcomer	newcomer	NOUN
cblr-1691	968	125	,	,	PUNCT
cblr-1691	968	126	supra	supra	PROPN
cblr-1691	968	127	note	note	NOUN
cblr-1691	968	128	8	8	NUM
cblr-1691	968	129	(	(	PUNCT
cblr-1691	968	130	“	"	PUNCT
cblr-1691	968	131	[	[	X
cblr-1691	968	132	i]nvestors	i]nvestor	NOUN
cblr-1691	968	133	agree	agree	VERB
cblr-1691	968	134	to	to	PART
cblr-1691	968	135	grant	grant	VERB
cblr-1691	968	136	higher	high	ADJ
cblr-1691	968	137	valuations	valuation	NOUN
cblr-1691	968	138	,	,	PUNCT
cblr-1691	968	139	which	which	PRON
cblr-1691	968	140	help	help	VERB
cblr-1691	968	141	the	the	DET
cblr-1691	968	142	companies	company	NOUN
cblr-1691	968	143	with	with	ADP
cblr-1691	968	144	recruitment	recruitment	NOUN
cblr-1691	968	145	and	and	CCONJ
cblr-1691	968	146	building	build	VERB
cblr-1691	968	147	credibility	credibility	NOUN
cblr-1691	968	148	[	[	X
cblr-1691	968	149	.	.	X
cblr-1691	968	150	]	]	X
cblr-1691	968	151	”	"	PUNCT
cblr-1691	968	152	)	)	PUNCT
cblr-1691	968	153	.	.	PUNCT
cblr-1691	969	1	174	174	NUM
cblr-1691	969	2	columbia	columbia	PROPN
cblr-1691	969	3	business	business	NOUN
cblr-1691	969	4	law	law	PROPN
cblr-1691	969	5	review	review	NOUN
cblr-1691	969	6	[	[	X
cblr-1691	969	7	vol	vol	NOUN
cblr-1691	969	8	.	.	NOUN
cblr-1691	969	9	2019	2019	NUM
cblr-1691	969	10	and	and	CCONJ
cblr-1691	969	11	the	the	DET
cblr-1691	969	12	related	related	ADJ
cblr-1691	969	13	increase	increase	NOUN
cblr-1691	969	14	in	in	ADP
cblr-1691	969	15	their	their	PRON
cblr-1691	969	16	record	record	NOUN
cblr-1691	969	17	shareholders	shareholder	NOUN
cblr-1691	969	18	would	would	AUX
cblr-1691	969	19	force	force	VERB
cblr-1691	969	20	them	they	PRON
cblr-1691	969	21	into	into	ADP
cblr-1691	969	22	an	an	DET
cblr-1691	969	23	ipo.301	ipo.301	NOUN
cblr-1691	969	24	3	3	NUM
cblr-1691	969	25	.	.	PUNCT
cblr-1691	969	26	secondary	secondary	ADJ
cblr-1691	969	27	sale	sale	NOUN
cblr-1691	969	28	to	to	ADP
cblr-1691	969	29	a	a	DET
cblr-1691	969	30	single	single	ADJ
cblr-1691	969	31	buyer	buyer	NOUN
cblr-1691	969	32	unicorns	unicorn	NOUN
cblr-1691	969	33	are	be	AUX
cblr-1691	969	34	under	under	ADP
cblr-1691	969	35	pressure	pressure	NOUN
cblr-1691	969	36	to	to	PART
cblr-1691	969	37	seek	seek	VERB
cblr-1691	969	38	liquidity	liquidity	NOUN
cblr-1691	969	39	.	.	PUNCT
cblr-1691	970	1	therefore	therefore	ADV
cblr-1691	970	2	,	,	PUNCT
cblr-1691	970	3	in	in	ADP
cblr-1691	970	4	practice	practice	NOUN
cblr-1691	970	5	,	,	PUNCT
cblr-1691	970	6	many	many	ADJ
cblr-1691	970	7	unicorns	unicorn	NOUN
cblr-1691	970	8	choose	choose	VERB
cblr-1691	970	9	to	to	PART
cblr-1691	970	10	facilitate	facilitate	VERB
cblr-1691	970	11	a	a	DET
cblr-1691	970	12	secondary	secondary	ADJ
cblr-1691	970	13	sale	sale	NOUN
cblr-1691	970	14	of	of	ADP
cblr-1691	970	15	employees	employee	NOUN
cblr-1691	970	16	’	’	PART
cblr-1691	970	17	shares	share	NOUN
cblr-1691	970	18	to	to	ADP
cblr-1691	970	19	a	a	DET
cblr-1691	970	20	single	single	ADJ
cblr-1691	970	21	buyer	buyer	NOUN
cblr-1691	970	22	(	(	PUNCT
cblr-1691	970	23	or	or	CCONJ
cblr-1691	970	24	an	an	DET
cblr-1691	970	25	existing	exist	VERB
cblr-1691	970	26	shareholder	shareholder	NOUN
cblr-1691	970	27	)	)	PUNCT
cblr-1691	970	28	,	,	PUNCT
cblr-1691	970	29	so	so	SCONJ
cblr-1691	970	30	that	that	SCONJ
cblr-1691	970	31	the	the	DET
cblr-1691	970	32	sale	sale	NOUN
cblr-1691	970	33	does	do	AUX
cblr-1691	970	34	not	not	PART
cblr-1691	970	35	violate	violate	VERB
cblr-1691	970	36	section	section	NOUN
cblr-1691	970	37	12(g).302	12(g).302	NUM
cblr-1691	970	38	for	for	ADP
cblr-1691	970	39	example	example	NOUN
cblr-1691	970	40	,	,	PUNCT
cblr-1691	970	41	on	on	ADP
cblr-1691	970	42	december	december	PROPN
cblr-1691	970	43	28	28	NUM
cblr-1691	970	44	,	,	PUNCT
cblr-1691	970	45	2017	2017	NUM
cblr-1691	970	46	,	,	PUNCT
cblr-1691	970	47	a	a	DET
cblr-1691	970	48	number	number	NOUN
cblr-1691	970	49	of	of	ADP
cblr-1691	970	50	uber303	uber303	PROPN
cblr-1691	970	51	shareholders	shareholder	NOUN
cblr-1691	970	52	,	,	PUNCT
cblr-1691	970	53	including	include	VERB
cblr-1691	970	54	uber	uber	ADJ
cblr-1691	970	55	employees	employee	NOUN
cblr-1691	970	56	and	and	CCONJ
cblr-1691	970	57	early	early	ADJ
cblr-1691	970	58	stage	stage	NOUN
cblr-1691	970	59	investors	investor	NOUN
cblr-1691	970	60	,	,	PUNCT
cblr-1691	970	61	were	be	AUX
cblr-1691	970	62	finally	finally	ADV
cblr-1691	970	63	able	able	ADJ
cblr-1691	970	64	to	to	PART
cblr-1691	970	65	liquidate	liquidate	VERB
cblr-1691	970	66	a	a	DET
cblr-1691	970	67	portion	portion	NOUN
cblr-1691	970	68	of	of	ADP
cblr-1691	970	69	their	their	PRON
cblr-1691	970	70	shares	share	NOUN
cblr-1691	970	71	via	via	ADP
cblr-1691	970	72	the	the	DET
cblr-1691	970	73	tender	tender	NOUN
cblr-1691	970	74	offer	offer	NOUN
cblr-1691	970	75	of	of	ADP
cblr-1691	970	76	the	the	DET
cblr-1691	970	77	japanese	japanese	ADJ
cblr-1691	970	78	technology	technology	NOUN
cblr-1691	970	79	conglomerate	conglomerate	NOUN
cblr-1691	970	80	softbank.304	softbank.304	NOUN
cblr-1691	970	81	just	just	ADV
cblr-1691	970	82	a	a	DET
cblr-1691	970	83	few	few	ADJ
cblr-1691	970	84	weeks	week	NOUN
cblr-1691	970	85	earlier	early	ADV
cblr-1691	970	86	,	,	PUNCT
cblr-1691	970	87	news	news	NOUN
cblr-1691	970	88	broke	break	VERB
cblr-1691	970	89	that	that	PRON
cblr-1691	970	90	uber	uber	ADJ
cblr-1691	970	91	employees	employee	NOUN
cblr-1691	970	92	were	be	AUX
cblr-1691	970	93	lining	line	VERB
cblr-1691	970	94	up	up	ADP
cblr-1691	970	95	to	to	PART
cblr-1691	970	96	sell	sell	VERB
cblr-1691	970	97	their	their	PRON
cblr-1691	970	98	stock	stock	NOUN
cblr-1691	970	99	to	to	PART
cblr-1691	970	100	softbank	softbank	VERB
cblr-1691	970	101	.	.	PUNCT
cblr-1691	971	1	some	some	PRON
cblr-1691	971	2	of	of	ADP
cblr-1691	971	3	these	these	DET
cblr-1691	971	4	employees	employee	NOUN
cblr-1691	971	5	had	have	VERB
cblr-1691	971	6	to	to	PART
cblr-1691	971	7	take	take	VERB
cblr-1691	971	8	on	on	ADP
cblr-1691	971	9	loans	loan	NOUN
cblr-1691	971	10	to	to	PART
cblr-1691	971	11	exercise	exercise	VERB
cblr-1691	971	12	their	their	PRON
cblr-1691	971	13	options	option	NOUN
cblr-1691	971	14	because	because	SCONJ
cblr-1691	971	15	they	they	PRON
cblr-1691	971	16	could	could	AUX
cblr-1691	971	17	not	not	PART
cblr-1691	971	18	sell	sell	VERB
cblr-1691	971	19	their	their	PRON
cblr-1691	971	20	shares	share	NOUN
cblr-1691	971	21	301	301	NUM
cblr-1691	971	22	see	see	VERB
cblr-1691	971	23	mary	mary	PROPN
cblr-1691	971	24	jo	jo	PROPN
cblr-1691	971	25	white	white	PROPN
cblr-1691	971	26	,	,	PUNCT
cblr-1691	971	27	chair	chair	NOUN
cblr-1691	971	28	,	,	PUNCT
cblr-1691	971	29	sec	sec	PROPN
cblr-1691	971	30	,	,	PUNCT
cblr-1691	971	31	keynote	keynote	ADJ
cblr-1691	971	32	address	address	NOUN
cblr-1691	971	33	at	at	ADP
cblr-1691	971	34	the	the	DET
cblr-1691	971	35	sec	sec	PROPN
cblr-1691	971	36	-	-	PUNCT
cblr-1691	971	37	rock	rock	NOUN
cblr-1691	971	38	center	center	NOUN
cblr-1691	971	39	on	on	ADP
cblr-1691	971	40	corporate	corporate	ADJ
cblr-1691	971	41	governance	governance	NOUN
cblr-1691	971	42	silicon	silicon	NOUN
cblr-1691	971	43	valley	valley	PROPN
cblr-1691	971	44	initiative	initiative	NOUN
cblr-1691	971	45	(	(	PUNCT
cblr-1691	971	46	mar	mar	PROPN
cblr-1691	971	47	.	.	PROPN
cblr-1691	971	48	31	31	NUM
cblr-1691	971	49	,	,	PUNCT
cblr-1691	971	50	2016	2016	NUM
cblr-1691	971	51	)	)	PUNCT
cblr-1691	971	52	,	,	PUNCT
cblr-1691	971	53	https://www.sec.gov/news/speech/chair-white-silicon-valley-initiative-3-3116.html	https://www.sec.gov/news/speech/chair-white-silicon-valley-initiative-3-3116.html	PUNCT
cblr-1691	972	1	[	[	X
cblr-1691	972	2	https://perma.cc/ap47-xd3w	https://perma.cc/ap47-xd3w	X
cblr-1691	972	3	]	]	PUNCT
cblr-1691	972	4	.	.	PUNCT
cblr-1691	973	1	302	302	NUM
cblr-1691	973	2	jumpstart	jumpstart	VERB
cblr-1691	973	3	our	our	PRON
cblr-1691	973	4	business	business	NOUN
cblr-1691	973	5	startups	startup	NOUN
cblr-1691	973	6	act	act	PROPN
cblr-1691	973	7	,	,	PUNCT
cblr-1691	973	8	pub	pub	NOUN
cblr-1691	973	9	.	.	PUNCT
cblr-1691	974	1	l.	l.	NOUN
cblr-1691	974	2	112	112	NUM
cblr-1691	974	3	-	-	SYM
cblr-1691	974	4	106	106	NUM
cblr-1691	974	5	§	§	PROPN
cblr-1691	974	6	501	501	NUM
cblr-1691	974	7	,	,	PUNCT
cblr-1691	974	8	126	126	NUM
cblr-1691	974	9	stat	stat	NOUN
cblr-1691	974	10	.	.	PUNCT
cblr-1691	975	1	306	306	NUM
cblr-1691	975	2	,	,	PUNCT
cblr-1691	975	3	325	325	NUM
cblr-1691	975	4	(	(	PUNCT
cblr-1691	975	5	2012	2012	NUM
cblr-1691	975	6	)	)	PUNCT
cblr-1691	975	7	.	.	PUNCT
cblr-1691	976	1	303	303	NUM
cblr-1691	976	2	griswold	griswold	ADJ
cblr-1691	976	3	,	,	PUNCT
cblr-1691	976	4	supra	supra	PROPN
cblr-1691	976	5	note	note	NOUN
cblr-1691	976	6	33	33	NUM
cblr-1691	976	7	.	.	PUNCT
cblr-1691	977	1	304	304	NUM
cblr-1691	977	2	see	see	VERB
cblr-1691	977	3	katie	katie	PROPN
cblr-1691	977	4	roof	roof	PROPN
cblr-1691	977	5	,	,	PUNCT
cblr-1691	977	6	softbank	softbank	PROPN
cblr-1691	977	7	’s	’s	ADJ
cblr-1691	977	8	big	big	ADJ
cblr-1691	977	9	investment	investment	NOUN
cblr-1691	977	10	in	in	ADP
cblr-1691	977	11	uber	uber	NOUN
cblr-1691	977	12	comes	come	VERB
cblr-1691	977	13	to	to	ADP
cblr-1691	977	14	a	a	DET
cblr-1691	977	15	close	close	NOUN
cblr-1691	977	16	,	,	PUNCT
cblr-1691	977	17	techcrunch	techcrunch	NOUN
cblr-1691	977	18	(	(	PUNCT
cblr-1691	977	19	dec	dec	PROPN
cblr-1691	977	20	.	.	PROPN
cblr-1691	977	21	28	28	NUM
cblr-1691	977	22	,	,	PUNCT
cblr-1691	977	23	2017	2017	NUM
cblr-1691	977	24	)	)	PUNCT
cblr-1691	977	25	,	,	PUNCT
cblr-1691	977	26	https://techcrunch.com/2017/12/28/softbanksbig-investment-in-uber-comes-to-a-close/	https://techcrunch.com/2017/12/28/softbanksbig-investment-in-uber-comes-to-a-close/	NOUN
cblr-1691	978	1	[	[	X
cblr-1691	978	2	https://perma.cc/v3ec-74zn	https://perma.cc/v3ec-74zn	X
cblr-1691	978	3	]	]	X
cblr-1691	978	4	;	;	PUNCT
cblr-1691	978	5	see	see	VERB
cblr-1691	978	6	also	also	ADV
cblr-1691	978	7	greg	greg	PROPN
cblr-1691	978	8	bensinger	bensinger	PROPN
cblr-1691	978	9	&	&	CCONJ
cblr-1691	978	10	liz	liz	PROPN
cblr-1691	978	11	hoffman	hoffman	PROPN
cblr-1691	978	12	,	,	PUNCT
cblr-1691	978	13	softbank	softbank	PROPN
cblr-1691	978	14	succeeds	succeed	VERB
cblr-1691	978	15	in	in	ADP
cblr-1691	978	16	tender	tender	ADJ
cblr-1691	978	17	offer	offer	NOUN
cblr-1691	978	18	for	for	ADP
cblr-1691	978	19	large	large	ADJ
cblr-1691	978	20	stake	stake	NOUN
cblr-1691	978	21	in	in	ADP
cblr-1691	978	22	uber	uber	PROPN
cblr-1691	978	23	,	,	PUNCT
cblr-1691	978	24	wall	wall	PROPN
cblr-1691	978	25	st	st	PROPN
cblr-1691	978	26	.	.	PROPN
cblr-1691	978	27	j.	j.	PROPN
cblr-1691	978	28	(	(	PUNCT
cblr-1691	978	29	dec	dec	PROPN
cblr-1691	978	30	.	.	PROPN
cblr-1691	978	31	28	28	NUM
cblr-1691	978	32	,	,	PUNCT
cblr-1691	978	33	2017	2017	NUM
cblr-1691	978	34	)	)	PUNCT
cblr-1691	978	35	,	,	PUNCT
cblr-1691	978	36	https://www.wsj.com/articles/softbank-succeeds-in-tender-offer-for-largestake-in-uber-1514483283	https://www.wsj.com/articles/softbank-succeeds-in-tender-offer-for-largestake-in-uber-1514483283	PROPN
cblr-1691	978	37	(	(	PUNCT
cblr-1691	978	38	on	on	ADP
cblr-1691	978	39	file	file	NOUN
cblr-1691	978	40	with	with	ADP
cblr-1691	978	41	the	the	DET
cblr-1691	978	42	columbia	columbia	PROPN
cblr-1691	978	43	business	business	PROPN
cblr-1691	978	44	law	law	PROPN
cblr-1691	978	45	review	review	PROPN
cblr-1691	978	46	)	)	PUNCT
cblr-1691	978	47	;	;	PUNCT
cblr-1691	978	48	lieberman	lieberman	PROPN
cblr-1691	978	49	,	,	PUNCT
cblr-1691	978	50	supra	supra	PROPN
cblr-1691	978	51	note	note	NOUN
cblr-1691	978	52	32	32	NUM
cblr-1691	978	53	(	(	PUNCT
cblr-1691	978	54	“	"	PUNCT
cblr-1691	978	55	the	the	DET
cblr-1691	978	56	new	new	ADJ
cblr-1691	978	57	rule	rule	NOUN
cblr-1691	978	58	evolved	evolve	VERB
cblr-1691	978	59	from	from	ADP
cblr-1691	978	60	a	a	DET
cblr-1691	978	61	2016	2016	NUM
cblr-1691	978	62	senate	senate	PROPN
cblr-1691	978	63	bill	bill	NOUN
cblr-1691	978	64	sponsored	sponsor	VERB
cblr-1691	978	65	by	by	ADP
cblr-1691	978	66	senators	senator	NOUN
cblr-1691	978	67	mark	mark	PROPN
cblr-1691	978	68	warner	warner	PROPN
cblr-1691	978	69	and	and	CCONJ
cblr-1691	978	70	dean	dean	PROPN
cblr-1691	978	71	heller	heller	NOUN
cblr-1691	978	72	,	,	PUNCT
cblr-1691	978	73	the	the	DET
cblr-1691	978	74	empowering	empower	VERB
cblr-1691	978	75	employees	employee	NOUN
cblr-1691	978	76	through	through	ADP
cblr-1691	978	77	stock	stock	NOUN
cblr-1691	978	78	ownership	ownership	NOUN
cblr-1691	978	79	act	act	NOUN
cblr-1691	978	80	(	(	PUNCT
cblr-1691	978	81	sb3152	sb3152	PROPN
cblr-1691	978	82	)	)	PUNCT
cblr-1691	978	83	,	,	PUNCT
cblr-1691	978	84	and	and	CCONJ
cblr-1691	978	85	a	a	DET
cblr-1691	978	86	companion	companion	NOUN
cblr-1691	978	87	house	house	NOUN
cblr-1691	978	88	bill	bill	NOUN
cblr-1691	978	89	(	(	PUNCT
cblr-1691	978	90	hr5719	hr5719	PROPN
cblr-1691	978	91	)	)	PUNCT
cblr-1691	978	92	.	.	PUNCT
cblr-1691	979	1	the	the	DET
cblr-1691	979	2	purpose	purpose	NOUN
cblr-1691	979	3	was	be	AUX
cblr-1691	979	4	to	to	PART
cblr-1691	979	5	provide	provide	VERB
cblr-1691	979	6	an	an	DET
cblr-1691	979	7	extended	extended	ADJ
cblr-1691	979	8	deferral	deferral	ADJ
cblr-1691	979	9	period	period	NOUN
cblr-1691	979	10	of	of	ADP
cblr-1691	979	11	up	up	ADP
cblr-1691	979	12	to	to	PART
cblr-1691	979	13	seven	seven	NUM
cblr-1691	979	14	years	year	NOUN
cblr-1691	979	15	for	for	ADP
cblr-1691	979	16	employees	employee	NOUN
cblr-1691	979	17	who	who	PRON
cblr-1691	979	18	exercise	exercise	VERB
cblr-1691	979	19	options	option	NOUN
cblr-1691	979	20	to	to	PART
cblr-1691	979	21	buy	buy	VERB
cblr-1691	979	22	the	the	DET
cblr-1691	979	23	stock	stock	NOUN
cblr-1691	979	24	of	of	ADP
cblr-1691	979	25	private	private	ADJ
cblr-1691	979	26	companies	company	NOUN
cblr-1691	979	27	to	to	PART
cblr-1691	979	28	ease	ease	VERB
cblr-1691	979	29	the	the	DET
cblr-1691	979	30	tax	tax	NOUN
cblr-1691	979	31	burden	burden	NOUN
cblr-1691	979	32	arising	arise	VERB
cblr-1691	979	33	from	from	ADP
cblr-1691	979	34	equity	equity	NOUN
cblr-1691	979	35	grants	grant	NOUN
cblr-1691	979	36	covering	cover	VERB
cblr-1691	979	37	shares	share	NOUN
cblr-1691	979	38	that	that	PRON
cblr-1691	979	39	are	be	AUX
cblr-1691	979	40	not	not	PART
cblr-1691	979	41	publicly	publicly	ADV
cblr-1691	979	42	traded	trade	VERB
cblr-1691	979	43	.	.	PUNCT
cblr-1691	979	44	”	"	PUNCT
cblr-1691	979	45	)	)	PUNCT
cblr-1691	979	46	.	.	PUNCT
cblr-1691	980	1	no	no	INTJ
cblr-1691	980	2	.	.	PUNCT
cblr-1691	981	1	1:107	1:107	NUM
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cblr-1691	981	3	unicorn	unicorn	ADJ
cblr-1691	981	4	stock	stock	NOUN
cblr-1691	981	5	options	option	NOUN
cblr-1691	981	6	175	175	NUM
cblr-1691	981	7	in	in	ADP
cblr-1691	981	8	the	the	DET
cblr-1691	981	9	open	open	ADJ
cblr-1691	981	10	market.305	market.305	NOUN
cblr-1691	981	11	luckily	luckily	ADV
cblr-1691	981	12	for	for	ADP
cblr-1691	981	13	these306	these306	PROPN
cblr-1691	981	14	uber	uber	ADJ
cblr-1691	981	15	employees	employee	NOUN
cblr-1691	981	16	and	and	CCONJ
cblr-1691	981	17	investors	investor	NOUN
cblr-1691	981	18	,	,	PUNCT
cblr-1691	981	19	the	the	DET
cblr-1691	981	20	deal	deal	NOUN
cblr-1691	981	21	went	go	VERB
cblr-1691	981	22	through	through	ADP
cblr-1691	981	23	and	and	CCONJ
cblr-1691	981	24	the	the	DET
cblr-1691	981	25	tender	tender	NOUN
cblr-1691	981	26	offer	offer	NOUN
cblr-1691	981	27	provided	provide	VERB
cblr-1691	981	28	them	they	PRON
cblr-1691	981	29	with	with	ADP
cblr-1691	981	30	an	an	DET
cblr-1691	981	31	opportunity	opportunity	NOUN
cblr-1691	981	32	to	to	PART
cblr-1691	981	33	liquidate	liquidate	VERB
cblr-1691	981	34	and	and	CCONJ
cblr-1691	981	35	recover	recover	VERB
cblr-1691	981	36	their	their	PRON
cblr-1691	981	37	upfront	upfront	NOUN
cblr-1691	982	1	investment.307	investment.307	NOUN
cblr-1691	982	2	but	but	CCONJ
cblr-1691	982	3	what	what	PRON
cblr-1691	982	4	about	about	ADP
cblr-1691	982	5	all	all	DET
cblr-1691	982	6	the	the	DET
cblr-1691	982	7	other	other	ADJ
cblr-1691	982	8	employees	employee	NOUN
cblr-1691	982	9	that	that	PRON
cblr-1691	982	10	were	be	AUX
cblr-1691	982	11	not	not	PART
cblr-1691	982	12	permitted	permit	VERB
cblr-1691	982	13	to	to	PART
cblr-1691	982	14	participate	participate	VERB
cblr-1691	982	15	,	,	PUNCT
cblr-1691	982	16	even	even	ADV
cblr-1691	982	17	on	on	ADP
cblr-1691	982	18	a	a	DET
cblr-1691	982	19	pro	pro	ADJ
cblr-1691	982	20	rata	rata	ADJ
cblr-1691	982	21	basis	basis	NOUN
cblr-1691	982	22	?	?	PUNCT
cblr-1691	983	1	v.	v.	ADP
cblr-1691	983	2	recommendations	recommendation	NOUN
cblr-1691	983	3	in	in	ADP
cblr-1691	983	4	order	order	NOUN
cblr-1691	983	5	to	to	PART
cblr-1691	983	6	remove	remove	VERB
cblr-1691	983	7	legal	legal	ADJ
cblr-1691	983	8	barriers	barrier	NOUN
cblr-1691	983	9	to	to	ADP
cblr-1691	983	10	private	private	ADJ
cblr-1691	983	11	ordering	ordering	NOUN
cblr-1691	983	12	,	,	PUNCT
cblr-1691	983	13	this	this	DET
cblr-1691	983	14	article	article	NOUN
cblr-1691	983	15	postulates	postulate	VERB
cblr-1691	983	16	that	that	SCONJ
cblr-1691	983	17	the	the	DET
cblr-1691	983	18	current	current	ADJ
cblr-1691	983	19	regulatory	regulatory	ADJ
cblr-1691	983	20	models	model	NOUN
cblr-1691	983	21	need	need	VERB
cblr-1691	983	22	urgent	urgent	ADJ
cblr-1691	983	23	amendments	amendment	NOUN
cblr-1691	983	24	and	and	CCONJ
cblr-1691	983	25	comprehensive	comprehensive	ADJ
cblr-1691	983	26	reform	reform	NOUN
cblr-1691	983	27	.	.	PUNCT
cblr-1691	984	1	the	the	DET
cblr-1691	984	2	recent	recent	ADJ
cblr-1691	984	3	piecemeal	piecemeal	ADJ
cblr-1691	984	4	amendments	amendment	NOUN
cblr-1691	984	5	to	to	ADP
cblr-1691	984	6	the	the	DET
cblr-1691	984	7	federal	federal	ADJ
cblr-1691	984	8	securities	security	NOUN
cblr-1691	984	9	and	and	CCONJ
cblr-1691	984	10	tax	tax	NOUN
cblr-1691	984	11	laws	law	NOUN
cblr-1691	984	12	do	do	AUX
cblr-1691	984	13	not	not	PART
cblr-1691	984	14	solve	solve	VERB
cblr-1691	984	15	the	the	DET
cblr-1691	984	16	problems	problem	NOUN
cblr-1691	984	17	that	that	PRON
cblr-1691	984	18	unicorn	unicorn	ADJ
cblr-1691	984	19	firms	firm	NOUN
cblr-1691	984	20	are	be	AUX
cblr-1691	984	21	experiencing	experience	VERB
cblr-1691	984	22	with	with	ADP
cblr-1691	984	23	attracting	attract	VERB
cblr-1691	984	24	,	,	PUNCT
cblr-1691	984	25	engaging	engaging	ADJ
cblr-1691	984	26	,	,	PUNCT
cblr-1691	984	27	and	and	CCONJ
cblr-1691	984	28	retaining	retain	VERB
cblr-1691	984	29	talent	talent	NOUN
cblr-1691	984	30	.	.	PUNCT
cblr-1691	985	1	they	they	PRON
cblr-1691	985	2	also	also	ADV
cblr-1691	985	3	contribute	contribute	VERB
cblr-1691	985	4	to	to	ADP
cblr-1691	985	5	the	the	DET
cblr-1691	985	6	unicorn	unicorn	ADJ
cblr-1691	985	7	employees	employee	NOUN
cblr-1691	985	8	’	'	PUNCT
cblr-1691	985	9	conflict	conflict	NOUN
cblr-1691	985	10	of	of	ADP
cblr-1691	985	11	expectations	expectation	NOUN
cblr-1691	985	12	and	and	CCONJ
cblr-1691	985	13	,	,	PUNCT
cblr-1691	985	14	as	as	ADP
cblr-1691	985	15	a	a	DET
cblr-1691	985	16	result	result	NOUN
cblr-1691	985	17	,	,	PUNCT
cblr-1691	985	18	the	the	DET
cblr-1691	985	19	unicorn	unicorn	ADJ
cblr-1691	985	20	firms	firm	NOUN
cblr-1691	985	21	continue	continue	VERB
cblr-1691	985	22	to	to	PART
cblr-1691	985	23	renegotiate	renegotiate	VERB
cblr-1691	985	24	labor	labor	NOUN
cblr-1691	985	25	contracts	contract	NOUN
cblr-1691	985	26	with	with	ADP
cblr-1691	985	27	their	their	PRON
cblr-1691	985	28	employees	employee	NOUN
cblr-1691	985	29	.	.	PUNCT
cblr-1691	986	1	305	305	NUM
cblr-1691	986	2	new	new	ADJ
cblr-1691	986	3	research	research	NOUN
cblr-1691	986	4	studies	study	NOUN
cblr-1691	986	5	examine	examine	VERB
cblr-1691	986	6	the	the	DET
cblr-1691	986	7	fair	fair	ADJ
cblr-1691	986	8	market	market	NOUN
cblr-1691	986	9	value	value	NOUN
cblr-1691	986	10	of	of	ADP
cblr-1691	986	11	startups	startup	NOUN
cblr-1691	986	12	worth	worth	ADJ
cblr-1691	986	13	over	over	ADP
cblr-1691	986	14	$	$	SYM
cblr-1691	986	15	1	1	NUM
cblr-1691	986	16	billion	billion	NUM
cblr-1691	986	17	.	.	PUNCT
cblr-1691	987	1	for	for	ADP
cblr-1691	987	2	instance	instance	NOUN
cblr-1691	987	3	,	,	PUNCT
cblr-1691	987	4	gornall	gornall	PROPN
cblr-1691	987	5	and	and	CCONJ
cblr-1691	987	6	strebulaev	strebulaev	PROPN
cblr-1691	987	7	find	find	VERB
cblr-1691	987	8	huge	huge	ADJ
cblr-1691	987	9	discrepancies	discrepancy	NOUN
cblr-1691	987	10	in	in	ADP
cblr-1691	987	11	their	their	PRON
cblr-1691	987	12	purported	purport	VERB
cblr-1691	987	13	worth	worth	NOUN
cblr-1691	987	14	.	.	PUNCT
cblr-1691	988	1	see	see	VERB
cblr-1691	988	2	gornall	gornall	PROPN
cblr-1691	988	3	&	&	CCONJ
cblr-1691	988	4	strebulaev	strebulaev	PROPN
cblr-1691	988	5	,	,	PUNCT
cblr-1691	988	6	supra	supra	PROPN
cblr-1691	988	7	note	note	PROPN
cblr-1691	988	8	176	176	NUM
cblr-1691	988	9	.	.	PUNCT
cblr-1691	989	1	on	on	ADP
cblr-1691	989	2	the	the	DET
cblr-1691	989	3	skepticism	skepticism	NOUN
cblr-1691	989	4	about	about	ADP
cblr-1691	989	5	unicorn	unicorn	ADJ
cblr-1691	989	6	reported	report	VERB
cblr-1691	989	7	valuations	valuation	NOUN
cblr-1691	989	8	,	,	PUNCT
cblr-1691	989	9	see	see	VERB
cblr-1691	989	10	also	also	ADV
cblr-1691	989	11	robert	robert	PROPN
cblr-1691	989	12	p.	p.	PROPN
cblr-1691	989	13	bartlett	bartlett	PROPN
cblr-1691	989	14	,	,	PUNCT
cblr-1691	989	15	iii	iii	PROPN
cblr-1691	989	16	,	,	PUNCT
cblr-1691	989	17	a	a	DET
cblr-1691	989	18	founder	founder	NOUN
cblr-1691	989	19	’s	’s	PART
cblr-1691	989	20	guide	guide	NOUN
cblr-1691	989	21	to	to	ADP
cblr-1691	989	22	unicorn	unicorn	ADJ
cblr-1691	989	23	creation	creation	NOUN
cblr-1691	989	24	:	:	PUNCT
cblr-1691	989	25	how	how	SCONJ
cblr-1691	989	26	liquidation	liquidation	NOUN
cblr-1691	989	27	preferences	preference	NOUN
cblr-1691	989	28	in	in	ADP
cblr-1691	989	29	m&a	m&a	PROPN
cblr-1691	989	30	transactions	transaction	NOUN
cblr-1691	989	31	affect	affect	VERB
cblr-1691	989	32	start	start	NOUN
cblr-1691	989	33	-	-	PUNCT
cblr-1691	989	34	up	up	ADP
cblr-1691	989	35	valuation	valuation	NOUN
cblr-1691	989	36	,	,	PUNCT
cblr-1691	989	37	in	in	ADP
cblr-1691	989	38	research	research	NOUN
cblr-1691	989	39	handbook	handbook	NOUN
cblr-1691	989	40	on	on	ADP
cblr-1691	989	41	mergers	merger	NOUN
cblr-1691	989	42	&	&	CCONJ
cblr-1691	989	43	acquisitions	acquisition	NOUN
cblr-1691	989	44	123	123	NUM
cblr-1691	989	45	(	(	PUNCT
cblr-1691	989	46	claire	claire	PROPN
cblr-1691	989	47	a.	a.	PROPN
cblr-1691	989	48	hill	hill	PROPN
cblr-1691	989	49	&	&	CCONJ
cblr-1691	989	50	steven	steven	PROPN
cblr-1691	989	51	david	david	PROPN
cblr-1691	989	52	solomon	solomon	PROPN
cblr-1691	989	53	eds	eds	PROPN
cblr-1691	989	54	.	.	PROPN
cblr-1691	989	55	,	,	PUNCT
cblr-1691	989	56	2016	2016	NUM
cblr-1691	989	57	)	)	PUNCT
cblr-1691	989	58	(	(	PUNCT
cblr-1691	989	59	“	"	PUNCT
cblr-1691	989	60	[	[	X
cblr-1691	989	61	a]chieving	a]chieve	VERB
cblr-1691	989	62	unicorn	unicorn	ADJ
cblr-1691	989	63	status	status	NOUN
cblr-1691	989	64	provides	provide	VERB
cblr-1691	989	65	a	a	DET
cblr-1691	989	66	firm	firm	NOUN
cblr-1691	989	67	with	with	ADP
cblr-1691	989	68	added	add	VERB
cblr-1691	989	69	visibility	visibility	NOUN
cblr-1691	989	70	to	to	PART
cblr-1691	989	71	prospective	prospective	ADJ
cblr-1691	989	72	employees	employee	NOUN
cblr-1691	989	73	and	and	CCONJ
cblr-1691	989	74	customers	customer	NOUN
cblr-1691	989	75	,	,	PUNCT
cblr-1691	989	76	giving	give	VERB
cblr-1691	989	77	it	it	PRON
cblr-1691	989	78	a	a	DET
cblr-1691	989	79	potential	potential	ADJ
cblr-1691	989	80	competitive	competitive	ADJ
cblr-1691	989	81	advantage	advantage	NOUN
cblr-1691	989	82	over	over	ADP
cblr-1691	989	83	rival	rival	ADJ
cblr-1691	989	84	firms	firm	NOUN
cblr-1691	989	85	.	.	PUNCT
cblr-1691	989	86	”	"	PUNCT
cblr-1691	989	87	)	)	PUNCT
cblr-1691	989	88	;	;	PUNCT
cblr-1691	989	89	see	see	VERB
cblr-1691	989	90	also	also	ADV
cblr-1691	989	91	cable	cable	NOUN
cblr-1691	989	92	,	,	PUNCT
cblr-1691	989	93	supra	supra	PROPN
cblr-1691	989	94	note	note	NOUN
cblr-1691	989	95	5	5	NUM
cblr-1691	989	96	;	;	PUNCT
cblr-1691	989	97	fan	fan	PROPN
cblr-1691	989	98	,	,	PUNCT
cblr-1691	989	99	supra	supra	PROPN
cblr-1691	989	100	note	note	PROPN
cblr-1691	989	101	5	5	NUM
cblr-1691	989	102	;	;	PUNCT
cblr-1691	989	103	frier	frier	NOUN
cblr-1691	989	104	&	&	CCONJ
cblr-1691	989	105	newcomer	newcomer	NOUN
cblr-1691	989	106	,	,	PUNCT
cblr-1691	989	107	supra	supra	PROPN
cblr-1691	989	108	note	note	NOUN
cblr-1691	989	109	8	8	NUM
cblr-1691	989	110	(	(	PUNCT
cblr-1691	989	111	“	"	PUNCT
cblr-1691	989	112	[	[	X
cblr-1691	989	113	i]nvestors	i]nvestor	NOUN
cblr-1691	989	114	agree	agree	VERB
cblr-1691	989	115	to	to	PART
cblr-1691	989	116	grant	grant	VERB
cblr-1691	989	117	higher	high	ADJ
cblr-1691	989	118	valuations	valuation	NOUN
cblr-1691	989	119	,	,	PUNCT
cblr-1691	989	120	which	which	PRON
cblr-1691	989	121	help	help	VERB
cblr-1691	989	122	the	the	DET
cblr-1691	989	123	companies	company	NOUN
cblr-1691	989	124	with	with	ADP
cblr-1691	989	125	recruitment	recruitment	NOUN
cblr-1691	989	126	and	and	CCONJ
cblr-1691	989	127	building	build	VERB
cblr-1691	989	128	credibility	credibility	NOUN
cblr-1691	989	129	”	"	PUNCT
cblr-1691	989	130	)	)	PUNCT
cblr-1691	989	131	.	.	PUNCT
cblr-1691	990	1	306	306	NUM
cblr-1691	990	2	current	current	ADJ
cblr-1691	990	3	uber	uber	ADJ
cblr-1691	990	4	employees	employee	NOUN
cblr-1691	990	5	were	be	AUX
cblr-1691	990	6	only	only	ADV
cblr-1691	990	7	allowed	allow	VERB
cblr-1691	990	8	to	to	PART
cblr-1691	990	9	sell	sell	VERB
cblr-1691	990	10	half	half	NOUN
cblr-1691	990	11	of	of	ADP
cblr-1691	990	12	their	their	PRON
cblr-1691	990	13	stake	stake	NOUN
cblr-1691	990	14	in	in	ADP
cblr-1691	990	15	the	the	DET
cblr-1691	990	16	company	company	NOUN
cblr-1691	990	17	,	,	PUNCT
cblr-1691	990	18	whereas	whereas	SCONJ
cblr-1691	990	19	former	former	ADJ
cblr-1691	990	20	employees	employee	NOUN
cblr-1691	990	21	had	have	VERB
cblr-1691	990	22	no	no	DET
cblr-1691	990	23	restrictions	restriction	NOUN
cblr-1691	990	24	.	.	PUNCT
cblr-1691	991	1	griswold	griswold	PROPN
cblr-1691	991	2	,	,	PUNCT
cblr-1691	991	3	supra	supra	PROPN
cblr-1691	991	4	note	note	NOUN
cblr-1691	991	5	33	33	NUM
cblr-1691	991	6	.	.	PUNCT
cblr-1691	992	1	307	307	NUM
cblr-1691	992	2	see	see	VERB
cblr-1691	992	3	i	i	PROPN
cblr-1691	992	4	d.	d.	PROPN
cblr-1691	992	5	(	(	PUNCT
cblr-1691	992	6	“	"	PUNCT
cblr-1691	992	7	to	to	PART
cblr-1691	992	8	qualify	qualify	VERB
cblr-1691	992	9	for	for	ADP
cblr-1691	992	10	the	the	DET
cblr-1691	992	11	tender	tender	NOUN
cblr-1691	992	12	offer	offer	NOUN
cblr-1691	992	13	,	,	PUNCT
cblr-1691	992	14	participants	participant	NOUN
cblr-1691	992	15	must	must	AUX
cblr-1691	992	16	have	have	VERB
cblr-1691	992	17	at	at	ADV
cblr-1691	992	18	least	least	ADV
cblr-1691	992	19	10,000	10,000	NUM
cblr-1691	992	20	uber	uber	ADJ
cblr-1691	992	21	shares	share	NOUN
cblr-1691	992	22	and	and	CCONJ
cblr-1691	992	23	be	be	AUX
cblr-1691	992	24	‘	'	PUNCT
cblr-1691	992	25	accredited	accredited	ADJ
cblr-1691	992	26	investors	investor	NOUN
cblr-1691	992	27	,	,	PUNCT
cblr-1691	992	28	’	'	PUNCT
cblr-1691	992	29	an	an	DET
cblr-1691	992	30	sec	sec	PROPN
cblr-1691	992	31	designation	designation	NOUN
cblr-1691	992	32	.	.	PUNCT
cblr-1691	992	33	.	.	PUNCT
cblr-1691	992	34	.	.	PUNCT
cblr-1691	993	1	for	for	ADP
cblr-1691	993	2	wealthy	wealthy	ADJ
cblr-1691	993	3	individuals	individual	NOUN
cblr-1691	993	4	.	.	PUNCT
cblr-1691	993	5	”	"	PUNCT
cblr-1691	993	6	)	)	PUNCT
cblr-1691	993	7	;	;	PUNCT
cblr-1691	993	8	see	see	VERB
cblr-1691	993	9	ilya	ilya	PROPN
cblr-1691	993	10	strebulaev	strebulaev	PROPN
cblr-1691	993	11	,	,	PUNCT
cblr-1691	993	12	fair	fair	ADJ
cblr-1691	993	13	value	value	NOUN
cblr-1691	993	14	of	of	ADP
cblr-1691	993	15	uber	uber	NOUN
cblr-1691	993	16	estimated	estimate	VERB
cblr-1691	993	17	at	at	ADP
cblr-1691	993	18	$	$	SYM
cblr-1691	993	19	49	49	NUM
cblr-1691	993	20	billion	billion	NUM
cblr-1691	993	21	,	,	PUNCT
cblr-1691	993	22	linkedin	linkedin	NOUN
cblr-1691	993	23	(	(	PUNCT
cblr-1691	993	24	jan	jan	PROPN
cblr-1691	993	25	.	.	PROPN
cblr-1691	993	26	31	31	NUM
cblr-1691	993	27	,	,	PUNCT
cblr-1691	993	28	2018	2018	NUM
cblr-1691	993	29	)	)	PUNCT
cblr-1691	993	30	,	,	PUNCT
cblr-1691	993	31	https://conferences.law.stanford.edu/vcs/wp-content/uploads/sites/11/2017	https://conferences.law.stanford.edu/vcs/wp-content/uploads/sites/11/2017	X
cblr-1691	993	32	/11	/11	PUNCT
cblr-1691	993	33	/	/	SYM
cblr-1691	993	34	fair	fair	ADJ
cblr-1691	993	35	-	-	PUNCT
cblr-1691	993	36	value	value	NOUN
cblr-1691	993	37	-	-	PUNCT
cblr-1691	993	38	of	of	ADP
cblr-1691	993	39	-	-	PUNCT
cblr-1691	993	40	uber	uber	NOUN
cblr-1691	993	41	-	-	PUNCT
cblr-1691	993	42	estimated	estimate	VERB
cblr-1691	993	43	-	-	PUNCT
cblr-1691	993	44	at-49	at-49	NOUN
cblr-1691	993	45	-	-	PUNCT
cblr-1691	993	46	billion-_-linkedin.pdf	billion-_-linkedin.pdf	NOUN
cblr-1691	993	47	[	[	X
cblr-1691	993	48	https://perma.cc/dm3j-hpu6	https://perma.cc/dm3j-hpu6	VERB
cblr-1691	993	49	]	]	PUNCT
cblr-1691	993	50	;	;	PUNCT
cblr-1691	993	51	see	see	VERB
cblr-1691	993	52	also	also	ADV
cblr-1691	993	53	gornall	gornall	PROPN
cblr-1691	993	54	&	&	CCONJ
cblr-1691	993	55	strebulaev	strebulaev	PROPN
cblr-1691	993	56	,	,	PUNCT
cblr-1691	993	57	supra	supra	PROPN
cblr-1691	993	58	note	note	PROPN
cblr-1691	993	59	176	176	NUM
cblr-1691	993	60	.	.	PUNCT
cblr-1691	994	1	https://www.sec.gov/files/ib_accreditedinvestors.pdf	https://www.sec.gov/files/ib_accreditedinvestors.pdf	PROPN
cblr-1691	994	2	176	176	PROPN
cblr-1691	994	3	columbia	columbia	PROPN
cblr-1691	994	4	business	business	NOUN
cblr-1691	994	5	law	law	PROPN
cblr-1691	994	6	review	review	NOUN
cblr-1691	994	7	[	[	X
cblr-1691	994	8	vol	vol	NOUN
cblr-1691	994	9	.	.	PUNCT
cblr-1691	994	10	2019	2019	NUM
cblr-1691	994	11	specifically	specifically	ADV
cblr-1691	994	12	,	,	PUNCT
cblr-1691	994	13	with	with	ADP
cblr-1691	994	14	regard	regard	NOUN
cblr-1691	994	15	to	to	ADP
cblr-1691	994	16	the	the	DET
cblr-1691	994	17	tax	tax	NOUN
cblr-1691	994	18	law	law	NOUN
cblr-1691	994	19	,	,	PUNCT
cblr-1691	994	20	section	section	NOUN
cblr-1691	994	21	83	83	NUM
cblr-1691	994	22	needs	need	NOUN
cblr-1691	994	23	to	to	PART
cblr-1691	994	24	be	be	AUX
cblr-1691	994	25	amended	amend	VERB
cblr-1691	994	26	to	to	PART
cblr-1691	994	27	address	address	VERB
cblr-1691	994	28	current	current	ADJ
cblr-1691	994	29	issues	issue	NOUN
cblr-1691	994	30	that	that	PRON
cblr-1691	994	31	employees	employee	NOUN
cblr-1691	994	32	and	and	CCONJ
cblr-1691	994	33	firms	firm	NOUN
cblr-1691	994	34	are	be	AUX
cblr-1691	994	35	dealing	deal	VERB
cblr-1691	994	36	with	with	ADP
cblr-1691	994	37	in	in	ADP
cblr-1691	994	38	these	these	DET
cblr-1691	994	39	new	new	ADJ
cblr-1691	994	40	market	market	NOUN
cblr-1691	994	41	dynamics	dynamic	NOUN
cblr-1691	994	42	.	.	PUNCT
cblr-1691	995	1	securities	security	NOUN
cblr-1691	995	2	law	law	NOUN
cblr-1691	995	3	needs	need	VERB
cblr-1691	995	4	more	more	ADJ
cblr-1691	995	5	transparency	transparency	NOUN
cblr-1691	995	6	and	and	CCONJ
cblr-1691	995	7	information	information	NOUN
cblr-1691	995	8	.	.	PUNCT
cblr-1691	996	1	the	the	DET
cblr-1691	996	2	first	first	ADJ
cblr-1691	996	3	step	step	NOUN
cblr-1691	996	4	in	in	ADP
cblr-1691	996	5	this	this	DET
cblr-1691	996	6	direction	direction	NOUN
cblr-1691	996	7	is	be	AUX
cblr-1691	996	8	to	to	PART
cblr-1691	996	9	amend	amend	VERB
cblr-1691	996	10	the	the	DET
cblr-1691	996	11	law	law	NOUN
cblr-1691	996	12	to	to	PART
cblr-1691	996	13	count	count	VERB
cblr-1691	996	14	the	the	DET
cblr-1691	996	15	number	number	NOUN
cblr-1691	996	16	of	of	ADP
cblr-1691	996	17	employees	employee	NOUN
cblr-1691	996	18	towards	towards	ADP
cblr-1691	996	19	the	the	DET
cblr-1691	996	20	threshold	threshold	NOUN
cblr-1691	996	21	of	of	ADP
cblr-1691	996	22	registration	registration	NOUN
cblr-1691	996	23	with	with	ADP
cblr-1691	996	24	the	the	DET
cblr-1691	996	25	sec	sec	PROPN
cblr-1691	996	26	.	.	PUNCT
cblr-1691	996	27	a.	a.	PROPN
cblr-1691	996	28	corporate	corporate	ADJ
cblr-1691	996	29	governance	governance	NOUN
cblr-1691	996	30	and	and	CCONJ
cblr-1691	996	31	protection	protection	NOUN
cblr-1691	996	32	of	of	ADP
cblr-1691	996	33	minority	minority	NOUN
cblr-1691	996	34	shareholders	shareholder	NOUN
cblr-1691	996	35	unicorns	unicorn	NOUN
cblr-1691	996	36	are	be	AUX
cblr-1691	996	37	private	private	ADJ
cblr-1691	996	38	firms	firm	NOUN
cblr-1691	996	39	with	with	ADP
cblr-1691	996	40	concentrated	concentrated	ADJ
cblr-1691	996	41	ownership	ownership	NOUN
cblr-1691	996	42	.	.	PUNCT
cblr-1691	997	1	should	should	AUX
cblr-1691	997	2	the	the	DET
cblr-1691	997	3	law	law	NOUN
cblr-1691	997	4	provide	provide	VERB
cblr-1691	997	5	additional	additional	ADJ
cblr-1691	997	6	protection	protection	NOUN
cblr-1691	997	7	to	to	ADP
cblr-1691	997	8	the	the	DET
cblr-1691	997	9	employees	employee	NOUN
cblr-1691	997	10	as	as	ADP
cblr-1691	997	11	minority	minority	NOUN
cblr-1691	997	12	shareholders	shareholder	NOUN
cblr-1691	997	13	?	?	PUNCT
cblr-1691	998	1	if	if	SCONJ
cblr-1691	998	2	so	so	ADV
cblr-1691	998	3	,	,	PUNCT
cblr-1691	998	4	what	what	PRON
cblr-1691	998	5	kind	kind	NOUN
cblr-1691	998	6	of	of	ADP
cblr-1691	998	7	protections	protection	NOUN
cblr-1691	998	8	would	would	AUX
cblr-1691	998	9	help	help	VERB
cblr-1691	998	10	?	?	PUNCT
cblr-1691	999	1	it	it	PRON
cblr-1691	999	2	is	be	AUX
cblr-1691	999	3	necessary	necessary	ADJ
cblr-1691	999	4	to	to	PART
cblr-1691	999	5	protect	protect	VERB
cblr-1691	999	6	unicorn	unicorn	ADJ
cblr-1691	999	7	employee	employee	NOUN
cblr-1691	999	8	-	-	PUNCT
cblr-1691	999	9	investors	investor	NOUN
cblr-1691	999	10	’	'	PUNCT
cblr-1691	999	11	collective	collective	ADJ
cblr-1691	999	12	interests	interest	NOUN
cblr-1691	999	13	for	for	ADP
cblr-1691	999	14	the	the	DET
cblr-1691	999	15	following	follow	VERB
cblr-1691	999	16	reasons	reason	NOUN
cblr-1691	999	17	.	.	PUNCT
cblr-1691	1000	1	first	first	ADV
cblr-1691	1000	2	,	,	PUNCT
cblr-1691	1000	3	the	the	DET
cblr-1691	1000	4	employees	employee	NOUN
cblr-1691	1000	5	(	(	PUNCT
cblr-1691	1000	6	other	other	ADJ
cblr-1691	1000	7	than	than	ADP
cblr-1691	1000	8	founders	founder	NOUN
cblr-1691	1000	9	and	and	CCONJ
cblr-1691	1000	10	senior	senior	ADJ
cblr-1691	1000	11	managers	manager	NOUN
cblr-1691	1000	12	)	)	PUNCT
cblr-1691	1000	13	who	who	PRON
cblr-1691	1000	14	are	be	AUX
cblr-1691	1000	15	granted	grant	VERB
cblr-1691	1000	16	equity	equity	NOUN
cblr-1691	1000	17	compensation	compensation	NOUN
cblr-1691	1000	18	are	be	AUX
cblr-1691	1000	19	usually	usually	ADV
cblr-1691	1000	20	minority	minority	ADJ
cblr-1691	1000	21	shareholders	shareholder	NOUN
cblr-1691	1000	22	,	,	PUNCT
cblr-1691	1000	23	if	if	SCONJ
cblr-1691	1000	24	they	they	PRON
cblr-1691	1000	25	hold	hold	VERB
cblr-1691	1000	26	shares	share	NOUN
cblr-1691	1000	27	at	at	ADV
cblr-1691	1000	28	all	all	ADV
cblr-1691	1000	29	,	,	PUNCT
cblr-1691	1000	30	limiting	limit	VERB
cblr-1691	1000	31	their	their	PRON
cblr-1691	1000	32	ability	ability	NOUN
cblr-1691	1000	33	to	to	PART
cblr-1691	1000	34	use	use	VERB
cblr-1691	1000	35	their	their	PRON
cblr-1691	1000	36	votes	vote	NOUN
cblr-1691	1000	37	or	or	CCONJ
cblr-1691	1000	38	voice	voice	NOUN
cblr-1691	1000	39	to	to	PART
cblr-1691	1000	40	influence	influence	VERB
cblr-1691	1000	41	company	company	NOUN
cblr-1691	1000	42	actions	action	NOUN
cblr-1691	1000	43	.	.	PUNCT
cblr-1691	1001	1	as	as	SCONJ
cblr-1691	1001	2	noted	note	VERB
cblr-1691	1001	3	above	above	ADV
cblr-1691	1001	4	,	,	PUNCT
cblr-1691	1001	5	they	they	PRON
cblr-1691	1001	6	are	be	AUX
cblr-1691	1001	7	locked	lock	VERB
cblr-1691	1001	8	-	-	PUNCT
cblr-1691	1001	9	in	in	ADP
cblr-1691	1001	10	and	and	CCONJ
cblr-1691	1001	11	can	can	AUX
cblr-1691	1001	12	not	not	PART
cblr-1691	1001	13	easily	easily	ADV
cblr-1691	1001	14	redeem	redeem	VERB
cblr-1691	1001	15	their	their	PRON
cblr-1691	1001	16	investment	investment	NOUN
cblr-1691	1001	17	.	.	PUNCT
cblr-1691	1002	1	second	second	ADJ
cblr-1691	1002	2	,	,	PUNCT
cblr-1691	1002	3	the	the	DET
cblr-1691	1002	4	jobs	job	NOUN
cblr-1691	1002	5	act	act	NOUN
cblr-1691	1002	6	has	have	AUX
cblr-1691	1002	7	extended	extend	VERB
cblr-1691	1002	8	the	the	DET
cblr-1691	1002	9	number	number	NOUN
cblr-1691	1002	10	of	of	ADP
cblr-1691	1002	11	investors	investor	NOUN
cblr-1691	1002	12	allowed	allow	VERB
cblr-1691	1002	13	in	in	ADP
cblr-1691	1002	14	private	private	ADJ
cblr-1691	1002	15	companies	company	NOUN
cblr-1691	1002	16	before	before	SCONJ
cblr-1691	1002	17	periodic	periodic	ADJ
cblr-1691	1002	18	reports	report	NOUN
cblr-1691	1002	19	are	be	AUX
cblr-1691	1002	20	required	require	VERB
cblr-1691	1002	21	under	under	ADP
cblr-1691	1002	22	the	the	DET
cblr-1691	1002	23	securities	security	NOUN
cblr-1691	1002	24	exchange	exchange	PROPN
cblr-1691	1002	25	act	act	NOUN
cblr-1691	1002	26	of	of	ADP
cblr-1691	1002	27	1934.308	1934.308	NUM
cblr-1691	1002	28	the	the	DET
cblr-1691	1002	29	increase	increase	NOUN
cblr-1691	1002	30	in	in	ADP
cblr-1691	1002	31	the	the	DET
cblr-1691	1002	32	number	number	NOUN
cblr-1691	1002	33	of	of	ADP
cblr-1691	1002	34	non	non	ADJ
cblr-1691	1002	35	-	-	ADJ
cblr-1691	1002	36	traditional	traditional	ADJ
cblr-1691	1002	37	investors	investor	NOUN
cblr-1691	1002	38	may	may	AUX
cblr-1691	1002	39	create	create	VERB
cblr-1691	1002	40	collective	collective	ADJ
cblr-1691	1002	41	action	action	NOUN
cblr-1691	1002	42	problems	problem	NOUN
cblr-1691	1002	43	.	.	PUNCT
cblr-1691	1003	1	due	due	ADP
cblr-1691	1003	2	to	to	ADP
cblr-1691	1003	3	this	this	DET
cblr-1691	1003	4	increase	increase	NOUN
cblr-1691	1003	5	,	,	PUNCT
cblr-1691	1003	6	investors	investor	NOUN
cblr-1691	1003	7	may	may	AUX
cblr-1691	1003	8	tend	tend	VERB
cblr-1691	1003	9	to	to	PART
cblr-1691	1003	10	be	be	AUX
cblr-1691	1003	11	more	more	ADV
cblr-1691	1003	12	rationally	rationally	ADV
cblr-1691	1003	13	apathetic	apathetic	ADJ
cblr-1691	1003	14	.	.	PUNCT
cblr-1691	1004	1	the	the	DET
cblr-1691	1004	2	intention	intention	NOUN
cblr-1691	1004	3	and	and	CCONJ
cblr-1691	1004	4	rationale	rationale	NOUN
cblr-1691	1004	5	behind	behind	ADP
cblr-1691	1004	6	the	the	DET
cblr-1691	1004	7	jobs	job	NOUN
cblr-1691	1004	8	act	act	NOUN
cblr-1691	1004	9	change	change	NOUN
cblr-1691	1004	10	is	be	AUX
cblr-1691	1004	11	to	to	PART
cblr-1691	1004	12	facilitate	facilitate	VERB
cblr-1691	1004	13	emerging	emerge	VERB
cblr-1691	1004	14	growth	growth	NOUN
cblr-1691	1004	15	companies	company	NOUN
cblr-1691	1004	16	’	'	PUNCT
cblr-1691	1004	17	“	"	PUNCT
cblr-1691	1004	18	access	access	NOUN
cblr-1691	1004	19	to	to	ADP
cblr-1691	1004	20	the	the	DET
cblr-1691	1004	21	public	public	ADJ
cblr-1691	1004	22	capital	capital	NOUN
cblr-1691	1004	23	markets	market	NOUN
cblr-1691	1004	24	.	.	PUNCT
cblr-1691	1005	1	”309	”309	ADJ
cblr-1691	1005	2	one	one	NUM
cblr-1691	1005	3	way	way	NOUN
cblr-1691	1005	4	the	the	DET
cblr-1691	1005	5	act	act	NOUN
cblr-1691	1005	6	attempted	attempt	VERB
cblr-1691	1005	7	to	to	PART
cblr-1691	1005	8	do	do	VERB
cblr-1691	1005	9	308	308	NUM
cblr-1691	1005	10	jumpstart	jumpstart	VERB
cblr-1691	1005	11	our	our	PRON
cblr-1691	1005	12	business	business	NOUN
cblr-1691	1005	13	startups	startup	NOUN
cblr-1691	1005	14	act	act	PROPN
cblr-1691	1005	15	,	,	PUNCT
cblr-1691	1005	16	pub	pub	NOUN
cblr-1691	1005	17	.	.	PUNCT
cblr-1691	1006	1	l.	l.	PROPN
cblr-1691	1006	2	no	no	INTJ
cblr-1691	1006	3	.	.	PROPN
cblr-1691	1007	1	112	112	NUM
cblr-1691	1007	2	-	-	SYM
cblr-1691	1007	3	106	106	NUM
cblr-1691	1007	4	,	,	PUNCT
cblr-1691	1007	5	§	§	PROPN
cblr-1691	1007	6	501	501	NUM
cblr-1691	1007	7	,	,	PUNCT
cblr-1691	1007	8	126	126	NUM
cblr-1691	1007	9	stat	stat	NOUN
cblr-1691	1007	10	.	.	PUNCT
cblr-1691	1008	1	306	306	NUM
cblr-1691	1008	2	,	,	PUNCT
cblr-1691	1008	3	325	325	NUM
cblr-1691	1008	4	(	(	PUNCT
cblr-1691	1008	5	2012	2012	NUM
cblr-1691	1008	6	)	)	PUNCT
cblr-1691	1008	7	.	.	PUNCT
cblr-1691	1009	1	309	309	NUM
cblr-1691	1009	2	rose	rise	VERB
cblr-1691	1009	3	&	&	CCONJ
cblr-1691	1009	4	solomon	solomon	PROPN
cblr-1691	1009	5	,	,	PUNCT
cblr-1691	1009	6	supra	supra	PROPN
cblr-1691	1009	7	note	note	PROPN
cblr-1691	1009	8	163	163	NUM
cblr-1691	1009	9	,	,	PUNCT
cblr-1691	1009	10	at	at	ADP
cblr-1691	1009	11	84	84	NUM
cblr-1691	1009	12	;	;	PUNCT
cblr-1691	1009	13	see	see	VERB
cblr-1691	1009	14	also	also	ADV
cblr-1691	1009	15	usha	usha	PROPN
cblr-1691	1009	16	rodrigues	rodrigues	PROPN
cblr-1691	1009	17	,	,	PUNCT
cblr-1691	1009	18	securities	security	NOUN
cblr-1691	1009	19	law	law	NOUN
cblr-1691	1009	20	’s	’s	PART
cblr-1691	1009	21	dirty	dirty	ADJ
cblr-1691	1009	22	little	little	ADJ
cblr-1691	1009	23	secret	secret	ADJ
cblr-1691	1009	24	,	,	PUNCT
cblr-1691	1009	25	81	81	NUM
cblr-1691	1009	26	fordham	fordham	PROPN
cblr-1691	1009	27	l.	l.	PROPN
cblr-1691	1009	28	rev	rev	PROPN
cblr-1691	1009	29	.	.	PROPN
cblr-1691	1009	30	3389	3389	NUM
cblr-1691	1009	31	(	(	PUNCT
cblr-1691	1009	32	2013	2013	NUM
cblr-1691	1009	33	)	)	PUNCT
cblr-1691	1009	34	;	;	PUNCT
cblr-1691	1009	35	robert	robert	PROPN
cblr-1691	1009	36	b.	b.	PROPN
cblr-1691	1009	37	thompson	thompson	PROPN
cblr-1691	1009	38	&	&	CCONJ
cblr-1691	1009	39	donald	donald	PROPN
cblr-1691	1009	40	c.	c.	PROPN
cblr-1691	1009	41	langevoort	langevoort	PROPN
cblr-1691	1009	42	,	,	PUNCT
cblr-1691	1009	43	rewarding	reward	VERB
cblr-1691	1009	44	the	the	DET
cblr-1691	1009	45	public	public	ADJ
cblr-1691	1009	46	-	-	PUNCT
cblr-1691	1009	47	private	private	ADJ
cblr-1691	1009	48	boundaries	boundary	NOUN
cblr-1691	1009	49	in	in	ADP
cblr-1691	1009	50	entrepreneurial	entrepreneurial	ADJ
cblr-1691	1009	51	capital	capital	NOUN
cblr-1691	1009	52	raising	raising	NOUN
cblr-1691	1009	53	,	,	PUNCT
cblr-1691	1009	54	98	98	NUM
cblr-1691	1009	55	cornell	cornell	PROPN
cblr-1691	1009	56	l.	l.	PROPN
cblr-1691	1009	57	rev	rev	PROPN
cblr-1691	1009	58	.	.	PROPN
cblr-1691	1009	59	1573	1573	NUM
cblr-1691	1009	60	(	(	PUNCT
cblr-1691	1009	61	2013	2013	NUM
cblr-1691	1009	62	)	)	PUNCT
cblr-1691	1009	63	;	;	PUNCT
cblr-1691	1009	64	usha	usha	PROPN
cblr-1691	1009	65	rodrigues	rodrigues	PROPN
cblr-1691	1009	66	,	,	PUNCT
cblr-1691	1009	67	the	the	DET
cblr-1691	1009	68	jobs	job	NOUN
cblr-1691	1009	69	act	act	VERB
cblr-1691	1009	70	at	at	ADP
cblr-1691	1009	71	work	work	NOUN
cblr-1691	1009	72	,	,	PUNCT
cblr-1691	1009	73	conglomerate	conglomerate	NOUN
cblr-1691	1009	74	(	(	PUNCT
cblr-1691	1009	75	sept	sept	PROPN
cblr-1691	1009	76	.	.	PROPN
cblr-1691	1009	77	11	11	NUM
cblr-1691	1009	78	,	,	PUNCT
cblr-1691	1009	79	no	no	INTJ
cblr-1691	1009	80	.	.	PUNCT
cblr-1691	1010	1	1:107	1:107	NUM
cblr-1691	1010	2	]	]	X
cblr-1691	1010	3	unicorn	unicorn	ADJ
cblr-1691	1010	4	stock	stock	NOUN
cblr-1691	1010	5	options	option	NOUN
cblr-1691	1010	6	177	177	NUM
cblr-1691	1010	7	so	so	ADV
cblr-1691	1010	8	was	be	AUX
cblr-1691	1010	9	by	by	ADP
cblr-1691	1010	10	reducing	reduce	VERB
cblr-1691	1010	11	some	some	PRON
cblr-1691	1010	12	of	of	ADP
cblr-1691	1010	13	the	the	DET
cblr-1691	1010	14	sarbanes	sarbanes	PROPN
cblr-1691	1010	15	-	-	PUNCT
cblr-1691	1010	16	oxley	oxley	ADJ
cblr-1691	1010	17	act	act	NOUN
cblr-1691	1010	18	regulatory	regulatory	ADJ
cblr-1691	1010	19	requirements	requirement	NOUN
cblr-1691	1010	20	in	in	ADP
cblr-1691	1010	21	the	the	DET
cblr-1691	1010	22	hope	hope	NOUN
cblr-1691	1010	23	of	of	ADP
cblr-1691	1010	24	encouraging	encourage	VERB
cblr-1691	1010	25	private	private	ADJ
cblr-1691	1010	26	companies	company	NOUN
cblr-1691	1010	27	to	to	PART
cblr-1691	1010	28	go	go	VERB
cblr-1691	1010	29	public.310	public.310	VERB
cblr-1691	1010	30	the	the	DET
cblr-1691	1010	31	jobs	job	NOUN
cblr-1691	1010	32	act	act	PROPN
cblr-1691	1010	33	’s	’s	PART
cblr-1691	1010	34	biggest	big	ADJ
cblr-1691	1010	35	achievement	achievement	NOUN
cblr-1691	1010	36	is	be	AUX
cblr-1691	1010	37	“	"	PUNCT
cblr-1691	1010	38	radical	radical	ADJ
cblr-1691	1010	39	deregulation”311	deregulation”311	NOUN
cblr-1691	1010	40	by	by	ADP
cblr-1691	1010	41	exempting	exempt	VERB
cblr-1691	1010	42	more	more	ADJ
cblr-1691	1010	43	private	private	ADJ
cblr-1691	1010	44	firms	firm	NOUN
cblr-1691	1010	45	from	from	ADP
cblr-1691	1010	46	complying	comply	VERB
cblr-1691	1010	47	with	with	ADP
cblr-1691	1010	48	the	the	DET
cblr-1691	1010	49	federal	federal	ADJ
cblr-1691	1010	50	periodic	periodic	ADJ
cblr-1691	1010	51	disclosure	disclosure	NOUN
cblr-1691	1010	52	requirements.312	requirements.312	PROPN
cblr-1691	1010	53	u.s	u.s	PROPN
cblr-1691	1010	54	.	.	PROPN
cblr-1691	1010	55	firms	firm	NOUN
cblr-1691	1010	56	have	have	AUX
cblr-1691	1010	57	been	be	AUX
cblr-1691	1010	58	subjected	subject	VERB
cblr-1691	1010	59	to	to	ADP
cblr-1691	1010	60	these	these	DET
cblr-1691	1010	61	requirements	requirement	NOUN
cblr-1691	1010	62	since	since	SCONJ
cblr-1691	1010	63	1964.313	1964.313	PROPN
cblr-1691	1010	64	for	for	ADP
cblr-1691	1010	65	example	example	NOUN
cblr-1691	1010	66	,	,	PUNCT
cblr-1691	1010	67	as	as	SCONJ
cblr-1691	1010	68	mentioned	mention	VERB
cblr-1691	1010	69	above	above	ADV
cblr-1691	1010	70	,	,	PUNCT
cblr-1691	1010	71	the	the	DET
cblr-1691	1010	72	jobs	job	NOUN
cblr-1691	1010	73	act	act	VERB
cblr-1691	1010	74	changed	change	VERB
cblr-1691	1010	75	the	the	DET
cblr-1691	1010	76	threshold	threshold	NOUN
cblr-1691	1010	77	that	that	PRON
cblr-1691	1010	78	triggers	trigger	VERB
cblr-1691	1010	79	registration	registration	NOUN
cblr-1691	1010	80	with	with	ADP
cblr-1691	1010	81	the	the	DET
cblr-1691	1010	82	sec	sec	PROPN
cblr-1691	1010	83	.	.	PUNCT
cblr-1691	1011	1	employees	employee	NOUN
cblr-1691	1011	2	receiving	receive	VERB
cblr-1691	1011	3	equity	equity	NOUN
cblr-1691	1011	4	grants	grant	NOUN
cblr-1691	1011	5	no	no	ADV
cblr-1691	1011	6	longer	long	ADV
cblr-1691	1011	7	count	count	VERB
cblr-1691	1011	8	as	as	ADP
cblr-1691	1011	9	investors	investor	NOUN
cblr-1691	1011	10	,	,	PUNCT
cblr-1691	1011	11	and	and	CCONJ
cblr-1691	1011	12	the	the	DET
cblr-1691	1011	13	number	number	NOUN
cblr-1691	1011	14	of	of	ADP
cblr-1691	1011	15	accredited	accredited	ADJ
cblr-1691	1011	16	investors	investor	NOUN
cblr-1691	1011	17	that	that	PRON
cblr-1691	1011	18	necessitates	necessitate	VERB
cblr-1691	1011	19	certain	certain	ADJ
cblr-1691	1011	20	public	public	ADJ
cblr-1691	1011	21	reporting	reporting	NOUN
cblr-1691	1011	22	increased	increase	VERB
cblr-1691	1011	23	from	from	ADP
cblr-1691	1011	24	500	500	NUM
cblr-1691	1011	25	to	to	ADP
cblr-1691	1011	26	2,000.314	2,000.314	NUM
cblr-1691	1011	27	2015	2015	NUM
cblr-1691	1011	28	)	)	PUNCT
cblr-1691	1011	29	,	,	PUNCT
cblr-1691	1011	30	http://www.theconglomerate.org/jobs-act/	http://www.theconglomerate.org/jobs-act/	X
cblr-1691	1012	1	[	[	X
cblr-1691	1012	2	https://perma.cc/6wzlnygs	https://perma.cc/6wzlnygs	X
cblr-1691	1012	3	]	]	X
cblr-1691	1012	4	(	(	PUNCT
cblr-1691	1012	5	criticizing	criticize	VERB
cblr-1691	1012	6	the	the	DET
cblr-1691	1012	7	jobs	job	NOUN
cblr-1691	1012	8	act	act	PROPN
cblr-1691	1012	9	’s	’s	PART
cblr-1691	1012	10	unrealistic	unrealistic	ADJ
cblr-1691	1012	11	endeavors	endeavor	NOUN
cblr-1691	1012	12	to	to	PART
cblr-1691	1012	13	boost	boost	VERB
cblr-1691	1012	14	ipos	ipos	NOUN
cblr-1691	1012	15	)	)	PUNCT
cblr-1691	1012	16	.	.	PUNCT
cblr-1691	1013	1	310	310	NUM
cblr-1691	1013	2	see	see	VERB
cblr-1691	1013	3	solomon	solomon	PROPN
cblr-1691	1013	4	&	&	CCONJ
cblr-1691	1013	5	rose	rise	VERB
cblr-1691	1013	6	,	,	PUNCT
cblr-1691	1013	7	supra	supra	PROPN
cblr-1691	1013	8	note	note	PROPN
cblr-1691	1013	9	163	163	NUM
cblr-1691	1013	10	,	,	PUNCT
cblr-1691	1013	11	at	at	ADP
cblr-1691	1013	12	3	3	NUM
cblr-1691	1013	13	(	(	PUNCT
cblr-1691	1013	14	“	"	PUNCT
cblr-1691	1013	15	the	the	DET
cblr-1691	1013	16	jobs	job	NOUN
cblr-1691	1013	17	act	act	NOUN
cblr-1691	1013	18	is	be	AUX
cblr-1691	1013	19	primarily	primarily	ADV
cblr-1691	1013	20	a	a	DET
cblr-1691	1013	21	response	response	NOUN
cblr-1691	1013	22	to	to	ADP
cblr-1691	1013	23	the	the	DET
cblr-1691	1013	24	regulatory	regulatory	ADJ
cblr-1691	1013	25	theory	theory	NOUN
cblr-1691	1013	26	,	,	PUNCT
cblr-1691	1013	27	but	but	CCONJ
cblr-1691	1013	28	also	also	ADV
cblr-1691	1013	29	takes	take	VERB
cblr-1691	1013	30	some	some	DET
cblr-1691	1013	31	aims	aim	NOUN
cblr-1691	1013	32	towards	towards	ADP
cblr-1691	1013	33	market	market	NOUN
cblr-1691	1013	34	structure	structure	NOUN
cblr-1691	1013	35	by	by	ADP
cblr-1691	1013	36	loosening	loosen	VERB
cblr-1691	1013	37	restrictions	restriction	NOUN
cblr-1691	1013	38	on	on	ADP
cblr-1691	1013	39	research	research	NOUN
cblr-1691	1013	40	analysts	analyst	NOUN
cblr-1691	1013	41	.	.	PUNCT
cblr-1691	1013	42	”	"	PUNCT
cblr-1691	1013	43	)	)	PUNCT
cblr-1691	1013	44	.	.	PUNCT
cblr-1691	1014	1	311	311	NUM
cblr-1691	1014	2	see	see	VERB
cblr-1691	1014	3	examining	examine	VERB
cblr-1691	1014	4	investor	investor	NOUN
cblr-1691	1014	5	risks	risk	NOUN
cblr-1691	1014	6	in	in	ADP
cblr-1691	1014	7	capital	capital	NOUN
cblr-1691	1014	8	raising	raising	NOUN
cblr-1691	1014	9	:	:	PUNCT
cblr-1691	1014	10	hearing	hear	VERB
cblr-1691	1014	11	before	before	ADP
cblr-1691	1014	12	the	the	DET
cblr-1691	1014	13	subcomm	subcomm	NOUN
cblr-1691	1014	14	.	.	PUNCT
cblr-1691	1015	1	on	on	ADP
cblr-1691	1015	2	sec	sec	PROPN
cblr-1691	1015	3	.	.	PROPN
cblr-1691	1015	4	,	,	PUNCT
cblr-1691	1015	5	ins	ins	PROPN
cblr-1691	1015	6	.	.	PROPN
cblr-1691	1015	7	,	,	PUNCT
cblr-1691	1015	8	and	and	CCONJ
cblr-1691	1015	9	inv	inv	VERB
cblr-1691	1015	10	.	.	PUNCT
cblr-1691	1015	11	of	of	ADP
cblr-1691	1015	12	the	the	DET
cblr-1691	1015	13	s.	s.	PROPN
cblr-1691	1015	14	comm	comm	NOUN
cblr-1691	1015	15	.	.	PUNCT
cblr-1691	1016	1	on	on	ADP
cblr-1691	1016	2	banking	banking	NOUN
cblr-1691	1016	3	,	,	PUNCT
cblr-1691	1016	4	hous	hous	ADJ
cblr-1691	1016	5	.	.	PUNCT
cblr-1691	1016	6	,	,	PUNCT
cblr-1691	1016	7	&	&	CCONJ
cblr-1691	1016	8	urban	urban	PROPN
cblr-1691	1016	9	affairs	affairs	PROPN
cblr-1691	1016	10	,	,	PUNCT
cblr-1691	1016	11	112th	112th	PROPN
cblr-1691	1016	12	cong	cong	NOUN
cblr-1691	1016	13	.	.	PUNCT
cblr-1691	1017	1	4–6	4–6	X
cblr-1691	1017	2	(	(	PUNCT
cblr-1691	1017	3	2011	2011	NUM
cblr-1691	1017	4	)	)	PUNCT
cblr-1691	1017	5	(	(	PUNCT
cblr-1691	1017	6	statement	statement	NOUN
cblr-1691	1017	7	of	of	ADP
cblr-1691	1017	8	john	john	PROPN
cblr-1691	1017	9	coates	coates	PROPN
cblr-1691	1017	10	,	,	PUNCT
cblr-1691	1017	11	professor	professor	NOUN
cblr-1691	1017	12	of	of	ADP
cblr-1691	1017	13	law	law	NOUN
cblr-1691	1017	14	and	and	CCONJ
cblr-1691	1017	15	economics	economic	NOUN
cblr-1691	1017	16	,	,	PUNCT
cblr-1691	1017	17	harvard	harvard	PROPN
cblr-1691	1017	18	law	law	PROPN
cblr-1691	1017	19	school	school	PROPN
cblr-1691	1017	20	)	)	PUNCT
cblr-1691	1017	21	(	(	PUNCT
cblr-1691	1017	22	noting	note	VERB
cblr-1691	1017	23	that	that	SCONJ
cblr-1691	1017	24	the	the	DET
cblr-1691	1017	25	provisions	provision	NOUN
cblr-1691	1017	26	changing	change	VERB
cblr-1691	1017	27	the	the	DET
cblr-1691	1017	28	shareholders	shareholder	NOUN
cblr-1691	1017	29	of	of	ADP
cblr-1691	1017	30	record	record	NOUN
cblr-1691	1017	31	trigger	trigger	NOUN
cblr-1691	1017	32	were	be	AUX
cblr-1691	1017	33	“	"	PUNCT
cblr-1691	1017	34	the	the	DET
cblr-1691	1017	35	most	most	ADV
cblr-1691	1017	36	risky	risky	ADJ
cblr-1691	1017	37	of	of	ADP
cblr-1691	1017	38	the	the	DET
cblr-1691	1017	39	proposals	proposal	NOUN
cblr-1691	1017	40	”	"	PUNCT
cblr-1691	1017	41	and	and	CCONJ
cblr-1691	1017	42	provided	provide	VERB
cblr-1691	1017	43	an	an	DET
cblr-1691	1017	44	example	example	NOUN
cblr-1691	1017	45	of	of	ADP
cblr-1691	1017	46	“	"	PUNCT
cblr-1691	1017	47	radical	radical	ADJ
cblr-1691	1017	48	deregulation	deregulation	NOUN
cblr-1691	1017	49	”	"	PUNCT
cblr-1691	1017	50	)	)	PUNCT
cblr-1691	1017	51	.	.	PUNCT
cblr-1691	1018	1	coates	coate	NOUN
cblr-1691	1018	2	also	also	ADV
cblr-1691	1018	3	suggested	suggest	VERB
cblr-1691	1018	4	the	the	DET
cblr-1691	1018	5	need	need	NOUN
cblr-1691	1018	6	to	to	PART
cblr-1691	1018	7	use	use	VERB
cblr-1691	1018	8	a	a	DET
cblr-1691	1018	9	better	well	ADJ
cblr-1691	1018	10	measure	measure	NOUN
cblr-1691	1018	11	of	of	ADP
cblr-1691	1018	12	share	share	NOUN
cblr-1691	1018	13	ownership	ownership	NOUN
cblr-1691	1018	14	than	than	ADP
cblr-1691	1018	15	the	the	DET
cblr-1691	1018	16	increasingly	increasingly	ADV
cblr-1691	1018	17	antiquated	antiquated	ADJ
cblr-1691	1018	18	concept	concept	NOUN
cblr-1691	1018	19	of	of	ADP
cblr-1691	1018	20	“	"	PUNCT
cblr-1691	1018	21	record	record	NOUN
cblr-1691	1018	22	holders	holder	NOUN
cblr-1691	1018	23	,	,	PUNCT
cblr-1691	1018	24	”	"	PUNCT
cblr-1691	1018	25	and	and	CCONJ
cblr-1691	1018	26	offered	offer	VERB
cblr-1691	1018	27	as	as	ADP
cblr-1691	1018	28	alternatives	alternative	NOUN
cblr-1691	1018	29	a	a	DET
cblr-1691	1018	30	firm	firm	NOUN
cblr-1691	1018	31	’s	’s	PART
cblr-1691	1018	32	public	public	ADJ
cblr-1691	1018	33	float	float	NOUN
cblr-1691	1018	34	or	or	CCONJ
cblr-1691	1018	35	market	market	NOUN
cblr-1691	1018	36	valuation	valuation	NOUN
cblr-1691	1018	37	.	.	PUNCT
cblr-1691	1019	1	i	i	PRON
cblr-1691	1019	2	d.	d.	PROPN
cblr-1691	1019	3	;	;	PUNCT
cblr-1691	1019	4	see	see	VERB
cblr-1691	1019	5	also	also	ADV
cblr-1691	1019	6	michael	michael	PROPN
cblr-1691	1019	7	d.	d.	PROPN
cblr-1691	1019	8	guttentag	guttentag	PROPN
cblr-1691	1019	9	,	,	PUNCT
cblr-1691	1019	10	patching	patch	VERB
cblr-1691	1019	11	a	a	DET
cblr-1691	1019	12	hole	hole	NOUN
cblr-1691	1019	13	in	in	ADP
cblr-1691	1019	14	the	the	DET
cblr-1691	1019	15	jobs	job	NOUN
cblr-1691	1019	16	act	act	NOUN
cblr-1691	1019	17	:	:	PUNCT
cblr-1691	1019	18	how	how	SCONJ
cblr-1691	1019	19	and	and	CCONJ
cblr-1691	1019	20	why	why	SCONJ
cblr-1691	1019	21	to	to	PART
cblr-1691	1019	22	rewrite	rewrite	VERB
cblr-1691	1019	23	the	the	DET
cblr-1691	1019	24	rules	rule	NOUN
cblr-1691	1019	25	that	that	PRON
cblr-1691	1019	26	require	require	VERB
cblr-1691	1019	27	firms	firm	NOUN
cblr-1691	1019	28	to	to	PART
cblr-1691	1019	29	make	make	VERB
cblr-1691	1019	30	periodic	periodic	ADJ
cblr-1691	1019	31	disclosures	disclosure	NOUN
cblr-1691	1019	32	,	,	PUNCT
cblr-1691	1019	33	88	88	NUM
cblr-1691	1019	34	ind	ind	NOUN
cblr-1691	1019	35	.	.	PUNCT
cblr-1691	1020	1	l.j	l.j	PROPN
cblr-1691	1020	2	.	.	PROPN
cblr-1691	1020	3	151	151	NUM
cblr-1691	1020	4	,	,	PUNCT
cblr-1691	1020	5	175	175	NUM
cblr-1691	1020	6	(	(	PUNCT
cblr-1691	1020	7	2013	2013	NUM
cblr-1691	1020	8	)	)	PUNCT
cblr-1691	1020	9	.	.	PUNCT
cblr-1691	1021	1	312	312	NUM
cblr-1691	1021	2	see	see	VERB
cblr-1691	1021	3	guttentag	guttentag	NOUN
cblr-1691	1021	4	,	,	PUNCT
cblr-1691	1021	5	supra	supra	PROPN
cblr-1691	1021	6	note	note	PROPN
cblr-1691	1021	7	311	311	NUM
cblr-1691	1021	8	,	,	PUNCT
cblr-1691	1021	9	at	at	ADP
cblr-1691	1021	10	152	152	NUM
cblr-1691	1021	11	(	(	PUNCT
cblr-1691	1021	12	“	"	PUNCT
cblr-1691	1021	13	firms	firm	NOUN
cblr-1691	1021	14	were	be	AUX
cblr-1691	1021	15	first	first	ADV
cblr-1691	1021	16	federally	federally	ADV
cblr-1691	1021	17	required	require	VERB
cblr-1691	1021	18	to	to	PART
cblr-1691	1021	19	publicly	publicly	ADV
cblr-1691	1021	20	disclose	disclose	VERB
cblr-1691	1021	21	information	information	NOUN
cblr-1691	1021	22	on	on	ADP
cblr-1691	1021	23	an	an	DET
cblr-1691	1021	24	ongoing	ongoing	ADJ
cblr-1691	1021	25	basis	basis	NOUN
cblr-1691	1021	26	with	with	ADP
cblr-1691	1021	27	the	the	DET
cblr-1691	1021	28	passage	passage	NOUN
cblr-1691	1021	29	of	of	ADP
cblr-1691	1021	30	the	the	DET
cblr-1691	1021	31	securities	securities	PROPN
cblr-1691	1021	32	exchange	exchange	PROPN
cblr-1691	1021	33	act	act	NOUN
cblr-1691	1021	34	of	of	ADP
cblr-1691	1021	35	1934	1934	NUM
cblr-1691	1021	36	[	[	NOUN
cblr-1691	1021	37	.	.	X
cblr-1691	1021	38	]	]	X
cblr-1691	1021	39	”	"	PUNCT
cblr-1691	1021	40	)	)	PUNCT
cblr-1691	1021	41	.	.	PUNCT
cblr-1691	1022	1	313	313	NUM
cblr-1691	1022	2	for	for	ADP
cblr-1691	1022	3	more	more	ADJ
cblr-1691	1022	4	on	on	ADP
cblr-1691	1022	5	federal	federal	ADJ
cblr-1691	1022	6	periodic	periodic	ADJ
cblr-1691	1022	7	disclosure	disclosure	NOUN
cblr-1691	1022	8	requirements	requirement	NOUN
cblr-1691	1022	9	(	(	PUNCT
cblr-1691	1022	10	“	"	PUNCT
cblr-1691	1022	11	fdprs	fdprs	ADJ
cblr-1691	1022	12	"	"	PUNCT
cblr-1691	1022	13	)	)	PUNCT
cblr-1691	1022	14	compliance	compliance	NOUN
cblr-1691	1022	15	and	and	CCONJ
cblr-1691	1022	16	history	history	NOUN
cblr-1691	1022	17	,	,	PUNCT
cblr-1691	1022	18	see	see	VERB
cblr-1691	1022	19	i	i	PRON
cblr-1691	1022	20	d.	d.	PROPN
cblr-1691	1022	21	at	at	ADP
cblr-1691	1022	22	153	153	NUM
cblr-1691	1022	23	(	(	PUNCT
cblr-1691	1022	24	“	"	PUNCT
cblr-1691	1022	25	after	after	ADP
cblr-1691	1022	26	almost	almost	ADV
cblr-1691	1022	27	eighty	eighty	NUM
cblr-1691	1022	28	years	year	NOUN
cblr-1691	1022	29	of	of	ADP
cblr-1691	1022	30	federal	federal	ADJ
cblr-1691	1022	31	rules	rule	NOUN
cblr-1691	1022	32	requiring	require	VERB
cblr-1691	1022	33	firms	firm	NOUN
cblr-1691	1022	34	of	of	ADP
cblr-1691	1022	35	various	various	ADJ
cblr-1691	1022	36	types	type	NOUN
cblr-1691	1022	37	to	to	PART
cblr-1691	1022	38	comply	comply	VERB
cblr-1691	1022	39	with	with	ADP
cblr-1691	1022	40	fpdrs	fpdr	NOUN
cblr-1691	1022	41	and	and	CCONJ
cblr-1691	1022	42	a	a	DET
cblr-1691	1022	43	recently	recently	ADV
cblr-1691	1022	44	enacted	enact	VERB
cblr-1691	1022	45	substantial	substantial	ADJ
cblr-1691	1022	46	change	change	NOUN
cblr-1691	1022	47	to	to	ADP
cblr-1691	1022	48	these	these	DET
cblr-1691	1022	49	rules	rule	NOUN
cblr-1691	1022	50	,	,	PUNCT
cblr-1691	1022	51	how	how	SCONJ
cblr-1691	1022	52	best	good	ADJ
cblr-1691	1022	53	to	to	PART
cblr-1691	1022	54	determine	determine	VERB
cblr-1691	1022	55	when	when	SCONJ
cblr-1691	1022	56	firms	firm	NOUN
cblr-1691	1022	57	should	should	AUX
cblr-1691	1022	58	be	be	AUX
cblr-1691	1022	59	required	require	VERB
cblr-1691	1022	60	to	to	PART
cblr-1691	1022	61	comply	comply	VERB
cblr-1691	1022	62	with	with	ADP
cblr-1691	1022	63	these	these	DET
cblr-1691	1022	64	fpdrs	fpdrs	PROPN
cblr-1691	1022	65	still	still	ADV
cblr-1691	1022	66	remains	remain	VERB
cblr-1691	1022	67	largely	largely	ADV
cblr-1691	1022	68	an	an	DET
cblr-1691	1022	69	enigma	enigma	NOUN
cblr-1691	1022	70	.	.	PUNCT
cblr-1691	1022	71	”	"	PUNCT
cblr-1691	1022	72	)	)	PUNCT
cblr-1691	1022	73	.	.	PUNCT
cblr-1691	1023	1	314	314	NUM
cblr-1691	1023	2	see	see	VERB
cblr-1691	1023	3	garrett	garrett	PROPN
cblr-1691	1023	4	a.	a.	PROPN
cblr-1691	1023	5	devries	devries	PROPN
cblr-1691	1023	6	,	,	PUNCT
cblr-1691	1023	7	sec	sec	PROPN
cblr-1691	1023	8	approves	approve	VERB
cblr-1691	1023	9	final	final	ADJ
cblr-1691	1023	10	rules	rule	NOUN
cblr-1691	1023	11	implementing	implement	VERB
cblr-1691	1023	12	jobs	job	NOUN
cblr-1691	1023	13	act	act	NOUN
cblr-1691	1023	14	and	and	CCONJ
cblr-1691	1023	15	fast	fast	ADJ
cblr-1691	1023	16	act	act	NOUN
cblr-1691	1023	17	,	,	PUNCT
cblr-1691	1023	18	akin	akin	ADJ
cblr-1691	1023	19	gump	gump	PROPN
cblr-1691	1023	20	(	(	PUNCT
cblr-1691	1023	21	may	may	PROPN
cblr-1691	1023	22	13	13	NUM
cblr-1691	1023	23	,	,	PUNCT
cblr-1691	1023	24	2016	2016	NUM
cblr-1691	1023	25	)	)	PUNCT
cblr-1691	1023	26	,	,	PUNCT
cblr-1691	1023	27	178	178	NUM
cblr-1691	1023	28	columbia	columbia	PROPN
cblr-1691	1023	29	business	business	NOUN
cblr-1691	1023	30	law	law	PROPN
cblr-1691	1023	31	review	review	NOUN
cblr-1691	1023	32	[	[	X
cblr-1691	1023	33	vol	vol	NOUN
cblr-1691	1023	34	.	.	PUNCT
cblr-1691	1023	35	2019	2019	NUM
cblr-1691	1023	36	although	although	SCONJ
cblr-1691	1023	37	the	the	DET
cblr-1691	1023	38	jobs	job	NOUN
cblr-1691	1023	39	act	act	VERB
cblr-1691	1023	40	sought	seek	VERB
cblr-1691	1023	41	to	to	PART
cblr-1691	1023	42	boost	boost	VERB
cblr-1691	1023	43	the	the	DET
cblr-1691	1023	44	ipo	ipo	NOUN
cblr-1691	1023	45	market	market	NOUN
cblr-1691	1023	46	,	,	PUNCT
cblr-1691	1023	47	it	it	PRON
cblr-1691	1023	48	unfortunately	unfortunately	ADV
cblr-1691	1023	49	leaves	leave	VERB
cblr-1691	1023	50	employees	employee	NOUN
cblr-1691	1023	51	vulnerable	vulnerable	ADJ
cblr-1691	1023	52	as	as	ADP
cblr-1691	1023	53	investors	investor	NOUN
cblr-1691	1023	54	in	in	ADP
cblr-1691	1023	55	their	their	PRON
cblr-1691	1023	56	companies	company	NOUN
cblr-1691	1023	57	and	and	CCONJ
cblr-1691	1023	58	subject	subject	VERB
cblr-1691	1023	59	them	they	PRON
cblr-1691	1023	60	to	to	ADP
cblr-1691	1023	61	the	the	DET
cblr-1691	1023	62	discretion	discretion	NOUN
cblr-1691	1023	63	of	of	ADP
cblr-1691	1023	64	majority	majority	NOUN
cblr-1691	1023	65	shareholders	shareholder	NOUN
cblr-1691	1023	66	.	.	PUNCT
cblr-1691	1024	1	historically	historically	ADV
cblr-1691	1024	2	,	,	PUNCT
cblr-1691	1024	3	according	accord	VERB
cblr-1691	1024	4	to	to	ADP
cblr-1691	1024	5	fan315	fan315	PROPN
cblr-1691	1024	6	and	and	CCONJ
cblr-1691	1024	7	cable,316	cable,316	ADP
cblr-1691	1024	8	the	the	DET
cblr-1691	1024	9	securities	security	NOUN
cblr-1691	1024	10	laws	law	NOUN
cblr-1691	1024	11	were	be	AUX
cblr-1691	1024	12	designed	design	VERB
cblr-1691	1024	13	to	to	PART
cblr-1691	1024	14	protect	protect	VERB
cblr-1691	1024	15	employees	employee	NOUN
cblr-1691	1024	16	.	.	PUNCT
cblr-1691	1025	1	however	however	ADV
cblr-1691	1025	2	,	,	PUNCT
cblr-1691	1025	3	as	as	ADP
cblr-1691	1025	4	a	a	DET
cblr-1691	1025	5	result	result	NOUN
cblr-1691	1025	6	of	of	ADP
cblr-1691	1025	7	the	the	DET
cblr-1691	1025	8	deregulation	deregulation	NOUN
cblr-1691	1025	9	efforts	effort	NOUN
cblr-1691	1025	10	in	in	ADP
cblr-1691	1025	11	the	the	DET
cblr-1691	1025	12	last	last	ADJ
cblr-1691	1025	13	few	few	ADJ
cblr-1691	1025	14	years	year	NOUN
cblr-1691	1025	15	,	,	PUNCT
cblr-1691	1025	16	it	it	PRON
cblr-1691	1025	17	is	be	AUX
cblr-1691	1025	18	less	less	ADV
cblr-1691	1025	19	likely	likely	ADJ
cblr-1691	1025	20	that	that	SCONJ
cblr-1691	1025	21	privately	privately	ADV
cblr-1691	1025	22	held	hold	VERB
cblr-1691	1025	23	unicorns	unicorn	NOUN
cblr-1691	1025	24	will	will	AUX
cblr-1691	1025	25	have	have	VERB
cblr-1691	1025	26	to	to	PART
cblr-1691	1025	27	provide	provide	VERB
cblr-1691	1025	28	their	their	PRON
cblr-1691	1025	29	employees	employee	NOUN
cblr-1691	1025	30	with	with	ADP
cblr-1691	1025	31	disclosure	disclosure	NOUN
cblr-1691	1025	32	and	and	CCONJ
cblr-1691	1025	33	information.317	information.317	ADJ
cblr-1691	1025	34	other	other	ADJ
cblr-1691	1025	35	authors	author	NOUN
cblr-1691	1025	36	consider	consider	VERB
cblr-1691	1025	37	employees	employee	NOUN
cblr-1691	1025	38	of	of	ADP
cblr-1691	1025	39	startups	startup	NOUN
cblr-1691	1025	40	as	as	ADP
cblr-1691	1025	41	insiders	insider	NOUN
cblr-1691	1025	42	(	(	PUNCT
cblr-1691	1025	43	sometimes	sometimes	ADV
cblr-1691	1025	44	even	even	ADV
cblr-1691	1025	45	as	as	ADP
cblr-1691	1025	46	gamblers	gambler	NOUN
cblr-1691	1025	47	or	or	CCONJ
cblr-1691	1025	48	lottery	lottery	NOUN
cblr-1691	1025	49	winners	winner	NOUN
cblr-1691	1025	50	)	)	PUNCT
cblr-1691	1025	51	who	who	PRON
cblr-1691	1025	52	are	be	AUX
cblr-1691	1025	53	wellpositioned	wellpositione	VERB
cblr-1691	1025	54	to	to	PART
cblr-1691	1025	55	monitor	monitor	VERB
cblr-1691	1025	56	their	their	PRON
cblr-1691	1025	57	company	company	NOUN
cblr-1691	1025	58	’s	’s	PART
cblr-1691	1025	59	progress.318	progress.318	PROPN
cblr-1691	1025	60	https://www.akingump.com/en/experience/practices/corporate/ag-dealdiary/sec-approves-final-rules-implementing-jobs-act-and-fast-act.html	https://www.akingump.com/en/experience/practices/corporate/ag-dealdiary/sec-approves-final-rules-implementing-jobs-act-and-fast-act.html	PUNCT
cblr-1691	1026	1	[	[	X
cblr-1691	1026	2	https://perma.cc/2ywe-rekc	https://perma.cc/2ywe-rekc	X
cblr-1691	1026	3	]	]	X
cblr-1691	1026	4	.	.	PUNCT
cblr-1691	1027	1	315	315	NUM
cblr-1691	1027	2	see	see	VERB
cblr-1691	1027	3	fan	fan	PROPN
cblr-1691	1027	4	,	,	PUNCT
cblr-1691	1027	5	supra	supra	PROPN
cblr-1691	1027	6	note	note	NOUN
cblr-1691	1027	7	5	5	NUM
cblr-1691	1027	8	(	(	PUNCT
cblr-1691	1027	9	recommending	recommend	VERB
cblr-1691	1027	10	that	that	SCONJ
cblr-1691	1027	11	unicorn	unicorn	ADJ
cblr-1691	1027	12	companies	company	NOUN
cblr-1691	1027	13	be	be	VERB
cblr-1691	1027	14	subject	subject	ADJ
cblr-1691	1027	15	to	to	ADP
cblr-1691	1027	16	a	a	DET
cblr-1691	1027	17	scaled	scale	VERB
cblr-1691	1027	18	disclosure	disclosure	NOUN
cblr-1691	1027	19	regime	regime	NOUN
cblr-1691	1027	20	)	)	PUNCT
cblr-1691	1027	21	;	;	PUNCT
cblr-1691	1027	22	see	see	VERB
cblr-1691	1027	23	also	also	ADV
cblr-1691	1027	24	pollman	pollman	NOUN
cblr-1691	1027	25	,	,	PUNCT
cblr-1691	1027	26	supra	supra	PROPN
cblr-1691	1027	27	note	note	NOUN
cblr-1691	1027	28	299	299	NUM
cblr-1691	1027	29	(	(	PUNCT
cblr-1691	1027	30	exploring	explore	VERB
cblr-1691	1027	31	the	the	DET
cblr-1691	1027	32	development	development	NOUN
cblr-1691	1027	33	of	of	ADP
cblr-1691	1027	34	secondary	secondary	ADJ
cblr-1691	1027	35	markets	market	NOUN
cblr-1691	1027	36	for	for	ADP
cblr-1691	1027	37	startup	startup	NOUN
cblr-1691	1027	38	company	company	NOUN
cblr-1691	1027	39	stock	stock	NOUN
cblr-1691	1027	40	and	and	CCONJ
cblr-1691	1027	41	suggesting	suggest	VERB
cblr-1691	1027	42	scaled	scaled	ADJ
cblr-1691	1027	43	disclosure	disclosure	NOUN
cblr-1691	1027	44	requirements	requirement	NOUN
cblr-1691	1027	45	)	)	PUNCT
cblr-1691	1027	46	;	;	PUNCT
cblr-1691	1027	47	jeff	jeff	PROPN
cblr-1691	1027	48	schwartz	schwartz	PROPN
cblr-1691	1027	49	,	,	PUNCT
cblr-1691	1027	50	the	the	DET
cblr-1691	1027	51	law	law	NOUN
cblr-1691	1027	52	and	and	CCONJ
cblr-1691	1027	53	economics	economic	NOUN
cblr-1691	1027	54	of	of	ADP
cblr-1691	1027	55	scaled	scale	VERB
cblr-1691	1027	56	equity	equity	NOUN
cblr-1691	1027	57	market	market	NOUN
cblr-1691	1027	58	regulation	regulation	NOUN
cblr-1691	1027	59	,	,	PUNCT
cblr-1691	1027	60	39	39	NUM
cblr-1691	1027	61	j.	j.	PROPN
cblr-1691	1027	62	corp	corp	PROPN
cblr-1691	1027	63	.	.	PROPN
cblr-1691	1027	64	l.	l.	PROPN
cblr-1691	1027	65	347	347	NUM
cblr-1691	1027	66	(	(	PUNCT
cblr-1691	1027	67	2014	2014	NUM
cblr-1691	1027	68	)	)	PUNCT
cblr-1691	1027	69	(	(	PUNCT
cblr-1691	1027	70	outlining	outline	VERB
cblr-1691	1027	71	the	the	DET
cblr-1691	1027	72	costs	cost	NOUN
cblr-1691	1027	73	and	and	CCONJ
cblr-1691	1027	74	benefits	benefit	NOUN
cblr-1691	1027	75	of	of	ADP
cblr-1691	1027	76	scaled	scale	VERB
cblr-1691	1027	77	regulation	regulation	NOUN
cblr-1691	1027	78	of	of	ADP
cblr-1691	1027	79	large	large	ADJ
cblr-1691	1027	80	private	private	ADJ
cblr-1691	1027	81	companies	company	NOUN
cblr-1691	1027	82	)	)	PUNCT
cblr-1691	1027	83	;	;	PUNCT
cblr-1691	1027	84	jeff	jeff	PROPN
cblr-1691	1027	85	schwartz	schwartz	PROPN
cblr-1691	1027	86	,	,	PUNCT
cblr-1691	1027	87	the	the	DET
cblr-1691	1027	88	twilight	twilight	NOUN
cblr-1691	1027	89	of	of	ADP
cblr-1691	1027	90	equity	equity	NOUN
cblr-1691	1027	91	liquidity	liquidity	NOUN
cblr-1691	1027	92	,	,	PUNCT
cblr-1691	1027	93	34	34	NUM
cblr-1691	1027	94	cardozo	cardozo	PROPN
cblr-1691	1027	95	l.	l.	PROPN
cblr-1691	1027	96	rev	rev	PROPN
cblr-1691	1027	97	.	.	PROPN
cblr-1691	1028	1	531	531	NUM
cblr-1691	1028	2	(	(	PUNCT
cblr-1691	1028	3	2012	2012	NUM
cblr-1691	1028	4	)	)	PUNCT
cblr-1691	1028	5	(	(	PUNCT
cblr-1691	1028	6	arguing	argue	VERB
cblr-1691	1028	7	for	for	ADP
cblr-1691	1028	8	a	a	DET
cblr-1691	1028	9	“	"	PUNCT
cblr-1691	1028	10	lifecycle	lifecycle	NOUN
cblr-1691	1028	11	model	model	NOUN
cblr-1691	1028	12	”	"	PUNCT
cblr-1691	1028	13	of	of	ADP
cblr-1691	1028	14	securities	security	NOUN
cblr-1691	1028	15	regulation	regulation	NOUN
cblr-1691	1028	16	that	that	PRON
cblr-1691	1028	17	would	would	AUX
cblr-1691	1028	18	adapt	adapt	VERB
cblr-1691	1028	19	to	to	PART
cblr-1691	1028	20	firm	firm	VERB
cblr-1691	1028	21	age	age	NOUN
cblr-1691	1028	22	)	)	PUNCT
cblr-1691	1028	23	;	;	PUNCT
cblr-1691	1028	24	thompson	thompson	PROPN
cblr-1691	1028	25	&	&	CCONJ
cblr-1691	1028	26	langevoort	langevoort	PROPN
cblr-1691	1028	27	,	,	PUNCT
cblr-1691	1028	28	supra	supra	PROPN
cblr-1691	1028	29	note	note	NOUN
cblr-1691	1028	30	309	309	NUM
cblr-1691	1028	31	at	at	ADP
cblr-1691	1028	32	1625	1625	NUM
cblr-1691	1028	33	–	–	PUNCT
cblr-1691	1028	34	27	27	NUM
cblr-1691	1028	35	(	(	PUNCT
cblr-1691	1028	36	calling	call	VERB
cblr-1691	1028	37	for	for	ADP
cblr-1691	1028	38	legislative	legislative	ADJ
cblr-1691	1028	39	reforms	reform	NOUN
cblr-1691	1028	40	to	to	PART
cblr-1691	1028	41	reduce	reduce	VERB
cblr-1691	1028	42	regulation	regulation	NOUN
cblr-1691	1028	43	for	for	ADP
cblr-1691	1028	44	large	large	ADJ
cblr-1691	1028	45	private	private	ADJ
cblr-1691	1028	46	companies	company	NOUN
cblr-1691	1028	47	and	and	CCONJ
cblr-1691	1028	48	advocates	advocate	NOUN
cblr-1691	1028	49	for	for	ADP
cblr-1691	1028	50	enhanced	enhanced	ADJ
cblr-1691	1028	51	regulation	regulation	NOUN
cblr-1691	1028	52	of	of	ADP
cblr-1691	1028	53	broker	broker	NOUN
cblr-1691	1028	54	-	-	PUNCT
cblr-1691	1028	55	dealers	dealer	NOUN
cblr-1691	1028	56	as	as	ADP
cblr-1691	1028	57	an	an	DET
cblr-1691	1028	58	alternative	alternative	ADJ
cblr-1691	1028	59	approach	approach	NOUN
cblr-1691	1028	60	)	)	PUNCT
cblr-1691	1028	61	.	.	PUNCT
cblr-1691	1029	1	316	316	NUM
cblr-1691	1029	2	cable	cable	NOUN
cblr-1691	1029	3	,	,	PUNCT
cblr-1691	1029	4	supra	supra	PROPN
cblr-1691	1029	5	note	note	NOUN
cblr-1691	1029	6	5	5	NUM
cblr-1691	1029	7	,	,	PUNCT
cblr-1691	1029	8	at	at	ADP
cblr-1691	1029	9	616	616	NUM
cblr-1691	1029	10	.	.	PUNCT
cblr-1691	1029	11	317	317	NUM
cblr-1691	1029	12	see	see	VERB
cblr-1691	1029	13	i	i	PROPN
cblr-1691	1029	14	d.	d.	PROPN
cblr-1691	1029	15	(	(	PUNCT
cblr-1691	1029	16	“	"	PUNCT
cblr-1691	1029	17	private	private	ADJ
cblr-1691	1029	18	placement	placement	NOUN
cblr-1691	1029	19	regulation	regulation	NOUN
cblr-1691	1029	20	,	,	PUNCT
cblr-1691	1029	21	like	like	ADP
cblr-1691	1029	22	other	other	ADJ
cblr-1691	1029	23	areas	area	NOUN
cblr-1691	1029	24	of	of	ADP
cblr-1691	1029	25	law	law	NOUN
cblr-1691	1029	26	,	,	PUNCT
cblr-1691	1029	27	traditionally	traditionally	ADV
cblr-1691	1029	28	viewed	view	VERB
cblr-1691	1029	29	employees	employee	NOUN
cblr-1691	1029	30	as	as	ADP
cblr-1691	1029	31	vulnerable	vulnerable	ADJ
cblr-1691	1029	32	.	.	PUNCT
cblr-1691	1029	33	.	.	PUNCT
cblr-1691	1029	34	.	.	PUNCT
cblr-1691	1029	35	.	.	PUNCT
cblr-1691	1030	1	in	in	ADP
cblr-1691	1030	2	recent	recent	ADJ
cblr-1691	1030	3	decades	decade	NOUN
cblr-1691	1030	4	,	,	PUNCT
cblr-1691	1030	5	however	however	ADV
cblr-1691	1030	6	,	,	PUNCT
cblr-1691	1030	7	the	the	DET
cblr-1691	1030	8	[	[	X
cblr-1691	1030	9	sec	sec	X
cblr-1691	1030	10	]	]	X
cblr-1691	1030	11	and	and	CCONJ
cblr-1691	1030	12	congress	congress	PROPN
cblr-1691	1030	13	have	have	AUX
cblr-1691	1030	14	essentially	essentially	ADV
cblr-1691	1030	15	deregulated	deregulate	VERB
cblr-1691	1030	16	equity	equity	NOUN
cblr-1691	1030	17	compensation	compensation	NOUN
cblr-1691	1030	18	by	by	ADP
cblr-1691	1030	19	providing	provide	VERB
cblr-1691	1030	20	increasingly	increasingly	ADV
cblr-1691	1030	21	generous	generous	ADJ
cblr-1691	1030	22	registration	registration	NOUN
cblr-1691	1030	23	exemptions	exemption	NOUN
cblr-1691	1030	24	for	for	ADP
cblr-1691	1030	25	equity	equity	NOUN
cblr-1691	1030	26	grants	grant	NOUN
cblr-1691	1030	27	to	to	ADP
cblr-1691	1030	28	service	service	NOUN
cblr-1691	1030	29	providers	provider	NOUN
cblr-1691	1030	30	.	.	PUNCT
cblr-1691	1031	1	what	what	PRON
cblr-1691	1031	2	is	be	AUX
cblr-1691	1031	3	the	the	DET
cblr-1691	1031	4	basis	basis	NOUN
cblr-1691	1031	5	for	for	ADP
cblr-1691	1031	6	this	this	DET
cblr-1691	1031	7	policy	policy	NOUN
cblr-1691	1031	8	change	change	NOUN
cblr-1691	1031	9	?	?	PUNCT
cblr-1691	1031	10	”	"	PUNCT
cblr-1691	1031	11	)	)	PUNCT
cblr-1691	1031	12	.	.	PUNCT
cblr-1691	1032	1	318	318	NUM
cblr-1691	1032	2	for	for	ADP
cblr-1691	1032	3	further	further	ADJ
cblr-1691	1032	4	discussion	discussion	NOUN
cblr-1691	1032	5	on	on	ADP
cblr-1691	1032	6	employee	employee	NOUN
cblr-1691	1032	7	incentives	incentive	NOUN
cblr-1691	1032	8	,	,	PUNCT
cblr-1691	1032	9	see	see	VERB
cblr-1691	1032	10	generally	generally	ADV
cblr-1691	1032	11	robert	robert	PROPN
cblr-1691	1032	12	anderson	anderson	PROPN
cblr-1691	1032	13	iv	iv	PROPN
cblr-1691	1032	14	,	,	PUNCT
cblr-1691	1032	15	employee	employee	NOUN
cblr-1691	1032	16	incentives	incentive	NOUN
cblr-1691	1032	17	and	and	CCONJ
cblr-1691	1032	18	the	the	DET
cblr-1691	1032	19	federal	federal	ADJ
cblr-1691	1032	20	securities	security	NOUN
cblr-1691	1032	21	laws	law	NOUN
cblr-1691	1032	22	,	,	PUNCT
cblr-1691	1032	23	57	57	NUM
cblr-1691	1032	24	u.	u.	PROPN
cblr-1691	1032	25	miami	miami	PROPN
cblr-1691	1032	26	l.	l.	PROPN
cblr-1691	1032	27	rev	rev	PROPN
cblr-1691	1032	28	.	.	PROPN
cblr-1691	1032	29	1195	1195	NUM
cblr-1691	1032	30	(	(	PUNCT
cblr-1691	1032	31	2003	2003	NUM
cblr-1691	1032	32	)	)	PUNCT
cblr-1691	1032	33	(	(	PUNCT
cblr-1691	1032	34	discussing	discuss	VERB
cblr-1691	1032	35	the	the	DET
cblr-1691	1032	36	status	status	NOUN
cblr-1691	1032	37	of	of	ADP
cblr-1691	1032	38	employee	employee	NOUN
cblr-1691	1032	39	options	option	NOUN
cblr-1691	1032	40	as	as	ADP
cblr-1691	1032	41	securities	security	NOUN
cblr-1691	1032	42	)	)	PUNCT
cblr-1691	1032	43	;	;	PUNCT
cblr-1691	1032	44	matthew	matthew	PROPN
cblr-1691	1032	45	t.	t.	PROPN
cblr-1691	1032	46	bodie	bodie	PROPN
cblr-1691	1032	47	,	,	PUNCT
cblr-1691	1032	48	aligning	align	VERB
cblr-1691	1032	49	incentives	incentive	NOUN
cblr-1691	1032	50	with	with	ADP
cblr-1691	1032	51	equity	equity	NOUN
cblr-1691	1032	52	:	:	PUNCT
cblr-1691	1032	53	employee	employee	NOUN
cblr-1691	1032	54	stock	stock	NOUN
cblr-1691	1032	55	options	option	NOUN
cblr-1691	1032	56	and	and	CCONJ
cblr-1691	1032	57	rule	rule	NOUN
cblr-1691	1032	58	10b-5	10b-5	NUM
cblr-1691	1032	59	,	,	PUNCT
cblr-1691	1032	60	88	88	NUM
cblr-1691	1032	61	iowa	iowa	PROPN
cblr-1691	1032	62	l.	l.	PROPN
cblr-1691	1032	63	rev	rev	PROPN
cblr-1691	1032	64	.	.	PROPN
cblr-1691	1033	1	539	539	NUM
cblr-1691	1033	2	(	(	PUNCT
cblr-1691	1033	3	2003	2003	NUM
cblr-1691	1033	4	)	)	PUNCT
cblr-1691	1033	5	(	(	PUNCT
cblr-1691	1033	6	focusing	focus	VERB
cblr-1691	1033	7	on	on	ADP
cblr-1691	1033	8	the	the	DET
cblr-1691	1033	9	availability	availability	NOUN
cblr-1691	1033	10	of	of	ADP
cblr-1691	1033	11	rule	rule	NOUN
cblr-1691	1033	12	10b-5	10b-5	NUM
cblr-1691	1033	13	actions	action	NOUN
cblr-1691	1033	14	)	)	PUNCT
cblr-1691	1033	15	;	;	PUNCT
cblr-1691	1033	16	jensen	jensen	PROPN
cblr-1691	1033	17	&	&	CCONJ
cblr-1691	1033	18	murphy	murphy	PROPN
cblr-1691	1033	19	,	,	PUNCT
cblr-1691	1033	20	supra	supra	PROPN
cblr-1691	1033	21	note	note	PROPN
cblr-1691	1033	22	14	14	NUM
cblr-1691	1033	23	,	,	PUNCT
cblr-1691	1033	24	at	at	ADP
cblr-1691	1033	25	138	138	NUM
cblr-1691	1033	26	(	(	PUNCT
cblr-1691	1033	27	advocating	advocate	VERB
cblr-1691	1033	28	for	for	ADP
cblr-1691	1033	29	equity	equity	NOUN
cblr-1691	1033	30	compensation	compensation	NOUN
cblr-1691	1033	31	as	as	ADP
cblr-1691	1033	32	a	a	DET
cblr-1691	1033	33	form	form	NOUN
cblr-1691	1033	34	of	of	ADP
cblr-1691	1033	35	incentive	incentive	NOUN
cblr-1691	1033	36	-	-	PUNCT
cblr-1691	1033	37	based	base	VERB
cblr-1691	1033	38	executive	executive	ADJ
cblr-1691	1033	39	pay	pay	NOUN
cblr-1691	1033	40	)	)	PUNCT
cblr-1691	1033	41	;	;	PUNCT
cblr-1691	1033	42	smith	smith	PROPN
cblr-1691	1033	43	,	,	PUNCT
cblr-1691	1033	44	supra	supra	PROPN
cblr-1691	1033	45	note	note	PROPN
cblr-1691	1033	46	14	14	NUM
cblr-1691	1033	47	(	(	PUNCT
cblr-1691	1033	48	focusing	focus	VERB
cblr-1691	1033	49	on	on	ADP
cblr-1691	1033	50	the	the	DET
cblr-1691	1033	51	law	law	NOUN
cblr-1691	1033	52	and	and	CCONJ
cblr-1691	1033	53	economics	economic	NOUN
cblr-1691	1033	54	of	of	ADP
cblr-1691	1033	55	equity	equity	NOUN
cblr-1691	1033	56	compensation	compensation	NOUN
cblr-1691	1033	57	as	as	ADP
cblr-1691	1033	58	private	private	ADJ
cblr-1691	1033	59	ordering	ordering	NOUN
cblr-1691	1033	60	)	)	PUNCT
cblr-1691	1033	61	.	.	PUNCT
cblr-1691	1034	1	no	no	INTJ
cblr-1691	1034	2	.	.	PUNCT
cblr-1691	1035	1	1:107	1:107	NUM
cblr-1691	1035	2	]	]	X
cblr-1691	1035	3	unicorn	unicorn	ADJ
cblr-1691	1035	4	stock	stock	NOUN
cblr-1691	1035	5	options	option	NOUN
cblr-1691	1035	6	179	179	NUM
cblr-1691	1035	7	presumably	presumably	ADV
cblr-1691	1035	8	their	their	PRON
cblr-1691	1035	9	economic	economic	ADJ
cblr-1691	1035	10	incentives	incentive	NOUN
cblr-1691	1035	11	are	be	AUX
cblr-1691	1035	12	aligned	align	VERB
cblr-1691	1035	13	with	with	ADP
cblr-1691	1035	14	the	the	DET
cblr-1691	1035	15	those	those	PRON
cblr-1691	1035	16	of	of	ADP
cblr-1691	1035	17	the	the	DET
cblr-1691	1035	18	founders	founder	NOUN
cblr-1691	1035	19	’	'	PUNCT
cblr-1691	1035	20	.	.	PUNCT
cblr-1691	1036	1	moreover	moreover	ADV
cblr-1691	1036	2	,	,	PUNCT
cblr-1691	1036	3	employees	employee	NOUN
cblr-1691	1036	4	are	be	AUX
cblr-1691	1036	5	protected	protect	VERB
cblr-1691	1036	6	by	by	ADP
cblr-1691	1036	7	investors	investor	NOUN
cblr-1691	1036	8	,	,	PUNCT
cblr-1691	1036	9	such	such	ADJ
cblr-1691	1036	10	as	as	ADP
cblr-1691	1036	11	vc	vc	PROPN
cblr-1691	1036	12	investors	investor	NOUN
cblr-1691	1036	13	,	,	PUNCT
cblr-1691	1036	14	who	who	PRON
cblr-1691	1036	15	can	can	AUX
cblr-1691	1036	16	sanction	sanction	VERB
cblr-1691	1036	17	the	the	DET
cblr-1691	1036	18	founders	founder	NOUN
cblr-1691	1036	19	for	for	ADP
cblr-1691	1036	20	bad	bad	ADJ
cblr-1691	1036	21	behavior	behavior	NOUN
cblr-1691	1036	22	.	.	PUNCT
cblr-1691	1037	1	even	even	ADV
cblr-1691	1037	2	if	if	SCONJ
cblr-1691	1037	3	this	this	PRON
cblr-1691	1037	4	may	may	AUX
cblr-1691	1037	5	be	be	AUX
cblr-1691	1037	6	the	the	DET
cblr-1691	1037	7	case	case	NOUN
cblr-1691	1037	8	for	for	ADP
cblr-1691	1037	9	employees	employee	NOUN
cblr-1691	1037	10	of	of	ADP
cblr-1691	1037	11	small	small	ADJ
cblr-1691	1037	12	or	or	CCONJ
cblr-1691	1037	13	medium	medium	ADJ
cblr-1691	1037	14	-	-	PUNCT
cblr-1691	1037	15	sized	sized	ADJ
cblr-1691	1037	16	startups	startup	NOUN
cblr-1691	1037	17	,	,	PUNCT
cblr-1691	1037	18	this	this	PRON
cblr-1691	1037	19	is	be	AUX
cblr-1691	1037	20	not	not	PART
cblr-1691	1037	21	true	true	ADJ
cblr-1691	1037	22	for	for	ADP
cblr-1691	1037	23	unicorn	unicorn	ADJ
cblr-1691	1037	24	employees	employee	NOUN
cblr-1691	1037	25	who	who	PRON
cblr-1691	1037	26	work	work	VERB
cblr-1691	1037	27	for	for	ADP
cblr-1691	1037	28	larger	large	ADJ
cblr-1691	1037	29	,	,	PUNCT
cblr-1691	1037	30	quasi	quasi	ADJ
cblr-1691	1037	31	-	-	ADJ
cblr-1691	1037	32	public	public	ADJ
cblr-1691	1037	33	companies.319	companies.319	NOUN
cblr-1691	1037	34	third	third	ADJ
cblr-1691	1037	35	,	,	PUNCT
cblr-1691	1037	36	mutual	mutual	ADJ
cblr-1691	1037	37	funds	fund	NOUN
cblr-1691	1037	38	often	often	ADV
cblr-1691	1037	39	have	have	VERB
cblr-1691	1037	40	aggressive	aggressive	ADJ
cblr-1691	1037	41	redemption	redemption	NOUN
cblr-1691	1037	42	rights.320	rights.320	NOUN
cblr-1691	1037	43	in	in	ADP
cblr-1691	1037	44	the	the	DET
cblr-1691	1037	45	event	event	NOUN
cblr-1691	1037	46	that	that	SCONJ
cblr-1691	1037	47	mutual	mutual	ADJ
cblr-1691	1037	48	fund	fund	NOUN
cblr-1691	1037	49	investors	investor	NOUN
cblr-1691	1037	50	exercise	exercise	VERB
cblr-1691	1037	51	these	these	DET
cblr-1691	1037	52	rights	right	NOUN
cblr-1691	1037	53	,	,	PUNCT
cblr-1691	1037	54	by	by	ADP
cblr-1691	1037	55	asking	ask	VERB
cblr-1691	1037	56	to	to	PART
cblr-1691	1037	57	redeem	redeem	VERB
cblr-1691	1037	58	their	their	PRON
cblr-1691	1037	59	investment	investment	NOUN
cblr-1691	1037	60	and	and	CCONJ
cblr-1691	1037	61	cash	cash	VERB
cblr-1691	1037	62	out	out	ADP
cblr-1691	1037	63	,	,	PUNCT
cblr-1691	1037	64	the	the	DET
cblr-1691	1037	65	unicorn	unicorn	NOUN
cblr-1691	1037	66	can	can	AUX
cblr-1691	1037	67	face	face	VERB
cblr-1691	1037	68	cash	cash	NOUN
cblr-1691	1037	69	shortages	shortage	NOUN
cblr-1691	1037	70	and	and	CCONJ
cblr-1691	1037	71	will	will	AUX
cblr-1691	1037	72	most	most	ADV
cblr-1691	1037	73	likely	likely	ADV
cblr-1691	1037	74	be	be	AUX
cblr-1691	1037	75	compelled	compel	VERB
cblr-1691	1037	76	to	to	PART
cblr-1691	1037	77	raise	raise	VERB
cblr-1691	1037	78	new	new	ADJ
cblr-1691	1037	79	capital	capital	NOUN
cblr-1691	1037	80	under	under	ADP
cblr-1691	1037	81	unfavorable	unfavorable	ADJ
cblr-1691	1037	82	terms	term	NOUN
cblr-1691	1037	83	,	,	PUNCT
cblr-1691	1037	84	if	if	SCONJ
cblr-1691	1037	85	it	it	PRON
cblr-1691	1037	86	is	be	AUX
cblr-1691	1037	87	available	available	ADJ
cblr-1691	1037	88	at	at	ADV
cblr-1691	1037	89	all	all	ADV
cblr-1691	1037	90	.	.	PUNCT
cblr-1691	1038	1	it	it	PRON
cblr-1691	1038	2	is	be	AUX
cblr-1691	1038	3	also	also	ADV
cblr-1691	1038	4	very	very	ADV
cblr-1691	1038	5	likely	likely	ADJ
cblr-1691	1038	6	that	that	SCONJ
cblr-1691	1038	7	the	the	DET
cblr-1691	1038	8	firm	firm	NOUN
cblr-1691	1038	9	will	will	AUX
cblr-1691	1038	10	go	go	VERB
cblr-1691	1038	11	bankrupt	bankrupt	ADJ
cblr-1691	1038	12	.	.	PUNCT
cblr-1691	1039	1	although	although	SCONJ
cblr-1691	1039	2	vcs	vcs	PROPN
cblr-1691	1039	3	sometimes	sometimes	ADV
cblr-1691	1039	4	also	also	ADV
cblr-1691	1039	5	have	have	VERB
cblr-1691	1039	6	redemption	redemption	NOUN
cblr-1691	1039	7	rights	right	NOUN
cblr-1691	1039	8	,	,	PUNCT
cblr-1691	1039	9	they	they	PRON
cblr-1691	1039	10	have	have	AUX
cblr-1691	1039	11	rarely	rarely	ADV
cblr-1691	1039	12	utilized	utilize	VERB
cblr-1691	1039	13	them.321	them.321	PRON
cblr-1691	1039	14	open	open	ADV
cblr-1691	1039	15	-	-	PUNCT
cblr-1691	1039	16	ended	end	VERB
cblr-1691	1039	17	mutual	mutual	ADJ
cblr-1691	1039	18	funds	fund	NOUN
cblr-1691	1039	19	may	may	AUX
cblr-1691	1039	20	be	be	AUX
cblr-1691	1039	21	more	more	ADV
cblr-1691	1039	22	likely	likely	ADJ
cblr-1691	1039	23	to	to	PART
cblr-1691	1039	24	demand	demand	VERB
cblr-1691	1039	25	redemption	redemption	NOUN
cblr-1691	1039	26	in	in	ADP
cblr-1691	1039	27	a	a	DET
cblr-1691	1039	28	down	down	ADJ
cblr-1691	1039	29	market	market	NOUN
cblr-1691	1039	30	to	to	PART
cblr-1691	1039	31	raise	raise	VERB
cblr-1691	1039	32	the	the	DET
cblr-1691	1039	33	cash	cash	NOUN
cblr-1691	1039	34	necessary	necessary	ADJ
cblr-1691	1039	35	to	to	PART
cblr-1691	1039	36	fund	fund	VERB
cblr-1691	1039	37	redemptions	redemption	NOUN
cblr-1691	1039	38	by	by	ADP
cblr-1691	1039	39	their	their	PRON
cblr-1691	1039	40	own	own	ADJ
cblr-1691	1039	41	shareholders	shareholder	NOUN
cblr-1691	1039	42	.	.	PUNCT
cblr-1691	1040	1	finally	finally	ADV
cblr-1691	1040	2	,	,	PUNCT
cblr-1691	1040	3	founders	founder	NOUN
cblr-1691	1040	4	are	be	AUX
cblr-1691	1040	5	sometimes	sometimes	ADV
cblr-1691	1040	6	able	able	ADJ
cblr-1691	1040	7	to	to	PART
cblr-1691	1040	8	control	control	VERB
cblr-1691	1040	9	the	the	DET
cblr-1691	1040	10	board	board	NOUN
cblr-1691	1040	11	of	of	ADP
cblr-1691	1040	12	directors	director	NOUN
cblr-1691	1040	13	with	with	ADP
cblr-1691	1040	14	super	super	ADJ
cblr-1691	1040	15	voting	voting	NOUN
cblr-1691	1040	16	rights	right	NOUN
cblr-1691	1040	17	or	or	CCONJ
cblr-1691	1040	18	other	other	ADJ
cblr-1691	1040	19	arrangements	arrangement	NOUN
cblr-1691	1040	20	,	,	PUNCT
cblr-1691	1040	21	which	which	PRON
cblr-1691	1040	22	enhance	enhance	VERB
cblr-1691	1040	23	their	their	PRON
cblr-1691	1040	24	power	power	NOUN
cblr-1691	1040	25	within	within	ADP
cblr-1691	1040	26	the	the	DET
cblr-1691	1040	27	firm	firm	NOUN
cblr-1691	1040	28	.	.	PUNCT
cblr-1691	1041	1	it	it	PRON
cblr-1691	1041	2	is	be	AUX
cblr-1691	1041	3	also	also	ADV
cblr-1691	1041	4	questionable	questionable	ADJ
cblr-1691	1041	5	whether	whether	SCONJ
cblr-1691	1041	6	the	the	DET
cblr-1691	1041	7	interests	interest	NOUN
cblr-1691	1041	8	of	of	ADP
cblr-1691	1041	9	all	all	DET
cblr-1691	1041	10	common	common	ADJ
cblr-1691	1041	11	shareholders	shareholder	NOUN
cblr-1691	1041	12	are	be	AUX
cblr-1691	1041	13	aligned	align	VERB
cblr-1691	1041	14	.	.	PUNCT
cblr-1691	1042	1	a	a	DET
cblr-1691	1042	2	university	university	NOUN
cblr-1691	1042	3	endowment	endowment	NOUN
cblr-1691	1042	4	fund	fund	NOUN
cblr-1691	1042	5	may	may	AUX
cblr-1691	1042	6	be	be	AUX
cblr-1691	1042	7	a	a	DET
cblr-1691	1042	8	more	more	ADV
cblr-1691	1042	9	patient	patient	ADJ
cblr-1691	1042	10	investor	investor	NOUN
cblr-1691	1042	11	than	than	ADP
cblr-1691	1042	12	a	a	DET
cblr-1691	1042	13	cash	cash	NOUN
cblr-1691	1042	14	-	-	PUNCT
cblr-1691	1042	15	strapped	strap	VERB
cblr-1691	1042	16	individual	individual	NOUN
cblr-1691	1042	17	trying	try	VERB
cblr-1691	1042	18	to	to	PART
cblr-1691	1042	19	buy	buy	VERB
cblr-1691	1042	20	a	a	DET
cblr-1691	1042	21	house	house	NOUN
cblr-1691	1042	22	or	or	CCONJ
cblr-1691	1042	23	fund	fund	VERB
cblr-1691	1042	24	a	a	DET
cblr-1691	1042	25	child	child	NOUN
cblr-1691	1042	26	’s	’s	PART
cblr-1691	1042	27	education	education	NOUN
cblr-1691	1042	28	.	.	PUNCT
cblr-1691	1043	1	despite	despite	SCONJ
cblr-1691	1043	2	these	these	DET
cblr-1691	1043	3	issues	issue	NOUN
cblr-1691	1043	4	,	,	PUNCT
cblr-1691	1043	5	regulators	regulator	NOUN
cblr-1691	1043	6	and	and	CCONJ
cblr-1691	1043	7	policymakers	policymaker	NOUN
cblr-1691	1043	8	keep	keep	VERB
cblr-1691	1043	9	promulgating	promulgate	VERB
cblr-1691	1043	10	new	new	ADJ
cblr-1691	1043	11	regulations	regulation	NOUN
cblr-1691	1043	12	that	that	PRON
cblr-1691	1043	13	enable	enable	VERB
cblr-1691	1043	14	companies	company	NOUN
cblr-1691	1043	15	to	to	PART
cblr-1691	1043	16	raise	raise	VERB
cblr-1691	1043	17	319	319	NUM
cblr-1691	1043	18	see	see	NOUN
cblr-1691	1043	19	cable	cable	NOUN
cblr-1691	1043	20	,	,	PUNCT
cblr-1691	1043	21	supra	supra	PROPN
cblr-1691	1043	22	note	note	NOUN
cblr-1691	1043	23	5	5	NUM
cblr-1691	1043	24	,	,	PUNCT
cblr-1691	1043	25	at	at	ADP
cblr-1691	1043	26	616–17	616–17	NUM
cblr-1691	1043	27	.	.	PUNCT
cblr-1691	1044	1	320	320	NUM
cblr-1691	1044	2	chernenko	chernenko	NOUN
cblr-1691	1044	3	et	et	PROPN
cblr-1691	1044	4	al	al	PROPN
cblr-1691	1044	5	.	.	PROPN
cblr-1691	1044	6	,	,	PUNCT
cblr-1691	1044	7	supra	supra	PROPN
cblr-1691	1044	8	note	note	NOUN
cblr-1691	1044	9	4	4	NUM
cblr-1691	1044	10	,	,	PUNCT
cblr-1691	1044	11	at	at	ADP
cblr-1691	1044	12	32	32	NUM
cblr-1691	1044	13	(	(	PUNCT
cblr-1691	1044	14	“	"	PUNCT
cblr-1691	1044	15	having	have	VERB
cblr-1691	1044	16	to	to	PART
cblr-1691	1044	17	carefully	carefully	ADV
cblr-1691	1044	18	manage	manage	VERB
cblr-1691	1044	19	their	their	PRON
cblr-1691	1044	20	own	own	ADJ
cblr-1691	1044	21	liquidity	liquidity	NOUN
cblr-1691	1044	22	,	,	PUNCT
cblr-1691	1044	23	mutual	mutual	ADJ
cblr-1691	1044	24	funds	fund	NOUN
cblr-1691	1044	25	require	require	VERB
cblr-1691	1044	26	stronger	strong	ADJ
cblr-1691	1044	27	redemption	redemption	NOUN
cblr-1691	1044	28	rights	right	NOUN
cblr-1691	1044	29	along	along	ADP
cblr-1691	1044	30	both	both	CCONJ
cblr-1691	1044	31	the	the	DET
cblr-1691	1044	32	intensive	intensive	ADJ
cblr-1691	1044	33	and	and	CCONJ
cblr-1691	1044	34	extensive	extensive	ADJ
cblr-1691	1044	35	margins	margin	NOUN
cblr-1691	1044	36	,	,	PUNCT
cblr-1691	1044	37	suggesting	suggest	VERB
cblr-1691	1044	38	contractual	contractual	ADJ
cblr-1691	1044	39	choices	choice	NOUN
cblr-1691	1044	40	consistent	consistent	ADJ
cblr-1691	1044	41	with	with	ADP
cblr-1691	1044	42	the	the	DET
cblr-1691	1044	43	funds	fund	NOUN
cblr-1691	1044	44	’	'	PUNCT
cblr-1691	1044	45	reliance	reliance	NOUN
cblr-1691	1044	46	on	on	ADP
cblr-1691	1044	47	redeemable	redeemable	ADJ
cblr-1691	1044	48	funding	funding	NOUN
cblr-1691	1044	49	.	.	PUNCT
cblr-1691	1044	50	”	"	PUNCT
cblr-1691	1044	51	)	)	PUNCT
cblr-1691	1044	52	.	.	PUNCT
cblr-1691	1045	1	321	321	NUM
cblr-1691	1045	2	see	see	VERB
cblr-1691	1045	3	giulio	giulio	PROPN
cblr-1691	1045	4	girardi	girardi	PROPN
cblr-1691	1045	5	,	,	PUNCT
cblr-1691	1045	6	christof	christof	PROPN
cblr-1691	1045	7	w.	w.	PROPN
cblr-1691	1045	8	stahel	stahel	PROPN
cblr-1691	1045	9	&	&	CCONJ
cblr-1691	1045	10	youchang	youchang	PROPN
cblr-1691	1045	11	wu	wu	PROPN
cblr-1691	1045	12	,	,	PUNCT
cblr-1691	1045	13	cash	cash	NOUN
cblr-1691	1045	14	management	management	NOUN
cblr-1691	1045	15	and	and	CCONJ
cblr-1691	1045	16	extreme	extreme	ADJ
cblr-1691	1045	17	liquidity	liquidity	NOUN
cblr-1691	1045	18	demand	demand	NOUN
cblr-1691	1045	19	of	of	ADP
cblr-1691	1045	20	mutual	mutual	ADJ
cblr-1691	1045	21	funds	fund	NOUN
cblr-1691	1045	22	1	1	NUM
cblr-1691	1045	23	(	(	PUNCT
cblr-1691	1045	24	june	june	PROPN
cblr-1691	1045	25	21	21	NUM
cblr-1691	1045	26	,	,	PUNCT
cblr-1691	1045	27	2017	2017	NUM
cblr-1691	1045	28	)	)	PUNCT
cblr-1691	1045	29	(	(	PUNCT
cblr-1691	1045	30	unpublished	unpublished	ADJ
cblr-1691	1045	31	manuscript	manuscript	NOUN
cblr-1691	1045	32	)	)	PUNCT
cblr-1691	1045	33	,	,	PUNCT
cblr-1691	1045	34	https://www.sec.gov/files/dera	https://www.sec.gov/files/dera	PROPN
cblr-1691	1045	35	_	_	PRON
cblr-1691	1045	36	wp_girardi	wp_girardi	PROPN
cblr-1691	1045	37	-	-	PUNCT
cblr-1691	1045	38	stahel	stahel	PROPN
cblr-1691	1045	39	-	-	PUNCT
cblr-1691	1045	40	wu_cash%20management%20and%20extreme%20	wu_cash%20management%20and%20extreme%20	NOUN
cblr-1691	1045	41	liquidity%20demand.pdf	liquidity%20demand.pdf	X
cblr-1691	1045	42	(	(	PUNCT
cblr-1691	1045	43	on	on	ADP
cblr-1691	1045	44	file	file	NOUN
cblr-1691	1045	45	with	with	ADP
cblr-1691	1045	46	the	the	DET
cblr-1691	1045	47	columbia	columbia	PROPN
cblr-1691	1045	48	business	business	PROPN
cblr-1691	1045	49	law	law	PROPN
cblr-1691	1045	50	review	review	PROPN
cblr-1691	1045	51	)	)	PUNCT
cblr-1691	1045	52	.	.	PUNCT
cblr-1691	1046	1	180	180	NUM
cblr-1691	1046	2	columbia	columbia	PROPN
cblr-1691	1046	3	business	business	NOUN
cblr-1691	1046	4	law	law	PROPN
cblr-1691	1046	5	review	review	NOUN
cblr-1691	1047	1	[	[	X
cblr-1691	1047	2	vol	vol	NOUN
cblr-1691	1047	3	.	.	PUNCT
cblr-1691	1047	4	2019	2019	NUM
cblr-1691	1047	5	large	large	ADJ
cblr-1691	1047	6	amounts	amount	NOUN
cblr-1691	1047	7	of	of	ADP
cblr-1691	1047	8	private	private	ADJ
cblr-1691	1047	9	capital.322	capital.322	PROPN
cblr-1691	1047	10	in	in	ADP
cblr-1691	1047	11	fact	fact	NOUN
cblr-1691	1047	12	,	,	PUNCT
cblr-1691	1047	13	the	the	DET
cblr-1691	1047	14	sec	sec	PROPN
cblr-1691	1047	15	is	be	AUX
cblr-1691	1047	16	working	work	VERB
cblr-1691	1047	17	on	on	ADP
cblr-1691	1047	18	new	new	ADJ
cblr-1691	1047	19	rules	rule	NOUN
cblr-1691	1047	20	that	that	PRON
cblr-1691	1047	21	are	be	AUX
cblr-1691	1047	22	intended	intend	VERB
cblr-1691	1047	23	to	to	PART
cblr-1691	1047	24	open	open	VERB
cblr-1691	1047	25	up	up	ADP
cblr-1691	1047	26	private	private	ADJ
cblr-1691	1047	27	markets	market	NOUN
cblr-1691	1047	28	to	to	ADP
cblr-1691	1047	29	non	non	ADJ
cblr-1691	1047	30	-	-	ADJ
cblr-1691	1047	31	accredited	accredited	ADJ
cblr-1691	1047	32	investors	investor	NOUN
cblr-1691	1047	33	.	.	PUNCT
cblr-1691	1048	1	one	one	NUM
cblr-1691	1048	2	of	of	ADP
cblr-1691	1048	3	the	the	DET
cblr-1691	1048	4	issues	issue	NOUN
cblr-1691	1048	5	that	that	PRON
cblr-1691	1048	6	the	the	DET
cblr-1691	1048	7	sec	sec	PROPN
cblr-1691	1048	8	will	will	AUX
cblr-1691	1048	9	confront	confront	VERB
cblr-1691	1048	10	is	be	AUX
cblr-1691	1048	11	whether	whether	SCONJ
cblr-1691	1048	12	unicorns	unicorn	NOUN
cblr-1691	1048	13	“	"	PUNCT
cblr-1691	1048	14	should	should	AUX
cblr-1691	1048	15	have	have	VERB
cblr-1691	1048	16	an	an	DET
cblr-1691	1048	17	easier	easy	ADJ
cblr-1691	1048	18	way	way	NOUN
cblr-1691	1048	19	to	to	PART
cblr-1691	1048	20	compensate	compensate	VERB
cblr-1691	1048	21	their	their	PRON
cblr-1691	1048	22	workers	worker	NOUN
cblr-1691	1048	23	by	by	ADP
cblr-1691	1048	24	giving	give	VERB
cblr-1691	1048	25	them	they	PRON
cblr-1691	1048	26	stock	stock	NOUN
cblr-1691	1048	27	in	in	ADP
cblr-1691	1048	28	the	the	DET
cblr-1691	1048	29	company	company	NOUN
cblr-1691	1048	30	.	.	PUNCT
cblr-1691	1048	31	”	"	PUNCT
cblr-1691	1049	1	323	323	NUM
cblr-1691	1049	2	b.	b.	NOUN
cblr-1691	1049	3	reform	reform	NOUN
cblr-1691	1049	4	to	to	ADP
cblr-1691	1049	5	recent	recent	ADJ
cblr-1691	1049	6	regulatory	regulatory	ADJ
cblr-1691	1049	7	&	&	CCONJ
cblr-1691	1049	8	legislative	legislative	ADJ
cblr-1691	1049	9	developments	development	NOUN
cblr-1691	1049	10	this	this	DET
cblr-1691	1049	11	section	section	NOUN
cblr-1691	1049	12	provides	provide	VERB
cblr-1691	1049	13	examples	example	NOUN
cblr-1691	1049	14	of	of	ADP
cblr-1691	1049	15	current	current	ADJ
cblr-1691	1049	16	legislation	legislation	NOUN
cblr-1691	1049	17	that	that	PRON
cblr-1691	1049	18	are	be	AUX
cblr-1691	1049	19	meant	mean	VERB
cblr-1691	1049	20	to	to	PART
cblr-1691	1049	21	continue	continue	VERB
cblr-1691	1049	22	to	to	PART
cblr-1691	1049	23	tie	tie	VERB
cblr-1691	1049	24	employees	employee	NOUN
cblr-1691	1049	25	to	to	ADP
cblr-1691	1049	26	these	these	DET
cblr-1691	1049	27	private	private	ADJ
cblr-1691	1049	28	companies	company	NOUN
cblr-1691	1049	29	,	,	PUNCT
cblr-1691	1049	30	even	even	ADV
cblr-1691	1049	31	though	though	SCONJ
cblr-1691	1049	32	employees	employee	NOUN
cblr-1691	1049	33	are	be	AUX
cblr-1691	1049	34	experiencing	experience	VERB
cblr-1691	1049	35	liquidity	liquidity	NOUN
cblr-1691	1049	36	challenges	challenge	NOUN
cblr-1691	1049	37	,	,	PUNCT
cblr-1691	1049	38	their	their	PRON
cblr-1691	1049	39	ownership	ownership	NOUN
cblr-1691	1049	40	is	be	AUX
cblr-1691	1049	41	subject	subject	ADJ
cblr-1691	1049	42	to	to	ADP
cblr-1691	1049	43	forfeiture	forfeiture	NOUN
cblr-1691	1049	44	(	(	PUNCT
cblr-1691	1049	45	in	in	ADP
cblr-1691	1049	46	the	the	DET
cblr-1691	1049	47	event	event	NOUN
cblr-1691	1049	48	they	they	PRON
cblr-1691	1049	49	leave	leave	VERB
cblr-1691	1049	50	the	the	DET
cblr-1691	1049	51	company	company	NOUN
cblr-1691	1049	52	)	)	PUNCT
cblr-1691	1049	53	,	,	PUNCT
cblr-1691	1049	54	and	and	CCONJ
cblr-1691	1049	55	their	their	PRON
cblr-1691	1049	56	equity	equity	NOUN
cblr-1691	1049	57	ownership	ownership	NOUN
cblr-1691	1049	58	does	do	AUX
cblr-1691	1049	59	not	not	PART
cblr-1691	1049	60	typically	typically	ADV
cblr-1691	1049	61	come	come	VERB
cblr-1691	1049	62	with	with	ADP
cblr-1691	1049	63	voting	voting	NOUN
cblr-1691	1049	64	or	or	CCONJ
cblr-1691	1049	65	monitoring	monitor	VERB
cblr-1691	1049	66	rights	right	NOUN
cblr-1691	1049	67	.	.	PUNCT
cblr-1691	1050	1	other	other	ADJ
cblr-1691	1050	2	means	mean	NOUN
cblr-1691	1050	3	of	of	ADP
cblr-1691	1050	4	averting	avert	VERB
cblr-1691	1050	5	knowledge	knowledge	NOUN
cblr-1691	1050	6	leakage	leakage	NOUN
cblr-1691	1050	7	,	,	PUNCT
cblr-1691	1050	8	such	such	ADJ
cblr-1691	1050	9	as	as	ADP
cblr-1691	1050	10	noncompete	noncompete	NOUN
cblr-1691	1050	11	provisions	provision	NOUN
cblr-1691	1050	12	,	,	PUNCT
cblr-1691	1050	13	are	be	AUX
cblr-1691	1050	14	not	not	PART
cblr-1691	1050	15	enforceable	enforceable	ADJ
cblr-1691	1050	16	in	in	ADP
cblr-1691	1050	17	california	california	PROPN
cblr-1691	1050	18	except	except	SCONJ
cblr-1691	1050	19	in	in	ADP
cblr-1691	1050	20	connection	connection	NOUN
cblr-1691	1050	21	with	with	ADP
cblr-1691	1050	22	the	the	DET
cblr-1691	1050	23	sale	sale	NOUN
cblr-1691	1050	24	of	of	ADP
cblr-1691	1050	25	an	an	DET
cblr-1691	1050	26	entire	entire	ADJ
cblr-1691	1050	27	business.324	business.324	NOUN
cblr-1691	1050	28	the	the	DET
cblr-1691	1050	29	illiquidity	illiquidity	NOUN
cblr-1691	1050	30	problem	problem	NOUN
cblr-1691	1050	31	for	for	ADP
cblr-1691	1050	32	unicorn	unicorn	ADJ
cblr-1691	1050	33	shares	share	NOUN
cblr-1691	1050	34	has	have	AUX
cblr-1691	1050	35	therefore	therefore	ADV
cblr-1691	1050	36	affected	affect	VERB
cblr-1691	1050	37	the	the	DET
cblr-1691	1050	38	ability	ability	NOUN
cblr-1691	1050	39	of	of	ADP
cblr-1691	1050	40	startups	startup	NOUN
cblr-1691	1050	41	to	to	PART
cblr-1691	1050	42	attract	attract	VERB
cblr-1691	1050	43	,	,	PUNCT
cblr-1691	1050	44	retain	retain	VERB
cblr-1691	1050	45	,	,	PUNCT
cblr-1691	1050	46	and	and	CCONJ
cblr-1691	1050	47	engage	engage	VERB
cblr-1691	1050	48	talent	talent	NOUN
cblr-1691	1050	49	.	.	PUNCT
cblr-1691	1051	1	in	in	ADP
cblr-1691	1051	2	order	order	NOUN
cblr-1691	1051	3	to	to	PART
cblr-1691	1051	4	continue	continue	VERB
cblr-1691	1051	5	to	to	PART
cblr-1691	1051	6	attract	attract	VERB
cblr-1691	1051	7	talent	talent	NOUN
cblr-1691	1051	8	by	by	ADP
cblr-1691	1051	9	providing	provide	VERB
cblr-1691	1051	10	equity	equity	NOUN
cblr-1691	1051	11	322	322	NUM
cblr-1691	1051	12	the	the	DET
cblr-1691	1051	13	other	other	ADJ
cblr-1691	1051	14	legislation	legislation	NOUN
cblr-1691	1051	15	includes	include	VERB
cblr-1691	1051	16	:	:	PUNCT
cblr-1691	1051	17	(	(	PUNCT
cblr-1691	1051	18	1	1	X
cblr-1691	1051	19	)	)	PUNCT
cblr-1691	1051	20	the	the	DET
cblr-1691	1051	21	financial	financial	ADJ
cblr-1691	1051	22	choice	choice	NOUN
cblr-1691	1051	23	act	act	NOUN
cblr-1691	1051	24	of	of	ADP
cblr-1691	1051	25	2017	2017	NUM
cblr-1691	1051	26	,	,	PUNCT
cblr-1691	1051	27	which	which	PRON
cblr-1691	1051	28	includes	include	VERB
cblr-1691	1051	29	modernizing	modernize	VERB
cblr-1691	1051	30	the	the	DET
cblr-1691	1051	31	regulation	regulation	NOUN
cblr-1691	1051	32	d	d	NOUN
cblr-1691	1051	33	offering	offering	NOUN
cblr-1691	1051	34	process	process	NOUN
cblr-1691	1051	35	and	and	CCONJ
cblr-1691	1051	36	creates	create	VERB
cblr-1691	1051	37	“	"	PUNCT
cblr-1691	1051	38	venture	venture	NOUN
cblr-1691	1051	39	exchanges	exchange	NOUN
cblr-1691	1051	40	;	;	PUNCT
cblr-1691	1051	41	”	"	PUNCT
cblr-1691	1051	42	and	and	CCONJ
cblr-1691	1051	43	(	(	PUNCT
cblr-1691	1051	44	2	2	X
cblr-1691	1051	45	)	)	PUNCT
cblr-1691	1051	46	crowdfunding	crowdfunding	NOUN
cblr-1691	1051	47	regulations	regulation	NOUN
cblr-1691	1051	48	that	that	PRON
cblr-1691	1051	49	were	be	AUX
cblr-1691	1051	50	adopted	adopt	VERB
cblr-1691	1051	51	by	by	ADP
cblr-1691	1051	52	the	the	DET
cblr-1691	1051	53	sec	sec	PROPN
cblr-1691	1051	54	that	that	PRON
cblr-1691	1051	55	allow	allow	VERB
cblr-1691	1051	56	companies	company	NOUN
cblr-1691	1051	57	to	to	PART
cblr-1691	1051	58	use	use	VERB
cblr-1691	1051	59	a	a	DET
cblr-1691	1051	60	crowdfunding	crowdfunding	NOUN
cblr-1691	1051	61	platform	platform	NOUN
cblr-1691	1051	62	(	(	PUNCT
cblr-1691	1051	63	as	as	ADP
cblr-1691	1051	64	an	an	DET
cblr-1691	1051	65	intermediary	intermediary	NOUN
cblr-1691	1051	66	)	)	PUNCT
cblr-1691	1051	67	for	for	ADP
cblr-1691	1051	68	raising	raise	VERB
cblr-1691	1051	69	small	small	ADJ
cblr-1691	1051	70	amounts	amount	NOUN
cblr-1691	1051	71	of	of	ADP
cblr-1691	1051	72	equity	equity	NOUN
cblr-1691	1051	73	capital	capital	NOUN
cblr-1691	1051	74	(	(	PUNCT
cblr-1691	1051	75	less	less	ADJ
cblr-1691	1051	76	than	than	ADP
cblr-1691	1051	77	$	$	SYM
cblr-1691	1051	78	1	1	NUM
cblr-1691	1051	79	million	million	NUM
cblr-1691	1051	80	dollars	dollar	NOUN
cblr-1691	1051	81	annually	annually	ADV
cblr-1691	1051	82	)	)	PUNCT
cblr-1691	1051	83	from	from	ADP
cblr-1691	1051	84	potentially	potentially	ADV
cblr-1691	1051	85	large	large	ADJ
cblr-1691	1051	86	pools	pool	NOUN
cblr-1691	1051	87	of	of	ADP
cblr-1691	1051	88	investors	investor	NOUN
cblr-1691	1051	89	over	over	ADP
cblr-1691	1051	90	the	the	DET
cblr-1691	1051	91	internet	internet	NOUN
cblr-1691	1051	92	.	.	PUNCT
cblr-1691	1052	1	see	see	VERB
cblr-1691	1052	2	joan	joan	PROPN
cblr-1691	1052	3	macleod	macleod	PROPN
cblr-1691	1052	4	heminway	heminway	PROPN
cblr-1691	1052	5	,	,	PUNCT
cblr-1691	1052	6	investor	investor	NOUN
cblr-1691	1052	7	and	and	CCONJ
cblr-1691	1052	8	market	market	NOUN
cblr-1691	1052	9	protection	protection	NOUN
cblr-1691	1052	10	in	in	ADP
cblr-1691	1052	11	the	the	DET
cblr-1691	1052	12	crowdfunding	crowdfunding	NOUN
cblr-1691	1052	13	era	era	NOUN
cblr-1691	1052	14	:	:	PUNCT
cblr-1691	1052	15	disclosing	disclose	VERB
cblr-1691	1052	16	to	to	ADP
cblr-1691	1052	17	and	and	CCONJ
cblr-1691	1052	18	for	for	ADP
cblr-1691	1052	19	the	the	DET
cblr-1691	1052	20	“	"	PUNCT
cblr-1691	1052	21	crowd	crowd	NOUN
cblr-1691	1052	22	,	,	PUNCT
cblr-1691	1052	23	”	"	PUNCT
cblr-1691	1052	24	38	38	NUM
cblr-1691	1052	25	vt	vt	PROPN
cblr-1691	1052	26	.	.	PUNCT
cblr-1691	1052	27	l.	l.	PROPN
cblr-1691	1052	28	rev	rev	PROPN
cblr-1691	1052	29	.	.	PROPN
cblr-1691	1052	30	827	827	NUM
cblr-1691	1052	31	,	,	PUNCT
cblr-1691	1052	32	830	830	NUM
cblr-1691	1052	33	(	(	PUNCT
cblr-1691	1052	34	2014	2014	NUM
cblr-1691	1052	35	)	)	PUNCT
cblr-1691	1052	36	.	.	PUNCT
cblr-1691	1053	1	regulation	regulation	NOUN
cblr-1691	1053	2	a+	a+	PUNCT
cblr-1691	1053	3	of	of	ADP
cblr-1691	1053	4	title	title	NOUN
cblr-1691	1053	5	iv	iv	NOUN
cblr-1691	1053	6	of	of	ADP
cblr-1691	1053	7	the	the	DET
cblr-1691	1053	8	jobs	job	NOUN
cblr-1691	1053	9	act	act	NOUN
cblr-1691	1053	10	also	also	ADV
cblr-1691	1053	11	increased	increase	VERB
cblr-1691	1053	12	the	the	DET
cblr-1691	1053	13	cap	cap	NOUN
cblr-1691	1053	14	on	on	ADP
cblr-1691	1053	15	a	a	DET
cblr-1691	1053	16	private	private	ADJ
cblr-1691	1053	17	company	company	NOUN
cblr-1691	1053	18	’s	’s	PART
cblr-1691	1053	19	unregistered	unregistered	ADJ
cblr-1691	1053	20	public	public	ADJ
cblr-1691	1053	21	offering	offering	NOUN
cblr-1691	1053	22	to	to	ADP
cblr-1691	1053	23	$	$	SYM
cblr-1691	1053	24	50	50	NUM
cblr-1691	1053	25	million	million	NUM
cblr-1691	1053	26	in	in	ADP
cblr-1691	1053	27	any	any	DET
cblr-1691	1053	28	twelve	twelve	NUM
cblr-1691	1053	29	-	-	PUNCT
cblr-1691	1053	30	month	month	NOUN
cblr-1691	1053	31	period	period	NOUN
cblr-1691	1053	32	.	.	PUNCT
cblr-1691	1054	1	however	however	ADV
cblr-1691	1054	2	,	,	PUNCT
cblr-1691	1054	3	companies	company	NOUN
cblr-1691	1054	4	raising	raise	VERB
cblr-1691	1054	5	capital	capital	NOUN
cblr-1691	1054	6	under	under	ADP
cblr-1691	1054	7	regulation	regulation	NOUN
cblr-1691	1054	8	d	d	NOUN
cblr-1691	1054	9	can	can	AUX
cblr-1691	1054	10	only	only	ADV
cblr-1691	1054	11	accept	accept	VERB
cblr-1691	1054	12	investments	investment	NOUN
cblr-1691	1054	13	from	from	ADP
cblr-1691	1054	14	accredited	accredit	VERB
cblr-1691	1054	15	investors	investor	NOUN
cblr-1691	1054	16	and	and	CCONJ
cblr-1691	1054	17	a	a	DET
cblr-1691	1054	18	limited	limited	ADJ
cblr-1691	1054	19	number	number	NOUN
cblr-1691	1054	20	of	of	ADP
cblr-1691	1054	21	non	non	ADJ
cblr-1691	1054	22	-	-	ADJ
cblr-1691	1054	23	accredited	accredited	ADJ
cblr-1691	1054	24	investors	investor	NOUN
cblr-1691	1054	25	,	,	PUNCT
cblr-1691	1054	26	whereas	whereas	SCONJ
cblr-1691	1054	27	companies	company	NOUN
cblr-1691	1054	28	that	that	PRON
cblr-1691	1054	29	use	use	VERB
cblr-1691	1054	30	regulation	regulation	NOUN
cblr-1691	1054	31	a+	a+	PUNCT
cblr-1691	1054	32	are	be	AUX
cblr-1691	1054	33	able	able	ADJ
cblr-1691	1054	34	to	to	PART
cblr-1691	1054	35	accept	accept	VERB
cblr-1691	1054	36	funds	fund	NOUN
cblr-1691	1054	37	from	from	ADP
cblr-1691	1054	38	the	the	DET
cblr-1691	1054	39	public	public	NOUN
cblr-1691	1054	40	in	in	ADP
cblr-1691	1054	41	larger	large	ADJ
cblr-1691	1054	42	numbers	number	NOUN
cblr-1691	1054	43	,	,	PUNCT
cblr-1691	1054	44	including	include	VERB
cblr-1691	1054	45	from	from	ADP
cblr-1691	1054	46	both	both	CCONJ
cblr-1691	1054	47	accredited	accredit	VERB
cblr-1691	1054	48	and	and	CCONJ
cblr-1691	1054	49	non	non	ADJ
cblr-1691	1054	50	-	-	ADJ
cblr-1691	1054	51	accredited	accredited	ADJ
cblr-1691	1054	52	investors	investor	NOUN
cblr-1691	1054	53	.	.	PUNCT
cblr-1691	1055	1	see	see	VERB
cblr-1691	1055	2	thompson	thompson	PROPN
cblr-1691	1055	3	&	&	CCONJ
cblr-1691	1055	4	langevoort	langevoort	PROPN
cblr-1691	1055	5	,	,	PUNCT
cblr-1691	1055	6	supra	supra	PROPN
cblr-1691	1055	7	note	note	NOUN
cblr-1691	1055	8	309	309	NUM
cblr-1691	1055	9	.	.	PUNCT
cblr-1691	1056	1	323	323	NUM
cblr-1691	1056	2	see	see	VERB
cblr-1691	1056	3	michaels	michael	NOUN
cblr-1691	1056	4	,	,	PUNCT
cblr-1691	1056	5	supra	supra	PROPN
cblr-1691	1056	6	note	note	NOUN
cblr-1691	1056	7	17	17	NUM
cblr-1691	1056	8	.	.	NOUN
cblr-1691	1057	1	324	324	NUM
cblr-1691	1057	2	see	see	VERB
cblr-1691	1057	3	lazonick	lazonick	NOUN
cblr-1691	1057	4	,	,	PUNCT
cblr-1691	1057	5	supra	supra	PROPN
cblr-1691	1057	6	note	note	NOUN
cblr-1691	1057	7	43	43	NUM
cblr-1691	1057	8	.	.	PUNCT
cblr-1691	1058	1	no	no	INTJ
cblr-1691	1058	2	.	.	PUNCT
cblr-1691	1059	1	1:107	1:107	NUM
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cblr-1691	1059	3	unicorn	unicorn	ADJ
cblr-1691	1059	4	stock	stock	NOUN
cblr-1691	1059	5	options	option	NOUN
cblr-1691	1059	6	181	181	NUM
cblr-1691	1059	7	compensation	compensation	NOUN
cblr-1691	1059	8	,	,	PUNCT
cblr-1691	1059	9	various	various	ADJ
cblr-1691	1059	10	interest	interest	NOUN
cblr-1691	1059	11	groups	group	NOUN
cblr-1691	1059	12	,	,	PUNCT
cblr-1691	1059	13	including	include	VERB
cblr-1691	1059	14	the	the	DET
cblr-1691	1059	15	national	national	PROPN
cblr-1691	1059	16	venture	venture	PROPN
cblr-1691	1059	17	capital	capital	PROPN
cblr-1691	1059	18	association	association	PROPN
cblr-1691	1059	19	and	and	CCONJ
cblr-1691	1059	20	unicorn	unicorn	ADJ
cblr-1691	1059	21	founders	founder	NOUN
cblr-1691	1059	22	,	,	PUNCT
cblr-1691	1059	23	have	have	AUX
cblr-1691	1059	24	been	be	AUX
cblr-1691	1059	25	lobbying	lobby	VERB
cblr-1691	1059	26	congress	congress	NOUN
cblr-1691	1059	27	for	for	ADP
cblr-1691	1059	28	new	new	ADJ
cblr-1691	1059	29	laws	law	NOUN
cblr-1691	1059	30	and	and	CCONJ
cblr-1691	1059	31	regulations.325	regulations.325	PROPN
cblr-1691	1059	32	1	1	NUM
cblr-1691	1059	33	.	.	PUNCT
cblr-1691	1060	1	economic	economic	ADJ
cblr-1691	1060	2	growth	growth	NOUN
cblr-1691	1060	3	,	,	PUNCT
cblr-1691	1060	4	regulatory	regulatory	ADJ
cblr-1691	1060	5	relief	relief	NOUN
cblr-1691	1060	6	,	,	PUNCT
cblr-1691	1060	7	and	and	CCONJ
cblr-1691	1060	8	consumer	consumer	NOUN
cblr-1691	1060	9	protection	protection	NOUN
cblr-1691	1060	10	act	act	NOUN
cblr-1691	1060	11	on	on	ADP
cblr-1691	1060	12	may	may	PROPN
cblr-1691	1060	13	24	24	NUM
cblr-1691	1060	14	,	,	PUNCT
cblr-1691	1060	15	2018	2018	NUM
cblr-1691	1060	16	,	,	PUNCT
cblr-1691	1060	17	president	president	NOUN
cblr-1691	1060	18	trump	trump	VERB
cblr-1691	1060	19	signed	sign	VERB
cblr-1691	1060	20	into	into	ADP
cblr-1691	1060	21	law	law	NOUN
cblr-1691	1060	22	the	the	DET
cblr-1691	1060	23	economic	economic	ADJ
cblr-1691	1060	24	growth	growth	NOUN
cblr-1691	1060	25	,	,	PUNCT
cblr-1691	1060	26	regulatory	regulatory	ADJ
cblr-1691	1060	27	relief	relief	NOUN
cblr-1691	1060	28	,	,	PUNCT
cblr-1691	1060	29	and	and	CCONJ
cblr-1691	1060	30	consumer	consumer	NOUN
cblr-1691	1060	31	protection	protection	NOUN
cblr-1691	1060	32	act	act	NOUN
cblr-1691	1060	33	(	(	PUNCT
cblr-1691	1060	34	the	the	DET
cblr-1691	1060	35	“	"	PUNCT
cblr-1691	1060	36	economic	economic	ADJ
cblr-1691	1060	37	growth	growth	NOUN
cblr-1691	1060	38	act”).326	act”).326	NOUN
cblr-1691	1060	39	this	this	DET
cblr-1691	1060	40	act	act	NOUN
cblr-1691	1060	41	requires	require	VERB
cblr-1691	1060	42	the	the	DET
cblr-1691	1060	43	sec	sec	PROPN
cblr-1691	1060	44	to	to	PART
cblr-1691	1060	45	amend	amend	VERB
cblr-1691	1060	46	rule	rule	NOUN
cblr-1691	1060	47	701327	701327	NUM
cblr-1691	1060	48	under	under	ADP
cblr-1691	1060	49	regulation	regulation	NOUN
cblr-1691	1060	50	d	d	NOUN
cblr-1691	1060	51	to	to	PART
cblr-1691	1060	52	increase	increase	VERB
cblr-1691	1060	53	,	,	PUNCT
cblr-1691	1060	54	from	from	ADP
cblr-1691	1060	55	$	$	SYM
cblr-1691	1060	56	5	5	NUM
cblr-1691	1060	57	million	million	NUM
cblr-1691	1060	58	to	to	PART
cblr-1691	1060	59	$	$	SYM
cblr-1691	1060	60	10	10	NUM
cblr-1691	1060	61	million	million	NUM
cblr-1691	1060	62	,	,	PUNCT
cblr-1691	1060	63	the	the	DET
cblr-1691	1060	64	amount	amount	NOUN
cblr-1691	1060	65	of	of	ADP
cblr-1691	1060	66	securities	security	NOUN
cblr-1691	1060	67	that	that	PRON
cblr-1691	1060	68	an	an	DET
cblr-1691	1060	69	eligible	eligible	ADJ
cblr-1691	1060	70	non	non	ADJ
cblr-1691	1060	71	-	-	ADJ
cblr-1691	1060	72	public	public	ADJ
cblr-1691	1060	73	company	company	NOUN
cblr-1691	1060	74	can	can	AUX
cblr-1691	1060	75	offer	offer	VERB
cblr-1691	1060	76	or	or	CCONJ
cblr-1691	1060	77	sell	sell	VERB
cblr-1691	1060	78	to	to	ADP
cblr-1691	1060	79	employees	employee	NOUN
cblr-1691	1060	80	for	for	ADP
cblr-1691	1060	81	compensatory	compensatory	ADJ
cblr-1691	1060	82	purposes	purpose	NOUN
cblr-1691	1060	83	(	(	PUNCT
cblr-1691	1060	84	including	include	VERB
cblr-1691	1060	85	stock	stock	NOUN
cblr-1691	1060	86	options	option	NOUN
cblr-1691	1060	87	and	and	CCONJ
cblr-1691	1060	88	restricted	restrict	VERB
cblr-1691	1060	89	stock	stock	NOUN
cblr-1691	1060	90	units	unit	NOUN
cblr-1691	1060	91	)	)	PUNCT
cblr-1691	1060	92	during	during	ADP
cblr-1691	1060	93	a	a	DET
cblr-1691	1060	94	twelve	twelve	NUM
cblr-1691	1060	95	-	-	PUNCT
cblr-1691	1060	96	month	month	NOUN
cblr-1691	1060	97	period	period	NOUN
cblr-1691	1060	98	without	without	ADP
cblr-1691	1060	99	having	have	VERB
cblr-1691	1060	100	to	to	PART
cblr-1691	1060	101	register	register	VERB
cblr-1691	1060	102	the	the	DET
cblr-1691	1060	103	securities	security	NOUN
cblr-1691	1060	104	under	under	ADP
cblr-1691	1060	105	the	the	DET
cblr-1691	1060	106	securities	security	NOUN
cblr-1691	1060	107	act	act	NOUN
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cblr-1691	1060	112	sec	sec	PROPN
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cblr-1691	1060	114	adopted	adopt	VERB
cblr-1691	1060	115	rule	rule	NOUN
cblr-1691	1060	116	701	701	NUM
cblr-1691	1060	117	in	in	ADP
cblr-1691	1060	118	1988	1988	NUM
cblr-1691	1060	119	to	to	PART
cblr-1691	1060	120	promote	promote	VERB
cblr-1691	1060	121	entrepreneurship	entrepreneurship	NOUN
cblr-1691	1060	122	by	by	ADP
cblr-1691	1060	123	reducing	reduce	VERB
cblr-1691	1060	124	the	the	DET
cblr-1691	1060	125	securities	security	NOUN
cblr-1691	1060	126	-	-	PUNCT
cblr-1691	1060	127	law	law	NOUN
cblr-1691	1060	128	compliance	compliance	NOUN
cblr-1691	1060	129	costs	cost	NOUN
cblr-1691	1060	130	borne	bear	VERB
cblr-1691	1060	131	by	by	ADP
cblr-1691	1060	132	small	small	ADJ
cblr-1691	1060	133	and	and	CCONJ
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cblr-1691	1060	135	-	-	PUNCT
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cblr-1691	1060	137	non	non	ADJ
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cblr-1691	1060	139	public	public	ADJ
cblr-1691	1060	140	325	325	NUM
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cblr-1691	1060	143	,	,	PUNCT
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cblr-1691	1060	148	,	,	PUNCT
cblr-1691	1060	149	house	house	NOUN
cblr-1691	1060	150	bill	bill	NOUN
cblr-1691	1060	151	to	to	PART
cblr-1691	1060	152	defer	defer	VERB
cblr-1691	1060	153	tax	tax	NOUN
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cblr-1691	1060	155	on	on	ADP
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cblr-1691	1060	163	(	(	PUNCT
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cblr-1691	1060	167	,	,	PUNCT
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cblr-1691	1060	170	,	,	PUNCT
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cblr-1691	1061	1	[	[	X
cblr-1691	1061	2	https://perma.cc/j856-ywyc	https://perma.cc/j856-ywyc	X
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cblr-1691	1061	4	.	.	PUNCT
cblr-1691	1062	1	326	326	NUM
cblr-1691	1062	2	see	see	VERB
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cblr-1691	1062	11	,	,	PUNCT
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cblr-1691	1062	13	t.	t.	PROPN
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cblr-1691	1062	15	,	,	PUNCT
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cblr-1691	1062	23	,	,	PUNCT
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cblr-1691	1062	25	h.	h.	PROPN
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cblr-1691	1062	27	&	&	CCONJ
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cblr-1691	1063	8	,	,	PUNCT
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cblr-1691	1063	13	_	_	PRON
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cblr-1691	1063	18	growth	growth	NOUN
cblr-1691	1063	19	-	-	PUNCT
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cblr-1691	1063	21	-	-	PUNCT
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cblr-1691	1063	23	-	-	PUNCT
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cblr-1691	1063	25	-	-	PUNCT
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cblr-1691	1063	27	-	-	PUNCT
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cblr-1691	1065	10	-	-	PUNCT
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cblr-1691	1065	14	:	:	PUNCT
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cblr-1691	1067	2	see	see	VERB
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cblr-1691	1067	5	.	.	PUNCT
cblr-1691	1068	1	§	§	PROPN
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cblr-1691	1068	3	(	(	PUNCT
cblr-1691	1068	4	2018	2018	NUM
cblr-1691	1068	5	)	)	PUNCT
cblr-1691	1068	6	.	.	PUNCT
cblr-1691	1069	1	182	182	NUM
cblr-1691	1069	2	columbia	columbia	PROPN
cblr-1691	1069	3	business	business	NOUN
cblr-1691	1069	4	law	law	PROPN
cblr-1691	1069	5	review	review	NOUN
cblr-1691	1069	6	[	[	X
cblr-1691	1069	7	vol	vol	NOUN
cblr-1691	1069	8	.	.	PUNCT
cblr-1691	1069	9	2019	2019	NUM
cblr-1691	1069	10	companies,329	companies,329	PUNCT
cblr-1691	1070	1	the	the	DET
cblr-1691	1070	2	heightened	heighten	VERB
cblr-1691	1070	3	threshold	threshold	NOUN
cblr-1691	1070	4	applies	apply	VERB
cblr-1691	1070	5	to	to	ADP
cblr-1691	1070	6	unicorns	unicorn	NOUN
cblr-1691	1070	7	and	and	CCONJ
cblr-1691	1070	8	other	other	ADJ
cblr-1691	1070	9	large	large	ADJ
cblr-1691	1070	10	,	,	PUNCT
cblr-1691	1070	11	privately	privately	ADV
cblr-1691	1070	12	held	hold	VERB
cblr-1691	1070	13	companies	company	NOUN
cblr-1691	1070	14	.	.	PUNCT
cblr-1691	1071	1	by	by	ADP
cblr-1691	1071	2	raising	raise	VERB
cblr-1691	1071	3	the	the	DET
cblr-1691	1071	4	employee	employee	NOUN
cblr-1691	1071	5	sales	sale	NOUN
cblr-1691	1071	6	cap	cap	NOUN
cblr-1691	1071	7	to	to	ADP
cblr-1691	1071	8	$	$	SYM
cblr-1691	1071	9	10	10	NUM
cblr-1691	1071	10	million	million	NUM
cblr-1691	1071	11	,	,	PUNCT
cblr-1691	1071	12	congress	congress	PROPN
cblr-1691	1071	13	has	have	AUX
cblr-1691	1071	14	encouraged	encourage	VERB
cblr-1691	1071	15	employees	employee	NOUN
cblr-1691	1071	16	to	to	PART
cblr-1691	1071	17	share	share	VERB
cblr-1691	1071	18	in	in	ADP
cblr-1691	1071	19	the	the	DET
cblr-1691	1071	20	ownership	ownership	NOUN
cblr-1691	1071	21	of	of	ADP
cblr-1691	1071	22	even	even	ADV
cblr-1691	1071	23	very	very	ADV
cblr-1691	1071	24	large	large	ADJ
cblr-1691	1071	25	firms330	firms330	PROPN
cblr-1691	1071	26	without	without	ADP
cblr-1691	1071	27	requiring	require	VERB
cblr-1691	1071	28	the	the	DET
cblr-1691	1071	29	companies	company	NOUN
cblr-1691	1071	30	to	to	PART
cblr-1691	1071	31	provide	provide	VERB
cblr-1691	1071	32	enhanced	enhanced	ADJ
cblr-1691	1071	33	disclosure	disclosure	NOUN
cblr-1691	1071	34	.	.	PUNCT
cblr-1691	1072	1	this	this	PRON
cblr-1691	1072	2	limits	limit	VERB
cblr-1691	1072	3	employees	employee	NOUN
cblr-1691	1072	4	’	’	PART
cblr-1691	1072	5	ability	ability	NOUN
cblr-1691	1072	6	to	to	PART
cblr-1691	1072	7	make	make	VERB
cblr-1691	1072	8	informed	informed	ADJ
cblr-1691	1072	9	decisions	decision	NOUN
cblr-1691	1072	10	about	about	ADP
cblr-1691	1072	11	whether	whether	SCONJ
cblr-1691	1072	12	to	to	PART
cblr-1691	1072	13	exercise	exercise	VERB
cblr-1691	1072	14	their	their	PRON
cblr-1691	1072	15	options	option	NOUN
cblr-1691	1072	16	and	and	CCONJ
cblr-1691	1072	17	buy	buy	VERB
cblr-1691	1072	18	illiquid	illiquid	ADJ
cblr-1691	1072	19	unicorn	unicorn	ADJ
cblr-1691	1072	20	stock	stock	NOUN
cblr-1691	1072	21	.	.	PUNCT
cblr-1691	1073	1	unicorns	unicorn	NOUN
cblr-1691	1073	2	that	that	PRON
cblr-1691	1073	3	remain	remain	VERB
cblr-1691	1073	4	below	below	ADP
cblr-1691	1073	5	the	the	DET
cblr-1691	1073	6	$	$	SYM
cblr-1691	1073	7	10	10	NUM
cblr-1691	1073	8	million	million	NUM
cblr-1691	1073	9	threshold	threshold	NOUN
cblr-1691	1073	10	are	be	AUX
cblr-1691	1073	11	required	require	VERB
cblr-1691	1073	12	to	to	PART
cblr-1691	1073	13	provide	provide	VERB
cblr-1691	1073	14	their	their	PRON
cblr-1691	1073	15	employees	employee	NOUN
cblr-1691	1073	16	only	only	ADV
cblr-1691	1073	17	with	with	ADP
cblr-1691	1073	18	a	a	DET
cblr-1691	1073	19	copy	copy	NOUN
cblr-1691	1073	20	of	of	ADP
cblr-1691	1073	21	the	the	DET
cblr-1691	1073	22	benefit	benefit	NOUN
cblr-1691	1073	23	plan	plan	NOUN
cblr-1691	1073	24	(	(	PUNCT
cblr-1691	1073	25	or	or	CCONJ
cblr-1691	1073	26	compensatory	compensatory	ADJ
cblr-1691	1073	27	contract	contract	NOUN
cblr-1691	1073	28	)	)	PUNCT
cblr-1691	1073	29	under	under	ADP
cblr-1691	1073	30	which	which	PRON
cblr-1691	1073	31	their	their	PRON
cblr-1691	1073	32	securities	security	NOUN
cblr-1691	1073	33	were	be	AUX
cblr-1691	1073	34	granted.331	granted.331	ADJ
cblr-1691	1073	35	if	if	SCONJ
cblr-1691	1073	36	unicorns	unicorn	NOUN
cblr-1691	1073	37	do	do	AUX
cblr-1691	1073	38	not	not	PART
cblr-1691	1073	39	limit	limit	VERB
cblr-1691	1073	40	their	their	PRON
cblr-1691	1073	41	employee	employee	NOUN
cblr-1691	1073	42	offerings	offering	NOUN
cblr-1691	1073	43	to	to	PART
cblr-1691	1073	44	come	come	VERB
cblr-1691	1073	45	within	within	ADP
cblr-1691	1073	46	the	the	DET
cblr-1691	1073	47	new	new	ADJ
cblr-1691	1073	48	$	$	SYM
cblr-1691	1073	49	10	10	NUM
cblr-1691	1073	50	million	million	NUM
cblr-1691	1073	51	threshold	threshold	NOUN
cblr-1691	1073	52	,	,	PUNCT
cblr-1691	1073	53	then	then	ADV
cblr-1691	1073	54	and	and	CCONJ
cblr-1691	1073	55	only	only	ADV
cblr-1691	1073	56	then	then	ADV
cblr-1691	1073	57	,	,	PUNCT
cblr-1691	1073	58	will	will	AUX
cblr-1691	1073	59	they	they	PRON
cblr-1691	1073	60	be	be	AUX
cblr-1691	1073	61	required	require	VERB
cblr-1691	1073	62	to	to	PART
cblr-1691	1073	63	provide	provide	VERB
cblr-1691	1073	64	their	their	PRON
cblr-1691	1073	65	employees	employee	NOUN
cblr-1691	1073	66	with	with	ADP
cblr-1691	1073	67	detailed	detailed	ADJ
cblr-1691	1073	68	financial	financial	ADJ
cblr-1691	1073	69	statements	statement	NOUN
cblr-1691	1073	70	and	and	CCONJ
cblr-1691	1073	71	risk	risk	NOUN
cblr-1691	1073	72	factor	factor	NOUN
cblr-1691	1073	73	disclosures.332	disclosures.332	VERB
cblr-1691	1073	74	the	the	DET
cblr-1691	1073	75	economic	economic	ADJ
cblr-1691	1073	76	growth	growth	NOUN
cblr-1691	1073	77	act	act	NOUN
cblr-1691	1073	78	makes	make	VERB
cblr-1691	1073	79	it	it	PRON
cblr-1691	1073	80	easier	easy	ADJ
cblr-1691	1073	81	for	for	SCONJ
cblr-1691	1073	82	unicorn	unicorn	ADJ
cblr-1691	1073	83	firms	firm	NOUN
cblr-1691	1073	84	to	to	PART
cblr-1691	1073	85	stay	stay	VERB
cblr-1691	1073	86	private	private	ADJ
cblr-1691	1073	87	longer	long	ADV
cblr-1691	1073	88	without	without	ADP
cblr-1691	1073	89	addressing	address	VERB
cblr-1691	1073	90	the	the	DET
cblr-1691	1073	91	illiquidity	illiquidity	NOUN
cblr-1691	1073	92	issues	issue	NOUN
cblr-1691	1073	93	employees	employee	NOUN
cblr-1691	1073	94	face	face	VERB
cblr-1691	1073	95	when	when	SCONJ
cblr-1691	1073	96	deciding	decide	VERB
cblr-1691	1073	97	whether	whether	SCONJ
cblr-1691	1073	98	to	to	PART
cblr-1691	1073	99	exercise	exercise	VERB
cblr-1691	1073	100	employee	employee	NOUN
cblr-1691	1073	101	stock	stock	NOUN
cblr-1691	1073	102	options	option	NOUN
cblr-1691	1073	103	.	.	PUNCT
cblr-1691	1074	1	further	far	ADV
cblr-1691	1074	2	,	,	PUNCT
cblr-1691	1074	3	it	it	PRON
cblr-1691	1074	4	leaves	leave	VERB
cblr-1691	1074	5	employees	employee	NOUN
cblr-1691	1074	6	holding	hold	VERB
cblr-1691	1074	7	potentially	potentially	ADV
cblr-1691	1074	8	tens	ten	NOUN
cblr-1691	1074	9	of	of	ADP
cblr-1691	1074	10	millions	million	NOUN
cblr-1691	1074	11	of	of	ADP
cblr-1691	1074	12	dollars	dollar	NOUN
cblr-1691	1074	13	of	of	ADP
cblr-1691	1074	14	illiquid	illiquid	ADJ
cblr-1691	1074	15	stock	stock	NOUN
cblr-1691	1074	16	at	at	ADP
cblr-1691	1074	17	the	the	DET
cblr-1691	1074	18	mercy	mercy	NOUN
cblr-1691	1074	19	of	of	ADP
cblr-1691	1074	20	the	the	DET
cblr-1691	1074	21	majority	majority	NOUN
cblr-1691	1074	22	,	,	PUNCT
cblr-1691	1074	23	without	without	ADP
cblr-1691	1074	24	access	access	NOUN
cblr-1691	1074	25	to	to	ADP
cblr-1691	1074	26	detailed	detailed	ADJ
cblr-1691	1074	27	financial	financial	ADJ
cblr-1691	1074	28	statements	statement	NOUN
cblr-1691	1074	29	or	or	CCONJ
cblr-1691	1074	30	adequate	adequate	ADJ
cblr-1691	1074	31	disclosures	disclosure	NOUN
cblr-1691	1074	32	of	of	ADP
cblr-1691	1074	33	risks	risk	NOUN
cblr-1691	1074	34	and	and	CCONJ
cblr-1691	1074	35	prospectuses	prospectus	NOUN
cblr-1691	1074	36	to	to	PART
cblr-1691	1074	37	help	help	VERB
cblr-1691	1074	38	guide	guide	VERB
cblr-1691	1074	39	their	their	PRON
cblr-1691	1074	40	investment	investment	NOUN
cblr-1691	1074	41	decisions	decision	NOUN
cblr-1691	1074	42	.	.	PUNCT
cblr-1691	1075	1	this	this	DET
cblr-1691	1075	2	law	law	NOUN
cblr-1691	1075	3	encourages	encourage	VERB
cblr-1691	1075	4	employees	employee	NOUN
cblr-1691	1075	5	to	to	ADP
cblr-1691	1075	6	329	329	NUM
cblr-1691	1075	7	exempt	exempt	ADJ
cblr-1691	1075	8	offerings	offering	NOUN
cblr-1691	1075	9	pursuant	pursuant	ADJ
cblr-1691	1075	10	to	to	ADP
cblr-1691	1075	11	compensatory	compensatory	ADJ
cblr-1691	1075	12	arrangements	arrangement	NOUN
cblr-1691	1075	13	,	,	PUNCT
cblr-1691	1075	14	83	83	NUM
cblr-1691	1075	15	fed	feed	VERB
cblr-1691	1075	16	.	.	PUNCT
cblr-1691	1076	1	reg	reg	PROPN
cblr-1691	1076	2	.	.	PROPN
cblr-1691	1077	1	34,940	34,940	NUM
cblr-1691	1077	2	(	(	PUNCT
cblr-1691	1077	3	july	july	PROPN
cblr-1691	1077	4	24	24	NUM
cblr-1691	1077	5	,	,	PUNCT
cblr-1691	1077	6	2018	2018	NUM
cblr-1691	1077	7	)	)	PUNCT
cblr-1691	1077	8	.	.	PUNCT
cblr-1691	1078	1	330	330	NUM
cblr-1691	1078	2	see	see	VERB
cblr-1691	1078	3	david	david	PROPN
cblr-1691	1078	4	w.	w.	PROPN
cblr-1691	1078	5	perkins	perkins	PROPN
cblr-1691	1078	6	,	,	PUNCT
cblr-1691	1078	7	darryl	darryl	PROPN
cblr-1691	1078	8	e.	e.	PROPN
cblr-1691	1078	9	getter	getter	PROPN
cblr-1691	1078	10	,	,	PUNCT
cblr-1691	1078	11	marc	marc	PROPN
cblr-1691	1078	12	labonte	labonte	PROPN
cblr-1691	1078	13	,	,	PUNCT
cblr-1691	1078	14	gary	gary	PROPN
cblr-1691	1078	15	shorter	shorter	PROPN
cblr-1691	1078	16	,	,	PUNCT
cblr-1691	1078	17	eva	eva	PROPN
cblr-1691	1078	18	su	su	PROPN
cblr-1691	1078	19	&	&	CCONJ
cblr-1691	1078	20	n.	n.	PROPN
cblr-1691	1078	21	eric	eric	PROPN
cblr-1691	1078	22	weiss	weiss	PROPN
cblr-1691	1078	23	,	,	PUNCT
cblr-1691	1078	24	cong	cong	NOUN
cblr-1691	1078	25	.	.	PUNCT
cblr-1691	1079	1	research	research	NOUN
cblr-1691	1079	2	serv	serv	PROPN
cblr-1691	1079	3	.	.	PROPN
cblr-1691	1079	4	,	,	PUNCT
cblr-1691	1079	5	r45073	r45073	NOUN
cblr-1691	1079	6	,	,	PUNCT
cblr-1691	1079	7	economic	economic	ADJ
cblr-1691	1079	8	growth	growth	NOUN
cblr-1691	1079	9	,	,	PUNCT
cblr-1691	1079	10	regulatory	regulatory	ADJ
cblr-1691	1079	11	relief	relief	NOUN
cblr-1691	1079	12	,	,	PUNCT
cblr-1691	1079	13	and	and	CCONJ
cblr-1691	1079	14	consumer	consumer	NOUN
cblr-1691	1079	15	protection	protection	NOUN
cblr-1691	1079	16	act	act	PROPN
cblr-1691	1079	17	(	(	PUNCT
cblr-1691	1079	18	p.l	p.l	PROPN
cblr-1691	1079	19	.	.	PROPN
cblr-1691	1079	20	115	115	NUM
cblr-1691	1079	21	-	-	SYM
cblr-1691	1079	22	174	174	NUM
cblr-1691	1079	23	)	)	PUNCT
cblr-1691	1079	24	and	and	CCONJ
cblr-1691	1079	25	selected	select	VERB
cblr-1691	1079	26	policy	policy	NOUN
cblr-1691	1079	27	issues	issue	NOUN
cblr-1691	1079	28	(	(	PUNCT
cblr-1691	1079	29	2018	2018	NUM
cblr-1691	1079	30	)	)	PUNCT
cblr-1691	1079	31	,	,	PUNCT
cblr-1691	1079	32	https://fas.org/sgp/crs/misc/r45073.pdf	https://fas.org/sgp/crs/misc/r45073.pdf	X
cblr-1691	1080	1	[	[	X
cblr-1691	1080	2	https://perma.cc/al32-8dlm	https://perma.cc/al32-8dlm	PROPN
cblr-1691	1080	3	]	]	PUNCT
cblr-1691	1080	4	.	.	PUNCT
cblr-1691	1081	1	331	331	NUM
cblr-1691	1081	2	see	see	VERB
cblr-1691	1081	3	erin	erin	PROPN
cblr-1691	1081	4	randolph	randolph	PROPN
cblr-1691	1081	5	-	-	PUNCT
cblr-1691	1081	6	williams	williams	PROPN
cblr-1691	1081	7	,	,	PUNCT
cblr-1691	1081	8	alan	alan	PROPN
cblr-1691	1081	9	singer	singer	PROPN
cblr-1691	1081	10	&	&	CCONJ
cblr-1691	1081	11	lauren	lauren	PROPN
cblr-1691	1081	12	e.	e.	PROPN
cblr-1691	1081	13	sullivan	sullivan	PROPN
cblr-1691	1081	14	,	,	PUNCT
cblr-1691	1081	15	major	major	ADJ
cblr-1691	1081	16	change	change	NOUN
cblr-1691	1081	17	in	in	ADP
cblr-1691	1081	18	rule	rule	NOUN
cblr-1691	1081	19	701	701	NUM
cblr-1691	1081	20	disclosure	disclosure	NOUN
cblr-1691	1081	21	requirements	requirement	NOUN
cblr-1691	1081	22	,	,	PUNCT
cblr-1691	1081	23	morgan	morgan	PROPN
cblr-1691	1081	24	lewis	lewis	PROPN
cblr-1691	1081	25	blog	blog	PROPN
cblr-1691	1081	26	(	(	PUNCT
cblr-1691	1081	27	june	june	PROPN
cblr-1691	1081	28	21	21	NUM
cblr-1691	1081	29	,	,	PUNCT
cblr-1691	1081	30	2018	2018	NUM
cblr-1691	1081	31	)	)	PUNCT
cblr-1691	1081	32	,	,	PUNCT
cblr-1691	1081	33	https://www.morganlewis.com/blogs/mlbenebits/	https://www.morganlewis.com/blogs/mlbenebits/	PROPN
cblr-1691	1081	34	2018/06	2018/06	NUM
cblr-1691	1081	35	/	/	SYM
cblr-1691	1081	36	major	major	ADJ
cblr-1691	1081	37	-	-	PUNCT
cblr-1691	1081	38	change	change	NOUN
cblr-1691	1081	39	-	-	PUNCT
cblr-1691	1081	40	in	in	ADP
cblr-1691	1081	41	-	-	PUNCT
cblr-1691	1081	42	rule-701	rule-701	NOUN
cblr-1691	1081	43	-	-	PUNCT
cblr-1691	1081	44	disclosure	disclosure	NOUN
cblr-1691	1081	45	-	-	PUNCT
cblr-1691	1081	46	requirements	requirement	NOUN
cblr-1691	1081	47	[	[	X
cblr-1691	1081	48	https://perma.cc/4svc-d8vh	https://perma.cc/4svc-d8vh	NOUN
cblr-1691	1081	49	]	]	X
cblr-1691	1081	50	;	;	PUNCT
cblr-1691	1081	51	shorter	short	ADJ
cblr-1691	1081	52	,	,	PUNCT
cblr-1691	1081	53	supra	supra	ADJ
cblr-1691	1081	54	note	note	NOUN
cblr-1691	1081	55	327	327	NUM
cblr-1691	1081	56	.	.	PUNCT
cblr-1691	1081	57	332	332	NUM
cblr-1691	1081	58	for	for	ADP
cblr-1691	1081	59	purposes	purpose	NOUN
cblr-1691	1081	60	of	of	ADP
cblr-1691	1081	61	rule	rule	NOUN
cblr-1691	1081	62	701	701	NUM
cblr-1691	1081	63	’s	’s	PART
cblr-1691	1081	64	limitations	limitation	NOUN
cblr-1691	1081	65	on	on	ADP
cblr-1691	1081	66	sales	sale	NOUN
cblr-1691	1081	67	and	and	CCONJ
cblr-1691	1081	68	the	the	DET
cblr-1691	1081	69	enhanced	enhanced	ADJ
cblr-1691	1081	70	disclosure	disclosure	NOUN
cblr-1691	1081	71	threshold	threshold	NOUN
cblr-1691	1081	72	,	,	PUNCT
cblr-1691	1081	73	a	a	DET
cblr-1691	1081	74	sale	sale	NOUN
cblr-1691	1081	75	is	be	AUX
cblr-1691	1081	76	deemed	deem	VERB
cblr-1691	1081	77	to	to	PART
cblr-1691	1081	78	occur	occur	VERB
cblr-1691	1081	79	at	at	ADP
cblr-1691	1081	80	the	the	DET
cblr-1691	1081	81	time	time	NOUN
cblr-1691	1081	82	of	of	ADP
cblr-1691	1081	83	the	the	DET
cblr-1691	1081	84	grant	grant	NOUN
cblr-1691	1081	85	of	of	ADP
cblr-1691	1081	86	a	a	DET
cblr-1691	1081	87	stock	stock	NOUN
cblr-1691	1081	88	option	option	NOUN
cblr-1691	1081	89	rather	rather	ADV
cblr-1691	1081	90	than	than	ADP
cblr-1691	1081	91	at	at	ADP
cblr-1691	1081	92	the	the	DET
cblr-1691	1081	93	time	time	NOUN
cblr-1691	1081	94	of	of	ADP
cblr-1691	1081	95	exercise	exercise	NOUN
cblr-1691	1081	96	of	of	ADP
cblr-1691	1081	97	the	the	DET
cblr-1691	1081	98	option	option	NOUN
cblr-1691	1081	99	.	.	PUNCT
cblr-1691	1082	1	see	see	VERB
cblr-1691	1082	2	randolphwilliams	randolphwilliam	NOUN
cblr-1691	1082	3	et	et	PROPN
cblr-1691	1082	4	al	al	PROPN
cblr-1691	1082	5	.	.	PROPN
cblr-1691	1082	6	,	,	PUNCT
cblr-1691	1082	7	supra	supra	PROPN
cblr-1691	1082	8	note	note	NOUN
cblr-1691	1082	9	331	331	NUM
cblr-1691	1082	10	.	.	PUNCT
cblr-1691	1082	11	https://www.morganlewis.com/blogs/mlbenebits/2018/06/major-change-in-rule-701-disclosure-requirements	https://www.morganlewis.com/blogs/mlbenebits/2018/06/major-change-in-rule-701-disclosure-requirement	VERB
cblr-1691	1083	1	no	no	INTJ
cblr-1691	1083	2	.	.	PUNCT
cblr-1691	1084	1	1:107	1:107	NUM
cblr-1691	1084	2	]	]	X
cblr-1691	1084	3	unicorn	unicorn	ADJ
cblr-1691	1084	4	stock	stock	NOUN
cblr-1691	1084	5	options	option	NOUN
cblr-1691	1084	6	183	183	NUM
cblr-1691	1084	7	accept	accept	VERB
cblr-1691	1084	8	their	their	PRON
cblr-1691	1084	9	firm	firm	NOUN
cblr-1691	1084	10	’s	’s	PART
cblr-1691	1084	11	stock	stock	NOUN
cblr-1691	1084	12	rather	rather	ADV
cblr-1691	1084	13	than	than	ADP
cblr-1691	1084	14	diversify	diversify	VERB
cblr-1691	1084	15	their	their	PRON
cblr-1691	1084	16	investments.333	investments.333	NOUN
cblr-1691	1084	17	the	the	DET
cblr-1691	1084	18	purpose	purpose	NOUN
cblr-1691	1084	19	of	of	ADP
cblr-1691	1084	20	the	the	DET
cblr-1691	1084	21	recent	recent	ADJ
cblr-1691	1084	22	amendments	amendment	NOUN
cblr-1691	1084	23	to	to	ADP
cblr-1691	1084	24	the	the	DET
cblr-1691	1084	25	securities	security	NOUN
cblr-1691	1084	26	laws	law	NOUN
cblr-1691	1084	27	was	be	AUX
cblr-1691	1084	28	to	to	PART
cblr-1691	1084	29	give	give	VERB
cblr-1691	1084	30	young	young	ADJ
cblr-1691	1084	31	startup	startup	NOUN
cblr-1691	1084	32	companies	company	NOUN
cblr-1691	1084	33	time	time	VERB
cblr-1691	1084	34	to	to	PART
cblr-1691	1084	35	mature	mature	VERB
cblr-1691	1084	36	and	and	CCONJ
cblr-1691	1084	37	become	become	VERB
cblr-1691	1084	38	more	more	ADV
cblr-1691	1084	39	attractive	attractive	ADJ
cblr-1691	1084	40	as	as	ADP
cblr-1691	1084	41	ipo	ipo	NOUN
cblr-1691	1084	42	candidates	candidate	NOUN
cblr-1691	1084	43	.	.	PUNCT
cblr-1691	1085	1	unfortunately	unfortunately	ADV
cblr-1691	1085	2	,	,	PUNCT
cblr-1691	1085	3	these	these	DET
cblr-1691	1085	4	amendments	amendment	NOUN
cblr-1691	1085	5	also	also	ADV
cblr-1691	1085	6	created	create	VERB
cblr-1691	1085	7	a	a	DET
cblr-1691	1085	8	problem	problem	NOUN
cblr-1691	1085	9	for	for	ADP
cblr-1691	1085	10	the	the	DET
cblr-1691	1085	11	firms	firm	NOUN
cblr-1691	1085	12	and	and	CCONJ
cblr-1691	1085	13	their	their	PRON
cblr-1691	1085	14	employees	employee	NOUN
cblr-1691	1085	15	.	.	PUNCT
cblr-1691	1086	1	they	they	PRON
cblr-1691	1086	2	did	do	AUX
cblr-1691	1086	3	not	not	PART
cblr-1691	1086	4	take	take	VERB
cblr-1691	1086	5	into	into	ADP
cblr-1691	1086	6	account	account	NOUN
cblr-1691	1086	7	that	that	SCONJ
cblr-1691	1086	8	employee	employee	NOUN
cblr-1691	1086	9	stock	stock	NOUN
cblr-1691	1086	10	options	option	NOUN
cblr-1691	1086	11	expire	expire	VERB
cblr-1691	1086	12	during	during	ADP
cblr-1691	1086	13	this	this	DET
cblr-1691	1086	14	period	period	NOUN
cblr-1691	1086	15	.	.	PUNCT
cblr-1691	1087	1	i.	i.	PROPN
cblr-1691	1087	2	mandatory	mandatory	ADJ
cblr-1691	1087	3	disclosure	disclosure	NOUN
cblr-1691	1087	4	requirements	requirement	VERB
cblr-1691	1087	5	one	one	NUM
cblr-1691	1087	6	of	of	ADP
cblr-1691	1087	7	the	the	DET
cblr-1691	1087	8	main	main	ADJ
cblr-1691	1087	9	problems	problem	NOUN
cblr-1691	1087	10	with	with	ADP
cblr-1691	1087	11	unicorn	unicorn	ADJ
cblr-1691	1087	12	employee	employee	NOUN
cblr-1691	1087	13	stock	stock	NOUN
cblr-1691	1087	14	option	option	NOUN
cblr-1691	1087	15	plans	plan	NOUN
cblr-1691	1087	16	is	be	AUX
cblr-1691	1087	17	that	that	SCONJ
cblr-1691	1087	18	employees	employee	NOUN
cblr-1691	1087	19	are	be	AUX
cblr-1691	1087	20	uninformed	uninformed	ADJ
cblr-1691	1087	21	about	about	ADP
cblr-1691	1087	22	their	their	PRON
cblr-1691	1087	23	rights	right	NOUN
cblr-1691	1087	24	and	and	CCONJ
cblr-1691	1087	25	the	the	DET
cblr-1691	1087	26	status	status	NOUN
cblr-1691	1087	27	of	of	ADP
cblr-1691	1087	28	the	the	DET
cblr-1691	1087	29	company	company	NOUN
cblr-1691	1087	30	.	.	PUNCT
cblr-1691	1088	1	in	in	ADP
cblr-1691	1088	2	order	order	NOUN
cblr-1691	1088	3	to	to	PART
cblr-1691	1088	4	make	make	VERB
cblr-1691	1088	5	an	an	DET
cblr-1691	1088	6	investment	investment	NOUN
cblr-1691	1088	7	decision	decision	NOUN
cblr-1691	1088	8	to	to	PART
cblr-1691	1088	9	exercise	exercise	VERB
cblr-1691	1088	10	or	or	CCONJ
cblr-1691	1088	11	forfeit	forfeit	VERB
cblr-1691	1088	12	their	their	PRON
cblr-1691	1088	13	options	option	NOUN
cblr-1691	1088	14	,	,	PUNCT
cblr-1691	1088	15	they	they	PRON
cblr-1691	1088	16	need	need	VERB
cblr-1691	1088	17	information.334	information.334	NOUN
cblr-1691	1088	18	unicorn	unicorn	NOUN
cblr-1691	1088	19	firms	firm	NOUN
cblr-1691	1088	20	rely	rely	VERB
cblr-1691	1088	21	on	on	ADP
cblr-1691	1088	22	the	the	DET
cblr-1691	1088	23	exemption	exemption	NOUN
cblr-1691	1088	24	under	under	ADP
cblr-1691	1088	25	rule	rule	NOUN
cblr-1691	1088	26	701	701	NUM
cblr-1691	1088	27	to	to	PART
cblr-1691	1088	28	not	not	PART
cblr-1691	1088	29	provide	provide	VERB
cblr-1691	1088	30	employees	employee	NOUN
cblr-1691	1088	31	with	with	ADP
cblr-1691	1088	32	enhanced	enhanced	ADJ
cblr-1691	1088	33	disclosure	disclosure	NOUN
cblr-1691	1088	34	.	.	PUNCT
cblr-1691	1089	1	this	this	PRON
cblr-1691	1089	2	must	must	AUX
cblr-1691	1089	3	change.335	change.335	VERB
cblr-1691	1089	4	these	these	DET
cblr-1691	1089	5	firms	firm	NOUN
cblr-1691	1089	6	must	must	AUX
cblr-1691	1089	7	provide	provide	VERB
cblr-1691	1089	8	employees	employee	NOUN
cblr-1691	1089	9	with	with	ADP
cblr-1691	1089	10	enhanced	enhanced	ADJ
cblr-1691	1089	11	information	information	NOUN
cblr-1691	1089	12	,	,	PUNCT
cblr-1691	1089	13	especially	especially	ADV
cblr-1691	1089	14	concerning	concern	VERB
cblr-1691	1089	15	the	the	DET
cblr-1691	1089	16	risks	risk	NOUN
cblr-1691	1089	17	associated	associate	VERB
cblr-1691	1089	18	with	with	ADP
cblr-1691	1089	19	investing	invest	VERB
cblr-1691	1089	20	in	in	ADP
cblr-1691	1089	21	illiquid	illiquid	ADJ
cblr-1691	1089	22	securities	security	NOUN
cblr-1691	1089	23	of	of	ADP
cblr-1691	1089	24	a	a	DET
cblr-1691	1089	25	high	high	ADJ
cblr-1691	1089	26	-	-	PUNCT
cblr-1691	1089	27	risk	risk	NOUN
cblr-1691	1089	28	venture	venture	NOUN
cblr-1691	1089	29	that	that	PRON
cblr-1691	1089	30	is	be	AUX
cblr-1691	1089	31	often	often	ADV
cblr-1691	1089	32	controlled	control	VERB
cblr-1691	1089	33	by	by	ADP
cblr-1691	1089	34	founders	founder	NOUN
cblr-1691	1089	35	who	who	PRON
cblr-1691	1089	36	lack	lack	VERB
cblr-1691	1089	37	333	333	NUM
cblr-1691	1089	38	see	see	VERB
cblr-1691	1089	39	legislative	legislative	ADJ
cblr-1691	1089	40	proposals	proposal	NOUN
cblr-1691	1089	41	to	to	PART
cblr-1691	1089	42	enhance	enhance	VERB
cblr-1691	1089	43	capital	capital	NOUN
cblr-1691	1089	44	formation	formation	NOUN
cblr-1691	1089	45	and	and	CCONJ
cblr-1691	1089	46	reduce	reduce	VERB
cblr-1691	1089	47	regulatory	regulatory	ADJ
cblr-1691	1089	48	burdens	burden	NOUN
cblr-1691	1089	49	,	,	PUNCT
cblr-1691	1089	50	part	part	PROPN
cblr-1691	1089	51	ii	ii	PROPN
cblr-1691	1089	52	,	,	PUNCT
cblr-1691	1089	53	hearing	hear	VERB
cblr-1691	1089	54	before	before	ADP
cblr-1691	1089	55	the	the	DET
cblr-1691	1089	56	subcomm	subcomm	NOUN
cblr-1691	1089	57	.	.	PUNCT
cblr-1691	1090	1	on	on	ADP
cblr-1691	1090	2	capital	capital	NOUN
cblr-1691	1090	3	mkts	mkts	NOUN
cblr-1691	1090	4	.	.	PUNCT
cblr-1691	1091	1	and	and	CCONJ
cblr-1691	1091	2	gov’t	gov’t	NUM
cblr-1691	1091	3	sponsored	sponsor	VERB
cblr-1691	1091	4	enters	enter	NOUN
cblr-1691	1091	5	.	.	PUNCT
cblr-1691	1092	1	,	,	PUNCT
cblr-1691	1092	2	h.	h.	PROPN
cblr-1691	1092	3	comm	comm	NOUN
cblr-1691	1092	4	.	.	PUNCT
cblr-1691	1093	1	on	on	ADP
cblr-1691	1093	2	fin	fin	NOUN
cblr-1691	1093	3	.	.	PUNCT
cblr-1691	1094	1	servs	servs	PROPN
cblr-1691	1094	2	.	.	PROPN
cblr-1691	1094	3	,	,	PUNCT
cblr-1691	1094	4	114th	114th	PROPN
cblr-1691	1094	5	cong	cong	NOUN
cblr-1691	1094	6	.	.	PUNCT
cblr-1691	1095	1	22	22	NUM
cblr-1691	1095	2	(	(	PUNCT
cblr-1691	1095	3	2015	2015	NUM
cblr-1691	1095	4	)	)	PUNCT
cblr-1691	1095	5	(	(	PUNCT
cblr-1691	1095	6	statement	statement	NOUN
cblr-1691	1095	7	of	of	ADP
cblr-1691	1095	8	mercer	mercer	PROPN
cblr-1691	1095	9	e.	e.	PROPN
cblr-1691	1095	10	bullard	bullard	PROPN
cblr-1691	1095	11	,	,	PUNCT
cblr-1691	1095	12	president	president	NOUN
cblr-1691	1095	13	and	and	CCONJ
cblr-1691	1095	14	founder	founder	NOUN
cblr-1691	1095	15	,	,	PUNCT
cblr-1691	1095	16	fund	fund	NOUN
cblr-1691	1095	17	democracy	democracy	NOUN
cblr-1691	1095	18	,	,	PUNCT
cblr-1691	1095	19	inc	inc	PROPN
cblr-1691	1095	20	.	.	PROPN
cblr-1691	1095	21	and	and	CCONJ
cblr-1691	1095	22	mdla	mdla	VERB
cblr-1691	1095	23	distinguished	distinguished	ADJ
cblr-1691	1095	24	lecturer	lecturer	NOUN
cblr-1691	1095	25	and	and	CCONJ
cblr-1691	1095	26	professor	professor	NOUN
cblr-1691	1095	27	of	of	ADP
cblr-1691	1095	28	law	law	NOUN
cblr-1691	1095	29	,	,	PUNCT
cblr-1691	1095	30	university	university	PROPN
cblr-1691	1095	31	of	of	ADP
cblr-1691	1095	32	mississippi	mississippi	PROPN
cblr-1691	1095	33	school	school	PROPN
cblr-1691	1095	34	of	of	ADP
cblr-1691	1095	35	law	law	NOUN
cblr-1691	1095	36	)	)	PUNCT
cblr-1691	1095	37	,	,	PUNCT
cblr-1691	1095	38	https://financialservices.house	https://financialservices.house	PROPN
cblr-1691	1095	39	.	.	PUNCT
cblr-1691	1096	1	gov	gov	NOUN
cblr-1691	1096	2	/	/	SYM
cblr-1691	1096	3	uploadedfiles	uploadedfile	NOUN
cblr-1691	1096	4	/	/	SYM
cblr-1691	1096	5	hhrg-114	hhrg-114	NOUN
cblr-1691	1096	6	-	-	PUNCT
cblr-1691	1096	7	ba16	ba16	PROPN
cblr-1691	1096	8	-	-	PUNCT
cblr-1691	1096	9	wstate	wstate	ADJ
cblr-1691	1096	10	-	-	PUNCT
cblr-1691	1096	11	mbullard-20150513.pdf	mbullard-20150513.pdf	NOUN
cblr-1691	1096	12	(	(	PUNCT
cblr-1691	1096	13	on	on	ADP
cblr-1691	1096	14	file	file	NOUN
cblr-1691	1096	15	with	with	ADP
cblr-1691	1096	16	the	the	DET
cblr-1691	1096	17	columbia	columbia	PROPN
cblr-1691	1096	18	business	business	PROPN
cblr-1691	1096	19	law	law	PROPN
cblr-1691	1096	20	review	review	PROPN
cblr-1691	1096	21	)	)	PUNCT
cblr-1691	1096	22	(	(	PUNCT
cblr-1691	1096	23	“	"	PUNCT
cblr-1691	1096	24	rule	rule	VERB
cblr-1691	1096	25	701	701	NUM
cblr-1691	1096	26	offerings	offering	NOUN
cblr-1691	1096	27	should	should	AUX
cblr-1691	1096	28	‘	'	PUNCT
cblr-1691	1096	29	encourage	encourage	VERB
cblr-1691	1096	30	’	'	PUNCT
cblr-1691	1096	31	offerings	offering	NOUN
cblr-1691	1096	32	that	that	PRON
cblr-1691	1096	33	actually	actually	ADV
cblr-1691	1096	34	increase	increase	VERB
cblr-1691	1096	35	the	the	DET
cblr-1691	1096	36	number	number	NOUN
cblr-1691	1096	37	of	of	ADP
cblr-1691	1096	38	employees	employee	NOUN
cblr-1691	1096	39	who	who	PRON
cblr-1691	1096	40	own	own	VERB
cblr-1691	1096	41	company	company	NOUN
cblr-1691	1096	42	stock	stock	NOUN
cblr-1691	1096	43	while	while	SCONJ
cblr-1691	1096	44	‘	'	PUNCT
cblr-1691	1096	45	discouraging	discourage	VERB
cblr-1691	1096	46	’	'	PUNCT
cblr-1691	1096	47	offerings	offering	NOUN
cblr-1691	1096	48	that	that	PRON
cblr-1691	1096	49	result	result	VERB
cblr-1691	1096	50	in	in	ADP
cblr-1691	1096	51	overconcentration	overconcentration	NOUN
cblr-1691	1096	52	in	in	ADP
cblr-1691	1096	53	the	the	DET
cblr-1691	1096	54	percentage	percentage	NOUN
cblr-1691	1096	55	of	of	ADP
cblr-1691	1096	56	employees	employee	NOUN
cblr-1691	1096	57	’	’	PART
cblr-1691	1096	58	portfolios	portfolio	NOUN
cblr-1691	1096	59	invested	invest	VERB
cblr-1691	1096	60	in	in	ADP
cblr-1691	1096	61	company	company	NOUN
cblr-1691	1096	62	stock	stock	NOUN
cblr-1691	1096	63	.	.	PUNCT
cblr-1691	1097	1	the	the	DET
cblr-1691	1097	2	encouraging	encouraging	ADJ
cblr-1691	1097	3	employee	employee	NOUN
cblr-1691	1097	4	ownership	ownership	NOUN
cblr-1691	1097	5	act	act	NOUN
cblr-1691	1097	6	does	do	VERB
cblr-1691	1097	7	precisely	precisely	ADV
cblr-1691	1097	8	the	the	DET
cblr-1691	1097	9	opposite	opposite	NOUN
cblr-1691	1097	10	.	.	PUNCT
cblr-1691	1097	11	”	"	PUNCT
cblr-1691	1097	12	)	)	PUNCT
cblr-1691	1097	13	.	.	PUNCT
cblr-1691	1098	1	334	334	NUM
cblr-1691	1098	2	the	the	DET
cblr-1691	1098	3	u.s	u.s	PROPN
cblr-1691	1098	4	.	.	PROPN
cblr-1691	1098	5	supreme	supreme	PROPN
cblr-1691	1098	6	court	court	PROPN
cblr-1691	1098	7	made	make	VERB
cblr-1691	1098	8	it	it	PRON
cblr-1691	1098	9	clear	clear	ADJ
cblr-1691	1098	10	that	that	SCONJ
cblr-1691	1098	11	employee	employee	NOUN
cblr-1691	1098	12	status	status	NOUN
cblr-1691	1098	13	,	,	PUNCT
cblr-1691	1098	14	taken	take	VERB
cblr-1691	1098	15	alone	alone	ADV
cblr-1691	1098	16	,	,	PUNCT
cblr-1691	1098	17	does	do	AUX
cblr-1691	1098	18	not	not	PART
cblr-1691	1098	19	guarantee	guarantee	VERB
cblr-1691	1098	20	access	access	NOUN
cblr-1691	1098	21	to	to	ADP
cblr-1691	1098	22	material	material	ADJ
cblr-1691	1098	23	information	information	NOUN
cblr-1691	1098	24	.	.	PUNCT
cblr-1691	1099	1	sec	sec	PROPN
cblr-1691	1099	2	v.	v.	PROPN
cblr-1691	1099	3	ralston	ralston	PROPN
cblr-1691	1099	4	purina	purina	PROPN
cblr-1691	1099	5	co.	co.	PROPN
cblr-1691	1099	6	,	,	PUNCT
cblr-1691	1099	7	346	346	NUM
cblr-1691	1099	8	u.s	u.s	PROPN
cblr-1691	1099	9	.	.	PROPN
cblr-1691	1099	10	119	119	NUM
cblr-1691	1099	11	,	,	PUNCT
cblr-1691	1099	12	126	126	NUM
cblr-1691	1099	13	(	(	PUNCT
cblr-1691	1099	14	1953	1953	NUM
cblr-1691	1099	15	)	)	PUNCT
cblr-1691	1099	16	.	.	PUNCT
cblr-1691	1100	1	335	335	NUM
cblr-1691	1100	2	see	see	VERB
cblr-1691	1100	3	stephen	stephen	PROPN
cblr-1691	1100	4	j.	j.	PROPN
cblr-1691	1100	5	choi	choi	PROPN
cblr-1691	1100	6	&	&	CCONJ
cblr-1691	1100	7	a.c	a.c	PROPN
cblr-1691	1100	8	.	.	PROPN
cblr-1691	1100	9	pritchard	pritchard	PROPN
cblr-1691	1100	10	,	,	PUNCT
cblr-1691	1100	11	securities	security	NOUN
cblr-1691	1100	12	regulation	regulation	NOUN
cblr-1691	1100	13	23	23	NUM
cblr-1691	1100	14	(	(	PUNCT
cblr-1691	1100	15	2008	2008	NUM
cblr-1691	1100	16	)	)	PUNCT
cblr-1691	1100	17	.	.	PUNCT
cblr-1691	1101	1	the	the	DET
cblr-1691	1101	2	purpose	purpose	NOUN
cblr-1691	1101	3	of	of	ADP
cblr-1691	1101	4	the	the	DET
cblr-1691	1101	5	securities	security	NOUN
cblr-1691	1101	6	act	act	NOUN
cblr-1691	1101	7	of	of	ADP
cblr-1691	1101	8	1933	1933	NUM
cblr-1691	1101	9	is	be	AUX
cblr-1691	1101	10	“	"	PUNCT
cblr-1691	1101	11	[	[	PUNCT
cblr-1691	1101	12	t]o	t]o	NOUN
cblr-1691	1101	13	provide	provide	VERB
cblr-1691	1101	14	full	full	ADJ
cblr-1691	1101	15	and	and	CCONJ
cblr-1691	1101	16	fair	fair	ADJ
cblr-1691	1101	17	disclosure	disclosure	NOUN
cblr-1691	1101	18	of	of	ADP
cblr-1691	1101	19	the	the	DET
cblr-1691	1101	20	character	character	NOUN
cblr-1691	1101	21	of	of	ADP
cblr-1691	1101	22	securities	security	NOUN
cblr-1691	1101	23	sold	sell	VERB
cblr-1691	1101	24	.	.	PUNCT
cblr-1691	1101	25	”	"	PUNCT
cblr-1691	1102	1	i	i	PRON
cblr-1691	1102	2	d.	d.	PROPN
cblr-1691	1102	3	184	184	NUM
cblr-1691	1102	4	columbia	columbia	PROPN
cblr-1691	1102	5	business	business	NOUN
cblr-1691	1102	6	law	law	PROPN
cblr-1691	1102	7	review	review	NOUN
cblr-1691	1102	8	[	[	X
cblr-1691	1102	9	vol	vol	NOUN
cblr-1691	1102	10	.	.	NOUN
cblr-1691	1102	11	2019	2019	NUM
cblr-1691	1102	12	management	management	NOUN
cblr-1691	1102	13	experience.336	experience.336	NOUN
cblr-1691	1102	14	at	at	ADP
cblr-1691	1102	15	least	least	ADJ
cblr-1691	1102	16	some	some	PRON
cblr-1691	1102	17	level	level	NOUN
cblr-1691	1102	18	of	of	ADP
cblr-1691	1102	19	disclosure	disclosure	NOUN
cblr-1691	1102	20	(	(	PUNCT
cblr-1691	1102	21	or	or	CCONJ
cblr-1691	1102	22	a	a	DET
cblr-1691	1102	23	fairness	fairness	NOUN
cblr-1691	1102	24	hearing	hearing	NOUN
cblr-1691	1102	25	conducted	conduct	VERB
cblr-1691	1102	26	under	under	ADP
cblr-1691	1102	27	a	a	DET
cblr-1691	1102	28	new	new	ADJ
cblr-1691	1102	29	federal	federal	ADJ
cblr-1691	1102	30	provision	provision	NOUN
cblr-1691	1102	31	akin	akin	ADJ
cblr-1691	1102	32	to	to	ADP
cblr-1691	1102	33	section	section	NOUN
cblr-1691	1102	34	3(b	3(b	NUM
cblr-1691	1102	35	)	)	PUNCT
cblr-1691	1102	36	of	of	ADP
cblr-1691	1102	37	the	the	DET
cblr-1691	1102	38	securities	security	NOUN
cblr-1691	1102	39	act	act	NOUN
cblr-1691	1102	40	of	of	ADP
cblr-1691	1102	41	1933	1933	NUM
cblr-1691	1102	42	)	)	PUNCT
cblr-1691	1102	43	should	should	AUX
cblr-1691	1102	44	be	be	AUX
cblr-1691	1102	45	mandated	mandate	VERB
cblr-1691	1102	46	,	,	PUNCT
cblr-1691	1102	47	and	and	CCONJ
cblr-1691	1102	48	could	could	AUX
cblr-1691	1102	49	perhaps	perhaps	ADV
cblr-1691	1102	50	be	be	AUX
cblr-1691	1102	51	included	include	VERB
cblr-1691	1102	52	in	in	ADP
cblr-1691	1102	53	state	state	NOUN
cblr-1691	1102	54	blue	blue	ADJ
cblr-1691	1102	55	sky	sky	NOUN
cblr-1691	1102	56	laws.337	laws.337	NOUN
cblr-1691	1102	57	this	this	PRON
cblr-1691	1102	58	would	would	AUX
cblr-1691	1102	59	most	most	ADV
cblr-1691	1102	60	likely	likely	ADV
cblr-1691	1102	61	require	require	VERB
cblr-1691	1102	62	tweaks	tweak	NOUN
cblr-1691	1102	63	to	to	ADP
cblr-1691	1102	64	federal	federal	ADJ
cblr-1691	1102	65	law	law	NOUN
cblr-1691	1102	66	to	to	PART
cblr-1691	1102	67	avoid	avoid	VERB
cblr-1691	1102	68	federal	federal	ADJ
cblr-1691	1102	69	preemption	preemption	NOUN
cblr-1691	1102	70	,	,	PUNCT
cblr-1691	1102	71	but	but	CCONJ
cblr-1691	1102	72	to	to	PART
cblr-1691	1102	73	avoid	avoid	VERB
cblr-1691	1102	74	an	an	DET
cblr-1691	1102	75	overly	overly	ADV
cblr-1691	1102	76	onerous	onerous	ADJ
cblr-1691	1102	77	process	process	NOUN
cblr-1691	1102	78	,	,	PUNCT
cblr-1691	1102	79	the	the	DET
cblr-1691	1102	80	state	state	NOUN
cblr-1691	1102	81	and	and	CCONJ
cblr-1691	1102	82	federal	federal	ADJ
cblr-1691	1102	83	laws	law	NOUN
cblr-1691	1102	84	could	could	AUX
cblr-1691	1102	85	be	be	AUX
cblr-1691	1102	86	amended	amend	VERB
cblr-1691	1102	87	to	to	PART
cblr-1691	1102	88	permit	permit	VERB
cblr-1691	1102	89	those	those	DET
cblr-1691	1102	90	states	state	NOUN
cblr-1691	1102	91	with	with	ADP
cblr-1691	1102	92	at	at	ADV
cblr-1691	1102	93	least	least	ADJ
cblr-1691	1102	94	a	a	DET
cblr-1691	1102	95	designated	designate	VERB
cblr-1691	1102	96	percentage	percentage	NOUN
cblr-1691	1102	97	of	of	ADP
cblr-1691	1102	98	the	the	DET
cblr-1691	1102	99	employees	employee	NOUN
cblr-1691	1102	100	(	(	PUNCT
cblr-1691	1102	101	perhaps	perhaps	ADV
cblr-1691	1102	102	thirty	thirty	NUM
cblr-1691	1102	103	-	-	PUNCT
cblr-1691	1102	104	three	three	NUM
cblr-1691	1102	105	percent	percent	NOUN
cblr-1691	1102	106	)	)	PUNCT
cblr-1691	1102	107	to	to	PART
cblr-1691	1102	108	require	require	VERB
cblr-1691	1102	109	disclosure	disclosure	NOUN
cblr-1691	1102	110	or	or	CCONJ
cblr-1691	1102	111	a	a	DET
cblr-1691	1102	112	fairness	fairness	NOUN
cblr-1691	1102	113	hearing	hearing	NOUN
cblr-1691	1102	114	.	.	PUNCT
cblr-1691	1103	1	further	far	ADV
cblr-1691	1103	2	,	,	PUNCT
cblr-1691	1103	3	only	only	ADJ
cblr-1691	1103	4	firms	firm	NOUN
cblr-1691	1103	5	with	with	ADP
cblr-1691	1103	6	outstanding	outstanding	ADJ
cblr-1691	1103	7	equity	equity	NOUN
cblr-1691	1103	8	issued	issue	VERB
cblr-1691	1103	9	for	for	ADP
cblr-1691	1103	10	at	at	ADV
cblr-1691	1103	11	least	least	ADJ
cblr-1691	1103	12	a	a	DET
cblr-1691	1103	13	specified	specify	VERB
cblr-1691	1103	14	amount	amount	NOUN
cblr-1691	1103	15	(	(	PUNCT
cblr-1691	1103	16	perhaps	perhaps	ADV
cblr-1691	1103	17	$	$	SYM
cblr-1691	1103	18	200	200	NUM
cblr-1691	1103	19	million	million	NUM
cblr-1691	1103	20	)	)	PUNCT
cblr-1691	1103	21	should	should	AUX
cblr-1691	1103	22	be	be	AUX
cblr-1691	1103	23	subject	subject	ADJ
cblr-1691	1103	24	to	to	ADP
cblr-1691	1103	25	the	the	DET
cblr-1691	1103	26	highest	high	ADJ
cblr-1691	1103	27	level	level	NOUN
cblr-1691	1103	28	of	of	ADP
cblr-1691	1103	29	disclosure	disclosure	NOUN
cblr-1691	1103	30	.	.	PUNCT
cblr-1691	1104	1	in	in	ADP
cblr-1691	1104	2	order	order	NOUN
cblr-1691	1104	3	to	to	PART
cblr-1691	1104	4	mitigate	mitigate	VERB
cblr-1691	1104	5	some	some	PRON
cblr-1691	1104	6	of	of	ADP
cblr-1691	1104	7	the	the	DET
cblr-1691	1104	8	risks	risk	NOUN
cblr-1691	1104	9	that	that	PRON
cblr-1691	1104	10	are	be	AUX
cblr-1691	1104	11	associated	associate	VERB
cblr-1691	1104	12	with	with	ADP
cblr-1691	1104	13	their	their	PRON
cblr-1691	1104	14	employees	employee	NOUN
cblr-1691	1104	15	’	’	PART
cblr-1691	1104	16	investment	investment	NOUN
cblr-1691	1104	17	,	,	PUNCT
cblr-1691	1104	18	the	the	DET
cblr-1691	1104	19	mandatory	mandatory	ADJ
cblr-1691	1104	20	disclosures	disclosure	NOUN
cblr-1691	1104	21	should	should	AUX
cblr-1691	1104	22	include	include	VERB
cblr-1691	1104	23	the	the	DET
cblr-1691	1104	24	following	follow	VERB
cblr-1691	1104	25	information	information	NOUN
cblr-1691	1104	26	to	to	ADP
cblr-1691	1104	27	employees	employee	NOUN
cblr-1691	1104	28	.	.	PUNCT
cblr-1691	1105	1	first	first	ADV
cblr-1691	1105	2	,	,	PUNCT
cblr-1691	1105	3	in	in	ADP
cblr-1691	1105	4	addition	addition	NOUN
cblr-1691	1105	5	to	to	ADP
cblr-1691	1105	6	the	the	DET
cblr-1691	1105	7	stock	stock	NOUN
cblr-1691	1105	8	option	option	NOUN
cblr-1691	1105	9	purchase	purchase	NOUN
cblr-1691	1105	10	agreement	agreement	NOUN
cblr-1691	1105	11	and	and	CCONJ
cblr-1691	1105	12	plan	plan	NOUN
cblr-1691	1105	13	,	,	PUNCT
cblr-1691	1105	14	the	the	DET
cblr-1691	1105	15	firm	firm	NOUN
cblr-1691	1105	16	should	should	AUX
cblr-1691	1105	17	provide	provide	VERB
cblr-1691	1105	18	a	a	DET
cblr-1691	1105	19	schedule	schedule	NOUN
cblr-1691	1105	20	with	with	ADP
cblr-1691	1105	21	the	the	DET
cblr-1691	1105	22	amount	amount	NOUN
cblr-1691	1105	23	of	of	ADP
cblr-1691	1105	24	capital	capital	NOUN
cblr-1691	1105	25	that	that	PRON
cblr-1691	1105	26	was	be	AUX
cblr-1691	1105	27	raised	raise	VERB
cblr-1691	1105	28	by	by	ADP
cblr-1691	1105	29	the	the	DET
cblr-1691	1105	30	company	company	NOUN
cblr-1691	1105	31	prior	prior	ADV
cblr-1691	1105	32	to	to	ADP
cblr-1691	1105	33	that	that	DET
cblr-1691	1105	34	point	point	NOUN
cblr-1691	1105	35	.	.	PUNCT
cblr-1691	1106	1	the	the	DET
cblr-1691	1106	2	schedule	schedule	NOUN
cblr-1691	1106	3	should	should	AUX
cblr-1691	1106	4	include	include	VERB
cblr-1691	1106	5	a	a	DET
cblr-1691	1106	6	list	list	NOUN
cblr-1691	1106	7	of	of	ADP
cblr-1691	1106	8	investors	investor	NOUN
cblr-1691	1106	9	that	that	PRON
cblr-1691	1106	10	received	receive	VERB
cblr-1691	1106	11	liquidation	liquidation	NOUN
cblr-1691	1106	12	preferences	preference	NOUN
cblr-1691	1106	13	,	,	PUNCT
cblr-1691	1106	14	and	and	CCONJ
cblr-1691	1106	15	founders	founder	NOUN
cblr-1691	1106	16	that	that	PRON
cblr-1691	1106	17	were	be	AUX
cblr-1691	1106	18	granted	grant	VERB
cblr-1691	1106	19	super	super	ADJ
cblr-1691	1106	20	voting	vote	VERB
cblr-1691	1106	21	common	common	ADJ
cblr-1691	1106	22	stock	stock	NOUN
cblr-1691	1106	23	.	.	PUNCT
cblr-1691	1107	1	336	336	NUM
cblr-1691	1107	2	see	see	VERB
cblr-1691	1107	3	eric	eric	PROPN
cblr-1691	1107	4	newcomer	newcomer	PROPN
cblr-1691	1107	5	&	&	CCONJ
cblr-1691	1107	6	joel	joel	PROPN
cblr-1691	1107	7	rosenblatt	rosenblatt	PROPN
cblr-1691	1107	8	,	,	PUNCT
cblr-1691	1107	9	here	here	ADV
cblr-1691	1107	10	’s	’	VERB
cblr-1691	1107	11	the	the	DET
cblr-1691	1107	12	uber	uber	ADJ
cblr-1691	1107	13	investor	investor	NOUN
cblr-1691	1107	14	letter	letter	NOUN
cblr-1691	1107	15	that	that	PRON
cblr-1691	1107	16	forced	force	VERB
cblr-1691	1107	17	travis	travis	PROPN
cblr-1691	1107	18	kalanick	kalanick	VERB
cblr-1691	1107	19	out	out	ADP
cblr-1691	1107	20	,	,	PUNCT
cblr-1691	1107	21	bloomberg	bloomberg	PROPN
cblr-1691	1107	22	(	(	PUNCT
cblr-1691	1107	23	jan	jan	PROPN
cblr-1691	1107	24	.	.	PROPN
cblr-1691	1107	25	28	28	NUM
cblr-1691	1107	26	,	,	PUNCT
cblr-1691	1107	27	2019	2019	NUM
cblr-1691	1107	28	)	)	PUNCT
cblr-1691	1107	29	,	,	PUNCT
cblr-1691	1107	30	https://www.bloomberg.com/news/articles/2019-01-28/here-s-the-uberinvestor-letter-that-forced-travis-kalanick-out	https://www.bloomberg.com/news/articles/2019-01-28/here-s-the-uberinvestor-letter-that-forced-travis-kalanick-out	PUNCT
cblr-1691	1108	1	[	[	X
cblr-1691	1108	2	https://perma.cc/kkz4askx	https://perma.cc/kkz4askx	X
cblr-1691	1108	3	]	]	PUNCT
cblr-1691	1108	4	.	.	PUNCT
cblr-1691	1109	1	337	337	NUM
cblr-1691	1109	2	the	the	DET
cblr-1691	1109	3	california	california	PROPN
cblr-1691	1109	4	corporations	corporation	NOUN
cblr-1691	1109	5	code	code	NOUN
cblr-1691	1109	6	gives	give	VERB
cblr-1691	1109	7	the	the	DET
cblr-1691	1109	8	commissioner	commissioner	NOUN
cblr-1691	1109	9	of	of	ADP
cblr-1691	1109	10	corporations	corporation	NOUN
cblr-1691	1109	11	the	the	DET
cblr-1691	1109	12	authority	authority	NOUN
cblr-1691	1109	13	to	to	PART
cblr-1691	1109	14	conduct	conduct	VERB
cblr-1691	1109	15	such	such	ADJ
cblr-1691	1109	16	hearings	hearing	NOUN
cblr-1691	1109	17	in	in	ADP
cblr-1691	1109	18	the	the	DET
cblr-1691	1109	19	case	case	NOUN
cblr-1691	1109	20	of	of	ADP
cblr-1691	1109	21	securities	security	NOUN
cblr-1691	1109	22	issuances	issuance	NOUN
cblr-1691	1109	23	in	in	ADP
cblr-1691	1109	24	connection	connection	NOUN
cblr-1691	1109	25	with	with	ADP
cblr-1691	1109	26	mergers	merger	NOUN
cblr-1691	1109	27	and	and	CCONJ
cblr-1691	1109	28	other	other	ADJ
cblr-1691	1109	29	business	business	NOUN
cblr-1691	1109	30	combinations	combination	NOUN
cblr-1691	1109	31	.	.	PUNCT
cblr-1691	1110	1	see	see	VERB
cblr-1691	1110	2	corporations	corporation	NOUN
cblr-1691	1110	3	fairness	fairness	NOUN
cblr-1691	1110	4	hearings	hearing	NOUN
cblr-1691	1110	5	,	,	PUNCT
cblr-1691	1110	6	cal	cal	PROPN
cblr-1691	1110	7	.	.	PUNCT
cblr-1691	1111	1	dep’t	dep’t	NOUN
cblr-1691	1111	2	of	of	ADP
cblr-1691	1111	3	bus	bus	NOUN
cblr-1691	1111	4	.	.	PUNCT
cblr-1691	1112	1	oversight	oversight	NOUN
cblr-1691	1112	2	,	,	PUNCT
cblr-1691	1112	3	http://www.dbo.ca.gov/enf/fairnesshearings/default.asp	http://www.dbo.ca.gov/enf/fairnesshearings/default.asp	PUNCT
cblr-1691	1113	1	[	[	X
cblr-1691	1113	2	https://perma.cc/dj8r-l9mz](“california	https://perma.cc/dj8r-l9mz](“california	PROPN
cblr-1691	1113	3	corporations	corporation	NOUN
cblr-1691	1113	4	code	code	NOUN
cblr-1691	1113	5	section	section	NOUN
cblr-1691	1113	6	25142	25142	NUM
cblr-1691	1113	7	allows	allow	VERB
cblr-1691	1113	8	companies	company	NOUN
cblr-1691	1113	9	interested	interested	ADJ
cblr-1691	1113	10	in	in	ADP
cblr-1691	1113	11	issuing	issue	VERB
cblr-1691	1113	12	securities	security	NOUN
cblr-1691	1113	13	in	in	ADP
cblr-1691	1113	14	a	a	DET
cblr-1691	1113	15	merger	merger	NOUN
cblr-1691	1113	16	or	or	CCONJ
cblr-1691	1113	17	conducting	conduct	VERB
cblr-1691	1113	18	an	an	DET
cblr-1691	1113	19	exchange	exchange	NOUN
cblr-1691	1113	20	of	of	ADP
cblr-1691	1113	21	outstanding	outstanding	ADJ
cblr-1691	1113	22	securities	security	NOUN
cblr-1691	1113	23	to	to	PART
cblr-1691	1113	24	seek	seek	VERB
cblr-1691	1113	25	a	a	DET
cblr-1691	1113	26	‘	'	PUNCT
cblr-1691	1113	27	fairness	fairness	NOUN
cblr-1691	1113	28	’	'	PUNCT
cblr-1691	1113	29	hearing	hearing	NOUN
cblr-1691	1113	30	as	as	ADP
cblr-1691	1113	31	part	part	NOUN
cblr-1691	1113	32	of	of	ADP
cblr-1691	1113	33	its	its	PRON
cblr-1691	1113	34	application	application	NOUN
cblr-1691	1113	35	for	for	ADP
cblr-1691	1113	36	qualification	qualification	NOUN
cblr-1691	1113	37	of	of	ADP
cblr-1691	1113	38	the	the	DET
cblr-1691	1113	39	offer	offer	NOUN
cblr-1691	1113	40	and	and	CCONJ
cblr-1691	1113	41	sale	sale	NOUN
cblr-1691	1113	42	of	of	ADP
cblr-1691	1113	43	securities	security	NOUN
cblr-1691	1113	44	.	.	PUNCT
cblr-1691	1114	1	by	by	ADP
cblr-1691	1114	2	this	this	DET
cblr-1691	1114	3	process	process	NOUN
cblr-1691	1114	4	,	,	PUNCT
cblr-1691	1114	5	applicants	applicant	NOUN
cblr-1691	1114	6	may	may	AUX
cblr-1691	1114	7	seek	seek	VERB
cblr-1691	1114	8	an	an	DET
cblr-1691	1114	9	exemption	exemption	NOUN
cblr-1691	1114	10	from	from	ADP
cblr-1691	1114	11	federal	federal	ADJ
cblr-1691	1114	12	registration	registration	NOUN
cblr-1691	1114	13	as	as	SCONJ
cblr-1691	1114	14	provided	provide	VERB
cblr-1691	1114	15	by	by	ADP
cblr-1691	1114	16	section	section	NOUN
cblr-1691	1114	17	3(a)(10	3(a)(10	NUM
cblr-1691	1114	18	)	)	PUNCT
cblr-1691	1114	19	of	of	ADP
cblr-1691	1114	20	the	the	DET
cblr-1691	1114	21	securities	security	NOUN
cblr-1691	1114	22	act	act	NOUN
cblr-1691	1114	23	of	of	ADP
cblr-1691	1114	24	1933	1933	NUM
cblr-1691	1114	25	through	through	ADP
cblr-1691	1114	26	a	a	DET
cblr-1691	1114	27	statelaw	statelaw	NOUN
cblr-1691	1114	28	hearing	hearing	NOUN
cblr-1691	1114	29	on	on	ADP
cblr-1691	1114	30	the	the	DET
cblr-1691	1114	31	fairness	fairness	NOUN
cblr-1691	1114	32	of	of	ADP
cblr-1691	1114	33	the	the	DET
cblr-1691	1114	34	terms	term	NOUN
cblr-1691	1114	35	and	and	CCONJ
cblr-1691	1114	36	conditions	condition	NOUN
cblr-1691	1114	37	of	of	ADP
cblr-1691	1114	38	the	the	DET
cblr-1691	1114	39	proposed	propose	VERB
cblr-1691	1114	40	issuance	issuance	NOUN
cblr-1691	1114	41	or	or	CCONJ
cblr-1691	1114	42	exchange	exchange	NOUN
cblr-1691	1114	43	of	of	ADP
cblr-1691	1114	44	securities	security	NOUN
cblr-1691	1114	45	.	.	PUNCT
cblr-1691	1114	46	”	"	PUNCT
cblr-1691	1114	47	)	)	PUNCT
cblr-1691	1114	48	.	.	PUNCT
cblr-1691	1115	1	https://www.bloomberg.com/authors/agfdd8rwbpi/joel-rosenblatt	https://www.bloomberg.com/authors/agfdd8rwbpi/joel-rosenblatt	PROPN
cblr-1691	1115	2	http://www.dbo.ca.gov/enf/fairnesshearings/default.asp	http://www.dbo.ca.gov/enf/fairnesshearings/default.asp	INTJ
cblr-1691	1116	1	no	no	INTJ
cblr-1691	1116	2	.	.	PUNCT
cblr-1691	1117	1	1:107	1:107	NUM
cblr-1691	1117	2	]	]	X
cblr-1691	1117	3	unicorn	unicorn	ADJ
cblr-1691	1117	4	stock	stock	NOUN
cblr-1691	1117	5	options	option	NOUN
cblr-1691	1117	6	185	185	NUM
cblr-1691	1117	7	second	second	ADJ
cblr-1691	1117	8	,	,	PUNCT
cblr-1691	1117	9	the	the	DET
cblr-1691	1117	10	firm	firm	NOUN
cblr-1691	1117	11	should	should	AUX
cblr-1691	1117	12	disclose	disclose	VERB
cblr-1691	1117	13	to	to	ADP
cblr-1691	1117	14	employees	employee	NOUN
cblr-1691	1117	15	how	how	SCONJ
cblr-1691	1117	16	much	much	ADJ
cblr-1691	1117	17	debt	debt	NOUN
cblr-1691	1117	18	it	it	PRON
cblr-1691	1117	19	has	have	AUX
cblr-1691	1117	20	accumulated	accumulate	VERB
cblr-1691	1117	21	,	,	PUNCT
cblr-1691	1117	22	including	include	VERB
cblr-1691	1117	23	debt	debt	NOUN
cblr-1691	1117	24	evidenced	evidence	VERB
cblr-1691	1117	25	by	by	ADP
cblr-1691	1117	26	convertible	convertible	ADJ
cblr-1691	1117	27	or	or	CCONJ
cblr-1691	1117	28	safe	safe	ADJ
cblr-1691	1117	29	notes	note	NOUN
cblr-1691	1117	30	.	.	PUNCT
cblr-1691	1118	1	third	third	ADJ
cblr-1691	1118	2	,	,	PUNCT
cblr-1691	1118	3	if	if	SCONJ
cblr-1691	1118	4	companies	company	NOUN
cblr-1691	1118	5	allow	allow	VERB
cblr-1691	1118	6	employees	employee	NOUN
cblr-1691	1118	7	to	to	PART
cblr-1691	1118	8	trade	trade	VERB
cblr-1691	1118	9	on	on	ADP
cblr-1691	1118	10	secondary	secondary	ADJ
cblr-1691	1118	11	platforms	platform	NOUN
cblr-1691	1118	12	,	,	PUNCT
cblr-1691	1118	13	the	the	DET
cblr-1691	1118	14	companies	company	NOUN
cblr-1691	1118	15	should	should	AUX
cblr-1691	1118	16	provide	provide	VERB
cblr-1691	1118	17	appropriate	appropriate	ADJ
cblr-1691	1118	18	disclosures	disclosure	NOUN
cblr-1691	1118	19	,	,	PUNCT
cblr-1691	1118	20	including	include	VERB
cblr-1691	1118	21	any	any	DET
cblr-1691	1118	22	restrictions	restriction	NOUN
cblr-1691	1118	23	on	on	ADP
cblr-1691	1118	24	resale	resale	NOUN
cblr-1691	1118	25	,	,	PUNCT
cblr-1691	1118	26	to	to	PART
cblr-1691	1118	27	make	make	VERB
cblr-1691	1118	28	sure	sure	ADJ
cblr-1691	1118	29	that	that	SCONJ
cblr-1691	1118	30	employees	employee	NOUN
cblr-1691	1118	31	understand	understand	VERB
cblr-1691	1118	32	and	and	CCONJ
cblr-1691	1118	33	comply	comply	VERB
cblr-1691	1118	34	with	with	ADP
cblr-1691	1118	35	the	the	DET
cblr-1691	1118	36	applicable	applicable	ADJ
cblr-1691	1118	37	securities	security	NOUN
cblr-1691	1118	38	regulations	regulation	NOUN
cblr-1691	1118	39	.	.	PUNCT
cblr-1691	1119	1	if	if	SCONJ
cblr-1691	1119	2	the	the	DET
cblr-1691	1119	3	companies	company	NOUN
cblr-1691	1119	4	do	do	AUX
cblr-1691	1119	5	not	not	PART
cblr-1691	1119	6	allow	allow	VERB
cblr-1691	1119	7	employees	employee	NOUN
cblr-1691	1119	8	to	to	PART
cblr-1691	1119	9	trade	trade	VERB
cblr-1691	1119	10	on	on	ADP
cblr-1691	1119	11	secondary	secondary	ADJ
cblr-1691	1119	12	platforms	platform	NOUN
cblr-1691	1119	13	,	,	PUNCT
cblr-1691	1119	14	they	they	PRON
cblr-1691	1119	15	should	should	AUX
cblr-1691	1119	16	consider	consider	VERB
cblr-1691	1119	17	facilitating	facilitate	VERB
cblr-1691	1119	18	private	private	ADJ
cblr-1691	1119	19	secondary	secondary	ADJ
cblr-1691	1119	20	market	market	NOUN
cblr-1691	1119	21	sales	sale	NOUN
cblr-1691	1119	22	or	or	CCONJ
cblr-1691	1119	23	stock	stock	NOUN
cblr-1691	1119	24	buybacks	buyback	NOUN
cblr-1691	1119	25	to	to	PART
cblr-1691	1119	26	provide	provide	VERB
cblr-1691	1119	27	liquidity.338	liquidity.338	PROPN
cblr-1691	1119	28	fourth	fourth	ADJ
cblr-1691	1119	29	,	,	PUNCT
cblr-1691	1119	30	disclosure	disclosure	NOUN
cblr-1691	1119	31	should	should	AUX
cblr-1691	1119	32	include	include	VERB
cblr-1691	1119	33	information	information	NOUN
cblr-1691	1119	34	on	on	ADP
cblr-1691	1119	35	the	the	DET
cblr-1691	1119	36	composition	composition	NOUN
cblr-1691	1119	37	and	and	CCONJ
cblr-1691	1119	38	compensation	compensation	NOUN
cblr-1691	1119	39	of	of	ADP
cblr-1691	1119	40	the	the	DET
cblr-1691	1119	41	management	management	NOUN
cblr-1691	1119	42	team	team	NOUN
cblr-1691	1119	43	,	,	PUNCT
cblr-1691	1119	44	information	information	NOUN
cblr-1691	1119	45	concerning	concern	VERB
cblr-1691	1119	46	current	current	ADJ
cblr-1691	1119	47	and	and	CCONJ
cblr-1691	1119	48	future	future	ADJ
cblr-1691	1119	49	stock	stock	NOUN
cblr-1691	1119	50	and	and	CCONJ
cblr-1691	1119	51	debt	debt	NOUN
cblr-1691	1119	52	issuances	issuance	NOUN
cblr-1691	1119	53	,	,	PUNCT
cblr-1691	1119	54	a	a	DET
cblr-1691	1119	55	list	list	NOUN
cblr-1691	1119	56	of	of	ADP
cblr-1691	1119	57	investors	investor	NOUN
cblr-1691	1119	58	holding	hold	VERB
cblr-1691	1119	59	more	more	ADJ
cblr-1691	1119	60	than	than	ADP
cblr-1691	1119	61	a	a	DET
cblr-1691	1119	62	specified	specified	ADJ
cblr-1691	1119	63	percentage	percentage	NOUN
cblr-1691	1119	64	(	(	PUNCT
cblr-1691	1119	65	perhaps	perhaps	ADV
cblr-1691	1119	66	one	one	NUM
cblr-1691	1119	67	percent	percent	NOUN
cblr-1691	1119	68	)	)	PUNCT
cblr-1691	1119	69	of	of	ADP
cblr-1691	1119	70	the	the	DET
cblr-1691	1119	71	outstanding	outstanding	ADJ
cblr-1691	1119	72	stock	stock	NOUN
cblr-1691	1119	73	(	(	PUNCT
cblr-1691	1119	74	including	include	VERB
cblr-1691	1119	75	their	their	PRON
cblr-1691	1119	76	liquidation	liquidation	NOUN
cblr-1691	1119	77	preferences	preference	NOUN
cblr-1691	1119	78	and	and	CCONJ
cblr-1691	1119	79	conversion	conversion	NOUN
cblr-1691	1119	80	rights	right	NOUN
cblr-1691	1119	81	)	)	PUNCT
cblr-1691	1119	82	,	,	PUNCT
cblr-1691	1119	83	and	and	CCONJ
cblr-1691	1119	84	a	a	DET
cblr-1691	1119	85	quarterly	quarterly	ADV
cblr-1691	1119	86	estimated	estimate	VERB
cblr-1691	1119	87	fair	fair	ADJ
cblr-1691	1119	88	market	market	NOUN
cblr-1691	1119	89	value	value	NOUN
cblr-1691	1119	90	of	of	ADP
cblr-1691	1119	91	the	the	DET
cblr-1691	1119	92	stock	stock	NOUN
cblr-1691	1119	93	.	.	PUNCT
cblr-1691	1120	1	they	they	PRON
cblr-1691	1120	2	should	should	AUX
cblr-1691	1120	3	also	also	ADV
cblr-1691	1120	4	provide	provide	VERB
cblr-1691	1120	5	employees	employee	NOUN
cblr-1691	1120	6	with	with	ADP
cblr-1691	1120	7	the	the	DET
cblr-1691	1120	8	assistance	assistance	NOUN
cblr-1691	1120	9	of	of	ADP
cblr-1691	1120	10	an	an	DET
cblr-1691	1120	11	experienced	experienced	ADJ
cblr-1691	1120	12	and	and	CCONJ
cblr-1691	1120	13	independent	independent	ADJ
cblr-1691	1120	14	purchaser	purchaser	NOUN
cblr-1691	1120	15	representative	representative	NOUN
cblr-1691	1120	16	.	.	PUNCT
cblr-1691	1121	1	finally	finally	ADV
cblr-1691	1121	2	,	,	PUNCT
cblr-1691	1121	3	unicorns	unicorn	NOUN
cblr-1691	1121	4	should	should	AUX
cblr-1691	1121	5	be	be	AUX
cblr-1691	1121	6	required	require	VERB
cblr-1691	1121	7	to	to	PART
cblr-1691	1121	8	be	be	AUX
cblr-1691	1121	9	audited	audit	VERB
cblr-1691	1121	10	by	by	ADP
cblr-1691	1121	11	an	an	DET
cblr-1691	1121	12	independent	independent	ADJ
cblr-1691	1121	13	auditor	auditor	NOUN
cblr-1691	1121	14	before	before	ADP
cblr-1691	1121	15	issuing	issue	VERB
cblr-1691	1121	16	equity	equity	NOUN
cblr-1691	1121	17	compensation	compensation	NOUN
cblr-1691	1121	18	to	to	ADP
cblr-1691	1121	19	unaccredited	unaccredited	ADJ
cblr-1691	1121	20	or	or	CCONJ
cblr-1691	1121	21	unsophisticated	unsophisticated	ADJ
cblr-1691	1121	22	purchasers	purchaser	NOUN
cblr-1691	1121	23	above	above	ADP
cblr-1691	1121	24	a	a	DET
cblr-1691	1121	25	stated	state	VERB
cblr-1691	1121	26	threshold	threshold	NOUN
cblr-1691	1121	27	amount	amount	NOUN
cblr-1691	1121	28	.	.	PUNCT
cblr-1691	1122	1	if	if	SCONJ
cblr-1691	1122	2	a	a	DET
cblr-1691	1122	3	company	company	NOUN
cblr-1691	1122	4	is	be	AUX
cblr-1691	1122	5	raising	raise	VERB
cblr-1691	1122	6	money	money	NOUN
cblr-1691	1122	7	at	at	ADP
cblr-1691	1122	8	a	a	DET
cblr-1691	1122	9	billiondollar	billiondollar	ADJ
cblr-1691	1122	10	valuation	valuation	NOUN
cblr-1691	1122	11	,	,	PUNCT
cblr-1691	1122	12	the	the	DET
cblr-1691	1122	13	cost	cost	NOUN
cblr-1691	1122	14	of	of	ADP
cblr-1691	1122	15	such	such	DET
cblr-1691	1122	16	an	an	DET
cblr-1691	1122	17	audit	audit	NOUN
cblr-1691	1122	18	should	should	AUX
cblr-1691	1122	19	not	not	PART
cblr-1691	1122	20	be	be	AUX
cblr-1691	1122	21	overly	overly	ADV
cblr-1691	1122	22	burdensome	burdensome	ADJ
cblr-1691	1122	23	.	.	PUNCT
cblr-1691	1123	1	the	the	DET
cblr-1691	1123	2	employees	employee	NOUN
cblr-1691	1123	3	granted	grant	VERB
cblr-1691	1123	4	equity	equity	NOUN
cblr-1691	1123	5	compensation	compensation	NOUN
cblr-1691	1123	6	should	should	AUX
cblr-1691	1123	7	have	have	VERB
cblr-1691	1123	8	access	access	NOUN
cblr-1691	1123	9	to	to	ADP
cblr-1691	1123	10	and	and	CCONJ
cblr-1691	1123	11	be	be	AUX
cblr-1691	1123	12	entitled	entitle	VERB
cblr-1691	1123	13	to	to	PART
cblr-1691	1123	14	rely	rely	VERB
cblr-1691	1123	15	on	on	ADP
cblr-1691	1123	16	these	these	DET
cblr-1691	1123	17	reports	report	NOUN
cblr-1691	1123	18	.	.	PUNCT
cblr-1691	1124	1	these	these	DET
cblr-1691	1124	2	disclosures	disclosure	NOUN
cblr-1691	1124	3	can	can	AUX
cblr-1691	1124	4	improve	improve	VERB
cblr-1691	1124	5	efficiency	efficiency	NOUN
cblr-1691	1124	6	and	and	CCONJ
cblr-1691	1124	7	reduce	reduce	VERB
cblr-1691	1124	8	information	information	NOUN
cblr-1691	1124	9	asymmetries	asymmetry	NOUN
cblr-1691	1124	10	,	,	PUNCT
cblr-1691	1124	11	and	and	CCONJ
cblr-1691	1124	12	produce	produce	VERB
cblr-1691	1124	13	increasingly	increasingly	ADV
cblr-1691	1124	14	equitable	equitable	ADJ
cblr-1691	1124	15	and	and	CCONJ
cblr-1691	1124	16	sustainable	sustainable	ADJ
cblr-1691	1124	17	employee	employee	NOUN
cblr-1691	1124	18	participation	participation	NOUN
cblr-1691	1124	19	in	in	ADP
cblr-1691	1124	20	unicorn	unicorn	ADJ
cblr-1691	1124	21	companies	company	NOUN
cblr-1691	1124	22	.	.	PUNCT
cblr-1691	1125	1	338	338	NUM
cblr-1691	1125	2	see	see	VERB
cblr-1691	1125	3	ric	ric	PROPN
cblr-1691	1125	4	marshall	marshall	PROPN
cblr-1691	1125	5	,	,	PUNCT
cblr-1691	1125	6	panos	panos	PROPN
cblr-1691	1125	7	seretis	seretis	PROPN
cblr-1691	1125	8	&	&	CCONJ
cblr-1691	1125	9	agnes	agnes	PROPN
cblr-1691	1125	10	grunfeld	grunfeld	PROPN
cblr-1691	1125	11	,	,	PUNCT
cblr-1691	1125	12	taking	take	VERB
cblr-1691	1125	13	stock	stock	NOUN
cblr-1691	1125	14	:	:	PUNCT
cblr-1691	1125	15	share	share	VERB
cblr-1691	1125	16	buybacks	buyback	NOUN
cblr-1691	1125	17	and	and	CCONJ
cblr-1691	1125	18	shareholder	shareholder	NOUN
cblr-1691	1125	19	value	value	NOUN
cblr-1691	1125	20	,	,	PUNCT
cblr-1691	1125	21	harv	harv	PROPN
cblr-1691	1125	22	.	.	PUNCT
cblr-1691	1126	1	l.	l.	PROPN
cblr-1691	1126	2	sch	sch	PROPN
cblr-1691	1126	3	.	.	PUNCT
cblr-1691	1127	1	f.	f.	PROPN
cblr-1691	1127	2	on	on	ADP
cblr-1691	1127	3	corp	corp	PROPN
cblr-1691	1127	4	.	.	PROPN
cblr-1691	1127	5	governance	governance	PROPN
cblr-1691	1127	6	&	&	CCONJ
cblr-1691	1127	7	fin	fin	PROPN
cblr-1691	1127	8	.	.	PUNCT
cblr-1691	1128	1	reg	reg	PROPN
cblr-1691	1128	2	.	.	PUNCT
cblr-1691	1129	1	(	(	PUNCT
cblr-1691	1129	2	aug	aug	PROPN
cblr-1691	1129	3	.	.	PROPN
cblr-1691	1129	4	19	19	NUM
cblr-1691	1129	5	,	,	PUNCT
cblr-1691	1129	6	2018	2018	NUM
cblr-1691	1129	7	)	)	PUNCT
cblr-1691	1129	8	,	,	PUNCT
cblr-1691	1129	9	https://corpgov.law.harvard	https://corpgov.law.harvard	PROPN
cblr-1691	1129	10	.	.	PUNCT
cblr-1691	1129	11	edu/2018/08/19	edu/2018/08/19	PUNCT
cblr-1691	1129	12	/	/	SYM
cblr-1691	1129	13	taking	take	VERB
cblr-1691	1129	14	-	-	PUNCT
cblr-1691	1129	15	stock	stock	NOUN
cblr-1691	1129	16	-	-	PUNCT
cblr-1691	1129	17	share	share	NOUN
cblr-1691	1129	18	-	-	PUNCT
cblr-1691	1129	19	buybacks	buyback	NOUN
cblr-1691	1129	20	-	-	PUNCT
cblr-1691	1129	21	and	and	CCONJ
cblr-1691	1129	22	-	-	PUNCT
cblr-1691	1129	23	shareholder	shareholder	NOUN
cblr-1691	1129	24	-	-	PUNCT
cblr-1691	1129	25	value/	value/	NOUN
cblr-1691	1129	26	(	(	PUNCT
cblr-1691	1129	27	on	on	ADP
cblr-1691	1129	28	file	file	NOUN
cblr-1691	1129	29	with	with	ADP
cblr-1691	1129	30	the	the	DET
cblr-1691	1129	31	columbia	columbia	PROPN
cblr-1691	1129	32	business	business	PROPN
cblr-1691	1129	33	law	law	PROPN
cblr-1691	1129	34	review	review	PROPN
cblr-1691	1129	35	)	)	PUNCT
cblr-1691	1129	36	(	(	PUNCT
cblr-1691	1129	37	finding	find	VERB
cblr-1691	1129	38	no	no	DET
cblr-1691	1129	39	compelling	compelling	ADJ
cblr-1691	1129	40	evidence	evidence	NOUN
cblr-1691	1129	41	of	of	ADP
cblr-1691	1129	42	a	a	DET
cblr-1691	1129	43	negative	negative	ADJ
cblr-1691	1129	44	impact	impact	NOUN
cblr-1691	1129	45	from	from	ADP
cblr-1691	1129	46	share	share	NOUN
cblr-1691	1129	47	buybacks	buyback	NOUN
cblr-1691	1129	48	on	on	ADP
cblr-1691	1129	49	long	long	ADJ
cblr-1691	1129	50	-	-	PUNCT
cblr-1691	1129	51	term	term	NOUN
cblr-1691	1129	52	value	value	NOUN
cblr-1691	1129	53	creation	creation	NOUN
cblr-1691	1129	54	for	for	ADP
cblr-1691	1129	55	investors	investor	NOUN
cblr-1691	1129	56	overall	overall	ADJ
cblr-1691	1129	57	)	)	PUNCT
cblr-1691	1129	58	.	.	PUNCT
cblr-1691	1130	1	186	186	NUM
cblr-1691	1130	2	columbia	columbia	PROPN
cblr-1691	1130	3	business	business	NOUN
cblr-1691	1130	4	law	law	PROPN
cblr-1691	1130	5	review	review	NOUN
cblr-1691	1130	6	[	[	X
cblr-1691	1130	7	vol	vol	NOUN
cblr-1691	1130	8	.	.	PUNCT
cblr-1691	1130	9	2019	2019	NUM
cblr-1691	1130	10	ii	ii	NOUN
cblr-1691	1130	11	.	.	PUNCT
cblr-1691	1131	1	naïve	naïve	ADJ
cblr-1691	1131	2	employees	employee	NOUN
cblr-1691	1131	3	rule	rule	VERB
cblr-1691	1131	4	701	701	NUM
cblr-1691	1131	5	was	be	AUX
cblr-1691	1131	6	intended	intend	VERB
cblr-1691	1131	7	for	for	ADP
cblr-1691	1131	8	small	small	ADJ
cblr-1691	1131	9	businesses	business	NOUN
cblr-1691	1131	10	and	and	CCONJ
cblr-1691	1131	11	not	not	PART
cblr-1691	1131	12	large	large	ADJ
cblr-1691	1131	13	,	,	PUNCT
cblr-1691	1131	14	cash	cash	NOUN
cblr-1691	1131	15	-	-	PUNCT
cblr-1691	1131	16	hoarding	hoard	VERB
cblr-1691	1131	17	unicorns	unicorn	NOUN
cblr-1691	1131	18	.	.	PUNCT
cblr-1691	1132	1	rank	rank	NOUN
cblr-1691	1132	2	-	-	PUNCT
cblr-1691	1132	3	and	and	CCONJ
cblr-1691	1132	4	-	-	PUNCT
cblr-1691	1132	5	file	file	NOUN
cblr-1691	1132	6	employees	employee	NOUN
cblr-1691	1132	7	might	might	AUX
cblr-1691	1132	8	be	be	AUX
cblr-1691	1132	9	naïve	naïve	ADJ
cblr-1691	1132	10	investors,339	investors,339	PROPN
cblr-1691	1133	1	and	and	CCONJ
cblr-1691	1133	2	,	,	PUNCT
cblr-1691	1133	3	although	although	SCONJ
cblr-1691	1133	4	they	they	PRON
cblr-1691	1133	5	are	be	AUX
cblr-1691	1133	6	insiders	insider	NOUN
cblr-1691	1133	7	in	in	ADP
cblr-1691	1133	8	the	the	DET
cblr-1691	1133	9	firm	firm	NOUN
cblr-1691	1133	10	,	,	PUNCT
cblr-1691	1133	11	they	they	PRON
cblr-1691	1133	12	will	will	AUX
cblr-1691	1133	13	need	need	VERB
cblr-1691	1133	14	to	to	PART
cblr-1691	1133	15	decide	decide	VERB
cblr-1691	1133	16	whether	whether	SCONJ
cblr-1691	1133	17	to	to	PART
cblr-1691	1133	18	exercise	exercise	VERB
cblr-1691	1133	19	or	or	CCONJ
cblr-1691	1133	20	forfeit	forfeit	VERB
cblr-1691	1133	21	their	their	PRON
cblr-1691	1133	22	options	option	NOUN
cblr-1691	1133	23	without	without	ADP
cblr-1691	1133	24	a	a	DET
cblr-1691	1133	25	guarantee	guarantee	NOUN
cblr-1691	1133	26	that	that	SCONJ
cblr-1691	1133	27	there	there	PRON
cblr-1691	1133	28	will	will	AUX
cblr-1691	1133	29	be	be	AUX
cblr-1691	1133	30	an	an	DET
cblr-1691	1133	31	ipo	ipo	NOUN
cblr-1691	1133	32	in	in	ADP
cblr-1691	1133	33	the	the	DET
cblr-1691	1133	34	future	future	NOUN
cblr-1691	1133	35	.	.	PUNCT
cblr-1691	1134	1	additionally	additionally	ADV
cblr-1691	1134	2	,	,	PUNCT
cblr-1691	1134	3	most	most	ADJ
cblr-1691	1134	4	employees	employee	NOUN
cblr-1691	1134	5	would	would	AUX
cblr-1691	1134	6	not	not	PART
cblr-1691	1134	7	be	be	AUX
cblr-1691	1134	8	able	able	ADJ
cblr-1691	1134	9	to	to	PART
cblr-1691	1134	10	bargain	bargain	VERB
cblr-1691	1134	11	away	away	ADV
cblr-1691	1134	12	from	from	ADP
cblr-1691	1134	13	the	the	DET
cblr-1691	1134	14	predominant	predominant	ADJ
cblr-1691	1134	15	practice	practice	NOUN
cblr-1691	1134	16	of	of	ADP
cblr-1691	1134	17	equity	equity	NOUN
cblr-1691	1134	18	incentive	incentive	NOUN
cblr-1691	1134	19	plans	plan	NOUN
cblr-1691	1134	20	,	,	PUNCT
cblr-1691	1134	21	because	because	SCONJ
cblr-1691	1134	22	to	to	PART
cblr-1691	1134	23	do	do	VERB
cblr-1691	1134	24	so	so	ADV
cblr-1691	1134	25	might	might	AUX
cblr-1691	1134	26	send	send	VERB
cblr-1691	1134	27	a	a	DET
cblr-1691	1134	28	hostile	hostile	ADJ
cblr-1691	1134	29	signal	signal	NOUN
cblr-1691	1134	30	to	to	ADP
cblr-1691	1134	31	the	the	DET
cblr-1691	1134	32	market	market	NOUN
cblr-1691	1134	33	and	and	CCONJ
cblr-1691	1134	34	to	to	ADP
cblr-1691	1134	35	their	their	PRON
cblr-1691	1134	36	employer	employer	NOUN
cblr-1691	1134	37	,	,	PUNCT
cblr-1691	1134	38	which	which	PRON
cblr-1691	1134	39	they	they	PRON
cblr-1691	1134	40	would	would	AUX
cblr-1691	1134	41	like	like	VERB
cblr-1691	1134	42	to	to	ADP
cblr-1691	1134	43	avoid.340	avoid.340	PRON
cblr-1691	1134	44	perhaps	perhaps	ADV
cblr-1691	1134	45	the	the	DET
cblr-1691	1134	46	approach	approach	NOUN
cblr-1691	1134	47	should	should	AUX
cblr-1691	1134	48	go	go	VERB
cblr-1691	1134	49	even	even	ADV
cblr-1691	1134	50	further	far	ADV
cblr-1691	1134	51	,	,	PUNCT
cblr-1691	1134	52	and	and	CCONJ
cblr-1691	1134	53	require	require	VERB
cblr-1691	1134	54	that	that	SCONJ
cblr-1691	1134	55	unicorns	unicorn	NOUN
cblr-1691	1134	56	adhere	adhere	VERB
cblr-1691	1134	57	to	to	ADP
cblr-1691	1134	58	the	the	DET
cblr-1691	1134	59	same	same	ADJ
cblr-1691	1134	60	financial	financial	ADJ
cblr-1691	1134	61	disclosure	disclosure	NOUN
cblr-1691	1134	62	requirements	requirement	NOUN
cblr-1691	1134	63	as	as	ADP
cblr-1691	1134	64	public	public	ADJ
cblr-1691	1134	65	companies	company	NOUN
cblr-1691	1134	66	.	.	PUNCT
cblr-1691	1135	1	mandating	mandate	VERB
cblr-1691	1135	2	such	such	ADJ
cblr-1691	1135	3	disclosure	disclosure	NOUN
cblr-1691	1135	4	might	might	AUX
cblr-1691	1135	5	encourage	encourage	VERB
cblr-1691	1135	6	unicorns	unicorn	NOUN
cblr-1691	1135	7	to	to	PART
cblr-1691	1135	8	do	do	VERB
cblr-1691	1135	9	an	an	DET
cblr-1691	1135	10	ipo	ipo	NOUN
cblr-1691	1135	11	,	,	PUNCT
cblr-1691	1135	12	as	as	SCONJ
cblr-1691	1135	13	they	they	PRON
cblr-1691	1135	14	will	will	AUX
cblr-1691	1135	15	be	be	AUX
cblr-1691	1135	16	required	require	VERB
cblr-1691	1135	17	to	to	PART
cblr-1691	1135	18	incur	incur	VERB
cblr-1691	1135	19	the	the	DET
cblr-1691	1135	20	expenses	expense	NOUN
cblr-1691	1135	21	and	and	CCONJ
cblr-1691	1135	22	disclosure	disclosure	NOUN
cblr-1691	1135	23	obligations	obligation	NOUN
cblr-1691	1135	24	of	of	ADP
cblr-1691	1135	25	public	public	ADJ
cblr-1691	1135	26	companies	company	NOUN
cblr-1691	1135	27	.	.	PUNCT
cblr-1691	1136	1	facebook	facebook	PROPN
cblr-1691	1136	2	,	,	PUNCT
cblr-1691	1136	3	for	for	ADP
cblr-1691	1136	4	example	example	NOUN
cblr-1691	1136	5	,	,	PUNCT
cblr-1691	1136	6	did	do	VERB
cblr-1691	1136	7	an	an	DET
cblr-1691	1136	8	ipo	ipo	NOUN
cblr-1691	1136	9	because	because	SCONJ
cblr-1691	1136	10	it	it	PRON
cblr-1691	1136	11	had	have	AUX
cblr-1691	1136	12	reached	reach	VERB
cblr-1691	1136	13	the	the	DET
cblr-1691	1136	14	maximum	maximum	ADJ
cblr-1691	1136	15	threshold	threshold	NOUN
cblr-1691	1136	16	of	of	ADP
cblr-1691	1136	17	shareholders	shareholder	NOUN
cblr-1691	1136	18	of	of	ADP
cblr-1691	1136	19	record	record	NOUN
cblr-1691	1136	20	(	(	PUNCT
cblr-1691	1136	21	then	then	ADV
cblr-1691	1136	22	500	500	NUM
cblr-1691	1136	23	)	)	PUNCT
cblr-1691	1136	24	and	and	CCONJ
cblr-1691	1136	25	thus	thus	ADV
cblr-1691	1136	26	was	be	AUX
cblr-1691	1136	27	forced	force	VERB
cblr-1691	1136	28	to	to	PART
cblr-1691	1136	29	become	become	VERB
cblr-1691	1136	30	a	a	DET
cblr-1691	1136	31	“	"	PUNCT
cblr-1691	1136	32	reporting	reporting	NOUN
cblr-1691	1136	33	”	"	PUNCT
cblr-1691	1136	34	company	company	NOUN
cblr-1691	1136	35	under	under	ADP
cblr-1691	1136	36	section	section	NOUN
cblr-1691	1136	37	12(g	12(g	NUM
cblr-1691	1136	38	)	)	PUNCT
cblr-1691	1136	39	of	of	ADP
cblr-1691	1136	40	the	the	DET
cblr-1691	1136	41	1934	1934	NUM
cblr-1691	1136	42	act.341	act.341	ADV
cblr-1691	1136	43	once	once	SCONJ
cblr-1691	1136	44	facebook	facebook	PROPN
cblr-1691	1136	45	was	be	AUX
cblr-1691	1136	46	required	require	VERB
cblr-1691	1136	47	to	to	PART
cblr-1691	1136	48	adhere	adhere	VERB
cblr-1691	1136	49	to	to	ADP
cblr-1691	1136	50	these	these	DET
cblr-1691	1136	51	financial	financial	ADJ
cblr-1691	1136	52	disclosure	disclosure	NOUN
cblr-1691	1136	53	requirements	requirement	NOUN
cblr-1691	1136	54	,	,	PUNCT
cblr-1691	1136	55	the	the	DET
cblr-1691	1136	56	downsides	downside	NOUN
cblr-1691	1136	57	of	of	ADP
cblr-1691	1136	58	an	an	DET
cblr-1691	1136	59	ipo	ipo	NOUN
cblr-1691	1136	60	were	be	AUX
cblr-1691	1136	61	limited	limit	VERB
cblr-1691	1136	62	,	,	PUNCT
cblr-1691	1136	63	and	and	CCONJ
cblr-1691	1136	64	the	the	DET
cblr-1691	1136	65	company	company	NOUN
cblr-1691	1136	66	went	go	VERB
cblr-1691	1136	67	public	public	ADJ
cblr-1691	1136	68	.	.	PUNCT
cblr-1691	1137	1	339	339	NUM
cblr-1691	1137	2	for	for	ADP
cblr-1691	1137	3	more	more	ADJ
cblr-1691	1137	4	on	on	ADP
cblr-1691	1137	5	naïve	naïve	ADJ
cblr-1691	1137	6	employees	employee	NOUN
cblr-1691	1137	7	,	,	PUNCT
cblr-1691	1137	8	see	see	VERB
cblr-1691	1137	9	ryan	ryan	PROPN
cblr-1691	1137	10	bubb	bubb	PROPN
cblr-1691	1137	11	,	,	PUNCT
cblr-1691	1137	12	patrick	patrick	PROPN
cblr-1691	1137	13	corrigan	corrigan	PROPN
cblr-1691	1137	14	&	&	CCONJ
cblr-1691	1137	15	patrick	patrick	PROPN
cblr-1691	1137	16	l.	l.	PROPN
cblr-1691	1137	17	warren	warren	PROPN
cblr-1691	1137	18	,	,	PUNCT
cblr-1691	1137	19	a	a	DET
cblr-1691	1137	20	behavioral	behavioral	ADJ
cblr-1691	1137	21	contract	contract	NOUN
cblr-1691	1137	22	theory	theory	NOUN
cblr-1691	1137	23	perspective	perspective	NOUN
cblr-1691	1137	24	on	on	ADP
cblr-1691	1137	25	retirement	retirement	NOUN
cblr-1691	1137	26	savings	saving	NOUN
cblr-1691	1137	27	,	,	PUNCT
cblr-1691	1137	28	47	47	NUM
cblr-1691	1137	29	conn	conn	PROPN
cblr-1691	1137	30	.	.	PROPN
cblr-1691	1138	1	l.	l.	PROPN
cblr-1691	1138	2	rev	rev	PROPN
cblr-1691	1138	3	.	.	PROPN
cblr-1691	1138	4	1317	1317	NUM
cblr-1691	1138	5	,	,	PUNCT
cblr-1691	1138	6	1323	1323	NUM
cblr-1691	1138	7	(	(	PUNCT
cblr-1691	1138	8	2015	2015	NUM
cblr-1691	1138	9	)	)	PUNCT
cblr-1691	1138	10	,	,	PUNCT
cblr-1691	1138	11	who	who	PRON
cblr-1691	1138	12	criticize	criticize	VERB
cblr-1691	1138	13	federal	federal	ADJ
cblr-1691	1138	14	retirement	retirement	NOUN
cblr-1691	1138	15	plans	plan	NOUN
cblr-1691	1138	16	policy	policy	NOUN
cblr-1691	1138	17	.	.	PUNCT
cblr-1691	1139	1	they	they	PRON
cblr-1691	1139	2	postulate	postulate	VERB
cblr-1691	1139	3	that	that	SCONJ
cblr-1691	1139	4	employees	employee	NOUN
cblr-1691	1139	5	are	be	AUX
cblr-1691	1139	6	naïve	naïve	ADJ
cblr-1691	1139	7	and	and	CCONJ
cblr-1691	1139	8	the	the	DET
cblr-1691	1139	9	current	current	ADJ
cblr-1691	1139	10	structure	structure	NOUN
cblr-1691	1139	11	of	of	ADP
cblr-1691	1139	12	the	the	DET
cblr-1691	1139	13	labor	labor	NOUN
cblr-1691	1139	14	market	market	NOUN
cblr-1691	1139	15	gives	give	VERB
cblr-1691	1139	16	employers	employer	NOUN
cblr-1691	1139	17	strong	strong	ADJ
cblr-1691	1139	18	incentives	incentive	NOUN
cblr-1691	1139	19	to	to	PART
cblr-1691	1139	20	offer	offer	VERB
cblr-1691	1139	21	matching	matching	NOUN
cblr-1691	1139	22	contributions	contribution	NOUN
cblr-1691	1139	23	that	that	PRON
cblr-1691	1139	24	exploit	exploit	VERB
cblr-1691	1139	25	the	the	DET
cblr-1691	1139	26	employees	employee	NOUN
cblr-1691	1139	27	.	.	PUNCT
cblr-1691	1140	1	see	see	VERB
cblr-1691	1140	2	i	i	PRON
cblr-1691	1140	3	d.	d.	PROPN
cblr-1691	1140	4	340	340	NUM
cblr-1691	1140	5	see	see	VERB
cblr-1691	1140	6	rock	rock	NOUN
cblr-1691	1140	7	&	&	CCONJ
cblr-1691	1140	8	wachter	wachter	NOUN
cblr-1691	1140	9	,	,	PUNCT
cblr-1691	1141	1	supra	supra	PROPN
cblr-1691	1141	2	note	note	NOUN
cblr-1691	1141	3	101	101	NUM
cblr-1691	1141	4	.	.	PUNCT
cblr-1691	1142	1	341	341	NUM
cblr-1691	1142	2	see	see	VERB
cblr-1691	1142	3	government	government	NOUN
cblr-1691	1142	4	-	-	PUNCT
cblr-1691	1142	5	business	business	NOUN
cblr-1691	1142	6	forum	forum	NOUN
cblr-1691	1142	7	on	on	ADP
cblr-1691	1142	8	small	small	ADJ
cblr-1691	1142	9	business	business	NOUN
cblr-1691	1142	10	capital	capital	NOUN
cblr-1691	1142	11	formation	formation	NOUN
cblr-1691	1142	12	:	:	PUNCT
cblr-1691	1142	13	hearing	hear	VERB
cblr-1691	1142	14	before	before	ADP
cblr-1691	1142	15	the	the	DET
cblr-1691	1142	16	securities	securities	PROPN
cblr-1691	1142	17	and	and	CCONJ
cblr-1691	1142	18	exchange	exchange	PROPN
cblr-1691	1142	19	commission	commission	PROPN
cblr-1691	1142	20	(	(	PUNCT
cblr-1691	1142	21	2011	2011	NUM
cblr-1691	1142	22	)	)	PUNCT
cblr-1691	1142	23	(	(	PUNCT
cblr-1691	1142	24	capital	capital	NOUN
cblr-1691	1142	25	formation	formation	NOUN
cblr-1691	1142	26	,	,	PUNCT
cblr-1691	1142	27	job	job	NOUN
cblr-1691	1142	28	creation	creation	NOUN
cblr-1691	1142	29	and	and	CCONJ
cblr-1691	1142	30	congress	congress	PROPN
cblr-1691	1142	31	:	:	PUNCT
cblr-1691	1142	32	private	private	ADJ
cblr-1691	1142	33	versus	versus	ADP
cblr-1691	1142	34	public	public	ADJ
cblr-1691	1142	35	markets	market	NOUN
cblr-1691	1142	36	,	,	PUNCT
cblr-1691	1142	37	statement	statement	NOUN
cblr-1691	1142	38	of	of	ADP
cblr-1691	1142	39	john	john	PROPN
cblr-1691	1142	40	c.	c.	PROPN
cblr-1691	1142	41	coffee	coffee	PROPN
cblr-1691	1142	42	,	,	PUNCT
cblr-1691	1142	43	jr	jr	PROPN
cblr-1691	1142	44	.	.	PROPN
cblr-1691	1142	45	,	,	PUNCT
cblr-1691	1142	46	adolf	adolf	PROPN
cblr-1691	1142	47	a.	a.	PROPN
cblr-1691	1142	48	berle	berle	PROPN
cblr-1691	1142	49	professor	professor	PROPN
cblr-1691	1142	50	of	of	ADP
cblr-1691	1142	51	law	law	PROPN
cblr-1691	1142	52	,	,	PUNCT
cblr-1691	1142	53	columbia	columbia	PROPN
cblr-1691	1142	54	university	university	PROPN
cblr-1691	1142	55	law	law	NOUN
cblr-1691	1142	56	school	school	NOUN
cblr-1691	1142	57	,	,	PUNCT
cblr-1691	1142	58	and	and	CCONJ
cblr-1691	1142	59	director	director	NOUN
cblr-1691	1142	60	of	of	ADP
cblr-1691	1142	61	its	its	PRON
cblr-1691	1142	62	center	center	NOUN
cblr-1691	1142	63	on	on	ADP
cblr-1691	1142	64	corporate	corporate	ADJ
cblr-1691	1142	65	governance	governance	NOUN
cblr-1691	1142	66	)	)	PUNCT
cblr-1691	1142	67	,	,	PUNCT
cblr-1691	1142	68	https://www.sec.gov/info/smallbus/sbforum111711-materialscoffee.pdf	https://www.sec.gov/info/smallbus/sbforum111711-materialscoffee.pdf	NOUN
cblr-1691	1143	1	[	[	X
cblr-1691	1143	2	https://perma.cc/pty2-v2d7	https://perma.cc/pty2-v2d7	X
cblr-1691	1143	3	]	]	X
cblr-1691	1143	4	.	.	PUNCT
cblr-1691	1144	1	https://its.law.nyu.edu/faculty/profiles/representivefiles/bubb%20-behavioralcontract_3d809c79-b873-d758-d8f839eb88fba88f.pdf	https://its.law.nyu.edu/faculty/profiles/representivefiles/bubb%20-behavioralcontract_3d809c79-b873-d758-d8f839eb88fba88f.pdf	PROPN
cblr-1691	1144	2	https://its.law.nyu.edu/faculty/profiles/representivefiles/bubb%20-behavioralcontract_3d809c79-b873-d758-d8f839eb88fba88f.pdf	https://its.law.nyu.edu/faculty/profiles/representivefiles/bubb%20-behavioralcontract_3d809c79-b873-d758-d8f839eb88fba88f.pdf	PROPN
cblr-1691	1144	3	no	no	NOUN
cblr-1691	1144	4	.	.	PUNCT
cblr-1691	1145	1	1:107	1:107	NUM
cblr-1691	1145	2	]	]	X
cblr-1691	1145	3	unicorn	unicorn	ADJ
cblr-1691	1145	4	stock	stock	NOUN
cblr-1691	1145	5	options	option	NOUN
cblr-1691	1145	6	187	187	NUM
cblr-1691	1145	7	2	2	NUM
cblr-1691	1145	8	.	.	PUNCT
cblr-1691	1145	9	tax	tax	NOUN
cblr-1691	1145	10	cuts	cut	NOUN
cblr-1691	1145	11	and	and	CCONJ
cblr-1691	1145	12	jobs	job	NOUN
cblr-1691	1145	13	act	act	VERB
cblr-1691	1145	14	the	the	DET
cblr-1691	1145	15	national	national	PROPN
cblr-1691	1145	16	venture	venture	PROPN
cblr-1691	1145	17	capital	capital	PROPN
cblr-1691	1145	18	association	association	PROPN
cblr-1691	1145	19	and	and	CCONJ
cblr-1691	1145	20	the	the	DET
cblr-1691	1145	21	company	company	NOUN
cblr-1691	1145	22	palantir	palantir	NOUN
cblr-1691	1145	23	technologies	technology	NOUN
cblr-1691	1145	24	(	(	PUNCT
cblr-1691	1145	25	a	a	DET
cblr-1691	1145	26	well	well	ADV
cblr-1691	1145	27	-	-	PUNCT
cblr-1691	1145	28	known	know	VERB
cblr-1691	1145	29	silicon	silicon	NOUN
cblr-1691	1145	30	valley	valley	NOUN
cblr-1691	1145	31	data	data	PROPN
cblr-1691	1145	32	analytics	analytic	NOUN
cblr-1691	1145	33	unicorn)342	unicorn)342	PROPN
cblr-1691	1145	34	registered	register	VERB
cblr-1691	1145	35	to	to	PART
cblr-1691	1145	36	lobby	lobby	VERB
cblr-1691	1145	37	congress	congress	PROPN
cblr-1691	1145	38	on	on	ADP
cblr-1691	1145	39	both	both	CCONJ
cblr-1691	1145	40	the	the	DET
cblr-1691	1145	41	house	house	PROPN
cblr-1691	1145	42	and	and	CCONJ
cblr-1691	1145	43	senate	senate	PROPN
cblr-1691	1145	44	versions	version	NOUN
cblr-1691	1145	45	of	of	ADP
cblr-1691	1145	46	the	the	DET
cblr-1691	1145	47	empowering	empower	VERB
cblr-1691	1145	48	employees	employee	NOUN
cblr-1691	1145	49	through	through	ADP
cblr-1691	1145	50	stock	stock	NOUN
cblr-1691	1145	51	ownership	ownership	NOUN
cblr-1691	1145	52	act.343	act.343	VERB
cblr-1691	1145	53	the	the	DET
cblr-1691	1145	54	new	new	ADJ
cblr-1691	1145	55	tax	tax	NOUN
cblr-1691	1145	56	act	act	NOUN
cblr-1691	1145	57	incorporated	incorporate	VERB
cblr-1691	1145	58	certain	certain	ADJ
cblr-1691	1145	59	sections	section	NOUN
cblr-1691	1145	60	from	from	ADP
cblr-1691	1145	61	both	both	DET
cblr-1691	1145	62	versions	version	NOUN
cblr-1691	1145	63	of	of	ADP
cblr-1691	1145	64	this	this	DET
cblr-1691	1145	65	act	act	NOUN
cblr-1691	1145	66	.	.	PUNCT
cblr-1691	1146	1	the	the	DET
cblr-1691	1146	2	purpose	purpose	NOUN
cblr-1691	1146	3	of	of	ADP
cblr-1691	1146	4	these	these	DET
cblr-1691	1146	5	changes	change	NOUN
cblr-1691	1146	6	was	be	AUX
cblr-1691	1146	7	to	to	PART
cblr-1691	1146	8	encourage	encourage	VERB
cblr-1691	1146	9	broad	broad	ADJ
cblr-1691	1146	10	based	base	VERB
cblr-1691	1146	11	equity	equity	NOUN
cblr-1691	1146	12	compensation	compensation	NOUN
cblr-1691	1146	13	,	,	PUNCT
cblr-1691	1146	14	incentivize	incentivize	VERB
cblr-1691	1146	15	employees	employee	NOUN
cblr-1691	1146	16	to	to	PART
cblr-1691	1146	17	take	take	VERB
cblr-1691	1146	18	an	an	DET
cblr-1691	1146	19	ownership	ownership	NOUN
cblr-1691	1146	20	stake	stake	NOUN
cblr-1691	1146	21	in	in	ADP
cblr-1691	1146	22	their	their	PRON
cblr-1691	1146	23	firms	firm	NOUN
cblr-1691	1146	24	by	by	ADP
cblr-1691	1146	25	providing	provide	VERB
cblr-1691	1146	26	an	an	DET
cblr-1691	1146	27	extended	extended	ADJ
cblr-1691	1146	28	deferral	deferral	ADJ
cblr-1691	1146	29	period	period	NOUN
cblr-1691	1146	30	,	,	PUNCT
cblr-1691	1146	31	and	and	CCONJ
cblr-1691	1146	32	allow	allow	VERB
cblr-1691	1146	33	startups	startup	NOUN
cblr-1691	1146	34	to	to	PART
cblr-1691	1146	35	continue	continue	VERB
cblr-1691	1146	36	to	to	PART
cblr-1691	1146	37	use	use	VERB
cblr-1691	1146	38	options	option	NOUN
cblr-1691	1146	39	as	as	ADP
cblr-1691	1146	40	a	a	DET
cblr-1691	1146	41	tool	tool	NOUN
cblr-1691	1146	42	to	to	PART
cblr-1691	1146	43	attract	attract	VERB
cblr-1691	1146	44	,	,	PUNCT
cblr-1691	1146	45	retain	retain	VERB
cblr-1691	1146	46	and	and	CCONJ
cblr-1691	1146	47	engage	engage	VERB
cblr-1691	1146	48	talent	talent	NOUN
cblr-1691	1146	49	.	.	PUNCT
cblr-1691	1147	1	one	one	NUM
cblr-1691	1147	2	important	important	ADJ
cblr-1691	1147	3	change	change	NOUN
cblr-1691	1147	4	in	in	ADP
cblr-1691	1147	5	the	the	DET
cblr-1691	1147	6	new	new	ADJ
cblr-1691	1147	7	tax	tax	NOUN
cblr-1691	1147	8	act	act	NOUN
cblr-1691	1147	9	was	be	AUX
cblr-1691	1147	10	in	in	ADP
cblr-1691	1147	11	the	the	DET
cblr-1691	1147	12	new	new	ADJ
cblr-1691	1147	13	internal	internal	ADJ
cblr-1691	1147	14	revenue	revenue	NOUN
cblr-1691	1147	15	code	code	NOUN
cblr-1691	1147	16	section	section	NOUN
cblr-1691	1147	17	83(i	83(i	NUM
cblr-1691	1147	18	)	)	PUNCT
cblr-1691	1147	19	,	,	PUNCT
cblr-1691	1147	20	which	which	PRON
cblr-1691	1147	21	allows	allow	VERB
cblr-1691	1147	22	individuals	individual	NOUN
cblr-1691	1147	23	,	,	PUNCT
cblr-1691	1147	24	if	if	SCONJ
cblr-1691	1147	25	certain	certain	ADJ
cblr-1691	1147	26	conditions	condition	NOUN
cblr-1691	1147	27	are	be	AUX
cblr-1691	1147	28	met	meet	VERB
cblr-1691	1147	29	(	(	PUNCT
cblr-1691	1147	30	such	such	ADJ
cblr-1691	1147	31	as	as	ADP
cblr-1691	1147	32	the	the	DET
cblr-1691	1147	33	underlying	underlie	VERB
cblr-1691	1147	34	stock	stock	NOUN
cblr-1691	1147	35	is	be	AUX
cblr-1691	1147	36	342	342	NUM
cblr-1691	1147	37	palantir	palantir	NOUN
cblr-1691	1147	38	is	be	AUX
cblr-1691	1147	39	a	a	DET
cblr-1691	1147	40	data	data	NOUN
cblr-1691	1147	41	analytics	analytic	NOUN
cblr-1691	1147	42	unicorn	unicorn	NOUN
cblr-1691	1147	43	that	that	PRON
cblr-1691	1147	44	got	get	VERB
cblr-1691	1147	45	an	an	DET
cblr-1691	1147	46	early	early	ADJ
cblr-1691	1147	47	investment	investment	NOUN
cblr-1691	1147	48	(	(	PUNCT
cblr-1691	1147	49	in	in	ADP
cblr-1691	1147	50	2005	2005	NUM
cblr-1691	1147	51	)	)	PUNCT
cblr-1691	1147	52	from	from	ADP
cblr-1691	1147	53	in	in	ADP
cblr-1691	1147	54	-	-	PUNCT
cblr-1691	1147	55	q	q	NOUN
cblr-1691	1147	56	-	-	PUNCT
cblr-1691	1147	57	tel	tel	NOUN
cblr-1691	1147	58	,	,	PUNCT
cblr-1691	1147	59	the	the	DET
cblr-1691	1147	60	cia	cia	PROPN
cblr-1691	1147	61	’s	’s	PART
cblr-1691	1147	62	venture	venture	NOUN
cblr-1691	1147	63	capital	capital	NOUN
cblr-1691	1147	64	arm	arm	NOUN
cblr-1691	1147	65	.	.	PUNCT
cblr-1691	1148	1	see	see	VERB
cblr-1691	1148	2	william	william	PROPN
cblr-1691	1148	3	alden	alden	PROPN
cblr-1691	1148	4	,	,	PUNCT
cblr-1691	1148	5	palantir	palantir	PROPN
cblr-1691	1148	6	’s	’s	PART
cblr-1691	1148	7	relationship	relationship	NOUN
cblr-1691	1148	8	with	with	ADP
cblr-1691	1148	9	america	america	PROPN
cblr-1691	1148	10	’s	’s	PART
cblr-1691	1148	11	spies	spy	NOUN
cblr-1691	1148	12	has	have	AUX
cblr-1691	1148	13	been	be	AUX
cblr-1691	1148	14	worse	bad	ADJ
cblr-1691	1148	15	than	than	SCONJ
cblr-1691	1148	16	you	you	PRON
cblr-1691	1148	17	’d	’d	NOUN
cblr-1691	1148	18	think	think	VERB
cblr-1691	1148	19	,	,	PUNCT
cblr-1691	1148	20	cnbc	cnbc	PROPN
cblr-1691	1148	21	(	(	PUNCT
cblr-1691	1148	22	apr	apr	PROPN
cblr-1691	1148	23	.	.	PROPN
cblr-1691	1148	24	21	21	NUM
cblr-1691	1148	25	,	,	PUNCT
cblr-1691	1148	26	2017	2017	NUM
cblr-1691	1148	27	)	)	PUNCT
cblr-1691	1148	28	,	,	PUNCT
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cblr-1691	1148	30	(	(	PUNCT
cblr-1691	1148	31	on	on	ADP
cblr-1691	1148	32	file	file	NOUN
cblr-1691	1148	33	with	with	ADP
cblr-1691	1148	34	the	the	DET
cblr-1691	1148	35	columbia	columbia	PROPN
cblr-1691	1148	36	business	business	PROPN
cblr-1691	1148	37	law	law	PROPN
cblr-1691	1148	38	review	review	PROPN
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cblr-1691	1148	41	see	see	VERB
cblr-1691	1148	42	also	also	ADV
cblr-1691	1148	43	paul	paul	PROPN
cblr-1691	1148	44	szoldra	szoldra	PROPN
cblr-1691	1148	45	,	,	PUNCT
cblr-1691	1148	46	14	14	NUM
cblr-1691	1148	47	cutting	cut	VERB
cblr-1691	1148	48	edge	edge	NOUN
cblr-1691	1148	49	firms	firm	NOUN
cblr-1691	1148	50	funded	fund	VERB
cblr-1691	1148	51	by	by	ADP
cblr-1691	1148	52	the	the	DET
cblr-1691	1148	53	cia	cia	PROPN
cblr-1691	1148	54	,	,	PUNCT
cblr-1691	1148	55	bus	bus	NOUN
cblr-1691	1148	56	.	.	PUNCT
cblr-1691	1149	1	insider	insider	PROPN
cblr-1691	1149	2	(	(	PUNCT
cblr-1691	1149	3	sept	sept	PROPN
cblr-1691	1149	4	.	.	PROPN
cblr-1691	1149	5	21	21	NUM
cblr-1691	1149	6	,	,	PUNCT
cblr-1691	1149	7	2016	2016	NUM
cblr-1691	1149	8	)	)	PUNCT
cblr-1691	1149	9	,	,	PUNCT
cblr-1691	1149	10	http://www.businessinsider.com/companies-funded-by-cia-2016-9	http://www.businessinsider.com/companies-funded-by-cia-2016-9	PROPN
cblr-1691	1150	1	[	[	X
cblr-1691	1150	2	https://perma.cc/29ft-sa72	https://perma.cc/29ft-sa72	X
cblr-1691	1150	3	]	]	X
cblr-1691	1150	4	.	.	PUNCT
cblr-1691	1151	1	for	for	ADP
cblr-1691	1151	2	more	more	ADJ
cblr-1691	1151	3	on	on	ADP
cblr-1691	1151	4	in	in	ADP
cblr-1691	1151	5	-	-	PUNCT
cblr-1691	1151	6	q	q	NOUN
cblr-1691	1151	7	-	-	PUNCT
cblr-1691	1151	8	tel	tel	NOUN
cblr-1691	1151	9	,	,	PUNCT
cblr-1691	1151	10	see	see	VERB
cblr-1691	1151	11	anat	anat	PROPN
cblr-1691	1151	12	alon	alon	PROPN
cblr-1691	1151	13	-	-	PUNCT
cblr-1691	1151	14	beck	beck	PROPN
cblr-1691	1151	15	,	,	PUNCT
cblr-1691	1151	16	the	the	DET
cblr-1691	1151	17	coalition	coalition	NOUN
cblr-1691	1151	18	model	model	NOUN
cblr-1691	1151	19	,	,	PUNCT
cblr-1691	1151	20	a	a	DET
cblr-1691	1151	21	private	private	ADJ
cblr-1691	1151	22	-	-	PUNCT
cblr-1691	1151	23	public	public	ADJ
cblr-1691	1151	24	strategic	strategic	ADJ
cblr-1691	1151	25	innovation	innovation	NOUN
cblr-1691	1151	26	policy	policy	NOUN
cblr-1691	1151	27	model	model	NOUN
cblr-1691	1151	28	for	for	ADP
cblr-1691	1151	29	encouraging	encourage	VERB
cblr-1691	1151	30	entrepreneurship	entrepreneurship	NOUN
cblr-1691	1151	31	and	and	CCONJ
cblr-1691	1151	32	economic	economic	ADJ
cblr-1691	1151	33	growth	growth	NOUN
cblr-1691	1151	34	in	in	ADP
cblr-1691	1151	35	the	the	DET
cblr-1691	1151	36	era	era	NOUN
cblr-1691	1151	37	of	of	ADP
cblr-1691	1151	38	new	new	ADJ
cblr-1691	1151	39	economic	economic	ADJ
cblr-1691	1151	40	challenges	challenge	NOUN
cblr-1691	1151	41	,	,	PUNCT
cblr-1691	1151	42	17	17	NUM
cblr-1691	1151	43	wash	wash	NOUN
cblr-1691	1151	44	.	.	PUNCT
cblr-1691	1152	1	u.	u.	PROPN
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cblr-1691	1152	3	stud	stud	PROPN
cblr-1691	1152	4	.	.	PUNCT
cblr-1691	1153	1	l.	l.	PROPN
cblr-1691	1153	2	rev	rev	PROPN
cblr-1691	1153	3	.	.	PROPN
cblr-1691	1153	4	267	267	NUM
cblr-1691	1153	5	,	,	PUNCT
cblr-1691	1153	6	300–01	300–01	NUM
cblr-1691	1153	7	(	(	PUNCT
cblr-1691	1153	8	2018	2018	NUM
cblr-1691	1153	9	)	)	PUNCT
cblr-1691	1153	10	.	.	PUNCT
cblr-1691	1154	1	during	during	ADP
cblr-1691	1154	2	the	the	DET
cblr-1691	1154	3	time	time	NOUN
cblr-1691	1154	4	of	of	ADP
cblr-1691	1154	5	its	its	PRON
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cblr-1691	1154	7	,	,	PUNCT
cblr-1691	1154	8	the	the	DET
cblr-1691	1154	9	idea	idea	NOUN
cblr-1691	1154	10	of	of	ADP
cblr-1691	1154	11	a	a	DET
cblr-1691	1154	12	governmentfunded	governmentfunde	VERB
cblr-1691	1154	13	venture	venture	NOUN
cblr-1691	1154	14	capital	capital	NOUN
cblr-1691	1154	15	firm	firm	NOUN
cblr-1691	1154	16	was	be	AUX
cblr-1691	1154	17	entirely	entirely	ADV
cblr-1691	1154	18	novel	novel	ADJ
cblr-1691	1154	19	.	.	PUNCT
cblr-1691	1155	1	see	see	VERB
cblr-1691	1155	2	steve	steve	PROPN
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cblr-1691	1155	4	,	,	PUNCT
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cblr-1691	1155	6	-	-	PUNCT
cblr-1691	1155	7	q	q	NOUN
cblr-1691	1155	8	-	-	PUNCT
cblr-1691	1155	9	tel	tel	NOUN
cblr-1691	1155	10	:	:	PUNCT
cblr-1691	1155	11	the	the	DET
cblr-1691	1155	12	cia	cia	PROPN
cblr-1691	1155	13	’s	’s	PART
cblr-1691	1155	14	tax	tax	NOUN
cblr-1691	1155	15	-	-	PUNCT
cblr-1691	1155	16	funded	fund	VERB
cblr-1691	1155	17	player	player	NOUN
cblr-1691	1155	18	in	in	ADP
cblr-1691	1155	19	silicon	silicon	PROPN
cblr-1691	1155	20	valley	valley	PROPN
cblr-1691	1155	21	,	,	PUNCT
cblr-1691	1155	22	npr	npr	PROPN
cblr-1691	1155	23	(	(	PUNCT
cblr-1691	1155	24	july	july	PROPN
cblr-1691	1155	25	16	16	NUM
cblr-1691	1155	26	,	,	PUNCT
cblr-1691	1155	27	2012	2012	NUM
cblr-1691	1155	28	)	)	PUNCT
cblr-1691	1155	29	,	,	PUNCT
cblr-1691	1155	30	http://www.npr.org/blogs/alltechconsidered/2012/07/16/156839153/in-q-telthe-cias-tax-funded-player-in-silicon-valley	http://www.npr.org/blogs/alltechconsidered/2012/07/16/156839153/in-q-telthe-cias-tax-funded-player-in-silicon-valley	NOUN
cblr-1691	1156	1	[	[	X
cblr-1691	1156	2	https://perma.cc/8spa-g52k	https://perma.cc/8spa-g52k	X
cblr-1691	1156	3	]	]	X
cblr-1691	1156	4	(	(	PUNCT
cblr-1691	1156	5	“	"	PUNCT
cblr-1691	1156	6	much	much	ADJ
cblr-1691	1156	7	of	of	ADP
cblr-1691	1156	8	the	the	DET
cblr-1691	1156	9	touch	touch	NOUN
cblr-1691	1156	10	-	-	PUNCT
cblr-1691	1156	11	screen	screen	NOUN
cblr-1691	1156	12	technology	technology	NOUN
cblr-1691	1156	13	used	use	VERB
cblr-1691	1156	14	now	now	ADV
cblr-1691	1156	15	in	in	ADP
cblr-1691	1156	16	ipads	ipad	NOUN
cblr-1691	1156	17	and	and	CCONJ
cblr-1691	1156	18	other	other	ADJ
cblr-1691	1156	19	things	thing	NOUN
cblr-1691	1156	20	came	come	VERB
cblr-1691	1156	21	out	out	ADP
cblr-1691	1156	22	of	of	ADP
cblr-1691	1156	23	various	various	ADJ
cblr-1691	1156	24	companies	company	NOUN
cblr-1691	1156	25	that	that	SCONJ
cblr-1691	1156	26	in	in	ADP
cblr-1691	1156	27	-	-	PUNCT
cblr-1691	1156	28	q	q	NOUN
cblr-1691	1156	29	-	-	PUNCT
cblr-1691	1156	30	tel	tel	NOUN
cblr-1691	1156	31	identified	identify	VERB
cblr-1691	1156	32	.	.	PUNCT
cblr-1691	1156	33	”	"	PUNCT
cblr-1691	1156	34	)	)	PUNCT
cblr-1691	1156	35	;	;	PUNCT
cblr-1691	1156	36	see	see	VERB
cblr-1691	1156	37	also	also	ADV
cblr-1691	1156	38	josh	josh	PROPN
cblr-1691	1156	39	lerner	lerner	PROPN
cblr-1691	1156	40	,	,	PUNCT
cblr-1691	1156	41	boulevard	boulevard	NOUN
cblr-1691	1156	42	of	of	ADP
cblr-1691	1156	43	broken	broken	ADJ
cblr-1691	1156	44	dreams	dream	NOUN
cblr-1691	1156	45	176	176	NUM
cblr-1691	1156	46	(	(	PUNCT
cblr-1691	1156	47	2012	2012	NUM
cblr-1691	1156	48	)	)	PUNCT
cblr-1691	1156	49	(	(	PUNCT
cblr-1691	1156	50	“	"	PUNCT
cblr-1691	1156	51	[	[	X
cblr-1691	1156	52	t]he	t]he	ADV
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cblr-1691	1156	54	of	of	ADP
cblr-1691	1156	55	breaking	break	VERB
cblr-1691	1156	56	into	into	ADP
cblr-1691	1156	57	government	government	NOUN
cblr-1691	1156	58	procurements	procurement	NOUN
cblr-1691	1156	59	were	be	AUX
cblr-1691	1156	60	daunting	daunt	VERB
cblr-1691	1156	61	.	.	PUNCT
cblr-1691	1156	62	”	"	PUNCT
cblr-1691	1156	63	)	)	PUNCT
cblr-1691	1156	64	;	;	PUNCT
cblr-1691	1156	65	see	see	VERB
cblr-1691	1156	66	also	also	ADV
cblr-1691	1156	67	palantir	palantir	NOUN
cblr-1691	1156	68	technologies	technology	NOUN
cblr-1691	1156	69	,	,	PUNCT
cblr-1691	1156	70	cb	cb	PROPN
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cblr-1691	1156	72	,	,	PUNCT
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cblr-1691	1156	74	[	[	X
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cblr-1691	1156	77	.	.	PUNCT
cblr-1691	1157	1	343	343	NUM
cblr-1691	1157	2	see	see	VERB
cblr-1691	1157	3	mckenna	mckenna	NOUN
cblr-1691	1157	4	,	,	PUNCT
cblr-1691	1157	5	supra	supra	PROPN
cblr-1691	1157	6	note	note	NOUN
cblr-1691	1157	7	181	181	NUM
cblr-1691	1157	8	.	.	X
cblr-1691	1157	9	188	188	NUM
cblr-1691	1157	10	columbia	columbia	PROPN
cblr-1691	1157	11	business	business	NOUN
cblr-1691	1157	12	law	law	PROPN
cblr-1691	1157	13	review	review	NOUN
cblr-1691	1157	14	[	[	X
cblr-1691	1157	15	vol	vol	NOUN
cblr-1691	1157	16	.	.	PUNCT
cblr-1691	1157	17	2019	2019	NUM
cblr-1691	1157	18	eligible	eligible	ADJ
cblr-1691	1157	19	stock	stock	NOUN
cblr-1691	1157	20	and	and	CCONJ
cblr-1691	1157	21	the	the	DET
cblr-1691	1157	22	corporation	corporation	NOUN
cblr-1691	1157	23	is	be	AUX
cblr-1691	1157	24	an	an	DET
cblr-1691	1157	25	eligible	eligible	ADJ
cblr-1691	1157	26	corporation),344	corporation),344	NOUN
cblr-1691	1157	27	to	to	PART
cblr-1691	1157	28	defer	defer	VERB
cblr-1691	1157	29	tax	tax	NOUN
cblr-1691	1157	30	liability	liability	NOUN
cblr-1691	1157	31	on	on	ADP
cblr-1691	1157	32	the	the	DET
cblr-1691	1157	33	income	income	NOUN
cblr-1691	1157	34	earned	earn	VERB
cblr-1691	1157	35	from	from	ADP
cblr-1691	1157	36	exercising	exercise	VERB
cblr-1691	1157	37	options	option	NOUN
cblr-1691	1157	38	(	(	PUNCT
cblr-1691	1157	39	or	or	CCONJ
cblr-1691	1157	40	settlement	settlement	NOUN
cblr-1691	1157	41	of	of	ADP
cblr-1691	1157	42	rsus	rsus	NOUN
cblr-1691	1157	43	)	)	PUNCT
cblr-1691	1157	44	for	for	ADP
cblr-1691	1157	45	up	up	ADP
cblr-1691	1157	46	to	to	PART
cblr-1691	1157	47	five	five	NUM
cblr-1691	1157	48	years.345	years.345	NOUN
cblr-1691	1157	49	this	this	PRON
cblr-1691	1157	50	intended	intend	VERB
cblr-1691	1157	51	to	to	PART
cblr-1691	1157	52	mitigate	mitigate	VERB
cblr-1691	1157	53	the	the	DET
cblr-1691	1157	54	problem	problem	NOUN
cblr-1691	1157	55	described	describe	VERB
cblr-1691	1157	56	above	above	ADP
cblr-1691	1157	57	concerning	concern	VERB
cblr-1691	1157	58	nsos	nsos	NOUN
cblr-1691	1157	59	(	(	PUNCT
cblr-1691	1157	60	and	and	CCONJ
cblr-1691	1157	61	rsus	rsus	NOUN
cblr-1691	1157	62	)	)	PUNCT
cblr-1691	1157	63	.	.	PUNCT
cblr-1691	1158	1	once	once	SCONJ
cblr-1691	1158	2	employees	employee	NOUN
cblr-1691	1158	3	exercise	exercise	VERB
cblr-1691	1158	4	their	their	PRON
cblr-1691	1158	5	options	option	NOUN
cblr-1691	1158	6	(	(	PUNCT
cblr-1691	1158	7	or	or	CCONJ
cblr-1691	1158	8	settle	settle	VERB
cblr-1691	1158	9	their	their	PRON
cblr-1691	1158	10	rsus	rsus	NOUN
cblr-1691	1158	11	)	)	PUNCT
cblr-1691	1158	12	,	,	PUNCT
cblr-1691	1158	13	they	they	PRON
cblr-1691	1158	14	have	have	VERB
cblr-1691	1158	15	to	to	PART
cblr-1691	1158	16	pay	pay	VERB
cblr-1691	1158	17	tax	tax	NOUN
cblr-1691	1158	18	immediately	immediately	ADV
cblr-1691	1158	19	on	on	ADP
cblr-1691	1158	20	profit	profit	NOUN
cblr-1691	1158	21	that	that	PRON
cblr-1691	1158	22	might	might	AUX
cblr-1691	1158	23	never	never	ADV
cblr-1691	1158	24	materialize	materialize	VERB
cblr-1691	1158	25	.	.	PUNCT
cblr-1691	1159	1	employees	employee	NOUN
cblr-1691	1159	2	have	have	VERB
cblr-1691	1159	3	to	to	PART
cblr-1691	1159	4	pay	pay	VERB
cblr-1691	1159	5	out	out	ADP
cblr-1691	1159	6	of	of	ADP
cblr-1691	1159	7	pocket	pocket	NOUN
cblr-1691	1159	8	for	for	ADP
cblr-1691	1159	9	both	both	CCONJ
cblr-1691	1159	10	the	the	DET
cblr-1691	1159	11	strike	strike	NOUN
cblr-1691	1159	12	price	price	NOUN
cblr-1691	1159	13	and	and	CCONJ
cblr-1691	1159	14	the	the	DET
cblr-1691	1159	15	tax	tax	NOUN
cblr-1691	1159	16	,	,	PUNCT
cblr-1691	1159	17	and	and	CCONJ
cblr-1691	1159	18	some	some	DET
cblr-1691	1159	19	employees	employee	NOUN
cblr-1691	1159	20	might	might	AUX
cblr-1691	1159	21	not	not	PART
cblr-1691	1159	22	be	be	AUX
cblr-1691	1159	23	able	able	ADJ
cblr-1691	1159	24	to	to	PART
cblr-1691	1159	25	raise	raise	VERB
cblr-1691	1159	26	enough	enough	ADJ
cblr-1691	1159	27	cash	cash	NOUN
cblr-1691	1159	28	to	to	PART
cblr-1691	1159	29	pay	pay	VERB
cblr-1691	1159	30	for	for	ADP
cblr-1691	1159	31	these	these	DET
cblr-1691	1159	32	expenses	expense	NOUN
cblr-1691	1159	33	due	due	ADP
cblr-1691	1159	34	to	to	ADP
cblr-1691	1159	35	their	their	PRON
cblr-1691	1159	36	firms	firm	NOUN
cblr-1691	1159	37	’	'	PUNCT
cblr-1691	1159	38	high	high	PROPN
cblr-1691	1159	39	valuations.346	valuations.346	NUM
cblr-1691	1159	40	344	344	NUM
cblr-1691	1160	1	the	the	DET
cblr-1691	1160	2	conditions	condition	NOUN
cblr-1691	1160	3	include	include	VERB
cblr-1691	1160	4	:	:	PUNCT
cblr-1691	1160	5	(	(	PUNCT
cblr-1691	1160	6	1	1	X
cblr-1691	1160	7	)	)	PUNCT
cblr-1691	1160	8	the	the	DET
cblr-1691	1160	9	underlying	underlie	VERB
cblr-1691	1160	10	stock	stock	NOUN
cblr-1691	1160	11	must	must	AUX
cblr-1691	1160	12	be	be	AUX
cblr-1691	1160	13	eligible	eligible	ADJ
cblr-1691	1160	14	stock	stock	NOUN
cblr-1691	1160	15	;	;	PUNCT
cblr-1691	1160	16	and	and	CCONJ
cblr-1691	1160	17	(	(	PUNCT
cblr-1691	1160	18	2	2	X
cblr-1691	1160	19	)	)	PUNCT
cblr-1691	1160	20	the	the	DET
cblr-1691	1160	21	corporation	corporation	NOUN
cblr-1691	1160	22	must	must	AUX
cblr-1691	1160	23	be	be	AUX
cblr-1691	1160	24	an	an	DET
cblr-1691	1160	25	eligible	eligible	ADJ
cblr-1691	1160	26	corporation	corporation	NOUN
cblr-1691	1160	27	.	.	PUNCT
cblr-1691	1161	1	“	"	PUNCT
cblr-1691	1161	2	the	the	DET
cblr-1691	1161	3	new	new	ADJ
cblr-1691	1161	4	rule	rule	NOUN
cblr-1691	1161	5	evolved	evolve	VERB
cblr-1691	1161	6	from	from	ADP
cblr-1691	1161	7	a	a	DET
cblr-1691	1161	8	2016	2016	NUM
cblr-1691	1161	9	senate	senate	PROPN
cblr-1691	1161	10	bill	bill	NOUN
cblr-1691	1161	11	,	,	PUNCT
cblr-1691	1161	12	sponsored	sponsor	VERB
cblr-1691	1161	13	by	by	ADP
cblr-1691	1161	14	senators	senator	NOUN
cblr-1691	1161	15	mark	mark	PROPN
cblr-1691	1161	16	warner	warner	PROPN
cblr-1691	1161	17	and	and	CCONJ
cblr-1691	1161	18	dean	dean	PROPN
cblr-1691	1161	19	heller	heller	NOUN
cblr-1691	1161	20	,	,	PUNCT
cblr-1691	1161	21	the	the	DET
cblr-1691	1161	22	empowering	empower	VERB
cblr-1691	1161	23	employees	employee	NOUN
cblr-1691	1161	24	through	through	ADP
cblr-1691	1161	25	stock	stock	NOUN
cblr-1691	1161	26	ownership	ownership	NOUN
cblr-1691	1161	27	act	act	NOUN
cblr-1691	1161	28	(	(	PUNCT
cblr-1691	1161	29	sb3152	sb3152	PROPN
cblr-1691	1161	30	)	)	PUNCT
cblr-1691	1161	31	,	,	PUNCT
cblr-1691	1161	32	and	and	CCONJ
cblr-1691	1161	33	a	a	DET
cblr-1691	1161	34	companion	companion	NOUN
cblr-1691	1161	35	house	house	NOUN
cblr-1691	1161	36	bill	bill	NOUN
cblr-1691	1161	37	(	(	PUNCT
cblr-1691	1161	38	hr5719	hr5719	PROPN
cblr-1691	1161	39	)	)	PUNCT
cblr-1691	1161	40	.	.	PUNCT
cblr-1691	1161	41	”	"	PUNCT
cblr-1691	1162	1	lieberman	lieberman	PROPN
cblr-1691	1162	2	,	,	PUNCT
cblr-1691	1162	3	supra	supra	PROPN
cblr-1691	1162	4	note	note	NOUN
cblr-1691	1162	5	32	32	NUM
cblr-1691	1162	6	.	.	PUNCT
cblr-1691	1162	7	345	345	NUM
cblr-1691	1162	8	if	if	SCONJ
cblr-1691	1162	9	an	an	DET
cblr-1691	1162	10	employee	employee	NOUN
cblr-1691	1162	11	with	with	ADP
cblr-1691	1162	12	isos	isos	PROPN
cblr-1691	1162	13	will	will	AUX
cblr-1691	1162	14	choose	choose	VERB
cblr-1691	1162	15	to	to	PART
cblr-1691	1162	16	make	make	VERB
cblr-1691	1162	17	a	a	DET
cblr-1691	1162	18	section	section	NOUN
cblr-1691	1162	19	83(i	83(i	NUM
cblr-1691	1162	20	)	)	PUNCT
cblr-1691	1162	21	election	election	NOUN
cblr-1691	1162	22	,	,	PUNCT
cblr-1691	1162	23	it	it	PRON
cblr-1691	1162	24	will	will	AUX
cblr-1691	1162	25	negate	negate	VERB
cblr-1691	1162	26	the	the	DET
cblr-1691	1162	27	preferential	preferential	ADJ
cblr-1691	1162	28	tax	tax	NOUN
cblr-1691	1162	29	treatment	treatment	NOUN
cblr-1691	1162	30	,	,	PUNCT
cblr-1691	1162	31	and	and	CCONJ
cblr-1691	1162	32	will	will	AUX
cblr-1691	1162	33	convert	convert	VERB
cblr-1691	1162	34	the	the	DET
cblr-1691	1162	35	iso	iso	NOUN
cblr-1691	1162	36	to	to	ADP
cblr-1691	1162	37	an	an	DET
cblr-1691	1162	38	nso	nso	NOUN
cblr-1691	1162	39	.	.	PUNCT
cblr-1691	1163	1	i	i	PRON
cblr-1691	1163	2	d.	d.	PROPN
cblr-1691	1163	3	the	the	DET
cblr-1691	1163	4	other	other	ADJ
cblr-1691	1163	5	restriction	restriction	NOUN
cblr-1691	1163	6	is	be	AUX
cblr-1691	1163	7	with	with	ADP
cblr-1691	1163	8	regards	regard	NOUN
cblr-1691	1163	9	to	to	ADP
cblr-1691	1163	10	companies	company	NOUN
cblr-1691	1163	11	that	that	PRON
cblr-1691	1163	12	use	use	VERB
cblr-1691	1163	13	the	the	DET
cblr-1691	1163	14	method	method	NOUN
cblr-1691	1163	15	of	of	ADP
cblr-1691	1163	16	buybacks	buyback	NOUN
cblr-1691	1163	17	.	.	PUNCT
cblr-1691	1164	1	the	the	DET
cblr-1691	1164	2	deferral	deferral	ADJ
cblr-1691	1164	3	election	election	NOUN
cblr-1691	1164	4	is	be	AUX
cblr-1691	1164	5	also	also	ADV
cblr-1691	1164	6	not	not	PART
cblr-1691	1164	7	available	available	ADJ
cblr-1691	1164	8	if	if	SCONJ
cblr-1691	1164	9	the	the	DET
cblr-1691	1164	10	issuing	issue	VERB
cblr-1691	1164	11	corporation	corporation	NOUN
cblr-1691	1164	12	bought	buy	VERB
cblr-1691	1164	13	back	back	ADP
cblr-1691	1164	14	any	any	DET
cblr-1691	1164	15	outstanding	outstanding	ADJ
cblr-1691	1164	16	stock	stock	NOUN
cblr-1691	1164	17	in	in	ADP
cblr-1691	1164	18	the	the	DET
cblr-1691	1164	19	preceding	precede	VERB
cblr-1691	1164	20	calendar	calendar	NOUN
cblr-1691	1164	21	year	year	NOUN
cblr-1691	1164	22	,	,	PUNCT
cblr-1691	1164	23	unless	unless	SCONJ
cblr-1691	1164	24	not	not	PART
cblr-1691	1164	25	less	less	ADJ
cblr-1691	1164	26	than	than	ADP
cblr-1691	1164	27	25	25	NUM
cblr-1691	1164	28	%	%	NOUN
cblr-1691	1164	29	of	of	ADP
cblr-1691	1164	30	the	the	DET
cblr-1691	1164	31	total	total	ADJ
cblr-1691	1164	32	amount	amount	NOUN
cblr-1691	1164	33	the	the	DET
cblr-1691	1164	34	company	company	NOUN
cblr-1691	1164	35	bought	buy	VERB
cblr-1691	1164	36	back	back	ADP
cblr-1691	1164	37	is	be	AUX
cblr-1691	1164	38	stock	stock	NOUN
cblr-1691	1164	39	for	for	ADP
cblr-1691	1164	40	which	which	PRON
cblr-1691	1164	41	a	a	DET
cblr-1691	1164	42	section	section	NOUN
cblr-1691	1164	43	83(i	83(i	NUM
cblr-1691	1164	44	)	)	PUNCT
cblr-1691	1164	45	deferral	deferral	ADJ
cblr-1691	1164	46	election	election	NOUN
cblr-1691	1164	47	is	be	AUX
cblr-1691	1164	48	in	in	ADP
cblr-1691	1164	49	effect	effect	NOUN
cblr-1691	1164	50	and	and	CCONJ
cblr-1691	1164	51	the	the	DET
cblr-1691	1164	52	buyback	buyback	NOUN
cblr-1691	1164	53	’s	’s	PART
cblr-1691	1164	54	eligibility	eligibility	NOUN
cblr-1691	1164	55	criteria	criterion	NOUN
cblr-1691	1164	56	are	be	AUX
cblr-1691	1164	57	made	make	VERB
cblr-1691	1164	58	on	on	ADP
cblr-1691	1164	59	a	a	DET
cblr-1691	1164	60	reasonable	reasonable	ADJ
cblr-1691	1164	61	(	(	PUNCT
cblr-1691	1164	62	nondiscretionary	nondiscretionary	ADJ
cblr-1691	1164	63	)	)	PUNCT
cblr-1691	1164	64	basis	basis	NOUN
cblr-1691	1164	65	.	.	PUNCT
cblr-1691	1165	1	i	i	PRON
cblr-1691	1165	2	d.	d.	PROPN
cblr-1691	1165	3	346	346	NUM
cblr-1691	1165	4	see	see	VERB
cblr-1691	1165	5	practical	practical	ADJ
cblr-1691	1165	6	implications	implication	NOUN
cblr-1691	1165	7	of	of	ADP
cblr-1691	1165	8	section	section	NOUN
cblr-1691	1165	9	83(i	83(i	NUM
cblr-1691	1165	10	)	)	PUNCT
cblr-1691	1165	11	option	option	NOUN
cblr-1691	1165	12	and	and	CCONJ
cblr-1691	1165	13	rsu	rsu	NOUN
cblr-1691	1165	14	tax	tax	NOUN
cblr-1691	1165	15	deferral	deferral	NOUN
cblr-1691	1165	16	,	,	PUNCT
cblr-1691	1165	17	wilson	wilson	PROPN
cblr-1691	1165	18	sonsini	sonsini	PROPN
cblr-1691	1165	19	goodrich	goodrich	PROPN
cblr-1691	1165	20	&	&	CCONJ
cblr-1691	1165	21	rosati	rosati	PROPN
cblr-1691	1165	22	(	(	PUNCT
cblr-1691	1165	23	june	june	PROPN
cblr-1691	1165	24	19	19	NUM
cblr-1691	1165	25	,	,	PUNCT
cblr-1691	1165	26	2018	2018	NUM
cblr-1691	1165	27	)	)	PUNCT
cblr-1691	1165	28	,	,	PUNCT
cblr-1691	1165	29	https://www.wsgr.com/wsgr/display.aspx?sectionname=publications/pd	https://www.wsgr.com/wsgr/display.aspx?sectionname=publications/pd	PROPN
cblr-1691	1165	30	fsearch	fsearch	NOUN
cblr-1691	1165	31	/	/	SYM
cblr-1691	1165	32	wsgralert	wsgralert	NOUN
cblr-1691	1165	33	-	-	PUNCT
cblr-1691	1165	34	section-83i.htm	section-83i.htm	NOUN
cblr-1691	1165	35	[	[	X
cblr-1691	1165	36	https://perma.cc/52mc-dgl2	https://perma.cc/52mc-dgl2	X
cblr-1691	1165	37	]	]	X
cblr-1691	1165	38	.	.	PUNCT
cblr-1691	1166	1	exercising	exercise	VERB
cblr-1691	1166	2	incentive	incentive	NOUN
cblr-1691	1166	3	stock	stock	NOUN
cblr-1691	1166	4	options	option	NOUN
cblr-1691	1166	5	can	can	AUX
cblr-1691	1166	6	trigger	trigger	VERB
cblr-1691	1166	7	the	the	DET
cblr-1691	1166	8	alternative	alternative	ADJ
cblr-1691	1166	9	minimum	minimum	ADJ
cblr-1691	1166	10	tax	tax	NOUN
cblr-1691	1166	11	.	.	PUNCT
cblr-1691	1167	1	see	see	VERB
cblr-1691	1167	2	fundamentals	fundamental	NOUN
cblr-1691	1167	3	of	of	ADP
cblr-1691	1167	4	equity	equity	NOUN
cblr-1691	1167	5	compensation	compensation	PROPN
cblr-1691	1167	6	,	,	PUNCT
cblr-1691	1167	7	paysa	paysa	NOUN
cblr-1691	1167	8	,	,	PUNCT
cblr-1691	1167	9	https://www.paysa.com/resources/fundamentals-of-equity-compensation	https://www.paysa.com/resources/fundamentals-of-equity-compensation	PROPN
cblr-1691	1168	1	[	[	X
cblr-1691	1168	2	https://perma.cc/dkw3-x9j8	https://perma.cc/dkw3-x9j8	X
cblr-1691	1168	3	]	]	PUNCT
cblr-1691	1168	4	.	.	PUNCT
cblr-1691	1169	1	although	although	SCONJ
cblr-1691	1169	2	congress	congress	PROPN
cblr-1691	1169	3	did	do	AUX
cblr-1691	1169	4	not	not	PART
cblr-1691	1169	5	repeal	repeal	VERB
cblr-1691	1169	6	the	the	DET
cblr-1691	1169	7	alternative	alternative	ADJ
cblr-1691	1169	8	minimum	minimum	ADJ
cblr-1691	1169	9	tax	tax	NOUN
cblr-1691	1169	10	,	,	PUNCT
cblr-1691	1169	11	it	it	PRON
cblr-1691	1169	12	significantly	significantly	ADV
cblr-1691	1169	13	increased	increase	VERB
cblr-1691	1169	14	the	the	DET
cblr-1691	1169	15	income	income	NOUN
cblr-1691	1169	16	exemption	exemption	NOUN
cblr-1691	1169	17	and	and	CCONJ
cblr-1691	1169	18	phase	phase	NOUN
cblr-1691	1169	19	-	-	PUNCT
cblr-1691	1169	20	out	out	ADP
cblr-1691	1169	21	amounts	amount	NOUN
cblr-1691	1169	22	,	,	PUNCT
cblr-1691	1169	23	leaving	leave	VERB
cblr-1691	1169	24	fewer	few	ADJ
cblr-1691	1169	25	startup	startup	NOUN
cblr-1691	1169	26	employees	employee	NOUN
cblr-1691	1169	27	who	who	PRON
cblr-1691	1169	28	receive	receive	VERB
cblr-1691	1169	29	stock	stock	NOUN
cblr-1691	1169	30	options	option	NOUN
cblr-1691	1169	31	subject	subject	ADJ
cblr-1691	1169	32	to	to	ADP
cblr-1691	1169	33	the	the	DET
cblr-1691	1169	34	tax	tax	NOUN
cblr-1691	1169	35	.	.	PUNCT
cblr-1691	1170	1	see	see	VERB
cblr-1691	1170	2	six	six	NUM
cblr-1691	1170	3	ways	way	NOUN
cblr-1691	1170	4	tax	tax	NOUN
cblr-1691	1170	5	reform	reform	NOUN
cblr-1691	1170	6	affects	affect	VERB
cblr-1691	1170	7	your	your	PRON
cblr-1691	1170	8	stock	stock	NOUN
cblr-1691	1170	9	compensation	compensation	NOUN
cblr-1691	1170	10	and	and	CCONJ
cblr-1691	1170	11	financial	financial	ADJ
cblr-1691	1170	12	planning	planning	NOUN
cblr-1691	1170	13	,	,	PUNCT
cblr-1691	1170	14	mystockoptions.com	mystockoptions.com	X
cblr-1691	1170	15	,	,	PUNCT
cblr-1691	1170	16	https://www.paysa.com/resources/fundamentals-of-equity-compensation	https://www.paysa.com/resources/fundamentals-of-equity-compensation	NOUN
cblr-1691	1170	17	no	no	NOUN
cblr-1691	1170	18	.	.	PUNCT
cblr-1691	1171	1	1:107	1:107	NUM
cblr-1691	1171	2	]	]	X
cblr-1691	1171	3	unicorn	unicorn	ADJ
cblr-1691	1171	4	stock	stock	NOUN
cblr-1691	1171	5	options	option	NOUN
cblr-1691	1171	6	189	189	NUM
cblr-1691	1171	7	as	as	SCONJ
cblr-1691	1171	8	noted	note	VERB
cblr-1691	1171	9	above	above	ADV
cblr-1691	1171	10	,	,	PUNCT
cblr-1691	1171	11	some	some	DET
cblr-1691	1171	12	unicorns	unicorn	NOUN
cblr-1691	1171	13	allow	allow	VERB
cblr-1691	1171	14	their	their	PRON
cblr-1691	1171	15	employees	employee	NOUN
cblr-1691	1171	16	to	to	PART
cblr-1691	1171	17	sell	sell	VERB
cblr-1691	1171	18	the	the	DET
cblr-1691	1171	19	share	share	NOUN
cblr-1691	1171	20	on	on	ADP
cblr-1691	1171	21	secondary	secondary	ADJ
cblr-1691	1171	22	market	market	NOUN
cblr-1691	1171	23	platforms,347	platforms,347	ADV
cblr-1691	1171	24	but	but	CCONJ
cblr-1691	1171	25	this	this	DET
cblr-1691	1171	26	approach	approach	NOUN
cblr-1691	1171	27	is	be	AUX
cblr-1691	1171	28	not	not	PART
cblr-1691	1171	29	efficient	efficient	ADJ
cblr-1691	1171	30	.	.	PUNCT
cblr-1691	1172	1	section	section	NOUN
cblr-1691	1172	2	83(i	83(i	NUM
cblr-1691	1172	3	)	)	PUNCT
cblr-1691	1172	4	discourages	discourage	VERB
cblr-1691	1172	5	this	this	DET
cblr-1691	1172	6	practice	practice	NOUN
cblr-1691	1172	7	,	,	PUNCT
cblr-1691	1172	8	and	and	CCONJ
cblr-1691	1172	9	a	a	DET
cblr-1691	1172	10	unicorn	unicorn	NOUN
cblr-1691	1172	11	that	that	PRON
cblr-1691	1172	12	allows	allow	VERB
cblr-1691	1172	13	its	its	PRON
cblr-1691	1172	14	employees	employee	NOUN
cblr-1691	1172	15	to	to	PART
cblr-1691	1172	16	trade	trade	VERB
cblr-1691	1172	17	on	on	ADP
cblr-1691	1172	18	a	a	DET
cblr-1691	1172	19	secondary	secondary	ADJ
cblr-1691	1172	20	market	market	NOUN
cblr-1691	1172	21	platform	platform	NOUN
cblr-1691	1172	22	will	will	AUX
cblr-1691	1172	23	not	not	PART
cblr-1691	1172	24	be	be	AUX
cblr-1691	1172	25	able	able	ADJ
cblr-1691	1172	26	to	to	PART
cblr-1691	1172	27	use	use	VERB
cblr-1691	1172	28	this	this	DET
cblr-1691	1172	29	new	new	ADJ
cblr-1691	1172	30	deferral.348	deferral.348	NOUN
cblr-1691	1172	31	section	section	NOUN
cblr-1691	1172	32	83(i	83(i	NUM
cblr-1691	1172	33	)	)	PUNCT
cblr-1691	1172	34	is	be	AUX
cblr-1691	1172	35	also	also	ADV
cblr-1691	1172	36	not	not	PART
cblr-1691	1172	37	applicable	applicable	ADJ
cblr-1691	1172	38	to	to	ADP
cblr-1691	1172	39	early	early	ADJ
cblr-1691	1172	40	employees	employee	NOUN
cblr-1691	1172	41	who	who	PRON
cblr-1691	1172	42	made	make	VERB
cblr-1691	1172	43	a	a	DET
cblr-1691	1172	44	section	section	NOUN
cblr-1691	1172	45	83(b	83(b	NUM
cblr-1691	1172	46	)	)	PUNCT
cblr-1691	1172	47	election.349	election.349	NOUN
cblr-1691	1172	48	as	as	ADP
cblr-1691	1172	49	a	a	DET
cblr-1691	1172	50	result	result	NOUN
cblr-1691	1172	51	,	,	PUNCT
cblr-1691	1172	52	early	early	ADV
cblr-1691	1172	53	startup	startup	NOUN
cblr-1691	1172	54	employees	employee	NOUN
cblr-1691	1172	55	are	be	AUX
cblr-1691	1172	56	often	often	ADV
cblr-1691	1172	57	chained	chain	VERB
cblr-1691	1172	58	by	by	ADP
cblr-1691	1172	59	golden	golden	ADJ
cblr-1691	1172	60	handcuffs	handcuff	NOUN
cblr-1691	1172	61	,	,	PUNCT
cblr-1691	1172	62	and	and	CCONJ
cblr-1691	1172	63	it	it	PRON
cblr-1691	1172	64	is	be	AUX
cblr-1691	1172	65	possible	possible	ADJ
cblr-1691	1172	66	that	that	SCONJ
cblr-1691	1172	67	many	many	ADJ
cblr-1691	1172	68	of	of	ADP
cblr-1691	1172	69	them	they	PRON
cblr-1691	1172	70	started	start	VERB
cblr-1691	1172	71	working	work	VERB
cblr-1691	1172	72	for	for	ADP
cblr-1691	1172	73	the	the	DET
cblr-1691	1172	74	startup	startup	NOUN
cblr-1691	1172	75	without	without	ADP
cblr-1691	1172	76	knowing	know	VERB
cblr-1691	1172	77	that	that	SCONJ
cblr-1691	1172	78	it	it	PRON
cblr-1691	1172	79	would	would	AUX
cblr-1691	1172	80	turn	turn	VERB
cblr-1691	1172	81	into	into	ADP
cblr-1691	1172	82	a	a	DET
cblr-1691	1172	83	unicorn	unicorn	NOUN
cblr-1691	1172	84	.	.	PUNCT
cblr-1691	1173	1	many	many	ADJ
cblr-1691	1173	2	startups	startup	NOUN
cblr-1691	1173	3	encourage	encourage	VERB
cblr-1691	1173	4	early	early	ADJ
cblr-1691	1173	5	employees	employee	NOUN
cblr-1691	1173	6	to	to	PART
cblr-1691	1173	7	make	make	VERB
cblr-1691	1173	8	an	an	DET
cblr-1691	1173	9	83(b	83(b	NUM
cblr-1691	1173	10	)	)	PUNCT
cblr-1691	1173	11	election	election	NOUN
cblr-1691	1173	12	.	.	PUNCT
cblr-1691	1173	13	,	,	PUNCT
cblr-1691	1173	14	which	which	PRON
cblr-1691	1173	15	allows	allow	VERB
cblr-1691	1173	16	employees	employee	NOUN
cblr-1691	1173	17	to	to	PART
cblr-1691	1173	18	exercise	exercise	VERB
cblr-1691	1173	19	their	their	PRON
cblr-1691	1173	20	options	option	NOUN
cblr-1691	1173	21	before	before	SCONJ
cblr-1691	1173	22	they	they	PRON
cblr-1691	1173	23	are	be	AUX
cblr-1691	1173	24	vested	vest	VERB
cblr-1691	1173	25	,	,	PUNCT
cblr-1691	1173	26	so	so	SCONJ
cblr-1691	1173	27	that	that	SCONJ
cblr-1691	1173	28	they	they	PRON
cblr-1691	1173	29	can	can	AUX
cblr-1691	1173	30	pay	pay	VERB
cblr-1691	1173	31	taxes	taxis	NOUN
cblr-1691	1173	32	before	before	ADP
cblr-1691	1173	33	the	the	DET
cblr-1691	1173	34	vesting	vesting	NOUN
cblr-1691	1173	35	date	date	NOUN
cblr-1691	1173	36	,	,	PUNCT
cblr-1691	1173	37	when	when	SCONJ
cblr-1691	1173	38	the	the	DET
cblr-1691	1173	39	stock	stock	NOUN
cblr-1691	1173	40	has	have	AUX
cblr-1691	1173	41	not	not	PART
cblr-1691	1173	42	appreciated	appreciate	VERB
cblr-1691	1173	43	yet.350	yet.350	NOUN
cblr-1691	1173	44	time	time	NOUN
cblr-1691	1173	45	and	and	CCONJ
cblr-1691	1173	46	future	future	ADJ
cblr-1691	1173	47	treasury	treasury	PROPN
cblr-1691	1173	48	department	department	NOUN
cblr-1691	1173	49	regulations	regulation	NOUN
cblr-1691	1173	50	will	will	AUX
cblr-1691	1173	51	tell	tell	VERB
cblr-1691	1173	52	whether	whether	SCONJ
cblr-1691	1173	53	this	this	DET
cblr-1691	1173	54	change	change	NOUN
cblr-1691	1173	55	will	will	AUX
cblr-1691	1173	56	make	make	VERB
cblr-1691	1173	57	it	it	PRON
cblr-1691	1173	58	easier	easy	ADJ
cblr-1691	1173	59	for	for	SCONJ
cblr-1691	1173	60	unicorn	unicorn	ADJ
cblr-1691	1173	61	employers	employer	NOUN
cblr-1691	1173	62	to	to	PART
cblr-1691	1173	63	continue	continue	VERB
cblr-1691	1173	64	to	to	PART
cblr-1691	1173	65	use	use	VERB
cblr-1691	1173	66	equity	equity	NOUN
cblr-1691	1173	67	compensation	compensation	NOUN
cblr-1691	1173	68	plans	plan	NOUN
cblr-1691	1173	69	as	as	ADP
cblr-1691	1173	70	a	a	DET
cblr-1691	1173	71	retention	retention	NOUN
cblr-1691	1173	72	tool	tool	NOUN
cblr-1691	1173	73	.	.	PUNCT
cblr-1691	1174	1	there	there	PRON
cblr-1691	1174	2	are	be	VERB
cblr-1691	1174	3	several	several	ADJ
cblr-1691	1174	4	issues	issue	NOUN
cblr-1691	1174	5	that	that	PRON
cblr-1691	1174	6	need	need	VERB
cblr-1691	1174	7	to	to	PART
cblr-1691	1174	8	be	be	AUX
cblr-1691	1174	9	clarified	clarify	VERB
cblr-1691	1174	10	.	.	PUNCT
cblr-1691	1175	1	for	for	ADP
cblr-1691	1175	2	example	example	NOUN
cblr-1691	1175	3	,	,	PUNCT
cblr-1691	1175	4	according	accord	VERB
cblr-1691	1175	5	to	to	ADP
cblr-1691	1175	6	the	the	DET
cblr-1691	1175	7	current	current	ADJ
cblr-1691	1175	8	statutory	statutory	ADJ
cblr-1691	1175	9	language	language	NOUN
cblr-1691	1175	10	,	,	PUNCT
cblr-1691	1175	11	it	it	PRON
cblr-1691	1175	12	is	be	AUX
cblr-1691	1175	13	not	not	PART
cblr-1691	1175	14	clear	clear	ADJ
cblr-1691	1175	15	if	if	SCONJ
cblr-1691	1175	16	the	the	DET
cblr-1691	1175	17	five	five	NUM
cblr-1691	1175	18	-	-	PUNCT
cblr-1691	1175	19	year	year	NOUN
cblr-1691	1175	20	period	period	NOUN
cblr-1691	1175	21	begins	begin	VERB
cblr-1691	1175	22	from	from	ADP
cblr-1691	1175	23	the	the	DET
cblr-1691	1175	24	vesting	vesting	NOUN
cblr-1691	1175	25	or	or	CCONJ
cblr-1691	1175	26	exercise	exercise	NOUN
cblr-1691	1175	27	date	date	NOUN
cblr-1691	1175	28	.	.	PUNCT
cblr-1691	1176	1	additionally	additionally	ADV
cblr-1691	1176	2	,	,	PUNCT
cblr-1691	1176	3	the	the	DET
cblr-1691	1176	4	section	section	NOUN
cblr-1691	1176	5	requires	require	VERB
cblr-1691	1176	6	companies	company	NOUN
cblr-1691	1176	7	to	to	PART
cblr-1691	1176	8	determine	determine	VERB
cblr-1691	1176	9	and	and	CCONJ
cblr-1691	1176	10	monitor	monitor	VERB
cblr-1691	1176	11	the	the	DET
cblr-1691	1176	12	eligibility	eligibility	NOUN
cblr-1691	1176	13	of	of	ADP
cblr-1691	1176	14	their	their	PRON
cblr-1691	1176	15	employees	employee	NOUN
cblr-1691	1176	16	(	(	PUNCT
cblr-1691	1176	17	and	and	CCONJ
cblr-1691	1176	18	themselves	themselves	PRON
cblr-1691	1176	19	)	)	PUNCT
cblr-1691	1176	20	and	and	CCONJ
cblr-1691	1176	21	become	become	VERB
cblr-1691	1176	22	subject	subject	ADJ
cblr-1691	1176	23	to	to	ADP
cblr-1691	1176	24	additional	additional	ADJ
cblr-1691	1176	25	tax	tax	NOUN
cblr-1691	1176	26	reporting.351	reporting.351	NOUN
cblr-1691	1177	1	https://www.mystockoptions.com/articles/index.cfm/objectid/22615723d31e-ccdf-68284d3c456c3e3a	https://www.mystockoptions.com/articles/index.cfm/objectid/22615723d31e-ccdf-68284d3c456c3e3a	PROPN
cblr-1691	1178	1	[	[	X
cblr-1691	1178	2	https://perma.cc/hj6z-angt	https://perma.cc/hj6z-angt	NOUN
cblr-1691	1178	3	]	]	PUNCT
cblr-1691	1178	4	.	.	PUNCT
cblr-1691	1179	1	347	347	NUM
cblr-1691	1179	2	see	see	VERB
cblr-1691	1179	3	eliot	eliot	PROPN
cblr-1691	1179	4	brown	brown	PROPN
cblr-1691	1179	5	&	&	CCONJ
cblr-1691	1179	6	greg	greg	PROPN
cblr-1691	1179	7	bensinger	bensinger	PROPN
cblr-1691	1179	8	,	,	PUNCT
cblr-1691	1179	9	the	the	DET
cblr-1691	1179	10	latest	late	ADJ
cblr-1691	1179	11	path	path	NOUN
cblr-1691	1179	12	to	to	ADP
cblr-1691	1179	13	silicon	silicon	NOUN
cblr-1691	1179	14	valley	valley	NOUN
cblr-1691	1179	15	riches	rich	NOUN
cblr-1691	1179	16	:	:	PUNCT
cblr-1691	1179	17	stake	stake	NOUN
cblr-1691	1179	18	sales	sale	NOUN
cblr-1691	1179	19	,	,	PUNCT
cblr-1691	1179	20	wall	wall	PROPN
cblr-1691	1179	21	st	st	PROPN
cblr-1691	1179	22	.	.	PROPN
cblr-1691	1179	23	j.	j.	PROPN
cblr-1691	1179	24	(	(	PUNCT
cblr-1691	1179	25	nov	nov	PROPN
cblr-1691	1179	26	.	.	PROPN
cblr-1691	1179	27	19	19	NUM
cblr-1691	1179	28	,	,	PUNCT
cblr-1691	1179	29	2017	2017	NUM
cblr-1691	1179	30	)	)	PUNCT
cblr-1691	1179	31	,	,	PUNCT
cblr-1691	1179	32	https://www.wsj.com/	https://www.wsj.com/	PROPN
cblr-1691	1179	33	articles	article	NOUN
cblr-1691	1179	34	/	/	SYM
cblr-1691	1179	35	investment	investment	NOUN
cblr-1691	1179	36	-	-	PUNCT
cblr-1691	1179	37	firms	firm	NOUN
cblr-1691	1179	38	-	-	PUNCT
cblr-1691	1179	39	buy	buy	NOUN
cblr-1691	1179	40	-	-	PUNCT
cblr-1691	1179	41	stock	stock	NOUN
cblr-1691	1179	42	-	-	PUNCT
cblr-1691	1179	43	in	in	ADP
cblr-1691	1179	44	-	-	PUNCT
cblr-1691	1179	45	startups	startups	NOUN
cblr-1691	1179	46	-	-	PUNCT
cblr-1691	1179	47	long	long	ADJ
cblr-1691	1179	48	-	-	PUNCT
cblr-1691	1179	49	before	before	ADP
cblr-1691	1179	50	-	-	PUNCT
cblr-1691	1179	51	ipos1511045818	ipos1511045818	PROPN
cblr-1691	1179	52	(	(	PUNCT
cblr-1691	1179	53	on	on	ADP
cblr-1691	1179	54	file	file	NOUN
cblr-1691	1179	55	with	with	ADP
cblr-1691	1179	56	the	the	DET
cblr-1691	1179	57	columbia	columbia	PROPN
cblr-1691	1179	58	business	business	PROPN
cblr-1691	1179	59	law	law	PROPN
cblr-1691	1179	60	review	review	PROPN
cblr-1691	1179	61	)	)	PUNCT
cblr-1691	1179	62	.	.	PUNCT
cblr-1691	1180	1	348	348	NUM
cblr-1691	1180	2	see	see	VERB
cblr-1691	1180	3	new	new	ADJ
cblr-1691	1180	4	tax	tax	NOUN
cblr-1691	1180	5	act	act	PROPN
cblr-1691	1180	6	,	,	PUNCT
cblr-1691	1180	7	supra	supra	PROPN
cblr-1691	1180	8	note	note	NOUN
cblr-1691	1180	9	80	80	NUM
cblr-1691	1180	10	(	(	PUNCT
cblr-1691	1180	11	“	"	PUNCT
cblr-1691	1180	12	the	the	DET
cblr-1691	1180	13	drafters	drafter	NOUN
cblr-1691	1180	14	of	of	ADP
cblr-1691	1180	15	the	the	DET
cblr-1691	1180	16	bill	bill	NOUN
cblr-1691	1180	17	may	may	AUX
cblr-1691	1180	18	have	have	AUX
cblr-1691	1180	19	thought	think	VERB
cblr-1691	1180	20	that	that	SCONJ
cblr-1691	1180	21	companies	company	NOUN
cblr-1691	1180	22	that	that	PRON
cblr-1691	1180	23	have	have	VERB
cblr-1691	1180	24	enough	enough	ADJ
cblr-1691	1180	25	cash	cash	NOUN
cblr-1691	1180	26	to	to	PART
cblr-1691	1180	27	repurchase	repurchase	VERB
cblr-1691	1180	28	shares	share	NOUN
cblr-1691	1180	29	should	should	AUX
cblr-1691	1180	30	have	have	VERB
cblr-1691	1180	31	enough	enough	ADJ
cblr-1691	1180	32	cash	cash	NOUN
cblr-1691	1180	33	to	to	ADP
cblr-1691	1180	34	net	net	ADJ
cblr-1691	1180	35	settle	settle	NOUN
cblr-1691	1180	36	employee	employee	NOUN
cblr-1691	1180	37	stock	stock	NOUN
cblr-1691	1180	38	options	option	NOUN
cblr-1691	1180	39	and	and	CCONJ
cblr-1691	1180	40	rsus	rsus	NOUN
cblr-1691	1180	41	and	and	CCONJ
cblr-1691	1180	42	therefore	therefore	ADV
cblr-1691	1180	43	should	should	AUX
cblr-1691	1180	44	not	not	PART
cblr-1691	1180	45	be	be	AUX
cblr-1691	1180	46	the	the	DET
cblr-1691	1180	47	beneficiaries	beneficiary	NOUN
cblr-1691	1180	48	of	of	ADP
cblr-1691	1180	49	a	a	DET
cblr-1691	1180	50	tax	tax	NOUN
cblr-1691	1180	51	deferral	deferral	ADJ
cblr-1691	1180	52	opportunity	opportunity	NOUN
cblr-1691	1180	53	for	for	ADP
cblr-1691	1180	54	‘	'	PUNCT
cblr-1691	1180	55	cash	cash	NOUN
cblr-1691	1180	56	-	-	PUNCT
cblr-1691	1180	57	poor	poor	ADJ
cblr-1691	1180	58	innovators	innovator	NOUN
cblr-1691	1180	59	.	.	PUNCT
cblr-1691	1180	60	’	'	PUNCT
cblr-1691	1180	61	”	"	PUNCT
cblr-1691	1180	62	)	)	PUNCT
cblr-1691	1180	63	349	349	NUM
cblr-1691	1180	64	see	see	VERB
cblr-1691	1180	65	practical	practical	ADJ
cblr-1691	1180	66	implications	implication	NOUN
cblr-1691	1180	67	of	of	ADP
cblr-1691	1180	68	section	section	NOUN
cblr-1691	1180	69	83(i	83(i	NUM
cblr-1691	1180	70	)	)	PUNCT
cblr-1691	1180	71	option	option	NOUN
cblr-1691	1180	72	and	and	CCONJ
cblr-1691	1180	73	rsu	rsu	NOUN
cblr-1691	1180	74	tax	tax	NOUN
cblr-1691	1180	75	deferral	deferral	NOUN
cblr-1691	1180	76	,	,	PUNCT
cblr-1691	1180	77	supra	supra	ADJ
cblr-1691	1180	78	note	note	NOUN
cblr-1691	1180	79	346	346	NUM
cblr-1691	1180	80	;	;	PUNCT
cblr-1691	1180	81	see	see	VERB
cblr-1691	1180	82	also	also	ADV
cblr-1691	1180	83	fosse	fosse	PROPN
cblr-1691	1180	84	&	&	CCONJ
cblr-1691	1180	85	garrett	garrett	PROPN
cblr-1691	1180	86	,	,	PUNCT
cblr-1691	1180	87	supra	supra	PROPN
cblr-1691	1180	88	note	note	PROPN
cblr-1691	1180	89	257	257	NUM
cblr-1691	1180	90	.	.	PUNCT
cblr-1691	1181	1	350	350	NUM
cblr-1691	1181	2	see	see	VERB
cblr-1691	1181	3	new	new	ADJ
cblr-1691	1181	4	tax	tax	NOUN
cblr-1691	1181	5	act	act	PROPN
cblr-1691	1181	6	,	,	PUNCT
cblr-1691	1181	7	supra	supra	PROPN
cblr-1691	1181	8	note	note	PROPN
cblr-1691	1181	9	80	80	NUM
cblr-1691	1181	10	.	.	PUNCT
cblr-1691	1182	1	351	351	NUM
cblr-1691	1182	2	see	see	VERB
cblr-1691	1182	3	new	new	ADJ
cblr-1691	1182	4	tax	tax	NOUN
cblr-1691	1182	5	act	act	PROPN
cblr-1691	1182	6	,	,	PUNCT
cblr-1691	1182	7	supra	supra	PROPN
cblr-1691	1182	8	note	note	PROPN
cblr-1691	1182	9	80	80	NUM
cblr-1691	1182	10	.	.	X
cblr-1691	1183	1	190	190	NUM
cblr-1691	1183	2	columbia	columbia	PROPN
cblr-1691	1183	3	business	business	NOUN
cblr-1691	1183	4	law	law	PROPN
cblr-1691	1183	5	review	review	NOUN
cblr-1691	1184	1	[	[	X
cblr-1691	1184	2	vol	vol	NOUN
cblr-1691	1184	3	.	.	PUNCT
cblr-1691	1184	4	2019	2019	NUM
cblr-1691	1184	5	there	there	PRON
cblr-1691	1184	6	is	be	VERB
cblr-1691	1184	7	a	a	DET
cblr-1691	1184	8	need	need	NOUN
cblr-1691	1184	9	for	for	ADP
cblr-1691	1184	10	guidance	guidance	NOUN
cblr-1691	1184	11	on	on	ADP
cblr-1691	1184	12	whether	whether	SCONJ
cblr-1691	1184	13	or	or	CCONJ
cblr-1691	1184	14	not	not	PART
cblr-1691	1184	15	unicorn	unicorn	ADJ
cblr-1691	1184	16	employees	employee	NOUN
cblr-1691	1184	17	that	that	PRON
cblr-1691	1184	18	trade	trade	VERB
cblr-1691	1184	19	on	on	ADP
cblr-1691	1184	20	secondary	secondary	ADJ
cblr-1691	1184	21	markets	market	NOUN
cblr-1691	1184	22	can	can	AUX
cblr-1691	1184	23	use	use	VERB
cblr-1691	1184	24	section	section	NOUN
cblr-1691	1184	25	83(i	83(i	NUM
cblr-1691	1184	26	)	)	PUNCT
cblr-1691	1184	27	.	.	PUNCT
cblr-1691	1185	1	currently	currently	ADV
cblr-1691	1185	2	,	,	PUNCT
cblr-1691	1185	3	companies	company	NOUN
cblr-1691	1185	4	with	with	ADP
cblr-1691	1185	5	stock	stock	NOUN
cblr-1691	1185	6	traded	trade	VERB
cblr-1691	1185	7	on	on	ADP
cblr-1691	1185	8	an	an	DET
cblr-1691	1185	9	“	"	PUNCT
cblr-1691	1185	10	established	establish	VERB
cblr-1691	1185	11	securities	security	NOUN
cblr-1691	1185	12	market	market	NOUN
cblr-1691	1185	13	”	"	PUNCT
cblr-1691	1185	14	can	can	AUX
cblr-1691	1185	15	not	not	PART
cblr-1691	1185	16	use	use	VERB
cblr-1691	1185	17	this	this	DET
cblr-1691	1185	18	new	new	ADJ
cblr-1691	1185	19	section	section	NOUN
cblr-1691	1185	20	,	,	PUNCT
cblr-1691	1185	21	and	and	CCONJ
cblr-1691	1185	22	practitioners	practitioner	NOUN
cblr-1691	1185	23	interpret	interpret	VERB
cblr-1691	1185	24	this	this	DET
cblr-1691	1185	25	limitation	limitation	NOUN
cblr-1691	1185	26	to	to	PART
cblr-1691	1185	27	include	include	VERB
cblr-1691	1185	28	secondary	secondary	ADJ
cblr-1691	1185	29	markets.352	markets.352	PROPN
cblr-1691	1185	30	one	one	NUM
cblr-1691	1185	31	of	of	ADP
cblr-1691	1185	32	the	the	DET
cblr-1691	1185	33	main	main	ADJ
cblr-1691	1185	34	requirements	requirement	NOUN
cblr-1691	1185	35	is	be	AUX
cblr-1691	1185	36	that	that	SCONJ
cblr-1691	1185	37	the	the	DET
cblr-1691	1185	38	company	company	NOUN
cblr-1691	1185	39	must	must	AUX
cblr-1691	1185	40	offer	offer	VERB
cblr-1691	1185	41	the	the	DET
cblr-1691	1185	42	options	option	NOUN
cblr-1691	1185	43	(	(	PUNCT
cblr-1691	1185	44	or	or	CCONJ
cblr-1691	1185	45	rsus	rsus	NOUN
cblr-1691	1185	46	)	)	PUNCT
cblr-1691	1185	47	to	to	ADP
cblr-1691	1185	48	eighty	eighty	NUM
cblr-1691	1185	49	percent	percent	NOUN
cblr-1691	1185	50	of	of	ADP
cblr-1691	1185	51	its	its	PRON
cblr-1691	1185	52	employees.353	employees.353	NOUN
cblr-1691	1185	53	some	some	DET
cblr-1691	1185	54	companies	company	NOUN
cblr-1691	1185	55	might	might	AUX
cblr-1691	1185	56	not	not	PART
cblr-1691	1185	57	use	use	VERB
cblr-1691	1185	58	it	it	PRON
cblr-1691	1185	59	,	,	PUNCT
cblr-1691	1185	60	as	as	SCONJ
cblr-1691	1185	61	it	it	PRON
cblr-1691	1185	62	broadens	broaden	VERB
cblr-1691	1185	63	their	their	PRON
cblr-1691	1185	64	shareholder	shareholder	NOUN
cblr-1691	1185	65	base	base	NOUN
cblr-1691	1185	66	.	.	PUNCT
cblr-1691	1186	1	moreover	moreover	ADV
cblr-1691	1186	2	,	,	PUNCT
cblr-1691	1186	3	companies	company	NOUN
cblr-1691	1186	4	also	also	ADV
cblr-1691	1186	5	have	have	VERB
cblr-1691	1186	6	to	to	PART
cblr-1691	1186	7	comply	comply	VERB
cblr-1691	1186	8	with	with	ADP
cblr-1691	1186	9	other	other	ADJ
cblr-1691	1186	10	existing	exist	VERB
cblr-1691	1186	11	u.s	u.s	PROPN
cblr-1691	1186	12	.	.	PROPN
cblr-1691	1186	13	federal	federal	PROPN
cblr-1691	1186	14	and	and	CCONJ
cblr-1691	1186	15	state	state	NOUN
cblr-1691	1186	16	“	"	PUNCT
cblr-1691	1186	17	blue	blue	ADJ
cblr-1691	1186	18	sky	sky	NOUN
cblr-1691	1186	19	”	"	PUNCT
cblr-1691	1186	20	securities	security	NOUN
cblr-1691	1186	21	laws	law	NOUN
cblr-1691	1186	22	,	,	PUNCT
cblr-1691	1186	23	which	which	PRON
cblr-1691	1186	24	might	might	AUX
cblr-1691	1186	25	preclude	preclude	VERB
cblr-1691	1186	26	companies	company	NOUN
cblr-1691	1186	27	from	from	ADP
cblr-1691	1186	28	using	use	VERB
cblr-1691	1186	29	such	such	ADJ
cblr-1691	1186	30	broad	broad	ADV
cblr-1691	1186	31	-	-	PUNCT
cblr-1691	1186	32	based	base	VERB
cblr-1691	1186	33	issuance	issuance	NOUN
cblr-1691	1186	34	of	of	ADP
cblr-1691	1186	35	options	option	NOUN
cblr-1691	1186	36	or	or	CCONJ
cblr-1691	1186	37	rsus	rsus	NOUN
cblr-1691	1186	38	to	to	ADP
cblr-1691	1186	39	employees	employee	NOUN
cblr-1691	1186	40	.	.	PUNCT
cblr-1691	1187	1	section	section	NOUN
cblr-1691	1187	2	83(i	83(i	NUM
cblr-1691	1187	3	)	)	PUNCT
cblr-1691	1187	4	also	also	ADV
cblr-1691	1187	5	restricts	restrict	VERB
cblr-1691	1187	6	two	two	NUM
cblr-1691	1187	7	recent	recent	ADJ
cblr-1691	1187	8	practices	practice	NOUN
cblr-1691	1187	9	that	that	PRON
cblr-1691	1187	10	allow	allow	VERB
cblr-1691	1187	11	private	private	ADJ
cblr-1691	1187	12	companies	company	NOUN
cblr-1691	1187	13	to	to	PART
cblr-1691	1187	14	give	give	VERB
cblr-1691	1187	15	a	a	DET
cblr-1691	1187	16	temporary	temporary	ADJ
cblr-1691	1187	17	liquidity	liquidity	NOUN
cblr-1691	1187	18	event	event	NOUN
cblr-1691	1187	19	to	to	ADP
cblr-1691	1187	20	employees	employee	NOUN
cblr-1691	1187	21	.	.	PUNCT
cblr-1691	1188	1	it	it	PRON
cblr-1691	1188	2	restricts	restrict	VERB
cblr-1691	1188	3	a	a	DET
cblr-1691	1188	4	company	company	NOUN
cblr-1691	1188	5	’s	’s	PART
cblr-1691	1188	6	ability	ability	NOUN
cblr-1691	1188	7	to	to	PART
cblr-1691	1188	8	do	do	AUX
cblr-1691	1188	9	a	a	DET
cblr-1691	1188	10	stock	stock	NOUN
cblr-1691	1188	11	repurchase	repurchase	NOUN
cblr-1691	1188	12	,	,	PUNCT
cblr-1691	1188	13	and	and	CCONJ
cblr-1691	1188	14	it	it	PRON
cblr-1691	1188	15	does	do	AUX
cblr-1691	1188	16	not	not	PART
cblr-1691	1188	17	allow	allow	VERB
cblr-1691	1188	18	employees	employee	NOUN
cblr-1691	1188	19	to	to	PART
cblr-1691	1188	20	sell	sell	VERB
cblr-1691	1188	21	on	on	ADP
cblr-1691	1188	22	secondary	secondary	ADJ
cblr-1691	1188	23	market	market	NOUN
cblr-1691	1188	24	platforms	platform	NOUN
cblr-1691	1188	25	,	,	PUNCT
cblr-1691	1188	26	in	in	ADP
cblr-1691	1188	27	the	the	DET
cblr-1691	1188	28	previous	previous	ADJ
cblr-1691	1188	29	calendar	calendar	NOUN
cblr-1691	1188	30	year	year	NOUN
cblr-1691	1188	31	.	.	PUNCT
cblr-1691	1189	1	section	section	NOUN
cblr-1691	1189	2	83(i	83(i	NUM
cblr-1691	1189	3	)	)	PUNCT
cblr-1691	1189	4	allows	allow	VERB
cblr-1691	1189	5	some	some	DET
cblr-1691	1189	6	employees	employee	NOUN
cblr-1691	1189	7	to	to	PART
cblr-1691	1189	8	defer	defer	VERB
cblr-1691	1189	9	some	some	PRON
cblr-1691	1189	10	of	of	ADP
cblr-1691	1189	11	the	the	DET
cblr-1691	1189	12	tax	tax	NOUN
cblr-1691	1189	13	liability	liability	NOUN
cblr-1691	1189	14	for	for	ADP
cblr-1691	1189	15	up	up	ADP
cblr-1691	1189	16	to	to	PART
cblr-1691	1189	17	five	five	NUM
cblr-1691	1189	18	years	year	NOUN
cblr-1691	1189	19	,	,	PUNCT
cblr-1691	1189	20	but	but	CCONJ
cblr-1691	1189	21	it	it	PRON
cblr-1691	1189	22	does	do	AUX
cblr-1691	1189	23	not	not	PART
cblr-1691	1189	24	solve	solve	VERB
cblr-1691	1189	25	the	the	DET
cblr-1691	1189	26	urgent	urgent	ADJ
cblr-1691	1189	27	need	need	NOUN
cblr-1691	1189	28	for	for	ADP
cblr-1691	1189	29	liquidity	liquidity	NOUN
cblr-1691	1189	30	.	.	PUNCT
cblr-1691	1190	1	there	there	PRON
cblr-1691	1190	2	are	be	VERB
cblr-1691	1190	3	several	several	ADJ
cblr-1691	1190	4	problems	problem	NOUN
cblr-1691	1190	5	that	that	PRON
cblr-1691	1190	6	can	can	AUX
cblr-1691	1190	7	arise	arise	VERB
cblr-1691	1190	8	after	after	SCONJ
cblr-1691	1190	9	an	an	DET
cblr-1691	1190	10	employee	employee	NOUN
cblr-1691	1190	11	makes	make	VERB
cblr-1691	1190	12	the	the	DET
cblr-1691	1190	13	deferral	deferral	NOUN
cblr-1691	1190	14	.	.	PUNCT
cblr-1691	1191	1	first	first	ADV
cblr-1691	1191	2	,	,	PUNCT
cblr-1691	1191	3	if	if	SCONJ
cblr-1691	1191	4	after	after	ADP
cblr-1691	1191	5	five	five	NUM
cblr-1691	1191	6	years	year	NOUN
cblr-1691	1191	7	,	,	PUNCT
cblr-1691	1191	8	there	there	PRON
cblr-1691	1191	9	is	be	VERB
cblr-1691	1191	10	no	no	DET
cblr-1691	1191	11	imminent	imminent	ADJ
cblr-1691	1191	12	liquidity	liquidity	NOUN
cblr-1691	1191	13	event	event	NOUN
cblr-1691	1191	14	and	and	CCONJ
cblr-1691	1191	15	the	the	DET
cblr-1691	1191	16	company	company	NOUN
cblr-1691	1191	17	elects	elect	VERB
cblr-1691	1191	18	to	to	PART
cblr-1691	1191	19	stay	stay	VERB
cblr-1691	1191	20	private	private	ADJ
cblr-1691	1191	21	longer	long	ADV
cblr-1691	1191	22	,	,	PUNCT
cblr-1691	1191	23	the	the	DET
cblr-1691	1191	24	employee	employee	NOUN
cblr-1691	1191	25	is	be	AUX
cblr-1691	1191	26	again	again	ADV
cblr-1691	1191	27	faced	face	VERB
cblr-1691	1191	28	with	with	ADP
cblr-1691	1191	29	a	a	DET
cblr-1691	1191	30	dilemma	dilemma	NOUN
cblr-1691	1191	31	—	—	PUNCT
cblr-1691	1191	32	to	to	PART
cblr-1691	1191	33	forfeit	forfeit	VERB
cblr-1691	1191	34	or	or	CCONJ
cblr-1691	1191	35	to	to	PART
cblr-1691	1191	36	exercise	exercise	VERB
cblr-1691	1191	37	?	?	PUNCT
cblr-1691	1192	1	employees	employee	NOUN
cblr-1691	1192	2	again	again	ADV
cblr-1691	1192	3	will	will	AUX
cblr-1691	1192	4	have	have	VERB
cblr-1691	1192	5	to	to	PART
cblr-1691	1192	6	pay	pay	VERB
cblr-1691	1192	7	the	the	DET
cblr-1691	1192	8	taxes	taxis	NOUN
cblr-1691	1192	9	in	in	ADP
cblr-1691	1192	10	cash	cash	NOUN
cblr-1691	1192	11	without	without	ADP
cblr-1691	1192	12	knowing	know	VERB
cblr-1691	1192	13	whether	whether	SCONJ
cblr-1691	1192	14	the	the	DET
cblr-1691	1192	15	imputed	impute	VERB
cblr-1691	1192	16	gain	gain	NOUN
cblr-1691	1192	17	will	will	AUX
cblr-1691	1192	18	ultimately	ultimately	ADV
cblr-1691	1192	19	be	be	AUX
cblr-1691	1192	20	realized	realize	VERB
cblr-1691	1192	21	.	.	PUNCT
cblr-1691	1193	1	second	second	ADJ
cblr-1691	1193	2	,	,	PUNCT
cblr-1691	1193	3	if	if	SCONJ
cblr-1691	1193	4	,	,	PUNCT
cblr-1691	1193	5	after	after	ADP
cblr-1691	1193	6	the	the	DET
cblr-1691	1193	7	deferral	deferral	NOUN
cblr-1691	1193	8	,	,	PUNCT
cblr-1691	1193	9	there	there	PRON
cblr-1691	1193	10	is	be	VERB
cblr-1691	1193	11	a	a	DET
cblr-1691	1193	12	loss	loss	NOUN
cblr-1691	1193	13	(	(	PUNCT
cblr-1691	1193	14	because	because	SCONJ
cblr-1691	1193	15	the	the	DET
cblr-1691	1193	16	value	value	NOUN
cblr-1691	1193	17	of	of	ADP
cblr-1691	1193	18	the	the	DET
cblr-1691	1193	19	stock	stock	NOUN
cblr-1691	1193	20	has	have	AUX
cblr-1691	1193	21	diminished	diminish	VERB
cblr-1691	1193	22	)	)	PUNCT
cblr-1691	1193	23	,	,	PUNCT
cblr-1691	1193	24	the	the	DET
cblr-1691	1193	25	employee	employee	NOUN
cblr-1691	1193	26	is	be	AUX
cblr-1691	1193	27	still	still	ADV
cblr-1691	1193	28	obligated	obligate	VERB
cblr-1691	1193	29	to	to	PART
cblr-1691	1193	30	pay	pay	VERB
cblr-1691	1193	31	taxes	taxis	NOUN
cblr-1691	1193	32	on	on	ADP
cblr-1691	1193	33	the	the	DET
cblr-1691	1193	34	exercise	exercise	NOUN
cblr-1691	1193	35	or	or	CCONJ
cblr-1691	1193	36	vesting	vest	VERB
cblr-1691	1193	37	.	.	PUNCT
cblr-1691	1194	1	352	352	NUM
cblr-1691	1194	2	see	see	VERB
cblr-1691	1194	3	lydia	lydia	PROPN
cblr-1691	1194	4	o’neal	o’neal	PROPN
cblr-1691	1194	5	,	,	PUNCT
cblr-1691	1194	6	new	new	ADJ
cblr-1691	1194	7	tax	tax	NOUN
cblr-1691	1194	8	law	law	NOUN
cblr-1691	1194	9	’s	’s	PART
cblr-1691	1194	10	equity	equity	NOUN
cblr-1691	1194	11	grant	grant	NOUN
cblr-1691	1194	12	rule	rule	VERB
cblr-1691	1194	13	not	not	PART
cblr-1691	1194	14	too	too	ADV
cblr-1691	1194	15	useful	useful	ADJ
cblr-1691	1194	16	for	for	ADP
cblr-1691	1194	17	startups	startup	NOUN
cblr-1691	1194	18	,	,	PUNCT
cblr-1691	1194	19	bloomberg	bloomberg	PROPN
cblr-1691	1194	20	bna	bna	PROPN
cblr-1691	1194	21	(	(	PUNCT
cblr-1691	1194	22	jan	jan	PROPN
cblr-1691	1194	23	.	.	PROPN
cblr-1691	1194	24	30	30	NUM
cblr-1691	1194	25	,	,	PUNCT
cblr-1691	1194	26	2018	2018	NUM
cblr-1691	1194	27	)	)	PUNCT
cblr-1691	1194	28	,	,	PUNCT
cblr-1691	1194	29	https://www.bna.com/newtax-laws-n73014474870/	https://www.bna.com/newtax-laws-n73014474870/	PROPN
cblr-1691	1195	1	[	[	X
cblr-1691	1195	2	https://perma.cc/nv5r	https://perma.cc/nv5r	NOUN
cblr-1691	1195	3	-we89	-we89	PROPN
cblr-1691	1195	4	]	]	PUNCT
cblr-1691	1195	5	.	.	PUNCT
cblr-1691	1196	1	353	353	NUM
cblr-1691	1196	2	see	see	VERB
cblr-1691	1196	3	new	new	ADJ
cblr-1691	1196	4	tax	tax	NOUN
cblr-1691	1196	5	act	act	PROPN
cblr-1691	1196	6	,	,	PUNCT
cblr-1691	1196	7	supra	supra	PROPN
cblr-1691	1196	8	note	note	PROPN
cblr-1691	1196	9	80	80	NUM
cblr-1691	1196	10	.	.	PUNCT
cblr-1691	1197	1	no	no	INTJ
cblr-1691	1197	2	.	.	PUNCT
cblr-1691	1198	1	1:107	1:107	NUM
cblr-1691	1198	2	]	]	X
cblr-1691	1198	3	unicorn	unicorn	ADJ
cblr-1691	1198	4	stock	stock	NOUN
cblr-1691	1198	5	options	option	NOUN
cblr-1691	1198	6	191	191	NUM
cblr-1691	1198	7	vi	vi	NOUN
cblr-1691	1198	8	.	.	NOUN
cblr-1691	1198	9	conclusion	conclusion	NOUN
cblr-1691	1198	10	in	in	ADP
cblr-1691	1198	11	the	the	DET
cblr-1691	1198	12	new	new	ADJ
cblr-1691	1198	13	economy	economy	NOUN
cblr-1691	1198	14	,	,	PUNCT
cblr-1691	1198	15	knowledgeable	knowledgeable	ADJ
cblr-1691	1198	16	employees	employee	NOUN
cblr-1691	1198	17	are	be	AUX
cblr-1691	1198	18	incredibly	incredibly	ADV
cblr-1691	1198	19	important	important	ADJ
cblr-1691	1198	20	to	to	ADP
cblr-1691	1198	21	the	the	DET
cblr-1691	1198	22	firm	firm	NOUN
cblr-1691	1198	23	,	,	PUNCT
cblr-1691	1198	24	as	as	SCONJ
cblr-1691	1198	25	their	their	PRON
cblr-1691	1198	26	knowledge	knowledge	NOUN
cblr-1691	1198	27	contributes	contribute	VERB
cblr-1691	1198	28	to	to	ADP
cblr-1691	1198	29	the	the	DET
cblr-1691	1198	30	firm	firm	NOUN
cblr-1691	1198	31	’s	’s	PART
cblr-1691	1198	32	intangible	intangible	ADJ
cblr-1691	1198	33	assets.354	assets.354	PROPN
cblr-1691	1198	34	to	to	PART
cblr-1691	1198	35	attract	attract	VERB
cblr-1691	1198	36	,	,	PUNCT
cblr-1691	1198	37	engage	engage	VERB
cblr-1691	1198	38	,	,	PUNCT
cblr-1691	1198	39	and	and	CCONJ
cblr-1691	1198	40	retain	retain	VERB
cblr-1691	1198	41	talent	talent	NOUN
cblr-1691	1198	42	,	,	PUNCT
cblr-1691	1198	43	unicorn	unicorn	ADJ
cblr-1691	1198	44	firms	firm	NOUN
cblr-1691	1198	45	must	must	AUX
cblr-1691	1198	46	find	find	VERB
cblr-1691	1198	47	ways	way	NOUN
cblr-1691	1198	48	to	to	PART
cblr-1691	1198	49	continue	continue	VERB
cblr-1691	1198	50	to	to	PART
cblr-1691	1198	51	offer	offer	VERB
cblr-1691	1198	52	employees	employee	NOUN
cblr-1691	1198	53	equity	equity	NOUN
cblr-1691	1198	54	(	(	PUNCT
cblr-1691	1198	55	and	and	CCONJ
cblr-1691	1198	56	a	a	DET
cblr-1691	1198	57	promise	promise	NOUN
cblr-1691	1198	58	of	of	ADP
cblr-1691	1198	59	equity	equity	NOUN
cblr-1691	1198	60	)	)	PUNCT
cblr-1691	1198	61	and	and	CCONJ
cblr-1691	1198	62	facilitate	facilitate	VERB
cblr-1691	1198	63	liquidity	liquidity	NOUN
cblr-1691	1198	64	opportunities	opportunity	NOUN
cblr-1691	1198	65	.	.	PUNCT
cblr-1691	1199	1	there	there	PRON
cblr-1691	1199	2	are	be	VERB
cblr-1691	1199	3	legal	legal	ADJ
cblr-1691	1199	4	barriers	barrier	NOUN
cblr-1691	1199	5	to	to	ADP
cblr-1691	1199	6	private	private	ADJ
cblr-1691	1199	7	ordering	ordering	NOUN
cblr-1691	1199	8	,	,	PUNCT
cblr-1691	1199	9	which	which	PRON
cblr-1691	1199	10	preclude	preclude	VERB
cblr-1691	1199	11	unicorn	unicorn	ADJ
cblr-1691	1199	12	firms	firm	NOUN
cblr-1691	1199	13	from	from	ADP
cblr-1691	1199	14	using	use	VERB
cblr-1691	1199	15	traditional	traditional	ADJ
cblr-1691	1199	16	employee	employee	NOUN
cblr-1691	1199	17	stock	stock	NOUN
cblr-1691	1199	18	option	option	NOUN
cblr-1691	1199	19	plans	plan	NOUN
cblr-1691	1199	20	.	.	PUNCT
cblr-1691	1200	1	the	the	DET
cblr-1691	1200	2	recent	recent	ADJ
cblr-1691	1200	3	piecemeal	piecemeal	ADJ
cblr-1691	1200	4	amendments	amendment	NOUN
cblr-1691	1200	5	to	to	ADP
cblr-1691	1200	6	the	the	DET
cblr-1691	1200	7	federal	federal	ADJ
cblr-1691	1200	8	securities	security	NOUN
cblr-1691	1200	9	and	and	CCONJ
cblr-1691	1200	10	tax	tax	NOUN
cblr-1691	1200	11	laws	law	NOUN
cblr-1691	1200	12	,	,	PUNCT
cblr-1691	1200	13	which	which	PRON
cblr-1691	1200	14	attempted	attempt	VERB
cblr-1691	1200	15	to	to	PART
cblr-1691	1200	16	remove	remove	VERB
cblr-1691	1200	17	these	these	DET
cblr-1691	1200	18	barriers	barrier	NOUN
cblr-1691	1200	19	,	,	PUNCT
cblr-1691	1200	20	have	have	AUX
cblr-1691	1200	21	not	not	PART
cblr-1691	1200	22	been	be	AUX
cblr-1691	1200	23	beneficial	beneficial	ADJ
cblr-1691	1200	24	and	and	CCONJ
cblr-1691	1200	25	have	have	AUX
cblr-1691	1200	26	contributed	contribute	VERB
cblr-1691	1200	27	to	to	ADP
cblr-1691	1200	28	the	the	DET
cblr-1691	1200	29	issues	issue	NOUN
cblr-1691	1200	30	that	that	PRON
cblr-1691	1200	31	were	be	AUX
cblr-1691	1200	32	raised	raise	VERB
cblr-1691	1200	33	herein	herein	NOUN
cblr-1691	1200	34	.	.	PUNCT
cblr-1691	1201	1	a	a	DET
cblr-1691	1201	2	comprehensive	comprehensive	ADJ
cblr-1691	1201	3	regulatory	regulatory	ADJ
cblr-1691	1201	4	and	and	CCONJ
cblr-1691	1201	5	legislative	legislative	ADJ
cblr-1691	1201	6	reform	reform	NOUN
cblr-1691	1201	7	is	be	AUX
cblr-1691	1201	8	needed	need	VERB
cblr-1691	1201	9	.	.	PUNCT
cblr-1691	1202	1	finally	finally	ADV
cblr-1691	1202	2	,	,	PUNCT
cblr-1691	1202	3	by	by	ADP
cblr-1691	1202	4	providing	provide	VERB
cblr-1691	1202	5	employees	employee	NOUN
cblr-1691	1202	6	with	with	ADP
cblr-1691	1202	7	liquidity	liquidity	NOUN
cblr-1691	1202	8	and	and	CCONJ
cblr-1691	1202	9	adequate	adequate	ADJ
cblr-1691	1202	10	disclosures	disclosure	NOUN
cblr-1691	1202	11	that	that	PRON
cblr-1691	1202	12	can	can	AUX
cblr-1691	1202	13	improve	improve	VERB
cblr-1691	1202	14	efficiency	efficiency	NOUN
cblr-1691	1202	15	and	and	CCONJ
cblr-1691	1202	16	reduce	reduce	VERB
cblr-1691	1202	17	information	information	NOUN
cblr-1691	1202	18	asymmetries	asymmetry	NOUN
cblr-1691	1202	19	,	,	PUNCT
cblr-1691	1202	20	unicorns	unicorn	NOUN
cblr-1691	1202	21	,	,	PUNCT
cblr-1691	1202	22	as	as	ADV
cblr-1691	1202	23	well	well	ADV
cblr-1691	1202	24	as	as	ADP
cblr-1691	1202	25	their	their	PRON
cblr-1691	1202	26	managers	manager	NOUN
cblr-1691	1202	27	and	and	CCONJ
cblr-1691	1202	28	boards	board	NOUN
cblr-1691	1202	29	,	,	PUNCT
cblr-1691	1202	30	will	will	AUX
cblr-1691	1202	31	reduce	reduce	VERB
cblr-1691	1202	32	the	the	DET
cblr-1691	1202	33	likelihood	likelihood	NOUN
cblr-1691	1202	34	of	of	ADP
cblr-1691	1202	35	massive	massive	ADJ
cblr-1691	1202	36	fraud	fraud	NOUN
cblr-1691	1202	37	.	.	PUNCT
cblr-1691	1203	1	liquidity	liquidity	NOUN
cblr-1691	1203	2	opportunities	opportunity	NOUN
cblr-1691	1203	3	and	and	CCONJ
cblr-1691	1203	4	information	information	NOUN
cblr-1691	1203	5	will	will	AUX
cblr-1691	1203	6	encourage	encourage	VERB
cblr-1691	1203	7	employees	employee	NOUN
cblr-1691	1203	8	to	to	PART
cblr-1691	1203	9	continue	continue	VERB
cblr-1691	1203	10	to	to	PART
cblr-1691	1203	11	exchange	exchange	VERB
cblr-1691	1203	12	their	their	PRON
cblr-1691	1203	13	creativity	creativity	NOUN
cblr-1691	1203	14	and	and	CCONJ
cblr-1691	1203	15	hard	hard	ADJ
cblr-1691	1203	16	work	work	NOUN
cblr-1691	1203	17	for	for	ADP
cblr-1691	1203	18	the	the	DET
cblr-1691	1203	19	equity	equity	NOUN
cblr-1691	1203	20	needed	need	VERB
cblr-1691	1203	21	for	for	ADP
cblr-1691	1203	22	the	the	DET
cblr-1691	1203	23	game	game	NOUN
cblr-1691	1203	24	-	-	PUNCT
cblr-1691	1203	25	changing	change	VERB
cblr-1691	1203	26	innovations	innovation	NOUN
cblr-1691	1203	27	necessary	necessary	ADJ
cblr-1691	1203	28	for	for	ADP
cblr-1691	1203	29	american	american	ADJ
cblr-1691	1203	30	competitiveness	competitiveness	NOUN
cblr-1691	1203	31	in	in	ADP
cblr-1691	1203	32	the	the	DET
cblr-1691	1203	33	global	global	ADJ
cblr-1691	1203	34	marketplace.355	marketplace.355	ADJ
cblr-1691	1203	35	354	354	NUM
cblr-1691	1203	36	for	for	ADP
cblr-1691	1203	37	example	example	NOUN
cblr-1691	1203	38	,	,	PUNCT
cblr-1691	1203	39	the	the	DET
cblr-1691	1203	40	intangible	intangible	ADJ
cblr-1691	1203	41	assets	asset	NOUN
cblr-1691	1203	42	can	can	AUX
cblr-1691	1203	43	take	take	VERB
cblr-1691	1203	44	the	the	DET
cblr-1691	1203	45	form	form	NOUN
cblr-1691	1203	46	of	of	ADP
cblr-1691	1203	47	a	a	DET
cblr-1691	1203	48	patent	patent	NOUN
cblr-1691	1203	49	,	,	PUNCT
cblr-1691	1203	50	a	a	DET
cblr-1691	1203	51	trade	trade	NOUN
cblr-1691	1203	52	secret	secret	NOUN
cblr-1691	1203	53	,	,	PUNCT
cblr-1691	1203	54	or	or	CCONJ
cblr-1691	1203	55	a	a	DET
cblr-1691	1203	56	list	list	NOUN
cblr-1691	1203	57	of	of	ADP
cblr-1691	1203	58	customers	customer	NOUN
cblr-1691	1203	59	.	.	PUNCT
cblr-1691	1204	1	see	see	VERB
cblr-1691	1204	2	delong	delong	PROPN
cblr-1691	1204	3	,	,	PUNCT
cblr-1691	1204	4	supra	supra	PROPN
cblr-1691	1204	5	note	note	PROPN
cblr-1691	1204	6	58	58	NUM
cblr-1691	1204	7	,	,	PUNCT
cblr-1691	1204	8	at	at	ADP
cblr-1691	1204	9	7	7	NUM
cblr-1691	1204	10	.	.	PUNCT
cblr-1691	1205	1	(	(	PUNCT
cblr-1691	1205	2	“	"	PUNCT
cblr-1691	1205	3	much	much	ADJ
cblr-1691	1205	4	of	of	ADP
cblr-1691	1205	5	the	the	DET
cblr-1691	1205	6	capital	capital	NOUN
cblr-1691	1205	7	value	value	NOUN
cblr-1691	1205	8	of	of	ADP
cblr-1691	1205	9	the	the	DET
cblr-1691	1205	10	company	company	NOUN
cblr-1691	1205	11	may	may	AUX
cblr-1691	1205	12	reside	reside	VERB
cblr-1691	1205	13	in	in	ADP
cblr-1691	1205	14	the	the	DET
cblr-1691	1205	15	brains	brain	NOUN
cblr-1691	1205	16	of	of	ADP
cblr-1691	1205	17	the	the	DET
cblr-1691	1205	18	workers	worker	NOUN
cblr-1691	1205	19	,	,	PUNCT
cblr-1691	1205	20	not	not	PART
cblr-1691	1205	21	in	in	ADP
cblr-1691	1205	22	identifiable	identifiable	ADJ
cblr-1691	1205	23	physical	physical	ADJ
cblr-1691	1205	24	capital	capital	NOUN
cblr-1691	1205	25	.	.	PUNCT
cblr-1691	1205	26	”	"	PUNCT
cblr-1691	1205	27	)	)	PUNCT
cblr-1691	1205	28	.	.	PUNCT
cblr-1691	1206	1	355	355	NUM
cblr-1691	1206	2	as	as	SCONJ
cblr-1691	1206	3	so	so	ADV
cblr-1691	1206	4	aptly	aptly	ADV
cblr-1691	1206	5	put	put	VERB
cblr-1691	1206	6	in	in	ADP
cblr-1691	1206	7	basic	basic	ADJ
cblr-1691	1206	8	v.	v.	CCONJ
cblr-1691	1206	9	levinson	levinson	PROPN
cblr-1691	1206	10	,	,	PUNCT
cblr-1691	1206	11	“	"	PUNCT
cblr-1691	1206	12	who	who	PRON
cblr-1691	1206	13	would	would	AUX
cblr-1691	1206	14	knowingly	knowingly	ADV
cblr-1691	1206	15	throw	throw	VERB
cblr-1691	1206	16	the	the	DET
cblr-1691	1206	17	dice	dice	NOUN
cblr-1691	1206	18	in	in	ADP
cblr-1691	1206	19	a	a	DET
cblr-1691	1206	20	crooked	crooked	ADJ
cblr-1691	1206	21	crap	crap	NOUN
cblr-1691	1206	22	game	game	NOUN
cblr-1691	1206	23	?	?	PUNCT
cblr-1691	1206	24	”	"	PUNCT
cblr-1691	1207	1	485	485	NUM
cblr-1691	1207	2	u.s	u.s	PROPN
cblr-1691	1207	3	.	.	PROPN
cblr-1691	1207	4	224	224	NUM
cblr-1691	1207	5	,	,	PUNCT
cblr-1691	1207	6	247	247	NUM
cblr-1691	1207	7	(	(	PUNCT
cblr-1691	1207	8	1988	1988	NUM
cblr-1691	1207	9	)	)	PUNCT
cblr-1691	1207	10	.	.	PUNCT
cblr-1691	1208	1	anat	anat	PROPN
cblr-1691	1208	2	alon	alon	PROPN
cblr-1691	1208	3	-	-	PUNCT
cblr-1691	1208	4	beck	beck	PROPN
cblr-1691	1208	5	*	*	PROPN
cblr-1691	1208	6	i.	i.	PROPN
cblr-1691	1208	7	introduction	introduction	NOUN
cblr-1691	1208	8	:	:	PUNCT
cblr-1691	1208	9	new	new	ADJ
cblr-1691	1208	10	“	"	PUNCT
cblr-1691	1208	11	tech	tech	NOUN
cblr-1691	1208	12	bubble	bubble	NOUN
cblr-1691	1208	13	”	"	PUNCT
cblr-1691	1208	14	puzzle	puzzle	NOUN
cblr-1691	1208	15	ii	ii	PROPN
cblr-1691	1208	16	.	.	PUNCT
cblr-1691	1208	17	employee	employee	NOUN
cblr-1691	1208	18	stock	stock	NOUN
cblr-1691	1208	19	option	option	NOUN
cblr-1691	1208	20	plans	plan	VERB
cblr-1691	1208	21	iii	iii	X
cblr-1691	1208	22	.	.	PUNCT
cblr-1691	1209	1	private	private	ADJ
cblr-1691	1209	2	markets	market	NOUN
cblr-1691	1209	3	are	be	AUX
cblr-1691	1209	4	the	the	DET
cblr-1691	1209	5	new	new	ADJ
cblr-1691	1209	6	public	public	ADJ
cblr-1691	1209	7	markets	market	NOUN
cblr-1691	1209	8	iv	iv	NOUN
cblr-1691	1209	9	.	.	PUNCT
cblr-1691	1209	10	possible	possible	ADJ
cblr-1691	1209	11	solutions	solution	NOUN
cblr-1691	1209	12	1	1	NUM
cblr-1691	1209	13	.	.	PUNCT
cblr-1691	1210	1	direct	direct	ADJ
cblr-1691	1210	2	listing	list	VERB
cblr-1691	1210	3	2	2	NUM
cblr-1691	1210	4	.	.	X
cblr-1691	1210	5	electronic	electronic	ADJ
cblr-1691	1210	6	secondary	secondary	ADJ
cblr-1691	1210	7	markets	market	NOUN
cblr-1691	1210	8	3	3	NUM
cblr-1691	1210	9	.	.	PUNCT
cblr-1691	1210	10	secondary	secondary	ADJ
cblr-1691	1210	11	sale	sale	NOUN
cblr-1691	1210	12	to	to	ADP
cblr-1691	1210	13	a	a	DET
cblr-1691	1210	14	single	single	ADJ
cblr-1691	1210	15	buyer	buyer	NOUN
cblr-1691	1210	16	v.	v.	ADP
cblr-1691	1210	17	recommendations	recommendation	NOUN
cblr-1691	1210	18	1	1	X
cblr-1691	1210	19	.	.	PUNCT
cblr-1691	1210	20	economic	economic	ADJ
cblr-1691	1210	21	growth	growth	NOUN
cblr-1691	1210	22	,	,	PUNCT
cblr-1691	1210	23	regulatory	regulatory	ADJ
cblr-1691	1210	24	relief	relief	NOUN
cblr-1691	1210	25	,	,	PUNCT
cblr-1691	1210	26	and	and	CCONJ
cblr-1691	1210	27	consumer	consumer	NOUN
cblr-1691	1210	28	protection	protection	PROPN
cblr-1691	1210	29	act	act	PROPN
cblr-1691	1210	30	i.	i.	PROPN
cblr-1691	1210	31	mandatory	mandatory	PROPN
cblr-1691	1210	32	disclosure	disclosure	PROPN
cblr-1691	1210	33	requirements	requirements	PROPN
cblr-1691	1210	34	ii	ii	PROPN
cblr-1691	1210	35	.	.	PUNCT
cblr-1691	1211	1	naïve	naïve	ADJ
cblr-1691	1211	2	employees	employee	NOUN
cblr-1691	1211	3	2	2	NUM
cblr-1691	1211	4	.	.	PUNCT
cblr-1691	1211	5	tax	tax	NOUN
cblr-1691	1211	6	cuts	cut	NOUN
cblr-1691	1211	7	and	and	CCONJ
cblr-1691	1211	8	jobs	job	NOUN
cblr-1691	1211	9	act	act	VERB
cblr-1691	1211	10	vi	vi	PROPN
cblr-1691	1211	11	.	.	PUNCT
cblr-1691	1211	12	conclusion	conclusion	NOUN